Report disclaimer

This report was approved and issued by a company within the Marex group of companies, which includes Marex Financial, Marex Spectron International Limited, Marex North America LLC, Marex Hong Kong Limited, Marex Spectron Asia Pte Ltd and Spectron Energy (Asia) Pte Ltd (individually and collectively “Marex”).

Set out below is important information concerning the contents and usage of the report sent to you by Marex.

The report has been approved and issued on the basis of publicly available information, internally developed data and other sources believed to be reliable. It has been prepared for the general information of Marex’s institutional clients, is not directed at retail customers and does not take into account particular investment objectives, risk appetites, financial situations or needs. Recipients should make their own trading decisions based upon their own financial objectives and financial resources.

This report is a marketing communication. It is not investment research and has not been prepared in accordance with legal requirements designed to promote investment research independence. The report is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Whilst reasonable care has been taken to ensure that facts stated are fair, clear and not misleading, Marex does not warrant or represent (expressly or impliedly) their accuracy or completeness. Any opinions expressed are those of the author of the report as at the date of the report and not necessarily those of Marex and, in any event, may be subject to change without notice.

Marex accepts no liability whatsoever for any direct, indirect or consequential loss or damage arising out of the use of all or any of the data or information in this report.

This report is not intended to be an offer to buy or sell any securities of any company referred to herein nor any other transaction or investment.

This report is not intended for use by any other person than the addressee. If you are not the addressee, please delete it and immediately notify the Group Compliance department at Marex.

This report may not be distributed in any jurisdiction where its distribution may be restricted by law. Additional material relating to any security, transaction or investment referred to in the report may be made available on request.

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Report Disclaimer, 16 August 2016