Mercuria hereby represents that it has not registered as a commodity trading advisor under the Commodity Exchange Act. It does not engage in the business of advising others as to the value or advisability of trading commodity interests, including without limitation futures, swaps, options and cash settled forwards. Any transaction contemplated with Mercuria is entered into as principal; all statements made to, information provided to and negotiations with Mercuria are as principal. Any communications with Mercuria in respect of any transaction are not and were not intended to be trading advice.

This material is a product of a Mercuria trading desk. Opinions expressed herein may differ from the opinions expressed by other areas of Mercuria. This market commentary is provided for information only and is not intended as a recommendation, advice or an offer or solicitation for the purchase or sale of any financial instrument referencing any commodity, or any physical commodity. Mercuria and its affiliates act as principal in financing and transacting in commercial products and services to a wide range of companies and sophisticated individuals. In the ordinary course of these activities, Mercuria may have positions (long or short), effect transactions or take positions in financial instruments referencing commodities, or physical commodities mentioned herein. In particular, as an active market participant, Mercuria holds derivative positions across a wide range of commodities. The information contained herein is as of the date and time referenced above and Mercuria does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All projections, forecasts and other “forward-looking” information not purely historical in nature are based on assumptions, which are unlikely to be consistent with, and may differ materially from, actual events or conditions. Mercuria has not independently verified the information in this material and Mercuria does not accept any liability whatsoever for any loss howsoever arising from any use of this material or otherwise arising in connection therewith. Transactions involving financial instruments referencing commodities, or physical commodities mentioned herein may not be suitable for all investors, producers and consumers of commodities and addressees of this material should make their own assessment of whether this information is suitable for their purposes. Addressees should contact their salespersons at a qualified Registered entity in their home jurisdiction for advice in connection with any transactions addressees contemplate executing with Mercuria.