Disclaimer: This report is prepared by ATFX CONNECT as a resource for clients of ATFX CONNECT for information and discussion purposes only.

This report should be considered a marketing communication, it is solely for the use of sophisticated institutional investors, and this report does not constitute investment advice or any personal recommendation to invest in a financial instrument or “investment research”.

This report is prepared by ATFX CONNECT as a resource for clients of ATFX CONNECT for information and discussion purposes only.

This report should be considered a marketing communication, it is solely for the use of sophisticated institutional investors, and this report does not constitute investment advice or any personal recommendation to invest in a financial instrument or “investment research”. This document has not been prepared in accordance with EU legal requirements designed to promote the independence of investment research and the information contained in this publication is not subject to any prohibition in the EU on dealing ahead of the dissemination of investment research. Opinions, estimates and projections contained herein are our own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from publicly available sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which ATFX CONNECT or any of its employees incur any responsibility. Neither ATFX CONNECT nor its representatives accept any liability whatsoever for any loss arising from any use of this report or its contents.

This report is not, and is not constructed as, an offer to sell or solicitation of any offer to buy any financial instruments and has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is not intended to provide legal, tax, accounting or other advice. ATFX CONNECT and/or its respective officers, directors or employees may from time to time take positions in the products mentioned herein as principal or agent. Directors, officers or employees of ATFX CONNECT may serve as directors of corporations referred to herein. This report may include forward-looking statements about the objectives and strategies of ATFX CONNECT. Such forward-looking statements are inherently subject to uncertainties beyond the control of ATFX CONNECT including but not limited to economic and financial conditions globally, regulatory development worldwide, technological developments and competition. The reader is cautioned that the strategy actual performance could differ materially from such forward-looking statements. IF there is any Past performance or simulated past performance showed in this document, the reader should know is not a reliable indicator of future results. Forecasts are not a reliable indicator of future performance. You should note that the manner in which you implement any of strategies set out in this report may expose you to significant risk and you should carefully consider your ability to bear such risks through consultation with your legal, accounting and other advisors. Information in this report regarding services and products of ATFX CONNECT is applicable only in jurisdictions where such services and products may lawfully be offered for sale and is void where prohibited by law.

This report and all information, opinions and conclusions contained in it are protected by copyright. This report may not be reproduced in whole or in part, or referred to in any manner whatsoever nor may the information, opinions and conclusions contained in it be referred to without in each case the prior express consent of ATFX CONNECT.