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Non-independent Research Disclaimer

The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. TF Global Markets (Europe) Ltd (hereafter, “ThinkMarkets” or the “Company”) accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations, we do not seek to take advantage of them before they are provided to our Clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our Clients.

We operate a policy of independence which requires our employees to act in our clients’ best interests and to disregard any conflicts of interests in providing our services.

Furthermore, ThinkMarkets does not seek to disclose the relevant information to any issuer discussed prior to dissemination. The organisational and administrative controls mentioned herein are set out in our Conflicts Policy, a summary of which (our summary of Conflicts of Interest Policy) is available on our website.