Disclaimer

Panthera Private Office LLP (FRN 541341) is authorised and regulated by the Financial Conduct Authority. Panthera Investment Management Limited is registered with and regulated by the Cayman Islands Monetary Authority (Registration Number 2070142). Panthera Corporate Services Limited is licensed and regulated by the Cayman Islands Monetary Authority (Licence Number 2091040). Panthera International Asia Capital Pte.Ltd. is authorised and regulated by the Monetary Authority of Singapore (Licence Number CMS101735).

Panthera Private Office LLP, Panthera Investment Management Limited, Panthera Corporate Services Limited and Panthera International Asia Capital Pte.Ltd., (together “Panthera”).

The information, products, or services described or referenced herein are intended to be for information purposes only. This material is not intended to be a recommendation, offer, solicitation or advertisement to buy or sell any securities, securities related product or service, or investment strategy, nor is it intended to be to be relied upon as a forecast, research or investment advice.

The products or services described or referenced herein may not be suitable or appropriate for the recipient. Many of the products and services described or referenced herein involve significant risks, and the recipient should not make any decision or enter into any transaction unless the recipient has fully understood all such risks and has independently determined that such decisions or transactions are appropriate for the recipient. Investment involves risks. Any discussion of risks contained herein with respect to any product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks involved.

The recipient should not construe any of the material contained herein as investment, hedging, trading, legal, regulatory, tax, accounting or other advice. The recipient should not act on any information in this document without consulting its investment, hedging, trading, legal, regulatory, tax, accounting and other advisors. Information herein has been obtained from sources we believe to be reliable but none of Panthera or its subsidiaries or affiliates warrant its completeness or accuracy. No responsibility can be accepted for errors of facts obtained from third parties.

Past performance is not indicative of future results. Performance information is for illustrative purposes only and does not represent the performance of any actual investment or portfolio, and should not be viewed as a recommendation to buy or sell.

The materials in this document represent the opinion of the authors at the time of authorship and they may change, and are not representative of the views of Panthera, subsidiaries, or affiliates. Panthera does not certify the information, nor does it guarantee the accuracy and completeness of such information. Use of such information is voluntary and should not be

relied upon unless an independent review of its accuracy and completeness has been performed. Materials may not be reproduced without the express consent of Panthera Private Office LLP.

Copyright

The copyright and all other rights in all of the material on this website are owned by Panthera Private Office LLP or the material is included with the permission of the rights owner. The information contained in this website is intended solely for the use of the person who has accessed this information and may not be reproduced, distributed or published to any other person. You may copy material on this website for your own private or domestic use only. All other copying is prohibited.

Links to other websites

On this website you may be offered automatic links to other non- Panthera websites. These links are provided only as convenience. Panthera does not accept any responsibility for the content of those websites or your use or inability to use such websites, the owners of which do not necessarily have any link, commercial or otherwise, with Panthera. The inclusion of any link does not imply affiliation, sponsorship, endorsement, verification or monitoring or approval by Panthera of any information contained in any non- Panthera website. You should also be aware that the terms and conditions of such website and the website’s statement relating to the collection and use of your personal information may be different from those applicable to your use of this website.

Disclaimer

It is the responsibility of the individual user to consider his or her legal and regulatory position in the relevant jurisdiction, the risks associated with trading such products and to ensure that the use of the content and the subsequent making of any investment does not contravene any such restrictions or applicable laws and regulations of any jurisdiction. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific security, index, report, opinion, advice or other content. This does not exclude or restrict any duty or liability that Panthera has to its clients under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system under the laws of applicable jurisdictions. Panthera, its subsidiaries, associated entities, partners, employees, representatives or suppliers will not be liable, on any grounds whatsoever, contractually or not, for any direct or indirect damage that may arise as the result of it being possible or impossible to gain access to this site, the accessing, visiting or use of this site and/or the information provided, the sending, or receiving of information via this site and/or the operation or non-operation of this site, except in the event of intentional or serious blame on its part. The information contained on this site, including any third-party data is published in good faith and Panthera believes that the information is accurate at the time of publication but no representation or warranty, express or implied, is made by Panthera as to its accuracy or completeness and it should not be relied on as such. Panthera shall therefore have no liability, save for any liability that Panthera may have under the UK Financial Services and Markets Act 2000 or any other regulatory system under the

laws of applicable jurisdictions, for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. Nor will Panthera, its subsidiaries, associated entities, partners, employees, representatives or suppliers be, under any circumstances, liable for any corruption of data that may occur as the result of technical problems (e.g. transmission errors, technical failures, breakdowns, intervention of third parties, etc.) and/or for any damage or loss relating to software or hardware that is the result of any virus, defect or malfunction in relation to access or use of the site.

Panthera Private Office LLP

Registered office: Simpson Wreford and Partners, Suffolk House, George Street, Croydon, Surrey, CR0 0YN Registered in England No OC343083

Office Address: Panthera Private Office LLP Aldermary House 10 -15 Queen Street London EC4N 1TX

Panthera Private Office LLP is authorised and regulated by the Financial Conduct Authority. FCA Reference Number is 541341

Panthera Investment Management Limited

Registered office: c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands

Office Address: Suite 6102, 62 Forum Lane, Camana Bay, Grand Cayman KY1-9006, Cayman Islands

Panthera Investment Management Limited is registered with and regulated by the Cayman Islands Monetary Authority (Registration Number 2070142).

Panthera Corporate Services Limited

Registered office and office address: Suite 6102, 62 Forum Lane, Camana Bay, Grand Cayman KY1-9006, Cayman Islands

Panthera Corporate Services Limited is licensed and regulated by the Cayman Islands Monetary Authority (Licence Number 2091040).

Panthera International Asia Capital Pte.Ltd.

Registered office and office address: Level 35, The Gateway West, 150 Beach Road, Singapore 189720.

Panthera International Asia Capital Pte.Ltd. is authorised and regulated by the Monetary Authority of Singapore (Licence Number CMS101735).