The information provided in this communication is not intended for retail clients. It is general in nature only and does not constitute advice or an offer to sell, or the solicitation of an offer to purchase any swap or other financial instruments, nor constitute any recommendation on our part. The information has been prepared without considering your investment objectives, financial situation, or knowledge and experience.

This material is not a research report and is not intended as such. FIS is not responsible for any trading decisions taken based on this communication. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and are not suitable for all investors. You are advised to perform an independent investigation to determine whether a transaction is suitable for you. No part of this material may be copied or duplicated in any form by any means or redistributed without our prior written consent. Freight Investor Services Ltd (FIS) is authorised and regulated by the Financial Conduct Authority (FRN: 211452) and is a member of the National Futures Association (“NFA”). Freight Investor Services PTE Ltd (‘FIS PTE’) is a private limited company, incorporated and registered in Singapore with company number 200603922G, and has subsidiary offices in India and Shanghai. Freight Investor Solutions DMCC (‘FIS DMCC’) is a private limited company, incorporated and registered in Dubai with company number DMCC1225.

Access to and use of the FREIGHT INVESTOR SERVICES (FIS) website and its contents are subject to the disclaimers and terms and conditions set forth below, all of which are subject to change and revision from time to time without prior notice. FIS reserves the right to terminate access to this website or take other actions it reasonably believes necessary to comply with law or to protect its rights. Any access or attempt to access this website for any unauthorised purpose is strictly prohibited. Except as otherwise identified, the trademarks appearing on this website, whether registered or unregistered, are the property of FIS. Such marks may not be used without the written permission of FIS or the identified owner of the trademarks. Except as

otherwise identified, the copyright in the content of this website is owned by FIS. No part of FIS’s website may be copied or reproduced for commercial purposes without the express written permission of FIS or the identified owner of the information and content. The user acknowledges that electronic communications, databases and websites are subject to errors, malfunctions, tampering and break-ins, or that use thereof may result in damages to the user’s systems or operations. While FIS will implement reasonable precautions to attempt to prevent such occurrences, the user further acknowledges that FIS does not guarantee such events will not take place and is not liable for any such occurrences.

The user shall be solely responsible for ensuring that any information or content downloaded from FIS’s website or any other website accessed from FIS’s website does not contain any virus or other computer software code or subroutine designed to disable, erase, impair or otherwise damage its systems, software or data, and the user shall indemnify, defend and hold FIS harmless from any liability, claim, cost or damage arising out of any third-party claim or suit caused by such virus or code or sub routine. FIS advises all users to exercise discretion while browsing the Internet. Hyperlinks on FIS’s website and other websites may direct users to websites containing information that some people may find offensive or inappropriate. Such linked websites are not under the control of FIS, and FIS makes no representations concerning any such websites. FIS is not responsible for the accuracy, intellectual property compliance, legality or legitimacy of any information or content contained on any websites accessible directly or indirectly via a Hyperlink to or from FIS’s website.