Disclaimer

Maresped Ltd. hereby represents that it is not registered as a commodity trading advisor under the Commodity Exchange Act or under any similar regulatory framework in other jurisdictions. Maresped 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, or cash-settled forwards. Any transaction contemplated with Maresped is entered into strictly on a principal-to-principal basis. All communications, statements, and information provided by Maresped in relation to such transactions are not, and should not be construed as, trading advice.

Any material or commentary made available by Maresped is provided solely for informational purposes and does not constitute an offer, solicitation, recommendation, or advice with respect to the purchase or sale of any commodity, financial instrument referencing a commodity, or any related commercial transaction. The views expressed herein may differ from those expressed by other areas of Maresped or its affiliates.

In the ordinary course of business, Maresped and its affiliates may maintain positions (long or short), execute transactions, or otherwise have interests in commodities or financial instruments related to commodities mentioned herein. Maresped may also engage in hedging or risk-management activities connected to its trading operations.

All information contained herein is provided as of the date indicated and is subject to change without notice. Maresped does not warrant the accuracy, completeness, or timeliness of any market data, prices, forecasts, or other information contained herein. Forward-looking statements, projections, and assumptions are inherently uncertain and actual results or events may differ materially.

Recipients of this material should conduct their own independent analysis and assessment of the information provided and determine its suitability for their purposes. Transactions in commodities and related instruments may not be suitable for all participants. Maresped accepts no liability whatsoever for any loss, damage, or expense arising directly or indirectly from the use of, or reliance upon, any information contained in this material or otherwise arising in connection therewith. Recipients are encouraged to seek independent professional advice before making any decision or entering into any transaction.