The economic or market commentary contained in this presentation is based on information that ICAP Technical Analysis, a division of ICAP Corporates, LLC (“ICAP”) believes to be reliable, but has not been audited or verified by ICAP for accuracy or completeness. This commentary is provided to you for informational and educational purposes only, and is subject to change without notice. Principals and employees of ICAP and its affiliates may trade, for themselves, for ICAP or for customers, in the financial instruments or financial markets discussed in this presentation, taking positions similar to, or opposite to, the positions or market movements discussed in the presentation. Nothing in this presentation is intended to constitute a trade recommendation. The recipient of this presentation should take into account the recipient’s individual objectives, financial resources and needs in deciding whether to use any of the information in the commentary. Futures, options and other derivatives trading involves substantial risk and is not suitable for all persons.

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