Disclaimer

This material has been prepared by Quando Analytics Ltd and is provided for informational purposes only. It does not constitute investment advice, a personal recommendation, or an offer or solicitation to buy or sell any financial instrument, security, or investment strategy.

Independent Macro Research

This material constitutes independent sentiment analysis, based on systematic and discretionary interpretation of publicly available information, market data, and proprietary analytical frameworks. It is intended solely as general market commentary and does not take into account the investment objectives, financial situation, or particular circumstances of any recipient.

This material does not constitute a personal recommendation for the purposes of applicable regulation, including Directive 2014/65/EU (MiFID II) and equivalent rules in the United Kingdom and United States. Any references to specific instruments, asset classes, or strategies are illustrative of broader macro views and do not represent recommendations to transact.

The views expressed reflect the current opinions of Quando Analytics as at the date of publication and are subject to change without notice. Information has been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, or timeliness.

Recipients should exercise independent judgment and seek appropriate financial, legal, and tax advice before making any investment decision.

Research Independence

This material is produced independently of any specific client mandate, trading desk, or investment banking activity. Quando Analytics does not undertake corporate finance, underwriting, or issuer-sponsored research.

This material is not prepared in accordance with legal requirements designed to promote the independence of investment research under MiFID II or equivalent UK and US rules and should not be regarded as investment research for regulatory purposes. It is however produced with the objective of providing independent, unbiased macroeconomic and market analysis.

Research is provided either on a paid subscription basis, or as a minor non-monetary benefit within the meaning of MiFID II and applicable UK and US rules — being of a scale and nature that is capable of enhancing the quality of service to a firm’s clients without impairing that firm’s duty to act in their best interests.

Past Performance

Past performance is not indicative of future results. The value of investments and the income derived from them may fluctuate and may fall as well as rise. Investors may not recover the amount originally invested.

UK Notice

This communication is directed only at persons who are professional clients or eligible counterparties under FCA Rules, or at persons to whom it may otherwise lawfully be communicated. Retail clients should not rely on this material. Quando Analytics Ltd is not authorised or regulated by the Financial Conduct Authority.

EU Notice

This communication is not intended for retail investors within the European Economic Area. Where distributed within the EEA, it is directed only at persons who are professional clients or eligible counterparties within the meaning of Directive 2014/65/EU (MiFID II), or at persons to whom it may otherwise lawfully be communicated.

US Notice

This material is not intended for distribution to, or use by, any person in the United States unless that person is an institutional investor or qualified purchaser under applicable US securities laws. Quando Analytics is not registered as an investment adviser with the US Securities and Exchange Commission and does not provide investment advice to US retail investors.

Limitation of Liability

To the fullest extent permitted by law, Quando Analytics disclaims all liability for any direct, indirect, or consequential loss arising from any use of this material or its contents.

Intellectual Property

This material is confidential and proprietary to Quando Analytics Ltd. It may not be reproduced, redistributed, or published in whole or in part without prior written consent.

Conflicts of Interest

Quando Analytics, its directors, officers, or employees may from time to time hold positions in, or effect transactions in, financial instruments referred to in this material.

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