EMAIL DISCLAIMER

All emails (including any attachments) from the sender, Graticule Asset Management Asia Pte. Ltd. and its affiliates (“GAMA”), are confidential, may be proprietary and are intended only for the addressee named above. If you have received an email from sender in error, please delete it, notify the sender and do not retain, use, copy or disseminate it without the sender's consent. The sender does not waive any rights, privileges or other protections that the sender may have with respect to the information in its emails.

The content hereof is intended for general information purposes only. The information contained herein is limited and is not intended to provide a representation of the merits or risks associated with an investment in any of the funds and accounts managed by GAMA or its affiliates. No email from sender constitutes any investment advice, any offer to perform investment advisory services or any solicitation or offer to buy or sell any securities. You should not rely on the information contained herein, and should rely solely on, and carefully read, the appropriate offering and related subscription materials relating to any specific investment product before making any investment decision. To the extent the contents hereof contain performance data, please be advised that past performance is not indicative of future results. An investment in any fund or account managed by GAMA involves substantial risks and should be considered speculative. It is possible that an investor could lose some or all of his or her investment. All content herein has been obtained from sources deemed to be reliable, but is subject to unintentional errors, omissions and changes without notice, and is not warranted by GAMA as to its accuracy or completeness. It is the responsibility of the recipient to independently confirm its accuracy and completeness. The sender undertakes no obligation to update or correct the information in any of its emails.

The sender does not accept liability for any errors or omissions in the contents of its emails that arise as a result of email transmission. Emails between recipient and sender may be subject to archiving procedures and review by members of our firm and by regulatory agencies. Recipients should check this e-mail and any attachments for viruses. We make no representation or warranty as to the absence of viruses in this email or any attachments.

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