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This communication is issued by Chatham Financial (“Chatham”) solely for informational or discussion purposes exclusively to investment professionals, institutional investors, qualified investors, wholesale and professional clients and is not intended for, and should not be distributed to, retail clients. This communication is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation.

This communication does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised. You should not rely solely on this communication when deciding whether or not to enter into a transaction or whether a transaction is suitable to your needs. You should consult your own business, legal, tax and accounting advisers with respect to any prospective transaction. This communication does not constitute investment advice and any views expressed herein are not intended to constitute investment research.

The information contained herein may not be reproduced or copied in whole or in part for any purpose without Chatham’s prior written consent. This communication may contain information obtained from third parties. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the relevant third party. Neither Chatham nor any third-party content provider gives express or implied warranties, including, but not limited to, any warranties of merchantability, accuracy, completeness, reliability or fitness for a particular purpose or use. Chatham and its directors, employees or officers, and those of any third-party content provider, do not accept liability for any act (or decision not to act), errors or omissions, regardless of the cause, or for any losses, damages, costs or expenses sustained, including, without limitation, for direct, indirect, incidental or consequential losses (including lost income or profits and opportunity costs) resulting from the use, misuse or distribution of this communication.

Opinions, assumptions, forecasts or estimates expressed herein, or in connection with this communication, are made as at a particular point in time for a particular purpose and they will not reflect subsequent changes, fluctuations or volatility in the market or changes in any other factors relevant to their determination. Chatham is under no duty to update this communication. Chatham believes the information, accepted market practices, calculations, standards and methodologies contained herein are current and reliable. Figures presented herein may relate to past performance or simulated past performance which are not reliable indicators of future performance. Where the information contains an indication of future performance, such forecasts may not be a reliable indicator of future performance.

This communication is distributed: (a) in the United Kingdom, Belgium, Denmark, Ireland, Italy and Luxembourg by Chatham Financial Europe, Ltd, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom to advise on investments and arrange (bring about) deals in investments; (b) in the Netherlands, Germany, Poland, France, Sweden and Spain by Chatham Financial Europe sp. z o.o., which is authorised and regulated by the Polish Financial Supervision Authority to provide reception and transmission of orders and investment advice services.