Disclaimer

Energytrans hereby represents that it is not registered as a commodity trading advisor under the Commodity Exchange Act. It does not advise others regarding the value or advisability of trading commodities, including but not limited to futures, swaps, options and cash settlement forwards. Any transaction contemplated with Energytrans will be entered into as a proprietary transaction; all statements made to Mercuria, information provided and negotiations with Energytrans will be conducted as a proprietary transaction. Any communication with Energytrans regarding a transaction is not, and was not intended to be, trading advice.

This material is a product of an Energytrans trading desk. The opinions expressed herein may differ from the opinions of other Energytrans desks. This market commentary is for information purposes only and is not intended as a recommendation, advice or offer or solicitation to buy or sell any financial instrument relating to commodities or physical commodities. Energytrans and its subsidiaries act as principal in the financing and execution of trading products and services for a wide range of companies and sophisticated individuals. In the normal course of these activities, Energytrans may have positions (long or short), execute transactions or take positions in financial instruments relating to commodities or physical commodities referred to herein. In particular, Energytrans, as an active market participant, holds derivative positions in a wide range of commodities. The information contained herein is as of the date and time indicated above and Energytrans assumes no obligation to update such information. All market prices, data and other information are not warranted to be complete or accurate and are subject to change without notice. All projections, forecasts and other "forward-looking" information that is not purely historical in nature are based on assumptions that are unlikely to correspond to, and may differ materially from, actual events or conditions. Energytrans has not independently verified the information in this material and Energytrans assumes no liability for any loss arising from the use of this material or otherwise in connection therewith. Transactions in financial instruments relating to commodities or the physical commodities referred to herein may not be suitable for all investors, producers and consumers of commodities and recipients of this material should make their own assessment as to whether this information is suitable for their purposes. Recipients should contact their sales representatives at a qualified registered entity in their home country for advice regarding any transactions they wish to conduct with Energytrans.