The Macquarie Distiller

Research evidence excerpt

The Macquarie Distiller

Contacts and disclaimer

Walt Chancellor Vikas Dwivedi

+1 713 275 6230 +1 713 275 6352

walt.chancellor@macquarie.com vikas.dwivedi@macquarie.com

Macquarie Bank Limited, Representative Office Macquarie Bank Limited, Representative Office

Emily Manalang Xinyi Ye

+1 713 651 4278 +8621 2412 9020

emily.manalang@macquarie.com xinyi.ye@macquarie.com

Macquarie Bank Limited, Representative Office Macquarie Commodities Trading (Shanghai) Co. Ltd

Disclaimer

This publication represents the views of the Sales and Trading Global Macro Strategy Department and/or Sales and Trading Desk strategists and/or Group Economics

Department (collectively referred to as "Global Macro") of Macquarie. It is not a product of Macquarie Research and the view of Global Macro may differ from the views

of Macquarie Research and other divisions at Macquarie. Macquarie has policies in place to promote the independence of Macquarie Research and to manage conflicts of

interest, including policies relating to dealing ahead of the dissemination of Macquarie Research. These policies do not apply to the views of Global Macro contained in this

report.

Global Macro Disclosure

The name "Macquarie" refers to Macquarie Group Limited and its worldwide affiliates and subsidiaries (the Macquarie Group). This information is provided on a confidential

basis and