Normalization of transit through the Strait of Hormuz will depend on negotiations: Quick Note

Research evidence excerpt

Normalization of transit through the Strait of Hormuz will depend on negotiations: Quick Note

ory, punitive, special or consequential damages, costs, expenses,

legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use or misuse of their content, including

ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase hold or sell securities. They do

not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

Any MSCI sourced information in this document is the exclusive property of MSCI Inc. (‘MSCI’). Without prior written permission of MSCI, this

information and any other MSCI intellectual property may not be duplicated, reproduced, re-disseminated, redistributed or used, in whole or in

part, for any purpose whatsoever, including creating any financial products and any indices. This information is provided on an "as is" basis. The

user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or

compiling the information hereby expressly disclaim all representations, warranties or undertakings of originality, fairness, accuracy,

completeness, correctness, merchantability or fitness for a particular purpose with respect to any of this material or the information contained in

this material or otherwise arising in connection therewith. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any

third party involved in, or related to, computing or compiling the information have any liability (in negligence or otherwise, and in whole or in part)

for any damages of any kind.