Kepler Partners LLP is retained by Ocean Arete Ltd, Athos Capital Ltd, BH Macro Ltd, BH-DG Systematic Trading LLP, Ionic Capital Management LLC, R. G. Niederhoffer Capital Management and Scopia Capital Management for specialist marketing services. This report has been approved under section 21 of the Financial Services and Markets Act 2000 by Kepler Partners LLP for communication only to eligible counterparties and professional clients as defined by the Financial Conduct Authority. Its contents are not directed at, may not be suitable for and should not be relied on by retail clients or private persons. This is a marketing document and should be considered non-independent research as defined in COBS 12.3.2. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only. The information in this report is believed to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Please remember that past performance is not necessarily a guide to the future. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. Independent financial advice should be taken before entering into any financial transaction. Kepler Partners LLP is a limited liability partnership registered in England and Wales at 70 Conduit Street, London, W1S 2GF with registered number OC334771.