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Neither this document nor any information or opinion herein constitutes an offer, solicitation or invitation to make an offer to buy or sell any securities or any options, futures or other derivatives related to securities or any other financial instrument ("financial instruments"). SGX, its subsidiaries and their respective affiliates may deal in financial instruments in the usual course of their business, and may at any given time be on the opposite side of trades by investors and market participants.

This document is for general circulation and provides information of a general nature only. It does not have any regard to the specific investment objectives, financial situation or individual needs of any particular person receiving this document. Investors should seek advice from a professional financial adviser regarding investing in any financial instruments or adopting any investment strategies discussed in this document. The material in this document is based on information obtained from sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness assured. Examples are used for illustrative purposes only and do not constitute investment advice. Statements regarding future prospects may not be realised.

The value or price of, or income from, any financial instruments referred to in this document may fluctuate and may be affected by changes in exchange rates. Accordingly, investors may receive back an amount that is less than the amount originally invested, or may lose the entire principal amount invested. Past performance is not necessarily a guide to future performance. Any investments discussed herein may involve significant risk, may be illiquid and may not be suitable for all investors.