This is not a fund offering as specified by law. This is a marketing communication and has not been prepared in accordance with legal requirements designed to promote independence of investment research and is not subject to any prohibition of dealing ahead of the dissemination of investment research. The information in this document is derived from sources believed to be reliable but which have not been independently verified. Any prices included within this communication are for indicative purposes only.

Nalu Capital, individuals representing Nalu Capital or individuals acting for themselves makes no guarantee of its accuracy and completeness and are not responsible for errors of transmission of factual or analytical data, nor are they liable for damages arising out of any person’s reliance upon this information. All charts and graphs are from publicly available sources or proprietary data.

The opinions in this document constitute the present judgment of Nalu Capital, individuals representing Nalu Capital or individuals acting for themselves, which is subject to change without notice.

Past performance does not guarantee or imply future success.

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