Monthly Steel Strategy Report – July 2021

IMPORTANT INFORMATION AND DISCLAIMER THIS DOCUMENT IS INTENDED ONLY FOR THE PERSON TO WHOM IT HAS BEEN DELIVERED. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL, IS NOT AN OFFER OR A SOLICITATION OF AN OFFER IN RESPECT OF SECURITIES AND SHOULD NOT BE CONSTRUED AS AN OFFER OF ANY KIND OR THE SOLICITATION OF AN OFFER TO BUY IN ANY STATE OR JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION. THIS DOCUMENT AND THE TRADING STRATEGIES DISCUSSED WITHIN THE DOCUMENT ARE THE INTELLECTUAL PROPERTY OF GAUTAM JAIN AND MAY NOT BE REPLICATED, REPRODUCED OR REDISTRIBUTED IN WHOLE OR IN PART NOR MAY ITS CONTENTS BE DISCLOSED TO ANY OTHER PERSON UNDER ANY CIRCUMSTANCES, WITHOUT THE EXPLICIT CONSENT OF GAUTAM JAIN. THE HYPOTHETICAL PERFORMANCE FIGURES HEREIN SHOULD NOT BE CONSTRUED AS INDICATIVE OF THE FUTURE PERFORMANCE OF THE STRATEGY OR OF ANY PROPOSED TRADING PROGRAM. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT THE STRATEGY OR OF ANY PROPOSED TRADING PROGRAM WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. THE HYPOTHETICAL PERFORMANCE FIGURES PROVIDED HEREIN ARE CALCULATED BY GAUTAM JAIN AND ARE UNAUDITED. THESE RESULTS ARE BASED ON SIMULATED OR HYPOTHETICAL PERFORMANCE RESULTS THAT HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE THE RESULTS SHOWN IN AN ACTUAL PERFORMANCE RECORD, THESE RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, BECAUSE THESE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THESE RESULTS MAY HAVE NOT ACTUALLY BEEN EXECUTED, THESE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED OR HYPOTHETICAL TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THESE BEING SHOWN. EXPOSURE TO EMERGING MARKETS GENERALLY ENTAILS GREATER RISKS THAN EXPOSURE TO WELL-DEVELOPED MARKETS, INCLUDING POTENTIALLY SIGNIFICANT LEGAL, ECONOMIC AND POLITICAL RISKS. THE PRICES OF EMERGING MARKET EXCHANGE RATES, SECURITIES AND OTHER ASSETS ARE OFTEN HIGHLY VOLATILE. MOVEMENTS IN SUCH PRICES ARE INFLUENCED BY, AMONG OTHER THINGS, INTEREST RATES, CHANGING MARKET SUPPLY AND DEMAND, EXTERNAL MARKET FORCES (PARTICULARLY IN RELATION TO MAJOR TRADING PARTNERS), TRADE, FISCAL, MONETARY PROGRAMS, POLICIES OF GOVERNMENTS, AND INTERNATIONAL POLITICAL AND ECONOMIC EVENTS AND POLICIES. ANY PROJECTIONS, MARKET OUTLOOKS OR ESTIMATES IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS AND ARE BASED UPON CERTAIN ASSUMPTIONS. OTHER EVENTS WHICH WERE NOT TAKEN INTO ACCOUNT MAY OCCUR AND MAY SIGNIFICANTLY AFFECT RETURNS OR PERFORMANCE OF AN INVESTMENT. ANY PROJECTIONS, OUTLOOKS, OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE INDICATIVE OF THE ACTUAL EVENTS WHICH WILL OCCUR. THE HYPOTHETICAL PERFORMANCE FIGURES HEREIN SHOULD NOT BE CONSTRUED AS INDICATIVE OF THE FUTURE PERFORMANCE OF THE BASKET OR OF ANY PROPOSED TRADING PROGRAM.