Best Execution Reporting

In accordance with the requirements under Regulatory Technical Standard 28 (“RTS 28”) of the updated Markets in Financial Instruments Directive (“MiFID II”), Horseman Capital Management Limited is required, on an annual basis, to provide information regarding the top five execution venues it utilised to undertake transactions for individual classes of financial instruments, along with certain information pertaining to the quality of execution achieved.

Best Execution Disclosures are in XPS, a machine readable format.