Due to the current high volatility in energy products, as well as the recent decision by certain exchanges to support negative pricing for a number of energy contracts, Euro Pacific Securities, Inc. has made the following policy changes to its expiration / near-expiration risk policies, effectively immediately.

Two Day Closeout Policy

Cash-settled contracts will be subject to the same liquidation schedules as the physical delivery contracts against which they are indexed.

By example, this will mean that both physical delivery contracts such as CL@NYMEX (physically settled) and WTI@IPE (cash settled) will both be subject to mandatory closeout commencing the beginning of the regular trading session 2 days ahead of their respective expirations.

Note: The commencement of expiration risk and position reduction policies varies slightly based on the contractual details of the specific underlying commodity product , but is always referential to the earlier of:

• Last trading date
• Expiration date
• First notice date

Five Day Risk Reduction Policy

Starting 5 business days ahead of expiration, only risk-reducing orders in expiring month contracts will be accepted.

Orders that open or increase positions, as well as increase the expiration month risk will not be accepted. Position closing orders and margin reducing will always be accepted.

Applicable Products

Symbol	Security Description	Settlement Method
CL	Light Sweet Crude Oil Futures	Physical Delivery
WTI	ICE West Texas Intermediate (WTI) Light Sweet Crude Oil Futures	Cash
QM	E-mini Crude Oil Futures	Cash
BZ	Brent Crude Oil Last Day Financial Futures	Cash
BB	Brent Crude Oil Futures	Cash
HO	NY Harbor ULSD (HO) Futures	Physical Delivery
RB	RBOB Gasoline Futures	Physical Delivery
HOIL	ICE Heating Oil Futures	Cash
RBOB	ICE RBOB Gasoline Futures	Cash
QU	E-mini RBOB Gasoline Futures	Cash
COIL	ICE Brent Crude Futures	Cash
GOIL	ICE Gasoil Futures	Physical Delivery
QH	E-mini MY Harbor ULSD Futures	Cash

This list is subject to change.