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CARBON (€/T) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 12/915/9FROM THE BEGINNING OF THIS YEARCO2 EUA DEC 202575.77 76.750.98-0.4272.4383.9360.94CO2 EUA DEC 202677.77 78.750.98-0.4174.4186.3562.54CO2 EUA DEC 202780.03 81.041.01-0.3876.7089.0764.54CO2 EUA DEC 202882.52 83.551.03-0.4579.2791.9466.86UK ETS DEC 25 EUR 64.85 65.720.87-0.1455.4266.3037.35UK ETS DEC 26 EUR 67.82 68.630.81-0.257.9969.3039.48UK ETS DEC 27 EUR 70.99 71.860.87-0.1160.7272.4442.14European carbon prices gained on Monday, lifted by heightened speculativetrading before the 24 September options expiry and an expanding build-up oflong positions driven by expectations of tighter supply in 2026. Hence, theEUAs expiring in Dec-2025 rose by 1.3% to 76.75 EUR/tonne.CO2 EUAEXCHANGE RATES FRIMONVAR D-1 VAR W-1AVG.MAXMIN 12/915/9FROM THE BEGINNING OF THIS YEARRATE EUR/USD1.1718 1.17660.00480.00381.11571.18101.0198RATE EUR/GBP0.8653 0.8641-0.0012-0.00280.84950.87170.8253RATE GBP/EUR1.1557 1.15730.00160.00381.17741.21171.1472The EUR/USD pair edged 0.4% higher at 1.1766 on Monday, with markets fullypricing a 25 bps Fed cut in September and little chance of a larger move. SofterU.S. data underscored economic weakness, as the Empire State ManufacturingIndex plunged to -8.7 in September from 11.9, far below expectations of 5.0.In contrast, the EUR/GBP rate slipped by 0.1% to 0.8641 after France’ssovereign debt was downgraded to a record-low A+, though weak UKmanufacturing and GDP figures limited further euro losses.