Research Communication

This communication has been prepared and distributed by Cantor Fitzgerald Europe (“CFE”). CFE is authorised and regulated by the Financial Conduct Authority (“FCA”).

The CFE Tracker Quants team produces research as per the definition of the Financial Conduct Authority (FCA) – henceforth described as ’CFE Research’.

Conflicts of Interest

Research Methodology

CFE Research is produced based on the analysis of publicly available data and index provider data obtained through the CFE’s subscription licenses or third party provider data using a proprietary research model. There is no communication with issuers of financial instruments before or after publication.

Research Disclosures

MiFID II – Disclosures

Market Abuse Regulation – Disclosures

Canadian Recipients

CFE relies on an International Dealer Exemption (IDE) to lawfully distribute CFE Research into certain provinces and territories in Canada.

United States Recipients

CFE Research is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule 15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor Fitzgerald & Co. reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this research note should effect transactions in securities discussed in this research note through Cantor Fitzgerald & Co. This communication has been prepared in whole or in part by persons employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These persons are not registered as Associated Persons of Cantor Fitzgerald & Co. but have an exemption under SEC Rule 15a-6 as Foreign Associated Persons of CFE that are permitted to solicit and market to major U.S. institutional investors.

Information for Australian Investors

This communication is distributed in Australia by CFE which is exempt from the requirement to hold an Australian financial services licence under the Corporations Act pursuant to ASIC Corporations (Foreign Financial Services Providers Limited Connection) Instrument 2017/182 and any information set out in this communication is only intended for persons who are Wholesale Investors as described in Section 761G of the Corporations Act 2001 (as amended). It is not intended to for any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

Information to Canadian Investors

CFE has International Dealer Exemptions to conduct business with the counterparties in the following Canadian provinces and territories: Alberta, British Columba, Newfoundland and Labrador, Nova Scotia, Ontario and Yukon only. This communication is not intended for any Canadian institutional investors outside of the above provinces and territories. This communication is not intended for any non-institutional investors in Canada.

Information for Hong Kong Investors

These materials have been provided by Cantor Fitzgerald (Hong Kong) Capital Markets Limited (“CFHK”) or its affiliates (including, but not limited, to Cantor Fitzgerald Europe) for informational purposes in connection with an actual or potential transaction(s) and may not be relied upon for any purposes. It is not an offer to buy or sell or a solicitation to the public or otherwise of an offer to buy or sell any security, loan or asset or to participate in any trading strategy. These materials are not investment advice and do not constitute a personal investment advice with reference to any of your personal circumstances. Sources of information are believed to be reliable, but neither CFHK nor any of its affiliates make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. In Hong Kong, these materials have been distributed only to persons who are “Professional Investors” as defined under the Securities and Futures Ordinance (Cap 571) and the Securities and Futures (Professional Investor) Rules (Cap 571D) (“Professional Investor Rules”). If the recipient has received this document in Hong Kong, it confirms that it is a Professional Investor. By accepting this document, you confirm that these materials must not be acted upon in Hong Kong by persons who are not Professional Investors. CFHK is authorized and regulated by the Securities and Futures Commission in conduct Type 1(Dealing in Securities), Type 2 (Dealing in Futures Contracts), Type 4 (Advising on Securities) and Type 6 (Advising on Corporate Finance) regulated activities.

Information for Singapore Investors

CFE is a foreign related entity of Cantor Fitzgerald Singapore (CFSG) which is regulated by the Monetary Authority of Singapore (MAS). A per paragraph 9 of the Third Schedule to the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), CFE is permitted to carry on certain regulated activity without being licensed or exempted in Singapore. This includes dealing in capital market products, the marketing of securities and advising on corporate finance. This communication is only intended for institutional investors in Singapore.

Information for South African Investors

The information furnished in this report, document or communication (The communication) has been prepared by CFE This communication does not constitute a recommendation, legal advice or ‘advice’ as contemplated in the Financial Markets Act 19 of 2012 and/or The Financial Advisory and Intermediary Services Act 37 of 2002, it is not to be relied upon when making investment or other decisions. This communication may not be seen as an offer to conclude a transaction. Regarding the information, CFE does not guarantee accuracy or completeness and accepts no liability thereto. This material is intended for banks and institutional clients (Professional clients), not for retail or non-institutional clients. This message contains confidential information and is intended only for the addressee. This information is not to be redistributed or copied without prior written consent.’

Information for Turkish Investors

This marketing communication may be distributed by CFE persons in the United Kingdom into Turkey. CFE is not a registered broker-dealer in Turkey, its persons are not licensed by Capital Markets Licensing Registry and Training Agency Inc. This marketing communication is out of the scope of CMB’s Law and Communiqué III-37.1.

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