THIS MATERIAL IS NOT A RESEARCH REPORT AND IS NOT A PRODUCT OF THE CANTOR FITZGERALD & CO. (“CF&CO.”) RESEARCH DEPARTMENT.  THE INFORMATION CONTAINED HEREIN IS SALES AND TRADING COMMENTARY AND IS FOR INFORMATIONAL PURPOSES ONLY.  This material has been prepared by sales and trading personnel. It reflects the views of such personnel and may differ from the views or opinions, if any, expressed by other CF&Co. personnel or its Research Department. These materials have been provided to you by CF&Co. and its affiliates for informational purposes only and may not be relied upon for any other purpose. Any pricing information is indicative only. This material is intended only for “institutional investors” as defined under FINRA Rule 2210(a)(4) and investors who CF&Co. reasonably believes are institutional investors. As such, without CF&Co.’s written consent, it may not be reproduced, disseminated, distributed, redistributed, transmitted, retransmitted, forwarded or otherwise disclosed to any other party.  You agree that you will not provide nor divulge any such information to any other party or summarize or otherwise refer to such information. You shall be responsible for any violations by your directors, partners, officers, employees, affiliates, agents, and representatives of the obligations set forth herein.  The information in these materials is subject to change and CF&Co. and its affiliates undertakes no obligation to provide recipients with any additional information or any update to, or correction of, the information contained herein.

These materials are not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any security, loan, or asset or to participate in any trading strategy.  It is not intended to form the basis of any investment decision, should not be considered a recommendation by CF&Co. or its affiliates or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of such terms.

Any calculations and valuations presented herein are intended as a basis for discussion.  Sources of information are believed to be reliable but CF&Co. and its affiliates makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change without notice to you. CF&Co. and its affiliates undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein.

Nothing contained herein should be construed as investment, legal, business, tax, or accounting advice. You should consult your own investment advisor, attorney, business advisor, tax advisor, and accounting advisor as to financial, legal, business, tax, accounting, and related matters concerning the suitability of securities or other products described herein. CF&Co. or its affiliates does not provide any tax advice. You should seek advice based upon your particular circumstances from an independent tax advisor.

None of CF&Co. 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 in respect of past or future performance. The information contained herein does not purport to contain all of the information that may be required to evaluate the securities or strategies described herein, and you are encouraged to read the related offering documents, including the prospectus and other regulatory filings, as applicable. You should conduct your own independent analysis of any data referred to herein. You are urged to review any additional information you may consider necessary or desirable in making an informed investment decision.

CF&Co., its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on such information. No liability is accepted by CF&Co. or its affiliates for any loss(es) that may arise from any use of the information contained herein or derived thereof. Any unauthorized use is strictly prohibited.

CF&Co. or its affiliates may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests.

Options involve risk and are not suitable for all investors. Trading in options is considered speculative and it is possible to lose all, a portion of, or funds in excess of, your initial investment. Prior to buying or selling an option, a person must receive a copy of the Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from CF&Co. by calling (212) 938-5000, or writing to Cantor Fitzgerald & Co., 110 E. 59th Street, 5th Floor, New York, NY 10022.