This material has been prepared by personnel in the Sales and Trading Department of Cantor Fitzgerald and Co. (“CF&Co.”) or its affiliates (current and future).

UNLESS INDICATED OTHERWISE HEREIN, THIS IS NOT A RESEARCH REPORT. This material is from CF&Co.’s Sales and Trading Department and is not a product of, nor has it been produced, reviewed or approved, by CF&Co.’s Research Department. Any views expressed herein may differ from those of CF&Co.’s Research Department.

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INFORMATIONAL PURPOSES ONLY. This material is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by CF&Co. or any other person and does not constitute an offer or solicitation to enter into a transaction with respect to the purchase or sale of any investment or security, nor is it a confirmation of 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. makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. CF&Co. undertakes no obligation to provide any additional information or any update to or correction of the information contained herein. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice to determine the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting. Past or simulated past performance (including back-testing) is not indicative of future performance.

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OPTIONS DISCLOSURE. 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 , or funds in excess of your initial investment. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Please ensure that you have read and understood the current options disclosure document before entering into any options transaction.