Sales Communication – Disclosure

This communication is disseminated by Cantor Fitzgerald Europe (CFE). It is a sales and marketing communication. This communication is not “investment research” as defined by the Glossary in the Handbook of the Financial Conduct Authority (FCA). However the communication may replicate or summarise or refer to non-independent research produced by the Research department of CFE or its affiliates.

The information contained in this communication may be compiled from a number of sources, including publicly available information, internally developed data and other sources believed to be reliable and correct, but cannot be guaranteed and should not be relied upon. No representation, warranty or undertaking, express or implied, is given by any of CFE or its affiliates, and no responsibility is accepted by CFE or its affiliates as to the accuracy or completeness of any information contained in this communication or of any omissions therefrom. In providing this communication, none of CFE or its affiliates undertakes any obligation to provide the recipient with access to any further information or to correct any inaccuracies or omissions which may become apparent. Any liability in respect of such information or omissions is hereby expressly disclaimed by CFE and its affiliates who shall not be responsible for any losses incurred either directly or indirectly resulting from the use of this communication.

The information (including any opinion) contained in this communication is subject to change without notice, and does not purport to contain all of the information that may be required to evaluate the subject companies, sectors or countries referred to herein. This communication shall not form the basis of any contract with CFE or any of its affiliates.

This communication represents the personal opinion(s) of the author (s) or sender(s) and reflects their judgement at the date of this communication.  It does not constitute or form any part of, and is not to be construed as, an offer, invitation or solicitation to buy or sell any securities issued by any of the companies or countries referred to in it or to participate in any trading strategy.

This communication does not take into account your personal circumstances and is not a “personal recommendation” as defined by the FCA Rules.  Certain financial instruments and/or transactions give rise to substantial risks and are not suitable for all investors. The price of financial instruments can fluctuate and you can lose your investment. Recipients must undertake independent analysis with their own legal, tax and financial advisers and reach their own conclusions regarding the economic benefits and risks of the financial instruments described herein and the legal, credit and tax aspects of any anticipated transaction.

Past performance is not necessarily an indicator of future performance.

At any time, CFE and any of its employees or affiliates may own or have positions in securities of companies or countries mentioned herein and may also seek to provide financial advisory, banking and other services for any such companies or issuers.

This communication is only intended for the use of Eligible Counterparties and Professional Clients and not for Retail Clients (as those terms are defined in the FCA Handbook).  If you are a Retail Client you should take no action in relation to this document other than to return it to CFE.

This communication is strictly confidential and is intended for the named recipient or recipients only. It may not be copied, forwarded or reproduced in any format without the express consent of CFE.

Cantor Fitzgerald Europe (CFE) is authorised and regulated by the Financial Conduct Authority (FCA), and is a member of the London Stock Exchange. The address of Cantor Fitzgerald Europe is One Churchill Place, London, E14 5RB. The address of the FCA is Endeavour Square, London E20 1JN.​

MiFID II Inducements Disclosures

This communication is a Minor Non-monetary Benefit as set out in Article 12 (3) of the Commission Delegated Act (C2016) 2031.

Disclosures for recipients in the United States of America

This communication is being distributed by Cantor Fitzgerald Europe and if distributed in the United States of America it is solely intended for “major U.S. institutional investors” (as per the definition from 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. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this communication should effect transactions in securities discussed through Cantor Fitzgerald & Co. This communication has been prepared in whole or in part by foreign associated persons (as per the exemption granted under Rule 15a-6) who are employed by a non-US affiliate of Cantor Fitzgerald & Co which is not registered as a broker-dealers in the United States. These foreign associated persons are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified with the Financial Industry Regulatory Authority (FINRA) or any other US regulatory authority.

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.

For further information about the way we use your personal data please see our Third Party Privacy Notice see or at such other place as we may provide notice of from time to time. We may contact you about industry news, offers and information relating to our products and services which we think would be of interest to You. You can tell us you do not wish to receive such communications by