1Q Model Update

Research evidence excerpt

1Q Model Update

and regulated in the UK by the Financial Conduct Authority (“FCA”) and

a member of the London Stock Exchange. The information herein does not apply to, and should not be relied upon by, retail clients; neither the FCA’s

protection rules nor compensation scheme may be applied. Cantor Fitzgerald Europe, 5 Churchill Place, Canary Wharf, London E14 5HU, FCA Reference

Number: 149380.

European Economic Area (“EEA”): This Research Report is available only to clients classified as Professional Clients or Eligible Counterparties (“Clients”).

This report is distributed to Clients located in a limited EEA Country by Cantor Fitzgerald Europe. The Limited EEA Countries as of the time this report is

published are Finland, Luxembourg, Italy, Belgium, and Denmark. For Clients located in a country of the EEA, this report is issued and/or approved for

distribution by Cantor Fitzgerald Ireland Limited ("CFIL”) and is intended for use only by persons who have, or have been assessed as having, suitable

professional experience and expertise, or by persons to whom it can be otherwise lawfully distributed. Cantor Fitzgerald Ireland Limited, 23 St Stephen’s

Green, Dublin, Ireland, D02 AR55, CFIL is regulated by the Central Bank of Ireland - Central Bank of Ireland Reference No: C741.

Canada: Disclosure for Canadian Institutional Investors: This research report was prepared by analysts of Cantor Fitzgerald & Co. or Cantor Fitzgerald

Europe and not by Cantor Fitzgerald Canada Corporation. As a result, this report has not been prepared subject to Canadian Disclosure requirements.

Cantor Fitzgerald Canada may distribute research reports prepared by its affiliates.

Risks