Week Ahead

Friday August 30, 2013, Marketing Communication Monday September 2, 2013 UK Reporting: Berkeley Group Holdings, BKG, (SM), Berkeley Group Holdings, BKG, (R), Consort Medical Plc, CSRT, (SM), Mondi Plc, MNDI, (SM), Phoenix Group Holdings, PHNX, (Pr), Polar Capital Technology Tr, PCT, (SM) S&P 500 Reporting: None Scheduled Euro Stoxx 600 Reporting: Helvetia Holding AG, S1, 18.428, Iliad SA, S1, 2.9 Economic Data: 09:00 Eurozone August PMI Manufacturing, 51.3 exp. 51.3 previous 09:30 UK August PMI Manufacturing, 55.0 exp. 54.6 previous Economic Events: No Major Events Detailed Market Holiday: US, Canadian Markets Closed  -  Labor Day Tuesday September 3, 2013 UK Reporting: BT Group Plc, BT/A, (Pr), Dechra Pharmaceuticals Plc, DPH, (R), Ds Smith Plc, SMDS, (SM), Ds Smith Plc, SMDS, (R), Greene King Plc, GNK, (SM), McBride Plc, MCB, (R) S&P 500 Reporting: H&R Block Inc, Q1, -0.365 Euro Stoxx 600 Reporting: Elekta AB, Q1, 0.059 Economic Data: 00:01 UK BRC Retail Sales, 2.2% previous 09:30 UK August PMI Construction, 57.0 previous 15:00 US July Construction Spending, 0.3% exp. -0.6% previous 15:00 US August Manufacturing ISM, 54.0 exp. 55.4 previous Economic Events: No Major Events Detailed Corporate Action:  Aberdeen New Dawn Investment Trust, Stock Split, 5 for 1 Wednesday September 4, 2013 UK Reporting: Ashtead Group Plc, AHT, (R), Ashtead Group Plc, AHT, (SM), Bt Group Plc, BT/A, (Pr), Genus Plc, GNS, e, (R), Hargreaves Lansdown Plc, HL, e, (CC), Hargreaves Lansdown Plc, HL, (R), Intl Consolidated Airline-Di, IAG, (R), Kofax Plc, KFX, e, (CC), Kofax Plc, KFX, (R), Mucklow ( A & J ) Group Plc, MKLW, (R), Safestore Holdings Plc, SAFE, (R) FTSE 100 Dividends: Aggreko PLC, AGK, (9.11),  ARM Holdings PLC, ARM, (2.10),  BHP Billiton PLC, BLT, ($0.59),  Croda International PLC, CRDA, (29),  IMI PLC, IMI, (12.80), Resolution Ltd, RSL, (7.05),  Serco Group PLC, SRP, (3.10),  Shire PLC, SHP, (1.95),  TUI Travel PLC, TT/, (3.75) FTSE 100 Estimated Dividend Impact: 4.2 points FTSE 250 Dividends: 888 Holdings PLC, 888, ($0.03),  Amlin PLC, AML, (7.80),  Betfair Group PLC, BET, (9),  Carillion PLC, CLLN, (5.50),  Elementis PLC, ELM, (1.6687),  esure Group PLC, ESUR, (.70),  esure Group PLC, ESUR, (1.80),  Greggs PLC, GRG, (6),  Hikma Pharmaceuticals PLC, HIK, ($0.03),  Hikma Pharmaceuticals PLC, HIK, ($0.07),  International Personal Finance PLC, IPF, (3.80),  Jardine Lloyd Thompson Group PLC, JLT, (10.10), JPMorgan American Investment Trust PLC, JAM, (5),  Michael Page International PLC, MPI, (3.25),  Micro Focus International PLC, MCRO, ($0.281),  National Express Group PLC, NEX, (3.25),  Perpetual Income and Growth Investment Trust PLC, PLI, (2.70),  Personal Assets Trust PLC/Fund, PNL, (140),  Polymetal International PLC, POLY, ($0.01),  Regus PLC, RGU, (.935),  Segro PLC, SGRO, (4.90),  Xaar PLC, XAR, (2.50) FTSE Small Share: BlackRock Latin American Investment Trust PLC, BRLA, ($0.15),  Capital & Regional PLC, CAL, (.25),  Cineworld Group PLC, CINE, (4.10),  HellermannTyton Group PLC, HTY, (1.32),  JPMorgan European Investment Trust PLC, JETG, (5.45),  JPMorgan European Investment Trust PLC, JETI, (3.25),  Lavendon Group PLC, LVD, (1.15),  Novae Group PLC, NVA, (6),  Robert Walters PLC, RWA, (1.54), Volex PLC, VLX, (.03),  XP Power Ltd, XPP, ($0.12g) S&P 500 Reporting: Dollar General Corp, Q2, 0.74, SAIC Inc, Q2, 0.215 Euro Stoxx 600 Reporting: Ashtead Group PLC, Q1, 0.106, BioMerieux, S1, 1.9, Hargreaves Lansdown PLC, R, 0.314 Economic Data: 09:30 UK August PMI Services, 59.7 exp. 60.2 previous 10:00 Eurozone Q2 GDP, 0.3% exp. 0.3% previous 13:30 US July Trade Balance, -$38.7bn exp. -$34.2bn exp. 15:00 Canada Bank of Canada Rate Decision, 1.0% exp. 1.0% previous  Economic Events: US Fed Beige Book Thursday September 5, 2013 UK Reporting: Betfair Group Plc, BET, (SM), Betfair Group Plc, BET, (R), Carclo Plc, CAR, (SM), Carpetright Plc, CPR, (SM), Dixons Retail Plc, DXNS, (SM), Dixons Retail Plc, DXNS, (R), Ds Smith Plc, SMDS, (SM), Easyjet Plc, EZJ, (R), Go-Ahead Group Plc, GOG, e, (CC), Go-Ahead Group Plc, GOG, (R), Halfords Group Plc, HFD, (SM), Lancashire Holdings Ltd, LRE, (SM), Spirit Pub Co Plc, SPRT, (R), Standard Chartered Plc, STAN, (Pr), Supergroup Plc, SGP, (R) S&P 500 Reporting: None Scheduled Euro Stoxx 600 Reporting: None Scheduled Economic Data: 12:00 Bank of England Rate Announcement, 0.5% exp. 0.5% previous 12:45 ECB Rate Announcement, 0.5% exp. 0.5% previous 13:30 US Initial Jobless Claims, 330k exp. 331k previous 15:00 US July Factory Orders, -3.5% exp. 1.5% previous Economic Events: Fed's Bullard Speaks in Memphis Friday September 6, 2013 UK Reporting: Arm Holdings Plc, ARM, (SM), Catlin Group Ltd, CGL, (Pr), Ds Smith Plc, SMDS, (SM), Sthree Plc, STHR, (R) S&P 500 Reporting: None Scheduled Euro Stoxx 600 Reporting: None Scheduled Economic Data: 09:30 UK July Industrial Production, 0.2% exp. 1.1% previous 09:30 UK July Manufacturing Production, 0.3% exp. 1.9% previous 13:30 US August Change in Non Farm Payrolls, 180k exp. 162k previous 13:30 US August Unemployment Rate, 7.4% exp. 7.4% previous Economic Events: No Major Events Scheduled CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes Times given are UK Local Time, (GMT or GMT +1 during BST) Dividends:- net prices are given as default, however where applicable gross dividends are detailed (g) UK Results Key:- (CC) Conference Call, (Pr) Press Event, News Conference, (R) Results, Interims/Finals, (SM) Shareholder Meeting,  (Oth) Other  Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). Cantor Capital and Cantor Index are trading names of CFE. This note is defined by the FCA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates 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 this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. CFE is authorised and regulated by the FCA under Firm Reference Number 149380.   CFE – The Financial Services Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

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Day Ahead

Friday, August 30, 2013, Marketing Communication Opening Call The FTSE is seen opening around flat today as the traditionally slow summer news period continues UK Corporate Announcements Computacenter states that trading has been in line with the expectations and that the excellent momentum in the UK continues Perform Group reports an H1 revenue of £92.4m up 37% and states that it is on track to deliver its full year growth in line with the expectations Restaurant Group announces H1 revenues of £280m and an H1 pre-tax profit of £30m largely in line and states that H1 margins are ‘nicely ahead’ of last year Bwin.Party Digital details an H1 total revenue of €342.5m and an EBITDA of €60.7m and sees full year revenues 14-17% below 2012 Charles Taylor announces H1 revenues of £56.1m from £53.0m and states that it remains cautious for H2 UK News Vodafone stays in focus after reports that on any successful sale of its stake in its US joint venture with Verizon, it could itself become a target to the likes of AT&T The UK sells £2.5bn in bills at 11:10 UK Analyst Changes Electrocomponents Raised To Buy Vs Neutral At Ubs Genel Energy Raised To Buy Vs Neutral At Goldman UK Insider Buying None Detailed UK Insider Selling None Detailed FTSE 100 Movers Major European Companies Reporting Bollore SA, S1, 0,  Bwin.Party Digital Entertainment PLC, S1, 0.053,  Eurocommercial Properties NV, R, 1.964,  Hermes International, S1, 0,  Iliad SA, S1, 2.9,  Polyus Gold International Ltd, S1, 0.06 European Market Summary European press details how Josef Ackermann resigned from Zurich Insurance yesterday citing pressure to share a responsibility for the death this week of the company finance director The EC is looking into applying its banking rules to the ‘shadow banking’ institutions, non bank financial intermediaries that provide credit to the financial sector Global Market Footprint Major US Stock Movers After Hours Salesforce.com announces Q3 numbers ahead of the forecasts, as it acquisition of ExactTarget for $2.5bn boosts revenues, the stock gained 8.4% after hours Krispy Kreme fell 13% as it announces Q2 adjusted EPS of 14c against the forecasts of 16c S&P 500 Companies Reporting None Scheduled US Market News US markets are closed on Monday for the Labor Day Fed tapering expectations continue to be brought forward as the US economy continues to improve quicker than forecasts, with GDP up 2.5% in Q2 Nasdaq confirmed yesterday that the recent three hour halting of trading was due to a fault in its software Microsoft states that it has discussed taking a strategic stake in FourSquare Today's Bloomberg Social Velocity Alerts, (BSV) Rio Tinto PLC (RIO) Salesforce.com Inc (CRM) Taser International Inc (TASR) Vodafone Group PLC (VOD) Overnight Market News Sinopec aggress to take a 33% stake in Apache Corp’s Egyptian oil and gas business, its largest purchase yet in the middle east Top Commodity The Potash market stays in the news as Belarus has continued the rhetoric over its neighbour and suggests that further arrests of Russian executives was possible as it continues investigations into the market Nomura has stated that any western military intervention in Syria will have little to no effect on global oil supply Economic Data Due 00:05 UK August Consumer Confidence, -15 exp. -16 previous 09:30 UK July Mortgage Approvals, 59.5k exp. 57.7k previous 10:00 Eurozone August CPI, 1.4% exp. 1.6% previous 13:30 US July Personal income, 0.2% exp. 0.3% previous 14:45 US August Uni. of Michigan Confidence, 80.5 exp. 80.0 previous Economic Events No Major Events Scheduled US Personal Income CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes FTSE 100 Call as at 6:45am Analyst Changes, as at 6:30am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25% > -0.25%, Red < -0.25%, Font size dependent on percentage size of move BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock This note is compiled using information / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). Cantor Capital and Cantor Index are trading names of CFE. This note is defined by the FCA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates 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 this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. CFE is authorised and regulated by the FCA under Firm Reference Number 149380.   CFE – The Financial Services Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

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Day Ahead

Thursday, August 29, 2013, Marketing Communication Opening Call The FTSE is called to open around unchanged today UK Corporate Announcements Admiral announces H1 pre-tax profit gained 6% to £181.4m with turnover down 7% to £1.09bn WPP reports an an H1 profit of £281m with revenues up 7% to £5.3bn in line with the forecasts and confirms its full year targets and also lifts its targets for faster growth markets to 40-45% Serco announces an H1 pre-tax profit of £106.1m against estimates of around £199m seen on revenues of £2.11bn up 10% but also under the forecasts and responds to press reports today and states that it has found no evidence that it misreported information to police on prisoners transports Hunting details an H1 reported profit of £40.8m from £40.3m and Hays states that overall market conditions are mixed as it reports a full year pre-tax profit fell 3% to £118.5m Evraz announces H1 revenues fell 3% to $7.36bn and details an EBITDA of $939m from $1.18bn and states it remains confident in string long term fundamentals Melrose details H1 revenues gained to £1.02bn from £466m, after purchases, and sees 2013 as looking like a very successful year Xaar announces an H1 adjusted pre-tax profit of £22.3m on sales of £63.9m UK News The WSJ suggests that Vodafone and Verizon have renewed talks over their US joint venture, in a deal possibly worth $130bn, and a full announcement could come by Monday A US judge has rejected a second request by BP to suspend compensation payments, stating that there was no ‘credible evidence’ to support the company’s allegations of fraud amongst claimants UK Analyst Changes Travis Perkins Raised To Buy Vs Neutral At Citi Vedanta Raised To Hold Vs Sell At Socgen Wolseley Raised To Buy Vs Neutral At Citi UK Insider Buying None Detailed UK Insider Selling None Detailed FTSE 100 Movers Major European Companies Reporting ACS Actividades de Construccion y Servicios SA, S1, 0,  Admiral Group PLC, S1, 0.483,  Aeroports de Paris, S1, 1.63,  Baloise Holding AG, S1, 4.983,  Carrefour SA, S1, 0,  Essilor International SA, S1, 1.567,  Etablissements Maurel et Prom, S1, 0,  Exor SpA, S1, 0,  Gemalto NV, S1, 1.09,  Hays PLC, R, 0.05,  Hunting PLC, S1, 0.423,  Lagardere SCA, S1, 0,  L'Oreal SA, S1, 2.888,  Melrose Industries PLC, S1, 0,  Pernod Ricard SA, R, 4.792,  Rubis SCA, S1, 0,  Serco Group PLC, S1, 0.18,  ThromboGenics NV, S1, 2.01,  Vienna Insurance Group AG Wiener Versicherung Gruppe, Q2, 0.84,  Vivendi SA, S1, 0.705,  Wendel SA, S1, 0,  WPP PLC, S1, 0.292 European Market Summary Nowotny is due to speak at a ‘Central Bank Crisis Management’ panel at 09:15 Italy sells€6bn in bonds at 11:00 Global Market Footprint Major US Stock Movers After Hours Guess the US apparel retailer announced Q2 adjusted EPS well ahead of the forecasts and gained 18% after hours on the news S&P 500 Companies Reporting Campbell Soup Co, Q4, 0.418, Pall Corp, Q4, 0.886, Salesforce.com Inc, Q2, 0.077 US Market News JP Morgan stays in the news as a probe has found an internal spreadsheet which did appear to link certain asian appointments to deals being pursued by the bank SeaWorld Entertainment fell to its lowest level since its IPO in April as it cuts ticket prices to boost attendance numbers Amazon has hired Ted Olson a prominent Washington lawyer as it takes its taxation battle with New York state to the Supreme Court Globant, the Argentine based IT services company has announced it is to list on the NYSE Today's Bloomberg Social Velocity Alerts, (BSV) Verizon Communications Inc (VZ) Vodafone Group PLC (VOD) Zale Corp (ZLC) Overnight Market News Nintendo has cut the price of its Wii U console and announces the launched of a cheaper handheld player that does not have 3D functionality as the games consoles makers prepare for the key quarter ahead Top FX The rupee has gained 3% as the RBI announced a plan to sell dollars to refiners through a swap facility Economic Data Due 13:30 US Q2 annualised GDP, 2.3% exp. 1.7% previous 13:30 US Initial Jobless Claims, 336k previous Economic Events Fed's Bullard Speaks in Memphis US GDP CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes FTSE 100 Call as at 6:45am Analyst Changes, as at 6:30am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25% > -0.25%, Red < -0.25%, Font size dependent on percentage size of move BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock This note is compiled using information / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). Cantor Capital and Cantor Index are trading names of CFE. This note is defined by the FCA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates 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 this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. CFE is authorised and regulated by the FCA under Firm Reference Number 149380.   CFE – The Financial Services Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

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