Week Ahead, December 13th

Friday December 13, 2013, Marketing Communication Monday December 16, 2013 UK Reporting: Aggreko Plc, AGK, (R), Gcp Infrastructure Investmen, GCP, e, (CC), Ophir Energy Plc, OPHR, (SM), Serco Group Plc, SRP, (R) S&P 500 Reporting: None Scheduled Euro Stoxx 600 Reporting: Aurubis AG, R, 1.84 Economic Data: 00:01 UK December Rightmove House Prices, -2.4% previous 09:00 Eurozone December PMI Manufacturing, 51.8 exp. 51.6 previous 13:30 US December Empire Manufacturing, 5.0 exp. -2.21 previous 14:15 US November Industrial Production m/m, 0.6% exp. -0.1% previous Economic Events: EU Foreign Ministers Meet in Brussels ECB President Speaks to European Parliament Tuesday December 17, 2013 UK Reporting: British Assets Trust Plc-Ord, BSET, (SM), Bumi Plc, BUMI, (SM), Dixons Retail Plc, DXNS, (R), Edinburgh Dragon Trust Plc, EFM, (SM), Henderson Diversified Income, HDIV, (SM), Smiths Group Plc, SMIN, (SM) S&P 500 Reporting: Jabil Circuit Inc, Q1, 0.545 Euro Stoxx 600 Reporting: Dixons Retail PLC, S1, 0.003 Economic Data: 09:30 UK November PPI Output, -0.1% exp. -0.3% previous 10:00 Eurozone December ZEW 13:30 US November CPI, 0.1% exp. -0.1% previous Economic Events: Euro-Area Finance Ministers Meet in Brussels Carney Testifies to House of Lords Economic Affairs Committee Wednesday December 18, 2013 UK Reporting: City Natural Resources Hi Y, CYN, (SM), Darty Plc, DRTY, e, (CC), Darty Plc, DRTY, (R), Glaxosmithkline Plc, GSK, (Oth), Henderson Far East Income Lt, HFEL, (SM), Standard Life Equity Income, SLET, (SM) FTSE 100 Dividends: United Utilities, UU, (12.01) FTSE 100 Estimated Dividend Impact: 0.3 Points FTSE 250 Dividends: Berkeley Group Holdings PLC, BKG, (90),  Grainger PLC, GRI, (1.46),  Greene King PLC, GNK, (7.60),  Halfords Group PLC, HFD, (5.20),  Marston's PLC, MARS, (4.10),  Mitie Group PLC, MTO, (4.90),  Murray Income Trust PLC, MUT, (7) FTSE Small Share: Baring Emerging Europe PLC, BEE, (19),  Carr's Milling Industries PLC, CRM, (16.50),  Henderson High Income Trust PLC, HHI, (2.125),  JPMorgan Eur Smaller Companies Trust PLC, JESC, (6),  JPMorgan Global Emerging Markets Income Trust Plc, JEMI, (1) S&P 500 Reporting: FedEx Corp, Q2, 1.637,  General Mills Inc, Q2, 0.875,  Lennar Corp, Q4, 0.627,  Oracle Corp, Q2, 0.672,  Paychex Inc, Q2, 0.423 Euro Stoxx 600 Reporting: IMMOFINANZ AG, Q2, 0.05 Economic Data: 09:30 UK November Claimant Count Rate, 3.8% exp. 3.9% previous 09:30 UK October ILO Unemployment Rate, 7.6% exp. 7.6% previous 13:30 US November Housing Starts, 960k exp. 19:00 US FOMC Rate Decision, 0.25% exp. 0.25% previous Economic Events: 19:30 Bernanke Press Conference Thursday December 19, 2013 UK Reporting: Carnival Plc, CCL, e, (CC), Carnival Plc, CCL, (R), Goodwin Plc, GDWN, (R), Henderson Far East Income Lt, HFEL, (SM), Keller Group Plc, KLR, (R), Schroder Income Growth Fund, SCF, (SM) S&P 500 Reporting: Accenture PLC, Q1, 1.093,  Cintas Corp, Q2, 0.684,  ConAgra Foods Inc, Q2, 0.554,  Darden Restaurants Inc, Q2, 0.213,  NIKE Inc, Q2, 0.577,  Red Hat Inc, Q3, 0.349 Euro Stoxx 600 Reporting: Carnival PLC, R, 1.548 Economic Data: 09:30 UK November Retail Sales, ex Autos, 0.2% exp. -0.6% previous 13:30 US Initial Jobless Claims, 355k exp. 368k previous Economic Events: EU Leaders Hold Summit in Brussels Friday December 20, 2013 UK Reporting: Jpmorgan Japan Smaller Co Tr, JPS, (SM), Jpmorgan Japanese Inv. Trust, JFJ, (SM) S&P 500 Reporting: CarMax Inc, Q3, 0.48,  Carnival Corp, Q4, 0,  Discover Financial Services, Q4, 1.202,  Walgreen Co, Q1, 0.726 Euro Stoxx 600 Reporting: Christian Dior SA, S1, 0 Economic Data: 09:30 UK Q3 GDP, 0.8% exp. 0.8% previous 13:30 US Q3 GDP, 3.6% exp. 3.6% previous 15:00 Eurozone December Consumer Confidence, -15.0 exp. -15.4 previous Economic Events: S&P Index Quarterly Review Becomes Effective Contact Us +44 20 7894 8883 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:- est, UK earnings estimates when available, (CC) Conference Call, (Pr) Press Event, News Conference, (R) Results, Interims/Finals, (SM) Shareholder Meeting,  (Oth) Other Event 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: 1 Churchill Place, London, E14 5RB 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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Week Ahead, December 6th

Friday December 6, 2013, Marketing Communication Monday December 9, 2013 UK Reporting: Anite Plc, AIE, e, (CC), Anite Plc, AIE, (R), International Personal Finan, IPF, (Pr), Bp Plc, BP, (Pr), Wpp Plc, WPP, (Pr) S&P 500 Reporting: PVH Corp, Q3, 2.244 Euro Stoxx 600 Reporting: None Scheduled Economic Data: 11:00 German October Industrial Production, 0.7% exp. -0.9% previous Economic Events: Euro Area Finance Ministers Meet in Brussels Tuesday December 10, 2013 UK Reporting: Ashtead Group Plc, AHT, (R), Ashtead Group Plc, AHT, e, (CC), Bhp Billiton Plc, BLT, (SM), Carpetright Plc, CPR, e, (CC), Carpetright Plc, CPR, (R), Debenhams Plc, DEB, (SM), Man Group Plc, EMG, (SM), Photo-Me International Plc, PHTM, (R), Polar Capital Technology Tr, PCT, e, (CC), Prudential Plc, PRU, (SM), Tui Travel Plc, TT, (R), Victrex Plc, VCT, e, (CC), Victrex Plc, VCT, (R), Whitbread Plc, WTB, (R) Whitbread Plc, WTB, (R) S&P 500 Reporting: AutoZone Inc, Q1, 6.272, H&R Block Inc, Q2, -0.37 Euro Stoxx 600 Reporting: Ashtead Group PLC, S1, 0.254, TUI Travel PLC, R, 0.291, Victrex PLC, R, 0.851 Economic Data: 00:01 UK November RICS House Price Balance, 59% exp. 57% previous 09:30 UK October Industrial production, 0.4% exp. 0.9% previous 09:30 UK October Manufacturing Production, 0.3% exp. 1.2% previous 15:00 US October Wholesale Inventories m/m, 0.3% exp. 0.4% previous Economic Events: EU Finance Chiefs Meet in Brussels FTSE INDEX Quarterly Review on 11th uses closing prices today for its calculations Wednesday December 11, 2013 UK Reporting: Astrazeneca Plc, AZN, (Oth), Carillion Plc, CLLN, (R), Carillion Plc, CLLN, (R), Entertainment One Ltd, ETO, (Pr), Imagination Tech Group Plc, IMG, e, (CC), Imagination Tech Group Plc, IMG, (R), Imagination Tech Group Plc, IMG, (SM), International Biotech-Conv, IBTC, (SM), Middlefield Canadian Inc Tst, MCT, (SM), Pz Cussons Plc, PZC, (R), Senior Plc, SNR, (R), Stagecoach Group Plc, SGC, (R), Stagecoach Group Plc, SGC, e, (CC) FTSE 100 Dividends: Babcock International, BAB, (6.9) FTSE 100 Estimated Dividend Impact: 5 Points FTSE 250 Dividends: 3i Group PLC, III, (2.70),  3i Group PLC, III, (4),  Bellway PLC, BWY, (21),  Betfair Group PLC, BET, (6),  Big Yellow Group PLC, BYG, (8g),  Caledonia Investments PLC/fund, CLDN, (13.40),  Investec PLC, INVP, (8) FTSE Small Share: Henderson European Focus Trust PLC, HEFT, (21.30),  Hyder Consulting PLC, HYC, (4.50),  JPMorgan Chinese Investment Trust PLC, JMC, (1.60),  Montanaro European Smaller Cos Trust PLC, MTE, (1.75),  Northgate PLC, NTG, (3.20),  Schroder UK Mid Cap Fund PLC, SCP, (5.45),  Scottish Oriental Smaller Companies Trust PLC/The, SST, (11.50),  Sepura PLC, SEPU, (.59),  XP Power Ltd, XPP, (13) S&P 500 Reporting: Joy Global Inc, Q4, 1.116, Costco Wholesale Corp, Q1, 1.028 Euro Stoxx 600 Reporting: Inditex SA, Q3, 1.24, Stagecoach Group PLC, S1, 0, Economic Data: 19:00 US November Monthly Budget Statement, -$154bn exp. Economic Events: FTSE Index Quarterly Rebalance - Index changes confirmed after market close IPO: Safestyle UK, IPO expected Thursday December 12, 2013 UK Reporting: 3I Infrastructure Plc, 3IN, (Pr), Astrazeneca Plc, AZN, (Oth), British Emp Sec And Gen-Ord, BTEM, (SM), Domino Printing Sciences Plc, DNO, (R), Fidelity Special Values Plc, FSV, (SM),  Go-Ahead Group Plc, GOG, (R), Greencoat Uk Wind Plc, UKW, (Pr), Imagination Tech Group Plc, IMG, (SM), John Laing Infrastructure Fu, JLIF, (Pr), Wood Group (John) Plc, WG, (R), Pennon Group Plc, PNN, (Pr), Scottish Oriental Small Cos, SST, (SM), Severn Trent Plc, SVT, (Pr), Sports Direct International, SPD, (R), Supergroup Plc, SGP, (R), Whitbread Plc, WTB, (SM) S&P 500 Reporting: Adobe Systems Inc, Q4, 0.319 Euro Stoxx 600 Reporting: Metro AG, R, 0.127 Economic Data: 10:00 Eurozone October Industrial Production, 0.3% exp. -0.5% previous 13:30 US December Initial Jobless Claims, 320k exp. 298k previous 14:45 US December Bloomberg Consumer Confidence, 31.3 previous Economic Events: None Detailed Friday December 13, 2013 UK Reporting: Bellway Plc, BWY, (SM), Bellway Plc, BWY, (R), Imagination Tech Group Plc, IMG, (SM), Gleeson (M.J.) Group Plc, GLE, (SM) S&P 500 Reporting: None Detailed Euro Stoxx 600 Reporting: None Detailed Economic Data: 13:30 US November PPI m/m, 0.0% exp. -0.2% previous Economic Events: S&P Index Quarterly Review Contact Us +44 20 7894 8883 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:- est, UK earnings estimates when available, (CC) Conference Call, (Pr) Press Event, News Conference, (R) Results, Interims/Finals, (SM) Shareholder Meeting,  (Oth) Other Event 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: 1 Churchill Place, London, E14 5RB 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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Technical Analysis - FTSE 100

Monday, December 2, 2013, Marketing Communication FTSE 100, Daily The FTSE 100 has continued in its near term bearish trading range, red region. This is of interest as the S&P 500 over the past week has posted fresh all time highs. The FTSE 100 graph by itself has turned more bearish on the break under the 38.2% retracement level at 6627. The recent bearish phase on the FTSE has been posted while the S&P 500 has powered upwards. On any profit taking in the S&P 500 the selling momentum could accelerate on the FTSE 100 moving the index under the 50% retracement level support at 6568. While there is a risk of an acceleration of selling in the coming days, we also feel there is a risk of a strong upside breakout. Giving an unusually high chance of volatile moves in the days ahead and before the market settles back into the normal routine in mid January. We mentioned last week how there is the potential of an upside break on the FTSE due to the fact that institutional selling has occurred on every move over the 6700 area in the past six months. Institutional action tends to wane over the holiday period and this lack of selling pressure could allow the FTSE 100 to unwind the recent divergence with the US markets. Leaving a volatile outlook seen for the week ahead as a result we see traders interested in a FTSE/S&P 500 pair trade, more below. FTSE 100 in Dollars The FTSE 100 graph converted into dollars is a more positive picture than the FTSE 100 graph, but the price action still remains under its October highs. So the recent under-performance in the FTSE 100 can be partly explained by the movements in GBPUSD but it does fully explain the current picture. FTSE 100, S&P 500 Overlay The S&P 500 is above in blue, while the FTSE 100 is in red. This graph details the recent divergence. It is not commonplace for the S&P 500 to be posting near term highs, while the FTSE 100 is at near term lows. As a result we do see traders interested in buying the FTSE 100 against a short in the S&P 500 over the potentially volatile holiday period ahead.  CFD Sales/Traders 0044 (0) 207 894 8883 sales@cantorcapital.com Images Depending on your email settings the images contained in this note may not be downloaded correctly. Select the view 'Web version' link on the header to open a browser window that will display the full note. Graph images are created on Bloomberg, and remain under copyright to Bloomberg. Unsubscribing From E-mails If you would like to be removed from all Cantor Capital Commentary notes then please click on the 'Update Preferences’ link on the header, or the ‘Edit your subscription’ link on the footer and select the ‘Unsubscribe’ link at the bottom of this page that appears. This will remove your email from all Cantor Capital Commentary distribution lists. 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 Index is a trading name 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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