SSA Important Disclaimer and Disclosure Information

State Street Global Exchange℠ is a trademark of State Street Corporation (incorporated in Massachusetts) and is registered or has registrations pending in multiple jurisdictions. State Street Associates® is a research partnership between State Street Global Exchange and academia under which this document is produced. State Street Associates is a registered trademark of State Street Corporation.

Use of report

This document and information herein (together, the “Content”) is for informational, illustrative and/or marketing purposes only and it does not constitute investment research or investment, legal, or tax advice.  The Content provided is not, nor should be construed as, any offer or solicitation to buy or sell any product, service, or securities or any financial instrument, and it does not constitute any binding contractual arrangement or commitment for State Street Corporation and its subsidiaries and affiliates (“State Street”) of any kind.  The Content provided does not purport to be comprehensive nor intended to replace the exercise of a client’s own careful independent review regarding any corresponding investment or other financial decision.

Distribution

The Content provided is not intended for retail clients, nor is intended to be relied upon by any person or entity, and is not intended for distribution to or use by any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.  No permission is granted to reprint, sell, copy, distribute, or modify the Content in any form or by any means without the prior written consent of State Street.

Other Important Disclosures

The Content provided has been prepared and obtained from sources believed to be reliable at the time of preparation, however it is provided “as-is” and State Street makes no guarantee, representation, or warranty of any kind including, without limitation, as to its accuracy, suitability, timeliness, merchantability, fitness for a particular purpose, non-infringement of third-party rights, or otherwise.  Views and opinions expressed herein are those of the author(s) and are subject to change without notice based on market and other conditions and in any event may not reflect the views of State Street.  State Street disclaims all liability, whether arising in contract, tort or otherwise, for any claims, losses, liabilities, damages (including direct, indirect, special or consequential), expenses or costs arising from or connected with the Content.

The Content provided may contain certain statements that could be deemed forward-looking statements; any such statements or forecasted information are not guarantees or reliable indicators for future performance and actual results or developments may differ materially from those depicted or projected.  Past performance is no guarantee of future results. 

Prospects, clients or counterparties should be aware of the risks of participating in trading foreign exchange, equities, fixed income or derivative instruments or in investments in non-liquid or emerging markets.  Prospects, clients or counterparties should be aware that products and services outlined may put their principal and capital at risk and that diversification does not ensure a profit or guarantee against loss.

Australia: This communication is made available in Australia by State Street Bank and Trust Company ABN 70 062 819 630, AFSL 239679 and is intended only for wholesale clients, as defined in the Corporations Act 2001.

Brazil: The products in this marketing material have not been and will not be registered with the Comissão de Valores Mobiliários, the Brazilian Securities and Exchange Commission ("CVM"), and any offer of such products is not directed to the general public within the Federative Republic of Brazil ("Brazil"). The information contained in this marketing material is not provided for the purpose of soliciting investments from investors residing in Brazil and no information in this marketing material should be construed as a public offering or unauthorised distribution of the products within Brazil, pursuant to applicable Brazilian law and regulations. To our knowledge, no analyst is related to an individual who works at the issuer of the securities subject to the content of this website; no analyst or their spouse holds, directly or indirectly, securities subject to the reports on this website; no analyst or their spouse is, directly or indirectly, involved in the acquisition, sale or intermediation of securities subject to the reports on this website; no analyst or their spouse has, directly or indirectly, a financial interest in relation to the subject matter of the reports on this website; and the relevant analyst's compensation is not, directly or indirectly, influenced by the revenues arising from the business and financial transactions carried out by the entity to which is associated or otherwise related.

Canada: The products and services outlined in this document are generally offered in Canada by State Street Bank and Trust Company and/or by State Street Global Markets Canada Inc.

Hong Kong: This communication is made available in Hong Kong by State Street Bank and Trust Company, which accepts responsibility for its contents, and is intended for distribution to professional investors only (as defined in the Securities and Futures Ordinance).

Indonesia: This communication is made available in Indonesia by State Street Bank and Trust Company and its affiliates. Neither this communication nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens wherever they are domiciled or to Indonesian residents except in compliance with applicable Indonesian capital market laws and regulations. This communication is not an offer of securities in Indonesia. Any securities referred to in this communication have not been registered with the Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) pursuant to relevant capital market laws and regulations, and may not be offered or sold within the territory of the Republic of Indonesia or to Indonesian citizens through a public offering or in circumstances which constitute an offer within the meaning of the Indonesian capital market law and regulations.

Israel: This communication is made available in Israel by State Street Global Markets International Limited, which is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995. This communication may only be distributed to or used by investors in Israel which are “eligible clients” as listed in the First Schedule to Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law 1995.

Japan: This communication is made available in Japan by State Street Global Markets (Japan) which is regulated by the Financial Services Agency of Japan as a financial instruments firm.

Malaysia: This communication is made available in Malaysia by State Street Global Markets International Limited (“SSGMIL”) which is authorised and regulated by the United Kingdom’s Financial Conduct Authority. SSGMIL is not licensed within or doing business within Malaysia and the activities that are being discussed are carried out off-shore. The written materials do not constitute, and should not be construed as constituting: 1) an offer or invitation to subscribe for or purchase securities or futures in Malaysia or the making available of securities or futures for purchase or subscription in Malaysia; 2) the provision of investment advice concerning securities or futures; or 3) an undertaking by SSGMIL to manage the portfolio of securities or futures contracts on behalf of other persons.

Mexico: This communication is distributed by State Street Bank and Trust Company and its affiliates from outside Mexico. State Street is not authorized to act as an investment advisor in Mexico or as a regulated entity under Mexican law. Any products and services outlined herein will be provided from outside Mexico exclusively.

New Zealand: This communication is made available in New Zealand by State Street Bank and Trust Company, which accepts responsibility for its contents, and is intended for distribution only to “wholesale clients” as defined in the Financial Advisers Act 2008 (New Zealand). This communication is not intended to constitute “financial advice” (as that term is defined in the Financial Advisers Act), or “advice or assistance” (in terms of section 37(5) of the Securities Markets Act 1988 (New Zealand)), to any person.

Oman: This communication is made available in Oman by State Street Bank and Trust Company and its affiliates. The information contained in this communication is for information purposes and does not constitute an offer for the sale of foreign securities in Oman or an invitation to an offer for the sale of foreign securities. State Street is neither a bank or financial services provider registered to undertake business in Oman and is neither regulated by the Central Bank of Oman nor the Capital Market Authority. This document is confidential and is intended solely for the information of the person to whom it has been delivered. No representation or warranty is given as to the achievement or reasonableness of any research material contained in this communication. Nothing contained in this communication report is intended to constitute Omani investment, legal, tax, accounting, investment or other professional advice.

Qatar: This communication is made available in Qatar by State Street Bank and Trust Company and its affiliates. The information in this communication has not been reviewed or approved by the Qatar Central Bank, the Qatar Financial Markets Authority or the Qatar Financial Centre Regulatory Authority, or any other relevant Qatari regulatory body.

Singapore: This communication is made available in Singapore by State Street Bank and Trust Company, Singapore Branch (“SSBTS”), which holds a wholesale bank license by the Monetary Authority of Singapore. In Singapore, this communication is only distributed to accredited, institutional investors as defined in the Singapore Financial Advisers Act (“FAA”). Note that SSBTS is exempt from Sections 27 and 36 of the FAA. When this communication is distributed to overseas investors as defined in the FAA, note that SSBTS is exempt from Sections 26, 27, 29 and 36 of the FAA. State Street Bank and Trust Company Limited, Singapore Branch’s Unique Entity Number is T01FC6134G.

South Africa: The products and services outlined in this document are made available in South Africa through either State Street Global Markets International Limited or State Street Bank and Trust Company, both of which are authorized in South Africa under the Financial Advisory and Intermediary Services Act, 2002 as a Category I Financial Services Provider; FSP No. 42823 and 42671 respectively.

South Korea: This communication is made available in South Korea by State Street Bank and Trust Company and its affiliates, which accept responsibility for its contents, and is intended for distribution to professional investors only. State Street Bank and Trust Company is not licensed to undertake securities business within South Korea, and any activities related to the content hereof will be carried out off-shore and only in relation to off-shore non-South Korea securities.

Taiwan: This communication is made available in Taiwan by State Street Bank and Trust Company and its affiliates, which accept responsibility for its contents, and is intended for distribution to professional investors only. State Street Bank and Trust Company is not licensed to undertake securities business within Taiwan, and any activities related to the content hereof will be carried out off-shore and only in relation to off-shore non-Taiwan securities.

Turkey: This communication is made available in Turkey by State Street Bank and Trust Company and its affiliates. The information included herein is not investment advice. Investment advisory services are provided by portfolio management companies, brokers and banks without deposit collection licenses within the scope of the investment advisory agreements to be executed with clients. Any opinions and statements included herein are based on the personal opinions of the commentators and authors. These opinions may not be suitable to your financial status and your risk and return preferences. Therefore, an investment decision based solely on the information herein may not be appropriate to your expectations.

United Arab Emirates: This communication is made available in United Arab Emirates by State Street Bank and Trust Company and its affiliates. This communication does not, and is not intended to, constitute an offer of securities anywhere in the United Arab Emirates and accordingly should not be construed as such. Nor does the addressing of this research publication to you constitute, or is intended to constitute, the carrying on or engagement in banking, financial and/or investment consultation business in the United Arab Emirates under the rules and regulations made by the Central Bank of the United Arab Emirates, the Emirates Securities and Commodities Authority or the United Arab Emirates Ministry of Economy. Any public offer of securities in the United Arab Emirates, if made, will be made pursuant to one or more separate documents and only in accordance with the applicable laws and regulations. Nothing contained in this communication is intended to endorse or recommend a particular course of action or to constitute investment, legal, tax, accounting or other professional advice. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation. Further, the information contained within this communication is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the United Arab Emirates. This communication has been forwarded to you solely for your information, and may not be reproduced or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. This communication is addressed only to persons who are professional, institutional or otherwise sophisticated investors.

United Kingdom and European Union: The products and services outlined herein are only offered to professional clients or eligible counterparties through State Street Bank and Trust Company, London Branch, authorised and regulated by Federal Reserve Board, authorised and subject to limited regulation by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and/or State Street Global Markets International Limited, authorised and regulated by the Financial Conduct Authority Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Please note that certain foreign exchange business (spot and certain forward transactions) are not regulated by the Financial Conduct Authority.

United States and Latin America: The products and services outlined in this document are generally offered in the United States and in Latin America by State Street Bank and Trust Company and/or by State Street Global Markets, LLC.

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