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Variant Perception’s publications are prepared for and are the property of Variant Perception and are circulated for informational and educational purposes only. The content of this report is intended for institutions and professional advisers only. This report is not intended for use by private clients. Recipients should consult their own financial and tax advisors before making any investment decisions. This report is not an offer to sell or a solicitation to buy any investment security. Variant Perception’s reports are based on proprietary analysis and public information that is believed to be accurate, but no representations are made concerning the accuracy of the data. The views herein are solely those of Variant Perception and a re subject to change without notice. Variant Perception’s principals may have a position in any security mentioned in this report. All data is sourced from Bloomberg unless otherwise stated.