SMBC Nikko Capital Markets Limited Volcker Rule TOTUS Statement.

We understand the complexities of the exemption from the Volcker Rule’s proprietary trading provisions for transactions outside of the United States (the "TOTUS exemption") and appreciate your work in ensuring that our trading relationship with you is not disrupted.

SMBC Nikko Capital Markets Limited is a foreign banking organization established in England and Wales and is not a "U.S. entity" for purposes of the Volcker Rule.

Please note that as we cannot provide you with legal advice we encourage you to speak to your own counsel about your understanding of the TOTUS exception.