Disclaimer.

None of the information and opinions contained herein is intended to form the basis for any investment or trading decision, and no specific recommendations are intended. The products and transactions described herein are not suitable for every investor. Such products and transactions are only suitable for sophisticated and knowledgeable professional users of financial instruments, and are structured and customized to the needs and objectives of each investor. The information and opinions contained herein have been prepared for informational purposes only and do not constitute an offer to sell, or solicitation of an offer to purchase, any security, any commodity futures contract or commodity-related product, any derivative product, or any trading strategy or service described herein. Opinions contained herein are subject to change without notice.

Investors must undertake independent consultation, evaluation, and review with their own tax, legal, accounting, credit, trading, and regulatory experts and advisers as relates to their asset, liability, and risk management objectives and risk tolerance. Investors must make investment, hedging, and trading decisions based upon advice from their advisers as deemed necessary and their own evaluation, judgment, and conclusions as to the potential economic benefits and risks, the appropriateness in light of their financial circumstances, business affairs, and risk management capabilities, and the conformity to their policies and objectives, and not upon any view expressed by SMBC Nikko Capital Markets Limited or any affiliate thereof. SMBC Nikko Capital Markets Limited and its affiliates are not acting as fiduciaries or financial or investment advisers to investors.

SMBC Nikko Capital Markets Limited and its affiliates make no guarantee, assurance, or representation whatsoever as to the expected or projected success, profitability, return, savings, performance, result, effect, consequence, or benefit (either legal, regulatory, tax, financial, accounting, or otherwise) of any security, any commodity futures contract or commodity-related product, any derivative product, or any trading strategy or service described herein. SMBC Nikko Capital Markets Limited and its affiliates may own securities, commodity futures contracts or commodity-related products, or derivative products, or be party to other contractual arrangements, that may increase in value as a result of products and transactions described herein.

SMBC Nikko Capital Markets Limited, its affiliates and personnel also may (i) perform services for or solicit business from the issuers of securities, commodity futures contracts, commodity-related products, or derivative products from time to time described herein; (ii) have long or short positions in, buy and sell, and otherwise invest in such securities, contracts and products; and (iii) act upon and use the information and opinions set forth herein, to the extent otherwise permitted by applicable law, before such information and opinions are published herein.

Representative terms and elements of pricing and structuring of products and transactions described herein are for informational purposes only, and have been prepared from sources believed to be reliable. Neither SMBC Nikko Capital Markets Limited nor any of its affiliates accepts liability for any loss arising from the use of or makes any representation as to the accuracy or completeness of the terms and conditions of products and transactions described herein. Finalized terms and conditions are subject to further discussion and negotiation, and will be determined in part on the basis of pricing and valuation models, data, and assumptions that are proprietary to SMBC Nikko Capital Markets Limited and its affiliates. No assurance can be given that a product or transaction can, in fact, be executed on any representative terms indicated herein.

Certain of the products and transactions described herein may be offered by brokers and dealers affiliated with SMBC Nikko Capital Markets Limited, including SMBC Nikko Securities America, Inc., which effects securities transactions with US persons.

The products and services provided by SMBC Nikko Securities America, Inc. and other members of the Sumitomo Mitsui Banking Corporation Group are available to investors subject to applicable limitations in the various jurisdictions in which those companies are authorized to conduct business.

Certain assumptions may have been made in the analysis contained in the information and opinions described herein which have resulted in the returns detailed herein. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Past performance is not necessarily indicative of future returns.

This publication has been issued by SMBC Nikko Capital Markets Limited and SMBC Capital Markets, Inc. All material has been approved by SMBC Nikko Capital Markets Limited. SMBC Nikko Capital Markets Limited and SMBC Derivative Products Limited are authorised and regulated by the Financial Conduct Authority (FCA). The investments discussed or recommended in the information may be unsuitable for investors depending on their specific investment objectives and financial position. This information is not intended for, and the services outlined here are not available to, persons who would be classified as private customers by the FCA Conduct of Business Sourcebook. The price or value to which these materials relate, either directly or indirectly, may fall or rise against the interest of investors. Where an investment is denominated in a particular currency, changes in rates of exchange may have an adverse affect on the value, or price of, or the income derived from the investments. Income from investments may fluctuate.

Additional information is available upon request.

SMBC Nikko Capital Markets Limited is authorised and regulated by the Financial Conduct Authority. REGISTERED IN ENGLAND NO.2418137; REGISTERED OFFICE: One New Change, London, EC4M 9AF