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 Capital Markets, Inc. or any affiliate thereof. SMBC Capital Markets, Inc. and its affiliates are not acting as fiduciaries or financial or investment advisers to investors.

SMBC Capital Markets, Inc. 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 Capital Markets, Inc. 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 Capital Markets, Inc., 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.