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 Capital Markets, Inc. 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 Capital Markets, Inc. 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 Capital Markets, Inc., including SMBC Securities, Inc., which effects securities transactions with US persons.

The products and services provided by SMBC Securities, 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 Capital Markets, Inc. and SMBC Capital Markets Limited. All material has been approved by SMBC Capital Markets Limited. SMBC Capital Markets Limited and SMBC Derivative Products Limited are authorised and regulated by the Financial Services Authority (FSA). 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 FSA 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.