Disclosure Regarding Market Commentary

From time to time the foreign exchange and derivatives sales & trading unit of KBNA distributes commentary on economic, political and/or market conditions (“Market Commentary”) that, in some cases, may be considered to be a general solicitation for entering into derivatives and/or foreign exchange transactions, as contemplated under Commodity Futures Trading Commission (“CFTC”) Regulation 23.605, but is never a “research report” as defined therein. Market Commentary is not to be construed as a recommendation or opinion with respect to any Swap or derivative, or trading strategy involving a Swap or derivative, for purposes of CFTC Part 23 Regulations. Market Commentary does not take into account the investment objectives, financial conditions or needs of any individual party, and is not intended to serve as a basis for entering into a Swap or derivatives transaction or to suggest, in any manner, that a party should enter into a particular Swap or derivative transaction, or trading strategy involving a Swap or derivative. The information contained in Market Commentary is obtained from sources believed to be reliable, but it is not represented to be accurate, complete or objective. In providing Market Commentary, neither KBNA nor any affiliate of KBNA is acting as your agent, broker, advisor or fiduciary, or is offering any tax, accounting or legal advice regarding these instruments or transactions. KBNA may have current positions or strategies that may be inconsistent with any views expressed in Market Commentary. You should consult your own advisors for opinions and advice on whether to enter into any Swap or derivatives transaction or trading strategy involving a Swap or derivative.