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COMMERZBANK AG

U.S. WEBSITE DISCLAIMER AND AGREEMENT

Commerzbank AG (“Commerzbank”) prepared the information contained herein. By accessing this website, you agree to the following terms and conditions (herein referred to as the “Agreement”):

The material on this website is for informational purposes only and should not be construed as investment advice or any recommendation of a specific transaction, investment or trading activity. Commerzbank is not soliciting any action based upon it. Specifically, this material is not, and is not to be construed as, an offer to buy or sell any security or other financial instrument referred to herein. Furthermore, the information on this website is not intended for distribution to, or use or access by, any person in any jurisdiction (i) where such distribution, use or access would be contrary to applicable law or regulation, (ii) which would subject Commerzbank or its personnel to any additional registration or licensing requirements or (iii) which would subject any financial instrument referred to herein to any additional or different registration requirements.

The information contained herein is based upon information that Commerzbank considers to be reliable, but Commerzbank does not guarantee that it is accurate, complete or current and it should not be relied upon as such. The information available on this website is subject to change without prior notice, and Commerzbank expressly reserves the right to stop maintaining or updating this website or any part hereof without prior notice. With respect to any issuers that might be discussed on this website, Commerzbank or its affiliates may act as advisers or lenders to, or may provide, may have provided, or may seek to provide investment banking or others services to such issuers. Such affiliates also may hold positions or make markets in or otherwise trade or effect transactions in the financial instruments discussed herein or the securities of the issuers discussed herein.

The financial instruments discussed herein may be unsuitable for certain investors, depending upon their specific investment experience, sophistication and objectives and their particular financial circumstances. Those accessing this website should make such investigations as are necessary to arrive at an independent evaluation of the merits of the financial instruments discussed herein. In addition, those accessing this website should consult their own legal, tax, accounting and financial advisers regarding the economic benefits and risks of the financial instruments described herein, and the potential legal, regulatory, credit, tax and accounting impact of such financial instruments or transactions therein based upon their individual circumstances. Those accessing this website agree that they will make their own independent determination in effecting or entering into any transaction involving such financial instruments, whether or not effected through Commerzbank or any of its affiliates.

The materials provided herein are copyrighted by, and belong exclusively to, Commerzbank. They may not be copied, reproduced, republished, posted, transmitted or redistributed in any way, without the prior written permission of Commerzbank. You may print, download or display one copy of each report herein solely for your personal, non-commercial use provided that the reports are kept intact and include all notes, disclosures and copyright notices. No information herein may be modified or used for any other purpose without the prior written consent of Commerzbank.

You acknowledge that (i) this website and all information contained herein constitute copyrighted, trade secret and/or proprietary information of substantial value to Commerzbank, (ii) you receive no proprietary rights whatsoever in or to this website or the information contained herein, and (iii) title and ownership rights in and to this website and the information contained herein and any trademarks, trade names and logos used or displayed herein, and all the rights therein and legal protections with respect thereto, remain exclusively with Commerzbank. You shall not, and shall not assist any third party to, assert any rights in this website, the information or intellectual property contained, used or displayed herein or any component thereof, or challenge Commerzbank’s intellectual property or other rights therein.

You may not resell or otherwise transfer or allow the use of any of the information contained in this website (including any research report contained herein), or any part thereof, directly or indirectly, by or for the benefit of, any other person or organization. You agree to treat the information contained herein as proprietary to Commerzbank and that you will keep such information confidential. You agree to take all steps reasonably necessary (or requested by Commerzbank) to protect the rights of Commerzbank herein.

When using a link to a website external to this website, you expressly acknowledge and agree that you are visiting a site which is not affiliated with any Commerzbank website and is not operated or controlled by Commerzbank. Neither Commerzbank, any of its affiliates nor any of their respective directors, members, officers or employees endorses the information provided in such external websites, nor makes any recommendation, representation or warranty nor accepts any liability whatsoever, in respect of the site that you visit or any information provided therein. You access and use these websites at your own risk.

THIS WEBSITE AND ALL INFORMATION CONTAINED HEREIN IS PROVIDED TO YOU ON AN “AS IS” BASIS. NEITHER COMMERZBANK, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE INFORMATION CONTAINED HEREIN, AND COMMERZBANK EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. YOU ASSUME THE ENTIRE RISK OF ANY USE YOU MAY MAKE OF THE INFORMATION CONTAINED HEREIN. IN NO EVENT SHALL COMMERZBANK, ANY OF ITS AFFILIATES OR ANY OTHER PARTY, BE LIABLE TO YOU OR ANY OTHER PARTY FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR YOUR USE OF, OR INABILITY TO USE, THIS WEBSITE, REGARDLESS OF THE FORM OF ACTION, EVEN IF COMMERZBANK HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

If any provision hereof shall for any reason be declared to be void, unenforceable or illegal, the enforceability of this Agreement or any other provision hereof shall not be affected. In addition, the parties agree that such void or illegal provision shall be construed in a manner designed to effectuate its purpose to the fullest extent enforceable under applicable law.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York and you hereby consent to the exclusive jurisdiction of, and venue in, any federal or state court of competent jurisdiction in such state.

Notwithstanding any expiration or termination of this Agreement, those rights and obligations regarding confidentiality, proprietary rights and limitations on liability shall remain in full force and effect.

PLEASE NOTE: Commerzbank has adopted a privacy policy that governs its use and disclosure of information about its customers and others about whom it has information, including those who access this website. This privacy policy is accessible at www.commerzbank.com/en/metanavigation/datenschutz/datenschutz.html.

Also, this website has security measures in place to protect the misuse, dissemination, loss or alternation of information under the control of Commerzbank. Site access is closely monitored and any misuse or unauthorized access is reported by Commerzbank to the proper authorities.

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Past Performance:

All historic data, models and tests are sourced from Commerzbank unless otherwise stated thereon. Model tests, results and scenario forecasting are based upon publicly available information, using Commerzbank Group methodology. Results are based upon assumptions made and fed into models based upon the opinions of and by Commerzbank. The simulations have been developed on the basis of recognised mathematical procedures and are based on certain assumptions. The market values based on those simulations are purely indicative. They cannot be understood as if such market values have been achieved in the past. Neither is past performance, or simulated past performance, a reliable indicator of future results. In addition, the simulations are to be read as ad-hoc shifts with a view to the simulated interest rate developments; they contain pure sensitivities in market volatilities. Counterparty’s specifics are not taken into account. Nothing in these simulations constitutes an offer to enter into, transfer or terminate the financial instrument. Further, the simulations are not supposed to be advice regarding tax and accounting matters. Kindly note that we cannot judge whether the simulations fulfill the accounting principles applicable to your accounting standards.

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