Clearing and Execution Disclaimers and Disclosures

State Street offers execution and clearing services for listed derivatives across all major markets through its affiliates, State Street Global Markets, LLC and State Street GmbH, London Branch. State Street Global Markets, LLC is a Futures Commission Merchant registered in the United States with the United States Commodity Futures Trading Commission and a member of the National Futures Association. State Street Bank GmbH, London Branch, is authorized and regulated by the Deutsche Bundesbank and the German Financial Supervisory Authority (“FSA”) / Bundesanstalt für Finanzdienstleistungen (“BaFin”) and regulated by the UK Financial Conduct Authority (“FCA”) for the conduct of business. This website is a general marketing communication. It is not intended to suggest or recommend any investment strategy and does not constitute investment research. Products and services outlined on this website are offered to professional investors through State Street Global Markets, LLC, which is a member of the National Futures Association, FINRA, SIPC and the New York Stock Exchange, and State Street Bank GmbH, London Branch, which is authorized and regulated by the BaFin and regulated by the FCA for the conduct of UK business. The products and services outlined on this website are intended for Eligible Counterparties and Professional Clients in the United Kingdom and other Member States of the European Economic Area with respect to which State Street Bank GmbH, London Branch has exercised passporting rights to provide cross–border services, or to equivalent institutional clients in the US or other jurisdictions. This information is not intended for and must not be used by Retail or other similar private investors. Futures trading is speculative and involves risk of substantial loss. The valuation of futures and options may fluctuate and as a result clients may lose more than the amount originally invested and may have to pay more later. Additionally, trading futures in foreign markets carries particular risks due to fluctuations in the currency exchange rate and differences in regulatory protection. Investments in futures may not be suitable for all investors. Each of State Street Global Markets, LLC and State Street Bank GmbH, London Branch is a wholly owned subsidiary of State Street Corporation. The references on this website to State Street or State Street Corporation may include State Street Corporation and any of its affiliates. The products and services may not be available in all jurisdictions. Please contact your sales representative for further information.

Disclosure of Futures Commission Merchant Material Conflicts of Interest

The purpose of this document is to provide you with information about some of the material conflicts of interest that may arise between you and State Street Global Markets, LLC (“FCM”) in connection with FCM performing services for you with respect to futures, options on futures, swaps (as defined in the Commodity Exchange Act), forwards or other commodity derivatives (“Contracts”). Conflicts of interests can arise in particular when FCM has an economic or other incentive to act, or persuade you to act, in a way that favors FCM or its affiliates. Under applicable law, including regulations of the Commodity Futures Trading Commission (“CFTC”), not all swaps are required to be executed on an exchange or swap execution facility (each, a “Trading Facility”), even if a Trading Facility lists the swap for trading. In such circumstances, it may be financially advantageous for FCM or its affiliate to execute a swap with you bilaterally in the over-the-counter market rather than on a Trading Facility and, to the extent permitted by applicable law, we may have an incentive to persuade you to execute your swap bilaterally. Applicable law may permit you to choose the CFTC-registered derivatives clearing organization (“Clearing House”) to which you submit a swap for clearing. You should be aware that FCM may not be a member of, or may not otherwise be able to submit your swap to, the Clearing House of your choice. FCM consequently has an incentive to persuade you to use a Clearing House of which FCM or its affiliate is a member. You also should be aware that FCM or its affiliate may own stock in, or have some other form of ownership interest in, one or more U.S. or foreign Trading Facilities or Clearing Houses where your transactions in Contracts may be executed and/or cleared. As a result, FCM or its affiliate may receive financial or other benefits related to its ownership interest when Contracts are executed on a given Trading Facility or cleared through a given Clearing House, and FCM would, in such circumstances, have an incentive to cause Contracts to be executed on that Trading Facility or cleared by that Clearing House. In addition, employees and officers of FCM or its affiliate may also serve on the board of directors or on one or more committees of a Trading Facility or Clearing House. In addition, Trading Facilities and Clearing Houses may from time to time have in place other arrangements that provide their members or participants with volume, market-making or other discounts or credits, may call for members or participants to pre-pay fees based on volume thresholds, or may provide other incentive or arrangements that are intended to encourage market participants to trade on or direct trades to that Trading Facility or Clearing House. FCM or its affiliate may participate in and obtain financial benefits from such incentive programs. When we provide execution services to you (either in conjunction with clearing services or in an execution-only capacity), we may direct orders to affiliated or unaffiliated market-makers, other executing firms, individual brokers or brokerage groups for execution. When such affiliated or unaffiliated parties are used, they may, where permitted, agree to price concessions, volume discounts or refunds, rebates or similar payments in return for receiving such business. Likewise, where permitted by law and the rules of the applicable Trading Facility, we may solicit a counterparty to trade opposite your order or enter into transactions for its own account or the account of other counterparties that may, at times, be adverse to your interests in a Contract. In such circumstances, that counterparty may make payments and/or pay a commission to FCM in connection with that transaction. The results of your transactions may differ significantly from the results achieved by us for our own account, our affiliates, or for other customers. In addition, where permitted by applicable law (including, where applicable, the rules of the applicable Trading Facility), FCM, its directors, officers, employees and affiliates may act on the other side of your order or transaction by the purchase or sale for an account, or the execution of a transaction with a counterparty, in which FCM or a person affiliated with FCM has a direct or indirect interest, or may effect any such order with a counterparty that provides FCM or its affiliates with discounts related to fees for Contracts or other products. In cases where we have offered you a discounted commission or clearing fee for Contracts executed through FCM as agent or with FCM or its affiliate acting as counterparty, FCM or its affiliate may be doing so because of the enhanced profit potential resulting from acting as executing broker or counterparty. FCM or its affiliate may act as, among other things, an investor, research provider, placement agent, underwriter, distributor, remarketing agent, structurer, securitizer, lender, investment manager, investment adviser, commodity trading advisor, municipal advisor, market maker, trader, prime broker or clearing broker. In those and other capacities, FCM, its directors, officers, employees and affiliates may take or hold positions in, or advise other customers and counterparties concerning, or publish research or express a view with respect to, a Contract or a related financial instrument that may be the subject of advice from us to you. Any such positions and other advice may not be consistent with, or may be contrary to, your interests or to positions which are the subject of advice previously provided by FCM or its affiliate to you, and unless otherwise disclosed in writing, we are not necessarily acting in your best interest and are not assessing the suitability for you of any Contract or related financial instrument. Acting in one or more of the capacities noted above may give FCM or its affiliate access to information relating to markets, investments and products. As a result, FCM or its affiliate may be in possession of information which, if known to you, might cause you to seek to dispose of, retain or increase your position in one or more Contracts or other financial instruments. FCM and its affiliate will be under no duty to make any such information available to you, except to the extent we have agreed in writing or as may be required under applicable law.

State Street Global Markets, LLC Futures Commission Merchant - Daily CFTC Documents

State Street Bank GmbH - Derivatives Clearing Information and Disclosures

State Street Bank GmbH – ISDA-FOA Clearing Member Disclosure (English)

State Street Bank GmbH – ISDA-FOA Clearing Member Disclosure (German)

State Street Bank GmbH – Fee Disclosure Document for ETD