Mizuho Americas Pre-Hedging Disclosure

Please note that Mizuho Securities USA LLC, Mizuho Capital Markets LLC, and/or Mizuho Markets Americas LLC, as applicable, and/or their subsidiaries or affiliates (collectively, “Mizuho”) may enter into derivatives, futures, or other transactions with third parties (“Exposure Hedging or Pre-Hedging Transactions”) related to derivatives or securities with respect to transactions you may conduct with Mizuho. Our intention in Exposure Hedging or Pre-Hedging Transactions is to facilitate order execution and reduce the potential market impact of filling your order, with the goal of minimizing our risk of entering into the transaction and achieving a better price outcome for you. However, there is no guarantee that such activity will have the desired outcome. The Exposure Hedging or Pre-Hedging Transactions between Mizuho and such third parties shall be entered into with a view to managing risk and may be executed by Mizuho before—including but not limited to, within the seconds and minutes before—during, or after the pricing or consummation of any directly or indirectly related transactions between Mizuho and you. Any such Exposure Hedging or Pre-Hedging Transactions or any related discussions or preliminary actions between Mizuho and such third parties will be entered into by Mizuho for the purpose of, or in connection with, hedging its actual or potential exposure arising from the transactions between Mizuho and you (sometimes referred to as pre-hedging or pre-positioning). For any such transactions, Mizuho will execute them as principal, not as agent for you. Such Exposure Hedging or Pre-Hedging Transactions may, dependent upon market conditions, have the direct or indirect effect of negatively impacting the price, rate, liquidity or otherwise adversely affecting the terms of any existing or potential transactions to be entered into by you in relation to such securities or derivatives transactions you may conduct with Mizuho. This is particularly possible during times of low liquidity in the relevant market.  In other words, Mizuho’s good faith efforts in Exposure Hedging or Pre-Hedging Transactions could negatively impact the economics of your existing or potential transactions with Mizuho, including the price you receive for your transaction with Mizuho. All securities and derivatives counterparties of Mizuho are encouraged to review this Pre-Hedging Disclosure, as well as Mizuho’s Universal Disclosures, which are available at https://www.mizuhogroup.com/americas/disclosures, closely and contact Mizuho in the event of any questions or concerns.  In absence of your contacting Mizuho, we will consider you as having acknowledged and accepted the impact/risk arising from such Exposure Hedging or Pre-Hedging Transactions by Mizuho as more fully described herein.

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