The performance quoted represents past performance and does not guarantee future results.  Investment return and principal value of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost.  Current performance may be lower or higher than the performance quoted.  See below for how return figures are calculated.

ETN Closing Indicative Note Value Returns
ETN Closing Indicative Note Value Returns show the change in the closing indicative value of the ETNs over the relevant period, expressed as a percentage.  For any historical period of one year or longer, closing indicative note value returns are shown on an annualized basis.  The closing indicative note value of an ETN is an amount per ETN calculated on each valuation date that reflects the change in value of the ETN from the previous valuation date due to the daily change in the index level and the daily accrual of the investor fee and other applicable costs.  The closing indicative note value of an ETN may differ from the actual trading price of the ETN at any time due to hedging or transaction costs, credit considerations, market liquidity, bid-offer spreads or other factors affecting the trading price of the ETN.  For more information on how the closing indicative note value is calculated, please see the section “Specific Terms of the ETNs” in the prospectus relating to the ETNs.