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Attachment - Disclaimer

This information, including the Thomson Reuters/Jefferies CRB Index ("TRJ/CRB") and materials relating thereto, is the property of Thomson Reuters (Markets) LLC or its affiliates (“Thomson Reuters”) and/or Jefferies Financial Products, LLC or its affiliates ("Jefferies"). It may not be used to create, offer, trade, market or promote any financial products without the express written consent of Jefferies and Thomson Reuters.

All historical data for the TRJ/CRB before June 17, 2005 are simulated by applying the index construction and methodology as of June 17, 2005 to historical futures values. The simulated data do not reflect the actual performance of the index as it was constructed at the time of reporting index values. Instead, the simulated historical values reflect the index construction and methodology as of June 17, 2005 which were designed with the benefit of hindsight. None of Jefferies, Thomson Reuters or any other of their subsidiaries or affiliates makes any representations as to their accuracy or completeness. Certain techniques such as interpolation and estimation were employed where data was unavailable. Simulated historical returns do not reflect the impact (if any) of market disruption or market emergency events. Simulated historical returns do not reflect the impact that material changes in the underlying markets might have had on the decisions to use or continue using certain commodities and weightings in the TRJ/CRB. All simulated historic data for the TRJ/CRB is based on fixed weights and rollover and rebalancing schedules.

None of Jefferies, Thomson Reuters or any of their subsidiaries or affiliates shall have any liability, contingent or otherwise, to any person or entity for the quality, accuracy, timeliness and/or completeness of the information contained herein, the TRJ/CRB, or for delays, errors, omissions or interruptions in the publication of the TRJ/CRB or any related data. Jefferies and Thomson Reuters may discontinue operation of the TRJ/CRB and may discontinue disseminating information about the TRJ/CRB at any time without prior notice. Thomson Reuters and Jefferies may, but are not required to, use agents to perform some or all of the functions relating to operating the TRJ/CRB, such as but not limited to the functions of calculating and disseminating index values. Jefferies may operate and market other indices that may compete with the TRJ/CRB.

Jefferies and its affiliates and their respective directors, officers and employees may buy or sell securities or commodities mentioned or contemplated herein as agent or as principal for their own account and may have positions or engage in transactions based on or indexed to the TRJ/CRB. It is possible that Jefferies' trading activity will affect the value of the TRJ/CRB.

Jefferies, Thomson Reuters and their subsidiaries and affiliates do not guarantee the accuracy, timeliness or completeness of the TRJ/CRB or any information, material or data related thereto. Jefferies, Thomson Reuters and their subsidiaries and affiliates including directors, officers and employees, with respect to use of this material or the TRJ/CRB, including but not limited to the trading of or investments in products based on or related to the TRJ/CRB, (a) make no warranty, express or implied, as to the results to be obtained by any person or entity, (b) make no warranty, express or implied, and expressly disclaim any warranty or merchantability or fitness for a particular purpose, and (c) without limiting any of the foregoing, shall have no liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages.

Certain third parties, pursuant to license agreements with Jefferies and Thomson Reuters, may create, offer, trade, market and promote financial products or transactions based on, indexed to, or calculated with regard to, the TRJ/CRB (the "Third Party Products"). Jefferies, Thomson Reuters and their subsidiaries and affiliates do not sponsor or endorse any Third Party Products, except as expressly and duly acknowledged by the applicable Jefferies or Thomson Reuters entity, and may operate the TRJ/CRB without regard to the possible effects on such Third Party Products.


This is not an offer or solicitation of an offer to buy or sell any security or investment. Past performance of the TRJ/CRB is not necessarily indicative of future results. For a more complete description of the TRJ/CRB, reference is made to the TRJ/CRB Calculation Supplement. For more information, please contact Jefferies Financial Products (203) 708-6500 or e-mail JFP@jefferies.com