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    Fixed Income Sales / Trading Disclaimer

    * THIS IS A PRODUCT OF THE SALES AND TRADING DESK AND IS NOT RESEARCH MATERIAL *  For institutional / professional / accredited investors only.

    DISCLAIMER: This material has been compiled by a Nomura Group sales or trading desk, and is made available to you through one of Nomura Group's global securities affiliates. "Nomura Group" is the global marketing name of Nomura Holdings, Inc. (Tokyo) and its direct and indirect subsidiaries worldwide. This information is neither investment research nor a research recommendation, and may not be relied upon as such. The opinions expressed within are subject to change without notice, and may differ from, or be inconsistent with the views of Nomura Group's research department.

    This material is for informational purposes only and is provided to you on a confidential basis for your sole use only and no part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed, quoted, circulated or otherwise referred to without our prior express consent. Nomura Group expressly disclaims any liability for the use, misuse, or distribution of this information to unauthorized recipients.

    This is not an analyst report as defined by the Japan Securities Dealers Association ("JSDA"), it is not investment research nor a research recommendation as defined by the United Kingdom Financial Services Authority ("UKFSA"), nor is it research under the rules of the U.S. Self Regulatory Organizations or the applicable rules in Hong Kong.

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