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September 7, 2010

PLEASE READ THESE TERMS AND CONDITIONS OF USE ("TERMS") CAREFULLY BEFORE USING THE SERVICES DESCRIBED HEREIN. BY UTILIZING THE WEBSITE LOCATED AT WWW.NCRAM.COM (THE "WEBSITE"), YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND CONDITIONS AND AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, YOU SHOULD NOT USE THIS WEBSITE.

Nomura Corporate Research and Asset Management Inc. ("NCRAM"), a subsidiary of Nomura Holding America, Inc. (collectively, WITH ITS AFFILIATES, "Nomura" or "we"), owns and operates this website. NCRAM reserves the right, in its sole discretion, to change, modify, add, or remove portions of these Terms at any time for any reason. We suggest that you review these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be effective immediately upon posting. YOU ACKNOWLEDGE THAT BY ACCESSING the WEBSITE AFTER WE HAVE POSTED CHANGES TO THESE TERMS, YOU ARE AGREEING TO THESE TERMS AS MODIFIED.  NCRAM expressly reserves the right to monitor any use of this website.

Disclaimer

Nothing contained on this Website constitutes tax, legal, insurance or investment advice. Neither the information, nor any opinion, contained on this Website constitutes a solicitation or offer by NCRAM or its affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security or instrument be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on this Website are your sole responsibility, and in exchange for using this Website, you agree to indemnify and hold NCRAM, Nomura, their officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including, but not limited to, attorneys' fees) arising from your use of this Website, from your violation of these Terms or from any decisions that the visitor makes based on such information.

Notwithstanding these provisions, you are not entitled to access the Website if doing so would involve a breach of law by you or us in any country. It is your responsibility to be aware of the relevant laws and regulations.

Investments in a Nomura product or client account are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency or any bank.

Trademarks, Copyrights and other Intellectual Property

The content contained on this Website is owned or licensed by Nomura and its third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. The content of this Website is protected by applicable intellectual property law. Nomura reserves all rights with respect to intellectual property ownership of all material on this Website, and will enforce such rights to the full extent permissible by law. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, modify, post, frame or deep link to this Website, including any text, graphics, video, audio, software code, user interface design or logos. You may download material displayed on this Website for your personal use provided you also retain all copyright and other proprietary notices contained on the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of this Website for public or commercial purposes, including all text, images, audio, and video, without Nomura's prior written permission. You may not take any action to create an impression of affiliation, sponsorship, or endorsement between any user, the Website and/or Nomura.  Modification or use of the materials for any other purpose violates Nomura's intellectual property rights.

All trademarks, service marks, trade names, and logos displayed on this Website are proprietary to Nomura, its affiliates, and/or their respective owners, except as explicitly noted. Nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Website without the written permission of Nomura or such other third party that may own the trademark displayed on this Website. Your use of the trademarks displayed on this Website, except as provided herein, is strictly prohibited.

Images displayed on this Website are either the property of, or used with permission by, Nomura. The use of the images displayed on this Website by you, or anyone else authorized by you, is prohibited unless specifically permitted. Any unauthorized use of the images may violate copyright laws, trademark laws, and the laws of privacy and publicity, and communications, as well as other regulations and statutes. If you download any information from this Website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

Links to Other Websites

Nomura may establish links between this Website and one or more websites operated by third parties. Nomura is in no way responsible for the content of any website, owned or operated by a third party, that may be linked to this Website via hyperlink, whether such hyperlink is provided by Nomura or by a third party. The information to which the user links is neither prepared nor maintained by Nomura, and Nomura has not and will not review or update the information contained in any linked website. Nomura is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website. Your access to and use of such linked websites is governed by the terms of use and privacy policies of those sites, and shall be at your own risk. Nomura disclaims responsibility for the privacy policies and customer information practices of third-party internet websites hyperlinked from our Website.

You shall not display hyperlinks on your websites to any website owned or operated by Nomura. If you desire to display on your website a hyperlink to a Nomura website, you must enter into a written agreement with Nomura governing such display. Access to any Nomura website does not authorize you to use any of Nomura's names, logos, trademarks or copyrighted material, and you agree not to do so without Nomura's express written consent.

Transmissions to and from this Website

Electronic communications can be intercepted by third parties and, accordingly, transmissions to and from this Website may not be secure. Communications to Nomura, particularly those containing confidential or time-sensitive information, may be sent by mail to: Matthew Butterfield, 2 World Financial Center, Building B, 18^th Floor. New York NY, 10281 . Nomura shall be free to use, for any purpose, any ideas, concepts, know-how, or techniques provided by a website user to Nomura through this Website. You acknowledge and agree that Nomura has granted you limited access to the specific files pertaining to Nomura ("Approved Files"), and you agree not to attempt to access computer files other than the Approved Files.

Jurisdiction and Governing Law

The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Nomura or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on this Website is intended to be made available to only U.S. residents. This Website will not be considered a solicitation for or offering of any investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal.

The laws of the State of New York govern these Terms without regard to conflict of law provisions that would require the application of the law of any other jurisdiction, regardless of whether you live in New York or transact business with Nomura in New York or elsewhere. If you take legal action relating to these Terms, you agree to file such action only in the New York State Supreme Court located in New York, NY, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any action with Nomura, its affiliates or with any funds referenced in this site.

Limitation of Liability

Nomura does not warrant this Website (including information accessible on or through this Website) for any particular purpose. The information and services provided on this Website are provided "AS IS" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Nomura disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Nomura does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this Website and does not warrant that the functions contained in this Website will be uninterrupted or error-free, that defects will be corrected, or that the Website will be free of viruses or other harmful components. Nomura expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website. Use of this Website is at your own risk.

Nomura and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with your use of the Website, including, without limitation:

(1)  any delay, termination, failure, defect, or interruption in the transmission of this Website;

(2) any inaccuracy, error, unavailability, or incompleteness in the transmission of this Website;

(3) any termination or interruption of your access to this Website;

(4) your reliance on or use of this Website;

(5) any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail;

(6) any act or omission of Nomura in making this Website available to you; or

(7) any other cause relating to your access to or use of this Website, whether or not the circumstances giving rise to such cause may have been within the control of Nomura or within the control of any other party providing software or services support for this Website.

Nomura does not warrant that this Website, or the functions contained in this Website, will be uninterrupted or error-free, that defects will be corrected, or that this Website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this Website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Nomura, you, or any third party.

NOMURA AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, DIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THIS WEBSITE), EVEN IF SUCH DAMAGES ARE REASONABLY FORSEEABLE AND NOMURA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES, INCLUDING, WITHOUT LIMITATION, FROM THE USE OR ATTEMPTED USE OF THIS WEBSITE OR ANOTHER LINKED WEBSITE.

Exclusions and Limitations: Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages.  Accordingly, some of the above limitations may not apply to you.  In any event, the foregoing limitations shall apply to the greatest extent permitted by law.

Privacy
The Privacy Policy contains additional information about how your information (including information that will not be publicly viewable) will and will not be used.

Timeliness of Content

All content on this Website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

Prohibited Uses

Except as otherwise stated in these Terms or as expressly authorized by Nomura in writing, you may not:

• Use this Website in any manner that could damage or overburden any Nomura server, or any network connected to any Nomura server, as all servers have limited capacity and are used by many people;
• Use this Website in any manner that would interfere with another party's use of the Website;
• Include the term "Nomura," or any Nomura trademark or executive's name, or any variation of the foregoing, as a meta-tag, hidden textual element;
• Use any robot, spider, intelligent agent, other automatic device, or manual process to search, monitor or copy this Website or the reports, data, information, content, software, products services, or other materials on, generated by or obtained from this Website, whether through links or otherwise (collectively, "Materials"), without Nomura's permission, provided that generally available third-party web browsers may be used without such permission; or
• Use this Website or the Materials in any manner that could create impression of affiliation, sponsorship or endorsement by Nomura.

Waiver

No waiver by Nomura of any right under or term or provision of these Terms will be deemed a waiver of any other right, term, or provision of these Terms at the time of such waiver or a waiver of that or any other right, term, or provision of these Terms at any other time.

Integration and Severability

If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed modified as necessary to make it effective or deemed severable from these Terms and, in either case, will not affect the validity and enforceability of the remaining provisions.

The preceding Terms of use represent the entire agreement between Nomura and the user relating to the subject matter herein.

Contacting Nomura
You may contact us if you any questions about these Terms, the practices of this Website, or your dealings with the Website by sending an e-mail to Matthew Butterfield at mbutterfield@nomura.com.