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    NFPE valuation disclaimer

    1. The valuations contained in this document are provided by Nomura Financial Products Europe GmbH (“NFPE”) and/or its affiliates (henceforth, collectively, “the Nomura Group”. For the purposes of this disclaimer, “the Nomura group” does not include Nomura Securities Co Ltd unless explicitly stated otherwise.).
    2. NFPE is authorised by the Bundesanstalft für Finanzdienstleistungsaufsicht (“BaFin”) and regulated by the German Bundesbank and the BaFin. This document is not intended for retail clients for the purposes of applicable regulatory rules in the European Economic Area. 
    3. Valuations provided may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets, market liquidity, the Nomura Group’s proprietary models and assumptions (which are subject to change without notice) and publicly available information.  All assumptions, opinions and estimates constitute the Nomura Group’s judgment as of this date and are subject to change without notice.  In particular:
      1. Exchange traded products including those traded on liquid OTC markets are based on mid-market prices.  Where the Nomura Group has a position in the instrument being valued, the valuation reflects pricing in the Nomura Group’s books and records, subject to applicable bid-offer spreads for that instrument.  Where the Nomura Group does not have a position in the instrument being valued, the mid-market valuation is based on a price that reflects a best estimate of the mid-market price.
      2. Illiquid and structured products (such as CMBS tranche notes) are valued based on proprietary models whose inputs for the underlying instruments use observable market prices and our own parameter estimates.  Where the Nomura Group has a position in the instrument being valued, the valuation reflects the pricing in the Nomura Group’s books and records, subject to the amortisation policy set out below.  Unless otherwise stated, valuations do not represent prices at which such products have recently been quoted or traded by the Nomura Group or other dealers or the actual prices for recent transactions or termination or assignment of existing transactions. Because such products are not exchange traded and there is no widely-accepted quotation system, valuations generated from proprietary models may vary significantly from dealer to dealer or third-party valuation providers. Valuations based upon other models or assumptions or calculated as of another date and time or quantum may result in significantly different values.

        Unless otherwise advised, the Nomura Group applies a straight line amortisation policy of up to six months, for early unwind adjustments which are made to model-based valuations of illiquid and structured products.  However, to comply with Japanese and US regulations, no amortisation is made to products sold to Japanese clients by Nomura Securities Co Ltd and US clients under the 15A6 arrangements with Nomura Securities Inc.  Valuations regarding notes are exclusive of any accrued coupon; valuations for all other products are inclusive of any accrued coupon unless otherwise indicated.

                    No representation is made as to the reasonableness of the assumptions or the accuracy or completeness of the models or information used. No representation is made that such values could actually be achieved upon disposal of the relevant securities or derivatives by you or that such values are in any way indicative of future performance. The values do not include adjustments for transaction and hedging costs, accounting offsets and provisions, liquidity or credit considerations, counterparty credit risk, Nomura's own credit risk, cost of funding in excess of Libor, or other significant factors external to the Nomura Group’s valuation models and/or prices, which may change the actual values materially.

                    These valuations are indicative (i.e., not actionable) and are not an offer to purchase or sell any instrument or enter into, transfer or assign, or terminate any transaction.  These valuations may differ substantially from an actionable value, particularly in volatile market conditions. The Nomura Group does not represent that any transaction can or could have been effected at such valuations.

                    The Nomura Group and its affiliates do not provide accounting, tax or legal advice; such matters shall be discussed with your advisors and/or counsel.  The Nomura Group is acting in the capacity of an arm’s-length contractual counterparty to you in connection with any transaction the Nomura Group may enter into with you, and not as a financial advisor or fiduciary.  You should make your own determination regarding how such products should be valued and/or reflected on your books and records, or for any other purpose.  These valuations should not be considered investment advice or any form of recommendation to buy, sell or subscribe for any instruments discussed herein.

                    The Nomura Group and its affiliates shall not be liable for any losses, costs, expenses or damages (incidental, special, consequential, compensatory or punitive) arising directly or indirectly out of the use of or reliance on the information set out herein.   The Nomura Group makes no warranty, express or implied, regarding these valuations including, but not limited to, warranties as to correctness, quality or accuracy of the valuations.

    The valuations are provided as a courtesy and without compensation, and are intended solely for your private use only.  They may not be reproduced, distributed to any third party or otherwise published (in the case of the information contained herein, insofar as reference is made to the fact that the Nomura Group has provided the information) without the prior written consent of the Nomura Group. The information is intended for the recipient’s internal use only. If you are not the intended recipient, you must not copy distribute or take any action in reliance upon this valuation. If you have received this in error, please notify the Nomura Group.

    Please advise our Valuations Department on the email address ClientValuations@uk.nomura.com, clientvalutions1@us.nomura.com or clientvaluationsasia-ap@nomura.com if you no longer require valuations on any of these securities or derivatives, or wish to amend your contact details or requirements on securities or derivatives to be reported.

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