NFPE Global Markets Material General Disclaimer

The information contained herein (the “Information”) is provided to you by the Sales, Structuring, Trading and / or Investment Banking Departments of Nomura Financial Products Europe GmbH (“NFPE”), which is a company registered in Germany with the Amtsgericht Frankfurt am Main under HRB 110223 and registered office at Frankfurt am Main, Rathenauplatz 1, 60313 Frankfurt am Main, Germany. Nomura Financial Products Europe GmbH is authorized and regulated by the Federal Financial Supervisory Authority, with firm reference number 148807. This document is confidential and has been furnished to the intended recipient solely for such recipient’s information and no part of this presentation may be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person.  If you are not the intended recipient of this document, please delete and destroy all copies.

The Information is subject to the following terms:

It is provided to you to promote investment services generally and Nomura and/or connected persons do not accept any liability whatsoever for any direct, indirect or consequential loss arising from any direct or indirect use of the information herein (including for any error, or in relation to the accuracy, completeness or correctness of this document  or in relation to any projections, analyses, assumptions and/or opinions contained herein); all information in this document (including any indicative valuation provided by Nomura or information concerning Environmental, Social or Governance (“ESG”) factors or product alignment with any published ESG taxonomy or other ESG framework) is based on sources Nomura believes to be reliable, but we do not represent that it is independently verified by Nomura, accurate or complete (including information that may have been obtained from you in the preparation of this document). The exclusion of liability provided herein shall protect Nomura, its officers, employees, agents, representatives and/or associates in all circumstances; it is intended for professional clients and eligible counterparties as defined under the applicable regulatory rules in the European Economic Area or United Kingdom, and is therefore provided on the basis that you have such knowledge and experience to evaluate its merits and risks and are capable of undertaking your own objective analysis of the Information with respect to your specific requirements; it is not intended to form the basis of any investment decision and does not constitute or form part of any offer to sell or the invitation to subscribe for, hold or purchase any securities or any other investment. 

It is intended for (a) professional clients and eligible counterparties as they are defined under the regulatory rules in the European Economic Area (“EEA”) and (b) institutional investors as defined in the U.S. and is not subject to the independence and disclosure standards applicable to debt research reports prepared for retail investor.

• Nomura is not a designated investment adviser and the Information is therefore provided on the basis that you have such knowledge and experience to evaluate its merits and risks and are capable of undertaking your own objective analysis of the Information with respect to your specific requirements.
• It is based on sources Nomura believes to be reliable, but we do not represent that it is accurate or complete.
• Any prices, yields, figures, projections and examples or opinions expressed are subject to change without notice and may:
  • be derived from public or Nomura sources (which may not be representative of any theoretical or actual internal valuations employed by us for our own purposes) and based on various factors including, but not limited to, current prices quoted, valuation of underlying assets, market liquidity, Nomura and its affiliates' proprietary models and assumptions, economic, market, regulatory and other conditions as they exist and can be evaluated at the relevant time;
  • not include adjustments for transaction and hedging costs, accounting offsets and provisions, liquidity or credit considerations or other significant factors which may materially change actual values; and
  • refer to past or simulated past market performance neither of which is a reliable indicator of future market performance. 

Consequently Nomura does not represent the Information (including information concerning Environmental, Social or Governance factors or product alignment with any published ESG taxonomy) is accurate or complete and makes no representations, warranties or undertakings (express or implied) as to the accuracy, completeness, timeliness or validity of the Information and the Information should not be regarded as implying a value for any instruments  referenced in the Information for which there may not be a liquid market; nor used to determine interest payable or other sums due under loan agreements or under other financial instruments or the price or performance of any financial instrument.

• It may have been prepared in accordance with regulatory requirements which differ from those demanded under applicable jurisdictions where you are located.  
• Nomura is not soliciting any action based on the Information and it should not be considered as an offer to buy or sell any financial instruments or other products which may be mentioned in it.
• It does not constitute a personal recommendation under applicable regulatory rules in the EEA or take into account the particular investment objectives, financial situations or needs of individual investors nor does it constitute tailor made investment advice as this term may be defined under applicable regulations in any jurisdiction.
• Any indicative valuations included in this document should not be regarded as Nomura’s opinion of the value of the expected proceeds of any transaction; information contained, and any estimates, valuations or opinions expressed, in this document are subject to change at any time and Nomura is under no obligation to inform the intended recipient or any other person of any such change. Past performance does not guarantee or predict future performance; no information in this document forms the basis of, or is to be relied upon, in connection with any contract or commitment on the part of Nomura to provide investment banking services; nothing contained herein should be construed as legal, regulatory accounting or tax advice.  We recommend that the recipient seek independent third party, regulatory, accounting or tax advice regarding the contents of this document; Nomura has adopted policies and procedures to preserve the independence of its independent investment research department. Any views expressed in this document may differ from the views offered in Nomura’s independent investment research reports or other investment recommendations prepared for investors; with regard to any league table contained or referenced herein, contact details of any relevant data provider is available upon request for the purposes of confirming the source, methodology and accuracy of any information contained in the league table.
• It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, it is not subject to any prohibition on dealing ahead of the dissemination of investment research and any views expressed in the Information may differ from the views offered in Nomura’s independent research reports prepared for investors including retail investors or from views that may be expressed by other financial institutions or market participants on the same subject matter as the Information.
• It may not be independent of the proprietary interests of Nomura. Nomura trades, or may trade, any financial instruments mentioned in the Information for its own account and such trading interests may be contrary to any recommendation(s) offered in the Information. Nomura also may have acted as an underwriter of financial instruments or other products mentioned and may currently be providing investment banking services to the issuers of such financial instruments or products.
• For the avoidance of doubt, Nomura and/or its officers, directors and employees, including persons, without limitation, involved in the preparation or issuance of the Information, may from time to time, have long or short positions in, and buy or sell, financial instruments, or derivatives (including options) thereof, of any companies mentioned in the Information or related financial instruments or derivatives. 
• Nomura uses information barriers to protect and control information flows within the firm. Investment Banking activities are undertaken separately and independently of public side activities conducted by the sales, structuring and/ or trading departments of Nomura  who may trade in any financial instruments mentioned in this document for its own account and/or client accounts and interests may be contrary to any opinion(s) or recommendation(s) offered in the document. Nomura also may have acted as an underwriter of financial instruments or other products mentioned and may currently be providing investment banking services to the issuers of such financial instruments or products.
• Nomura manages conflicts identified through our Confidentiality and Chinese Wall policies, by maintaining a restricted list, a personal account dealing policy and policies and procedures for managing conflicts of interest arising from the allocation and pricing of financial instruments and impartial investment research and disclosure to clients via client documentation. Disclosure information is available at http://www.nomuranow.com/disclosures/.