NIP Global Markets Material General Disclaimer

The information contained herein (the “Information”) is provided to you by the Sales, Structuring and or Trading Departments of Nomura International plc (“NIP”). NIP is part of the Nomura group of companies (“Nomura”) and the Information may contain contributions from employees of the Nomura group of companies. NIP is authorised by the Prudential Regulation Authority (“PRA”), regulated by the UK Financial Conduct Authority and the PRA and is a member of the London Stock Exchange. The Information is confidential and has been furnished solely for your information and must not be referred to, disclosed, transmitted, reproduced or redistributed, in whole or in part, to another person.

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 or its content.
• 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 United Kingdom (“UK”) 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 investors.
• 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.
• Use of the following terms "sustainability focus", "sustainability improvers", "sustainability impact", and/or "sustainability mixed goals" within this material are used for descriptive purposes only and should not be interpreted that any product or service mentioned meets the specific criteria required to be considered an official FCA (Financial Conduct Authority) sustainability label.
• 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.
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• 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.

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• It is not independent investment research for the purposes of applicable regulatory rules in the European Economic Area (“EEA”)
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• It does not fall within the definition of an analyst report as defined by the Japan Securities Dealer’s Association.
• With respect to U.S. regulation, it may constitute a debt research report and therefore it is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.  The views expressed herein may differ from the views offered in Nomura’s debt research reports prepared for retail investors.  This report may not be independent of the proprietary interests of Nomura.  Nomura trades, or may trade, the securities covered in this report for its own account.  Such trading interests may be contrary to the recommendation(s) offered in this report. 
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