Acceptance of terms

You are deemed to have accepted the conditions of electronic communication with Nomura by virtue of your communication. If you are not comfortable with the conditions you may decide not to communicate electronically with Nomura in future.

Intended recipients only

Electronic communications (including any attachments thereto) are intended solely for the addressee(s) private and confidential use. No confidentiality or legal privilege in the electronic communication is waived or lost by any mistransmission. If you receive an electronic communication in error please contact the sender immediately, delete it and all copies of it from your system and destroy any hard copies. You must not divulge, copy, forward or re-use the contents (including any attachments or information) in any way. Any unauthorised use or disclosure may be unlawful.

Accuracy of content

The information and opinions expressed in electronic communications are solely those of the sender and unless otherwise stated, shall not (a) be construed as the official statement of Nomura or (b) intended to create legal relations. Information in an electronic communication is subject to change without notice. Electronic communication is not a secure method of communication. Computer viruses or disabling code, may be present in electronic communications and such messages may not be accurately replicated on other systems or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. No warranty is made by Nomura as to the accuracy or completeness of electronic communications to and from Nomura's systems and Nomura accepts no responsibility or liability for such changes or for the presence of any aforementioned virus or disabling code. The information presented has been obtained from or based upon sources believed to be reliable, but none of Nomura or its employees, contractors, representatives, traders or salespersons represents or warrants its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes in market factors. The information contained herein is subject to change without notice.

Proprietary investment business

Nomura may undertake or have undertaken transactions for its own account in the financial instruments mentioned in an electronic communication or any related investments prior to your receipt of it. Nomura may provide investment banking services (including without limitation corporate finance services), or solicit such business, for the issuers of the securities mentioned in an electronic communication and may from time to time participate in commercial banking transactions with the issuers of the securities mentioned in this communication. Accordingly, information may be available to Nomura, which is not reflected in an electronic communication. Nomura and its employees, contractors and representatives may have positions in or options on the financial instruments mentioned in the electronic communication or any related investments or may buy, sell or offer to buy or sell such financial instruments or any related investments as principal or agent on the open market or otherwise. Unless otherwise stated an electronic communication is not (a) investment research or a research or investment recommendation under applicable regulatory rules; (b) a recommendation, solicitation or offer to buy or sell securities or related financial instruments. Any reference to Nomura Investment Research reports should be read in conjunction with the full text of the actual report, which is available on www.nomuranow.com/research.

Retail clients

Where an electronic communication relates to securities, services or investment business it is neither intended for nor directed at retail clients and such services or investments are not available to retail clients.

Monitoring

Nomura reserves the right to retain, monitor and intercept electronic communications to and from its systems subject to and in accordance with applicable law.

Nomura

This electronic communication has been prepared by employees, contractors or representatives of Nomura. The term "Nomura" used herein refers to Nomura Holdings, Inc., which is regulated as an ultimate designated parent company (saishyu shitei oyagaishya) by the Japan Financial Services Agency ("JFSA"), or any of its affiliates or subsidiaries and may refer to one or more Nomura Group companies including: Nomura International plc ("NIplc"), which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority in the UK, is a member of the London Stock Exchange and a CFTC registered Swap Dealer, NIplc in the Dubai International Financial Centre ("DIFC") is regulated by the Dubai Financial Services Authority ("DFSA"); or by Nomura Financial Products Europe GmbH (“NFPE”) which is authorized and regulated by the Federal Financial Supervisory Authority; or by Nomura International (Hong Kong) Limited ("NIHK"), which is regulated by the Hong Kong Securities and Futures Commission, or by Nomura Securities Co, Ltd. ("NSC"), which is regulated by the JFSA, or by Nomura Financial Products & Services, Inc., which is regulated by the JFSA, or by Nomura Singapore Limited ("NSL"), which is regulated by the Monetary Authority of Singapore ("MAS"), or by P.T. Nomura Indonesia ("PTNI") which is regulated by Otoritas Jasa Keuangan ("OJK"), or by Nomura International (Hong Kong) Limited, Taipei Branch, ("NIHK Taipei Branch"), which is regulated by Securities and Futures Bureau of Financial Supervisory Commission ("SFB"), Taiwan Stock Exchange ("TSE") and Gretai Securities Market ("GSM"), or by Nomura Securities Malaysia Sdn Bhd ("NSM"), which is regulated by the Companies Commission of Malaysia, or by Nomura Financial Advisory and Securities (India) Private Limited ("NFAS"), which is regulated by Securities and Exchange Board of India ("SEBI"), or by Nomura Financial Investment (Korea) Co., Ltd Korea ("NFIK"), which is regulated by the Korea Financial Investment Association ("KOFIA") (Information on Nomura analysts registered with the Korea Financial Investment Association ("KOFIA") can be found on the KOFIA Intranet at http://dis.kofia.or.kr), or by Nomura Securities International, Inc., ("NSI"), which is a registered broker-dealer in the United States and a member of Securities Investor Protection Corporation ("SIPC"), or by Nomura Global Financial Products ("NGFP"), an SEC registered OTC Derivatives Dealer and a CFTC registered Swap Dealer, or by Nomura Australia Ltd ("NAL"), which is authorised and regulated by the Australian Securities and Investment Commission ("ASIC"), or by Nomura Research Institute Europe Limited, or by Nomura Asset Management Singapore Limited ("NAMS"), which is regulated by the Monetary Authority of Singapore, or by Nomura Asset Management Hong Kong Limited ("NAMHK"), which is regulated by the Hong Kong Securities and Futures Commission.