Sales and Trading Market Commentary Disclaimer

For AEJ distribution

This material has been prepared and distributed by the Sales and/or Trading departments of one or more of 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, and is a member of the London Stock Exchange; Nomura International (Hong Kong) Limited ("NIHK"), which is regulated by the Hong Kong Securities and Futures Commission ("HK SFC"), and Nomura Securities International, Inc. Nomura Securities Co, Ltd. ("NSC"), which is regulated by the Japan Financial Services Agency ("JFSA"), Nomura Singapore Limited (Registration number 197201440E, "NSL"), which is regulated by the Monitory Authority of Singapore ("MAS"), P.T. Nomura Indonesia ("PTNI") which is regulated by Otoritas Jasa Keuangan ("OJK"), 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"), Nomura Securities Malaysia Sdn Bhd ("NSM"), which is regulated by the Companies Commission of Malaysia, Nomura Financial Advisory and Securities (India) Private Limited ("NFAS"), which is regulated by Securities and Exchange Board of India ("SEBI"), 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), Nomura Securities International, Inc, ("NSI"), which is a registered broker-dealer in the United States and a member of Securities Investor Protection Corporation ("SIPC") and Nomura Australia Ltd ("NAL"), which is regulated by the Australian Securities and Investment Commission ("ASIC") (and the holder of Australian financial services licence 246412). This material has not been reviewed by any regulatory authority in any jurisdiction.

This material is not investment research as defined by US rules and regulations, the applicable rules in Hong Kong, and the FCA. This material is made available to you by one or more of NIplc, NIHK, NSC, NSL, PTNA, NIHK Taipei Branch, NSM, NFAS, NFIK, NSI and NAL and/or its affiliates (collectively, "Nomura Group"), as the case may be. This is not investment research as defined by the FCA nor is it research under the applicable rules in Hong Kong. It does not constitute a personal recommendation, as defined by the FCA, or take into account the particular investment objectives, financial situations, or needs of individual investors. It is intended only for investors who are "eligible market counterparties", or "professional clients", as defined by the FCA, and may not, therefore, be redistributed to other classes of investors. This material does not fall within the definition of an analyst report as defined by the Japan Securities Dealer’s Association. It is intended for professional and institutional investors only. This material is: (i) for your private information only, and we are not soliciting any action based upon it; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such offer or solicitation would be illegal; and (iii) is based upon information that we consider reliable, and it should not be relied upon as such. While all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation, warranty or undertaking, expressed or implied, is made and no responsibility or liability is accepted by the Nomura Group and/or its directors, officers and employees as to the accuracy, completeness, merchantability or fitness for a particular purpose of the information contained herein or any other information provided by any other person in connection with the information described herein or their distribution or for the results obtained from the use of this information.

Nomura Group and/or its directors, officers and employees do not accept any liability whatsoever for any loss or damage (including, without limitation, direct, indirect or consequential loss or loss of profits or loss of opportunity) suffered by you or any third party in connection with the use of this material or its content. It is being provided to you because you have requested a copy and it is not intended for investors who are unfamiliar with the relevant markets or who are unwilling or unable to bear the risks associated with the investment. You should refrain from entering into any transaction unless you fully understand all the risks involved and you have independently determined that the investment is suitable for you. We are not your designated investment adviser. If you are in doubt as to any aspect of this material, you should consult a stockbroker or another licensed securities dealer, a bank manager, a solicitor, an accountant or other professional advisers. Any prices, yields and opinions expressed are current opinions as of the date appearing on this material only and are subject to change without notice.   

Derivative investments require investors to assess several characteristics and risk factors that may not be present in other types of transactions. You should consider the specific return and risk profile of a particular derivative investment before effecting, or agreeing to effect, any transaction. In reaching a determination as to the appropriateness of any proposed transaction, clients should undertake a thorough independent review of the legal, regulatory, credit, tax, accounting and economic consequences of such action.

The information presented has been obtained from or based upon sources believed by the trader or sales person to be reliable, but none of Nomura Group or its employees, the trader or sales person 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 Nomura Group may from time to time perform investment banking or other services (including acting as advisor, manager or lender) for, or solicit investment banking or other business from, companies mentioned herein. Further, the Nomura Group, and/or its officers, directors and employees, including persons, without limitation, involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy or sell, the securities, or in options, futures or other derivatives based thereon, of companies mentioned herein, or related securities or in options, futures or other derivative instruments based thereon. In addition, the Nomura Group may act as a market maker and principal, willing to buy and sell certain of the securities or in options, futures or other derivatives of companies mentioned herein. Further, the Nomura Group may buy and sell certain securities or in options, futures or other derivatives of companies mentioned herein, as agent for its clients.

Nomura manages conflicts identified through the following: their Chinese Wall, confidentiality and independence policies, maintenance of a Stop List and a Watch List, personal account dealing rules, policies and procedures for managing conflicts of interest arising from the allocation and pricing of securities and impartial investment research and disclosure to clients via client documentation. Disclosure information is available at http://www.nomura.com/research/. Neither NIplc, NIHK nor NSL hold an Australian financial services licence as each is exempt from the requirements to hold this licence in respect of the financial services they provide. NIplc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under UK laws, NIHK is regulated by the HK SFC under Hong Kong laws, and NSL is regulated by the MAS under Singapore laws, all of which differ from Australian laws.

No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without our prior express consent. Further information on any of the securities mentioned herein may be obtained upon request. If this publication has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this publication, which may arise as a result of electronic transmission. If verification is required, please request a hard-copy version.

For Global distribution

This material (the "Information") is for information purposes only and has been either solely or collectively prepared by the sales and trading department of one or more Nomura Group entities. The Information is for discussion purposes only to assist you in evaluating whether you wish to proceed with a further investigation of the ideas and concepts presented herein. 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 has not been reviewed by any regulatory authority in any jurisdiction.

The Information is subject to the following terms:

• It is provided to you without compensation 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"), (b) in the US, institutional investors as defined under U.S. regulation and (c) accredited or institutional investor as defined by the Securities and Futures Act (Chapter 289) in Singapore
• Nomura International Plc ("NIP") is not a designated investment adviser. As such, the information provided by NIP or its affiliate entities is 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 nor have we made any independent investigation in connection herewith.
• 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, 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 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.
• 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 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/.
• It is not independent investment research for the purposes of applicable regulatory rules in the EEA.
• It is not research under applicable rules in Hong Kong.
• 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 does not fall within the definition of a debt research report.
• It has been approved for distribution in Japan by Nomura Securities Co, Ltd., which is regulated by the Japan Financial Services Agency ("JFSA")registered as a Financial Instruments Business Operator under the Financial Instrument and Exchange Act of Japan ("FIEA")) , and to professional investors as defined by the JFSA(as defined in FIEA).

Unless expressly stated otherwise in the material, the material is distributed by (i) Nomura International plc, which 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; (ii) Nomura Securities International, Inc., which is a registered broker and dealer under the U.S. Securities Exchange Act of 1934, a futures commission merchant with the Commodity Futures Trading Commission ("CFTC") and a member of SIPC; (iii) Nomura Global Financial Products, Inc., which is a provisionally registered U.S. swap dealer subject to CFTC regulation, a U.S. security-based swap dealer registered with the U.S. Securities and Exchange Commission ("SEC") and a U.S. OTC Derivatives Dealer subject to SEC regulations; (iv) Nomura Financial Products Europe GmbH ("NFPE"), Germany and NFPE is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin); (v) Nomura International (Hong Kong) Limited, which is regulated by the Hong Kong Securities and Futures Commission;(vi) Nomura Securities Co, Ltd. , which is regulated by the Japan Financial Services Agency ("JFSA"); (vii) Nomura Singapore Limited (Registration number 197201440E), which is regulated by the Monitory Authority of Singapore; (viii) Nomura Australia Ltd, which is regulated by the Australian Securities and Investments Commission and holder of an Australian financial services licence no. 246412; (ix) PT Nomura Sekuritas Indonesia (PTNSI) , which is regulated by Otoritas Jasa Keuangan (OJK); (x) Nomura International (Hong Kong) Limited, Taipei Branch, , which is regulated by Securities and Futures Bureau of Financial Supervisory Commission, Taiwan Stock Exchange and Taipei Exchange; (xi) Nomura Securities Malaysia Sdn Bhd, which is regulated by the Companies Commission of Malaysia ,;(xii) Nomura Financial Advisory and Securities (India) Private Limited, which is regulated by Securities and Exchange Board of India (SEBI), Nomura Fixed Income Securities Private Limited and Nomura Capital (India) Private Limited, which are regulated by Reserve Bank of India; (xiii) Nomura Financial Investment (Korea) Co., Ltd Korea, which is regulated by the Financial Supervisory Service, the Financial Services Commission and Korea Exchange.

Nomura International plc in the Dubai International Financial Centre (Registered No. 0777) ("NIplc – DIFC Branch") is regulated by the Dubai Financial Services Authority ("DFSA"). NIplc - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA licence. This is not investment research as defined by the DFSA. Related financial products are intended only for a 'Market Counterparty' or a 'Professional Client' as defined by the DFSA and therefore no other person should act upon it. The information is not intended to lead to the conclusion of a contract of any nature what so ever within the territory of the DIFC. The recipient of the Information understands, acknowledges and agrees that the contents of the Information have not been approved by the DFSA or any other regulatory body or authority in the United Arab Emirates. Nothing contained in this report is intended to constitute 'Advising on Financial Products' or 'Arranging Deals in Investments' or 'Arranging Credit and Advising on Credit' as defined by the DFSA and is not intended to endorse or recommend a particular course of action. By accepting to receive the Information, you represent that you are a 'Market Counterparty' or a 'Professional Client' and you agree to be bound by the foregoing limitations.

Nomura International plc in the Qatar Financial Centre (Registered No. 00106) ("NIplc – QFC Branch") is authorised by the Qatar Financial Centre Regulatory Authority ("QFCRA"). Principal place of business in Qatar: Qatar Financial Centre, Office 804,8th Floor, QFC Tower, Diplomatic Area, West Bay, PO Box 23245 , Doha, Qatar. NIplc - QFC Branch may only undertake the regulated activities that fall within the scope of its existing QFCRA licence. This is not investment research as defined by the QFCRA. Related financial products are intended only for a ‘Market Counterparty’ or a ‘Business Customer’ as defined by the QFCRA and therefore no other person should act upon it. The information is not intended to lead to the conclusion of a contract of any nature what so ever within the territory of the QFC. The recipient of the information understands, acknowledges and agrees that the contents of the Information have not been approved by the QFCRA or any other regulatory body or authority in Qatar. Nothing contained in this report is intended to constitute ‘Advising on Investments’ or ‘Arranging Deals in Investments’ or ‘Arranging Credit Facilities’ as defined by the QFCRA and is not intended to endorse or recommend a particular course of action. By accepting to receive the Information, you represent that you are a ‘Market Counterparty’ or a ‘Business Customer’ and you agree to be bound by the foregoing limitations.

The Information has not been approved for distribution to persons other than ‘Authorised Persons’, ‘Exempt Persons’ or ‘Institutions’ (as defined by the Capital Markets Authority) in the Kingdom of Saudi Arabia (‘Saudi Arabia’) by Nomura International plc. Neither the Information nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, by any person other than those authorised to do so into Saudi Arabia. By accepting to receive the Information, you represent that you are not located in Saudi Arabia or that you are an ‘Authorised Person’, an ‘Exempt Person’ or an ‘Institution’ in Saudi Arabia and agree to be bound by the foregoing limitations. Any failure to comply with these restrictions may constitute a violation of the laws of Saudi Arabia.

For Monetary Authority of Singapore (MAS) Foreign Related Corporations (FRC) Framework – Client Disclosure Statement

Nomura Singapore Limited and Nomura Securities Singapore Pte. Ltd. (collectively the “Nomura SG Entities”), and where applicable Instinet Singapore Services Pte Ltd (“Instinet SG Entity”) together with their foreign-related corporations (“Nomura FRCs”), deals with Singapore domiciled clients through various cross border business arrangements which are subjected to the supervision of the Monetary Authority of Singapore. These representatives representing the Nomura FRCs in their dealings with the Singapore domiciled clients are not licensed under, nor subjected to the MAS’ regulations. Should you have any questions or like to know more information on this cross border business arrangement, you may reach out to your respective sales representative(s).

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