Disclaimer

NOMURA LIVE: IMPORTANT NOTICES, DISCLAIMERS AND TERMS OF USE

This site, www.nomura.com/nomuralive (the "Site"), and/or any other Nomura web sites and any content which is available through the Site, are provided by members of the Nomura Group.
All references in these terms and conditions to "Nomura Group" are references to Nomura Holdings, Inc. and any company controlled, directly or indirectly, by it. "Nomura" shall mean any company within the Nomura Group.
You accept and agree that an electronic acceptance constitutes a written consent of these terms.

INFORMATION PURPOSES ONLY
The Site is intended for use by institutional and professional investors only and has been prepared solely for information purposes, and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, product, service or investment, save that certain applications accessible through the Site allow registered users to enter into transactions and different applications accessible through the Site may be subject to further usage terms. The opinions expressed in this Site and any information accessed through it do not constitute investment advice. For the avoidance of doubt, nothing contained on the Site constitutes a personal recommendation or takes into account the particular investment objectives, financial situations or needs of individual investors. Independent advice should be sought where appropriate.
All information and opinions expressed are subject to change without notice.

THIS SITE IS NOT FOR NON-ELIGIBLE INVESTORS
The Site is not intended for private investors or retail clients and such private investors or retail clients should not access or use this Site or place reliance on the content.

NO RELIANCE
While Nomura has used information sources it believes to be reputable, neither Nomura nor any other person guarantees or gives any warranty as to the accuracy, timeliness or completeness of any information or material at this Site. You should use your own judgment when evaluating information through the Site and should not rely on the Site or information received through it when making investment decisions. The information and facilities accessible through the Site are not tailored for your specific needs.

NO WARRANTY
The materials at this Site are provided "as is" without warranty of any kind, either express or implied. To the fullest extent permissible, all warranties, representations and other assurances are hereby excluded, including but not limited to any implied warranties of merchantability, satisfactory quality or fitness for a particular purpose. Nomura further makes no warranties that functions contained at this Site will not be interrupted or Will be error-free or that defects will be corrected, and nomura accepts no responsibility or liability whatsoever in connection therewith.
To the maximum extent permissible, in no event will Nomura be liable to you or any third party for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Nomura has been advised of the possibility thereof.

SECURITY
The security, timeliness and accuracy of electronic communications can never be guaranteed. You must keep any password, login or other security device/data ("Password") which we provide to you confidential and not allow others to use your Password. You must inform us immediately if you believe that the security of your Password has been compromised. We may rely upon any communication which appears to have been sent by you as having been duly authorised by you.

LOCAL LAWS AND REGULATIONS
You may not access the Site unless you are permitted to do so under the laws and regulations applicable in your location. The Site is not directed at any person in any jurisdiction where for any reason the publication or availability of the Site is prohibited.
Nomura does not represent that (i) any of the materials at this Site; (ii) any investment services that may be available on this Site; or (iii) anything else on this Site, are appropriate for use or permitted by local laws in all jurisdictions.

UNITED STATES OF AMERICA
ANY PERSONS INTERESTED IN SEEKING THE SERVICES OF A BROKER-DEALER SHOULD CONSULT NOMURA'S US AFFILIATE, NOMURA SECURITIES INTERNATIONAL INC OR A REGISTERED BROKER-DEALER IN THE UNITED STATES. OTHER NOMURA GROUP COMPANIES ARE NOT REGISTERED AS BROKER-DEALER IN THE UNITED STATES; THEY DO NOT OFFER ANY SERVICES OF A REGISTERED BROKER-DEALER IN THE UNITED STATES NOR DO THEY OFFER ANY SERVICES TO PERSONS IN THE UNITED STATES.
THIS SITE DOES NOT INCLUDE ANY OFFER OF INVESTMENT SERVICES TO ANY US PERSONS EXCEPT TO THE EXTENT OF MARKETING OUTSIDE THE US IN THE COURSE OF THE ORDINARY BUSINESS OF NOMURA.

NOMURA INTERESTS
Nomura, its shareholders, directors, officers and employees may make a market or deal as principal in the securities, commodities or instruments mentioned in materials at the Site or in options or other derivative instruments based thereon. In addition, any member of the Nomura Group, or individual within a Nomura Group company, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. Any member of the Nomura Group, or individual within a Nomura Group company, may be a director of the issuer of the securities mentioned at the Site. Any member of the Nomura Group may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned at the Site. Any member of the Nomura Group may from time to time perform investment banking or other services for, or solicit investment banking or other business from the aforementioned companies. Chi-X and Instinet are members of Nomura Group.

INTELLECTUAL PROPERTY
You may not copy, reproduce, recompile, decompile, disassemble, reverse engineer, distribute, publish, display, perform, modify, upload to, create derivative works from, transmit, or in any way exploit any part of the Site.
Additionally, you may not offer any part of the contents of the Site for sale or distribute any part over any medium, including, but not limited to, distribution by television or radio broadcast, or distribution on a computer network. You may not make any part of the Site available as part of another site, whether by hyperlink framing on the Internet or otherwise. The Site and the information contained therein may not be used to construct a database of any kind. Nor may the Site be stored (in its entirety or in any part) in databases for access by you or any third party or to distribute any database sites containing all or part of the Site. "Nomura" and "Nomura Live" and other product names accessed on this Site are trademarks of Nomura.

VALUATIONS
Any valuations and other data accessed through the Site are indicative and may be based on historical data and should not be substituted for information derived from real-time market data. These valuations or other data may differ substantially from firm valuations and are not a commitment by Nomura to enter into any transaction. They may not reflect Nomura's internal theoretical valuation models and may vary significantly from indicative valuations available from other sources. There may be certain factors that have not been assessed for the purposes of these valuations that may substantially affect a stated valuation. While Nomura has obtained the information on which these valuations are based from sources that it believes to be reliable, Nomura makes no representations or warranties with respect to any indicative valuations. Past performance is no guarantee as to future results.

LINKS TO AND FROM THE SITE
Third party sites or pages that are linked to this Site are for information purposes only and have not been reviewed or verified by Nomura. Nomura has no responsibility for the content of such sites or pages linked to or from this Site and no endorsement of any such sites or pages or of their content is implied. Following links to or from any other sites or pages shall be at your own risk.

PRIVACY POLICY
Please click here to see our privacy policy.
By accessing the Site, you agree that Nomura may disclose any information as may be collected from you to any Nomura Group company or any third party providing services to Nomura or to any regulatory body or competent authority.

CONTACT INFORMATION
Information on Nomura entities may be viewed at: http://www.nomuraholdings.com/company/group/

Persons in the EU should contact Nomura International plc, One Angel Lane, London EC4R 3AB (telephone +44 20 7102 1000), which is incorporated in England with company number 01550505 and authorised and regulated by the Financial Services Authority with number 124422. VAT Reg No: GB 447 2492 35

Otherwise, please contact the Nomura Group entity from which you are granted access to this Site.