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    Disclaimer

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    IMPORTANT

    This site, www.nomura.com (the "Site"), and/or on any other Nomura linked web sites and any content, contains information produced by Nomura Group Companies ("Nomura") some of which operate within different regulatory regimes. Appropriate disclaimers are displayed and should be read.

    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.

    INFORMATION PURPOSES ONLY

    The Site has been prepared solely for informational 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. The opinions expressed in this Site do not constitute investment advice and independent advice should be sought where appropriate.

    All information and opinions expressed herein are current as of publication and are subject to change without notice.

    PRIVATE INVESTORS

    Unless otherwise indicated, the contents of this website are not intended for private investors and private investors should not place reliance on its contents.

    NO RELIANCE

    While Nomura has endeavoured to ensure the accuracy of the information at this Site, Nomura does not guarantee or give any warranty as to the accuracy, timeliness or completeness of any information or material at this Site.

    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 pursuant to applicable law, including but not limited to implied warranties of merchantability, satisfactory quality or fitness for a particular purpose. Nomura further accepts no responsibility or liability for, and makes no warranties that, functions contained at this Site will not be interrupted or error-free or that defects will be corrected. Please note that some jurisdictions do not allow the exclusions of implied warranties, so some or all of the above exclusions may not apply to you.

    In no event will any of Nomura be liable to you 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. Applicable law may not allow the limitation or exclusion of liability for consequential or incidental damages, so the limitation or exclusion may not apply to you.

    LOCAL LAWS AND REGULATIONS

    This Site is not directed at any person in any jurisdiction where for any reason the publication or availability of this Site is prohibited. Those in respect of whom such prohibitions apply must not access this Site.

    Nomura does not represent that (i) any of the materials at this Site; (ii) any investment services that may be deemed to be available on this Site; or (iii) anything else on this Site, are appropriate for use or permitted by local laws in all jurisdictions. Those who access this Site do so on their own initiative, and are responsible for compliance with applicable local laws or regulations; legal advice should be sought in cases of doubt. Those who access this Site may not necessarily be able to deal directly with all or any Nomura entities. None of the materials or investment services at or referred to at this Site are available to persons resident in any jurisdiction where this would be contrary to local law or regulation. Without limitation, none of the materials or investment services at or referred to at this site are available to persons resident in Australia.

    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., 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 or individual within a Nomura Group company, may from time to time have long or short positions in such securities or in option, future or other derivative instruments based thereon. Any member of or individual within Nomura 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.

    COPYRIGHT

    You may not copy, reproduce, recompile, decompile, disassemble, reverse engineer, distribute, publish, display, perform, modify, upload to create derivative works from, 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 such 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.

    VALUATIONS

    The valuations contained herein are indicative and may be based on historical data and should not be substituted for information derived from real time market data. These valuations 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.

    LINKS TO AND FROM THE SITE

    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 the 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 and Nomura accepts no responsibility or liability for any losses or penalties whatsoever that may be incurred as a result of any linking to any location on any linked sites or pages.

    WEB BROWSER

    This Site recommends the following Web Browsers: Microsoft Internet Explorer 6.0 or higher. Microsoft Internet Explorer 7.0 might not be indicated correctly.

    DISCLAIMER OF FUTURE PROJECTIONS

    Information on the Site contains statements that may constitute, and from time to time our management may make, "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

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