Terms of Use

IMPORTANT NOTICE

This site, www.nomuracapitalmanagement.com (“Site“), and/or any other Nomura group websites which are linked from this Site, contains information produced by and/or for Nomura group entities, some of which operate within different regulatory regimes. By using the Site or using Nomura services or products, you are agreeing to the following terms of use (“Terms of Use“). Please read them carefully.

These Terms of Use apply to the Site generally and are subject to any other agreement (including any client agreements) between you and any Nomura group entities and such terms of use, legal notices or disclaimers applicable to specific portions of the Site accessed by you.

All references in these Terms of Use to “Nomura” are references to Nomura Capital Management LLC and/or any entity controlled, directly or indirectly, by it (each a “Nomura Group” member).

These Terms of Use were last updated as of 13 February 2023. The Nomura Group may revise these Terms of Use at any time without notice. Any revision and/or addition to these Terms of Use shall become effective and binding on you when you continue to use the Site on or after the effective date of such revision and/or addition.

PRIVACY POLICY

Nomura may monitor your usage of the Site. Please click Privacy Policy to see the Nomura privacy policy. By accessing the Site, you agree that Nomura may disclose any information as may be collected from you to any member of the Nomura Group or any third party providing services to Nomura or such member of the Nomura Group or to any regulatory body or competent authority. Nomura will comply with all laws and regulations which apply to our collection, retention and use of information pertaining to you, and we shall take all practicable steps to ensure that any information collected from you is protected against unauthorized or accidental access, erasure or use.

INFORMATION PURPOSES ONLY

The Site has been prepared solely for information purposes, and is not an offer to buy or sell or provide (as the case may be) or a solicitation of an offer to buy or sell or enter into any agreement with respect to any security, product, service (including but not limited to investment advisory services) or investment. The opinions expressed in the Site do not constitute investment advice and independent advice should be sought where appropriate. The Site contains general information only and does not take into account the individual objectives, financial situation or needs of a person.

All information, opinions and estimates expressed on the Site are current as of the date of publication, are subject to change without notice, and may become outdated over time.

To the extent that any materials or investment services on or referred to in the Site are construed to be regulated activities under the local laws of any jurisdiction and are made available to persons resident in such jurisdiction, they shall only be made available through appropriately licensed Nomura entities in that jurisdiction or otherwise through Nomura entities that are exempt from applicable licensing and regulatory requirements in that jurisdiction.

NO RELIANCE

While Nomura has endeavored to ensure the accuracy of the information on the Site, Nomura does not guarantee or give any representation or warranty as to the non-infringement, accuracy, timeliness or completeness of any information, published third-party content or material published on the Site. Accordingly, investors should not place reliance on Site content. In relation to third-party content, Nomura may not have independently verified the accuracy or completeness of such information or the assumptions on which such information is based.

NO REPRESENTATION OR WARRANTY

The materials published on the Site are provided “as is” and “as available” without any representation or warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law, including but not limited to representations or warranties of non-infringement of third party rights (including but not limited to intellectual property rights), title, merchantability, satisfactory quality, or fitness for a particular purpose. Such materials may be subject to incorrect data transmission or other faults due to the public nature of the Internet. Nomura may amend, relocate, remove or delete any such materials from time to time in its sole discretion.

Without prejudice to the foregoing, and to the extent permitted by applicable law, Nomura makes no representations or warranties:

• (a)regarding the accuracy, timeliness, adequacy, commercial value or completeness of any data and/or information contained on the Site;
• (b)that the Site is free from computer viruses or other malicious, destructive or corrupting codes, agents, programs or macros; or
• (c)that the functions contained on the Site will not be interrupted, or error-free or that defects will be corrected,

and Nomura accepts no responsibility or liability in relation to such matters.

To the extent permitted by applicable law, in no event will any member of the Nomura Group be liable for the published content of any third party which is available on the Site or any direct, special, indirect, consequential, incidental damages or any other damages of any kind, including damages caused by gross negligence or willful misconduct arising out of your use of the Site.

LOCAL LAWS AND REGULATIONS

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

Nomura does not represent that (i) any of the materials on the Site; (ii) any investment services that may be deemed to be available on the Site; or (iii) anything else on the Site, are appropriate for use or permitted by local laws in all jurisdictions. Those who access the 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 the Site may not necessarily be able to deal directly with all or any member of the Nomura Group and should only deal with such members of the Nomura Group that are appropriately licensed or permitted to deal with such persons or otherwise exempt from applicable licensing or regulatory requirements under the local laws and regulations in the relevant jurisdiction. Without limitation, none of the materials or investment services described or referred to on the Site should be available to persons resident in Australia.

Information or material on the Site may not have been approved, reviewed or verified by any relevant regulator in any jurisdiction.

CONFLICTS OF INTEREST

Nomura, Nomura Group members, and their associates, shareholders, directors, officers and employees may have interests in any products and services referred to on the Site by acting in various roles. Nomura and its associates, shareholders, directors, officers and employees may make a market or deal as principal in the securities, commodities or instruments mentioned in materials on the Site or in options or other derivative instruments based thereon. In addition, any Nomura entity or individual within a Nomura entity may from time to time have long or short positions in such securities or in option, future or other derivative instruments based thereon. Any Nomura entity or individual within a Nomura entity may be a director of the issuer of the securities mentioned on the Site. Any Nomura entity 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 on the Site. Any Nomura entity may from time to time perform investment banking or other services for, or solicit investment banking or other business from, the aforementioned entities.

The Nomura Group manages conflicts of interest with respect to the production of investment research through its internal policies and procedures and internal training (including, but not limited to, Conflicts of Interest, Confidentiality and Information Barrier policies). Information barriers are used to protect and control information flows within the firm, for example Investment Banking activities are undertaken separately and independently of public side activities conducted by the sales, structuring and/or trading departments of Nomura, who may trade in any financial instruments mentioned in this document for its own account and/or client accounts and interests may be contrary to any opinion(s) offered in the document. 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.

INTELLECTUAL PROPERTY

All right, title and interest in the Site is the exclusive property of Nomura Holdings, Inc. except as otherwise stated.

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.

All trademarks, service marks, trade names, brand features and logos displayed on this Site are proprietary to Nomura, members of the Nomura Group, and/or their respective owners, except as explicitly noted. Nothing contained on this Site should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on this Site without the written permission of Nomura or such other third party that may own the trademark displayed on this Site. Your use of the trademarks displayed on this Site, except as provided in these Terms of Use, is strictly prohibited.

Any unauthorized use of the trademarks, service marks, trade names, brand features and logos displayed on this Site may violate copyright, trademark or other intellectual property laws, and the laws of privacy and publicity and communications. If you download any information from this Site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

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 website, whether by scraping, robotic or web-bot access, hyperlink framing on the Internet or otherwise. The Site and the information, commentary and materials contained therein may not be used to construct a database of any kind. You shall not store the Site (in its entirety or in any part) in databases for access by you or any third party or distribute any database sites containing all or part of the Site.

PROHIBITED USES

You are prohibited from:

• (a)using this Site in any manner that could damage or overburden any Nomura server, or any network connected to any Nomura server, as all servers have limited capacity and are used by many people;
• (b)using this Site in any manner that would interfere with another party’s use of the Site;
• (c)including the term “Nomura” or any Nomura trademark or executive’s name or any variation of the foregoing, as a meta-tag, hidden textual element;
• (d)using any robot, spider, intelligent agent, other automatic device or manual process to search, monitor or copy this Site or the reports, data, information, content, software, products, services or other materials on, generated by or obtained from the Site, whether through links or otherwise (collectively “Devices“) without Nomura’s permission, provided that generally available third party web browsers may be used without such permission; or
• (e)using this Site or the Devices in any manner that could create an impression of affiliation, sponsorship or endorsement by Nomura or any member of the Nomura Group.

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. Past performance cannot be a guide to, or an indication of, future performance.

LINKS TO AND FROM THE SITE

Third party sites or pages that are linked to the Site are for information purposes only and may not have been reviewed or verified by Nomura. Nomura has no responsibility for the content of the third party sites or pages linked to or from the Site and no affiliation, sponsorship, approval, verification, investigation, monitoring or 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, to the extent permitted by any law, 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.

RECOMMENDED ENVIRONMENT

Device	OS	Browser
PC	Windows 8.1 or later Mac OS 10.14 or later	Edge Version 109.0.1518.78 Firefox Version 109.0.1 Chrome Version 109.0.5414.120 Safari Version 16.1
Smart Phone	iOS 15 or later Android 10 or later	Safari Version 16.3 Chrome Version 103.0
Tablet	iOS 14 or later  Android 10 or later	Safari Version 16.3 Chrome Version 103.0

DISCLAIMER OF FUTURE PROJECTIONS

The Site contains statements that may constitute, and from time to time Nomura’s 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. Past performance cannot be a guide to, or an indication of, future performance.

UNITED STATES OF AMERICA

THE INFORMATION ON THE SITE IS NOT INTENDED AS AN OFFER OR SOLICITATION FOR THE PURCHASE OF ANY SECURITY OR FINANCIAL INSTRUMENT, OR TO PROVIDE ANY INVESTMENT SERVICE OR INVESTMENT ADVICE IN THE UNITED STATES. ANY PERSONS INTERESTED IN SEEKING THE SERVICES OF A U.S. BROKER-DEALER SHOULD CONSULT NOMURA’S U.S. AFFILIATE, NOMURA SECURITIES INTERNATIONAL, INC., A REGISTERED BROKER-DEALER IN THE UNITED STATES. OTHER NOMURA ENTITIES ARE NOT REGISTERED AS BROKER-DEALERS IN THE UNITED STATES; SUCH OTHER NOMURA ENTITIES 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.

EUROPEAN ECONOMIC AREA

This is not investment research within the meaning of applicable regulatory rules in the European Economic Area. Nor does it constitute a personal recommendation within the meaning of applicable regulatory rules in the European Economic Area, or take into account the particular investment objectives, financial situations or needs of individual investors. It is not intended for retail clients. It is intended only for persons who are “eligible counterparties” or “professional clients” for the purposes of applicable regulatory rules in the European Economic Area. Information has been approved for distribution in the United Kingdom and European Economic Area by Nomura International plc, which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and is a member of the London Stock Exchange.

JAPAN

Information on the Site does not contain, and Nomura management does not provide, any assertive investment judgment on uncertain matters or any misleading information that may cause a person to believe that any uncertain matters are certain, within the meaning of Article 38, item 2 of the Financial Instruments and Exchange Act of Japan (Law No. 25 of 1948).

GENERAL

If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and the other provisions of the Terms of Use shall remain in full force and effect.