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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.
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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.
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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.
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).