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This site, (the "Portal"), and/or  any other Nomura web sites and any content which is available through the Portal, 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.


The Portal 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 Portal allow registered users to enter into transactions and different applications accessible through the Portal may be subject to further usage terms. The Portal and information accessed through it do not constitute investment advice.  Independent advice should be sought where appropriate. All information and opinions expressed are subject to change without notice.


The Portal is only for professional investors  and such other investors whose access to and use of this Site has been approved by Nomura and will not be inconsistent with applicable law or regulations applicable to Nomura in the relevant jurisdiction.  Other investors should not access or use the Portal.


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 Portal. You should use your own judgment when evaluating information through the Portal and should not rely on the Portal or information received through it when making investment decisions.  The information and facilities accessible through the Portal are not tailored for your specific needs.


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.


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You may not access the Portal unless you are permitted to do so under the laws and regulations applicable in your location. The Portal is not directed at any person in any jurisdiction where for any reason the publication or availability of the Portal 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.


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.


Please read the additional notices on pages relating to research on the Portal. You are referred to the disclosure information on companies covered by Nomura analysts available at under the "Disclosure" tab. Please contact us if you require more information on this disclosure information. Nomura produces a number of different types of research product including, amongst others, fundamental analysis, quantitative analysis and short term trading ideas; recommendations contained in one type of research product may differ from recommendations contained in other types of research product, whether as a result of differing time horizons, methodologies or otherwise; it is possible that individual employees of Nomura may have different perspectives to research publications on the Portal.


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 Portal, unless the relevant part of the Portal explicitly permits you to do so. You must comply with additional notices posted on the Portal.Additionally, you may not offer any part of the contents of the Portal 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 Portal available as part of another site, whether by hyperlink framing on the Internet or otherwise. The Portal and the information contained therein may not be used to construct a database of any kind. Nor may the Portal 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 Portal. "Nomura", "Nomura Now", "TradeSpex", "ModelEx" and other product names accessed on this portal are trade marks of Nomura.


Any valuations and other data accessed through the Portal 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.


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