Takeaways from CEO/CFO meeting

Research evidence excerpt

Takeaways from CEO/CFO meeting

outperform the Benchmark over the next 12 months. A rating of 'Neutral',

indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of 'Reduce', indicates that

the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of 'Suspended', indicates that the rating, target

price and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies

that are labelled as 'Not rated' or shown as 'No rating' are not in regular research coverage. Investors should not expect continuing or

additional information from Nomura relating to such securities and/or companies. Benchmarks are as follows: United States/Europe/Asia ex-

Japan: please see valuation methodologies for explanations of relevant benchmarks for stocks, which can be accessed at:

http://go.nomuranow.com/research/m/Disclosures; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia, unless otherwise

stated in the valuation methodology; Japan: Russell/Nomura Large Cap.

SECTORS

A 'Bullish' stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months. A 'Neutral' stance,

indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months. A 'Bearish' stance, indicates that

the analyst expects the sector to underperform the Benchmark during the next 12 months. Sectors that are labelled as 'Not rated' or shown as

'N/A' are not assigned ratings. Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX 600; Global Emerging

Markets (ex-Asia): MSCI Emerging Markets ex-Asia. Japan/Asia ex-Japan: Sector ratings are not assigned.