USD/CNY fix model

Research evidence excerpt

USD/CNY fix model

Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered with

the Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are

generally engaged in the trading of swaps and other derivative products, any of which may be the subject of this report.

ADDITIONAL DISCLOSURES REQUIRED IN THE U.S.

Principal Trading: Nomura Securities International, Inc and its affiliates will usually trade as principal in the fixed income securities (or in related

derivatives) that are the subject of this research report. Analyst Interactions with other Nomura Securities International, Inc. Personnel: The fixed

income research analysts of Nomura Securities International, Inc and its affiliates regularly interact with sales and trading desk personnel in

connection with obtaining liquidity and pricing information for their respective coverage universe.

Valuation methodology - Fixed Income

Nomura’s Fixed Income Strategists express views on the price of securities and financial markets by providing trade recommendations. These

can be relative value recommendations, directional trade recommendations, asset allocation recommendations, or a mixture of all three.

The analysis which is embedded in a trade recommendation would include, but not be limited to:

• Fundamental analysis regarding whether a security’s price deviates from its underlying macro- or micro-economic fundamentals.

• Quantitative analysis of price variations.

• Technical factors such as regulatory changes, changes to risk appetite in the market, unexpected rating actions, primary market activity and

supply/ demand considerations.

The timeframe for a trade recommendation is variable.