Misses estimates as margin pressure offsets strong execution: Quick Note

Research evidence excerpt

Misses estimates as margin pressure offsets strong execution: Quick Note

, to the extent permitted by applicable law and/or regulation, deal

as principal, agent, or otherwise, or have long or short positions in, or buy or sell, the securities, commodities or instruments, or options or other

derivative instruments based thereon, of issuers or securities mentioned herein. The Nomura Group companies may also act as market maker

or liquidity provider (within the meaning of applicable regulations in the UK) in the financial instruments of the issuer. Where the activity of

market maker is carried out in accordance with the definition given to it by specific laws and regulations of the US or other jurisdictions, this will

be separately disclosed within the specific issuer disclosures.

This document may contain information obtained from third parties, including, but not limited to, ratings from credit ratings agencies such as

Standard & Poor’s. The Nomura Group hereby expressly disclaims all representations, warranties or undertakings of originality, fairness,

accuracy, completeness, correctness, merchantability or fitness for a particular purpose with respect to any of the information obtained from

third parties contained in this material or otherwise arising in connection therewith, and shall not be liable (in negligence or otherwise, and in

whole or in part) for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses,

legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use or misuse of any of the information

obtained from third parties contained in this material or otherwise arising in connection therewith. Reproduction and distribution of third-party