Further business updates on Mi Material Quick Note

Research evidence excerpt

Further business updates on Mi Material Quick Note

mance against a specific benchmark identified for each individual stock,

subject to limited management discretion. An analyst’s target price is an assessment of the current intrinsic fair value of the stock based on an

appropriate valuation methodology determined by the analyst. Valuation methodologies include, but are not limited to, discounted cash flow

analysis, expected return on equity and multiple analysis. Analysts may also indicate expected absolute upside/downside relative to the stated

target price, defined as (target price - current price)/current price.

STOCKS

A rating of 'Buy', indicates that the analyst expects the stock to 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.