Nomura Asset Management

For institutional investors and investment professionals only.

For recipients in the United States, Nomura Asset Management, unless otherwise stated, refers to the Nomura Asset Management International business, which includes the entities outlined in the following disclosure. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (NIMBT) (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers (NIMA), Nomura Investments Fund Advisers, Delaware Capital Management (DCM), and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Institutional investment management is provided by the NIMA series of NIMBT. NIMBT is a US SEC-registered investment advisor. Separately managed account advisory services are provided by the DCM series of NIMBT. To the maximum extent permitted by law, none of the entities under the marketing name Nomura Asset Management nor any other member of Nomura Holdings, Inc. nor their directors, employees or agents accept any liability for any loss arising from the use of this webpage, its contents or otherwise arising in connection with it.

For recipients in the European Economic Area, this webpage is a financial promotion distributed by Nomura Investment Management Europe S.A. (NIME S.A.) to Professional Clients or Eligible Counterparties defined in the Markets in Financial Instruments Directive 2014/65/EU. NIME S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier. NIME SA is incorporated and registered in Luxembourg (Company No. B62793). The registered office of NIME SA is 10A Boulevard Joseph II, L-1840 Luxembourg.

For recipients in the United Kingdom, this website is a financial promotion distributed by Nomura Asset Management U.K. Limited (“NAM UK”). NAM UK is authorised and regulated by the Financial Conduct Authority (FRN: 122703). NAM UK is incorporated and registered in England and Wales (Company No. 01859421). The registered office of NAM UK is One Angel Lane, London EC4R 3AB. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management, and Delaware Management company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Under certain circumstances, investment advisory services are also provided by NAM UK, which is a Nomura Group company.

For recipients in Australia, this material has been prepared by Nomura Asset Management and is distributed in Australia by Nomura Asset Management Australia Pty Limited (“NAMA”), which is regulated by the Australian Securities & Investments Commission and the holder of an Australian financial services licence no. 426427. This document is intended only for wholesale clients (as that term is defined in the Corporations Act 2001). and been prepared for the purpose of giving general information. This document is not intended as a solicitation or recommendation with respect to the purchase or sale of any particular investment. The information contained in this document has not been approved or reviewed by any regulatory authority in Australia. It is provided to you on a strictly confidential basis and must not be disclosed to any other party without NAMA's prior written consent. If you are not the intended recipient you are not authorised to use this information in any way.

For certain APAC recipients, Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management, and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Under certain circumstances, investment advisory services are also provided by Nomura Asset Management Australia Pty Limited, which is a Nomura Group company.

The views expressed represent the investment teams' as of the date indicated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.

For recipients in Korea, this material has been prepared by Nomura Asset Management for general information purposes only and is not intended as a solicitation or recommendation with respect to any securities or other financial product. The information contained in this document has not been approved or reviewed by any regulatory authority. It is provided to you on a strictly confidential basis and must not be disclosed to any other party without the prior written consent of Nomura Asset Management. If you are not the intended recipient you are not authorised to use this information in any way.

The below refers to affiliates under Nomura Asset Management International. For recipients in Singapore, this material has been prepared by Nomura Asset Management and is provided to you by Nomura Asset Management Singapore Limited (“NAMS”). We hereby notify you that NAMS is exempt from complying with certain requirements under the Financial Advisers Act 2001 of Singapore (the “FAA”) and the relevant FAA regulations, notices and guidelines issued by the Monetary Authority of Singapore (“MAS”) in respect of any financial advisory services which we may provide to you, as you are classified as a certain class of investor under the relevant laws and regulations in Singapore. This document is not providing financial advice, fund management services, or offering financial products.

By accessing this material in Singapore, you represent to NAMS that you are an institutional investor or accredited investor (as defined by the Securities and Futures Act 2001) (the “SFA”), or representative of one and that neither you nor the entity you represent will directly or indirectly disseminate the information in this material to other categories of investors. If you are an accredited investor, please be informed that in our dealings with you, we are relying on certain exemptions to the FAA - (1) the exemption in Regulation 33 of the Financial Advisers Regulations (“FAR”), which exempt us from complying with Section 34 of the FAA on obligation to disclose product information to clients; (2) the exemption in Regulation 34 of the FAR, which exempts us from complying with Section 36 of the FAA on recommendations by financial advisors; and (3) the exemption set out in Regulation 35 of the FAR, which exempts us from complying with Section 45 of the FAA on disclosure of certain interests in securities.

Future results are impossible to predict. This webpage contains opinions, conclusions, estimates and other forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated in such forward-looking statements. Past performance is not a reliable indicator of future performance. Investing involves risk including the possible loss of principal.

This webpage does not contain all the information necessary to fully evaluate any investment program, and reliance should not be placed on the contents of this webpage. Any decision with respect to any investment program referred to herein should be made based solely upon appropriate due diligence by the prospective investor. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful.

No representation or warranty, express or implied, is made as to the accuracy or completeness of the information, opinions and conclusions contained in this webpage. In preparing this webpage, reliance has been placed, without independent verification, on the accuracy and completeness of all information available from external sources.

To the maximum extent permitted by law, none of the entities under Nomura Investment Management nor any other member of the Nomura Group nor their directors, employees or agents accept any liability for any loss arising from the use of this webpage, its contents or otherwise arising in connection with it.

Nomura Group, its employees and officers may act in different, potentially conflicting, roles in providing the financial services referred to in this webpage webpage. The Nomura Group entities may from time to time act as trustee, administrator, registrar, custodian, investment manager or investment advisor, representative or otherwise for a product or may be otherwise involved in or with, other products and clients which have similar investment objectives to those of the products described herein. Due to the conflicting nature of these roles, the interests of Nomura Group may from time to time be inconsistent with the Interests of investors. Nomura Group entities may receive remuneration as a result of acting in these roles. Nomura Group has conflict of interest policies which aim to manage conflicts of interest.

All third-party marks cited are the property of their respective owners.

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