The information, tools and material presented in this sales and trading commentary (this "commentary") have been prepared or distributed by individual Sales Trading personnel of Instinet, LLC ("Instinet"). This commentary is not "research" as that term is defined by U.S. securities laws, rules and regulations. This commentary is intended for institutional investors only, and you shall not redistribute or share the information in this commentary with any third party without Instinet's express prior consent. Affiliates of Instinet may receive this commentary simultaneously with Instinet clients.

This commentary is for your information only, and may not to be construed as an offer to sell or a solicitation of an offer to buy any security mentioned herein. Any projections, valuations or statistical analyses are provided to assist the recipient in its independent evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use methodologies that produce different results and, to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance.

Complete copies of any research reports prepared by affiliates of Nomura Holdings, Inc. ("Nomura"), a publicly traded company and affiliate of Instinet, that are referenced, summarized or excerpted in this commentary should be read in conjunction with the full text of the actual report and related disclosures, available at http://www.nomuranow.com/research. These reports may contain dated information and are made available for historical purposes only. Such reports should not be relied upon in substitution for the exercise of independent judgment, are intended for your use only, and may not be transmitted to other parties. Contact your Instinet sales representative at 212-310-9510 if you need any assistance with accessing the reports.

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