Nomura Japan Equity Beta Select Indices

Global Markets Research
17 June 2022

EQUITY: EQUITY QUANTITATIVE RESEARCH (INDEX)

Index rulebook

Research Analysts
Japan index products
Index Operations Dept. - NSC
idx_mgr@jp.nomura.com

Nomura Japan Equity Beta Select Indices
Nomura Japan Equity Beta Select Indices refer to the following two indices drawn from a
universe of all common stocks listed on Japanese stock exchanges: the Nomura Japan
Equity High Beta Select 30 and the Nomura Japan Equity Low Beta Select 50, which
comprise the top 30 and the bottom 50 stocks respectively in terms of a quantitative
indicator based on beta (sensitivity) versus Japanese equity market returns and USD/JPY
returns. These indices are weighted by free float–adjusted market capitalization (individual
stock weights are capped at 5%).
Index characteristics• The Nomura Japan Equity High Beta Select 30 comprises the top 30 stocks in termsof a quantitative indicator based on three scores that show market correlation (market
beta, forex beta, momentum).
• The Nomura Japan Equity Low Beta Select 50 comprises the bottom 50 stocks interms of a quantitative indicator based on three scores that show market correlation(market beta, forex beta, stock-specific risk).
• Indices are reconfigured twice a year, as a general rule.
• While the indices are weighted by market cap, individual stock weights are capped at
5% to prevent the indices from being excessively weighted toward large caps.
• To take investability into account, we also screen for free float–adjusted market cap
and average daily turnover.

Primary change: Added further details to Section 5. Data publication services

Production Complete: 2022-06-17 07:11 UTC

See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts.

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Table of contents
1. Periodic reconfigurations
1.1. Periodic reconfiguration date
1.2. Periodic reconfiguration base date
1.3. Announcement of periodic reconfiguration data
2. Stock selection and index construction method
2.1. Stock selection universe
2.2. Composite score calculation method
2.3. Selection method for index constituents
2.4. Weighting of constituent stocks
3. Unscheduled reconfigurations
3.1. Response to stock swaps, stock transfers, mergers, etc[9]3.2. Removal of stocks
4. Index calculation
4.1. Index calculation method
4.2. Adjusting base market capitalization
4.3. Index maintenance
5. Data publication services
Policies with regard to Nomura Securities Co., Ltd. (NSC)’s indices
Appendix A-1

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1. Periodic reconfigurations
1.1. Periodic reconfiguration date
Periodic reconfigurations take place twice a year, on the first business day of June andthe first business day of December, and the reconfigurations are carried out after theclose of trading on the business day preceding the periodic reconfiguration date.

1.2. Periodic reconfiguration base date
The reconfiguration base date is the fifth business day of the month preceding theperiodic reconfiguration date. Constituent stocks and the number of shares in eachconstituent stock to be included in the index following its periodic reconfiguration aredetermined on the basis of calculations using data as of the reconfiguration base date.

1.3. Announcement of periodic reconfiguration data
As a general rule, an announcement will appear on our website 10 business days before
a periodic reconfiguration around 16:00 (JST), except in cases of unforeseen
circumstances or when information cannot be confirmed.

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2. Stock selection and index construction
method
2.1. Stock selection universe
The stock selection universe includes the top 98% of all stocks listed on Japanese stock
exchanges[1] in terms of free float–adjusted market cap as of 15 October in the year
before the periodic reconfiguration base date (or the business day before this if 15
October is a non-business day; this is called the stock selection universe fixing date), outof all stocks listed on Japanese stock exchanges as of the end of March in the year
before the periodic reconfiguration base date in December. The stock selection universe
also includes newly merged stocks and those in approximately the top 85% in terms of
free float–adjusted market cap out of the stocks[2] that were listed in or after April andbefore the last day of the month three months prior to the periodic reconfiguration basedate. Stocks that meet the following criteria as of the reconfiguration base date areexcluded.
• Equities other than common stock
As a general rule, only common stock is included in the stock selection universe.
However, exceptions to this rule will be made if necessary.
• Stocks assigned for delisting
Stocks assigned for delisting are not included in the universe.
• Stocks under supervision (examination) and stocks under supervision(confirmation)
Stocks under supervision (examination) and stocks under supervision (confirmation) thatare not part of the index composition immediately prior to regularly scheduledreconfigurations are not included in the universe.
• TOB target companies[3]Stocks that are the targets of tender offers (ie, TOBs) may be excluded from the universeof stock selection only if all of the following requirements are met:
(1) the company conducting the tender offer plans to acquire all the outstanding shares inthe target company; and(2) the company conducting the tender offer is planning to acquire all of the stock of thetarget company in exchange either for money or its own stock, and the target company
agrees to the offer.
• Listed investment trusts/REITs• Foreign stocks
Stocks listed on foreign sections of Japanese exchanges or stocks regarded as overseas
companies are excluded, even if these stocks are traded in the Japanese market.
• Others
Latent stock, warrants, and rights on them are excluded. The Bank of Japan is also
excluded.

1.
2.
3.

Tokyo Stock Exchange (Prime Market, Standard Market, Growth Market, TOKYO PRO Market), Nagoya
Stock Exchange, Sapporo Securities Exchange, and Fukuoka Stock Exchange.
This applies to stocks listed between April and the end of September for the December reconfiguration andto stocks listed between the previous April and the end of March for the June reconfiguration.
This rule applies from the December 2016 periodic reconstitution.

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2.2. Composite score calculation method
Index constituents are selected on the basis of the value of a quantitative indicator (thecomposite score) that reflects beta (sensitivity) versus Japanese equity market returns
and USD/JPY returns. The procedure set out below is used to calculate the composite
score.
Composite score calculation procedure
1. For the stocks included in the composite score calculation universe (2.2.1), fourscores (2.2.3) are calculated on the basis of data covering a specified historical period(2.2.2) as of the periodic reconfiguration base date.
2. For each of these four scores, a standardized score (2.2.3) is calculated by adjusting
the scores so that the average for the composite score calculation universe is zeroand the standard deviation is one.
3. The composite score (2.2.4) is calculated by taking the average of the standardized
scores.
2.2.1. Composite score calculation universe
Using data as of the periodic index reconfiguration base date, stocks within the stock
selection universe (2.1) that meet the following market cap and liquidity criteria are eligible
for inclusion in the composite score calculation universe.
Market cap and liquidity criteria• Top 85% of the stock selection universe in terms of free float–adjusted market cap• Top 500 stocks in terms of average daily turnover over the past 60 days
2.2.2. Data used for composite score calculation
Macroeconomic data (market return, USD/JPY return) and share price return data for
individual stocks available as of the periodic reconfiguration base date are used to
calculate the composite score.
• Market return
Average monthly return on the stock selection universe, weighted by free float–adjusted
market cap[4]• USD/JPY return
Average monthly return on the USD/JPY middle rate as announced by the BOJ• Share price return on individual stocks
Monthly return on individual stocks

4.

Monthly returns on individual stocks are calculated using the month-end Nomura composite share price (seebelow). Same hereafter.

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2.2.3. Composite score calculation method
The following four scores are calculated for each stock using data covering a specified
historical period as of the periodic reconfiguration base date. For each of these fourscores, a standardized score is calculated by adjusting the scores so that the average forthe composite score calculation universe is zero and the standard deviation is one.
• Market beta
The market beta score is the regression coefficient obtained through a linear regression of
the monthly share price return on the individual stock versus the monthly market return
over the 60 months preceding the periodic reconfiguration base date. When less than 12
months' worth of historical data is available, this is treated as a case in which data is notavailable[5] , but when 12 months or more of historical data is available all usable data is
used.
• Forex beta
The forex beta score is the regression coefficient obtained through a linear regression of
the monthly share price return on the individual stock versus the monthly USD/JPY return
over the 60 months preceding the periodic reconfiguration base date. When less than 12
months' worth of historical data is available, this is treated as a case in which data is notavailable, but when 12 months or more of historical data is available all usable data isused.
• Momentum
The momentum score is the intercept in a linear regression of the monthly share pricereturn on the individual stock versus the monthly market return over the 11 months
preceding the periodic reconfiguration base date. When less than 11 months' worth ofhistorical data is available, this is treated as a case in which data is not available.
• Stock-specific risk
The stock-specific risk score is the standard deviation of the residual in a linear regressionof the monthly share price return on the individual stock versus the monthly market return
over the 60 months preceding the periodic reconfiguration base date. When less than 12
months' worth of historical data is available, this is treated as a case in which data is notavailable, but when 12 months or more of historical data is available all usable data isused.
Linear regression method
For each individual stock, the value of the regression coefficient and intercept arecalculated using the least sum of squares method, where the sum of the squares of theresiduals in the linear regression set out below is minimized. The dependent variable in
the linear regression is the monthly share price return on the individual stock and the
independent variable is macroeconomic data (monthly market return or monthly USD/JPY
return).

5.

See 2.2.4 for treatment when data is not available.

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Calculation of standardized score
The following method is used to calculate a standardized score for each of the four scores
set out above[6] . When data is not available for a particular stock, the standardized score
for the stock is also treated as not available and this is not included in the calculation of
the average and standard deviation for the composite score calculation universe.

2.2.4. Calculation of composite score
For the Nomura Japan Equity High Beta Select 30, a standardized score is calculated forthree of the four scores set out in 2.2.3—market beta, forex beta, and momentum—andthe average of these three standardized scores is treated as the composite score for the
purpose of selecting the 30 stocks for the index. For the Nomura Japan Equity Low Beta
Select 50, a standardized score is calculated based on three of the four scores set out in
2.2.3—market beta, forex beta, and stock-specific risk—and the average of these threestandardized scores is treated as the composite score for the purpose of selecting the 50
stocks for the index. When calculating the average of the standardized scores, if data is
not available the value is taken to be zero.

Fig. 1: Scores used in calculation of composite score

Score

Details

Nomura Japan Equity
High Beta Select 30

Nomura Japan Equity
Low Beta Select 50

Market beta

Market beta over past 60 months○○

Forex beta

USD/JPY beta over past 60 months○○

Momentum

Share price return over past 11 months
adjusted for market beta○-

Stock-specific risk

Standard deviation of share price return overpast 60 months adjusted for market beta-○

Source: Nomura

6.

Adjusted so that standardized scores are between -3 and +3, with standardized scores of more than 3adjusted to 3 and standardized scores of less than -3 adjusted to -3.

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2.3. Selection method for index constituentsIndex constituents are selected using the following method:
1. The stock selection universe (2.1) is selected from all stocks listed on Japanese stock
exchanges.
2. From the stock selection universe, stocks that meet the market cap and liquidity
criteria set out in 2.2.1 are selected for the composite score calculation universe.
3. The Nomura Japan Equity High Beta Select 30 comprises the 30 stocks with thehighest composite scores for the selection of the Nomura Japan Equity High Beta
Select 30, as set out in 2.2.4. The Nomura Japan Equity Low Beta Select 50
comprises the 50 stocks with the lowest composite scores for the selection of the
Nomura Japan Equity Low Beta Select 50, as set out in 2.2.4[7] .

Fig. 2: Index construction method

All Japanese listed stocks

Selection of composite score calculation universe(based on market cap and liquidity criteria)

Selection of stocks on basis of composite score

Index formed based on free float–adjusted market cap weightings(maximum 5%)
Source: Nomura

7.

If the number of stocks selected exceeds the required number (30 stocks in the case of the Nomura Japan
Equity High Beta Select 30 and 50 stocks in the case of the Nomura Japan Equity Low Beta Select 50),
stocks are selected in descending order of their free float–adjusted market cap up to the required number.

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2.4. Weighting of constituent stocks
2.4.1. Constituent stock weight and weight limit
Weights for each constituent stock are calculated using the free float–adjusted market cap[8] as of the reconfiguration base date. The maximum weight for each constituent stock is
5%. The weight of stocks exceeding the limit is allocated among other constituent stocks
in proportion to their free float–adjusted market cap.
2.4.2. Number of shares included in index for each constituent stock and index
inclusion ratio
The number of shares included in the index and the weight for each constituent stock arecalculated using data as of the reconfiguration base date so that the weight is equal to theconstituent stock weight set out in 2.4.1.

i indicates constituent stock number i and Σi indicates the sum of all index constituents.

• Nomura composite share price
The Nomura composite price is the price on the exchange that is judged to have the mostaccurate price for the stock, based on the percentage of days traded and trading volume
over the previous 60 business days. As a general rule, the exchange is selected on adaily basis. The share price is selected according to the following order of precedence:Contract price on selected exchange (see note) > standard price on selected exchange >Nomura composite share price on previous business day
Note: Priority is given to the special quotation price or continuous confirmed quotation priceon the selected exchange if these are available.

8.

Free float–adjusted market cap = number of shares outstanding for index calculation purposes x Nomura
composite share price x (1 - stable shareholding ratio). The stable shareholding ratio (based on the numberof shares considered to be held on a stable basis) is estimated based on major shareholder data,declarations of marketable securities holdings contained in securities filings, and public information such ascompany prospectuses and stock exchange releases. The number of shares outstanding for index
calculation purposes refers to the number of shares outstanding after reflecting changes in the number ofshares in line with the timing of changes in capital structure as set out in 4.2. Adjusting base market
capitalization.

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3. Unscheduled reconfigurations
3.1. Response to stock swaps, stock transfers, mergers, etc[9]Temporary exclusions of stocks from the index are avoided and the consistency of thestocks included in the index is maintained, based on the following rules.
3.1.1. Stock swaps and absorption-type mergers
When a stock is delisted because it is about to become a wholly owned subsidiary or bemerged into another company (hereinafter, merged company), it may be included in theindex after its delisting but is removed from the index on the day of the listing change (oron the following business day if this is a non-business day). Following its delisting, anduntil its removal from the index, the merged company's valuation will be based on themarket value of the company that will become the parent or the surviving company
multiplied by the exchange or merger ratio. Also, the index weighting of the parent
company or surviving company is changed on the day of the listing change (or on thefollowing business day if this is a non-business day) based on the exchange or merger
ratio.
3.1.2. Stock transfers and consolidation mergers
When an unlisted parent company or surviving company in a merger (hereinafter,
surviving company) assumes the operations of another company and becomes listed after
a short period of time, the merged company is removed from the index on the new listingdate of the surviving company (or on the following business day if this is a non-businessday). The price used for the delisted merged company is the price on the day before itsdelisting. Also, the price used for the surviving company is the price on its new listingdate. However, if the surviving company will not be included in the index after periodic
reconfiguration, the merged company is removed from the index on the delisting date.

3.2. Removal of stocks
3.2.1. Designation as securities to be delisted
Stocks designated as securities to be delisted will be removed from the index fourbusiness days later (or on the following business day if this is a non-business day).
However, stocks that are listed on more than one market and not designated for delisting
on one or more of the markets will not be removed.
3.2.2. Delisting
Stocks that are delisted for reasons other than those stated in 3.1. Response to stock
swaps, stock transfers, mergers, etc are removed from the index on the day of theirdelisting.
3.2.3. Marked loss of eligibility for inclusion in stock selection universe
If a constituent stock shows a marked loss of eligibility for inclusion in the stock selection
universe for one of the reasons given in 2.1. Stock selection universe, it may be removed
from the index following an official announcement by the company in question, the stock
exchange, or a government/regulatory agency. However, if that reason ceases to exist
after the stock has been removed from the index, its ineligibility will cease to apply fromthe next periodic reconfiguration.

9.

This rule applies beginning with April 2002 changes in capital structure.

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4. Index calculation
4.1. Index calculation method
4.1.1. Index base date, index base value, index publication start date
The base date for the Nomura Japan Equity High Beta Select 30 and the Nomura Japan
Equity Low Beta Select 50 is 29 December 2000 and the value of the indices on the basedate (base value) is 10,000. Publication of index values will start on 18 January 2017.
4.1.2. Calculation of index market cap(i indicates constituent stock number i and Σi indicates the sum of all index constituents.)

4.1.3. Calculation of index values
To prevent index values from being affected by changes in market capitalization thatare not related to market fluctuations, eg, changes in capital structure and index
constituents, the indices are calculated as follows using base market capitalization[10]. Here, t represents the day in question, and t-1 represents the preceding business day.
Calculation of yen-based index values• Indices excluding dividends• Indices including dividends

Method for reflecting dividends
For the indices including dividends, dividends are reflected in index values on the exdividend date. However, as the value of the dividend has not yet been determined as ofthe ex-dividend date, the stock issuer’s dividend forecast is used (if this is unavailable, theToyo Keizai dividend forecast is used)[11] . In the event that a difference subsequently
arises between the dividend forecast and the actual dividend, the base market
capitalization is adjusted on the last business day of the month of the earnings
announcement (if the earnings announcement is made on the last business day of themonth, the base market capitalization is adjusted on the last business day of the following
month). In addition, if dividend adjustment is required, the base market capitalization isadjusted on the last business day of the month in which this became clear (if the day inwhich this became clear is the last business day of the month, the base market
capitalization is adjusted on the last business day of the following month).

10.

11.

“Adjusted market cap” is calculated as the change in market cap accompanying changes in the capital
structure of component stocks of the index or the change in market cap accompanying changes in thecomponent stocks of the index. “Adjusted total dividends” is calculated as the difference between thedividend forecast and the actual dividend in cases where the dividend forecast differs from the actual
dividend.
This rule applies to accounting periods ending end-December 2011 onward. For periods before this, theactual dividend as of the ex-dividend date is used.

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• Indices based on dividends after tax
Because dividends are subject to taxation, index values based on total dividends after
taking dividend taxation into account are calculated using the following formula. Index
values are calculated using the tax rate for Japanese residents[12] .

Calculation of US dollar-based index values
US dollar-denominated index values are calculated using yen-denominated index values
and the forex rate on the index base date, using the formula below. Index values
excluding dividends and index values including dividends are calculated separately. The
forex rate used is the USD/JPY middle rate announced by the BOJ (at 17:00).

12.

The tax rate for Japanese residents is 15.315% as of January 2017. Total dividends after tax are calculated
by applying the tax rate on the business day before the ex-dividend date. The tax rate is revised on aquarterly basis (in January, April, July, and October).

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4.2. Adjusting base market capitalization
Base market capitalization is adjusted in the following way if there is a change in capital
structure or in index constituent stocks. However, no adjustment is made to base market
capitalization to reflect changes in capital structure that do not involve payment, such as
stock splits, reverse stock splits, and changes in face value, as these do not affect market
cap.

Fig. 3: Timing of adjustments resulting from changes in capital structure

Change in capital structure
Stock transfer, stock swap, merger

Previous day's priceEx-rights date

Not used[13]Stock replacement

Replacement datePrevious day's price

Rights offering

Ex-rights dateIssue price

Gratis allocation of stock acquisitionrightsEx-rights date

Exercise price

Gratis allocation of treasury stock

Ex-rights datePrevious day's price

Public offering

Business day following payment date (listing date ofPrevious day's pricenew shares when settlement is on issuance date)

Capital increase via third-party
placement

Five business days after date of listing change

Previous day's price

Conversion of preferred stock

Last business day of month in which number ofconverted shares becomes known

Previous day's priceCorporate divestiture
replacement (company/division spinoff)

increase

Conversion of CBs
Exercise of stock acquisition rights

Capitalreduction

Other

Share price used

Date of listing change

Stock

CapitalAdjustment date

Last business day of month in which number of newshares for which rights were exercised becomes
Previous day's priceknown

Corporate divestiture(new stock incontinuing company)

Date of listing change

Previous day's price

Retirement of treasury stock

Last business day of month following month oftreasury stock retirement

Previous day's price

Rights offering refusal

Last business day of month in which rights offering
refusal is announced (or last business day ofPrevious day's pricefollowing month if announcement is within fivebusiness days of month-end)

Capital reduction with compensation

Effective date

Other adjustments

Other adjustments to base market capitalization, if
required, are made on the last business day of themonth of the disclosure of the relevant information
Previous day's price(or the last business day of the following month if
the disclosure is made within five business days ofthe month-end)

Previous day's priceSource: Nomura

13.

In the case of a corporate divestiture (company/division spinoff), the base market capitalization is adjusted
for the reduction in capital. The reduction in capital is defined as follows: (1) when the divesting entity does
not announce the value of the divested division or of the shares of the divested (spun-off) company, capitalis reduced by the amount by which the divesting entity’s shareholders' equity is expected to be reduced and(2) when the divesting entity does announce the value of the divested division or of the shares of thedivested (spun-off) company, capital is reduced by the value of the division or the value of the divested
company's shares multiplied by the total number of shares.

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4.3. Index maintenanceConstituent stocks are replaced in periodic and unscheduled reconfigurations and whennecessary for other reasons. In addition, when the following changes in capital structure
result in a change in the number of shares outstanding for index calculation purposes, theindex inclusion ratio is changed so that number of shares in the stock that are included in
the index does not change.
•
•
•
•
•
•
•
•
•
•
•
•

14.

Stock transfer, stock swap, merger[14]Rights offering
Gratis allocation of stock acquisition rights
Public offering
Capital increase via third-party placement
Conversion of preferred shares
Conversion of CBs, exercise of stock acquisition rights
Corporate divestiture (new stock in surviving company)
Retirement of treasury stock
Rights offering refusal
Capital reduction with compensation
Other adjustments

When an index constituent becomes a wholly owned subsidiary (or merged company), the index inclusion
ratio of the parent (or surviving company) is changed so that the total number of shares in the index remains
the same as it was before, taking the exchange ratio (or merger ratio) into account.

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5. Data publication services
Data for the indices can be obtained via the following channels[15] .

Index values will be published in the following media:
Bloomberg: Nomura Japan Equity High Beta Select 30
NMRCJOHB<Index> (yen-denominated index excluding dividends)
NMRCJIHB<Index> (yen-denominated index including dividends)
NMRCNRHB<Index> (yen-denominated index adjusted for tax on dividends (Net Total Return))
Nomura Japan Equity Low Beta Select 50
NMRCJOLB<Index> (yen-denominated index excluding dividends)
NMRCJILB<Index> (yen-denominated index including dividends)
NMRCNRLB<Index> (yen-denominated index adjusted for tax on dividends (Net Total Return))
QUICK:NRIJ@

REUTERS: Nomura Japan Equity High Beta Select 30.NHB30 (yen-denominated index excluding dividends).NHB30TR (yen-denominated index including dividends).NHB30NR (yen-denominated index adjusted for tax on dividends (Net Total Return))
Nomura Japan Equity Low Beta Select 50.NLB50 (yen-denominated index excluding dividends).NLB50TR (yen-denominated index including dividends).NLB50NR (yen-denominated index adjusted for tax on dividends (Net Total Return))
Our website: http://qr.nomura.co.jp/jp/nmbs/index.html (Japanese only)

Contact information
Global Research Division, Financial Engineering & Technology Research CenterIndex Operations Dept.
Email: idx_mgr@jp.nomura.com

The Nomura Japan Equity Beta Select Indices are released by Nomura Securities Co.,
Ltd. (“Nomura”) and their intellectual property and all other rights belong to Nomura.
Nomura does not guarantee the accuracy, completeness, reliability, usefulness,marketability, merchantability or fitness of the index, and takes no responsibility forbusiness activities or services by index users and/or their affiliates involving the use of theindex.
A license agreement with Nomura is required to use the index and access detailed data.
In the case of an unavoidable event such as computer breakdown or natural disaster,
calculation of the indices may be delayed or suspended.
While every effort is made to ensure that the information used in this report and all
published information is based on reliable data, it should be noted that data may bechanged or amended when necessary.

15.

Published data are all for reference only.

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Policies with regard to Nomura Securities
Co., Ltd. (NSC)’s indices
The below index-related policies are published on our website.
See the following link for details:

http://qr.nomuraholdings.com/en/guides/index.html• Index Governance Framework• Conflicts of Interest Policy• Index Calculation Policy• Glossary (Equity)• Complaints Handling Policy

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Appendix A-1
Analyst Certification
I, Index Operations Dept., hereby certify (1) that the views expressed in this Research report accurately reflect my personalviews about any or all of the subject securities or issuers referred to in this Research report, (2) no part of my compensation
was, is or will be directly or indirectly related to the specific recommendations or views expressed in this Research report and (3)no part of my compensation is tied to any specific investment banking transactions performed by Nomura Securities
International, Inc., Nomura International plc or any other Nomura Group company.

Important Disclosures
The lists of issuers that are affiliates or subsidiaries of Nomura Holdings Inc., the parent company of Nomura Securities Co., Ltd., issuers thathave officers who concurrently serve as officers of Nomura Securities Co., Ltd., issuers in which the Nomura Group holds 1% or more of any
class of common equity securities and issuers for which Nomura Securities Co., Ltd. has lead managed a public offering of equity or equity
linked securities in the past 12 months are available at https://www.nomuraholdings.com/report/ . Please contact the Research Production
Operation Dept. of Nomura Securities Co., Ltd. for additional information.

Online availability of research and conflict-of-interest disclosures
Nomura Group research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, Reuters and ThomsonOne.
Important disclosures may be read at http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx or requested
from Nomura Securities International, Inc. If you have any difficulties with the website, please email grpsupport@nomura.com for help.
The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report are
not registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule
2241 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.
Nomura Global Financial Products Inc. (NGFP) Nomura 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.

Distribution of ratings (Nomura Group)
The distribution of all ratings published by Nomura Group Global Equity Research is as follows:
56% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 38% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)
with this rating were supplied material services** by the Nomura Group.
41% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 60% of companies withthis rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the
EEA) with this rating were supplied material services by the Nomura Group
3% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 12% of companies withthis rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the
EEA) with this rating were supplied material services by the Nomura Group.
As at 31 March 2022.
*The Nomura Group as defined in the Disclaimer section at the end of this report.
** As defined by the EU Market Abuse Regulation

Definition of Nomura Group's equity research rating system and sectors
The rating system is a relative system, indicating expected performance 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 statedtarget price, defined as (target price - current price)/current price.

STOCKSA 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 thatthe 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

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additional information from Nomura relating to such securities and/or companies. Benchmarks are as follows: United States/Europe/Asia exJapan: please see valuation methodologies for explanations of relevant benchmarks for stocks, which can be accessed at:
http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx; Global Emerging Markets (ex-Asia): MSCIEmerging Markets ex-Asia, unless otherwise stated in the valuation methodology; Japan: Russell/Nomura Large Cap.

SECTORSA 'Bullish' stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months. A 'Neutral' stance,
indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months. A 'Bearish' stance, indicates thatthe analyst expects the sector to underperform the Benchmark during the next 12 months. Sectors that are labelled as 'Not rated' or shown as'N/A' are not assigned ratings. Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX 600; Global Emerging
Markets (ex-Asia): MSCI Emerging Markets ex-Asia. Japan/Asia ex-Japan: Sector ratings are not assigned.

Target Price
A Target Price, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part the analyst's
estimates for the company's earnings. The achievement of any target price may be impeded by general market and macroeconomic trends, andby other risks related to the company or the market, and may not occur if the company's earnings differ from estimates.

Disclaimers

This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with thecontributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified
elsewhere in this publication. The term "Nomura Group" used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including:(a) Nomura Securities Co., Ltd. ('NSC') Tokyo, Japan, (b) Nomura Financial Products Europe GmbH (‘NFPE’), Germany, (c) Nomura
International plc ('NIplc'), UK, (d) Nomura Securities International, Inc. ('NSI'), New York, US, (e) Nomura International (Hong Kong) Ltd.
(‘NIHK’), Hong Kong, (f) Nomura Financial Investment (Korea) Co., Ltd. (‘NFIK’), Korea (Information on Nomura analysts registered with the
Korea Financial Investment Association ('KOFIA') can be found on the KOFIA Intranet at http://dis.kofia.or.kr, (g) Nomura Singapore Ltd. (‘NSL’),Singapore (Registration number 197201440E, regulated by the Monetary Authority of Singapore) (h) Nomura Australia Ltd. (‘NAL’), Australia(ABN 48 003 032 513), regulated by the Australian Securities and Investment Commission ('ASIC') and holder of an Australian financial services
licence number 246412, (i) Nomura Securities Malaysia Sdn. Bhd. (‘NSM’), Malaysia, (j) NIHK, Taipei Branch (‘NITB’), Taiwan, (k) Nomura
Financial Advisory and Securities (India) Private Limited (‘NFASL’), Mumbai, India (Registered Address: Ceejay House, Level 11, Plot F,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India; Tel: 91 22 4037 4037, Fax: 91 22 4037 4111; CIN No:
U74140MH2007PTC169116, SEBI Registration No. for Stock Broking activities : INZ000255633; SEBI Registration No. for Merchant Banking :INM000011419; SEBI Registration No. for Research: INH000001014. ‘CNS Thailand’ next to an analyst’s name on the front page of a research
report indicates that the analyst is employed by Capital Nomura Securities Public Company Limited (‘CNS’) to provide research assistanceservices to NSL under an agreement between CNS and NSL. ‘NSFSPL’ next to an employee’s name on the front page of a research report
indicates that the individual is employed by Nomura Structured Finance Services Private Limited to provide assistance to certain Nomura
entities under inter-company agreements. 'Verdhana' next to an individual's name on the front page of a research report indicates that theindividual is employed by PT Verdhana Sekuritas Indonesia ('Verdhana') to provide research assistance to NIHK under a research partnershipagreement and neither Verdhana nor such individual is licensed outside of Indonesia. For the avoidance of doubt and for the purpose of
disclosure, Nomura Orient International Securities Co., Ltd (“NOI”), a joint venture amongst Nomura Group, Orient International (Holding) Co.,Ltd and Shanghai Huangpu Investment Holding (Group) Co., Ltd is excluded from the definition of Nomura Group. An individual name printed
next to NOI on the front page of a research report indicates that individual is employed by NOI to provide research assistance to NIHK under aresearch partnership agreement and neither NOI or such individual is licensed outside of Mainland China, PRC.
THIS MATERIAL IS: (I) FOR YOUR PRIVATE INFORMATION, AND WE ARE NOT SOLICITING ANY ACTION BASED UPON IT; (II) NOT TO
BE CONSTRUED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION WHERE
SUCH OFFER OR SOLICITATION WOULD BE ILLEGAL; AND (III) OTHER THAN DISCLOSURES RELATING TO THE NOMURA GROUP,BASED UPON INFORMATION FROM SOURCES THAT WE CONSIDER RELIABLE, BUT HAS NOT BEEN INDEPENDENTLY VERIFIED BY
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Other than disclosures relating to the Nomura Group, the Nomura Group does not warrant, represent or undertake, express or implied, that the
document is fair, accurate, complete, correct, reliable or fit for any particular purpose or merchantable, and to the maximum extent permissible
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any loss howsoever arising from the use, misuse, or distribution of this material or the information contained in this material or otherwise arisingin connection therewith.
Opinions or estimates expressed are current opinions as of the original publication date appearing on this material and the information, including
the opinions and estimates contained herein, are subject to change without notice. The Nomura Group, however, expressly disclaims any
obligation, and therefore is under no duty, to update or revise this document. Any comments or statements made herein are those of theauthor(s) and may differ from views held by other parties within Nomura Group. Clients should consider whether any advice or recommendationin this report is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The Nomura Group
does not provide tax advice.
The Nomura Group, and/or its officers, directors, employees and affiliates, may, 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 otherderivative instruments based thereon, of issuers or securities mentioned herein. The Nomura Group companies may also act as market makeror liquidity provider (within the meaning of applicable regulations in the UK) in the financial instruments of the issuer. Where the activity of18

Nomura | Nomura Japan Equity Beta Select Indices

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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 fromthird parties contained in this material or otherwise arising in connection therewith, and shall not be liable (in negligence or otherwise, and inwhole 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
content in any form is prohibited except with the prior written permission of the related third-party. Third-party content providers do not, express
or implied, guarantee the fairness, accuracy, completeness, correctness, timeliness or availability of any information, including ratings, and are
not in any way responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use
or misuse of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties ofmerchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable (in negligence or otherwise, and inwhole 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 their content, including
ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase hold or sell securities. They do
not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Any MSCI sourced information in this document is the exclusive property of MSCI Inc. (‘MSCI’). Without prior written permission of MSCI, thisinformation and any other MSCI intellectual property may not be duplicated, reproduced, re-disseminated, redistributed or used, in whole or inpart, for any purpose whatsoever, including creating any financial products and any indices. This information is provided on an "as is" basis. The
user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing orcompiling the information hereby expressly disclaim all representations, warranties or undertakings of originality, fairness, accuracy,completeness, correctness, merchantability or fitness for a particular purpose with respect to any of this material or the information contained inthis material or otherwise arising in connection therewith. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any
third party involved in, or related to, computing or compiling the information have any liability (in negligence or otherwise, and in whole or in part)for any damages of any kind. MSCI and the MSCI indexes are services marks of MSCI and its affiliates.
The intellectual property rights and any other rights, in Russell/Nomura Japan Equity Index belong to Nomura Securities Co., Ltd. ("Nomura")and Frank Russell Company ("Russell"). Nomura and Russell do not guarantee fairness, accuracy, completeness, correctness, reliability,
usefulness, marketability, merchantability or fitness of the Index, and do not account for business activities or services that any index user
and/or its affiliates undertakes with the use of the Index.
Investors should consider this document as only a single factor in making their investment decision and, as such, the report should not beviewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision. Nomura Group produces a
number of different types of research product including, among others, fundamental analysis and quantitative analysis; recommendations
contained in one type of research product may differ from recommendations contained in other types of research product, whether as a result ofdiffering time horizons, methodologies or otherwise. The Nomura Group publishes research product in a number of different ways including theposting of product on the Nomura Group portals and/or distribution directly to clients. Different groups of clients may receive different products
and services from the research department depending on their individual requirements.
Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future or
likely performance. Where the information contains an expectation, projection or indication of future performance and business prospects, suchforecasts may not be a reliable indicator of future or likely performance. Moreover, simulations are based on models and simplifying
assumptions which may oversimplify and not reflect the future distribution of returns. Any figure, strategy or index created and published forillustrative purposes within this document is not intended for “use” as a “benchmark” as defined by the European Benchmark Regulation.
Certain securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived
from, the investment.
With respect to Fixed Income Research: Recommendations fall into two categories: tactical, which typically last up to three months; or strategic,
which typically last from 6-12 months. However, trade recommendations may be reviewed at any time as circumstances change. ‘Stop loss’
levels for trades are also provided; which, if hit, closes the trade recommendation automatically. Prices and yields shown in recommendations
are taken at the time of submission for publication and are based on either indicative Bloomberg, Reuters or Nomura prices and yields at thattime. The prices and yields shown are not necessarily those at which the trade recommendation can be implemented.
The securities described herein may not have been registered under the US Securities Act of 1933 (the ‘1933 Act’), and, in such case, may not
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This document has been approved for distribution in the UK as investment research by NIplc. NIplc is authorised by the Prudential Regulation
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This document has been approved for distribution in the European Economic Area as investment research by Nomura Financial Products
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This document has been approved by NIHK, which is regulated by the Hong Kong Securities and Futures Commission, for distribution in Hong
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In Singapore, this document has been distributed by NSL, an exempt financial adviser as defined under the Financial Advisers Act (Chapter110), among other things, and regulated by the Monetary Authority of Singapore. NSL may distribute this document produced by its foreign
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contact NSL in respect of matters arising from, or in connection with, this document. THIS DOCUMENT IS INTENDED FOR GENERALCIRCULATION. IT DOES NOT TAKE INTO ACCOUNT THE SPECIFIC INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR
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THIS DOCUMENT IS SOLELY FOR REFERENCE ONLY. You should independently evaluate the investment risks and are solely responsible
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Disclaimers required in Japan
Credit ratings in the text that are marked with an asterisk (*) are issued by a rating agency not registered under Japan’s Financial Instruments
and Exchange Act (“Unregistered Ratings”). For details on Unregistered Ratings, please contact the Research Production Operation Dept. of
Nomura Securities Co., Ltd.
Investors in the financial products offered by Nomura Securities may incur fees and commissions specific to those products (for example,
transactions involving Japanese equities are subject to a sales commission (all figures on a tax-inclusive basis) of up to 1.43% of the transaction
amount or a commission of ¥2,860 for transactions of ¥200,000 or less, while transactions involving investment trusts are subject to various
fees, such as commissions at the time of purchase and asset management fees, such as commissions at the time of purchase and asset
management fees (trust fees), specific to each investment trust).

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In addition, all products carry the risk of losses owing to price fluctuations or other factors. Fees and risks vary by product. Please thoroughly
read the written materials provided, such as documents delivered before making a contract, listed securities documents, or prospectuses.
Transactions involving Japanese equities (including Japanese REITs, Japanese ETFs, and Japanese ETNs, Japanese Infrastructure Funds)
are subject to a sales commission of up to 1.43% (tax included) of the transaction amount (or a commission of ¥2,860 (tax included) for
transactions of ¥200,000 or less). When Japanese equities are purchased via OTC transactions (including offerings), only the purchase priceshall be paid, with no sales commission charged. However, Nomura Securities may charge a separate fee for OTC transactions, as agreed withthe customer. Japanese equities carry the risk of losses owing to price fluctuations. Japanese REITs carry the risk of losses owing tofluctuations in price and/or earnings of underlying real estate. Japanese ETFs and ETNs carry the risk of losses owing to fluctuations in theunderlying indexes or other benchmarks. Japanese Infrastructure Funds carry out the risk of losses owing to fluctuations in price and/or
earnings of underlying infrastructures.
Transactions involving foreign equities are subject to a domestic sales commission of up to 1.045% (tax included) of the transaction amount(which equals the local transaction amount plus local fees and taxes in the case of a purchase or the local transaction amount minus local fees
and taxes in the case of a sale) (for transaction amounts of ¥750,000 and below, maximum domestic sales commission is ¥7,810 (taxincluded)). Local fees and taxes in foreign financial instruments markets vary by country/territory. When foreign equities are purchased via OTC
transactions (including offerings), only the purchase price shall be paid, with no sales commission charged. However, Nomura Securities may
charge a separate fee for OTC transactions, as agreed with the customer. Foreign equities carry the risk of losses owing to factors such as pricefluctuations and foreign exchange rate fluctuations.
Margin transactions are subject to a sales commission of up to 1.43% (tax included) of the transaction amount (or a commission of ¥2,860 (taxincluded) for transactions of ¥200,000 or less), as well as management fees and rights handling fees. In addition, long margin transactions are
subject to interest on the purchase amount, while short margin transactions are subject to fees for the lending of the shares borrowed. A marginequal to at least 30% of the transaction amount (at least 33% for online transactions) and at least ¥300,000 is required. With margintransactions, an amount up to roughly 3.3x the margin (roughly 3x for online transactions) may be traded. Margin transactions therefore carry
the risk of losses in excess of the margin owing to share price fluctuations. For details, please thoroughly read the written materials provided,such as listed securities documents or documents delivered before making a contract.
Transactions involving convertible bonds are subject to a sales commission of up to 1.10% (tax included) of the transaction amount (or acommission of ¥4,400 (tax included) if this would be less than ¥4,400). When convertible bonds are purchased via OTC transactions (including
offerings), only the purchase price shall be paid, with no sales commission charged. However, Nomura Securities may charge a separate fee for
OTC transactions, as agreed with the customer. Convertible bonds carry the risk of losses owing to factors such as interest rate fluctuations andprice fluctuations in the underlying stock. In addition, convertible bonds denominated in foreign currencies also carry the risk of losses owing tofactors such as foreign exchange rate fluctuations.
When bonds are purchased via public offerings, secondary distributions, or other OTC transactions with Nomura Securities, only the purchaseprice shall be paid, with no sales commission charged. Bonds carry the risk of losses, as prices fluctuate in line with changes in market interest
rates. Bond prices may also fall below the invested principal as a result of such factors as changes in the management and financial
circumstances of the issuer, or changes in third-party valuations of the bond in question. In addition, foreign currency-denominated bonds also
carry the risk of losses owing to factors such as foreign exchange rate fluctuations.
When Japanese government bonds (JGBs) for individual investors are purchased via public offerings, only the purchase price shall be paid, withno sales commission charged. As a rule, JGBs for individual investors may not be sold in the first 12 months after issuance. When JGBs forindividual investors are sold before maturity, an amount calculated via the following formula will be subtracted from the par value of the bondplus accrued interest: (1) for 10-year variable rate bonds, an amount equal to the two preceding coupon payments (before tax) x 0.79685 will be
used, (2) for 5-year and 3-year fixed rate bonds, an amount equal to the two preceding coupon payments (before tax) x 0.79685 will be used.
When inflation-indexed JGBs are purchased via public offerings, secondary distributions (uridashi deals), or other OTC transactions with
Nomura Securities, only the purchase price shall be paid, with no sales commission charged. Inflation-indexed JGBs carry the risk of losses, as
prices fluctuate in line with changes in market interest rates and fluctuations in the nationwide consumer price index. The notional principal of
inflation-indexed JGBs changes in line with the rate of change in nationwide CPI inflation from the time of its issuance. The amount of the
coupon payment is calculated by multiplying the coupon rate by the notional principal at the time of payment. The maturity value is the amountof the notional principal when the issue becomes due. For JI17 and subsequent issues, the maturity value shall not undercut the face amount.
Purchases of investment trusts (and sales of some investment trusts) are subject to a purchase or sales fee of up to 5.5% (tax included) of thetransaction amount. Also, a direct cost that may be incurred when selling investment trusts is a fee of up to 2.0% of the unit price at the time ofredemption. Indirect costs that may be incurred during the course of holding investment trusts include, for domestic investment trusts, an asset
management fee (trust fee) of up to 5.5% (tax included/annualized basis) of the net assets in trust, as well as fees based on investment
performance. Other indirect costs may also be incurred. For foreign investment trusts, indirect fees may be incurred during the course of holding
such as investment company compensation.
Investment trusts invest mainly in securities such as Japanese and foreign equities and bonds, whose prices fluctuate. Investment trust unit
prices fluctuate owing to price fluctuations in the underlying assets and to foreign exchange rate fluctuations. As such, investment trusts carry
the risk of losses. Fees and risks vary by investment trust. Maximum applicable fees are subject to change; please thoroughly read the writtenmaterials provided, such as prospectuses or documents delivered before making a contract.
In interest rate swap transactions and USD/JPY basis swap transactions (“interest rate swap transactions, etc.”), only the agreed transaction
payments shall be made on the settlement dates. Some interest rate swap transactions, etc. may require pledging of margin collateral. In someof these cases, transaction payments may exceed the amount of collateral. There shall be no advance notification of required collateral value or
collateral ratios as they vary depending on the transaction. Interest rate swap transactions, etc. carry the risk of losses owing to fluctuations inmarket prices in the interest rate, currency and other markets, as well as reference indices. Losses incurred as such may exceed the value ofmargin collateral, in which case margin calls may be triggered. In the event that both parties agree to enter a replacement (or termination)transaction, the interest rates received (paid) under the new arrangement may differ from those in the original arrangement, even if terms otherthan the interest rates are identical to those in the original transaction. Risks vary by transaction. Please thoroughly read the written materials

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provided, such as documents delivered before making a contract and disclosure statements.
In OTC transactions of credit default swaps (CDS), no sales commission will be charged. When entering into CDS transactions, the protection
buyer will be required to pledge or entrust an agreed amount of margin collateral. In some of these cases, the transaction payments may exceed
the amount of margin collateral. There shall be no advance notification of required collateral value or collateral ratios as they vary depending on
the financial position of the protection buyer. CDS transactions carry the risk of losses owing to changes in the credit position of some or all of
the referenced entities, and/or fluctuations of the interest rate market. The amount the protection buyer receives in the event that the CDS is
triggered by a credit event may undercut the total amount of premiums that he/she has paid in the course of the transaction. Similarly, theamount the protection seller pays in the event of a credit event may exceed the total amount of premiums that he/she has received in thetransaction. All other conditions being equal, the amount of premiums that the protection buyer pays and that received by the protection seller
shall differ. In principle, CDS transactions will be limited to financial instruments business operators and qualified institutional investors.
Transfers of equities to another securities company via the Japan Securities Depository Center are subject to a transfer fee of up to ¥11,000(tax included) per issue transferred depending on volume. No account fee will be charged for marketable securities or monies deposited.

Nomura Securities Co., Ltd.
Financial instruments firm registered with the Kanto Local Finance Bureau (registration No. 142)
Member associations: Japan Securities Dealers Association; Japan Investment Advisers Association; The Financial Futures Association ofJapan; and Type II Financial Instruments Firms Association.
The Nomura Group manages conflicts with respect to the production of research through its compliance policies and procedures (including, but
not limited to, Conflicts of Interest, Chinese Wall and Confidentiality policies) as well as through the maintenance of Chinese Walls andemployee training.
Additional information regarding the methodologies or models used in the production of any investment recommendations contained
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