Hong Kong Consumer Discretionary 11 October 2016

Nexteer Automotive Group (1316 HK)

Target price: HKD12.70 (from HKD11.50) Share price (11 Oct): HKD10.66 | Up/downside: +19.1%

Robust order backlog in 3Q16 Brian Lam (852) 2532 4341  Robust order backlog provides strong earnings visibility [email protected]  China to be the earnings growth driver; ADAS development on track Kelvin Lau (852) 2848 4467  Raising TP to HKD12.70 on 13x 2016-17E PER; reiterate Buy (1) [email protected]

What's new: Following management’s conference call on Nexteer’s 3Q16 Forecast revisions (%) operational update and positive guidance from its recent NDRs with us, we Year to 31 Dec 16E 17E 18E reaffirm our positive stance on the company as it continues to benefit from: Revenue change - (1.8) (3.4) Net profit change 2.2 1.3 0.5 1) a rising backlog which provides strong earnings visibility, 2) electric Core EPS (FD) change 2.2 1.3 0.5 power steering conversion as a result of strengthening global fuel efficiency Source: Daiwa forecasts standards, and 3) on-track ADAS development. Share price performance

What's the impact: Strong order backlog. Nexteer recorded a total of (HKD) (%) USD26bn worth of orders-to-delivery (more than 6x its full-year revenue) 11.5 135 and orders-to-launch of USD11.8bn as of end-3Q16 (vs. USD10.8bn in 10.3 123 9.0 110 1H16). We believe the large order backlog is providing it with solid earnings 7.8 98 visibility. With an increasing mix of orders for the China market (which has 6.5 85 a shorter lead time of 1.5 years on average versus 2 years for international Oct-15 Jan-16 Apr-16 Jul-16 OEMs), we expect to see faster revenue recognition. NAG (LHS) Relative to HSI (RHS)

Margins to improve and China to be key earnings driver. We expect 12-month range 6.88-11.44 margin improvement in 2016-18 due mainly to: 1) the continued conversion Market cap (USDbn) 3.43 to higher-margin electric steering products (accounting for 70% of the 3m avg daily turnover (USDm) 7.64 Shares outstanding (m) 2,500 backlog in 3Q16), and 2) continued improvement in operating efficiencies. Major shareholder Pacific Century Motor (67.0%) Management expects China sales to remain strong in 2H16, and continue growth momentum in 2017 on increased penetration in China. Nexteer also Financial summary (USD) plans to expand in the Mexico and India markets, and launch a new value- Year to 31 Dec 16E 17E 18E added product (cyber security solution) in 2018. Revenue (m) 3,810 4,203 4,649 Operating profit (m) 430 482 545 Net profit (m) 292 331 373 ADAS development. Nexteer has been actively involved in ADAS Core EPS (fully-diluted) 0.117 0.132 0.149 development. It hosted a public committee hearing on autonomous driving EPS change (%) 42.1 13.3 12.9 legislation in Michigan and heard testimony from GM, Ford, Nexteer and Daiwa vs Cons. EPS (%) 4.9 4.2 5.1 PER (x) 11.8 10.4 9.2 other industry leaders to provide a framework for autonomous vehicles in Dividend yield (%) 1.7 2.0 2.2 Michigan. Management believes it will remain the dominant steering DPS 0.024 0.027 0.031 supplier in the US. Any announcement of concrete plans of ADAS-related PBR (x) 3.2 2.5 2.1 acquisitions would provide a solid boost to the share price, in our view. EV/EBITDA (x) 6.0 5.0 4.1 ROE (%) 30.6 27.3 24.9

Source: FactSet, Daiwa forecasts What we recommend: We raise our 2016-18E earnings by 1-2% on better margin assumptions. We reiterate our Buy (1) call and raise our 12-month TP to HKD12.70 (from HKD11.50), on a PER of 13x (previous 12x) on our revised average 2016-17E earnings to reflect Nexteer’s leading position and the defensive nature of the steering business. We think Nexteer’s earnings outlook is strong and provides an investment opportunity, as indicated by our earnings CAGR of 13% and ROEs of 25-30% over 2016- 18E. Key risks include slower-than-expected automobile growth.

How we differ: We are more bullish than the market on Nexteer securing more orders in China by leveraging its parent AVIC’s strong network.

See important disclosures, including any required research certifications, beginning on page 5

Nexteer Automotive Group (1316 HK): 11 October 2016

Global auto parts companies: valuation comparison Bloomberg Trading Share Name Code Currency price Rating PER (x) PBR (x) EV/EBITDA(x) Div yield (%) ROE (%) 11-Oct-16 FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E China H-share listed Nexteer Automotive Group Ltd * 1316 HK HKD 10.66 Buy 11.8 10.4 3.2 2.5 6.0 5.0 1.7 2.0 30.6 27.3 Fuyao Glass Industry Group-H 3606 HK HKD 23.60 Outperform 16.2 14.1 2.9 2.6 10.0 8.6 3.7 4.2 18.5 19.5 Minth Group Ltd 425 HK HKD 29.25 NR 17.0 14.2 2.7 2.4 11.9 10.0 2.2 2.7 17.0 18.1 Johnson Electric Holdings ** 179 HK HKD 19.72 NR 11.0 11.1 1.1 1.1 7.5 6.7 2.7 2.8 10.1 10.7 Xinyi Glass Holdings Ltd 868 HK HKD 7.02 NR 9.3 8.1 1.9 1.7 8.7 7.6 5.0 5.8 21.1 21.9 Weichai Power Co Ltd-H 2338 HK HKD 10.86 NR 19.9 16.7 1.1 1.1 6.3 5.8 1.7 2.1 5.7 6.6 China A-share listed Huayu Automotive Systems -A 600741 CH CNY 16.01 NR 9.3 8.6 1.4 1.3 5.2 4.6 5.1 5.5 17.2 15.8 Weifu High-Technology Grp-A 000581 CH CNY 23.76 NR 14.0 12.6 1.8 1.7 30.5 16.9 2.2 2.4 13.9 13.9 Songz Automobile Air Con-A 002454 CH CNY 16.56 NR 18.3 15.5 2.4 2.1 15.0 13.8 0.5 1.0 13.1 13.8 Ningbo Huaxiang Electronic-A 002048 CH CNY 24.46 NR 24.1 19.6 2.9 2.6 9.4 8.0 0.3 0.3 12.8 12.5 Jtekt Corp *, ** 6473 JP JPY 1592.00 Hold 10.7 13.0 1.1 1.2 4.8 5.4 2.6 2.6 10.6 9.5 Nsk Ltd *, ** 6471 JP JPY 1114.00 Hold 9.3 13.7 1.2 1.2 n.a. n.a. 3.1 3.4 13.7 9.7 Ntn Corp *, ** 6472 JP JPY 381.00 Hold 13.2 13.0 0.8 0.8 5.3 6.3 2.6 3.1 6.4 6.8 Corp *, ** 6902 JP JPY 4292.00 Outperform 13.4 15.3 1.0 1.1 5.1 5.5 2.8 2.8 7.6 6.9 Aisin Seiki Co Ltd *, ** 7259 JP JPY 4785.00 Outperform 14.5 14.1 1.1 1.2 5.1 4.8 2.1 2.1 8.0 8.1 Industries Corp *, ** 6201 JP JPY 4975.00 Hold 8.1 13.0 0.6 0.8 10.0 10.0 2.5 2.4 7.7 5.9 Asahi Glass Co Ltd * 5201 JP JPY 665.00 Hold 22.1 17.1 0.8 0.8 5.4 5.1 2.7 2.7 3.4 4.8 Central Glass Co Ltd ** 4044 JP JPY 405.00 NR 8.1 9.0 0.5 0.5 5.1 5.2 2.5 2.7 6.5 5.8 Co Ltd *, ** 5202 JP JPY 844.00 Outperform n.a. 15.7 0.6 1.0 6.7 6.8 n.a n.a n.a 5.5 S.Korea Hyundai Mobis Co Ltd * 012330 KS KRW 274500.00 Hold 8.0 7.6 0.9 0.8 6.1 5.7 1.5 1.7 12.2 11.7 Mando Corp * 204320 KS KRW 263500.00 Buy 13.6 11.5 1.7 1.5 7.2 6.5 1.8 2.0 13.2 14.1 Hyundai Wia Corp * 011210 KS KRW 85600.00 Outperform 8.4 6.2 0.7 0.6 4.6 3.9 1.4 1.5 8.3 10.4 Hanon Systems * 018880 KS KRW 12150.00 NR 22.5 18.4 3.4 3.0 11.2 9.9 1.8 2.0 15.9 18.0 Halla Holdings Corp 060980 KS KRW 67300.00 NR 9.4 8.3 0.7 0.7 7.7 6.7 1.7 1.8 8.1 8.3 US Dana Holding Corp DAN US USD 15.40 NR 9.0 8.0 3.1 2.6 4.8 4.6 1.6 1.6 32.1 32.7 Johnson Controls Inc *** JCI US USD 44.74 NR 16.2 15.4 2.5 2.7 13.0 9.4 2.5 2.4 25.1 21.4 Delphi Automotive Plc * DLPH US USD 69.96 Outperform 11.7 10.5 6.2 4.9 8.1 7.5 1.7 1.7 59.6 49.6 Autoliv Inc * ALV US USD 104.63 Hold 15.7 14.4 2.5 2.3 8.0 7.3 2.3 2.4 15.9 16.1 Visteon Corp VC US USD 70.72 NR 15.9 15.0 3.6 2.9 6.4 5.9 n.a n.a 16.9 19.2 BorgWarner Inc BWA US USD 36.10 NR 11.1 10.1 2.1 1.8 6.6 6.3 1.4 1.5 19.0 18.6 Others Motherson Sumi Systems Ltd ** MSS IN INR 331.45 NR 34.2 27.0 10.4 7.9 14.2 11.9 1.0 1.1 33.1 32.5 Tong Yang Industry * 1319 TT TWD 73.90 Buy 18.0 15.2 2.2 2.0 9.5 8.8 2.6 3.1 12.4 13.7 Continental AG CON GR EUR 182.00 NR 11.7 10.9 2.4 2.1 6.3 6.0 2.4 2.6 21.7 19.6 Valeo Sa FR FP EUR 52.83 NR 14.4 12.6 3.1 2.6 6.6 5.9 2.2 2.4 22.4 22.1 Compagnie De Saint Gobain SGO FP EUR 38.59 NR 16.1 13.9 1.1 1.1 7.1 6.6 3.2 3.3 7.1 8.1 Magna International Inc MG CN CAD 56.10 NR 8.2 7.2 1.4 1.2 5.4 5.0 2.4 2.5 21.7 21.0 Total Weighted average 13.5 12.9 2.2 2.0 7.8 6.9 2.4 2.5 18.3 16.9 High 34.2 27.0 10.4 7.9 30.5 16.9 5.1 5.8 59.6 49.6 Low 8.0 6.2 0.5 0.5 4.6 3.9 0.3 0.3 3.4 4.8 Median 13.4 13.0 1.8 1.6 6.7 6.5 2.3 2.4 13.7 13.8 Source: Bloomberg, *Daiwa forecasts Note: **Mar year-end, *** Sep year-end Pricing as at 11-Oct-16, except for Europe and US stocks (10-Sep-16)

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Nexteer Automotive Group (1316 HK): 11 October 2016

Financial summary Key assumptions Year to 31 Dec 2011 2012 2013 2014 2015 2016E 2017E 2018E Revenue growth (%) - U.S. 13.3 4.5 10.4 20.3 8.6 13.0 7.0 7.0 Revenue growth (%) - China 14.3 8.2 43.6 78.8 56.5 20.0 20.0 20.0 EBITDAR margin (%) - U.S. 4.6 4.7 10.9 11.4 15.2 16.0 16.0 16.0 EBITDAR margin (%) - China (2.5) 11.0 8.6 15.5 14.7 17.0 17.5 18.0

Profit and loss (USDm) Year to 31 Dec 2011 2012 2013 2014 2015 2016E 2017E 2018E North America 1,470 1,536 1,697 2,042 2,217 2,505 2,680 2,868 China 168 182 262 468 733 879 1,055 1,266 Other Revenue 609 449 428 468 411 425 468 514 Total Revenue 2,248 2,168 2,387 2,978 3,361 3,810 4,203 4,649 Other income 9 (3) (2) (5) (15) 0 0 0 COGS (1,970) (1,896) (2,047) (2,558) (2,816) (3,138) (3,441) (3,785) SG&A (197) (180) (163) (178) (214) (242) (280) (319) Other op.expenses 0 0 0 0 0 0 0 0 Operating profit 90 89 175 238 316 430 482 545 Net-interest inc./(exp.) (16) (22) (22) (22) (31) (28) (27) (31) Assoc/forex/extraord./others (1) (5) (2) (1) (1) (1) (1) (2) Pre-tax profit 73 62 151 215 283 400 453 512 Tax (5) (4) (40) (51) (73) (104) (118) (133) Min. int./pref. div./others (1) (2) (2) (2) (5) (4) (5) (6) Net profit (reported) 67 57 109 161 205 292 331 373 Net profit (adjusted) 67 57 109 161 205 292 331 373 EPS (reported)(USD) 66.686 57.096 0.058 0.065 0.082 0.117 0.132 0.149 EPS (adjusted)(USD) 66.686 57.096 0.058 0.065 0.082 0.117 0.132 0.149 EPS (adjusted fully-diluted)(USD) 66.686 57.096 0.058 0.065 0.082 0.117 0.132 0.149 DPS (USD) 33.600 0.000 0.009 0.013 0.017 0.024 0.027 0.031 EBIT 90 89 175 238 316 430 482 545 EBITDA 144 146 248 356 458 584 660 749

Cash flow (USDm) Year to 31 Dec 2011 2012 2013 2014 2015 2016E 2017E 2018E Profit before tax 73 62 151 215 283 400 453 512 Depreciation and amortisation 54 58 74 119 142 155 178 204 Tax paid (8) (6) (7) (51) 0 (104) (118) (133) Change in working capital (39) (8) (27) (109) 64 (32) (26) (29) Other operational CF items 17 54 32 78 (15) 32 32 37 Cash flow from operations 98 160 223 251 475 451 520 591 Capex (137) (276) (287) (279) (270) (230) (238) (245) Net (acquisitions)/disposals 3 4 13 0 0 8 10 11 Other investing CF items 1 (0) (4) 3 (6) 0 0 0 Cash flow from investing (133) (273) (277) (276) (276) (222) (228) (234) Change in debt 15 133 47 (107) (140) 0 0 0 Net share issues/(repurchases) 0 0 295 0 0 0 0 0 Dividends paid 0 0 0 (22) 0 (42) (60) (68) Other financing CF items (15) (34) (38) 219 (22) (22) (31) (36) Cash flow from financing 0 99 305 91 (162) (64) (90) (103) Forex effect/others 0 0 0 0 0 0 0 0 Change in cash (35) (14) 250 66 37 165 201 253 Free cash flow (39) (116) (65) (28) 205 221 282 346 Source: FactSet, Daiwa forecasts

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Nexteer Automotive Group (1316 HK): 11 October 2016

Financial summary continued … Balance sheet (USDm) As at 31 Dec 2011 2012 2013 2014 2015 2016E 2017E 2018E Cash & short-term investment 78 64 314 380 417 582 783 1,036 Inventory 157 174 185 226 254 283 310 341 Accounts receivable 316 324 364 525 570 646 713 788 Other current assets 45 65 76 94 95 108 119 132 Total current assets 596 628 939 1,226 1,336 1,619 1,925 2,297 Fixed assets 290 434 563 626 685 713 735 748 Goodwill & intangibles 76 180 272 345 408 435 459 472 Other non-current assets 12 17 31 46 27 30 33 36 Total assets 973 1,259 1,805 2,242 2,457 2,797 3,152 3,553 Short-term debt 405 99 130 97 81 81 81 81 Accounts payable 260 296 336 439 559 623 683 751 Other current liabilities 103 112 125 146 167 189 209 230 Total current liabilities 767 507 592 682 807 893 973 1,063 Long-term debt 2 442 458 634 561 561 561 561 Other non-current liabilities 82 118 165 218 235 235 235 235 Total liabilities 850 1,067 1,214 1,534 1,602 1,688 1,768 1,858 Share capital 111 171 568 684 827 827 827 827 Reserves/R.E./others 0 0 0 0 0 250 520 826 Shareholders' equity 111 171 568 684 827 1,077 1,348 1,653 Minority interests 12 21 23 24 27 31 36 42 Total equity & liabilities 973 1,259 1,805 2,242 2,457 2,797 3,152 3,553 EV 3,776 3,933 3,733 3,805 3,678 3,514 3,315 3,064 Net debt/(cash) 328 477 274 351 225 60 (141) (394) BVPS (USD) 110.828 170.931 0.227 0.274 0.331 0.431 0.539 0.661

Key ratios (%) Year to 31 Dec 2011 2012 2013 2014 2015 2016E 2017E 2018E Sales (YoY) 9.5 (3.6) 10.1 24.8 12.8 13.4 10.3 10.6 EBITDA (YoY) 154.4 1.7 69.6 43.6 28.5 27.6 13.0 13.4 Operating profit (YoY) 232.5 (1.7) 97.2 36.1 32.8 36.2 12.2 13.0 Net profit (YoY) 608.2 (14.4) 91.2 47.8 27.3 42.0 13.3 12.9 Core EPS (fully-diluted) (YoY) 608.2 (14.4) (99.9) 10.5 27.1 42.1 13.3 12.9 Gross-profit margin 12.4 12.5 14.2 14.1 16.2 17.6 18.1 18.6 EBITDA margin 6.4 6.8 10.4 12.0 13.6 15.3 15.7 16.1 Operating-profit margin 4.0 4.1 7.3 8.0 9.4 11.3 11.5 11.7 Net profit margin 3.0 2.6 4.6 5.4 6.1 7.7 7.9 8.0 ROAE 80.7 40.5 29.6 25.8 27.2 30.6 27.3 24.9 ROAA 7.1 5.1 7.1 8.0 8.7 11.1 11.1 11.1 ROCE 18.1 14.0 18.3 18.2 21.5 26.5 25.5 25.0 ROIC 20.8 14.9 16.7 18.8 21.9 28.3 29.6 31.7 Net debt to equity 296.3 278.8 48.2 51.3 27.2 5.6 net cash net cash Effective tax rate 7.4 5.7 26.7 23.9 25.8 26.0 26.0 26.0 Accounts receivable (days) 50.7 53.9 52.6 54.5 59.5 58.3 59.0 58.9 Current ratio (x) 0.8 1.2 1.6 1.8 1.7 1.8 2.0 2.2 Net interest cover (x) 5.7 4.1 8.0 11.0 10.2 15.1 17.6 17.4 Net dividend payout 50.4 0.0 15.0 20.0 20.5 20.5 20.5 20.5 Free cash flow yield n.a. n.a. n.a. n.a. 6.0 6.4 8.2 10.1 Source: FactSet, Daiwa forecasts

Company profile

Listed on the Hong Kong Stock Exchange in 2013, Nexteer is a leading global steering and driveline manufacturer, solely dedicated to electric and hydraulic steering systems, steering columns and driveline products for original equipment manufacturers. Its customers include General Motors, Fiat, Ford, Toyota, Chrysler and PSA Peugeot Citroen, as well as automakers in India, China and South America.

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Nexteer Automotive Group (1316 HK): 11 October 2016

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Nexteer Automotive Group (1316 HK): 11 October 2016

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United States This report is distributed in the U.S. by Daiwa Capital Markets America Inc. (DCMA). It may not be accurate or complete and should not be relied upon as such. It reflects the preparer’s views at the time of its preparation, but may not reflect events occurring after its preparation; nor does it reflect DCMA’s views at any time. Neither DCMA nor the preparer has any obligation to update this report or to continue to prepare research on this subject. This report is not an offer to sell or the solicitation of any offer to buy securities. Unless this report says otherwise, any recommendation it makes is risky and appropriate only for sophisticated speculative investors able to incur significant losses. Readers should consult their financial advisors to determine whether any such recommendation is consistent with their own investment objectives, financial situation and needs. This report does not recommend to U.S. recipients the use of any of DCMA’s non-U.S. affiliates to effect trades in any security and is not supplied with any understanding that U.S. recipients of this report will direct commission business to such non-U.S. entities. Unless applicable law permits otherwise, non-U.S. customers wishing to effect a transaction in any securities referenced in this material should contact a Daiwa entity in their local jurisdiction. Most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as a process for doing so. As a result, the securities discussed in this report may not be eligible for sales in some jurisdictions. Customers wishing to obtain further information about this report should contact DCMA: Daiwa Capital Markets America Inc., Financial Square, 32 Old Slip, New York, New York 10005 (Tel no. 212-612-7000).

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Investment Banking Relationships For “Investment Banking Relationships” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

DCMA Market Making For “DCMA Market Making” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action.

Research Analyst Conflicts For updates on “Research Analyst Conflicts” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The principal research analysts who prepared this report have no financial interest in securities of the issuers covered in the report, are not (nor are any members of their household) an officer, director or advisory board member of the issuer(s) covered in the report, and are not aware of any material relevant conflict of interest involving the analyst or DCMA, and did not receive any compensation from the issuer during the past 12 months except as noted: no exceptions.

Research Analyst Certification For updates on “Research Analyst Certification” and “Rating System” please visit BlueMatrix disclosure link at https://daiwa3.bluematrix.com/sellside/Disclosures.action. The views about any and all of the subject securities and issuers expressed in this Research Report accurately reflect the personal views of the research analyst(s) primarily responsible for this report (or the views of the firm producing the report if no individual analysts[s] is named on the report); and no part of the compensation of such analyst(s) (or no part of the compensation of the firm if no individual analyst[s)] is named on the report) was, is, or will be directly or indirectly related to the specific recommendations or views contained in this Research Report.

The following explains the rating system in the report as compared to relevant local indices, unless otherwise stated, based on the beliefs of the author of the report. "1": the security could outperform the local index by more than 15% over the next 12 months. "2": the security is expected to outperform the local index by 5-15% over the next 12 months. "3": the security is expected to perform within 5% of the local index (better or worse) over the next 12 months. "4": the security is expected to underperform the local index by 5-15% over the next 12 months. "5": the security could underperform the local index by more than 15% over the next 12 months.

Disclosure of investment ratings Rating Percentage of total Buy* 64.0% Hold** 21.2% Sell*** 14.8% Source: Daiwa Notes: data is for single-branded Daiwa research in Asia (ex Japan) and correct as of 30 September 2016. * comprised of Daiwa’s Buy and Outperform ratings. ** comprised of Daiwa’s Hold ratings. *** comprised of Daiwa’s Underperform and Sell ratings.

Additional information may be available upon request.

Japan - additional notification items pursuant to Article 37 of the Financial Instruments and Exchange Law (This Notification is only applicable where report is distributed by Daiwa Securities Co. Ltd.)

If you decide to enter into a business arrangement with us based on the information described in materials presented along with this document, we ask you to pay close attention to the following items.  In addition to the purchase price of a financial instrument, we will collect a trading commission* for each transaction as agreed beforehand with you. Since commissions may be included in the purchase price or may not be charged for certain transactions, we recommend that you confirm the commission for each transaction.  In some cases, we may also charge a maximum of ¥ 2 million (including tax) per year as a standing proxy fee for our deposit of your securities, if you are a non-resident of Japan.  For derivative and margin transactions etc., we may require collateral or margin requirements in accordance with an agreement made beforehand with you. Ordinarily in such cases, the amount of the transaction will be in excess of the required collateral or margin requirements.  There is a risk that you will incur losses on your transactions due to changes in the market price of financial instruments based on fluctuations in interest rates, exchange rates, stock prices, real estate prices, commodity prices, and others. In addition, depending on the content of the transaction, the loss could exceed the amount of the collateral or margin requirements.  There may be a difference between bid price etc. and ask price etc. of OTC derivatives handled by us.  Before engaging in any trading, please thoroughly confirm accounting and tax treatments regarding your trading in financial instruments with such experts as certified public accountants. *The amount of the trading commission cannot be stated here in advance because it will be determined between our company and you based on current market conditions and the content of each transaction etc.

When making an actual transaction, please be sure to carefully read the materials presented to you prior to the execution of agreement, and to take responsibility for your own decisions regarding the signing of the agreement with us.

Corporate Name: Daiwa Securities Co. Ltd. Financial instruments firm: chief of Kanto Local Finance Bureau (Kin-sho) No.108 Memberships: Japan Securities Dealers Association, The Financial Futures Association of Japan Japan Securities Investment Advisers Association Type II Financial Instruments Firms Association

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