#1Presentation at Nomura Investment Forum 2019 Returning to growth Koji Nagai Group CEO Nomura Holdings December 3, 2019 NOMURA Connecting Markets East & West Nomura#2Agenda 1 Business recap 2 3 Progress of business platform realignment Future direction of our business 4 In closing NOMURA 1#3Business recap Net income (loss) attributable to Nomura Holdings shareholders per share¹ Shares outstanding EPS before 2009 capital raise 723 1.97 billion (yen) 88.8 Upper 61.3 Lower 48.8 158.8 92.0 -35.6 NOMURA 2.66 billion 3.72 billion (Mar.09) (Dec.09) 3.82 billion (Jul.11) -366.2 21.6 7.9 3.1 FY02/03 FY03/04 FY04/05 FY05/062 FY06/072 FY07/08 FY08/09 FY09/10 FY10/11 FY11/123 2 Diluted net income (loss) attributable to Nomura Holdings shareholders per share Pretax income of Y55.4bn for the fiscal year ended March 2006 and Y52.8bn for the fiscal year ended March 2007 booked by former Merchant Banking business Nomura Real Estate Holdings included as consolidated subsidiary#4Business recap Net income (loss) attributable to Nomura Holdings shareholders per share¹ Sep 2012 Aug 2014 1.2 Announced mid- term management targets (EPS Y50) Achieved targets 2 years ahead of schedule (yen) 3.1 FY11/12² 28.4 FY12/13 60.0 55.8 FY13/14 Diluted net income (loss) attributable to Nomura Holdings shareholders per share Nomura Real Estate Holdings included as consolidated subsidiary NOMURA Announced long-term management vision for 2020 (Vision C&C) Create organization capable of consistently delivering EPS of Y100 Establish an operating platform capable of delivering sustainable growth under any environment 35.5 65.7 61.9 FY14/152 FY15/16² FY16/17 FY17/18 3#5Sale of shareholdings and winding up of legacy transactions NOMURA Sale of share holdings: Y523bn Feb-Mar 2016 Sale of Chi-X Canada, Chi-X Australia, Chi-X Japan, Chi-X Global Technology (HK) Apr 2017 Sale of Takagi Securities shares Jul 2017 Jul 2019 Partial sale of Nomura Research Institute shares (Y160bn) Feb 2014 Sale of entire JAFCO stake (Y38.7bn) Mar 2018 Sale of stake in Fortress ($363.4mn) Nov 2015 Sale of Mitsui Life Sale of stake in Asahi Fire and Marine Insurance shares Mar 2014 Partial sale of JAFCO Dec 2012 Sale of stake in UK Annington Mar 2013 Partial offering of Nomura Real Estate Holdings shares stake (Y10.8bn) Mar 2014 Partial sale of stake in Daiko Securities (Y1.9bn) 2014 2013 2012 2018 2019 2016 2015 Sep 2015 2017 Settlement with Banca Monte dei Paschi di Siena SpA (approx. Y34bn) Jun 2018 Judgement issued in FHFA litigation case against US subsidiaries (Payment of $806mn) Oct 2018 Settlement with U.S. DoJ over legacy transactions (Penalty of $480mn) Winding up legacy transactions: Y176bn 4#6Proactive approach to shareholder returns NOMURA Shareholder Consolidated dividend payout ratio of 30% return policy Total shareholder return ration incl. share buybacks of at least 50% Outstanding shares: 3.82 billion Policy on holding and retiring treasury stock (Outstanding shares excl. treasury stock: 3.66 billion (as of end-Mar 2012)) ■Net income (loss) attributable to NHI shareholders In principle, retire treasury stock held above 5% of outstanding shares 3.49 billion 3.64 billion (3.23 billion (as of end-Sep 2019)) Dividend amount ■Share buyback amount 194 (billions of yen) 152 132 103 104 11099 115 108 95 101 109 111 89 73 72 78 55 65 49 62 52 30 32 36 32 47 32 57 16 61 10 47 10 22 30 33 36 22 32 39 31 37 10 -6 1. Total dividends Y416.3 billion Total share buybacks1 Total Y469.6 billion Y885.9 billion 140 91 10 10 48 -94 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/ 20 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H Including allocations for stock options LO#7Robust capital base: Control risk assets while raising capital levels NOMURA Tier1 capital ratio, CET1 capital ratio Tier1 capital (trillions of yen)▪ CET1 Capital Other Tier1 Capital 2.7 2.5 2.6 2.7 2.6 2.7 20.0% 2.3 2.1 2.5 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Sep-19 15.0% RWA (trillions of yen) 17.5 18.9 17.4 16.0 15.1 14.0 14.3 14.6 10.0% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Sep-19 5.0% 11.9% CET1 capital ratio Tier 1 capital ratio 19.2% 18.3% 18.4% 17.6% 17.3% 18.2% 16.5% 17.1% 16.1% 15.4% 13.2% 12.9% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Sep-19 6#8Nikkei 225 (yen) 30,000 25,000 20,000 15,000 10,000 5,000 Aug-14 Large gap between FY19/20 assumptions and actual interest rate levels and fee pool growth rate USD/JPY rate (yen) 130 2020 (assumed): Y25,000 120 110 100 90 80 Aug-16 Aug-18 Aug-14 Aug-16 NOMURA 2020 (assumed): Y115 Aug-18 Unsecured overnight call rate (%) 1 0.8 Wholesale fee pool growth rate (billions of dollars) 2020 (assumed): 1% 300 Wholesale fee pool Wholesale fee pool with CAGR of 3% Wholesale fee pool with CAGR of 1% 2020 (assumed): 1% annualized 0.6 250 0.4 0.2 200 0 -0.2 150 Aug-14 Aug-16 Aug-18 2014 2015 2016 2017 2018 7#9Megatrends shaping future financial services industry (1) Prolonged period of super loose monetary policy leading to decline in global liquidity Central bank balance sheets expand Indexed, Dec 2010 = 100 500 BoJ Fed 400 ECB 300 200 100 0 2010 2012 2014 2016 2018 Dealer inventories decline¹ (billions of dollars) 400 300 200 100 0 - 2010 2012 2014 2016 2018 NOMURA Japanese government bonds and US Treasury liquidity declines² 7.0% 447 -JGB Turnover Ratio UST Turnover Ratio 6.0% 234 5.0% 165 4.0% 3.0% 2.0% 1.0% 0.0% 2010 12 Source: Federal Reserve Bank, inventories of government bonds, agency bonds, corporate bonds, commercial paper, etc., held by primary dealers 2. Source: Nomura, based on US SIFMA and AsianBondsOnline 2012 2014 2016 2018 8#10Megatrends shaping future financial services industry (2) NOMURA Advances in digital innovation US Equities 2 Increase of electronic trading¹ Japan Equities 74% 69% Large concentration of personal financial assets expected among those over 75 and in three major metropolitan areas ✓ Increase in percentage of personal financial assets owned by those over 75² 62% 60% 48% 40% 2014 2018 2021 (Expected) 2014 2018 2021 (Expected) ✓ Impact on financial institutions' business models Rise of Fintech Entrants from other industries New value Financial institutions Overhaul of business models Consumers (clients) Changing consumer behavior 2015 24% 2030 (assumed) Up to 46% ✓ Large concentration of personal financial assets in major metropolitan areas due to aging and inheritance (2016-2030)³ % change in personal financial assets 0% ~ under 10% -10% -0% -20% under -10% 1. Source: Greenwich 2. 3. Source: Nomura Institute of Capital Markets Research estimates, assumes asset transfer through secondary inheritance only Source: Nomura Institute of Capital Markets Research estimates, calculated based on only financial assets of inheritance assets 9#11Agenda 1 Business recap 2 3 Progress of business platform realignment Future direction of our business 4 In closing NOMURA 10#12Write down outstanding goodwill and start rebuilding business platform Net income (loss) attributable to Nomura Holdings shareholders per share¹ (yen) 3.14 28.37 August 2014 60.03 55.81 April 2019 ✓ Announced long-term management vision for 2020 (Vision C&C) Create organization capable of consistently delivering EPS of Y1001 Establish an operating platform capable of delivering sustainable growth under any environment 35.52 65.65 61.88 Write down of outstanding goodwill attributable to Wholesale -29.92 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 1. Diluted net income (loss) attributable to Nomura Holdings shareholders per share NOMURA Start rebuilding business platform 11#13Business platform rebuilding initiatives on track NOMURA 1 Overhaul matrix management structure Simplification of Corporate 2 Structure 3 Retail 3 Wholesale Main actions Eliminate the concept of region Consolidate 10 functions into 5, except Internal Audit Realign channels Consolidate branch offices Provide optimal services in all areas (Pursue added value including improving areas of expertise) Reduce lower growth, lower profitability businesses Expand client businesses Pursue efficiency and growth opportunities by leveraging technology Reduce cost (Reduction of approx. Y140 billion by Mar 2022) Progress (as of Nov 2019) Implemented effective May 1, 2019 Implemented effective May 1, 2019 1.25 million accounts handed over to new sales representatives by end-Aug 2019 25 branches consolidated during Aug-Sep 2019 => Refer to page 15 Reduction of front office staff completed => Refer to page 19 => Refer to page 20 Wholesale ($1bn): Upper 60% achieved Retail (10%; approx. Y30bn): approx. 50% achieved ✓ Plan to reduce Corporate allocation costs by simplifying operating model, etc. 12#141 Overhaul matrix management structure NOMURA ■ Overhaul regional management and reduce cost ■ Simultaneously simplify operating model to enable global-based, flexible allocation and effective use of resources in line with changes in the environment, while demonstrating regional characteristics Management structure from May 1, 2019 New Wholesale structure following reorganization¹ Retail Asset Management Wholesale GM Old: Region-led management Japan AEJ EMEA Americas Manage objectives ✓ Allocate EMEA AEJ Japan Americas Rates FXEM resources FX/EM Equities Equities others Rates FXEM Rates FXEM - Region-led others Equities others Equities others EMEA MIS AEJ MIS Japan MIS Americas MIS Globally consolidate regional products ☐ IB Corporate Simpler, leaner organizational structure Agile and efficient decision making ■ Enable cost reduction across regions Global-based New: Global-based, seamless portfolio management management of objectives and resources Strengthen global risk management of diverse asset classes Rates FX/EM Equities Others EMEA AEJ Japan Americas Continue region-led management of daily operations and client relations 1. MIS: Management Information System used for decision making MIS 13#15NOMURA 2 Simplification of Corporate structure Consolidate Corporate functions (excluding Internal Audit) from 10 to 5, creating simpler organization to avoid duplication and enable speedy decision making ■Maintain independent check function while overhauling operating model Previous structure (Until April 2019) Finance Operations Risk Management Legal Compliance HR Corporate Communications Current structure and initiatives to date (From May 2019) Chief Financial Officer Chief Risk Officer Chief Compliance Officer Chief Strategy Officer Strategy Headquarters IT Chief Administrative Officer Internal Audit Internal Audit Consolidate middle office function previously spread across Finance, Operations and Risk Management in Global Middle Office (GMO) Currently consolidating Japan and some AEJ functions as APAC (Aiming to optimize organizational structure and create more efficient business model) Consolidate non-finance risk functions such as Legal, Compliance and Operational Risk in Legal, Compliance & Controls Overhaul regional governance framework by simplifying committee organizations in overseas regions Shift to entity-led management structure Consolidate Wholesale client-facing functions such as order execution reporting and account opening in Client Service Group Consolidate stocks data management handled by Operations in IT - - - - Examples of future initiatives Restructure GMO operations Optimize and organize transaction data for back and front offices Conduct P/L and risk verifications and optimize reporting operations Consolidate branch back office operations Standardize some back office operations handled by domestic branches Create shared service model Aims ✓ Create simpler organization ✓ Establish globally aligned organization/operating structure => Promote cross-regional growth strategy, and build infrastructure to pursue inorganic growth through alliances, etc. 14#163 Retail initiatives: Channel realignment NOMURA Manage assets for corporates/owners In addition to managing assets, establish multiple pillars of revenue: Provide broad range of consulting services including those for corporate clients' main business Approach to new clients Enhance products and services for each coverage area in line with client types and needs Channel alignment # accounts per sales staff (ave.) No change Partner change Before After Examples of major initiatives UHNWI + Corporates HNWI retirees In charge of elderly HNWI In charge of Mass affluent 300 Mass retail In charge of corporates Approx. 2500 clients Partners not in charge of specified 2200 Approx. 300 Approx. 300 In charge of HNWI mass affluent In charge of Approx. 1900 Approx. 450 Approx. 280 Make proposals that offer high added value for individuals' balance sheet (asset management, loans, tax planning, asset succession for next generation, etc.) Increase active clients: Improve client satisfaction through efficient, user-friendly approach ■Balance optimization of operations and services by making use of head office support and tools Approx. 330 Approx. 470 15#173 Retail initiatives: Branch office strategy Branch office strategy: Consolidate 47 branches in 7 years 178 -22 -19 159 159 157 156 -2 -1 -47 -25 131 NOMURA Number of branches by area (March 31, 2012 vs September 30, 2019) Major metropolitan areas Strengthen sales framework and enhance efficiencies by creating large branches Regional areas Maintain at least one branch in each prefecture Expand client approach through tie-ups with regional financial institutions (Example: Business alliance with San-in Godo Bank) Hokkaido 5 5 Tohoku 10 9 Kinki 31 18 Chugoku 99 Mar 2012 Mar 2014 Mar 2016 Mar 2018 Mar 2019 Sep 2019 ■Reviewed branch office structure in line with changes in client behavior from 2012 ■Brought people together to better cater to a wide range of client needs ■Consider further branch office strategy in line with changes in the environment Kyushu/ Okinawa Shikoku 54 12 11 Kanto 86 56 Chubu 20 19 ☐ Consider branch office structure and optimize headcount allocation in order to improve service quality 16#18NOMURA 3 Wholesale initiatives: Improving productivity and profitability ■Productivity and profitability of secondary trading improved due to intense focus on areas of competitive strength and improvement in market environment Productivity of secondary trading business and pretax Recovery in secondary trading revenues contribute to improvement in Wholesale performance income 2 ■Reduce lower profitability businesses, focus on areas of strength Streamlining of direct costs and Corporate Improvement in productivity (billions of USD) Improvement in profitability 1.5 1.5 1.3 1.3 Wholesale 1.3 Pretax income (loss) FY2018/19 FY2019/20 1H (Annualized) revenues³ 1.1 (Size of bubble corresponds to scale of revenues) Origination Income 123 Loss Productivity (revenues per producer) improved 60% Productivity1 revenues (Solutions, Primary and Advisory) Flow secondary trading +22% FY 19/20 VS. FY 18/19 Wholesale costs revenues, Execution revenues, etc. Q1 Q2 Q3 Q4 Q1 Q2 FY2018/19 FY2019/20 Pretax Income ratio -2% 12% Productivity: Revenues generated per producer Each bubble represents either Rates, Credit, FX/EM, Securitized Products, Equities Trading or Cash Equities Average quarterly revenues and expenses for FY2018/19 exclude goodwill impairment charge, business portfolio realignment costs and some non-core revenues and expenses 17#19NOMURA 3 Wholesale: Directions for consistent earnings and growth Focus on enhancing efficiencies in existing businesses while cultivating new client relationships and deepening existing relationships Existing products/Services I Existing clients New clients - I Existing businesses (Core businesses) Cultivate new client relationships Focus on areas of strength Enhance profitability Enhance provision of solutions to growth segment II Services New products/ III Develop new products and services Increase client revenue share by leveraging technology IV III New businesses IV Downscale lower profitability businesses Focus on core products and large single markets Reduce costs ($1bn) and strictly manage resources ■ Provide solutions to corporates Leverage Global Markets origination capabilities including fund financing businesses (infrastructure funds, PE funds, etc.) to create demand in origination business Jointly develop Al-led market-making platform for government bonds with other firms; Roll-out in other Fixed Income Flow businesses Update e-Trading platform ■ Launch digital assets custody business (Komainu) Control risk through alliances with other firms while exploring businesses that are highly compatible with existing businesses 18#20NOMURA 3 II Expand Wholesale client base ■ Steady expansion of origination business mainly in non-traditional financing businesses ■Focus on generating consistent earnings and positioning for growth by capturing new business opportunities Expand origination revenues Wholesale net revenue (quarterly average) +10% Initiatives in origination business Origination 1 Growth of solutions business 2 Advisory +4% 2 Primary Securitization, financing related Equity solutions related -1% business +21% Secondary trading FY18/19 FY19/20 1H Solution business 1.4x 1.8x 2 FY 18/19 (Quarterly average) FY 19/20 1H (Quarterly average) Strengthen ESG-related primary and advisory services Established Wholesale Sustainability Forum Underwriting for rapidly growing SDG bonds (green bonds, social bonds, etc.) Respond to diverse client needs related to ESG including M&A advisory 19#21NOMURA 3 I Use of technology in Wholesale business Initiatives to improve profitability and productivity 2018 2019 Current 2020+ Al engine deployment for flow products Implementation near completion in European Rates Fine-tuning underway based on feedbacks from trading desks Roll-out initiated for other products, e.g. USD Rates, JPY Rates etc Centralization of capabilities Improve profitability of flow business Al-led flow digitalization Data collation, data cleansing and tool development completed for utilizing Al Clients service e-Trading strategy Consolidated existing quant, technology (development) and data science teams under single umbrella Increase share by improving clients service Automation and enhanced efficiencies Upgrade e Trading platform and Streamlining Improve consistency in pricing and execution Addition of new products and increase of liquidity venues, including ECNs Migration to a single client management system (CRM) Global Markets completed, underway in Investment Banking Introduction and roll-out of Smart 'bots' Partially automated the collection of market and clients information Generating cost saves by retiring legacy platforms and redundant infrastructure Improve operational efficiency Internal initiatives 20 20#22NOMURA Progress of cost reduction initiatives Over 60% of Y140bn firm-wide cost reduction goal achieved as of September 30, 2019 ■Towards FY2021/22, radically simplify operating model mainly in Corporate Retail costs (billions of yen) Approx. 50% of target amount (approx. Y30bn) achieved period for upgrade of main systems, system integration, etc. reduction of ATM machines, reduction of Corporate allocation costs, etc. Completion of depreciation 309.8 Approx 40% Wholesale run-rate costs (Assumed revenue of $5bn) (billions of USD) Upper 60% range of target amount ($1bn approx. Y110bn) achieved Goodwill impairment charge, etc. Reduction in costs due to business portfolio realignment, reduction of Corporate Consolidation of branch offices, Pay for performance, various initiatives, etc. 6.0 5.6 Instinet soft-dollar allocation costs, etc. 290.0 Approx. 10% Reduction in variable cost Approx ■ 50% I 288.2 accounting change 5.4 1 0.2 5.1 5.1 0.4 Variable cost corresponding to the revenue exceeding assumed revenue for run- rate costs linked to revenues, etc. 4.8 0.1 4.7 i I 0.3 4.4i I FY17/18 actual FY18/19 actual FY19/20 1H (actual, annualized) FY21/22 FY17/18 actual FY18/19 FY19/20 1H (annualized) I FY19/20 FY21/22 1. In conjunction with the application of Accounting Standard Update No. 2014-09 "Revenue from Contract with Customers from April 2018, gross revenues and related expenses for certain transactions have been changed to net amounts. This resulted in offsetting of FY2018/19 revenues and expenses, leading to Y17.4bn reduction. 21#23Rebound in current performance as a result of successful NOMURA realignment of business platform Net income (loss) attributable to Nomura Holdings shareholders per share¹ (yen) FY2019/20 3Q (Oct-Nov) Maintained 2Q momentum in October and November -7.8 11.0 1.3 27.1 27.2 28.6 19.3 40.7 36.3 31.3 31.7 29.4 30.2 4.3 -1.8 -28.1 57.7 FY19/ FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 20 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 1. Diluted net income (loss) attributable to Nomura Holdings shareholders per share Retail Impact of channel realignment largely finished, currently implementing actions in line with client needs in each area ✓ Revenues improved in October and November with November revenues a monthly high for FY2019/20 Retail client assets (end-Oct): Y118.7trn Asset Management ✓ AuM (end-Oct): Y54.1trn Revenues remains robust from last quarter Wholesale Robust revenues mainly in overseas secondary trading (Rates, Equity Derivatives, etc.) ✓ Maintained 2Q momentum in October and November 22#24Agenda 1 Business recap 2 Progress of business platform realignment 3 Future direction of our business 4 In closing NOMURA 23 23#25Future direction of our business Continue to build out our financial and capital markets businesses 1 Face-to-face Services particularly for Merchant Banking HNWI and corporates Julius Baer Nomura WM Asset Management Collaboration with regional banks Servicesfor institutional investors (Execution, trading, etc.) Supply side (individuals) 3 Investment banking services (Primary and Solution) 2 100 NOMURA Core businesses Areas to enhance Alliances with third parties to enter new business areas 1 (Provide products) Full-scale entry into Chinese market Demand side (Corporates, etc.) 2 Enhance non- face-to-face services for mass retail clients LINE Securities Introduce AI engine to flow products Digital asset custody (Komainu) Develop and provide trading platform for securities using blockchain (BOOSTRY) Digital 3 ✓ Deeper engagement with current clients, particularly HNWIS Expand face-to-face business (Regional cities in Japan, Chinese market) Grow client base and pursue new business opportunities through Client Financing & Solutions 4 4 ✓ Approaches to mass retail market in Japan (expand non-face-to-face businesses) ✓ Enter new business areas using digital technologies 24#26NOMURA 3 Enhancing non-face-to-face businesses ■Set up Future Innovation Company in April 2019 and actively recruiting internally and externally Working to improve UI/UX of existing online services while expanding scope of business particularly in mass retail market Target clients A Face-to-face clients 5.33m accounts B Clients not yet covered face- to-face Future Innovation Company now fully operational April 2019 Brought together functions from across the Group to create cross-divisional organization: Future Innovation Company ✓ Increased headcount through internal recruitment ✓ Tapping expertise of external parties* UHNWI and corporates HNWI Collaborate with platformers to expand client base A Mass affluent B C Mass retail Today Total of 80 people Expand client base *Background of external experts Executive at global tech firm Communication designer at a major advertising agency Former chief editor of economic business magazine App designer at major tech firm ⚫ Financial sector representative producer at major portal website ● Service representative manager at major portal website • FinTech manager at online bank • Group leader at website production company • Manager responsible for launching cryptocurrency exchange Employee at major consulting firm 25#273 Enhancing non-face-to-face businesses: Initiatives to tap into new client base NOMURA Approach clients with no investment experience through LINE Securities Nomura Holdings Extensive expertise in securities business LINE Corporation Approx. 82m MAU1 in Japan Expanding Nomura service users via smartphone apps Users Users Users Information app Asset management app Users 49% DAU/MAU ratio²: 86% 100% 1920704 LINE Financial Corporation 51% LINE 証券 LINE Financial × NOMURA LINE Securities launched in August 2019 offering new investment service via smartphones Gradually expand service lineup Currently offers 300 stocks, 15 domestic ETFs, and investment trusts 1. Monthly Active Users 2. Ratio of daily active users (access at least once a day) among Japan domestic MAU Online trading 1 x- Step 1 Introduce information and asset management apps (planned for launch in 2020) Subscription model where fees are applied in line <Target> 4m - 5m downloads Step 2 with service level chosen by client (in app payment for services) Step 3 Chanel through price competitive online trading platform 26#281 2 Merchant Banking business Enhance solutions that meet the needs of our clients Client needs Business succession Capital restructuring Fund Investment method Fund value Nomura Capital Partners Buyouts Y100bn Strengthen management Enhance enterprise value (rebuild core business) Deepen private-sector industrial cooperation between Japan and China (Japanese companies entering China, tap into inbound demand, etc.) Japan-China Industrial Cooperation Fund (China's CIC and Japanese financial institutions) Mostly minority Approx. investments Y100bn NOMURA Current status Invested in Orion Beer in March 2019 - Working to raise enterprise value (recruited external management, developing management and operating platform) Invested in Plus Alpha Consulting in March 2019 Solid pipeline backed by strong demand mainly from Retail clients China's CIC and Japanese financial institutions signed MOU on strategic alliance to set up a fund in October 2018 Currently working to set up fund 27#291 Full-scale entry into China market: Received license from 2 China Securities Regulatory Commission Leverage our global resources Wholesale ✓ Offer products and services from our global franchise Cross-border transactions ✓ Research NOMURA Nomura Orient International Securities: Start with HNW business and enter wholesale business as second phase Build our platform 2020 Expand business 2021 - 2022 Full license 2023 Retail Headcount: Approx. 200 Approx. 400 Approx. 500 Investment banking IPOS Financing M&A Start wholesale business Institutional investor businesses ✓ Expertise in businesses for HNWI and products such as SMAS China business Synergies with Japan- China Industrial Cooperation Fund Merchant Banking ✓ Collaborate on internal controls, risk management, etc. Corporate functions Institutional investor businesses Equities Equities Fixed income Provide asset management products using QDLP/QDII quota Fixed income HNWI businesses Asset Management Build platform and focus on growing HNWI client base HNWI businesses HNWI businesses Funds Margin trading SMAS Brokerage Asset management Brokerage Asset management Margin trading SMAS Brokerage Asset management 28#301 Closer collaboration with regional banks to expand securities business NOMURA Comprehensive business alliance with San-in Godo Bank for financial intermediary services to contribute to the better lives of clients and foster regional growth 山陰合同銀行 山陰合同銀行 ✓ NOMURA Alliance start (FY2020/21 1H) Synergies Branch network centered on Shimane and Tottori prefectures (81 offices, 69 sub-branches) Deposits, etc. Y4.2trn (end-Mar 2019) - Group client assets Y208bn (end-Mar 2019) Provide Nomura Group securities platform · Extensive knowledge of financial products · Diverse products, services and data - IT infrastructure of security business ■ Offer the latest high-quality financial services to broad range of clients Ensure efficient management and consider investing to enhance convenience and improve services Group client assets (billions of yen) ■Investment trust Public bonds ■Gogin Securities 208 187 165 137 NOMURA 山陰合同銀行 300-400 2016 2017 2018 2019 After alliance (March) (San-in Godo Bank Group and Nomura Securities Matsue branch) Future image (If synergies achieve) 29#314 Digital assets Involved in upstream and downstream aspects of digital asset value chain Value chain NOMURA Up- stream Issue security token Pre-trade Origination, data, etc. Execution Trading Use blockchain technology Established BOOSTRY in September 2019, a joint venture with Nomura Research Institute that will develop and provide a blockchain securities trading platform BOOSTRY Established Japan Security Token Association (participants: SBI Securities, au Kabucom Securities, Daiwa Securities, Nomura Securities, Monex Securities, and Rakuten Securities) in October 2019 to realize security token offerings → Working to acquire certification as self-regulated organization by spring 2020 Settlement DIGITAL Started joint research with Ledger and Global Advisors Holdings in May 2018 Received license from JFSC in October 2019 Conducted custody solutions proof of concept and aiming to start providing services in 2020 NOMURA Ledger Global Advisors Custody Post- trade Security, reporting KOMAINU Down- stream 30#32Agenda 1 Business recap 2 3 Progress of business platform realignment Future direction of our business 4 In closing NOMURA 31#33Nomura Group Code of Conduct NOMURA Mission Contributing to society | We help to enrich society through our expertise in capital markets Vision Trusted partner | As a leading financial institution, we aim to be the most trusted partner for our clients What does the Code mean? This Code of Conduct sets out guidelines for Nomura Group directors, officers and employees to translate the Nomura Group Corporate Philosophy into actions. We reflect on our actions to ensure that they are in line with the Code. We promise clients and other stakeholders that we will uphold the highest standards of ethics and integrity under the Code. We carry out all of our business activities based on the Code. Mission Five questions to ask when in doubt If you are unsure how to act, go back to the basics and ask yourself the following questions. YES YES Would you be comfortable if it were made public? Did you check rules and regula vant Newly established Nomura Group Code of Conduct Guidelines to put Nomura Group corporate philosophy into concrete actions of CODE of CONDUCT 2020 NOMURA The Code is the pillar that supports Nomura Group CONDUCT Vision Code of 経営戦略 リスク管理 業務運営体制 Business Strategy Conduct 行動規範 Values Culture Risk Management Operating Model 07 CODE of CONDUCT comfortable to family and Do you your and friends? Nomura 5 YES Is it in the best interests of the client? YES Is the integrity of the market protected? YES If in doubt, talk to your manager or complianco officor 11 CODE of CONDUCT 32#34ESG: Sustainable finance NOMURA With the UN's sustainable development goals gaining recognition, we are seeing growing demand for SDG bonds (green bonds, social bonds, sustainability bonds, etc.) Volume and number of sustainable finance issuances Nomura involved in (billions of yen) 2,500 Sustainability Bond ■Social Bond ■ Green Bond 2,000 1,500 # of sustainable (#) 50 40 40 30 finance issuances Examples and success of initiatives aimed at developing sustainable finance International Capital Market Association The ICMA International Capital Market Association Green Bond Principles The Social Bond Principles Published first index for Japan SDG bonds, NOMURA-BPI SDGS (November 2019) Only Japanese firm to join The Green Bond Principles and The Social Bond Principles advisory council* * New advisory body set up to support the executive committee that sets the rules for the Green Bond Principles, The Social Bond Principles, sustainability bond guidelines, etc. and develop systems better aligned to market circumstances Result of joint research with Nomura Research Institute Investment performance calculated using SDG bonds chosen from NOMURA-BPI component universe based on certain criteria 1,000 500 0 20 20 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 10 Research group on sustainable development of ESG bond market Set up by Nomura Institute of Capital Markets Research consisting mainly of external experts Issued research report in June 2019: The Era of Sustainable Finance - ESG/SDGs and the bond market Global Capital Green / SRI Awards 2019 Green/SRI Awards Globe Capital #Global CapralAwards Ranked second in Most Impressive Investment Bank for Asia Pacific Green/SRI Capital Markets 33#35Disclaimer NOMURA This document is produced by Nomura Holdings, Inc. ("Nomura"). Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information. 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Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura's most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission ("SEC") that are available on Nomura's website (https://www.nomura.com) and on the SEC's website (http://www.sec.gov); Important risk factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions. Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward- looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. The consolidated financial information in this document is unaudited.#36Nomura Holdings, Inc. www.nomura.com NOMURA