Investor Presentaiton

NOMURA Approaching the pandemic endgame Deviation of real GDP level from past trend (2010-19) (%) 4.0 2.0 2021 2022 0.0 -2.0 -4.0 -6.0 H T *p*|| Having faced repeated surges in infection, progress in vaccination has started to lead the global economy to the eventual endgame of COVID-19. Despite differences in timing and degree of recovery among advanced and emerging economies, the world economy will more or less return to the pre-COVID growth trend in 2022. -8.0 ASEAN-5 Note: To estimate GDP deviation from the trend in 2021 and 2022, we measures the projected real GDP level based on IMF forecasts. Source: Nomura, based on IMF data 2

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