Investor Presentaiton

Biography NOMURA Takashi Miwa Chief Japan Economist Takashi Miwa is the Chief Japan Economist of Nomura Securities Co. Ltd. He provides in- depth analysis and forecasts of the Japanese economy, based on interregional analysis of the macro economy and financial market analysis across various asset classes. He has a particular strength in analyzing the macro economy from legal and administrative perspectives Since joining Nomura Research Institute in 1990, he has engaged in macroeconomic analysis and financial market forecasting for various regions. In 1994-96, he moved to the Fixed Income Department of Nomura Securities and analyzed the macro economy from more market-oriented perspectives while engaging in forecasting monetary policy and interest rates. He also made feasibility studies and conducted investment strategy planning with a view to the start of European Monetary Union in 1999 He received his master's degree in Law from the University of Tokyo in 2001 and his bachelor's degree in Liberal Arts and Science (majoring in Russian culture and society) from the University of Tokyo in 1990. While in the graduate school of law, he studied contract law, corporate law and bankruptcy law, and made an analysis of financial contracts and corporate behavior from the perspectives of 'Law and Economics'. This experience proved useful in analyzing banking behavior, administrative responses and price reactions of fixed income and other securities during Japan's financial turmoil through 2003 and the global financial crisis after the collapse of Lehman Brothers in 2008 From 2001, he provided economic analysis and investment ideas for major regional financial institutions including regional banks in Japan and gained an extremely good reputation among the top management of those clients. He has also authored several textbooks on economics and finance for beginners that are popular among university students and young graduates starting careers in financial institutions He moved to Nomura Securities in 2004. After belonging to the Economic Research, Investment Research, and Investment Research and Investor Services departments, he took his current position in May 2016. Since August 2018, he has been serving a dual assignment as head of the Economic Research Department 15

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