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Investor Presentaiton

2 Right-Size international franchise: Summary of actions ■Right-sizing of international platform ■ Protecting client franchise to ensure sustainable performance Summary of Actions NOMURA Primary Ae J EMEA Americas 1 EMEA Flow business M&A ECM Advisory / Primary 5 DCM / ALF Coverage ☐ Solutions / Structured Flow Financing Cross-Product Repo/ Equity Financing 1 3 Securitized Products G10 Rates 2 G10 FX 4 3 ■ 50% cost reduction ■ Downscale footprint and capital ■ Streamline continental presence 2 International Flow Macro (Rates, FX) Digitization of Flow Fixed Income Optimize part of Rates business while enhancing capabilities as a core product Flow Credit in Americas and EMEA ☐ Shift to risk-light model in Americas and EMEA, dedicated to CFS support ■ Exit from high-yield bonds (maintain ALF support function) Optimize Cash Equities platform ☐ Consolidation of Nomura-Instinet in Asia Secondary Secondary Trading Emerging Markets Flow Credit Non Cash Equities Cash Equities Instinet Exited 2016 Optimize Downscale Maintain/Grow ☐ Leverage Instinet technology in Japan 5 Optimize international Investment Banking ☐ L Optimize ECM in Asia and Americas Optimize coverage banker footprint

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