Investor Presentaiton

1. 2. 2 Right-Size international franchise NOMURA 1 Reshaping and downscaling the EMEA Platform ■ Downscale EMEA Flow Trading excluding areas of our competitive advantage such as Euro Rates ■ Maintain traditional strength in client franchise and increase revenue contribution from origination EMEA Wholesale Revenue mix (illustrative) 2 3 International Flow Fixed Income Resizing ■ Cut Flow Fixed Income direct costs and part of indirect costs by 42% ■ Shift towards more stable business mix ■ Increased focus on digitization Flow Fixed Income¹ direct costs and certain indirect costs² 25%: Stable Secondary Advisory Execution 8% 15%: Flow Secondary Flow Financing 11% 14% Solution 41% 0.8 AeJ Primary 11% EMEA Americas 60%: Origination Flow Fixed Income includes trading, sales and research for Flow Rates, Flow Credit and FX/ EM, excluding Flow Financing and Structured Includes IT and product control expenses allocated directly to Wholesale. -42% 0.5 37% 50% FY 17/18 FY 19/20 Run-rate cost 36% 8

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