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© Nomura Reaching for Sustainable Growth toward 2030 May 30, 2025 Investor Day 2025 Nomura Holdings, Inc. Group CEO Kentaro Okuda
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Today’s agenda Record profits achieved through growth in net revenue with change in quality and cost control Accelerate growth of stable revenues Growth that transcends business divisions and the existing organizational structure ◼ Establishment of a Banking division ‒ Pursuing growth opportunities that are new to the Group ◼ Growing new business by comprehensive alliances, partnerships and following inorganic strategies ◼ Focusing on raising baseline ROE, strengthening low-volatility businesses, and expanding resource-light businesses ◼ Devoting resources to Investment Management and Banking with the aim of achieving combined income before income taxes of Y150bn ◼ Realizing self-sustaining growth in Wholesale based on self-funding ◼ Cultivating new clients in Wealth Management while also working to meet the latent needs of existing clients Steadily enhancing ability to generate profits to make it possible to reward shareholders while also making growth investments ◼ Putting our purpose into practice ◼ Executing human resource management strategy: Go further with our diversity-focused human resources strategy and make sustainable growth possible for all employees ◼ Rebuilding IT architecture: Work constantly to optimize IT systems through system integration and other means Achievement of changes Efforts towards achieving the Management Vision Capital policy Continuous reinforcement of organization 1 2 3 4 Deepen global strategy leveraging Japan franchise ◼ Strategically allocating resources to the Americas for the massive market ◼ Reaching agreement to acquire all shares in Macquarie Group’s asset management businesses in the US and Europe ◼ Aiming to consistently achieve income before income taxes of over Y500bn and ROE of 8-10%+ by expanding scope of business from public to private markets as we work to realize our 2030 management vision, Reaching for Sustainable Growth ◼ Upper end of the target range for the Common Equity Tier 1 capital ratio set at 14%; optimally allocating capital with an emphasis on capital efficiency 1 ◼ Achieved growth in revenue and profit in all three divisions as mid- to long-term strategies bore fruit ◼ Net income of Y340.7bn reaching historical high thanks to sustained cost controls and growth in profit contributions from overseas regions. Achieved ROE of 10% ◼ Significantly improved business portfolio ‒ WM: Recurring revenue at historical record high; cost coverage ratio rose sharply to 67% ‒ WS: Portfolio diversification led to the mitigation of revenue volatility; IB net revenue at highest level since FY2016/17 ‒ IM: AuM grew to Y89.3trn and alternative AuM broke above Y2.6trn; Inflows into high-value-added areas has also improved the management fee ratio
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Achievement of changes
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3 Management vision for 2030, set in 2024 We aspire to create a better world by harnessing the power of financial markets Reaching for Sustainable Growth Numerical targets Consistently achieve ROE of 8 to 10% or more; Income before income taxes of over Y500bn Management vision Deepen global strategy leveraging Japan franchise Further promote strategy to provide platforms Expanding scope of business from public to private markets Realizing key management issues: Build a well-balanced portfolio (resources and allocation) Accelerate growth of stable revenues Sustainability Digital Wealth Management Investment Management Wholesale Corporate governance Code of Conduct, compliance Risk management, resilience Cyber security Human capital Foundation of raising corporate value Business strategies Management focus areas Management vision 2030 Purpose Banking
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Numerical targets ◼ Consistently achieve ROE of 8-10%+ ◼ Achieve income before income taxes of over Y500bn ◼ ROE exceeded 8% for four consecutive quarters, FY2024/25 income before income taxes came to Y472bn, and net income reached the historical high of Y340.7bn Management focus areas ◼ Build a well-balanced business portfolio (resources and allocation) ◼ Significantly improved business portfolio, with baseline ROE (based on income before income taxes) above 4% ◼ All three divisions contributed to groupwide profit growth in well- balanced manner ◼ Expand scope of businesses from public to private markets ◼ Progress in building out private business across client acquisition, product offerings, and delivery methods ◼ Deepen global strategy leveraging Japan franchise ◼ Growth in international wealth management business, expanding AuM to $29bn ◼ Built up business foundations in growth areas such as digital assets (Laser Digital) ◼ Accelerate growth of stable revenues ◼ Stable revenues at record high1 in WM/IM ◼ Establishment of Banking division (April 2025) ◼ Agreement reached to acquire Macquarie Group’s US & European public asset management businesses (April 2025) ◼ Further promote strategy to provide platforms ◼ Number of comprehensive alliances with regional banks increased to six Business strategies (policies) WM ◼ Drive growth through the promotion of the asset management business ◼ Establish dominant brand position in the HNW market ◼ All FY2024/25 KPI targets achieved ◼ Recurring revenue cost coverage ratio rose to 67%2 IM ◼ Grow AuM and deliver higher value-added ◼ Further profit growth through expansion in private areas and promotion of inorganic strategies ◼ AuM amounted to Y89.3trn, clearing the FY2024/25 KPI target ◼ Alternative AuM reached a record high of Y2.6trn WS ◼ Further pursue stability, growth, and diversification ◼ Realize self-sustained growth based on self-funding ◼ All FY2024/25 KPI targets achieved ◼ Progress made in diversifying the business portfolio Steady progress to realize the Management vision 1. Record for IM is since the division’s establishment in April 2021 2. After adjustment for Banking division establishment ◼ Promoting on management focus areas and division-specific strategies and initiatives towards consistently achieving ROE of 8-10%+ in 2030; In FY2024/25, the results of initiatives became evident 4 Specific themes Progress update (as of May 2025) Abbreviations used: WM: Wealth Management IM: Investment Management WS: Wholesale ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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294 995 581 702 1,374 -200 0 200 400 600 800 1,000 1,200 1,400 1,600 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 Net growth from other accounts Net growth from accounts without recurring revenue assets Net growth from newly opened accounts Net inflows of recurring revenue assets Wealth Management： Further growth in core recurring revenue business ◼ Further acceleration of initiatives designed to ensure medium- to long-term client base: Increased net inflows of recurring revenue assets via deeper ties with existing clients, efforts to tap new clients ◼ Aiming to increase recurring revenue assets to Y37trn, recurring revenue cost coverage ratio to at least 80%, through 2030 via further growth in recurring revenue business 5 Net inflows of recurring revenue assets Recurring revenue, recurring revenue cost coverage ratio ◼ Increased net growth from accounts that did not own recurring revenue assets at start of FY, and from new accounts ◼ Net inflows of recurring revenue assets rises sharply to Y1,374bn in FY24/25 ◼ Recurring revenue reaches all-time high ◼ Cost-cutting initiatives prove successful too, recurring revenue cost coverage ratio (adjusted for establishment of Banking division) reaches 67% ◼ Aiming for at least 80% through 2030 Added business with existing clients Growth in assets among clients that had held none Cultivation of new clients 98.1 180.1 71% 67% 80% or higher 10% 30% 50% 70% 90% 0.0 50.0 100.0 150.0 200.0 250.0 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY30/31 Target Before adjustment for Banking Division Establishment (left axis) Adjusted recurring revenue (left axis) Before adjustment for recurring revenue cost coverage ratio (right axis) Adjusted recurring revenue cost coverage ratio (right axis) Recurring revenue assets Y23.5trn Y37trn (billions of yen) (billions of yen)
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6 Wealth Management: Business growth through comprehensive alliances with regional banks ◼ The comprehensive alliances with regional banks has started with five banks. In March 2025, a basic agreement was concluded with The Hyakujushi Bank for the sixth bank ◼ Generating synergies that draw on respective strengths: Client assets have grown to roughly Y3.4trn through new account openings and growth in the value of assets 2020/9 2023/3 2025/12021/4 2023/5 Expected within FY26/27 ◼ Client assets with the five banks with which alliances are already up and running have grown to over Y3trn ◼ Investment trusts + discretionary balances (both recurring revenue assets) total roughly Y1.3trn (including Y320bn as net inflows of recurring revenue assets) Alliance launch date: The San- in Godo Bank, Ltd. The Hyakujushi Bank, Ltd. The Awa Bank, Ltd. The Oita Bank, Ltd. The Fukui Bank, Ltd. The Toho Bank, Ltd. Client assets Large Y320bn net inflows of investment trusts & discretionary balances Synergies Expanding reach to new clients through synergies Value of assets also increased ◼ Cumulative account openings: 88,540 (September 2020 to March 2025) × An overwhelming client base Accumulated local Information Locally oriented branches Network Sales know-how Wide range of products and services, tools, investment information, etc. Consulting Sales structure Strengths of Nomura Securities Strengths of Regional Banks Deepening the comprehensive asset approach Promoting the use of the new NISA Expanding Solution Delivery ◼ Net inflows of cash & securities: Approx. Y460bn ◼ Net inflows of recurring revenue assets: Approx. Y320bn (April 2021 through March 2025) 1,439 1,423 2,839 3,375 0 1,000 2,000 3,000 4,000 FY21/22 FY22/23 FY23/24 FY24/25 Investment Trust + Discretionary Others (billions of yen)
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111.9 119.9 120.7 137.2 163.7 0.0 60.0 120.0 180.0 FY2020 /21 FY2021 /22 FY2022 /23 FY2023 /24 FY2024 /25 12.0 15.0 18.0 Investment Management: Progress in expanding scope of business from public to private markets 1. Other includes categories not shown in the graph, such as money funds. 2. At end-March 2025. 3. Management fee ratio calculated on basis of Nomura definitions. ◼ AuM higher than FY2024/25 KPI target of Y89trn ◼ Highest business revenue since division established in April 2021: Inflows to high value-added areas such as in-house active and private asset management for HNW clients lead to change in product mix and improvement in management fee ratio 7 Business revenue (bps)(billions of yen) Highest since division established 64.7 89.3 Mar 21 Mar 25 (trillions of yen) AuM (% shows weighting) Investment trusts for individuals Japanese pension funds, institutional investors ETFs Overseas business Others1 14% 10% 13% 20% 42% 12% 12% 14% 21% 41% AuM increases by Y24.7trn breaking down as net inflows of Y7.7trn, Y16.9trn from market factors Main medium- to long-term initiatives Public Private ➢ Growth in alternative management: Democratization of private investment • Provided investment trusts of four main private asset types to individual investors • Alternative AuM rises to record high of over Y2.6trn2 ➢ Growth in active management: Product governance initiatives • Narrowing down product range, concentrating resources on management and promotion of strategic products (Estimated net management fee ratio)3
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Balanced portfolio mix addresses counter-cyclicality Transition to a more balanced mix has reduced revenue volatility CY14 CY16 CY18 CY20 CY22 CY24 Macro Spread, Equities and Investment Banking 1. Volatility uses coefficient of variation (= standard deviation/mean) 2. FY16/17-FY19/20 Average 3. Source: Nomura internal estimates based on Coalition Negative correlation 0 1,000 2,000 3,000 4,000 2H 1H 2H 1H 2H FY22/23 FY23/24 FY24/25 Revenue Fixed cost (millions of dollar) Proactive management of fixed cost base Ongoing cost management ◼ Reforming Operating Model from higher utilization of offshore location ◼ Optimizing IT architecture by decommissioning apps and retiring legacy infrastructure Industry Fee Pools3 (based on CY fee pools) Macro offsets volatility in other businesses and vice versa Average of FY16/17-FY19/20 Average of FY22/23-FY24/25 Wholesale Revenue Mix Spread (Credit & Securitized Products) Macro (Rates and FX&EM) Investment Banking Equities International Wealth Management Lowered portfolio volatility 80% 76% 61% 56% 0% 30% 60% 90% Historical FY22/23 FY23/24 FY24/25 30% Daily revenue volatility1 Combining products with different cycles for optimal revenue composition 100 2 Wholesale: Stability Balanced portfolio positioned for stable performance ◼ Reduced earnings volatility through a balanced portfolio ◼ Proactive fixed cost management improved profitability 8
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0.0 250.0 500.0 750.0 1,000.0 1H 2H 1H 2H 1H 2H FY22/23 FY23/24 FY24/25 Wealth Management Investment Management Wholesale Revenue and Expenses of three segments1 Three segments: Income before income taxes up sharply thanks to growth in net revenue and success in controlling costs ▪ Three segments net revenue up roughly 40%, while costs increased only by 20% thanks to the efforts of the Structural Reform Committee (SRC) ▪ Operating leverage across all divisions enabled us to achieve our target for income before income taxes (KGI) in FY2024/25 9 (billions of yen) 638.5 Expenses were contained to a 20% increase 531.0 608.9 855.7 Top-line increased by 41% (billions of yen) Income before income taxes Investor Day 2023 KGI target 33 123 171 95 43 60 90 63 29 54 166 130 106 237 427 288 0 100 200 300 400 500 FY22/23 FY23/24 FY24/25 FY24/25 Apr-May 2025 progress2 Wealth Management ◼ Due to rising market uncertainty, revenue is slightly below Q4 level ◼ No slowdown in the pace of new individual accounts, net inflow of recurring revenue assets continues Wholesale ◼ Maintain Q4 revenue level, driven by robust FX/EM and Equities businesses 1. Excluding the investment gains and losses from Investment Management. 2. As of May 28, 2025
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10 Three segments: Execute global strategy leveraging Japan franchise ▪ Diversifying revenue source and resources globally: International regions account for more than 40% of net revenue and headcount ▪ Percentage much higher for Wholesale at 72%: Running a global business with well-balanced portfolio that draws on specific regional strengths Three segment net revenue (by region) % of international revenue in WS: 72% % of international headcount: 45% As of Mar. 2025 27,242 Headcount (Firm-wide) WM 27% IM Japan 9% IM Americas 2% WS Americas WS EMEA WS AEJ WS Japan WS 62% FY24/25 Y1,701.9bn Americas 9% Europe 11% Asia and Oceania 25% Japan 55% Abbreviations used: WM: Wealth Management IM: Investment Management WS: Wholesale % of international revenue: 47%
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1. Since FY2002/03, when the disclosure of geographic information began 2. Cost to Income Ratio 11 Firm-wide earnings significantly increased: Three international regions contributed more to profits, lowering the effective tax rate Income before income taxes (loss) from three international regions 66 20 51 335 Firm-wide income before income taxes in FY24/25 Y472bn International 29% Japan 71% Firm-wide earnings (FY23/24 1H = 100) ▪ Income before income taxes from three international regions was a record1 Y137bn, with their weighting of firm-wide income up to 29% ▪ The effective tax rate also fell thanks to the use of tax loss carryforwards Income before Income taxes Net Income 3.0x ROE Three segment CIR2 CET1 ratio 8-10% 80% Medium term target: 11% or more 10% 75% 14.5% (billions of yen) Revenue 1.3x Expense 1.2x FY2024/25 Actual Target (Announced at Investor Day 2023) 66 20 51 5 137 -50 0 50 100 150 FY23/24 FY24/25 Americas EMEA AEJ 2.3x 50 100 150 200 250 300 350 1H 2H 1H 2H FY23/24 FY24/25
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Reaching for Sustainable Growth toward 2030
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Business Strategy Towards 2030 13 1. Wholesale net revenue (annualized) divided by modified risk-weighted assets (daily average for the accounting period) used by Wh olesale. Modified risk-weighted assets (daily average for the accounting period) is a non-GAAP financial measure and is the total of ( i) risk-weighted assets (as calculated and presented under Basel III) and (ii) an adjustment equal to the regulatory adjustment t o common equity tier 1 capital calculated and presented under Basel III divided by our internal minimum capital ratio target. Management vision Numerical targets Reaching for Sustainable Growth Consistently achieve ROE of 8 to 10% or more; Income before income taxes of over Y500bn Wealth Management Drive growth through asset management ▪ Establish dominant brand position in the HNW market ▪ Expand business domain through workplace services and alliances ▪ Shore up ability to offer services that pair our Sales Partners with digital tools Investment Management Grow AuM, deliver higher added value ▪ Establish global platform through the acquisition of Macquarie Group’s US/Europe AM businesses ▪ Provide investment solutions that capture domestic opportunities ▪ Grow business in private assets and real assets Wholesale Added focus on stability, growth, diversification ▪ Selective growth focused on productivity, balanced product mix ▪ Self-funded growth Banking Grow business in loans, trusts, investment trusts ▪ Grow business while strategically taking on appropriate risk in areas adjacent to financial & capital markets ▪ Contribute to firm-wide revenue growth as a fourth pillar Deepen global strategy leveraging Japan franchise Further promote strategy to provide platforms Accelerate growth of stable revenues 1 2 3 1 2 1 2 2 3 Recurring revenue cost coverage ratio: Over 80% Income before income taxes Y100bn level Recurring revenue assets Y37trn AuM Over Y150trn Cost to Income Ratio ~80% Assets under administration (NBL) $85.3bn Income before income taxes Y50bn Loans outstanding Y2.8trn Investment trust balance Y70trn Pretax ROE 8-10% Rev/RWA1 ~6%
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0.0% 5.0% 10.0% 15.0% Baseline ROE ✓ Building up assets to expand stable revenues ✓ Accelerating growth in ROE by delivering operating leverage Building baseline ROE that forms bottom line and demonstrating operating leverage through sustainable revenue growth across portfolio¹ ◼ Building a balanced business portfolio considering capital efficiency and the revenue dynamics of each business in order to achieve economies of scale through sustainable revenue growth ◼ Accelerating growth in baseline ROE derived from stable revenues 1. Pretax ROE for each revenue driver is calculated by multiplying internal management figures or the relevant revenues by the segment's income before income tax margin to give deemed income before income taxes (recurring revenue), and then dividing these figures by shareholders' equity as of the end of each quarter for the sake of simplicity. 2. Low-volatility businesses include International Wealth Management, Credit, Structured Finance & Private Credit businesses within Securitized Products, Equity Products excluding Equity Derivatives, ALF, and DCM 3. Including the incremental contribution from inorganic growth 4. Asset under administration Path to consistently achieve ROE of 8-10%+ FY2022/23 FY2024/25 Firm-wide ROE (After Tax) 3.1% 10.0% Sustainable revenue and ROE growth: ✓ Expanding growth areas while focusing on profitability - Address client needs through asset management (WM) - Raise value and exit portfolio companies (IM) - Expand resource light business, bolster trading business (WS) - Appropriate resource allocation, enhance capital efficiency (WS) Creating ROE from expanding low-volatility businesses Pretax ROE by element (four-quarter rolling) 2030 consistently achieve 8-10%+ 14 FY22/23 1 2 3 3 2 1 FY23/24 FY24/25 FY30/31 (Illustrative purposes only) FY24/25 (Actual) FY30/31 (Target) (WM) Recurring revenue assets Y23.5trn Y37trn (IM) AuM Y89.3trn Over Y150trn3 (BK) Loans outstanding Y1.0trn Y2.8trn (BK) Investment trust balance Y40trn Y70trn (BK) AuA4 (NBL) US$56.6bn US$85.3bn ◼ Flow, Trading, Advisory, etc. ◼ Low-volatility businesses2 ◼ Banking (BK) ◼ Business revenue (IM) ◼ Recurring revenue (WM) Abbreviations used: WM: Wealth Management IM: Investment Management WS: Wholesale BK: Banking
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Wealth Management: Strengthening client coverage 15 1. HNWI accounts providing a certain level of client assets and asset management service revenues. 2. Clients with high possibility of becoming HNWI in the future. 3. Private Wealth Management 4. Wealth Management 5. Digital Customer Services 6. Net & Call ◼ In order to provide asset management services, we are enhancing our organizational structure based on client needs and strengthening client touchpoints, with a focus on building relationships with each individual client ◼ Achieving a revenue structure that is conductive to operating leverage through ongoing cost reduction efforts Client coverage Evolving service structure that combines digital tools and Partners Strengthening our reach to emerging wealth clients and activating client's activity as a lifelong asset formation partner for business professionals Expanding active accounts for HNWIs focusing on developing new clients < Appropriate Cost Control > The target of reducing costs by Y20 billion by FY2024/25 has already been achieved. Efforts to continue reducing costs are ongoing Accelerating efforts toward 2030 P16 P17 P18 Client types Organization Mass affluent clients Mass retail clients HNWIs (Corporate/Individual) Active accounts1 Non-active accounts New HNWIs Companies/ institutions section Workplace DCS5 N&C6 PWM3 WM4 * Emerging wealth clients only Face-to-face consulting needs Digital only needs Emerging wealth clients2
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Wealth Management: Realizing further growth centered on HNWIs through productivity enhancements and new client acquisitions 1. Revenue per sales partner in Private Wealth Management (PWM) and Wealth Management (WM) 2. The channel primarily driven by self-initiated transactions ◼ Providing services with even more added value by strengthening services attuned to clients’ needs: Stepping up pace of Sales Partner productivity enhancements and new client acquisition ◼ Toward 2030, establish dominant brand position in the growing HNWI market by increasing the number of active accounts and acquiring new clients 16 Enhance productivity1 of Sales Partners Increase new individual accounts Grow revenues from PWM/WM ◼ Realizing greater client satisfaction and account activity by increasing Sales Partner headcount in PWM/WM so as to right-size the number of accounts handled per Partner ◼ Account openings increasing thanks to Sales Partners’ effective use of resources and an improved Workplace (WP) organizational structure ◼ Growing revenue per Sales Partner by right- sizing the number of accounts handled and using time-saving digital tools 143 161 100 127 128 -20 20 60 100 140 180 0 100 200 300 400 500 FY22/23 FY23/24 FY24/25 Net revenue of WM Division (left axis) PWM+WM (right axis) Self-initiated transactions (right axis) 2 198.8 334.0 372.0 FY22/23 FY23/24 FY24/25 PWM+WM+WP Others New individual accounts 100 138 164 FY22/23 FY23/24 FY24/25 Productivity per Sales Partner (indexed; FY22/23 = 100) PWM/WM revenue (Right-hand axis indexed; FY22/23 = 100)) (billions of yen) (thousands)
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Workplace business Wealth Management: Reaching out more to emerging wealth clients 17 ◼ Supporting companies’ human capital management, as well as asset building by companies’ officers and employees, through our Workplace business Balance of employees’ personal financial assets Downstream business Services provided digitally Added value provided by Sales Partners Financial assets Age Employees still working Employees post-retirement Retirement New hire Encouraging use of corporate plans and Nomura accounts Upstream business ◼ Strengthening collaboration both within and outside the division to support companies’ human capital management ◼ Expand the number of workplace services provided by promoting the use of ESOP, corporate DC and workplace NISA Aim to increase asset formation account users and provide continuous asset management services post-retirement 1 2 Expand reach to employees still working Employees still working Employees post-retirement ◼ Increasing balances of recurring revenue assets by providing higher value-added services involving Sales Partner contact B A ◼ Encouraging greater client activity, acting as a partner in a businessperson’s lifetime asset- building ◼ Accumulating more accounts with balances for the sake of asset-building, using digital marketing 1 2 A B
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18 ◼ Enhancing client convenience and Sales Partner productivity by pairing our Sales Partners with digital tools to create a more evolved client service system ◼ Using digital tools in the interest of achieving growth in client assets, chiefly in the form of recurring revenue assets Wealth Management: Evolving our client service system, pairing our Sales Partners with digital tools 1st Stage 2nd Stage Future aim Strengthening client contact through the use of asset management apps and other digital tools ◼ Working to increase number of app downloads and client usage by adding more content to the NOMURA asset management app and making the app more user friendly ◼ Strengthening client contact through digital means, making services more convenient for clients Asset management app 「NOMURA」 Use of digital tools having knock-on effects on net inflows of recurring revenue assets ◼ Provision of services through the app has lifted client satisfaction; in FY2024/25, the number of accounts with app use was 5x the number of accounts without app use Toward further business expansion ◼ Promoting the service delivery system that combines digital solutions and Partners, along with the utilization of technology, to enhance the overall productivity of the division 100 497 Not using app Used app Net inflows of recurring revenue assets per account (Actual for FY24/25, Not using app = indexed as 100)2 1. Figures for index funds and active funds both include accounts with installment contracts 2. Excluding PWM and Corporate accounts Broadening the investor base through services that pair our Sales Partners with digital tools ◼ Increase in number of installment investment accounts in the Digital Customer Service Department (DCS) driven by services that pair Sales Partners with digital tools ◼ Increase in installments to active investment trusts thanks to value added consulting services Number of app downloads 5x Index Increase Partner productivity and client service levels through the use of digital tools to expand client assets, mainly recurring revenue assets Established a structure to provide services to more clients with fewer Partners 260 930 1,490 FY22/23 FY23/24 FY24/25 (thousands) 100 158 FY23/24 FY24/25 Number of DCS installment investment accounts (FY23/24 indexed as 100) Active1
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19 ◼ Creating global platform via acquisition of Macquarie Group’s public asset management operations in US and Europe ◼ Aiming to increase AuM and enhance value-added via strategic initiatives in growth areas and strengthening areas on top of existing strengths Focus areas for Investment Management Areas of strength Growth areas/strengthening areas Real assetsPrivatePublic JapanGlobal ✓ Expansion of private credit investment in US Specialty credit: ✓ Acquisition of Macquarie Group’s public asset management operations in US and Europe ✓ Expansion/reinforcement of distribution channels, diversification of management strategy Inorganic: ✓ Nomura Alternative Connect (NAC) ✓ Reinforcement of in-house management in Japan Alternative solutions: Partnerships (Japan and overseas): ✓ Partnership with Macquarie Group Growth in existing real assets: Moves into new real assets: ✓ Growth in businesses that help to resolve social issues (agricultural land, renewable energy, new energy, storage batteries) ✓ Faster asset acquisition leveraging group relations (aircraft leasing, real estate, forestry assets) ✓ Raising global profile leveraging management of high-yield bonds ✓ Private equity, private debt ✓ Democratization of private investmentManagement capabilities in Japan/ Asia: ✓ Good reputation for public asset management in Japan and Asia ✓ Further refinement of in-house management ✓ Aircraft leasing Main distribution areas Product areas
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0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 FY2023/24 Actual FY2024/25 Actual FY2030/31 Target Public Alternative Other Inorganic, etc. 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 Mar 2024 Actual Mar 2025 Actual Mar 2031 Target Public Alternative Upside from scheduled acquisition Investment Management: AuM and income before income taxes targets for FY2030/31 1. Other includes ACI-related gain/loss, and other gains/losses. 2. Includes income before income taxes targets stemming from acquisition of shares related to Macquarie Group’s public asset man agement operations in US and Europe announced in April 2025. 3. CAGR for FY2023/24 through FY2030/31. 4. Upside other than from scheduled acquisition based on figures announced at May 2024 Investor Day. ◼ Aiming to increase AuM, including public assets, alternative assets, and assets at Macquarie operations scheduled for acquisition, to over Y150trn by FY2030/31 ◼ Latest acquisition agreement opens pathway to income before income taxes target of Y100bn level. Aiming to achieve it via growth in alternative assets too 20 AuM (trillions of yen) Income before income taxes (billions of yen) 1 Over Y150trn 89.0 + Approx. Y30trn + Approx. Y10trn 60.2 89.6 Y100bn level 2 CAGR3 increase 4 4 89.3 + Approx. Y8bn + Approx. Y30bn
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1. Wholesale net revenue (annualized) divided by modified risk-weighted assets (daily average for the accounting period) used by Wh olesale. Modified risk-weighted assets (daily average for the accounting period) is a non - GAAP financial measure and is the total of ( i) risk-weighted assets (as calculated and presented under Basel III) and (ii) an adjustment equal to the regulatory adjustment t o common equity tier 1 capital calculated and presented under Basel III divided by our internal minimum capital ratio target. 21 ▪ Improve platform stability to achieve through-the-cycle pre-tax ROE of 8-10% (post Basel III) ▪ Reduce revenue volatility through prudent risk management and portfolio mix reform ▪ Consistent efforts to manage Cost to Income Ratio ~80% ▪ Balanced growth in trading, financing, structured / solutions, advisory, and fee-based businesses to perform across market cycles ▪ Pursue growth through self-funding approach, aim to enhance resource efficiency and scalability through targeted investments and external partnerships ▪ Deepen client penetration through enhanced cross-sell and collaboration across divisions, products, and regions ▪ Accelerated growth of International Wealth Management platform to break into top 15 wealth managers in Asia, targeting ~$60bn in AuM ▪ Focus on client diversification – increase penetration with insurance, corporate and sponsors clients ▪ Targeting balanced business mix across regions Stability Growth Diversification ◼ Wholesale met all FY24/25 targets, driven by key tenets of Stability, Growth and Diversification ◼ In the long-term, establish a sustainable growth model aimed at achieving stable pre-tax ROE of 8-10% Pre-Tax ROE Cost to Income Ratio Rev/RWA1 Targets for FY24/25 (Investor Day 2023) 8-10% 7.6% ~6.0% 84% ~86% 80% 96% 6.5% 6.0% FY30/31 (Target) FY24/25FY22/23 Post Basel III1 Finalization Post Basel III1 Finalization Wholesale: Achieved all FY24/25 targets, with steady progress towards FY30/31
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FY23/24 FY24/25 FY30/31 Wholesale: Growth Accelerating 2030 ambition through growth investments and efficiency ◼ Enhancing franchise performance through continued growth and diversifcation of platform ◼ Building a strong ecosystem to enhance resource availability and scale via synergies, partnerships and platform efficiencies Driving strength across Wholesale platform Wholesale Revenues ($)1 15-20% 17% ECM, DCM & ALF Equities Macro Products Advisory 1. Total Wholesale Revenues include Headquarter related items, not shown separately Spread Products Robust growth across business and client franchise, supported by efficient platform Client Franchise External Partnerships Cross-Sell Tech ▪ Expand Insurance, Corporate and Sponsors client segments ▪ Enhance client relationships through integrated global approach ▪ Leverage partnerships to access new growth opportunities ▪ Strengthen cross-divisional, cross-product and cross- regional collaboration ▪ Fill key product gaps and increase multi-product traction ▪ Accelerate implementation of Gen-AI to enhance productivity and platform efficiency Strategic Growth Plans ▪ Expansion in Private Credit, Structured & Solutions, EMEA / AeJ Equities, International Wealth Management, and Americas Investment Banking, and continued dominance across Japan businesses ▪ Capitalize on opportunities in Macro businesses Productivity ▪ Ramp up productivity of Bankers in Advisory and Sales & Traders in Global Markets 22 International Wealth Management 2 1 3
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23 E N New Existing E N New Existing Wholesale Revenue Mix Securitized Products FY17- FY20 Avg. FY24/25 Securitized Products Equity Products Products Markets Products Markets Diversification across Regions Leverage Partnerships to access Growth Opportunities 1 2 Promote partnership strategies ◼ Explore third-party partnerships to enhance origination, lending & distribution capabilities ◼ Expanding sources of capital ◼ Capital recycling aligned to opportunities ◼ Increase origination opportunities Tap into synergies from ongoing partnerships ◼ Further monetize distinguished Wolfe Research | Nomura alliance in US Strengthen penetration in reinsurance ◼ Further strengthen presence in Insurance segment leveraging strategic partnerships including Prismic Life Reinsurance FY17- FY20 Avg. FY24/25 International Wealth Management Equity Products Wholesale: Diversification/Growth Explore growth opportunities by utilizing internal / external resources ◼ Leveraging regional strengths for global replication: early success observed in EMEA and AEJ ◼ Building an ecosystem to enhance resources and scalability through synergies and partnerships EMEA AEJ
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1. Source: BCG (Global Wealth Report 2024) Revenue 7 11 14 15 21 29 45 60 FY19 /20 FY20 /21 FY21 /22 FY22 /23 FY23 /24 FY24 /25 FY30 /31 64 86 96 98 146 242 400 FY19 /20 FY20 /21 FY21 /22 FY22 /23 FY23 /24 FY24 /25 FY30 /31 (billions of dollar) (millions of dollar) E N New Existing Products Markets 3 AuM Accelerating growth ◼ Aiming to break into top 15 in the rapidly growing wealth management industry in Asia ◼ Franchise and Platform expansion across well established hubs in North Asia and South & Southeast Asia; maintain the strong momentum in Middle East building on the significant progress made since Dubai branch launch ◼ Capitalize Cross-Divisional Strengths and Japan edge Americas Japan AEJ EMEA Growth of Financial Assets: By Region $275trn $367trn AEJ drives Global Wealth Growth1 2023 2028F +19% +44% +27% +33% Wholesale: Diversification/Growth International Wealth Management Expansion 24 Franchise Expansion 61 106 150 FY19/20 FY24/25 FY30/31 RM Headcount (#) RM Productivity (AuM/RM, $m) 122 276 400 FY19/20 FY24/25 FY30/31 ◼ Cross-divisional synergies across Wholesale, Investment Management, Wealth Management, Laser Digital, and broader Nomura group entities ◼ Expand product suite & solutions, increase client referrals and enhance distribution. Institutionalized approach to one-bank collaboration Capitalize on Cross-Divisional Strengths
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0.0% 4.0% 8.0% 12.0% 45% 55% 65% 75% Building a balanced portfolio towards 2030 WM, IM, BK, OtherWS Risk assets (FY24/25) Risk assets (FY30/31) Size of circle indicates scale of income before income taxes As % of total adjusted risk assets ROE (Pre-tax) 25 FY23/24 (RWA based on before Basel III Finalization) FY24/25 (RWA based on Post Basel III Finalization) FY30/31 (Illustrative) Rough image of resources allocated to WholesaleResource allocation strategy (Illustrative) Investment Management (IM) Banking (BK) Wholesale (WS) Other Initiatives to lift ROEAs % of adjusted risk assets 4% Creating revenue opportunities by further advancing asset management business and lifting profits through cost discipline 7% Adding to AuM and growing stable revenues; making growth investments including the acquisition of Macquarie’s US/Europe asset management businesses 2% Seeking profit growth through growth in the loan business and the trust business 63% Pursuing sustainable growth through self-funding of resources 24% Continuous monitoring and review Wealth Management (WM) Now 8-10% Including acquisition of Macquarie’s US/Europe Asset Manager ◼ Higher resource allocation to recurring businesses1 by devoting additional capital to Investment Management (inorganic strategy) while also expanding the banking business ◼ Wholesale ROE increased substantially in FY24/25; aiming for sustainable growth through self-funding going forward Recurring businesses 10% Recurring businesses 25% 1. “recurring businesses” includes Wealth Management recurring revenue, Investment Management business revenue, Wholesale Intern ational Wealth Management revenue (only the portion that corresponds to recurring revenue), and Banking revenue
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1. Source: Nomura, based on third-party survey data 3. Historical defined as FY16/17 -19/20 2. Source: Coalition, 2019-2024 average Strengthening focus on the Americas through the strategic resource allocation 26 Japan 84% International 16% o/w US 4% Japan 65% International 35% o/w US ~24% AuM $770bn Harnessing revenue opportunities to grow our global AuM, focusing on the US Now After acquisition of Macquarie’s US/Europe asset management businesses Strategically deploying financial resources in the Americas WS Americas driving international profits Income before income taxes in WS Americas Breakdown of the global Wholesale fee pool2 ◼ Advancing strategic initiatives in Investment Management (IM) and Wholesale (WS) by pursuing long-term growth opportunities in the Americas 51% 49% AmericasOther regions Leveraging opportunities in the Americas to expand our presence AuM $590bn 34% 47% WS risk asset allocation Global AuM1 Big opportunities in the Americas ~$120trn (2024) Europe Americas Other regions Americas Other regions (billions of yen) FY2024/25Past average3 FY16/17-19/20 Avg. FY24/25 3.5x Past average3 FY2024/25
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Growth through cross-divisional collaboration: Banking division newly established 27 Unburdened business with no brick-and-mortar storefronts of its own Access to an excellent client base Deep know-how in handling securities Original strengths & attributes Nomura Trust & Banking (NTB) Top three industry track record in investment trust operations Strengths & attributes made possible through intra-group collaboration Group includes one of Japan’s largest asset managers Well-honed high-quality service Extensive track record in the challenging area of private assets Ability to support clients in collaboration with NTB Nomura Bank Luxembourg (NBL) Banking division ◼ Greater cross- divisional collaborati on ◼ Leveraging the Nomura franchise ◼ Access to quality clients Strengthen banking functions in areas adjacent to financial markets ◼ Continued inflation ◼ Changes in interest rates conditions (with even Japan having positive interest rates now) ◼ Accelerated efforts to promote Japan as a leading asset management center ◼ Growing number of funds that invest in private assets Changes in the business environment ◼ Asset building ◼ Smooth asset succession ◼ Using marketable securities to procure funds Changes in what clients need Financials, other entities Corporate clients WM WS PWM WM Workplace Overseas HNW IM Individual investors Institutional investors Overseas investors The power of the Nomura brand ◼ Established a Banking division as a fourth pillar of the group in the pursuit of our 2030 management vision ◼ Aim is, as a brokerage-affiliated trust bank, to efficiently and effectively develop a client base through enhanced intra-group collaboration in areas adjacent to financial markets
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Capital policy
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CET1 ratio 29 ◼ Set new upper limit for common equity Tier 1 ratio following start of finalized Basel III rules ◼ Implement optimal capital allocation while focusing on capital efficiency and achieving 2030 management vision Capital allocation to ensure sustainable rise in corporate value while striking a balance between growth investments and shareholder returns Additional investments and risk-taking in existing businesses Consideration/ implementation of growth investments to generate ROE (*) 11% 14% More proactive dividend payouts and share buybacks Proactive dividend payouts and share buybacks Adherence to the dividend policy end-March 2025 (pro forma following Macquarie AM acquisition) approx. 13% end-March 2025 14.5% Target range Minimum required level + buffer Consistency with strategy ◼ Investments that can support realization of 2030 management vision "Reaching for Sustainable Growth" ◼ Reinforcement of Nomura group strengths, affinity with existing businesses, focus on cultural fit Profitability ◼ Generate returns that contribute to consistent ROE of 8% to 10% or more ◼ Regular reviews post-investment Capital efficiency ◼ Allocate capital to recurring businesses and risk-light businesses ◼ Strike a balance with capital uses other than growth investments (*) Disciplined investments for 2030 Shareholder returns Shore up capital to get CET1 ratio back within target range Control of investments with the aim of trimming RWA Capital accumulation for future investment, securing capital in an environment prioritizing financial soundness Prompt implementation of growth investments to generate ROE (*) Priority in principle given to shareholder returns and additional investments Additional investments Accumulation of capital
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Shareholder returns: Dividends per share/share buybacks 1. FY2024/25 share buybacks show agreed Y60bn upper limit as we are still in the tender offer period. Dividend policy ▪ Will strive to pay dividends using a consolidated dividend payout ratio of at least 40% of semi-annual consolidated financial performance as a key indicator ▪ Dividend payments will be determined taking into account a comprehensive range of factors such as the tightening of Basel regulations and other changes to the regulatory environment as well as the company’s consolidated financial performance ◼ Maintain high return rates while stepping up growth investments to achieve enhanced shareholder returns alongside profit growth ◼ FY2024/25 ordinary dividend (Y47 annual) plus commemorative dividend (Y10) for centenary, plus share buyback of up to Y60bn agreed 30 70% 47% 55% 42% 49%Dividend payout ratio (yen) Total shareholder return policy ▪ Will aim for total payout ratio (which includes dividends and share buybacks) of at least 50% 70% 92% 77% 102% 67%Total payout ratio Shareholder return policy Incl. commemorative dividend 20 8 5 8 23 15 14 12 15 24 10 35 22 17 23 57 FY2020/21 FY2021/22 FY2022/23 FY2023/24 FY2024/25 Half-year DPS Year-end DPS Commemorative dividend Dividends per share (DPS) 107 131 71 169 229 FY2020/21 FY2021/22 FY2022/23 FY2023/24 FY2024/25 Total dividend payout Share buybacks(billions of yen) Total dividends and share buybacks1
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Continuous reinforcement of organization
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Wholesale, Corporate Wealth Management Group companies in Japan Governance/ risk management Systems Support Technology, infrastructure Structural reforms: Japan IT Roadmap 32 ◼ Common IT structures and operations across the group to improve support for business strategies and reduce IT costs Initiatives of Japan IT Roadmap (Illustrative purpose) Common groupwide governance framework Common groupwide support organization Common groupwide technologies and infrastructure (AI, automation, hybrid cloud, etc.) in-house 3rd partyin-house3rd partyin-house ◼ Standardization is being implemented for Wealth Management (through FY2028/29) ◼ Phased rollout to all group companies in Japan (from FY2025/26) • Improved development capabilities by unifying management of 1,700 staff at IT base in India • 20% reduction in infrastructure costs by consolidating data centers, automating construction and operation of hybrid (public/private) cloud • 50% reduction in business lead times through in-housing and agile development • Automate software development processes, use AI in development • Slim down existing systems by 20% through modernization via common systems Benefits yielded by Japan IT Roadmap 3rd party The Vision for the Japan IT Roadmap ◼ Standardization of IT governance and risk management, infrastructure, and utilized technologies across the entire group ◼ Utilization of resources and know-how at the group level ◼ Cost reduction through the standardization of infrastructure and support
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Structural reforms: Wholesale IT architecture 33 ◼ Technology as enabler of WS business: Balancing priorities between BAU and transformation, while careful aligning with business strategy ◼ We manufacture, modify and maintain vast quantities of diverse data to manage our business daily: AI technologies is expected to unlock productivity Process Automation (Data quality and standardization) Predictive Analytics (Data organization and feature extraction) Intelligent Doc Processing (Unstructured to structured data transformation) Cognitive Workflow (Knowledge management and real-time data analysis) Autonomous Operations ("AI-Ready" data and adaptive feedback) Wholesale is a data-centric business, highly compatible with AI technology 110K Number of CPU cores used for computation daily 13K Databases that store data F2B +8% YoY increase in storage after archiving +20% YoY increase in trade flow 13K Employees creating, manipulating, and consuming data F2B Rationalize and simplify our technology estate ◼ Consolidating platforms ◼ Decommissioning applications ◼ Modernizing technology ◼ Embedding cyber hygiene Outcomes (as of April 2025) ◼ 74 of 611 applications decommissioned over the past 2 years ◼ 25% reduction in incidents Scaling the business Rationalize and simplify our platform Meeting regulatory & control compliance Managing operating costs IT architecture
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1. As of March 31, 2025 ◼ Implementing unique people management strategy to promote career autonomy and diverse appointments ◼ Aim to differentiate talents by forming a Team of professionals who continuously take on the challenge of creating new added value Nomura Group people strategy Development of professionals and leaders Thorough approach to pay for performance ◼ Strengthen mid-career hiring ratio and increase diversity of our people 45% of our people are at overseas bases, and the global mid-career hiring ratio is around 70%1 ◼ Job-specific recruitment Japan has moved fully to course-based hiring (18 groupwide including 8 at Nomura Securities) ◼ Diversification of recruitment channels We make proactive use of referral hiring and the Alumni Network Promotion of career autonomy and development of leaders Talent AppraisalMobility/ Hiring Hiring focused on expertise and job type ◼ Strengthening of internal recruitment scheme 1,000 applicants of whom around 400 changed roles (FY22/23-FY25/26 1H) ◼ Female empowerment Around 40% of our people are women, of whom around 20% are in management roles1 ◼ Board diversity Of 25 new executive officers in Apr 2025, 4 are non- Japanese, 1 is a woman, and 8 are mid-career hires ◼ Management training Aim is to enhance management skills to boost organizational productivity; around 2,500 managers participated ◼ Leadership training In addition to the Nomura Keiei-Juku and Nomura Management School, many employees participate in various domestic and international leadership programs ◼ Development of global talent via overseas study program Over 600 participants over the past 60 years1 ◼ Promotion of independent learning via Digital IQ University ◼ Introduction of Job-Based Pay System All managers adopted since April 2020 ◼ 360-degree feedback system introduced globally ◼ ERCC rating system (for professional ethics, risk management, compliance, and conduct) is being strengthened Reflected stringently in appraisals and compensation Differentiation of HR management cycle Team of professionals who continuously take on the challenge of creating new added valueAim (Human Resource Management Policy) Aims for organization and human resources (To be) Self-sustaining decentralized organization in which every single employee has a high level of expertise and leadership 34 development advancement
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35 1. Nomura's action plan based on the Act on Promotion of Women's Participation and Advancement in the Workplace. The action plan covered the period from 1 May 2020 through 30 April 2025. 2. A scheme that provides financial incentives to both male and female employees taking consecutive childcare leave for at least one month. 3. The Index evaluates companies based on five metrics: Policy (Declaration of action), Representation (Support for the LGBTQ+ c ommunity), Inspiration (Awareness-raising activities), Development (HR policies and programs), and Engagement/Empowerment (social contribution and external activities). ◼ Our management strategy aims to create an inclusive workplace where everyone feels a “Sense of Belonging” ◼ To create new values, we aim to foster an organization that respects diversity and collaborates across divisions and positions Inclusion initiatives Elimination of gender gap Support balancing work and life events LGBTQ+ 10.3% Women branch managers target reached (as of April 2025) 20.3% Women managers target reached (as of April 2025) 18% 56% 24年3月期上期 (奨励金制度導入前 ) 25年3月期 (奨励金制度導入後 ) Male employee takeup of parental leave (FY2024/25) Our initiatives have been recognized with various awards ▪ Various measures to improve diversity in decision making positions - A sponsorship program led by senior executives is implemented to develop female executive candidates - A leadership program for female senior managers has been launched, which produced executives and branch managers among past participants ▪ We have achieved in full the Nomura action plan based on Act on Promotion of Women's Participation and Advancement in the Workplace1 - Percentage of female branch managers 10% Percentage of female managers 20% ▪ Male employees’ uptake of parental leave has increased following our introduction of the incentive scheme2 ▪ Promoting flexible work options like flextime, working from home, and relocation, accommodates various family needs ▪ Nomura has for the ninth consecutive year been recognized with the highest gold award in the Pride Index 3, which evaluates LGBTQ+ activities in the workplace, and the Rainbow award for the fourth consecutive year 1H FY2023/24 (before incentive scheme was introduced) FY2024/25 (after incentive scheme was introduced)
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36For more, see “Employee-Friendly Work Environment” on our company website: (https://www.nomuraholdings.com/sustainability/employ ee/support.html) ◼ Promote health management initiatives based on view that employee well-being is Nomura Group’s greatest asset ◼ Group companies being recognized under the KENKO Investment for Health Outstanding Organizations Recognition Program Health management Health management goal of Nomura Group: “Nomura is committed to the overall physical, mental, and social well-being of all employees” Employee well-being and sustained growth Reduction in absenteeismTarget indicators Reduction in presenteeism FY2025 target 10 (FY2024 actual 17.9) Improvement in work engagement FY2025 target 60 (FY2024 actual 53.7) Management challenge Investment in health Medical checkups ▪ Nomura and its health insurance association cover the full cost of annual medical checkups so that illnesses can be quickly detected and quickly treated - Includes cancer screenings (stomach, lung, colorectal, breast, cervical) Smoking ban ▪ Smoking rate down sharply following introduction of ban on smoking during working hours and support for employees attempting to quit the habit (FY2023/24) 14.9% (FY2017/18) 21.4% Checkup rate 99.7% (FY2023/24) Time off ▪ Specific targets for use of annual leave and number of overtime hours spelled out for employees in the Nomura Well-being Guidelines Women’s health ▪ Introduced service that helps women secure low-dose birth control pills for period regulation—a women- specific health issue ▪ Introduced subsidies for egg- freezing services to give female employees more options as they plan their lives and careersUse of annual leave 71.6% (FY2024/25)
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Promoting well-being Respect for employee opinions and diverse ways of workingRegular reviews of the Code of Conduct 評価 配置 登用 Putting our purpose into practice Nomura Group Purpose We aspire to create a better world by harnessing the power of financial markets ◼ Three-year “Nomura Purpose Journey” project launched ahead of our 100th anniversary, and Group Purpose statement settled on in April 2024 ◼ Various initiatives undertaken from both the top down and the bottom up ◼ Communications from management regularly draw on the idea of purpose in describing what sort of company Nomura aspires to be ◼ Code of Conduct regularly updated based on changes in society and the economy and the expectations of stakeholders ◼ Encouraging adherence to behaviors consistent with the Code of Conduct through training sessions and other means ◼ Nomura Founding Principles and Corporate Ethics Day held each August 3rd so that all employees can look back on the lessons of past scandals, engage in discussions, and affirm their commitment to the Code of Conduct ◼ Creating a workplace where people can feel contented and energetic in their work so that all Nomura employees can be physically, mentally, and socially satisfied (well-being). ◼ Engaged in initiatives focused on body/mind health, working styles, the work environment, and links to the broader community and society. ◼ Since FY2013/14, we have conducted an annual Nomura Group employee survey so that we can assess the impact of our human resource management strategy and improve it. The results are put through the PDCA cycle with the aim of increasing employee engagement. ◼ In FY2022/23 we launched Nomura Ways of Working, a project intended to help all employees maximize their performance regardless of when and where they work. Towards achieving our purpose ◼ Established a Culture & Engagement Dept. in April 2025 to encourage the groupwide development of a positive corporate culture and boost employee engagement 37
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◼ 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. ◼ All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. ◼ This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. 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 (https://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. Disclaimer 38
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Nomura Holdings, Inc. www.nomura.com
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© Nomura Acquisition of Macquarie’s U.S. and European Public Asset Manager International Investment Management Expansion Plan Investor Day 2025 May 30, 2025 Nomura Holdings, Inc. Executive Officer, Chairman of Investment Management Division Christopher Willcox
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1 1. Macquarie Management Holdings, Inc., a Delaware corporation; Macquarie Investment Management Holdings (Luxembourg) S.à r.l.; and Macquarie Investment Management Holdings (Austria) GmbH; Some subsidiaries, assets and liabilities under the target companies that do not fall under the public asset management business w ill be excluded from the acquisition. 2. U.S. Dollars used throughout this presentation unless indicated otherwise. 3. As of 9/30/24. Proposed transaction overview & strategic rationale Proposed Transaction Overview ▪ Macquarie’s U.S. and European public asset management business ▪ 100% of the stock of three target companies1 ▪ All-cash purchase price of $1.8 billion2 (subject to closing adjustments) ▪ Approximately $180 billion3 in retail and institutional client assets ▪ High-margin; robust operating efficiency; positive to firm level ROE ▪ Target will continue to be operated separately and independently until closing Strategic Rationale Transform our Investment Management Division: global and scalable platform, positioned for growth Expand U.S. footprint: well-diversified and high-operating margin platform with significant U.S. client franchise Diversified active capabilities and deep U.S. wealth and institutional client relationships Nomura-Macquarie partnership in distribution, seed capital, sub-advisory and longer-term product development Accelerate Nomura’s 2030 objective of growing stable and capital-light businesses
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Approximate AUM breakdown 21. Ranking based on total AUM. 2. U.S. Dollars used throughout this presentation unless indicated otherwise. Target business overview Business Profile Key Business Metrics ▪ Active public asset management franchise with diversified capabilities ▪ Top 30 active Mutual Fund complex in the U.S.1 ▪ Headcount: More than 700 across Investment, Distribution and Support functions ▪ Major office locations: Philadelphia (HQ), Kansas City, Vienna, Luxembourg U.S., 90% Other, 10% By Geography2 Retail, 50% Institutional, 15% Insurance, 35% By Client Channel2 Equities, 50% Fixed Income, 40% Multi-Asset, 10% By Investment Type2 Key Strengths ▪ Scaled U.S. asset management business, the largest asset management marketplace in the world ▪ Diversified product set across equities, fixed income and multi-asset, no capability greater than 10% of revenues ▪ Strong client franchise including long-term partnerships with Lincoln Financial and LPL ▪ “Full platform” proposed acquisition with a talent, deep roster of middle- and back-office professionals ▪ Assets Under Management ~ approximately $180bn2 ▪ Net Management Fees ~ approximately $700mn2 ▪ Robust operating efficiency ~ above industry average operating margins
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3Notes: Representation of capabilities based on AUM as of 12/31/24, excluding sub -advisory and passive. ◼ The combination of Nomura’s active investment strategies and the target business will create a complementary platform for global expansion Implication of the acquisition on IM Division product strategies Nomura Target Business Pro Forma Public Fixed Income Public Multi-Asset Public Equity Global Emerging Markets U.S. Japan Asia Global Quantitative Global Multisector U.S. Multisector U.S. Municipals Japan Credit & Insurance (incl. High Yield) Money Markets Global Listed Infrastructure Multi-Asset Global Listed Real Estate AUM>$2 billion AUM<$2 billionSub-advised by Macquarie Asset Management, AUM>$2 billion
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4 Transforming our investment management business towards 2030 2025 2030 Top50 Top130 Top40 NOMURA INVESTMENT MANAGEMENT MACQUARIE’S U.S. AND EUROPEAN PUBLIC ASSET MANAGEMENT COMBINED BUSINESS Accelerated Growth of Stable Revenues for Nomura Group Combined Asset Manager Leading Asset Management presence in Japan & US Significantdistribution footprint in US Retail Will provide significant expansion of global capabilities and client footprint Employees 700+ ~2,600 ~36% 100% 54%Headcount Outside Japan Revenues ~$700mn ~$1,800mn AUM $590bn1 ~$180bn2 $770bn $1trn+ ~36% ~1,900 ~$1,100mn ~$590bn1 100% 700+ ~$700mn ~$180bn2 1: Rounded figures by the Investment Management planning department of Nomura Holdings, Inc as of December 2024. 2: Target business figures are unaudited and indicative as of September 2024 for the entire business to be acquired. 3: 2030 revenue comparison vs. rounded figures of Nomura’s Investment Management Division as of December 2024.
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5 Post-Close Growth Opportunities Distribution: Defend & Expand Existing Franchise Globalization: Expand Footprint & Capabilities in Asia / EMEA Investments: Accelerate Growth & Build New Capabilities Consultative total portfolio client experience Comprehensive suite of investment solutions Connected global platform and solutions Invest in technology for improved investing, fundraising, client experience, and operational efficiency • Key Strategic Relationships Deeper engagement and penetration with key strategic clients • Money-in-Motion Opportunities Manager replacement-related flows in areas of investment excellence • Relationships with U.S. RIAs Investment solutions & client support tailored to RIAs • Insurance & Sub-Advisory Insurance-specific engagement model • Active ETFs Build on recent momentum and Nomura’s ETF expertise • Private Markets Expand capability set of Nomura’s existing Private Credit platform • Strategic Partnerships Forge strategic partnership with market leaders (e.g., Macquarie Infrastructure to U.S. Wealth) • Cross-Divisional Opportunities Create unique solutions with Nomura’s Wholesale & Wealth Management Divisions • Cross-Sell Opportunities Showcase Nomura’s IM Division and the target business’s strengths to clients globally • Global Distribution Expand client coverage in Asia and EMEA • Capability Bolt-On Opportunities Explore bolt-on acquisition opportunities that align with our long-term vision and mission
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6 Post-Close Growth Opportunities: Distribution 1. Source: Nomura based on third party analysis; 2. U.S. RIAs are Registered Investment Advisors that provide personalized fi nancial advice on clients’ assets with fiduciary obligations (market has grown to ~17,000 RIA firms) U.S. Retail Active AUM1 636 671 657 686 751 750 71 89 102 121 133 167107 107 99 98 107 94832 886 875 925 1,102 1,031 2017 2018 2019 2020 2021 2022 Cash Equity Alternatives Fixed Income Target business manages over $60bn in insurance assets 95% of credit strategies outperforming 10-year benchmarks Externally managed insurance AUM1 (billions of dollar) ▪ Leverage high-quality credit investment capability and strong presence in the insurance space to seize growth opportunities - as the insurance market offers significant growth ▪ The target business has placement with the largest wealth distributors – further enhancing positioning with leading distributors is crucial ▪ Deepen partnerships with key global financial institutions to expand coverage of wealth channel ▪ Strengthen relationships with high-growth RIA channel2 ▪ Focus on product innovation and cross-selling ▪ Expand public and private credit platform to align with Insurance client needs ▪ Reinforce distribution and client service capabilities to support insurance client requirements (1) U.S. Retail Opportunity (2) Insurance Opportunity ◼ Solid US retail distribution presence among 9 out of the top 10 distributors; Strong strategic relationship with large Insurer ◼ Execute targeted investments to enhance strategic positioning with (1) U.S. Retail Platforms and (2) Insurance Clients Opportunities US Retail Active AUM by Distributor Opportunities Target business maintains relationships with: 9 of the top 10 retail distributors who account for 55% market share
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7 Post-Close Growth Opportunities: Investments / Products 1. Source: Nomura based on third party analysis 2. Source: Preqin, excludes Funds of Funds ◼ Three key investment strategy initiatives that will support the future growth of the combined business Seizing Opportunities in capital movement Offering Vehicle Flexibility in product packaging Expanding Private Markets in high-growth areas Flows between core active funds is 3x larger than net flows into passive funds Flows into passive funds1 Flows between active funds1 3x Others: 1.3% Fixed Income: 2.3% Equity: 2.9% 6.5% 0.7% 1.2% 1.9% ▪ Pursue money-in-motion (i.e., reallocations within the active space) – focus on opportunity identification, product innovation, distribution / operational efficiency 25% 29% Active Equity ETFs Average Net Flows (%, 2019-24)1 Active Credit ETFs Average Net Flows (%, 2019-24)1 ▪ Early momentum in Active ETF space and strong active management skill set provides a solid foundation – focus on vehicle flexibility, active management strength, and product innovation Private Market AUM CAGRs2 2014-19 2019-24 Infrastructure Real Estate Private Equity Private Credit ▪ Existing Nomura Private Credit business offers foundation to extend and scale – focus on product development in specific pockets of strength and long-term trends, while pursuing partnerships in more developed areas Active ETFs have experienced 20%+ net flows since 2019 ~ demand from all U.S. Retail channels, including RIA Private Markets have experienced consistent double digit growth for the last decade +14%+14% +15%+15% +8%+8% +13%+19%
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8 Collaboration with Macquarie ◼ Alongside the transaction, putting in place a series of collaboration arrangements with Macquarie to create incremental value for both firms and expanded and enhanced value to our respective customers ✓ U.S. Wealth distribution partner for Macquarie Alternatives Distribution SeedCapitalSub-Advisory Further Collaboration Distribution Seed Capital Sub-Advisory Further Collaboration ✓ Seed capital for Macquarie Alternatives to U.S. Wealth clients ✓ Product development collaboration for Alternatives to other Nomura clients ✓ Cross collaboration on sub-advising strategies and managing sleeves of underlying allocations ✓ Multi-dimensional partnership to collaborate across businesses ✓ Joint working group to explore opportunities across areas 1 2 3 4
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9 Senior leadership for proposed acquisition Target Business Nomura IMD Christopher Willcox Executive Officer, Chairman of Investment Management Division Yoshihiro Namura Head of Investment Management Division Robert Stark Head of Investment Management, Americas, CEO Nomura Capital Management Shawn Lytle Milissa HutchinsonJohn Pickard Greg Gizzi Current Role: President of Macquarie Funds, Head of Americas for Macquarie Group Current Role: Chief Investment Officer Equities & Multi-Asset Current Role: Chief Investment Officer Fixed Income Current Role: Head of U.S. Wealth Distribution Previously CEO at JP Morgan Asset Management responsible for managing $2trn in AUM across all assets. During his tenure, AUM grew by 50% and revenue related to asset management business increased by 20%. Senior Managing Director responsible for Nomura’s Investment Management Division since 2021. Previously CIO at Nomura Asset Management responsible for overseeing all investment decisions and strategies. More than 20 years of financial services industry experience, including as Founder & CEO of Alterum Capital Partners, Senior Managing Director at FS Investments, Head of National Accounts at JP Morgan, and Partner at McKinsey & Company. Joined Macquarie in 2015. Over 30 years of industry experience with previous leadership roles at UBS Asset Management and JP Morgan Asset Management. Member of the Investment Company Institute (ICI) Executive Committee. Joined Macquarie in 2021. Over 30 years of experience in global equity portfolio management, including as Chief Investment Officer at Martin Currie Investment Management and before that at UBS Asset Management. Joined Macquarie in 2015. Over 15 years of experience in the U.S. wealth space, previously having served as the Head of the Strategic Relationship Group. Prior to joining Macquarie, held roles at JP Morgan Chase and Morgan Stanley. Joined Macquarie in 2008, through its predecessor firm Delaware Investments, with over 30 years of experience in the fixed income space. Previous experience includes roles at Lehman Brothers, UBS, Dillon Read, and Kidder Peabody.
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◼ 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. ◼ All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. ◼ This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. 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 (https://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. Disclaimer
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Nomura Holdings, Inc. www.nomura.com
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© Nomura Pursue sustainable growth by leveraging banking functions through group collaboration May 30, 2025 Investor Day 2025 Nomura Holdings, Inc. Head of Banking Shinichi Okada
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Operating environment surrounding Nomura’s banking division 1. Source: Nomura, based on Bloomberg data Japanese interest rates and Nikkei 2251 Market conditions ▪ Policy rate hikes ▪ Brisk activity in stock markets worldwide and recent market volatility ▪ Basel Accords (finalization and full implementation of Basel III in March 2025) ▪ Initiatives to promote Japan as a leading asset management center Regulatory environment and oversight bodies ▪ Growing demand for asset management services ▪ Japan about to experience a great wealth transfer between generations Social context 1 (%)(yen) -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 1995 2000 2005 2010 2015 2020 2025 グラフ タイトル 日経平均株価（左軸） 10 年国債利回り（右軸） 無担保コールレート（右軸） Nikkei 225 (lhs) 10yr JGB yield (rhs) Uncollateralized overnight call rate (rhs) -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 1995 2000 2005 2010 2015 2020 2025 グラフ タイトル 日経平均株価（左軸） 10 年国債利回り（右軸） 無担保コールレート（右軸） Banking business conditions are mostly favorable; the challenges Nomura faces as it grows its own banking business include coping with interest rate movements and enhancing governance
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Rise in interest rates Inflation Great wealth transfer between generations Market conditions and societal factors Changes in role of banking function • Steady expansion of business to meet requirements of Nomura Group and its clients • Offering wide range of low-volume products and services with original and highly competitive characteristics • Enhanced organizational structure and governance capabilities • Intragroup coordination underpinning improvements and expansion of current offerings • Contributing to stable earnings growth as fourth pillar of Nomura Group’s operations • (Longer-term plan) Leveraging platform to expand outside the Group Before Going forward Changes in business conditions surrounding the Nomura Group • Growing importance to the Group of providing banking services amid changes in the business environment • Building the Banking business into the fourth pillar of Nomura Group's operations as part of the Group’s strategy to achieve the 2030 management vision • Business expansion and strengthening the operational structure to reinforce intragroup coordination and the independent growth of the banking operations Government policies Demand for asset management and inheritance services Client requirements Shift from savings to building assets Japan as a leading asset management center Role of financial institutions 2 Significance and aims of establishing the Banking Division Significance and aims
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1. Zero interest-rate policy 2. Negative interest-rate policy 3. The number of employees and the balance are as of March 31, 2025. An introduction to Nomura’s Banking Division History and overview of NTB and NBL Nomura Bank (Luxembourg) S.A. (NBL)Nomura Trust and Banking Co., Ltd. (NTB) April 2025 launch of Nomura’s new Banking Division 1993 Established 2006 Starts Nomura Web Loan service Merges with NCT Trust and Banking 2015 2024 3 1996 Nov 1999 Mar 2014 Jan 2016 Jan 2024 Jan 2001 2023 ▪ No. of employees: 323 ▪ President & CEO: Katsuya Imanishi ▪ Deposits: $4.8bn ▪ Assets under administration: $56.6bn Service lineup Deposits, overseas investment trust trustee operations, settlement, custody services, fund administration services ▪ No. of employees: 600 ▪ President: Shinichi Okada ▪ Loans outstanding: Y1.04trn ▪ Investment trust balance: Y40.5trn Service lineup Deposits, non-JPY deposits, securities-backed loans, surrogate testamentary trusts (wrap trusts), inheritance services, trust services, Japanese investment trust trustee operations Overview of NBL3Overview of NTB3 Major events in Japan’s financial industry NBL Tokyo Desk set up at NTB Starts internet banking services 2008 2010 Starts inheritance services Adopts trustee single-party calculation scheme 2024 Mar Japanese Big Bang Japan as a leading asset management center Start to ZIRP1 Shift from savings to investment Start of NISA Start to NIRP2 Start of new NISA End to NIRP2 1990 Established 1991 Establishes management company in Luxembourg, Global Funds Management (GFM), as subsidiary 2013 2019 Establishes management company in the Cayman Islands, Master Trust Company, as subsidiary of GFTC Full-time employees assigned to GFM 1998 2008 Establishes trustee company in the Cayman Islands, Global Funds Trust Company (GFTC), as subsidiary Full-time employees assigned to GFM
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An introduction to Nomura’s Banking Division Relative roles of NTB and NBL in the trust business 4 from Mar 2002 to Mar 2025 8.1x Japanese investment trusts Overseas investment trusts (one example) ファンド Payment of dividends and redemption Application fee Client Sales company Market Asset management company NTB Administration operations (management of fund assets, price formation, etc.) Custody operations (safekeeping of assets, etc.) Fund (Reference) Relative roles of NTB and NBL in the trust business Investment Instructions for asset management Proceeds from investment Dividends, redemption and cancellation proceeds Client Sales company ファンド Fund NBL Administration operations (management of fund assets, price formation, etc.) Custody operations (safekeeping of assets, etc.) Application fee Notification of setting and cancellation Dividends, redemption and cancellation proceeds Payment of dividends and redemption Application fee Notification of setting and cancellation Market Asset management company Investment Instructions for asset management Proceeds from investment Application fee 0 10 20 30 40 (Reference) Net assets of investment trusts from Mar 2002 to Mar 2025 (trillions of yen) (trillions of yen) Net assets in investment trusts of NTB Net assets of investment trusts in Japan 39.7 351.7 from Mar 2002 to Mar 2025 22.8x From Mar 2002 To Mar 2025 8.1x Publicly offered ETF Privately offered investment funds Publicly offered investment funds (excluding ETF) Privately offered investment funds Publicly offered investment funds 0 100 200 300 400 Mar 2005 Mar 2010 Mar 2015 Mar 2020 Mar 2025
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1. Nomura’s share is the number of wills held by Nomura as a percentage of the total number of wills held by members of the Trus t Companies Association of Japan (trust banks, association members). Results of Banking Business For Fiscal Year ended March 2025 Net revenue, Non-interest expenses and Income (loss) before income taxes Trust Property (excl. Investment Trust) (NTB) Wrap Trust balance (NTB) Loans Outstanding (NTB) Assets under administration (NBL) Results of FY2024/25 Net Revenue: Y47bn (YoY +Y4.1bn) Non-interest expenses: Y30.8bn (YoY +Y3.0bn) Income (loss) before income taxes: Y16.3bn (YoY +Y1.2bn) Number of Testamentary Trust (NTB) (trillions of yen) (billions of yen) Investment Trust balance (NTB) (billions of yen)(trillions of yen) 356 5 29.4 26.2 34.0 42.9 47.0 23.6 25.3 25.1 27.8 30.8 5.9 0.8 8.9 15.1 16.3 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 Net Revenue Non-interest expenses Income (loss) before income taxes 1,038 0 200 400 600 800 1,000 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 29.9 26.7 0 20 40 60 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 Nomura Group Others 10.8 0 2 4 6 8 10 12 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 (billions of yen) 39.7 0 10 20 30 40 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 0 100 200 300 400 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 4,491 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0 2,000 4,000 6,000 Mar 21 Mar 22 Mar 23 Mar 24Sep 24 Number of wills kept by NTB market share¹ （rhs） 56.6 (billions of dollars)
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Has the edge in products and services Nomura Web Loan and wrap trusts, direct trust scheme and trustee single- party scheme Strengths of the Banking Division 1. Client assets and no. of accounts are as of end-April 2025. 2. As of April 1, 2025 3. Assets under administration as of end -March 2025 Nomura Securities (Wealth Management Division) Retail client assets1 Y144trn No. of active client accounts1 5,949,000 Network of branches in Japan2 104 Bank agent, trust contract agent NTB’s own strengths NTB Strong competitiveness in investment trusts Ranks No.3 in the industry on high- quality, highly specialized services Strengths that leverage position in the Nomura Group Nimble operations without its own branches Made possible by Nomura Securities acting as bank agent, trust contract agent Access to Nomura client base Has access to Nomura’s solid base of high-net-worth clients Strength of the Nomura brand Group includes one of Japan’s largest asset managers Works with Nomura Asset Management to meet diversifying client needs (also strategically undertaking more business with other asset managers) Plentiful know-how in handling securities Collateral valuations fluctuate daily Skilled in managing collateral assets 6 Track record in publicly offered investment trusts that invest in private assets (2024) NBL Deep track record in handling challenging assets Deep track record in handling private assets such as private equity and real estate Strengths that leverage position in the Nomura GroupNBL’s own strengths Diverse solutions through collaboration Meeting diverse client requirements through Japanese investment trust trustee operations of NTB and overseas investment trust trustee operations of NBL. Tapping further potential through collaboration with Global Markets and International Wealth Management. Fund name Established AUM3 (USDmn) Nomura Fund Select - Blackstone Private Equity Strategies Fund USD 2024 Feb 1,603 Nomura Fund Select - Goldman Sachs Private Credit Strategies Fund USD 2024 Nov 894
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Growth strategies and KGI/KPI toward 2030 Aiming for growth by strategically undertaking appropriate levels of risk in markets adjacent to the Nomura Group's core financial and capital markets (2) Products and services(1) Client interaction (3) SystemsX Client ローンClient segment Loans Trust and inheritance related Investment trusts PB loans Nomura Web Loan Japan investment trusts May 2025 Renewal of core banking systemsFace-to-face interaction Enhanced relationship management High-net- worth clients Mass retail market 2026 Introduction of deposit sweep account system (planned) Overseas investment trusts Testamentary trusts Corporate clients 7 Tri-party repo trusts Non-face-to-face interaction Use of digital tools KPI Loans outstanding Investment trust balance Assets under administration (NBL) KGI Income before income taxes FY24/25 FY30/31 Mar 2025 Mar 2031 Mar 2025 Mar 2031 Mar 2025 Mar 2031 2024年度 2030年度 2024年度 2030年度 貸出金 2024年度 2030年度 投信受託 2024年度 2030年度 AUA Y2.8trn Y70trn 1.5x 2.8x 1.8x3.1x Y16.3bn Y1.0trn Y39.7trn USD 56.6bn Y50.0bn USD 85.3bn X
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Growth strategies toward 2030 (1) Client access ◼ Reorganizing products, services, and client-facing organizational setup of the Banking Division to serve Wealth Management division clients of different types, and the Wholesale and Investment Management divisions ◼ Aiming to improve the loan review function and setup to reduce processing times while also strengthening companywide management structures ◼ Establishing a department for real estate–related business to improve client access by developing new services, and a department to pursue growth in the standard loan business by applying digital technologies Building a structure organized by product, service, and client segment Structure of the Wealth Management Division PWM1 WM2 Corporations Wholesale Division Investment Management Division High-net-worth clients (listed-company executives, corporations) High-net-worth-clients (individuals, corporations) Mass affluent bracket Nomura Group Client Base Workplace Mass retail bracket (Product) PB loans (Products and services) Deposits Testamentary trusts Wrap trusts Surrogate testamentary trusts Setting up specialized department to handle standard loans Aiming to expand business efficiently by applying digital technologies (Product) Nomura Web Loan Strengthened loan review function Setting up real estate– related department to develop new services Focus on high-net-worth clients such as listed company executives Strengthening client relationships by providing full support and aiming to deepen business ties Deposits and Trusts Loans Corporate Client requirements for face-to-face consulting Client requirements for all-digital interface Net & call DCS3 Structure of the Banking Division 8 Japanese & overseas investment trusts, investment trust services New structure for marketing to financial institutions and corporate clients Enhancing the operational structure to support business expansion 1. PWM: Private Wealth Management 2. WM: Wealth Management 3. DCS: Digital Cust omer Service Leveraging the resources of the Nomura Group to strengthen client access, focusing on appropriate sales and product strategies for each business area
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Growth strategies toward 2030 (2) Products and services 2030 Deposits Banking Loans PB Web Trusts WS PB Renewal of core banking systems (May 2025) Deposit sweep accounts Expansion of non-JPY deposits Expansion of collateral assets Expansion of collateral acquisition methods Expansion of use of funds Expansion of workplace loans Loans for corporations differentiated by purpose Development and provision of trust schemes for financial institutions Development and provision of trust schemes for nonfinancial companies Provision of trusts related to succession Provision of trusts related to real estate 9 ◼ Developing new products and services and expanding on existing ones in markets adjacent to the Nomura Group's core financial and capital markets ◼ Approaching development guided by a client-oriented core philosophy grounded in client requirements Roadmap for launching products and services FY2025/26 onward Corporate sweep accounts
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Growth strategies toward 2030 (2) Products and services An introduction to Nomura Web Loan Loans are secured with existing securities investments held with Nomura Securities. Clients can access funds while continuing to hold investments in securities account. Still possible to benefit from shareholder perks and dividends Interest rate Annual1.90% (as of 1 April 2025, variable rate) Loan size of Y100,000-Y500mn Fund wraps Equities Investment trusts Borrowing Possible to borrow up to borrowing limit Possible to borrow 50%–80% of market value 10 For clients over 18 and under 80 years of age Available to a wide range of clients Available to all clients meeting the following criteria ● Resident in Japan ● Over 18 but less than 80 years old at the time of application ● Have a custody account with Nomura Securities and have access to online services ● Have an ordinary deposit account with Nomura Trust and Banking (for bank agents) ● Have email address registered with Nomura Trust and Banking ● Have no margin trading account or a Nomura FX account with Nomura Securities ● Have no futures/options trading account with Nomura Securities ● Have no existing securities-backed loan with Nomura Securities ● Have no existing Nomura Web Loan ● Other conditions set by Nomura Trust and Banking Application process and repayments Process is completed online No regular capital repayment date, and borrowers can repay from as little as one yen at any time via online banking. No conditions related to length of service, salary etc. No guarantor is necessary.
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0 2 4 6 8 0 300 600 900 1,200 1,500 Type 0 Total Fees （Basic fee+According to asset size) Type 100 Total Fees (Fee at time of contract+Basic fee+accoring to asset size ） Fees as percent of assets Type 0 Type 100 Financial assets held with Nomura Group Value of inherited assets × 0.275% Value of inherited assets × 0.22% Other financial assets Value of inherited assets × 0.55% Value of inherited assets × 0.44% Growth strategies toward 2030 (2) Products and services 11 An introduction to inheritance services (As of 1 April 2025) Nomura’s testamentary trusts Wide-ranging support, from consultations for drawing up testamentary trusts, to will storage and executor services Testamentary trust fee structure *Real estate is not included in calculation of fees as percent of assets *The above graph is a simulation assuming that all assets are financial assets and that they are not held with Nomura Group. The total costs for Type 100 are inclusive of fees at the time of contract. Total costs (including consumption tax) for Type 0 and Type 100 Total Costs (millions of yen) Value of inherited assets (millions of yen) Fee details Type 0 Type 100 Fees at time of contract No charge Y1,100,000 Fees as percent of assets Basic fee Y1,650,000 Y550,000 According to asset size Using the calculation formula on the right Maximum fee Y6,600,000 Y4,400,000 Will storage No charge Will amendment (codicil) Y55,000/amendment (including consumption tax)
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Growth strategies toward 2030 (3) Systems Initiatives towards deposit sweep system May 2025 Renewal of core banking systems Securities account deposits NISA accounts Changes in client accounts over the years • Launch of comprehensive securities service MRF • Addition of new accounts geared to tax system requirements • Shift to hybrid financial services (deposit sweep account) by encompassing banking function to securities Jan 2014 Online banking Sep 2006 Launch of comprehensive securities service MRF Apr 1998 Introduction of designated brokerage accounts (tokutei, tax- simplified) Sep 2002Launch of Nomura Home Trade Jan 1997 Launch of deposit sweep account system 2026 NISA 12 Nomura Group moves towards new financial services encompassing banking services
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Perform functions as Banking Division via groupwide alliances 13 Role of the Banking Division Clients Provide our clients with high value-added Products and Services Contribute to business growth and stable revenue as the group’s fourth business division Wealth Management Banking Wholesale Investment Management Banking function Trust function Trustee function Trust function
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◼ 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. ◼ To customers who have an account with Nomura Securities but have not yet opened an account with Nomura Trust and Banking: Nomura Securities may provide you with information regarding banking agency services based on your transaction information and other relevant details. Additionally, when you open an account with Nomura Trust and Banking, we will obtain your consent regarding the handling of your information (including without limitation information related to the bank agency services), within Nomura Securities and between Nomura Securities and Nomura Trust and Banking. Please note that Nomura Trust and Banking is a bank licensed by the Financial Services Agency of Japan pursuant to the Banking Act of Japan. The services referred to in this document are primarily provided in Japanese. ◼ All rights regarding this document are reserved by Nomura unless otherwise indicated. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura. ◼ This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. 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 (https://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. Disclaimer 14
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Nomura Holdings, Inc. www.nomura.com