Nomura Holdings, Inc. Investor Day Presentation …

1 Connecting Markets East & West Investor Day Tetsu Ozaki Group COO. Nomura holdings , Inc. May 26, 2017 Nomura Focus on reinforcing business platform and improving profitability since 2012. Management targets FY2012/13 FY2013/14 FY2014/15 FY2015/16 FY2016/17 FY2019/20. Sep Aug 2012 2014. Announced Achieved EPS and other key FY2015/16 targets 2 years ahead of management target schedule (EPS Y50). Announced long-term management vision for 2020 (Vision C&C). Create organization capable of consistently delivering EPS of Y100 1. Establish an operating platform capable of delivering sustainable growth under any environment challenges Transforming business model in Japan Two Improve profitability of international business 1.

2 March 2020 assumptions: Nikkei 225 at Y25,000; USD/JPY rate Y115; Effective tax rate for Japanese corporates below 30%; Global fee pool annual growth rate of 1%. 1. Continue to grow client franchise and improve profitability Shareholders' equity back to levels before capital raises (billions of yen) Sep 2008 (yen). Lehman acquisition 300 90. 225 240. 214. 200 60. 132. 107. Net income 100 68 30. (loss) 1 29 12. 0 0. -100 -68 Net income (loss) attributable to Nomura holdings shareholders -30. EPS(rhs). -200. -800 -60. -708. (billions of yen). Capital 3,000 2,708 2,700 2,790. raises 2,514. 2,294. 2,127 2,083 2,107. 1,988. Total NHI 2,000 447.

3 1,539. shareholders' 282. equity 1,000. 0. FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17. 1. Net income (loss) attributable to Nomura holdings shareholders. 2. International business sees benefits of cost reductions International net revenue and non-interest expenses International income (loss) before income taxes (billions of yen) (billions of yen). Net revenue Americas Europe Non-interest expenses Asia and Oceania International total FY2015/16 FY2016/17 FY2015/16 FY2016/17. 1H 2H 1H 2H 1H 2H 1H 2H. 1. Group-wide on financial accounting basis. Geographic information is based on GAAP Nomura 's revenues and expenses are allocated based on the country of domicile of the legal entity providing the service.

4 This information is not used for business management purposes. Net revenue has been allocated based on transactions with external customers while income (loss) before income taxes has been allocated based 3. on the inclusion of intersegment transactions. As a result, the difference between these allocations is included in non-interest expenses . Lowered firmwide breakeven point to position against uncertainties FY2017/18 1Q update (as of May). Ongoing uncertainties such as heightened geopolitical risk Retail and Wholesale trending slightly below 4Q performance Asset Management AuM growth contributing to revenues (billions of yen). 1,257 1,231 Examples of additional fixed cost reductions Other (Three 1,080.)

5 Segment). Reduce IT expenses (reduce servers by using cloud services; streamline IT. 935 infrastructure). Nearly Variable costs 20% other than PE Outsourcing Wholesale Just over Fixed costs Review office space (free address work other than PE. 30% spaces, nearshoring, etc.). Asset Central purchasing Management Nearly Personnel 50% expenses Use technology to automate processes Retail Pay for performance FY2014/15 FY2015/16 FY2016/17. Operating efficiencies 4. Working towards 2020 long-term management vision 2020 long-term management vision KPIs remain unchanged FY2016/17 results KPIs Three segment pretax income Y450 Y470bn Pretax income Y195 Y205bn Retail Client assets Y150trn Recurring revenue Y150bn ( cost coverage ratio) (25%) (Approx.

6 50%). Pretax income Y50 Y55bn Asset Management AuM Y55trn2. Pretax income Y200 Y220bn Wholesale Fee pool market share 1. March 2020 assumptions: Nikkei 225 at Y25,000; USD/JPY rate Y115; Effective tax rate for Japanese corporates below 30%; Global fee pool annual growth rate of 1%. 6. 2. Clarified AuM KPI (Y50trn+ ) as Y55trn. Japan business Placing clients at the center of everything we do Policy on Customer-Oriented Business Conduct Business model transformation from August 2012. established in April 2017. Deliver the full capabilities of the Group to support asset formation by encouraging the shift from savings to investment 7. Retail: Transformation of our business model since 2012.

7 Transforming our business model since August 2012 to better respond to the changing needs of our clients FY2012/13 FY2013/14 FY2014/15 FY2015/16 FY2016/17 Towards 2020. Business model transformation Aim to grow our business by enhancing client trust and satisfaction to become a financial institution many people turn to Change employee mindset Established Policy on Organization Customer-Oriented and HR Business Conduct changes April 2013 September 2014 April 2017. Changes to performance Revision of HR system Organizational change: Abolished regional head management system Lengthened appointments for General Career Place stronger emphasis Emphasize client asset Type A Employees (from av.)

8 Of 3 to 5 years) on improvements in client growth and client relations Introduced new employment category (no satisfaction as part of Reward on results for full rotations, retirement up to 70, recurring employee performance term of appointment revenue based compensation) management Steady growth in July 2012 product and April 2015 January 2018. Service and Sales staff started using business offering Nomura Trust & Banking Integrate and increase product mobile tablets for client Discretionary enters estate planning online services enhancement consultations investments business ( Nomura online services). Insurance Established Nomura Institute Real estate of Estate Planning SME M&A.

9 8. Asset Management: Key issues for future growth Enhancing client satisfaction and winning their trust Growth strategy includes inorganic opportunities May 2014: Signed up to Japan's Stewardship Code Existing Nomura clients New clients Approach to responsible investing Appropriately manage conflicts of interest and ensure independence Contribute to sustainable growth and value creation at investee companies through engagement and exercising voting rights Existing Nomura Organic businesses Jun 2016: Established Fund Management Council products Set up a strong governance framework required at asset managers to meet fiduciary duties, verify fund management and management systems Sep 2016: Announced Conflict of Interest Management Policy Inorganic New products businesses Appropriately manage transactions where there is a possibility of conflicts of interest within Nomura Group Apr 2017: Announced Policy on Customer-Oriented Business Conduct Apr 2017.

10 Started disclosing results of exercising voting rights Enhance our own organic businesses and continue to look at investment and alliance opportunities in areas where it is harder to develop on our own 9. Asset Management: Growing assets under management Client and product diversification driving AuM growth (trillions of yen). Investment trusts (excluding Japan listed ETFs). AuM (net). Addressing the growing Investor base and raising awareness Investment trusts (excl. Japan listed ETFs) Enhance investment management and product origination and 55 proposal expertise to meet demand for ensuring returns in low rate Japan listed ETFs Investment Advisory environment and risk diversification Japan listed ETFs In addition to traditional index tracking funds, develop and provide new indices Increase product offering targeting asset builders Investment Advisory Increasing mandates from Japan public pension funds Growth of international business Win more mandates in US, Europe and Asia Pacific by collaborating closer with ACI.