Relationship with clients | World-class research network ~ Revamping our service structure from client perspectives

In November 2008, we set up an innovative global research platform of 30 economists working from seven sites in the U.S., the U.K., and in the Asia-Pacific region. "The goal was to produce a comprehensive, coordinated and globally consistent set of country economic forecasts and outlooks.
As well as producing the flagship Global Weekly Economic Monitor, we publish an array of reports and commentary on economic statistics and trends." By further reinforcing our global research structure and better meeting client and social needs, we will continue to evolve into a truly global financial services group.

Paul Sheard
Managing Director, Global Chief Economist and Head of Economic Research

Our Global and European equity strategist team is responsible for Nomura's global recommended portfolio and also providing investment advice to clients.
While the current economic environment is a difficult one, in order to help clients navigate through these challenging times we think it is important to provide very clear investment advice. To this end, we offer clients clear information to help them construct stock portfolios and determine sector and regional weightings as well as index targets. We review these each week, and monitor the performance of these recommendations on a weekly basis. In addition to these, it is important to listen to the priorities of our clients and provide plain-language advice in line with these priorities quickly.
At the same time, we want to give our clients access to the best information to allow them to make the most informed investment decisions possible. We manage a large web site allowing clients access to our proprietary data and video presentations. This is where our website can be very helpful.
In order to excel at what we do we have to be innovative and have a global perspective, always adapting and evolving to meet the needs of our clients and shareholders. We also have to continually strive to deliver superior service.

Ian Scott
Chief Global and European Strategist

We deliver global forex research, primarily from our four offices in Tokyo, Singapore, London and New York. Specifically, we provide forex and yen-related research, including the weekly Global Forex Report and the Yen Weekly Report. A key aim of ours is to act as a bridge connecting Japan and Asia with the rest of the world. To this end, our global forex research is of great interest to Japanese retail investors, while our research on the yen is primarily targeted towards global institutional investors who always keep a close eye on the yen. While delivering high-quality research is of course our top concern, we also make sure to consider our clients' different vantage points and time considerations. At the same time, we make it a point to not simply offer investment and trading ideas, but to share our thought processes and the particulars on how we arrived at such conclusions. We believe that doing so will help clients better understand the market environment.

Simon Flint
Global Head of FX Research
Executive Director

Our mission is to research and analyze companies to provide useful information for equity investors. Our goal is to make our work actionable. In other words, our reports should contain information that clients want to act upon to enhance their returns. Our international clients increasingly seek research that views Asia-Pacific as a whole. We therefore assess companies from that context, closely collaborating with researchers around the region. Nomura Group's corporate research offers historical depth and is broad in that it comprehensively covers each industry. We will take advantage of our strengths to offer accurate information and opinions and thereby help the capital markets function more fairly.

Jun Konomi
Managing Director, Head of Equity Research Department I

One of Nomura Group's ongoing initiatives to provide client-oriented services is the construction of the Nomura Now portal site for institutional investors. While we have offered equity and fixed income market information to these investors, Nomura Now will integrate all information and research on equities, fixed income, economics and foreign exchange markets and quantitative analysis in one site. Not only will this make it easier for clients to access Nomura's diverse global research, but it will also serve as a tool for our sales professionals to communicate with institutional investors. Today, our clients are increasingly demanding information from a global and cross-product perspective. To serve this demand, we are aiming to launch Nomura Now at the end of 2009.

Yuki Higashi
Executive Director, Head of Research Marketing Group

Our role is to plan a wide range of services for institutional investors. One important element of this is delivering research. With financial markets now globally linked, demand for global research continues to grow. Investors' expectations for Nomura have changed significantly since the acquisition of certain Lehman Brothers operations last year. We now have full coverage in Europe, allowing us to deliver analyst reports in line with investors' needs, and as a result Nomura has been evaluated on par with or even higher than U.S. and European-based financial institutions in broker reviews. Additionally, this increased analyst coverage has strengthened our ties with overseas companies, which has led to an increase in business opportunities. We now have a platform in place to provide companies in Europe and Asia with the full range of services that we have been providing to Japanese companies. Our goal is to answer our clients' needs by connecting investors, companies and markets on a global basis.

Kenichiro Makino
Equity Client Service Department

Our mission is to provide information to individual investors that help them make investment decisions. The key is to process the wide range of information emanating from the Research Division for individual investors. A key part of this effort is the Nomura Monthly Research Meeting. At this meeting, we speak with strategists and economists to gain a strong understanding of their ideas and analyses, a process that enables us to "read between the lines" for deeper insight. In the process of fully understanding the views of our research experts and deciding which themes are most important, we think about how this information can best be communicated to individual clients. In this way, we have an important responsibility to make appropriate decisions. Moving forward together with clients is the essence of our work.

Fumiyuki Sasaki
Investment Research & Investor Services Department
Global Research Section

Our Asia-Pacific sales team's principle role is to contribute to help our clients maximize profits. Research is central in this effort. Nomura has placed a strong emphasis on research throughout its history. Before the financial crisis, there was a trend towards a focus on short-term market activity with less of an emphasis on fundamental research. But since the financial crisis, I have been told repeatedly by clients that they are going back to the basics. This means that fundamentals research is helping our clients get through these challenging times.
The Lehman Brothers acquisition broadened our research coverage, enabling us to provide more value to our clients. At the same time, clients are looking for more integrated research, with viewpoints spanning across different asset classes and sectors. Our objective is to come up with new and proprietary products and services that our clients can get only from Nomura.
In the past, investment banking was a business that flowed from the West to the East. We are building global business from East to West, and strive to bring more value to our clients, shareholders and Nomura Group itself.

Christopher Wendel
Head of Equity Sales Strategies Dept.

Our foreign equities business for institutional investors has been transformed in the past year. The Lehman Brothers acquisitions broadened our research coverage in Europe and Asia-Pacific, enabling us to accelerate the delivery of reports to clients that accurately meet their needs. Synergies have arisen, as we have strengthened our pipeline with corporate issuers. With these developments, our salespeople need to efficiently digest research and provide detailed explanations to clients. We also need to propose solutions by sharing the diverse client needs and issues identified in the above process. Based on our enhanced global research capabilities, we aim to act as a bridge between investors and corporations by meeting face-to-face with clients.

Seiichi Kasai
International Equity Sales Department

Based in London, our mission is to provide research and trade execution services for Japanese and Asian stocks to institutional investors in Europe and the Middle East. Research on Japanese companies must include analysis of conditions in Asia, Europe and the U.S. With respect to trade execution, we pursue "best execution" whereby orders are executed on the terms that are best for our clients. Now more than ever, it is necessary to be able to provide global solutions and cross-functional services in order to flexibly respond to changing client needs. The acquisition of certain Lehman Brothers' operations has led to synergistic effects that enable us to provide these services. At the same time, we have maintained our distribution strength and detailed, client-focused services at domestic branch offices, which are Nomura's strengths as a Japanese company. As we move forward, we look to deliver even better value and help raise the global competitiveness of Japanese and Asian companies while supporting their growth as well as providing financing on a global basis.

Daisuke Mototani
Pan-Asia Equity Sales
Executive Director

The Product Development & Planning Department handles everything from designing products and services, such as equities, bonds, and investment trusts, to providing them to branch offices followed by subsequent promotional support. One area we have been working on is taking the improved quality and volume of reports since the Lehman Brothers acquisitions to deliver the latest information to branch offices and we are creating an environment in which salespeople can fully use the information. We worked together with the Investment Research & Investor Services Department and the Products Marketing Department in launching Nomura 21 China, a group of representative Chinese stocks and revised the group of stocks for which we translate research reports. We are committed to providing support and making customers feel secure doing business with us, and to helping salespeople perform well.

Naka Nakamuta
Assistant Section Chief, Product Planning Section, Product Development & Planning Department

One aspect of our work is to promote individual foreign equities to branch offices. Retail clients' needs have changed since the 2008 financial crisis. People have become very interested in China because it recovered quickly from the recession. In response, we collaborated with the Global Research Division and the Retail Division (Product Development & Planning Department and Investment Research & Investor Services Department) to launch Nomura21 China, which reports on Chinese stocks. This report is an excellent resource of Chinese stocks for individual investors to use when making investment decisions.
We will take advantage of the world-class research network that resulted from the Lehman Brothers acquisitions to supply more information on European stocks, as well as on the BRICs and other Asian equities. We will also help retail clients build assets by proposing Nomura's unique globally diversified investment ideas.

Tomoaki Yamanaka
Assistant Section Chief, Foreign Equity Section, Products Marketing Department