Message from Regional Heads

Americas

The Americas commitment to sustainable profitability is unwavering. David Findlay Head of Americas

The Americas represents the largest financial market in the world. Over time, the market has grown dynamically while adapting to change and promoting financial innovation. We started to organically rebuild our business in the region in 2009 and, as markets evolve, we continue to take the steps required to grow stronger, build our franchise and use our advantage in Japan and Asia to connect markets East and West.

Our Wholesale business provides differentiated services that meet each of our client's individual needs. In Global Markets, we offer a full range of products across Equities and Fixed Income, focusing on our areas of strength. In Investment Banking, we continue to deliver superior service to our clients across M&A, ECM, DCM and Solutions.

Our Asset Management business, Nomura Corporate Research and Asset Management (NCRAM), complements the Americas Wholesale franchise. With high yield investment as its core competency, NCRAM continues to win large institutional mandates and grow assets under management. In addition, we recently entered into a strategic alliance with American Century Investments, which could expand our presence in the U.S. and also allow Nomura to access American Century's asset management capabilities for our retail and institutional clients around the world.

We believe it is imperative that we work together to deliver the superior products and innovative solutions that are expected of the Americas region. To do so, we will emphasize the importance of working across regions and across divisions to leverage our diversified franchise and play a key role for our global clients.

Our ability to adjust to evolving markets is critically important and our management team remains focused on how the macro environment and financial regulations may affect our businesses. We remain flexible and nimble and will optimize resources and improve efficiencies to enhance our value proposition to our clients. Our commitment to our clients remains steadfast and we will continue to deliver value added services to meet our long-term goals by achieving sustainable profitability.

David Findlay
Head of Americas

EMEA

Our focus is to support Nomura's global vision to connect markets East and West, and to improve EMEA's sustainable profitability. Jonathan Lewis Head of EMEA

The key priorities in EMEA (Europe, the Middle East and Africa) are aligned with Nomura's underlying approach to our international business. We will continue to strengthen our global client franchise, focus on areas of competitive advantage and improve profitability.

EMEA is dedicated to serving a diverse range of important clients including institutional investors, financial institutions, corporates, financial sponsors and government entities. This means that the region is critical to Nomura's global business vision of connecting markets East and West.

However, Nomura's regional strategy is a selective model. In light of the challenging business environment, we have recently refined our proposition to a more focused product offering that plays to our strengths.

For example, we have a strong Rates business and have been developing our G10 Foreign Exchange and Emerging Markets' franchise. Our Solutions business builds on our intellectual capital to provide bespoke structured solutions to financial institutions, corporates and sovereign clients. In Equities, we recently made strategic choices to exit certain product lines. Our business is now centred on equity sales of Japanese and Asian stocks, as well as ECM for Japanese issuers. We deliver these services and solutions through a globally integrated Wholesale structure. This enables us to allocate our resources flexibly and efficiently across businesses, ensuring they are targeted to our most valued clients.

This year, we have both enhanced and refined our regional corporate governance, most notably with the appointment of Jim Leng as Chairman of NEHS, who brings a wealth of boardroom experience from a wide range of international companies. We also aim to develop a culture that promotes proper conduct and accountability, empowers colleagues and embeds a collaborative environment.

All of these changes will not only provide more value to our clients but also improve Nomura's EMEA and international profitability. We have taken steps to significantly reduce both our cost base and risk-weighted assets over the last few years, and this vigilance on costs and return on resources will remain. EMEA now has a strong foundation to further strengthen our franchise and drive sustainable regional profitability.

Jonathan Lewis
Head of EMEA

Asia ex-Japan

Fully committed to Asia ex-Japan. Toshiyasu Iiyama Head of Asia ex-Japan

The fast-growing region of Asia ex-Japan (AEJ) is a critical part of Nomura's core strategy to establish a solid position as Asia's global investment bank. The scale of the financial markets and the number of high-net-worth individuals in the region are both expected to expand rapidly. Nomura has been committed to AEJ for 50 years. Over this time, we have built up an extensive presence across twelve countries and regions. We offer a diverse range of services to a broad client base that includes governments, central banks, corporates, institutional investors and retail clients.

As the market matures, we expect to see a rapid increase in the number of high-net-worth individuals and an expansion of direct financing. In line with this, our clients' needs are becoming increasingly sophisticated and diverse. For instance, in infrastructure space, we believe we can play a significant role in response to client needs for funding and investing. While tougher competition is anticipated in the long run, we will continue to establish a solid operating platform that can generate profits sustainably by leveraging our strengths to capture client needs and continuing to transform ourselves and take on new challenges.

We intend to continue to invest strategically in talent to enhance key business areas and countries where we see the greatest long-term opportunities and potential with the view to meeting clients' needs. Also, our philosophy of placing clients at the heart of everything we do will remain central to our core values, and we will continue to further enhance communication with clients.

In Asia, Retail and Wholesale can work together to create synergies using our two-pronged approach that has been successful in Japan for many years. With Nomura's global vision of connecting markets East and West, we will collaborate within the Group and integrate our products and coverage teams further to deliver seamless solutions across divisions and regions.

In FY2015/16, AEJ reported its second consecutive profitable year despite the difficult operating environment. We will continue to capture the opportunities in Asia and focus on future growth going forward.

Toshiyasu Iiyama
Head of Asia ex-Japan

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