NOMURA News Release

Nomura announces Japan Economic Research appointment

Tokyo, July 6, 2012 – Nomura, the global investment bank, today appointed Tomo Kinoshita as Chief Economist, Japan.

Mr. Kinoshita, formerly Deputy Head of Economics, Asia ex-Japan, is known for his accurate economic forecasts for Asia. In early 2008, he and his team correctly forecast the sharp deceleration of Asian economies in 2009. In October 2009, he published his report comparing Japan in the 1980s bubble period with China today, in which he predicted asset price inflation in China in the medium run as China moves towards RMB internationalization and financial liberalization. His views are frequently aired by various TV programs and newspapers.

Mr. Kinoshita also has extensive management experience in Asia. In 2000, he became the Head of Asian Economic Research at the Nomura Research Institute based in Tokyo before he moved to Singapore to manage the Economic Research Division at Nomura Research Institute Singapore. In 2005, He became Chief Economist for Asia and Head of Asia Economic Research at Nomura Singapore. He moved to Nomura's Hong Kong office in 2007 to hold the same position until early 2009.

Mr. Kinoshita received his Masters degree in Economics from Northwestern University. He has a Bachelor of Economics degree from Kyoto University. He was also engaged in political analysis when he was at the Washington, D.C. office of the Nomura Research Institute America during 1990-1993 and 1996-1997. In 1995, he worked for the World Bank as a Consultant to the Financial Sector Development Department.

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Nomura

Nomura is a leading financial services group and the preeminent Asian-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs over 27,000 staff worldwide. Nomura's unique understanding of Asia enables the company to make a difference for clients through three business divisions: retail, asset management, and wholesale (fixed income, equities, and investment banking). For further information about Nomura, please visit www.nomura.com.

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