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Global Research

Summary

The strength of Nomura's global research lies in its detailed, in-depth analyses and forward-looking insights that assist investors in making timely decisions. Our research analysts cover many topics and asset classes, including politics, economics, foreign exchange, interest rates, equities, credit, and quantitative strategies, which are essential for the business we conduct. About 400 professionals in 15 countries and regions around the world conduct Nomura's research, and they collaborate closely across regions and disciplines to track changes and spot trends that may shape the future.

Leading Global Money Flows

The Nomura's researchers analyze over 40 economies, over 30 currencies, and all of the world's major stock price indexes and government bond markets. The breadth of our research allows us to cover 90% of global economic and financial indicators and enables us to provide value-added information on developments in the ever changing financial markets.

In FY2013/14, we set up a research team for strategic global asset allocation to provide investment strategies that encompass a broad range of asset classes, and Nomura is now even better positioned to influence global money flows.

We launched a full-fledged research initiative in U.S. equities in October 2010 and built teams focused on major sectors such as Finance, Telecommunications, Technology, Consumer goods, Services, Automobiles, and the Internet. Our research professionals now cover approximately 250 stocks in the U.S., 1,100 in Japan and the rest of Asia, and approximately 400 stocks in Europe.

The outcome from macroeconomic and individual stock research is also utilized in giving information to Japanese retail investors who are diversifying their portfolios globally.

Global Coverage (As of May 2014)
Global Economic Outlook (Covering the GDPs of 40 countries and regions): 87% *1, Global Forex Weekly (Covering 32 currencies): 90% *2, Global Strategy Outlook (Covering indexes of six world stock exchanges): 85% *3, *1 Ratio to total world GDP, *2 Ratio of the forecast GDP of countries covered to total world GDP, *3 Ratio of the market value of stocks included in the indexes to the total market value of world stock exchanges

Award-Winning Research

Nomura's research is highly regarded in the market and was ranked number one in the Institutional Investor All-Japan Equity Research Team survey four years in a row. In addition, Nomura ranked number one in the U.S., number two in Asia, and number three in Europe, according to the Institutional Investor survey for foreign exchange research. We also placed first in the bond analyst and economist ranking, according to a survey conducted by Nikkei Veritas, the leading finance magazine in Japan.

In-Depth Equity Research and Insights into the Emerging Asian Markets and Economies

A cornerstone of Nomura's equity research is its in-depth analysis of core global sectors. We focus on leveraging our Japanese and other Asian insights while looking for opportunities and identifying risks in sectors from a global perspective. For example, our research know-how in Japan and the U.S. provided a foundation for the completion of an in-depth analysis of recent trends within China's fast-growing Internet sector.

We also accurately forecasted the direction of global competition within the Automobile sector, stating in a report that "There is little possibility that price competition led by Japanese automobile manufacturers will occur."

In addition to sector research, we conduct macroeconomic analyses of economic developments over the medium-to-long term. Our early projection of the impact that Abenomics would have on the Japanese Yen is an example of how our research team develops themes that come to influence broad investor behavior. Other examples include "Japan Medium-Term Macroeconomic Outlook 2014," a study of Japan's growth potential, and "China's Property Sector over Investment," a scenario analysis of the structural market oversupply and the implications for economic growth in China. This type of research has attracted considerable attention.

Offering a Broad Range of Investment Strategies and Indexes

In our quantitative strategy research, we respond to the needs of our clients for investment strategy proposals and prepare benchmark indexes for pension and other fund managers. "Nomura-BPI" and "Russell/Nomura Japan Equity Indexes," in particular, are widely used by institutional investors as benchmark indexes for domestic bonds and stocks. The quantitative research team also helps clients optimize their portfolios by providing bespoke investment advice and helping to create investible products.

High-Quality ESG Information in Line with Global Trends

In FY2013/14, Nomura published a series of research reports on topics including, but not limited to, cross-border M&A, shale gas, the tapering of quantitative easing in the U.S., the crisis in the Ukraine, and corporate governance. As interest in organizational sustainability has risen, we have expanded research areas on environmental issues, such as "smart grids," which can link renewable energy sources to the electric power grid.

Investment putting thought into ESG (Environmental, Social, and Governance) issues has begun to take root in recent years, especially in Europe. In Japan also, the Ministry of the Environment issued its Principles for Financial Action towards a Sustainable Society in 2011, and in February 2014, the Financial Services Agency published Japan's Stewardship Code, which provides "principles for responsible institutional investors." Along with these ESG-related developments and expansion in ESG investments, we issue reports, make proposals for using ESG information, and provide investment ideas. We have recently published reports documenting the domestic trend and spread of ESG-related investment in Japan and an analysis of the JPX Nikkei 400 Index from an ESG perspective. Going forward, we will continue to offer useful ESG information to investors, including the development of an ESG-related stock index.

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