Our fundamental policy is to adhere to relevant laws concerning timely disclosure, such as can be found in the Financial Instruments and Exchange Act and the rules of the relevant stock exchanges, in order to safeguard non-public information regarding the Nomura Group as well as to foster appropriate, fair and timely disclosure of such information to persons and entities outside the Nomura Group and keep the trust of the Nomura Group's clients, shareholders, investors and others.

Disclosure Committee

Nomura Group's Statement of Global Corporate Policy Regarding Public Disclosure of Information

1. No officers or employees of Nomura Group shall externally disclose nonpublic material information (examples of which are provided in Schedule A) regarding Nomura Group, except as required for the business of Nomura Group or as mandated by Financial Instruments and Exchange Act or any other applicable laws, rules and regulations in Japan or elsewhere.
2. The Company shall have a Disclosure Committee (the "Committee") comprised of one chairman and a number of other members designated by the CEO of the Company. The Committee shall have authority regarding the gathering, analysis and announcement of material information, implementation of this Policy communication strategies, such as conference and etc. with analysts, investors, news media and the like (collectively, the "IR Audience") to discuss Nomura Group's performances, and the documents set forth in Schedule B.
3. Nomura Group's personnel shall not disclose nonpublic material information regarding Nomura Group in a selective forum. If such information is inadvertently selectively disclosed, any officer or employee of Nomura Group who learns of such inadvertent disclosure shall immediately notify the Committee, and the Company shall make that information broadly available to the public as soon as practicable and in a manner consistent with applicable laws, rules and regulations.
4. Only specifically designated persons are authorized to speak about nonpublic material information on behalf of Nomura Group. Representative Executive Officers (daihyo-shikkoyaku), the Chief Financial Officer, the Disclosure Committee Chair, each of the senior/executive managing directors responsible for Group Corporate Communications and IR, each of the heads of the Group Financial Planning Strategy Department, Group Corporate Communications Department and Investor Relations Department, and their designees are the persons authorized to speak on behalf of Nomura Group to members of the IR Audience, in accordance with the responsibilities of their respective offices.
5. In the event that an authorized person shall disclose nonpublic material information regarding Nomura Group pursuant to Paragraph 4 above, the chairman of the Committee shall be consulted about the manner, timing, contents and etc., of such disclosure; provided, however, that when the chairman of the Committee is unable so to act, the authorized person may consult any member of the Committee.
6. Documents that will be disclosed that include nonpublic material information of Nomura Group should be submitted in advance to the chairman of the Committee to guard against unlawful disclosure of nonpublic material information. The chairman of the Committee may direct as necessary that such materials should be modified.
7. Notwithstanding the provisions of the preceding two Paragraphs, overseas subsidiaries of Nomura Group may disclose nonpublic material information prior to consultation with the chairman of the Committee, in case such disclosure is required by local laws, rules or regulations or orders from any local authority. Provided, however, such overseas subsidiaries shall immediately report to the chairman of the Committee of such disclosure and the Company shall make such information broadly available to the public in accordance with Paragraph 3.
8. Nomura Group generally does not release earning projections. Nomura Group may provide forward-looking information such as earnings projections to members of the IR Audience or information which enable them to evaluate prospects for Nomura Group's performance, provided that the forward-looking information will be identified as such and accompanied with meaningful cautionary language warning members of the IR Audience of the risk that the statements could change materially.
9. The Committee shall make arrangements to inform persons authorized to speak on behalf of Nomura Group regarding this Policy and applicable laws, rules and regulations.
10. The chairman of the Committee shall maintain the appropriate flow of information within Nomura Group by asking each Divisional CEO, Regional CEO and member of subsidiary management to i) reconfirm the matters to be referred to the Board of Directors and Executive Management Board of the Company and ii) take various appropriate steps including thorough transmission of information to the Committee as to the occurrence of facts that must be disclosed. Each Divisional CEO, Regional CEO and member of subsidiary management shall establish necessary measures to ensure that material information subject to disclosure is properly reported to the Committee by each Divisional CEO, Regional CEO and subsidiary management with respect to each relevant entity, division or region.
11. The chairman of the Committee may delegate the powers vested in the chairman by this Policy (excluding those related to documents set forth in Schedule B) to the head of the Group Corporate Communications Department of the Company.