Consolidated Results of Operations

Good evening, this is Takumi Kitamura, CFO of Nomura Holdings.

I will now give you an overview of our financial results for the first half and second quarter of the fiscal year ending March 2022 using the document titled Consolidated Results of Operations. Please turn to page 2 for an overview of the first half.

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Firmwide net revenue declined 19 percent year on year to 672.1 billion yen. Income before income taxes was 97 billion yen, down 63 percent, while net income declined 75 percent to 51.7 billion yen.

There are two main reasons why earnings declined from the previous year.

First, in the first quarter we booked an additional loss of 65.4 billion yen as in May we completed unwinding our positions related to transactions with a US client in March this year. This is included in Wholesale in the business segment results shown on the bottom right.

The second factor is in segment Other. We booked a provision for legal costs in the second quarter of 39 billion yen related to legacy transactions in the Americas from before the global financial crisis in 2007 to 2008. As this is still ongoing we cannot discuss the details of this.

Both of these factors together resulted in a total impact of around 100 billion yen.

With that backdrop, now let's look at the business segment results.

Retail income before income taxes remained roughly unchanged year on year at 36 billion yen. Brokerage commissions from the sale of stocks and investment trusts slowed, but recurring revenue increased on growth in investment trust and discretionary investment client assets.

Investment Management posted strong growth with income before income taxes rising to 59.9 billion yen. Assets under management continued to climb and business revenue increased, while investment gain/loss was particularly strong driven by the listing of an investee company.

Wholesale results were impacted by the 65.4 billion yen additional loss I just mentioned. Wholesale booked a loss before income taxes of 3.4 billion yen. Excluding this 65.4 billion yen, pretax income declined by about 90 billion yen. This is mainly due to a slowdown in Macro Products such as Rates and FX/EM which were particularly strong in the same period last year as the fixed income market rallied last year. Investment Banking posted a 60 percent increase in revenues on the back of strong performance in M&A and ECM.

Segment Other posted a loss before income taxes of 800 million yen due to the 39 billion yen provision I mentioned.

That concludes the overview of our first half results.

Today we announced a dividend of 8 yen per share for shareholders of record as of the end of September.

We also launched a share buyback program to raise capital efficiency and ensure a flexible capital management policy and to deliver as stock-based compensation. The upper limit of total shares will be 80 million shares and the upper limit for total value will be 50 billion yen. The program will run from November 16, 2021, to March 31, 2022.

Please turn to page 3 for an overview of second quarter results.

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Firmwide income before income taxes declined 76 percent quarter on quarter to 18.5 billion yen. This included a pretax loss of 40.4 billion yen in segment Other, which includes the 39 billion yen provision for legal expenses.

Income before income taxes from our three core businesses was 57 billion yen, up 60 percent from last quarter as Wholesale performance improved due to the impact from transactions with a US client no longer present.

Second quarter net income was 3.2 billion yen and ROE was 0.5 percent. Unfortunately, the 39 billion yen provision in the Americas significantly impacted our bottom line this quarter.

Please turn to page 6 for an overview of results by business, starting with Retail.

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