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    Wataru Otsuka • SBI Securities Co., Ltd.

    Wataru Otsuka's questions to Nomura Holdings Inc (NMR) leadership

    Wataru Otsuka's questions to Nomura Holdings Inc (NMR) leadership • Q4 2025

    Question

    Wataru Otsuka asked about the current level of flow revenue in Wealth Management for April and sought clarification on the Investment Management division's focus post-Macquarie acquisition. He also inquired about the performance of the American Century Investments (ACI) holding.

    Answer

    CFO Takumi Kitamura indicated that Wealth Management's April activity was similar to Q4, with overall activity slowed but clients buying on dips. He confirmed the Investment Management division will focus on business revenue. Regarding ACI, he explained that while market factors cause volatility, the firm has hedges in place to mitigate the impact on its P&L, leading to less volatility than in the past.

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    Wataru Otsuka's questions to Nomura Holdings Inc (NMR) leadership • Q3 2025

    Question

    Wataru Otsuka from SBI SECURITIES Co., Ltd. asked for the specific profit contribution from the Laser Digital subsidiary. He also inquired about net inflows of cash and securities, questioning if there was any negative impact from a recent incident and seeking reasons for the quarter-over-quarter change in retail-only net inflows.

    Answer

    CFO Takumi Kitamura declined to disclose a specific profit figure for Laser Digital, citing the volatility of the crypto market and the subsidiary's recent launch, but confirmed it has become profitable. Regarding net inflows, Mr. Kitamura advised focusing on the 'retail-only' line item, which excludes irregular corporate actions and shows nine consecutive quarters of positive inflows. He attributed the modest slowdown within Q3 to clients being on the sidelines in October ahead of major political events.

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    Wataru Otsuka's questions to Nomura Holdings Inc (NMR) leadership • Q1 2025

    Question

    Wataru Otsuka asked about the reasons for the reported loss in the EMEA region and for an evaluation of the JPY 17 billion profit from international markets. He also inquired about business sentiment in Wealth Management during July and requested a breakdown of retail net inflows between cash and securities.

    Answer

    CFO Takumi Kitamura attributed the EMEA loss partly to one-off restructuring costs but noted an upward trend since June. He stated that while the JPY 17 billion international profit is a start, they are not satisfied and aim higher. For Wealth Management, he described July's business as strong, with clients using market dips as buying opportunities. Kitamura could not provide the cash vs. securities inflow breakdown on the call but offered a follow-up.

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    Wataru Otsuka's questions to ORIX Corp (IX) leadership

    Wataru Otsuka's questions to ORIX Corp (IX) leadership • Q3 2025

    Question

    Wataru Otsuka from SBI Securities Co., Ltd. asked about the probability of achieving the full-year profit forecasts for the Finance and Operations categories, given that the Investment category is expected to exceed its target with the inclusion of the Greenko sale.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, acknowledged that the Investment segment will overshoot its budget if the Greenko sale is completed. For the Finance and Operations segments, he stated that while the company will strive to meet its targets, there are uncertainties, including the slow recovery in Greater China and the US, and the impact of spot market prices on the renewable energy business. He reiterated that the Greenko sale is crucial for achieving the overall company-wide profit target.

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    Wataru Otsuka's questions to Daiwa Securities Group Inc (DSEEY) leadership

    Wataru Otsuka's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q4 2024

    Question

    Wataru Otsuka questioned the drivers behind the strong JPY 174.6 billion net increase in investment trust sales, asking for a breakdown between primary and secondary sales. He also asked about the sources of the large net asset inflow.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, attributed the strong investment trust sales primarily to secondary market activity driven by holistic portfolio consulting, rather than pushing newly launched funds. He highlighted strong demand for private alternative assets. The large net asset inflow was driven by both retail clients participating in primary deals and corporate clients investing in fixed income and other products amid an inflationary environment.

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    Wataru Otsuka's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q3 2024

    Question

    Wataru Otsuka of SBI Securities asked about the magnitude of the contribution from unwinding cross-shareholdings to the Global Markets division's revenue, noting the profit level didn't increase substantially. He also questioned the company's rationale for not announcing a share buyback program since November 2022.

    Answer

    Kotaro Yoshida, Executive, acknowledged that while there were multiple mandates for unwinding cross-shareholdings in Q3, the overall impact on the profit level was not significant. Regarding share buybacks, he explained that the decision was based on a comprehensive evaluation of factors, including prioritizing growth investments, maintaining financial soundness under Basel 3 regulations, and accounting for the impact of yen fluctuations on capital, which led to forgoing a buyback at this time.

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