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() Global Markets Research 2019 1 21 () - NSC - NSC idx_mgr@jp.nomura.com +81 3 6703 3986 ( )() ()( )ROE( )( ) 5 (5%) Production Complete: 2019-01-21 06:55 UTC Appendix A-1

Nomura 2019 1 21 1.... 3 1.1... 3 1.2... 3 1.3... 3 2.... 4 2.1... 4 2.2... 5 2.3... 8 3.... 10 3.1... 10 3.2... 10 4.... 11 4.1.... 11 4.2.... 11 4.3.... 11 4.4.... 13 4.5... 14 5.... 15 Appendix A-1... 16 2

Nomura 2019 1 21 1. 1.1 1 9 1.2 7 1.3 10 16 () 3

Nomura 2019 1 21 2. 2.1 1 ()() 2 (1) () (2) (3) 1 2019 9 2 2019 9 4

Nomura 2019 1 21 2.2 2.2.1. 2.1 3 51 1000 33 4 60 500 () () ()( 3 ) () 250 ()() ( 3 ) 3 () 5 () ( 3 ) 3 () 10 15 () ( ) 4 5 3 3()-3-3() -3 3 5

Nomura 2019 1 21 () 3 ROE( 3 ) 1/2 ( 3 ) 1/3 ()( )( 3 )ROE( 3 )( 3 ) 1 遡 1 遡 3 (IFRS) (SEC ) ()() ( 3 )ROE( 3 ) ( 3 ) () () ( 3 ) 6 3 321 6 2000 3 6

Nomura 2019 1 21 ROE ( 3 ) ROE () 3 321 ( 3 ) 7 3 321 2.2.2. () 3 1 () () () 1: V IV IV IV V () () IV IV () () () : IV : 7 2011 9 ()()() 7

Nomura 2019 1 21 2.3 2.3.1. 2.2 2.3.2. (1)(4) (1) 2 ( 50% 100%) 50% 100% 50% (2) 100% (3) 5% (4) (3)(5%) 2: V IV IV V 100% () 50% () IV () 50% () IV () () 50% () IV : IV : 8

Nomura 2019 1 21 2.3.3. i i 60 9

Nomura 2019 1 21 3. 3.1 3.1.1 () () ( ) ()() 3.1.2 () ( ) 3.2 3.2.1 () 4 3.2.2 3.1 3.2.3 2.1 10

Nomura 2019 1 21 4. 4.1. 2001 8 31 () 10,000 2019 1 21 4.2. i i 4.3. 8 1 1 1 1 1 8 11

Nomura 2019 1 21 ( ) 9 () ( ) 9 2011 12 12

Nomura 2019 1 21 4.4. ( 3 ) 3: () 10 ( ) 5 () ( 5 ) ( 5 ) : 10 () () 13

Nomura 2019 1 21 4.5 11 () 11 ()() ()() 14

Nomura 2019 1 21 5. Bloomberg NMRIJOGP <INDEX> () NMRIJIGP <INDEX> () QUICK NRIJ@ REUTERS.NGRW01 ().NGRW01TR () http://qr.nomura.co.jp/jp/ngrw/index.html 03-6703-3986 e-mail idx_mgr@jp.nomura.com http://qr.nomura.co.jp/jp/indexlicense.html 15

Nomura 2019 1 21 Appendix A-1 1% 12 https://www.nomuraholdings.com/jp/report/ www.nomuranow.com/research IQ http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx LLC(1-877-865-5752) grpsupport@nomura.com FINRA/NYSE NSI ILLC FINRA 2711 NYSE 472 NGFPNDPI plc NIplcNGFPNDPI NIplc 51% Buy Buy 43% Buy 0% 43% Hold ( Neutral) Hold 54% Hold 0% 6% Sell ( Reduce) Sell 15% Sell 0% (2018 12 31 ) EU LLC LLC 55% Buy LLC 12 Buy 0%41% Hold ( LLC Neutral) LLC 12 Hold 0% 4% Sell ( LLC Reduce) LLC 12 Hold 0% ROE (-)// 1 Buy = 12 2 Neutral = 12 3 Reduce = 12 (Suspended) Not rated http://go.nomuranow.com/research/globalresearchportal MSCI ()Russell/Nomura Large Cap 16

Nomura 2019 1 21 (Bullish) = 12 (Neutral) = 12 (Bearish) = 12 Not rated N/A S&P500 STOXX 600MSCI ( ) 12 NSC plc (NIplc) (NSI) LLC (ILLC) (NIHK)() (NFIK) ((KOFIA) KOFIA http://dis.kofia.or.kr ) (NSL) ( 197201440E ) (NAL) (ABN 48 003 032 513) ( 246412(ASIC) P.T. (PTNSI) Sdn. Bhd. (NSM) NIHK (NITB) () (NFASL) ( : Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India: +91 22 4037 4037: +91 22 4037 4111; CIN U74140MH2007PTC169116SEBI () BSE INB011299030NSE INB231299034 INF231299034 INE 231299034, MCX: INE261299034SEBI ()INM000011419SEBI ()INH000001014) NIplc (NIplc, Madrid)CNS (CNS)CNS NSL NSL NSFSPL BDO-NSBDO BDO BDO BDO-NS BDO NSL BDO-NS NSL BDO-NS BDO (i)(ii) (iii) () MSCI MSCI Inc.(MSCI)MSCI MSCI MSCI MSCI MSCI MSCI MSCI 17

Nomura 2019 1 21 Russell/Nomura Frank Russell Company Frank Russell Company / EU """" 2 tactical 3 strategic 6 12 1933 1933 NIplc NIplc NIplc NIHK ASIC NAL NSM NSL NSL 289 NSL 1933 S NSI NSI 1934 15a-6 NIplc UAE UAE UAE UAE Investment Industry Regulatory Organization of Canada (IIROC) Canadian Investor Protection Fund Instinet Canada Limited (ICL)ICL ICL IIROC ICL ICL ICL ICL ICL Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customer NIHK (i) (ii) 18

Nomura 2019 1 21 https://www.nomura.co.jp/retail/bond/noregistered.html 1.40420 2,808 REIT ETF ETN 1.40420 2,808 REIT ETF 1.026 75 7,668 1.40420 2,808 30 33% 30 3.3 3 1.084,320 4,320 1 10 2 0.79685 5 3 2 0.79685 35 17 5.4 2.0 5.4 CDSCDS CDS CDS 10,800 19