/ Global Markets Research 217 1 18 212 216 11 8 12 3 3 5 5 2 3 5 - NSC sayuri.otsuka@nomura.com +81 3 673 1397 - NSC yasuhiro.shimizu@nomura.com +81 3 673 1748 16 3 5 1 1: % / % / 8 4 4 2 4 2 8 16 86 4 93 99 21 1 216 12 Production Complete: 217-1-18 7:52 UTC Appendix A-1
Nomura 217 1 18 1. 212 2 216 11 8 28 3 5 2 3 5 2
Nomura 217 1 18 2: 25 / 14.8 6 2 12.6 15 1 1.4 5 8.2 6 2 12 216 12 27 6 29 1 212 12 215 5 17 6 25 11 216 12 2. 1% 3 5 3 3 3 4 3 5 5 3
Nomura 217 1 18 3: 3 5 4: 4 4
Nomura 217 1 18 5 5 5: 4 5 % % 3 2 1 #5( ) #4 #3 #2 #1 3 2 1 #5 #4 #3 #2 #1 1 1 2 2 3 3 21 1 216 12 4 5 5
Nomura 217 1 18 3. 6 5 28 5 3 26.8% 5 12.79% 18.% 3 5 3 5 6 16 3 3.15% 5 1.72% 6: % 25 2 6 4 15 1 2 5 2 12 =1 2 2 12 =% 21 1 216 12 6
Nomura 217 1 18 7 28 212 216 11 3 3 5 7: 16 14 12 1 8 27 7 29 1 24 22 2 18 16 213 1 215 5 13 125 12 115 11 216 11 216 12 6 14 15 4 2 12 1 8 1 95 9 216 1 =1 27 7 29 1 213 1 215 5 216 11 216 12 % 8 8: % / % / 8 4 4 2 4 2 8 16 86 4 93 99 21 1 216 12 7
Nomura 217 1 18 4. / 6 9 3 5 9: 1.6 6 2.5 6 6 1.4 1.2 2. 1.2 1. 1..8.6.4 1.5 1..5.8.6.4.2..2..5. 21 1 216 12 8
Nomura 217 1 18 1 PBR 216 12 5 PBR 3 PBR 1: PBR % 4 3 4 3 2 2 1 1 21 12 216 12 PBR 11 21 12 3 3 5 2 9
Nomura 217 1 18 11: 21 12 216 12 17 3 5 2 3 5 1
Nomura 217 1 18 12 2 6 12 1 5 85% 6 5 4 1 3 5 3 3 5 5 5%5% 12: 5% 11
Nomura 217 1 18 Appendix A-1 1% 12 http://www.nomuraholdings.com/jp/report/ www.nomuranow.com/research IQMarkitHub 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 NGFP NDPI plc NIplc NGFP NDPI NIplc 5% Buy Buy 39% Buy % 42% Hold ( Neutral) Hold 52% Hold % 8% Sell ( Reduce) Sell 7% Sell % (216 12 31 ) EU LLC LLC 53% Buy LLC 12 Buy %42% Hold ( LLC Neutral) LLC 12 Hold % 5% Sell ( LLC Reduce) LLC 12 Hold % ROE ( - )// 1 Buy = 12 2 Neutral = 12 3 Reduce = 12 (Suspended) Not rated http://go.nomuranow.com/research/globalresearchportal MSCI ( ) Russell/Nomura Large Cap 12
Nomura 217 1 18 (Bullish) = 12 (Neutral) = 12 (Bearish) = 12 Not rated N/A S&P5 STOXX 6 MSCI ( ) 12 NSC plc ( NIplc ) ( NSI ) LLC ( ILLC ) ( NIHK ) ( ) ( NFIK ) ( ( KOFIA ) KOFIA http://dis.kofia.or.kr ) ( NSL ) ( 1972144E ) ( NAL ) (ABN 48 3 32 513) ( 246412 ( ASIC ) P.T. ( PTNI ) Sdn. Bhd. ( NSM ) NIHK ( NITB ) ( ) ( NFASL ) ( : Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 4 18, India: +91 22 437 437: +91 22 437 4111; CIN U7414MH27PTC169116 SEBI () BSE INB112993 NSE INB23129934 INF23129934 INE 23129934, MCX: INE26129934 SEBI ( ) INM11419 SEBI ( ) INH114) NIplc ( NIplc, Madrid )CNS ( CNS ) CNS NSL NSL NSFSPL BDO NSBDO Unibank Inc. BDO BDO BDO BDO NSL BDO NSL (i) (ii) (iii) () MSCI MSCI Inc.( MSCI )MSCI MSCI MSCI MSCI MSCI MSCI MSCI 13
Nomura 217 1 18 Russell/Nomura Frank Russell Company Frank Russell Company / 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 Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customer NIHK (i) (ii) https://www.nomura.co.jp/retail/bond/noregistered.html 1.44 2 2,88 14
Nomura 217 1 18 REIT ETF ETN 1.44 2 2,88 REIT ETF 1.26 75 7,668 1.44 2 2,88 3 3 3.3 1.8 4,32 4,32 1 1 2.79685 5 3 2.79685 35 17 5.4 2. 5.4 CDS CDS CDS CDS 1,8 ( ) 142 / 15
Nomura 217 1 18 http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx Copyright 217 Nomura Securities Co., Ltd. All rights reserved. 16