Corporate governance and information disclosure

Fundamental Approach Nomura Holdings recognizes that the enhancement of corporate governance is one of the most important issues in terms of achieving management's goal of enhancing corporate value by deepening society's trust in the firm and increasing the satisfaction of stakeholders beginning with clients. As a company with Three Board Committees structure, we have separated management oversight from business execution.

Any Director nominated for re-election who does not receive more votes cast "for" such nominee's election than votes cast "against" such nominee's election, excluding abstentions, shall submit his or her offer of resignation for consideration by the Board Nominating and Governance Committee.

The Board Nominating and Governance Committee shall consider all of the relevant facts and circumstances, including the Director's qualifications, the Director's past and expected future contributions to the Corporation, the overall composition of the Board and whether accepting the tendered resignation would cause the Corporation to fail to meet any applicable rule or regulation including NYSE listing requirements and federal securities laws and recommend to the Board the action to be taken with respect to such offer of resignation.

The Board of Directors proposes a slate of nominees for consideration each year. The Board Nominating and Governance Committee identifies, investigates and recommends prospective directors to the Board with the goal of creating a balance of knowledge, experience and diversity aligned with the long-term interest of stockholders.

All recommendations are brought to the attention of the Board Nominating and Governance Committee. A Director who also serves as the CEO of a publicly traded company should not serve on more than three boards of publicly traded companies including the company for which the Director is CEO.

Current positions in excess of these limits may be maintained unless the Board Nominating and Governance Committee determines that doing so would impair the Director's service on the Corporation's Board.

To avoid any potential conflict of interest, Directors will not accept a seat on any additional public company board without first notifying the Lead Director and the Chairman of the Board. The Board Nominating and Governance Committee reviews and concurs in the election of any employee Director to outside, for-profit board positions.

Employee Directors may not serve as Directors once their employment with the Corporation ends. Mandatory retirement for employee Directors is age A non-Employee Director shall submit to the Board Nominating and Governance Committee a letter offering to resign if his or her principal occupation or business association changes substantially during his or her tenure as a Director.

The Board Nominating and Governance Committee will review and recommend to the Board the action, if any, to be taken with respect to the offer of resignation. Board committee members shall be appointed annually by the Board upon the recommendation from the Board Nominating and Governance Committee.

In addition, all Audit Committee members meet the requirement that they may not directly or indirectly receive any compensation from the Corporation other than their Directors' compensation.

Each committee is chaired by an independent Director who determines the agenda, the frequency and length of the meetings and who has unlimited access to management, information and independent advisors, as necessary and appropriate. Each independent Director generally serves on one or two committees.

Committee members serve staggered terms enabling Directors to rotate periodically to different committees. Four- to six-year terms for committee chairpersons facilitate rotation of committee chairpersons while preserving experienced leadership.

The independent Directors review the propriety of combining or separating the offices of Chairman and CEO annually in connection with its selection of the Chairman.

The Lead Director will have the authority to call meetings of the independent Directors and will be available as appropriate for consultation and direct communication with major stockholders.

INVESTOR RELATIONS

Any independent Director can request that an executive session be scheduled. The Board also expects Directors, officers and employees to acknowledge their adherence to the Corporation's Business Conduct and Ethics Code.

The Board's Audit Committee periodically reviews compliance with this Code. Each Director will maintain the confidentiality of all proprietary, privileged or otherwise protected information about the Corporation and other entities that the Director obtains in connection with his or her service as a Director, except where the disclosure is authorized or required by law.

The compensation consists of cash and equity components with a goal of providing greater than 50 percent of compensation in equity. The Corporation does not have a retirement plan for non-employee Directors. Employee Directors are not paid additional compensation for their services as Directors.

The Board Nominating and Governance Committee periodically reviews and recommends changes to Board compensation to ensure that the total compensation remains competitive and appropriate.As a leading organisation we are committed to maintaining the highest standards of corporate governance.

The strengths of our governance start at the top, with an independent chairman leading a board composed of independent, well-informed directors, who give priority to strategic planning, ensure that standards exist to promote ethical behaviour throughout the organization, and seek continuous improvement in governance practices.

ICGN and PRI are pleased to release a joint paper covering the investor agenda for corporate ESG reporting. A group of leading global investor organisations convened to address open questions relating to corporate ESG reporting to provide guidance and an investor perspective to the Corporate Reporting Dialogue and its members.

Alphabet Inc. is a holding company that gives ambitious projects the resources, freedom, and focus to make their ideas happen — and will be the parent company of Google, Nest, and other ventures.

3 Foreword The OECD Corporate Governance Factbook (the Factbook) supports the implementation of good corporate governance practices by providing an easily accessible and up-to-date, factual underpinning for understanding countries’ institutional, legal and regulatory frameworks.

History of - Disclosure of Corporate Governance Practices; November 3, Transcript: Roundtable on the Third Annual Review of Women on Boards and in Executive Officer Positions.