Nomura Research Institute (4307.T): Q1 in line - security stronger than expected but consulting and industrial IT weaker

Research evidence excerpt

Nomura Research Institute (4307.T): Q1 in line - security stronger than expected but consulting and industrial IT weaker

.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Nomura Research Institute in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): Nomura Research Institute.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Nomura Research Institute.

services provided were non-investment-banking, non-securities-related: Nomura Research Institute.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Nomura Research Institute.

(For an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of

interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between