Business Report(From April 1, 2023 to March 31, 2024)
1. Current status of the Group(1) Status of operations for the fiscal year under review
1) Progress and results of businessWe are pleased to announce a summary of operating results of our 20th term (April 1, 2023 toMarch 31, 2024). During this fiscal year, economic sentiment in Japan continued to recovermoderately due to factors such as improvements in the employment and income
environments and the effects of various policies.
Regarding the real estate market conditions, the housing sales market saw sales prices rise, asa result of continued strong demand while the number of units supplied per year in the Tokyo
metropolitan area fell for the second year in a row. Background factors fueling the strong
demand included stable mortgage interest rates and higher household income among buyers
due to a rise in dual-income households. In the leasing office market, we saw demand forhigher value-added offices in line with the diversification of work styles, and vacancy rates
improved mainly in the central areas of Tokyo. In addition, in the retail facilities and hotel
market, which had been severely affected by the COVID pandemic, service consumption andinbound demand continued to recover after restrictions on movement and entry into Japan
were lifted. In the real estate investment market, although long-term interest rates are on a
gradual upward trend in Japan, the volume of property transactions remained strong due tothe continued good domestic fund procurement environment and strong appetite forinvestment among investors, and the size of the market continued to grow. The real estate
brokerage market for used housing remained robust, with the number of transactions for usedcondominiums in the Tokyo metropolitan area proceeding at a high level and transaction
prices continuing to rise, etc., due to strong demand.
In this business environment, the Nomura Real Estate Group (the “Group”) posted thefollowing consolidated performance for this consolidated fiscal year: Operating revenue of¥734,715 million, which represents an increase of 12.2% year on year; operating profit of¥112,114 million, an increase of 12.6%; business profit of ¥113,665 million, an increase of
8.1%; ordinary profit of ¥98,248 million, an increase of 4.4%; and profit attributable toowners of parent of ¥68,164 million, an increase of 5.6%.
Operating revenue¥

734.7billion

Operating profit

up 12.2% year on year¥

112.1billion

Business profit¥

113.6billion

up 12.6% year on year

Ordinary profit

up 8.1% year on year¥

98.2billion

up

4.4% year on year

Profit attributable to owners of parent¥

68.1billion

up 5.6% year on year

Note: Business profit = operating profit + share of profit (loss) of entities accounted for using equity method +amortization of intangible assets associated with corporate acquisitions–1–

[Residential Development Business Unit]
Operating revenue in the Residential Development Business Unit totaled ¥351,812 million,
which represents an increase of ¥49,332 million or 16.3% year on year, and business profit
totaled ¥40,848 million, an increase of ¥7,514 million or 22.5%, resulting in increases in both
operating revenue and business profit compared with the previous fiscal year.
In regard to housing sales, 4,298 units were recorded as sales (an increase of 156 units year
on year), including condominiums at PROUD TOWER Meguro MARC (Shinagawa-ku,
Tokyo), PROUD CITY Toyoda Tamadaira no Mori (Hino-shi, Tokyo), and PROUD CITY
Otsukyo (Otsu-shi, Shiga), and detached housing units at PROUD SEASON Hikarigaoka
Grace (Nerima-ku, Tokyo).
The number of housing units contracted but not recorded as sales was 3,461 units as of theend of the fiscal year under review (a decrease of 358 units year on year) and the contract
progress rate against the scheduled housing sales for the next fiscal year was 69.5% at the
beginning of the fiscal year ending March 31, 2025.
As an initiative in the fiscal year under review, we newly opened PROUD SEASON Gallery
Komazawa. It offers a place for customers to consider a range of luxury built-for-saledetached housing in the Jonan and Josai areas of the 23 wards of Tokyo. We are actively
promoting the sale of luxury built-for-sale detached housing units, for which demand is
growing.
As an example of external valuation on our PROUD condominiums, we were honored with
the Grand Prize in the Overall Evaluation of the SUUMO AWARD 2023.
Please note that from the fiscal year ending March 31, 2025, the hotel business, which has
belonged to the Commercial Real Estate Business Unit, will now belong to the Residential
Development Business Unit.
[Commercial Real Estate Business Unit]
Operating revenue in the Commercial Real Estate Business Unit totaled ¥223,752 million,
which represents an increase of ¥24,442 million or 12.3% year on year, and business profit
totaled ¥49,976 million, an increase of ¥10,447 million or 26.4%, resulting in increases inboth operating revenue and business profit compared with the previous fiscal year.
Construction of 20 facilities including the PMO Ginza II office building and the Landport
Toda logistics facility have been completed.
The Group has large-scale mixed-use developments scheduled, including the Shibaura
Project (location: Minato-ku, Tokyo; major uses: office, commerce, hotel, and housing;scheduled for completion: South Tower in fiscal year ending March 31, 2025 and North
Tower in fiscal year ending March 31, 2031), and the Nihonbashi 1-chome Central District
Redevelopment (location: Chuo-ku, Tokyo; major uses: office, commerce, hotel, housing,and conference; scheduled for completion: fiscal year ending March 31, 2026).
In the fiscal year under review, we completed construction of the Nomura Real Estate
Tameike-Sanno Building, a wooden sustainable office building. This building uses wood forconstruction materials and for the interior, and is designed to be environmentally friendly andconducive to the wellness of people who work in the building while ensuring fire resistanceand earthquake resistance. The Nomura Real Estate Tameike-Sanno Building was selected by
the Ministry of Land, Infrastructure, Transport and Tourism for the 2021 Leading Project for
Sustainable Buildings (Wooden Construction Leading Type)*.
*This initiative by the Ministry of Land, Infrastructure, Transport and Tourism highlights leading examples of
construction of large-scale wooden buildings that make extensive use of wood, a renewable recyclable
resource. Its aim is to contribute to the advancement of construction techniques using wood while promoting
and raising public awareness about wooden buildings.

[Overseas Business Unit]
Operating revenue in the Overseas Business Unit totaled ¥4,616 million, which represents a
decrease of ¥2,153 million or 31.8% year on year, and business profit totaled ¥(357) million,a decrease of ¥7,645 million, resulting in decreases in both operating revenue and business–2–

profit compared with the previous fiscal year. Share of profit (loss) of entities accounted forusing equity method included in business profit in this Business Unit was ¥851 million.
In the housing sales business, sales continued to be recorded for delivery of residential
condominiums of GrandPark Phase 3 in Ho Chi Minh City, Vietnam and other projects fromthe previous fiscal year.
In the fiscal year under review, we decided to participate in The Fitzrovia, an office building
development project, and to acquire 55 St James’s Street, an existing office building, inLondon, U.K. To meet growing demand throughout Europe for environmental performance,
both projects have obtained high environmental indicators.
In addition, in Manila, the Philippines, the retail facility MITSUKOSHI BGC, in a large-scale
mixed-use development of housing and commercial facilities, had its grand opening. With acarefully designed exterior and interior aesthetic that conveys the uniqueness of Japan, it
represents the idea of a bridge between the Philippines and Japan, and has attracted Japanesecompanies among its tenants.
In the mid- to long-term business plan, the Group has positioned its overseas business as a
growth field. We have set a policy of investing approximately ¥550 billion in the overseas
business from fiscal year ended March 31, 2023 to fiscal year ending March 31, 2031 andgrowing overseas business profit to a 15% or more share of our total profit.
[Investment Management Business Unit]
Operating revenue in the Investment Management Business Unit totaled ¥14,356 million,
which represents an increase of ¥724 million or 5.3% year on year, and business profit totaled¥8,571 million, an increase of ¥481 million or 6.0%, resulting in increases in both operating
revenue and business profit compared with the previous fiscal year.
Assets under management steadily increased in the domestic REIT business with Nomura
Real Estate Master Fund, Inc. (NMF) and Nomura Real Estate Private REIT, Inc. (NPR)
having acquired a total of 19 properties (total transaction amount of ¥80,225 million)
including MEFULL Chayamachi and PROUD FLAT Shibuya Sasazuka from Nomura Real
Estate Development Co., Ltd., in addition to progress in the formation of private equity funds
meeting the needs of investors.
As an initiative in the fiscal year under review, Nomura Real Asset Investment Co., Ltd., ajoint venture with Nomura Holdings, Inc., launched a fund management business. From the
beginning, this business has various assets worth about ¥90 billion under management,
including offices, housing, hotels, healthcare facilities and land. Through it, we aim toprovide high-quality management services.
Furthermore, NMF received a four-star rating in the Global Real Estate Sustainability
Benchmark (GRESB)* Real Estate Assessment and the highest A-level rating in the GRESB
Public Disclosure Assessment, and NPR received the highest five-star rating in the GRESBReal Estate Assessment. The ESG initiatives and disclosures of these companies received
high evaluations.
*

GRESB is an annual benchmark assessment that measures ESG considerations for property companies andfunds.

[Property Brokerage & CRE*1 Business Unit]
Operating revenue in the Property Brokerage & CRE Business Unit totaled ¥49,588 million,
which represents an increase of ¥1,888 million or 4.0% year on year, and business profit
totaled ¥13,447 million, a decrease of ¥375 million or 2.7%, resulting in an increase inoperating revenue and a decrease in business profit compared with the previous fiscal year.
In the retail business of this Business Unit, the Tsudanuma Center opened in January 2024,
bringing the total number of branches for individual customers to 88 as of the end of the
fiscal year under review.
As initiatives in the fiscal year under review, we have introduced a “hashtag-based floor plan
search” function on our nomu.com real estate information website as a way of identifying
floor plans with the features customers want. We have also started offering AI ANSWERPlus (beta version)*2, a chat communication consultation AI service, which we co-developed–3–with LIFULL Co., Ltd. We are using AI to offer new services and experiences in our
provision of real estate information.
Furthermore, we have started operating an official nomu.com LINE account. Through LINE,
which is used by around 80% of the population in Japan, we share regular content such asrecommended properties and mortgage loans, and customers can also book property tours.
We offer customers greater convenience in their search for a home.
*1 Corporate Real Estate. Real estate strategy support services for enterprises (such as consulting on theeffective utilization and trading of real estate).
*2 Notes on the beta version: The beta version may differ from the official version. We do not guarantee that thesame features, services, design, performance, etc. that are provided in the official version will be provided in
the beta version.

[Property & Facility Management Business Unit]
Operating revenue in the Property & Facility Management Business Unit totaled ¥108,190
million, which represents an increase of ¥2,716 million or 2.6% year on year, and businessprofit totaled ¥10,088 million, an increase of ¥209 million or 2.1%, resulting in increases inboth operating revenue and business profit compared with the previous fiscal year.
As of the end of the fiscal year under review, the number of buildings under management was
794 buildings (up 12 from the end of the previous fiscal year), and the number ofcondominiums under management was 193,959 units (up 4,385).
As initiatives in the fiscal year under review, our approach for Urbanity Oji, which thisBusiness Unit manages under contract, was selected as a pioneering regeneration model type(repair work support) in the 2023 model project for extending the life of condominium stock,which is supported by the Ministry of Land, Infrastructure, Transport and Tourism. We also
received the highest award in the construction and maintenance category of theCondominium Value Up Award 2023 sponsored by the Condominium Management
Companies Association. These initiatives improve the soundness of repair reserve funds
needed to properly maintain and manage aging condominiums, whose numbers are set to rise
sharply in Japan in the near future. The pioneering approach and ingenuity of the initiatives
for prolonging the lifespan of condominiums have earned strong praise.
Furthermore, we received the Grand Prize in the overall evaluation in the customer
satisfaction ranking of the SUUMO AWARD 2023 (Condominium Management Company
category of Kansai Area). In addition, we also received the Grand Prize / Excellence award in
three other categories, including the Hospitality category.
[Other]Operating revenue totaled ¥280 million, which represents a decrease of ¥1 million year on
year, and business profit totaled ¥161 million, an increase of ¥13 million year on year.
2) Capital investment
In the fiscal year under review, the Company spent a total of ¥66,059 million on capital
investment, including 55 St James’s Street and the Shibaura Project.
3) Financing
In the fiscal year under review, the Company procured necessary funds through loans fromfinancial institutions, etc. With the aim of procuring funds to contribute to the development ofa sustainable society, we have set a Group goal of using sustainable finance to procure acumulative total of ¥700 billion by fiscal year ending March 31, 2028. As part of this effort,in the fiscal year under review we procured ¥20 billion by issuing the Shibaura Green Bond,
whose proceeds will go toward the Shibaura Project (South Tower: scheduled for completionin February 2025; North Tower: scheduled for completion in fiscal year ending March 31,2031).
4) Business transfer, absorption-type company split or incorporation-type company split
Not applicable.

–4–5) Acquisitions of other companies’ businesses
Not applicable.
6) Successions of rights or duties related to the businesses of other legal entities, etc. due toabsorption-type merger or absorption-type company split
As of April 1, 2023, the absorption-type merger has been completed with PRIME X. Co.,
Ltd. being the surviving company and Musashi Co., Ltd. being the absorbed company.
7) Acquisitions and disposals of shares, other equities, and share acquisition rights in othercompanies
Not applicable.

–5–(2) Trends in operating results and assets in and at the end of the fiscal year under review and themost recent three fiscal years

Classification

Operating revenue

17th term(Fiscal year ended
March 31, 2021)

18th term(Fiscal year ended
March 31, 2022)

580,660

645,049

19th term(Fiscal year ended
March 31, 2023)
654,735(Millions of yen)
20th term(Fiscal year underreview)(Fiscal year ended
March 31, 2024)
734,715

Operating profit

76,333

91,21099,598112,114

Business profit

76,44892,765

105,172

113,665

Ordinary profit

65,96582,557

94,121

98,248

Profit attributable to owners of parent

42,19855,31264,52068,164

Basic earnings per share (Yen)

232.53307.81365.26392.29Total assets

1,921,306

2,040,506

2,110,693

2,251,456

Net assets

586,350

621,398

655,737

692,440

Net assets per share (Yen)

3,229.80

3,478.14

3,756.30

4,002.79

Notes: 1. Business profit = operating profit + share of profit (loss) of entities accounted for using equity
method + amortization of intangible assets associated with corporate acquisitions
2. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ
Statement No. 29, March 31, 2020, Accounting Standards Board of Japan), from the
beginning of the fiscal year ended March 31, 2022, and each figure for the fiscal year ended
March 31, 2022 and onwards is the figure after applying the accounting standard.

–6–

(3) Status of parent company and major subsidiaries
1) Parent company
Not applicable.
2) Major subsidiaries
Name

Share Capital(Millions of yen)

Ratio of voting
rights (%)

Principal businesses

Nomura Real Estate Development Co.,
Ltd.

2,000

100.0

General real estate business including saleand leasing of real estate

Nomura Real Estate Asset Management
Co., Ltd.

300

100.0

Investment management services including
REIT and privately placed real estate funds

Nomura Real Estate Solutions Co., Ltd.

1,000

100.0

Brokerage of real estate

Nomura Real Estate Partners Co., Ltd.

200

100.0

General management of office buildings,
condominiums, etc.

Nomura Real Estate Life & Sports Co.,
Ltd.

100

100.0

Planning and operation of sports facilities

Nomura Real Estate Heating andCooling Supply Co., Ltd.

480

100.0

Supply of heat as provided for under theHeat Supply Business Act

Nomura Real Estate Retail Properties
Co., Ltd.

243

100.0

Planning and management of retail facilities

Nomura Real Estate Wellness Co., Ltd.

300

100.0

Planning and operation of housing services
for the elderly

Nomura Real Estate Hotels Co., Ltd.

100

100.0

Planning and operation of hotels

Nomura Real Estate Amenity Service
Co., Ltd.

10

100.0

Cleaning of buildings and condominiums

PRIME X. Co., Ltd.

100

60.0

Internet advertisingFirst Living Assistance Co., Ltd.

100

51.0

Services aimed at providing assistance tocustomers concerning their homes

12 thousand
pounds100.0

Investment management services including
privately placed real estate funds in the UK

213,306 million
Vietnamese dong

100.0

Owning and operating office buildings in
VietnamLothbury Investment Management
LimitedZEN PLAZA CO., LTD
Notes: 1.
2.
3.
4.

As of April 1, 2023, the absorption-type merger has been completed with PRIME X. Co., Ltd. being the surviving
company and Musashi Co., Ltd. being the absorbed company.
As of April 1, 2024, the Company acquired all shares of UDS Ltd. and made it a new major subsidiary.
The Company has no specified wholly-owned subsidiary as of the end of the fiscal year under review.
The ratios of voting rights of Nomura Real Estate Amenity Service Co., Ltd., PRIME X. Co., Ltd., Lothbury
Investment Management Limited, and ZEN PLAZA CO., LTD are calculated based on shares held by subsidiaries of
the Company.

–7–(4) Issues to address
Having defined our 2030 Vision “Be a ‘Life & Time Developer,’ as never seen before,” we areworking to evolve our value creation and transform ourselves, to enrich people’s respective lives
and every moment of their time. In the mid- to long-term business plan that we formulated in
April 2022, we set targets for the fiscal year ending March 31, 2031 of business profit of ¥180
billion or more, ROA of 5% or more, and ROE of 10% or more. To achieve these targets, wehave put in place the following important strategies: further expansion of domestic real estatedevelopment business; high profit growth of Service & Management Sector; and steady growthof overseas business.
Values toward lifestyle, work style, consumption, and leisure are changing and diversifying,digital technology is evolving ever faster, and societal demand for sustainability is growing. To
carry out our vision, we must address these kinds of shifts from a medium- to long-term
perspective. Currently, we must closely watch how rising interest rates and inflation in Japan andoverseas affect the real estate market, business performance, personal consumption, etc. We mustalso closely watch, in particular, the rise in construction costs caused by soaring material prices
and labor costs, the shrinking labor force in Japan, and the intensifying competition for humanresources.
Recognizing this environment, we recognize the following tasks ahead on the path to achieving
sustainable growth and are working to address them. In the Development Sector, we must build afoundation for medium- to long-term growth through efforts such as securing business volume,
controlling risks in response to changes in the business environment, and tackling new businessareas. In the Service & Management Sector, we must boost productivity so that we cancontinuously develop and provide high-quality, highly competitive services.
We must also promote digital transformation throughout the entire Group as this leads to theevolution of value creation and transformation of ourselves, and promote specific initiatives forsustainability and human capital management.
In the area of human resources, through the activities of the Human Resources, Wellness, D&I
Committee, we will align our human capital management to our business strategies and promote
it across the Group, alongside our ongoing efforts on working with vigor and achieving wellness,work style reform, and diversity and inclusion.
Furthermore, we will move* the Group’s head offices to the South Tower, which is scheduled forcompletion in 2025, in the large-scale mixed-use Shibaura Project. We will work to acceleratecollaboration between the Group’s businesses, while realizing the well-being of each employee,
as we pursue growth into an even more innovative corporate group.
Through such initiatives, we will strive to realize a sustainable increase in corporate value. We
appreciate the continued support and encouragement of our shareholders.
*Companies subject to the move are still under consideration.

–8–(5) Principal business offices (as of March 31, 2024)
Business office of the Company
Head office: 1-26-2 Nishi-Shinjuku, Shinjuku-ku, Tokyo(6) Status of employees (as of March 31, 2024)
1) Employees in the Group
Business
Unit

Residential
Development
Business
Unit

Commercial
Real EstateBusiness
Unit

1,283

1,405

202

627

Numberofemployees
Numberoftemporaryemployees
Notes: 1.
2.

Investment
Management
Business
Unit

Property
Brokerage &CREBusiness
Unit

Property &Facility
Management
Business
Unit

166

194

1,849

2,504

17

511

7,929

7

5

107

2,689

1

46

3,684

Overseas
Business
Unit

Group
overall (incommon)

Other

Total

The number of employees refers to the number of working employees. The number of temporary employees
indicates the annual average number calculated using a baseline of prescribed labor hours of regular employees of
the respective company. Due to the rounding of fractions, total figures may not match.
The figure stated in “Group overall (in common)” indicates the number of employees who belong to administrative
departments, which cannot be categorized as specified business units.

2) Employees in the Company
Number of employees

Increase/decrease from theprevious fiscal year-end

Average age

Average years of service

358

Increase of 38

41.2

12.9

Notes: 1.
2.
3.

Number of employees presents the number of employees, including those concurrently serving at Nomura Real
Estate Development Co., Ltd. and other subsidiaries of the Company. For the fiscal year under review, the Company
has 338 employees who concurrently serve at its subsidiaries.
Figures stated for average age and average years of service include employees concurrently serving at subsidiaries of
the Company.
The figure for average years of service is calculated based on total length of employment with the Group.

(7) Status of principal lenders (as of March 31, 2024)
The Group follows a general principle of Group financing whereby it is chiefly the Company thatprocures financing and supplies these funds to its subsidiaries and associates. Status of principal
lenders as of the end of the fiscal year under review is as follows:(Millions of yen)
LenderAmount borrowed

MUFG Bank, Ltd.

155,500

Sumitomo Mitsui Banking Corporation

110,500

Mizuho Bank, Ltd.

89,500Sumitomo Mitsui Trust Bank, Limited

50,000Resona Bank, Limited

49,000(8) Other important matters relating to the current status of the GroupNot applicable.

–9–2. Status of the Company(1) Shares of the Company (as of March 31, 2024)
1) Total number of shares authorized to be issued by the Company: 450,000,000 shares2) Total number of shares issued:
183,268,237 shares(including 7,602,792 treasury shares)
Notes: 1.
2.

The total number of shares issued increased by 329,800 shares due to the exercise of stock options.
The number of treasury shares above does not include 2,552,143 shares held by the executive compensation BIP(Board Incentive Plan) trust and 501,108 shares held by the ESOP (Employee Stock Ownership Plan) trust for
granting stock for employees.

3) Number of shareholders:
4) Major shareholders (top 10)

29,527
Number of shares held
(Hundreds of shares)

Shareholding ratio (%)

Nomura Holdings, Inc.

647,775

36.87

The Master Trust Bank of Japan, Ltd. (Trust account)

197,155

11.22

Custody Bank of Japan, Ltd. (Trust Account)

93,676

5.33

Nomura Real Estate Holdings Employee Shareholding
Association

30,056

1.71

STICHTING PENSIOENFONDS ZORG EN WELZIJN

26,062

1.48

The Master Trust Bank of Japan, Ltd. (executive compensation
BIP trust account; 76272 account)

25,521

1.45

Name

STATE STREET BANK WEST CLIENT - TREATY 505234

24,005

1.36

SSBTC CLIENT OMNIBUS ACCOUNT

20,965

1.19

JP MORGAN CHASE BANK 385781

14,954

0.85

STATE STREET BANK AND TRUST COMPANY 505103

14,5540.82

Notes: 1.
2.

Although the Company holds 7,602,792 treasury shares, it is excluded from the list of major shareholders above.
The 7,602,792 treasury shares are excluded in the calculation of the shareholding ratio.

5) Status of shares granted to the officers of the Company as compensation for their executionof duties during the fiscal year under review
Number of shares(Shares)Number of eligible officers

Directors (excluding External Directors and Audit &Supervisory Committee Members)

49,2005

External Directors (excluding Audit & Supervisory
Committee Members)––

Directors (Audit & Supervisory Committee Members)––

Notes: 1.
2.

The contents of the Company’s share-based compensation are described in (2) “4) Compensation, etc. for Directors”
below.
The above also includes shares granted to retired company officers.

6) Other important matters relating to shares
The Company resolved the acquisition of treasury shares, under Article 459, Paragraph 1 of
the Companies Act and Article 32 of the Company’s Articles of Incorporation, at the meetingof the Board of Directors held on October 26, 2023, and made the acquisition as follows.
Type and number of shares acquired:
Total amount of shares acquired:
Period of acquisition:

1,865,200 common shares¥6,999 million
From October 27, 2023 to March 22, 2024

The Company has introduced a performance-based stock incentive plan for Directors(“executive compensation BIP trust”), according to a resolution at the 14th Ordinary General
Meeting of Shareholders held on June 26, 2018, and a resolution at the 18th Ordinary General
Meeting of Shareholders held on June 24, 2022 partially revised this plan and changed thescope of the plan to include Directors (excluding Directors as Audit & Supervisory
Committee Members and non-residents of Japan). At the end of the fiscal year under review(March 31, 2024), the number of shares of the Company held by the executive compensation– 10 –

BIP trust, including those of major subsidiaries such as Nomura Real Estate Development
Co., Ltd. which introduced same plan, was 2,552,143 shares.
Furthermore, the Company has introduced the “ESOP (Employee Stock Ownership Plan)trust for granting stock,” an incentive plan for employees of the Company and the Group,
according to a resolution at the meeting of the Board of Directors held on February 21, 2019.
At the end of the fiscal year under review (March 31, 2024), the number of shares of theCompany held by the ESOP (Employee Stock Ownership Plan) trust for granting stock was
501,108 shares.

– 11 –

(2) Status of company officers
1) Directors (as of March 31, 2024)
Name

Position and responsibility in the
CompanySignificant concurrent positions

Eiji Kutsukake

Chair and Director

Director of Nomura Real Estate Development Co.,Ltd.

Satoshi Arai

President and Representative Director,
and Chief Executive Officer
Group CEO

Chair and Representative Director of Nomura Real
Estate Development Co., Ltd.

Daisaku Matsuo

Executive Vice President andRepresentative Director
Group COO

President and Representative Director, and Chief
Executive Officer of Nomura Real Estate
Development Co., Ltd.

Makoto Haga

Executive Vice President andRepresentative Director
Supervisor of Management Division

Executive Vice President and Representative
Director of Nomura Real Estate Development Co.,Ltd.

Hiroshi Kurokawa

Director and Executive Officer
Business Unit Manager of Commercial
Real Estate Business Unit

Director and Senior Managing Executive Officer of
Nomura Real Estate Development Co., Ltd.

Chiharu Takakura

Director

Outside Director of Niterra Co., Ltd.
Outside Director of Mitsui Sumitomo Insurance
Company, Limited

Hiroyuki Kimura

Director(Full-time Audit & Supervisory
Committee Member)

Audit & Supervisory Board Member of Nomura
Real Estate Development Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Solutions Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Partners Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Life & Sports Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Retail Properties Co., Ltd.

Yasushi Takayama

Director(Full-time Audit & Supervisory
Committee Member)

Audit & Supervisory Board Member of Nomura
Real Estate Development Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Asset Management Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Solutions Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Partners Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Wellness Co., Ltd.
Audit & Supervisory Board Member of Nomura
Real Estate Hotels Co., Ltd.
Audit & Supervisory Board Member of PRIME X.
Co., Ltd.

Yoshio Mogi

Director(Audit & Supervisory Committee
Member)–Akiko Miyakawa

Director(Audit & Supervisory Committee
Member)Representative of Akiko Miyakawa CPA OfficeTetsu Takahashi

Director(Audit & Supervisory Committee
Member)Executive Partner of ITN law office
External Director of McDonald’s Holdings
Company (Japan), Ltd.

Notes: 1.
2.
3.
4.

Chiharu Takakura was elected as Director at the Ordinary General Meeting of Shareholders held on June 23, 2023,
and assumed her office.
Director Shoichi Nagamatsu retired at the conclusion of the Ordinary General Meeting of Shareholders held on June23, 2023, due to the expiry of his terms of office.
Director Chiharu Takakura, and Directors (Audit & Supervisory Committee Members) Yoshio Mogi, Akiko
Miyakawa and Tetsu Takahashi are External Directors.
Director Chiharu Takakura, and Directors (Audit & Supervisory Committee Members) Yoshio Mogi, Akiko
Miyakawa and Tetsu Takahashi are Independent Directors/Auditors as stipulated under the regulations of the Tokyo
Stock Exchange.

– 12 –

5.

Directors (Audit & Supervisory Committee Members) Hiroyuki Kimura and Yasushi Takayama have extensive
knowledge of finance and accounting from their many years of business experience in finance.
6. Director (Audit & Supervisory Committee Member) Yoshio Mogi has extensive knowledge of finance andaccounting due to his business experience as CFO at a company listed on the First Section of the Tokyo Stock
Exchange.
7. Director (Audit & Supervisory Committee Member) Akiko Miyakawa has great knowledge and experience andprofound insights as an expert at accounting and auditing acquired through her many years working as a Certified
Public Accountant.
8. The Company appoints full-time Audit & Supervisory Committee Members to strengthen the auditing andsupervising function by collecting information from the Directors (excluding Audit & Supervisory Committee
Members), Executive Officers, employees, etc., attending at important company meetings, and ensuring sufficient
coordination between the committee and the internal audit department and others.
9. Director Chiharu Takakura assumed her office as Outside Director of Mitsui Sumitomo Insurance Company,
Limited on June 23, 2023.
10. Director Chiharu Takakura retired from her position as Director of ROHTO Pharmaceutical Co., Ltd. on June 28,
2023.

– 13 –

2) Outline of limited liability agreements
Two Directors Eiji Kutsukake and Chiharu Takakura and five Directors as Audit &Supervisory Committee Members, have entered into agreements with the Company to limit
their liability for damages provided for in Article 423, Paragraph 1 of the Companies Act,
pursuant to the provisions of Article 427, Paragraph 1 of the Companies Act. The maximum
amount of liability based on the said agreements, on condition that they perform their duties
in good faith and without gross negligence, shall be the sum of the amounts stipulated in each
item of Article 425, Paragraph 1 of the Companies Act.
3) Outline, etc. of the directors and officers liability insurance policy
The Company has entered into a directors and officers liability insurance policy with aninsurance company pursuant to the provisions of Article 430-3, Paragraph 1 of theCompanies Act. The insurance policy covers litigation expenses and the amount of legal
indemnification to be borne by insureds due to corporate lawsuits, third-party lawsuits,derivative lawsuits, etc. against the insureds. The insureds in this insurance policy are
Directors (including Directors as Audit & Supervisory Committee Members), Audit &Supervisory Board Members and Executive Officers of the Company and some of theCompany’s subsidiaries (including consolidated subsidiaries in which the Company or its
subsidiary has an investment ratio of more than 50%), and the Company bears the fullamount of the insurance premiums for all of the insureds. However, the amount of litigation
expenses and legal indemnification, etc. resulting from an illegal act, etc. committed by aninsured are not covered by the insurance policy.
4) Compensation, etc. for Directors
a. Policy, etc. regarding decisions on the details of compensation, etc. for Directors
At a meeting of the Board of Directors, the Company resolved the policy for deciding thedetails of the compensation, etc. for each individual Director excluding Audit & Supervisory
Committee Members. In addition, the Company established the Advisory Committee
Relating to Nominations and Compensation, where the majority of members composing thatbody are Independent External Directors, and the Board of Directors resolved the operation,etc. of the compensation plan for the Directors, based on the deliberation by the committee
and on the committee’s opinion reported to the Board of Directors.
Furthermore, the Board of Directors has judged that the compensation, etc. for eachindividual Director in the fiscal year under review is in line with this policy regarding
decisions of compensation, etc. as it has confirmed that the method for deciding the details ofcompensation, etc. and the details of the compensation, etc. that were determined areconsistent with this policy regarding decisions of compensation, etc.
The details of the policy regarding decisions of the details of the compensation, etc. for eachindividual Director are as follows.
A) Basic policya) Compensation for Directors consists of a structure that is linked to the mid- to longterm business plan, etc. in order to sufficiently work as an incentive for the sustainableimprovement of corporate value, and the Company’s basic policy in deciding
compensation for each Director is to provide an appropriate level of compensationaccording to the role and position as a Director.
b) Operation and revision of the compensation plan for Directors and the amount of thecompensation for Directors are determined by the Board of Directors based on the
deliberation by the Advisory Committee Relating to Nominations and Compensationand its opinion reported to the Board of Directors.
c) In reviewing the appropriateness of the compensation level and the content of theshare-based compensation plan, the Company takes consideration of factors such as
the size of the Company and business characteristics, after obtaining advice from anexternal compensation consultant as necessary.
d) Compensation of Directors concurrently serving as Executive Officers consists of“base compensation,” “bonus” and “share-based compensation” so that it works as a
– 14 –

clear incentive to improve performance not only for the short-term, but also for the
medium- to long-term.
e) Compensation of the Chair and Director and External Directors is made up of the“base compensation” and the “restricted shares (“RS”) portion of share-based
compensation,” taking into account the sharing of interests with shareholders, since
the Chair and Director is responsible for supervising execution of business from an
objective standpoint and also for enhancing long-term corporate value.
f) Compensation of Part-time Internal Directors consists only of “base compensation”
due to their role of supervising the business execution from an objective standpoint.
B) Policy regarding decisions on the percentage of each type of compensation for each
Directora) The composition ratio of each type of compensation for Directors concurrently
serving as Executive Officers is decided based on b) and d) in A) above.
b) The composition ratio of each type of compensation for the Chair and Director andExternal Directors is decided based on b) and e) in A) above.
c) Compensation of Part-time Internal Directors consists only of “base compensation”
based on b) and f) in A) above.
C) Policy regarding decisions on the amount of fixed compensation (base compensation)for each Director (including the policy regarding decisions on the timing and conditions
for paying compensation)a) The amount of fixed compensation (base compensation) for each Director shall be
determined according to the role and position as a Director.
b) The fixed compensation (base compensation) shall be paid monthly.
D) Policy regarding decisions on the details of variable compensation (bonus and sharebased compensation) for each Director and the calculation method for the monetaryamount or number of shares (including the policy regarding decisions on the timing andconditions for paying compensation)<Bonus>a) The amount of bonus is determined according to the Company’s businessperformance, such as consolidated business profit, and evaluation of individuals.
b) The evaluation of performance retains a central emphasis on evaluation above but
also evaluates by non-financial indicators (sustainability factors, etc.).
c) The evaluation of individuals evaluates the progress of initiatives for single-year andthe medium- to long-term, for which achievements are difficult to measure based only
on the figures of financial results.
d) It shall be paid at a certain time after the end of each fiscal year.
<Share-based compensation>a) The performance-based compensation adopts performance-sharing (“PS”) providing
incentive for enhancement of medium- to long-term performance, and implements,
after three years of the commencement of each business year, delivery or payment(“delivery, etc.”) of the Company’s shares and/or an amount equivalent to theproceeds of converting the Company’s shares into cash (the “Company Shares, etc.”).
b) The non-performance-based compensation adopts restricted shares (“RS”) providing
an incentive for long-term contributions and enhancement of corporate value to delay
delivery, etc. until retirement as an officer.

– 15 –

c) The share-based compensation adopts the system of executive compensation BIP(Board Incentive Plan) trust (the “Trust”). The Company Shares, etc. to be delivered,etc. is set at one Company’s share per one point, according to the number of points
calculated based on the formula below.
[Calculation formula of points]• PS portion
The number of points (the “Number of PS Points”) to be granted to Directors for eachfiscal year during the covered period is calculated by dividing the amount of predetermined base compensation with respect to each executive position by the shareprice as of the acquisition of the Company’s shares by the Trust.
The number of performance-based points shall be calculated by multiplying the
Number of PS Points granted for each fiscal year by the performance-based
coefficient determined based on the level of performance three years after the
beginning of the applicable fiscal year.
For the performance-based coefficient, the target ranges (0-200%) are set based on the“business profit” from the viewpoint of profit growth, and return on equity (ROE)from the viewpoint of maintaining the capital efficiency, out of the management
benchmarks listed in the mid- to long-term business plan.
• RS portion
The number of points (the “Number of RS Points”) to be granted to Directors andadded for each fiscal year during the covered period is calculated by dividing theamount of pre-determined base compensation with respect to each executive positionby the share price as of the acquisition of the Company’s shares by the Trust.
E) Matters regarding the method for determining the details of compensation for each
Directora) The determination of the specific details of the amount of base compensation andbonuses, both of which are monetary compensations, to be paid out is delegated to the
President and Representative Director based on a resolution of the Board of Directors.
b) The payment level shall be deliberated by the Advisory Committee Relating toNominations and Compensation for the appropriate exercise of the authority stated ina) above by the President and Representative Director.
F) Other important matters relating to compensation for each Director
Regarding share-based compensation, the Company formulated “share delivery
regulation” to handle repayment claims at an amount equivalent to the Company Shares,
etc. to be delivered, etc. in the event that specific circumstances (improper conduct, etc.)
occur.

– 16 –

b. Resolutions at the General Meeting of Shareholders regarding compensation, etc. for
Directors
Monetary
The amount of monetary compensation has been set as no greater than ¥550
compensation
million per year for Directors (excluding Directors as Audit & Supervisory
Committee Members) according to a resolution at the Ordinary General
Meeting of Shareholders held on June 26, 2018, and at the time of theresolution, the number of Directors (excluding Directors as Audit &Supervisory Committee Members) was eight (of which, two were External
Directors). Furthermore, the amount of monetary compensation for
Directors (Audit & Supervisory Committee Members) is limited to up to¥170 million per year according to a resolution at the Ordinary General
Meeting of Shareholders held on June 23, 2020. The number of Directors as
Audit & Supervisory Committee Members at the time of the resolution was
six (including four External Directors).
Share-based
Apart from the monetary compensation above, the Company has introduced
compensation, etc.
a performance-based stock incentive plan. In accordance with a resolution(non-monetary
at the Ordinary General Meeting of Shareholders held on June 24, 2022, thecompensation, etc.)
Company’s contribution to a trust as compensation for Directors (excluding
Directors as Audit & Supervisory Committee Members) will be an amountof not more than ¥1,650 million over the relevant period of three fiscal
years for this compensation plan. The number of Directors (excluding
Directors as Audit & Supervisory Committee Members) who were subject
to the plan at the time of the resolution was seven (including one External
Director).
c. Matters regarding the delegation of decisions on the details of the compensation for eachindividual Director excluding Audit & Supervisory Committee Members
Delegatee
President and Representative Director Satoshi Arai
As stated in the “a. Policy, etc. regarding decisions on the details of
Description of thedelegated authority and compensation, etc. for Directors,” the decisions on the specific details
concerning the amounts of base compensation and bonuses, both of whichmeasures adopted forare monetary compensation, to be paid out are delegated to the President
ensuring appropriate
and Representative Director based on a resolution of the Board of Directors.
exercise of such
Therefore, the President and Representative Director shall decide theauthority
details. The payment level is deliberated by the Advisory Committee
Relating to Nominations and Compensation for the appropriate exercise of
the decision authority delegated to the President and Representative
Director.
Reason for the
The reason for the delegation to the President and Representative Director isdelegationthat the Company has judged the President and Representative Director as
appropriate to conduct the individual evaluation of each Director whileconsidering, among other things, performance of the Company overall.

– 17 –

d. Total amount of compensation, etc. for the fiscal year under review
Breakdown

Category

Total
number of
persons
paid

Monetary compensation(Millions of yen)

Total
payment
amount(Millionsof yen)Bonus(Performance-based incentive, etc.)

Base compensation
Number of
persons paid

Amount paid

Number of
persons paid

Amount paid

4

144

Directors (excluding
Audit & Supervisory
Committee Members)

7

719

7

289

(Of which,External
Directors)

(1)

(12)

(1)

(9)

(–)

Directors (Audit &Supervisory Committee
Members)

5

155

5

155

–

(Of which,External
Directors)

(3)

(53)

(3)

(53)

(–)

Total

12

875

12

445

4

144

Breakdown

Category

Share-based compensation, etc.
(Non-monetary compensation, etc.)(Millions of yen)
Performance-based
compensation
Number of
persons paid

Directors (excluding
Audit & Supervisory
Committee Members)

Amount paid

Non-performance-based
compensation
Number of
persons paid

196

5

Amount paid

6

89

(1)

(3)

(Of which,External
Directors)(–)

Directors (Audit &Supervisory Committee
Members)––(Of which,External
Directors)

(–)

(–)

Total
Notes: 1.

2.
3.

4.

5

196

6

89

The number of Directors (excluding Directors as Audit & Supervisory Committee Members) shown above includes
one Director who retired at the conclusion of the Ordinary General Meeting of Shareholders on June 23, 2023. The
number of Directors (excluding Directors as Audit & Supervisory Committee Members) is currently six (including
one External Director) as of the end of the fiscal year under review.
The amount paid above is shown as the amount of compensation, etc. for the fiscal year under review, recorded by
the Company as an expense regardless of whether it was paid during the fiscal year under review.
With respect to the share-based compensation, etc. (non-monetary compensation, etc.), the number of persons paidof performance-based compensation includes the current Chair and Director. This is because the amount ofcompensation, etc. recorded as an expense in the fiscal year under review was the amount of payment of share-based
compensation (performance-based compensation) allotted during the period when he served as an executive Director
in the past.
With respect to the performance-based compensation, the details of factors including the performance indicators thatpertain to bonuses, which are monetary compensation, the calculation method of such bonuses and the reasons forselecting these indicators are as stated in the “a. Policy, etc. regarding decisions on the details of compensation, etc.
for Directors,” and the actual results that pertain to performance indicators are as presented in the table below. As
shown in Note 2 above, the amount of compensation, etc. recorded by the Company as an expense during the fiscal– 18 –

year under review was the amount paid as “monetary compensation” above. Furthermore, the difference (¥13
million) between the provision for bonuses for Directors (and other officers) for five Directors (excluding Directors
as Audit & Supervisory Committee Members and External Directors) in the previous fiscal year and the bonus
amount paid during the fiscal year under review is not included in amount paid in “Bonus (Performance-based
incentive, etc.)” above.
Year-on-year
Business profitchangeFiscal year ended¥113,665 million+8.1%
March 31, 2024
5.

With respect to the performance-based compensation, the details of factors including the performance indicators thatpertain to share-based compensation, etc., the calculation method of such share-based compensation, etc. and thereasons for selecting these indicators are as stated in the “a. Policy, etc. regarding decisions on the details ofcompensation, etc. for Directors,” and the actual results that pertain to performance indicators are as presented in thetable below.
The achievementBusiness profit
ROE
linked coefficient
Fiscal year ended
143.0%¥113,665 million
10.1%
March 31, 2024

6.

The amount paid as “share-based compensation, etc. (non-monetary compensation, etc.)” above is shown as theamount recorded as an expense associated with the executive compensation BIP trust points granted ascompensation, etc. As stated in the “a. Policy, etc. regarding decisions on the details of compensation, etc. for
Directors,” with respect to the performance-based compensation of the share-based compensation, etc., the numberof the Company’s shares, etc. to be delivered, etc. is determined by multiplying the number of points granted foreach fiscal year by the performance-based coefficient determined based on the level of performance three years after
the beginning of each applicable fiscal year. In the fiscal year under review, there arose a difference (¥4 million)
between the amount recorded in the past fiscal years as expenses for the points granted to two Directors (excluding
Directors as Audit & Supervisory Committee Members and External Directors) and the amount paid as a result ofdelivery, etc. of shares, etc. in the fiscal year under review. This difference is not included in amount paid in “Sharebased compensation, etc. (non-monetary compensation, etc.)” above.
Non-monetary compensation, etc. consists of the Company’s shares, etc. and the conditions, etc. for delivery are asstated in the “a. Policy, etc. regarding decisions on the details of compensation, etc. for Directors.”
The Company revised the policy regarding decisions of the details of the compensation, etc. for each individual
Director excluding Audit & Supervisory Committee Members from the previous fiscal year, deciding that the details
and calculation method for performance indicators, etc., relating to bonuses, which are monetary compensation,
would retain a central emphasis on evaluation of performance in terms of consolidated business profit, etc., butwould also now include an evaluation by non-financial indicators (sustainability factors, etc.). The purpose of thischange is to increase Directors’ awareness of sustainability, and in the fiscal year under review, the Company
conducted an evaluation based on BEI* as a non-financial indicator.
Building Energy-efficiency Index. An index for evaluating the energy-efficiency performance of buildings based on
the energy-efficiency standards under the Act on the Improvement of Energy Consumption Performance of
Buildings (Building Energy Efficiency Act). It represents the primary energy consumption standard for buildings.

7.
8.

*

5) External Officers
a. Relations between other organizations where significant concurrent positions are assumed
and the Company
Category
Director

Name
Chiharu Takakura

Significant concurrent positions

Relationship with the Company

Outside Director of Niterra Co., Ltd.

Not applicable

Outside Director of Mitsui Sumitomo
Insurance Company, Limited

There are borrowing transactions
between Mitsui Sumitomo Insurance
Company, Limited and the Company.

––

Director
Yoshio Mogi
(Audit & Supervisory
Committee Member)
Director
Akiko Miyakawa(Audit & Supervisory
Committee Member)

Representative of Akiko Miyakawa
CPA Office

Not applicable

Director
Tetsu Takahashi(Audit & Supervisory
Committee Member)

Executive Partner of ITN law office

Not applicable

External Director of McDonald’s
Holdings Company (Japan), Ltd.

Not applicable

Notes: 1.
2.

Director Chiharu Takakura assumed her office as Outside Director of Mitsui Sumitomo Insurance Company,
Limited on June 23, 2023.
Director Chiharu Takakura retired from her position as Director of ROHTO Pharmaceutical Co., Ltd. on June 28,
2023.

– 19 –

b. Main activities for the fiscal year under review
Category
Director

Name
Chiharu Takakura

Main activities and outline of duties performed in relation to expected roles
Ms. Takakura attended 10 out of 10 meetings of the Board of Directors held
after she assumed the position on June 23, 2023. She is expected to contributeto strengthening the supervisory function of the Board of Directors and thecorporate governance structure, and ensuring fair and transparent management.
She expressed her opinions at the meetings of the Board of Directors bydrawing on her wealth of knowledge, experience, and profound insights related
to the promotion of human capital management including human resources
strategy and development.

Director
Yoshio Mogi
(Audit & Supervisory
Committee Member)

Mr. Mogi attended 13 out of 13 meetings of the Board of Directors and 12 outof 12 meetings of the Audit & Supervisory Committee held during the fiscal
year under review. He is expected to contribute to strengthening the supervisory
function of the Board of Directors and the corporate governance structure, as
well as to enhancing the auditing structure. He expressed his opinions at themeetings of the Board of Directors and at the meetings of the Audit &Supervisory Committee by drawing on his wealth of knowledge, experience,and profound insights related to corporate management. In addition, he is amember of the Advisory Committee Relating to Nominations andCompensation.

Director
Akiko Miyakawa(Audit & Supervisory
Committee Member)

Ms. Miyakawa attended 13 out of 13 meetings of the Board of Directors and 12
out of 12 meetings of the Audit & Supervisory Committee held during the fiscal
year under review. She is expected to contribute to strengthening thesupervisory function of the Board of Directors and the corporate governancestructure, as well as to enhancing the auditing structure. She expressed her
opinions at the meetings of the Board of Directors and at the meetings of the
Audit & Supervisory Committee by drawing on her wealth of knowledge,
experience, and profound insights as an expert at accounting and auditing.

Director
Tetsu Takahashi(Audit & Supervisory
Committee Member)

Mr. Takahashi attended 13 out of 13 meetings of the Board of Directors and 12
out of 12 meetings of the Audit & Supervisory Committee held during the fiscal
year under review. He is expected to contribute to strengthening the supervisory
function of the Board of Directors and the corporate governance structure, as
well as to enhancing the auditing structure. He expressed his opinions at themeetings of the Board of Directors and at the meetings of the Audit &Supervisory Committee by drawing on his wealth of knowledge, experience,and profound insights as a legal expert, as a representative of a law firm, and as
an outside director. In addition, he is the Chairman of the Advisory Committee
Relating to Nominations and Compensation.

– 20 –

(3) Accounting Auditor
1) NameErnst & Young ShinNihon LLC

2) Amount of compensation, etc.
Amount of payment(Millions of yen)

Category
Amount of compensation, etc. to be paid to the Accounting Auditor for the fiscal year
under review

96

Total amount of money and other financial profits to be paid by the Company and its
subsidiaries to the Accounting Auditor

214

Notes: 1.

2.

3.

Since the audit contract between the Company and the Accounting Auditor does not clearly distinguish between theamounts of compensation, etc. for audits conducted based on the Companies Act and based on the Financial
Instruments and Exchange Act, respectively and it is not possible to substantively distinguish them, the amount ofcompensation, etc. to be paid to the Accounting Auditor for the fiscal year under review is the total amount for both.
The Audit & Supervisory Committee obtained necessary resources and received reports from the Group CFO,
finance division and the Accounting Auditor, and upon doing so, it confirmed the Accounting Auditor’s record ofachievements and record of compensation in the past and examined the Accounting Auditor’s audit plan and groundsof the calculation of the compensation estimate for the fiscal year under review. As a result, the Audit & Supervisory
Committee judged that the Accounting Auditor’s amount of compensation, etc. was suitable and provided its consent
pursuant to Article 399, Paragraph 1 of the Companies Act.
Of the Company’s major subsidiaries, Lothbury Investment Management Limited, and ZEN PLAZA CO., LTD are
subject to auditing by Certified Public Accountants and auditing firms (including those with equivalentqualifications overseas) other than the Company’s Accounting Auditor.

3) Description of non-auditing services
The Company pays fees to the Accounting Auditor for the preparation of comfort lettersrelated to the issuance of corporate bonds outside the services provided in Article 2,
Paragraph 1 of the Certified Public Accountants Act.
4) Policy for dismissal or non-reappointment decision of Accounting Auditor
If the Accounting Auditor is recognized as falling under any of the items listed in Article 340,
Paragraph 1 of the Companies Act, the Audit & Supervisory Committee shall dismiss the
Accounting Auditor with the unanimous consent of all Audit & Supervisory Committee
Members.
In addition, notwithstanding the above, if it is recognized that the Accounting Auditor’s
fulfilment of appropriate auditing would be difficult due to the occurrence of reasons thatcompromise the eligibility or independence of the Accounting Auditor, the Audit &Supervisory Committee shall propose the dismissal or non-reappointment of the Accounting
Auditor at a General Meeting of Shareholders.

– 21 –

(4) Policy regarding decisions on the dividends of surplus
As for the year-end dividend, the Company set the year-end dividend for the fiscal year ended
March 31, 2024 at 75.0 yen per share, which is an increase of 10.0 yen per share from theforecast announced in April 2023. Combined with the second quarter-end dividend already paid,
the annual dividend per share is 140.0 yen.
In addition, treasury shares were purchased*1 based on comprehensive consideration of factors
such as financial soundness, share price and the business environment. As a result, the total return
ratio for the fiscal year under review was 46.0%.
Under the mid- to long-term business plan, which was formulated in April 2022, the Company
set a policy of the total return ratio to be 40-50% in Phase 1 (from the fiscal year ended March
31, 2023 to the fiscal year ending March 31, 2025). From the fiscal year ending March 31, 2025,
the Company has set a policy of the annual dividend not to go below the level that satisfies a
DOE*2 of 4%. In regard to the dividend for the next fiscal year, based on these policies, theCompany intends to set both the second quarter-end and the year-end dividend for the fiscal year
ending March 31, 2025 at 82.5 yen per share, therefore the annual dividend per share is expected
to be 165.0 yen.
*1 Acquisition of treasury shares by resolution at the meeting of the Board of Directors held on October 26, 2023
Type and number of shares acquired:
1,865,200 common shares
Total amount of shares acquired:¥6,999 million
Period of acquisition:
From October 27, 2023 to March 22, 2024
*2 DOE = annual dividend / average shareholders’ equity during the fiscal year

– 22 –

CONSOLIDATED BALANCE SHEETAs of March 31, 2024
(Millions of yen)
Liabilities

AssetsCurrent Assets:
Cash and Deposits
Notes and Accounts Receivable - Trade,
and Contract Assets

1,256,777
54,942
27,534

Real Estate for Sale

499,137

Real Estate for Sale in Process

340,601Land Held for Development

171,401

Equity Investments

48,014Other

115,155

Allowance for Doubtful Accounts(10)

Non-current Assets:

994,678

Property, Plant and Equipment

740,301

Buildings and Structures

174,801Land

490,547

Other

74,953

Intangible Assets

17,336

Investments and Other Assets

237,039

Investment Securities

178,949

Leasehold and Guarantee Deposits

32,467

Deferred Tax Assets

19,367

Other

6,255

Allowance for Doubtful Accounts

Total Assets

Current Liabilities:
Notes and Accounts Payable - Trade
Short-term Borrowings
Current Portion of Bonds Payable
Income Taxes Payable
Deposits Received
Provision for Bonuses
Provision for Bonuses for Directors (andOther Officers)
Provision for Loss on Business
Liquidation
Other
Non-current Liabilities:
Bonds Payable
Long-term Borrowings
Leasehold and Guarantee Deposits
Received
Deferred Tax Liabilities
Deferred Tax Liabilities for Land
Revaluation
Provision for Share Awards
Retirement Benefit Liability
Other
Total Liabilities

331,064
78,651
97,68810,00017,46729,983
12,667564
184,0401,227,951
140,000
945,040
60,05742,2403,906
5,016
12,79818,892
1,559,015

Net Assets(0)2,251,456

Shareholders’ Equity:
Share Capital
Capital Surplus
Retained Earnings
Treasury Shares
Accumulated Other Comprehensive
Income:Valuation Difference on Available-forsale Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Foreign Currency Translation
Adjustment
Remeasurements of Defined Benefit
Plans
Share Acquisition Rights:
Non-controlling Interests:
Total Net Assets
Total Liabilities and Net Assets

Note: The figures are denoted by rounding fractions down to the unit indicated.

– 23 –

675,381
119,479
115,653472,152(31,903)
15,5485,309(4,293)
7,876
4,576
2,079
355
1,154
692,4402,251,456

CONSOLIDATED STATEMENT OF INCOME(From April 1, 2023 to March 31, 2024)(Millions of yen)

Operating Revenue
Operating Costs
Operating Gross Profit
Selling, General and Administrative Expenses
Operating Profit
Non-operating Income
Interest Income
Dividend Income
Share of Profit of Entities Accounted for Using Equity Method
Other
Non-operating Expenses
Interest Expenses
Other
Ordinary Profit
Extraordinary Income
Gain on Sales of Non-current Assets
Extraordinary Losses
Impairment Losses
Loss on Building Reconstruction
Profit before Income Taxes
Income Taxes - Current
Income Taxes - Deferred
ProfitProfit Attributable to Non-controlling Interests
Profit Attributable to Owners of Parent
Note: The figures are denoted by rounding fractions down to the unit indicated.

– 24 –

734,715490,250
244,464
132,349
112,114
1,911
136
78
1,035
661
15,777
14,093
1,684
98,248
5,983
5,983
7,578
6,537
1,041
96,65331,280(2,811)
68,18419
68,164

NON-CONSOLIDATED BALANCE SHEETAs of March 31, 2024
(Millions of yen)
Liabilities

AssetsCurrent Assets:

Current Liabilities:

372,905

151,071

Cash and Deposits

23,779

Short-term Borrowings

92,000Accounts Receivable - Trade

2,398

Current Portion of Bonds Payable

10,000Prepaid Expenses
Short-term Loans Receivable
Other
Non-current Assets:

Accounts Payable - Other

133

Accrued Expenses

340,215

1,406

Income Taxes Payable

6,377

Deposits Received

1,360,903

693

199
46,057

Property, Plant and Equipment

872

Provision for Bonuses

451

Buildings

323

144

Tools, Furniture and Fixtures

383

Provision for Bonuses for Directors (andOther Officers)

Construction in Progress

164

Other

118

Intangible Assets

1,698

Software

1,338

Other

360

Investments and Other Assets
Investment Securities
Shares of Subsidiaries and Associates
Investments in Capital
Long-term Loans Receivable from
Subsidiaries and Associates

Non-current Liabilities:

1,358,332
3,800

Bonds Payable

140,000

Long-term Borrowings

937,500

Provision for Share Awards

574

Provision for Loss on Business of
Subsidiaries and Associates

479

Other

178,554211

1,086,542

7,989

Total Liabilities

1,237,613
Net Assets

1,174,400
Shareholders’ Equity:495,757

3,022

Share Capital

119,479

Deferred Tax Assets

461

Capital Surplus

119,843

Other

35

Legal Capital Surplus

119,843

Retained Earnings

288,338

Other Retained Earnings

288,338

Long-term Prepaid Expenses

Allowance for Doubtful Accounts(2,153)

Reserve for Purchase of SpecificSharesRetained Earnings Brought Forward
Treasury Shares

1,733,809

288,266(31,903)

Valuation and Translation Adjustments:

82

Valuation Difference on Available-forsale Securities

59

Deferred Gains or Losses on Hedges

22

Share Acquisition Rights:

355

Total Net Assets
Total Assets

71

Total Liabilities and Net Assets

Note: The figures are denoted by rounding fractions down to the unit indicated.

– 25 –

496,195
1,733,809

NON-CONSOLIDATED STATEMENT OF INCOME
For the year ended March 31, 2024
(Millions of yen)

Operating Revenue
Dividends from Subsidiaries and Associates
Financial Revenue
Business Advisory Fee
Other
Operating Costs
Operating Gross Profit
Selling, General and Administrative Expenses
Operating Profit
Non-operating Income
Interest Income
Dividend Income
Gain on Forfeiture of Unclaimed Dividends
Other
Non-operating Expenses
Loss on Investments in Partnership
Commission Fee
Other
Ordinary Profit
Extraordinary Income
Gain on Sales of Shares of Subsidiaries and Associates
Gain on Reversal of Share Acquisition Rights
Extraordinary Losses
Loss on Valuation of Shares of Subsidiaries and Associates
Provision for Loss on Business of Subsidiaries and Associates
Profit before Income Taxes
Income Taxes - Current
Income Taxes - Deferred
ProfitNote: The figures are denoted by rounding fractions down to the unit indicated.

– 26 –

56,97932,08818,886
1,104
4,900
8,793
48,186
12,81835,367
38
1
29
6
1
285
213
38
32
35,120
130
103
26
6,173
5,911
262
29,078839(63)
28,302

Audit Report of Accounting Auditor on Consolidated Financial Statements(Translation)

Independent Auditor’s Report
May 15, 2024
To the Board of Directors
Nomura Real Estate Holdings, Inc.
Ernst & Young ShinNihon LLC
Toshihiro Morishige (Seal)
Certified Public Accountant
Designated and Engagement Partner
Kenji Sato (Seal)
Certified Public Accountant
Designated and Engagement Partner
Masahiro Yawata (Seal)
Certified Public Accountant
Designated and Engagement Partner
OpinionPursuant to Article 444, Paragraph 4 of the Companies Act, we have audited the consolidated financial statements, which
comprise the consolidated balance sheet, the consolidated statement of income, the consolidated statement of changes inshareholders’ equity and the notes to the consolidated financial statements of Nomura Real Estate Holdings, Inc. (the“Company”) applicable to the fiscal year from April 1, 2023 through March 31, 2024.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position and results of operations of the Nomura Real Estate Group, which consisted of the Company and consolidated
subsidiaries, applicable to the fiscal year ended March 31, 2024 in conformity with accounting principles generally accepted inJapan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under thosestandards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements sectionof our report. We are independent of the Company and its consolidated subsidiaries in accordance with the ethical requirementsthat are relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled our ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
Other Information
The other information refers to the business report and its supplementary schedules. Management is responsible for preparing
and disclosing the other information. In addition, the Audit & Supervisory Committee is responsible for overseeing the
Directors’ performance of duties within the maintenance and operation of the reporting process for the other information.
The scope of our audit opinion on the consolidated financial statements does not include the content of the other information,
and we do not express an opinion regarding the other information.
Our responsibility in auditing the consolidated financial statements is to read through the other information, and in the process ofreading it, we examine whether there are material differences between the other information and the consolidated financial
statements or the knowledge we have gained in the auditing process, and we also pay attention as to whether there are any
indications in the other information of material errors besides such material differences.
If we determine there to be material errors in the other information based on the work we have performed, we are required toreport those facts.
There are no matters to report regarding the other information.
Management’s and Audit & Supervisory Committee’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance withaccounting principles generally accepted in Japan, and for designing and operating such internal control as management
determines is necessary to enable the preparation and fair presentation of the consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing whether it is appropriate to prepare
the consolidated financial statements with the assumption of a going concern, and in accordance with accounting principles
generally accepted in Japan, for disclosing, as necessary, matters related to going concern.
Audit & Supervisory Committee is responsible for overseeing the Directors’ performance of duties within the maintenance andoperation of the financial reporting process.

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Auditor’s Responsibility for the Audit of the Consolidated Financial Statements
Our responsibilities are to obtain reasonable assurance about whether the consolidated financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that expresses our opinion on the
consolidated financial statements based on our audit from an independent point of view. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence thedecisions of users of these consolidated financial statements.
In accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional
skepticism throughout the audit process to perform the following:・ Identify and assess the risks of material misstatement, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Selecting audit procedures to be applied is at the discretion of the auditor. Obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion.
・ When auditing the consolidated financial statements, obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances in making risk assessments, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal control.
・ Evaluate the appropriateness of accounting policies used by management and their method of application, as well as thereasonableness of accounting estimates made by management and related notes thereto.
・ Conclude on the appropriateness of preparing the consolidated financial statements with the assumption of a going concern
by management, and based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in our auditor’s report to the notes to the consolidated financial
statements or, if the notes to the consolidated financial statements on material uncertainty are inadequate, to express aqualified opinion with exceptions on the consolidated financial statements. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease tocontinue as a going concern.
・ Evaluate whether the presentation of the consolidated financial statements and notes to the consolidated financial statements
are in accordance with accounting standards generally accepted in Japan, as well as evaluate the presentation, structure, andcontent of the consolidated financial statements, including the related notes thereto, and whether the consolidated financial
statements fairly present the underlying transactions and accounting events.
・ Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its consolidated
subsidiaries to express an opinion on the consolidated financial statements. We are responsible for the direction, supervisionand performance of the audit of the consolidated financial statements. We remain solely responsible for our audit opinion.
We report to the Audit & Supervisory Committee regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit process, andother matters required by auditing standards.
We also provide the Audit & Supervisory Committee with a statement that we have complied with relevant ethical requirements
in Japan regarding independence, and to communicate with them all relationships and other matters that may reasonably bedeemed to bear on our independence, and where applicable, related countermeasures in order to eliminate obstruction factors or
related safeguards in order to reduce obstruction factors to an acceptable level.
Conflicts of Interest
We or engagement partners have no interests in the Company and its consolidated subsidiaries, which should be stated incompliance with the Certified Public Accountants Act.

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Audit Report of Accounting Auditor on Non-consolidated Financial Statements(Translation)

Independent Auditor’s Report
May 15, 2024
To the Board of Directors
Nomura Real Estate Holdings, Inc.
Ernst & Young ShinNihon LLC
Toshihiro Morishige (Seal)
Certified Public Accountant
Designated and Engagement Partner
Kenji Sato (Seal)
Certified Public Accountant
Designated and Engagement Partner
Masahiro Yawata (Seal)
Certified Public Accountant
Designated and Engagement Partner
OpinionPursuant to Article 436, Paragraph 2, Item 1 of the Companies Act, we have audited the non-consolidated financial statements,
which comprise the non-consolidated balance sheet, the non-consolidated statement of income, the non-consolidated statementof changes in shareholders’ equity, the notes to the non-consolidated financial statements and the related supplementaryschedules of Nomura Real Estate Holdings, Inc. (the “Company”) (hereinafter referred to as the “non-consolidated statements,etc.”) applicable to the 20th business year from April 1, 2023 through March 31, 2024.
In our opinion, the non-consolidated financial statements, etc. referred to above present fairly, in all material respects, thefinancial position and results of operations of Nomura Real Estate Holdings, Inc. applicable to the 20th business year ended
March 31, 2024 in conformity with accounting principles generally accepted in Japan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under thosestandards are further described in the Auditor’s Responsibilities for the Audit of the Non-consolidated Financial Statements, etc.
section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in Japan, and we have fulfilled our ethical responsibilities in accordance with theserequirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Other Information
The other information refers to the business report and its supplementary schedules. Management is responsible for preparing
and disclosing the other information. In addition, the Audit & Supervisory Committee is responsible for overseeing the
Directors’ performance of duties within the maintenance and operation of the reporting process for the other information.
The scope of our audit opinion on the non-consolidated financial statements, etc. does not include the content of the otherinformation, and we do not express an opinion regarding the other information.
Our responsibility in auditing the non-consolidated financial statements, etc. is to read through the other information, and in theprocess of reading it, we examine whether there are material differences between the other information and the non-consolidated
financial statements, etc. or the knowledge we have gained in the auditing process, and we also pay attention as to whether there
are any indications in the other information of material errors besides such material differences.
If we determine there to be material errors in the other information based on the work we have performed, we are required toreport those facts.
There are no matters to report regarding the other information.
Management’s and Audit & Supervisory Committee’s Responsibility for the Non-consolidated Financial Statements, etc.
Management is responsible for the preparation and fair presentation of the non-consolidated financial statements, etc. inaccordance with accounting principles generally accepted in Japan, and for designing and operating such internal control as
management determines is necessary to enable the preparation and fair presentation of the non-consolidated financial statements,
etc. that are free from material misstatement, whether due to fraud or error.
In preparing the non-consolidated financial statements, etc., management is responsible for assessing whether it is appropriate toprepare the non-consolidated financial statements, etc. with the assumption of a going concern, and in accordance withaccounting principles generally accepted in Japan, for disclosing, as necessary, matters related to going concern. Audit &Supervisory Committee is responsible for overseeing the Directors’ performance of duties within the maintenance and operationof the financial reporting process.

– 29 –

Auditor’s Responsibility for the Audit of the Non-consolidated Financial Statements, etc.
Our responsibilities are to obtain reasonable assurance about whether the non-consolidated financial statements, etc. as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that expresses our opinion on
the non-consolidated financial statements, etc. based on our audit from an independent point of view. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected toinfluence the decisions of users of these non-consolidated financial statements, etc.
In accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional
skepticism throughout the audit process to perform the following:・ Identify and assess the risks of material misstatement, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Selecting audit procedures to be applied is at the discretion of the auditor. Obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion.
・ When auditing the non-consolidated financial statements, etc., obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances in making risk assessments, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control.
・ Evaluate the appropriateness of accounting policies used by management and their method of application, as well as thereasonableness of accounting estimates made by management and related notes thereto.
・ Conclude on the appropriateness of preparing the non-consolidated financial statements, etc. with the assumption of a going
concern by management, and based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in our auditor’s report to the notes to the non-consolidated
financial statements, etc. or, if the notes to the non-consolidated financial statements, etc. on material uncertainty are
inadequate, to express a qualified opinion with exceptions on the non-consolidated financial statements, etc. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
・ Evaluate whether the presentation of the non-consolidated financial statements, etc. and notes to the non-consolidated
financial statements are in accordance with accounting standards generally accepted in Japan, as well as evaluate thepresentation, structure, and content of the non-consolidated financial statements, etc., including the related notes thereto, andwhether the non-consolidated financial statements, etc. fairly present the underlying transactions and accounting events.
We report to the Audit & Supervisory Committee regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit process, andother matters required by auditing standards.
We also provide the Audit & Supervisory Committee with a statement that we have complied with relevant ethical requirements
in Japan regarding independence, and to communicate with them all relationships and other matters that may reasonably bedeemed to bear on our independence, and where applicable, related countermeasures in order to eliminate obstruction factors or
related safeguards in order to reduce obstruction factors to an acceptable level.
Conflicts of Interest
We have no interest in the Company which should be disclosed in compliance with the Certified Public Accountants Act.

– 30 –

Audit Report of the Audit & Supervisory Committee(Translation)

Audit Report
The Audit & Supervisory Committee has conducted audit on the execution of duties by Directors for the 20th business year from
April 1, 2023 to March 31, 2024, and hereby reports the methods, details and results of audit as follows:
1. The Methods and Details of the Audit
With regard to the resolution of the Board of Directors concerning the matters stipulated in Article 399-13, Paragraph 1, Item
1, (b) and (c) of the Companies Act, as well as the system (the internal control system) developed based on such resolution,
the Audit & Supervisory Committee received reports regularly and requested explanation as necessary from the Directors,
Executive Officers, employees, etc. on the establishment and operation of such system, expressed its opinion, and conducted
audit by the following methods.
1) In accordance with the Audit & Supervisory Committee audit criteria established by the Audit & Supervisory Committee,
as well as the auditing policies and allocation of duties, we cooperated with the internal control department of the Company;
attended significant meetings; obtained reports on matters related to the execution of duties from Directors, Executive
Officers, employees, etc.; requested explanation as necessary; reviewed documents which record approval of material
matters; and conducted investigations regarding the status of the business operations and assets. With respect tosubsidiaries, the Audit & Supervisory Committee communicated and exchanged information with Directors, Executive
Officers, Audit & Supervisory Board Members, etc. of the subsidiaries, and received business reports from subsidiaries asnecessary.
2) The Audit & Supervisory Committee monitored and verified if the Accounting Auditor kept its independent position andperformed appropriate audit, received reports on the execution of duties from the Accounting Auditor, and requested
explanation as necessary. Also, a notice informing that the “system to ensure appropriate execution of duties” (set forth initems of Article 131 of the Ordinance on Accounting of Companies) has been established in accordance with the Quality
Control Standards for Audit (Business Accounting Council) and others was received from the Accounting Auditor, and werequested explanation as necessary.
Based on the methods as described above, the Audit & Supervisory Committee examined the business report andsupplementary schedules, the non-consolidated financial statements (the non-consolidated balance sheet, non-consolidated
statement of income, non-consolidated statement of changes in shareholders’ equity and the notes to the non-consolidated
financial statements) and supplementary schedules, and the consolidated financial statements (the consolidated balance sheet,consolidated statement of income, consolidated statement of changes in shareholders’ equity and the notes to the consolidated
financial statements) for the business year under review.
2. Results of Audit(1) Audit results of business report and other documents concerned
1) We confirm that the business report and supplementary schedules comply with the laws and regulations and with the
Articles of Incorporation and correctly represent the Company status.
2) We have not detected any misconduct or material fact of violation of the relevant laws and regulations or the Articles ofIncorporation in connection with the execution of duties by Directors.
3) We confirm that the content of the resolution of the Board of Directors concerning the internal control system is fair andreasonable. Furthermore, we have not found anything that should be pointed out with respect to the content of the business
report and the execution of duties by Directors concerning the internal control system.
(2) Audit results of the non-consolidated financial statements and supplementary schedules
We confirm that the auditing methods and results of the Accounting Auditor Ernst & Young ShinNihon LLC are
appropriate.
(3) Audit results of the consolidated financial statements
We confirm that the auditing methods and results of the Accounting Auditor Ernst & Young ShinNihon LLC are
appropriate.
May 16, 2024
Nomura Real Estate Holdings, Inc. Audit & Supervisory Committee
Audit & Supervisory Committee Member (Full-time) Hiroyuki Kimura (Seal)
Audit & Supervisory Committee Member (Full-time) Yasushi Takayama (Seal)
Audit & Supervisory Committee Member
Yoshio Mogi
(Seal)
Audit & Supervisory Committee Member
Akiko Miyakawa (Seal)
Audit & Supervisory Committee Member
Tetsu Takahashi (Seal)(Note) Audit & Supervisory Committee Members Yoshio Mogi, Akiko Miyakawa and Tetsu Takahashi are External Directors
as stipulated in Article 2, Item 15 and Article 331, Paragraph 6 of the Companies Act.

– 31 –