Integrated Report 2023

ContentsIntroduction
2 History of the Nomura Real Estate Group
4 Overview of the Nomura Real Estate GroupTo beOur Vision
6 CEO Message
12 The Vision of the Nomura Real Estate Group

Our Current Strengths and CoreStrengthsg

14 Value Creation Process
16 Strengths of the Nomura Real Estate Group
21 External Evaluations

Our Challenges and Strategies

Actions

22 COO Message
28 CFO Interview
34 The Mid- to Long-term Business Plan
34 Overview of the Mid- to Long-term Business Plan (FY2023/3–FY2031/3)
36 DX Strategy
38 Human Resources Strategy

40 Sustainability Strategy
40 Sustainability Strategy (Climate Change and Natural Environment)
42 Roadmap to Decarbonization
46 Sustainability Strategy (Society and Employees)

48 Strategies by Business Unit
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Residential Development Business Unit
Commercial Real Estate Business Unit
Overseas Business Unit
Investment Management Business Unit
Property Brokerage & CRE Business Unit
Property & Facility Management Business Unit

60 Special Feature: Solving Social Issues through Urban Redevelopment
and the Effective Use of Public Real Estate

The Foundation of Our Activities
62 External Directors’ Roundtable Discussion
65 Message from the Chairman of the Board of Directors /Greetings on My Appointment as an External Director
66 Corporate Governance
74 Compensation of Directors
76 Risk Management
80 Internal Controls, Compliance / Information Disclosure
82 Directors and Executive Officers

Data, etc.
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Main Asset Brands
Main Development Projects
11-year Financial Data
Business Unit Information
ESG Data
List of Group Companies
External Evaluations
Corporate Information

BaseComposition of the Integrated Report 2023

To achieve the Group Vision, “New Value, Real Value,” the Nomura Real
Estate Group upholds the Nomura Real Estate Group 2030 Vision and theSustainability Policy and takes steps to deliver sustainable growth byintegrating sustainability into its business.
We divided the Integrated Report 2023 into the following sections:Introduction
Our Vision (To be)
Our Current Strengths and Core (Strengths)
Our Challenges and Strategies (Actions)
The Foundation of Our Activities (Base)Data, etc.
This structure outlines the Company’s efforts to enhance corporate value
in an easy-to-understand way.

Editorial policy
This report is published in order to foster understanding and serve as a tool for a deeper dialogue amongshareholders, investors, and other stakeholders of the Nomura Real Estate Group. It explains the Group’sapproaches, strategies, and specific measures toward the creation of mid- to long-term value (social valueand economic value) by taking the external environment into consideration and linking financial and nonfinancial information.
In this report, we endeavor to explain the stability of the Group’s value creation efforts. To this end, we reveal
the Group’s current strengths and core, its strategies for realizing high profit growth and high asset and capitalefficiency as outlined in the Mid- to Long-term Business Plan, progress made on these strategies, and its vision.
The editing and layout of this report follow such guidelines as the International Integrated Reporting
Framework of the IFRS Foundation and the Guidance for Integrated Corporate Disclosure and Company–Investor Dialogues for Collaborative Value Creation 2.0 of the Ministry of Economy, Trade and Industry. In
addition, feedback and requests raised during dialogues with investors have been also incorporated.

■Referenced guidelines• Global Reporting Initiative (GRI), GRI Standards• ISO 26000–Guidance on Social Responsibility• The IFRS Foundation, Integrated Reporting Framework• The Ministry of Economy, Trade and Industry, Guidance for Integrated Corporate Disclosure andCompany–Investor Dialogues for Collaborative Value Creation 2.0■Period covered by the report
From April 1, 2022 to March 31, 2023 (Fiscal year ended March 31, 2023)
Information on activities or outlooks from times prior to and following this period may also be mentioned.

■Scope of the report
Nomura Real Estate Holdings, Inc. and Nomura Real Estate Group companies■Forward-looking statements
This report contains forward-looking statements about the future plans, strategies, and performance ofNomura Real Estate Holdings, Inc. These forward-looking statements are not historical facts.
Rather, they are estimates, forecasts, and projections based on information currently available to theCompany and are subject to a number of risks and uncertainties, which include economic trends, intensification of competition in the real estate industry, legal and taxation systems, and other regulations. As such,actual results may differ from those projected.
Integrated Report 20231