Nomura Asset Management Co., Ltd.
Financial Summary (Unconsolidated)
For The Year Ended March 31, 2024
(Unaudited)Nomura Asset Management Co., Ltd.
Unconsolidated Balance Sheet Information (Unaudited)(Millions of Yen)
March 31, 2023

March 31, 2024

Increase (Decrease)

101,486

92,719(8,767)

Cash and cash equivalents

1,865

7,405

5,539

Money held in trust

42,10844,745

2,637

Short-term investment securities

21,900-(21,900)

Accrued investment trust management fees

26,116

31,788

5,671

Accrued investment advisory fees

3,780

5,989

2,209

Short-term loans receivable

1,001

757

(244)

Income taxes refund receivable

2,083-(2,083)

Other

2,645

2,052

(593)

Allowance for doubtful receivables

(15)

(18)

(3)

23,23523,918683

Tangible fixed assets

1,335

945

(389)

Intangible fixed assets

5,563

5,658

95

Investments and other assets

16,336

17,314977

Investment securities

1,793

1,813

19

Investment in subsidiaries and affiliates

10,025

9,535

(490)

Long-term guarantee money deposited

520

519

(1)

Prepaid pension cost

1,553

1,875

322

Deferred tax assets

2,3402,651

310

Other

102

919

816

Total assets

124,722

116,638(8,084)

AssetsCurrent assets

Non-current assets1

(Millions of Yen)
March 31, 2023

March 31, 2024

Increase (Decrease)32,41452,005

19,591

Short-term borrowings-13,700

13,700Distributions of income payable

0

1

0

Redemptions payable

57

39

(17)

Commissions payable

8,409

10,312

1,902

Accounts payable to affiliated company

8,911

1,052

(7,858)

Accrued expenses

9,682

12,507

2,824

Accrued income taxes

1,024

8,095

7,071

500

1,590

1,090

3,635

4,543

907193

163

(29)

4,659

4,484

(174)

2,940

2,759(181)

595

602

7

1,123

1,123-

Total liabilities

37,07456,49019,416

Shareholder's equity

87,41959,820(27,598)

Common stock

17,18017,180-Capital surplus

13,72913,729-Additional paid-in capital

11,72911,729-Other capital surplus

2,0002,000-

56,50928,910(27,598)

Earned surplus reserve

685

685

-

Other earned surplus

55,82328,225(27,598)

General reserve

24,606-(24,606)

Unappropriated retained earnings

31,21728,225(2,991)

Valuation and translation adjustments

229

327

97

Valuation differences onavailable-for-sale securities

229

327

97

Total net assets

87,64860,147(27,500)

Total liabilities and net assets

124,722

116,638(8,084)

Liabilities
Current liabilities

Accrued consumption taxes
Allowance for bonuses
Other

Non-current liabilities
Allowance for retirement benefits
Reserve for loss on distribution of income
and redemption after statute of limitation
Asset retirement obligations

Earned surplus

2

Nomura Asset Management Co., Ltd.
Unconsolidated Income Statement Information (Unaudited)(Millions of Yen)
Year Ended
March 31, 2023
(A)

Operating revenues

Year Ended
March 31, 2024
(B)

Comparison(B)/(A) (%)

132,021

146,202

110.7

Investment trust management fees

113,491

124,722109.9

Investment advisory fees

18,19821,188

116.4

Other operating revenues

331

291

88.0

Operating expenses

73,58782,468

112.1

Commissions

38,684

43,258111.8

Research

29,05033,107

114.0

Other operating expenses

5,853

6,103

104.3

General and administrative expenses

29,66931,491

106.1

Operating income

28,76332,242112.1

Non-operating revenues

8,377

7,875

94.0

Non-operating expenses

1,755

967

55.1

Ordinary income

35,385

39,149110.6

Extraordinary gains

5728

49.2

Extraordinary losses

69527

762.6

Income before income taxes

35,37438,651

109.3

Income taxes - current

8,890

10,821

121.7

Income taxes - deferred419(354)(84.5)

26,06428,183108.1

Net income3For The Year Ended March 31, 2023
(Millions of Yen)

Shareholder's equity
Capital surplus

Earned surplus
Other earned surplus

Commonstock

Additional
paid-in
capitalOther
capitalsurplus

Totalcapitalsurplus

Earnedsurplus
reserve

17,18011,7292,000

13,729685

Total
shareholder's equity

Generalreserve

Unapprop
riatedretainedearnings

Total
earnedsurplus24,60630,03055,322

86,232

Dividends of surplus(24,877)(24,877)(24,877)

Net income

26,06426,06426,064

Balance at beginning of period
Changes during period

Net changes in items otherthan shareholder’s equity
Total changes during period
Balance at end of period------

1,186

1,186

1,186

17,18011,7292,000

13,729685

24,606

31,21756,50987,419(Millions of Yen)

Valuation and translation adjustments
Valuation differenceson available-for-salesecurities
Balance at beginning of period

174

Total valuation andtranslation
adjustments

Total net assets

174

86,407

Changes during period
Dividends of surplus(24,877)

Net income

26,064

Net changes in items other thanshareholder’s equity

54

54

54

Total changes during period

54

54

1,240

Balance at end of period

229

229

87,6484

For The Year Ended March 31, 2024
(Millions of Yen)

Shareholder's equity
Capital surplus

Earned surplus
Other earned surplus

Commonstock

Additional
paid-incapital

Other
capitalsurplusTotal
capitalsurplus

Earnedsurplusreserve

17,18011,7292,000

13,729685

Total
shareholder's equity

Generalreserve

Unapprop
riatedretainedearnings

Total
earnedsurplus24,606

31,21756,50987,419Dividends of surplus(55,782)(55,782)(55,782)

Net income

28,18328,18328,183(24,606)

24,606--

Balance at beginning of period
Changes during period

Reversal of general reserve
Net changes in items otherthan shareholder’s equity
Total changes during period
Balance at end of period-----(24,606)(2,991)(27,598)(27,598)

17,18011,7292,000

13,729685-

28,22528,91059,820(Millions of Yen)

Valuation and translation adjustments

Balance at beginning of period

Valuation differenceson available-for-salesecurities

Total valuation andtranslation
adjustments

Total net assets

229

229

87,648Changes during period
Dividends of surplus(55,782)

Net income

28,183

Reversal of general reserve-

Net changes in items other thanshareholder’s equity

97

97

97

Total changes during period

97

97(27,500)

Balance at end of period327

32760,1475

Significant Accounting Policies
1.

Basis and Method of Valuation for Securities
The basis and methods of valuation are summarized as follows:
Investments in subsidiaries and affiliates ................... at cost by the moving average method
Available-for-sale securities:
With determinable market value ............................. at market value
Valuation differences are reported net of theapplicable income taxes as a separate
component of net assets and costs of securities
sold are calculated by the moving averagemethod.
Without determinable market value ........................ at cost by the moving average method

2.

Basis and Method of Valuation for Money held in trust
Money held in trust is measured at fair value.

3.

Basis and Method of Valuation for Derivatives
Derivatives are measured at fair value.

4.

Translation of foreign currency assets and liabilities
Assets and Liabilities denominated in foreign currencies are translated into Japanese yen at theexchange rate, prevailing at the balance sheet date and the effect of exchange rate changes arerecorded in gain and loss.

5.

Depreciation/Amortization Method of Fixed Assets(1) Depreciation of tangible fixed assets
Tangible fixed assets are depreciated by the declining-balance method, except for buildings(excluding structures attached to the buildings) acquired on or after April 1, 1998, which are
depreciated by the straight-line method. Furthermore, structures attached to the buildings andfacilities acquired on or after April 1, 2016 are depreciated by the straight-line method.
(2) Amortization of intangible assets
Intangible fixed assets are amortized by the straight-line method. Software for internal use isamortized by the straight-line method over estimated useful lives on the basis of internal use.

6.

Allowances and Accruals(1) Allowance for doubtful receivables
For specific receivables from doubtful debtors, allowance for doubtful receivables is provided
by determining the likelihood of recovery of individual doubtful receivables. For receivables otherthan those indicated above, allowance for doubtful receivables is provided by using the historicalrate of default.
(2) Allowance for bonuses
Allowance for bonuses is provided by estimating bonuses to be paid, based on services provided
during the fiscal year.
(3) Allowance for retirement benefits
Allowance for retirement benefits which consists of lump-sum payment plan and tax-qualified
pension plan is provided for future payments of retirement benefits to employees at an estimatedamount based on the retirement benefit obligation and the fair value of the pension plan assets.
The benefit formula method is used for attributing the estimated future payments to the amountof allowance for retirement benefits in this fiscal year.
Any actuarial differences arising from the tax-qualified pension plan are amortized from thefollowing fiscal year when the differences arise by the straight-line method over a period within theaverage remaining years of service of the eligible employees, while those arising from the lumpsum payment plan are fully expensed in the following fiscal year when the differences arise. Prior
6

service costs arising from the lump-sum payment plan and tax-qualified pension plan are amortizedby the straight-line method over a period within the average remaining years of service of the eligible
employees from the fiscal year when they are incurred.
(4) Reserve for loss on distribution of income and redemption after statute of limitation
Reserve for loss on distribution of income and redemption after statute of limitation is provided
for investment trust distributions of income and investment trust redemptions recognized as revenue
by prescription by estimating the amount of potential payments in the future, which is based on
actual payments made in the past.
7.

Revenue and Expense Recording Basis
The Company’s primary source of revenue is fee income from investment management activities
performing the asset management business. Fee income consists of investment trust management
fees and investment advisory fees. It may include performance based fees.
(1) Investment trust management fees
Investment trust management fees are generated through investment trust agreements and are
generally based on an agreed percentage of the net asset value on a daily basis, assuming that theperformance obligation is satisfied based on time elapsed.
Payments of investment trust management fees are settled mainly quarterly or semi-annually.
(2) Investment advisory fees
Investment advisory fees are generated through investment advisory agreements and are
generally based on agreed fee rates over the contractual period, assuming that the performanceobligation is satisfied based on time elapsed.
Payments of investment trust management fees are settled mainly quarterly or semi-annually.
(3) Performance based fees
Performance based fees are earned from certain arrangements when the actual performanceexceeded certain benchmarks or other contractually agreed performance metrics within specified
performance measurement periods. They are only recognized at point when it is highly probablethat a significant reversal of revenue will not occur in future periods.

7Supplementary Information1.

Net Assets of Investment Trusts(Billions of yen)March 31, 2023

Increase (Decrease)

Unit Type122-(122)

Open Type38,364

52,615

14,251

Stock Investment Trusts - Public

38,48752,615

14,128Bond Investment Trusts

293270(23)Money Reserve Fund

5,781

6,756

975

000

Bond Investment Trusts - Public

6,075

7,027

951

Stock Investment Trusts

2,330

2,394

64

Bond Investment Trusts

1,061

870

(191)

Private Investment Trusts

3,392

3,264

(127)

Total

47,95562,907

14,952Others2.

March 31, 2024

Assets under Investment Management and Advisory Contracts(Billions of yen)March 31, 2023

March 31, 2024

Increase (Decrease)

Domestic - General508

683

175

Domestic - Pension

8,375

10,6402,265

Overseas

3,703

4,741

1,037

12,587

16,065

3,478

Total

8

Quarterly Income Statement Information(Millions of yen)
1st quarter2nd quarter3rd quarter

4th quarter

For the year

From April 1, 2023

From July 1, 2023

From October 1, 2023

From January 1, 2024

From April 1, 2023

To June 30, 2023

To September 30, 2023

To December 31, 2023

To March 31, 2024

To March 31, 2024

34,24835,86235,994

40,097

146,202

Investment trust management fees

29,112

30,77031,21333,615

124,722

Investment advisory fees

5,049

5,012

4,697

6,428

21,188Other operating revenues

76

79

82

52

291

Operating expenses

19,15020,10820,24022,96982,468Commissions

10,086

10,656

10,811

11,703

43,258

Research

7,633

8,036

7,982

9,454

33,107

Other operating expenses

1,430

1,415

1,445

1,811

6,103

General and administrative expenses

8,042

7,432

7,573

8,442

31,491

Operating income (loss)

7,054

8,322

8,180

8,684

32,242Non-operating revenues

3,407

3,753

511

202

7,875

Non-operating expenses

322

393

(287)

539

967

10,14011,682

8,979

8,348

39,149Extraordinary gains

388828Extraordinary losses

09

19

496

527

Income (loss) before income taxes

10,142

11,681

8,967

7,860

38,651

Income taxes - current

1,699

3,081

2,861

3,178

10,821

Income taxes - deferred

1,023

(486)

(209)

(681)

(354)

Net income (loss)

7,419

9,086

6,314

5,363

28,183Operating revenues

Ordinary income9