Nomura Securities International Inc

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees and Compensation

For our Advisory Research Services, NSI may receive a cash fee (“advisory fees”). There is no basic fee
schedule for Advisory Research Services. Advisory fees may or may not be established under a written
agreement. Advisory Research Services may constitute eligible research under the safe harbor of section
28(e) of the Securities Exchange Act of 1934 for use in connection with a client’s investment making
decisions. Such clients may compensate NSI for Advisory Research Services through third party soft dollar
arrangements (commission arrangements entered into by a client with other broker-dealers). In some
arrangements, an affiliate of NSI may (1) be the executing broker-dealer, and/or (2) provide commission
management services to the client.

All advisory fees are negotiated on a client-by-client basis and may be renegotiated at any time.

B. Payment of Fees

Advisory fees are not paid in advance and are billed to clients.

C. Additional Fees and Expenses

NSI’s advisory fees are exclusive of any brokerage commissions, transaction fees or other related costs and
expenses which may be incurred by the Advisory Research Client in connection with any securities
transactions independently made by the client. Our Advisory Research Services do not include any securities
trading activity on a discretionary basis or otherwise.

D. Prepayment of Fees

Advisory Research Clients are not required to prepay fees.

E. Additional Compensation and Conflicts of Interest

If any of our trading ideas are executed by the Advisory Research Clients through an affiliate, in its capacity as
a broker-dealer, our affiliate will receive transaction-based compensation for the execution of the trade. This
practice presents a potential conflict of interest in so far as it may give NSI an incentive to recommend
securities to its Advisory Research Clients based on potential future brokerage compensation rather than on
specific client needs.

This conflict of interest, however, is strongly mitigated by our Advisory Research Client’s freedom to place
their brokerage transactions with the broker-dealer of its choice. Each of our clients has full discretion to
determine whether, and to what extent and how, it will use research reports or trading recommendations
obtained from us. In addition, our clients that are investment advisers must comply with their “best
execution” obligations when placing brokerage transactions on behalf of their clients.

                                                                               Nomura Securities International. Inc.
                                                                                   Form ADV Part 2A – June 2026
                                                                       SEC File Number 72991 – CRD Number 4297

ITEM 7: TYPES OF CLIENTS

NSI’s Advisory Research Clients are institutional clients, such as banking or thrift institutions, pension and
profit sharing plans, corporations or other businesses, state government entities, investment companies,
other investment advisers, corporations, or other businesses.

                                                                               Nomura Securities International. Inc.
                                                                                   Form ADV Part 2A – June 2026
                                                                       SEC File Number 72991 – CRD Number 4297