Nomura Hires Ting Lu as Chief China Economist

“China is an important market for Nomura, and Ting’s appointment is further evidence of our
commitment to building up our China expertise,” said Toshiyasu Iiyama, Nomura’s Executive
Chairman, Asia ex-Japan, and Head of China Committee.

Based in Hong Kong, Mr. Lu reports to Rob Subbaraman, Nomura’s Head of Emerging Markets
Economics.

“I’m thrilled that Ting has joined Nomura. He has considerable experience covering China’s
economy, a strong network of policy and academic contacts and is highly regarded for his
analytical abilities by investors in and outside China. With Ting’s arrival, I believe Nomura’s Asia
economics team is the strongest it has ever been since I started managing it over a decade
ago,” said Mr. Subbaraman.

Prior to joining Nomura, Mr. Lu was Global Head of Research, Global Head of Sales and
Trading, and Chief Economist at Huatai Securities for two years. Before that, he spent nine
years at Bank of America Merrill Lynch, where his last assignment was as Head of Greater
China Economics. He won multiple industry accolades there including being co-lead of the team
that ranked No. 1 in the China country category in Institutional Investor’s All-Asia Research
Team rankings in 2014 and 2015.

Mr. Lu has a PhD in Economics from the University of California, Berkeley, and in Finance from
the University of South Carolina. He holds Master’s and Bachelor’s degrees in Economics from
Peking University.