Form 6-K
Table of Contents

FORM 6-K

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

Supplement for the month of July 2007.

 

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

 

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F       X             Form 40-F               

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                      No     X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

 

Table of Contents

Information furnished on this form:

EXHIBIT

Exhibit Number

 

1.

   Consolidated Results of Operations (US GAAP), First quarter, year ending March 2008

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    NOMURA HOLDINGS, INC.
Date: July 27, 2007     By:   /s/ Toshio Hirota
       

Toshio Hirota

Executive Managing Director

Table of Contents
Consolidated Results of Operations
(US GAAP)
First quarter, year ending March 2008
Nomura Holdings, Inc.
July 2007

Table of Contents
2
1.
This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2007 Nomura Holdings, Inc. All rights reserved.
2.
Nothing
in
this
document
shall
be
considered
as
an
offer
to
sell
or
solicitation
of
an
offer
to
buy
any
security,
commodity
or
other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or
purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to
appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market
practices
of
the
jurisdictions
in
which
such
offers
or
sales
may
be
made.
3.
No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.
4.
The information and opinions contained in this document have been obtained from sources believed to be reliable, but no
representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility
or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
5.
This document contains statements that may constitute, and from time to time our management may make "forward-looking
statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such
statements
must
be
read
in
the
context
of
the
offering
materials
pursuant
to
which
any
securities
may
be
offered
or
sold
in
the
United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future
events,
many
of
which,
by
their
nature,
are
inherently
uncertain
and
outside
our
control.
Important
factors
that
could
cause
actual results to differ from those in specific forward-looking statements include, without limitation, economic and market
conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates,
currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
6.
The consolidated financial information in this document is unaudited.

Table of Contents
3
First Quarter Results Key Points (P4)
First Quarter Financial Highlights (P5)
RMBS Business (P6)
First Quarter Business Segment Highlights (P7)
Domestic Retail (P8)
Global Markets (P9)
Global Investment Banking (P10)
Global Merchant Banking (P11)
Asset Management (P12)
Segment “Other”
(P13)
Non-interest Expenses
(Business Segment Total) (P14)
Outline
Net Income and ROE (P16)
Consolidated Income (Quarterly) (P17)
Main Revenue Items (Quarterly) (P18)
Adjustment of Consolidated Results and Segment Results: Income
before Income Taxes (Quarterly) (P19)
Consolidated Balance Sheet (P20)
Effect of Consolidation/Deconsolidation of Certain Private Equity
Investee Companies (Non-interest Expenses) (P21)
Domestic Retail Related Data (P22)
Global Merchant Banking Related Data (P26)
Asset Management Related Data (P27)
First Quarter Achievements (P30)
League Tables (P31)
Market Share Data (P32)
Value at Risk (P33)
Number of Employees (P34)
Consolidated Income (Annually)(P36)
Main Revenue Items (Annually)(P37)
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (Annually)(P38)
Presentation
Appendix
Full Year

Table of Contents
4
First
quarter
ROE
(annualized)
of
13.7%
Commissions-for-distribution-of-investment-trusts*
of
39.6 billion
yen,
a
record
high
since
quarterly
reporting
under US GAAP started
Global Merchant Banking exited investments in Europe
and Japan
*Nomura Securities
First Quarter Results Key Points

Table of Contents
5
First Quarter Financial Highlights
Net Revenue
Net Income/ROE (Annualized)
Income before Income Taxes
Appendix
•
Consolidated Income (Quarterly):  P17
•
Adjustment of Consolidated Results and
Segment Results: Income before Income
Taxes  (Quarterly): P19
*Annualized
(billions of yen)
Net
revenue
for
the
first
quarter
was
380.7
billion
yen
(+22.3%
QoQ,
+84.9%
YoY).
Income
before
income
taxes
was
142.8 billion
yen
(+71.8%
QoQ,
+4.3 times
YoY).
Net
income
was
76.7
billion
yen
(+2.3 times
QoQ,
+3.8 times
YoY).
ROE*
for
the
first quarter was 13.7%.
Net Income (lhs)
ROE (annualized, rhs)
(billions of yen)
(billions of yen)
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2007.3
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2007.3
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2007.3
Income before income taxes
Business Segment results
Effects of consolidation / deconsolidation of certain private
equity investee companies
Unrealized gain (loss) on investments in equity securities held
for operating purposes
20.1
43.5
79.1
33.1
76.7
13.7%
6.0%
14.6%
3.9%
8.3%
0
20
40
60
80
100
120
0%
5%
10%
15%
20%
25%
-20.6
-13.1
0.3
97.7
81.2
147.9
143.9
54.4
-4.8
-2.6
-0.4
-19.8
1.6
1.3
83.2
73.1
33.4
142.8
132.1
0
50
100
150
200
209.8
255.7
308.7
283.6
352.7
16.8
0.1
27.4
27.4
30.7
0.3
-13.1
-4.8
-20.6
-2.6
322.9
311.3
380.7
251.0
205.9
0
100
200
300
400
-2.4

Table of Contents
6
657.8
266.0
0
100
200
300
400
500
600
700
RMBS Business
Total Position
Subprime
Mar. 31
657.8
210.2
Jun. 30
266.0
71.1
(billions of yen)
(billions of yen)
RMBS Business
2007.3 4Q
:
41.4
2008.3 1Q
:
31.2
(billions of yen)
Securitized over
300 billion yen
in first quarter
Securitized over 
40 billion yen
in July
Losses in RMBS Business
Breakdown
Position
Mar. 31, 07
Jun. 30, 07

Table of Contents
7
First Quarter Business Segment Highlights
Net Revenue
Appendix
•
Domestic Retail :P8
•
Global Markets :P9
•
Global Investment Banking :P10
•
Global Merchant Banking :P11
•
Asset Management :P12
•
Segment “Other”
:P13
•
Adjustment of Consolidated
Results and Segment Results:
Income before Income Taxes
(Quarterly):P19
Income before Income Taxes
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
Net revenue from all business segments for the first quarter of 352.7 billion yen (+24.4% QoQ, +68.1% YoY), and income
before income taxes of 147.9 billion yen (+82.0% QoQ, +2.7 times YoY).
(billions of yen)
(billions of yen)
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2007.3
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2007.3
105.6
94.5
115.9
124.1
121.8
68.9
48.5
78.1
94.6
108.9
24.1
26.6
36.7
9.2
24.1
26.4
29.7
18.8
-0.9
43.4
12.1
44.5
24.5
23.9
17.6
14.6
-13.3
56.8
15.2
15.4
308.7
283.6
209.8
255.7
352.7
0
100
200
300
400
42.5
28.2
46.9
43.3
50.6
24.1
23.9
26.0
10.9
11.6
20.7
6.7
8.0
12.2
43.1
14.3
-3.6
5.6
16.3
41.5
9.8
40.1
-5.2
12.2
11.1
5.2
-1.8
4.3
-23.0
-0.5
147.9
54.4
97.7
81.2
143.9
0
50
100
150
200

Table of Contents
8
Domestic Retail
Net Revenue and Income before Income Taxes
Appendix:
•
Retail stock brokerage  
commissions, commissions for
distribution of investment trusts,
domestic distribution volume of
investment trusts, retail foreign
currency bond sales,
etc: P22
•
Domestic Client Assets: P23
•
Domestic Client Assets Net
Asset Inflow: P24
•
Number of Accounts: P25
•
First Quarter 
Achievements:P30
* From end of prior quarter
**Nomura Securities (P22)
Net
revenue
of
121.8
billion
yen
(-1.8%
QoQ,
+15.4%
YoY),
income
before
income
taxes
of
50.6
billion
yen
(+16.8% QoQ,
+18.8%
YoY).
Domestic
Client
Assets
increased
by
3.1
trillion
yen*
to
88.3
trillion
yen.
Number
of
accounts
with
an
outstanding
balance
increased
by
49 thousand*
to
over 4 million
accounts.
Commissions
for
distribution
of
investment
trusts**
grew
1.4%
QoQ
to
39.6
billion
yen
on
continued
strong
sales
of
investment
trusts.
Stock
brokerage
commissions
declined
23.3%
QoQ
to
22.2
billion
yen.
(billions of yen)
(billions of yen)
Number of accounts and Domestic Client Assets expanding firmly
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Commissions
104.1
155.2
174.0
269.4
251.4
63.0
50.8
63.6
73.9
68.4
-7.5%
8.6%
Sales credit
95.7
97.8
73.7
109.0
96.8
23.8
20.1
26.7
26.2
33.2
26.9%
39.3%
Fees from investment banking
15.0
26.1
24.5
26.4
24.0
3.5
6.5
8.9
5.1
3.4
-33.5%
-1.2%
Investment trust administration fees and other
32.0
21.8
26.1
34.4
47.5
10.6
11.3
12.1
13.4
14.7
9.6%
38.0%
Net interest revenue
2.4
4.9
6.1
7.4
20.4
4.7
5.7
4.5
5.5
2.2
-60.5%
-54.1%
Net revenue
249.3
305.8
304.4
446.5
440.1
105.6
94.5
115.9
124.1
121.8
-1.8%
15.4%
Non-interest expenses
213.6
226.2
223.2
249.3
279.3
63.1
66.3
69.0
80.8
71.3
-11.8%
13.0%
Income before income taxes
35.7
79.5
81.2
197.2
160.9
42.5
28.2
46.9
43.3
50.6
16.8%
18.8%
FY2005.3
FY2006.3
FY2003.3
FY2004.3
FY2007.3
YoY
QoQ
FY2007.3
46.9
43.3
50.6
28.2
42.5
121.8
105.6
94.5
115.9
124.1
0
50
100
150
249.3
305.8
304.4
35.7
79.5
81.2
197.2
160.9
0
100
200
300
400
500
Net interest revenue
Investment trust
administration fees and
other
Fees from investment
banking
Sales credit
Commissions
Income before income
taxes
446.5
440.1

Table of Contents
9
Global Markets
Appendix
•
First Quarter
Achievements: P30
•
Market Share Data: P32
•
Value at Risk : P33
Net Revenue and Income before Income Taxes
Notes 1: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
2: Figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition.
Net
revenue
of
108.9
billion
yen
(+15.1%
QoQ,
+58.1%
YoY),
income
before
income
taxes
of
26.0
billion
yen
(+8.8% QoQ,
+81.8%
YoY).
Fixed
Income
net
revenue
increased
94.8%
QoQ
to
42.4
billion
yen
as
order
flow
for
interest
rate
and
currency-linked
structured
bonds
reached
a
record
high,
more than offsetting the impact of the deterioration in the US RMBS market.
Equity
net
revenue
declined
7.0%
QoQ
to
61.9
billion
yen
due
mainly
to
a
drop
MPO
trading
revenue.
(billions of yen)
(billions of yen)
Order flow for interest rate and currency-linked structured bonds at record high
Full Year
Quarter
58.8
93.6
120.8
60.2
157.7
290.0
236.0
284.1
243.1
371.1
0
50
100
150
200
250
300
350
400
Other
Equity
Fixed Income
Income before
income taxes
14.3
-3.6
24.1
23.9
26.0
68.9
48.5
78.1
94.6
108.9
0
20
40
60
80
100
120
140
160
FY2008.3
1Q
2Q
3Q
4Q
1Q
Fixed Income
154.0
174.0
119.8
173.8
123.1
30.8
18.7
51.8
21.8
42.4
94.8%
37.9%
Equity
82.0
110.2
90.2
168.5
147.9
34.0
24.0
23.3
66.6
61.9
-7.0%
82.1%
Other
0.0
0.0
33.1
28.8
19.1
4.1
5.7
3.0
6.2
4.6
-26.7%
10.5%
Net revenue
236.0
284.1
243.1
371.1
290.0
68.9
48.5
78.1
94.6
108.9
15.1%
58.1%
Non-interest expenses
142.4
163.3
182.9
213.4
231.2
54.6
52.1
53.9
70.6
82.9
17.3%
51.8%
Income before income taxes
93.6
120.8
60.2
157.7
58.8
14.3
-3.6
24.1
23.9
26.0
8.8%
81.8%
YoY
QoQ
FY2005.3
FY2006.3
FY2007.3
FY2007.3
FY2003.3
FY2004.3

Table of Contents
10
Global Investment Banking
Appendix
•
First Quarter    
Achievements: P30
•
League Tables: P31
•
Market Share Data:
P32
Net Revenue and Income before Income Taxes
Note: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
*
First
half
of
CY2007
(Japan
related),
Thomson
Financial
Net
revenue
of
36.7
billion
yen
(+38.1%
QoQ,
+95.3%
YoY),
income
before
income
taxes
of
20.7
billion
yen       
(+78.2%
QoQ,
+3.7 times
YoY).
In
equity
financing,
we
acted
as
lead
manager
for
such
large
deals
as
a
public
offering
by
Daikin
Industries
and
a
secondary
offering
by
Japan
Petroleum
Exploration.
In
M&A,
we
acted
as
financial
advisor
on
All
Nippon
Airways’
sale
of
its
hotel
business
and
the
business
restructuring
of
Jupiter
TV
by
Sumitomo
Corporation.
Internationally,
we
acted
as
global
coordinator
on
the
IPO
of
PIK
Group,
a
major
Russian
residential
property
developer,
and
we
advised
Vedanta
Resources
of
the
UK on
its
acquisition
of
an Indian
iron ore company
from
Mitsui
&
Co.
(billions of yen)
(billions of yen)
Topped M&A advisory and Equity and Equity-related league tables*
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Net revenue
69.1
70.9
75.4
99.7
99.2
18.8
29.7
24.1
26.6
36.7
38.1%
95.3%
Non-interest expenses
56.4
53.7
46.2
48.1
54.8
13.2
13.4
13.2
15.0
16.0
6.9%
20.9%
Income before income taxes
12.8
17.2
29.2
51.5
44.4
5.6
16.3
10.9
11.6
20.7
78.2%
272.2%
YoY
QoQ
FY2005.3
FY2006.3
FY2007.3
FY2007.3
FY2003.3
FY2004.3
99.2
99.7
75.4
70.9
69.1
44.4
51.5
29.2
17.2
12.8
0
20
40
60
80
100
120
Net revenue
Income before
income taxes
36.7
26.6
24.1
29.7
18.8
20.7
11.6
10.9
16.3
5.6
0
10
20
30
40

Table of Contents
11
Global Merchant Banking
Appendix
•
Effect of consolidation /
deconsolidation of certain
PE investee companies
(Non-interest Expenses) :
P21
•
Business exposure: P26
Net
revenue
of
43.4
billion
yen,
income
before
income
taxes
of
40.1
billion
yen
Sale
of
Deutsche
Annington,
an
investee
company
of
Terra
Firma
in
Europe,
and
Wanbishi
Archives,
a
Nomura
Principal
Finance
investee
company.
(billions of yen)
(billions of yen)
Net Revenue and Income before Income Taxes
Exited investments in Europe and Japan
FY2008.3
1Q
2Q
3Q
4Q
1Q
Net revenue
-6.6
10.7
7.3
68.2
65.0
12.1
44.5
9.2
-0.9
43.4
-
258.1%
Non-interest expenses
8.6
10.2
10.4
12.8
12.2
2.3
3.1
2.6
4.2
3.3
-21.5%
42.1%
Income before income taxes
-15.3
0.5
-3.0
55.4
52.8
9.8
41.5
6.7
-5.2
40.1
-
309.3%
FY2005.3
FY2006.3
FY2007.3
FY2007.3
FY2003.3
FY2004.3
QoQ
YoY
65.0
-6.6
10.7
7.3
68.2
52.8
0.5
-15.3
-3.0
55.4
0
20
40
60
80
Net revenue
Income before
income taxes
12.1
44.5
9.2
-0.9
43.4
40.1
6.7
41.5
9.8
-5.2
0
15
30
45
60
Full Year
Quarter

Table of Contents
12
Asset Management
Appendix
•
Assets Under
Management: P27,28
•
Asset Management
Related Data: P29
Net Revenue and Income before Income Taxes
Note: In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform
to the current presentation.
*From the end of previous quarter
Net revenue
of
26.4
billion
yen
(+9.7%
QoQ,
+49.7%
YoY),
income
before
income
taxes
of
12.2
billion
yen
(+52.4%
QoQ,
+2.3
times
YoY).
Total
assets
under
management
increased
by
3.6
trillion
yen*
to
30.6
trillion
yen.
Net assets
in
funds
for
bank
customers
up
260
billion
yen*
to
2.2
trillion
yen,
while
net
assets
in
funds
distributed
through
Japan
Post
rose
112
billion
yen* to
537.1 billion yen.
Launched
Nomura
Asset
Design
Fund,
a
target
year
fund
for
distribution
through
Japan
Post,
and
Nomura
Global
Contrarian
Fund
and
Nomura
RAFI
®
Japan
Equity Fund for distribution through Nomura Securities.
(billions of yen)
(billions of yen)
Record level of assets under management
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Net revenue
40.4
40.3
49.0
65.8
90.1
17.6
23.9
24.5
24.1
26.4
9.7%
49.7%
Non-interest expenses
36.3
39.8
39.0
45.2
53.6
12.4
12.8
12.4
16.1
14.2
-11.6%
14.5%
Income before income taxes
4.0
0.5
10.0
20.6
36.5
5.2
11.1
12.2
8.0
12.2
52.4%
133.6%
FY2007.3
FY2005.3
FY2006.3
FY2003.3
FY2004.3
YoY
QoQ
FY2007.3
90.1
65.8
49.0
40.3
40.4
36.5
20.6
4.0
0.5
10.0
0
20
40
60
80
100
Net revenue
Income before
income taxes
17.6
23.9
24.5
24.1
26.4
5.2
11.1
12.2
8.0
12.2
0
5
10
15
20
25
30

Table of Contents
13
Segment “Other”
“Other”
income
before
income
taxes
of
minus
1.8
billion yen
Results for Fortress
Investment
Group,
the
US
alternative
asset
manager
in
which
we
announced
an
investment
in
December
2006
and
was
listed
on
the
New York
Stock Exchange in February 2007, have been included from the first quarter under the equity method according to US GAAP.
(billions of yen)
(billions of yen)
Income before Income Taxes
*Businesses not included in the five business divisions (Joinvest Securities, Nomura Trust & Banking, etc.) are included in Others.  FY2003.3 includes 21.2 billion yen of impairment
loss on investment of affiliates.
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Net gain/loss on trading related to
economic hedging transactions
-6.2
-12.8
-9.7
-64.8
-38.4
-11.4
-14.0
-11.9
-1.1
-14.4
-
-
Realized
Loss/gain
on
investment
in
equity
1.7
1.2
6.9
8.4
18.1
0.1
4.8
13.0
0.3
2.1
657.9%
1,405.0%
Equity
in
losses/earnings
of
affiliates
-3.8
8.5
7.3
27.8
53.2
3.3
6.1
39.0
4.7
5.1
7.7%
54.3%
Corporate items
-9.4
-10.7
4.5
-7.4
-11.1
-7.2
3.7
-5.9
-1.8
-9.7
-
-
Others*
-23.9
20.7
1.0
5.4
2.1
-7.9
3.7
8.9
-2.6
15.1
-
-
Income before income taxes
-41.6
7.0
10.1
-30.5
23.9
-23.0
4.3
43.1
-0.5
-1.8
-
-
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2007.3
QoQ
YoY
FY2007.3
-1.8
-0.5
43.1
-23.0
4.3
-60
-40
-20
0
20
40
60
23.9
-30.5
-41.6
7.0
10.1
-60
-40
-20
0
20
40
60
Approximately 34 billion yen
related to IPO of Nomura
Real Estate Holdings
Full Year
securities
held
for
operating
purposes

Table of Contents
14
Non-interest Expenses (Business Segment Total)
Note:
All
non-interest
expense
figures
shown
on
this
slide
exclude
the
effects
of
consolidation/deconsolidation-of-certain-private-equity-investee-companies.
See
P21
for
more
details.
Compensation and Benefits
Appendix
•
Effect of Consolidation /
Deconsolidation of Certain PE
Investee Companies (Non-
interest Expenses): P21
•
Number of Employees: P34
Non-interest expenses
(business
segment
total)
of
204.9
billion
yen
(+1.2%
QoQ,
+31.9% YoY)
As
the
investment
in
Instinet
was
conducted
on
February
1,
2007,
the
prior
quarter
includes
only
two
months
of
expenses
related
to
Instinet.
As
such,
commissions
and
floor
brokerage
for
the
first
quarter
increased
25.4%
QoQ
to
22.7
billion
yen.
(billions of yen)
(billions of yen)
FY2008.3
1Q
2Q
3Q
4Q
1Q
Compensation and benefits
264.7
311.3
331.0
79.5
75.2
82.8
93.5
100.7
7.6%
26.7%
Commissions and floor brokerage
22.1
31.4
49.8
9.8
10.1
11.8
18.1
22.7
25.4%
131.0%
Information processing and communications
80.9
89.1
109.5
23.0
27.3
27.2
32.0
29.2
-8.7%
26.9%
Occupancy and related depreciation
50.8
50.8
57.4
13.4
12.9
13.5
17.6
15.9
-9.4%
18.7%
Business development expenses
26.2
30.6
35.3
7.2
9.2
8.4
10.4
8.8
-15.5%
21.9%
Other
76.6
94.7
97.5
22.4
23.3
21.1
30.8
27.6
-10.2%
23.2%
Total
521.4
607.8
680.5
155.3
158.0
164.8
202.3
204.9
1.2%
31.9%
YoY
QoQ
FY2005.3
FY2006.3
FY2007.3
FY2007.3
521.4
680.5
607.8
0
200
400
600
800
Other
Business development
expenses
Occupancy and related
depreciation
Information processing
and communications
Commissions and floor
brokerage
Compensation and
benefits
202.3
164.8
158.0
155.3
204.9
0
50
100
150
200
250
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
FY2005.3
FY2006.3
FY2007.3
FY2007.3
113.6
150.5
157.6
160.7
151.1
173.4
311.3
331.0
264.7
0
50
100
150
200
250
300
350
(billions of yen)
37.7
33.4
40.9
45.6
52.8
41.7
41.9
41.9
47.9
47.9
93.5
82.8
75.2
79.5
100.7
Fixed-type compensation and
benefits
Variable-type compensation and
benefits

Table of Contents
Appendix

Table of Contents
16
Net Income and ROE
(billions of yen)
Full Year
FY2008.3
1Q
Net income (lhs)
119.9
172.3
94.7
304.3
175.8
76.7
ROE (rhs)
7.4%
10.1%
5.2%
15.5%
8.3%
13.7%
*
Net income per basic share (yen)
61.3
88.8
48.8
159.0
92.2
40.2
Shareholders' equity per share (yen)
846.4
919.7
962.5
1,083.2
1,146.2
1,197.0
* Annualized
FY2007.3
FY2006.3
FY2005.3
FY2003.3
FY2004.3
76.7
0%
5%
10%
15%
20%
119.9
172.3
94.7
304.3
175.8
15.5%
10.1%
8.3%
5.2%
7.4%
0
100
200
300
400
Net income (lhs)
ROE (rhs)
13.7%
Quarter

Table of Contents
17
Consolidated Income (Quarterly)
(billions of yen)
FY2008.3
1Q
2Q
3Q
4Q
1Q
Commissions
79.6
66.1
84.2
107.6
113.0
5.0%
41.9%
Fees from investment banking
14.4
26.9
32.3
25.7
29.9
16.3%
108.3%
Asset management and portfolio service fees
29.7
35.5
36.7
44.0
47.3
7.4%
59.1%
Net gain on trading
55.8
47.5
89.2
97.5
99.7
2.2%
78.7%
Gain (loss) on private equity investments
9.8
27.5
10.2
0.1
45.8
64,433.8%
368.3%
Interest and dividends
207.9
232.3
262.9
278.2
294.7
5.9%
41.8%
Gain (loss) on investments in equity securities
-20.5
-0.0
-0.2
0.6
-0.5
-
-
Private equity entities product sales
21.0
21.7
28.8
28.6
36.5
27.4%
73.8%
Other
4.2
11.7
45.4
6.1
16.4
167.0%
292.5%
401.7
469.2
589.5
588.6
682.7
16.0%
69.9%
195.8
218.2
266.6
277.3
302.0
8.9%
54.2%
205.9
251.0
322.9
311.3
380.7
22.3%
84.9%
172.5
177.9
190.8
228.1
237.9
4.3%
37.9%
33.4
73.1
132.1
83.2
142.8
71.8%
327.6%
20.1
43.5
79.1
33.1
76.7
131.9%
281.1%
QoQ
YoY
Revenue
Total revenue
Interest expense
FY2007.3
Net revenue
Non-interest expenses
Income  before income taxes
Net income

Table of Contents
18
Main Revenue Items (Quarterly)
(billions of yen)
*Includes net interest revenue
Commissions
Fees from
Investment
Banking
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*
FY2008.3
1Q
2Q
3Q
4Q
1Q
Stock brokerage commissions (Domestic Retail)
28.0
18.8
22.6
28.9
22.2
-23.3%
-20.8%
Stock brokerage commissions (Other)
13.8
11.8
17.4
30.2
40.3
33.5%
191.3%
Other brokerage commissions
2.7
1.9
1.9
0.2
1.7
820.9%
-36.9%
Commissions for distribution of investment trusts
25.8
23.1
33.0
38.5
39.2
1.7%
51.5%
Other
9.2
10.3
9.3
9.8
9.6
-2.3%
4.8%
Total
79.6
66.1
84.2
107.6
113.0
5.0%
41.9%
Equity underwriting and distribution
6.3
16.2
19.4
14.7
7.8
-47.1%
24.3%
Bond underwriting and distribution
2.9
4.2
6.7
1.5
2.6
73.4%
-8.8%
M&A/Financial advisory fees
5.2
6.4
6.1
9.1
18.2
100.3%
251.2%
Other
0.0
0.2
0.1
0.4
1.3
247.3%
5,827.0%
Total
14.4
26.9
32.3
25.7
29.9
16.3%
108.3%
Asset management fees
21.7
23.9
28.4
32.2
38.7
20.2%
78.7%
Administration fees
4.5
7.8
4.4
7.2
4.2
-42.5%
-7.5%
3.6
3.7
3.9
4.6
4.4
-3.5%
24.1%
Total
29.7
35.5
36.7
44.0
47.3
7.4%
59.1%
Bonds and other
26.7
34.4
60.0
33.7
47.8
41.7%
79.2%
Equity
31.7
12.7
28.9
64.3
51.7
-19.6%
63.0%
Merchant banking
-2.6
0.4
0.2
-0.5
0.2
-
-
Net interest revenue
12.1
14.1
-3.7
0.9
-7.3
-
-
Total
67.8
61.6
85.5
98.4
92.4
-6.1%
36.2%
YoY
QoQ
FY2007.3
Custodial fees

Table of Contents
19
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (Quarterly)
(billions of yen)
FY2008.3
1Q
2Q
3Q
4Q
1Q
42.5
28.2
46.9
43.3
50.6
16.8%
18.8%
14.3
-3.6
24.1
23.9
26.0
8.8%
81.8%
5.6
16.3
10.9
11.6
20.7
78.2%
272.2%
9.8
41.5
6.7
-5.2
40.1
-
309.3%
5.2
11.1
12.2
8.0
12.2
52.4%
133.6%
77.5
93.4
100.8
81.7
149.6
83.1%
93.2%
-23.0
4.3
43.1
-0.5
-1.8
-
-
54.4
97.7
143.9
81.2
147.9
82.0%
171.6%
-20.6
-4.8
-13.1
0.3
-2.6
-
-
-0.4
-19.8
1.3
1.6
-2.4
-
-
33.4
73.1
132.1
83.2
142.8
71.8%
327.6%
5 Business Segment Total
Other
Segment Total
Total
QoQ
YoY
FY2007.3
Asset Management
Domestic Retail
Global Markets
Global Investment Banking
Global Merchant Banking
Unrealized gain (loss) on investments in equity
securities held for operating purposes
Effects of consolidation/deconsolidation of
certain
private
equity
investee
companies

Table of Contents
20
Consolidated Balance Sheet
(billions of yen)
Mar. 31, 2007
Jun. 30, 2007
Mar. 31, 2007
Jun. 30, 2007
Cash and cash deposits
1,054
1,081
Short-term borrowings
1,094
1,371
Payables and deposits
1,346
1,383
Loans and receivables
1,618
2,069
Collateralized financing
20,599
18,798
Trading liabilities
4,800
6,985
Collateralized agreements
17,838
18,948
Other liabilities
846
1,190
Long-term borrowings
5,003
5,356
13,178
12,679
Total liabilities
33,687
35,084
Other assets
2,185
2,591
Shareholders' equity
Total shareholders' equity
2,186
2,284
Total assets
35,873
37,368
Total liabilities and shareholders' equity
35,873
37,368
Assets
Liabilities
Trading assets and private equity
investments

Table of Contents
21
Effect of Consolidation/Deconsolidation of Certain Private     
Equity Investee Companies (Non-interest Expenses)
(billions of yen)
Note: In accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that
were
treated
as
discontinued during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations.
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Compensation and benefits
275.0
325.4
345.9
82.8
79.1
86.7
97.4
105.6
Fixed-type compensation and benefits
159.6
170.4
182.8
43.8
44.3
44.3
50.4
50.8
Segment total
151.1
160.7
173.4
41.7
41.9
41.9
47.9
47.9
Private
equity
investee
companies
8.5
9.7
9.4
2.1
2.4
2.4
2.5
2.9
Variable-type compensation and benefits
115.4
155.0
163.1
39.0
34.8
42.4
47.0
54.8
Segment total
113.6
150.5
157.6
37.7
33.4
40.9
45.6
52.8
Private
equity
investee
companies
1.8
4.5
5.5
1.2
1.4
1.5
1.4
2.0
Commissions and floor brokerage
23.9
32.9
50.8
10.3
10.3
12.0
18.2
23.0
Segment total
22.1
31.4
49.8
9.8
10.1
11.8
18.1
22.7
Private
equity
investee
companies
1.8
1.5
1.0
0.4
0.2
0.2
0.1
0.3
Information processing and communications
81.4
89.6
110.0
23.2
27.4
27.3
32.1
29.3
Segment total
80.9
89.1
109.5
23.0
27.3
27.2
32.0
29.2
Private
equity
investee
companies
0.5
0.5
0.5
0.2
0.1
0.1
0.1
0.1
Occupancy and related depreciation
53.5
55.0
61.3
14.4
13.7
14.6
18.5
17.4
Segment total
50.8
50.8
57.4
13.4
12.9
13.5
17.6
15.9
Private
equity
investee
companies
2.7
4.3
3.9
1.0
0.9
1.1
0.9
1.5
Business development expenses
28.2
32.8
38.1
7.8
9.8
9.2
11.2
9.6
Segment total
26.2
30.6
35.3
7.2
9.2
8.4
10.4
8.8
Private
equity
investee
companies
2.0
2.2
2.8
0.6
0.6
0.8
0.8
0.8
Other
87.6
115.4
106.0
22.7
25.7
23.6
34.1
30.1
Segment total
76.6
94.7
97.5
22.4
23.3
21.1
30.8
27.6
Private
equity
investee
companies
11.0
20.8
8.5
0.3
2.4
2.5
3.4
2.4
Private equity entities cost of goods sold
44.7
48.8
57.2
11.4
11.8
17.4
16.6
22.9
Total non-interest expenses
594.4
700.1
769.3
172.5
177.9
190.8
228.1
237.9
Segment total
521.4
607.8
680.5
155.3
158.0
164.8
202.3
204.9
Private
equity
investee
companies
73.0
92.2
88.9
17.2
19.9
26.0
25.8
33.0
FY2007.3
FY2005.3
FY2006.3
FY2007.3

Table of Contents
22
* Nomura Securities
Domestic Retail Related Data (1)
Full Year
Quarter
FY2008.3
1Q
2Q
3Q
4Q
1Q
Stock brokerage commissions (billions of yen)
48.2
92.1
103.0
153.6
98.3
28.0
18.8
22.6
28.9
22.2
34.9
46.9
49.9
95.9
124.7
28.0
23.9
33.7
39.1
Bond investment trusts commission
16.9
11.1
6.4
3.5
2.3
0.6
0.7
0.5
0.4
Stock investment trusts commission
11.6
21.5
31.6
74.2
114.5
23.2
22.1
32.3
36.9
Foreign investment trusts commission
6.4
14.2
11.9
18.2
7.9
4.2
1.1
0.9
1.7
11.9
13.7
14.2
20.5
21.4
5.0
4.7
5.6
6.2
Bond investment trusts
8.6
10.1
10.4
14.3
14.4
3.3
3.0
3.9
4.3
Stock investment trusts
1.3
1.6
2.3
4.5
6.0
1.3
1.4
1.6
1.6
Foreign investment trusts
2.1
2.1
1.4
1.7
1.0
0.3
0.2
0.2
0.3
Other (billions of yen)
Outstanding value of annuity insurance policies (end of the period)
166.6
261.6
446.4
683.3
990.4
791.0
861.1
927.3
990.4
1,063.4
Sales of JGBs
for individual investors (transaction base)
101.3
1,271.6
1,290.6
747.8
615.2
189.0
187.3
130.4
108.5
159.7
Retail foreign currency bond sales
2,284.7
1,990.0
1,154.4
1,119.2
677.1
166.4
195.9
184.5
130.2
129.9
FY2004.3
FY2007.3
FY2005.3
FY2003.3
FY2006.3
FY2007.3
39.6
0.3
37.3
1.9
6.3
4.3
1.7
0.3
Commissions for distribution of investment trusts* (billions of yen)
Domestic
distribution
volume
of
investment
trusts*
(trillions
of
yen)

Table of Contents
23
Domestic Retail Related Data (2)
*   Domestic Client Assets = Total of client assets in custody in Domestic Retail (including regional financial institutions) and
Financial Management Division  
** Includes CBs and warrants
***Includes variable annuity insurance
Domestic Client Assets*
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
Equities
17.1
28.9
33.5
49.3
48.5
49.8
Foreign currency bonds
3.7
4.0
4.0
3.6
3.3
3.1
Domestic bonds**
8.5
10.0
11.8
13.1
16.4
16.9
Stock investment trusts
2.2
3.0
3.3
5.3
7.4
8.5
Bond investment trusts
6.5
5.5
4.9
4.5
4.7
5.0
Overseas mutual funds
1.1
1.6
1.9
2.3
2.0
2.0
Other***
1.6
1.7
1.9
2.3
2.9
3.0
Total
40.6
54.8
61.2
80.5
85.2
88.3
40.6
54.8
61.2
80.5
85.2
88.3
0
20
40
60
80
100
Other***
Overseas mutual
funds
Bond investment
trusts
Stock investment
trusts
Domestic bonds**
Foreign currency
bonds
Equities
(trillions of yen)

Table of Contents
24
Domestic Retail Related Data (3)
*Domestic-Client-Assets-excluding-portion-from-regional-financial-institutions
Note:-Net-Asset-Inflow-=-Asset-Inflow-–-Asset-Outflow
(billions of yen)
1,582
Domestic Client Assets Net Asset Inflow *
Full Year
Quarter
FY2008.3
1Q
FY2004.3
FY2005.3
FY2006.3
FY2007.3
FY2003.3
5,975
4,581
6,749
3,391
1,788
0
2,000
4,000
6,000
8,000

Table of Contents
25
Domestic Retail Related Data (4)
* Total of Domestic Retail and Financial Management Division
**IT-share-is-total-of-cash-stock-transaction-and-kabushiki-mini-toshi-(odd-lot-stock-investment)
Number of Accounts*
/
IT Share**
Full Year
Quarter
(thousands of accounts)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
Accounts with balance
3,418
3,460
3,678
3,780
3,953
4,002
Equity holding accounts
1,311
1,379
1,680
1,745
1,853
1,877
Nomura Home Trade (online trading accounts)
1,141
1,367
1,716
1,969
2,243
2,340
FY2008.3
1Q
(thousands of accounts)
237
297
425
343
417
135
IT share**
No. of orders
41%
49%
52%
55%
55%
57%
Transaction value
14%
22%
24%
27%
27%
27%
New accounts (individual)   
FY2006.3
FY2003.3
FY2004.3
FY2005.3
FY2007.3

Table of Contents
26
Global Merchant Banking Related Data   
Notes:
1.
Amount
of
exposure
in
Japan
is
total
of
Nomura
Principal
Finance
(NPF),
Nomura
Financial
Partners
(NFP),
Nomura Research & Advisory (NR&A) and others
2.
Amount
of
exposure
in
Europe
(excluding
Terra
Firma)
is
total
of
Private
Equity
Group
(PEG)
and
Nomura
Phase4
Ventures (NPV)
(billions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
Japan
20.1
68.9
108.4
59.9
195.5
183.9
Europe (excluding Terra Firma)
15.9
15.6
23.7
38.8
35.7
35.7
Sub Total
35.9
84.5
132.1
98.7
231.2
219.6
Terra Firma
265.7
291.2
325.5
340.4
312.2
327.1
Total
301.6
375.7
457.6
439.1
543.4
546.8
35.9
84.5
132.1
98.7
231.2
219.6
301.6
375.7
457.6
439.1
543.4
546.8
0
100
200
300
400
500
600
Terra Firma
Europe (excluding Terra Firma)
Japan
Business Exposure

Table of Contents
27
Notes:
1.
Total
assets
under
management
of
Nomura
Asset
Management,
Nomura
Corporate
Research
and
Asset 
Management,
Nomura
Funds
Research
and
Technologies,
MAINTRUST
KAG,
and
Nomura
Funds
Research
and
Technologies
America.
Adjusted
for
asset
overlap
amongst
group
companies.
Data
until
June
30,
2006,
include Nomura
Black
Rock
Asset
Management.
2.  Nomura Funds
Research
and
Technologies
America
data
as
of
end
of
February,
2007.
Asset Management Related Data (1)
(trillions of yen)
Total Assets Under Management
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
27.0
23.1
17.9
17.6
15.9
30.6
0
5
10
15
20
25
30
35

Table of Contents
28
Public stock investment trusts
Public bond investment trusts
Privately placed investment trusts
Domestic investment advisory
Overseas investment advisory
Asset Management Related Data (2)
(trillions of yen)
Nomura Asset Management Assets Under Management
Full Year
Quarter
Mar. 31
2003
Mar. 31
2004
Mar. 31
2005
Mar. 31
2006
Mar. 31
2007
Jun. 30
2007
10.7
11.3
10.8
14.0
18.8
22.0
Public stock investment trusts
3.2
4.5
4.4
6.9
10.8
13.3
Public bond investment trusts
7.3
6.3
5.6
5.6
5.8
6.2
Privately placed investment trusts
0.2
0.4
0.8
1.5
2.2
2.4
3.6
4.4
5.1
7.0
7.1
7.3
Domestic investment advisory
2.9
3.0
3.2
4.0
3.7
3.9
Overseas investment advisory
0.7
1.4
2.0
3.0
3.4
3.4
14.2
15.7
16.0
21.0
25.9
29.2
FY2008.3
1Q
0.8
0.1
-0.1
1.0
3.8
2.0
Exclude ETF
0.2
-0.1
0.2
1.4
3.7
1.2
-3.1
-1.0
-0.7
0.0
0.2
0.5
0.1
0.1
0.3
0.5
0.7
0.2
-2.2
-0.7
-0.5
1.5
4.6
2.6
Investment trusts
<Assets Under Management>
< Net Asset Inflows>
FY2007.3
Investment advisory
Total
Public bond investment trusts
FY2006.3
FY2005.3
FY2003.3
Public stock investment trusts
FY2004.3
Privately placed investment trusts
Net Asset Inflows
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
29.2
25.9
21.0
16.0
15.7
14.2
0
5
10
15
20
25
30
(trillions of yen)
35

Table of Contents
29
Asset Management Related Data (3)
Domestic Public
Investment Trust
Market and
Nomura Asset
Management
Market Share
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
Stock investment trusts
3.2
4.5
4.4
6.9
10.8
13.3
Bond investment trusts
7.3
6.3
5.6
5.6
5.8
6.2
Public stock investment trusts, Nomura's share (%)
19%
19%
15%
15%
18%
20%
Public bond investment trusts, Nomura's share (%)
40%
40%
42%
42%
44%
44%
Stock investment trusts
16.3
23.3
28.9
45.0
59.4
67.9
Bond investment trusts
18.1
15.8
13.5
13.5
13.2
14.1
Source: Investment Trusts Association, Japan
Market Total
Nomura Asset
Management
(billions of yen)
AUM in Key
Funds
My Story Profit Distribution-type Fund  B
0
454
1,537
1,955
Global REIT Open
18
307
684
735
Global Attractive Dividend Stock Fund (Monthly)
0
0
411
504
Nomura Global six Assets Diversified Fund
0
59
333
414
Asia Attractive Dividend Stock Fund
0
0
341
413
Nomura Japan-US REIT Fund
3
18
348
388
Nomura Global REIT Fund
0
225
334
329
Nomura
Japan
Stock
Strategic
Fund
(Big
Project
-
N)
353
441
342
329
Nomura Global All Stars
0
0
263
324
Nomura Multi-currency Japan Stock Fund
0
384
339
305
AUM of Products
Supplied to Banks
and Japan Post
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2007
Jun. 30, 2007
Banks*
330
791
1,935
2,191
Japan Post
0
90
425
537
*Excluding Nomura Trust & Banking
** Figure for March 31, 2007, has been reclassified based on estimation method used for June 30, 2007

Table of Contents
30
Large International Bond Underwritings
KfW (Germany): 3 billion US dollars
Equity Derivatives:
Completed 20 fund derivative contracts (total amount: 391 million euros)
Loan-related Business:
Approx. 58
billion yen
Nomura Capital Investment (NCI): Total of approx. 45 billion yen
Major Deals
IPO  
Yachiyo
Bank: 13.8 billion yen
PO
Daikin Industries: 118.8 billion yen; Japan Petroleum Exploration: 85.6 billion yen
CB
Heiwa Real Estate: 20 billion yen
REIT             Kenedix
Realty Investment: 39.3 billion yen; Hankyu REIT 24 billion yen
HPO/STEP   Ulvac: 15.5 billion yen (HPO); Takisawa
Machine Tool: 1.5 billion yen (STEP)
M&A
Sale of All Nippon Airways’
hotel business: 281.3 billion yen
Business restructuring of Jupiter TV by Sumitomo Corporation: 104.9 billion yen
Int’l
Deals
IPO
for
PIK
Group
(major
Russian
residential
property
developer):
Approx.
2
billion
US
dollars
Acquisition
of
an Indian
iron ore company
from
Mitsui
&
Co.
by
Vedanta
Resources
of
UK:
980
million
US
dollars
Mothers IPO by Chinese firm Asia Media: 5.1 billion yen
Sales of New Investment Trusts
Nomura Global Contrarian Fund (launched April 26, 2007)
230.9 billion yen (as of June 30, 2007)
Fidelity Asset Diversified Fund (launched June 28, 2007)
64.9 billion yen (as of June 30, 2007)
Nomura RAFI
®
Japan Equity Fund (launched May 30, 2007)
39.8 billion yen (as of June 30, 2007)
First Quarter Achievements
June
September
December
March
June
Number of Accounts
40,156
61,554
75,562
129,516
166,387
Number of Margin Trading Account
1,224
3,182
5,805
9,054
11,272
Monthly Transaction Value (millions of yen)
54,919
177,096
316,303
591,354
699,710
Monthly Margin Transaction Value
19,472
100,698
191,666
386,363
453,191
Assets in Custody
(millions of yen)
47,754
113,301
171,540
256,215
319,248
2007
2006
Domestic
Retail
Global
Markets
Global
Investment
Banking
Joinvest
Securities

Table of Contents
31
League Tables
Source: Thomson Financial
Proceeds
(USD mil)
Mkt. Share
No. of
Deals
Rank Value
(USD mil)
Mkt. Share
No. of
Deals
1
Nomura
6,669.6
46.9%
50
1
Nomura
25,993.4
32.0%
94
2
Daiwa Securities SMBC
1,805.5
12.7%
38
2
GCA
15,363.9
18.9%
11
3
Mitsubishi UFJ Financial Group
1,632.7
11.5%
16
3
Citi
13,768.8
16.9%
57
4
Mizuho Financial Group
1,161.1
8.2%
21
4
Mizuho Financial Group
13,416.2
16.5%
44
5
Nikko Citi
1,081.1
7.6%
16
5
Morgan Stanley
10,257.6
12.6%
17
6
Merrill Lynch
612.0
4.3%
3
6
Merrill Lynch
9,896.4
12.2%
10
7
Shinko Securities
347.7
2.4%
15
7
Goldman Sachs
9,277.4
11.4%
16
8
Goldman Sachs
230.3
1.6%
3
8
Mitsubishi UFJ Financial Group
9,127.2
11.2%
49
9
Deutsche Bank
159.5
1.1%
2
9
KPMG
8,974.0
11.0%
17
10
UBS
156.0
1.1%
2
10
Daiwa Securities SMBC
5,700.0
7.0%
54
Proceeds
(JPY mil)
Mkt. Share
No. of
Issues
Proceeds
(JPY mil)
Mkt. Share
No. of
Issues
1
Nikko Citi
1,006,666.3
30.1%
62
1
Mizuho Financial Group
902,220.0
36.8%
47
2
Daiwa Securities SMBC
306,057.1
9.2%
17
2
Daiwa Securities SMBC
474,891.0
19.4%
31
3
Nomura
296,811.5
8.9%
13
3
Nomura
346,232.0
14.1%
22
4
Morgan Stanley
289,884.5
8.7%
15
4
Mitsubishi UFJ Financial Group
332,474.5
13.5%
21
5
Deutsche Bank
238,078.2
7.1%
15
5
Nikko Citi
104,994.0
4.3%
6
6
Mitsubishi UFJ Financial Group
217,560.4
6.5%
8
6
Merrill Lynch
62,500.0
2.6%
5
7
Merrill Lynch
198,849.3
6.0%
6
7
Credit Suisse Securities
55,000.0
2.2%
3
8
UBS
158,221.9
4.7%
6
8
Shinko Securities
48,000.0
2.0%
4
9
Lehman Brothers
122,932.0
3.7%
2
9
Morgan Stanley
33,320.0
1.4%
1
10
Mizuho Financial Group
88,177.3
2.6%
4
10
Goldman Sachs & Co
29,993.0
1.2%
3
Global Equity & Equity-related (Japan)
Any Japanese Involvement Financial Advisors
Announced deals, value base
R
a
n
k
Bookrunner
Jan. 1, 2007 -
Jun. 30, 2007
R
a
n
k
Advisor
Jan. 1, 2007  -
Jun. 30, 2007
Global & Euro Yen Bonds
Domestic Straight Bonds (excluding self-funding)
R
a
n
k
Bookrunner
Jan. 1, 2007 -
Jun. 30, 2007
R
a
n
k
Bookrunner
Apr. 1, 2007  -
Jun. 30, 2007

Table of Contents
32
Market Share Data
(trillions of yen)
Secondary Market
Share Data               
Primary Market
Share Data
Full Year
Quarter
FY2008.3
1Q
Individual Equity Agency Transactions Share
Market
52.0
105.9
144.7
308.3
270.2
67.2
Nomura's share
16%
10%
8%
7%
5%
4%
Off-floor/Off-exchange Equity Trading Share
Off-floor market
33.2
31.9
33.2
48.6
48.2
13.5
Off-exchange
14.1
19.3
21.1
30.5
42.8
14.2
Nomura's share
20%
16%
17%
21%
21%
22%
JGB Auction Share
Market
68.1
74.4
80.1
80.7
85.3
21.7
Nomura's share
15%
16%
18%
11%
11%
11%
Bond Secondary Trading Share
Market
1,129
1,235
1,361
1,296
1,341
353
Nomura's share
14%
16%
15%
13%
11%
10%
FY2008.3
1Q
(accumulated)
Global Equity and Equity-related Japan
Nomura's share
30%
30%
25%
26%
33%
53%
Japanese IPO
Nomura's share
11%
27%
32%
20%
21%
53%
Japanese PO
Nomura's share
50%
33%
25%
27%
40%
57%
Convertible Bonds
Nomura's share
13%
28%
19%
34%
34%
31%
Global and Euro Yen Bonds
Nomura's share
21%
31%
23%
23%
7%
7%
Straight Bonds, Lead Manager (excl. self-funding)
Nomura's share
26%
19%
17%
18%
14%
13%
Source: Thomson Financial (Value base)
FY2007.3
FY2006.3
FY2006.3
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2003.3
FY2004.3
FY2005.3
Note: Off-floor/off-exchange equity trading share data for 1Q are preliminary figures as of July 25.

Table of Contents
33
Value at Risk
Definition
99% confidence level (2.33 standard dev.)
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 2, 2007 to June 29, 2007 (billions of yen)
Maximum:
6.6
Minimum:
5.4
Average:
6.0
(billions of yen)
Equity
1.5
3.3
3.0
6.0
4.6
4.7
Interest Rate
2.3
2.0
2.8
3.3
3.7
3.5
Foreign Exchange
0.2
0.5
0.7
1.4
1.4
2.4
Sub-total
4.0
5.8
6.5
10.7
9.8
10.6
Diversification Benefit
-0.9
-1.9
-2.4
-3.7
-3.6
-4.2
VaR
3.1
3.9
4.1
7.0
6.2
6.4
End of the period
Mar. 2003
Mar. 2004
Mar. 2005
Jun. 2007
Mar. 2006
Mar. 2007

Table of Contents
34
Number of Employees
*Excludes employees of private equity investee companies
End of the period
Mar. 2003
Mar. 2004
Mar. 2005
Mar. 2006
Mar. 2007
Jun. 2007
Japan (excluding FA, SA)*
9,258
9,148
9,190
9,354
9,958
10,751
Japan (FA, SA)
1,986
1,915
1,875
1,948
2,174
2,391
Europe
1,389
1,403
1,535
1,515
1,791
1,824
Americas
797
866
1,026
1,073
1,322
1,217
Asia/Oceania
616
655
718
778
900
950
Total
14,046
13,987
14,344
14,668
16,144
17,133

Table of Contents
Full Year

Table of Contents
36
Consolidated Income (Annually)
(billions of yen)
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment-or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that
were
treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations.
Commissions
141.6
210.2
222.0
356.3
337.5
Fees from investment banking
81.8
87.0
92.3
108.8
99.3
Asset management and portfolio service fees
79.3
66.2
78.5
102.7
146.0
Net gain on trading
172.3
229.0
201.7
304.2
290.0
Gain (loss) on private equity investments
-14.4
13.1
7.7
12.3
47.6
Interest and dividends
368.7
343.3
401.4
693.8
981.3
Gain (loss) on investments in equity securities
-41.3
55.9
15.3
67.7
-20.1
Private equity entities product sales
6.2
17.6
75.1
88.2
100.1
Other
13.4
23.6
32.3
58.8
67.4
807.7
1,045.9
1,126.2
1,792.8
2,049.1
241.4
242.8
327.0
647.2
958.0
566.3
803.1
799.2
1,145.7
1,091.1
518.9
520.4
594.4
700.1
769.3
47.4
282.7
204.8
445.6
321.8
-
-
-
99.4
-
Income before income taxes
47.4
282.7
204.8
545.0
321.8
119.9
172.3
94.7
256.6
175.8
-
-
-
47.7
-
Net income
119.9
172.3
94.7
304.3
175.8
FY2003.3
Non-interest expenses
Income from continuing operations before income taxes
FY2007.3
Net income from discontinued operations
Net income from continuing operations
Revenue
FY2006.3
Income from discontinued operations before income taxes
Total revenue
Net revenue
Interest expense
FY2005.3
FY2004.3

Table of Contents
37
Main Revenue Items (Annually)
(billions of yen)
*Includes net interest revenue
Commissions
Fees from
Investment
Banking
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*
Stock brokerage commissions (Domestic Retail)
48.2
92.1
103.0
153.6
98.3
Stock brokerage commissions (Other)
29.3
45.4
40.2
79.5
73.2
Other brokerage commissions
7.6
12.2
13.0
14.3
6.8
Commissions
for
distribution
of
investment
trusts
30.5
37.3
41.7
85.1
120.5
Other
26.0
23.2
24.1
23.8
38.6
Total
141.6
210.2
222.0
356.3
337.5
Equity underwriting and distribution
24.6
44.7
49.1
57.3
56.6
Bond underwriting and distribution
37.0
26.4
20.5
21.2
15.3
M&A/Financial advisory fees
16.8
15.8
22.6
30.3
26.7
Other
3.4
0.1
0.1
0.1
0.7
Total
81.8
87.0
92.3
108.8
99.3
Asset management fees
60.2
44.2
51.1
68.5
106.3
Administration fees
10.0
12.1
16.1
20.6
24.0
Custodial fees
9.1
9.9
11.3
13.6
15.7
Total
79.3
66.2
78.5
102.7
146.0
Bonds and other
133.6
152.3
120.9
150.9
154.9
Equity
35.9
75.2
76.8
148.1
137.6
Merchant banking
2.8
1.5
4.0
5.2
-2.5
Net interest revenue
127.3
100.4
74.3
46.6
23.3
Total
299.6
329.4
276.0
350.8
313.4
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2007.3

Table of Contents
38
(billions of yen)
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (Annually)
Notes:
1.
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that
were treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations.
2. In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
3. In April
2004,
Fixed
Income,
Equity
and
certain
functions
of
Investment
Banking
were consolidated
to
create
Global
Markets.
4. Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition from those of FY2005.3 onward.
5. In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been
made to conform to the current presentation.
35.7
79.5
81.2
197.2
160.9
93.6
120.8
60.2
157.7
58.8
12.8
17.2
29.2
51.5
44.4
-15.3
0.5
-3.0
55.4
52.8
4.0
0.5
10.0
20.6
36.5
130.8
218.5
177.5
482.5
353.3
-41.6
7.0
10.1
-30.5
23.9
89.2
225.5
187.6
452.0
377.3
-43.0
54.7
8.4
59.3
-38.2
1.2
2.4
8.9
-65.7
-17.3
Income from continuing
operations before income taxes
47.4
282.7
204.8
445.6
321.8
Income from discontinued
operations before income taxes
-
-
-
99.4
-
Total
47.4
282.7
204.8
545.0
321.8
FY2007.3
FY2005.3
FY2006.3
US GAAP
Domestic Retail
Global Markets
Global Investment Banking
Global Merchant Banking
Asset Management
5 Business Segment Total
Unrealized
gain
(loss)
on
investments
in
equity
securities
held
for
operating
purposes
Effects of consolidation/deconsolidation of certain
private
equity
investee
companies
FY2003.3
FY2004.3
Other
Segment Total

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