Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

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 January 2009.

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- .

Information furnished on this form:

EXHIBIT

Exhibit Number

1.	Consolidated Results of Operations (US GAAP), Third quarter, year ending March 2009

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: January 28, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

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Consolidated Results of Operations (US GAAP)

Third quarter, year ending March 2009

Nomura Holdings, Inc. January 2009

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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.

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Outline

Presentation Financial Supplement Third Quarter Results Key Points (P4-P12) Domestic Retail Related Data (P24-P28) Consolidated Financial Highlights (P13) Global Markets Related Data (P29-P30) Consolidated Balance Sheet (P14) Global Investment Banking Related Data (P31) Global Merchant Banking Related Data (P32) Third Quarter Business Segment Highlights (P15) Asset Management Related Data (P33-P34) Domestic Retail (P16) Value at Risk(P35) Global Markets (P17) Number of Employees (P36) Global Investment Banking (P18) Market Share Data (P37) Global Merchant Banking (P19) Consolidated Income (P38) Asset Management (P20) Adjustment of Consolidated Results and Segment Results: Income (Loss) before Income Taxes (P39) Segment “Other” (P21) Non-interest Expenses (P22) Main Revenue Items (P40)

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Third Quarter Results Key Points

Third quarter financial results

Net revenue was negative 49.7 billion yen, loss before income taxes was 399.5 billion yen, and net loss was 342.9 billion yen. Significant losses booked due to market turmoil from September onwards. (One-off losses and expenses1 totaled 243.4 billion yen; trading losses2 in Global Markets of 147 billion yen after stripping out one-off losses)

Capital management and financial standing

Raised 110 billion yen from subordinated convertible bond issuance and 300 billion yen from subordinated bond issuance. Consolidated capital adequacy ratio expected to be around 185% as at end of December 2008. Diversified sources of liquid funds and constantly controlling liquidity while testing against various scenarios.

Growing business platform

Retail operations won new customers and increased funds through Mitsubishi UFJ Financial Group public offering and Nomura’s subordinated bond issuance. New accounts increased 21% from the prior quarter and net asset inflow exceeded the prior quarter at 1.44 trillion yen. In wholesale operations, the acquisitions of the Lehman businesses helped take Nomura to the top of the Asia (ex-Japan) M&A financial advisors league table3, a first for the firm. Flow and trading businesses are also showing marked improvement.

1. Losses related to exposure to Madoff, Iceland, investments in equity securities, and Global Merchant Banking business. Expenses include impairments on equity-method investees and additional expenses related to Lehman acquisitions.

2. Includes net interest revenue.

3. Thomson Reuters, CY2008 completed transactions. 4

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Breakdown of Pre-Tax Loss and Market Environment

Financial market turmoil led to significant derivative and credit trading losses as well as asset write-downs.

Market conditions prevented hedges from working properly, but market has started improving in January.

Breakdown of third quarter income (loss) before income taxes (estimate)

Income (loss) before One-off losses Global Markets Non-interest Net revenue income taxes and expenses1 trading losses due to expenses (excl. Global Markets financial market (excl. one-off items) trading losses and (US GAAP) turmoil2 one-off items)

(billions of yen) (227.2) 218.0

(147.0) (399.5) (243.4)

Income (loss) before income taxes for nine months ended December 2008

(623.0) 615.6

(142.9) (553.1) (402.9)

Increased volatility

90 80 70 60

VIX (S&P 500 volatility index)

Yen/euro 30-day volatility

04/3/31 04/9/30 05/3/31 05/9/30 06/3/31 06/9/30 07/3/31 07/9/30 08/3/31 08/9/30

1. Estimate of losses related to exposure to Madoff, Iceland, monolines, real estate, investments in equity securities, Global Merchant Banking business, and impact of Lehman failure. Expenses include impairments on equity-method investees and additional expenses related to Lehman acquisitions.

2. Includes net interest revenue; excludes one-off items.

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Capital and Assets

Consolidated capital adequacy ratio expected to be around 185%

Raised Tier 2 capital (Dec. 2008) Y300bn from subordinated bond issuance

Y110bn from subordinated convertible bond issuance

Total assets of Y22.45tn (Dec. 2008) Down 39.2% from Dec. 2006 (Y36.93tn) Down 9.3% QoQ

Liquidity management Tested against various scenarios to ensure surplus funds

(trillions of yen) Tier 1 and Tier 2 capital 2.5

2.0 1.5 1.0 0.5

2006.12 2008.9 2008.12

(trillions of yen) Total assets 40

30 20 10

2006.12 2008.9 2008.12

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Trading Assets

Continued to conservatively mark to market both trading assets and reserves.

Reducing to clean up loss-making positions, rebuilding trading strategy.

Ratio of monoline provisions Leveraged loans

(%) (billions of yen)

100% 200

50% 100

Fully hedged or exited four of the seven monoline exposures after making full provisions

2007.12 2008.3 2008.12 2008.6 2008.9 2008.12

US RMBS securitization business exposure1 US CMBS-related exposure

(billions of yen) (billions of yen)

1,000 300

Early exit from US RMBS Proactive hedging 500 securitization business 150

2006.12 2008.3 2008.12 2007.12 2008.3 2008.12

1. Excludes positions held in funds not used for securitization business

(see p. 29 for details) 7

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Dominant Retail Customer Base

Retail business

Achievements in retail business Nomura’s market share and a reputation increasing

Mitsubishi UFJ Financial Group public offering of 82.5 billion yen

Sharp increase in customer traffic.

Nomura Holdings subordinated bond offering of 300 billion yen (largest to date). Nomura Oct

Customer traffic.

Focused on increasing contact with customers.

IPO of Gree, lead managed by Nomura, had largest market cap on Mothers market at time of floating (Y110bn).

218,000 new accounts. Nomura 2Q avg.

Net purchases in cash equities of 300 billion yen vs. 1 trillion yen on Japan’s three major domestic exchanges.

Net asset inflow of 1.44 trillion yen.

Investment trusts inflows of over 100 billion yen in January mainly in Nomura US High Yield Bond Fund.

Strategy and key initiatives

Achieve targets of 110 trillion yen in Domestic Retail client assets and 6 million customer accounts.

Deliver products and services aligned to customer needs and implement regional strategies to boost productivity.

Enhance employee training to improve face-to-face services, carry out effective marketing in non-face-to-face channels (consider integrating Joinvest Securities).

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Former Lehman Involvement Helping Increase Cross-Border M&A deals

Global Investment Banking

Dec. 2008 Jan. 2009 Jul. 2008 Jan. 2009

Alitalia EPCOS AG Tsingtao Brewery Tanganyika Oil Company Ltd. IMMSI, others Sinopec International Petroleum Air France-KLM TDK Asahi Breweries Exploration & Production Acquisition Acquisition Acquisition Acquisition EUR323 million EUR1.4 billion USD667 million CAD2.1 billion

Financial advisor to acquirer Financial advisor to acquirer Financial advisor to acquirer Financial advisor to acquirer $mil Cross-border deals involving Japanese companies No. of deals 60,000 250

50,000

200

40,000

150

Jan. 2009 Dec. 2008 30,000 Jun. 2008

Australian beverage 100 Quippo Telecom business of 20,000 Ranbaxy Laboratories Ltd.

Infrastructure Ltd.

Daiichi Sankyo Cadbury Group

Tata Teleservices Ltd. 50 Asahi Breweries 10,000 Acquisition Acquisition Acquisition 0 0 JPY539bn USD2.6 billion AUD1.2 billion

2004 2004 2005 2005 2006 2006 2007 2007 2008 2008

Financial advisor to acquirer Co-financial advisor to acquirer Financial advisor to acquirer 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H In-Out (Transaction value) Out-In (Transaction value) In-Out (No. of deals) Out-In (No. of deals)

Source: Thomson Reuters

Europe Asia (ex-Japan) Japan

Rank Value Rank Value Rank Value

Rank Financial Advisor (US$ mn) # of Deals Rank Financial Advisor (US$ mn) # of Deals Rank Financial Advisor (US$ mn) # of Deals

JP Morgan 617,015.0 191 1 Nomura 44,776.2 27 1 Nomura 31,494.6 111

Goldman Sachs & Co 475,525.8 135 2 Morgan Stanley 41,558.1 48 2 Morgan Stanley 25,248.0 24

Merrill Lynch 427,062.4 170 3 UBS 40,823.7 35 3 Mitsubishi UFJ Financial Group 24,521.3 93

Citi 408,195.4 128 4 JP Morgan 37,276.3 39 4 Goldman Sachs & Co 18,239.9 22

UBS 405,743.8 158 5 Merrill Lynch 36,216.6 39 5 JP Morgan 18,144.7 19

China International Capital Co 34,884.2 5 6 UBS 16,971.6 17

Morgan Stanley 377,067.4 155

Deutsche Bank AG 356,780.7 175 7 Citi 34,343.1 35 7 Merrill Lynch 12,628.6 19

8 Credit Suisse 318,669.7 149 8 Credit Suisse 33,763.0 48 8 Citi 11,943.1 82

9 29,782.4 37 9 GCA Savvian Group Corp 11,408.4 35

Goldman Sachs & Co

12 Nomura 223,224.1 60 10 CIMB Investment Bank Bhd 17,521.7 68 10 Daiwa Securities SMBC 11,396.1 76 Source: Thomson Reuters, Any Involvement Completed Base (CY2008)

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Former Lehman Involvement Helping Increase Flow Business

Global Equity

High-speed trading system and research coverage Increased market share in Japan

Asia Europe Total (including Japan) 8.14% 1,432 7.73% 1,046 459 367 296 6.80% 130 6.29%

2008.9 2008.12 2008.9 2008.12 2008.9 2008.12

High-speed trading system started

Research coverage up in Europe and Asia (graph above) Jan-Sep average Oct Nov Dec

Total share for equities (on-floor, off-floor, and off-exchange); Source: Nomura

Global Fixed Income

New businesses following Lehman acquisitions Revenues from flow businesses increasing

Tokyo Government & Repo Revenue Tokyo FX Revenue

Newly established rate trading desk

Up 3.1x Up 5.7x

Newly established CDS trading desk

Starting onshore FX trading in Asia (late Jan.) 2Q 3Q

2Q 3Q

London Repo Revenue London Government Revenue

Plan to Apply for primary dealer license in US

Up 4.6x Up 4.0x

All front end systems fully operational (by Apr.)

2Q 3Q 2Q 3Q

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Strategic Initiatives

Strategy

Focus on expanding client base and increasing share in flow business to boost revenues. Concentrate resources in strategic areas and move with speed to scale down or exit non-core businesses.

Asset reduction

Continue reviewing operations and investments, including selling off assets not suited to business focus.

Cost cutting

Work to achieve 10% group-wide cost cut next fiscal year by focusing on core businesses in the short term and revamping business process over the medium term.

Capital policy

Capital policy for medium to long term growth.

Review of dividend policy

Current fiscal year dividend fixed at 25.5 yen per share (forgo fourth quarter dividend)

Dividend policy for next fiscal year

Aim for stable payouts using a dividend payout ratio of 30% as a key indicator.

Paid on a semi-annual basis in principle.

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Playing Vital Role in Capital Markets

Nomura has navigated the financial crisis well and is now positioned to play a vital role in supporting the world’s capital markets.

Able to access Japan’s 1,500 trillion yen in personal financial assets and other wealth around the world while leveraging position as an independent player.

Global financial institution with unparalleled platform in Asia including Japan

Playing a vital role in the capital markets by bringing together clients

Independent No injection of public funds Low leveraged business model

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Consolidated Financial Highlights

Full Year

Net income (loss) ROE (%)

(billions of yen) 400

300 200 100 0

-100

10.1%

172.3

5.2%

94.7

15.5%

304.3

8.3%

175.8

-67.8

20% 15% 10% 5% 0%

Quarter

(billions of yen)

0 -60 -120 -180 -240 -300 -360

21.8

3.9%

-76.6

-72.9

-153.9

-342.9

20%

- - - -

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue 803.1 799.2 1,145.7 1,091.1 787.3

Income (loss) before income taxes 282.7 204.8 545.0 321.8 -64.6

Net income (loss) 172.3 94.7 304.3 175.8 -67.8

Total shareholders’ equity 1,785.7 1,868.4 2,063.3 2,185.9 1,988.1

ROE (%)* 10.1% 5.2% 15.5% 8.3% -

Basic net income (loss) per share (yen) 88.82 48.80 159.02 92.25 -35.55

Shareholers’ equity per share (yen) 919.67 962.48 1,083.19 1,146.23 1,042.60

* Quarterly data has been annualized

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

244.3 21.5 135.1 128.1 -49.7

44.4 -198.3 -84.3 -69.3 -399.5

21.8 -153.9 -76.6 -72.9 -342.9

2,233.0 1,988.1 1,945.2 1,810.1 1,419.0

3.9% - - - -

11.41 -80.62 -40.14 -38.18 -179.62

1,169.67 1,042.60 1,019.19 948.34 743.24

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Consolidated Balance Sheet

Total assets declined by 9.3% QoQ.

Gross leverage at 15.8x. Adjusted leverage 10.6x.

Net Level 3 assets of 1.44 trillion yen1 (provisional), down by 361 billion yen compared to 2Q.

Consolidated Balance Sheet

(billions of yen)

Increase Increase

Sep. 30, 2008 Dec. 31, 2008 Sep. 30, 2008 Dec. 31, 2008

(Decrease) (Decrease)

Assets Liabilities

Cash and cash deposits 1,511 1,482 (29) Short-term borrowings 1,232 908 (325)

Payables and deposits 1,107 946 (161)

Loans and receivables 2,665 1,627 (1,038) Collateralized financing 9,704 8,663 (1,041)

Trading liabilities 4,766 4,347 (418)

Collateralized agreements 7,734 7,382 (352) Other liabilities 494 425 (69)

Long-term borrowings 5,645 5,746 101

Trading assets and

private equity investments2 11,006 10,199 (807) Total liabilities 22,948 21,036 (1,912)

Other assets 1,842 1,764 (78) Shareholders’ equity

Total shareholders’ equity 1,810 1,419 (391)

Total assets 24,758 22,455 (2,304) Total liabilities and shareholders’ equity 24,758 22,455 (2,304)

1. After netting derivative assets and liabilities.

2. Including securities pledged as collateral

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

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Third Quarter Business Segment Highlights

Net Revenue Income (Loss) before Income Taxes

(billions of yen) (billions of yen)

300

251.4

16.4

22.7

20.8

200

38.5 134.4 -38.2

38.4 24.5 136.4

103.2 21.1 64.7 100

16.9 28.0 51.5

100 23.1 29.0 14.7 10.8

14.8 11.0 20.5 9.3

5.2 22.7 50 5.7 -181.4 -84.9 -61.0

98.4 24.4 3.3 8.2

78.5 85.8 74.5 69.7 28.5 20.1 12.6 13.6 0.8 -388.0

0 0 11.1 0.2 16.2 14.6 5.3 2.3

-10.2 -6.5 -12.3

-37.0 -4.1

-61.6

-133.3 -50 -86.7

-100 -171.1

-39.4

-100 -208.9 -8.7

-20.9

-35.0

-200 -150 -295.5

-200

-300 -7.1

-250

-300 -19.9

-37.6

-350 -2.1

-35.1

-400

Reference:

Domestic Retail: P24

Global Markets: P29

Global Investment Banking: P31

Global Merchant Banking: P32

Asset Management: P33

Segment “Other”: P21

Adjustment of Consolidated Results and Segment Results: Income (Loss) before Income Taxes: P39

Other

Asset Management Global Merchant Banking Global

Investment Banking Global Markets Domestic Retail

FY2008.3 FY2009.3 FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q 3Q 4Q 1Q 2Q 3Q

251.4 38.5 134.4 136.4 -38.2 51.5 -181.4 -84.9 -61.0 -388.0

Note: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

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Domestic Retail

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

150

Net revenue

Income before income taxes

100 98.4

85.8

78.5 74.5

69.7

28.5

11.1 16.2

5.3 2.3

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

Full Year

(billions of yen)

500

446.5 440.1

402.0

400

305.8 304.4

300

197.2

200 160.9

122.3

100 79.5 81.2

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Business Performance

Net revenue was 69.7 billion yen (-6.5% QoQ, -29.2% YoY). Income before income taxes was 2.3 billion yen (-57.1% QoQ, -92% YoY).

Profitable despite tough market environment.

Growing customer base

Domestic Retail client assets of 58.3 trillion yen at end of December following dive in stock market (down 10 trillion yen QoQ).

Net asset inflow of 1.44 trillion yen thanks to dematerialization of stock certificates in Japan and stock and bond offerings.

Number of accounts with a balance increased by approx. 160,000 from prior quarter to 4.44 million.

218,000 new accounts opened by retail investors, higher than in the third quarter of the fiscal year ended March 2005.

Increase in revenue from equities

Retail stock brokerage commissions of 15 billion yen (up 40.7% QoQ)

Mitsubishi UFJ Financial Group offering: Ratio of new funds of 51%.

Quarter Highlights

New branch offices: Tsukuba branch (Dec)

Total of 171 branches as of end of December (announced)

Reference:

• Net Revenue and Income (Loss) before Income Taxes: P24

• Retail stock brokerage commissions, commissions for distribution of investment trusts: P25

• Domestic Retail Client Assets: P26

• Domestic Retail Client Assets Net Asset Inflow: P27

• Number of Accounts: P28

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Global Markets

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

120 103.2

60 24.4

11.0

-6.5

-60

-61.6

-120 -133.3 -86.7

-180 -171.1

-240 -208.9

-295.5

-300

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

Full Year

(billions of yen)

400 371.1

300 284.1 290.0

243.1

200 157.7

120.8

100 60.2 58.8 95.6

-100

-200

-300 -226.2

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue

Income before income taxes

Business Performance

Net revenue was -171.1 billion yen. Income before income taxes was -295.5 billion yen.

Global Fixed Income

Credit and derivative trading losses due to market turmoil. Iceland related losses (43.1 billion yen) Madoff related losses (32.3 billion yen) Increased revenue from flow businesses such as JGBs.

Global Equity

Booked losses due to deterioration in trading environment. Flow business growing; Total share of Japan Equity* grew from 6.0% in 1Q to 7.5% in 3Q.

Japanese Loan-related Business: Approx. 89 billion yen

Nomura Capital Investment (NCI) Total of approx. 74.5 billion yen.

Balance including commitments: 214.7 billion yen (12/31/2008)

Quarter Highlights

Trades as a result of Lehman acquisitions.

Large portfolio hedge transaction for European bank. Large currency trades in Asia.

Enhanced profile in European equities.

*Total share for equities (on-floor, off-floor, and off-exchange); Source: Nomura

Reference:

• Net Revenue and Income (Loss) before Income Taxes: P29

• Securitization Product Holdings / Leveraged Finance Balance: P29

• Monoline Insurers-related Exposure: P30

• Value at Risk: P35

• Market Share Data: P37

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Global Investment Banking

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

29.0

20.8 22.7

20 14.8 12.6

5.7 5.2

0.2

-8.7

-20 -19.9

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

Full Year

(billions of yen)

120

99.7 99.2

83.1

80 70.9 75.4

51.5

44.4

40 29.2

22.8

17.2

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue

Income before income taxes

Business Performance

Net revenue was 22.7 billion yen (4.3x QoQ, 9.2% YoY). Income before income taxes was -19.9 billion yen.

Revenues improved thanks partly to large equity underwriting, but income declined on costs from Lehman acquisitions.

Both cross-border and domestic M&A remained active.

Major Deals

Equity underwriting: Mitsubishi UFJ Financial Group 400 billion yen

M&A : Sinopec’s acquisition of Tanganyika: CAD 2.1 billion Asahi Breweries’ acquisition of Schweppes Australia

AUD1.2 billion

Quarter Highlights

Ranked number 1 in Equity Capital Markets Bookrunner and M&A Financial Advisors league tables (Japan related)* Number 1 in Asia (ex-Japan) M&A financial advisors league table*

*Jan. – Dec. 2008, Thomson Reuters

Reference:

• Net Revenue and Income (Loss) before Income Taxes: P31

• League Tables: P31

• Market Share Data: P37

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Global Merchant Banking

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

23.1 20.5

20 14.6

20.1

-10.2

-20 -12.3

-37.0 -35.0

-40 -39.4 -37.6

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

Full Year

(billions of yen)

68.2 65.0 64.8

60 55.4 52.8 53.3

10.7 7.3

0.5

-3.0

-20

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue

Income before income taxes

Business Performance

Net revenue was -35 billion yen. Income before income taxes was -37.6 billion yen.

Booked unrealized gains and losses on certain private equity investee companies.

Quarter Highlights

Additional investment of 50 billion yen in Skylark.

Reference:

• Revenue and Income (Loss) before Income Taxes: P32

• Business exposure: P32

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Asset Management

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

22.7 21.1

20 16.9

14.7

9.3 10.8

10 8.2

3.3

0.8

-2.1

-10

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

Full Year

(billions of yen)

100

88.1 88.7

64.1

47.6

39.4

40 40.1 34.0

23.8

20 13.0

3.8

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue

Income before income taxes

Business Performance

Net revenue was 10.8 billion yen (-26.3% QoQ, -52.3% YoY). Income before income taxes was -2.1 billion yen.

Assets under management decreased by 4 trillion yen from the end of September to 20.3 trillion yen as of the end of December.

Asset management fees declined due primarily to a drop in assets under management as a result of the plunge in stock prices and stronger yen.

Booked losses from pilot funds due to the market slump.

Outstanding balance of Asset Management products sold via bank channels in Japan: Banks, others* 927.4 billion yen Japan Post Bank 412.0 billion yen

Quarter Highlights

New fund launched in January seeing strong demand.

Excludes Japan Post Bank and Nomura Trust & Banking.

Reference:

• Revenue and Income (Loss) before Income Taxes: P33

• Assets Under Management: P33,34

• Investment Trust Related Data: P34

Note: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009.

Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

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Segment “Other”

Income (Loss) before Income Taxes

Full Year Quarter

(billions of yen) Includes 34bn yen 60 related to Nomura Real Estate Holdings IPO

21.0 20

7.0

3.7 0

-20 -20.6 -40 -33.7

(billions of yen)

Fortress Fortress impairment of impairment of 40 21bn yen. 62.3bn yen.

13.6 20

0 -4.1 -7.1 -20.9 -20

JAFCO -35.1 -40 impairment of 17.6bn yen

Business Performance

Income before income taxes was -35.1 billion yen.

Fortress impairment charge of 62.3 billion yen.

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net gain/loss on trading related to economic hedging transactions -12.8 -9.7 -64.8 -38.4 -9.7 Realized gain on investments in equity 1.2 7.0 8.4 18.1 1.5 securities held for operating purposes Equity in earnings of affiliates 8.5 7.3 27.8 53.2 4.7 Corporate items -10.7 4.5 -7.4 -11.1 -13.4 Others* 17.5 -2.0 2.3 -0.8 -3.6 Income before income taxes 3.7 7.0 -33.7 21.0 -20.6

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

0.4 1.5 1.0 20.2 40.3

0.1 0.0 0.3 -1.5 -1.4 -5.2 2.3 2.1 4.0 -0.4 -11.8 20.3 -5.6 -2.3 -35.0 12.4 -31.2 -18.6 -6.7 -38.7 -4.1 -7.1 -20.9 13.6 -35.1

*Businesses not included in the five business divisions (Joinvest Securities, Nomura Trust & Banking, etc.) are included in Others.

Joinvest Securities

2007 2008

March June September December March June September December

Number of Accounts 129,516 166,387 183,267 205,668 248,763 266,932 281,265 312,203 Margin Trading Accounts 9,054 11,272 13,519 15,873 18,538 20,919 22,866 25,208 Monthly Transaction Value (millions of yen) 591,354 699,710 573,236 695,415 789,250 879,079 388,987 368,420 Margin Transaction Value 386,363 453,191 405,078 499,429 591,423 625,342 222,055 194,622 Assets in Custody (millions of yen) 256,215 319,248 342,276 364,367 364,445 414,149 371,018 365,980

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Non-interest Expenses

Other

Business development expenses

Occupancy and related depreciation

Information processing and communications

Commissions and floor brokerage

Compensation and benefits

Full Year

(billions of yen)

1,000

851.8

800

680.5 607.8 600

400 200 0

Quarter

(billions of yen)

400

349.8

300

219.8 219.4

199.9 197.4 200

100

Business Performance

Non-interest expenses of 349.8 billion yen (77.2% QoQ)

Up mainly due to compensation and benefits related to Lehman acquisitions. Additional expenses related to Lehman acquisitions of 60.3 billion yen.

Other expenses increased due to Fortress impairment charge (Y62.3bn).

FY2006.3 FY2007.3 FY2008.3 FY2008.3 FY2009.3 QoQ

3Q 4Q 1Q 2Q 3Q

Compensation and benefits 311.3 331.0 366.8 93.4 78.4 87.9 80.1 161.8 102.0% Variable-type compensation and benefits 150.5 157.6 174.7 45.6 30.6 39.6 33.0 26.1 -21.0% Commissions and floor brokerage 31.4 49.8 90.2 20.4 24.5 18.6 20.3 17.6 -13.7% Information processing and communications 89.1 109.5 135.0 33.9 37.2 33.4 34.6 40.8 17.9% Occupancy and related depreciation 50.8 57.4 64.8 14.3 19.5 15.9 17.2 23.2 35.3% Business development expenses 30.6 35.3 38.1 9.5 10.0 7.0 7.9 8.1 2.6% Other 94.7 97.5 156.9 28.5 50.1 56.5 37.2 98.2 163.8% Total 607.8 680.5 851.8 199.9 219.8 219.4 197.4 349.8 77.2%

Reference:

• Number of Employees: P36

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Financial Supplement

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Domestic Retail Related Data (1)

(billions of yen)

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY

3Q 4Q 1Q 2Q 3Q

Commissions 155.2 174.0 269.4 251.4 225.9 55.8 39.2 45.5 41.0 28.9 -29.4% -48.2% Sales credit 97.8 73.7 109.0 96.8 94.2 21.6 18.8 21.3 15.0 22.8 51.6% 5.5% Fees from investment banking 26.1 24.5 26.4 24.0 14.9 3.6 4.6 2.0 2.0 5.6 177.6% 55.9% Investment trust administration fees and other 21.8 26.1 34.4 47.5 59.7 15.5 14.2 15.5 15.2 10.9 -28.5% -30.0% Net interest revenue 4.9 6.1 7.4 20.4 7.3 1.8 1.7 1.5 1.1 1.4 23.0% -22.5% Net revenue 305.8 304.4 446.5 440.1 402.0 98.4 78.5 85.8 74.5 69.7 -6.5% -29.2% Non-interest expenses 226.2 223.2 249.3 279.3 279.7 69.9 67.5 69.6 69.1 67.4 -2.6% -3.6% Income before income taxes 79.5 81.2 197.2 160.9 122.3 28.5 11.1 16.2 5.3

2.3 -57.1% -92.0%

Domestic distribution volume of investment trusts* (trillions of yen) 13.7 14.2 20.5 21.4 20.4 4.9 3.7 4.0 3.7 3.6 -2.1% -25.8%

Bond investment trusts 10.1 10.4 14.3 14.4 13.9 3.3 2.6 2.7 2.5 2.4 -3.4% -28.9% Stock investment trusts 1.6 2.3 4.5 6.0 5.2 1.2 0.8 0.9 1.0 1.0 0.5% -18.3% Foreign investment trusts 2.1 1.4 1.7 1.0 1.3 0.3 0.3 0.4 0.3 0.3 -0.1% -22.2%

Other (billions of yen)

Accumulated value of annuity insurance policies 261.6 446.4 683.3 990.4 1,205.3 1,165.3 1,205.3 1,259.0 1,303.6 1,358.9 4.2% 16.6% Sales of JGBs for individual investors (transaction base) 1,271.6 1,290.6 747.8 615.2 292.3 41.4 22.8 68.8 20.2 12.8 -36.7% -69.1% Retail foreign currency bond sales 1,990.0 1,154.4 1,119.2 677.1 954.0 286.9 383.2 322.0 245.9 142.7 -42.0% -50.3%

*Nomura Securities

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Domestic Retail Related Data (2)

Stock brokerage commissions and Commissions for distribution of investment trusts*

Stock brokerage commissions

Commissions for distribution of investment trusts*

Full Year

(billions of yen)

180 150 120 90 60 30 0

Quarter

(billions of yen)

50 40 30 20 10 0

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Stock brokerage commissions 92.1 103.0 153.6 98.3 75.1

Commissions for distribution of investment trusts* 46.9 49.9 95.9 124.7 124.5 *Nomura Securities

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q QoQ YoY

18.7 13.9 14.8 10.7 15.0 40.7% -19.7%

31.4 18.1 26.8 25.1 8.3 -67.0% -73.7%

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Domestic Retail Related Data (3)

Domestic Retail Client Assets*

Full Year

(trillions of yen)

100

85.2

Other**** 80.5 80

72.2

Overseas mutual funds

61.2

Bond investment trusts 60 54.8

Stock investment trusts 40 Domestic bonds***

Foreign currency bonds** 20 Equities

Quarter

75.8

68.6

58.3

Mar.31, 2004 Mar.31, 2005 Mar.31, 2006 Mar.31, 2007 Mar.31, 2008

Equities 28.9 33.5 49.3 48.5 37.2 Foreign currency bonds** 4.0 4.0 3.6 3.3 2.7 Domestic bonds*** 10.0 11.8 13.1 16.4 16.5 Stock investment trusts 3.0 3.3 5.3 7.4 7.3 Bond investment trusts 5.5 4.9 4.5 4.7 4.4 Overseas mutual funds 1.6 1.9 2.3 2.0 1.7 Other**** 1.7 1.9 2.3 2.9 2.5 Total 54.8 61.2 80.5 85.2 72.2

Jun.30, 2008 Sep. 30, 2008 Dec. 31, 2008

39.6 34.3 27.5 3.0 2.7 5.6 16.5 16.4 13.2 7.8 6.7 4.8 4.3 4.2 4.0 1.9 1.7 1.4 2.6 2.6 1.9 75.8 68.6 58.3

Domestic Client Assets name changed to Domestic Retail client assets.

** Euroyen bonds have been moved from domestic bonds to foreign currency bonds from the current period.

*** Includes CBs and warrants. **** Includes annuity insurance.

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Domestic Retail Related Data (4)

Domestic Retail Client Assets Net Asset Inflow *

Full Year

(billions of yen)

8,000

6,749

6,000 5,975

4,868 4,581

4,000 3,391

2,000

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Quarter

1,066 1,407 1,441

FY2009.3

1Q 2Q 3Q

*Domestic Retail client assets excludes portion from regional financial institutions Note: Net Asset Inflow = Asset Inflow – Asset Outflow

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Domestic Retail Related Data (5)

Number of Accounts / IT Share*

(thousands)

Mar. 31,2004 Mar. 31,2005 Mar. 31,2006 Mar. 31,2007 Mar. 31,2008 Jun. 30,2008 Sep. 30,2008 Dec. 31,2008

Accounts with balance 3,460 3,678 3,780 3,953 4,165 4,206 4,281 4,442 Equity holding accounts 1,379 1,680 1,745 1,853 2,027 2,058 2,134 2,310 Nomura Home Trade (online trading accounts) 1,367 1,716 1,969 2,243 2,765 2,834 2,946 3,065

Full Year Quarter

FY2009.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

1Q 2Q 3Q

New individual accounts (thousands) 297 425 343 417 580 129 180 218 IT share*

No. of orders 49% 52% 55% 55% 57% 60% 60% 56% Transaction value 22% 24% 27% 27% 29% 30% 30% 27%

*IT share is the percentage of trades via Nomura Home Trade and Telephone Answer comprising the total of cash stock transactions and kabushiki-mini-toshi (odd lot stock investment)

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Global Markets Related Data (1)

(billions of yen)

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY

3Q 4Q 1Q 2Q 3Q

Fixed Income 174.0 119.8 173.8 123.1 -119.9 32.3 -153.9 -35.2 -15.3 -172.1—-Equity 110.2 90.2 168.5 147.9 206.0 68.0 18.0 42.4 26.4 7.3 -72.4% -89.3% Other 0.0 33.1 28.8 19.1 9.5 2.9 2.7 3.8 -17.6 -6.2—-Net revenue 284.1 243.1 371.1 290.0 95.6 103.2 -133.3 11.0 -6.5 -171.1—-Non-interest expenses 163.3 182.9 213.4 231.2 321.8 78.8 75.6 72.6 80.2 124.4 55.3% 57.9% Income before income taxes 120.8 60.2 157.7 58.8 -226.2 24.4 -208.9 -61.6 -86.7 -295.5—-

Notes: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition.

Securitization Product Holdings Leveraged Finance* Balance Holdings by Product and Region

(billions of yen) (billions of yen) As of Dec 31,2008 As of Dec 31, 2008 Outstanding Outstanding Remaining Japan Asia Europe US Drawn Down Balance Balance Comittments Commercial Mortgage Backed Securities (CMBS) 14.9 9.9—- 5.0* Japan 38.7 36.8 1.9 Residential Mortgage Backed Securities (RMBS) 51.2 38.4—- 12.8** Europe 63.6 58.8 4.8 Commercial Real Estate Backed Securities 42.6 42.6—— Total 102.3 95.6 6.7 Other Securitization Products 50.9 45.2 2.3 0.4 3.1 *Loans for leveraged buy-outs and leveraged buy-ins Total 159.6 136.0 2.3 0.4 21.0 *The 5 billion yen shown here is mainly for synthetic CDO business carried out in Europe. In addition to this amount, we had a position of 70.5 billion yen in the US CMBS-related business at the end of December 2008. This has been included in whole loans and is not shown here.

**Fund seed money holding government sponsored enterprise agency mortgages.

CMBS by Rating

(billions of yen) As of Dec 31, 2008 Outstanding Ginnie Mae AAA AA A No Rating Balance GSE* Japan 9.9 5.3 0.0 0.3 4.3 -US 5.0 2.4 0.6 0.1—1.9 Total 14.9 7.7 0.6 0.4 4.3 1.9

Government Sponsored Enterprises 29

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Global Markets Related Data (2)

Monoline Insurers-related Exposure

Credit Derivative Transactions* with Monoline Insurers

2008/12/31 (millions of US$) Monoline Insurers by Counterparty Risk Credit Rating** Notional Gross Exposure Reserves and other Net Exposure CDS Protection (No. of companies) Adjustments AAA (2) $1,613 $415 $59 $356 $0 BBB(1) $1,472 $410 $265 $146 $76 Total $3,084 $825 $324 $502 $76

2008/9/30 (millions of US$) Monoline Insurers by Counterparty Risk Credit Rating** Notional Gross Exposure Reserves and other Net Exposure CDS Protection (No. of companies) Adjustments AAA (2) $1,587 $203 $30 $172 $0 BBB(1) $1,478 $188 $126 $62 $58 Total $3,065 $390 $156 $234 $58

Excluding provisions and hedged exposure.

** Based on S&P or Moody’s depending on which rating is lower.

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Global Investment Banking Related Data

(billions of yen)

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY

3Q 4Q 1Q 2Q 3Q

Net revenue 70.9 75.4 99.7 99.2 83.1 20.8 14.8 29.0 5.2 22.7 331.8% 9.2% Non-interest expenses 53.7 46.2 48.1 54.8 60.3 15.0 14.6 16.4 14.0 42.6 204.9% 183.3% Income before income taxes 17.2 29.2 51.5 44.4 22.8 5.7 0.2 12.6 -8.7 -19.9 - - Note: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.

League Tables

Equity Capital Markets Bookrunner League table M&A Financial Advisors League table

Japan Equity & Equity-Related Any Japanese Involvement Announced

Announced deals, value base

R Jan. 1, 2008 - Dec. 31, 2008 R Jan. 1, 2008 - Dec. 31, 2008

a a

Bookrunner Proceeds No. of Advisor Rank Value No. of n Mkt. Share Deals n Mkt. Share Deals k (USD m il) k (USD m il)

Nomura 5,180.3 34.3% 27 1 Nomura 32,308.4 21.2% 109

Daiwa Securities SMBC 3,048.6 20.2% 21 2 Goldman Sachs 31,388.9 20.6% 32

Nikko Citi 1,554.2 10.3% 10 3 UBS 27,053.2 17.8% 20

Mitsubishi UFJ Financial Group 1,235.3 8.2% 9 4 Morgan Stanley 23,772.0 15.6% 29

JP Morgan 1,048.2 6.9% 2 5 Merrill Lynch 21,392.2 14.0% 20

Morgan Stanley 966.2 6.4% 2 6 Mitsubishi UFJ Financial Group 21,198.6 13.9% 92

Goldman Sachs 725.6 4.8% 2 7 Daiwa Securities SMBC 20,386.5 13.4% 69

Deutsche Bank 640.4 4.2% 2 8 JP Morgan 20,339.6 13.4% 26

9 UBS 318.2 2.1% 2 9 Lazard 11,065.2 7.3% 7

10 Mizuho Financial Group 222.2 1.5% 9 10 Credit Suisse 10,616.2 7.0% 13

Global & Euro Yen Bonds

R Jan. 1, 2008 - Dec. 31, 2008

Bookrunner Proceeds No. of n Mkt. Share Issues k (JPY m il)

Daiwa Securities SMBC 636,281.6 20.3% 20

Nomura 587,304.4 18.7% 15

Mitsubishi UFJ Financial Group 332,994.1 10.6% 8

BNP Paribas 285,500.0 9.1% 26

Nikko Citi 267,019.9 8.5% 17

Barclays Capital 242,174.6 7.7% 10

Morgan Stanley 181,702.8 5.8% 9

Mizuho Financial Group 92,694.0 3.0% 6

9 Merrill Lynch 80,030.0 2.6% 5

10 Deutsche Bank 52,975.0 1.7% 2 Source: Thomson Reuters

Domestic Straight Bonds (excluding self-funding)

R Apr. 1, 2008 - Dec. 31, 2008

Bookrunner Proceeds No. of n Mkt. Share Issues k (JPY m il)

Mizuho Financial Group 1,482,867.0 23.9% 74

Mitsubishi UFJ Financial Group 1,346,364.5 21.7% 71

Nomura 1,140,332.2 18.4% 64

Daiwa Securities SMBC 1,133,364.0 18.3% 60

Nikko Citi 739,011.0 11.9% 44 6 Shinko Securities 117,250.0 1.9% 3

Goldman Sachs 99,142.8 1.6% 6 8 Toyota FInancial Services Sec. 41,824.2 0.7% 7 9 Deutsche Bank 22,500.0 0.4% 2 10 Mizuho Investors Securties 22,250.0 0.4% 2

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Global Merchant Banking Related Data

(billions of yen)

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY

3Q 4Q 1Q 2Q 3Q

Net revenue 10.7 7.3 68.2 65.0 64.8 -10.2 23.1 -37.0 20.5 -35.0 - - Non-interest expenses 10.2 10.4 12.8 12.2 11.5 2.1 3.0 2.4 5.9 2.6 -55.5% 22.0% Income before income taxes 0.5 -3.0 55.4 52.8 53.3 -12.3 20.1 -39.4 14.6 -37.6 - -

Business Exposure

Full Year

(billions of yen)

600

543.4

500

457.6

439.1

400 375.7 381.4

300

231.2

Terra Firma 210.9 200 Asia 132.1

Europe (excluding 98.7

84.5

Terra Firma) 100 Japan

Quarter

407.7 433.8

375.3

279.0 266.7 232.0

Mar. 31, 2004 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Jun. 30, 2008 Sep. 30, 2008 Dec. 31, 2008

Japan 68.9 108.4 59.9 195.5 169.5 193.4 214.0 201.8 Europe (excluding Terra Firma) 15.6 23.7 38.8 35.7 41.4 38.6 60.3 60.9 Asia - - - - - - 4.7 4.0 Sub Total 84.5 132.1 98.7 231.2 210.9 232.0 279.0 266.7

Terra Firma 291.2 325.5 340.4 312.2 170.5 175.7 154.8 108.6 Total 375.7 457.6 439.1 543.4 381.4 407.7 433.8 375.3

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), Nomura Phase4 Ventures (NPV) and others.

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Asset Management Related Data (1)

(billions of yen)

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY

3Q 4Q 1Q 2Q 3Q

Net revenue 40.1 47.6 64.1 88.1 88.7 22.7 16.9 21.1 14.7 10.8 -26.3% -52.3% Non-interest expenses 36.4 34.6 40.3 48.7 54.8 13.4 13.7 13.0 13.9 12.9 -7.1% -3.4% Income before income taxes 3.8 13.0 23.8 39.4 34.0 9.3 3.3 8.2 0.8 -2.1 - - Note1: 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.

2: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Total Assets Under Management

Full Year

(trillions of yen)

30 27.0

25.8

25 23.1

17.6 17.9 15

Mar. 31, 2004 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar.31, 2008

Quarter

27.2

24.3

20.3

Jun.30, 2008 Sep.30, 2008 Dec.31, 2008

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, Private

Equity Funds Research and Investments. Adjusted for asset overlap amongst group companies. Data until March 31, 2006, include Nomura BlackRock Asset Management.

2. Nomura Funds Research and Technologies America data as of end of November 2008.

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Asset Management Related Data (2)

Nomura Asset Management Assets Under Management

Full Year Quarter

(trillions of yen)

25.9 25.2

25 24.3

Overseas investment 22.5 advisory 21.0 Domestic investment 20 18.9 advisory

15.7 16.0

Privately placed investment trusts 15 Public bond investment trusts

Public stock investment trusts

Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 2004 2005 2006 2007 2008 2008 2008 2009

Investment trusts 11.3 10.8 14.0 18.8 17.2 17.8 15.9 13.0

Public stock investment trusts 4.5 4.4 6.9 10.8 9.8 10.2 8.7 6.4 Public bond investment trusts 6.3 5.6 5.6 5.8 5.3 5.4 5.2 4.9 Privately placed investment trusts 0.4 0.8 1.5 2.2 2.0 2.2 2.0 1.7

Investment advisory 4.4 5.1 7.0 7.1 7.1 7.4 6.6 5.9

Domestic investment advisory 3.0 3.2 4.0 3.7 4.6 4.9 4.5 4.4 Overseas investment advisory 1.4 2.0 3.0 3.4 2.4 2.5 2.0 1.4

Total 15.7 16.0 21.0 25.9 24.3 25.2 22.5 18.9

Domestic Public Investment Trust Market and Nomura Asset Management Market Share

(trillions of yen)

Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31 2004 2005 2006 2007 2008 2008 2008 2008

Domestic public stock investment trusts

Market 23.3 28.9 45.0 59.4 57.7 60.6 52.8 40.8 Nomura’s share (%) 19% 15% 15% 18% 17% 17% 16% 16% Domestic public bond investment trusts Market 15.8 13.5 13.5 13.2 12.0 12.5 12.0 11.3 Nomura’s share (%) 40% 42% 42% 44% 44% 43% 43% 43% Source: Investment Trusts Association, Japan

Nomura Asset Management Net Asset Inflow

Full Year Quarter

(trillions of yen)

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3

1Q 2Q 3Q

Public stock investment trusts 0.1 -0.1 1.0 3.8 2.0 -0.1 -0.1 -0.1 Exclude ETF -0.1 0.2 1.4 3.7 1.8 -0.1 -0.2 -0.1 Public bond investment trusts -1.0 -0.7 0.0 0.2 -0.5 0.0 -0.1 -0.3 Privately placed investment trusts 0.1 0.3 0.5 0.7 0.2 0.1 0.1 0.0 Net Asset Inflow -0.7 -0.5 1.5 4.6 1.7 0.0 -0.2 -0.4

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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 1, 2008 to December 31, 2008 (billions of yen)

Maximum: 13.9

Minimum: 5.9

Average: 9.1

(billions of yen)

Mar. 2004 Mar. 2005 Mar. 2006 Mar. 2007 Mar. 2008 Jun. 2008 Sep. 2008 Dec. 2008

Equity 3.3 3.0 6.0 4.6 4.2 3.3 2.7 2.5 Interest Rate 2.0 2.8 3.3 3.7 4.7 3.7 3.4 4.2 Foreign Exchange 0.5 0.7 1.4 1.4 8.0 4.8 6.3 11.8

Sub-total 5.8 6.5 10.7 9.8 16.9 11.8 12.4 18.5 Diversification Benefit -1.9 -2.4 -3.7 -3.6 -6.8 -5.5 -5.1 -6.2 VaR 3.9 4.1 7.0 6.2 10.1 6.3 7.3 12.3

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Number of Employees

Mar. 2004 Mar. 2005 Mar. 2006 Mar. 2007 Mar. 2008 Dec. 2008

Japan (excluding FA)* 9,185 9,236 9,618 10,667 11,561 13,261 Japan (FA)** 1,915 1,875 1,948 2,174 2,377 2,455 Europe 1,403 1,535 1,515 1,791 1,956 4,559 Americas 866 1,026 1,073 1,322 1,063 1,040 Asia/Oceania(excluding Powai) 655 718 778 900 1,070 2,532 Powai - - - - - 2,472 Total 14,024 14,390 14,932 16,854 18,026 26,318

Note: Headcount figures have been reclassified to include certain contract employees since September 2007. Certain reclassifications of previously reported amounts have been made to conform to the current presentation. *Excludes employees of private equity investee companies **Figures up to Mar. 2008 include savings advisors.

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Market Share Data

Secondary Market Share Data

Full Year

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Individual Equity Agency Transactions Share*

Market 105.9 144.7 308.3 270.2 235.5 Nomura Securities’ share 10% 8% 7% 5% 4%

Off-floor/Off-exchange Equity Trading Share*

Off-floor market 31.9 33.2 48.6 48.2 46.0 Off-exchange 19.3 21.1 30.5 42.8 49.6 Nomura Securities’ share 16% 17% 21% 21% 21%

JGB Auction Share**

Market 74.4 80.1 80.7 85.3 85.3 Nomura Securities’ share 16% 18% 11% 11% 11%

Bond Secondary Trading Share

Market 1,235 1,361 1,296 1,341 1,526 Nomura Securities’ share 16% 15% 13% 11% 10%

Quarter

(trillions of yen)

FY2009.3

1Q 2Q 3Q

52.2 38.6 40.7

4% 3% 5%

9.9 8.6 7.6 12.8 11.5 6.5 14% 17% 22%

21.2 19.9 20.1 10% 11% 12%

406 378 395

8% 9% 13%

* Source: Nomura, based on Tokyo Stock Exchange, Osaka Securities Exchange, Nagoya Stock Exchange, and Japan Securities Dealers Association data.

** JGB auction share market only includes competitive auctions.

Primary Market Share Data

FY2009.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 1-3Q

(accumulated) Japan Equity and Equity-related

Nomura’s share 30% 25% 26% 33% 42% 27% Japanese IPO

Nomura’s share 27% 32% 20% 21% 44% 52% Japanese PO

Nomura’s share 33% 25% 27% 40% 42% 31% Convertible Bonds

Nomura’s share 28% 19% 34% 34% 38% 15% Global and Euro Yen Bonds

Nomura’s share 31% 23% 23% 7% 5% 17% Straight Bonds, Lead Manager (excl. self-funding)

Nomura’s share 19% 17% 18% 14% 16% 14% Source: Thomson Reuters (Value base)

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Consolidated Income

(billions of yen)

FY2008.3 FY2009.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

3Q 4Q 1Q 2Q 3Q

Revenue

Commissions 210.2 222.0 356.3 337.5 404.7 103.4 81.4 82.2 84.9 73.4 Fees from investment banking 87.0 92.3 108.8 99.3 85.1 20.3 18.7 13.4 10.0 19.7 Asset management and portfolio service fees 66.2 78.5 102.7 146.0 189.7 47.6 43.9 42.8 42.4 29.4 Net gain on trading 229.0 201.7 304.2 290.0 61.7 65.1 -111.8 10.5 -21.0 -134.5 Gain (loss) on private equity investments 13.1 7.7 12.3 47.6 76.5 -3.0 26.6 -37.7 23.2 -24.8 Interest and dividends 343.3 401.4 693.8 981.3 796.5 177.3 78.6 118.0 127.0 45.9 Gain (loss) on investments in equity securities 55.9 15.3 67.7 -20.1 -48.7 -7.0 -17.0 1.0 -9.8 -12.9

Private equity entities product sales 17.6 75.1 88.2 100.1- - - - - - -

Other 23.6 32.3 58.8 67.4 28.2 -3.4 5.7 27.7 1.1 6.6 Total revenue 1,045.9 1,126.2 1,792.8 2,049.1 1,593.7 400.4 126.0 257.9 257.7 2.7 Interest expense 242.8 327.0 647.2 958.0 806.5 156.1 104.5 122.8 129.7 52.5 Net revenue 803.1 799.2 1,145.7 1,091.1 787.3 244.3 21.5 135.1 128.1 -49.7 Non-interest expenses 520.4 594.4 700.1 769.3 851.8 199.9 219.8 219.4 197.4 349.8

Income (loss) from continuing operations before income taxes 282.7 204.8 445.6 321.8 -64.6 44.4 -198.3 -84.3 -69.3 -399.5 Income from discontinued operations before income taxes - - 99.4 - - - - - - -

Income (loss) before income taxes 282.7 204.8 545.0 321.8 -64.6 44.4 -198.3 -84.3 -69.3 -399.5 Net income (loss) from continuing operations 172.3 94.7 256.6 175.8 -67.8 21.8 -153.9 -76.6 -72.9 -342.9

Net income from discontinued operations - - 47.7 - - - - - - -

Net income (loss) 172.3 94.7 304.3 175.8 -67.8 21.8 -153.9 -76.6 -72.9 -342.9

Note1: 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: The above amounts reflect retrospective application of Statement of Position 07-1, “Clarification of the Scope of the Audit and Accounting Guide?Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies” for the year ended March 31, 2008.

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Adjustment of Consolidated Results and Segment Results: Income (Loss) before Income Taxes

Domestic Retail Global Markets Global Investment Banking Global Merchant Banking Asset Management

Business Segment Total Other

Segment Total

Unrealized gain (loss) on investments in equity securities held for operating purposes Effect of consolidation/deconsolidation of certain private equity investee companies

Income (loss) from continuing operations before income taxes Income from discontinued operations US GAAP before income taxes

Total

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

79.5 81.2 197.2 160.9 122.3

120.8 60.2 157.7 58.8 -226.2

17.2 29.2 51.5 44.4 22.8

0.5 -3.0 55.4 52.8 53.3

3.8 13.0 23.8 39.4 34.0

221.8 180.6 485.7 356.3 6.2

3.7 7.0 -33.7 21.0 -20.6

225.5 187.6 452.0 377.3 -14.4

54.7 8.4 59.3 -38.2 -50.2

2.4 8.9 -65.7 -17.3-

282.7 204.8 445.6 321.8 -64.6

- 99.4--

282.7 204.8 545.0 321.8 -64.6

(billions of yen)

FY2008.3 FY2009.3

3Q 4Q 1Q 2Q 3Q

28.5 11.1 16.2 5.3 2.3 24.4 -208.9 -61.6 -86.7 -295.5 5.7 0.2 12.6 -8.7 -19.9 -12.3 20.1 -39.4 14.6 -37.6 9.3 3.3 8.2 0.8 -2.1 55.6 -174.3 -64.1 -74.7 -352.9 -4.1 -7.1 -20.9 13.6 -35.1 51.5 -181.4 -84.9 -61.0 -388.0 -7.1 -17.0 0.7 -8.3 -11.6

--44.4 -198.3 -84.3 -69.3 -399.5

-44.4 -198.3 -84.3 -69.3 -399.5

Notes:1. Gain (loss) on investments in equity securities, our share of equity in the earnings (losses) of affiliates, impairment losses on long-lived assets, corporate items and other financial

adjustments are included as “Other” operating results outside business segments in our segment information. Unrealized gain (loss) on investments held for operating purposes and the effects of consolidation and deconsolidation of certain investments in our private equity business are classified as reconciling items outside our segment information. In addition,

Statement of Position 07-1, “Clarification of the Scope of the Audit and Accounting Guide—Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies” has been applied for private equity investments since the year ended March 31, 2008.

2. 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.

3. In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. 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.

4. 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.

5. The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009.

Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

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Main Revenue Items

Commissions

(billions of yen)

FY2008.3 FY2009.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

3Q 4Q 1Q 2Q 3Q

Stock brokerage commissions (Domestic Retail) 92.1 103.0 153.6 98.3 75.1 18.7 13.9 14.8 10.7 15.0

Stock brokerage commissions (Other) 45.4 40.2 79.5 73.2 166.6 44.5 41.2 32.7 41.3 41.8 Other brokerage commissions 12.2 13.0 14.3 6.8 9.3 2.4 1.6 1.7 1.9 3.5

Commissions for distribution of investment trusts 37.3 41.7 85.1 120.5 121.2 30.6 17.2 25.8 24.2 6.9

Other 23.2 24.1 23.8 38.6 32.4 7.4 7.4 7.1 6.9 6.3 Total 210.2 222.0 356.3 337.5 404.7 103.4 81.4 82.2 84.9 73.4

Fees from Investment Banking

Equity underwriting and distribution 44.7 49.1 57.3 56.6 32.1 11.3 6.3 2.3 0.6 8.8 Bond underwriting and distribution 26.4 20.5 21.2 15.3 13.4 2.9 4.2 4.4 2.8 0.6

M&A/Financial advisory fees 15.8 22.6 30.3 26.7 37.8 5.7 8.2 4.6 6.2 10.1 Other 0.1 0.1 0.1 0.7 1.8 0.4 -0.0 2.1 0.4 0.1 Total 87.0 92.3 108.8 99.3 85.1 20.3 18.7 13.4 10.0 19.7

Asset Management and Portfolio Service Fees

Asset management fees 44.2 51.1 68.5 106.3 150.3 38.7 33.2 33.5 31.0 21.2 Administration fees 12.1 16.1 20.6 24.0 21.7 4.6 6.3 5.0 7.4 4.8 Custodial fees 9.9 11.3 13.6 15.7 17.7 4.3 4.3 4.3 4.1 3.4 Total 66.2 78.5 102.7 146.0 189.7 47.6 43.9 42.8 42.4 29.4

Net Gain on Trading*

Bonds and other 152.3 120.9 150.9 154.9 -70.3 44.7 -141.2 -22.7 -22.3 -120.0 Equity 75.2 76.8 148.1 137.6 137.0 25.6 31.5 33.3 1.7 -14.0 Merchant banking 1.5 4.0 5.2 -2.5 -5.0 -5.1 -2.1 -0.1 -0.5 -0.6 Net interest revenue 100.4 74.3 46.6 23.3 -9.9 21.2 -25.9 -4.8 -2.7 -6.6 Total 329.4 276.0 350.8 313.4 51.8 86.3 -137.7 5.7 -23.7 -141.1

*Includes net interest revenue

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Nomura Holdings, Inc.