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 October 2006.

 

 

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), Second quarter, year ending March 2007

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: October 26, 2006

     By:   /s/ TETSU OZAKI
        Tetsu Ozaki
        Senior Managing Director

Table of Contents
Consolidated Results of Operations
(US GAAP)
Second quarter, year ending March 2007
Nomura Holdings, Inc.
October 2006

Table of Contents
2
1.
This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2006 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
Financial Highlights (p.4)
Business Segment Highlights (p.5)
Domestic Retail (p.6)
Global Markets (p.7)
Global Investment Banking (p.8)
Global Merchant Banking (p.9)
Asset Management (p.10)
Non-interest Expenses
(Business segment total) (p.11)
Presentation
Outline
Net Income and ROE (p.13)
Consolidated Income (p.14)
Main Revenue Items (p.16)
Adjustment of Consolidated Results and Segment Results (p.18)
Difference Between Segment Totals and Consolidated Results (p.20)
Income by Segment (p.21)
Segment “Other”
Income before Income Taxes (p.23)
Consolidated Balance Sheet (p.24)
Effect of Consolidation/Deconsolidation of Certain Private Equity
Investee Companies (p.25)
Domestic Retail Related Data (p.26)
Global Merchant Banking Related Data (p.30)
Asset Management Related Data (p.31)
Second Quarter Achievements (p.34)
League Tables (p.35)
Market Share Data (p.36)
Value at Risk (p.37)
Number of Employees (p.38)
Appendix

Table of Contents
4
106.5
20.1
43.5
60.9
128.6
22.1%
13.1%
25.4%
3.9%
8.3%
0
20
40
60
80
100
120
140
0%
5%
10%
15%
20%
25%
30%
Second Quarter Financial Highlights
Net Revenue
Net Income/ROE (Annualized)
Income before Income Taxes**
Appendix:
Consolidated income
(Quarterly):  P15
Adjustment of Consolidated
Results and Segment
Results (Quarterly): P19
* Annualized
Net Income (left)
ROE (annualized, right)
**Income before income taxes for the year ended March 31, 2006, is the total for continuing and discontinued operations.
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
the
operations
of
Millennium
Retailing
Inc. (one of Nomura Principal Finance’s private equity investee companies, and whose operations were treated as discontinued during the third quarter of the fiscal year ended March 31, 2006,
in conjunction with the agreement reached in the third quarter by Nomura Principal Finance to sell its stake in Millennium Retailing Inc.) are not shown independently.
Income from discontinued operations
before income taxes
Income before income taxes
2Q
3Q
4Q
1Q
2Q
FY2006.3
FY2007.3
2Q
3Q
4Q
1Q
2Q
FY2006.3
FY2007.3
2Q
3Q
4Q
1Q
2Q
FY2006.3
FY2007.3
(billions of yen)
(billions of yen)
(billions
of yen)
Net revenue for the second quarter was 251.0 billion yen (+22% QoQ, -8% YoY).  Income before income taxes was
73.1 billion yen (x2.2 QoQ, -38% YoY). Net income was 43.5 billion yen (x2.2 QoQ, -29% YoY). ROE* for the second
quarter was 8.3%.
Effects of consolidation / deconsolidation of certain private
equity investee companies
Unrealized gain (loss) on investments in equity securities held
for relationship purposes
Business Segment results
255.7
-20.6
-62.9
0.1
209.8
282.2
386.4
219.8
36.3
2.8
-4.8
31.3
16.8
21.6
40.7
251.0
205.9
325.7
272.6
0
100
200
300
400
500
359.8
81.5
231.8
101.2
9.9
82.6
31.3
36.3
2.8
-20.6
-90.8
23.0
-0.4
97.7
54.4
5.3
-4.8
-0.5
-19.8
209.6
187.1
117.6
73.1
33.4
0
100
200
300

Table of Contents
5
Second Quarter Business Segment Highlights
Net Revenue
Appendix:
Income by segment (Quarterly):
P22
Segment “Other”
Income
before Income Taxes: P23
Income before Income Taxes
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
2Q
3Q
4Q
1Q
2Q
FY2006.3
FY2007.3
2Q
3Q
4Q
1Q
2Q
FY2006.3
FY2007.3
(billions of yen)
(billions
of yen)
Despite
a
loss
before
income
taxes
in
Global
Markets
due
to
a
30%
QoQ
decline
in
revenue,
Global
Investment
Banking, Global Merchant Banking, and Asset Management all saw an expansion in revenue and net revenue was
255.7billion yen (+22% QoQ, +16% YoY). Income before income taxes for the quarter was 97.7 billion yen (+79%
QoQ, +20% YoY).
101.4
136.7
123.6
105.6
94.5
77.7
115.2
128.4
68.9
48.5
31.1
18.8
29.7
-15.5
12.1
44.5
17.6
23.9
35.3
20.5
6.9
80.1
18.4
18.1
15.4
1.0
-2.1
-3.9
-13.3
14.6
282.2
209.8
219.8
386.4
255.7
0
100
200
300
400
41.4
74.1
51.4
42.5
28.2
60.9
66.0
14.3
-3.6
17.0
5.6
16.3
-21.0
9.8
41.5
5.2
11.1
-17.9
31.5
23.3
9.1
4.7
77.6
4.7
6.2
5.7
-23.0
-9.9
-10.3
4.3
101.2
54.4
231.8
81.5
97.7
0
50
100
150
200
250

Table of Contents
6
Domestic Retail
Net Revenue and Income before Income Taxes
Appendix:
Retail stock brokerage
commissions, commissions for
investment trusts distribution,
domestic distribution volume of
investment trusts, retail foreign
currency bond sales,
etc: P26
Domestic Client Assets: P27
Domestic Client Assets Net Asset
Inflow: P28
Number of Accounts: P29
Second Quarter
Achievements:P34
*Nomura Securities (See p.26)
(billions of yen)
(billions
of yen)
Net revenue of 94.5 billion yen (-11% QoQ, -7% YoY), income before income taxes of 28.2 billion yen (-34%
QoQ, -32% YoY).  Domestic Client Assets increased by 1 trillion yen during the quarter to 77.7 trillion yen.
An overall decline in individual investor equity transaction value led to a 33% decline in stock brokerage commissions to 18.8 billion yen.
Although commissions for distribution of investment trusts* declined 15% to 23.9 billion yen, demand for investment trusts remained strong as
customer needs continued to diversify and commissions were in line with last fiscal year.
Revenue down but steady asset inflow on way to target of 100tn yen
Full Year
Full Year
Quarter
Quarter
2Q
3Q
4Q
1Q
2Q
Commissions
104.1
155.2
174.0
269.4
61.0
85.5
77.7
63.0
50.8
-19%
-17%
Sales credit
95.7
97.8
73.7
109.0
24.7
32.3
24.5
23.8
20.1
-16%
-19%
Fees from investment banking
15.0
26.1
24.5
26.4
6.1
8.0
8.9
3.5
6.5
89%
8%
Investment trust administration fees and other
32.0
21.8
26.1
34.4
8.1
9.1
10.1
10.6
11.3
7%
40%
Net interest revenue
2.4
4.9
6.1
7.4
1.5
1.9
2.3
4.7
5.7
21%
281%
Net revenue
249.3
305.8
304.4
446.5
101.4
136.7
123.6
105.6
94.5
-11%
-7%
Non-interest expenses
213.6
226.2
223.2
249.3
60.0
62.6
72.2
63.1
66.3
5%
11%
Income before income taxes
35.7
79.5
81.2
197.2
41.4
74.1
51.4
42.5
28.2
-34%
-32%
FY2005.3
FY2006.3
FY2003.3
FY2004.3
FY2006.3
FY2007.3
YoY
QoQ
51.4
42.5
28.2
74.1
41.4
94.5
101.4
136.7
123.6
105.6
0
50
100
150
304.4
305.8
249.3
197.2
81.2
79.5
35.7
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

Table of Contents
7
Global Markets
Appendix:
Second Quarter
Achievements: P34
Market Share Data: P36
Value at Risk
(consolidated) : P37
Net Revenue and Income before Income Taxes
Note
1:
In
April
2004,
Fixed
Income,
Equity
and
certain
functions
of
Investment
Banking
were
consolidated
to
create
Global
Markets.
Note
2:
Figures
up
to
FY2004.3
are
the
total
of
Fixed
Income
and
Equity
and
differ
slightly
in
composition.
(billions of yen)
(billions
of yen)
Net revenue was 48.5 billion yen (-30% QoQ, -38% YoY). Income before income taxes of -3.6 billion yen.
Net
revenue
from
Fixed
Income
declined
39%
QoQ
to
18.7
billion
yen
due
to
a
drop
off
in
JGB
and
derivative
trading
as
a
result
of
turmoil
in
the
bond
market stemming from a revision to Japan’s consumer price index, and changes in the interest rate and foreign exchange markets.
Equity
net
revenue
decreased
29%
QoQ
to
24.0
billion
yen,
reflecting
a
continued
slump
in
block
trades
and
a
decline
in
trading
revenue
due
to
reduced stock market volatility.
Trading revenue declined due to market factors
Quarter
Quarter
Full Year
Full Year
2Q
3Q
4Q
1Q
2Q
Fixed Income
154.0
174.0
119.8
173.8
36.5
54.1
62.0
30.8
18.7
-39%
-49%
Equity
82.0
110.2
90.2
168.5
34.4
53.3
57.2
34.0
24.0
-29%
-30%
Other
0.0
0.0
33.1
28.8
6.9
7.8
9.3
4.1
5.7
38%
-17%
Net revenue
236.0
284.1
243.1
371.1
77.7
115.2
128.4
68.9
48.5
-30%
-38%
Non-interest expenses
142.4
163.3
182.9
213.4
46.2
54.3
62.4
54.6
52.1
-5%
13%
Income before income taxes
93.6
120.8
60.2
157.7
31.5
60.9
66.0
14.3
-3.6
-
-
YoY
QoQ
FY2005.3
FY2006.3
FY2007.3
FY2006.3
FY2003.3
FY2004.3
93.6
120.8
60.2
157.7
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
-3.6
14.3
66.0
60.9
31.5
48.5
68.9
128.4
115.2
77.7
0
20
40
60
80
100
120
140
160

Table of Contents
8
2Q
3Q
4Q
1Q
2Q
Net revenue
69.1
70.9
75.4
99.7
20.5
35.3
31.1
18.8
29.7
58%
45%
Non-interest expenses
56.4
53.7
46.2
48.1
11.3
12.0
14.2
13.2
13.4
1%
18%
Income before income taxes
12.8
17.2
29.2
51.5
9.1
23.3
17.0
5.6
16.3
192%
78%
YoY
QoQ
FY2005.3
FY2006.3
FY2007.3
FY2006.3
FY2003.3
FY2004.3
99.7
75.4
70.9
69.1
51.5
29.2
17.2
12.8
0
20
40
60
80
100
120
Net revenue
Income before
income taxes
20.5
35.3
31.1
18.8
29.7
9.1
23.3
17.0
5.6
16.3
0
10
20
30
40
Global Investment Banking
Appendix:
Second Quarter
Achievements: P34
League Tables: P35
Market Share Data: P36
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.
(billions of yen)
(billions
of yen)
Net revenue of 29.7 billion yen (+58% QoQ, +45% YoY), income before income taxes of 16.3 billion yen       
(x2.9 QoQ, +78% YoY).
In
equity-related
underwriting,
we
acted
as
lead
manager
for
such
deals
as
the
public
offerings
by
Elpida
Memory
and
Matsushita
Electric
Industrial,
and IPOs
of Nomura Real Estate Holdings and MID REIT. We ranked number one in the Equity and Equity-Related (Japan) league table* for the
nine months to September 30, 2006.
In M&A, we acted as financial advisor on such deals as the tender offer by Oji Paper for Hokuetsu Paper Mills and Marubeni’s purchase of Daiei
shares from the Industrial Revitalization Corporation of Japan.
*Thomson Financial
Equity underwriting up on strong demand for funding
Full Year
Full Year
Quarter
Quarter

Table of Contents
9
Global Merchant Banking
Appendix:
Effect of consolidation /
deconsolidation of certain
PE investee companies :
P25
Business exposure: P30
Net Revenue and Income before Income Taxes
(billions of yen)
(billions
of yen)
Net revenue of 44.5 billion yen (x3.7 QoQ, x6.5 YoY), income before income taxes of 41.5 billion yen (x4.2
QoQ, x8.9 YoY).
Booked realized / unrealized gains as a result of the partial sale of Tungaloy, a Nomura Principal Finance investee company.
Booked unrealized
gains and losses on Terra Firma investee companies.
In new investments, NPF invested 53 billion yen as a general partner in an investment partnership for a management buyout of Skylark;
underwrote 25 billion of a capital increase by Mitsui Life Insurance.
Solid performance and increase in new investments
Quarter
Quarter
Full Year
Full Year
2Q
3Q
4Q
1Q
2Q
Net revenue
-6.6
10.7
7.3
68.2
6.9
80.1
-15.5
12.1
44.5
267%
548%
Non-interest expenses
8.6
10.2
10.4
12.8
2.2
2.5
5.5
2.3
3.1
31%
39%
Income before income taxes
-15.3
0.5
-3.0
55.4
4.7
77.6
-21.0
9.8
41.5
323%
786%
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
QoQ
YoY
-6.6
10.7
7.3
68.2
-15.3
0.5
-3.0
55.4
0
30
60
90
Net revenue
Income before
income taxes
6.9
80.1
-15.5
12.1
44.5
41.5
-21.0
77.6
4.7
9.8
0
30
60
90

Table of Contents
10
2Q
3Q
4Q
1Q
2Q
Net revenue
40.4
40.3
49.0
65.8
15.4
18.1
18.4
17.6
23.9
35%
55%
Non-interest expenses
36.3
39.8
39.0
45.2
10.7
11.8
12.7
12.4
12.8
3%
20%
Income before income taxes
4.0
0.5
10.0
20.6
4.7
6.2
5.7
5.2
11.1
112%
136%
FY2005.3
FY2006.3
FY2003.3
FY2004.3
YoY
QoQ
FY2007.3
FY2006.3
65.8
49.0
40.3
40.4
20.6
4.0
0.5
10.0
0
20
40
60
80
Net revenue
Income before income
taxes
15.4
18.1
18.4
17.6
23.9
11.1
5.2
4.7
6.2
5.7
0
5
10
15
20
25
30
Asset Management
Appendix:
Assets Under
Management: P31,32
Asset Management
related data: P33
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.
*As of September 2006
(billions of yen)
(billions of yen)
Net revenue of 23.9 billion yen (+35% QoQ, +55% YoY). Income before income taxes of 11.1 billion yen      
(x2.1 QoQ, x2.4 YoY). Total assets under management of 23 trillion yen*.
Steady growth in sales of funds offering frequent distributions such as My Story Profit Distribution-type Fund and newly launched funds such as
Nomura-All-In-One Fund.
Assets
under
management
in
funds
for
bank
customers
up
426.5
billion
yen
QoQ
to
1.3
trillion
yen*.
Net
assets
in
Nomura
Global
6
Assets
Diversified
Fund
distributed
through
Japan
Post
rose
79.7
billion
yen
QoQ
to
247.0
billion
yen.* 
Booked gain on sale of stake in group company. 
Distribution of investment trusts growing in various channels
Full Year
Full Year
Quarter
Quarter

Table of Contents
11
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
P18,
P19
and
P25
for
more
details.
Compensation and Benefits
Appendix:
Effect of Consolidation /
Deconsolidation of Certain PE
Investee Companies: P25
Number of Employees: P38
Non-interest expenses (business segment total) of 158.0 billion yen (+2% QoQ, +14% YoY)
Compensation
and
benefits
decreased
5%
QoQ
to
75.2
billion
yen.
Information
processing
and
communications
increased
19%
QoQ
to
27.3
billion
yen.
(billions of yen)
(billions
of yen)
Quarter
Quarter
Full Year
2Q
3Q
4Q
1Q
2Q
FY2005.3
FY2006.3
FY2007.3
FY2006.3
FY2004.3
114.4
113.6
150.5
142.4
151.1
160.7
264.7
311.3
256.9
0
50
100
150
200
250
300
350
(billions of yen)
30.3
43.5
46.2
37.7
33.4
39.7
41.0
41.5
41.9
41.7
79.5
87.7
84.5
70.0
75.2
Fixed-type compensation and benefits
Variable-type compensation and
benefits
1
2Q
3Q
4Q
1Q
2Q
Compensation and benefits
256.9
264.7
311.3
70.0
84.5
87.7
79.5
75.2
-5%
8%
Commissions and floor brokerage
18.9
22.1
31.4
8.6
8.1
9.3
9.8
10.1
3%
18%
Information processing and communications
79.9
80.9
89.1
20.5
20.8
27.3
23.0
27.3
19%
33%
Occupancy and related depreciation
53.7
50.8
50.8
12.8
12.4
14.3
13.4
12.9
-4%
0%
Business development expenses
22.8
26.2
30.6
7.7
7.0
9.6
7.2
9.2
27%
19%
Other
72.4
76.6
94.7
18.7
21.8
32.8
22.4
23.3
4%
25%
Total
504.0
521.4
607.8
138.3
154.5
180.9
155.3
158.0
2%
14%
YoY
QoQ
FY2004.3
FY2005.3
FY2006.3
FY2007.3
FY2006.3
504.0
607.8
521.4
0
100
200
300
400
500
600
700
Other
Business development
expenses
Occupancy and related
depreciation
Information processing
and communications
Commissions and floor
brokerage
Compensation and
benefits
138.3
154.5
180.9
155.3
158.0
0
50
100
150
200
250

Table of Contents
Appendix

Table of Contents
13
FY2007.3
1H
Net income (lhs)
168.0
119.9
172.3
94.7
304.3
63.7
ROE (rhs)
11.1%
7.4%
10.1%
5.2%
15.5%
6.1%
*
Net income per basic share (yen)
85.6
61.3
88.8
48.8
159.0
33.4
Shareholders' equity per share (yen)
816.5
846.4
919.7
962.5
1,083.2
1,114.9
* Annualized
FY2006.3
FY2005.3
FY2002.3
FY2003.3
FY2004.3
0%
5%
10%
15%
20%
304.3
94.7
172.3
119.9
168.0
11.1%
10.1%
15.5%
7.4%
5.2%
0
100
200
300
400
Net income (lhs)
ROE (rhs)
Net Income and ROE
(billions of yen)
6.1%
63.7
Full Year
Half Year

Table of Contents
14
Consolidated Income (Annually)
(billions of yen)
*FY2002.3
includes
3.5
billion
yen
for
equity
in
earnings
(losses)
of
affiliates,
294.9
billion
yen
in
product
sales
(PFG
investee
company),
177.1
billion
yen
in
revenue
from
rental
business
(PFG
investee
company),
and
116.3
billion
yen
gain
from
sale
of
PFG
investee
company.
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
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
Half Year
Full Year
FY2005.3
FY2006.3
1H
1H
Commissions
140.0
141.6
210.2
222.0
356.3
132.7
145.6
10%
Fees from investment banking
75.3
81.8
87.0
92.3
108.8
38.8
41.3
6%
Asset management and portfolio service fees
110.0
79.3
66.2
78.5
102.7
44.9
65.2
45%
Net gain on trading
162.2
172.3
229.0
201.7
304.2
114.6
103.3
-10%
Gain (loss) on private equity investments
232.5
-14.4
13.1
7.7
12.3
-0.2
37.3
-
Interest and dividends
500.5
368.7
343.3
401.4
693.8
316.2
440.2
39%
Gain (loss) on investments in equity securities
-55.9
-41.3
55.9
15.3
67.7
28.4
-20.6
-
Private equity entities product sales
-
6.2
17.6
75.1
88.2
46.5
42.7
-8%
Other*
660.8
13.4
23.6
32.3
58.8
12.6
15.9
26%
1,825.4
807.7
1,045.9
1,126.2
1,792.8
734.5
870.9
19%
504.0
241.4
242.8
327.0
647.2
274.3
414.0
51%
1,321.4
566.3
803.1
799.2
1,145.7
460.2
456.9
-1%
1,148.4
518.9
520.4
594.4
700.1
318.8
350.4
10%
173.0
47.4
282.7
204.8
445.6
141.4
106.5
-25%
-
-
-
-
99.4
6.9
-
-
Income before income taxes
173.0
47.4
282.7
204.8
545.0
148.3
106.5
-28%
168.0
119.9
172.3
94.7
256.6
69.8
63.7
-9%
-
-
-
-
47.7
-0.6
-
-
Net income
168.0
119.9
172.3
94.7
304.3
69.2
63.7
-8%
Net income from discontinued operations
Net income from continuing operations
Revenue
FY2002.3
FY2003.3
Non-interest expenses
Income from continuing operations before income taxes
FY2006.3
Income from discontinued operations before income taxes
Total revenue
Net revenue
YoY
Interest expense
FY2005.3
FY2004.3

Table of Contents
15
Consolidated Income (Quarterly)
(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
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
Commissions
69.5
45.6
46.3
60.6
55.2
77.5
106.2
117.5
79.6
66.1
-17%
-15%
Fees from investment banking
15.4
32.3
18.4
26.1
14.7
24.1
28.6
41.5
14.4
26.9
87%
12%
Asset management and portfolio service fees
18.2
19.8
19.3
21.1
19.9
24.9
25.6
32.2
29.7
35.5
19%
42%
Net gain on trading
53.6
23.1
54.7
70.3
70.8
43.8
90.6
99.0
55.8
47.5
-15%
8%
Gain (loss) on private equity investments
0.5
-2.1
-2.2
11.5
-2.5
2.2
7.6
5.0
9.8
27.5
181%
1124%
Interest and dividends
81.9
101.1
122.0
96.4
132.9
183.3
216.2
161.4
207.9
232.3
12%
27%
Gain (loss) on investments in equity securities
10.3
-11.6
7.8
8.9
-2.8
31.2
36.2
3.1
-20.5
-0.0
-
-
Private equity entities product sales
17.4
15.9
20.2
21.6
24.5
22.0
23.9
17.8
21.0
21.7
4%
-1%
Other
8.5
4.7
7.2
11.8
6.9
5.7
19.1
27.0
4.2
11.7
181%
105%
275.3
228.8
293.8
328.4
319.6
414.8
554.0
504.4
401.7
469.2
17%
13%
61.4
72.0
99.9
93.8
132.1
142.2
194.2
178.7
195.8
218.2
11%
53%
213.9
156.8
193.9
234.5
187.5
272.6
359.8
325.7
205.9
251.0
22%
-8%
141.5
140.6
144.7
167.6
158.4
160.3
182.5
198.7
172.5
177.9
3%
11%
72.5
16.2
49.2
67.0
29.1
112.3
177.2
127.0
33.4
73.1
119%
-35%
-
-
-
-
1.6
5.3
9.9
82.6
-
-
-
-
Income before income taxes
72.5
16.2
49.2
67.0
30.7
117.6
187.1
209.6
33.4
73.1
119%
-38%
40.8
3.2
25.1
25.5
9.1
60.7
104.0
82.8
20.1
43.5
116%
-28%
-
-
-
-
-0.8
0.2
2.4
45.9
-
-
-
-
Net income
40.8
3.2
25.1
25.5
8.3
60.9
106.5
128.6
20.1
43.5
116%
-29%
FY2005.3
FY2006.3
QoQ
YoY
Revenue
Total revenue
Interest expense
FY2007.3
Net income from continuing operations
Net income from discontinued operations
Net revenue
Non-interest expenses
Income from continuing operations before income taxes
Income from discontinued operations before income taxes

Table of Contents
16
Main Revenue Items (Annually)
(billions of yen)
*Includes net interest revenue
FY2006.3
FY2007.3
1H
1H
Stock brokerage commissions (Domestic Retail)
48.2
92.1
103.0
153.6
55.4
46.8
-16%
Stock brokerage commissions (Other)
29.3
45.4
40.2
79.5
22.1
25.6
16%
Other brokerage commissions
7.6
12.2
13.0
14.3
5.0
4.7
-6%
Commissions for distribution of investment trusts
30.5
37.3
41.7
85.1
37.1
49.0
32%
Other
26.0
23.2
24.1
23.8
13.0
19.5
50%
Total
141.6
210.2
222.0
356.3
132.7
145.6
10%
Equity underwriting commissions
24.6
44.7
49.1
57.3
17.3
22.4
30%
Bond underwriting commissions
37.0
26.4
20.5
21.2
8.3
7.1
-15%
M&A/Financial advisory fees
16.8
15.8
22.6
30.3
13.1
11.5
-12%
Other
3.4
0.1
0.1
0.1
0.0
0.2
410%
Total
81.8
87.0
92.3
108.8
38.8
41.3
6%
Asset management fees
60.2
44.2
51.1
68.5
29.5
45.6
54%
Administration fees
10.0
12.1
16.1
20.6
9.3
12.3
32%
Custodial fees
9.1
9.9
11.3
13.6
6.0
7.3
21%
Total
79.3
66.2
78.5
102.7
44.9
65.2
45%
Bonds and other
133.6
152.3
120.9
150.9
56.1
61.1
9%
Equity
35.9
75.2
76.8
148.1
54.3
44.4
-18%
Gain on merchant banking trading
2.8
1.5
4.0
5.2
4.2
-2.2
-
Net interest revenue
127.3
100.4
74.3
46.6
41.9
26.1
-38%
Total
299.6
329.4
276.0
350.8
156.6
129.5
-17%
FY2003.3
FY2004.3
FY2005.3
FY2006.3
YoY
Half Year
Full Year
Commissions
Fees from
Investment
Banking
Asset Management
and Portfolio
Service Fees
Net Gain on
Trading*

Table of Contents
17
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*
1Q
2Q
3Q
4Q
1Q
2Q
Stock brokerage commissions (Domestic Retail)
20.8
34.6
53.9
44.2
28.0
18.8
-33%
-46%
Stock brokerage commissions (Other)
8.0
14.2
16.7
40.6
13.8
11.8
-14%
-17%
Other brokerage commissions
2.8
2.2
6.0
3.3
2.7
1.9
-29%
-10%
Commissions for distribution of investment trusts
17.5
19.6
22.4
25.6
25.8
23.1
-11%
18%
Other
6.1
6.9
7.2
3.7
9.2
10.3
13%
50%
Total
55.2
77.5
106.2
117.5
79.6
66.1
-17%
-15%
Equity underwriting commissions
4.9
12.4
17.9
22.1
6.3
16.2
158%
30%
Bond underwriting commissions
3.6
4.7
4.2
8.6
2.9
4.2
46%
-11%
M&A/Financial advisory fees
6.2
6.9
6.4
10.8
5.2
6.4
23%
-8%
Other
0.1
0.0
0.1
0.0
0.0
0.2
735%
-
Total
14.7
24.1
28.6
41.5
14.4
26.9
87%
12%
Asset management fees
13.5
16.1
17.8
21.1
21.7
23.9
10%
49%
Administration fees
3.4
5.9
4.2
7.1
4.5
7.8
74%
32%
Custodial fees
3.1
2.9
3.6
4.0
3.6
3.7
5%
26%
Total
19.9
24.9
25.6
32.2
29.7
35.5
19%
42%
Bonds and other
31.7
24.4
58.4
36.4
26.7
34.4
29%
41%
Equity
38.9
15.4
32.8
61.0
31.7
12.7
-60%
-18%
Gain on merchant banking trading
0.2
4.0
-0.6
1.6
-2.6
0.4
-
-89%
Net interest revenue
0.8
41.1
22.0
-17.3
12.1
14.1
17%
-66%
Total
71.6
85.0
112.5
81.7
67.8
61.6
-9%
-27%
FY2007.3
YoY
QoQ
FY2006.3

Table of Contents
18
Adjustment of Consolidated Results and Segment Results (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
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
Segment results
Unrealized gain (loss)
on investments in
equity securities held
for relationship
purposes
Effects of
consolidation /
deconsolidation of
certain private equity
investee
companies
US GAAP
Full Year
Half Year
FY2006.3
FY2007.3
1H
1H
Net revenue
602.8
729.5
709.0
1,059.8
391.2
465.5
19%
Non-interest expenses
513.5
504.0
521.4
607.8
272.3
313.4
15%
Income before income taxes
89.2
225.5
187.6
452.0
118.9
152.1
28%
Net revenue
-43.0
54.7
8.4
59.3
20.3
-25.5
-
Non-interest expenses
-
-
-
-
-
-
-
Income before income taxes
-43.0
54.7
8.4
59.3
20.3
-25.5
-
Net revenue
6.5
18.9
81.8
26.5
48.6
16.9
-65%
Non-interest expenses
5.3
16.4
73.0
92.2
46.5
37.1
-20%
Income before income taxes
1.2
2.4
8.9
-65.7
2.2
-20.2
-
Net revenue
566.3
803.1
799.2
1,145.7
460.2
456.9
-1%
Non-interest expenses
518.9
520.4
594.4
700.1
318.8
350.4
10%
Income from continuing operations
before income taxes
47.4
282.7
204.8
445.6
141.4
106.5
-25%
Income from discontinued
operations before income taxes
-
-
-
99.4
6.9
-
-
Income before income taxes
47.4
282.7
204.8
545.0
148.3
106.5
-28%
FY2003.3
FY2006.3
YoY
FY2005.3
FY2004.3

Table of Contents
19
Adjustment of Consolidated Results and Segment Results (Quarterly)
(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
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
1Q
2Q
3Q
4Q
1Q
2Q
Net revenue
171.4
219.8
386.4
282.2
209.8
255.7
22%
16%
Non-interest expenses
134.0
138.3
154.5
180.9
155.3
158.0
2%
14%
Income before income taxes
37.4
81.5
231.8
101.2
54.4
97.7
79%
20%
Net revenue
-11.0
31.3
36.3
2.8
-20.6
-4.8
-
-
Non-interest expenses
-
-
-
-
-
-
-
-
Income before income taxes
-11.0
31.3
36.3
2.8
-20.6
-4.8
-
-
Net revenue
27.1
21.6
-62.9
40.7
16.8
0.1
-100%
-100%
Non-interest expenses
24.4
22.1
28.0
17.8
17.2
19.9
15%
-10%
Income before income taxes
2.7
-0.5
-90.8
23.0
-0.4
-19.8
-
-
Net revenue
187.5
272.6
359.8
325.7
205.9
251.0
22%
-8%
Non-interest expenses
158.4
160.3
182.5
198.7
172.5
177.9
3%
11%
Income from continuing operations
before income taxes
29.1
112.3
177.2
127.0
33.4
73.1
119%
-35%
Income from discontinued
operations before income taxes
1.6
5.3
9.9
82.6
-
-
-
-
Income before income taxes
30.7
117.6
187.1
209.6
33.4
73.1
119%
-38%
FY2006.3
YoY
QoQ
FY2007.3
Segment results
Unrealized gain (loss) on
investments in equity
securities held for
relationship purposes
Effects of consolidation /
deconsolidation of
certain private equity
investee
companies
US GAAP

Table of Contents
20
Difference Between Segment Totals and Consolidated Results
Segment total
income before
income taxes
97.7 billion yen
Segment total
income before
income taxes
97.7 billion yen
Gain (loss) on investments
in equity securities held
for relationship purposes
-
4.8 billion yen
Effect of consolidation/
deconsolidation of certain
private equity investee companies
-
19.8 billion yen
Because Tungaloy is a
consolidated subsidiary,
unrealized gains are not
included in second quarter
consolidated results.
Unrealized gain (loss) from
Tungaloy stake will be reflected
in consolidated results when
Tungaloy is no longer a
consolidated subsidiary or
accounted for under the equity
method.
*See p. 18, 19 for effect of consolidation/deconsolidation of
certain private equity investee companies
Realized gains from
partial sale of Tungaloy
stake and unrealized
gain from remains of
stake included in second
quarter segment total
income before income
taxes.
Difference between segment total and consolidated
income before income taxes
Consolidated
income before
income taxes
73.1 billion yen

Table of Contents
21
Income by Segment (Annually)
Notes:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
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.
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.
(billions of yen)
FY2006.3
FY2007.3
1H
1H
Net revenue
229.1
249.3
305.8
304.4
446.5
186.2
200.1
7%
Non-interest expenses
208.6
213.6
226.2
223.2
249.3
114.5
129.4
13%
Income before income taxes
20.5
35.7
79.5
81.2
197.2
71.7
70.7
-1%
Net revenue
215.8
236.0
284.1
243.1
371.1
127.5
117.4
-8%
Non-interest expenses
133.2
142.4
163.3
182.9
213.4
96.7
106.6
10%
Income before income taxes
82.6
93.6
120.8
60.2
157.7
30.8
10.7
-65%
Net revenue
88.3
69.1
70.9
75.4
99.7
33.2
48.5
46%
Non-interest expenses
57.4
56.4
53.7
46.2
48.1
22.0
26.7
21%
Income before income taxes
30.9
12.8
17.2
29.2
51.5
11.3
21.8
94%
Net revenue
135.8
-6.6
10.7
7.3
68.2
3.6
56.7
1471%
Non-interest expenses
58.0
8.6
10.2
10.4
12.8
4.8
5.4
13%
Income before income taxes
77.7
-15.3
0.5
-3.0
55.4
-1.2
51.3
-
Net revenue
51.5
40.4
40.3
49.0
65.8
29.3
41.5
41%
Non-interest expenses
39.5
36.3
39.8
39.0
45.2
20.7
25.2
22%
Income before income taxes
12.0
4.0
0.5
10.0
20.6
8.6
16.3
88%
Net revenue
720.6
588.1
711.8
679.2
1,051.4
379.9
464.2
22%
Non-interest expenses
496.8
457.3
493.2
501.7
568.9
258.6
293.3
13%
Income before income taxes
223.8
130.8
218.5
177.5
482.5
121.3
170.8
41%
Net revenue
21.3
14.7
17.8
29.8
8.4
11.3
1.3
-88%
Non-interest expenses
166.5
56.2
10.8
19.7
38.9
13.7
20.1
47%
Income before income taxes
-145.2
-41.6
7.0
10.1
-30.5
-2.4
-18.7
-
Net revenue
741.8
602.8
729.5
709.0
1,059.8
391.2
465.5
19%
Non-interest expenses
663.3
513.5
504.0
521.4
607.8
272.3
313.4
15%
Income before income taxes
78.5
89.2
225.5
187.6
452.0
118.9
152.1
28%
YoY
FY2002.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
Domestic Retail
Global Markets
Global Investment
Banking
Asset
Management
5 Business
Segment Total
Other
Segment Total
Full Year
Half Year
Global Merchant
Banking

Table of Contents
22
Income by Segment (Quarterly)
Notes:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
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.
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
Net revenue
87.0
64.8
73.0
79.6
84.8
101.4
136.7
123.6
105.6
94.5
-11%
-7%
Non-interest expenses
53.3
54.9
55.0
60.0
54.5
60.0
62.6
72.2
63.1
66.3
5%
11%
Income before income taxes
33.7
9.8
18.0
19.6
30.3
41.4
74.1
51.4
42.5
28.2
-34%
-32%
Net revenue
71.8
44.9
56.6
69.8
49.8
77.7
115.2
128.4
68.9
48.5
-30%
-38%
Non-interest expenses
41.2
41.5
43.8
56.4
50.5
46.2
54.3
62.4
54.6
52.1
-5%
13%
Income before income taxes
30.6
3.4
12.8
13.3
-0.7
31.5
60.9
66.0
14.3
-3.6
-
-
Net revenue
12.9
22.9
20.2
19.4
12.8
20.5
35.3
31.1
18.8
29.7
58%
45%
Non-interest expenses
10.7
11.5
10.7
13.4
10.6
11.3
12.0
14.2
13.2
13.4
1%
18%
Income before income taxes
2.3
11.4
9.5
6.0
2.2
9.1
23.3
17.0
5.6
16.3
192%
78%
Net revenue
2.8
-2.3
-3.5
10.4
-3.3
6.9
80.1
-15.5
12.1
44.5
267%
548%
Non-interest expenses
3.0
2.4
2.2
2.7
2.6
2.2
2.5
5.5
2.3
3.1
31%
39%
Income before income taxes
-0.2
-4.8
-5.7
7.7
-5.9
4.7
77.6
-21.0
9.8
41.5
323%
786%
Net revenue
11.0
12.3
13.8
12.0
14.0
15.4
18.1
18.4
17.6
23.9
35%
55%
Non-interest expenses
9.6
9.5
9.7
10.2
10.0
10.7
11.8
12.7
12.4
12.8
3%
20%
Income before income taxes
1.4
2.8
4.1
1.7
4.0
4.7
6.2
5.7
5.2
11.1
112%
136%
Net revenue
185.4
142.5
160.2
191.1
158.1
221.9
385.4
286.1
223.1
241.1
8%
9%
Non-interest expenses
117.7
119.9
121.4
142.7
128.2
130.4
143.2
167.0
145.6
147.7
1%
13%
Income before income taxes
67.7
22.6
38.8
48.4
29.9
91.4
242.1
119.1
77.5
93.4
21%
2%
Net revenue
-1.2
13.6
7.2
10.2
13.4
-2.1
1.0
-3.9
-13.3
14.6
-
-
Non-interest expenses
7.0
6.5
2.1
4.1
5.8
7.8
11.3
14.0
9.7
10.4
7%
32%
Income before income taxes
-8.2
7.0
5.1
6.1
7.6
-9.9
-10.3
-17.9
-23.0
4.3
-
-
Net revenue
184.2
156.0
167.4
201.3
171.4
219.8
386.4
282.2
209.8
255.7
22%
16%
Non-interest expenses
124.7
126.4
123.5
146.8
134.0
138.3
154.5
180.9
155.3
158.0
2%
14%
Income before income taxes
59.5
29.6
43.9
54.6
37.4
81.5
231.8
101.2
54.4
97.7
79%
20%
QoQ
FY2005.3
YoY
FY2006.3
FY2007.3
(billions of yen)
Domestic Retail
Global Markets
Global Investment
Banking
Global Merchant
Banking
Asset Management
5 Business
Segment Total
Other
Segment Total

Table of Contents
23
1Q
2Q
3Q
4Q
1Q
2Q
-41.6
7.0
10.1
-30.5
7.6
-9.9
-10.3
-17.9
-23.0
4.3
-6.2
-12.8
-9.7
-64.8
-2.8
-8.5
-17.6
-36.0
-11.4
-14.0
1.7
1.2
6.9
8.4
8.2
-0.1
0.0
0.3
0.1
4.8
-3.8
8.5
7.3
27.8
2.7
2.9
8.3
13.9
3.3
6.1
-9.4
-10.7
4.5
-7.4
0.5
-3.7
-3.6
-0.6
-7.2
3.7
-23.9
20.7
1.0
5.5
-1.1
-0.6
2.6
4.5
-7.9
3.7
Corporate items
Others
"Other" income before income taxes
Net gain/loss on trading related to
economic hedging transactions
Realized Loss/gain on investment in
equity securities held for relationship
purposes
Equity in losses/earnings of affiliates
FY2007.3
FY2006.3
FY2006.3
FY2003.3
FY2004.3
FY2005.3
Segment “Other”
Income before Income Taxes
(billions of yen)
Note:
“Other”
for
the
FY2003.3
period
includes
21.2
billion
yen
of
impairment
loss
on
investment
of
affiliates.
Full Year
Quarter

Table of Contents
24
Consolidated Balance Sheet
(billions of yen)
Mar. 31, 2006
Sep. 30, 2006
Mar. 31, 2006
Sep. 30, 2006
Cash and cash deposits
1,556
974
Short-term borrowings
692
829
Payables and deposits
1,240
1,189
Loans and receivables
1,364
2,330
Collateralized financing
20,263
19,432
Trading liabilities
6,528
4,179
Collateralized agreements
17,028
15,010
Other liabilities
642
494
Long-term borrowings
3,599
4,434
13,697
12,817
Total liabilities
32,963
30,558
Other assets
1,381
1,552
Shareholders' equity
Total shareholders' equity
2,063
2,125
Total assets
35,026
32,683
Total liabilities and shareholders' equity
35,026
32,683
Assets
Liabilities
Trading assets and private equity
investments

Table of Contents
25
Effect of Consolidation/Deconsolidation of Certain Private     
Equity Investee Companies
(billions of yen)
Non-interest Expenses
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
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
2Q
3Q
4Q
1Q
2Q
Compensation and benefits
259.3
275.0
325.4
73.8
87.9
91.2
82.8
79.1
Fixed-type compensation and benefits
144.3
159.6
170.4
42.1
43.2
43.8
43.8
44.3
Segment total
142.4
151.1
160.7
39.7
41.0
41.5
41.7
41.9
Private equity investee companies
1.9
8.5
9.7
2.4
2.2
2.3
2.1
2.4
Variable-type compensation and benefits
115.0
115.4
155.0
31.7
44.7
47.4
39.0
34.8
Segment total
114.4
113.6
150.5
30.3
43.5
46.2
37.7
33.4
Private equity investee companies
0.6
1.8
4.5
1.4
1.2
1.2
1.2
1.4
Commissions and floor brokerage
19.2
23.9
32.9
8.9
8.5
9.7
10.3
10.3
Segment total
18.9
22.1
31.4
8.6
8.1
9.3
9.8
10.1
Private equity investee companies
0.3
1.8
1.5
0.3
0.4
0.4
0.4
0.2
Information processing and communications
80.0
81.4
89.6
20.6
21.0
27.4
23.2
27.4
Segment total
79.9
80.9
89.1
20.5
20.8
27.3
23.0
27.3
Private equity investee companies
0.1
0.5
0.5
0.1
0.2
0.1
0.2
0.1
Occupancy and related depreciation
54.2
53.5
55.0
14.0
13.4
15.2
14.4
13.7
Segment total
53.7
50.8
50.8
12.8
12.4
14.3
13.4
12.9
Private equity investee companies
0.5
2.7
4.3
1.1
1.0
0.9
1.0
0.9
Business development expenses
23.1
28.2
32.8
8.2
7.6
10.2
7.8
9.8
Segment total
22.8
26.2
30.6
7.7
7.0
9.6
7.2
9.2
Private equity investee companies
0.3
2.0
2.2
0.5
0.6
0.6
0.6
0.6
Other
73.3
87.6
115.4
21.9
30.5
38.0
22.7
25.7
Segment total
72.4
76.6
94.7
18.7
21.8
32.8
22.4
23.3
Private equity investee companies
0.9
11.0
20.8
3.2
8.7
5.3
0.3
2.4
Private equity entities cost of goods sold
11.9
44.7
48.8
13.0
13.7
7.1
11.4
11.8
Total non-interest expenses
520.4
594.4
700.0
160.3
182.5
198.7
172.5
177.9
Segment total
504.0
521.4
607.8
138.3
154.5
180.9
155.3
158.0
Private equity investee companies
16.4
73.0
92.2
22.1
28.0
17.8
17.2
19.9
FY2007.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
Full Year
Quarter

Table of Contents
26
*   Nomura Securities
Domestic Retail Related Data (1)
(billions of yen)
Quarter
Full Year
1Q
2Q
3Q
4Q
1Q
2Q
Retail stock brokerage commissions (billions of yen)
48.2
92.1
103.0
153.6
20.8
34.6
53.9
44.2
28.0
18.8
Commissions for investment trusts distribution* (billions of yen)
34.9
46.9
49.9
95.9
19.5
20.9
26.8
28.6
28.0
23.9
Bond investment trusts commission
16.9
11.1
6.4
3.5
1.1
0.8
0.7
0.8
0.6
0.7
Stock investment trusts commission
11.6
21.5
31.6
74.2
14.8
16.9
19.1
23.4
23.2
22.1
Foreign investment trusts commission
6.4
14.2
11.9
18.2
3.7
3.2
7.0
4.4
4.2
1.1
Domestic distribution volume of investment trusts (trillions of yen)
11.9
13.7
14.2
20.5
3.9
4.7
6.3
5.7
5.0
4.7
Bond investment trusts
8.6
10.1
10.4
14.3
2.6
3.4
4.4
3.9
3.3
3.0
Stock investment trusts
1.3
1.6
2.3
4.5
0.9
1.0
1.2
1.4
1.3
1.4
Foreign investment trusts
2.1
2.1
1.4
1.7
0.4
0.3
0.6
0.4
0.3
0.2
Other (billions of yen)
Outstanding value of annuity insurance policies (end of the period)
166.6
261.6
446.4
683.3
504.3
562.7
632.8
683.3
791.0
861.1
Sales of JGBs
for individual investors (transaction base)
101.3
1,271.6
1,290.6
747.8
206.4
179.6
186.4
175.4
189.0
187.3
Retail foreign currency bond sales
2,284.7
1,990.0
1,154.4
1,119.2
304.8
340.7
268.6
205.1
166.4
195.9
FY2007.3
FY2006.3
FY2004.3
FY2005.3
FY2003.3
FY2006.3

Table of Contents
27
Domestic Retail Related Data (2)
Domestic Client Assets*
*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
Jun. 30, 2006
Sep. 30, 2006
Equities
17.1
28.9
33.5
49.3
45.6
45.7
Foreign currency bonds
3.7
4.0
4.0
3.6
3.5
3.5
Domestic bonds**
8.5
10.0
11.8
13.1
13.4
13.6
Stock investment trusts
2.2
3.0
3.3
5.3
5.3
5.8
Bond investment trusts
6.5
5.5
4.9
4.5
4.3
4.3
Overseas mutual funds
1.1
1.6
1.9
2.3
2.2
2.2
Other***
1.6
1.7
1.9
2.3
2.5
2.4
Total
40.6
54.8
61.2
80.5
76.7
77.7
40.6
54.8
61.2
80.5
76.7
77.7
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
28
1Q
2Q
FY2004.3
FY2005.3
FY2007.3
FY2006.3
FY2003.3
1,788
3,391
6,749
4,581
0
2,000
4,000
6,000
8,000
2,042
1,009
Domestic Retail Related Data (3)
Domestic Client Assets* Net Asset Inflow
*Domestic Client Assets excluding portion from regional financial institutions
Note: Net Asset Inflow = Asset Inflow –
Asset Outflow
(billions of yen)
Domestic Client Assets Net Asset Inflow *
Full Year
Quarter

Table of Contents
29
Domestic Retail Related Data (4)
Number of Accounts*
*Total
of
Domestic
Retail
and
Financial
Management
Division
**IT
share
is
total
of
cash
stock
transaction
and
kabushiki-mini-toshi
(odd
lot
stock
investment)
(thousands of accounts)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Accounts with balance
3,418
3,460
3,678
3,780
3,815
3,859
Equity holding accounts
1,311
1,379
1,680
1,745
1,767
1,806
Nomura Home Trade (online trading accounts)
1,141
1,367
1,716
1,969
2,029
2,094
1Q
2Q
(thousands of accounts)
237
297
425
343
86
94
IT share**
No. of orders
41%
49%
52%
55%
54%
56%
Transaction value
14%
22%
24%
27%
28%
26%
New accounts (individual)   
FY2006.3
FY2007.3
FY2003.3
FY2004.3
FY2005.3

Table of Contents
30
Global Merchant Banking Related Data   
Business Exposure
Notes:
Amount
of
exposure
in
Japan
is
total
of
Nomura
Principal
Finance
(NPF),
Nomura
Financial
Partners
(NFP)
and
Nomura
Research
&
Advisory
(NR&A).
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
Jun. 30, 2006
Sep. 30, 2006
Japan
20.1
68.9
108.4
59.9
62.7
174.7
Europe (excluding Terra Firma)
15.9
15.6
23.7
38.8
35.6
33.8
Sub Total
35.9
84.5
132.1
98.7
98.4
208.5
Terra Firma
265.7
291.2
325.5
340.4
271.4
294.9
Total
301.6
375.7
457.6
439.1
369.7
503.3
35.9
84.5
132.1
98.7
98.4
208.5
301.6
375.7
457.6
439.1
369.7
503.3
0
100
200
300
400
500
600
Terra Firma
Europe (excluding Terra Firma)
Japan

Table of Contents
31
Notes:
1.
Total
assets
under
management
of
Nomura
Asset
Management,
Nomura
Corporate
Research
and
Asset
Management,
Nomura
Funds
Research
and
Technologies,
MAINTRUST
(Germany),
and
Nomura
Funds
Research
and
Technologies
America.
Adjusted
for
asset
overlap
amongst
group
companies.
Data
till
June
30,
2006,
include
Nomura
BlackRock
Asset
Management.
2.
Nomura
Funds
Research
and
Technologies
America
data
as
of
end
of
August. 
Asset Management Related Data (1)
Assets Under Management
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
23.0
23.1
17.9
17.6
15.9
23.0
0
5
10
15
20
25
30
Total Assets Under Management

Table of Contents
32
Asset Management Related Data (2)
Assets Under Management
(trillions of yen)
Public stock investment trusts
Public bond investment trusts
Privately placed investment trusts
Domestic investment advisory
Overseas investment advisory
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
22.0
20.8
21.0
16.0
15.7
14.2
0
5
10
15
20
25
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
10.7
11.3
10.8
14.0
14.1
14.9
Public stock investment trusts
3.2
4.5
4.4
6.9
7.3
7.7
Public bond investment trusts
7.3
6.3
5.6
5.6
5.3
5.3
Privately placed investment trusts
0.2
0.4
0.8
1.5
1.5
1.9
3.6
4.4
5.1
7.0
6.7
7.1
Domestic investment advisory
2.9
3.0
3.2
4.0
3.8
3.9
Overseas investment advisory
0.7
1.4
2.0
3.0
3.0
3.2
14.2
15.7
16.0
21.0
20.8
22.0
1Q
2Q
0.8
0.1
-0.1
1.0
0.9
0.2
Exclude ETF
0.2
-0.1
0.2
1.4
0.4
0.7
-3.1
-1.0
-0.7
-0.0
-0.3
0.0
0.1
0.1
0.3
0.5
0.1
0.3
-2.2
-0.7
-0.5
1.5
0.7
0.5
FY2007.3
Privately placed investment trusts
Net Asset Inflows
Public bond investment trusts
FY2006.3
FY2005.3
FY2003.3
<Assets Under Management>
<Investment trust Net Asset Inflows>
Public stock investment trusts
Investment advisory
Total
FY2004.3
Investment trusts
Nomura Asset Management Assets Under Management

Table of Contents
33
Asset Management Related Data (3)
Investment Trusts
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Stock investment trusts
3.2
4.5
4.4
6.9
7.3
7.7
Bond investment trusts
7.3
6.3
5.6
5.6
5.3
5.3
Public stock investment trusts, Nomura's share (%)
19%
19%
15%
15%
16%
16%
Public bond investment trusts, Nomura's share (%)
40%
40%
42%
42%
42%
42%
Stock investment trusts
16.3
23.3
28.9
45.0
46.1
49.8
Bond investment trusts
18.1
15.8
13.5
13.5
12.7
12.5
Source: Investment Trusts Association, Japan
Market Total
Nomura Asset
Management
(billions of yen)
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Banks
339
801
891
1,317
Japan Post
0
90
167
247
My Story Profit Distribution-type Fund (6 Times/Year) B
0
454
651
922
Nomura Multi-currency Japan Stock Fund
0
384
417
464
Global REIT Open
18
307
377
450
Nomura Japan Stock Strategic Fund (Big Project - N)
353
441
392
383
Nomura Global REIT Fund
0
225
241
293
Nomura Fund Masters Global Bond B
165
317
294
281
Nomura US High Yield Bond Income
345
319
272
258
Nomura Japan Open
110
224
234
232
Nomura All-In-One Fund
0
0
0
213
Japan Attractive Dividend Stock Fund
0
296
217
207
Domestic Public
Investment Trust
Market and
Nomura Asset
Management
Market Share
AUM of Products
Supplied to Banks
and Japan Post
AUM in Key
Funds

Table of Contents
34
Second Quarter Achievements
Large International Bond Underwritings
Cassa Depositi e Prestiti:
2.0 billion euros (joint lead manager)
Loan-related
Business:
130
billion
yen
Equity
Derivatives:
Completed
20
fund
derivative
contracts
(total
amount:
175
million
euros)
Nomura Capital Investment: Loan commitment to tender offer by Oji Paper for Hokuetsu Paper Mills
Arranged finance for Yagi
Corporation MBO
Major Deals
IPO
Nomura
Real
Estate
Holdings:
164.5
billion
yen;
MID
REIT:
91.8
billion
yen;
Nippon
Accommodations
Fund:
43.7
billion
yen
PO
Elpida
Memory:
139.9
billion
yen;
Matsushita
Electric
Industrial:
96.9
billion
yen;
Sanei-International:
10.3
billion
yen
CB
CSK Holdings: 35 billion yen
MPO/HPO
Bank of the Ryukyus: 17 billion yen; total of 7 deals for 36 billion yen (based on date of resolution)
M&A
Marubeni purchase of Daiei shares from the Industrial Revitalization Corporation of Japan: 69.8 billion
yen
Sale of Mitsuboshi
Belting Kaseihin
to International Automotive Components Group by Mitsuboshi
Belting: Undisclosed amount
Sale
of
Sankyo
Agro
to
Mitsui
Chemicals
and
Sankyo
Lifetech’s
FDI
business
to
Mitsubishi-Kagaku
Foods:
Undisclosed
amount
Sales of New Investment Trusts
Nomura All-In-One Fund (launched
July 27, 2006)
213.1 billion yen (as of September 30, 2006)
Nomura Pictet Premium Brand Fund (launched Aug. 28,2006)
77.9 billion yen (as of September 30, 2006)
Kanto-Koshin
Index Fund (launched Sep. 22, 2006)
38.0 billion yen (as of September 30, 2006)
Nomura Mid-Small Cap Discover Fund (launched Sep. 25, 2006)
52.4 billion yen (closed-end)
May
June
July
August
September
Number of Accounts
21,400
40,156
47,408
54,927
61,554
Number of Margin Trading Account
0
1,224
1,718
2,240
3,182
Monthly Transaction Value (millions of yen)
1,377
54,919
109,415
176,027
177,096
Monthly Margin Transaction Value
0
19,472
59,308
93,176
100,698
2006
Domestic
Retail
Global
Markets
Global
Investment
Banking
Joinvest
Securities

Table of Contents
35
League Tables
Source: Thomson Financial
Proceeds
(USD m)
Mkt. Share
No. of
Issues
Rank Value
(USD m)
Mkt. Share
No. of
Deals
1
Nomura
13,153.0
28.0%
80
1
Nikko
Citigroup
25,538.6
26.0%
22
2
Daiwa Securities SMBC
8,409.9
17.9%
72
2
UBS
24,241.9
24.7%
24
3
Nikko
Citigroup
7,596.3
16.2%
42
3
Goldman Sachs
24,078.9
24.5%
14
4
Goldman Sachs
6,071.5
12.9%
10
4
Mizuho Financial Group
22,881.7
23.3%
93
5
Mizuho Financial Group
3,783.6
8.0%
36
5
Deutsche Bank
19,099.0
19.4%
7
6
Merrill Lynch
2,212.0
4.7%
10
6
Daiwa Securities SMBC
18,487.3
18.8%
95
7
UBS
2,043.8
4.3%
8
7
Nomura
17,780.6
18.1%
104
8
Morgan Stanley
1,275.0
2.7%
5
8
KPMG Corporate Finance
8,120.1
8.3%
23
9
Shinko Securities
649.3
1.4%
30
9
Mitsubishi UFJ Financial Group
7,020.6
7.1%
83
10
Mitsubishi UFJ Financial Group
636.8
1.4%
25
10
Morgan Stanley
5,945.9
6.0%
18
Proceeds
(JPY m)
Mkt. Share
No. of
Issues
Proceeds
(JPY m)
Mkt. Share
No. of
Issues
1
Nikko
Citigroup
430,616.5
20.5%
36
1
Mizuho Securities
896,415.5
28.1%
45
2
Daiwa Securities SMBC
253,109.3
12.1%
13
2
Daiwa Securities SMBC
675,386.5
21.2%
38
3
Nomura
246,072.2
11.7%
15
3
Mitsubishi UFJ Securities
594,763.7
18.7%
35
4
Merrill Lynch
223,935.2
10.7%
6
4
Nomura
433,279.0
13.6%
28
5
Mizuho Financial Group
220,613.5
10.5%
10
5
Nikko
Citigroup
307,457.0
9.7%
19
6
Mitsubishi UFJ Financial Group
174,861.0
8.3%
7
6
Goldman Sachs
149,957.5
4.7%
3
7
UBS
135,281.6
6.4%
11
7
Morgan Stanley
23,331.0
0.7%
1
8
Morgan Stanley
112,130.3
5.3%
7
8
Shinko Securities
22,000.0
0.7%
2
9
Barclays Capital
64,000.0
3.1%
11
9
Lehman Brothers
20,000.0
0.6%
1
10
Deutsche Bank
52,068.5
2.5%
4
9
BNP Paribas
20,000.0
0.6%
1
Global & Euro Yen Bonds
Domestic Straight Bonds (excluding self-funding)
R
a
n
k
Bookrunner
Jan. 1, 2006 -
Sep. 30, 2006
R
a
n
k
Bookrunner
Apr. 1, 2006 -
Sep. 30, 2006
Global Equity & Equity-related (Japan)
Any Japanese Involvement Financial Advisors
Announced deals, value base
R
a
n
k
Bookrunner
Jan. 1, 2006 -
Sep. 30, 2006
R
a
n
k
Advisor
Jan. 1, 2006 -
Sep. 30, 2006

Table of Contents
36
Market Share Data
Notes: 2Q Individual Equity Agency Transactions Share is
preliminary figure as of Oct. 25.
(Trillions of yen)
1Q
2Q
3Q
4Q
1Q
2Q
Individual Equity Agency Transactions Share
Market
52.0
105.9
144.7
308.3
38.8
64.3
104.3
100.9
74.2
58.7
Nomura's share
16%
10%
8%
7%
7%
7%
7%
6%
5%
4%
Off-floor/Off-exchange Equity Trading Share
Off-floor market
33.2
31.9
33.2
48.6
8.8
11.4
14.5
14.0
13.9
9.5
Off-exchange
14.1
19.3
21.1
30.5
4.9
6.6
9.3
9.7
9.6
9.8
Nomura's share
20%
16%
17%
21%
18%
19%
23%
22%
22%
18%
JGB Auction Share
Market
68.1
74.4
80.1
80.7
19.8
22.2
20.2
18.6
21.1
21.2
Nomura's share
15%
16%
18%
11%
11%
10%
9%
15%
12%
9%
Bond Secondary Trading Share
Market
1,129
1,235
1,361
1,296
365
326
292
312
355
329
Nomura's share
14%
16%
15%
13%
13%
13%
11%
13%
12%
10%
FY2007.3
1Q - 2Q
(accumulated
Global Equity and Equity-related Japan
Nomura's share
30%
30%
25%
26%
28%
Japanese IPO
Nomura's share
11%
27%
32%
20%
33%
Japanese PO
Nomura's share
50%
33%
25%
27%
33%
Convertible Bonds
Nomura's share
13%
28%
19%
34%
9%
Global and Euro Yen Bonds
Nomura's share
21%
31%
23%
23%
10%
Straight Bonds, Lead Manager (excl. self-funding)
Nomura's share
26%
19%
17%
18%
10%
Source: Thomson Financial (Value base)
FY2006.3
FY2003.3
FY2004.3
FY2005.3
FY2007.3
FY2003.3
FY2004.3
FY2006.3
FY2006.3
FY2005.3
Secondary Market
Share Data
Primary Market
Share Data
Full Year
Quarter

Table of Contents
37
Value at Risk (Consolidated)
Definition
99% confidence level
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 3, 2006 to September 29, 2006 (billions of yen)
Maximum:
9.4
Minimum:
5.8
Average:
7.3
(billions of yen)
Equity
1.5
3.3
3.0
3.9
6.0
5.4
6.0
Interest Rate
2.3
2.0
2.8
3.1
3.3
4.1
3.5
Foreign Exchange
0.2
0.5
0.7
1.0
1.4
1.5
1.3
Sub-total
4.0
5.8
6.5
8.0
10.7
11.0
10.9
Diversification Benefit
-0.9
-1.9
-2.4
-2.7
-3.7
-3.8
-3.5
VaR
3.1
3.9
4.1
5.3
7.0
7.1
7.3
End of quarter
Sep. 2005
Mar. 2003
Mar. 2004
Mar. 2005
Sep. 2006
Jun. 2006
Mar. 2006

Table of Contents
38
Number of Employees
*Excludes employees of private equity investee companies
Mar. 2003
Mar. 2004
Mar. 2005
Mar. 2006
Sep. 2006
+/- From
Mar. 2006
Japan (excluding FA, SA)*
9,258
9,148
9,190
9,354
9,927
+573
Japan (FA, SA)
1,986
1,915
1,875
1,948
2,132
+184
Europe
1,389
1,403
1,535
1,515
1,592
+77
Americas
797
866
1,026
1,073
1,021
-52
Asia/Oceania
616
655
718
778
796
+18
Total
14,046
13,987
14,344
14,668
15,468
+800

Table of Contents
39
Nomura Holdings, Inc.
www.nomura.com