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 October 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), Second quarter, year ending March 2010

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 30, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

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Consolidated Results of Operations (US GAAP)

Second quarter, year ending March 2010

Nomura Holdings, Inc. October 2009

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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.

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.

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.

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.

The consolidated financial information in this document is unaudited.

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Outline

Presentation

Overview of second quarter results (p. 4)

Net revenue and pretax income by region (p.5)

Overview of second quarter results by division (p.6)

Leading share in retail business in Japan (p.7)

Retail business initiatives (p.8)

Asset Management market share continues to grow (p.9)

ECM and M&A mandates by region (since April) (p.10)

EAFE wholesale business gaining huge momentum (p.11)

Exchange market share (EMEA/APAC) (p.12-13)

Global network of liquidity connections (p.14)

Broader, deeper client base (p.15)

Global wholesale business market share (p.16)

Wholesale net revenue share (Apr – Sep 2009) (p.17)

Merchant Banking (p.18)

Well positioned for changing regulatory landscape (p.19)

Allocation of capital being raised (p.20)

Global Markets organization in US (p.21)

Americas business build out (p.22)

Robust financial position (p.23)

We have cleaned our balance sheet (p.24)

Level 3 assets (p.25)

Key performance indicators (p. 26–27)

A year of transformation (p.28)

Financial supplement

Consolidated financial highlights (p. 30)

Consolidated Balance Sheet (p. 31)

Second quarter business segment highlights (p. 32)

First Half Business Segment Highlights (p.33)

Retail (p. 34)

Global Markets (p. 35)

Investment Banking (p. 36)

Merchant Banking (p. 37)

Asset Management (p. 38)

Segment “Other” (p. 39)

Non-interest expenses (p. 40)

Retail related data (p. 41–45)

Global Markets related data (p. 46)

Investment Banking related data (p. 47)

Merchant Banking related data (p. 48)

Asset Management related data (p. 49–50)

Value at risk (p. 51)

Number of employees (p. 52)

Consolidated income (p. 53)

Adjustment of consolidated results and segment results: Income (loss) before income taxes (p. 54)

Main revenue items (p. 55)

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Overview of second quarter results

Highlights

Profitable for two consecutive quarters: Net revenue Y300bn, income before income taxes Y27.3bn, net income Y27.7bn.

Retail continued to achieve total monthly purchases of over Y1trn thanks to ongoing focus on providing consulting services.

Wholesale build out started in Americas following EMEA and Asia.

One year after Lehman acquisitions, new platform is contributing to revenues; international revenues exceeded Japan for the first time.

Capital ratio of 20.8% (preliminary) and Tier 1 ratio of 13.3% as of end September 2009 (17.3% after capital raise, preliminary).

However, booked Y7bn net credit value adjustment on liabilities.

Second quarter results

Net revenue Y300.0bn

Income before

Y27.3bn income taxes

Net income1 Y27.7bn

1. Net income attributable to Nomura Holdings.

Pretax and net income (loss)

100 31.4 27.7 27.3 0

11.4 -100 -72.9 -215.8 -69.4 -342.9 -200

-300 -226.9 -400 -399.6 -500

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Net revenue 128.1 -49.7 99.2 298.4 300.0 Income (loss) before income taxes -69.4 -399.6 -226.9 31.4 27.3 Net income (loss) attributable to Nomura -72.9 -342.9 -215.8 11.4 27.7 Holdings, Inc. (“NHI”) shareholders Total Nomura shareholders’ equity 1,810.1 1,419.0 1,539.4 1,544.5 1,615.9 ROE (%)*--- 3.0% 7.0% Basic-Net income (loss) attributable to NHI

-38.18 -179.62 -107.00 4.37 10.22 shareholders per share(yen) Shareholders’ equity per share (yen) 948.34 743.24 590.99 589.32 580.96

Quarterly data has been annualized

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Net revenue and pretax income by region

New platform contributing to revenues; international revenues exceeded Japan for the first time on a firm-wide basis.

Booked pretax profit in all regions.

Breakdown of revenues Breakdown of income Net revenue Pretax income

(billions of yen)

350

300

250

200

150

100

-50

-100

-150

Japan Total

Non Japan Total

FY2009 1Q

FY2009 2Q

FY2009 3Q

FY2009 4Q

FY2010 1Q

FY2010 2Q

Japan Total

Non Japan Total

100%

80%

60%

40%

20%

-20%

-40%

-60%

-80%

-100%

FY2009 1Q

FY2009 2Q

FY2009 3Q

FY2009 4Q

FY2010 1Q

FY2010 2Q

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Overview of second quarter results by division

Breakdown of second quarter net revenue and overview of business segment results

Retail

Retail client assets: Y68.9trn Total monthly purchases of Y1trn for three straight months. Productivity improved as reorganization of retail channels.

Asset Management

Asset under management: Y22.9trn Public stock investment trust 4 mkt. share :

17.1% asset 4 Net inflow : Y318.1bn

Investment Banking

ECM market share (Japan)5: 42.3%

(Jan – Sep 2009)

Best Investment Bank from Asia6

1. Source: LSE. Share is Nomura only, does not include Instinet.

2. Source: Eurex

3. Source: Ministry of Finance; total amount of bids accepted (duration basis). Duration-based amount takes into account remaining number of years of the bonds. Total amount is gained by multiplying amount of bids accepted by duration announced by MoF semi-annualiy.

4. Share of public investment trust market in Japan. Source: The Investment Trusts Association, Japan.

5. Source: Dealogic for Japan share, Jan-Sep 2009

6. As chosen by The Banker magazine in its Investment Banking Awards 2009.

Note: All data as of Sep 30, 2009, unless otherwise indicated.

Global Markets

Market 1 LSE Share #1 (Jul -Sep 2009) Eurex Index Option #1(Jul -Sep 2009) 2 JGB auction ranking 3 #1 (Apr -Sep 2009)

Merchant Banking

Investments: Y368.6bn (-15% YoY) Returned to profit for first time in a year. Generated revenues from two investments

(billions of yen)

Retail, 93.2

Asset Management, 16.5

Investment Banking, 20.9

Merchant Banking, 3.9

Global Markets, 174.5

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Leading share in retail business in Japan

Continued to achieve total monthly purchases of over Y1trn, well balanced among stocks, bonds, and investment trusts.

Maintained leading share of newly launched investment trust market with share of over 50%.

Total purchases by retail clients1

Stocks Bonds Investment trusts Others

(billions of yen)

1,600 1,400 1,200 1,000 800 600 400 200

2009.4 2009.5 2009.6 2009.7 2009.8 2009.9

1. Purchases of investment trusts include switching.

Share of newly launched equity investment trusts2 (Jan – Sep 2009)

Others 7%

C 15%

Nomura 53% B 12%

A 14%

2. Source: Nomura, based on data from The Investment Trusts Association, Japan. Data for newly launched equity investment trusts with over 10 billion yen in initial subscriptions. For funds distributed by multiple sales companies, share is counted in “Other”.

Nomura Retail flagship ad campaign graphic, roughly translated as “I’ll ask Nomura for advice”. 7

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Retail business initiatives

Focused on reorganizing retail sales channels since last year so approach is more in line with customer needs.

Achieved significant improvements in productivity per salesperson.

Customer-focused channel reformation (since Jul 2008)

Asset Management Wealth Management

Financial Consulting Financial Advisory Financial Advisory

Customer Services Financial Services

Improved productivity (per salesperson revenues)1,2

144 134 128

100 100 100

Management Wealth Financial Financial Consulting Advisory

1. FY2009.3 2Q to FY2010.3 2Q comparison.

2. FY2009.3 2Q = 100

Nomura Retail flagship ad campaign graphic, roughly translated as “I’ll ask Nomura for advice”.

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Asset Management market share continues to grow

Robust sales of investment trusts led to continued increase in investment trust market share.

Recorded industry-leading net asset inflow.

Assets under management and share of domestic public equity investment trust market1

(trillions of yen) (%)

22.0 18.0

21.5

17.6

21.0

17.1%

17.2

20.5

20.0

16.8

19.5

16.4

19.0

18.5 16.0 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

Nomura Asset Management net asset inflow1

(billions of yen)

600

FY2010.3 2Q

Rank Name

Net asset inflow

400 1 Nomura 318 318

A 237

B 206

200

C 116

D 85

0 - 200 - 400

- 600

FY2009.3 FY2010.3

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

Global expansion

Agreed to invest in LIC Mutual Fund, a subsidiary of India’s largest life insurer Life Insurance Corporation of India, and to form a joint venture. Subject to regulatory approval.

Asian Investor Investment Performance Awards 2009

“Asset Manager of the Year (ETFs Japan)” “Best in Hong Kong Equities” “Japan Onshore Fund House of the Year”

Global Pensions Awards 2009

“Specialist equities manager of the year”

European Pensions Awards 2009

“Emerging Markets Manager of the Year”

1. Source: Nomura, based data from The Investment Trusts Association, Japan.

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ECM and M&A mandates by region (since April)

Maintained leading market share in underwriting in Japan.

Advised Anglo American in its defense against takeover attempt by Xstrata.

Asia-Pacific

Korea

M&A eBay-Gmarket US$1.2bn (Apr) KKR-Oriental Brewery US$1.8bn (May) LotteShopping -Times US$0.62bn (Oct)

China

ECM Beijing Enterprises HK$2.175bn (Apr )

Taiwan

M&A UnitedMicroelectronics-He Jian Technology US$0.28bn (Apr )

India

ECM HDFC Bank US$0.88bn (Aug )

Japan

ECM Toshiba Y333bn (May) Nomura Real EstateY69.1bn (Jun) SMFG Y923bn (Jun) All Nippon Airways Y148.9bn (Jul) Mizuho FG Y552bn (Jul) Mazda Y97.9bn (Sep)

Japan

M&A Hitachi-5 listed subsidiaries Y282.2bn (Jul) Sompo Japan-Nipponkoa Y457.0bn (Jul) Zeria Pharma-Tillots Pharma CHF136m (Aug) Dainippon Sumitomo Pharma-Sepracor US$2.36bn (Sep) Aioi Insurance, Nissay Dowa, Mitsui Sumitomo Insurance Y534.5bn (Sep)

Europe

United Kingdom

HSBC US$17.7bn (Apr )The Berkeley Group US$60m (Jun) M&A Xstrata-Anglo American US$42.5bn (Jun) Charterhouse-Wood Mackenzie GBP530m (Jun) SEGRO-Brixton GBP1.1bn (Jul)

Spain

ECM Banco Espirito Santo US$1.6bn(Apr )

Netherlands

ECM Aegon €1bn (Aug)

Switzerland

ECM Givaudan CHF 0.42bn (May)

France

ECM Saint-Gobain US$38m (May) Société Générale € 4.8bn (Oct)

Italy

ECM Enel €8bn (May)

Americas

Canada

ECM First Quantum Minerals US$5m (Jun)

ECM Fortress Investment US$0.23bn (May) MF Global US$0.132bn (Aug)

Source: Thomson Reuters

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EAFE1wholesale business gaining huge momentum

EAFE Equities

Recent EAFE achievements

# (Jul – Sep 2009)2

1 on LSE

# 1 on Eurex (Jul - Sep 2009)3

Average # daily cash equity trades5

Asia

EMEA 15x (ex-Japan) 2x

Month end live stock and index futures5

Asia

EMEA 7x (ex-Japan) 1.3x

Net revenue

Asia (ex-Japan)

EMEA

1. EAFE=Europe, Australasia, and Far East countries, excluding Japan. Data relates to Global Equities, excludes Instinet.

2. Source: LSE

3. Source: Eurex, data relates to equity index stock options.

4. Top 10 Euro Interest Rate Swap (EUR 2-10yrs) and Exotic Rate Derivatives (EUR and all currencies) rank in Europe.

5. Volume uplift compares September volumes to pre-integration or go-live month for each business.

6. April to September comparison.

EAFE Fixed Income Recent EAFE achievements

Top 10 rankings in Euromoney Interest Rate Derivatives Pool. Previously unranked (Aug 09)4

Average # daily flow rates and credit trades5

Asia6

EMEA 5x (ex-Japan) 4x

Average # daily FX trades5

Asia6

EMEA 31x 2x

(ex-Japan)

Net revenue

Asia

3x (ex-Japan) EMEA

FY08/3 Q2 FY10/3 Q2 FY08/3 Q2 FY10/3 Q2

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Exchange market share (EMEA)

Number 1 on LSE for three months to September.

Number 1 on Eurex for equity index options for three months to September. Number 1 overall in August.

Exchange market share

London Stock Exchange

Eurex (equity index options)

10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%

25 11 11 11 8 3 #1 #1 #1

0.7% 2.7% 3.2% 3.2% 4.1% 6.3% 7.5% 7.6% 7.2%

Jan Feb Mar Apr May Jun Jul Aug Sep

1 5 10 15 20 25 30

%Mkt share (value) Value rank

14% 12% 10% 10% 8% 6% 4% 2% 0%

61 6 6 4 3 3 #1 #1 #1

0.2% 4.3% 4.9% 5.6% 6.4% 7.3% 10.7% 12.2% 10.4%

Jan Feb Mar Apr May Jun Jul Aug Sep

1 10 20 30 40 50 60 70

%Mkt share (value) Value rank

Note: Nomura market shares excluding Instinet.

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Exchange market share (APAC)

TSE market share up 2% in past year (# 1 in August); Volumes on major Asia exchanges also increased significantly.

Exchange market share and trading volumes

Japan Hong Kong South Korea TSE

9.0 8.0 7.0 6.0 5.0 (%)

08.01 08.03 08.05 08.07 08.09 0.811 09.01 09.03 09.05 09.07 09.09

350 300 250 200 150 100 50 0

Jan-09 Sep-09 100 156 100 326

MARKET NOMURA

Taiwan 600 500 400 300 200 100 0

Jan-09 Sep-09 100 367 100 521

MARKET NOMURA

700 600 500 400 300 200 100 0

Jan-09 Sep-09 100 198 100 649

MARKET NOMURA

India 600 500 400 300 200 100 0

Jan-09 Sep-09 100 180 100 510

MARKET NOMURA

Note: Nomura market share and trading volumes excluding Instinet.

LOGO Global network of liquidity connections

Exchanges with license and countries with primary dealership1

US PD American Stock Exchange NASDAQ New York Futures Exchange New York Mercantile Exchange New York Stock Exchange

Chicago Board Options Exchange Chicago Board of Trade Chicago Mercantile Exchange

Philadelphia Board of Trade Philadelphia Options Exchange Philadelphia Stock Exchange

Boston Stock Exchange

UK PD London Stock Exchange Chi-X Europe BATS Europe Turquoise Nasdaq OMX Europe NYSE Arca Europe Smartpool BlockMatch EuroMillenium LIFFE

Ireland PD

Euronext Paris, Amsterdam, Brussels & Lisbon

Eurex Matif SA, Paris France PD

SIX Swiss Exchange Swiss Block

Greece PD

Germany PD Deutsche Boerse

Austria PD

Borsa Italiana Wiener Borse Italy PD

OMX Copenhagen, Helsinki, Stockholm & Oslo Bors

Bangkok Stock Exchange

SGX, Singapore

Hong Kong Exchange

Bursa Malaysia

Bombay Stock Exchange India PD

Korean Stock Exchange

Japan PD Tokyo Stock Exchange TIFFE, Tokyo Osaka Securities Exchange Nagoya Stock Exchange

Taiwan Stock Exchange

Sydney Futures Exchange Australia AOFM

Exchange with license on Equity product (21 countries) Fixed Income Primary Dealership (11 countries)

1. Excludes Instinet coverage

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Broader, deeper client base

Global Equities client numbers1

Revenues from top 10 Global Equities clients

4.1x

Active Clients Numbers

1.5x

1.7x

EMEA Cash

NJA Cash

US Cash

Sep 08

Sep 09

2.4x

3.4x

1.5x

Sep 08

EMEA NJA US

Global Fixed Income client numbers2

Client A

Client B

Client C

Client D

Client E

Client F

Client G

Client H

Client I

Client J

2009 YTD ann.

2008 ann.

Revenues from top 10 Global Fixed Income clients

Client 1

Client 2

Client 3

Client 4

Client 5

Client 6

Client 7

Client 8

Client 9

Client 10

2009 YTD ann.

2008 ann.

1. Global clients for EMEA and non-Japan Asia cash. US clients for US cash. Excludes Instinet

2. Client numbers for all products including cash and derivatives.

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Global wholesale business market share

Increasing market share in peer group of top 10 companies with global wholesale operations.

Net revenue and share1

(billions of USD)

6.0

5.0

4.0

3.0

2.0

1.0

0.0

0.1

0.6

0.2

1.5%

0.5

2.0

4.2%

2.0

12%

10%

09 Jan-Mar

(% share)

IB FI EQ

Wholesale business revenue share1 top 10 (Apr - Sep)

MS 6.4%

BarCap 8.8%

CS 9.6%

DB 9.8%

BoA/ML 11.2%

Citi 12.3%

JPM 14.2%

GS 19.4%

UBS 4.1%

Nomura 4.2%

1. GS, JPM, Citi, BoA/ML, MS, and CS are 2009 April to September revenues. DB, UBS, and BarCap 2009 July to September revenues are calculated by Nomura based on analyst forecasts.

Note: No responsibility or liability can be accepted by Nomura for errors or omissions on this slide. 16

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Wholesale net revenue share (Apr – Sep 2009)

Investment Banking net revenue share1

Wholesale net revenue share1,2

1.GS, JPM, Citi, BoA/ML, MS, and CS are 2009 April to September revenues. DB, UBS, and BarCap 2009 July to September revenues are calculated by Nomura based on analyst forecasts.

2.Wholesale net revenue data based on sum of data from three other charts (Investment Banking, Global Fixed Income, Global Equities).

Note: No responsibility or liability can be accepted by Nomura for errors or omissions on this slide.

Global Equities net revenue share1

Global Fixed Income net revenue share1

Nomura 4.2%

UBS 4.1%

GS19.4%

JPM 14.2%

Citi 12.3%

BoA/ML 11.2%

DB 9.8%

CS 9.6%

BarCap 8.8%

MS 6.4%

Nomura 7.8%

MS 6.6%

JPM 6.2%

Citi 5.9%

GS 22.5%

CS 14.4%

UBS 9.7%

BoA/ML 9.2%

BarCap 9.1%

DB 8.6%

Nomura 2.6%

JPM 19.5%

BoA/ML 15.3%

Citi 11.6%

GS 11.7%

MS 10.8%

DB 8.5%

UBS 7.2%

CS 6.9%

BarCap 5.8%

Nomura 3.2%

UBS 0.7%

GS 20.5%

JPM 15.9%

Citi 15.3%

BoA/ML 10.8%

DB 10.7%

BarCap 9.7%

CS 8.4%

MS 4.9%

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Merchant Banking

Business exposure is declining. Booked revenue on exit from Kawamura Electric investment and in Europe from increase in value of bio-pharma venture investee company. Returned to profit for first time in a year.

Continue to focus on increasing value of existing investments.

Business exposure

(billions of yen) 500

433.8

400 368.6 154.8 300 112.3 4.7 3.1

60.3

65.9

200

100 214.0

187.2

Sep. 30, 2008 Sep. 30, 2009

Terra Firma Asia Europe (excluding Terra Firma) Japan

Merchant Banking net income

(billions of yen) 40

20 14.6

1.3

-3.6

-20

-23.0

-40 -37.6

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

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Well positioned for changing regulatory landscape

Regulatory capital

Increased quantity and quality of capital.

Significantly increased capital for market risk.

Use of stressed VaR to avoid pro-cyclical capital.

Expected regulatory capital divide

Nomura plans to operate in this range (strong capital base and ability to serve clients needs) Nomura

Expected regulatory capital divide

Increasingly marginal Major institutional opportunities franchise

Actions to maintain capital ratios

Industry trend is for smaller balance sheets, Nomura is going for growth.

Efficient use of capital.

Shift to less capital intensive businesses.

Increase cost efficiencies.

Increased regulatory requirements

Leverage

A gross leverage ratio backstop.

Liquidity

Major intensification of liquidity regulation and supervision.

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Allocation of capital being raised

Capital allocation highlights

1. Retail expansion

• Invest in IT platform to improve customer service while controlling costs and headcount.

2. US build out

• Build out product and service platform in Global Markets and Investment Banking.

3. Asian and Islamic market growth

• Develop onshore opportunities and expand client network.

• Evaluate potential JVs in China and India.

4. EAFE wholesale growth

• Strategic business line investments (GM Asia and Europe)

5. Buffer for the future

• Hold a buffer against possible market shocks.

• Prepare for increases in regulatory capital.

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Global Markets organization in US

Strong team with established track record.

Americas Global Markets organization chart

Ex - BoA

Ex - Lehman Americas Equities Ciaran O’Kelly Head of Equities, Americas

Liquid Markets Prime Services Equity Derivatives Research

Prog. Elec. Equity Flow Structured Quants Cash CB Systematic Futures Trading Trading Finance Derivatives Product Research

Americas Fixed Income Jeff Michaels / Charles Spero Joint Heads of Fixed Income, Americas

Products Sales Research

Foreign Securitized Rates Credit Exchange Products

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Americas business build out

Following on from EMEA and Asia, now started building out trading businesses in Americas.

Cash equities (European, Asian, US equities) Average daily trades, index

6.3x 100 627

November 2008 September 2009

Flow rates and flow credit Average daily trades, index

1.5x 100 149

August 2009 September 2009

Equity derivatives

Average daily trades of live single stock and index futures, index

2.7x 100 270

June 09 September 2009

Currency trading Average weekly trades, index

5.6x 100 563

1st week of September 4th week of September

Note: Volume uplift compared to pre-integration or go-live month for each business. Excludes Instinet.

Currency trading index is weekly data from 1st week of September to 4th week of September. 22

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Robust financial position

Total capital ratio

Financial Indicators

(billions of yen)

Proforma

Balance sheet data information (Preliminary) 30 Sep capital raise

Total assets Y27.7trn Tier 1 1,488 1,932

Shareholders’ equity Y1.62trn Tier 2 585 585

Gross leverage 17.1x Tier 3 302 302

Net leverage 11.1x Total capital 2,318 2,762

Level 3 assets (net) Y1.27trn RWA 11,131 11,140

Liquidity Y3.5trn

Tier 1 ratio 13.3% 17.3%

Total capital ratio 20.8% 24.7%

Figures after capital raise is Nomura estimated.

Adjusted leverage Net assets / Tier 1 capital1,2

Net leverage on US GAAP basis (estimates for Barclays, UBS) Net leverage on IFRS basis

12.1x

9.5x (Proforma, preliminary)

Comparison of capital ratios

Tier 1 capital / Risk weighted assets1

17.3% (Proforma, preliminary)

13.3%

1. Competitor data as of June 30, 2009. Nomura data as of September 30, 2009; all ratios pro forma for capital raise completed on October 7, 2009

2. Net leverage is defined as total assets minus collateralized agreements divided by Tier 1 capital

3. US GAAP estimates prepared by Nomura for Barclays and UBS, which report under IFRS and do not provide US GAAP estimates. International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework for the Preparation and Presentation of Financial Statements adopted by the International Accounting Standards Board

4. S&P ratings

Note: No responsibility or liability can be accepted by Nomura for errors or omissions on this slide.

Comparison of credit ratings 4 Notch Gap

AA AA-A+ A A-BBB+ BBB BBB-

Nomura GS MS CS UBS Citi BoA BARC DB JPM

DB UBS BARC JPM BoA Citi GS MS CS Nomura

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We have cleaned our balance sheet

Majority of assets are highly liquid.

Balance sheet has expanded from last year, but has consistently remained sound.

Balance Sheet Composition

FY09.3 Q2 FY10.3 Q2

Assets

JPY billion JPY billion

Cash and cash equivalent 1,510.5 6.1% 854.5 3.1%

Reverse repos 7,733.9 31.2% 9,724.3 35.2%

Governments and Municipal bonds 2,172.7 8.8% 3,789.4 13.7%

Corporate and Agency bonds 1,685.3 6.8% 1,579.2 5.7%

Equities and other 1,063.4 4.3% 1,777.1 6.4%

Collateral securities pledged 3,941.4 15.9% 3,816.2 13.8%

Derivatives (gross) 811.6 3.3% 1,599.9 5.8%

Private equities 399.7 1.6% 320.6 1.2%

Leveraged loans 126.7 0.5% 89.4 0.3%

Whole loans, Mortgages 329.6 1.3% 296.8 1.1%

Other assets 4,983.3 20.1% 3,627.8 13.8%

Total assets 24,758.1 100.0% 27,661.4 100.0%

Highly liquid assets

Increased from 46% to 52% of total assets

Trading assets

Increased from 39% to 45% of total assets

Less liquid assets

Cautiously managed

Currently 2.6% of Total assets

LOGO

Level 3 assets

Continue to cautiously manage illiquid asset exposure.

Highlights

Net Level 3 assets mainly declining in equity positions.

Declined by over Y90.0bn compared to prior quarter, net level at Y1.27trn as of end of September.

After capital raise, gross Level 3 assets/Tier 1 capital expected to decline to 66% on net basis (99% gross).

Well positioned in relation to global peer group.

Level 3 assets Level 3 Assets / Tier 1 capital 1,2

99%

DB CS MS UBS JPM Nomura Citi GS BoA

1. Competitor data as of June 30, 2009. Nomura data as of September 30, 2009; ratio pro forma for capital raise completed on October 7, 2009.

2. Chart shows (i) gross level 3 assets (BoA, Citi, CS, JPM and Nomura), (ii) Level 3 assets where netted among positions classified within fair value hierarchy but not netted for positions across levels of fair value hierarchy (GS and MS) and (iii) level 3 assets on net basis (DB). UBS figure unclear whether gross or net; Barclays data not available.

Source: Nomura, based on company financial statements and press releases.

Breakdown of Level 3 assets (as of September 2009)1,2

1. Preliminary (before review).

2. Net basis.

Private Equity

Equities

Mortgage and other mortgage backed securities

Bank and corporate debt securities and loans for trading purpose

Derivative contract

Other

16% 25% 18% 15% 15% 11%

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Key performance indicators

Retail

Retail client assets

(trillions of yen)

FY2009.3 FY2010.3

4Q 1Q 2Q

Global Equities

Market share1

Japan LSE US

FY2009.3 FY2010.3

4Q 1Q 2Q

LSE share is total of Nomura and Instinet. Tokyo (total of Nomura, Joinvest Securities and Instinet), Osaka, and Nagoya shares based on Japan Securities Dealers Association data. US share is Instinet only, figure is Instinet trading value divided by market trading value.

Share based on peer group revenues: GS, JPM, Citi, BoA/ML, MS, and CS are 2009 July to September revenues. DB, UBS, and BarCap 2009 July to September revenues are calculated by Nomura based on analyst forecasts.

Note: No representations or warranty are made that the information on this page is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions.

Asset Management

Assets under management

(trillions of yen)

FY2009.3 FY2010.3

4Q 1Q 2Q

Global Fixed Income

Share2

FY2009.3 FY2010.3

4Q 1Q 2Q

LOGO

Key performance indicators

Investment Banking

Rank1

Global ECM ranking Global M&A ranking

FY2009.3 FY2010.3 #13 #10 #9 #22 #16 #13

4Q 1Q 2Q

Return on equity

3.0% 7.0%

-58.4%

FY2009.3 FY2010.3

4Q 1Q 2Q

1. Source: Thomson Reuters.

2. PE=Personnel expense. NPE=Non-personnel expense

Merchant Banking

(billions of yen) Business exposure ratio Pre-tax income to business exposure

366.3 382.1 368.6

0.3% -0.9% -6.3% FY2009.3 FY2010.3

4Q 1Q 2Q

Cost efficiencies

(billions of yen) Compensation to net revenue ratio Cost reduction (1H)2

100

30 PE

NPE

FY2009.3 FY2010.3 163% 46% 49%

4Q 1Q 2Q

Target PE NPE Current

LOGO

A year of transformation

2008 Oct - Dec

Create Change

Investment Banking

Rank #1 in Cross Border M&A in Asia (Thomson)

Tier 2: Raised Y410bn (Dec)

Transition complete

in in T+70 days

2009 Jan - Mar

Speed

Global Equities

Low latency execution platform started

Global Fixed Income

Global interest rate, credit & currency trading resumes

Tier 1: Raised Y280bn (Mar)

System Integration & client On -boarding

2009 Apr - Jun

Return to Profitability

Returned to profit as international business significantly expanded

Expanded client base in EAFE

Rapid growth in flow businesses

Personnel expense

cost conversion in progress into variable

Launched Y100bn cost reduction project (Apr)

New wholesale business started

2009 Jul -Sep

Higher Market Presence

Global Equities

Rank #1 on LSE (Jul/Aug/Sep)

Rank #1 on TSE (Aug)

Global Fixed Income

Primary Dealer (US in Jul, India in Sep)

Investment Banking

Best M&A House in China (Euromoney)

Employee Introduced System Global (Jul)

Americas business started

2009 Oct -

World-class Products & Services

Broad client reach

New products

World-class talent

Global footprint

Enhanced IT platform

Market Cap Y 2.4trn

Total Assets Y27.7trn

Headcount 25,917

Tier 1: Raised Y430bn (Oct)

Global investment bank build out

LOGO

Financial Supplement

LOGO

Consolidated financial highlights

Full year

(billions of yen)

Net income (loss) 400 15.5% 20% ROE (%) 8.3%

200 5.2% 304.3 10% 175.8

0 94.7 0% -67.8

-200

-400

-600

-708.2

-800

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

Net revenue 799.2 1,145.7 1,091.1 787.3 312.6

Income (loss) before income taxes 206.3 452.0 318.5 -64.9 -780.3

Net income (loss) attributable to Nomura

94.7 304.3 175.8 -67.8 -708.2 Holdings, Inc. (“NHI”) shareholders

Total Nomura shareholders’ equity 1,868.4 2,063.3 2,185.9 1,988.1 1,539.4

ROE (%)1 5.2% 15.5% 8.3% - - Basic-Net income (loss) attributable to NHI

48.80 159.02 92.25 -35.55 -364.69 shareholders per share(yen) Shareholders’ equity per share (yen) 962.48 1,083.19 1,146.23 1,042.60 590.99

Quarter

(billions of yen)

100 7.0% 3.0%

27.7

11.4

-100 -72.9

-200

-215.8

-300

-342.9

-400

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

128.1 -49.7 99.2 298.4 300.0

-69.4 -399.6 -226.9 31.4 27.3

-72.9 -342.9 -215.8 11.4 27.7

1,810.1 1,419.0 1,539.4 1,544.5 1,615.9

- - - 3.0% 7.0% -38.18 -179.62 -107.00 4.37 10.22 948.34 743.24 590.99 589.32 580.96

1. Quarterly data has been annualized. Note: Noncontrolling interest, which was previously included in Liabilities, is classified as equity in accordance with SFAS 160. Previously reported amounts have been made to conform to the current year presentation.

LOGO

Consolidated balance sheet

(billions of yen)

Mar. 31, Sep. 30, Increase Mar. 31, Sep. 30, Increase

2009 2009 (Decrease) 2009 2009 (Decrease)

Assets Liabilities

Cash and cash deposits 1,423 854 (568) Short-term borrowings 1,183 1,243 60

Payables and deposits 1,242 1,245 3

Loans and receivables 1,643 1,854 211 Collateralized financing 10,158 9,050 (1,108)

Trading liabilities 4,752 7,810 3,058

Collateralized agreements 8,413 9,724 1,312 Other liabilities 468 623 156

Long-term borrowings 5,483 6,062 579

Trading assets and

private equity investments 1 11,673 13,439 1,766 Total liabilities 23,286 26,034 2,748

Other assets 1,687 1,790 103 Equity

Total Nomura shareholders’ equity 1,539 1,616 77

Noncontrolling interest 12 11 (1)

Total assets 24,838 27,661 2,824 Total liabilities and shareholders’ equity 24,838 27,661 2,824

1. Including securities pledged as collateral.

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

LOGO

Second quarter business segment highlights

Net revenue

(billions of yen)

288.6

350

301.9

18.7

300 16.5

25.7 3.9

20.9 250

200 -38.2 187.1

136.4 174.5 150 103.2

28.0 64.7

14.7 30.5 100 10.8 13.1

20.5 22.7

5.2 9.4 6.6

50 95.4 93.2

74.5 69.7 61.9

0 -6.5 -18.4 -1.1 -7.1 -37.1 -50

-100 -171.1 -150 -200 -35.0 -250

-300

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

136.4 -38.2 103.2 288.6 301.9

Income (loss) before income taxes

(billions of yen)

21.7

29.1

100 5.1

4.5

1.3

-61.1 62.3

50 46.7

13.6 -388.1 -223.0

0.8 2.3 27.9 26.4

14.6 0.5

0 5.3 -5.4

-5.5 -3.6 -9.7 -39.9 -86.7 -64.6 -50 -130.8 -100 -8.7

-295.5

-150 -41.3 -23.0 -200 -22.9

-250

-300 -19.9 -37.6 -350 -2.1 -35.2 -400

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

-61.1 -388.1 -223.0 21.7 29.1

Reference

Retail: p. 34

Global Markets: p. 35

Investment Banking: p. 36

Merchant Banking: p. 37

Asset Management: p. 38

Segment “Other”: p. 39

Adjustment of consolidated results and segment results: Income (loss) before income taxes: p. 54

Other

Asset Management Merchant Banking Investment Banking Global Markets Retail

Note1: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Note2: Net income (loss) is net income (loss) before subtracting net income attributable to noncontrolling interest. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

LOGO

First Half Business Segment Highlights

Net revenue

(billions of yen)

700 590.5

35.1 2.8 600 46.6 500

400

270.8 361.6

65.0

300

52.5 95.2

35.8 200

34.2 24.0

4.4 29.3

100 188.5 160.3 131.6

0 -44.2 -16.5 -161.7 -100

-200 -53.4

-300

FY2009.3 FY2010.3

1H 2H 1H

270.8 65.0 590.5

Income (loss) before income taxes

(billions of yen)

300

50.8

200 9.6

100 -146.1 108.9

8.9 -611.0

3.9 54.2 -15.1

0 21.5

-3.3 -2.3 -148.3 -104.5 -100 -24.7 -200 -7.4 -426.3

-300

-400

-61.3 -500 -60.6 -58.0 -1.6 -600

-700

FY2009.3 FY2010.3

1H 2H 1H

-146.1 -611.0 50.8

Reference

Retail: p. 34

Global Markets: p. 35

Investment Banking: p. 36

Merchant Banking: p. 37

Asset Management: p. 38

Segment “Other”: p. 39

Adjustment of consolidated results and segment results: Income (loss) before income taxes: p. 54

Other

Asset Management Merchant Banking Investment Banking Global Markets Retail

LOGO

Retail

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

120

100 95.4 93.2

80 74.5 69.7

60 61.9

27.9 26.4

20 5.3 2.3

-5.5

-20 Net revenue Income before income taxes

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Full year

(billions of yen)

500

446.5 440.1

400 402.0

300 304.4 291.9 197.2 160.9

200

122.3

81.2

100

18.2

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

Business performance

Second quarter net revenue was 93.2 billion yen (-2.3% QoQ, +25.1% YoY).

Income before income taxes was 26.4 billion yen (-5.4%, 5x YoY).

Consulting-based approach resulted in net increase in client assets. Reorganization of sales channels showing results, leading to increased productivity.

Growing customer base

Retail client assets of 68.9 trillion yen at end of June (+Y1.8trn QoQ).

Number of accounts with a balance increased by approx. 23,000 from prior quarter to 4.52 million.

71,000 new accounts opened by retail investors.

Investment trust sales

Sales of equity investment trusts totalled 1.5954 trillion yen (+12% QoQ).

Investment trust commissions of 41.5 billion yen (+4.3%QoQ).

Newly launched investment trusts (as of September 30).

Nomura Emerging Markets Consumer Stock Fund 117.8 billion yen Nomura PIMCO US High Yield Bond Fund 106.1 billion yen UBS(JP) Global defensive sector corporate bond und 46.4 billion yen Nomura Japan Real Small Capitalization Stock Fund 39.0 billion yen Schroder China / India Related Developed Countries Equity Fund 36.2 billion yen

Quarter highlights

Total subscriptions of 173.8 billion yen from 13 IPOs and POs.

Reference

Net revenue and income (loss) before income taxes: p. 41

Retail stock brokerage commissions, commissions for distribution of investment trusts: p. 42

Retail client assets: p. 43

Retail client assets: Net asset inflow: p. 44

Number of accounts: p. 45

LOGO

Global Markets

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

187.1 174.5

200 150

100 62.3 46.7

50 9.4

-50 -6.5

-100

-86.7

-150

-200 -171.1 -130.8

-250 -300

-295.5

Net revenue Income before income taxes FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Full year

(billions of yen)

400 371.1

243.1 290.0 157.7

200 95.6

60.2 58.8

-200 -157.3 -226.2

-400

-600 -574.6

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

Business performance

Second quarter net revenue was 174.5 billion yen (-6.7% QoQ). Income before income taxes was 46.7 billion yen (-25.1% QoQ)

Global Fixed Income

Revenue centred on client flow businesses.

Flow rates, flow credit business both had solid performance.

Global Equities

Robust trading revenue and client flows.

Revenues generated by flow derivatives and corporate derivatives in EMEA as well as large public offerings and convertible bonds in Asia-Pacific.

Japanese loan-related business

Nomura Capital Investment: Total credit extended of 183.1 billion yen (including commitments)

Quarter highlights

Received Primary Dealer licenses in US and India

Number 1 on LSE (Jul – Sep).

Instinet: Voted Best Agency Broker in Europe and Asia.

Chi-X increased market share in Europe and Canada (FTSE100: 19% in Sep; Canada TSX60: 13% in Sep).

Started US build out.

Global Fixed Income: Hiring core team members, increasing headcount, stated operations in each product line.

Global Equities: Flow derivatives desk fully operational.

Reference

Net revenue and income (loss) before income taxes: p. 46

Monoline insurer-related exposure: p. 46

Value at risk: p. 51

LOGO

Investment Banking

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

-10

-20

-30

-40

-50

5.2

22.7

6.6

25.7

20.9

-8.7

-19.9

-41.3

-5.4

-9.7

Net revenue

Income before income taxes

FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Full year

(billions of yen)

120

-30

-60

75.4

99.7

99.2

83.1

63.5

29.2

51.5

44.4

22.8

-57.4

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

-Business performance

-Second quarter net revenue was 20.9 billion yen (-18.4% QoQ, 4x YoY). Loss before income taxes was 9.7 billion yen

-Japan business slowed down compared to the prior quarter as ECM market volume declined.

-Europe expanded revenues with solutions business. Although revenues declined in Asia compared to the first quarter, the number of deals increased.

Major deals

-Equity underwriting: Mizuho Financial Group: Y552bn ANA: Y148.9bn

-M&A: Advisor to Anglo American on its defense against takeover attempt by Xstrata.

Financial advisor to Sompo Japan Insurance on business integration with Nipponkoa Insurance: Y457bn

Financial advisor to Dainippon Sumitomo Pharma on acquisition of Sepracor: US$2.36bn

Financial advisor to Aioi Insurance on business integration with Dowa General Insurance and Mitsui Sumitomo Group Holdings: Y534.5bn

Reference

Net revenue and income (loss) before income taxes: p. 47

League tables: p. 47

LOGO

Merchant Banking

Net revenue and income (loss) before income taxes

Quarter

(40 billions of yen)

20.5

3.9

14.6 1.3

-1.1 -18.4 -3.6 -20 -35.0 -23.0

-40

-37.6

Net revenue Income before income taxes FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Full year

(billions of yen)

80 68.2 65.0 64.8

40 55.4 52.8 53.3

20 7.3

-3.0

-20 -40 -60

-80 -85.3 -69.9

-100

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

-Business performance

-Second quarter net revenue was 3.9 billion yen. Income before income taxes was 1.3 billion yen.

-Total investments declined. Booked revenues on exit from investment in Kawamura Electric and in Europe from realized/unrealized -gains on bio-pharma venture. Returned to profit for first time in four quarters.

-Continue to focus on increasing the value of existing investee companies.

Reference

Net revenue and income (loss) before income taxes: p. 48

Business exposure: p. 48

LOGO

Asset Management

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

18.7 16.5

20 14.7

10.8 13.1

10 5.1 4.5 0.8 0.5

-10 Net revenue -2.1 Income before income taxes FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Full year

(billions of yen)

100

88.1 88.7

80 64.1

59.8

47.6 39.4 34.0

40 23.8

13.0

20 7.4

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

Business performance

Second quarter net revenue was 16.5 billion yen (-11.7% QoQ, +11.9% YoY). Income before income taxes was 4.5 billion yen (-12.8% QoQ, 5.6x YoY).

Assets under management increased by 700 billion yen from the end of June to 22.9 trillion yen as of the end of September. Continued inflows into investment trusts on the back of robust demand for newly launched funds.

Outstanding balance of Asset Management products sold via bank channels in Japan Banks, others 1: Y1.172trn (+Y100.7bn from end of June) Japan Post Bank: Y439.5bn (+Y7bn from end of June)

Quarter highlights

Delivered timely new funds matched to customer needs that allow investors to choose from different currencies, sectors, and business fields.

In investment advisory, received new mandates from Japanese pension funds and overseas institutional investors for Japanese and Asian equities, global bonds, and credit investments.

Reference

Net revenue and income (loss) before income taxes: p. 49

Assets under management: p. 49-50

Investment trust related data: p. 50

1. Excludes Japan Post Bank and Nomura Trust & Banking.

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

LOGO

Segment “Other”

Income (loss) before income taxes

Business Performance Full year Quarter

Second quarter loss before

(billions of yen) (billions of yen)

Includes ¥34.0bn related Fortress income taxes of 39.9billion

60 60 to impairment of yen.

Nomura Real Estate

Holdings IPO ¥62.3bn Booked net credit value

40 40 adjustment of 7.0 billion yen

17.8 on liabilities.

20 8.5 13.6 20

0 0

-20 -20

-20.9 -22.9

-40 -27.3 -35.2 -40 -39.9

-60 -60

-65.4 -64.6

JAFCO

-80 -80 impairment of FY2009.3 FY2010.3 ¥13.6bn FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Net gain / loss on trading related to economic -9.7 -64.8 -38.4 -9.7 64.2 20.2 40.3 2.7 3.3

1.9

hedging transactions

Realized gain on investments in equity securities 7.0 8.4 18.1 1.5 -2.4 -1.5 -1.4 0.2 0.1

-0.5

held for operating purposes

Equity in earnings of affiliates 7.3 27.8 53.2 4.7 -0.7 4.0 -0.4 -6.4 3.7 0.6 Corporate items 4.5 -7.4 -11.1 -13.4 -70.5 -2.3 -35.0 -27.6 -24.9 -19.6 Others1 -0.6 8.7 -4.1 -4.0 -56.0 -6.8 -38.7 8.2 -46.7 -22.4 Income before income taxes 8.5 -27.3 17.7 -20.9 -65.4 13.6 -35.2 -22.9 -64.6 -39.9

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

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

LOGO

Non-interest expenses

Full year Quarter

(billions of yen) (billions of yen)

1,200 400

1,092.9

349.9

326.1

1,000

Other 852.2 272.7 300 266.9

800

Business development expenses 687.9

607.2 197.5

Occupancy and related 600 200 depreciation

Information processing and communications 400

100 Commissions and floor brokerage 200 Compensation and benefits

0 0

FY2009.3 FY2010.3

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

2Q 3Q 4Q 1Q 2Q

Business Performance

Second quarter non-interest expenses of 272.7 billion yen (+2.2% QoQ)

Compensation and benefits reduction

Turning fixed compensation and benefits into variable.

Reduction in other expenses

Other expenses declined due to absence of impairment charges and other special factors

Compensation and benefits 311.3 331.0 366.8 491.6 80.1 161.8 161.7 138.1 146.6 6.2%

Variable-type compensation and benefits 150.5 157.6 174.7 129.9 33.0 26.1 31.3 50.3 57.6 14.6%

Commissions and floor brokerage 31.4 49.8 90.2 73.7 20.3 17.6 17.1 20.0 21.7 8.3%

Information processing and communications 89.1 109.5 135.0 155.0 34.6 40.8 46.2 40.2 43.9 9.4%

Occupancy and related depreciation 50.8 57.4 64.8 78.5 17.2 23.2 22.2 22.0 22.6 2.8%

Business development expenses 30.6 35.3 38.1 31.6 7.9 8.1 8.6 6.3 6.4 2.0%

Other 94.1 105.0 157.2 262.6 37.3 98.3 70.4 40.4 31.5 -22.1%

Total 607.2 687.9 852.2 1,092.9 197.5 349.9 326.1 266.9 272.7 2.2%

Reference

Number of employees: p. 52

LOGO

Retail related data (1)

FY2009.3 FY2010.3

FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ YoY

(billions of yen) 2Q 3Q 4Q 1Q 2Q

Commissions 174.0 269.4 251.4 225.9 151.0 41.0 28.9 35.5 55.9 59.8 7.0% 45.8%

Sales credit 73.7 109.0 96.8 94.2 71.4 15.0 22.8 12.3 20.0 15.5 -22.3% 3.2%

Fees from investment banking 24.5 26.4 24.0 14.9 13.4 2.0 5.6 3.7 7.2 5.1 -28.7% 153.4%

Investment trust administration fees and other 26.1 34.4 47.5 59.7 50.9 15.2 10.9 9.3 11.1 11.8 5.8% -22.7%

Net interest revenue 6.1 7.4 20.4 7.3 5.2 1.1 1.4 1.1 1.2 0.9 -22.3% -20.4%

Net revenue 304.4 446.5 440.1 402.0 291.9 74.5 69.7 61.9 95.4 93.2 -2.3% 25.1%

Non-interest expenses 223.2 249.3 279.3 279.7 273.6 69.1 67.4 67.5 67.5 66.8 -1.1% -3.4%

Income before income taxes 81.2 197.2 160.9 122.3 18.2 5.3 2.3 -5.5 27.9 26.4 -5.4% 395.6%

Domestic distribution volume of investment trusts 1 (billions of yen) 9,846.9 6,825.1 1,838.2 1,319.7 1,637.8 2,327.2 2,446.8 5.1% 33.1%

Bond investment trusts 3,681.8 2,731.6 713.8 625.5 591.4 624.0 593.3 -4.9% -16.9%

Stock investment trusts 4,816.1 2,969.3 840.0 423.3 867.5 1,425.0 1,595.4 12.0% 89.9%

Foreign investment trusts 1,349.0 1,124.2 284.4 270.9 178.9 278.3 258.0 -7.3% -9.3%

Other (billions of yen)

Accumulated value of annuity insurance policies 446.4 683.3 990.4 1,205.3 1,413.3 1,303.6 1,358.9 1,413.3 1,462.5 1,507.0 3.0% 15.6%

Sales of JGBs for individual investors (transaction base) 1,290.6 747.8 615.2 292.3 109.6 20.2 12.8 7.8 8.1 7.0 -14.2% -65.6%

Retail foreign currency bond sales 1,154.4 1,119.2 677.1 954.0 867.4 245.9 142.7 156.7 288.4 252.6 -12.4% 2.7%

1. Nomura Securities.

LOGO

Retail related data (2)

Stock brokerage commissions and commissions for distribution of investment trusts1

Quarter

(billions of yen)

50 40 30 20 10

FY2009.3 FY2010.3

QoQ YoY

2Q 3Q 4Q 1Q 2Q

10.7 15.0 10.3 15.8 14.7 -7.4% 37.6%

Commissions for distribution of investment trusts1 49.9 95.9 124.7 124.5 79.8 25.1 8.3 19.7 39.8 41.5 4.3% 65.8%

1. Nomura Securities

Full year

(billions of yen)

180

Stock brokerage commissions

150 Commissions for distribution of investment trusts 120

90 60 30

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

Stock brokerage commissions 103.0 153.6 98.3 75.1 50.8

LOGO

Retail related data (3)

Retail client assets1

Full year Quarter

(trillions of yen)

100

Total4 85.2

80.5

Other 80 72.2 68.9

67.2

Overseas mutual funds 61.2 59.3 60

Bond investment trusts 40 Stock investment trusts 3

Domestic bonds 20

Foreign currency bonds 0

Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009

Equities 33.5 49.3 48.5 37.2 28.6 34.6 35.7

Foreign currency bonds2 4.0 3.6 3.3 2.7 5.5 5.8 5.7

Domestic bonds3 11.8 13.1 16.4 16.5 13.0 13.3 13.6

Stock investment trusts 3.3 5.3 7.4 7.3 5.0 5.9 6.4

Bond investment trusts 4.9 4.5 4.7 4.4 4.0 3.9 3.9

Overseas mutual funds 1.9 2.3 2.0 1.7 1.4 1.5 1.5

Other4 1.9 2.3 2.9 2.5 1.9 2.0 2.2

Total 61.2 80.5 85.2 72.2 59.3 67.2 68.9

1. Domestic Client Assets name changed to Retail client assets.

2. Euroyen bonds have been moved from domestic bonds to foreign currency bonds from the third quarter of the fiscal year ended March 31, 2009.

3. Includes CBs and warrants.

4. Includes annuity insurance.

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Retail related data (4)

Retail client assets: Net asset inflow1

Full year Quarter

(billions of yen)

8,000

6,749

5,975

6,000

4,868 4,928 4,581

4,000

2,003 2,000 1,610 1,407 1,441 1,013

FY2009.3 FY2010.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

1. Retail client assets exclude portion from regional financial institutions.

Note: Net asset inflow = asset inflow – asset outflow.

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Retail related data (5)

Number of accounts / IT share1

Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009

(thousands) Accounts with balance 3,678 3,780 3,953 4,165 4,467 4,494 4,517

Equity holding accounts 1,680 1,745 1,853 2,027 2,347 2,378 2,399

Nomura Home Trade (online trading a 1,716 1,969 2,243 2,765 3,095 3,130 3,166

Full year Quarter

FY2009.3 FY2010.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

New individual accounts (thousands) 425 343 417 580 608 180 218 81 65 71

IT share1

No. of orders 52% 55% 55% 57% 59% 60% 56% 60% 61% 60%

Transaction value 24% 27% 27% 29% 29% 30% 27% 29% 31% 29%

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

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Global Markets related data

FY2009.3 FY2010.3

FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ YoY

(billions of yen) 2Q 3Q 4Q 1Q 2Q

Global Fixed Income 119.8 173.8 123.1 -119.9 -217.2 -15.3 -172.1 5.4 105.4 76.6 -27.4% -

Global Equities 90.2 168.5 147.9 206.0 98.9 26.4 7.3 22.8 92.8 93.4 0.6% 254.1%

Other 33.1 28.8 19.1 9.5 -38.9 -17.6 -6.2 -18.8 -11.1 4.6 - -

Net revenue 243.1 371.1 290.0 95.6 -157.3 -6.5 -171.1 9.4 187.1 174.5 -6.7% -

Non-interest expenses 182.9 213.4 231.2 321.8 417.4 80.2 124.4 140.2 124.9 127.8 2.4% 59.5%

Income before income taxes 60.2 157.7 58.8 -226.2 -574.6 -86.7 -295.5 -130.8 62.3 46.7 -25.1% -

Note: In April composition 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

Monoline insurer-related exposure

Credit derivative transactions with monoline insurers (excluding provisions and hedged exposure)

Sep. 30, 2009 (millions of US$)

Monoline insurers by credit rating1 Counterparty risk

(No. of companies) Notional Gross exposure reserves and other Net exposure

adjustments

AA(1) $211 $63 $7 $56

Non-investment grade(4) $8,297 $3,125 $2,659 $466

Total $8,508 $3,188 $2,666 $522

Jun. 30, 2009 (millions of US$)

Monoline insurers by credit rating1 Counterparty risk

(No. of companies) Notional Gross exposure reserves and other Net exposure

adjustments

AA(1) $246 $83 $8 $75

Non-investment grade(4) $8,311 $4,762 $4,251 $511

Total $8,557 $4,845 $4,259 $586

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

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Investment Banking related data

FY2009.3 FY2010.3

FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ YoY

(billions of yen) 2Q 3Q 4Q 1Q 2Q

Net revenue 75.4 99.7 99.2 83.1 63.5 5.2 22.7 6.6 25.7 20.9 -18.4% 299.2%

Non-interest expenses 46.2 48.1 54.8 60.3 120.9 14.0 42.6 47.9 31.1 30.7 -1.4% 119.5%

Income before income taxes 29.2 51.5 44.4 22.8 -57.4 -8.7 -19.9 -41.3 -5.4 -9.7 - -

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 and equity-related (excl. self funding) Japan announced deals

Jan. 1, 2009–Sep. 30, 2009

Rank Bookrunner Proceeds Mkt No. of

(US$m ) share deals

Nomura 10,008.4 32.5% 20

Goldman Sachs 3,003.7 9.7% 2

Daiw a Securities SMBC 2,868.1 9.3% 5

JP Morgan 1,872.0 6.1% 3

Morgan Stanley 1,426.6 4.6% 3

Nikko Citi 1,091.1 3.5% 3

Barclays 943.3 3.1% 1

UBS 803.4 2.6% 2

9 Bank of America Merrill Lynch 729.5 2.4% 2

10 Mitsubishi UFJ Financial Group 680.0 2.2% 4

Global equity & equity –related bookrunner league table

Jan. 1, 2009–Sep. 30, 2009

Rank Bookrunner Proceeds Mkt No. of

(US$m ) share issues

JP Morgan 79,951 14.5% 294

Goldman Sachs 50,322 9.1% 184

Morgan Stanley 48,934 8.9% 208

UBS 39,535 7.2% 194

Bank of America Merrill Lynch 34,609 6.3% 224

Credit Suisse 32,010 5.8% 145

Deutsche Bank 29,770 5.4% 140

Citi 27,365 5.0% 196

9 Nomura 11,695 2.1% 40

10 RBS 11,347 2.1% 82

Source: Thomson Reuters

Jan. 1, 2009–Sep. 30, 2009

Rank Advisor Rank Value Mkt No. of

(US$m ) share deals

Nomura 27,581.0 30.7% 93

Goldman Sachs 26,047.1 29.0% 11

Mizuho Financial Group 21,141.5 23.5% 105

Citi 21,068.9 23.4% 48

Daiw a Securities SMBC 16,985.1 18.9% 63

Morgan Stanley 14,926.2 16.6% 15

Mitsubishi UFJ Financial Group 14,834.7 16.5% 52

UBS 7,711.4 8.6% 10

9 Bank of America Merrill Lynch 7,679.6 8.5% 25

10 JP Morgan 7,249.3 8.1% 9

Domestic straight bonds (excluding self-funding)

Rank Bookrunner Apr. 1, 2009–Sep. 30, 2009

Proceeds Mkt No. of

(¥m ) share issues

Nomura 1,749,138.7 29.7% 79

Mizuho Financial Group 1,480,320.2 25.1% 66

Daiw a Securities SMBC 1,264,219.0 21.5% 59

Mitsubishi UFJ Financial Group 1,008,328.8 17.1% 39

Nikko Citi 247,316.7 4.2% 16

Goldman Sachs 43,326.7 0.7% 2

Bank of America Merrill Lynch 39,993.3 0.7% 2

Barclays Capital 25,900.0 0.4% 2

9 Toyota Financial Services Sec. 25,000.0 0.4% 2

10 Deutsche Bank 10,000.0 0.2% 1

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Merchant Banking related data

FY2009.3 FY2010.3

FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ YoY

(billions of yen) 2Q 3Q 4Q 1Q 2Q

Net revenue 7.3 68.2 65.0 64.8 -69.9 20.5 -35.0 -18.4 -1.1 3.9 - -81.2%

Non-interest expenses 10.4 12.8 12.2 11.5 15.4 5.9 2.6 4.6 2.5 2.6 4.3% -55.5%

Income before income taxes -3.0 55.4 52.8 53.3 -85.3 14.6 -37.6 -23.0 -3.6 1.3 - -91.4%

Business exposure

Full year Quarter

(billions of yen)

600 543.4

Total 500 457.6

439.1

381.4 382.1 368.6

Terra Firma 400 366.3

300 260.2 256.3 Asia 254.9 231.2 210.9

200

Europe (excluding 132.1

Terra Firma) 98.7 100

Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009

Japan 108.4 59.9 195.5 169.5 191.7 190.2 187.2

Europe (excluding Terra Firm a) 23.7 38.8 35.7 41.4 60.0 66.6 65.9

Asia - 3.2 3.4 3.1

Sub Total 132.1 98.7 231.2 210.9 254.9 260.2 256.3

Terra Firm a 325.5 340.4 312.2 170.5 111.4 122.0 112.3

Total 457.6 439.1 543.4 381.4 366.3 382.1 368.6

Note: Amount of exposure in Japan is total of Nomura Principal Finance (NPF), Nomura Financial Partners (NFP), Nomura Research & Advisory (NR&A) and others.

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)

FY2009.3 FY2010.3

(billions of yen) FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Net revenue 47.6 64.1 88.1 88.7 59.8 14.7 10.8 13.1 18.7 16.5 -11.7% 11.9%

Non-interest expenses 34.6 40.3 48.7 54.8 52.4 13.9 12.9 12.6 13.5 12.0 -11.3% -13.8%

Income before income taxes 13.0 23.8 39.4 34.0 7.4 0.8 -2.1 0.5 5.1 4.5 -12.8% 462.6%

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.

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

Total assets under management

Full year Quarter

(trillions of yen) 35

27.0

25.8

25 23.1 22.2 22.9

20.2

20 17.9 15

Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009

Note: 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. Nomura Funds Research and Technologies America data as of end of May 2009.

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Asset Management related data (2)

Nomura Asset Management assets under management

Full year Quarter

(trillions of yen) 30

25.9

25 24.3 21.8

21.1

21.0

Overseas investment 20 19.0 advisory Domestic investment 16.0 advisory 15

Privately placed investment trusts 10

Public bond investment trusts 5 Public stock investment trusts

Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Jun. 30, 2005 2006 2007 2008 2009 2009 2010

Investment trusts 10.8 14.0 18.8 17.2 13.0 14.3 14.8

Public stock investment trusts 4.4 6.9 10.8 9.8 6.5 7.7 8.2

Public bond investment trusts 5.6 5.6 5.8 5.3 4.8 4.8 4.9

Privately placed investment trusts 0.8 1.5 2.2 2.0 1.6 1.8 1.7

Investment advisory 5.1 7.0 7.1 7.1 6.0 6.8 7.0

Domestic investment advisory 3.2 4.0 3.7 4.6 4.3 4.6 4.7

Overseas investment advisory 2.0 3.0 3.4 2.4 1.7 2.3 2.3

Total 16.0 21.0 25.9 24.3 19.0 21.1 21.8

Domestic public investment trust market and Nomura Asset Management market share

Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30,

(trillions of yen) 2005 2006 2007 2008 2009 2009 2009

Domestic public stock investment trusts

Market 28.9 45.0 59.4 57.7 40.4 45.9 48.0

Nomura’s share (%) 15% 15% 18% 17% 16% 17% 17%

Domestic public bond investment trusts

Market 13.5 13.5 13.2 12.0 11.1 11.2 11.3

Nomura’s share (%) 42% 42% 44% 44% 43% 43% 43%

Source: Investment Trusts Association, Japan

Nomura Asset Management net asset inflow

Full year Quarter

FY FY FY FY FY FY2009.3 FY2010.3

(trillions of yen) 2005.3 2006.3 2007.3 2008.3 2009.3 2Q 3Q 4Q 1Q 2Q

Public stock investment trusts -0.1 1.0 3.8 2.0 0.0 -0.1 -0.1 0.3 0.2 0.3

Exclude ETF 0.2 1.4 3.7 1.8 -0.4 -0.4 -0.1 0.2 0.3 0.2

Public bond investment trusts -0.7 0.0 0.2 -0.5 -0.5 -0.1 -0.3 -0.1 0.0 0.1

Privately placed investment 0.3 0.5 0.7 0.2 0.1 0.1 0.0 -0.1 -0.1 -0.1

trusts

Net asset inflow -0.5 1.5 4.6 1.7 -0.4 -0.2 -0.4 0.1 0.1 0.3

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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, 2009, to September 30, 2009 (billions of yen)

Maximum: 14.3

Minimum: 9.9

Average: 12.3

(billions of yen) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, Sep. 30,

2005 2006 2007 2008 2009 2009 2009

Equity 3.0 6.0 4.7 4.2 3.8 4.4 2.6

Interest rate 2.8 3.3 3.7 4.7 6.7 4.0 3.4

Foreign exchange 0.7 1.4 1.4 8.0 8.7 12.1 10.9

Sub-total 6.5 10.7 9.8 16.9 19.2 20.5 17.0

Diversification benefit -2.4 -3.7 -3.6 -6.8 -7.5 -7.1 -5.2

VaR 4.1 7.0 6.2 10.1 11.7 13.4 11.8

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Number of employees

Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Mar. 31, 2009 Sep. 30, 2009

Japan (excluding FA)1 9,236 9,618 10,667 11,561 12,929 13,111

Japan (FA)2 1,875 1,948 2,174 2,377 2,391 2,294

Europe 1,535 1,515 1,791 1,956 4,294 4,369

Am ericas 1,026 1,073 1,322 1,063 1,079 1,468

Asia-Pacific3 718 778 900 1,070 4,933 4,675

Total 14,390 14,932 16,854 18,026 25,626 25,917

1. Excludes employees of private equity investee companies. 2. Figures up to March 2008 include savings advisors. 3. Includes India Powai office

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.

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Consolidated income

FY2009.3 FY2010.3

(billions of yen) FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Revenue

Commissions 222.0 356.3 337.5 404.7 306.8 84.9 73.4 66.3 102.0 95.4

Fees from investment banking 92.3 108.8 99.3 85.1 55.0 10.0 19.7 11.8 29.7 15.6

Asset management and portfolio service fees 78.5 102.7 146.0 189.7 140.2 42.4 29.4 25.6 30.3 34.0

Net gain on trading 201.7 304.2 290.0 61.7 -128.3 -21.0 -134.5 16.7 121.1 148.5

Gain (loss) on private equity investments 7.7 12.3 47.6 76.5 -54.8 23.2 -24.8 -15.5 -2.1 2.0

Interest and dividends 401.4 693.8 981.3 796.5 331.4 127.0 45.9 40.5 58.4 53.6

Gain (loss) on investments in equity securities 15.3 67.7 -20.1 -48.7 -25.5 -9.8 -12.9 -3.7 9.8 -2.3

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

Other 32.3 58.8 67.4 28.2 39.9 1.1 6.6 4.5 14.3 8.7

Total revenue 1,126.2 1,792.8 2,049.1 1,593.7 664.5 257.7 2.7 146.2 363.6 355.5

Interest expense 327.0 647.2 958.0 806.5 351.9 129.7 52.5 47.0 65.2 55.4

Net revenue 799.2 1,145.7 1,091.1 787.3 312.6 128.1 -49.7 99.2 298.4 300.0

Non-interest expenses 592.9 693.7 772.6 852.2 1,092.9 197.5 349.9 326.1 266.9 272.7

Income (loss) from continuing operations

before income taxes 206.3 452.0 318.5 -64.9 -780.3 -69.4 -399.6 -226.9 31.4 27.3

Income from discontinued operations

before income taxes - 99.4 - - - - - - - -

Income (loss) before income taxes 206.3 551.4 318.5 -64.9 -780.3 -69.4 -399.6 -226.9 31.4 27.3

Net income (loss) attributable to Nomura Holdings, Inc.

(“NHI”) shareholders from continuing operations 94.7 256.6 175.8 -67.8 -708.2 -72.9 -342.9 -215.8 11.4 27.7

Net income (loss) attributable to Nomura Holdings, Inc.

(“NHI”) shareholders from discontinued operations — 47.7 - - - - - - - -

Net income (loss) 94.7 304.3 175.8 -67.8 -708.2 -72.9 -342.9 -215.8 11.4 27.7

Note:

1. In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” net revenue and non-interest expenses from operations that were treated as discontinued during the fiscal year ended March 31, 2006, are separately reported as income from discontinued operations.

2. 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

(billions of yen) FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Retail 81.2 197.2 160.9 122.3 18.2 5.3 2.3 -5.5 27.9 26.4

Global Markets 60.2 157.7 58.8 -226.2 -574.6 -86.7 -295.5 -130.8 62.3 46.7

Investment Banking 29.2 51.5 44.4 22.8 -57.4 -8.7 -19.9 -41.3 -5.4 -9.7

Merchant Banking -3.0 55.4 52.8 53.3 -85.3 14.6 -37.6 -23.0 -3.6 1.3

Asset Management 13.0 23.8 39.4 34.0 7.4 0.8 -2.1 0.5 5.1 4.5

5 Business segment total 180.6 485.7 356.3 6.2 -691.7 -74.7 -352.9 -200.1 86.3 69.0

Other 7.0 -33.1 22.0 -20.9 -65.4 13.6 -35.2 -22.9 -64.6 -39.9

Segment total 187.6 452.6 378.3 -14.7 -757.1 -61.1 -388.1 -223.0 21.7 29.1

Unrealized gain (loss) on investments in equity

securities held for operating purposes 8.4 59.3 -38.2 -50.2 -23.1 -8.3 -11.6 -4.0 9.7 -1.8

Effect of consolidation/deconsolidation of

certain private equity investee companies 8.9 -59.9 -21.5 - - - - - - -

Income (loss) from continuing

operations before income taxes 204.8 452.0 318.5 -64.9 -780.3 -69.4 -399.6 -226.9 31.4 27.3

US GAAP Income from discontinued - 99.4 - - - - - - -

operations before income taxes

Total 204.8 551.4 318.5 -64.9 -780.3 -69.4 -399.6 -226.9 31.4 27.3

Note:

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 ended 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

(billions of yen) FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2009.3 FY2010.3

2Q 3Q 4Q 1Q 2Q

Stock brokerage com missions (retail) 103.0 153.6 98.3 75.1 50.8 10.7 15.0 10.3 15.8 14.7

Stock brokerage com missions (other) 40.2 79.5 73.2 166.6 144.7 41.3 41.8 28.9 39.2 34.5

Other brokerage com missions 13.0 14.3 6.8 9.3 7.9 1.9 3.5 0.9 2.9 -0.0

Commissions

Commissions for distribution of investment trusts 41.7 85.1 120.5 121.2 75.9 24.2 6.9 19.1 39.5 41.3

Other 24.1 23.8 38.6 32.4 27.5 6.9 6.3 7.3 4.7 5.0

Total 222.0 356.3 337.5 404.7 306.8 84.9 73.4 66.3 102.0 95.4

Equity underwriting and distribution 49.1 57.3 56.6 32.1 13.2 0.6 8.8 1.5 17.1 7.7

Fees from Bond underwriting and distribution 20.5 21.2 15.3 13.4 11.9 2.8 0.6 4.0 3.8 2.9

Investment M&A / financial advisory fees 22.6 30.3 26.7 37.8 26.7 6.2 10.1 5.8 8.6 4.9

Banking

Other 0.1 0.1 0.7 1.8 3.1 0.4 0.1 0.5 0.3 0.1

Total 92.3 108.8 99.3 85.1 55.0 10.0 19.7 11.8 29.7 15.6

Asset management fees 51.1 68.5 106.3 150.3 104.1 31.0 21.2 18.4 22.0 26.0

Asset

Management Administration fees 16.1 20.6 24.0 21.7 21.3 7.4 4.8 4.1 4.5 4.6

and portfolio Custodial fees 11.3 13.6 15.7 17.7 14.7 4.1 3.4 3.0 3.8 3.4

service fees

Total 78.5 102.7 146.0 189.7 140.2 42.4 29.4 25.6 30.3 34.0

Bonds and other 120.9 150.9 154.9 -70.3 -87.0 -22.3 -120.0 77.9 56.0 93.8

Equity 76.8 148.1 137.6 137.0 -38.7 1.7 -14.0 -59.7 64.8 53.6

Net gain

on trading1 Merchant banking 4.0 5.2 -2.5 -5.0 -2.7 -0.5 -0.6 -1.6 0.3 1.1

Net interest revenue 74.3 46.6 23.3 -9.9 -20.5 -2.7 -6.6 -6.5 -6.8 -1.9

Total 276.0 350.8 313.4 51.8 -148.9 -23.7 -141.1 10.2 114.3 146.6

1. Includes net interest revenue.

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Nomura Holdings, Inc.