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

For the month of May 2007.

 

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

 

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

 

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

Form 20-F      X            Form 40-F              

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

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

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

Yes                      No      X    

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

 

Table of Contents

Information furnished on this form:

EXHIBIT

 

Exhibit Number
1.  

Consolidated Results of Operations (US GAAP), Fourth quarter, year ended 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: May 1, 2007   By:  

/s/ Toshio Hirota

    Toshio Hirota
    Executive Managing Director

Table of Contents
Consolidated Results of Operations
(US GAAP)
Fourth quarter, year ended March 2007
Nomura Holdings, Inc.
April 2007

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

Table of Contents
3
FY2007.3 Results Key Points (P4)
FY2007.3 Financial Highlights (P5)
FY2007.3 Business Segment Highlights (P6)
Fourth Quarter Results Key Points (P7)
Fourth Quarter Financial Highlights (P8)
Fourth Quarter Business Segment Highlights (P9)
Domestic Retail (P10)
Global Markets (P11)
Global Investment Banking (P12)
Global Merchant Banking (P13)
Asset Management (P14)
Segment “Other”
(P15)
Non-interest Expenses
(Business Segment Total) (P16)
Outline
Net Income and ROE (P18)
Consolidated Income (P19)
Main Revenue Items (P21)
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (P23)
Consolidated Balance Sheet (P25)
Effect of Consolidation/Deconsolidation of Certain Private
Equity Investee Companies (Non-interest Expenses) (P26)
Domestic Retail Related Data (P27)
Global Merchant Banking Related Data (P31)
Asset Management Related Data (P32)
Fourth Quarter Achievements (P35)
League Tables (P36)
Market Share Data (P37)
Value at Risk (P38)
Number of Employees (P39)
Presentation
Appendix

Table of Contents
4
Domestic Client Assets increased 4.7 trillion yen to 85.2
trillion yen
Number one in FY2006 Equity and Equity-related (Japan)
league table*, sixth consecutive fiscal year in top position
Global Merchant Banking continued to book high level of
revenue
Asset Management both revenue and net income increased
significantly
FY2007.3
ROE
of
8.3%
FY2007.3 Results Key Points
*Thomson Financial

Table of Contents
5
FY2007.3
Financial Highlights
Net revenue for FY2007.3 was 1.0911 trillion yen (-4.8% YoY), income before income taxes was 321.8 billion yen (-41.0%
YoY), and net income was 175.8 billion yen (-42.2% YoY).  ROE was 8.3%.
(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
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 before income taxes for the year ended March 31, 2006, is the total for continuing and discontinued operations.
Appendix
Net Income and ROE:P18
Consolidated
Income(Annually):P19
Net Revenue
Income before Income Taxes*
Net Income/ROE
(billions of yen)
(billions of yen)
Net Income (lhs)
ROE (annualized, rhs)
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
1,091.1
1,145.7
799.2
803.1
566.3
0
200
400
600
800
1,000
1,200
94.7
304.3
175.8
172.3
119.9
5.2%
8.3%
15.5%
7.4%
10.1%
0
50
100
150
200
250
300
350
0%
5%
10%
15%
20%
25%
321.8
545.0
204.8
282.7
47.4
0
100
200
300
400
500
600

Table of Contents
6
FY2007.3 Business Segment Highlights
Net revenue from all business segments was 1.0577 trillion yen (-0.2% YoY), income before income taxes was 377.3 billion
yen (-16.5% YoY).
Domestic Retail
Stock brokerage commissions declined, but commissions
for distribution of investment trusts expanded
Global Markets
Fixed Income and Equity trading revenue declined
Global Investment Banking
Strong equity underwriting and M&A-related business
Global Merchant Banking
Actively invested and exited
Asset Management
Assets under management increased markedly
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
Net Revenue
Income before Income Taxes
Appendix
Domestic Retail :P10
Global Markets :P11
Global Investment
Banking :P12
Global Merchant Banking :P13
Asset Management :P14
Segment “Other”
:P15
Adjustment of Consolidated
Results and Segment Results :
Income before Income
Taxes :P23
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
(billions of yen)
(billions of yen)
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
249.3
305.8
304.4
446.5
440.1
236.0
284.1
243.1
371.1
290.0
69.1
70.9
75.4
99.7
99.2
68.2
65.0
40.4
40.3
49.0
65.8
90.1
29.8
-6.6
10.7
7.3
73.3
14.7
17.8
8.4
602.8
729.5
709.0
1,057.7
1,059.8
0
100
200
300
400
500
600
700
800
900
1,000
1,100
35.7
79.5
81.2
197.2
160.9
93.6
120.8
60.2
157.7
58.8
12.8
17.2
29.2
51.5
44.4
55.4
52.8
10.0
20.6
36.5
-41.6
-30.5
23.9
-15.3
-3.0
0.5
4.0
0.5
10.1
7.0
225.5
187.6
89.2
377.3
452.0
0
100
200
300
400
500

Table of Contents
7
Commissions for distribution of investment trusts* of 39.1
billion yen represents second consecutive quarter in which a
record high was posted since quarterly reporting under US
GAAP started in the fiscal year ended March 2002
Assets under management in Asset Management increased
to record high of 27 trillion yen
Investment trust business performed well; trouble in US
subprime
loan market and increase in effective tax rate led to
fourth quarter ROE (annualized) of 6.0%
*Nomura Securities
Fourth Quarter Results Key Points

Table of Contents
8
Fourth Quarter Financial Highlights
*Annualized
(billions of yen)
Net revenue for the fourth quarter was 311.3 billion yen (-3.6% QoQ, -4.4% YoY). Income before income taxes was
83.2 billion yen (-37.1% QoQ, -60.3% YoY). Net income was 33.1 billion yen (-58.2% QoQ, -74.3% YoY). ROE* for the
fourth quarter was 6.0%.
Income from discontinued operations
before income taxes
Income before income taxes
Appendix
Consolidated Income (Quarterly):  P20
Adjustment of Consolidated Results
and Segment Results: Income before
Income Taxes  (Quarterly): P24
**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.
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
10%
15%
20%
25%
30%
Net Revenue
Net Income/ROE (Annualized)
Income before Income Taxes**
Net Income (lhs)
ROE (annualized, rhs)
(billions of yen)
(billions of yen)
20.1
79.1
33.1
43.5
128.6
6.0%
14.6%
8.3%
25.4%
3.9%
0
20
40
60
80
100
120
140
0%
5%
101.2
97.7
2.8
-20.6
-4.8
-13.1
23.0
54.4
81.2
143.9
82.6
0.3
-0.4
1.3
-19.8
1.6
73.1
33.4
209.6
83.2
132.1
0
50
100
150
200
250
282.2
209.8
255.7
308.7
283.6
2.8
-13.1
40.7
16.8
0.1
27.4
27.4
0.3
-20.6
-4.8
311.3
322.9
251.0
205.9
325.7
0
100
200
300
400
4Q
1Q
2Q
3Q
4Q
FY2006.3
FY2007.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
FY2007.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
FY2007.3

Table of Contents
9
Fourth Quarter Business Segment Highlights
Net Revenue
Appendix
Domestic Retail :P10
Global Markets :P11
Global Investment Banking :P12
Global Merchant Banking :P13
Asset Management :P14
Segment “Other”
:P15
Adjustment of Consolidated Results
and Segment Results: Income
before Income Taxes
(Quarterly)::P24
Income before Income Taxes
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
Net revenue from all business segments for the fourth quarter of
283.6 billion yen (-8.1% QoQ, +0.5% YoY), and income
before income taxes of 81.2 billion yen (-43.5% QoQ, -19.8% YoY).
(billions of yen)
(billions of yen)
123.6
105.6
94.5
115.9
124.1
128.4
68.9
48.5
78.1
94.6
29.7
24.1
26.6
44.5
9.2
24.5
24.1
18.8
31.1
-0.9
-15.5
12.1
23.9
17.6
18.4
-13.3
-3.9
14.6
56.8
15.2
255.7
308.7
282.2
209.8
283.6
0
100
200
300
400
51.4
42.5
28.2
46.9
43.3
14.3
-3.6
24.1
23.9
16.3
10.9
11.6
41.5
6.7
12.2
8.0
4.3
66.0
5.6
17.0
-5.2
-21.0
9.8
5.7
5.2
11.1
43.1
-23.0
-0.5
97.7
143.9
54.4
101.2
81.2
0
50
100
150
200
250
FY2006.3
4Q
1Q
2Q
3Q
4Q
FY2007.3
FY2006.3
4Q
1Q
2Q
3Q
4Q
FY2007.3
-17.9

Table of Contents
10
Domestic
Retail
Net Revenue and Income before Income Taxes
Appendix:
Retail stock brokerage
commissions, commissions for
distribution of investment trusts,
domestic distribution volume of
investment trusts, retail foreign
currency bond sales,
etc: P27
Domestic Client Assets: P28
Domestic Client Assets Net Asset
Inflow: P29
Number of Accounts: P30
Fourth Quarter Achievements:P35
Full Year
Quarter
* from the end of previous quarter
**Nomura Securities (P27)
Net revenue of 124.1 billion yen (+7.1% QoQ, +0.4% YoY), income before income taxes of 43.3 billion yen   
(-7.6% QoQ, -15.8% YoY).  Domestic Client Assets increased by 3.7 trillion yen* to 85.2 trillion yen.
Number of accounts with an outstanding balance increased by 53,000* to 3,953,000 accounts
Commissions
for
distribution
of
investment
trusts**
grew
16.0%
QoQ
to
39.1
billion
yen,
reflecting
the
strong
sales
of
existing
investment
trusts
offering
frequent
distributions as well as newly-launched products.
Retail
stock
brokerage
commissions
increased
28.1%
QoQ
to
28.9
billion
yen.
(billions of yen)
(billions of yen)
Expenses increased due to investment, revenue high on strong sales of investment trusts 
FY2006.3
4Q
1Q
2Q
3Q
4Q
Commissions
104.1
155.2
174.0
269.4
251.4
-6.7%
77.7
63.0
50.8
63.6
73.9
16.2%
-4.8%
Sales credit
95.7
97.8
73.7
109.0
96.8
-11.1%
24.5
23.8
20.1
26.7
26.2
-2.0%
7.0%
Fees from investment banking
15.0
26.1
24.5
26.4
24.0
-9.1%
8.9
3.5
6.5
8.9
5.1
-42.1%
-42.3%
Investment trust administration fees and other
32.0
21.8
26.1
34.4
47.5
38.1%
10.1
10.6
11.3
12.1
13.4
10.2%
32.0%
Net interest revenue
2.4
4.9
6.1
7.4
20.4
176.7%
2.3
4.7
5.7
4.5
5.5
21.0%
134.3%
Net revenue
249.3
305.8
304.4
446.5
440.1
-1.4%
123.6
105.6
94.5
115.9
124.1
7.1%
0.4%
Non-interest expenses
213.6
226.2
223.2
249.3
279.3
12.0%
72.2
63.1
66.3
69.0
80.8
17.1%
12.0%
Income before income taxes
35.7
79.5
81.2
197.2
160.9
-18.4%
51.4
42.5
28.2
46.9
43.3
-7.6%
-15.8%
YoY
QoQ
FY2007.3
FY2005.3
FY2006.3
YoY
FY2003.3
FY2004.3
FY2007.3
28.2
46.9
43.3
42.5
51.4
124.1
123.6
105.6
94.5
115.9
0
50
100
150
304.4
305.8
249.3
160.9
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
440.1

Table of Contents
11
Global Markets
Appendix
Fourth Quarter
Achievements: P35
Market Share Data: P37
Value at Risk : P38
Full Year
Quarter
Net Revenue and Income before Income Taxes
Notes
1: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
2:
Figures
up
to
FY2004.3
are
the
total
of
Fixed
Income
and
Equity
and
differ
slightly
in
composition.
Net revenue was 94.6 billion yen (+21.2% QoQ, -26.4% YoY), Income before income taxes was 23.9 billion
yen (-0.8% QoQ, -63.7% YoY).
Net
revenue
from
Fixed
Income
declined
58.0%
QoQ
to
21.8
billion
yen
due
to
an
adverse
impact
from
the
US
subprime
loan
market,
despite
strong
order
flow
for interest rate and currency-linked structured bonds.
Equity
net
revenue
increased
186.0%
QoQ
to
66.6
billion
yen,
reflecting
an
upturn
in
MPO
transactions
and
equity
derivative
trading
revenue.
(billions of yen)
(billions of yen)
Equity rebounded but impact from US subprime loan market led to flat revenue
FY2006.3
4Q
1Q
2Q
3Q
4Q
Fixed Income
154.0
174.0
119.8
173.8
123.1
-29.2%
62.0
30.8
18.7
51.8
21.8
-58.0%
-64.9%
Equity
82.0
110.2
90.2
168.5
147.9
-12.2%
57.2
34.0
24.0
23.3
66.6
186.0%
16.4%
Other
0.0
0.0
33.1
28.8
19.1
-33.9%
9.3
4.1
5.7
3.0
6.2
110.0%
-32.6%
Net revenue
236.0
284.1
243.1
371.1
290.0
-21.8%
128.4
68.9
48.5
78.1
94.6
21.2%
-26.4%
Non-interest expenses
142.4
163.3
182.9
213.4
231.2
8.4%
62.4
54.6
52.1
53.9
70.6
31.0%
13.2%
Income before income taxes
93.6
120.8
60.2
157.7
58.8
-62.7%
66.0
14.3
-3.6
24.1
23.9
-0.8%
-63.7%
YoY
QoQ
FY2005.3
FY2006.3
YoY
FY2007.3
FY2007.3
FY2003.3
FY2004.3
58.8
93.6
120.8
60.2
157.7
290.0
236.0
284.1
243.1
371.1
0
50
100
150
200
250
300
350
400
Other
Equity
Fixed Income
Income before
income taxes
66.0
14.3
-3.6
24.1
23.9
128.4
68.9
48.5
78.1
94.6
0
20
40
60
80
100
120
140
160

Table of Contents
12
Global Investment Banking
Appendix
Fourth Quarter
Achievements: P35
League Tables: P36
Market Share Data: P37
Net Revenue and Income before Income Taxes
Full Year
Quarter
Note: In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
*
Thomson Financial
Net revenue of 26.6 billion yen (+10.4% QoQ, -14.6% YoY), income before income taxes of 11.6 billion yen       
(+6.5% QoQ, -31.5% YoY).
In
equity
finance,
we
acted
as
lead
manager
for
such
large
deals
as
the
public
offering
of
shares
in
Honda
Motor
and
Nintendo,
and
a
Euroyen
CB
issue
by
Toray
Industries.
In M&A, we acted as financial advisor on the management integration of Daimaru and Matsuzakaya Holdings, the capital and business alliance between
Marubeni, Aeon, and Daiei, and the merger of Mitsubishi Pharma and Tanabe Seiyaku.
(billions of yen)
(billions of yen)
Topped FY06 Equity and Equity-related (Japan) league table*, sixth straight year
FY2006.3
4Q
1Q
2Q
3Q
4Q
Net revenue
69.1
70.9
75.4
99.7
99.2
-0.5%
31.1
18.8
29.7
24.1
26.6
10.4%
-14.6%
Non-interest expenses
56.4
53.7
46.2
48.1
54.8
13.8%
14.2
13.2
13.4
13.2
15.0
13.7%
5.7%
Income before income taxes
12.8
17.2
29.2
51.5
44.4
-13.8%
17.0
5.6
16.3
10.9
11.6
6.5%
-31.5%
FY2003.3
FY2004.3
YoY
QoQ
FY2005.3
FY2006.3
YoY
FY2007.3
FY2007.3
99.2
99.7
75.4
70.9
69.1
44.4
51.5
29.2
17.2
12.8
0
20
40
60
80
100
120
Net revenue
Income before
income taxes
26.6
24.1
29.7
18.8
31.1
11.6
10.9
16.3
5.6
17.0
0
10
20
30
40

Table of Contents
13
Global Merchant Banking
Appendix
Effect of consolidation /
deconsolidation of certain
PE investee companies
(Non-interest Expenses) :
P26
Business exposure: P31
Full Year
Net
revenue
of
minus
0.9
billion
yen,
income
before
income
taxes
of
minus
5.2
billion
yen
Invested approximately 30 billion yen via a special purpose vehicle in the tender offer for Tsubaki Nakashima; acquired a stake in Kawamura Electric.
(billions of yen)
(billions of yen)
Net Revenue and Income before Income Taxes
Quarter
Invested in MBO
FY2006.3
4Q
1Q
2Q
3Q
4Q
Net revenue
-6.6
10.7
7.3
68.2
65.0
-4.8%
-15.5
12.1
44.5
9.2
-0.9
-
-
Non-interest expenses
8.6
10.2
10.4
12.8
12.2
-5.1%
5.5
2.3
3.1
2.6
4.2
64.9%
-23.6%
Income before income taxes
-15.3
0.5
-3.0
55.4
52.8
-4.7%
-21.0
9.8
41.5
6.7
-5.2
-
-
YoY
QoQ
FY2003.3
FY2004.3
FY2005.3
FY2006.3
YoY
FY2007.3
FY2007.3
65.0
-6.6
10.7
7.3
68.2
52.8
0.5
-15.3
-3.0
55.4
0
30
60
90
Net revenue
Income before
income taxes
-15.5
12.1
44.5
9.2
-0.9
-5.2
41.5
9.8
-21.0
6.7
0
30
60
90

Table of Contents
14
Asset Management
Appendix
Assets Under
Management: P32,33
Asset Management
Related Data: P34
Net Revenue and Income before Income Taxes
Full Year
Quarter
Note: In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform
to the current presentation.
*from the end of previous quarter
Net revenue of 24.1 billion yen (-1.9% QoQ, +30.5% YoY), income before income taxes of 8 billion yen        
(-34.2% QoQ, +39.6% YoY). Total assets under management increased by 1.4 trillion yen* to 27 trillion
yen.
Net assets in funds for bank customers up 285.6 billion yen* to 1.8 trillion yen, while net assets in Nomura Global 6 Assets Diversified Fund distributed through
Japan Post rose 76.1 billion yen* to 425.1 billion yen.
Nomura
Asset
Management
product
selected
as
new
target
year
fund
to
be
distributed
by
Japan
Post
(billions of yen)
(billions of yen)
Record level of assets under management
FY2006.3
4Q
1Q
2Q
3Q
4Q
Net revenue
40.4
40.3
49.0
65.8
90.1
36.8%
18.4
17.6
23.9
24.5
24.1
-1.9%
30.5%
Non-interest expenses
36.3
39.8
39.0
45.2
53.6
18.6%
12.7
12.4
12.8
12.4
16.1
29.8%
26.5%
Income before income taxes
4.0
0.5
10.0
20.6
36.5
76.8%
5.7
5.2
11.1
12.2
8.0
-34.2%
39.6%
YoY
YoY
QoQ
FY2007.3
FY2007.3
FY2005.3
FY2006.3
FY2003.3
FY2004.3
40.4
40.3
49.0
65.8
90.1
10.0
0.5
4.0
20.6
36.5
0
20
40
60
80
100
Net revenue
Income before
income taxes
18.4
17.6
23.9
24.5
24.1
5.7
5.2
11.1
12.2
8.0
0
5
10
15
20
25
30

Table of Contents
15
Segment “Other”
“Other”
income before income taxes of minus 0.5 billion yen
The
US
alternative
asset
manager
Fortress
Investment
Group,
in
which
we
announced
an
investment
in
December
2006
(888
million
US
dollars)
and
was
listed
on
the
New
York
Stock
Exchange
in
February
2007,
is
accounted
for
under
the
equity
method
according
to
US
GAAP.
Joinvest Securities income before income taxes of approximately minus 7billion yen for the fiscal year ended March 2007
Full Year
Quarter
(billions of yen)
(billions of yen)
Income before Income Taxes
*Businesses not included in the five business divisions (Joinvest Securities, Nomura Trust & Banking, etc.) are included in Others.  FY2003.3 includes 21.2 billion yen of impairment loss on investment of affiliates.
FY2006.3
4Q
1Q
2Q
3Q
4Q
Net gain/loss on trading related to
economic hedging transactions
-6.2
-12.8
-9.7
-64.8
-38.4
-
-36.0
-11.4
-14.0
-11.9
-1.1
-
-
Realized Loss/gain on investment in equity
securities held for relationship purposes
1.7
1.2
6.9
8.4
18.1
116.3%
0.3
0.1
4.8
13.0
0.3
-97.9%
-6.7%
Equity in losses/earnings of affiliates
-3.8
8.5
7.3
27.8
53.2
91.0%
13.9
3.3
6.1
39.0
4.7
-87.8%
-65.8%
Corporate items
-9.4
-10.7
4.5
-7.4
-11.1
-
-0.6
-7.2
3.7
-5.9
-1.8
-
-
Others*
-23.9
20.7
1.0
5.4
2.1
-60.8%
4.5
-7.9
3.7
8.9
-2.6
-
-
Income before income taxes
-41.6
7.0
10.1
-30.5
23.9
-
-17.9
-23.0
4.3
43.1
-0.5
-
-
FY2007.3
QoQ
YoY
YoY
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
-0.5
43.1
4.3
-17.9
-23.0
-60
-40
-20
0
20
40
60
23.9
-30.5
-41.6
7.0
10.1
-60
-40
-20
0
20
40
60
Approximately 34 billion yen
related to IPO of Nomura
Real Estate Holdings

Table of Contents
16
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 P26 for more details.
Compensation and Benefits
Full Year
Appendix
Effect of Consolidation /
Deconsolidation of Certain PE
Investee Companies (Non-
interest Expenses): P26
Number of Employees: P39
Non-interest expenses (business segment total) of 202.3 billion yen (+22.8% QoQ, +11.8% YoY)
Compensation
and
benefits
increased
13.0%
QoQ
to
93.5
billion
yen.
Commissions
and
floor
brokerage
increased
53.8%
QoQ
to
18.1
billion
yen
primarily
due
to
the
consolidation
of
Instinet.
Information
processing
and
communications
increased
17.7%
QoQ
to
32
billion
yen
mainly
due
to
an
increase
in
IT
investment
in
Japan
(billions of yen)
(billions of yen)
FY2006.3
4Q
1Q
2Q
3Q
4Q
Compensation and benefits
264.7
311.3
331.0
6.3%
87.7
79.5
75.2
82.8
93.5
13.0%
6.7%
Commissions and floor brokerage
22.1
31.4
49.8
58.5%
9.3
9.8
10.1
11.8
18.1
53.8%
94.2%
Information processing and communications
80.9
89.1
109.5
22.9%
27.3
23.0
27.3
27.2
32.0
17.7%
16.9%
Occupancy and related depreciation
50.8
50.8
57.4
13.1%
14.3
13.4
12.9
13.5
17.6
29.7%
23.1%
Business development expenses
26.2
30.6
35.3
15.3%
9.6
7.2
9.2
8.4
10.4
23.6%
8.5%
Other
76.6
94.7
97.5
3.0%
32.8
22.4
23.3
21.1
30.8
45.8%
-6.1%
Total
521.4
607.8
680.5
12.0%
180.9
155.3
158.0
164.8
202.3
22.8%
11.8%
YoY
QoQ
FY2005.3
FY2006.3
YoY
FY2007.3
FY2007.3
521.4
680.5
607.8
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
164.8
158.0
155.3
180.9
202.3
0
50
100
150
200
250
FY2006.3
4Q
1Q
2Q
3Q
4Q
FY2005.3
FY2006.3
FY2007.3
FY2007.3
113.6
150.5
157.6
151.1
160.7
173.4
311.3
331.0
264.7
0
50
100
150
200
250
300
350
(billions of yen)
46.2
37.7
33.4
40.9
45.6
41.5
41.7
41.9
47.9
41.9
82.8
75.2
79.5
87.7
93.5
Fixed-type compensation and
benefits
Variable-type compensation and
benefits
Quarter

Table of Contents
Appendix

Table of Contents
18
Full Year
Net Income and ROE
(billions of yen)
Net income (lhs)
119.9
172.3
94.7
304.3
175.8
ROE (rhs)
7.4%
10.1%
5.2%
15.5%
8.3%
Net income per basic share (yen)
61.3
88.8
48.8
159.0
92.2
Shareholders' equity per share (yen)
846.4
919.7
962.5
1,083.2
1,146.2
FY2007.3
FY2006.3
FY2005.3
FY2003.3
FY2004.3
119.9
172.3
94.7
304.3
175.8
15.5%
10.1%
8.3%
5.2%
7.4%
0
100
200
300
400
0%
5%
10%
15%
20%
Net income (lhs)
ROE (rhs)

Table of Contents
19
Consolidated Income (Annually)
(billions of yen)
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that
were treated as discontinued during the fiscal year ended March 31, 2006, are separately reported as income from
discontinued operations.
Commissions
141.6
210.2
222.0
356.3
337.5
-5.3%
Fees from investment banking
81.8
87.0
92.3
108.8
99.3
-8.8%
Asset management and portfolio service fees
79.3
66.2
78.5
102.7
146.0
42.2%
Net gain on trading
172.3
229.0
201.7
304.2
290.0
-4.7%
Gain (loss) on private equity investments
-14.4
13.1
7.7
12.3
47.6
286.0%
Interest and dividends
368.7
343.3
401.4
693.8
981.3
41.4%
Gain (loss) on investments in equity securities
-41.3
55.9
15.3
67.7
-20.1
-
Private equity entities product sales
6.2
17.6
75.1
88.2
100.1
13.5%
Other
13.4
23.6
32.3
58.8
67.4
14.8%
807.7
1,045.9
1,126.2
1,792.8
2,049.1
14.3%
241.4
242.8
327.0
647.2
958.0
48.0%
566.3
803.1
799.2
1,145.7
1,091.1
-4.8%
518.9
520.4
594.4
700.1
769.3
9.9%
47.4
282.7
204.8
445.6
321.8
-27.8%
-
-
-
99.4
-
-
Income before income taxes
47.4
282.7
204.8
545.0
321.8
-41.0%
119.9
172.3
94.7
256.6
175.8
-31.5%
-
-
-
47.7
-
-
Net income
119.9
172.3
94.7
304.3
175.8
-42.2%
YoY
FY2003.3
Non-interest expenses
Income from continuing operations before income taxes
FY2007.3
Net income from discontinued operations
Net income from continuing operations
Revenue
FY2006.3
Income from discontinued operations before income taxes
Total revenue
Net revenue
Interest expense
FY2005.3
FY2004.3

Table of Contents
20
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
Commissions
55.2
77.5
106.2
117.5
79.6
66.1
84.2
107.6
27.8%
-8.4%
Fees from investment banking
14.7
24.1
28.6
41.5
14.4
26.9
32.3
25.7
-20.5%
-38.0%
Asset management and portfolio service fees
19.9
24.9
25.6
32.2
29.7
35.5
36.7
44.0
19.9%
36.8%
Net gain on trading
70.8
43.8
90.6
99.0
55.8
47.5
89.2
97.5
9.4%
-1.5%
Gain (loss) on private equity investments
-2.5
2.2
7.6
5.0
9.8
27.5
10.2
0.1
-99.3%
-98.6%
Interest and dividends
132.9
183.3
216.2
161.4
207.9
232.3
262.9
278.2
5.8%
72.4%
Gain (loss) on investments in equity securities
-2.8
31.2
36.2
3.1
-20.5
-0.0
-0.2
0.6
-
-80.4%
Private equity entities product sales
24.5
22.0
23.9
17.8
21.0
21.7
28.8
28.6
-0.5%
60.8%
Other
6.9
5.7
19.1
27.0
4.2
11.7
45.4
6.1
-86.5%
-77.3%
319.6
414.8
554.0
504.4
401.7
469.2
589.5
588.6
-0.2%
16.7%
132.1
142.2
194.2
178.7
195.8
218.2
266.6
277.3
4.0%
55.2%
187.5
272.6
359.8
325.7
205.9
251.0
322.9
311.3
-3.6%
-4.4%
158.4
160.3
182.5
198.7
172.5
177.9
190.8
228.1
19.6%
14.8%
29.1
112.3
177.2
127.0
33.4
73.1
132.1
83.2
-37.1%
-34.5%
1.6
5.3
9.9
82.6
-
-
-
-
-
-
Income before income taxes
30.7
117.6
187.1
209.6
33.4
73.1
132.1
83.2
-37.1%
-60.3%
9.1
60.7
104.0
82.8
20.1
43.5
79.1
33.1
-58.2%
-60.0%
-0.8
0.2
2.4
45.9
-
-
-
-
-
-
Net income
8.3
60.9
106.5
128.6
20.1
43.5
79.1
33.1
-58.2%
-74.3%
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
21
Main Revenue Items (Annually)
(billions of yen)
*Includes net interest revenue
Stock brokerage commissions (Domestic Retail)
48.2
92.1
103.0
153.6
98.3
-36.0%
Stock brokerage commissions (Other)
29.3
45.4
40.2
79.5
73.2
-7.9%
Other brokerage commissions
7.6
12.2
13.0
14.3
6.8
-52.5%
Commissions
for
distribution
of
investment
trusts
30.5
37.3
41.7
85.1
120.5
41.6%
Other
26.0
23.2
24.1
23.8
38.6
62.1%
Total
141.6
210.2
222.0
356.3
337.5
-5.3%
Equity underwriting and distribution
24.6
44.7
49.1
57.3
56.6
-1.3%
Bond underwriting and distribution
37.0
26.4
20.5
21.2
15.3
-27.5%
M&A/Financial advisory fees
16.8
15.8
22.6
30.3
26.7
-11.7%
Other
3.4
0.1
0.1
0.1
0.7
391.1%
Total
81.8
87.0
92.3
108.8
99.3
-8.8%
Asset management fees
60.2
44.2
51.1
68.5
106.3
55.2%
Administration fees
10.0
12.1
16.1
20.6
24.0
16.2%
Custodial fees
9.1
9.9
11.3
13.6
15.7
16.0%
Total
79.3
66.2
78.5
102.7
146.0
42.2%
Bonds and other
133.6
152.3
120.9
150.9
154.9
2.6%
Equity
35.9
75.2
76.8
148.1
137.6
-7.1%
Merchant banking
2.8
1.5
4.0
5.2
-2.5
-
Net interest revenue
127.3
100.4
74.3
46.6
23.3
-49.9%
Total
299.6
329.4
276.0
350.8
313.4
-10.7%
FY2005.3
FY2006.3
YoY
FY2007.3
FY2003.3
FY2004.3
Commissions
Fees from
Investment
Banking
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*

Table of Contents
22
Fees from
Investment
Banking
Commissions
Main Revenue Items (Quarterly)
(billions of yen)
*Includes net interest revenue
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Stock brokerage commissions (Domestic Retail)
20.8
34.6
53.9
44.2
28.0
18.8
22.6
28.9
28.1%
-34.6%
Stock brokerage commissions (Other)
8.0
14.2
16.7
40.6
13.8
11.8
17.4
30.2
72.9%
-25.8%
Other brokerage commissions
2.8
2.2
6.0
3.3
2.7
1.9
1.9
0.2
-90.3%
-94.4%
Commissions for distribution of investment trusts
17.5
19.6
22.4
25.6
25.8
23.1
33.0
38.5
16.9%
50.7%
Other
6.1
6.9
7.2
3.7
9.2
10.3
9.3
9.8
6.1%
166.1%
Total
55.2
77.5
106.2
117.5
79.6
66.1
84.2
107.6
27.8%
-8.4%
Equity underwriting and distribution
4.9
12.4
17.9
22.1
6.3
16.2
19.4
14.7
-23.9%
-33.3%
Bond underwriting and distribution
3.6
4.7
4.2
8.6
2.9
4.2
6.7
1.5
-77.6%
-82.3%
M&A/Financial advisory fees
6.2
6.9
6.4
10.8
5.2
6.4
6.1
9.1
49.3%
-15.6%
Other
0.1
0.0
0.1
0.0
0.0
0.2
0.1
0.4
231.4%
1,164.7%
Total
14.7
24.1
28.6
41.5
14.4
26.9
32.3
25.7
-20.5%
-38.0%
Asset management fees
13.5
16.1
17.8
21.1
21.7
23.9
28.4
32.2
13.5%
52.8%
Administration fees
3.4
5.9
4.2
7.1
4.5
7.8
4.4
7.2
62.6%
1.7%
Custodial fees
3.1
2.9
3.6
4.0
3.6
3.7
3.9
4.6
17.5%
14.9%
Total
19.9
24.9
25.6
32.2
29.7
35.5
36.7
44.0
19.9%
36.8%
Bonds and other
31.7
24.4
58.4
36.4
26.7
34.4
60.0
33.7
-43.8%
-7.3%
Equity
38.9
15.4
32.8
61.0
31.7
12.7
28.9
64.3
122.2%
5.3%
Merchant banking
0.2
4.0
-0.6
1.6
-2.6
0.4
0.2
-0.5
-
-
Net interest revenue
0.8
41.1
22.0
-17.3
12.1
14.1
-3.7
0.9
-
-
Total
71.6
85.0
112.5
81.7
67.8
61.6
85.5
98.4
15.2%
20.5%
YoY
QoQ
FY2006.3
FY2007.3

Table of Contents
23
(billions of yen)
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (Annually)
Notes:
1.
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that were treated as discontinued during the fiscal year ended March 31, 2006, are separately reported as income from
discontinued operations.
2. In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
3. In April  2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
4. Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition from those of FY2005.3 onward.
5. In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported
amounts have been made to conform to the current presentation.
35.7
79.5
81.2
197.2
160.9
-18.4%
93.6
120.8
60.2
157.7
58.8
-62.7%
12.8
17.2
29.2
51.5
44.4
-13.8%
-15.3
0.5
-3.0
55.4
52.8
-4.7%
4.0
0.5
10.0
20.6
36.5
76.8%
130.8
218.5
177.5
482.5
353.3
-26.8%
-41.6
7.0
10.1
-30.5
23.9
-
89.2
225.5
187.6
452.0
377.3
-16.5%
-43.0
54.7
8.4
59.3
-38.2
-
1.2
2.4
8.9
-65.7
-17.3
-
Income from continuing
operations
before
income
taxes
47.4
282.7
204.8
445.6
321.8
-27.8%
Income from discontinued
operations before income taxes
-
-
-
99.4
-
-
Total
47.4
282.7
204.8
545.0
321.8
-41.0%
FY2007.3
YoY
FY2005.3
FY2006.3
US GAAP
Domestic Retail
Global Markets
Global Investment Banking
Global Merchant Banking
Asset Management
5 Business Segment Total
Unrealized gain (loss) on investments in equity
securities held for relationship purposes
Effects of consolidation/deconsolidation of
certain
private
equity
investee
companies
FY2003.3
FY2004.3
Other
Segment Total

Table of Contents
24
Adjustment of Consolidated Results and Segment Results:
Income before Income Taxes (Quarterly)
(billions of yen)
Notes:
1. In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets,”
net
revenue
and
non-interest
expenses
from
operations
that
were
treated
as
discontinued during the fiscal year ended March 31, 2006, are separately reported as income from discontinued
operations retroactively to the first quarter of the fiscal
year ended March 31, 2006.
2. 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
30.3
41.4
74.1
51.4
42.5
28.2
46.9
43.3
-7.6%
-15.8%
-0.7
31.5
60.9
66.0
14.3
-3.6
24.1
23.9
-0.8%
-63.7%
2.2
9.1
23.3
17.0
5.6
16.3
10.9
11.6
6.5%
-31.5%
-5.9
4.7
77.6
-21.0
9.8
41.5
6.7
-5.2
-
-
4.0
4.7
6.2
5.7
5.2
11.1
12.2
8.0
-34.2%
39.6%
29.9
91.4
242.1
119.1
77.5
93.4
100.8
81.7
-18.9%
-31.4%
7.6
-9.9
-10.3
-17.9
-23.0
4.3
43.1
-0.5
-
-
37.4
81.5
231.8
101.2
54.4
97.7
143.9
81.2
-43.5%
-19.8%
-11.0
31.3
36.3
2.8
-20.6
-4.8
-13.1
0.3
-
-88.3%
2.7
-0.5
-90.8
23.0
-0.4
-19.8
1.3
1.6
20.4%
-93.1%
Income from continuing
operations before income taxes
29.1
112.3
177.2
127.0
33.4
73.1
132.1
83.2
-37.1%
-34.5%
Income from discontinued
operations before income taxes
1.6
5.3
9.9
82.6
-
-
-
-
-
-
Total
30.7
117.6
187.1
209.6
33.4
73.1
132.1
83.2
-37.1%
-60.3%
Asset Management
Domestic Retail
Global Markets
Global Investment Banking
Global Merchant Banking
QoQ
YoY
FY2006.3
FY2007.3
Effects of consolidation/deconsolidation of
certain
private
equity
investee
companies
5 Business Segment Total
Other
Segment Total
Unrealized gain (loss) on investments in equity
securities held for relationship purposes
US GAAP

Table of Contents
25
Consolidated Balance Sheet
(billions of yen)
Mar. 31, 2006
Mar. 31, 2007
Mar. 31, 2006
Mar. 31, 2007
Cash and cash deposits
1,556
1,054
Short-term borrowings
692
1,094
Payables and deposits
1,240
1,346
Loans and receivables
1,364
1,618
Collateralized financing
20,263
20,599
Trading liabilities
6,528
4,800
Collateralized agreements
17,028
17,838
Other liabilities
642
846
Long-term borrowings
3,599
5,003
13,697
13,178
Total liabilities
32,963
33,687
Other assets
1,381
2,185
Shareholders' equity
Total shareholders' equity
2,063
2,186
Total assets
35,026
35,873
Total liabilities and shareholders' equity
35,026
35,873
Assets
Liabilities
Trading assets and private equity
investments

Table of Contents
26
Effect of Consolidation/Deconsolidation of Certain Private     
Equity Investee Companies (Non-interest Expenses)
(billions of yen)
Full Year
Quarter
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.
1Q
2Q
3Q
4Q
Compensation and benefits
275.0
325.4
345.9
82.8
79.1
86.7
97.4
Fixed-type compensation and benefits
159.6
170.4
182.8
43.8
44.3
44.3
50.4
Segment total
151.1
160.7
173.4
41.7
41.9
41.9
47.9
Private equity investee
companies
8.5
9.7
9.4
2.1
2.4
2.4
2.5
Variable-type compensation and benefits
115.4
155.0
163.1
39.0
34.8
42.4
47.0
Segment total
113.6
150.5
157.6
37.7
33.4
40.9
45.6
Private equity investee
companies
1.8
4.5
5.5
1.2
1.4
1.5
1.4
Commissions and floor brokerage
23.9
32.9
50.8
10.3
10.3
12.0
18.2
Segment total
22.1
31.4
49.8
9.8
10.1
11.8
18.1
Private equity investee
companies
1.8
1.5
1.0
0.4
0.2
0.2
0.1
Information processing and communications
81.4
89.6
110.0
23.2
27.4
27.3
32.1
Segment total
80.9
89.1
109.5
23.0
27.3
27.2
32.0
Private equity investee
companies
0.5
0.5
0.5
0.2
0.1
0.1
0.1
Occupancy and related depreciation
53.5
55.0
61.3
14.4
13.7
14.6
18.5
Segment total
50.8
50.8
57.4
13.4
12.9
13.5
17.6
Private equity investee
companies
2.7
4.3
3.9
1.0
0.9
1.1
0.9
Business development expenses
28.2
32.8
38.1
7.8
9.8
9.2
11.2
Segment total
26.2
30.6
35.3
7.2
9.2
8.4
10.4
Private equity investee
companies
2.0
2.2
2.8
0.6
0.6
0.8
0.8
Other
87.6
115.4
106.0
22.7
25.7
23.6
34.1
Segment total
76.6
94.7
97.5
22.4
23.3
21.1
30.8
Private equity investee
companies
11.0
20.8
8.5
0.3
2.4
2.5
3.4
Private equity entities cost of goods sold
44.7
48.8
57.2
11.4
11.8
17.4
16.6
Total non-interest expenses
594.4
700.1
769.3
172.5
177.9
190.8
228.1
Segment total
521.4
607.8
680.5
155.3
158.0
164.8
202.3
Private equity investee
companies
73.0
92.2
88.9
17.2
19.9
26.0
25.8
FY2007.3
FY2005.3
FY2006.3
FY2007.3

Table of Contents
27
* Nomura Securities
Domestic Retail Related Data (1)
Full Year
Quarter
1Q
2Q
3Q
4Q
Retail stock brokerage commissions (billions of yen)
48.2
92.1
103.0
153.6
98.3
28.0
18.8
22.6
28.9
Commissions for distribution of investment trusts* (billions of yen)
34.9
46.9
49.9
95.9
124.7
28.0
23.9
33.7
39.1
Bond investment trusts commission
16.9
11.1
6.4
3.5
2.3
0.6
0.7
0.5
0.4
Stock investment trusts commission
11.6
21.5
31.6
74.2
114.5
23.2
22.1
32.3
36.9
Foreign investment trusts commission
6.4
14.2
11.9
18.2
7.9
4.2
1.1
0.9
1.7
Domestic distribution volume of investment trusts* (trillions of
yen)
11.9
13.7
14.2
20.5
21.4
5.0
4.7
5.6
6.2
Bond investment trusts
8.6
10.1
10.4
14.3
14.4
3.3
3.0
3.9
4.3
Stock investment trusts
1.3
1.6
2.3
4.5
6.0
1.3
1.4
1.6
1.6
Foreign investment trusts
2.1
2.1
1.4
1.7
1.0
0.3
0.2
0.2
0.3
Other (billions of yen)
Outstanding value of annuity insurance policies (end of the period)
166.6
261.6
446.4
683.3
990.4
791.0
861.1
927.3
990.4
Sales of JGBs
for individual investors (transaction base)
101.3
1,271.6
1,290.6
747.8
615.2
189.0
187.3
130.4
108.5
Retail foreign currency bond sales
2,284.7
1,990.0
1,154.4
1,119.2
677.1
166.4
195.9
184.5
130.2
FY2007.3
FY2005.3
FY2003.3
FY2006.3
FY2007.3
FY2004.3

Table of Contents
28
Domestic Retail Related Data (2)
*   Domestic Client Assets = Total of client assets in custody in Domestic Retail (including regional financial institutions) and Financial Management Division  
** Includes CBs and warrants
***Includes variable annuity insurance
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
Equities
17.1
28.9
33.5
49.3
45.6
45.7
47.7
48.5
Foreign currency bonds
3.7
4.0
4.0
3.6
3.5
3.5
3.4
3.3
Domestic bonds**
8.5
10.0
11.8
13.1
13.4
13.6
14.4
16.4
Stock investment trusts
2.2
3.0
3.3
5.3
5.3
5.8
6.8
7.4
Bond investment trusts
6.5
5.5
4.9
4.5
4.3
4.3
4.5
4.7
Overseas mutual funds
1.1
1.6
1.9
2.3
2.2
2.2
2.2
2.0
Other***
1.6
1.7
1.9
2.3
2.5
2.4
2.6
2.9
Total
40.6
54.8
61.2
80.5
76.7
77.7
81.5
85.2
0
40.6
54.8
61.2
80.5
76.7
77.7
81.5
85.2
20
40
60
80
100
Other***
Overseas mutual
funds
Bond investment
trusts
Stock investment
trusts
Domestic bonds**
Foreign currency
bonds
Equities
(trillions of yen)
Domestic Client Assets*

Table of Contents
29
Domestic Retail Related Data (3)
*Domestic Client Assets excluding portion from regional financial institutions
Note: Net Asset Inflow = Asset Inflow –
Asset Outflow
Domestic Client Assets Net Asset Inflow *
1Q
2Q
3Q
4Q
FY2007.3
FY2007.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
5,975
4,581
6,749
3,391
1,788
0
2,000
4,000
6,000
8,000
(billions of yen)
1,009
2,042
1,340
1,584
Quarter
Full Year

Table of Contents
30
Domestic Retail Related Data (4)
* Total of Domestic Retail and Financial Management Division
**IT
share
is
total
of
cash
stock
transaction
and
kabushiki-mini-toshi
(odd
lot
stock
investment)
Number of Accounts*
/
IT Share**
Quarter
(thousands of accounts)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
Accounts with balance
3,418
3,460
3,678
3,780
3,815
3,859
3,900
3,953
Equity holding accounts
1,311
1,379
1,680
1,745
1,767
1,806
1,819
1,853
Nomura Home Trade (online trading accounts)
1,141
1,367
1,716
1,969
2,029
2,094
2,155
2,243
1Q
2Q
3Q
4Q
(thousands of accounts)
237
297
425
343
417
86
94
102
134
IT share**
No. of orders
41%
49%
52%
55%
55%
54%
56%
55%
57%
Transaction value
14%
22%
24%
27%
27%
28%
26%
26%
29%
New accounts (individual)   
FY2006.3
FY2003.3
FY2004.3
FY2005.3
FY2007.3
FY2007.3
Full Year

Table of Contents
31
Global Merchant Banking Related Data   
Notes: 1. Amount of exposure in Japan is total of Nomura Principal Finance (NPF), Nomura Financial Partners (NFP), Nomura Research &
Advisory (NR&A) and others
2. Amount of exposure in Europe (excluding Terra Firma) is total of Private Equity Group (PEG) and Nomura Phase4 Ventures (NPV)
(billions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
Japan
20.1
68.9
108.4
59.9
62.7
174.7
161.2
195.5
Europe (excluding Terra Firma)
15.9
15.6
23.7
38.8
35.6
33.8
36.3
35.7
Sub Total
35.9
84.5
132.1
98.7
98.4
208.5
197.5
231.2
Terra Firma
265.7
291.2
325.5
340.4
271.4
294.9
327.0
312.2
Total
301.6
375.7
457.6
439.1
369.7
503.3
524.6
543.4
35.9
84.5
132.1
98.7
98.4
208.5
197.5
231.2
301.6
375.7
457.6
439.1
369.7
503.3
524.6
543.4
0
100
200
300
400
500
600
Terra Firma
Europe (excluding Terra
Firma)
Japan
Business Exposure

Table of Contents
32
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 February,2007. 
Asset Management Related Data (1)
Total Assets Under Management
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
(trillions of yen)
27.0
23.0
15.9
17.6
17.9
23.1
23.0
25.6
0
5
10
15
20
25
30

Table of Contents
33
Nomura Asset Management Assets Under Management
Public stock investment trusts
Public bond investment trusts
Privately placed investment trusts
Domestic investment advisory
Overseas investment advisory
Asset Management Related Data (2)
(trillions of yen)
(trillions of yen)
Full Year
Quarter
Mar. 31
2003
Mar. 31
2004
Mar. 31
2005
Mar. 31
2006
Jun. 30
2006
Sep. 30
2006
Dec. 31
2006
Mar. 31
2007
10.7
11.3
10.8
14.0
14.1
14.9
17.3
18.8
Public stock investment trusts
3.2
4.5
4.4
6.9
7.3
7.7
9.4
10.8
Public bond investment trusts
7.3
6.3
5.6
5.6
5.3
5.3
5.8
5.8
0.2
0.4
0.8
1.5
1.5
1.9
2.1
2.2
3.6
4.4
5.1
7.0
6.7
7.1
7.2
7.1
Domestic investment advisory
2.9
3.0
3.2
4.0
3.8
3.9
3.7
3.7
Overseas investment advisory
0.7
1.4
2.0
3.0
3.0
3.2
3.5
3.4
14.2
15.7
16.0
21.0
20.8
22.0
24.5
25.9
1Q
2Q
3Q
4Q
0.8
0.1
-0.1
1.0
3.8
0.9
0.2
1.2
1.5
Exclude ETF
0.2
-0.1
0.2
1.4
3.7
0.4
0.7
1.1
1.5
-3.1
-1.0
-0.7
0.0
0.2
-0.3
0.0
0.4
0.0
0.1
0.1
0.3
0.5
0.7
0.1
0.3
0.2
0.1
-2.2
-0.7
-0.5
1.5
4.6
0.7
0.5
1.8
1.6
<Assets Under Management>
< Net Asset Inflows>
FY2007.3
Investment advisory
Total
Investment trusts
FY2007.3
Public bond investment trusts
FY2006.3
FY2005.3
FY2003.3
Public stock investment trusts
FY2004.3
Privately placed investment trusts
Net Asset Inflows
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
14.2
15.7
16.0
21.0
20.8
22.0
24.5
25.9
0
5
10
15
20
25
30
Privately placed investment trusts

Table of Contents
34
Asset Management Related Data (3)
AUM of Products
Supplied to Banks
and Japan Post
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Sep. 30, 2006
Dec. 31, 2006
Mar. 31, 2007
Stock investment trusts
3.2
4.5
4.4
6.9
7.3
7.7
9.4
10.8
Bond investment trusts
7.3
6.3
5.6
5.6
5.3
5.3
5.8
5.8
Public stock investment trusts, Nomura's share (%)
19%
19%
15%
15%
16%
16%
17%
18%
Public bond investment trusts, Nomura's share (%)
40%
40%
42%
42%
42%
42%
43%
44%
Stock investment trusts
16.3
23.3
28.9
45.0
46.1
49.8
55.7
59.4
Bond investment trusts
18.1
15.8
13.5
13.5
12.7
12.5
13.3
13.2
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
Dec. 31, 2006
Mar. 31, 2007
Banks*
330
791
883
1,082
1,468
1,753
Japan Post
0
90
167
247
349
425
*excluding The Nomura Trust & Banking
My Story Profit Distribution-type Fund  B
0
454
651
922
1,291
1,537
Global REIT Open
18
307
377
450
590
684
Global Attractive Dividend Stock Fund (Monthly)
0
0
0
0
0
411
Nomura Japan-US REIT Fund
3
18
37
90
231
348
Nomura
Japan
Stock
Strategic
Fund
(Big
Project
-
N)
353
441
392
383
378
342
Asia Attractive Dividend Stock Fund
0
0
0
0
354
341
Nomura Multi-currency Japan Stock Fund
0
384
417
464
438
339
Nomura Global REIT Fund
0
225
241
293
337
334
Nomura Global 6 Assets Diversified Fund
0
59
118
187
274
333
Nomura All-In-One Fund
0
0
0
213
263
272
AUM in Key
Funds
Domestic Public
Investment Trust
Market and
Nomura Asset
Management
Market Share

Table of Contents
35
Large International Bond Underwritings
Caja Ahorro Monte Madrid (Spain): 1.25 billion euros
Equity Derivatives:
Completed 21 fund derivative contracts (total amount: 869 million euros)
Nomura Capital Investment (NCI):
Loan committment for Tsubaki Nakashima tender offer: approx. 80 billion yen
Loan commitment for Sunstar
tender offer:
approx.40 billion yen
Loan-related
Business
(exclude
NCI
corporate
loans):
Approx.
68
billion
yen
Major Deals
IPO
USJ: 30.7 billion yen; Artnature: 9.2 billion yen
PO
Honda Motor: 159.3 billion yen; Ishikawajima-Harima Heavy Industries: 64.2 billion yen; Nintendo: 60.5 billion yen
CB
Toray Industries: 100 billion yen (Euroyen CB)
REIT    Nomura Real Estate Residential Fund: 31.3 billion yen
MPO
Soiken
Holdings: 4 billion yen
M&A
Management integration of Daimaru and Matsuzakaya Holdings: 234.7 billion yen
Capital and business alliance between Marubeni, Aeon
and Daiei: 46.2 billion yen
Merger of Mitsubishi Pharma and Tanabe Seiyaku: 520.5 billion yen
Sales of New Investment Trusts
Global Attractive Dividend Stock Fund (Monthly) (launched January 31, 2007)
410.8 billion yen (as of March 31, 2007)
Nomura Global All Stars (launched February 21, 2007)
182.8 billion yen (as of March 31, 2007)
Nomura Euro Top Company (launched March 28, 2007)
94.6 billion yen (as of March 31, 2007)
Fourth Quarter Achievements
Global
Markets
Global
Investment
Banking
Joinvest
Securities
2007
June
September
December
March
Number of Accounts
40,156
61,554
75,562
129,516
Number of Margin Trading Account
1,224
3,182
5,805
9,054
Monthly Transaction Value (millions of yen)
54,919
177,096
316,303
591,354
Monthly Margin Transaction Value
19,472
100,698
191,666
386,363
Assets in Custody(millions of yen)
47,754
113,301
171,540
256,215
2006
Domestic
Retail

Table of Contents
36
League Tables
Source: Thomson Financial
Proceeds
(USD mil)
Mkt. Share
No. of
Deals
Rank Value
(USD mil)
Mkt. Share
No. of
Deals
1
Nomura
19,149.7
33.4%
101
1
Citigroup
48,161.5
27.7%
43
2
Nikko Citigroup
10,250.2
17.9%
55
2
Goldman Sachs
47,240.2
27.2%
22
3
Daiwa Securities SMBC
7,409.3
12.9%
83
3
Nomura
36,975.7
21.3%
156
4
Goldman Sachs
5,057.5
8.8%
13
4
Mizuho Financial Group
35,783.8
20.6%
111
5
Mizuho Financial Group
3,791.6
6.6%
48
5
Merrill Lynch
32,071.8
18.5%
19
6
Merrill Lynch
3,021.7
5.3%
13
6
UBS
27,830.2
16.0%
29
7
Mitsubishi UFJ Financial Group
2,346.1
4.1%
31
7
GCA
25,773.7
14.8%
17
8
UBS
2,260.0
3.9%
8
8
Deutsche Bank
19,466.0
11.2%
10
9
Morgan Stanley
1,817.5
3.2%
3
9
Dresdner Kleinwort
19,169.9
11.0%
4
10
Shinko Securities
809.7
1.4%
34
10
Daiwa Securities SMBC
18,976.2
10.9%
117
Proceeds
(JPY mil)
Mkt. Share
No. of
Issues
Proceeds
(JPY mil)
Mkt. Share
No. of
Issues
1
Nikko Citigroup
946,887.3
23.3%
71
1
Mizuho Securities
1,904,275.0
28.6%
100
2
Daiwa Securities SMBC
468,805.6
11.5%
23
2
Daiwa Securities SMBC
1,593,156.2
23.9%
93
3
Mizuho Financial Group
364,389.8
9.0%
16
3
Nomura
1,083,706.3
16.3%
71
4
Deutsche Bank
345,617.6
8.5%
16
4
Mitsubishi UFJ Securities
1,043,521.5
15.7%
62
5
Morgan Stanley
312,954.6
7.7%
14
5
Nikko Citigroup
494,433.0
7.4%
32
6
Merrill Lynch
293,379.2
7.2%
11
6
Goldman Sachs
184,956.0
2.8%
5
7
Nomura
264,620.7
6.5%
17
7
Shinko Securities
61,999.0
0.9%
6
8
Barclays Capital
263,266.3
6.5%
23
8
Credit Suisse Securities
57,000.0
0.9%
4
9
UBS
172,873.6
4.3%
13
9
Merrill Lynch
52,988.7
0.8%
7
10
Mitsubishi UFJ Financial Group
171,908.7
4.2%
7
10
UBS
40,000.0
0.6%
3
Global Equity & Equity-related (Japan)
Any Japanese Involvement Financial Advisors
Announced deals, value base
R
a
n
k
Bookrunner
Apr. 1, 2006 -
Mar. 31, 2007
R
a
n
k
Advisor
Apr. 1, 2006  -
Mar. 31, 2007
Global & Euro Yen Bonds
Domestic Straight Bonds (excluding self-funding)
R
a
n
k
Bookrunner
Apr. 1, 2006 -
Mar. 31, 2007
R
a
n
k
Bookrunner
Apr. 1, 2006  -
Mar. 31, 2007

Table of Contents
37
Market Share Data
(trillions of yen)
Primary Market
Share Data
1Q
2Q
3Q
4Q
Individual Equity Agency Transactions Share
Market
52.0
105.9
144.7
308.3
270.2
74.2
58.7
60.6
76.7
Nomura's share
16%
10%
8%
7%
5%
5%
4%
5%
5%
Off-floor/Off-exchange Equity Trading Share
Off-floor market
33.2
31.9
33.2
48.6
48.2
13.9
9.5
12.3
12.6
Off-exchange
14.1
19.3
21.1
30.5
42.8
9.6
9.8
10.6
12.9
Nomura's share
20%
16%
17%
21%
21%
22%
18%
21%
21%
JGB Auction Share
Market
68.1
74.4
80.1
80.7
85.3
21.1
21.2
21.8
21.2
Nomura's share
15%
16%
18%
11%
11%
12%
9%
11%
10%
Bond Secondary Trading Share
Market
1,129
1,235
1,361
1,296
1,341
355
329
334
322
Nomura's share
14%
16%
15%
13%
11%
12%
10%
10%
11%
Global Equity and Equity-related Japan
Nomura's share
30%
30%
25%
26%
33%
Japanese IPO
Nomura's share
11%
27%
32%
20%
21%
Japanese PO
Nomura's share
50%
33%
25%
27%
40%
Convertible Bonds
Nomura's share
13%
28%
19%
34%
34%
Global and Euro Yen Bonds
Nomura's share
21%
31%
23%
23%
7%
Straight Bonds, Lead Manager (excl. self-funding)
Nomura's share
26%
19%
17%
18%
14%
Source: Thomson Financial (Value base)
FY2003.3
FY2004.3
FY2005.3
FY2003.3
FY2004.3
FY2005.3
FY2007.3
FY2007.3
FY2006.3
FY2006.3
FY2007.3
Note: Individual equity agency transactions share preliminary  
figure as of April 26, 2007.
Secondary Market
Share Data               
Full Year
Quarter

Table of Contents
38
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 3, 2006 to March 30, 2007 (billions of yen)
Maximum:
10.9
Minimum:
5.8
Average:
7.4
(billions of yen)
Equity
1.5
3.3
3.0
6.0
5.4
6.0
5.6
4.6
Interest Rate
2.3
2.0
2.8
3.3
4.1
3.5
4.0
3.7
Foreign Exchange
0.2
0.5
0.7
1.4
1.5
1.3
1.4
1.4
Sub-total
4.0
5.8
6.5
10.7
11.0
10.9
11.0
9.8
Diversification Benefit
-0.9
-1.9
-2.4
-3.7
-3.8
-3.5
-3.9
-3.6
VaR
3.1
3.9
4.1
7.0
7.1
7.3
7.2
6.2
Jun. 2006
Mar. 2006
Mar. 2007
Dec. 2006
Sep. 2006
End of the period
Mar. 2003
Mar. 2004
Mar. 2005

Table of Contents
39
Number of Employees
*Excludes employees of private equity investee companies
End of the period
Mar. 2003
Mar. 2004
Mar. 2005
Mar. 2006
Mar. 2007
+/-
From
Mar. 2006
Japan (excluding FA, SA)*
9,258
9,148
9,190
9,354
9,958
604
Japan (FA, SA)
1,986
1,915
1,875
1,948
2,174
226
Europe
1,389
1,403
1,535
1,515
1,791
276
Americas
797
866
1,026
1,073
1,322
249
Asia/Oceania
616
655
718
778
900
122
Total
14,046
13,987
14,344
14,668
16,144
1,476

Table of Contents
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