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 2008.

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 2009

SIGNATURES

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


	NOMURA HOLDINGS, INC.

Date: October 28, 2008	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 2009

Nomura Holdings, Inc. October 2008

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 ti LOGO me 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

Second Quarter Results Key Points (P4-P7)

Consolidated Financial Highlights (P8)

Consolidated Balance Sheet (P9)

Second Quarter Business Segment Highlights (P10)

First Half Business Segment Highlights (P11)

Domestic Retail (P12)

Global Markets (P13)

Global Investment Banking (P14)

Global Merchant Banking (P15)

Asset Management (P16)

Segment “Other” (P17)

Non-interest Expenses (P18)

Financial Supplement

Domestic Retail Related Data (P20-P24) Global Markets Related Data (P25-P26) Global Investment Banking Related Data (P27) Global Merchant Banking Related Data (P28) Asset Management Related Data (P29-P30) Dividend Policy (P31) Value at Risk (P32) Number of Employees (P33) Market Share Data (P34) Consolidated Income (P35) Adjustment of Consolidated Results and Segment Results: Income (Loss) before Income Taxes (P36) Main Revenue Items (P37)

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Second Quarter Results Key Points 1

FY2009.3 Second Quarter Revenue Net revenue: 128.1 billion yen; Pre-tax loss: 69.3 billion yen; Net loss: 72.9 billion yen Losses due to global financial market turmoil

Expansion of Business Platform with Acquisition of Lehman Brothers Resources

Acquired the Asia-Pacific franchise, the European and Middle Eastern equities and investment banking operations, and service platform in India Positioned to rebuild Global Markets and international wholesale operations to expand revenue

Domestic Retail: Remained Profitable, Increased Customer Base Net revenue: 74.5 billion yen (-13.2% QoQ); Income before income taxes: 5.3 billion yen (-67.1% QoQ) Increased customer base Net asset inflow: 1.4 trillion yen (+32.0% QoQ) (Mostly due to an increase in physical stock certificates being brought into branch offices ahead of dematerialization of stocks in Japan as well as sales of new investment trusts)

New accounts opened: 180,000

Total accounts with balance: 4.28 million (+75,000 QoQ)

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Second Quarter Results Key Points 2

Global Markets: Weak Trading due to Financial Turmoil

Net revenue: -6.5 billion yen; Pre-tax loss: 86.7 billion yen Booked trading losses in credit, derivatives and equities due to global financial turmoil Losses due to direct (17 billion yen) and indirect effects of Lehman Brothers bankruptcy

(3Q indirect effect will include a decline in price in October of USD 425 million position related to Iceland) Loss of 12 billion yen in Asset Finance due to write-down of real-estate related assets, etc.

Global Investment Banking: Continued Success in Major Cross-Border Deals Net revenue: 5.2 billion yen (-81.9% QoQ); Pre-tax loss: 8.7 billion yen Acted as financial advisor on tender offer by TDK for German firm EPCOS Booked losses related to Asset Finance (included in loss shown above)

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Second Quarter Results Key Points 3

Global Merchant Banking: Revenue on Sale of Investee Company, Started Investing in Asia Net revenue: 20.5 billion yen; Income before income taxes: 14.6 billion yen Generated revenue on the sale of stake in Tungaloy Commenced private equity investments in Asia: Two Indian firms Real Image (digital media company) Moser Baer Solar (solar company)

Asset Management: Decline in Income due Mainly to Unrealized Losses on Pilot Funds Net revenue: 14.7 billion yen (-30.3% QoQ); Income before income taxes: 800 million yen (-90.2% QoQ) Pilot funds booked losses due to sharp market downturn in late September Enhanced lineup of Next Funds series (Nomura Asset Management ETF brand): Lunched 7 new funds for a total of 33

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Second Quarter Results Key Points 4

Non-Interest Expenses Declined 10.0% Non-interest expenses: 197.4 billion yen (-10.0% QoQ) Compensation and benefits declined 8.9% QoQ to 80.1 billion yen, reflecting performance Other expenses were 37.2 billion yen (-34.2% QoQ); Declined significantly as 1Q included 21 billion yen impairment on investment in Fortress (Fortress share price dropped sharply in October. Book price: $11.99; Shares held: 55 million)

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Consolidated Financial Highlights

Full Year (billions of yen) 400 20% Net income loss) 15.5% 300 15% 304.3 10.1% 200 8.3% 10% 172.3 5.2% 175.8 100 5% 94.7

0 0% -67.8 -100 -3.3% -5%

Quarter (billions of yen) 60 20% 30 3.9% 10% -2.1% 21.8 0 0% -30 -11.7 -10% -60 -15.6% -15.5% -20% -90 -76.6 -72.9 -30%-29.2% -120 -153.9 -150

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

Net revenue 803.1 799.2 1,145.7 1,091.1 787.3 Income loss) before income taxes 282.7 204.8 545.0 321.8 -64.6 Net income loss) 172.3 94.7 304.3 175.8 -67.8 Total shareholders’ equity 1,785.7 1,868.4 2,063.3 2,185.9 1,988.1 ROE (%)* 10.1% 5.2% 15.5% 8.3% -3.3% Basic net income (loss) per share yen 88.82 48.80 159.02 92.25 -35.55 Shareholers’ equity per share yen) 919.67 962.48 1,083.19 1,146.23 1,042.60 * Quaterly data has been annualized

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

176.7 244.3 21.5 135.1 128.1 -50.6 44.4 -198.3 -84.3 -69.3 -11.7 21.8 -153.9 -76.6 -72.9 2,232.6 2,233.0 1,988.1 1,945.2 1,810.1 -2.1% 3.9% -29.2% -15.6% -15.5% -6.13 11.41 -80.62 -40.14 -38.18 1,169.59 1,169.67 1,042.60 1,019.19 948.34

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Consolidated Balance Sheet

Shareholders’ equity of 1.81 trillion yen; low gross leverage of 13.7x; sound financial position

Consolidated Balance Sheet

(billions of yen)

Increase Increase

Mar. 31, 2008 Sep. 30, 2008 Mar. 31, 2008 Sep. 30, 2008

(Decrease) (Decrease)

Assets Liabilities

Cash and cash deposits 1,434 1,511 76 Short-term borrowings 1,426 1,232 (194) Payables and deposits 950 1,107 156

Loans and receivables 1,188 2,665 1,477 Collateralized financing 10,541 9,704 (837) Trading liabilities 4,470 4,766 296

Collateralized agreements 10,391 7,734 (2,657) Other liabilities 636 494 (142) Long-term borrowings 5,224 5,645 421 Trading assets and private equity investments* 10,278 11,006 728 Total liabilities 23,248 22,948 (300)

Other assets 1,945 1,842 (103) Shareholders’ equity

Total shareholders’ equity 1,988 1,810 (178)

Total assets 25,236 24,758 (478) Total liabilities and shareholders’ equity 25,236 24,758 (478)

Including securities pledged as collateral

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

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Second Quarter Business Segment Highlights

Net Revenue Income (Loss) before Income Taxes

(billions of yen)(billions of yen)

300 150 251.4

16.4

200.1 22.7 20.8

200 100 37.6 38.5 134.4

Reference:

23.3 103.2 38.4 24.5 136.4 51.5

21.1 • Domestic Retail: P20

10.8 8.5 16.9 28.0 9.3 29.0 -27.2

16.8 23.1 14.7 5.7 -181.4 • Global Markets: P25

100 50 8.4 -84.9

14.8 11.0 20.5 -61.0

5.2 24.4 3.3 8.2 • Global Investment Banking: P27

5.4 13.6 103.3 98.4 20.1 12.6 0.8

78.5 85.8 74.5 32.2 • Global Merchant Banking: P28

28.5 0.2 14.6

11.1 16.2 5.3 • Asset Management: P29

0 0

-10.2 -6.5 -12.3

-37.0 • Segment “Other”: P17

-4.1

-133.3 -67.7 -61.6 • Adjustment of Consolidated -86.7 Results and Segment Results:

-100 -50

-3.9 Income (Loss) before Income -1.5 Taxes: P36

-39.4

-8.7

-200 -100 -208.9

-20.9 Other

Asset Management

-150

Global Merchant Banking

Global Investment Banking

-200

-7.1 Global Markets

Domestic Retail

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

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

200.1 251.4 38.5 134.4 136.4 -27.2 51.5 -181.4 -84.9 -61.0

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

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First Half Business Segment Highlights

Net Revenue (billions of yen)

600 547.6 48.3 500 49.1 51.9 400 47.6 289.8 300 270.8 125.7 54.9 52.5 39.7 12.9 35.8 200 35.6 34.2 4.4

100 225.1 176.9 160.3 0 -30.1 -16.5 -100

FY2008.3 FY2009.3

1H 2H 1H

547.6 289.8 270.8

Income (Loss) before Income Taxes

(billions of yen)

200 115.4 21.4 150 45.5 100 16.8 -129.9 12.6 50 7.8 -146.0

82.8 6.0 8.9 39.6 3.9 21.5 0 -41.6 -50 -9.4 -148.3 -184.6 -100 -150 -24.7 -7.2 -11.2 -200

FY2008.3 FY2009.3

1H 2H 1H

115.4 -129.9 -146.0

Reference:

• Domestic Retail: P20

• Global Markets: P25

• Global Investment Banking: P27

• Global Merchant Banking: P28

• Asset Management: P29

• Segment “Other”: P17

• Adjustment of Consolidated Results and Segment Results: Income (Loss) before Income Taxes: P36

Other

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

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

2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

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Domestic Retail

Net Revenue and Income (Loss) before Income Taxes

Quarter (billions of yen)

150

Net revenue

Income before income taxes

103.3 98.4 100 85.8 78.5 74.5 50 32.2 28.5 16.2 11.1 5.3 0

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Full Year

(billions of yen)

500 446.5 440.1 402.0 400 305.8 304.4 300 197.2 200 160.9 122.3 79.5 81.2 100 0

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

Business Performance

Net revenue was 74.5 billion yen (-13.2% QoQ, -27.9% YoY). Income before income taxes was 5.3 billion yen (-67.1% QoQ, -83.5% YoY).

Maintained profit despite tough market conditions.

Domestic Client Assets: 68.6 trillion yen (-7 trillion yen QoQ)

Ahead of dematerialization of stock certificates in Japan, net asset inflow was 1.4 trillion yen and the number of accounts with balance increased by 75,000 QoQ to 4.28 million.

Newly Launched Investment Trusts

UBS (JP) Brazil Bond Fund

Sales at launch (Jul. 17, 2008) 376 billion yen

Morgan Stanley High Interest Rate Currency Fund

Sales at launch (Aug. 28, 2008) 65 billion yen

New Bond Issues

European Company for the Financing of Railroad Rolling Stock (EUROFIMA) (AUD eurobond) 400 million AUD

Quarter Highlights

New branch offices:-Denenchofu Branch (Jul.)

- Umeda Branch, Diamor Office (Jul.)

- Kyoto Branch,

Kyoto Station Building, The Cube Office (Aug.)

- Tsukuba Branch (Planned)

- Kawanishi Branch (Planned)

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

Reference:

• Net Revenue and Income (Loss) before Income Taxes: P20

• Retail stock brokerage commissions, commissions for distribution of investment trusts: P21

• Domestic Client Assets: P22 Domestic Client Assets Net Asset Inflow:

P23

• Number of Accounts: P24

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Global Markets

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

120 103.2 60 24.4 16.8 11.0 0 -6.5 -60 -67.7 -61.6 -120 -133.3 -86.7 -180 -208.9 -240

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Full Year (billions of yen)

400 371.1 284.1 290.0 300 243.1 157.7 200 120.8 58.8 95.6 100 60.2 0 -100 -200 -226.2 -300

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

Business Performance

Net revenue was -6.5 billion yen. Income before income taxes was -86.7 billion yen.

Fixed Income booked losses on credit, currency, and derivative trading.

Equity booked a loss due to a deterioration in the trading environment as a result of the sharp fall in equity markets.

Results were also impacted by direct and indirect effects of the bankruptcy of Lehman Brothers and the write-down of real-estate related assets in Asset Finance due to revaluation at fair value.

Acquisition of Lehman Brothers Franchise

Rebuilding wholesale business to expand revenue.

Large International Bond Underwritings

Caisse d’Amortissement de la Dette Sociale CADES): 3 billion euros (Joint Lead)

Equity Derivatives: Completed 14 fund derivative contracts

(Total amount: Approx. 413 million euros)

Japanese Loan-related Business: Approx. 249.3 billion yen

Nomura Capital Investment (NCI) Total of approx. 236.0 billion yen.

Balance including commitments: 244.6 billion yen (9/30/2008) Reference:

• Net Revenue and Income (Loss) before Income Taxes: P25

• Securitization Product Holdings / Leveraged Finance Balance: P25

• Value at Risk: P32

Net revenue

• Market Share Data: P34

Income before income taxes 13

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Global Investment Banking

Net Revenue and Income (Loss) before Income Taxes

Quarter (billions of yen)

40 29.0 20.8 20 14.8 12.6 10.8 5.7 5.2 0.2 0 -3.9 -8.7 -20

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Full Year (billions of yen)

120 99.7 99.2 83.1 80 75.4 70.9 51.5 44.4 40 29.2 22.8 17.2 0

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

Business Performance

Net revenue was 5.2 billion yen (-81.9% QoQ, -51.5% YoY). Income before income taxes was -8.7 billion yen.

Equity finance market declined due to market deterioration.

M&A involving Japanese companies remained brisk.

Booked loss related to Asset Finance.

Acquisition of Lehman Brothers Franchise

Rebuilding wholesale business to expand revenue.

Major Deals

M&A Tender offer by TDK for EPCOS:

1.4 billion euros Tender offer by MUFG for Acom: 152.5 billion yen

Quarter Highlights

Ranked number 1 in Equity Capital Markets Bookrunner and M&A Financial Advisors league tables* * Jan. – Sep. 2008 (Japan related), Thomson Reuters

Reference:

• Net Revenue and Income (Loss) before Income Taxes: P27

• League Tables: P27

• Market Share Data: P34

Net revenue

Income before income taxes 14

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Global Merchant Banking

Net Revenue and Income (Loss) before Income Taxes

Quarter (billions of yen)

40 23.1 20.5 20 20.1 14.6 8.5 5.4 0 -10.2 -12.3 -37.0 -20 -39.4 -40

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Full Year (billions of yen)

80 68.2 65.0 64.8 60 55.4 52.8 53.3 40 20 10.7 7.3 0.5 0 -3.0 -20

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

Business Performance

Net revenue was 20.5 billion yen (2.4x YoY). Income before income taxes was 14.6 billion yen (2.7x YoY).

Generated revenue on the sale of stake in Tungaloy.

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

Quarter Highlights

Made two new investments in Asia:

Real Image (an Indian digital media company) and Moser Baer Solar (an Indian solar company)

Reference:

• Revenue and Income (Loss) before Income Taxes: P28

• Business exposure: P28

Net revenue

Income before income taxes

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Asset Management

Net Revenue and Income (Loss) before Income Taxes

Quarter

(billions of yen)

40 30 23.3 22.7 21.1 20 16.9 14.7 8.4 9.3 8.2 10 3.3 0.8 0

FY2008.3 FY2009.3

2Q 3Q 4Q 1Q 2Q

Full Year

(billions of yen)

100 88.1 88.7 80 64.1 60 47.6 39.4 40.1 34.0 40 23.8 20 13.0 3.8 0

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

Business Performance

Net revenue was 14.7 billion yen (-30.3% QoQ, -36.7% YoY). Income before income taxes was 800 million yen (-90.2% QoQ,

-90.5% YoY).

Assets under management decreased by 2.9 trillion yen from the end of June to 24.3 trillion yen as of the end of September. Asset management fees declined.

Booked losses from pilot funds due to the market slump.

Outstanding balance of Asset Management products sold via bank channels in Japan: Banks, etc.* 1.329 trillion yen Japan Post Bank 493.9 billion yen

Quarter Highlights

Enhanced lineup of Next Funds (Nomura Asset Management ETF brand) by launching 7 new funds, mainly emerging market currency ETFs for a total of 33 funds in the series

* Excludes Japan Post Bank and Nomura Trust & Banking.

Reference:

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

• Assets Under Management: P29, 30

• Investment Trust Related Data: P30

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

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

Net revenue

Income before income taxes 16

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Segment “Other”

Net Revenue and Income (Loss) before Income Taxes

Full Year Quarter

(billions of yen) Includes 34bn yen (billions of yen)

related to Nomura Real

60 Fortress 60

Estate Holdings IPO

impairment of

40 40

21bn yen.

21.0 20 7.0 13.6 20 3.7 0 0 -1.5 -4.1 -7.1 -20 -20 -20.6 -20.9 -40 -33.7

JAFCO

impairment of

17.6bn yen

FY2008.3 FY2009.3

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

2Q 3Q 4Q 1Q 2Q

Net gain/loss on trading related to

-12.8 -9.7 -64.8 -38.4 -9.7 2.8 0.4 1.5 1.0 20.2

economic hedging transactions

Realized gain on investments in equity

1.2 7.0 8.4 18.1 1.5 -0.8 0.1 0.0 0.3 -1.5

securities held for operating purposes

Equity in earnings of affiliates 8.5 7.3 27.8 53.2 4.7 2.6 -5.2 2.3 2.1 4.0

Corporate item s -10.7 4.5 -7.4 -11.1 -13.4 -12.3 -11.8 20.3 -5.6 -2.3

Others* 17.5 -2.0 2.3 -0.8 -3.6 6.1 12.4 -31.2 -18.6 -6.7

Income before income taxes 3.7 7.0 -33.7 21.0 -20.6 -1.5 -4.1 -7.1 -20.9 13.6

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

Business Performance

Income before income taxes was 13.6 billion yen.

Trading revenue related to economic hedging transactions increased.

2007 2008

March June September December March June September

Joinvest Number of Accounts 129,516 166,387 183,267 205,668 248,763 266,932 281,265

Margin Trading Accounts 9,054 11,272 13,519 15,873 18,538 20,919 22,866

Securities Monthly Transaction Value (millions of yen) 591,354 699,710 573,236 695,415 789,250 879,079 388,987

Margin Transaction Value 386,363 453,191 405,078 499,429 591,423 625,342 222,055

Assets in Custody (millions of yen) 256,215 319,248 342,276 364,367 364,445 414,149 371,018

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Non-interest Expenses

Full Year Quarter

(billions of yen) (billions of yen)

1,000 300

851.8

250

Other 800 227.3

219.8 219.4

680.5

Business development expenses 199.9 197.4

607.8 200

600

Occupancy and related

depreciation

150

Information processing and

communications 400

Commissions and floor 100

brokerage

Compensation and benefits

200

0 0

FY2008.3 FY2009.3

FY2006.3 FY2007.3 FY2008.3 QoQ

2Q 3Q 4Q 1Q 2Q

Compensation and benefits 311.3 331.0 366.8 94.4 93.4 78.4 87.9 80.1 -8.9%

Variable-type compensation and benefits 150.5 157.6 174.7 45.8 45.6 30.6 39.6 33.0 -16.6%

Commissions and floor brokerage 31.4 49.8 90.2 22.6 20.4 24.5 18.6 20.3 9.2%

Information processing and communications 89.1 109.5 135.0 34.7 33.9 37.2 33.4 34.6 3.8%

Occupancy and related depreciation 50.8 57.4 64.8 15.1 14.3 19.5 15.9 17.2 8.3%

Business development expenses 30.6 35.3 38.1 9.9 9.5 10.0 7.0 7.9 12.6%

Other 94.7 97.5 156.9 50.6 28.5 50.1 56.5 37.2 -34.2%

Total 607.8 680.5 851.8 227.3 199.9 219.8 219.4 197.4 -10.0%

Business Performance

Non-interest expenses of 197.4 billion yen (-10.0% QoQ)

Compensation and benefits declined, reflecting performance.

Other expenses declined QoQ as 1Q included 21 billion yen impairment of stake in Fortress.

Reference:

• Number of Employees: P33

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Financial Supplement

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Domestic Retail Related Data (1)

(billions of yen)

FY2008.3 FY2009.3

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

2Q 3Q 4Q 1Q 2Q

Commissions 155.2 174.0 269.4 251.4 225.9 62.4 55.8 39.2 45.5 41.0 -9.9% -34.3%

Sales credit 97.8 73.7 109.0 96.8 94.2 20.5 21.6 18.8 21.3 15.0 -29.3% -26.7%

Fees from investment banking 26.1 24.5 26.4 24.0 14.9 3.3 3.6 4.6 2.0 2.0 -0.5% -38.7%

Investment trust administration fees and other 21.8 26.1 34.4 47.5 59.7 15.3 15.5 14.2 15.5 15.2 -1.6% -0.6%

Net interest revenue 4.9 6.1 7.4 20.4 7.3 1.7 1.8 1.7 1.5 1.1 -24.9% -33.4%

Net revenue 305.8 304.4 446.5 440.1 402.0 103.3 98.4 78.5 85.8 74.5 -13.2% -27.9%

Non-interest expenses 226.2 223.2 249.3 279.3 279.7 71.1 69.9 67.5 69.6 69.1 -0.7% -2.7%

Income before income taxes 79.5 81.2 197.2 160.9 122.3 32.2 28.5 11.1 16.2 5.3 -67.1% -83.5%

Domestic distribution volume of investment trusts* (trillions of yen) 13.7 14.2 20.5 21.4 20.4 5.5 4.9 3.7 4.0 3.7 -7.0% -33.4%

Bond investment trusts 10.1 10.4 14.3 14.4 13.9 3.6 3.3 2.6 2.7 2.5 -7.6% -32.3%

Stock investment trusts 1.6 2.3 4.5 6.0 5.2 1.5 1.2 0.8 0.9 1.0 4.5% -36.4%

Foreign investment trusts 2.1 1.4 1.7 1.0 1.3 0.4 0.3 0.3 0.4 0.3 -30.5% -32.7%

Other (billions of yen)

Accumulated value of annuity insurance policies 261.6 446.4 683.3 990.4 1,205.3 1,114.8 1,165.3 1,205.3 1,259.0 1,303.6 3.5% 16.9%

Sales of JGBs for individual investors (transaction base) 1,271.6 1,290.6 747.8 615.2 292.3 68.4 41.4 22.8 68.8 20.2 -70.6% -70.5%

Retail foreign currency bond sales 1,990.0 1,154.4 1,119.2 677.1 954.0 154.1 286.9 383.2 322.0 245.9 -23.6% 59.6%

*Nomura Securities

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Domestic Retail Related Data (2)

Stock brokerage commissions and Commissions for distribution of investment trusts*

Full Year Quarter (billions of yen) (billions of yen)

180 50 150 40 120 30 90

Stock brokerage commissions

Commissions for distribution of 60

investment trusts*

30 10 0 0

FY2008.3 FY2009.3

FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 QoQ YoY 2Q 3Q 4Q 1Q 2Q

Stock brokerage commissions 92.1 103.0 153.6 98.3 75.1 20.4 18.7 13.9 14.8 10.7 -28.0% -47.6%

Commissions for distribution of investment trusts* 46.9 49.9 95.9 124.7 124.5 35.4 31.4 18.1 26.8 25.1 -6.5% -29.2%

Bond investment trusts commission 11.1 6.4 3.5 2.3 1.2 0.3 0.3 0.3 0.2 0.2 2.3% -25.7%

Stock investment trusts commission 21.5 31.6 74.2 114.5 117.1 32.9 30.1 16.8 21.6 23.9 10.3% -27.4%

Foreign investment trusts commission 14.2 11.9 18.2 7.9 6.2 2.2 1.1 1.0 4.9 0.9 -80.9% -57.1%

*Nomura Securities

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Domestic Retail Related Data (3)

Domestic Client Assets*

Full Year Quarter

(trillions of yen)

100 85.2 Other*** 80.5 80 75.8 72.2

Overseas mutual funds 68.6

61.2

Bond investment trusts 60 54.8 Stock investment trusts

Domestic bonds** Foreign currency bonds 20 Equities 0

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

Equities 28.9 33.5 49.3 48.5 37.2 39.6 34.3

Foreign currency bonds 4.0 4.0 3.6 3.3 2.7 3.0 2.7

Domestic bonds** 10.0 11.8 13.1 16.4 16.5 16.5 16.4

Stock investment trusts 3.0 3.3 5.3 7.4 7.3 7.8 6.7

Bond investment trusts 5.5 4.9 4.5 4.7 4.4 4.3 4.2

Overseas mutual funds 1.6 1.9 2.3 2.0 1.7 1.9 1.7

Other*** 1.7 1.9 2.3 2.9 2.5 2.6 2.6

Total 54.8 61.2 80.5 85.2 72.2 75.8 68.6

* 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

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Domestic Retail Related Data (4)

Domestic Client Assets Net Asset Inflow *

Full Year Quarter

(billions of yen)

8,000

6,749

5,975

6,000

4,868

4,581

4,000 3,391

2,000

1,407

1,066

FY2009.3

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

1Q 2Q

*Domestic Client Assets excludes portion from regional financial institutions

Note: Net Asset Inflow = Asset Inflow – Asset Outflow

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Domestic Retail Related Data (5)

Number of Accounts* / IT Share**

(thousands)

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

Accounts with balance 3,460 3,678 3,780 3,953 4,165 4,206 4,281

Equity holding accounts 1,379 1,680 1,745 1,853 2,027 2,058 2,134

Nomura Home Trade (online trading accounts) 1,367 1,716 1,969 2,243 2,765 2,834 2,946

Full Year Quarter

FY2009.3

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

1Q 2Q

New individual accounts (thousands) 297 425 343 417 580 129 180

IT share**

No. of orders 49% 52% 55% 55% 57% 60% 60%

Transaction value 22% 24% 27% 27% 29% 30% 30%

* Total of Domestic Retail and Financial Management Division

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

(odd lot stock investment)

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Global Markets Related Data (1)

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

Fixed Income 174.0 119.8 173.8 123.1 -119.9

Equity 110.2 90.2 168.5 147.9 206.0

Other 0.0 33.1 28.8 19.1 9.5

Net revenue 284.1 243.1 371.1 290.0 95.6

Non-interest expenses 163.3 182.9 213.4 231.2 321.8

Income before income taxes 120.8 60.2 157.7 58.8 -226.2 (billions of yen)

FY2008.3 FY2009.3 QoQ YoY 2Q 3Q 4Q 1Q 2Q -40.6 32.3 -153.9 -35.2 -15.3 —- 58.1 68.0 18.0 42.4 26.4 -37.8% -54.6%

-0.7 2.9 2.7 3.8 -17.6 -- 16.8 103.2 -133.3 11.0 -6.5 -- 84.5 78.8 75.6 72.6 80.2 10.4% -5.1% -67.7 24.4 -208.9 -61.6 -86.7 --

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

Securitization Product Holdings

Holdings by Product and Region (billions of yen) As of Sep 30,2008 Outstanding Japan Asia Europe US Balance

Commercial Mortgage Backed Securities•CMBS• 23.7 11.0 -- 12.7*

Residential Mortgage Backed Securities •RMBS• 38.9 38.9 --- Commercial Real Estate Backed Securities 48.8 48.8 ---

Other Securitization Products 57.5 49.4 2.0 2.4 3.7 Total 168.8 148.0 2.0 2.4 16.5

*The 12.7 billion yen shown here is mainly for synthetic CDO business carried out in Europe. In addition to this amount, we had a position of 118.1 billion yen in the US CMBS-related business at the end of September 2008. This has been included in whole loans and is not shown here.

Leveraged Finance* Balance (billions of yen) As of Sep 30,2008 Outstanding Remaining Drawn Down Balance Comittments

Japan 38.0 36.1 1.9 Europe 88.7 82.5 6.2 Total 126.7 118.6 8.1 *Loans for leveraged buy-outs and leveraged buy-ins

CMBS by Rating (billions of yen) As of Sep 30,2008 Outstanding AAA A No Rating Ginnie Mae Balance GSE*

Japan 11.0 5.3 0.3 5.4 - US 12.7 10.5 -- 2.2 Total 23.7 15.8 0.3 5.4 2.2

* Government Sponsored Enterprises

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Global Markets Related Data (2)

Monoline Insurers-related Exposure

Credit Derivative Transactions with Monoline Insurers

2008/9/30 (millions of US$)

Monoline Insurers by Counterparty Risk

Credit Rating* Notional Gross Exposure Reserves and other Net Exposure CDS Protection

(No. of companies) Adjustments

AAA (2) $ 1,587 $ 203 $ 30 $ 172 $ 0

BBB(1) $ 1,478 $ 188 $ 126 $ 62 $ 58

Total $ 3,065 $ 390 $ 156 $ 234 $ 58

2008/6/30 (millions of US$)

Monoline Insurers by Counterparty Risk

Credit Rating* Notional Gross Exposure Reserves and other Net Exposure CDS Protection

(No. of companies) Adjustments

AAA (2) $ 1,587 $ 131 $ 20 $ 111 $ 11

A (2) $ 1,518 $ 183 $ 120 $ 63 $ 146

Total $ 3,105 $ 314 $ 140 $ 174 $ 157

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

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Global Investment Banking Related Data FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue 70.9 75.4 99.7 99.2 83.1 Non-interest expenses 53.7 46.2 48.1 54.8 60.3

Income before income taxes 17.2 29.2 51.5 44.4 22.8 (billions of yen) FY2008.3 FY2009.3 QoQ YoY

2Q 3Q 4Q 1Q 2Q 10.8 20.8 14.8 29.0 5.2 -81.9% -51.5% 14.7 15.0 14.6 16.4 14.0 -14.9% -5.2% -3.9 5.7 0.2 12.6 -8.7 --

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 Japan Equity & Equity-Related

Rank Jan. 1, 2008-Sep. 30, 2008 Bookrunner Proceeds No. of Mkt. Share (USD m il) Deals 1 Nomura 3,073.0 36.1% 16

2 Nikko Citi 1,554.2 18.2% 10 3 Daiwa Securities SMBC 1,403.6 16.5% 17 4 Goldman Sachs 725.6 8.5% 2

5 Deutsche Bank 640.4 7.5% 2 6 UBS 318.2 3.7% 2 7 JP Morgan 243.8 2.9% 1 8 Mitsubishi UFJ Financial Group 169.1 2.0% 8

9 Morgan Stanley 161.8 1.9% 1 10 Shinko Securities 100.6 1.2% 8 M&A Financial Advisors League table

Any Japanese Involvement Announced Announced deals, value base Rank Jan. 1, 2008-Sep. 30, 2008 Advisor Rank Value No. of

Mkt. Share (USD m il) Deals 1 Nomura 27,996.3 23.3% 86 2 Morgan Stanley 21,883.4 18.2% 22

3 Mitsubishi UFJ Financial Group 19,722.6 16.4% 69 4 UBS 18,689.2 15.6% 16 5 Goldman Sachs 15,406.0 12.8% 22

6 Lazard 9,417.9 7.9% 3 7 Merrill Lynch 8,701.2 7.3% 17 8 Credit Suisse 7,675.0 6.4% 8 9 Citi 7,268.7 6.1% 64

10 JP Morgan 7,197.1 6.0% 12 Global & Euro Yen Bonds Rank Jan. 1, 2008-Sep. 30, 2008 Bookrunner Proceeds No. of

Mkt. Share (JPY m il) Issues 1 Mitsubishi UFJ Financial Group 322,044.1 16.2% 6 2 BNP Paribas 260,500.0 13.1% 24

3 Barclays Capital 231,774.6 11.6% 9 4 Nikko Citi 217,519.9 10.9% 15 5 Daiwa Securities SMBC 199,301.6 10.0% 11

6 Morgan Stanley 158,342.8 8.0% 8 7 Mizuho Financial Group 92,694.0 4.7% 6 8 Merrill Lynch 80,030.0 4.0% 5

9 Nomura 57,467.0 2.9% 3 10 Deutsche Bank 52,975.0 2.7% 2 Source: Thomson Reuter

Domestic Straight Bonds (excluding self-funding) Rank Apr. 1, 2008-Sep. 30, 2008 Bookrunner Proceeds No. of Mkt. Share

(JPY m il) Issues 1 Mizuho Financial Group 1,123,958.0 24.5% 52 2 Mitsubishi UFJ Financial Group 968,934.0 21.1% 50 3 Daiwa Securities SMBC 953,367.0 20.8% 48 4 Nomura 675,735.7 14.7% 33 5 Nikko Citi 617,764.8 13.4% 33 6 Shinko Securities 98,000.0 2.1% 2 7 Goldman Sachs 68,318.8 1.5% 4 8 Deutsche Bank 22,500.0 0.5% 2 9 JP Morgan 20,000.0 0.4% 2 10 Merrill Lynch 19,995.5 0.4% 3

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Global Merchant Banking Related Data FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3

Net revenue 10.7 7.3 68.2 65.0 64.8 Non-interest expenses 10.2 10.4 12.8 12.2 11.5

Income before income taxes 0.5 -3.0 55.4 52.8 53.3 (billions of yen) FY2008.3 FY2009.3 QoQ YoY 2Q 3Q 4Q 1Q 2Q

8.5 -10.2 23.1 -37.0 20.5 -142.4% 3.0 2.1 3.0 2.4 5.9 148.3% 93.1% 5.4 -12.3 20.1 -39.4 14.6 -169.9%

Business Exposure Full Year Quarter (billions of yen) 600 543.4 500 457.6 439.1 433.8 407.7 400 375.7 381.4 300 279.0

231.2 232.0 Terra Firma 210.9 200 Asia 132.1 Europe (excluding 98.7 84.5 Terra Firma) 100 Japan 0

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

Japan 68.9 108.4 59.9 195.5 169.5 193.4 214.0 Europe (excluding Terra Firma) 15.6 23.7 38.8 35.7 41.4 38.6 60.3

Asia ------ 4.7 Sub Total 84.5 132.1 98.7 231.2 210.9 232.0 279.0 Terra Firma 291.2 325.5 340.4 312.2 170.5 175.7 154.8

Total 375.7 457.6 439.1 543.4 381.4 407.7 433.8

Notes: 1. Amount of exposure in Japan is total of Nomura Principal Finance (NPF), Nomura Financial Partners (NFP), Nomura Research & Advisory (NR&A) and others.

2. Amount of exposure in Europe (excluding Terra Firma) is total of Private Equity Group (PEG), Nomura Phase4 Ventures (NPV) and others.

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Asset Management Related Data (1) FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 Net revenue 40.1 47.6 64.1 88.1 88.7

Non-interest expenses 36.4 34.6 40.3 48.7 54.8 Income before income taxes 3.8 13.0 23.8 39.4 34.0 (billions of yen)

FY2008.3 FY2009.3 QoQ YoY 2Q 3Q 4Q 1Q 2Q 23.3 22.7 16.9 21.1 14.7 -30.3% -36.7%

14.9 13.4 13.7 13.0 13.9 7.4% -6.5% 8.4 9.3 3.3 8.2 0.8 -90.2% -90.5%

Note1: In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

2: The defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation. Total Assets Under Management Full Year Quarter (trillions of yen) 35 30 27.0 27.2 25.8 24.3 25 23.1 20 17.6 17.9 15

10 5 0

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

Notes: 1. Total assets under management of Nomura Asset Management, Nomura Corporate Research and Asset Management, Nomura Funds Research and Technologies, MAINTRUST KAG, and Nomura Funds Research and Technologies America, Private Equity Funds Research and Investments. Adjusted for asset overlap amongst group companies. Data until March 31, 2006, include Nomura BlackRock Asset Management. 2. Nomura Funds Research and Technologies America data as of end of August 2008.

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Asset Management Related Data (2) Nomura Asset Management Assets Under Management Full Year Quarter (trillions of yen)

30 25.9 25.2 25 24.3 Overseas investment 22.5 advisory 21.0 Domestic investment 20 advisory 15.7 16.0 Privately placed

investment trusts 15 Public bond investment trusts 10 Public stock investment trusts 5 0

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

Investment trusts 11.3 10.8 14.0 18.8 17.2 17.8 15.9 Public stock investment trusts 4.5 4.4 6.9 10.8 9.8 10.2 8.7 Public bond investment trusts 6.3 5.6 5.6 5.8 5.3 5.4 5.2

Privately placed investment trusts 0.4 0.8 1.5 2.2 2.0 2.2 2.0 Investment advisory 4.4 5.1 7.0 7.1 7.1 7.4 6.6

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

Total 15.7 16.0 21.0 25.9 24.3 25.2 22.5 Domestic Public Investment Trust Market and Nomura Asset Management Market Share

(trillions of yen) Mar. 31, 2004 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 Mar. 31, 2008 Jun. 30, 2008 Sep. 30, 2008

Domestic public stock investment trusts Market 23.3 28.9 45.0 59.4 57.7 60.6 52.8

Nomura’s share (%) 19% 15% 15% 18% 17% 17% 16%

Domestic public bond investment trusts Market 15.8 13.5 13.5 13.2 12.0 12.5 12.0

Nomura’s share (%) 40% 42% 42% 44% 44% 43% 43% Source: Investment Trusts Association, Japan

Nomura Asset Management Net Asset Inflow Full Year Quarter

(trillions of yen) FY2009.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 1Q 2Q

Public stock investment trusts 0.1 -0.1 1.0 3.8 2.0 -0.1 -0.1 Exclude ETF -0.1 0.2 1.4 3.7 1.8 -0.1 -0.2

Public bond investment trusts -1.0 -0.7 0.0 0.2 -0.5 0.0 -0.1 Privately placed investment trusts 0.1 0.3 0.5 0.7 0.2 0.1 0.1

Net Asset Inflow -0.7 -0.5 1.5 4.6 1.7 0.0 -0.2

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Dividend Policy

• Target Dividend Minimum level of cash dividend, paid quarterly since FY2007.3

• Additional Payout When a sufficient level of profit is achieved, an additional payout is added to the fiscal year-end dividend taking into consideration a payout ratio of over 30%

• Full-year Consolidated Additional payout Payout Ratio Over 30% Target dividend

based on DOE of 3%

Recent Dividends (per share)

(yen)

1Q 2Q 3Q 4Q Total Payout Ratio

FY2007.3 Target Dividend 8 8 8 8

44 48%

Additional Payout 12

FY2008.3 Target Dividend 8.5 8.5 8.5 8.5

34-

Additional Payout 0

FY2009.3 Target Dividend 8.5 8.5 8.5* 8.5*

34+a*

Additional Payout a

Planned

Total Return Ratio* (billions of yen)

FY2006.3 FY2007.3 FY2008.3

Target Dividend 46 61 65

Additional Payout 46 23 0

Share Buyback** 49 0 3

Total 141 84 67

Total Return Ratio 46% 48% -

Total Return Ratio = (Total dividend amount + Share buyback amount) / Net income

** Excludes purchase of less-than-a-full-unit shares 31

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Value at Risk

Definition From April 1, 2008 to September 30, 2008 (billions of yen)

99% confidence level (2.33 standard dev.) Maximum: 10.6

1-day time horizon for outstanding portfolio Minimum: 5.9

Inter-product price fluctuations considered Average: 7.6

(billions of yen)

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

Equity 3.3 3.0 6.0 4.6 4.2 3.3 2.7

Interest Rate 2.0 2.8 3.3 3.7 4.7 3.7 3.4

Foreign Exchange 0.5 0.7 1.4 1.4 8.0 4.8 6.3

Sub-total 5.8 6.5 10.7 9.8 16.9 11.8 12.4

Diversification Benefit -1.9 -2.4 -3.7 -3.6 -6.8 -5.5 -5.1

VaR 3.9 4.1 7.0 6.2 10.1 6.3 7.3

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Number of Employees

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

Japan (excluding FA)* 9,185 9,236 9,618 10,667 11,561 12,329

Japan (FA)** 1,915 1,875 1,948 2,174 2,377 2,430

Europe 1,403 1,535 1,515 1,791 1,956 2,020

Americas 866 1,026 1,073 1,322 1,063 1,012

Asia/Oceania 655 718 778 900 1,070 1,180

Total 14,024 14,390 14,932 16,854 18,026 18,971

Note: Headcount figures have been reclassified to include certain contract employees since September 2007.

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

*Excludes employees of private equity investee companies

**Figures up to Mar. 2008 include savings advisors.

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Market Share Data

Full Year Quarter

(trillions of yen)

FY2009.3

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

1Q 2Q

Individual Equity Agency Transactions Share

Market 105.9 144.7 308.3 270.2 235.5 52.2 38.6

Nomura Securities’ share 10% 8% 7% 5% 4% 4% 3%

Off-floor/Off-exchange Equity Trading Share

Off-floor market 31.9 33.2 48.6 48.2 46.0 9.9 8.6

Secondary Market Off-exchange 19.3 21.1 30.5 42.8 49.6 12.8 11.5

Share Data Nomura Securities’ share 16% 17% 21% 21% 21% 14% 17%

JGB Auction Share

Market 74.4 80.1 80.7 85.3 85.3 21.2 19.9

Nomura Securities’ share 16% 18% 11% 11% 11% 10% 11%

Bond Secondary Trading Share

Market 1,235 1,361 1,296 1,341 1,526 406 378

Nomura Securities’ share 16% 15% 13% 11% 10% 8% 9%

Note: JGB auction share market only includes competitive auctions.

FY2009.3

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

Japan Equity and Equity-related

Nomura’s share 30% 25% 26% 33% 42% 20%

Japanese IPO

Nomura’s share 27% 32% 20% 21% 44% 6%

Japanese PO

Primary Market Nomura’s share 33% 25% 27% 40% 42% 13%

Share Data Convertible Bonds

Nomura’s share 28% 19% 34% 34% 38% 30%

Global and Euro Yen Bonds

Nomura’s share 31% 23% 23% 7% 5% 1%

Straight Bonds, Lead Manager (excl. self-funding)

Nomura’s share 19% 17% 18% 14% 16% 12%

Source: Thomson Reuters (Value base)

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Consolidated Income

(billions of yen)

FY2008.3 FY2009.3

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

2Q 3Q 4Q 1Q 2Q

Revenue

Commissions 210.2 222.0 356.3 337.5 404.7 106.9 103.4 81.4 82.2 84.9

Fees from investment banking 87.0 92.3 108.8 99.3 85.1 16.2 20.3 18.7 13.4 10.0

Asset management and portfolio service fees 66.2 78.5 102.7 146.0 189.7 50.9 47.6 43.9 42.8 42.4

Net gain on trading 229.0 201.7 304.2 290.0 61.7 8.7 65.1 -111.8 10.5 -21.0

Gain (loss) on private equity investments 13.1 7.7 12.3 47.6 76.5 6.8 -3.0 26.6 -37.7 23.2

Interest and dividends 343.3 401.4 693.8 981.3 796.5 245.9 177.3 78.6 118.0 127.0

Gain (loss) on investments in equity securities 55.9 15.3 67.7 -20.1 -48.7 -24.2 -7.0 -17.0 1.0 -9.8

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

Other 23.6 32.3 58.8 67.4 28.2 9.6 -3.4 5.7 27.7 1.1

Total revenue 1,045.9 1,126.2 1,792.8 2,049.1 1,593.7 420.7 400.4 126.0 257.9 257.7

Interest expense 242.8 327.0 647.2 958.0 806.5 244.0 156.1 104.5 122.8 129.7

Net revenue 803.1 799.2 1,145.7 1,091.1 787.3 176.7 244.3 21.5 135.1 128.1

Non-interest expenses 520.4 594.4 700.1 769.3 851.8 227.3 199.9 219.8 219.4 197.4

Income (loss) from continuing operations before income taxes 282.7 204.8 445.6 321.8 -64.6 -50.6 44.4 -198.3 -84.3 -69.3

Income from discontinued operations before income taxes - - 99.4- - - - - - -

Income (loss) before income taxes 282.7 204.8 545.0 321.8 -64.6 -50.6 44.4 -198.3 -84.3 -69.3

Net income (loss) from continuing operations 172.3 94.7 256.6 175.8 -67.8 -11.7 21.8 -153.9 -76.6 -72.9

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

Net income (loss) 172.3 94.7 304.3 175.8 -67.8 -11.7 21.8 -153.9 -76.6 -72.9

Note1: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” net revenue and non-interest expenses from operations that were

treated as discontinued during the fiscal year ended March 31, 2006, are separately reported as income from discontinued operations.

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

Adjustment of Consolidated Results and Segment Results:

Income (Loss) before Income Taxes

(billions of yen) LOGO

FY2008.3 FY2009.3

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

2Q 3Q 4Q 1Q 2Q

Domestic Retail 79.5 81.2 197.2 160.9 122.3 32.2 28.5 11.1 16.2 5.3

Global Markets 120.8 60.2 157.7 58.8 -226.2 -67.7 24.4 -208.9 -61.6 -86.7

Global Investment Banking 17.2 29.2 51.5 44.4 22.8 -3.9 5.7 0.2 12.6 -8.7

Global Merchant Banking 0.5 -3.0 55.4 52.8 53.3 5.4 -12.3 20.1 -39.4 14.6

Asset Management 3.8 13.0 23.8 39.4 34.0 8.4 9.3 3.3 8.2 0.8

5 Business Segment Total 221.8 180.6 485.7 356.3 6.2 -25.6 55.6 -174.3 -64.1 -74.7

Other 3.7 7.0 -33.7 21.0 -20.6 -1.5 -4.1 -7.1 -20.9 13.6

Segment Total 225.5 187.6 452.0 377.3 -14.4 -27.2 51.5 -181.4 -84.9 -61.0

Unrealized gain (loss) on investments in equity

securities held for operating purposes 54.7 8.4 59.3 -38.2 -50.2 -23.4 -7.1 -17.0 0.7 -8.3

Effect of consolidation/deconsolidation of certain private

equity investee companies 2.4 8.9 -65.7 -17.3- - - - - -

Income (loss) from continuing -69.3

operations before income taxes 282.7 204.8 445.6 321.8 -64.6 -50.6 44.4 -198.3 -84.3

Income from discontinued operations

US GAAP- - 99.4- - - - - - -

before income taxes

Total 282.7 204.8 545.0 321.8 -64.6 -50.6 44.4 -198.3 -84.3 -69.3

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

adjustments are included as “Other” operating results outside business segments in our segment information. Unrealized gain (loss) on investments held for operating purposes and the effects of consolidation and deconsolidation of certain investments in our private equity business are classified as reconciling items outside our segment information. In addition, Statement of Position 07-1, “Clarification of the Scope of the Audit and Accounting Guide—Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies” has been applied for private equity investments since the year ended March 31, 2008.

2 In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” net revenue and non-interest expenses from operations that were treated as

discontinued during the fiscal year ended March 31, 2006, are separately reported as income from discontinued operations.

3. In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Global Markets figures up to FY2004.3 are the total of Fixed

Income and Equity and differ slightly in composition from those of FY2005.3 onward.

4. In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

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

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Main Revenue Items

(billions of yen)

FY2008.3 FY2009.3

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

2Q 3Q 4Q 1Q 2Q

Stock brokerage commissions (Domestic Retail) 92.1 103.0 153.6 98.3 75.1 20.4 18.7 13.9 14.8 10.7

Stock brokerage commissions (Other) 45.4 40.2 79.5 73.2 166.6 40.6 44.5 41.2 32.7 41.3

Commissions Other brokerage commissions 12.2 13.0 14.3 6.8 9.3 3.7 2.4 1.6 1.7 1.9

Commissions for distribution of investment trusts 37.3 41.7 85.1 120.5 121.2 34.2 30.6 17.2 25.8 24.2

Other 23.2 24.1 23.8 38.6 32.4 8.0 7.4 7.4 7.1 6.9

Total 210.2 222.0 356.3 337.5 404.7 106.9 103.4 81.4 82.2 84.9

Equity underwriting and distribution 44.7 49.1 57.3 56.6 32.1 6.8 11.3 6.3 2.3 0.6

Fees from

Bond underwriting and distribution 26.4 20.5 21.2 15.3 13.4 3.6 2.9 4.2 4.4 2.8

Investment

Banking M&A/Financial advisory fees 15.8 22.6 30.3 26.7 37.8 5.7 5.7 8.2 4.6 6.2

Other 0.1 0.1 0.1 0.7 1.8 0.1 0.4 -0.0 2.1 0.4

Total 87.0 92.3 108.8 99.3 85.1 16.2 20.3 18.7 13.4 10.0

Asset Asset management fees 44.2 51.1 68.5 106.3 150.3 39.6 38.7 33.2 33.5 31.0

Management Administration fees 12.1 16.1 20.6 24.0 21.7 6.5 4.6 6.3 5.0 7.4

and Portfolio

Custodial fees 9.9 11.3 13.6 15.7 17.7 4.8 4.3 4.3 4.3 4.1

Service Fees

Total 66.2 78.5 102.7 146.0 189.7 50.9 47.6 43.9 42.8 42.4

Bonds and other 152.3 120.9 150.9 154.9 -70.3 -21.5 44.7 -141.2 -22.7 -22.3

Net Gain on Equity 75.2 76.8 148.1 137.6 137.0 28.2 25.6 31.5 33.3 1.7

Trading* Merchant banking 1.5 4.0 5.2 -2.5 -5.0 2.0 -5.1 -2.1 -0.1 -0.5

Net interest revenue 100.4 74.3 46.6 23.3 -9.9 1.9 21.2 -25.9 -4.8 -2.7

Total 329.4 276.0 350.8 313.4 51.8 10.5 86.3 -137.7 5.7 -23.7

* Includes net interest revenue

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Nomura Holdings, Inc.