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 July 2009.

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

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

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

Yes No X

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

Information furnished on this form:

EXHIBIT

Exhibit Number

1.	Consolidated Results of Operations (US GAAP), First quarter, year ending March 2010

SIGNATURES

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


	NOMURA HOLDINGS, INC.

Date: July 31, 2009	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe
		Senior Corporate Managing Director

LOGO

Consolidated Results of Operations (US GAAP)

First quarter, year ending March 2010

Nomura Holdings, Inc.

July 2009

LOGO

Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.

No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.

The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.

This document contains statements that may constitute, and from time to time our management may make “forward-looking statements” within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

The consolidated financial information in this document is unaudited.

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Outline

Presentation

Overview of first quarter results (p. 4)

Leading share in retail business in Japan (p. 5)

Gaining market share in asset management business (p. 6)

Increase in equity finance deals (p. 7)

League tables (January–June 2009) (p. 8)

EMEA business momentum (p. 9)

Non-Japan Asia business momentum (p. 10)

Global Equities market share (p. 11)

Global Markets momentum by region (p. 12)

Regional results (p. 13)

Significant market share growth in global wholesale operations (p. 14)

Robust financial position (p. 15)

Changing balance sheet composition (p. 16)

Exposure to Illiquid assets (p. 17)

Key performance indicators (p. 18–19)

Credit indicators (p. 20)

Medium term strategy (p. 21)

Financial supplement

Consolidated financial highlights (p. 23)

Consolidated Balance Sheet (p. 24)

First quarter business segment highlights (p. 25)

Retail (p. 26)

Global Markets (p. 27)

Investment Banking (p. 28)

Merchant Banking (p. 29)

Asset Management (p. 30)

Segment “Other” (p. 31)

Non-interest expenses (p. 32)

Retail related data (p. 33–37)

Global Markets related data (p. 38)

Investment Banking related data (p. 39)

Merchant Banking related data (p. 40)

Asset Management related data (p. 41–42)

Value at risk (p. 43)

Number of employees (p. 44)

Consolidated income (p. 45)

Adjustment of consolidated results and segment results: Income (loss) before income taxes (p. 46)

Main revenue items (p. 47)

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Overview of first quarter results

First profit in six quarters is first step on the path to achieving full-year profit.

Highlights

Consulting-based sales approach in Retail led to monthly purchases of over 1 trillion yen.

New wholesale business up and running; international operations grew significantly, returning to profitability

Profitable despite booking a net credit value adjustment of approx. 40 billion yen on liabilities due to tightening of our credit spread.

Reduced expenses by 26 billion yen from the prior quarter.

Improved capital ratios: Total capital ratio of 20.8% and Tier 1 capital ratio of 12.7% at end of June (preliminary).

First quarter results

Net

revenue

Y298.4bn

Income before

income taxes

Y31.4bn

Net

income1

Y11.4bn

Pre-tax & Net income (loss) trend

billions of yen

100

31.4

11.4

-76.6

-72.9

-100

-215.8

-84.3

-69.4

-342.9

-200

-300

-226.9

-400

Income (loss) before taxes

-399.6

Net income (loss)

-500

FY 2009 .3

FY 2010 .3

1 Q

2 Q

3 Q

4 Q

1 Q

Net revenu e

1 3 5 .1

1 2 8 .1

-4 9 .7

99.2

298.4

Income (loss) before income taxes

-8 4 .3

-6 9 ..4

-3 9 9 .6

-2 2 6 .9

31.4

Net income (loss) a ttrib u table to

-7 6 .6

-7 2 .9

-3 4 2 .9

-2 1 5 .8

1 1 .4

Nomura Ho ld in g s , In c . (“N H I”) shareholders

T o ta l N o m u ra s h a re h o ld e rs ‘ e q uity

1 ,9 4 5 .2

1 ,8 1 0 .1

1 ,4 1 9 .0

1 ,5 3 9 .4

1 ,5 4 4 .5

R O E (% )1

3 .0%

B a s ic -N e t in c o m e (lo s s ) a ttrib u ta b le to

-4 0 .1 4

-3 8 .1 8

-1 7 9 .6 2

-1 0 7 .0 0

4.3 7

N H I s h a re h o ld e rs pe r s h a re (ye n )

S h a re h o ld e rs ‘ e q uity p e r sh a re (ye n )

1 ,0 1 9 .1 9

9 4 8 .3 4

7 4 3 .2 4

5 9 0 .9 9

5 8 9 .3 2

*Quarterly data has been annualized

1. Net income attributable to Nomura Holdings.

LOGO

Leading share in retail business in Japan

As market conditions returned to normal, our focus on consulting-based sales led to more retail investors coming to Nomura for advice, adding to purchases of stocks, bonds, and investment trusts at retail branches.

Maintained leading share of subscriptions for newly launched investment trusts.

Total purchases1 Share of newly launched funds2 (Jan – Jun 2009)

(billions of yen)

1,600 Other 5% D 9% 1,400

1,200

C 10% 1,000

800

600

Nomura 61% 400 B 15%

200

2009.1 2009.2 2009.3 2009.4 2009.5 2009.6

Stocks Investment trusts Bonds Others

1 Purchases of investment trusts include switching.

2 Source: Nomura, based on data from The Investment Trusts Association, Japan. Data for newly launched equity investment trusts with over 10 billion yen in initial subscriptions. Only data from main sales company included for funds distributed via multiple sales companies. 5

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Gaining market share in asset management business

Nomura Asset Management increased market share and maintained a leading position in Japan on high levels of investment trust sales and recovery in market conditions.

Received a number of industry awards. Announced entry into asset management business in India.

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

(trillions of yen) (%)

21.5 16.8% 17.0

21.0 16.8

20.5

16.6

20.0

16.4

19.5

16.2

19.0

18.5 16.0

15.8

18.0

17.5 15.6

17.0 15.4

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Share of public investment trust market1

Nomura 21.9% Other 24.1%

I 2.1% H 2.3%

A 14.3% G 2.7% F 2.8% E 3.0% D 6.5% B 10.2%

C 10.0%

Total market size as of June 30, 2009: Y57.1trn

Global expansion

Agreed to invest in LIC Mutual Fund, Asian Investor Investment Performance Awards 2009 a subsidiary of India’s largest life “Asset Manager of the Year (ETFs Japan)” insurer Life Insurance Corporation of India, and to form a joint venture. “Best in Hong Kong Equities” “Japan Onshore Fund House of the Year”

Global Pensions Awards 2009 European Pensions Awards 2009

“Specialist equities manager of the year” “Emerging Markets Manager of the Year”

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

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Increase in equity finance deals

Winning mandates in Japan, Asia and Europe for equity finance deals which are on the rise, especially deals for financial institutions

Jan. 2009

Apr. 2009

Jun. 2009

HMV capital raising (cash placing)

Banco Espirito Santo capital raising (common stock)

SK Telecom capital raising (convertible notes)

Toshiba capital raising (common stock)

Nomura Real Estate Holdings capital raising (common stock)

First Quantum Minerals capital raising (convertible bonds)

U$ 36mil

USD1.6bn

USD330mil

Y333bn

Y69.1bn

US500mill

Co-Lead manager

Sole Global Coordinator and

Joint bookrunner

Bookrunner

Joint bookrunner

Apr. 2009 HSBC capital raising (common stock)

May. 2009 Enel capital raising

Apr. 2009 Beijing Enterprises capital raising

Jun. 2009 SMFG capital raising (common stock)

Jul. 2009 All Nippon Airways capital raising (common stock)

(common stock)

(convertible bonds)

USD17.7bn

€8bn

HKD2.175bn

Y149bn

Senior Co-lead

Senior Co-Lead

Y923bn

manager

Lead bookrunner

Joint bookrunner

Joint Global Coordinator

May. 2009 Saint-Gobain capital raising (monetization of rights)

Jun. 2009 Givaudan capital raising (common stock)

Jul. 2009 Mizuho Financial Group capital raising (common stock)

U$ 38mil

CHF 420mil

Y552bn

Joint bookrunner

Joint Global Coordinator

Jun. 2009 The Berkeley Group capital raising (accelerated bookbuild) U$ 55mil Sole bookbuild

Europe

Asia

Japan

Americas

Source: Thomson Reuters.

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League tables (January–June 2009)

Number one in equity finance (Japan).

Top in domestic M&A in Asia including Japan and sixth in cross-border deals in Asia ex-Japan.

Equity finance (Japan)

Cross-border M&A league table (Asia ex-Japan)

Value

Market

No of

Value

Market

No of

Rank Bookrunner

Rank Advisor

(US$m)

deals

(US$m)

deals

1 Nomura

6,257

35.9%

Deutsche Bank AG

14,744

13.3%

2 Daiwa Securities SMBC

2,847

16.3%

Morgan Stanley

12,992

11.7%

3 Goldman Sachs & Co

2,515

14.4%

Bank of America Merrill Lynch

12,781

11.5%

4 Citi

948

5.4%

Standard Chartered PLC

11,022

9.9%

5 JPMorgan

943

5.4%

Goldman Sachs & Co

10,411

9.4%

5 Barclays Capital

943

5.4%

Nomura

10,108

9.1%

Cross-border M&A deals (by Japanese Companies)

Domestic M&A deals (Asia incl Japan)

Value

Market

No of

Value

Market

No of

Rank Advisor

(US$m)

deals

(US$m)

deals

1 Lazard

3,835

32.5%

Nomura

12,066

11.8%

2 JPMorgan

3,791

32.1%

Morgan Stanley

11,733

11.5%

3 Morgan Stanley

3,697

31.3%

Goldman Sachs & Co

11,248

11.0%

4 Nomura

2,938

24.9%

Citi

11,215

11.0%

5 Credit Suisse

1,790

15.2%

China International Capital Co

5,328

5.2%

M&A

Equity

Best M&A House in Japan

Best M&A House in China

Best Equity House in Japan

Source: Thomson Reuters for M&A. Dealogic for equity finance. Note: M&A league table: announced value basis. EUROMONEY award is for deals between April 1, 2008 to March 31, 2009. 8

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EMEA business momentum

Cash equities Equity derivatives

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

1384

905

14x

100 100

September 2008 June 2009 January 2009 June 2009

Flow rates and flow credit Currency trading

Average daily trades, index Average daily trades, index

499 1337

13x

100

January 2009 June 2009 September 2008 June 2009

Note: Start date of indexing based on pre-integration or go-live period for each business. 9

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Non-Japan Asia business momentum

Cash equities Equity derivatives

Average daily trades, index 235 Number of live single stock and index futures, Index

120

100 1.2x

100

January 2009 June 2009 Jul.-Dec. 2008 Jan.-Jun. 2009

Flow rates and flow credit Currency trading

Daily trades, index 931 Average daily trades, index

472

9x 5x

100 100

January 2009 June 2009 February 2009 June 2009

Note: Start date of indexing based on pre-integration or go-live period for each business. 10

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Global Equities market share

Focusing on increasing market share to become the equity house positioned as the number one global liquidity provider.

LSE1

LSE market share and rank

(%)

7.0% 1 20

6.0%

5.0% 60

4.0% 80

3.0% 100 120

2.0% 140 160

1.0%

180

0.0% 200

Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09

Market Share

Rank

(%)

1.6%

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

HKSE2 2%

HKSE market share

Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09

Hong Kong

TSE3

TSE market share

(%)

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09

Market Share

US4

US market share

(%)

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FY06

FY07 FY08

FY09

Market Share

1: LSE share represents combined total of Nomura and Instinet share.

2: HKSE market share represents combined total of Nomura and Instinet share.

3: Tokyo (total of Nomura and Joinvest Securities), Osaka, and Nagoya shares based on Japan Securities Dealers Association data.

4: US market is Instinet only.

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Global Markets momentum by region

Revenues from outside Japan in Global Equities and Global Fixed Income grew significantly, exceeding Japan revenues.

Global Equities net revenue Global Fixed Income net revenue

(billions of yen)

80 (billions of yen)

120

71 103

9 100 6 60

50 47

66 3x 2

37 60

38 15

40 3.5x

30 11

-39

49 3 50

20 17 20

25 20 24

10 8 0

~ ~ -62 0

2007Q1 2008Q1 2009Q1 - 80 2007 Q1 2008 Q1 2009 Q1 Japan Europe Asia Japan Europe Asia

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Regional results

International operations are profitable: Europe 15.4 billion yen; Asia 100 million yen.

Regional results

(billions of yen)

52.4 50

15.4 10

.1 -3.6 0

Japan Europe Asia US

-10

Note: Income (loss) before income taxes (management accounting basis) 13

LOGO

Significant market share growth in global wholesale operations

Nomura revenues and share1 QoQ Wholesale revenue share1 (Apr-Jun ‘09)

(billions of US$) % share

Nomura

3.0 12

MS 4.1% 4.8%

UBS GS 5.1% 19.9%

2.5 10

0.3

DB 2.0 8 8.7%

1.1

1.5 6 JPM

BoA/ML 13.7%

4.1% 9.7%

1.0 4 0.1

CS Citi

0.5 0.6 1.0 2

9.8% 13.7% 1.5% BarCap 0.2 10.5%

0.0

Jan-Mar 2009 Apr-Jun 2009

Share EQ FI IB revenues

1. Share based on peer group revenues: Goldman Sachs, JPMorgan, Citi, BoA/Merrill Lynch, Morgan Stanley, Deutsche Bank, UBS, Credit Suisse, Barclays Capital. 2009 Q2 revenues for

Deutsche Bank, UBS, and Barclays Capital based on analyst estimates. 14 Note: No representations or warranty are made that the information on this page is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions.

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Robust financial position

Total capital ratio

(preliminary) (billions of yen) Tier 1 1,395

Tier 2 633 Tier 3 306 Total capital 2,274

Risk-weighted assets 10,906 Tier 1 ratio 12.7% Total capital ratio 20.8%

Comparison of capital ratios Tier 1 capital / Risk weighted assets1

Balance sheet summary

Total assets: Y27.5trn

Shareholders’ equity: Y1.54trn

Leverage: Gross leverage 17.8x, adjusted leverage 11.3x

Net Level 3 assets (after netting derivative assets & liabilities): Y1.46trn

Liquidity: Y2.6trn

Net leverage

Net balance sheet / Tier 1 capital1,2

12.7%

11.3x

CS Nomura Citi

BoA

UBS

JPM

UBS

JPM

Citi

Nomura

BoA

1. Data as of Q2 2009 where available, otherwise pro forma for corporate actions since last filed quarterly report.

2. Net leverage is defined as total assets minus collateralized financing divided by Tier 1 capital. US GAAP estimates for firms reporting under IFRS.

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

Note: No representations or warranty are made that the information on this page is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions. 15

LOGO

Changing Balance Sheet Composition

Maintain healthy Balance Sheet growth to enhance revenue generating power

Continue to cautiously manage illiquid asset exposure

Balance Sheet Composition

FY09.3 Q1

FY10.3 Q1

Assets

JPY billion

Cash and cash equivalent

1,578.0

6.1%

865.9

3.1%

Reverse repos

8,696.2

33.5%

10,151.6

36.9%

Governments and Municipal bonds

2,360.8

9.1%

4,729.2

17.2%

Corporate bonds

1,791.5

6.9%

1,318.5

4.8%

Equities and other

1,061.8

4.1%

1,466.6

5.4%

Collateral securities pledged

5,011.6

19.3%

3,468.3

12.6%

Derivatives (gross)

850.6

3.3%

1,247.7

4.5%

Private equities

393.5

1.5%

336.0

1.2%

Leveraged loans

159.3

0.6%

95.2

0.3%

Whole loans, Mortgages

431.9

1.7%

232.9

0.9%

Other assets

3,660.7

13.9%

3,627.8

13.1%

Total assets

25,995.9

100.0%

27,539.7

100.0%

Highly liquid assets

• Expected to increase

Trading assets

• Expected to increase for flow business expansion

Less liquid assets

• Cautiously managed

LOGO

Exposure to Illiquid assets

Ensured balance sheet transparency by continuing to value assets as conservatively as accounting rules allow.

Reduced exposure to illiquid assets (Merchant Banking and leveraged loan exposures declined in local currency terms but increased since the end of March when converted into yen).

Main real estate related exposure in Japan US CMBS-related exposure

(billions of yen) (billions of yen)

300 140 131.4

256.3 118.1

250 120 100 200 165.4

149.6 80 70.5

150

100 40 38.5

22.5

0 0

Mar. 2008 Mar. 2009 Jun. 2009 Jun. 2008 Sep. 2008 Dec. 2008 Mar. 2009 Jun. 2009

Merchant Banking exposure Leveraged loans

(billions of yen) (billions of yen) 500 180 159.3 407.7 433.8 375.3 382.1 150 400 366.3

126.7

120

102.3

300 95.2

90.3

90 200 60 100 30

0 0

Jun. 2008 Sep. 2008 Dec. 2008 Mar. 2009 Jun. 2009 Jun. 2008 Sep. 2008 Dec. 2008 Mar. 2009 Jun. 2009

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Key performance indicators

Retail Asset Management

Retail client assets Assets under management

(trillions of yen) (trillions of yen)

67.2 22.2

59.3

FY 2009.3 FY 2010.3 FY 2009.3 FY2010.3

20.2

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

Global Equities Global Fixed Income

Share on major Share2 exchanges1 Japan LSE US

8.8%

8.3%

7.4%

4.8%

5.1%

3.7%

3.3%

1.4%

FY 2009.3 FY 2010.3 FY 2009.3 FY 2010.3

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

1. LSE share is total of Nomura and Instinet. US share is Instinet only. Tokyo (total of Nomura and Joinvest Securities), Osaka, and Nagoya shares based on Japan Securities Dealers Association data.

2. Share based on peer group revenues: Goldman Sachs, JPMorgan, Citi, BoA/Merrill Lynch, Morgan Stanley, Deutsche Bank, UBS, Credit Suisse, Barclays Capital. 2009 Q2 revenues for Deutsche Bank,

UBS, and Barclays Capital based on analyst estimates.

Note: No representations or warranty are made that the information on this page is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions.18

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Key performance indicators

Investment Banking

Rank1

Global ECM ranking

Global M&A ranking

FY2009 3 4Q .3 2010 3 1Q 2010 FY2010 3 2Q .32010 3 3Q 2010 3 4Q

4Q 1Q 2Q 3Q 4Q

Return on equity

3.0%

-58.4%

FY2009.3 FY2010.3

4Q 1Q 2Q 3Q 4Q

1. Source: Thomson Reuters.

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

Merchant Banking

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

500 20.0%

382 16.0% 400 366

12.0%

300

80% .

40% .

200

00% .

-1.0%

100

-4.0%

-6.3%

0 -8.0%

FY2009.3 FY2010.3

4Q 1Q 2Q 3Q 4Q

Cost efficiencies

(billions of yen)

Cost cutting (1Q)2 Compensation to net revenue ratio

100

163%

11 74 PE

46%

NPE FY2009 3 4Q . 2010 3 1Q 2010 FY2010 3 2Q .3 2010 3 3Q 2010 3 4Q

4Q 1Q 2Q 3Q 4Q

Target PE NPE Current

LOGO

Credit indicators

CDS spread tightening and funding cost lowered despite rating cut by rating agencies.

Credit ratings, CDS spread, bond issuance spread1

Jan 27 May 27

S&P A- BBB+ Moody’s A3 Baa2 (one notch down) (two notches down)

(bps)

500

5yr CDS: NMR

NHI on Jun 92 $0.8bn 5yr @L+155 400 Company A

Company A on Apr 30 Company A on Jan 29 $2bn 5yr @L+340 on May 28 $2bn 10yr @L+475 5yr CDS: $1bn 10yr @L+294 Company A

300

200

10yr CDS: Company A

100

2009.1 2009.2 2009.3 2009.4 2009.5 2009.6

1. Non-government guaranteed.

2. US dollar equivalent of yen-denominated spread.

LOGO

Medium term strategy

Management target: ROE of 10% – 15%; Revenue capable of generating pre-tax income of 500 billion yen.

Pyramid revenue structure with controlled volatile businesses to ensure stable earnings.

Pyramid structure

Business division targets

Merchant Banking (Target pre-tax income: Y35bn)

Volatile

Merchant

Using our own capital to revive investee companies over the long term. Ongoing stringent

Banking

screening process for possible new investments and strong focus on boosting value of current

investments to maximize returns over the medium to long term.

Investment

Investment Banking (Target pre-tax income: Y70bn)

Banking

As Asia’s preeminent investment bank, diversify revenues by delivering multi-product solutions

to meet the global business restructuring and financing needs to our expanding worldwide

client base.

Global Markets (Target pre-tax income: Y200bn)

Global Markets

Invest in flow businesses and client businesses while enhancing client solutions to become top

class global liquidity provider. Leverage expanded platform and strong sales capabilities to

increase market share and become global top tier player.

Stable

Asset Management (Target pre-tax income: Y30bn)

Asset Management

Multi-product, multi-channel strategy coupled with close collaboration with Nomura Securities

distribution channel. Further enhance capabilities in Asia including Japan to become Asia’s

leading world-class asset management firm.

Retail (Target pre-tax income: Y165bn)

Retail

Expand client coverage by structuring marketing channels to client needs and enhancing

collaboration between face-to-face and other channels as well as in-house and other products.

Increase client assets and leading market share by delivering world-class services.

LOGO

Financial supplement

LOGO

consolidated financial highlights

net income (loss) roe (%)

full year

(billions of yen)

400

20%

15.5%

8.3%

200

5.2%

304.3

10%

175.8

94.7

-67.8

-200

-708.2

-800

fy2005.3 fy2006.3 fy2007.3 fy2008.3 fy2009.3

net revenue 799.2 1,145.7 1,091.1 787.3 312.6

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

net income (loss) attributable to nomura holdings,

94.7 304.3 175.8 -67.8 -708.2

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

ROE (%)1 5.2% 15.5% 8.3% - -Basic-Net income (loss) attributable to NHI shareholders 48.80 159.02 92.25 -35.55 -364.69 per share(yen) Shareholders’ equity per share (yen) 962.48 1,083.19 1,146.23 1,042.60 590.99

Quarter

(billions of yen)

-60

-120

-180

-240

-215.8

-300

-360

99.2

298.4

-84.3

-69.4

-399.6

-226.9

31.4

-76.6

-72.9

-342.9

-215.8

11.4

1,945.2

1,810.1

1,419.0

1,539.4

1,544.5

3.0%

-40.14

-38.18

-179.62

-107.00

4.37

1,019.19

948.34

743.24

590.99

589.32

1. Quarterly data has been annualized.

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

LOGO

Consolidated balance sheet

(billions of yen)

Mar. 31,

Jun. 30,

Increase

Mar. 31,

Jun. 30,

Increase

2009

(Decrease)

2009

(Decrease)

Assets

Liabilities

Cash and cash deposits

1,423

866

(557)

Short-term borrowings

1,183

1,103

(80)

Payables and deposits

1,242

1,219

(23)

Loans and receivables

1,643

1,678

Collateralized financing

10,158

11,646

1,488

Trading liabilities

4,752

5,618

866

Collateralized agreements

8,413

10,152

1,739

Other liabilities

468

457

(11)

Long-term borrowings

5,483

5,940

457

Trading assets and private equity investments1

11,673

13,097

1,425

Total liabilities

23,286

25,983

2,697

Other assets

1,687

1,747

Equity

Total Nomura shareholders’ equity

1,539

1,544

Noncontrolling interest

(0)

Total assets

24,838

27,540

2,702

Total liabilities and shareholders’ equity

24,838

27,540

2,702

1. Including securities pledged as collateral.

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

LOGO

First quarter business segment highlights

(billions of yen)

350 300 250

200 134.4

24.5 150

21.1 100 29.0 11.0

50 85.8 0 -37.0 -50

-100 -150 -200 -250 -300

134.4

Net revenue

288.6

18.7

25.7

-38.2

187.1

136.4 64.7

103.2

28.0

14.7 30.5

20.5 10.8 13.1

5.2 22.7 6.6

9.4

95.4

74.5 69.7 61.9

-18.4 -1.1 -6.5 -37.1

-171.1

-35.0


FY2009.3			FY2010.3
2Q	3Q	4Q	1Q
136.4	-38.2	103.2	288.6

Income (loss) before income taxes

(billions of yen)

21.7

100 5.1

-85.0 62.3

50 8.2 -61.1

12.6 13.6 0.8 -223.0

14.6 -388.1 27.9

16.2 5.3 2.3 0.5 0

-5.5 -3.6 -5.4 -61.6 -86.7 -64.6 -50 -130.8 -39.4 -100 -20.9 -8.7 -150 -295.5 -41.3 -23.0 -200 -22.9

-250

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

FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

-85.0 -61.1 -388.1 -223.0 21.7

Reference

Retail: p. 26

Global Markets: p. 27

Investment Banking: p. 28

Merchant Banking: p. 29

Asset Management: p. 30

Segment “Other”: p. 31

Adjustment of consolidated results and segment results: Income (loss) before income taxes: p. 46

Other

Asset Management

Merchant Banking

Investment Banking

Global Markets

Retail

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

Note2: Net income (loss) is net income (loss) before subtracting net income attributable to noncontrolling interest. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. 25

LOGO

Retail

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

120

100 95.4

85.8 74.5

80 69.7 61.9

40 27.9

16.2

20 5.3

2.3

-5.5

-20 Net revenue Income before income taxes FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

Full year

(billions of yen)

500

446.5 440.1

400 402.0

300 304.4 291.9 197.2 160.9

200

122.3

81.2

100

18.2

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

Business performance

First quarter net revenue was 95.4 billion yen (+54% QoQ, +11.2% YoY). Income before income taxes was 27.9 billion yen(+72.2% YoY).

Client purchases of stocks and investment trusts increased thanks to consulting-based approach. Took leading share in market for newly launched investment trusts.

Growing customer base

Retail client assets of 67.2 trillion yen at end of June (+Y7.9trn QoQ).

Net asset inflow of 1.6 trillion yen.

Number of accounts with a balance increased by approx. 27,000 from prior quarter to 4.49 million.

65,000 new accounts opened by retail investors.

Investment trust sales

Sales of equity investment trusts totalled 1.425 trillion yen (+64% QoQ).

Investment trust commissions of 39.8 billion yen (+2x QoQ).

Newly launched investment trusts (as of June 30).


Nomura New US High Yield Bond Fund		279.4 billion yen
Nomura Man CTA Select Fund		93 billion yen
Nomura Global Semiconductor Stock 0905		87.6 billion yen
Nomura Pictet Generic & Genome Fund		86.6 billion yen

Quarter highlights

Total subscriptions of 269.5 billion yen from four public offerings.

Reference

Net revenue and income (loss) before income taxes: p. 33

Retail stock brokerage commissions, commissions for distribution of investment trusts: p. 34

Retail client assets: p. 35

Retail client assets: Net asset inflow: p. 36

Number of accounts: p. 37

LOGO

Global Markets

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

187.1

200 150

62.3

100

50 11.0 9.4

-50 -6.5

-100 -61.6 -86.7 -130.8

-150

-200 -171.1

-250 -300

-295.5

Net revenue Income before income taxes

FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

Full year

(billions of yen)

400 371.1

243.1 290.0 157.7

200 95.6

60.2 58.8

-200 -157.3 -226.2

-400

-600 -574.6

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

Business performance

First quarter net revenue was 187.1 billion yen, up +20x QoQ and +17x YoY. Income before income taxes was 62.3 billion yen

Global Fixed Income

Strong growth in client business flow in both Japan and international operations

Flow rates, flow credit business both had solid performance

Global Equities

Equities share rising (especially in Europe) as flow business expands after new platform becomes fully operational.

Increase in trading revenue from cash equities and flow derivatives.

Japanese loan-related business

Nomura Capital Investment: Total credit extended of 194.1 billion yen (including commitments)

Quarter highlights

Post-Lehman acquisition new business platform fully operational.

Significant increase in contribution to revenue by international operations.

Reference

Net revenue and income (loss) before income taxes: p. 38

Monoline insurer-related exposure: p. 38

Value at risk: p. 43

LOGO

Investment Banking

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

40 29.0 22.7 25.7 30 20 12.6 6.6 5.2 10 0 -10 -5.4 -20 -8.7 -19.9 -30 -40 -41.3 -50

Net revenue Income before income taxes

FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

Full year

(billions of yen)

120 99.7 99.2 75.4 83.1 90 51.5 63.5 60 44.4 29.2 22.8 30 0 -30 -57.4 -60

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

Business performance

First quarter net revenue was 25.7 billion yen (+3.9x QoQ, -11.4% YoY).

Loss before income taxes was 5.4 billion yen

Recorded high level of revenue on strong performance in domestic financing and M&A deals

Currently working on building up pipeline in Europe and Asia and unable to cover expenses

Major deals


Equity underwriting:		Sumitomo Mitsui Financial Group: Y862.9bn
		Toshiba: Y333bn

CB:		First Quantum: US$500m

M&A:		Acquisition of Wood MacKenzie by
		Charterhouse: £550m
		NTT DoCoMo acquisition of Oak Lawn
		Marketing shares: Y31bn

Quarter highlights

Ranked number 1 in Equity Capital Markets Bookrunner and M&A Financial Advisors league tables (Japan related)1

Reference

Net revenue and income (loss) before income taxes: p. 39

League tables: p. 39

1. Jan. 2009–Jun. 2009, Thomson Reuters.

LOGO

Merchant Banking

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

40 20.5 20 14.6 0 -18.4 -3.6 -20 -37.0 -35.0 -1.1 -23.0 -40 -39.4 -37.6

Net revenue

Income before income taxes

FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

Full year

(billions of yen)

80 68.2 65.0 64.8 60 40 55.4 52.8 53.3 20 7.3 0 -3.0 -20 -40 -60 -80 -85.3 -69.9 -100

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

Business performance

First quarter net revenue was negative 1.1 billion yen. Loss before income taxes was 3.6 billion yen.

Reduction in number of investee companies for which unrealized losses booked; unrealized gains also booked for some companies.

Although there were no exits during the quarter, continued to focus on increasing the value of existing investee companies.

Reference

Net revenue and income (loss) before income taxes: p. 40

Business exposure: p. 40

LOGO

Asset Management

Net revenue and income (loss) before income taxes

Quarter

(billions of yen)

40 30 21.1 18.7 20 14.7 13.1 8.2 10.8 10 5.1 0.8 0.5 0 -10 -2.1

Net revenue Income before income taxes

FY2009.3 FY2010.3

1Q 2Q 3Q 4Q 1Q

Full year

(billions of yen)

100 88.1 88.7 80 64.1 59.8 60 47.6 39.4 34.0 40 23.8 13.0 20 7.4 0

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

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

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

Business performance

–First quarter net revenue was 18.7 billion yen (+42.1% QoQ, -11.7% YoY). Income before income taxes was 5.1 billion yen (+9.7x QoQ, -37.1% YoY).

–Assets under management increased by 2 trillion yen from the end of March to 22.2 trillion yen as of the end of June. Strong inflows into investment trusts, particularly newly launched overseas high-yield bond funds.

–Outstanding balance of Asset Management products sold via bank channels in Japan Banks, others1: Y1.713trn (up Y183bn from end of March) Japan Post Bank: Y432.5bn (up Y34.2bn from end of March)

Quarter highlights

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

–Awards

Asian Investor Investment Performance Awards 2009

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

European Pensions Awards 2009

“Emerging Markets Manager of the Year”

Global Pensions Awards 2009

“Specialist equities manager of the year”

Reference

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

Assets under management: p. 41-42

Investment trust related data: p. 42

LOGO

Segment “Other”

Income (loss) before income taxes

Full year Quarter

(billions of yen) (billions of yen)

Includes ¥34.0bn related to Fortress impairment of Fortress impairment of 60 Nomura Real Estate ¥21.0bn ¥62.3bn Holdings IPO

40 40 60 17.8 13.6 20 20 8.5 0 0 -20 -20 -20.9 -20.9 -22.9 -40 -27.3 -35.2 -40 -60 -60 -65.4 -64.6 -80 -80

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

1Q 2Q 3Q 4Q 1Q

Net gain / loss on trading related to economic hedging transactions

-9.7 -64.8 -38.4 -9.7 64.2 1.0 20.2 40.3 2.7 3.3

Realized gain on investments in equity securities held for operating purposes

7.0 8.4 18.1 1.5 -2.4 0.3 -1.5 -1.4 0.2 0.1

Equity in earnings of affiliates

7.3 27.8 53.2 4.7 -0.7 2.1 4.0 -0.4 -6.4 3.7

Corporate items

4.5 -7.4 -11.1 -13.4 -70.5 -5.6 -2.3 -35.0 -27.6 -24.9

Others

1 -0.6 8.7 -4.1 -4.0 -56.0 -18.7 -6.8 -38.7 8.2 -46.7

Income before income taxes

8.5 -27.3 17.7 -20.9 -65.4 -20.9 13.6 -35.2 -22.9 -64.6

Business Performance

–First quarter loss before income taxes of 64.6 billion yen.

–Booked net credit value adjustment of 40 billion yen on liabilities.

JAFCO impairment of ¥13.6bn

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

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

LOGO

Non-interest expenses

Full year

Quarter

(billions of yen) (billions of yen)

1,200 400 1,092.9 349.9 326.1 1,000

Other

852.2 300 266.9 800

Business development expenses

683.7 219.4 601.4 197.5

Occupancy and related depreciation Information processing and communications

Commissions and floor brokerage

600 200 400 100 200

Compensation and benefits

0 0

FY2009.3 FY2010.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 QoQ

1Q 2Q 3Q 4Q 1Q

Compensation and benefits

311.3 331.0 366.8 491.6 87.9 80.1 161.8 161.7 138.1 -14.6%

Variable-type compensation and benefits

150.5 157.6 174.7 129.9 39.6 33.0 26.1 31.3 50.3 60.7%

Commissions and floor brokerage

31.4 49.8 90.2 73.7 18.6 20.3 17.6 17.1 20.0 16.9%

Information processing and communications

89.1 109.5 135.0 155.0 33.4 34.6 40.8 46.2 40.2 -13.0%

Occupancy and related depreciation

50.8 57.4 64.8 78.5 15.9 17.2 23.2 22.2 22.0 -0.9%

Business development expenses

30.6 35.3 38.1 31.6 7.0 7.9 8.1 8.6 6.3 -26.9%

Other

88.3 100.8 157.2 262.6 56.6 37.3 98.3 70.4 40.4 -42.6%

Total

601.4 683.7 852.2 1,092.9 219.4 197.5 349.9 326.1 266.9 -18.2%

Business Performance

–First quarter non-interest expenses of 266.9 billion yen (-18.2% QoQ)

Compensation and benefits reduction

–Turning fixed compensation and benefits into variable.

Reduction in other expenses

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

Reference

Number of employees: p. 44

LOGO

Retail related data (1)

(billions of yen)

FY2009.3

FY2010.3

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

QoQ

YoY

Commissions

174.0

269.4

251.4

225.9

151.0

45.5

41.0

28.9

35.5

55.9

57.4%

22.8%

Sales credit

73.7

109.0

96.8

94.2

71.4

21.3

15.0

22.8

12.3

20.0

62.7%

-6.0%

Fees from investment banking

24.5

26.4

24.0

14.9

13.4

2.0

5.6

3.7

7.2

93.6%

253.6%

Investment trust administration fees and other

26.1

34.4

47.5

59.7

50.9

15.5

15.2

10.9

9.3

11.1

19.8%

-28.0%

Net interest revenue

6.1

7.4

20.4

7.3

5.2

1.5

1.1

1.4

1.1

1.2

3.2%

-23.1%

Net revenue

304.4

446.5

440.1

402.0

291.9

85.8

74.5

69.7

61.9

95.4

54.0%

11.2%

Non-interest expenses

223.2

249.3

279.3

279.7

273.6

69.6

69.1

67.4

67.5

0.1%

-3.0%

Income before income taxes

81.2

197.2

160.9

122.3

18.2

16.2

5.3

2.3

-5.5

27.9

72.2%

Domestic distribution volume of investment trusts1 (billions of yen)

9,846.9

6,825.1

2,029.4

1,838.2

1,319.7

1,637.8

2,327.2

42.1%

14.7%

Bond investment trusts

3,681.8

2,731.6

800.9

713.8

625.5

591.4

624.0

5.5%

-22.1%

Stock investment trusts

4,816.1

2,969.3

838.5

840.0

423.3

867.5

1,425.0

64.3%

69.9%

Foreign investment trusts

1,349.0

1,124.2

389.9

284.4

270.9

178.9

278.3

55.5%

-28.6%

Other (billions of yen)

Accumulated value of annuity insurance policies

446.4

683.3

990.4

1,205.3

1,413.3

1,259.0

1,303.6

1,358.9

1,413.3

1,462.5

3.5%

16.2%

Sales of JGBs for individual investors (transaction base)

1,290.6

747.8

615.2

292.3

109.6

68.8

20.2

12.8

7.8

8.1

3.8%

-88.2%

Retail foreign currency bond sales

1,154.4

1,119.2

677.1

954.0

867.4

322.0

245.9

142.7

156.7

288.4

84.0%

-10.4%

1. Nomura Securities.

LOGO

Retail related data (2)

Stock brokerage and commissions for distribution of investment trusts1

Full year Quarter

(billions of yen) (billions of yen)

180 50

Stock brokerage commissions 150

40 Commissions for distribution of investment trusts 120 30

20 60

30 10

0 0

FY2009.3 FY2010.3 QoQ

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

1Q 2Q 3Q 4Q 1Q

Stock brokerage commissions 103.0 153.6 98.3 75.1 50.8 14.8 10.7 15.0 10.3 15.8 53.9% 6.9%

Commissions for distribution of investment trusts1 49.9 95.9 124.7 124.5 79.8 26.8 25.1 8.3 19.7 39.8 102.1% 48.5%

1. Nomura Securities.

LOGO

Retail related data (3)

Retail client assets1

Full year Quarter

(trillions of yen)

100

Other 4 85.2

80.5

80 72.2

Overseas mutual funds

67.2

Bond investment trusts 61.2 59.3 60

Stock investment trusts

Domestic bonds3

Foreign currency bonds2 20

Equities 0

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


Equities	33.5	49.3	48.5	37.2	28.6	34.6
Foreign currency bonds2	4.0	3.6	3.3	2.7	5.5	5.8
Domestic bonds3	11.8	13.1	16.4	16.5	13.0	13.3
Stock investment trusts	3.3	5.3	7.4	7.3	5.0	5.9
Bond investment trusts	4.9	4.5	4.7	4.4	4.0	3.9
Overseas mutual funds	1.9	2.3	2.0	1.7	1.4	1.5
Other4	1.9	2.3	2.9	2.5	1.9	2.0
Total	61.2	80.5	85.2	72.2	59.3	67.2

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

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

3. Includes CBs and warrants.

4. Includes annuity insurance.

LOGO

Retail related data (4)

Retail client assets: Net asset inflow1

Full year Quarter

(billions of yen)

8,000

6,749

5,975

6,000

4,868 4,928 4,581

4,000

2,000 1,610 1,407 1,441 1,066 1,013

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

1Q 2Q 3Q 4Q 1Q

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

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

LOGO

Retail related data (5)

Number of accounts / IT share1


	Mar. 31, 2005	Mar. 31, 2006	Mar. 31, 2007	Mar. 31, 2008	Mar. 31, 2009	Jun. 30, 2009
						(thousands	)
Accounts with balance	3,678	3,780	3,953	4,165	4,467	4,494
Equity holding accounts	1,680	1,745	1,853	2,027	2,347	2,378
Nomura Home Trade (online trading account )	1,716	1,969	2,243	2,765	3,095	3,130


	Full year										Quarter
											FY2009.3								FY2010.3
FY2005.3	FY2006.3		FY2007.3		FY2008.3		FY2009.3				1Q		2Q		3Q		4Q		1Q
New individual accounts (thousands)	425		343		417		580		608		129		180		218		81		65
IT share1
No. of orders	52	%	55	%	55	%	57	%	59	%	60	%	60	%	56	%	60	%	61	%
Transaction value	24	%	27	%	27	%	29	%	29	%	30	%	30	%	27	%	29	%	31	%

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

LOGO

Global Markets related data

FY2010.3

(billions of yen)

FY2005.3

FY2009.3 FY2006.3

FY2007.3

FY2008.3

FY2009.3

QoQ

YoY

Global Fixed Income

119.8

173.8

123.1

-119.9

-217.2

-35.2

-15.3

-172.1

5.4

105.4

1846.1%

-399.1%

Global Equities

90.2

168.5

147.9

206.0

98.9

42.4

26.4

7.3

22.8

92.8

306.8%

119.0%

Other

33.1

28.8

19.1

9.5

-38.9

3.8

-17.6

-6.2

-18.8

-11.1

Net revenue

243.1

371.1

290.0

95.6

-157.3

11.0

-6.5

-171.1

9.4

187.1

1891.1%

1605.8%

Non-interest expenses

182.9

213.4

231.2

321.8

417.4

72.6

80.2

124.4

140.2

124.9

-10.9%

72.0%

Income before income taxes

60.2

157.7

58.8

-226.2

-574.6

-61.6

-86.7

-295.5

-130.8

62.3

Note: 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.

Monoline insurer-related exposure

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

Jun. 30, 2009 (millions of US$)

1 Counterparty risk Monoline insurers by credit rating

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

AA(1) $246 $83 $8 $75 Non-investment grade(4) $8,311 $4,762 $4,251 $511 Total $8,557 $4,845 $4,259 $586

Mar. 31, 2009 (millions of US$)

1 Counterparty risk Monoline insurers by credit rating

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

AAA (1) $1,276 $248 $94 $154

AA(1) $256 $123 $13 $110

Non-investment grade(3) $6,947 $4,868 $4,433 $435

Total $8,479 $5,239 $4,540 $699

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

LOGO

Investment Banking related data

(billions of yen)

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

FY2010.3

QoQ

YoY

Net revenue

75.4

99.7

99.2

83.1

63.5

29.0

5.2

22.7

6.6

25.7

288.5%

-11.4%

Non-interest expenses

46.2

48.1

54.8

60.3

120.9

16.4

14.0

42.6

47.9

31.1

-35.1%

89.5%

Income before income taxes

29.2

51.5

44.4

22.8

-57.4

12.6

-8.7

-19.9

-41.3

-5.4

—

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 and equity-related (excl. self funding)

Jan. 1, 2009–Jun. 30, 2009

Rank

Bookrunner

Proceeds

Mkt

No. of

(US$m)

deals

Nomura

6,257.4

35.9%

Daiwa Securities SMBC

2,846.7

16.3%

Goldman Sachs

2,515.5

14.4%

Nikko Citi

947.6

5.4%

JP Morgan

943.3

5.4%

Barclays

943.3

5.4%

Mizuho Financial Group

49.7

0.3%

Ichiyoshi Securities

3.7

0.0%

Samsung Securities

2.7

0.0%

M&A financial advisors league table

Japan announced deals

Announced deals, value base

Jan. 1, 2009–Jun. 30, 2009

Rank

Advisor

Rank Value

Mkt

No. of

(US$m)

deals

Nomura

10,557.1

23.6%

Citi

9,251.5

20.7%

Goldman Sachs

6,491.6

14.5%

Mizuho Financial Group

5,792.7

12.9%

Deutsche Bank

4,696.8

10.5%

JP Morgan

4,341.5

9.7%

Morgan Stanley

3,803.9

8.5%

Daiwa Securities SMBC

3,733.4

8.3%

Caliburn Partnership

3,474.6

7.8%

Mitsubishi UFJ Financial Group

2,964.1

6.6%

Global and euroyen bonds

Jan. 1, 2009–Jun. 30, 2009

Rank

Bookrunner

Proceeds

Mkt

No. of

(¥m)

issues

RBS

220,000.0

16.1%

Nikko Citi

171,450.0

12.5%

Daiwa Securities SMBC

160,866.7

11.8%

Bank of America Merrill Lynch

145,677.1

10.7%

BNP Paribas

114,566.7

8.4%

Nomura

102,616.7

7.5%

Mizuho Financial Group

99,533.3

7.3%

Mitsubishi UFJ Financial Group

59,336.7

4.3%

UBS

50,000.0

3.7%

Societe Generale

40,000.0

2.9%

Domestic straight bonds (excluding self-funding)

Apr. 1, 2009–Jun. 30, 2009

Rank

Bookrunner

Proceeds

Mkt

No. of

(¥m)

issues

Nomura

1,065,305.3

33.7%

Mizuho Financial Group

775,824.7

24.6%

Daiwa Securities SMBC

615,804.7

19.5%

Mitsubishi UFJ Financial Group

467,166.7

14.8%

Nikko Citi

112,316.7

3.6%

Merrill Lynch

39,993.3

1.3%

Goldman Sachs

33,326.7

1.1%

Toyota Financial Services Sec.

25,000.0

0.8%

Barclays Capital

22,500.0

0.7%

Source: Thomson Reuters

LOGO

Merchant Banking related data

FY2009.3

FY2010.3

(billions of yen)

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

QoQ

YoY

Net revenue

7.3

68.2

65.0

64.8

-69.9

-37.0

20.5

-35.0

-18.4

-1.1

Non-interest expenses

10.4

12.8

12.2

11.5

15.4

2.4

5.9

2.6

4.6

2.5

-45.5%

6.0%

Income before income taxes

-3.0

55.4

52.8

53.3

-85.3

-39.4

14.6

-37.6

-23.0

-3.6

Business exposure

Full year

Quarter

(billions of yen)

600 543.4

Terra Firma 500 457.6

439.1

381.4 382.1 400 366.3

Asia

300 260.2

Europe 254.9 231.2

(excluding Terra 210.9 Firma) 200 Japan 132.1

100 98.7

Mar. 31, 2005

Mar. 31, 2006

Mar. 31, 2007

Mar. 31, 2008

Mar. 31, 2009

Jun. 30, 2009

Japan

108.4

59.9

195.5

169.5

191.7

190.2

Europe (excluding Terra Firma)

23.7

38.8

35.7

41.4

60.0

66.6

Asia

3.2

3.4

Sub Total

132.1

98.7

231.2

210.9

254.9

260.2

Terra Firma

325.5

340.4

312.2

170.5

111.4

122.0

Total

457.6

439.1

543.4

381.4

366.3

382.1

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

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

LOGO

Asset Management related data (1)


(billions of yen)	FY2005.3	FY2006.3	FY2007.3	FY2008.3	FY2009.3		FY2009.3			FY2010.3	QoQ		YoY
						1Q	2Q	3Q	4Q	1Q
Net revenue	47.6	64.1	88.1	88.7	59.8	21.1	14.7	10.8	13.1	18.7	42.1	%	-11.7	%
Non-interest expenses	34.6	40.3	48.7	54.8	52.4	13.0	13.9	12.9	12.6	13.5	7.3	%	4.3	%
Income before income taxes	13.0	23.8	39.4	34.0	7.4	8.2	0.8	-2.1	0.5	5.1	878.8	%	-37.1	%

Note: In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation. The defined contribution pension plan business in Asset Management was integrated to other business in the second quarter of the fiscal year ended March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Total assets under management

Full year Quarter

(trillions of yen)

27.0

25.8

25 23.1

22.2

20.2 20

17.9 15

0 30 35

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

Note: Total assets under management of Nomura Asset Management, Nomura Corporate Research and Asset Management, Nomura Funds Research and Technologies, MAINTRUST KAG, and Nomura Funds Research and Technologies America, Private Equity Funds Research and Investments. Adjusted for asset overlap amongst group companies. Data until March 31, 2006, include Nomura BlackRock Asset Management. Nomura Funds Research and Technologies America data as of end of May 2009.

LOGO

Asset Management related data (2)

Nomura Asset Management Domestic public investment trust market and assets under management Nomura Asset Management market share

Full year Quarter (trillions of yen) Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, 2005 2006 2007 2008 2009 2009

(trillions of yen) Domestic public stock investment trusts

25.9 Market 28.9 45.0 59.4 57.7 40.4 45.9

25 24.3

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

21.0 21.1

Overseas investment advisory 20 Domestic public bond investment trusts 19.0

Market 13.5 13.5 13.2 12.0 11.1 11.2

16.0

Domestic investment advisory 15 Nomura’s share (%) 42% 42% 44% 44% 43% 43% Privately placed Source: Investment Trusts Association, Japan investment trusts 10

Nomura Asset Management net asset inflow

Public bond investment trusts 5

Full year Quarter

Public stock investment trusts

FY 2005.3 FY 2006.3 FY 2007.3 FY 2008.3 FY 2009.3 FY2009.3 FY2010.3 Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, Jun. 30, (trillions of yen) 1Q 2Q 3Q 4Q 1Q

2005 2006 2007 2008 2009 2009

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

Investment trusts 10.8 14.0 18.8 17.2 13.0 14.3

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

Public stock investment trusts 4.4 6.9 10.8 9.8 6.5 7.7

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

Public bond investment trusts 5.6 5.6 5.8 5.3 4.8 4.8

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

Privately placed investment trusts 0.8 1.5 2.2 2.0 1.6 1.8

Net asset inflow -0.5 1.5 4.6 1.7 -0.4 0.0 -0.2 -0.4 0.1 0.1

Investment advisory 5.1 7.0 7.1 7.1 6.0 6.8

Domestic investment advisory 3.2 4.0 3.7 4.6 4.3 4.6

Overseas investment advisory 2.0 3.0 3.4 2.4 1.7 2.3 Total 16.0 21.0 25.9 24.3 19.0 21.1

LOGO

Value at risk

Definition

99% confidence level (2.33 standard dev.) 1-day time horizon for outstanding portfolio Inter-product price fluctuations considered

From April 1, 2009, to June 30, 2009 (billions of yen)

Maximum: 13.8

Minimum: 9.9

Average: 12.0


(billions of yen)	Mar. 31,	Mar. 31,	Mar. 31,	Mar. 31,	Mar. 31,	Jun. 30,
	2005	2006	2007	2008	2009	2009
Equity	3.0	6.0	4.6	4.2	3.8	4.4
Interest rate	2.8	3.3	3.7	4.7	6.7	4.0
Foreign exchange	0.7	1.4	1.4	8.0	8.7	12.1
Sub-total	6.5	10.7	9.8	16.9	19.1	20.5
Diversification benefit	-2.4	-3.7	-3.6	-6.8	-7.5	-7.1
VaR	4.1	7.0	6.2	10.1	11.7	13.4

LOGO

Number of employees


	Mar. 31, 2005	Mar. 31, 2006	Mar. 31, 2007	Mar. 31, 2008	Mar. 31, 2009	Jun. 30, 2009
Japan (excluding FA)1	9,236	9,618	10,667	11,561	12,929	13,316
Japan (FA)2	1,875	1,948	2,174	2,377	2,391	2,343
Europe	1,535	1,515	1,791	1,956	4,294	4,270
Americas 3	1,026	1,073	1,322	1,063	1,079	1,168
Asia-Pacific	718	778	900	1,070	4,933	4,633
Total	14,390	14,932	16,854	18,026	25,626	25,730

1. Excludes employees of private equity investee companies.

2. Figures up to March 2008 include savings advisors.

3. Includes India Powai office

Note: Headcount figures have been reclassified to include certain contract employees since September 2007. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

LOGO

Consolidated income

(billions of yen)

FY2009.3

FY2010.3

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

Revenue

Commissions

222.0

356.3

337.5

404.7

306.8

82.2

84.9

73.4

66.3

102.0

Fees from investment banking

92.3

108.8

99.3

85.1

55.0

13.4

10.0

19.7

11.8

29.7

Asset management and portfolio service fees

78.5

102.7

146.0

189.7

140.2

42.8

42.4

29.4

25.6

30.3

Net gain on trading

201.7

304.2

290.0

61.7

-128.3

10.5

-21.0

-134.5

16.7

121.1

Gain (loss) on private equity investments

7.7

12.3

47.6

76.5

-54.8

-37.7

23.2

-24.8

-15.5

-2.1

Interest and dividends

401.4

693.8

981.3

796.5

331.4

118.0

127.0

45.9

40.5

58.4

Gain (loss) on investments in equity securities

15.3

67.7

-20.1

-48.7

-25.5

1.0

-9.8

-12.9

-3.7

9.8

Private equity entities product sales

75.1

88.2

100.1

—

Other

32.3

58.8

67.4

28.2

39.9

27.7

1.1

6.6

4.5

14.3

Total revenue

1,126.2

1,792.8

2,049.1

1,593.7

664.5

257.9

257.7

2.7

146.2

363.6

Interest expense

327.0

647.2

958.0

806.5

351.9

122.8

129.7

52.5

47.0

65.2

Net revenue

799.2

1,145.7

1,091.1

787.3

312.6

135.1

128.1

-49.7

99.2

298.4

Non-interest expenses

592.9

693.7

772.6

852.2

1,092.9

219.4

197.5

349.9

326.1

266.9

Income (loss) from continuing operations before income taxes

206.3

452.0

318.5

-64.9

-780.3

-84.3

-69.4

-399.6

-226.9

31.4

Income from discontinued operations before income taxes

—

99.4

—

Income (loss) before income taxes

206.3

551.4

318.5

-64.9

-780.3

-84.3

-69.4

-399.6

-226.9

31.4

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

(“NHI”) shareholders from continuing operations

94.7

256.6

175.8

-67.8

-708.2

-76.6

-72.9

-342.9

-215.8

11.4

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

(“NHI”) shareholders from discontinued operations

—

47.7

—

Net income (loss)

94.7

304.3

175.8

-67.8

-708.2

-76.6

-72.9

-342.9

-215.8

11.4

Note:

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

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

LOGO

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

(billions of yen)

FY2009.3

FY2010.3

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

Retail

81.2

197.2

160.9

122.3

18.2

16.2

5.3

2.3

-5.5

27.9

Global Markets

60.2

157.7

58.8

-226.2

-574.6

-61.6

-86.7

-295.5

-130.8

62.3

Investment Banking

29.2

51.5

44.4

22.8

-57.4

12.6

-8.7

-19.9

-41.3

-5.4

Merchant Banking

-3.0

55.4

52.8

53.3

-85.3

-39.4

14.6

-37.6

-23.0

-3.6

Asset Management

13.0

23.8

39.4

34.0

7.4

8.2

0.8

-2.1

0.5

5.1

5 Business segment total

180.6

485.7

356.3

6.2

-691.7

-64.1

-74.7

-352.9

-200.1

86.3

Other

8.5

-27.3

17.8

-20.9

-65.4

-20.9

13.6

-35.2

-22.9

-64.6

Segment total

189.0

458.4

374.0

-14.7

-757.1

-85.0

-61.1

-388.1

-223.0

21.7

Unrealized gain (loss) on investments in equity securities held for operating purposes

8.4

59.3

-38.2

-50.2

-23.1

0.7

-8.3

-11.6

-4.0

9.7

Effect of consolidation/deconsolidation of certain private equity investee companies

8.9

-65.7

-17.3

—

US GAAP

Income (loss) from continuing operations before income taxes

206.3

452.0

318.5

-64.9

-780.3

-84.3

-69.4

-399.6

-226.9

31.4

Income from discontinued

operations before income taxes

—

99.4

—

Total

206.3

551.4

318.5

-64.9

-780.3

-84.3

-69.4

-399.6

-226.9

31.4

Note:

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

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

3.In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition from those of FY2005.3 onward.

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

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

LOGO

Main revenue items

FY2009.3

FY2010.3

(billions of yen)

FY2005.3

FY2006.3

FY2007.3

FY2008.3

FY2009.3

Stock brokerage commissions (retail)

103.0

153.6

98.3

75.1

50.8

14.8

10.7

15.0

10.3

15.8

Stock brokerage commissions (other)

40.2

79.5

73.2

166.6

144.7

32.7

41.3

41.8

28.9

39.2

Other brokerage commissions

13.0

14.3

6.8

9.3

7.9

1.7

1.9

3.5

0.9

2.9

Commissions

Commissions for distribution of investment trusts

41.7

85.1

120.5

121.2

75.9

25.8

24.2

6.9

19.1

39.5

Other

24.1

23.8

38.6

32.4

27.5

7.1

6.9

6.3

7.3

4.7

Total

222.0

356.3

337.5

404.7

306.8

82.2

84.9

73.4

66.3

102.0

Equity underwriting and distribution

49.1

57.3

56.6

32.1

13.2

2.3

0.6

8.8

1.5

17.1

Fees from

Investment

Banking

Bond underwriting and distribution

20.5

21.2

15.3

13.4

11.9

4.4

2.8

0.6

4.0

3.8

M&A / financial advisory fees

22.6

30.3

26.7

37.8

26.7

4.6

6.2

10.1

5.8

8.6

Other

0.1

0.7

1.8

3.1

2.1

0.4

0.1

0.5

0.3

Total

92.3

108.8

99.3

85.1

55.0

13.4

10.0

19.7

11.8

29.7

Asset

Management

and portfolio

service fees

Asset management fees

51.1

68.5

106.3

150.3

104.1

33.5

31.0

21.2

18.4

22.0

Administration fees

16.1

20.6

24.0

21.7

21.3

5.0

7.4

4.8

4.1

4.5

Custodial fees

11.3

13.6

15.7

17.7

14.7

4.3

4.1

3.4

3.0

3.8

Total

78.5

102.7

146.0

189.7

140.2

42.8

42.4

29.4

25.6

30.3

Bonds and other

120.9

150.9

154.9

-70.3

-87.0

-22.7

-22.3

-120.0

77.9

56.0

Equity

76.8

148.1

137.6

137.0

-38.7

33.3

1.7

-14.0

-59.7

64.8

Net gain on trading1

Merchant banking

4.0

5.2

-2.5

-5.0

-2.7

-0.1

-0.5

-0.6

-1.6

0.3

Net interest revenue

74.3

46.6

23.3

-9.9

-20.5

-4.8

-2.7

-6.6

-6.5

-6.8

Total

276.0

350.8

313.4

51.8

-148.9

5.7

-23.7

-141.1

10.2

114.3

1. Includes net interest revenue.

LOGO

Nomura Holdings, Inc.