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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 2005.
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-
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Information furnished on this form:
| Exhibit Number | ||
| 1. |
[Consolidated Results of Operations (US GAAP), second quarter, year ending March 2006] | |
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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 31, 2005 | ||||||||
| By: | /s/ Tetsu Ozaki | |||||||
| Tetsu Ozaki | ||||||||
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 Consolidated Results of Operations (US GAAP) Second quarter, year ending March 2006 Nomura Holdings, Inc. October 2005 |
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 2 1. This document is produced by Nomura Holdings, Inc. ("Nomura" ). Copyright 2005
Nomura Holdings, Inc. All rights reserved. 2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof.
Offers to sell, sales, solicitations to buy, or purchases of any
securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws,
regulations, rules and market practices of the jurisdictions in which such
offers or sales may be made. 3. No part of this document shall be reproduced, stored in a retrieval system or
transmitted in any form or by any means, electronic, mechanical,
photocopying, recording or otherwise, without the prior written permission of Nomura. 4. The information and opinions contained in this document have been obtained from
sources believed to be reliable, but no representations or warranty,
express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses
arising from the use of this information. 5. This document contains statements that may constitute, and from time to time our
management may make "forward-looking statements" within the
meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward- looking statements are not historical facts but
instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward- looking statements
include, without limitation, economic and market conditions, political
events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number
and timing of transactions. 6. The consolidated financial information in this document is unaudited.
|
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 3 Financial Highlights (p. 4) Domestic Retail (p. 6) Global Markets (p. 7) Global Investment Banking (p. 8) Global Merchant Banking (p. 9) Asset Management (p. 10) Non-interest expenses (p. 11) Presentation Outline Net Income and ROE (p. 13) Consolidated Revenue (p. 14) Main Revenue Items (p. 15) Adjustment of Consolidated Results and Segment Results (p. 16) Revenue by Segment (p. 17) Segment “Other” Income before Income Taxes (p. 19) Consolidated Balance Sheet (p. 20) Effect of Consolidation/Deconsolidation of Certain Private Equity Investee Companies (p. 21) Nomura Securities Client Assets (p. 23) Domestic Retail Related Data (p. 24) Global Merchant Banking Related Data (p. 28) Asset Management Related Data (p. 29) Second Quarter Achievements (p. 31) League Tables (p. 32) Market Share Data (p. 33) VaR (p. 34) Number of Employees (p. 35) Appendix |
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 4 Financial Highlights (1) Operating Results Net Revenue Net Income/ROE (Annualized) Income before Income Taxes Segment results Effect of consolidation /deconsolidation of certain private equity investee companies Unrealized gain (loss) on investments in equity securities held for relationship purposes FY2006.3 1Q FY2006.3 2Q FY2006.3 1Q FY2006.3 2Q FY2006.3 1Q FY2006.3 2Q Net revenue rose 33% QoQ to 382.2 billion yen on revenue growth in Domestic Retail and a recovery in Global Markets revenue due to improved trading environment. Income before income taxes jumped 283% QoQ to 117.6 billion yen, the second highest level since quarterly reporting of financial
results based on US GAAP started in fiscal year ended March 2002. ROE was 13.1%. In business segment results, net revenue increased 28% QoQ to 219.8 billion yen, income before income taxes rose 118% to 81.5 billion yen. Unrealized gain on investments in equity securities held for relationship purposes was 31.3 billion yen. 171.4 219.8 126.3 -11.0 31.3 131.2 382.2 286.7 -50 0 50 100 150 200 250 300 350 400 (billions of yen) 81.5 4.3 -11.0 31.3 37.4 4.8 30.7 117.6 -15 0 15 30 45 60 75 90 105 120 (billions of yen) 60.9 8.3 1.8% 13.1% 0 10 20 30 40 50 60 70 0% 2% 4% 6% 8% 10% 12% 14% 16% Net Income ROE (annualized) (billions of yen) |
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 5 84.8 101.4 49.8 77.7 12.8 20.5 -3.3 6.9 12.5 13.8 -0.5 14.8 171.4 219.8 -50 0 50 100 150 200 250 30.3 41.4 -0.7 31.5 2.2 9.1 4.7 -5.9 4.0 -9.2 3.3 8.2 81.5 37.4 -20 0 20 40 60 80 100 Financial Highlights (2) Segment Results Global Merchant Banking Booked profit due to realized gains and unrealized gains/losses on private equity investments. Asset Management Newly launched funds and a rise in assets in funds offering frequent distributions increased total assets under management, driving net revenue and income before income taxes to second highest level since quarterly disclosure under US GAAP started in fiscal year ended March 2002. Other* Equity in earnings of affiliates contributed, but not enough to offset net loss on trading related to economic hedging transactions. *Breakdown of income before income taxes shown on p. 19 Domestic Retail Strong distribution of investment trusts and an increase in stock brokerage commissions drove revenue and income before income taxes to highest level since quarterly disclosure under US GAAP started in fiscal year ended March 2002. Global Markets Income surged on recovery in Fixed Income revenue due to resurgent trading environment and expansion of Equity revenue. Global Investment Banking Revenue recovered due to an increase in equity financing. Ranked number one in Jan. – Sep. Equity & Equity-related, and M&A league tables. Net Revenue Income before Income Taxes FY2006.3 1Q FY2006.3 2Q FY2006.3 1Q FY2006.3 2Q Other Asset Management Global Merchant Banking Global Investment Banking Global Markets Domestic Retail |
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 6 Net revenue up 20% QoQ to 101.4 billion yen, income before income taxes up 37% to 41.4 billion yen on strong distribution of investment trusts and an increase in stock brokerage commissions. Both results represent record levels since start of quarterly reporting based on US GAAP. Domestic Retail client assets* were 51.7 trillion yen, topping March 2007 target of 50 trillion yen ahead of schedule. Stock brokerage commissions jumped 66% QoQ to 34.6 billion yen, spurred on by robust equities markets. Investment trust commissions** of 20.9 billion yen due to strong distribution of newly launched funds and funds offering frequent distributions; second consecutive quarter in which new record booked since fiscal year ended March 2002. Sales credit remained high at 24.7 billion yen on firm sales of foreign currency bonds and MTNs. *Including regional financial institutions (p. 25) **Nomura Securities (p. 24) Domestic Retail Full Year Quarter Net Revenue and Income Before Income Taxes 1Q 2Q Commissions 97.5 104.1 155.2 174.0 45.2 61.0 35% (Retail stock brokerage commissions) 61.7 48.2 92.1 103.0 20.8 34.6 66% Sales credit 61.5 95.7 97.8 73.7 27.5 24.7 -10% Fees from investment banking 14.0 15.0 26.1 24.5 3.4 6.1 79% Investment trust administration fees and other 53.1 32.0 21.8 26.1 7.1 8.1 15% Net interest revenue 3.0 2.4 4.9 6.1 1.7 1.5 -11% Net revenue 229.1 249.3 305.8 304.4 84.8 101.4 20% Non-interest expenses 208.6 213.6 226.2 223.2 54.5 60.0 10% Income before income taxes 20.5 35.7 79.5 81.2 30.3 41.4 37% QoQ FY2006.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 30.3 41.4 101.4 84.8 20.5 35.7 79.5 81.2 229.1 249.3 305.8 304.4 0 50 100 150 200 250 300 350 Net interest revenue Investment trust administration fees and other Fees from investment banking Sales credit Commissions Income before income taxes (billions of yen) |
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 7 Net revenue gained 56% QoQ to 77.7 billion yen and income before income taxes grew to 31.5 billion yen on a rebound in Fixed Income revenue thanks to improved trading environment and increased Equity revenue on stock-market rally. Fixed Income revenue jumped 71% to 36.5 billion yen as market volatility recovered. Equity revenue grew 46% to 34.4 billion yen due to a recovery in order flow and trading revenue from MPOs. Key business areas continued gaining ground: Loan-related business handled 210 billion yen; total of eleven equity derivatives contracts. Global Markets *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. Net Revenue and Income before Income Taxes Full Year 1Q 2Q Fixed Income 90.8 154.0 174.0 119.8 21.3 36.5 71% Equity 125.1 82.0 110.2 94.5 23.6 34.4 46% Other 0.0 0.0 0.0 28.8 4.8 6.9 44% Net revenue 215.8 236.0 284.1 243.1 49.8 77.7 56% Non-interest expenses 133.2 142.4 163.3 182.9 50.5 46.2 -8% Income before income taxes 82.6 93.6 120.8 60.2 -0.7 31.5 - FY2006.3 QoQ FY2002.3 FY2003.3 FY2004.3 FY2005.3 82.6 93.6 120.8 60.2 215.8 236.0 284.1 243.1 -50 0 50 100 150 200 250 300 Other Equity Fixed Income Income before income taxes -0.7 31.5 49.8 77.7 (billions of yen) Quarter |
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 8 1Q 2Q Net revenue 88.3 69.1 70.9 75.4 12.8 20.5 60% Non-interest expenses 57.4 56.4 53.7 46.2 10.6 11.3 7% Income before income taxes 30.9 12.8 17.2 29.2 2.2 9.1 320% FY2006.3 QoQ FY2002.3 FY2003.3 FY2004.3 FY2005.3 75.4 70.9 69.1 88.3 29.2 17.2 12.8 30.9 0 20 40 60 80 100 Net revenue Income before income taxes 12.8 20.5 2.2 9.1 (billions of yen) Global Investment Banking Net revenue increased 60% to 20.5 billion yen QoQ and income before income taxes climbed 320% to 9.1 billion yen on an increase in equity financing Equity-related underwriting surged 438% to US$4.8 billion on a global offering by Central Japan Railway and J-REIT deals; ranked number one in Equity and Equity-related league table* in 2005 (Jan. – Sep.). Five MPO deals including Ebara and GMO Internet for total of 77.7 billion yen. Served as financial adviser to Square Enix on acquisition of Taito; Number one in 2005 (Jan. – Sep.) M&A league table* *See p. 32 *In April 2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Net Revenue and Income before Income Taxes Full Year Quarter |
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 9 Net Revenue and Income before Income Taxes Full Year Full Year Quarter Quarter Global Merchant Banking Net revenue of 6.9 billion yen, income before income taxes at 4.7 billion yen on realized
gains and unrealized gains/losses on private equity investments. 1Q 2Q Net revenue (lhs) 135.8 -6.6 10.7 7.3 -3.3 6.9 - Non-interest expenses 58.0 8.6 10.2 10.4 2.6 2.2 -15% Income before income taxes (rhs) 77.7 -15.3 0.5 -3.0 -5.9 4.7 - FY2005.3 FY2006.3 QoQ FY2002.3 FY2003.3 FY2004.3 7.3 10.7 -6.6 135.8 -15.3 -3.0 77.7 0.5 -20 0 20 (billions of yen) Net revenue (lhs) Income before income taxes (rhs) 140 -3.3 6.9 -5.9 4.7 -20 -10 0 10 20 140 |
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 10 Asset Management Increase in assets under management, due mainly to continued inflow of assets into funds offering frequent distributions, drove net revenue up 10% QoQ to 13.8 billion yen and income before income taxes up 20% to 4 billion yen. Total assets under management* of 20 trillion yen. Funds offering frequent distributions and newly launched funds (as of end September:
Nomura Global REIT Fund, 154.4 billion yen; Nomura HFR Fund, 67 billion
yen) contributed to growth in assets under management. Assets under
management in funds for bank customers up 62% from June 30 to 212 billion yen. Nomura Asset Management global balanced fund selected as one of the funds for
distribution by Japan Post. *See p. 29 Net Revenue and Income before Income Taxes Full Year Full Year Quarter 1Q 2Q Net revenue 47.2 37.1 36.0 43.5 12.5 13.8 10% Non-interest expenses 37.0 33.9 37.0 36.1 9.2 9.9 7% Income before income taxes 10.2 3.2 -1.0 7.4 3.3 4.0 20% FY2006.3 QoQ FY2002.3 FY2003.3 FY2004.3 FY2005.3 43.5 36.0 37.1 47.2 10.2 3.2 -1.0 7.4 -10 0 10 20 30 40 50 60 (billions of yen) Net revenue Income before income taxes 12.5 13.8 3.3 4.0 |
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 11 Non-interest Expenses (Business Segment Total) Note: All non-interest expense figures shown on this slide exclude the effects of consolidation/deconsolidation of certain private equity investee companies. See slides 16, 21, and 22 for more details. Compensation and Benefits Non-interest expenses (business segment total) of 138.3 billion yen, up 3% QoQ Commissions and floor brokerage grew 56% to 8.6 billion yen on increased trading volume. Business development expenses rose 23% to 7.7 billion yen due to higher advertising expenditure. Full Year Quarter 3Q 4Q 1Q 2Q FY2005.3 FY2006.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 163.0 102.9 114.4 113.7 146.2 141.2 142.4 151.1 244.1 256.9 264.7 309.2 0 50 100 150 200 250 300 350 (billions of yen) 26.7 34.6 30.6 37.8 39.2 38.6 39.7 30.3 69.1 73.9 64.4 70.0 Fixed-type compensation and benefits Variable-type compensation and benefits 504.0 521.4 0 100 200 300 400 500 600 Other Business development expenses Occupancy and related depreciation Information processing and communications Commissions and floor brokerage Compensation and benefits (billions of yen) 134.0 138.3 1Q 2Q Compensation and benefits 256.9 264.7 69.1 70.0 1% Commissions and floor brokerage 18.9 22.1 5.5 8.6 56% Information processing and communications 79.9 80.9 20.5 20.5 0% Occupancy and related depreciation 53.7 50.8 11.3 12.8 14% Business development expenses 22.8 26.2 6.3 7.7 23% Other 72.4 76.6 21.4 18.7 -13% Total 504.0 521.4 134.0 138.3 3% QoQ FY2004.3 FY2005.3 FY2006.3 |
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 12 Appendix |
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 13 Net Income and ROE Full Year 1Q-2Q Cumulative *Annualized (billions of yen) * FY2006.3 1Q-2Q Net income (lhs) 168.0 119.9 172.3 94.7 69.2 ROE (rhs) 11.1% 7.4% 10.1% 5.2% 7.4% 85.6 61.3 88.8 48.8 36.0 816.5 846.4 919.7 962.5 981.5 FY2005.3 FY2002.3 FY2003.3 FY2004.3 94.7 172.3 119.9 168.0 11.1% 5.2% 10.1% 7.4% 0 20 40 60 80 100 120 140 160 180 200 Net income (lhs) ROE (rhs) 69.2 7.4 % 0.0% 5.0% 10.0% 15.0% Net income per share (basic) Shareholders' equity per share |
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 14 FY2005.3 FY2006.3 1H 1H 1Q 2Q Commissions 140.0 141.6 210.2 222.0 115.1 132.7 15% 55.2 77.5 41% Fees from investment banking 75.3 81.8 87.0 92.3 47.8 38.8 -19% 14.7 24.1 64% Asset management and portfolio service fees 110.0 79.3 66.2 78.5 38.0 44.9 18% 19.9 24.9 25% Net gain on trading 162.2 172.3 229.0 201.7 76.6 114.6 50% 70.8 43.8 -38% Gain (loss) on private equity investments 232.5 -14.4 13.1 7.7 -1.6 -0.2 - -2.5 2.2 - Interest and dividends 500.5 368.7 343.3 401.4 183.0 317.4 73% 133.4 183.9 38% Gain (loss) on investments in equity securities -55.9 -41.3 55.9 15.3 -1.4 28.4 - -2.8 31.2 - Private equity entities product sales - 6.2 17.6 75.1 33.2 250.3 653% 125.4 124.9 0% Other* 660.8 13.4 23.6 32.3 13.3 21.2 60% 7.0 14.2 102% 1,825.4 807.7 1,045.9 1,126.2 504.1 948.0 88% 421.1 526.9 25% 504.0 241.4 242.8 327.0 133.4 279.0 109% 134.4 144.6 8% 1,321.4 566.3 803.1 799.2 370.8 669.0 80% 286.7 382.2 33% 1,148.4 518.9 520.4 594.4 282.1 520.7 85% 256.0 264.6 3% 173.0 47.4 282.7 204.8 88.7 148.3 67% 30.7 117.6 283% 168.0 119.9 172.3 94.7 44.0 69.2 57% 8.3 60.9 632% FY2005.3 Revenue FY2002.3 FY2003.3 FY2004.3 Net income Non-interest expenses Income before income taxes Total revenue Net revenue FY2006.3 QoQ YoY Interest expense Consolidated Revenue Full Year Quarter Half Year (billions of yen) *FY2002.3 includes 3.5 billion yen for equity in earnings (losses) of affiliates, 294.9 billion yen in product sales (PFG investee company), 177.1 billion yen in revenue from rental business (PFG investee company), and 116.3 billion yen gain from sale of PFG investee company. |
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 15 Main Revenue Items Commissions Fees from Investment Banking Asset Management and Portfolio Service Fees Net Gain on Trading* Full Year Half Year Quarter (billions of yen) *Includes net interest revenue FY2005.3 FY2006.3 1H 1H 1Q 2Q Stock brokerage commissions (Domestic Retail) 61.7 48.2 92.1 103.0 56.4 55.4 20.8 34.6 66% Stock brokerage commissions (Other) 31.5 29.3 45.4 40.2 21.8 22.2 8.0 14.2 78% Other brokerage commissions 4.3 7.6 12.2 13.0 6.0 5.0 2.8 2.2 -22% Commissions for distribution of investment trusts 26.7 30.5 37.3 41.7 19.5 37.1 17.5 19.6 12% Other 15.8 26.0 23.2 24.1 11.5 13.0 6.1 6.9 13% Total 140.0 141.6 210.2 222.0 115.1 132.7 55.2 77.5 41% Equity underwriting commissions 29.0 24.6 44.7 49.1 27.8 17.3 4.9 12.4 155% Bond underwriting commissions 31.6 37.0 26.4 20.5 9.2 8.3 3.6 4.7 30% M&A/Financial advisory fees 13.4 16.8 15.8 22.6 10.8 13.1 6.2 6.9 13% Other 1.3 3.4 0.1 0.1 0.0 0.0 0.1 -0.1 - Total 75.3 81.8 87.0 92.3 47.8 38.8 14.7 24.1 64% Asset management fees 89.9 60.2 44.2 51.1 24.9 29.5 13.5 16.1 19% Administration fees 10.2 10.0 12.1 16.1 7.6 9.3 3.4 5.9 73% Custodial fees 9.8 9.1 9.9 11.3 5.5 6.0 3.1 2.9 -4% Total 110.0 79.3 66.2 78.5 38.0 44.9 19.9 24.9 25% Bonds and other 56.0 133.6 152.3 120.9 45.1 56.1 31.7 24.4 -23% Equity 113.0 35.9 75.2 76.8 28.3 54.3 38.9 15.4 -60% Gain on merchant banking trading -6.8 2.8 1.5 4.0 3.2 4.2 0.2 4.0 2034% Net interest revenue -3.5 127.3 100.4 74.3 49.6 38.4 -1.0 39.3 - Total 158.7 299.6 329.4 276.0 126.2 153.0 69.8 83.2 19% QoQ FY2006.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 |
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 16 (billions of yen) Adjustment of Consolidated Results and Segment Results* *Derived from reconciliation information to “Segment Information– Operating segment” section of Nomura Holdings’ consolidated financial highlights for the years ended March 2002, 2003, 2004, and 2005; “Financial Highlights– Three months ended June 2005”; and “Financial Highlights– Six months ended September 2005”. Full Year Half Year Quarter US GAPP Unrealized gain (loss) on investments in equity securities held for relationship purposes Effects of consolidation /deconsolidation of certain private equity investee companies Segment results FY2005.3 FY2006.3 1H 1H 1Q 2Q Net revenue 1,321.4 566.3 803.1 799.2 370.8 669.0 80% 286.7 382.2 33% Non-interest expenses 1,148.4 518.9 520.4 594.4 282.1 520.7 85% 256.0 264.6 3% Income before income taxes 173.0 47.4 282.7 204.8 88.7 148.3 67% 30.7 117.6 283% Net revenue -60.2 -43.0 54.7 8.4 -5.6 20.3 - -11.0 31.3 - Non-interest expenses - - - - - - - - - - Income before income taxes -60.2 -43.0 54.7 8.4 -5.6 20.3 - -11.0 31.3 - Net revenue 639.7 6.5 18.9 81.8 36.0 257.5 614% 126.3 131.2 4% Non-interest expenses 485.1 5.3 16.4 73.0 31.0 248.4 702% 122.0 126.3 4% Income before income taxes 154.6 1.2 2.4 8.9 5.1 9.1 80% 4.3 4.8 13% Net revenue 741.8 602.8 729.5 709.0 340.3 391.2 15% 171.4 219.8 28% Non-interest expenses 663.3 513.5 504.0 521.4 251.1 272.3 8% 134.0 138.3 3% Income before income taxes 78.5 89.2 225.5 187.6 89.2 118.9 33% 37.4 81.5 118% QoQ FY2005.3 FY2004.3 FY2006.3 FY2002.3 FY2003.3 YoY |
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 17 Revenue by Segment Domestic Retail Global Investment Banking Global Merchant Banking Asset Management 5 Segment Total Other Segment Total Global Markets Note: In April 2005, Global Wholesale was reorganized into Global Markets, Global
Investment Banking and Global Merchant Banking. In April 2004, Fixed
Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition. (billions of yen) FY2005.3 FY2006.3 1H 1H Net revenue 229.1 249.3 305.8 304.4 151.7 186.2 23% Non-interest expenses 208.6 213.6 226.2 223.2 108.2 114.5 6% Income before income taxes 20.5 35.7 79.5 81.2 43.5 71.7 65% Net revenue 215.8 236.0 284.1 243.1 116.7 127.5 9% Non-interest expenses 133.2 142.4 163.3 182.9 82.7 96.7 17% Income before income taxes 82.6 93.6 120.8 60.2 34.0 30.8 -9% Net revenue 88.3 69.1 70.9 75.4 35.8 33.2 -7% Non-interest expenses 57.4 56.4 53.7 46.2 22.1 22.0 -1% Income before income taxes 30.9 12.8 17.2 29.2 13.7 11.3 -17% Net revenue 135.8 -6.6 10.7 7.3 0.4 3.6 778% Non-interest expenses 58.0 8.6 10.2 10.4 5.4 4.8 -12% Income before income taxes 77.7 -15.3 0.5 -3.0 -5.0 -1.2 - Net revenue 47.2 37.1 36.0 43.5 20.7 26.4 28% Non-interest expenses 37.0 33.9 37.0 36.1 17.7 19.1 8% Income before income taxes 10.2 3.2 -1.0 7.4 3.0 7.3 145% Net revenue 716.2 584.8 707.5 673.8 325.3 377.0 16% Non-interest expenses 494.3 454.9 490.4 498.8 236.2 257.1 9% Income before income taxes 221.9 129.9 217.0 175.0 89.1 119.9 35% Net revenue 25.6 18.0 22.1 35.2 15.0 14.3 -5% Non-interest expenses 169.0 58.7 13.6 22.6 14.9 15.2 2% Income before income taxes -143.4 -40.7 8.5 12.6 0.0 -1.0 - Net revenue 741.8 602.8 729.5 709.0 340.3 391.2 15% Non-interest expenses 663.3 513.5 504.0 521.4 251.1 272.3 8% Income before income taxes 78.5 89.2 225.5 187.6 89.2 118.9 33% YoY FY2002.3 FY2003.3 FY2004.3 FY2005.3 |
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 18 Revenue by Segment (Quarterly) Domestic Retail Global Investment Banking Global Merchant Banking Asset Management 5 Segment Total Other Segment Total Global Markets Note: In April 2005, Global Wholesale was reorganized into Global Markets, Global
Investment Banking and Global Merchant Banking. In April 2004, Fixed
Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets. Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition. 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Net revenue 75.0 75.6 75.4 79.8 87.0 64.8 73.0 79.6 84.8 101.4 57% 20% Non-interest expenses 54.2 56.9 55.3 59.8 53.3 54.9 55.0 60.0 54.5 60.0 9% 10% Income before income taxes 20.8 18.7 20.1 20.0 33.7 9.8 18.0 19.6 30.3 41.4 321% 37% Net revenue 82.6 87.1 41.6 72.8 71.8 44.9 56.6 69.8 49.8 77.7 73% 56% Non-interest expenses 41.6 41.5 39.0 41.2 41.2 41.5 43.8 56.4 50.5 46.2 11% -9% Income before income taxes 41.1 45.6 2.6 31.6 30.6 3.4 12.8 13.3 -0.7 31.5 835% - Net revenue 12.9 20.6 18.0 19.4 12.9 22.9 20.2 19.4 12.8 20.5 -11% 60% Non-interest expenses 12.1 13.5 13.4 14.7 10.7 11.5 10.7 13.4 10.6 11.3 -1% 7% Income before income taxes 0.8 7.1 4.6 4.7 2.3 11.4 9.5 6.0 2.2 9.1 -20% 320% Net revenue -1.4 7.3 -2.3 7.1 2.8 -2.3 -3.5 10.4 -3.3 6.9 - - Non-interest expenses 2.7 2.5 2.8 2.3 3.0 2.4 2.2 2.7 2.6 2.2 -10% -15% Income before income taxes -4.1 4.9 -5.1 4.8 -0.2 -4.8 -5.7 7.7 -5.9 4.7 - - Net revenue 8.3 8.0 10.6 9.0 9.7 11.0 12.3 10.5 12.5 13.8 26% 10% Non-interest expenses 8.2 10.5 8.1 10.2 8.9 8.8 8.9 9.5 9.2 9.9 12% 7% Income before income taxes 0.1 -2.5 2.6 -1.2 0.8 2.2 3.4 1.0 3.3 4.0 81% 20% Net revenue 177.4 198.6 143.3 188.2 184.1 141.2 158.8 189.7 156.6 220.3 56% 41% Non-interest expenses 118.7 124.8 118.6 128.3 117.0 119.1 120.6 142.0 127.4 129.6 9% 2% Income before income taxes 58.7 73.7 24.7 59.9 67.1 22.0 38.1 47.7 29.2 90.7 312% 211% Net revenue 3.2 -1.7 1.4 19.2 0.1 14.9 8.6 11.7 14.8 -0.5 - - Non-interest expenses 6.7 0.6 -0.3 6.5 7.7 7.3 2.9 4.8 6.6 8.7 19% 32% Income before income taxes -3.5 -2.3 1.7 12.7 -7.6 7.6 5.7 6.9 8.2 -9.2 - - Net revenue 180.6 196.9 144.7 207.3 184.2 156.0 167.4 201.3 171.4 219.8 41% 28% Non-interest expenses 125.5 125.5 118.3 134.7 124.7 126.4 123.5 146.8 134.0 138.3 9% 3% Income before income taxes 55.1 71.4 26.4 72.6 59.5 29.6 43.9 54.6 37.4 81.5 175% 118% QoQ FY2004.3 FY2005.3 FY2006.3 YoY (billions of yen) |
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 20 Consolidated Balance Sheet (billions of yen) Mar. 31, 2005 Sep. 30, 2005 Mar. 31, 2005 Sep. 30, 2005 Cash and cash deposits 1,187 1,467 Short-term borrowings 517 861 Private equity entities short-term borrowings 116 118 Loans and receivables 1,245 2,170 Payables and deposits 1,042 1,089 Collateralized financing 21,666 21,966 Collateralized agreements 14,389 16,749 Trading liabilities 5,332 5,893 Other liabilities 703 735 Trading assets and private equity investments 15,601 13,620 Long-term borrowings 2,799 3,115 Private equity entities long-term borrowings 445 423 Other assets 2,068 2,064 Total liabilities 32,620 34,201 Shareholders' equity Total shareholders' equity 1,868 1,869 34,489 36,070 Total liabilities and shareholders' equity 34,489 36,070 Assets Liabilities Total assets |
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 21 Effect of Consolidation/Deconsolidation of Certain Private
Equity Investee Companies (1) Consolidated Balance Sheet Assets Total Assets 36,070 Excluding private equity investee companies 35,034 Private equity investee companies 1,036 Note: Private equity investee companies' major assets (billions of yen) Land, buildings, equipment, and furniture and fixtures 433 Liabilities Total liabilities 34,201 Excluding private equity investee companies 33,264 Private equity investee companies 937 Note: Private equity investee companies' major liabilities (billions of yen) Short-term borrowings 118 Long-term borrowing 423 As of September 30, 2005 (billions of yen) As of September 30, 2005 (billions of yen) |
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 22 (billions of yen) Effect of Consolidation/Deconsolidation of Certain Private
Equity Investee Companies (2) Non-interest Expenses Full Year Quarter Half Year FY2005.3 FY2006.3 1H 1H 1Q 2Q Compensation and benefits 259.3 275.0 130.1 176.3 87.1 89.1 Fixed-type compensation and benefits 144.3 159.6 76.7 106.9 54.2 52.7 Segment total 142.4 151.1 74.1 78.2 38.6 39.7 Private equity investee companies 1.9 8.5 2.7 28.6 15.6 13.0 Variable-type compensation and benefits 115.0 115.4 53.4 69.4 32.9 36.5 Segment total 114.4 113.6 52.3 60.9 30.6 30.3 Private equity investee companies 0.6 1.8 1.1 8.5 2.4 6.2 Commissions and floor brokerage 19.2 23.9 12.9 25.5 8.3 17.2 Segment total 18.9 22.1 12.0 14.0 5.5 8.6 Private equity investee companies 0.3 1.8 0.9 11.5 2.8 8.7 Information processing and communications 80.0 81.4 39.4 44.7 22.3 22.4 Segment total 79.9 80.9 39.3 41.0 20.5 20.5 Private equity investee companies 0.1 0.5 0.1 3.8 1.9 1.9 Occupancy and related depreciation 54.2 53.5 26.3 72.6 35.4 37.2 Segment total 53.7 50.8 25.5 24.1 11.3 12.8 Private equity investee companies 0.5 2.7 0.8 48.4 24.1 24.3 Business development expenses 23.1 28.2 13.2 21.8 13.1 8.7 Segment total 22.8 26.2 12.6 14.0 6.3 7.7 Private equity investee companies 0.3 2.0 0.6 7.8 6.8 1.0 Other 73.3 87.6 39.1 69.1 35.0 34.1 Segment total 72.4 76.6 35.4 40.1 21.4 18.7 Private equity investee companies 0.9 11.0 3.7 29.0 13.6 15.4 Private equity entities cost of goods sold 11.9 44.7 21.1 110.7 54.8 55.9 Total non-interest expenses 520.4 594.4 282.1 520.7 256.0 264.6 Segment total 504.0 521.4 251.1 272.3 134.0 138.3 Private equity investee companies 16.4 73.0 31.0 248.4 122.0 126.3 FY2006.3 FY2004.3 FY2005.3 |
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 23 Nomura Securities Client Assets Mar. 31, 2002 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 Equities 25.1 21.6 35.9 40.0 41.9 48.9 Bonds 13.7 16.8 17.3 19.2 19.7 20.3 Stock investment trusts 2.7 2.4 3.3 3.9 4.3 4.9 Bond investment trusts 9.3 6.5 5.6 4.9 4.6 4.7 Overseas mutual funds 0.9 1.2 1.6 2.0 2.1 2.2 Other 0.0 0.0 0.0 0.0 0.0 0.0 Total 51.8 48.5 63.8 70.0 72.5 81.0 51.8 48.5 63.8 70.0 72.5 81.0 0 10 20 30 40 50 60 70 80 90 (trillions of yen) Other Overseas mutual funds Bond investment trusts Stock investment trusts Bonds Equities |
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 24 Domestic Retail Related Data (1) *Nomura Securities Full Year Quarter 1Q 2Q Retail foreign currency bond sales (billions of yen) 1,354.0 2,284.7 1,990.0 1,154.4 304.8 340.7 Commissions for investment trusts distribution (billions of yen)* 28.2 34.9 46.9 49.9 19.5 20.9 Bond investment trusts commission 10.7 16.9 11.1 6.4 1.1 0.8 Stock investment trusts commission 15.4 11.6 21.5 31.6 14.8 16.9 Foreign investment trusts commission 2.1 6.4 14.2 11.9 3.7 3.2 Domestic distribution volume of investment trusts (trillions of yen) 22.3 11.9 13.7 14.2 3.9 4.7 Bond investment trusts 20.2 8.6 10.1 10.4 2.6 3.4 Stock investment trusts 1.3 1.3 1.6 2.3 0.9 1.0 Foreign investment trusts 0.9 2.1 2.1 1.4 0.4 0.3 Other (billions of yen) Outstanding value of variable annuity insurance policies 7.7 166.6 261.6 446.4 504.3 550.4 1st - 2nd issue 3rd - 6th issue 7th - 10th issue 11th issue 12th issue - 101.3 1,271.6 1,290.6 206.4 179.6 Sales of JGBs for individual investors Domestic Retail FY2006.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 |
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 25 *Domestic Retail client assets excluding regional financial institutions **Includes CBs and warrants ***Includes variable annuity insurance Domestic Retail Related Data (2) Client Assets* Domestic Retail Client Assets* and Financial Management Division Client Assets Retail Client Assets* *Including regional financial institutions *Sep. 30, 2005, client assets (left and right graphs) include assets in custody
(1.2trn yen) of Osaka and Nagoya Employees Services Departments Mar. 31, 2002Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005Jun. 30, 2005 Sep. 30, 2005 Domestic Retail client assets* 33.6 31.5 40.8 45.6 46.5 51.7 Financial Management Division 10.9 8.4 12.9 14.6 15.0 17.7 Total 44.4 39.9 53.7 60.2 61.5 69.4 44.4 39.9 53.7 60.2 61.5 69.4 0 20 40 60 80 (trillions of yen) 0 20 40 60 80 Financial Management Division Domestic Retail client assets* Mar. 31, 2002Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005Jun. 30, 2005 Sep. 30, 2005 Equities 11.1 9.5 16.0 19.1 19.5 23.3 Foreign currency bonds 2.5 3.4 3.7 3.7 3.7 3.7 Domestic bonds** 4.2 5.0 6.1 7.5 7.7 7.9 Stock investment trusts 2.4 2.0 2.7 2.9 3.2 3.8 Bond investment trusts 8.1 5.9 5.0 4.3 4.1 4.2 Overseas mutual funds 0.8 1.0 1.4 1.8 1.9 2.0 Other*** 0.0 0.2 0.3 0.5 0.6 0.6 Total 29.1 27.1 35.2 39.8 40.7 45.5 29.1 27.1 35.2 39.8 40.7 45.5 0 20 40 60 80 (trillions of yen) Other*** Overseas mutual funds Bond investment trusts Stock investment trusts Domestic bonds** Foreign currency bonds Equities |
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 26 *Net Asset Inflow: Gap between inflow and outflow of assets Domestic Retail Related Data (3) Retail Net Asset Inflow* 1Q 2Q FY2006.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 4,752.6 1,445.0 1,780.2 2,086.8 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 (billions of yen) 684.0 426.8 Full Year Quarter |
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 27 Domestic Retail Related Data (4) Number of Accounts FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2005.6 FY2005.9 Nomura Home Trade (online trading accounts) 936 1,141 1,367 1,716 1,774 1,828 IT share* No. of orders 35% 36% 45% 48% 52% 53% Transaction value 16% 14% 22% 24% 25% 26% Nomura Cash Management Service (accounts) 2,899 3,112 3,347 3,708 3,753 3,802 Equity holding accounts
1,215 1,302 1,369 1,668 1,679 1,674 New accounts (individual)* 268 238 260 426 81 80 *Total for period (thousands of accounts) |
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 28 Global Merchant Banking Related Data Business Exposure Mar. 31, 2002 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 265.7 265.7 291.2 325.5 318.1 16.1 19.2 66.0 104.0 109.7 322.3 110.8 281.8 284.9 357.2 429.5 427.8 433.1 0 100 200 300 400 500 (billions of yen) NPF Terra Firma |
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 29 *Total assets under management of Nomura Asset Management, Nomura Corporate Research and Asset Management, Nomura BlackRock Asset Management, Nomura Fund Research and Technologies, MAINTRUST (Germany), and Nomura Fund Research and Technologies America. Adjusted for duplication between group companies. Note: Nomura Fund Research and Technologies America data as of end of August. Asset Management Related Data (1) Assets Under Management Total Assets under Management* Total Assets under Management* Nomura Asset Management Assets under Management Nomura Asset Management Assets under Management Mar. 31, 2002 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 Public stock investment trusts Public bond investment trusts Privately placed investment trusts Investment advisory Total Mar. 31, 2002 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 3.2 3.2 4.5 4.4 5.0 5.0 10.4 7.3 6.3 5.6 5.4 5.8 0.2 0.2 0.4 0.8 0.9 1.1 4.5 3.6 4.4 5.1 5.4 6.0 Domestic investment advisory 3.6 2.9 3.0 3.2 3.3 3.6 Overseas investment advisory 0.9 0.7 1.4 2.0 2.1 2.4 18.2 14.2 15.7 16.0 16.8 17.8 17.8 16.8 16.0 15.7 14.2 18.2 0 2 4 6 8 10 12 14 16 18 20 (trillions of yen) Overseas investment advisory Domestic investment advisory Privately placed investment trusts Public bond investment trusts Public stock investment trusts 20.0 18.8 17.8 17.6 15.9 19.7 0 5 10 15 20 25 (trillions of yen) |
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 30 Assets Management Related Data (2) Investment Trusts Domestic Public Investment Trust Market and Nomura Asset Management Market Share AuM of Main Frequent Distribution Funds AuM of Funds for Bank Customers Asset Management Division Nomura Asset Management (trillions of yen) Mar. 31, 2002 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 Stock investment trusts 3.2 3.2 4.5 4.4 5.0 5.0 Bond investment trusts 10.4 7.3 6.3 5.6 5.4 5.8 Public stock investment trusts, Nomura's share (%) 21% 19% 19% 15% 16% 15% Public bond investment trusts, Nomura's share (%) 40% 40% 40% 42% 42% 41% Stock investment trusts 15.3 16.3 23.3 28.9 32.0 34.8 Bond investment trusts 26.0 18.1 15.8 13.5 13.0 14.0 Source: Investment Trusts Association, Japan (billions of yen) Mar. 31, 2004 Jun. 30, 2004 Sep. 30, 2004 Dec. 31, 2004 Mar. 31, 2005 Jun. 30, 2005 Sep. 30, 2005 Nomura US High Yield Bond Income 175 224 275 315 344 400 414 Nomura Fund Masters Global Bond 0 0 71 123 181 268 315 Global Attractive Dividend Stock Fund 0 0 0 123 199 211 206 Nomura US Loan Income 0 0 0 0 59 74 74 Japan Attractive Dividend Stock Fund 0 0 0 0 0 199 233 My Story Profit Distribution Type (6 Times/Year) 0 0 0 0 0 52 134 Nomura Global REIT Fund 0 0 0 0 0 0 154 Main frequent distribution funds total 175 224 346 561 782 1,204 1,530 Funds for bank customers 13 22 32 44 89 131 212 Market Total Nomura Asset Management |
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 31 Second Quarter Achievements Large International Bond Underwritings US Federal Farm Credit Bank: USD1.5 billion (joint-lead manager) Asian Development Bank: USD1 billion (joint-lead manager) Oesterreichische Kontrollbank Aktiengesellschaft (OKB): USD1 billion (joint-lead manager) Foreign Currency Bond Offerings to Retail Investors KfW: NZD1.43 billion IDBRD: AUD900 million New Businesses Loan-related business: 210 billion yen (1Q: 74 billion yen) Asset finance Originated refinancing package for securitization of Seibu Department Ikebukuro store:
116.5 billion yen Advised on buyout of German restaurant and provided
acquisition financing Equity derivatives Signed 11 fund derivative contracts worth a total of 312 million euros Global Markets Major Deals IPO Kenedix Realty Investment Corp.: 45.8 billion yen PO Central Japan Railway: 477 billion yen; Toyota Boshoku: 39.8 billion yen Nippon Building Fund: 57.7 billion yen; Orix JREIT 34.4 billion yen CB Ablit: 8.5 billion yen MPO Ebara 40 billion yen; GMO Internet 31 billion yen M&A Square Enix tender offer for Taito shares: 44.9 billion yen TDK’s acquisition of Invensys plc.'s Lambda Power Division: 26 billion yen NTT DoCoMo share repurchase by tender offer: 280 billion yen Global Investment Banking Investment Trusts AllianceBernstein Emerging Growth Stock Fund (launched Aug. 17, 2005; Aug. and Sep.)
177.7 billion yen Domestic Retail |
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 32 League Tables Source: Thomson Financial Proceeds (USD m) Mkt. Share No. of Issues Proceeds (USD m) Mkt. Share 1 Nomura 8,111.4 28.3% 75 1 Nomura 77,670.5 51.9% 94 2 Nikko Citigroup 6,365.3 22.2% 49 2 Mitsubishi Tokyo Financial Group 52,469.3 35.1% 68 3 Daiwa Securities SMBC 3,780.1 13.2% 52 3 Merrill Lynch 50,087.7 33.5% 18 4 UBS 3,064.3 10.7% 7 4 Morgan Stanley 45,950.3 30.7% 15 5 Mizuho Financial Group 2,126.3 7.4% 25 5 JPMorgan 42,598.7 28.5% 6 6 Morgan Stanley 1,243.3 4.3% 3 6 Lazard 41,631.0 27.8% 4 7 Mitsubishi Tokyo Financial Group 819.2 2.9% 16 7 KPMG Corporate Finance 19,566.0 13.1% 40 8 Shinko Securities 591.3 2.1% 29 8 Credit Suisse First Boston 12,762.8 8.5% 8 9 Merrill Lynch 571.7 2.0% 4 9 UBS 10,798.7 7.2% 7 10 Goldman Sachs Group 557.1 1.9% 2 10 Goldman Sachs Group 10,111.6 6.8% 20 Proceeds (JPY m) Mkt. Share Proceeds (JPY m) Mkt. Share 1 Nomura 502,443 23.2% 25 1 Nomura 1,108,315 22.0% 59 2 Nikko Citigroup 404,121 18.7% 40 2 Daiwa Securities SMBC 1,014,508 20.1% 52 3 Deutsche Bank 295,529 13.7% 25 3 Mizuho Securities 927,053 18.4% 54 4 Barclays Capital 146,320 6.8% 12 4 Mitsubishi Securities 716,564 14.2% 34 5 Merrill Lynch 142,830 6.6% 3 5 Nikko Citigroup 662,013 13.1% 38 6 Daiwa Securities SMBC 118,114 5.5% 10 6 Goldman Sachs 229,918 4.6% 16 7 UBS 108,526 5.0% 6 7 UFJ Tsubasa Securities 139,979 2.8% 9 8 Mizuho Financial Group 92,035 4.3% 6 8 Merrill Lynch Japan Securities 84,614 1.7% 6 9 Morgan Stanley 69,609 3.2% 4 9 Morgan Stanley 72,487 1.4% 6 10 JPMorgan 51,953 2.4% 9 10 Shinko Securities 27,500 0.6% 3 Global Equity & Equity-related (Japan) Domestic Straight Bonds (excluding self-funding) Announced deals, value base Bookrunner R a n k Jan. 1, 2005 - Sep. 30, 2005 Jan. 1, 2005 - Sep. 30, 2005 Global & Euro Yen Bonds Adviser Any Japanese Involvement Financial Advisers R a n k Bookrunner Jan. 1, 2005 - Sep. 30, 2005 R a n k R a n k Bookrunner Jul. 1, 2005 - Sep. 30, 2005 No. of Issues No. of Issues No. of Deals |
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 33 Market Share Data Full Year Quarter Primary Market Share Data Secondary Market Share Data (trillions of yen) 1Q 2Q Individual Equity Agency Transactions Share Market 48.5 52.0 105.9 144.7 38.8 64.3 Nomura's share 15% 16% 10% 8% 7% 7% Off-floor/Off-exchange Equity Trading Share Off-floor market 32.4 33.2 31.9 33.2 8.8 11.4 Off-exchange 19.3 14.1 19.3 21.1 4.9 6.6 Nomura's share 19% 20% 16% 17% 18% 19% JGB Auction Share Market 56.1 68.1 74.4 80.1 19.8 22.2 Nomura's share 15% 15% 16% 18% 11% 10% JGB Sales Share Market 966 1,129 1,235 1,361 365 326 Nomura's share 15% 14% 16% 15% 13% 13% FY2006.3 1Q-2Q (accumulated) Global Equity and Equity-related Japan Nomura's share 31% 30% 30% 25% 34% Japanese IPO Nomura's share 41% 11% 27% 32% 14% Japanese PO Nomura's share 32% 50% 33% 25% 42% Convertible Bonds Nomura's share 9% 13% 28% 19% 17% Global and Euro Yen Bonds Nomura's share 29% 21% 31% 23% 31% Straight Bonds, Lead Manager (excl. self-funding) Nomura's share 20% 26% 19% 17% 17% Source: Thomson Financial Value base FY2005.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2002.3 FY2003.3 FY2004.3 |
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 34 Value at Risk (Consolidated) Definition 99% confidence level 1-day time horizon for outstanding portfolio Inter-product price fluctuations considered From April 1, 2005 to September 30, 2005 Maximum: 7.1 billion yen Minimum: 3.8 billion yen Average: 5.4 billion yen Equity 2.0 1.5 3.3 3.0 4.2 3.9 Interest Rate 2.3 2.3 2.0 2.8 3.3 3.1 Foreign Exchange 0.2 0.2 0.5 0.7 1.0 1.0 Sub-total 4.5 4.0 5.8 6.5 8.5 8.0 Diversification Benefit -1.2 -0.9 -1.9 -2.4 -2.9 -2.7 VaR 3.3 3.1 3.9 4.1 5.5 5.3 End of quarter Jun. 05 Sep. 05 Mar. 02 Mar. 03 Mar. 04 Mar. 05 (billions of yen) |
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 35 Number of Employees *Excludes employees of private equity investee companies End of quarter Mar. 2002 Mar. 2003 Mar. 2004 Mar. 2005 Jun. 2005 Sep. 2005 Japan (excluding FA, SA) 9,697 9,258 9,148 9,190 9,623 9,508 Japan (FA, SA) 2,177 1,986 1,915 1,875 1,984 1,930 Americas 1,381 1,389 1,403 1,535 1,524 1,535 Europe 827 797 866 1,026 1,069 1,038 Asia/Oceania 468 616 655 718 746 757 Total 14,550 14,046 13,987 14,344 14,946 14,768 |
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 36 Nomura Holdings, Inc. www.nomura.com |