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 January 2004.

Total number of pages: 24.

The exhibit index is located on page 2.

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		Page Number
1. [Financial Highlights — Nine months ended December 2003]		4
2. [Nomura Institute of Capital Markets Research To Be Established]		24

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.

By:		/s/ MASANORI ITATANI
		Masanori Itatani Senior Managing Director

Date: January 29, 2004

LOGO

January 29, 2004

Financial Highlights – Nine months ended December 2003

We are pleased to report the following consolidated financial highlights based on consolidated financial information under US GAAP for the nine months ended December 2003.

For further information, please contact:

Koichi Ikegami

General Manager

Investor Relations Department

Nomura Group Headquarters

Nomura Securities Co., Ltd.

9-1 Nihonbashi 1-chome, Chuo-ku

Tokyo 103-8011, Japan

TEL: +813-3211-1811

Financial Summary For the nine Months Ended December 31, 2003


Date:		January 29, 2004
Company name (code number):		Nomura Holdings, Inc. (8604)
Head office:		1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Amsterdam, Singapore
Representative:		Nobuyuki Koga
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Koichi Ikegami
		General Manager, Investor Relations Department, Nomura Group Headquarters, Nomura Securities Co., Ltd.
		Tel: (Country Code 81) 3-3211-1811
		URL(http://www.nomura.com)

(1) Operating Results


	For the nine months ended December 31						For the year ended March 31
	2003			2002			2003
	(Yen amounts in millions, except per share data)
Total revenue	¥	790,829		¥	634,390		¥	840,919
Change from the nine months ended December 31, 2002		24.7	%
Net revenue	¥	565,005		¥	415,562		¥	566,274
Change from the nine months ended December 31, 2002		36.0	%
Income before income taxes and cumulative effect of accounting change	¥	189,182		¥	59,627		¥	47,409
Change from the nine months ended December 31, 2002		217.3	%
Net income	¥	102,417		¥	146,041		¥	119,913
Change from the nine months ended December 31, 2002		(29.9	)%

Basic net income per share	¥	52.80		¥	74.42		¥	61.26
Diluted net income per share	¥	52.80		¥	74.42		¥	61.26
Return on shareholders’ equity (ROE)		8.1	%*		9.5	%*		7.4	%

*	ROE for the nine months ended December 31, 2003 and 2002 are calculated as follows:

(Income before cumulative effect of accounting change x (4/3) + Cumulative effect of accounting change, if any)

(Shareholders’ equity at the beginning of period + Shareholders’ equity at the end of period) / 2

(2) Financial Position


	At December 31						At March 31
	2003			2002			2003
	(Yen amounts in millions, except per share data)
Total assets	¥	27,863,899		¥	19,451,687		¥	21,169,446
Shareholders’ equity	¥	1,725,431		¥	1,723,821		¥	1,642,328
Shareholders’ equity as a percentage of total assets		6.2	%		8.9	%		7.8	%
Book value per share	¥	888.61		¥	885.77		¥	846.40

(3) Scope of consolidation and equity method application

Number of consolidated subsidiaries and variable interest entities: 133

Number of affiliated companies, which were accounted for by the equity method: 12

(4) Movement in the scope of consolidation and equity method application for this period


Number of consolidation	Inclusion 22	Exclusion 2
Number of equity method application	Exclusion 1

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist various uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, releases its results on a more frequent quarterly basis, and does not present earnings forecasts.

NOMURA HOLDINGS, INC.

FINANCIAL HIGHLIGHTS

(UNAUDITED)


							% Change		Translation into U.S. dollars
	For the nine months ended/ as of										For the year ended/ as of
	December 31, 2002 (A)			December 31, 2003 (B)			(B-A)/(A)		December 31, 2003		March 31, 2003
	(yen and dollar amounts in millions, except per share data)
*FOR THE PERIOD ENDED*
							%
Total revenue	¥	634,390		¥	790,829		24.7			$ 7,382	¥	840,919

Net revenue		415,562			565,005		36.0			5,274		566,274

Non-interest expenses		355,935			375,823		5.6			3,508		518,865

Income before income taxes and cumulative effect of accounting change		59,627			189,182		217.3			1,766		47,409

Income before cumulative effect of accounting change		36,242			102,417		182.6			956		10,114

Cumulative effect of accounting change		109,799			—		—			—		109,799

Net income		146,041			102,417		(29.9	)		956		119,913

Per share data :
Basic-
Income before cumulative effect of accounting change		18.47			52.80		185.9			0.49		5.17
Cumulative effect of accounting change		55.95			—		—			—		56.09
Net income		74.42			52.80		(29.1	)		0.49		61.26

Diluted-
Income before cumulative effect of accounting change		18.47			52.80		185.9			0.49		5.17
Cumulative effect of accounting change		55.95			—		—			—		56.09
Net income		74.42			52.80		(29.1	)		0.49		61.26

Cash dividends		—			7.50					0.07		15.00

Return on equity (ROE):		9.5	%*		8.1	%*						7.4	%

*AT PERIOD-END*

Total Assets	¥	19,451,687		¥	27,863,899				$	260,094	¥	21,169,446
Shareholders’ equity		1,723,821			1,725,431					16,106		1,642,328

Per share data :
Shareholders’ equity		885.77			888.61					8.29		846.40

*	ROE for the interim period is calculated as below:

(Income before cumulative effect of accounting change x (4/3) + Cumulative effect of accounting change, if any)

(Shareholders’ equity at the beginning of period + Shareholders’ equity at the end of period) / 2

Results of Operations

Financial Overview

The following table provides selected consolidated income statement information for the nine months ended December 31, 2002 and 2003.


	Millions of yen
	For the nine months ended
	December 31, 2002			December 31, 2003
Non-interest revenue	¥	320,287		¥	494,616
Net interest revenue		95,275			70,389

Net revenue		415,562			565,005
Non-interest expenses		355,935			375,823

Income before income taxes		59,627			189,182
Income tax expense		23,385			86,765
Cumulative effect of accounting change (*1)		109,799			—

Net income	¥	146,041		¥	102,417

Return on equity (ROE)		9.5	%		8.1	%

(*1)	Cumulative effect of accounting change represents writing off the remaining unamortized negative goodwill associated with the acquisition of Nomura Asset Management Co., Ltd.

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of ¥ 565.0 billion for the nine months ended December 31, 2003, an increase of 36% from the same period in the prior year. Non-interest expenses were ¥ 375.8 billion for the nine months ended December 31, 2003, an increase of 6% from the same period in the prior year.

Income before income taxes and net income were ¥ 189.2 billion and ¥ 102.4 billion, respectively, for the nine months ended December 31, 2003. This compares to income before income taxes and net income of ¥ 59.6 billion and ¥ 146.0 billion, respectively, for the same period in the prior year.

Total assets were ¥ 27.9 trillion at December 31, 2003, an increase of ¥ 6.7 trillion from March 31, 2003 and total shareholders’ equity increased by ¥ 83.1 billion from March 31, 2003 to ¥ 1.7 trillion at December 31, 2003. Nomura’s return on equity was 8.1% for the nine months ended December 31, 2003.

Business Segments

Operating Results of Domestic Retail


	Millions of yen
	For the nine months ended
	December 31, 2002		December 31, 2003
Non-interest revenue	¥	191,938	¥	224,680
Net interest revenue		2,119		1,235

Net revenue		194,057		225,915
Non-interest expenses		159,609		166,390

Income before income taxes	¥	34,448	¥	59,525

Domestic Retail has further strengthened its capabilities to provide personalized investment consultation services with customers in order to meet their various investment needs in the current low interest rate environment. Net revenue increased by 16% from ¥ 194,057 million for the nine months ended December 31, 2002 to ¥ 225,915 million for the nine months ended December 31, 2003. Non-interest expenses increased by 4% from ¥ 159,609 million for the nine months ended December 31, 2002 to ¥ 166,390 million for the nine months ended December 31, 2003. As a result, Income before income taxes increased by 73% from ¥ 34,448 million for the nine months ended December 31, 2002 to ¥ 59,525 million for the nine months ended December 31, 2003.

Operating Results of Global Wholesale


	Millions of yen
	For the nine months ended
	December 31, 2002		December 31, 2003
Non-interest revenue	¥	137,769	¥	215,180
Net interest revenue		78,081		51,266

Net revenue		215,850		266,446
Non-interest expenses		148,652		169,003

Income before income taxes	¥	67,198	¥	97,443

Global Wholesale has made an effort to manage its business portfolio based on global customers’ order-flow and Fixed Income and Equity increased net gain on trading. Net revenue increased by 23% from ¥ 215,850 million for the nine months ended December 31, 2002 to ¥ 266,446 million for the nine months ended December 31, 2003. Non-interest expenses increased by 14% from ¥ 148,652 million for the nine months ended December 31, 2002 to ¥ 169,003 million for the nine months ended December 31, 2003. As a result, Income before income taxes increased by 45% from ¥ 67,198 million for the nine months ended December 31, 2002 to ¥ 97,443 million for the nine months ended December 31, 2003.

Fixed Income

Net revenue increased by 16% from ¥ 117,913 million for the nine months ended December 31, 2002 to ¥ 136,698 million for the nine months ended December 31, 2003, mainly due to an increase in net gain on trading relating to foreign currency bonds. Non-interest expenses increased by 29% from ¥ 52,882 million for the nine months ended December 31, 2002 to ¥ 68,092 million for the nine months ended December 31, 2003. As a result, Income before income taxes increased by 5% from ¥ 65,031 million for the nine months ended December 31, 2002 to ¥ 68,606 million for the nine months ended December 31, 2003.

Equity

Net revenue increased by 23% from ¥ 60,642 million for the nine months ended December 31, 2002 to ¥ 74,659 million for the nine months ended December 31, 2003, mainly due to an increase in customers’ order-flow, such as block trading. Non-interest expenses increased by 11% from ¥ 48,696 million for the nine months ended December 31, 2002 to ¥ 53,984 million for the nine months ended December 31, 2003. As a result, Income before income taxes increased by 73% from ¥ 11,946 million for the nine months ended December 31, 2002 to ¥ 20,675 million for the nine months ended December 31, 2003.

Investment Banking

Net revenue for Investment Banking increased by 7% from ¥ 48,085 million for the nine months ended December 31, 2002 to ¥ 51,489 million for the nine months ended December 31, 2003, partly due to a revitalization in equity capital markets. Non-interest expenses for Investment Banking decreased by 4% from ¥ 40,568 million for the nine months ended December 31, 2002 to ¥ 38,992 million for the nine months ended December 31, 2003. As a result, Income before income taxes for Investment Banking increased by 66% from ¥ 7,517 million for the nine months ended December 31, 2002 to ¥ 12,497 million for the nine months ended December 31, 2003.

Merchant Banking

Net loss for Merchant Banking was ¥ 10,790 million for the nine months ended December 31, 2002 and Net revenue for Merchant Banking was ¥ 3,600 million for the nine months ended December 31, 2003, mainly due to gains from exit transactions and a rise in the fair value of investments. Non-interest expenses for Merchant Banking increased by 22% from ¥ 6,506 million for the nine months ended December 31, 2002 to ¥ 7,935 million for the nine months ended December 31, 2003. As a result, Loss before income taxes for Merchant Banking was ¥ 17,296 million for the nine months ended December 31, 2002 and ¥ 4,335 million for the nine months ended December 31, 2003.

Operating Results of Asset Management


	Millions of yen
	For the nine months ended
	December 31, 2002		December 31, 2003
Non-interest revenue	¥	27,428	¥	25,690
Net interest (expense) revenue		1,730		1,225

Net revenue		29,158		26,915
Non-interest expenses		25,699		26,767

Income (loss) before income taxes	¥	3,459	¥	148

Net revenue decreased by 8% from ¥ 29,158 million for the nine months ended December 31, 2002 to ¥ 26,915 million for the nine months ended December 31, 2003, due to a decrease in asset management and portfolio service fees reflecting declines in the outstanding balance of bond investment trusts. Non-interest expenses increased by 4% from ¥ 25,699 million for the nine months ended December 31, 2002 to ¥ 26,767 million for the nine months ended December 31, 2003, mainly due to a special withdrawal charge paid to the Japan Securities Dealers Employees Pension Fund by Nomura Asset Management Co., Ltd. As a result, Income before income taxes was ¥ 3,459 million for the nine months ended December 31, 2002 and ¥ 148 million for the nine months ended December 31, 2003.

Other Operating Results

Other operating results include gain (loss) on investment securities, equity in earnings (losses) of affiliates and other financial adjustments. Please refer to Note 5 to the consolidated financial information for a reconciliation of segment results to income statement information. Loss before income taxes in Other decreased from ¥ 7,728 million for the nine months ended December 31, 2002 to ¥ 4,193 million for the nine months ended December 31, 2003.

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen					% Change		Translation into millions of U.S. dollars		Millions of yen
	For the nine months ended									For the year ended
	December 31, 2002 (A)			December 31, 2003 (B)		(B-A)/(A)		December 31, 2003		March 31, 2003
Revenue:
Commissions	¥	115,079		¥	147,309	28.0	%	$	1,375	¥	141,640
Fees from investment banking		50,850			58,766	15.6			549		81,847
Asset management and portfolio service fees		63,636			47,549	(25.3	)		444		79,290
Net gain on trading		114,489			181,329	58.4			1,692		172,308
Interest and dividends		314,103			296,213	(5.7	)		2,765		401,924
(Loss) gain on investments in equity securities		(32,331	)		34,557	—			323		(41,288	)
(Loss) gain on private equity investments		(4,883	)		4,493	—			42		(14,391	)
Other		13,447			20,613	53.3			192		19,589

Total revenue		634,390			790,829	24.7			7,382		840,919
Interest expense		218,828			225,824	3.2			2,108		274,645

Net revenue		415,562			565,005	36.0			5,274		566,274

Non-interest expenses:
Compensation and benefits		180,755			195,412	8.1			1,824		244,167
Commissions and floor brokerage		13,594			13,011	(4.3	)		121		20,844
Information processing and communications		56,210			57,565	2.4			538		77,389
Occupancy and related depreciation		43,218			39,754	(8.0	)		371		57,152
Business development expenses		18,500			15,906	(14.0	)		148		24,361
Other		43,658			54,175	24.1			506		94,952

		355,935			375,823	5.6			3,508		518,865

Income before income taxes and cumulative effect of accounting change		59,627			189,182	217.3			1,766		47,409

Income tax expense:
Current		15,929			80,776	407.1			754		25,519
Deferred		7,456			5,989	(19.7	)		56		11,776

		23,385			86,765	271.0			810		37,295

Income before cumulative effect of accounting change		36,242			102,417	182.6			956		10,114
Cumulative effect of accounting change		109,799			—	—			—		109,799

Net income	¥	146,041		¥	102,417	(29.9	)	$	956	¥	119,913


	Yen					% Change		Translation into U.S. dollars		Yen
Per share of common stock:
Basic-
Income before cumulative effect of accounting change	¥	18.47		¥	52.80	185.9	%	$	0.49	¥	5.17
Cumulative effect of accounting change		55.95			—	—			—		56.09

Net income	¥	74.42		¥	52.80	(29.1	)	$	0.49	¥	61.26

Diluted-
Income before cumulative effect of accounting change	¥	18.47		¥	52.80	185.9		$	0.49	¥	5.17
Cumulative effect of accounting change		55.95			—	—			—		56.09

Net income	¥	74.42		¥	52.80	(29.1	)	$	0.49	¥	61.26

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	December 31, 2002			March 31, 2003			December 31, 2003			December 31, 2003
ASSETS
Cash and cash deposits:
Cash and cash equivalents	¥	568,644		¥	491,237		¥	532,405		$	4,970
Time deposits		277,207			422,570			263,565			2,460
Deposits with stock exchanges and other segregated cash		34,849			41,702			52,378			489

		880,700			955,509			848,348			7,919

Loans and receivables:
Loans receivable		541,492			436,371			409,738			3,825
Receivables from customers		24,674			404,388			33,457			312
Receivables from other than customers		344,042			311,665			425,714			3,974
Receivables under resale agreements and securities borrowed transactions		7,613,379			8,603,170			11,276,311			105,258
Securities pledged as collateral		3,400,186			3,359,807			5,820,754			54,334
Allowance for doubtful accounts		(16,593	)		(15,159	)		(6,897	)		(65	)

		11,907,180			13,100,242			17,959,077			167,638

Trading assets and private equity investments:
Securities inventory		4,688,918			5,152,393			7,265,527			67,820
Derivative contracts		496,836			503,417			439,578			4,103
Private equity investments		276,970			270,890			281,616			2,629

		5,462,724			5,926,700			7,986,721			74,552

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥176,389 million at December 31, 2002, ¥177,374 million at March 31, 2003 and ¥179,278 million ($1,673 million) at December 31, 2003, respectively)		182,135			184,868			194,931			1,820
Lease deposits		75,775			65,211			62,727			585
Non-trading debt securities		298,684			270,120			207,958			1,941
Investments in equity securities		142,793			138,084			151,720			1,416
Investments in and advances to affiliated companies		246,052			223,970			200,946			1,876
Deferred tax assets		104,707			112,313			104,420			975
Other assets		150,937			192,429			147,051			1,372

		1,201,083			1,186,995			1,069,753			9,985

Total assets	¥	19,451,687		¥	21,169,446		¥	27,863,899		$	260,094

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen									Translation into millions of U.S. dollars
	December 31, 2002			March 31, 2003			December 31, 2003			December 31, 2003
LIABILITIES AND SHAREHOLDERS’ EQUITY
Payables, borrowings and deposits:
Payables to customers	¥	418,349		¥	180,565		¥	643,077		$	6,003
Payables to other than customers		307,247			384,910			237,154			2,214
Payables under repurchase agreements and securities loaned transactions		9,954,502			10,952,135			13,808,981			128,899
Short-term borrowings		1,267,750			1,497,468			2,188,399			20,427
Time and other deposits received		248,646			256,184			279,419			2,608

		12,196,494			13,271,262			17,157,030			160,151

Trading liabilities:
Securities sold but not yet purchased		2,869,497			3,401,715			5,889,993			54,980
Derivative contracts		454,732			487,005			432,919			4,041

		3,324,229			3,888,720			6,322,912			59,021

Other liabilities:
Accrued income taxes		19,607			28,608			65,578			612
Accrued pension and severance costs		55,876			86,582			87,521			817
Other		228,612			296,509			288,362			2,692

		304,095			411,699			441,461			4,121

Long-term borrowings		1,903,048			1,955,437			2,217,065			20,695

Total liabilities		17,727,866			19,527,118			26,138,468			243,988

Commitments and contingencies (See Note 3)

Shareholders’ equity:
Common stock Authorized - 6,000,000,000 shares Issued - 1,965,919,860 shares at December 31, 2002, March 31, 2003 and December 31, 2003		182,800			182,800			182,800			1,706

Additional paid-in capital		151,197			151,328			153,777			1,436

Retained earnings		1,462,261			1,407,028			1,494,882			13,954

Accumulated other comprehensive (loss) income
Minimum pension liability adjustment		(23,362	)		(41,558	)		(39,078	)		(365	)
Cumulative translation adjustments		(22,151	)		(22,329	)		(34,257	)		(320	)

		(45,513	)		(63,887	)		(73,335	)		(685	)

		1,750,745			1,677,269			1,758,124			16,411
Less-Common stock held in treasury, at cost - 19,803,406 shares, 25,556,340 shares and 24,203,438 shares at December 31, 2002, March 31, 2003 and December 31, 2003, respectively		(26,924	)		(34,941	)		(32,693	)		(305	)

Total shareholders’ equity		1,723,821			1,642,328			1,725,431			16,106

Total liabilities and shareholders’ equity	¥	19,451,687		¥	21,169,446		¥	27,863,899		$	260,094

NOMURA HOLDINGS, INC.

CONSOLIDATED INFORMATION OF CASH FLOWS

(UNAUDITED)


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the nine months ended December 31, 2002			For the nine months ended December 31, 2003			For the nine months ended December 31, 2003			For the year ended March 31, 2003
Cash flows from operating activities:

Net income	¥	146,041		¥	102,417		$	956		¥	119,913
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Cumulative effect of accounting change		(109,799	)		—			—			(109,799	)
Depreciation and amortization		23,150			25,481			238			31,249
Loss (gain) on investments in equity securities		32,331			(34,557	)		(323	)		41,288
Deferred income tax expense		7,456			5,989			56			11,776
Changes in operating assets and liabilities :
Time deposits		104,200			156,758			1,463			(36,585	)
Deposits with stock exchanges and other segregated cash		548			(15,314	)		(143	)		(6,271	)
Trading assets and private equity investments		(678,614	)		(2,227,482	)		(20,792	)		(1,167,700	)
Trading liabilities		665,569			2,522,744			23,548			1,242,333
Receivables under resale agreements and securities borrowed transactions		(1,312,665	)		(3,180,983	)		(29,693	)		(2,315,743	)
Payables under repurchase agreements and securities loaned transactions		2,226,603			3,546,023			33,100			3,236,698
Loans, receivables and securities pledged as collateral, net of allowance		(380,221	)		(2,334,480	)		(21,791	)		(590,802	)
Time and other deposits received and other payables		(293,170	)		361,692			3,376			(477,756	)
Accrued income taxes, net		(36,097	)		54,725			512			(31,738	)
Other, net		(29,159	)		92,262			862			87,250

Net cash provided by (used in) operating activities		366,173			(924,725	)		(8,631	)		34,113

Cash flows from investing activities:

Payments for purchases of office buildings, land, equipment and facilities		(31,607	)		(24,685	)		(230	)		(45,235	)
Proceeds from sales of office buildings, land, equipment and facilities		462			1,033			10			690
Payments for purchases of investments in equity securities		(1,102	)		(58	)		(1	)		(10,299	)
Proceeds from sales of investments in equity securities		25,112			20,712			193			30,067
Decrease in non-trading debt securities, net		121,125			63,772			595			152,209
Decrease in other investments and other assets, net		15,164			7,588			71			6,621

Net cash provided by investing activities		129,154			68,362			638			134,053

Cash flows from financing activities:

Increase in long-term borrowings		555,016			458,971			4,284			654,407
Decrease in long-term borrowings		(244,023	)		(445,450	)		(4,158	)		(324,232	)
(Decrease) increase in short-term borrowings, net		(529,458	)		935,496			8,732			(290,775	)
Proceeds from sales of common stock		—			8,011			75			—
Payments for repurchases of common stock		(26,510	)		(3,959	)		(37	)		(34,527	)
Payments for cash dividends		(29,485	)		(43,686	)		(407	)		(29,485	)

Net cash (used in) provided by financing activities		(274,460	)		909,383			8,489			(24,612	)

Effect of exchange rate changes on cash and cash equivalents		(8,858	)		(11,852	)		(111	)		(8,952	)

Net increase in cash and cash equivalents		212,009			41,168			385			134,602
Cash and cash equivalents at beginning of the period		356,635			491,237			4,585			356,635

Cash and cash equivalents at end of the period	¥	568,644		¥	532,405		$	4,970		¥	491,237

NOMURA HOLDINGS, INC.

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

(UNAUDITED)

1. Accounting policies:

The consolidated financial information herein has basically been prepared in accordance with Nomura’s accounting policies which are disclosed in the footnotes of Nomura Holdings, Inc.’s Annual Securities Report (the Annual Report filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance in Japan) and Form 20-F (the Annual Report filed with the U.S. Securities and Exchange Commission) for the year ended March 31, 2003.

2. U.S. dollar amounts:

The U.S. dollar amounts are included solely for the convenience of the reader and have been translated at the rate of ¥107.13 = US$1, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2003. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars.

3. Credit and investment commitments and guarantees:

Commitments—

In connection with its banking/financing activities, Nomura has provided to counterparties through subsidiaries, commitments to extend credit, which generally have a fixed expiration date. In connection with its investment banking activities, Nomura has entered into agreements with customers under which Nomura has committed to underwrite notes that may be issued by the customers. The outstanding commitments under these agreements are included in commitments to extend credit. Nomura has also had commitments in connection with its merchant banking activities.

Contractual amounts of these commitments were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	December 31, 2003		December 31, 2003		March 31, 2003
Commitments to extend credit and commitments in connection with merchant banking activities	¥	160,672	$	1,500	¥	247,344

Guarantees—

Nomura enters into, in the normal course of its subsidiaries’ banking/financing activities, various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date. In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee under FIN No. 45. Contractual amounts of these guarantees, other than derivative contract, for which the fair values are recorded on the consolidated balance sheets at fair value, were as follows:


	Millions of yen		Translation into millions of U.S. dollars		Millions of yen
	December 31, 2003		December 31, 2003		March 31, 2003
Standby letters of credit and other guarantees	¥	30,579	$	285	¥	49,449

4. Comprehensive income :

Comprehensive income


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the nine months ended									For the year ended
	December 31, 2002			December 31, 2003			December 31, 2003			March 31, 2003
Net income	¥	146,041		¥	102,417		$	956		¥	119,913

Other comprehensive (loss) income, net of tax:
Change in cumulative translation adjustments		(2,466	)		(11,928	)		(111	)		(2,644	)
Minimum pension liability adjustment during the period		1,610			2,480			23			(16,586	)

Total other comprehensive (loss) income, net of tax		(856	)		(9,448	)		(88	)		(19,230	)

Comprehensive income	¥	145,185		¥	92,969		$	868		¥	100,683

5. Segment Information-Operating segment:

Business segments’ results for the nine months ended December 31, 2002 and 2003 and for the year ended March 31, 2003 are shown in the following table.


	Millions of yen
	Domestic Retail		Global Wholesale		Asset Management			Other (Inc. elimination)			Total
Nine months ended December 31, 2002
Non-interest revenue	¥	191,938	¥	137,769	¥	27,428		¥	(206	)	¥	356,929
Net interest revenue		2,119		78,081		1,730			13,345			95,275

Net revenue		194,057		215,850		29,158			13,139			452,204
Non-interest expenses		159,609		148,652		25,699			20,867			354,827

Income (loss) before income taxes	¥	34,448	¥	67,198	¥	3,459		¥	(7,728	)	¥	97,377

Nine months ended December 31, 2003
Non-interest revenue	¥	224,680	¥	215,180	¥	25,690		¥	(13,745	)	¥	451,805
Net interest revenue		1,235		51,266		1,225			16,662			70,388

Net revenue		225,915		266,446		26,915			2,917			522,193
Non-interest expenses		166,390		169,003		26,767			7,110			369,270

Income (loss) before income taxes	¥	59,525	¥	97,443	¥	148		¥	(4,193	)	¥	152,923


	Change (%)
Income (loss) before income taxes
Nine months ended December 31, 2003 vs. 2002		72.8		45.0		(95.7	)		—			57.0


	Translation into millions of U.S. dollars
Nine months ended December 31, 2003
Non-interest revenue	$	2,097	$	2,008	$	240		$	(128	)	$	4,217
Net interest revenue		12		479		11			155			657

Net revenue		2,109		2,487		251			27			4,874
Non-interest expenses		1,553		1,578		250			66			3,447

Income (loss) before income taxes	$	556	$	909	$	1		$	(39	)	$	1,427


	Millions of yen
Year ended March 31, 2003
Non-interest revenue	¥	246,938	¥	196,675	¥	34,828		¥	(2,966	)	¥	475,475
Net interest revenue		2,313		101,794		2,232			20,939			127,278

Net revenue		249,251		298,469		37,060			17,973			602,753
Non-interest expenses		213,562		207,436		33,866			58,678			513,542

Income (loss) before income taxes	¥	35,689	¥	91,033	¥	3,194		¥	(40,705	)	¥	89,211

Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in the “Other” column.

The following table presents the major components of income/ (loss) before income taxes in “Other”


	Millions of yen						Translation into millions of U.S. dollars			Millions of yen
	For the nine months ended									For the year ended
	December 31, 2002			December 31, 2003			December 31, 2003			March 31, 2003
Gain / (loss) on undesignated hedging instruments included in Net gain on trading	¥	293		¥	(13,207	)	$	(123	)	¥	2,065
Gain / (loss) on investment securities		5,227			(449	)		(4	)		(561	)
Equity in (losses) / income of affiliates		(93	)		4,149			38			(3,842	)
Corporate items		(1,126	)		(9,789	)		(91	)		(9,356	)
Impairment loss on investment in an affiliated company		—			—			—			(21,165	)
Others		(12,029	)		15,103			141			(7,846	)

Total	¥	(7,728	)	¥	(4,193	)	$	(39	)	¥	(40,705	)

The table below presents a reconciliation of the combined segment information included in the table on the previous page to reported net revenue and income before income taxes and cumulative effect of accounting change in the consolidated income statement information.


	Millions of yen					Translation into millions of U.S. dollars		Millions of yen
	For the nine months ended							For the year ended
	December 31, 2002			December 31, 2003		December 31, 2003		March 31, 2003
Net revenue	¥	452,204		¥	522,193	$	4,874	¥	602,753
Unrealized (loss)/gain on investments in equity securities held for relationship purposes		(38,735	)		35,799		334		(43,017	)
Effect of consolidation/ deconsolidation of the private equity investee companies		2,093			7,013		66		6,538

Consolidated net revenue	¥	415,562		¥	565,005	$	5,274	¥	566,274

Income before income taxes	¥	97,377		¥	152,923	$	1,427	¥	89,211
Unrealized (loss)/gain on investments in equity securities held for relationship purposes		(38,735	)		35,799		334		(43,017	)
Effect of consolidation/ deconsolidation of the private equity investee companies		985			460		5		1,215

Consolidated income before income taxes and cumulative effect of accounting change	¥	59,627		¥	189,182	$	1,766	¥	47,409

NOMURA HOLDINGS, INC.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

“Commissions received” and “Net gain on trading” consist of the following:

Commissions received


	Millions of yen				% Change		Translation into millions of U.S. dollars		Millions of yen
	For the nine months ended								For the year ended
	December 31, 2002 (A)		December 31, 2003 (B)		(B-A)/(A)		December 31, 2003		March 31, 2003
Commissions	¥	115,079	¥	147,309	28.0		$	1,375	¥	141,640

Brokerage Commissions		69,875		104,424	49.4			975		85,157
Commissions for Distribution of Investment Trust		24,382		26,291	7.8			245		30,507

Fees from Investment Banking		50,850		58,766	15.6			549		81,847

Underwriting and Distribution		38,230		48,233	26.2			450		62,365
M&A / Financial Advisory Fees		10,731		10,410	(3.0	)		97		16,803

Asset Management and Portfolio Service Fees		63,636		47,549	(25.3	)		444		79,290

Asset Management Fees		56,691		40,086	(29.3	)		374		70,181

Total	¥	229,565	¥	253,624	10.5		$	2,368	¥	302,777

Net gain on trading


	Millions of yen					% Change	Translation into millions of U.S. dollars		Millions of yen
	For the nine months ended								For the year ended
	December 31, 2002 (A)			December 31, 2003 (B)		(B-A)/(A)	December 31, 2003		March 31, 2003
Merchant Banking	¥	(1,301	)	¥	1,782	—	$	17	¥	2,779
Equity Trading		14,730			59,080	301.1		551		35,919
Fixed Income and Other Trading		101,060			120,467	19.2		1,124		133,610

Total	¥	114,489		¥	181,329	58.4	$	1,692	¥	172,308

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen
	For the three months ended
	June 30, 2002			September 30, 2002			December 31, 2002			March 31, 2003			June 30, 2003			September 30, 2003		December 31, 2003
Revenue:
Commissions	¥	46,091		¥	34,685		¥	34,303		¥	26,561		¥	33,752		¥	55,967	¥	57,590
Fees from investment banking		15,632			18,281			16,937			30,997			14,498			19,860		24,408
Asset management and portfolio service fees		24,190			21,905			17,541			15,654			13,735			17,022		16,792
Net gain on trading		36,964			29,185			48,340			57,819			80,432			67,097		33,800
Interest and dividends		91,065			115,848			107,190			87,821			113,844			104,036		78,333
(Loss) gain on investments in equity securities		(3,325	)		(7,094	)		(21,912	)		(8,957	)		16,168			15,601		2,788
Gain (loss) on private equity investments		3,037			(5,929	)		(1,991	)		(9,508	)		(669	)		7,267		(2,105	)
Other		3,317			6,401			3,729			6,142			8,030			6,738		5,845

Total revenue		216,971			213,282			204,137			206,529			279,790			293,588		217,451
Interest expense		74,305			72,533			71,990			55,817			79,703			78,901		67,220

Net revenue		142,666			140,749			132,147			150,712			200,087			214,687		150,231

Non-interest expenses:
Compensation and benefits		63,595			57,688			59,472			63,412			65,903			67,686		61,823
Commissions and floor brokerage		4,477			5,553			3,564			7,250			4,904			4,625		3,482
Information processing and communications		18,176			19,233			18,801			21,179			18,890			19,520		19,155
Occupancy and related depreciation		14,563			14,537			14,118			13,934			13,319			13,506		12,929
Business development expenses		5,895			7,782			4,823			5,861			4,983			5,428		5,495
Other		17,589			13,690			12,379			51,294			20,788			15,971		17,416

		124,295			118,483			113,157			162,930			128,787			126,736		120,300

Income (loss) before income taxes and cumulative effect of accounting change		18,371			22,266			18,990			(12,218	)		71,300			87,951		29,931

Income tax expense (benefit):
Current		15,100			(1,256	)		2,085			9,590			27,093			38,418		15,265
Deferred		(4,775	)		10,297			1,934			4,320			5,159			1,895		(1,065	)

		10,325			9,041			4,019			13,910			32,252			40,313		14,200

Income (loss) before cumulative effect of accounting change		8,046			13,225			14,971			(26,128	)		39,048			47,638		15,731

Cumulative effect of accounting change		109,799			—			—			—			—			—		—

Net income (loss)	¥	117,845		¥	13,225		¥	14,971		¥	(26,128	)	¥	39,048		¥	47,638	¥	15,731


	Yen
Per share of common stock:
Basic-
Income (loss) before cumulative effect of accounting change	¥	4.09		¥	6.73		¥	7.65		¥	(13.46	)	¥	20.14		¥	24.58	¥	8.10
Cumulative effect of accounting change		55.86			—			—			—			—			—		—

Net income (loss)	¥	59.95		¥	6.73		¥	7.65		¥	(13.46	)	¥	20.14		¥	24.58	¥	8.10

Diluted-
Income (loss) before cumulative effect of accounting change	¥	4.09		¥	6.73		¥	7.65		¥	(13.46	)	¥	20.14		¥	24.58	¥	8.10
Cumulative effect of accounting change		55.86			—			—			—			—			—		—

Net income (loss)	¥	59.95		¥	6.73		¥	7.65		¥	(13.46	)	¥	20.14		¥	24.58	¥	8.10

Unconsolidated Financial Information of Major Consolidated Entities

(UNAUDITED)

The unconsolidated financial information, prepared under Japanese GAAP, is presented for the following entities;

-Nomura Holdings, Inc. Financial Information (Parent Company Only)

-Nomura Securities Co., Ltd. Financial Information

NOMURA HOLDINGS, INC. (PARENT COMPANY ONLY)

INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen			% Change		Millions of yen
	For the nine months ended:			% Change		For the year ended
	December 31, 2003 (A)	December 31, 2002 (B)		(A-B) / (B)(%)		March 31, 2003
Operating revenue	106,321	75,391		41.0		102,633
Operating expenses	69,220	67,922		1.9		92,596

Operating income	37,101	7,468		396.8		10,036

Non-operating income	1,760	3,057		(42.4	)	3,824
Non-operating expenses	451	711		(36.5	)	3,119

Ordinary income	38,409	9,814		291.3		10,742

Special profits	3,632	15,616		(76.7	)	16,498
Special losses	4,060	9,105		(55.4	)	44,773

Income (loss) before income taxes	37,982	16,325		132.7		(17,531	)

Income taxes - current	3,048	(33,039	)	—		(39,527	)
Income taxes - deferred	3,356	38,479		(91.3	)	34,821

Net income (loss)	31,577	10,886		190.1		(12,825	)

Unappropriated retained earnings brought forward	4,606	6,855				6,855

Interim dividend paid	14,569	—				—

Unappropriated retained earnings (accumulated deficit)	21,614	17,741				(5,969	)

NOMURA HOLDINGS, INC. (PARENT COMPANY ONLY)

BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	December 31, 2003	December 31, 2002	March 31, 2003
Assets:
Current Assets	743,460	471,036	652,450
Fixed Assets	1,532,787	1,537,624	1,468,663

Total Assets	2,276,247	2,008,660	2,121,113

Liabilities:
Current Liabilities	400,111	171,577	256,253
Long-term Liabilities	521,757	462,671	522,824

Total Liabilities	921,869	634,249	779,077

Total Shareholders’ Equity	1,354,377	1,374,411	1,342,035

Total Liabilities and Shareholders’ Equity	2,276,247	2,008,660	2,121,113

NOMURA SECURITIES CO., LTD.

INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen				% Change		Millions of yen
	For the nine months ended						For the year ended
	December 31, 2003 (A)		December 31, 2002 (B)		(A-B) /(B)(%)		March 31, 2003
Operating revenue	447,850		356,161		25.7		470,099

Commissions	194,609		160,402		21.3		207,103
Net gain on trading	208,907		150,702		38.6		207,158
Net gain on other inventories	9		7		24.8		11
Interest and dividend income	44,324		45,048		(1.6	)	55,826

Interest expenses	40,167		25,423		58.0		31,167

Net operating revenue	407,682		330,737		23.3		438,932

Selling, general and administrative expenses	241,234		233,686		3.2		316,414

Operating income	166,448		97,051		71.5		122,517

Non-operating income	1,183		1,176		0.5		1,504
Non-operating expenses	1,317		1,046		25.8		2,036

Ordinary income	166,314		97,181		71.1		121,985

Special profits	85		272		(68.5	)	196
Special losses	64		217		(70.3	)	388

Income before income taxes	166,335		97,236		71.1		121,793

Income taxes - current	72,561		43,891		65.3		55,343
Income taxes - deferred	(25	)	(5,058	)	—		(4,172	)

Net income	93,799		58,403		60.6		70,622

Unappropriated retained earnings brought forward	29,862		20,351				20,351

Unappropriated retained earnings	123,662		78,754				90,973

NOMURA SECURITIES CO., LTD.

BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	December 31, 2003	December 31, 2002	March 31, 2003
Assets
Current Assets:	14,378,843	8,087,149	9,625,560

Trading Assets	8,340,579	4,573,790	5,172,420
Loans with securities as collateral	5,305,086	2,958,086	3,538,974
Other	733,177	555,272	914,165

Fixed Assets	61,195	69,963	70,420

Total Assets	14,440,039	8,157,112	9,695,981

Liabilities
Current Liabilities:	13,246,521	6,974,060	8,606,713

Trading liabilities	4,446,941	2,466,072	2,869,769
Borrowings with securities as collateral	5,516,038	2,769,787	3,729,547
Other	3,283,542	1,738,199	2,007,396

Long-term Liabilities	466,360	546,138	439,963

Statutory Reserves	916	680	851

Total Liabilities	13,713,798	7,520,879	9,047,528

Total Shareholder’s Equity	726,241	636,233	648,452

Total Liabilities and Shareholder’s Equity	14,440,039	8,157,112	9,695,981

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

1. Commission Revenues

(1) Breakdown by Category


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
	December 31, 2003 (A)	December 31, 2002 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
Brokerage commissions	90,945	60,343	50.7	%	73,119

(Stocks)	83,940	55,133	52.2		65,939
Underwriting commissions	28,381	17,218	64.8		25,686

(Stocks)	25,071	11,459	118.8		18,769
(Bonds)	3,309	5,758	(42.5	)	6,917
Distribution commissions	30,322	25,065	21.0		31,858

(Investment trust certificates)	26,151	24,200	8.1		30,277
Other commissions	44,960	57,775	(22.2	)	76,438

(Investment trust certificates)	16,782	27,738	(39.5	)	33,933

Total	194,609	160,402	21.3		207,103

(2) Breakdown by Product


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
	December 31, 2003 (A)	December 31, 2002 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
Stocks	110,918	69,785	58.9	%	89,400
Bonds	14,996	12,160	23.3		16,726
Investment trust certificates	49,107	55,528	(11.6	)	69,474
Others	19,587	22,927	(14.6	)	31,501

Total	194,609	160,402	21.3		207,103

2. Net Gain on Trading


	(Millions of yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
	December 31, 2003 (A)	December 31, 2002 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
Stocks	55,621	28,211	97.2	%	51,250
Bonds and forex	153,285	122,491	25.1		155,907

Total	208,907	150,702	38.6		207,158

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

3. Stock Trading (excluding futures transactions)


	(Millions of shares or yen except per share data and percentages)
	Nine Months Ended
	December 31, 2003 (A)				December 31, 2002 (B)				Comparison (A-B)/(B)(%)				Year Ended March 31, 2003
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	45,578		37,532,980		33,191		34,918,071		37.3	%	7.5	%	42,770		42,064,005
(Brokerage)	31,584		23,692,812		20,125		19,747,982		56.9		20.0		26,404		24,210,854
(Proprietary Trading)	13,994		13,840,167		13,066		15,170,088		7.1		(8.8	)	16,365		17,853,150
Brokerage / Total	69.3	%	63.1	%	60.6	%	56.6	%					61.7	%	57.6	%
Stock Trading Share in Tokyo Stock Exchange	6.7	%	7.1	%	7.9	%	9.2	%					7.5	%	8.7	%
Brokerage Commission per share (yen)	2.62				2.65								2.42

4. Underwriting, Subscription, and Distribution


	(Millions of shares or yen except percentages)
	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
	December 31, 2003 (A)	December 31, 2002 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2003
Underwriting
Stocks (number of shares)	351	172	103.7	%	191
(yen amount)	533,079	351,891	51.5		503,603
Bonds (face value)	5,424,889	4,646,485	16.8		5,710,311
Investment trust certificates (yen amount)	—	—	—		—
Commercial paper and others (face value)	427,800	515,500	(17.0	)	757,500
Subscripition and Distribution*
Stocks (number of shares)	515	1,466	(64.9	)	1,486
(yen amount)	604,633	404,248	49.6		607,806
Bonds (face value)	1,489,886	1,473,656	1.1		1,840,377
Investment trust certificates (yen amount)	9,935,383	9,357,646	6.2		11,905,684
Commercial paper and others (face value)	427,800	515,500	(17.0	)	757,500

*	Includes secondary offerings and private placements.

5. Capital Adequacy Ratio


	(Millions of yen except percentages)
	December 31, 2003		December 31, 2002		March 31, 2003
Tier I (A)	726,241		636,233		632,341
Tier II Statutory reserves	916		680		851
Allowance for doubtful accounts	118		211		211
Subordinated debt	209,300		190,000		190,000

Total (B)	210,334		190,892		191,062

Illiquid Asset (C)	69,978		78,315		74,298

Net Capital (A) + (B) - (C) = (D)	866,597		748,810		749,106

Market risk	147,227		97,909		101,337
Risk Counterparty risk	103,327		109,515		103,251
Basic risk	93,037		78,928		83,199

Total (E)	343,593		286,354		287,789

Capital Adequacy Ratio (D)/(E)	252.2	%	261.4	%	260.2	%

LOGO

Tokyo, January 29, 2004

Nomura Institute of Capital Markets Research To Be Established

Nomura Holdings announces the establishment of Nomura Institute of Capital Markets Research. The new company will offer financial and capital markets research as well as policy recommendations and will open its doors April 1, 2004.

The Nomura Group is already involved in various efforts, such as securities education activities, to expand and enhance Japan’s capital markets. The creation of Nomura Institute of Capital Markets Research is further intended to encourage the sound growth of Japan’s financial and capital markets through unbiased research and policy recommendations.

< Planned Company Outline>

(1) Company Name

Nomura Institute of Capital Markets Research

(2) Business Operations

Research and policy recommendations on systems, structures, and trends of financial and capital markets and financial institutions

(3) Capital Relationship

Wholly-owned subsidiary of Nomura Holdings, Inc. (110 million JPY capital)

(4) Representative

Junichi Ujiie

(5) Office Location

Headquarters: Nihonbashi, Chuo-ku, Tokyo

With overseas representative offices in London and New York

(6) Start of Operations

April 1, 2004

Ends

For further information please contact:



Name	Company	Telephone

Masafumi Yoshino Tsukasa Noda James Pobjoy	Corporate Communications Dept., Nomura Group Headquarters Corporate Communications Dept., Nomura Group Headquarters Corporate Communications Dept., Nomura Group Headquarters	+81-3-3278-0591 +81-3-3278-0591 +81-3-3278-0591

Notes to editors:

The Nomura Group

Nomura Group, with its core businesses of the securities and related businesses, is dedicated to providing a broad range of financial services for individual, institutional, corporate and government customers. We offer a diverse line of competitive products and value-added financial and advisory services through the 128 domestic branch offices of Nomura Securities Co., Ltd. and our overseas network that combines offices in 28 countries. Our business activities include investment consultation services for domestic retail investors, securities brokerage services, securities underwriting for domestic and foreign governments and corporations, mergers and acquisition and financial advisory services, merchant banking, and asset management for investment trusts and pension funds.

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