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

For the month of November 2014

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):

Information furnished on this form:

EXHIBIT

Exhibit Number

1.	Consolidated Results of Operations (US GAAP), the second quarter, year ending March 2015

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: November 5, 2014	By:	/s/ Hajime Ikeda
		Hajime Ikeda
		Managing Director

LOGO

Consolidated Results of Operations

Second quarter, year ending March 2015

(US GAAP)

Nomura Holdings, Inc.

October 2014

LOGO

Outline

Presentation

Executive summary (p. 2)

Overview of results (p. 3)

Business segment results (p. 4)

Retail (p. 5-6)

Asset Management (p. 7-8)

Wholesale (p. 9-11)

Non-interest expenses (p. 12)

Robust financial position (p. 13)

Funding and liquidity (p. 14)

Financial Supplement

Consolidated balance sheet (p. 16)

Value at risk (p. 17)

Consolidated financial highlights (p. 18)

Consolidated income (p. 19)

Main revenue items (p. 20)

Consolidated results: Income (loss) before income taxes by

segment and region (p. 21)

Segment “Other” (p. 22)

Retail related data (p. 23-27)

Asset Management related data (p. 28-29)

Wholesale related data (p. 30-31)

Number of employees (p. 32)

NOMURA

LOGO

Executive summary

Highlights

FY2014/15 1H

Second best first-half net income in 10 years: Slowdown from FY2013/14 1H

Net revenue: Y744.7bn; Income before income taxes: Y125.7bn; Net income1: Y72.7bn; ROE2: 5.7%;

EPS3: Y19.34

Retail client assets (Y99.3trn) and assets under management (Y34.8trn, net) both at record highs

Continued inflows and market factors led to expansion of assets in Retail and Asset Management

FY2014/15 2Q

Group net revenue and income before income taxes up both QoQ and YoY

Net revenue: Y373.8bn (+1% QoQ; +5% YoY)

Income before income taxes: Y74.0bn (+43% QoQ; +1% YoY)

Net income1: Y52.9bn (+166% QoQ; +39% YoY)

ROE2: 8.4% (1Q: 3.2%; FY2013/14 2Q: 6.4%)

EPS3: Y14.15 (1Q: Y5.26; FY2013/14 2Q: Y9.99)

Profitable international operations

Strong AEJ business revenues plus impact of changes to own and counterparty credit spreads

Three segment income before income taxes up 51% QoQ at Y68.9bn

Retail and Asset Management remained resilient

Solid Wholesale net revenue and rebound in income before income taxes as previous quarter

included costs specific to 1Q (FCR4 related expenses)

Shareholder returns

Interim dividend: Y6 (Dividend payout ratio: 30.2%)

Launched share buyback program to deliver shares upon the exercise of stock options and to raise

capital efficiency and ensure a flexible capital management policy.

Total shares: Upper limit of 40 million shares

Of which, approx. 20 million shares expected to be used for stock options

exercised in the future

Total value: Upper limit of Y28bn

Income before income taxes

Group (billions of yen)

113.2

86.9 88.6 +43%

72.9 74.0

51.7

FY2013/14 FY2014/15

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

Three business segments Wholesale

113.0 Asset Management

Retail

84.4

71.4 +51% 68.9

62.1

45.6

FY2013/14 FY2014/15

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

(1) Net income attributable to Nomura Holdings shareholders. (2) Calculated using annualized net income for each period

(3)

Diluted net income attributable to Nomura Holdings shareholders per share.

(4) All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based

on corporate title and length of service within Nomura are met.

NOMURA

LOGO

Overview of results

Highlights

(billions of yen, except EPS and ROE)

FY2014/15 FY2014/15

QoQ YoY YoY

2Q 1H

Net revenue 373.8 +1% +5% 744.7 -5%

Non-interest expenses 299.8 -6% +6% 619.0 +3%

Income before income taxes 74.0 +43% +1% 125.7 -32%

Net income1 52.9 +166% +39% 72.7 -30%

EPS2 14.15 yen +169% +42% 19.34 yen -29%

ROE3 8.4% 5.7%

(1)

Net income attributable to Nomura Holdings shareholders.

(2)

Diluted net income attributable to Nomura Holdings shareholders per share.

(3)

Calculated using annualized net income for each period.

NOMURA

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Business segment results

Net revenue and income before income taxes

FY2014/15 FY2014/15

QoQ YoY YoY

2Q 1H

Net Retail 117.9 +10% -1% 224.8 -21%

revenue Asset Management 21.7 -7% +16% 45.0 +16%

Wholesale 190.6 +1% +4% 379.5 +0.4%

Subtotal 330.2 +3% +3% 649.3 -8%

Other 1) 41.0 -15% +38% 89.3 +23%

Unrealized gain on investments in

equity securities held for operating purposes 2.6 -26% -49% 6.1 -50%

Net revenue 373.8 +1% +5% 744.7 -5%

Income Retail 2) 38.9 +23% -3% 70.5 -42%

before

income Asset Management 2) 7.8 -6% +27% 16.1 +25%

taxes Wholesale 2) 22.2 3.9x -12% 27.9 -45%

Subtotal 68.9 +51% -4% 114.5 -38%

Other 1), 2) 2.5 -1% — 5.1 -

Unrealized gain on investments in

equity securities held for operating purposes 2.6 -26% -49% 6.1 -50%

Income before income taxes 74.0 +43% +1% 125.7 -32%

Additional information: 1) Gain from changes to own and counterparty credit spreads of Y6.4bn (vs. loss of Y7.1bn last quarter)

2) Booked full career retirement (FCR)1 related expenses of Y18bn in 1Q

(1) All new deferred awards granted in May 2013 and 2014 include “Full Career Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on

corporate title and length of service within Nomura are met.

NOMURA

LOGO

Retail

Net revenue and income before income taxes Key points

(billions of yen) Net revenue: Y117.9bn (+10% QoQ; -1% YoY)

FY2013/14 FY2014/15 Income before income taxes: Y38.9bn (+23% QoQ; -3% YoY)

QoQ YoY

2Q 3Q 4Q 1Q 2Q Net revenue and income before income taxes both up QoQ on robust sales of

stocks, investment trusts, and discretionary investments

Net revenue 119.7 128.0 97.9 106.9 117.9 +10% -1% Retail client assets at record high driven by an increase in net inflows of cash

and securities1 and market factors

Non-interest expenses 79.8 80.3 74.6 75.3 79.1 +5% -1% Client franchise

– Retail client assets Y99.3trn (Y95.3trn)

Income before income taxes 40.0 47.7 23.3 31.6 38.9 +23% -3% – Accounts with balance 5.21m (5.19m)

– NISA account applications 1.41m (1.35m)

– Net inflows of cash and securities1 Y484.8bn (Y472.9bn)

Total sales2 *Figures in brackets are for 1Q or as at end of June

(billions of yen)

Stocks Bonds Investment trusts Discretionary investment, Insurance products

5,000

4,000

3,000

2,000

1,000

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

(1)

Cash and securities inflows minus outflows, excluding regional financial institutions.

(2)

Retail channels only.

(3)

Retail channels, Net & Call, and Hotto Direct.

Total sales2 up 20% QoQ

Stocks: +28% QoQ

–Solid secondary business driven partly by market rally and yen depreciation

–IPO/PO subscriptions3 down 45% QoQ at Y81.1bn

Investment trusts: +25% QoQ

–Sales growth centered on major funds with solid investment performance;

Investment trust net inflows grew for fourth straight quarter

Bonds: -15% QoQ; Total sales of Y559.4bn

–Robust sales of large corporate bonds for retail investors; Lower yields and

sharp yen depreciation led to softer sales of foreign bonds

NOMURA

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Retail: Initiatives to grow client assets delivering results

Discretionary investment net inflows1

(billions of yen)

100.0 95.1

80.9 78.1

69.4

50.0

34.3

19.2

9.2

1.1

0.0

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q Jul Aug Sep

(Month av.) (Month av.) (Month av.) (Month av.) (Month av.)

Investment trust net inflows1

(billions of yen)

101.3

100.0

59.6

50.3

50.0 43.8 42.6

34.8

1.8 8.4

0.0

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q Jul Aug Sep

(Month av.) (Month av.) (Month av.) (Month av.) (Month av.)

(1)

Retail channels and Japan Wealth Management group.

(2)

Retail channels only.

Continued focus on transforming business model

Renewed push to provide solutions that meet each client’s individual needs

through financial consulting seminars and one-on-one meetings

–Recurring revenue increased on stronger net inflows into discretionary

investments1 and investment trusts1

–Solid sales of insurance products2, primarily annuities; Continued high level

following on from last quarter

Y15.2bn (Y14bn)

Recurring revenue Y242.6bn (Y103bn)

–Discretionary investment net inflows1 Y178.7bn (Y151bn)

–Investment trust net inflows1 Y84.8bn (Y95.1bn)

Sales of insurance products2 *Figures in brackets are for 1Q or as at end June.

Sales of insurance products2

(billions of yen)

40.0

31.7

28.3 29.3 29.1

30.0 26.4

20.0

13.1

10.5 10.7

10.0

0.0

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q Jul Aug Sep

(Month av.) (Month av.) (Month av.) (Month av.) (Month av.)

NOMURA

LOGO

NOMURA

Asset Management

Net revenue and income before income taxes

(billions of yen)

FY2013/14 FY2014/15

QoQ YoY

2Q 3Q 4Q 1Q 2Q

Net revenue 18.6 21.2 20.5 23.3 21.7 -7% +16%

Non-interest expenses 12.5 12.3 15.1 15.1 13.9 -8% +11%

Income before income taxes 6.2 8.9 5.3 8.3 7.8 -6% +27%

Assets under management

(trillions of yen) AuM (gross)1 AuM (net)2

40.3 40.6 42.7

37.3 30.0 32.9 38.2 30.8 33.0 34.8

FY2013/14 FY2014/15

Sep Dec Mar Jun Sep

Key points

Net revenue: Y21.7bn (-7% QoQ; +16% YoY)

Income before income taxes: Y7.8bn (-6% QoQ; +27% YoY)

Assets under management at record high on inflows into investment

trusts and due to market factors

Income before income taxes remained strong

Investment trust business

Inflows mainly into funds targeting income gains from dividends and interest

2Q inflows

Nomura DB High Dividend Infrastructure Stock Fund Y361.5bn

Nomura Global High Dividend Stock Premium Y68.6bn

Nomura Templeton Total Return Y64.7bn

Sales of privately placed funds for regional financial institutions remain strong

with AuM up 26% QoQ (3.3x YoY)

AuM in Fund Wrap and SMA funds3 increased 75% QoQ (4x YoY)

Investment advisory business

Expansion of international business using UCITS4 funds

Continued inflows into Japanese equities

Expanded distribution channels beyond EU

Started in Taiwan, Thailand, Korea, South America, in addition to

Hong Kong and Singapore

Tapping into growing demand for smart beta products

In addition to RAFI®5 products, now also offering JPX-Nikkei Index 400

ETF6; AuM exceeded Y1trn

duplications from assets under management (gross). (3) Nomura Asset Management only. (4) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment

schemes investing in transferable securities. (5) RAFI® is a fundamental index developed by Research Affiliates, selects and weights stocks based on fundamental measures such as book value, dividends, cash flow and so on. (6)

JPX-Nikkei Index 400 is a stock price index calculated through such methodology as independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc., and Nikkei Inc. “JPX-Nikkei 400 ETF” is an exchange

traded fund which aims at investment performance linked to the JPX-Nikkei Index 400.

LOGO

NOMURA

Asset Management: Solid inflows into investment trusts

Assets under management (gross)1 by business

(trillions of yen)

Investment trust business Investment advisory business

50.0

40.3 40.6 42.7

40.0 37.3 38.2

10.9 11.0 11.4

30.0 10.5 9.8

20.0

10.0 26.8 29.4 28.4 29.6 31.3

0.0

FY2013/14 FY2014/15

Sep Dec Mar Jun Sep

Investment trust business flow of funds3

(billions of yen)

1,200 Investment trust business (excl. ETFs) ETFs

873 789

900

600 501 496

300 257 153 89 90

-300 -23

-600

-900 -820

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Nomura Asset Management public investment trust market

share2

26.0%

23.6%

24.0% 22.7% 22.9% 22.8% 23.1%

22.0%

20.0%

18.0%

16.0%

FY2013/14 FY2014/15

Sep Dec Mar Jun Sep

Growth in discretionary

investment products4 New businesses

AuM in Fund Wrap and SMA funds Alliance with Bridge Capital Asset

Management

405 Aiming to expand product

Note: Indexed, Sep 2013 = 100 offering by investing in hedge

fund incubation funds managed

by Bridge Capital

232 Established joint venture with

165 Shenzhen Hua Xia Ren He Capital

128 Management in Qianhai Economic

100 Zone to conduct private fund

business

(Nomura China Asset Management)

Services for direct investment in

2013/09 2013/12 2014/03 2014/06 2014/09 Chinese private equity funds

(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital. (2) Source: The Investment Trusts Association, Japan. (3) Based on assets under management (net). (4) Nomura Asset Management only.

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NOMURA

Wholesale

Net revenue and income before income taxes

(billions of yen)

FY2013/14 FY2014/15

QoQ YoY

2Q 3Q 4Q 1Q 2Q

Global Markets 159.6 158.0 166.8 166.6 168.1 +1% +5%

Investment Banking 23.8 30.7 31.7 22.3 22.5 +1% -5%

Net revenue 183.3 188.7 198.5 188.9 190.6 +1% +4%

Non-interest expenses 158.1 160.9 165.0 183.1 168.4 -8% +7%

Income before income taxes 25.3 27.8 33.5 5.7 22.2 3.9x -12%

Net revenue by region

(billions of yen)

200.0

45.9 52.2 61.4 58.2 46.1

150.0 Americas

47.7 EMEA

100.0 54.1 50.8 61.2 57.8 AEJ

24.5 21.9 16.4 17.7 31.6 Japan

50.0

58.8 63.7 59.4 55.2 65.1

0.0

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Key points

Net revenue: Y190.6bn (+1% QoQ; +4% YoY)

Income before income taxes: Y22.2bn (3.9x QoQ; -12% YoY)

Solid revenues

Revenues remained resilient, roughly unchanged QoQ as stronger revenues

in Japan and AEJ offset a slowdown in EMEA and the Americas

Higher income before income taxes QoQ as previous quarter included costs

specific to 1Q (FCR1 related expenses)

Regional performance (net revenue; QoQ)

Japan (Y65.1bn; +18%)

Global Markets reported stronger revenues on a rebound in trading revenues

Won multiple mandates on high-profile financing transactions and retained

#1 spot on Japan ECM/DCM league tables2

EMEA (Y47.7bn; -17%)

Rates products impacted by subdued client activity, while trading revenues

declined

In Investment Banking, FIG and Sponsor3 businesses had a solid quarter

Americas (Y46.1bn; -21%)

Strong quarter in FX, but slowdown in Securitized Products, Credit, and

Equity Derivatives

AEJ (Y31.6bn; +79%)

Best revenue quarter since April 2009 as Fixed Income and Equities both

reported significantly higher revenues

corporate title and length of service within Nomura are met.

(2)

Source: ECM: Thomson Reuters; DCM (corporate bonds including self-funded): Thomson DealWatch, Jan – Sep 2014.

(3)

Financial sponsors

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Nomura

Wholesale: Global Markets

Net revenue

(billions of yen)

Equities

Fixed Income +1%

QoQ

159.6 158.0 166.8 166.6 168.1 +5%

65.8 58.8 59.0 62.0 64.0 YoY

93.8 99.2 107.7 104.5 104.1

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Key points

Global Markets

Net revenue: Y168.1bn (+1% QoQ; +5% YoY)

Strong revenues amid difficult market conditions with Japan and AEJ

offsetting slowdown in Americas and EMEA.

Fixed Income

Net revenue: Y104.1bn (-0.5% QoQ; +11% YoY)

Stronger client revenues

Solid FX revenues across G10 and Emerging Markets currencies offset

slower production in other products

Equities

?Net revenue: Y64bn (+3% QoQ; -3% YoY)

Revenues grew on robust cash business despite a slowdown in

Derivatives from a strong 1Q

AEJ saw broad-based gain across products

FY2014/15 2Q net revenue by region

YoY QoQ

Global Global Markets

Markets Fixed Income Equities

Americas

EMEA

AEJ

Japan

0% ~ – + 5% – + 5% ~ – + 15% – + 15% ~

Americas: Slower Credit, Securitized Products, and Equity Derivatives from

a strong Q1

EMEA: Rates had a slow quarter; Cash Equities contributed to revenues

AEJ: FX (Emerging Markets) reported stronger revenues and Cash Equities

saw a rebound in both client revenues and trading revenues

Japan: Solid quarter in Cash Equities, Rates and FX

LOGO

Nomura

Wholesale: Investment Banking

Net revenue

Investment Banking (gross) (billions of yen)

45.8 35.9 55.4 43.2 40.7

Investment Banking (net)

Other 30.7 31.7 +1%

2.2 QoQ

0.4 23.8 11.7 22.3 22.5

0.0 -5%

29.5 YoY

23.3 19.0 22.8 22.5

-0.4

FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Key points

Net revenue: Y22.5bn (+1% QoQ; -5% YoY)

Investment Banking (gross) revenue: Y40.7bn

Japan

Revenues roughly unchanged QoQ as high-profile ECM/DCM mandates

contributed amid decline in overall fee pool

Retained top spot in ECM/DCM league tables1 (market share: ECM 34.1%;

DCM 29.4%)

Growth in solutions business as we focus on building capabilities

International

Despite QoQ decline, revenues were up YoY on resilient performance in

Americas and AEJ

Financial Sponsors business and EMEA FIG business contributed to

revenues

M&A-driven business growth

Won many mandates including Japan-related M&A

#1 on Japan-AEJ cross-border M&A league table1 (market share: 34.8%)

Acquisition finance and solutions business for pre-closing risk mitigation

(deal contingent FX, interest rate and currency swaps, etc.)

M&A Financing relating to M&A

Oji Holdings, INCJ/

Itochu/CP Group Carter Holt Harvey Softbank Dai-ichi Life

($1.9bn) (Rank Group) Retail bond Global PO

(NZ$1bn) (Y400bn) (Y277.1bn)

Finance for Bestway Finance for Hellman &

Panasonic/Ficosa BBVA/ acquisition of Friedman’s partial

Caixa d’Estalvis de The co-operative

(undisclosed) Catalunya (€1.2bn) pharmacy acquisition of ABRA

(Ł725m) ($475m)

Expansion in Americas and AEJ

Selective expansion of client coverage, continued growth of

product capabilities

Americas Building track record from last year in equity finance and

Growing leveraged finance

presence Finance for Jupiter Finance for Ares Management TiVo

Resources acquisition of

Encana Corp. assets acquisition of National CB

($1.5bn) Veterinary Associates ($575m) ($230m)

ECM, DCM, M&A reported stronger half-year revenues YoY

AEJ Higher revenues from leveraged finance and block trades

Revenue

diversification China Unicom Asia View (Yue Xiu) Finance for FountainVest

Off shore RMB Bond Exchangeable Bond Partners acquisition of Key

(RMB2.5bn) ($200m) Safety Systems ($600m)

(1) Source: ECM/M&A: Thomson Reuters; DCM (corporate bonds including self-funded): Thomson DealWatch, Jan – Sep 2014.

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Nomura

Non-interest expenses

Full year Quarter

(billions of yen (billions of yen)

Other

1,575.9

Business 400

development 1,500

expenses 319.2

related Occupancy depreciation and 1,200 1,195.5 283.5 292.5 301.4 299.8 300

Information

processing and 900

communications 200

Commissions and

floor brokerage 600

Compensation and 100

benefits 300

(Reference)

Excluding Nomura 0 0

Real Estate Holdings

FY2013/14 FY2014/15

FY2012/13 FY2013/14 QoQ

2Q 3Q 4Q 1Q 2Q

Compensation and benefits 547.6 570.1 135.4 138.8 132.6 168.8 140.8 -16.6% 1)

Commissions and floor brokerage 91.4 111.8 26.1 28.0 28.7 27.6 33.6 21.8% 2)

Information processing and communications 179.9 192.2 46.2 47.8 49.9 44.9 46.0 2.4%

Occupancy and related depreciation 91.5 80.1 20.8 19.0 20.5 18.6 18.2 -1.8%

Business development expenses 49.0 38.5 9.5 11.0 10.1 7.9 9.1 14.4% 3)

Other 616.5 202.8 45.4 47.9 59.4 51.4 52.1 1.4%

Total 1,575.9 1,195.5 283.5 292.5 301.4 319.2 299.8 -6.1%

Key points

Non-interest expenses: Y299.8bn

(-6% QoQ)

Compensation and benefits declined

significantly as previous quarter included

costs specific to 1Q (FCR1 related

expenses of Y18bn) —- 1)

Commissions and floor brokerage

increased in line with trading volumes

—- 2)

Business development expenses

increased due to higher NISA and other

advertising costs —— 3)

(1) All criteria new based deferred on awards corporate granted title and in May length 2013 of service and 2014 within include Nomura “Full are Career met. Retirement” provisions which permit the recipients of the awards to continue to vest in the awards upon voluntary termination if certain

LOGO

Nomura

Robust financial position

Balance sheet related indicators and capital ratios

Mar Jun Sep

Total assets Y43.5trn Y43.9trn Y43.8trn

Shareholders’ equity Y2.5trn Y2.5trn Y2.6trn

Gross leverage 17.3x 17.8x 17.1x

Net leverage1 10.4x 11.3x 10.7x

Level 3 assets2

(net) Y0.4trn Y0.4trn Y0.3trn

Liquidity portfolio Y6.1trn Y5.6trn Y5.8trn

(billions of yen) Jun Sep2

(Basel 3 basis) (Basel 3 basis)

Tier 1 2,283 2,351

Tier 2 397 372

Total capital 2,681 2,723

RWA3 17,389 18,424

Tier 1 ratio 13.1% 12.7%

Tier 1 common ratio4 13.1% 12.7%

Total capital ratio 15.4% 14.7%

Risk weighted assets3 and Tier 1 ratio

(trillions of yen) RWA (Basel 3) (lhs) Tier 1 ratio (Basel 3) (rhs)

20.0 20.0%

15.0 12.2% 12.0% 13.2% 13.1% 12.7% 11.8% 15.0%

10.0 10.0%

5.0 5.0%

0.0 Fully loaded 0.0%

FY2013/14 FY2014/15 Basel 3 2019

applied to

balance sheet

Sep Dec Mar Jun Sep at end Sep

(estimate)

Level 3 assets 2 and net level 3 assets/Tier 1 capital

(billions of yen) Level 3 assets

Net Level 3 Assets

800 30%

Net Level 3 Assets / Tier 1 Capital

600 19%

17% 16% 16% 20%

400 12%

10%

200

0 0%

FY2013/14 FY2014/15

Sep Dec Mar Jun Sep

(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders’ equity.

(2)

Preliminary.

(3)

Credit risk assets are calculated using the internal model method.

(4)

Tier 1 common ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets.

LOGO

Nomura

Funding and liquidity

Balance sheet structure

Highly liquid, healthy balance sheet

structure

83% of assets are highly liquid

trading and related assets that are

marked-to-market and matched to

trading and related liabilities through

repos etc. (regionally and by

currency)

Other assets are funded by equity

and long-term debt, ensuring

structural stability

Liquidity portfolio2

Liquidity portfolio:

Y5.8trn, or 13% of total assets

Maintain a high quality liquidity

portfolio surplus without the need

for additional unsecured funding

over a certain period

Balance sheet

(As of Sep 2014)

Assets Liabilities and equity Unsecured funding2

More than 80% of unsecured funding is

long-term debt

Diversified sources of funding

Trading liabilities Short-term

and related1 debt

Trading assets 18%

and related1 Long-term debt

due within 1yr, International Loans

14% 23% (incl. Bank

subordinated) lending

market

Long-term Euro

MTN/Yen,

Other liabilities debt, Average 68% retail bonds, Retail

Short-term borrowings maturity Japan etc. market

77%

Cash and cash deposits Long-term 4.8 years Euro

borrowings MTN/Other,

Other assets wholesale Wholesale

Total equity market

bonds, etc.

Breakdown of Long-term Funding of

short-term/long- debt by long-term

term debt region debt

(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.

(2) Definition differs from financial disclosures reflecting Liquidity Management’s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds.

(3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.

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Nomura

Financial Supplement

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Nomura

Consolidated balance sheet

(billions of yen) Mar 31, Sep 30, Increase Mar 31, Sep 30, Increase

2014 2014 (Decrease) 2014 2014 (Decrease)

Assets Liabilities

Total cash and cash deposits 2,189 2,070 -119 Short-term borrowings 602 609 7

Total payables and deposits 2,837 2,955 118

Total loans and receivables 2,571 2,688 117 Total collateralized financing 17,112 17,247 135

Trading liabilities

11,047 10,883 -165

Total collateralized agreements 17,347 16,381 -966 Other liabilities 1,142 1,081 -61

Long-term borrowings 8,227 8,412 185

Total trading assets1 and private 18,714 20,055 1,340 Total liabilities 40,967 41,187 220

equity investments

Total other assets 2,699 2,609 -90 Equity

Total NHI shareholders’ equity 2,514 2,561 47

Noncontrolling interest 40 54 15

Total assets 43,520 43,802 282 Total liabilities and equity 43,520 43,802 282

(1)

Including securities pledged as collateral.

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Nomura

Value at risk

Definition ?From April 1, 2014 to September 30, 2014 (billions of yen)

99% confidence level Maximum: 9.8

1-day time horizon for outstanding portfolio Minimum: 4.5

Inter-product price fluctuations considered Average: 6.9

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

Equity 1.3 1.3 1.9 3.6 1.3 2.8 1.5

Interest rate 5.0 3.9 5.1 6.6 3.9 5.2 4.2

Foreign exchange 1.9 2.8 1.8 2.6 2.8 2.0 2.7

Sub-total 8.1 8.0 8.7 12.9 8.0 10.0 8.5

Diversification benefit -3.0 -2.9 -3.2 -4.3 -2.9 -0.7 -1.6

VaR 5.1 5.2 5.5 8.6 5.2 9.3 6.8

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Nomura

Consolidated financial highlights

Full year Quarter

(billions of yen) (billions of yen)

8.9% 8.9% 8.9%

250 9% 100 8.5% 9%

Net income 213.6

attributable 200 80 5.7%

to NHI 6% 61.3 6%

shareholders 150 4.9% 60

ROE(%) 107.2 48.3 52.9

100 40 38.1

3% 3.2% 3%

50 20 19.9

0 0% 0 0%

FY2013/14 FY2014/15

FY2012/13 FY2013/14

2Q 3Q 4Q 1Q 2Q

Net revenue 1,813.6 1,557.1 356.4 379.4 389.9 370.8 373.8

Income before income taxes 237.7 361.6 72.9 86.9 88.6 51.7 74.0

Net income attributable to Nomura Holdings, Inc.

(“NHI”) shareholders 107.2 213.6 38.1 48.3 61.3 19.9 52.9

Total NHI shareholders’ equity 2,294.4 2,513.7 2,379.2 2,492.5 2,513.7 2,467.7 2,561.1

ROE (%)1 4.9% 8.9% 8.9% 8.5% 8.9% 3.2% 5.7%

Basic-Net income attributable to NHI 29.04 57.57 10.29 13.02 16.48 5.40 14.53

shareholders per share (yen)

Diluted-Net income attributable to NHI 28.37 55.81 9.99 12.65 16.02 5.26 14.15

shareholders per share (yen)

Total NHI shareholders’ equity per share (yen) 618.27 676.15 641.90 670.88 676.15 678.69 703.55

(1)

Quarterly ROE is calculated using annualized year-to-date net income.

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Nomura

Consolidated income

Full year Quarter

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Revenue

Commissions 359.1 474.6 105.6 121.4 89.9 96.3 112.1

Fees from investment banking 62.4 91.3 23.0 15.8 27.2 19.8 20.6

Asset management and portfolio service fees 141.0 167.2 40.7 42.1 42.1 45.4 48.4

Net gain on trading 368.0 476.4 110.2 108.5 129.2 158.6 129.0

Gain (loss) on private equity investments 8.1 11.4 0.7 11.0 -0.3 -0.3 0.5

Interest and dividends 394.0 416.3 98.1 102.6 100.3 104.9 108.8

Gain (loss) on investments in equity securities 38.7 15.2 5.0 7.5 -5.2 6.3 2.9

Other 708.8 179.5 45.1 38.5 67.7 31.1 28.5

Total revenue 2,079.9 1,831.8 428.4 447.4 450.8 462.2 450.8

Interest expense 266.3 274.8 72.0 68.0 60.8 91.3 77.0

Net revenue 1,813.6 1,557.1 356.4 379.4 389.9 370.8 373.8

Non-interest expenses 1,575.9 1,195.5 283.5 292.5 301.4 319.2 299.8

Income before income taxes 237.7 361.6 72.9 86.9 88.6 51.7 74.0

Net income attributable to NHI shareholders 107.2 213.6 38.1 48.3 61.3 19.9 52.9

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Nomura

Main revenue items

Full year Quarter

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Stock brokerage commissions (retail) 51.8 126.7 25.4 36.3 22.6 15.8 21.9

Stock brokerage commissions (other) 112.9 139.8 31.6 34.9 35.6 34.3 36.9

Other brokerage commissions 11.7 18.1 4.2 4.4 4.3 3.8 4.0

Commissions Commissions for distribution of investment trusts 150.1 157.8 37.0 37.7 19.3 30.5 37.5

Other 32.6 32.1 7.5 8.3 8.2 11.9 11.8

Total 359.1 474.6 105.6 121.4 89.9 96.3 112.1

Equity underwriting and distribution 21.1 41.4 11.0 6.1 14.0 8.5 10.7

Bond underwriting and distribution 7.8 13.0 3.5 2.8 2.9 3.5 3.8

Fees from

investment banking M&A / financial advisory fees 25.6 25.0 6.5 4.4 7.6 5.7 5.2

Other 7.7 12.0 2.1 2.4 2.6 2.1 0.9

Total 62.4 91.3 23.0 15.8 27.2 19.8 20.6

Asset management fees 105.3 126.7 30.8 31.8 31.9 35.0 37.5

Asset management Administration fees 18.6 22.5 5.5 5.7 5.7 5.9 6.3

and portfolio service

fees Custodial fees 17.1 18.1 4.4 4.5 4.5 4.6 4.7

Total 141.0 167.2 40.7 42.1 42.1 45.4 48.4

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Consolidated results: Income (loss) before income taxes by segment and region

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

Full year Quarter

(billions of yen)

FY2013/14 FY2014/15

FY2012/13 FY2013/14

2Q 3Q 4Q 1Q 2Q

Retail 100.6 192.0 40.0 47.7 23.3 31.6 38.9

Asset Management 21.2 27.1 6.2 8.9 5.3 8.3 7.8

Wholesale 71.7 111.8 25.3 27.8 33.5 5.7 22.2

Three Business segments total 193.5 330.9 71.4 84.4 62.1 45.6 68.9

Other 6.6 20.0 -3.5 -3.7 34.2 2.6 2.5

Segments total 200.0 350.9 67.9 80.7 96.2 48.2 71.4

Unrealized gain (loss) on investments in equity

securities held for operating purposes 37.7 10.7 5.0 6.2 -7.7 3.5 2.6

Income before income taxes 237.7 361.6 72.9 86.9 88.6 51.7 74.0

Geographic information1

Full year Quarter

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Americas 25.7 29.5 -1.3 8.0 31.2 6.1 -6.8

Europe -93.1 -48.9 -19.6 -14.8 -10.1 -22.9 2.0

Asia and Oceania -12.1 -5.2 2.3 -1.5 -5.2 -0.3 8.5

Subtotal -79.4 -24.7 -18.7 -8.2 15.9 -17.1 3.7

Japan 317.2 386.3 91.6 95.1 72.6 68.8 70.3

Income before income taxes 237.7 361.6 72.9 86.9 88.6 51.7 74.0

(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended September 30, 2014.) Nomura’s revenues and expenses are allocated based on the country of domicile of

the legal entity providing the service. This information is not used for business management purposes.

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Segment “Other”

Income (loss) before income taxes

Full year Quarter

(billions of yen) (billions of yen)

40 40

34.2

20.0

20 20

6.6

2.6 2.5

0 0

-3.5 -3.7

-20 -20

FY2012/13 FY2013/14 FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

Net gain (loss) related to economic 1.0 17.4 -1.7 5.2 6.5 6.9 2.2

hedging transactions

Realized gain on investments in equity 1.0 4.4 0.0 1.3 2.4 2.9 0.3

securities held for operating purposes

Equity in earnings of affiliates 14.4 28.6 8.9 8.2 6.2 3.5 8.0

Corporate items 17.7 -38.8 -8.7 -14.0 -3.8 -3.1 -8.4

Others -27.5 8.4 -2.0 -4.4 22.8 -7.6 0.5

Income (loss) before income taxes 6.6 20.0 -3.5 -3.7 34.2 2.6 2.5

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Retail related data (1)

Full year Quarter

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Commissions 225.9 301.7 66.5 78.3 46.5 56.1 68.8 22.7% 3.5%

Sales credit 80.9 106.1 24.3 25.7 26.4 25.0 25.9 3.6% 6.9%

Fees from investment banking and other 36.8 40.3 13.4 8.0 9.1 9.1 6.7 -26.1% -49.8%

Investment trust administration fees and other 49.7 56.1 13.7 14.1 13.9 14.4 15.2 5.3% 10.3%

Net interest revenue 4.6 7.7 1.9 1.8 1.9 2.3 1.3 -41.9% -28.3%

Net revenue 397.9 511.9 119.7 128.0 97.9 106.9 117.9 10.4% -1.5%

Non-interest expenses 297.3 319.9 79.8 80.3 74.6 75.3 79.1 5.1% -0.9%

Income before income taxes 100.6 192.0 40.0 47.7 23.3 31.6 38.9 23.0% -2.7%

Domestic distribution volume of investment trusts1 9,027.6 10,146.4 2,372.2 2,552.5 1,794.1 2,245.2 2,380.2 6.0% 0.3%

Bond investment trusts 2,719.2 3,146.3 814.2 810.2 768.2 795.3 743.9 -6.5% -8.6%

Stock investment trusts 5,457.0 6,201.4 1,406.6 1,571.8 836.8 1,264.4 1,402.8 10.9% -0.3%

Foreign investment trusts 851.4 798.7 151.4 170.5 189.1 185.5 233.6 25.9% 54.2%

Other

Accumulated value of annuity insurance policies 1,909.5 2,033.1 1,970.4 2,000.0 2,033.1 2,123.6 2,206.2 3.9% 12.0%

Sales of JGBs for individual investors (transaction

base) 189.1 1,037.0 450.9 329.1 214.6 153.5 95.4 -37.8% -78.8%

Retail foreign currency bond sales 1,485.8 1,595.6 507.1 318.6 386.6 363.9 276.3 -24.1% -45.5%

(1)

Excluding Net & Call and Hotto Direct.

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Retail related data (2)

Stock brokerage commissions and commissions for distribution of investment trusts

Full year Quarter

(billions of yen) (billions of yen)

180 40

150

Stock brokerage 30

commissions

120

Commissions for

distribution of investment 90 20

trusts

0 0

FY2013/14 FY2014/15

FY2012/13 FY2013/14 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Stock brokerage commissions 51.8 126.7 25.4 36.3 22.6 15.8 21.9 38.9% -13.6%

Commissions for distribution of investment trusts1 161.5 161.4 37.5 38.5 20.1 31.9 38.9 21.6% 3.7%

(1)

Nomura Securities.

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Retail related data (3)

Retail client assets

(trillions of yen)

99.3

100 91.7 90.9 96.0 91.7 95.3

Other 83.8

Overseas mutual funds 80

Bond investment trusts 60

Stock investment trusts

Domestic bonds 40

Foreign currency bonds 20

Equities

FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

Equities 46.7 53.2 53.4 56.5 53.2 55.6 58.1

Foreign currency bonds 6.6 6.3 6.1 6.4 6.3 6.4 6.5

Domestic bonds1 12.4 12.8 12.9 12.7 12.8 12.8 13.0

Stock investment trusts 8.9 9.1 8.8 9.2 9.1 9.6 9.9

Bond investment trusts 4.9 5.9 5.6 6.6 5.9 6.2 6.5

Overseas mutual funds 1.7 1.7 1.7 1.7 1.7 1.7 1.8

Other2 2.7 2.7 2.4 2.9 2.7 3.0 3.5

Total 83.8 91.7 90.9 96.0 91.7 95.3 99.3

(1)

Including CBs and warrants.

(2)

Including annuity insurance

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Retail related data (4)

Net inflows of cash and securities1

Full year Quarter

(billions of yen) (billions of yen)

1,500 1,000

805

1,076

1,000 500 473 485

145

500 0

385

-366

0 -500

FY2012/13 FY2013/14 FY2013/14 FY2014/15

2Q 3Q 4Q 1Q 2Q

(1)

Cash and securities inflows minus outflows, excluding regional financial institutions.

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Retail related data (5)

Number of accounts

(Thousands) FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

Accounts with balance 5,025 5,144 5,090 5,104 5,144 5,186 5,211

Equity holding accounts 2,717 2,718 2,722 2,674 2,718 2,721 2,720

Nomura Home Trade /

Net & Call accounts 3,747 4,012 3,881 3,939 4,012 4,053 4,103

New Individual accounts / IT share1

Full year Quarter

(Thousands) FY2013/14 FY2014/15

FY2012/13 FY2013/14

2Q 3Q 4Q 1Q 2Q

New individual accounts 266 364 82 91 90 67 81

IT share1

No. of orders 55% 58% 58% 54% 60% 60% 60%

Transaction value 31% 33% 33% 27% 37% 36% 37%

(1)

Percentage of cash stock transactions conducted via Nomura Home Trade.

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Asset Management related data (1)

Full year Quarter

(billions of yen) FY2012/13 FY2013/14 FY2013/14 FY2014/15 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Net revenue 68.9 80.5 18.6 21.2 20.5 23.3 21.7 -7.1% 16.5%

Non-interest expenses 47.8 53.4 12.5 12.3 15.1 15.1 13.9 -7.8% 11.5%

Income before income taxes 21.2 27.1 6.2 8.9 5.3 8.3 7.8 -5.6% 26.5%

Total assets under management

(trillions of yen)

40.3 40.6 42.7

40.0 36.1 38.2 37.3 38.2

32.9 33.0 34.8

30.8 30.0 30.8

AuM 1 30.0 27.9

(gross)

AuM 2 20.0

(net)

10.0

0.0

FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.

(2)

Net after deducting duplications from assets under management (gross).

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Asset Management related data (2)

Assets under management (gross) by business¹ Asset inflows/outflows by business3

Full year Quarter

(trillions of yen) FY12/13 FY13/14 FY13/14 FY14/15 FY FY FY2013/14 FY2014/15

(billions of yen)

Mar Mar Sep Dec Mar Jun Sep 12/13 13/14 2Q 3Q 4Q 1Q 2Q

Investment trust Investment trusts

26.5 28.4 26.8 29.4 28.4 29.6 31.3 1,099 1,598 410 962 -319 473 879

business business

Investment advisory of which ETFs 424 882 153 89 501 -23 90

9.6 9.8 10.5 10.9 9.8 11.0 11.4

business Investment advisory

Assets under management 36.1 38.2 37.3 40.3 38.2 40.6 42.7 business -529 -520 -157 226 -938 27 -44

(gross)1 Net asset inflow 570 1,078 253 1,189 -1,257 500 835

Domestic public investment trust market and

Assets under management by company Nomura Asset Management market share4

(trillions of yen) (trillions of yen)

FY12/13 FY13/14 FY13/14 FY14/15 FY12/13 FY13/14 FY13/14 FY14/15

Mar Mar Sep Dec Mar Jun Sep Mar Mar Sep Dec Mar Jun Sep

Nomura Asset Management 30.7 33.8 33.1 36.0 33.8 36.2 38.3 Domestic public stock investment trusts

Nomura Funds Research and 2.9 2.6 2.5 2.6 2.6 2.5 2.6

Technologies Market 60.0 65.7 62.4 65.0 65.7 68.8 71.7

Nomura Corporate Research and Asset

Management 1.8 1.6 1.6 1.6 1.6 1.7 1.6 Nomura’s share (%) 18% 19% 18% 19% 19% 18% 19%

Nomura Private Equity Capital 0.7 0.2 0.2 0.2 0.2 0.2 0.2 Domestic public bond investment trusts

Assets under management (gross)1 36.1 38.2 37.3 40.3 38.2 40.6 42.7 Market 12.6 14.5 14.4 16.5 14.5 14.8 15.4

Group company overlap 8.2 7.4 7.3 7.5 7.4 7.6 7.9

Assets under management (net)2 27.9 30.8 30.0 32.9 30.8 33.0 34.8 Nomura’s share (%) 43% 42% 42% 43% 42% 43% 43%

(1) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management, and Nomura Private Equity Capital.

(2) Net after deducting duplications from assets under management (gross). (3) Based on assets under management (net). (4) Source: Investment Trusts Association, Japan

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Wholesale related data (1)

Wholesale

Full year Quarter

(billions of yen) FY2013/14 FY2014/15

FY2012/13 FY2013/14 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Net revenue 644.9 765.1 183.3 188.7 198.5 188.9 190.6 0.9% 3.9%

Non-interest expenses 573.2 653.3 158.1 160.9 165.0 183.1 168.4 -8.1% 6.5%

Income before income taxes 71.7 111.8 25.3 27.8 33.5 5.7 22.2 3.9x -12.2%

Breakdown of Wholesale revenues

Full year Quarter

(billions of yen) FY2013/14 FY2014/15

FY2012/13 FY2013/14 QoQ YoY

2Q 3Q 4Q 1Q 2Q

Fixed Income1 387.7 398.2 93.8 99.2 107.7 104.5 104.1 -0.5% 11.0%

Equities1 172.8 251.5 65.8 58.8 59.0 62.0 64.0 3.2% -2.8%

Global Markets 560.4 649.7 159.6 158.0 166.8 166.6 168.1 0.9% 5.3%

Investment Banking(Net) 72.0 97.4 23.3 19.0 29.5 22.8 22.5 -1.3% -3.7%

Other 12.4 18.0 0.4 11.7 2.2 -0.4 0.0 — -91.7%

Investment Banking 84.4 115.4 23.8 30.7 31.7 22.3 22.5 0.9% -5.3%

Net revenue 644.9 765.1 183.3 188.7 198.5 188.9 190.6 0.9% 3.9%

Investment Banking(Gross) 143.0 184.3 45.8 35.9 55.4 43.2 40.7 -5.6% -11.1%

(1)

Fixed Income and Equities figures for FY 2012/13 have been reclassified following a reorganization in April 2013.

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Wholesale related data (2)

Private equity related investments

(billions of yen)

150

Terra Firma

104.6 102.1

Asia 100

Europe (excluding Terra 57.2 61.2 57.2 58.8 58.6

Firma)

Japan 50

FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

Japan 52.7 8.1 51.7 10.5 8.1 10.8 13.2

Europe (excluding Terra Firma) 21.8 22.6 22.9 23.9 22.6 21.8 19.3

Asia 2.0 1.9 1.8 1.9 1.9 1.8 1.9

Sub Total 76.5 32.6 76.4 36.3 32.6 34.5 34.4

Terra Firma 28.1 24.6 25.8 24.9 24.6 24.2 24.2

Total 104.6 57.2 102.1 61.2 57.2 58.8 58.6

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Number of employees

FY2012/13 FY2013/14 FY2013/14 FY2014/15

Mar Mar Sep Dec Mar Jun Sep

Japan (excluding FA) 14,123 14,149 14,454 14,308 14,149 14,559 14,391

Japan (FA) 1,907 1,888 1,923 1,918 1,888 1,889 1,853

Europe 3,618 3,461 3,459 3,456 3,461 3,481 3,530

Americas 2,271 2,281 2,243 2,248 2,281 2,335 2,421

Asia-Pacific1 6,037 5,891 5,945 5,902 5,891 6,656 6,744

Total 27,956 27,670 28,024 27,832 27,670 28,920 28,939

(1)

Includes Powai office in India.

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Disclaimer

This document is produced by Nomura Holdings, Inc. (“Nomura”).

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.

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.

All rights regarding this document are reserved by Nomura unless otherwise indicated. 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.

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. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should

not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those

more fully discussed under Nomura’s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange

Commission (“SEC”) that are available on Nomura’s website (http://www.nomura.com) and on the SEC‘s website (http://www.sec.gov); Important

risk 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.

Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking

statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

The consolidated financial information in this document is unaudited.

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Nomura Holdings, Inc.

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