Form 6-K
Table of Contents

FORM 6-K

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

Supplement for the month of July 2006.

 

 

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-

 

Table of Contents

Information furnished on this form:

EXHIBIT

Exhibit Number

 

1.    Consolidated Results of Operations (US GAAP) — First quarter, year ending March 2007

Table of Contents

SIGNATURES

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

 

    NOMURA HOLDINGS, INC.
Date: July 27, 2006     By:   /s/ Tetsu Ozaki
        Tetsu Ozaki
        Senior Managing Director

Table of Contents
Consolidated Results of Operations
(US GAAP)
First quarter, year ending March 2007
Nomura Holdings, Inc.
July 2006

Table of Contents
2
1.
This
document
is
produced
by
Nomura
Holdings,
Inc.
("Nomura").
Copyright
2006
Nomura
Holdings,
Inc.
All
rights
reserved.
2.
Nothing
in
this
document
shall
be
considered
as
an
offer
to
sell
or
solicitation
of
an
offer
to
buy
any
security,
commodity
or
other
instrument,
including
securities
issued
by
Nomura
or
any
affiliate
thereof.
Offers
to
sell,
sales,
solicitations
to
buy,
or
purchases
of
any
securities
issued
by
Nomura
or
any
affiliate
thereof
may
only
be
made
or
entered
into
pursuant
to
appropriate
offering
materials
or
a
prospectus
prepared
and
distributed
according
to
the
laws,
regulations,
rules
and
market
practices
of
the
jurisdictions
in
which
such
offers
or
sales
may
be
made.
3.
No
part
of
this
document
shall
be
reproduced,
stored
in
a
retrieval
system
or
transmitted
in
any
form
or
by
any
means,
electronic,
mechanical,
photocopying,
recording
or
otherwise,
without
the
prior
written
permission
of
Nomura.
4.
The
information
and
opinions
contained
in
this
document
have
been
obtained
from
sources
believed
to
be
reliable,
but
no
representations
or
warranty,
express
or
implied,
are
made
that
such
information
is
accurate
or
complete
and
no
responsibility
or
liability
can
be
accepted
by
Nomura
for
errors
or
omissions
or
for
any
losses
arising
from
the
use
of
this
information.
5.
This
document
contains
statements
that
may
constitute,
and
from
time
to
time
our
management
may
make
"forward-looking
statements"
within
the
meaning
of
the
safe
harbor
provisions
of
The
Private
Securities
Litigation
Reform
Act
of
1995.
Any
such
statements
must
be
read
in
the
context
of
the
offering
materials
pursuant
to
which
any
securities
may
be
offered
or
sold
in
the
United
States.
These
forward-looking
statements
are
not
historical
facts
but
instead
represent
only
our
belief
regarding
future
events,
many
of
which,
by
their
nature,
are
inherently
uncertain
and
outside
our
control.
Important
factors
that
could
cause
actual
results
to
differ
from
those
in
specific
forward-looking
statements
include,
without
limitation,
economic
and
market
conditions,
political
events
and
investor
sentiments,
liquidity
of
secondary
markets,
level
and
volatility
of
interest
rates,
currency
exchange
rates,
security
valuations,
competitive
conditions
and
size,
and
the
number
and
timing
of
transactions.
6.
The
consolidated
financial
information
in
this
document
is
unaudited.

Table of Contents
3
Financial Highlights (p.4)
Business Segment Highlights (p.5)
Domestic Retail (p.6)
Global Markets (p.7)
Global Investment Banking (p.8)
Global Merchant Banking (p.9)
Asset Management (p.10)
Non-interest Expenses (p.11)
Presentation
Outline
Net Income and ROE (p.13)
Consolidated Income (p.14)
Main Revenue Items (p.16)
Adjustment of Consolidated Results and Segment Results (p.17)
Income by Segment (p.18)
Segment “Other”
Income before Income Taxes (p.20)
Consolidated Balance Sheet (p.21)
Effect of Consolidation/Deconsolidation of Certain Private Equity
Investee Companies (p.22)
Domestic Retail Related Data (p.23)
Global Merchant Banking Related Data (p.27)
Asset Management Related Data (p.28)
First Quarter Achievements (p.31)
League Tables (p.32)
Market Share Data (p.33)
VaR (p.34)
Number of Employees (p.35)
Appendix

Table of Contents
4
60.9
128.6
20.1
8.3
106.5
13.1%
1.8%
22.1%
25.4%
3.9%
0
20
40
60
80
100
120
140
0%
5%
10%
15%
20%
25%
30%
(billions of yen)
Net revenue for the first quarter was 205.9 billion yen (-37% QoQ, +10% YoY).  Income before income taxes was 33.4 billion yen     
(-84% QoQ, +9% YoY). Net income was 20.1 billion yen (-84% QoQ, 2.4x YoY). ROE* for the first quarter was 3.9%.
Business
segment
totals
for
net
revenue
and
income
before
income
taxes
declined
QoQ.
Unrealized
loss
on
investments
in
equity
securities held for relationship purposes was 20.6 billion yen due to a slump in the stock market.
First Quarter Financial Highlights
Net Revenue
Net Income/ROE (Annualized)
Income before Income Taxes**
Appendix:
Consolidated income
(Quarterly):  P15
Adjustment of
Consolidated Results and
Segment Results: P17
* Annualized
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
Net Income (left)
ROE (annualized, right)
**Income before income taxes for the year ended March 31, 2006, is the total for continuing and discontinued operations.
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets”,
net
revenue
and
non-interest
expenses
from
the
operations
of
Millennium
Retailing
Inc. (one of Nomura Principal Finance’s private equity investee companies, and whose operations were treated as discontinued during the third quarter of the fiscal year ended March 31, 2006,
in conjunction with the agreement reached in the third quarter by Nomura Principal Finance to sell its stake in Millennium Retailing Inc.) are not shown independently.
Income from discontinued operations
before income taxes
Income before income taxes
Effects of consolidation / deconsolidation of certain private
equity investee companies
Unrealized gain (loss) on investments in equity securities held
for relationship purposes
Segment results
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
171.4
219.8
386.4
282.2
209.8
31.3
36.3
2.8
27.1
21.6
40.7
16.8
-20.6
-11.0
-62.9
205.9
325.7
272.6
187.5
0
100
200
300
400
500
(billions of yen)
359.8
37.4
81.5
231.8
101.2
5.3
9.9
82.6
-11.0
31.3
36.3
2.8
-20.6
-0.5
-90.8
23.0
-0.4
54.4
1.6
2.7
209.6
33.4
30.7
117.6
187.1
0
100
200
300
(billions of yen)

Table of Contents
5
First Quarter Business Segment Highlights
Net Revenue
Appendix:
Income by segment (Quarterly):
P19
Segment “Other”
Income
before Income Taxes: P20
Income before Income Taxes
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
Revenue from all business segments was 209.8 billion yen (-26% QoQ, +22% YoY), and income before
income taxes was 54.4 billion yen (-46% QoQ, +46% YoY).
84.8
101.4
136.7
123.6
105.6
49.8
77.7
115.2
128.4
68.9
35.3
31.1
18.8
80.1
-15.5
12.1
18.4
17.6
12.8
20.5
6.9
-3.3
14.0
15.4
18.1
-13.3
-3.9
1.0
13.4
-2.1
209.8
219.8
171.4
282.2
386.4
0
100
200
300
400
(billions of yen)
30.3
41.4
74.1
51.4
42.5
31.5
60.9
66.0
14.3
23.3
17.0
5.6
77.6
-21.0
9.8
5.7
5.2
-10.3
-0.7
9.1
2.2
-5.9
4.7
4.0
4.7
6.2
-17.9
7.6
-9.9
-23.0
231.8
101.2
81.5
37.4
54.4
0
50
100
150
200
250
(billions of yen)

Table of Contents
6
Domestic Retail
Net Revenue and Income before Income Taxes
Appendix:
Retail stock brokerage commissions,
commissions for investment trusts
distribution, domestic distribution
volume of investment trusts, retail
foreign currency bond sales,
etc:
P23
Domestic Client Assets: P24
Domestic Client Assets Net Asset
Inflow: P25
Number of Accounts: P26
Sales of new investment trusts: P31
*Nomura Securities (See p.23)
Net revenue of 105.6 billion yen (-15% QoQ, +25% YoY), income before income taxes of 42.5 billion yen   
(-17% QoQ, +40% YoY).  Domestic Client Assets decreased by 3.8 trillion yen during the quarter to 76.7
trillion yen.
Commissions
for
distribution
of
investment
trusts*
remained
high
at
28
billion
yen,
reflecting
the
delivery
of
products
matched
to
the
diversifying needs of our customers such as funds offering frequent distributions and absolute return funds.
Stock brokerage commissions declined  37% QoQ
to 28 billion yen due to a correction in the domestic stock market.
FY2007.3
1Q
2Q
3Q
4Q
1Q
Commissions
104.1
155.2
174.0
269.4
45.2
61.0
85.5
77.7
63.0
-19%
39%
Sales credit
95.7
97.8
73.7
109.0
27.5
24.7
32.3
24.5
23.8
-3%
-13%
Fees from investment banking
15.0
26.1
24.5
26.4
3.4
6.1
8.0
8.9
3.5
-61%
2%
Investment trust administration fees and other
32.0
21.8
26.1
34.4
7.1
8.1
9.1
10.1
10.6
5%
51%
Net interest revenue
2.4
4.9
6.1
7.4
1.7
1.5
1.9
2.3
4.7
102%
182%
Net revenue
249.3
305.8
304.4
446.5
84.8
101.4
136.7
123.6
105.6
-15%
25%
Non-interest expenses
213.6
226.2
223.2
249.3
54.5
60.0
62.6
72.2
63.1
-13%
16%
Income before income taxes
35.7
79.5
81.2
197.2
30.3
41.4
74.1
51.4
42.5
-17%
40%
YoY
QoQ
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
74.1
51.4
42.5
41.4
30.3
105.6
84.8
101.4
136.7
123.6
0
50
100
150
(billions of yen
249.3
305.8
304.4
197.2
81.2
79.5
35.7
0
100
200
300
400
500
Net interest revenue
Investment trust administration
fees and other
Fees from investment banking
Sales credit
Commissions
Income before income taxes
446.5
(billions of yen)
)
Full Year
Quarter

Table of Contents
7
Global Markets
Appendix:
First Quarter
Achievements: P31
Market Share Data: P33
Value at Risk: P34
Net Revenue and Income before Income Taxes
Net
revenue
was
68.9
billion
yen
(-46%
QoQ,
+38%
YoY).
Income
before
income
taxes
of
14.3
billion
yen
(-78%
QoQ,
+15.1
billion
yen
YoY).
Fixed
Income
net
revenue
declined
50%
QoQ
to
30.8
billion
yen
as
a
result
of
a
decline
in
revenue
from
the
asset
finance
business
and
a
drop
in
trading
revenue
due
to
slower
sales
of
foreign
currency
bonds
and
structured
bonds.
Equity
net
revenue
decreased
41%
QoQ
to
34.0
billion
yen,
reflecting
a
decline
in
order
flow
and
lower
trading
revenue.
Note 1: In April 2004, Fixed
Income, Equity and certain
functions of Investment
Banking were consolidated to
create Global Markets.
Note 2: Figures up to
FY2004.3 are the total of
Fixed Income and Equity and
differ slightly in composition.
FY2007.3
1Q
2Q
3Q
4Q
1Q
Fixed Income
154.0
174.0
119.8
173.8
21.3
36.5
54.1
62.0
30.8
-50%
44%
Equity
82.0
110.2
90.2
168.5
23.6
34.4
53.3
57.2
34.0
-41%
44%
Other
0.0
0.0
33.1
28.8
4.8
6.9
7.8
9.3
4.1
-55%
-14%
Net revenue
236.0
284.1
243.1
371.1
49.8
77.7
115.2
128.4
68.9
-46%
38%
Non-interest expenses
142.4
163.3
182.9
213.4
50.5
46.2
54.3
62.4
54.6
-13%
8%
Income before income taxes
93.6
120.8
60.2
157.7
-0.7
31.5
60.9
66.0
14.3
-78%
-
YoY
QoQ
FY2005.3
FY2006.3
FY2006.3
FY2003.3
FY2004.3
93.6
120.8
60.2
157.7
236.0
284.1
243.1
371.1
0
50
100
150
200
250
300
350
400
Other
Equity
Fixed Income
Income before
income taxes
(billions of yen)
14.3
66.0
60.9
31.5
-0.7
68.9
128.4
115.2
77.7
49.8
0
20
40
60
80
100
120
140
160
(billions of yen)
Full Year
Quarter

Table of Contents
8
Net revenue of 18.8 billion yen (-40% QoQ, +47% YoY), income before income taxes of 5.6 billion yen       
(-67% QoQ, 2.6x YoY).
In equity-related underwriting, although the overall value of equity financing in the market dropped due to seasonal factors, we
ranked
number
one
in
the
Equity
and
Equity-Related
(Japan)
league
table*
for
the
six
months
to
June
2006
as
we
acted
as
lead
manager for such deals as the offering of Mitsubishi UFJ Financial Group shares 
In our solutions business, MPO results for the first quarter totaled eight deals and 342.2 billion yen, including a 300 billion yen deal
for Sojitz.
In
M&A,
we
acted
as
financial
advisor
on
such
deals
as
the
sale
of
Wakodo
by
Sankyo
to
Asahi
Breweries,
and
the
deal
to
turn
Kirin
Beverages into a wholly-owned subsidiary of Kirin Brewery.
Global Investment Banking
Appendix:
First Quarter
Achievements: P31
League Tables: P32
Market Share Data: P33
Net Revenue and Income before Income Taxes
*Thomson Financial
Note : In April 2004, Fixed
Income, Equity and certain
functions of Investment
Banking were consolidated
to create Global Markets.
FY2007.3
1Q
2Q
3Q
4Q
1Q
Net revenue
69.1
70.9
75.4
99.7
12.8
20.5
35.3
31.1
18.8
-40%
47%
Non-interest expenses
56.4
53.7
46.2
48.1
10.6
11.3
12.0
14.2
13.2
-7%
25%
Income before income taxes
12.8
17.2
29.2
51.5
2.2
9.1
23.3
17.0
5.6
-67%
157%
YoY
QoQ
FY2005.3
FY2006.3
FY2006.3
FY2003.3
FY2004.3
99.7
75.4
70.9
69.1
51.5
29.2
17.2
12.8
0
20
40
60
80
100
120
Net revenue
Income before
income taxes
(billions of yen)
12.8
20.5
35.3
31.1
18.8
2.2
9.1
23.3
17.0
5.6
0
10
20
30
40
(billions of yen)
Quarter
Full Year

Table of Contents
9
Global Merchant Banking
Appendix:
Effect of consolidation /
deconsolidation of certain
PE investee
companies :
P22
Business exposure: P27
Net Revenue and Income before Income Taxes
Net revenue of 12.1 billion yen, income before income taxes of 9.8 billion yen.
Booked realized / unrealized gains from the partial sale of Terra Firma investee companies.
Sold part of Nomura Principal Finance’s (NPF) stake in Resort Solution to Mitsui Fudosan.
In new investments, NPF conducted a tender offer for Skylark, a major restaurant chain in Japan, via a special purpose vehicle in
which it holds the majority stake.
FY2007.3
1Q
2Q
3Q
4Q
1Q
Net revenue
-6.6
10.7
7.3
68.2
-3.3
6.9
80.1
-15.5
12.1
-
-
Non-interest expenses
8.6
10.2
10.4
12.8
2.6
2.2
2.5
5.5
2.3
-58%
-10%
Income before income taxes
-15.3
0.5
-3.0
55.4
-5.9
4.7
77.6
-21.0
9.8
-
-
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
QoQ
YoY
-6.6
10.7
7.3
68.2
-15.3
0.5
-3.0
55.4
-30
0
30
60
90
Net revenue
Income before
income taxes
-3.3
6.9
80.1
-15.5
12.1
9.8
77.6
4.7
-5.9
-21.0
-30
0
30
60
90
(billions of yen)
Quarter
(billions of yen)
Full Year

Table of Contents
10
Asset Management
Appendix:
Assets Under
Management: P28,29
Asset Management
related data: P30
Net Revenue and Income before Income Taxes
Note:
In
January
2006,
certain
functions
of
Other
business
were
integrated
into
Asset
Management.
Certain
reclassifications
of
previously
reported
amounts
have
been
made
to
conform
to
the current
presentation.
*As of June 2006
Net
revenue
of
17.6
billion
yen
(-4%
QoQ,
+26%
YoY).
Income
before
income
taxes
of
5.2
billion
yen
(-9%
QoQ,
+32%
YoY).
Total
assets
under
management
decreased
150
billion
yen
from
the
end
of
March
to
23
trillion
yen.
Steady
growth
in
sales
of
funds
offering
frequent
distributions
such
as
My
Story
Profit
Distribution-type
Fund
(net
assets
up
197.0
billion
yen
QoQ
to
657.6
billion
yen*)
and
newly
launched
funds
such
as
absolute
return
funds
and
regional
index
funds.
Assets
under
management
in
funds
for
bank
customers
up
89.7
billion
yen
QoQ
to
890.5
billion
yen*.
Net
assets
in
Nomura
Global
6
Assets
Diversified
Fund
distributed
through
Japan
Post
rose
76.4
billion
yen
QoQ
to
166.4
billion
yen.*
FY2007.3
1Q
2Q
3Q
4Q
1Q
Net revenue
40.4
40.3
49.0
65.8
14.0
15.4
18.1
18.4
17.6
-4%
26%
Non-interest expenses
36.3
39.8
39.0
45.2
10.0
10.7
11.8
12.7
12.4
-2%
24%
Income before income taxes
4.0
0.5
10.0
20.6
4.0
4.7
6.2
5.7
5.2
-9%
32%
FY2005.3
FY2006.3
FY2006.3
FY2003.3
FY2004.3
YoY
QoQ
65.8
49.0
40.3
40.4
20.6
4.0
0.5
10.0
0
20
40
60
80
Net revenue
Income before income
taxes
(billions of yen)
14.0
15.4
18.1
18.4
17.6
5.2
5.7
4.0
4.7
6.2
0
5
10
15
20
25
(billions of yen)
Full Year
Quarter

Table of Contents
11
Non-interest Expenses (Business Segment Total)
Note:
All
non-interest
expense
figures
shown
on
this
slide
exclude
the
effects
of
consolidation/deconsolidation
of certain private equity investee companies. See P17 and P22 for more details.
Compensation and Benefits
Appendix:
Effect of Consolidation /
Deconsolidation of Certain PE
Investee
Companies: P22
Number of Employees: P35
Non-interest expenses (business segment total) of 155.3 billion yen (-14% QoQ, +16% YoY)
Compensation
and
benefits
decreased
9%
QoQ
to
79.5
billion
yen.
Information processing and communications decreased 16% QoQ
to 23.0 billion yen.
Full Year
Quarter
FY2007.3
1Q
2Q
3Q
4Q
1Q
Compensation and benefits
256.9
264.7
311.3
69.1
70.0
84.5
87.7
79.5
-9%
15%
Commissions and floor brokerage
18.9
22.1
31.4
5.5
8.6
8.1
9.3
9.8
5%
79%
Information processing and communications
79.9
80.9
89.1
20.5
20.5
20.8
27.3
23.0
-16%
12%
Occupancy and related depreciation
53.7
50.8
50.8
11.3
12.8
12.4
14.3
13.4
-6%
19%
Business development expenses
22.8
26.2
30.6
6.3
7.7
7.0
9.6
7.2
-25%
16%
Other
72.4
76.6
94.7
21.4
18.7
21.8
32.8
22.4
-32%
5%
Total
504.0
521.4
607.8
134.0
138.3
154.5
180.9
155.3
-14%
16%
YoY
QoQ
FY2004.3
FY2005.3
FY2006.3
FY2006.3
504.0
607.8
521.4
0
100
200
300
400
500
600
700
Other
Business development
expenses
Occupancy and related
depreciation
Information processing
and communications
Commissions and floor
brokerage
Compensation and
benefits
(billions of yen)
134.0
138.3
154.5
180.9
155.3
0
50
100
150
200
250
(billions of yen)
FY2007.3
1Q
2Q
3Q
4Q
1Q
FY2006.3
FY2006.3
FY2005.3
FY2004.3
114.4
113.7
150.5
142.4
151.1
160.7
264.7
311.3
256.9
0
50
100
150
200
250
300
350
(billions of yen)
30.6
30.3
43.5
46.2
37.7
38.6
39.7
41.0
41.7
41.5
79.5
69.1
70.0
84.5
87.7
Fixed-type compensation and benefits
Variable-type compensation and
benefits
1

Table of Contents
Appendix

Table of Contents
13
FY2007.3
1Q
Net income (lhs)
168.0
119.9
172.3
94.7
304.3
20.1
ROE (rhs)
11.1%
7.4%
10.1%
5.2%
15.5%
3.9%
*
Net income per basic share (yen)
85.6
61.3
88.8
48.8
159.0
10.5
Shareholders' equity per share (yen)
816.5
846.4
919.7
962.5
1,083.2
1,089.7
* Annualized
FY2006.3
FY2005.3
FY2002.3
FY2003.3
FY2004.3
168.0
119.9
172.3
94.7
304.3
11.1%
5.2%
7.4%
15.5%
10.1%
0
100
200
300
400
Net income (lhs)
ROE (rhs)
0%
5%
10%
15%
20%
Net Income and ROE
(billions of yen)
3.9%
20.1
Full Year
Quarter

Table of Contents
14
Consolidated Income
(billions of yen)
Commissions
140.0
141.6
210.2
222.0
356.3
61%
Fees from investment banking
75.3
81.8
87.0
92.3
108.8
18%
Asset management and portfolio service fees
110.0
79.3
66.2
78.5
102.7
31%
Net gain on trading
162.2
172.3
229.0
201.7
304.2
51%
Gain (loss) on private equity investments
232.5
-14.4
13.1
7.7
12.3
59%
Interest and dividends
500.5
368.7
343.3
401.4
693.8
73%
Gain (loss) on investments in equity securities
-55.9
-41.3
55.9
15.3
67.7
342%
Private equity entities product sales
-
6.2
17.6
75.1
88.2
18%
Other*
660.8
13.4
23.6
32.3
58.8
82%
1,825.4
807.7
1,045.9
1,126.2
1,792.8
59%
504.0
241.4
242.8
327.0
647.2
98%
1,321.4
566.3
803.1
799.2
1,145.7
43%
1,148.4
518.9
520.4
594.4
700.1
18%
173.0
47.4
282.7
204.8
445.6
118%
-
-
-
-
99.4
-
Income before income taxes
173.0
47.4
282.7
204.8
545.0
166%
168.0
119.9
172.3
94.7
256.6
171%
-
-
-
-
47.7
-
Net income
168.0
119.9
172.3
94.7
304.3
221%
FY2002.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
YoY
Revenue
Total revenue
Interest expense
Net income from continuing operations
Net income from discontinued operations
Net revenue
Non-interest expenses
Income from continuing operations before income taxes
Income from discontinued operations before income taxes
* FY2002.3 includes 3.5 billion yen for equity in earnings (losses) of affiliates, 294.9 billion yen in product sales (PFG investee company), 177.1 billion yen in revenue from rental business (PFG investee
company),
and 116.3 billion yen gain from sale of PFG investee company.
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets”,
net
revenue
and
non-interest
expenses
from
operations
thatwere
treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.

Table of Contents
15
Consolidated Income (Quarterly)
(billions of yen)
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets”,
net
revenue
and
non-interest
expenses
from
operations
that were
treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
FY2007.3
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
Commissions
69.5
     
45.6
     
46.3
     
60.6
     
55.2
     
77.5
     
106.2
   
117.5
   
79.6
     
-32%
44%
Fees from investment banking
15.4
     
32.3
     
18.4
     
26.1
     
14.7
     
24.1
     
28.6
     
41.5
     
14.4
     
-65%
-3%
Asset management and portfolio service fees
18.2
     
19.8
     
19.3
     
21.1
     
19.9
     
24.9
     
25.6
     
32.2
     
29.7
     
-8%
49%
Net gain on trading
53.6
     
23.1
     
54.7
     
70.3
     
70.8
     
43.8
     
90.6
     
99.0
     
55.8
     
-44%
-21%
Gain (loss) on private equity investments
0.5
       
-2.1
      
-2.2
      
11.5
     
-2.5
      
2.2
       
7.6
       
5.0
       
9.8
       
97%
-
Interest and dividends
81.9
     
101.1
   
122.0
   
96.4
     
132.9
   
183.3
   
216.2
   
161.4
   
207.9
   
29%
56%
Gain (loss) on investments in equity securities
10.3
     
-11.6
    
7.8
       
8.9
       
-2.8
      
31.2
     
36.2
     
3.1
       
-20.5
    
-
-
Private equity entities product sales
17.4
     
15.9
     
20.2
     
21.6
     
24.5
     
22.0
     
23.9
     
17.8
     
21.0
     
18%
-14%
Other
8.5
       
4.7
       
7.2
       
11.8
     
6.9
       
5.7
       
19.1
     
27.0
     
4.2
       
-85%
-39%
275.3
   
228.8
   
293.8
   
328.4
   
319.6
   
414.8
   
554.0
   
504.4
   
401.7
   
-20%
26%
61.4
     
72.0
     
99.9
     
93.8
     
132.1
   
142.2
   
194.2
   
178.7
   
195.8
   
10%
48%
213.9
   
156.8
   
193.9
   
234.5
   
187.5
   
272.6
   
359.8
   
325.7
   
205.9
   
-37%
10%
141.5
   
140.6
   
144.7
   
167.6
   
158.4
   
160.3
   
182.5
   
198.7
   
172.5
   
-13%
9%
72.5
     
16.2
     
49.2
     
67.0
     
29.1
     
112.3
   
177.2
   
127.0
   
33.4
     
-74%
15%
-
-
-
-
1.6
       
5.3
       
9.9
       
82.6
     
-
-
-
Income before income taxes
72.5
     
16.2
     
49.2
     
67.0
     
30.7
     
117.6
   
187.1
   
209.6
   
33.4
     
-84%
9%
40.8
     
3.2
       
25.1
     
25.5
     
9.1
       
60.7
     
104.0
   
82.8
     
20.1
     
-76%
121%
-
-
-
-
-0.8
      
0.2
       
2.4
       
45.9
     
-
-
-
Net income
40.8
     
3.2
       
25.1
     
25.5
     
8.3
       
60.9
     
106.5
   
128.6
   
20.1
     
-84%
142%
FY2005.3
FY2006.3
QoQ
YoY
Revenue
Total revenue
Interest expense
Net income from continuing operations
Net income from discontinued operations
Net revenue
Non-interest expenses
Income from continuing operations before income taxes
Income from discontinued operations before income taxes

Table of Contents
16
Main Revenue Items
(billions of yen)
*Includes net interest revenue
FY2007.3
1Q
2Q
3Q
4Q
1Q
Stock brokerage commissions (Domestic Retail)
48.2
92.1
103.0
153.6
20.8
34.6
53.9
44.2
28.0
-37%
34%
Stock brokerage commissions (Other)
29.3
45.4
40.2
79.5
8.0
14.2
16.7
40.6
13.8
-66%
74%
Other brokerage commissions
7.6
12.2
13.0
14.3
2.8
2.2
6.0
3.3
2.7
-18%
-2%
Commissions for distribution of investment trusts
30.5
37.3
41.7
85.1
17.5
19.6
22.4
25.6
25.8
1%
48%
Other
26.0
23.2
24.1
23.8
6.1
6.9
7.2
3.7
9.2
148%
50%
Total
141.6
210.2
222.0
356.3
55.2
77.5
106.2
117.5
79.6
-32%
44%
Equity underwriting commissions
24.6
44.7
49.1
57.3
4.9
12.4
17.9
22.1
6.3
-72%
29%
Bond underwriting commissions
37.0
26.4
20.5
21.2
3.6
4.7
4.2
8.6
2.9
-66%
-21%
M&A/Financial advisory fees
16.8
15.8
22.6
30.3
6.2
6.9
6.4
10.8
5.2
-52%
-16%
Other
3.4
0.1
0.1
0.1
0.1
0.0
0.1
0.0
0.0
-26%
-62%
Total
81.8
87.0
92.3
108.8
14.7
24.1
28.6
41.5
14.4
-65%
-3%
Asset management fees
60.2
44.2
51.1
68.5
13.5
16.1
17.8
21.1
21.7
3%
61%
Administration fees
10.0
12.1
16.1
20.6
3.4
5.9
4.2
7.1
4.5
-37%
31%
Custodial fees
9.1
9.9
11.3
13.6
3.1
2.9
3.6
4.0
3.6
-11%
16%
Total
79.3
66.2
78.5
102.7
19.9
24.9
25.6
32.2
29.7
-8%
49%
Bonds and other
133.6
152.3
120.9
150.9
31.7
24.4
58.4
36.4
26.7
-27%
-16%
Equity
35.9
75.2
76.8
148.1
38.9
15.4
32.8
61.0
31.7
-48%
-18%
Gain on merchant banking trading
2.8
1.5
4.0
5.2
0.2
4.0
-0.6
1.6
-2.6
-
-
Net interest revenue
127.3
100.4
74.3
46.6
0.8
41.1
22.0
-17.3
12.1
-
1384%
Total
299.6
329.4
276.0
350.8
71.6
85.0
112.5
81.7
67.8
-17%
-5%
YoY
QoQ
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
Commissions
Fees from
Investment
Banking
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*
Full Year
Quarter

Table of Contents
17
Adjustment of Consolidated Results and Segment Results
(billions of yen)
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets”,
net
revenue
and
non-interest
expenses
from
operations
that
were
treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
Quarter
Full Year
Segment results
US GAAP
Unrealized gain (loss) on
investments in equity
securities held for
relationship purposes
Effects of consolidation /
deconsolidation of certain
private equity investee
companies
FY2006.3
1Q
2Q
3Q
4Q
1Q
Net revenue
602.8
729.5
709.0
1,059.8
171.4
219.8
386.4
282.2
209.8
-26%
22%
Non-interest expenses
513.5
504.0
521.4
607.8
134.0
138.3
154.5
180.9
155.3
-14%
16%
Income before income taxes
89.2
225.5
187.6
452.0
37.4
81.5
231.8
101.2
54.4
-46%
46%
-11.0
31.3
36.3
2.8
-20.6
-
-
-
-
-
-
-
-
-
-11.0
31.3
36.3
2.8
-20.6
-
-
Net revenue
6.5
18.9
81.8
26.5
27.1
21.6
-62.9
40.7
16.8
-59%
-38%
Non-interest expenses
5.3
16.4
73.0
92.2
24.4
22.1
28.0
17.8
17.2
-3%
-30%
Income before income taxes
1.2
2.4
8.9
-65.7
2.7
-0.5
-90.8
23.0
-0.4
-
-
Net revenue
566.3
803.1
799.2
1,145.7
187.5
272.6
359.8
325.7
205.9
-37%
10%
Non-interest expenses
518.9
520.4
594.4
700.1
158.4
160.3
182.5
198.7
172.5
-13%
9%
Income from continuing operations
before income taxes
47.4
282.7
204.8
445.6
29.1
112.3
177.2
127.0
33.4
-74%
15%
Income from discontinued
operations before income taxes
-
-
-
99.4
-
1.6
5.3
9.9
82.6
-
-
-
Income before income taxes
47.4
282.7
204.8
545.0
30.7
117.6
187.1
209.6
33.4
-84%
9%
FY2006.3
FY2006.3
YoY
QoQ
FY2005.3
FY2004.3
FY2003.3
Net revenue
-43.0
54.7
8.4
59.3
Non-interest expenses
-
-
-
-
Income before income taxes
-43.0
54.7
8.4
59.3

Table of Contents
18
Income by Segment
Notes:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
In April  2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition from those of FY2005.3 onward.
In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to
the current presentation.
(billions of yen)
Net revenue
229.1
249.3
305.8
304.4
446.5
47%
Non-interest expenses
208.6
213.6
226.2
223.2
249.3
12%
Income before income taxes
20.5
35.7
79.5
81.2
197.2
143%
Net revenue
215.8
236.0
284.1
243.1
371.1
53%
Non-interest expenses
133.2
142.4
163.3
182.9
213.4
17%
Income before income taxes
82.6
93.6
120.8
60.2
157.7
162%
Net revenue
88.3
69.1
70.9
75.4
99.7
32%
Non-interest expenses
57.4
56.4
53.7
46.2
48.1
4%
Income before income taxes
30.9
12.8
17.2
29.2
51.5
76%
Net revenue
135.8
-6.6
10.7
7.3
68.2
830%
Non-interest expenses
58.0
8.6
10.2
10.4
12.8
24%
Income before income taxes
77.7
-15.3
0.5
-3.0
55.4
-
Net revenue
51.5
40.4
40.3
49.0
65.8
34%
Non-interest expenses
39.5
36.3
39.8
39.0
45.2
16%
Income before income taxes
12.0
4.0
0.5
10.0
20.6
106%
Net revenue
720.6
588.1
711.8
679.2
1,051.4
55%
Non-interest expenses
496.8
457.3
493.2
501.7
568.9
13%
Income before income taxes
223.8
130.8
218.5
177.5
482.5
172%
Net revenue
21.3
14.7
17.8
29.8
8.4
-72%
Non-interest expenses
166.5
56.2
10.8
19.7
38.9
98%
Income before income taxes
-145.2
-41.6
7.0
10.1
-30.5
-
Net revenue
741.8
602.8
729.5
709.0
1,059.8
49%
Non-interest expenses
663.3
513.5
504.0
521.4
607.8
17%
Income before income taxes
78.5
89.2
225.5
187.6
452.0
141%
YoY
FY2002.3
FY2003.3
FY2004.3
FY2005.3
FY2006.3
Domestic Retail
Global Markets
Global Investment
Banking
Global Merchant
Banking
Asset
Management
5 Segment Total
Other
Segment Total

Table of Contents
19
Income by Segment (Quarterly)
(billions of yen)
FY2007.3
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
Net revenue
87.0
64.8
73.0
79.6
84.8
101.4
136.7
123.6
105.6
-15%
25%
Non-interest expenses
53.3
54.9
55.0
60.0
54.5
60.0
62.6
72.2
63.1
-13%
16%
Income before income taxes
33.7
9.8
18.0
19.6
30.3
41.4
74.1
51.4
42.5
-17%
40%
Net revenue
71.8
44.9
56.6
69.8
49.8
77.7
115.2
128.4
68.9
-46%
38%
Non-interest expenses
41.2
41.5
43.8
56.4
50.5
46.2
54.3
62.4
54.6
-13%
8%
Income before income taxes
30.6
3.4
12.8
13.3
-0.7
31.5
60.9
66.0
14.3
-78%
-
Net revenue
12.9
22.9
20.2
19.4
12.8
20.5
35.3
31.1
18.8
-40%
47%
Non-interest expenses
10.7
11.5
10.7
13.4
10.6
11.3
12.0
14.2
13.2
-7%
25%
Income before income taxes
2.3
11.4
9.5
6.0
2.2
9.1
23.3
17.0
5.6
-67%
157%
Net revenue
2.8
-2.3
-3.5
10.4
-3.3
6.9
80.1
-15.5
12.1
-
-
Non-interest expenses
3.0
2.4
2.2
2.7
2.6
2.2
2.5
5.5
2.3
-58%
-10%
Income before income taxes
-0.2
-4.8
-5.7
7.7
-5.9
4.7
77.6
-21.0
9.8
-
-
Net revenue
11.0
12.3
13.8
12.0
14.0
15.4
18.1
18.4
17.6
-4%
26%
Non-interest expenses
9.6
9.5
9.7
10.2
10.0
10.7
11.8
12.7
12.4
-2%
24%
Income before income taxes
1.4
2.8
4.1
1.7
4.0
4.7
6.2
5.7
5.2
-9%
32%
Net revenue
185.4
142.5
160.2
191.1
158.1
221.9
385.4
286.1
223.1
-22%
41%
Non-interest expenses
117.7
119.9
121.4
142.7
128.2
130.4
143.2
167.0
145.6
-13%
14%
Income before income taxes
67.7
22.6
38.8
48.4
29.9
91.4
242.1
119.1
77.5
-35%
159%
Net revenue
-1.2
13.6
7.2
10.2
13.4
-2.1
1.0
-3.9
-13.3
-
-
Non-interest expenses
7.0
6.5
2.1
4.1
5.8
7.8
11.3
14.0
9.7
-31%
67%
Income before income taxes
-8.2
7.0
5.1
6.1
7.6
-9.9
-10.3
-17.9
-23.0
-
-
Net revenue
184.2
156.0
167.4
201.3
171.4
219.8
386.4
282.2
209.8
-26%
22%
Non-interest expenses
124.7
126.4
123.5
146.8
134.0
138.3
154.5
180.9
155.3
-14%
16%
Income before income taxes
59.5
29.6
43.9
54.6
37.4
81.5
231.8
101.2
54.4
-46%
46%
QoQ
FY2005.3
YoY
FY2006.3
Notes:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
In January 2006, certain functions of Other business were integrated into Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.
Domestic Retail
Global Markets
Global Merchant
Banking
Asset
Management
5 Segment Total
Other
Segment Total
Global Investment
Banking

Table of Contents
20
Segment “Other”
Income before Income Taxes
(billions of yen)
Note:
“Other”
for
the
FY2003.3
period
includes
21.2
billion-
yen
of
impairment
loss
on
investment-
of
affiliates.
FY2007.3
1Q
2Q
3Q
4Q
1Q
"Other" income before income taxes
-41.6
7.0
10.1
-30.5
7.6
-9.9
-10.3
-17.9
-23.0
Net gain/loss on trading related to economic hedging transactions
-6.2
-12.8
-9.7
-64.8
-2.8
-8.5
-17.6
-36.0
-11.4
Loss/gain on investment securities
1.7
1.2
6.9
8.4
8.2
-0.1
0.0
0.3
0.1
Equity in losses/earnings of affiliates
-3.8
8.5
7.3
27.8
2.7
2.9
8.3
13.9
3.3
Corporate items
-9.4
-10.7
4.5
-7.4
0.5
-3.7
-3.6
-0.6
-7.2
Other
-23.9
20.7
1.0
5.5
-1.1
-0.6
2.6
4.5
-7.9
FY2006.3
FY2006.3
FY2003.3
FY2004.3
FY2005.3
Full Year
Quarter

Table of Contents
21
Consolidated Balance Sheet
(billions of yen)
Mar. 31, 2006
Jun. 30, 2006
Mar. 31, 2006
Jun. 30, 2006
Cash and cash deposits
1,556
981
Short-term borrowings
692
1,475
Payables and deposits
1,240
1,537
Loans and receivables
1,364
1,380
Collateralized financing
20,263
16,310
Trading liabilities
6,528
5,719
Collateralized agreements
17,028
14,482
Other liabilities
642
471
Long-term borrowings
3,599
3,964
13,697
13,245
Total liabilities
32,963
29,476
Other assets
1,381
1,465
Shareholders' equity
Total shareholders' equity
2,063
2,077
Total assets
35,026
31,553
Total liabilities and shareholders' equity
35,026
31,553
Assets
Liabilities
Trading assets and private equity
investments

Table of Contents
22
Effect of Consolidation/Deconsolidation of Certain Private     
Equity Investee Companies
(billions of yen)
Non-interest Expenses
Note:
In
accordance
with
SFAS
No.
144
“Accounting
for
the
Impairment
or
Disposal
of
Long-Lived
Assets”,
net
revenue
and
non-interest
expenses
from
operations
that
were
treated
as
discontinued
during
the
fiscal
year
ended
March
31,
2006,
are
separately
reported
as
income
from
discontinued
operations
retroactively
to
the
first
quarter
of
the
fiscal
year
ended
March
31,
2006.
FY2007.3
1Q
2Q
3Q
4Q
1Q
Compensation and benefits
259.3
275.0
325.4
72.6
73.8
87.9
91.2
82.8
Fixed-type compensation and benefits
144.3
159.6
170.4
41.4
42.1
43.2
43.8
43.8
Segment total
142.4
151.1
160.7
38.6
39.7
41.0
41.5
41.7
Private equity investee companies
1.9
8.5
9.7
2.8
2.4
2.2
2.3
2.1
Variable-type compensation and benefits
115.0
115.4
155.0
31.2
31.7
44.7
47.4
39.0
Segment total
114.4
113.6
150.5
30.6
30.3
43.5
46.2
37.7
Private equity investee companies
0.6
1.8
4.5
0.6
1.4
1.2
1.2
1.2
Commissions and floor brokerage
19.2
23.9
32.9
5.9
8.9
8.5
9.7
10.3
Segment total
18.9
22.1
31.4
5.5
8.6
8.1
9.3
9.8
Private equity investee companies
0.3
1.8
1.5
0.4
0.3
0.4
0.4
0.4
Information processing and communications
80.0
81.4
89.6
20.6
20.6
21.0
27.4
23.2
Segment total
79.9
80.9
89.1
20.5
20.5
20.8
27.3
23.0
Private equity investee companies
0.1
0.5
0.5
0.2
0.1
0.2
0.1
0.2
Occupancy and related depreciation
54.2
53.5
55.0
12.5
14.0
13.4
15.2
14.4
Segment total
53.7
50.8
50.8
11.3
12.8
12.4
14.3
13.4
Private equity investee companies
0.5
2.7
4.3
1.2
1.1
1.0
0.9
1.0
Business development expenses
23.1
28.2
32.8
6.8
8.2
7.6
10.2
7.8
Segment total
22.8
26.2
30.6
6.3
7.7
7.0
9.6
7.2
Private equity investee companies
0.3
2.0
2.2
0.5
0.5
0.6
0.6
0.6
Other
73.3
87.6
115.4
25.0
21.9
30.5
38.0
22.7
Segment total
72.4
76.6
94.7
21.4
18.7
21.8
32.8
22.4
Private equity investee companies
0.9
11.0
20.8
3.6
3.2
8.7
5.3
0.3
Private equity entities cost of goods sold
11.9
44.7
48.8
15.0
13.0
13.7
7.1
11.4
Total non-interest expenses
520.4
594.4
700.0
158.4
160.3
182.5
198.7
172.5
Segment total
504.0
521.4
607.8
134.0
138.3
154.5
180.9
155.3
Private equity investee companies
16.4
73.0
92.2
24.4
22.1
28.0
17.8
17.2
FY2004.3
FY2005.3
FY2006.3
FY2006.3
Full Year
Quarter

Table of Contents
23
*   Nomura Securities
**  end of the period
*** transaction base
Domestic Retail Related Data (1)
FY2007.3
1Q
2Q
3Q
4Q
1Q
Retail stock brokerage commissions (billions of yen)
48.2
92.1
103.0
153.6
20.8
34.6
53.9
44.2
28.0
Commissions for investment trusts distribution (billions of yen)*
34.9
46.9
49.9
95.9
19.5
20.9
26.8
28.6
28.0
Bond investment trusts commission
16.9
11.1
6.4
3.5
1.1
0.8
0.7
0.8
0.6
Stock investment trusts commission
11.6
21.5
31.6
74.2
14.8
16.9
19.1
23.4
23.2
Foreign investment trusts commission
6.4
14.2
11.9
18.2
3.7
3.2
7.0
4.4
4.2
Domestic distribution volume of investment trusts (trillions of yen)
11.9
13.7
14.2
20.5
3.9
4.7
6.3
5.7
5.0
Bond investment trusts
8.6
10.1
10.4
14.3
2.6
3.4
4.4
3.9
3.3
Stock investment trusts
1.3
1.6
2.3
4.5
0.9
1.0
1.2
1.4
1.3
Foreign investment trusts
2.1
2.1
1.4
1.7
0.4
0.3
0.6
0.4
0.3
Other (billions of yen)
Outstanding value of variable annuity insurance policies**
166.6
261.6
446.4
654.4
504.3
550.4
609.8
654.4
748.2
Sales of JGBs for individual investors***
101.3
1,271.6
1,290.6
747.8
206.4
179.6
186.4
175.4
189.0
Retail foreign currency bond sales
2,284.7
1,990.0
1,154.4
1,119.2
304.8
340.7
268.6
205.1
166.4
FY2006.3
FY2004.3
FY2005.3
FY2003.3
FY2006.3
Full Year
Quarter

Table of Contents
24
Domestic Retail Related Data (2)
Domestic Client Assets*
*Domestic Client Assets = Total of client
assets in custody in Domestic Retail
(including regional financial institutions) and
Financial Management Division.   
**Includes CBs and warrants
***Includes variable annuity insurance
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Equities
17.1
28.9
33.5
49.3
45.6
Foreign currency bonds
3.7
4.0
4.0
3.6
3.5
Domestic bonds**
8.5
10.0
11.8
13.1
13.4
Stock investment trusts
2.2
3.0
3.3
5.3
5.3
Bond investment trusts
6.5
5.5
4.9
4.5
4.3
Overseas mutual funds
1.1
1.6
1.9
2.3
2.2
Other***
1.6
1.7
1.9
2.3
2.5
Total
40.6
54.8
61.2
80.5
76.7
40.6
54.8
61.2
80.5
76.7
0
20
40
60
80
100
Other***
Overseas mutual funds
Bond investment trusts
Stock investment trusts
Domestic bonds**
Foreign currency bonds
Equities
(trillions of yen)
Domestic Client Assets*

Table of Contents
25
FY2007.3
1Q
FY2006.3
FY2003.3
FY2004.3
FY2005.3
1,788
3,391
6,749
4,581
0
2,000
4,000
6,000
8,000
(billions of yen)
2,042
Domestic Retail Related Data (3)
Domestic Client Assets* Net Asset Inflow
*Domestic Client Assets excluding portion from regional financial institutions
Note: Net Asset Inflow = Asset Inflow –
Asset Outflow
Quarter
Full Year
Domestic Client Assets Net Asset Inflow *

Table of Contents
26
Domestic Retail Related Data (4)
Number of Accounts
(thousands of accounts)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Accounts with balance*
3,418
3,460
3,678
3,780
3,815
Equity holding accounts*
1,311
1,379
1,680
1,745
1,767
New accounts (individual)* **           
237
297
425
343
86
Nomura Home Trade (online trading accounts)*
1,141
1,367
1,716
1,969
2,029
IT share**
No. of orders
38%
47%
50%
54%
55%
Transaction value
14%
22%
24%
27%
28%
* Total of Domestic Retail and Financial Management Division
**Total for period

Table of Contents
27
Global Merchant Banking Related Data   
Business Exposure
Notes: Amount of exposure in Japan is total of Nomura Principal Finance (NPF) and Nomura Research & Advisory (NR&A) .
Amount of exposure in Europe (excluding Terra Firma) is total of Private Equity Group (PEG) and Nomura Phase4 Ventures (NPV).
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Japan
20.1
68.9
108.4
59.9
62.8
Europe (excluding Terra Firma)
15.9
15.6
23.7
38.8
35.6
Sub Total
35.9
84.5
132.1
98.7
98.4
Terra Firma
265.7
291.2
325.5
340.4
271.4
Total
301.6
375.7
457.6
439.1
369.7
35.9
84.5
132.1
98.7
98.4
301.6
375.7
457.6
439.1
369.7
0
100
200
300
400
500
Terra Firma
Europe (excluding Terra Firma)
Japan
(billions of Yen)

Table of Contents
28
Notes:
Total
assets
under
management
of
Nomura
Asset
Management,
Nomura
Corporate
Research
and
Asset
Management,
Nomura
BlackRock
Asset
Management,
Nomura
Funds
Research
and
Technologies,
MAINTRUST
(Germany),
and
Nomura
Funds
Research
and
Technologies
America.
Adjusted
for
asset
overlap
amongst
group
companies.
Nomura
Funds
Research
and
Technologies
America
data
as
of
end
of
May.
Asset Management Related Data (1)
Assets Under Management
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
15.9
17.6
17.9
23.1
23.0
0
5
10
15
20
25
(trillions of yen)
Total Assets Under Management

Table of Contents
29
Asset Management Related Data (2)
Assets Under Management
(trillions of yen)
Public stock investment trusts
Public bond investment trusts
Privately placed investment trusts
Domestic investment advisory
Overseas investment advisory
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
10.7
11.3
10.8
14.0
14.1
Public stock investment trusts
3.2
4.5
4.4
6.9
7.3
Public bond investment trusts
7.3
6.3
5.6
5.6
5.3
Privately placed investment trusts
0.2
0.4
0.8
1.5
1.5
3.6
4.4
5.1
7.0
6.7
Domestic investment advisory
2.9
3.0
3.2
4.0
3.8
Overseas investment advisory
0.7
1.4
2.0
3.0
3.0
14.2
15.7
16.0
21.0
20.8
FY2007.3
1Q
0.8
0.1
-0.1
1.0
0.9
ETF
0.6
0.2
-0.3
-0.4
0.5
-3.1
-1.0
-0.7
-0.0
-0.3
0.1
0.1
0.3
0.5
0.1
-2.2
-0.7
-0.5
1.5
0.7
Investment trusts
<Assets Under Management>
Public stock investment trusts
<Investment trust Net Asset Inflows>
Investment advisory
Total
Public bond investment trusts
FY2006.3
FY2005.3
FY2003.3
FY2004.3
Privately placed investment trusts
Net Asset Inflows
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
14.2
15.7
16.0
21.0
20.8
0
5
10
15
20
25
(trillions of yen)
Nomura Asset Management Assets Under Management

Table of Contents
30
Asset Management Related Data (3)
Investment Trusts
(billions of yen)
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Banks
339
801
891
Japan Post
0
90
166
My Story Profit Distribution-type Fund (6 Times/Year)
0
461
658
Nomura Multi-currency Japan Stock Fund
0
384
417
Global REIT Open
17
307
377
Nomura Japan Stock Strategic Fund (Big Project - N)
338
424
376
Nomura Fund Masters Global Bond
181
330
304
Nomura US High Yield Bond Income
345
319
272
Nomura Global REIT Fund
0
225
242
Japan Attractive Dividend Stock Fund
0
296
218
Nomura Japan Open
77
175
188
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Mar. 31, 2006
Jun. 30, 2006
Stock investment trusts
3.2
4.5
4.4
6.9
7.3
Bond investment trusts
7.3
6.3
5.6
5.6
5.3
Public stock investment trusts, Nomura's share (%)
19%
19%
15%
15%
16%
Public bond investment trusts, Nomura's share (%)
40%
40%
42%
42%
42%
Stock investment trusts
16.3
23.3
28.9
45.0
46.1
Bond investment trusts
18.1
15.8
13.5
13.5
12.7
Source: Investment Trusts Association, Japan
Market Total
Nomura Asset
Management
Domestic Public
Investment Trust
Market and
Nomura Asset
Management
Market Share
AUM in Funds for
Bank/Post Office
Customers
AUM in Key
Funds

Table of Contents
31
First Quarter Achievements
Large International Bond Underwritings
Republic of Austria:
5.0 billion euros (joint lead manager)
Atlante
Finance Sri:
1.2 billion euros (joint lead manager)
Foreign Currency Bond Offerings to Retail Investors
Toyota Motor Credit:
USD610 million
KfW:
AUD230 million
Key Business Areas
Loan-related Business:
120 billion yen
Asset Finance:
Arranged 81 billion yen in funding for Japan’s largest PFI project
Equity Derivatives:
Completed 23 fund derivative contracts (total amount: 144 million euros)
Major Deals
IPO
Adtec
Engineering: 4.5 billion yen
PO
Mitsubishi UFJ Financial Group: 418.4 billion yen; Nomura Real Estate Office Fund: 32.2 billion yen;
Kenedix
Realty Investment: 43.7 billion yen
MPO/HPO
Eight deals totaling 342.2 billion yen (based on launch date) including Sojitz: 300 billion yen; Tokyu
Construction: 20 billion yen; The Eighteenth Bank (HPO): 15 billion yen
M&A
Sale of Wakodo
from Sankyo to Asahi Breweries: 45.9 billion yen
Deal to turn Kirin Beverages into wholly-owned subsidiary of Kirin Brewery: 74.9 billion yen
Buyout of German auto part maker IFA-AT by NTN (joint deal with Rothschild): Value not disclosed
Sales of New Investment Trusts
Alliance
Bernstein
US
Growth
Stock
Fund
(launched
May
25,
2006)
105.2 billion yen (as of June 30, 2006)
Fidelity
Japan
Asia
Growth
Fund
(launched
Jun.
29,
2006)
46.5 billion yen (as of June 30, 2006)
Nomura HFR New Managers Fund (launched Apr. 26, 2006)
31.3 billion yen (closed-end)
Nomura AW Hedge Fund II (launched May 26, 2006)
18.9 billion yen (closed-end)
Domestic
Retail
Global
Markets
Global
Investment
Banking
Joinvest
Securities
May
June
Number of Accounts
21,400
40,156
Number of Margin Trading Account
0
1,224
Monthly Transaction Value (Million yen)
1,377
54,919
Monthly Margin Transaction Value
0
19,472

Table of Contents
32
League Tables
Source: Thomson Financial
Proceeds
(USD m)
Mkt. Share
No. of Issues
Rank Value
(USD m)
Mkt. Share
No. of Deals
1
Nomura
8,672.9
27.0%
58
1
UBS
24,313.9
30.8%
14
2
Daiwa Securities SMBC
6,954.7
21.7%
54
2
Goldman Sachs
23,272.9
29.5%
10
3
Nikko
Citigroup
4,940.6
15.4%
26
3
Nikko
Citigroup
23,097.2
29.2%
12
4
Goldman Sachs
4,844.1
15.1%
6
4
Mizuho Financial Group
21,120.8
26.7%
65
5
Mizuho Financial Group
2,152.1
6.7%
25
5
Deutsche Bank
18,078.6
22.9%
4
6
Merrill Lynch
1,225.5
3.8%
7
6
Nomura
17,012.5
21.5%
83
7
UBS
797.6
2.5%
4
7
Daiwa Securities SMBC
11,366.3
14.4%
69
8
Morgan Stanley
785.8
2.5%
4
8
KPMG Corporate Finance
8,720.5
11.0%
15
9
Mitsubishi UFJ Financial Group
401.2
1.3%
18
9
Mitsubishi UFJ Financial Group
6,029.7
7.6%
49
10
Shinko Securities
396.0
1.2%
19
10
Rothschild
5,400.0
6.8%
2
Proceeds
(JPY m)
Mkt. Share
No. of Issues
Proceeds
(JPY m)
Mkt. Share
No. of Issues
1
Nikko
Citigroup
271,407.6
21.6%
24
1
Mizuho Securities
538,944.5
30.9%
30
2
Nomura
179,552.7
14.3%
10
2
Daiwa Securities SMBC
369,937.5
21.2%
20
3
Mitsubishi UFJ Financial Group
147,361.0
11.7%
5
3
Mitsubishi UFJ Securities
318,950.7
18.3%
19
4
UBS
135,281.6
10.8%
11
4
Nikko
Citigroup
199,997.0
11.5%
10
5
Merrill Lynch
84,935.2
6.8%
3
5
Nomura
179,985.5
10.3%
13
6
Daiwa Securities SMBC
84,756.3
6.7%
8
6
Goldman Sachs
99,960.0
5.7%
1
7
Mizuho Financial Group
73,200.0
5.8%
6
7
BNP Paribas
20,000.0
1.1%
1
8
Morgan Stanley
72,207.5
5.7%
5
8
Shinko Securities
10,000.0
0.6%
1
9
Barclays Capital
54,000.0
4.3%
9
9
Merrill Lynch Japan Securities
8,998.2
0.5%
1
10
Deutsche Bank
52,068.5
4.1%
4
R
a
n
k
Bookrunner
Jan. 1, 2006 -
Jun. 30, 2006
R
a
n
k
R
a
n
k
Domestic Straight Bonds (excluding self-funding)
Global & Euro Yen Bonds
Bookrunner
Apr. 1, 2006 -
Jun. 30, 2006
Global Equity & Equity-related (Japan)
Announced deals, value base
Bookrunner
R
a
n
k
Jan. 1, 2006 -
Jun. 30, 2006
Jan. 1, 2006 -
Jun. 30, 2006
Advisor
Any Japanese Involvement Financial Advisors

Table of Contents
33
Market Share Data
(trillions of yen)
FY2007.3
1Q
2Q
3Q
4Q
1Q
Individual Equity Agency Transactions Share
Market
52.0
105.9
144.7
308.3
38.8
64.3
104.3
100.9
74.2
Nomura's share
16%
10%
8%
7%
7%
7%
7%
6%
5%
Off-floor/Off-exchange Equity Trading Share
Off-floor market
33.2
31.9
33.2
48.6
8.8
11.4
14.5
14.0
13.9
Off-exchange
14.1
19.3
21.1
30.5
4.9
6.6
9.3
9.7
9.6
Nomura's share
20%
16%
17%
21%
18%
19%
23%
22%
22%
JGB Auction Share
Market
68.1
74.4
80.1
80.7
19.8
22.2
20.2
18.6
21.1
Nomura's share
15%
16%
18%
11%
11%
10%
9%
15%
12%
Bond Secondary Trading Share
Market
1,129
1,235
1,361
1,296
365
326
292
312
355
Nomura's share
14%
16%
15%
13%
13%
13%
11%
13%
12%
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2007.3
1Q
Global Equity and Equity-related Japan
Nomura's share
30%
30%
25%
26%
26%
Japanese IPO
Nomura's share
11%
27%
32%
20%
8%
Japanese PO
Nomura's share
50%
33%
25%
27%
42%
Convertible Bonds
Nomura's share
13%
28%
19%
34%
0%
Global and Euro Yen Bonds
Nomura's share
21%
31%
23%
23%
13%
Straight Bonds, Lead Manager (excl. self-funding)
Nomura's share
26%
19%
17%
18%
8%
Source: Thomson Financial (Value base)
FY2003.3
FY2004.3
FY2006.3
FY2006.3
FY2005.3
Full Year
Quarter
Secondary Market
Share Data
Primary Market
Share Data

Table of Contents
34
Value at Risk (Consolidated)
Definition
99% confidence level
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 3, 2006 to June 30, 2006 (billion yen)
Maximum:
8.9
Minimum:
5.8
Average:
6.8
(billions of yen)
Equity
1.5
3.3
3.0
6.0
5.4
Interest Rate
2.3
2.0
2.8
3.3
4.1
Foreign Exchange
0.2
0.5
0.7
1.4
1.5
Sub-total
4.0
5.8
6.5
10.7
11.0
Diversification Benefit
-0.9
-1.9
-2.4
-3.7
-3.8
VaR
3.1
3.9
4.1
7.0
7.1
Jun. 06
Mar. 06
End of quarter
Mar. 03
Mar. 04
Mar. 05

Table of Contents
35
Number of Employees
*Excludes employees of private equity investee companies
Mar. 2003
Mar. 2004
Mar. 2005
Mar. 2006
Jun. 2006
Japan (excluding FA, SA)*
9,258
9,148
9,190
9,354
9,901
Japan (FA, SA)
1,986
1,915
1,875
1,948
2,177
Europe
1,389
1,403
1,535
1,515
1,464
Americas
797
866
1,026
1,073
1,049
Asia/Oceania
616
655
718
778
788
Total
14,046
13,987
14,344
14,668
15,379

Table of Contents
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