Nomura Asia Equity Forum 2010 presentation material (PDF)...Profitable for four straight quarters; all five business -40.2%-780.3 FY07 FY08 FY09 segments)2 divisions in profit on full

Nomura Asia Equity Forum 2010

J 2010June 2010

Kenichi WatanabePresident and CEOPresident and CEONomura Holdings, Inc.

1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2010 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 p y y y y y p pp poffering 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 no4. 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 responsibilityor 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 thestatements 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 transactionsexchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

6. The consolidated financial information in this document is unaudited.

2

1. Review of last fiscal year

2. Nomura’s current position

3.

Business segments- Wholesale (Global Markets, Investment Banking)- Retail

4 Strategy in Asia

- Asset Management

4. Strategy in Asia

5 In closing5. In closing

3

Breakdown of revenues for last fiscal year

Key components of financial resultsKey components of financial results

Net revenue, income/loss before income taxes and ROE Income before income taxes for year ended Mar 2010

Net revenue

(billions of yen) (billions of yen)

1,150.8

Net revenueIncome before income taxesROE(%)

Accounting adjustments1

Own credit & CVA (¥73.9bn) Nomura CB conversion costs (¥17.0bn)

787.3 Nomura CB conversion costs (¥17.0bn) Unrealized gain on investment securities ¥9.4bn Nomura public offering fee (¥16.0bn)

312.6

-64.6105.2

-3.3%3.7% 105.2

118.6 223.8

Income before income taxes

Income before income taxes (business

Accounting adjustments1

Profitable for four straight quarters; all five business

-780.3-40.2%

FY07 FY08 FY09

segments)2

divisions in profit on full year basis. Returned to profit on full year basis with all business

divisions contributing. All regions profitable.1. Accounting items not attributable to business segments2. Including corporate items

4

Net revenue by division and region

FY2009/10 net revenue by division FY2009/10 net revenue by region

(billions of yen) (billions of yen)

Asset Management,

70300

350 Japan Non-Japan

Global Markets, 658

200

250

Retail, 388

Markets, 658

Investment

Wholesale, 790

100

150

Investment Banking, 119

Merchant Banking, 12 0

50

FY2010.3

Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

5

Review of last fiscal year

On way to being world-classOn way to being world class

6


2. Nomura’s positioning

3.


4 Strategy in Asia

- Asset Management

4. Strategy in Asia


7

Shift from financial sector crisis to sovereign risk

CDS spreads (5 yr bps)

1400

CDS spreads (5-yr, bps)Jul 2007 – Sep 2008

Build up to crisisOct 2008 – Mar 2009

Financial crisisApr 2009 – Oct 2009Systemic response

Nov 2009 – presentSovereign risk

Investment banking crisis

Commercial bank crisis

1200

1400

Company A(US investment bank)

crisis

800

1000

Greece

400

600 Company B(US commercial bank)

0

200

8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb-

09

Mar

-09

Apr

-09

May

-09

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Feb-

10

Mar

-10

Apr

-10

Note: Daily data from March 31, 2008, to May 24, 2010.Source: Nomura, based on Bloomberg, IMF, and other data. 8

Tougher regulatory environment

Regulatory environment

2010 2011 2012 2013

Regulatory

US financial

Basel 2.5 Basel 3

Capital regulations Leverage ratio

Financial Stability Oversight Council

tightening in Europe

regulatory reforms

Leverage ratio Liquidity regulations

Oversight Council Liquidation plans Volcker rule

Regulatory divide

I t d d

Regulatory divide

Regulatory divide

Intended position

divide

Limited business opportunities

Winners gain opportunities 9

Robust financial positionCapital ratio History of leverage ratios

Total assets ¥32.2trn Shareholders’ equity

¥2 1trn

(billions of yen)(Preliminary) 31 Dec 31 Mar

Tier 1 1,989 2,000

(Balance sheet data) Financial indicators Gross leverage and net leverage

15.216 0

18.0

20.0Gross leverage ratioNet leverage ratio

¥2.1trn Gross leverage 15.2x Net leverage 9.3x Level 3 assets (net)1

¥0.9trn Liquidity ¥5.2trn

Tier 2 559 560

Tier 3 303 306

Total capital 2,789 2,806

RWA 11,127 11,525

Tier 1 ratio 17.8% 17.3%

9.3

8.0

10.0

12.0

14.0

16.0

Liquidity ¥5.2trnTier 1 Common ratio3 17.7% 17.3%

Total capital ratio 25.0% 24.3%

Comparison of capital ratios Balance sheet

6.02009.1Q 2009.2Q 2009.3Q 2009.4Q 2010.1Q 2010.2Q 2010.3Q 2010.4Q

= Tier 1 ratio

Tier 1 capital / risk weighted assets 2 Total assets

= Tier 1 common ratio3

17.3%17.3%

30

35

40 (Trillion yen)

1015

20

2530

Nomura MS GS Citi JPM BoA CS UBS DB BARC

10

1. Preliminary (before review)2. Barclays as of December 20093. Tier 1 common ratio is defined as Tier 1 capital minus hybrid capital and minority interest.

0

5

10

FY05 FY06 FY07 FY08 FY09

Trend of balance sheet size

Perfect opportunity to increase market share

6018,000

Global peer groupbalance sheet total

(billions of USD)

Nomura balance sheet; Demand (trillions of yen)

16,15916,575

14,42450

55

16,000

46

13,086

3735

40

45

12,000

14,00041

46

40

37

2622

3025

30

10,000

10

15

20

6 000

8,00020

106,0002006/12/29 2007/12/31 2008/12/31 2009/12/31 将来

Source: Demand from 2006 to 2009 is global capital markets and investment banking fee pool based on analysis by McKinsey & Company. Dotted line from 2010 onwards extrapolates trend from 2009 and does not represent a guarantee of future performance.

Future

11



3.


4

- Asset Management

Strategy in Asia4. Strategy in Asia


12

Changes to business segments

RetailRetail

Before (~ Mar 2010) After (Apr 2010 ~)

Global Fixed IncomeGlobal Fixed Income

Wholesale

Global Markets Global Equities

Others

Global Markets Global Equities

Others o esa e Ot e s

Investment B ki

Investment Banking

Ot e s

Investment Banking

BankingOthers

Asset Management

Merchant Banking

Asset Management Asset ManagementAsset Management

13

Net revenue (FY2010.3)

Wholesale division63%

Government Corporate Asset Financial

Core to Nomura’s corporate and institutional relationships

Government institutions

Corporate clients

Asset managers

Financial institutions

Wh l lWholesale

539 0 454 2

789.5

+46%

Wholesale net revenue (billions of yen)

N J539.0 454.2243.5

+46% Non-Japan

Japan

-163.6

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

14


Wholesale: Global Markets53%

Focus on client flow businesses

Grow client base

Expand product lineup

Build out US business

Increase market shareIncrease market share

15

Global Markets: FY2009/10 client franchiseNet revenue (FY2010.3)

Global Markets: FY2009/10 client franchise momentum 53%

Client focusClient revenue ISDA client on-boarding

+100%

US

+118%

US

+100%

EMEA

US

+118%

EMEA

AEJAEJEMEA

US

US

JP JP

AEJAEJ

EMEA

Jun-2009 Mar-2010FY2008/09 FY2009/10

16

Global Markets: Research highly rated byNet revenue (FY2010.3)

Global Markets: Research highly rated by institutional investors 53%

Nomura’s research organization and awards won

EMEAEMEA

142 analysts

Institutional Investor 2010

Institutional Investor 2010 #2

142 analysts Economic Research Team

AmericasAmericas

46 analystsJapanJapan

46 analysts

AEJAEJ

231 analysts

The Nikkei Veritas 2010 (Nikkei Analyst)Institutional Investor 2010Greenwich 2009

#1AEJAEJ

(Asia ex(Asia ex--Japan)Japan)

248 analysts

Greenwich 2009

Institutional Investor 2010 Economic Research Team

#2

Institutional Investor 2010#2

17


Global Markets: Global capability – liquidity network53%

NYSE AmexNASDAQ

New York Futures ExchangeNew York Mercantile Exchange

London Stock ExchangeNYSE Liffe London

Borsa ItalianaIDEMWi B

Deutsche BoerseGermany PDBelgium PD

Fixed Income Primary DealershipExchange with license for equity products

Exchanges with license and countries with treasury dealership

Warsaw Stock Exchange

gNew York Stock Exchange

US PD

Chicago Stock Exchange

NYSE Liffe LondonEDX London

UK PDIrish Stock Exchange

Ireland PD

Wiener BorseItalia PDNASDAQ OMX Copenhagen, Helsinki, Stockholm & Oslo Bors Tokyo Stock Exchange

Osaka Securities ExchangeNagoya Stock Exchange

Korea Stock Exchange

Austria PD

SBolse de Madrid

Chicago Stock ExchangeChicago Board Options Exchange

Chicago Board of TradeChicago Mercantile Exchange

BATS ExchangeS

Euronext Paris, Amsterdam, Brussels

& LisbonFrance PD

EurexNYSE Liff P i

Sapporo Securities ExchangeFukuoka Stock Exchange Jasdaq Securities ExchangeTokyo Financial ExchangeJapan PD

Greece PDAthens Stock Exchange

Portugal PD Budapest Stock Exchange

B S k E h

Philadelphia Board of Trade (NASDAQ OMX Futures Exchange)

Philadelphia Stock Exchange(NASDAQ OMX PHLX)

Bombay Stock ExchangeNational Stock Exchange of IndiaIndia PD

Stock Exchange of ThailandThailand Futures Exchange

Stock Exchange of Hong KongHong Kong Futures Exchange

Taiwan Stock ExchangeGretai Securities Market

NYSE Liffe Paris

SIX Swiss ExchangeSWX EuropeSwiss Block

I ti t’ Gl b l M k t A

Boston Stock Exchange (NASDAQ OMX BX)

Australian Securities Exchange

Australia AOFMSingapore Exchange

Bursa Malaysia

Indonesia Stock Exchange

Johannesburg Stock Exchange

Instinet’s Global Market AccessThrough Instinet‘s global trading platform, clients can source liquidity strategically in the equity markets of more than 40 countries, including exchanges, dark pools and other types of trading venue. =Americas: Canada, Mexico, USA :APAC: Australia, Hong Kong, Japan, Korea, Malaysia, Singapore, Taiwan : EMEA: Austria, Belgium, Czech Republic, Republic Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom

18


Global Markets: US build out53%

Fixed Income Equities

FY2010.3 1Q

FY2010.3 4Q

FY2010.3 1Q

FY2010.3 4Q

Headcount

1Q 4Q

50 270+ Headcount

1Q 4Q

70 130+

US revenue contribution 2.3% 11.9% US revenue

contribution 2.6% 5.1%

Key initiatives – Fixed Income Key initiatives - Equities

Expansion into new asset classes

Broaden distribution capability

Establish focused research offering

Leverage global distribution capabilities

Senior / transformational hires to scale-up further Develop robust, high-capacity execution platform

19


17%

Investment Banking: Expanding our global footprint1

16158922 36

Steady global growth post Lehman integration (headcount as of Mar 31: 1,733)

AmericasAmericas

New Americas IB Head appointed in February

B ild titi l tf

2008/3 2010/32008/3 2010/3

World-class solutions platform Leverage the solutions platform to win non-

EMEAEMEA

Build competitive coverage platforms in select industries/sectors

827 864

gtraditional IB business in other regions

244

2008/3 2010/3

Unrivaled client trust and market-leading share across all products

JapanJapan

90244

2008/3 2010/3 Focus on high-growth markets

AEJAEJ(Asia ex(Asia ex--Japan)Japan)

g p Further develop the cross-border

M&A and solutions businesses

Focus on high growth markets (China, India)

Continue to build on our track record of market-defining transactions

20

* EMEA represents Europe, Middle East, Africa*AEJ represents Asia excluding Japan1. Investment Banking net revenue (17%) shown on gross basis before allocation to Global Markets and Retail.


Investment Banking: Major deals17%1

ECM M&A DCM

Dai-ichi Life National Australia Bank United Kingdom

Joint BookrunnerJPY 1trn IPO

Joint Financial AdvisorA$ 13.3bn, Pending

Joint BookrunnerIndex-linked UK gilt GBP 3.5bn

United Mexican StatesMitsubishi UFJ Financial Group KKR

Joint BookrunnerJPY930bn Follow-on

Joint BookrunnerJBIC Guaranteed Samurai JPY 150bn

Sole Financial Advisor and Mandated Lead Arranger and Bookrunner

Undisclosed

Maxis Berhad Dainippon Sumitomo Pharma Korea Development Bank

Joint BookrunnerUS$ 3.3bn IPO

Joint Financial AdvisorUS$ 2.6bn

Joint Lead ManagerSamurai Bond JPY 30bn

211. Investment Banking net revenue (17%) shown on gross basis before allocation to Global Markets and Retail.


Investment Banking: The next phase17%1

Strengthen our coverage platform to increase the accessible market fee pool

Coverage

Enhance our Global M&A presenceM&A

Further develop the ECM platform in EMEA, AEJ, and the USECM

Export EMEA’s solutions product capability and expertise to other regions

Solutionsother regions

Collaborate with Equities and Fixed Income under the new Cross Wholesale platform to grow the solutions businessDivisional

221. Investment Banking net revenue (17%) shown on gross basis before allocation to Global Markets and Retail.

R t il F lti iNet revenue (FY2010.3)

Retail: Focus on consulting services 31%

Retail branch offices and channels Retail client assets and accounts with balance

(Retail client assets in trillions of yen) (# of accounts in thousand)

5,000100 Retail client assets Accounts with balanceWealth Management Retail client assets Accounts with balanceWealth Management

Financial Consulting

4,00050

Financial Advisors

Financial Services

Institutional Clients

Investment Banking

・

173 branches nationwide110 branches

1 branch

3,000002 03 04 05 06 07 08 09

それ、野村にきいてみよう。・

Nomura Retail flagship ad campaign graphic, roughly translated as “I’ll ask Nomura for advice”.1. Includes two branches due to open in July 2010.

23

Asset Management: Maintained domestic share 6%Net revenue (FY2010.3)

Asset Management: Maintained domestic share, increased international operations

6%

Share of public investment trust mkt in Japan (Mar 2010)1, 2

Leading position in Japan

Investment advisory assets under management2

Expanded international investment advisory business

25.0%

7.0

8.0 Domestic Overseas

Asia

(trillions of yen)Nomura Asset Management

20.3%

*

15.0%

20.0%

5.0

6.0

7.0

Others, 26.4%

5.0%

10.0%

2.0

3.0

4.0 #2, 14.4%

#3, 9.7%#8, 2.8%

#9, 2.7%

#10, 2.4%

0.0%

5.0%

0.0

1.0

2009.6 2009.09 2009.12 2010.03

,

#4, 8.6%#5, 6.6%

#6, 3.2%#7, 3.1%

*Asia-based client AuM as percentage of total AuM outside Japan.

24

1. Source: Nomura, based on data from the Investment Trusts Association, Japan2. Assets under management for Nomura Asset Management shown on non-consolidated basis



3.

Business segments- Retail- Asset Management

4 Strategy in Asia

g- Wholesale (Global Markets, Investment Banking)

4. Strategy in Asia


25

Asia: Driver of global economic growth

Asian economies growing in size and importance

Rest of Asia

Japan

Nominal GDP (US$ trillion)2Contributors of 2010-2013 global growth1

KoreaIndia

China

US$ bn Equity market turnover by value

2009 Asia equity Market turnover ~3.5x Japan3 IPO Issuance by Geography4

$

AEJ

Chi

Equity market turnover by valueUS$ bn

50

65

7570

59

Japan China Hong Kong US IPO issuances on Chinese/HK stock exchanges raised~2x the capital raised in the US

China

Japan

London11

43

18

50

6 1

31

1

27 25 25

1

2005 2006 2007 2008 2009

26

1. Calculated based on historical and forecasted GDP data from IMF’s World Economic Outlook Database, Apr 2010. Main contributors to “Other” include Australia, Canada, CIS ex-Russia2. GDP in nominal USD terms. IMF’s World Economic Outlook Database, April 20103. World Federation of Exchanges4. Dealogic

G i li t b ISDA li t b diN t f A i

Asia: Growing business

Growing client base – ISDA client on-boardingNet revenue from Asia

2 43.8x 2.4x

Sep-08 Mar-2010

Economic capital change in usage by region (%) Regional VaR analysis ($M)

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

Economic capital change in usage by region (%) Regional VaR analysis ($M)

27

Asia: Market presence improving

I tit ti l I t A i 2010 R h ki 2M&A fi i l d i l t bl 1

2010

Institutional Investor Asia 2010 – Research ranking 2M&A financial advisory league table 1

Apr. 1, 2009–Mar. 31, 2010

Rank Firm Name Total Team Positions

1 Credit Suisse 28

2 Nomura 25

Rank Advisor Rank Value

(US$m)

Mktshare

No. of deals

1 Morgan Stanley 25,030 8.3% 482 Nomura 25

2 Citi 25

4 JP Morgan 24

4 Morgan Stanley 24

2 China International Capital Co 20,658 6.9% 18

3 Goldman Sachs & Co 18,146 6.0% 34

4 Deutsche Bank AG 17,713 5.9% 29

5 Nomura 17,610 5.8% 246 CLSA Asia-Pacific Markets 22

6 UBS 22

8 BofA Merrill Lynch Global Research 21

5 Nomura 17,610 5.8% 24

6 UBS 17,149 5.7% 45

7 Yuanta-Corepacific Securities 13,585 4.5% 15

8 GF Securities 12,176 4.0% 13

9 Goldman Sachs (Asia) 17

10 Macquarie Capital 12

Rank Firm Name 2009

9 JP Morgan 11,458 3.8% 20

10 Credit Suisse 10,808 3.6% 37

Rank Advisor Apr 1 2008 Mar 31 20098 Nomura 7

1. Source: Thomson Reuters2. Source: Institutional Investor

Rank Advisor Apr. 1, 2008–Mar. 31, 2009

9 Nomura 29,287 10.0% 21

28

Build-out of truly global platform

Leverage strong franchises to deliver global success Leverage strong franchises to deliver global success

AmericasJapanEMEA

Kirin

National Australia BankJoint Financial

Ad i

Kirin has acquired a 43.25% interest in San Miguel Brewery, Inc. from San Miguel Corp and sold 19.91% of San

Miguel Corp shares to Q-Tech

Sole Financial Advisor

AEJKKR

AdvisorNAB has agreed to acquire 100% of

the issued shares in AXA Asia Pacific Holdings for US$12.2bn,

simultaneously selling the Asian businesses of AXA APH to AXA SA

for US$9.1bn

g pAlliance Holdings, Inc.

US$1,200,000,000 acquisitionUS$831,000,000 sale Feb 2009

KKR and Affinity acquired 100% of Oriental Brewery from AB InBev

M&A Advisor, Joint Mandated Lead Arranger

and Bookrunner

US$12,200,000,000 Mar 2010

Interpark

Sole Financial AdvisorOriental Brewery from AB InBev

US$1,800,000,000 May 2009

Chairman KH Lee sold 34% Gmarket stake to eBay as part of a cash

tender offer to all public shareholders for US$413,000,000

US$1,200,000,000 Apr 200929

Wholesale business in Asia: Licenses to enter into onshore business

Nearing a target footprint across AsiaNearing a target footprint across Asia

Australia China onshore India Korea Southeast Asia Taiwan

I t t

Underwriting Underwriting of B-shares

Underwriting Underwriting Indonesia: Underwriting

Underwriting

Investment Banking

of B shares Underwriting Malaysia: Advisory Thailand:

Underwriting

ASX b hi

Brokerage f B h

India Foreign I tit ti l

Converted to local b idi

Securities b k

Equities

membership for B-shares Qualified

Foreign Institutional Investor

Institutional Investor

Stock brokerage

FIPB approval for prop

subsidiary Warrants

brokerage

Indonesia: Brokerfor prop trading

Dealer

Brokerage and dealing (securities, OTC derivatives, listed futures and options)

Indonesia: Broker dealer

Singapore: Capital markets

Malaysia: Dealing in securities

Primary dealership options) securities

Thailand: Brokerage

Fixed Income

NBFC(Non-Banking Finance Company)

Exchange-traded FX derivatives

30

Local headcount and business platform footprint

Wholesale business in Asia: Rising presence

Seoul

Beijing

Shanghai

T i i

( ) = headcountGreater ChinaGreater China&& KoreaKorea

1,479 staff

TOTALTOTAL

2,195 staffTaipei

Hong Kong

Hanoi

Hong Kong/China driving Asian growth in all business lines.

Hong Kong acting as trading hub. Enhancing derivatives business in

Korea.IndiaIndia

ManilaBangkok

Kuala Lumpur

Mumbai Korea.

Full-line onshore business. Primary Dealership NBFC (l / t b d

121 staff

Jakarta

Singapore

AustraliaAustralia

84 staff

Southeast Southeast AsiaAsia

511 t ff

NBFC (loans/corporate bond origination, syndication, and securitization).

Onshore underwriting and M&A advisory businesses.

Full-line onshore business. Enhancing fixed income

business, building out equities and investment banking platforms.

511 staff

Next revenue driver after Hong Kong/ China.

Participating in onshore domestic markets in equities and fixed income

Melbourne

Sydney

platforms.markets in equities and fixed income. Tapping business opportunities in

Islamic finance.

31Headcount represents risk managed view of full-time equivalent headcount, including regular and temporary employees, as of Mar 31, 2010. Additional 31 AEJ risk-managed employees based outside of AEJ not represented above; excludes Nomura Asset Management and India Powai.

Investment Banking in Asia: Landmark transactions in 2009/10

DCMECM

Joint Bookrunner and

Maxis

J i t B k Joint Lead Arranger

DCMECM

PSA InternationalRepublic of the PhilippinesBeijing Enterprises

L d B k

4.625% Senior Notes due Sep 2019

Joint Bookrunner andJoint Lead Manager

US$ 500 000 000 Sep 2009

IPO - MALAYSIA

Joint Bookrunner

US$3 3b N 2009

“Best Equity Deal””Deal of the Year”

¥ 100 000 000 000 Feb 2010

Joint Lead Arranger

10-yr Shibosai Guaranteed by JBICCB

Lead Bookrunner

HK$2 175b A 2009

FinanceAsia

Joint Bookrunner andJoint Lead Manager

US$ 500,000,000 Sep 2009

Joint BookrunnerJoint Bookrunner

US$3.3bn Nov 2009

Sole Bookrunner

¥ 100,000,000,000 Feb 2010

Shanda GamesTata Power Republic of IndonesiaWoori Bank

HK$2.175bn Apr 2009

7.00% Senior Notes due Feb 2015

Joint Lead Manager

US$ 800,000,000 Jul 2009

Samurai3mYL+135bps due Jul 2019

¥ 35,000,000,000 Jul 2009

POWL

US$1.0bn Sep 2009

Convertible Bond – INDIA

US$300,000,000 Nov 2009

Senior Notes Guaranteed by

Joint Bookrunner

Convertible Bond –KOREA

Joint Bookrunner

SK Telecom Suncorp-Metway Limited

Senior Notes Guaranteed by Commonwealth of Australia due Dec 2010

US$ 2,500,000,000 Jun 2009

Convertible Bond –KOREA

US$333,000,000 Mar 2009

“Best Korea Deal”

FinanceAsia

32

Asset Management in AsiaFootprint in local markets

4508,000Industry LICMF

(LICMF AuM in billions of INR)

Asset management market growth in India(Industry AuM in billions of INR)

A d i i LIC M l F d200250300350400

4,000

5,000

6,000

7,000Industry LICMF

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

050100150200

0

1,000

2,000

3,000

00Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Sep-09

Nomura Islamic Asset Management Sdn. Bhd. started managing Sharia-compliant products.

Nomura Asset Management acquired quota under QFII system to invest in Chinese securities markets. Using for a product that invests in Chinese A-shares.

Nomura Asset Management product (China shares) chosen by Australian mutual fund.

33



3.


4 Strategy in Asia

- Asset Management

4. Strategy in Asia


34

Management vision

Create change

World-class

Speed

35

Nomura Holdings, Inc.g ,www.nomura.com

Nomura Asia Equity Forum 2010 presentation material (PDF)...Profitable for four straight quarters; all five business -40.2%-780.3 FY07 FY08 FY09 segments)2 divisions in profit on full

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