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

 

For the month of May 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) Fourth quarter, year ended March 2006]

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: May 1, 2006

   By:   

/s/ Tetsu Ozaki

         Tetsu Ozaki
         Senior Managing Director

Table of Contents
Consolidated Results of Operations
(US GAAP)
Fourth quarter, year ended March 2006
Nomura Holdings, Inc.
April 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
FY2006.3 Financial Highlights (p.4)
FY2006.3 Business Segment Highlights (p.5)
Fourth Quarter Financial Highlights (p.6)
Fourth Quarter Business Segment Highlights
(p.7)
Domestic Retail (p.8)
Global Markets (p.9)
Global Investment Banking (p.10)
Global Merchant Banking (p.11)
Asset Management (p.12)
Non-interest Expenses (p.13)
Presentation
Outline
Net Income and ROE (p.15)
Consolidated Income (p.16)
Main Revenue Items (p.18)
Adjustment of Consolidated Results and Segment Results
(p.19)
Income by Segment (p.20)
Segment “Other”
Income before Income Taxes (p.22)
Consolidated Balance Sheet (p.23)
Effect of Consolidation/Deconsolidation of Certain Private
Equity Investee Companies (p.24)
Domestic Retail Related Data (p.25)
Global Merchant Banking Related Data (p.29)
Asset Management Related Data (p.30)
Fourth Quarter Achievements (p.33)
League Tables (p.34)
Market Share Data (p.35)
VaR (p.36)
Number of Employees (p.37)
Appendix

Table of Contents
4
1,145.7
799.2
0
200
400
600
800
1,000
1,200
(billions of yen)
FY2006.3 Financial Highlights
Net Revenue
Income before Income Taxes
Net revenue for
FY2006.3 was 1,145.7 billion yen (+43% YoY), income before income taxes was 545.0 billion yen
(+2.7x
YoY), and net income was 304.3 billion yen (+3.2x YoY).  ROE for FY2006.3 rose to 15.5%. Net income a record high.*
*Japanese GAAP used up until fiscal year ended March 1999.
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, income before income taxes and net income from the operations of Millennium Retailing
Inc.
(one
of
Nomura
Principal
Finance’s
private
equity
investee
companies,
and
whose
operations
became
treated
as
discontinued
during
the
third
quarter
)
are
separately
reported
as
income
from discontinued operations. Net revenue and non-interest expenses of such discontinued operations are not shown independently.
continuing and discontinued operations
discontinued operations not included
continuing and discontinued operations
Net Income/ROE
+43%
2.7x
3.2x
FY2005.3
FY2006.3
FY2005.3
FY2006.3
FY2005.3
FY2006.3
204.8
545.0
0
100
200
300
400
500
600
(billions of yen)
94.7
304.3
15.5%
5.2%
0
50
100
150
200
250
300
350
0%
5%
10%
15%
20%
25%
Net Income (left)
ROE(right)
(billions of yen)

Table of Contents
5
81.2
197.2
60.2
157.7
51.5
55.4
20.6
29.2
-3.0
10.0
-30.5
10.1
187.6
452.0
-100
0
100
200
300
400
500
(billions of yen)
FY2006.3 Business Segment Highlights
Net Revenue
Income before Income Taxes
Net revenue from all business segments was 1,059.8 billion yen (+49% YoY), income before income taxes was 452.0 billion yen (+2.4x YoY).
All
business
segments
achieved
significant
YoY
increases
in
both
revenue
and
income
before
income
taxes.
FY2005.3
FY2006.3
FY2005.3
FY2006.3
Domestic Retail
Higher stock brokerage commissions and commissions for
distribution of investment trusts
Global Markets
Increased client order flow and trading revenue
Global Investment Banking
Strong equity underwriting and M&A-related business
Global Merchant Banking
Sale of share of Millennium Retailing and other investee
companies
Asset Management
Increase in assets under management, primarily from  
funds offering frequent distributions and emerging
market
stock funds
Appendix:
Income by segment P20
Segment “Other”
Income
before Income Taxes: P22
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
304.4
446.5
243.1
371.1
75.4
99.7
7.3
68.2
49.0
65.8
8.4
29.8
1,059.8
709.0
0
200
400
600
800
1,000
1,200
(billions of yen)
+49%
2.4x

Table of Contents
6
209.6
187.1
117.6
67.0
30.7
0
50
100
150
200
250
(billions of yen)
Fourth Quarter Financial Highlights
Net Revenue
Net Income/ROE (Annualized)
Income before Income Taxes
Note: During the third quarter, Nomura Principal Finance Co., Ltd., a wholly-owned subsidiary of Nomura Holdings, reached agreements to sell its entire stake in
Millennium
Retailing
and
part
of
its
stake
in
Wanbishi
Archives
during
January
2006.
As
a
result,
realized
gains
in
conjunction
with
these
transactions
are
included
in
fourth
quarter consolidated results.
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, net revenue attributable to Millennium Retailing (whose
operations
became
treated
as
discontinued
during
the
third
quarter)
is
reported
net
of
non-interest
expenses
in
income
before
income
taxes
retroactively
to
the
first
quarter
of
the
current
fiscal
year.
Income
before
income
taxes
and
net
income
attributable
to
Millennium
Retailing
are
shown
separately
in
the
Consolidated
income
Statement,
but
shown
as
totals
of
continuing
and
discontinued
operations
in
the
above
charts.
continuing and discontinued operations
discontinued operations not included
continuing and discontinued operations
Appendix:
Consolidated income:  P16 (FY)
P17 (quarterly)
Main revenue items: P18
FY2005.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
* Annualized
Net revenue for the fourth quarter was 325.7 billion yen (-9% QoQ, +39% YoY).  Income before income taxes rose to
209.6
billion
yen
(+12
QoQ,
+3.1x
YoY)
as
a
result
of
gains
on
the
sale
of
Millennium
Retailing,
etc.
Net
income
was
128.6 billion yen (+21% QoQ, +5.0x YoY). ROE* for the fourth quarter was a high 25.4%.
FY2005.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
FY2005.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
272.6
359.8
325.7
187.5
234.5
0
100
200
300
400
(billions of yen)
25.5
8.3
60.9
106.5
128.6
25.4%
1.8%
5.5%
13.1%
22.1%
0
20
40
60
80
100
120
140
0%
5%
10%
15%
20%
25%
30%
Net Income (left)
ROE (annualized, right)
(billions of yen)

Table of Contents
7
Revenue from all business segments was 282.2 billion yen (-27% QoQ, +40% YoY), and income before income taxes was
101.2 billion yen (-56% QoQ, +86% YoY).
Achieved high level of revenue and income before income taxes based on continued strong business performance,
although both revenue and income before income taxes declined quarter-on-quarter as unrealized gains in conjunction
with agreements reached to sell shares in Millennium Retailing and Wanbishi
Archives contributed to third quarter
business segment results.
Fourth Quarter Business Segment Highlights
Net Revenue
Appendix:
Income by segment P21
Segment “Other”
Income
before Income Taxes: P22
FY2005.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
FY2005.3
4Q
1Q
2Q
3Q
4Q
FY2006.3
Income before Income Taxes
Other
Asset Management
Global Merchant Banking
Global Investment Banking
Global Markets
Domestic Retail
79.6
84.8
101.4
136.7
123.6
69.8
49.8
77.7
115.2
128.4
19.4
20.5
35.3
31.1
6.9
80.1
-15.5
18.1
18.4
12.8
-3.3
10.4
12.0
14.0
15.4
-3.9
1.0
-2.1
10.2
13.4
282.2
171.4
201.3
386.4
219.8
0
100
200
300
400
(billions of yen)
19.6
30.3
41.4
74.1
51.4
-0.7
31.5
60.9
66.0
9.1
23.3
17.0
7.7
4.7
77.6
-21.0
6.2
5.7
-9.9
13.3
2.2
6.0
-5.9
1.7
4.0
4.7
-10.3
6.1
7.6
-17.9
81.5
231.8
37.4
54.6
101.2
0
50
100
150
200
250
(billions of yen)

Table of Contents
8
FY2005.3
4Q
1Q
2Q
3Q
4Q
Commissions
104.1
155.2
174.0
269.4
55%
45.6
45.2
61.0
85.5
77.7
-9%
70%
(Retail stock brokerage commissions)
48.2
92.1
103.0
153.6
49%
27.3
20.8
34.6
53.9
44.2
-18%
62%
Sales credit
95.7
97.8
73.7
109.0
48%
20.2
27.5
24.7
32.3
24.5
-24%
21%
Fees from investment banking
15.0
26.1
24.5
26.4
8%
5.7
3.4
6.1
8.0
8.9
11%
57%
Investment trust administration fees and other
32.0
21.8
26.1
34.4
32%
6.8
7.1
8.1
9.1
10.1
12%
48%
Net interest revenue
2.4
4.9
6.1
7.4
21%
1.3
1.7
1.5
1.9
2.3
25%
86%
Net revenue
249.3
305.8
304.4
446.5
47%
79.6
84.8
101.4
136.7
123.6
-10%
55%
Non-interest expenses
213.6
226.2
223.2
249.3
12%
60.0
54.5
60.0
62.6
72.2
15%
20%
Income before income taxes
35.7
79.5
81.2
197.2
143%
19.6
30.3
41.4
74.1
51.4
-31%
162%
YoY
QoQ
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
YoY
41.4
74.1
51.4
30.3
19.6
123.6
79.6
84.8
101.4
136.7
0
50
100
150
(billions of yen
35.7
79.5
81.2
197.2
249.3
305.8
304.4
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)
Domestic Retail
Net revenue of 123.6 billion yen (-10% QoQ, +55% YoY), income before income taxes of 51.4 billion yen   
(-31%
QoQ,
+2.6x
YoY).
Domestic
Client
Assets*
increased
by
1.1
trillion
yen
during
the
quarter
to
80.5
trillion yen.
Stock brokerage commissions fell 18% QoQ
to 44.2 billion yen, as a result of a drop in equity agency transaction value.
Commissions for distribution of investment trusts** were 28.6 billion yen, a record for the fourth consecutive quarter***, due to strong
sales of funds offering frequent distributions and emerging market equity funds.
Net Revenue and Income before Income Taxes
Appendix:
Retail foreign currency
bond sales, commissions
for investment trusts
distribution, domestic
distribution volume of
investment trusts, etc: P25
*Domestic Client Assets:
P26
Domestic Client Assets
net asset inflow: P27
Number of accounts: P28
New investment trusts:
P33
Full Year
Quarter
**Nomura Securities
***Since the fiscal year ended
March 2002

Table of Contents
9
Global Markets
Note: In April 2004, Fixed
Income, Equity and certain
functions of Investment
Banking were consolidated to
create Global Markets.
Note: Figures up to FY2004.3
are the total of Fixed Income
and Equity and differ slightly in
composition.
Net revenue rose to 128.4 billion yen (+12% QoQ, +84% YoY), while income before income taxes
increased to 66.0 billion yen (+8% QoQ, +4.9x YoY)
Fixed Income net revenue rose 15% QoQ
to 62.0 billion yen as a result of continued robust derivative trading and contributions
from the asset finance business.
Equity net revenue grew 7% QoQ
to 57.2 billion yen as a result of contributions from block trades and trading in equity derivatives.
Appendix:
Fourth Quarter
Achievements: P33
Market share data: P35
Value at Risk: 36
Full Year
Quarter
Net Revenue and Income before Income Taxes
FY2005.3
4Q
1Q
2Q
3Q
4Q
Fixed Income
154.0
174.0
119.8
173.8
45%
38.3
21.3
36.5
54.1
62.0
15%
62%
Equity
82.0
110.2
90.2
168.5
87%
20.9
23.6
34.4
53.3
57.2
7%
174%
Other
0.0
0.0
33.1
28.8
-13%
10.6
4.8
6.9
7.8
9.3
18%
-13%
Net revenue
236.0
284.1
243.1
371.1
53%
69.8
49.8
77.7
115.2
128.4
12%
84%
Non-interest expenses
142.4
163.3
182.9
213.4
17%
56.4
50.5
46.2
54.3
62.4
15%
11%
Income before income taxes
93.6
120.8
60.2
157.7
162%
13.3
-0.7
31.5
60.9
66.0
8%
395%
YoY
QoQ
FY2005.3
FY2006.3
FY2006.3
YoY
FY2003.3
FY2004.3
236.0
284.1
243.1
93.6
120.8
60.2
157.7
371.1
0
50
100
150
200
250
300
350
400
Other
Equity
Fixed Income
Income before
income taxes
(billions of yen)
66.0
60.9
31.5
-0.7
13.3
128.4
115.2
77.7
49.8
69.8
0
20
40
60
80
100
120
140
160
180
200
(billions of yen)

Table of Contents
10
Global Investment Banking
Net revenue of 31.1 billion yen (-12% QoQ, +61% YoY), income before income taxes of 17.0 billion yen     
(-27% QoQ, +2.8x YoY).
Equity-related underwriting increased 93% to 5.55 billion dollars*, as we served as lead manager for large public offerings such as
those from Mitsui & Co. and All Nippon Airways.
In
overseas
deals,
we
served
as
joint
global
coordinator
for
Lotte
Shopping’s
3.7
billion
dollar
global
IPO.
Capital
solutions
business
handled
Fuji
Photo
Film’s
JPY200
billion
euroyen
privately-placed
CB
(HPO
II).
Ranked
number
one
in
FY2006.3
league
tables**
for
equity
and
equity-related,
M&A,
global
and
euroyen
bonds,
and
Japanese straight bonds.
Note: In April 2004, Fixed
Income, Equity and certain
functions of Investment
Banking were consolidated
to create Global Markets.
Appendix:
Fourth Quarter
Achievements: P33
**League Tables: P34
Market Share Data: P35
Net Revenue and Income before Income Taxes
Full Year
Quarter
Quarter
*Thomson Financial
FY2005.3
4Q
1Q
2Q
3Q
4Q
Net revenue
69.1
70.9
75.4
99.7
32%
19.4
12.8
20.5
35.3
31.1
-12%
61%
Non-interest expenses
56.4
53.7
46.2
48.1
4%
13.4
10.6
11.3
12.0
14.2
18%
6%
Income before income taxes
12.8
17.2
29.2
51.5
76%
6.0
2.2
9.1
23.3
17.0
-27%
182%
YoY
QoQ
FY2005.3
FY2006.3
FY2006.3
YoY
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)
19.4
12.8
20.5
35.3
31.1
6.0
2.2
9.1
23.3
17.0
0
10
20
30
40
(billions of yen

Table of Contents
11
Global Merchant Banking
Net revenue of -15.5 billion yen and income before income taxes of -21.0 billion yen
Both
net
revenue
and
income
before
income
taxes
fell
as
a
result
of
the
posting
of
unrealized
losses
from
the
fair
value
assessment of investee
companies.
Nomura
Principal
Finance
(NPF)
sold
shares
of
Resort
Solution
(formerly
Misawa
Resort).
Appendix:
Effect of consolidation /
deconsolidation of certain
PE investee
companies :
P24
Business exposure: P29
Net Revenue and Income before Income Taxes
Full Year
Quarter
FY2005.3
4Q
1Q
2Q
3Q
4Q
Net revenue
-6.6
10.7
7.3
68.2
830%
10.4
-3.3
6.9
80.1
-15.5
-
-
Non-interest expenses
8.6
10.2
10.4
12.8
24%
2.7
2.6
2.2
2.5
5.5
120%
102%
Income before income taxes
-15.3
0.5
-3.0
55.4
-
7.7
-5.9
4.7
77.6
-21.0
-
-
YoY
QoQ
FY2005.3
FY2006.3
YoY
FY2006.3
FY2003.3
FY2004.3
-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
(billions of yen)
-15.5
80.1
6.9
-3.3
10.4
4.7
7.7
-5.9
77.6
-21.0
-30
0
30
60
90
(billions of yen)

Table of Contents
12
Asset Management
Net revenue of 18.4 billion yen (+2% QoQ, +54% YoY), while income before income taxes was 5.7 billion
yen (-8%QoQ, +3.3x YoY). Total assets under management rose 0.8 trillion yen from the end of the
previous quarter to 23.3 trillion yen.
Robust
sales
of
existing
funds
offering
frequent
distributions
(My
Story
Profit
Distribution-type
Fund:
net
assets
up
169.2
billion
yen
QoQ
to
460.5
billion
yen
as
of
3/31/2006)
and
newly
launched
funds
(Nomura
Fund
Masters
Global
Emerging
Markets
Stock:
net
assets
of
185.0
billion
yen
as
of
3/31/2006)
contributed
to an increase in assets under management.
Assets
under
management
in
funds
for
bank
customers
up
185.3
billion
yen
QoQ
to
517.9
billion
yen,
and
Nomura
Small
Cap
Stock
Open
for
Mizuho
Bank
customers launched in January.
Nomura Global 6 Assets Diversified Fund distributed through Japan Post with net assets of 90.1billion yen as of 3/31/2006.
Appendix:
Assets under
management: P30,31
Investment Trusts: P32
Net Revenue and Income before Income Taxes
Full Year
Quarter
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.
FY2005.3
4Q
1Q
2Q
3Q
4Q
Net revenue
40.4
40.3
49.0
65.8
34%
12.0
14.0
15.4
18.1
18.4
2%
54%
Non-interest expenses
36.3
39.8
39.0
45.2
16%
10.2
10.0
10.7
11.8
12.7
7%
24%
Income before income taxes
4.0
0.5
10.0
20.6
106%
1.7
4.0
4.7
6.2
5.7
-8%
229%
YoY
YoY
QoQ
FY2005.3
FY2006.3
FY2006.3
FY2003.3
FY2004.3
65.8
49.0
40.3
40.4
20.6
4.0
0.5
10.0
0
10
20
30
40
50
60
70
Net revenue
Income before income
taxes
(billions of yen)
12.0
14.0
15.4
18.1
18.4
5.7
6.2
1.7
4.0
4.7
0
5
10
15
20
(billions of yen)

Table of Contents
13
FY2005.3
4Q
1Q
2Q
3Q
4Q
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)
34.6
30.6
30.3
43.5
46.2
39.2
38.6
39.7
41.5
41.0
84.5
70.0
69.1
73.9
87.7
Fixed-type compensation and benefits
Variable-type compensation and
benefits
1
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 P19 and P24 for more details.
Compensation and Benefits
Non-interest expenses (business segment total) of 180.9 billion yen (+17% QoQ, +23% YoY)
Information processing and communications increased 32% QoQ
to 27.3 billion yen as a result of increased domestic
IT investment.
Compensation and benefits rose 4% QoQ
to 87.7 billion yen.
Full Year
Quarter
Appendix:
Effect of consolidation /
deconsolidation of certain PE
investee
companies: P24
Number of employees: P37
FY2005.3
4Q
1Q
2Q
3Q
4Q
Compensation and benefits
256.9
264.7
311.3
18%
73.9
69.1
70.0
84.5
87.7
4%
19%
Commissions and floor brokerage
18.9
22.1
31.4
42%
6.5
5.5
8.6
8.1
9.3
16%
43%
Information processing and communications
79.9
80.9
89.1
10%
21.4
20.5
20.5
20.8
27.3
32%
28%
Occupancy and related depreciation
53.7
50.8
50.8
0%
13.1
11.3
12.8
12.4
14.3
15%
9%
Business development expenses
22.8
26.2
30.6
17%
7.5
6.3
7.7
7.0
9.6
37%
28%
Other
72.4
76.6
94.7
24%
24.4
21.4
18.7
21.8
32.8
50%
34%
Total
504.0
521.4
607.8
17%
146.8
134.0
138.3
154.5
180.9
17%
23%
YoY
QoQ
FY2004.3
FY2005.3
FY2006.3
FY2006.3
YoY
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)
146.8
134.0
138.3
154.5
180.9
0
50
100
150
200
(billions of yen

Table of Contents
14
Appendix

Table of Contents
15
Net income (lhs)
168.0
119.9
172.3
94.7
304.3
ROE (rhs)
11.1%
7.4%
10.1%
5.2%
15.5%
Net income per basic share (yen)
85.6
61.3
88.8
48.8
159.0
Shareholders' equity per share (yen)
816.5
846.4
919.7
962.5
1083.2
FY2006.3
FY2005.3
FY2002.3
FY2003.3
FY2004.3
304.3
94.7
172.3
119.9
168.0
11.1%
10.1%
15.5%
7.4%
5.2%
0
50
100
150
200
250
300
350
0%
5%
10%
15%
20%
Net income (lhs)
ROE (rhs)
Net Income and ROE
Full Year
(billions of yen)

Table of Contents
16
Consolidated Income
(billions of yen)
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, income before income taxes and net income from the operations of Millennium Retailing Inc. 
(one
of
Nomura
Principal
Finance’s
private
equity
investee
companies,
and
whose
operations
became
treated
as
discontinued
during
the
third
quarter
)
are
separately
reported
as
income
from
discontinued
operations. Net revenue and non-interest expenses of such discontinued operations are not shown independently.
* 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.
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
1,145.6
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%
Total revenue
Net revenue
YoY
Interest expense
FY2005.3
FY2004.3
FY2006.3
Income from discontinued operations before income taxes
Net income from continuing operations
Net income from discontinued operations
Revenue
FY2002.3
FY2003.3
Non-interest expenses
Income from continuing operations before income taxes

Table of Contents
17
Consolidated Income (Quarterly)
(billions of yen)
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, income before income taxes and net income from the operations of Millennium Retailing Inc. 
(one
of
Nomura
Principal
Finance’s
private
equity
investee
companies,
and
whose
operations
became
treated
as
discontinued
during
the
third
quarter
in
conjunction
with
the
agreement
reached
in
the
third
quarter
by
Nomura
Principal
Finance
to
sell
its
stake
in
Millennium
Retailing
Inc.)
are
separately
reported
as
income
from
discontinued
operations
retroactively
to
the
first
quarter
of
the
current
fiscal
year. Net revenue and non-interest expenses of such discontinued operations are not shown independently.
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Commissions
69.5
45.6
46.3
60.6
55.2
77.5
106.2
117.5
11%
94%
Fees from investment banking
15.4
32.3
18.4
26.1
14.7
24.1
28.6
41.5
45%
59%
Asset management and portfolio service fees
18.2
19.8
19.3
21.1
19.9
24.9
25.6
32.2
26%
52%
Net gain on trading
53.6
23.1
54.7
70.3
70.8
43.8
90.6
99.0
9%
41%
Gain (loss) on private equity investments
0.5
-2.1
-2.2
11.5
-2.5
2.2
7.6
5.0
-35%
-57%
Interest and dividends
81.9
101.1
122.0
96.4
132.9
183.3
216.2
161.4
-25%
68%
Gain (loss) on investments in equity securities
10.3
-11.6
7.8
8.9
-2.8
31.2
36.2
3.1
-92%
-65%
Private equity entities product sales
17.4
15.9
20.2
21.6
24.5
22.0
23.9
17.8
-26%
-17%
Other
8.5
4.7
7.2
11.8
6.9
5.7
19.1
27.0
41%
129%
275.3
228.8
293.8
328.4
319.6
414.8
554.0
504.4
-9%
54%
61.4
72.0
99.9
93.8
132.1
142.2
194.2
178.7
-8%
90%
213.9
156.8
193.9
234.5
187.5
272.6
359.8
325.7
-9%
39%
141.5
140.6
144.7
167.6
158.4
160.3
182.5
198.7
9%
19%
72.5
16.2
49.2
67.0
29.1
112.3
177.2
127.0
-28%
90%
-
-
-
-
1.6
5.3
9.9
82.6
738%
-
Income before income taxes
72.5
16.2
49.2
67.0
30.7
117.6
187.1
209.6
12%
213%
40.8
3.2
25.1
25.5
9.1
60.7
104.0
82.8
-20%
224%
-
-
-
-
-0.8
0.2
2.4
45.9
1773%
-
Net income
40.8
3.2
25.1
25.5
8.3
60.9
106.5
128.6
21%
404%
Net income from discontinued operations
Revenue
Non-interest expenses
Income from continuing operations before income taxes
FY2006.3
Income from discontinued operations before income taxes
Net income from continuing operations
YoY
Total revenue
Net revenue
QoQ
Interest expense
FY2005.3

Table of Contents
18
Main Revenue Items
Commissions
Fees from
Investment
Banking
Asset
Management
and Portfolio
Service Fees
Net Gain on
Trading*
Full Year
Quarter
(billions of yen)
*Includes net interest revenue
1Q
2Q
3Q
4Q
Stock brokerage commissions (Domestic Retail)
48.2
92.1
103.0
153.6
49%
20.8
34.6
53.9
44.2
-18%
Stock brokerage commissions (Other)
29.3
45.4
40.2
79.5
98%
8.0
14.2
16.7
40.6
143%
Other brokerage commissions
7.6
12.2
13.0
14.3
10%
2.8
2.2
6.0
3.3
-45%
Commissions for distribution of investment trusts
30.5
37.3
41.7
85.1
104%
17.5
19.6
22.4
25.6
14%
Other
26.0
23.2
24.1
23.8
-1%
6.1
6.9
7.2
3.7
-48%
Total
141.6
210.2
222.0
356.3
61%
55.2
77.5
106.2
117.5
11%
Equity underwriting commissions
24.6
44.7
49.1
57.3
17%
4.9
12.4
17.9
22.1
24%
Bond underwriting commissions
37.0
26.4
20.5
21.2
3%
3.6
4.7
4.2
8.6
102%
M&A/Financial advisory fees
16.8
15.8
22.6
30.3
34%
6.2
6.9
6.4
10.8
68%
Other
3.4
0.1
0.1
0.1
2%
0.1
0.0
0.1
0.0
-58%
Total
81.8
87.0
92.3
108.8
18%
14.7
24.1
28.6
41.5
45%
Asset management fees
60.2
44.2
51.1
68.5
34%
13.5
16.1
17.8
21.1
18%
Administration fees
10.0
12.1
16.1
20.6
28%
3.4
5.9
4.2
7.1
70%
Custodial fees
9.1
9.9
11.3
13.6
20%
3.1
2.9
3.6
4.0
11%
Total
79.3
66.2
78.5
102.7
31%
19.9
24.9
25.6
32.2
26%
Bonds and other
133.6
152.3
120.9
150.9
25%
31.7
24.4
58.4
36.4
-38%
Equity
35.9
75.2
76.8
148.1
93%
38.9
15.4
32.8
61.0
86%
Gain on merchant banking trading
2.8
1.5
4.0
5.2
31%
0.2
4.0
-0.6
1.6
-
Net interest revenue
127.3
100.4
74.3
46.6
-37%
0.8
41.1
22.0
-17.4
-
Total
299.6
329.4
276.0
350.8
27%
71.6
85.0
112.5
81.6
-27%
QoQ
FY2003.3
FY2004.3
FY2005.3
FY2006.3
FY2006.3
YoY

Table of Contents
19
Adjustment of Consolidated Results and Segment Results
(billions of yen)
Full Year
Quarter
US GAAP
Unrealized gain (loss) on
investments in equity
securities held for
relationship purposes
Effects of consolidation /
deconsolidation of certain
private equity investee
companies
Segment results
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, income from the operations that were reclassified to discontinued operations during
the current period are separately reported as income from discontinued operations, and such amounts of the previous year were not significant.
1Q
2Q
3Q
4Q
Net revenue
602.8
729.5
709.0
1,059.8
49%
171.4
219.8
386.4
282.2
-27%
Non-interest expenses
513.5
504.0
521.4
607.8
17%
134.0
138.3
154.5
180.9
17%
Income before income taxes
89.2
225.5
187.6
452.0
141%
37.4
81.5
231.8
101.2
-56%
Net revenue
-43.0
54.7
8.4
59.3
609%
-11.0
31.3
36.3
2.8
-92%
Non-interest expenses
-
-
-
-
-
-
-
-
-
-
Income before income taxes
-43.0
54.7
8.4
59.3
609%
-11.0
31.3
36.3
2.8
-92%
Net revenue
6.5
18.9
81.8
26.5
-68%
27.1
21.6
-62.9
40.7
-
Non-interest expenses
5.3
16.4
73.0
92.2
26%
24.4
22.1
28.0
17.8
-36%
Income before income taxes
1.2
2.4
8.9
-65.7
-
2.7
-0.5
-90.8
23.0
-
Net revenue
566.3
803.1
799.2
1,145.7
43%
187.5
272.6
359.8
325.7
-9%
Non-interest expenses
518.9
520.4
594.4
700.1
18%
158.4
160.3
182.5
198.7
9%
Income from continuing operations
before income taxes
47.4
282.7
204.8
445.6
118%
29.1
112.3
177.2
127.0
-28%
Income from discontinued
operations before income taxes
-
-
-
99.4
-
1.6
5.3
9.9
82.6
738%
Income before income taxes
47.4
282.7
204.8
545.0
166%
30.7
117.6
187.1
209.6
12%
YoY
QoQ
FY2005.3
FY2004.3
FY2003.3
FY2006.3
FY2006.3

Table of Contents
20
Income by Segment
Note:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
In April  2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
Global Markets figures up to FY2004.3 are the total of Fixed Income and Equity and differ slightly in composition 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.
Domestic Retail
Global Investment
Banking
Global Merchant
Banking
Asset
Management
5 Segment Total
Other
Segment Total
Global Markets
(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

Table of Contents
21
(billions of yen)
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Net revenue
87.0
64.8
73.0
79.6
84.8
101.4
136.7
123.6
-10%
55%
Non-interest expenses
53.3
54.9
55.0
60.0
54.5
60.0
62.6
72.2
15%
20%
Income before income taxes
33.7
9.8
18.0
19.6
30.3
41.4
74.1
51.4
-31%
162%
Net revenue
71.8
44.9
56.6
69.8
49.8
77.7
115.2
128.4
12%
84%
Non-interest expenses
41.2
41.5
43.8
56.4
50.5
46.2
54.3
62.4
15%
11%
Income before income taxes
30.6
3.4
12.8
13.3
-0.7
31.5
60.9
66.0
8%
395%
Net revenue
12.9
22.9
20.2
19.4
12.8
20.5
35.3
31.1
-12%
61%
Non-interest expenses
10.7
11.5
10.7
13.4
10.6
11.3
12.0
14.2
18%
6%
Income before income taxes
2.3
11.4
9.5
6.0
2.2
9.1
23.3
17.0
-27%
182%
Net revenue
2.8
-2.3
-3.5
10.4
-3.3
6.9
80.1
-15.5
-
-
Non-interest expenses
3.0
2.4
2.2
2.7
2.6
2.2
2.5
5.5
120%
102%
Income before income taxes
-0.2
-4.8
-5.7
7.7
-5.9
4.7
77.6
-21.0
-
-
Net revenue
11.0
12.3
13.8
12.0
14.0
15.4
18.1
18.4
2%
54%
Non-interest expenses
9.6
9.5
9.7
10.2
10.0
10.7
11.8
12.7
7%
24%
Income before income taxes
1.4
2.8
4.1
1.7
4.0
4.7
6.2
5.7
-8%
229%
Net revenue
185.4
142.5
160.2
191.1
158.1
221.9
385.4
286.1
-26%
50%
Non-interest expenses
117.7
119.9
121.4
142.7
128.2
130.4
143.2
167.0
17%
17%
Income before income taxes
67.7
22.6
38.8
48.4
29.9
91.4
242.1
119.1
-51%
146%
Net revenue
-1.2
13.6
7.2
10.2
13.4
-2.1
1.0
-3.9
-
-
Non-interest expenses
7.0
6.5
2.1
4.1
5.8
7.8
11.3
14.0
24%
244%
Income before income taxes
-8.2
7.0
5.1
6.1
7.6
-9.9
-10.3
-17.9
-
-
Net revenue
184.2
156.0
167.4
201.3
171.4
219.8
386.4
282.2
-27%
40%
Non-interest expenses
124.7
126.4
123.5
146.8
134.0
138.3
154.5
180.9
17%
23%
Income before income taxes
59.5
29.6
43.9
54.6
37.4
81.5
231.8
101.2
-56%
86%
QoQ
FY2005.3
YoY
FY2006.3
Income by Segment (Quarterly)
Domestic Retail
Global Investment
Banking
Global Merchant
Banking
Asset
Management
5 Segment Total
Other
Segment Total
Global Markets
Note:
In April 2005, Global Wholesale was reorganized into Global Markets, Global Investment Banking and Global Merchant Banking.
In April  2004, Fixed Income, Equity and certain functions of Investment Banking were consolidated to create Global Markets.
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.

Table of Contents
22
Segment “Other”
Income before Income Taxes
Full Year
Quarter
(billions of yen)
1Q
2Q
3Q
4Q
"Other" income before income taxes
-41.6
7.0
10.1
-30.5
7.6
-9.9
-10.3
-17.9
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
Loss/gain on investment securities
1.7
1.2
6.9
8.4
8.2
-0.1
0.0
0.3
Equity in losses/earnings of affiliates
-3.8
8.5
7.3
27.8
2.7
2.9
8.3
13.9
Corporate items
-9.4
-10.7
4.5
-7.4
0.5
-3.7
-3.6
-0.6
Other
-23.9
20.7
1.0
5.5
-1.1
-0.6
2.6
4.5
FY2006.3
FY2006.3
FY2003.3
FY2004.3
FY2005.3
Note:
“Other”
for
the
FY2003.3
period
includes
21.2
billion
yen
of
impairment
loss
on
investment
of
affiliates.

Table of Contents
23
Consolidated Balance Sheet
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, assets and liabilities of the previous year that became discontinued operations
during the current period have been reclassified.
(billions of yen)
Mar. 31, 2005
Mar. 31, 2006
Mar. 31, 2005
Mar. 31, 2006
Cash and cash deposits
1,047
1,556
Short-term borrowings
521
692
Payables and deposits
964
1,240
Loans and receivables
1,221
1,364
Collateralized financing
21,666
20,263
Trading liabilities
5,332
6,528
Collateralized agreements
14,389
17,028
Other liabilities
1,310
642
Liabilities of discontinued
operations
881
-
15,601
13,847
Long-term borrowings
2,828
3,748
Other assets
2,231
1,381
Total liabilities
32,620
33,113
Assets from discontinued
operations
932
-
Shareholders' equity
Total shareholders' equity
1,868
2,063
Total assets
34,489
35,176
Total liabilities and shareholders' equity
34,489
35,176
Assets
Liabilities
Trading assets and private equity
investments

Table of Contents
24
Effect of Consolidation/Deconsolidation of Certain Private     
Equity Investee Companies
Non-interest Expenses
(billions of yen)
Full Year
Quarter
1Q
2Q
3Q
4Q
Compensation and benefits
259.3
275.0
325.4
72.6
73.8
87.9
91.2
Fixed-type compensation and benefits
144.3
159.6
170.4
41.4
42.1
43.2
43.8
Segment total
142.4
151.1
160.7
38.6
39.7
41.0
41.5
Private equity investee companies
1.9
8.5
9.7
2.8
2.4
2.2
2.3
Variable-type compensation and benefit
115.0
115.4
155.0
31.2
31.7
44.7
47.4
Segment total
114.4
113.6
150.5
30.6
30.3
43.5
46.2
Private equity investee companies
0.6
1.8
4.5
0.6
1.4
1.2
1.2
Commissions and floor brokerage
19.2
23.9
32.9
5.9
8.9
8.5
9.7
Segment total
18.9
22.1
31.4
5.5
8.6
8.1
9.3
Private equity investee companies
0.3
1.8
1.5
0.4
0.3
0.4
0.4
Information processing and communications
80.0
81.4
89.6
20.6
20.6
21.0
27.4
Segment total
79.9
80.9
89.1
20.5
20.5
20.8
27.3
Private equity investee companies
0.1
0.5
0.5
0.2
0.1
0.2
0.1
Occupancy and related depreciation
54.2
53.5
55.0
12.5
14.0
13.4
15.2
Segment total
53.7
50.8
50.8
11.3
12.8
12.4
14.3
Private equity investee companies
0.5
2.7
4.3
1.2
1.1
1.0
0.9
Business development expenses
23.1
28.2
32.8
6.8
8.2
7.6
10.2
Segment total
22.8
26.2
30.6
6.3
7.7
7.0
9.6
Private equity investee companies
0.3
2.0
2.2
0.5
0.5
0.6
0.6
Other
73.3
87.6
115.4
25.0
21.9
30.5
38.0
Segment total
72.4
76.6
94.7
21.4
18.7
21.8
32.8
Private equity investee companies
0.9
11.0
20.8
3.6
3.2
8.7
5.3
Private equity entities cost of goods sold
11.9
44.7
48.8
15.0
13.0
13.7
7.1
Total non-interest expenses
520.4
594.4
700.0
158.4
160.3
182.5
198.7
Segment total
504.0
521.4
607.8
134.0
138.3
154.5
180.9
Private equity investee companies
16.4
73.0
92.2
24.4
22.1
28.0
17.8
FY2004.3
FY2005.3
FY2006.3
FY2006.3
Note: In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”, income before income taxes and net income from the operations of Millennium Retailing
Inc.
(one
of
Nomura
Principal
Finance’s
private
equity
investee
companies,
and
whose
operations
became
treated
as
discontinued
during
the
third
quarter
)
are
separately
reported
as
income
from discontinued operations. Net revenue and non-interest expenses of such discontinued operations are not shown independently.

Table of Contents
25
*Nomura Securities
Domestic Retail Related Data (1)
Full Year
Quarter
1Q
2Q
3Q
4Q
Retail foreign currency bond sales (billions of yen)
2,284.7
1,990.0
1,154.4
1,119.2
304.8
340.7
268.6
205.1
Commissions for investment trusts distribution (billions of yen)*
34.9
46.9
49.9
95.9
19.5
20.9
26.8
28.6
Bond investment trusts commission
16.9
11.1
6.4
3.5
1.1
0.8
0.7
0.8
Stock investment trusts commission
11.6
21.5
31.6
74.2
14.8
16.9
19.1
23.4
Foreign investment trusts commission
6.4
14.2
11.9
18.2
3.7
3.2
7.0
4.4
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
Bond investment trusts
8.6
10.1
10.4
14.3
2.6
3.4
4.4
3.9
Stock investment trusts
1.3
1.6
2.3
4.5
0.9
1.0
1.2
1.4
Foreign investment trusts
2.1
2.1
1.4
1.7
0.4
0.3
0.6
0.4
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
Sales of JGBs for individual investors
101.3
1,271.6
1,290.6
747.8
206.4
179.6
186.4
175.4
FY2006.3
FY2004.3
FY2005.3
Domestic Retail
FY2003.3
FY2006.3

Table of Contents
26
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.   
Domestic Client Assets
*
**Includes CBs and warrants
***Includes variable annuity insurance
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
Equities
17.1
28.9
33.5
34.4
40.0
48.6
49.3
Foreign currency bonds
3.7
4.0
4.0
3.9
3.9
3.8
3.6
Domestic bonds**
8.5
10.0
11.8
12.0
12.5
12.8
13.1
Stock investment trusts
2.2
3.0
3.3
3.6
4.1
4.8
5.3
Bond investment trusts
6.5
5.5
4.9
4.6
4.7
4.8
4.5
Overseas mutual funds
1.1
1.6
1.9
2.0
2.1
2.3
2.3
Other***
1.6
1.7
1.9
2.1
2.1
2.2
2.3
Total
40.6
54.8
61.2
62.6
69.4
79.4
80.5
40.6
54.8
61.2
62.6
69.4
79.4
80.5
0
10
20
30
40
50
60
70
80
90
Other***
Overseas mutual
funds
Bond investment
trusts
Stock investment
trusts
Domestic bonds**
Foreign currency
bonds
Equities
(trillions of yen)

Table of Contents
27
Domestic Retail Related Data (3)
Domestic Client Assets* Net Asset Inflow
Quarter
*Domestic Client Assets excluding portion from regional financial institutions
Note: Net Asset Inflow = Asset Inflow –
Asset Outflow
Full Year
Domestic Client Assets* Net Asset Inflow
1Q
2Q
3Q
4Q
FY2006.3
FY2006.3
FY2003.3
FY2004.3
FY2005.3
1,787.7
3,391.2
6,748.5
4,581.5
0
2,000
4,000
6,000
8,000
(billions of yen)
1,191.0
1,065.3
1,461.7
863.5
0
500
1,000
1,500
2,000
(billions of yen)

Table of Contents
28
Domestic Retail Related Data (4)
Number of Accounts
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
Nomura Home Trade (online trading accounts)*
1,141
1,367
1,716
1,774
1,828
1,901
1,969
IT share**
No. of orders
38%
47%
50%
52%
53%
53%
56%
Transaction value
14%
22%
24%
25%
26%
27%
29%
Accounts with balance*
3,418
3,460
3,678
3,695
3,707
3,748
3,780
Equity holding accounts*
1,311
1,379
1,680
1,692
1,687
1,713
1,745
New accounts (individual)* **           
237
297
425
81
80
93
90
* Total of Domestic Retail and Financial Management Division
**Total for period
(thousands of accounts)

Table of Contents
29
Global Merchant Banking Related Data   
Business Exposure
Note: 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
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
Japan
20.1
68.9
108.4
115.0
116.1
124.8
59.9
Europe (excluding Terra Firma)
15.9
15.6
23.7
28.7
32.0
32.0
38.8
Sub Total
35.9
84.5
132.1
143.7
148.1
156.8
98.7
Terra Firma
265.7
291.2
325.5
318.1
322.3
334.5
340.4
Total
301.6
375.7
457.6
461.8
470.4
491.3
439.1
35.9
84.5
132.1
143.7
148.1
156.8
98.7
301.6
375.7
457.6
461.8
470.4
491.3
439.1
0
100
200
300
400
500
Terra Firma
Europe (excluding Terra
Firma)
Japan
(billions of yen)

Table of Contents
30
Note: Total assets under management of Nomura Asset Management, Nomura Corporate Research and Asset Management, Nomura BlackRock
Asset Management,
Nomura Fund Research and Technologies, MAINTRUST (Germany), and Nomura Fund Research and Technologies America. Adjusted for asset overlap amongst
group companies.
Note: Nomura Fund Research and Technologies America data as of end of February.
Asset Management Related Data (1)
Assets Under Management
Total Assets under Management
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
23.3
22.5
20.1
18.9
17.9
17.6
15.9
0
5
10
15
20
25
(trillions of yen)

Table of Contents
31
Asset Management Related Data (2)
Assets Under Management
Nomura Asset Management Assets under Management
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
10.7
11.3
10.8
11.4
11.9
13.4
14.0
Public stock investment trusts
3.2
4.5
4.4
5.0
5.0
6.2
6.9
Public bond investment trusts
7.3
6.3
5.6
5.4
5.8
6.0
5.6
Privately placed investment trusts
0.2
0.4
0.8
0.9
1.1
1.3
1.5
3.6
4.4
5.1
5.4
6.0
6.8
7.0
Domestic investment advisory
2.9
3.0
3.2
3.3
3.6
3.9
4.0
Overseas investment advisory
0.7
1.4
2.0
2.1
2.4
2.9
3.0
14.2
15.7
16.0
16.8
17.8
20.2
21.0
1Q
2Q
3Q
4Q
0.8
0.1
-0.1
0.5
-0.5
0.5
0.4
1.0
ETF
0.6
0.2
-0.3
0.2
-0.7
0.2
-0.1
-0.4
-3.1
-1.0
-0.7
-0.2
0.4
0.2
-0.3
-0.0
0.1
0.1
0.3
0.1
0.1
0.1
0.2
0.5
-2.2
-0.7
-0.5
0.4
-0.1
0.8
0.3
1.5
Privately placed investment trusts
Net Asset Inflows
Public stock investment trusts
Public bond investment trusts
FY2006.3
FY2005.3
FY2006.3
FY2003.3
FY2004.3
<Investment trust Net Asset Inflows>
<Assets under Management>
Investment advisory
Total
Investment trusts
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
14.2
15.7
16.0
16.8
17.8
20.2
21.0
0
5
10
15
20
25
Overseas investment advisory
Domestic investment advisory
Privately placed investment trusts
Public bond investment trusts
Public stock investment trusts
(trillions of yen)

Table of Contents
32
(billions of yen)
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
Funds for bank customers
87
130
216
333
518
0
0
0
27
90
Nomura Fund Masters Global Bond
181
268
315
344
330
Nomura Japan Open
77
74
86
137
175
Nomura India Investment Fund
0
108
121
119
167
Japan Attractive Dividend Stock Fund
0
199
233
320
296
My Story Profit Distribution Type (6 Times/Year)
0
52
134
291
461
Nomura Global REIT Fund
0
0
154
193
225
Nomura Multi-currency Japan Stock Fund
0
0
0
264
384
Nomura Fund Masters Global Emerging Markets Stock
0
0
0
0
185
Emerging Market Equity
Frequent Distribution
Frequent Distribution
Frequent Distribution
Frequent Distribution / Growth
Funds for Japan Post
Frequent Distribution
Japanese Stock
Emerging Market Equity
Asset Management Related Data (3)
Investment Trusts
Domestic Public
Investment Trust
Market and
Nomura Asset
Management
Market Share
AUM in Key
Funds
Asset Management Division
Nomura Asset Management
(trillions of yen)
Mar. 31, 2003
Mar. 31, 2004
Mar. 31, 2005
Jun. 30, 2005
Sep. 30, 2005
Dec. 31, 2005
Mar. 31, 2006
Stock investment trusts
3.2
4.5
4.4
5.0
5.0
6.2
6.9
Bond investment trusts
7.3
6.3
5.6
5.4
5.8
6.0
5.6
Public stock investment trusts, Nomura's share (%)
19%
19%
15%
16%
14%
15%
15%
Public bond investment trusts, Nomura's share (%)
40%
40%
42%
42%
41%
41%
42%
Stock investment trusts
16.3
23.3
28.9
32.0
34.8
40.8
45.0
Bond investment trusts
18.1
15.8
13.5
13.0
14.0
14.5
13.5
Source: Investment Trusts Association, Japan
Market Total
Nomura Asset
Management
AUM in Funds for
Bank/Post Office
Customers*
* Funds for bank customers refers to funds sold exclusively or primarily through banks.

Table of Contents
33
Fourth Quarter Achievements
Large International Bond Underwritings
European Investment Bank (EIB): 3 issues totaling approximately 1 trillion yen (joint lead manager, lead manager)
KfW:
USD 3.0 billion (joint lead manager)
Foreign Currency Bond Offerings to Retail Investors
Toyota Motor Credit:
USD 580 million
European Investment Bank:
NZD 610 million
Key Business Areas
Loan-related business:    101.5 billion yen (FY total: 470 billion yen)
Asset finance:
Cosmo Oil’s service station loan securitization
Equity derivatives:
Completed 16 fund derivative contracts (total amount: 144 million euros)
Global Markets
Sales of New Investment Trusts (as of 3/31/2006)
Nomura Fund Masters Global Emerging Markets Stock (launched 1/27/2006)     185.0 billion yen
DWS Russian and Eastern European Equity Fund (launched 2/15/2006)             149.8 billion yen
Nomura High Yield Long Short Fund (launched 3/28/2006)
24.9 billion yen (closed-end)
Nomura Japan Stock Long Short Fund (launched 3/28/2006)        
14.5
billion yen (closed-end)
Domestic Retail
Key Deals
IPO
TOP REIT: 80 billion yen, ITC Networks:
11.5 billion
PO
Mitsui & Co.: 213.5 billion yen, All Nippon Airways: 100.8 billion yen,
Nippon Building Fund: 86.9 billion, T&D Holdings: 38.8 billion yen
CB
Mitsui O.S.K. Lines, Ltd. (euroyen):
50 billion yen, Aichi Steel Corp (Japan): 30 billion yen,      
PARK 24 (euroyen): 15 billion yen
MPO/HPO 
Fuji Photo Film (HPO II): 200 billion yen, Hitachi Zosen: 30 billion yen (17 deals totaling
301.1 billion yen (based on launch date)
M&A
FA for Origin Toshu
in TOB by Aeon, Ltd.: 27.6 billion yen
FA for Daiwa House Group purchase of subsidiaries: 83.5 billion yen
Overseas   
Lotte
Shopping global IPO: USD 3.7 billion
Global Investment Banking

Table of Contents
34
League Tables
Source: Thomson Financial
Proceeds
(USD m)
Mkt. Share
No. of Issues
Proceeds
(USD m)
Mkt. Share
No. of Deals
1
Nomura
14,118.0
26.0%
130
1
Nomura
40,043.7
27.0%
134
2
Daiwa Securities SMBC
10,379.7
19.1%
89
2
UBS
37,791.5
25.4%
21
3
Nikko Citigroup
7,718.7
14.2%
63
3
Nikko Citigroup
37,537.9
25.3%
27
4
Goldman Sachs
5,714.6
10.5%
9
4
Mizuho Financial Group
35,162.2
23.7%
119
5
Mizuho Financial Group
5,523.0
10.2%
40
5
Goldman Sachs
34,585.5
23.3%
44
6
UBS
3,128.4
5.8%
9
6
KPMG Corporate Finance
25,478.9
17.2%
40
7
Mitsubishi UFJ Financial Group
2,229.6
4.1%
46
7
Daiwa Securities SMBC
18,155.4
12.2%
134
8
Merrill Lynch
1,450.1
2.7%
8
8
Deutsche Bank
17,600.0
11.9%
4
9
Morgan Stanley
1,334.4
2.5%
7
9
JP Morgan
11,728.3
7.9%
17
10
Deutsche Bank
561.5
1.0%
4
10
Merrill Lynch
10,765.5
7.3%
17
Proceeds
(JPY m)
Mkt. Share
No. of Issues
Proceeds
(JPY m)
Mkt. Share
No. of Issues
1
Nomura
552,187.0
23.0%
27
1
Nomura
2,080,699
22.2%
121
2
Nikko Citigroup
513,565.1
21.3%
49
2
Daiwa Securities SMBC
1,787,484
19.1%
110
3
Deutsche Bank
216,835.9
9.0%
17
3
Mizuho Securities
1,603,745
17.1%
99
4
UBS
179,137.5
7.4%
7
4
Mitsubishi UFJ Securities
1,588,515
16.9%
82
5
Barclays Capital
166,320.0
6.9%
16
5
Nikko Citigroup
1,187,258
12.7%
73
6
Morgan Stanley
122,487.5
5.1%
5
6
Goldman Sachs
402,328
4.3%
26
7
Mitsubishi UFJ Financial Group
109,861.0
4.6%
4
7
Merrill Lynch Japan Securities
189,547
2.0%
13
8
Daiwa Securities SMBC
100,875.3
4.2%
10
8
Shinko Securities
187,482
2.0%
15
9
Mizuho Financial Group
87,869.0
3.7%
8
9
Morgan Stanley
174,105
1.9%
13
10
Merrill Lynch
73,047.0
3.0%
5
10
Credit Suisse
54,996
0.6%
8
R
a
n
k
Bookrunner
Apr. 1, 2005 - Mar. 31, 2006
R
a
n
k
R
a
n
k
Domestic Straight Bonds (excluding self-funding)
Global & Euro Yen Bonds
Bookrunner
Apr. 1, 2005 - Mar. 31, 2006
Global Equity & Equity-related (Japan)
Announced deals, value base
Bookrunner
R
a
n
k
Apr. 1, 2005 - Mar. 31, 2006
Apr. 1, 2005 - Mar. 31, 2006
Adviser
Any Japanese Involvement Financial Advisers

Table of Contents
35
Full Year
Market Share Data
Primary Market
Share Data
Secondary
Market Share
Data                
Quarter
(trillions of yen)
1Q
2Q
3Q
4Q
Individual Equity Agency Transactions Share
Market
52.0
105.9
144.7
308.3
38.8
64.3
104.3
100.9
Nomura's share
16%
10%
8%
7%
7%
7%
7%
6%
Off-floor/Off-exchange Equity Trading Share
Off-floor market
33.2
31.9
33.2
48.6
8.8
11.4
14.5
13.9
Off-exchange
14.1
19.3
21.1
30.5
4.9
6.6
9.3
9.7
Nomura's share
20%
16%
17%
21%
18%
19%
23%
22%
JGB Auction Share
Market
68.1
74.4
80.1
80.7
19.8
22.2
20.2
18.6
Nomura's share
15%
16%
18%
11%
11%
10%
9%
15%
Bond Secondary Trading Share
Market
1,129
1,235
1,361
1,296
365
326
292
312
Nomura's share
14%
16%
15%
13%
13%
13%
11%
13%
Global Equity and Equity-related Japan
Nomura's share
30%
30%
25%
26%
Japanese IPO
Nomura's share
11%
27%
32%
20%
Japanese PO
Nomura's share
50%
33%
25%
27%
Convertible Bonds
Nomura's share
13%
28%
19%
34%
Global and Euro Yen Bonds
Nomura's share
21%
31%
23%
23%
Straight Bonds, Lead Manager (excl. self-funding)
Nomura's share
26%
19%
17%
18%
Source: Thomson Financial (Value base)
FY2004.3
FY2003.3
FY2004.3
FY2006.3
FY2006.3
FY2006.3
FY2005.3
FY2005.3
FY2003.3

Table of Contents
36
Value at Risk (Consolidated)
Definition
99% confidence level
1-day time horizon for outstanding portfolio
Inter-product price fluctuations considered
From April 1, 2005 to March 31, 2006
Maximum:
8.4 billion yen
Minimum:
3.8 billion yen
Average:
5.9 billion yen
(billions of yen)
Equity
1.5
3.3
3.0
4.2
3.9
4.4
6.0
Interest Rate
2.3
2.0
2.8
3.3
3.1
3.7
3.3
Foreign Exchange
0.2
0.5
0.7
1.0
1.0
1.3
1.4
Sub-total
4.0
5.8
6.5
8.5
8.0
9.4
10.7
Diversification Benefit
-0.9
-1.9
-2.4
-2.9
-2.7
-3.4
-3.7
VaR
3.1
3.9
4.1
5.5
5.3
6.0
7.0
Mar. 06
Dec. 05
End of quarter
Jun. 05
Sep. 05
Mar. 03
Mar. 04
Mar. 05

Table of Contents
37
Number of Employees
*Excludes employees of private equity investee companies
End of quarter
Mar. 2003
Mar. 2004
Mar. 2005
Jun. 2005
Sep. 2005
Dec. 2005
Mar. 2006
Japan (excluding FA, SA)*
9,258
9,148
9,190
9,604
9,508
9,395
9,354
Japan (FA, SA)
1,986
1,915
1,875
1,984
1,930
2,016
1,948
Europe
1,389
1,403
1,535
1,524
1,535
1,529
1,515
Americas
797
866
1,026
1,069
1,038
1,039
1,073
Asia/Oceania
616
655
718
746
757
769
778
Total
14,046
13,987
14,344
14,927
14,768
14,748
14,668

Table of Contents
38
Nomura Holdings, Inc.
www.nomura.com