Edgar Filing: NOMURA HOLDINGS INC

Form 6-K

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

Commission File Number: 1-15270

Supplement for the month of October 2008.

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

Information furnished on this form:

EXHIBIT

Exhibit Number



1.		Financial Highlights – Six months ended September 2008

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: October 28, 2008	By:	/s/ Shinichiro Watanabe
		Shinichiro Watanabe Senior Corporate Managing Director

Financial Summary For the Six Months Ended September 30, 2008 (US GAAP)


Date:		October 28, 2008
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Kenichi Watanabe
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Toshiki Shinjo
		Managing Director, Investor Relations Department, Nomura Holdings, Inc.
		Tel: (Country Code 81) 3-5255-1000
		URL http://www.nomura.com

1.	Consolidated Operating Results

(1)	Operating Results


	For the six months ended September 30
	2008				2007
	(Yen amounts in millions, except per share data)
	% Change from September 30, 2007				% Change from September 30, 2006
Total revenue	515,608		(51.7	)%	1,067,371		22.6	%
Net revenue	263,152		(49.5	)%	521,502		14.1	%
(Loss) income before income taxes	(153,605	)	—		89,352		(16.1	)%
Net (loss) income	(149,464	)	—		64,231		0.9	%

Basic net (loss) income per share	(78.32	)			33.66
Diluted net (loss) income per share	(78.42	)			33.55
Return on shareholders’ equity (annualized)	(15.7	)%			5.8	%

(2)	Financial Position


	At September 30		At March 31
	2008		2008
	(Yen amounts in millions, except per share data)
Total assets	24,758,108		25,236,054
Shareholders’ equity	1,810,137		1,988,124
Shareholders’ equity as a percentage of total assets	7.3	%	7.9	%
Shareholders’ equity per share	948.34		1,042.60

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

2.	Cash dividends


	For the year ended/ending March 31
	2008	2009	2009 (Plan)
	(Yen amounts)
Target dividends per share ^{See note} ¹ dividends record dates
At June 30	8.50	8.50	—
At September 30	8.50	8.50	—
At December 31	8.50	—	8.50
At March 31	8.50	—	8.50
Additional payout based on the level of profit^{See note 2}
At March 31	—	Unconfirmed
Total at March 31	8.50	Unconfirmed
For the year	34.00		34.00

Note: 1.

Target dividends are minimum level of cash dividends.

2.	When Nomura achieves a sufficient level of profit, additional dividend will be added to its annual target dividends per share taking into consideration the consolidated payout ratio of over 30%.

3.	Revision of cash dividend forecast for during this period : None

3.	Earnings forecasts for the year ending March 31, 2009

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

Other

(1)	Significant changes to consolidated subsidiaries during the period : None

(2)	Simplified accounting and particular accounting in the elaboration of quarterly consolidated financial statements : None

(3)	Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

Changes in accounting principles : Yes

Other changes : None

Note: Please refer to page 6, “Qualitative Information and Financial Statements - 4. Other” for details.

(4)	Number of shares issued (common stock)


	At September 30	At March 31
	2008	2008
Number of shares outstanding (including treasury stock)	1,965,919,860	1,965,919,860
Treasury stock	57,179,691	59,034,801

	For the six months ended September 30
	2008	2007
Average number of shares outstanding	1,908,311,939	1,908,270,970

Qualitative Information and Financial Statements

1.	Qualitative Discussion of Consolidated Results

US GAAP


	Billions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Net revenue	263.2		521.5		(49.5	)
Non-interest expenses	416.8		432.2		(3.6	)

Income (loss) before income taxes	(153.6	)	89.4		—
Income tax expense	(4.1	)	25.1		—

Net income (loss)	(149.5	)	64.2		—

Return on equity (annualized)	(15.7	)%	5.8	%	—

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 263.2 billion yen for the six months ended September 30, 2008, a decrease of 49.5% from the same period in the prior year. Non-interest expenses declined 3.6% from the same period in the prior year to 416.8 billion yen. Loss before income taxes was 153.6 billion yen for the six months ended September 30, 2008. Net loss was 149.5 billion yen for the six months ended September 30, 2008.

Segments Information


	Billions of yen			% Change
	For the six months ended			(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)	(A-B)/(B)
Net revenue	270.8		547.6	(50.5	)
Non-interest expenses	416.8		432.2	(3.6	)

Income (loss) before income taxes	(146.0	)	115.4	—

In business segment totals, which exclude unrealized gains (losses) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2008 was 270.8 billion yen, a decrease of 50.5% from the same period in the prior year. Non-interest expenses decreased 3.6% from the same period in the prior year to 416.8 billion yen. Loss before income taxes was 146.0 billion yen for the six months ended September 30, 2008. Please refer to page 11 for further details of the differences between US GAAP and business segment values.

<Business Segment Results>

Operating Results of Domestic Retail


	Billions of yen		% Change
	For the six months ended		(A-B)/(B)
	September 30, 2008 (A)	September 30, 2007 (B)	(A-B)/(B)
Net revenue	160.3	225.1	(28.8	)
Non-interest expenses	138.8	142.3	(2.5	)

Income (loss) before income taxes	21.5	82.8	(74.0	)

Net revenue decreased 28.8% from the same period in the prior year to 160.3 billion yen. The overall market slump triggered by turmoil in the global financial markets led to a decline in brokerage commissions and commissions for distribution of investment trusts. Non-interest expenses decreased 2.5% to 138.8 billion yen. As a result, income before income taxes decreased 74.0% to 21.5 billion yen.

Operating Results of Global Markets


	Billions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Net revenue	4.4		125.7		(96.5	)
Non-interest expenses	152.7		167.3		(8.7	)

Income (loss) before income taxes	(148.3	)	(41.6	)	—

Net revenue decreased 96.5% from the same period in the prior year to 4.4 billion yen, resulting in net losses due primarily to turmoil in the global financial markets. Non-interest expenses decreased 8.7% to 152.7 billion yen. As a result, loss before income taxes was 148.3 billion yen.

Operating Results of Global Investment Banking


	Billions of yen		% Change
	For the six months ended		(A-B)/(B)
	September 30, 2008 (A)	September 30, 2007 (B)	(A-B)/(B)
Net revenue	34.2	47.6	(28.0	)
Non-interest expenses	30.4	30.7	(1.2	)

Income (loss) before income taxes	3.9	16.8	(77.1	)

Net revenue decreased 28.0% from the same period in the prior year to 34.2 billion yen, due primarily to a decline in transaction volume in the equity finance reflecting instability across the global stock markets. Non-interest expenses decreased 1.2% to 30.4 billion yen. As a result, income before income taxes decreased 77.1% to 3.9 billion yen.

Operating Results of Global Merchant Banking


	Billions of yen			% Change
	For the six months ended			(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)	(A-B)/(B)
Net revenue	(16.5	)	51.9	—
Non-interest expenses	8.2		6.3	29.6

Income (loss) before income taxes	(24.7	)	45.5	—

Net revenue was negative 16.5 billion yen, due primarily to unrealized losses of certain investee companies. Non-interest expenses increased 29.6% from the same period in the prior year to 8.2 billion yen. As a result, loss before income taxes was 24.7 billion yen.

Operating Results of Asset Management


	Billions of yen		% Change
	For the six months ended		(A-B)/(B)
	September 30, 2008 (A)	September 30, 2007 (B)	(A-B)/(B)
Net revenue	35.8	49.1	(27.0	)
Non-interest expenses	26.9	27.7	(3.0	)

Income (loss) before income taxes	8.9	21.4	(58.1	)

*	Defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Net revenue decreased 27.0% from the same period in the prior year to 35.8 billion yen, due primarily to unrealized losses from pilot funds and seed money for new product development. Non-interest expenses decreased 3.0% to 26.9 billion yen. As a result, income before income taxes decreased 58.1% to 8.9 billion yen.

Other Operating Results


	Billions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Net revenue	52.5		48.3		8.7
Non-interest expenses	59.8		57.7		3.6

Income (loss) before income taxes	(7.2	)	(9.4	)	—

Net revenue in other operating results increased 8.7% from the same period in the prior year to 52.5 billion yen. Loss before income taxes was 7.2 billion yen.

2.	Financial Position

Total assets as of September 30, 2008, were 24.8 trillion yen, a decrease of 477.9 billion yen compared to March 31, 2008, reflecting primarily a decrease in Collateralized agreements. Total liabilities as of September 30, 2008, were 22.9 trillion yen, a decrease of 300.0 billion yen compared to March 31, 2008, mainly due to a decrease in Collateralized financing. Total shareholders’ equity at September 30, 2008, was 1.8 trillion yen, a decrease of 178.0 billion yen compared to March 31, 2008, mainly reflecting a decrease in Retained earnings due to the recording of Net loss.

3.	Earnings Forecasts

Other

Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements

Accounting for fair value measurements

Nomura adopted Financial Accounting Standards Board (“FASB”) SFAS No.157, “Fair Value Measurements” on April 1, 2008. In accordance with this standard, the adjusted amount due to the initial adoption was recorded in the retained earnings.

Accounting for fair value option for financial assets and financial liabilities

Nomura adopted FASB SFAS No.159, “The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No.115” on April 1, 2008. In accordance with this standard, the adjusted amount due to the initial adoption was recorded in the retained earnings.

Accounting for offsetting of amounts related to certain contracts

Nomura adopted FASB staff position No.39-1, “Amendment of FASB Interpretation No.39” on April 1, 2008. The consolidated balance sheets as of March 31, 2008 have been reclassified in accordance with this standard, as it demands retrospective application.

5.	Quarterly Consolidated Financial Statements

Basis of presentation—

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 30, 2008) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2008) for the year ended March 31, 2008.

Please refer to 4. Other, “Changes in accounting basis, procedure and presentation for the quarterly consolidated financial statements”, for presentations of significant changes in accounting principles.

The review procedures of the quarterly report for this period have not been completed yet.

(1) CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	Millions of yen
	September 30, 2008		March 31, 2008		Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	430,925		507,236		(76,311	)
Time deposits	888,793		758,130		130,663
Deposits with stock exchanges and other segregated cash	190,817		168,701		22,116

	1,510,535		1,434,067		76,468

Loans and receivables:
Loans receivable	693,637		784,262		(90,625	)
Receivables from customers	34,025		43,623		(9,598	)
Receivables from other than customers	1,940,324		361,114		1,579,210
Allowance for doubtful accounts	(2,941	)	(1,399	)	(1,542	)

	2,665,045		1,187,600		1,477,445

Collateralized agreements:
Securities purchased under agreements to resell	2,553,215		3,233,200		(679,985	)
Securities borrowed	5,180,708		7,158,167		(1,977,459	)

	7,733,923		10,391,367		(2,657,444	)

Trading assets and private equity investments*:
Trading assets	10,606,716		9,947,443		659,273
Private equity investments	399,688		330,745		68,943

	11,006,404		10,278,188		728,216

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥260,744 million at September 30, 2008 and ¥260,910 million at March 31, 2008)	367,344		389,151		(21,807	)
Non-trading debt securities*	282,506		246,108		36,398
Investments in equity securities*	131,730		139,330		(7,600	)
Investments in and advances to affiliated companies*	346,941		361,334		(14,393	)
Other	713,680		808,909		(95,229	)

	1,842,201		1,944,832		(102,631	)

Total assets	24,758,108		25,236,054		(477,946	)

*	Including securities pledged as collateral

Note:

Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.


	Millions of yen
	September 30, 2008		March 31, 2008		Increase/ (Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	1,232,400		1,426,266		(193,866	)
Payables and deposits:
Payables to customers	299,626		264,679		34,947
Payables to other than customers	382,330		322,927		59,403
Deposits received at banks	424,777		362,775		62,002

	1,106,733		950,381		156,352

Collateralized financing:
Securities sold under agreements to repurchase	3,876,310		4,298,872		(422,562	)
Securities loaned	3,486,486		3,753,730		(267,244	)
Other secured borrowings	2,341,241		2,488,129		(146,888	)

	9,704,037		10,540,731		(836,694	)

Trading liabilities	4,765,785		4,469,942		295,843
Other liabilities	493,797		636,184		(142,387	)
Long-term borrowings	5,645,219		5,224,426		420,793

Total liabilities	22,947,971		23,247,930		(299,959	)


Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares Issued - 1,965,919,860 shares at September 30, 2008 and March 31, 2008
Outstanding - 1,908,740,169 shares at September 30, 2008 and 1,906,885,059 shares at March 31, 2008	182,800		182,800		—
Additional paid-in capital	182,413		177,227		5,186
Retained earnings	1,613,513		1,779,783		(166,270	)
Accumulated other comprehensive income	(90,495	)	(71,111	)	(19,384	)

	1,888,231		2,068,699		(180,468	)
Common stock held in treasury, at cost - 57,179,691 shares at September 30, 2008 and 59,034,801 shares at March 31, 2008	(78,094	)	(80,575	)	2,481

Total shareholders’ equity	1,810,137		1,988,124		(177,987	)

Total liabilities and shareholders’ equity	24,758,108		25,236,054		(477,946	)

Note: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

(2)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	Millions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Revenue:
Commissions	167,084		219,836		(24.0	)
Fees from investment banking	23,433		46,066		(49.1	)
Asset management and portfolio service fees	85,190		98,221		(13.3	)
Net (loss) gain on trading	(10,500	)	108,436		—
(Loss) gain on private equity investments	(14,496	)	52,933		—
Interest and dividends	244,950		540,695		(54.7	)
(Loss) gain on investments in equity securities	(8,840	)	(24,756	)	—
Other	28,787		25,940		11.0

Total revenue	515,608		1,067,371		(51.7	)
Interest expense	252,456		545,869		(53.8	)

Net revenue	263,152		521,502		(49.5	)

Non-interest expenses :
Compensation and benefits	168,008		195,023		(13.9	)
Commissions and floor brokerage	38,977		45,263		(13.9	)
Information processing and communications	67,991		63,907		6.4
Occupancy and related depreciation	33,048		31,048		6.4
Business development expenses	14,951		18,677		(19.9	)
Other	93,782		78,232		19.9

	416,757		432,150		(3.6	)

(Loss) income before income taxes	(153,605	)	89,352		—
Income tax expense	(4,141	)	25,121		—

Net (loss) income	(149,464	)	64,231		—


Per share of common stock:

	Yen				% Change
Basic-
Net (loss) income	(78.32	)	33.66		—

Diluted-
Net (loss) income	(78.42	)	33.55		—

(3)

NOTE WITH RESPECT TO THE ASSUMPTION AS A GOING CONCERN

Not applicable.

(4)

SEGMENT INFORMATION-OPERATING SEGMENT (UNAUDITED)

The following table shows business segment information and reconciliation items to the consolidated statements of operations.


	Millions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Net revenue
Business segment information:
Domestic Retail	160,264		225,100		(28.8	)
Global Markets	4,432		125,672		(96.5	)
Global Investment Banking	34,233		47,552		(28.0	)
Global Merchant Banking	(16,509	)	51,865		—
Asset Management	35,823		49,083		(27.0	)

Sub Total	218,243		499,272		(56.3	)
Other	52,538		48,312		8.7

Net revenue	270,781		547,584		(50.5	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(7,629	)	(26,082	)	—

Net revenue	263,152		521,502		(49.5	)

Non-interest expenses
Business segment information:
Domestic Retail	138,767		142,339		(2.5	)
Global Markets	152,739		167,319		(8.7	)
Global Investment Banking	30,381		30,736		(1.2	)
Global Merchant Banking	8,210		6,337		29.6
Asset Management	26,876		27,719		(3.0	)

Sub Total	356,973		374,450		(4.7	)
Other	59,784		57,700		3.6

Non-interest expenses	416,757		432,150		(3.6	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	—		—		—

Non-interest expenses	416,757		432,150		(3.6	)

Income (loss) before income taxes
Business segment information:
Domestic Retail	21,497		82,761		(74.0	)
Global Markets	(148,307	)	(41,647	)	—
Global Investment Banking	3,852		16,816		(77.1	)
Global Merchant Banking	(24,719	)	45,528		—
Asset Management	8,947		21,364		(58.1	)

Sub Total	(138,730	)	124,822		—
Other *	(7,246	)	(9,388	)	—

Income (loss) before income taxes	(145,976	)	115,434		—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(7,629	)	(26,082	)	—

Income (loss) before income taxes	(153,605	)	89,352		—

*	Major components

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

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


	Millions of yen				% Change
	For the six months ended				(A-B)/(B)
	September 30, 2008 (A)		September 30, 2007 (B)		(A-B)/(B)
Net gain (loss) on trading related to economic hedging transactions	21,194		(11,617	)	—
Realized gain on investments in equity securities held for operating purposes	(1,212	)	1,326		—
Equity in earnings of affiliates	6,060		7,684		(21.1	)
Corporate items	(7,969	)	(21,939	)	—
Others	(25,319	)	15,158		—

Total	(7,246	)	(9,388	)	—

Note:

Defined contribution pension plan business in Asset Management was integrated to Other business in the second quarter of the fiscal year ending March 31, 2009. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

(5)

Significant Changes in Shareholders’ equity

Not applicable. For further details of the variations, please refer to the “Consolidated Statements of Changes in Shareholders’ Equity (UNAUDITED)” below.


	Millions of yen
	For the six months ended
	September 30, 2008		September 30, 2007
Common stock
Balance at beginning of year	182,800		182,800

Balance at end of period	182,800		182,800

Additional paid-in capital
Balance at beginning of year	177,227		165,496
Gain (loss) on sales of treasury stock	1,922		(1,458	)
Issuance and exercise of common stock options	3,264		6,229

Balance at end of period	182,413		170,267

Retained earnings
Balance at beginning of year	1,779,783		1,910,978
Net (loss) income	(149,464	)	64,231
Cash dividends	(32,447	)	(32,418	)
Adjustments to initially apply FIN 48	—		1,266
Adjustments to initially apply EITF 06-2	—		(1,119	)
Adjustments to initially apply SOP 07-1	—		2,049
Adjustments to initially apply SFAS 157	10,383		—
Adjustments to initially apply SFAS 159	5,258		—
Loss on sales of treasury stock	—		(371	)

Balance at end of period	1,613,513		1,944,616

Accumulated other comprehensive income
Cumulative translation adjustments
Balance at beginning of year	(28,416	)	36,889
Net change during the year	(19,880	)	5,472

Balance at end of period	(48,296	)	42,361

Defined benefit pension plans
Balance at beginning of year	(42,695	)	(30,276	)
Pension liability adjustment	496		400

Balance at end of period	(42,199	)	(29,876	)

Balance at end of period	(90,495	)	12,485

Common stock held in treasury
Balance at beginning of year	(80,575	)	(79,968	)
Repurchases of common stock	(67	)	(102	)
Sale of common stock	24		42
Common stock issued to employees	2,593		2,415
Other net change in treasury stock	(69	)	1

Balance at end of period	(78,094	)	(77,612	)

Total shareholders’ equity
Balance at end of period	1,810,137		2,232,556

6.	OTHER INFORMATION

Consolidated Statements of Operations – Quarterly (UNAUDITED)


	Millions of yen												% Change		Millions of yen
	For the three months ended														For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008(A)		September 30, 2008(B)		(B-A)/(A)		March 31, 2008
Revenue:
Commissions	112,953		106,883		103,434		81,389		82,198		84,886		3.3		404,659
Fees from investment banking	29,890		16,176		20,340		18,690		13,407		10,026		(25.2	)	85,096
Asset management and portfolio service fees	47,311		50,910		47,636		43,855		42,779		42,411		(0.9	)	189,712
Net gain (loss) on trading	99,767		8,669		65,090		(111,806	)	10,515		(21,015	)	—		61,720
Gain (loss) on private equity investments	46,159		6,774		(2,987	)	26,559		(37,663	)	23,167		—		76,505
Interest and dividends	294,783		245,912		177,280		78,565		117,957		126,993		7.7		796,540
(Loss) gain on investments in equity securities	(540	)	(24,216	)	(6,977	)	(16,962	)	964		(9,804	)	—		(48,695	)
Other	16,309		9,631		(3,444	)	5,689		27,719		1,068		(96.1	)	28,185

Total revenue	646,632		420,739		400,372		125,979		257,876		257,732		(0.1	)	1,593,722
Interest expense	301,830		244,039		156,119		104,477		122,789		129,667		5.6		806,465

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(5.2	)	787,257

Non-interest expenses:
Compensation and benefits	100,653		94,370		93,361		78,421		87,910		80,098		(8.9	)	366,805
Commissions and floor brokerage	22,684		22,579		20,395		24,534		18,634		20,343		9.2		90,192
Information processing and communications	29,188		34,719		33,869		37,228		33,359		34,632		3.8		135,004
Occupancy and related depreciation	15,917		15,131		14,258		19,535		15,868		17,180		8.3		64,841
Business development expenses	8,811		9,866		9,455		10,003		7,032		7,919		12.6		38,135
Other	27,609		50,623		28,525		50,111		56,548		37,234		(34.2	)	156,868

	204,862		227,288		199,863		219,832		219,351		197,406		(10.0	)	851,845

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	—		(64,588	)
Income tax expense	64,002		(38,881	)	22,615		(44,477	)	(7,672	)	3,531		—		3,259

Net income (loss)	75,938		(11,707	)	21,775		(153,853	)	(76,592	)	(72,872	)	—		(67,847	)


Per share of common stock:

	Yen												% Change		Yen
Basic-
Net income (loss)	39.80		(6.13	)	11.41		(80.62	)	(40.14	)	(38.18	)	—		(35.55	)

Diluted-
Net income (loss)	39.67		(6.14	)	11.37		(80.68	)	(40.18	)	(38.23	)	—		(35.57	)

Note:

The review procedures of the quarterly report for this period have not been completed yet.

Business Segment Information – Quarterly Results (UNAUDITED)

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of operations.


	Millions of yen												% Change		Millions of yen
	For the three months ended												(B-A)/(A)		For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008(A)		September 30, 2008(B)		(B-A)/(A)		March 31, 2008
Net revenue
Business segment information:
Domestic Retail	121,840		103,260		98,408		78,510		85,809		74,455		(13.2	)	402,018
Global Markets	108,909		16,763		103,228		(133,303	)	10,970		(6,538	)	—		95,597
Global Investment Banking	36,740		10,812		20,757		14,800		28,986		5,247		(81.9	)	83,109
Global Merchant Banking	43,407		8,458		(10,190	)	23,118		(37,009	)	20,500		—		64,793
Asset Management	25,832		23,251		22,730		16,928		21,112		14,711		(30.3	)	88,741

Sub Total	336,728		162,544		234,933		53		109,868		108,375		(1.4	)	734,258
Other	10,721		37,591		16,433		38,423		24,546		27,992		14.0		103,168

Net revenue	347,449		200,135		251,366		38,476		134,414		136,367		1.5		837,426

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(2,647	)	(23,435	)	(7,113	)	(16,974	)	673		(8,302	)	—		(50,169	)

Net revenue	344,802		176,700		244,253		21,502		135,087		128,065		(5.2	)	787,257

Non-interest expenses
Business segment information:
Domestic Retail	71,285		71,054		69,907		67,456		69,630		69,137		(0.7	)	279,702
Global Markets	82,866		84,453		78,830		75,645		72,589		80,150		10.4		321,794
Global Investment Banking	16,003		14,733		15,035		14,565		16,411		13,970		(14.9	)	60,336
Global Merchant Banking	3,306		3,031		2,134		3,002		2,357		5,853		148.3		11,473
Asset Management	12,840		14,879		13,396		13,675		12,960		13,916		7.4		54,790

Sub Total	186,300		188,150		179,302		174,343		173,947		183,026		5.2		728,095
Other	18,562		39,138		20,561		45,489		45,404		14,380		(68.3	)	123,750

Non-interest expenses	204,862		227,288		199,863		219,832		219,351		197,406		(10.0	)	851,845

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	—		—		—		—		—		—		—		—

Non-interest expenses	204,862		227,288		199,863		219,832		219,351		197,406		(10.0	)	851,845

Income (loss) before income taxes
Business segment information:
Domestic Retail	50,555		32,206		28,501		11,054		16,179		5,318		(67.1	)	122,316
Global Markets	26,043		(67,690	)	24,398		(208,948	)	(61,619	)	(86,688	)	—		(226,197	)
Global Investment Banking	20,737		(3,921	)	5,722		235		12,575		(8,723	)	—		22,773
Global Merchant Banking	40,101		5,427		(12,324	)	20,116		(39,366	)	14,647		—		53,320
Asset Management	12,992		8,372		9,334		3,253		8,152		795		(90.2	)	33,951

Sub Total	150,428		(25,606	)	55,631		(174,290	)	(64,079	)	(74,651	)	—		6,163
Other *	(7,841	)	(1,547	)	(4,128	)	(7,066	)	(20,858	)	13,612		—		(20,582	)

Income (loss) before income taxes	142,587		(27,153	)	51,503		(181,356	)	(84,937	)	(61,039	)	—		(14,419	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes	(2,647	)	(23,435	)	(7,113	)	(16,974	)	673		(8,302	)	—		(50,169	)

Income (loss) before income taxes	139,940		(50,588	)	44,390		(198,330	)	(84,264	)	(69,341	)	—		(64,588	)

*	Major components

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

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


	Millions of yen												% Change	Millions of yen
	For the three months ended												(B-A)/(A)	For the year ended
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008(A)		September 30, 2008(B)		(B-A)/(A)	March 31, 2008
Net gain (loss) on trading related to economic hedging transactions	(14,425	)	2,808		364		1,513		1,006		20,188		—	(9,740	)
Realized gain (loss) on investments in equity securities held for operating purposes	2,107		(781	)	135		13		291		(1,503	)	—	1,474
Equity in earnings of affiliates	5,105		2,579		(5,247	)	2,306		2,061		3,999		94.0	4,743
Corporate items	(9,687	)	(12,252	)	(11,750	)	20,265		(5,620	)	(2,349	)	—	(13,424	)
Others	9,059		6,099		12,370		(31,163	)	(18,596	)	(6,723	)	—	(3,635	)

Total	(7,841	)	(1,547	)	(4,128	)	(7,066	)	(20,858	)	13,612		—	(20,582	)

Note: 1.

2.	The review procedures of the quarterly report for this period have not been completed yet.

“Commissions/fees received” and “Net gain on trading” consists of the following (UNAUDITED)


	Millions of yen											% Change		Millions of yen			% Change
	For the three months ended											(B-A)/(A)		For the six months ended			(D-C)/(C)
	June 30, 2007	September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008(A)		September 30, 2008(B)		(B-A)/(A)		September 30, 2007(C)	September 30, 2008(D)		(D-C)/(C)
Commissions/fees received

Commissions	112,953	106,883		103,434		81,389		82,198		84,886		3.3		219,836	167,084		(24.0	)

Brokerage Commissions	64,169	64,655		65,471		56,730		49,287		53,840		9.2		128,824	103,127		(19.9	)
Commissions for Distribution of Investment Trust	39,172	34,223		30,600		17,247		25,811		24,173		(6.3	)	73,395	49,984		(31.9	)
Fees from Investment Banking	29,890	16,176		20,340		18,690		13,407		10,026		(25.2	)	46,066	23,433		(49.1	)

Underwriting and Distribution	10,469	10,434		14,219		10,524		6,815		3,385		(50.3	)	20,903	10,200		(51.2	)
M&A / Financial Advisory Fees	18,187	5,691		5,747		8,192		4,568		6,218		36.1		23,878	10,786		(54.8	)
Asset Management and Portfolio Service Fees	47,311	50,910		47,636		43,855		42,779		42,411		(0.9	)	98,221	85,190		(13.3	)

Asset Management Fees	42,904	46,150		43,358		39,552		38,485		38,358		(0.3	)	89,054	76,843		(13.7	)
Total	190,154	173,969		171,410		143,934		138,384		137,323		(0.8	)	364,123	275,707		(24.3	)


Net gain (loss) on trading

Merchant Banking	255	2,010		(5,149	)	(2,085	)	(69	)	(457	)	—		2,265	(526	)	—
Equity Trading	51,696	28,189		25,574		31,496		33,267		1,717		(94.8	)	79,885	34,984		(56.2	)
Fixed Income and Other Trading	47,816	(21,530	)	44,665		(141,217	)	(22,683	)	(22,275	)	—		26,286	(44,958	)	—

Total	99,767	8,669		65,090		(111,806	)	10,515		(21,015	)	—		108,436	(10,500	)	—

Note: The review procedures of the quarterly report for this period have not been completed yet.

Reference Information

Unconsolidated Financial Information of Major Consolidated Entities

(UNAUDITED)

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

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

-Nomura Securities Co., Ltd. Financial Information

*	The amounts are rounded to the nearest million.

NOMURA HOLDINGS, INC.

UNCONSOLIDATED BALANCE SHEET INFORMATION


	(Millions of yen)
	September 30, 2008		March 31, 2008		Increase/ (Decrease)
*ASSETS*
Current Assets	2,397,150		2,272,127		125,023

Cash and time deposits	1,356		1,416		(60	)
Certificate deposits	14,200		18,800		(4,600	)
Money held in trust	67,445		78,533		(11,088	)
Short-term loans receivable	2,260,893		2,068,347		192,546
Accounts receivable	28,847		76,783		(47,936	)
Deferred tax assets	1,530		1,370		159
Other current assets	22,893		26,883		(3,991	)
Allowance for doubtful accounts	(13	)	(6	)	(7	)
Fixed Assets	2,018,306		2,177,683		(159,377	)

Tangible fixed assets	49,669		52,216		(2,547	)
Intangible assets	135,962		142,339		(6,378	)
Investments and others	1,832,675		1,983,128		(150,453	)
Investment securities	142,462		156,267		(13,805	)
Investments in subsidiaries and affiliates (at cost)	1,306,836		1,286,638		20,198
Other securities of subsidiaries and affiliates	24,893		26,021		(1,128	)
Long-term loans receivable from subsidiaries and affiliates	143,000		309,000		(166,000	)
Long-term guarantee deposits	47,487		49,548		(2,061	)
Deferred tax assets	148,361		131,793		16,568
Other investments	19,693		23,893		(4,200	)
Allowance for doubtful accounts	(57	)	(32	)	(25	)

TOTAL ASSETS	4,415,456		4,449,810		(34,354	)


	(Millions of yen)
	September 30, 2008		March 31, 2008		Increase/ (Decrease)
*LIABILITIES*
Current liabilities	1,487,573		1,601,961		(114,388	)

Short-term borrowings	1,410,000		1,446,500		(36,500	)
Bond due within one year	—		50,000		(50,000	)
Collaterals received	58,477		57,035		1,442
Accrued income taxes	865		11,296		(10,430	)
Other current liabilities	18,231		37,131		(18,900	)

Long-term liabilities	1,440,490		1,424,188		16,302

Bonds payable	463,336		354,930		108,406
Long-term borrowings	975,000		1,067,000		(92,000	)
Other long-term liabilities	2,153		2,257		(104	)

TOTAL LIABILITIES	2,928,063		3,026,149		(98,087	)

*NET ASSETS*
Shareholders’ equity	1,440,676		1,372,324		68,352
Common stock	182,800		182,800		—
Capital reserves	112,504		112,504		—
Additional paid-in capital	112,504		112,504		—
Earned surplus	1,221,118		1,155,315		65,802
Earned surplus reserve	81,858		81,858		—
Other Earned surplus	1,139,260		1,073,457		65,802
Reserve for specified fixed assets	15		16		(1	)
General reserve	994,000		994,000		—
Earned surplus carried forward	145,245		79,442		65,804
Treasury stock	(75,746	)	(78,296	)	2,550
Valuation and translation adjustments	27,948		39,936		(11,988	)
Net unrealized gain on investments	26,215		34,914		(8,698	)
Deferred gains or loss on hedges	1,733		5,023		(3,290	)
Subscription rights to shares	18,769		11,401		7,368

TOTAL NET ASSETS	1,487,394		1,423,661		63,733

TOTAL LIABILITIES AND NET ASSETS	4,415,456		4,449,810		(34,354	)

NOMURA HOLDINGS, INC.

UNCONSOLIDATED INCOME STATEMENT INFORMATION


	(Millions of yen)
	For the six months ended September 30, 2008(A)		For the six months ended September 30, 2007(B)		Comparison (A-B)/(B)
Operating revenue	236,715		318,572		(25.7	)%

Property and equipment fee revenue	52,555		46,711		12.5
Rent revenue	18,866		18,522		1.9
Royalty on trademark	7,341		11,269		(34.9	)
Dividend from subsidiaries and affiliates	143,474		228,386		(37.2	)
Others	14,478		13,684		5.8

Operating expenses	92,918		81,609		13.9

Compensation and benefits	10,605		7,117		49.0
Rental and maintenance	20,574		20,968		(1.9	)
Data processing and office supplies	16,979		16,221		4.7
Depreciation and amortization	25,332		21,280		19.0
Others	4,022		4,331		(7.1	)
Interest expenses	15,406		11,693		31.8

Operating income	143,796		236,963		(39.3	)

Non-operating income	2,605		2,603		0.1
Non-operating expenses	1,048		917		14.3

Ordinary income	145,353		238,649		(39.1	)

Special profits	1,190		4,182		(71.5	)
Gain on sales of investment securities	1,190		4,182		(71.5	)
Special losses	50,508		159,658		(68.4	)
Loss on sales of investment securities	198		730		(72.8	)
Loss on devaluation of investment securities	1,912		590		223.8
Loss on devaluation of investments in subsidiaries and affiliates	46,382		156,814		(70.4	)
Loss on retirement of fixed assets	2,016		1,523		32.4

Income before income taxes	96,035		83,174		15.5

Income taxes - current	3,997		5,310		(24.7	)

Income taxes - deferred	(8,397	)	(57,831	)	(85.5	)

Net Income	100,435		135,694		(26.0	)

NOMURA SECURITIES CO., LTD.

UNCONSOLIDATED BALANCE SHEET INFORMATION


	(Millions of yen)
	September 30, 2008		March 31, 2008		Increase/ (Decrease)
ASSETS
Current Assets	12,308,876		13,094,317		(785,442	)

Cash and time deposits	166,425		99,821		66,604
Deposits with exchanges and other segregated cash	692		50,692		(50,000	)
Trading assets:	5,494,389		6,012,280		(517,892	)
Trading securities	4,494,184		4,973,376		(479,193	)
Derivative contracts	1,000,205		1,038,904		(38,699	)
Net receivables arising from pre-settlement date trades	1,280,023		—		1,280,023
Margin account assets:	134,604		165,368		(30,763	)
Loans to customers in margin transactions	111,264		143,666		(32,402	)
Cash collateral to securities finance companies	23,340		21,701		1,639
Loans with securities as collateral:	4,803,331		6,235,494		(1,432,163	)
Cash collateral for securities borrowed	4,155,000		5,373,927		(1,218,927	)
Loans in gensaki transactions	648,331		861,568		(213,236	)
Receivables from customers and others	1,308		1,319		(11	)
Short-term guarantee deposits	262,148		339,539		(77,391	)
Short-term loans receivable	2,679		37,125		(34,446	)
Deferred tax assets	112,641		106,066		6,574
Other current assets	50,656		46,646		4,011
Allowance for doubtful accounts	(20	)	(32	)	12

Fixed Assets	74,855		77,385		(2,530	)

Tangible fixed assets	58		58		0
Intangible assets	2,071		1,672		399
Investments and others	72,726		75,655		(2,930	)
Investment securities	195		195		—
Deferred tax assets	44,048		41,262		2,786
Other investments	29,035		34,865		(5,830	)
Allowance for doubtful accounts	(552	)	(667	)	115

TOTAL ASSETS	12,383,730		13,171,702		(787,972	)


	(Millions of yen)
	September 30, 2008	March 31, 2008	Increase/ (Decrease)
LIABILITIES
Current Liabilities	10,620,982	11,605,224	(984,242	)

Trading liabilities:	2,896,901	2,887,090	9,810
Trading securities	2,484,824	2,277,593	207,231
Derivative contracts	412,077	609,497	(197,421	)
Net payables arising from pre-settlement date trades	—	8,048	(8,048	)
Margin account liabilities:	25,017	13,144	11,873
Borrowings from securities finance companies	2,411	2,736	(325	)
Customer margin sale proceeds	22,606	10,408	12,198
Borrowings with securities as collateral:	3,165,728	3,977,051	(811,323	)
Cash collateral for securities loaned	2,177,143	2,688,318	(511,176	)
Borrowings in gensaki transactions	988,585	1,288,732	(300,147	)
Payables to customers and others	147,512	137,213	10,299
Guarantee deposits received	84,146	95,581	(11,435	)
Short-term borrowings	4,018,469	3,911,100	107,369
Short-term bonds payable	210,000	336,500	(126,500	)
Bond due within one year	—	100,000	(100,000	)
Accrued income taxes	3,670	12,307	(8,637	)
Accounts payable	7,167	61,649	(54,482	)
Accrued bonuses for employees	12,200	15,200	(3,000	)
Other current liabilities	50,172	50,341	(168	)
Long-term Liabilities	994,328	701,840	292,487

Bonds payable	224,286	224,285	1
Long-term borrowings	698,200	404,400	293,800
Reserve for retirement benefits	64,930	62,523	2,406
Other long-term liabilities	6,912	10,632	(3,720	)
Statutory Reserves	5,519	5,626	(107	)

Reserve for financial instruments transactions	5,519	—	—
Reserve for securities transactions	—	5,626	—

TOTAL LIABILITIES	11,620,829	12,312,691	(691,862	)

NET ASSETS
Shareholder’s equity	762,346	857,535	(95,189	)
Common stock	10,000	10,000	—
Capital reserves	529,579	529,579	—
Additional paid-in capital	529,579	529,579	—
Earned surplus	222,767	317,957	(95,189	)
Other Earned surplus	222,767	317,957	(95,189	)
General reserve	63,000	63,000	—
Earned surplus carried forward	159,767	254,957	(95,189	)
Valuation and translation adjustments	555	1,476	(921	)
Deferred gains or loss on hedges	555	1,476	(921	)

TOTAL NET ASSETS	762,901	859,012	(96,110	)

TOTAL LIABILITIES AND NET ASSETS	12,383,730	13,171,702	(787,972	)

NOMURA SECURITIES CO., LTD.

UNCONSOLIDATED INCOME STATEMENT INFORMATION


	(Millions of yen except percentages)
	For the six months ended September 30, 2008(A)		For the six months ended September 30, 2007(B)		Comparison (A-B)/(B)
Operating revenue	272,581		415,013		(34.3	)%

Commissions	146,821		225,385		(34.9	)
Net gain on trading	56,491		104,050		(45.7	)
Net gain on other inventories	6		5		8.6
Interest and dividend income	69,263		85,573		(19.1	)
Interest expenses	62,031		57,642		7.6

Net operating revenue	210,550		357,371		(41.1	)

Selling, general and administrative expenses	207,120		219,961		(5.8	)

Transaction-related expenses	34,398		44,446		(22.6	)
Compensation and benefits	79,844		87,034		(8.3	)
Rental and maintenance	24,224		24,516		(1.2	)
Data processing and office supplies	62,984		57,275		10.0
Others	5,670		6,690		(15.3	)

Operating income	3,430		137,410		(97.5	)

Non-operating income	1,802		810		122.4
Non-operating expenses	805		961		(16.3	)

Ordinary income	4,428		137,259		(96.8	)

Special profits	976		718		35.8
Gains due to the exemption from payments of share-based compensation	868		718		20.8
Reversal of allowance for doubtful accounts	1		—		—
Reversal of reserve for financial instruments transactions	107		—		—
Special losses	—		642		—
Reserve for securities transactions	—		642		—

Income before income taxes	5,404		137,336		(96.1	)

Income taxes - current	8,608		69,238		(87.6	)

Income taxes - deferred	(8,720	)	(15,124	)	(42.3	)

Net income	5,516		83,222		(93.4	)

NOMURA SECURITIES CO., LTD.

QUARTERLY INCOME STATEMENT INFORMATION


	(Millions of yen)
	For the Quarter from April 1, 2007 to June 30, 2007	For the Quarter from July 1, 2007 to September 30, 2007		For the Quarter from October 1, 2007 to December 31, 2007	For the Quarter from January 1, 2008 to March 31, 2008		For the Quarter from April 1, 2008 to June 30, 2008		For the Quarter from July 1, 2008 to September 30, 2008
Operating revenue	252,044	162,970		191,653	103,871		158,921		113,660

Commissions	122,458	102,927		97,102	74,912		74,152		72,669
Net gain on trading	77,896	26,154		56,224	1,902		41,554		14,938
Net gain on other inventories	2	3		5	5		2		4
Interest and dividend income	51,687	33,886		38,322	27,051		43,214		26,049
Interest expenses	34,446	23,196		28,537	22,093		37,236		24,795

Net operating revenue	217,598	139,773		163,116	81,778		121,685		88,865

Selling, general and administrative expenses	111,461	108,501		106,904	110,261		102,737		104,383

Transaction-related expenses	22,627	21,820		19,899	18,978		16,177		18,221
Compensation and benefits	45,227	41,807		41,663	38,928		40,780		39,063
Rental and maintenance	12,081	12,435		12,562	12,648		12,047		12,177
Data processing and office supplies	28,040	29,235		29,956	36,147		30,734		32,250
Other	3,487	3,203		2,824	3,560		2,998		2,672

Operating income (loss)	106,137	31,273		56,212	(28,483	)	18,948		(15,518	)

Non-operating income	500	310		306	492		212		1,590
Non-operating expenses	438	523		368	683		289		516

Ordinary income (loss)	106,200	31,059		56,149	(28,674	)	18,871		(14,444	)

Special profits	265	453		478	471		532		444
Gains due to the exemption from payments of share-based compensation	265	453		478	471		462		406
Reversal of allowance for doubtful accounts	—	—		—	—		1		—
Reversal of reserve for financial instruments transactions	—	—		—	—		70		38
Special losses	316	326		321	318		—		—
Reserve for securities transactions	316	326		321	318		—		—

Income before income taxes	106,150	31,186		56,305	(28,520	)	19,404		(14,000	)

Income taxes - current	36,757	32,481		13,219	10,565		(3,996	)	12,603

Income taxes - deferred	5,981	(21,105	)	9,317	(22,271	)	9,835		(18,555	)

Net income (loss)	63,412	19,811		33,769	(16,815	)	13,564		(8,048	)

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

1. Commission Revenues

(1) Breakdown by Category


	(Millions of yen except percentages)
	Six Months Ended		Comparison (A-B)/(B)(%)
	September 30, 2008 (A)	September 30, 2007 (B)	Comparison (A-B)/(B)(%)
Brokerage commissions	36,928	63,807	(42.1	)%

(Stocks)	34,427	59,907	(42.5	)
Underwriting commissions	3,430	13,238	(74.1	)

(Stocks)	1,445	11,218	(87.1	)
(Bonds)	1,985	2,020	(1.7	)
Distribution commissions	50,423	74,718	(32.5	)

(Investment trust certificates)	49,958	73,347	(31.9	)
Other commissions	56,040	73,622	(23.9	)

(Investment trust certificates)	30,691	32,523	(5.6	)

Total	146,821	225,385	(34.9	)


(2) Breakdown by Product
	(Millions of yen except percentages)
	Six Months Ended		Comparison (A-B)/(B)(%)
	September 30, 2008 (A)	September 30, 2007 (B)	Comparison (A-B)/(B)(%)
Stocks	37,546	73,991	(49.3	)%
Bonds	3,942	5,275	(25.3	)
Investment trust certificates	82,861	107,971	(23.3	)
Others	22,472	38,148	(41.1	)

Total	146,821	225,385	(34.9	)


2. Net Gain on Trading
	(Millions of yen except percentages)
	Six Months Ended		Comparison (A-B)/(B)(%)
	September 30, 2008 (A)	September 30, 2007 (B)	Comparison (A-B)/(B)(%)
Stocks	9,361	22,145	(57.7	)%
Bonds and forex	47,131	81,905	(42.5	)

Total	56,491	104,050	(45.7	)

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

3. Stock Trading (excluding futures transactions)


	(Millions of shares or yen except per share data and percentages)
	Six Months Ended								Comparison (A-B)/(B)(%)
	September 30, 2008 (A)				September 30, 2007 (B)				Comparison (A-B)/(B)(%)
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount
Total	34,207		41,782,490		37,865		57,862,427		(9.7	)%	(27.8	)%

(Brokerage)	21,372		25,563,171		23,244		34,687,469		(8.1	)	(26.3	)
(Proprietary Trading)	12,836		16,219,319		14,621		23,174,958		(12.2	)	(30.0	)

Brokerage / Total	62.5	%	61.2	%	61.4	%	59.9	%

TSE Share	5.9	%	6.4	%	6.1	%	6.9	%

Brokerage Commission per share (yen)	1.58				2.55

4. Underwriting, Subscription, and Distribution


	(Millions of shares or yen except percentages)
	Six Months Ended		Comparison (A-B)/(B)
	September 30, 2008 (A)	September 30, 2007 (B)	Comparison (A-B)/(B)
Underwriting
Stocks (number of shares)	3	117	(97.4	)%
(yen amount)	62,522	238,847	(73.8	)
Bonds (face value)	2,948,280	3,575,339	(17.5	)
Investment trust certificates (yen amount)	—	—	—
Beneficial interest (face value)	—	11,800	—

Subscripition and Distribution*
Stocks (number of shares)	3	268	(98.7	)
(yen amount)	41,635	313,001	(86.7	)
Bonds (face value)	1,887,551	1,831,253	3.1
Investment trust certificates (yen amount)	7,656,235	11,817,168	(35.2	)
Beneficial interest (face value)	—	3,000	—

*	Includes secondary offering and private placement.

5. Capital Adequacy Ratio


			(Rounded down to millions of yen except percentages)
			September 30, 2008		March 31, 2008		Increase/ (Decrease)
Tier I		(A)	762,346		756,830		5,516
Tier II	Valuation and translation adjustments		555		1,476		(921	)
	Statutory reserves		5,519		5,626		(107	)
	Allowance for doubtful accounts		20		32		(12	)
	Subordinated debt		606,085		516,085		90,000

	Total	(B)	612,180		523,220		88,960

Illiquid Asset		(C)	117,287		145,932		(28,645	)

Net Capital	(A) + (B) - (C) =	(D)	1,257,239		1,134,117		123,122

Risk	Market risk		79,004		108,263		(29,259	)
	Counterparty risk		247,832		259,810		(11,978	)
	Basic risk		131,043		132,823		(1,780	)
	Total	(E)	457,880		500,896		(43,016	)

Capital Adequacy Ratio		(D)/(E)	274.5	%	226.4	%	48.1	%

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents