Nomura Holdings, Inc. · TSE:8604

Nomura — Q2 FY2004.3 Earnings Presentation

26 slides from Nomura's earnings presentation, Oct 31, 2003

1. Slide 1: Income before Income Taxes by Segment

   Income before Income Taxes by Segment Do tic Retail Global Wholesale Asset Management (Billions of yen) 100 a FY03.3(1/2) ma 2Q ma 1Q #0 —Total 0 up 110% 50 40 | upss7% 30 7 Fvoa3FYO43.Fyon3=—FYOR3FYOA]FYORS FOR FYOA]— FURS “4 4H Aaray 1H "(4

2. Slide 2: All percentages are year-on-year comparisons unless otherwise stated

   * All percentages are year-on-year comparisons unless otherwise stated ** Domestic Retail *** Three major exchanges = Tokyo, Osaka, Nagoya **** Nomura Securities

3. Slide 3: Stock Brokerage Commissions

   (@itions ofyen) Stock Brokerage Commissions 0 262 ea 2 6

4. Slide 4: Foreign Currency Bond Distribution to Retail Investors

   Foreign Currency Bond (Gitionsofyen) Distribution to Retail Investors x0 oy ) oo 0 sas 50) my 20 ‘00

5. Slide 5: Revenue Breakdown

   Revenue Breakdown 17% | (0% 596 $139 8% 9% + pg 18% 00% 70% 20% 20%

6. Slide 6: Including CBs and warrants

   * Including CBs and warrants ** Includes variable annuity insurance

7. Slide 7: Net asset accumulation: Gap between inflow and outflow of assets

   Net asset accumulation: Gap between inflow and outflow of assets

8. Slide 8: Net Revenue

   Net Revenue @illions of yen) 60 20 10 FYO332Q FY0432Q —-FY03.3(1/4)

9. Slide 9: Three major exchanges: Tokyo, Osaka, Nagoya

   * Three major exchanges: Tokyo, Osaka, Nagoya

10. Slide 10: Net Revenue

    Net Revenue ag (ellons of yer) Up 215% FY03.32Q — FY04.32Q —-FY03.3 (1/4)

11. Slide 11: Net Revenue

    Net Revenue (Billions of yen) 25 20 15 10 FY03.32Q FY04.32Q — FY03.3 (1/4)

12. Slide 12: Terra Firma / NPF

    300 250 200 180 100 50 t Terra Firma | NPF Gillions of yen) 2818 2849 291.0 291.4 ie4) Fm23 FY033.—FYO4S IQ FYO43.20

13. Slide 13: Net Revenue

    Net Revenue Gilions of yen) 7 60 FY0332Q FY0432Q —-FYO3.3 (1/4)

14. Slide 14: Primarily invests in US dollar denominated bonds

    * Primarily invests in US dollar denominated bonds (government bonds, ABS, corporate bonds)

15. Slide 15: Net Revenue

    Net Revenue {Billions of yen) 12 10.3 10 Down 22% \ 93 FY03.32Q FY04.32Q — FY03.3 (1/4)

16. Slide 16: Assets Under Management

    Assets Under Management (NAM) (rations of yen) 25 mother [SInvestment advisory Bond investment trists | Stock Investment Wusts » 182 ‘Moco? Jun02 Sepa? DacO02 Mar.03 unc — Sep 03

17. Slide 17: Source: The Investment Trusts Association, Japan

    Source: The Investment Trusts Association, Japan

18. Slide 18: All percentages are year-on-year comparisons unless otherwise stated

    * All percentages are year-on-year comparisons unless otherwise stated

19. Slide 19: Excludes expenses related to PFG entities

    * Excludes expenses related to PFG entities (70.4 bil. yen for FY02.3) For 2Q FY02.3 and 2Q FY04.3, the special charges for withdrawal from the multi-employer pension plan were 18.9 bil. yen and 2.8 billion yen respectively

20. Slide 20: Total income before income taxes for business segments

    “otal income before Income Taxes for 3 Business Segmants: 1924 billon yen Lossigain on undesignated hedging instruments included in Net gain on trading Lossigain on investment secures Equiy in lossesieamings of affiliates Corporate items others Unrealized loss/gain on investments in equity securitie

21. Slide 21: Quarterly revenue table (billions of yen)

    {Billions of yen) 6 560 60 484 wo [38 us ous M7 ous 238 m0 20 288 20 0 © Tr evoas [| Fraza [| rvez3 | Fvoas | Fvos3 | rvos3 | rvona ] vas | rvo4a | Frac na || sa | aa | ia | 2 | 20 | wa | 1a | 20 Foul ses| 10 | ses | mo | aor | v7 | ma | ase | moe | ono [zomer za | ss_| 32] «| 57 | os | ss | s2 [as

22. Slide 22: Quarterly revenue table (billions of yen)

    Gillions of yen) 35 30 25 20 310 29 196 199 188 183 169 186 14a 145 Fv02.3 | Fv02.3 | F¥02.3 | FY023 | Fv03.3 | FV03.3 | FV03.3 | FY03.3 | FY04.3 | FYO4.3 1a | 2a | 3a | sa | 1a | 2a | 3a | «a| ta | 2a Total 141 | 229 | 196 | 186 | 156 | 183 | 169 | 310 | 145 | 199 Other oa | os | ot | os | os | 10

23. Slide 23: Quarterly revenue table (billions of yen)

    {Billions of yen) 38 ms * ma 28 a2 2s ne 2» 15 ‘10 ws7 0 ° rvo23 | Fvo23 | Fr023 | Fro2 | Fvoa3 | Fvon3 | Fv023 | Fv02a | Fras | FrO43 na | 2 | 2 | « | 1 | | x | «| 1a | 20 Total ws | ms | m7 | ee | m2 | ae | ms | ter | vay | v0 [Scustoaial feos 25 | 26 | 23 | 25 | 24 | 23 | 23 | 22 | 24 | 26 [= Ass

24. Slide 24: Excluding net interest revenue from PFG entities

    * Excluding net interest revenue from PFG entities ** Net gain on private equity investment (232.5 bil. yen) is excluded from FY ended March 31, 2002 due to a change in structure of PFG business. However, this figure includes the gain on sales of PFG assets (116.3 bil. yen).

25. Slide 25: Excludes expense related to PFG entities

    * Excludes expense related to PFG entities (484.4 bil. yen for FY02.3) Items: Compensation and benefits, information processing and communications, occupancy and related depreciation, PFG entities’ cost of goods sold, expenses associated with rental income, other.

26. Slide 26: Merger of Nomura Holdings' Subsidiaries in Japan

    Tokyo, 31 October 2003 Merger of Nomura Holdings’ Subsidiaries in Japan Today, Nomura Holdings, Inc. (“NHI”) announces that its wholly owned subsidiaries, The Nomura Fundnet Securities Co., Ltd. (“NFN”), Nomura DC Planning Co., Ltd. (“NDCP”), and Nomura Human Capital Solutions Co., Ltd. (“NHCP”), at

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