Investor Presentation 2007

May 14, 2007

Nobuyuki Koga President and CEO Nomura Holdings, Inc.

Below is a summary of Nomura Holdings’ May 2007 investor presentation.

Date: May 14, 2007 Place: 7th Floor, Nomura Securities Co., Ltd. Speaker: Nobuyuki Koga President and CEO Nomura Holdings, Inc.

0 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2007 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.

1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2007 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.

1 Changes Since Apr. 2003 – Profitability

Achieve an average Profitability improved Our Goal consolidated ROE of 10%-15% significantly in past 4 in the medium to long term years

(billions of yen) Segment Income before Income Taxes and Consolidated ROE

500 ROE 25% Other Asset Management Global Merchant Banking 400 Global Investment Banking 20% Global Markets Domestic Retail 300 15% 15.5% 200 10% 10.1% 8.3% 100 7.4% 5% 5.2%

0 0%

-100 -5% FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 2

Good afternoon ladies and gentlemen. Thank you for attending Nomura Holdings’ investor presentation.

Today, I would like to outline the direction we will take going forward. In the four years since I became CEO, we have significantly transformed Nomura. First, I will take a few moments to speak about this transformation, before outlining what I see as our issues at hand and what we are doing to address these issues.

As we announced on April 26, net income for the year ended March 31, 2007, was 175.8 billion yen, and ROE was 8.3%. Total income before income taxes from business segments for the year was 377.3 billion yen, up from 89.2 billion yen four years ago. As such, revenue has increased significantly over the past four years.

2 Changes Since Apr. 2003 – Revenue Structure Shifted to revenue structure balanced across 5 divisions

FY2003.3 FY2006.3 FY2007.3 Income before income taxes Income before income taxes from all business segments from all business segments 89.2 billion yen 377.3 billion yen

AM 3% +73.3% GMB = Loss AM 4% +45.7% GIBGIB AMAM GMBGMB Large 9%9% 10%10% DRDR 11%11% profit 24%24% GIBGIB DRDR GMBGMB 11%11% 41% 15% 41% 15% DRDR GMGM 45%45% 64%64% GMGM GIBGIB 33%33% 13%13% +36.6% GMGM 17%17%

*DR = Domestic Retail GMB = Global Merchant Banking GM = Global Markets AM = Asset Management -11.0% GIB = Global Investment Banking % CAGR 3 Note: Pie charts based on income before income taxes of the five business segments FY2003.3-2007.3

Looking at a breakdown of income before income taxes by segment, you can see that four years ago we relied heavily on Global Markets.

Revenue is now much more balanced across all five business divisions. I believe we have made much progress over the past four years to build up a revenue base that allows us to achieve sustainable ROE of 10-15%.

However, ROE in the prior fiscal year did not reach 10% for the full year, clearly pointing to issues that need to be resolved.

3 1 Strengthen domestic client base, increase revenue sources

2 Develop new businesses

3 Revamp internationalional operationsoperations

Next, I will outline the challenges I believe we face regarding the three issues for further growth I outlined at last year’s presentation, namely, strengthening our domestic client base and increasing our revenue sources, developing new businesses, and revamping our international operations.

4 1 Strengthen domestic client base, increase revenue sources

2 Develop new businesses

3 Revamp international operations

+73.3% AM 3% GMB = Loss AM 4% +45.7% AMAM GIBGIB 10% GMBGMB 10% 9%9% DRDR 11%11% GMBGMB 24%24% GIBGIB DRDR 15%15% DR 11%11% 41%41% DR 45%45% GMGM GIBGIB 64% 64% GMGM 13%13% 33%33% GMGM 17%17%

*DR = Domestic Retail GMB = Global Merchant Banking GM = Global Markets AM = Asset Management % CAGR GIB = Global Investment Banking FY2003.3-2007.3 5 Note: Pie charts based on income before income taxes of the five business segments

First, we have made significant progress in strengthening our domestic client base.

In particular, we are seeing noticeable results in our retail and asset management businesses on the back of the shift of the 1,540 trillion yen in personal financial assets in Japan from savings accounts to investment products.

5 Changes in Domestic Retail Business

Mar. 31, 2003 and Mar. 31, 2007 Assets/deposits in custody (trillions of yen)assets/deposits in custody (trillions of yen) (as at Mar.31, 2007) 250 250 Mar. 31, 2003 Personal deposits Mar. 31, 2007 Assets in custody 200 200

150 150

100 100

50 50

0 0 X Y Nomura Z Group Japan X Y Nomura Z Group Japan Post Post

Source: Company documents; Z Group personal deposits as of December 2006 6

Domestic Client Assets, the most important yardstick in our retail business, have more than doubled over the past four years from 40 trillion yen to 85 trillion yen.

6 Changes in Domestic Retail Business Investment trust sales and steady investment trust administration fees expanding

(trillions of yen) Investment trust assets(billions of yen) Domestic Retail equity and investment trust related revenue 10 60 Assets in overseas mutual funds Investment trust administration fees and other RevenueRevenue basebase notnot Assets in stock investment trusts Commissions for distribution of investment trusts* significantlysignificantly affectedaffected Retail stock brokerage commissions byby equityequity marketmarket 50 2.0 movementsmovements 8

VolatileVolatile equityequity marketsmarkets 40 2.3 6 30

1.9 4 20 1.6 7.4

1.1 5.3 10 2 3.0 3.3 2.2 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

0 FY2004.3 FY2005.3 FY2006.3 FY2007.3 Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, 2003 2004 2005 2006 2007 *Nomura Securities 7

Commissions for distribution of investment trusts have been expanding steadily and assets under management in investment trusts have grown markedly. As a result, investment trust administration fees have increased significantly in the last four years.

We have made steady progress in building a revenue base that is not strongly affected by equity market movements.

7 Background to Changes in Domestic Retail Business Retirement money flowing into investments mainly through FA channel

Assets under management in My Story Profit Sales of My Story Profit Distribution-type Fund (billions of yen) Distribution-type Fund (B Course) (B Course) by channel (Jan.-Mar. 2007) 2,000 TotalTotal salessales ofof 280280 billionbillion yenyen 59%59% fromfrom FAFA channelchannel

1,500 Financial Consulting Section 10%

1,000 Financial Advisor Customer Section Service Section 31% 500 59%

0 May 05 Nov 05 May 06 Nov 06 8

We were also quick to focus on building up our financial advisor channel, which now accounts for over 50% of sales of the My Story Profit Distribution-type Fund, a balanced fund marketed to match the needs of retirees. This underscores the full-fledged flow of retiree funds into investment trusts in Japan.

8 Changes in Asset Management

Diversification of sales channels contributes to revenue of Nomura Group

Nomura Asset Management AuM Asset Management results (trillions of yen) in public stock investment trusts (billions of yen) 12 25% 100 Ratio of NAM investment trusts Income before income taxes sold by banks and Japan Post* 90.1 Sales by Nomura Securities and others Net revenue 10 Sales by Japan Post 19.5% Sales by banks* 20% 80

65.8 8 15% 60

6 49.0 40.4 40.3 36.5 10% 40 11.7% 4 4.8% 20.6 3.8% 3.2% 5% 20 2 10.0 4.0 0.5 0 0% 0 Mar. 31, Mar. 31, Mar. 31, Mar. 31, Mar. 31, FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 2003 2004 2005 2006 2007 9 *Sales by banks from Mar. 31, 2005, exclude Nomura Trust & Banking

In our asset management business four years ago, we relied heavily on Nomura Securities’ distribution network of branch offices. We have since diversified our sales channels, tying up with Japan Post, megabanks, and regional financial institutions.

As a result, overall assets under management have increased significantly and income before income taxes of asset management division has jumped from 500 million yen three years ago to 36.5 billion yen.

9 Growth in Domestic Retail and Asset Management

Domestic Client Assets/Asset Management Domestic Retail and Asset Management (trillions of yen) assets under management （billions of yen） combined income before income taxes 120 250 Asset Management AuM Asset Management 218 Domestic Client Assets Domestic Retail 100 27 197 200 23

18 150 18 60

16 100 91 85 80 40 80

61 55 50 40 20 41

0 0 Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 10

Spurred on by the shift from savings to investment, combined income before income taxes from both Domestic Retail and Asset Management has surged fivefold over the past four years, and we expect the contribution to earnings to remain stable.

10 1 Strengthen domestic client base, increase revenue sources

2 Develop new businesses

3 Revamp international operations

AM 3% AM 4% GMB = Loss AMAM Large 10%10% GIBGIB GMBGMB 9% GMB 9% DRDR 11%11% profit GMB GIB 15% 24%24% GIB DRDR 15% DRDR 11%11% 41% 41% 45%45% GIB GMGM GIB 64%64% GMGM 13%13% 33%33% +36.6% GMGM 17%17%

*DR = Domestic Retail GMB = Global Merchant Banking GM = Global Markets AM = Asset Management % CAGR GIB = Global Investment Banking FY2003.3-2007.3 11 Note: Pie charts based on income before income taxes of the five business segments

We are also seeing results in our efforts to increase revenue sources and develop new businesses.

11 New Businesses

Use risk capital to contribute to clients’ growth strategies

Apr. 2006 Capital restructure by 300bn yen MPO Capital restructure by Sojitz purchasepurchase ofof preferredpreferred sharesshares

Jul. 2006 53bn yen Strategic delisting Skylark NPF Strategic delisting

Aug. 2006 170bn yen TenderTender offeroffer aimedaimed atat Oji Paper NCI loan commitment industryindustry realignmentrealignment

80bn yen Feb. 2007 30bn yen NPF NCI loan StrategicStrategic delistingdelisting Tsubaki Nakashima commitment

Feb. 2007 40bn yen NCI loan StrategicStrategic delistingdelisting Sunstar commitment

During the past fiscal year, we were able to establish a strong foothold in new businesses that use our own capital to deliver solutions for our clients’ growth strategies. Some examples include Oji Paper’s drive to realign the paper industry, Sojitz’s stepped-up restructuring of its capital structure by purchasing preferred shares via an MPO, and Skylark and Tsubaki Nakashima’s decision to conduct management buy-outs due to the need to reorganize their operations.

In particular, we have been building up Nomura Capital Investment as part of our drive into new businesses and saw steady results in the provision of loans for MBOs.

12 New Businesses

Revenue growth by adding new businesses to traditional operations

Global Investment Banking, Global Merchant Banking （billions of yen） combined income before income taxes 120 107 Global Merchant Banking 100 Global Investment Banking 97

40 26

20 18

0 -3 -20 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3

Combined income before income taxes from Global Investment Banking and Global Merchant Banking has increased significantly from negative territory four years ago to 100 billion yen due to changes in corporate activity in Japan and a transformation of our business model.

13 Revenue from 4 Divisions

Total income before income taxes from 4 divisions up threefold to 300bn yen

（billions of yen）（billions of yen） 4 division combined income before income taxes 250 400 Income before income taxes Asset Management 218 197 300 billion yen 200 Domestic Retail Global Merchant Banking 350 Global Investment Banking Asset Management 325 150 Domestic Retail 295 91 300 100 80

50 40 250

0 200 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 IncomeIncome beforebefore incomeincome taxestaxes （billions of yen） 100 billion yen 120 107 150 Global Merchant Banking 117 100 97 Global Investment Banking 98 80 100 60 37 50 40 26 20 18 0 0 -3 -20 -50 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 14

As a result of this progress, income before income taxes from these four business divisions, that is excluding Global Markets, has increased from 100 billion yen to 300 billion yen.

14 Raising income before income taxes to 500bn yen and higher

Need to reform wholesale business including international operations

（billions of yen） Income before income taxes from all business segments 600 RaisingRaising incomeincome beforebefore 500 452 incomeincome taxestaxes toto 500bn500bn yenyen andand higherhigher 400 377 Other Income before income taxes Global Markets 300 from all business segments 226 Global Merchant Banking 188 200 Global Investment Banking Asset Management 89 100 Domestic Retail

-100 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2010.3 15

We have built up a platform for income before income taxes from all business segments including Global Markets and Other, to reach 400 billion by strengthening our domestic client base and increasing revenue sources.

However, to take income before income taxes to 500 billion yen and higher on a sustainable basis, we must reform our wholesale business, including international operations. This will be major focus for the year ahead.

15 Nomura-style Growth in Wholesale

Use capital International strategy

Deliver solutions Focus resources to clients in Asia

GrowGrow wholesalewholesale businessbusiness asas globallyglobally competitivecompetitive JapaneseJapanese andand AsianAsian NomuraNomura

Nomura’s strength is our client base in Japan and Asia built up over many years. Our wholesale business, meanwhile, centers on proving solutions to our clients, rather than putting profits first through proprietary trading.

We do not intend to change this approach. We will use our capital to expand our wholesale business while managing risks appropriately.

In our international operations, we will increasingly focus management resources such as human resources and capital on Asia in order to establish ourselves as a globally competitive Japanese and Asian financial services group.

16 Using Capital

Research Affiliates

Fortress $888 million Not limited to organic growth; pursue alliances and M&A if needed Instinet $1.2 billion

Real estate fund Go on the offensive, mobilize capital (DBJ/Resona Bank) 60 billion yen for business and strategic purposes Joinvest Securities 30 billion yen NCI loan transactions 170 billion yen Code Securities NPF/NFP(1) Taishin Financial HD 100 billion yen 15 billion yen

Unified Partners Real estate fund（DBJ） Joinvest Securities 20 billion yen 12 billion yen NPF（Millennium Retailing） NPF（Misawa Homes HD） MPO/HPO 50 billion yen 600 billion yen MPO/HPO MPO/HPO NPF（Tungaloy, Sliontec） 370 billion yen （Wanbishi Archives, 330 billion yen NPF Resort Solutions） MPO 36 billion yen FY2003.3FY2004.3 FY2005.3 FY2006.3 FY2007.3

Note: MPOs and HPOs are issued amount (as of issue date); NCI loan transactions are corporate loans only （１） NPF/NFP＝Skylark, Tsubaki Nakashima, and Mitsui Life Insurance 17

In regards to using our own capital, we have been shifting course in two ways.

First, we have been making full use of risk capital to further expand our client-related businesses.

Second, we are not limiting ourselves to organic growth; instead we are seeking to accelerate growth through alliances and acquisitions, as we did with the acquisition of Instinet.

17 Using Capital

Traditional New businesses securities business Effective use of capital gives competitive edge

StrategicStrategic capitalcapital

Proactive M&A Shareholders’Shareholders’ UntappedUntapped EquityEquity capitalcapital 2.182.18 WholesaleWholesale Shareholders’Shareholders’ trilliontrillion yen yen EquityEquity Provide risk capital 1.641.64 WholesaleWholesale trilliontrillion yen yen

Expand DR/AMDR/AM DR/AMDR/AM infrastructure 2003.3 2007.3 18 *AM=Asset Management, DR=Domestic Retail

Shareholders’ equity is a necessary driver of growth for us. Over the past four years, we have steadily increased business using our own funds and we intend to expand this even further this year.

We will particularly focus on strengthening areas where we have been lacking such as businesses for hedge funds and private equity funds as well as emerging markets.

18 Instinet Growth Story

Use Nomura’s presence to access

Technologies Electronic access growth markets to over 50 markets

Strengthen equity business globally by complementary relationship Instinet acquisition Instinet outline (FY2006) Closed Feb. 07 Operating profit US$ 70 mil Price US$ 1.2bn

Respond to global orders No. 1 in Japanese equities, research New client base sales Research

Japan / Asia Global / Hedge Funds

As part of this effort, we announced in November last year that we were acquiring Instinet.

With this, we can expect to see synergies that expand our hedge fund client base and increase our response to orders for not only Japanese equities but also global equities by tapping Instinet’s high execution capabilities and US client base.

Instinet will also be able to access growing markets through fully utilizing Nomura’s solid client base in Japan and Asia. As such, we believe the acquisition of Instinet will give rise to an ideal complementary relationship for both companies.

19 Instinet Growth Story

US/Europe regulatory changes Client order flow InvestorInvestor needsneeds Client order flow moving away InvestorsInvestors focusingfocusing onon bestbest US: Regulation NMS from exchanges to alternative technologies and platforms EU: MiFID trading systems, market technologies and platforms (Markets in Financial Instruments Directive) dispersion toto getget bestbest executionexecution

US Europe Japan/Asia Move away from Access to best Growth markets liquidity pools exchanges

JapanCrossing CollaborateCollaborate SMART ROUTER

In addition, with Regulation NMS in the US and MiFID in Europe, the environment surrounding global markets is going through sweeping changes. The best technologies and platforms will become more important than ever to ensure best execution.

The regulatory reforms in Europe present Instinet with a significant business opportunity. And in the US, proprietary trading systems may become as important as NASDAQ in terms of order execution. We can expect to see Instinet open the door to new clients looking to access the best liquidity pools.

In addition, Chi-X, launched in this April, will make a strong contribution to gaining orders from client’s looking for best execution as markets are opened up in Europe.

This trend will no doubt come to Japan as well. Considering the increasing importance of best execution, the levels of liquidity provided by Japan Crossing will offer huge potential going forward.

20 Fortress

Investment in Fortress Investment Group Outline of Fortress Investment Group (FY2006)

z Announced in Dec. 2006; $888 million z AuM: Approx. $35 billion (Hedge funds, private equity (approx. 100 billion yen, $16.12 per share) funds, real estate funds etc.) z Listed on NYSE in Feb. 2007 (price at end Apr. $29.01)

America Europe

US Europe Asia Traditional Alternative

Our investment in Fortress Investment Group announced in December last year has already seen a strong potential gain due to Fortress’ IPO. However, our investment in Fortress is for the long- term. While Fortress has a strong base in Europe and the US, Asia is a different story and this is one area for a complementary relationship. Further, although Nomura is strong when it comes to traditional investment products, our offerings of alternative products are weak. This is a second area where together we can achieve a complementary relationship. By building up a good partnership with Fortress, we can expect to achieve synergies for our hedge fund and private equity businesses in Global Markets and Global Investment Banking. Looking ahead, we will continue to make full use of M&A, confident that we can make one plus one equal more than two, and that M&A will be an effective means to implement our strategy of putting our clients at the heart of our business.

21 3 Revamp international operations

Americas Asia Europe

Increase function Focus on Expand as product core competencies operations supply hub

Accelerate efforts

Now, turning to revamping our international operations, we took on a new approach one year ago to create different business models for the US, Europe and Asia in order to boost earnings. We will continue to accelerate this approach throughout the year ahead.

In the US, we will speed up our focus on core competencies to strengthen profitability.

In Europe, we have achieved a significant improvement in earnings. We have opened an office in Russia and strengthened our emerging equities team. We intend to continue this growth in our emerging markets business. Last year, our equity derivatives team in Europe started delivering products to Asia, further underscoring Europe’s position as a hub to supply products to Asia including Japan. And in the coming year we will make a strong push in Asia.

22 AuM in Asia-focused stock investment trusts* Asia Asia Attractive Dividend Stock Fund 440bn yen z Additional QFII quota in China Nomura India Investment Fund z Total quota $350 million Offer investment opportunities 130bn yen = largest for Japanese securities Fidelity Japan Asia Growth Fund 85bn yen firm

Asian company listings in Japan Korea POSCO （’05） China AsiaMedia （’07）

Lead manager of global offerings by Asian companies

India Infosys Technologies Taiwan Powerchip （’05,’06） Semiconductor （’06） Deliver added value India ICICI Bank（’05） Korea Lotte Shopping（’06）

23 *As of April 27, 2007

We are already seeing results when it comes to delivering investment opportunities to the Japanese retail market from Asia, such as distributing investment trusts that make use of our QFII quota in China.

We will continue to leverage the pool of personal financial assets available in Japan along with our global network to deliver results such as winning investment banking business to build on recent successes including the IPO of China’s Asia Media, and global offerings by Infosys Technologies and Powerchip Semiconductor

23 Tie up with leading Asian financial institutions FY2008.3 through alliances and M&A to deliver further solutions Establish ourselves as Asia’s Nomura

Samsung Securities

Started selling Nomura Japan Open fund Established Asia Merchant Banking Enhanced Asia Wealth Management

State Capital Investment Corporation Taishin Financial Holding Signed memorandum of understanding to Taishin International Bank Taiwan Securities collaborate on equitization of Vietnamese Supply products to local high-net-worth investors, state-owned enterprises mutual introduction of investment banking opportunities and exchange of research

Established Nomura Asset Management Malaysia

Strengthen local asset management capabilities, expand investment advisory business

In addition to existing businesses that tap our strong client base in Japan, we are delivering solutions that meet the increasingly diverse needs of our Asian clients.

We will continue to build up our network by actively tying up with leading Asian financial institutions through alliances and M&A as we have done so far through collaborations with Taiwan’s Taishin and Vietnam’s SCIC. In doing so, we will act swiftly to build up a competitive edge in delivering solutions across Asia.

24 Strategic Investment

（billions of yen） Non-interest expenses 800 Other Information processing and communications, and Occupancy and related depreciation Breakdown of FY2007.3 expense increases 680.5 Compensation and benefits

607.8 others 600 521.4 Instinet* 504.0 AM GIB 400 DR 680.5 bn yen

200 607.8 bn yen

0 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2006.3 FY2007.3 *Two months consolidated for FY2007.3 25

As I mentioned last year, one of our most important issues is to invest in human resources and infrastructure. We will continue to invest in talented people as well as highly reliable information technologies and execution infrastructure. Last fiscal year, non-interest expenses increased 12% from the prior year due mostly to a build up of human resources, IT, and branch offices in Domestic Retail, an increase in overseas headcount in Global Investment Banking, a strengthening of the wholesaler channel in Asset Management, and the acquisition of Instinet completed in February this year.

This all represents strategic investment for future growth. We plan to continue with this while keeping an eye on costs.

25 Dividend Policy

Dividend per Dividend payout ratio share (yen) share Dividend target (minimum level of dividend) = DOE 3.0% over 30%

DOE 3.0% Performance-linked portion based on full-year dividend payout ratio of over 30%

Low ROE High

Fiscal Year ending Mar. 2008 1Q = 8.5 yen 2Q = 8.5 yen 3Q = 8.5 yen 4Q = 8.5 yen +α(performance-linked) 26

Before finishing, I would like to briefly outline our efforts in returning profits to shareholders.

Our target dividend for this year is 34 yen per share, up 2 yen from 32 yen per share last year, representing a dividend-on-equity of 3%. In regards to the performance-linked portion, we remain committed to a payout ratio of 30% or more and will continue to actively return profits to our shareholders.

26 Returning Profits to Shareholders

(billions of yen) 150 50% Payout ratio（rhs） Share buybacks （lhs） 41% 48% 120 Dividend（lhs） 40%

90 30% 24% 30%

18% 17% 60 Minimum level + 20% performance-linked

30 10% Fixed dividend

0 0% FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 Dividend per share（yen） 15 15 15 20 48 44 ROE 11.1% 7.4% 10.1% 5.2% 15.5% 8.3% Payout ratio 18% 24% 17% 41% 30% 48% 27

Over the past four years, we have clarified our policy on returning profits to shareholders, while also greatly increasing our dividend level.

We will continue to look into share buybacks. However, strengthening our wholesale business is our highest priority this year.

27 Grow profit and dividend

Dividend growth Profit growth

FY2007.3 FY2007.3 Dividend＝44yen Instinet acquisition, Payout ratio＝47.7 % Fortress investment Total＝83.9 billion yen Total: US$2.1 billion （approx. 250 billion yen)

Last year I said that Nomura would seek to grow both profits and dividends simultaneously. As you can see, the year ended March 2007 has paved the way for this.

This year, we will focus on making more active use of our capital to deliver growth in the company and growth in dividends to our shareholders.

28 Appendix

29 Macroeconomic Data

30 Nikkei-225 and Distribution of Household Financial Assets (yen) 45,000 2 40,000 35,000 30,000 25,000 4 20,000 3 15,000 1 10,000 5,000 0 1 Early ’80s 2 Bubble period 3 Economic trough 4 Current Household Financial Assets Household Financial Assets Household Financial Assets Household Financial Assets 332 trillion yen 926 trillion yen 1,356 trillion yen 1,541 trillion yen

Equities 13.6% Equities 23.4% Equities 5.3% Equities 11.9% Bonds 2.3% Bonds 1.9% Bonds 1.7% Bonds 2.4%

Investment Trusts 1.3% Investment Trusts 4.1% Investment Trusts 2.1% Investment Trusts 4.3%

Cash & Cash & Cash & Cash & Deposits Deposits Mar. Mar. Mar. Dec. Deposits Deposits 44.3% 57.2% 1980 1989 2003 2006 50.5% Insurance & 58.7% Insurance & Insurance & Annuities Insurance & Annuities Annuities 13.0% Annuities 27.8% 25.9% 18.0% 31 Source: Nomura, based on Bank of Japan data; ; as of end Mar. 2007, Dec. 2006 figures are preliminary amounts

31 Comparison of Households Financial Asset in Japan and US (Dec. 2006 preliminary figures) Japan US Household Financial Assets Household Financial Assets 1,541 trillion yen 42.1 trillion dollars

Equities 11.9% Equities 30.6% Bonds 7.2% TotalTotal Bonds 2.4% TotalTotal 18.6%18.6% Investment Trusts 4.3% 52.2%52.2% Investment Trusts 14.4%

Cash & Deposits 13.2% Cash & Dec. Deposits Dec. Insurance & 2006 50.5% 2006 Insurance & Annuities Annuities 31.6% 25.9%

32 Source: Nomura, based on Bank of Japan and FRB data; as of end Mar. 2007

32 Investment Assets among Households (trillions of yen) InvestmentInvestment Assets Assets 350 Bonds 285 287 Investment Trusts 273 300 Equities 260 238 18 34 37 18 229 250 21 38 202 38 23 194 200 55 66 184 182 182 33 177 173 168 173 200 34 29 159 24 30 22 28 31 142 147 142 137 31 32 29 27 23 23 28 32 123 38 150 28 28 25 99 108 22 27 22 27 34 26 34 28 26 23 14 217 203 25 30 100 64 64 73 17 19 184 196 183 57 12 172 28 14 10 140 144 138 10 11 126 119 123 118 116 132 4 8 4 5 6 100 103 90 96 107 50 72 77 85 72 45 49 48 53 0 (trillions of yen) (%) Cash & Deposits Cash & Deposits 765 775 780 775 770 779 8.0 724 745 751 800 Japan Post "Teigaku Saving(fixed 3y)” (lhs) 694 7.0 630 658 Cash & deposits (rhs) 567 601 6.0 517 540 600 482 5.0 448 382 410 4.0 329 355 400 283 305 3.0 242 263 195 217 2.0 200 1.0 0.0 0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar.Dec. '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '06 （P） 33 Source: Nomura, based on Bank of Japan, Japan Post data; As of end Mar. 2007, Dec. 2006 figures are preliminary amounts

33 Publicly Offered Investment Trusts Net Assets

Mar. 2007 Dec. 1989 Publicly Offered Stock Publicly Offered (yen) Publicly Offered Stock Investment Trusts Investment Trusts Investment Trusts (trillions of yen) 45,000 59.4trillion yen 72.6trillion yen 80 45.5 trillion yen Jun. 2000 Publicly Offered 40,000 Investment Trusts 70 60.5 trillion yen 35,000 60 30,000 50 25,000 Nikkei-225 Stock Average 40 20,000 30 15,000 Publicly Offered Bond Investment Trusts （Including Money Management Funds） 20 10,000

5,000 Publicly Offered Stock Investment Trusts 10

0 0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Source: The Investment Trusts Association, Japan 34

34 Japanese Corporate Earnings Outlook

(FY1989=100) SixthSixth straightstraight yearyear ofof profitprofit growthgrowth expectedexpected 250

Recurring FY Profit Growth 200 2002 142.4% 2003 69.6% 2004 19.9% 150 2005 20.5% 2006（e） 6.8% NOMURA400 recurring profit 2007（f） 12.6% (consolidated) 100

0 69 72 75 78 81 84 87 90 93 96 99 200202 200505 (FY) Note: FY06/07 are estimate/forecast by Nomura Securities Financial & Economic Research Center (as of April 26, 2007) Source: Nomura Securities Financial & Economic Research Center 35

35 Shareholders of Listed Japanese Companies

(% ) 35.0

Corporates 30.0

25.0

Individuals 20.0 Banks 15.0 Life insurers

10.0 Trust banks Non-Japanese Annuity trusts 5.0

Investment trusts 0.0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 （FY） Note: Distribution of listed common stock of domestic companies as at end of each fiscal year. Trust banks includes shares held only on bank accounts. Source: Nomura Securities Financial & Economic Research Center based on data from Japanese securities exchanges.

36 GDP and M&A Ratios

M&AM&A // GDPGDP ratioratio GDP ( % ) (billions of US$) GDP 14.0 14,000

UK 12.0 12,000 Australia

10.0 10,000

8.0 8,000 US Canada 6.0 6,000

France 4.0 4,000

Japan 2.0 2,000

0.0 0 CY2001 CY2002 CY2003 CY2004 CY2005 US UK da apan J ana France C Source: IMF, Thomson Financial etc. Prepared by Nomura. Australia

37 World Stock Indices

(Jan. 1985 = 100) (Jan. 1997 = 100) StockStock indicesindices sincesince 19851985 StockStock indicesindices forfor pastpast 1010 yearsyears 1800 350

TOPIX (Japan) TOPIX (Japan) Standard & Poor's 500 Index (US) 1600 Standard & Poor's 500 Index (US) NASDAQ Composite Index (US) NASDAQ Composite Index (US) 300 FTSE 100 Index (UK) FTSE 100 Index (UK) 1400 All Ordinaries Index (Australia) All Ordinaries Index (Australia) 250 Hang Seng Index (Hong Kong) Hang Seng Index (Hong Kong) 1200 Straits Times Index (Singpore) Straits Times Index (Singpore)

200 1000

800 150

600 100

400

50 200

0 0 85 87 89 91 93 95 97 99 01 03 05 07 97 98 99 00 01 02 03 04 05 06 07

Source: Nomura, based on stock exchange websites; Stock prices up to Apr. 20, 2007. 38

38 Domestic Retail

39 Expanding Contact with Customers DomesticDomestic RetailRetail

Strategy to expand customer contact points Financial advisors Branch offices Call centers

Target: 3,000 staff Target: 50-100 new branches Target: 1,000 staff Mar. 2006 Apr. 2007 Mar. 2006 Apr. 2007 Mar. 2006 Mar. 2007 1,948 2,296 134 158 600 700 (announced)

Further acceleration of net asset inflow (trillions of yen) 25

AccumulatedAccumulated netnet inflowinflow ofof 20 DomesticDomestic ClientClient AssetsAssets sincesince fiscalfiscal yearyear endedended Mar.Mar. 20032003 == approx.approx. 22.522.5 trilliontrillion yenyen 15

0 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 40

40 Product Strategy Matched to Customer Needs DomesticDomestic RetailRetail

DomesticDomestic RetailRetail top-ratop-ranking*nking* investmentinvestment DomesticDomestic RetailRetail top-ratop-ranking*nking* investmentinvestment truststrusts (as(as ofof Mar.Mar. 2000)2000) truststrusts (as(as ofof Mar.Mar. 2007)2007)

Global bonds 3% Balanced-type 3% Global equities 4% Japanese equities Balanced-type 27 % 41 %

Japanese equities Global equities 90% 18 %

Global bonds 6 % Global REITs 8 % (billions of yen) (billions of yen) 1 Nomura Japan Stock Strategic Fund (Big Project-N) 1,089 1 My Story Profit Distribution-type Fund (6 times/year) 1,453 2 Fidelity Japan Open 433 2 Global Attractive Dividend Stock Fund (Monthly) 411 3 Nomura Japan Open 313 3 Nomura Multi-currency Japan Stock Fund 339 4 Small Capitalization Blue Chip Open 181 4 Asia Attractive Dividend Stock Fund 339 5 Nomura Information/Electronics RF Rainbow 109 5 Nomura Global REIT Fund 334 6 Janus Global Technology Fund 100 6 Nomura Japan Stock Strategic Fund (Big Project-N) 304 7 Nomura Index Open Nikkei 300 97 7 Nomura All-In-One Fund 269 8 Asset Backed Securities Open 84 8 Nomura Fund Masters Global Bond 248 9 Invesco GT Global Investment Open 82 9 Japan Attractive Dividend Stock Fund 233 10 Nomura Accumulation Stock Fund - MIP 78 10 Fidelity Japan Open 225 Total 2,566 Total 4,154 41 *Excluding short-term (MMFs, foreign currency MMFs etc) and bond investment trusts

41 Targeting 100 trillion yen in Domestic Client Assets DomesticDomestic RetailRetail

Domestic Client Assets (trillions of yen) Net revenue Return on Domestic Client Assets (bps) (billions of yen) 120 Domestic Client Assets target: 100 trillion 600 Revenue of around 500 billion yen Domestic Retail net revenue (rhs) Return on Domestic Client Assets (lhs) 100 500 Domestic Client Assets (at end, lhs)

80 400

61 60 55 300 52 50 52 56 100 85 40 81 200

61 55 20 44 41 100

0 0 FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2010.3 Note: Return on Domestic Client Assets = Domestic retail net revenue/Domestic Client Assets (end of period) 42

42 Global Markets

43 Diversification of Product Offering GlobalGlobal MarketsMarkets

Dispersion of trading risk and increase in revenue opportunities Commodity-linked by diversifying product offering structured bonds

Credit-linked products

Equity-linked structured bonds/ FY2007.3 : 580 billion yen Fund derivatives

Interest rate/forex- linked structured FY2007.3 : 1,200 billion yen bonds

Retail foreign currency bonds FY2007.3 : 670 billion yen

In addition to retail foreign currency bonds, we have diversified our product lineup by significantly increasing distribution of interest rate and foreign exchange structured bonds since 2000.

In 2004, we set up specialist teams in Europe for equity-linked structured bonds and fund derivatives. This business was fully up and running in the second half of last fiscal year and is now becoming a new pillar of revenue.

Moving forward, we plan to step up commodity-linked structured bond sales and our operations in credit- linked products. By including credit and commodity products in our portfolio in addition to interest rate and foreign exchange products and stocks, we will be able to disperse trading risks and increase revenue opportunities.

44 Outline of Real Estate Fund based on Alliance GlobalGlobal MarketsMarkets

Urban Revitalization Private Fund Green R Fund

z Outline: z DBJ and Nomura Holdings partnered to z Outline: z Real estate investment fund established establish and operate Urban Revitalization by Nomura Holdings, Resona Bank, and Private Mezzanine Fund in May 2004, Nomura Real Estate. pioneering mezzanine finance in real z Nomura Holdings is responsible for estate in Japan. raising funds and other securities z With establishment of this fund, related issues, Resona Bank gathers investment extended to equity, making it information on appropriate real estate possible to respond to various real estate investment targets, and Nomura Real financing needs. Estate manages the actual properties z Established: December 2006 and runs the fund. z Investments: Office buildings, rental apartments, z Established: December 2006 commercial facilities, warehouses, hotels, z Investments: Office buildings, commercial facilities, others others z Funds z Funds Total 30 billion yen (plan to increase to 50 10 billion yen invested: billion yen in future) invested: z AuM: Currently 16 billion yen z Target asset Possible to invest in real estate businesses z Target asset Aim for about 100 billion yen based on level: with scale of around 500 billion yen by level: increase in investment. raising debt from external sources.

45 Global Investment Banking

46 Global Investment Banking GlobalGlobal InvestmentInvestment BankingBanking (billions of yen) GIB Net revenue and Income before income taxes 120 Income before income taxes League tables 100 Net revenue Any Japanese involvement financial advisors 80 (announced deals, value base) FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 60 Rank Value ($mil) 12,478 20,204 65,675 40,044 36,925 40 Mkt.Share(%) 19% 23% 49% 27% 21% 20 Rank 2nd 3rd 1st 1st 3rd 0 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 No. of 108 126 132 134 156 (trillions of yen) Equity finance results Deals 3.0 MPO/HPO 2.5 PO/IPO/CB/REIT lead manager Global equity & equity-related (Japan) FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 2.0 Proceeds ($mil) 7,243 14,054 13,571 14,118 19,150 1.5 Mkt. Share(%) 30% 30% 25% 26% 33% 1.0 Rank 1st 1st 1st 1st 1st 0.5

0.0 Source: Nomura, based on Thomson Financial 47 Source: Nomura FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3

47 Global Merchant Banking

48 Business Exposure GlobalGlobal MerchantMerchant BankingBanking

(billions of yen) Business exposure at fiscal year end 600.0 543.4 Terra Firma 500.0 Europe (ex. Terra Firma) Japan 457.6 439.1 400.0 375.7 301.6 300.0 231.2 200.0 132.1 98.7 100.0 84.5 35.9 0.0 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 Japan 20.1 68.9 108.4 59.9 195.5 Europe (excluding Terra Firma) 15.9 15.6 23.7 38.8 35.7 Sub Total 35.9 84.5 132.1 98.7 231.2

Terra Firma 265.7 291.2 325.5 340.4 312.2 Total 301.6 375.7 457.6 439.1 543.4 Note: Japan is total of Nomura Principal Finance, Nomura Financial Partners, Nomura Research & Advisory and others Europe (excluding Terra Firma) is total of the Private Equity Group and Nomura Phase4 Ventures 49

49 Main Investments and Exits GlobalGlobal MerchantMerchant BankingBanking

Wanbishi Archives Resort Tungaloy z Build investment portfolio of 250-300bn yen Partial sale of stake Solutions (billions of yen) Millennium Retailing Sale of stake, etc. Partial sale of stake 80 z IRR over 20%, time-span of 3-5 years Sale of stake Taiyo Electric Sale of business 60 Income before income taxes Net revenue 40

-20 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 (billions of yen) 300 Taiyo Electric YMC 250 (Parent: NEC) Review of shareholder composition MBO Huis Ten Bosch 200 Tungaloy Revitalization sponsor (formerly Toshiba Tungaloy) MBO Millennium Retailing Skylark MBO Wanbishi Archives Capital increase Mitsui Life Insurance 150 Sliontec Misawa Homes Mitsui Life Insurance Capital increase MBO (Parent: Hitachi) Capital increase Eastern Capital increase 100 Resort Solutions MBO Review of shareholder (formerly Misawa Resort) Kawamura Electric composition Capital increase 50 Tsubaki Nakashima MBO

0 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 Global Merchant Banking Business exposure (ex. Terra Firma ; at end of period) 50

50 Merchant Banking Strengths and Results GlobalGlobal MerchantMerchant BankingBanking

Main strength is sourcing capability via nationwide network

June 2006 September 2006 Skylark (Tokyo) Eastern (Nagano) MBO Capital increase July 2004 July 2001 Millennium Retailing CCI (Gifu) CCI (Gifu) (Tokyo) MBO Invest: 50bn yen Exit: Approx. 130bn yen March 2005 YMC (Kyoto) November 2003 Review of shareholder Tungaloy (Kanagawa) profile MBO June 2004 June 2004 December 2003 Huis Ten Bosch Sliontec (Kanagawa) February 2007 Sliontec (Kanagawa) (Nagasaki) February 2007 March 2007 Tsubaki Nakashima Kawamura Electric MBO Business revitalization (Nara) (Aichi) MBO Review of shareholder profile 51

51 Asset Management

52 Aiming to Boost Share of Funds for Bank Customers AssetAsset ManagementManagement

NomuraNomura AssetAsset ManagementManagement NomuraNomura AssetAsset ManagementManagement shareshare ofof investmentinvestment truststrusts (billions of yen) (trillions of yen) shareshare ofof fundsfunds forfor bankbank andand soldsold byby JapanJapan PostPost 800 60 JapanJapan PostPost customerscustomers 6%

Nomura Asset Management share*(rhs) Competitor products 700 Funds for bank & Japan Post customers 50 Nomura Asset Management funds 5% Nomura Global 6 Assets Diversified Fund for bank* & Japan Post customers 600 4.0% 40 4% 470470 billionbillion yenyen** 500 (60%)(60%) 400 30 3%

300 20 2.2% 2% 200

10 1.3% 1% 100

2.2 0.3 0.9 0 0 0% 2005/10/07 2006/03/31 2006/09/22 2007/03/16 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007

*Excludes funds sold by Nomura Trust & Banking *As of April 27, 2007 53 Source: The Investment Trusts Association, Japan

53 Corporate Data

54 Nomura Holdings Share Price

ShareShare priceprice (monthly)(monthly) andand tradingtrading volume*volume* sincesince 19801980 (yen)

70,000 5,816 6,000 65,000 (87/04) 5,500 60,000 5,000 55,000 4,500 50,000 4,000 3,510 45,000 (00/02) 3,500 40,000 3,000 35,000 2,500 30,000 2,000 25,000 1,500

20,000 1,087 1,000 285 (03/04) (thousands (80/04) 805 of shares)15,000 (98/10) 500 10,000 0 5,000 -500 0- -1,000 80/01 81/01 82/01 83/01 84/01 85/01 86/01 87/01 88/01 89/01 90/01 91/01 92/01 93/01 94/01 95/01 96/01 97/01 98/01 99/01 00/01 01/01 02/01 03/01 04/01 05/01 06/01 07/01 1980/01 - 2007/04 * Daily average by month 55

55 Joinvest Securities

Continue to expand services

40,000 Joinvest Securities tops joinvest Joinvest Securities tops monthlymonthly accountaccount 35,000 Matsui Monex openingsopenings forfor onlineonline Kabu.com brokeragesbrokerages 30,000 Rakuten SBI E*TRADE 25,000

20,000

15,000

10,000

5,000

0 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 56