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 January 2007.

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.		Nomura Reports Third Quarter Financial Results
2.		Financial Highlights – Nine months ended December 2006

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: January 29, 2007	By:	/s/ Tetsu Ozaki
		Tetsu Ozaki
		Senior Managing Director

News Release

Nomura Reports Third Quarter Financial Results

Tokyo, January 29, 2007—Nomura Holdings, Inc. today reported consolidated financial results for the third quarter of the fiscal year ending March 31, 2007.

Third quarter summary

Net revenue for the third quarter was 322.9 billion yen (US$2.7billion)¹, a 28.7% quarter-on-quarter increase, and a 10.2% year-on-year decrease. Income before income taxes increased 80.8% quarter-on-quarter, and fell 29.4% year-on-year, to 132.1 billion yen (US$1.1billion). Net income increased 81.7% quarter-on-quarter, and declined 25.7% year-on-year, to 79.1 billion yen (US$665 million). ROE for the third quarter was 14.6%.

The third quarter dividend will be 8 yen per share, in line with the target dividend previously announced. Payment of the dividend is planned for March 1, 2007.

“In the third quarter, our strategically-important investment trust business continued to perform strongly, and we began to see a recovery in the markets-related business. We are confident that the key strategic investments we announced during the quarter, including the acquisition of Instinet and the investment in Fortress Investment Group, will be effective in accelerating our growth going forward,” said Nobuyuki Koga, Nomura President and CEO.

Third quarter business highlights

•

Domestic Retail: Commissions for distribution of investment trusts* marked a record since the fiscal year ended March 2002 when we began reporting quarterly earnings under US GAAP. Domestic Client Assets grew to 81.5 trillion yen.

•

Global Markets: Fixed Income revenue recovered. Announced the acquisition of Instinet, a major US agency broker, in order to bolster order execution services for institutional investors.

US dollar amounts are included solely for the convenience of the reader and have been translated at the rate of 119.02 yen = 1 US dollar, the noon buying rate in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on December 29, 2006. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in US dollars.

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•

Global Investment Banking: Retained the number one spot in the Equity and Equity-related (Japan) league table for the fourth consecutive calendar year (CY2006).**

•

Asset Management: Revenue and income before income taxes both marked record levels since we began quarterly reporting.

•

Other: Announced investment in Fortress Investment Group, a major global US alternative asset management company.

*	Nomura Securities

**	Source: Thomson Financial

Third quarter business segment results

Total net revenue from business segments for the third quarter was 308.7 billion yen (US$2.6 billion), a 20.7% quarter-on-quarter increase. Income before income taxes from business segments was 143.9 billion yen (US$1.2 billion), up 47.3% quarter-on-quarter.

Domestic Retail

In Domestic Retail, net revenue increased 22.6% quarter-on-quarter, and decreased 15.2% year-on-year, to 115.9 billion yen, while income before income taxes rose 66.4% quarter-on-quarter, and fell 36.7% year-on-year, to 46.9 billion yen. Commissions for distribution of investment trusts* grew 40.9% quarter-on-quarter, to 33.7 billion yen, which was a record high since we began reporting earnings on a quarterly basis. This was the result of strong sales of existing investment trusts offering frequent distributions as well as newly launched funds such as the Asia Attractive Dividend Stock Fund. With the steady growth of assets in stock investment trusts, investment trust administration fees grew to 12.1 billion yen, the eighth consecutive quarterly increase. Revenue from retail stock brokerage commissions grew 19.8% quarter-on-quarter to 22.6 billion yen. During the third quarter, Domestic Client Assets net inflow remained a high 1.3 trillion yen and, as of December 31, 2006, Domestic Client assets stood at 81.5 trillion yen, an increase of 3.8 trillion yen from the end of September 2006.

Global Markets

Global Markets net revenue increased 61.0% quarter-on-quarter, and fell 32.2% year-on-year, to 78.1 billion yen. Income before income taxes grew by 27.7 billion yen quarter-on-quarter, and declined 60.4% year-on-year, to 24.1 billion yen. In Equity, trading revenue from MPO transactions and block trades was weak, while in Fixed Income order flow for interest rate and currency-linked structured bonds recovered.

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Global Investment Banking

In Global Investment Banking, net revenue decreased 18.9% quarter-on-quarter, and fell 31.7% year-on-year, to 24.1 billion yen. Income before income taxes declined 32.9% quarter-on-quarter, and 53.1% year-on-year, to 10.9 billion yen. We acted as bookrunner for 7.3 billion US dollars in equity and equity-linked deals in the quarter, which was a record since we began quarterly reporting. In equity underwriting, we acted as lead manager for several large deals, including issues from Aeon, Toyota Motor, and Sharp. We retained the number one spot in the Equity and Equity-related (Japan) league table for the 2006 calendar year, the fourth consecutive year we ranked number one.**

In M&A, we were financial adviser on such deals as the consolidation of Sumitomo Corporation’s lease businesses, and the Toshiba Ceramics MBO. In overseas business, we acted as joint bookrunner for Infosys Technologies’ global offering, and the IPO from Sistema-Hals, a major Russian real estate company.

Global Merchant Banking

Global Merchant Banking net revenue declined 79.2% quarter-on-quarter, and 88.5% year-on-year, to 9.2 billion yen. Income before income taxes fell 83.9% quarter-on-quarter, and 91.4% year-on-year, to 6.7 billion yen. Gains/losses including the impact from Terra Firma’s sale of a partial stake in an investee company were recorded in the quarter.

Asset Management

Asset Management net revenue increased 2.9% quarter-on-quarter, and 35.8% year-on-year, to 24.5 billion yen. Income before income taxes grew 9.9% quarter-on-quarter, and 94.7% year-on-year, to 12.2 billion yen. Both net revenue and income before income taxes were record highs since we began quarterly reporting. Investment trusts offering frequent distributions enjoyed strong sales. Net assets in the My Story Profit Distribution-type Fund (B Course) increased by 368.5 billion yen during the quarter, and net assets in this fund totaled 1.29 trillion yen as of the end of December. Distribution of newly-launched funds was also firm, particularly the Asia Attractive Dividend Stock Fund which has net assets of 353.6 billion yen as of the end of December. Assets under management grew by 2.6 trillion yen during the quarter to 25.6 trillion yen. Net assets in funds for bank customers grew 385.6 billion yen quarter-on-quarter, to 1.5 trillion yen, while net assets in Nomura Global 6 Assets Diversified Fund distributed through Japan Post rose 102.1 billion yen quarter-on-quarter, to 349.0 billion yen, taking a 62% share of the Japan Post market.

*	Nomura Securities

**	Source: Thomson Financial


		Ends

For further information please contact:


Name	Company	Telephone
Hiroshi Imamura	Nomura Securities Co., Ltd.	81-3-3278-0591

Larry Heiman	Corporate Communications Dept.,

	Nomura Group Headquarters

Notes to editors:

The Nomura Group

Nomura is a global financial services group dedicated to providing a broad range of financial services for individual, institutional, corporate and government clients. The Group offers a diverse line of competitive products and value-added financial and advisory solutions through its global headquarters in Tokyo, over 140 branches in Japan, and an international network in 29 countries; with regional headquarters in Hong Kong, London, and New York. The Group’s business activities include investment consultation and brokerage services for retail investors in Japan, and, on a global basis, brokerage services, securities underwriting, investment banking advisory services, merchant banking, and asset management. For further information about Nomura please visit our website at www.nomura.com.

–more–

Third quarter of fiscal year ending March 31, 2007 (1)

US GAAP Figures


	(Billions of yen)				% change	(Billions of yen)		% change
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (B)		September 30, 2006 (2006.7.1 ~ 2006.9.30) (A)		(B-A)/(A)	December 31, 2005 (2005.10.1 ~ 2005.12.31) (C)		(B-C)/(C)
Net revenue	322.9		251.0		28.7	359.8		(10.2	)
Non-interest expense	190.8		177.9		7.3	182.5		4.5

Income from continuing operations before income taxes	132.1		73.1		80.8	177.2		(25.5	)
Income from discontinued operations before income taxes	—		—		—	9.9		—

Income before income taxes	132.1		73.1		80.8	187.1		(29.4	)

Income from continuing operations	79.1		43.5		81.7	104.0		(24.0	)
Gain on discontinued operation	—		—		—	2.4		—

Net income	79.1		43.5		81.7	106.5		(25.7	)

Return on equity (ROE)	14.6	%	8.3	%	—	22.1	%	—

In accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” income before income taxes and net income from the operations of Millennium Retailing Inc. (one of Nomura Principal Finance’s private equity investee companies, and whose operations were treated as discontinued during the third quarter of the fiscal year ended March 31, 2006, in conjunction with the agreement reached in the third quarter by Nomura Principal Finance to sell its stake in Millennium Retailing Inc.) are separately reported as income from discontinued operations retroactively to the first quarter of the fiscal year ended March 31, 2006. Net revenue and non-interest expenses of such discontinued operations are not shown independently.

Total of business segments


	(Billions of yen)		% change	(Billions of yen)	% change
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (B)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (A)	(B-A)/(A)	December 31, 2005) (2005.10.1 ~ 2005.12.31) (C)	(B-C)/(C)
Net revenue	308.7	255.7	20.7	386.4	(20.1	)
Non-interest expense	164.8	158.0	4.3	154.5	6.6

Income before income taxes	143.9	97.7	47.3	231.8	(37.9	)

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Third quarter of fiscal year ending March 31, 2007 (2)

(1) Net revenue


	(Billions of yen)				% change		(Billions of yen)		% change
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (B)		September 30, 2006 (2006.7.1 ~ 2006.9.30) (A)		(B-A)/(A)		December 31, 2005 (2005.10.1 ~ 2005.12.31) (C)		(B-C)/(C)
Business segment information:
Domestic Retail	115.9		94.5		22.6		136.7		(15.2	)
Global Markets	78.1		48.5		61.0		115.2		(32.2	)
Global Investment Banking	24.1		29.7		(18.9	)	35.3		(31.7	)
Global Merchant Banking	9.2		44.5		(79.2	)	80.1		(88.5	)
Asset Management	24.5		23.9		2.9		18.1		35.8

Sub Total	251.8		241.1		4.5		385.4		(34.7	)
Other	56.8		14.6		287.9		1.0		5,628.8

Net revenue	308.7		255.7		20.7		386.4		(20.1	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(13.1	)	(4.8	)	—		36.3		—
Effect of consolidation/deconsolidation of certain private equity investee companies	27.4		0.1		49,641.8		(62.9	)	—

Consolidated net revenue	322.9		251.0		28.7		359.8		(10.2	)


(2) Non-interest expenses

Business segment information:
Domestic Retail	69.0		66.3		4.0		62.6		10.2
Global Markets	53.9		52.1		3.6		54.3		(0.6	)
Global Investment Banking	13.2		13.4		(1.9	)	12.0		9.6
Global Merchant Banking	2.6		3.1		(16.4	)	2.5		1.8
Asset Management	12.4		12.8		(3.2	)	11.8		4.7

Sub Total	151.0		147.7		2.3		143.2		5.4
Other	13.7		10.4		32.6		11.3		21.4

Non-interest expense	164.8		158.0		4.3		154.5		6.6

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	—		—		—		—		—
Effect of consolidation/deconsolidation of certain private equity investee companies	26.0		19.9		31.1		28.0		(7.0	)

Consolidated non-interest expenses	190.8		177.9		7.3		182.5		4.5


(3) Income (loss) before income taxes

Business segment information:
Domestic Retail	46.9		28.2		66.4		74.1		(36.7	)
Global Markets	24.1		(3.6	)	—		60.9		(60.4	)
Global Investment Banking	10.9		16.3		(32.9	)	23.3		(53.1	)
Global Merchant Banking	6.7		41.5		(83.9	)	77.6		(91.4	)
Asset Management	12.2		11.1		9.9		6.2		94.7

Sub Total	100.8		93.4		7.9		242.1		(58.4	)
Other	43.1		4.3		902.8		(10.3	)	—

Income before income taxes	143.9		97.7		47.3		231.8		(37.9	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(13.1	)	(4.8	)	—		36.3		—
Effect of consolidation/deconsolidation of certain private equity investee companies	1.3		(19.8	)	—		(90.8	)	—

Income from continuing operations before income taxes	132.1		73.1		80.8		177.2		(25.5	)
Income from discontinued operations before income taxes	—		—		—		9.9		—

Income before income taxes (Total of continuing operations and discontinued operation)	132.1		73.1		80.8		187.1		(29.4	)

*	The 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”


	(Billions of yen)				% change	(Billions of yen)		% change
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (B)		September 30, 2006 (2006.7.1 ~ 2006.9.30) (A)		(B-A)/(A)	December 31, 2005 (2005.10.1 ~ 2005.12.31) (C)		(B-C)/(C)
Net gain/loss on trading related to economic hedging transactions	(11.9	)	(14.0	)	—	(17.6	)	—
Realized gain (loss) on investments in equity securities held for relationship purposes	13.0		4.8		172.2	(0.0	)	—
Equity in earnings of affiliates	39.0		6.1		535.3	8.3		369.9
Corporate items	(5.9	)	3.7		—	(3.6	)	—
Others	8.9		3.7		139.4	2.6		246.1

Total	43.1		4.3		902.8	(10.3	)	—

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First nine months of fiscal year ending March 31, 2007 (1)

US GAAP Figures


	(Billions of yen)				% change		(Billions of yen)
	For the nine months ended						For the year ended
	December 31, 2006 (2006.4.1 ~ 2006.12.31) (B)		December 31, 2005 (2005.4.1 ~ 2005.12.31) (A)		(B-A)/(A)		March 31, 2006 (2005.4.1 ~ 2006.3.31)
Net revenue	779.8		819.9		(4.9	)	1,145.7
Non-interest expenses	541.2		501.3		8.0		700.1

Income from continuing operations before income taxes	238.6		318.6		(25.1	)	445.6
Income from discontinued operations before income taxes	—		16.8		—		99.4

Income before income taxes	238.6		335.4		(28.9	)	545.0

Income from continuing operations	142.7		173.8		(17.9	)	256.6
Gain on discontinued operation	—		1.8		—		47.7

Net income	142.7		175.7		(18.8	)	304.3

Return on equity (ROE)	8.9	%	12.1	%	—		15.5	%

Total of business segments


	(Billions of yen)		% change		(Billions of yen)
	For the nine months ended				For the year ended
	December 31, 2006 (2006.4.1 ~ 2006.12.31) (B)	December 31, 2005 (2005.4.1 ~ 2005.12.31) (A)	(B-A)/(A)		March 31, 2006 (2005.4.1 ~ 2006.3.31)
Net revenue	774.2	777.6	(0.4	)	1,059.8
Non-interest expense	478.1	426.9	12.0		607.8

Income before income taxes	296.0	350.7	(15.6	)	452.0

–more–

First nine months of fiscal year ending March 31, 2007 (2)

(1) Net revenue


	(Billions of yen)				% change		(Billions of yen)
	For the nine months ended						For the year ended
	December 31, 2006 (2006.4.1 ~ 2006.12.31) (B)		December 31, 2005 (2005.4.1 ~ 2005.12.31) (A)		(B-A)/(A)		March 31, 2006 (2005.4.1 ~ 2006.3.31)

Business segment information:
Domestic Retail	316.0		323.0		(2.2	)	446.5
Global Markets	195.4		242.7		(19.5	)	371.1
Global Investment Banking	72.6		68.5		5.9		99.7
Global Merchant Banking	65.9		83.7		(21.3	)	68.2
Asset Management	66.0		47.4		39.3		65.8

Sub Total	716.0		765.3		(6.4	)	1,051.4
Other	58.2		12.3		372.7		8.4

Net revenue	774.2		777.6		(0.4	)	1,059.8

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(38.6	)	56.5		—		59.3
Effect of consolidation/deconsolidation of certain private equity investee companies	44.2		(14.2	)	—		26.5

Consolidated net revenue	779.8		819.9		(4.9	)	1,145.7


(2) Non-interest expenses

Business segment information:
Domestic Retail	198.4		177.2		12.0		249.3
Global Markets	160.6		151.0		6.4		213.4
Global Investment Banking	39.8		34.0		17.2		48.1
Global Merchant Banking	7.9		7.3		8.9		12.8
Asset Management	37.6		32.5		15.6		45.2

Sub Total	444.3		401.9		10.6		568.9
Other	33.8		25.0		35.3		38.9

Non-interest expense	478.1		426.9		12.0		607.8

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	—		—		—		—
Effect of consolidation/deconsolidation of certain private equity investee companies	63.1		74.5		(15.2	)	92.2

Consolidated non-interest expenses	541.2		501.3		8.0		700.1


(3) Income (loss) before income taxes

Business segment information:
Domestic Retail	117.6		145.8		(19.4	)	197.2
Global Markets	34.9		91.7		(62.0	)	157.7
Global Investment Banking	32.8		34.6		(5.2	)	51.5
Global Merchant Banking	58.0		76.4		(24.1	)	55.4
Asset Management	28.5		14.9		91.1		20.6

Sub Total	271.6		363.4		(25.3	)	482.5
Other	24.4		(12.7	)	—		(30.5	)

Income before income taxes	296.0		350.7		(15.6	)	452.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(38.6	)	56.5		—		59.3
Effect of consolidation/deconsolidation of certain private equity investee companies	(18.9	)	(88.7	)	—		(65.7	)

Income from continuing operations before income taxes	238.6		318.6		(25.1	)	445.6
Income from discontinued operations before income taxes	—		16.8		—		99.4

Income before income taxes (Total of continuing operations and discontinued operation)	238.6		335.4		(28.9	)	545.0

*	The 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”


	(Billions of yen)				% change	(Billions of yen)
	For the nine months ended					For the year ended
	December 31, 2006 (2006.4.1 ~ 2006.12.31) (B)		December 31, 2005 (2005.4.1 ~ 2005.12.31) (A)		(B-A)/(A)	March 31, 2006 (2005.4.1 ~ 2006.3.31)
Net gain/loss on trading related to economic hedging transactions	(37.3	)	(28.8	)	—	(64.8	)
Realized gain on investments in equity securities held for relationship purposes	17.9		8.1		120.8	8.4
Equity in earnings of affiliates	48.4		14.0		246.3	27.8
Corporate items	(9.4	)	(6.8	)	—	(7.4	)
Others	4.8		0.9		426.8	5.4

Total	24.4		(12.7	)	—	(30.5	)

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1.	This document is produced by Nomura Holdings, Inc. (“Nomura”). Copyright 2007 Nomura Holdings, Inc. All rights reserved.

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.

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.

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.

Financial Highlights - Nine months ended December 31, 2006


Date:		January 29, 2007

Company name (code number):		Nomura Holdings, Inc. (8604)
Head office:		1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
Stock exchange listings:		(In Japan) Tokyo, Osaka, Nagoya
		(Overseas) New York, Singapore
Representative:		Nobuyuki Koga
		President and Chief Executive Officer, Nomura Holdings, Inc.
For inquiries:		Tomoyuki Funabiki
		Managing Director, Investor Relations Department, Nomura Group Headquarters, Nomura Securities Co., Ltd.
		Tel: (Country Code 81) 3-3211-1811
		URL http://www.nomura.com

(1) Operating Results


	For the nine months ended December 31			For the year ended March 31
	2006		2005	2006
	(Yen amounts in millions, except per share data)
Total revenue	1,460,480		1,288,451	1,792,840
Change from the nine months ended December 31, 2005	13.4	%

Net revenue	779,823		819,930	1,145,650
Change from the nine months ended December 31, 2005	(4.9	)%

Income from continuing operations before income taxes	238,599		318,613	445,600
Change from the nine months ended December 31, 2005	(25.1	)%

Income from discontinued operations before income taxes	—		16,808	99,413
Change from the nine months ended December 31, 2005	—

Net income	142,742		175,694	304,328
Change from the nine months ended December 31, 2005	(18.8	)%

Basic net income per share	74.90		91.68	159.02
Diluted net income per share	74.72		91.50	158.78
Return on shareholders’ equity (ROE)	8.9		12.1	15.5

Note:

1.	The results of discontinued operations have been removed from the results of continuing operations.

2.	Net income is comprised of Income from continuing operations and Gain on discontinued operations.

(2) Financial Position


	At December 31		At March 31
	2006	2005	2006
	(Yen amounts in millions, except per share data)
Total assets	36,926,029	36,120,261	35,026,035
Shareholders’ equity	2,209,801	1,990,327	2,063,327
Shareholders’ equity as a percentage of total assets	6.0	5.5	5.9
Shareholders’ equity per share	1,159.18	1,045.06	1,083.19

(3) Adoption of simple method in recognition method: None

(4) Difference in recognition method with latest fiscal year: Yes

(5) Scope of consolidation and equity method application

Number of consolidated subsidiaries and variable interest entities: 235

Number of affiliated companies, which were accounted for by the equity method: 35

(6) Movement in the scope of consolidation and equity method application for this period


Number of consolidation	Inclusion 83	Exclusion 27
Number of equity method application	Inclusion 24	Exclusion 3

(7) Cash Dividends

Record date: December 31, 2006 8.0 Yen per share for the three months ended December 31, 2006

Note: Payment date March 1, 2007

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

Financial Summary for the Nine Months Ended December 31, 2006

Results of Operations

US GAAP Figures


	Billions of yen				% Change		Billions of yen
	For the nine months ended				(%)		For the year ended
	December 31, 2006 (2006.4.1~ 2006.12.31) (A)		December 31, 2005 (2005.4.1~ 2005.12.31) (B)		(A-B)/(B)		March 31, 2006 (2005.4.1~ 2006.3.31)
Net revenue	779.8		819.9		(4.9	)	1,145.7
Non-interest expenses	541.2		501.3		8.0		700.1

Income from continuing operations before income taxes	238.6		318.6		(25.1	)	445.6
Income from discontinued operations before income taxes	—		16.8		—		99.4

Income before income taxes	238.6		335.4		(28.9	)	545.0

Income from continuing operations	142.7		173.8		(17.9	)	256.6
Gain on discontinued operation	—		1.8		—		47.7

Net income	142.7		175.7		(18.8	)	304.3

Return on equity (ROE)	8.9	%	12.1	%	—		15.5	%

Nomura Holdings, Inc. and its consolidated entities (“Nomura”) reported net revenue of 779.8 billion yen for the nine months ended December 31, 2006, a decrease of 4.9% from the same period last year, and non-interest expenses of 541.2 billion yen, a 8.0% year-on-year increase. Income before income taxes (total of continuing operations and discontinued operations) decreased 28.9% to 238.6 billion yen, while net income (total of continuing operations and discontinued operations) decreased 18.8% to 142.7 billion yen. As a result, ROE for the nine month period was 8.9%.

Total of business segments


	Billions of yen		% Change		Billions of yen
	For the nine months ended		(%)		For the year ended
	December 31, 2006 (2006.4.1~ 2006.12.31) (A)	December 31, 2005 (2005.4.1~ 2005.12.31) (B)	(A-B)/(B)		March 31, 2006 (2005.4.1~ 2006.3.31)
Net revenue	774.2	777.6	(0.4	)	1,059.8
Non-interest expenses	478.1	426.9	12.0		607.8

Income before income taxes	296.0	350.7	(15.6	)	452.0

Nomura engages in private equity investing through its Global Merchant Banking division. Nomura’s US GAAP consolidated financial information includes the effect of consolidation/deconsolidation of certain private equity investee companies. Business segment totals exclude these effects as well as gain (loss) on investments in equity securities held for relationship purposes. Net revenue of business segments for the nine months ended December 31, 2006, decreased 0.4% year-on-year to 774.2 billion yen. Non-interest expenses increased 12.0% year-on-year to 478.1 billion yen, and income before income taxes fell 15.6% year-on-year to 296.0 billion yen. Please refer to page 23 for an explanation of the differences between US GAAP and business segment values.

Income (loss) before income taxes by business segment


	Billions of yen			% Change		Billions of yen
	For the nine months ended			(%)		For the year ended
	December 31, 2006 (2006.4.1~ 2006.12.31) (A)	December 31, 2005 (2005.4.1~ 2005.12.31) (B)		(A-B)/(B)		March 31, 2006 (2005.4.1~ 2006.3.31)
Domestic Retail	117.6	145.8		(19.4	)	197.2
Global Markets	34.9	91.7		(62.0	)	157.7
Global Investment Banking	32.8	34.6		(5.2	)	51.5
Global Merchant Banking	58.0	76.4		(24.1	)	55.4
Asset Management	28.5	14.9		91.1		20.6

Sub Total	271.6	363.4		(25.3	)	482.5
Other	24.4	(12.7	)	—		(30.5	)

Income before income taxes	296.0	350.7		(15.6	)	452.0

*	In January 2006, certain functions of Other business were integrated to Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

In Domestic Retail, income before income taxes decreased 19.4% from the same period last year to 117.6 billion yen, as the overall decline in equity transaction value from individual investors led to a drop in retail stock brokerage commissions. Meanwhile, In line with the increasingly diverse range we bolstered our proposal and consulting services for customers and expanded our product offering, leading to strong sales of investment trusts. As a result, commissions for distribution of investment trusts increased. In addition, investment trust administrative fees grew in conjunction with the growth of assets in stock investment trusts.

In Global Markets, income before income taxes declined 62.0% from the prior year to 34.9 billion yen. Fixed Income saw a decline in derivative trading revenue due to changes in the interest rate and foreign exchange markets. In Equity, trading revenue fell as a result of the decline in MPO transactions and block trades.

In Global Investment Banking, income before income taxes decreased by 5.2% compared to the previous year to 32.8 billion yen. Our equity underwriting business was strong as, underpinned by increased corporate activity, we acted as lead manager on a number of major equity financing deals. Our M&A business also remained firm.

In Global Merchant Banking, income before income taxes dropped 24.1% compared to the previous year to 58.0 billion yen. Primary contributors to revenue during the period included the partial sale of Terra Firma investee companies and realized and unrealized gains from the partial sale of our stake in Tungaloy, an investee company of Nomura Principal Finance.

In Asset Management, income before income taxes increased 91.1% from the prior year period to 28.5 billion yen. In addition to the posting of a gain on the sale of our stake in a group company during the second quarter, increased asset management fees as a result of growth in assets under management led to profit growth. Diversification of distribution channels and an expanded product lineup resulted in growth of both public and privately-offered funds, while the investment advisory business showed firm growth, primarily led by fund management needs from overseas.

Other income before income taxes was 24.4 billion yen. Total income before income taxes for all business segments decreased 15.6% from the prior year to 296.0 billion yen.

Financial Position

Total assets as of December 31, 2006, were 36.9 trillion yen, an increase of 1.9 trillion yen compared to March 31, 2006, reflecting an increase in collateralized agreements, trading assets and private equity investments. Total liabilities as of December 31, 2006, were 34.7 trillion yen, an increase of 1.8 trillion yen compared to March 31, 2006, due to an increase in collateralized financing and long-term borrowings. Total shareholders’ equity at December 31, 2006, was 2.2 trillion yen, an increase of 146.5 billion yen compared to March 31, 2006, due to an increase in retained earnings and cumulative translation adjustments.

Cash and cash equivalents as of December 31, 2006, decreased by 692.4 billion yen compared to March 31, 2006. Net cash used in operating activities amounted to 1.6 trillion yen due to a decrease in other secured borrowings balance. Net cash used in investing activities was 73.9 billion yen, due to the purchase of office buildings, land, equipment and facilities. Net cash provided by financing activities was 925.8 billion yen as a result of an increase in long-term borrowings.

Financial Summary for the Three Months Ended December 31, 2006

Results of Operations


	Billions of yen				% Change	Billions of yen		% Change
	For the three months ended				(%)	For the three months ended		(%)
	December 31, 2006 (2006.10.1~ 2006.12.31) (A)		September 30, 2006 (2006.7.1~ 2006.9.30) (B)		(A-B)/(B)	December 31, 2005 (2005.10.1~ 2005.12.31) (C)		(A-C)/(C)
Net revenue	322.9		251.0		28.7	359.8		(10.2	)
Non-interest expenses	190.8		177.9		7.3	182.5		4.5

Income from continuing operations before income taxes	132.1		73.1		80.8	177.2		(25.5	)
Income from discontinued operations before income taxes	—		—		—	9.9		—

Income before income taxes	132.1		73.1		80.8	187.1		(29.4	)

Income from continuing operations	79.1		43.5		81.7	104.0		(24.0	)
Gain on discontinued operations	—		—		—	2.4		—

Net income	79.1		43.5		81.7	106.5		(25.7	)

Return on equity (ROE)	14.6	%	8.3	%	—	22.1	%	—

Nomura reported net revenue of 322.9 billion yen for the three months ended December 31, 2006, a 28.7% increase from the previous quarter and a 10.2% decline compared to the prior-year third quarter. Non-interest expenses increased 7.3% from the previous quarter and increased 4.5% compared to the prior-year third quarter to 190.8 billion yen. Income before income taxes (total of continuing operations and discontinued operations) of 132.1 billion yen was up 80.8% from the previous quarter and down 29.4% compared to the third quarter last year, while net income (total of continuing operations and discontinued operations) increased 81.7% from the previous quarter and decreased 25.7% compared to the prior-year third quarter to 79.1 billion yen. ROE for the quarter was 14.6%.

Total of business segments


	Billions of yen		% Change	Billions of yen	% Change
	For the three months ended		(%)	For the three months ended	(%)
	December 31, 2006 (2006.10.1~ 2006.12.31) (A)	September 30, 2006 (2006.7.1~ 2006.9.30) (B)	(A-B)/(B)	December 31, 2005 (2005.10.1~ 2005.12.31) (C)	(A-C)/(C)
Net revenue	308.7	255.7	20.7	386.4	(20.1	)
Non-interest expenses	164.8	158.0	4.3	154.5	6.6

Income before income taxes	143.9	97.7	47.3	231.8	(37.9	)

Net revenue of business segments for the three months ended December 31, 2006, was 308.7 billion yen, a 20.7% increase from the prior quarter and 20.1% decrease compared to the same period last year. Non-interest expenses increased 4.3% from the previous quarter and increased 6.6% compared to the prior-year third quarter to 164.8 billion yen. Income before income taxes increased 47.3% from the previous quarter and decreased 37.9% compared to the prior-year third quarter to 143.9 billion yen. Please refer to page 23 for an explanation of the differences between US GAAP and business segment values.

Income (loss) before income taxes by business segments


	Billions of yen			% Change		Billions of yen		% Change
	For the three months ended			(%)		For the three months ended		(%)
	December 31, 2006 (2006.10.1~ 2006.12.31) (A)	September 30, 2006 (2006.7.1~ 2006.9.30) (B)		(A-B)/(B)		December 31, 2005 (2005.10.1~ 2005.12.31) (C)		(A-C)/(C)
Domestic Retail	46.9	28.2		66.4		74.1		(36.7	)
Global Markets	24.1	(3.6	)	—		60.9		(60.4	)
Global Investment Banking	10.9	16.3		(32.9	)	23.3		(53.1	)
Global Merchant Banking	6.7	41.5		(83.9	)	77.6		(91.4	)
Asset Management	12.2	11.1		9.9		6.2		94.7

Sub Total	100.8	93.4		7.9		242.1		(58.4	)
Other	43.1	4.3		902.8		(10.3	)	—

Income before income taxes	143.9	97.7		47.3		231.8		(37.9	)

*	In January 2006, certain functions of Other business were integrated to Asset Management. Certain reclassifications of previously reported amounts have been made to conform to the current presentation.

Third quarter income before income taxes were 46.9 billion yen for Domestic Retail, up 66.4% from the second quarter and down 36.7% from the same period last year; 24.1 billion yen from Global Markets, up 27.7 billion yen from the second quarter and down 60.4% from the same period last year; and 12.2 billion yen from Asset Management, up 9.9% from the second quarter and 94.7% from the same period last year.

Meanwhile, Global Investment Banking had income before income taxes of 10.9 billion yen, a 32.9% decline from the previous quarter and 53.1% drop compared to the prior-year third quarter, and Global Merchant Banking had income before income taxes of 6.7 billion yen, a 83.9% decline from the second quarter, and a 91.4% drop from the third quarter of the previous year.

Other income before income taxes was 43.1 billion yen. Total income before income taxes for all business segments was 143.9 billion yen, up 47.3% from the prior quarter and down 37.9% from the prior-year third quarter.

Business Segment Results for the Three Months Ended December 31, 2006

Operating Results of Domestic Retail


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (A)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (B)	(A-B)/(B)
Net revenue	115.9	94.5	22.6
Non-interest expenses	69.0	66.3	4.0

Income before income taxes	46.9	28.2	66.4

Net revenue increased 22.6% from the previous quarter to 115.9 billion yen. Non-interest expenses increased 4.0% to 69.0 billion yen. Income before income taxes was 46.9 billion yen, up 66.4% compared to the prior quarter.

Commissions for distribution of investment trusts were a record high since we began reporting earnings on a quarterly basis under US GAAP in the fiscal year ended March 2002. This was the result of strong sales of existing investment trusts offering frequent distributions as well as newly launched funds. Retail stock brokerage commissions also increased, supported by a firm market environment.

Domestic Client Assets* totaled 81.5 trillion yen as of December 31, 2006, a 3.8 trillion yen increase from the end of September 2006.

*	Domestic Client Assets refers to the sum of assets under custody in the Domestic Retail segment (including regional financial institutions) and the Financial Management Division.

Operating Results of Global Markets


	Billions of yen			% Change
	For the three months ended			(%)
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (A)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (B)		(A-B)/(B)
Net revenue	78.1	48.5		61.0
Non-interest expenses	53.9	52.1		3.6

Income before income taxes	24.1	(3.6	)	—

Net revenue increased 61.0% from the previous quarter to 78.1 billion yen. Non-interest expenses rose 3.6% to 53.9 billion yen. Income before income taxes was 24.1 billion yen.

In Fixed Income, derivative trading revenue increased in conjunction with factors such as the recovery in sales of interest rate and currency-linked structured bonds. In Equity, trading revenue from MPO transactions and block trades remained weak.

Operating Results of Global Investment Banking


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1~ 2006.12.31) (A)	September 30, 2006 (2006.7.1~ 2006.9.30) (B)	(A-B)/(B)
Net revenue	24.1	29.7	(18.9	)
Non-interest expenses	13.2	13.4	(1.9	)

Income before income taxes	10.9	16.3	(32.9	)

Net revenue decreased 18.9% from the previous quarter to 24.1 billion yen. Non-interest expenses decreased 1.9% to 13.2 billion yen, while income before income taxes decreased 32.9% to 10.9 billion yen.

During the quarter we acted as lead manager for several large deals, including issues from Aeon, Toyota Motor, and Sharp. In M&A, we were financial adviser on such deals as the consolidation of Sumitomo Corporation’s lease businesses, and the Toshiba Ceramics MBO. In overseas business, we acted as joint bookrunner for Infosys Technologies’ global offering, and an IPO from Sistema-Hals, a major Russian real estate company.

We topped the Equity and Equity-Related (Japan) league table* for the calendar year 2006.

*	Source: Thomson Financial

Operating Results of Global Merchant Banking


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1~ 2006.12.31) (A)	September 30, 2006 (2006.7.1~ 2006.9.30) (B)	(A-B)/(B)
Net revenue	9.2	44.5	(79.2	)
Non-interest expenses	2.6	3.1	(16.4	)

Income before income taxes	6.7	41.5	(83.9	)

Net revenue decreased 79.2% compared to the previous quarter to 9.2 billion yen, while non-interest expenses decreased 16.4% to 2.6 billion yen. Income before income taxes fell by 83.9% from the previous quarter to 6.7 billion yen.

Gains/losses including the impact from Terra Firma’s sale of a partial stake in an investee company were recorded in the quarter.

Operating Results of Asset Management


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (A)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (B)	(A-B)/(B)
Net revenue	24.5	23.9	2.9
Non-interest expenses	12.4	12.8	(3.2	)

Income before income taxes	12.2	11.1	9.9

Net revenue increased 2.9% from the previous quarter to 24.5 billion yen, while non-interest expenses decreased 3.2% to 12.4 billion yen. Income before income taxes increased 9.9% to 12.2 billion yen.

Assets under management increased during the quarter, continuing to contribute to the growth in profits. The posting of both calendar year-end performance fees and unrealized gains from seed money for new product development helped boost profits as well. Investment trust sales remained strong in the quarter. Sales of the My Story Profit Distribution-type Fund (B Course), funds distributed through banks, particularly those offering frequent distributions, and the Nomura Global 6 Assets Diversified Fund being distributed through Japan Post all continued their strong pace of sales. The Asia Attractive Dividend Stock Fund launched during the quarter and other newly-launched funds also enjoyed strong sales.

Total assets under management for the Asset Management division stood at 25.6 trillion yen at the end of December, a 2.6 trillion yen increase from the end of September.

Other Operating Results


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (A)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (B)	(A-B)/(B)
Net revenue	56.8	14.6	287.9
Non-interest expenses	13.7	10.4	32.6

Income(loss) before income taxes	43.1	4.3	902.8

Income before income taxes was 43.1 billion yen for the three months ended December 31, 2006, mainly related to the IPO of Nomura Real Estate Holdings. (Please refer to page 19 for details.)

Non-interest Expenses (Segment Total)


	Billions of yen		% Change
	For the three months ended		(%)
	December 31, 2006 (2006.10.1 ~ 2006.12.31) (A)	September 30, 2006 (2006.7.1 ~ 2006.9.30) (B)	(A-B)/(B)
Compensation and benefits	82.8	75.2	10.0
Commissions and floor brokerage	11.8	10.1	16.2
Information processing and communications	27.2	27.3	(0.6	)
Occupancy and related depreciation	13.5	12.9	5.3
Business development expenses	8.4	9.2	(8.2	)
Other	21.1	23.3	(9.4	)

Non-Interest Expenses	164.8	158.0	4.3

Business segment non-interest expenses increased 4.3% from the previous quarter to 164.8 billion yen. With the growth in earnings, compensation and benefits rose 10.0% to 82.8 billion yen.

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen			% Change		Millions of yen
	For the nine months ended					For the year ended
	December 31, 2006 (A)		December 31, 2005 (B)	(A-B)/(B)		March 31, 2006
Revenue:
Commissions	229,832		238,837	(3.8	)	356,325
Fees from investment banking	73,569		67,356	9.2		108,819
Asset management and portfolio service fees	101,938		70,480	44.6		102,667
Net gain on trading	192,464		205,227	(6.2	)	304,223
Gain (loss) on private equity investments	47,519		7,372	544.6		12,328
Interest and dividends	703,099		532,410	32.1		693,813
(Loss) gain on investments in equity securities	(20,707	)	64,623	—		67,702
Private equity entities product sales	71,483		70,396	1.5		88,210
Other	61,283		31,750	93.0		58,753

Total revenue	1,460,480		1,288,451	13.4		1,792,840
Interest expense	680,657		468,521	45.3		647,190

Net revenue	779,823		819,930	(4.9	)	1,145,650

Non-interest expenses :
Compensation and benefits	248,507		234,280	6.1		325,431
Commissions and floor brokerage	32,594		23,268	40.1		32,931
Information processing and communications	77,897		62,197	25.2		89,600
Occupancy and related depreciation	42,781		39,885	7.3		55,049
Business development expenses	26,892		22,555	19.2		32,790
Private equity entities cost of goods sold	40,625		41,720	(2.6	)	48,802
Other	71,928		77,412	(7.1	)	115,447

	541,224		501,317	8.0		700,050

Income from continuing operations before income taxes	238,599		318,613	(25.1	)	445,600
Income tax expense	95,857		144,767	(33.8	)	188,972

Income from continuing operations	142,742		173,846	(17.9	)	256,628

Discontinued operations
Income from discontinued operations before income taxes (including gain on disposal of ¥ 74,852 million in the year ended March 31, 2006)	—		16,808	—		99,413
Income tax expense	—		14,960	—		51,713

Gain on discontinued operations	—		1,848	—		47,700

Net income	142,742		175,694	(18.8	)	304,328


	Yen			% Change		Yen
Per share of common stock:

Basic-
Income from continuing operations	74.90		90.72	(17.4	)	134.10
Gain on discontinued operations	—		0.96	—		24.92

Net income	74.90		91.68	(18.3	)	159.02

Diluted-
Income from continuing operations	74.72		90.54	(17.5	)	133.89
Gain on discontinued operations	—		0.96	—		24.89

Net income	74.72		91.50	(18.3	)	158.78

Note:

In accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” income from discontinued operations are separately reported.

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	December 31, 2006		March 31, 2006		December 31, 2005
ASSETS
Cash and cash deposits:
Cash and cash equivalents	299,516		991,961		1,039,173
Time deposits	616,723		518,111		412,246
Deposits with stock exchanges and other segregated cash	116,306		45,564		51,281

	1,032,545		1,555,636		1,502,700

Loans and receivables:
Loans receivable	1,003,425		682,824		687,976
Receivables from customers	37,809		26,810		22,418
Receivables from other than customers	606,655		656,925		1,138,970
Allowance for doubtful accounts	(2,390	)	(2,878	)	(2,873	)

	1,645,499		1,363,681		1,846,491

Collateralized agreements:
Securities purchased under agreements to resell	9,258,984		8,278,834		8,315,317
Securities borrowed	8,559,044		8,748,973		7,380,351

	17,818,028		17,027,807		15,695,668

Trading assets and private equity investments*:
Securities inventory	13,594,049		12,739,805		13,928,822
Derivative contracts	746,184		592,360		485,910
Private equity investments	364,873		365,276		358,168

	14,705,106		13,697,441		14,772,900

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥241,555 million at December 31, 2006, ¥211,521 million at March 31, 2006 and ¥203,995 million at December 31, 2005, respectively)	364,902		330,964		304,197
Lease deposits	39,554		47,582		47,713
Non-trading debt securities*	219,510		220,593		278,482
Investments in equity securities*	194,408		219,486		228,820
Investments in and advances to affiliated companies*	326,407		223,912		214,209
Deferred tax assets	117,134		145,024		108,211
Assets of discontinued operations	—		—		952,977
Other	462,936		193,909		167,893

	1,724,851		1,381,470		2,302,502

Total assets	36,926,029		35,026,035		36,120,261

*	Including securities pledged as collateral

Note:

In accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” assets and liabilities of discontinued operations are separately reported.

NOMURA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEET INFORMATION

(UNAUDITED)


	Millions of yen
	December 31, 2006		March 31, 2006		December 31, 2005
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term borrowings	795,315		691,759		1,125,954

Payables and deposits:
Payables to customers	326,466		247,511		259,752
Payables to other than customers	586,489		619,271		422,566
Time and other deposits received	370,844		372,949		341,678

	1,283,799		1,239,731		1,023,996

Collateralized financing:
Securities sold under agreements to repurchase	13,755,752		10,773,589		11,011,537
Securities loaned	6,120,512		6,486,798		5,751,628
Other secured borrowings	1,404,997		3,002,625		3,266,244

	21,281,261		20,263,012		20,029,409

Trading liabilities:
Securities sold but not yet purchased	5,271,415		5,880,919		6,659,690
Derivative contracts	834,943		646,708		643,390

	6,106,358		6,527,627		7,303,080

Other liabilities:
Accrued income taxes	15,263		188,770		79,354
Accrued pension and severance costs	65,157		65,041		78,757
Liabilities of discontinued operations	—		—		900,703
Other	557,905		388,169		337,857

	638,325		641,980		1,396,671

Long-term borrowings	4,611,170		3,598,599		3,250,824

Total liabilities	34,716,228		32,962,708		34,129,934

Shareholders’ equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 1,965,919,860 shares at December 31, 2006, March 31, 2006, and December 31, 2005	182,800		182,800		182,800

Additional paid-in capital	163,769		159,527		158,511

Retained earnings	1,916,033		1,819,037		1,758,978

Accumulated other comprehensive (loss) income
Minimum pension liability adjustment	(14,103	)	(14,096	)	(23,102	)
Cumulative translation adjustments	42,190		(1,129	)	(3,584	)

	28,087		(15,225	)	(26,686	)

	2,290,689		2,146,139		2,073,603
Less-Common stock held in treasury, at cost -
59,576,072 shares, 61,055,664 shares, and 61,416,627 shares at December 31, 2006, at March 31, 2006 and December 31, 2005, respectively	(80,888	)	(82,812	)	(83,276	)

Total shareholders’ equity	2,209,801		2,063,327		1,990,327

Total liabilities and shareholders’ equity	36,926,029		35,026,035		36,120,261

Note:

In accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” assets and liabilities of discontinued operations are separately reported.

NOMURA HOLDINGS, INC.

CONSOLIDATED INFORMATION OF CASH FLOWS

(UNAUDITED)


	Millions of yen
	For the nine months ended				For the year ended
	December 31, 2006		December 31, 2005		March 31, 2006
Cash flows from operating activities from continuing operations:
Income from continuing operations	142,742		173,846		256,628
Adjustments to reconcile income from continuing operations to net cash (used in) provided by operating activities from continuing operations
Depreciation and amortization	37,127		30,716		42,812
Loss (gain) on investments in equity securities	20,707		(64,623	)	(67,702	)
Changes in operating assets and liabilities:
Time deposits	(44,830	)	19,983		(81,193	)
Deposits with stock exchanges and other segregated cash	(67,373	)	(5,945	)	(440	)
Trading assets and private equity investments	(378,496	)	1,243,160		2,302,636
Trading liabilities	(782,289	)	1,850,274		1,084,026
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase	1,902,353		(2,904,913	)	(3,107,197	)
Securities borrowed, net of securities loaned	(154,197	)	(135,429	)	(761,584	)
Other secured borrowings	(1,597,629	)	(152,948	)	(416,566	)
Loans and receivables, net of allowance	(98,927	)	(576,397	)	(75,773	)
Payables and deposits received	(89,331	)	15,267		157,956
Other, net	(443,500	)	45,204		100,070

Net cash used in operating activities from continuing operations	(1,553,643	)	(461,805	)	(566,327	)

Cash flows from investing activities from continuing operations:
Payments for purchases of office buildings, land, equipment and facilities	(52,953	)	(41,308	)	(83,983	)
Proceeds from sales of office buildings, land, equipment and facilities	764		508		1,557
Payments for purchases of investments in equity securities	(8,611	)	(2,125	)	(2,126	)
Proceeds from sales of investments in equity securities	24,898		9,810		10,523
(Increase) decrease in non-trading debt securities, net	(2,041	)	2,693		56,824
Other, net	(35,922	)	30,375		44,644

Net cash (used in) provided by investing activities from continuing operations	(73,865	)	(47	)	27,439

Cash flows from financing activities from continuing operations:
Increase in long-term borrowings	1,930,239		1,026,984		1,656,317
Decrease in long-term borrowings	(1,000,007	)	(646,670	)	(943,086	)
Increase in short-term borrowings, net	93,500		604,341		175,910
Proceeds from sales of common stock	1,303		212		871
Payments for repurchases of common stock	(134	)	(49,455	)	(49,507	)
Payments for cash dividends	(99,135	)	(42,290	)	(42,290	)

Net cash provided by financing activities from continuing operations	925,766		893,122		798,215

Effect of exchange rate changes on cash and cash equivalents	9,297		22,788		16,419
Discontinued operations, net	—		—		131,100

Net (decrease) increase in cash and cash equivalents	(692,445	)	454,058		406,846
Cash and cash equivalents at beginning of the period	991,961		585,115		585,115

Cash and cash equivalents at end of the period	299,516		1,039,173		991,961

NOMURA HOLDINGS, INC.

NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION

(UNAUDITED)

1.	Accounting policies:

The consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the footnotes of Nomura Holdings, Inc.’s Annual Securities Report (the Annual Report filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance in Japan) and Form 20-F (the Annual Report filed with the U.S. Securities and Exchange Commission) for the year ended March 31, 2006.

Nomura early adopted SFAS No. 155, “Accounting for Certain Hybrid Financial Instruments” in the three months ended June 30, 2006.

2.	Comprehensive income:


	Millions of yen
	For the nine months ended			For the year ended
	December 31, 2006		December 31, 2005	March 31, 2006
Net income	142,742		175,694	304,328

Other comprehensive income (loss), net of tax:
Change in cumulative translation adjustments	43,319		14,499	16,954
Minimum pension liability adjustment during the period	(7	)	1,543	10,549

Total other comprehensive income (loss), net of tax	43,312		16,042	27,503

Comprehensive income	186,054		191,736	331,831

3.	Segment Information-Operating segment:

The following table shows business segment information and reconciliation items to the consolidated income statement information.

(1)

Net revenue


	Millions of yen				% Change		Millions of yen
	For the nine months ended						For the year ended
	December 31, 2006 (A)		December 31, 2005 (B)		(A-B)/(B)		March 31, 2006
Business segment information:
Domestic Retail	316,009		322,978		(2.2	)	446,535
Global Markets	195,442		242,674		(19.5	)	371,108
Global Investment Banking	72,584		68,524		5.9		99,666
Global Merchant Banking	65,913		83,720		(21.3	)	68,244
Asset Management	66,033		47,403		39.3		65,843

Sub Total	715,981		765,299		(6.4	)	1,051,396
Other	58,178		12,308		372.7		8,403

Net revenue	774,159		777,607		(0.4	)	1,059,799

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(38,558	)	56,539		—		59,320
Effect of consolidation/deconsolidation of certain private equity investee companies	44,222		(14,216	)	—		26,531

Consolidated net revenue	779,823		819,930		(4.9	)	1,145,650


(2) Non-interest expense
Business segment information:
Domestic Retail	198,429		177,164		12.0		249,330
Global Markets	160,576		150,958		6.4		213,387
Global Investment Banking	39,817		33,966		17.2		48,127
Global Merchant Banking	7,939		7,292		8.9		12,809
Asset Management	37,582		32,514		15.6		45,220

Sub Total	444,343		401,894		10.6		568,873
Other	33,776		24,966		35.3		38,934

Non-interest expense	478,119		426,860		12.0		607,807

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	—		—		—		—
Effect of consolidation/deconsolidation of certain private equity investee companies	63,105		74,457		(15.2	)	92,243

Consolidated non-interest expenses	541,224		501,317		8.0		700,050


(3) Income (loss) before income taxes
Business segment information:
Domestic Retail	117,580		145,814		(19.4	)	197,205
Global Markets	34,866		91,716		(62.0	)	157,721
Global Investment Banking	32,767		34,558		(5.2	)	51,539
Global Merchant Banking	57,974		76,428		(24.1	)	55,435
Asset Management	28,451		14,889		91.1		20,623

Sub Total	271,638		363,405		(25.3	)	482,523
Other *	24,402		(12,658	)	—		(30,531	)

Income before income taxes	296,040		350,747		(15.6	)	451,992

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(38,558	)	56,539		—		59,320
Effect of consolidation/deconsolidation of certain private equity investee companies	(18,883	)	(88,673	)	—		(65,712	)

Income from continuing operations before income taxes	238,599		318,613		(25.1	)	445,600
Income from discontinued operations before income taxes	—		16,808		—		99,413

Income before income taxes (Total of continuing operations and discontinued operation)	238,599		335,421		(28.9	)	545,013

*	The 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 nine months ended					For the year ended
	December 31, 2006 (A)		December 31, 2005 (B)		(A-B)/(B)	March 31, 2006
Net gain/loss on trading related to economic hedging transactions	(37,283	)	(28,806	)	—	(64,761	)
Realized gain on investments in equity securities held for relationship purposes	17,851		8,084		120.8	8,382
Equity in earnings of affiliates	48,428		13,984		246.3	27,842
Corporate items	(9,356	)	(6,824	)	—	(7,443	)
Others	4,762		904		426.8	5,449

Total	24,402		(12,658	)	—	(30,531	)

Supplemental Consolidated Financial Information

(Unaudited)

This supplemental information (Unaudited) contains the following items.

•

Quarterly Results - Consolidated Income Statement

•

Quarterly Results - Business Segment

•

Commissions/fees received and Net gain on trading

•

Consolidated Income Statement Information

•

Business segment information

•

Reconciliation items of the business segment information to the consolidated income statement information

NOMURA HOLDINGS, INC.

CONSOLIDATED INCOME STATEMENT INFORMATION

(UNAUDITED)


	Millions of yen											% Change
	For the three months ended
	June 30, 2005		September 30, 2005	December 31, 2005	March 31, 2006	June 30, 2006		September 30, 2006(A)		December 31, 2006(B)		(B-A)/(A)
Revenue:
Commissions	55,152		77,498	106,187	117,488	79,579		66,063		84,190		27.4
Fees from investment banking	14,719		24,068	28,569	41,463	14,351		26,901		32,317		20.1
Asset management and portfolio service fees	19,942		24,949	25,589	32,187	29,732		35,476		36,730		3.5
Net gain on trading	70,802		43,847	90,578	98,996	55,770		47,542		89,152		87.5
(Loss) gain on private equity investments	(2,490	)	2,247	7,615	4,956	9,784		27,511		10,224		(62.8	)
Interest and dividends	132,914		183,334	216,162	161,403	207,860		232,311		262,928		13.2
(Loss) gain on investments in equity securities	(2,825	)	31,199	36,249	3,079	(20,509	)	(44	)	(154	)	—
Private equity entities product sales	24,520		21,960	23,916	17,814	20,985		21,720		28,778		32.5
Other	6,900		5,735	19,115	27,003	4,178		11,734		45,371		286.7

Total revenue	319,634		414,837	553,980	504,389	401,730		469,214		589,536		25.6
Interest expense	132,101		142,220	194,200	178,669	195,796		218,236		266,625		22.2

Net revenue	187,533		272,617	359,780	325,720	205,934		250,978		322,911		28.7

Non-interest expenses:
Compensation and benefits	72,612		73,792	87,876	91,151	82,768		79,060		86,679		9.6
Commissions and floor brokerage	5,915		8,881	8,472	9,663	10,255		10,335		12,004		16.1
Information processing and communications	20,621		20,624	20,952	27,403	23,167		27,434		27,296		(0.5	)
Occupancy and related depreciation	12,518		13,971	13,396	15,164	14,442		13,743		14,596		6.2
Business development expenses	6,766		8,167	7,622	10,235	7,848		9,810		9,234		(5.9	)
Private equity entities cost of goods sold	14,999		13,009	13,712	7,082	11,365		11,843		17,417		47.1
Other	25,004		21,903	30,505	38,035	22,685		25,666		23,577		(8.1	)

	158,435		160,347	182,535	198,733	172,530		177,891		190,803		7.3

Income from continuing operations before income taxes	29,098		112,270	177,245	126,987	33,404		73,087		132,108		80.8
Income tax expense	19,966		51,600	73,201	44,205	13,266		29,560		53,031		79.4

Income from continuing operations	9,132		60,670	104,044	82,782	20,138		43,527		79,077		81.7

Discontinued operations
Income from discontinued operations before income taxes	1,606		5,339	9,863	82,605	—		—		—		—
Income tax expense	2,417		5,128	7,415	36,753	—		—		—		—

(Loss) gain on discontinued operations	(811	)	211	2,448	45,852	—		—		—		—

Net income	8,321		60,881	106,492	128,634	20,138		43,527		79,077		81.7


	Yen											% Change
Per share of common stock:
Basic-
Net income	4.30		31.89	55.92	67.54	10.52		22.84		41.48		81.6

Diluted-
Net income	4.30		31.83	55.80	67.42	10.50		22.78		41.38		81.7

Note: Reclassifications -

In accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” income from discontinued operations are separately reported.

NOMURA HOLDINGS, INC.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

Business Segment Information - Quarterly Results

The following table shows quarterly business segment information and reconciliation items to the consolidated income statement.

(1)

Net revenue


	Millions of yen														% Change
	For the three months ended
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006		June 30, 2006		September 30, 2006 (A)		December 31, 2006 (B)		(B-A)/(A)
Business segment information:
Domestic Retail	84,812		101,434		136,732		123,557		105,609		94,518		115,882		22.6
Global Markets	49,759		77,740		115,175		128,434		68,899		48,475		78,068		61.0
Global Investment Banking	12,785		20,453		35,286		31,142		18,808		29,688		24,088		(18.9	)
Global Merchant Banking	(3,267	)	6,875		80,112		(15,476	)	12,123		44,541		9,249		(79.2	)
Asset Management	13,968		15,363		18,072		18,440		17,636		23,854		24,543		2.9

Sub Total	158,057		221,865		385,377		286,097		223,075		241,076		251,830		4.5
Other	13,382		(2,066	)	992		(3,905	)	(13,301	)	14,649		56,830		287.9

Net revenue	171,439		219,799		386,369		282,192		209,774		255,725		308,660		20.7

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(10,993	)	31,266		36,266		2,781		(20,649	)	(4,802	)	(13,107	)	—
Effect of consolidation/deconsolidation of certain private equity investee companies	27,087		21,552		(62,855	)	40,747		16,809		55		27,358		49,641.8

Consolidated net revenue	187,533		272,617		359,780		325,720		205,934		250,978		322,911		28.7


(2) Non-interest expense
Business segment information:
Domestic Retail	54,507		60,012		62,645		72,166		63,070		66,347		69,012		4.0
Global Markets	50,486		46,219		54,253		62,429		54,573		52,075		53,928		3.6
Global Investment Banking	10,616		11,336		12,014		14,161		13,237		13,416		13,164		(1.9	)
Global Merchant Banking	2,588		2,194		2,510		5,517		2,326		3,058		2,555		(16.4	)
Asset Management	10,006		10,683		11,825		12,706		12,413		12,787		12,382		(3.2	)

Sub Total	128,203		130,444		143,247		166,979		145,619		147,683		151,041		2.3
Other	5,820		7,849		11,297		13,968		9,706		10,350		13,720		32.6

Non-interest expense	134,023		138,293		154,544		180,947		155,325		158,033		164,761		4.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	—		—		—		—		—		—		—		—
Effect of consolidation/deconsolidation of certain private equity investee companies	24,412		22,054		27,991		17,786		17,205		19,858		26,042		31.1

Consolidated non-interest expenses	158,435		160,347		182,535		198,733		172,530		177,891		190,803		7.3


(3) Income (loss) before income taxes
Business segment information:
Domestic Retail	30,305		41,422		74,087		51,391		42,539		28,171		46,870		66.4
Global Markets	(727	)	31,521		60,922		66,005		14,326		(3,600	)	24,140		—
Global Investment Banking	2,169		9,117		23,272		16,981		5,571		16,272		10,924		(32.9	)
Global Merchant Banking	(5,855	)	4,681		77,602		(20,993	)	9,797		41,483		6,694		(83.9	)
Asset Management	3,962		4,680		6,247		5,734		5,223		11,067		12,161		9.9

Sub Total	29,854		91,421		242,130		119,118		77,456		93,393		100,789		7.9
Other *	7,562		(9,915	)	(10,305	)	(17,873	)	(23,007	)	4,299		43,110		902.8

Income before income taxes	37,416		81,506		231,825		101,245		54,449		97,692		143,899		47.3

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for relationship purposes	(10,993	)	31,266		36,266		2,781		(20,649	)	(4,802	)	(13,107	)	—
Effect of consolidation/deconsolidation of certain private equity investee companies	2,675		(502	)	(90,846	)	22,961		(396	)	(19,803	)	1,316		—

Income from continuing operations before income taxes	29,098		112,270		177,245		126,987		33,404		73,087		132,108		80.8
Income from discontinued operations before income taxes	1,606		5,339		9,863		82,605		—		—		—		—

Income before income taxes (Total of continuing operations and discontinued operation)	30,704		117,609		187,108		209,592		33,404		73,087		132,108		80.8

*	The 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 three months ended
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006		June 30, 2006		September 30, 2006 (A)		December 31, 2006 (B)		(B-A)/(A)
Net gain/loss on trading related to economic hedging transactions	(2,788	)	(8,463	)	(17,555	)	(35,955	)	(11,382	)	(14,036	)	(11,865	)	—
Realized gain (loss) on investments in equity securities held for relationship purposes	8,168		(67	)	(17	)	298		140		4,758		12,953		172.2
Equity in earnings of affiliates	2,749		2,939		8,296		13,858		3,309		6,136		38,983		535.3
Corporate items	503		(3,715	)	(3,612	)	(619	)	(7,163	)	3,707		(5,900	)	—
Others	(1,070	)	(609	)	2,583		4,545		(7,911	)	3,734		8,939		139.4

Total	7,562		(9,915	)	(10,305	)	(17,873	)	(23,007	)	4,299		43,110		902.8

NOMURA HOLDINGS, INC.

SUPPLEMENTARY INFORMATION

(UNAUDITED)

“Commissions/fees received” and “Net gain on trading” consists of the following:

Commissions/fees received


	Millions of yen									% Change		Millions of yen			% Change
	For the three months ended											For the year ended
	June 30, 2005	September 30, 2005	December 31, 2005		March 31, 2006	June 30, 2006		September 30, 2006(A)	December 31, 2006(B)	(B-A)/(A)		December 31, 2005 (C)	December 31, 2006 (D)		(D-C)/(C)
Commissions	55,152	77,498	106,187		117,488	79,579		66,063	84,190	27.4		238,837	229,832		(3.8	)

Brokerage Commissions	31,581	50,975	76,630		88,222	44,554		32,599	41,951	28.7		159,186	119,104		(25.2	)
Commissions for Distribution of Investment Trust	17,465	19,645	22,401		25,564	25,850		23,122	32,960	42.5		59,511	81,932		37.7

Fees from Investment Banking	14,719	24,068	28,569		41,463	14,351		26,901	32,317	20.1		67,356	73,569		9.2

Underwriting and Distribution	8,548	17,096	22,110		30,673	9,151		20,360	26,123	28.3		47,754	55,634		16.5
M&A / Financial Advisory Fees	6,154	6,949	6,389		10,760	5,178		6,360	6,084	(4.3	)	19,492	17,622		(9.6	)

Asset Management and Portfolio Service Fees	19,942	24,949	25,589		32,187	29,732		35,476	36,730	3.5		70,480	101,938		44.6

Asset Management Fees	16,885	22,009	21,999		28,213	26,179		31,758	32,842	3.4		60,893	90,779		49.1
Total	89,813	126,515	160,345		191,138	123,662		128,440	153,237	19.3		376,673	405,339		7.6

Net gain on trading

Merchant Banking	189	4,033	(580	)	1,604	(2,643	)	445	197	(55.7	)	3,642	(2,001	)	—
Equity Trading	38,901	15,393	32,764		61,015	31,724		12,684	28,919	128.0		87,058	73,327		(15.8	)
Fixed Income and Other Trading	31,712	24,421	58,394		36,377	26,689		34,413	60,036	74.5		114,527	121,138		5.8

Total	70,802	43,847	90,578		98,996	55,770		47,542	89,152	87.5		205,227	192,464		(6.2	)

Consolidated Income Statement Information :

US GAAP Figures


	Millions of yen											% Change		Millions of yen			% Change
	For the three months ended													For the year ended
	June 30, 2005		September 30, 2005	December 31, 2005	March 31, 2006	June 30, 2006		September 30, 2006 (A)		December 31, 2006 (B)		(B-A)/(A)		December 31, 2005 (C)	December 31, 2006 (D)		(D-C)/(C)
Revenue:
Commissions	55,152		77,498	106,187	117,488	79,579		66,063		84,190		27.4		238,837	229,832		(3.8	)
Fees from investment banking	14,719		24,068	28,569	41,463	14,351		26,901		32,317		20.1		67,356	73,569		9.2
Asset management and portfolio service fees	19,942		24,949	25,589	32,187	29,732		35,476		36,730		3.5		70,480	101,938		44.6
Net gain on trading	70,802		43,847	90,578	98,996	55,770		47,542		89,152		87.5		205,227	192,464		(6.2	)
Gain (loss) on private equity investments	(2,490	)	2,247	7,615	4,956	9,784		27,511		10,224		(62.8	)	7,372	47,519		544.6
Interest and dividends	132,914		183,334	216,162	161,403	207,860		232,311		262,928		13.2		532,410	703,099		32.1
Gain (loss) on investments in equity securities	(2,825	)	31,199	36,249	3,079	(20,509	)	(44	)	(154	)	—		64,623	(20,707	)	—
Private equity entities product sales	24,520		21,960	23,916	17,814	20,985		21,720		28,778		32.5		70,396	71,483		1.5
Other	6,900		5,735	19,115	27,003	4,178		11,734		45,371		286.7		31,750	61,283		93.0

Total revenue	319,634		414,837	553,980	504,389	401,730		469,214		589,536		25.6		1,288,451	1,460,480		13.4
Interest expense	132,101		142,220	194,200	178,669	195,796		218,236		266,625		22.2		468,521	680,657		45.3

Net revenue	187,533		272,617	359,780	325,720	205,934		250,978		322,911		28.7		819,930	779,823		(4.9	)

Non-interest expenses:
Compensation and benefits	72,612		73,792	87,876	91,151	82,768		79,060		86,679		9.6		234,280	248,507		6.1
Commissions and floor brokerage	5,915		8,881	8,472	9,663	10,255		10,335		12,004		16.1		23,268	32,594		40.1
Information processing and communications	20,621		20,624	20,952	27,403	23,167		27,434		27,296		(0.5	)	62,197	77,897		25.2
Occupancy and related depreciation	12,518		13,971	13,396	15,164	14,442		13,743		14,596		6.2		39,885	42,781		7.3
Business development expenses	6,766		8,167	7,622	10,235	7,848		9,810		9,234		(5.9	)	22,555	26,892		19.2
Private equity entities cost of goods sold	14,999		13,009	13,712	7,082	11,365		11,843		17,417		47.1		41,720	40,625		(2.6	)
Other	25,004		21,903	30,505	38,035	22,685		25,666		23,577		(8.1	)	77,412	71,928		(7.1	)

	158,435		160,347	182,535	198,733	172,530		177,891		190,803		7.3		501,317	541,224		8.0

Income from continuing operations before income taxes	29,098		112,270	177,245	126,987	33,404		73,087		132,108		80.8		318,613	238,599		(25.1	)

Income from discontinued operations before income taxes	1,606		5,339	9,863	82,605	—		—		—		—		16,808	—		—

Income before income taxes (Total of continuing operations and discontinued operation)	30,704		117,609	187,108	209,592	33,404		73,087		132,108		80.8		335,421	238,599		(28.9	)

Business segment information :

Total of business segments


	Millions of yen											% Change		Millions of yen		% Change
	For the three months ended													For the year ended
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006		June 30, 2006	September 30, 2006 (A)	December 31, 2006 (B)	(B-A)/(A)		December 31, 2005 (C)	December 31, 2006 (D)	(D-C)/(C)
Revenue:
Commissions	55,152		77,498		106,187		117,488		79,579	67,931	84,185	23.9		238,837	231,695	(3.0	)
Fees from investment banking	14,719		24,068		28,569		41,463		14,351	26,901	32,317	20.1		67,356	73,569	9.2
Asset management and portfolio service fees	19,942		24,949		25,589		32,187		29,732	35,476	36,730	3.5		70,480	101,938	44.6
Net gain on trading	70,802		43,847		90,578		98,996		55,770	47,542	89,152	87.5		205,227	192,464	(6.2	)
Gain (loss) on private equity investments	(2,490	)	2,408		96,445		(16,710	)	15,059	46,206	11,456	(75.2	)	96,363	72,721	(24.5	)
Interest and dividends	132,850		183,389		216,107		161,363		207,837	232,258	262,900	13.2		532,346	702,995	32.1
Gain (loss) on investments in equity securities	8,168		(67	)	(17	)	298		140	4,758	12,953	172.2		8,084	17,851	120.8
Private equity entities product sales	—		—		—		—		—	—	—	—		—	—	—
Other	4,371		5,827		16,947		25,671		2,996	12,786	45,459	255.5		27,145	61,241	125.6

Total revenue	303,514		361,919		580,405		460,756		405,464	473,858	575,152	21.4		1,245,838	1,454,474	16.7
Interest expense	132,075		142,120		194,036		178,564		195,690	218,133	266,492	22.2		468,231	680,315	45.3

Net revenue	171,439		219,799		386,369		282,192		209,774	255,725	308,660	20.7		777,607	774,159	(0.4	)

Non-interest expenses:
Compensation and benefits	69,148		69,985		84,477		87,654		79,461	75,244	82,760	10.0		223,610	237,465	6.2
Commissions and floor brokerage	5,478		8,561		8,063		9,312		9,819	10,119	11,756	16.2		22,102	31,694	43.4
Information processing and communications	20,454		20,508		20,779		27,345		23,005	27,326	27,169	(0.6	)	61,741	77,500	25.5
Occupancy and related depreciation	11,270		12,847		12,368		14,268		13,409	12,862	13,542	5.3		36,485	39,813	9.1
Business development expenses	6,255		7,708		7,036		9,612		7,225	9,196	8,438	(8.2	)	20,999	24,859	18.4
Private equity entities cost of goods sold	—		—		—		—		—	—	—	—		—	—	—
Other	21,418		18,684		21,821		32,756		22,406	23,286	21,096	(9.4	)	61,923	66,788	7.9

	134,023		138,293		154,544		180,947		155,325	158,033	164,761	4.3		426,860	478,119	12.0

Income from continuing operations before income taxes	37,416		81,506		231,825		101,245		54,449	97,692	143,899	47.3		350,747	296,040	(15.6	)

Income from discontinued operations before income taxes	—		—		—		—		—	—	—	—		—	—	—

Income before income taxes (Total of continuing operations and discontinued operation)	37,416		81,506		231,825		101,245		54,449	97,692	143,899	47.3		350,747	296,040	(15.6	)

Reconciliation items of the business segment information to the consolidated income statement information :

Effect of consolidation/deconsolidation of private equity investee companies and unrealized loss/gain on investments in equity securities held for relationship purposes


	Millions of yen													% Change		Millions of yen				% Change
	For the three months ended															For the year ended
	June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006	June 30, 2006		September 30, 2006 (A)		December 31, 2006 (B)		(B-A)/(A)		December 31, 2005 (C)		December 31, 2006 (D)		(D-C)/(C)
Revenue:
Commissions	—		—		—		—	—		(1,868	)	5		—		—		(1,863	)	—
Fees from investment banking	—		—		—		—	—		—		—		—		—		—		—
Asset management and portfolio service fees	—		—		—		—	—		—		—		—		—		—		—
Net gain on trading	—		—		—		—	—		—		—		—		—		—		—
Gain (loss) on private equity investments	—		(161	)	(88,830	)	21,666	(5,275	)	(18,695	)	(1,232	)	—		(88,991	)	(25,202	)	—
Interest and dividends	64		(55	)	55		40	23		53		28		(47.2	)	64		104		62.5
Gain (loss) on investments in equity securities	(10,993	)	31,266		36,266		2,781	(20,649	)	(4,802	)	(13,107	)	—		56,539		(38,558	)	—
Private equity entities product sales	24,520		21,960		23,916		17,814	20,985		21,720		28,778		32.5		70,396		71,483		1.5
Other	2,529		(92	)	2,168		1,332	1,182		(1,052	)	(88	)	—		4,605		42		(99.1	)

Total revenue	16,120		52,918		(26,425	)	43,633	(3,734	)	(4,644	)	14,384		—		42,613		6,006		(85.9	)
Interest expense	26		100		164		105	106		103		133		29.1		290		342		17.9

Net revenue	16,094		52,818		(26,589	)	43,528	(3,840	)	(4,747	)	14,251		—		42,323		5,664		(86.6	)

Non-interest expenses:
Compensation and benefits	3,464		3,807		3,399		3,497	3,307		3,816		3,919		2.7		10,670		11,042		3.5
Commissions and floor brokerage	437		320		409		351	436		216		248		14.8		1,166		900		(22.8	)
Information processing and communications	167		116		173		58	162		108		127		17.6		456		397		(12.9	)
Occupancy and related depreciation	1,248		1,124		1,028		896	1,033		881		1,054		19.6		3,400		2,968		(12.7	)
Business development expenses	511		459		586		623	623		614		796		29.6		1,556		2,033		30.7
Private equity entities cost of goods sold	14,999		13,009		13,712		7,082	11,365		11,843		17,417		47.1		41,720		40,625		(2.6	)
Other	3,586		3,219		8,684		5,279	279		2,380		2,481		4.2		15,489		5,140		(66.8	)

	24,412		22,054		27,991		17,786	17,205		19,858		26,042		31.1		74,457		63,105		(15.2	)

Income from continuing operations before income taxes	(8,318	)	30,764		(54,580	)	25,742	(21,045	)	(24,605	)	(11,791	)	—		(32,134	)	(57,441	)	—

Income from discontinued operations before income taxes	1,606		5,339		9,863		82,605	—		—		—		—		16,808		—		—

Income before income taxes (Total of continuing operations and discontinued operations)	(6,712	)	36,103		(44,717	)	108,347	(21,045	)	(24,605	)	(11,791	)	—		(15,326	)	(57,441	)	—

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. (PARENT COMPANY ONLY)

INCOME STATEMENT INFORMATION


	Millions of yen
	For the nine months ended		Comparison (A-B)/(B)(%)		For the year ended March 31, 2006
	December 31, 2006	December 31, 2005	Comparison (A-B)/(B)(%)		For the year ended March 31, 2006
Operating revenue	291,105	185,112	57.3		220,699
Operating expenses	91,759	67,871	35.2		97,648

Operating income	199,346	117,242	70.0		123,050

Non-operating income	2,335	4,357	(46.4	)	8,401
Non-operating expenses	475	89	436.4		169

Ordinary income	201,206	121,510	65.6		131,282

Special profits	12,359	8,292	49.1		8,987
Special losses	3,205	5,935	(46.0	)	124,313

Income before income taxes	210,360	123,866	69.8		15,956

Income taxes-current	10,716	9,335	14.8		12,681
Income taxes-deferred	1,004	2,892	(65.3	)	(14,603	)

Net income	198,640	111,638	77.9		17,878

Unappropriated retained earnings brought forward	—	48,121	—		48,121

Interim dividend	—	22,868	—		22,868

Unappropriated retained earnings	—	136,891	—		43,131

NOMURA HOLDINGS, INC. (PARENT COMPANY ONLY)

BALANCE SHEET INFORMATION


	Millions of yen
	December 31, 2006	December 31, 2005	March 31, 2006
Assets
Current Assets	2,221,966	1,594,378	1,831,963
Fixed Assets	1,975,004	1,865,606	1,795,813

Total Assets	4,196,971	3,459,984	3,627,776

Liabilities
Current Liabilities	1,954,547	1,323,639	1,574,943
Long-term Liabilities	711,731	597,449	606,185

Total Liabilities	2,666,278	1,921,088	2,181,128

Shareholders’ Equity
Total Shareholders’ Equity	—	1,538,896	1,446,649

Total Liabilities and Shareholders’ Equity	—	3,459,984	3,627,776

Net Assets
Total Net Assets	1,530,692	—	—

Total Liabilities and Net Assets	4,196,971	—	—

NOMURA SECURITIES CO., LTD.

INCOME STATEMENT INFORMATION


	Millions of yen
	For the nine months ended			Comparison (A-B)/(B)(%)		For the year ended March 31, 2006
	December 31, 2006(A)	December 31, 2005(B)		Comparison (A-B)/(B)(%)		For the year ended March 31, 2006
Operating revenue	518,493	589,742		(12.1	)	842,612

Commissions	302,476	300,015		0.8		460,695
Net gain on trading	116,536	210,962		(44.8	)	283,124
Net gain on other inventories	9	9		4.9		12
Interest and dividend income	99,473	78,757		26.3		98,781

Interest expenses	64,284	55,908		15.0		69,179

Net operating revenue	454,210	533,834		(14.9	)	773,433

Selling, general and administrative expenses	298,906	275,229		8.6		387,303

Operating income	155,304	258,605		(39.9	)	386,130

Non-operating income	1,560	1,241		25.7		2,040
Non-operating expenses	1,335	1,184		12.8		2,017

Ordinary income	155,529	258,663		(39.9	)	386,153

Special profits	444	—		—		—
Special losses	879	1,405		(37.5	)	1,444

Income before income taxes	155,094	257,257		(39.7	)	384,709

Income taxes - current	46,964	125,876		(62.7	)	191,783
Income taxes - deferred	13,908	(23,431	)	—		(39,102	)

Net income	94,222	154,812		(39.1	)	232,028

Unappropriated retained earnings brought forward	—	64,095		—		64,095

Unappropriated retained earnings	—	218,906		—		296,123

NOMURA SECURITIES CO., LTD.

BALANCE SHEET INFORMATION


	Millions of yen
	December 31, 2006	December 31, 2005	March 31, 2006
Assets
Current Assets:	11,416,897	14,900,815	15,346,728

Trading Assets	5,625,731	6,688,510	5,982,953
Loans with securities as collateral	4,879,364	6,774,088	8,039,423
Other	911,803	1,438,217	1,324,351

Fixed Assets	58,153	82,472	101,026

Total Assets	11,475,050	14,983,287	15,447,754

Liabilities and Shareholder’s Equity
Liabilities
Current Liabilities:	9,936,023	13,575,763	13,943,748

Trading liabilities	2,451,289	3,510,767	3,653,958
Borrowings with securities as collateral	3,866,796	4,785,299	5,043,715
Other	3,617,938	5,279,697	5,246,075

Long-term Liabilities	630,394	582,973	602,199

Statutory Reserves	3,984	3,066	3,105

Total Liabilities	10,570,401	14,161,802	14,549,052

Total Shareholder’s Equity	—	821,485	898,702

Total Liabilities and Shareholder’s Equity	—	14,983,287	15,447,754

Total Net Assets	904,650	—	—

Total Liabilities and Net Assets	11,475,050	—	—

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

1. Commission Revenues

(1) Breakdown by Category

(Millions of yen except percentages)


	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
	December 31, 2006(A)	December 31, 2005(B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
Brokerage commissions	96,785	140,825	(31.3	)	219,431

(Stocks)	91,976	130,782	(29.7	)	205,702
Underwriting commissions	37,830	33,268	13.7		50,373

(Stocks)	31,093	29,961	3.8		45,672
(Bonds)	6,735	3,307	103.6		4,699
Distribution commissions	84,744	62,765	35.0		89,943

(Investment trust certificates)	81,836	59,395	37.8		84,921
Other commissions	83,118	63,157	31.6		100,948

(Investment trust certificates)	36,258	26,247	38.1		38,825

Total	302,476	300,015	0.8		460,695

(2) Breakdown by Product

(Millions of yen except percentages)


	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
	December 31, 2006 (A)	December 31, 2005 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
Stocks	129,425	163,684	(20.9	)	256,566
Bonds	13,339	11,463	16.4		15,587
Investment trust certificates	122,344	93,967	30.2		135,381
Others	37,369	30,901	20.9		53,160

Total	302,476	300,015	0.8		460,695

2. Net Gain on Trading

(Millions of yen except percentages)


	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
	December 31, 2006 (A)	December 31, 2005 (B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
Stocks	29,926	85,166	(64.9	)	124,560
Bonds and forex	86,609	125,795	(31.2	)	158,564

Total	116,536	210,962	(44.8	)	283,124

NOMURA SECURITIES CO., LTD.

SUPPLEMENTARY INFORMATION

3. Stock Trading (excluding futures transactions)

(Millions of shares or yen except per share data and percentages)


	Nine Months Ended
	December 31, 2006 (A)				December 31, 2005 (B)				Comparison (A-B)/(B)(%)			Year Ended March 31, 2006
	Number of shares		Amount		Number of shares		Amount		Number of shares		Amount	Number of shares		Amount
Total	51,703		76,060,291		59,656		68,287,483		(13.3	)	11.4	79,786		99,032,825

(Brokerage)	31,821		46,008,214		40,129		43,361,080		(20.7	)	6.1	52,982		62,640,790
(Proprietary Trading)	19,882		30,052,077		19,527		24,926,403		1.8		20.6	26,804		36,392,035

Brokerage / Total	61.5	%	60.5	%	67.3	%	63.5	%				66.4	%	63.3	%

TSE Share	6.6	%	7.1	%	5.9	%	7.4	%				6.0	%	7.3	%

Brokerage Commission per share (yen)	2.87				3.24							3.86

4. Underwriting, Subscription, and Distribution

(Millions of shares or yen except percentages)


	Nine Months Ended		Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
	December 31, 2006 (A)	December 31, 2005(B)	Comparison (A-B)/(B)(%)		Year Ended March 31, 2006
Underwriting
Stocks (number of shares)	338	226	49.2		420
(yen amount)	855,662	704,518	21.5		1,122,472
Bonds (face value)	4,948,843	6,699,024	(26.1	)	8,740,809
Investment trust certificates (yen amount)	—	—	—		—
Commercial paper and others (face value)	5,400	81,400	(93.4	)	86,100
Subscripition and Distribution*
Stocks (number of shares)	864	849	1.7		1,112
(yen amount)	943,267	885,175	6.6		1,393,866
Bonds (face value)	3,007,458	2,561,014	17.4		3,393,022
Investment trust certificates (yen amount)	15,247,855	14,820,284	2.9		20,506,780
Commercial paper and others (face value)	—	56,400	(100.0	)	57,400

*	Includes secondary offerings and private placements.

5. Capital Adequacy Ratio

(Millions of yen except percentages)


			December 31, 2006		December 31, 2005		March 31, 2006
Tier I		(A)	902,289		821,485		808,067

Tier II	Valuation and translation adjustments		2,360		—		—
	Statutory reserves		3,983		3,066		3,104
	Allowance for doubtful accounts		38		40		26
	Subordinated debt		310,000		349,300		310,000

	Total	(B)	316,382		352,406		313,130

Illiquid Asset		(C)	172,151		152,022		177,390

Net Capital (A) + (B) - (C) =		(D)	1,046,520		1,021,869		943,807

Risk	Market risk		57,910		74,445		78,687
	Counterparty risk		235,690		176,434		203,853
	Basic risk		114,360		96,283		102,528

	Total	(E)	407,961		347,162		385,069

Capital Adequacy Ratio (D)/(E)			256.5	%	294.3	%	245.1	%

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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