Investor Presentation 2008April 28, 2008

Kenichi Watanabe

President and CEONomura Holdings, Inc.

1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2008 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.

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Nomura Securities Committee to Investigate Handling of Non-public Information

2

Committee Established on April 25, 2008

1. Purpose

2. Committee Members

Established in response to the recent insider trading by a former employee, the committee will investigate the company's procedures for handling non-public information in its Investment Banking division, determine whether there are any lapses that need to be rectified, and outline appropriate measures.

Note: The Chairman and Vice Chairman are both outside directors of Nomura Securities

Chairman of NGK Insulators, Ltd.

Attorney at Law, Chairman of Hibiya Park Law Offices

Attorney at Law, Mori Hamada & Matsumoto

Masaharu Shibata

Hideaki Kubori

Shin Kikuchi

Chairman

Vice Chairman

Committee Member

Current PositionName

Create Change Create Change

1 Management Vision

3

A financial services group with worldA financial services group with world--class class competitivenesscompetitiveness

Create change to contribute to development of Create change to contribute to development of capital markets and generate growth capital markets and generate growth

opportunitiesopportunities

Act as a bridge between Asia and Europe/USAct as a bridge between Asia and Europe/US

World Class World Class SpeedSpeed

Keywords

2 Steps Taken by New Management

New Management Structure

Group Management CommitteeRisk Management Committee Risk Management

Sub Committee

CEO

COO

Domestic Retail

Global Merchant Banking

Global Markets

Asset Management

Global Investment Banking

5 Business Division CEOs

(From March 2008)

4

1. Top-down decision-making by CEO, COO, and 5 Business Division CEOs2. Top management heavily engaged in risk management3. Reaffirmed matrix management system

0

5

10

15

20

25

30

35

40

Mar. 2007 Mar. 20080%

5%

10%

15%

20%

25%

Total Assets (lhs) Shareholders' Equity Ratio (rhs)Long-term Debt Ratio (rhs)

2Reduced B/S; Increased Shareholders’ Equity Ratio*

and Long-term Debt Ratio**

* Shareholders’ Equity Ratio = (Total Shareholders’ Equity / Total Assets) X 100** Long-term Debt Ratio = (Long-term Borrowings / Total Liabilities) X 100

Steps Taken by New Management(From March 2008)

5

(trillions of yen)

2US Mortgage Finance Business-related Exposure

(From March 2008)Steps Taken by New Management

Exposure to Monoline Insurers*

(billions of yen)

** Ratings are based on S&P or Moody’s, whichever is lower 6

287.5

212.5168.4

131.1

0

50

100

150

200

250

300

350

1Q

US CMBS-related

(billions of yen)

Jun. 2007 Sept. 2007 Dec. 2007 Mar. 2008

(millions of US$)

* We have not done any transactions that use RMBS as reference assets

2008/3/31Monoline Insurersby Credit Rating**(No. of companies)

Gross ExposureCounterparty

Risk Reservesand other Adjustments

Net Exposure CDS Protection

AAA(3) $903 $160 $743 $416AA(1) $188 $41 $147 $177A(1) $16 - $16 -Total $1,107 $201 $907 $593

Others (2)(Provisions completed) $1,278 $1,278 - $153

Jun. 2007 Sept. 2007 Dec. 2007 Mar. 2008

0

266.0

47.8

7.50

50

100

150

200

250

300

1Q 2Q 3Q 4Q

Exit

US RMBS-related

2

Capital Policy for Growth

(From March 2008)Steps Taken by New Management

Issued 120 billion yen in subordinated bondsBorrow subordinated loans from leading

Japanese financial institutions

Shareholders’equity

7

Subordinated debt to ensure more efficient use

of capital and improve ROE

Laying foundation for proactive investment aimed

at future growth

Subordinated debt

Solid client base

3 Solid Client Base in Japan

GlobalMerchantBanking

GlobalMarkets

Asset Management

Global Investment

Banking

Close relations with corporates and

institutions

Domestic Client Assets 72.2 trillion yen*

Institutional investor client base

*As at end March 2008

Domestic Retail

World-class products and services

Global MarketsGlobal Investment Banking

8

4 Domestic Retail Vision

Domestic Retail in Three YearsDeliver WorldDeliver World--class Investment Servicesclass Investment Services

A Trusted PartnerA Trusted Partner

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Domestic Client Assets: 110tn yenNet revenue: 550bn yen Pre-tax income: 165bn yen

Key Initiatives

Sales channel strategy based on characteristics of each region, customer needs

Enhanced focus on customer needsDiversify products, enhance servicesIncrease quantity and quality of branch offices offering different functions and services

Global Markets in Three YearsProduct Center of Excellence in Nomura GroupProduct Center of Excellence in Nomura Group

Fixed IncomeClients• Enhance marketing to global investors, hedge funds, sovereign wealth funds, QDII in China, and Asian

HNW investors• Increase number of synthetic prime brokerage clients• Offer 130/30 and other alternative strategies to traditional institutional investorsProducts/Services• Research sales: Enhance Asian equity coverage with base in Japanese equities• Execution services: Sophisticated execution skills, higher execution consulting skills, synergy with Instinet• Increase product supply capabilities (ETFs, equity derivatives, etc.)

4

Clients• Further expansion of global investor base (incl. overseas private

banks)• Connect borrowers looking for risk money, capital enhancement,

and additional funds with investors seeking to invest funds

Products• Use experience in Japan globally (e.g. export expertise in

structured products developed in Japan’s low interest environment)• Expand product lineup (Credit-related products in particular)• Deliver investment opportunities by enhancing Asian sales and

sourcing

Equity

Asset FinanceProducts/Services• J-REITs: Tap business opportunities arising from market expansion and realignment to generate revenue• Real-estate asset management: DBJ Nomura Investment core of operations in Japan, roll out business in

Asia• Real-estate finance: Enhance one-stop structure• Corporate opportunity finance: Increase deals through collaboration in Nomura Group

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Top class fixed income house in Japan and AsiaBulge bracket/Pan-Asian equity house strong in Japanese equities, tier 1 in Asian equitiesEnhance product development to meet real-estate investment needs

Pre-tax income of 200bn yen

Key Initiatives

Global Markets Vision

Establish Position as AsiaEstablish Position as Asia’’s Pres Pre--eminent Investment Bankeminent Investment BankAct as Engine to Drive Nomura Group Revenue ExpansionAct as Engine to Drive Nomura Group Revenue Expansion

Expand business platform based around Japan, enter new markets overseas

4

Enhance client coverage

Diversify/develop products

Diversify revenue sources

Strengthen international operations• Strengthen global network, improve execution• Europe IB: Increase role as product/human resource supply

hub, grow business in CIS, Central/Eastern Europe• Asia IB: Focus on key regions, expand business (increase

headcount by approx. 50 mainly in India, China; Build up organization in Korea, Taiwan, Singapore, Australia, Vietnam)

• Americas IB: Boost function as global franchise

• Appoint sector bankers in Asia, increase global collaboration

• Capital commitment: Increase operations/ enhance oversight

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Net revenue: 120bn yen; Pre-tax income: 50bn yen

Key Initiatives

Global Investment Banking in Three Years

Global Investment Banking Vision

Global Merchant Banking in Three YearsLeading Presence in Private EquityLeading Presence in Private Equity

4

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Global portfolio of 300bn yen (ex. Terra Firma)Pre-tax income: 30bn – 40bn yen on constant basis

Fully utilize Nomura Group resources• Collaborate with other divisions during deal sourcing, increasing value of investee companies, and exits

Invest in 3 – 5 companies a year in Japan; Portfolio of 25 companies in 5 years (expected time to exit: 3 – 5 years)

Europe: Leverage regional characteristics to create funds

Asia: Focus on environment, consumer, media firms in India and China

Key Initiatives

Global Merchant Banking Vision

Asset Management in Three YearsWorldWorld--Class Player with Strong Investment Capabilities in Japan and AsClass Player with Strong Investment Capabilities in Japan and Asiaia

• Establish dominant position by further developing multi-product/multi-channel approach

• Build brand as largest ETF manufacturer in domestic market

4

Further enhance Japan/Asia equity and bond investment capabilities Retail business in Japan

Domestic investment advisory

Overseas investment advisory

International fund business• Enhance foreign currency bond products, win

mandates from institutional investors for RAFI, alternative products

• Win mandates by cross-selling to major institutional investors centered on Japanese and Asian equities

• Beef up operations for sovereign wealth funds and leading pension funds

• Supply Japanese and Asian equity funds to retail investors outside Japan

• Develop distribution channels in India, China, etc.• Originate Sharia-compliant products, grow business in Muslim

countries in Middle East and Malaysia

* Total AuM for all Asset Management Division firms of 50tn yen minus asset overlap 13

AuM (net)*: 43tn yenPre-tax income: 55bn yen

Key Initiatives

Asset Management Vision

-100

0

100

200

300

400

500

600Domestic Retail

Global Markets

Global Investment Banking

Global Merchant Banking

Asset Management

5 Medium-term Targets

Global Merchant BankingLeading presence in private equity

Global Investment BankingEstablish position as Asia’s pre-eminent investment bankAct as engine to drive Nomura Group revenue expansion

Global MarketsProduct center of excellence in Nomura Group

Domestic RetailDeliver world-class investment servicesA trusted partner

Y165bn

Y200bn

Y50bnY35bnY55bn

(billions of yen)

Management Target: ROE of 10% ∼ 15%Revenue Capable of Generating Pre-tax Income of 500bn yen

Asset ManagementWorld-class player with strong investment capabilities in Japan and Asia

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Europe

America TokyoTokyoNew YorkNew York

LondonLondon

Further Growth: International Strategy6

•• Sales hub for worldSales hub for world--class class network (Japan/Asia)network (Japan/Asia)

•• Provider of expertise Provider of expertise essential to Nomura Groupessential to Nomura Group

•• Key link in global asset Key link in global asset management networkmanagement network

Step up strategic approach to promising markets in Asia and emerging regions (Central/Eastern Europe, CIS, Middle East, China, India)Expand overseas operations using platform centered in London and Tokyo

Central/Eastern EuropeCIS

AsiaMiddleEast •• Deliver worldDeliver world--class class

products to solid client products to solid client base in Japanbase in Japan

•• Provide opportunities for Provide opportunities for investment into Asiainvestment into Asia

•• Enhance function as supply Enhance function as supply hub for worldhub for world--class products class products and servicesand services

•• Increase derivative Increase derivative origination expertise and origination expertise and sales skillssales skills

•• Expand private bank client Expand private bank client base and order flowbase and order flow

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In Conclusion

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