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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
For the month of May 2016
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):
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Information furnished on this form:
Exhibit Number
| 1. | Consolidated Results of Operations (US GAAP), Fourth quarter and fiscal year ended March 2016 |
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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: May 6, 2016 | By: | /s/ Hajime Ikeda | ||
| Hajime Ikeda | ||||
| Senior Managing Director | ||||
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Connecting Markets East & West Consolidated Results of Operations Fourth quarter, year ended March 2016 (US GAAP) Nomura Holdings, Inc. April 2016 Nomura
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Outline Presentation Financial Supplement Executive summary (p. 2-3) Consolidated balance sheet (p.17) Overview of results (p. 4) Value at risk (p.18) Business segment results (p. 5) Consolidated financial highlights (p. 19) Retail (p. 6-7) Consolidated income (p. 20) Asset Management (p. 8-9) Main revenue items (p. 21) Wholesale (p. 10-12) Consolidated results: Income (loss) before income taxes by segment and region (p. 22) Non-interest expenses (p. 13) Segment ?Other? (p.23) Robust financial position (p. 14) Retail related data (p. 24-27) Funding and liquidity (p. 15) Asset Management related data (p. 28-29) Wholesale related data (p. 30-31) Number of employees (p. 32)
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Executive summary FY2015/16 full year highlights Three segment total income before income taxes: Y179.7bn (-35% YoY); Retail and Wholesale results impacted by market dislocation and slowdown in client activity from August onwards Retail ? Sales of stocks and investment trusts slowed as retail client risk appetite dropped off ? Continued transformation of business model: Recurring revenue up 20% YoY Asset Management ? Reported record net revenue driven by ongoing inflows into investment trusts and growth in assets under management ? Income before income taxes strongest since year ended March 2007 Wholesale ? Equities and Investment Banking reported stronger revenues, while Fixed Income had challenging year, particularly in Spread Products ? Reviewed EMEA and Americas businesses based on current market environment Group income before income taxes: Y165.2bn (-52% YoY); Net income1: Y131.6bn (-41% YoY) ? Group income before income taxes weighed down by slower performance in three business segments, unrealized loss on security holdings (Y43.2bn) 2, and impact of settlement in legal proceedings (approx. Y35bn)3 ? Decline in net income narrowed due to booking of deferred tax assets (lower tax expense)4 Solid capital position ? CET1 capital ratio: 14.7% (2019 fully-loaded basis); Consolidated leverage ratio: 4.32% Shareholder returns ? Dividend per share: Year end Y3; Annual Y13 ? Launch of share buyback program to deliver shares upon the exercise of stock options and to raise capital efficiency and ensure a flexible capital management policy ? Total shares: Upper limit of 35 million shares ? Total value: Upper limit of Y20bn ? Period: From May 18, 2016, to July 22, 2016 (1) Net income attributable to Nomura Holdings shareholders. (2) Unrealized loss on investments in equity securities held for operating purposes (Y20.7bn), unrealized loss from Ashikaga Holdings shares (Y22.5bn). 2 (3) Impact of settlement with Banca Monte dei Paschi di Siena SpA (approx. Y35bn). (4) Booked deferred tax assets (tax expense declined) due to decision to wind up specified subsidiaries based in EMEA (Nomura Capital Markets Limited and Nomura Asia Holding N. V.).
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Executive summary FY2015/16 4Q highlights Three segment total loss before income taxes of Y4.9bn as business environment deteriorated from January due to plunge in share prices, stronger yen, and decline in liquidity in fixed income markets ? Despite controlling costs (-8% QoQ), unable to offset drop in revenues and profitability suffered ? Severance-related expenses arising from headcount reduction in April were booked in 4Q (just under Y16bn) Retail ? Investor sentiment deteriorated from January on the back of plunge in share prices and sharp appreciation of the yen ? Solid sales of bonds, but other products sluggish Asset Management ? AuM declined due to market factors; Non-recurrence of dividend income booked last quarter Wholesale ? Fixed income revenues declined in all regions and products due to market turmoil and lower client activity ? Resilient performance in Equities and Investment Banking Group loss before income taxes: Y12.3bn; Net loss1: Y19.2bn ? Higher unrealized loss on securities holdings due to decline in share prices (approx. Y42bn)2, while positive contributions came from equity stake in affiliates earnings and gain on changes to own and counterparty credit spreads Income (loss) before income taxes and net income (loss)1GroupIncome (loss) before income taxes(billions of yen)116.1Net income (loss)105.0106.074.082.068.751.770.051.646.652.919.935.419.9-12.3-19.2FY2014/15FY2015/161Q2Q3Q4Q1Q2Q3Q4QThree segment income (loss) before income taxesWholesale101.4Asset ManagementRetail82.368.960.353.845.648.5-4.FY2014/15FY2015/161Q2Q3Q4Q1Q2Q3Q4Q 3
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Overview of results Highlights(billions of yen, except EPS and ROE) FY2015/16 FY2015/16 QoQ YoY YoY 4Q Full year Net revenue 280.1 -21% -36% 1,395.7 -13% Non-interest expenses 292.5 -4% -11% 1,230.5 -2% Income (loss) -12.3 — 165.2 -52% before income taxes Net income (loss)1 -19.2 — 131.6 -41% EPS2 -Y5.33 — Y35.52 -41% ROE3—4.9%(1) Net income (loss) attributable to Nomura Holdings shareholders.(2) Diluted net income (loss) attributable to Nomura Holdings shareholders per share. 4(3) Calculated using annualized net income (loss) for each period.
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Business segment results Net revenue and income (loss) before income taxes(billions of yen) FY2015/16 FY2015/16 QoQ YoY YoY 4Q Full year Net revenue Retail 85.0 -18% -31% 435.6 -9% Asset Management 20.3 -20% -15% 95.4 +3% Wholesale 136.2 -27% -41% 720.3 -9% Subtotal 241.5 -23% -36% 1,251.3 -8% Other * 62.1 +80% +28% 165.1 -25% Unrealized gain (loss) on investments in -23.5 equity securities held for operating purposes — -20.7—Net revenue 280.1 -21% -36% 1,395.7 -13% Income Retail 12.2 -56% -70% 127.6 -21%(loss) before income taxes Asset Management 5.8 -46% -13% 36.7 +14% Wholesale -22.8 — 15.4 -81% Subtotal -4.9 — 179.7 -35% Other * 16.1 — 6.1 -87% Unrealized gain (loss) on investments in -23.5 equity securities held for operating purposes — -20.7—Income (loss) before income taxes -12.3 — 165.2 -52%*Additional information on ?Other? (4Q) Gain on changes to own and counterparty credit spreads (Y9.2bn vs. loss of Y1.5bn in 3Q) Unrealized loss from Ashikaga Holdings shares (Y18.6bn vs. loss of Y3.2bn in 3Q) 5
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Retail Net revenue and income before income taxes(billions of yen) Full year Quarter FY14 FY14 FY15 FY2015/16 /15 QoQ YoY /15 /16 4Q 1Q 2Q 3Q 4Q Net revenue 476.5 435.6 122.9 130.7 115.7 104.3 85.0 -18% -31%Non-interest expenses 314.7 308.0 82.0 79.8 78.9 76.5 72.9 -5% -11%Income before income 161.8 127.6 40.9 50.9 36.7 27.8 12.2 -56% -70%taxes Total sales1(billions of yen) Stocks Bonds Investment trusts Discretionary investments, Insurance products4,000 3,000 2,000 1,000 0 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q(1) Retail channel only.(2) Retail channels, Net & Call, and Hotto Direct. Key points Full year Net revenue: Y435.6bn (-9% YoY) Income before income taxes: Y127.6bn (-21% YoY)—Solid performance in 1H but sales of stocks and investment trusts slowed from August as market conditions deteriorated—Continued to transform business model: Recurring revenue up 20% YoY (from Y63.5bn to Y76.5bn) Fourth quarter Net revenue: Y85bn (-18% QoQ; -31% YoY) Income before income taxes: Y12.2bn (-56% QoQ; -70% YoY) Net revenue and income before income taxes both down QoQ—Investor sentiment deteriorated from January on the back of plunge in share prices and sharp appreciation of the yen—Robust sales of bonds but other product sales generally weak Total sales1 declined 14% QoQ Stocks: -3% QoQ ? Lower contribution from primary deals (primary stock subscriptions2: Y75.2bn, -77% QoQ) Investment trusts: -39% QoQ ? Slow sales of investment trusts as investors in wait-and-see mode Bonds: Y578.2bn, +10% QoQ ? Increased demand for JGBs for individual investors driven by negative interest rates ? Contributions from primary deals Discretionary investment and insurance sales down -51% QoQ 6
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Retail: Progress amid challenging environment Recurring revenue(billions of yen) Recurring revenue (annualized, adjusted basis) Continued net inflows into discretionary investments and investment trusts Recurring revenue cost coverage ratio (rhs) despite challenging environment; Recurring revenue down QoQ due to100.0 24% 25% 25% 25% 30% market factors 22% Mar 2016/4Q Dec 2015/3Q 80.0 20% Recurring revenue Y17.9bn Y19.4bn ? Discretionary investment net inflows1 Y51.7bn Y200.1bn 60.0 ? Investment trust net inflows1 Y8.7bn Y9.2bn 72.0 78.0 78.3 76.8 71.9 10% Sales of insurance products2 Y72.3bn Y105.2bn 40.0 Client franchise—Retail client assets Y100.6trn Y108.8trn 20.0 0%—Accounts with balance 5.39m 5.38m FY2014/15 FY2015/16—NISA account applications3 1.67m 1.64m 4Q 1Q 2Q 3Q 4Q—Net inflows of cash and securities4 -Y43bn -Y355.8bnDiscretionary investment assets under management Sales of JGBs to individual investors(billions of yen)(billions of yen) 2,500 Quarterly discretionary investment net inflows1 2,193.8 250.0 234.8 2,164.4 1,927.5 51.7 2,000 200.1 200.0 1,694.7 284.2 1,500 1,338.0 361.8 150.0 347.5 1,000 100.0 76.9 47.8 53.7 60.5 500 50.0 0 0.0 FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q /Mar 1Q /Jun 2Q /Sep 3Q /Dec 4Q /Mar 4Q 1Q 2Q 3Q 4Q(1) Retail channels, Japan Wealth Management Group.(2) Retail channels only.(3) NISA account applications as at end Mar 2016 includes Junior NISA. 7(4) Cash and securities inflows minus outflows, excluding regional financial institutions.
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Asset Management Net revenue and income before income taxes(billions of yen) Full year Quarter FY2014 FY2014 FY2015 /15 FY2015/16 QoQ YoY /15 /16 4Q 1Q 2Q 3Q 4Q Net revenue 92.4 95.4 23.9 26.9 22.9 25.3 20.3 -20% -15%Non-interest expenses 60.3 58.7 17.2 15.2 14.4 14.6 14.5 -0.4% -16%Income before income 32.1 36.7 6.7 11.7 8.4 10.7 5.8 -46% -13%taxes Assets under management(trillions of yen) AuM (net)1 AuM (gross)2 50.1 50.8 48.1 47.2 48.2 39.3 41.4 40.0 42.2 40.1 FY2014/15 FY2015/16 Mar Jun Sep Dec Mar Key points Full year Net revenue: Y95.4bn (+3% YoY) Income before income taxes: Y36.7bn (+14% YoY) —Significantly stronger inflows into ETFs, investment trusts for discretionary investments and privately placed funds for regional financial institutions amid heightened market volatility—AuM growth drove net revenue to record high and income before income taxes to strongest level since the year ended March 2007—GPIF chose four foreign bond mandates managed by Nomura Quarter Net revenue: Y20.3bn (-20% QoQ; -15% YoY) Income before income taxes: Y5.8bn (-46% QoQ; -13% YoY)—Net revenue and income before income taxes both down QoQ as market factors led to decline in AuM and due to non-recurrence of dividend income booked last quarter and other factors Investment trust business Continued inflows into ETFs, privately placed funds for regional financial institutions and investment trusts for discretionary investments 4Q inflows ? NOMURA Hyper Bull Bear 5 : Y43.6bn ? Nomura Fund Wrap Japan Stock : Y14.3bn ? Nomura Fund Wrap International Bond : Y12.9bn Investment advisory and international businesses Ongoing inflows from large Japanese public pension fund Internationally, although Japan equities reported outflows, we saw ongoing inflows into US high yield products Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Funds Research and Technologies, Nomura Corporate Research and Asset Management.Assets under management (gross) of above three companies. Historical AuM (gross) figures have been reclassified in line with a revised calculation method introduced in the third quarter of the fiscal year ending March 2016.Nomura Asset Management took over the institutional investor advisory business and the retail related business of Nomura Funds Research and Technologies on July 1, 2015, and October 1, 2015, respectively, as well as all of 8 the operations of Nomura Private Equity Capital on December 1, 2015.
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Asset Management: Highly recognized investment management expertise Nomura Asset Management public investment trust market Assets under management (net)1 by business share2 (trillions of yen) Investment trust business Investment advisory business50.0 39.3 41.4 40.0 42.2 40.140.0 12.3 12.8 13.2 14.2 13.430.0 20.0 27.0 28.6 26.8 28.0 26.710.0 0.0 FY2014/15 FY2015/16 Mar Jun Sep Dec MarInflows into investment trust business3(billions of yen) MRFs, MMFs, etc. Investment trust business ETF Other investment trusts (excl. ETFs)1,500(exc. ETFs) 1,294 1,000 944 838500 464 477 308 259 0 -398 -102 -427-500 -1,000 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q 26.0% 24.6% 24.9% 24.9% 24.8% 24.0% 24.0% 22.0% 20.0% FY2014/15 FY2015/16 Mar Jun Sep Dec MarNCRAM4 investment advisory assets under management Highly rated for strong 150 Note: Indexed, Mar 2015 AuM = 100 USD basis 128 performance over medium to 113 long term, NCRAM4 has seen 100 103 95 ongoing inflows from 100 institutional investors and investment advisory AuM increased 28% over past year 50 New clients from UCITS5 and continued growth in investment 0 FY2014 FY2015/16 advisory mandates /15 Mar Jun Sep Dec Mar(1) Net after deducting duplications from assets under management (gross) of Nomura Asset Management, Nomura Funds Research and Technologies, and Nomura Corporate Research and Asset Management. (2) Source: The Investment Trusts Association, Japan. (3) Based on net assets under management. (4) Nomura Corporate Research and Asset Management. 9 (5) Undertakings for Collective Investment in Transferable Securities (UCITS) is the main European framework covering collective investment schemes investing in transferable securities.
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Wholesale Net revenue and income (loss) before income taxes(billions of yen) Full year Quarterly FY14 FY14 FY15 /15 FY2015/16 QoQ YoY /15 /16 4Q 1Q 2Q 3Q 4Q Global Markets 683.4 600.3 199.0 176.2 158.7 157.2 108.3 -31% -46%Investment Banking 106.5 120.0 32.4 29.0 34.2 28.8 27.9 -3% -14%Net revenue 789.9 720.3 231.5 205.2 192.9 186.0 136.2 -27% -41%Non-interest expenses 707.7 704.9 177.7 185.5 184.3 176.0 159.0 -10% -10%Income (loss) before 82.2 15.4 53.8 19.7 8.6 9.9 -22.8 —income taxes Net revenue by region(billions of yen) 250.0 200.0 56.2 59.2 44.8 43.5 Americas150.0 65.6 40.8 55.4 43.2 45.4 EMEA100.0 33.1 31.5 27.1 AEJ 26.4 23.7 50.0 18.0 76.5 73.7 66.2 72.2 Japan 49.0 0.0 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Key points Full year Net revenue: Y720.3bn (-9% YoY) Income before income taxes: Y15.4bn (-81% YoY)—Equities and Investment Banking both reported stronger revenues YoY, while in Fixed income, strong performance in Rates was offset by a challenging period for Spread Products—Continued to control costs, but unable to offset decline in revenues resulting in decline in income before income taxes Fourth quarter Net revenue: Y136.2bn (-27% QoQ; -41% YoY) Loss before income taxes: Y22.8bn Booked loss before income taxes on marked decline in revenue QoQ—Fixed Income revenues declined across all regions and products due to market turmoil and slowdown in client activity—Equities and Investment Banking remained resilient Net revenue by region (QoQ, YoY) Japan: Y49.0bn (-32%, -36%)—Sluggish performance in Rates and Credit coupled with absence of private equity gain booked last quarter Americas: Y45.4bn (+4%, -19%)—Slow quarter in Rates and Securitized Products offset by realized gain on sale of Chi-X shares EMEA: Y23.7bn (-45%, -64%)—Challenging quarter for Fixed Income, primarily in Rates AEJ: Y18.0bn (-33%, -46%)—Slower client activity led to slowdown in Emerging Market FX 10
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Wholesale: Global Markets Net revenue1 FY2015/16 full year and 4Q net revenue by region (billions of yen) Equities Fixed Income -31% QoQ 199.0 176.2 -46% YoY 158.7 157.2 81.7 92.1 75.5 76.9 108.3 117.4 80.7 84.1 83.2 80.2 27.6FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4QKey points Fourth quarter Global Markets Net revenue: Y108.3bn (-31% QoQ; -46% YoY)—Equities uplifted by gain on sale of Chi-X shares, but Fixed Incomesignificantly declined Fixed Income Net revenue: Y27.6bn (-66% QoQ; -76% YoY)—Trading environment impacted by rapid spread widening, plunging liquidity, and market disruption following negative rates in Japan- Decline in revenues due to under-performance in Spread Products and slowdown in Rates, particularly in Japan Equities Net revenue: Y80.7bn (+5% QoQ; -1% YoY)—Stronger revenues QoQ amid heightened volatility as Japan business performed well, and Americas booked gain on sale of Chi-X shares Full year Quarter QoQ -12% YoY YoY FI EQ Americas EMEA AEJ Japan FY14/15 FY15/16 0% ~ ?5% ?5% ~ ?15% ?15% ~Full year Strong performance in Rates weighed down by sharp decline in Spread Products and EMEA Equities Fourth quarter Americas: Slow quarter for all Fixed Income products except FX; Cash Equities was resilient EMEA: In Fixed Income, Rates slowed significantly from strong 3Q; In Equities, Derivatives had a slow quarter AEJ: Slowdown in Fixed Income, mainly in Emerging Markets FX; Equities reported weak performance in Derivatives due to low client activity Japan: Fixed Income saw significant slowdown in Rates and Credit, while increased client activity in Equities led to solid performance in Cash Equities 11
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Wholesale: Investment Banking Net revenue Investment Banking (gross)(billions of yen)57.3 49.7 63.1 34.4 47.0 Investment Banking (net) Other 34.2 -3% QoQ32.4 2.5 29.0 0.8 28.8 27.9 2.7 -14% YoY 8.1 29.9 29.1 33.4 20.7 25.2 -0.1 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Key points Fourth quarter Net revenue: Y27.9bn (-3% QoQ; -14% YoY) -Stronger revenues in core business, but absence of one-off gain booked last quarter (gain on sale of private equity investment) Investment Banking (gross) revenue up 37% QoQ to Y47bn despite decline in fee pools -All products booked higher revenues QoQ, with revenues driven particularly by M&A and DCM -Japan: Stronger revenues both QoQ and YoY ? Revenues driven by high-profile M&A and ECM deals; Retained top spot in Japan-related league tables (Market share: M&A 36.5%; ECM 47.3%)1 ? Growth in Solutions business, which now accounts for over 20% of Japan revenues—International: Revenues up QoQ driven by improvement in Americas business, but down YoY (1) Source: Thomson Reuters, Jan ? Mar 2016. FY2015/16 4Q announced deals Full year gross revenue flat YoY despite fee pool decline of over 10% Driven by global business centered on Asia; Japan revenues at five-year high Slowdown in fixed income related businesses, but revenue growth in M&A, ECM and Solutions businesses EMEA Asia (incl. Japan) Americas M&A Canon/ Toyota/ Toshiba Medical Daihatsu (Y665.5bn) (Y371.9bn) China resources Beer/ Uny Group/ China Resources Snow Revenue FamilyMart Breweries (ABI/SABMiller) up over Merger (Y462.7bn) (CNY10.5bn) 40% YoY Bpifrance/Nippon Steel & Sumitomo Metal strategic Heineken acquisition of D&G acquisition of Vallourec, and GAPL shares held by Vallourec CB/ rights (M&A Diageo ($781m) 555m, ECM total 995m) Japan Post HD, Japan ECM LaSalle Logiport Post Insurance, Global IPO Japan Post Bank (Y109.9bn) Global IPOs (Y1.4trn) Revenue up 15% Suzuki China Huarong YoY Euro-Yen CB HK IPO (Y205.5bn) (HKD19.7bn) Provide solutions globally in line with changing market conditions FX hedging transactions related to M&A Solutions Interest rate swaps to address rates volatility and rate locks for bond issuances Sale of strategic shareholdings and acquisition of treasury stock in response to Japan?s Corporate Governance Code 12
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Non-interest expenses Full year Quarter(billions of yen)(billions of yen) 400 1,500 Other 329.6 1,257.4 1,230.5 318.0 316.7 303.3 Business development 1,200 292.5 300expenses Occupancy and related 900 depreciation 200Information processing and communications 600 Commissions and floor 100brokerage 300 Compensation and benefits 0 0 FY2014/15 FY2015/16 FY2014/15 FY2015/16 QoQ 4Q 1Q 2Q 3Q 4Q Compensation and benefits 596.6 574.2 144.2 155.9 149.7 141.8 126.8 -10.6%Commissions and floor brokerage 130.0 123.9 34.7 34.2 32.6 31.1 25.9 -16.8%Information processing and communications 192.3 189.9 52.7 47.9 48.2 46.8 46.9 0.2%Occupancy and related depreciation 76.1 78.4 20.1 18.7 19.2 19.6 20.9 6.7%Business development expenses 35.2 35.9 9.2 8.3 8.5 9.3 9.8 4.8%Other 227.2 228.2 68.6 52.9 58.5 54.6 62.2 13.9%Total 1,257.4 1,230.5 329.6 318.0 316.7 303.3 292.5 -3.6%Key points Full year Non-interest expenses: Y1,230.5bn (-2% YoY) ? Compensation and benefits declined mainly internationally due to cost reductions and pay for performance (-4% YoY) Fourth quarter Non-interest expenses: Y292.5bn (-4% QoQ) ? Compensation and benefits (-11% QoQ) ? Decline due to focus on pay for performance ? Severance related expenses associated with headcount reduction (just under Y16bn) ? Commissions and floor brokerage (-17% QoQ) ? Declined in line with lower trading volumes ? Other (+14% QoQ) ? Higher expenses at consolidated subsidiaries 13
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Robust financial position Balance sheet related indicators and capital ratios Risk weighted assets3 and CET1 capital ratio (trillions of yen) Mar 2015 Dec 2015 Mar 2016 RWA (Basel 3) (lhs) CET1 capital ratio (Basel 3) (rhs) Total assets Y41.8trn Y43.5trn Y41.1trn 20.0 20.0% 15.1% 15.4% 14.7% Shareholders? equity Y2.7trn Y2.8trn Y2.7trn 12.9% 13.5% 13.2% 15.0 15.0% Gross leverage 15.4x 15.5x 15.2x 10.0 10.0% Net leverage1 9.3x 9.7x 9.6x 5.0 5.0% Level 3 assets2 Y0.3trn Y0.4trn Y0.4trn (net) 0.0 0.0%Basel Fully loaded 3 2019 Liquidity portfolio Y6.1trn Y6.5trn Y5.9trn FY2014/15 FY2015/16 balance applied sheet to Mar Jun Sep Dec Mar at end Mar (billions of yen) (estimate) 2 Mar 2015 Dec 2015 Mar 2016 Level 3 assets2 and net level 3 assets/Tier 1 capital Basel 3 basis Tier 1 capital 2,459 2,552 2,576 (billions of yen) Level 3 Assets Tier 2 capital 361 342 323 Net Level 3 Assets800 30% Total capital 2,820 2,894 2,899 Net Level 3 Assets / Tier 1 CapitalRWA3 18,929 16,864 15,994 600Tier 1 capital ratio 12.9% 15.1% 16.1% 20%14% 14% 14% 14% 14% CET 1 capital ratio4 12.9% 15.1% 15.4% 400Consolidated capital adequacy 10% 14.8% 17.1% 18.1% 200 ratio Consolidated Leverage ratio5 3.82% 4.14% 4.32% 6 0 FY2014/15 FY2015/16 0% HQLA—Y6.0trn Y6.2trn LCR6 177.4% 175.8% Mar Jun Sep Dec Mar—(1) Net leverage: Total assets minus securities purchased under agreements to resell and securities borrowed, divided by Nomura Holdings shareholders? equity. (2) Preliminary. (3) Credit risk assets are calculated using the internal model method. (4) CET 1 capital ratio is defined as Tier 1 capital minus minority interest divided by risk-weighted assets. 14 (5) Tier 1 capital divided by exposure (sum of on-balance sheet exposures and off-balance sheet items). (6) Monthly average for each quarter.
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Funding and liquidity Balance sheet Balance sheet structure(As of Mar 2016) Assets Liabilities and equity Highly liquid, healthy balance sheet Unsecured funding2 structure ? 77% of assets are highly liquid More than 70% of unsecured funding is trading and related assets1 that are long-term debt marked-to-market and matched to Diversified sources of funding trading and related liabilities1 through repos etc. (regionally and Trading liabilities Short-term debt by currency) and related1 26% Trading assets ? Other assets are funded by equity and related1 Long-term debt due and long-term debt, ensuring within 1yr, 6% structural stability International 27% Loans Bank(incl. lending Long-term subordinated) marketLiquidity portfolio2 Other liabilities debt, Average 68% Short-term borrowings maturity Japan Euro MTN/Yen, Retail 73% retail bonds, etc. Liquidity portfolio: Cash and cash deposits Long-term 5 years3 Euro market ? Y5.9trn, or 14% of total assets Other assets borrowings MTN/Other, Wholesale Total equity wholesale market ? Maintain a high quality liquidity bonds, etc. portfolio surplus without the need for additional unsecured funding Breakdown of Long-term Funding of short-term/long- debt by long-term over a certain period term debt region debt(1) Trading assets and related: Reverse repo, securities, derivatives, etc. Trading liabilities and related: Repo, securities loaned, derivatives, etc.(2) Definition differs from financial disclosures reflecting Liquidity Management?s view. Cash and cash deposits portion of liquidity portfolio excludes funds on deposit at exchanges and segregated client funds. 15(3) Excludes long-term debt due within one year. Redemption schedule is individually estimated by considering the probability of redemption under certain stressed scenarios.
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Financial Supplement
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Consolidated balance sheet(billions of yen) Mar 31, Mar 31, Increase Mar 31, Mar 31, Increase 2015 2016(Decrease) 2015 2016(Decrease) Assets Liabilities Total cash and cash deposits 2,097 3,899 1,802 Short-term borrowings 662 663 1 Total payables and deposits 3,399 4,249 851 Total loans and receivables 2,948 2,970 21 Total collateralized financing 15,380 16,606 1,226 Trading liabilities 10,044 7,499 -2,545 Total collateralized agreements 16,720 15,078 -1,642 Other liabilities 1,217 1,201 -16 Long-term borrowings 8,336 8,130 -207 Total trading assets1 and private 17,309 16,410 -899 Total liabilities 39,038 38,347 -691 equity investments Total other assets 2,710 2,734 24 Equity Total NHI shareholders’ equity 2,708 2,700 -8 Noncontrolling interest 37 43 6 Total assets 41,783 41,090 -693 Total liabilities and equity 41,783 41,090 -693(1) Including securities pledged as collateral. 17
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Value at risk Definition From April 1, 2015 to March 31, 2016 (billions of yen)—99% confidence level—Maximum: 9.1—1-day time horizon for outstanding portfolio—Minimum: 3.5—Inter-product price fluctuations considered—Average: 5.3(billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16 Mar Mar Mar Jun Sep Dec Mar Equity 1.0 0.9 1.0 1.3 1.5 1.7 0.9 Interest rate 4.2 3.8 4.2 3.9 5.2 4.9 3.8 Foreign exchange 1.1 0.8 1.1 1.1 1.4 2.0 0.8 Sub-total 6.2 5.5 6.2 6.2 8.2 8.5 5.5 Diversification benefit -1.6 -2.0 -1.6 -2.4 -2.8 -2.8 -2.0 VaR 4.6 3.5 4.6 3.8 5.4 5.7 3.5 18
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Consolidated financial highlights Full year Quarter(billions of yen)(billions of yen) 8.6% 300 9% 100 12% 10.0% 80 224.8 8.4% 9% Net income 8.6% 200 4.9% 6% 60 7.3% attributable to NHI shareholders 131.6 40 82.0 6% ROE(%) 68.7 100 3% 20 46.6 35.4 4.9% 3% 0 0 0% -20 -19.2 0% FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Net revenue 1,604.2 1,395.7 434.5 424.0 336.6 354.9 280.1 Income (loss) before income taxes 346.8 165.2 105.0 106.0 19.9 51.6 -12.3 Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders 224.8 131.6 82.0 68.7 46.6 35.4 -19.2 Total NHI shareholders’ equity 2,707.8 2,700.2 2,707.8 2,783.3 2,761.7 2,804.7 2,700.2 ROE (%)1 8.6% 4.9% 8.6% 10.0% 8.4% 7.3% 4.9% Basic-Net income (loss) attributable to NHI 61.66 36.53 22.65 19.11 12.95 9.83 -5.31 shareholders per share (yen) Diluted-Net income (loss) attributable to NHI 60.03 35.52 22.08 18.65 12.63 9.61 -5.33 shareholders per share (yen) Total NHI shareholders’ equity per share (yen) 752.40 748.32 752.40 774.39 767.73 777.74 748.32 19(1) Quarterly ROE is calculated using annualized year-to-date net income (loss).
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Consolidated income Full year Quarter(billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Revenue Commissions 453.4 432.0 123.7 130.3 111.5 102.3 87.8 Fees from investment banking 95.1 118.3 25.8 24.5 44.9 20.0 29.0 Asset management and portfolio service fees 203.4 229.0 54.3 59.9 58.2 57.8 53.1 Net gain on trading 531.3 354.0 134.3 124.7 62.6 105.2 61.5 Gain on private equity investments 5.5 13.8 5.5 1.2 0.6 8.7 3.3 Interest and dividends 436.8 440.1 107.5 113.6 111.5 107.9 106.9 Gain (loss) on investments in equity securities 29.4 -20.5 8.4 9.2 -10.9 4.7 -23.5 Other 175.7 156.5 50.5 44.9 39.6 27.9 44.1 Total revenue 1,930.6 1,723.1 510.0 508.4 417.9 434.5 362.2 Interest expense 326.4 327.4 75.5 84.4 81.3 79.6 82.1 Net revenue 1,604.2 1,395.7 434.5 424.0 336.6 354.9 280.1 Non-interest expenses 1,257.4 1,230.5 329.6 318.0 316.7 303.3 292.5 Income (loss) before income taxes 346.8 165.2 105.0 106.0 19.9 51.6 -12.3 Net income (loss) attributable to NHI shareholders 224.8 131.6 82.0 68.7 46.6 35.4 -19.2 20
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Main revenue items Full year Quarter FY2014/15 FY2015/16(billions of yen) FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Stock brokerage commissions 252.8 275.0 70.7 78.7 71.3 63.7 61.3 Other brokerage commissions 19.6 23.3 5.8 5.2 6.8 5.4 5.8 Commissions Commissions for distribution of investment trusts 134.3 89.5 33.6 34.3 22.0 20.8 12.4 Other 46.8 44.2 13.5 12.2 11.3 12.4 8.3 Total 453.4 432.0 123.7 130.3 111.5 102.3 87.8 Equity underwriting and distribution 28.8 56.7 6.9 7.4 30.8 10.3 8.2 Bond underwriting and distribution 20.4 12.9 6.1 4.6 3.3 1.8 3.3 Fees from M&A / financial advisory fees 24.6 33.1 5.6 7.7 7.5 6.5 11.3 investment banking Other 21.2 15.6 7.2 4.8 3.3 1.4 6.2 Total 95.1 118.3 25.8 24.5 44.9 20.0 29.0 Asset management fees 151.8 164.4 39.9 44.2 42.0 41.2 36.9 Asset management and portfolio service Administration fees 32.6 45.7 9.4 10.7 11.3 11.9 11.7 fees Custodial fees 19.0 19.0 5.0 5.0 4.8 4.7 4.4 Total 203.4 229.0 54.3 59.9 58.2 57.8 53.1 21
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Consolidated results: Income (loss) before income taxes by segment and region Adjustment of consolidated results and segment results: Income (loss) before income taxes Full year Quarter FY2014/15 FY2015/16 (billions of yen) FY2014/15 FY2015/164Q 1Q 2Q 3Q 4QRetail 161.8 127.6 40.9 50.9 36.7 27.8 12.2 Asset Management 32.1 36.7 6.7 11.7 8.4 10.7 5.8 Wholesale 82.2 15.4 53.8 19.7 8.6 9.9 -22.8 Three Business segments total 276.1 179.7 101.4 82.3 53.8 48.5 -4.9 Other 46.0 6.1 -4.0 14.7 -23.0 -1.6 16.1 Segments total 322.1 185.8 97.4 97.0 30.8 46.9 11.2 Unrealized gain (loss) on investments in equity 24.7 -20.7 7.6 9.0 -10.9 4.7 -23.5 securities held for operating purposes Income (loss) before income taxes 346.8 165.2 105.0 106.0 19.9 51.6 -12.3Geographic information: Income (loss) before income taxes1 Full year Quarter (billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/164Q 1Q 2Q 3Q 4QAmericas -27.6 -32.0 -14.2 -2.4 -19.8 -12.3 2.4 Europe -23.5 -67.4 7.8 -9.7 -35.2 -5.7 -16.8 Asia and Oceania 34.6 19.8 10.3 14.8 9.2 -2.0 -2.2 Subtotal -16.4 -79.6 3.9 2.7 -45.8 -19.9 -16.6 Japan 363.2 244.8 101.0 103.3 65.6 71.6 4.3 Income (loss) before income taxes 346.8 165.2 105.0 106.0 19.9 51.6 -12.3(1) Geographic information is based on U.S. GAAP. (Figures are preliminary for the three months ended March 31, 2016). Nomura?s revenues and expenses are allocated based on the country of domicile of the 22 legal entity providing the service. This information is not used for business management purposes.
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Segment ?Other? Income (loss) before income taxes Full year Quarter(billions of yen) 50.0 46.0 40.0 30.0 20.0 14.7 16.1 10.0 6.1 0.0 -10.0 -4.0 -1.6 -20.0 -30.0 -23.0 1 2 1 2 3 4 5 FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q Net gain (loss) related to economic 15.1 6.4 -0.3 -2.6 1.1 -0.6 8.5 hedging transactions Realized gain on investments in equity 4.7 0.2 0.8 0.2 0.0 0.0 0.0 securities held for operating purposes Equity in earnings of affiliates 42.2 32.7 12.6 13.8 9.1 4.8 5.1 Corporate items -20.1 -52.3 -5.5 -3.9 -40.0 -3.2 -5.2 Others 4.0 19.2 -11.5 7.2 6.9 -2.6 7.7 Income (loss) before income taxes 46.0 6.1 -4.0 14.7 -23.0 -1.6 16.1 23
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Retail related data (1) Full year Quarter(billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16 QoQ YoY 4Q 1Q 2Q 3Q 4Q Commissions 258.9 220.3 67.7 73.8 55.8 51.8 38.9 -24.9% -42.6%Of which, brokerage commission 81.8 78.9 22.6 26.4 20.0 18.0 14.4 -20.0% -36.2%Of which, commissions for distribution of investment trusts 134.9 93.6 33.7 34.9 22.5 22.0 14.3 -35.1% -57.6%Sales credit 106.4 86.4 25.4 26.0 19.7 23.2 17.5 -24.7% -31.3%Fees from investment banking and other 32.5 35.9 8.0 6.2 16.6 6.1 7.0 15.0% -13.1%Investment trust administration fees and other 71.9 85.3 20.0 21.9 22.0 21.4 20.0 -6.6% 0.2%Net interest revenue 6.9 7.8 1.8 2.8 1.5 1.8 1.7 -7.5% -7.1%Net revenue 476.5 435.6 122.9 130.7 115.7 104.3 85.0 -18.5% -30.8%Non-interest expenses 314.7 308.0 82.0 79.8 78.9 76.5 72.9 -4.7% -11.2%Income before income taxes 161.8 127.6 40.9 50.9 36.7 27.8 12.2 -56.3% -70.3%Domestic distribution volume of investment trusts 1 9,478.5 5,644.9 2,336.3 1,975.3 1,407.3 1,485.8 776.4 -47.7% -66.8%Bond investment trusts 3,110.2 1,094.0 739.8 382.2 298.7 266.8 146.2 -45.2% -80.2%Stock investment trusts 5,445.1 3,656.3 1,372.4 1,378.9 922.2 842.0 513.2 -39.1% -62.6%Foreign investment trusts 923.1 894.6 224.1 214.2 186.4 377.0 117.0 -69.0% -47.8%Other Accumulated value of annuity insurance policies 2,401.7 2,806.4 2,401.7 2,531.4 2,640.5 2,742.7 2,806.4 2.3% 16.9%Sales of JGBs for individual investors (transaction base) 380.6 425.9 47.8 53.7 60.5 76.9 234.8 3.1x 4.9xRetail foreign currency bond sales 1,255.7 1,205.0 254.4 257.9 253.2 398.5 295.4 -25.9% 16.1% 24(1) Excluding Net & Call and Hotto Direct.
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Retail related data (2) Retail client assets(trillions of yen) 120 109.5 113.4 109.5 108.8 103.0 Other 100.6 100.6 100 Overseas mutual funds 80 Bond investment trusts Stock investment trusts 60 Domestic bonds 40 Foreign currency bonds 20 Equities 0 FY2014/15 FY2015/16 FY2014/15 FY2015/16 Mar Mar Mar Jun Sep Dec Mar Equities 67.2 60.2 67.2 70.2 62.3 67.4 60.2 Foreign currency bonds 6.3 5.6 6.3 6.1 5.6 5.6 5.6 Domestic bonds1 12.3 11.7 12.3 12.1 11.8 11.4 11.7 Stock investment trusts 10.3 8.6 10.3 10.4 8.8 9.2 8.6 Bond investment trusts 7.3 7.3 7.3 7.7 7.3 7.5 7.3 Overseas mutual funds 1.8 1.4 1.8 1.7 1.6 1.5 1.4 Other2 4.5 5.8 4.5 5.1 5.7 6.1 5.8 Total 109.5 100.6 109.5 113.4 103.0 108.8 100.6(1) Including CBs and warrants. 25(2) Including annuity insurance.
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Retail related data (3) Net inflows of cash and securities1 Full year Quarter(billions of yen)(billions of yen) 1,500 1,000 997 1,000 500 352 95 500 0 -43 -137 48 -356 0 -500 FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q(1) Cash and securities inflows minus outflows, excluding regional financial institutions. 26
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Retail related data (4) Number of accounts(thousands) FY2014/15 FY2015/16 FY2014/15 FY2015/16 Mar Mar Mar Jun Sep Dec Mar Accounts with balance 5,294 5,389 5,294 5,316 5,366 5,384 5,389 Equity holding accounts 2,719 2,827 2,719 2,700 2,725 2,796 2,827 Nomura Home Trade / Net & Call accounts 4,216 4,412 4,216 4,270 4,337 4,384 4,412 New Individual accounts / IT share1 Full year Quarter(thousands) FY2014/15 FY2015/16 FY2014/15 FY2015/16 4Q 1Q 2Q 3Q 4Q New individual accounts 320 336 95 90 103 86 57 IT share1 No. of orders 59% 58% 60% 59% 60% 55% 59% Transaction value 37% 36% 39% 37% 40% 32% 36% 27(1) Percentage of cash stock transactions conducted via Nomura Home Trade.
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Asset Management related data (1) Full year Quarter FY2014/15 FY2015/16(billions of yen) FY2014/15 FY2015/16 QoQ YoY 4Q 1Q 2Q 3Q 4Q Net revenue 92.4 95.4 23.9 26.9 22.9 25.3 20.3 -19.8% -15.0% Non-interest expenses 60.3 58.7 17.2 15.2 14.4 14.6 14.5 -0.4% -15.6% Income before income taxes 32.1 36.7 6.7 11.7 8.4 10.7 5.8 -46.2% -13.3% Assets under management by company FY2014/15 FY2015/16 FY2014/15 FY2015/16(trillions of yen) Mar Mar Mar Jun Sep Dec Mar Nomura Asset Management 1,2 43.3 43.5 43.3 45.1 43.4 45.9 43.5 Nomura Funds Research and Technologies 2 3.0 3.1 3.0 3.1 2.1 3.3 3.1 Nomura Corporate Research and Asset Management 1 1.7 1.6 1.7 1.7 1.5 1.6 1.6 Nomura Private Equity Capital 2 0.2—0.2 0.2 0.2 — Assets under management (gross) 1,2,3 48.1 48.2 48.1 50.1 47.2 50.8 48.2 Group company overlap 1,2 8.8 8.1 8.8 8.7 7.2 8.6 8.1 Assets under management (net) 4 39.3 40.1 39.3 41.4 40.0 42.2 40.1(1) Historical AuM (gross) figures have been reclassified in line with a revised calculation method introduced in the third quarter of the fiscal year ended March 2016.(2) Nomura Asset Management took over the institutional investor advisory business and the retail related business of Nomura Funds Research and Technologies on July 1, 2015, and October 1, 2015, respectively, as well as all of the operations of Nomura Private Equity Capital on December 1, 2015.(3) Total assets under management for Nomura Asset Management, Nomura Funds Research and Technologies, and Nomura Corporate Research and Asset Management. 28(4) Net after deducting duplications from assets under management (gross).
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Asset Management related data (2) Asset inflows/outflows by business1 Full year Quarter (billions of yen) FY FY FY2014/15 FY2015/162014/15 2015/16 4Q 1Q 2Q 3Q 4Q Investment trusts business 3,418 2,717 942 1,252 896 157 412 of which ETFs 843 2,339 477 308 1,294 -102 838 Investment advisory business 50 2,038 113 38 1,446 646 -92 Net asset inflow 3,469 4,755 1,055 1,290 2,342 803 320Domestic public investment trust market and Nomura Asset Management market share2 (trillions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16Mar Mar Mar Jun Sep Dec Mar Domestic public stock investment trusts Market 80.3 78.6 80.3 83.1 77.1 81.7 78.6 Nomura’s share (%) 20% 21% 20% 21% 21% 21% 21% Domestic public bond investment trusts Market 16.7 13.9 16.7 17.7 16.0 16.0 13.9 Nomura’s share (%) 43% 46% 43% 42% 43% 43% 46% ETFMarket 12.9 15.8 12.9 14.5 14.5 16.2 15.8 Nomura’s share (%) 48% 48% 48% 47% 49% 47% 48%29 (1) Based on assets under management (net). (2) Source Investment Trusts Association, Japan.
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Wholesale related data(1) Wholesale Full year Quarter(billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16 QoQ YoY 4Q 1Q 2Q 3Q 4Q Net revenue 789.9 720.3 231.5 205.2 192.9 186.0 136.2 -26.8% -41.2% Non-interest expenses 707.7 704.9 177.7 185.5 184.3 176.0 159.0 -9.7% -10.5% Income (loss) before income taxes 82.2 15.4 53.8 19.7 8.6 9.9 -22.8 — Breakdown of Wholesale revenues Full year Quarter(billions of yen) FY2014/15 FY2015/16 FY2014/15 FY2015/16 QoQ YoY 4Q 1Q 2Q 3Q 4Q Fixed Income1 396.9 275.2 117.4 84.1 83.2 80.2 27.6 -65.6% -76.5% Equities1 286.5 325.1 81.7 92.1 75.5 76.9 80.7 4.9% -1.2% Global Markets 683.4 600.3 199.0 176.2 158.7 157.2 108.3 -31.1% -45.6% Investment Banking (Net) 104.7 108.4 29.9 29.1 33.4 20.7 25.2 22.0% -15.5% Other 1.8 11.5 2.5 -0.1 0.8 8.1 2.7 -66.9% 5.9% Investment Banking 106.5 120.0 32.4 29.0 34.2 28.8 27.9 -3.1% -13.9% Net revenue 789.9 720.3 231.5 205.2 192.9 186.0 136.2 -26.8% -41.2% Investment Banking (Gross) 193.8 194.2 57.3 49.7 63.1 34.4 47.0 36.8% -17.9% 30(1) Fixed Income and Equities figures for FY2014/15 have been reclassified following a reorganization in April 2015.
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Wholesale related data (2) Private equity related investments(billions of yen) 70 60 56.4 56.4 Terra Firma 50 Asia 45.6 44.6 40 Europe (excluding Terra Firma) 30 24.4 28.8 24.4Japan 20 10 0 FY2014/15 FY2015/16 FY2014/15 FY2015/16 Mar Mar Mar Jun Sep Dec MarJapan 10.6 3.5 10.6 9.5 11.1 3.4 3.5Europe (excluding Terra Firma) 19.9 5.2 19.9 8.7 6.8 5.8 5.2Asia 2.1 1.8 2.1 2.1 2.0 2.0 1.8Sub Total 32.6 10.6 32.6 20.3 19.9 11.1 10.6Terra Firma 23.8 13.9 23.8 25.3 24.7 17.7 13.9Total 56.4 24.4 56.4 45.6 44.6 28.8 24.4
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Number of employees FY2014/15 FY2015/16 FY2014/15 FY2015/16 Mar Mar Mar Jun Sep Dec Mar Japan 15,973 16,083 15,973 16,570 16,381 16,282 16,083 Europe 3,485 3,424 3,485 3,492 3,494 3,433 3,424 Americas 2,449 2,503 2,449 2,439 2,514 2,501 2,503 Asia and Oceanea1 6,765 6,855 6,765 6,788 6,862 6,853 6,855 Total 28,672 28,865 28,672 29,289 29,251 29,069 28,865 32(1) Includes Powai office in India.
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Disclaimer This document is produced by Nomura Holdings, Inc. (?Nomura?). 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. 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. All rights regarding this document are reserved by Nomura unless otherwise indicated. 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. 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. Actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risk factors, as well as those more fully discussed under Nomura?s most recent Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission (?SEC?) that are available on Nomura?s website (http://www.nomura.com) and on the SEC?s website (http://www.sec.gov); Important risk 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. Forward-looking statements speak only as of the date they are made, and Nomura undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. The consolidated financial information in this document is unaudited.
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