Nomura Annual Report 2002

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FY2002 Annual Report · Nomura

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Annual Report

2002

Nomura Holdings, Inc.

C o n t e n t s

(cid:1) Consolidated Financial Highlights (U.S. GAAP) . . . . 1

(cid:1) To Our Shareholders and Customers . . . . . . . . . . 2

Profile

Nomura Group, with its core businesses of the

securities and related businesses, is dedicated to

providing a broad range of financial services for indi-

vidual, institutional, corporate and government cus-

tomers.

(cid:1) Nomura Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

We offer a diverse line of competitive products and

Vision and Philosophy . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

value-added financial and advisory services through

Corporate Governance and Management Structure . . . . . . . 8

the 126 domestic branch offices of Nomura

Securities Co., Ltd. and an overseas network that

comprises offices in 28 countries. Our business

activities include investment consultation services for

domestic retail investors, securities brokerage serv-

ices, securities underwriting for domestic and foreign

governments and corporations, merger and acquisi-

tion and financial advisory services, merchant bank-

ing, and asset management for investment trusts

and pension funds.

(cid:1) Our Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Securities Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Asset Management Businesses . . . . . . . . . . . . . . . . . . . . 22

(cid:1) Contributions to Society . . . . . . . . . . . . . . . . . . . . . 26

Nomura Holdings, Inc.

Corporate Data/Board of Directors and

Statutory Auditors . . . . . . . . . . . . . . . . . . . . . . . . 28

Consolidated Income Statement (U.S. GAAP) . . . . 29

Subsidiaries and Affiliates . . . . . . . . . . . . . . . . . . . 30

Nomura Securities Co., Ltd.

Domestic Network . . . . . . . . . . . . . . . . . . . . . . . . . 33

1. This document is produced by Nomura Holdings, Inc. (“Nomura”).

2. Nothing in this document shall be considered as an offer to sell or solic-
itation 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 pur-
suant to appropriate offering materials or a prospectus prepared and
distributed according to the laws, regulations, rules and market prac-
tices 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 accu-
rate 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” with-
in 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 valua-
tions, competitive conditions and size, and the number and timing of
transactions.

Business Portfolio

Our business portfolio consists of Securities

Businesses (Domestic Retail and Global Wholesale)

and Asset Management Businesses.

•Securities Businesses

Securities Businesses consist of Domestic Retail and

Global Wholesale (Fixed Income, Equity, Investment

Banking and Merchant Banking).

Domestic Retail

Domestic Retail provides investment consultation

services to customers on how to grow their assets

over the long term, proposing financial products and

investment portfolios that are tailored to their asset-

building needs.

Global Wholesale

Global Wholesale offers borderless solution-based

financial services through the capital markets to insti-

tutional and corporate customers, and customers in

public sectors.

•Asset Management Businesses

Asset Management offers a range of comprehensive

services. These include the management of invest-

ment trusts and investment advisory services. In the

defined contribution pension plan market, they vary

from plan implementation to product supply.

Breakdown of Income before
Income Taxes by Segment

Year ended
March 31, 2002

Year ended
March 31, 2001

Domestic Retail 9%

Global Wholesale 86%

Asset Management 5%

Domestic Retail 17%

Global Wholesale 77%

Asset Management 6%

Consolidated Financial Highlights (U.S. GAAP)
Nomura Holdings, Inc.

Income statement data:

Revenue

Interest expense

Net revenue

Non-interest expenses

Income before income taxes

Income tax expense

Net income

Millions of yen
(Except per share data)
2001
( )

April 1, 2000~
March 31, 2001

Thousands of
U.S. dollars
(Except per share data)
2002 (5)

2002

(

April 1, 2001~
March 31, 2002

)

(

April 1, 2001~
March 31, 2002

)

2000
( )

April 1, 1999~
March 31, 2000

¥ 1,499,781

¥ 1,469,298

¥ 1,825,399

$ 13,755,833

437,131

1,062,650

690,430

372,220

168,671

553,643

915,655

759,483

156,172

98,762

504,048

1,321,351

1,148,379

172,972

4,926

3,798,402

9,957,431

8,653,949

1,303,482

37,122

¥ 203,549

¥ 57,410

¥ 168,046

$ 1,266,360

Balance sheet data (period end):

Total assets

Shareholders’ equity

Common stock

¥ 14,610,868

¥ 17,146,024

¥ 17,758,273

$ 133,822,705

1,410,976

1,436,428

1,604,929

12,094,416

182,796

182,797

182,800

1,377,543

Number of shares issued

1,962,977,247

1,962,977,841

1,965,919,860

Return on equity (ROE) (1)

15.3%

4.0%

11.1%

Per share data:

Net income per share—basic (2)

¥ 103.71

Net income per share—diluted (2)

Shareholders’ equity per share (3)

Cash dividends per share (3)

103.17

719.93

15.00

Yen

U.S. dollars

¥ 85.57

85.32

816.48

15.00

$ 0.64

0.64

6.15

¥ 29.25

29.25

731.77

17.50

U.S. dollars

Cash dividends per share (3) (4)

0.14

0.12

Notes:

(1) Calculation method: Annualized net income divided by average shareholders’ equity.

(2) Calculated using the weighted average number of shares outstanding for the year (excluding treasury shares held by Nomura or its subsidiaries).

(3) Calculated using the number of shares outstanding (excluding treasury shares held by Nomura or its subsidiaries) at year end.

(4) Calculated using the yen-dollar exchange rate at the date of our shareholders’ meeting, at which the relevant dividend payment was approved.

(5) Calculated using the yen-dollar exchange rate of $1.00=¥132.70, the noon buying rate in New York City for cable transfers in foreign currencies

as certified for customs purposes by the Federal Reserve Bank of New York on March 29, 2002.

To Our Shareholders and Customers

It gives me great pleasure to present the annual report of

Nomura Group for the fiscal year ended March 31, 2002

(“fiscal 2002”).

Business Environment and Results

During fiscal 2002, we faced a particularly harsh business

environment. This was brought about by a protracted

slump in the Japanese economy and stock market as well

as a heightened sense of uncertainty regarding the world

economic outlook stemming from the September 11

terrorist attacks in the United States. At the same time,

however, we recognize that important changes are afoot in

the surrounding business environment set against the

backdrop of deregulation. First among these is the

strengthening of a trend toward a shift of financial assets

out of bank deposits into securities products. In April 2002,

special measures ensuring full guarantees on term deposits

were abolished. Special measures for demand deposits are

due to be abolished in April 2003. This type of planned

deregulation is expected to give rise to a further strength-

ening of interest in securities products across the

household and corporate sectors alike.

The second change relates to the acceleration of

corporate restructuring aimed at enhancing corporate

value through the efficient use of assets. This trend is

apparent from the rising number of M&A deals among

Japanese companies, increased share buybacks and the

accelerated unwinding of cross-shareholdings.

Nomura Group regards these changes as a business

opportunity and has developed its business aggressively.

As a result, for fiscal 2002, based on U.S. GAAP, NHI

posted income before income taxes of ¥173 billion and net

income of ¥168 billion on net revenue of ¥1,321 billion.

Return on equity (ROE) was 11.1%, a year-on-year rise of

7.1 points. Average ROE since the fiscal year ended March

2000 has been 10.1%.

Junichi Ujiie
President and Chief Executive Officer
Nomura Holdings, Inc.

To Our Shareholders and Customers

Group Vision

Strategies by Division

Nomura Group aims to become a globally competitive

Now I would like to elaborate on our strategy for each

Japanese financial services group. To this end, we prioritize

division. First, Domestic Retail.

three areas: broadening business in our mother market,

Our goal in Domestic Retail is to establish a strong sales

promotion of Japan-focused globalization, and enhance-

base and create a profit structure less susceptible to the

ment of our asset management businesses. As a financial

fluctuations of any single market, such as stock market

target, we seek to ensure an average ROE of 10-15% over

or bond market. As such, we are pushing ahead with

the medium to long term.

broadening our customer base and diversifying our

product lineup.

Business Execution Structure

With respect to broadening our customer base, we

Nomura Group has established a streamlined business

have combined face-to-face consulting services with an IT-

execution structure designed to facilitate the achievement

driven approach toward administrative services like order

of management objectives. The Strategic Management

execution and account maintenance. This has enabled our

Committee of NHI is responsible for formulating group

sales force to dedicate more time to meeting customers

management strategy and the efficient and flexible alloca-

face-to-face to deepen relationships, thereby strengthening

tion of management resources based on close examination

our consulting capacity.

of the business plans of each division. In addition, we have

We are also aiming to enlarge our customer base

established an advisory board as a consultative body to the

among asset-builders and corporate employees through

Strategic Management Committee. Made up of top man-

corporate channels, including employee stock ownership

agers of prestigious Japanese corporations, this board

plans (ESOPs). To diversify our product mix, in December

offers management advice and recommendations that

2001 we set up Nomura Fund Universe to offer investors

bring an important element of versatility to our manage-

the optimum tools for selecting high-quality investment

ment approach. When executing our business strategy, we

trusts. Additionally, we continue to provide lectures at

focus on globally integrated businesses rather than

universities and run seminars on investment as a means

individual legal entities.

of broadening participation in the securities markets.

Our business portfolio consists of Securities Businesses

In Global Wholesale, our aim is to establish a strong

(Domestic Retail and Global Wholesale) and Asset

global presence with an emphasis on Japan. For this

Management Businesses. Division heads execute business

purpose, we are setting up a global product supply system

within the management resources allocated. The Strategic

and strengthening solution-based financial services.

Management Committee monitors performance using

By integrating our global customer order flow, we

measurements that include Nomura Value Added (NVA),

are able to provide investors inside and outside of Japan

calculated by subtracting the cost of capital from income

with high liquidity and a stable product supply. For corpo-

after tax.

rations that urgently need restructuring, we are promoting

solution-based financial services through the capital mar-

kets by focusing on M&A advisory services and merchant

banking business. This involves reviewing companies’

To Our Shareholders and Customers

business portfolios, rebuilding balance sheets, reorganizing

Operating under this strengthened system of corporate

companies so as to expand their cross-border capabilities,

governance, Nomura Group is totally committed to

or boosting corporate revival business activities.

increasing shareholder value over the medium to long term,

In Asset Management, the recent introduction of

and I believe we have the right strategies to meet the

defined contribution pension plans and the abolition of

expectations of shareholders and investors alike. As

special measures ensuring full guarantees on bank

always, we look forward to your continued support.

Junichi Ujiie
President and Chief Executive Officer
Nomura Holdings, Inc.
July 2002

deposits have dramatically transformed the asset manage-

ment business landscape. We seek to enhance our asset

management capabilities by utilizing the collective strength

of the Nomura Group. To this end, we will bolster our

product lineup and reinforce our commitment to the

defined contribution pension plan business. As an initial

step toward capturing individual financial assets, we have

reshaped our savings-type product lineup, including money

management funds (MMFs). In seeking to realize this goal,

we have also developed such certain products as the

Nomura Short Term Prime Fund, which was established as

an income fund to meet customers’ needs for higher

returns. We are committed to strengthening our approach

to the defined contribution pension plan business by build-

ing on our strong position in the ESOP market and capital-

izing on our asset management business know-how.

Enhancing Corporate Governance

Finally, I would like to briefly describe what we have done

to enhance our system of corporate governance.

First, of NHI’s 11 directors two are outside directors.

Second, we established the Audit Committee, which also

includes an outside director, to promote increased corpo-

rate propriety across the entire Nomura Group and

enhance internal audit system. Third, we set up the

Executive Compensation Committee to discuss modalities

for Nomura Group compensation. Outside directors form

the majority of this committee.

To Our Shareholders and Customers

Nomura Group

Contents

Vision and Philosophy . . . . . . . . . . . . . . . . . 6

Vision

Business Portfolio

Social Role

Corporate Governance

and Management Structure . . . . . . . . . . 8
Strengthening Corporate Governance

Management Structure

Business Execution Structure

Vision and Philosophy

Nomura Group is a financial services group comprising NHI and its domestic and
overseas subsidiaries. We provide customers with high value-added financial
services under a unified group strategy, seeking to consistently grow shareholder
value by generating sustained revenues from these services.

Vision

shareholder value, we aspire to be a globally competitive

Japanese financial institution by focusing on Japanese cus-

We identify our core businesses as the securities and other

tomers and products as a first step toward global expan-

closely related businesses. We concentrate management

sion. We seek to establish a dominant position in our home

resources on these areas in order to provide solutions

market, which has high growth potential, and develop an

through the capital markets to match customer needs such

organization capable of delivering services worldwide.

as asset management and financing. To consistently grow

Vision
A globally competitive Japanese financial institution

Philosophy
1. Focuses on core businesses

2. Provides solutions through capital markets

3. Contributes toward development of the capital

market

4. Promotes management with an emphasis on

shareholder value

Financial Target
An average return on equity (ROE) of 10-15% over

the medium to long term

Nomura Group

Business Portfolio

Social Role

Nomura Holdings, Inc. and its domestic and overseas con-

A key factor in developing a market economy is increasing

solidated subsidiaries including Nomura Securities Co., Ltd.

the number of people that are willing to accept the risks

conduct comprehensive business management as Nomura

involved in participation in the financial markets. Capital

Group under a unified strategy. In formulating our business

flows are the lifeblood of the economy, and we believe that

strategy, we focus on global coordination of divisions

they best result from decisions based on the collective

rather than individual legal entities.

wisdom and experience of as large a number of people as

Our business portfolio is composed of Securities

possible rather than on the judgment of a few experts.

Businesses, i.e., Domestic Retail and Global Wholesale,

We strive to broaden the scope of the securities market

and Asset Management Businesses. Global Wholesale is

and promote long-term policies for its invigoration. Specific

composed of four business lines: Fixed Income, Equity,

efforts include the Nomura Asset Management Fair, intend-

Investment Banking, and, as of October 2001, Merchant

ed to disseminate knowledge of investment trust products

Banking.

and appreciation of the importance of investment diversifi-

We allocate capital, human and other management

cation, university lectures on securities markets both in

resources to these businesses in a flexible and effective

Japan and abroad, seminars at branch offices nationwide,

manner, striving to respond promptly and precisely to

and investment education programs on cable television.

the diverse needs of our customers within a fast-moving

We hope to contribute to Japan’s economic recovery

environment.

Business Portfolio

Nomura Group

by offering solutions through the capital markets to meet

the diverse needs of customers, by encouraging an ade-

quate supply and circulation of risk capital, and by helping

to develop a healthy securities market in Japan.

Domestic Retail

Global Wholesale

Asset Management

Fixed Income

Equity

Investment Banking Merchant Banking

Nomura Group

Corporate Governance and
Management Structure

Strengthening Corporate Governance

We promote management with an emphasis on sharehold-

er value, and since October 2001 we have been strength-

ening our corporate governance as follows.

Outside Directors
We have appointed two of 11 directors from outside the Company. Additionally,

we help raise management transparency by soliciting outside perspectives.

Audit Committee
We have the Audit Committee, which includes an outside director, to check the

appropriateness of each subsidiary’s activities and further develop Nomura

Group’s internal audit system.

Executive Compensation Committee
The Executive Compensation Committee was set up to discuss modalities for

Nomura Group compensation. A majority of the members on this committee are

outside members of the Board of Directors.

Nomura Group

Management Structure

In addition, an advisory board made up of top man-

agers of prestigious Japanese global corporations was

The outline of Nomura Group’s business management is

established in January 2001 for the purpose of advising

decided by NHI’s Strategic Management Committee. It

and making recommendations to the Strategic

comprises the President and certain directors of NHI,

Management Committee.

including each division head, and is mainly responsible for

We solicit outside perspectives to help raise manage-

the following:

ment transparency and promote efficient management

from a multi-faceted approach unimpeded by existing

• Establishment of Nomura Group’s unified manage-

internal models.

ment strategy

• Efficient and flexible allocation of management

resources, based on close examination of the busi-

ness plans of Domestic Retail, Global Wholesale

and Asset Management

• Monitoring performance of each division

Management Structure of Nomura Holdings, Inc. (NHI) (As of end June 2002)

General Meeting of
Shareholders

Board of Directors

Statutory
Auditors

Board of
Statutory Auditors

Audit Committee

Executive Compensation
Committee

Strategic Management
Committee

President and CEO

Advisory Board

Nomura Group

Corporate Governance and
Management Structure

Business Execution Structure

Management resources for business execution are allo-

cated efficiently and flexibly, based on close examination of

the business plans of our three divisions by the Strategic

Management Committee. Each division head has responsi-

bility to conduct business within allocated management

resources. The Strategic Management Committee moni-

tors performance closely, using Nomura Value Added

(NVA), calculated by subtracting the cost of capital from

income after tax, and other measurements suited to each

business.

Business Execution Structure and Performance Monitoring

Nomura Holdings

Strategic Management Committee
Examination of Divisional Business Plans
Capital Allocation

Monitoring

NVA, Other Measurements

Domestic Retail

Global Wholesale

Business Line Heads
Business Execution

Asset Management

Nomura Group

Our Businesses

Contents

Securities Businesses . . . . . . . . . . . . . . . . . 12

• Domestic Retail

Goals and Strategy

Business Model

Expand Customer Base

Broaden Customer Base

Diversification of Product Mix

• Global Wholesale . . . . . . . . . . . . . . . . . . . . 16

Goals and Strategy

Business Model

Fixed Income

Equity

Investment Banking

Merchant Banking

Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Development of a Global Research Framework

Nomura Securities Financial Research Center

Asset Management Businesses . . . . . . . . . 22

Goals and Strategy

Enhancement of Investment Trust Products

Strengthening Defined Contribution Pension

Plan Business

Securities Businesses

Our Securities Businesses consist of Domestic Retail and Global Wholesale.

Domestic Retail

Domestic Retail provides investment consultation services to customers on how to

grow their assets over the long term, proposing financial products and investment

portfolios that are tailored to their needs with respect to lifestyle, risk tolerance and

asset character, as well as market and economic conditions.

Goals and Strategy

changes and other administrative procedures can be han-

dled through the Call Center, orders for stocks and other

Our goal in Domestic Retail is to establish a strong sales

financial products can be made through Home Trade, and

base in the domestic retail market and create a profit struc-

customers can consult about investments with representa-

ture less susceptible to the fluctuations of a single market.

tives at branch offices. Thanks to the integration of face-to-

To this end, we will push forward with broadening our

face consulting services and IT-related services, customers

customer base and product diversification.

can enjoy the merits of both interfaces. In turn, we expect

Business Model — Combination of Face-to-
Face and IT Services

As a business model to achieve our goals and strategy, we

to expand our customer base and increase earnings

without increasing the number of personnel.

Expand Customer Base

have combined face-to-face consulting services with IT-

In providing investment consultation services, we consider

related services. We provide customers with three ways to

the diverse needs of our customers while analyzing market

access services. They can visit any of our 126 branch

and economic conditions. Rather than a single financial

offices nationwide (as of end June 2002) for face-to-face

product such as stocks, we offer customers a wide range

consultation with a representative, they can go online to

of investment options, from low-risk/low-return investments

access IT services such as Home Trade, or they can ring

to high-risk/high-return investments. Despite the down-

the Call Center for information on a variety of administrative

ward trend in stock prices from April 2000, we continued

procedures.

to make efforts to gather personal financial assets by

Drawing on the unique features of each interface, we

focusing on savings-type products such as bond invest-

seek to increase convenience for both high-net-worth cus-

ment trusts. As the graph below shows, customer assets

tomers and those at the asset-building stage. For example,

in our custody have grown steadily for some time irrespec-

questions about IT services like Home Trade, and address

tive of stock price fluctuations.

Business Model

Retail Customer Assets and Nikkei Stock Average

Retail Customer Assets (Trillions of yen)

Nikkei Stock Average (Yen)

Nomura

Customers

Consulting

Face-to-Face

Administrative
Services
Execution, Settlement,
Administration
of Accounts,
Market Information, etc.

Call Center

IT Services

High-Net-Worth
Customers

Asset Builders

Our Businesses

42,000

35,000

28,000

21,000

14,000

7,000

85.3

90.3

95.3

00.3

02.3

Note: Nikkei Stock Average closing price at year ended March 31.

financial goals.

To expand our customer base, we will develop a

branch strategy based on detailed investigations and

analyses of the distribution of customers and their financial

assets by region. The opening of the Nerima branch office

in July 2001 and the Kokubunji branch office in October of

the same year brought the total number of domestic

branch offices to 126 as of the end of June 2002. Nakano

and Chofu branch offices are expected to open in October

and November 2002, respectively.

Nomura iT Support 21
Recent developments in IT have allowed us to swiftly

exchange large amounts of information with customers.

In an effort to enhance customer convenience, we inte-

grated Nomura Home Trade, Nomura Telephone Answer,

Nomura Stock Price Dial, and other services that use IT

into Nomura iT Support 21. We are also expanding ATM

partnerships with a variety of financial institutions.

Nomura Home Trade

Nomura Home Trade is an online service that plays a key

The Nomura Cash

Management Service (NCMS),

which increases convenience

for customers and improves

business efficiency, had over

2.9 million accounts as of

the end of March 2002. This

service provides an automatic

fund-sweeping function. When

securities and investment trusts

are purchased, the customer’s

Nomura Money Reserve Fund

Number of NCMS
Accounts

(Thousands of accounts)

3,000

2,500

2,000

1,500

1,000

500

99.9

00.3

00.9

01.3

01.9

02.3

is automatically debited for the amount of the purchase

role in our IT services. Online accounts surpassed 930,000

price. When securities are sold, the proceeds are automati-

as of the end of March 2002, representing a top 30%

cally credited to the customer’s Nomura Money Reserve

share of the market. We ensure the highest level of security

Fund. This helps customers manage their assets without

in the world, and provide customers with the ability to trade

waste and allows us to improve the efficiency of our settle-

online (e.g., place buy/sell orders for stocks and investment

ment processes.

trusts) whenever they please. Customers also have access

Face-to-Face Services
Simply offering a complete line of products or delivering

Customers may try out Nomura Home Trade and other

IT services at the Demonstration Corners in a number of

to a variety of Nomura information.

high-quality information is not enough to provide the serv-

branch offices.

ices that customers really need. In providing investment

consultation services, the single most important factor is

Major Services of Nomura Home Trade

gaining an understanding of the customer’s unique circum-

• Order placement of stocks, convertible bonds and

stances through conversation, and only then providing

investment trusts

direction on how to use our products and information to

• Provision of investment information, including our

meet the customer’s individual needs. Our sales represen-

research reports

tatives across Japan consult with customers to gain a clear

• Provision of current status reports on asset portfolios,

understanding of their needs. They provide information and

investments and transactions

advice on investments to help customers meet their

Our Businesses

Securities Businesses

Nomura Telephone Answer/Nomura Stock Price

Nomura Call Center

Dial

Nomura Call Center serves as a support system for our

Nomura Telephone Answer provides a wide range of free

face-to-face and online securities trading services.

automated voice services. Customers can place orders for

Customers can request the following:

stocks and investment trusts such as Nomura Money

• Technical support for using Nomura Home Trade

Management Fund (MMF), and check account balances

• Basic administrative services, including name and address

and stock prices. This service can be accessed from public

changes

telephones and cellular phones.

• Brochures for investment trusts and other information

Nomura Stock Price Dial is an automated voice recogni-

tion service that allows customers to check current stock

prices over the phone by simply naming the stock.

Broaden Customer Base—Approach via
Corporate Channels

Our Approach via Employee Stock Ownership Plan

Automated Teller Machines (ATMs)

(ESOP)

Customers can use a Nomura ATM to withdraw or deposit

We retain a share of approximately 50% of the ESOP

funds free of charge, including Sundays and holidays. We

market, which comprises 3,000 companies and an esti-

are working to enhance customer convenience by expand-

mated 3 million employees. Of these 3 million, 1.4 million

ing our ATM network through partnerships. Customers can

are stock ownership plan members. We promote a system

now access their Nomura accounts from postal savings

that supplies investment information directly through

ATMs, bank ATMs, convenience store ATMs, and locations

company computer networks (E-Plan). The information we

with similar facilities. When there is no Nomura Securities

provide acts as an investment portal site that will enable us

branch office nearby, customers can use the ATMs of

to absorb more accurately the various needs of employees

our business partners to withdraw and, in most cases,

when they consider securities investment in the future.

deposit funds.

Nomura Home Trade
(Online Trading Accounts)

(Thousands of accounts)

1,000

800

600

400

200

99.9

00.3

00.9

01.3

01.9

02.3

Our Businesses

Also, our service makes it easy for plan members to open

accounts with us when their holdings amount to a unit

share (E-Support). When their assets reach a certain level,

members can make use of the consulting services offered

through our branch office network, and are even able to

seek investment advice after retirement.

Broaden Customer Base — Approach via Corporate Channels

Our Approach via Employee Stock Ownership Plan (ESOP)

Nomura

IT Services

Face-to-
Face
Services

Corporations
Number of Customers:
3,000 companies
E-Plan

Investment
Information
& Services

Consultation

Employees
Number of Customers’ Employees:
3 million (estimate)
Number of ESOP Members:
1.4 million
Intra-corporate
Information
Systems

Account Opening
E-Support

Asset Building
ESOP Shares
Retirement Benefit

Emergence of New Business Opportunities

Nomura Fund Universe

through Corporate Restructuring

Investment trusts are the most suitable product for cus-

As a result of the restructuring of corporations and

tomers wishing to diversify their assets, and also provide

changes in the employment system, new business oppor-

us with a means to advance product diversification. We

tunities are opening up for us. Business reorganization and

selected high-quality funds and established Nomura Fund

changes to pension schemes are giving rise to a new type

Universe in December last year based on analysis from

of investor that has no prior experience of investing in

Nomura Funds Research And Technologies and others.

securities products. Such has been the case with invest-

More precisely, Nomura Fund Universe is categorized by

ment needs relating to lump-sum retirement benefits aris-

cash reserve and money market funds, income funds and

ing from the introduction of early retirement schemes as

total return funds, which allow our customers to select a

well as the demutualization of life insurance companies. To

product that precisely meets their investment needs.

best satisfy such diversified needs, Domestic Retail coop-

erates closely with Global Wholesale. Through such means,

Variable Annuity Insurance

we can broaden our customer base in the asset-builder

We began offering variable annuity insurance in October

and corporate employee markets.

2001. With growing concern about life planning as a result

Diversification of Product Mix

of Japan’s declining birth rate and aging population, and

the introduction of defined contribution pension plans, the

In a long-term effort to introduce securities products as

need to prepare for one’s own future is expected to

personal financial assets, we offer products tailored to the

increase in the future. We recommend variable annuity

diverse needs of customers with respect to life plans, asset

insurance as a product that can meet the long-term indi-

character and other factors. Our Global Wholesale and

vidual needs of our customers. With approximately 5,000

Asset Management operations offer an extensive product

qualified sales representatives, we are looking to expand

line on a stable basis. In this way, we can offer portfolios

this service by actively consulting with customers about

optimized to the investment needs of customers, creating

these products.

an appropriate combination of products from low risk/low

return to high risk/high return.

As can be seen in the

chart on the right, a com-

parison with the fiscal year

ended March 2000 shows

that while our reliance on

equity-related products for

revenue has decreased,

revenue derived from

bonds has increased.

Revenue sources have

been gradually further

diversified, and the effect

of market fluctuations duly

mitigated.

Revenue Breakdown
by Product

14%

24%

10%

30%

16%

15%

24%

13%

28%

52%

40%

35%

00.3

01.3

02.3

Equity

Bonds

Investment Trusts (Distribution Fees)
Investment Trusts (Administration Fees)

Nomura Fund Universe

Cash Reserve

Income Funds

Total Return
Funds

•MMF
•Free Financial Fund
•Long-term Bond
Investment Trust

••Nomura Bond Open
•Nomura Short Term
Prime Fund

•Global Equity
•Global Bond
•Domestic Equity

Our Businesses

Securities Businesses

Global Wholesale

The integrated business approach of Global Wholesale allows us to provide more

solution-finding services to institutional, corporate and government customers in

and outside of Japan that transcend product and business lines. The competitive

edge provided by such integration should bring excellent returns when the Japanese

economy recovers.

Goals and Strategy

In Global Wholesale, we are establishing a global product

Business Model—Promotion of Solution-
Finding Financial Services

supply system and strengthening solution-finding financial

We promote solution-finding financial services as a busi-

services to establish a dominant global presence with a

ness model in order to achieve our goal. Banks have tradi-

tionally supported corporate business expansion through

credit creation such as bank loans and cross-sharehold-

ings. However, the bursting of the economic bubble has

left banks with severe balance sheet problems and provid-

ed a disincentive to corporate activities as a result of a

deterioration in their capacity to supply adequate funds.

We aim to provide comprehensive solutions through

capital markets. By doing so we seek to bolster earnings

by supplying Japanese companies with risk capital from

investors in and outside of Japan. We also aim to con-

tribute to corporate revival as well as the revival of the

Japanese economy.

Global Wholesale Business Model

Corporate Revival

Securitization

Debt Finance

Domestic
Investors

Risk Capital

Japanese
Corporations

Risk Capital

Overseas
Investors

Unwinding of
Cross-
shareholdings

Equity
Finance

Corporate
Restructuring
Consultation

M&A Advisory

focus on Japan.

Our Businesses

Fixed Income

Sales and Trading

Securitization

We strive to present our customers with the broadest pos-

Financial strategy is instrumental in supporting the expan-

sible range of products to meet their mixed investment

sion of a company’s core business. Demand for finance

needs. Government bonds are issued in larger volumes

through securitization is increasing. This allows corpora-

than other debt instruments and are highly liquid. We have

tions and governments to reduce interest-bearing liabilities,

a global trading system enabling customers to trade

and property and equipment ownership costs through the

Japanese, U.S., European, Canadian and Australian gov-

liquidation of assets. At the same time, institutional

ernment bonds round the clock, and a trading system for

investors, unable to generate high returns from convention-

credit products to meet our customers’ various credit

al low-risk products due to low interest rates, are attracted

needs through careful management of positions based on

to such structured products.

our sophisticated risk management capabilities.

In light of these circumstances, we are looking to

We also offer derivative products tailored to meet

strengthen our organization by positioning securitized

customer’s individual needs through our risk tolerance

products as a core product alongside conventional bonds.

capacity underpinned by appropriate risk management

Our entire global network is working together to develop

capabilities and strong capital base.

and market these products. Our efforts have resulted in the

Furthermore we provide quick and appropriate solutions

securitization of GNMA project loans and re-performing

to problems related to asset management thanks to syn-

mortgage loans in the U.S.

ergy effect with ample product lineup and capable sales

personnel who can understand customer needs correctly

by utilizing our worldwide sales trading network.

Nomura’s Share
of JGB Auctions

Nomura’s Share of
Secondary Trading

Nomura
15%

Year ended March 31, 2002
Source: Nomura Securities

Our Businesses

Securities Businesses

Equity

ening our domestic retail customer base and our global

institutional customer base, and to improve our ability to

Our global equity sales and trading activities benefit from

structure offerings in a timely manner to match issuers’

our dual franchise, consisting of a large retail customer

particular needs and investors’ demand.

base in Japan and a global institutional customer base. We

We have sponsoring relationships with about 60% of

focus on transactions driven by customer order flows, and

Japan’s listed and registered companies. Thirty-nine of our

integrating those order flows globally enables us to execute

domestic branch offices have corporate finance teams that

large-size orders smoothly and efficiently.

maintain close contacts with local corporations on invest-

Nomura’s Share of Off-Floor/
Off-Exchange Stock Trading in Japan

Nomura
19%

Year ended March 31, 2002
Source: Nomura Securities

ment banking matters. As a result, in the fiscal year ended

March 2001, we lead-managed 51 out of the 198 Initial

Public Offerings (IPOs) and, in the fiscal year ended March

2002, 44 out of the 174 IPOs.

In addition, we acted as joint lead manager for the

global dollar issues of the European Investment Bank (EIB),

the Asian Development Bank (ADB) and Oesterreichische

Kontrollbank Aktiengesellschaft (OKB), which we distrib-

uted globally. We are the leading underwriter in Japan of

fixed income securities issued by public corporations,

Global Integration of Order Flows

municipalities and corporate issuers, as well as foreign

Using these globally integrated customer order flows, we

public and private issuers and supranationals.

can both reduce risk and increase profit. In recent years,

many Japanese corporations have accelerated their liqui-

dation of cross-shareholdings of other Japanese corpora-

tions. Responding to these circumstances, we developed a

system capable of smoothly executing even a large volume

of trading orders without seriously affecting the market by

drawing on a broad base of individual and corporate cus-

tomers both in Japan and abroad, and by applying our risk

management and trading capabilities. We continue to

secure a high share of off-floor and off-exchange transac-

tions, which are frequently used to execute large volume

trades of institutional investors.

Nomura’s Market Shares

Japanese IPOs

Japanese Public Offerings

Nomura
36%

Nomura
34%

Year ended March 31, 2002
Source: Nomura Securities

Investment Banking

Japanese Straight Bonds

Samurai Bonds

We provide a broad range of investment banking services,

including underwriting, M&A and financial advisory serv-

ices, real estate-related investment banking services and

Nomura
21%

Nomura
38%

securitization.

Underwriting

We continue to strengthen our placement power by broad-

Year ended March 31, 2002
Source: Thomson DealWatch
Full-credit Base

Year ended March 31, 2002
Source: Thomson Financial
Bookrunner Base

Our Businesses

M&A and Financial Advisory Services

We provide M&A and financial advisory to facilitate busi-

ness reorganization and corporate restructuring, for which

ongoing deregulation and increased urgency among

corporations have produced a growing demand.

We acted as financial advisor to Vodafone Group in its

successful tender offer for East Japan Railway’s equity

stake in Japan Telecom and the cross-border acquisition

of Seiyu by Wal-Mart. Regarding corporate revival business,

we acted as a financial advisor to Niigata Engineering, and

have contributed to the revival of other domestic corpora-

tions. As a result, in Thomson Financial’s 2001 ranking of

advisors for completed M&A deals involving Japanese

companies, Nomura placed second in terms of total value.

The focus of this business is to acquire under-perform-

For January to June 2002, Nomura placed first in terms of

ing, misunderstood or challenging businesses where we

total value in Thomson Financial’s ranking of advisors for

aim to generate corporate value by using our investment

announced M&A deals involving Japanese companies.

experience and know-how. Investments range from man-

agement buyouts (MBOs) to corporate reorganizations

M&A Ranking (Jan.-Dec. 2001)*

based on the strategic needs of our customers. We invest

Rank

Advisor

1
2
3
4
5

Goldman Sachs & Co
Nomura Group
JP Morgan
Daiwa Securities SMBC
Merrill Lynch & Co Inc

Amount
(US$ Billion)
94.0
57.7
56.6
48.5
32.5

Number of
Deals
22
61
21
34
11

*Completed Mergers and Acquisitions: Any Japanese involvement.

in various ways through Nomura Principal Finance. For

example, we invested in CCI and UHT for the purpose of

MBO, and the acquisition of Daikuma in collaboration with

Yamda Denki. Regarding corporate revival deals, we

invested in Fuji Car Manufacturing, which had filed for

bankruptcy under the Civil Rehabilitation Law.

League table based on rank value.

In Europe, the Principal Finance Group (PFG) contributed

Source: Thomson Financial

Merchant Banking

its investments to a limited partnership in exchange for

a limited partnership interest. As such, an independent

investment manager assumed control of these invest-

We invest our own capital to actively assist in corporate

ments. As a result, we completed a reorganization of

reorganizations, maximizing the return on investments by

management structure in March 2002. We have also intro-

raising corporate value. We added Merchant Banking as a

duced outside capital to limit risk while pursuing returns.

new business line in October 2001 as part of our organiza-

tional changes.

In an environment where Japanese corporations are

required to use their assets efficiently, disposal of diversi-

fied assets is a possibility. We look to pursue capital gains

by investing our own capital, drawing on expertise accu-

mulated overseas.

Our Businesses

Research

Research is the foundation of the securities business, supporting all products and
services. Nomura Group organizes its research activities within a global frame-
work, all the better to provide high-quality information.

Development of a Global Research Framework

reports in accordance with the compliance regulations of

the various regions. With regard to quantitative research,

With cross-border capital movements and globalized

we are creating an optimal model that accommodates the

corporate operations now day-to-day phenomena, it has

best financial techniques to the particular needs of institu-

become less meaningful to view companies in a national

tional investors throughout the world.

context. There is also a heightened tendency for stocks in

We believe that by providing high value-added informa-

the same sectors to move in unison internationally. Fewer

tion to a broad range of investors, including domestic indi-

investment decisions are based on the nationality of com-

vidual investors, and domestic and overseas institutional

panies and trading markets; rather, the key factor is global

investors, we can contribute to the overall efficiency of

comparison of corporate values by sector. Parallel to this

financial and capital markets.

development, there is a greater need than in the past to

present attractive overseas investment opportunities to

Japanese investors.

We have taken steps to match our research organiza-

tion to the scenario described above.

Formerly, we took a region by region approach in our

analyses of corporations and formulation of investment

strategies. However, in order to enhance our global

research framework, we put greater emphasis on corpo-

rate research focused on global comparison within the

same sector. Collaboration between analysts is conducted

flexibly, with global teams for each research project.

Research results are distributed in Japanese and English

Bio Conference, autumn 2001

Celebrating the tie-up between FTSE and Nomura Securities Financial Research
Center

Our Businesses

Nomura Securities Financial Research Center

department also publishes regular reports on the interna-

tional diversification of investments, and U.S., European

The research activities of the Financial Research Center are

and Asian stock markets.

conducted by four departments, namely Equity Research,

Investment Strategy, Quantitative Research and Investment

Quantitative Research Department (Quantitative

Banking Research. The Center’s analysts rank consistently

Analysts)

high in polls published by The Nikkei Financial Daily and

This department makes investment recommendations

Institutional Investor.

derived from quantitative analysis. The department is

In an effort to strengthen our response to global

developing dialogs with investors, including pension funds,

research and compliance, for which investor needs have

and research institutions, and provides leading-edge

been increasing in recent years, we set up a Corporate

information on financial engineering technology. Current

Office in October 2001.

activities include the classification by sector of not only

Japanese stocks but also stocks from the world’s other

Equity Research Department (Sector Analysts)

major markets, and efforts to find appropriate valuations.

This department has a staff complement of approximately

As global investors increasingly require sector-by-sector

130, including 50 sector analysts covering 630 companies.

analysis, improving the accuracy of international compar-

In terms of total market capitalization, it covers 85% of the

isons in quantitative analysis is an ongoing preoccupation

First and Second Sections of the Tokyo Stock Exchange

of this department.

and the OTC market. In addition to analyses of companies’

financial statements, visits to plants, stores, etc., and inter-

Investment Banking Research Department

views with management, the Equity Research Department

(Investment Analysts)

carries out research on overseas subsidiaries and foreign

This department supports Nomura Securities’ investment

competitors. Investment recommendations are delivered to

banking operations. Its key functions relate not only to

investors in the form of approximately 4,000 Morning

financing and conventional asset management, but also to

Meeting Memos and 300 reports each year.

corporate restructuring, assisting corporations to make the

most efficient use of their assets, and making recommen-

Investment Strategy Department (Strategists)

dations on corporate alliances and mergers and acquisi-

This department analyzes the macroeconomies of different

tions. It is not unusual for this process to extend across

countries and international capital flows, and makes invest-

national borders. Analysts belonging to this department

ment recommendations on the stock markets of different

therefore require in-depth knowledge of relevant legal,

countries based on the performance forecasts of analysts

accounting and taxation regulations.

in the Equity Research Department. In the monthly report

Japan Stock Investment Strategies, Nomura Securities

offers views on Japanese stocks, taking into account

the macroeconomic environment, industry trends, corpo-

rate profitability, and the supply/demand situation. The

Our Businesses

Asset Management Businesses

In Japan, the need for asset management services is spreading and diversifying fast
against a background of concern about personal financial security, including the
adequacy of pensions. Nomura Group actively promotes asset management busi-
ness with good growth prospects, centered on Nomura Asset Management Co., Ltd.
(NAM).

Goals and Strategy

Largest Balance of Assets Under Management in

Investment Trusts in Japan

As a result of stagnating socioeconomic conditions and an

The outstanding balance of assets under management in

accelerated decrease in the birth rate, proper and efficient

NAM’s public investment trusts as of the end of March

asset management is increasingly required by all classes of

2002 was ¥3.2 trillion in stock investment trusts and ¥10.4

investors, ranging from household to institutional. We iden-

trillion in bond investment trusts. The total of ¥13.6 trillion

tify the details of such trends with great accuracy and aim

placed NAM in top place in the domestic market, and the

to strengthen our system in order to meet diversified asset

company expects its assets under management to

management needs by providing investment trusts and

increase steadily as demand grows.

investment advisory businesses. In particular, the improve-

ment of product mix and strengthening of defined contribu-

tion pension plan business is one of the most crucial issues

in promoting asset management businesses.

Enhancement of Investment Trust Products

Amid a changing business environment, including a pro-

longed slump in the stock markets and extremely low inter-

est rates, removal of the full deposit guarantee and the

start of defined contribution pension plans, we have

entered an age in which investors are required to invest

appropriately taking into consideration the nature of each

of their assets. We offer a comprehensive product lineup

Assets under
Management in NAM’s
Public Investment Trusts

(Trillions of yen)
18

NAM’s Share of
Public Investment Trusts
in Japan

Nomura
33%

As of March 31, 2002
Source: Nomura Securities

with several risk/return characteristics, extending from cash

99.9

00.3

00.9

01.3

01.9

02.3

reserve products to high risk/high return products. By

doing so, we intend to meet diversified and sophisticated

Bond Investment Trusts
Stock Investment Trusts

needs of investors.

Enhancement of Product Mix

NAM plays a central role in product development and

management. It offers a comprehensive product lineup,

extending from Nomura MMF, bond investment trusts and

other low risk/low return products to high risk/high return

products such as stock investment trusts.

We are actively re-shaping and developing our product

lineup to capture individual financial assets. First, we have

clarified the individual positions of our MRF, MMF and other

savings-type products as a product group emphasizing

security of principal. Second, we have established Nomura

Short Term Prime Fund and Nomura Short Term Bond

Our Businesses

Open as income funds to meet customers’ higher return

companies. Plans to expand the role of the private sector

needs. Third, in April 2002, we launched industry index

in the management of public pension funds will serve to

ETFs. These provide individual investors with a new selec-

raise the size of Japan’s investment advisory assets.

tion of products and facilitate the unwinding of cross-

The outstanding balance of assets for which NAM is

shareholdings by financial institutions. In August 2002,

contracted to provide investment advice was ¥4.5 trillion as

we launched a fund of funds called “My Story,” enabling

of March 2002, and the balance of domestic pension fund

small investors to spread their investments over various

assets for which NAM acts as advisor was ¥3.6 trillion as of

investment trusts.

the end of March 2002, putting NAM among the leaders in

Investment Advisory Business

The investment advisory business continues to expand due

Nomura BlackRock Asset Management Co., Ltd.

to deregulation, including the start of pension fund asset

Nomura BlackRock Asset Management is an investment

management in the early 1990s for investment advisory

advisory company established in April 1999 as a joint ven-

the Japanese market.

Enhancement of Product Mix

Savings-type Investment Trusts

ture between Nomura Asset Management Co., Ltd. and

The BlackRock Co., Inc. of the United States. BlackRock

uses world-leading risk management technology, and is

rated highly in the U.S., particularly for bond management.

Short Term

Medium Term

We market BlackRock’s management products and

services in Japan on an exclusive basis, and Nomura

BlackRock Asset Management provides investment

advisory services to institutional investors such as financial

institutions and pension funds. As of the end of March

2002, the outstanding balance of assets under manage-

ment was ¥708 billion.

Cash Reserve

MRF

Bond Fund

MMF

FFF

Income Funds

Nomura Short
Term Prime Fund

Nomura Short
Term Bond Open

Promotion of ETF
Market Share by ETF Type

TOPIX Type
TOPIX Type

Nikkei 225 Type
Nikkei 225 Type

89%

69%

As of end March 2002
Source: Nomura Securities

Our Businesses

Asset Management Businesses

Strengthening Defined Contribution Pension
Plan Business

defined contribution pension plans, ranging from support

for plan implementation to supply of products.

Japan’s Defined Contribution Pension Plan Law became

Support for Plan Implementation (Plan Design)

effective on October 1, 2001, marking the start of pension

In providing plan design and support for implementation of

plans whose benefits fluctuate in accordance with the

defined contribution pension plans, Nomura Securities Co.,

results of investment decisions as well as general market

Ltd. acts as a relationship manager with corporations.

conditions.

Nomura Funds Research and Technologies Co., Ltd.

Based on accumulated know-how in the investment

(NFR&T), established as a joint venture between NHI and

trust and investment advisory businesses, and a well-

Nomura Research Institute, Ltd., proposes plan designs

established presence in the corporate employees’ invest-

optimally suited to the particular situations of institutional

ment plan market, we are utilizing Nomura Group’s collec-

customers.

tive strength to provide a wide variety of services relating to

Response to Introduction of Defined Contribution Pension Plans
Response to Introduction of Defined Contribution Pension Plans

Plan Design

Trust Services

Product Supply

Relationship
Manager/
Investment
Education

Product Selection

Provision of
Information to
Subscribers

Record-keeping

Nomura Funds Research and
Technologies Co., Ltd.

The Nomura Fundnet
Securities Co., Ltd.

Nomura DC Planning Co., Ltd.

Japan Investor Solutions and
Technologies Co., Ltd.

Our Businesses

Management Support

• Product Selection

Trust Services

Nomura Trust and Banking Co., Ltd. provides administra-

Based on management assessments and analyses of

tion services, including execution of trades on customer

investment trusts carried out by NFR&T and Standard &

orders received through JIS&T.

Poor’s, Nomura DC Planning Co., Ltd. (NDCP) makes

product selections and offers proposals from a neutral

Product Supply

standpoint. We conduct quality control by making quantita-

Nomura Asset Management sets up and manages invest-

tive and qualitative assessments, analyses and product

ment trusts to help subscribers accumulate assets over the

selections from a wide range of products provided by a

long term. It strives to improve results through in-depth risk

variety of management companies.

analysis of a wide range of investment trusts.

• Provision of Information to Subscribers

Investment Education

As the key player and management entity in this business,

Nomura Securities Co., Ltd. provides investment education

NDCP provides explanations of products and information

through websites, publications, seminars and other tools

on investment trust prices through cooperation with The

for subscribers and companies that intend to start defined

Nomura Fundnet Securities Co., Ltd., which operates call

contribution pension plans.

centers.

• Record-keeping

Japan Investor Solutions and Technologies Co., Ltd.

(JIS&T) provides regular reports and record administration

services for all subscribers.

Our Businesses

Contributions to Society

Sponsored Lectures

It is important to provide the young people who will eventu-

ally be responsible for the development of Japan’s econo-

my with the opportunity to come into contact with the

world of finance. Nomura Group organizes lectures by

directors and managers in some 100 universities through-

out Japan on the significance and operations of the securi-

ties business.

Nomura Cultural Foundation

PMF International Music Education Festival 2001

Nomura Group supports a wide range of cultural activities

in Japan and overseas via, among others, the Nomura

Cultural Foundation.

The Foundation was established on May 22, 1990. Its

aim is “To provide assistance for the education of young

artists, to support international exchange activities in art

and culture, and to provide scholarships for foreign

students studying in Japan, thereby promoting the devel-

opment of international human resources and fostering

international understanding as well as contributing to the

promotion of Japan’s art and culture.”

The most important event supported by the Foundation

is the Pacific Music Festival (PMF), held over four weeks

each summer in the Sapporo Art Park. PMF is an

International Music Education Festival established in 1990

at the suggestion of the late Leonard Bernstein. More than

1,000 young musicians have already trained at this festival,

and many of its graduates are currently engaged as

performers and conductors throughout the world.

In December 2000, in recognition of their continued

support of PMF since its establishment, Nomura Securities

and the Nomura Cultural Foundation, together with other

supporters, were awarded the Mecenat Award for

Outstanding Cultivation of the Arts (1999) by the

Association for Corporate Support of the Arts. Also, in

March 2001 PMF was awarded the 10th Culture Life

Award Grand Prix by the Japan Fashion Association for its

T O P

work in promoting the role of culture as a contributor to a

genuinely affluent society.

Contributions to Society

2002 FIFA WORLD CUP™

Nomura America Foundation

Lectures at Oxford University

Nomura Securities Co., Ltd. was an official supplier in

Japan to the 2002 FIFA World Cup™, co-hosted by Japan

and Korea from May 31 to June 30. The 2002 World Cup,

the first to be held in Asia, attracted the world’s attention

from the first match in Seoul on May 31 to the final in

Yokohama on June 30. Nomura Securities supported the

2002 World Cup, hoping that the tournament would

provide a fillip to the Asian and world economies.

The Nomura America Foundation was established in the

State of New York in March 1994, since when it has gener-

ally contributed funds to charitable organizations that are of

interest to Nomura employees. For example, over the past

three years the Foundation has given money to educational

institutions across the United States as well as to child

welfare and community service organizations. Following the

tragic events of September 11, 2001, Nomura employees

worldwide have donated money to the Foundation for on-

going relief efforts. The Foundation has distributed funds to

families of fire fighters and police officers who were killed in

the disaster.

Nomura International plc in London sponsors the Nomura

Centre for Quantitative Finance at Oxford University. The

Centre aims to promote research in mathematics and

finance, with a special emphasis on approaches that com-

bine practical relevance with mathematical interest. As part

of the Centre’s activities, leading authorities in the fields of

financial engineering and mathematical analysis present an

annual lecture. The first lecturer was Robert Merton of

Harvard University, who was awarded a Nobel Prize in

1997 for his work on option pricing theory. The purpose

of the lectures is to encourage the development of excep-

derivatives modeling.

tional talent in specialized fields relating to advanced

I C S

Contributions to Society

Nomura Holdings, Inc.
Corporate Data
(As of March 31, 2002)

Board of Directors and Statutory Auditors
(As of June 30, 2002)

Nomura Holdings, Inc.

Board of Directors

Type of Business:

NHI is a holding company with controlling stakes in
companies that conduct investment and financial
services businesses with an emphasis on securities
businesses.

Date of Incorporation:

December 25, 1925

Representative:

Junichi Ujiie, President and Chief Executive Officer

Capital:

¥182,799,788,854 (As of March 31, 2002)

Number of Common Stock Issued:

1,965,919,860 shares (As of March 31, 2002)

Number of Shareholders:

199,392 (As of March 31, 2002)

President and

Chief Executive Officer

Junichi Ujiie

Executive Vice President

and Chief Operating Officer

Nobuyuki Koga

Directors

Hiroshi Toda

Kazutoshi Inano

Takashi Tsutsui

Takashi Yanagiya

Kenichi Watanabe

Masanori Itatani

Hitoshi Tada

Masaharu Shibata*

Hideaki Kubori*

Listings:

Statutory Auditors

Hironobu Goto

Munetsugu Wakamatsu

Fumihide Nomura*

Haruo Tsuji*

* Outside directors and outside statutory auditors

The common shares of Nomura Holdings, Inc. are
listed on the Tokyo, Osaka, Nagoya and Singapore
stock exchanges. The shares are also listed on the
New York Stock Exchange in the form of American
Depositary Receipts and on the Amsterdam Stock
Exchange (Euronext) both through the Amsterdam
Securities Account System and in the form of
Continental Depositary Receipts.

Head Office:

1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8645, Japan
Tel: 81(3) 5255-1000
Fax: 81(3) 5255-1064
URL: http://www.nomura.com

Transfer Agent and Registrar:

UFJ Trust Bank Limited
Corporate Agency Department
81(3) 5683-5111

Depositary for American Depositary Receipt (ADRs):

The Bank of New York
ADR Division 1(212) 815-2293
http://www.adrbny.com
Ratio:1 ADR =1 ordinary share

Nomura Holdings, Inc.
Consolidated Income Statement (U.S. GAAP)

Millions of yen

Years ended March 31

2000

2001

2002

Revenue:

Commissions
Fees from investment banking
Asset management and portfolio service fees
Net gain on trading
Interest and dividends
Profit (loss) on investments in equity securities
Profit from changes in equity of an affiliated company
PFG entities product sales
PFG entities rental income
Gain on sales of PFG entities
Gain on private equity investments
Other

Total revenue
Interest expense
Net revenue

Non-interest expenses:

Compensation and benefits
Commissions and floor brokerage
Information processing and communications
Occupancy and related depreciation
Business development expenses
PFG entities cost of goods sold
PFG entities expenses associated with rental income
Other

¥ 329,332
93,644
63,799
253,328
419,742
90,839
—
56,476
144,005
—
—
48,616
1,499,781
437,131
1,062,650

286,268
21,342
54,961
71,191
20,418
37,408
51,706
147,136
690,430

¥ 189,841
87,160
144,882
307,989
518,941
(98,968)
—
117,523
103,339
—
—
98,591
1,469,298
553,643
915,655

305,190
26,393
70,998
65,319
29,940
84,004
43,760
133,879
759,483

¥ 140,001
75,255
109,985
162,228
500,541
(55,860)
3,504
294,931
177,053
116,324
232,472
68,965
1,825,399
504,048
1,321,351

379,540
20,962
87,252
73,787
26,652
200,871
111,529
247,786
1,148,379

Income before income taxes

372,220

156,172

172,972

Income tax expense:

Current
Deferred

Net income

Per share of common stock:

Net-income —Basic

—Diluted

12,866
155,805
168,671
¥ 203,549

¥ 103.71
¥ 103.17

53,693
45,069
98,762
¥ 57,410

Yen

¥ 29.25
¥ 29.25

61,898
(56,972)
4,926
¥ 168,046

¥ 85.57
¥ 85.32

Nomura Holdings, Inc.
Subsidiaries and Affiliates

(As of March 31, 2001)

Major Subsidiaries

Japan

NOMURA SECURITIES CO., LTD.
Nihonbashi Head Office:
1-9-1, Nihonbashi, Chuo-ku
Tokyo 103-8011, Japan
Tel: 81 (3) 3211-1811
Fax: 81 (3) 3278-0420

Otemachi Head Office:
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-8130, Japan
Tel: 81 (3) 3211-1811
Fax: 81 (3) 3278-0420

NOMURA ASSET MANAGEMENT
CO., LTD.
2-1-14, Nihonbashi, Chuo-ku
Tokyo 103-8260, Japan
Tel: 81 (3) 3241-9511
Fax: 81 (3) 3241-8275

THE NOMURA TRUST & BANKING
CO., LTD.
1-1-1, Nihonbashi, Chuo-ku
Tokyo 103-0027, Japan
Tel: 81 (3) 5202-1600
Fax: 81 (3) 3275-0760

NOMURA BABCOCK & BROWN
CO., LTD.
1-11-1, Nihonbashi, Chuo-ku
Tokyo 103-0027, Japan
Tel: 81 (3) 3281-7141
Fax: 81 (3) 3281-0215

NOMURA CORPORATE ADVISORS
CO., LTD. (merged with NOMURA SECURI-
TIES CO., LTD. in April 2002)
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-0004, Japan
Tel: 81 (3) 3281-2031
Fax: 81 (3) 3281-2590

NOMURA CAPITAL INVESTMENT
CO., LTD.
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-8130, Japan
Tel: 81 (3) 3278-5151
Fax: 81 (3) 3278-1432

NOMURA INVESTOR RELATIONS
CO., LTD.
1-26-2, Nishi-Shinjuku, Shinjuku-ku
Tokyo 163-0537, Japan
Tel: 81 (3) 3340-0300
Fax: 81 (3) 3340-0308

NOMURA PRINCIPAL FINANCE
CO., LTD.
2-2-2, Otemachi, Chiyoda-ku
Tokyo100-8130, Japan
Tel: 81 (3) 3278-0243
Fax: 81 (3) 3271-2498

THE NOMURA FUNDNET SECURITIES CO.,
LTD.
3-2, Nihonbashi-kobunacho, Chuo-ku
Tokyo 103-0024, Japan
Tel: 81 (3) 3665-1011
Fax: 81 (3) 3665-2505

NOMURA CORPORATE RESEARCH AND
ASSET MANAGEMENT INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9300
Fax: 1 (212) 667-1058

NOMURA FUNDS RESEARCH AND
TECHNOLOGIES CO., LTD.
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-8130, Japan
Tel: 81 (3) 3276-2151
Fax: 81 (3) 3275-9360

NOMURA DC PLANNING CO., LTD.
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-8130, Japan
Tel: 81 (3) 3275-0401
Fax: 81 (3) 3275-2277

NOMURA RESEARCH & ADVISORY
CO., LTD.
2-2-2, Otemachi, Chiyoda-ku
Tokyo 100-8130, Japan
Tel: 81 (3) 5255-9416
Fax: 81 (3) 5255-1775

NOMURA BUSINESS SERVICES
CO., LTD.
1-7-2, Nihonbashi-honcho, Chuo-ku
Tokyo 103-0023, Japan
Tel: 81 (3) 3278-9711
Fax: 81 (3) 3241-8187

NOMURA SATELLITE
COMMUNICATIONS CO., LTD.
1-9-1, Nihonbashi, Chuo-ku
Tokyo 103-8011, Japan
Tel: 81 (3) 3271-6372
Fax: 81 (3) 3271-6377

AMERICAS

NOMURA HOLDING AMERICA INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9300
Fax: 1 (212) 667-1058

NOMURA SECURITIES INTERNATIONAL, INC.
New York Head Office:
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9300
Fax: 1 (212) 667-1058

Chicago Office:
311 South Wacker Drive, Suite 6100
Chicago, Illinois 60606, U.S.A.
Tel: 1 (312) 408-9500
Fax: 1 (312) 408-9555

Los Angeles Office:
633 West, Fifth Street, 68th Floor
Los Angeles, California 90071, U.S.A.
Tel: 1 (213) 243-1600
Fax: 1 (213) 243-1649

São Paulo Representative Office:
Av. Brigadeiro Faria Lima no. 2179
6th Floor-cj. 61, São Paulo, S.P.
Brazil CEP 01452-000
Tel: 55 (11) 3034-2258
Fax: 55 (11) 3034-2259

NOMURA ASSET CAPITAL CORPORATION
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9300
Fax: 1 (212) 667-1058

THE CAPITAL COMPANY OF AMERICA, LLC
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-2250
Fax: 1 (212) 667-1095

NOMURA DERIVATIVE PRODUCTS, INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9416
Fax: 1 (212) 667-1400

NOMURA GLOBAL FINANCIAL
PRODUCTS, INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-2357
Fax: 1 (212) 667-1047

NOMURA INTERNATIONAL TRUST COMPANY
Exchange Place Center, 10 Exchange Place
16th Floor, Jersey City
New Jersey 07302, U.S.A.
Tel: 1 (201) 332-2155
Fax: 1 (201) 332-0547

NOMURA SECURITIES (BERMUDA) LTD.
Stockton House, 96 Pitts Bay Road
Pembroke HM 08, Bermuda
Tel: 1 (441) 296-4050
Fax: 1 (441) 296-4061

NOMURA CANADA INC.
P.O. Box 434, Suite 5830
1 First Canadian Place, Toronto
Ontario M5X 1E3, Canada
Tel: 1 (416) 868-1683
Fax: 1 (416) 359-8956

NOMURA REALTY ADVISORS, INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9197
Fax: 1 (212) 667-1643

NOMURA FUNDS RESEARCH AND
TECHNOLOGIES AMERICA, INC.
2 World Financial Center, Building B
New York, New York 10281-1198, U.S.A.
Tel: 1 (212) 667-9300
Fax: 1 (212) 667-1058

NOMURA ASSET MANAGEMENT U.S.A. INC.
180 Maiden Lane, 26th Floor, New York
New York 10038, U.S.A.
Tel: 1 (212) 509-8181
Fax: 1 (212) 509-8835

EUROPE & MIDDLE EAST

NOMURA SECURITIES CO., LTD.
Vienna Representative Office:
“Kärntner Ring Hof” Kärntner
Ring 5-7, A-1010 Vienna, Austria
Tel: 43 (1) 513-2322
Fax: 43 (1) 513-2321

NOMURA EUROPE HOLDINGS PLC
Nomura House, 1 St. Martin’s-le-Grand
London, EC1A 4NP, U.K.
Tel: 44 (207) 521-2000
Fax: 44 (207) 521-2121

NOMURA INTERNATIONAL PLC
London Head Office:
Nomura House, 1 St. Martin’s-le-Grand
London, EC1A 4NP, U.K.
Tel: 44 (207) 521-2000
Fax: 44 (207) 521-2121

Madrid Office:
Alcala 44, 3ºA, 28014, Madrid, Spain
Tel: 34 (91) 532-0920
Fax: 34 (91) 521-6010

Prague Representative Office:
2nd Floor, Betlem Palais, Husova 5
11000 Prague 1, Czech Republic
Tel: 420 (2) 24401444
Fax: 420 (2) 24248648

NOMURA BANK INTERNATIONAL PLC
Nomura House, 1 St. Martin’s-le-Grand
London, EC1A 4NP, U.K.
Tel: 44 (207) 521-2000
Fax: 44 (207) 626-0851

NOMURA GLOBAL FUNDING PLC
Nomura House, 1 St. Martin’s-le-Grand
London, EC1A 4NP, U.K.
Tel: 44 (207) 521-2000
Fax: 44 (207) 521-2121

BANQUE NOMURA FRANCE
164, rue de Rivoli, 75001, Paris, France
Tel: 33 (1) 42971900
Fax: 33 (1) 42971888

NOMURA ITALIA S.I.M.p.A.
Via Palestro, 2-20121 Milan, Italy
Tel: 39 (02) 76461
Fax: 39 (02) 76317106

NOMURA NEDERLAND N.V.
Atrium 1st Floor, Strawinskylaan
3109 1077 ZX, Amsterdam, The Netherlands
Tel: 31 (20) 5999000
Fax: 31 (20) 4684682

NOMURA EUROPE FINANCE N.V.
Atrium 1st Floor, Strawinskylaan
3109 1077 ZX, Amsterdam, The Netherlands
Tel: 31 (20) 5999000
Fax: 31 (20) 4684682

NOMURA BANK (LUXEMBOURG) S.A.
6 avenue Emile Reuter, L-2420 Luxembourg
Grand Duchy of Luxembourg
Tel: 352-4638888
Fax: 352-463333

NOMURA BANK (DEUTSCHLAND) GmbH
MesseTurm D-60308 Frankfurt am Main
Federal Republic of Germany
Tel: 49 (69) 97508-0
Fax: 49 (69) 97508-600

NOMURA BANK (SWITZERLAND) LTD.
Zurich Head Office:
Kasernenstrasse 1, P.O. Box CH-8021 Zurich
Switzerland
Tel: 41 (1) 2957111
Fax: 41 (1) 2422141

Geneva Office:
10, Quai du Seujet, P.O. Box CH-1211
Geneva 11, Switzerland
Tel: 41 (22) 9098400
Fax: 41 (22) 7328314

NOMURA SECURITIES HUNGARY LTD.
East-West Business Center
7th Floor, 1088 Budapest
Rákóczi út 1-3, Hungary
Tel: 36 (1) 235-5200
Fax: 36 (1) 235-5299

NOMURA INVESTMENT BANKING
(MIDDLE EAST) E.C.
7th Floor, BMB Centre
Diplomatic Area, P.O. Box 26893
Manama, Bahrain
Tel: 973-530531
Fax: 973-530365

NOMURA FUNDING FACILITY CORPORATION
LIMITED
International House, 3 Harbourmaster Place
IFSC, Dublin 1, Ireland
Tel: 353 (1) 667-0200
Fax: 353 (1) 670-0288

NOMURA ASSET MANAGEMENT U.K.
LIMITED
6th Floor, Nomura House,
1 St. Martin’s-le-Grand, London
EC1A 4NP, U.K.
Tel: 44 (207) 521-3333
Fax: 44 (207) 796-1246

NOMURA ASSET MANAGEMENT IRELAND
LIMITED
Grand Central House,
1 Upper Grand Conal Street, Dublin 4, Ireland
Tel: 353 (1) 667-0022
Fax: 353 (1) 667-0042

NOMURA SECURITIES SINGAPORE PTE.
LTD.
6 Battery Road, #34-01, Singapore 049909
Singapore
Tel: 65 (420) 1811
Fax: 65 (420) 1818

NOMURA FUTURES (SINGAPORE) PTE. LTD.
6 Battery Road, #34-01, Singapore 049909
Singapore
Tel: 65 (420) 1811
Fax: 65 (420) 1888

NOMURA ADVISORY SERVICES (MALAYSIA)
SDN. BHD.
Suite No.16. 3, Level 16, Letter Box No.46
Menara IMC, 8 Jalan Sultan Ismail 50250
Kuala Lumpur, Malaysia
Tel: 60 (3) 2076-6811
Fax: 60 (3) 2076-6888

P.T. NOMURA INDONESIA
7th Floor, The Daiwa Perdania Bank
Jl. Jend. Sudirman Kav. 40-41
Jakarta 10210, The Republic of Indonesia
Tel: 62 (21) 571-8888
Fax: 62 (21) 571-8881

NOMURA SECURITIES PHILIPPINES, INC.
18F, Tower The Enterprise Center
6766 Ayala Avenue Corner, Paseo de Roxas
Makati City 1200, Philippines
Tel: 63 (2) 886-5240
Fax: 63 (2) 886-5250

NOMURA AUSTRALIA LIMITED
Level 32, Colonial Centre,
52 Martin Place, Sydney, N.S.W. 2000, Australia
Tel: 61 (2) 9321-3500
Fax: 61 (2) 9321-3599

NOMURA ASSET MANAGEMENT
SINGAPORE LIMITED
6 Battery Road #34-02, Singapore 049909
Singapore
Tel: 65 (420) 1788
Fax: 65 (420) 1799

Major Affiliates
and Group Companies

JAPAN

NOMURA LAND AND BUILDING CO., LTD.
1-7-2, Nihonbashi-honcho, Chuo-ku
Tokyo 103-0023, Japan
Tel: 81 (3) 3231-6221
Fax: 81 (3) 3231-4625

NOMURA RESEARCH INSTITUTE, LTD.
2-2-1, Otemachi, Chiyoda-ku
Tokyo 100-0004, Japan
Tel: 81 (3) 5255-1800
Fax: 81 (3) 5255-9312

NOMURA REAL ESTATE DEVELOPMENT CO.,
LTD.
1-26-2, Nishi-Shinjuku, Shinjuku-ku
Tokyo 163-0566, Japan
Tel: 81 (3) 3348-8811
Fax: 81 (3) 3345-0381

JAFCO CO., LTD.
Tekko Building
1-8-2, Marunouchi, Chiyoda-ku
Tokyo 100-0005, Japan
Tel: 81 (3) 5223-7536
Fax: 81 (3) 5223-7561

NOMURA CHINA INVESTMENT CO., LTD.
1-7-2, Nihonbashi-honcho, Chuo-ku
Tokyo 103-0023, Japan
Tel: 81 (3) 3274-4608
Fax: 81 (3) 3274-6799

NIPPON CLEARING SERVICES CO., LTD.
6-7, Nihonbashi-koamicho, Chuo-ku
Tokyo 103-0016, Japan
Tel: 81 (3) 3663-6751
Fax: 81 (3) 3663-6733

ASIA & OCEANIA

NOMURA ASSET MANAGEMENT HONG KONG
LIMITED
32/F Citibank Tower
Citibank Plaza, 3 Garden Road
Central, Hong Kong
Tel: 852 (2524) 8061
Fax: 852 (2536) 1067

NOMURA CITIC INTERNATIONAL
ECONOMIC CONSULTANTS CO., LTD.
1601, Beijing Fortune Building
5 Dongsanhuan-Beilu, Chaoyang District,
Beijing, People’s Republic of China
Tel: 86 (10) 6590-9091
Fax: 86 (10) 6590-9088

CAPITAL NOMURA SECURITIES PUBLIC
COMPANY LIMITED
21/3 Thai Wah Tower, Ground Floor
South Sathorn Road, Bangkok 10120
Thailand
Tel: 66 (2) 285-0060
Fax: 66 (2) 285-0620

INTERNATIONAL UNION LEASING CO., LTD.
1616, Beijing Fortune Building
5 Dongsanhuan-Beilu, Chaoyang District,
Beijing, People’s Republic of China
Tel: 86 (10) 6590-8989
Fax: 86 (10) 6590-8999

ASIA & OCEANIA

NOMURA SECURITIES CO., LTD.
Seoul Branch Office:
12th Floor, Youngpoong Building
33 Seorin-dong, Chongro-ku, Seoul, Korea
Tel: 82 (2) 399-6100
Fax: 82 (2) 399-5255

Taipei Branch Office:
14th Floor, 109 Min-Sheng East Road
Sec. 3, Taipei, Taiwan R.O.C.
Tel: 886 (2) 2547-9300
Fax: 886 (2) 2547-9388

Beijing Representative Office:
1708, Beijing Fortune Building
5 Dongsanhuan-Beilu, Chaoyang District
Beijing, People’s Republic of China
Tel: 86 (10) 6590-8181
Fax: 86 (10) 6590-8182

Shanghai Representative Office:
601, Garden Hotel Shanghai
58 Maoming Nan-lu, Shanghai
People’s Republic of China
Tel: 86 (21) 6415-1565
Fax: 86 (21) 6415-1317

Hanoi Representative Office:
Unit 1103, 11th Floor, Hanoi Central Building B
Ly Thuong, Kiet Street, Hanoi, Vietnam
Tel: 84 (4) 8250-414
Fax: 84 (4) 8250-219

NOMURA ASIA HOLDING N. V.
Atrium 1st Floor, Strawinskylaan
3109 1077 ZX, Amsterdam, The Netherlands
Tel: 31 (20) 5999000
Fax: 31 (20) 4684682

NOMURA INTERNATIONAL (HONG KONG)
LIMITED
20/F-21/F, 3 Garden Road, Central
Hong Kong
Tel: 852 (2536) 1111
Fax: 852 (2536) 1888

NOMURA FUTURES (HONG KONG) LIMITED
20/F-21/F, 3 Garden Road, Central
Hong Kong
Tel: 852 (2536) 1111
Fax: 852 (2536) 1888

NOMURA SECURITIES (HONG KONG)
LIMITED
20/F-21/F, 3 Garden Road, Central
Hong Kong
Tel: 852 (2536) 1111
Fax: 852 (2536) 1888

NOMURA ASIA LIMITED
20/F-21/F, 3 Garden Road, Central
Hong Kong
Tel: 852 (2536) 1720
Fax: 852 (2536) 1395

NOMURA SINGAPORE LIMITED
6 Battery Road, #34-01, Singapore 049909
Singapore
Tel: 65 (420) 1811
Fax: 65 (420) 1888

Nomura Securities Co., Ltd.
Domestic Network

(As of March 31, 2002)

(cid:2) Hokkaido

(cid:2) Tohoku

(cid:2) Kanto

(cid:2) Tokyo metropolitan area

Office Name

Head Office

Asahikawa Branch Office
Hakodate Branch Office
Kushiro Branch Office
Sapporo Branch Office

Akita Branch Office
Aomori Branch Office
Fukushima Branch Office
Koriyama Branch Office
Morioka Branch Office
Sendai Branch Office
Yamagata Branch Office

Aobadai Branch Office
Atsugi Branch Office
Chiba Branch Office
Fujisawa Branch Office
Funabashi Branch Office
Hiratsuka Branch Office
Kashiwa Branch Office
Kawagoe Branch Office
Kawaguchi Branch Office
Kawasaki Branch Office
Matsudo Branch Office
Mito Branch Office
Omiya Branch Office
Saitama Branch Office
Shinyurigaoka Branch Office
Takasaki Branch Office
Tama Plaza Branch Office
Tokorozawa Branch Office
Totsuka Branch Office
Tsuchiura Branch Office
Urawa Branch Office
Utsunomiya Branch Office
Yokohama Branch Office
Yokohama-eki Nishiguchi Branch Office
Yokosuka Branch Office

Fuchu Branch Office
Gotanda Branch Office
Hachioji Branch Office
Ikebukuro Branch Office
Ikebukuro Metropolitan Plaza Branch Office
Jiyugaoka Branch Office
Kamata Branch Office
(From September, 2002)
Kichijoji Branch Office
Koiwa Branch Office
Kokubunji Branch Office
Machida Branch Office
Mita Branch Office
Nerima Branch Office
Ogikubo Branch Office
Omori Branch Office
Seijo Branch Office
Senju Branch Office
Shibuya Branch Office
Shinbashi Branch Office
Shinjuku Branch Office
Shinjuku-eki Nishiguchi Branch Office
Shinjuku Nomura Building Branch Office
Tachikawa Branch Office
Tamagawa Branch Office
Tokyo Branch Office
Toranomon Branch Office
Ueno Branch Office

Telephone

Address

81(3)3211-1811

1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011

81(166)23-1181
81(138)26-8111
81(154)23-1171
81(11)261-7211

1 Migi, 9 Gojo-dori, Asahikawa-shi, Hokkaido 070-0035
7-15, Wakamatsu-cho, Hakodate-shi, Hokkaido 040-0063
13-1, Kitaodori, Kushiro-shi, Hokkaido 085-0015
4, Kitasanjo-nishi, Chuo-ku, Sapporo-shi, Hokkaido 060-0003

81(18)831-2111
81(17)723-4111
81(24)522-2111
81(24)923-8711
81(19)653-5000
81(22)221-3111
81(23)622-1313

81(45)985-1171
81(46)224-8666
81(43)227-2161
81(466)25-1311
81(47)433-2211
81(463)21-2111
81(4)7163-2011
81(49)225-5151
81(48)256-3811
81(44)233-6751
81(47)362-1221
81(29)224-5231
81(48)641-8111
81(48)645-8100
81(44)953-6511
81(27)323-9111
81(45)902-1122
81(42)923-3811
81(45)881-1181
81(298)21-8811
81(48)833-1881
81(28)636-2181
81(45)641-2101
81(45)311-1671
81(468)23-2550

81(42)369-8111
81(3)3491-9101
81(426)46-3811
81(3)3983-1111
81(3)3988-1181
81(3)3718-3371
81(3)3738-5101
81(3)3783-5101
81(422)22-8181
81(3)3657-1141
81(42)328-6011
81(42)725-2111
81(3)3769-6651
81(3)3994-7711
81(3)3392-6011
81(3)3774-1181
81(3)3482-2011
81(3)3882-8411
81(3)3400-7111
81(3)3572-0111
81(3)3205-1001
81(3)3342-1281
81(3)3348-8211
81(42)524-1111
81(3)3708-1811
81(3)3211-2411
81(3)3583-2301
81(3)3831-9211

4-2-7, Nakadori, Akita-shi, Akita 010-0001
2-6-29, Shin-machi, Aomori-shi, Aomori 030-0801
4-1, O-machi, Fukushima-shi, Fukushima 960-8041
2-5-12, Ekimae, Koriyama-shi, Fukushima 963-8002
2-2-18, Odori, Morioka-shi, Iwate 020-0022
2-1-1, Chuo, Aoba-ku, Sendai-shi, Miyagi 980-8730
1-7-30, Toka-machi, Yamagata-shi, Yamagata 990-0031

2-6-1, Aobadai, Aoba-ku, Yokohama-shi, Kanagawa 227-0062
2-2-20, Naka-cho, Atsugi-shi, Kanagawa 243-0018
1-14-13, Fujimi, Chuo-ku, Chiba-shi, Chiba 260-0015
1-5-10, Kugenumaishigami, Fujisawa-shi, Kanagawa 251-0025
2-1-33, Hon-cho, Funabashi-shi, Chiba 273-0005
2-14, Beniya-cho, Hiratsuka-shi, Kanagawa 254-0043
1-4-29, Kashiwa, Kashiwa-shi, Chiba 277-8769
105, Wakita-machi, Kawagoe-shi, Saitama 350-1122
3-10-1, Sakae-cho, Kawaguchi-shi, Saitama 332-0017
5-2, Higashida-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa 210-8604
1281-29, Matsudo, Matsudo-shi, Chiba 271-0092
1-3-37, Miya-machi, Mito-shi, Ibaraki 310-0015
1-24, Daimon-cho, Saitama-shi, Saitama 330-0846
2-155, Sakuragi-cho, Saitama-shi, Saitama 331-0852
1-5-3, Kamiaso, Aso-ku, Kawasaki-shi, Kanagawa 215-0021
58-1, Yashima-cho, Takasaki-shi, Gunma 370-0849
5-1-2, Utsukushigaoka, Aoba-ku, Yokohama-shi, Kanagawa 225-0002
10-19, Hiyoshi-cho, Tokorozawa-shi, Saitama 359-1123
489-1, Kamikurata-cho, Totsuka-ku, Yokohama-shi, Kanagawa 244-0816
1-10-8, Kawaguchi, Tsuchiura-shi, Ibaraki 300-0033
2-13-8, Takasago, Saitama-shi, Saitama 336-0011
2-1-1, Babadori, Utsunomiya-shi, Tochigi 320-0026
4-52, Onoe-cho, Naka-ku, Yokohama-shi, Kanagawa 231-0015
1-5-10, Kitasaiwai, Nishi-ku, Yokohama-shi, Kanagawa 220-0004
1-9, Odaki-cho, Yokosuka-shi, Kanagawa 238-0008

1-8-1, Fuchu-cho, Fuchu-shi, Tokyo 183-8691
1-5-1, Nishi-Gotanda, Shinagawa-ku, Tokyo 141-0031
11-6, Asahi-cho, Hachioji-shi, Tokyo 192-0083
1-27-10, Minami-Ikebukuro, Toshima-ku, Tokyo 171-0022
1-11-1, Nishi-Ikebukuro, Toshima-ku, Tokyo 171-0021
2-10-9, Jiyugaoka, Meguro-ku, Tokyo 152-0035
7-46-7, Nishi-Kamata, Ota-ku, Tokyo 144-0051
5-15-8, Kamata, Ota-ku, Tokyo 144-052
2-2-16, Kichijoji-honcho, Musashino-shi, Tokyo 180-0004
7-22-6, Minami-Koiwa, Edogawa-ku, Tokyo 133-0056
2-12-2, Hon-cho, Kokubunji-shi, Tokyo 185-0012
6-3-9, Haramachida, Machida-shi, Tokyo 194-0013
5-20-14, Shiba, Minato-ku, Tokyo 108-0014
5-17-10, Toyotama-kita, Nerima-ku, Tokyo 176-0012
1-8-8, Kamiogi, Suginami-ku, Tokyo 167-0043
2-5-10, Sanno, Ota-ku, Tokyo 143-0023
5-8-1, Seijo, Setagaya-ku, Tokyo 157-0066
2-18, Senjukotobuki-cho, Adachi-ku, Tokyo 120-0033
1-14-16, Shibuya, Shibuya-ku, Tokyo 150-0002
1-9-6, Shinbashi, Minato-ku, Tokyo 105-0004
5-17-9, Shinjuku, Shinjuku-ku, Tokyo 163-8691
1-6-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-1590
1-26-2, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-0502
2-5-1, Akebono-cho, Tachikawa-shi, Tokyo 190-0012
3-7-18, Tamagawa, Setagaya-ku, Tokyo 158-0094
1-8-2, Marunouchi, Chiyoda-ku, Tokyo 100-0005
2-1-1, Toranomon, Minato-ku, Tokyo 105-0001
2-1-8, Ueno, Taito-ku, Tokyo 110-8501

Office Name

Telephone

Address

Fukui Branch Office
Gifu Branch Office
(From September, 2002)
Hamamatsu Branch Office
Kanayama Branch Office
Kanazawa Branch Office
Kofu Branch Office
Matsumoto Branch Office
Nagano Branch Office
Nagoya Branch Office
Nagoya-ekimae Branch Office
Niigata Branch Office
Numazu Branch Office
(From April 22, 2002)

Okazaki Branch Office
Shizuoka Branch Office
Toyama Branch Office
Toyohashi Branch Office
Toyota Branch Office
Tsu Branch Office
Yokkaichi Branch Office

Akashi Branch Office
Higashiosaka Branch Office
Himeji Branch Office
Hirakata Branch Office
Kishiwada Branch Office
Kobe Branch Office
Kyoto Branch Office
Nanba Branch Office
Nara Branch Office
Nishinomiya Branch Office
Osaka Branch Office
Otsu Branch Office
Sakai Branch Office
Senri Branch Office
Takatsuki Branch Office
Tennoji-eki Branch Office
Toyonaka Branch Office
Tsukaguchi Branch Office
Uehonmachi Branch Office
Umeda Branch Office
Wakayama Branch Office

Fukuyama Branch Office
Hiroshima Branch Office
Kochi Branch Office
Kurashiki Branch Office
Matsue Branch Office
Matsuyama Branch Office
Okayama Branch Office
Shimonoseki Branch Office
Takamatsu Branch Office
Tokushima Branch Office
Tokuyama Branch Office
Yonago Branch Office

Fukuoka Branch Office
Kagoshima Branch Office
Kitakyushu Branch Office
Kumamoto Branch Office
Kurume Branch Office
Miyazaki Branch Office
Nagasaki Branch Office
Naha Branch Office
Oita Branch Office
Saga Branch Office

(cid:2) Chubu/Hokuriku

(cid:2) Osaka/Kinki area

(cid:2) Chugoku/Shikoku

(cid:2) Kyushu/Okinawa

81(776)22-8011
81(58)262-3101
81(58)262-3101
81(53)454-3151
81(52)322-1261
81(76)221-3145
81(55)237-1781
81(263)33-6781
81(26)228-1811
81(52)201-2311
81(52)561-5251
81(25)225-7777

3-4-1, Ote, Fukui-shi, Fukui 910-0005
7-15, Kanda-machi, Gifu-shi, Gifu 500-8833
6-6, Kanamachi, Gifu-shi, Gifu 500-8842
330-5, Tamachi, Hamamatsu-shi, Shizuoka 430-0944
1-12-14, Kanayama, Naka-ku, Nagoya-shi, Nagoya, Aichi 460-0022
3-25, Takaoka-machi. Kanazawa-shi, Ishikawa 920-0864
1-8-17, Marunouchi, Kofu-shi, Yamanashi 400-0031
2-1-31, Chuo, Matsumoto-shi, Nagano 390-0811
1361, Suehiro-cho, Minami-Nagano, Nagano-shi, Nagano 380-8640
2-19-22, Nishiki, Naka-ku, Nagoya-shi, Aichi 460-8689
3-22-8, Mei-eki, Nakamura-ku, Nagoya-shi, Aichi 450-8666
1215-7, Rokuban-cho, Kamiokawamaedori, Niigata-shi, Niigata 951-8068

81(55)962-4444 Mitsui seimei Otemachi Daini Building, 2-10-14,

81(564)23-1811
81(54)254-6151
81(76)421-7561
81(532)53-1121
81(565)33-1300
81(59)223-2111
81(593)53-2141

81(78)918-1155
81(6)6783-5241
81(792)22-6101
81(72)846-2511
81(724)38-8188
81(78)321-2201
81(75)221-7211
81(6)6632-5081
81(742)22-0351
81(798)64-8181
81(6)6201-1281
81(77)526-3131
81(72)221-9241
81(6)6831-1661
81(726)81-2111
81(6)6779-1431
81(6)6845-8401
81(6)6421-1400
81(6)6772-1261
81(6)6313-3431
81(73)431-2111

81(849)21-3111
81(82)247-4131
81(88)823-3311
81(86)421-1511
81(852)22-1515
81(89)941-0131
81(86)224-1181
81(832)31-3211
81(87)851-4111
81(88)623-0161
81(834)22-0811
81(859)34-2851

81(92)771-3111
81(99)226-8141
81(93)521-7581
81(96)352-3181
81(942)33-7151
81(985)24-7191
81(95)821-1161
81(98)864-2471
81(97)535-1211
81(952)22-7111

Otemachi, Numazu-shi, Shizuoka 410-0801
2-11, Koseidori-nishi, Okazaki-shi, Aichi 444-0059
6-6, Miyuki-cho, Shizuoka-shi, Shizuoka 420-0857
1-4-3, Tsutsumichodori, Toyama-shi, Toyama 930-0046
1-38, Ekimaeodori, Toyohashi-shi, Aichi 440-0888
1-200, Nishi-machi, Toyota-shi, Aichi 471-0025
371, Hadokoro-cho, Tsu-shi, Mie 514-0009
1-16, Suwasakae-machi, Yokkaichi-shi, Mie 510-0086

2-1-26, Hon-machi, Akashi-shi, Hyogo 673-0892
2-2-18, Chodo, Higashiosaka-shi, Osaka 577-0056
18, Shirogane-cho, Himeji-shi, Hyogo 670-0902
5-15, Okahigashi-machi, Hirakata-shi, Osaka 573-0032
6-10, Sujikai-cho, Kishiwada-shi, Osaka 596-0057
1-5-32, Sannomiya-cho, Chuo-ku, Kobe-shi, Hyogo 650-0021
Sakai-machi kado, Shijo-dori, Shimogyo-ku, Kyoto-shi, Kyoto 600-8006
4-1-15, Nanba, Chuo-ku, Osaka-shi, Osaka 542-0076
45, Hayashikoji-cho, Nara-shi, Nara 630-8227
1-3-8, Kofuen, Nishinomiya-shi, Hyogo 662-0832
2-5-4, Kitahama, Chuo-ku, Osaka-shi, Osaka 540-8604
3-1-27, Nagara, Otsu-shi, Shiga 520-0046
59, Miyukidori, Mikunigaoka, Sakai-shi, Osaka 590-0028
1-1-5, Shin-senrihigashi-machi, Toyonaka-shi, Osaka 560-0082
3-1-101, Konya-cho, Takatsuki-shi, Osaka 569-0804
10-48, Hidenin-cho, Tennoji-ku, Osaka-shi, Osaka 543-0055
1-2-33, Hon-machi, Toyonaka-shi, Osaka 560-0021
1-10-20, Tsukaguchi-cho, Amagasaki-shi, Hyogo 661-0002
6-5-28, Uehonmachi, Tennoji-ku, Osaka-shi, Osaka 543-0001
2-4, Komatsubara-cho, Kita-ku, Osaka-shi, Osaka 530-0018
9-2, Juban-cho, Wakayama-shi, Wakayama 640-8152

3-1, Higashisakura-machi, Fukuyama-shi, Hiroshima 720-0065
2-23, Tate-machi, Naka-ku, Hiroshima-shi, Hiroshima 730-0032
1-2-6, Harimaya-cho, Kochi-shi, Kochi 780-0822
3-9-10, Achi, Kurashiki-shi, Okayama 710-0055
484-16, Asahi-machi, Matsue-shi, Shimane 690-0003
5-7-3, Chifune-machi, Matsuyama-shi, Ehime 790-8691
6-24, Nishiki-machi, Okayama-shi, Okayama 700-8640
1-3-15, Hosoe-cho, Shimonoseki-shi, Yamaguchi 750-8691
10-5, Furushin-machi, Takamatsu-shi, Kagawa 760-0025
3-14, Yaoya-machi, Tokushima-shi, Tokushima 770-0841
1-3, Hon-machi, Tokuyama-shi, Yamaguchi 745-0036
1-27-13, Kakuban-cho, Yonago-shi, Tottori 683-0812

2-14-8, Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka 810-0001
1-4, Sennichi-cho, Kagoshima-shi, Kagoshima 892-0843
3-1-1, Kyo-machi, Kokurakita-ku, Kitakyushu-shi, Fukuoka 802-0002
12-30, Hanabata-cho, Kumamoto-shi, Kumamoto 860-8604
24-18, Hiyoshi-machi, Kurume-shi, Fukuoka 830-0017
4-1-2, Tachibanadori-higashi, Miyazaki-shi, Miyazaki 880-8607
6-5, Doza-machi, Nagasaki-shi, Nagasaki 850-8691
1-1-19, Matsuyama, Naha-shi, Okinawa 900-0032
1-3-20, Chuo-machi, Oita-shi, Oita 870-0035
3-15, Ekiminami-honmachi, Saga-shi, Saga 840-0816

For further information, please contact:
Investor Relations Department
Nomura Group Headquarters
NOMURA SECURITIES CO., LTD.

1-9-1, Nihonbashi, Chuo-ku, Tokyo 103-8011, Japan
Tel: 81 (3) 3211-1811
URL:http://www.nomura.com

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