1

Kazutoshi InanoDirectorNomura Holdings, Inc.December 2002

INVESTORS’ DAYAsset Management

This is a summary of a presentation for INVESTORS’ DAY.

Date: 6 December, 2002 (Friday)Place: 7th floor Nomura Securities Co., Ltd. Speaker: Kazutoshi Inano

Head of Asset Management, Director, Nomura Holdings, Inc.This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. Allrights reserved.Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security,commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell,sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may onlybe made or entered into pursuant to appropriate offering materials or a prospectus prepared anddistributed according to the laws, regulations, rules and market practices of the jurisdictions in which suchoffers or sales may be made.No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or byany means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.The information and opinions contained in this document have been obtained from sources believed to bereliable, but no representations or warranty, express or implied, are made that such information is accurateor complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for anylosses arising from the use of this information.This document contains statements that may constitute, and from time to time our management may make"forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities

Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materialspursuant to which any securities may be offered or sold in the United States. These forward-lookingstatements are not historical facts but instead represent only our belief regarding future events, many ofwhich, by their nature, are inherently uncertain and outside our control. Important factors that could causeactual 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 conditionsand size, and the number and timing of transactions.The consolidated financial information in this document for the six months ended September 2002 is notsubject to audit.

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Outline of Presentation

! Review of Segment Operating Results

! Analysis of Current Situation! Defined Contribution Pension Plan Business! Investment Trust Business! Investment Advisory Business

! Goals & Strategy! Enhance Asset Management Capability! Expand Distribution Channel via Banks! Strengthen Defined Contribution Pension Plan Business

1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2002 Nomura Holdings, Inc. All rights reserved.2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including

securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.

3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.

4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.

5. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

6. The consolidated financial information in this document for the six months ended September 2002 is not subject to audit.

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Review of Segment Operating Results

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Asset Management

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30.0

23.6

20.1

10.3

5.12.40

5

10

15

20

25

30

35

FY01.3 (1/2) FY02.3 (1/2) FY03.3 (1H)

(Billions of yen)

Net revenue

Income before income taxes

Review of Segment Operating Results

This slide is a review of operating results.

To provide an accurate comparison with the results for the first six months ended September 2002, figures have been calculated on a half-yearly average. Income before income taxes fell 66% to 2.4 billion yen from 10.3 billion yen in fiscal year ended March 2001 and 5.1 billion yen in fiscal year ended March 2002. While this figure includes the effects of the introduction in the first half of a new method of allocating expenses related to defined contribution pension plan business, revenues have been worsening. Despite the harsh business environment, typified by prolonged low interest rates and a sluggish stock market, we intend to develop various measures to render our Asset Management division a stable source of revenue for the Nomura Group.

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Analysis of Current Situation

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Asset Management

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Analysis of Current SituationDefined Contribution Pension Plan Business

37%

63%

Nomura

Other

8%

54%

38%

Pension Administration & Product Supply

Product Supply

No Product Supply

Pension Administration Share Product Supply Share

Note: Excluding Nomura Group, Daiwa Group and Nikko Cordial GroupProduct supply share includes only those companies that have decided on a DC product mix

Source: Compiled by Nomura Securities based on the number of employees at the end of September 2002

Nomura’s Asset Management division comprises defined contribution pension plan business as well as investment trust business and investment advisory services.

This slide illustrates our share in defined contribution pension plan business. From the introduction of the system last year till the end of September this year, we have received 22 pension administration contracts, or, on a number-of-employees basis, 150,000 employees, representing a 37% industry share. Furthermore, we supplied products to 97,000 individuals through 17 contracts, although this did not lead to an increase in our pension administration share. As financial institutions begin to strengthen their efforts on this front, we believe we have achieved positive results as a first step.

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Analysis of Current SituationAssets under Management (NAM)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Mar. Jun. Sept. Dec. Mar. Jun. Sept. Dec. Mar. Jun. Sept.

2000 2001 2002

(Trillions of yen)

Total

Overseas

Domestic

Public Investment Trusts Investment Advisory Contracts

0.02.04.06.08.0

10.012.014.016.018.020.0

Mar. Jun. Sept. Dec. Mar. Jun. Sept. Dec. Mar. Jun. Sept.

2000 2001 2002

TotalBond investment trusts (exlcuding MMFs)Stock investment trustsMMF

(Trillions of yen)

This page illustrates movements in NAM’s assets under management, a core element in our business. As of the end of September 2002, the net asset value of NAM’s public investment trusts was 11.5 trillion yen with 293 trusts. An outflow of funds from money management funds (MMFs) and Long-Term BondInvestment Trust coupled with a stagnant stock market have contributed to a15% fall in this figure compared to the end of March this year. Given suchcircumstances, net asset value is on the decline.

At the end of September, investment advisory contracts stood at 484, a fall of 4 contracts since the end of March 2002. Investment advisory assets fell 9% to 3.9 trillion yen over the same period.

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(Billions of yen)

Company Net Assets End of Mar.Comparison

1 Nomura Asset Management 11,541 -15.1%

2 Daiwa Asset Management 7,244 -12.4%

3 Nikko Asset Management 4,474 8.5%

4 KOKUSAI ASSET MANAGEMENT 2,162 23.8%

5 UFJ Partners Asset Management 1,701 -16.3%

6 Shinko Investment Trust Management 1,646 -23.0%

7 Dai-Ichi Kangyo Asset Management 1,170 -29.0%

8 Fidelity Investments Japan 737 -6.5%

9 Goldman Sachs Investment Trust Management 554 -9.0%

10 Nissay Asset Management 524 34.3%

Top 10 total 31,754 -10.1%

Total 37,501 -9.1%

Source: The Investment Trusts Association, Japan

Analysis of Current SituationPublic Investment Trusts Ranking

Note: Ranked by size of assets under management in public investment trusts as of end of September 2002

This page illustrates public investment trust ranking.

Amid an industry-wide downturn in net asset value, NAM’s rate of decline was smaller than that of the industry average for the six months ended September 2002. Despite this NAM retained its top position in the public investment trusts ranking. When broken down, the net asset value decrease of 2.5 trillion yen is found to comprise a 1.5 trillion yen cash outflow and a 500 billion yen decline resulting from a drop in prices.

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Analysis of Current SituationAssets under Management – Investment Trusts

NAM's Assets under Management by Product Type (As of end of Sept. 2002)

10.1%0.2%

28.3%

18.1%

43.4%

(Millions of yen)

Public Investment Trusts 11,541,343Stock Invesmtent Trusts 3,255,849

ETF Total 1,166,566Bond Investment Trusts 8,285,494

Long Term Bond Investment Trust 5,004,449Daily Accounting Funds 3,260,436Of which MMF 1,479,550Of which MRF 1,111,736Of which FFF 656,396Of which CRF 12,754

Other Bond Investment Trusts

Daily Accounting

Funds

ETF Total

Other Stock Investment

Trusts

Long Term Bond Investment Trust

This slide shows you NAM’s assets under management by product type as of the end of September 2002. The Long-Term Bond Investment Trust accounted for 43% at 5 trillion yen, and daily accounting funds, including MMFs, totaled 3.3 trillion yen at 28%. As such, bond investment trusts comprised nearly 70%. Stock investment trusts account for approximately 30% at 3.3 trillion yen, of which exchange traded funds (ETFs) make up around 1% at 1.2 trillion yen.

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Analysis of Current SituationLong Term Bond Investment Trust

-300-200-100

0100200300

2000 2001 2002

(Billions of yen)Sales

Repurchases

3

4

5

6

7(Trillions of yen)

Assets undermanagement

Actual Target2002 Apr. No. 4 130.95 125

May No. 5 130.95 125Jun. No. 6 130.95 125Jul. No. 7 141.38 125

Aug. No. 8 121.77 100Sept. No. 9 135.55 100Oct. No. 10 134.19 100Nov. No. 11 148.87 100Dec. No. 12 100

2003 Jan. No. 1 100Feb. No. 2 100Mar. No. 3 100Apr. No. 4 10May No. 5 10Jun. No. 6 10Jul. No. 7 9

Aug. No. 8 9Sept. No. 9 9Oct. No. 10 9Nov. No. 11 9

Long Term Bond Investment Trust (No.1 – No. 12)

Profit Distribution (Actual / Targeted)*

*Units: Yen. Profit distribution per 10,000 yen

This slide illustrates movements in the Long-Term Bond Investment Trust. Favorable returns relative to the low interest rates have brought about an inflow of money into the Long-Term Bond Investment Trust. At its peak its net asset value topped 6.5 trillion yen. However, as the chart on the right reveals, estimated profit distribution has significantly waned since April this year and there continues to be a net outflow of money. In the first half, net asset value fell 21% to stand at approximately 5 trillion yen at the end of September. By the end of November, the figure was 4.6 trillion yen. During the first half we fined tuned our bond-type product lineup and continuously aim to meet investors’ diverse needs and expand our assets under management.

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Analysis of Current SituationMajor Daily Accounting Funds

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Mar. Jun. Sept. Dec. Mar. Jun. Sept.

MMF MRF FFF

2001 2002

(Billions of yen)

FFF: 656 billion yen

MRF: 1,112 billion yen

MMF: 1,480 billion yen

This slide shows the major daily accounting funds.

NAM’s daily accounting funds consist of four different types: money reserve funds (MRFs) and MMFs for individual investors, free financial funds (FFFs), which target corporate clients, and cash reserve funds (CRFs), which were newly established in August this year. Of these four, the net asset value of NAM’s MMF decreased substantially as a result of the shock caused when competitors’ MMFsfell below par value last year. The net asset value fell 53% from 3.8 trillion yen at the end of October last year to approximately 1.8 trillion yen at the end of March this year. By the end of November, it had dropped to around 1.4 trillion yen, a fall of 63% since last October. A look at daily accounting funds overall reveals that net asset value by the end of November had fallen 49% to 3.3 trillion yen from 6.5 trillion in October 2001. Compared to the end of March this year, it had already fallen 19%. At the end of November, the net asset value of our CRF, which we set up in August, was 22.1 billion yen.

The harsh business environment is expected to persist for the time being amid continued low interest rates. However, daily accounting funds, including MMFs, form an integral part of our product lineup as low risk, low return cash reserve funds. We will continue to make sure our investment methods pay the utmost attention to stability of principal.

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Analysis of Current SituationForeign Currency Bond Funds

Note: Totals for funds with multiple courses include all courses

050

100150200250300350400450500

Mar. Jun. Sept. Dec. Mar. Jun. Sept. Dec. Mar. Jun. Sept.

2000 2001 2002

Nomura Bond & Loan Fund Asset Backed Securities OpenU.S. Preferred Securities Open High Yield Bond OpenNomura Bond Income Open Other

(Billions of yen)

This slide illustrates the movement of assets under management of foreign currency bond funds. The asset management industry has enjoyed aconsistent inflow of cash into foreign currency funds. The situation is the same at NAM. The assets under management of the Nomura Bond & Loan Fund, managed by Nomura Corporate Research and Asset Management,and Asset Back Securities Open amounted to 160 billion yen and 95 billion yen respectively at the end of November 2002. Total foreign currency bond funds increased by 80% to 520 billion yen from the end of March 2002 to the end of November 2002. This August we launched the monthly Nomura Short-Term Interest Fund series, and will promote foreign currency bond funds to cope with asset management needs seeking relatively higher returns.

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Analysis of Current SituationMajor Stock Investment Trusts

0

200

400

600

800

1,000

1,200

Mar. Jun. Sept. Dec. Mar. Jun. Sept. Dec. Mar. Jun. Sept.

2000 2001 2002

Nomura Japan Open

NOMURA JAPAN Stock Strategic Fund

(Billions of yen)

Assets under Management

This slide is a review of our major stock investment trusts, namely NOMURA JAPAN Stock Strategic Fund and Nomura Japan Open. The net asset values at the end of November 2002 of NOMURA JAPAN Stock Strategic Fund and Nomura Japan Open were 414.8 billion yen and 122.4 billion yen respectively. The downward trend is unchanged.

As for the NOMURA JAPAN Strategic Fund, its performance since its launch has been -55%, underperforming the TOPIX at -47% by roughly 8%. Although Nomura Japan Open has outperformed the TOPIX’s -43% by approximately 7% with a performance of -36% since its launch in February 1996, the fund is still declining due to stock market decline.

The business environment for asset management companies remains harsh. However, it is the task of asset management companies to provide better performance and we will endeavor to enhance our asset managementcapability.

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0

50

100

150

200

250

300

350

400

Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept.

2001 2002

0

1

2

3

4

5

6

7

8(Billions of yen) (Millions of shares)

Transaction volume (RHS)

Assets under management (LHS)

Analysis of Current SituationExchange Traded Funds

(Month end, billions of yen)

TOPIX Nikkei 225 TOPIX Core30

TOPIXElectric

Appliances

TOPIXTransportation

Equipment

TOPIXBanks Nikkei 300 FTSE Japan Total Industry

Total

Sept. 2001 24 125 - - - - 28 - 176 413

Dec. 2001 542 124 - - - - 28 - 694 918Mar. 2002 562 362 - - - - 29 - 952 1,196Jun. 2002 974 327 4 5 3 4 27 - 1,344 1,721Sept. 2002 838 282 3 4 3 7 25 5 1,167 2,579

NAM’s ETFs

Nikkei 225 type ETF TOPIX-type ETF

0

200

400

600

800

1,000

1,200

Jul. Aug.Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug.Sept.

2001 2002

0

5

10

15

20

25

30

Transaction volume (RHS)

Assets under management (LHS)

(Billions of yen) (Millions of shares)

TOPIX type ETF

This slide summarizes ETFs. There were 19 ETFs on the market at the end of November, with a combined net asset value of 2.4 trillion yen. Of these 19, NAM manages 8 with a net asset value of 1.1 trillion yen, giving it a 46% market share.

The net asset value of ETFs increased dramatically due to the sale of stock holdings by financial institutions, however, it may still take some time until we see strong demand from individual investors as the stock market remains weak. Having said that, the ETF has great potential as a product targeting individuals.

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Analysis of Current SituationInvestment Advisory Ranking

(Billions of yen)

Company DomesticPensions

OverseasPensions Total

1 DLIBJ Asset Management 3,655 0 3,655

2 Nomura Asset Management 2,908 414 3,323

3 Nissay Asset Management 2,982 0 2,982

4 Daiwa SB Investments 1,805 329 2,134

5 Merrill Lynch Investment Managers 1,636 88 1,724

6 Barclays Nikko Global Investors 1,602 0 1,602

7 Nikko Asset Management 1,333 231 1,565

8 UFJ Asset Management 1,548 0 1,548

9 Mitsui Life Global Asset Management 1,527 0 1,527

10 Schroder Investment Management (Japan) 1,199 140 1,339

Top 10 Total 20,196 1,203 21,399

Total 36,768 29,410 39,709

Source: Newsletter on Pensions & Investment

Note: Ranked by size of assets under management in investment advisory contracts for pensions as of end of June 2002

This slide illustrates the ranking of investment advisory business as of the end of June 2002. In line with the industry-wide decline of assets under investment advisory contracts, NAM’s assets are also decreasing. We are ranked top in terms of management of overseaspensions, but third in terms of domestic pensions and second in terms of total assets under investment advisory contracts. However, our ranking may have fallen due to the recent merger of certain asset management companies.

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Analysis of Current SituationAssets under Investment Advisory Contracts

(Millions of yen, as of end of Sept. 2002)Discretionary Contracts Non-Discretionary Contracts TotalNo. of

Contracts Market Value No. ofContracts Market Value No. of

Contracts Market Value

16 1,486,105 0 0 16 1,486,105347 1,298,381 0 0 347 1,298,381363 2,784,486 0 0 363 2,784,48655 256,408 6 58,101 61 314,508

418 3,040,894 6 58,101 424 3,098,99518 273,366 3 84,543 21 357,90916 70,288 23 345,183 39 415,47134 343,654 26 429,726 60 773,381

452 3,384,548 32 487,827 484 3,872,375Total

OverseasPensions Total

Non-Pensions TotalTotal

Domestic

Public PensionsPrivate Pensions Pensions Total Non-Pensions

Total

Non-Discretionary

13%

Discretionary87% Domestic

Priv atePensions

34%

DomesticPublic

Pensions38%

Others 19%Ov erseasPensions

9%

This slide shows the details of NAM’s assets under investment advisory contracts.

As of the end of September 2002, NAM’s assets under discretionary and non-discretionary contracts amounted to 3,380 billion yen and 490 billion yen respectively. Discretionary and non-discretionary contracts totaled 3,870 billion yen. The number of contracts with pension funds decreased by one to 384 and assets were down 8% to 3,140 billion yen.

We expect this business to grow due to a change of regulation and will endeavor to secure new mandates and increase the assets under management.

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Goals & Strategy

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!Enhance Asset Management Capability

!Enhance Distribution via Banks

!Strengthen Defined Contribution Pension Plan Business

Goals & Strategy

Pages 18-22 show our goals and strategy.

As mentioned earlier, the business environment surrounding us is harsh. However, as a division in the Nomura Group that is expected to produce a stable revenue source, we will prioritize the following three areas during the second half. First, enhancement of our asset management capability, second, improvement of distribution via banks and third, strengthening our defined contribution pension plan business.

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Goals & StrategyEnhance Asset Management Capability (1)

(1) Enhance In-house Asset Management Capability!Asset Management Capability Enhancement Project

(2) Enhance Human Resources & Establish Efficient Business Infrastructure

!Working Group on Human Resources Enhancement!Restructuring of system infrastructure

Although we have been trying to enhance our asset management capability so far, I would like to emphasize the following three points.

First, we launched the Asset Management Capability Enhancement Project last October. I myself am the chairman of this project. We are currently preparing the draft restructuring plan for separate asset classes, which will be finished within the year. We will move into the implementation phase from January next year.The second measure is enhancing human resources and establishing an efficient business infrastructure. I strongly believe asset management’s greatest source of added value is its human resources. Additionally, in order to consistently provide value-added products to investors, we have to establish an efficient business infrastructure.

As for enhancement of human resources, we have established the Working Group on Human Resource Enhancement and are discussing in concrete terms how we can develop and train human resources. As for the establishment of efficient business infrastructure, we are reviewing business processes and flows and reorganizing system infrastructure.It may take some time until we start to enjoy the concrete benefits of such efforts, but we will rapidly implement what measures we can now.

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(3) Focused Allocation of Management Resources

0

100

200

300

400

500

600

Mar. 98 Mar. 99 Mar. 00 Mar. 01 Mar. 02 Sep.02

Stock Investment Trusts

Bond Investment Trusts

End ofMar. 02

End ofSept. 02

PlannedRedemption2nd Half FY

Mar. 03StockInvestmentTrusts

268 (19) 270 (25) 23 (0)

BondInvestmentTrusts

25 (1) 23(1) 1 (0)

Total 293 (20) 293 (26) 24 (0)Note: ( ) = Investment trusts for defined contribution pension plans

Number of NAM’s Public Investment Trusts

( No. of investment trusts )

Goals & StrategyEnhance Asset Management Capability (2)

Next is the focused allocation of management resources. NAM used to provide a full line of products to cope with investors’ diversified needs. However, due to the harsh business environment it has become necessary to allocate available management resources on a more focused and selective basis in order to retain our competitive edge. One specific measure for achieving this is to reduce the number of investment trusts. While asset management companies are bound to fulfill their obligations as a matter of course, it is a fact that several funds are no longer able to provide the value initially assumed due to decreases in net asset value. As a result, 17 funds were redeemed in the first half of the current fiscal year, including by maturity redemption. An additional 24 funds are scheduled for redemption in the second half.

In the first half, there was no substantial decline in the total number of funds mainly due to the enhancement of bond-type investment trusts. However, we will review existing funds to achieve an efficient management structure.

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0.02.04.06.08.0

10.012.0

Mar. Jun. Sept. Dec. Mar. Jun. Sept. Dec. Mar. Jun. Sept.

2000 2001 2002

0.0

5.0

10.0

15.0

20.0

Stock investment trusts Bond investment trusts

MMF Percentage distribution via banks (RHS)

(Trillions of yen) (%)

Investment Trust Distribution Amount Via Banks (Industry Total)

Goals & StrategyEnhance Distribution via Banks

!Nomura’s Goal: Increase distribution of investment trusts through other financial institutions

!Utilize Nomura Group’s network to expand distribution through banks

The second area is improving distribution via banks. It is Nomura’s goal to increase investment trust distribution through other financial institutions. This will stabilize and enhance Nomura Group revenue.

The industry total of investment trust distribution via banks is showing certain signs of deterioration due to the problems last year surrounding MMFs. However, the distribution share via banks is increasing steadily.

There are 114 banks that distribute NAM’s products. In order to increase distribution via banks, we utilize Nomura Group’s network by offering comprehensive services, such as provision of investment trust distribution know-how and other information.

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!Enhance consultation capability

!Develop competitive services

!Utilize Nomura’s network and strengthen intra-Group cooperation

Goals & StrategyStrengthen Defined Contribution Pension Plan Business

The third area is strengthening our defined contribution pension plan business. As I mentioned earlier, Nomura has achieved a certain amount of success in terms of its pension administration and product supply shares.

Problems surrounding corporate pensions are becoming even more serious than we thought. On the other hand, competition against banks and life insurance companies is sharpening. We will take the following measures to cope with this situation. First, we will enhance our consultation capability at the fund implementation phase. Second, we will develop competitive services. Third, we will utilize Nomura’s network and strengthen intra-Group cooperation.

We intend to fully capitalize on Nomura’s group strengths. More specifically, this includes the continuous maintenance of product quality by Nomura Fund Research and Technology, provision of easy-to-understand information through call centers and the Internet, and provision of employee education.

In October this year we started providing individual retirement accounts. As regards this product, we will be cooperating closely with our Domestic Retail division.

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