presentation at nomura investment forum 2009 (pdf)fixed income market in 2009 fixed income market...

Presentation atNomura Investment Forum 2009

November 30, 2009

Kenichi Watanabe President and CEONomura Holdings, Inc.

1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2009 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-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, the ability to integrate the businesses acquired from Lehman Brothers in such a manner that Nomura can achieve the results it expects, requirements imposed by regulatory authorities in Japan and elsewhere for theconsummation of those acquisitions and related transactions, the ability to retain the personnel at the acquired businesses who are necessary to implement Nomura’s post-acquisition business plan, the ability to retain the clients of the acquired businesses, the ability to adapt Nomura’s risk management system to take in and manage the risks related to the acquired businesses in an effective manner, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.

6. The consolidated financial information in this document is unaudited.

SpeedSpeed

Management visionKeywords

2

Create changeCreate change

WorldWorld--classclass

GLOBALIZATION from within

3

Globalization of our business

Breakdown of revenuesNet revenue

(billions of yen)

200

250

300

350 Japan Total

Non Japan Total

Breakdown of incomePretax income

20%

40%

60%

80%

100%Japan Total

Non Japan Total

-150

-100

-50

0

50

100

150

FY2009 1Q

FY2009 2Q

FY2009 3Q

FY2009 4Q

FY2010 1Q

FY2010 2Q

-100%

-80%

-60%

-40%

-20%

0%

20%

FY2009 1Q

FY2009 2Q

FY2009 3Q

FY2009 4Q

FY2010 1Q

FY2010 2Q

4

• New performance-based employment track (Apr 2009)

New personnel systemInitiatives implemented after Lehman acquisitions

• Group Senior Managing Directors (Nov 2009)

5

Globalization of management teamGroup Senior Managing Directors

8% 92%

Executive Managing Directors and Senior Managing Directors1

Japanese managers

35% 65%Group SMDs2

Japanese managers

Non-Japanese managers

1: Executive Managing Directors and Senior Managing Directors of Nomura Holdings, Inc. and Nomura Securities Co., Ltd.2: Group SMDs include Nomura Holdings and Nomura Securities Executive Managing Directors and Senior Managing Directors as well as newly appointed SMDs. The above ratio only includes SMDs who are responsible for wholesale businesses and corporate functions.

6

NOMURA Spirit should live on

7

Comparison of market sizesGlobal stock market trading value (Jan-Sept 2009)

Japan

5% 11% 4% 61% 4% 3%2%

2% 5% 3%

Source: Nomura, based on data be the World Federation of ExchangesJan-Sept total stock market value

China/HK

Other Asia

US/Canada

Germany

UK

Spain

Australia

Others

Other EU

8

Wholesale business line headsWholesale business line heads

Investment Banking CEO Hiromi YAMAJIHiromi YAMAJI

Head of Global Equities Naoki MATSUBANaoki MATSUBA

Head of Global Fixed Income TarunTarun JOTWANIJOTWANI

9

Count on Nomura・

10

Global Fixed Income

Tarun JotwaniHead of Global Fixed IncomeNovember 30, 2009

Nomura Global Fixed Income

Fixed Income Market in 2009Fixed income market returns as an engine of revenue growth for the industry

Quarterly Revenue Trend for Global Fixed Income Fixed Income Revenue Composition 2008-2010E

23%

31%

15%22%

80%

100%

IBD

Fixed Income Representing nearly 50% of Industry RevenuesQuarterly revenues reaching pre-crisis highs

24.9

22.823.3

3128 28.6 27.2

10

20

30

40

$BN

12

39%

62%

47%

31%

31%

0%

20%

40%

60%

2008 2009E 2010E

Equities

Fixed Income

1.8

-54.4

-24.4

-8.9

-17.5

-49.1

-60

-50

-40

-30

-20

-10

0

Source: Nomura, JP Morgan, Boston Consulting Group, Data based on major global fixed income houses

Market has Transformed Dramatically…

16%

27%

Fixed Income Revenue Composition 2006 vs. 2009E

20%27%

5%

80%

100%

... But competitor balance sheets bear the burden of legacy illiquid assets and imbedded derivative activity

Illiquid Asset Exposure of Major Fixed Income Houses

PrincipalOrigination

Structured

Gross Level-3 assets according to most recent company reports ($BN)

RBS

UBS

HSBC

13

57%

16%

57%

75%

16%

0%

20%

40%

60%

2006 2009E

Flow

Source: Nomura, Company Data

Goldman Sachs

Morgan Stanley

Deutsche Bank

UBS

JP Morgan

Citi

BofA Merrill Lynch

Unique Opportunity for Nomura

20%+ Market Share Lost Through the Crisis

Stressed

Pre-Crisis Global Fixed Income Market Share Publicly-Traded New Entrants by Market Capitalisation1

Jefferies

Nomura

$BN

Nomura is the largest player to enter the US market this year

Nomura is the most sizeable new entrant in the Americas

Nomura is uniquely positioned to seize market share lost through the crisis

Acquired

‐ 10 20 30

Broadpoint Gleacher

Knight Libertas

Raymond James

Source: Nomura, Company Data1. As of 1 Sep 2009 14

Clear and Bold Mission & Strategy

1. Create A Diversified Business Model

Credit Dominate JapanProducts Geography

Our Mission

2. Establish Nomura as a Leading Market Maker

Build a truly global, top tier fixed income franchise that achieves top 5 status in the markets we choose to dominate within 3 years & continues our strong position in Japan

Our Strategy

Primary DealershipsMarket Access

Increasing volumes andFlow Commitment

Credit Rates Commodities Securitized products FX

Dominate Japan Scale EMEA Invest in AEJ Build US

Experienced operators with strong track record

Global management across four regions

Strong regional autonomy

Globally consistent trading platforms

E-trading platform Long term investment

plan for technology

Talent Infrastructure

3. Build A Top Tier Client Franchise

Excellence in Yen Superior Research

content Unique Client

Experience

400+ salesforce Regional, product

and sector specialism

Global Research platform

Our Differentiation Our Platform

4. Deliver a World Class Operating Platform

Primary Dealerships Central Clearing Electronic Presence Industry Participation

Increasing volumes and market share

Proprietary e-commerce platform

15

1. Diversified Business Model

Strong Revenue Performance in 2009Global Fixed Income Revenues

Quarterly Revenue Trend in 2009

16

FY 2009 FY Q4 2009 FY Q1 2010 FY Q2 2010

Strength Through DiversificationBusiness Momentum

Diversification by Revenues Diversification by Staff1

21%Asia ex-Japan

Americas

1100+

1300+


26%

1% 7% 10%

1% 1% 1%

Diversification by Client Activity

Asia ex-Japan

Americas

A i

Americas

1. Only front office staffSource: Nomura

82%

Japan

EMEA

600+

73%

45% 40%

48%49%

FY 2009 FY Q1 2010 FY Q2 2010

EMEA

Japan

Asia ex-Japan

EMEA

Japan

17

Americas: Clear Evidence of our Global AmbitionsAmericas Business Momentum

Fixed Income Americas Headcount1


19900%199

# of trades indexed (4st Sep =100)

300

400

Significant Rise In Trading Volume Since Going Live

Includes 40+ MDs and 90% staff from top tier banks

1. Only front office staffSource: Nomura

4000%

Aug 2008 Sep 2009

40

0

100

200

04-Sep 18-Sep 02-Oct 16-Oct 30-Oct 13-Nov

18

Europe & Middle East Asia-Pacific Americas

Top-10 in Interest Rate Derivatives in EMEA (Euromoney, 2009)

Primary dealership in 7 countries, recognized dealer in 1 and further 2 dealerships expected

Early Successes Across Regions

Japan

#1 Domestic Fixed Income franchise (Greenwich)

Leader in Yen products: #1 in long-dated swaps and exotic rates; #2 inflation products (Euromoney)

Full scale trading capabilities across Rates, Securitized Products, Credit & FX

Named US Primary Dealer for US Treasuries

Key Achievements In Market Making

2. Leading Market Maker

Largest Credit Linked Notes EMTN issuer (MTN-I, Apr-2009)

Among the first to centrally clear CDS

#1 overall dealer for government bonds (MoF, 2009)

#1 in Corporate Bond underwriting (Thomson, Sep-2009)

Asia Ex-Japan

Top-10 Fixed Income franchise in Asia (Finance Asia, 2009)

Acquired Indian primary dealership

Appointed to 3 major Australian state panels (inc. Australian Office of Financial Management)

Joined TradeWeb as a liquidity provider

Expand regional presence through offices in Boston, Chicago, Atlanta and San Francisco

19

Rapidly Expanding Client Franchise Outside Japan

Sep08

Sep09

Global Fixed Income Clients1

Client Franchise Momentum

Diversity of Client Revenue, FY Q2 2010

6%

8%

6%

9%

1%26%

13% Banks

Brokers

Central Banks/Gov'ts

Asset Managers

3. Top Tier Client Franchise

# of fixed income clients (Sep 2008 =100)

Source: Nomura1. Client numbers for all products including cash and derivatives

EMEA NJA US

2.4x

3.4x

1.5x

28%

51%7%

14%

10%

6%

14%

5%

9%

EMEA Asia ex-Japan

Asset Managers

HFs

Insurance/Pension

Others

Asia ex-Japan Americas

20

Head of Global Fixed Income

Japan EMEA Asia US

Regional Head Regional Head Regional Head Regional Head Devolved responsibility to make business, resource

ResponsibilitiesCo-Head of Global Fixed Income

Global Management Team

Global Fixed Income Organization Structure

4. Talent and Infrastructure

Global Functions

Global Head of Sales

Global Head of Research

Global COO

Regional Functions Sales Head Sales Head Sales Head Sales Head

Research Head Research Head Research Head Research Head

Global Head of Technology

Global Head of HR

and risk decisions at regional levels

Cross-border cooperation

Cross-border client development

Global and standardized infrastructure

Globally coordinated support functions

Global Chief Risk Officer

21

Next Phase of Growth

The Road Ahead Drivers Of Next Phase Of Our Growth

Platform scale up

Capture more cross-border revenue opportunity

Focus on technology and e-commerce

Capture cross regional opportunities

Build the Global Salesforce

B ild l b l tre Business Portfolio

Global Top-5 in target markets1

Industrialization Build global systems

Extract revenue and cost synergies

Expansion of Business Portfolio

Look beyond our target markets1

Onshore presence in selected markets with increased focus on local markets

Potentially acquisitions

1. Target markets include Rates, Credit, FX, Securitised ProductsSource: Analysts reports, Nomura Fixed Income Strategy

Our TargetBuild a truly global, world class fixed income franchise

Time

Rev

enue

s &

Mar

ket S

har

Now 2012

Continue To Scale Up

Industrialisation

Business Portfolio Expansion

22

Global Equities

Nomura Global EquitiesBecoming The #1 Global Liquidity Provider

Naoki MatsubaHead of Global EquitiesNovember 30, 2009

Global Equities Strategy

Creating a Global Franchise:#1 Liquidity and Solutions for Our Clients Globally

EMEAAmericas

APACBuilding the leading Equities

Asia-Pacific franchise

25

Joining the top ranks of

Equities franchises in

EMEA

AmericasAggressive

growth of full product suite

InstinetMaintaining leadership in global agency

brokerage and electronic trading

Global Franchise

Note . APAC : Asia Pacific ( including Japan ) / EMEA : Europe, Middle East and Africa,

#1 on London Stock Exchange

#1 on Euronext Markets

# 1 on Deutsche Boerse

Top 5 in Select Sectors on NYSE and Nasdaq

Execution

A Top 3 Global Equities Franchise

Americas Top 10

Our Goals, 2012 and Beyond:

EMEA Top 3 Asia-Pacific No 1

#1 on Tokyo Stock Exchange

#1 on Hong Kong Exchange

Top 3 in India & Korea

26

Research

Derivatives

Prime Top 5 Global position for Prime Brokerage services

Targeted Industry Coverage

Innovative Client Derivative Solutions # 3 Structured Derivative House

# 3 Research House

625+ stocks under coverage

Top 3 in Structured & Flow

# 1 in Asia-Pacific CB

#1 Research House

1,200+ stocks under coverage

Evolution of Global Equities

Americas

EMEA

Americas

Global Equities Business Plan

Purchase of Lehman EMEA & APAC (2008.Oct)

Build up of client focused US business started

Chi-X Launched

Expansion of Emerging Markets Business

27

APAC

~2011.March

EMEA

~2012.March

APAC

Future

Instinet Instinet

Past

Japan

Overseas

APAC

~2009.March ~2010.March

EMEA

Americas

Instinet Instinet

Purchase of Instinet (2007.Feb)

2009 Achievements

Global Network of Liquidity Connections

Borsa ItalianaWiener Borse

Bombay Stock Exchange

American Stock ExchangeNASDAQ

New York Futures ExchangeNew York Mercantile Exchange

New York Stock Exchange

Deutsche Boerse

OMX Copenhagen, Helsinki, Stockholm & Oslo Bors

London Stock ExchangeChi-X EuropeBATS Europe

Turquoise Nasdaq OMX Europe

NYSE Arca EuropeSmartpool

BlockMatchBurgundy

EuroMilleniumNomura Cross (NX)

NYSE LIFFE

T k St k E h

Korean Stock Exchange

Exchanges with License1

Euronext Paris, Amsterdam, Brussels &

Lisbon

Bangkok Stock Exchange

Boston Stock Exchange

Sydney Futures ExchangeSGX, Singapore

Tokyo Stock ExchangeOsaka Securities ExchangeNagoya Stock Exchange

Hong Kong Exchange

Taiwan Stock Exchange

Bursa Malaysia

EurexNYSE LIFFE Paris

Philadelphia Board of TradePhiladelphia Options Exchange

Philadelphia Stock Exchange

Chicago Board Options ExchangeChicago Board of Trade

Chicago Mercantile Exchange

SIX Swiss ExchangeSwiss Block

29Note 1. Chart excludes Instinet ‘s global network.

0%

4% 5% 6%6%

7%

11%12%

10%

8%

61

6 6 4 3 3

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

6.1%

7.4%7.8% 7.5%

7.8%

7.1%

8.3% 8.3%8.7%

9.7%

Jan Feb Mar Apr Ma J n J l A g Sep Oct

Tremendous Franchise Successes Globally

#1

1%

3% 3% 3%4%

6%7% 8% 7% 7%

25

11 11 118

3


#1#1

2009 Market Share Growth1

TSE LSE Eurex


% Mkt share (value) Value rank


Recent International Syndicate Deals

13.7%15.2%

17.2%19.6% 19.3%

23.1%


FTSE100


% Mkt share (value) Value rank

Note 1. Market share statistics exclude Instinet market share. October TSE result is estimated by Nomura. Eurex chart shows market share for Eurex Equity Index Options.Note 2 : Nomura subsidiary Instinet is the controlling shareholder of Chi-X Europe, and owner of 42 percent of the economic interest in the platform.

Bursa Malaysia IPOJoint Bookrunner

$3.3 billion Nov 2009

Rights IssueCo-Bookrunner

€4.8 billion Oct 2009

Follow-on OfferingJoint Bookrunner

$230 million May 2009

1.75% Convertible Bonds due 2014

Sole Bookrunner

$300 million Nov 2009

Sole ManagerPre-paid Variable Forward Sale of MF Global Shares

$132 million Aug 2009

Rights issueJoint Bookrunner

CHF400 million Jun 2009

Chi-X Share of LSE Listed Equities2

MAXIS SOCIETE GENERALE FORTRESS

TATA POWER Givaudan MF Global

30

Global Research

APAC

Our consistent approach to investment will build the brand and franchise value.

EMEA Americas

#2 2009Japan

#8 2009Asia

#8 2009Europe

31

• Consistently top ranked for Japan and growing in the rest of region

• Over 110 analysts covering 1,150+ stocks• Japan:

• 584 stocks covered• #1 Nikkei analyst• #1 ranked by Greenwich and StarMine

• Asia-Pacific (ex Japan):• Target to cover 650+ stocks in March 2010• Extensive regional presence (including

China, India, Indonesia, Korea, Malaysia, Philippines, Singapore and Taiwan)

• Aim is to regain top five content ranking by 2010 with 90 analysts covering 600+ stocks

• Leading provider of corporate access for Asia into Europe and US

• Developed Europe : • Increase coverage from 325 stocks in March

2009 to 470 stocks in March 2010• Emerging Europe, Middle East and Africa :

• Increased coverage from 90 stocks in March 2009 to 130 stocks in March 2010

• Broad Emerging Markets coverage:• Core sector focus: Oils, Metals, TMT

and Financials• Core regional focus: Russia, Turkey

and Middle East

Asia

• Short term plan to cover key global sectors from EMEA:

• Aerospace & Defence • Oils• Media• Metals• Telecom Equipment• Telecoms• Satellite & Cable

• Three year plan for focused industry coverage from New York

In Conclusion

Nomura Global Equities:

Traditional service, innovative solutions and global expertise

33

Thank you!

and global expertise.

A partner for today and tomorrow.

Investment Banking

Investment BankingFully capitalize on Asia NO1 Investment Banking status to be a preeminent Global House

Hiroyuki SuzukiInvestment Banking Division, Deputy HeadNovember 30, 2009

Investment Banking Strategy

Investment Banking Mission

Deliver world-class investment banking services to our clients

Put our clients at the heart of our business, developing and maintaining long-standing relationships

Deliver the full range of our capabilities, knowledge and resources to meet theneeds of our clients

Focus on areas of expertise where we can truly help our clients achieve theirstrategic goals

36

Consistent focus on priority accounts Incentivise bankers to build new client relationships

Rebuild non Japan market share to comparable legacy Lehman levels Continued focus on core fee pools Leverage dominant Asian market position Increased banker productivity - target to be best in class Large deal focus and effective client relationship building

Core Focus Areas

Productivity

Market Share

Client Footprint

Large deal focus and effective client relationship building Payback as Nomura brand is established and integrated population matures Deliver the firm to the client Integrate solutions into all client discussions Coordinated multi-product approach Offer FIG clients business solutions that adapt with evolving regulations Offer our clients capital raising opportunities to accommodate the increasing

need to enhance capital strength US Expansion Leverage our vast Asian network to assist our clients in Europe and the

Americas

Productivity

High Margin Business

Strategic Opportunities

37

Investment Banking Global FootprintOver 1,800 dedicated investment banking professionals

Europe and Middle East

Investment Banking

607

Amsterdam Bahrain Budapest Qatar

Dubai Dublin Frankfurt Stockholm

Geneva Istanbul London Zurich

Luxembourg Madrid Milan Paris

Moscow Rome Warsaw Riyadh

Vienna

Over 180 dedicated M&A professionals globally, with regional M&A headquarters in New York, Tokyo, London, and Hong Kong

Asia ex Japan

Investment Banking

217

Japan Investment Banking

976

AmericasInvestment Banking

23

Bangkok Beijing Hanoi Hong Kong Jakarta Manila

Mumbai Seoul Shanghai Singapore Sydney Taipei

Kuala Lumpur

Bermuda New York San Francisco

Sao Paulo Toronto

Investment Banking (Global headcount)

1,823Headcount as at 1st Oct 2009 38

2009 Achievements

Investment Banking Power House

Asia Pacific Revenue Rankings

2009YTD ALL INVESTMENT BANKING REVENUE-ASIA PACIFIC (1)

Dominant Investment Bank in the Asia Pacific Region

2009YTD EQUITY CAPITAL MARKET REVENUE-ASIA PACIFIC (1)

2009YTD MERGER AND ACQUISITIONS REVENUE-ASIA PACIFIC (1)

Rank BankNet Revenue

(USD mm)Market

Share (%)

1 Nomura 132 10.4

2 Macquarie Group 95 7.5

3


(USD mm)Market

Share (%)

1 Nomura 923 10.5

2 UBS 568 6.5

3 D i S iti SMBC 496 5 6


(USD mm)Market

Share (%)

1 Nomura 607 13.3

2 UBS 408 8.9

3 JP M 326 7 1

___________________________

1) Dealogic Analytics as of 11/06/09;

3 UBS 92 7.3

4 Goldman Sachs 78 6.1

5 Credit Suisse 67 5.3

6 Deutsche Bank 65 5.1

7 JP Morgan 59 4.6

8 Citi 57 4.5

9 Mizuho 48 3.8

10 Morgan Stanley 47 3.7

3 Daiwa Securities SMBC 496 5.6

4 JP Morgan 452 5.1


6 Mizuho 435 5.0


8 Citi 367 4.2



3 JP Morgan 326 7.1

4 Daiwa Securities SMBC 309 6.8





9 Citi 182 4.0

10 Macquarie Group 160 3.5

From “ To become #1 Asian investment bank” to “ Fully capitalize on #1 Asian investment bank status to be a preeminent global house”

40

League Table in Japan - Dominant Market Share

2009YTD M&A Japan (1) 2009YTD EQUITY CAPITAL MARKET Japan (1)

Rank BankDeal Value(USD mm)

Market Share (%)

Number of Deals

1 Nomura 38,886 37.1 98

2 Mizuho 32,933 31.4 116

3 Daiwa Securities SMBC 28,440 27.1 66


Market Share (%)

Number of Deals

1 Nomura 10,970 28.6 27

2 Daiwa Securities SMBC 3,361 8.8 6

3 Goldman Sachs 3,113 8.1 3


Market Share (%)

1 Nomura 17,124 25.6

2 Mizuho 12,783 19.1

3 Daiwa Securities SMBC 12,595 18.9

2009YTD DEBT CAPITAL MARKET Japan (2)

4 Goldman Sachs 26,863 25.6 12

5 Citi 21,069 20.1 48

6 UBS 19,286 18.4 12

7 Bank of America Merrill Lynch 19,034 18.1 26

8 JPMorgan 18,546 17.7 10

9 Morgan Stanley 16,242 15.5 17

10 Mitsubishi UFJ 15,696 15.0 54

4 JPMorgan 1,872 4.9 3

5 Morgan Stanley 1,427 3.7 3

6 Nikko Citi 1,101 2.9 4

7 UBS 1,076 2.8 4

8 Barclays Capital 943 2.5 1

9 Bank of America Merrill Lynch 849 2.2 3

10 Mizuho 695 1.8 6

4 Mitsubishi UFG 9,867 14.8

5 Nikko 6,784 10.2

6 Goldman Sachs 3,332 5.0

7 Morgan Stanley 1,070 1.6

8 Bank of America Merrill Lynch 1,023 1.5

9 SBI 100 0.1

10 Barclays Capital 549 0.8

1) From 4/1/09 – 10/31/09; Source: Thomson Financial

2) From 4/1/09 – 10/31/09; excludes own financing Source: Thomson Financial 41

Recent Deals- EMEA and AEJEMEA (Europe and Middle East) AEJ (Asia ex Japan)

M&

A

CIC

Acquisition of 11% stake in JSC KazMunaiGas Exploration Production

US$939,000,000 Sep 2009

Sole Financial Advisor

Anglo American

Defence Advisor to Anglo American from Xstrata approach

Sole Financial Advisor

Announced Jun 2009

KKR

KKR’s 100% acquisition of Oriental Brewery from ABInBev

Financial Advisor

US$1,800,000,000 Jul 2009

Segro PLC

Acquisition of Brixton PLC

Financial Advisor

US$1,600,000,000 Jun 2009

Charterhouse

Charterhouse’s acquisition of Wood Mackenzie from Candover

Financial Advisor

US$910,000,000 Jun 2009

KGI Securities

Acquisition of Taishin Securities

Joint Financial Advisor

US$552,000,000 May 2009

Maxis Shanda Game limitedBanco Espirito Santo Pernod Ricard FamilyC dit A i l SA Beijing Enterprise

ECM

DC

M

Maxis

Initial Public Offering

Senior Co-Lead Manager

US$3.3 billion Nov 2009

Largest Southeast Asian IPO ever

Shanda Game limited

Initial Public Offering

Japanese Sole Bookrunner

& Co-Lead Manager

US$ 1.0 billion Sep 2009Largest U.S. IPO in 2009 year-to-date

Convertible Senior Notes

Joint Bookrunner

US$ 281 million Apr 2009First international equity-linked offering in China/ HK since May 2008

Banco Espirito Santo

Rights issue

Co-Lead Manager

€1.2 billion Apr 2009Most successful rights issue of 2009 in the banking sector year to date

Pernod Ricard Family

Pre-paid Forward Sale of Shares

Sole Manager

€400 million Apr 20095-year forward sale with upfront funding and retained voting rights for the Family

Credit Agricole SA

Rights issue

Joint Lead Manager

€5.9 billion Jul 2008

Largest French rights issue since 2003

Republic of Poland

1.92% due Nov 20122.34% due Nov 2014

Joint Bookrunner

¥44,800,000,000 Samurai Nov 2009

Industrial Bank of Korea

2.20% due Nov 20112.39% due Nov 2012

Joint Bookrunner

¥26,200,000,000 Samurai Oct 2009

Oesterreichische Kontrollbank AG

1.35% due Jun 20143mYL+45bps FRN due

Jun 2014

Joint Bookrunner

¥80,000,000,000 Samurai Jun 2009

Kfw Bankengruppe

3mYL+30 bps FRN due Feb 2014

Joint Bookrunner

¥55,000,000,000 Samurai Jun 2009

Suncorp-Metway

3mYL+30 due Jun 2011

Joint Bookrunner

¥13,000,000,000 Samurai Jun 2009

Republic of Indonesia

10-yr Shibosai BondGuarantted by JBIC

Joint Arranger and Documentation Agent

¥JPY35,000,000,000 Jul 2009

Beijing Enterprise

42

Asia-Pacific Awards

“House of the Year”

“Best M&A House Taiwan”

North Asia Country Awards 2009

“Best M&A House South Korea”

North Asia Country Awards 2009

“Best M&A House

“Excellence in Asia-Pacific Investment Banking”

“Excellence in

Dealogic 2009

House of the Year

Dealwatch Asian Awards 2008

China”

Asia Awards 2009

“Best China Deal”

Achievement Awards 2008

“Best Singapore Deal”


“Best Cross-Border M&A Deal”


Asia-Pacific M&A”

Dealogic 2009

43

Challenges

Target Fee Share for traditional business

JAPAN

EMEA

AEJ

Maintain current #1 share for all products

Within EMEA top10 share for all products

Within AEJ top5 share for all products

EMEA Fee Share Target AEJ Fee Share Target EMEA Asia incl Japan Fee Share Target

1.7%

3.7%

Sep‐09 Mar‐12

Fee Share%

Traditional Fee share as at 1H 2009Traditional Fee Share as at FY2011

3.1%

5.1%

Sep‐09 Mar‐12

Fee Share%


4.5%

6.2%

Sep‐09 Mar‐12

Fee Share%


Source Dealogic

45

Solution Business Global Platform

Japan

Investment Banking Global Markets

Nomura Group

RetailAsset ManagementMerchant Banking

Coverage Product

Risk / Equity Product Solutions

FIG

Portfolio Consulting

Capital Market Fixed Income / Equity

IBD Dept

FIG

Risk / Insurance Solutions Group, Corporate Equity Derivatives

Americas Risk / Insurance Solutions Group, Corporate Equity Derivatives

Capital Market

DCM / ECM Fixed Income / Equity

DCM / ECM Fixed Income / Equity

Fixed Income / Equity

Sector / Country

Sector / Country

EMEA / AEJ

46

Cross Border

40%

Domestic (US only)

US Expansion Americas Cross-border Fee Pool (2009YTD)

Americas/ EMEA41%

AEJ/ Americas

12%

Japan/ Americas

1%

Americas/ Japan

5% 2Americas/ AEJ10%

Americas Total M&A Fee Pool(2009YTD)

(US only)

First step in US buildup will be to establish banking coverage focused on cross-border opportunities between the US and world

Offer FIG clients capital solutions that adapt with regulatory requirements

Increase banker headcount to 300 by the end of expansion period

Source: Dealogic, Data: 1/1/2009 to 11/25/2009

EMEA/ Americas

31% Acquirer / Target

47

presentation at nomura investment forum 2009 (pdf)fixed income market in 2009 fixed income market...

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