NOMURA News Release

Nomura Statement on Moody's Announcement

Tokyo, November 9, 2011 – Nomura Holdings, Inc. notes today's decision by Moody's Investors Service to place Nomura Holdings' Baa2 debt rating under review for possible downgrade.

Nomura is disappointed by Moody's decision. The agency's concerns were centered on the Wholesale division and its low underlying profitability. However, Nomura had already identified this as an issue and recently instigated a $1.2 billion cost cutting program aimed at significantly lowering the business' break-even point. Although Nomura reported a net loss for the second quarter ended September 30, it had previously delivered nine consecutive quarters of profit through to the first quarter of the current fiscal year.

Moody's said that Nomura's balance sheet had continued to improve over the past couple of years. At the end of September, Nomura's gross leverage was 18.1 times and its net leverage was 11 times. Nomura's total capital ratio was 19.6 percent and its tier 1 ratio was 15.8 percent. Nomura's liquidity pool has increased to 5.6 trillion yen. Moody's also recognized the strength and resilience of Nomura's dominant franchise in Japan.

Given Nomura's cost initiative, robust financial management, and domestic strength, Nomura remains focused on delivering value for its clients while leveraging its extensive franchise and strong financial position.



Nomura is a leading financial services group and the preeminent Asian-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs over 27,000 staff worldwide. Nomura's unique understanding of Asia enables the company to make a difference for clients through three business divisions: retail, asset management, and wholesale (global markets and investment banking). For further information about Nomura, please visit