March 16, 2012

Statement on Moody's Rating Actions

Nomura Holdings, Inc. notes today's decision by Moody's Investors Service, Inc. to downgrade the long-term debt ratings of Nomura Holdings to Baa3 from Baa2 and Nomura Securities to Baa2 from Baa1, both with a stable outlook.

Nomura also notes that although Moody's had placed the short-term debt rating of Nomura Securities under review in November, it decided to leave the rating unchanged today, affirming the P-2 short-term debt rating with a stable outlook.

While the long-term rating downgrades are disappointing, Nomura maintains a solid platform across its Retail, Asset Management, and Wholesale businesses. Our robust capital base and abundant liquidity position us well to respond to the ongoing challenges facing the investment banking industry. We continue to reduce our cost base and have made significant progress in our $1.2 billion cost reduction program.

As we work to establish our position as Asia's global investment bank, we remain focused on delivering value for our clients while achieving balanced growth with a sound financial position and improved profitability. We will maintain close contact with the ratings agencies to ensure they are fully informed of our progress in reshaping our business to address longer-term challenges.