NOMURA News Release

Paul Sheard Joins Nomura as Global Chief Economist
and Head of Economic Research

New York, December 9, 2008 – Nomura Securities International Inc. (NSI) announced today the hiring of Paul Sheard, as Managing Director in the newly-created position of Global Chief Economist and Head of Economic Research. Mr. Sheard reports globally to Hideyuki Takahashi, Head of Global Research, and in New York, where he is based, to Koji Wada and Craig Phares, the Co-Heads of Equity at NSI. His responsibilities include directing Nomura's team of country and regional economists and coordinating the formulation of a consistent set of economic forecasts and outlooks.

Commenting on the hiring of Mr. Sheard, Shigesuke Kashiwagi, Chairman, President and Chief Executive of NSI stated, "We are extremely pleased that Paul has joined NSI. His experience of more than twentyseven years as an academic and markets economist will greatly enhance our research efforts globally, and will allow us to continue to add value to our clients."

Prior to joining NSI, Mr. Sheard served as Managing Director, Economic Research at Barclays Capital. Before that, he worked at Lehman Brothers for more than eight years, most recently as Managing Director and Global Chief Economist and earlier as the firm's Chief Economist Asia. A fluent speaker of Japanese, Mr. Sheard lived a total of seventeen years in Japan, where he is well known in academic, policy and market circles. In 2006 Mr. Sheard was nominated by Advance as one of 100 Leading Global Australians.

Mr. Sheard received his BA from Monash University, in Australia, and his PhD and a Master of Economics from the Australian National University.

NSI is a registered U.S. broker-dealer, a subsidiary of Nomura Holdings, Inc. and a member of SIPC.


For further information please contact:

Name Company Telephone
Ralph Piscitelli Nomura Holding America Inc. 212-667-2430

Notes to editors:


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 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs about 26,000 staff worldwide. Nomura's unique understanding of Asia enables the company to make a difference for clients through five business divisions: domestic retail, global markets, global investment banking, global merchant banking, and asset management. For further information about Nomura, please visit