Nomura Asset Management Buys Minority Interest in
Research Affiliates

Tokyo, January 9, 2007 - Nomura Asset Management Co., Ltd. today announced that it has purchased a minority interest in Research Affiliates, LLC. The deal was finalized on December 31, 2006, and terms of the transaction were not disclosed.

"Research Affiliates has a strong worldwide reputation as a thought leader in the asset management industry.," said Atsushi Yoshikawa, Executive Vice President of Nomura Asset Management. "Research Affiliates is on the cutting edge of developments such as the Fundamental Index™ concept that will help shape the investment landscape for years to come. We have worked very closely with Research Affiliates over the past few years in developing and providing Fundamental Index™ products for the marketplace. We are delighted to strengthen our relationship with this transaction."

Research Affiliates currently has four core products: Global Tactical Asset Allocation, the full suite of Fundamental Index™ products, Tax-Advantaged Investing and Liability-Driven Investing. The assets under management and license at the firm have grown from $1 billion at the start of 2004 to $19 billion today.

"We are pleased to announce that Nomura Asset Management has purchased a minority interest in Research Affiliates," said Rob Arnott, chairman of Research Affiliates. "The shared goal of this transaction is to strengthen and deepen the working relationship between the two organizations. This transaction aligns our interests and allows Nomura Asset Management to participate in our future successes, to which their efforts will undoubtedly contribute. We have great respect for Nomura Asset Management and look forward to a long and rewarding partnership."

About Nomura Asset Management

Nomura Asset Management Co., Ltd. is a leading investment management firm in Japan and a key subsidiary of Nomura Holdings, Inc. (NYSE:NMR), the holding company of Nomura Group. Nomura Asset Management was established in October 1997 through a merger of The Nomura Securities Investment Trust Management Co., Ltd. (est. 1959) and Nomura Investment Management Co., Ltd. (est. 1981). Nomura Asset Management offers its investment advisory and asset management services and other related services to various investors in Japan and international markets directly or through its overseas subsidiaries. As of September 30, 2006, the total amount of assets under management was approximately JPY 22 trillion (US$186.5 billion)¹.

About Research Affiliates, LLC

Research Affiliates is a California-based investment management firm best-known as subadvisor for PIMCO's All Asset suite of global asset allocation strategies, and as inventor of the fast-growing Fundamental Index™ concept. Fundamental Indexes™ select and weight securities for the indexes by objective fundamental measures of company size (sales, cash flow, book value, dividends). In so doing, they eliminate the structural biases of conventional indexes, which overweight overvalued companies because they are weighted by market capitalization (price of a stock times the number of shares). More background and articles related to the Fundamental Index™ concept are available at www.ResearchAffiliates.com.

Research Affiliates shares ideas and markets products in partnership with some of the world's leading financial institutions. These affiliations take the form of direct asset management, sub-advisory services, and licensing agreements. Research Affiliates also engages in strategic consulting assignments, working closely with a limited number of clients to provide leading-edge problem solving and innovative product development. Particularly expert in portfolio tax planning and optimal portfolio structuring, the firm identifies issues and implements solutions that address the challenges presented by the limited return opportunities in today's investment markets. Over $19 billion in assets are managed using investment strategies developed by Research Affiliates, either directly by Research Affiliates or under license.

*1
US dollar amounts are included solely for the convenience of the reader and have been translated at the rate of 117.99 yen = 1 US dollar, the noon buying rate in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York on September 29, 2006. This translation should not be construed to imply that the yen amounts actually represent, or have been or could be converted into, equivalent amounts in US dollars.