NOMURA : Financial Summary – Six months ended September 30, 2019

News Release

October 29, 2019

NOMURA HOLDINGS, INC.

Financial Summary - Six months ended September 30, 2019

We are pleased to report the following consolidated financial summary based on the consolidated financial information under U.S. GAAP for the six months ended September 30, 2019.

Financial Summary For the Six Months Ended September 30, 2019 (U.S. GAAP)

Date:	October 29, 2019
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya
	(Overseas) New York, Singapore
Representative:	Koji Nagai
	President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago
	Executive Director, Head of Investor Relations, Nomura Holdings, Inc.
	Tel: (Country Code 81) 3-5255-1000
	URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

Total revenue

Net revenue

Income before income taxes

Net income (loss) attributable to

Nomura Holdings, Inc. ("NHI") shareholders

Comprehensive income

Basic-Net income (loss) attributable to NHI shareholders per share (Yen) Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)

Return on shareholders' equity - annualized

(Rounded to nearest million) (Millions of yen, except per share data)

For the six months ended September 30

2018		2019
% Change from		% Change from
September 30, 2017		September 30, 2018
879,366	(5.5%)	1,085,283	23.4%
554,919	(22.1%)	715,381	28.9%
14,110	(91.2%)	203,292	－%
(6,010)	－%	194,407	－%
64,405	(43.4%)	158,417	146.0%
(1.77)		58.89
(1.78)		57.66
(0.4%)		14.6%

Note: Return on shareholders' equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders' equity.

(2) Financial Position
	(Millions of yen, except per share data)
	At March 31		At September 30
	2019		2019
Total assets	40,969,439	45,677,106
Total equity	2,680,793	2,788,175
Total NHI shareholders' equity	2,631,061	2,707,878
Total NHI shareholders' equity as a percentage of total assets	6.4%	5.9%
Total NHI shareholders' equity per share (Yen)	794.69	837.87

2. Cash Dividends

							(Yen amounts)
		For the year ended March 31
	2019			2020			2020 (Plan)
Dividends per share
Dividends record dates
At June 30	－		－	－
At September 30	3.00	15.00			－
At December 31	－		－	－
At March 31	3.00		－	Unconfirmed
For the year	6.00		－	Unconfirmed

Note: Fiscal year 2020 Q4 dividend amount are not presented per reasons stated in "3. Earnings Forecasts for the year ending March 31, 2020".

3. Earnings Forecasts for the year ending March 31, 2020

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

1. Changes in significant subsidiaries during the period: None
   (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)
2. Adoption of the simplified and particular accounting treatments: None
3. Changes in accounting policies
4. 1. Changes in accounting policies due to amendments to the accounting standards : Yes
   2. Changes in accounting policies due to other than a) : None
5. Number of shares issued (common stock)

	At March 31		At September 30
	2019		2019
Number of shares outstanding (including treasury stock)	3,493,562,601	3,493,562,601
Number of treasury stock	182,761,802	261,717,950
	For the six months ended September 30
	2018		2019
Average number of shares outstanding (year-to-date)	3,394,856,369	3,301,269,085

*This financial summary is not subject to certified public accountant's or audit firm's quarterly review.

Table of Contents for the Accompanying Materials
1.	Qualitative Information of the Quarterly Consolidated Results .........................................................	P.	2
	(1)	Consolidated Operating Results ...........................................................................................................	P.	2
	(2)	Consolidated Financial Position ..........................................................................................................	P.	4
	(3)	Consolidated Earnings Forecasts .........................................................................................................	P.	4
2.	Notes to the Summary Information.......................................................................................................	P.	5
	(1)	Changes in Accounting Policies ..........................................................................................................	P.	5
3.	Quarterly Consolidated Financial Statements......................................................................................	P.	5
	(1)	Consolidated Balance Sheets................................................................................................................	P.	6
	(2)	Consolidated Statements of Income .....................................................................................................	P.	8
	(3)	Consolidated Statements of Comprehensive Income ...........................................................................	P.	9
	(4)	Note with respect to the Assumption as a Going Concern ..................................................................	P.	9
	(5)	Segment Information - Operating Segment .........................................................................................	P.10
	(6)	Significant Changes in Equity .............................................................................................................	P.11
4.	Supplementary Information...................................................................................................................	P.12
	(1)	Consolidated Statements of Income - Quarterly Comparatives ..........................................................	P.12
	(2)	Business Segment Information - Quarterly Comparatives ..................................................................	P.13
	(3)	Other ....................................................................................................................................................	P.14

- 1 -

1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results U.S. GAAP

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	554.9	715.4	28.9
Non-interest expenses	540.8		512.1		(5.3)
Income before income taxes	14.1	203.3		－
Income tax expense	16.6		6.0		(63.7)
Net income (loss)	(2.5)	197.3		－
Less: Net income (loss) attributable to noncontrolling interests	3.5		2.8		(18.5)
Net income (loss) attributable to NHI shareholders	(6.0)	194.4		－
Return on shareholders' equity - annualized
(0.4%)	14.6%		－

Note: Return on shareholders' equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders' equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, "Nomura") reported net revenue of 715.4 billion yen for the six months ended September 30, 2019, an increase of 28.9% from the same period in the prior year. Non-interest expenses decreased by 5.3% from the same period in the prior year to 512.1 billion yen. Income before income taxes was 203.3 billion yen and net income attributable to NHI shareholders was 194.4 billion yen for the six months ended September 30, 2019.

Segment Information

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	554.0	717.5	29.5
Non-interest expenses	540.8		512.1		(5.3)
Income (loss) before income taxes	13.2	205.4		－

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2019 was 717.5 billion yen, an increase of 29.5% from the same period in the prior year. Non-interest expenses decreased by 5.3% from the same period in the prior year to 512.1 billion yen. Income before income taxes was 205.4 billion yen for the six months ended September 30, 2019. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

- 2 -

Operating Results of Retail

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	178.5	157.5	(11.8)
Non-interest expenses	146.4		144.1		(1.5)
Income (loss) before income taxes	32.1	13.4	(58.4)

Net revenue decreased by 11.8% from the same period in the prior year to 157.5 billion yen, primarily due to decreasing commissions from brokerage and distribution of investment trusts. Non-interest expense decreased by 1.5% to 144.1 billion yen. As a result, income before income taxes decreased by 58.4% to 13.4 billion yen.

Operating Results of Asset Management

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	50.8	60.2	18.5
Non-interest expenses	31.6		32.0		1.3
Income (loss) before income taxes	19.2	28.2	46.8

Net revenue increased by 18.5% from the same period in the prior year to 60.2 billion yen. Non-interest expense increased by 1.3% to 32.0 billion yen. As a result, income before income taxes increased by 46.8% to 28.2 billion yen. Assets under management were 52.4 trillion yen as of September 30, 2019.

Operating Results of Wholesale

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	284.9	316.2	11.0
Non-interest expenses	287.5	277.3	(3.5)
Income (loss) before income taxes	(2.5)	38.9		－

Net revenue increased by 11.0% from the same period in the prior year to 316.2 billion yen. Non-interest expense decreased by 3.5% to 277.3 billion yen. As a result, income before income taxes was 38.9 billion yen.

- 3 -

Other Operating Results

	Billions of yen		% Change
	For the six months ended
	September 30,		September 30,		(B-A)/(A)
	2018 (A)		2019 (B)
Net revenue	39.7	183.6	362.2
Non-interest expenses	75.4		58.7		(22.1)
Income (loss) before income taxes	(35.7)	124.9		－

Net revenue was 183.6 billion yen including income of 73.3 billion yen from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 124.9 billion yen.

(2) Consolidated Financial Position

Total assets as of September 30, 2019 were 45,677.1 billion yen, an increase of 4,707.7 billion yen compared to March 31, 2019, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2019 were 42,888.9 billion yen, an increase of 4,600.3 billion yen compared to March 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of September 30, 2019 was 2,788.2 billion yen, an increase of 107.4 billion yen compared to March 31, 2019.

(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

- 4 -

2. Notes to the Summary Information

(1) Changes in Accounting Policies

Leases

On April 1, 2019, Nomura adopted Accounting Standards Update 2016-02 "Leases" using a modified retrospective transition method. As a result of recognizing operating leases on the consolidated balance sheet, OtherAsset-Officebuildings, land, equipment, and facilitiesincreased by 169,277 million yen and Other liabilitiesincreased by 163,685 million yen on April 1, 2019. Also, Retained earningsincreased by 5,592 million yen on April 1, 2019 mainly due to changes in certain lease classifications.

3. Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura's accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 25, 2019) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2019) for the year ended March 31, 2019.

- 5 -

(1) Consolidated Balance Sheets

				Millions of yen
		March 31,		September 30,	Increase/
		2019	2019		(Decrease)
	ASSETS
Cash and cash deposits:
Cash and cash equivalents	2,686,659	2,824,181		137,522
Time deposits	289,753	281,822		(7,931)
Deposits with stock exchanges and other segregated cash	285,457		274,314		(11,143)
Total cash and cash deposits	3,261,869	3,380,317		118,448
Loans and receivables:
Loans receivable	2,544,218	2,721,107		176,889
Receivables from customers	449,706	550,482		100,776
Receivables from other than customers	892,283	889,672		(2,611)
Allowance for doubtful accounts	(4,169)		(5,999)	(1,830)
Total loans and receivables	3,882,038		4,155,262		273,224
Collateralized agreements:
Securities purchased under agreements to resell	13,194,543	14,135,234		940,691
Securities borrowed	4,112,416		4,102,426		(9,990)
Total collateralized agreements	17,306,959	18,237,660		930,701
Trading assets and private equity investments:
Trading assets*	14,355,712	17,576,368		3,220,656
Private equity investments*	30,077		31,363		1,286
Total trading assets and private equity investments	14,385,789	17,607,731		3,221,942
Other assets:
Office buildings, land, equipment and facilities
(net of accumulated depreciation and amortization of
¥	416,052 million as of March 31, 2019 and
¥	422,850 million as of September 30, 2019)	349,365	459,166		109,801
Non-trading debt securities*	460,661	467,795		7,134
Investments in equity securities*	138,447	134,215		(4,232)
Investments in and advances to affiliated companies*	436,220	359,399		(76,821)
Other		748,091		875,561		127,470
Total other assets	2,132,784	2,296,136		163,352
Total assets		40,969,439	45,677,106		4,707,667
*Including securities pledged as collateral

- 6 -

			Millions of yen
	March 31,		September 30,	Increase/
	2019	2019		(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings	841,758	950,061		108,303
Payables and deposits:
Payables to customers	1,229,083	1,258,574		29,491
Payables to other than customers	1,146,336	1,246,412		100,076
Deposits received at banks	1,392,619	1,252,142		(140,477)
Total payables and deposits	3,768,038	3,757,128		(10,910)
Collateralized financing:
Securities sold under agreements to repurchase	15,036,503	19,068,816		4,032,313
Securities loaned	1,229,595	1,092,389		(137,206)
Other secured borrowings	418,305	322,002		(96,303)
Total collateralized financing	16,684,403		20,483,207		3,798,804
Trading liabilities	8,219,811	8,767,596		547,785
Other liabilities	858,867	1,016,302		157,435
Long-term borrowings	7,915,769	7,914,637		(1,132)
Total liabilities	38,288,646	42,888,931		4,600,285
Equity
NHI shareholders' equity:
Common stock
Authorized - 6,000,000,000 shares
Issued - 3,493,562,601 shares as of March 31, 2019 and
3,493,562,601 shares as of September 30, 2019
Outstanding - 3,310,800,799 shares as of March 31, 2019 and
3,231,844,651 shares as of September 30, 2019	594,493	594,493		－
Additional paid-in capital	687,761	682,851		(4,910)
Retained earnings	1,486,825	1,638,347		151,522
Accumulated other comprehensive income (loss)	(29,050)	(67,443)		(38,393)
Total NHI shareholders' equity before treasury stock	2,740,029	2,848,248		108,219
Common stock held in treasury, at cost -
182,761,802 shares as of March 31, 2019 and
261,717,950 shares as of September 30, 2019	(108,968)	(140,370)	(31,402)
Total NHI shareholders' equity	2,631,061		2,707,878		76,817
Noncontrolling interests	49,732	80,297		30,565
Total equity	2,680,793		2,788,175		107,382
Total liabilities and equity	40,969,439	45,677,106		4,707,667

- 7 -

(2) Consolidated Statements of Income

	Millions of yen		% Change
	For the six months ended
	September 30,	September 30,	(B-A)/(A)
	2018(A)	2019(B)
Revenue:
Commissions	154,239			133,454		(13.5)
Fees from investment banking	43,078			49,576		15.1
Asset management and portfolio service fees	125,721			119,889		(4.6)
Net gain on trading	147,639			218,434		48.0
Gain on private equity investments	874			1,772		102.7
Interest and dividends	358,293			415,354		15.9
Gain (loss) on investments in equity securities	988			(755)	－
Other	48,534			147,559		204.0
Total revenue	879,366			1,085,283		23.4
Interest expense	324,447			369,902		14.0
Net revenue	554,919			715,381		28.9
Non-interest expenses:
Compensation and benefits	253,500			245,527		(3.1)
Commissions and floor brokerage	40,514			49,997		23.4
Information processing and communications	81,476			84,118		3.2
Occupancy and related depreciation	32,840			37,480		14.1
Business development expenses	18,233			15,734		(13.7)
Other	114,246			79,233		(30.6)
Total non-interest expenses	540,809			512,089		(5.3)
Income before income taxes	14,110			203,292		－
Income tax expense	16,633			6,042		(63.7)
Net income (loss)	(2,523)			197,250		－
Less: Net income attributable to noncontrolling interests	3,487			2,843		(18.5)
Net income (loss) attributable to NHI shareholders	(6,010)			194,407		－
Per share of common stock:
	Yen			% Change
Basic-
Net income (loss) attributable to NHI shareholders per share	(1.77)			58.89		－
Diluted-
Net income (loss) attributable to NHI shareholders per share	(1.78)			57.66		－

- 8 -

(3) Consolidated Statements of Comprehensive Income

	Millions of yen		% Change
	For the six months ended
	September 30,	September 30,	(B-A)/(A)
	2018(A)	2019(B)
Net income (loss)	(2,523)		197,250		－
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments	64,297		(39,320)		－
Deferred income taxes	(1,966)		245		－
Total	62,331		(39,075)		－
Defined benefit pension plans:
Pension liability adjustment	2,064		3,005		45.6
Deferred income taxes	(807)	912		－
Total	1,257		3,917		211.6
Own Credit Adjustments:
Own Credit Adjustments	4,720		(3,156)	－
Deferred income taxes	(1,380)		(519)	－
Total	3,340		(3,675)	－
Total other comprehensive income (loss)	66,928		(38,833)		－
Comprehensive income	64,405		158,417		146.0
Less: Comprehensive income attributable to noncontrolling interests	4,686		2,403		(48.7)
Comprehensive income attributable to NHI shareholders	59,719		156,014		161.2

1. Note with respect to the Assumption as a Going ConcernNot applicable.

- 9 -

(5) Segment Information - Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.

Net revenue

Business segment information: Retail

Asset Management Wholesale Subtotal

Other

Net revenue Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

Net revenue

Millions of yen		% Change
For the six months ended
September 30,		September 30,		(B-A)/(A)
2018 (A)		2019 (B)
178,543	157,522	(11.8)
50,770	60,176	18.5
284,950		316,184		11.0
514,263	533,882	3.8
39,720		183,584		362.2
553,983		717,466		29.5
936	(2,085)		－
554,919	715,381	28.9

Non-interest expenses

Business segment information: Retail

Asset Management Wholesale Subtotal

Other Non-interest expenses

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes Non-interest expenses

146,403	144,143	(1.5)
31,574	31,988	1.3
287,459		277,256		(3.5)
465,436	453,387	(2.6)
75,373		58,702		(22.1)
540,809	512,089	(5.3)
－		－		－
540,809	512,089	(5.3)

Income (loss) before income taxes

Business segment information:
Retail	32,140		13,379	(58.4)
Asset Management	19,196		28,188	46.8
Wholesale	(2,509)		38,928		－
Subtotal	48,827		80,495	64.9
Other *	(35,653)	124,882		－
Income (loss) before income taxes	13,174		205,377		－
Reconciliation items:
Unrealized gain (loss) on investments in equity	936		(2,085)		－
securities held for operating purposes
Income (loss) before income taxes	14,110		203,292		－

*Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other." The following table presents the major components of income (loss) before income taxes in "Other."

Net gain (loss) related to economic hedging transactions

Realized gain (loss) on investments in equity securities held for operating purposes Equity in earnings of affiliates

Corporate items Other

Total

Millions of yen		% Change
For the six months ended
September 30,	September 30,		(B-A)/(A)
2018 (A)	2019 (B)
(29,825)		19,837		－
52		1,330		－
15,155		16,274	7.4
(26,201)		(3,244)		－
5,166		90,685		－
(35,653)		124,882		－

- 10 -

(6) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

Common stock

Balance at beginning of year

Balance at end of period

Additional paid-in capital

Balance at beginning of year

Gain on sales of treasury stock

Stock-based compensation awards

Balance at end of period

Retained earnings

Balance at beginning of year

Cumulative effect of change in accounting principle (1)

Net income attributable to NHI shareholders

Cash dividends

Balance at end of period

Accumulated other comprehensive income (loss)

Cumulative translation adjustments

Balance at beginning of year

Net change during the period

Balance at end of period

Defined benefit pension plans

Balance at beginning of year

Pension liability adjustment

Balance at end of period

Own credit adjustments

Balance at beginning of year

Own credit adjustments

Balance at end of period

Balance at end of period

Common stock held in treasury

Balance at beginning of year

Repurchases of common stock

Sale of common stock

Common stock issued to employees

Balance at end of period

Total NHI shareholders' equity

Balance at end of period

Noncontrolling interests

Balance at beginning of year

Net change during the period

Balance at end of period

Total equity

Balance at end of period

Millions of yen

For the six months ended

September 30, 2019

594,493

594,493

687,761

12

(4,922)

682,851

1,486,825

5,592

194,407

(48,477)

1,638,347

17,833

(38,635)

(20,802)

(71,107)

3,917

(67,190)

24,224

(3,675)

20,549

(67,443)

(108,968)

(41,328)

0

9,926

(140,370)

2,707,878

49,732

30,565

80,297

2,788,175

1. Represents the adjustment to initially apply Accounting Standards Update2016-02 "Leases", please refer to section "2. Notes to the Summary Information (1) Changes in Accounting Policies."

- 11 -

4. Supplementary Information

(1) Consolidated Statements of Income - Quarterly Comparatives

Revenue: Commissions

Fees from investment banking

Asset management and portfolio service fees Net gain on trading

Gain (loss) on private equity investments Interest and dividends

Gain (loss) on investments in equity securities

Other

Total revenue Interest expense Net revenue

Non-interest expenses: Compensation and benefits Commissions and floor brokerage Information processing and communications Occupancy and related depreciation Business development expenses

Other

Total non-interest expenses

Income (loss) before income taxes

Income tax expense

Net income (loss)

Less: Net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to NHI shareholders

Per share of common stock: Basic-

Net income (loss) attributable to NHI shareholders per share

Diluted-

Net income (loss) attributable to NHI shareholders per share

				Millions of yen						% Change		Millions of yen
				For the three months ended								For the year ended
June 30,		September 30,		December 31,	March 31,		June 30,		September 30,		(B-A)/(A)		March 31,
2018		2018		2018			2019		2019(A)		2019(B)				2019
79,456	74,783	72,715			66,115	68,200	65,254	(4.3)	293,069
23,959	19,119	33,129			25,314	27,311	22,265	(18.5)	101,521
62,981	62,740	60,591			59,207	59,963	59,926	(0.1)	245,519
71,887	75,752	96,947			98,378	112,825	105,609	(6.4)	342,964
553	321	461			(328)	791	981	24.0	1,007
169,590	188,703	214,542			204,129	199,473	215,881	8.2	776,964
2,092	(1,104)	(9,852)			1,881	(2,838)	2,083		－	(6,983)
20,467		28,067		(11,133)			43,656		45,654		101,905		123.2		81,057
430,985	448,381	457,400			498,352	511,379	573,904	12.2	1,835,118
158,988		165,459		196,803			197,098		179,378		190,524		6.2		718,348
271,997		282,922		260,597			301,254		332,001		383,380		15.5		1,116,770
127,700	125,800	118,928			124,637	125,102	120,425	(3.7)	497,065
20,935	19,579	23,821			18,302	24,551	25,446	3.6	82,637
40,961	40,515	41,756			43,633	41,757	42,361	1.4	166,865
16,376	16,464	15,852			16,248	19,120	18,360	(4.0)	64,940
8,896	9,337	9,121			9,561	7,828	7,906	1.0	36,915
43,486		70,760		127,283			64,520		38,837		40,396		4.0		306,049
258,354		282,455		336,761			276,901		257,195		254,894		(0.9)		1,154,471
13,643	467	(76,164)			24,353	74,806	128,486	71.8	(37,701)
6,930		9,703		19,698			20,679		17,917		(11,875)		－		57,010
6,713		(9,236)		(95,862)			3,674		56,889		140,361		146.7		(94,711)
1,490	1,997	(586)			2,830	1,056	1,787	69.2	5,731
5,223	(11,233)	(95,276)			844	55,833	138,574	148.2	(100,442)
				Yen							% Change		Yen
1.54	(3.31)	(28.52)			0.25	16.83	42.11	150.2	(29.90)
1.50	(3.32)	(28.52)			0.23	16.48	41.23	150.2	(29.92)

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(2) Business Segment Information - Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

					Millions of yen						% Change		Millions of yen
					For the three months ended								For the year ended
	June 30,	September 30,		December 31,		March 31,		June 30,	September 30,		(B-A)/(A)		March 31,
	2018		2018	2018	2019		2019(A)	2019(B)			2019
Net revenue
Business segment information:
Retail	92,833		85,710	86,782	74,155	80,640		76,882	(4.7)	339,480
Asset Management	26,089		24,681	16,178	30,897	34,500		25,676	(25.6)	97,845
Wholesale	137,290		147,660		128,198		142,240		159,486		156,698		(1.7)		555,388
Subtotal	256,212		258,051	231,158	247,292	274,626		259,256	(5.6)	992,713
Other	13,738		25,982		39,397		52,144		60,289		123,295		104.5		131,261
Net revenue	269,950		284,033	270,555	299,436	334,915		382,551	14.2	1,123,974
Reconciliation items:
Unrealized gain (loss) on investments in equity	2,047		(1,111)	(9,958)	1,818	(2,914)	829		－	(7,204)
securities held for operating purposes
Net revenue	271,997		282,922	260,597	301,254	332,001		383,380	15.5	1,116,770
Non-interest expenses
Business segment information:
Retail	72,909		73,494	72,733	70,854	72,522		71,621	(1.2)	289,990
Asset Management	15,806		15,768	15,617	16,469	16,358		15,630	(4.5)	63,660
Wholesale	144,714		142,745		224,073		155,255		139,479		137,777		(1.2)		666,787
Subtotal	233,429		232,007	312,423	242,578	228,359		225,028	(1.5)	1,020,437
Other	24,925		50,448		24,338		34,323		28,836		29,866		3.6		134,034
Non-interest expenses	258,354		282,455	336,761	276,901	257,195		254,894	(0.9)	1,154,471
Reconciliation items:
Unrealized gain (loss) on investments in equity	－	－		－		－		－	－		－		－
securities held for operating purposes
Non-interest expenses	258,354		282,455	336,761	276,901	257,195		254,894	(0.9)	1,154,471
Income (loss) before income taxes
Business segment information:
Retail	19,924		12,216	14,049	3,301	8,118		5,261	(35.2)	49,490
Asset Management	10,283		8,913	561	14,428	18,142		10,046	(44.6)	34,185
Wholesale	(7,424)	4,915	(95,875)	(13,015)	20,007		18,921	(5.4)	(111,399)
Subtotal	22,783		26,044		(81,265)		4,714		46,267		34,228		(26.0)		(27,724)
Other *	(11,187)	(24,466)	15,059	17,821	31,453		93,429	197.0	(2,773)
Income (loss) before income taxes	11,596		1,578		(66,206)		22,535		77,720		127,657		64.3		(30,497)
Reconciliation items:
Unrealized gain (loss) on investments in equity	2,047		(1,111)	(9,958)	1,818	(2,914)	829		－	(7,204)
securities held for operating purposes
Income (loss) before income taxes	13,643		467	(76,164)	24,353	74,806		128,486	71.8	(37,701)

* Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other."

The following table presents the major components of income (loss) before income taxes in "Other."

					Millions of yen						% Change		Millions of yen
					For the three months ended								For the year ended
	June 30,	September 30,		December 31,		March 31,		June 30,		September 30,		(B-A)/(A)		March 31,
	2018		2018		2018		2019		2019(A)		2019(B)				2019
Net gain (loss) related to economic	(13,807)		(16,018)	25,071	6,554	12,794	7,043	(45.0)	1,800
hedging transactions
Realized gain (loss) on investments in equity	45		7	106	63	76	1,254		－	221
securities held for operating purposes
Equity in earnings of affiliates	6,619		8,536	1,444	15,933	8,265	8,009	(3.1)	32,532
Corporate items	(2,482)		(23,719)	631	(10,426)	1,391	(4,635)		－	(35,996)
Other	(1,562)		6,728		(12,193)		5,697		8,927		81,758		815.9		(1,330)
Total	(11,187)		(24,466)	15,059	17,821	31,453	93,429	197.0	(2,773)

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(3) Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2020_2q.pdf

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