Nomura Asset Management Co., Ltd.
Financial Summary (Unconsolidated)
For The Year Ended March 31, 2009
(Unaudited)Nomura Asset Management Co., Ltd.
Unconsolidated Balance Sheet Information (Unaudited)(Millions of Yen)
March 31, 2009

March 31, 2008

Increase (Decrease)50,54961,020(10,470)560

2,855(2,295)

Money held in trust

34,551

32,0582,492

Securities

3,400

6,300(2,900)

Short-term loan receivable from a parent

592

1,526(934)

Accrued investment trust management fees

7,489

13,910(6,421)

Accrued revenue

1,629

2,030(400)

Income tax receivables

498

―498

Deferred tax assets

879

1,137(257)

Other current assets

952

1,208(255)

Allowance for doubtful accounts

(4)

(7)

3

Fixed assets

43,11056,253(13,143)

Tangible fixed assets

2,183

1,972

210

Intangible fixed assets

12,407

8,857

3,550

Investments and other

28,51945,424(16,904)

Investment securities

10,69327,606(16,913)

Investment in subsidiaries and affiliates

15,743

15,739

3

39

34

4

Deferred tax assets

1,256

1,567(311)

Other investments

786

476

310

Allowance for doubtful accounts

(0)

(0)

(0)

93,659117,274(23,614)

AssetsCurrent assets
Cash and cash equivalents

Long-term guarantee deposits

Total assets1

(Millions of Yen)
March 31, 2009

March 31, 2008

Increase (Decrease)

23,79024,794(1,003)

12,000―12,000Investment trust distribution of income
payable550

Investment trust redemptions payable

82

105

(22)

Accrued commission payable

3,275

6,115

(2,840)

Other accounts payable

2,387

6,622

(4,235)

Accrued expenses

4,849

8,363(3,514)

4

1,591

(1,587)

1,080

1, 730

(650)

106

259

(153)

5,724

5,890

(165)

Liabilities
Current liabilities
Short-term borrowings

Accrued income taxes
Accrued bonuses
Other current liabilities

Long-term liabilities

4,620

5,359

(739)

Reserve for loss on distribution of income
and redemption after expiration

462

467

(5)

Other long-term liabilities

642

64

578

Total liabilities

29,51530,685(1,169)

Shareholder's equity

61,81081,714(19,904)

Common stock

17,18017,180―Capital reserve

11,72911,729―11,72911,729―32,90052,804(19,904)

Earned surplus reserve685

685―

Other Earned surplus

32,215

52,119(19,904)

General reserve

24,60635,606(11,000)

Earned surplus brought forward

7,608

16,512(8,904)

2,333

4,874(2,541)

Net unrealized gain on investments

2,084

5,124(3,040)

Deferred gains or loss on hedges

249(250)

499

Total net assets

64,14386,589(22,445)

Total liabilities and net assets

93,659117,274(23,614)

Reserve for retirement benefits

Additional paid-in capital
Earned surplus

Valuation and translation adjustments

2Nomura Asset Management Co., Ltd.
Unconsolidated Income Statement Information (Unaudited)(Millions of Yen)
Year Ended
March 31, 2009
(A)

Operating revenue

Year Ended
March 31, 2008
(B)

Comparison
A/B (%)

92,537

135,408

68.3

Investment trust management fees

84,195

124,893

67.4

Investment advisory fees

8,315

10,50679.1

Other operating revenue

278

322.2

Operating expenses

65,272

95,93868.0

Commissions

39,122

57,704

67.8

Research

21,17632,108

66.0

Other operating expenses

4,974

6,125

81.2

General and administrative expenses

22,452

22,94997.8

Compensation and benefits

11,778

12,573

93.7

Occupancy

1,559

1,687

92.4

Depreciation of fixed assets

3,288

2,543

129.3

Other general and administrative expenses

5,826

6,145

94.8

Operating income

4,812

16,51929.1

Non-operating income

9,322

4,384

212.6

Non-operating expenses

1,671

647

258.1

Ordinary income

12,463

20,256

61.5

Special profits

1,387

1,734

80.0

Special losses

2,001

589

339.5

Income before income taxes

11,84921,40055.4

Income taxes - current

2,893

9,211

31.4

Income taxes - deferred

2,334

50

4,667.3

Net income

6,621

12,13954.5

3Nomura Asset Management Co., Ltd.
Unconsolidated Statements of Shareholder’s Equity (Unaudited)
For The Year Ended March 31, 2009
(Millions of Yen)

Shareholder's equity
Capital reserve

Balance at March 31,2008

Earned surplus
Other Earned surplus

Commonstock

Additional
paid-in
capitalTotal
capitalreserve

Earnedsurplusreserve

17,18011,72911,729685

Reversal of general reserve

Total
Shareholder'sequity

Generalreserve

Earnedsurplusbrought
forwardTotal
Earnedsurplus35,606

16,51252,80481,714(11,000)

11,000――(26,526)(26,526)(26,526)

6,621

6,621

6,621

Cash dividends
Net profit
Other-net
Change in the term
Balance at March 31,2009

―

―

―

―

(11,000)(8,904)(19,904)(19,904)

17,18011,72911,729685

24,606

7,608

32,90061,810(Millions of Yen)

Valuation and translation adjustments
Net unrealized gain on Deferred gains or loss on
investments
hedgesBalance at March 31,2008

5,124

(250)

Total Valuation andtranslation
adjustments

Total net assets

4,874

86,589

Reversal of general reserve―

Cash dividends(26,526)

Net profit

6,621

Other-net(3,040)499(2,541)(2,541)

Change in the term

(3,040)499(2,541)(22,445)

Balance at March 31,2009

2,084

249

2,333

64,143

4

For The Year Ended March 31, 2008
(Millions of Yen)

Shareholder's equity
Capital reserve

Earned surplus
Other Earned surplus

Total
Shareholder'sequity

Commonstock

Additional
paid-in
capitalTotal
capitalreserve

Earnedsurplusreserve

Generalreserve

Earnedsurplusbrought
forwardTotal
Earnedsurplus17,18011,72911,729685

35,606

17,24953,54182,451

Cash dividends(12,876)(12,876)(12,876)

Net profit12,139

12,13912,139Balance at March 31,2007

Other-net
Change in the term
Balance at March 31,2008

―――――

(737)

(737)

(737)

17,18011,72911,729685

35,606

16,51252,80481,714(Millions of Yen)

Valuation and translation adjustments
Net unrealized gain oninvestments
Balance at March 31,2007

11,008Deferred gains or loss
on hedges

Total Valuation andtranslation
adjustments

Total net assets(610)

10,397

92,849Cash dividends(12,876)

Net profit

12,139Other-net(5,883)360(5,522)(5,522)

Change in the term

(5,883)360(5,522)(6,259)Balance at March 31,2008

5,124

(250)

4,874

86,5895

Significant Accounting Policies
1.

Basis and Method of Valuation for Securities
Securities held are accounted for as follows:(1) Stocks of subsidiaries and affiliates Recorded at cost using the moving average method(2) Other Securities:(i) with market value
Recorded at market value
The difference between the cost using the moving averagemethod and market value less deferred tax is recorded as “Netunrealized gain on investments” in “shareholders’ equity” on
the balance sheet.
(ii) without market value
Recorded at cost using the moving average method

2.

Basis and Method of Valuation for Derivatives
Recorded at fair value

3.

Basis and Method of Valuation for Money In Trust
Recorded at fair value

4.

Depreciation/Amortization Method of Fixed Assets(1) Depreciation of tangible fixed assets(excluding Lease Assets)
Tangible fixed assets are depreciated primarily on the declining balance method, except forbuildings acquired after March 31, 1998, which are depreciated on the straight-line method.
(2) Amortization of intangible assets(excluding Lease Assets)
Intangible assets are amortized primarily over their estimated useful lives on the straight-linemethod.
(3) Depreciation/Amortization of lease assets
Lease assets under financial lease transactions that do not transfer ownership, contracted afterApril 1 2008 are depreciated / amortized over the lease term on the straight-line method, based on theassumption that the residual value is equal to zero.

5.

Provisions(1) Allowance for doubtful accounts
To provide mainly for loan losses, the company made provisions for doubtful accounts based on anestimate of the maximum uncollectible amount calculated using its historical loss ratio or a reasonableestimate based on financial condition of individual borrowers.
(2) Accrued bonuses
To provide for employee bonus payments, accrual is recorded at the estimated amount to be paid as
future bonuses to employees.
(3) Reserve for retirement benefits
To provide for the payment of lump-sum retirement benefits and defined benefits pension plan in
the future, the estimated future obligations less the fair value of current pension assets is recorded as areserve for employee retirement benefits.
(4) Reserve for loss on distribution of income and redemption after expiration
To provide for investment trust distribution of income and investment trust redemption money
recognized as revenue by prescription, the estimated amount of payments in the future is recorded,based on actual payments.

6.

Leasing Transactions
Financing leases under which the ownership of properties is not transferred to the lessee and theirlease has already started before the 1st of April in 2008 are accounted for as operating leases.
67.

Hedging Activities
Mark-to-market profits and losses on hedging instruments are deferred as assets or liabilities until theprofits or losses on the underlying hedged securities are realized.

8.

Accounting for Consumption Taxes
National and local consumption taxes are accounted for based on the tax exclusion method.

9.

Consolidated Tax Return System
Consolidated tax return system is applied.

Significant Change of Accounting Policies(Accounting treatment of Lease transactions)
Effective for the current fiscal year, the Company has adopted “the Accounting Standard for Lease
Transactions (Statement No.13) and “the Guidance on Accounting Standard for Lease Transactions(Guidance No.16)”(released on the 30TH of March in 2007 by Accounting Standards Board of Japan).
By adopting these accounting standards, financing leases under which the ownership is not transferredto the lessee and which starts from 1st of April in 2008 are capitalized and depreciated or amortized by
the straight line method over their lease term with no residual value.
Financing leases under which the ownership is not transferred to the lessee and which have alreadystarted before 1st of April in 2008 are accounted for as operating leases according to Section 79 in “theGuidance”.
The impact of this adoption on financial positions are none and on operating income, ordinary income,and income before income taxes are minor.

Notes to Balance Sheet Information
1.

Accumulated Depreciation on Tangible Fixed Assets(Millions of yen)

Year Ended
March 31, 2009
1,260

Year Ended
March 31, 2008
736

Notes to Income Statement Information
1.

Special Profits consist of the following:(Millions of yen)

Gain on sales of investment securities and otherReceipt of stock option income
Gain on purchase of lease assets

7

Year Ended
March 31, 2009
1,085
299
2

Year Ended
March 31, 2008
1,421312―

Notes to Income Statement Information
2.

Special Losses consist of the following:(Millions of yen)

Loss on sales of investment securities and other
Loss on valuation of investment securities and otherTransfer to reserve for loss on distribution of income
and redemption after expiration
Loss on disposal of fixed assets
Loss on revision of retirement benefit plan

Year Ended
March 31, 2009
1,471
5

Year Ended
March 31, 2008
8023―429405118

56―

Supplementary Information
1.

Net Assets of Investment Trusts(Billions of yen)March 31, 2009

Increase (Decrease)

Unit Type1345380Open Type

6,371

9,789(3,418)

Stock Investment Trusts - Public

6,505

9,842(3,337)

Bond Investment Trusts

1,005

1,116(110)

Money Management Fund882

967(85)

2,949

3,252(303)

4,837

5,336(499)

Unit Type

1,613

1,995(381)Open Type―――Private Investment Trusts

1,613

1,995(381)

Total

12,956

17,174(4,218)

OthersBond Investment Trusts - Public

2.

March 31, 2008

Assets under Investment Management and Advisory Contracts(Billions of yen)March 31, 2009

March 31, 2008

Increase (Decrease)

Domestic - General118

181(63)

Domestic - Pension

4,191

4,467(275)Overseas

1,683

2,429(745)

5,994

7,078(1,084)

Total8

Quarterly Income Statement Information(Millions of yen)
1st quarter

Operating revenue

2nd quarter3rd quarter

4th quarter

For the year

From April 1, 2008

From July 1, 2008

From October 1, 2008

From January 1, 2009

From April 1, 2008

To June 30, 2008

To September 30, 2008

To December 31, 2008

To March 31, 2009

To March 31, 2009

29,517

27,69519,01516,30892,537

Investment trust management fees

27,21825,28817,182

14,50584,195Investment advisory fees2,296

2,401

1,824

1,793

8,315

Other operating revenue

268

9

27

Operating expenses

20,837

19,287

13,593

11,55465,272

Commissions

12,786

11,779

7,949

6,606

39,122

Research

6,857

6,259

4,295

3,762

21,176

Other operating expenses

1,193

1,248

1,348

1,184

4,974

General and administrative expenses

5,328

5,967

5,363

5,792

22,452

Operating income

3,351

2,440

58

(1,038)

4,812

Non-operating income

1,676

3,666

3,850

128

9,322

Non-operating expenses

565

413

821

(129)

1,671

Ordinary income

4,462

5,693

3,087(779)12,463Special profits

994

123

128

142

1,387

Special losses

270

394

875

461

2,001

Income before income taxes

5,186

5,422

2,339

(1,098)

11,849

Income taxes - current

1,014

2,675

(25)

(771)

2,893

Income taxes - deferred

680

(673)

636

1,691

2,334

3,491

3,421

1,727

(2,019)6,621

Net income

9