Affirmed AA- on Euro Note Programmes of Nomura Group Companies
July 30, 2010

Issuers:
Nomura Europe Finance N.V.
Nomura Bank International plc
Nomura Global Funding plc

JCR has affirmed the AA- rating on the Euro Note Programme of Nomura Bank International plc, Nomura Europe Finance N.V., and Nomura Global Funding plc., respectively.

<Rationale>
JCR reviewed the ratings on the Euro Note Programmes of the Nomura Group Companies, following their revisions on July 30, 2010. The ratings on them reflect creditworthiness of Nomura Holdings, Inc., Nomura Securities Co., Ltd. and Nomura Bank International plc (AA-/Stable rating on senior debts of each of these companies by JCR).

Issuer: Nomura Europe Finance N.V.
Program Name: Euro Note Programme
Maximum Amount: equivalent of US$40 billion
Date of Program Established: July 31, 2009
Status: Direct, unconditional, unsecured and unsubordinated obligations
ranking pari passu with other unsecured and unsubordinated obligations.
Credit Enhancement: Guaranteed by Nomura Holdings, Inc. alone or guaranteed
by two corporations, Nomura Holdings, Inc. and Nomura Securities Co., Ltd.
Covenants: Negative Pledge Clause and Cross Default Clause
Rating: AA-

Issuer: Nomura Bank International plc
Program Name: Euro Note Programme (former Global Structured Note Programme)
Maximum Amount: equivalent of US$15 billion (decreased from US$20 bn)
Date of Program Established: July 31, 2009
Status: Direct, unconditional, unsecured and unsubordinated obligations
ranking pari passu with other unsecured and unsubordinated obligations.
Credit Enhancement: Guaranteed by either Nomura Holdings, Inc. alone or
Nomura Securities Co., Ltd. alone, or Guaranteed by these two corporations
(However, unguaranteed notes can be issued under the Programme).
Covenants: Negative Pledge Clause and Cross Default Clause
Rating: guaranteed; AA-
unguaranteed; AA-

Issuer: Nomura Global Funding plc
Program Name: Euro Note Programme
Maximum Amount: equivalent of US$3.5 billion
Date of Program Established: July 31, 2009
Status: Direct, unconditional, unsecured and unsubordinated obligations
ranking pari passu with other unsecured and unsubordinated obligations.
Credit Enhancement: Guaranteed by Nomura Holdings, Inc.
Covenants: Negative Pledge Clause and Cross Default Clause
Rating: guaranteed; AA-

A program rating is assigned to evaluate the creditworthiness of a program. The credit standing of an individual note issued under the program may be regarded as the same as that of the rated program. However, JCR does not consider the credit standing of the individual note as the same as that of the program, in the cases where the principal and interest payments of the individual note rely on the credit standing of a third party rather than the issuer of the program and notes (e.g. credit linked notes and exchangeable notes). JCR usually does not assign a rating to the individual note issued under the program, unless the issuer solicits a rating.