Nomura to Acquire Code Securities

London, 28 September 2005

Creating a dominant European healthcare investment banking house

Nomura International plc (“Nomura”) announced today the proposed acquisition of Code Securities (“Code”), Europe’s leading life sciences investment banking firm, in a transaction which will give Nomura’s clients access to increased specialist resources and provide Code with enhanced access to international markets and growth opportunities. The acquisition is subject to certain conditions, including due diligence and regulatory approval.

Nomura will operate Code as a wholly owned subsidiary which will be rebranded Nomura Code Securities, with Code’s current twenty-six strong team working in collaboration with their counterparts at Nomura. Nomura Code Securities’ Board will comprise senior management from Nomura as well as Code’s management. Going forward, Nomura Code Securities will benefit from the full support of Nomura’s infrastructure and will work closely with Nomura’s global network of investment banking, research, sales and trading teams.

Code is Europe’s leading investment banking firm focused on life sciences and provides a full range of advisory, fundraising and broking services. The team at Code is the longest established and most experienced in the sector, having executed over 70 life sciences financing transactions, including 26 IPOs, raising more than 3 billion Euros.

Yugo Ishida, President and CEO of Nomura International plc, commented on the acquisition, “We are very pleased that we have found such an ideal acquisition in Code; not only do they have an excellent track record in the life sciences sector but also their entrepreneurial culture and client-driven service will fit well with Nomura’s, promising an excellent working relationship and integrated approach in the future. We feel that this investment in our life sciences coverage demonstrates both our commitment to the sector and our commitment to increasing our presence in Europe overall.”

Chris Collins, CEO of Code Securities, said, “Nomura Code Securities represents an ideal combination from our perspective. Nomura’s financial strength, global network and longstanding commitment to the healthcare sector will enable us to expand our business more aggressively whilst preserving our entrepreneurial culture and maintaining our clear sector focus.”

For further information, please contact:

Nomura International plc
Clare Williams - Head of Corporate Communications		+44 (0) 20 7521 1079
Jessica Shepherd-Smith - Head of Media Relations		+44 (0) 20 7521 2480
Code Securities Limited
Chris Collins - Chief Executive		+44 (0) 20 7776 1200

Notes to editors

The Nomura Group
Nomura is a global financial services group dedicated to providing a broad range of financial services for individual, institutional, corporate and government clients. The Group offers a diverse line of competitive products and value-added financial and advisory solutions through its global headquarters in Tokyo, 133 branches in Japan, and an international network in 28 countries; with regional headquarters in Hong Kong, London, and New York. The Group’s business activities include investment consultation and brokerage services for retail investors in Japan, and, on a global basis, brokerage services, securities underwriting, investment banking advisory services, merchant banking, and asset management. For further information about Nomura please visit our website at www.nomura.com

Code Securities
Code is a recognised leader in the life sciences sector and offers a dedicated entrepreneurial team with big bank experience; the strongest sector-specific research and sales team with six analysts, three salespeople and three sales traders; the most experienced industry-focused corporate finance team; and commitment at all levels to its clients’ needs. Code was the most active adviser on biotech and medical technology financings in 2004 and in the first six months of 2005 has advised on or participated in the most fundraisings in the European life sciences sector; the raising of 280 million Euros on behalf of quoted corporate clients; 12 separate transactions; including four initial public offerings - London Main Market, AIM and Euronext.