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Review of Operations P28 at a Glance P30 in the Industry P32 Retail P36 Wholesale P40 Investment P42 Asset Management P46 Systems and Research

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Review of Operations P28 at a Glance P30 in the Industry P32 Retail P36 Wholesale P40 Investment P42 Asset Management P46 Systems and Research Review of Operations p28 At a Glance p30 In the Industry p32 Retail p36 Wholesale p40 Investment p42 Asset Management p46 Systems and Research DAIWA SECURITIES GROUP ANNUAL REPORT 200 2 R e v i e w o f O p e r at i o n s At a Glance: Core Business Segments of the Daiwa Securities Group Retail Ordinary Income (¥ billion) 120 101.0 The Group’s retail securities firm boasts a top-class customer base in Japan, to which it provides a wide range of financial products and ser- 80 74.4 71.0 vices, mainly to individual investors and unlisted companies. One of the company’s advantages in the retail market is its ability to provide custom- 7.3 ers with two in-house customer service courses. Its “Daiwa Consulting” 40.4 40 course provides access to sales personnel that offer high value-added ser- vices, while its “Daiwa Direct” course provides highly convenient online 18.3 brokerage services. 0 05 06 07 08 09 (Fiscal year) Wholesale Ordinary Income (¥ billion) 200 141.5 With a global network based on domestic and overseas operating offices, 100 92.8 68.7 the Group’s wholesale securities firm‘s customer base comprises Japanese and foreign institutional investors, business corporations, and financial ser- 1.4 vices companies. The company offers a broad range of services to suit the 0 needs of its customers, including sales and trading, investment banking, and research. -100 -200 -167.4 05 06 07 08 09 (Fiscal year) Investment Daiwa PI Partners makes selective investments in such areas as monetary Daiwa Corporate Investment operates venture capital, buyout investment claims and private equity. and investment funds that focus on Asia. 28 DAIWA SECURITIES GROUP ANNUAL REPORT 200 Asset Management Ordinary Income Daiwa Asset Management Daiwa SB Investments (¥ billion) (¥ billion) Acting as the core of the Group’s asset management operations, Daiwa 20 10 Asset Management establishes and manages a multitude of investment 17.4 trusts with various investment targets or investment themes. The company 8 15 markets them through wide-ranging sales channels, such as the branch 13.0 office networks of Daiwa Securities and third-party banks. 11.6 6 5.7 9.9 10 4.6 4.4 4 2.9 3.1 5 4.4 The asset management company, whose capital is provided by the Daiwa 2 Securities Group and the Sumitomo Mitsui Financial Group, offers pension fund management and other services for institutional investors in Japan 0 0 and overseas. The company also develops and manages investment trusts 05 06 07 0908 (Fiscal year) 05 06 07 0908 (Fiscal year) for retail investors. Systems and Research Ordinary Income* (¥ billion) 15 13.3 9.7 10 9.1 7.9 7.3 5 The Daiwa Institute of Research Group provides systems support and research services through an intermediary holding company, Daiwa Insti- tute of Research Holdings. Daiwa Institute of Research provides services to Group companies, while Daiwa Institute of Research Business Innovation 0 (Fiscal year) takes the lead in providing services to clients outside the Daiwa Securities 05 06 07 08 09 * Combined ordinary income for the three companies Group. (Excluding in-group transactions and dividend from subsidiaries) Group Support Daiwa Securities Business Center provides office administration services, Daiwa Property provides property management services for the Group as primarily to Daiwa Securities and Daiwa Securities Capital Markets. well as real estate solutions and appraisal services for corporate clients. DAIWA SECURITIES GROUP ANNUAL REPORT 200 29 R e v i e w o f O p e r at i o n s In the Industry Market Shares of Core Business Segments Retail Wrap Account Service Number of Online Trading Accounts*1 Number of Contracts (March 31, 2010) (March 31, 2010) 45.1% 18.6% Prepared by Daiwa Securities using materials Prepared by Daiwa Securities using publicly from the Japan Securities Investment Advisers announced corporate materials. Association. *1 Represents the market share of Daiwa Securities’ “Daiwa Direct” course out of a total of six online trading services, including the five major online trading special- ists—SBI Securities, Rakuten Securities, Matsui Securities, Monex Securities, and Kabu.com Securities. Asset Management Publicly Offered Investment Trusts Increase in Net Assets of Publicly Offered Assets Under Management*2 Equity Investment Trusts (excluding ETFs)*2 (March 31, 2010) (FY2009) 17.2% 31.6% Prepared by Daiwa Securities Group Inc. using Prepared by Daiwa Securities Group Inc. using materials from the Investment Trusts Associa- materials from the Investment Trusts Associa- tion, Japan. tion, Japan. *2 Daiwa Asset Management + Daiwa SB Investments 30 DAIWA SECURITIES GROUP ANNUAL REPORT 200 Wholesale M&A Advisory Total Equity*3 Lead Manager (FY2009, Japanese corporation-related publicly announced deals) League Tables (FY2009) 22.9% 17.4% Prepared by Daiwa Securities Capital Markets Prepared by Daiwa Securities Capital Markets. based on Thomson Reuters Markets. Total Debt*4 Lead Manager Total Yen Bond Lead Manager League Tables League Tables (FY2009) (FY2009) 17.8% 20.3% Prepared by Daiwa Securities Capital Markets. Prepared by Daiwa Securities Capital Markets based on Thomson Reuters Markets. *3 Total equity: Primary and secondary equity offerings (including foreign equity) + domestic CB + overseas CB + IPO + REIT *4 Total debt: Straight bonds + agency bonds + samurai bonds + municipal bonds + Japan Housing Finance Agency RMBS DAIWA SECURITIES GROUP ANNUAL REPORT 200 3 R e v i e w o f O p e r at i o n s Retail E Two Main Service Courses, Diverse Range of Products and Services Built on Comprehensive Capabilities To meet the varying needs of retail customers more effectively, Daiwa Securities has developed two main service courses— “Daiwa Consulting,” a service in which sales personnel offer high value-added support, and “Daiwa Direct,” which offers a convenient service accessible via a call center and the Internet. The company’s competitive edge in the retail market comes from having developed three in-house sales channels—comprising a nationwide network of 119 branch offices*, a call center, and the Internet—and making optimal use of the Daiwa Securities Group’s infrastructure and resources. Another of the company’s strengths is an enhanced product and service lineup that provides full coverage for the vary- ing needs of customers. The lineup includes domestic and foreign equities, bonds and investment trusts, as well as services, such as pension insurance, wrap account services, and securities-backed loans. * As of July 1, 2010 Business Structure of Daiwa Securities (as of July 1, 2010) Switchable The “Daiwa Consulting” Course The “Daiwa Direct” Course Asset management support services tailored to Client can conduct transactions at their own convenience meet each customer’s needs through a call center or via the Internet Daiwa’s cash management service (deposits and withdrawals, balance calculation and reports, settlement services, asset management) Basic Service e-Member*1, management fee discount for qualifying accounts, Daiwa’s mileage program Branch office (open accounts, various clerical procedures, ATMs, seminars) (Common for Call center (request documents, make inquiries) Service Locations both courses) Internet (access investment information, check account balance, conduct transactions, obtain other information) Domestic stocks, “mini” stock trading, monthly stock investment plan ("Ruito"), overseas (Common for stocks, JGBs, corporate bonds, foreign currency-denominated bonds, investment trusts, both courses) pension insurance, “Daiwa FX,” “Daiwa 365FX,” “Daiwa CFD,” “Daiwa PTS,” “Daiwa Net Loan” Products & Services “Daiwa SMA,” “Daiwa Fund Wrap,” “OTC stock option trading,” “Daiwa SAT (stock and trust) Loan” Investment Advice Investment consultation with staff at the branch office Brokerage Commissions Internet IVR*3• Internet At branch office Call center in Domestic Stocks*2 (PC and mobile phones) (PC and mobile phones) Cash Trading 100 75 70 30 or flat fee*4 Margin Trading 100 — Transaction fees less than ¥500 thousand : Margin Trading Service ¥150 including tax 70 more than ¥500 thousand : ¥300 including tax or flat fee *1 Reports on trading history or trading information can be accessed by the client from their PC *2 Figures indicate a percentage, where the fee charged to “Daiwa Consulting” customers when conducting transactions at a branch office is equal to 100% *3 Interactive Voice Response *4 Daily flat rate 32 DAIWA SECURITIES GROUP ANNUAL REPORT 200 Earnings Results for FY2009 1. Review of Operating Environment and Business Results E Performance Makes Steady Recovery despite Uncertain Business Environment In FY2009, the average daily trading value on the First Section of the Tokyo Stock Exchange dropped 23.% year on year, stagnating at the low level of ¥,29. billion. On the other hand, primary and secondary equity offerings rose to the highest levels in the past 0 years. Under these operating conditions, Daiwa Securities made a steady recovery in performance in FY2009. Among commissions, distribution Investment Trust Agency Commissions commissions jumped 2. times from the previous fiscal year because of (¥ billion) increased equity finance deals and expanded sales of equity funds.A lthough 4 investment trust agency commissions declined 11% year on year, they have rallied on a quarterly basis since the Lehman Shock. As a result, net operating revenues increased 2.% year on year, to ¥92.0 billion. Ordinary 3 income soared 119.9% year on year, to ¥0. billion. 2. Business Performance and Achievements 2 E Firm Signs of Growth in Customer Base The basic approach of Daiwa Securities is to concentrate on “increasing the 1 balance of customer assets” because this in turn leads to stable income that provides the basis for sustained growth. In equity investment trusts, “Daiwa 0 Foreign Bond Fund (Daiwa Spirit),” which the company started to sell in 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2007 FY2008 FY2009 July 2009, was well received by customers and consequently recorded steady (Average monthly commissions by quarter) growth in assets under custody.
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