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3 Year Target Mar. 10, 2010 Daiwa Investment Conference Tokyo 2010 Daiwa Securities Group Business Strategy Shigeharu Suzuki, President and CEO Daiwa Securities Group Inc. This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain projections of results of operations or of financial condition or state other “forward-looking”information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject to numerous risks and uncertainties that could cause the Daiwa Securities Group’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group. Contents Current situation of Daiwa Securities Group after the dissolution of JV with SMFG ････ 3 Financial Summary ････ 4 Business Strategy Retail ････ 6 Wholesale ････ 13 Investment ････ 20 Asset Management ････ 22 Entry into Banking Business ････ 24 2 Current situation of Daiwa Securities Group after the dissolution of JV with SMFG FasterFaster decisiondecision makingmaking inin humanhuman andand managemanagementment resourcesresources allocatallocationion amongamong thethe GroupGroup companiescompanies UpgradeUpgrade thethe HongHong KongKong subsidiarysubsidiary toto thethe “second“second headhead quarters”quarters” status status toto strengthenstrengthen wholesalewholesale businessbusiness inin AsiaAsia DissolutionDissolution ofof JVJV hashas positivepositive effecteffect onon wholesawholesalele operationsoperations DaiwaDaiwa SecuritiesSecurities CapitalCapital Markets’Markets’ pipeline pipeline hashas diversifieddiversified inin finafinancence dealsdeals ofof financialfinancial institutionsinstitutions andand corporatecorporate clientsclients SolidSolid financialfinancial basebase andand ampleample liliquidityquidity havehave beenbeen maintainedmaintained foforr thethe futurefuture businessbusiness expansionexpansion ConsolidatedConsolidated totaltotal owners’owners’ equity equity：：JPYJPY 932.5bil932.5bil (end(end ofof Dec.Dec. 2009)2009) TotalTotal portfolioportfolio ofof high-liquidityhigh-liquidity assetassets:s: JPYJPY 2,322.4bil2,322.4bil (e(endnd ofof Dec.Dec. 2009)2009) RatingRating companiescompanies havehave moremore positivepositive viewsviews FitchFitch RatingsRatings hashas assignedassigned ““A-A- (negative) (negative) longlong-term-term foreignforeign andand locallocal currencycurrency IssuerIssuer DefaultDefault RatingRating””to” to DaiwaDaiwa SecuritiesSecurities CapitalCapital MaMarketsrkets (Nov.(Nov. 9,9, 2009)2009) JCRJCR revisedrevised DaiwaDaiwa SecuritiesSecurities GroupGroup Inc.Inc. andand DaiwaDaiwa Securities’Securities’ rating rating ououtlooktlook fromfrom “A+“A+ (negative)”(negative)” to to “A+“A+ (stable)”(stable)” (Dec. (Dec. 28,28, 2009)2009) R&IR&I revisedrevised DaiwaDaiwa SecuritiesSecurities GroupGroup IncInc.,., DaiwaDaiwa SecuritiesSecurities andand DaiwaDaiwa SecuriSecuritiesties CapitalCapital Markets’Markets’ rating rating outlookoutlook fromfrom “A“A (negative)”(negative)” to to “A“A (stable)”(stable)” (Feb. (Feb. 5,5, 2010)2010) 3 Financial Summary 4 Consolidated Financial Summary FY2009 FY2008 % Change FY2009 % Change (Y mil) vs vs FY2008 1-3Q 1-3Q 1-3Q FY08 3Q 2Q 2Q FY09 Operating revenues 421,365 335,500 25.6% 183,615 105,631 73.8% 413,936 Net operating revenues 360,011 145,540 147.4% 165,509 87,137 89.9% 199,544 SG&A 271,897 261,346 4.0% 99,775 85,569 16.6% 343,270 Ordinary income 92,756 -113,226 ― 67,891 2,037 ― -141,150 Net income 46,227 -67,676 ― 26,366 1,991 ― -85,039 Total assets 14,873,191 15,113,175 14,873,191 16,129,373 14,182,579 Net assets 938,405 996,110 938,405 1,249,909 952,329 Shareholders' equity* 925,983 746,953 925,983 988,324 720,272 EPS (Y) 28.72 -50.27 15.08 1.15 -63.16 BPS (Y) 529.60 554.82 529.60 565.26 534.99 ROE (Annualized) 7.5% ― 11.0% 0.9% ― * Shareholders’ equity = owners’ equity + valuation and translation adjustments ROE (Annualized) 1-3Q 3Q Daiwa Securities 9.3% 6.6% Daiwa Securities Capital Markets 9.2% 18.9% (consolidated) 5 Retail 6 Retail “Daiwa Consulting” Course ～Equity investment trust～ IncreaseIncrease agencyagency commissioncommission (recurring(recurring feefee fromfrom customercustomer assets)assets) throughthrough thethe assetasset gatheringgathering SalesSales ofof EquityEquity InvestmentInvestment TrustsTrusts AgencAgencyy CommissionCommission TrendTrend ImageImage （Y bil / Q） （Y bil / month） 800 6.0 600 4.0 400 2.0 200 0 0.0 1Q/07 2Q/07 3Q/07 4Q/07 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 1Q/07 1Q/08 1Q/09 4Q/09 4Q/10 4Q/11 Note: Include switching transaction between funds. 7 Retail “Daiwa Consulting” Course ～Equity～ ExpandExpand foreignforeign equityequity tradingtrading byby collaboratingcollaborating withwith thethe otherother GroupGroup companiescompanies Foreign Equity Trading Volume Collaboration with Daiwa Securities Capital Markets （Y bil / Q） 200 North America and others Brazil China, Hong Kong, India 150 DaiwaDaiwa SecuritiesSecurities Increase order flow Value-added 100 information & DaiwaDaiwa SecuritiesSecurities trading infrastructure CapitalCapital MarketsMarkets 50 0 4Q/08 3Q/09 8 Retail “Daiwa Consulting” Course ～Foreign currency-denominated bonds～ ExpandExpand andand maintainmaintain stablestable salessales byby offeringoffering attractiveattractive productsproducts Sales of Foreign Currency-denominated Bonds （ Y bil / Q） 400 300 200 100 0 1Q/07 2Q/07 3Q/07 4Q/07 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 9 Retail Our Approach to Impact Investment Vaccine Bonds Microfinance Bonds Issuer: IFFIm Issuer: IFC Purpose: Raise funds in the capital markets to accelerate Purpose: Support for microfinance business with the funding available for health and immunization purpose of fostering economic independence by programmes in 70 of the developing countries providing small scale financial services to the poor around the world. segments. Issue date and amount: Mar. 19, 2008 JPY 20.8bil Issue date: Nov. 20, 2009 Feb. 20, 2009 JPY 40.4bil Issue amount: JPY 24.3bil Mar. 24, 2010 JPY 30.0bil (scheduled) THE WORLD GAVI Green World Bank Bonds Immunization practice BANK by each country Financial Issuer: IBRD Support for vaccine management securing program Purpose: Support projects in the World Bank’s member countries that meet specific criteria for low-carbon project. Funding Investors Donator Issue date: Feb. 3, 2010 Investment Donation for up to in capital market 20 years Issue amount: JPY 9.5bil World CO2L(“Cool”) Bond Water Bond Issuer: IBRD Issuer: ADB Purpose: Indirectly participate in greenhouse gas reduction Purpose: Support for water project by developing countries project as using emissions credit trading based on in Asia and the Pacific. the Kyoto Protocol. Issue date: Apr. 2010 (scheduled) Issue date: Jun. 26, 2008 Issue amount: TBD Issue amount: JPY 2.6bil 10 Retail “Daiwa Consulting” Course ～Wrap account service～ LeadLead marketmarket expansionexpansion asas aa pipioneeroneer ofof wrapwrap accountaccount serviceservice Contract asset under management & Number of customers of Wrap Account Service Market Share in Wrap Account Service (Y bil) (# of customers: 000) 400 20 60% Daiwa SMA Contract AUM (left) Contract AUM Daiwa Fund Wrap Contract AUM (left) # of accounts # of customers of wrap account (right)* 300 15 45% 200 10 30% 100 5 15% 0 0 0% 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 * Total of Daiwa SMA and Daiwa Fund Wrap customers Source: Japan Securities Investment Advisers Association ; compiled by Daiwa Securities 11 Retail “Daiwa Direct” Course ExpandExpand serviceservice contentscontents toto attractattract activeactive investorsinvestors “Daiwa Direct” Number of account Approach for expansion of active transactions (# of account: 000) 1,500 Increase recognition of “Daiwa 365FX” (FX margin trade on exchange) ¾ Conduct active promotion ¾ Offer discount commission campaign 1,000 500 Expand “Daiwa CFD” (Contract For Difference) service 0 ¾ Start domestic equities CFD (May 2010 (scheduled)) 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 6/09 12/09 ¾ Improve function (May 2010 (scheduled)) Expand product line-up and improve usability 9 Service through mobile phone Offer more 9 Enhance investment information active lne-up 12 Wholesale 13 Wholesale Expansion into Asia Market Lead managed the world’s first Asian dollar bond (DBS bond), establishing Asian dollar bond market in offshore market in Singapore Beijing Representative Office Tokyo (1971) Est.: Sep. 1983 Head quarters Lead managed the world’s first Euro dollar bond by ADB (1978) Seoul Branch Managed the world’s first Asian dollar CP by ITOCHU Corporation’s Est.: Dec. 1982 Hong Kong subsidiary (1980) Shanghai Representative
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