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## Disclosure 

The Daiwa Securities Group works proactively to provide fair, prompt, and appropriate information to customers, shareholders, investors, the local communities, executives, and employees in order to ensure that all of these stakeholders receive a clear understanding and proper evaluation of the Group’s business activities. 

## Disclosure System 

The Daiwa Securities Group has formulated the Disclosure Policy, which outlines the Group’s basic approach to information disclosure and strives to provide information that is fair, prompt, and appropriate. 

In addition, Daiwa Securities Group Inc. has established the Disclosure Committee—a sub-committee of the Executive Manage- ment Committee—as stipulated in the Group’s Disclosure Regula- tions, which were established in order to ensure concrete implementation of the spirit of the Disclosure Policy. The committee is responsible for making final decisions regarding the disclosure of information. Major Group companies have also established their own regulations, or Management-related Information, which govern the appropriate collection of information and presentation of reports 

to Daiwa Securities Group Inc. 

The responsibilities for disclosure are clearly allocated, based on the intended recipient of the information. The Investor Relations Department handles disclosure to shareholders, investors and analysts. The Corporate Communications Department is respon- sible for communications with the mass media and local communi- ties. Information is released through a variety of media, including via the Internet and in print. In addition, representatives from disclosure-related divisions of all Group companies take part in the Group PR/IR Meeting, which convenes once a month, to discuss the issues that affect disclosure activities for the Daiwa Securities Group as a whole. 

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## Daiwa Securities Group Disclosure Policy 

» The Daiwa Securities Group will disclose important financial, social and environmental information about the Group (“Management-related Infor- mation”) in a prompt, fair and appropriate manner, so that our stakehold- ers, (including shareholders, investors and the communities we operate in) may understand and maintain realistic expectations of the Daiwa Securi- ties Group. 

» The Group will comply with the Financial Instruments and Exchange Act and other laws and ordinances related to securities transactions and the various rules of the financial instruments exchanges on which our stock is listed. 

» The Group will strive to disclose information fairly, in terms of both content and timing. 

» The Group will utilize various communication channels including presenta- tions, telephone conferences, the Internet and printed materials to dis- close information in a manner that is easy for investors to comprehend. 

» The Group will keep in mind its responsibility to set an example for other listed corporations, in terms of disclosure, and will strive to promote healthy markets. 

» To ensure that these policies are implemented properly, the Group has established “Disclosure Regulations” which include guidelines for disclos- ing management-related information and standards for establishing a “Disclosure Committee.” 

