content_image/185842.jpg content_image/185848.jpg content_image/185841.jpg content_image/185840.jpg
## 25. Net gain on trading 

Net gain on trading for the years ended March 31, 2012 and 2011 is as follows: 

<img src='content_image/185842.jpg'>

## 26. Selling, general and administrative expenses 

Major components of selling, general and administrative expenses for the years ended March 31, 2012 and 2011 are summarized as follows: 

<img src='content_image/185848.jpg'>

## 27. Other income (expenses) 

Details of “Other, net” in the accompanying consolidated statements of operations for the years ended March 31, 2012 and 2011 are as follows: 

<img src='content_image/185841.jpg'>

## Impairment loss on fixed assets 

(Fiscal year ended March 31, 2012) 

Daiwa recognized the impairment losses for the following asset groups. 

<img src='content_image/185840.jpg'>

