content_image/194188.jpg
## Breakdown by Product and Business Sector 

Daiwa Securities Group Inc. and Consolidated Subsidiaries 

<img src='content_image/194188.jpg'>

*1 Results by Group company have not been audited by an independent auditor. 

*2 As of January 1, 2012, following the transfer of all issued stock of major overseas subsidiaries to Daiwa International Holdings Inc., a wholly owned subsidiary of Daiwa Securities Group Inc., all consolidated subsidiaries have been eliminated from the scope of consolidation of Daiwa Securities Capital Markets Co. Ltd. 

*3 Figures reflect the sum of earnings from Daiwa Institute of Research Holdings, Daiwa Institute of Research, and Daiwa Institute of Research Business Innovation (excluding intercompany transactions and dividend payments). 

