##   Contents 

## 02 Daiwa Securities Group Corporate Summary 

## 08 Executive Messages 

## 13 Business Strategy 

## 31 Management Systems and CSR Initiatives 

49 Financial Section 

106 Other Information 

## Forward-Looking Statements 

02 History of the Daiwa Securities Group 

04 Primary Businesses of the Daiwa Securities Group 

06 Financial Highlights 

07 Operational Data 

08 To Our Stakeholders 

12 Message From the Chairman 

14 Interview With the CEO 

20 Message From the COO/CFO 

22 Retail Division 

24 Wholesale Division 

26 Asset Management Division 

28 IT/Think Tank Division 

29 Investment Division 

## 08 

## 20 

Message From the COO/CFO 

## 24 

Wholesale Division 

## 26 

Asset Management Division 

To Our Stakeholders 

## 22 

Retail Division 

This annual report contains 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 issuance of this annual report. 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. “FY2011” refers to the fiscal year ended March 31, 2012, and other fiscal years are referred to in a corresponding manner. 

