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## Message From the Chairman 

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Over the 110 years since it was founded, the Daiwa Securities Group has contributed to economic growth and the progress of society, through its activities in capital and financial markets. Since it was established in 1902, the Group has been noted for the loyalty and dedication to corporate principles that employees and execu- tives demonstrated—qualities that have carried Daiwa Securities through eleven decades of external change and reform. We have cultivated a corporate culture in which employees and executives consistently place cooperation and contributions to the success of the Group ahead of their own personal gain. 

This sort of loyalty is a critical element in the growth and health of a business organization. I view it as the most important source of the Daiwa Securities Group’s competitiveness—an “invisible asset” that prompts employees and executives to seek ways to improve their workplace and which discourages actions that might hurt the company, thus facilitating internal control policies. In addition, a company can continuously invest in the advancement and training of the workforce to enhance its own long-term security, as it can depend on the unceasing efforts of talented, motivated personnel. 

These bonds of loyalty run in both directions. The Daiwa Securities Group aims to be a company that employees want to work for. Management strives to earn the trust of employees, and 

to create a work environment that promotes cooperation, camara- derie and pride in one’s work. Cooperation in turn contributes to greater efficiency, effective teamwork in pursuit of shared goals, and a spirit of determination that is impossible to quantify. I believe that the merger of Daiwa Securities Co. Ltd. and Daiwa Securities Capital Markets Co. Ltd. to create a “new” Daiwa Securities will promote even greater cooperation and teamwork among business divisions, create a unified spirit among the employees and executives, and further refine our efforts to create value. 

Today, the very purpose and role of a financial company is changing to reflect changes in society. Nevertheless, I am confident that the unchanging values and strong loyalty of Daiwa Securities Group employees will serve us well, as we try to draw on traditions from the past and build bridges to the future. I have no doubt that the Daiwa Securities Group will continue to play an important role in Japan’s capital and financial markets and to provide continued value to the societies in which we operate. 

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