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## <Overview of Performance in Each Business Segment> 

## [Retail Division] 

Although the domestic stock market picked up at the end of the fiscal year, as individual investors began moving money back into stocks, the general tone of equity prices remained weak for most of the year. Brokerage commissions declined, contributing to a 3.9% drop in net operating revenues, to ¥172.0 billion. Ordinary income fell 7.2% year on year, to ¥38.8 billion. 

## [Global Markets Division] 

The Group implemented an aggressive plan to improve profitability in this Division, downsizing or selling off unprofitable businesses. However, a host of adverse factors from the European debt crisis and a global economic slowdown to the strong yen greatly curtailed opportunities to generate income over the course of the year. Although both domestic and overseas markets showed signs of improvement as the fiscal year drew to a close, net operating 

## Segment Information 

revenues fell 15.4% year on year, to ¥52.0 billion. The division posted a ¥54.4 billion ordinary loss. 

## [Global Investment Banking Division] 

This Division managed to win the lead manager role for KDDI’s convertible bond issue—the largest euro-yen CB issue of the year, and also experienced some improvement in the European M&A business. However, there were very few major equity underwriting deals during the period, and net operating revenues declined 13.6% year on year, to ¥26.5 billion. The division posted an ordinary loss of ¥14.3 billion. 

## [Asset Management Division] 

The European debt crisis, the strong yen and other adverse factors depressed investment sentiment for the industry as a whole. How- ever, the broad assortment of products and services offered, cou- pled with the Group’s expansive sales channels allowed the Asset 

<img src='content_image/191947.jpg'>

Note: Individual balance of assets figures for each segment are not available. 

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Note: Quarterly figures have not been audited by an independent auditor. 

