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1 UNITED to be the Best PASSION FOR THE BEST

2 at a Glance Business Structure of the Daiwa Securities Group HOLDING COMPANY RETAIL WHOLESALE ASSET MANAGEMENT 100% SMBC SMBC

3 FOUR CORE GROUP BUSINESSES 4 GROUP SUPPORT OPERATIONS INVESTMENT GROUP SUPPORT SMBC SMBC SMBC 100% SMBC SMBC SMBC Daiwa Securities Group Annual Report

4 cover 2 page 4 page 6 page 12 at a Glance CEO 4 ROE 2007 page 14 M&A page IT IT Daiwa Securities Group Annual Report 2008

5 page page 60 page 65 page 91 CSR 56 CSR page 83 page 125 page 139 Daiwa Securities Group Annual Report

6 US$ , , ,422 $ 8, , , ,491 4, , , ,859 3, , ,391 83, , ,415 90, ,948 92,725 46, ,898,692 14,411,265 17,307, , , , ,881 8, ,223,226 1,082,924 10,829 1 US$ $ % 5 12,561 13,264 14, US$ FA 4 Daiwa Securities Group Annual Report 2008

7 % % 20,000-1, , ,000-10,000-14,898 14,411 12,378 10, , Daiwa Securities Group Annual Report

8 6 Daiwa Securities ie Group Annual nua Report 2008

9 CEO UNITED to be the Best TOPIX % 15% 4,474 54% 901 1, /3 05/9 06/3 06/9 07/3 07/9 08/3 Daiwa Securities Group Annual Report

10 200823,500 ROE15% TOPIX1, %GDP 1.5% 2 Passion for the Best ,500 ROE 15% 1, ,900 No.1 300* 1 14* 2 5 * * SMA LMS Daiwa Securities Group Annual Report 2008

11 2007 SMBC 2007 % /3 05/9 06/3 06/9 07/3 07/9 08/ Daiwa Securities Group Annual Report

12 World CO2L Bond %30% % Daiwa Securities Group Annual Report 2008

13 CEO Daiwa Securities Group Annual Report

14 CEO 2. COO SMBC SMBC CEO SMBC SMBC 2007 COO SMBC SBCM SMBC SMBC SMBC SBCM SMBC SMBC SMBC SMBC Daiwa Securities Group Annual Report 2008

15 SMBC SMBC CIO CFO SMBC SMBC SMBC 2007 SMBC CIO SMBC 2005 CFO SMBC SMBC SMBC SBCM SMBC Daiwa Securities Group Annual Report

16 2007 M&A 14 Daiwa Securities Group Annual Report 2008

17 TOPIX 2,000-1, ,600-1,400- IT 1,200-1, Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q TOPIX , Daiwa Securities Group Annual Report

18 8IT TOPIX 2 1, TOPIX 1, ,4972.8% 5, % 6, % 12 9, % M&A 6 8, % TOPIX 3, ,400-1,800-1, TOPIX % , , % /3 05/3 06/3 07/3 08/3 MMF /3 05/3 06/3 07/3 08/3 16 Daiwa Securities Group Annual Report 2008

19 M&A M&A Q CB WB ,000-2,500-2,000-1,500-1, OUT INM&A IN INM&A IN OUTM&A Daiwa Securities Group Annual Report

20 18 Daiwa Securities Group Annual Report 2008

21 1 12* * SMBC SMBC , , , PE1,000 SMBC M&A Daiwa Securities Group Annual Report

22 FIX* 1 DMA* 2 * 3 * 1 FIX * 2 DMA * 3 POWL Public Offering Without Listing * 2007 IPO 2008 IT * 20 Daiwa Securities Group Annual Report 2008

23 2011 1,000 SMBC Airway Communications EMP-Daiwa Capital Asia Limited PEPE 4 EMP PE PE 10 9 Daiwa Securities Group Annual Report

24 2007TOPIX , %1, % 22 Daiwa Securities Group Annual Report 2008

25 2 1,500 TV TV % 1, % 4.1 1, , Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q * * % 100 % Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Daiwa Securities Group Annual Report

26 * 2007 * LMS LMS * * 2 LMS * 1 Loan Management Service * 2 24 Daiwa Securities Group Annual Report 2008

27 FX FX , FX ,500-2,000-1,500-1, /3 07/6 07/9 07/12 08/3 SMA SMA * ,920SMA 2007 SMA SMA SMA * Separately Managed Account Daiwa Securities Group Annual Report

28 26 Daiwa Securities Group Annual Report 2008

29 3 Passion for the Best CEOCWO Chief Work-life-balance Officer UFJ UFJ 1 2 UFJ 8 9 UFJ WOMAN Best100 1 P&G 2 IBM IBM Daiwa Securities Group Annual Report

30 IT IT IT ITIT 28 Daiwa Securities Group Annual Report 2008

31 4 IT ITITIT IT ITIT IT IT 2007IT67% IT SMAPTS* SMBC 1,600-1, * Proprietary Trading System IT IT % % IT IT IT IT IT /3 06/3 07/3 08/3 IT Daiwa Securities Group Annual Report

32 IT ITIT IT IT IT IT SMBC IT IT IT CIO IT SMBC IT IT OA 1, OA IT 30 Daiwa Securities Group Annual Report 2008

33 32 retail 37 wholesale 43 asset management 50 investment 56 group support Daiwa Daiwa Securities Group Group Annual Report Report

34 RETAIL , , , ,057 74,477 71,026 58,174 43,468 41,009 ROE 25.9% 17.6% 16.2% /3 05/9 06/3 06/9 07/3 07/9 08/3 32 Daiwa Securities Group Annual Report 2008

35 2007 TOPIX , , % , % ,240 2%7105%410 6% SMA LMS Daiwa Securities Group Annual Report

36 Passion for the Best ,300 IP SMA SMA SMA No.1 SMA Daiwa Securities Group Annual Report 2008

37 FX 7 8PTS FX SMA One to One SMA Daiwa Securities Group Annual Report

38 Annual Daiwa Report Securities 2008 Group Daiwa Annual Securities Report Group 2008

39 WHOLESALE SMBC SMBC IPO M&A SMBC 60% 40% SMBC , , , ,582 92,866 1,431 91,883 51,945 (5,836) ROE 18.2% 8.5% SMBC 2007 M&A M&A % 43.9% 19.4% 4.6% 2 SMBC 16.0% 16.5% MUFG 12.0% SMBC 3.9% 3 UFJ 14.4% SMBC 11.0% JP 11.5% MUFG 3.7% % UFJ 6.1% SMBC 11.4% FG 3.2% 5 9.7% 4.9% 11.0% 2.8% SMBC M&A Daiwa Securities Group Annual Report

40 2007 IPO M&A SMBC20071,619 38%1498% 58 IPO M&A % 54653% M&A 2,000-1,635 1,653 1,752 1,728 1,500-1, , ,000-2,500-2,211 2,725 2,775 2, Daiwa Securities Group Annual Report 2008

41 100% 60% 40% 100% SMBC 44% 44% 100% 46% SMBC SMBC 40% Daiwa Securities Group Annual Report

42 2007 IPO M&A * Public Offering Without Listing CB ,0001, KDDI NTT 700 1,500 1, S 22, ,850 2,850111, % 33.22% SRI SRI POWL* 308 1IPO 221 IPO 52 PO 35 Passion for the Best 2008 SMBC No QFII*2006 * 2007 M&A IPO Sagent Advisors SRI ,5001, M&A TOB P41 40 Daiwa Securities Group Annual Report 2008

43 SMBC M&A M&AMBO M&A Sagent SMBC * SMBC * Daiwa Securities Group Annual Report

44 , , J. SMBC M&A SMBC M&A 42 Daiwa Securities Group Annual Report 2008

45 ASSET MANAGEMENT 1 4, SRI* * Socially Responsible Investment ,374 58,933 83,079 4,435 13,015 17,494 3,051 8,659 10, % /3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 Daiwa Securities Group Annual Report

46 % 17434% , , % /3 04/3 05/3 06/3 07/3 08/ Daiwa Securities Group Annual Report 2008

47 2007 1Q , Q Q Q Passion for the Best ETF *Daiwa FTSE Shariah Japan SGX ETF ETF * ETF ETF TOPIX SMA Daiwa Securities Group Annual Report

48 A D A B C D A B C D AB 73% AB 66% ,149 * ,888 1,700 3 * () 2,500-2,000-1,500-1, ,034 1,127 1,313 1, , ,776 1,716 1,674 1, /3 06/6 06/9 06/12 07/3 07/6 07/9 07/12 08/3 46 Daiwa Securities Group Annual Report 2008

49 65% R&I T ,247 19,476 26,299 4,613 4,407 5,752 2,752 2,695 3,119 6,000-8,000-4,000-2, , , , ,096 4, ,350 4, ,639 4, ,755 4, ,686 3, ,379 3, /3 06/6 06/9 06/12 07/3 07/6 07/9 07/12 08/3 Daiwa Securities Group Annual Report

50 2007 Passion for the Best % % , ,08915% , ,74822% 3,679 1, , ,341 R&I Q Q NKS Daiwa Securities Group Annual Report 2008

51 2008 Top in Quality 2008 DC VA* * DC VA Defined ContributionVariable Annuity Daiwa Securities Group Annual Report

52 INVESTMENT SMBC SMBCSMBC PI SMBC 100% SMBC ,043* 29,712 19,961 15,225 23,782 16,385 9,096 14,081 9,946 * 2005 SMBC /3 05/3 06/3 07/3 08/3 50 Daiwa Securities Group Annual Report 2008

53 2007 M&A SMBC PI SMBC PI , ,61022% 2007SMBC PI 1Airway Communications International HoldingAirway % % DNP DNP 130 DNP ,301, % SMBC PI Daiwa Securities Group Annual Report

54 Passion for the Best 2008 SMBC PI HMV HMV Airway , SMBC PI SMBC PI WIN-WIN SMBC PI 52 Daiwa Securities Group Annual Report 2008

55 SMBC PI 2008 M&A 300 SMBC PI SMBC 2007 HMV HMV Retail Limited HMV Group plchmv Music Limited HMV HMV Retail Limited HMV Group plc HMV CD DVD HMV Group plc HMV SMBC PI SMBC PI Airway Communications International Holding Airway 30Airway Airway Airway Tyco International Holding S.à r.l 1 SMBC PI 1 Daiwa Securities Group Annual Report

56 SMBC SMBC SMBC SMBC % % % NIFSMBC-B ,9061, Daiwa Securities Group Annual Report 2008

57 SMBC SMBC SMBC SMBC3 Daiwa Securities Group Annual Report

58 GROUP SUPPORT IT IT 20071,094 15%13337% Passion for the Best Institutional Investor 2 56 Daiwa Securities Group Annual Report 2008

59 IT BP IT IT Daiwa Securities Group Annual Report

60 ISO ISO * JIPDEC * ISO Daiwa Securities Group Annual Report 2008

61 Daiwa Securities Group Annual Report

62 CSR JFS 18F Daiwa Securities Group Annual Report 2008

63 CSR CSR CSR NPO NGO UNEP FI * 1 PRI * 2 CDP * 3 * 1 United Nations Environment Programme Finance Initiative UNEP FIUNEP 1992 * 2 Principles for Responsible Investment UNEP FI ESG * 3 Carbon Disclosure Project NPO Daiwa Securities Group Annual Report

64 SRI CSR SRI SRI SRI 62 Mrs. 27 UBS Daiwa Securities Group Annual Report 2008

65 NPO CSR CSR ips SMBC ips iPS Daiwa Securities Group Annual Report

66 CSR SRI FTSE FTSE4Good Index FTSE SAM SRIDow Jones Sustainability World Index DJSI World 9 CSR 3CSR 1. NPO 2. SRI Daiwa Securities Group Annual Report 2008

67 IT Daiwa Securities Group Annual Report

68 * * Daiwa Securities Group Annual Report 2008

69 21 Daiwa Securities Group Annual Report

70 % ROE SMBC Daiwa Securities Group Annual Report 2008

71 69 Daiwa Securities Group Annual Report 2008 CEO IT

72 SMBC Daiwa Securities Group Annual Report 2008

73 SMBC SMBC SMBC Daiwa Securities Group Annual Report

74 IR CFO CIO SMBC SMBC PI SMBC SMBC 72 Daiwa Securities Group Annual Report 2008

75 VaR 99% VaR % Daiwa Securities Group Annual Report

76 1 4, Daiwa Securities Group Annual Report 2008

77 IR Daiwa Securities Group Annual Report

78 IT IT IT IT SMBC IT IT IT ITIT IT IT IT IT IT ISMS ISMS e 76 Daiwa Securities Group Annual Report 2008

79 IT * 1 SMA * Daiwa Securities Group Annual Report

80 IR CSR IR IR IR 2007 * 1 * 2 * 1 * 2 78 Daiwa Securities Group Annual Report 2008

81 IR CEO 2007 CEO IR IR IR Fact Sheet IR IR Daiwa Securities Group Annual Report

82 100% SMBC FP No Daiwa Securities Group Annual Report 2008

83 5. 3 2, Daiwa Securities Group Annual Report

84 2006 SMBC CEO CWO Chief Work-life-balance Officer CEO 82 Daiwa Securities Group Annual Report 2008

85 Daiwa Securities Group Annual Report

86 5 US$ , , , , ,422 $8, , , , , ,425 2, , , , , ,361 1,033 8,676 12,763 21,539 32,818 19, , , , , ,423 3,584 34,414 33,641 44,809 46,968 50, , , , , ,491 4,474 92, , , ,391 83, , , , ,923 81, ,637 52, ,948 92,725 46, US$ 1 10,765,665 12,378,962 14,898,891 14,411,265 17,307,119 $173,071 87, , , , ,732 4, , , , , ,393 1, , , , , ,716 2, , , , , ,881 8, ,223,226 1,082,924 10,829 1 US$ $ % ,459 12,243 12,561 13,264 14,456 FA (894) (948) (1,055) (917) (721) 1. 1US$= = = 4. =+ 84 Daiwa Securities Group Annual Report 2008

87 , , , ,275 95,613 80,061 83, ,217 98,987 84,593 50,024 56, ,271 31,288 11,020 75,390 99, , ,712 94,475 5,219 4,264 3,202 2,667 2,133 70,171 95, , ,045 92,341 43,046 45,640 82, , ,377 55,805 71,170 82,735 74,986 47,551 48,109 34,353 65,889 85,885 73, , , , , ,491 80,061 83, ,217 98,987 84,593 78,194 81, ,262 97,062 82,487 1,867 1,968 1,955 1,925 2,106 5,219 4,264 3,202 2,667 2,133 43,046 45,640 82, , , ,904 19,688 41,799 37,211 39,342 9,992 11,779 17,994 33,667 49,332 10,940 14,014 22,275 35,711 47,238 55,805 71,170 82,735 74,986 47,551 36,927 44,659 54,066 43,510 14,581 8,400 8,573 8,554 9,407 10,371 1,662 3,598 2,032 1,310 3,230 M&A 8,049 12,828 16,389 19,607 18,851 10,032 11,426 20,631 23,190 23,771 1,485 1,926 6,302 6,134 6,783 2,652 3,013 4,776 4,981 4,223 5,895 6,487 9,553 12,074 12, , , , , , , , , , ,523 11,217 10,612 14,286 14,684 14,593 27,369 30,405 33,758 35,904 21,912 7,672 8,534 12,098 14,729 18,314 83, , , ,568 83,525 1, ,366 1,605 1,550 6,956 6,202 10,079 8,341 (5,035) 1,561 1,753 3,626 3,878 3,597 8,617,452 10,078,853 12,239,143 10,808,697 14,307,375 1,948,621 2,098,376 2,807,087 3,372,712 2,990, , ,192 1,145,934 1,238,352 1,260,014 63,531 62,560 72,881 81,732 80,659 Daiwa Securities Group Annual Report

88 TOPIX 1,151 1,254 1,507 1, ,403 1,972 3,108 3, (1,873) (912) (2,051) (667) (2,601) (350) (287) 307 4,591 3,090 2, (101) (26) (8) 10% , , , ,562 45,039 62,944 89, ,351 17,756 26,209 39,072 36,482 5,320 9,132 16,378 33,482 7,515 9,305 13,214 13,796 14,447 18,297 21,188 27,590 35,804 68,547 57,749 62,810 4,009 2,071 9,037 6,421 42,965 52,483 73,869 75,892 7,616 9,330 14,774 13,087 38,531 49,507 70,425 73,107 5,621 7,178 12,085 9,843 91, , , ,612 69,878 80,106 86,389 88,824 13,748 15,509 16,148 18,503 34,961 42,485 47,355 46,260 7,746 8,312 8,042 8,557 4,309 4,014 4,379 4,569 5,551 5,588 5,669 5,830 1,594 2,004 2,109 2,363 1,966 2,191 2,685 2,739 21,404 58,582 76,383 97,788 2,705 1,957 2,196 1, ,338 23,800 60,155 78,407 98, ,562 3, ,867 14,640 24,122 70,102 79,560 84,569 11,636 34,185 38,803 55, Daiwa Securities Group Annual Report 2008

89 ,641 1,584 1,621 1,728 1,736 1,646 1,547 1,297 2,842 2,315 2,576 3,327 3,068 3,057 2,839 2, (1,651) (1,182) 1,216 1,466 1,817 1 (1,611) (2,483) (402) (1,949) 117 (875) 606 (412) 1,185 2,687 2,677 3,810 1,381 (499) (2,058) 11 (68) (70) (8) (36) (18) (23) , , , , , , , ,268 67,858 67,110 90,278 81,489 79,875 74,562 72,602 67,383 26,593 19,534 23,621 28,323 24,274 22,890 20,503 16,207 6,678 12,559 25,093 9,737 7,435 6,421 5,098 6,514 10,624 7,846 8,380 11,668 14,822 9,676 11,421 6,650 23,961 27,170 33,182 31,760 33,342 35,573 35,578 38,011 35,234 37,833 37,219 47,044 46,749 24,440 41,650 (9,479) 11,602 7,058 6,159 7,997 7,996 6, ,131 83,400 88,361 98, , ,893 95,909 87,242 69,377 9,542 11,388 10,688 15,348 13,468 10,489 13,239 12,855 78,166 83,870 92,834 99,373 99,362 92,357 83,894 64,169 7,381 8,629 8,024 12,263 10,551 7,791 10,136 9, , , , , , , ,427 70,431 78,942 82,580 87,968 90,882 93,619 91,660 92,288 86,290 15,037 18,080 17,954 20,367 20,301 23,071 20,432 21,592 40,143 39,364 41,811 42,059 44,335 38,823 41,038 32,464 7,868 9,187 10,756 11,033 8,958 9,804 9,709 10,286 5,761 5,364 5,626 6,268 6,855 7,474 7,557 7,990 5,364 5,642 5,910 6,199 6,368 6,810 7,262 7,605 1,856 2,016 2,375 2,016 2,102 1,792 1,741 1,693 2,911 2,923 3,533 2,937 4,698 3,883 4,546 4,657 43,148 36,672 53,950 52,618 50,449 19,903 29,138 (15,858) 3,223 4,622 2, ,129 1,823 2,274 1, ,225 45,416 41,034 55,929 53,034 54,092 21,204 30,511 (15,664) 834 1, , , , , , ,015 (65) 9,663 46,143 40,065 55,850 43,862 54,672 20,239 30,796 (23,847) 23,118 17,008 26,754 25,842 27,335 14,739 17,264 (12,928) Daiwa Securities Group Annual Report

90 ,765 25,753 29,187 30,129 11,848 13,003 15,447 16,005 5,634 5,825 5,945 6,035 3,407 3,494 3,502 3,615 2,226 2,330 2,443 2,420 4,399 4,898 5,595 5,797 2,254 2,663 3,217 3,642 2,144 2,234 2,378 2, ,713 1,805 1,904 1, ,539 2,568 2,631 2, ,323 1,359 1,421 1, ,010 8,970 10,694 11,359 1,123 2,038 3,138 3, % 71.6% 73.6% 78.1% 683 1,579 2,877 3, % 49.2% 51.9% 58.3% ,113 1,408 1,823 2, SMBC 1 21,369 22,418 24,691 24,029 10,382 11,942 14,163 13,931 8,905 8,564 8,560 8, ,042 1,035 1, ,861 6,434 7,188 7,574 2,452 2,879 3,482 4,238 3,409 3,554 3,706 3, Daiwa Securities Group Annual Report 2008

91 ,677 29,174 30,680 32,332 33,719 32,848 32,001 28,806 14,551 14,516 14,905 15,386 15,341 14,255 13,326 11,541 6,073 6,218 6,629 7,112 7,439 7,615 7,753 7,308 3,644 3,660 3,886 4,356 4,465 4,724 4,794 4,694 2,429 2,557 2,742 2,756 2,973 2,890 2,959 2,614 5,711 6,076 6,653 6,945 7,862 7,741 7,845 6,954 3,642 4,001 4,484 4,791 5,524 5,579 5,649 4,865 2,068 2,075 2,169 2,154 2,338 2,161 2,196 2, ,003 1,986 2,076 2,443 2,593 2,741 2,582 2, ,726 2,755 2,783 2,819 2,862 2,900 2,933 3,022 1,521 1,551 1,579 1,616 1,656 1,699 1,729 1,818 10,734 10,994 11,658 12,206 12,824 12,697 12,525 11,141 2,489 1,974 2,016 2,446 2,051 2,051 2,102 1, % 80.4% 78.0% 78.3% 79.6% 80.8% 82.6% 84.5% 2,394 1,842 1,880 2,542 2,069 2,007 1,947 1, % 63.3% 61.3% 62.0% 62.8% 65.5% 69.7% 73.4% ,971 2,046 2,185 2,424 2,606 2,563 2,534 2, ,489 24,562 25,488 26,901 27,154 27,765 27,216 23,984 13,333 13,476 14,181 14,661 15,059 14,523 13,214 11,469 8,111 8,821 8,984 10,575 10,312 10,985 10,974 10,426 1,076 1,028 1,066 1, ,235 1, ,271 2,106 1,208 7,722 8,155 9,181 9,666 11,144 10,712 10,547 9,710 4,569 5,026 5,887 6,388 7,584 7,361 7,138 6,504 3,152 3,128 3,294 3,277 3,560 3,351 3,409 3,206 Daiwa Securities Group Annual Report

92 1. 1, ,000 1, ,000 1, ,000 1, , , , , , /4 07/5 07/6 07/7 07/8 07/9 07/10 07/11 07/12 08/1 08/2 08/ % 126, , , , , , , , , , ,435 1, , % 17.2% 39.6% 33.1% 4.9% 90 Daiwa Securities Group Annual Report 2008

93 Daiwa Securities Group Annual Report

94 SMBC SMBC 92 Daiwa Securities Group Annual Report 2008

95 GDP1.6% 2.5% 1.4% 0.5% % 1.7%9.7% 0.3% 1.2% RMBS , , FRB FRB 3 FF 3% , GDP 90-05/3 05/9 06/3 06/9 07/3 07/9 08/ Q 2Q 3Q 2005 GDP GDP 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q % Daiwa Securities Group Annual Report

96 3 JP , % % 10.8% 5.3% % 1 4, % 2,9444.0% 1, %SMBC SMBC SMBC % % 1 2 9,393 25,000-20,000-15,000-10,000-5, /3 05/9 06/3 06/9 07/3 07/9 08/3-4,000-3,200-2,400-1, Daiwa Securities Group Annual Report 2008

97 1, % % M&A ,987 84, % 24,528 22,930 20,578 16,554 2,667 2, % , , % 37,181 33,826 36,396 28,972 74,986 47, % 11,376 10,798 9,545 15,829 23,190 23, % 6,227 6,397 5,596 5, , , % 79,875 74,562 72,602 67, , , % 79,875 74,562 72,602 67, , , % 46,749 24,440 41,650 (9,479) 32,818 19, % 7,996 6, ,131 19,207 18, % 6,530 3,551 3,347 5,208 10,669 11, % 2,917 2,698 3,103 3, , , % 144, , ,427 70, % * 5 ABS CDO * 1 RMBS* 2 1,811 (2) 0% CMBS* 3 SIV* (9) 7% 1,943 (11) 1% * 1. ABSCDO of ABS * 2. Residential Mortgage Backed Securities Agency MBS Mortgage Backed Securities * 3. Commercial Mortgage Backed Securities * 4. Structured Investment Vehicle MTN Medium Term Note 3 * 5. Daiwa Securities Group Annual Report

98 3, % 19.5% 29.8% 81.3% 64.6% % % 2, % % 1,7207.4% % % FX ,415 90, % 54,092 21,204 30,511 (15,664) 92,725 46, % 27,335 14,739 17,264 (12,928) 96 Daiwa Securities Group Annual Report 2008

99 SMBC SMBC 2, % % % % SMBC % 830 4, % % 57 SMBC , , , ,269 58,933 83,079 74,477 71,026 92,866 1,431 13,015 17,494 43,468 41,009 51,945 (5,836) 8,659 10,665 SMBC ,744 13,379 4,407 5,752 4,233 (5,321) Daiwa Securities Group Annual Report

100 89.8% , , ,8091 2, , , ,0712 8, , ,6215, ,625 1,948 8,415 (4,190) 3,829 3,661 13,870 1, SMBC Moody s Baa1 Baa1 P-2 A1 P-1 Standard & Poor s BBB+ A-2 BBB+ A-2 A A-1 R&I A a-1 A a-1 A+ a-1 JCR A+ A+ 98 Daiwa Securities Group Annual Report 2008

101 2007 7, , , , IT (14,470) (782,533) (73,288) (189,043) 43, , , ,851 Daiwa Securities Group Annual Report

102 US$ , ,779 $ 3,598, , ,435 2,335, ,125 21, , , ,245 6,785,210 75,422 1, , , ,467 1,526, ,314 2,193, , ,457 3,693, , ,029 6,148,250 1, ,850 1,430, ,737 14,301, ,206,327 6,814,612 62,063, ,857,122 5,082,219 78,571, , ,178 4,717, ,348 25, , , ,590 2,601, , ,054 1,067, , ,536 1,533, ,880 81,315 1,018,800 30,130 23, , , ,805 2,547,160 11,436 11, , ,676 56, ,760 2,267 1,599 22, , ,058 4,785,710 17,307,119 14,411,265 $173,071, Daiwa Securities Group Annual Report 2008

103 US$ ,349,828 1,595,585 $ 23,498, , ,392 4,883, ,406,400 1,261,513 14,064,000 4,244,528 3,159,490 42,445, , ,164 7,115,830 67, , ,353 2,020,100 30,039 33, , , ,567 9,436, ,238,684 5,159,100 62,386, ,643,644 4,105,362 46,436,440 21,538 12, , ,556 33,290 45,560 17,326 31, , ,016 23, ,160 4,130 3,757 41, ,790 73,345 84, , , ,623 1,456, ,017 7,897 80,170 16,224,195 13,188, ,241, ,000,000 1,404, , ,324 1,783, , ,679 1,576, , ,474 5,275,790 (61,701) (11,628) (617,010) 5 801, ,854 8,018,810 24,470 75, , ,010 (9,062) 8,546 (90,620) 16,209 84, , , , , ,089 2,634,040 1,082,924 1,223,226 10,829,240 17,307,119 14,411,265 $173,071,190 Daiwa Securities Group Annual Report

104 US$ , , ,189 $2,944, , , ,912 1,033,610 19,160 32,818 21, , , , ,211 3,584,230 50,053 46,968 44, , , , ,660 8,254, , , ,572 3,397,840 38,147 36,299 34, , , , ,359 4,474, , , ,199 3,638, , , , , (52) (566) (1,374) (520) 23 (1,629) 98 5,570 (16,290) (1,681) (468) 4,196 (16,810) 81, , , , ,475 65,794 77, , , ,990 40,774 69,451 78, ,740 5,234 (23,747) (40,340) 52,340 46,411 92, ,948 $ 464,110 US$ $ Daiwa Securities Group Annual Report 2008

105 ,331, , , ,949 (787) 35,674 (5,877) 189, (26,612) (677) 139,948 2 (13,873) ,020 (199) 6,741 47, ,332, , , ,216 (14,660) 72,694 (199) ,719 72,205 39,496 39,496 (45,806) (1,828) 92,725 (156) (1,239) 3, , , , ,404, , , ,474 (11,628) 5 75, , ,089 (38,788) 46,411 (346) (50,073) (172) (5) (51,188) 333 (17,608) 819 (29,685) ,404, , , ,579 (61,701) 24, (9,062) 1, ,404 US$ $1,783,240 $1,576,790 $5,204,740 $ (116,280) $ 50 $ 756,580 $4,680 $ 85,460 $ 6,110 $2,930,890 (387,880) 464,110 (3,460) (500,730) (1,720) (50) (511,880) 3,330 (176,080) 8,190 (296,850) $1,783,240 $1,576,790 $5,275,790 $(617,010) $ $ 244,700 $8,010 $ (90,620) $14,300 $2,634,040 Daiwa Securities Group Annual Report

106 US$ ,411 92, ,948 $ 464,110 28,047 23,117 22, ,470 3, , , , , , ,240 (3,926) (11,060) 52,400 1,952 5,880 11,838 19,520 (4,725) 551 1,354 4,681 13, , ,990 (5,234) 23,747 40,340 (52,340) 174,806 27,247 (195,882) 1,748,060 (133,966) (113,773) (29,270) (1,339,660) 1,721,872 (150,764) (63,704) 17,218,720 (2,561,539) 79, ,610 (25,615,390) (76,273) (45,410) (192,645) (762,730) 9,351 35,865 33,684 93,510 (828,944) (107,195) 228,842 (8,289,440) (782,533) (14,470) 368,790 (7,825,330) (120,181) (36,290) (10,685) (1,201,810) 56,042 30,995 55, ,420 (34,295) (18,439) (12,526) (342,950) ,400 (44,006) (34,648) (24,312) (440,060) (86,731) (47,527) (51,554) (867,310) 52,909 36,553 43, ,090 1,357 (3,655) (876) 358 (36,550) (9,366) (4,952) (1,757) (93,660) (189,043) (73,288) (952) (1,890,430) 104 Daiwa Securities Group Annual Report 2008

107 US$ ,660 (97,430) (446,190) $ 9,456, , , ,358 4,425,930 (294,317) (362,305) (401,374) (2,943,170) (2,682) 10,360 58,496 (26,820) 40,080 10,000 (38,787) (45,806) (26,612) (387,870) (10,894) (12,039) (9,177) (108,940) (50,486) 1,216 (13,446) (504,860) 991,087 43,163 (322,945) 9,910,870 (13,582) 4,788 7,429 (135,820) 5,929 (39,807) 52,322 59, , , ,697 3,527, ,331 6, , , , ,350 $ 3,598, , , ,153 $ 3,426,700 46, ,811 11, ,910 Daiwa Securities Group Annual Report

108 SMBC SMBC NIF SMBC SMBC SMBC 117 SMBC 60% US$ % 50% 20% 15% 20% Daiwa Securities Group Annual Report 2008

109 2 2 a b c , Daiwa Securities Group Annual Report

110 4, , SMBC NIF SMBC Daiwa Securities Group Annual Report 2008

111 US$ , ,104 $1,920, , ,353 1,773, , ,457 $3,693,120 8,617 14,447 $ 86, , ,906 1,933, , ,353 $2,020, US$ ,334,581 1,595,729 $13,345,810 4,871,746 5,218,883 48,717,460 6,206,327 6,814,612 $62,063,270 2,987,701 3,219,353 $29,877,010 3,250,983 1,939,747 32,509,830 6,238,684 5,159,100 $62,386,840 Daiwa Securities Group Annual Report

112 US$ , ,531 $ 1,331,530 5,801,937 3,720,283 58,019,370 90, , ,840 CD CP 245,979 19,714 2,459, , ,603 2,088, , ,068 1,338,580 1,225, ,663 12,252,910 19,499 1, ,990 (1,623) (1,937) (16,230) 7,857,122 5,082,219 $78,571,220 US$ ,997 88,620 $ 1,109,970 3,332,362 3,314,739 33,323, , , ,023 1,825, ,178 46,293 1,211, , ,702 8,757,000 20,816 1, ,160 4,643,644 4,105,362 $46,436, ,662 4,011 (651) ,345 4, US$ $46,620 $40,110 $(6,510) 110 Daiwa Securities Group Annual Report 2008

113 ,300 1, ,769 1,769 0 US$ $13,000 $13,000 $ , ,707 34,089 13,720 11,937 (1,783) 17,550 17,058 (492) 152, ,702 31, , , , ,832 10,228 1, , , ,386 US$ $1,216,180 $1,557,070 $340, , ,370 (17,830) 175, ,580 (4,920) $1,528,880 $1,847,020 $318,140 Daiwa Securities Group Annual Report

114 US$ , ,288 $2,403,090 3, , , ,435 1,999,970 56,408 45, , , ,635 $4,999, ,453364,530 US$ , , , , , US$ $141,810 $310 $310 48, Daiwa Securities Group Annual Report 2008

115 US$ ,144, ,888 $11,449, ,618 14,439 86,180 1,153, ,347 $11,535,550 4,80048,000 US$ US$ $ 34,721 18, ,210 1,165,097 1,072,264 11,650, ,140 62,247 98, ,470 10,522 7, ,220 1,272,901 1,197,989 $12,729, ,2736,092,730 US$ 535, US$ ,782,109 6,133,988 $67,821,090 1,287, ,061 12,879,300 8,070,039 6,873,049 $80,700, US$ ,542,741 8,440,583 $75,427, , ,903 4,661,160 8,008,857 9,100,486 $80,088,570 Daiwa Securities Group Annual Report

116 US$ ,052 6,161 $ 40,520 2,723 4,338 27,230 1,371 1,878 13, ,100 6,510 80,492 11, , ,201 2, ,010 US$ ,056 $ 6, , US$ , ,851 $1,121, , ,494 1,011, ,307 7,819 4,983, , ,164 $7,115, Daiwa Securities Group Annual Report 2008

117 US$ % , ,000 $ 1,200, % ,000 70, , % ,000 50, , % , , % , , % ,000 30, , , ,785 8,143, , , , , ,728 1,420,450 1,406,400 1,261,513 $14,064, US$ ,588 $ 1,435, , , ,556 1,295, ,824 1,188, ,341 1,753, ,130 8,141,300 1,406,400 $14,064, ,017870,170 US$ ,351213,510 US$ , ,15731,570 US$ 3,3052, Daiwa Securities Group Annual Report

118 ,390 US$ ,050 US$ % % 40.7% 40.7% 12.4 (9.0) (9.0) (1.3) (0.3) (0.3) (0.5) (1.0) (0.6) (0.2) (3.6) 0.9 (1.5) 49.7% 37.4% 30.2% 116 Daiwa Securities Group Annual Report 2008

119 US$ ,688 42,416 $ 426,880 13,738 11, ,380 8,990 8,939 89,900 4,938 9,377 49,380 2,473 1,899 24,730 7,582 6,988 75,820 1,446 7,333 4,536 73,330 6,634 5,922 66,340 18,697 13, , , ,021 1,130,740 72,281 65, ,810 40,793 40, ,930 14,001 48, ,010 26,792 (7,610) $ 267, ,69116,910 US$ 1, ,782 2,347,820 US$ ,456164,560 US$ US$ ,463 Daiwa Securities Group Annual Report

120 134,630 US$ US$ , US$ ,663, ($ 7.56) ,000 1 ($ 0.01) ,926, ($ 7.81) ,000 1 ($ 0.01) ,515 ($15.15) ,000 1 ($ 0.01) ,224 ($12.24) NIF SMBC US$ ,800 ($2,018.00) ($ 0.01) ,300 ($4,263.00) ($ 0.01) ($ 0.01) ,290 ($3,646.53) ($ 0.01) ($ 0.01) ,242 ($1,712.42) Daiwa Securities Group Annual Report 2008

121 % % 319.3% SMBC 307.6% 465.3% ,520 10,195 13,448 17, ,491 (5,997) 4,398 8, (7,851) 400,523 14,593 21,912 18,314 (7,851) 447, ,998 13,043 26,947 14,717 (7,846) 363,859 83,525 1,550 (5,035) 3,597 (5) 83, ,307,375 2,990,598 1,260,014 80,659 (1,331,527) 17,307, ,875 9,588 19,870 13, ,764 (8,701) 5,096 16,034 1,298 (13,727) 475,174 14,684 35,904 14,729 (13,727) 526, ,606 13,079 27,563 10,851 (13,726) 340, ,568 1,605 8,341 3,878 (1) 186, ,808,697 3,372,712 1,238,352 81,732 (1,090,228) 14,411, ,666 5,528 21,673 10, ,359 1,530 8,758 12,085 1,606 (23,979) 543,196 14,286 33,758 12,098 (23,979) 579, ,984 11,920 23,679 8,472 (13,856) 325, ,212 2,366 10,079 3,626 (10,123) 254,160 Daiwa Securities Group Annual Report

122 US$ $ 4,065,200 $ 101,950 $ 134,480 $173,280 $ $ 4,474,910 (59,970) 43,980 84,640 9,860 (78,510) 4,005, , , ,140 (78,510) 4,474,910 3,169, , , ,170 (78,460) 3,638,590 $ 835,250 $ 15,500 $ (50,350) $ 35,970 $ (50) $ 836, $143,073,750 $29,905,980 $12,600,140 $806,590 $(13,315,270) $173,071, ,169 10,048 15,281 44, , % 2.2% 3.4% 9.9% ,325 13,101 11,902 44, , % 2.5% 2.3% 8.4% ,313 19,370 11,016 40, , % 3.3% 1.9% 7.0% $191,690 $100,480 $152,810 $ 444,980 4,474, % 2.2% 3.4% 9.9% US$ 120 Daiwa Securities Group Annual Report 2008

123 , ,876 25,470 25,470 39,342 3,230 42,572 2,106 1,208 96,571 18,851 23, ,507 84,593 2, ,377 47,551 23, , , ,073 54,069 54,069 37,211 1,310 38,520 1,925 1,973 69,379 19,607 23, ,074 98,987 2, ,906 74,986 23, , , ,521 64,314 64,314 41,799 2,032 43,831 1,955 2,279 40,269 16,389 20,631 81, ,217 3,202 82,404 82,735 20, , US$ $824,870 $ 9,250 $ 4,640 $ $ $ 838, , , ,420 32, ,720 21,060 12, , , ,710 1,425,070 $845,930 $21,330 $1,363,770 $475,510 $237,710 $2,944,250 Daiwa Securities Group Annual Report

124 US$ ,020 31, ,271 $ 110,200 92, , , , , , ,912 $1,033, US$ , , ,062 $1,566,620 45,671 37,672 31, ,710 22,166 19,749 18, ,660 38,759 38,846 32, ,590 29,878 23,021 17, ,780 7,330 8,265 8,072 73,300 28,047 23,117 22, ,470 35,346 26,324 23, , , , ,199 $3,638, US$ ,228 3,602 10,030 $ 32,280 (205) (363) (70) (2,050) (8,263) (736) (499) (82,630) (1,510) (1,415) (1,395) (548) (14,150) (317) 1,738 1,424 1,528 17,380 (537) (2,975) (6,851) (5,370) (1,354) (4,681) (13,540) 4,725 (200) (1,279) (1,564) (4,439) (551) 5,179 7,600 4,737 51,790 (1,629) 98 5,570 $(16,290) 122 Daiwa Securities Group Annual Report 2008

125 US$ ,975 6,201 $5, ,975 6,851 $5,370 5% US$ Daiwa Securities Group Annual Report

126 Daiwa Securities Group Annual Report 2008

127 Daiwa Securities Group Annual Report

128 1) IT IR IT CSR 126 Daiwa Securities Group Annual Report 2008

129 CEO COO CIO CFO Daiwa Securities Group Annual Report

130 1) SMA SMA PTS SMA SMA SMA 128 Daiwa Securities Group Annual Report 2008

131 129 Daiwa Securities Group Annual Report

132 1) M&A SMBC 130 Daiwa Securities Group Annual Report 2008

133 131 Daiwa Securities Group Annual Report SMBCB.V. SMBC SMBC SMBC SMBC SMBC Pte Ltd SMBC SMBC

134 Daiwa Securities Group Annual Report 2008

135 Daiwa Securities Group Annual Report

136 Daiwa Securities Group Annual Report 2008

137 Daiwa Securities Group Annual Report

138 SMBC DIR Daiwa Securities Group Annual Report 2008

139 Financial Square, 32 Old Slip, New York, NY 10005, U.S.A PLC 5 King William Street, London EC4N 7JB, United Kingdom One Evertrust Plaza, Jersey City, NJ 07302, U.S.A Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland Shenton Way #26-08, DBS Building Tower Two, Singapore , Republic of Singapore SMBC 5 King William Street, London EC4N 7AX, United Kingdom Trianon Bldg., Mainzer Landstrasse 16, Frankfurt am Main, Federal Republic of Germany , Avenue Kléber, Paris, France , rue du Rhône, P.O. Box 3198, 1211 Geneva 3, Switzerland Via Senato 14/16, Milan, Italy Jose Ortega y Gasset 20, 7th floor, Madrid 28006, Spain th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069, Manama, Bahrain The Gate Village Building 1, 1st Floor, Unit 6, Dubai International Financial Centre, P.O. Box , Dubai, UAE (971) /9, build. 1, Per. Sivtsev Vrazhek, Moscow , Russian Federation Daiwa Securities Group Annual Report

140 SMBC 26th Floor, One Pacific Place, 88 Queensway, Hong Kong SMBC 6 Shenton Way #26-08, DBS Building Tower Two, Singapore , Republic of Singapore SMBC 34th Floor, Rialto North Tower, 525 Collins Street, Melbourne, Victoria 3000, Australia SMBC 10th Floor, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai , India th Floor, DITC Building, #27-3, Youido-dong, Yongdungpo-gu, Seoul, Republic of Korea Room 3503/3504, Capital Tower Beijing, No. 6 Jia Jianguomen Wai Avenue, Chaoyang District, Beijing, People s Republic of China th Floor, M. Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand Suite 405, Pacific Place Building, 83B Ly Thuong Kiet Street, Hanoi, Vietnam (84) DBP-SMBC, Inc. 18th Floor, Citibank Tower, 8741 Paseo de Roxas, Salcedo Village, Makati City, Republic of the Philippines th Floor, 200, Keelung Road, Sec.1, Taipei, Taiwan, R.O.C th Floor, Aurora Plaza, 99 Fucheng Road, Pudong, Shanghai, People s Republic of China Daiwa Securities Group Annual Report 2008

141 URL ,000,000 1,404, , URL daiko/index.html 5 33 IR E URL Daiwa Securities Group Annual Report

142 Printed in Japan

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