20  22  24  26  08 To Our Stakeholders Message From the COO/CFO Retail Division Wholesale Division Asset Management Division Contents 02  Daiwa Securities Group  Corporate Summary 08 Executive Messages 13 Business Strategy 31  Management Systems and  CSR Initiatives 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 49 Financial Section 106 Other Information Forward-Looking Statements 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. Other Information Financial Section Management Systems & CSR Business Strategy Executive Messages Corporate Summary