Daiwa Securities Group Annual Report 2012 Toward a New  History of the Daiwa Securities Group In 2012, the Daiwa Securities Group marked its 110$^{th}$ anniversary, and merged the Retail operation – Daiwa  Securities Co. Ltd. – with Daiwa Securities Capital Markets Co. Ltd., which oversees the Wholesale business.  This merger reunites Retail and Wholesale operations for the first time in 13 years. The Group has weathered  the storms of change and the vicissitudes of the economic cycle many times over the course of its long  history. In every era, a flexible, appropriate response to changing conditions has allowed the Group to  perpetuate and expand operations. Office floor in 1970s Daiwa Gofukubashi Building,  former company headquarters  office (completed 1956) Office floor in 1940s Headquarters office of  Fujimoto Bill Broker Organizational changes Daiwa Securities Co. Ltd. Fujimoto Bill Broker Corporate Summary Executive Messages Business Strategy Financial Section Other Information 1902 1943 1959 1961 1970 1964 Commenced  operations as  Fujimoto Bill Broker Merged with Nippon  Trust Bank to form  Daiwa Securities Daiwa Asset  Management  founded Shares listed on second  section of the Tokyo,  Osaka and Nagoya  Stock Exchanges Expanded  business to  New York Shares listed on first  section of the Tokyo,  Osaka and Nagoya  Stock Exchanges Expanded  business to  London Expanded  business to  Hong Kong  1904 1902 1929 1939 1949 1951 Russo- Japanese  War Anglo- Japanese  Alliance “The Great  Depression” Outbreak  of World  War II Tokyo  Stock  Exchange  founded Treaty of San  Francisco 1964 1965 1973 1985 1979 Tokyo Olympics “Izanagi  Boom”  (-1970) First Oil  Shock Plaza  Accords Second  Oil Shock 1970 Osaka  Exposition  (Expo ’70) Management Systems & CSR Daiwa Securities Co. Ltd. Holding company Retail business  Wholesale business 02