Breakdown by Product and Business Sector Daiwa Securities Group Inc. and Consolidated Subsidiaries Daiwa Securities Group Annual Report 2012 Corporate Summary Executive Messages Business Strategy Management Systems & CSR Financial Section Other Information 52 *1 Results by Group company have not been audited by an independent auditor. *2 As of January 1, 2012, following the transfer of all issued stock of major overseas subsidiaries to Daiwa International Holdings Inc., a wholly owned subsidiary of Daiwa  Securities Group Inc., all consolidated subsidiaries have been eliminated from the scope of consolidation of Daiwa Securities Capital Markets Co. Ltd. *3 Figures reflect the sum of earnings from Daiwa Institute of Research Holdings, Daiwa Institute of Research, and Daiwa Institute of Research Business Innovation  (excluding intercompany transactions and dividend payments). Millions of yen FY2007 FY2008 FY2009 FY2010 FY2011 Breakdown of Commission Income by Business Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 84,593 ¥ 56,402 ¥ 56,388 ¥ 50,254 ¥ 40,221 Brokerage commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,487 54,809 55,010 48,929 38,951 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106 1,593 1,378 1,325 1,269 Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,133 991 698 827 1,088 Asset management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,377 97,001 108,266 116,734 134,269 Brokerage commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 555 408 407 451 Distribution commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,342 17,968 32,907 31,144 48,486 Management fee (excluding agency commission) . . . . . . . . . 49,332 41,531 42,279 51,783 54,706 Agency commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,238 36,947 32,671 33,399 30,625 Investment banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,551 34,915 70,648 38,704 32,737 Underwriting commission (stock and other) . . . . . . . . . . . . . 14,581 10,122 41,667 16,367 10,550 Underwriting commission (bond and other) . . . . . . . . . . . . . . 10,371 10,542 12,362 9,771 8,910 Distribution commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,230 725 544 434 651 Other (M&A commission, etc.) . . . . . . . . . . . . . . . . . . . . . . . 18,851 13,225 15,765 11,966 12,577 Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,771 19,572 16,863 12,108 12,529 Life insurance sales commission . . . . . . . . . . . . . . . . . . . . . . 6,783 6,946 5,850 1,977 2,642 Investment enterprise partnership administration fee . . . . . . . 4,223 3,384 2,628 1,789 1,221 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,765 9,240 8,384 8,341 8,665 Total commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥294,425 ¥208,881 ¥252,863 ¥218,630 ¥220,845 Net Gain (Loss) on Trading by Business Equity and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 11,020 ¥(25,737) ¥ 24,481 ¥ (8,797) ¥ (6,464) Bond, forex and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,341 66,658 86,474 101,274 85,880 Net gain on trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥103,361 ¥ 40,921 ¥110,955 ¥ 92,477 ¥79,416 Results by Group Company (Ordinary Income) * 1 Daiwa Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥71,026 ¥ 18,396 ¥40,454 ¥ 41,272 ¥ 38,327 Daiwa Securities Capital Markets* 2 . . . . . . . . . . . . . . . . . . . . . . . 1,431 (167,468) 68,754 (75,163) (67,728) Daiwa Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,494 11,613 9,929 13,741 12,333 Daiwa Institute of Research (3 companies)* 3 . . . . . . . . . . . . . . . . 13,379 9,140 7,901 8,339 6,364 Daiwa Corporate Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,321) (5,895) (6,952) (2,489) 1,647