Daiwa Securities Group Annual Report 2012 (Information on net operating revenues by reportable segment) Millions of yen Retail Global  Markets Global   Investment  Banking Asset  Management Investment Reportable  segment total Others Total Year ended March 31, 2012: Net operating revenues:  Outside  customer ¥138,843 ¥ 73,269 ¥29,350 ¥ 57,697 ¥ 3,722 ¥302,881 ¥ 2,250 ¥305,131 Elimination amount between segments 33,190 (21,254) (2,877) (20,273) (2,632) (13,846) 30,253 16,407 Total ¥172,033 ¥ 52,015 ¥26,473 ¥ 37,424 ¥ 1,090 ¥289,035 ¥32,503 ¥321,538 Year ended March 31, 2011: Net operating revenues: Outside customer ¥133,154 ¥ 80,486 ¥39,396 ¥ 58,739 ¥(15,347) ¥296,428 ¥ (5,511) ¥290,917 Elimination amount between segments 45,817 (18,990) (8,761) (22,415) 69 (4,280) 24,904 20,624 Total ¥178,971 ¥ 61,496 ¥30,635 ¥ 36,324 ¥(15,278) ¥292,148 ¥19,393 ¥311,541 Thousands of U.S. dollars Retail Global  Markets Global   Investment  Banking Asset  Management Investment Reportable  segment total Others Total Year ended March 31, 2012: Net operating revenues:  Outside  customer $1,693,207 $ 893,524 $357,927 $ 703,622 $ 45,390 $3,693,670 $ 27,440 $3,721,110 Elimination amount between segments 404,756 (259,195) (35,085) (247,232) (32,098) (168,854) 368,939 200,085 Total $2,097,963 $ 634,329 $322,842 $ 456,390 $ 13,292 $3,524,816 $396,379 $3,921,195 * “Others” are the business segments which are not included in the reportable segments and include the business of integration and management of subsidiaries, banking  business, information service, back-office service and real-estate rental, etc. * “Net operating revenues” consist of “Operating revenue,” “Interest expense,” “Cost of service fees and other revenues” and “Commissions and brokerage” (Selling, general and  administrative expenses). * The Company does not disclose the segment information on assets because the manager does not allocate it to each segment for managerial decision-making. (Difference between the segment information and the consolidated financial statements) (adjustment of difference) Millions of yen Thousands of  U.S. dollars Net operating revenues 2012 2011 2012 Reportable segment total ¥289,035 ¥292,148 $3,524,816 Net operating revenues from “Others” 32,503 19,393 396,379 Elimination between segments (16,407) (20,624) (200,085) Commission fee deducted from net operating revenues 28,849 26,919 351,821 Other adjustments 2,036 729 24,825 Net operating revenue of financial statements ¥336,016 ¥318,565 $4,097,756 88 Other Information Financial Section Management Systems & CSR Business Strategy Executive Messages Corporate Summary