Daiwa Securities Group Annual Report 2012 Corporate Summary Executive Messages Business Strategy Financial Section Management Systems & CSR 38 Daiwa Securities Group Disclosure Policy » The Daiwa Securities Group will disclose important financial, social and  environmental information about the Group (“Management-related Infor- mation”) in a prompt, fair and appropriate manner, so that our stakehold- ers, (including shareholders, investors and the communities we operate in)  may understand and maintain realistic expectations of the Daiwa Securi- ties Group. » The Group will comply with the Financial Instruments and Exchange Act and  other laws and ordinances related to securities transactions and the various  rules of the financial instruments exchanges on which our stock is listed. » The Group will strive to disclose information fairly, in terms of both content  and timing. » The Group will utilize various communication channels including presenta- tions, telephone conferences, the Internet and printed materials to dis- close information in a manner that is easy for investors to comprehend. » The Group will keep in mind its responsibility to set an example for other  listed corporations, in terms of disclosure, and will strive to promote  healthy markets. » To ensure that these policies are implemented properly, the Group has  established “Disclosure Regulations” which include guidelines for disclos- ing management-related information and standards for establishing a  “Disclosure Committee.” The Daiwa Securities Group has formulated the Disclosure Policy,  which outlines the Group’s basic approach to information disclosure  and strives to provide information that is fair, prompt, and appropriate. In addition, Daiwa Securities Group Inc. has established the  Disclosure Committee—a sub-committee of the Executive Manage- ment Committee—as stipulated in the Group’s Disclosure Regula- tions, which were established in order to ensure concrete  implementation of the spirit of the Disclosure Policy. The committee  is responsible for making final decisions regarding the disclosure of  information. Major Group companies have also established their  own regulations, or Management-related Information, which govern  the appropriate collection of information and presentation of reports  The responsibilities for disclosure are clearly allocated, based  on the intended recipient of the information. The Investor Relations  Department handles disclosure to shareholders, investors and  analysts. The Corporate Communications Department is respon- sible for communications with the mass media and local communi- ties. Information is released through a variety of media, including via  the Internet and in print. In addition, representatives from  disclosure-related divisions of all Group companies take part in the  Group PR/IR Meeting, which convenes once a month, to discuss  the issues that affect disclosure activities for the Daiwa Securities  Group as a whole. to Daiwa Securities Group Inc. Disclosure System Flowchart of the Daiwa Securities Group’s Disclosure Activities Flow for management-related information  (excluding financial information)  Flow for financial information *1 Reporting on all items that the committee chairman deter- mines to be “important.” *2 Includes all companies in the Group, whether direct subsid- iaries of the holding company, or subsidiaries of other  subsidiaries. Disclosure Committee Determines what information will be disclosed and the disclosure method Corporate Planning Department Department with jurisdiction over the information, or the executive officer responsible Information Disclosure Executive Management  Committee Reporting* 1 Subsidiaries* 2 Daiwa Securities Group Inc. Departments responsible for processing information (Corporate Planning Department, etc.) Disclosure Committee Secretariat Finance Department Other Information The Daiwa Securities Group works proactively to provide fair, prompt, and appropriate information to  customers, shareholders, investors, the local communities, executives, and employees in order to ensure that all of  these stakeholders receive a clear understanding and proper evaluation of the Group’s business activities. Disclosure