1Q FY2005 Earnings Results- Reference Data -

July 29, 2005Daiwa Securities Group Inc.

This presentation may contain 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 this presentation. 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.

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Table of ContentsBreakdown of Operating Revenues - Consolidated - ････････････････・・・・・・・・・・・・・・・・・・・・・・・・・・ 3

Cost Structure - Consolidated - ･･････････････････････････････････････・・・・・・・・・・・・・・・・・・・・・・・・・ 4

Daiwa Securities Breakdown of SG&A ･････････････････････・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・･ 5

Daiwa Securities SMBC Breakdown of SG&A (Consolidated) ・・・・・・・・・・・・・・・・・・・・・・・・・・・･･････ 6

Daiwa Securities SMBC Breakdown of SG&A (for reference) ･･････････････････････････・・・・・・・･･･ 7

Daiwa Asset Management Financial Summary ･････････････････････・・・・・・・・・・・・・・・・・・・･････････ 8

Main Group Companies ･････････････････････････････････････････・・・・・・・・・・・・・・・・・・・・・・・・・･･･ 9

Assets under Custody ･･････････････････････････････・・・・・・・・・・・・・・・・・・・・・・・･･・・・・・・・・・・・・･･ 10

Daiwa Securities Number of Accounts ･･････・・・・・・・・・・・・・・・・・・・・・・・・・・・･･････････････････････ 11

Daiwa Securities SMBC Investment Banking (1) ･･･････････････・・・・・・・・・・・・・・・・・・・・・・・・・・・･･･ 12

Daiwa Securities SMBC Investment Banking (2) ･････・・・・・・・・・・・・・・・・・・・・・・・・・・・･････････････ 13

Daiwa Securities SMBC Investment Banking (3) ････････････・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 14

VaR ････････････････････････････････････････････････････････････････････・・・・・・・・・・・・・・・・・・･・･･ 15

Equity Transactions Overview ････・・・・・・・・・・・・・・・・・・･･････････････････・・・・・･･････････････････ 16

Asset Management: Investment Trust Market in Japan ･･･・・・・・・・・・・・・・･････・・・・・・・・・・・・・・・・ 17

Daiwa Asset Management: Monthly Payment Foreign Bond Investment Trust･・・・・・・・・・・・・・・・・ 18

Number of Group Employees ･･････････････・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・･ 19

Changes in Shareholder Composition･･･････････・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・･ 20

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Breakdown of Operating Revenues- Consolidated -

FY2005 FY2004

1Q 4Q 3Q 2Q 1Q

Equity 17,964 22,498 -20.2% 16,791 16,873 27,723 -35.2% 83,887

Brokerage commission 17,467 21,939 -20.4% 16,322 16,485 27,171 -35.7% 81,919

Others 497 559 -11.0% 469 388 551 -9.7% 1,967

Fixed income 717 1,305 -45.0% 907 1,229 822 -12.8% 4,263

Brokerage commission 251 439 -42.9% 404 307 312 -19.5% 1,463

Others 466 865 -46.1% 502 922 510 -8.6% 2,800

Investment trust 14,689 13,490 8.9% 11,239 9,662 11,248 30.6% 45,640

Brokerage commission 38 29 30.4% 29 38 60 -37.3% 159

Distribution commission 6,949 6,420 8.2% 4,691 3,434 5,141 35.2% 19,687

Other commissions 7,702 7,040 9.4% 6,518 6,188 6,046 27.4% 25,793

(Agency commission) 4,284 3,909 9.6% 3,546 3,324 3,233 32.5% 14,014

Investment banking 8,231 20,996 -60.8% 15,274 22,798 12,100 -32.0% 71,170

Underwriting commission 5,320 15,405 -65.5% 11,801 17,299 10,236 -48.0% 54,743

(Equity) 2,501 11,991 -79.1% 9,822 15,001 7,843 -68.1% 44,659

(Bond) 2,410 2,824 -14.7% 1,764 1,751 2,232 7.9% 8,573

Distribution 566 1,238 -54.3% 926 720 711 -20.4% 3,597

Others (M&A commission etc.) 2,345 4,351 -46.1% 2,546 4,778 1,152 103.4% 12,828

Others 3,436 3,978 -13.6% 2,489 2,552 2,405 42.9% 11,425

Total commission 45,039 62,268 -27.7% 46,702 53,116 54,299 -17.1% 216,386

Gain/loss on equity trading 7,435 21,577 -65.5% 5,635 9,606 19,285 -61.4% 56,104

Gain/loss on bond and forex trading 28,369 22,819 24.3% 24,816 24,225 23,151 22.5% 95,012

(Bonds) 20,566 8,531 141.1% 18,216 18,431 17,228 19.4% 62,407

(Forex) 7,802 14,288 -45.4% 6,600 5,794 5,922 31.7% 32,605

Total gain/loss on trading 35,804 44,397 -19.4% 30,452 33,831 42,437 -15.6% 151,117

FY2004(Y mil)% Change

vs4Q FY04

FY2004 % Changevs

1Q FY04

　　4

FY2005

1Q 4Q 3Q 2Q 1Q

26.4 29.6 22.9 24.5 25.0

Commission & otherexpenses 13.7 13.0 11.2 11.7 10.5

Bonus 8.1 11.6 6.7 8.2 10.1

Overtime, part-time 2.2 2.3 2.5 2.2 2.2

43.3 43.9 43.0 43.0 43.2

Personnel costs 24.5 24 24.1 23.6 24.6

Real estateexpenses 7.7 8.4 7.9 8.3 7.9

Depreciation 5.5 5.7 5.4 5.4 5.4

Office expenses 3.9 4.1 3.7 3.8 3.4Taxes other thanincome taxes 1.5 1.5 1.6 1.7 1.8

Variable costs

Fixed costs

FY2004(Y bil)

Cost Structure - Consolidated -

(Y bil)

Variable costsVariable costs

Fixed costsFixed costs

36.2 37.8 36.237.6 37.8 37.6 37.5 38.1 37.8

21.4 22.225.0 25.0 24.5 22.9

26.4

5.55.75.45.45.46.15.25.24.9

21.6

29.6

0

10

20

30

40

50

60

70

80

1Q/03 2Q/03 3Q/03 4Q/03 1Q/04 2Q/04 3Q/04 4Q/04 1Q/05

Depreciation

Depreciation

　　5

FY2005 FY2004

1Q 4Q 3Q 2Q 1Q

SG&A 34,439 36,847 -6.5% 33,423 34,392 35,312 -2.5% 139,975

Commission and otherexpenses 5,286 5,884 -10.2% 5,337 5,902 5,701 -7.3% 22,827

Personnel costs 16,787 17,984 -6.7% 15,521 16,004 17,562 -4.4% 67,073

Real estate expenses 4,476 4,926 -9.1% 4,745 4,854 4,638 -3.5% 19,165

Office expenses 4,889 5,233 -6.6% 5,146 5,160 4,841 1.0% 20,382

Depreciation 2,033 2,021 0.6% 1,800 1,672 1,632 24.5% 7,126

Taxes other than incometaxes 344 187 83.9% 336 233 370 -7.1% 1,127

Others 621 609 1.9% 535 563 564 10.1% 2,272

FY2004(Y mil)% Change

vs4Q FY04

FY2004 % Changevs

1Q FY04

Daiwa SecuritiesBreakdown of SG&A

　　6

Daiwa Securities SMBC Breakdown of SG&A - Consolidated -

FY2005 FY2004

1Q 4Q 3Q 2Q 1Q

SG&A 32,978 37,523 -12.1% 33,279 36,350 31,676 4.1% 138,830

Commission and otherexpenses 11,663 14,339 -18.7% 12,212 14,354 10,238 13.9% 51,144

Personnel costs 9,774 10,910 -10.4% 9,282 9,698 9,967 -1.9% 39,857

Real estate expenses 3,152 3,425 -8.0% 3,106 3,142 2,961 6.4% 12,636

Office expenses 3,884 3,962 -2.0% 4,131 4,437 3,837 1.2% 16,368

Depreciation 3,031 3,174 -4.5% 3,031 3,007 3,113 -2.7% 12,326

Taxes other than incometaxes 817 962 -15.0% 877 1,042 922 -11.4% 3,804

Others 654 749 -12.7% 638 668 635 3.0% 2,692

FY2004(Y mil)% Change

vs4Q FY04

FY2004 % Changevs

1Q FY04

　　7

Daiwa Securities SMBCBreakdown of SG&A (for reference)

FY2005 FY2004

1Q 4Q 3Q 2Q 1Q

SG&A 28,344 32,349 -12.4% 28,034 31,102 26,752 5.9% 118,239

Commission and otherexpenses 12,092 14,510 -16.7% 12,036 14,355 10,229 18.2% 51,132

Personnel costs 6,253 7,246 -13.7% 5,900 6,281 6,526 -4.2% 25,954

Real estate expenses 2,564 2,839 -9.7% 2,583 2,590 2,419 6.0% 10,433

Office expenses 3,689 3,640 1.4% 3,751 3,921 3,619 1.9% 14,933

Depreciation 2,828 2,964 -4.6% 2,820 2,778 2,884 -1.9% 11,448

Taxes other than incometaxes 579 718 -19.3% 586 787 702 -17.6% 2,794

Others 335 430 -22.2% 355 387 369 -9.3% 1,543

FY2004(Y mil)% Change

vs4Q FY04

FY2004 % Changevs

1Q FY04

　　8

FY2005 FY2004

1Q 4Q 3Q 2Q 1Q

5,817 5,235 11.1% 4,852 4,629 4,598 26.5% 19,316

5,785 5,207 11.1% 4,829 4,606 4,578 26.4% 19,222

Equity investment trust 5,719 5,136 11.4% 4,718 4,465 4,425 29.3% 18,745

Bond investment trust 66 71 -7.8% 111 141 153 -56.9% 477

of which MMF 21 21 3.5% 38 80 88 -75.4% 229

31 27 11.7% 22 23 19 57.7% 93

5,177 4,990 3.7% 4,455 4,253 4,370 18.4% 18,070

3,029 2,676 13.2% 2,429 2,286 2,303 31.5% 9,695

2,148 2,314 -7.2% 2,026 1,967 2,067 3.9% 8,375

639 245 161.1% 397 376 227 181.4% 1,245

720 307 134.1% 455 475 251 185.8% 1,490

454 89 405.2% 622 281 226 100.6% 1,220

FY2004(Y mil)

Operating revenues

Management fee

% Changevs

4Q FY04

FY2004 % Changevs

1Q FY04

Commissions paid

SG&A

Other operating revenues

Net income

Ordinary income

Operating income

Other SG&A

Daiwa Asset ManagementFinancial Summary

　　9

Apr.-Jun. FY2005(Y mil, y/y % Chg)

Operating revenues 22,842 8.0% 43,416 -1.8% 52,042 -12.1% 5,817 26.5% 14,815 0.5%

SG&A 2,068 4.5% 34,439 -2.5% 32,978 4.1% 5,177 18.4% 2,171 -7.7%

Operating income 19,848 11.7% 8,874 0.6% 10,423 -53.7% 639 181.4% 1,167 86.0%

Ordinary income 20,877 8.8% 8,927 1.3% 11,266 -50.8% 720 185.8% 1,206 80.3%

Group holdings(as of Jun. 30, 2005)

Apr.-Jun. FY2005(Y mil, y/y % Chg)

Operating revenues 3,214 22.1% 2,016 -3.1% 4,269 6.3% 2,059 21.2%

SG&A 1,235 12.5% 1,919 -3.0% 184 -8.3% 997 2.5%

Operating income 614 19.5% 96 -4.3% 1,155 -4.3% 958 65.4%

Ordinary income 623 19.7% 98 -5.4% 926 70.0% 1,183 101.1%

Group holdings(as of Jun. 30, 2005)

Daiwa SecuritiesSMBC

Daiwa AssetManagement

Daiwa Instituteof Research

Daiwa SBInvestments

Daiwa Securities Business Center

DaiwaProperty

NIFVentures

Daiwa SecuritiesGroup Inc.

DaiwaSecurities

--- 100.0% 60.0% 100.0% 100.0%

44.0% 100.0% 99.6% 79.2%

Main Group Companies

　　10

DaiwaSecurities

DaiwaSecurities

SMBC

DaiwaSecurities

DaiwaSecurities

SMBC

DaiwaSecurities

DaiwaSecurities

SMBC

DaiwaSecurities*

Changevs

3/05

DaiwaSecurities

SMBC**

Changevs

3/05

6,349 5,253 10,325 8,967 11,760 10,019 11,899 1.2% 10,382 3.6%

4,052 7,697 4,394 8,146 5,389 8,784 5,636 4.6% 8,905 1.4%

3,902 1,044 4,313 1,001 4,411 945 4,568 3.6% 942 -0.3%

Equity 1,168 277 1,749 477 2,149 607 2,400 11.7% 616 1.5%

Bond 2,733 767 2,564 524 2,261 338 2,168 -4.1% 326 -3.6%

47 1,317 75 1,278 99 1,141 103 4.0% 1,138 -0.3%

14,351 15,312 19,109 19,394 21,660 20,890 22,208 2.5% 21,369 2.3%Total

(Y bil)

Investment trust

Equity

Bond

3/2003 6/2005

Others

3/2004 3/2005

Note: Equity figures include CB and Warrants.

*Foreign currency bonds (including Euro yen) under custody at Daiwa Securities JPY 2,108bil. (14.7% out of total assets at Daiwa Securities) in 3/2003JPY 2,475bil. (13.0%) in 3/2004JPY 2,969bil. (13.7%) in 3/2005JPY 3,080bil. (13.9%) in 6/2005

** Amount of assets under custody (foreign currency bonds etc) from Group companies: JPY 3,534bil.

Assets under Custody

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* # of designated accounts was approximately 1.15 million as of the end of 6/05.

FY2005

6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05

CMS accounts(Cash Management Service) 2,303 2,332 2,373 2,430 2,411 2,423 2,506 2,522 2,539

Accounts holding equity* 1,147 1,140 1,134 1,121 1,109 1,119 1,209 1,198 1,193

Online trading accounts 658 692 770 807 839 988 1,143 1,250 1,323

“Daiwa Direct” accounts 252 268 282 313 331 355 408 429 457

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

Newly opened accounts 38 50 47 51 50 49 104 48 54

FY2003(Thousands of Accounts)

FY2004

Daiwa SecuritiesNumber of Accounts

　　12

Major lead manager deals during 1Q (including joint lead issues)Major lead manager deals during 1Q (including joint lead issues)

Sumitomo Mitsui Banking Corporation "SMBC" (Total JPY 65bil.), SHARP (Total JPY 50bil.), J-Power (Total JPY 50bil.), Shikoku Electric Power (JPY 30bil.), Sumitomo Realty & Development (JPY 30bil.), ORIX (JPY 30bil.), The Sumitomo Trust & Banking (JPY 30bil.), CHUBU Electric Power (JPY 20bil.), Tohoku Electric Power (JPY 20bil.), Taiheiyo Cement (JPY 20bil.), Sumitomo Rubber Industries (JPY 20bil.), Nippon Oil (JPY 20bil.), Sumitomo Chemical (JPY 15bil.), Promise (JPY 10bil.), AIFUL (JPY 10bil.), Sumitomo Metal Industries (JPY 10bil.), Shikoku Electric Power (JPY 10bil.), Shizuoka Bank (JPY 10bil.), etc.

* Issue size over ¥10 billion

Japan Highway Public Corporation (Total JPY 260bil.), THE GOVERNMENT HOUSING LOAN (JPY 96.6bil.), Development Bank of Japan (JPY 50bil.), Japan Railway Construction, Transport and Technology Agency (Total JPY 45bil.), Japan Student Services Organization (JPY 40bil.), Japan Finance Corporation for Municipal Enterprises (JPY 20bil.), etc.

Straight Bonds

Straight Bonds

Agency Bonds

Agency Bonds

Daiwa Securities SMBCInvestment Banking (1)

　　13

Honeys (Primary, secondary offerings JPY 6.8bil.), Sumitomo Light Metal Industries (Primary, secondary offerings JPY 6.1bil.), etc.

DAIWA SYSTEM (JPY 3.5bil.), Japan Communications (JPY 2bil.), WiZ (JPY1.1bil.), 　　　　　　　　　Fujita Corporation (JPY 0.4bil.), etc.

* Deals over JPY 5billions

Chiao Tung Bank (USD 2.1bil., USD 43mil.), China COSCO Holdings (USD 1.2bil., USD 0.15bil.), Chi Mei Optoelectronics (USD 0.75bil., USD 97mil.), Shanghai Electric (USD 0.64bil., USD 52mil.)

*From left: total underwriting amount, POWL allocation amount

Republic of Poland (Samurai bond JPY 75bil.), Republic of Hungary (Samurai bond JPY 75bil.), The Korea Development Bank (Samurai bond JPY 30bil.), EUROFIMA (Samurai bond JPY 3bil.), Rabobank (Euroyen bond JPY 50bil.),Banco BPI (Euro bond Euro 0.3bil.), Intesa Bank Ireland (Eurodollar bond USD 0.25bil.), BNP Paribas (Euro bond Pound 0.25bil.), Kaupthing Bank (Euro bond Euro 0.1bil.),Banco Bilbao Vizcaya Argentaria (Euro bond Pound 0.1bil.), etc.

Equity Primary & Secondary Offerings

Equity Primary & Secondary Offerings

IPOIPO

POWL(Public offering without listing)

POWL(Public offering without listing)

BondsBonds

Daiwa Securities SMBCInvestment Banking (2)Major lead manager deals during 1Q (including joint lead issues)Major lead manager deals during 1Q (including joint lead issues)

Overseas Underwriting IssuesOverseas Underwriting Issues

　　14

Major Deals During 1QMajor Deals During 1Q

·BANDAI, a major toy company, and NAMCO, a major game company, are ready to merge this autumn. The new integrated company will become the second largest entertainment company engaged in game software and toys, with sales adding up to more than JPY 450bil. (Advisor to BANDAI)

·The Sumitomo Trust & Banking purchased approximately 60% of the total issued shares of Matsushita Leasing & Credit from Matsushita Electric Industrial (MEI). As a result the percentage of shares held by MEI fell to approximately 34%. (Advisor to MEI)

M&AM&A

StructuredFinance

StructuredFinance

Major lead manager deals during 1Q (including joint lead issues)Major lead manager deals during 1Q (including joint lead issues)

Daiwa Securities SMBCInvestment Banking (3)

Federation of National Public Service Personnel Mutual Aid Associations, ABS for individual investors (Domestic private placement bond, Issue JPY 100bil., Underwriting JPY 90bil.)

Series 6 RMBS issued by The Chuo Mitsui Trust and Banking (Trust beneficiary rights, Issue JPY 80bil., Underwriting JPY 52bil.)

Series 1 non-recourse loan securitization by The Chuo Mitsui Trust and Banking(Trust beneficiary rights, Issue JPY 63bil., Underwriting JPY 47.8bil.)

Shinjuku Sumitomo Building ABS issued by PrimeQuest Three and PrimeQuest Four (Domestic private placement bond, Issue and underwriting JPY 62.2bil., JPY 41.5bil., respectively)

Co-lead manager of IPO by Japan Logistics Fund (J-REIT, Issue JPY 32bil., Underwriting JPY 12bil.)

　　15

·Confidence level: 99%·Holding period: 1 day·Adjusted for price correlation between products

(Y bil)

3/04 6/04 9/04 12/04 3/05 6/05

0.52 0.62 0.98 0.66 1.77 0.71

0.54 0.60 0.93 0.46 0.35 0.31

0.05 0.06 0.07 0.08 0.06 0.08

1.11 1.28 1.98 1.20 2.18 1.10

-0.36 -0.45 -0.39 -0.35 -0.37 -0.33

0.75 0.83 1.59 0.85 1.81 0.77

High 1.57 2.30 2.90 1.58 5.98 2.19Low 0.71 0.71 0.75 0.72 0.60 0.77

Average 1.03 1.05 1.76 0.99 1.31 1.47

Diversificationeffect

VaR

Qua

rter

ly

(Month end)

Equity

Interest

Currecy

Total

Range and assumption of VaRRange and assumption of VaR

VaR

3/05 6/05

1.86 0.77

0.52 0.48

0.06 0.08

2.44 1.33

-0.40 -0.38

2.04 0.95

High 6.21 2.39Low 0.78 0.95

Average 1.58 1.66

(Month end)

Equity

Interest

Currecy

Total

Diversificationeffect

VaR

Qua

rter

ly

(Y bil)Daiwa Securities Group

(Consolidated)Daiwa Securities Group

(Consolidated)

Note: From 1Q FY2005, VaR of the Daiwa Securities Group (consolidated) is disclosed in addition to VaR at Daiwa Securities SMBC as a measure of market risk related to trading positions.

Daiwa Securities SMBC(Parent)

Daiwa Securities SMBC(Parent)

　　16

FY2005

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

Average daily trading value in TSE, OSE, and NSE; (Y bil) 715 1,150 1,197 1,345 1,569 1,180 1,199 1,468 1,356

Share of individual investors; (%) 16.3 20.1 21.6 21.5 23.8 22.0 21.9 25.2 24.2

Daiwa Securities Group 9.1 7.1 6.7 6.7 7.3 8.0 8.6 7.5 8.3

Daiwa Securities (Retail) 1.1 1.4 1.3 1.3 1.3 1.0 1.0 1.2 1.0

Daiwa Securities SMBC (Wholesale)

(on and off floor) 8.0 5.8 5.4 5.5 6.0 7.0 7.6 6.3 7.3

(out of hours and off floor) 23.7 20.8 18.7 15.3 18.2 18.3 20.8 13.5 17.1

Daiwa Securities / TSE, OSE, NSE 5.7 6.3 5.9 5.8 5.2 4.1 4.1 4.1 3.7

Commission rate 70 70 70 70 71* 70* 69* 70* 64*

Market data

Market share in Tokyo Stock Exchange (on and off floor transaction); (%)

Share of Daiwa Securities (Retail) among individual investors’ transactions at TSE, OSE, and NSE; (%)

Daiwa Securities equity commission rates; (bp)

FY2003 FY2004

* Adjusted rate: Denominator excludes value that generates revenues not reported as brokerage commission

Equity Transactions Overview

　　17

0

10,000

20,000

30,000

40,000

50,000

60,000

(Y bil)

MMF+MTGBF 13,770 16,610 20,299 18,747 21,545 10,451 7,416 6,373 5,473 4,757 4,454 4,211 3,983 3,825

Bonds 16,890 14,640 15,357 16,041 16,820 15,502 10,712 10,728 10,281 10,034 9,463 9,349 9,520 9,214

Equities 9,980 11,500 15,696 14,610 14,452 15,309 16,266 20,100 23,276 24,809 25,553 27,435 28,901 32,037

Nikko AM 8,268 7,852 7,789 6,924 7,276 4,126 3,817 3,775 3,864 3,676 3,640 3,774 3,906 4,408

Nomura AM 10,155 9,329 12,240 15,101 15,976 13,587 10,421 11,286 10,829 10,627 9,819 10,014 10,052 10,408

Daiwa AM 9,321 11,603 13,999 10,887 12,014 8,271 6,326 6,141 5,947 6,004 5,743 5,788 5,676 5,861

97 98 99 00 3/01 3/02 3/03 9/03 3/04 6/04 9/04 12/04 3/05 6/05

Source: The Investment and Trust Association

Asset ManagementInvestment Trust Market in Japan

　　18

0

100

200

300

400

500

600

700

800

6/03 9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05

(Y bil)

Daiwa Global Bond FundDaiwa Oceania Bond FundDaiwa European Bond FundHigh-Grade Oceania Bond OpenDaiwa High-Rating CAD Bond OpenDaiwa High-Rating AUD Bond OpenDaiwa High-Rating Euro Bond OpenHigh-Grade USD Bond OpenDaiwa High-Rating USD Bond Open

Daiwa Asset ManagementMonthly Payment Foreign Bond Investment Trust

　　19

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

3/01 3/02 3/03 9/03 3/04 6/04 9/04 12/04 3/05 6/05Daiwa Securities Group Inc. Daiwa Securities Daiwa Securities SMBCOther domestic companies Overseas

·Total figure is the sum of consolidated group companies and Daiwa SB Investments.·Figures for Daiwa Securities include Financial Advisers (FA).·Figures for Daiwa Securities SMBC include employees of Daiwa Securities SMBC Principal Investments.

(# of employees)

(Changes are from 3/05)

(+587)12,478 12,834 12,677 12,963 12,75612,95212,652 12,657 12,449

Number of Group Employees

13,036

1,189（-7）

3,073（+74）

1,861（+61）

6,648（+451）

265（+8）

　　20

Changes in Shareholder Composition

20.7 %

39.8

Banks 6.4

Trust Banks 25.1

6.2

31.2

2.1

100

March 04

Others

Total

Ratio of # of shares

Types ofinvestors

Individuals

Financial institutions

Other institutions

Foreigners

20.7 %

41.5

Banks 6.3

Trust Banks 26.7

5.8

30.6

1.4

100

September 04

Others

Total

Ratio of # of shares

Types ofinvestors

Individuals

Financial institutions

Other institutions

Foreigners

20.9 %

40.6Banks 6.3Trust Banks 25.8

5.431.51.6100

March 05

Others

Total

Ratio of # of shares

Types ofinvestors

Individuals

Financial institutions

Other institutions

Foreigners

ContactContact

Daiwa Securities Group Inc.Investor Relations

TEL: +81-3-3243-3841 FAX: +81-3-3242-0955E-mail: ir-section@dsgi.daiwa.co.jpURL: http://www.daiwa.jp/ir/english/