This English version is a translation of the original Japanese document and is only for reference purposes. In the case where
any differences occur between the English version and the original Japanese version, the Japanese version will prevail. The
financial results written in the original Japanese document is not audited by independent auditors.

January 28, 2009

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2009.

Company name: Mitsubishi UFJ Securities Co., Ltd
URL:
http://www.sc.mufg.jp/
Representative: Fumiyuki Akikusa, President
Contact:
Masayasu Tsukada, General Manager, Corporate Planning Division
TEL: (03) 6213-6900(Millions of yen with fractional amounts disregarded)

1.

Consolidated performance for the third quarter of fiscal year 2008
(cumulative: from April 1, 2008 to December 31, 2008)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Operating revenue
Millions of yen
First nine months of
FY2008First nine months of
FY2007

Net operating revenue

Ordinary income% Millions of yen% Millions of yen% Millions of yen%

373,209–

172,583–––

396,530

38.3

197,680

0.4

Net income

First nine months of
FY2008First nine months of
FY2007

Operating income(27,308)(246)

18,587 (48.1)

23,888 (46.6)

Diluted net
income per share

Net income per share

Millions of yen

%

Yen

Yen

(13,487)–(18.81)–

18,199 (33.3)

25.38

24.79

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of December 31,
2008

20,332,331

726,9513.3

931.06

As of March 31, 2008

19,190,293

771,5823.7

996.44

Reference: Equity

As of December 31, 2008:

667,553 million yen

1

As of March 31, 2008:

714,434 million yen

2.

Matters on preparing the quarterly consolidated financial statements and others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in
the change in scope of consolidation): None
(2) Application of simplified accounting and particular accounting for preparing the quarterly
consolidated financial statements: None
(3) Changes in accounting policies, procedures, and methods of presentation for preparing the quarterly
consolidated financial statements (changes described in the section of “Changes in significant
matters forming the basis of preparing the quarterly consolidated financial statements”)
a. Changes due to revisions to accounting standards: Yes
b. Changes due to other reasons: Yes
Note:

(4)

For more details, please refer to the section of “1. Matters on preparing the quarterly consolidated financial
statements and others” of [Financial Statements] on page 3.

Number of issued shares (common stock)a. Total number of issued shares at the end of the period (including treasury stock)
As of December 31, 2008:
716,985,496 shares
As of March 31, 2008:
716,985,496 sharesb. Number of shares of treasury stock at the end of the period
As of December 31, 2008:– shares
As of March 31, 2008:– sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
First nine months of the fiscal year ending March 31, 2009:
716,985,496 sharesFirst nine months of the fiscal year ended March 31, 2008:
717,010,585 shares* Other special matters
Commencing with the current fiscal year, the quarterly consolidated financial statements conformto the “Accounting Standard for Quarterly Financial Reporting” (ASBJ [Accounting Standards
Board of Japan] Statement No. 12) and the “Guidance on Accounting Standard for Quarterly
Financial Reporting” (ASBJ Guidance No. 14). They are also prepared in accordance with the“Cabinet Office Ordinance Concerning Financial Instruments Business” (Cabinet Office
Ordinance No. 52 of 2007) and "Rule Concerning Uniform Accounting Standards for Securities
Dealers" (Self-Regulatory Rule of Japan Securities Dealers Association, November 14, 1974) andpursuant to the provisions of the “Regulation for Quarterly Consolidated Financial Statements”
and Articles 61 and 82 thereof.

2

[Financial Statements]
1.

Matters on preparing the quarterly consolidated financial statements and others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries
resulting in the change in scope of consolidation)
None(2) Application of simplified accounting and particular accounting for preparing the quarterly
consolidated financial statements
None(3) Changes in accounting policies, procedures, and methods of presentation for preparing thequarterly consolidated financial statementsa. Commencing with the current fiscal year, the quarterly consolidated financial statements conformto the “Accounting Standard for Quarterly Financial Reporting” (ASBJ [Accounting Standards
Board of Japan] Statement No. 12) and the “Guidance on Accounting Standard for Quarterly
Financial Reporting” (ASBJ Guidance No. 14). They are also prepared in accordance with the“Cabinet Office Ordinance Concerning Financial Instruments Business” (Cabinet Office
Ordinance No. 52 of 2007) and “Rule Concerning Uniform Accounting Standards for Securities
Dealers” (Self-Regulatory Rule of Japan Securities Dealers Association, November 14, 1974) andpursuant to the provisions of the “Regulation for Quarterly Consolidated Financial Statements”
and Articles 61 and 82 thereof.
b. Before the change, the accounting treatment for finance lease transactions not involving thetransfer of ownership followed mutatis mutandis the method for operating lease transactions, but
now after the application of the “Accounting Standard for Lease Transactions” (ASBJ Statement
No. 13 [Business Accounting Council Committee No. 1, June 17, 1993; revised March 30, 2007])and the “Guidance on Accounting Standard for Lease Transactions” (ASBJ Guidance No. 16 [theJapanese Institute of Certified Public Accountants, Accounting Committee, January 18, 1994;
revised March 30, 2007]) became possible starting from quarterly consolidated financial
statements for the fiscal year beginning April 1, 2008 or later, we apply this standard andguidance from the first quarter of FY2008, and the accounting treatment for such transactions
follows the method for ordinary purchase and sales transactions. Meanwhile, depreciation ofleased property pertaining to finance lease transactions not involving the transfer of ownership is
computed on a straight-line method over the lease period as durable period, assuming the residual
value is zero.
The impact of this change on profit for the first nine months of FY2008 is immaterial.
Also, the accounting treatment for finance lease transactions not involving the transfer ofownership whose transaction commenced before the first fiscal year in which the accounting
standard is applied, continues to follow mutatis mutandis the ordinary method for operating leasetransactions.
c. From the first quarter of FY2008, the “Practical Solution on Unification of Accounting Policies
Applied to Foreign Subsidiaries for Consolidated Financial Statements” (PITF Practical Solution
No. 18, May 17, 2006), and necessary amendments for consolidated financial statements are
made.
There are no impacts of this change on profit for the first nine months of FY2008.
The amount of impact that the application of the revised accounting standard at the beginning ofterm has on the prior period’s profit is added to retained earnings. The impact, however, isimmaterial.

3

d. Before the change of presentation, financial assets and financial liabilities at fair value based onderivative transactions with the same counterparty with whom a legally binding master netting
contract is entered, were presented as the amount of difference arising from the offsetting
between both amounts. Our parent company, however, changed the presentation method todemonstrate the total amounts of these financial assets and financial liabilities from the firstquarter of FY2008. After the evaluation of this method from the perspective of proper
presentation of credit risk in order to conform our accounting policy to that of our parent
company, we now believe that there is a weakening of reasonable grounds for presentation only
for financial assets and financial liabilities of derivatives at fair value after offsetting between
both amounts and have changed the presentation method to demonstrate the total amounts ofthese financial assets and financial liabilities in accordance with principle.
As a result of this change, derivatives (assets) and derivatives (liabilities) each increased by¥4,208,437 million as compared to the case where the previous presentation method was adopted.
e. Commencing with the third quarter of FY2008, certain overseas subsidiaries apply IAS 39“Financial Instruments: Recognition and Measurement” revised October 13, 2008, and part of theamount previously posted in trading securities was transferred to available-for-sale securities andheld-to-maturity securities.
Due to this change, operating loss for the first nine months of FY2008 increased by ¥21,065
million, and ordinary loss and loss before income taxes each decreased by ¥11,306 million.
(Additional information)a. Before the change, reserve for securities transaction liabilities was posted to provide for losses
from problems with securities at the amount calculated as prescribed in Article 35 of the former“Cabinet Office Ordinance on Securities Corporation” and pursuant to the provisions in Article
51 of the former Securities and Exchange Law. However, following the enforcement of the
Financial Instruments and Exchange Law, reserve for financial products transaction liabilities isposted at the amount calculated as prescribed in Article 175 of the “Cabinet Office OrdinanceConcerning Financial Instruments Transaction Business” and pursuant to the provisions in Article
46-5 of the Financial Instruments and Exchange Law from the first quarter of FY2008.
Due to this change, extraordinary income (reversal of reserve for financial products transaction
liabilities) for the first six months of FY2008 increased by ¥214 million, and loss before income
taxes decreased by ¥214 million, as compared to the case where the previous regulations wereapplied.

4

2. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of December 31, 2008

As of March 31, 2008
(Summary)

Cash and deposits

222,523

237,449

Cash segregated as deposits

81,535

110,810ASSETS
Current assets

Trading products

10,898,886

7,238,431

Trading securities and other5,311,274

6,427,856

Derivatives

5,587,612

810,574

Trade date accrual

288,288

26,617

Private equity and other securities

78,32089,619Margin transaction assets

55,66993,647Loans secured by securities

6,934,135

10,876,464

Short-term guarantee deposits

426,438

169,669

Short-term investment securities

21,17634,942

Income taxes receivable

1,691

8,479

372,122

113,854

(412)

( 99)

19,380,375

18,999,887

Property, plant and equipment

33,197

36,638Intangible assets

50,063

42,110Investments and other assets

868,695

111,656

Total noncurrent assets

951,955

190,406

20,332,331

19,190,293

Other current assets
Allowance for doubtful accounts
Total current assets
Noncurrent assets

Total assets

5

(Millions of yen)
As of December 31, 2008

As of March 31, 2008
(Summary)

8,425,700

5,013,062

Trading securities and other

3,078,469

4,337,853

Derivatives

5,347,230

675,208

LIABILITIESCurrent liabilities
Trading products

Margin transaction liabilities

23,501

28,750Loans payable secured by securities

7,707,752

10,107,493

Short-term loans payable

1,352,288

1,507,264

Current portion of long-term loans payable

59,361

24,000Commercial papers

92,700141,300

Current portion of bonds

46,382

19,361

Income taxes payable

2,555

9,644

Other current liabilities

829,907556,367

Total current liabilities

18,540,150

17,407,245

Bonds payable

709,451

616,518

Long-term loans payable

337,906

373,906

Provision for retirement benefits

10,284

11,315

Noncurrent liabilities

Provision for directors’ retirement benefits

368

700

Other noncurrent liabilities

5,353

6,286

Total noncurrent liabilities

1,063,365

1,008,727

Reserve for securities transaction liabilities

–

2,738

Reserve for financial products transaction
liabilities

1,864

–

Reserves under the special laws

Total reserves under the special laws

1,864

2,738

19,605,380

18,418,711

Capital stock

65,51865,518

Capital surplus

416,948

416,948

Retained earnings

202,337

219,721

Total shareholders’ equity

684,804

702,188

Valuation difference on available-for-salesecurities(9,263)

1,533

Foreign currency translation adjustment(7,987)

10,712

Total valuation and translation adjustments(17,250)

12,246

Total liabilities
NET ASSETS
Shareholders’ equity

Valuation and translation adjustments

Subscription rights to shares

115

100

Minority interests

59,282

57,046

Total net assets

726,951

771,582

20,332,331

19,190,293

Total liabilities and net assets

6

(2) Consolidated statement of income(Millions of yen)First nine months of FY2008(From April 1, 2008
to December 31, 2008)
Operating revenue
Commission received

131,017

Net trading income

61,666

Net gain on private equity and other securities

4,404

Other net gain on goods trading

0

Financial revenue

176,120

Total operating revenue

373,209

Financial expenses

200,626

Net operating revenue

172,583

Selling, general and administrative expenses

199,891

Operating income (loss)(27,308)

Non-operating income
Interest income

10,433

Dividends income

1,184

Foreign exchange gains

22,485

Other

1,390

Total non-operating income

35,493Non-operating expenses
Equity in losses of affiliates

5,110

Other

3,320

Total non-operating expenses

8,430

Ordinary income (loss)(246)

Extraordinary income
Gain on sales of investment securities

70

Reversal of reserve for financial products
transaction liabilities

874

Gain on sales of noncurrent assets

7,379

Total extraordinary income

8,324

Extraordinary loss
Loss on sales of investment securities

1

Loss on valuation of investment securities

10,453

Impairment loss

1,571

Total extraordinary loss

12,026

Income (loss) before income taxes(3,948)

Income taxes-current

8,587

Income taxes-deferred(6,351)

Income taxes

2,236

Minority interests in income

7,302

Net income (loss)(13,487)7

Commencing with the current fiscal year, the quarterly consolidated financial statements conform to the“Accounting Standard for Quarterly Financial Reporting” (ASBJ Statement No. 12) and the “Guidanceon Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14). They are also
prepared in accordance with the “Cabinet Office Ordinance Concerning Financial Instruments Business”(Cabinet Office Ordinance No. 52 of 2007) and "Rule Concerning Uniform Accounting Standards for
Securities Dealers" (Self-Regulatory Rule of Japan Securities Dealers Association, November 14, 1974)
and pursuant to the provisions of the “Regulation for Quarterly Consolidated Financial Statements” andArticles 61 and 82 thereof.
(3) Notes on premise of going concern
None(4) Notes on significant changes in the amount of shareholders’ equity
None

8Reference:
Financial statements for the third quarter of the fiscal year ended March 31, 2008
(Summary) Consolidated statement of income(Millions of yen)First nine months of FY2007(From April 1, 2007
to December 31, 2007)
Operating revenue

396,530

Commission received

91,956

Net trading income

105,068

Net gain on private equity and other securities

2,120

Other net gain on goods trading

0

Financial revenue

197,384

Financial expenses

198,849

Net operating revenue

197,680

Selling, general and administrative expenses

179,093

Trading related expenses

49,306

Personal expenses

74,886

Real estate expenses

19,810

Office cost

17,012

Depreciation

11,414

Taxes and dues

2,045

Other

4,616

Operating income

18,587

Non-operating income

8,191

Equity in earnings of affiliates

4,826

Other

3,364

Non-operating expenses

2,890

Ordinary income

23,888Extraordinary income

326

Gain on sales of investment securities

61

Reversal of allowance for doubtful accounts

73

Gain on sales of noncurrent assets

191

Extraordinary loss

1,801

Loss on sales of investment securities

14

Loss on valuation of investment securities

246

Provision of reserve for securities transaction
liabilities

358

Provision for directors’ retirement benefits

222

Loss on sales of noncurrent assets

3

Impairment loss

956

Income before income taxes

22,413

Income taxes-current

5,593

Income taxes-deferred(855)

Minority interests in income (loss)(523)

Net income

18,1999Reference: Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2009
1. Commission received(1) Breakdown by item
(Millions of yen)

Commission to consignees
Stocks
Bonds
Commission for underwriting,secondary distribution andsolicitation for selling and othersfor professional investors
StocksFirst nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)

35,89624,110(11,786)

43,64235,67823,614(12,064)

43,358

114

362

248

143

7,807

12,155

4,348

12,647

3,981

4,793

811

5,012

Bonds
Fee for offering, secondary
distribution and solicitation for
selling and others for
professional investors
Beneficiary certificates

3,825

7,362

3,536

7,635

16,837

15,719(1,118)24,957

15,665

15,285(380)

23,668Other fees received

31,41479,032

47,61743,946

16,04467,501

51,456

21,47991,956

131,01739,061

125,194First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Beneficiary certificates
Total(2) Breakdown by product(Millions of yen)

Stocks40,80028,594

Increase(Decrease)(12,206)

FY2007(From April 1, 2007
to March 31, 2008)

50,001

Bonds

5,636

8,561

2,925

9,734

Beneficiary certificates

31,811

82,91951,10845,284

Other

13,708

10,942(2,765)

20,174

Total

91,956

131,01739,061

125,194First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

2. Net trading income(Millions of yen)

Securities

23,095

Bonds

73,841

Other

8,132

Total

105,068

61,666(15,878)

10

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)(38,974)

13,927

93,475

19,634135,274(15,929)(24,062)(23,693)(43,402)125,508

Quarterly trends in consolidated statements of income
3Q of FY2007

4Q of FY2007

1Q of FY2008

2Q of FY2008(Millions of yen)
3Q of FY2008(October 1 to
December 31, 2007)(January 1 to March
31, 2008)(April 1 to June 30,
2008)(July 1 to September
30, 2008)(October 1 to
December 31, 2008)

Operating revenue

121,614

137,563

143,467

144,786

84,955

Commission received
Commission to consignees
Stocks
Bonds
Commission for underwriting,secondary distribution andsolicitation for selling and othersfor professional investors
Stocks
Bonds
Fee for offering, secondary
distribution and solicitation for
selling and others for
professional investors
Beneficiary certificates
Other fees received
Beneficiary certificates
Net trading income
Net trading income fromsecurities
Net trading income from bonds
Other net trading income
Net gain on private equity andother securities
Other net gain on goods trading
Financial revenue
Financial expenses
Net operating revenue

24,371
10,163
10,08737

33,238
7,745
7,679
28

43,921
9,146
8,971
138

47,344
7,120
6,911
181

39,751
7,844
7,730
42

1,178

4,840

1,909

3,374

6,871

670
507

1,030
3,810

44
1,865

1,194
2,180

3,554
3,316

2,350

8,120

4,486

8,074

3,158

2,153
10,6795,209
25,948

8,002
12,531
5,434
20,4404,219
28,37823,86834,228

7,975
28,77524,23926,2293,090
21,877
19,393
1,209

13,710(9,167)(597)(2,247)(13,034)

18,690(6,452)

61,433(31,825)(4,930)39,756

66,019(37,542)

32,387(18,143)

(228)

(329)

1,379

3,257

(232)

0
71,52374,923084,214
91,631

063,93975,939–67,954
68,267044,22656,41946,69145,931

67,52776,51928,53658,38759,94567,666

71,26060,964

15,06523,602
6,602
6,625
4,312
706

17,14022,004
6,643
7,099
4,625
237

22,152
26,272
6,266
5,839
4,683
848

22,932
25,911
7,023
6,717
5,093
481

18,67822,166
6,323
5,497
5,268
549

1,473

2,195

1,603

3,100

2,480

(11,696)(14,013)

(138)

5,258

(32,428)

2,446
1,718
728
687
–
687

2,683
1,577
1,106
1,541
–
1,541

1,586
23
1,563
1,895
–
1,895

1,537
(23)
1,561
5,578
4,647
930

32,368–32,368957
463
493(9,937)(12,871)

(448)

1,218

(1,016)

10

7,522

891

7,414

17

Selling, general and administrative
expenses
Trading related expenses
Personal expenses
Real estate expenses
Office cost
Depreciation
Taxes and dues
Other
Operating income (loss)
Non-operating income
Equity in earnings of affiliates
Other
Non-operating expenses
Equity in losses of affiliates
Other
Ordinary income (loss)
Extraordinary income
Extraordinary loss

211

7,540

1,421

13,273(2,668)

Income (loss) before income taxes(10,138)(12,890)(978)(4,639)

1,669

Income taxes-current
Income taxes-deferred(4,262)
1,860

(771)
(1,673)

2,715
673

3,666
(6,907)

2,206
(117)

(136)

(383)

2,542

2,772

1,987

(7,599)(10,062)(6,909)(4,171)(2,406)

Minority interests in income (loss)
Net income (loss)

11

Reference: Non-Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2009
[Quarterly performance trends](1) Non-consolidated operating results(Millions of yen)First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Operating revenue

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)

206,364

170,045(36,318)

255,024

Commission received

87,51471,652(15,861)

117,318

Net trading income

79,552

55,520(24,031)

85,255

Net operating revenue

175,754

134,534(41,219)

212,690

Operating income (loss)

20,221(11,582)(31,803)

6,858

Ordinary income (loss)

20,457(9,352)(29,809)

6,202

Net income (loss)

15,218(24,903)(40,121)(4,169)(Breakdown of operating revenue)<Breakdown by item of commission received>(Millions of yen)First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)

Commission to consignees
Commission for underwriting,secondary distribution andsolicitation for selling and othersfor professional investors
Fee for offering, secondary
distribution and solicitation for
selling and others for
professional investors
Other fees received

35,142

22,929(12,212)42,628

6,288

8,415

2,127

8,106

16,837

15,711(1,125)24,947

29,245

24,595(4,649)41,636

Total

87,51471,652(15,861)

117,318<Breakdown by product of commission received>(Millions of yen)First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)

Stocks40,09327,822(12,271)

49,050

Bonds

4,302

4,604

301

5,366

Beneficiary certificates

31,837

29,382(2,454)45,276

Other

11,2809,843(1,436)

17,625

Total

87,51471,652(15,861)

117,318

12

<Net trading income>(Millions of yen)First nine months of
FY2007First nine months of
FY2008(From April 1, 2007
to December 31, 2007)(From April 1, 2008
to December 31, 2008)

Increase(Decrease)

FY2007(From April 1, 2007
to March 31, 2008)

Securities

14,278(1,887)(16,165)

11,819Bonds

71,726109,61437,887

135,957

Other(6,451)(52,206)(45,754)(62,521)

Total

79,552

55,520(24,031)

85,255(2) Non-consolidated financial position
As ofDecember 31, 2008

As of March 31, 2008

Increase(Decrease)(Millions of yen)
As ofDecember 31, 2007

Total assets

13,541,759

9,986,090

3,555,669

11,122,856

Net assets

662,082

690,418(28,335)

714,891

306.8

299.4

7.4

275.5

Net capital regulation ratio (%)

13