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.

October 28, 2011

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2012
[under Japanese GAAP]
Company name: Mitsubishi UFJ Securities Holdings Co., Ltd.
URL:
http://www.hd.sc.mufg.jp/
Representative: Toshiro Toyoizumi, President & CEO
Contact:
Jun Harada, General Manager, Financial Planning Division
TEL: (03) 6213-2550
Supplementary material on quarterly financial results:
None
Quarterly financial results presentation meeting: None
(Millions of yen with fractional amounts disregarded)

1.

Consolidated performance for the second quarter of fiscal year 2011
(from April 1, 2011 to September 30, 2011)(1) Consolidated operating results (cumulative)
Operating revenue
Millions of yen
First six months of
FY2011First six months of
FY2010(Percentages indicate year-on-year changes.)

Net operating revenue% Millions of yen

Operating income% Millions of yen

Ordinary income% Millions of yen%

152,800(3.6)

114,079(10.4)(7,887)–

17,743–

158,502(17.6)

127,291(18.0)(6,944)–(2,273)–

Net income
Millions of yen

Net income per share
Yen%

Diluted net income
per share
YenFirst six months of
16,353 (15.8)
22.81–
FY2011First six months of
19,430 (13.4)
27.10
27.10
FY2010(Note)
Comprehensive income First six months of FY2011: 30,989 million yen (– %)First six months of FY2010: -1,059 million yen (– %)(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of September 30,
2011

24,363,668

813,341

2.4

As of March 31, 2011

20,486,251

802,106

2.7(Reference) Equity
As of September 30, 2011: 582,635 million yen
As of March 31, 2011:(Note)“Equity ratio” is computed under the formula shown below:(Total net assets – Subscription rights to shares – Minority interests) / Total assets

557,913 million yen

2.

Other

(1) Changes in significant subsidiaries during the current period: None
(2) Application of particular accounting for preparing quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement of priorperiod financial statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations:Noneb. Changes in accounting policies due to other reasons: Yes
c. Changes in accounting estimates: Yes
d. Restatement of prior period financial statements after error corrections: None
(Note)

Determination of changes is based on applicability to Article 10-5 of the “Regulations on Terminology, Forms, andPreparation Methods of Quarterly Consolidated Financial Statements.” For details, please refer to “1. Mattersregarding summary information (others)—Changes in accounting policies and changes in accounting estimates” onpage 1 of the “Attached Material.”(4) Number of issued shares (common stock)
a.

b.

c.

Total number of issued shares at the end of the period (including treasury stock)
As of September 30, 2011

716,985,496 shares

As of March 31, 2011

716,985,496 shares

Number of shares of treasury stock at the end of the period
As of September 30, 2011

– shares

As of March 31, 2011

– sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
First six months of the fiscal year ending March 31, 2012

716,985,496 sharesFirst six months of the fiscal year ended March 31, 2011

716,985,496 shares<* Indication regarding execution of quarterly review procedures >This quarterly financial results report is exempt from the review procedures for Quarterly Securities
Report pursuant to the Financial Instruments and Exchange Act.
<* Other special matters>
NoneAttached Material

Index
1. Matters regarding summary information (others)
Changes in accounting policies and changes in accounting estimates·······························

P. 1·······························

P. 2

2. Consolidated financial statements(1) Consolidated balance sheets(2) Consolidated statements of income and Consolidated statements of comprehensive income
Consolidated statements of income (cumulative)·······························

P. 4

Consolidated statements of comprehensive income (cumulative)·······························

P. 6·······························

P. 7(4) Notes on significant changes in the amount of shareholders’ equity ·······························

P. 7(3) Notes on premise of going concern<Reference>
Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2012
1. Commission received(1) Breakdown by item·······························

P. 8(2) Breakdown by product·······························

P. 8

2. Net trading income·······························

P. 8

Quarterly Trends in Consolidated Statements of Income·······························

P. 9<Reference>Non-consolidated Financial Results of Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd. for theSecond Quarter of the Fiscal Year Ending March 31, 2012
(1) Non-consolidated operating results·······························

P. 10(2) Non-consolidated financial position·······························

P. 11

1.

Matters regarding summary information (others)
Changes in accounting policies and changes in accounting estimates(Changes in method of depreciation of property, plant and equipment)
Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd., a subsidiary of the Company, previously
applied the declining balance method for its method of depreciation of property, plant andequipment (the straight-line method was applied for buildings acquired on or after April 1, 1998
(with the exception of items listed as buildings and accompanying facilities)). However, effectivefrom the first quarter of this fiscal year, the subsidiary has changed to the straight-line method ofdepreciation accounted for prospectively.
This change was implemented for the following reason. The subsidiary has undertaken capital
investment to reorganize its branch network and transfer the head office functions. As a result ofreviewing the actual circumstances of use of property, plant and equipment after the capital
investment had run its course, estimates were made as to the average actual use for each period. As
a result it was deemed that a more rational cost allocation could be achieved by implementing thischange in accounting.
As a result of this change, compared with the previous method, depreciation and amortization andoperating loss for the first six months of this fiscal year each declined by 804 million yen; ordinary
income and income before income taxes and minority interests increased by 804 million yen and788 million yen, respectively.

1

2.

Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2011ASSETS
Current assets
Cash and deposits
Cash segregated as deposits
Trading products
Trading securities and other
Derivatives
Trade date accrual
Private equity and other securities
Margin transaction assets
Loans secured by securities
Short-term guarantee deposits
Short-term investment securities
Income taxes receivable
Other current assets
Allowance for doubtful accounts

As of September 30, 2011

618,340
79,89910,196,705
3,927,867
6,268,837
23,40065,90153,577
7,835,342
500,844
182,384
1,282
60,382(449)

447,156
95,64012,661,737
5,676,806
6,984,930–
58,79452,0699,308,918
621,490
183,823
8,055
64,747(118)

19,617,609

23,502,315

Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets

23,84339,805804,992

28,662
29,958802,731

Total noncurrent assets

868,641

861,353

20,486,251

24,363,668

Total current assets

Total assets2

(Millions of yen)
As of March 31, 2011

As of September 30, 2011

LIABILITIESCurrent liabilities
Trading products

8,908,654

10,991,352

Trading securities and other

2,847,019

4,168,476

Derivatives

6,061,635

6,822,876–

90,480

11,2203,824

Loans payable secured by securities

6,782,909

8,560,256

Short-term loans payable

Trade date accrual
Margin transaction liabilities

1,369,308

1,310,031

Current portion of long-term loans payable

32,30067,598Commercial papers

438,800

470,200

Current portion of bonds

131,106

64,135

Income taxes payable

4,716

3,869

895

2,031

Other current liabilities

930,455

912,673

Total current liabilities

18,610,367

22,476,453

Bonds payable

638,231

679,728

Long-term loans payable

409,799

370,076

Provision for retirement benefits

10,718

11,227

487

445

4,209

3,432

Asset retirement obligations

Noncurrent liabilities

Provision for directors’ retirement benefits
Asset retirement obligations
Other noncurrent liabilities

8,959

7,975

Total noncurrent liabilities

1,072,405

1,072,886

Reserve for financial products transaction
liabilities

1,371

987

Total reserves under the special laws

1,371

987

19,684,144

23,550,326

Capital stock

65,51865,518

Capital surplus

416,948

416,948

Retained earnings

126,812143,165

Total shareholders’ equity

609,280

625,633(7,682)(5,474)

Reserves under the special laws

Total liabilities
NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

636Foreign currency translation adjustment(43,690)(37,559)

Total accumulated other comprehensive income(51,366)(42,998)

4

4

Minority interests

244,188

230,701

Total net assets

802,106

813,341

20,486,251

24,363,668

Subscription rights to shares

Total liabilities and net assets3(2) Consolidated statements of income and Consolidated statements of comprehensive income
Consolidated statements of income (cumulative)(Millions of yen)First six months of FY2011(From April 1, 2011
to September 30, 2011)

First six months of FY2010(From April 1, 2010
to September 30, 2010)
Operating revenue
Commission received

80,41673,089Net trading income

44,47936,511831(1,422)

3

6

Net gain on private equity and other securities
Other net gain on goods trading
Financial revenue

32,771

44,616

Total operating revenue

158,502

152,800

Financial expenses

31,211

38,721

Net operating revenue

127,291

114,079

Selling, general and administrative expenses

134,235

121,966

Operating loss

(6,944)(7,887)

Equity in earnings of affiliates

1,009

19,745

Other

5,063

7,863

Total non-operating income

6,072

27,608Foreign exchange losses

485

1,067

Other

915

910

1,401

1,978

(2,273)

17,743Gain on sales of investment securities

56

4,134

Gain on sales of subsidiaries and affiliates’
stocks–12,318Gain on sales of noncurrent assets

–

17

489

384

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income (loss)
Extraordinary income

Reversal of reserve for financial products
transaction liabilities
Reversal of allowance for doubtful accounts

56–

Gain on change in equity

27,913–

Total extraordinary income

28,515

16,853

4

(Millions of yen)First six months of FY2011(From April 1, 2011
to September 30, 2011)

First six months of FY2010(From April 1, 2010
to September 30, 2010)
Extraordinary loss
Loss on sales of investment securities

279

335

Loss on sales of stocks of subsidiaries andaffiliates–

75

Loss on valuation of investment securities

130

7,955

2

107

1,594

177

Loss on sales of noncurrent assets
Impairment loss
Integration-related expenses

193

–

–

1,396

Loss on adjustment for changes of accounting
standard for asset retirement obligations

2,473

–

Total extraordinary losses

4,673

10,048

Income before income taxes and minority interests

21,56824,548

Income taxes-current

4,073

3,795

Income taxes-deferred

206(2,223)

Total income taxes

4,279

1,571

Income before minority interests

17,28822,976

Head office transfer cost

Minority interests in income (loss)(2,141)

6,622

Net income

19,43016,353

5

Consolidated statements of comprehensive income (cumulative)
First six months of FY2010(From April 1, 2010
to September 30, 2010)
Income before minority interests(Millions of yen)First six months of FY2011(From April 1, 2011
to September 30, 2011)17,28822,976(5,052)

1,809

(23)

29

(12,650)

3,580

(621)

2,593

(18,348)

8,013(1,059)30,9892,057

24,721(3,116)

6,268

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to ownersof the parent
Comprehensive income attributable to minority
interests6(3) Notes on premise of going concern
None(4) Notes on significant changes in the amount of shareholders’ equity
None7<Reference>

Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2012

1. Commission received(1) Breakdown by item
(Millions of yen)

Commission to consigneesFirst six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

FY2010

Increase(Decrease)(From April 1, 2010
to March 31, 2011)

10,7479,227(1,519)22,226

Stocks

10,511

9,011(1,500)21,699

Bonds

107

98

(9)

281

9,596

6,640

(2,955)20,048

3,095

1,156

(1,938)

6,878

6,501

5,484

(1,016)

13,16916,164

17,952

1,788

31,415

16,104

17,847

1,742

31,30643,90939,268(4,640)87,80435,05629,569(5,486)

66,67980,41673,089(7,327)

161,494First six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

Commission forunderwriting, secondary
distribution and solicitation
for selling and others for
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
Total(2) Breakdown by product(Millions of yen)
Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

Stocks

14,751

10,855(3,896)

31,725

Bonds

7,174

6,120

(1,054)

15,180Beneficiary certificates

51,28847,532(3,756)

98,230

Other

7,202

8,581

1,379

16,356

Total

80,41673,089(7,327)

161,494First six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

2. Net trading income(Millions of yen)
Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

Securities(632)(9,049)(8,416)(6,953)

Bonds

79,10474,347(4,757)(46,027)

Other(33,992)(28,786)

5,205

25,784

Total

44,47936,511(7,968)(27,195)

8

<Reference>

Quarterly Trends in Consolidated Statements of Income

2Q of FY2010

Operating revenue
Commission received
Commission to consignees
Stocks
Bonds
Commission for underwriting,secondary distribution andsolicitation for selling and others for
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 from securities
Net trading income from bonds
Other net trading income
Net gain on private equity and othersecurities
Other net gain on goods trading
Financial revenue
Financial expenses
Net operating revenue
Selling, general and administrative
expenses
Trading related expenses
Personal expenses
Real estate expenses
Office cost
Depreciation
Taxes and dues
Other
Operating loss
Non-operating income
Non-operating expenses
Ordinary income (loss)
Extraordinary income
Extraordinary loss
Income (loss) before income taxes andminority interests
Income taxes-current
Income taxes-deferred
Income taxes
Income (loss) before minority interests
Minority interests in income (loss)
Net income (loss)(Millions of yen)
1Q of FY2011 2Q of FY2011

3Q of FY2010

4Q of FY2010(July 1 to
(October 1 to
September 30, 2010) December 31, 2010)(January 1 toMarch 31, 2011)(April 1 toJune 30, 2011)(July 1 to
September 30, 2011)

74,661
42,628
5,337
5,222
57

80,976
41,576
4,933
4,777
107

(37,216)
39,500
6,545
6,409
65

79,59036,564
4,897
4,810
42

73,20936,524
4,330
4,201
55

6,605

5,553

4,898

3,180

3,460

1,984
4,621

1,760
3,793

2,022
2,875

373
2,807

783
2,677

8,159

7,912

7,339

9,367

8,584

8,133
22,526
17,21914,791
2,166
36,047(23,422)

7,887
23,177
16,39521,789(1,645)
1,847
21,587

7,314
20,717
15,226(93,463)(4,675)(126,978)38,189

9,313
19,11915,284
22,599(1,610)40,651(16,441)

8,534
20,14914,285
13,911(7,438)33,695(12,344)

7

52

(697)

290

(1,713)

11
17,221
13,77260,888(0)
17,55718,04062,936

1
17,442
13,143(50,360)

12
20,122
19,37760,213(6)
24,493
19,34353,866

68,474

63,95856,70063,50758,45920,18527,187
6,744
6,801
5,651
614
1,290
(7,585)(11)
1,151(8,748)
3,897
1,901

18,02625,964
6,464
5,689
5,327
829
1,655
(1,022)
3,093
527
1,544
538
624

16,686
19,582
6,634
6,166
5,312
480
1,838
(107,061)
12,9481,017(95,130)554
7,900

17,382
24,258
6,721
5,392
5,283
2,428
2,039
(3,294)
18,388688
14,406
12,803
6,172

15,58324,181
6,657
6,611
3,458
871
1,095
(4,593)
9,219
1,289
3,336
4,050
3,875

(6,752)

1,457(102,476)

21,036

3,511

2,420
(2,493)(72)(6,680)(3,311)(3,368)

1,542
3,595
5,137
(3,680)(2,645)(1,034)

2,129
9,583
11,712(114,189)(45,353)(68,835)

2,083(1,032)
1,050
19,986
3,128
16,858

1,712(1,190)
521
2,989
3,494
(504)

9

<Reference>Non-consolidated Financial Results of
Mitsubishi UFJ Morgan Stanley Securities, Co., Ltd.
for the Second Quarter of the Fiscal Year Ending March 31, 2012

(1) Non-consolidated operating results(Millions of yen)

Operating revenue

First six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

Increase(Decrease)(9,748)FY2010(From April 1, 2010
to March 31, 2011)

96,80387,055

Commission received

75,75245,51344,676(836)

97,394

Net trading income

38,65431,284(7,370)(48,643)

Net operating revenue

89,81181,454(8,357)61,443Operating loss

(7,740)(5,202)

2,537(128,567)

Ordinary loss

(6,271)(4,387)

1,884(126,709)

Net loss(9,140)(3,158)

5,982(144,940)(Breakdown of operating revenue)<Breakdown by item of commission received>(Millions of yen)

Commission to consigneesFirst six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)

9,682

7,628

(2,054)

21,253

3,323

3,001

(321)

8,901

16,164

17,952

1,788

31,415

Other fees received

16,34416,094(249)

35,823

Total

45,51344,676(836)

97,394

Commission forunderwriting, secondary
distribution and solicitation
for selling and others for
professional investors
Fee for offering, secondary
distribution and solicitation
for selling and others for
professional investors<Breakdown by product of commission received>(Millions of yen)

StocksFirst six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)

12,002

8,828

Increase(Decrease)(3,173)

FY2010(From April 1, 2010
to March 31, 2011)

29,058

Bonds

2,493

2,823

329

5,507

Beneficiary certificates

24,78725,978

1,191

48,502

Other

6,230

7,046

816

14,326

Total

45,51344,676(836)

97,394

10

<Net trading income>(Millions of yen)

Securities

First six months of
FY2010First six months of
FY2011(From April 1, 2010
to September 30, 2010)(From April 1, 2011
to September 30, 2011)(3,470)

Increase(Decrease)

FY2010(From April 1, 2010
to March 31, 2011)(2,065)

1,404

70,30657,735(12,570)(26,636)(28,180)(24,385)

3,795(22,894)

31,284(7,370)(48,643)

Bonds
Other
Total

38,654888(2) Non-consolidated financial position
As of
September 30, 2010

As of
September 30, 2011

Increase(Decrease)(Millions of yen)
As ofMarch 31, 2011

Total assets

15,348,949

14,796,863

3,127,401

11,669,461

Net assets

303,759

195,101

26,310168,791

Note:

The net capital adequacy ratio as of September 30, 2011 is 277.8%.

11