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.

July 30, 2008

Consolidated Financial Results
for the First 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 first quarter of fiscal year 2008
(from April 1, 2008 to June 30, 2008)(1) Consolidated operating results (cumulative)
Operating revenue
Millions of yen
First three months of
FY2008First three months of
FY2007

Net operating revenue

Operating income

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

143,467–

67,527

–

(138)

–

(448)

–

136,336

62.4

80,911

29.7

22,781

97.3

24,32980.1

Net income

First three months of
FY2008First three months of
FY2007(Percentages indicate year-on-year changes.)

Net income per share

Diluted net
income per share

Millions of yen

%

Yen

Yen

(6,909)–(9.64)–

16,343 128.2

22.79

22.77

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of June 30, 2008

20,684,716

747,030

3.3

962.49As of March 31, 2008

19,190,293

771,5823.7

996.44

Reference: Equity

As of June 30, 2008: 690,089 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 June 30, 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 June 30, 2008:– shares
As of March 31, 2008:– sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
First three months of the fiscal year ending March 31, 2009:
716,985,496 sharesFirst three months of the fiscal year ended March 31, 2008:
717,044,774 shares* Other special matters
Commencing with the current fiscal year, the “Accounting Standard for Quarterly Financial
Reporting” (ASBJ [Accounting Standards Board of Japan] Statement No. 12) and the “Guidanceon Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14) are applied.
The quarterly consolidated financial statements are 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" (SelfRegulatory Rule of Japan Securities Dealers Association, November 14, 1974) and pursuant to theprovisions 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 “Accounting Standard for Quarterly Financial
Reporting” (ASBJ [Accounting Standards Board of Japan] Statement No. 12) and the “Guidanceon Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14) are applied.
The Quarterly consolidated financial statements are 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" (SelfRegulatory Rule of Japan Securities Dealers Association, November 14, 1974) and pursuant 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 under review, 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 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 under review, the Company applies the “Practical Solution on Unificationof 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.
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 under review. 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¥2,634,914 million as compared to the case where the previous presentation method was adopted.
e. 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 under review.
Due to this change, extraordinary income (reversal of reserve for financial products transaction
liabilities) increased by ¥214 million, and loss before income taxes decreased by ¥214 million, as
compared to the case where the previous regulations were applied.

42. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of June 30, 2008

As of March 31, 2008
(Summary)

Cash and deposits

221,422

237,449

Cash segregated as deposits

94,250110,810ASSETS
Current assets

Trading products

10,783,412

7,238,431

Trading securities and other

7,170,272

6,427,856

Derivatives

3,613,140

810,574

Trade date accrual

374,668

26,617

Private equity and other securities

80,41589,619Margin transaction assets

98,19093,647Loans secured by securities

8,374,544

10,876,464

Short-term guarantee deposits

254,528

169,669

Income taxes receivable

8,997

8,479

Short-term investment securities

33,30934,942Other current assets

151,552

113,854

(93)

( 99)

20,475,200

18,999,887

Property, plant and equipment

35,264

36,638Intangible assets

46,16942,110Investments and other assets

128,081

111,656

Total noncurrent assets

209,516

190,406

20,684,716

19,190,293

Allowance for doubtful accounts
Total current assets
Noncurrent assets

Total assets

5

(Millions of yen)
As of June 30, 2008

As of March 31, 2008
(Summary)

8,321,664

5,013,062

Trading securities and other

4,908,676

4,337,853

Derivatives

3,412,988

675,208

LIABILITIESCurrent liabilities
Trading products

Margin transaction liabilities

23,61928,750Loans payable secured by securities

8,491,969

10,107,493

Short-term loans payable

1,194,426

1,507,264

Current portion of long-term loans payable

39,92924,000Commercial papers

168,500

141,300

Current portion of bonds

38,664

19,361

Income taxes payable

2,768

9,644

Other current liabilities

662,326

556,367

Total current liabilities

18,943,868

17,407,245

Bonds payable

619,284

616,518

Long-term loans payable

353,821373,906

Provision for retirement benefits

11,281

11,315

Noncurrent liabilities

Provision for directors' retirement benefits

284

700

Other noncurrent liabilities

7,280

6,286

Total noncurrent liabilities

991,953

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

19,937,686

18,418,711

Capital stock

65,51865,518

Capital surplus

416,948

416,948

Retained earnings

208,915

219,721

Total shareholders' equity

691,382

702,188

Valuation difference on available-for-salesecurities

1,406

1,533

Foreign currency translation adjustment( 2,698)

10,712

Total valuation and translation adjustments(1,292)

12,246

Total liabilities
NET ASSETS
Shareholders’ equity

Valuation and translation adjustments

Subscription rights to shares

106

100

Minority interests

56,83357,046

Total net assets

747,030

771,582

20,684,716

19,190,293

Total liabilities and net assets

6

(2) Consolidated statement of income(Millions of yen)First three months of FY2008(From April 1, 2008
to June 30, 2008)
Operating revenue
Commission received

43,921

Net trading income

34,228Net gain on private equity and other securities

1,379

Other net gain on goods trading

0

Financial revenue

63,939Total operating revenue

143,467

Financial expenses

75,939Net operating revenue

67,527

Selling, general and administrative expenses

67,666

Operating income (loss)(138)

Non-operating income
Dividends income

918

Equity in earnings of affiliates

23

Other

644

Total non-operating income

1,586

Non-operating expenses

1,895

Ordinary income (loss)(448)

Extraordinary income
Gain on sales of investment securities

17

Reversal of reserve for financial products
transaction liabilities

873

Total extraordinary income

891

Extraordinary loss
Loss on valuation of investment securities

640

Impairment loss

781

Total extraordinary loss

1,421

Income (loss) before income taxes(978)

Income taxes-current

2,715

Income taxes-deferred

673

Income taxes

3,388

Minority interests in income

2,542

Net income (loss)(6,909)7

Commencing with the current fiscal year, the “Accounting Standard for Quarterly Financial Reporting”(ASBJ Statement No. 12) and the “Guidance on Accounting Standard for Quarterly Financial Reporting”(ASBJ Guidance No. 14) are applied. The Quarterly consolidated financial statements are prepared inaccordance 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” 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 first quarter of the fiscal year ended March 31, 2008
(Summary) Consolidated statement of income(Millions of yen)First three months of FY2007(From April 1, 2007
to June 30, 2007)
Operating revenue

136,336

Commission received

37,785

Net trading income

40,850Net gain on private equity and other securities

2,000

Other net gain on goods trading

0

Financial revenue

55,699Financial expenses

55,424

Net operating revenue

80,911

Selling, general and administrative expenses

58,130

Trading related expenses

15,837

Personal expenses

25,800Real estate expenses

6,323

Office cost

4,742

Depreciation

3,216

Taxes and dues

800

Other

1,409

Operating income

22,781Non-operating income

3,229

Equity in earnings of affiliates

1,564

Other

1,664

Non-operating expenses

1,681

Ordinary income

24,329Extraordinary income

135

Gain on sales of investment securities

53

Reversal of allowance for doubtful accounts

40

Gain on sales of noncurrent assets

41

Extraordinary loss

534

Loss on valuation of investment securities

181

Provision of reserve for securities transaction
liabilities

121

Provision for directors' retirement benefits

222

Loss on sales of noncurrent assets

0

Impairment loss

8

Income before income taxes

23,930

Income taxes-current

6,004

Income taxes-deferred

1,647

Minority interests in income (loss)(65)

Net income

16,3439

Reference: Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2009
1. Commission received(1) Breakdown by item
(Millions of yen)First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

13,813

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

9,146(4,667)43,642

13,751

8,971(4,779)43,358

40

138

97

143

4,086

1,909

(2,177)

12,6472,157

44(2,113)

5,012

1,929

1,865

(63)

7,635

9,293

4,486

(4,807)

24,957

8,698

4,219

(4,479)23,668

10,591

28,37817,78743,946

5,002

23,86818,865

21,47937,78543,921

6,135

125,194First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

Stocks16,030

Bonds

Commission toconsignees
Stocks
Bonds
Underwriting anddistributioncommission
Stocks
Bonds
Flotation anddistribution fee
Beneficiary
certificates
Other fees received
Beneficiary
certificates
Total(2) Breakdown by product(Millions of yen)
FY2007
Increase (Decrease)(From April 1, 2007
to March 31, 2008)

9,074(6,955)50,001

2,734

2,409

(324)

9,734

13,721

28,123

14,40145,284

5,299

4,312

(986)

20,17437,78543,921

6,135

125,194First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

7,716

(597)

Beneficiary
certificates
Other
Total

2. Net trading income(Millions of yen)

Securities

FY2007
Increase (Decrease)(From April 1, 2007
to March 31, 2008)(8,313)

13,927

Bonds(5,405)(4,930)474

135,274

Other

38,53939,756

1,217(23,693)

Total

40,85034,228(6,621)

125,50810

Quarterly trends in consolidated statements of income(Millions of yen)

Operating revenue
Commission received
Commission to consignees

1Q of FY2007

2Q of FY2007

3Q of FY2007

4Q of FY2007

1Q of FY2008(April 1 to June30, 2007)(July 1 to
September 30,
2007)(October 1 to
December 31,
2007)(January 1 toMarch 31, 2008)(April 1 to June30, 2008)

136,336

138,578

121,614

137,563

143,467

37,78529,79924,371

33,23843,921

13,813

11,919

10,163

7,745

9,146

13,751

11,83910,087

7,679

8,971

40

35

37

28

138

4,086

2,542

1,178

4,840

1,909

2,157

1,153

670

1,030

44

1,929

1,388

507

3,810

1,865

Flotation and distribution fee

9,293

5,192

2,350

8,120

4,486

Beneficiary certificates

8,698

4,813

2,153

8,002

4,219

Stocks
Bonds
Underwriting and distributioncommission
Stocks
Bonds

Other fees received

10,591

10,144

10,67912,531

28,378Beneficiary certificates

5,002

5,832

5,209

5,434

23,868Net trading income
Net trading income fromsecurities
Net trading income from bonds

40,85038,27025,94820,44034,228

7,716

1,667

13,710(9,167)(597)( 5,405)

60,556

18,69061,433(4,930)

Other net trading income
Net gain on private equity andother securities
Other net gain on goods trading

38,539(23,953)(6,452)( 31,825)

39,756

2,000

347

(228)

(329)

1,379

0

0

0

0

0

Financial revenue

55,69970,161

71,523

84,21463,939Financial expenses

55,42468,501

74,923

91,63175,939Net operating revenue

80,91170,077

46,69145,931

67,527

58,13062,57458,38759,94567,666

15,837

18,40315,065

17,14022,152

Personal expenses

25,80025,48423,60222,004

26,272

Real estate expenses

6,323

6,884

6,602

6,643

6,266

Office cost

4,742

5,644

6,625

7,099

5,839

Depreciation

3,216

3,885

4,312

4,625

4,683

Selling, general and administrative
expenses
Trading related expenses

Taxes and dues

800

539

706

237

848

1,409

1,733

1,473

2,195

1,603

Operating income (loss)

22,781

7,502(11,696)(14,013)(138)

Non-operating income

3,229

2,515

2,446

2,683

1,586

1,564

1,544

1,718

1,577

23

Other

Equity in earnings of affiliates
Other
Non-operating expenses

1,664

971

728

1,106

1,563

1,681

522

687

1,541

1,895

Ordinary income (loss)

24,3299,495(9,937)(12,871)(448)

Extraordinary income

135

180

10

7,522

891

Extraordinary loss

534

1,055

211

7,540

1,421

Income (loss) before income taxes

23,9308,620( 10,138)(12,890)(978)

Income taxes-current

6,004

3,851

(4,262)

(771)

2,715

Income taxes-deferred

1,647(4,364)

1,860(1,673)

673

(65)

(321)

(136)

(383)

2,542

16,343

9,455(7,599)(10,062)(6,909)Minority interests in income (loss)
Net income (loss)

11

Reference: Non-Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2009
[Quarterly performance trends](1) Non-consolidated operating results(Millions of yen)First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

Operating revenue

74,429Commission
received
Net trading income
Net operating
revenue
Operating income(loss)

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

59,795(14,633)

255,024

34,30723,966(10,340)

117,318

28,996

26,656(2,340)85,25565,76749,386(16,381)

212,690

15,777(667)(16,444)

6,858

Ordinary income

16,707

2,030(14,677)

6,202

Net income (loss)

9,417

1,907

(7,510)(4,169)(2) Non-consolidated financial position
As of June 30, 2008

As of March 31, 2008

Increase (Decrease)(Millions of yen)
As of June 30, 2007

Total assets

12,775,069

9,986,090

2,788,979

10,927,386

Net assets

688,390

690,418(2,027)714,399

306.6

299.4

7.2

366.1

Net capital regulation
ratio (%)

12

[Breakdown of operating revenue]<Breakdown by item of commission received>(Millions of yen)First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

13,380FY2007
Increase (Decrease)(From April 1, 2007
to March 31, 2008)

9,006(4,373)42,628

2,825

1,162

(1,662)

8,106

9,293

4,479

(4,813)24,947

Other fees received

8,807

9,316

509

41,636

Total

34,30723,966(10,340)

117,318

Commission toconsignees
Underwriting anddistributioncommission
Flotation anddistribution fee<Breakdown by product of commission received>(Millions of yen)First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

Stocks

15,592

Bonds
Beneficiary
certificates

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

9,038(6,554)49,050

1,575

1,553

(22)

5,366

13,729

9,503(4,225)45,276

Other

3,409

3,871

462

17,625

Total

34,30723,966(10,340)

117,318First three months of
FY2007First three months of
FY2008(From April 1, 2007
to June 30, 2007)(From April 1, 2008
to June 30, 2008)

Securities

6,617

5,419

Bonds

(12,121)

Other

34,500Total

28,996

26,656<Net trading income>(Millions of yen)

13

FY2007
Increase (Decrease)(From April 1, 2007
to March 31, 2008)(1,197)

11,8193,306

15,427

135,957

17,930(16,570)(62,521)(2,340)85,255