July 31, 2024

Daiwa Securities Group Inc.

Report Regarding Consolidated Capital Adequacy Ratio
and Consolidated Leverage Ratio
Situation of Soundness in Management as of March 31, 2024

In accordance with the Financial Instruments and Exchange Act Article 57-17, “Notification, etc., ofDocuments Describing Status of Soundness in Management”, Daiwa Securities Group Inc. reports thesituation of soundness in management as of March 31, 2024.

1

Table of Contents
Table of Contents ........................................................................................................................................................................ 2
Key Metrics (at consolidated group level) ............................................................................................................................ 3
Composition of Capital Disclosure ....................................................................................................................................... 4
Qualitative Disclosure (Consolidated) .................................................................................................................................. 7
1. Scope of consolidation ........................................................................................................................................... 7
2. Overview of capital adequacy assessment methods ...................................................................................... 9
3. Overview of the risk characteristics, and the policies, procedures and structure of the Group-widerisk management .......................................................................................................................................................... 10
4. Credit risk ............................................................................................................................................................. 17
5. Overview of the risk characteristics and the policies, procedures and structure for Credit Risk
Mitigation (hereunder CRM) techniques (excluding credit risk mitigation-related derivative andrepo-style transactions)................................................................................................................................................ 18
6. Overview of the risk characteristics and the policies, procedures and structure for the counterparty
credit risk management of derivative and repo-style transactions (including CRM-related transactions)18
7. Securitization exposures .................................................................................................................................... 19
8. Market risk........................................................................................................................................................... 20
9. Operational risk................................................................................................................................................... 22
10.
Overview of the risk characteristics and the policies, procedures and structure for the exposureof the investments or equities subject to credit risk............................................................................................... 2211.
Interest rate risk ............................................................................................................................................. 23
12.
Reconciliation of regulatory capital to balance sheet .............................................................................. 24
13.
Main sources of differences between regulatory exposure amounts and carrying values infinancial statements ..................................................................................................................................................... 26
Quantitative Disclosure (Consolidated).............................................................................................................................. 27
1. List of the Group’s subsidiaries applicable to “significant investments in the capital of banking,financial and insurance entities that are outside the scope of regulatory consolidation”, the capital ofwhich is less than the capital requirement, as well as the total amount of deficit. ......................................... 27
2. Credit risk (excluding counterparty credit risk and securitization).......................................................... 27
3. Amount of exposure by approaches for banks’ equity investments in funds .......................................... 29
4. Other quantitative disclosures ......................................................................................................................... 30
Consolidated Leverage Ratio.............................................................................................................................................. 55
1. Composition of consolidated leverage ratio.................................................................................................... 55
2. Reasons for significant differences in the consolidated leverage ratio over previous year................... 55
Overview of Main Features of Regulatory Capital Instruments ...................................................................................... 562

Key Metrics (at consolidated group level)
KM1: Key metrics(Millions of yen , %)Basel III
template
numberMarch 2024

December 2023 September 2023

June 2023

March 2023

Available capital (amounts)
1

Common Equity Tier 1(CET1)

1,331,138

1,299,914

1,308,028

1,305,377

1,240,674

2

Tier 1

1,520,820

1,489,647

1,495,881

1,491,860

1,429,860

3

Total capital

1,529,866

1,498,996

1,502,097

1,495,580

1,439,174

7,087,470

6,691,815

6,789,921

6,931,589

6,808,704

Risk-weighted assets (amounts)
4

Total risk-weighted assets(RWA)

Capital ratio
5

CET1 ratio (%)

18.78%

19.42%

19.26%

18.83%

18.22%

6

Tier 1 ratio (%)

21.45%

22.26%

22.03%

21.52%

21.00%

7

Total capital ratio (%)

21.58%

22.40%

22.12%

21.57%

21.13%

Additional CET1 buffer requirements as a percentage of RWA

8

Capital conservation buffer
requirement (2.5% from 2019)
(%)

2.50%

2.50%

2.50%

2.50%

2.50%

9

Countercyclical buffer
requirement (%)

0.08%

0.08%

0.08%

0.05%

0.04%

10

Bank G-SIB and/or D-SIB
additional requirements (%)

0.50%

0.50%

0.50%

0.50%

0.50%

11

Total of bank CET1 specificbuffer requirements (%)(row 8 + row 9 + row 10)

3.08%

3.08%

3.08%

3.05%

3.04%

12

CET1 available after meetingthe bank’s minimum capitalrequirements (%)

13.58%

14.40%

14.12%

13.57%

13.13%

Leverage ratio
13

Total leverage ratio exposure
measure24,461,756

24,439,442

27,268,928

26,077,120

22,195,226

14

Leverage ratio (%) including
the impact of any
applicable temporary
exemption of central bankreserves

6.21%

6.09%

5.48%

5.72%

6.44%

3

Composition of Capital Disclosure
CC1: Composition of regulatory capital(Millions of yen , %)Basel III
template
numberGroup
Consolidated
Quarter-End

Items

Common Equity Tier 1 capital: Instruments and reserves

Cross-referenced to
CC2

(1)

1,283,131

1a+2-1c-26 Shareholders' equity
1aCommon stock and capital surplus

479,858(i),(j)2

Retained earnings

961,375(k)1cTreasury stock (Δ)

123,070(l),(m)26

Planned distributions (Δ)

35,032Others6,956(p)204,112(o)

1bStock subscription rights

3

Accumulated other comprehensive income (and other reserves)

5

Minority interest after adjustments

6

Common Equity Tier 1 capital before regulatory adjustments(a)Common Equity Tier 1 capital: regulatory adjustments
8+9

1,494,200(2)

160,132

Intangible assets other than mortgage-servicing rights (net of related tax liability)

8

Goodwill (net of related tax liability)

49,170(e),(g)9Other intangibles other than mortgage-servicing rights(net of related tax liability)

110,962(f)

10

Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of
related tax liability)

11

Cash-flow hedge reserve

12

Shortfall of allowance to expected losses

13

Securitization gain on sale (as set out in paragraph 562 of Basel II framework)

14

Gains and losses due to changes in own credit risk on fair valued liabilities

15

Defined-benefit pension fund net assets

16

Investments in own shares (if not already netted off paid-in capital on reported balance sheet)

17

Reciprocal cross-holdings in common equity

18

Investments in the capital of banking, financial and insurance entities that are outside the scope of regulatory
consolidation, net of eligible short positions, where the bank does not own more than 10% of the issued
share capital (amount above 10% threshold)

19+20+21187(d),(h)

1,019

(n)

593
134
-

(b)

993

(a),(b),(c),(g)-Amount exceeding the 10% threshold

19

Significant investments in the common stock of banking, financial and insurance entities that areoutside the scope of regulatory consolidation, net of eligible short positions (amount above 10%threshold)-

20

Mortgage servicing rights (amount above 10% threshold)-21

Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related
tax liability)-

23

of which: significant investments in the common stock of financials-

24of which: mortgage servicing rights-

25

of which: deferred tax assets arising from temporary differences-

22

Amount exceeding the 15% threshold

27

Regulatory adjustments applied to Common Equity Tier 1 due to insufficient Additional Tier 1 and Tier 2 tocover deductions

28

Total regulatory adjustments to Common equity Tier 1-(b)163,062(c)

1,331,138

Common Equity Tier 1 capital
29

Common Equity Tier 1 capital (CET1) ((a) - (b))

4

(Millions of yen , %)Basel III
template
numberGroup
Consolidated
Quarter-End

Items

Additional Tier 1 capital: instruments
30

31a

Shareholders' equity

31b

Stock subscription rights

32

Liabilities

Cross-referenced to
CC2

(3)

-

Instruments issued by Special Purpose Companies

149,900-

34-35

Minority interest after adjustments

39,897

33+35

Tier 1 capital under Basel II included in Additional Tier 1 capital under transitional Basel III rules-

33

Capital instruments issued by Daiwa Securities Group Inc. and its Special Purpose Companies-

35

Capital instruments issued by consolidated subsidiaries and affiliates (excluding Special Purpose
Companies of Daiwa Securities Group Inc.)-

36

Additional Tier 1 capital before regulatory adjustments

(d)

(q)

189,797

Additional Tier 1 capital: regulatory adjustments
37

Investments in own Additional Tier 1 instruments-

38

Reciprocal cross-holdings in Additional Tier 1 instruments-

39

Investments in the capital of banking, financial and insurance entities that are outside the scope of regulatory
consolidation, net of eligible short positions, where the bank does not own more than 10% of the issued
common share capital of the entity (amount above 10% threshold)

115

40

Significant investments in the capital of banking, financial and insurance entities that are outside the scope of
regulatory consolidation (net of eligible short positions)-42

Regulatory adjustments applied to Additional Tier 1 due to insufficient Tier 2 to cover deductions

43

Total regulatory adjustments to Additional Tier 1 capital(a),(b),(c),(g)

(e)

115

(f)

189,681(g)

1,520,820

Additional Tier 1 capital
44

Additional Tier 1 capital ((d) - (e))

Tier 1 capital
45

Tier 1 capital ((c) + (f))

Tier 2 capital: instruments and allowance

46

(4)

Shareholders' equity-

Stock subscription rights-

Liabilities-

Capital instruments issued by Special Purpose Companies

9,387

48-49

Minority interest after adjustments

47+49

Tier 2 capital under Basel II included in Tier 2 capital under transitional Basel III rules-

47

Capital instruments issued by Daiwa Securities Group Inc. and its Special Purpose Companies-

49

Capital instruments issued by consolidated subsidiaries and affiliates (excluding Special Purpose
Companies of Daiwa Securities Group Inc.)

-

50
50a

General allowance

50b

Eligible allowance

51-

General allowance included and eligible allowance in Tier 2 capital-

Tier 2 capital before regulatory adjustments

(h)

5

9,387

(q)

(Millions of yen , %)Basel III
template
numberGroup
Consolidated
Quarter-End

Items

Cross-referenced to
CC2Tier 2 capital: regulatory adjustments
52

Investments in own Tier 2 instruments-

53

Reciprocal cross-holdings in Tier 2 instruments and other TLAC liabilities-

54

Investments in the capital and other TLAC liabilities of banking, financial and insurance entities that areoutside the scope of regulatory consolidation, where the bank does not own more than 10% of the issued
common share capital of the entity (amount above 10% threshold)

341

54a

Investments in the other TLAC liabilities of banking, financial and insurance entities that are outside thescope of regulatory consolidation and where the bank does not own more than 10% of the issued commonshare capital of the entity: amount previously designated for the 5% threshold but that no longer meets theconditions-

55

Significant investments in the capital and other TLAC liabilities of banking, financial and insurance entities
that are outside the scope of regulatory consolidation (net of eligible short positions)-57

Total regulatory adjustments to Tier 2 capital

(i)

341

Tier 2 capital ((h) - (i))

(j)

9,046

(k)

1,529,866(a),(b),(c),(g)Tier 2 capital
58
Total capital
59

Total capital ((g) + (j))

Risk-weighted assets
60(5)Total risk-weighted assets(l)7,087,470

Consolidated capital adequacy ratio
61

Common Equity Tier 1 (as a percentage of risk-weighted assets) ((c) / (l))

18.78%

62

Tier 1 (as a percentage of risk-weighted assets)

21.45%

63

Total capital (as a percentage of risk-weighted assets) ((k) / (l))

21.58%

64

CET1 specific buffer requirement

3.08%((g) / (l))

65

of which: capital conservation buffer requirement

2.50%

66

of which: countercyclical buffer requirement

0.08%

67
68

0.50%

of which: G-SIB/D-SIB additional requirement

13.58%

CET1 available after meeting the minimum capital requirements

Amounts below the thresholds for deduction (before risk weighting)(6)

133,213
97,10072

Non-significant investments in the capital of other financials

73

Significant investments in the common stock of financials

74

Mortgage servicing rights (net of related tax liability)

75

Deferred tax assets arising from temporary differences (net of related tax liability)(a),(b),(c),(g)(a),(b),(c),(g)-Applicable caps on the inclusion of allowance in Tier 2

6,640
(7)

76

Provisions eligible for inclusion in Tier 2 in respect of exposures subject to Standardized approach (prior toapplication of cap)-77

Cap on inclusion of allowance in Tier 2 under Standardized approach-

78

Provisions eligible for inclusion in Tier 2 in respect of exposures subject to internal ratings-based approach(prior to application of cap)-

79

Cap for inclusion of allowance in Tier 2 under internal ratings-based approach-

Capital instruments subject to phase out arrangements

(8)

82

Current cap on AT1 instruments subject to Phase out arrangements-

83

Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities)

84

Current cap on T2 instruments subject to Phase out arrangements-

85

Amount excluded from T2 due to cap (excess over cap after redemptions and maturities)-

6(d),(h)Qualitative Disclosure (Consolidated)
1.

Scope of consolidation

A). Discrepancy and the reason in the scope of consolidation defined under consolidated financial
statements reported and that for consolidated capital adequacy ratio calculation under the provision of
Article 3 of the Consolidated Capital Adequacy Ratio Notification published by Japan FSA (hereunder theNotification).
Subsidiaries defined in Ordinance for Enforcement of the Banking Act are included in thecorporate group ("Daiwa Securities Group", hereunder the Group), which is equivalent to thescope of consolidated capital adequacy ratio calculation (the regulatory scope of
consolidation). The regulatory scope of consolidation has a wider coverage than the scopeof consolidation in the financial statements.
B). Number of consolidated subsidiaries, and company names and businesses of major consolidated
subsidiaries
Number of consolidated subsidiaries: 144 companies
Major Consolidated Subsidiaries

Businesses
Securities-related businesses

Daiwa Securities Co. Ltd.

Investment advisory and agency businesses
Investment management businesses

Daiwa Asset Management Co. Ltd.

Investment advisory and agency businesses
Daiwa Institute of Research Ltd.

Information services

Daiwa Securities Business Center Co. Ltd.

Back office operations
Lending and borrowing of real estate

Daiwa Facilities Co.,Ltd.

Management of real estate
Daiwa Next Bank, Ltd.

Banking businesses

Daiwa Corporate Investment Co., Ltd.

Investment businesses

Daiwa PI Partners Co. Ltd.

Investment businesses

Daiwa Energy & Infrastructure Co. Ltd.

Investment businesses
Investment management businesses

Daiwa Real Estate Asset Management Co. Ltd.

Investment advisory and agency businesses
Daiwa Securities Realty Co. Ltd.

Real estate-related businesses

Daiwa Office Investment Corporation

Investment management for specified assets

Samty Residential Investment Corporation

Investment management for specified assets

Daiwa Capital Markets Europe Limited

Securities-related businesses

Daiwa Capital Markets Hong Kong Limited

Securities-related businesses

Daiwa Capital Markets Singapore Limited

Securities-related businesses

Daiwa Capital Markets America Holdings Inc.

Integration and management of subsidiaries

Daiwa Capital Markets America Inc.

Securities-related businesses

7C). Number of affiliated companies engaged in financial activities, company names, total assets as well as
net assets on balance sheets, and businesses of major affiliated companies that engaged in financial
activities under the provision of Article 9 of the Notification.

No company is subject to proportionate consolidation methods.
D). Company names, total assets as well as net assets on balance sheets, and business of companies which
belong to the Group but are not included under the scope of consolidation in the financial statements; andcompanies which are included under the scope of consolidation in the financial statements but do notbelong to the Group.
List of subsidiaries not included under the scope of consolidation in the financial statements but
belonging to the Group(Millions of yen)

Subsidiaries belonging to the Group

Businesses

Daiwa Investor Relations Co. Ltd.

Research and consulting regarding corporate
management policy, finance policy, shareholder
policy, corporate image, and IR activities

DMS Ltd.
Asian Energy Investments Pte., Ltd.

Total Assets

Information services
Market research and consulting services
Investment management businesses
Investment advisory and agency businesses

Net Assets

764

428

182

173

2

0

364

349

224

189

279

(461)

63

63

Investment funds management businesses
Daiwa ACA HealthCare Inc.

Asset management businesses
Real estate businesses

Daiwa Corporate Investment Asia Ltd.
ILC inc.
Daiwa Asset Management (H.K.) Limited

Investment businesses
Investment management businesses
Investment advisory and agency businesses
Investment management businesses
Investment advisory and agency businesses

There are no companies included under the scope of consolidation in the financial statements but notbelonging to the Group.
E). Overview of the restrictions on the transfer of funds and regulatory capital within the Group companies
There is no specific restriction set forth regarding the transfer of funds and regulatory capital within
the Group companies.

8

2.

Overview of capital adequacy assessment methods
The Group sets forth “The Rules of Economic Capital Management” and “The Rules of Regulatory
Capital Management”, and assesses capital adequacy from economic capital, regulatory capital, andstress testing points of view.

<Economic Capital>
The Group allocates economic capital for major Group companies within the risk appetite framework.
The allocated amount takes into account the capital buffer reserved for stress events. Economic capital
allocated toward major companies is decided based upon the historical risk amount, businessplan/budget, and so on.
The Group computes group companies’ risk associated with businesses, and assesses its capital
adequacy by confirming if such result falls within the range of allocated economic capital.
<Regulatory Capital>
The Group monitors regulatory capital against the alert level which is set well above the minimum
regulatory capital ratio, and sets the alert level for internal management to evaluate the capital adequacy
periodically.
<Stress Testing>
The Group uses the stress testing method to perform analysis on the impact on the soundness of theGroup while in a stressed situation, validate the relevancy of plans from the angle of the economic
capital and the regulatory capital. The experts and relevant departments conduct discussions on
analyzing both the inside and outside environments to make multiple scenarios for the stress test.

9

3.

Overview of the risk characteristics, and the policies, procedures and structure of the Group-wide risk
management
The Group has introduced the risk appetite framework to strengthen risk governance from the
management level.
Based on the characteristics of various risks held in business, the Group has established basic matters tomanage risks appropriately. The risk management structure is established to ensure financial soundness
and business adequacy.

<Risk Appetite Framework>
The risk appetite framework defines risk appetite as the type and total amount of risk that should beassumed in order to achieve profit targets and business plans. It is the framework of group-wide risk
control.
The Group operates the risk appetite framework as described below.
(Overview of Risk Appetite Framework)
According to the liquidity, capital adequacy, concentration risk, and operational risk, as well as its
business plan and risk characteristics, the Group adopts appropriate risk appetite metrics, sets theacceptable level of risk and the response plan in case of excess, and keeps conducting management
and monitoring them.
The Group has facilitated documentation of the risk appetite statement for this framework, instilled arisk appetite culture in the Group and improved the level of business and risk management systems,
as well as fostered a culture of risk management.

10

The Roles and Responsibilities in the Risk Appetite Framework-Board of DirectorsConduct deliberation and determination of risk appetite statements, which include quantitative
indicators of risk appetite of the Group.
-Audit CommitteePerform audit on execution of duties by the Board of Directors and management regarding the risk
appetite framework.
-Group Risk Management CommitteeConduct the Group’s risk limits based upon the approved risk appetite.
In addition, properly grasp the status of risks including the situation of the risk management systemand the risk limits violation of the group companies.
-CEOThe CEO is responsible for the Group’s overall management, which includes the group-widebusiness strategies, risk strategies and development and maintains the risk appetite framework.
-COOThe COO has responsibility to assist the CEO’s overall management which is based on the risk
appetite framework.
-CFOThe CFO is responsible for the Group’s overall financial management which is based on the risk
appetite framework.
-CROCarry out development of the risk appetite statement and obtain board approval for the statement.
In addition, based on the statement, the CRO is responsible for the Group’s overall risk management,
which includes consolidating and monitoring the risk management system of each group company.
-CDOBased on the risk appetite framework, the CDO has responsibility to manage the overall data
governance and the information system.
11

-Risk Management Department and compliance department of each group companyAs the second line of defense, based on the risk appetite, business size and risk characteristics,
consolidate the risk limits for the company.
-Business department of each group companyAs the first line of defense, conduct autonomous risk management.
Detect exceeding of risk limits during daily business. Consolidate the appropriate system to perform
countermeasure analysis and report to the Risk Management Department.
- Internal audit departmentAs the third line of defense, conduct independent examination and evaluation for the Group’s risk
management framework. Consolidate an appropriate internal audit system to verify the effectivenessof the risk appetite framework.
(The operating structure of the risk appetite framework)
The Group’s Board of Directors reviews the risk appetite statement on a semi-annual basis.
The risk appetite framework is also reviewed properly when business strategies or capital allocationplans are revised or the external environment changes significantly or great excess occurs on the risk
profile.
<Risk characteristics and management policy, risk management system >The Group is exposed to various risks in management. Of particular importance to the Group are therisks associated with its core securities business. Since the Group temporarily holds product positions forsale using its own account and offers products to customers, it is necessary to introduce liquidity risk
including foreign currency, market risk resulting from market fluctuations, credit risk to trading partners
and issuers, risk for which hedge does not function, operational risk that inevitably arises in executing
business and model risk stemming from the use of decision-making models. The Group is also subject
to investment risk due to deterioration in the business performance and credit status of investees, as wellas to changes in the market environment, that coincide with the execution of growth investments. The
Group conducts integrated risk management that measures the impact on capital and liquidity within theGroup from a forward-looking perspective.
Based on the risk appetite framework, Daiwa Securities Group Inc. plays a central role in risk
governance system consolidation from the integrated management perspective. The Group Risk
Management Committee, which is a subcommittee of the Executive Committee of the Group, performs
monitoring on the risk management system and the status of risks of the group companies, to strengthen
the risk management of the entire group.

12The contents of each Group Risk Management Committee meeting are reported to the Audit
Committee.

In addition, based on the group-wide risk management and the approved risk appetite framework, theGroup Risk Management Committee established the basic policy of risk management in the "RiskManagement Regulations," which includes the following components:(Basic policy of risk management)
1. Management’s proactive involvement in risk management.
2. The structure of a risk management system that responds to features of the risks held by the Group.
3. Understand overall risk based on integrated risk management, secure strong capital and the soundnessof liquidity.
4. Clarify the risk management process.
In addition, the group assigns the executive management and department to take charge of managing
each risk.
(Definitions of Risks)-Market riskMarket risk refers to the risk of incurring losses due to market fluctuations, which affect the value ofstock prices, interest rates, foreign exchange rates, and commodity prices, or due to the event ofsignificant market liquidity declining, fluctuations occurring and a trade cannot be concluded or a
trade is forced under a disadvantageous condition.
-Credit riskCredit risk refers to the risk of losses caused in cases where a counterparty of a trade or the issuer of afinancial product held by the Group suffers a default, or credibility deteriorates. The credit risk of theGroup’s trading activities involves counterparty risk and issuer risk.
13

-Liquidity riskLiquidity risk refers to the risk of suffering losses due to cash management difficulties or having tofinance at markedly higher costs than usual as a result of a change in market conditions or adeterioration of Group companies’ finances.
-Operational riskOperational risk is the risk of losses that occur when internal processes, people, and systems do not
perform adequately or do not function; it can also arise from external events.
- Model risk Model risk refers to the risk that the Group will suffer losses due to model development,
implementation errors, or model misuse.
- Investment risk Investment risk refers to the risk that the value of the investment made by the Group will be damaged,that additional funding will be required, or that the return on investment will be lower than expected
due to deterioration of the business performance and credit status of the investee changes in themarket environment.
-Reputational riskReputational risk refers to the possibility of the Group sustaining unforeseen losses and the Group’s
counterparties being adversely affected due to a deterioration of its reliability, reputation, andassessment caused by the spread of rumors or erroneous information.
-Accounting and tax riskAccounting and tax risk is the risk of not conducting appropriate accounting treatment and disclosurein accordance with accounting or taxation standards, laws, and regulations, or of not filing or paying
taxes appropriately, as well as the risk of losses arising as a result.

14

Executive Management, department and committee (to deliberate and decide the policies and specificmeasures of risk management) in charge of each risk
Risk category

Executive management

Department

Committee

Market risk

CRO

Risk Management
Department

Group Risk Management
Committee

Credit risk

CRO

Risk Management
Department

Group Risk Management
Committee

Liquidity risk

CRO

Risk Management
Department

Group Risk Management
Committee

Operational risk

CRO

Risk Management

Group Risk Management

Department

Committee

Model risk

CRO

Risk Management
Department

Group Risk Management
Committee

Investment risk

CRO

Risk Management
Department

Group Risk Management
Committee

Reputational risk

Executive Managing Directorof Corporate Communication

Corporate
Communication
Department

Disclosure Committee

Executive Officer responsible

Investor Relations

for Investor Relations

OfficeExecutive Managing Directorof Compliance

Compliance Control
Department

CFO

Finance Department

Accounting andtax risk

15

Group Risk Management
Committee

(Three lines of defense)
In order to establish an effective risk governance system, the Group consolidates the risk management
framework based on the “three lines of defense”.
“Three lines of defense” is the concept of clarifying functions, roles and responsibilities in risk
management and performing sound management. The first line is autonomous risk management. The
second line is group-wide risk management. The third line is internal audit.

16

4.

Credit risk

A). Overview of the risk characteristics and the policies, procedures and structure of risk management
The Group’s credit risk consists of counterparty credit risk and issuer risk.
For counterparty credit risk, the Group assigns a credit limit to each counterparty group, and monitors
regularly. Additionally, the Group measures the aggregated counterparty risk. The Group also monitors
issuer risk related to the market instruments position held as a result of market making activities.
The Group conducts various activities including product offering, and asset management/investment,
and due to this, exposure associated with various financial instruments as well as transactions
occasionally concentrate toward a particular counterparty group. Because an unforeseen severe loss may
be incurred as a result of credit deterioration of the particular counterparty group, the Group assigns
credit limits on a cumulative exposure amount and monitors regularly.
The Group has a structure to appropriately control credit risk. The Group’s risk management department
measures the amount of credit risk exposure and reports to management daily. In addition, the risk
management department also conducts the screening of business partners, setting of credit facilities,
measuring the quantity of risk, monitoring of the credit risk situation and reporting to the Group risk
management committee.
B). Overview of accounting allowance and write-off standards
In order to prepare for the loss from bad debts on loans and others, allowances are provided, based on
the historical default rate for normal claims, and based on individually assessed amounts and cash flow
estimation for doubtful and default loans.
The subsidiary bank classifies the normal claims by category, according to the "Practical Guidelines on
Self-Assessment of Assets of Financial Institutions of Banks and Others and Impairment of Bankruptcy
and Allowance for Doubtful Accounts" (JICPA Special Audit Committee for Banks and Other Financial
Institutions Report No. 4 April 14, 2022), and records them on an expected loss ratio basis. Based on the
self-assessment criteria of assets, the sales department and credit examination department conduct
assessments for all claims.
C). Use of the External Credit Assessment Institutions (hereunder ECAIs) for determining the risk weightunder the standardized approach・Rating & Investment Information, Inc.
・Japan Credit Rating Agency, Ltd.
・Moody’s Investors Service
・S&P Global Ratings

17

5.

Overview of the risk characteristics and the policies, procedures and structure for Credit Risk
Mitigation (hereunder CRM) techniques (excluding credit risk mitigation-related derivative andrepo-style transactions)

A). Overview of the basic characteristics of policies, processes and the usage of netting
In securities-secured loans, loans are made up to the maximum borrowing amount within the market
value of the securities received as collateral. After the execution of a loan, a netting agreement isconducted for the amount of the loan and the collateral valuation. Additional collateral is called in
response to the deterioration of the ratio of the loan amount to the collateral value. Furthermore,collateral disposal is executed to protect loans when the deterioration is regarded as prolonged.
B). Overview of the basic characteristics of policies and processes of collateral evaluation and collateralmanagement
Collateral is used for CRM techniques. Types of collateral are generally cash or high liquid securities.
Eligible collateral type and collateral haircut rate are set in consideration of the creditworthiness andliquidity of each collateral.
The exposure amount and collateral value are, accordingly, calculated and compared daily.
C). Overview of the concentration of market risk and credit risk under applying CRM
Since price fluctuations occur with securities which are posted as collateral, assessment rates areevaluated by such volatility. In order to prevent concentration, for identical securities received fromdifferent business partners, an upper limit is set for the number of securities received.
6.

Overview of the risk characteristics and the policies, procedures and structure for the counterparty
credit risk management of derivative and repo-style transactions (including CRM-related transactions)

A). Policy on how to assign risk capital and credit limits for exposures to counterparties and central clearing
housesFor derivative and repo-style transactions, a credit review of the counterparty is conducted in advance,
and a credit limit is assigned when the credit soundness is confirmed. The exposure amount andcollateral value are calculated and compared daily; accordingly, collateral is pledged or accepted.
Likewise, for long settlement transactions, a credit review of the counterparty is required and thetransaction can only be conducted if the credit limit is assigned.
B). Overview of the policies of collateral evaluation, collateral management and disposal procedures forcollateral, guarantees and netting agreement
Collateral is used for CRM techniques. Types of collateral are generally cash or highly liquid securities.
Eligible collateral type and collateral haircut rate are set in consideration of the creditworthiness andliquidity of each collateral. Received collateral is valued mark to market daily and monitored against
exposures.
In the event that a business partner defaults, collateral will be sold in the market for claims protection.
18

For uncollateralized exposures, an allowance amount is calculated based upon the potential exposure
calculated by simulation and the CDS spread observed in the market.
For derivative and repo-style transactions, bilateral netting agreements (ISDA Master Agreement, etc.)
and collateral agreement (ISDA CSA, etc.) are generally set. For a transaction where a legally
enforceable bilateral netting arrangement exists, CRM techniques are applied. The Group uses theComprehensive Approach for CRM techniques.
C). Explanation of the impact caused by additional collateral needs to be posted due to the deterioration of
the creditworthiness of the Group
Upon the time when its own credit rating is downgraded, additional collateral will be required. The
Group carefully monitors the additional collateral amount and, accordingly, such amount falls into theallowable level.
7.

Securitization exposures

A). Overview of the risk characteristics and the policies, procedures and structure for risk management
The Group is involved in securitization transactions generally as an investor, and, accordingly, holds
securitization products under investment, banking and trading business. Securitization products include
market risk, credit risk, as well as risks related to the assets, stratified/tranched structure and others.
Outstanding exposures and credit soundness of securitization products are periodically monitored byindependent risk control departments.
B). Overview of monitoring framework of the regulation set forth under the provision of Article 226
Paragraph 1(i)-(iv) of the Notification
Based on the regulations, periodical monitoring of securitization exposures is being conducted in orderto adequately grasp comprehensive risk characteristics of securitization exposures including risk
characteristics of underlying assets, performance-related information of underlying assets, and thescheme of the securitization transaction.
C). List of special purpose entities (hereunder SPEs) where the Group acts as the sponsor, indicating
whether the Group consolidates the SPEs into its scope of regulatory consolidation, and affiliated entities
that the Group manages or advises and that invest either in the securitization exposures that the Group has
securitized or in SPEs that the Group sponsors
Not applicable.

19D). List of entities to which the Group provides implicit support and the associated capital impact for eachof them
Not applicable.
E). Accounting policy applied for the securitization transaction
The Group complies with Accounting Standard Board of Japan Statement No. 10, “AccountingStandard for Financial Instruments” in recognizing, evaluating, and booking the occurrence orextinguishment of financial assets or liabilities related to securitization transactions.
F). Names of ECAIs used for securitizations and the type of securitization exposures for which each agency
is usedThe following ECAIs are used in order to determine the risk weight for the securitization exposures.
・Rating & Investment Information, Inc.
・Japan Credit Rating Agency, Ltd.
・Moody’s Investors Service
・S&P Global Ratings
G). Overview of the process for implementing the Basel Internal Assessment Approach if applicableNot applicable.
8.

Market risk

A). Overview of the risk characteristics and the policies, procedures and structure for the risk management
The Group provides market liquidity through the trading businesses and takes the market risk byholding the assets. The Group engages in hedging activities in order to control profit and loss
fluctuations. Toward this end, as hedging activities may not properly work under stress circumstances,taking account of financial soundness, business plan/budget subject to hedging activities, and so on,
limits are assigned aiming at the estimated loss computed in VaR (maximum loss anticipated at
specified confidence level) and various stress tests fall within the Group’s capital. In addition, limits are
assigned toward positions, sensitivities, and others.
The trading departments conduct monitoring by calculating positions and sensitivities for the purpose ofgrasping the market risk. In addition, the risk management department monitors the group-wide market
risk condition, and reports to management daily.
B). Overview and the scope of application of Internal Model Approach (hereunder IMA)IMA is applied to general market risk and includes Daiwa Securities Co. Ltd., overseas subsidiaries andDaiwa Next Bank, Ltd. (trading book). IMA captures the following market risk factors which are“foreign exchange risk”, “interest rate risk”, “equity risk” and “commodity risk”.
The Group applies VaR that implies maximum loss anticipated at a specified confidence level and stress
20

VaR that implies maximum loss anticipated at a specified confidence level in a given stress timeframe
under the IMA. The Group applies the historical simulation method that uses historical market
fluctuations as a scenario. Assumptions of the historical simulation model are stated as follows:
VaR

Stressed VaR

Holding period

10 business days

Observation period

520 business days

260 business days
(Stressed period)

Confidence level

99%

Historical data updating frequency

Daily

Historical data weighting

None

Aggregation approach

By the historical simulation date

Valuation approach

Basically use full valuation approach,but use sensitivity approach for specific products (ex.,Over-the-counter derivatives)

Methodology of simulating potential

Use absolute return for general interest, and use relative

movements in risk factors

return for equity and foreign exchange(Supplementary explanation)
 VaR is used for internal management to capture a wide range of market risk, which includes
equity-specific risks and credit spread risks.
 VaR has been calculated for all 260 business days since April 2, 2007. Take the maximum value ofthem as the length of the stressed period.
 Since VaR is calculated based on statistical assumptions based on data for a fixed period, stress tests
are conducted using scenarios based on both historical and hypothetical stress events.
 In order to test the accuracy of VaR figures, the Group conducts back-testing so as to reconcile VaRagainst actual profit and loss figures. Over the last 250 business days of the fiscal year ended March
2024, there were no VaR breaches with a confidence level of 99%.
 The Group’s internal model receives an internal audit by the internal audit department once a year,
and also receives independent verification by an internal third party on a regular basis.
 There is no Incremental Risk Charge (IRC) or Comprehensive risk.

21

9.

Operational risk

A). Risk management policies and procedures
As the Group’s business becomes more sophisticated, diversified, and systemized, various risks may
potentially be incurred, and thus, the importance of operational risk management is becoming more
important year by year. The Group’s major group companies engage in the following framework incompliance with operational risk management rules, and adequately manage operational risk. In
addition, due to the diversifying nature of its business, the Group also sets rigid rules concerning
authority, automates office work processes to reduce human error, prepares business manuals, and takesother necessary measures. Each Group company strives to reduce operational risk according to thenature of its own business.
<Operational Risk Management Framework>
The Group adopts RCSA (Risk Control Self-Assessment) as the framework for operational risk
management. RCSA is a process which includes the following components: employees have theobligation to identify, grasp, and evaluate themselves according to operational risk. According toanalysis of the frequency and the impact of the risk, they evaluate and verify the effectiveness of risk
mitigation measures. RCSA is conducted among major consolidated subsidiaries, and the results arereported at the Group Risk Management Meeting.
B). Methods for the calculation of operational risk amount
The Basic Indicator Approach is used for the calculation of the operational risk amount.
10. Overview of the risk characteristics and the policies, procedures and structure for the exposure of theinvestments or equities subject to credit risk
A). Structure of recognizing, assessing, measuring and reporting risks
In addition to trading businesses, the Group holds equity exposure associated with investment securities
for the purpose of trading business and banking business as well as business relation purposes. Because
those financial instruments have distinct risk profiles for each product, the Group conducts adequate
credit as well as market risk management including measurement of risk by the profile.
B). Risk management policy of subsidiaries' stock, affiliated companies' stock and other securities
For the consolidated subsidiaries, the scopes of risk management are assets and liabilities. For theaffiliated companies, the scopes of risk management are equity exposures. These are subject to risk
management in each classification.
C). Accounting policy of valuation of equity exposure
Marketable available-for-sale securities are stated at their fair values based on quoted market
consolidated closing prices (the unrealized gain or loss is fully recognized, and the cost of products sold22

is mainly pursuant to the moving average method). Non-marketable available-for-sale securities(unlisted stocks, etc.) and partnership investment are carried at cost by the moving average method.
11. Interest rate risk
A). Overview of risk management policies and procedures
In the scope of market risk management, the Group calculates changes in Economic Value of Equity(hereunder EVE) and Net Interest Income (hereunder NII) to reflect the interest rate risk that arises fromthe non-trading transactions. The result is reported in the group's risk management meeting.
B). Overview of the method for measuring interest rate risk
For financial assets and financial liabilities owned by major subsidiaries and Daiwa Securities Group
Inc., based on the shock scenario of interest rate fluctuation assuming certain stress every quarter, theGroup computes changes in EVE and NII.

23

12. Reconciliation of regulatory capital to balance sheet
CC2 – Reconciliation of regulatory capital to balance sheet(Millions of yen)
Balance sheets as inpublished statements

Under regulatory scope of
consolidation

Cross-referenced to CC1

AssetsCurrent assets
Cash and deposits

4,398,616

4,399,704

544,815544,815

Cash segregated as deposits
Notes and accounts receivable-trade29,627

29,627

Short-term investment securities(a)1,410,877

1,410,877

8, 18, 39, 54, 72, 73

Trading products(b)7,534,999

7,534,999

16, 18, 39, 54,
72, 73

Trading date accrual
Operational investment securities(c)

138,663

138,663(4)(4)

2,722,321

2,722,321

Allowance for investment loss
Operating loans-

Work in process

839

839

Margin transaction assets

158,635

158,635

Loans secured by securities

12,368,472

12,368,472

33,633

33,633791

791

88,46088,601

18, 39, 54, 72, 73

Advances paid
Short-term loans receivable
Accrued income
Deferred tax assets(d)Other current assets--

1,018,117

1,018,519(9,554)(9,554)30,439,313

30,440,945

Property, plant and equipment

921,181921,214

Intangible assets

127,602

127,654

Allowance for doubtful accounts
Total current assets

10, 75

Noncurrent assets

Goodwill(e)

17,13917,139

8

Others(f)

110,463

110,5159539,201

538,830

Investments and other assets
Investment securities(g)492,226

491,820

8, 18, 39, 54, 72, 73

Deferred tax assets

(h)

6,825

6,827

10, 7540,14940,180

OthersTotal noncurrent assets

1,587,986

Total deferred charges
Total assets

1,587,701-

32,027,299

24

32,028,646

(Millions of yen)
Balance sheets as inpublished statements

Under regulatory scope of
consolidation

Cross-referenced to CC1

Liabilities
Current liabilities
Notes and accounts payable-trade

8,507

8,507

5,863,821
1,457,301

5,863,821
1,457,301

54,41454,414Loans payable secured by securities

11,698,956

11,698,956

Deposits from banking business

4,511,603

4,511,603

Deposits received

562,416

562,423

Guarantee deposits received

522,809522,809

Short-term loans payable

Trading products
Trading date accrual
Margin transaction liabilities

1,272,859

1,273,559

Commercial paper

440,000

440,000

Current portion of bonds

159,780

159,780

Income taxes payable

42,91642,916

Deferred tax liabilities--

Provision for bonuses

43,05443,054

Other current liabilities

159,110

159,402

Bonds payable

1,276,312

1,276,312

Long-term loans payable

2,020,812

2,020,812

Deferred tax liabilities

45,61645,616

Net defined benefit liabilities

43,71543,715

Provision for loss on litigation

235

235
-

-

Noncurrent liabilities

Negative goodwill
Other noncurrent liabilities

48,761

Reserves under the special laws

5,637

5,637

30,238,640

30,239,778

Total liabilities

48,899Net assets
Shareholders' equity
Common stock(i)

247,397

247,397

1a

Capital surplus(j)232,461

232,4611a

Retained earnings(k)961,438

961,375

2Treasury stock(l)(123,153)(123,153)

1c

Advances on subscription of treasury stock

(m)

1c

Total shareholders' equity

83

83

1,318,227

1,318,164

52,93652,936

16,873

16,873

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(n)Foreign currency translation adjustment

11

134,149

134,302

Total accumulated other comprehensive income(o)203,959

204,112

3

Subscription rights to shares

(p)

6,956

6,956

1b

Minority interests(q)259,515

259,633

34-35, 48-49

1,788,658

1,788,866

Total net assets2513. Main sources of differences between regulatory exposure amounts and carrying values in financial
statements
Please refer to the comments under Quantitative Disclosure (Consolidated), 4. Other quantitative
disclosure, LI2 – Main sources of differences between regulatory exposure amounts and carrying values
in financial statements.

26

Quantitative Disclosure (Consolidated)
1.

List of the Group’s subsidiaries applicable to “significant investments in the capital of banking,financial and insurance entities that are outside the scope of regulatory consolidation”, the capital ofwhich is less than the capital requirement, as well as the total amount of deficit.
Not applicable.

2.

Credit risk (excluding counterparty credit risk and securitization)

A). Breakdown of exposures by geographical areas, industry and residual maturity【March 2024】(Millions of yen)
Credit risk exposures
Loans

Securities

OthersJapan

9,039,475

1,785,510

1,529,257

5,724,707

Overseas710,916

102,518

123,582

484,815

Total (by area)

9,750,391

1,888,028

1,652,840

6,209,522

Sovereign

5,866,909

1,271,516

1,025,293

3,570,099

Financial institutions

1,248,474

132

72,247

1,176,094

Corporate

932,998

602,231

159,512

171,253

CCPs

37,447--37,447

Others1,664,562

14,148395,786

1,254,627

Total (by industry)

9,750,391

1,888,028

1,652,840

6,209,522< 1 year

1,666,948

1,458,271

162,725

45,951> 1 year ≤ 3 years

219,658450

216,551

2,656> 3 years ≤ 5 years

234,1091

232,889

1,219> 5 years ≤ 7 years

130,521-

128,865

1,655> 7 years

483,840-

461,510

22,329Indeterminate

7,015,313

429,306

450,296

6,135,710

Total (by maturity)

9,750,391

1,888,028

1,652,840

6,209,522

27

B). Amounts of impaired exposures (according to the definition used by the Group for accounting
purposes) and related allowances and write-offs, broken down by geographical areas and industry (under
the provision of Article 183 Paragraph 1(i)-(iv) of the Notification)(Millions of yen)March 2024
Term-endbalanceTerm-end
allowance

Write-offs forthe yearJapan

56,5102,803-

Overseas

152

-

-

Total (by area)

56,663

2,803-

Sovereign---

Financial institutions

49

-

-

56,613

2,803

-

-

-

-

56,6632,803-

Corporate
OthersTotal (by industry)

C). Aging analysis of accounting past-due exposures(Millions of yen)
Past due exposures≥ 1 month< 2 months< 1month≥ 2 months< 3 months≥ 3 months

Japan

53,73325--

53,708Overseas

161

-

-

-

161

Total (by area)

53,89525--

53,869Sovereign

0

-

-

-

0

Financial institutions

49

-

-

-

49

53,84525--

53,819

CCPs

-

-

-

-

-

Others

-

-

-

-

-

53,89525--

53,869Corporate

Total (by industry)

28D). Breakdown of restructured exposures between impaired and not impaired exposures
Not applicable.
3.

Amount of exposure by approaches for banks’ equity investments in funds(Millions of yen)
Exposures

Equity investments in funds (look-throughapproach)543,602

Equity investments in funds (mandate-based
approach)

35,267

Equity investments in funds (subject to 250%
risk weight)-

Equity investments in funds (subject to 400%
risk weight)-

Equity investments in funds (fall-back approach)

12

Total

578,883

29

4.

Other quantitative disclosures

OV1：Overview of RWA

March
2023

2,381,958

2,223,767

190,556

177,9011,230,042

1,077,105

98,40386,168RWA

Basel III
template
number
1

March
2024

(Millions of yen)
Minimum capitalrequirements
March
March
2024
2023

Credit risk (excluding counterparty credit risk) (CCR)

2

Of which standardized approach (SA)3

Of which internal rating-based (IRB) approach

-

-

-

-

Of which significant investments

-

-

-

-

Of which exposures for estimated residual value of lease

-

-

-

-

1,151,915

1,146,661

92,15391,732

1,467,509

1,280,374

117,400

102,429

501,306

470,396

40,104

37,631Others
4

Counterparty credit risk5

Of which standardized approach for counterparty credit risk (SA-CCR)

6

Of which internal model method (IMM)

-

-

-

-

Of which credit valuation adjustment (CVA) risk

517,561

470,559

41,40437,644

Of which exposures to central counterparties (CCPs)

30,87845,942

2,470

3,675

Others417,762

293,476

33,421

23,478

-

-

-

-

7

Equity positions under market-based approach

8

Equity investments in funds (look-through approach)

305,572

350,430

24,44528,0349Equity investments in funds (mandate-based approach)

58,591

29,676

4,687

2,374

Equity investments in funds (subject to 250% risk weight)

-

-

-

-

Equity investments in funds (subject to 400% risk weight)

-

-

-

-

10

Equity investments in funds (fall-back approach)

161

6,906

12

552

11

Settlement risk

23

20

1

1

12

Securitization exposures in banking book

218,562

165,829

17,485

13,266----

183,406

165,829

14,672

13,266

13

Of which internal ratings-based approach (SEC-IRBA) or internal
assessment approach (IAA)

14

Of which external ratings-based approach (SEC-ERBA)

15

Of which standardized approach (SEC-SA)
Of which 1250% risk weight applied

16
17
18
19

Market risk
Of which standardized approach (SA)Of which internal model approaches (IMM)
Operational risk

-

-

-

-

35,156

-

2,812

-

1,212,258

1,444,475

96,980115,558

806,970

787,799

64,55763,023405,288656,675

32,42352,534

1,183,218

1,058,630

94,657

84,6901,183,218

1,058,630

94,657

84,69020

Of which basic indicator approach21

Of which standardized approach

-

-

-

-

22

Of which advanced measurement approach

-

-

-

-

Amounts below the thresholds for deduction (subject to 250% risk weight)

259,613248,592

20,76919,887

Amounts included in risk weighted asset due to transitional arrangements

-

-

-

-

23

24

Floor adjustment

25

Total

30

-

-

-

-

7,087,470

6,808,704

566,997544,696December
2023

2,381,958

2,366,320

190,556

189,305

1,230,042

1,209,450

98,40396,756RWA

Basel III
template
number
1

March
2024

(Millions of yen)
Minimum capitalrequirements
March
December
2024
2023

Credit risk (excluding counterparty credit risk) (CCR)

2

Of which standardized approach (SA)3

Of which internal rating-based (IRB) approach

-

-

-

-

Of which significant investments

-

-

-

-

Of which exposures for estimated residual value of lease

-

-

-

-

1,151,915

1,156,870

92,15392,5491,467,509

1,339,223

117,400

107,137

501,306

439,400

40,10435,152----

Of which credit valuation adjustment (CVA) risk

517,561

467,060

41,40437,364

Of which exposures to central counterparties (CCPs)

30,87831,108

2,470

2,488

Others417,762401,653

33,421

32,132Others
4

Counterparty credit risk5

Of which standardized approach for counterparty credit risk (SA-CCR)

6

Of which internal model method (IMM)

7

Equity positions under market-based approach

-

-

-

-

8

Equity investments in funds (look-through approach)

305,572

300,11124,44524,0089Equity investments in funds (mandate-based approach)

58,59160,098

4,687

4,807

Equity investments in funds (subject to 250% risk weight)

-

-

-

-

Equity investments in funds (subject to 400% risk weight)

-

-

-

-

161

8,393

12

671

10

Equity investments in funds (fall-back approach)11

Settlement risk

12

Securitization exposures in banking book13

Of which internal ratings-based approach (SEC-IRBA) or internal
assessment approach (IAA)

14

Of which external ratings-based approach (SEC-ERBA)

15

Of which standardized approach (SEC-SA)
Of which 1250% risk weight applied

16

23

787

1

62

218,562

176,800

17,48514,144----

183,406

176,800

14,672

14,144----35,156

-

2,812

-

1,212,258

1,084,345

96,98086,74717

Of which standardized approach (SA)806,970

750,983

64,55760,07818

Of which internal model approaches (IMM)

405,288333,362

32,423

26,6691,183,218

1,105,187

94,65788,415

1,183,218

1,105,187

94,65788,41519

Market risk

Operational risk

20

Of which basic indicator approach21

Of which standardized approach

-

-

-

-

22

Of which advanced measurement approach

-

-

-

-

Amounts below the thresholds for deduction (subject to 250% risk weight)

259,613

250,546

20,76920,043

Amounts included in risk weighted asset due to transitional arrangements

-

-

-

-

24

Floor adjustment

-

-

-

-

25

Total

7,087,470

6,691,815

566,997535,345

23

31

LI1: Differences between accounting and regulatory scopes of consolidation and mapping of financial
statement categories with regulatory risk categories(Millions of yen)
Carrying
Carrying
values as
valuesCarrying values of items:
reported in under scope
published of regulatory
Subject to Subject to Subject to Subject to Not subject
financial consolidatio
credit risk counterpartythethe market
to capitalstatementsn1
risk
requirements
framework credit risk securitizatio
frameworknframework or subject todeductionframework2
from capital
Assets4,398,616

4,399,704

4,399,705--

381,093-

Cash segregated as deposits

544,815544,815544,815--

26,294-

3

Notes and accounts receivabletrade29,627

29,627

29,627

-

-

122

-

4

Short-term investment securities

1,410,877

1,410,877

1,317,826-

93,051

808,937-

5

Trading products

7,534,999

7,534,999-

2,628,568-

7,536,410(1,411)

6

Trading date accrual

-

-

-

4,147

-

2,352

14,447

7

Operational investment
securities

138,663

138,663

128,544--

90,789-

8

Allowance for investment loss

(4)

(4)

(4)

-

-

-

-

9

Operating loans

2,722,321

2,722,321

1,907,442-

814,656

685,667-

10 Work in process

839

839

839

-

-

-

-

11 Margin transaction assets

158,635

158,635-

158,635---

12 Loans secured by securities

12,368,472

12,368,472- 13,402,521-

5,620,835-

33,633

33,63333,683

-

-

170

-

791

791

791

-

-

1,607

-

88,46088,601

83,350--36,350-16 Deferred tax assets

-

-

-

-

-

-

-

17 Other current assets

1,018,117

1,018,519

762,123

84,230-146,186

19,383(9,554)(9,554)(9,409)

-

-

(331)

-

30,439,313

30,440,945

9,199,335

16,278,102

907,708

15,336,486

32,41920 Property, plant and equipment

921,181921,214921,215--

20,432-

21 Intangible assets

127,602

127,654

-

-

-

7,650

127,655

22

Goodwill

17,13917,139

-

-

-

2,523

17,13923

Others110,463

110,515

-

-

-

5,126

110,515

24 Investments and other assets

539,201

538,830

518,501

629-

151,476

2

25

Investment securities

492,226

491,820

471,173--

81,800-26

Deferred tax assets

6,825

6,827

6,825

-

-

3,761

2

27

Others1

Cash and deposits

2

13 Advances paid
14 Short-term loans receivable
15 Accrued income

18 Allowance for doubtful accounts
19 Total current assets

28 Total noncurrent assets
29 Total deferred assets
30 Total assets

40,14940,18040,502629-

65,914-

1,587,986

1,587,701

1,439,717

629-

179,559

127,658

-

-

-

-

-

-

-

32,027,299

32,028,646

10,639,052

16,278,732

907,708

15,516,045

160,077

1 Amount of "Subject to credit risk framework" excludes amounts of "Subject to counterparty credit risk framework" and "Subject to the securitization framework".
2 Amount of "Subject to the securitization framework" excludes amount of "Subject to the market risk framework".

32

(Millions of yen)
Carrying
Carrying
values as
valuesCarrying values of items:
reported in under scope
published of regulatory
Subject to Subject to Subject to Subject to Not subject
financial consolidatio
credit risk counterpartythethe market
to capitalstatementsnrisk
requirements
framework1 credit risk securitizatio
frameworknframework or subject to2
deductionframeworkfrom capital
Liabilities
Notes and accounts
payable-trade

8,507

8,507

-

-

-

-

8,507

32 Trading products

5,863,821

5,863,821-

2,479,420-

5,863,821-

33 Trading date accrual

1,457,301

1,457,301---

474,227-

54,41454,414-54,414---Loans payable secured by
securities

11,698,956

11,698,956- 12,733,005-

7,673,968-

36 Deposits from banking business

4,511,603

4,511,603

-

-

-

-

4,511,603

37 Deposits received

562,416

562,423---

55,035562,424

38 Guarantee deposits received

522,809522,809

-

5,912

-

223

522,809

1,272,859

1,273,559---

162,786

1,273,559

40 Commercial paper

440,000

440,000

-

-

-

-

440,000

41 Current portion of bonds

159,780

159,780

-

-

-

-

159,780

42 Income taxes payable

42,91642,916

-

-

-

817

42,91643 Deferred tax liabilities

-

-

-

-

-

-

-

44 Provision for bonuses

43,05443,054---

19,902

43,05431

34 Margin transaction liabilities
35

39 Short-term loans payable

159,110

159,402955

25,369-92,657

128,189

46 Bonds payable

1,276,312

1,276,312

-

-

-

260

1,276,312

47 Long-term loans payable

2,020,812

2,020,812

-

-

-

-

2,020,812

48 Deferred tax liabilities

45,61645,616

-

-

-

12

45,44549 Net defined benefit liabilities

43,71543,715----43,71550 Provision for loss on litigation

235

235

-

-

-

-

235

-

-

-

-

-

-

-

52 Other noncurrent liabilities

48,761

48,899-62-

10,30539,73653 Reserves under the special laws

5,637

5,637

-

-

-

-

5,637

30,238,640

30,239,778

955

15,298,184- 14,354,019

11,124,739

45 Other current liabilities

51 Negative goodwill

54 Total liabilities

1 Amount of "Subject to credit risk framework" excludes amounts of "Subject to counterparty credit risk framework" and "Subject to the securitization framework".
2 Amount of "Subject to the securitization framework" excludes amount of "Subject to the market risk framework".

33

LI2: Main sources of differences between regulatory exposure amounts and carrying values in financial
statements(Millions of yen)
Items subject to:
Credit risk
1
framework

Total

Counterparty
credit risk
framework

Securitization
2
framework

Market risk
framework

1

Asset carrying value amount under scope of regulatory
consolidation (as per template LI1)

31,868,568

10,639,052

16,278,732

907,708

15,516,045

2

Liabilities carrying value amount under regulatory scopeof consolidation (as per template LI1)

19,115,040

955

15,298,184-

14,354,019

3 Total net amount under regulatory scope of consolidation

12,753,528

10,638,097

980,547

907,708

1,162,026

4 Off-balance sheet amounts

1,094,663

67,644

1,027,019--

5 Differences in valuations

-

-

-

-

-

-

-

-

-

-

7 Differences due to consideration of provisions

-

-

-

-

-

8 Differences due to prudential filters

-

-

-

-

-

6

Differences due to different netting rules, other than thosealready included in row 2

9 Differences due to application of CEM

4,118,152-

4,118,152--

10 Differences due to netting and CRM for SFTs

25,399,781-

25,399,781--

11 Other differences(27,662,221)(500,452)(28,117,074)

20,454-

12 Exposure amounts considered for regulatory purposes

15,703,904

10,205,289

3,408,426

928,163

1,162,026

1 Amount of "Subject to credit risk framework" excludes amounts of "Subject to counterparty credit risk framework" and "Subject to securitization framework".
2 Amount of "Subject to securitization framework" excludes amount of "Subject to market risk framework".

(Note) Differences are mainly due to the following:⚫ Exposure of derivatives in the trading book is included in both counterparty credit risk and market risk
after netting under certain conditions.
⚫ Exposure of SFT assets is computed after netting with SFT liabilities under certain conditions.
⚫ Some off-balance sheet items are included in credit risk.

34

CR1: Credit quality of assets(Millions of yen)
Gross carrying values ofAllowances/
Net values1
impairments

Defaulted
exposures

Nondefaulted
exposures

29,851

1,869,475

11,2981,888,028-

1,226,149-

1,226,149

3 Other on-balance sheet assets (debt products)

26,821

4,564,281

817

4,590,286

4 Sub-total on-balance sheet assets (1+2+3)

56,6737,659,906

12,115

7,704,464

5 Acceptances and guarantees-

51,492-51,4926 Commitments

-

-

-

-

7 Sub-total off-balance sheet assets (5+6)-

51,492-51,492

56,673

7,711,399

12,115

7,755,956

On-balance sheet assets
1 Loans
2 Debt securities

Off-balance sheet assets

Total
8 Total (4+7)
1"Net values" = "Gross carrying values of defaulted exposures" + "Non-defaulted exposures" - "Allowances/impairments"

CR2: Changes in stock of defaulted loans and debt securities(Millions of yen)Previous reporting period end: September 2023
Current reporting period end: March 2024
1 Defaulted loans and debt securities at end of previous reporting period

Amounts
33,760Loans and debt securities that have defaulted
since the last reporting period-

Returned to non-defaulted status-

4

Amounts written off-

5

Other changes

2

3

6

Changes in loans and debt securities during thereporting period1Defaulted loans and debt securities at end of reporting period(1+2-3-4+5)* 1 Other changes include a increase due to additional credit during the default period.

35

22,912

56,673

CR3: Credit risk mitigation techniques – overview(Millions of yen)

Exposures
unsecured:
carrying
amountExposures
Exposures
secured by
secured by Exposures
Exposures
creditcollateral, of secured by
secured byderivatives,
which:
financialcollateralof which:securedguarantees
securedamountamount1 Loans

1,329,132

558,896

295,836

263,060-

2 Debt securities

1,126,639

99,509-99,509-3 Other on-balance sheet assets (debt products)

4,590,278

7

7

-

-

4 Total (1+2+3)

7,046,050

658,413295,844362,569-

53,869----5 Of which defaulted

36

CR4: Standardized approach – credit risk exposure and Credit Risk Mitigation (CRM) effects(Millions of yen , %)Exposures before CCF
and CRM

Exposures post-CCF andCRM
RWA
density

RWA

Asset classes

On-balance Off-balance On-balance Off-balance
sheet
sheet
sheet
sheet
amountamountamountamount

-

-

-

-

-

-

2 Japanese government and central bank4,665,474-

4,665,474

-

-

0.00%

3 Non-Japanese sovereign and central bank442,520-442,520

-

13

0.00%

4 Bank for International Settlements (BIS)

-

-

-

-

-

-

61,756-61,756

-

-

0.00%

Non-Japanese public sector entities(excluding sovereign)

3,600

-

3,600

-

756

21.01%

7 Multilateral Development Banks (MDBs)

7,244

-

7,244

-

-

0.00%

16,779-16,779-3,343

19.93%

9 Japanese government-sponsored entities

669,531-669,531-

32,574

4.87%

Three major local public corporations of
Japan

1

-

1

-

0

20.00%

11 Financial institutions and securities firms

1,249,513

7,570

1,249,513

7,570

264,69721.06%

863,231

19,974567,387

19,974516,469

87.93%

-

-

-

-

-

-

-

-

-

-

-

-

14,1497,987

14,1497,987

22,137100.00%53,869-53,869-80,804150.00%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

299,221

19,499299,2219,749

309,246

100.09%8,346,894

55,032

8,051,050

45,282

1,230,042

15.19%

1 Cash5 Japanese local public authorities
6

8

10

Japan Finance Organization for
Municipalities (JFM)

12 Corporates
13

SMEs and individuals (risk weight 75%
applied)14 Residential mortgage loans
Projects including acquisition of real estate
properties
Past due exposures for three months or16
more(excluding residential mortgage loans)
Past due exposures for three months or17
more(residential mortgage loans related)
15

18 Cash items in process of collection
Exposures secured by Credit Guarantee
Association in Japan
Exposures secured by Enterprise Turnaround20
Initiative Corporation of Japan19

21 Equities (excluding significant investments)
22 Total

37

CR5: Standardized approach – exposures by asset classes and risk weights(Millions of yen)
Credit risk exposures(post-CCF and post-CRM)
Risk weight

Asset classes

0%

10%

20%

35%

50%

75%

-

-

-

-

-

-

2 Japanese government and central bank4,665,474

-

-

-

-

-

3 Non-Japanese sovereign and central bank442,492

-

6

-

18

-

4 Bank for International Settlements (BIS)

-

-

-

-

-

-

61,756

-

-

-

-

-

-

-

3,554

-

-

-

7,244

-

-

-

-

-

-

123

16,655---

9 Japanese government-sponsored entities

362,569

288,182

18,779---Three major local public corporations of
Japan

-

-

1

-

-

-

11 Financial institutions and securities firms--

1,233,961-

10,434-12 Corporates--

38,989-79,401

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,539,537

288,306

1,311,949-

89,854-

1 Cash5 Japanese local public authorities
6

Non-Japanese public sector entities(excluding sovereign)

7 Multilateral Development Banks (MDBs)
8

10

13

Japan Finance Organization for
Municipalities (JFM)

SMEs and individuals (risk weight 75%
applied)14 Residential mortgage loans
Projects including acquisition of real estate
properties
Past due exposures for three months or16
more(excluding residential mortgage loans)
Past due exposures for three months or17
more(residential mortgage loans related)
15

18 Cash items in process of collection
Exposures secured by Credit Guarantee
Association in Japan
Exposures secured by Enterprise Turnaround20
Initiative Corporation of Japan19

21 Equities (excluding significant investments)
22 Total38

(Millions of yen)
Credit risk exposures(post-CCF and post-CRM)
Risk weight

Asset classes
100%

150%

250%

1250%

Total

1 Cash

-

-

-

-

-

2 Japanese government and central bank

-

-

-

-

4,665,474

3 Non-Japanese sovereign and central bank

2

-

-

-

442,520

4 Bank for International Settlements (BIS)

-

-

-

-

-

5 Japanese local public authorities

-

-

-

-

61,756

Non-Japanese public sector entities(excluding sovereign)

45

-

-

-

3,600

7 Multilateral Development Banks (MDBs)

-

-

-

-

7,244

-

-

-

-

16,7799 Japanese government-sponsored entities

-

-

-

-

669,531

Three major local public corporations of
Japan

-

-

-

-

1

11 Financial institutions and securities firms

12,687---

1,257,083

12 Corporates

468,970---

587,362

-

-

-

-

-

-

-

-

-

-

22,137---

22,137-53,869--53,869

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21 Equities (excluding significant investments)

308,948--23

308,971

22 Total

812,791

53,869-23

8,096,332

6

8

10

13

Japan Finance Organization for
Municipalities (JFM)

SMEs and individuals (risk weight 75%
applied)14 Residential mortgage loans
Projects including acquisition of real estate
properties
Past due exposures for three months or16
more(excluding residential mortgage loans)
Past due exposures for three months or17
more(residential mortgage loans related)
15

18 Cash items in process of collection
Exposures secured by Credit Guarantee
Association in Japan
Exposures secured by Enterprise Turnaround20
Initiative Corporation of Japan
19

39

CCR1：Analysis of counterparty credit risk (CCR) exposure by approach(Millions of yen)

Replacementcost

1 SA-CCR (for derivatives)

270,124

PFE

EEPE

308,262Internal Model Method (for derivatives
and SFTs)
Simple Approach for credit risk
3
mitigation (for SFTs)
Comprehensive Approach for credit
4
risk mitigation (for SFTs)-

2

Alpha usedforcomputingregulatory
EAD

EAD postCRM

1.4

809,741

501,306

-

-

-

-

-

1,621,763

417,762--

5 VaR for SFTs

RWA

919,069

6 Total

CCR2：Credit valuation adjustment (CVA) capital charge(Millions of yen)

EAD postCRM

RWA

1 Total portfolios subject to the Advanced CVA capital charge

-

-

2

(i) VaR component (including the 3×multiplier)

-

-

3

(ii) Stressed VaR component (including the 3×multiplier)--

4 All portfolios subject to the standardized CVA capital charge

720,650

517,561

5 Total subject to the CVA capital charge

720,650

517,56140

CCR3：Standardized approach – CCR exposures by regulatory portfolio and risk
(Millions of yen)
EAD (post-CRM)
Risk weight
Regulatory portfolio

0%

10%

20%

1 Japanese government and central bank935,395--

2 Non-Japanese sovereign and central bank

14,437-

8,984

3 Bank for International Settlements (BIS)

34,711--4 Japanese local public authorities

1,458

-

-

-

-

58,997

12,643--

7 Japan Finance Organization for Municipalities (JFM)

-

-

2,919

8 Japanese government-sponsored entities-

16,63911,9949 Three major local public corporations of Japan

-

-

-

10 Financial institutions and securities firms--

495,225

11 Corporates--

14,816

12 SMEs and individuals (risk weight 75% applied)

-

-

-

13 Other assets

-

-

-

998,646

16,639592,939

5 Non-Japanese public sector entities (excluding sovereign)
6 Multilateral Development Banks (MDBs)

14 Total(Millions of yen)
EAD (post-CRM)
Risk weight
Regulatory portfolio

50%

75%

100%

1 Japanese government and central bank

-

-

-

2 Non-Japanese sovereign and central bank

304

-

-

3 Bank for International Settlements (BIS)

-

-

-

4 Japanese local public authorities

-

-

-

1,326

-

-

6 Multilateral Development Banks (MDBs)

-

-

-

7 Japan Finance Organization for Municipalities (JFM)

-

-

-

8 Japanese government-sponsored entities

-

-

-

9 Three major local public corporations of Japan

-

-

-

10 Financial institutions and securities firms

5,244

-

-

11 Corporates

43,224-772,007

12 SMEs and individuals (risk weight 75% applied)

-

-

-

13 Other assets

-

-

-

50,099-772,007

5 Non-Japanese public sector entities (excluding sovereign)

14 Total

41

(Millions of yen)
EAD (post-CRM)
Risk weight
Regulatory portfolio

150%

Total credit
exposure

Others1 Japanese government and central bank--935,395

2 Non-Japanese sovereign and central bank--

23,7273 Bank for International Settlements (BIS)--

34,7114 Japanese local public authorities

-

-

1,458

5 Non-Japanese public sector entities (excluding sovereign)--60,324

6 Multilateral Development Banks (MDBs)--

12,643

7 Japan Finance Organization for Municipalities (JFM)

-

-

2,919

8 Japanese government-sponsored entities--

28,6339 Three major local public corporations of Japan

-

-

-

10 Financial institutions and securities firms--

500,469

1,173-

831,222

12 SMEs and individuals (risk weight 75% applied)

-

-

-

13 Other assets

-

-

-

1,173

-

2,431,505

11 Corporates

14 Total

CCR5：Composition of collateral for CCR exposure(Millions of yen)
Collateral used in derivative transactions

Fair value of collateral
received

Collateral used in SFTs

Fair value of posted
collateral

Fair value of Fair value ofcollateralpostedreceived
collateral

SegregatedUnsegregatedSegregatedUnsegregated

1 Cash - domestic currency

37,957

298,906

39,237433,810

5,488,187

6,790,013

2 Cash - other currencies

6,692

82,244

11,476

15,5308,281,068

6,823,174

3 Domestic sovereign debt

16,22015,094

19,827-

5,389,448

4,530,034

4 Other sovereign debt

15,442---6,231,946

6,219,670

5 Government agency debt

1,327

-

-

-

937,299

2,396,643

6 Corporate bonds

62,098---55,820245,374

7 Equity securities

23,793--

14,556

644,552

424,782

8 Other collateral

1,859

-

-

-

21,6681,384,042

165,393396,246

70,541

463,897

27,049,990

28,813,736

9 Total* Collateral applied to credit risk mitigation techniques42

CCR6：Credit derivatives exposures(Millions of yen)
Protection bought

Protection sold

595,972
2,609,770

898,118
2,520,574

Notionals
1
2Single-name credit default swaps
Index credit default swaps

3
4
5

Total return swaps
Credit options
Other credit derivatives

6 Total notionals
Fair values
7
Positive fair value (asset)
8

Negative fair value (liability)

-

-

-

-

3,205,742

3,418,693

2,078

59,722(57,576)(4,120)

CCR8：Exposures to central counterparties(Millions of yen)

EAD (post-CRM)

30,878

1 Exposures to QCCPs (total)
2

RWA

Exposures for trades at QCCPs (excluding initial
margin and default fund contributions); of which

862,283

17,17434(i) OTC derivatives(ii) Exchange-traded derivatives

290,650
263,227

5,813
5,264

5

(iii) Securities financing transactions

308,406

6,096

6(iv) Netting sets where cross-product netting has
been approved

-

-

7

Segregated initial margin

66,9498

Non-segregated initial margin9

Pre-funded default fund contributions

20,064
27,622401
13,302

10

Unfunded default fund contributions--

11 Exposures to non-QCCPs (total)
12

Exposures for trades at non-QCCPs (excluding initial
margin and default fund contributions); of which

-

-

13
14

(i) OTC derivatives(ii) Exchange-traded derivatives

-

-

15

(iii) Securities financing transactions

-

-

16

(iv) Netting sets where cross-product netting has
been approved

-

-

17

Segregated initial margin-18

Non-segregated initial margin

-

-

19

Pre-funded default fund contributions

-

-

20

Unfunded default fund contributions

-

-

43

SEC1：Securitization exposures in the banking book
(Millions of yen)Group acts as originatorType of underlying assets

1 Retail (total) - of which

Sub-total

Synthetic

Traditional
-

-

-

2

residential mortgage

-

-

-

3

credit card

-

-

-

4

other retail exposures

-

-

-

5

re-securitization

-

-

-

6 Wholesale (total) - of which

-

-

-

-

-

7

loans to corporates-

8commercial mortgage

-

-

-

9

lease and receivables

-

-

-

10

other wholesale

-

-

-

11

re-securitization

-

-

-

Group acts as sponsor
Type of underlying assets

1 Retail (total) - of which

Sub-total

Synthetic

Traditional
-

-

-

2

residential mortgage

-

-

-

3

credit card

-

-

-

4

other retail exposures

-

-

-

5

re-securitization

-

-

-

6 Wholesale (total) - of which

-

-

-

7

loans to corporates

-

-

-

8

commercial mortgage

-

-

-

9

lease and receivables

-

-

-

10

other wholesale

-

-

-

11

re-securitization

-

-

-

Group acts as investor
Type of underlying assets

1 Retail (total) - of which2

residential mortgage

3credit card4other retail exposures5

re-securitization

6 Wholesale (total) - of which
7loans to corporates

Sub-total

Synthetic

Traditional
339,014-339,014

164,496-

164,496---

174,517-

174,517---589,148-

589,148575,901-

575,901--8commercial mortgage-

9lease and receivables

13,247-

13,24710other wholesale

-

-

-

11

re-securitization

-

-

-

44

SEC2：Securitization exposures in the trading book
(Millions of yen)Group acts as originatorType of underlying assets

1 Retail (total) - of which

Sub-total

Synthetic

Traditional
646

-

646

646

-

646

2

residential mortgage

3credit card

-

-

-

4

other retail exposures

-

-

-

5

re-securitization

-

-

-

6 Wholesale (total) - of which

-

-

-

-

-

7

loans to corporates-

8commercial mortgage

-

-

-

9

lease and receivables

-

-

-

10

other wholesale

-

-

-

11

re-securitization

-

-

-

Group acts as sponsor
Type of underlying assets

1 Retail (total) - of which

Sub-total

Synthetic

Traditional
-

-

-

2

residential mortgage

-

-

-

3

credit card

-

-

-

4

other retail exposures

-

-

-

5

re-securitization

-

-

-

6 Wholesale (total) - of which

-

-

-

7

loans to corporates

-

-

-

8

commercial mortgage

-

-

-

9

lease and receivables

-

-

-

10

other wholesale

-

-

-

11

re-securitization

-

-

-

Group acts as investor
Type of underlying assets
Sub-total

Synthetic

Traditional
-

-

-

2

residential mortgage

-

-

-

3

credit card

-

-

-

4

other retail exposures

-

-

-

5

re-securitization

-

-

-

6 Wholesale (total) - of which

-

-

-

loans to corporates

-

-

-

8

commercial mortgage

-

-

-

9

lease and receivables

-

-

-

10

other wholesale

-

-

-

11

re-securitization

-

-

-

1 Retail (total) - of which

7

45

SEC3：Securitization exposures in the banking book and associated regulatory capital requirements –bank acting as originator or as sponsor
Not applicable.

46

SEC4：Securitization exposures in the banking book and associated capital requirements – bank acting as
investor(Millions of yen)
Total
exposures
Traditional
securitizatio Of whichnsecuritizatio Of which retailnunderlying

Of whichwholesale

Exposure values (by RW bands)
1≤20% RW

2

925,350925,350925,350

336,201

589,148>20% to 50% RW

-

-

-

-

-

3

>50% to 100% RW

-

-

-

-

-

4

>100% to <1250% RW

-

-

-

-

-

5

1250% RW

2,812

2,812

2,812

2,812

-

Exposure values(by regulatory approach)6

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

7

Of which external ratings-based approach (SECERBA)

925,350925,350925,350

336,201

589,148

8

Of which standardized approach (SEC-SA)

-

-

-

-

-

9

Of which 1250% risk weight applied

2,812

2,812

2,812

2,812

-

RWA(by regulatory approach)10

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

11

Of which external ratings-based approach (SECERBA)

183,406

183,406

183,406

65,602

117,803

-

-

-

-

-

35,15635,15635,15635,156-

12 Of which standardized approach (SEC-SA)
13 Of which 1250% risk weight applied
Capital charge after cap
14

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

15

Of which external ratings-based approach (SECERBA)

14,672

14,672

14,672

5,248

9,424

-

-

-

-

-

2,812

2,812

2,812

2,812

-

16 Of which standardized approach (SEC-SA)
17 Of which 1250% risk weight applied

47

(Millions of yen)
Total exposures
Traditional securitization
Synthetic
securitizatio Of which
Of which ren
securitizatio Of which
securitizatio
Of whichnnseniornon-senior
Exposure values (by RW bands)
1≤20% RW

-

-

-

-

-

2

>20% to 50% RW

-

-

-

-

-

3

>50% to 100% RW

-

-

-

-

-

4

>100% to <1250% RW

-

-

-

-

-

5

1250% RW

-

-

-

-

-

Exposure values(by regulatory approach)6

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

7

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

8

Of which standardized approach (SEC-SA)

-

-

-

-

-

9

Of which 1250% risk weight applied

-

-

-

-

-

RWA(by regulatory approach)10

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

11

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

12 Of which standardized approach (SEC-SA)

-

-

-

-

-

13 Of which 1250% risk weight applied

-

-

-

-

-

Capital charge after cap
14

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

15

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

16 Of which standardized approach (SEC-SA)

-

-

-

-

-

17 Of which 1250% risk weight applied

-

-

-

-

-

48

(Millions of yen)
Total exposures
Synthetic securitization
Of which securitization
Of which reOf which retail Of which securitizatio
underlyingnwholesale

Of whichseniorOf which
non-senior

Exposure values (by RW bands)
1≤20% RW

-

-

-

-

-

2

>20% to 50% RW

-

-

-

-

-

3

>50% to 100% RW

-

-

-

-

-

4

>100% to <1250% RW

-

-

-

-

-

5

1250% RW

-

-

-

-

-

Exposure values(by regulatory approach)6

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

7

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

8

Of which standardized approach (SEC-SA)

-

-

-

-

-

9

Of which 1250% risk weight applied

-

-

-

-

-

RWA(by regulatory approach)10

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

11

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

12 Of which standardized approach (SEC-SA)

-

-

-

-

-

13 Of which 1250% risk weight applied

-

-

-

-

-

Capital charge after cap
14

Of which internal ratings-based approach (SECIRBA) or internal assessment approach (IAA)

-

-

-

-

-

15

Of which external ratings-based approach (SECERBA)

-

-

-

-

-

16 Of which standardized approach (SEC-SA)

-

-

-

-

-

17 Of which 1250% risk weight applied

-

-

-

-

-

49

MR1：Market risk under standardized approach(Millions of yen)
RWA
1 Interest rate risk (general and specific)

522,605

2 Equity risk (general and specific)

77,6383 Foreign exchange risk

201,943597

4 Commodity risk
Options5

Simplified approach-

6

Delta-plus method-

7

Scenario approach

4,185

8 Securitization

806,970

9 Total
MR2：RWA flow statements of market risk exposures under an IMA(Millions of yen)Stressed
VaR

VaR

1a RWA at end of previous year

IRC

CRM

Other

Total RWA

168,932

487,742--656,675

Adjustments to RWA based on the
1b regulatory consolidated capital at endof previous year

4.14

3.69

-

-

3.80

1c

Amounts of IMA at end of previous
year

40,728132,018--

172,747

2

Movement in risk levels

10,479(59,014)--(48,534)

3

Model updates/changes

-

-

-

-

-

4 Change in Methodology and policy
reporting
5 period
Acquisitions and disposals

-

-

-

-

-

-

-

-

-

-

6

Foreign exchange movements

-

-

-

-

-

7

Other

-

-

-

-

-

51,20773,004--

124,212

2.36

3.89

-

-

3.26

121,090

284,197--405,288

Amounts of IMA at end of reporting
periodAdjustments to RWA based on the
8b regulatory consolidated capital at endof reporting period
8a8c RWA at end of reporting period

50

(Millions of yen)Stressed
VaR

VaR

1a RWA at previous quarter-end
Adjustments to RWA based on the
1b regulatory consolidated capital atprevious quarter-end
1c

Amounts of IMA at previous quarterend

IRC

CRM

Other

Total RWA

131,173

202,189--

333,362

4.22

2.50

-

-

2.98

31,05480,753--111,808

2

Movement in risk levels

20,153(7,749)--12,4043

Model updates/changes

-

-

-

-

-

4 Change in Methodology and policy
reporting
5 period
Acquisitions and disposals

-

-

-

-

-

-

-

-

-

-

6

Foreign exchange movements

-

-

-

-

-

7

Other

-

-

-

-

-

51,20773,004--

124,212

2.36

3.89

-

-

3.26

121,090

284,197--405,288

Amounts of IMA at end of reporting
8a
periodAdjustments to RWA based on the
8b regulatory consolidated capital at end ofreporting period
8c RWA at end of reporting period51

MR3：IMA values for trading portfolios(Millions of yen)VaR (10 day 99%)
1 Maximum value

5,220

2 Average value

2,836

3 Minimum value

1,294

4 Period end

4,075

Stressed VaR (10 day 99%)
5 Maximum value

12,214

6 Average value

6,779

7 Minimum value

1,376

8 Period end

5,754

Incremental Risk Charge (99.9%)
9 Maximum value-

10 Average value-

11 Minimum value-

12 Period end-

Comprehensive Risk capital charge (99.9%)
13 Maximum value-

14 Average value-

15 Minimum value-

16 Period end-

17 Floor (standardized measurement method)-52

MR4: Comparison of VaR estimates with gains/losses
2,000Profit and Loss

Value at Risk

1,500

1,000

500

0
( Millions-500
of yen )-1,000-1,500-2,000-2,500-3,000IRRBB1：Quantitative information on IRRBB(Millions of yen)
ΔEVE
March 2024 March 2023
1 Parallel up

13,7038,343

2 Parallel down

24,556

20,1143 Steepener

9,257

10,375

4 Flattener

530

454

5 Short rate up

4,219

1,033

6 Short rate down

14,431

13,4207 Maximum

24,556

20,114

March 2024 March 2023
8 Tier 1 capital

1,520,820

ΔNII is not disclosed because there is only minimal impact from the changes in net income
subject to the interest rate risk which occurs from the non-trading business.
53

1,429,860

CCyB1: Geographical distribution of credit exposures used in the countercyclical buffer(Millions of yen)
Geographicalbreakdown
Australia
FranceGermany
Hong Kong SAR
Luxembourg
Netherlands
SwedenUnited Kingdom
Sum
Total

Countercyclicalcapital buffer rate
1.00%
1.00%
0.75%
1.00%
0.50%
1.00%
2.00%
2.00%

Bank-specificRisk-weighted assets
used in the computation countercyclicalof the countercyclicalcapital buffer
capital bufferrate
54,307606
0
9,702
31,71627,2503
102,210
225,798
3,579,156

0.08%

Countercyclicalbuffer amount

6,181* Basically, Risk-weighted assets used in the computation of the countercyclical capital buffer are calculated on an"ultimate risk" basis. For a part of assets which are difficult to allocate jurisdictions by the ultimate risk method,
we adopt the jurisdictions which are recorded in the balance sheet to the calculation.

54

Consolidated Leverage Ratio
1.

Composition of consolidated leverage ratio(Millions of yen , %)Basel III
template
number (2)Basel III
template
number (1)Items

March 2024

On-balance sheet exposures1(1)
On-balance sheet items before adjustments

13,213,263

12,575,527

1

Total assets in the consolidated balance sheet

28,483,230

23,326,212

1b2

Total assets held by group companies which are not included in thescope of the consolidated leverage ratio

-

-

1c

7

Total assets held by group companies which are included in the scopeof the consolidated leverage ratio (except for the assets included in the
total assets in the consolidated balance sheet)

1,347

1,275

1d

3

Assets other than the adjustments that are excluded from the total assets
in the consolidated balance sheet

15,271,314

10,751,960

7Tier 1 capital: regulatory adjustments

1a2

161,564

156,204

13,051,699

12,419,323

4

Replacement cost associated with all derivatives transactions (with the
1.4 alpha factor applied)

907,812810,3695

Add-on amounts for PFE associated with all derivatives transactions(with the 1.4 alpha factor applied)

605,842835,622

6

Gross-up for derivatives collateral provided where deducted from thebalance sheet assets pursuant to the operative accounting framework

-

-

7

Deductions of receivables assets for cash variation margin provided inderivatives transactions

103,733

26,952

8

Exempted CCP leg of client-cleared trade exposures

9

Adjusted effective notional amount of written credit derivatives

3,418,693

2,386,360

10

Adjusted effective notional offsets and add-on deductions for written
credit derivatives

3,020,666

1,974,603

1,807,948

2,030,796

3

Total on-balance sheet exposures (excluding derivatives and SFTs)

Derivative exposures

11

(A)
(2)

4

Total derivative exposures(B)

Securities financing transaction exposures

(3)

12

Gross SFT assets (with no recognition of netting), after adjusting forsale accounting transactions

13,719,164

10,031,640

13

Netted amounts of cash payables and cash receivables of gross SFT assets

4,431,088

2,564,118

14

CCR exposure for SFT assets

196,262

170,862

15

Agent transaction exposures
9,484,338

7,638,384
152,80916

5

Total securities financing transaction exposures

Other off-balance sheet exposures

(C)
(4)

17

Off-balance sheet exposure at gross notional amount

165,623

18

Adjustments for conversion to credit equivalent amounts

47,852

46,086

117,771

106,723

19

6

Off-balance sheet items(D)

Tier 1 capital(E)

1,520,820

1,429,859

Total exposures (A)+(B)+(C)+(D)(F)

24,461,756

22,195,226

Leverage ratio on a consolidated basis (E) / (F)

6.21%

6.44%

National minimum leverage ratio requirement

3.00%

-

-

-

24,461,756

22,195,226

Capital and total exposures
20
21
22

8

(5)

Applicable leverage buffers
Leverage ratio (including amount of the central bank reserves)(6)

Total exposures(F)

Amount of the central bank reserves
Total exposures (including amount of the central bank reserves)
Leverage ratio (including amount of the central bank reserves) (E) / (F')

2.

March 2023

(F')

3,544,069

3,087,036

28,005,825

25,282,262

5.43%

5.65%

Reasons for significant differences in the consolidated leverage ratio over previous year
There is no significant difference in the consolidated leverage ratio over the previous year.
55

Overview of Main Features of Regulatory Capital Instruments
CCA：Main features of regulatory capital instruments
1

IssuerDaiwa Securities Group Inc.

2

Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for private placement)

3

Governing law(s) of the instrument

3a

Other TLAC-eligible instruments governed by foreign law

NAJapanese Law－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

7

Instrument type (types to be specified by each jurisdiction)

Common stock

8

Amount recognized in regulatory capital (Currency in millions, as of the mostrecent reporting date)
Consolidated Capital Adequacy Ratio

1,283,131 million Yen－

9Par value of instrument

10

Accounting classification

11

Original date of issuance－

12

Perpetual or dated

NA

Consolidated balance sheets

13

Shareholders' equity－

Original maturity date

14

Issuer call subject to prior supervisory approval

NA

15

Optional call date and redemption amount－Contingent call dates and redemption amount－

Subsequent call dates, if applicable－

16

Coupons / dividends
17

Fixed or floating dividend/coupon

Floating

18

Coupon rate and any related index－

19

Existence of a dividend stopper

20

Fully discretionary, partially discretionary or mandatory

21

Existence of step up or other incentive to redeem

NA22

Noncumulative or cumulative

NA

23

NA

Convertible or non-convertible

Fully discretionaryNA

24

If convertible, conversion trigger(s)－25

If convertible, fully or partially－26

If convertible, conversion rate－

27

If convertible, mandatory or optional conversion－

28

If convertible, specify instrument type convertible into－29

If convertible, specify issuer of instrument it converts into－

30

Write-down featureNA31

If write-down, write-down trigger(s)－32

If write-down, full or partial

－

33
34
34a

If write-down, permanent or temporary
If temporary write-down, description of write-up mechanism
Type of subordination

－
－
－

35

Position in subordination hierarchy in liquidation (specify instrument type
immediately senior to instrument)

36
37

Non-compliant transitioned features
If yes, specify non-compliant features

Perpetual Subordinated Bonds
NA
－

56

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in Stock subscription right issued inJuly 2006
July 2007

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

43 million Yen

56 million Yen－－

Stock subscription right

Stock subscription right

July 1, 2006

July 1, 2007

12 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

57

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in Stock subscription right issued inJuly 2008
July 2009

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

70 million Yen

123 million Yen－－

Stock subscription right

Stock subscription right

July 1, 2008

July 1, 200912 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

58

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in Stock subscription right issued inJuly 2010
July 2011

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

174 million Yen

276 million Yen－－

Stock subscription right

Stock subscription right

July 1, 2010

July 1, 201112 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

59

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in Stock subscription right issued in
February 2013
February 2014

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

340 million Yen

293 million Yen－－

Stock subscription right

Stock subscription right

February 12, 2013

February 10, 201412 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

60

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in
Stock subscription right series 11
February 2015

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

335 million Yen

563 million Yen－－

Stock subscription right

Stock subscription right

February 9, 2015

February 9, 2015

12 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

61

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in
Stock subscription right series 12
February 2016

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

348 million Yen

238 million Yen－－

Stock subscription right

Stock subscription right

February 16, 2016

February 16, 2016

12 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

62

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in
Stock subscription right series 13
February 2017

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

375 million Yen

496 million Yen－－

Stock subscription right

Stock subscription right

February 8, 2017

February 8, 201712 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

63

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right issued in
Stock subscription right series 14
February 2018

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

409 million Yen

590 million Yen－－

Stock subscription right

Stock subscription right

February 8, 2018

February 8, 201812 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

64

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right series 15 Stock subscription right series 16

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

407 million Yen

436 million Yen－－

Stock subscription right

Stock subscription rightAugust 10, 2018

August 15, 201912 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

65

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right series 17 Stock subscription right series 18

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

444 million Yen

262 million Yen－－

Stock subscription right

Stock subscription rightAugust 17, 2020

August 13, 2021

12 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

66

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

NA

NA

Japanese Law

Japanese Law－－

Regulatory treatment
4

Transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital5

Post-transitional Basel III rules

Common Equity Tier 1 capital

Common Equity Tier 1 capital

6

Eligible at solo/group/group&solo

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

7 Instrument type (types to be specified by each jurisdiction)
8

Stock subscription right series 19 Stock subscription right series 20

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio

376 million Yen

292 million Yen－－

Stock subscription right

Stock subscription rightAugust 15, 2022

August 15, 2023

12 Perpetual or dated

NA

NA

13

－

－

14 Issuer call subject to prior supervisory approval

NA

NA

15

Optional call date and redemption amount－－Contingent call dates and redemption amount－－

Subsequent call dates, if applicable－－

Floating

Floating

9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance

16

Original maturity date

Coupons / dividends
17

Fixed or floating dividend/coupon

18

Coupon rate and any related index

－

－

19

Existence of a dividend stopper

NA

NA

20

Fully discretionary, partially discretionary or mandatory

Fully discretionary

Fully discretionary

21

Existence of step up or other incentive to redeem

NA

NA

22

Noncumulative or cumulativeNA

NA

23 Convertible or non-convertible

NA

NA

24

If convertible, conversion trigger(s)

－

－

25

If convertible, fully or partially

－

－

26

If convertible, conversion rate

－

－

27

If convertible, mandatory or optional conversion

－

－

28

If convertible, specify instrument type convertible into

－

－

29

If convertible, specify issuer of instrument it converts into－－

30 Write-down feature

NA

NA

31

If write-down, write-down trigger(s)

－

－

32

If write-down, full or partial

－

－

33

If write-down, permanent or temporary

－

－

34

If temporary write-down, description of write-up mechanism

－

－

34a

Type of subordination

－

－

35

Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)

Perpetual Subordinated Bonds

Perpetual Subordinated Bonds

36

Non-compliant transitioned features

NA

NA

37

If yes, specify non-compliant features

－

－

67

1 Issuer
2 Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law
Regulatory treatment

Daiwa Office Investment Corporation

Samty Residential Investment Corporation

NA

NA

Japanese Law

Japanese Law

－

－

4

Transitional Basel III rules

Additional Tier 1 capital
Tier 2 capital

Additional Tier 1 capital
Tier 2 capital5

Post-transitional Basel III rules

Additional Tier 1 capital
Tier 2 capital

Additional Tier 1 capital
Tier 2 capital

Daiwa Securities Group Inc.

Daiwa Securities Group Inc.

Common stock

Common stock

Additional Tier 1 capital
30,517 million Yen
Tier 2 capital
7,180 million Yen－

Additional Tier 1 capital
9,380 million Yen
Tier 2 capital
2,207 million Yen－

6
Eligible at solo/group/group&solo
7 Instrument type (types to be specified by each jurisdiction)
Amount recognized in regulatory capital (Currency in8millions, as of the most recent reporting date)
Consolidated Capital Adequacy Ratio

9 Par value of instrument
10 Accounting classification
Non-controlling interest
Consolidated balance sheets－
11 Original date of issuanceNA
12 Perpetual or dated－
13
Original maturity dateNA
14 Issuer call subject to prior supervisory approval－
15
Optional call date and redemption amount－Contingent call dates and redemption amount－16
Subsequent call dates, if applicable
Coupons / dividends
Floating
17
Fixed or floating dividend/coupon－
18
Coupon rate and any related index
NA
19
Existence of a dividend stopper
Fully discretionary
20
Fully discretionary, partially discretionary or mandatory
NA
21
Existence of step up or other incentive to redeem
NA22
Noncumulative or cumulativeNA
23 Convertible or non-convertible－
24
If convertible, conversion trigger(s)－25
If convertible, fully or partially－26
If convertible, conversion rate－
27
If convertible, mandatory or optional conversion－
28
If convertible, specify instrument type convertible into－29
If convertible, specify issuer of instrument it converts intoNA
30 Write-down feature－31
If write-down, write-down trigger(s)－32
If write-down, full or partial－
33
If write-down, permanent or temporary－
34
If temporary write-down, description of write-up mechanism－
34a Type of subordination
Position in subordination hierarchy in liquidation (specify
Perpetual Subordinated Bonds
35
instrument type immediately senior to instrument)NA36
Non-compliant transitioned features－
37
If yes, specify non-compliant features

68

Non-controlling interest
－
NA
－
NA
－
－
－
Floating－
NA
Fully discretionary
NA
NA
NA
－
－
－
－
－
－
NA
－
－
－
－
－
Perpetual Subordinated Bonds
NA－

1 Issuer
Unique identifier (e.g., CUSIP, ISIN or Bloomberg identifier for
2
private placement)
3 Governing law(s) of the instrument
3a Other TLAC-eligible instruments governed by foreign law
Regulatory treatment
4
Transitional Basel III rules
5
Post-transitional Basel III rules
6
Eligible at solo/group/group&solo

7 Instrument type (types to be specified by each jurisdiction)

Amount recognized in regulatory capital (Currency in millions, as ofthe most recent reporting date)
Consolidated Capital Adequacy Ratio
9 Par value of instrument
10 Accounting classification
Consolidated balance sheets
11 Original date of issuance
12 Perpetual or dated
13
Original maturity date
14 Issuer call subject to prior supervisory approval
15
Optional call date and redemption amountContingent call dates and redemption amountDaiwa Securities Group Inc.

Daiwa Securities Group Inc.

JP350220AL30

JP350220BL39

Japanese Law－

Japanese Law－

Additional Tier 1 capital
Additional Tier 1 capital
Daiwa Securities Group Inc.
Daiwa Securities Group Inc. firstseries of unsecured perpetual
subordinated bonds with optionalredemption clause and write-downclauseAdditional Tier 1 capital
Additional Tier 1 capital
Daiwa Securities Group Inc.
Daiwa Securities Group Inc. second
series of unsecured perpetual
subordinated bonds with optionalredemption clause and write-downclause124,900 million Yen
125,000 million Yen

25,000 million Yen
25,000 million Yen

Liabilities
March 16, 2020
NA－
YES
June 5, 2025 at parTax event or Regulatory event at par
Each interest payment date after firstcall date

Liabilities
March 16, 2020
NA－
YES
June 5, 2030 at parTax event or Regulatory event at par
Each interest payment date after firstcall date8

16

Subsequent call dates, if applicable

17

Coupons / dividends
Fixed or floating dividend/coupon

18

Coupon rate and any related index

19
Existence of a dividend stopper
20
Fully discretionary, partially discretionary or mandatory
21
Existence of step up or other incentive to redeem
22Noncumulative or cumulative
23 Convertible or non-convertible
24
If convertible, conversion trigger(s)25
If convertible, fully or partially26
If convertible, conversion rate
27
If convertible, mandatory or optional conversion
28
If convertible, specify instrument type convertible into29
If convertible, specify issuer of instrument it converts into
30 Write-down feature31

If write-down, write-down trigger(s)32
33

If write-down, full or partial
If write-down, permanent or temporary

34

If temporary write-down, description of write-up mechanism

34a

Type of subordination
Position in subordination hierarchy in liquidation (specify instrument
type immediately senior to instrument)
Non-compliant transitioned features
If yes, specify non-compliant features

35
36
37

Fixed to floating
Fixed to floating
From the day immediately following From the day immediately following
March 16, 2020 until June 5, 2025 :March 16, 2020 until June 5, 2030 :
1.20％ per annum From the day
1.39％ per annum From the day
immediately following June 5, 2025 : immediately following June 5, 2030 :6-month euro-yen LIBOR＋1.40％
6-month euro-yen LIBOR＋1.50％
YES
YES
Fully discretionary
Fully discretionary
NA
NA
NA
NA
NA
NA
－
－
－
－
－
－
－
－
－
－
－
－
YES
YES
Events(1), (2) or (3) below:
Events(1), (2) or (3) below:(1)When the Company’s consolidated (1)When the Company’s consolidated
Common Equity Tier1 capital ratio
Common Equity Tier1 capital ratio
falls below 5.125%.
falls below 5.125%.
(2)When the principal amount of and (2)When the principal amount of andinterest on the bonds shall be written interest on the bonds shall be written
down to zero when it is confirmed that down to zero when it is confirmed thatthe “specified item 2 measures”.
the “specified item 2 measures”.
(3)When the Company becomes(3)When the Company becomessubject to bankruptcy and othersubject to bankruptcy and other
insolvency proceedings.
insolvency proceedings.
Full or Partial
Full or Partial
TemporaryTemporary
When the Company determines that the When the Company determines that the
principal amount of the bonds that have principal amount of the bonds that havebeen written-down be reinstated after been written-down be reinstated after
prior confirmation of the Financial
prior confirmation of the Financial
Services Agency of Japan and any
Services Agency of Japan and anyother relevant Japanese governmental other relevant Japanese governmentalorganizations that the Company’sorganizations that the Company’s
consolidated Common Equity Tier1
consolidated Common Equity Tier1
capital ratio remains at a sufficiently capital ratio remains at a sufficiently
high level immediately after giving
high level immediately after giving
effect to the relevant reinstatement of effect to the relevant reinstatement of
the bonds.
the bonds.
Contractual
Contractual

69

Debts

Debts

NA
－

NA
－