Daiwa Securities Group Inc. / Consolidated Capital Adequacy Ratio

The consolidated capital adequacy ratio as of March 31, 2011 was 27.2%.

(Unit: 100 Million Yen)

		March 31, 2011
Total Qualifying Capital	(E)=(A)+(B)+(C)-(D)	9,668
Tier 1	(A)	8,665
Tier 2	(B)	623
Tier 3	(C)	737
Deductions	(D)	358
Total Risk-Weighted Assets	(F)	35,453
Credit Risk		15,843
Market Risk *1		12,903
Operational Risk *1		6,707
Total Risk-Weighted Assets by 8%	(F)*8%	2,836
Consolidated Capital Adequacy Ratio *2	(E)/(F)*100	27.2%
Tier 1 Capital Ratio	(A)/(F)*100	24.4%

*1 Market and Operational Risk hereunder is computed by multiplying each risk amount by 12.5 (the Reciprocal of 8%).

*2 Consolidated Capital Adequacy Ratio hereunder is calculated under the principal of Financial Service Agency Public Notice 130 of the Financial Instruments and the Exchange Act (Article 57-17-1).