May 16, 2024
Press Release

Daiwa Securities Group Inc.
Daiwa Corporate Investment Co., Ltd.
Daiwa Fund Consulting Co. Ltd.
Announcement of the establishment of "Daiwa EMP Private Fund 1 L.P."
Daiwa Securities Group Inc. (President: Akihiko Ogino; hereinafter "the Group"),
Daiwa Corporate Investment Co., Ltd. and Daiwa Fund Consulting Co. Ltd. arepleased to announce that as part of the Company Group's efforts to foster emerging
asset managers*1, we have established the " Daiwa EMP*2 Private Fund 1 L.P." on May
15, 2024, which will invest in carefully selected funds managed by emerging domestic
and international asset managers.
*1 See press release dated January 16, 2024 Initiatives for strengthening Daiwa Securities Group's AssetManagement Business*2 Emerging Managers Program: A program to promote emerging asset managers by providing seed money to them.

Ⅰ Purpose
As Japan transitions from a 30-year deflationary period to an era with interestrates, we believe that the reform of the asset management sector, in addition to
the improvement of the NISA (Nippon Individual Savings Account) system andcorporate governance reform, is an important initiative that will contribute to therevitalization of the capital market.

In order to provide products that contribute to the best interests of our customers,
we will work to expand the group's investment domains and diversify ourinvestment products by discovering and fostering emerging asset managers withhigh investment management capabilities.

Specifically, Daiwa Corporate Investment will bring together the know-how it has
cultivated through managing over 90 funds since its founding, and Daiwa Fund
Consulting's keen eye as a gatekeeper it has developed through investigating over
100 asset management companies and approximately 1,600 funds, to establish two
funds targeting both private assets and liquid assets, and will contribute seedmoney to each fund.

The group plans to launch a fund targeting private assets on May 15, 2024, and afund targeting liquid assets at a later date. Going forward, the group willencourage institutional investors and others who support the EMP initiative tocontribute capital to emerging asset managers through the program.

We believe that by continuing to create mechanisms that will enable many
investors to support the EMP, such as this initiative, which raises capital fromexternal investors through the formation of a fund as part of our Group's uniqueEMP, we can make a broad contribution to the realization of a nation built on asset
management. Going forward, the entire Group will work together to push forwardwith the sophistication of the asset management industry, and promoting Japanas a leading asset management center, we will contribute to economic growth andan increase in the asset income of the people.

Daiwa EMP Private Fund 1 L.P. concept image

Daiwa Securities GroupExternal Investors
Funding

Funding
Fund Management

Daiwa EMP Private
Fund 1 L.P.

DCIth(est. May 15 )＜Private Assets＞

Investment Strategies

DFCInvestment

Private Strategy

Daiwa EMP Liquid
Fund 1 L.P.
（TBD）

＜Liquid Assets＞

Investment

Fund Management
Emerging Asset Managers*DCI: Daiwa Corporate Investment Co., Ltd.
*DFC: Daiwa Fund Consulting Co. Ltd.

Liquid Strategy

II. Overview of Daiwa EMP Private Fund 1 L.P.
Name

Daiwa EMP Private Fund 1 L.P.

Investment Targets

Investment funds managed by emerging domestic andinternational investment managers(Private assets such as private equity funds and venture
capital funds)

Established date

May 15, 2024

Final Closing

March 31, 2025 (planned)

General Partner (GP)

Daiwa Corporate Investment

Limited Partner (LP)Daiwa Securities Group Inc., institutional investors, etc.

Investment decision

Daiwa Fund Consulting(Concluded a discretionary investment agreement withGP Daiwa Corporate Investment)

III. Overview of Daiwa Corporate Investment
Name

Daiwa Corporate Investment Co., Ltd.

Business Contents

Venture capital fund management

EstablishedMay 2013*3Capital

100 million yen

Shareholders

Daiwa Securities Group Inc. (100%*4)

President and CEO

Isao Niwa*3 After being founded in August 1982, Nippon Investment Finance was reorganized and became Daiwa Corporate
Investment.
*4 Indirect ownership (direct parent company is Daiwa Investment Management Co., Ltd.)IV. Overview of Daiwa Fund Consulting
Name

Daiwa Fund Consulting Co. Ltd.

Business Contents

Investment advisory and agency business, investment
management business
Pension management consulting businessInformation service industry

Established

July 2006 *5

Capital

450 million yen

Shareholders

Daiwa Securities Group Inc. (100%)

President and CEO

Takashi Fujikura*5: After starting pension (asset management) consulting services at Daiwa Institute of Research Ltd. in 1994, thecompany was split off and succeeded in 2006

End