Translation of the Japanese press release
October 13, 2009
Nikko Cordial Securities Inc.

Organizational Changes

Nikko Cordial Securities Inc. today announces organizational changes as follows.

1.

Organizational Changes- In order to expand corporate business, improve our capabilities to offer plans to ourregional corporate clients mainly in Osaka, Kyoto and Kobe and enhance allianceand corporation with Sumitomo Mitsui Banking Corporation.
- In order to expand corporate business, enhance capabilities to offer solution tofinancial institutions and public sector clients.

Capital Markets Origination- Establish Capital Markets Osaka, which will provide financing plans and advices oncapital structure for regional corporate clients mainly in Osaka, Kyoto and Kobe.
Investment Banking- Establish Investment Banking VII that will propose solution plans for financial
institutions.
Corporate Business I- Following the establishment of Investment Banking VII, reorganize Financial
Institutions & Public Sector Clients in accordance with target clients, spread into two
divisions, Financial Institutions and Public Sector Clients to deal with corporate
business expansion.

2.

Changes in Directors and Executive Officers

Changes in Executive Responsibilities (Effective as of October 13, 2009)[New] Executive Officer, Senior Deputy Head of Investment
Banking, Co-Head of Corporate Business I and Co-Head ofCorporate Business II
Hiroyoshi Yoshioka[Previous] Executive Officer, Deputy Head of Investment
Banking and Co-Head of Corporate Business I
Changes in Titles of Executive Responsibilities (Effective as of October 13, 2009)[New] Senior Executive Managing Director, Co-Head of
Institutional Business Unit
Hideto Yoshikawa[Previous] Senior Executive Managing Director, Head of
Institutional Business Unit

Masaaki MizunoNoriyoshi Suzuki[New] Senior Executive Managing Director, Co-Head of
Products and Head of Research[Previous] Senior Executive Managing Director, Head of
Products and Head of Research[New] Senior Executive Managing Director, Head of RetailBusiness Kinki, Hokuriku & Shinetsu and Co-Head of
Wealth Management[Previous] Senior Executive Managing Director, Head of
Retail Business Kinki, Hokuriku & Shinetsu and Head of
Wealth Management[New] Executive Director, Co-Head of FinanceShinya Tamoto[Previous] Executive Director, Head of Finance

Hitoshi Chinen

Yasushi Tachihara

Takashi YoshikawaToyoshi Maeda

Hiroaki Toyoda[New] Executive Director, Head of Compliance, Head ofGeneral Management and Co-Head of Risk Management[Previous] Executive Director, Head of Compliance, Head ofGeneral Management and Head of Risk Management[New] Executive Director, Head of Administrative Operation
and Co-Head of Business & Strategic Planning[Previous] Executive Director, Head of Administrative
Operation and Head of Business & Strategic Planning[New] Managing Executive Officer, Co-Head of Corporate
Business Unit and Co-Head of Corporate Business I[Previous] Managing Executive Officer, Head of Corporate
Business Unit and Head of Corporate Business I[New] Executive Officer, Co-Head of Solution Strategy,
Head of Compensation & Benefit Planning and Co-Head ofCorporate Business II[Previous] Executive Officer, Co-Head of Solution Strategy,
Head of Compensation & Benefit Planning and Head ofCorporate Business II[New] Executive Officer, Co-Head of Products Planning &Operation and Co-Head of Products[Previous] Executive Officer, Head of Products Planning &Operation and Co-Head of Products

3. Personnel Changes (Effective as of October 13, 2009)[New] Co-General Manager of Risk Management
Shintaro Mima
[Previous] General Manager of Risk Management

[New] Co-General Manager of Risk Management
Kazuhisa Sunada[Previous] Deputy General Manager of Risk Management

Shigeyuki Otohata[New] Co-General Manager of Financial Market Products
Trading[Previous] General Manager of Financial Market Products
Trading[New] Co-General Manager of Global Investment Strategy

Hidenori Suezawa[Previous] Global Investment Strategy[New] Co-General Manager of Global Investment Strategy
Fumikazu Onishi[Previous] General Manager of Global Investment Strategy

Yuichiro Kondo

Kazuhiko Kido

Yaoki Tsutsumi[New] Co-General Manager of Management Planning &Administration[Previous] General Manager of Management Planning &Administration[New] Co-General Manager of Institutional BusinessDevelopment[Previous] General Manager of Institutional BusinessDevelopment[New] Deputy Head of Capital Markets Origination andGeneral Manager of Capital Markets Osaka[Previous] Deputy Head of Capital Markets Origination[New] General Manager of Investment Banking VII

Masataka Sanpei[Previous] Investment Banking[New] General Manager of Financial Institutions
Yuji Kawahara[Previous] General Manager of Financial Institutions &Public Sector Clients[New] General Manager of Public Sector Clients

Masahiko Shoho[Previous] Deputy General Manager of Financial Institutions& Public Sector Clients[New] Co-General Manager of Institutional Business Osaka
Kazuhito Izumida[Previous] General Manager of Institutional Business Osaka[New] Co-General Manager of Institutional Business OsakaMikio Suzuki[Previous] Sumitomo Mitsui Banking Corporation###