Translation of the Japanese press release
October 12, 2010
Nikko Cordial Securities Inc.

Organizational Changes

Nikko Cordial Securities Inc. today announces organizational changes as follows.
1. Organizational Changes (Effective as of October 15, 2010)(1)Compliance To bring together and strengthen the functions of the compliance and legal
division as related to the wholesale business, we are establishing Compliance Products & Corporate Business, to which we are transferring part of thebusinesses of Institutional Business Administration and Legal and the wholebusiness of Products Compliance. The other businesses of Institutional Business
Administration are transferred to the newly established Institutional Business
Operation. With these changes, Institutional Business Administration andProducts Compliance are closed.
Compliance - Products & Corporate Business （New）
This division is engaged in internal control in general for each division related
the wholesale business, management of written consents to information
sharing, control on the whole line of products from the viewpoint ofcompliance (including training) and examination and supervision regarding
confirmation of product features and explanations of products.
(2) Administrative Operation
 In anticipation of expansion of the trading business in the future, we areestablishing Institutional Business Operation to improve customer convenienceand increase business efficiency. Part of the settlement business in the divisions
related the wholesale business, now undertaken by Institutional Business
Administration and others, will be centralized in Institutional Business Operation.
Institutional Business Operation （New）
This division is engaged in back-office securities business at each division
related the wholesale business and management of customer accounts andinformation regarding customers of the domestic and overseas in thewholesale business.
(3) Corporate Business （New）
 Corporate Business I and Corporate Business II are integrated into Corporate
Business. Corporate Business keeps control over Corporate Clients I toCorporate Clients VI, Financial Institutions and Public Sector Clients.

2. Change in Executive Officers (Effective as of October 15, 2010)
Change in Executive Responsibilities

Takashi Yoshikawa

Masuo Fukuda

Toyoshi Maeda

Hiroyoshi Yoshioka[New] Senior Executive Officer, Co-Head of Corporate
Business Unit and Co-Head of Corporate Business[Current] Senior Executive Officer, Co-Head of Corporate
Business Unit and Co-Head of Corporate Business I[New] Managing Executive Officer, Co-Head of Investment
Banking Unit, Co-Head of Solution Strategy, Head ofInvestment Banking and Co-Head of Corporate Business[Current] Managing Executive Officer, Co-Head ofInvestment Banking Unit, Co-Head of Solution Strategy,
Head of Investment Banking and Co-Head of Corporate
Business I[New] Executive Officer, Co-Head of Solution Strategy, Headof Compensation & Benefit Planning and Co-Head ofCorporate Business[Current] Executive Officer, Co-Head of Solution Strategy,
Head of Compensation & Benefit Planning and Co-Head ofCorporate Business II[New] Executive Officer, Senior Deputy Head of Investment
Banking and Co-Head of Corporate Business[Current] Executive Officer, Senior Deputy Head ofInvestment Banking, Co-Head of Corporate Business I andCo-Head of Corporate Business II###