Translation of the Japanese press release
November 27, 2008
Nikko Cordial Securities Inc.

Organizational Changes
Nikko Cordial Securities Inc. today announced the organizational changes as per appendices.

###[Appendix]

Organizational Changes
Nikko Cordial Securities Inc. will implement the organizational changes effective as of December
11, 2008 as follows:[Purpose]
The organizational changes will be implemented to enable strategic allocation of management
resources and speedy decision-making and to boost sales capabilities and management
efficiencies.
[Organizational changes]
No new divisions or departments will be established.
Appointments【Retirement】（Effective as of December 31, 2008）

Board of Directors
Mikio Kitabayashi

Director, Vice-Chairman

Akira Fukuda

Senior Executive Managing Director

Shunji Yoshimoto

Senior Executive Managing Director

Toyoaki Kokido

Senior Executive Managing Director

Executive Officers
Eisaku Imazato*

Senior Executive Officer

Shigeo Koike

Executive Officer

Noboru Tsunoda

Executive Officer*Mr Imazato will also retire from Head of Institutional Client Coverage Division, Nikko Citigroup
Limited.
【New appointment】 （Effective as of December 11, 2008）
Board of Directors
Hitoshi Chinen[Previous] General Manager, Settlement

Yasushi Tachihara[Previous] General Manager, Retail Business Planning2

[Appendix]【Promotion】（Effective as of December 11, 2008）
Board of Directors[New] Senior Executive Managing Director
Noriyoshi Suzuki[Previous] Executive Managing Director[New] Senior Executive Managing Director
Naofumi Fuke
[Previous] Executive Managing Director【Changes in Executive Responsibilities】（Effective as of December 11, 2008）[New] Senior Executive Managing Director, (Released from)
Akira Fukuda

Head of Compliance[Previous] Senior Executive Managing Director, Head ofCompliance[New] Senior Executive Managing Director, Head of PublicInstitutions

Masashi Iwakigawa[Previous] Senior Executive Managing Director, Head ofInvestment Advisory Business and Business & StrategicPlanning[New] Senior Executive Managing Director, (Released from)

Shunji Yoshimoto

Head of Public Institutions[Previous] Senior Executive Managing Director, Head ofPublic Institutions[New] Senior Executive Managing Director, Head of
Institutional Business Unit and IPO Underwriting &Hideto Yoshikawa

Consulting[Previous] Senior Executive Managing Director, Head of
Institutional Business Unit
[New] Senior Executive Managing Director, (Released from)Toyoaki Kokido

Head of Asset Management[Previous] Senior Executive Managing Director, Head ofAsset Management[New] Senior Executive Managing Director, Head of Retail
Business Planning and Financial Products Intermediary

Naofumi Fuke

Business[Previous] Executive Managing Director, Head of Retail
Business Planning3

[Appendix][New] Executive Managing Director, Head of Institutional
Kenichi Shimizu

Business II[Previous]

Executive

ManagingDirector,

HeadofInstitutional Business IV[New] Director, Head of Asset Management
Osamu Morita[Previous]Director,

Headof

Risk

Management,

Administrative Operation and Human Resources
Hitoshi Chinen
Yasushi Tachihara[New] Director, Head of Compliance and Management &Operation[New] Director, Head of Administrative Operation andBusiness & Strategic Planning[New] Executive Officer, Head of Personnel Development

Hiroshige Jikihara[Previous] Executive Officer, Co-head of Human Resources[New] Executive Officer, (Released from) Head of Financial
Shigeo Koike

Products Intermediary Business[Previous] Executive Officer, Head of Financial ProductsIntermediary Business[New] Executive Officer, Co-head of Listed & OTC

Tatsuya Kaneko

Companies[Previous] Executive Officer, Head of Private Companies[New]

Noboru Tsunoda

ExecutiveOfficer,(Releasedfrom)

HeadofInstitutional Business II and Institutional Business III[Previous] Executive Officer, Head of Institutional BusinessIIand Institutional Business III[New] Executive Officer, Head of Listed & OTC Companies
Toyoshi Maedaand Compensation & Benefit Planning[Previous] Executive Officer, Head of Compensation &Benefit Planning and Listed & OTC Companies-Tokyo II[New] Executive Officer, Head of Products Planning andCo-head of Products & Marketing

Hiroaki Toyoda[Previous] Executive Officer, Head of Products Planning &Operation and IPO Underwriting & Consulting, Co-head ofProducts & Marketing4