Translation of the Japanese press release
March 8, 2010
Nikko Cordial Securities Inc.

Organizational Changes

Nikko Cordial Securities Inc. today announces organizational changes as follows.
1. Organizational Changes (Effective as of March 11, 2010)
We will strengthen the structure of the wholesale, retail and head office in order tomeet the growing business needs.
−−−−−

To build the structure of Equity Head Office and Financial Markets Head
Office to expand the trading business for wholesale clients.
To reorganize and segmentalise the regional retail business head offices toexpand the retail business base.
To expand the M&A advisory business for large business corporations andcompanies in western Japan.
To meet the new business needs related to capital markets, such as thesecuritization business.
To expand the bond- and credit-related research system.

(1) General Management
Recruiting(New)The hiring of employees and related work is transferred from Human
Resources to this new division to strengthen the hiring system in both theretail and wholesale units.
(2) Products(Closed)
Equity and Financial Markets are newly established while Products is closed.
(3) Equity(New)With the trading business expanding, the equity sales and trading system will bestrengthened.

For this purpose, we are establishing Equity, to which Equityand Equity Advice Center are transferred from Products and Sales & Advisory
for Wholesale Clients is transferred from Wealth Management.
Equity Trading(Reorganized)
Trading Section of Equity Division is reorganized into Equity Trading, which isengaged in direct sales (including direct market access or DMA / algorithm
trading) to domestic and overseas institutional investors (including funds).
Equity Sales(Change)
This division is changed into a structure engaged in research-based sales toinstitutional investors.
Sales & Advisory for Wholesale Clients(New)We are establishing the new Sales & Advisory for Wholesale Clients which
will take over the work of the current Sales & Advisory for Wholesale Clients
and which will also make business suggestions and receive or place orders
in connection with bonds as well as equities.

Sales & Advisory Nagoya andSales & Advisory Osaka are transferred from the current Sales & Advisory for
Wholesale Clients to this division.
Derivative Products(New)We are establishing Derivative Products, managed jointly by Equity andFinancial Markets, to strengthen our derivatives business and our capabilities
to structure products using derivatives.
(4) Financial Markets(New)With the trading business expanding, we are strengthening our sales and trading
system for financial products such as bonds.

For this purpose, we areestablishing Financial Markets, to which Financial Market Products andFinancial Market Products Trading are transferred from Products.
Fixed Income Marketing(Reorganized)
Marketing Section of Financial Market Products is reorganized into Fixed
Income Marketing for the purpose of expanding support to bond sales,
including referrals and intermediary service involving Sumitomo Mitsui
Banking Corporation (SMBC).
(5) Research
Financial Market Research(New)This division does research and provides information on economic trends
and bond investment.
(6) Capital Market Origination
Structured Finance(New)This division develops products such as securitized monetary claims or realestate, suggests ways to raise funds, and does other work related tounderwriting and private placement.
(7) Corporate Development Service
Corporate Development Service II(New)This division is engaged in the M&A advisory business for major businesscorporations.
Corporate Development Service III(New)This division is engaged in the M&A advisory business for major businesscorporations.
Corporate Development Service Osaka(Reorganized)
Advisory Osaka Section of Corporate Development Service IV is reorganized
into this division which provides M&A advisory services in western Japan.
(8) Business & Strategic Planning
Business Research is renamed Business Research Division.
(9) Retail Business Planning
Front Service Center(New)
Ikebukuro Service Center, Nagoya Service Center and Osaka Service Center,
which are in charge of receiving calls, are transferred to this center fromCustomer Service Center.
(10) Head offices of Retail Business
The present five Head Offices system is reorganized into the eight Head Officessystem.
‐

Retail Business Hokkaido, Tohoku & North-Kanto‐

Retail Business Metropolitan East‐

Retail Business Metropolitan South‐

Retail Business Metropolitan West‐

Retail Business Tokai & Koshinetsu‐

Retail Business Kinki, Shikoku & Hokuriku‐

Retail Business Osaka & Kobe‐

Retail Business Chugoku & Kyushu

(11) Solution Strategy
Corporate Strategy is renamed Industrial Research.
(12) Investment Banking
Investment Banking VIII(New)The group covering the chemical and pharmaceutical sectors is transferredfrom Investment Banking III to this new division.
(13) Institutional Business Kinki
Institutional Business Osaka I(Reorganized)
Institutional Business Osaka II(Reorganized)
Institutional Business Osaka is reorganized into a two-tiered structure tostrengthen services in the Osaka area in cooperation with SMBC.
2. Retiring Executive Officer (Effective as of March 11, 2010)

Shuichi Kondo[Current] Managing Executive Officer

3. Appointment of Director (Effective as of March 11, 2010)[New] Senior Executive Managing Director
Shuichi Kondo[Current] Managing Executive Officer

4. Appointment of Executive Officers (Effective as of March 11, 2010)[New] Executive Officer
Akira Owano[Current] General Manager, Ikebukuro Branch[New] Executive Officer
Masatoshi Domon[Current] General Manager, Main Branch[New] Executive Officer
Yoshiyuki Ninomiya[Current] General Manager, Fukuoka Branch[New] Executive Officer
Yuichiro Kondo[Current] Co-General Manager, Management Planning &Administration[New] Executive Officer

Kenichi Hida
[Current] General Manager, Nagoya Branch[New] Executive Officer
Hiroyoshi Korosue[Current] Co-General Manager of Management Planning &Administration and Co-General Manager of Institutional
Business Development

5. Promotion of Executive Officers (Effective as of March 11, 2010)[New] Senior Executive Officer
Kenichi Shimizu[Current] Managing Executive Officer[New] Senior Executive Officer
Eiji Yamada[Current] Managing Executive Officer[New] Senior Executive Officer
Takashi Yoshikawa[Current] Managing Executive Officer

6. Change in Executive Responsibilities (Effective as of March 11, 2010)

Yuichiro Takada

Hideto Yoshikawa[New] Executive Deputy President, Co-Head of Corporate
Business Unit
[Current] Executive Deputy President, Co-Head ofCorporate Business Unit and Co-Head of Institutional
Business Unit
[New] Senior Executive Managing Director, Head ofInstitutional Business Unit
[Current] Senior Executive Managing Director, Co-Head of
Institutional Business Unit

Masaaki Mizuno

Noriyoshi Suzuki

Hiroshi Kobayashi

Shuichi Kondo

Yasushi Tachihara

Akira Nokina

Hitoshi Hiramatsu

Masuo Fukuda

Hisafumi Taima[New] Senior Executive Managing Director, Co-Head of
Products Planning & Operation, Co-Head of Financial
Markets and Co-Head of Research[Current] Senior Executive Managing Director, Co-Head of
Products and Co-Head of Research[New] Senior Executive Managing Director, Head of Retail
Business Metropolitan South and Co-Head of WealthManagement[Current] Senior Executive Managing Director, Head of
Retail Business Kinki, Hokuriku & Shinetsu and Co-Head of
Wealth Management[New] Senior Executive Managing Director, Co-Head ofInternational Business and Co-Head of Business & StrategicPlanning[Current] Senior Executive Managing Director, Co-Head ofBusiness & Strategic Planning[New] Senior Executive Managing Director, Co-Head ofInternational Business and Head of Institutional BusinessPlanning[Current] Managing Executive Officer, Head of Institutional
Business Tokai[New] Executive Director, Head of Administrative Operation,
Co-Head of International Business and Co-Head ofBusiness & Strategic Planning[Current] Executive Director, Head of AdministrativeOperation and Co-Head of Business & Strategic Planning[New] Managing Executive Officer, Head of Retail BusinessOsaka & Kobe
[Current] Managing Executive Officer, Head of Retail
Business Eastern Japan & Metropolitan East[New] Managing Executive Officer, Head of Retail Business
Kinki, Shikoku & Hokuriku[Current] Managing Executive Officer, Head of Retail
Business Metropolitan West & Tokai[New] Managing Executive Officer, Head of Investment
Banking Unit, Co-Head of Solution Strategy, Head ofInvestment Banking and Co-Head of Corporate Business I[Current] Managing Executive Officer, Co-Head of Solution
Strategy, Head of Investment Banking, Co-Head ofCorporate Business I[New] Managing Executive Officer, Head of Equity andCo-Head of Research[Current] Managing Executive Officer, Co-Head of Products
and Co-Head of ResearchNaotaka Fujishiro[New] Executive Officer, Head of Retail Business Tokai &Koshinetsu[Current] Executive Officer, Head of Retail Business Tokyo

Toshio Sadayuki

Hiroaki Toyoda

Norihei Matsumoto[New] Executive
Metropolitan EastOfficer,

HeadofRetailBusiness[Current] Executive Officer, Head of Retail Business
Western Japan[New] Executive Officer, Co-Head of Products Planning &Operation and Senior Deputy Head of Equity[Current] Executive Officer, Co-Head of Products Planning &Operation and Co-Head of Products[New] Executive Officer, Senior Deputy Head of Financial
Markets[Current] Executive Officer, Senior Deputy Head of Products[New] Executive Officer, Co-Head of Financial Markets

Fumihiko Yamanaka[Current] Executive Officer, Co-Head of Products
Akira Owano[New] Executive Officer, Head of Retail Business Chugoku &Kyushu

Masatoshi Domon[New] Executive
Metropolitan West

Yoshiyuki Ninomiya[New] Executive Officer, Head of Retail Business Hokkaido,
Tohoku & North-Kanto

Yuichiro Kondo[New] Executive Officer, Senior Deputy Head of Business &Strategic PlanningKenichi Hida

[New] Executive Officer, Head of Institutional Business Tokai

Hiroyoshi Korosue[New] Executive Officer, Senior Deputy Head of Business &Strategic Planning###Officer,HeadofRetailBusiness