Translation of the Japanese press release
March 7, 2011
Nikko Cordial Securities Inc.

Organizational Changes

Nikko Cordial Securities Inc. today announces organizational changes as follows.
1. Organizational Changes (Effective as of March 10, 2011)(1) Human Resources (New)
Human Resources Division and Recruiting Division (Transfer)
Human Resources Division and Recruiting Division are transferred fromGeneral Management.
Personnel Development Division (Transfer)
Personnel Development Division is transferred from Personnel Development.
(2) Compliance
Legal Division (Transfer)
Legal Division is transferred from General Management.
(3) General Management (Abolition)
The divisions under General Management are transferred to other head offices,and General Management is abolished.
(4) Administrative Operation
Administrative Services Division (Transfer)
Administrative Services Division is transferred from General Management.
(5) Personnel Development (Abolition)
Personnel Development is abolished when Human Resources is established.
(6) FinanceFunding & Cash Management Division (Transfer)
Funding & Cash Management Division is transferred from General
Management.
Finance Division (Abolition)
The businesses of Finance Division are transferred to Accounting Division,
Funding & Cash Management Division and Management Planning &Administration Division.
(7) Equity
Equity Sales - Institutional Investors Division (Change of name)
Equity Sales Division is renamed Equity Sales - Institutional Investors
Division.
(8) Financial Markets
Sales & Advisory for Wholesale Clients DivisionThis is placed under joint management with Equity.
1(9) Corporate Planning (Change of name)Business & Strategic Planning is renamed Corporate Planning.
Communications Division (Transfer)
Communications Division is transferred from General Management.
(10) Retail Business
Retail Business is reorganized from the eight head offices to the five headoffices.
・ Retail Business - Eastern Japan・ Retail Business - Tokyo・ Retail Business – Tokai & Koshinetsu
・ Retail Business - Kinki & Hokuriku
・ Retail Business - Western Japan(11) Corporate Development Service
Corporate Development Service Administration Division (New)This is established to oversee legal compliance-related businesses at
Corporate Development Service.
(12) Corporate Business (Change of name)
The former Corporate Business is renamed Corporate Business.
Corporate Clients VII Division (New)This is established to oversee the consulting business on managerial andfinancial strategies for listed companies and their affiliated unlistedcompanies.
Private Companies Division (Transfer)
Private Companies Division is transferred from Wealth Management.
(13) Financial & Public Sector Business (New)Financial Institutions Division (Transfer)
Financial Institutions Division is transferred from the former Corporate
Business.
Financial Institutions Tokyo Division (Transfer, change of name)Institutional Business Kanto Division is transferred from Institutional
Business Eastern Japan and renamed Financial Institutions Tokyo Division.
Public Sector Clients Division (Transfer)
Public Sector Clients Division is transferred from the former Corporate
Business.
(14) Institutional Business Eastern Japan
Institutional Business Takasaki Division (New)This is established to oversee the consulting business on managerial andfinancial strategies for regional business corporations and financialcorporations.

(15) Institutional Business Tokai
Institutional Business Gifu Division (New)This is established to oversee the consulting business on managerial andfinancial strategies for regional business corporations and financial
corporations.

2

(16) Institutional Business Kinki
Institutional Business Osaka III Division (New)This is established to oversee the consulting business on managerial andfinancial strategies for regional business corporations and financial
corporations.
(17) Institutional Business Western Japan
Institutional Business Toyama Division (New)This is established to oversee the consulting business on managerial andfinancial strategies for regional business corporations and financial
corporations.
2. Change in Director and Executive Officer (Effective as of March 10, 2011)(1) Retiring Director

Noriyuki Ogasawara[New] Chairman, Nikko Systems Solutions, Ltd. (Effectiveas of April 1, 2011)[Current] Executive Deputy President

Masaaki Mizuno[New] President, Nikko Financial Intelligence, Inc (Effectiveas of April 1, 2011)[Current] Senior Executive Managing Director[New] Executive Officer (Effective as of March 10, 2011)

Shinya Tamoto[Current] Executive Director[New] Executive Officer (Effective as of March 10, 2011)
Hitoshi Chinen[Current] Executive Director[New] Executive Officer (Effective as of March 10, 2011)
Yasushi Tachihara[Current] Executive Director(2) Retiring Executive Officer

Kenichi Shimizu[New] Representative Director & President, Nikko Business
Systems Co., Ltd. (Effective as of April 1, 2011)[Current] Senior Executive Officer

Shigeo Koike[New] Deputy Head of Institutional Business Planning(Effective as of March 10, 2011)[Current] Senior Executive Officer3

Tetsufumi Fujisawa[New] Deputy Head of Capital Markets Origination(Effective as of March 10, 2011)[Current] Managing Executive Officer

Tatsuya Kaneko[New] Deputy Head of Investment Banking (Effective as ofMarch 10, 2011)[Current] Executive Officer

Toshio Sadayuki[New] Deputy Head of Financial Products IntermediaryBusiness (Effective as of March 10, 2011)[Current] Executive Officer(3) Appointment of Executive Officer[New] Executive Officer
Shinya Tamoto[Current] Executive Director[New] Executive Officer
Hitoshi Chinen[Current] Executive Director[New] Executive Officer
Yasushi Tachihara[Current] Executive Director[New] Executive Officer
Tomonari Kimura[Current] Deputy Head of Institutional Business Kinki[New] Executive Officer
Koichi Obara[Current] General Manager, Human Resources(4) Change in Executive Responsibilities

Naoyuki Kawamoto[New] Vice Chairman, Head of Finance & Risk Management
Unit[Current] Vice Chairman, Co-Head of Risk Management
and Co-Head of Finance4

Yuichiro Takada

Masashi Iwakigawa

Hideto Yoshikawa[New] Executive Deputy President, Senior Advisor of
Corporate Business[Current] Executive Deputy
Corporate Business Unit

President,

Co-Headof[New] Senior Executive Managing Director, Head of
Products Unit and Head of Products Planning & Operation[Current] Senior Executive Managing Director, Head of
Public Institutions[New] Senior Executive Managing Director, Senior Advisorof Institutional Business and Representative ManagingDirector of Osaka[Current] Senior Executive Managing Director, Head ofInstitutional Business Unit
[New] Senior Executive Managing Director

Masaaki Mizuno

Noriyoshi Suzuki

Naofumi Fuke

Hiroshi Kobayashi

Shuichi Kondo[Current] Senior Executive Managing Director, Co-Head of
Products Planning & Operation, Co-Head of Financial
Markets and Co-Head of Research[New] Senior Executive Managing Director, Head of Wealthmanagement & Solution Unit and Head of Corporate
Business Unit
[Current] Senior Executive Managing Director, Head ofRetail Business Metropolitan South and Co-Head of WealthManagement[New] Senior Executive Managing Director, Senior Advisorof Retail Business, Head of Retail Business Unit, Head of
Retail Business Planning and Head of Financial ProductsIntermediary Business[Current] Senior Executive Managing Director, Head of
Retail Business Planning and Head of Financial ProductsIntermediary Business[New] Senior Executive Managing Director, Head ofInternational Business[Current] Senior Executive Managing Director, Co-Head ofInternational Business and Co-Head of Business &Strategic Planning[New] Senior Executive Managing Director, Head of
Administrative Operation, Head of Corporate Planning andHead of Institutional Business Planning[Current] Senior Executive Managing Director, Co-Head ofInternational Business and Co-Head of Institutional
Business Planning[New] Senior Executive Officer

Kenichi Shimizu

Eiji Yamada[Current] Senior Executive Officer, Head of Institutional
Business Western Japan[New] Senior Executive Officer, Head of Institutional
Business Eastern Japan & Tokai Unit
[Current] Senior Executive Officer, Head of Institutional
Business Eastern Japan
5

Takashi Yoshikawa[New] Senior Executive Officer, Head of Financial&Public Sector Business Unit and Head of Financial &Public Sector Business[Current] Senior Executive Officer, Co-Head of Corporate
Business Unit and Co-Head of Corporate Business[New] Senior Executive Officer

Shigeo Koike

Mitsuharu Tanaka

Masaya Owada

Kunio Oda

Akira Nokina

Hitoshi Hiramatsu

Taro Hayashi

Masuo Fukuda[Current] Senior Executive Officer, Co-Head of Institutional
Business Planning[New] Senior Executive Officer, Head of Investment
Banking Unit and Head of Corporate Business Unit
[Current] Senior Executive Officer, Co-Head of Investment
Banking Unit
[New] Managing Executive Officer, Head of CorporateDevelopment Service[Current] Managing Executive
Corporate Development ServiceOfficer,

Co-Headof[New] Managing Executive Officer, Senior Deputy Head ofInstitutional Business Planning[Current] Managing Executive Officer, Head of Institutional
Business Kinki[New] Managing Executive Officer, Head of Institutional
Business Western Japan & Kinki Unit
[Current] Managing Executive Officer, Head of Retail
Business Osaka & Kobe
[New] Managing Executive Officer, Head of Retail Business- Tokyo[Current] Managing Executive Officer, Head of Retail
Business Kinki, Shikoku & Hokuriku[New] Managing Executive Officer, Senior Deputy Head ofProducts Planning & Operation and Co-Head of CapitalMarkets Origination[Current] Managing Executive Officer, Co-Head of Products
Planning & Operation and Co-Head of Capital Markets
Origination[New] Managing Executive Officer, Head of Investment
Banking and Co-Head of Solution Strategy[Current] Managing Executive Officer, Co-Head ofInvestment Banking Unit, Co-Head of Solution Strategy,
Head of Investment Banking and Co-Head of Corporate
Business[New] Managing Executive Officer

Tetsufumi Fujisawa[Current] Managing Executive Officer, Co-Head of CapitalMarkets Origination

6

Hisafumi Taima

Kunio Sato

Hisato Oiwa

Hiroshige Jikihara

Yasuyoshi Asano[New] Managing Executive Officer, Head of Equity andHead of Research[Current] Managing Executive Officer, Head of Equity andCo-Head of Research[New] Managing Executive Officer, Representative
Managing Director of Nagoya (Institutional Business Tokai)[Current] Managing Executive Officer, Deputy Head ofInstitutional Business Unit and Co-Head of Institutional
Business Tokai[New] Managing Executive Officer, Senior Deputy Head of
Products Planning & Operation and Co-Head of CapitalMarkets Origination[Current] Managing Executive Officer, Co-Head of CapitalMarkets Origination[New] Executive Officer, Head of Retail Business - Kinki &Hokuriku[Current] Executive Officer, Head of Personnel
Development[New] Executive Officer, Head of Wealth Management,
Co-Head of Solution Strategy and Head of Corporate
Business (Private Companies)[Current] Executive Officer, Co-Head of WealthManagement and Co-Head of Solution Strategy[New] Executive Officer

Tatsuya KanekoKenichi Tamura[Current] Executive Officer, Senior Deputy Head ofInvestment Banking[New] Executive Officer, Head of Corporate Business（Corporate Clients I, Corporate Clients II, Corporate Clients
IV and Corporate Clients VII）
[Current] Executive Officer, Senior Deputy Head ofInvestment Banking[New] Executive Officer, Head of Internal Audit

Naotaka Fujishiro

Toyoshi Maeda[Current] Executive Officer, Head of Retail Business Tokai &Koshinetsu[New] Executive Officer, Co-Head of Solution Strategy,
Head of Compensation & Benefit Planning and Head ofCorporate Business （ Corporate Clients III, Corporate
Clients V and Corporate Clients VI）[Current] Executive Officer, Co-Head of Solution Strategy,
Head of Compensation & Benefit Planning and Co-Head ofCorporate Business7

[New] Executive Officer
Toshio Sadayuki

Hiroaki Toyoda

Shinya Tamoto[Current] Executive Officer, Head of Retail Business
Metropolitan East[New] Executive Officer, Head of Retail Business - WesternJapan[Current] Executive Officer, Co-Head of Products Planning& Operation and Senior Deputy Head of Equity[New] Executive Officer, Head of Risk Management andHead of Finance[Current] Executive Officer, Co-Head of Finance[New] Executive Officer, Head of Public Institutions

Hitoshi Chinen[Current] Executive Officer, Head of Compliance, Head ofGeneral Management and Co-Head of Risk Management[New] Executive Officer, Senior Deputy Head of Equity

Yasushi Tachihara[Current] Executive Officer, Co-Head of AdministrativeOperation, Co-Head of International Business and Co-Headof Business & Strategic Planning[New] Executive Officer, Co-Head of Financial Markets

Norihei MatsumotoMichinori Ando

[Current] Executive Officer, Senior Deputy Head ofFinancial Markets[New] Executive Officer, Head of Human Resources andHead of Compliance[Current] Executive Officer, Head of Internal Audit

Hiroyoshi Yoshioka

Atsushi Takada

Akira Owano[New] Executive Officer, Senior Deputy Head of Investment
Banking and Senior Deputy Head of Corporate Business[Current] Executive Officer, Senior Deputy Head ofInvestment Banking and Co-Head of Corporate Business[New] Executive Officer, Senior Deputy Head of HumanResources and Senior Deputy Head of Compliance[Current] Executive Officer, Senior Deputy Head ofCompliance and Senior Deputy Head of GeneralManagement[New] Executive Officer, Head of Institutional Business
Western Japan[Current] Executive Officer, Head of Retail Business
Chugoku & Kyushu

8Masatoshi Domon

Yoshiyuki Ninomiya

Yuichiro Kondo

Kenichi Hida

Hiroyoshi Korosue

Yoshikazu Fukushima

Takashi Aiki

Tomonari Kimura
Koichi Obara[New] Executive Officer, Head of Retail Business – Tokai &Koshinetsu[Current] Executive Officer, Head of Retail Business
Metropolitan West[New] Executive Officer, Head of Retail Business – Eastern
Japan[Current] Executive Officer, Head of Retail BusinessHokkaido, Tohoku & North-Kanto[New] Executive Officer, Senior Deputy Head of Financial
Markets[Current] Executive Officer, Senior Deputy Head ofBusiness & Strategic Planning[New] Executive Officer, Head of Institutional Business
Tokai[Current] Executive
Business TokaiOfficer,

Co-Headof

Institutional[New] Executive Officer, Senior Deputy Head of Corporate
Planning[Current] Executive Officer, Senior Deputy Head ofBusiness & Strategic Planning[New] Executive Officer, Senior Deputy Head of Corporate
Development Service[Current] Executive
Development ServiceOfficer,[New] Executive Officer,
Administrative Operation

Co-HeadSeniorofDeputy

Corporate
Headof[Current] Executive Officer, Co-Head of AdministrativeOperation[New] Executive Officer, Head of Institutional Business
Kinki[New] Executive Officer, Head of Institutional Business
Eastern Japan93. Change in Director and Executive Officer (Effective as of March 14, 2011)(1) Retiring Executive Officer[New] Senior Executive Managing Director
Mitsuharu Tanaka[Current] Senior Executive Officer[New] Executive Director
Michinori Ando
[Current] Executive Officer(2) Appointment of Director[New] Senior Executive Managing Director
Mitsuharu Tanaka[Current] Senior Executive Officer[New] Executive Director
Michinori Ando
[Current] Executive Officer(3) Change in Director[New] Executive Deputy President
Naoyuki Kawamoto[Current] Vice Chairman[New] Executive Deputy President
Hideto Yoshikawa[Current] Senior Executive Managing Director(4) Change in Executive Responsibilities[New] Senior Executive Managing Director, Head ofInvestment Banking Unit and Head of Corporate Business
Unit
Mitsuharu Tanaka[Current] Senior Executive Managing Director, Head ofInvestment Banking Unit and Head of Corporate Business
Unit[New] Executive Director, Head of Human Resources andHead of Compliance
Michinori Ando
[Current] Executive Director, Head of Human Resources andHead of Compliance###10