March 19, 2012
SMBC Nikko Securities Inc.

Organizational Changes

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

1. Organizational Changes (Effective as of March 19, 2012)(1) Human Resources
Recruiting Division (Abolition)
The business of Recruiting Division are transferred to Human Resources Division.
(2) Administrative Operation
Compensation & Benefit Planning Division (Transfer)Compensation & Benefit Planning Division is transferred from Compensation & Benefit
Planning.
(3) Financial Markets
Fixed Income Trading Division (Reorganized)
Fixed Income Trading Division is reorganized as Fixed Income Trading I Division and Fixed
Income Trading II Division.
Derivatives Division (Transfer)
Derivatives Division is placed under sole management from joint management with Equity.
(4) ResearchFinancial Market & Economic Research Division (Change of Name)
Financial Market Research Division is renamed Financial Market & Economic ResearchDivision.
Global Investment Strategy Division (Abolition)
The businesses of Global Investment Strategy are transferred to Equity Research Division
and Financial Market & Economic Research Division.
(5) Mergers and Acquisitions
Mergers and Acquisitions V Division (Abolition)
The businesses of Mergers and Acquisitions V Division are transferred to Mergers andAcquisitions I - III Division.
Mergers and Acquisitions Solutions (Change of name)
Mergers and Acquisitions VI Division is renamed Mergers and Acquisitions Solutions
Division.
(6) Corporate PlanningBusiness Research Division (Abolition)
The businesses of Business Research Division are transferred to Management Planning &Administration Division.
This material is an English translation of Japanese announcement made on March 19 2012. Although the company
intended to faithfully translate the Japanese document into English, the accuracy and correctness of this translation are
not guaranteed and thus you are encouraged to refer to the original Japanese document.

(7) Wealth Management
SMBC Barclays Division (Change of name)SMBC Barclays Wealth Division is renamed SMBC Barclays Division.
(8) Sales & Advisory - Corporate Business (New)Sales & Advisory for Wholesale Clients Division is transferred from the joint management ofEquity and Financial Markets.
(9) Institutional Business Tokai (Reorganized)
Institutional Business Nagoya Division is reorganized as Corporate Clients Nagoya Division
and Financial Institutions Nagoya Division.
(10) Corporate Business Nagoya (New)
Corporate Clients Nagoya Division is transferred from Institutional Business Tokai.
(11) Institutional Business Kinki & Hokuriku (Change of name)Institutional Business Kinki is renamed Institutional Business Kinki & Hokuriku.
Institutional Business Osaka I - III Divisions (Reorganized)
Institutional Business Osaka I - III Divisions are reorganized as Corporate Clients Osaka I
Division, Corporate Clients Osaka II Division and Financial Institutions Osaka Division.
(12) Corporate Business Osaka (New)
Corporate Clients Osaka I Division and Corporate Clients Osaka II Division are transferredfrom Institutional Business Kinki & Hokuriku.

(13) Investment Banking Planning & Administration Division (New)

2. Organizational Changes (Effective as of April 9, 2012)(1) Sales & Advisory - Corporate Business (Change of name)Sales & Advisory for Wholesale Clients Division is renamed Sales & Advisory for Corporate
Clients Division.

3. Changes in Directors and Executive Officers (Effective as of March 19, 2012)(1) Retiring Directors[New] Advisor
Yuichiro Takada[Current] Executive Deputy President

Hideto Yoshikawa[New] Chairman, Nikko Systems Solutions, Ltd. (Effective asof April 1, 2012)[Current] Executive Deputy President[New] Advisor

Hiroshi Kobayashi[Current] Senior Executive Managing Director2(2) Retiring Executive Officers

Takashi Yoshikawa[New] President & CEO, Nikko Enterprise Co., Ltd (Effectiveas of April 1, 2012)[Current] Senior Executive Officer

Masaya Owada

Kunio Oda

[New] Senior Executive Managing Director, Nikko Business
Systems Co., Ltd.
[Current] Managing Executive Officer, Head of Mergers andAcquisitions[New] President & CEO, Nikko Investor Relations Co., Ltd(Effective as of April 1, 2012)[Current] Managing Executive Officer[New] Human Resources

Hiroyoshi Yoshioka[Current] Executive Officer

Akira Owano[New] Executive Managing Director, Nikko Enterprise Co., Ltd(Effective as of April 1, 2012)[Current] Executive Officer[New] Deputy Head of Human Resources

Masatoshi Domon[Current] Executive Officer[New] Deputy Head of Mergers and Acquisitions
Yoshikazu Fukushima[Current] Executive Officer[New] Advisor
Akihiko Sakashita[Current] Executive Officer(3) Appointment of Executive Officers
Yasuki Matsui[New] Executive Officer[New] Executive Officer

Masakatsu Nagasue[Current] Deputy Head of Corporate Business[New] Executive Officer
Hirofumi Ishimaru[Current] General Manager, Nagoya Branch3

[New] Executive Officer
Susumu Kanda[Current] General Manager, Corporate Clients V[New] Executive OfficerShigeru Tsuru[Current] General Manager, International Business[New] Executive OfficerTatsuya Shiomi[Current] General Manager, Corporate Clients I[New] Executive Officer
Hideyuki Aoki
[Current] General Manager, Fukuoka Branch[New] Executive Officer
Satoshi Osawa[Current] General Manager, Institutional Business Osaka III[New] Executive Officer
Hiroshi Inoue[Current] General Manager, Investment Banking III(4) Promotion of Executive Officers[New] Senior Executive Officer
Kunio Sato
[Current] Managing Executive Officer[New] Managing Executive Officer
Yasuyoshi Asano[Current] Executive Officer[New] Managing Executive Officer
Kenichi Tamura[Current] Executive Officer[New] Managing Executive Officer
Yasuki Matsui[Current] Executive Officer4

(5) Changes in Executive Responsibilities[New] Executive Deputy President, Head of Administration
Unit
Naoyuki Kawamoto[Current] Executive Deputy President, Head of Finance &Risk Management Unit
[New] (released) Senior Advisor of Corporate BusinessYuichiro Takada

Hideto Yoshikawa

Masashi Iwakigawa

Noriyoshi Suzuki

Naofumi Fuke

[Current] Executive Deputy President, Senior Advisor ofCorporate Business[New] (released) Senior Advisor of Institutional Business andRepresentative Managing Director of Osaka[Current] Executive Deputy President, Senior Advisor ofInstitutional Business and Representative Managing Directorof Osaka[New] Senior Executive Managing Director, Head ofPlanning Unit, Head of International Business, Head ofCorporate Planning, Head of Institutional Business Planningand Head of Retail Business Planning[Current] Senior Executive Managing Director, Head of
Products Unit and Head of Products Planning & Operation[New] Senior Executive Managing Director, Head of Wealthmanagement & Solution Unit and Senior Deputy Head ofCorporate Business & Investment Banking Unit
[Current] Senior Executive Managing Director, Head of
Wealth management & Solution Unit and Head of Corporate
Business Unit
[New] Senior Executive Managing Director, Head of Retail
Unit and Head of Financial Products Intermediary Business[Current] Senior Executive Managing Director, Senior Advisorof Retail Business, Head of Retail Business Unit, Head ofRetail Business Planning and Head of Financial ProductsIntermediary Business[New] (released) Head of International Business

Hiroshi Kobayashi

Shuichi Kondo

Mitsuharu Tanaka

Michinori Ando

[Current] Senior Executive Managing Director, Head ofInternational Business[New] Senior Executive Managing Director, Head of Products
Unit and Head of Products Planning & Operation[Current] Senior Executive Managing Director, Head ofAdministrative Operation, Head of Corporate Planning andHead of Institutional Business Planning[New] Senior Executive Managing Director, Head ofCorporate Business & Investment Banking Unit
[Current] Senior Executive Managing Director, Head ofInvestment Banking Unit and Head of Corporate BusinessUnit[New] Executive Director, Head of Human Resources Unit,
Head of Human Resources and Head of Compliance[Current] Executive Director, Head of Human Resources andHead of Compliance5

Eiji Yamada

Takashi Yoshikawa

Kunio Sato[New] Senior Executive Officer, Head of Financial & Public
Sector Business Unit and Head of Financial & Public Sector
Business[Current] Senior Executive Officer, Head of Institutional
Business Eastern Japan & Tokai Unit
[New] (released) Head of Financial & Public Sector
Business Unit and Head of Financial & Public Sector
Business[Current] Senior Executive Officer, Head of Financial &Public Sector Business Unit and Head of Financial & Public
Sector Business[New] Senior Executive Officer, Representative Managing
Director of Nagoya and Head of Corporate Business Nagoya[Current] Managing Executive Officer, Representative
Managing Director of Nagoya (Institutional Business Tokai)[New] (released) Head of Mergers and Acquisitions

Masaya OwadaKunio Oda

Akira Nokina

Taro Hayashi

Masuo Fukuda

Hisato Oiwa

Yasuyoshi Asano[Current] Managing Executive Officer, Head of Mergers andAcquisitions[New] (released) Senior Deputy Head of Institutional
Business Planning[Current] Managing Executive Officer, Senior Deputy Head ofInstitutional Business Planning[New] Managing Executive Officer, Head of Institutional
Business Unit and Head of Institutional Business Kinki &Hokuriku[Current] Managing Executive Officer, Head of Institutional
Business Western Japan & Kinki Unit
[New] Managing Executive Officer, Senior Deputy Head ofInternational Business[Current] Managing Executive Officer, Senior Deputy Head ofCorporate Planning and Senior Deputy Head of InternationalBusiness[New] Managing Executive Officer, Head of Mergers andAcquisitions[Current] Managing Executive Officer, Head of Investment
Banking and Co-Head of Solution Strategy[New] Managing Executive Officer, Head of Capital Markets
Unit, Head of Capital Markets Origination and Senior Deputy
Head of Products Planning & Operation[Current] Managing Executive Officer, Head of CapitalMarkets Origination and Senior Deputy Head of Products
Planning & Operation[New] Managing Executive Officer, Head of WealthManagement, Head of Solution Strategy, Head of Corporate
Business (Private Companies) and Head of Sales & Advisory
for Corporate Business[Current] Executive Officer, Head of Wealth Management,
Co-Head of Solution Strategy and Head of CorporateBusiness (Private Companies)
6

Kenichi Tamura

Yasuki Matsui

Toyoshi Maeda[New] Managing Executive Officer, Head of Investment
Banking[Current] Executive Officer, Head of Corporate Business(Corporate Clients I, Corporate Clients II, Corporate Clients IV
and Corporate Clients VII)[New] Managing Executive Officer, Senior Deputy Head ofCorporate Business & Investment Banking Unit
[New] Executive Officer, Head of Retail Business – Eastern
Japan[Current] 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)[New] Executive Officer, Head of Administrative Operation

Yasushi Tachihara[Current] Executive Officer, Senior Deputy Head of Equity

Hiroyoshi Yoshioka

Akira Owano

Masatoshi Domon

Yoshiyuki Ninomiya

Yuichiro Kondo

Kenichi Hida

Yoshikazu Fukushima[New] (released) Senior Deputy Head of Investment Bankingand Senior Deputy Head of Corporate Business[Current] Executive Officer, Senior Deputy Head ofInvestment Banking and Senior Deputy Head of Corporate
Business[New] (released) Head of Institutional Business WesternJapan[Current] Executive Officer, Head of Institutional Business
Western Japan[New] (released) Head of Retail Business - Tokai &Koshinetsu[Current] Executive Officer, Head of Retail Business - Tokai &Koshinetsu[New] Executive Officer, Senior Deputy Head of Retail
Business Planning[Current] Executive Officer, Head of Retail Business - EasternJapan[New] Executive Officer, Senior Deputy Head of CapitalMarkets Origination[Current] Executive Officer, Senior Deputy Head of Financial
Markets[New] Executive Officer, Senior Deputy Head of Corporate
Planning and Senior Deputy Head of Institutional Business
Planning[Current] Executive Officer, Head of Institutional Business
Tokai[New] (released) Senior
Development Service

Deputy Head ofCorporate[Current] Executive Officer, Senior Deputy Head of Corporate
Development Service7

Akihiko Sakashita[New] (released) Senior Deputy Head of International
Business[Current] Executive Officer,
International Business

Senior

Deputy Head of[New] Executive Officer, Head of Corporate Business Osaka
Tomonari Kimura

Masakatsu Nagasue
Hirofumi Ishimaru[Current] Executive Officer, Head of Institutional Business
Kinki[New] Executive Officer, Head of Corporate Business(Corporate Clients II, Corporate Clients III and CorporateClients VI)[New] Executive Officer, Head of Retail Business - Tokai &Koshinetsu

Susumu Kanda[New] Executive Officer, Head of Corporate Business(Corporate Clients IV, Corporate Clients V)

Shigeru Tsuru[New] Executive Officer, Senior Deputy Head of InternationalBusiness

Tatsuya Shiomi[New] Executive Officer, Head of Corporate Business(Corporate Clients I, Corporate Clients VII)

Hideyuki Aoki

[New] Executive Officer, Head of Institutional Business Tokai

Satoshi Osawa[New] Executive Officer, Head of Institutional Business
Western Japan

Hiroshi Inoue[New] Executive Officer, Senior Deputy Head of Investment
Banking and General Manager, Investment Banking III

4. Personnel Changes (Effective as of March 19, 2012)[New] Deputy Head of Human Resources
Masatoshi Domon[Current] Head of Retail Business -Tokai & Koshinetsu[New] Deputy Head of Mergers and Acquisitions
Yoshikazu Fukushima[Current] Senior Deputy Head of Mergers and Acquisitions[New] General Manager, Asahikawa Branch
Etsuko Okada[Current] Section Manager, Consultant Section, AbenoBranch[New] General Manager, Urawa Branch

Kazunori Hata

[Current] Deputy General Manager of Retail BusinessPlanning and Section Manager of Planning & Promotion
8

[New] General Manager, Kashiwa Branch
Yutaka Ota[Current] General Manager, Asahikawa Branch[New] General Manager, Kawagoe Branch
Hiromi Shiraishi[Current] General Manager, Yonago Branch[New] General Manager, Sapporo Branch
Masataka Kikuchi[Current] General Manager, Shinjuku Branch[New] General Manager, Sendai Branch
Satoshi Kawamura[Current] General Sales Manager, Ikebukuro Branch[New] General Manager, Chiba Branch
Yoshinori Hirahara[Current] General Manager, Kawagoe Branch[New] General Manager, Morioka Branch
Kiichi Omuro[Current] Retail Business Support of Retail Business Planning[New] General Manager, Yokohama-ekimae Branch
Izumi Shimosaka[Current] General Manager, Kyoto Branch[New] General Manager, Akabane Branch
Eiji Terashi[Current] Section Manager, Consultant Section, Main Branch[New] General Manager, Kitasenju Branch
Hiroyasu Fujikawa[Current] General Manager, Tamagawa Branch[New] General Manager, Shinjuku Branch
Hidemi Yanagisawa[Current] General Manager, Kitasenju Branch[New] General Manager, Tamagawa Branch
Yoshifumi Higashimura[Current] Section Manager, Consultant Section, Kyoto Branch9[New] General Manager, Chofu BranchToshiyuki Hamada[Current] General Manager of Recruiting[New] General Manager, Main Branch
Kazuya Noguchi[Current] General Manager, Chiba Branch[New] General Manager, Kofu Branch
Yoshiyuki Suzuki[Current] Section Manager, Consultant Section, Kobe Branch[New] General Manager, Nagano Branch
Naoki Masuda[Current] General Manager, Takamatsu Branch[New] General Manager, Nagoya Branch
Hirofumi Sato
[Current] General Manager, Okayama Branch[New] General Manager, Hamamatsu Branch
Kaoru Ota
[Current] General Manager, Yokkaichi Branch[New] General Manager, Yokkaichi Branch
Hidehisa Hoshuyama[Current] General Manager, Urawa Branch[New] General Manager, Abeno Branch
Kenji Kawamura[Current] General Manager, Kochi Branch[New] General Manager, Kyoto Branch
Kazuyoshi Fukushima[Current] General Manager, Sendai Branch[New] General Manager, Takaoka Branch
Hitoshi Asano[Current] General Manager, Morioka Branch[New] General Manager, Namba Branch
Masato Inagaki[Current] General Manager, Solution Business Planning10

[New] General Manager, Nishinomiya Branch
Hiroki Tongu[Current] General Manager, Chofu Branch[New] General Manager, Oita Branch
Nobuhiro Ochi
[Current] General Manager, Fukuyama Branch[New] General Manager, Okayama Branch
Eiki Tokuda[Current] General Manager, Takaoka Branch[New] General Manager, Kochi Branch
Keiichi Yazawa[Current] General Manager, Public Institutions IV[New] General Manager, Saga Branch
Hiromu Shimizu[Current] Section Manager, Consultant Section, Nagoya
Branch[New] General Manager, Takamatsu Branch

Yasuki Morizane[Current] General Manager, Kofu Branch[New] General Manager, Naha Branch
Makoto Koyama[Current] Deputy General Manager, Public Institutions II[New] General Manager, Fukuoka Branch
Hitoshi Ueda
[Current] General Manager, Abeno Branch[New] General Manager, Fukuyama BranchToshimi Matsuo[Current] General Manager, Nishinomiya Branch[New] General Manager, Yonago Branch
Yoshiyuki Wada
[Current] Corporate Clients IV[New] General Sales Manager, Ikebukuro Branch
Tetsuji Miyauchi[Current] General Manager, Saga Branch

11Hideyuki Shinike[New] General Manager, Securities Trading SupervisoryOperation[Current] Section Manager, Legal Section, Legal Division[New] General Manager, LegalYuji Fujise[Current] Deputy General Manager, Compliance - Products &Corporate Business[New] General Manager, Administrative Operation

Shintaro Mima
[Current] Co-General Manager, Risk Management[New] General Manager, Settlement
Akira Shiose[Current] General Manager, Treasury

Kazuhisa Sunada[New] General Manager of Risk Management and General
Manager of Products Management[Current] Co-General Manager, Risk Management[New] General Manager, Treasury

Akihiko Nagayama[Current] General Manager, Corporate Clients II[New] General Manager, Products Planning & Operation
Masashi Sakamoto[Current] General Manager, Private Banking[New] General Manager, Asset Management Products
Makoto Nishioka[Current] General Manager, Products Planning & Operation[New] General Manager, Asset Management Marketing
Shinji Kadokawa[Current] Deputy General Manager of Retail Business
Planning and Section Manager of Retail Business Support[New] General Manager, EquityAyumu Sakurai[Current] General Manager, Asset Management Marketing[New] General Manager, Equity Advice Center
Koji Togawa[Current] Deputy Head of Compensation & Benefit Planning

12

[New] General Manager, Fixed Income Marketing
Tatsuya Shiine[Current] General Manager, Kashiwa Branch[New] General Manager, Fixed Income Trading I
Kazutoshi Nakata[Current] General Manager, Fixed Income Trading[New] General Manager, Fixed Income Trading II
Hitoshi Iga[Current] Section Manager, Trading IV, Fixed Income Trading

Maki Fukushima[New] General Manager, Financial Market & EconomicResearch[Current] Deputy General Manager of Global Investment
Strategy and Section Manager of Market Analysis[New] General Manager, Mergers and Acquisitions IIHidetomo Katsuki[Current] Deputy General Manager, Mergers and Acquisitions
I[New] General Manager, Mergers and Acquisitions III

Yukio Ichihara[Current] Section Manager, Advisory II, Mergers andAcquisitions I[New] General Manager, International Business

Tatsumi Mizutani[Current] Deputy General Manager of International Businessand Deputy General Manager of Management Planning &Administration[New] General Manager, Customer Relations

Shohei Akiyama[Current] General Manager, Nagano Branch[New] General Manager of Institutional Business PlanningTakashi Yamamoto

Yasuyuki Suzuki

Hideo Ichiki[Current] Co-General Manager of Institutional Business
Planning[New] General Manager, Financial Products IntermediaryBusiness - Osaka SMBC Marketing[Current] Co-General Manager, Financial ProductsIntermediary Business - SMBC Marketing[New] General Manager, Financial Products IntermediaryBusiness[Current] Co-General Manager, Financial ProductsIntermediary Business - Osaka SMBC Marketing13

[New] General Manager, Public Institutions III
Noboru Nakagawa[Current] Deputy General Manager, Public Institutions III[New] General Manager, Public Institutions IV
Shuji Ueno
[Current] Section Manager, Consultant Section, Main Branch[New] General Manager, Private Banking
Hideki Sudo
[Current] Deputy General Manager, Private Banking

Kazunobu Nagai[New] General Manager, Personal Advisory for Corporate
Employees[Current] Deputy General Manager of Wealth Managementand Section Manager of Wealth Management[New] General Manager, Solution Business Planning

Rokuta Komatsu

Shutaro Otahara[Current] Deputy General Manager of Private Banking andSection Manager of Osaka PB[New] General Manager, Investment Banking Planning &Administration[Current] Deputy Head of Investment Banking[New] Co-General Manager, Investment Banking VI

Hidetoshi Tobe
[Current] Deputy Head of Institutional Business Planning[New] Co-General Manager, Investment Banking VI
Mikio Tokusashi[Current] General Manager, Investment Banking VI

Fumikazu Nishimura[New] Deputy Head of Corporate Business (PrivateCompanies - Osaka)[Current] General Manager, Private Companies[New] General Manager, Corporate Clients I

Kazuhiko Terakado[Current] General Manager, Financial Institutions Tokyo[New] General Manager, Corporate Clients II
Naoki Takahashi[Current] Co-General Manager, Institutional BusinessPlanning14

[New] General Manager, Corporate Clients V
Kazuhiko Yamada[Current] Corporate Business[New] General Manager, Private Companies
Atsushi Watanabe[Current] Deputy General Manager, Private Companies[New] General Manager, Corporate Clients Nagoya
Munehiro Yamada[Current] Institutional Business Nagoya[New] General Manager, Corporate Clients Osaka I
Yoshihiro Hayata[Current] Deputy General Manager, Corporate Clients VII[New] General Manager, Corporate Clients Osaka II
Eiichiro Obana[Current] Deputy Head of Institutional Business WesternJapan[New] General Manager, Financial Institutions Tokyo

Nobuyuki Endo
[Current] General Manager, Institutional Business Chiba[New] General Manager, Institutional Business Sendai
Kazuyoshi Takahashi[Current] Institutional Business Sapporo[New] General Manager, Institutional Business Chiba
Shuichi Ikeuchi[Current] Deputy General Manager, Institutional BusinessChiba[New] General Manager, Financial Institutions Nagoya

Nobuhiro Wakamatsu[Current] General Manager, Institutional Business Nagoya[New] General Manager, Financial Institutions Osaka
Kazushi Kato
[Current] General Manager, Institutional Business Osaka I###15