Translation of the Japanese press release
March 11, 2010
Nikko Cordial Securities Inc.

Personnel Changes

Nikko Cordial Securities Inc. today announces personnel changes as follows.

1.

Change in Executive Officer

Change in General Manager’s Responsibilities of Executive Officers(Effective as of March 11, 2010)

Masuo Fukuda

Yuichiro Kondo

2.

[New] Managing Executive Officer, Head of Investment
Banking Unit, Co-Head of Solution Strategy, Head ofInvestment Banking, Co-Head of Corporate Business I andGeneral Manager of Investment Banking VIII
[Previous] Managing Executive Officer, Head of Investment
Banking Unit, Co-Head of Solution Strategy, Head ofInvestment Banking and Co-Head of Corporate Business I[New] Executive Officer, Senior Deputy Head of Business &Strategic Planning and General Manager of ManagementPlanning & Administration[Previous] Executive Officer, Senior Deputy Head ofBusiness & Strategic Planning

Personnel Change (Effective as of March 11, 2010)[New] General Manager, Aomori Branch
Nobuo Suto

[Previous] Deputy General Manager of Equity Advice Centerand Section Manager of Section IV[New] General Manager, Utsunomiya Branch

Yasushi Nakayama[Previous] General Manager, Kochi Branch[New] General Manager, Sendai Branch
Kazuyoshi Fukushima[Previous] General Manager, Kawagoe Branch[New] General Manager, Morioka Branch
Hitoshi Asano[Previous] Section Manager, Financial Advisor Section,
Fukui Branch[New] General Manager, Tokyo District Sales Department

Hiroyuki Sakaue[Previous] General Sales Manager, Kyoto Branch[New] General Manager, Ikebukuro Branch
Noriaki Iriya[Previous] General Manager, Sendai Branch[New] General Manager, Ueno Branch
Kenichi Murakami[Previous] General Manager, Takaoka Branch[New] General Manager, Urawa Branch
Hisahide Hoshuyama[Previous] Section
Ikebukuro BranchManager,ConsultantSection

II,[New] General Manager, Omiya Branch
Katsuhide Kumano[Previous] General Manager, Personnel Development[New] General Manager, Kashiwa Branch
Tatsuya Shiine[Previous] General Manager, Chofu Branch[New] General Manager, Kawagoe Branch
Yoshinori Hirahara[Previous] General Manager, Aomori Branch[New] General Manager, Kamata Branch
Ken Tanizaki[Previous] Section Manager, Consultant Section I, Ikebukuro
Branch[New] General Manager, Shimokitazawa Branch

Sadahiro Yoshida[Previous] Section Manager, Consultant Section I, KobeBranch[New] General Manager, Shinjuku Branch
Masataka Kikuchi[Previous] General Manager, Fujisawa Branch[New] General Manager, Main Branch
Shuichi Kawashima[Previous] General Manager, Yokohama-ekimae Branch[New] General Manager, Karasuyama Branch
Katsuyuki Kawabata[Previous] Planning & Promotion of Retail Business Planning[New] General Manager, Kawasaki Branch
Shinji Kadokawa[Previous] General Manager, Karasuyama Branch[New] General Manager, Chofu Branch
Hiroki Tongu[Previous] Section Manager, Consultant Section I, Shinjuku
Branch[New] General Manager, Hachioji Branch

Masayuki Nishizaka[Previous] General Manager, Shimokitazawa Branch[New] General Manager, Fujisawa Branch
Hiroaki Hinata[Previous] General Manager, Kanazawa Branch[New] General Manager, Machida Branch
Noriyoshi Seo[Previous] General Manager, Nagano Branch[New] General Manager, Yokohama-ekimae Branch
Sotaro Todo
[Previous] General Manager, Osaka Branch[New] General Manager, Gifu Branch
Hiroshi Inoue[Previous] General Manager, Fukui Branch[New] General Manager, Kofu Branch
Yasuki Morizane[Previous] Section Manager of Consultant Section I andSection Manager of Financial Advisor Section, Toyohashi
Branch[New] General Manager, Toyohashi Branch

Susumu Morikida[Previous] General Manager, Utsunomiya Branch[New] General Manager, Nagano Branch
Shohei Akiyama[Previous] General Manager, Okayama Branch[New] General Manager, Nagoya Branch
Hirofumi Ishimaru[Previous] General Manager, Ueno Branch[New] General Manager, Niigata Branch
Masao Tomita[Previous] General Manager, Kashiwa Branch[New] General Manager, Kanazawa Branch
Tatsuro Horie[Previous] General Manager, Kawasaki Branch[New] General Manager, Kochi Branch
Kenji Kawamura[Previous] Deputy General Manager of Retail Business
Planning and Section Manager of Business & Customers
Indices Analysis[New] General Manager, Takaoka Branch

Eiki Tokuda[Previous] General Manager, Kofu Branch[New] General Manager, Fukui BranchToshikazu Sawai[Previous] General Manager, Toyohashi Branch[New] General Manager, Osaka Branch
Yoshio Morizane[Previous] General Manager, Shinjuku Branch[New] General Manager, Sakai Branch
Takeo Miyamae[Previous] General Manager, Machida Branch[New] General Manager, Takatsuki Branch
Seiji Kato

[Previous] Deputy General Manager of Retail Business
Planning and Section Manager of Planning & Promotion[New] General Manager, Nishinomiya BranchToshimi Matsuo[Previous] General Manager, Miyazaki Branch[New] General Manager, Okayama Branch
Hirofumi Sato
[Previous] General Manager, Niigata Branch[New] General Manager, Fukuoka Branch
Hideyuki Aoki
[Previous] General Manager, Gifu Branch[New] General Manager, Miyazaki Branch
Yuji Anashige[Previous] General Manager, Public Institutions I[New] General Manager, Recruiting
Jyoni Takioka[Previous] General Manager, Kamata Branch[New] General Manager, System Planning & Operation
Tetsuya Imamura[Previous] Executive Officer, Nikko Systems Solutions, Ltd.
[New] Deputy Head of Administrative Operation
Junichi Kitamura[Previous] Human Resources[New] General Manager, Personnel Development
Masashi Maruyama[Previous] General Manager, Direct Marketing[New] General Manager, Insurance Business
Enju Tsuchiya[Previous] General Manager, Sakai Branch[New] General Manager, Equity Trading
Hiroshi Isonaga[Previous] Deputy General Manager, Equity[New] General Manager, Equity Sales
Yasuhiko OhataYuji Suzuki[Previous] Deputy General Manager of Solution Business
Planning I and Section Manager of Top Management
Support[New] General Manager, Sales & Advisory for Wholesale
Clients[Previous] General Manager, former Sales & Advisory forWholesale Clients[New] Co-General Manager, Derivatives

Kazuki Nishi[Previous] Deputy General Manager of Financial MarketProducts and Section Manager of Foreign Exchange &Derivatives[New] Co-General Manager, Derivatives

Nobuhiro Matsumoto[Previous] Financial Market Products[New] Deputy Head of Financial Markets
Koichi Maeda[Previous] Co-General Manager of Financial Market
Products and Co-General Manager of Financial MarketProducts Trading[New] General Manager, Financial Market Products

Kazutoshi Nakata[Previous] Deputy General Manager, Financial Market
Products[New] Co-General Manager, Fixed Income Marketing

Naoki Masuda[Previous] Co-General Manager, Financial Market Products

[New] Co-General Manager, Fixed Income Marketing
Hiroyuki Ashida[Previous] Financial Market ProductsShigeyuki Otohata[New] General Manager of Fixed Income Trading andSection Manager of Trading II and Trading IV[Previous] Co-General Manager, Financial Market ProductsTrading[New] General Manager, Global Investment Strategy

Fumikazu Onishi[Previous] Co-General Manager, Global Investment Strategy[New] General Manager, Financial Market Research
Hidenori Suezawa[Previous] Co-General Manager, Global Investment Strategy[New] Co-General Manager, Debt Syndicate
Kou Kawana[Previous] Debt Syndicate[New] Co-General Manager, Debt Syndicate
Fumio Takamatsu[Previous] General Manager, Debt Syndicate[New] General Manager, Structured Finance
Masayuki Asami[Previous] Capital Markets Origination

Junichi Yokoyama

Takashi Ishihara[New] Deputy Head of Corporate Development Service andGeneral Manager of Corporate Development Service Osaka[Previous] General Manager, Corporate Development
Service IV[New] General Manager of Corporate Development ServiceI and Section Manager of Advisory III[Previous] Deputy General Manager, CorporateDevelopment Service I[New] General Manager, Corporate Development Service II

Masahiro Nozaki[Previous] Section Manager, Advisory V of CorporateDevelopment Service IV

Eiji Ichinose[New] General Manager of Corporate Development ServiceIII , Section Manager of Advisory I and Section Manager ofAdvisory II[Previous] General Manager, Corporate Development
Service I[New] General Manager, Corporate Development Service IV

Masanao Kishita[Previous] Section Manager, Advisory II of Corporate
Development Service IV[New] General Manager, International Business

Kiyoshi Kuranari[Previous] Nikko Business Systems Co., Ltd.
[New] General Manager, Customer Relations
Tatsuo Hagiya[Previous] Deputy General Manager, Customer Relations[New] General Manager, Business Research
Koichi Tajima[Previous] General Manager, former Business Research

Takashi Yamamoto[New] General Manager of Institutional Business Planningand Section Manager of SMBC Desk
[Previous] General Manager, Corporate Strategy[New] General Manager, Front Service Center

Hideki Inada[Previous] Deputy General Manager, Customer ServiceCenter[New] General Manager, Direct Marketing

Kazuhiko Kido

[Previous] General Manager of Institutional Business
Development and Section Manager of SMBC Desk[New] General Manager, Public Institutions IKeiji Wada
[Previous] General Manager, Public Institutions II[New] General Manager, Public Institutions IIToyo Mizuno[Previous] Deputy General Manager of Public Institutions IIand Section Manager of Nagoya I

[New] General Manager, Solution Business Planning I
Masahiro Shibata[Previous] Deputy General Manager, Solution Business
Planning[New] General Manager, Corporate Strategy

Nobu Sakamoto[Previous] General Manager, Omiya Branch[New] General Manager, Institutional Business Osaka I
Kazuhito Izumida[Previous] Co-General Manager, Institutional Business
Osaka[New] General Manager, Institutional Business Osaka IIMikio Suzuki[Previous] Co-General Manager, Institutional Business
Osaka[New] General Sales Manager, Kyoto Branch

Hirofumi Nakamaru[Previous] General Manager, Hachioji Branch###