Translation of the Japanese press release
March 10, 2011
Nikko Cordial Securities Inc.

Personnel Changes

Nikko Cordial Securities Inc. today announces personnel changes as follows.
1. Change in General Manager’s Responsibilities of Executive Officer (Effective as of March10, 2011)

Kenichi Tamura

Ichiro Kimura[New] Executive Officer, Head of Corporate Business（Corporate Clients I, Corporate Clients II, Corporate Clients
IV and Corporate Clients VII）
[Previous] Executive Officer, Senior Deputy Head ofInvestment Banking and General Manager of Investment
Banking II[New] Executive Officer, Senior Deputy Head of Financial
Products Intermediary Business[Previous] Executive Officer, Senior Deputy Head ofFinancial Products Intermediary Business and Co-General
Manager of Financial Products Intermediary Business SMBC Administration

2. Personnel Change (Effective as of March 10, 2011)[New] General Manager, Akita Branch
Hiroshi Tokuda[Previous] Deputy General Manager, Institutional BusinessOsaka I[New] General Manager, Fukushima Branch

Haruki Takamiya[Previous] General Manager, Saga Branch[New] General Manager, Mito Branch
Masatoshi Sugiyama[Previous] General Manager, Okazaki Branch1[New] General Manager, Akabane Branch
Akiharu Akatsuka[Previous] Section Manager, Consultant Section, IkebukuroBranch[New] General Manager, Oizumi BranchToshiko Osumi[Previous] Section Manager , Personal Advisor Section,Nagoya Branch[New] General Manager, Kinshi-cho Branch

Takashi Iwai
[Previous] General Manager, Matsuyama Branch[New] General Manager, Tsudanuma BranchToshihiko Yoshizumi[Previous] General Sales Manager, Main Branch[New] General Manager, Tokorozawa Branch
Yoshitake Hibino[Previous] Planning & Promotion of Retail BusinessPlanning[New] General Manager, Matsudo Branch

Masaru Sekido[Previous] General Manager, Senri-chuo Branch[New] General Manager, Motoyawata Branch
Junsuke Nishida[Previous] Planning & Promotion of Retail Business
Planning[New] General Manager, Gotanda Branch

Ryujiro Sato

[Previous] General Sales Manager, Yokohama-ekimaeBranch[New] General Manager, Shibuya Branch

Seiichi Inaba[Previous] General Manager, Midosuji-honmachi Branch[New] General Manager, Jiyugaoka Branch
Keiji Wada
[Previous] General Manager, Public Institutions I2

[New] General Manager, Yaesu Branch
Kenji Nagano[Previous] General Manager, Nara Branch[New] General Manager, Aobadai Branch
Seiki Hirakawa[Previous] Planning & Promotion of Retail Business
Planning[New] General Manager, Atsugi Branch

Koji Itai[Previous] Human Resources[New] General Manager, Kamiohoka Branch
Azuma Matsuzawa[Previous] General Manager, Oizumi Branch[New] General Manager, Kichijoji Branch
Shoji Suzuki[Previous] General Manager, Matsudo Branch[New] General Manager, Koganei Branch
Kiyoyasu Ohazama[Previous] Deputy General Manager of Public Institutions IVand Section Manager of Section I[New] General Manager, Okazaki Branch

Akinobu Hatanaka[Previous] General Manager, Kita-Kyushu Branch[New] General Manager, Numazu BranchTakeshi Hayashi[Previous] General Sales Manager, Fukuoka Branch[New] General Manager, Hamamatsu Branch
Junichi Kamiyama[Previous] General Manager of Tsudanuma Branch, Section
Manager of Personal Advisor Section and Section Managerof Counter Service Section[New] General Manager, Gakuenmae BranchTakeshi Miura[Previous] Section Manager, Consultant Section,
Tsudanuma Branch3

[New] General Manager, Takamatsu Branch
Naoki Masuda[Previous] Co-General Manager, Fixed Income Marketing[New] General Manager, Nara BranchMichiya Abe[Previous] General Sales Manager, Nagoya Branch[New] General Manager, Himeji Branch
Takuya Higashitaki[Previous] General Manager, Mito Branch[New] General Manager, Matsuyama Branch
Shigeo Irie
[Previous] General Manager, Akita Branch[New] General Manager, Wakayama Branch
Shinji Noda
[Previous] General Manager, Numazu Branch[New] General Manager, Kobe Branch
Shojiro Hirota[Previous] General Manager, Communications[New] General Manager, Senri-chuo Branch
Shigeru Muramatsu[Previous] Section Manager, Marketing, Asset Management
Marketing[New] General Manager, Hirakata Branch

Keiji Kubo

[Previous] Section Manager, Consultant Section, KobeBranch[New] General Manager, Midosuji-honmachi Branch

Daiji Nakata[Previous] Deputy General Manager of Retail Business
Planning and Section Manager of Planning & Promotion[New] General Manager, Moriguchi Branch

Takeaki Iwashiro[Previous] Section Manager, Consultant Section, NagoyaBranch4

[New] General Manager, Kagoshima Branch
Hajime Kawakami[Previous] General Manager, Atsugi Branch[New] General Manager, Kita-Kyushu BranchSatoru Kimura[Previous] General Manager, Fukushima Branch[New] General Manager, Kumamoto BranchToshinobu Genozono[Previous] General Manager, Kinshi-cho Branch[New] General Manager, Saga Branch
Tetsuji Miyauchi[Previous] Planning & Promotion of Retail BusinessPlanning[New] General Manager, Nagasaki Branch

Hiroshi Toda
[Previous] General Manager, Gakuenmae Branch[New] General Manager, Internal Audit
Yuji Kawahara[Previous] General Manager, Financial Institutions[New] Deputy Head of Human Resources
Toyokazu Kunii[Previous] Deputy Head of General Management[New] General Manager, Human Resources
Masayoshi Furusho[Previous] General Manager, Yaesu Branch[New] General Manager, Security Management
Masanobu Kiriguchi[Previous] General Manager, Internal Audit[New] General Manager, Accounting
Shinya Yamamoto[Previous] General Manager, Finance5

Yasuhiko Ohata[New] General Manager, Equity sales - InstitutionalInvestors[Previous] General Manager, Equity Sales[New] Co-General Manager, Fixed Income Marketing

Kazunori Shirahata[Previous] Deputy General Manager of Financial Market
Products and Section Manager of Products I[New] General Manager, Communications

Seiji Takei[Previous] Deputy General Manager, Communications[New] General Manager, Direct Marketing
Yoichi Makabe[Previous] General Manager, Accounting

Kazuhiko Kido

[New] General Manager, Financial Products IntermediaryBusiness - SMBC Administration[Previous] General Manager of Direct Marketing andCo-General Manager of Financial Products IntermediaryBusiness - SMBC Administration[New] General Manager, Public Institutions I

Hiroaki Aizawa[Previous] General Manager, Public Institution Operation[New] General Manager, Public Institution Operation
Tsutomu Yoshihara[Previous] Deputy General Manager of Public Institutions Iand Section Manager of Section II[New] General Manager, Investment Banking II

Masanori Kaseda[Previous] Investment Banking II

Chikara Ishii

Junichi Yokoyama[New] General Manager of Corporate Development ServiceII and Section Manager of Advisory III[Previous] Section Manager, Advisory I, CorporateDevelopment Service V[New] General Manager, Corporate Development ServiceIV[Previous] Deputy Head of Corporate Development Service6

Toshiyuki Eguchi

Nobuhiko Kimura[New] General Manager, Corporate Development ServiceOsaka[Previous] Deputy General Manager, CorporateDevelopment Service Osaka[New] General Manager, Corporate Development Service
Administration[Previous] Deputy General Manager of Corporate
Development Service V and Section Manager of Advisory II[New] Deputy Head of Corporate Business

Masakatsu Nagasue[Previous] Deputy Head of Corporate Business

Kazuhito Izumida[New] Deputy Head of Corporate Business (PrivateCompanies)[Previous] General Manager, Institutional Business Osaka I[New] General Manager, Corporate Clients IV

Hideki Sakamoto[Previous] General Manager, Shibuya Branch[New] General Manager, Corporate Clients VI
Masaharu Suenaga[Previous] General Manager, Jiyugaoka Branch[New] General Manager, Corporate Clients VII
Hidetsugu Oki[Previous] Sumitomo Mitsui Banking Corporation[New] General Manager, Financial Institutions
Shinichiro Ogata[Previous] Deputy General Manager, Financial Institutions[New] General Manager, Financial Institutions Tokyo
Kazuhiko Terakado[Previous] General Manager, Institutional Business Nagoya[New] General Manager, Institutional Business Mito
Keiichi Horie[Previous] Matsumoto Branch

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[New] General Manager, Institutional Business Takasaki
Terunobu Masui[Previous] Takasaki Branch[New] General Manager, Institutional Business Nagoya
Nobuhiro Wakamatsu[Previous] General Manager, Institutional Business Kanto[New] General Manager, Institutional Business Gifu
Tetsuya Hirose[Previous] Institutional Business Chiba[New] General Manager, Institutional Business Osaka I
Kazushi Kato
[Previous] General Manager, Institutional Business Kobe
[New] General Manager, Institutional Business Osaka III
Satoshi Osawa[Previous] General Manager, Kobe Branch[New] General Manager, Institutional Business Kyoto
Masafumi Yoda
[Previous] General Manager, Corporate Clients IV[New] General Manager, Institutional Business Kobe
Naohito Ikeda[Previous] General Manager, Takamatsu Branch[New] Deputy Head of Institutional Business Western Japan
Eiichiro Obana[Previous] General Manager, Institutional Business Kyoto[New] General Manager, Institutional Business Toyama
Satoshi Mikaduki[Previous] Yokkaichi Branch[New] General Manager, Institutional Business Hiroshima
Naoya Nobori[Previous] General Manager, Institutional Business Mito8

[New] General Sales Manager, Main Branch
Chosei Ishida[Previous] General Manager, Kumamoto Branch[New] General Sales Manager, Yokohama-ekimae BranchTakeshi Kiura[Previous] General Manager, Koganei Branch[New] General Sales Manager, Nagoya Branch
Masahiko Sakaguchi[Previous] General Manager, Nagasaki Branch[New] General Sales Manager, Osaka Branch
Keita Usami[Previous] General Manager, Himeji Branch[New] General Sales Manager, Hiroshima BranchKenji Sasaki[Previous] General Manager, Kamiohoka Branch[New] General Sales Manager, Fukuoka Branch
Dai Takahashi[Previous] General Manager, Gotanda Branch

3. Personnel Change (Effective as of April 1, 2011)[New] Deputy Head of Equity
Hiroaki Shiraiwa[Current] President, Nikko Global Wrap Ltd.

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