In April 1999, by splitting the former Daiwa Securities into Daiwa Securities Co. Ltd. and Daiwa Securities SB Capital Markets Co. Ltd. (now Daiwa Securities Capital Markets Co. Ltd.), the Group reorganized under a holding company structure, the first listed company to do so in Japan. The objective for this move was to adopt a group management system that only a holding company can provide and as a result create a strong system of corporate governance that would engender trust among our varied stakeholders. Additionally, by separating operations specifically for individual and corporate customers, we would be better able to provide superior customer service to each. This system has allowed the Group to promote the independence and unique expertise of each business segment, while at the same time increasing synergy among the Group companies.