Directors (Members of the Board)

Chairman of the Board	Shigeharu Suzuki
	Takashi Hibino
	Nobuyuki Iwamoto
	Makoto Shirakawa
	Takatoshi Wakabayashi
	Kazuo Oda
	Toshihiko Onishi
Outside Director	Ryuji Yasuda
Outside Director	Koichi Uno
Outside Director	Nobuko Matsubara
Outside Director	Keiichi Tadaki

Committee Members
Nominating Committee (6), Audit Committee (4) and Compensation Committee (5)

Nominating Committee	Chairman	Shigeharu Suzuki
		Takashi Hibino
		Ryuji Yasuda
		Nobuko Matsubara
		Keiichi Tadaki
		Kensuke Itoh
Audit Committee	Chairman	Koichi Uno
		Toshihiko Onishi
		Nobuko Matsubara
		Keiichi Tadaki
Compensation Committee	Chairman	Shigeharu Suzuki
		Takashi Hibino
		Ryuji Yasuda
		Koichi Uno
		Kensuke Itoh

Executive Officers (14)

	Name	Concurrent post
President and CEO	Takashi Hibino	Senior Managing Director (Member of the Board), Daiwa Securities Group Inc. President, Daiwa Securities Co. Ltd. President, Daiwa Securities Capital Markets Co. Ltd.
Deputy President, COO and CFO	Nobuyuki Iwamoto	Senior Managing Director (Member of the Board), Daiwa Securities Group Inc. Deputy President, Daiwa Securities Capital Markets Co. Ltd.
Deputy President	Makoto Shirakawa	Senior Managing Director (Member of the Board), Daiwa Securities Group Inc. Deputy President, Daiwa Securities Co. Ltd.
Deputy President	Akio Takahashi	Deputy President, Daiwa Securities Capital Markets Co. Ltd.
Deputy President	Toshiro Ishibashi	President, Daiwa Asset Management Co. Ltd.
Deputy President	Takashi Fukai	President, Daiwa Institute of Research Holdings Ltd. President, Daiwa Institute of Research Ltd. President, Daiwa Institute of Research Business Innovation Ltd.
Senior Executive Managing Director and CRO	Takatoshi Wakabayashi	Senior Managing Director (Member of the Board), Daiwa Securities Group Inc. Representative Senior Executive Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Executive Managing Director and CIO	Kazuo Oda	Senior Managing Director (Member of the Board), Daiwa Securities Group Inc. Executive Managing Director, Daiwa Securities Capital Markets Co. Ltd. Senior Executive Managing Director, Daiwa Institute of Research Ltd.
Executive Managing Director	Saburo Jifuku	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Executive Managing Director	Koichi Matsushita	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Executive Managing Director	Toshihiro Matsui	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Noriaki Kusaka	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Hiroyuki Inose	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Shigeharu Suzuki	Chairman of the Board, Daiwa Securities Group Inc. Chairman of the Board, Daiwa Securities Co. Ltd.

Executive Officers (9)

	Name	Concurrent post
Senior Executive Managing Director	Masami Tada
Executive Managing Director	Masaaki Goto
Executive Managing Director	Yoshio Urata
Senior Managing Director	Hironori Oka
Senior Managing Director	Osamu Abiru	Representative Senior Executive Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Toshinao Matsushima	Senior Executive Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Wilfried Schmidt	Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Masahisa Nakagawa	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.
Senior Managing Director	Mikita Komatsu	Senior Managing Director, Daiwa Securities Co. Ltd. Senior Managing Director, Daiwa Securities Capital Markets Co. Ltd.

The Board of Directors
Headed by a Chairman, the Board of Director, will hold meetings at least once every three months. The authority of the Board is delegated to the Group Senior Managing Directors to maximum extent possible in order to strengthen the Group's operational control function. The Board will decide on basic management policies, matters needed for performance of the Audit Committee, and matters related to dividing the duties of the Senior Managing Directors and the decision-making process.
The number of the outside directors currently stands at 5.

Nominating Committee
The committee will mainly consider matters related to the election and resignation of Group Senior Managing Directors (Members of the Board) to be put to the Ordinary General Meeting of Shareholders. The Chairman of the Board chairs the committee, while four out of six committee members are Outside Directors.

Audit Committee
The committee engages in the following businesses: inspecting the execution of duties of the Group Senior Managing Directors and Members of the Board, auditing business report and financial documents, and creating accountant's report. All three committee members are Outside Directors and one of the members serves as Chairman.

Compensation Committee
This committee is responsible for policies for deciding compensation and the compensation received by the Group Senior Managing Directors and Members of the Board. The Chairman of the Board chairs the committee. Three out of five committee members are Outside Directors.

Executive Committee
Committee members are all Group Senior Managing Directors. Meetings are held in principle once in a month.
The committee analyzes and defines Group business strategies, management tasks and important financial matters.

Group Risk Management Committee
The committee has the following duties: accurately understanding Group's risk management system and risk conditions as well as analyzing and deciding details of policies and measures on risk management.

Disclosure Committee
This committee matters related to the disclosure of critical Group information in order to ensure the adequacy of disclosure. The committee holds meetings on a quarterly basis between the end of each quarter and the day the relevant quarterly results are announced, and when a meeting is deemed necessary. The CFO shall serve as the committee chairperson.

Group IT Strategy Committee
The committee has the following duties: formulating original IT investment plans within the Group, allocating of system administration resources and the restructuring of system departments in the Group, evaluating and monitoring IT investment in the Group companies, and analyzing the execution of cross-company system development.

Overseas Management Committee
This committee is held once in principle every month, and has the following duties: analyzing and deciding matters relating to management control of overseas subsidiaries and others.

Group Internal Audit Committee
The committee is held once in principle every 3 months, and has the following duties: analyzing and deciding matters relating to developing internal audit system and examining internal controls for Group's business.