Directors

Chairman of the Board	Akira Kiyota
Director	Shigeharu Suzuki
Director	Shin Yoshidome
Director	Takashi Fukai
Director	Takashi Hibino
Director	Nobuyuki Iwamoto
Director	Kazuo Oda
Director	Seiji Nakata
Director	Saburo Jifuku
Outside Director	Tetsuro Kawakami
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	Akira Kiyota
		Shigeharu Suzuki
		Tetsuro Kawakami
		Ryuji Yasuda
		Nobuko Matsubara
		Keiichi Tadaki
Audit Committee	Chairman	Saburo Jifuku
		Koichi Uno
		Nobuko Matsubara
		Keiichi Tadaki
Compensation Committee	Chairman	Akira Kiyota
		Shigeharu Suzuki
		Tetsuro Kawakami
		Ryuji Yasuda
		Koichi Uno

Executive Officers (14)

	Name	Concurrent post
President and CEO	Shigeharu Suzuki	Director, Daiwa Securities Group Inc. President, Daiwa Securities Co. Ltd.
Deputy President and COO	Shin Yoshidome	Director, Daiwa Securities Group Inc. President, Daiwa Securities Capital Markets Co. Ltd.
Deputy President	Takashi Fukai	Director, Daiwa Securities Group Inc. Deputy President, Daiwa Securities Co. Ltd.
Deputy President	Takashi Hibino	Director, Daiwa Securities Group Inc. Deputy President, Daiwa Securities Capital Markets Co. Ltd.
Deputy President	Makoto Shirakawa	Deputy President, Daiwa Securities Co. Ltd.
Deputy President	Toshiro Ishibashi	President, Daiwa Asset Management Co. Ltd.
Deputy President	Hiroshi Ota	President, Daiwa Institute of Research Holdings Ltd. President, Daiwa Institute of Research Ltd. President, Daiwa Institute of Research Business Innovation Ltd.
Corporate Executive Vice President and CFO	Nobuyuki Iwamoto	Director, Daiwa Securities Group Inc.
Corporate Senior Executive Officer and CIO	Kazuo Oda	Director, Daiwa Securities Group Inc. Senior Managing Director, Daiwa Institute of Research Ltd.
Corporate Senior Executive Officer	Seiji Nakata	Director, Daiwa Securities Group Inc.
Corporate Executive Officer	Masaaki Goto	Chairman & Chief Executive Officer, Daiwa America Corporation
Corporate Executive Officer	Keiko Uehara
Corporate Executive Officer	Toshihiro Matsui
Corporate Executive Officer	Akira Kiyota	Chairman of the Board, Daiwa Securities Group Inc.

the Board of Directors
Headed by a Chairman, the Board of Directors, will hold meetings at least once every three months. The authority of the Board is delegated to the Group Executive Officers to maximum extent possible in order to strengthen the Group operational control function. The Board will decide such matters as basic management policies, matters needed for performance of the Audit Committee, and matters related to dividing the duties of the Executive Officers and the decision-making process.
The number of the outside directors was increased from two to four at the Ordinary General Meeting of Shareholders held on June 23, 2004.
The number of the outside directors currently stands at 4.

Nominating Committee
The Committee will mainly consider matters related to the election and resignation of Group Directors to be put to the Ordinary General Meeting of Shareholders. The Chairman of the Board chairs the committee, while three out of five committee members are Outside Directors.

Audit Committee
The committee engages in the following businesses: inspecting the duties of the Group Directors and Executive Officers, considering matters concerning the election and resignation of the accounting auditor to be put to the Ordinary General Meeting of Shareholders, filing caveats against illegal acts by Executive Officers, auditing financial documents and creating an accountant's report. Additionally, when necessary, the Committee will cooperate with the Internal Audit Department . A director who does not have another concurrent post serves as chairman. Two out of three committee members are Outside Directors.

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

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

Internal Control Committee
The Committee analyzes and decides matters concerning the improvement of internal control, risk management systems and the internal audit system of the Group. The Committee tries to improve internal controls by holding a meeting once every three months.

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 Strategic Meeting
The meeting has the following duties: formulating original IT investment plans within the Group,;the optimum allocation 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.