Top Management

Directors Executive Officers

Chairman of the Board Akira Kiyota Directors Shigeharu Shin Yoshidome Toshiro Ishibashi Takashi Hibino 1 2 3 Ikuo Mori Akira Nakamura Nobuyuki Iwamoto Saburo Jifuku Tetsuro Kawakami Ryuji Yasuda Koichi Uno Nobuko Matsubara 4 5 6

1. Shigeharu Suzuki 2. Shin Yoshidome 3. Toshiro Ishibashi President and CEO Deputy President and COO Deputy President Head of Retail (Representative) Deputy Head of Retail President, Daiwa Securities Co. Ltd. Head of Wholesale Deputy President, Daiwa President, Daiwa Securities SMBC Securities Co. Ltd. Co. Ltd. 1971 Joined Daiwa Securities Co. Ltd. 1973 Joined Daiwa Securities Co. Ltd. 1997 Director, Chief Corporate 1974 Joined Daiwa Securities Co. Ltd. 1998 Director, Chief Investment Institutions Officer 1997 Head of Osaka Branch Corporate Banking Officer 1998 Managing Director Institutions Dept. I 1999 Executive Officer, Daiwa SBCM 1999 Managing Director, 2001 Executive Officer, Daiwa Securities Co. Ltd. (currently Daiwa Securities Daiwa Securities Group Inc. SMBC Co. Ltd. SMBC Co. Ltd.) 2001 Senior Managing Director 2004 Senior Executive Officer 2003 Managing Director, Daiwa Securities 2002 Senior Managing Director, Managing Director Co. Ltd. Daiwa Securities SMBC Co. Ltd. 2006 Director and Corporate Executive 2005 Senior Managing Director 2003 Representative Senior Vice President, Daiwa Securities 2007 Representative Senior Managing Director Group Inc. Managing Director 2004 Director, President and CEO, Representative Senior 2008 Director and Deputy President, Daiwa Securities Group Inc. (to present) Managing Director, Daiwa Securities Group Inc. (to present) Head of Retail (to present) Daiwa Securities SMBC Co. Ltd. Deputy Head of Retail (to present) President, Daiwa Securities Co. Ltd. 2007 Director, Deputy President and COO, Deputy President, Daiwa Securities (to present) Daiwa Securities Group Inc. (to present) Co. Ltd. (to present) Head of Wholesale (to present) President, Daiwa Securities SMBC Co. Ltd. (to present)

4. Shuntaro Higashi 5. Michihito Higuchi 6. Hiroshi Ota Deputy President Deputy President Deputy President Deputy Head of Wholesale Head of Asset Management Head of Research Deputy President, Daiwa President, Daiwa Asset President, Daiwa Institute of Securities SMBC Co. Ltd. Management Co. Ltd. Research Ltd.

1972 Joined The Sumitomo , Limited 1969 Joined Daiwa Securities Co. Ltd. 1971 Joined Daiwa Securities Co. Ltd. 1997 Head of Hong Kong Branch 1995 Director 1998 Director, Head of Central Region 1999 Executive Officer 1998 Managing Director 1999 Executive Officer 2001 Executive Officer (Director), 1999 Managing Director, Daiwa SBCM 2002 Director Sumitomo Banking Corporation Co. Ltd. (currently Daiwa Securities 2003 Senior Executive Officer, 2003 Executive Officer (Managing Director) SMBC Co. Ltd.) Daiwa Securities SMBC Co. Ltd. 2006 Representative Director and Senior 2000 Senior Managing Director 2004 Managing Director Managing Director 2002 Representative Senior 2005 Director and Corporate Executive Vice 2007 Deputy President, Daiwa Securities Managing Director President, Daiwa Securities Group Inc. Group Inc. (to present) 2004 Director and Deputy President, Representative Senior Managing Deputy Head of Wholesale (to present) Daiwa Securities Group Inc. Director, Daiwa Securities SMBC Co. Ltd. Deputy President, Daiwa Securities Deputy President, Daiwa Securities 2006 Deputy President, Daiwa Institute of SMBC Co. Ltd. (to present) SMBC Co. Ltd. Research Ltd. 2005 Deputy President, Daiwa Securities 2008 Deputy President, Daiwa Securities Group Inc. (to present) Group Inc. (to present) Head of Asset Management (to present) Head of Research (to present) President, Daiwa Asset Management President, Daiwa Institute of Research Co. Ltd. (to present) Ltd. (to present)

12 Daiwa Securities Group Annual Report 2008 7 8 9 10

11 12 13 14

7. Takashi Hibino 8. Ikuo Mori 9. Akira Nakamura 10. Nobuyuki Iwamoto Corporate Executive Vice President Corporate Executive Vice President Corporate Senior Executive Corporate Senior Executive Chief Planning/Personnel Officer Deputy Head of Wholesale Officer and CIO Officer and CFO Deputy Head of Wholesale Representative Senior Director (part-time), Daiwa Director (part-time), Daiwa Asset Senior Managing Executive Officer, Managing Director, Institute of Research Ltd. Management Co. Ltd. Daiwa Securities SMBC Co. Ltd. Daiwa Securities SMBC Co. Ltd. 1983 Joined Daiwa Securities Co. Ltd. 1980 Joined Daiwa Securities Co. Ltd. 1979 Joined Daiwa Securities Co. Ltd. 1973 Joined Daiwa Securities Co. Ltd. 1996 Head of System Solutions Department I, 2001 Head of International Finance 2002 Head of Corporate Planning Department, 1996 President, Daiwa Securities America Inc. Daiwa Institute of Research Ltd. Department, Daiwa Securities Daiwa Securities Group Inc. 2001 Executive Officer, Daiwa Securities 1999 Executive Officer SMBC Co. Ltd. Executive Officer, Group Inc. 2003 Senior Executive Officer 2005 Corporate Executive Officer and CFO, Daiwa Securities SMBC Co. Ltd. 2004 Corporate Executive Officer 2005 Managing Director Daiwa Securities Group Inc. (to present) 2004 Senior Executive Officer, Daiwa 2005 Corporate Senior Executive Officer 2006 Corporate Senior Executive Officer Director (part-time), Daiwa Asset Securities Group Inc. 2006 Managing Director, Daiwa Securities and CIO, Daiwa Securities Group Inc. Management Co. Ltd. (to present) Chief Planning/Personnel Officer SMBC Co. Ltd. (to present) 2006 Director, Daiwa Securities Group Inc. (to present) 2007 Director and Corporate Executive Vice Director (part-time), Daiwa Institute of 2008 Director and Corporate Senior Director and Corporate Senior President, Daiwa Securities Group Inc. Research Ltd. (to present) Executive Officer, Daiwa Securities Executive Officer (to present) 2008 Director, Daiwa Securities Group Inc. Group Inc. (to present) 2007 Director and Corporate Executive Vice Deputy Head of Wholesale (to present) (to present) President (to present) Representative Senior Managing 2008 Deputy Head of Wholesale (to present) Director, Daiwa Securities SMBC Co. Senior Managing Executive Officer, Ltd. (to present) Daiwa Securities SMBC Co. Ltd. (to present)

11. Masamichi Yokoi 12. Seiji Nakata 13. Masaaki Goto 14. Akira Kiyota Corporate Senior Executive Officer Corporate Executive Officer Corporate Executive Officer Corporate Executive Officer Head of America Region Deputy Chief Planning/ Chief Legal Officer Chairman, Daiwa America Personnel Officer 1969 Joined Daiwa Securities Co. Ltd. 1982 Joined Daiwa Securities Co. Ltd. 1994 Director, Deputy Head of Sales Corporation Head of Corporate Planning 2005 Head of Structured Finance Department, Division, and Head of East Division Department Daiwa Securities SMBC Co. Ltd. 1997 Managing Director 1975 Joined Daiwa Securities Co. Ltd. 2007 Corporate Executive Officer, Daiwa Representative Managing Director 2001 President, Daiwa Securities SMBC 1983 Joined Daiwa Securities Co. Ltd. Securities Group Inc. (to present) Deputy President Europe Limited 2005 Head of Structured Products Chief Legal Officer 1999 President, Daiwa SBCM Co. Ltd. 2006 Corporate Executive Officer, Department, Daiwa Securities Head of Corporate Communications (currently Daiwa Securities SMBC Daiwa Securities Group Inc. SMBC Co. Ltd. Department Co. Ltd.) Head of America Region (to present) 2006 Executive Officer 2008 Chief Legal Officer (to present) 2004 Deputy Chairman of the Board and Chairman, Daiwa America Corporation 2007 Corporate Executive Officer, Corporate Executive Officer, (to present) Daiwa Securities Group Inc. (to present) Daiwa Securities Group Inc. 2008 Corporate Senior Executive Officer, Deputy Chief Planning/Personnel Chairman of the Institute, Daiwa Securities Group Inc. (to present) Officer (to present) Daiwa Institute of Research Ltd. Head of Corporate Planning Department 2005 Director, Daiwa Institute of (to present) Research Ltd. 2008 Chairman of the Board and Corporate Executive Officer, Daiwa Securities Group Inc. (to present)

Daiwa Securities Group Annual Report 2008 13