March 19, 2012 SMBC Nikko Securities Inc.

Organizational Changes

SMBC Nikko Securities Inc. today announces organizational changes as follows.

1. Organizational Changes (Effective as of March 19, 2012)

(1) Human Resources Recruiting Division (Abolition) The business of Recruiting Division are transferred to Human Resources Division.

(2) Administrative Operation Compensation & Benefit Planning Division (Transfer) Compensation & Benefit Planning Division is transferred from Compensation & Benefit Planning.

(3) Financial Markets Fixed Income Trading Division (Reorganized) Fixed Income Trading Division is reorganized as Fixed Income Trading I Division and Fixed Income Trading II Division. Derivatives Division (Transfer) Derivatives Division is placed under sole management from joint management with Equity.

(4) Research Financial Market & Economic Research Division (Change of Name) Financial Market Research Division is renamed Financial Market & Economic Research Division. Global Investment Strategy Division (Abolition) The businesses of Global Investment Strategy are transferred to Equity Research Division and Financial Market & Economic Research Division.

(5) Mergers and Acquisitions Mergers and Acquisitions V Division (Abolition) The businesses of Mergers and Acquisitions V Division are transferred to Mergers and Acquisitions I - III Division. Mergers and Acquisitions Solutions (Change of name) Mergers and Acquisitions VI Division is renamed Mergers and Acquisitions Solutions Division.

(6) Corporate Planning Business Research Division (Abolition) The businesses of Business Research Division are transferred to Management Planning & Administration Division.

This material is an English translation of Japanese announcement made on March 19 2012. Although the company intended to faithfully translate the Japanese document into English, the accuracy and correctness of this translation are not guaranteed and thus you are encouraged to refer to the original Japanese document. (7) Wealth Management SMBC Barclays Division (Change of name) SMBC Barclays Wealth Division is renamed SMBC Barclays Division.

(8) Sales & Advisory - Corporate Business (New) Sales & Advisory for Wholesale Clients Division is transferred from the joint management of Equity and Financial Markets.

(9) Institutional Business Tokai (Reorganized) Institutional Business Division is reorganized as Corporate Clients Nagoya Division and Financial Institutions Nagoya Division.

(10) Corporate Business Nagoya (New) Corporate Clients Nagoya Division is transferred from Institutional Business Tokai.

(11) Institutional Business Kinki & Hokuriku (Change of name) Institutional Business Kinki is renamed Institutional Business Kinki & Hokuriku.

Institutional Business I - III Divisions (Reorganized) Institutional Business Osaka I - III Divisions are reorganized as Corporate Clients Osaka I Division, Corporate Clients Osaka II Division and Financial Institutions Osaka Division.

(12) Corporate Business Osaka (New) Corporate Clients Osaka I Division and Corporate Clients Osaka II Division are transferred from Institutional Business Kinki & Hokuriku.

(13) Investment Banking Planning & Administration Division (New)

2. Organizational Changes (Effective as of April 9, 2012)

(1) Sales & Advisory - Corporate Business (Change of name) Sales & Advisory for Wholesale Clients Division is renamed Sales & Advisory for Corporate Clients Division.

3. Changes in Directors and Executive Officers (Effective as of March 19, 2012)

(1) Retiring Directors

[New] Advisor Yuichiro Takada [Current] Executive Deputy President

[New] Chairman, Nikko Systems Solutions, Ltd. (Effective as of April 1, 2012) Hideto Yoshikawa [Current] Executive Deputy President

[New] Advisor Hiroshi Kobayashi [Current] Senior Executive Managing Director

2 (2) Retiring Executive Officers [New] President & CEO, Nikko Enterprise Co., Ltd (Effective as of April 1, 2012) Takashi Yoshikawa [Current] Senior Executive Officer

[New] Senior Executive Managing Director, Nikko Business Systems Co., Ltd. Masaya Owada [Current] Managing Executive Officer, Head of Mergers and Acquisitions [New] President & CEO, Nikko Investor Relations Co., Ltd (Effective as of April 1, 2012) Kunio Oda [Current] Managing Executive Officer

[New] Human Resources Hiroyoshi Yoshioka [Current] Executive Officer

[New] Executive Managing Director, Nikko Enterprise Co., Ltd (Effective as of April 1, 2012) Akira Owano [Current] Executive Officer

[New] Deputy Head of Human Resources Masatoshi Domon [Current] Executive Officer

[New] Deputy Head of Mergers and Acquisitions Yoshikazu Fukushima [Current] Executive Officer

[New] Advisor Akihiko Sakashita [Current] Executive Officer

(3) Appointment of Executive Officers

Yasuki Matsui [New] Executive Officer

[New] Executive Officer Masakatsu Nagasue [Current] Deputy Head of Corporate Business

[New] Executive Officer Hirofumi Ishimaru [Current] General Manager, Nagoya Branch

3 [New] Executive Officer Susumu Kanda [Current] General Manager, Corporate Clients V

[New] Executive Officer Shigeru Tsuru [Current] General Manager, International Business

[New] Executive Officer Tatsuya Shiomi [Current] General Manager, Corporate Clients I

[New] Executive Officer Hideyuki Aoki [Current] General Manager, Branch

[New] Executive Officer Satoshi Osawa [Current] General Manager, Institutional Business Osaka III

[New] Executive Officer Hiroshi Inoue [Current] General Manager, Investment Banking III

(4) Promotion of Executive Officers

[New] Senior Executive Officer Kunio Sato [Current] Managing Executive Officer

[New] Managing Executive Officer Yasuyoshi Asano [Current] Executive Officer

[New] Managing Executive Officer Kenichi Tamura [Current] Executive Officer

[New] Managing Executive Officer Yasuki Matsui [Current] Executive Officer

4 (5) Changes in Executive Responsibilities [New] Executive Deputy President, Head of Administration Unit Naoyuki Kawamoto [Current] Executive Deputy President, Head of Finance & Risk Management Unit

[New] (released) Senior Advisor of Corporate Business Yuichiro Takada [Current] Executive Deputy President, Senior Advisor of Corporate Business [New] (released) Senior Advisor of Institutional Business and Representative Managing Director of Osaka Hideto Yoshikawa [Current] Executive Deputy President, Senior Advisor of Institutional Business and Representative Managing Director of Osaka [New] Senior Executive Managing Director, Head of Planning Unit, Head of International Business, Head of Corporate Planning, Head of Institutional Business Planning Masashi Iwakigawa and Head of Retail Business Planning [Current] Senior Executive Managing Director, Head of Products Unit and Head of Products Planning & Operation [New] Senior Executive Managing Director, Head of Wealth management & Solution Unit and Senior Deputy Head of Corporate Business & Investment Banking Unit Noriyoshi Suzuki [Current] Senior Executive Managing Director, Head of Wealth management & Solution Unit and Head of Corporate Business Unit [New] Senior Executive Managing Director, Head of Retail Unit and Head of Financial Products Intermediary Business Naofumi Fuke [Current] Senior Executive Managing Director, Senior Advisor of Retail Business, Head of Retail Business Unit, Head of Retail Business Planning and Head of Financial Products Intermediary Business

[New] (released) Head of International Business Hiroshi Kobayashi [Current] Senior Executive Managing Director, Head of International Business [New] Senior Executive Managing Director, Head of Products Unit and Head of Products Planning & Operation Shuichi Kondo [Current] Senior Executive Managing Director, Head of Administrative Operation, Head of Corporate Planning and Head of Institutional Business Planning [New] Senior Executive Managing Director, Head of Corporate Business & Investment Banking Unit Mitsuharu Tanaka [Current] Senior Executive Managing Director, Head of Investment Banking Unit and Head of Corporate Business Unit [New] Executive Director, Head of Human Resources Unit, Head of Human Resources and Head of Compliance Michinori Ando [Current] Executive Director, Head of Human Resources and Head of Compliance 5 [New] Senior Executive Officer, Head of Financial & Public Sector Business Unit and Head of Financial & Public Sector Eiji Yamada Business [Current] Senior Executive Officer, Head of Institutional Business Eastern & Tokai Unit [New] (released) Head of Financial & Public Sector Business Unit and Head of Financial & Public Sector Business Takashi Yoshikawa [Current] Senior Executive Officer, Head of Financial & Public Sector Business Unit and Head of Financial & Public Sector Business [New] Senior Executive Officer, Representative Managing Director of Nagoya and Head of Corporate Business Nagoya Kunio Sato [Current] Managing Executive Officer, Representative Managing Director of Nagoya (Institutional Business Tokai)

[New] (released) Head of Mergers and Acquisitions Masaya Owada [Current] Managing Executive Officer, Head of Mergers and Acquisitions [New] (released) Senior Deputy Head of Institutional Business Planning Kunio Oda [Current] Managing Executive Officer, Senior Deputy Head of Institutional Business Planning [New] Managing Executive Officer, Head of Institutional Business Unit and Head of Institutional Business Kinki & Akira Nokina Hokuriku [Current] Managing Executive Officer, Head of Institutional Business Western Japan & Kinki Unit [New] Managing Executive Officer, Senior Deputy Head of International Business Taro Hayashi [Current] Managing Executive Officer, Senior Deputy Head of Corporate Planning and Senior Deputy Head of International Business [New] Managing Executive Officer, Head of Mergers and Acquisitions Masuo Fukuda [Current] Managing Executive Officer, Head of Investment Banking and Co-Head of Solution Strategy [New] Managing Executive Officer, Head of Capital Markets Unit, Head of Capital Markets Origination and Senior Deputy Head of Products Planning & Operation Hisato Oiwa [Current] Managing Executive Officer, Head of Capital Markets Origination and Senior Deputy Head of Products Planning & Operation [New] Managing Executive Officer, Head of Wealth Management, Head of Solution Strategy, Head of Corporate Business (Private Companies) and Head of Sales & Advisory Yasuyoshi Asano for Corporate Business [Current] Executive Officer, Head of Wealth Management, Co-Head of Solution Strategy and Head of Corporate Business (Private Companies)

6 [New] Managing Executive Officer, Head of Investment Banking Kenichi Tamura [Current] Executive Officer, Head of Corporate Business (Corporate Clients I, Corporate Clients II, Corporate Clients IV and Corporate Clients VII) [New] Managing Executive Officer, Senior Deputy Head of Yasuki Matsui Corporate Business & Investment Banking Unit [New] Executive Officer, Head of Retail Business – Eastern Japan Toyoshi Maeda [Current] Executive Officer, Co-Head of Solution Strategy, Head of Compensation & Benefit Planning and Head of Corporate Business (Corporate Clients III, Corporate Clients V and Corporate Clients VI)

[New] Executive Officer, Head of Administrative Operation Yasushi Tachihara [Current] Executive Officer, Senior Deputy Head of Equity

[New] (released) Senior Deputy Head of Investment Banking and Senior Deputy Head of Corporate Business Hiroyoshi Yoshioka [Current] Executive Officer, Senior Deputy Head of Investment Banking and Senior Deputy Head of Corporate Business [New] (released) Head of Institutional Business Western Japan Akira Owano [Current] Executive Officer, Head of Institutional Business Western Japan [New] (released) Head of Retail Business - Tokai & Koshinetsu Masatoshi Domon [Current] Executive Officer, Head of Retail Business - Tokai & Koshinetsu [New] Executive Officer, Senior Deputy Head of Retail Business Planning Yoshiyuki Ninomiya [Current] Executive Officer, Head of Retail Business - Eastern Japan [New] Executive Officer, Senior Deputy Head of Capital Markets Origination Yuichiro Kondo [Current] Executive Officer, Senior Deputy Head of Financial Markets [New] Executive Officer, Senior Deputy Head of Corporate Planning and Senior Deputy Head of Institutional Business Kenichi Hida Planning [Current] Executive Officer, Head of Institutional Business Tokai [New] (released) Senior Deputy Head of Corporate Development Service Yoshikazu Fukushima [Current] Executive Officer, Senior Deputy Head of Corporate Development Service

7 [New] (released) Senior Deputy Head of International Business Akihiko Sakashita [Current] Executive Officer, Senior Deputy Head of International Business

[New] Executive Officer, Head of Corporate Business Osaka Tomonari Kimura [Current] Executive Officer, Head of Institutional Business Kinki [New] Executive Officer, Head of Corporate Business Masakatsu Nagasue (Corporate Clients II, Corporate Clients III and Corporate Clients VI) [New] Executive Officer, Head of Retail Business - Tokai & Hirofumi Ishimaru Koshinetsu [New] Executive Officer, Head of Corporate Business Susumu Kanda (Corporate Clients IV, Corporate Clients V) [New] Executive Officer, Senior Deputy Head of International Shigeru Tsuru Business [New] Executive Officer, Head of Corporate Business Tatsuya Shiomi (Corporate Clients I, Corporate Clients VII)

Hideyuki Aoki [New] Executive Officer, Head of Institutional Business Tokai

[New] Executive Officer, Head of Institutional Business Satoshi Osawa Western Japan [New] Executive Officer, Senior Deputy Head of Investment Hiroshi Inoue Banking and General Manager, Investment Banking III

4. Personnel Changes (Effective as of March 19, 2012)

[New] Deputy Head of Human Resources Masatoshi Domon [Current] Head of Retail Business -Tokai & Koshinetsu

[New] Deputy Head of Mergers and Acquisitions Yoshikazu Fukushima [Current] Senior Deputy Head of Mergers and Acquisitions

[New] General Manager, Asahikawa Branch Etsuko Okada [Current] Section Manager, Consultant Section, Abeno Branch

[New] General Manager, Urawa Branch Kazunori Hata [Current] Deputy General Manager of Retail Business Planning and Section Manager of Planning & Promotion

8 [New] General Manager, Kashiwa Branch Yutaka Ota [Current] General Manager, Asahikawa Branch

[New] General Manager, Kawagoe Branch Hiromi Shiraishi [Current] General Manager, Yonago Branch

[New] General Manager, Sapporo Branch Masataka Kikuchi [Current] General Manager, Shinjuku Branch

[New] General Manager, Sendai Branch Satoshi Kawamura [Current] General Sales Manager, Ikebukuro Branch

[New] General Manager, Chiba Branch Yoshinori Hirahara [Current] General Manager, Kawagoe Branch

[New] General Manager, Morioka Branch Kiichi Omuro [Current] Retail Business Support of Retail Business Planning

[New] General Manager, Yokohama-ekimae Branch Izumi Shimosaka [Current] General Manager, Kyoto Branch

[New] General Manager, Akabane Branch Eiji Terashi [Current] Section Manager, Consultant Section, Main Branch

[New] General Manager, Kitasenju Branch Hiroyasu Fujikawa [Current] General Manager, Tamagawa Branch

[New] General Manager, Shinjuku Branch Hidemi Yanagisawa [Current] General Manager, Kitasenju Branch

[New] General Manager, Tamagawa Branch Yoshifumi Higashimura [Current] Section Manager, Consultant Section, Kyoto Branch

9 [New] General Manager, Chofu Branch Toshiyuki Hamada [Current] General Manager of Recruiting

[New] General Manager, Main Branch Kazuya Noguchi [Current] General Manager, Chiba Branch

[New] General Manager, Kofu Branch Yoshiyuki Suzuki [Current] Section Manager, Consultant Section, Kobe Branch

[New] General Manager, Nagano Branch Naoki Masuda [Current] General Manager, Takamatsu Branch

[New] General Manager, Nagoya Branch Hirofumi Sato [Current] General Manager, Okayama Branch

[New] General Manager, Hamamatsu Branch Kaoru Ota [Current] General Manager, Yokkaichi Branch

[New] General Manager, Yokkaichi Branch Hidehisa Hoshuyama [Current] General Manager, Urawa Branch

[New] General Manager, Abeno Branch Kenji Kawamura [Current] General Manager, Kochi Branch

[New] General Manager, Kyoto Branch Kazuyoshi Fukushima [Current] General Manager, Sendai Branch

[New] General Manager, Takaoka Branch Hitoshi Asano [Current] General Manager, Morioka Branch

[New] General Manager, Namba Branch Masato Inagaki [Current] General Manager, Solution Business Planning

10 [New] General Manager, Nishinomiya Branch Hiroki Tongu [Current] General Manager, Chofu Branch

[New] General Manager, Oita Branch Nobuhiro Ochi [Current] General Manager, Fukuyama Branch

[New] General Manager, Okayama Branch Eiki Tokuda [Current] General Manager, Takaoka Branch

[New] General Manager, Kochi Branch Keiichi Yazawa [Current] General Manager, Public Institutions IV

[New] General Manager, Saga Branch Hiromu Shimizu [Current] Section Manager, Consultant Section, Nagoya Branch

[New] General Manager, Takamatsu Branch Yasuki Morizane [Current] General Manager, Kofu Branch

[New] General Manager, Naha Branch Makoto Koyama [Current] Deputy General Manager, Public Institutions II

[New] General Manager, Fukuoka Branch Hitoshi Ueda [Current] General Manager, Abeno Branch

[New] General Manager, Fukuyama Branch Toshimi Matsuo [Current] General Manager, Nishinomiya Branch

[New] General Manager, Yonago Branch Yoshiyuki Wada [Current] Corporate Clients IV

[New] General Sales Manager, Ikebukuro Branch Tetsuji Miyauchi [Current] General Manager, Saga Branch

11 [New] General Manager, Securities Trading Supervisory Operation Hideyuki Shinike [Current] Section Manager, Legal Section, Legal Division

[New] General Manager, Legal Yuji Fujise [Current] Deputy General Manager, Compliance - Products & Corporate Business

[New] General Manager, Administrative Operation Shintaro Mima [Current] Co-General Manager, Risk Management

[New] General Manager, Settlement Akira Shiose [Current] General Manager, Treasury

[New] General Manager of Risk Management and General Manager of Products Management Kazuhisa Sunada [Current] Co-General Manager, Risk Management

[New] General Manager, Treasury Akihiko Nagayama [Current] General Manager, Corporate Clients II

[New] General Manager, Products Planning & Operation Masashi Sakamoto [Current] General Manager, Private Banking

[New] General Manager, Asset Management Products Makoto Nishioka [Current] General Manager, Products Planning & Operation

[New] General Manager, Asset Management Marketing Shinji Kadokawa [Current] Deputy General Manager of Retail Business Planning and Section Manager of Retail Business Support

[New] General Manager, Equity Ayumu Sakurai [Current] General Manager, Asset Management Marketing

[New] General Manager, Equity Advice Center Koji Togawa [Current] Deputy Head of Compensation & Benefit Planning

12 [New] General Manager, Fixed Income Marketing Tatsuya Shiine [Current] General Manager, Kashiwa Branch

[New] General Manager, Fixed Income Trading I Kazutoshi Nakata [Current] General Manager, Fixed Income Trading

[New] General Manager, Fixed Income Trading II Hitoshi Iga [Current] Section Manager, Trading IV, Fixed Income Trading

[New] General Manager, Financial Market & Economic Research Maki Fukushima [Current] Deputy General Manager of Global Investment Strategy and Section Manager of Market Analysis

[New] General Manager, Mergers and Acquisitions II Hidetomo Katsuki [Current] Deputy General Manager, Mergers and Acquisitions I

[New] General Manager, Mergers and Acquisitions III Yukio Ichihara [Current] Section Manager, Advisory II, Mergers and Acquisitions I

[New] General Manager, International Business

Tatsumi Mizutani [Current] Deputy General Manager of International Business and Deputy General Manager of Management Planning & Administration

[New] General Manager, Customer Relations Shohei Akiyama [Current] General Manager, Nagano Branch

[New] General Manager of Institutional Business Planning Takashi Yamamoto [Current] Co-General Manager of Institutional Business Planning [New] General Manager, Financial Products Intermediary Business - Osaka SMBC Marketing Yasuyuki Suzuki [Current] Co-General Manager, Financial Products Intermediary Business - SMBC Marketing [New] General Manager, Financial Products Intermediary Business Hideo Ichiki [Current] Co-General Manager, Financial Products Intermediary Business - Osaka SMBC Marketing

13 [New] General Manager, Public Institutions III Noboru Nakagawa [Current] Deputy General Manager, Public Institutions III

[New] General Manager, Public Institutions IV Shuji Ueno [Current] Section Manager, Consultant Section, Main Branch

[New] General Manager, Private Banking Hideki Sudo [Current] Deputy General Manager, Private Banking

[New] General Manager, Personal Advisory for Corporate Employees Kazunobu Nagai [Current] Deputy General Manager of Wealth Management and Section Manager of Wealth Management

[New] General Manager, Solution Business Planning Rokuta Komatsu [Current] Deputy General Manager of Private Banking and Section Manager of Osaka PB [New] General Manager, Investment Banking Planning & Administration Shutaro Otahara [Current] Deputy Head of Investment Banking

[New] Co-General Manager, Investment Banking VI Hidetoshi Tobe [Current] Deputy Head of Institutional Business Planning

[New] Co-General Manager, Investment Banking VI Mikio Tokusashi [Current] General Manager, Investment Banking VI

[New] Deputy Head of Corporate Business (Private Companies - Osaka) Fumikazu Nishimura [Current] General Manager, Private Companies

[New] General Manager, Corporate Clients I Kazuhiko Terakado [Current] General Manager, Financial Institutions

[New] General Manager, Corporate Clients II Naoki Takahashi [Current] Co-General Manager, Institutional Business Planning

14 [New] General Manager, Corporate Clients V Kazuhiko Yamada [Current] Corporate Business

[New] General Manager, Private Companies Atsushi Watanabe [Current] Deputy General Manager, Private Companies

[New] General Manager, Corporate Clients Nagoya Munehiro Yamada [Current] Institutional Business Nagoya

[New] General Manager, Corporate Clients Osaka I Yoshihiro Hayata [Current] Deputy General Manager, Corporate Clients VII

[New] General Manager, Corporate Clients Osaka II Eiichiro Obana [Current] Deputy Head of Institutional Business Western Japan

[New] General Manager, Financial Institutions Tokyo Nobuyuki Endo [Current] General Manager, Institutional Business Chiba

[New] General Manager, Institutional Business Sendai Kazuyoshi Takahashi [Current] Institutional Business Sapporo

[New] General Manager, Institutional Business Chiba Shuichi Ikeuchi [Current] Deputy General Manager, Institutional Business Chiba

[New] General Manager, Financial Institutions Nagoya Nobuhiro Wakamatsu [Current] General Manager, Institutional Business Nagoya

[New] General Manager, Financial Institutions Osaka Kazushi Kato [Current] General Manager, Institutional Business Osaka I

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