Daiwa Securities Group Inc. announced executive changes. Saburo Jifuku was changed from Executive Managing Director (Corporate Executive Officer) and Executive Managing Director of Daiwa Securities Co. Ltd. to Senior Managing Director/Member of the Board from.

Masaru Shirataki was changed from Head of Internal Audit Dept. to Senior Managing Director/Member of the Board. Hiroki Tsuda was changed from Professor of Graduate School of Public Managemet,Waseda University to Senior Managing Outside Director/Member of the Board Senior Managing Outside Director/Member of the Board.

Changes are effective from june 26, 2013. Hiroshi Nakamura will change from Senior Executive Managing Director to Deputy President. Masaaki Goto will change from Executive Managing Director to Executive Managing Director (Corporate Executive Officer).

Toshihiko Onishi will change from Senior Managing Director/Member of the Board to Executive Managing Director (Corporate Executive Officer). Mikita Komatsu will change from Senior Managing Director to Executive Managing Director (Corporate Executive Officer). Keiko Tashiro will change from Senior Managing Director of Daiwa Securities Co.

Ltd. to Executive Managing Director. Masahisa Nakagawa will change from Senior Managing Director to Executive Managing Director. Tetsuo Akuzawa will change from Senior Managing Director of Daiwa Securities Co.

Ltd. to Executive Managing Director. Masaru Shirataki will change from Head of Internal Audit Dept. to Senior Managing Director.

Takayuki Sawano will change from President of Daiwa Capital Markets America Holdings Inc. and President of Daiwa Securities Trust Company to Senior Managing Director. Yoshihisa Kanekowill change from Head of Corporate Communication Dept. to Senior Managing Director.

Atsushi Mochizuki will change from Head of Yokohama Branch of Daiwa Securities Co. Ltd. to Senior Managing Director. Takatoshi Wakabayashi will retire as Senior Executive Managing Director.

Noriaki Kusaka will retire as Executive Managing Director (Corporate Executive Officer). Masami Tada will retire as Senior Executive Managing Director. Yoshio Urata will retire as Executive Managing Director.

Wilfried Schmidt will retire as Senior Managing Director. Changers are effective from march 31, 2013. Masaru Shirataki will change from Head of Internal Audit Dept.

of Daiwa Securities Group Inc. to Corporate Auditor, Effective April 1, 2013. Masaru Shirataki will retire as Senior Managing Director effective June 25, 2013. Takatoshi Wakabayashi will retire as Senior Managing Director/Member of the Board.

Toshihiko Onishi will retire as Senior Managing Director/Member of the Board. Koichi Uno will retire as Senior Managing Outside Director/Member of the Board. Changes are effective from June 26, 2013.

Toshihiko Onishi will retire as Corporate Auditor from effective march 31, 2013.