Press Release

Press Release

April. 25, 2005
Nikko Cordial Securities Inc.

Change of Directors

Nikko Cordial Securities Inc. ("NCS") today announced the change of Directors, as follows.
The change is subject to approval by NCS's shareholders' meeting.

[New Director]Scheduled for June 2005
ChairmanKazuyoshi Kimura(Chairman, Simplex Investment Advisors Inc.)
[Retiring Directors]Scheduled for June 2005
ChairmanKei Takeda
Executive DirectorMasashi Kaneko
(Chairman , Nikko Cordial Corporation)
(nominated for Chairman, Nikko Citigroup Limited)