Press Release

January 27, 2005
Nikko Cordial Securities Inc.
Nikko Citigroup Limited

Agreement on Cooperation in Equity Underwriting Business
among Nikko Cordial Securities, Nikko Citigroup and Mizuho Securities

Nikko Cordial Securities Inc., Nikko Citigroup Limited, and Mizuho Securities Co., Ltd. announced today that the three firms have agreed to cooperate in equity underwriting and marketing activities to gradually begin to offer customers services that utilize their respective strengths, and through this, to enhance their presence in this market.

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