Press Release

Dec. 25, 2006
Nikko Cordial Securities Inc.

Change of Directors

Today, Nikko Cordial Securities Inc. announced the changes of Directors as follows;

[Resignation of Director] Effective as of December 26, 2006

Junichi Arimura

(currently President & CEO)

[Promotion of Director] Effective as of December 26, 2006

President & CEO

Mikio Kitabayashi

(currently Executive Deputy President)

This material is an English translation of a Japanese announcement made on Dec. 25, 2006.Although the Company intended to faithfully translate the Japanese document into English, the accuracy and correctness of this translation are not guaranteed.