Daiwa Securities Group Inc. announced the change of Directors and Executive Officers as follows. Executive Officers (Corporate Executive Officers) and Executive Officers: New Appointment (As of April 1, 2022): Deputy President (Corporate Executive Officer) /Member of the Board: Akihiko Ogino (Present: Senior Executive Managing Director (Corporate Executive Officer) /Member of the Board); Deputy President (Corporate Executive Officer): Shinsuke Niizuma (Present: Senior Executive Managing Director (Corporate Executive Officer)); Senior Executive Managing Director (Corporate Executive Officer): Junichi Arihara (Present: Executive Managing Director (Corporate Executive Officer); Senior Executive Managing Director (Corporate Executive Officer): Tomoyuki Murase (Present: Executive Managing Director (Corporate Executive Officer); Executive Managing Director (Corporate Executive Officer): Shiko Yanagisawa (Present: Executive Managing Director); Deputy President: Masahiro Kobayashi (Present: Senior Executive Managing Director /Member of the Board of Daiwa Securities Co. Ltd.); Deputy President: Hironori Oka (Present: Senior Executive Managing Director); Executive Managing Director: Naoki Suzuki (Present: Senior Managing Director); Executive Managing Director: Takashi Yamada (Present: Senior Managing Director); Senior Managing Director: Kosuke Mizuno (Present: Appointive Managing Director to Head of Equity and Head of Research (seconded to Daiwa Capital Markets Hong Kong Limited); Senior Managing Director: Keiji Machida (Present: President and COO of Daiwa Capital Markets America Holdings Inc.); Senior Managing Director: Toyo Abe (Present: Head of Corporate Planning Dept.); Senior Managing Director: Hiroaki Kato (Present: President and CEO of Daiwa Securities Capital Markets Korea Co.

Ltd.); Retirement (As of March 31, 2022): Deputy President (Corporate Executive Officer): Kazuo Takahashi (To be appointed as Adviser of Daiwa Securities Co. Ltd.); Deputy President (Corporate Executive Officer): Koichi Matsushita (To be appointed as Adviser of Daiwa Asset Management Co. Ltd.); Executive Managing Director (Corporate Executive Officer): Yoshifumi Otsuka (To be appointed as Senior Executive Managing Director /Member of the Board of Daiwa Institute of Research Ltd.).

Senior Managing Director Yukiko Takeuchi (To be appointed as Deputy President /Member of the Board of Daiwa Real Estate Asset Management Co. Ltd.); Senior Managing Director Toshisuke Tanaka (To be appointed as Executive Managing Director of Daiwa Institute of Research Ltd.). .

Directors /Members of the Board and Executive Officers: New Appointment (As of April 1, 2022): Deputy President /Member of the Board: Masahiro Kobayashi (Present: Senior Executive Managing Director /Member of the Board); Deputy President /Member of the Board: Shinsuke Niizuma (Present: Senior Executive Managing Director /Member of the Board); Deputy President /Member of the Board: Akihiko Ogino (Present: Senior Executive Managing Director /Member of the Board); Senior Executive Managing Director /Member of the Board: Junichi Arihara (Present: Executive Managing Director /Member of the Board); Senior Executive Managing Director /Member of the Board: Tomoo Fujioka (Present: Executive Managing Director /Member of the Board); Senior Executive Managing Director /Member of the Board: Tomoyuki Murase (Present: Executive Managing Director /Member of the Board); Senior Executive Managing Director /Member of the Board: Isao Tsujioka (Present: Executive Managing Director /Member of the Board); Executive Managing Director /Member of the Board: Hirotaka Shirokawa (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Kei Sano (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Tomonori Tsuji (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Eiji Sato (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Toru Yamamoto (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Junichi Serizawa (Present: Executive Managing Director); Executive Managing Director /Member of the Board: Tsutomu Kobayashi (Present: Executive Managing Director); Executive Managing Director: Tsutomu Takahashi (Present: Senior Managing Director); Executive Managing Director: Takaaki Narieda (Present: Senior Managing Director); Executive Managing Director: Tomohide Wakayama (Present: Senior Managing Director); Executive Managing Director: Takashi Yamada (Present: Senior Managing Director); Executive Managing Director: Isao Niwa (Present: Senior Managing Director); Executive Managing Director: Yusuke Morimoto: (Present: Senior Managing Director); Senior Managing Director Maki Miyazaki: (Present: Head of Tokyo Contact Center Dept.); Senior Managing Director Shinichi Seto (Present: Head of Financial Institutions Dept.); Senior Managing Director Shintarou Torii (Present: Head of Omiya Branch); Senior Managing Director Toyo Abe (Present: Head of Corporate Planning Dept.); Senior Managing Director Tomokazu Furuhashi (Present: Head of Retail Marketing Strategy Dept.); Senior Managing Director Naoki Yoshida (Present: Head of Corporate Clients Banking Dept.); Senior Managing Director Akira Furukawa (Present: Head of Yokohama Branch); Senior Managing Director Takahiro Nakagawa (Present: Head of Fukuoka Branch); Senior Managing Director Takehiko Tsushimi (Present: Head of Hiroshima Branch); Senior Managing Director Takehiko Kobayashi (Present: Head of Osaka Corporate Clients Banking Dept.); Senior Managing Director Hiroyuki Isokawa (Present: Head of Corporate Clients Marketing Dept.); Senior Managing Director Shigeo Yashiro (Present: Head of Sapporo Branch); Retirement (As of March 31, 2022): Deputy President /Member of the Board Kazuo Takahashi; Deputy President /Member of the Board: Mikita Komatsu; Senior Executive Managing Director /Member of the Board: Yoshinori Matsumoto (To be appointed as Deputy President /Member of the Board of Daiwa Institute of Research Ltd.); Senior Executive Managing Director /Member of the Board: Yasushi Iwasaki; Senior Executive Managing Director /Member of the Board: Hiroshi Hara; Senior Executive Managing Director /Member of the Board: Yoshihisa Kaneko: Executive Managing Director /Member of the Board: Yoshifumi Otsuka; Executive Managing Director /Member of the Board: Sungho Kang; Executive Managing Director Futoshi Sekine; Senior Managing Director Yoshiaki; Senior Managing Director Yukiko Takeuchi; Senior Managing Director Toshisuke Tanaka; Senior Managing Director Kenichi Ueno (To be appointed as Executive Managing Director of Daiwa Asset Management Co. Ltd.); and Senior Managing Director Katsumi Maekawa.