Company Name: Daiwa Institute of Research Holdings Ltd.

Commencement of Operation: October 1, 2008

Head Office: 15-6 Fuyuki, Koto-ku, Tokyo 135-8460 Japan Tel: +81-3-5620-5501 Fax: +81-3-5620-5515

The Daiwa Institute of Research Group comprises Daiwa Institute of Research Holdings Ltd. as a holding company and two core operating companies, Daiwa Institute of Research Ltd. and Daiwa Institute of Research Business Innovation Ltd. In addition, the Group includes DIR Information Systems Co., Ltd., DMS Ltd. and DIR-ACE Technology Ltd. (DAT) , These companies perform research, consulting and systems functions in the Daiwa Securities Group. Daiwa Institute of Research Ltd. serves as a think tank in the Daiwa Securities Group, providing highly value-added information services in the three fields of research, consulting and systems. Daiwa Institute of Research Business Innovation Ltd. mainly offers system consulting and system integration services to clients other than the Daiwa Securities Group, Inc.