External Directors

[Reason for appointment]

Mr. Kiichiro Masui serves as Chairman of the Board of The Japan Securities Research Institute. Although Mr. Kiichiro Masui has never been directly involved in corporate management, he has served in important positions in securities-related organizations and has abundant experience and deep insight in the world of finance and securities.
Mr. Kiichiro Masui plays an appropriate role in supervising the execution of business effectively from an independent and objective position and providing advice to management from this standpoint. In addition, as a chairman of the Nominating Committee, he has provided opinions from an objective and neutral standpoint regarding the personnel affairs of officers at the Company.
For the above reasons, the Company expects that Mr. Kiichiro Masui will contribute to the enhancement of effectiveness of the Board of Directors and committees that will lead to the enhancement of corporate value of the Group in the medium and long term as an External Director, and thus has nominated him as a candidate for External Director.

[Reason for appointment]

Mr. Takahiro Moriguchi has served as Representative Director and Deputy President of the Bank of Tokyo-Mitsubishi, Ltd. (currently MUFG Bank, Ltd.) and Representative Director and Chairman of JPMorgan Securities Japan Co., Ltd. He has served as a president at banks in the U.S., and has broad knowledge on finance and securities, international business experience, and abundant experience and deep insight as a corporate manager.
Mr. Takahiro Moriguchi plays an appropriate role in supervising the execution of business from an independent and objective position and providing advice to management from this standpoint. In addition, as a member of the Nominating Committee and a chairman of the Compensation Committee, he has provided opinions from an objective and neutral standpoint regarding the personnel affairs of officers and officer compensation at the Company.
For the above reasons, the Company expects that Mr. Takahiro Moriguchi will contribute to the enhancement of effectiveness of the Board of Directors and committees that will lead to the enhancement of corporate value of the Group in the medium and long term as an External Director, and thus has nominated him as a candidate for External Director.

[Reason for appointment]

Ms. Junko Utsunomiya has acquired high degrees of expertise as a lawyer, and although she has never been directly involved in corporate management, she has served as an outside director of other listed companies and has abundant experience and deep insight in the field of corporate legal affairs.
Ms. Junko Utsunomiya plays an appropriate role in supervising the execution of business effectively from an independent and objective position and providing advice to management from this standpoint. In addition, as a member of the Nominating Committee and the Audit Committee, she has provided opinions from an objective and neutral standpoint regarding the personnel affairs of officers at the Company, and has appropriately audited the business execution from an independent standpoint.
For the above reasons, the Company expects that Ms. Junko Utsunomiya will contribute to the enhancement of effectiveness of the Board of Directors and committees that will lead to the enhancement of corporate value of the Group in the medium and long term as an External Director, and thus has nominated her as a candidate for External Director.

[Reason for appointment]

Mr. Eiji Yamada has served as Representative Director and Senior Executive Vice President of NTT DATA Corporation, President and Representative Director of Japan Information Processing Service Co., Ltd., and an outside director of other listed companies, and has abundant experience in data communication and system development, etc. and deep insight as a corporate manager.
From this standpoint, Mr. Eiji Yamada has been playing an appropriate role in supervising the execution of business effectively from an independent and objective position and providing advice to management. In addition, as a member of the Nominating Committee, he has provided opinions from an objective and neutral standpoint regarding the officer compensation at the Company.
For the above reasons, the Company expects that Mr. Eiji Yamada will contribute to the enhancement of effectiveness of the Board of Directors and committees that will lead to the enhancement of corporate value of the Group in the medium and long term as an External Director, and thus has nominated him as a candidate for External Director.

[Reason for appointment]

Mr. Mitsunobu Yamaguchi has a high degree of specialization as a certified public accountant, has worked in the United States, and has served as an external auditor at other listed company. Though he has never been directly involved in corporate management, he has abundant experience in the fields of financial accounting and auditing, and experience in international service.
From this standpoint, Mr. Mitsunobu Yamaguchi has been playing an appropriate role in supervising the execution of business effectively from an independent and objective position and providing advice to management. In addition, as a chairman of the Audit Committee, he has appropriately audited the business execution from an independent standpoint.
For the above reasons, the Company expects that Mr. Mitsunobu Yamaguchi will contribute to the enhancement of effectiveness of the Board of Directors and committees that will lead to the enhancement of corporate value of the Group in the medium and long term as an External Director, and thus has nominated him as a candidate for External Director.