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Credit Ratings

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Here presents the credit ratings of Okasan Securities Group Inc., and Okasan Securities Co., Ltd., as provided by Japan Credit Rating Agency, Ltd. (JCR).

Okasan Securities Group Inc.

(as of January 24,2011)
Rating agency Long-term credit rating Outlook
JCR BBB Stable

* The long-term credit rating is based on the rating of long-term preferred liabilities.

Okasan Securities Co., Ltd.

(as of January 24,2011)
Rating agency Long-term credit rating Outlook
JCR BBB Stable

* The long-term credit rating is based on the rating of long-term preferred liabilities.

* For details about credit ratings, visit the website of Japan Credit Rating Agency, Ltd. (JCR).

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