As of June 29, 2005
Board of directors and corporate auditors

Takeo Higuchi*
Chairman and CEO

Kenji Murakami*
President and COO

Mitsuo Funatsu*
Executive Vice President

Tamio Ishibashi*
Executive Vice President

Tetsuji Ogawa*
Executive Vice President and CFO

Takuya Ishibashi
Executive Managing Director

Naotake Ohno
Executive Managing Director

Takeshi Kajimoto
Managing Director

Kimitaka Komatsu
Managing Director

Takashi Uzui
Managing Director

Hiroshi Azuma
Managing Director

Osami Nishikawa
Managing Director

Shigeo Otsuka
Managing Director

Tatsushi Nishimura
Managing Director

Yoshiaki Takamura
Managing Director
Directors
Tadashi Murakaku
Seiki Nishi
Tsugio Hamada
Chiyohiro Aoyagi
Yoshiharu Noto
Takashi Hama
Corporate Auditors (standing)
Toshihiko Emi
Eiichi Takeda
Yoshikazu Tano
Corporate auditor
Hiromi Doi
Kazuhiro Iida
Kiichiro Iwasaki
Presidents of principal subsidiaries and affiliates

Mutsuo Kajimoto
Daiwa Kosho Lease Co., Ltd.

Kenji Ito
Daiwa Rakuda Industry Co., Ltd.

Katsuyoshi Tateno
Daiwa Logistics Co., Ltd.

Isao Kusunoki
Daiwa Living Co., Ltd.

Hiromi Yamane
Daiwa Service Co., Ltd.

Minoru Fujita
Nihon Jyutaku Ryutu Co., Ltd.

Masanori Nishio
Royal Home Center Co., Ltd.

Tsuyoshi Ochi
Daiwa Royal Co., Ltd.

Masahiro Sakakura
Daiwa Information Services Co., Ltd.

Toshihiro Yokota
Loc Development Co., Ltd.

Keiichi Honda
Daiwa Resort Co., Ltd.
