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February 2009

Update : Feb. 27, 2009

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1. Selection of Candidate for President of TOKYO AIM

The Tokyo Stock Exchange Group (TSEG) has selected Mr. Tetsutaro Muraki, from the Tokyo Stock Exchange (TSE), as its candidate for president of TOKYO AIM.

Mr. Muraki has been with the TSE since 2007, he currently works to promote the TSE's derivatives markets as the Head of New Product Promotion in the Derivatives Department. He has been involved in the TOKYO AIM project from the beginning, and has considerable support from the London Stock Exchange. Therefore the TSEG is confident that he is the best candidate to manage TOKYO AIM.

He will assume the presidency after TOKYO AIM obtains its exchange license from the Financial Services Agency.

2. Elimination of T+4 Settlement and Trading Suspensions for a Predetermined Period with Regards to Stocks, etc.

Up until now, as a general rule, settlement of trading of stocks, etc. was carried out on the third day following the day of the trade (T+3 settlement). If this third day fell on a record date, settlements were carried out on the fourth day following the day of the trade.

However, with the implementation of the paperless share system, name transfers on the shareholder register are no longer required, thus settlement can be carried out even on record dates.

Therefore, the TSE will eliminate T+4 settlements, thereby unifying the settlement cycle with the T+3 system. In conjunction with this unification, the ex-dividend day and ex-rights day will move one day later.

Moreover, in cases where shares were submitted for stock splits or reverse stock splits, the TSE suspended trading of the relevant stocks for a predetermined period. This was done in order to prevent adverse price formation effects on said stocks. Yet, the paperless share system no longer requires that shares be submitted for stock splits or reverse stock splits. Therefore the TSE will no longer implement this kind of trading suspension.

In consideration of the system adjustments that trading participants must make in regards to these changes, the elimination of T+4 settlement and discontinuation of trading suspensions will go into effect in November 2009.

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