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Comment By Tokyo Stock Exchange President

Date 12/09/2001

We are all deeply shocked and saddened by the horrific events in New York. Our sympathies go out to everyone involved.

However, I must stress the importance of remaining calm. We ask that investors and market participants exercise extreme caution when making any investment decisions today and in the near future until normal conditions prevail.

In order to maintain market stability we have reduced daily price limits (the parameters within which prices may fluctuate) by 50%.