Osaka Securities Exchange Introduces New Give-Up System

Osaka Securities Exchange Co., Ltd. (OSE) will introduce a new Give-Up System for all its futures and options contracts during the second half of 2005.

The Give-Up System will allow contracts executed by a securities company for a customer to be cleared by another securities company.

The Give-up System is used widely among major futures exchanges around the world. OSE, one of the leading derivatives exchanges in Japan, is the first Japanese equity derivatives exchange to introduce the Give-Up System to provide the same infrastructures used by the major foreign futures exchanges.

With the launch of the Give-Up System, OSE continues its utmost efforts to improve the convenience of the users.

1. Advantages of Give-Up System
   • Investors can concentrate their position management and clearing operations through one securities company, and at the same time place orders to several securities companies.
   • Reduced business costs and required margin.
   • Investors can maintain trading and business relations with multiple securities companies and acquire beneficial information from various securities companies.
2. Effective Date of Installation

   Second half of 2005, immediately following the launch of the new OSE trading platform

[Notice]Detailed specifications of the Give-Up System will be finalized after careful consideration of the public comments (to be received from November 16 to December 7, 2004.)

Specification for Give-Up System