Osaka Securities Exchange: No-Action Letter Received For MSCI JAPAN Index Futures & FTSE Japan Index Futures

Osaka Securities Exchange Co., Ltd. (OSE) is pleased to announce that a No-Action Letter for MSCI JAPAN Index Futures Contract and FTSE Japan Index Futures Contract ("Futures Contracts") has been received from the U.S. Commodity Futures Trading Commission (CFTC), as of February 13, 2003 (U.S. EST). In order to broaden the investor base in Futures Contracts, OSE applied to the CFTC to issue a No-Action Letter in this regard and trading in the above Futures Contracts commenced on July 15, 2002.

The No-Action Letter issued by the staff of the CFTC states that they would not recommend enforcement action if Futures Contracts are offered and sold in the United States. Accordingly, U.S. registered futures commission merchants (FCMs) are now allowed to accept orders for Futures Contracts from investors located in the U.S. for purchase or sale.

MSCI JAPAN Index and FTSE Japan Index are free float-adjusted market capitalization weighted indexes that are becoming mainstream globally as benchmarks for investment in Japanese equities. With the receipt of this No-Action Letter, U.S. investors are expected to participate in trading of Futures Contracts on OSE.

OSE already obtained No-Action Letters for the following contracts:

• Nikkei Stock Average Futures Contract (as of January 16, 1992 from CFTC)
• Nikkei Stock Index 300 Futures Contract (as of May 17, 1994 from CFTC)
• Nikkei Stock Average Options Contract (as of July 23, 1999 from SEC*)
• Nikkei Stock Index 300 Options Contract (as of July 23, 1999 from SEC)
• Equity Options Contract (as of July 23, 1999 from SEC)

* U.S. Securities and Exchange Commission (SEC)