Replacement Of Tokyo Stock Exchange's Market Information System

Due to the delay of market information that occurred on July 3 of this year, TSE executed an emergency increase of systems capabilities. In order to further expand capabilities, TSE's Board of Directors decided at their meeting on November 18 to replace TSE's Market Information System. A summary of the system replacement is listed below.

1. System replacement summary

• Increase overall market information system processing power
• Increase data transmission capability to 20,000 transmissions per minute (17,000 for Equities Trading System)
• Newly add 6 Mbps service as an upgraded level of service of FLEX (1.5 Mbps), the highest grade service of the present system

2. Date of Change

• April 2005

TSE's Equities Trading System will be replaced with a higher-grade system in May 2005 (after Market Information System replacement).

Reference: Changes to the present system

Change	Data transmission capability per minute (Equities Trading System)	Date of Change
(before changes)	4,660	-
Allocate space in CORES CB to CORES	4,860	July 7, 2003 (already in effect)
Allocate space in CORES FOP to CORES	5,310	July 22, 2003 (already in effect)
Upgrade present system CPU	5,660	October 20, 2003 (already in effect)
Reorganize present system programs	9,160	March 2004

CORES: Computer-assisted Order Routing and Execution System
CB: Convertible bonds
FOP: Future and options