The Tokyo Stock Exchange Will Amend Its Trading Halt Rules

As of Wednesday 1 December 1999, the Tokyo Stock Exchange will amend its Trading Halt Rules as follows. Outline of Amendment: (1) Reduced Trading Halt - From 90 to 60 minutes after Publication of Material Information: In the event of a trading halt due to publication of material information, such as the merger of a listed company, which affects investor decisions, trading will be resumed 60 minutes after the company has published such information, or 60 minutes after assignment to the supervision post has been announced. (2) Re-Opening of Order Receipts - From 60 to 30 minutes after Publication of Material Information: Order receipts (new orders, amendments & cancellations) will be resumed 30 minutes after the listed company has published material information, or 30 minutes after assignment to the supervision post has been announced. Example of Amended Trading Halt Timetable: 09:30 Speculation of merger by A company; Trading Halt; 11:00 Close of morning session; 12:30 Start of afternoon session, Announcement of merger by A company; 13:00 Order receipts resumed (30 mins after announcement); 13:30 Trading resumed (60 mins after announcement); 15:00 Close of afternoon session. We ask that market participants pay due attention to the amendment of the trading halt system, as it affects the amendment and cancellation of existing orders involved in a trading halt.