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FTSE Mondo Visione Exchanges Index:

Tokyo Stock Exchange, Inc. Will Launch Reit Index And Disclose Trading Activities By Type Of Investors On The J-REIT Market.

Date 07/01/2003

In a press release issued on January 7, 2003, Tokyo Stock Exchange (TSE) annnounced that TSE will calculate and publish a new index for Japanese Real Estate Investment Trust, so-called J-REIT, on closing basis 1 and disclose trading activities (trading volume and value) by type of investors on the J-REIT market, around this spring.

Those measures refrect the opinions from users to introduce REIT index and further reinforcement of investment infrustructure for REIT market in Japan, following the first listing on the J-REIT market of the TSE in September 2001.

The REIT index will be a capitalization-weighted index based on all REITs listed on the TSE and it will be calculated with the same methodology for the calculation of the TOPIX 2 (Tokyo Stock Price Index ). Total return index will also be calculated and published in the same way.

The implementation date and the details will be anounced at a future date.

For further information, please visit our web-site or send an e-mail to databank-index@tse.or.jp 1 REIT index will be published through TSE's web-site.

2 REIT index will not be composed of TOPIX. The calculation method of the TOPIX remains unchnaged and it continues to be based on all the common stocks listed on the 1st section of the TSE.