Tokyo Stock Exchange, Inc.To Publish TOPIX 1000 And Mothers Index

As Tokyo Stock Exchange, Inc. (TSE) previously announced on June 2, 2003, TSE will begin calculation and publication of the TOPIX 1000 and Tokyo Stock Exchange Mothers Index, together with real-time dissemination of the Tokyo Stock Exchange REIT Index, from September 16, 2003.

TOPIX 1000

1. Features
   • TOPIX 1000 is a market capitalization- weighted index and its component stocks are reviewed annually according to market capitalization and liquidity on the 1st section of the TSE. Thus, TOPIX 1000 is an appropriate index especially for fund managers who wish to track the Japanese market.

   • TOPIX 1000 covers more stocks listed on the 1st section of the TSE than other existing indices, such as TOPIX 500. At the same time it excludes smaller stocks with relatively low liquidity.

   • Minimizing tracking error is very important for index fund managers. As component stocks of TOPIX 1000 are based on market capitalization and liquidity, using this new index will enable more efficient fund management.

   • As correlation between TOPIX 1000 and TOPIX is expected to be extremely high, TOPIX 1000 users can hedge price change in their portfolio using the highly liquid TOPIX futures.

2. Selection of Component Stocks
   • Selection of component stocks is conducted annually based on market data as of the end of July. The 1000 most liquid stocks with the largest market capitalization are selected from stocks listed on TSE's 1st section, excluding those stocks that do not have an accumulated length of listing and OTC registration of at least 6 months.

   • Annual changes to TOPIX 1000 component stocks are effective after the close of trading on the second Friday (Special Quotation date for futures transactions) every September.

   • The attached list of component stocks for TOPIX 1000 will be effective after the close of trading on Friday, September 12, 2003.

Publication of Tokyo Stock Exchange Mothers Index

Tokyo Stock Exchange Mothers Index is a market capitalization- weighted index based on all stocks listed on Mothers and will provide a comprehensive measure of price changes on TSE's Mothers market.

Mothers (market of the high-growth and emerging stocks) was established on November 11, 1999 in order to provide venture companies access to funds at an early stage of their development and to provide investors with more diversified investment products. 53 companies are listed on Mothers as of today.

Real-Time Dissemination of Tokyo Stock Exchange REIT Index

Tokyo Stock Exchange REIT Index, which began on TSE's web site from April this year, is a market capitalization-weighted index based on all J-REITs listed on TSE and provides a comprehensive measure of price changes on TSE's REIT market.

Due to strong demands from users, TSE will provide the Tokyo Stock Exchange REIT Index on a real-time basis.

Calculation Methods and Others

Indices	TOPIX1000	Mothers	REIT
Calculation Method	Same as TOPIX	Same as TOPIX	Same as TOPIX
Base Date	September 12, 2003	September 12, 2003	March 31, 2003
Base Point	1000.00	1000.00	1000.00
Total Return Index	Available	Available	Available
STV* Code	0026	0014	0015

^*STV is an information display provided by the TSE, which is used in Japan. Please contact information vendors on their original code.

• The same methodology for calculation of TOPIX is adopted for TOPIX 1000, Tokyo Stock Exchange Mothers Index and Tokyo Stock Exchange REIT Index.

• Real-time data is disseminated to securities firms and information vendors once every minute through TSE's Market Information System (MAINS).

• The closing values of the indices are available on TSE's web site from September 16, 2003.