Tokyo Stock Exchange Requested Miki Securities Co., Ltd. To Submit Business Improvement Report

TSE requested MIKI SECURITIES CO., LTD. (Miki) to submit business improvement report as to strengthen its internal control system, secure strict compliance by the directors and staff, take preventive measures against recurrence of the violations mentioned below, and clarify locus of responsibility, pursuant to the TSE's Trading Participant Rule.

From June 2000 to October 2000, Miki displayed the secondary distribution price for Equity Exchangeable Bond and sold them to many customers at that price in spite that the value of the bonds declined and it was after the secondary distribution period.

The conduct above was found to have violated a Ministerial Ordinance, Article 42(1)(ix) of the Security and Exchange Law.