Tokyo Stock Exchange: Resignation Of Board Directors And Reassignment Of Representative Directors

TSE decided resignation of board directors and reassignment of representative directors at the board meeting held on December 20, 2005 as outlined below.

1. Clarification of responsibility concerning turmoil caused by system irregularity

a. Resignation of board directors etc.
(Resignation date is December 20, 2005 and reduction of remuneration will begin from January 2006 pay)

President & CEO	Takuo Tsurushima	Resignation
Senior Managing Director & CFO	Sadao Yoshino	Resignation
Managing Director & Executive Officer	Yasuo Tobiyama	10% Reduction of Monthly salary for 3 months
Managing Director & Executive Officer	Eisuke Nagatomo	10% Reduction of Monthly salary for 3 months
Managing Director & Executive Officer	Tomio Amano	Resignation
Executive Officer	Toshitsugu Shimizu	10% Reduction of Monthly salary for 3 months
Executive Officer	Tomoyoshi Uranishi	10% Reduction of Monthly salary for 3 months
Executive Officer & CRO	Hiroyuki Iwakuma	10% Reduction of Monthly salary for 3 months
Executive Officer	Hironaga Miyama	10% Reduction of Monthly salary for 3 months

b. Strict Censure
Strict censure will be given to Director of Equity Division, Masaru Tokita, and Director of System Developments for Trading Division, Hiroshi Sato.

In addition, at their own requests, Chairman of the Board, Taizo Nishimuro, Members of the Board, Junichi Ujiie, Hiroshi Okuda, Yasuo Kuramoto, Nobuo Tateisi, Hitoshi Maeda and Masahiro Wakita, Standing Statutory Auditors, Shigeaki Itsuki and Satoshi Shiibashi, and Statutory Auditors, Toshiaki Katsushima and Koji Shindo will voluntarily forgo 10% of their monthly salary for 3 months.

2. Reassignment of representative directors etc.
(Reassignment date is December 21, 2005)

a. New representative directors
Chairman of the Board and President and CEO
Taizo Nishimuro

Senior Managing Director & CFO
Yasuo Tobiyama

b. New executive officer
Executive Officer
Koichiro Miyahara

3. List of Executive officers

Taizo Nishimuro	Chairman of the Board & President & CEO
Yasuo Tobiyama	Senior Managing Director & COO & CFO
Eisuke Nagatomo	Managing Director & Executive Officer & CRO (Listing Division, Self-Regulation Division)
Toshitsugu Shimizu	Executive Officer (Clearing & Settlement Division, Capital Markets Promotion Division)
Tomoyoshi Uranishi	Executive Officer (General Administration, Treasury)
Hiroyuki Iwakuma	Executive Officer (Corporate Planning, Human Resources)
Hironaga Miyama	Executive Officer (Cash market Division, Derivatives Market Division, Systems Developments for Trading)
Koichiro Miyahara	Executive Officer (Information Services Division)

In addition to above Executive Officers, Executive Officer & Chief Information Officer (CIO) will be assigned in near future.

We all the executives and staff of the TSE devote ourselves to prevent from a reoccurrence of such problem in the future.
We ask for your kind understanding in this matter.