Policy Change Concerning Inclusion of New Companies In TOPIX

In response to earnest requests from equity portfolio managers and professional stock traders who use Tokyo Stock Price Index ("TOPIX") including its sub-indices for their investment strategy, the TSE has decided to put off the day of inclusion of certain newly listed stocks in TOPIX. On and after April 1, 2000, a company whose shares are to be listed on the TSE by effecting initial public offering (i.e., a company which has never been traded in other organized markets in Japan before listing) will be included in TOPIX one calendar month and one business day after listing. Companies which join the TSE's roster via other organized market(s) will be included in TOPIX under the existing policy-that is, on the business day following the day of listing.