1. 1 Rapid Development of securities market brought by XBRL Taizo Nishimuro Chairman of the board TOKYO STOCK EXCHANGE, INC. 12th XBRL INTERNATIONAL CONFERENCE in TOKYO, JAPAN 7 November 2005

2. 2 Domestic Market Capitalization (Sep,2005) (USD billions) Number of listed companies (Sep,2005) New York JAPAN Tokyo NASDAQ LONDON Euronext JAPAN Osaka Deutsche Hong Kong KOREA Shanghai Singapore Shenzhen NASDAQ LONDON JAPAN Tokyo New York KOREA Euronext Hong Kong JAPAN Osaka Shanghai Deutsche Singapore Shenzhen

3. 3 Total Value of Share Trading (2005) (in millions of USD) NYSE NASDAQ LONDON JAPAN Tokyo EURONEXT Deutsche B ö rse Korea(KRE) Shanghai Hong Kong Shenzhen Singapore JAPAN Osaka Total Value of Share Trading (2005) (in millions of JPN YEN) Tokyo Stock Exchange

4. 4 Investment trends by investor category (1993-2005) 7.6% 17.2% 20.3% 21.9% Foreign Investors 23.7% 123,919 billion 324,368 billion 56,295 billion 35,368 billion 49,550 billion JAPAN U.S.A. U.K. German France The state of personal financial asset holdings (2004)

5. 5 Stock Price Index (TOPIX and S&P500) S&P500 =TOkyo Stock Price IndeX =TOkyo Stock Price IndeX

6. 6 Present situation of electronic disclosure Legal disclosure (FSA) (FSA) Listed companies Timely disclosure (TSE) (TSE) investors Media institutions, etc. Web Real-time service Database Service TDnet Immediate Internet Immediate 31 DAYS, Free 5 YEARS, Fee Charge Internet Internet, TV, Information terminals, etc. EDINET FSA’s Web site Reading rooms at Local Finance Bureaus, etc Immediate Internet Timely Disclosure network Electronic Disclosure for Investors' NETwork

7. 7 What is the TDnet (Timely Disclosure network)? TDnet (which is a timely disclosure network system) 【 Operations began in April 1998 】 (1)Submit and register disclosure data to the TSE online (2) Give explanations of disclosure data to the TSE over the phone (3) Output disclosure data on TDnet terminals set at media institutions (4) Obtain certificates (at any time after disclosure) (5) Enable the public to view disclosure data (TSE’s web site, TDnet database service) * The public can view the data on the TSE’s Web site (http://www.tse.or.jp/) or by using the database service. http://www.tse.or.jp/ All Listed companies in Japan (Tokyo,Osaka,Nagoya,Fukuoka, Sapporo,JASDAQ,Green-Sheet) Sapporo,JASDAQ,Green-Sheet) InvestorsContractors Mediainstitutions,etc. Web Real-time serviceDatabaseService IssuecertificatesRegister TDnet

8. 8 Usage of XBRL in TD-net XBRL is used for inputting numerical data such as Earning Digests, Corrections, etc. XBRL is used for inputting numerical data such as Earning Digests, Corrections, etc. If data are input into special disclosure software provided by TSE, both XBRL format and PDF format (disclosure material) data will be produced at the same time. If data are input into special disclosure software provided by TSE, both XBRL format and PDF format (disclosure material) data will be produced at the same time. Numerical data are accumulated as XBRL format in database. Numerical data are accumulated as XBRL format in database. Reference format of Earning Digest Taxonomy XBRL CSV HTML PDF Automatically Conversion

9. 9 Input by XBRL Timely Disclosure ( by XBRL ) Listed companies Tokyo Stock Exchange Future image centering on the TSE XBRL technologies will be consecutively utilized to receive and deliver timely disclosure information. XBRL technologies will be consecutively utilized to receive and deliver timely disclosure information. XBRL technologies will be consecutively utilized to provide timely disclosure information. XBRL technologies will be consecutively utilized to provide timely disclosure information. In particular, the taxonomy for statutory disclosure operated by the Financial Services Agency (FSA) and the taxonomy for timely disclosure will be made consistent. In particular, the taxonomy for statutory disclosure operated by the Financial Services Agency (FSA) and the taxonomy for timely disclosure will be made consistent. Web Service Media institutions, etc. Investors Output by XBRL

10. 10 TSE ’ s enlightenment activities on XBRL １． Trial opening of XBRL data (within this fiscal year) TSE plans to open the XBRL data as a trial, TSE plans to open the XBRL data as a trial, hopefully by the end of this fiscal year. hopefully by the end of this fiscal year. Issues incorporated into data: issues used in the TOPIX core 30 Issues incorporated into data: issues used in the TOPIX core 30 Information incorporated into data: preliminary report of business results concerning final settlement of accounts (on a consolidated basis) Information incorporated into data: preliminary report of business results concerning final settlement of accounts (on a consolidated basis) Expected time of opening: Within fiscal 2005 Expected time of opening: Within fiscal 2005 ２． Opening of XBRL enlightenment website A website for providing information on XBRL was set up in November. http://www.tse.or.jp/listing/xbrl/

11. 11 TOKYO STOCK EXCHANGE, INC. http://www.tse.or.jp