News File

TIFFE to Demutualize as of April 1st, 2004

(April 1 2004)

Tokyo International Financial Futures Exchange Inc. (formerly The Tokyo International Financial Futures Exchange) is to change its organizational structure from a membership organization to a stock company starting April 1st, 2004.

Jiro Saito, President and CEO, states, "TIFFE has always worked to build a fair and reliable financial futures market, and to improve user-convenience. Upon demutualization, we hope to constantly and abundantly provide convenient services, and by doing so strive to further become a competitive core of Japan's financial infrastructure."

The following persons have been selected as our directors and auditors at the Board of Directors meeting held today.

• President and CEO / Jiro Saito
• Senior Managing Director / Shozo Ohta
• Managing Director / Takashi Murakami
• Member of the Board / Keimei Kaizuka
• Member of the Board / Hiroaki Shukuzawa
• Member of the Board / Chiharu Baba
• Member of the Board / Hideo Watanabe
• Statutory Auditor (Standing) / Yoshio Hayakawa
• Statutory Auditor / Koji Kaihotsu
• Statutory Auditor / Keisuke Yokoo

For more information, please contact:

General Affairs Group, General Administration Department
Tel: +81-3-3514-2401
Fax: +81-3-3514-2425
E-mail :