TOKYO AND LONDON EXCHANGES SET RULES FOR JOINT GROWTH MARKET

Posted January 29, 2009

TOKYO and LONDON -- The Tokyo Stock Exchange Group Inc. (TSE) and the London Stock Exchange Group plc (LSE) have published a rulebook for their new growth market, to be called TOKYO AIM, for comment. The rulebook includes regulations for securities on the market and rules for nominated advisers.

Nominated advisers, to be called J-Nomads, will be selected and approved by TOKYO AIM and will be required to assess companies’ suitability for the market both prior to admission and on an ongoing basis, guiding them in meeting their obligations as public companies.

“The new market will be a platform that attracts and connects companies and investors from around the world,” says Atsushi Saito, President and CEO of the Tokyo Stock Exchane. “The development of this new market structure in Tokyo is another step towards the further strengthening of Japan’s competitiveness in the global capital markets.”

TOKYO AIM will also offer a choice of either Japanese or English for information disclosure. It will use International Accounting Standards, US GAAP and Japanese GAAP, and will reduce costs through a principles-based regulatory approach.

“A stock exchange’s central purpose is to ensure that companies have access to capital to finance innovation, growth and employment,” adds Clara Furse, Chief Executive of the London Stock Exchange. “TOKYO AIM will play an important role in providing that funding for growing companies in the region. In particular, it will provide a suitable framework in which they can develop long-term relationships with professional investors, making it easier for them to gain access to capital throughout their development -- an advantage that has been underlined in recent months as public companies in a number of markets have increasingly turned to equity markets to raise additional capital through further issues.”