With the adoption of the Kyoto Protocol, economic instruments have been introduced to reduce greenhouse gases. Trading in carbon emissions rights has been ongoing in Japan and other countries, and is expected to expand further in the future.

Under these circumstances, the TSE Group will strive to make as great a contribution to these efforts as possible from the perspective of a securities exchange, and will accordingly set up the "TSE Carbon Market Study Group".

Through the study group, the TSE Group aims to gather practical advice from experts and other concerned parties on the creation of a carbon market.

2. Study Group Members

Tokyo Stock Exchange, Inc. will serve as the host and secretariat of the study group.Experts in fields related to emissions trading will be invited to serve as commission members and concerned government officials as observers.

3. Study Group Plan

- Starting in late May, the study group will generally be held once a month. By the end of 2008, it will look into the following details regarding the framework design of the exchange:

* (1) tradable products
* (2) trading methods
* (3) trading participants
* (4) settlement and clearing methods
* (5) others

- The study group will also make proposals and requests as required on the development of laws, rules, regulations, and the according framework. -- www.tse.or.jp