Central Securities Custody & Book-Entry Transfer System Merits for Issuers CP Book-Entry Transfer System Outline of CP Book-Entry Transfer System New Business under Development Outline DVP system for non-exchange trande deliveries as of june 6, 2002 DVP for Non-Exchange Transaction Deliveries (Key points of presentation materials) Outline of Book-Entry Transfer for "Corporate Bonds"

Reduction of the paper works relating to the re-registration of the securities; The securities deposited with JASDEC will be registered in the name of JASDEC by the record date, and the names of the beneficial shareholders are notified from JASDEC to issuing companies. Thus, there will be no registration request from beneficial shareholders after the trades. Reduction of the cost to issue new certificates relating to the split-ups and split-downs; Some part of the securities deposited with JASDEC is kept in the uncertificated form depending on the conditions of the deposits and withdrawals. Therefore, issuing companies will be able to issue new shares in the uncertificated form or in the form of jumbo certificates based on the request by JASDEC. Thus, cost of issue new shares will be reduced. Furthermore, exchange of share certificates in case of merger or transfer of shares will be processed smoothly while the cost of such transactions will be highly reduced.

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