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Osaka Securities Exchange, Russell and Nomura announce cooperative effort to launch futures based on new stock index

As of July 27, 2004, Osaka Securities Exchange Co., Ltd. (“OSE”), Russell Investment Group and Nomura Securities Co., Ltd. have agreed to develop a cooperative effort to introduce listed futures based on the Russell/Nomura Prime Index, a newly developed index co-developed by Russell/Nomura*.

The companies plan to list the Russell/Nomura Prime Index futures on the OSE Market, and will develop marketing to promote the advantages of the Index and its related futures. These activities will include marketing aimed at domestic and overseas institutional investors who invest in Japanese equity markets through passive investment strategies, hedge strategies and other use of derivatives.

Michio Yoneda, President and CEO of OSE said, “It implies the opening of a new era for Japanese equity derivatives markets that OSE will pursue its cooperation with Russell Investment Group, provider of the Russell series of 21 US indexes, and Nomura Securities Co., Ltd., a representative securities company in Japan. OSE, as a leading equity derivatives market in Japan, has been providing an efficient and attractive market. Through listing of futures based on the Russell/Nomura Prime Index, we strongly hope to provide a better market with improvement of its convenience to domestic and overseas investors.”

Craig Ueland, President and CEO of Russell Investment Group said, “The Russell/Nomura Prime Index offers a strong model for passive investment in the Japanese equity market, and we are pleased that by working with OSE, we will be adding derivatives trading capabilities to this index offering. This provides investors with a new solution for directional strategies based on a strong underlying Japanese equity index.”

Yasuyuki Kato, Managing Director, the Head of Global Quantitative Research of Nomura Securities Co., Ltd., said, “Nomura has been providing the investment community with the Russell/Nomura Japanese equity index series together with the Russell Investment Group. The collaboration with Osaka Securities Exchange, the leading derivative exchange in Japan, regarding the newly created Russell/Nomura Prime Index will greatly contribute to the asset management business.”