Deutsche Securities Inc. (DSI) has been identified by the Tokyo Stock Exchange (TSE) to have violated regulations and the following sanctions have been imposed upon it.

Specifically:

1. A fine of JPY3 million


2. Identification of a violation of Article 4 (10) of the Former Cabinet Order Concerning the Code of Conduct, Etc. for Securities Companies under Article 42, Paragraph 1 (10) of the Former Securities and Exchange Law.

For further information, please refer to the TSE’s website at:
www.tse.or.jp/english/sr/activity/cmpshobun/index.html

Additionally, the TSE has requested the submission of a business improvement plan by DSI. To prevent any such issue regarding the handling of Company Related Information, DSI has already introduced improvements and, through submission of the business improvement plan, will propose specific improvements and measures for rapid implementation to prevent any future recurrence.

DSI takes these sanctions extremely seriously and will take all steps to ensure its compliance with laws and regulations and the correct handling of Company Related Information, to retain the ongoing confidence and trust of all stakeholders.

For further information, please call:

Deutsche Securities Inc.
Seiko Adachi / Aston Bridgman (81 3) 5156 7705/7709
Communications, Region Japan