A comparison of Russell/Nomura Equity Indexes Index Russell/ Nomura Large Cap + Russell/ Nomura Small Cap = Russell/ Nomura Total Market TOPIX Nikkei 225 Nikkei 300 Representation Large cap   Small cap   Broad market Large cap Large cap Large cap Characteristics Approximate number of companies in index 300* + 1200* = 1500* 1400* 225 300 Methodology Criteria for inclusion Largest companies in the Total Market Index making up approximately 85% of the Total Market Index capitalization + Smallest securities in the Total Market Index making up approximately 15% of the Total Market Index capitalization = Largest Japan domiciled companies making up 98% of the total market capitalization All stocks in the TSE#1 A sampling of stocks selected to represent Japanese industries A sampling of stocks selected to represent Japanese industries Weighting Market cap, — adjusted for large private holdings, corporate cross ownership   Market cap, — adjusted for large private holdings, corporate cross ownership   Market cap, — adjusted for large private holdings, corporate cross ownership Cap-weighted based on shares outstanding Price-weighted Cap-weighted based on shares outstanding Systematic reconstitution to reflect changes in market Annual   Annual   Annual No No No Objective methodolgy publicly available Yes   Yes   Yes No No No Style indexes available Yes   Yes   Yes No No No Index Russell/Nomura PRIME TOPIX Membership Top 1,000 securities of the free float adjusted market cap in all the markets (including OTC) All the Tokyo Stock Exchange, the First Section - 1,530 securities as of Dec. 1, 2003 Liquidity criteria Negative list Extremely-low-liquidity securities are excluded** None Rebalance Band 900-1100 rule *** None Methodology Free float adjustment Yes No Periodic reconstitution Annually (1st business day of December) None Addition of new securities Quarterly (large-cap securities IPOs can be added other than at periodical reconstitutions) At any time (one month later) Security price for calculation Market value in major markets Market value in Tokyo Stock Exchange For more information about the Russell Indexes, contact us. * Approximate ** All the shares whose average trading volume in the past 12 months are below the 2000th are excluded according to the negative-list method. *** At a periodic reconstitution, new inclusion of the shares above 900th in the market value and exclusion of the shares below 1100th have priority.			Printer friendly version of this page

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