Sumitomo Trust & Banking

The Sumitomo Trust and Banking Co., Ltd. ("Sumitomo Trust") announced
today that Sumitomo Trust had today under the observation of the
Supreme Court reached a basic agreement with the Tokyo Metropolitan
Government and the Tokyo Governor to make
settlement-at-courtsoshoujou-no-wakai at the Supreme Court
regarding the Tokyo Metropolitan Government's tax on large banks.

The settlement is subject to the enactment and implementation of the related
draft ordinance revision being tabled at this year's third regular meeting of
the Tokyo Metropolitan Assembly.

In response to the agreement, Sumitomo Trust is planning to post approximately 5
billion yen of extra ordinary profit for the 1st half fiscal year 2003.

The amendment of forecast for 1st half and full fiscal year 2003 is possible
subject to the impact of other factors.

For further information, please contact:

Koichi Onaka, Head of IR Office, Financial Management Dept.
Telephone: +81-3-3286-8354   Facsimile: +81-3-3286-4654