Sumitomo Trust & Banking

  Amendment of Forecast for Financial Results of the 1st Half FY2003

The Sumitomo Trust & Banking Co., Ltd. (hereinafter, "Sumitomo Trust") hereby
announces that its forecast for the financial results of the 1st half fiscal
year 2003 ending September 30, 2003 (hereinafter "1HFY2003") is amended as
follows:

1. Amendment of Forecast for Financial Results of 1HFY2003

(For the period from Apr. 1, 2003 to Sep. 30, 2003)


                                            Billions of Yen
                     -------------------------------------------------------------
                     Consolidated                         Non-consolidated
                     -------------------------------------------------------------
                     Net operating    Net income   Net operating     Net income
                          Profit                        profit
----------------------------------------------------------------------------------
  Previous forecast
 (as of May 2003) (A)          27.0           16.0           25.0            15.0
----------------------------------------------------------------------------------
Amended forecast (B)           67.0           41.0           65.0            40.0
----------------------------------------------------------------------------------
     Change (B) - (A)         +40.0          +25.0          +40.0           +25.0
----------------------------------------------------------------------------------
           Change (%)         + 148%         + 156%         + 160%          + 167%
----------------------------------------------------------------------------------


2. Reason for Amendment

The amendment of Net operating profit (non-consolidated) is mainly due to
increase in profit from market operation of Treasury and financial products
department and net gains on stocks as well as decrease in credit costs. In
addition to those factors, because of the refund of Tokyo Metropolitan
Government's tax on large banks, Net income (non-consolidated) is amended to
upward.

The amendment for consolidated Net operating profit and Net income is due to the
same reason.

3. Forecast for Financial Results of the Full Fiscal Year 2003 (consolidated and
non-consolidated)

The announcement of the amendment of the forecast for the financial results of
the full fiscal year 2003 (consolidated and non-consolidated) is possible in
November 2003 at the release of the financial results of 1HFY2003 subject to
updated assumptions of business condition for the 2nd half of fiscal year 2003.

(Appendix - Referential Data)

Referential Data below are preliminary numbers, and are subject to change.

1. Summary of Amended Forecast for Financial Results of 1HFY 2003

(non-consolidated)

                                               Billions of Yen
                           -------------------------------------------------------
                            Previous forecast   Amended forecast           Change
                           (as of May 2003) (A)        (B)               (B) - (A)
----------------------------------------------------------------------------------
Net business profit before
 credit costs (*)                         65.0               75.0           +10.0
----------------------------------------------------------------------------------
Credit costs (**)                         30.0               10.0           -20.0
----------------------------------------------------------------------------------
Net capital gains/losses
on stock                                  -5.0               10.0           +15.0
----------------------------------------------------------------------------------
Net operating income                      25.0               65.0           +40.0
----------------------------------------------------------------------------------
Extraordinary income                         -                5.0            +5.0
 (Refund of Tokyo
  Metropolitan Government's
  Tax on large banks)                     ( - )              (5.0)          (+5.0)
----------------------------------------------------------------------------------
Net income                                15.0               40.0           +25.0
----------------------------------------------------------------------------------


(*) Net business profit before credit costs = Net business profit + Trust
account credit costs + Net transfer to general reserve

(**) Credit costs = Total amount of Trust account credit costs and Banking
account credit costs

2. Net Unrealized Gains/ Losses of "Available-for-sale Securities"(*) at the end
of September 2003 (non-consolidated)

                                           Billions of Yen
                 --------------------------------------------------------------------
                            Unrealized gains and losses (after write-off)
                 --------------------------------------------------------------------
                    March 2003     September 2003
                                                  -----------------------------------
                                   (Preliminary)  Unrealized gains Unrealized losses
-------------------------------------------------------------------------------------
 Available-for-
 sale  securities           -19.8            75.0              N.A.              N.A.
-------------------------------------------------------------------------------------
(for stocks only)          (-63.6)          (70.0)          (110.0)           (-40.0)
-------------------------------------------------------------------------------------


(*) Available-for-sale securities include securities other than those held for
trading purposes, namely held-to-maturity securities and stocks of subsidiaries
and affiliates.

(1) Total write-off of other securities amounted to approximately 3.0 billion
yen (approximately 3.0 billion yen for stocks only).

(2) Among "Available-for-sale securities", fair market values of the stocks
whose market values are obtainable in the markets are determined on the basis of
the 1-month-average of their daily closing prices during September 2003 (the
closing month of 1HFY2003), and such market values are also used in determining
write-off of each stock. The standard for write-off that we have adopted is as
follows:

(i) Stocks with fair market values at 50% or less of their carrying costs are
all subject to write-off.

(ii) Stocks with fair market values at 70% of less of their carrying costs are
subject to write-off, if judged as having little possibility of price recovery.

3. BIS Capital Adequacy Ratio (consolidated; at the end of September 2003)


                                                Billions of Yen
                                      -----------------------------------
                                        March 2003      September 2003
-------------------------------------------------------------------------
Total stockholders' equity                   1,213.9             1,380.0
-------------------------------------------------------------------------
   Tier I                                      706.1               760.0
-------------------------------------------------------------------------
Total risk assets                           11,580.8            11,500.0
-------------------------------------------------------------------------
BIS capital adequacy ratio                     10.48%                12 %
-------------------------------------------------------------------------
   Tier I ratio                                 6.09%              Mid 6%
-------------------------------------------------------------------------


Forecast of Stockholders' Equity (non-consolidated) at the end of September 2003


                                                Billions of Yen
                                      -----------------------------------
                                        March 2003      September 2003
-------------------------------------------------------------------------
Total stockholders' equity                     638.5               730.0
-------------------------------------------------------------------------
   Capital stock                               287.0               287.0
   ----------------------------------------------------------------------
   Capital surplus                             240.4               240.4
   ----------------------------------------------------------------------
   Legal retained earnings                      44.5                45.6
   ----------------------------------------------------------------------
   Retained earnings other than legal
    retained earnings                           79.4               113.0
   ----------------------------------------------------------------------
   Net unrealized losses on
    "Available-for-sale securities"
    (Net of Tax)                               -11.7                44.0
-------------------------------------------------------------------------
Net deferred tax assets                        266.8               200.0
-------------------------------------------------------------------------


4. Unwinding of Cross-Shareholdings

(non-consolidated; at the end of September 2003)

Sumitomo Trust has projected 150 billion yen of unwinding of cross-shareholdings
for the full fiscal year 2003, and the amount of unwinding held during 1HFY2003
was more than 100 billion yen (Cost basis). Total amount of stocks held by
Sumitomo Trust at the end of September 2003 was approximately 487 billion yen
(Cost basis), which was around 65% of Tier I (consolidated).

Cross-Shareholdings (non-consolidated) at the end of March 2003


                                                Billions of Yen
                          ------------------------------------------------------------
                             March 2003 (A)    September 2003 (B)            (B) - (A)
--------------------------------------------------------------------------------------
 B/S value (Market value)               525.1               557.0               +31.9
--------------------------------------------------------------------------------------
        Cost basis                      588.7               487.0              -101.7
--------------------------------------------------------------------------------------
 Unrealized gains/losses                -63.6               +70.0              +133.6
--------------------------------------------------------------------------------------


5. Assets Classified under the Financial Reconstruction Law

(non-consolidated; at the end of September 2003)


                                               Billions of Yen
                          ----------------------------------------------------------
                             March 2003 (A)     September 2003 (B)         (B) - (A)
------------------------------------------------------------------------------------
Bankrupt and Practically
         Bankrupt                         29.0               25.0              -4.0
------------------------------------------------------------------------------------
         Doubtful                        176.7              135.0             -41.7
------------------------------------------------------------------------------------
       Substandard                       196.5              220.0             +23.5
------------------------------------------------------------------------------------
          Total                          402.2              380.0             -22.2
====================================================================================
Special Mention excl.
 Substandard                             716.3              600.0            -116.3
------------------------------------------------------------------------------------


(Note) Figures are those in Banking account and Trust account combined, after
the partial direct write-off.

For inquiries, please contact
Koichi Onaka, Head of IR Office, Financial Management Dept.
Telephone: +81-3-3286-8354 Fax: +81-3-3286-4654