Sumitomo Trust & Banking

The Sumitomo Trust & Banking Co., Ltd.

Request for the Authorities' Approval of Repayment of Public Funds

Tokyo, October 15, 2003 --- The Sumitomo Trust and Banking Co., Ltd. ("Sumitomo
Trust") announced today that Sumitomo Trust requested the authorities to approve
Sumitomo Trust's repayment of public funds (100 billion yen of preferred stock
and 100 billion yen of subordinated bond). In accordance with the "Law of the
Emergency Measures for Early Strengthening of Financial Functions", the
preferred stock and the subordinated bond were issued by Sumitomo Trust and have
been held by the Resolution and Collection Corporation ("RCC").

1. Procedures of repayment

Sumitomo Trust assumes the following procedures for the repayment. For details
of the public funds, please see the appendix.

a. Preferred stock

--  Sumitomo Trust requests RCC to sell the preferred stock to the third parties
    arranged by Sumitomo Trust instead of the redemption.

--  The third parties are supposed to be mainly Sumitomo Trust's corporate
    customers. The negotiation with such parties will be commenced at the
    appropriate time.

b. Subordinated bond

Sumitomo Trust redeems the subordinated bond. Sumitomo Trust has already
financed necessary amount for redemption through issuance of subordinated bond.

2. Scheduled for sale and redemption

Sumitomo Trust intends to complete the procedures above as soon as possible
within the fiscal year 2003 subject to the negotiation with the authorities and
the third parties.

For further information, please contact

Koichi Onaka, Head of IR Office, Financial Management Dept.

Telephone: +81-3-3286-8354 Facsimile: +81-3-3286-4654

(Appendix - For reference)

1. Preferred stock

Total amount of issue: 100 billion yen

Issue price: 800 yen per share

Annual Dividend: 6.08 yen per share

Dividend yield: 0.76%

Residual property per share: 800 yen

Conversion price: 481 yen (Adjustment is available with floor conversion price
245 yen)

Effective date for conversion price adjustment: October 1 of every year ending
October 1, 2008

Mandatory conversion date: March 31, 2009

2. Subordinated bond

Total amount of issue: 100 billion yen

Maturity date: March 31, 2011 (First call date: March 31, 2006)

Issue price: 100 percent

Interest rate: 6 month yen LIBOR + 1.53% (April 1, 1999 - March 31, 2006) 6
month yen LIBOR + 2.03% (April 1, 2006 - March 31, 2011)