PRESS RELEASE For Immediate Release                                                                     .............................. .Contact: Ekrem Sarper March 4, 2005                                                                       .................................. .............(202) 289-7460 x33 Global Financial Services Industry Urges that the Privatization of Japan Post Leads to Even Playing Field for All Competitors WASHINGTON, D.C.: In a statement released today, associations representing the global financial services industry collectively agreed that Japan must develop laws for privatizing the Japan Post which will put both domestic and foreign competitors on an “equal footing” in the Japanese market. “ Japan is one of the world's largest financial services centers. We hope that the Japanese government will install a full market-based system for financial services. A level playing field for competitors ensures that Japanese consumers will benefit,” said Norman Sorensen, Chairman of the Coalition of Service Industries (CSI) and President of Principal International Inc. “We are committed to working closely with the Japanese Government in the coming weeks and we will continue to monitor the situation closely.” The Japan Post privatization process is nearing a key decision point, the new laws set forth will determine the course for the future of the insurance and other financial services industries in Japan . The statement called for Japan Post to maintain a standstill on new products that compete with the private sector until the successor to postal insurance giant Kampo is operating under the same rules as those that are applied to its private sector competitors. In addition to the statement the associations have provided an annex that more fully describes the factors that are necessary to assure “equal footing”. #### The U.S. service sector accounts for about 80 percent of GDP and 80 percent of U.S. non-farm employment. It accounts for exports of $307 billion, with an export surplus of $51 billion. The U.S. exports far more business, professional and other private services that we import – we sell far more of our services to foreigners than we outsource to them. The U.S. is the world's most competitive services exporter. Click here for Full Statement and Annex