Public Comments

Osaka Securities Exchange Co., Ltd. (OSE) has decided to develop trading rules, Transaction Participants rules, and the other relevant rules for the purpose of integrating the derivatives markets of Tokyo Stock Exchange, Inc. into the OSE derivatives market in March 2014 following the integration of the cash markets which is scheduled on July 16, 2013.

OSE will invite public comments on the matter. If you have any comments, please submit them as follows:

• Developing Rules in Connection with the Integration of Derivatives Markets

OSE sought public comments on “Developing Rules in Connection with the Integration of Derivatives Markets” from June 19, 2013 to July 18, 2013. OSE appreciates those who made comments for the cooperation in reviewing this matter.

Please see the following concerning main comments on this matter and OSE’s responses to them. The draft is implemented as proposed.

• Main Comments and OSE’s Responses

Please refer to the following page for the rule revisions on this matter.

• Partial Revisions to Articles of Incorporations, etc. in Connection with the Integration of Derivatives Markets with Tokyo Stock Exchange, etc.