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2023 Japan Exchange Group, Inc., and/or its affiliates Future Actions to Enhance the Functionality of the Growth Market Document 3 Tokyo Stock Exchange, Inc. Listing Department December 18, 2023 1 ©2023 Japan Exchange Group, Inc., and/or its affiliates Topics for discussion 1. Promoting disclosure of reasons for listing, etc. 2. Promoting a proper understanding of how to prepare for listing 3. Promoting proactive sharing of information with investors 4. Assistance in sharing information with institutional investors 5. Implementing stricter listing criteria 6. Promoting the use of the professional market (TOKYO PRO Market) What are your thoughts on promoting the following measures to ensure that IPOs in the Growth Market function as opportunities for growth, especially when it comes to supporting startup managers' efforts toward growth? 2 ©2023 Japan Exchange Group, Inc., and/or its affiliates 1. Promoting Disclosure of Reasons for Listing, Etc. It has been ...

2023 Japan Exchange Group, Inc., and/or its affiliates Future Discussion Topics in the Follow-up Council Document 7 Tokyo Stock Exchange, Inc. Listing Department December 18, 2023 2 ©2023 Japan Exchange Group, Inc., and/or its affiliates Future Discussion Topics in the Follow-up Council Schedule Topics for Discussion Dec. 18, 2023 (The 13 th council) Consideration to improve the functionality of the Growth Market Consideration to expand English disclosure practices in the Prime Market In January 2024 and thereafter (In the 14 th council and thereafter) Promote management that is conscious of cost of capital and stock price, and improve the effectiveness of communication with investors Consideration of content of key points and examples of measures to be taken based on investors' viewpoints Consideration of additional measures, based on monitoring of the company's disclosure status and feedback from investors (generally once every ...

2023 Japan Exchange Group, Inc., and/or its affiliates Tokyo Stock Exchange, Inc. Listing Department December 18, 2023 Expansion of English Disclosure in the Prime Market Document 6 2 ©2023 Japan Exchange Group, Inc., and/or its affiliates General Comments Some overseas investors have said that they do not invest in Japanese companies because of a lack of English disclosure, which is a very big opportunity loss. Considering the concept of the Prime Market, English disclosure should be promoted. Overseas investors are dissatisfied with information asymmetries and disadvantages, such as differences in the volume and timing of information between disclosure in Japanese and English. While taking the situation of companies into account, it would be appropriate to make the documents that are in high demand by investors mandatory on a priority basis. Target Companies The Prime Market concept needs to be consistent, and should start with ...

1 Minutes of the 13th Council of Experts Concerning the Follow-Up of Market Restructuring Date: Tuesday, December 18, 2023 3:30 - 5:30 p.m. Place: Tokyo Stock Exchange 15F Conference Room Attendees: See member list [Kikuchi, Director, Listing Department, TSE] Now that the scheduled time has arrived, we will convene the 13th Council of Experts Concerning the Follow-Up of Market Restructuring. Thank you very much for your cooperation today. Mr. Kumagai and Mr. Kuronuma are participating online today. We will begin by explaining today’s agenda. [Ikeda, Senior Manager, Listing Department] Thank you again for your cooperation today. We have three major agenda items today. The first item is the enhancement of the functionality of the Growth Market in documents two and three. With regard to the Growth Market, the Financial Services Agency, FSA, and Ministry of Economy, Trade and Industry, METI, as observers, have shared their ...

2023 Tokyo Stock Exchange, Inc. Exchange & beyond TSE Explanatory Material The Sixth Council of Experts Concerning the Follow-up of Market Restructuring Tokyo Stock Exchange, Inc. January 10, 2023 Document 2 ©2023 Tokyo Stock Exchange, Inc. 1 Today’s Contents Since July 2022, the Council has been discussing ways to improve the effectiveness of the market restructuring which was implemented on April 4, 2022. Today, we would like to hear your comments on the draft of the“Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring”(Document 3), including measures to encourage listed companies to enhance their medium- to long-term corporate value by effectively utilizing the characteristics of the three market segments and the handling of transitional measures in the future. * In addition, TSE plans to publish future actions plans (Document 4) in response to the summary of discussions. Meeting Date, Schedule Contents...

2023 Tokyo Stock Exchange, Inc. Exchange & beyond Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring (Draft) Tokyo Stock Exchange, Inc. Document 3 January 10, 2023 Items ©2023 Tokyo Stock Exchange, Inc. Ⅰ. Major Policies Ⅱ. Specific Initiatives 1. Handling of Transitional Measures Reference Material a) Raise Awareness of Capital Efficiency and Stock Price b) Improve the Quality of Corporate Governance c) Further Expansion of English Disclosure Practices ・・・・・・・・・・・・・・・・・・・・・・・・・P9 ・・・・・・・・・・・・・・・・・・・・・・・・P2 ・・・・・・・・・・・・・P6 ・・・P4 ・・・・・・・・・P5 ・・・・・・・・・・・P7 ・・・・・・・・・・・・・・・・・・・P3 2. Promotion of Initiatives to Enhance Medium- to Long-term Corporate Value 1 d) Improve the Effectiveness of Dialogue with Investors・・・・・・・P8 ©2023 Tokyo Stock Exchange, Inc. Ⅰ. Major Policies In Japan's economy, the lack of a smooth transition of personnel and capital resources to growing areas has led to a prolonged slump in productivity. In order to ensure the sustainable development of the Japanese economy in the future, it is important ...

2023 Tokyo Stock Exchange, Inc. Exchange & beyond TSE’s Future Actions in Response to the Summary of Discussions of the Follow-up Council (Draft) Document 4 January 10, 2023 Tokyo Stock Exchange, Inc. ©2023 Tokyo Stock Exchange, Inc. 1. Handling of Transitional Measures 1 Immediately clarify how the transitional measures, including the timing of termination, will be handled in the future from the perspective of ensuring a healthy industrial metabolism. Put a specific framework in place for securing opportunities for shareholders to sell their shares in companies to be delisted before those companies are delisted due to the termination of the transitional measures. Actions Implementation Timing a Promptly decide on the policy for handling transitional measures based on the follow-up council's summary and publish the outline of specifications. Note: TSE will also consider how to inform investors in companies to which the transitional measures apply (company ...

2023 Tokyo Stock Exchange, Inc. Exchange & beyond TSE Reference Material The Sixth Council of Experts Concerning the Follow-up of Market Restructuring Document 5 Tokyo Stock Exchange, Inc. January 10, 2023 ©2023 Tokyo Stock Exchange, Inc. Previous Discussions on the Handling of Transitional Measures 1 1. Termination Date of Transitional Measures March 2025 (three years after the transition) is appropriate. Note: There are two opinions: one is that the transitional measures should last for three years followed by an additional one-year improvement period, and the other is that the improvement period should be included in three-year period. Leaving the transitional measures in place indefinitely will hinder the promotion of industrial metabolism, while a certain amount of time is needed for companies’efforts to produce results. Three years is appropriate in light of the general lead time required to achieve the management plan, gather investor opinions ...

2022 Tokyo Stock Exchange, Inc. Exchange & beyond Summary of Results of the Call for Comments Listing Department, Tokyo Stock Exchange, Inc. November 25, 2022 ©2022 Tokyo Stock Exchange, Inc. 2 Overview of the Call for Comments Category Name Investors GMO, Kaname Capital, Institutional Investors Collective Engagement Forum, Simplex Asset Management, Strategic Capital, The Life Insurance Association of Japan, The Dai-ichi Life Insurance Company, Fidelity International, Sumitomo Mitsui Trust Asset Management, Resona Asset Management, LIM Advisors and one other company Securities Companies SBI SECURITIES, Mitsubishi UFJ Morgan Stanley Securities Listed Companies Asahi Kasei Corporation Other Companies Time, METRICAL Call for Comments Concerning the“Follow-up of Market Restructuring”(comments accepted from September 30 to October 31, 2022) Received 22 comments (17 from corporations and 5 from individuals) ©2022 Tokyo Stock Exchange, Inc. I. Prime Market ©2022 Tokyo Stock Exchange, Inc. 4 Prime Market - Encourage Initiatives to Improve Capital ...

Twentieth "Council of Experts Concerning the Follow-up of Market Restructuring" ―Agenda― Tokyo Stock Exchange, Inc. 1. Date: Tuesday, February 18, 2025 4:00 p.m. - 6:00 p.m. 2. Place: Tokyo Stock Exchange 15F Conference Room 3. Agenda: i. Opening ii. Initiatives regarding“Management that is Conscious of Cost of Capital and Stock Price” iii. Revising the Code of Corporate Conduct on MBOs and Subsidiary Conversions iv. Future Measures in the Growth Market v. Status of Companies Subject to Transitional Measures vi. Confirmation of next schedule, Closing <Handouts> Document 1 Future follow-up (Reprint of 19th Material) Document 2 Initiatives regarding“Management that is Conscious of Cost of Capital and Stock Price” Document 3 Revising the Code of Corporate Conduct on MBOs and Subsidiary Conversions Document 4 Future Measures in the Growth Market Document 5 Status of Companies Subject to Transitional Measures Document 6 Reference: The Investor’s ...