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2025 Japan Exchange Group, Inc., and/or its affiliates April 22, 2025 Listing Department, Tokyo Stock Exchange, Inc. Actions Relating to Expiration of Transitional Measures Document４ 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Future Actions ◆Strengthen efforts to inform/caution shareholders and investors that transitional measures have expired, and delisting will occur in about one year’s time in the earliest case ◆Request that listed companies (entering the improvement period in or after March 2025) provide detailed explanations/information to shareholders and investors. Also notify them of other companies’ corporate action status and encourage them to consider and implement necessary initiatives Specific planned actions Notifications to shareholders/i nvestors ⚫Use the following means to issue notifications/cautions regarding, for example, the schedule for expiration of transitional measures and list of companies in the improvement period ➢Exchange website (new special page) ➢Securities companies (request them to notify their...

1 Minutes of the 21st Council of Experts Concerning the Follow-up of Market Restructuring Date: Tuesday, April 22, 2025 2:30 - 3:50 p.m. Place: Tokyo Stock Exchange 15F Conference Room Attendees: See member list Watanabe, Director, Listing Department, TSE: It is now the scheduled time, so I would like to open the 21st Council of Experts Concerning the Follow-up of Market Restructuring. First, regarding today’s attendance: Members Okina and Kuronuma are absent. With that, I would like to proceed to the agenda. Let me begin by outlining today’s proceedings. Ikeda, Senior Manager, Listing Department, TSE: Thank you again for your time today. I would like to begin by explaining today’s agenda while referring to Document 1, which outlines our current policy approach. The first topic is shown in the upper left corner: Management that is Conscious of Cost of Capital and Stock Price....

2025 Japan Exchange Group, Inc., and/or its affiliates ●Future direction of the Standard Market⇒Doc. 5 ●Rethinking of positioning of PRO Market [Discussion to start] Future Initiatives ⚫Advance measures to make the Growth Market into one that gathers companies aiming for high growth ("growth companies")⇒Doc. 4 ➢Revise continued listing criteria to“JPY 10 bil. after 5 years” [Plan published Apr./July 2025→specifications planned for Sept. 2025] ➢Notify startups of TSE’s stance on IPOs [When ready] ➢Support/bring out advantages in companies working toward high growth [When ready] •Call for management that aims for high growth [Sept. 2025] •Provide key points and good case studies for initiatives [Fall 2025] •Education for companies that are listed or plan to list [When ready] •Make initiatives more visible, create opportunities to meet with institutional investors [When ready] →Update other initiatives where necessary while exchanging opinions with startup management, etc. Promoting ...

2025 Japan Exchange Group, Inc., and/or its affiliates July 9, 2025 Listing Department, Tokyo Stock Exchange, Inc. Future Direction of the Standard Market Document 5 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Future Direction of the Standard Market ◆With the review of the Growth Market, companies preparing for listing and companies listed on the Growth Market are considering listing on the Standard Market, so there is also considerable interest from companies and investors regarding the future direction of the Standard Market. ◆The Standard Market is for companies that maintain the basic levels required as listed companies, so we require them to fulfill their basic responsibilities as listed companies, such as protecting minority shareholders, and we continue to promote management that is conscious of cost of capital and stock price as well as the enhancement of IR. ◆In addition, we will actively promote the Standard Market as ...

2025 Japan Exchange Group, Inc., and/or its affiliates July 9, 2025 Listing Department, Tokyo Stock Exchange Status of Companies Subject to Transitional Measures Document 6 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates 12 1 1 1 3 7 1 9 1 3 2 36 1 1 3 8 9 3 6 13 1 11 9 24 1 2 5 1 1 4 14 3 4 4 72 3 4 9 1 12 20 4 6 36 5 18 15 0 10 20 30 40 50 60 70 80 Prime Standard Growth Status of Companies That Have Not Met Continued Listing Criteria End Dates for Improvement Period (For companies disclosing a plan with an end date beyond the deadline, the period of the plan) ◆A total of 208 companies have not met the continued listing criteria (decrease of 39 companies from the end of 2024). ◆From March ...

2025 Japan Exchange Group, Inc., and/or its affiliates July 9, 2025 Listing Department, Tokyo Stock Exchange, Inc. Future Measures in the Growth Market Document 4 1 ©2025 Japan Exchange Group, Inc., and/or its affiliates Responses to the Review of the Growth Market and Future Measures ◆Our direction to define the Growth Market as "a market where companies aiming for high growth come together" and to pursue the true characteristics of "growth" has received much support. ◆One specific measure taken toward this direction was reviewing continued listing criteria, and moves are already being made by listed companies to revise and improve growth strategies in order to comply. This has gained support from institutional investors, and from startup stakeholders who are hopeful for ecosystem reforms. ◆Although the initial listing criteria remain unchanged, companies preparing for listing are showing positive changes, such as ambitiously crafting growth strategies with the new continued ...

2025 Japan Exchange Group, Inc., and/or its affiliates July 9, 2025 Listing Department Tokyo Stock Exchange Investors’Views on IR Systems and Activities (Draft) Document 3 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Introduction ◆TSE has decided to make the development of an Investor Relations (IR) system1 mandatory for all listed companies so that they can build relationships with shareholders and investors (effective on July 22, 2025). ◆It is important that listed companies not only formally establish their IR systems but also conduct IR effectively. In this document, we will introduce“Investors’Expectations,”“Expected Improvements,”and“Well-Received Improvements,”which we have received from Japanese and overseas investors.2 We hope that all listed companies, including those that already have IR systems, will reflect on their investor relations. ◆We will also introduce“Investors' Expectations of Themselves”regarding IR briefings and individual meetings. 1 Please refer to“...

2025 Japan Exchange Group, Inc., and/or its affiliates Future Initiatives Regarding“Management That is Conscious of Cost of Capital and Stock Price” Document 2 July 9, 2025 Listing Department Tokyo Stock Exchange 2 ©2025 Japan Exchange Group, Inc., and/or its affiliates Feedback from Institutional Investors (1) (Positive feedback regarding changes at companies) ⚫I sense a change in management’s awareness. It has better understanding of not only the cost of capital but also the concepts of ROIC and WACC. It is commendable that a common protocol between shareholders and companies has been formed. (Domestic investor) ⚫Interest in cost of capital and stock prices among Japanese companies has increased to a level that was unimaginable a few years ago. In addition, many companies are placing more emphasis on dialogue with investors, and the quality of IR and dialogue is steadily improving. (Overseas investor) ⚫When the request was first announced, ...

reference translation 1 Minutes of the Third Council of Experts Concerning the Follow-Up of Market Restructuring Date: Wednesday, October 5, 2022 14:00–15:40 Place: Tokyo Stock Exchange 15F Special Conference Room Attendees: See member list [Kikuchi, Director, Listing Department, TSE] The time has now come to begin the third Council of Experts Concerning the Follow-Up of Market Restructuring. Thank you for joining us today. I would like to begin proceedings straight away. First we will explain today’s agenda. [Ikeda, Manager, Listing Department, TSE] Today, Mr. Ando will first give a presentation on the Essence of Sustainability Management, based on Document 2. Next, Mr. Koike, Director of the Global Investment Banking Division at Mizuho Securities, who has joined us as a guest, will give a presentation on Findings on Market Segmentation from an Issuer’s Perspective based on Document 3. After each presentation, there will be ...

2022 Tokyo Stock Exchange, Inc. Exchange & beyond Summary of Results of the Call for Comments Listing Department, Tokyo Stock Exchange, Inc. November 25, 2022 Document 5 ©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 ...