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(Reference Translation) - 1– DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc. and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. Summary of Deliberations on“Listing System Improvement Action Plan 2009 (Matters to consider for actual implementation)” March 31, 2010 Tokyo Stock Exchange, Inc. Advisory Group on Listing System Improvement The Advisory Group on Listing System Improvement (hereafter the“advisory group”) was established by Tokyo Stock Exchange, Inc. (hereafter the“TSE”) in September 2006 for the purpose of improving the listing system based on ...

(Reference Translation) DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange Group, Inc., Tokyo Stock Exchange, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. Expected Role of Independent Directors/Auditors March 31, 2010 Tokyo Stock Exchange, Inc. Advisory Group on Listing System Improvement (Reference Translation) 1 DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall ...

- 1 - Outline of Interim Report of Advisory Group on Improvements to TSE Listing System Basic Policy for Improving Listing System •In working toward ensuring the market’s soundness, TSE should make its system such that it will encourage market participants, such as listed companies, to develop an even greater awareness of themselves as one of the many important players who together make up the securities market. •TSE should ensure market transparency by utilizing disclosure of corporate information to an even greater degree. •TSE should respond appropriately to corporate actions from the perspective of appropriately ensuring investor protection and market performance. •TSE should work toward making the market easier to use for its participants, such as listed companies. •In working toward realizing the above policies, TSE should take into account an importance of being consistent with international markets. Direction of System Improvements 1 Improvements to the System relating to Corporate ...

DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange Group, Inc., Tokyo Stock Exchange, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. -1- Reference Translation Progress of Listing System Improvement Action Plan 2009 (Matters for prompt implementation) (as of December 30, 2009) Tokyo Stock Exchange, Inc. Ⅰ Improving conditions to enhance corporate governance of listed companies Item in action plan Contents of“Matters for prompt implementation” Content of Measures Implementation Status 1. The structure of board of directors ・The TSE will present a model of corporate governance which is regarded...

Reference Translation - 1– DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange Group, Inc., Tokyo Stock Exchange, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation. Listing System Improvements based on the“Listing System Improvement Action Plan 2009 (Matters for prompt implementation)” October 29, 2009 Tokyo Stock Exchange, Inc. I Purpose In order to indicate the direction relating to a comprehensive improvement of the listing system in this fiscal year, the Tokyo Stock Exchange (TSE) has compiled and announced the“Listing System Improvement Action Plan 2009”on September 29, 2009....

Summary of Investor Hearings Proceedings 1. Date and Time: From 3:30 pm to 5:40 pm, July 22 (Tuesday), 2008 2. Place: At the conference room of the Tokyo Stock Exchange 3. Participants: Investors who have a mid- to long-term stance and those who are related thereto (Mr. Yuki Kimura (Pension Fund Association), Mr. Ken Kiyohara Attorney-at-Law (Jones Day), Mr. Shuhei Abe (SPARX Asset Management Co., Ltd.), Mr. Shoichi Miyasaka (SPARX Capital Partners, Co., Ltd.) and two others) 4. Topic: Opinions from an investor’s point of view concerning M&A rules (focusing on takeover defense measures) 5. Summary of Proceedings: (Introduction) •The demand from investors is for companies to maximize the long-term shareholder value, make efficient use of shareholder capital and demonstrate the appropriate disclosure of information and accountability. •In the future, we believe that the institutionalization of shareholders will progress as it has ...

Earnings reports and Quarterly earnings reports of first-time adopters Company name Code Category of industry Earnings reports (Accounting period of First-time adoption) 1 NIHON DEMPA KOGYO CO.,LTD. 67790 Electric Appliances Year ended March 31, 2010 2 HOYA CORPORATION 77410 Precision Instruments Year ended March 31, 2011 3 SUMITOMO CORPORATION (SUMITOMO SHOJI KAISHA,LTD.) 80530 Wholesale Trade Year ended March 31, 2011 4 Nippon Sheet Glass Company,Limited 52020 Glass & Ceramics Products Three-month period ended June 30, 2011 5 JAPAN TOBACCO INC. 29140 Foods Year ended March 31, 2012 6 DeNA Co.,Ltd. 24320 Services Three-month period ended June 30, 2012 7 ANRITSU CORPORATION 67540 Electric Appliances Three-month period ended June 30, 2012 8 SBI Holdings,Inc. 84730 Securities & Commodity Futures Three-month period ended June 30, 2012 9 TOSEI CORPORATION 89230 Real Estate Three-month period ended February 28, 2013 10 Sojitz Corporation 27680 ...

Tokyo Stock Exchange, Inc. １．Purpose ⚫The Financial System Council's Working Group on Corporate Disclosure ("DWG") proposed in its report in June 2022 a direction to reduce costs and improve the efficiency of disclosure by eliminating overlapping contents between quarterly securities reports (for the first and third quarters) required by the Financial Instruments and Exchange Act and quarterly earnings reports required by the Tokyo Stock Exchange rules, and integrating them into a single disclosure system. It was recommended that the quarterly securities report should be integrated into the quarterly earnings report, taking into consideration the timing of disclosure and the wide use of these reports by investors. In addition, the December 2022 report indicated a direction of each issue in the implementation of the recommendation. ⚫In order to realize practical operation in line with specific directions for the integration indicated by the DWG report, a council of experts is ...

in alphabetical order by surname） Observer: Financial Services Agency, Accounting Standards Board of Japan Chairman Kansaku Hiroyuki Professor, Gakushuin University Law School Members Fujimoto Takako Deputy President, The Japanese Institute of Certified Public Accountants Iguchi George Executive Officer, Deputy Head of Investment Division, Chief Corporate Governance Officer, Nissay Asset Management Corporation Kanda Hideki Professor, Gakushuin University Law School Kumagai Goro Senior Fellow, Industry-Government-Academia Collaboration Office, Global Strategy Department, Mizuho Securities Co., Ltd. Senior Vice President of Corporate Accounting Research, The Securities Analysts Association of Japan Kuroda Kohei Joint General Manager, Financial Accounting Dept., Sumitomo Mitsui Banking Corporation Kuronuma Etsuro Professor, Waseda University, Waseda Law School Matsumoto Michiaki Cheif Manager, Head of Department, Financial Accounting & Tax Dept., Accounting & Finance Div., Nippon Steel Corporation Sampei Hiroki Principal, Astonering Advisor LLC Uemura Kazuyuki General Manager, Special assistant to Group CFO including External relation, Panasonic Holdings Corporation List of members of the ...

Third "Council of Experts Concerning the Revision of the Quarterly Disclosure System" ―Agenda― Tokyo Stock Exchange, Inc. 1. Date: Friday, October 27, 2023 6:00 p.m. - 8:00 p.m. 2. Place: Tokyo Stock Exchange 15F Special Conference Room 3. Agenda: i. Opening ii. Explanation of material by the secretariat iii. Exchange of opinions iv. Closing ＜Handouts＞ Document 1 Agenda Document 2 Secretariat's explanatory material Document 3 Practical Policy Concerning the Revision of the Quarterly Disclosure System (Draft) Document 1...