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Paperless Share System FAQ January 2007 Japan Securities Dealers Association Reform Promotion Center for Securities Clearing and Settlement System (Head Office of Committee for Reform of Securities Clearing and Settlement System*) Tel 03-3667-4500 (9:00～17:00) URL: http://www.kessaicenter.com/ *The committee is the cross-industry project established in July 1997 for early realization of Reform Promotion for Securities Clearing and Settlement System. 1 Contents Q1: What are“Electronic Share Certificates (Paperless share certificates)”?....................... 2 Q2: Why change to the Paperless Plan?.............................................................................. 2 Q3: What does it mean that“The system will be implemented by June 2009”?.................... 3 Q4: What does it mean that“Your paper certificates will become invalid”?........................... 3 1. What will happen to non-listed shares?................................................................ 3 Q5: What are“shareholder’s rights”?.................................................................................... 4 Q6:How can I confirm who“the registered holder of the paper certificate which you hold”is? ... 4 1....

The Transition to the Dematerialization of Stock Certificates in Japan～ Reform Promotion Center for Securities Clearing and Settlement System Japan Securities Dealers Association September 2004 1 Table of Contents 1. Introduction...........................................................................2 2. Enforcement Date ..................................................................3 3. The Basic Scheme of the New Law.........................................3 (1) Holders of Rights .........................................................................................................3 (2) Securities applicable to the New Law........................................................................3 (3) Provisions concerning Stocks of All Corporations .....................................................3 (4) Provisions concerning Stocks of Publicly-held Corporations ..................................4 4. Other Provisions ....................................................................6 Figure 1. New Book-entry Transfer System..............................................................................7 Figure 2. Current System .......................................................................................................8 5. Questions and Answers ..........................................................9 2 1. Introduction The dematerialization of commercial paper (CP), Japanese government bonds (JGBs), corporate bonds, beneficial rights of investment trusts and other securities, have sequentially been legislated in Japan up to now. Further,“Law for partial amendments to the Law concerning Book-entry Transfer of Corporate Bonds and other securities for the purpose ...

Towards Japan Securities Settlement Systems and Infrastructure Reform (Summary) [English Translation] November 2002 The Committee for Reform of Securities Clearing and Settlement System The Securities Settlement System Reform Promotion Working Group 1 Introduction Maintaining Japan’s position as a leading international capital market requires the development of a more efficient, more accessible, and lower risk securities settlement system. To achieve this goal, Japan will need to continuously promote reform of securities settlement practices and the underlying infrastructure. Proper implementation of such a large-scale, industry-wide reform program requires strong commitment and agreement among all market participants. The goal of this report is: (1) to share the strategic importance and goals of the Reform among industry participants (Chapter 3), (2) to recognize and understand the issues/challenges currently faced (Chapter 4), (3) to provide an overview of future securities settlement systems (Chapter 5), and (4) to define the master schedule ...

議決権種類株式の上場制度に関する報告書平成２０年１月１６日株式会社東京証券取引所種類株式の上場制度整備に向けた実務者懇談会 1 目次 Ⅰはじめに...................................................................................................... 3 Ⅱこれまでの検討の概要................................................................................ 3 １現状............................................................................................................. 3 ２中間報告の提言の概要................................................................................ 4 ３プログラム２００７の実行計画.................................................................. 5 ４当実務者懇談会の位置付け......................................................................... 7 Ⅲ制度整備の方向性....................................................................................... 7 １検討の順序.................................................................................................. 7 ２想定されるスキーム.................................................................................... 8 （１）議...

議決権種類株式の上場制度に関する報告書の公表について ２００８年１月１６日株式会社東京証券取引所報告書の位置づけ 本報告書は、上場制度整備懇談会による中間報告（平成１９年３月２７日公表）及び上場制度総合整備プログラム２００７の実行計画に基づいて、いかなる要件を満たせば「株主の権利を尊重した」議決権種類株式といえるかについて基本的な考...

Referential Translation - 1– DISCLAIMER: 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. (TSEG), Tokyo Stock Exchange, Inc. (TSE) and/or Tokyo Stock Exchange Regulation (TSER) 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. This translation may be used only for reference purposes. Listing System Improvement FY2008 May 27, 2008 Tokyo Stock Exchange, Inc. Introduction Tokyo Stock Exchange, Inc. (TSE) will conduct a comprehensive review of its listing system in order to protect and respect shareholders and investors, properly fulfill the functions of the secondary market, and assist listed companies in their efforts to improve corporate value and international competitiveness. Adjustments to the system ...

(Referential Translation*) * 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 will prevail. Tokyo Stock Exchange, Inc. (TSE) shall not accept any responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding or misspelling with regard to this translation. This translation may be used only for reference purposes. The TSE maintains the right to claim compensation from violators for any damage or loss it may suffer from the violation of these conditions 1 Comprehensive Improvement Program for Listing System 2007 April 24, 2007 Tokyo Stock Exchange, Inc. 1. Basic Policies for Improving the Listing System Tokyo Stock Exchange, Inc. (TSE) has resolved to improve the listing system in accordance with the following basic policies for a comprehensive listing system review. These adjustments will be ...

(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, 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 Responses to the Questionnaire on TSE's Listing Rules and Systems for Investors November 18, 2010 Tokyo Stock Exchange, Inc. Tokyo Stock Exchange, Inc. (“TSE”) cited improving conditions to enhance the corporate governance of listed companies as a key issue in 2008 and 2009. In line with this initiative, TSE implemented measures against third-party allotments, introduced the independent director/auditor system, ...

Interim Report of Advisory Group on Improvements to TSE Listing System March 27, 2007 Tokyo Stock Exchange, Inc. Advisory Group on Improvements to TSE Listing System - 1 - CONTENTS I. Preface.................................................................................................................................2 II. Deliberation by Advisory Group ......................................................................................2 III. Basic Policy for Improving Listing System......................................................................3 IV. Direction of System Improvements ..................................................................................4 1. Improvements to System relating to Corporate Actions................................................4 (1) Timely Disclosure .........................................................................................................4 (2) Developing Codes of Conduct for Listed Companies................................................7 (i) Codes of Conduct for Corporate Activities ............................................................7 (ii) Rules for Stock Issuance ..........................................................................................8 (iii) Corporate Governance...........................................................................................10 (iv) Conflict of Interest Transaction with Interested Parties.....................................13 (v) Management Buy-Out Transaction or Acquisition by Parent or Controlling Shareholder.............................................................................................................16 (vi) Enforcement Measures of Codes of Conduct for Listed Companies.................18 (3) Listing System for Subsidiaries.................................................................................18 (4) Listing system for class shares...................................................................................21 (i) Background of the study........................................................................................21 (ii) Adoptable Schemes.................................................................................................22 (iii) Overseas Environment..............................................................................................

Outline of Investor Opinions concerning the Current State Surrounding M&A Focusing on Takeover Defense Measures August 26, 2008 Tokyo Stock Exchange, Inc. DISCLAIMER: This English version may be used for reference purposes only and are not official translation of the original Japanese documents. 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. (TSEG), Tokyo Stock Exchange, Inc. (TSE) and/or Tokyo Stock Exchange Regulation (TSER) shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to these translations. For Reference Purposes Only 1 Table of Contents I. Introduction...................................................................................................................................2 II. Method of gathering the opinions of investors .............................................................................3 III. Opinions from investors................................................................................................................3 1. Outline ......................................................................................................................................3 2. Comments from investors .........................................................................................................3 (1) Assessment concerning the current state of takeover defense measures..............................