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1 Summary of Public Comments on “Special Provisions in the Listing Rules in Consideration of the Impact of Spread of the Novel Coronavirus (COVID-19)” Tokyo Stock Exchange, Inc. (TSE) released an outline "the Special Provisions in the Listing Rules in Consideration of the Impact of Spread of the Novel Coronavirus (COVID-19)" on March 31, 2020 and sought comments by April 14, 2020. As a result, TSE received comments from two parties. A summary of the main comments received regarding this matter and TSE’s responses thereto are as follows: No. Summary of Comments TSE's Response 1. Special Provisions for Listed Companies (a) Liabilities in Excess of Assets 1・I agree to these revisions that if a listed company falls into liabilities in excess of assets due to the Covid-19 outbreak, the grace period until delisting shall be extended. In addition, TSE needs to encourage such companies ...

(Reference Translation) 1 Disclaimer: This English translation is for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Revisions to Listing Rules in Connection with the Amendments to the Companies Act in 2019 December 17, 2020 Tokyo Stock Exchange, Inc. I. Purpose "The Act Partially Amending the Companies Act" (Act No. 70 of 2019; hereinafter "Amended Companies Act") will require specified companies to have at least one (1) outside director and establish a system of providing general shareholders meeting materials in digital format. In consideration of the Amended Companies Act, TSE will implement necessary revisions to the listing rules, such as imposing the obligation to secure at least one (1) outside director and revising a provision that requires listed companies to make efforts ...

2023 Japan Exchange Group, Inc. and/or its affiliates (Reference) Implementation Schedule Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. FY ends Jan. FY ends Feb. FY ends Mar. FY ends Apr. FY ends May FY ends June FY ends July FY ends Aug. FY ends Sep. FY ends Oct. FY ends Nov. FY ends Dec. (Application of revised rules) First Quarter Third Quarter First Quarter First Quarter Fourth Quarter (end of fiscal year) Fourth Quarter (end of fiscal year) Fourth Quarter (end of fiscal year) Third Quarter Third Quarter Second Quarter First Quarter Fourth Quarter (end of fiscal year) Fourth Quarter (end of fiscal year) Fourth Quarter (end of fiscal year) Third Quarter Third Quarter Third Quarter Second Quarter Second Quarter Second Quarter First Quarter Second Quarter Second Quarter First Quarter Note: Disclosure of quarterly earnings reports for the first/third quarter according to the revised ...

1 Revisions to Listing Rules in Relation to the Intensive Policy for Gender Equality and the Empowerment of Women 2023 and the Desired Investment Unit Level July 28, 2023 Tokyo Stock Exchange, Inc. I. Purpose As part of its "Intensive Policy for Gender Equality and the Empowerment of Women 2023," the Japanese government has set out numerical targets for the ratio of female executives at Prime Market-listed companies as one of the specific initiatives intended to realize a virtuous cycle of women's empowerment and economic growth. Based on this, Tokyo Stock Exchange, Inc. (TSE) will implement necessary revisions to its listing rules. In addition, we will review the desired investment unit level to develop an environment that facilitates investment by individual investors. II. Outline Item Details Remarks 1. Appointment of female executives Appointment of female executives by domestic listed companies listed on the Prime Market shall be...

1 Summary of Public Comments and Responses From TSE Regarding "Revisions to Listing Rules in Relation to the Intensive Policy for Gender Equality and the Empowerment of Women 2023 and the Desired Investment Unit Level" Tokyo Stock Exchange, Inc. (TSE) released an outline titled "Revisions to Listing Rules in Relation to the Intensive Policy for Gender Equality and the Empowerment of Women 2023 and the Desired Investment Unit Level" on July 28, 2023, sought feedback from the public until August 27, 2023, and received comments from three parties. The following is a summary of the comments received and the responses from TSE: No. Comment Summary TSE Response 1 - More than 80% of Prime Market-listed companies have already appointed at least one female executive. As far as achieving a ratio of at least 30% female executives, we believe that this target is not unachievable for Japan, considering the fact that...

- 1 - Revisions to the Listing Rules Regarding MBOs and Subsidiary Conversions April 14, 2025 Tokyo Stock Exchange, Inc. I. Purpose In recent years, there has been a growing need for listed companies to work on improving their corporate value over the medium- to long-term with an eye to their shareholders and investors, and they have been making such efforts as reviewing their business portfolios. At the same time, there has also been a high number of cash-outs and other transactions with a high risk of structural conflicts of interest, such as MBOs and subsidiary conversions. Regarding this situation, following the publication of the Ministry of Economy, Trade and Industry's "Fair M&A Guidelines" in 2019, progress from the perspective of protecting general shareholders has been made in such practices as deliberations by special committees. However, investors have continued to express concerns about the effectiveness of the ...

- 1 - Revision of the Listing Rules in Order to Expand English Disclosure in the Prime Market February 26, 2024 Tokyo Stock Exchange, Inc. I. Purpose Tokyo Stock Exchange, Inc. (TSE) considers the Prime Market to be a market for companies that focus on constructive dialogue with global investors and has encouraged them to make disclosures in English. Recently, these companies have been making progress in their efforts in this regard, mainly in response to revisions to Japan's Corporate Governance Code that were made in 2021 to include a statement that companies listed on the Prime Market should make disclosures in English of the necessary information in their Japanese disclosure documents. Meanwhile, overseas investors have pointed out that improvements still need to be made in order to address the information asymmetries that are a constraint on investment, such as the differences between the volume and timing of Japanese and ...

1 Extension of Electricity Futures Off-floor Transaction Trading Hours April 26, 2022 Tokyo Commodity Exchange, Inc. Ⅰ.Purpose TOCOM will extend the trading hours of Electricity Futures Off-floor Transactions, etc. as below in purpose to improve the market convenience. Ⅱ.Overview item contents note Extension of Electricity futures Off-floor transaction trading hours ・The closing time of Electricity futures Off-floor transaction, EFP transaction and EFS transaction in Night session will change from current 7p.m. to 7:30 p.m. (30 minutes extension) ・The closing time of Night Session of Electricity futures will remain unchanged (7p.m.). Ⅲ.Effective Date (planned) November 7, 2022....

This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. 1 Addition of Weekly Contracts on Electricity Futures and Revision of Tick Size for LNG Futures June 19, 2023 Tokyo Commodity Exchange, Inc. Ⅰ. Purpose Tokyo Commodity Exchange, Inc. (TOCOM) will add weekly contracts on electricity futures in order to meet the shorter-term hedging need for electricity price risk. The underlying of the contract will be the weekly average of prices traded on the Japan Electric Power Exchange (JEPX) spot market for the Tokyo and Kansai areas. TOCOM will also revise the tick size for LNG futures in purpose to improve liquidity in the market. Ⅱ. Outline Item Details Remarks 1. Addition of Weekly Contracts on Electricity Futures ・TOCOM will ...

This English translation is solely for reference purpose only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version. Change in Trading Hours of Electricity Futures April 25, 2025 Tokyo Commodity Exchange, Inc. Ⅰ.Purpose TOCOM will change the trading hours of the electricity futures market to stimulate the trade based on the request from market participants to secure trading time during the beginning of active trading hours of the European energy market. Ⅱ. Outline item contents note 1.Change in trading hours (1) Screen trade (2) Off-floor trade, etc. ・The trading hours of electricity futures will change as below (underlined). after current Night Session Opening Auction 16:30 17:00 Zaraba from 16:30 to 18:55 from 17:00 to 18:55 Closing Auction 19:00 19:...