Glossary (Equity)
30 June 2023

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Glossary | 30 June 2023

Equity Index Glossary
Key items
5%ルール
5% ruleDefinition
This rule is meant to keep down the number of stocks
with extremely small market cap in the value andgrowth indexes.
It is a type of merger in which one company acquires

吸収合併
Absorption-type mergers

other company where the legal entity of the acquiredcompany is extinguished. All the rights and obligations
held by extinguished company are transferred to theacquiring company.
The measuring standard to calculate the weight ofmarket capitalization of stocks used to select

修正 PBR

constituents for investment style indexes. The purpose

Adjusted P/Bof the adjustment is to reduce the gap between thebook value and market value of the balance sheet
items.
In case the number of shares changes due to the

臨時修正
Adjustments outside regularreconstitutions

change in capital structure, apart from periodic
reconstitutions, stable shareholding ratio will beadjusted so that the number of shares included in theindex remains the same. This type of reconstitutions
are implemented as appropriate.
All stocks listed on the domestic stock exchanges

全上場銘柄
All stocks listed on allmarkets(Domestic stock exchanges: Tokyo Stock Exchange
Prime Market, Tokyo Stock Exchange Standard Market,Tokyo Stock Exchange Growth Market, TOKYO PRO
Market, Nagoya stock exchange, Fukuoka stockexchange and Sapporo securities exchange)

リバランスバンド
Banding

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The rule is meant to limit the frequent replacement ofstocks for the Prime Index owing to small changes inmarket cap.

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Glossary | 30 June 2023

定期入替基準日
Periodic reconstitution
base date
基準日
Base date
基準値
Base value
組入ウエイトの上限
Cap on a component stock’s
weight

The date on which market data is referred forreconstitution.(e.g. Base date of Russell/Nomura Japan
Index is October 15, if the day is holiday, next workingday.)
The date on which the index value is base value. (e.g.
Index value of the Prime Index on December 29, 1996(= base date) was 1,000 points (= base value).)
The index value on the base date. (e.g. Index value ofthe Prime Index on December 29, 1996 (= base date)
was 1,000 points (= base value).)
The rule is meant to restrain the imbalance of index
weighting to specific stock.
Change in a company’s equity structure or change in

資本異動

the total number of issued shares. It includes, for

Change in capital structure

example, split, merger, paid-in capital increase, stocktransfer, etc.

構成銘柄
Component stocks

Stocks which are included in the index.
It is the type of merger used when two or morecompanies are merged. All the legal entities of the新設合併

companies involved in the merger are extinguished.

Consolidation-type mergers

All the Rights and obligations held by the companies
before the merger are transferred to the newly
established company as a result of the merger.
It is the removal of stocks, bonds, etc. that were

上場廃止

included in the universe of trading in the market

Delistingestablished by exchange from the universe of trading inthe market.

配当課税考慮済指数
Dividend tax adjusted index

The index value subtracting tax from the total return.

valuesNOMURA | PAGE 3© 2023 Nomura Fiduciary Research & Consulting Co., Ltd. All rights reserved. Please refer to the disclaimer at the end of this document.

Glossary | 30 June 2023

It is the estimated value that adjusts market value on
推定時価
Estimated market value

marketable securities and unrecognized retirement
benefit obligations as of the periodic reconstitutions
date. It is adjusted from the reported figures on thereporting date of the earnings report.

期中除外ルール

This rule allows stocks to be removed early if theExclusions between regularlikelihood of removal at the next regular reconstitution isreconstitutions

increasing owing to a sharp decline in market cap.

（安定持株比率考慮後）浮動株調整時価総額
Free float-adjusted market

Market capitalization that takes consideration of freecap (after adjustment tofloat shares after adjusting stable shareholdings.

reflect the stableshareholding)Growth インデックス

One of investment style indexes composed of highGrowth Index

adjusted P/B stocks.

採用日
Inclusion date

The date when the stocks which have not been
included in the indexes are newly included in theindexes.

組入比率It is the ratio that shows the number of shares included

Index inclusion ratio for stockin the index against the number of share outstanding.

組入ウエイトIndex inclusion weight forstock
指数時価総額Index market cap

The Percentage of a stock’s market capitalization in anindex.
Market capitalization value used for calculating index
values. Index market cap is calculated based on thecalculation rule set for each index.

Russell Nomura Prime インデッ

The index consists of the top 1000 stocks in the Total

クス

Market Index by market cap excluding stable

Russell Nomura Prime Index

shareholdings.

投資スタイル別インデックス

The index reflecting the investment style such as Value

Investment style indexes

or Growth utilizing adjusted P/B as measuring standard.

大株主データShareholder information of listed companies published

Major shareholder databy Toyo Keizai.

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Glossary | 30 June 2023

ネガティブリスト
Negative list
新規上場
New listing

It is the rule developed by Nomura Fiduciary Research& Consulting (NFRC) aiming to restrict the inclusion ofstocks with exceptionally low liquidity.
It means that unlisted companies will list their shares toexchange market so that unspecified number ofinvestors are able to trade their shares.
Nomura composite price is the price on the exchange

野村コンポジット株価
Nomura composite pricethat is considered to show the most accurate price forthat stock, based on the stock’s percentage of tradeddays and total trading volume of the last 60 business
days.

組入株数

It is the number of shares that is, based on the index

Number of shares of theinclusion ratio, included in the index out of total

stock within the index

outstanding shares.

指数計算用発行済株式数
Number of shares
outstanding for index
calculation purposes

It is the number of shares that reflects the change incapital structure in line with the timing of the change,
based on the number of listed shares outstanding.
The periodic reconstitution is implemented in

定期入替Periodic reconstitutions

accordance with the index rules. If there is an exclusionof stock as a result of merger and acquisition after theperiodic reconstitutions, there will be no replenishment
to the index until the next periodic reconstitution.

公表開始日
Publication start date
入替日
Reconstitution date

The date on which the index is started to be published.
The date on which indexes are reconstituted. (e.g.
reconstitution date of Russell/Nomura Japan Index isNovember 20, if the day is holiday, next working day.)

除外日

The date at which certain stocks are removed from theRemoval dateindexes.

スコア

One of an indicator to allocate the stock into index. It

Score

depends on each index rule.

スクリーニング

To sort and select the stocks for an index pursuant toScreening

the rule of the index.

規模別インデックス

It is the index classified based on the size of free-float

Size-based indexes

adjusted market capitalization.

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Glossary | 30 June 2023

安定持株比率

Ratio of shares not distributed in the market owing to

Stable shareholding ratio

the holdings by large shareholders.

安定持株数

The number of shares that are not distributed in the

Number of stable

market owing to the holdings by large shareholdersshareholdingssuch as cross shareholding, stable stockholders.

組入時価総額Stock market cap for theindex

It is the market capitalization value used to calculate
the number of shares and weighting for the index. Index
market capitalization multiplied by the inclusion weightfor stock.

監理銘柄（確認中）

It refers to the stocks under supervision that are not

Stocks under supervisioncategorized in the stocks under supervision(confirmation)(examination).

監理銘柄（審査中）
Stocks under supervision(examination)
スタイル・プロバビリティ
Style probability

It refers to the stocks under supervision due to adverse
opinion with misstatement on financial statements,
auditing issue, or serious offence of listing agreement,etc.
It is the Ratio of market capitalization apportioned tovalue and growth for each stock. Adjusted P/B is used
to calculate the probability.
It refers to the targeted companies of a tender offer. A

公開買付対象会社
Target companies of a tenderoffer

tender offer is a type of public takeover bid. The tender
offer is a public, open offer or invitation by a prospective
acquirer to all stockholders of a publicly traded
corporation to tender their stock for sale at a specified
price during a specified period.
It is the market capitalization used for index value

基準時価総額The base market capcalculation. To obviate the index value volatility caused
by non-market reasons such as change in capital
structure or change in stock constituents, NFRC
calculates it.

業種分類
Industrial classification

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The 33 sectors according to the industrial sectors
defined by the Securities Identification Code Committee(SICC).

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Glossary | 30 June 2023

One of Russell/Nomura Japan Equity Indexes. The
Total Market インデックス
Total Market Index

index is composed by the stocks that are top 98% of alllisted stocks in terms of free float-adjusted market cap.
The number of stocks in this index is adjusted to 100
multiples.

銘柄選定母集団Group of stocks from which equity index component

Universestocks are selected.
The unscheduled reconstitution is a provisional
turnover by the rules. We rebalance only the stocks

臨時入替Unscheduled reconstitutions

corresponding to the rules. The rules allow stocks to be
removed early if the likelihood of removal at the nextregular reconstitution is increasing, and to avoid
temporary exclusions and thus maintain theconsistency of the stocks included in the index.

米ドルベース指数値
US dollar-denominated index
valuesUS dollar-based index value that yen-based index isconverted by using exchange rate on reference date.

Value インデックス

One of investment style indexes constituted of low

Value Index

adjusted P/B stocks.

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Glossary | 30 June 2023