Data regarding Periodic Review (JPX-Nikkei Mid and Small Cap Index)
Market division balance

3-year ROE simple average
JPX-Nikkei Mid

1st Sec. 2nd Sec. Mothers JASDAQ

Small constituents

Fulfilling situation for qualitative factors

1st Section Issues

Independent

non-constituents

outside directors

Female board

Disclosure ofmembers/executi

IFRS

ve officers

English earnings

Disclosure ofEnglish Corporate
GovernanceinformationReport

FY 2016

178

3316

FY 2016

18.2%

8.2%

5.8%

FY 2016

79.0%

-4.0%

24.5%

-FY 2017

1776413

FY 2017

18.7%8.3%

5.9%

FY 2017

86.0%

-6.0%

31.0%

-

FY 2018

1788212FY 2018

19.8%

8.8%

6.2%

FY 2018

85.0%

-6.5%

34.0%

-

FY 2019183

449FY 2019

19.8%

9.0%

6.2%

FY 2019

54.5%

-9.5%

38.0%

6.0%

FY 2020

177

8411FY 2020

19.8%

8.5%

5.4%

FY 2020

74.0%

-7.5%

38.0%

10.0%

FY 2021184

448FY 2021

18.2%

6.9%

4.0%

FY 2021

84.5%

-6.5%

46.0%

11.5%

PrimeStandard

JPX-Nikkei Mid

GrowthSmall constituentsPrime MarketIssues

non-Independent

constituents

outside directors

Female board
members/executi

Disclosure ofIFRS

ve officers

English earnings

Disclosure ofEnglish Corporate

information

Governance
ReportFY 2022182

135FY 2022

18.7%

7.9%

4.0%

FY 2022

15.0%

80.0%

9.0%

59.0%

17.5%

FY 2023

177

1211FY 2023

20.7%

8.1%

4.2%

FY 2023

22.0%

87.0%

12.5%

65.0%

18.5%

FY 2024170

219FY 2024

21.5%

9.8%

5.6%

FY 2024

22.5%

11.5%

14.0%

69.0%

22.5%

About Market division balance* Market division balance and 3-year ROE simple average is as of the announce date of periodic review. (As of the initial review for FY2016)
About 3-year ROE simple average* 3-year ROE simple average of "non-constituents" is that of all the eligible constituents for JPX-Nikkei Mid and Small Cap Index excluding the JPX-Nikkei Mid and Small Cap Index constituents.
* In calculation of the 3-year ROE simple average of "non-constituents", "Prime Market Issues" and "1st section Issues", issues a) with liabilities in excess of assets during anyof 3 periods, b) their 3-year average ROE is more than 200% or less than -200%, or c) those financial data are not available for calculation are excluded.
About Fulfilling situation for qualitative factors* "Fulfilling situation for qualitative factors" shows the ratio of issues among JPX-Nikkei Mid and Small Cap Index constituents which fulfill each item as of the base date of periodic review[Independent outside directors]: Out of the total number of directors, a majority are independent directors.
Please note that this criteria was "At least 2 independent outside directors are appointed" until 2018 periodic reviews, and "At least one-third or a minimum of three directors are appointed
as independent outside directors. If one-third of the total number of directors is less than two, at least two independent outside directors are appointed." from 2019 to 2021 periodic reviews.
[IFRS]: Creates the most recent earnings report according to international financial reporting standards (IFRS), or discloses applying IFRS[Disclosure of English earnings information and/or Corporate Governance Report]: English documents regarding the most recent earnings information
and/or Corporate Governance Report are disclosed via TDnet (Company Announcements Distribution Service in English) on the base date[Female board members/executive officers]: Out of board members and executive officers, females make up 30% or more as disclosed in "members of the board and executive officers" in the Annual Securities Report.
Please note that this criterion was "At least one female is appointed" until 2023 periodic reviews.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reserved

Data regarding Periodic Review (JPX-Nikkei Mid and Small Cap Index)

Number of replaced issues at periodic review
Number of replaced
issuesTurnover

FY 2016

Initial Selection

Initial Selection

FY 2017

Inclusion:51, Removal:49

23.8%

FY 2018

Inclusion:54, Removal:53

31.7%

FY 2019

Inclusion:49, Removal:48

22.9%

FY 2020

Inclusion:53, Removal:49

28.7%

FY 2021

Inclusion:53, Removal:52

26.8%

FY 2022

Inclusion:48, Removal:45

21.9%

FY 2023

Inclusion:54, Removal:50

26.5%

FY 2024

Inclusion:50, Removal:45

25.6%

About Number of replaced issues at periodic review* Turnover in periodic review is calculated based on market capitalization for index calculation as of the last day of July in each year.
Turnover is calculated as the sum of increments (decrements) in market capitalization weight for each constituent before and after the periodic review[ Turnover ratio = Sum of weight increments = Sum of weight decrements ]This document is prepared by JPX Market Innovation & Research, Inc. (JPXI) and Nikkei Inc. (Nikkei) solely for the understanding of JPX-Nikkei Mid and Small Cap Index, and is not to be construed as a solicitation for trading any securities or related financial
instruments. JPXI and Nikkei shall accept no liability or responsibility for any loss or damage arising from errors, delays, or termination of the calculation or publication of JPX-Nikkei Mid and Small Cap Index, changes to its calculation or publication method,
the use of JPX-Nikkei Mid and Small Cap Index or all or any part of this document or other similar events.

Copyright © 2024- by JPX Market Innovation & Research, Inc., and Nikkei Inc. All rights reserved