(Reference Translation)

June 29, 2020
Tokyo Stock Exchange, Inc.
Nikkei Inc.
Results of Index Consultation on Postponement of Periodic Reviews for JPX-Nikkei Index 400and JPX-Nikkei Mid and Small Cap Index

Tokyo Stock Exchange, Inc. and Nikkei Inc. (hereinafter “the Index Providers”) conducted an Index
Consultation from May 22, 2020 to June 21, 2020 on a proposed postponement of the periodic reviews
for JPX-Nikkei Index 400 and JPX-Nikkei Mid and Small Cap Index (hereinafter “JPX-NikkeiIndices”).
The outline of the opinions gathered through the Index Consultation and the Index Providers'
responses are as follows:
1. Outline of opinions gathered and Index Providers' responses
We received multiple opinions through the Index Consultation, and almost all of them agreed on orunderstood the circumstances for the postponement of periodic reviews for the JPX-Nikkei Indices.
Among the comments in agreement with the proposal, there was an opinion that the observing
period for stocks to be excluded or not from the constituent universe should be changed from “within
one year from the base date” to “within one year and three months from the base date” as a result ofthe postponement of periodic reviews. As the Index Providers, we also think this change would beappropriate, considering the possibility that a stock that would have not been considered to be aconstituent for the periodic reviews could be selected after the postponement.
Note that we received one comment that the periodic review for JPX-Nikkei Index 400 should beconducted as scheduled due to the majority of the current constituents of JPX-Nikkei Index 400 are
likely to submit securities reports by the original base date (June 30, 2020). The JPX-Nikkei Indices'constituents are selected from the constituent universe, which is all stocks that are listed on Tokyo
Stock Exchange as the main market including current constituents and those periodic reviews havebeen designed on the premise of the acquisition of the all stock information at the base date in principle.
Hence, we believe that it is necessary to postpone the periodic reviews this year in accordance withthe extension of the deadline for submission of securities reports (including internal control reports).
We also believe that postponing the periodic review will go toward ensuring the health and safety ofrelated entities, including listed companies and investors who use the index to manage investments,
and allow the periodic review to be conducted appropriately.
Furthermore, we believe that soliciting opinions broadly in advance through the Index Consultation

(Reference Translation)on the treatment different from that described in the Guidebooks will enable us to maintain moretransparent index managements.
Based on the above considerations, the Index Providers have decided to postpone the periodic
reviews for the JPX-Nikkei Indices in FY2020 as proposed.
2. Decision* Changes from the initial proposal are underlined.
(1) Outline
The FY2020 periodic review will be postponed by three months.
(2) Details
Dates including the effective date for the periodic review as defined in the Guidebooks will bechanged in accordance with the following table. For anything not included in the following table,
the periodic reviews will be conducted in accordance with the Guidebooks.
BeforeAfter

Base date for periodic review

June 30, 2020

September 30, 2020

Announcement date for result of periodic

August 7, 2020

November 9, 2020

August 31, 2020

November 30, 2020

July 14, 2020

October 14, 2020

Deadline for disclosure of English

The end of the 3rd month after

The end of the 6th month after

earnings information

the end date of the most recent

the end date of the most recent

fiscal year

fiscal year

Eligible dates for disclosure of English

Within the past one year before

Within the past one year andcorporate governance report

the base date

three months before the basereview(Release of list of issues to beadded/removed)
Effective date of periodic review(The first date of index calculation usingthe new constituents)
Deadline for submission of corporate
governance reports

date
Negative screening period (III. JPX-Within one year from the baseWithin one year and three

Nikkei Index 400 Constituent Selection*

datemonths from the base date(Reference Translation)

BeforeAfter

1. Initial Selection and Periodic Review(2)②(i)）(*) Same applies to JPX-Nikkei Mid andSmall Cap Index
Financial data used in the periodic reviews shall be based on earnings reports of listed companies
from the fiscal year ended in April three years prior to the year of the base date to the fiscal year
ended in March of the year immediately preceding the base date, as described in the Guidebooks.