1. Ⓒ 2011 Tokyo Stock Exchange,Inc. 1 A Snapshot of Tokyo Stock Exchange Regulation May 4th, 2011 Tokyo Stock Exchange Regulation Department of Market Surveillance and Compliance Senior Manager Nobuaki KURITA

2. Ⓒ 2011 Tokyo Stock Exchange,Inc. 2 Summary of TSE Regulation Tokyo Stock Exchange Regulation Organization ： A membership corporation based on the Financial Instruments and Exchanges Law. The member is owned solely by TSE Group, Inc. Capital ： 35 million US dollars Purpose ： To conduct self- regulation activities delegated by the market operation company 100% TSE, Inc. Delegation of self-regulation functions 100% TSE Group, Inc. Corporate Management Market operation Self- regulation TSE Regulation

3. Ⓒ 2011 Tokyo Stock Exchange,Inc. 3 Queries Corporate Governance of TSE Regulation Appointment/Removal Board of Governors President(1) ： Outside Governor, Elected by Governors Governor(5 or less): More than half must be outside governors Auditors(2) Member Meeting (Solely TSE Group) Disciplinary Committee President’s Advisory Committee Auditing Opinion Advice Appointment/Removal General Administration Listing Examination Listed Company Compliance Participant Examination and Inspection Market Surveillance and Compliance

4. Ⓒ 2011 Tokyo Stock Exchange,Inc. 4 Self-Regulation Activities of TSE Regulation 1.Listing or delisting of financial instruments 2.Examination of state of trading participant’s compliance with laws or regulations 3.Market Surveillance 4.Disciplinary actions against trading participants 5.Others