English information survey

The TSE is currently engaged in a series of initiatives aimed at promoting constructive dialogue between listed companies and investors domestic and abroad, with the ultimate goal of fostering sustainable corporate growth and mid to long term value creation. One of these initiatives is enhancing the amount of disclosure and other information provided in English. Specific measures taken so far include asking companies to provide both proxy statements in English (Supplementary Principle 1-2-4) and other English language information (Supplementary Principle 3-1-2) within the Corporate Governance Code, as well as including provision of English earnings summaries as one of the qualitative scoring criteria within the JPX-Nikkei 400 Index.

(Current English disclosure provision (1^st section companies))

Information	No. Companies	Share of 1^st Section Cos.	Share of JPX-Nikkei 400 constituents
Earnings Digests	455	22.5%	46.7%
AGM Proxy Statements	937	46.4%	87.2%
Corporate Governance Reports	150	7.4%	26.6%

※① is as of July, 2016, ② and ③ are as of July, 2017

On the other hand, many investors abroad have pointed out that the lack of English-language information remains an issue, and the TSE is considering further initiatives to expand the amount of English information listed companies provide. The purpose of this survey is to understand what the specific demand is from international investors (such as what specific information is needed from which companies, etc.) so that we can better address these needs in the future actions we are considering to expand English-language listed company information.

5. If you selected “No” for Q4, please state why.

For questions 6 - 13, please tell us how important English translations of the following disclosure and other materials are to you.

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations
Don’t particularly need	Would be useful to have but not at a cost	Need and am willing to pay a sensible amount for translations

13. Other:

14. Please indicate what specific parts from what specific materials you would especially like to see translated in English, if any.

17. Among those companies who do not provide adequate English disclosure/information, please give up to 5 specific companies from whom you would like to see more information.

18. Please give us any additional feedback you have on the provision of English information by Japanese companies.

Thank you!

Your feedback is the basis for moving forward JPX's efforts toward enhancing English language market information. We very much appreciate your input!