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Review of the market classification of the Tokyo Stock Exchange

Review of market segmentation         ©Shibata International Certified Public Accountant Office

Based on the current issues in the stock market, TSE has been studying the possibility of revising the market segmentation, and on April 4, 2022, the current market segmentation will be revised to three market segments: Prime Market, Standard Market, and Growth Market.

1.Current market segments and revised market segments

2. Concept of the new market segmentation and listing criteria after April 2022

[New market segmentation concept][Listing standards.]

3. Transition process to new market segments

(1) Selection of new market segment by listed company

Prior to the transition to the new market segment in April 2022, listed companies will be asked to proactively select the market segment to which they will transition, based on the concept and listing criteria of each market segment. The period for selecting the new market segment and the schedule thereafter are as follows.(2) Application of Transitional Measures (Relaxed Criteria for Maintaining Listing)

If a listed company does not meet the listing maintenance criteria for the market category it has chosen, it will be subject to the relaxed listing maintenance criteria as a transitional measure for the time being by submitting a plan and its progress toward compliance with the listing maintenance criteria and taking steps toward improvement.

(3) Review of criteria for initial listing and market changes, etc. under the current system

In order to achieve a smooth transition to the new system, the criteria for initial listing, market changes, etc. under the current system have already been changed in anticipation of the listing criteria for the new market segment. For example, even if a company is currently listed on the First Section of the market, it must comply with the same criteria as if it were to be listed on the Prime Market.