日本取引所グループ（8697） – [Explanatory Material] Overview of Earnings for FY2021

Overview of Earnings for FY2021Japan Exchange Group, Inc.April 26, 2022© 2022 Japan Exchange Group, Inc.1Overview of Earnings for FY2021 〔IFRS〕2Reference MaterialsC o n t e n t s© 2022 Japan Exchange Group, Inc.I. Overview of Earnings for FY2021 〔IFRS〕(April 1, 2021 – March 31, 2022)* This document is not subject to the audit procedures required under the Financial Instruments and Exchange Act. Please note that its contents have not been audited on a consolidated basis in accordance with the Act as of the time of disclosure.© 2022 Japan Exchange Group, Inc.Market Trends (Cash Equities)Cash Equities Average Daily Trading Value (April 2019 – March 2022)Daily Average Trading Value by Market Division (JPY)FY2019FY2020FY2021 Annual Ave.Annual Ave.Annual Ave.y/y1st Section Domestic Equities2.25 tril.2.44 tril.2.78 trill.+ 14.0 ％AuctionETFs / ETNs211.5 bil.272.9 bil.261.1 bil.(4.3 ％)Markets for Emerging Companies (JASDAQ & Mothers)135.9 bil.268.2 bil.209.7 bil.(21.8 %)Off-auction392.4 bil.402.8 bil.425.4 bil.+ 5.6 %Cash Equities (auction/off-auction) Total*3.08 tril.3.48 tril.3.76 tril.+ 7.9 %* Total value of daily averages of auction and off-auction trading of common stocks on 1st/2nd Sections, Mothers, JASDAQ, TOKYO PRO Market, and ETFs/ETNs, REITs etc.© 2022 Japan Exchange Group, Inc.4Market Trends (Derivatives)Monthly Trading Volume(April 2019 – March 2022)Average daily trading volume/value of major products(Trading volume : 10,000 contracts)TOPIX FuturesNikkei 225 Futures (Large)Nikkei 225 miniNikkei 225 Options*10-year JGB Futures Gold Futures (standard)Gold Futures (mini)Platts Dubai Crude OilFY2019FY2020FY2021Annual Ave.Annual Ave.Annual Ave.y/y12.111.010.29.29.67.6(5.5 ％)(17.2 ％)122.8107.698.9(8.1 ％)JPY 26.8 bil.JPY 26.5 bil.JPY 23.6 bil.(11.1 ％)4.02.93.3+ 14.5 ％4.10.41.22.80.72.5(7.6 ％)(3.3 ％)+ 8.7 ％(40.7 ％)2.70.81.5 Total Trading Volume for Financial Derivatives412 mil. contracts363 mil. contracts335 mil. contractsTotal Trading Volume for Commodity Derivatives2,1361,9451,692(13.0 ％)* Excluding Weekly Options.© 2022 Japan Exchange Group, Inc.5Operating Revenue Despite a decrease in derivatives trading volume, revenue from trading services increased due to an increase in cash equities trading. Revenue from listing services decreased due to a decline in the fundraising by listed companies that had happened on a large scale in the previous year. Revenue from information services increased due to an increase in revenue from index licensing fees on TOPIX and other indices and market data usage fees. Initial/additional listing fees: (1,459) — Annual listing fees: +535y/y+2,088 (+1.6 %)Trading Services＋25Clearing Services＋6InformationServices＋3,046133,343(JPY mil.)135,432Other(65)Listing Services(923)- Cash equities: +801- Financial Derivatives: (257)- Commodity Derivatives: (518)FY2020(Full Fiscal Year)© 2022 Japan Exchange Group, Inc.FY2021(Full Fiscal Year)6Operating Expensesimplemented. Personnel expenses decreased as fewer measures against COVID-19 were System maintenance and operation expenses increased for various systems, especially those related to the running of the ETF RFQ platform (CONNEQTOR) . Depreciation and amortization increased due mainly to renewals of information systems.61,394Real Estate-related Expenses *+18Fewer measuresagainst COVID-19Personnel Expenses(207)System Maintenance & Operation Expenses+1,460Depreciation & Amortization+732y/y+1,825 (+3.0%)(JPY mil.)63,220Other(178)Increase due mainly to the running ofETF RFQ platform (CONNEQTOR)Increase due mainly to renewals of information systemsFY2020(Full Fiscal Year)*With the new accounting standard for leases under IFRS applied from FY2019, a portion of real estate-related expenses now included under depreciation is included under “Real Estate-related Expenses” in this chart.FY2021(Full Fiscal Year)© 2022 Japan Exchange Group, Inc.7160,000140,000120,000100,00080,00060,00040,00020,0000Highlights Although operating revenue reached a record high, net income decreased by 2.8% year-on-year due to a decrease in share of income of investments accounted for using the equity method.（JPY mil.)Operating RevenueOperating ExpensesOperating IncomeNet Income*1133,343 135,432 61,394 63,220 74,565 73,473 51,389 49,955 +1.6%+3.0%(1.5%)(2.8%)FY2020 FY2021FY2020 FY2021FY2020FY2021FY2020 FY2021*1 Net Income attributable to owners of the parent company. Average Daily Trading Volume/Value of Major ProductsCash Equities (trading value) *1TOPIX Futures (trading volume)Nikkei 225 Futures (trading volume) *2Nikkei 225 Options (trading value) *3FY2020JPY 3,483.7 bil.101,917 contracts199,383 contractsJPY 26.5 bil.FY2021JPY 3,757.7 bil.96,293 contracts174,933 contractsJPY 23.6 bil.y/y+ 7.9%(5.5%)(12.3%)(11.1%)+ 14.5%10-year JGB Futures (trading volume)29,090 contracts33,320 contracts*1 Total value of daily averages of auction and off-auction trading of common stocks on 1st/2nd Sections, Mothers, JASDAQ, TOKYO PRO Market, and ETFs/ETNs, REITs etc.*2 Contracts of Nikkei 225 mini are calculated using a factor of 1/10. *3 Excluding Weekly Options.© 2022 Japan Exchange Group, Inc.8160,000140,000120,000100,00080,00060,00040,00020,0000FY2022 Forecast Operating revenue is forecast to be on the same level as FY2021 as the underlying market condition, average daily trading value for cash equities, is assumed to be consistent with the previous fiscal year. However, operating income and net income are forecast to decrease by 10.9% and 9.9% respectively year-on-year, as operating expenses are expected to increase by 7.6% due to implementation of measures for stable market operation and those under the Medium-Term Management Plan. （JPY mil.）Operating RevenueOperating ExpensesOperating IncomeNet Income*1ROE133,343 135,432 132,500 16.6%15.7%61,394 63,220 68,000 74,565 73,473 65,500 51,389 49,955 45,000 +1.6 % (2.2 %)+3.0 % +7.6 %(1.5 %)(10.9%)(2.8 %)(9.9 %)FY2020FY2021FY2020FY2021FY2020FY2021FY2020FY2021FY2020FY2021FY2022（Forecast)FY2022（Forecast）FY2022（Forecast）FY2022（Forecast)*1 Net Income attributable to owners of the parent company. Average Daily Trading Volume/Value of Major ProductsFY2020FY2021FY2022（Forecast）Cash Equities (trading value) *1TOPIX Futures (trading volume)JPY 3,483.7 bil.101,917 contractsJPY 3,757.7 bil.96,293 contractsNikkei 225 Futures (trading volume) *2199,383 contracts174,933 contractsNikkei 225 Options (trading value) *3JPY 26.5 bil.JPY 23.6 bil.y/y+ 7.9%(5.5%)(12.3%)(11.1%)JPY 3,800.0 bil.95,000 contracts169,000 contractsJPY 22.5 bil.10-year JGB Futures (trading volume)*1 Total value of daily averages of auction and off-auction trading of common stocks on 1st/2nd Sections, Mothers, JASDAQ (Prime, Standard, and Growth Markets from FY2022), TOKYO PRO Market, and ETFs/ETNs, REITs etc. *2 Contracts of Nikkei 225 mini are calculated using a factor of 1/10. *3 Excluding Weekly Options.32,000 contracts29,090 contracts33,320 contracts+ 14.5%(4.0%)y/y+ 1.1%(1.3%)(3.4%)(4.5%)9© 2022 Japan Exchange Group, Inc.24%21%18%15%12%9%6%3%0%Dividends, etc. Since FY2015, JPX has raised its target dividend payout ratio from approx. 40% to approx. 60%. JPX acquired approx. JPY 20 billion worth of its own shares between a) July 2016 and May 2017 and b) April 2021 and September 2021 respectively. In FY2021, in addition to an ordinary dividend of JPY 57 per share, JPX will pay a special dividend of JPY 15 per share in light of achieving the financial targets set out in the 3rd Medium-Term Management Plan for the second consecutive term, and to express its gratitude for the support of its shareholders in the steady progress towards the core strategies set out in the plan.Interim dividendYear-end dividendTotal return ratio（JPY・％）12010080604020013.58JPY 21.5FY2013169JPY 25FY2014© 2022 Japan Exchange Group, Inc.Special dividend103324152827Commemorative dividend29212621Special dividendSpecial dividend1032261531263024JPY 50FY2015JPY 47FY2016JPY 67FY2017JPY 70FY2018JPY 54FY2019JPY 68FY2020JPY 72FY20212626JPY 52 FY2022(Forecast)10*1 Voluntary use of IFRS applicable as of fiscal year-end settlement for FY2014. The total return ratio for FY2013 was calculated based on IFRS.*2 The figure for dividend per share accounts for the 5-for-1 stock split which was conducted effective October 1, 2013 and the 2-for-1 stock split which was conducted effective October 1, 2015.II. Reference Materials© 2022 Japan Exchange Group, Inc.Referential Financial Data Quarterly Business PerformanceFY2020FY2021Q1Q2Q3Q4Q1Q2Q3Q4(JPY mil.)Operating Revenue32,66631,16733,43936,06932,50333,00335,07934,846OperatingExpenses15,23515,09614,72016,34214,50415,66415,39117,660Operating Income18,36516,82619,17320,20018,45917,59119,91517,506Net Income *12,08211,70513,57314,02712,29112,27313,44811,942EBITDA22,91921,23723,16524,27022,56222,17624,26522,021 Annual Business Performance(JPY mil.)FY2017FY2018FY2019FY2020FY2021y/yOperating Revenue120,711121,134123,688133,343135,432+ 1.6%Operating Expenses50,90254,11158,53261,39463,220+ 3.0%Operating Income71,79169,53568,53374,56573,473(1.5%)Net Income *EBITDA50,48449,05747,60951,38949,955(2.8%)82,50582,56885,68391,59491,025(0.6%)* Net income attributable to owners of the parent company. © 2022 Japan Exchange Group, Inc.12Referential Financial Data Quarterly Operating RevenueQ1Q2Q3Q4Q1Q2Q4FY2020FY2020FY2021Q3(JPY mil.)FY2021Trading services revenueTransaction FeesCash EquitiesFinancial DerivativesTOPIX FuturesNikkei 225 Futures (incl. mini)Nikkei 225 Options *210-year JGB FuturesOthersCommodity DerivativesBasic FeesAccess FeesTrading System Facilities Usage FeesOthersClearing services revenueListing services revenue Initial/Additional Listing FeesAnnual Listing FeesInformation services revenueOtherarrownet Usage FeesCo-location Usage FeesOthers*3Total13,630 12,252 13,1859,890 10,76411,1757,1407,7257,7992,2182,9202,4734734744889731,3401,0073948235883252323575049315315304912542582521,2121,2831,251257,4183,1264322,6935,7232,7678191,025922226,8804,2621,4722,7906,1252,9858481,22591132,666 31,167 33,439216,5733,5929122,6795,8652,8838451,100938*1 Figures indicate percentage of Transaction Fees.*2 Excluding Weekly Options. *3 Including Proximity Usage Fees.© 2022 Japan Exchange Group, Inc.11,7558,242 70%*13,063 26%*1Ratio14,103 12,391 12,767 13,678 14,358 41.2%11,6328,3902,7814961,058748437404602531,2999,969 10,3787,6107,3982,4242,17645944993984661749436333845473423942502501,2161,2305241,26777142673449 4%*12501,39511,1958,3112,5024511,019577415393812481,299Ratio53,171 53,196 39.3%43,463 43,29831,056 31,563 73%*110,393 10,168 23%*11,9334,3802,5551,3531702,0141,0185,0471,567 4%*11,0005,1411,8854,0712,4601,544205277,0665,6782,8112,8666,4142,8078491,153804226,7893,7569272,8286,7112,8548591,185809266,8583,8219982,8226,6982,8588991,171787267,4344,1491,2152,9336,9182,8988901,164843924336,861 19.7%4,009 11.5%1,0282,9816,847 19.7%2,768 7.9%8671,129771961084,17111,56527,939 27,945 20.6%16,660 15,736 11.6%+ 12.6%+ 0.0%(5.5%)(25.9%)5,630+ 4.9%11,02924,128 27,175 20.1% + 12.6%11,443(0.6%)+ 4.5%3,363+ 3.2%4,504(10.2%)3,575+ 1.6%11,378 8.4%3,5164,6503,21136,069 32,503 33,003 35,079 34,846 100% 133,343 135,432 100%y/y+ 0.0%(0.4 %)+ 1.6%(2.2%)(2.4%)(7.0%)(3.7%)+14.1%+20.3%(22.2%)(1.8%)+ 1.9%+ 2.9%138878738938909188979073,5443,647Referential Financial Data Annual Operating RevenueTrading services revenueClearing services revenueListing services revenue Information services revenueOtherTotalFY2017FY2018FY2019FY2020FY202151,76623,47314,54719,87811,04548,66024,78814,02521,02912,63048,58926,42714,32221,97712,37153,17127,93916,66024,12811,443120,711121,134123,688133,343135,432(JPY mil.)53,19627,94515,73627,17511,378© 2022 Japan Exchange Group, Inc.14Referential Financial Data Quarterly Operating ExpensesFY2020*FY2021*(JPY mil.)FY2021IFRS 16 Leases applied Personnel expensesSystem maintenance & operation expensesDepreciation & amortizationReal estate-related expensesOtherTotalQ14,582Q24,624Q34,454Q45,594Q14,336Q24,746Q34,273Q45,691Q2Q14,336 4,746 4,273 5,691Q4Q33,2233,2903,4453,5653,4933,6873,8143,9893,493 3,687 3,814 3,9893,6973,6193,1043,2113,2833,7953,5643,7214,065 4,577 4,347 4,5031,0831,0941,0971,0971,0971,0991,1001,0943153163183112,6482,4692,6182,8732,2932,3352,6383,1642,293 2,335 2,638 3,16415,235 15,096 14,720 16,342 14,504 15,664 15,391 17,660 14,504 15,664 15,391 17,660 Annual Operating ExpensesFY2017FY2018FY2019*FY2020*FY2021*y/yPersonnel expensesSystem maintenance & operation expensesDepreciation & amortizationReal estate-related expensesOtherTotal16,32912,1009,4313,9049,13616,58411,89811,6993,9399,98950,90254,11117,51212,07113,3544,27511,31858,53219,25513,52413,6324,37210,60961,394(JPY mil.)19,048(1.1%)14,984+ 10.8%14,364+ 5.4%4,391+ 0.4%10,43163,220(1.7%)+ 3.0%*: As new accounting standards for leases under IFRS are applied from FY2019, a portion of the amount previously included under “Real Estate-related Expenses” is now included under depreciation. For the purpose of comparison, this portion is included under “Real Estate-related Expenses” in these columns.© 2022 Japan Exchange Group, Inc.15Referential Financial Data Consolidated Statement of Financial PositionAs of Mar. 31,2021 As of Mar. 31,2022AssetsCurrent assets*1*2*3*5Cash and cash equivalentsTrade and other receivablesClearing business financial assetsSpecified assets for deposits from clearing participantsSpecified assets for legal guarantee fundsIncome tax receivablesOther financial assetsOther current assetsTotal current assetsNon-current assetsProperty and equipmentGoodwillIntangible assetsRetirement benefit assetsInvestments accounted for using the equity methodSpecified assets for default compensation reserve fundsOther financial assetsOther non-current assetsDeferred tax assetsTotal non-current assets108,20914,93653,649,7805,996,1436735,286116,8002,03359,893,86210,69767,37435,9778,20416,73627,9485,3096,1813,385181,81593,35415,30564,368,4446,679,2366372,022118,0002,91071,279,91013,02967,37437,7349,03517,65027,9482,4186,0302,303183,524Total assets60,075,67871,463,434*1 Clearing business financial assets and liabilities assumed as a clearing organization*2 Deposits from clearing participants deposited by clearing participants as collateral *3 *4 *5 Deposits and reserve funds based on the rules for securing the safety of financial instruments transactions and other transactions *6 Including “default compensation reserve funds*5″Liabilities and equityLiabilitiesCurrent liabilities*1*2*3*4Trade and other payablesBonds and loans payableClearing business financial liabilitiesDeposits from clearing participantsLegal guarantee fundsTrading participant security moneyIncome tax payablesOther current liabilitiesTotal current liabilitiesNon-current liabilitiesBonds and loans payableRetirement benefit liabilitiesOther non-current liabilitiesDeferred tax liabilitiesTotal non-current liabilitiesEquityShare capitalCapital surplusTreasury sharesOther components of equityRetained earningsTotal equity attributable to owners of the parent company*6Non-controlling interestsTotal equity(JPY mil.)As of Mar. 31,2021 As of Mar. 31,20224,13232,50053,649,7805,996,1436738,16115,0388,74659,715,1754,81332,50064,368,4446,679,2366378,7313,80010,00371,108,16719,9609,0182,33641831,73211,50039,716(1,825)992271,006321,3917,378328,76919,9678,9852,36110131,41511,50038,844(1,912)445266,776315,6538,198323,852Total liabilities59,746,90871,139,582Total liabilities and equity60,075,67871,463,434© 2022 Japan Exchange Group, Inc.16Referential Financial Data Assets, Liabilities, and EquityFor assets and liabilities of JPX Group, “clearing business financial assets and liabilities*1” assumed by JSCC as a clearing organization and “deposits from clearing participants*2” deposited by clearing participants as collateral are included under both assets and liabilities. “Clearing business financial assets and liabilities*1” and “deposits from clearing participants*2” have a large impact on the amount of assets and liabilities of JPX Group due to their sizable amounts and daily fluctuations subject to changes in, for example, clearing participants’ positions. In addition, “legal guarantee funds*3”, “trading participant security money*4”, and “default compensation reserve funds*5” based on the rules for securing the safety of financial instruments transactions and commodity derivatives transactions are included both under assets and either liabilities or equity.of the parent company.The figures shown in parentheses in the table below are those calculated by excluding “clearing business financial assets*1”, “deposits from clearing participants*2”, “legal guarantee funds*3”, and “default compensation reserve funds*5” for total assets, and by excluding “default compensation reserve funds*5” for total equity and total equity attributable to owners Total assetsTotal equityTotal equity attributable to owners of the parent companyRatio of total equity attributable to owners of the parent company to total assetsFY2021FY2020JPY mil.71,463,434 (387,168)JPY mil.323,852 (295,903)JPY mil.315,653 (287,704)60,075,678 (401,132)328,769 (300,821)321,391 (293,443)%0.4 (74.3)0.5 (73.2)* The footnotes from page 16 also apply in those the contents of this page.© 2022 Japan Exchange Group, Inc.17Operating Income Margin and ROE of Overseas Exchanges* Values for other exchanges are current figures aggregated by JPX for reference. © 2022 Japan Exchange Group, Inc.18 The number of IPOs on TSE in FY2021 increased from 99 in the previous fiscal year to The amount raised by listed companies and REITs was approx. JPY 2.2 trillion, down from approx. JPY 3.4 trillion in the previous fiscal year. Financing by Listed Companies and REITs(JPY tril.)133Offerings to shareholders and Private placementsPublic Offerings (excluding IPOs)REITsIPOsTSE 1st/2ndMothersJASDAQTOKYO PRO Market8910399949588 83IPO / PO Trends133. IPOs at TSE(Number of companies)140120100806040200(FY)5652372523172008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021© 2022 Japan Exchange Group, Inc.1976543210(FY)Major Products Data Trading Volume/ValueTrading Value of Cash Equities (JPY mil.) TSE 1st/2nd Section *1Mothers *1JASDAQ *1ETFs/ETNs and REITs etc. *2TOPIX FuturesTotal Nikkei 225 Futures/mini *3Nikkei 225 FuturesNikkei 225 miniNikkei 225 Options (JPY mil.) *410-year JGB FuturesQ1Q2Q3Q4Q1Q2Q3Q4FY2020FY2021FY2020TotalFY2021Totaly/y168,384,294 153,038,671 174,155,955 203,410,053 178,699,266 187,489,006 204,182,394 209,917,277 698,988,974 780,287,94538,562,33814,441,30783,584,0039,185,2754,130,13520,687,205 18,698,36111,559,2204,074,02128,707,90511,406,7753,822,25721,490,20851,544,72416,230,63286,734,3259,192,0473,558,32220,215,11414,289,6304,112,36619,351,8598,778,2392,930,59223,180,31913,502,8823,737,96317,987,35412,192,9914,306,2806,755,820 6,234,194 6,053,651 6,333,737 6,348,002 15,309,855 11,212,710 11,034,837 11,291,358 5,207,601 6,533,741 24,969,584 23,495,471 5,690,189 9,698,688 10,622,338 13,500,615 48,848,761 42,683,737 5,674,820 22,476,988 18,540,771 4,275,276 85,540,350 61,197,574 56,142,234 60,837,567 50,320,574 54,234,122 58,617,013 78,257,952 263,717,725 241,429,661 5,748,899 8,130,044 5,655,262 8,862,095 3,830,038 1,782,365 2,303,641 1,347,226 1,883,945 6,494,524 7,126,972 1,859,972 2,245,692 1,320,911 2,185,782 1,237,033 1,783,904 2,306,982 1,223,356 1,057,950 1,716,030 1,330,981 1,914,666 4,760,637 5,616,279 5,092,953 5,420,614 +11.6%(25.2%)(11.0%)(3.6%)(5.9%)(12.6%)(17.5%)(8.5%)(11.5%)+14.1%Financial Derivatives Trading Volume (contracts) (Trading Value for Nikkei 225 Options)Commodity Derivatives Trading Volume (contracts) *5Gold Futures (Total standard/mini/rolling spot) *6Platinum Futures (Total standard/mini/rolling spot) *7Crude Oil FuturesRubber Futures (RSS3)1,318,6232,231,317 1,899,310 1,770,113 1,578,369 1,291,924 1,656,070 2,417,514 7,219,490 6,943,878 (3.8%)290,796 379,714487,397 767,881 643,661 684,869 610,277 682,485 1,925,866 2,621,293 +36.1%2,168,889192,679 1,421,190239,788 1,356,187379,576 1,181,999224,304 978,210168,100 865,713172,743 919,580168,739 853,695162,582 6,128,2651,036,347 3,617,198672,164 (41.0%)(35.1%) Average Daily Trading Volume/ValueTrading Value of Cash Equities (JPY mil.) *8Financial Derivatives Trading Volume (contracts) (Trading Value for Nikkei 225 Options)3,487,3023,086,368TOPIX FuturesTotal Nikkei 225 Futures/mini *3Nikkei 225 FuturesNikkei 225 miniNikkei 225 Options (JPY mil.) *410-year JGB FuturesCommodity Derivatives Trading Volume (contracts) *5Gold Futures (Total standard/mini/rolling spot) *6Platinum Futures (Total standard/mini/rolling spot) *7Crude Oil FuturesRubber Futures (RSS3)Q1Q2Q3Q4Q1Q2Q3Q4FY2020FY20213,363,6494,009,9433,454,3173,614,0603,823,8484,149,268FY2020Total3,483,675FY2021Total3,757,706y/y+7.9%103,832 250,981 110,751 1,402,301 37,819 20,055 99,240 183,815 83,491 1,003,239 17,343 28,132 98,955 175,156 86,041 891,147 21,385 29,904 105,800 188,189 86,793 1,013,959 29,70638,394 92,709 145,280 62,788 824,927 20,279 29,244 93,282 158,995 70,086 889,084 21,819 31,388 89,147 168,609 75,566 930,429 20,967 34,695 110,741 228,824 96,183 1,326,406 31,525 38,063 101,917 199,383 91,743 1,076,399 26,50829,090 96,293 174,933 75,987 989,466 23,561 33,320 (5.5%)(12.3%)(17.2%)(8.1%)(11.1%)+14.5%21,61736,579 30,148 29,502 25,875 21,179 26,287 40,975 29,467 28,459 (3.4%)4,76735,5563,1596,225 23,2983,931 7,736 12,798 10,552 11,227 9,687 7,861 10,743 +36.7%21,5276,025 19,7003,738 16,0362,756 14,1922,832 14,5972,678 25,0134,230 14,8252,755 (40.7%)(34.9%)11,568 14,4692,756 *1 Value of auction and off-auction trading of common stocks. *2 Total value of auction and off-auction trading. *3 Nikkei 225 mini contracts are calculated using a factor of 1/10. *4 Excluding Weekly Options. *5 Excluding cash-settled contracts. *6 Mini and rolling spot contracts are calculated using a factor of 1/10. *7 Mini and rolling spot contracts are calculated using a factor of 1/5. *8 Total value of daily averages of auction and off-auction trading of common stocks on 1st/2nd Sections, Mothers, JASDAQ, TOKYO PRO Market, and ETFs/ETNs, REITs, etc.© 2022 Japan Exchange Group, Inc.20Major Products Data Trading Value for Cash Equities Trading Volume for Derivatives(JPY tril.)(JPY tril.)(mil. contracts)(mil. contracts)TSE 1st/2ndMothersJASDAQETFs/ETNsJ-REITs■ FY2020 ■ FY2021TOPIXFuturesNikkei 225FuturesJGB FuturesNikkei 225Options(JPY tril.)Nikkei 225mini Number and Amount of Assumption of Obligations (Interest Rate Swaps)302520151050807060504030201008007006005004003002001000(JPY tril.)14012010080604020021-tcO31-naJ31-rpA31-luJ31-tcO41-naJ41-rpA41-luJ41-tcO51-naJ51-rpA51-luJ51-tcO61-naJ61-rpA61-luJ61-tcO71-naJ71-rpA71-luJ71-tcO81-naJ81-rpA81-luJ81-tcO91-naJ91-rpA91-luJ91-tcO02-naJ02-rpA02-luJ02-tcO12-naJ12-rpA12-luJ12-tcO22-naJ© 2022 Japan Exchange Group, Inc.Amount of Assumption of ObligationsNumber of Assumption of Obligations300250200150100500(transactions)12,00010,0008,0006,0004,0002,000021JPX Stock PriceJPX Stock Price (JPY)Nikkei 225 (JPY 10)TOPIX (points)3,5003,0002,5002,0001,5001,00050003/24/2014Integration of derivatives markets7/16/2013Integration of cash equity markets10/1/2013Stock split (5-for-1)2/26/2013Announcement of cancellation of treasury shares1/1/2013Launch of JPX1/31/2018Announcement of Cancellation of Treasury Shares4/28/2021Announcement of acquisition of own shares10/1/2015Stock split (2-for-1)7/28/2016Announcement of acquisition of own shares10/1/2019TOCOM becomes a subsidiary1/27/2022Announcement of Cancellation of Treasury Shares1/30/2017Announcement of acquisition of own sharesTrading VolumeNikkei 225TOPIXStock PriceTrading Volume(mil. shares)70605040302010031-naJ31-rpA31-luJ31-tcO41-naJ41-rpA41-luJ41-tcO51-naJ51-rpA51-luJ51-tcO61-naJ61-rpA61-luJ61-tcO71-naJ71-rpA71-luJ71-tcO81-naJ81-rpA81-luJ81-tcO91-naJ91-rpA91-luJ91-tcO02-naJ02-rpA02-luJ02-tcO12-naJ12-rpA12-luJ12-tcO22-naJ22-rpAListed on both the TSE1st Section and JASDAQ from January 1 to July 15, 2013. Prices above are prices on the TSE1st Section. Trading volumes above are the total of those on TSE1st Section and JASDAQ. Two stock splits were conducted separately with respective effective dates of October 1, 2013 and October 1, 2015. Stock prices and trading volume before said stock splits were converted to reflect both events.© 2022 Japan Exchange Group, Inc.22Japanese Stock MarketNikkei 225 (JPY 10)TOPIX (points)JPX-Nikkei400 (10 points)Nikkei 225TOPIXJPX-Nikkei400JPY/USD RateTrading Value (TSE 1st)3,5003,0002,5002,0001,5001,0005000(JPY/USD)13012011010090706050Trading Value80JPY 4 tril. JPY 2 tril. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022© 2022 Japan Exchange Group, Inc.23Outline of JPX StockStock CodeListed ExchangeFiscal Year EndAnnual General Shareholders MeetingRecord Date8697Tokyo Stock Exchange Prime marketMarch 31JuneAnnual general shareholders meeting: March 31Year-end dividend: March 31Interim dividend: September 30100 sharesNumber of Shares in One Trading UnitTotal number of shares issued528,578,441Basic Policy on Profit DistributionJPX adopts a dividend policy with a target payout ratio of about 60% tied to business performance while giving due consideration to the importance of internal reserves for the following purposes:- Maintaining sound financial health as a financial instruments exchange group,–Preparing for risks as a clearing organization, andEnabling the group to pursue investment opportunities to raise the competitiveness of its markets as they arise.Structure of JPXJapan Exchange GroupCash Equities TradingDerivatives TradingMarket-related ServicesSelf-regulationClearingTokyo Stock ExchangeOsaka ExchangeTokyo Commodity Exchange Japan Exchange RegulationJapan Securities Clearing CorporationJPX Market Innovation & Research© 2022 Japan Exchange Group, Inc.24DisclaimerThese materials are prepared solely for the purpose of providing information regardingJapan Exchange Group, Inc., and as such, they are not intended as an offer or sale ofsecurities or other similar action whether inside or outside Japan. Our securities have notbeen and will not be registered under the United States Securities Act of 1933, as amended(the “Securities Act”), and may not be offered or sold in the United States absentregistration or an applicable exemption from registration requirements.These materials contain forward-looking statements. These statements are based on ourassumptions and beliefs in light of the information currently available to us and are subjectto risks and uncertainties. Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, our actual results may vary materially fromthose we currently anticipate. Given these risks and uncertainties, you are cautioned not toplace undue reliance on forward-looking statements, which speak only as of the date ofthese materials. We disclaim any obligation to update any ofthe forward-lookingstatements contained in these materials to reflect future actual events or developments.© 2022 Japan Exchange Group, Inc.25