TSE Cash Markets

Given that nurturing start-up companies is the key to spurring the Japanese economy's dynamism and growth while solving societal issues, the
Japanese government is implementing an array of measures on this issue, such as those set out in the "Grand Design and Action Plan for a New
Form of Capitalism" (approved by the Cabinet on June 7, 2022).

As we see diversification of the characteristics and needs of start-ups aiming to list their shares on the exchange, Tokyo Stock Exchange, Inc.
(TSE) has decided to make some necessary revisions to its listing rules and other rules, including in relation to matters raised in the "Grand
Design and Action Plan for a New Form of Capitalism," with a view to diversifying the ways in which start-ups are able to list their shares for the
first time. These include the implementation of a smoother initial listing process and the creation of an environment for direct listings.

TSE is now accepting public comments on ”the Revisions to the Listing Rules and Other Rules Regarding IPOs” until January 20, 2023.