Regarding the management of the Nikkei 225 and other Nikkei indexes

The Indexes calculated and provided by Nikkei Inc. are managed by the set of rules open to the public and characterized as highly transparent. They are based on the stock prices from the regulated exchanges and calculated automatically by computer programs so that the indexes are not influenced by discretion or judgment. The Nikkei Indexes are administered by the Index Business Office, an independent division in Nikkei, in accordance with the policies of operations. Conflicts of interest are eliminated, and the indexes are highly reliable and accountable. Its administration complies with the Principles for Financial Benchmarks by the International Organization of Securities Commissions ("IOSCO Principles"). IOSCO Principles compliance report as audited by an independent third party has been published since 2019 as shown below.

• Report of Compliance with the IOSCO Principles
• Third parties in index calculation

In addition to complying with the IOSCO Principles, Nikkei is recognized as a third country benchmark administrator under Article 32 of the EU Benchmarks Regulation. Nikkei Indexes are listed in the ESMA Register as third country benchmarks and can continue to be used in financial instruments.

• Benchmark Statement as required by EU BMR
• Compliance Statement as required by EU BMR
• Disclosure of ESG factors in Methodology

Policy Documents

Nikkei Inc. establishes and publishes the policies for administration of the Nikkei Indexes. Each policy is available below.

• General Policies for Nikkei Index Administration
• Policies for Nikkei Index Cessation and Transition
• Policies for Nikkei Index Complaints Procedures

Consultation

Nikkei consults users of its benchmark indexes on important issues, such as significant change in its index methodology. In consultation process Nikkei publishes planned changes and invites feedback to further enhance quality of its indexes. For the detail, please refer to "Procedures for the Consultation of the Nikkei Indexes" below.