JPX Derivatives Market Highlights

January 1, 2018 ― June 30, 2018

Market Overview

■ TOPIX and Trading Value of TSE 1st Section (Daily Average) TOPIX Trading Value (points) TOPIX Trading Value (1st sec.) (¥ trillion) 2,500 Bankruptcy of Lehman Brothers Consumption Tax Increased U.S. Presidential Election 5.0 (Sep 15, 2008) from 5% to 8% (Apr 1, 2014) (Nov 8, 2016) Brexit Referendum 2,000 4.0 (Jun 23, 2016) Landslide Victory of the LDP (Dec 16, 2012)

1,500 3.0

1,000 2.0

500 1.0

0 0.0 08 09 10 11 12 13 14 15 16 17 18 Year ■ JGB Futures and Interest Rate

10-year JGB Futures 10-year Interest Rate JGB Futures (¥) 20-year JGB Futures 20-year Interest Rate Interest Rate (%) 170 Introduction of 3.0 Quantitative and Qualitative Announcement of Negative Yield Curve Control Interest Rates by BOJ 165 Monetary Easing by BOJ by BOJ 2.5 (Apr 4, 2013) (Jan 29, 2016) (Sep 21, 2016) 160 Additional QQE by BOJ 2.0 155 by BOJ (Oct 31, 2014) 1.5 150 Bankruptcy of Lehman Brothers 1.0 145 (Sep 15, 2008) 0.5 140

135 0.0 20-year JGB Futures Specs Change (Jul 6, 2015) 130 -0.5 08 09 10 11 12 13 14 15 16 17 18 Year *Source：Ministry of Finance

Index Futures

■ Futures ADV・Open Interest ■ Trading Volume by Type of Investors (Nikkei 225 Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others Securities Firms 180,000 Open Interest (End of Year/Month) 800,000 0.3% 14.8% 160,000 City/Regional 700,000 Banks,etc. 0.9% 140,000 600,000 120,000 Trust Banks 500,000 2.2% 100,000 Insurance Firms 400,000 Jan - Jun 0.1% 80,000 Foreign Investors 2018 300,000 69.5% Investment Trusts 60,000 3.3% 40,000 200,000 Business Firms 20,000 100,000 0.4%

0 0 Individual 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Investors 8.5% Year Month

1 July, 2018 Index Futures

■ Nikkei 225 mini ADV・Open Interest ■ Trading Volume by Type of Investors (Nikkei 225 mini)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others Securities Firms 0.1% 5.0% 1,800,000 Open Interest (End of Year/Month) 1,200,000 City/Regional Banks,etc. 1,600,000 0.1% 1,000,000 1,400,000 Trust Banks 0.1% 1,200,000 800,000 Investment Trusts 1,000,000 0.1% 600,000 Jan - Jun Business Firms 800,000 Foreign Investors 0.4% 75.9% 2018 600,000 400,000 Individual 400,000 Investors 200,000 18.6% 200,000 0 0 08 09 10 11 12 13 14 1516 17 1 2 3 4 5 6 Year Month

■ TOPIX Futures ADV・Open Interest ■ Trading Volume by Type of Investors (TOPIX Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others 0.2% Securities Firms 200,000 Open Interest (End of Year/Month) 800,000 18.9% 180,000 700,000 160,000 City/Regional 600,000 Banks,etc. 140,000 0.3% 500,000 Trust Banks 120,000 2.7% 100,000 400,000 Jan - Jun Insurance Firms Foreign Investors 2018 0.2% 80,000 300,000 74.9% 60,000 Investment 200,000 Trusts 40,000 2.3% 100,000 20,000 Business Firms 0 0 0.1% 08 09 10 11 12 13 14 1516 17 1 2 3 4 5 6 Individual Year Month Investors 0.5%

■ mini-TOPIX Futures ADV・Open Interest ■ Trading Volume by Type of Investors (mini-TOPIX Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others Securities Firms 0.1% 30,000 Open Interest (End of Year/Month) 80,000 7.0% Trust Banks 70,000 25,000 0.9% 60,000 Investment Trusts 20,000 0.4% 50,000

15,000 40,000 Jan - Jun Business Firms 0.3% Foreign Investors 2018 30,000 83.6% 10,000 Individual 20,000 Investors 5,000 7.8% 10,000

0 0 08 09 10 11 12 13 14 1516 17 1 2 3 4 5 6 Year Month

■ JPX-Nikkei 400 Futures Monthly ADV・Open Interest ■ Trading Volume by Type of Investors (JPX-Nikkei 400 Futures)

Trading Vol. Open Interest (contracts) Trading Volume (Monthly) (contracts) 70,000 Open Interest (End of Year/Monthly) 300,000 Securities Firms 17.4% 60,000 250,000 City/Regional 50,000 Banks,etc. 200,000 0.1%

40,000 Trust Banks 150,000 Jan - Jun 2.4% 30,000 Foreign Investors 2018 75.0% Investment 100,000 Trusts 20,000 2.3%

10,000 50,000 Business Firms 0.1% 0 0 Individual Investors 14 1516 17 1 2 3 4 5 6 2.8% Year Month

2 July, 2018 Index Futures

■ TSE Mothers Index Futures ADV・Open Interest ■ Trading Volume by Trade Type of Investors (TSE Mothers Index Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others 0.5% 3,500 Open Interest (End of Year/Month) 14,000

3,000 12,000 Securities Firms Foreign Investors 26.6% 2,500 10,000 34.0%

2,000 8,000 Jan - Jun Trust Banks 1,500 6,000 2018 2.7% 1,000 4,000 Insurance Firms 0.1% 500 2,000 Investment Trusts Individual 0.4% 0 0 Investors 34.7% Business 16 17 1 2 3 4 5 6 Firms Year Month 1.1%

■ Nikkei 225 VI Futures ADV・Open Interest ■ Trading Volume by Type of Investors (Nikkei VI Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others 1,000 Open Interest (End of Year/Month) 8,000 0.1% 900 7,000 800 6,000 Foreign Investors 700 26.1% 600 5,000 Securities Firms 54.8% 500 4,000 Jan - Jun 2018 400 3,000 300 2,000 200 Individual 1,000 Investors 100 18.6% 0 0 12 13 14 15 16 17 1 2 3 4 5 6 Business Firms 0.4% Year Month

■ DJIA Futures ADV・Open Interest ■ Trading Volume by Trade Type of Investors (DJIA Futures)

Trading Vol. Open Interest (contracts) Trading Volume (contracts) Others Securities Firms 2,000 Open Interest (End of Year/Month) 4,000 0.1% 4.1% 1,800 Business Firms 3,500 0.9% 1,600 3,000 1,400 1,200 2,500 1,000 2,000 Jan - Jun Foreign Investors Individual 800 53.7% 2018 Investors 1,500 41.3% 600 1,000 400 200 500 0 0 12 13 14 15 16 17 1 2 3 4 5 6 Year Month

■ Nikkei 225 Dividend Index Futures ADV・Open Interest ■ TSE REIT Index Futures ADV・Open Interest

Trading Vol. Open Interest Trading Vol. Open Interest (contracts) Trading Volume (contracts) (contracts) Trading Volume (contracts) 600 Open Interest (End of Year/Month) 160,000 3,500 Open Interest (End of Year/Month) 30,000 140,000 500 3,000 25,000 120,000 2,500 400 20,000 100,000 2,000 300 80,000 15,000 1,500 60,000 200 10,000 1,000 40,000 100 5,000 20,000 500

0 0 0 0 10 1112 13 14 15 16 17 1 2 3 4 5 6 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Year Month Year Month

3 July, 2018 Index Options

■ Nikkei 225 Options ADV・Open Interest ■ Trading Volume by Type of Investors (Nikkei 225 Options)

Trading Vol. Open Interest Securities Firms (contracts) Trading Volume (Put) (contracts) Others 0.2% 10.7% 300,000 Trading Volume (Call) 4,000,000 City/Regional Open Interest (End of Year/Month) Banks,etc. 3,500,000 1.7% 250,000 Trust Banks 3,000,000 1.0% 200,000 Insurance Firms 2,500,000 0.4%

150,000 2,000,000 Jan - Jun Investment Foreign Investors 2018 Trusts 1,500,000 73.5% 0.1% 100,000 Business Firms 1,000,000 0.7% 50,000 500,000

0 0 Individual 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Investors 11.7% Year Month

■ Nikkei 225 Weekly Options ADV・Open Interest ■ TOPIX Options ADV・Open Interest

Trading Vol. Open Interest Trading Vol. Open Interest (contracts) Trading Volume (Put) (contracts) (contracts) Trading Volume (Put) (contracts) 3,500 Trading Volume (Call) 8,000 1,800 Trading Volume (Call) 90,000 Open Interest(End of Year/Month) Open Interest (End of Year/Month) 7,000 80,000 3,000 1,500 6,000 70,000 2,500 1,200 60,000 5,000 2,000 50,000 4,000 900 1,500 40,000 3,000 600 30,000 1,000 2,000 20,000 500 300 1,000 10,000 0 0 0 0 15 16 17 1 2 3 4 5 6 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Year Month Year Month

Single Stock Options

■ Single Stock Options ADV・Open Interest ■ Trading Volume by Trade Type of Investors (Single Stock Options)

Trading Vol. Open Interest (contracts) Trading Volume (Put) (contracts) 9,000 Trading Volume (Call) 600,000 Open Interest(End of Year/Month) 8,000 500,000 7,000 Securities Firms 6,000 400,000 25.7% 5,000 300,000 Jan - Jun 4,000 Foreign Investors 49.7% 2018 3,000 200,000

2,000 Business 100,000 Firms 1,000 16.6% 0 0 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Individual Investors 7.9% Year Month

■ Trading Volume by Underlying Securities（2018） ■ HV (Top 3 Trading Volume by Underlying Securities) Trading Rank Code Underlying Security Volume Share HV Nikkei 225 Exchange Traded Fund（1321） (20d,%) Yahoo Corporation（4689） 1 1321 Nikkei 225 Exchange Traded Fund 122,090 23.0% 100 Mitsubishi UFJ Financial Group,Inc.（8306） 2 4689 Yahoo Japan Corporation 105,180 19.8% 90 80 3 8306 Mitsubishi UFJ Financial Group,Inc. 92,604 17.4% 70 4 7261 Motor Corporation 73,140 13.8% 60 5 9984 SoftBank Group Corp. 17,422 3.3% 50 40 6 1605 CORPORATION 14,000 2.6% 30 7 5713 Sumitomo Metal Mining Co.,Ltd. 13,890 2.6% 20 8 6502 CORPORATION 13,001 2.4% 10 0 9 7733 OLYMPUS CORPORATION 6,150 1.2% 16 17 18 10 9107 Kawasaki Kisen Kaisha, Ltd. 5,000 0.9% Year

4 July, 2018 JGB Futures

■ 10-year JGB Futures ADV・Open Interest ■ Trading Volume by Type of Investors(10-year JGB Futures)

Trading Vol. Open Interest Others (contracts) Trading Volume (contracts) 60,000 160,000 1.4% Securities Firms Open Interest (End of Year/Month) 26.9% 140,000 50,000 120,000 40,000 100,000

30,000 80,000 Jan - Jun Foreign Investors 60.8% 2018 60,000 20,000 40,000 Bankｓ 10,000 10.8% 20,000

0 0 08 09 10 11 12 13 14 15 16 17 1 2 3 4 5 6 Year Month

■ mini-10-year JGB Futures ADV・Open Interest ■ 20-year JGB Futures ADV・Open Interest

Trading Vol. Open Interest Trading Vol. Open Interest (contracts) Trading Volume (contracts) (contracts) Trading Volume (contracts) 200 Open Interest (End of Year/Month) 700 15 Open Interest (End of Month) 150

600 150 500 10 100 400 100 300 5 50 200 50 100

0 0 0 0 11 12 13 14 15 16 17 1 2 3 4 5 6 15 16 17 1 2 3 4 5 6 Year Month Year Month

Options on JGB Futures

■ Options on JGB Futures ADV・Open Interest ■ Trading Volume by Type of Investors(Options on JGB Futures)

Trading Vol. Open Interest Others (contracts) Trading Volume (Put) (contracts) 0.6% 12,000 Trading Volume (Call) 25,000 Securities Firms Open Interest (End of Year/Month) 24.6% 10,000 20,000

8,000 15,000 6,000 Jan - Jun Foreign Investors 10,000 47.5% 2018 4,000

5,000 2,000 Bankｓ 27.2%

0 0 08 09 10 11 12 13 14 1516 17 1 2 3 4 5 6 Year Month

■ S&P/JPX JGB VIX・10-year JGB Futures ■ Monthly Trading Volume and Exercise Volume

S＆P/JPX Price Trading Vol. Exercise Vol. JGB VIX(%) S＆P/JPX JGB VIX （¥） (contracts) Trading Vol. (CALL) Trading Vol. (PUT) (contracts) 7 10-year JGB Futures 155 120,000 Exercise Vol. (CALL) Exercise Vol. (PUT) 8,000 154 6 6,000 80,000 ＣＡＬＬ 153 5 4,000 152 40,000 2,000 4 151 0 3 150 2,000 149 40,000 2 148 4,000 1 80,000 147 ＰＵＴ 6,000 0 146 120,000 8,000 16 17 18 16 17 18 Year Year

5 July, 2018 Contract Specifications

Trading Hours Tick Size (point/¥) No. of Margin per Unit (¥) Vendor Code Product Unit Contract Auction Block Auction Block Months (As of the end of Jun. 2018) Bloomberg Reuters QUICK Nikkei 225 Futures 10 * 1,000 19 ¥660,000 NKA 0#JNI: 101.555 Nikkei 225 mini 5 * 100 16 ¥66,000 NOA 0#JNM: 111.555 TOPIX Futures 0.5 * 10,000 5 ¥450,000 TPA 0#JTI: 151.555 mini-TOPIX Futures 0.25 * 1,000 3 ¥45,000 TMIA 0#JTM: 159.555 JPX-Nikkei Index 400 5 * 100 5 ¥40,000 JPWA 0#JN4F: 105.555 Futures (JST) (JST) TSE Mothers Index Futures8:45～15:15 8:20～16:00 1 * 1,000 5 ¥52,000 MROA 0#JMI: 154.555 TOPIX Core30 Futures16:30～ 5:30 16:15～ 5:30 0.5 * 1,000 3 ¥20,500 TPCA 0#JTC: 171.555 TSE REIT Index Futures 0.5 * 1,000 3 ¥38,000 TREA 0#JRT: 155.555 (GMT) (GMT) TOPIX Banks Index Futures 23:45～ 6:15 23:20～ 7:00 0.1 * 10,000 3 ¥52,000 TZA 0#JBK: 348.555 RN Prime Index Futures7:30～20:30 7:15～20:30 0.5 * 10,000 5 ¥335,000 AZA 0#JRN: 140.555 Nikkei 225 Dividend Index 0.1 * 1,000 8 (*1) ¥13,800 INTA 0#JND: 112.555 Futures (ET) (ET) 0.0001 TOPIX Dividend Index 18:45～ 1:15 18:20～ 2:00 0.01 * 10,000 8 (*1) ¥8,900 TDIA 0#JTD: 178.555 Futures 2:30～15:30 2:15～15:30 TOPIX Core30 Dividend 0.01 * 10,000 8 (*1) ¥7,500 TCDA 0#JRD: 179.555 Index Futures DJIA Futures 1 * 100 4 ¥56,600 ODAA 0#JDI: 144.555 FTSE China 50 Index 5 * 100 4 ¥70,500 OFCA 0#JFC: 148.555 Futures (JST) TAIEX Futures N/A 1 * 100 5 ¥19,100 OFTA 0#TJW: 147.555 8:45～15:15 (JST) (JST) Nikkei 225 VI Futures 9:00～15:15 8:20～16:00 0.05 * 10,000 8 ¥50,000 JVIA 0#JNV: 145.555 16:30～19:00 16:15～19:00

(JST) (JST) 5-year JGB Futures 8:45～11:02 0.01 * 1,000,000 3 ¥110,000 JJA 0#JMB: 604.555 8:20～15:15 12:30～15:02 15:25～ 5:30 15:30～ 5:30 10-year JGB Futures(GMT) 0.01 * 1,000,000 3 ¥390,000 JBA 0#JGB: 601.555 (GMT) 23:45～ 2:02 23:20～ 6:15 0.0001 3:30～ 6:02 mini-10-year JGB Futures6:25～20:30 0.005 * 100,000 3 ¥39,000 MJBA 0#JGM: 611.555 6:30～20:30 (ET) (ET) 18:45～21:02 18:20～ 1:15 20-year JGB Futures22:30～ 1:02 0.01 * 1,000,000 3 ¥720,000 JJAA 0#JTB: 602.555 1:25～15:30 1:30～15:30 (*1) 9 contract months between Jan. to Mar. Trading Hours Tick Size (point/¥) No. of Minimum No. of Vendor Code Product Unit Contract Auction Block Auction Block Months Exercise Prices Bloomberg Reuters QUICK nearest 3 contract months : 49 Regular (ATM±24) NKY 25 0#JNI*.OS OP2@ Options the other contract OMON months : 33 Nikkei 225 Week1 Week1 (JST) (JST) ¥100 or less : 1 * 1,000 Nearest Options WNKYA 0# JNI1W*.OS 9:00～15:15 8:20～16:00 above ¥100 to ¥1,000 : 5 4 weekly Week3 Week3 16:30～ 5:30 16:15～ 5:30 above ¥1,000 : 10 contracts Weekly WNKYC 0# JNI3W*.OS (except 17 (ATM±8) OPW@ Options Week4 Week4 (GMT) (GMT) for the WNKYD 0# JNI4W*.OS 0:00～ 6:15 23:20～ 7:00 0.0001 2nd Week5 Week5 7:30～20:30 7:15～20:30 Friday) WNKYE 0# JNI5W*.OS (ET) (ET) nearest 3 contract 19:00～ 1:15 18:20～ 2:00 (ATM±9) TPX TOPIX Options 2:30～15:30 2:15～15:30 * 10,000 19 0#JTI*.OS OPT@ 20pts or less : 0.1 the other contract OMON above 20pts : 0.5 months : 13 (ATM±6) JPNK400 * 1,000 19 17 (ATM±8) 0#JN4O*.OS OP4@ Options 50pts or less : 1 OMON above 50pts : 5 4 5 (ATM±2) KO@15 -ETFs 12:30～15:15 option price of the OMON code)*.OS even -REITs underlying number: 0.1 odd number: 1

8:45～11:02 8:20～15:15 JBA Options on JGB Futures 12:30～15:02 0.01 0.0001 * 1,000,000 3～4 21 (ATM±10) 0#JGB+ GB@ 15:25～ 5:30 OMON 15:30～ 5:30

Trading Hours Tick Size (point/¥) Vendor Code Flexible Options Unit Contract Strike Price Auction Block Auction Block Month Bloomberg Nikkei 225 Options JPX-Nikkei Index 400 Options * 1,000 a maximum TSE REIT Index Options (*1) 8:20～20:00 5-year TOPIX Options period (*2) * 10,000 TOPIX Banks Index Options (*1) N/A N/A 0.0001 0.01 (*3) ERH OSA Single Stock Options * minimum a maximum -Single Stocks trading unit 8:20～17:30 3-year -REITs of the period (*2) -ETFs underlying (*1) TOPIX Banks Index Options and TSE REIT Index Options will be available only in Flexible Options Trading. (*2) The minimum period from the creation day to the last trading day shall be five business days. (*3) For certain underlying securities specified by OSE, one decimal place or an integer.

6 July, 2018 Trading Fees (as of June, 2018)

Products Exchange Trading Fees （Reference）Clearing Fees of JSCC

Volume Discount Table (*1) (Trading Volume) (Prop) ｜(Customer) Regular Trade ¥20 per contract 0 - 10,000 : ¥70 ｜¥110 Nikkei 225 Futures Regular Trade more than 10,000 - 50,000 : ¥35 ｜¥70 more than 50,000 - 100,000 : ¥20 ｜¥40 SQ Settlement ¥130 per contract more than 100,000 - : ¥15 ｜¥30

Volume Discount Table (*1) (Trading Volume) (Prop) ｜(Customer) Regular Trade ¥2 per contract 0 - 100,000 : ¥7 ｜¥11 Nikkei 225 mini Regular Trade more than 100,000 - 500,000 : ¥6 ｜¥8 more than 500,000 - 1,000,000 : ¥4 ｜¥6 SQ Settlement ¥13 per contract more than 1,000,000 - : ¥3.5 ｜¥4.5 Volume Discount Table (*1) (Trading Volume) (Rate) Regular Trade ¥20 per contract TOPIX Futures Regular Trade 0 - 100,000 : ¥55 more than 100,000 - 300,000 : ¥35 SQ Settlement ¥57 per contract more than 300,000 - : ¥30 mini-TOPIX Futures Regular Trade ¥2 per contract TSE Mothers Index Futures Regular Trade ¥7 per contract TOPIX Core30 Futures SQ Settlement ¥6 per contract TSE REIT Index Futures JPX-Nikkei Index 400 Regular Trade ¥2 per contract Regular Trade ¥7 per contract Futures SQ Settlement ¥13 per contract TOPIX Banks Index Regular Trade ¥20 per contract Regular Trade ¥55 per contract Futures SQ Settlement ¥57 per contract Nikkei 225 Dividend Index ¥7 per contract (currently discounted from the fees Futures on the volume discount (*1)) Regular Trade ¥10 per contract TOPIX Dividend Index Regular Trade Futures (Trading Volume) (Rate) TOPIX Core30 Dividend up to 5,000 : ¥40 SQ Settlement ¥30 per contract Index Futures more than 5,000 : ¥20 Regular Trade ¥20 per contract Nikkei 225 VI Futures Regular Trade ¥80 per contract SQ Settlement ¥100 per contract DJIA Futures Regular Trade ¥5 per contract FTSE China 50 Index Regular Trade ¥40 per contract Futures SQ Settlement ¥45 per contract TAIEX Futures Regular Trade ¥16 per contract RN Prime Index Futures Regular Trade ¥29 per contract SQ Settlement ¥45 per contract Regular Trade ¥95 per contract Regular Trade 10-year JGB Futures Trade by Exercise Trade by Exercise ¥49 per contract 5-year JGB Futures of Options on JGB ¥82 per contract of Options on JGB 20-year JGB Futures Futures Futures Physical delivery ¥10 per contract Physical delivery ¥132 per contract Regular Trade ¥5 per contract mini-10-year JGB Futures Regular Trade ¥20 per contract Final settlement ¥15 per contract Volume Discount Table (*1) (*2) Regular (Trading Value) (Rate) Regular Trade 0.5 bps per Trading Value (*3) Options 0 - ¥10 bil. : 5.0 bps Regular Trade more than ¥10 bil. - ¥25 bil. : 3.5 bps Nikkei 225 Flexible more than ¥25 bil. - ¥35 bil. : 2.5 bps 5.5 bps per amount of money transferred Options Options Exercise more than ¥35 bil. - : 1.5 bps by exercise of options contract (*3) Weekly Regular Trade ¥10 per contract Regular Trade ¥40 per contract Options Exercise ¥130 per contract TOPIX Options Regular Trade ¥10 per contract JPX-Nikkei Index 400 Options Regular Trade ¥40 per contract TOPIX Banks Index Exercise ¥10 per contract Options Regular Trade ¥2 per contract TSE REIT Index Options Regular Trade ¥7 per contract Exercise ¥2 per contract (Trading unit of the underlying security) (Rate) less than 10 : ¥1 Regular Trade Single Stock Options (Trading unit of the underlying security) (Rate) more than or equal to 10 but less than 100 : ¥5 -Single Stocks less than 10 : ¥1 more than or equal to 100 : ¥10 Regular Trade -REITs more than or equal to 10 but less than 100 : ¥5 (Trading unit of the underlying security) (Rate) (*4) -ETFs more than or equal to 100 : ¥10 less than 10 : ¥1 Exercise more than or equal to 10 but less than 100 : ¥5 more than or equal to 100 : ¥10 Regular Trade ¥10 per contract Options on JGB Futures Regular Trade ¥40 per contract Exercise ¥10 per contract (*1) Volume discount is applied based on the monthly average trading volume or value (excluding Flexible Options and Weekly Options) over the three months from the month four months prior to the object month of fee calculation to the month two months prior to the object month of fee calculation. (*2) The maximum fee is ¥350 per trading unit. The minimum fee is ¥5 per trading unit. (*3) The maximum clearing fee is ¥35 per trading unit for regular trades and ¥385 per trading unit for exercises. (*4) Clearing fees for cash trading (trading value of cash trading by exercise × 0.04 bp) will be required additionally. Note: Give-up fees (¥5 per contract) will be charged on the clearing broker. For Nikkei 225 mini, mini-TOPIX Futures, JPX-Nikkei Index 400 Futures, TSE Mothers Index Futures, TOPIX Core30 Futures, TSE REIT Index Futures, Dividend Index Futures, and mini-10-year JGB Futures, TSE REIT Index Options,give-up fees are ¥1 per contract.

7 July, 2018 Trading Data (Jan.-Jun. 2018)

Products Trading Volume Change Trading Value Exercise Volume Open Interest Nikkei 225 Futures 12,967,797 +14.1% 286,709,165 − 382,585 Nikkei 225 mini 129,540,189 +18.9% 287,190,841 − 332,000 TOPIX Futures 12,907,909 +10.8% 226,979,322 − 575,329 mini-TOPIX Futures 2,173,705 +66.8% 3,832,855 − 23,060 JPX-Nikkei 400 Futures 4,203,246 +23.0% 6,556,450 − 124,433 TSE Mothers Index Futures 262,465 +313.6% 307,802 − 11,464 Futures TOPIX Core30 Futures 1,692 -0.7% 1,311 − 358 TSE REIT Index Futures 159,474 +14.1% 270,345 − 22,285 Equity TOPIX Banks Index Futures 260,960 +241.6% 489,409 − 20,646 Nikkei 225 Dividend Index Futures 310 -93.5% 132 − 6,412 Nikkei 225 VI Futures 5,369 -44.9% 1,002 − 688 DJIA Futures 131,188 +405.5% 327,455 − 690 TAIEX Futures 24 +2300.0% 25 − 0 Nikkei 225 Options 18,283,377 +24.0% 3,393,901 583,852 2,047,539 Weekly Options 308,781 +41.3% 14,591 13,168 2,776 Options TOPIX Options 93,769 -37.6% 29,437 23,804 61,021 Single Stock Options 531,401 +16.7% 4,499 56,300 126,419 10-year JGB Futures 4,751,644 +30.0% 716,182,873 − 116,142 Futures mini-10-year JGB Futures 449 -30.4% 6,764 − 39 Bond 20-year JGB Futures 91 -52.1% 14,194 − 6 Options Options on JGB Futures 367,687 -7.4% 28,006 19,220 9,450 Total 186,642,746 +19.3% 1,532,325,788 683,176 3,860,566 (Contracts, ¥ million) Trading Records

Nikkei 225 Futures TOPIX Futures 10-year JGB Futures

2018 Historical 2018 Historical 2018 Historical (Contracts, ¥) (Date) (Contracts, ¥) (Date) (Contracts, points) (Date) (Contracts, points) (Date) (Contracts, ¥) (Date) (Contracts, ¥) (Date) Highest Daily Trading Volume 520,171 (Mar 6, 2018) 739,909 (Dec 7, 1999) 941,853 (Mar 6, 2018) 942,810 (Dec 5, 2017) 150,424 (Mar 9, 2018) 211,110 (Jun 7, 2007) Lowest Daily Trading Volume 45,133 (Jun 13, 2018) 0 (Jan 31, 1994) 41,989 (Apr 23, 2018) 0 (Jan 31, 1994) 13,915 (Jun 18, 2018) 0 (Oct 25, 1985) Highest Open Interest 608,734 (Mar 8, 2018) 684,617 (Mar 14, 2008) 732,242 (Jun 6, 2018) 816,960 (Jun 10, 2015) 170,869 (Mar 8, 2018) 310,415 (Feb 8, 2000) Lowest Open Interest 368,371 (Jun 11, 2018) 10,450 (Sep 9, 1988) 508,747 (Mar 15, 2018) 11,183 (Dec 8, 1988) 98,123 (Jan 4, 2018) 14,585 (Dec 12, 1985) Highest Price 24,170 (Jan 24, 2018) 39,820 (Dec 27, 1989) 1,915.5 (Jan 24, 2018) 2,956.0 (Dec 18, 1989) 151.15 (Mar 6, 2018) 154.01 (Jul 28, 2016) Lowest Price 20,140 (Mar 26, 2018) 6,830 (Oct 28, 2008) 1,624.0 (Mar 26, 2018) 687.0 (Mar 13, 2009) 150.09 (Feb 2, 2018) 87.08 (Sep 27, 1990) Contact: JPX (Japan Exchange Group) Osaka Exchange ,Inc. - JPX Group Derivatives Business Development Dept. Singapore Branch Tel:+81-(0)-50-3377-8645 [email protected] Tel:+65-6438-5100 [email protected] London Representative Office Beijing Representative Office Tel:+44-(0)-20-7329-2155 [email protected] Tel:+86-10-8517-1128 [email protected] New York Representative Office Hong Kong Representative Office Tel:+1-212-363-2350 [email protected] Tel:+852-3796-7010 [email protected]

Disclaimer: The descriptions in this publication are intended solely for the purpose of providing information on futures and options. Losses may be incurred due to fluctuation of prices of futures and/ or options, etc. and the entire deposited margin or a portion of such may be lost. Losses may also exceed the deposited margin. Investors must carefully review the documents provided by their financial services provider before trading futures and/or options, and must trade on their own responsibility based on their own judgment only after fully understanding the product qualities, the trading mechanism, relevant fees, the risk involved, etc. While very effort is taken to ensure the accuracy of the information contained in this publication, Osaka Exchange, Inc. ("OSE"). shall not guarantee and be liable for any damages caused by any errors or omissions in this publication. OSE subsidiaries reserve the right to change the contents of this publication without prior notice. ■"JPX-Nikkei Index 400" ("JPX-Nikkei 400") is a copyrighted work calculated by methods independently developed by Japan Exchange Group, Inc. ("JPX"), , Inc. ("TSE") and Nikkei Inc. ("Nikkei"). JPX, TSE and Nikkei own copyrights and any other intellectual property rights to the JPX-Nikkei 400 and the methods used to calculate the JPX-Nikkei 400. All the business and trading regulations on futures contracts based on JPX-Nikkei 400 shall be managed under the responsibilities of OSE and its participants. Accordingly, JPX, TSE and Nikkei, which manage the JPX-Nikkei 400 shall not assume any obligations or responsibilities for related business and trading regulations. JPX, TSE and Nikkei shall not be obligated to continuously publish the JPX-Nikkei 400. JPX, TSE and Nikkei shall not be liable for any error, delay or discontinuation of publication of JPX-Nikkei 400. JPX, TSE and Nikkei shall have the right to make any changes in component stocks, calculation methods and any other elements or contents of the JPX-Nikkei 400. JPX, TSE and Nikkei shall also have the right to discontinue publishing the JPX-Nikkei 400. ■The "Dow Jones Industrial AverageSM" is a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes") and has been licensed for use. "Dow Jones®", "Dow Jones Industrial AverageSM" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), and have been licensed to CME Indexes and sublicensed to and for use for certain purposes by OSE. Dow Jones Industrial Average ("DJIA") Futures based on the Dow Jones Industrial AverageSM are not sponsored, endorsed, sold or promoted by CME Indexes, Dow Jones or their respective affiliates, and CME Indexes, Dow Jones and their respective affiliates make no representation regarding the advisability of trading in such product (s). ■TWSE Capitalization Weighted Stock Index is calculated by Taiwan Stock Exchange Corporation ("TWSE"). TWSE does not sponsor, endorse or promote this product. All copyright in the index values and constituent list vests in TWSE. OSE has obtained a licence from TWSE to use such copyright in the creation of this product. ■All rights in the FTSE China 50 Index ("Index") vest in FTSE International Limited ("FTSE"). "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The FTSE China 50 Index Futures ("Product") has been developed solely by OSE, Inc. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Product and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by OSE. ■OSE, JPX and S&P Dow Jones Indices LLC ("S&P DJI") calculate and publish the S&P/JPX JGB VIX Index based on the volatility of 10-year JGB Futures contract in accordance with, as a general rule, the methods described in the white paper. When an event that is not specified in the document occurs, or if OSE, JPX and S&P DJI decide that it is difficult to use the methods described in the document, OSE, JPX and S&P DJI may use an alternative method of index calculation as they deem appropriate. Information expressed in the document is subject to change without notice and in those cases OSE, JPX and S&P DJI undertake no obligation to notify users of the document of such changes. OSE, JPX and S&P DJI may delay or terminate calculation of the S&P/JPX JGB VIX Index as a result of system failure, power failure, natural disaster, maintenance work, or any other reason. OSE, JPX and S&P DJI will not accept any responsibility for any damage or loss arising from delayed transmission or inability to transmit information. OSE, JPX and S&P DJI provide no assurance regarding the accuracy or completeness of the S&P/JPX JGB VIX Index. OSE, JPX and S&P DJI shall not be liable for the miscalculation or incorrect publication of the S&P/JPX JGB VIX Index and will not accept any responsibility for any decisions made based on the use of this information. Copyright © Osaka Exchange, Inc. All rights reserved.

8 July, 2018