Tokyo Stock Exchange, Inc.(TSE) calculates and publishes TOPIX(Tokyo Stock Price Index) and its sub-indices including TOPIX New index Series etc. Each indices are free-float adjusted market capitalization-weighted indices and they reflect market movements of the market capitalization to each base market value. The characteristics of indices are as follows.

1.TOPIX

(1)TOPIX

TOPIX is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

(2)TOPIX New Index Series

TOPIX New Index Series (TOPIX Core30, TOPIX Large70, TOPIX 100, TOPIX Mid400, TOPIX 500, TOPIX 1000, TOPIX Small) are selected based on free-float adjusted market capitalization and liquidity from the companies completed its listed as of the base date for selection. TOPIX New Index Series shows the measure of each current market capitalization assuming that market capitalization as of the base date(April 1 ,1998) is 1,000 point. (The base date of only TOPIX 1000 is September 12, 2003) TOPIX New Index Series are classified as follows:

TOPIX Core30

The 30 most liquid and highly market capitalized stocks

TOPIX Large70

After the Core30, the 70 most liquid and highly market capitalized stocks

TOPIX 100

Component stocks in the TOPIX Core30 and the TOPIX Large70

TOPIX Mid400

Excluding TOPIX 100 stocks, these are the remaining stocks in the TOPIX 500

TOPIX 500

Component stocks in the TOPIX Core30, the TOPIX Large70 and the TOPIX Mid400

TOPIX 1000

Component stocks in the TOPIX 500 and highly market capitalized stocks of the TOPIX small

TOPIX Small

Outside the component stocks in the TOPIX 500

 

Component stocks of TOPIX new index series

(3)TOPIX Sector Indices

TOPIX Sector Indices consists of indices created by dividing the constituents of TOPIX into the following 33 categories according to the industrial sectors defined by the Securities Identification Code Committee (SICC). The TOPIX Sector Indices shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

(4)TOPIX-17 Series

TOPIX-17 Series Indices consists of indices created by dividing the constituents of TOPIX into the following 17 categories based on the 33 sectors according to the industrial sectors defined by the Securities Identification Code Committee (SICC).

Index Name	Constituent (Current 33 Sectors)
TOPIX-17 FOODS	· Fishery, Agriculture & Forestry
	· Foods
TOPIX-17 ENERGY RESOURCES	· Mining
	· Oil and Coal Products
TOPIX-17 CONSTRUCTION & MATERIALS	· Construction
	· Metal Products
	· Glass and Ceramics Products
TOPIX-17 RAW MATERIALS & CHEMICALS	· Textiles and Apparels
	· Pulp and Paper
	· Chemicals
TOPIX-17 PHARMACEUTICAL	· Pharmaceutical
TOPIX-17 AUTOMOBILES & TRANSPORTATION EQUIPMENT	· Rubber Products
	· Transportation Equipment
TOPIX-17 STEEL & NONFERROUS METALS	· Iron and Steel
	· Nonferrous Metals
TOPIX-17 MACHINERY	· Machinery
TOPIX-17 ELECTRIC APPLIANCES & PRECISION INSTRUMENTS	· Electric Appliances
	· Precision Instruments
TOPIX-17 IT & SERVICES, OTHERS	· Other Products
	· Information & Communication
	· Services
TOPIX-17 ELECTRIC POWER & GAS	· Electric Power and Gas
TOPIX-17 TRANSPORTATION & LOGISTICS	· Land Transportation
	· Marine Transportation
	· Air Transportation
	· Warehousing and Harbor Transportation Service
TOPIX-17 COMMERCIAL & WHOLESALE TRADE	· Wholesale Trade
TOPIX-17 RETAIL TRADE	· Retail Trade
TOPIX-17 BANKS	· Banks
TOPIX-17 FINANCIALS （EX BANKS）	· Securities and Commodities Futures
	· Insurance
	· Other Financing Business
TOPIX-17 REAL ESTATE	· Real Estate

TOPIX-17 Series Indices shows the measure of current market capitalization assuming that market capitalization as of the base date (December 30, 2002) is 100 point.

(5)Size-based TOPIX Sub-Indices

Size-based TOPIX Sub-Indices consist of three indices crated by dividing the component Stocks of TOPIX into three categories based on the TOPIX New Index Series which is ｃlassified according to market capitalization and liquidity.

TOPIX Large-Sized Stocks Index: Component stocks of TOPIX 100

TOPIX Medium-Sized Stocks Index: Component stocks of TOPIX Mid 400

TOPIX Small-Sized Stocks Index: Component stocks of TOPIX Small

(6) TOPIX Style Index Series

The TOPIX Style Index Series will use those indices linked to actual PBR (consolidated basis) such as the TOPIX, etc. and will categorize constituents according to their value and growth. ).(TOPIX Value, TOPIX Growth, TOPIX 500 Value, TOPIX 500 Growth, TOPIX Small Value, TOPIX Small Growth) This series will display each style index's degree of current market capitalization by assuming market capitalization is 1,000 points as of the base date of November 25, 2008 (Calculation to begin on February 9, 2009). .

2.Tokyo Stock Exchange Second Section Stock Price Index

Tokyo Stock Exchange Second Section Stock Price Index is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE Second Section. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date(January 4 ,1968) is 100 point.

3.Tokyo Stock Exchange Mothers Index

TSE has calculated and published the Tokyo Stock Exchange Mothers Index starting September 16, 2003, reflecting growing demands to introduce a comprehensive measure of the change on the TSE Mothers market in accordance with the increase in companies listed on the market. The Tokyo Stock Exchange Mothers Index is a free-float adjusted market capitalization-weighted index based on domestic stocks listed on Mothers and is calculated with the same methodology used for calculation of TOPIX (Tokyo Stock Price Index). Index value is published on a real-time basis through TSE's website. The Tokyo Stock Exchange Mothers Index shows the measure of current market capitalization assuming that market capitalization as of the base date(September 12, 2003) is 1000 point.

4.Tokyo Stock Exchange REIT Index

TSE has calculated and published the Tokyo Stock Exchange REIT Index from April 1, 2003, reflecting both further reinforcement of investment infrastructure for the J-REIT market, established in September 2001 on the TSE, and strong demands by users to introduce a benchmark for the market. The Tokyo Stock Exchange REIT Index is a capitalization-weighted index based on all REITs* listed on the TSE and is calculated with the same methodology used for the calculation of TOPIX (Tokyo Stock Price Index). The Tokyo Stock Exchange Mothers Index shows the measure of current market capitalization assuming that market capitalization as of the base date(March 31, 2003) is 1000 point.

5.Ex-TOPIX

TSE introduced TOPIX free-float weight in three phases from last business day of October 2005. TSE calculates and publishes "Ex-TOPIX" from October 31, 2005 in addition to free-float adjusted market capitalization-weighted TOPIX as considering its role as an economic indicator in the past.

6.TSE Composite Index Series

The indices within the "TSE Composite Index Series" (TOPIX Composite, TOPIX Composite 1500, Tokyo Stock Exchange Second Section Composite Index, Tokyo Stock Exchange Mothers Composite Index) are designed to indices cover a broader universe of constituents. They will components incorporate domestic class stocks, foreign stocks with exclusive listings on the TSE, and domestic preferred subscription certificates in addition to the existing TOPIX Index Series which are comprised only of domestic common stocks.
This series will demonstrate each style index's degree of current market capitalization by assuming market capitalization is 1,000 points as of the base date of February 6, 2009 (Calculation to begin on February 9, 2009).

TOPIX Composite

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates

TOPIX Composite 1500

Constituents are selected based on free-float adjusted market capitalization and liquidity from the TOPIX Composite companies.

Tokyo Stock Exchange Second Section Composite Index

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates

Tokyo Stock Exchange Mothers Composite Index

Includes all domestic common stocks, domestic classified stocks, foreign stocks listed exclusively on the TSE, and domestic preferred subscription certificates.

 

Component stocks of TOPIX Composite 1500

7.Customized indices

TSE calculates customized indices due to the recent various requests accompanied with diversifying asset management. Customized indices are order-made indices that incorporate the specific requests, and is calculated for these users.

8.S&P/TOPIX150

(1) S&P/TOPIX150

S&P/TOPIX 150, a market capitalization weighted index, includes 150 highly liquid securities selected from each major sector of the Tokyo market, and represents approximately 70% of the market value of the Japanese equity market. The constituents of S&P/TOPIX 150 are reviewed by the index committee composed of the representatives of TSE and Standard & Poor's.

(2) S&P/TOPIX 150 Shariah Index

S&P/TOPIX 150 Shariah index includes Japan-traded stocks selected from the total S&P/TOPIX 150 universe with respect to each company's compliance with Islamic canonical law. S&P Shariah Indices are screened by Ratings Intelligence Partners, a Kuwait-based consulting company specializing in the Islamic investment market. Ratings Intelligence Partners researchers interface directly with a dedicated Shariah Supervisory Board. The Board is comprised of a group of Islamic scholars whose role is to interpret business issues as well as financial practices and recommend actions in relation to Shariah index management.

 

(Figure of TSE indices)