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Michio Yoneda OSE President & CEO Comments on Merger Approval

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Michio Yoneda President & CEO OSE

Michio Yoneda President & CEO OSE

Osaka Securities Exchange Co., Ltd. and Tokyo Stock Exchange Group, Inc. agreed on the business combination in November last year, and filed a notification to the Japan Fair Trade Commission on January 4 this year in accordance with the Anti-Monopoly Act. Since then, the JFTC has conducted a strenuous review within a short period of time, taking into full account the securities market in Japan and financial globalization.

Since the Meiji Period, OSE and TSE have competed each other in “a small glass”. Now we end the times, and from now on, all of managers and staff utterly commit to strive for realization of the “Asia’s strongest” exchange. We believe that this is the only way for us to contribute the new growth of Japanese economy.

Based on the approval of the JFTC today, TSE Group will promptly commence a takeover bid for OSE shares, and we will subsequently conclude a merger agreement and seek approval at their respective general shareholders meetings. We are scheduled to complete the business combination on January 1, 2013.

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