Japan Exchange : Consolidated financial results for nine months ended December 31, 2014, unaudited

(Reference Translation)

(Excerpt Version)

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January 30, 2015

Stock Exchange Listings: Tokyo

Representative: Atsushi Saito, Director & Representative Executive Officer, Group CEO Contact: Akira Tagaya, Director, Corporate Communications

Scheduled date of filing of quarterly report: February 12, 2015

Scheduled date of start of dividend payment: － Preparation of 3Q earnings presentation material: Yes Holding of 3Q earnings announcement: None

1. Consolidated Financial Results for nine months ended December 31, 2014 (April 1, 2014 to December 31, 2014)

(1) Operating results

(Figures less than a million yen are omitted)
(Percentages represent year-on-year change)

(Note)
Comprehensive income:
Nine months ended December 31, 2014: ¥29,291 million / 18.6 % Nine months ended December 31, 2013: ¥24,706 million / －%

* Due to a 5-for-1 stock split which was conducted with an effective date of October 1, 2013, the net income per share
for nine months ended December 31, 2013 is calculated as if such stock split was implemented at the beginning of the consolidated accounting year.

(2) Financial position

(Reference)
Shareholders' equity:
As of December 31, 2014: ¥214,013 million As of March 31, 2014: ¥196,342 million
*Note to financial position
Clearing deposit money, etc. based on various rules which secure the safety of securities trading, etc. are recorded as the
JPX group's assets and liabilities. Clearing deposit money, etc. are large in amount and fluctuate daily and, as a result, the above amounts are significantly impacted by such fluctuations.

2. Dividends

(Note) Change in dividend forecasts from the most recent announcement: None
* A 5-for-1 stock split was conducted with an effective date of October 1, 2013. Dividends for the second quarter of the year ended March 31, 2014 are actual amounts before said stock split.
JPX is scheduled to adopt International Financial Reporting Standards (hereafter "IFRS") to its financial reports from the
year-end earnings results for the year ending March 31, 2015. The dividend forecasts for said fiscal period were calculated based on net income of ¥30.0 billion with impact from IFRS adoption, and the corresponding dividend payout ratio is 40.3%.

3. Consolidated Earnings Forecast for the Fiscal Year ending March 31, 2015 (April 1, 2014 to March 31, 2015)

(Percentages represent year-on-year change)

(Note)
Change in performance forecasts from the most recent announcement: None
* The above earnings forecast is based on the Japanese standards. JPX is scheduled to adopt IFRS from the year-end earnings results for the year ending March 31, 2015. If the forecast were to be calculated with impact from IFRS adoption,
each income figure is expected to increase by ¥3.5 billion, resulting in net income of ¥30.0 billion.
* Notes

(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries that caused changes in the scope of consolidation): None

(2) Adoption of peculiar accounting methods for quarterly consolidated financial statements: None

(3) Changes in accounting policies / changes in accounting estimates / restatements

1) Changes pursuant to revision of accounting policies: Yes

2) Changes other than the above: None

3) Changes in accounting estimates: Yes

4) Restatements: None

(4) Number of issued shares (common stock)

1) Number of issued shares at the end of the period (including treasury shares): As of December 31, 2014: 274,534,550 shares

As of March 31, 2014: 274,534,550 shares

2) Number of treasury shares at the end of period:

As of December 31, 2014: 2,655 shares

As of March 31, 2014: 2,655 shares

3) Average number of shares:

Nine months ended December 31, 2014: 274,531,895 shares

Nine months ended December 31, 2013: 274,533,481 shares

(Note) Due to a 5-for-1 stock split which was conducted with an effective date of October 1, 2013, the number of shares for nine months ended December 31, 2013 is calculated as if such stock split was implemented at the beginning of the consolidated accounting year.

*Disclosure regarding the execution of the quarterly review process

This release is outside the scope of the external auditor's quarterly review procedure which is required by the "Financial Instruments and Exchange Act". Therefore, the quarterly review process has not been completed as of this disclosure in this release.

*Explanation of appropriate use of forecast and other special items

This material contains earnings forecast and other forward-looking statements which are based on available information and certain assumptions that are considered reasonable at the time of preparation. Various factors may cause actual results, etc. to be materially different from those expressed in these forward-looking statements.

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. This translation is subject to change without notice. Japan Exchange Group, Inc., and/or its affiliates shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation.

3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets

（millions of yen）

As of March 31,2014 As of December 31,2014
Assets

Current assets
Cash and deposits 103,813 86,864

Operating accounts receivable 8,995 12,567
Securities 802 770

Work in process 61 115
Margin funds for derivatives,etc. and when- issued transactions
913,437 1,432,923

Deposits for clearing funds 188,734 381,571
Deposits as collateral for facilitating settlement
10,500 17,500

Other 4,898 7,479

Allowance for doubtful accounts ሺ12) ሺ13) Total current assets 1,231,231 1,939,778
Non-current assets

Property, plant and equipment 7,066 8,663
Intangible assets

Goodwill 63,932 61,350
Other 23,878 25,906

Total intangible assets 87,810 87,256
Investments and other assets

Investment securities 37,344 44,614
Net defined benefit asset 2,914 4,011

Legal guarantee funds 522 492
Special assets for default compensation reserve funds
27,948 27,948

Other 9,013 7,604

Allowance for doubtful accounts ሺ138) ሺ141) Total investments and other assets 77,605 84,529
Total non-current assets 172,482 180,449
Total assets 1,403,713 2,120,227
（millions of yen）

As of March 31,2014 As of December 31,2014
Liabilities

Current liabilities
Operating accounts payable 2,994 2,392

Short-term loans payable 32,500 22,500
Income taxes payable 17,600 2,604

Provision for bonuses 1,420 510
Provision for directors' bonuses 366 22
Margin funds received for derivatives,etc.

and when-issued transactions 913,437 1,432,923
Deposits received for clearing funds 188,734 381,571
Deposits received as collateral for

facilitating settlement 10,500 17,500
Deposits received as trading participant security money
4,783 7,437

Other 5,937 7,290
Total current liabilities 1,178,274 1,874,753

Non-current liabilities
Long-term loans payable 10,000 10,000

Net defined benefit liability 7,465 6,975
Returnable legal guarantee funds 522 492

Other 5,431 8,052
Total non-current liabilities 23,420 25,521

Total liabilities 1,201,694 1,900,274
Net assets

Shareholders' equity
Capital stock 11,500 11,500

Capital surplus 59,726 59,726
Retained earnings 117,264 130,081

Treasury shares ሺ5) ሺ5) Total shareholders' equity 188,485 201,302

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
8,006 12,749

Remeasurements of defined benefit plans ሺ149) ሺ38)
Total accumulated other comprehensive income
7,857 12,710

Minority interests 5,675 5,939
Total net assets 202,018 219,953
Total liabilities and net assets 1,403,713 2,120,227

(2) Consolidated Statements of Income

and Consolidated Statements of Comprehensive Income

（Consolidated Statements of Income）

（millions of yen）

Nine months ended
December 31, 2013
Nine months ended
December 31, 2014
Operating revenue

Trading participant fees 41,448 36,134
Listing fees 9,098 9,205

Income from information services 11,962 12,000
Income from securities settlement 15,645 14,931

Other 10,948 6,577
Total operating revenue 89,102 78,849

Operating expenses
Personnel expenses 11,117 11,133

System maintenance & operation costs 8,733 7,499
Depreciation 9,929 8,835

Other 19,195 15,004
Total operating expenses 48,975 42,472

Operating income 40,127 36,377
Non-operating income

Interest income 215 85
Dividend income 1,059 1,075
Share of profit of entities accounted for using

equity method 671 921
Other 94 173

Total non-operating income 2,041 2,256
Non-operating expenses

Interest expenses 70 32
Other 16 21

Total non-operating expenses 86 53
Ordinary income 42,082 38,580

Extraordinary income
Gain on sales of investment securities - 46

Total extraordinary income - 46
Extraordinary losses

Impairment loss 956 - Total extraordinary losses 956 - Income before income taxes and minority interests 41,125 38,627
Income taxes 16,526 14,188

Income before minority interests 24,599 24,438
Minority interests in income 202 274
Net income 24,396 24,164

（Consolidated Statements of Comprehensive Income）

（millions of yen）

Nine months ended
December 31, 2013
Nine months ended
December 31, 2014
Income before minority interests 24,599 24,438

Other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net
106 4,742

of tax - 110
Share of other comprehensive income of entities accounted for using equity method
0 ሺ0)

Total other comprehensive income 106 4,853
Comprehensive income 24,706 29,291

Comprehensive income attributable to
Comprehensive income attributable to owners of parent
Comprehensive income attributable to minority
24,503 29,017
interests 202 274

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