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Japan Securities Clearing Corporation (hereinafter "JSCC"), a subsidiary of Japan Exchange Group, Inc. (hereinafter "JPX"), and Japan Government Bond Clearing Corporation (hereinafter "JGBCC"), an affiliate of JPX, have been in discussions regarding a merger as disclosed in "Start of Discussions on Merger between a Subsidiary and an Affiliate" on March 7, 2013 and "Progress of Discussions on Merger between Japan Securities Clearing Corporation and Japan Government Bond Clearing Corporation" on May 15, 2013. On the assumption that approval will be received in the general shareholders meetings of each company, the Board of Directors meetings of both companies held today made resolutions to conduct a stock swap according to an agreement making JSCC the wholly-owning parent company and JGBCC the wholly-owned subsidiary (hereinafter "the stock swap"), as well as to conduct an absorption-type merger based on an agreement making JSCC the suriving company and JGBCC the merged company (hereinafter "the merger"). Details on each matter are described in the attached document.
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