Hibiki Path Advisors sent a letter to Mr. Yamaji, President & CEO of Tokyo Stock Exchange, Inc. on July 4, to explain our views on the recent changes in the nature of the stock market, and to propose five measures to reverse the further decline in the position of Japanese equities.

Letter to Tokyo Stock Exchange, Inc.

This document does not constitute an offer, recommendation or solicitation to buy or sell any security or enter into any other transaction. Hibiki does not purport to provide any investment, financial, legal or other expert advice or recommendation in this document.

In addition, this letter is the same as the one presented at the Japan Corporate Directors Training Institute (BDTI).（only in Japanese）

Hibiki Path Advisors Pte. Ltd. – Crisis Awareness of the Japanese Stock Market