NEEDSNEEDSNEEDSNEEDS Newsletter March 2013March 2013March 2013March 2013

Welcome to the Nikkei Newsletter for March 2013. This edition contains numerous announcements including

the launch of Value Search, Nikkei’s exclusive web based company analysis service, the calculation of a new

total return index, analysis of fundamentals data in our corporate &inancial database and more.

We always welcome your comments and suggestions for future issues. If you have any comments please feel

free to email them to e-needs@eur.nikkei.com.

In this edition will cover:

1. Nikkei Stock Average (Nikkei 225) 3 Month Performance

2. Calculation of Comprehensive Income in NEEDS

3. Nikkei Japan 1000

4. Value Search

5. Nikkei 225 Total Return Index

Weaker Yen Pushes the Nikkei Stock Average to highest level since September 2008 Nikkei 225 Close: 11,559.36 + 305.39 (+2.71%) as of 28/02/2013

1

3MonthHigh:

11,138.66

3MonthLow:

8,661.05

Largest 1 Day gain:

2013/01/25 (+2.88%)

Largest 1 Day loss: -

2013/01/16 (-2.56%)

The Nikkei Stock Average

has continued its rally

since November 2012

following Prime Minister

Yoshihiko Noda’s decision

to hold general elections

which lead to the re-

election of the New

Prime Minister Shinzo

Abe and his Liberal Dem-

ocratic Party.

The benchmark index has seen a steep 24.5% rise from 8946.87(01/11/2012) to 11,138.66(31/01/2013) as

Tokyo Stock Exchange issues appreciated on a weakening yen and expectations of further aggressive mone-

tary easing by BOJ. The Bank of Japan added stimulus to the economy with a number of quantitative easing

measures geared towards &ighting de&lation and to achieving a 2% in&lation target. The BOJ announced that it

will “provide new funds exceeding 50 trillion yen for over twelve months from now under the Asset Purchase

Program and the Loan Support Program and the amount outstanding of these programs will be 120 trillion

yen”. 1Bank of Japan “Enhancement of Monetary Easing” December 20, 2012

0

500000000

1000000000

1500000000

2000000000

2500000000

3000000000

3500000000

4000000000

4500000000

8000.00

8500.00

9000.00

9500.00

10000.00

10500.00

11000.00

11500.00

2012/11/01

2012/11/06

2012/11/09

2012/11/14

2012/11/19

2012/11/22

2012/11/28

2012/12/03

2012/12/06

2012/12/11

2012/12/14

2012/12/19

2012/12/25

2012/12/28

2013/01/08

2013/01/11

2013/01/17

2013/01/22

2013/01/25

2013/01/30

Close Price

Total Trading Volume (Tokyo 1st section) Units: Shares

Period: 01/11/2012 to 31/01/2013

31

/01

/20

13

25

/01

/20

13

22

/01

/20

13

17

/01

/20

13

11

/01

/20

13

08

/01

/20

13

28

/12

/20

12

25

/12

/20

12

19

/12

/20

12

14

/12

/20

12

11

/12

/20

12

06

/12

/20

12

03

/12

/20

12

28

/11

/20

12

22

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/20

12

19

/11

/20

12

14

/11

/20

12

06

/11

/20

12

01

/11

/20

12

2

Nikkei225Constituents:top10bestperformersandworstperformers

CorrelationbetweenafallingYenandarisingNikkeiStockAverage

In order to analyse the impact of the weakening yen on the performance of the Nikkei Stock Average we have

calculated the correlations between &luctuations of the below currencies and the movements of the Nikkei

Stock Average.

2 This quote is the quote for the ending stock price which has been adjusted for Ex-Rights Events. Nikkei Averages prices are also not ex-div adjusted. 3 This is a positive correlation because a direct quote for the yen was adopted ex. DOL/YEN = 93.72 If and indirect quote was used, this relationship would have been nega-

tive; ex. indirect quote: YEN:DOLL = 0.01067

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

250.00%

DA

INIP

PO

N S

CR

EE

N

MF

G.

NG

K IN

SU

LAT

OR

S

TD

K

UN

Y

KY

OW

A H

AK

KO

KIR

IN

MIN

EB

EA

ME

IDE

NS

HA

NIK

ON

TO

KY

O E

LEC

TR

ON

OS

AK

A G

AS

SH

INS

EI B

AN

K

TO

YO

BO

KO

BE

ST

EE

L

NO

MU

RA

HO

LDIN

GS

PA

CIF

IC M

ET

ALS

JFE

HO

LDIN

GS

SU

MIT

OM

O M

ET

AL

MIN

ING

FU

JI HE

AV

Y

IND

US

TR

IES

NE

C

MA

ZD

A M

OT

OR

Holding Period ReturnNote

(1)NisshinSteelHold-

ings(T5413)

(2)NipponLightMetal

Holdings(T5703)

(3)TokuyamaCorpora-

tion(T4043)

Were not included in the

statistics as the constitu-

ents were added to the

Nikkei Average on Oct. 2,

2012 (1,2) and Sep. 26,

2013 (3)

Press Release Available

from:

www.nikkeieu.com/

needs/latestnews/

index.html#news02

The return &igures were

calculated using adjusted

daily quotes (“Nikkei’s

Closingex-rightsAdjust-

edPriceA2”) from

13/08/2012/ to

08/02/2013.

Nikkei 225 Worst Performers Nikkei 225 Best Performers

Correlations have been computed

using daily Nikkei 225 returns from

(31/08/2012–08/02/2013) and

changes in the value of the Yen

against the Dollar, Sterling and the

Euro. The correlations ranged from

0.2184 to 0.7064 showing a posi-

tive level of co-movement between

the returns on the Nikkei Average

and appreciation of the Dollar

against the yen3.

(Graph2 shows that value of the

Dollar rapidly increasing against

the Yen. Similar movements have

been observed for the remaining

currencies highlighting the impact

of quantitative easing measures adopted by the BOJ.

Graph 1

Graph 2

DollarDollarDollarDollar EuroEuroEuroEuro SterlingSterlingSterlingSterling

DollarDollarDollarDollar

EuroEuroEuroEuro 0.2195

SterlingSterlingSterlingSterling -0.0216 0.5494

75.00

77.00

79.00

81.00

83.00

85.00

87.00

89.00

91.00

93.00

95.00

EXCHANGE RATE(TOKYO,INTERBANK,SPOT)-US DOLLAR-17:00

EXCHANGE RATE(TOKYO,INTERBANK,SPOT)-US DOLLAR-17:00

DollarDollarDollarDollar EuroEuroEuroEuro SterlingSterlingSterlingSterling AverageAverageAverageAverage

Correlation Nikkei 225 Returns Correlation Nikkei 225 Returns Correlation Nikkei 225 Returns Correlation Nikkei 225 Returns Currency MovementsCurrency MovementsCurrency MovementsCurrency Movements

0.7064 0.4366 0.2184 0.4538

Note: Correlations have been calculated using log returns

3

switch to international accounting standards due to a lack of consensus at its expert panel.”

Despite recent delays in the adoption of IFRS standards in Japan, the NEEDS database has been updated in order to de-liver financial statements data for companies voluntarily re-porting under IFRS in addition to Japanese GAAP and U.S. GAAP.

NumberofcompaniesinJapanapplyingIFRS Despite the voluntary switch to IFRS by major companies such as Japan Tobacco Inc. (2914) and Sumitomo Corp. (8053), and the announcement by more than 15 Japanese firms including Honda Motor Co. (7267) and Takeda Pharma-ceutical Co. (4502) to make the switch, the number of compa-nies adopting IFRS remains relatively small. By using Finan-cial-QUEST’s screening function we are going to identify Listed Industrial Companies which voluntarily reported under IFRS since the fiscal year ending in March 2010. - All industrial companies (the NEEDS database classifies companies according industrial categories such as: 1) Indus-trial 2) Banks 3) Securities 4) Non-life insurance companies 5) Shinkin. This division is the result of the differing nature of financial statements of the industry categories. For this reason in this article we are going to narrow our focus on con-solidated financial statements of industrial companies). - Time Period: 3 fiscal years, 2009-2010, 2010-2011, 2011-2012 - Data Item: Comprehensive Income. The process of harmo-nisation between Japanese GAAP and IFRS lead to the adop-tion of “Comprehensive Income” by Japanese GAAP. In this article we are going to further analyse this figure by present-ing a breakdown of its components which will be downloaded from Corporate Financial Database. Search Results By screening the population of all Listed Industrial Compa-nies we obtain the below list of Japanese companies that cur-rently report under IFRS.

2.CalculationofComprehensiveIncomeinNEEDS

Introduction The Corporate Financial Database provides wide coverage of financial statements data for Japanese companies. Over 40 years of historical financial statements data for all listed companies, and major unlisted companies can be accessed. Tanshin Reports and Yuho reports have been combined with Nikkei’s own research in order to accurately deliver sound and reliable company fundamentals. The database has also been continuously updated in accordance with the latest de-velopments in Japanese Accounting Standards. Tanshin Reports=> brief financial report which every listed company must submit to their listing stock exchange under the following rule: 1Q (1st quarter report) : 30 days after the term closes 2Q (2nd quarter report) : 30 days after the term closes 3Q (3rd quarter report) : 30 days after the term closes 1A (Annual report) : 45 days after the term closes. Yuho Reports=> Yuho is a financial statements report that must be submitted to the FSA under the following rule: 1Q (1st quarter report) : 45 days after the term closes 2Q (2nd quarter report) : 45 days after the term closes 3Q (3rd quarter report) : 45 days after the term closes 1A (Annual report) : 90 days after the term closes. The process of harmonisation of accounting standards be-tween Japanese GAAP and IFRS has hugely impacted Japa-nese listed companies in the production of their financial re-ports. “On 11 December 2009 The Financial Services Au-thority (FSA) published final Cabinet Ordinances that allow some Japanese public companies voluntarily to start using IFRSs designated by the Commissioner of the FSA in their consolidated financial statements starting from the fiscal year ending 31 March 2010….”. The adoption of IFRS for listed Japanese companies is cur-rently not required; in June 2011 the FSA announced that

adoption of IFRS will not be mandatory for the fiscal year ending March 31, 2015 and companies will be given a period of five to seven years prior to adoption of IFRS in Japan The IFRS standards were expected to become mandatory in Japan by 2015/2016, however according to The Nikkei, Nov. 16 2012 morning edition, “the Financial Services Agency is likely to postpone a decision on requiring Japanese firms to

Comprehensive Income (IFRS)

ComprehensiveIncome(JapaneseGAAPorU.S.)

Note:

Reporting of Comprehensive Income

become mandatory according to Japa-

nese GAAP in the &iscal year ending in

March 2011, it was also an obligation

for companies to restate their &inancial

statements from the previous year

(2010) to include comprehensive

income, for this reason data is available

for the &iscal year ending in 2010,

although Japanese companies of&icially

started reporting comprehensive in-

come from the &iscal year ending in

2011.

2012/032012/032012/032012/03 2011/032011/032011/032011/03 2010/032010/032010/032010/03 2009/032009/032009/032009/03

NIPPON SHEET GLASSNIPPON SHEET GLASSNIPPON SHEET GLASSNIPPON SHEET GLASS T5202 -48938 -7947 - -

HOYAHOYAHOYAHOYA T7741 35394 46549 47533 -

SUMITOMOSUMITOMOSUMITOMOSUMITOMO T8053 189597 73213 285919 -

NIHON DEMPA KOGYONIHON DEMPA KOGYONIHON DEMPA KOGYONIHON DEMPA KOGYO T6779 1863 852 4167 -29707

JAPAN TOBACCOJAPAN TOBACCOJAPAN TOBACCOJAPAN TOBACCO T2914 192143 -48967 - -

2012/032012/032012/032012/03 2011/032011/032011/032011/03 2010/032010/032010/032010/03 2009/032009/032009/032009/03

NIPPON SHEET GLASSNIPPON SHEET GLASSNIPPON SHEET GLASSNIPPON SHEET GLASS T5202 -36822 -15206 -40157 -

HOYAHOYAHOYAHOYA T7741 - 45378 - -

SUMITOMOSUMITOMOSUMITOMOSUMITOMO T8053 - 81226 271377 -

NIHON DEMPA KOGYONIHON DEMPA KOGYONIHON DEMPA KOGYONIHON DEMPA KOGYO T6779 - - - -

JAPAN TOBACCOJAPAN TOBACCOJAPAN TOBACCOJAPAN TOBACCO T2914 117047 -110352 155822 -

*U.S GAAP

4

All companies selected from the screening made the transition to IFRS with Nippon Dempa Kogyo (6779) being first to switch and the remaining companies following suit. Nippon Dempa Kogyo states on its website that “[the company] has been preparing its consolidated financial statements in accordance with IFRS since the fiscal year ended March 31, 2002 in the annual report which has been issued to foreign inves-tors”. In a Press Release on 25 February 2011 Nippon Sheet Glass announced that the company will start implementing IFRS stand-ards starting from 1 April 2011. De&inition of Comprehensive Income in NEEDS In June 1997 the FASB issued SFAS 130 which requires companies to (a) classify items of other comprehensive income by their nature in a financial statement and (b) display the accumulated balance of other comprehensive income separately from retained earnings and additional paid-in capital in the equity section of a statement of financial position. The standard is there-fore interested in the change in equity of a business enterprise during a period from transactions and other events and circum-stances from non-owner sources and thus includes all changes in equity during a period except those resulting from invest-ments by owners and distributions to owners. Table 1 lists all the components of Net Comprehensive Income; each component

is stored in the Corporate Financial Database with a unique code (ex. Net income “FINFSTA'D01004”); this will allow us to

easily identify components of Net Comprehensive Income and to calculate it manually by making the relevant adjustments to Net Income.

Table 2 contains a breakdown of Sumitomo Corp’s Comprehensive Income for the fiscal year (01/04/2011) - (31/03/2012).This breakdown is also shown in Chart 1 on page 5. The company reported a positive Net Income of 250669 mill yen for 2012, how-ever if we analyse the company’s unrealised gains/losses we get a lower figure of 189597 mill yen for Comprehensive Income. Out of the components of other Comprehensive Income, Foreign Currency Translation Adjustments (Temporal Method) had the biggest adverse impact on the company, denoting unrealised exchange losses resulting from the consolidation of Sumitomo’s integrated foreign subsidiaries. The company is composed of numerous business units operating in various sectors such as: Metal Products, Transportation & Construction Systems, Infrastructure, Media Network & Lifestyle Retail, Mineral Resources, Ener-gy, Chemical Electronics, General Products & Real Estate, New Industry Development & Cross-function. In its overview opera-tions, Sumitomo lists the “Principal Subsidiaries and Associated Companies Contributing to Consolidating Results” which con-tains a large number of foreign subsidiaries; given the appreciation of the yen in 2011-2012, it is reasonable to see currency fluc-tuations to adversely affect company results.

Item Code Unit Comprehensive Income FINFSTA'D01140 million yen = (1) Net Income attributable to the owners of the firm FINFSTA'D01004 (110) million yen (2) Minority Interests in Income or Loss/Net Income attributable to Non-Controlling Interests FINFSTA'D01105 million yen (3) Valuation Difference on Available-for-Sale Securities/Loss (Gain) on Valuation of Availa-ble for Sale Financial Assets Abstract

FINFSTA'D01119 million yen

(4) Deferred Gains or Losses on Hedges/Cash Flow Hedges FINFSTA'D01124 million yen (5) Foreign Currency Translation Adjustment FINFSTA'D01129 million yen (6) Pension Liabilities Adjustment/Actuarial Gains or Losses on Defined Benefit Plans FINFSTA'D01132 million yen (7) Fixed Assets Revaluation Difference FINFSTA'D01135 million yen (8) Amount of Interest for Equity Method Companies FINFSTA'D01136 million yen

Data ItemsData ItemsData ItemsData Items

million yenmillion yenmillion yenmillion yen

Comprehensive Income [Cumulative Total] 189597 Net Income attributable to the owners of the Parent [Cumulative Total] 250669 Minority Interests in Income or Loss/Net Income attributable to Non-Controlling Interests [Cumulative Total] 13003 [Valuation Difference on Available-for-Sale Securities/Loss (Gain) on Valuation of Available for Sale Financial Assets Abstract] After Tax Effect Adjustments [Cumulative Total] -1352

[Deferred Gains or Losses on Hedges/Cash Flow Hedges] After Tax Effect Adjustments [Cumulative Total] 2005 [Foreign Currency Translation Adjustment] After Tax Effect Adjustments [Cumulative Total] -67465 [Pension Liabilities Adjustment/Actuarial Gains or Losses on Defined Benefit Plans] After Tax Effect Adjustments [Cumulative Total] -12045 [Fixed Assets Revaluation Difference] After Tax Effect Adjustments [Cumulative Total] 0 [Amount of Interest for Equity Method Companies] Current Period [Cumulative Total] 4782

Table2ComprehensiveIncome@iguresforSUMITOMOCORP.T8053

Table 1 Components of Comprehensive Income

5

Thanks to the extensive coverage and reliability of NEEDS data it is possible to thoroughly analyse company fundamentals. With over 40 years of historical data, NEEDS gives users unparalleled access to Corporate Financial data for Japanese compa-nies. All products and services are also continuously updated with developments in accounting standards such as the future im-plementation of IFRS in Japan. For further information regarding availability of Corporate Financial data in NEEDS please contact a representative from Nikkei Europe’s E-Media department at: s-needs@eur.nikkei.com

The Nikkei Japan 1000 is a free float adjusted market value index which is closely observed by passive fund managers as a benchmark for the Japanese economy. The index includes 1000 issues of Japanese domestic common stocks which are selected from all stock exchanges and has been calculated since 31st March 2005, and retroactively calculated back to 1st November 1986. As the index is market value weighted, it is calculated by dividing the total free float adjusted market value of the index constitu-ents by its “base market value”. The free float adjustment ensures that when the market capitalisation of the firm (Share Price × #Shares outstanding ) is calculated, shares which are not actively traded in the market are omitted.

Where the denominator is defined as the “Base Market Value”, which had a base value of 1000 as of 1st November 2002. Constituent Changes Components of Nikkei Japan 1000 are reviewed at the end of October based on an Annual Review. “The Annual Review is con-ducted based on ranking of average free float adjusted market value in the past 2 years”. Any delisted company will be automat-ically removed from the index resulting in the index being calculated with less than 1000 constituents until the following Annual Review, where the original number of constituent is reinstated with the addition of new companies.

∑(SharePrice*#Sharesoutstanding*InvestableWeightFactor)t

-----------------------------------------------------------------------------------------×1,000

BaseMarketValue

Nikkei Japan 1000 =

3.IntroducingNikkeiJapan1000andNikkeiJapan1000D

ComponentsofOtherComprehensiveIncomeforSUMITOMOCORP.(T8053)

Nikkei NEEDS Data©2013

Chart 1

6

Advantages is using the Nikkei Japan 1000 as a Benchmark

There are a large number of bene&its in adopting the Nikkei Japan 1000 Index as a benchmark for the Japanese Economy:

(1)RepresentativenessoftheMarket The large number of index constituents in addition to the variety industry sectors ensures that the performance of all in-

dustries and sectors is accurately re&lected in the movements of the index.

(2)FreeFloatAdjustedWeightsAs shown in the above formula for the calculation of the index, a free &loat adjustment is applied to the Market Capitalisa-

tion of the Index Constituents (Market Cap = Stock Price*# shares outstanding). The IWF is of paramount importance as

it adjusts Market Capitalisation of the constituents by not accounting for the Parent Company or dominating shareholding

and for Cross Shareholdings which are not actively traded in the market.

Nikkei Japan 1000D The Nikkei Japan 1000D is a dividend adjusted version of the Nikkei 1000D. Investors can measure the total return of the

index as dividends are matched with capital gains. The below graph plots both the performances of the Nikkei Japan 1000

and the Nikkei Japan 1000D; the movement of the index is identical; however the performance of the Nikkei Japan 1000D

is biased upwards as it includes the effects of dividend gains.

Nikkei Japan

Nikkei Japan 1000D

0.00

500.00

1000.00

1500.00

2000.00

2500.00

Nikkei 1000 and Nikkei 1000D Closing 31/03/2005 - 30/10/2012

Availabilityofthedata

As Nikkei are the of&icial publishers of the index, Nikkei Europe

can provide accurate and timely access to Index Data for Nikkei

Indices.

These can be accessed through a number of channels:

(1)NEEDS/BULK-FDSService:

NEEDS-BULK is our FTP service which reliably and accurately

delivers daily updates directly to our clients’ servers. The ser-

vice is in operation 24/7 365 days excluding maintenance days.

(2)Markit:

Nikkei Index Data is also available through Markit, Nikkei Eu-

rope’s of&icial third part vendor.

For additional information regarding http://www.markit.com/en/

Nikkei 1000 Closing PricesNikkei 1000 Closing PricesNikkei 1000 Closing PricesNikkei 1000 Closing Prices Nikkei 1000D Closing PricesNikkei 1000D Closing PricesNikkei 1000D Closing PricesNikkei 1000D Closing Prices

Stats 2005/03/31 - 2012/10/30 Stats 2005/03/31 - 2012/10/30

σ Returns 0.015 σ Returns 0.015

σ Log Returns 0.015 σ Log Returns 0.015

Max Returns 0.137 Max Returns 0.137

Max Log Returns 0.128 Max Log Returns 0.128

Mean Return -0.0001 Mean Return -0.0001

Mean Log Returns -0.0002 Mean Log Returns -0.0002

Max Date 2007/02/26 Max Date 2007/02/26

Min Date 2009/03/12 Min Date 2009/03/12

Min Index Value 817.77 Min Index Value 885.02

Max Index Value 2128.39 Max Index Value 2229.47

2012/10/30 2012/03/06 2011/05/17 2010/07/20 2010/02/22 2009/04/24 2008/07/01 2007/09/04 2006/11/13 2006/01/25 2005/03/31

For further Information Regarding Nikkei Japan and Nikkei

Japan 1000 please visit Nikkei Index Website:

http://indexes.nikkei.co.jp/nkave/archives/&ile/

nikkei_japan_1000_factsheet_en.pdf

7

We are proud to announce the launch of Value Search, Nikkei’s premium web based service in Japanese which combines the accuracy, precision and timeliness of NEEDS data with Telecom’s comprehensive news archive. Value Search is an essential business tool, and has already seen high demand by a wide range of users; from M&A consultants, Researchers and Consulting

firms to Trading Companies, Value Search has been acclaimed as a key driver of performance by allowing its users to rapidly make informed key decisions. Value Search intelligently displays: Corporate Financial, Market Data, Corporate Governance and more, in a user friendly web based interface.

Financial Institutions Consulting Firms Businesses

Corporate Finance Corporate Finance Ad-visory

Corporate Planning Investor Relations

M&A M&A Advisors Business Investment Finance

Equity & Fixed Income Research Human Resources Supply Chain

4.LaunchofNewService:NikkeiValueSearch

ValueSearchissuitedforthefollowingoperations:

- Extensive Industry Analysis (530 industry categories)

- Competitor Analysis

- Valuation

- Company Analysis

- Investment Analysis

- Corporate Reports

Page 8 contains a screenshot presenting the main menu of ValueSearch for Company Information. Companies can be

searched by: Company Name, Company Code and Industry etc.

There is a wealth of Japanese Financial and Economic Data that can be unlocked through Value Search; this will be explored

in future NEEDS Newsletters through comprehensive step-by-step guides. Nikkei Europe is issuing free ValueSearch trials

so don’t miss this opportunity to access this new exclusive service.

Please send trialrequeststo: e-needs@eur.nikkei.com

For further information regarding value search please visit our Japanese Website:

http://sales.valuesearch.nikkei.co.jp/

8

Company Name

- Visualise Key Information - Easy browse through Company Fundamentals and company related News Articles - Export Data to Microsoft Excel - Create Reports in Power Point format - Wide and Comprehensive Company Coverage - Extensive come Contents and Built-in Tools

Value Search Toolbar and Menus Screenshot

CompanyInformation

(1) Basic Information

(2) Shareholder Information

(3) Shareholders Meetings

(4) CSR, Corporate Governance

CorporateFundamentals

(1) Financial Statements

(2) Foot Notes

(3) Fundamentals Analysis

(4) Segment Information

(5) Borrowing and Loan

Info (6) Earnings Estimates

MarketData

(1) Stock Prices

(2) Valuation,

Beta

News&Articles

(1) Nikkei Flash News and

Newspapers

(2) Magazines and Others

IRInformation

(1) Company Disclo-

sures

(2) IR Data

9

5.Nikkei225TotalReturnIndex Nikkei is proud to announce the launch of the Nikkei 225 Total Return Index. The index was &irst published on Decem-

ber 3, 2012 and measures the total performance of the Nikkei Average by accounting for the reinvestment of dividend

incomes in addition to the price movements of its constituents. The index is calculated by: “multiplyingtheindexvalue

onthepreviousdaybythedailyreturnofthevalueincludingthedividend”.

(SOURCE: http://indexes.nikkei.co.jp/en/nkave/index/pro&ile?idx=nk225tr )

Estimated dividend value6are used in calculating the index. This is a result of Japanese companies’ tendency to &ix the

amount of dividends paid to shareholders after the ex-dates. If the value of the actual dividend paid differs from the

estimated value then the index is adjusted to re&lect the differences on the next business day.

6 Estimated dividend &igures published by Nikkei

Nikkei Average, 11138.66

Nikkei 225 Total Return, 15852.63

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Ind

ex V

alu

e

FormulafortheCalculationoftheIndex

A detailed explanation of the calculation of the index in an addition to comprehensive examples can be can be accessed

from the Nikkei Index Website:

http://indexes.nikkei.co.jp/nkave/archives/&ile/nikkei_225_total_return_index_guidebook_en.pdf

Nikkei225t+EstimatedExDividendt+DividendAdjustmenttIndexValuet-1×---------------------------------------------------------------------------------------

Nikkei225t-1

Index Value t =

NEEDSBULK is Nikkei’s premium data access ser-

vice, providing daily updates and historical data

from the Nikkei master data &iles. NEEDS BULK en-

sures that clients receive timely and accurate data

directly to a central database. Popular NEEDS BULK

&ile include Nikkei 225 data, Corporate Actions data,

Tick by Tick data and Yuho/ Tanshin Corporate Fi-

nancials data.

NEEDS FinancialQUEST is Nikkei’s online data

download service for Japanese economic data;

providing over 40 years of historical data covering

Japanese corporate reports, securities data, con-

sumer statistics, government and GDP data. Month-

ly subscription options range from unlimited data

access to pay per download to suit all budgetary

requirements.

Tick Vision is the latest addition to the NEEDS

suite providing online data download and analysis

of Tick data from the Japanese stock markets, in-

cluding over 15 years of individual equity, JGBs, eq-

uity options and stock index futures and options

data. The software also includes data analysis and

simulation tools to chart VWAP, beta, bid ask

spreads etc throughout the day.

This newsletter was created using NEEDS Data. For more information about NEEDS Data and access options,

please visit our website www.nikkeieu.com/needs or contact a Nikkei Representative.

E-Media Department

Nikkei Europe Ltd, Barnard’s Inn, 86 Fetter Lane, London, EC4A 1EN, UK

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NEEDSSPOT provides ad hoc access to data on the

Nikkei database to academics and data managers

who require a one off set of historical data for client

research projects. The data is delivered in a variety

of formats to suit the needs of our clients and can

be delivered via email or DVD. A subscription is not

required and we offer special promotional rates for

academic users.