Memorandum of Understanding with Central Bank of Myanmar pertaining to Support for Establishing a Securities Exchange

Attention
This is an unofficial translation of an excerpt of the press release issue on May 29, 2012 by Daiwa Institute of Research Ltd, Tokyo Stock Exchange Group, Inc. and Daiwa Securities Group, Inc. The original press release is in Japanese.

The Central Bank of Myanmar (hereinafter "CBM"), Daiwa Institute of Research Ltd. (hereinafter "DIR"), the core information-generating arm of Daiwa Securities Group, and Tokyo Stock Exchange Group, Inc. (hereinafter "TSE") concluded a memorandum of understanding (hereinafter "MOU") pertaining to cooperation toward establishing a securities exchange and supporting the cultivation of a capital market in Myanmar on May 29, 2012.

Based on this MOU, TSE and DIR shall cooperate in relation to the matters below in order to create and develop a financial and capital market, including establishment of the first securities exchange within Myanmar.

1. Advice on design of securities exchange markets TSE and DIR will provide technical assistance on the design of securities exchange markets and the enactment of the stock exchange rules.
2. Advice on design and planning of securities exchange systems TSE and DIR will advise on choosing the most appropriate IT system for the securities exchange, with regard to trading, clearing, and settlement.
3. Support for human resource development TSE and DIR will host trainees from Myanmar in Japan periodically for better understanding of securities exchange operations.
4. Seminars on finance and capital markets
5. Support for implementation of Securities Exchange

• Memorandum of Understanding with Central Bank of Myanmar pertaining to Support for Establishing a Securities Exchange（11.April,2012）