Russell/Nomura Japan Equity Indexes

Research evidence excerpt

Russell/Nomura Japan Equity Indexes

Nomura | Russell/Nomura Japan Equity Indexes 1 July 2026

7.2 Adjusting the base market cap

In the case of changes in a stock’s capital structure or in index component stocks, base market cap is adjusted.

No adjustment to base market cap is made for capital changes not requiring payment, including stock splits,

reverse stock splits, and changes in face value, as these do not affect market cap.

Fig. 7: Timing of adjustments of base market capitalization and share price used

Change in capital structure Adjustment date Share price used

Stock transfer, stock swap, Date of listing change Previous day's price merger

Corporate divestiture Ex-rights date See note38

(company/division Listing date of newly listed Corporate Previous day’s price spinoff)(Existing companies) constituents reorganization

Corporate divestiture

(company/division Listing date Offering price spinoff)(Newly listed

companies)

Shareholder allocation Ex-rights date Issue price

Allotment of acquisition rights to Ex-rights date Exercise price shares without contribution

Allotment of treasury stock Ex-rights date Previous day's price without contribution

Business day following payment

date (listing date of new shares Public offering Previous day's price when settlement is on issuance

date)

Capital Five business days after date of Third-party allocation of shares Previous day's price increase listing change

Last business day of month in

Conversion of preferred stock which number of converted Previous day's price

shares becomes known

Conversion of CBs Last business day of month in

which number of new shares for Exercise of stock acquisition Previous day's price which rights were exercised rights becomes known