International Exchange and Cooperation

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Exchange Agreements Country/Region Asia University/Institute University-wide Agreements Bangladesh University of Dhaka November-97 Beijing Normal University May-16 May-16 Chinese Academy of Social Sciences October-99 Dongbei University of Finance and Economics June-97 China India Indonesia Republic of Korea Department of Chinese Language and Literature, Fudan University Jilin University August-10 December-10 Nanjing University June-16 June-16 Nankai University October-84 Peking University August-90 December-09 Guanghua School of, Peking University Renmin University of China April-04 September-09 School of, Renmin University of China School of Business, Renmin University of China College of Liberal Arts, Shanghai University Shanghai University of Finance and Economics September-88 January-10 International Cultural Exchange School, Shanghai University of Finance and Economics School of Public Economics and Administration, Shanghai University of Finance and Economics Sichuan University October-03 Tsinghua University November-12 November-12 School of Humanities and Social Sciences, Tsinghua University University Business and Economics December-85 Wuhan University September-96 The University of Hong Kong July-93 February-94 The Chinese University of Hong Kong September-10 September-10 Faculty of Business Administration, The Chinese University of Hong Kong Institute of Economic Growth Faculty Agreements Academic Student Exchange Academic Student Exchange April-11 April-11 October-06 December-15 January-15 April-08 March-12 November-08 August-07 September-92 April-11 April-11 December-15 April-08 August-07 Counterpart of Language and Society of of Language and Society of Language and Society School of International and Public Policy of Social Sciences Institute of Economic Research National Institute of Public Finance and Policy February-97 Ministry of Finance, Republic of Indonesia University of Indonesia July-15 July-15 and Business, University of Indonesia Korea University July-15 July-15 February-07 July-15 School and Public Policy of Commerce and College of, Pusan National University November-07 June-08 of Seoul National University February-94 March-99 Department of Political Science and International Relations College of Social Sciences Seoul National University of Business, Seoul National University Sogang University June-09 June-09 Sungkyunkwan University July-09 July-09 July-07 April-11 July-07 of 8

Country/Region Asia North America Republic of Korea University/Institute University-wide Agreements Yonsei University March-14 March-14 Institute of Humanities, Yonsei University Malaysia University of Malaya March-15 March-15 Republic Ateneo de Manila University January-16 of the Philippines University of the Philippines Diliman January-16 Lee Kuan Yew School of Public Policy, National University of Singapore Singapore Singapore University August-10 August-10 School of, Singapore University Faculty Agreements Academic Student Exchange Academic Student Exchange October-12 January-02 February-15 Counterpart of Language and Society Sri Lanka Faculty of Arts, University of Colombo July-98 Faculty of Social Science National Chengchi University August-09 August-09 College of, National of November-07 Chengchi University Graduate Institute of Taiwan History, of March-10 National Chengchi University Language and Society National Taipei University July-09 July-09 Taiwan College of, National Taipei University February-08 National Taiwan University July-16 July-16 College of, National Taiwan University February-08 School of Foreign Languages and Cultures, Soochow University April-15 April-15 and Accountancy, Chulalongkorn July-15 July-15 University Thailand National Institute of Development Administration (NIDA) October-04 Thammasat University June-84 March-10 Viet Nam Foreign Trade University October-15 October-15 Asia(11 countries, 1 region) 32 22 24 11 McGill University December-92 May-94 Canada University of British Columbia March-97 January-04 York University January-11 July-11 U.S.A. Babson College June-03 June-03 Peter F. Drucker of, Claremont Graduate University Sloan School of, Massachusetts Institute of Technology Kellogg School of, Northwestern University Rice University November-09 University of California April-97 April-97 Schools of Business Administration, University of California, Berkeley Haas School of Business, University of California, Berkeley UCLA Anderson School of University of California Hastings College of the University of California Hastings College of the July-01 October-86 January-88 June-03 August-01 July-01 March-12 June-03 August-01 May-09 July-14 of of of Language and Society of Commerce and of Commerce and of Organization Chart Research Collaboration Staff and Student Numbers Finances Reference Facilities 9

Country/Region North America Central and South America Europe U.S.A. University/Institute The University of Chicago University-wide Agreements Faculty Agreements Academic Student Exchange Academic Student Exchange March-97 University of Hawai'i at Mānoa April-15 April-15 Shidler College of Business, University of Hawai'i College of Literature, Science, and the Arts, University of Michigan July-14 University of Minnesota January-11 January-11 Carlson School of, University of Minnesota College of Arts and Science, University of Pennsylvania Wharton School, University of Pennsylvania Darla Moore School of Business, University of South Carolina April-14 May-14 April-14 May-14 University of Virginia November-16 April-17 Darden School of Business, University of Virginia Department of Economics, University of Washington School of, Yale University July-02 July-01 July-02 July-15 June-14 July-01 Counterpart November-15 November-15 October-15 North America (2 countries) 11 10 9 13 Brazil Faculty of, University of São Paulo February-14 of Republic of Costa Rica INCAE Business School December-15 December-15 Mexico El Colegio de México September-00 December-09 Central and South America (3 countries) 1 1 2 1 Austria University of Vienna July-13 July-13 Faculty of Human Sciences, University of Vienna Vienna University of Economics and Business February-94 October-10 July-10 June-09 Ghent University June-14 June-14 and Business, KU Leuven Belgium Solvay Brussels School of Economics, Université libre de Bruxelles Faculty of Applied Economics, State University Center (RUCA), University of Antwerp School of Business and Social Denmark Sciences, Aarhus University June-15 June-15 Copenhagen Business School February-11 July-10 Finland Aalto University School of Business October-10 August-10 France ESSEC business school École des hautes études en sciences sociales March-97 July-15 September-89 May-14 September-16 November-16 HEC School of November-83 March-93 June-05 June-05 Faculty of Social Science Faculty of Commerce and of Commerce and of Economics 10

Country/Region Europe France Germany University/Institute University-wide Agreements Institut d Etudes Politiques de Paris March-95 October-99 Université Paris 1 Panthéon-Sorbonne November-12 November-12 University of Poitiers Faculty of and Social Sciences, University of Poitiers Faculty of, Goethe University Frankfurt am Main Faculty Agreements Academic Student Exchange Academic Student Exchange October-16 Heidelberg University September-09 January-01 Humboldt University of Berlin March-08 April-09 Ludwig-Maximilians-Universität München April-13 April-13 Osnabrück University April-98 April-98 University of Augsburg July-99 University of Cologne April-00 and Social Sciences, University of Cologne University of Mannheim May-96 October-97 February-87 October-16 July-14 Central European University Business School Hungary October-15 October-15 Institute of Economics, Hungarian Academy of Sciences March-00 Italy Bocconi University May-87 March-08 University of Trento October-09 December-09 Erasmus School of Economics, Erasmus University Rotterdam April-94 February-94 Faculty of Arts and Social Sciences, April-15 April-15 April-15 Maastricht University Netherlands University of Groningen January-16 and Business, University of February-16 Groningen Norway Peace Research Institute Oslo (PRIO) August-14 Russia Spain Sweden Switzerland U.K. Lomonosov Moscow State University October-14 October-14 Central Economics and Mathematics Institute, Russian Academy of Sciences March-92 Autonomous University of Barcelona February-16 March-16 Complutense University of Madrid ESADE Business School, Ramon Llull University School of Economics and, Lund University January-10 Stockholm School of Economics May-96 January-98 HEC Lausanne University of St. Gallen October-94 October-16 School of and Business, King's College London Lancaster University School September-14 October-16 July-96 May-11 July-14 August-15 February-17 London Business School July-01 July-01 London School of Economics and Political Science September-86 Counterpart Faculty of of School and Public Policy and of Commerce of Economics Organization Chart Research Collaboration Staff and Student Numbers Finances Reference Facilities 11

Country/Region Europe Oceania Middle East Africa Others U.K. Multilateral Agreements University/Institute University-wide Agreements Newcastle University November-09 November-09 University College London July-93 Arts and Sciences (BASc), Faculty of Arts and Humanities, University College London June-13 University of Birmingham July-93 April-94 Faculty Agreements Academic Student Exchange Academic Student Exchange Counterpart Faculty of, University of Bristol January-98 Faculty of University of Essex July-93 University of Glasgow October-09 November-10 School of Oriental and African Studies, University of London June-09 June-09 Department of Economics, School of Oriental and African Studies, University of London Faculty of Humanities, The University of Manchester July-09 July-09 St. Antony s College, University of Oxford May-83 The University of Sheffield Warwick Business School, University of Warwick University of York November-81 July-93 Others European University Institute January-07 Australia November-97 June-96 Europe(15 countries 1 region) 41 30 14 14 Australian National University February-92 Monash University December-09 November-09 The University of Melbourne September-93 March-94 The University of New South Wales The University of Queensland April-16 February-95 Oceania (1 country) 2 5 Jordan Jordan Department of Statistics August-10 Turkey Ankara University March-92 United Arab Emirates Higher Colleges of Technology December-09 Middle East (3 countries) 2 1 American University in Cairo April-97 Egypt Central Agency for Public Mobilisation and Statistics, Egypt Tanzania Faculty of Arts and Social Sciences, University of Dar es Salaam Uganda Makerere University July-94 April-04 October-97 Africa (3 countries) 2 2 Others United Nations University August-07 Others (1 region) 1 Total (38 countries, 3 regions) 92 68 52 39 Memorandum of Understanding for the BEST Business School Alliance Institute of Economic Research of Economics of Economics Faculty of Social Science Country University Institute Counterpart Contract Date China Guanghua School of, Peking University of International Corporate Republic of Korea of Business, Seoul National University Strategy November-11 12

Number of faculty visiting overseas & Overseas researchers visiting Hitotsubashi Region Country Faculty Visiting Overseas Overseas Researchers Bangladesh 4 Cambodia 7 China 113 52 India 8 8 Indonesia 13 5 Korea 58 40 Laos 6 Malaysia 11 5 Mongolia 2 3 Asia Myanmar 7 1 North Korea 1 Pakistan 2 2 Philippines 12 1 Singapore 26 11 Sri Lanka 1 Taiwan 41 19 Thailand 29 3 Viet Nam 19 7 Asia Total 355 162 Canada 18 24 North America U.S.A. 188 98 North America Total 206 122 Argentina 1 Brazil 3 Central and South Peru 1 America Suriname 1 Trinidad and Tobago 1 Central and South America Total 1 6 Europe (including NIS countries) Oceania Middle East Africa Austria 13 1 Azerbaijan 1 Belgium 5 1 Bulgaria 1 Croatia 3 Czech 1 Denmark 10 2 Finland 10 1 France 31 12 Germany 29 23 Greece 2 Hungary 4 2 Iceland 1 Ireland 1 Italy 17 6 Kazakhstan 1 Kirghiz 1 Macedonia 1 Netherlands 11 4 Norway 6 2 Poland 2 1 Portugal 5 Romania 2 Russia 7 3 Serbia Slovenia 1 1 Spain 17 5 Sweden 7 3 Switzerland 11 2 U.K. 44 26 Ukraine 2 Europe Total 240 102 Australia 25 23 New Zealand 2 1 Samoa 1 0 Oceania Total 28 24 Israel 3 2 Jordan 3 2 Palestine 1 Turkey 1 United Arab Emirates 2 Uzbekistan 2 1 Middle East Total 9 8 Cote d'ivoire 1 Egypt 2 1 Kenya 5 Mauritius 1 South Africa 1 3 Tanzania 2 1 Uganda 1 1 Zambia 2 Africa Total 15 6 Total 854 430 (FY2016) Organization Chart Research Collaboration Staff and Student Numbers Finances Reference Facilities 13

Number Students by Country Region Asia North America Central and South America Europe (including NIS countries) Oceania Middle East Africa Country Undergraduate Program Undergraduates Exchange Students, etc. Master's Programs Graduate Programs Professional School Programs Doctoral Programs Research Students, etc. Bangladesh 4 (1) 1 (1) 5 (2) Brunei 1 (1) 1 (1) Cambodia 2 (2) 2 1 (1) 5 (3) China 47 (1) 18 (3) 188 31 (5) 49 (4) 25 (1) 358 (14) India 7 (3) 7 (3) Indonesia 1 (1) 1 (1) 2 1 5 (2) Republic of Korea 90 (7) 9 (3) 18 (3) 8 (2) 20 (2) 3 (2) 148 (19) Laos 1 (1) 1 (1) Malaysia 2 (2) 1 (1) 2 (2) 1 6 (5) Mongolia 2 (2) 1 (1) 11 (7) 5 2 (2) 21 (12) Myanmar 1 (1) 3 (1) 4 (2) Philippines 1 4 (1) 1 (1) 6 (2) Singapore 4 (3) 5 9 (3) Sri Lanka 2 1 1 4 (0) Taiwan 14 4 13 5 7 8 51 (0) Thailand 5 (4) 2 (1) 2 (1) 8 (6) 17 (12) Viet Nam 6 (4) 3 5 (2) 10 7 (1) 4 (4) 35 (11) Asia Total 175 (27) 42 (8) 242 (16) 93 (22) 86 (7) 45 (12) 683 (92) Canada 1 (1) 1 (1) U.S.A. 1 (1) 12 4 (1) 1 1 19 (2) North America Total 2 (2) 12 (0) 0 4 (1) 1 1 20 (3) Argentine 1 (1) 1 (1) Brazil 1 (1) 1 (1) 2 (2) Columbia 1 1 (0) Equador 1 1 (0) Peru 1 (1) 1 2 (1) Central and South America Total Total 3 (3) 1 (0) 0 1 (0) 1 (1) 1 (0) 7 (4) Armenia 1 (1) 1 (1) Austria 1 1 (1) 2 (1) Republic of Azerbaijan 1 (1) 1 (1) Belarus 1 (1) 1 (1) Bulgaria 2 (2) 1 2 (2) 5 (4) Finland 1 1 (1) 2 (1) France 4 3 (1) 2 9 (1) Germany 4 1 1 4 10 (0) Hungary 1 1 (0) Italy 1 1 (1) 1 3 (1) Kazakhstan 1 1 (0) Kyrgyz Republic 2 (2) 1 (1) 3 (3) Lithuania 1 1 (0) Moldova 1 (1) 1 (1) Netherlands 1 1 (0) Poland 1 (1) 1 (1) Romania 1 1 (0) Russia 2 (2) 2 2 (2) 6 (4) Serbia 2 (2) 2 (2) Slovenia 1 (1) 1 (1) Sweden 1 1 (0) Switzerland 1 1 (0) Turkmenistan 1 (1) 1 (1) Ukraine 1 1 (1) 2 (1) U.K. 5 1 (1) 1 (1) 7 (2) Uzbekistan 2 (1) 2 4 (1) Europe Total 9 (9) 20 (0) 8 (5) 7 (3) 10 (5) 15 (6) 69 (28) Australia 5 2 (1) 7 (1) Oceania Total 0 5 2 (1) 0 0 0 7 (1) Iran 1 (1) 2 (1) 3 (2) Turkey 2 (2) 1 (1) 3 (3) Middle East Total 2 (2) 0 1 (1) 1 (1) 2 (1) 0 6 (5) Egypt 1 (1) 1 (1) Africa Total 0 0 0 0 1 (1) 0 1 (1) Total 191 (43) 80 (8) 253 (23) 106 (27) 101 (15) 62 (18) 793 (134) Notes: Figures in parentheses show the number of students sponsored by the Government of Japan. "Exchange Students, etc." include Japanese language and culture students. "Research Students, etc." include graduate level exchange students. 14

Number Students by Affiliation Undergraduate Students Exchange 1st year 2nd year 3rd year 4th year Total Students, etc. 4 (2) 10 (1) 7 (1) 16 (2) 15 52 (6) 6 10 (2) 6 (2) 17 (2) 10 (1) 49 (7) Total 10 (2) 20 (3) 13 (3) 33 (4) 25 (1) 101 (13) 3 (1) 2 (1) 6 (3) 6 15 (2) 32 (7) 3 1 4 (1) 2 (2) 12 (2) 22 (5) Total 6 (1) 3 (1) 10 (4) 8 (2) 27 (4) 54 (12) 3 4 (2) 3 5 4 19 (2) Faculty of 4 (1) 2 (1) 2 5 13 (2) Total 3 8 (3) 5 (1) 7 9 32 (4) 8 (2) 4 4 (1) 11 (1) 5 32 (4) Faculty of Social Sciences 7 (3) 14 (6) 10 (4) 7 (2) 14 (3) 52 (18) Total 15 (5) 18 (6) 14 (5) 18 (3) 19 (3) 84 (22) 18 (5) 20 (4) 20 (5) 38 (3) 39 (2) 135 (19) Total by gender 16 (3) 29 (9) 22 (8) 28 (6) 41 (6) 136 (32) Total 34 (8) 49 (13) 42 (13) 66 (9) 80 (8) 271 (51) Notes: Figures in the lower rows show the number of female students. Figures in parentheses show the number of students sponsored by the Government of Japan. "Exchange Students, etc." include Japanese language and culture students. Graduate Students Master's Programs Professional School Research Doctoral Programs Programs Students, Total 1st year 2nd year 1st year 2nd year 1st year 2nd year 3rd year etc. of Commerce and 19 19 (1) 1 4 (1) 13 (4) 56 (6) 20 (2) 30 (3) 2 (1) 1 3 10 (3) 66 (9) Total 39 (2) 49 (4) 3 (1) 1 7 (1) 23 (7) 122 (15) of 20 17 (2) 2 4 4 47 (2) Economics 18 (1) 21 (2) 2 2 (1) 3 5 (2) 51 (6) Total 38 (1) 38 (4) 2 4 (1) 7 9 (2) 98 (8) 3 3 1 1 4 (1) 4 16 (1) of 8 (1) 4 (1) 1 1 5 (1) 2 21 (3) Total 11 (1) 7 (1) 2 2 9 (2) 6 37 (4) of 5 4 (4) 2 6 (1) 2 (1) 19 (6) Social Sciences 12 (2) 10 (1) 3 (2) 1 8 (1) 11 (6) 45 (12) Total 17 (2) 14 (5) 3 (2) 3 14 (2) 13 (7) 64 (18) of Language and 4 3 1 1 (1) 9 (1) 2 (1) 20 (3) Society 15 (3) 13 4 (1) 4 23 (3) 5 64 (7) Total 19 (3) 16 5 (1) 5 (1) 32 (4) 7 (1) 84 (10) 1 1 25 (11) 9 (2) 1 37 (13) 1 2 17 (6) 3 1 4 (1) 28 (7) Total 2 42 (17) 12 (2) 2 4 (1) 65 (20) School of 11 (1) 11 (2) 22 (3) International and Public Policy 21 (3) 9 (2) 30 (5) Total 32 (4) 20 (4) 52 (8) Total by gender 52 47 (7) 36 (12) 20 (4) 3 6 (1) 28 (4) 25 (6) 217 (34) 74 (9) 80 (7) 38 (9) 12 (2) 12 (4) 9 (1) 43 (5) 37 (12) 305 (49) Total 126 (9) 127 (14) 74 (21) 32 (6) 15 (4) 15 (2) 71 (9) 62 (18) 522 (83) Notes: Figures in the lower rows show the number of female students. Figures in parentheses show the number of students sponsored by the Government of Japan. "Research Students, etc." include graduate level exchange students. According to Affiliation Number Students Faculties 271 (51) s 522 (83) Total 793 (134) According to Gender Number Students Male 352 (53) Female 441 (81) Total 793 (134) Organization Chart Research Collaboration Staff and Student Numbers Finances Reference Facilities Note: Figures in parentheses show the number of students sponsored by the Government of Japan. 15

Changes in the Number Students in the Last Decade (Number) 900 800 700 600 500 400 300 200 100 0 585 606 198 188 652 623 198 186 677 157 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Year) Changes in the Number of Students Studying Abroad 689 134 727 732 734 International students Government-sponsored international students (out of the total) 793 149 159 147 134 Program Universities, etc. 2012 2013 2014 2015 2016 Japan Student Services Organization (JASSO) Student Exchange Support Program (Graduate Scholarship for Degree Seeking Students) Foreign Universities 2 1 6 1 7 Japan Public-Private Partnership Student Study Abroad Program (Tobitate! Young Ambassador Program) Hitotsubashi Foundation Scholarship for long-term study abroad Hitotsubashi University Overseas Student Exchange Program Hitotsubashi University Global Leader Development Program Foreign Universities, Research Institutions and Companies, etc. Foreign Universities and Research Institutions, etc. Partner Universities with Student Exchange Agreement 2 3 5 5 2 4 2 71 63 74 95 111 World Top Universities 2 2 2 1 Long-term Study Abroad Total 73 71 86 105 126 Stanford University (U.S.A.) 14 15 8 7 University of California, Davis (U.S.A.) 29 18 15 12 Overseas Language Study Program English 2, 3 (Language Study Abroad) 180 Bauhaus University (Germany) 15 14 Sprachenakademie Aachen (Germany) 18 19 19 Monash University (Australia) 26 20 12 17 7 Peking University (China) 7 6 2 8 Short-term Study Abroad Program BERGE (Spain) 6 6 6 6 6 Sogang University (Korea) 5 5 3 4 The Chinese University of Hong Kong (China) 9 International Field Studies (Asia) 8 8 8 4 Global Leaders Program International Field Studies (EU) 10 11 12 10 ( / ) Short-term Business Immersion Program 4 4 3 5 (Australia) Fresher's English Skills Training Abroad Foreign Universities and Language Schools 100 200 214 Japan Society for the Promotion of Science (JSPS) Institutional Program for Young Researcher Overseas Visits Foreign Universities and Research Institutions 15 Short-term Study Abroad Total 117 206 287 310 240 Total 190 277 373 415 366 16

Inter-university Collaboration, etc. EUIJ Tokyo Consortium The EU Institute in Japan (EUIJ) Tokyo Consortium is a consortium launched with support from the European Commission as an EU academic base in Japan, with Hitotsubashi University as the managing school, together with International Christian University, Tokyo University of Foreign Studies, and Tsuda College. EUIJ is primarily engaged in educational support such as establishing EU-related classes, promoting mutual recognition of credits in EU course subjects at the four universities, recognizing credits for EU courses, and issuing a Certificate in EU Studies to course graduates. Organization Chart FY2016 results Number of students dispatched ( Outbound students): 3 Number of students received ( Inbound students): 12 Hitotsubashi University also provides the following types of opportunities. The Tokyo Consortium of Four Universities Mutual recognition of credits among the five national universities in the Tama district Mutual recognition of credits between Hitotsubashi University and Tsuda College Mutual recognition of credits between Hitotsubashi University and Ochanomizu University Mutual recognition of credits between Hitotsubashi University and Keio University Academy for Global Leadership Research Collaboration Staff and Student Numbers Finances Reference Facilities 17

Social Contribution Advisory Committee Memberships and Directorships Public Sector (Ministries and government agencies, municipal corporations, special government corporations, independent administrative corporations, etc.) Organization No. of Cases 1 National Personnel Authority 9 2 Cabinet Secretariat 8 3 Cabinet Office 49 4 Ministry of Internal Affairs and Communications 23 5 Ministry of Justice 24 6 Ministry of Foreign Affairs 4 7 Ministry of Finance 24 8 Ministry of Education, Culture, Sports, Science and Technology 38 9 Ministry of Health, Labour and Welfare 26 10 Ministry of Economy, Trade and Industry 23 11 Ministry of Land, Infrastructure, Transport and Tourism 20 12 Ministry of Defense 2 13 Diet (National Parliament) 2 14 Supreme Court 5 15 District Court 1 16 Local governments (37) 88 17 Special corporations/independent administrative corporations (49) 204 Cumulative total 550 Private Sector Position No. of Cases 1 External Board Member 38 2 Outside Auditor 9 3 Advisor 17 Total 64 Awards and Prizes Main Awards and Prizes in FY2016 Name of Award Conferring Body Awards Received Nikkei Prize for Economics Books Nikkei Inc, Japan Center Economic Research 1 Transport Culture award Ministry of Land, Infrastructure, Transport and Tourism 1 11th Kojima Kiyoshi Prize Japan Society Economics 1 Prix Shibuya Claudel Mison Franco-Japonaise 1 2016 Emerald Literati Network Awards for Excellence Emerald Group Publishing 1 Commendation of Appreciation from National Research University Higher School of Economics National Research University - Higher School of Economics 1 Best Paper Award in 7th Asia-Pacific International Asia-Pacific International Symposium on Advanced Symposium on Advanced Reliability and Maintenance Reliability and Maintenance Modeling Modeling(APARM2016) 1 2016 Highly Commended Paper Award, in the Journal of Financial of Property and Construction, Emerald Emerald 1 (FY2016) (FY2016) 18