[English Translation]

REGULATIONS FOR ELIGIBLE SECURITIESFOR CLEARING DEPOSITTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Regulations for eligible securities, etc. for Clearing
Deposit, which original has been prepared in the Japanese language only. The Japanese
language text hereof shall govern for all purposes and in all respects. Accordingly, allquestions that may arise within or without courts of law in regard to the meaning of thewords, provisions and stipulations of these Regulations shall be decided in accordancewith the Japanese language text. Tokyo Financial Exchange Inc. (“TFX”) assumes noresponsibility for accuracy, correctness or contents of this English text.)

Regulations for Eligible Securities for Clearing Deposit

Table of Contents
PageArticle 1. Purpose ........................................................................................................................ 1
Article 2.

Kinds, Appropriable Amount and Revaluation of Eligible Securities ........................ 1

Article 3.

Adjustment of Fractional Amount .............................................................................. 1

Article 4.

Manner of Deposit of Eligible Securities ................................................................... 2

Article 5.

Exclusion from Scope of Eligible Securities .............................................................. 2Article 6.

(Deleted) ..................................................................................................................... 3

Article 7.

Ownership of Eligible Securities................................................................................ 3Article 8.

(Deleted) ..................................................................................................................... 3

Article 9.

Prohibition of Deposit of Negotiable Securities issued by Itself, etc. ........................ 3

Article 10. Restrictions on Eligible Securities ............................................................................. 4
SUPPLEMENTARY PROVISIONS .................................................................................................. 4
Appendix

Kind of eligible securities which may be deposited with the Exchange asappropriation for market entry deposit and applicable multiplier thereof (in relationto Article 2)................................................................................................................. 6Regulations for Eligible Securities

for Clearing Deposit
Table of Contents

Article 1.

PurposeThe purpose of these Regulations shall be to set forth necessary matters withrespect to the kinds of negotiable securities to be deposited with the Exchange asappropriation for clearing deposit and the appropriable amount thereof upon depositing inaccordance with Article 31.4 of the Clearing Regulations.
Article 2.

Kinds, Appropriable Amount and Revaluation of Eligible Securities

2.1
The kinds of the negotiable securities to be deposited with the Exchange asappropriation for clearing deposit (hereinafter called “Eligible Securities for ClearingDeposit”) shall be those listed in the Appendix attached hereto, and the appropriable
amount upon depositing of the same shall be the amount not exceeding the market pricethereof provided for in Note 2 to the said Appendix as of the second (2nd) business day(meaning the “business day” set forth in Article 6-2 of the Trading Regulations; the same
shall apply hereinbelow) prior to the business day on which the deposit is made (if suchsecond (2nd) business day falls on a holiday of the relevant financial instruments exchange
within Japan, the immediately preceding business day of such exchange) multiplied by theapplicable rate set forth in the said Appendix.
2.2
In respect of any Eligible Securities for Clearing Deposit having already been
deposited, the appropriable amount thereof shall be calculated after close of the daysession (meaning the day session set forth in Article 5.1(2)(a) of the Trading Regulations)on each business day as the product of the market price thereof provided for in Note 2 tothe Appendix attached hereto as of the immediately preceding business day (if such
immediately preceding business day falls on a holiday of the relevant financial instruments
exchange within Japan, the immediately preceding business day of such exchange)
multiplied by the applicable rate set forth in the said Appendix.
Article 3.

Adjustment of Fractional AmountWith respect to the negotiable securities set forth in the Appendix attached hereto,
any fractional amount arising from calculation of the appropriable amount of thosenegotiable securities shall be adjusted as follows:(1)

With respect to stocks set forth in 2 of the Appendix attached hereto:

Regulations for Eligible Securities
for Clearing Deposit

1Any fractional amount less than one (1) Yen shall be discarded.
(2)

With respect to the negotiable securities other than those set forth in (1)above:
Any fractional amount less than one-hundredth (1/100) Yen shall bediscarded.

Article 4.

Manner of Deposit of Eligible Securities

4.1
The Japanese Government bonds set forth in 1 of the Appendix attached hereto
may be deposited by way of transfer to the account opened and maintained in the name ofthe Exchange with the Bank of Japan.
4.2
The stocks set forth in 2 of the Appendix attached hereto may be deposited by
way of transfer to the account opened and maintained in the name of the Exchange withJapan Securities Depository Center, Inc.
Article 5.

Exclusion from Scope of Eligible Securities

If stocks listed in 2 of the Appendix attached hereto designated as eligible
securities for clearing deposit fall under the criteria for delisting at all financial instruments
exchanges in Japan on which such negotiable securities are listed for any reason other thanthose specified in (1) through (3) below, such stocks shall be excluded from the eligible
securities for clearing deposit as from the business day immediately following the day on
which they fall under the criteria:(1)

The issuer of the stock becomes a wholly-owned subsidiary of acompany whose stock is listed on an exchange financial instruments
market in Japan (hereinafter called “listed company”) as a consequenceof share exchange or share transfer; or(2)

The issuer of the stock is merged by a listed company; or(3)

The stock is delisted for any other reason and the stock delivered in
exchange therefor is expected to be promptly listed on an exchange
financial instruments market in Japan.

Regulations for Eligible Securities
for Clearing Deposit2Article 6.

(Deleted)

Article 7.

Ownership of Eligible Securities

A Clearing Member may deposit as eligible securities only those negotiablesecurities in respect of which it is the substantive owner.
Article 8.

(Deleted)

Article 9.

Prohibition of Deposit of Negotiable Securities issued by Itself, etc.

9.1
A Clearing Member shall not be allowed to deposit the negotiable securities
issued by any of the persons set forth below as eligible securities.
(1)(2)

the Clearing Member itself
Parent company of the Clearing Member (which means a parent company
defined in Article 8, Paragraph 3 of the Rules Concerning Terms, Forms andProcedures for Financial Statements, etc. (Finance Ministry Ordinance No.
59 of 1963) and the same shall apply in (4) below)(3)

A subsidiary of the Clearing Member (which means a subsidiary defined inArticle 8, Paragraph 3 of the Rules Concerning Terms, Forms andProcedures for Financial Statements, etc. and the same shall apply in Item(4) below)(4)

A subsidiary of a parent company of the Clearing Member

9.2
A Clearing Member who deposits the negotiable securities set forth in 2 ofAppendix attached hereto shall submit the document specified in each Item below at thetime of deposit of such negotiable securities in accordance with the classification specified
below;(1)

A Clearing Member who is a financial instruments firm engaged in thefirst financial instruments business
A report specified in Article 173, Item 1 of the Cabinet Office OrdinanceRegulations for Eligible Securities
for Clearing Deposit3on financial instruments business, etc. (Cabinet Office Ordinance No. 52of 2007) (the “Ordinance” in Article 9.2(2) below);(2)

A Clearing Member who is a registered financial institution
A report specified in Article 188, Item 1 of the Ordinance(3)

A Clearing Member who is a financial instruments firm not engaged in
the first financial instruments business
Either report specified in the preceding two Items or any other document
equivalent thereto

Article 10.

Restrictions on Eligible Securities

If it is deemed inappropriate to value or receive eligible securities in accordancewith Article 2 hereof due to excess volatility in the market, etc. or when deemed necessary
by the Exchange, the Exchange may take any measures set forth below or any othermeasures deemed necessary by it;(1)

Reduction of the rates by which the market prices are multiplied as set
forth in Appendix attached hereto(2)

Restrictions on receipt of certain negotiable securities as eligible
securities(3)

Restrictions on deposit of negotiable securities as clearing deposit

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from January 10, 2017.

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from February 27, 2017.

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SUPPLEMENTARY PROVISIONS
1. These Amended Regulations shall take effect as from July 3, 2017.
2. At the time of enforcement of these Amended Regulations, a Trading Member
who has deposited negotiable securities, etc. with the Exchange as prescribed inAppendix, Paragraphs 2 through 4 and Paragraphs 6 before the amendment shallreceive return of such negotiable securities, etc.

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from January 9, 2018.

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from January 14, 2020.

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from January 12, 2021.

SUPPLEMENTARY PROVISIONS
These amendments shall take effect as from January 9, 2024.

Regulations for Eligible Securities
for Clearing Deposit

5Appendix

Kind of eligible securities which may be deposited with the Exchange asappropriation for market entry deposit and applicable multiplier
thereof (in relation to Article 2)

Kind of negotiable securities(Note3)

Applicable market price multiplier(Note2)

1. Japanese Government (1) Japanese Government bonds (not including floating
bonds issued by the country
rate Japanese Government bonds, book-entry Japaneseof Japan

Government bonds eligible for principal STRIPS(Separate Trading of Registered Interest andPrincipal of Securities) and book-entry Japanese
Government bonds eligible for coupon STRIPS) andtreasury discount bills (treasury bills and financing bills)
a. Within 1 year to maturity:
99%
b. Over 1 year to 5 years to maturity:
98%
c. Over 5 years to 10 years to maturity:
97%
d. Over 10 years to 20 years to maturity:
96%
e. Over 20 years to 30 years to maturity:
f. Over 30 years to maturity:
93%

94%

(2) Book-entry Japanese Government bonds eligible forprincipal STRIPS
a. Within 1 year to maturity:
99%
b. Over 1 year to 5 years to maturity:
98%
c. Over 5 years to 10 years to maturity:
97%
d. Over 10 years to 20 years to maturity:
95%
e. Over 20 years to 30 years to maturity:
f. Over 30 years to maturity:
91%
2. Stock (except for stockacquisition right) (Note1)

93%70%(Note1) Limited only to those listed on an Exchange Market within Japan(Note2) The market price of above eligible securities shall be determined as follows:

Regulations for Eligible Securities
for Clearing Deposit

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(1)

For the negotiable securities listed in 1 above:a.

If their reference prices for transactions are published by Japan
Securities Dealers Association:
The average of such pricesb.

If their reference prices for transactions are not published byJapan Securities Dealers Association:
The closing price quoted on an Exchange Market within Japan(if they are listed on more than one (1) Exchange Market within
Japan, the Exchange Market within Japan designated by theExchange; the same interpretation shall apply hereinbelow)

c.

(2)

If there is no closing price quoted on the relevant market in thecase of b. above:
The last bid or asked price quoted on the relevant market

For the negotiable securities listed in 2 above:a.

The closing price quoted on an Exchange Market within Japanb.

If there is no closing price quoted on the relevant market in thecase of a. above:
The last bid or asked price quoted on the relevant market(Note 3) Limited only to those with respect to which the fair market value is available byany one of the ways set forth in Note 2 above.

Regulations for Eligible Securities
for Clearing Deposit

7