[English Translation]

ENFORCEMENT REGULATIONS FOR REGULATIONS FORMARGIN AND UNSETTLED MARKET DERIVATIVES CONTRACTSTOKYO FINANCIAL EXCHANGE INC.

(This is an English translation of the Enforcement Regulations for Regulations for Margin
and Unsettled Market Derivatives Contracts, which original has been prepared in theJapanese language only. The Japanese language text hereof shall govern for all purposes
and in all respects. Accordingly, all questions that may arise within or without courts oflaw in regard to the meaning of the words, provisions and stipulations of these Regulations
shall be decided in accordance with the Japanese language text. Tokyo Financial
Exchange Inc. (“TFX”) assumes no responsibility for accuracy, correctness or contents ofthis English text.)
SPAN® used herein is a registered trademark of Chicago Mercantile Exchange Inc. andused herein under license. Chicago Mercantile Exchange Inc. assumes no liability inconnection with the use of SPAN® by any person or entity.

Enforcement Regulations for Regulations for Margin and Assignment of
Unsettled Market Derivatives Contracts

Table of Contents
Page
Article 1.
Article 2.
Article 3.
Article 3-2.

Purpose ..................................................................................................... 1
Manner of Deposit of Exchange Margin .................................................. 1
Matters concerning Exchange Margin ...................................................... 2
Ownership of Eligible Securities .............................................................. 4

Article 3-3.
Article 4.
Article 5.
Article 6.
Article 7.
Article 8.
Article 9.
Article 10.
Article 11.

(Deleted) ................................................................................................... 4
Matters concerning Evidence of Margins, etc. ......................................... 4
Definition of Authorized Affiliate ............................................................ 4
Method of Management of Customer Margin .......................................... 5
Notification at the Time of Deposit of Eligible Securities ....................... 6
Method of Adjustment of Option Value ................................................... 6
Restrictions on Eligible Securities ........................................................... 7
Notification Deadline for Provisional Account Position .......................... 7
Manner of Determination of Intraday Settlement Price ........................... 8

Article 12.
Article 13.

(Deleted) ................................................................................................... 9(Deleted) ................................................................................................... 9

SUPPLEMENTARY PROVISIONS ..................................................................................... 9

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Table of Contents

Article 1.

Purpose

These Regulations set forth the matters in connection with Interest Rate Futurescontracts and LT-Link Positions to be prescribed or designated by the Exchange pursuant
to the Regulations for Margin and Unsettled Market Derivatives Contracts (hereinafter
called the “Margin Regulations”) established by the Exchange.

Article 2.

Manner of Deposit of Exchange Margin

2.1
When a Clearing Member deposits an Exchange Margin pursuant to Article 6.1of the Margin Regulations, the deposit shall be made by way of transfer to the“Exchange Margin Account” established by the Exchange at a financial institution in anyof the following manners:(1)

Account transfer;(2)

Wire transfer;(3)

Cash transfer; or(4)Transfer of a check drawn by a bank naming the Bank of Japan aspayer.

2.2
Notwithstanding the provisions of Article 2.1 above, when the Clearing
Member deposits negotiable securities as eligible securities in lieu of Exchange Margin,
the deposit shall be made in the manners specified below by the kind of the negotiablesecurities:(1)

In the case of the Japanese Government bonds set forth in 1 ofAppendix 1 and 1 of Appendix 2 to the Margin Regulations:
Transfer to the account opened and maintained in the name of the
Exchange with the Bank of Japan; provided, however, in this case,during the suspension period of book entry of Japanese Government
bond, no claim shall be made for return of deposited Japanese

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Government bonds covered by the JGB Book-entry System.
(2)

In the case of the stocks set forth in 2 of Appendix 1 and 2 of Appendix
2 to the Margin Regulations:
Transfer to the account opened and maintained in the name of the
Exchange with Japan Securities Depository Center, Inc.

Article 3.

Matters concerning Exchange Margin

The matters designated to be prescribed by the Exchange pursuant to Articles
7.5 and 27.4 of the Exchange Regulations in connection with negotiable securities, etc.
eligible to be deposited as margin shall be as set forth in the following Items:(1)

Adjustment of fractional amountFor the purpose of calculation of value of the negotiable securities
listed in Appendixes 1 and 2 to the Margin Regulations, a fraction
arising from multiplying the market price or principal amount thereofby the applicable rate set forth in the those Appendixes shall be
adjusted in the manner set forth below:(a) In the case of JGB set forth in 1 of Appendix 1 and 1 of Appendix 2
to the Margin Regulations:
Any fractions less than one hundredth (1/100) Yen shall bediscarded.
(b)

In the case of stocks set forth in 2 of Appendix 1 and 2 ofAppendix 2 to the Margin Regulations:
Any fraction less than one (1) Yen shall be discarded.

(2)

Exclusion from negotiable securities eligible to be deposited

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If any stocks listed in 2 of Appendix 1 and 2 of Appendix 2 to the
Margin Regulations come to meet the delisting standards established by
all financial instruments exchanges in Japan on which such stocks arelisted for any reason other than those specified in (a) through (c) below,
such stocks, shall be excluded from the negotiable securities eligible tobe deposited, effective from the business day immediately following
the day on which such stocks thus come to meet the delisting standards:(a)

The issuer of the stock becomes a wholly-owned subsidiary ofa company whose stock is listed in an exchange financial
instruments market in Japan (hereinafter called “listedcompany”) as a consequence of share exchange or sharetransfer; or(b)

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

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

(3)

Re-valuation and additional deposit of negotiable securities
Negotiable securities once deposited as Exchange Margin shall be
re-valued after the close of the day session of each business day,based on its market price as of the business day immediately
preceding such business day (or, if such business day is a holiday of
a financial instruments exchange in Japan on which such securities
are traded, the business day immediately preceding such business
day not falling on the said exchange’s holiday) multiplied by the rate
shown in Appendix 1 to the Margin Regulations, and if, as a result ofsuch valuation, the amount of Exchange Margin becomes short of therequired amount, the Clearing Member shall deposit with the
Exchange an amount of cash or negotiable securities which is equal
to or more than the shortfall as Exchange Margin not later than 11:00
a.m. of the business day immediately following the day on whichsuch shortfall occurred.

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Article 3-2.

Ownership of Eligible Securities

A Customer and a Clearing Member may deposit as eligible securities only
those negotiable securities in respect of which they are the substantive owners.

Article 3-3.

(Deleted)

Article 4.

Matters concerning Evidence of Margins, etc.

The documents referred to in Article 6.5 of the Margin Regulations shall be
margin ledgers and other documents determined necessary by the Exchange and uponrequest from the Exchange, each Trading Member shall promptly submit such
documents to the Exchange.

Article 5.

Definition of Authorized Affiliate

5.1
An “authorized affiliate” as set forth in Article 6.3(5) of the Margin Regulations
shall be each of the following corporations:(1)

A corporation which substantially holds the majority of voting rights ina Clearing Member;(2)

A corporation the majority of voting rights in which is substantiallyheld by a Clearing Member;(3)

A corporation which is the corporation falling under the category of
Article 5.1(1) above for a Clearing Member, and which holds a
corporation falling under the category of Article 5.1(2) above which is
not a Clearing Member or a Non-Clearing Member; or(4)

A corporation which substantially holds not less than 20% and not

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more than 50% of voting rights in a Clearing Member and which has
material influence on the decision of financial and operating policy ofsuch Clearing Member through personnel, funds, technology,transactions or other activities, or vice versa.
5.2
In addition to those set forth in each Item of Article 5.1 above, a Clearing
Member may designate an authorized affiliate of such Clearing Member whenever the
Clearing Member determines it necessary to do so.

Article 6.

Method of Management of Customer Margin

6.1
The method of management referred to in Article 11.2 of the Margin
Regulations shall be either of the following methods, provided, however, that in eachcase management shall be made at the account which is expressly designated as
Customer Margin account:(1)

Deposit in a financial institution designated in

Article 143, Paragraph

1,
Item 2 (ⅰ) of the Cabinet Office Ordinance on financial instruments
business, etc. (the “Ordinance” in Article 6 Item 2 and Article 7
hereof) ; or(2)

Monetary trust with a trust company or a bank operating trust business,each as provided for in Article 143, Paragraph 1, Item 2 （ⅱ）of theOrdinance.

6.2
Notwithstanding Article 6.1 above, with respect to a Japanese Yen Interest Rate
Remote Trading Member, the method of management referred to in Article 11.2 of the
Margin Regulations shall be designated by the Exchange.
6.3
Any Trading Member who itself is the financial institution set forth in Article
6.1(1) above may choose to manage the Customer Margin in a segregated account(betsudan yokin) opened and maintained in itself.

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Article 7.

Notification at the Time of Deposit of Eligible Securities

A Trading Member who deposits the negotiable securities set forth in 2 ofAppendix 1 to the Margin Regulations shall submit the document specified in each Item
below at the time of deposit of such negotiable securities in accordance with theclassification specified below;(1)

A Trading Member who is a financial instruments firm engaged in thefirst financial instruments business
A report specified in Article 173, Item 1 of the Ordinance(2)

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

A Trading 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 otherdocument equivalent thereto

Article 8.

Method of Adjustment of Option Value

8.1
In calculating the required amount of Exchange Margin set forth in Article
2.1(6) of the Margin Regulations or a Non-Clearing Member Margin, such margin
requirement or Non-Clearing Member Margin shall be adjusted by the option value so
that: (i) where the total of the option values set forth in (1) and (2) below is greater thanzero, such total shall be subtracted from the SPAN Margin Requirement, and (ii) where
the total of the option values set forth in (1) and (2) below is less than zero, the absolutevalue of such total shall be added to the SPAN Margin Requirement:(1)

The sum of value of each short position specified in the Special
Provisions for Trading Regulations and Brokering Terms for Options(hereinafter called the “Special Provisions for Options”) valued at the
Daily Settlement Price, as calculated by reference to the following
formula with respect to each series:

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2,500 Yen x Daily Settlement Price of the relevant trading day / 0.01 x
trading volume; and(2)

The sum of value of each long position specified in the Special
Provisions for Options valued at the Daily Settlement Price, ascalculated by reference to the following formula with respect to eachseries:2,500 Yen x Daily Settlement Price of the relevant trading day / 0.01 x
trading volume

8.2
In the calculation of option value pursuant to Article 8.1 above, such calculation
shall be made for each position broken down by the Trading Member’s house accountand an account of a third party, and any fraction less than one thousand (1,000) Yen
resulting from aggregating those option values, if any, shall be discarded, provided,
however, that if the option value accordingly becomes less than zero, the absolute valueof such fraction shall be rounded up.

Article 9.

Restrictions on Eligible Securities

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

Reduction of the rates by which the market prices are multiplied as set
forth in Appendixes 1 and 2 to the Margin Regulations(2)

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

Restrictions on deposit of negotiable securities as margins

Article 10.

Notification Deadline for Provisional Account Position

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The time prescribed to be separately designated by the Exchange under Article
8.2 of the Margin Regulations shall be thirty (30) minutes after the close of the evening
session following the day session on the trading day on which the market derivatives
contract executed for the provisional account position to be notified is executed or the
L-T Link Position arising as the provisional account position to be notified arises (orthirty (30) minutes after the close of the same trading day’s day session, if matching is
not conducted in that trading day’s evening session).

Article 11.

Manner of Determination of Intraday Settlement Price

11.1
The Intraday Settlement Price set forth in Article 17.2 of the Margin
Regulations that shall be determined for each contract month shall be any of the prices
set forth in the following Items as applicable, calculated by the manner set forth in thesame Item:(1)

The Intraday Settlement Price shall be the volume-weighted average ofcontract prices (except for the contract price and the trading volume of
the market derivatives contracts executed by strategy trade, and suchexception is applicable to the reference to “the contract price” inArticle 11.1(2) below) of all the market derivatives contracts for eachcontract month that have been executed by the auction method during a
specific period of time ending before the close of day session on the
trading day on which the intraday additional margin call notice relevant
to such Intraday settlement Price is given, as may be determined by the
Exchange from time to time as necessary but in no case ending later
than 11:30 a.m. of the trading day (hereinafter called the “Intraday
Settlement Price Indicative Period”);(2)

Provided, however, that if there is no contract price during the Intraday
Settlement Price Indicative Period as defined in Article 11.1(1) aboveon that trading day, the Intraday Settlement Price on that trading day
shall be the Intraday Settlement Price for the most recent contract
month as of that trading day adjusted by the difference between thedaily settlement price for the relevant contract month and that for the

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most recent contract month as of the trading day immediately
preceding such trading day; and(3)

Notwithstanding Articles 11.1(1) and 11.1(2) above, if the Exchange
determines that the price obtained in the manner set forth in Article
11.1(1) above is not appropriate or the price prescribed in Article
11.1(2) above cannot be obtained, the Exchange shall determine theIntraday Settlement Price as it deems appropriate in view of theprevailing market conditions and other grounds.

11.2
The Intraday Settlement Price set forth in Article 17.2 of the Margin
Regulations that is to be determined for each of the series designated in the Special
Provisions for Options shall be either of the prices set forth in the following Items asapplicable, calculated by the manner set forth in the same Item:(1)

The Intraday Settlement Price shall be the figure obtained as theoreticalprice by reference to Schedule “Theoretical Option Price Formula” as
set forth in Schedule 3 of the Special Provisions for Options;(2)

Provided, however, that if the figure cannot be obtained in the manner
set forth in Article 11.2(1) above or if the Exchange determines that thetheoretical price obtained in the manner set forth in Article 11.2(1)above is not appropriate, the Exchange shall determine the Intraday
Settlement Price as it deems appropriate.

Article 12.

(Deleted)

Article 13.

(Deleted)

SUPPLEMENTARY PROVISIONS

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These amended regulations shall take effect as from December 1, 2011.

SUPPLEMENTARY PROVISIONS
These amended regulations shall take effect as from July 3, 2017.

SUPPLEMENTARY PROVISIONS
These amended regulations shall take effect as from August 31, 2017.

SUPPLEMENTARY PROVISIONS
These amended regulations shall take effect as from March 20, 2023.

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