Rules for Electing Officer Candidates
Established on September 19, 2008
Revised on December 20, 2012
Revised on April 18, 2019
Revised on May 20, 2021

Chapter 1:
Article 1

General Provisions
Purpose

These Rules set forth the necessary matters for selecting candidates in member elections for Board of Directors
and Auditor positions (hereinafter referred to as “Officers”) for the Investment Trusts Association (hereinafterreferred to as the “Association”).

Chapter 2:

Member Elections

Article 2

Conducting Member Elections

1. The Association shall hold member elections for candidates for officer positions (hereinafter referred to as“Officer Candidates” ) from Officer Candidates in the Association within Full Members (meaning FullMembers defined in Article 7, Paragraph 1, Item 1 of the Articles of Incorporation; the same shall apply
hereinafter. ) However, when Officer Candidates are selected for reasons other than the expiration of theirterms of office and the Board of Directors approves, Officer Candidates may be selected by a method otherthan member elections.
2. The fixed number of Officer Candidates available for member elections in the preceding paragraph shall bedecided by the Board of Directors.

Article 3

Voting Rights for Member Elections

Full Members shall have the right to vote in member elections, with one vote for each Full Member. However,any Full Member whose membership is suspended or restricted shall not be entitled to vote during the period ofsuspension or restriction.

Article 4

Member Election Method

Member elections shall be conducted via secret ballots with plural entry for Officer Candidates who have filed
their candidacy under the provisions of Article 7. The same shall apply to Officer Candidates who have filed
their candidacy under Article 9, Paragraph 1.

Article 5

Determination and Notification of Member Election Dates, etc.

1. When a member election is to be held, the Association shall use a resolution of the Board of Directors todecide the date and time at which the member election voting is to be held, the place at which the member
election is to be held, and other necessary matters concerning the member election.
2. The Association shall notify Full Members of the date, time, and location of the vote, the fixed number ofOfficer Candidates in the election, and other necessary matters for the member election as decided by theBoard of Directors pursuant to the preceding paragraph at least 15 days prior to the date of the member
election (hereinafter referred to as the “Member Election Date”).

Article 6

Election Observers

1. When conducting a member election by vote, the Chairperson shall elect two or more election observers
from among the Full Member Representative possessing voting rights for each such member election, withthe consent of the Board of Directors. However, under special circumstances, officers and employees of theAssociation may be appointed as election observers.
2. Election observers shall oversee matters involving voting and ballot counting.
3. Election observers are not eligible to be Officer Candidates described in Article 7.

Article 7

Notification of Candidacy

1. A person wishing to be an Officer Candidate (excluding those deemed to have submitted a candidacy
submission form under the provisions of Paragraph 2) shall file a candidacy submission form in theappended form to the Association between the notification date based on the provisions of Article 5,
Paragraph 2 and no later than 10 days before the Member Election Date (or the next business day if such day
falls on a holiday. Hereinafter referred to as the “Candidate Deadline”).
2. Officer Candidates recommended to the Chairperson by the Officer Nomination Committee shall be deemed
to have submitted a candidacy submission form to the Association for said member election.
3. Those eligible to be Officer Candidates shall be a Full Member Representative.

Article 8

Notifications of Candidate Names, etc.

The Association shall notify Full Members of the names of Officer Candidates who have submitted candidacies
under the preceding article (including those deemed to have submitted a candidacy submission form describedin Paragraph 2 in the preceding article; the same shall apply hereinafter in this article) and other importantmatters relating to the member election without delay after the Candidate Deadline.
Additionally, if the number of Officer Candidates who have submitted their candidacy does not exceed thenumber of officers set by the Board of Directors for said member election (hereinafter referred to as the “FixedNumber of Officers”), the Full Members shall also be notified that the candidates will be elected without voting
as set forth in Article 12.

Article 9

Submission and Notification of Supplementary Candidates

1. If the number of Officer Candidates who have submitted their candidacies by the Candidate Deadline is lessthan the Fixed Number of Officers for said member election or decreases below the Fixed Number after theCandidate Deadline, any person wishing to be an Officer may become an Officer Candidate for said member
election by submitting a candidacy submission form to the Association between the day the Association
notifies members as set forth in the preceding article and five days before the Member Election Date (if suchday falls under a holiday, it shall be the next business day; hereinafter referred to as the “SupplementaryCandidate Deadline” ).
2. In the case of submission of candidacy under the preceding paragraph, the Association shall notify Full
Members of the names of Officer Candidates who have submitted their candidacy after the Supplementary
Candidate Deadline without delay.

Article 10

Limitations on Candidacies

A representative of a Full Member whose member rights have been suspended or restricted may not be orbecome an Officer Candidate during the period of the suspension or restriction.

Article 11

Withdrawal of Candidacy

1. Any person who has filed a candidacy submission form for an Officer Candidate under the provisions ofArticle 7, Paragraph 1 and subsequently decides to withdraw his/her candidacy must notify the Association
to that effect by the Supplementary Candidate Deadline.
2. When the Association has been notified of a withdrawal of candidacy as set forth in the preceding paragraph,
the Association shall notify Full Members of the names of the candidates who have withdrawn theircandidacy without delay after the Supplementary Candidate Deadline.

Article 12

Election without Vote

1. Notwithstanding the provisions of Article 2, voting shall not occur if the number of Officer Candidates who
have submitted candidacies under Article 7, Paragraphs 1 and 2 is less than the Fixed Number of Officers in
said member election at the expiry of the Candidate Deadline.
2. In the case of the preceding paragraph, the Chairperson shall declare these candidates elected.
3. The provisions of the preceding two paragraphs shall apply mutatis mutandis to supplementary candidates
described in Article 9. In this case, the phrase “the number of Officer Candidates who have submitted
candidacies under Article 7, Paragraphs 1 and 2” in Paragraph 1 shall be deemed to be replaced with “thenumber of Officer Candidates who have submitted candidacies under Article 9, Paragraph 1”; the phrase“Fixed Number of Officers” shall be deemed to be replaced with “Fixed Number of Officers (the numberdetermined by deducting those already elected by the Chairperson.)”; and the phrase “Candidate Deadline”
shall be deemed to be replaced with “Supplementary Candidate Deadline.”
4. When determining the elected candidates, the Chairperson shall notify the Board of Directors to that effect.

Article 13

Voting

1. Voting shall be made by representatives of Full Members with voting rights (hereinafter referred to as“Member Representatives”) at the designated voting location (hereinafter referred to as the “DesignatedVoting Location”) on the Member Election Date.
2. Notwithstanding the provisions of the preceding paragraph, Member Representatives may vote in any of thefollowing ways:(1) Having an officer and employees of said Full Member designated by the Member Representative(hereinafter the “Agent”) cast a vote at the Designated Voting Location on the Member Election Date(2) Voting by mail, etc. between the day following the Candidate Deadline and the day before the Member
Election Date
3. When voting via the method described in Item 1 of the preceding paragraph, the Agent must submit
documentation showing that he/she has been delegated by the Member Representative to either the electionobservers or a person specified by the election observers.

Article 14

Count

1. Ballots shall be counted without delay after voting has ended.
2. The election observers shall notify the Association of the election results without delay.

Article 15

Voting by Symbol

Voting shall be carried out in such a manner that the symbol ○ is entered in the designated column of the votingform listing the names of the Officer Candidates and the number of ○ symbols shall be the same as the fixed
number of Officers set in advance by the Board of Directors.

Article 16

Invalidity of All or Part of a Vote

1. All votes cast shall be void if any of the following apply:(1) The prescribed ballot is not used
(2) The number of ○ symbols exceeds the fixed number of Officers available for election as set in advance by
the Board of Directors
2. Only the part of the vote of the Member Representative in question shall be void if one of the following items
applies to a part of a vote:(1) A part containing marks, etc. that cannot be distinguished as a ○ symbol(2) A part where it is difficult to identify a ○ symbol

Article 17

Decisions on Doubts

The election observers shall decide in the event of any doubt in voting.

Article 18

Determination of Winners

1. When Member Representatives vote in accordance with the provisions in Article 13, the Chairperson shalldetermine the final order of candidates by those who received the most votes and select candidates
sequentially until the Fixed Number of Officers has been satisfied.
2. A lottery shall be used to determine the order of candidates who received an equal number of votes based on
the provisions of the preceding paragraph.
3. When the candidates have been selected based on the provisions of Paragraph 1, the Chairperson shall report
the results to the Board of Directors without delay.

Article 19

Election Records

1. When voting is held, an election record containing the voting procedures and results shall be prepared andsigned by the election observers.
2. The Association shall attach the ballots for the member election, the candidacy submission forms, and any
withdrawal of candidacy forms to the election record and keep them until the end of the term for officer
candidates elected in that member election.

Article 20

Re-election

1. If the number of elected candidates is less than the Fixed Number of Officers, re-elections shall be conducted
for the remaining number of Officer positions without delay.
2. The provisions of Article 5 through the preceding article shall apply mutatis mutandis to re-elections.

Article 21

OthersAny matters relating to member elections not provided for by these Rules shall be determined by the Board ofDirectors.

Supplementary Provision
These Rules shall come into effect on October 1, 2008.

Supplementary ProvisionThis amendment shall come into effect on January 4, 2013.

Supplementary ProvisionThis amendment shall come into effect on May 1, 2019.

Supplementary Provisions
This amendment shall come into effect on June 1, 2021.
* The amended provisions are as follows:- Appended form mentioned in Article 7(Appended Form)
Application Date YYYY/MM/DD

The Investment Trusts Association, Japan
To: Chairperson(Name of Candidate)

Seal(Trade Name or Name)(Title)Notification of Candidacy for an Officer of the Investment Trusts Association

I hereby submit my candidacy for the following Association Officer position with regards to the member
election for the next Officer term from the member notification dated YYYY/MM/DD.

Notice○ Association Officer position for which I am running(Please circle one)

Director

Auditor