Rules on Services of Employees, etc. Engaged in Financial Instruments
Intermediary Services
Established on June 10, 2021

Article 1. Purpose
The purpose of these Rules is to provide for the standard of services and sales representative qualifications, etc.
of officers or employees (hereinafter referred to as the “Employees, etc.”) engaged in the Financial Instruments
Intermediary Services of a Financial Instruments Intermediary Service Provider prescribed in Article 4,
Paragraph 1, Item 1 of the Articles of Incorporation (hereinafter referred to as the “Financial InstrumentsIntermediary Service”) as well as to clarify members’ responsibilities for supervising Employees, etc., thereby
protecting investors and ensuring the proper and smooth operation of business.

Article 2. Definition
In these Rules, the definitions of the terms set forth in the following items are as prescribed respectively inthose items.
(1) Acts of Financial Instruments Intermediation
The acts set forth in Article 2, Paragraph 11, Item 3 of the Financial Instruments and Exchange Act (ActNo. 25 of 1948; hereinafter referred to as the “FIEA”).
(2) Financial Instruments Intermediary ServiceServices pertaining to the acts set forth in the preceding item.
(3) Financial Instruments Intermediary Service Provider
A Financial Instruments Intermediary Service Provider prescribed in Article 4, Paragraph 1, Item 1 ofthe Articles of Incorporation.
(4) Officer
An officer of a corporate Financial Instruments Intermediary Service Provider who is in charge of theFinancial Instruments Intermediary Service.
(5) Employee
An employee or other worker of a Financial Instruments Intermediary Service Provider who is engagedin the Financial Instruments Intermediary Service at its business office or other offices located in Japan.
(6) Sales Representative
An Employee, etc. of a Financial Instruments Intermediary Service Provider who has been registered as
Sales Representative of the Financial Instruments Intermediary Service Provider prescribed in Article
64, Paragraph 1 of the FIEA as applied mutatis mutandis pursuant to Article 66-25 of such Act.
(7) Duties of Sales Representatives
The acts set forth in Article 64, Paragraph 1, Item 1 of the FIEA as applied mutatis mutandis pursuant toArticle 66-25 of such Act in connection with acts of financial instruments intermediation.

–1–Article 3. Compliance with Laws, Regulations, and Rules, etc.
When Employees, etc. of a Financial Instruments Intermediary Service Providers engage in the Financial
Instruments Intermediary Service, Full Members shall ensure that this business is performed in a fair andproper manner in accordance with the FIEA, other relevant laws and regulations, and the rules of theAssociation.

Article 4. Prohibited Acts
Full Members shall prevent the Employees, etc. of a Financial Instruments Intermediary Service Provider fromperforming any of the acts set forth in the following items:(1) Solicitation through the provision of conclusive evaluations about price increases or decreases forbeneficiary certificates, etc. (meaning beneficiary certificates (including book-entry transfer beneficial
interest in an investment trust), investment securities (including book-entry transfer investment equity)
or investment corporation bond certificates (including book-entry transfer investment corporation
bonds); the same shall apply hereinafter);(2) Solicitations that present false representations or representations which are likely to cause amisunderstanding of significant matters;(3) Solicitations or actions with a promise to bear all or part of the loss to customers(4) Solicitations or actions with a promise to offer special benefits to customers(5) Having a customer acquire beneficiary certificates, etc. while knowing that interested parties of a Full
Member are providing credit to the customer on the condition that the customer purchases said
beneficiary certificates, etc.
(6) Solicitations for the acquisition of an amount of beneficiary certificates, etc. that exceeds the customer’s
financial resources as known through the customer card, etc.
(7) Handling direct offerings or private placement for beneficiary certificates, etc. on a customer accountwithout obtaining the customer’s consent;(8) Solicitations or actions that obligate customers to share profits or losses;(9) Accepting an application to acquire beneficiary certificates, etc. from a customer while knowing that thecustomer is using a name other than their own(10) Not immediately delivering to the other party any money deposited by a customer, any beneficiary
certificates, etc. requested to be deposited at an asset management company, any money to be delivered
to a customer, any beneficiary certificates, etc. to be returned, and any documents relating to thebusiness(11) The lending or borrowing of money or beneficiary certificates, etc. to or from customers in connection
with the handling of direct offerings or private placement of Beneficiary Certificates, etc.
(12) Actions that divulge any secret that may have become known over the course of duties(13) Not explaining significant matters of a switchover of beneficiary certificates, etc. (meaning theacquisition of beneficiary certificates, etc. following the early cancellation of part of an investment trust
agreement involving actually held beneficiary certificates, etc., the refund of investment units, or the–2–

sale of such beneficiary certificates, etc.) to customers (except professional investors (meaning
professional investors as defined in Article 2, Paragraph 31 of the FIEA (excluding those customers
deemed to not be professional investors as defined in Article 34-2, Paragraph 5 of such Act andincluding those deemed as professional investors as defined in Article 34-3, Paragraph 4 of such Act(including when applied mutatis mutandis pursuant to Article 34,-4, Paragraph 6 of such Act)).) whensoliciting such a switchover of beneficiary certificates, etc.

Article 5. Misconduct
Full Members shall instruct and supervise the Employees, etc. of Financial Instruments Intermediary ServiceProviders so that they will not conduct any of the acts set forth in the following items (hereinafter referred to as“Misconduct”):(1) Executing a customer’s order without confirming the contents thereof;(2) Soliciting to mislead customers on any of the matters set forth in (a) through (c) below:(a) The nature of the securities(b) The conditions of the transaction(c) An increase or decrease in the price of securities(3) Mishandling business due to negligence in the execution of a customer’s order;(4) Erroneously executing a customer’s orders due to the malfunctioning of an electronic data processing
system; or(5) Committing any other act in violation of laws and regulations.

Article 6. Disposition of Violators
If the Employees, etc. of a Financial Instruments Intermediary Service Provider (including a person who was an
Employee, etc.; the same shall apply hereinafter) commits an act that runs counter to any of the provisions ofArticle 6 or each item of Article 4 of the Rules on Registration, etc. of Sales Representatives (hereinafterreferred to as the “Rules on Sales Representatives”) or is misconduct prescribed in the preceding article inconnection with the Financial Instruments Intermediary Service, the Full Member shall take the proper
disposition of such Employees, etc. according to the nature of the violation.

Article 7. Accident Report
1. If a Full Member is discovered to have caused any loss to a customer through any act by the Employees, etc.
of a Financial Instruments Intermediary Service Provider that runs counter to any laws or regulations or any
provisions of Article 6 or each item of Article 4 of the Rules for Sales Representatives or that is misconduct
prescribed in Article 5 herein, in connection with the Financial Instruments Intermediary Service, such Full
Member shall immediately submit to the Association an accident report by means of the Attached Formusing the “Electronic Notification and Storage System for Notifications from Members of the Association”(hereinafter referred to as the “Notification Management System of Investment Trusts Association”).
Provided, however, that this shall not apply to cases where the misconduct set forth in Article 5, Items 1 and
2 is due to negligence as well as the misconduct set forth in Item 3.
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2. Whenever a new matter to be reported arises with regard to the content of the report in the preceding
paragraph, Full Members shall resubmit to the Association the report in that paragraph detailing thesecircumstances using the Notification Management System of Investment Trusts Association.
3. When requested by the Association to provide an explanation or evidential documents pertaining to thecontents of a report submitted as prescribed in the preceding two paragraphs, the Full Member shall complywith such requests without delay.

Supplementary Provision
These Rules shall come into effect on the date of approval (July 1, 2021) by the competent government agency
for amendments to Articles of Incorporation.

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Attached Form
Application Date YYYY/MM/DD
To: Chairperson of the Investment Trusts Association, Japan(Trade Name or Name)(Representative)
The Financial Instruments Intermediary Service Provider conducting the Financial Instruments
Intermediary Service entrusted by the Company has been discovered to have caused a loss to acustomer due to the act of its Employees, etc. that runs counter to laws or regulations, any provisions ofArticle 6 or each item of Article 4 of the Rules on Registration, etc. of Sales Representatives ormisconduct prescribed in Article 5 of Rules on Services of Employees, etc. Engaged in FinancialInstruments Intermediary Services. Therefore, the Company hereby reports such losses under theprovisions of Article 7 of the Rules on Service of Employees, etc. Engaged in Financial Instruments
Intermediary Services.
NoticeName and Provisions, etc. ofLaws and Regulations, and theRules of the Association, etc.
Outline of the Case
1. Contents of acts
2. Background, causes, etc. of occurrenceContents of Acts, etc.

3. Status of internal control system at the time of occurrence
4. Status of correction and improvement
5. Reporting to supervisory government agency[Contact person]

Affiliation
Title and name
Telephone Number[Precautions for Descriptions]1.
Briefly enter the contents in the “Outline of the Case” column and enter details in the “Contents of Acts” column.
2.
Describe in detail the beginning of discovery, date and time of occurrence, department of occurrence, etc. for“Background of Occurrence.”
3.
If the status of corrections or improvements that they’re being formulated or improved, a separate report shall besubmitted after the completion thereof.
In addition, if dispositions, etc. are made, the details thereof shall also be described.
4.
Whether a report has been made to the supervisory government agency, and if so, the details (date of report, etc.)
thereof shall be entered, and a copy thereof shall be attached thereto.
(Please remove the red text before submitting this report.)–5–