Rules on Notification and Publication, etc. of the Base Value of Investment Trusts
Established on March 19, 2004
Revised on January 19, 2007
Revised on September 21, 2007
Revised on September 19, 2008
Revised on January 16, 2009
Revised on December 20, 2012
Revised on May 20, 2021

Article 1.

Purpose

These Rules set forth the necessary notification and publication for base value and notification and publication
for invalid beneficiary certificates and other necessary items necessary for the use of investment trust
beneficiary certificates (including book-entry transfer beneficial interest in an investment trust; hereinafterreferred to as “beneficiary certificates” ) as substitute securities, such as customer margin for margintransactions.

Article 2.

Beneficiary Certificates for Substitute Securities

This Association shall publish the base value of subject beneficiary certificates (including book-entry transfer
beneficial interest in an investment trust) of substitute securities such as customer margin for margintransactions. However, this shall not apply to subject certificates among investment trusts during a closed
period, investment trusts exclusively for cumulative investment and investment trusts whose cancellation islimited to a certain date.

Article 3.

Notification of Base Value

1. The Investment Trust Management Company (meaning the Investment Trust Management Company asdefined in Article 2, Paragraph 11 of the Act on Investment Trusts and Investment Corporations (Act No.
198 of 1951), and hereinafter referred to as the “Management Company”) shall notify the Association of thebase value of the investment trust as prescribed in the preceding article by electromagnetic means atapproximately the time set forth in the By-laws.
2. The value to be notified to the Association shall be the base value calculated under Article 52 of the Rules for
Valuation and Accounting of Investment Trust Properties, and other values shall not be adopted.
* Article 2 of the By-laws

Article 4.

Publication of Base Value

The Association shall publish the base value notified by the Management Company in the manner set forth in
the By-laws.
* Article 3 of the By-laws

Article 5.

Notification of Invalid Securities

1. The Management Company shall request the sales company to inform the Management Company which is–1–

engaged in the management of the investment trust or the investment corporation (hereinafter referred to as
the “Investment Trusts, etc.” ) without delay when an invalid security has been identified or invalidation
regarding any beneficiary certificate or investment security (meaning a beneficiary security or investment
security which has been reported to be invalid; the same shall apply hereinafter) has been reported to thesales company (meaning the type-I financial instruments business operator designated by the Management
Company (meaning a party that engages in Type I financial instruments business as prescribed in Article 28,Paragraph 1 of the FIEA (Act No. 25 of 1948 ) and the Registered Financial Institution; the same shall apply
hereinafter ).
2. Upon receipt of the notification set forth in the preceding paragraph from a sales company, the Management
Company shall notify the sales company that is handling the investment trust and notify the Association byelectromagnetic means.

Article 6.

Publication of Invalid Securities

Upon receipt of notification of invalid securities from the Management Company as specified in Paragraph 2 ofthe preceding article, the Association shall promptly prepare a list of the serial numbers of the invalid securities
and publish the list on the website for Association members.

Article 7.

Form for Notifying the Association, etc.

When notifying the Association of invalid securities in accordance with Article 5, Paragraph 2, theManagement Company must do so using the form set forth in the By-laws via “Electronic Notification andStorage System for Notifications from Association Members.”
When publishing the invalid securities as prescribed in the preceding paragraph, the Association shall doit in the form set forth in By-laws.
* Article 4 of the By-laws

Article 8.

Fund Code Unification

The Association shall standardize the fund code for investment trusts in order to facilitate the administration ofclerical work by the sales company and contribute to the appropriate operation of the base value publication
system for beneficiary certificates.

Article 9.

Deleted

Article 10.

By-laws

Necessary matters for the enforcement of these Rules shall be stipulated in the By-laws.

Article 11.

OthersAny matters not provided for in these Rules concerning notification, publication, etc. of the base value ofinvestment trusts may be decided by a resolution of the Board of Directors.

–2–Article 12.

Delegation to Competent Committee

1. The Board of Directors shall be entitled to delegate to the Self-Regulation Committee the authority to amendany By-laws relating to these Rules.
2. When the Self-regulation Committee decides a matter delegated to it (limited to those decisions the Board ofDirectors deems necessary), they shall promptly inform the Board of Directors of the details thereof.

Supplementary Provision
These Rules shall come into effect on April 1, 2004.

Supplementary ProvisionThis amendment shall come into effect on January 19, 2007.

Supplementary ProvisionThis amendment shall come into effect on September 30, 2007.

Supplementary ProvisionThis amendment shall come into effect on October 1, 2008.

Supplementary ProvisionThis amendment shall come into effect on January 16, 2009.

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

Supplementary ProvisionThis amendment shall come into effect on June 1, 2021.
* The amended provisions are as follows:
Article 7.

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