By-laws on the Rules for Preparation of Delivery Prospectus
Established on March 18, 2010
Revised on November 17, 2011
Revised on February 21, 2013
Revised on June 12, 2014
Revised on July 17, 2014

Article 1.

Purpose

These By-laws shall provide for matters necessary for implementation of the Rules for Preparation of Delivery
Prospectus (hereinafter referred to as the “Rules”).

Article 2.

Description Format for Instrument Classification and Attribute Categories

The format provided for in the By-laws as prescribed in Article 2, Item 9 of the Rules shall be the following
format:Unit
type/open
type‥

Instrument Classification
Investment
Investment
target areatarget assets(Source ofrevenue)‥‥‥

Investment
target assets‥‥

Attribute Category
Settlement
Investment
frequency
target area‥

Investment
form

‥

‥

‥

‥

(Points to consider in writing)
1. Instrument Classification and attribute category shall be clearly distinguished.
2. Among the above items, any item not applicable may be omitted.
3. In the “Currency hedge” section stated in the attribute category, record whether there are hedges against
exchange risk against the yen.
4. In the event that it is difficult to indicate the item in the parentheses of “investment target assets” in thetable due to space, etc., it may be recorded in the margins of the table as required.

Article 3.

Description Method as Specified in the By-laws as the Characteristics of the FundThe description method specified in the By-laws as prescribed in Article 3, Paragraph 1, Item 1-(ii)-(d) and (e)of the Rules shall be as follows:(1) With regard to currency selection type of investment trusts, etc., (meaning the investment trust prescribedin Article 3, Paragraph 2 of the Rules; the same shall apply hereinafter) the places of publication of thematters set forth in (i) through (ii) below shall be specified in conformity with the product attributes of
the investment trust with much consideration.

(i) For currency selection type of investment trusts, the elements of their respective revenue sources (forexample, “revenues from investment target assets,” “premiums from exchange transactions(revenues equivalent to interest rate differences),” “revenues from exchange fluctuations,” etc.) shall–1–

be explained in the text of the Delivery Prospectus using writing and diagrams, and conceptual
diagrams illustrating the mechanism of currency selection type of investment trusts shall also berecorded, with reference to the following example diagrams.
Conceptual diagram example illustrating the mechanism of currency selection type of investment trusts(ii) A conceptual diagram illustrating the risk and return of currency selection type of investment trusts
shall be recorded with reference to the following example diagram in order to confirm the risk andreturn of currency selection type of investment trusts in a single diagram that presents “cases in which
profits can be gained” and “cases in which losses and costs will arise” for each element of the source ofrevenue.



Conceptual diagram example illustrating risk and return for currency selection type of investment trusts–2–

(Points to consider in writing)
1. Conceptual diagrams shall be in accordance with the investment trust product scheme handled by eachcompany for illustrative purposes.
(2) With regard to the description of the “Distribution Policy” set forth in Article 3, Paragraph 1, Item
1-(ii)-(e) of the Rules, that the distribution policy does not guarantee future distribution shall be devised
and recorded with reference to the following description examples:(i) If describing only in writing, for example, “Payment of future distribution and the amount thereof
shall not be guaranteed,” shall be indicated with some contrivance such as making the size of thecharacters in the description in the text an equivalent size.
(ii) If writing is added to conceptual diagrams in the “Distribution Policy,” for example, “The above isfor illustrative purposes only and does not indicate or guarantee the payment of distribution in the
future or the amount thereof,” shall be indicated with some contrivance such as making the size of thecharacters in the description in the text an equivalent size or considering the balance with theconceptual diagram.

Article 3-2.

(Description Format for Comparison of Fluctuation Rate with Typical Asset Classes)

The description method specified in the By-laws as prescribed in Article 3, Paragraph 1, Item 2-(iv) of theRules shall be as follows: Conceptual diagram example of a comparison of fluctuation rate with typical asset classes<Comparison of fluctuation rate of the fund with other typical asset classes>–3–

(Average fluctuation rate, annual maximum fluctuation rate and minimum fluctuation rate (%) of the fund andother typical asset classes)
This FundJapanese
Shares+4.3

Average
Value
Maximum
Value
Minimum
Value

Shares ofEmerging
Countries+4.9

Japanese
Bonds

-13.6

Shares ofDeveloped
Countries
+1.2

+2.3

Bonds ofDeveloped
Countries-8.8

Bonds of
Emerging
Countries
+10.9

35.5

28.5

57.0

91.6

4.1

2.6

38.9

-23.9

-45.4

-47.9

-56.6

0

-18.9

-18.2

(Note) Not all asset classes are investment targets of the fund.

* The average, maximum, and minimum fluctuation rates for every end-of-month of the last year
during the five-year period from MMYY to MMYY are shown for the fund and other typical asset
classes.

* Index for each asset class
Japanese Shares ...................................... ○○○○○
Shares of Developed Countries ............... ○○○○○
Shares of Emerging Countries ................. ○○○○○
Japanese Bonds ....................................... ○○○○○
Bonds of Developed Countries................ ○○○○○
Bonds of Emerging Countries ................. ○○○○○(Note) Overseas indices are converted into yen on the assumption that investments are made without exchange hedging.

(Points to consider in writing)
1. Conceptual diagrams shall be in accordance with the investment trust product handled by each company
for illustrative purposes. When the average, maximum, and minimum fluctuation rates are shown in the
diagram, the table “(for average fluctuation rate, annual maximum fluctuation rate, and minimum
fluctuation rate (%) for the fund and other typical asset classes)” need not be shown.
2. In recording a graph for comparison with typical asset classes, in order to make it easy for investors tounderstand the purpose of including this graph, creative efforts shall be made by, for example, statingthat “The graph has been created so as to enable quantitative comparison between the fund and typicalasset classes.”

Article 3-3.

(Description Format for Changes in Annual Fluctuation Rate of the Fund and Base Value after

Dividend Reinvestment)
The description method specified in the By-laws as prescribed in Article 3, Paragraph 1, Item 2-(v) of the Rules
shall be as follows:

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

Conceptual diagram example indicating changes in Annual Fluctuation Rate of the Fund and basevalue after dividend reinvestment(Points to consider in writing)
1. Conceptual diagrams shall be in accordance with the investment trust product handled by each company
for illustrative purposes.

Article 4.

Description Method Specified in the By-laws as Additional Information

The description method specified in the By-laws as prescribed in Article 4, Paragraph 1, Item 6 of the Rules
shall be as follows:
According to the description method in (i) to (iii) below, investment trusts as set forth in Article 4, Paragraph 1,
Item 6 of the Rules shall be noted as “Points to Consider in Income Distribution,” etc., and shall in principle bedescribed following the passage on distribution policy in the “Purpose and Features of the Fund.”Investment trusts subject to this item shall mean publicly offered open type investment trust (excluding
exchange-traded securities investment trusts (investment trusts prescribed in Article 12, Items 1 and 2 of theRegulation for Enforcement Order of the Act on Investment Trusts and Investment Corporations and listed
investment trusts prescribed in Article 9-4-2 of the Act on Special Measures Concerning Taxation; hereinafterreferred to as “Listed Investment Trust”)).
(i) Recording method for image of payment of distribution
As an explanation in writing, for example, that “Unlike interest on deposits and savings, distribution ispaid out of the net assets of the investment trust, so when distribution is paid, the base value is reduced
by an equivalent amount,” shall be recorded in a conspicuous manner, such as enclosed by a frame, anda conceptual diagram of the distribution paid out of the net assets of the investment trust in reference tothe example diagram below shall also be recorded.

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

Conceptual diagram example of distribution paid out of the net assets of the investment trust
Distribution

Image of distribution paid
from the investment trust
Net assets of the investment trust(ii) Recording method for image in which distribution is paid in excess of profits
As an explanation in writing, for example, that “Distribution may be paid in excess of profits generated
during the accounting period (transaction gains such as distributions after deduction of expenses,
including valuation gains). In that case, the base value on the current closing date will be lower thanthat of the previous period’s settlement date. In addition, the standard for distribution does notnecessarily indicate the rate of return of the fund during the calculation period,” shall be recorded in aconspicuous manner, such as enclosed by a frame, and a conceptual diagram of distribution payment inexcess of profits in reference to the example diagram below shall also be recorded.
Conceptual diagram example of distribution paid in excess of profits generated during the calculation
period(If the base value increases from the previous closing date) (If the base value decreases from the previous
closing date)(Points to consider in writing)
1. With regard to the distribution amount, as an explanation in a conceptual diagram, the following shallbe clearly noted: (i) dividend income after deduction of expenses, (ii) transaction gains including–6–

valuation gains after deduction of expenses, (iii) reserve for dividends, and (iv) revenue adjustment. It
shall also be recorded that “Distribution shall be paid out of the distribution amount based on the
distribution policy.”
2. With regard to the expression of conceptual diagrams, the specific amount of money shall be recorded
in an easy-to-understand manner.
3. With regard to conceptual diagrams, it shall be recorded to “Bear in mind that the above is forillustrative purposes only and does not indicate or guarantee the actual distribution amount or the basevalue.”(iii) Recording method for image in which distribution, in whole or in part, is equivalent to partial paybackof the principal.
As an explanation in writing, for example, that “Depending on the investor’s purchase price of the fund,
distribution, in whole or in part, may be substantially equivalent to a partial payback of the principal,”or that “Depending on the investor’s purchase price of the fund, distribution, in whole or in part, may besubstantially equivalent to a partial payback of the principal. The same shall apply when the increase in
the base value is smaller than the increase in the distribution amount due to management status after thepurchase of the fund,” shall be recorded in a conspicuous manner, such as enclosed by a frame, and aconceptual diagram of a case in which distribution, in whole or in part, is equivalent to a partial paybackof the principal, in reference to the example diagram below, shall also be recorded.

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

Conceptual diagram example of a case in which distribution, in whole or in part, is equivalent to a partial
payback of the principal(A case in which distribution is in part equivalent to a partial payback of the principal)

Ordinary distribution

Investor’s purchase pricePrincipal payback(Special distribution)(Initial individual
principal)
Base value after payment
of distribution
Individual principal* The principal payback(special distribution) shall bedeemed substantially a partial
refund of the principal, andthe individual principal shallbe decreased only by thatamount.
In addition, the principal
payback (special distribution)
portion shall be exemptedfrom taxation.

(Cases in which the whole distribution is equivalent to partial payback of the principal)

Investor’s purchase pricePrincipal payback(Special distribution)(Initial individual
principal)
Base value after payment
of distribution
Individual principal(Points to consider in writing)
1. When recording that distribution, in whole or in part, is equivalent to a partial payback of the principal,a description of ordinary distribution (distribution from the portion exceeding individual principal[investor’s purchase price of the fund]) and the principal payback (special distribution) (distribution
from the portion below individual principal) shall be recorded. In addition, with regard to the principal
payback (special distribution), it shall be recorded that “The investor’s individual principal after
distribution shall decrease by the amount of the principal payback (special distribution).”
2. As a note, “With regard to taxation on ordinary distribution, refer to ‘Fund Expenses and Taxes’ in‘Procedures and Fees, etc.’ of the Delivery Prospectus,” shall be inserted. Conceptual diagrams ofcases in which distribution, in whole or in part, is equivalent to partial payback of the principal may berecorded in “Fund Expenses and Taxes” in “Procedures and fees.”–8–Article 5.

Description Method for Changes in Distribution

The description method specified in Article 3, Paragraph 1, Item 3 A)-(ii) of the Rules shall be as follows:
Description example (1) (example of twice-yearly settlement fund)October 200940 yenApril 2009

60 yenOctober 2008

30 yenApril 2008

50 yenOctober 2007

40 yenCumulative total since establishment

The past five calculation periods
and cumulative total since
establishment are shown together.

2,460 yen

Description example (2) (example of monthly settlement fund)October 200940 yenSeptember 200940 yenAugust 200940 yenJuly 200940 yenJune 200940 yenCumulative total for the most recent year

480 yen

Cumulative total since establishment

2,400 yen

The past five calculation periods,
cumulative total for the most recent
year, and cumulative total since
establishment are shown together.

(Points to consider in writing)
1. When recording changes in distribution, these shall be described in the form of a table for at least thelatest five calculation periods.
As in the description example above, the total value of several calculation periods (for example, since
establishment and the last several calculation periods) may also be described together.
2. The unit of distribution (per 1 unit; per 10,000 units; etc.) shall be specified.
3. It shall be recorded that the distribution data are figures before taxes.

Article 6.

Description Format for Procedures and Fees

The format provided for in the By-laws as prescribed in Article 3, Paragraph 1, Item 4 of the Rules shall be thefollowing format: However, listed investment trusts, property accumulation benefit funds (investment trusts
with beneficiaries being workers under workers’ property accumulation contracts as provided in Article 6-2 ofthe Workers’ Property Accumulation Promotion Act (Act No. 92 of 1971), in which the employer who employs
the workers shall contribute all of the money to be allocated to the establishment of the investment trust), andfunds exclusively for defined contribution pension plans (investment trusts for the purpose of managing funds
contributed by individuals or employers under the Defined Contribution Pension Act (Act No. 88 of 2001))
may be established in accordance with the characteristics of said funds.

–9–(1) Application memo
Purchase units
Purchase value
Purchase priceLiquidation unit
Liquidation value
Liquidation priceApplication deadline
Purchase application period
Restrictions on liquidation
Suspension and cancellation of acceptance ofpurchase and liquidation applications
Trust Period
Advance redemption
Closing date
Distribution of profits
Limit of trust money
Notification
Investment Report
Taxation-related* Points to consider in writing 1* Points to consider in writing 2* Points to consider in writing 3* Points to consider in writing 4* Points to consider in writing 5* Points to consider in writing 6* Points to consider in writing 7* Points to consider in writing 8* Points to consider in writing 9* Points to consider in writing 10(Points to consider in writing)
1. “Purchase price” shall indicate the due date by which the Investor shall pay the purchase price.
2. “Liquidation price” shall indicate the date of commencement of payment of the liquidation price.
3. “Purchase application period” may be stated at the beginning of the application memo if it is considered
to be important information for investors in newly established funds or unit types.
4. “Restrictions on liquidation” shall indicate restrictions pertaining to closed terms or large-scale earlycancellations if such matters exist. If such matters do not exist, that shall be indicated as “N/A” or “-.”
5. “Suspension and cancellation of acceptance of purchase and liquidation applications” shall state that
acceptance of purchase and liquidation applications may be suspended or cancelled due to suspensionof transactions at financial instruments exchanges, etc.
6. “Trust period” shall indicate the “trust establishment date” and the “redemption date” (or if the trust
period is indefinite, a statement to that effect).
7. “Advance redemption” shall indicate that the fund may be redeemed in advance and the requirements
therefore.
8. “Distribution of profits” shall indicate the frequency of distribution, handling of distribution(possibilities for reinvestment), etc.
9. “Investment Report” shall indicate the time of preparation of the investment report (if an Investment
Report (Delivery Version) has been prepared, the Investment Report (Delivery Version)) and the factthat the investment report will be delivered to known beneficiaries.
10. “Taxation-related” shall in principle indicate that the trust is to be treated as a share investment trust
for taxation purposes or that the trust is to be treated as a public and corporate bond investment trust for
taxation purposes. In addition, if any dividend deduction system or deduction for dividends isapplicable, such fact shall be indicated. However, this shall not apply to any of the following investment
trusts:‐ Publicly offered bond investment trust prescribed in Article 2, Paragraph 1, Item 15-3 of the Income
Tax Act
11. In addition to the above items, if there are any other matters to be described, such as the characteristics–10–

of the fund or any other matters considered necessary, said other matters shall be described in addition
to the above items as appropriate.

(2) Fund expenses and taxes(a) Fund expenses
Expenses directly borne by the investor
Commission at time of purchase* Points to consider in writing 2
Amount retained in trust property
Expenses indirectly borne by the investor in the trust property
Investment management expenses (trust fee)
* Points to consider in writing 3(Management company)* Points to consider in writing 3(Seller)* Points to consider in writing 3(Trustee company)* Points to consider in writing 3* Points to consider in writing 5*

Other expenses and fees
* Passages to write in parentheses(Points to consider in writing)
1. With regard to expenses directly borne by the investor (commission at the time of purchase,amount retained in trust assets) and expenses indirectly borne by the investor (investment
management expenses (trust fee) and other expenses and fees), the amount or rate of fees,collection method, and collection period shall be recorded. In recording commission at the time ofpurchase, the amount retained in trust property, investment management expenses (trust fee(total)), and fees at the time of liquidation, efforts shall be made so that they are conspicuous, suchas by using red type or underlining.
2. With regard to commission at the time of purchase, the content of the services for which thecommission is compensation shall be described in a table so as to compare with the commission.
3. With regard to investment management expenses (trust fee), not only the total price with tax but
also the calculation method, amount or rate, collection method, and collection period shall be
indicated for each party to whom payment is made, and the same shall be indicated in the table forcomparison with reference to the following matters:
Trust fee = base value during the investment period x trust fee rate
(Management company) Compensation for management of entrusted funds(Sales company) Compensation for sending various documents such as investment reports,
managing the fund in the account, providing information after purchase, etc.
(Trustee company) Compensation for administration of investment property and execution of
instructions from the management company
4. For expenses not applicable to any of the above items, the fact that such expenses are notapplicable shall be indicated.
5. With regard to other expenses and fees, the calculation method, amount or rate, collection method,collection period, and content of services for which the fees are the compensation (for example,–11–

fees for audits, etc.) shall be recorded for each party to whom payment is made. In addition, if rates
cannot be recorded in advance, such fact and the reason therefore shall be recorded, and if rates canbe confirmed in the Requested Prospectus, such fact shall be recorded.
6. For funds that collect expenses other than the above items and which have expenses to be
separately described (for example, funds that collect fees at the time of liquidation), the items shallbe added as appropriate, and the content of the expenses and services for which the fees are thecompensation shall be described.
7. In the case of the fund of funds, the content of substantial expenses shall be described withreference to the following examples.
If explaining substantial expenses is difficult, it may be substituted with such statement.

[Description example of investment management expenses (trust fee) for the fund of funds]
Investment management expenses of the fund (trust fee)
(Management company)(Seller)(Trustee company)
Investment trust securities considered
the investment target
Substantial burden
8. If explaining the above points to consider in writing in the table items is difficult, the points toconsider in writing may be described in the table margins as appropriate.

(a) Taxes
Taxes shall be stated in accordance with the classification of share investment trusts and public andcorporate bond investment trusts based on the following examples.
[Description example of share investment trusts]‐

Taxes shall apply in the period listed.

‐

The following table shows the withholding tax rates of individual investors, which may vary dependingon taxation methods.
PeriodAt distribution

Item

Taxes

Income taxes and●% against ordinary distribution

local taxes
At the time of liquidation

Income taxes and(early cancellation) andlocal taxes

at the time of redemption

Taxation as dividend income

Taxation as transfer income●% against marginal profits (transfer
profits) at the time of liquidation (earlycancellation) and redemption‐

Since the above is as of MMDDYY, tax rates may change if tax laws are amended.

‐

Cases of corporations differ from the above.

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‐

It is recommended that details of tax handling be confirmed with tax specialists.

[Description example of public and corporate bond investment trusts]‐

Taxes shall apply in the period listed.

‐

The following table shows tax rates for individual investors. (May differ if using tax exemption systems)
PeriodAt distribution

Item

Taxes

Income taxes and●% of distribution

local taxes
At the time of liquidation

Income taxes and(early cancellation) andlocal taxes

redemption

Taxation as interest income

Taxation as interest income●% against the amount in excess of(individual) principal at the time ofliquidation (early cancellation) and at thetime of redemption‐

Since the above is as of MMDDYY, tax rates may change if tax laws are amended.

‐

Cases of corporations differ from the above.

‐

It is recommended that details of tax handling be confirmed with tax specialists.

Article 6-2.

The Description Method Specified in the By-laws regarding Names of Funds Subject to Credit

Risk Diversification Control
The description method specified in the By-laws as prescribed in Article 5-2 shall be devised and recorded withreference to the following description examples:(1) If there is or is likely to be a controlling issue in excess of the ratio set forth in Article 17-2, Paragraph 1of the Rules on Management of Investment Trusts, etc. (hereinafter referred to as the “Management
Rules”) in the investment target, the fund shall conspicuously indicate on the cover page of the Delivery
Prospectus that it will engage in specialized investment and state in the section on “Purpose andFeatures of the Fund” that there is a controlling issue (including the fact that there is high likelihood of
there being a controlling issue) and the effects thereof.


Examples of description in the section on “Purpose and Features of the Fund” of a Delivery Prospectus inwhich a controlling issue exists or is highly likely to exist.
‐ The Fund adopts the XX Stock Index as a benchmark. Since the XX Stock Index has a controllingissue that accounts for, or is likely to account for, more than 10% contribution of the said index,
investment concentrated in that specific issue may occur, and large losses may be incurred in theevent of bankruptcy or deterioration in business operation or financial status concerned with suchcontrolling issue.
‐ The fund combines the XX index with the YY index at a weight of 5:5 and uses that index converted
into yen as the benchmark. Since this benchmark has a controlling issue that accounts for, or is likely
to account for, more than 10% contribution of the said benchmark, investment concentrated in that–13–

specific issue may occur, and large losses may be incurred in the event of bankruptcy or deteriorationin business operation or financial status concerned with such controlling issue.
‐ The fund has invested in XX-related shares. Since XX-related shares have a controlling issue that
accounts for, or is likely to account for, more than 10% contribution of the shares, investment
concentrated in that specific issue may occur, and large losses may be incurred in the event ofbankruptcy or deterioration in business operation or financial status concerned with such controllingissue.

(2) If the ratio of the exposure to a single entity calculated in the manner set forth in Article 17-2 of theManagement Rules to the net assets of the investment trust property exceeds the ratio set forth in Item 1of the same article, the name of such single entity shall be clearly indicated in the name of the fund so as
to be easily understood by general investors, the fact that such single person is engaged in specialized
investment shall be conspicuously indicated on the cover page of the Delivery Prospectus, and theexistence (including the fact that it is highly likely to exist) and the effect thereof shall be stated in thesection on “Purpose and Features of the Fund”


Examples of fund names that clearly indicate the name of a fund with an entity whose exposure exceeds
the regulation ratio‐ “XX Share Fund” (XX is a company name; several companies are possible.)‐ “Indonesian Government Bond Fund”‐ “World Bank Bond Fund”

Article 7.

Written Expression

The written expression provided for in the By-laws as prescribed in Article 7, Paragraph 4 of the Rules shall be
the following items:(1) When explanation is made in writing, the following matters should be taken into consideration:(a) To endeavor to express matters concisely and simply. Also, to avoid ambiguous expressions anddescribe as specifically as possible.
(b) To endeavor to shorten single sentences as much as possible and not include multiple pieces of
information in one sentence. Also, in principle, not to use any irony or double negatives in a
sentence.
(c) To refrain from using difficult technical terms as much as possible. Also, to endeavor to use thesame terms to indicate the same content.
(2) To pay attention to the following matters when using graphs and diagrams:(a) To endeavor to select the most suitable format so that investors can easily make decisions.
(b) To endeavor to present content so as not to cause misunderstanding for investors.
(3) When using photographs, illustrations, etc., to pay attention to the following matters:(a) Not to present content in ways likely to cause misunderstanding or prejudice for the investor (forexample, any photograph which may cause misunderstanding of the content of the investment
target asset by exaggerating part thereof or any portraits of prominent people that may cause–14–misunderstanding of investment policies).
(b) When presenting photographs or illustrations, strive for a layout that does not make the text
difficult to read.
(4) For publicly offered open type investment trust, the term “special distribution” (as defined in Article 27of the Order for Enforcement of the Income Tax Act (Cabinet Order No. 96 of March 31, 1965); thesame shall apply hereinafter.) shall be expressed as “Principal payback (special distribution).”(5) Not to indicate the terms “stability” or “stable” regarding currency selection type of investment trusts inthe distribution policy.
However, this shall not apply to courses for hedging against yen.

Supplementary Provisions
These By-laws shall be implemented from July 1, 2010.
However, this provision shall be applied from the Delivery Prospectus of the Securities Registration Statement
newly submitted on or after the effective date.

Supplementary Provisions
1. This amendment shall come into effect on February 1, 2012 and shall apply to those whose Securities
Registration Statement is newly submitted on or after the effective date.
2. Notwithstanding the foregoing Paragraph 1., Full Members shall not be precluded from operating based on
the provisions after the amendment before the date of such application.

Supplementary Provisions
1. This amendment shall come into effect on June 1, 2012 and shall apply to those whose Securities
Registration Statement is newly submitted on or after the effective date.
2. When a Securities Registration Statement is newly submitted after the effective date for currency selection
type of investment trusts already actually existing on the effective date that use the terms “stability” or“stable,” the provisions of Article 7, Item 5 after amendment shall not apply to the following <Noteexamples>.
<Note examples>
The policy is that “In principle, stable distribution shall be done mainly for profits such as interest anddividends,” but this does not suggest that profits from investment will be stable or that the base value
will change stably. In addition, it should be noted that stable distribution may not be realized dependingon the base value standard, management status, etc.
3. Notwithstanding the foregoing Paragraph 1. and 2., Full Members shall not be precluded from operating
under the revised provisions until such effective date.

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Supplementary Provisions
1. This amendment shall come into effect on February 21, 2013 and shall apply to any new Securities
Registration Statement submitted on or after the effective date.
2. Notwithstanding the foregoing Paragraph 1., Full Members shall not be precluded from operating based on
the provisions after the amendment before the date of such application.

Supplementary Provisions
1. This amendment shall come into effect on December 1, 2014 and shall apply to those whose Securities
Registration Statement is newly submitted on or after the effective date, and those whose Securities
Registration Statement is submitted before the effective date shall be according to former precedent.
2. In the Supplementary Provisions of the Financial Instruments Act (Article 38 of the Act. No. 45 of 2013
[Review]) the “government shall review the provisions of each law after its revision (hereinafter in thisarticle referred to as “Each Revised Law”) in principle five years from the effective date, and take measures
as deemed necessary based on the results thereof in consideration of the state of enforcement of each revised
law.”* The amended Articles are as follows:(1) Articles 3-2 and 3-3 are newly established.
(2) Article 5 is amended.
(3) The introductory clause of Article 6, (1) (Points to consider in writing) 9, (2)-(a) Table, and (Points to consider in writing)the former 2, 4, and 5 are amended. The former 2 through 7 are each deferred. 2 is newly established.
(4) The table in Article 6 (2)-(a) is amended.

Supplementary ProvisionThis amendment shall come into effect on December 1, 2014.
* The amended Articles are as follows:
Article 6-2 has been newly established.

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