RULES CONCERNING HANDLING OF CUMULATIVE STOCKINVESTMENT AND MINI INVESTMENT IN STOCKS(September 27, 1995)

Chapter 1

GENERAL PROVISIONS(Purpose)
Article 1 The purpose of the Rules Concerning Handling of Cumulative Stock Investment and Mini
Investment in Stocks (hereinafter referred to as the “Rules”) is to prescribe matters that should becomplied with for execution of sale and purchase and other transactions, settlement of sale andpurchase price, management of securities certificates, and processing of rights, on joint purchasing
cumulative investment of stocks that are conducted with the conclusion of an cumulative investment
contract prescribed in Article 35, Paragraph(1), Item (vii) of the Financial Instruments and Exchange
Act (hereinafter referred to as “Cumulative Stock Investment”), and on the sale and purchasetransactions of stocks by means of fixed method whose amount is less than one trading unit prescribedby a financial instruments exchange and that are selected by Regular Members, through the book entry
transfer system of stocks at Japan Securities Depository Center, Inc. (hereinafter referred to as“JASDEC”) (hereinafter referred to as “Mini Investment in Stocks”), thereby contributing to theprotection of investors.
(Compliance Issues)
Article 2 When conducting an Cumulative Stock Investment and Mini Investment in Stocks with acustomer, a Regular Member must comply with both domestic laws and regulations, and rules, andresolutions of the Association, the financial instruments exchanges where such issue is listed, andJASDEC.
(Conclusion of Contract)
Article 3 When a Regular Member receives an order from a customer for an Cumulative Stock
Investment or a Mini Investment in Stocks, the Regular Member must conclude with the customer atransaction agreement under the general contract on Cumulative Stock Investment (hereinafter referredto as “General Contract on Cumulative Stock Investment”) or the General contract on Mini Investment
in Stocks (hereinafter referred to as “General Contract on Mini Investment in Stocks”) which is to beprepared between the Regular Member and the customer.
2. When a Regular Member concludes with a customer a contract on Cumulative Stock Investment or
Mini Investment in Stocks prescribed in the preceding Paragraph, the Regular Member must deliver
the General Contract on Cumulative Stock Investment or the General Contract of Mini Investment inStocks to the customer in advance.
3. Notwithstanding the preceding two Paragraphs, in the case where a Regular Member receives an order
for an Cumulative Stock Investment or a Mini Investment in Stocks from another Regular Member, theRegular Member receiving the order must execute a contract on Cumulative Stock Investment or Mini
Investment in Stocks with the Regular Member submitting the order.
4. In substitution for the delivery of the General Contract on Cumulative Stock Investment or the General
Contract of Mini Investment in Stocks pursuant to Paragraph 2, based on the “Rules Concerning
Handling of Documents Delivery, etc. through Electromagnetic Methods” a Regular Member may use

1methods employing electronic information processing systems or other information technologies fordelivery of items that should be described in such General Contracts. In this case, the Regular Member
will be regarded as having delivered the general contract.

Chapter 2

CUMULATIVE STOCK INVESTMENT(Purchase Method, etc.)
Article 4 When a purchase order is executed using a deposit due to the payment by the customer, thetransaction must be made properly pursuant to each Item below:(1) When a purchase order is executed through a financial instruments exchange market, thetransaction shall be continuously performed under a certain plan and not based on individualinvestment decisions.
(2) When a purchase order is executed on a one-time trade in response to the purchase order within abranch, the transaction shall be continuously performed under a certain plan and not based on
individual investment decisions, and it shall be on the pre-defined execution date of the purchaseorder based on the pre-defined price of the financial instruments exchange market.
(3) In the case where the price pre-defined in the preceding Item is determined based on the price inthe financial instruments exchange market, it shall be within a range of the best quotation priceor the trading-volume weighted average price in such financial instruments exchange market at acertain timing.
(Amount Paid)
Article 5 The maximum purchase amount of an issue by a customer under the Cumulative Stock
Investment contract executed between a Regular Member and a customer shall be less than a million
yen.
(Sale)
Article 6 When a Regular Member receives an application for sale from a customer, the RegularMember must execute the transaction on a price at a certain timing in the pre-defined financial
instruments exchange market on the pre-defined execution day of such sell order.
2. In the case where the price pre-defined in the preceding Paragraph is determined based on the price inthe financial instruments exchange market, it must be within a range of the best quotation price or thetrading-volume weighted average price in such financial instruments exchange market at a certain
timing.
(Segregated Management of Proprietary Shares in Cumulative Stock Investment)
Article 7 A Regular Member must manage stocks that are jointly owned by several customers (including
the Regular Member in the case where the stocks are jointly purchased by the customer and suchRegular Member) separately from other securities, and manage the shares of customers and dividends
in proportion to such shares of each customer in the account set up specifically for each individualcustomers.
2. A Regular Member must segregate and manage their proprietary share certificates in Cumulative Stock
Investment unit depending on whether it is their proprietary share certificates or their customer’s share2certificates.
3. A Regular Member must segregate and manage share certificates that are jointly held with a customer
from its proprietary share certificates in those other than in the Cumulative Stock Investment unit.
4. In the case where share certificates are to be transferred between the Cumulative Stock Investment unit
and other units in sale and purchase transactions under Cumulative Stock Investment, a Regular
Member must conduct such transfer in a single trading unit pursuant to the rules prescribed by thefinancial instruments exchange.

Chapter 3 MINI INVESTMENT IN STOCKS(Transaction Unit in Mini Investment in Stocks)
Article 8 The transaction unit of Mini Investment in Stocks conducted between a Regular Member and acustomer shall be the one prescribed in the relevant Item below.
(1) The transaction unit shall be a share of share certificate of one-tenth of the trading unit
prescribed by a financial instruments exchange (hereinafter referred to as the “TransactionUnit”).
(2) The maximum number of stocks of the same issue that are commissioned by a customer on thesame business day shall be limited to the number of units calculated by multiplying 1
Transaction Unit by 9.
(3) Notwithstanding the provisions in Item (1), when selling share certificates in Mini Investment inStocks, whose quantity is less than one Transaction Unit due to stock consolidation, capitaldecrease, stock split, or gratis issue, a Regular Member may conduct a transaction with the actual
number of stocks.
(Handling Issues)
Article 9 A Regular Member shall select issues for Mini Investment in Stocks (hereinafter referred to as“Selected Issues”) from those whose share certificates are listed in a financial instruments exchange
market and which adopt the unit share system.
(Transaction Method)
Article 10 In the case where a Regular Member receives an order for a Mini Investment in Stocks froma customer or another Regular Member, the Regular Member receiving the order must conduct salesand purchase on a negotiated basis with the said customer or other Regular Member; provided,
however, that the Regular Member receiving the order must conduct sales and purchase on anintermediary basis with an agent or other Regular Member designated by the Regular Member(hereinafter referred to as the “Designated Regular Member”) if the share certificate in the customer’sorder is issued by the Regular Member or its parent company.
2. Notwithstanding the provisions in the preceding Item, a Regular Member may delegate another
Regular Member to execute a customer’s order for Mini Investment in Stocks on an intermediary,
brokerage, or agency basis.
3. When a Regular Member receives a sale and purchase order for share certificates from a customer whoholds the outstanding described or recorded in their account for Mini Investment in Stocks, the3Regular Member must not execute the order in other than the negotiated trade; provided, however, thisprovision does not apply if it falls under the proviso of Paragraph 1.
(Segregated Management of Proprietary Shares in Mini Investment in Stocks)
Article 11 A Regular Member must manage share certificates in Mini Investment in Stocks under such
Regular Member’s bookkeeping unit for the share certificates in Mini Investment in Stocks(hereinafter referred to as “Unit of Mini Investment in Stocks”) among share certificates managed in
the account JASDEC sets up.
2. A Regular Member must segregate and manage share certificates in Unit of Mini Investment in Stocks
depending on whether it is its proprietary share certificates or its customer’s share certificates.
3. A Regular Member must segregate and manage its proprietary share certificates depending on whether
or not it’s of Unit of Mini Investment in Stocks.
4. In the case where share certificates are to be transferred between the Unit of Mini Investment in Stocks
and other units in sale and purchase transactions under Mini Investment in Stocks, a Regular Member
must conduct such transfer in a single trading unit pursuant to the rules prescribed by the financial
instruments exchange.
(Handling of Outstanding Trading Account Securities)
Article 12 When a Regular Member conducts transactions under Mini Investment in Stocks with acustomer, the Regular Member must not offset share certificates in Mini Investment in Stocks with thefollowing.
(1) Share certificates held as trading account securities;(2) Share certificates held as investment securities;(3) Share certificates under Cumulative Stock Investment;(4) Share certificates of a customer that is not under Mini Investment in Stocks.
(Prohibition of Joint Account Transaction)
Article 13 A Regular Member must not conduct a transaction in Mini Investment in Stocks under a joint
account with other Regular Members or customers.
(Execution Date and Delivery Date)
Article 14 The execution date of transactions in Mini Investment in Stocks shall be the next business
day from the date when a customer places an order (hereinafter referred to as the “Order Date”).
2. The delivery date shall be the third business day from the execution date.
(Execution Price)
Article 15 The execution price in Mini Investment in Stocks executed between a Regular Member and acustomer must be determined based on the price in a pre-defined financial instruments exchange
market on the execution date.
2. In the case where the price prescribed in the preceding Item is determined based on the price in the4

financial instruments exchange market, it must be within a range of the best quotation price or thetrading-volume weighted average price in such financial instruments exchange market at a certain
timing.
(Relationship with a Book-Entry Transfer Account)
Article 16 Regardless of whether or not a request is received from a customer, when the number ofstocks described or recorded in an account of customer for Mini Investment in Stocks by eachcustomer reaches the one trading unit of such issue, a Regular Member must transfer such issue whose
number of stocks is the multiple number(s) of its trading unit by each customer on the date when therights are fixed pursuant to Article 124, Paragraph 1 of the Companies Act (hereinafter referred to“Fixed Date”), such as the end of the business term of the issuing company of the Selected Issues, tothe book-entry transfer account of such customer under Mini Investment in Stocks.
2. A Regular Member must exclude the number of stocks transferred pursuant to the preceding Paragraphfrom those covered by the General Contract of Mini Investment in Stocks, and may not conduct atransaction of these stocks in Mini Investment in Stocks.
3. A Regular Member must not receive a sell for share certificate of a customer that are not held under
Mini Investment in Stocks for the transaction in Mini Investment in Stocks.

Chapter 4 MISCELLANEOUS PROVISIONS(Application of Sale and purchase Restrictions on a Mutatis Mutandis Basis)
Article 17 When a Regular Member conducts transactions in Mini Investment in Stocks with a customer,
the Regular Member must comply with provisions in business regulations prescribed by a financial
instruments exchange and provisions relating to sale and purchase transactions prescribed in by-laws
on commissioned business contracts.
(Establishment of Internal Rules)
Article 18 When a Regular Member handles Cumulative Stock Investment or Mini Investment in Stocks,
the Regular Member must establish internal rules on Cumulative Stock Investment or Mini Investment
in Stocks.

SUPPLEMENTARY PROVISIONS [Omitted](Note 1)

These Rules as based on the version in effect as of January 1, 2020.

(Note 2) This translation is solely for the convenience of those interested therein, and accordingly allquestions that may arise with regard to the meaning of the words or expressions herein shall be dealt
with in accordance with the original Japanese text.

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