RULES CONCERNING SALE AND PURCHASE, ETC. OF
SPECIFIED SECURITIES, ETC. OF LISTED COMPANIES, ETC.
BY EMPLOYEES OF ASSOCIATION MEMBERS(October 14, 2008)(Purpose)
Article 1 The purpose of the Rules Concerning Sale and Purchase, Etc. of Specified Securities of Listed
Companies, Etc. by Employees of Association Members (hereinafter referred to as “Rules”) is toprevent unfair transaction in the sale and purchase, etc. of specified securities of listed companies, etc.
by employees of Association Member, by providing an establishment of internal rules and othersnecessary measures, thereby ensuring confidence in the capital market.
(Definitions)
Article 2 In these Rules, the definition of the terms set forth in each of the following Items shall beprescribed therein:(1) Employee:
An employee prescribed in Article 2, Item 6 of the Rules Concerning Employees of Association
Members(2) Sale and Purchase Relating to the Specified Securities, Etc. of Listed Companies, Etc.: Sale andpurchase, etc. of specified securities, etc. of listed companies, etc. prescribed in Article 166 of theFIEA;(3) Corporate Business-Related Divisions: Divisions that are highly likely to obtain information oncorporations in the course of conducting their business.
(General Provisions)
Article 3 In the Sale and Purchase Relating to the Specified Securities, etc. of Listed Companies, etc. byEmployees, considering that such investment should be conducted for the purpose of healthy wealthaccumulation by such Employee itself, the Association Member must make efforts to have such
Employee comply with laws and various rules and regulations and not to be suspected of conducting
insider trading, transaction pursuing speculative profits, and other unfair transactions.
(Establishment of Internal Rules)
Article 4 The Association Member must establish internal rules on the Sale and Purchase Relating to theSpecified Securities, etc. of Listed Companies, etc. by Employees that include the matters set forth ineach of the following Items:(1) Matters relating to the scope of the Employees;(2) Matters relating to procedures for sale and purchase, etc.(including those mattersrelating to orderplacement to the other Association Member);(3) Matters relating to the prohibited actions under laws and various rules and regulations such as
insider trading, transactions based on special information that is obtained during the course of1

business, and transactions exclusively aiming at speculative profits;(4) Other Matters the Association Member deems necessary.
(Self-Restriction of Sale and Purchase, Etc. by Employees Belonging to Corporate Business-RelatedDivisions)
Article 5 The Association Member must provide in its internal rules that, in principle, the Employees
who belong to Corporate Business-Related Divisions shall not conduct for themselves the Sale andPurchase Relating to the Specified Securities, etc. of Listed Companies, etc. of which they are incharge in the business.
(Enhancement of Management System)
Article 6 The Association Member must conduct an inspection on a regular basis to check whether theSale and Purchase Relating to the Specified Securities, etc. of Listed Companies, etc. by theEmployees are conducted properly pursuant to the internal rules.
(Mutatis Mutandis Application to Officers of Association Member)
Article 7 These Rules shall apply to officers (in foreign corporations, including a person who has acontrolling power to its belonging corporation and such power is equivalent to or stronger than that ofofficers regardless of the title the person holds) of the Regular Member, officers of the Specified
Business Member who are in charge of Specified Business, and officers of the Special Member who
are in charge of the Registered Financial Institution Business.

SUPPLEMENTARY PROVISIONS [Omitted](Notes) These Rules are based on the version in effect as of January 1, 2016.
This translation is solely for the convenience of those interested therein, and accordingly all questions that
may arise with regard to the meaning of the words or expressions herein shall be dealt with in accordancewith the original Japanese text.

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