Rules on Complex Investment Trusts Similar to Over-the-Counter Derivatives
Transactions
Established on February 17, 2011
Revised on December 20, 2012
Revised on June 10, 2021

Article 1.

PurposeThe purpose of these Rules is to protect investors by thoroughly developing appropriate products and preparing
appropriate disclosure materials for complex investment trusts similar to over-the-counter derivatives
transactions and by ensuring proper public offerings or private placements of beneficiary certificates forinvestment trusts established by the Company in order to secure investor confidence in financial and capitalmarkets.

Article 2.

Definition of Complex Investment Trusts Similar to Over-the-Counter Derivatives Transactions

In these Rules, the term “complex investment trusts similar to over-the-counter derivative transactions” means,among bonds with redemption or interest conditions set by derivatives transactions prescribed in Article 2,
Paragraph 20 of the Financial Instruments and Exchange Act (Act No. 25 of 1948, hereinafter referred to as the“FIEA”) or commodity derivative transactions prescribed in Article 2, Paragraph 15 of the Commodity
Derivatives Transaction Act (Act No. 239 of 1950), or bonds structured by a method that has the same effect assuch derivatives transactions, an investment trust that has the same merchantability as such structured bonds oran investment trust that has the same effect as such structured bonds by investing in such structured bonds as set
forth in any of the following items (except when the bond is a government bond and any of the following apply
due to deterioration of the credit status of either the issuing company or the relevant company if the bond has amechanism that refers to the credit status of a single corporation):(a) Those for which the redemption price could be below face value (excluding those designed to have thefluctuation rate of redemption price correspond to the numerical value obtained by multiplying thefluctuation rate of the price or a specific index from the date of issue until redemption (hereinafterreferred to as the “Benchmark Index”) by a preset multiple (limited to 1 or -1)) or those with conditions
for redemption with other securities due to the automatic exercise of derivative trading rights, etc.
(b) Those for which the interest is not fixed at time of issuance and for which redemption money is not paidin the same currency as the purchase currency (excluding those designed to have interest rate
fluctuations correspond to fluctuation rate of the interest index.)(c) Those for which the interest is not fixed at time of issuance and for which interest is not paid in the same
currency as the purchase currency (excluding those designed to have interest rate fluctuations
correspond to fluctuation rate of the interest index.)(d) Those for which, depending on conditions, the interest rate will be zero or very close to zero (excluding
those designed to have interest rate fluctuations correspond to fluctuation rate of the interest index.)Article 3.

General Rules for Direct Offerings, etc.

1. When soliciting new acquisition of beneficiary certificates of investment trusts among those established by
the Management Company and managed under instructions from the settlor, investment trust managementcompanies (meaning those defined in Article 2, Paragraph 11 of the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951), hereinafter a “Management Company”) and financial
instruments intermediary service providers (meaning a financial instruments intermediary service provider
as defined in Article 4, Paragraph 1, Item 1 of the Articles of Incorporation; the same shall apply hereinafter)shall fully understood the characteristics and risks of the investment trust and shall not solicit acquisition of
those for which a suitable customer to acquire the investment trust cannot be supposed.
2. Management Companies and financial instruments intermediary service providers (hereinafter referred to as“Management Companies, etc.”) must fully explain to and strive to gain the understanding of customers
regarding the significant matters of public offerings or private placements and other business of beneficiary
certificates of investment trusts managed under instructions from the settlor established by the ManagementCompany.

Article 4.

Criteria for the Commencement of Solicitation

When soliciting customers (limited to individuals and excluding professional investors (meaning professional
investors as defined in Article 2, Paragraph 31 of the FIEA (excluding those who are deemed to be a customer
who is not a professional investor with regard to the types of contracts listed in Article 53, Item 1 or Item 2 of
the Cabinet Office Order on Financial Instruments Business, etc. (Cabinet Office Order No. 52 of 2007;
hereinafter the “Order on Financial Instruments Business”) in accordance with the provisions of Article 34-2,Paragraph 5 of the FIEA and including those who are deemed to be professional investors with regards to thetypes of contracts listed in Article 53, Item 1 and Item 2 of the Order on Financial Instruments Business inaccordance with Article 34-3, Paragraph 4 of the FIEA (including when applied mutatis mutandis to Article
34-4, Paragraph 6 of the same act)); the same shall apply hereinafter in Article 5 and Article 6); the same shallapply hereinafter in this article) for the acquisition (limited to those conducted by visiting or telephoning acustomer who has not requested the solicitation of said acquisition, and those conducted at the head office orother sales or business offices of the Management Company to a customer who has not requested thesolicitation of said acquisition) of beneficiary certificates of complex investment trusts similar toover-the-counter derivatives transactions established by the Management Company, Management Companies,etc. shall set Guidelines for the Commencement of Solicitation and shall not solicit the acquisition to customers
who do not meet the guidelines.

Article 5.

Delivery of Alert Documents, etc.

1. When intending to conclude a contract involving the acquisition of complex investment trusts similar toover-the-counter derivatives transactions established by the Management Company, Management
Companies, etc. must deliver alert documents to the customer (excluding professional investors; the same
shall apply hereinafter in this article and the following article) in advance. Provided, however, that this shallnot apply to cases where alert documents involving the acquisition of an investment trust with the same

details as such investment trust were delivered to the customer within one year of the conclusion of theinvestment for acquisition and the customer has agreed to not be issued a prospectus pursuant to theprovisions of Article 15, Paragraph 2, Item 2 of the FIEA.
2. The alert documents described in the preceding paragraph must clearly and accurately indicate the following
matters:(1) Alerts regarding risk
(2) The fact that it is possible to use the service for complaint processing and dispute resolution from theNon-Profit Organization, Financial Instruments Mediation Assistance Center engaged in complaint anddispute resolution services entrusted by the Association in accordance with Article 12, Paragraph 2 andArticle 13, Paragraph 2 of Operational Rules, and the contact information thereof
3. When Management Companies, etc. intend to conclude a contract regarding the acquisition of an investment
trust with a customer, they shall provide advance explanations on the matters set forth in the items of thepreceding paragraph in a manner and to the degree necessary for such customer to understand the matters inlight of the customer’s knowledge, experience, status of assets, and purpose for concluding the contract.
4. If a contract is concluded for the acquisition of an investment trust within one year of the delivery date foralert documents for an investment trust with the same contents as said investment trust (including the datethat alert documents are deemed to have been delivered as set forth in this Paragraph), the provisions of theproviso to Paragraph 1 shall apply by deeming that alert documents were delivered on the date of conclusion.

Article 6.

Obtaining Confirmation Documents from Customers

When intending to conclude a contract with a customer concerning the acquisition of complex investment trusts
similar to over-the-counter derivatives transactions established by the Management Company, ManagementCompanies, etc. shall obtain a confirmation document from the customer regarding the acquisition in order toobtain confirmation from the customer that they have understood the following matters and will make apurchase in response to the solicitation for acquisition at the discretion and responsibility of the customer.
(1) Details of the significant matters in Article 3, Paragraph 2(2) Details in the contract stating that the customer can conduct transactions in light of the fact that, basedon the amount of estimated loss through the contract (including the amount of a sale (early cancellation)in the event of a redemption before maturity (early cancellation) (provisional estimate)), the customer
can tolerate the amount of the loss and the impact that the expected amount of loss will have on thecustomer’s business or the state of the customer’s finances or assets.

Article 7.

Delivery of Documents via Electromagnetic Means, etc.

1. Management Companies, etc. may provide the matters to be included in alert documents via theelectromagnetic means set forth in Article 56 and Article 57 of the Order on Financial Instruments Businessin lieu of physical delivery, etc. of alert documents as prescribed in Article 5. In this case, the Management
Company shall be deemed to have delivered the alert documents.
2. Management Companies, etc. may be provided the matters to be included in confirmation documents via theelectromagnetic means set forth in Article 57-3 of the Order on Financial Instruments Business in lieu ofphysical delivery, etc. of confirmation documents as prescribed in Article 6. In this case, the Management
Company shall be deemed to have secured the confirmation documents.

Article 8.

Applicable Benchmark Index

For complex investment trusts similar to over-the-counter derivatives transactions, the applicable Benchmark
Index shall be used only when the investor can obtain such index through a newspaper, information terminal,
website of the Management Company, information provided from distributers, and so forth.

Article 9.

Naming Restrictions

The name of investment trusts for complex investment trusts similar to over-the-counter derivatives
transactions (including any nicknames for investment trusts) shall not use a name that contains any of thefollowing elements, such as “Secured principal type,” “Conditional principal secured type,” “Risk reduction
type,” or “Risk limitation type.”(1) A name which could lead to a misunderstanding that the principal and yield or either the principal or
yield of the investment trust are guaranteed(2) A name which could lead to a misunderstanding that the likelihood of loss of principal is small(3) A name which could lead to a misunderstanding that the fluctuation risk in the base value is low

Article 10.

Improving Product Explanations to Distributors, etc.

1. Management Companies shall endeavor to further enhance product explanations to distributors regarding
complex investment trusts similar to over-the-counter derivatives transactions.
2. For complex investment trusts similar to over-the-counter derivatives transactions, Management Companies
shall collect information on complaints made to distributors regarding previous similar investment trusts
established by the Management Company and analyze such information. Based on the results of suchanalysis, the Management Company shall endeavor to enhance product composition in consideration ofcomplaints from investors, improve and reform newly established products, etc.

Article 11.

Special Provisions for Disclosure, etc. of Specific Complex Investment Trusts Similar toOver-the-Counter Derivatives Transactions
Disclosure, etc. of complex investment trusts similar to over-the-counter derivatives transactions which areprovided for in the By-laws shall be as provided for in the By-laws in addition to these Rules.
* Article 2 of the By-laws

Article 12.

By-laws

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

Article 13.

OthersAny matters not stipulated for in these Rules may be decided by a resolution of the Board of Directors.

Article 14.

Delegation to Competent Committee

1. The Board of Directors shall be entitled to delegate to the Self-Regulation Committee the authority to amend
any By-laws relating to these Rules.
2. The Self-Regulation Committee shall promptly report to the Board of Directors, the contents of any
decisions made by the Self-Regulation Committee with respect to any matters delegated thereto (limited todecisions deemed necessary by the Board of Directors. ).

Supplementary Provisions
1. These Rules shall come into effect on April 1, 2011.
2. If a Management Company intends to conclude a contract concerning the acquisition of an investment trust
on or after the date of enforcement of these Rules and has delivered alert documents to the customer prior to
the date of enforcement for these Rules in the same manner as the example in Article 5 after the date ofenforcement, the Management Company shall be deemed to have delivered the alert documents to thecustomer pursuant to the provisions of that article.

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

Supplementary ProvisionThis amendment shall come into effect on the date of approval (July 1, 2021) by the competent government
agency for amendments to Articles of Incorporation.
* The amended provisions are as follows:
Article 3, Paragraphs 1 and 2; Article 4; Article 5, Paragraphs 1 through 3; Article 6; Article 7, Paragraphs 1 and 2