By-laws on Rules for Operations of MMF, etc.
Established on March 19, 2004
Revised on June 9, 2005
Revised on September 21, 2007
Revised on September 19, 2008
Revised on December 20, 2012
Revised on July 21, 2016

Article 1

Purpose

These By-laws set forth the necessary matters for the enforcement of the Rules for Operations of MMF, etc.
(hereinafter referred to as the “Rules”).

Article 2

Limitations on Borrowing Funds

The provisions in Article 4 of the By-laws on the Rules on Management of Investment Trusts, etc., shall apply
to the maximum amount set forth in the By-laws as provided in Article 2, Paragraph 4 and Article 19,Paragraph 4 of the Rules. In this case, the phrase “five business days” regarding the date of deposit of securities,etc. in Article 4, Paragraph 1 of the By-laws shall be deemed to be replaced with “20 business days” for themaximum amount provided in Article 2, Paragraph 4 of the Rules.

Article 3

Structured Bonds with Undetermined Redemption Values, etc.

The matters provided for in the By-laws as prescribed in Article 6, Paragraph 7 and Article 22, Paragraph 6 ofthe Rules shall apply to any of the following:(1) Bonds, etc. whose redemption value is linked to an index, etc.
(2) Bonds, etc. whose redemption value or interest rate is linked to an exchange rate(3) Bonds, etc. whose interest rate is linked to a long-term interest rate(4) Products with an inverse correlation to interest rate fluctuations(5) Leveraged products(6) Other products specified by the Self-regulation Committee as products with undetermined redemption
values, etc.

Article 4

Method for Calculating the Average Remaining Maturity by the WAM Method

1. The average Remaining Maturity by the WAM (Weighted Average Maturity) method for incorporated assets
as provided in Article 7 of the Rules (including cases where it is applied mutatis mutandis pursuant to Article
24 of the Rules) for Securities, etc. incorporated in the investment trust asset as of the calculation date shallbe the period obtained by taking the total period calculated by multiplying the Remaining Maturity of aSecurity, etc. obtained through the calculation method stipulated in the following items for the different
types of Securities, etc. by the incorporated value of said Security, etc. (the value measured in accordancewith Rules for Valuation and Accounting of Investment Trust Properties; the same shall apply hereinafter)and dividing it by the total amount of incorporated Securities, etc.

(1) For securities (except floating rate notes and products related to repurchase transactions and bond lendingtransactions), the period is the number of days from the delivery date until the redemption date, less thenumber of days thereafter until the redemption date(2) For Financial Instruments (except products related to repurchase transactions), the period is the number ofdays from the transaction date until the maturity date, less the number of days thereafter until the maturity
date
However, the period for deposits (excluding CDs) and designated money trusts shall be counted as oneday.
(3) For floating rate notes, the period is number of days from the delivery date until the day before the next
interest rate application date, less the number of days thereafter until the next interest rate application date(4) For repurchase transactions and bond lending transactions, the period is the number of days from thetransaction date until the end date, less the number of days thereafter until the end date
2. In calculating the average Remaining Maturity, if using in the period from the contract date to the delivery
date of a Securities, etc. prescribed in preceding items for a different security, the period from the calculation
date until the maturity date for the other Securities, etc. shall be added to the calculation.
3. The Self-regulation Committee shall determine examples of calculations for the average Remaining
Maturity prescribed in Paragraph 1.

Article 4-2

Method for Calculating the Average Remaining Maturity with the WAL Method

1. The average Remaining Maturity by the WAL (Weighted Average Life) method for incorporated assets asprovided in Article 7 of the Rules (including cases where it is applied mutatis mutandis pursuant to Article 24of the Rules) for Securities, etc. incorporated in the investment trust asset as of the calculation date shall be
the period obtained by taking the total period calculated by multiplying the Remaining Maturity of a Security,etc. obtained through the calculation method stipulated in the following items for the different types ofSecurities, etc. by the incorporated value of said security, etc. and dividing it by the total amount ofincorporated Securities, etc.
(1) For securities (except products related to repurchase transactions and bond lending transactions), theperiod is the number of days from the delivery date until the redemption date, less the number of days
thereafter until the redemption date(2) For Financial Instruments (except products related to repurchase transactions), the period is the number ofdays from the transaction date until the maturity date, less the number of days thereafter until the maturity
date
However, the period for deposits (excluding CDs) and designated money trusts shall be counted as oneday.
(3) For repurchase transactions and bond lending transactions, the period is the number of days from thetransaction date until the end date, less the number of days thereafter until the end date
2. In calculating the average Remaining Maturity, if using in the period from the contract date to the delivery
date of a Securities, etc. prescribed in preceding items for a different security, the period from the calculation
date until the maturity date for the other Securities, etc. shall be added to the calculation.

Supplementary Provision
These By-laws shall come into effect on April 1, 2004.

Supplementary ProvisionThis amendment shall come into effect on June 9, 2005.

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 4, 2013.

Supplementary Provisions
This amendment shall come into effect on December 1, 2016.
* The amended provisions are as follows:
Articles 3 and 4 have been amended. Article 4-2 has been newly established. Articles 5 and 6 have been deleted.