Rules on Full Members’ Business Operations, etc.
Established on March 21, 2008
Revised on September 19, 2008
Revised on March 19, 2009
Revised on September 16, 2009
Revised on March 15, 2012
Revised on December 20, 2012
Revised on June 13, 2013
Revised on July 18, 2013
Revised on July 16, 2015
Article 1.

PurposeThe purpose of these Rules is to provide for matters necessary for proper business operations, etc. pertaining toinvestment trusts and investment corporations, etc. of Full Members (meaning a Full Member as defined in
Article 7, Paragraph 1, Item 1 of the Articles of Incorporation; the same shall apply hereinafter.)

Article 2.

Exercise of Voting Rights

1. The investment trust management member companies, etc. (meaning the investment trust managementcompany as defined in Article 2, Paragraph 11 of the Act on Investment Trusts and Investment Corporations(Act No. 198 of 1951) (hereinafter referred to as the “Investment Trust Management Member Companies”)
and the Full Members who are asset management companies as defined in Paragraph 21 of the Act on
Investment Trusts and Investment Corporations; the same shall apply hereinafter) shall give instructions as tothe exercise of voting rights pertaining to shares held as investment trust property as set forth in the following
items:(1) Instructions to exercise voting rights pertaining to shares held as investment trust property by investment
trust management member companies, etc. shall be given in writing. However, this shall not apply tocases where the investment trust management member companies, etc. previously enter into terms of use,etc. with the operating organization (meaning the organization operating the system for exercising voting
rights by electromagnetic means) and the trustee company, and exercise voting rights by electromagnetic
means.
(2) The investment trust management member companies, etc. shall clearly indicate to the trustee thefollowing declarations of intent with respect to each proposal stated in the notice to convene a general
meeting of shareholders:(a) To be in favor of the proposal;(b) To be opposed to the proposal;(c) To give an Investment Trust Management Company unconditional authority as an agent; or(d) To abstain from voting.
2. The investment trust management member companies, etc. shall establish provisions concerning the basic
concept of exercising voting rights and authority for decision making, etc. prescribed in the preceding
paragraph.
–1–3. The investment trust management member companies, etc. shall give instructions for the exercise of voting
rights pertaining to foreign shares held as investment trust property in accordance with the circumstances of
the relevant country.

Article 3.

Prohibited Acts for Officers and Employees

A Full Member must prevent any person who is an officer or employee of the Full Member from using theirposition in the course of duties to sell or purchase securities based on trends in the management of the trust
property, etc. or important non-public information pertaining to issuing companies obtained in connection with
their business, or other special information obtained in the course of their duties, or solely for the purpose of
pursuing speculative profits.

Article 4.

Measures to Be Taken Against Offenders

1. If any officers or employees of a Full Member commits any of the acts listed in the preceding article, such
Full Member shall take strict measures against the relevant person who commits such act.
2. If a Full Member has taken the measures prescribed in the preceding paragraph, such Full Member shallsubmit a written report to the Association that describes the entirety of the act and measures taken.

Article 5.

Development of Insider Trading Control Systems

1. To prevent insider trading, Full Members shall endeavor to develop insider trading control systems, such as
establishing internal rules for the management of unpublished, important information pertaining to theissuing company which has been acquired by the officers or employees of a Full Member in connection with
their business.
2. The internal rules provided in the preceding paragraph shall be as set forth by the Self-Regulation
Committee.
* Committee Resolution 1

Article 5-2. Development of an Internal System for Determining Distributions
1. Investment Trust Management Member Companies shall develop an operation manual, etc. that contains thematters listed below in order to conduct distribution in accordance with the distribution policy, such asdetermining distribution amounts based on a conservative assessment of the source of distribution andremaining capacity of distribution, for investment trusts premised on stable and continuous distribution(meaning Monthly Distribution Type Investment Trusts and Bimonthly Distribution Type Investment Trusts(those with monthly and bimonthly settlement frequency)).
(1) Process to determine distributions;(2) Matters to be considered in the review of distributions; and(3) Basic concept for determining distributions.
2. Investment Trust Management Member Companies shall endeavor to ensure the rigorous implementation ofoperations based on the operation manuals, etc., provided in the preceding paragraph.
3. The development, etc. of the operation manual, etc. and thorough implementation of operations based–2–thereon set forth in the preceding two paragraphs shall be as determined by the Self-Regulation Committee.
* Committee Resolution 2

Article 6.

Acquisition or Disposition of Beneficiary Certificates of Investment Trusts or Investment

Securities of Investment Corporations for Which Management, etc. Is Conducted by a Full Member
1. A Full Member shall not acquire or dispose of (hereinafter referred to as “Acquisition, etc.”) beneficiary
certificates of an investment trust or investment securities of an investment corporation which the Full
Member conducts management, etc. of as their own assets (hereinafter referred to as “Investment Trust
Beneficiary Certificates Issued In-House, etc.”)
2. The provisions of the preceding paragraph shall not apply to cases where a Full Member makes Acquisition,etc. of Investment Trust Beneficiary Certificates Issued In-House, etc. (excluding REIT, etc. as defined in
Article 3, Paragraph 1 of the Rules on Real Estate Investment Trusts and Real Estate Investment Corporations
and beneficiary certificates of Infrastructure Investment Trusts, etc. or investment securities as defined in
Article 3, Paragraph 3 of the Rules on Infrastructure Investment Trusts and Infrastructure Investment
Corporations; the same shall apply in Article 6-2) necessary for ordinary operations such as temporary
Acquisition, etc. associated with the settlement of accidents.

Article 6-2. Acquisition, etc. of Investment Trust Beneficiary Certificates Issued In-House, etc. Except for
REIT, etc. and Infrastructure Investment Trusts, etc.
1. Notwithstanding the provision of Paragraph 1 of the preceding article, a Full Member may conduct
Acquisition, etc. of Investment Trust Beneficiary Certificates Issued In-House, etc. that falls under any of thefollowing items:(1) Acquisition, etc. at the time of initial establishment or initial operation;(2) Acquisition, etc. to adequately maintain product attributes; or(3) Acquisition, etc. for management of company assets.
2. The Acquisition, etc., to adequately maintain product attributes as set forth in Item 2 of the preceding
paragraph shall be as follows:(1) Acquisition, etc. of an investment trust, etc. to aim for investment performance linked to a specific stock
price index, etc. (meaning index fund) to the extent necessary to maintain a portfolio distinctive to suchinvestment trust;(2) Acquisition, etc. to the extent necessary in an investment trust group comprised of several investment
trusts in which conducting switchover between the investment trusts that comprise the investment trustgroup is permitted when there is a risk of not being able to maintain the operation of the investment trustgroup due to decrease in the balance of the specific investment trust; and(3) Any other Acquisition, etc., which is deemed necessary by the Board of Directors to maintain the productattributes of the investment trust.

Article 6-3

Acquisition, etc. of Investment Trust Beneficiary Certificates Issued In-House, etc. That Are

REIT, etc. and Infrastructure Investment Trusts, etc.
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1. Notwithstanding the provision of Paragraph 1 of Article 6, a Full Member may conduct Acquisition, etc. of
Investment Trust Beneficiary Certificates Issued In-House, etc., that are REIT, etc. and Infrastructure
Investment Trusts, etc., if the conditions of the following items are satisfied:(1) The Investment Trust Beneficiary Certificates Issued In-House, etc. are beneficiary certificates andinvestment securities of REIT, etc. and Infrastructure Investment Trusts, etc.;(2) Internal procedures for Acquisition, etc. are stipulated in the internal rules beforehand;(3) The company’s Board of Directors has resolved the matters to be stipulated in the By-laws regarding theimplementation of Acquisition, etc.; and(4) The Acquisition, etc. satisfies the requirements set forth in the By-laws.
2. When a resolution of the Board of Directors set forth in Item (3) of the preceding paragraph is made, a Full
Member shall promptly publicize the matters provided for in the By-laws.
3. In the event that a Full Member conducts Acquisition, etc. of Investment Trust Beneficiary Certificates
Issued In-House, etc., that are REIT, etc. and Infrastructure Investment Trusts, etc. in accordance with theresolution of the Board of Directors set forth in Paragraph 1, Item 3, such Full Member must promptly
publicize the matters set forth in the By-laws.
*Articles 2 and 3 of the By-laws

Article 6-4. Conducting Acquisition, etc. of Investment Trust Beneficiary Certificates Issued In-House, etc.
That Are REIT, etc. and Infrastructure Investment Trusts, etc.
1. A Full Member shall not conduct Acquisition, etc., until the day on which 5 days have passed from the day of
the resolution of the Board of Directors provided in Paragraph 1, Item 3 of the preceding article.
2. Notwithstanding the provision of the preceding paragraph, in the event that a Full Member is expected to
publicize any important facts which may have a material impact on the acquisition price or investment
decision of investors with regard to REIT, etc., and Infrastructure Investment Trusts, etc., such Full Member
shall not conduct Acquisition, etc. until 7 days have passed from the day of publication of such fact.
3. If a Full Member becomes unable to conduct an Acquisition, etc. resolved by the Board of Directors pursuant
to the provision in the preceding paragraph, such Full Member must conduct Acquisition, etc. after aresolution is made at the Board of Directors as provided in Article 6-3, Paragraph 1, Item 3 for a second time,
except for cases where the Board of Directors has made a resolution to respond to such situation in advance.

Article 6-5. Disclosure in the Case of Acquisition, etc. of Investment Trust Beneficiary Certificates Issued
In-House, etc.
When a Full Member has made any Acquisition, etc., as set forth in Article 6-2 or Article 6-3, such Full
Member shall make disclosures in the investment report or asset management report in accordance with theRules on Investment Reports, etc. for Investment Trusts and Investment Corporations prescribed separately.

Article 6-6. Prohibition of Securities, Rights, and Transactions of Which REIT, etc., Are Underlying Assets
A Full Member shall not invest in securities, rights, or transactions of which on REIT, etc. and Infrastructure
Investment Trusts, etc. managed by the Full Member are the sole underlying assets.
–4–Article 7.

Valid Period of Securities Registration Statement, etc.

The Securities Registration Statement and Prospectus for public offering of domestic beneficiary certificates ofinvestment trusts and domestic investment securities shall be valid for no more than 16 months.

Article 8.

Time Limit for Acceptance of Applications for Purchase and Cancellation of Stock Investment

TrustsInvestment Trust Management Member Companies shall observe the following matters with regard to stock
investment trusts:(1) To require that the sales company complies with the requirement that acceptance of purchase andcancellation by customers (including buy-back; the same shall apply hereinafter) be closed by 3 p.m. at thelatest; and(2) To fix the number of units of additional establishment or cancellation related to the customer’s purchaseand cancellation transactions on the business day and promptly notify the trustee bank of such number ofunits.

Article 9.

Selling to Large Volume Applicants

1. Investment Trust Management Member Companies shall decide with the sales company, for open type
investment trusts, the maximum amount that will be accepted for cancellation and the predetermined amountfor which prior notification is required per application by large volume applicants for each investment trust.
In this case, sufficient consideration shall be given to the size and product attributes of the investment trust,and the amount shall be an amount that will not hinder the operation of the investment trust.
2. The Investment Trust Management Company Member shall request the sales company to notify theInvestment Trust Management Company Member of any cancellation exceeding the predetermined amountprovided in the preceding paragraph by 12:30 p.m. on the contract date.

Article 10

Payment of Distributions

Investment Trust Management Member Companies shall require that the sales company comply withcommencing the payment of distributions or redemption money related to the investment trust to customers, inprinciple, within 5 business days after the closing date or the redemption date of the investment trust(hereinafter referred to as “Closing Date, etc.” and if such Closing Date, etc. is a holiday, the next businessday).

Article 11

Notice of Refund of Subscription Fees and Consumption Tax for Investment Trusts with

Commission Included
In the event that the sales company returns the investor all or part of the subscription fees (including
consumption tax) for an investment trust with commission included, Investment Trust Management Member
Companies shall have the sales company notify the Investment Trust Management Member Companies of thetotal amount equivalent to the consumption tax to be returned to the investor on the date of conclusion of the–5–trust agreement.

Article 12

Handling of Money Arising after Termination of the Trust for an Investment Trust Property

1. If there are amounts that can be estimated of the accounts receivable related to the investment trust at the timeof termination of an investment trust, in principle, Investment Trust Management Member Companies shalltransfer the amount to investment trust property.
The trustee shall make transfer to investment trust property on behalf of the Investment Trust Management
Member Companies.
2. If any money not transferred as prescribed in the preceding paragraph arises after the termination of the trust,in principle, Investment Trust Management Member Companies shall return such money to the beneficiaryat the time of termination of the trust.
In returning such money to the beneficiary, the expenses involved in such return may be deducted.

Article 13

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 be implemented from the date of approval by the competent government agency foramendments to the Operational Rules (March 31, 2008).
2. The Board of Directors resolution (established on March 16, 2004) regarding the operation, etc. ofinvestment trusts shall be abolished as of the date of approval by the competent government agency foramendments of the Operational Rules (March 31, 2008).

Supplementary Provisions
1. This amendment shall come into effect on October 1, 2008.
2. The Rules for public offering or sales of investment trusts, and the By-laws for the rules for public offering or
sales of investment trusts shall be abolished as of October 1, 2008.

Supplementary ProvisionThis amendment shall come into effect on March 19, 2009.

Supplementary ProvisionThis amendment will come into effect on December 30, 2009.
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Supplementary Provisions
1. This amendment shall come into effect on May 1, 2012.
2. Notwithstanding 1. above, this shall not preclude Full Members from operating under the amended
provisions up to the effective date.

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

Supplementary ProvisionThis amendment shall come into effect on June 13, 2013.

Supplementary ProvisionThis amendment shall come into effect on July 18, 2013.
Supplementary ProvisionThis amendment shall come into effect on July 16, 2015.
* The amended Articles are as follows:
Article 6, Paragraph 2, Headings of Article 6-2, Headings of Article 6-3 and the main clause of Paragraph 1 of the same
Article and Item 1 of the same paragraph, Paragraph 3 of the same Article, Headings of Article 6-4 and Paragraph 2 of thesame Article, Article 6-6–7–