RULES CONCERNING MATCHING OF SETTLEMENT CONDITIONS,
ETC. FOR SECURITIES TRANSACTIONS, ETC.
[TRANSLATION]

This translation has been prepared solely for the reference purposesand shall not have any binding force and is not always the latest version.
The original Japanese text will be definitive in case of any divergence inthe meaning.

Established on February 1, 2003
Amended on April 16, 2004
Amended on July 29, 2004
Amended on September 28, 2007
Amended on January 25, 2008
Amended on December 4, 2008
Amended on March 30, 2009
Amended on July 24, 2009
Amended on March 31, 2010
Amended on November 1, 2011
Amended on June 18, 2012
Amended on January 8, 2013
Amended on September 30, 2013
Amended on October 31, 2013
Amended on February 2, 2015
Amended on March 25, 2016
Amended on December 3, 2018
Amended on April 1, 2020
Amended on March 1, 2023
Amended on June 30, 2023
Amended on December 1, 2023
Amended on March 5, 2024
Amended on July 31, 2024

CHAPTER 1

GENERAL PROVISIONS
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Article 1 (Purpose)
These Rules shall prescribe necessary matters related to operations concerning
matching of settlement conditions and transmission and receipt of information(hereinafter referred to as “matching, etc.”) for sale, purchase and other transactions of
securities and market transactions of derivatives (meaning herein Market Transactionsof Derivatives defined in Article 2, Paragraph 21 of the Financial Instruments andExchange Law (Law No. 25 of 1948); the same shall apply hereinafter) (hereinafterreferred to as “securities transactions, etc.”) conducted by Japan Securities Depository
Center, Incorporated (hereinafter referred to as “JASDEC”) pursuant to the provisions
under the proviso to Article 9, Paragraph 1 of Law Concerning Book-Entry Transfer ofCorporate Bonds, Stocks and Other Securities (Law No. 75 of 2001; hereinafter referred
to as the “Law”).

Article 2 (Definition of Terms)
In these Rules, terms prescribed in the following items shall have the definitions listed in
the respective items.
(1) Pre-Settlement Matching System:
The system that processes operations related to matching of settlement conditions,etc. conducted by JASDEC for securities transactions, etc.
(2) User:
A person which has been approved by JASDEC to use the Pre-Settlement Matching
System (hereinafter referred to as “PSMS”) pursuant to the provisions of theseRules.
(3) Trade Matching:
Matching for the purpose of confirming trade report data.
(4) Settlement Matching:
Matching for the purpose of confirming settlement instruction data.

CHAPTER 2

OPERATIONS, ETC. TO HANDLE

Article 3 (Operations to Handle)
JASDEC shall handle the following operations concerning matching of settlement
conditions, etc. for securities transactions, etc.
(1) Trade matching operations and transmission and receipt of information concerning
Trade Matching.
(2) Settlement Matching operations(3) Operations concerning transmission and receipt of information related to issuing, sale2and purchase, transaction, book-entry transfer, cancellation, redemption andclearing, etc. of securities and market transactions of derivatives.

Article 4 (Hours of Service)
1 A User shall conduct matching of settlement conditions, etc. for securities transactions,etc. during the hours prescribed in the following items.
(1) Operations prescribed in Item (1) of the preceding Article: from 7:00 a.m. until 9:00
p.m.
(2) Operations prescribed in Item (2) of the preceding Article: from 7:00 a.m. until 10:00
p.m.
(3) Operations prescribed in Item (3) of the preceding Article: from 7:00 a.m. until 9:00
p.m.; provided, however, from 7:00 a.m. until 10:00 p.m. for operations concerningtransmission and receipt of information related to clearing.
2 When JASDEC deems necessary, it may temporarily change the hours during which
services are performed. In this case, JASDEC shall notify Users to that effect inadvance.
Article 4.2 (Holidays, etc.)
1 Operations related to matching of settlement conditions, etc. for securities transactions,etc. shall not be performed on the following days:(1) Sundays and Saturdays;(2) Holidays designated by the Act on National Holidays (Act No. 178 of 1948) ; and(3) January 2 and 3, and December 31.
2 When JASDEC deems necessary, it may designate temporary holidays other thanholidays mentioned in the preceding paragraph or temporary business days relating to
the holidays mentioned in the same paragraph. In this case, JASDEC shall notify Users
to that effect in advance.
Article 4.3 (Temporary Suspension of Business)
When JASDEC deems necessary, it may temporarily suspend all or a part of operations
related to matching of settlement conditions, etc. for securities transactions, etc. In thiscase, JASDEC shall promptly notify Users to that effect.
CHAPTER 3

USERS

Article 5 (Scope of Users)
The following persons may apply to JASDEC for use of PSMS.
(1) A person to whom any of the items of Article 44, Paragraph 1 of the Law applies.
3(2) A person engaged in Investment Management Business (meaning herein Investment
Management Business defined in Article 28, Paragraph 4 of the Financial Instruments
and Exchange Law; the same shall apply hereinafter)(3) Designated Administrator of Shareholder Register, etc. (meaning herein DesignatedAdministrator of Shareholder Register, etc. defined in Article 13, Paragraph 1 of the
Operational Rules Regarding Book-Entry Transfer of Shares, etc.)(4) Financial Instruments Clearing Organization (meaning herein Financial Instruments
Clearing Organization defined in Article 2, Paragraph 29 of the Financial Instruments
and Exchange Law; the same shall apply hereinafter)(5) A Professional Investor (meaning herein Professional Investor defined in Article 2,
Paragraph 31 of the Financial Instruments and Exchange Law)
(6) A judicial person or person permitted especially by JASDEC other than any of thoseprescribed in each preceding item.
Article 5.2 (Preclusion of Anti-Social Forces)
JASDEC, when Users or parties who are officers or others equivalent thereto of the User
prove to be Anti-Social Forces (an organized group of gangsters or a gangster, definedin Article 2 of "Act on Prevention of Unjust Acts by Organized Crime Group Members"(Act No. 77 of 1991,) or others equivalent thereto. The same shall apply hereinafter.)has a right to withdraw the approval of application by the User for usage of PSMS, ortake any kinds of necessary actions.
Article 6 (Procedures of Application for Usage)
An applicant for new usage of PSMS (hereinafter referred to as “applicant for newusage”) or a User shall submit to JASDEC an application form that contains thedescription of the matters listed in each following item; provided, however, that matters
upon submission to JASDEC from a User shall be limited to Items (3), (4), (5) and (9).
(1) Title and name of the Person Responsible for the Operation Handling to supervise
matching of settlement conditions, etc. for securities transactions, etc., and titles andnames of the Persons in Charge of the Operation Handling to assist the Person
Responsible for the Operation Handling.
(2) Title and name of the Person Responsible for the System Handling to supervise
computer systems handling User’s operation (hereinafter referred to as “User
System”), and titles and names of the Persons in Charge of the System Handling toassist the Person Responsible for the System Handling.
(3) In the case of designating other persons permitted by JASDEC to conduct matchingof settlement conditions, etc. for securities transactions, etc., all or in part, on behalf of
the User (hereinafter referred to as “Operation Agent”), trade name or name, addressand scope of operations of the Operation Agent and title and name of the Person4Responsible for the Operation Handling of the Operation Agent.
(4) In the case of designating an applicant for new usage or a User as a person to
conduct matching of settlement conditions, etc. for securities transactions, etc. under
one’s own name, all or in part, on behalf of the User (hereinafter referred to as“Settlement Agent”), trade name or name and scope of operations of the settlement
agent.
(5) In the case of seeking entrustment from another applicant for new usage or a Userto conduct matching of settlement conditions, etc. for securities transactions, etc., allor in part, as Settlement Agent, the following matters listed for each applicant for newusage or User.
A Trade name or name of the applicable applicant for new usage or User and scope ofoperations entrusted.
B Title and name of the Person Responsible for the Operations Handling concerning
operations as a Settlement Agent.
C Titles and names of the Person in Charge of the Operations Handling to assist the
Person Responsible for the Operation Handling in the preceding B.
D Title and name of the Person Responsible for the System Handling concerning
operations as a Settlement Agent.
E Titles and names of the Person in Charge of the System Handling to assist the
Person Responsible for the System Handling in the preceding D.
(6) Matters concerning usage type of PSMS
(7) Matters concerning circuit connection(8) Matters concerning installation of terminal device for the use of integrated Web
functions provided by JASDEC (hereinafter referred to as “Integrated Web
Terminal”).
(9) If a User currently uses or plans to use the system of a provider (hereinafterreferred to as “Computing Company,”) as the User System for processing matchingof settlement conditions, etc. for securities transactions, etc., matters concerning
the applicable Computing Company.
2 An applicant for new usage shall attach a certificate of seal impression of therepresentative in the case of submitting an application form for usage of PSMS
mentioned in the preceding paragraph; provided, however, that this shall not apply if theapplicable certificate of seal impression has been already submitted to JASDEC in
connection with operations conducted by JASDEC other than matching of settlement
conditions, etc. for securities transactions, etc.
3 An applicant for new usage or a User shall not appoint Anti-Social Forces as an
Operation Agent, a Settlement Agent, or a Computing Company.
4 An applicant for new usage or a User who submit the application stated in Paragraph 1
shall also submit a designated document (including an electronic or magnetic record5

(meaning a record created in electronic form, magnetic form or any other form thatcannot be perceived by the human senses) in the case permitted by JASDEC) to
JASDEC that states themselves or parties who are executive officers, or others
equivalent thereto of the User are not applicable to Anti-Social Forces.
Article 7 (Examination and Approval of Application for Usage)
If JASDEC receives an application for usage from an applicant for new usage or a User
pursuant to Paragraph 1 of the preceding Article, and determines that the applicableapplicant for new usage or User satisfies the criteria of Item (1) and (2) for a person
mentioned in Items (1) to (5) of Article 5, or of Item (1) and (3) for a person mentioned in
Item (6) of Article 5, JASDEC shall approve use of PSMS by the applicant for new usage
or application from the User.
(1) The person has the necessity to use PSMS to facilitate securities transactions, etc.;
provided, however, that for a person mentioned in Item (4) of Article 5, the person
has the necessity to use PSMS to conduct businesses prescribed in its Business
Rules (meaning herein Business Rules defined in 3 of Article 156, Paragraph 2,
Item (4) of the Financial Instruments and Exchange Law).
(2) The person has the operational capability sufficient to conduct matching of settlement
conditions, etc. for securities transactions, etc.
(3) The person uses Settlement Agent for operations concerning Trade Matching and
Settlement Matching; provided, however, that a person equivalent to a person
engaged in Investment Management Business uses Operation Agent.

Article 8 (Notice of Approval)
If JASDEC has given approval in the preceding Article, JASDEC shall notify theapplicant and other Users to that effect.
Article 9 (Matters to be Notified)
1 A User shall notify the following matters to JASDEC.
(1) A change in trade name or name(2) A change in representative or change in title(3) A change in the address of its headquarters(4) A change in any of the items listed in Article 6, Paragraph 1(5) Other items specified as required by JASDEC as necessary to notify for conducting
matching of settlement conditions, etc. for securities transactions, etc.
2 Notification format and other necessary items shall be prescribed separately regarding
notification of matters listed in each item of the preceding paragraph.
6Article 10 (Suspension or Discontinuance of Usage)
1 A User may apply to JASDEC for suspension or discontinuance of usage.
2 If JASDEC receives an application pursuant to the provision of the preceding paragraphor the User ceases to be a person prescribed in Article 5, JASDEC will suspend or
discontinue usage of the applicable User.
3 If JASDEC determines it necessary in order to ensure the proper and efficientperformance of operation for matching of settlement conditions, etc. for securities
transactions, etc. upon the User’s breach of these Rules or other requirements
prescribed by JASDEC, or upon the User’s act of violation of fair and equitableprinciples such as obstructing operations of JASDEC or other Users, JASDEC may
suspend or discontinue usage of the applicable User, after providing an opportunity tosuch User to defend itself in advance.
4 When JASDEC suspends or discontinues usage of the User pursuant to the provision of
the preceding two paragraphs, JASDEC shall notify the relevant User and other Users
to that effect in advance.
5 Procedures and other necessary matters in the case of suspension or discontinuance ofusage of the User pursuant to the provisions of the preceding Paragraph 2 or 3 shall beprescribed separately.
Article 11 (Reporting)
JASDEC, when it deems necessary and appropriate for securing the appropriate
operation of matching of settlement conditions, etc. for securities transactions, etc.,
citing its reasons, may seek submission of a report or materials of necessary matterswith respect of operation of matching of settlement conditions, etc. for securities
transactions, etc. to Users.

CHAPTER 4

METHODS FOR MATCHING

Article 12 (Methods of Trade Matching)
1 When a User conducts Trade Matching, the User shall transmit investment instruction
data or trade report data to JASDEC.
2 When JASDEC is transmitted investment instruction data or trade report data from aUser, JASDEC shall conduct matching of or receive the relevant data and transmit
matching results or relevant data to the User.
3 When a User affirms the relevant trade report data after being transmitted tradereport data from JASDEC, the User shall instruct JASDEC to that effect.
4 Methods of Trade Matching and other necessary matters shall be prescribed separately.
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Article 13 (Methods of Settlement Matching)
1 When a User conducts Settlement Matching, the User shall transmit settlement
instruction data to JASDEC.
2 When JASDEC receives settlement instruction data from a User, JASDEC shall conduct
matching of relevant settlement instruction data and transmit matching results to theUsers (including a person designated in the relevant settlement instruction data);
provided, however, when a discrepancy in the settlement amount is negligibly small asprescribed separately, JASDEC shall modify the settlement amount in the settlement
instruction data and transmit matching results: “matched” to the Users, depending on thetypes of securities transactions, etc. as prescribed separately.
3 When a User prepares settlement instruction data from pre-registered settlement
information (hereinafter referred to as “Registered Settlement Information”), the User
shall instruct JASDEC to that effect.
4 When JASDEC receives an instruction mentioned in the preceding paragraph from aUser, JASDEC shall transmit results of matching to the User (including a person
designated in the relevant Registered Settlement Instruction) upon preparing settlement
instruction data by adding Registered Settlement Information to trade report data andconducting matching of the relevant settlement instruction data.
5 Methods of Settlement Matching, registration methods of Registered Settlement
Information and other necessary matters shall be prescribed separately.
Article 14 (Methods for Transmission and Receipt of Information)
1 When a User transmits information prescribed in Item (3) of Article 3, the User shalltransmit data related to relevant information to JASDEC.
2 When JASDEC receives data mentioned in the preceding paragraph from a User,
JASDEC shall transmit relevant data to the User (including a person designated in therelevant data).
Article 15 (Methods for Transmission and Receipt of Data)
1 A User may use PSMS by methods in each following item.
(1) Online real time data transmission and receipt via connected communications circuit
between User System and PSMS.
(2) Data transmission and receipt by input and output from the Integrated Web Terminal.
2 When any trouble arises in data transmission and receipt mentioned in the preceding
paragraph, the relevant User shall promptly notify JASDEC.
Article 16 (Transmission and Receipt of Data with Computing Company by a Circuit
Connection)
When the User System connecting via circuit connection is a system belonging to a8Computing Company, the data transmitted or received between the system belonging toa Computing Company and PSMS through the said circuit connection shall be handled
as if the data had been transmitted or received between the User System of the User
that had delegated the processing of matching of settlement conditions, etc. forsecurities transactions, etc. to the said Computing Company and PSMS.

CHAPTER 5

FEES, ETC.

Article 17 (Fees)
1 A person conducting matching of settlement conditions, etc. for securities transactions,etc. by using PSMS shall pay the fees to JASDEC.
2 Fees that a User pays to JASDEC pursuant to the preceding paragraph shall be thesum amount of the following.
(1) Base Fee(2) Trade Matching Fee (including fees related to operations listed in Item (3) of Article 3)(3) Settlement Matching Fee(4) Integrated Web Terminal Usage Fee
3 Fees listed in the preceding paragraph and other necessary matters shall be prescribedin an Appendix.
Article 18 (Bearing of Expenses Relating to Circuit Connection)
Expenses relating to the circuit equipment for circuit connection (shall mean the circuit
usage fee and installation construction cost, etc.) shall be borne by Users.

CHAPTER 6MISCELLANEOUS PROVISIONS

Article 19 (Cooperation with Various Tests)
1 The User shall cooperate without protest when it is required to participate in a linkage
confirmation test between the User System and PSMS by an advance notice given by
JASDEC. The same shall apply when participation in various tests other than the test
described above is required by JASDEC.
2 Of the expenses required for the linkage confirmation test and the various tests
provided in the preceding paragraph, the expenses of the User side shall be borne by
the said User.
Article 20 (Confidentiality)
1 Users shall comply with these Rules and other rules prescribed by JASDEC and9measures taken by JASDEC.
2 Parties who are officers or employees or former officers or former employees of theUser shall not divulge any secrets obtained through the use of PSMS to any third party.
3 Users shall perform operational processing using the connection with PSMS with thedue care of a good manager.
4 Users, when appointing an Operation Agent, a Settlement Agent, or a Computing
Company (For now on defined as "Operation Agent, etc." in this Paragraph.) shall let the
party observe matters listed in Article 15, Paragraph 2, Article 18, the preceding article,
and Paragraph 1 to the preceding paragraph.
5 Users shall not disclose the specification of PSMS to third party or use them besides
their business operation through PSMS without JASDEC's permission, provided,
however, when a User commits the business operation in the usage of PSMS to a third
party or appoint a third party (the word "third party" also includes the one appointed by
the third party to develop a part of or full of the system. The same shall apply hereinafterin this article.), in order to develop a system for business operation for the use of PSMS,
a User can disclose the specification of PSMS.
6 Users, when disclosing the specification of PSMS to the third party, shall let themobserve the provisions defined in the previous paragraph.
Article 21 (Immunity)
JASDEC shall not bear any liabilities for compensation for any damages suffered fromprocessing operations related to matching of settlement conditions, etc. for securities
transactions, etc. by Users’ transmission and receipt of data between JASDEC andUsers via input and output from the methods defined in Article 15, Paragraph 1 or othermethods, and for any damages suffered from troubles in conducting smooth operations
related to matching of settlement conditions, etc. for securities transactions, etc.
resulting from system problems, etc. of PSMS.
Article 22 (Necessary Measures, etc.)
JASDEC, in order to operate appropriately and securely matching of settlement
conditions, etc. for securities transactions, etc., may prescribe rules or take necessary
measures with respect to matters provided for in these Rules and other necessary
matters.
Article 22.2 (Publication etc. of Statistics)
JASDEC may conduct the publication of statistics and other acts as necessary for thesmooth management of operations related to matching of settlement conditions, etc. forsecurities transactions, etc.
10Article 22.3 (Discontinuance of Operations)
JASDEC, when it deems that the continuance of operations related to matching ofsettlement conditions, etc. for securities transactions, etc. is not necessary, may
discontinue such operations with a six-month prior announcement period. However,when the approval under the proviso to Article 9, Paragraph 1 of the Law is rescindedpursuant to provisions in Article 22, Paragraph 1 of the Law, this shall not apply.
Article 23 (Amending the Rules)
JASDEC, when it deems it necessary for the smooth management of PSMS, may amendthese Rules.
Article 24 (Governing Law and Agreed Jurisdiction)
1 These Rules shall be governed by the laws of Japan.
2 The Tokyo District Court shall have exclusive jurisdiction over any legal action withrespect to a dispute between JASDEC and any User concerning the rights andobligations related to PSMS; provided, however, that JASDEC may file a suit against theUsers in any court of competent jurisdiction outside of Japan.

SUPPLEMENTARY PROVISIONS
These Rules shall take effect on and from February 1, 2003.

SUPPLEMENTARY PROVISIONS (Notice as of April 16, 2004)
These amended Rules shall take effect on and from May 6, 2004.

SUPPLEMENTARY PROVISIONS (Notice as of July 29, 2004)
These amended Rules shall take effect on and from August 1, 2004.

SUPPLEMENTARY PROVISIONS (Notice as of September 28, 2007)
These amended Rules shall take effect on and from the effective date (September 30,2007) of the Law for Partial Amendments to the Securities and Exchange Law, etc.
(Law No. 65 of 2006).

SUPPLEMENTARY PROVISIONS (Notice as of January 25, 2008)
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These amended Rules shall take effect on and from February 1, 2008.

SUPPLEMENTARY PROVISIONS (Notice as of December 4, 2008)
These amended Rules shall take effect on and from the effective date of the Law for
Partial Amendments to the Law Concerning Book-entry Transfer of Corporate Bonds
and Other Securities for the Purpose of Streamlining the Settlement of Trades ofStocks and Other Securities, etc. (Act No. 88 of 2004) prescribed in the main clauseof Article 1 of the Supplementary Provisions thereof.

SUPPLEMENTARY PROVISIONS (Notice as of March 30, 2009)
These amended Rules shall take effect on and from April 1, 2009.

SUPPLEMENTARY PROVISIONS (Notice as of July 24, 2009)
These amended Rules shall take effect on and from August 1, 2009.

SUPPLEMENTARY PROVISIONS (Notice as of March 31, 2010)
These amended Rules shall take effect on and from May 1, 2010.

SUPPLEMENTARY PROVISIONS (Notice as of November 1, 2011)
These amended Rules shall take effect on and from January 6, 2014.

SUPPLEMENTARY PROVISIONS (Notice as of June 18, 2012)
These amended Rules shall take effect on and from January 6, 2014.

SUPPLEMENTARY PROVISIONS (Notice as of January 8, 2013)
These amended Rules shall take effect on and from February 25, 2013.

SUPPLEMENTARY PROVISIONS (Notice as of September 30, 2013)
These amended Rules shall take effect on and from October 1, 2013.

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SUPPLEMENTARY PROVISIONS (Notice as of October 31, 2013)
These amended Rules shall take effect on and from November 1, 2013.

SUPPLEMENTARY PROVISIONS (Notice as of February 2, 2015)
These amended Rules shall take effect on and from May 1, 2015.

SUPPLEMENTARY PROVISIONS (Notice as of March 25, 2016)
These amended Rules shall take effect on and from April 1, 2016.

SUPPLEMENTARY PROVISIONS (Notice as of December 3, 2018)
These amended Rules shall take effect on and from January 4, 2019.

SUPPLEMENTARY PROVISIONS (Notice as of April 1, 2020)
These amended Rules shall take effect on and from May 1, 2020.

SUPPLEMENTARY PROVISIONS (Notice as of March 1, 2023)
These amended Rules shall take effect on and from April 3, 2023.

SUPPLEMENTARY PROVISIONS (Notice as of June 30, 2023)
These amended Rules shall take effect on and from August 7, 2023.

SUPPLEMENTARY PROVISIONS (Notice as of December 1, 2023)
These amended Rules shall take effect on and from January 1, 2024.

SUPPLEMENTARY PROVISIONS (Notice as of March 5, 2024)
These amended Rules shall take effect on and from April 1, 2024.
SUPPLEMENTARY PROVISIONS (Notice as of July 31, 2024)
These amended Rules shall take effect on and from September 24, 2024.

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