Financial Instruments and Exchange Act

If a person violates the provisions of Article 166 paragraph (1) or (3) in making a purchase and sale, etc. prescribed in Article 166 paragraph (1), the Prime Minister must, in accordance with the procedures prescribed in the following Section, order that person to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount specified in the following items in accordance with the category of cases set forth in each of those items (or, if the violation falls under two or more cases set forth in the following items, the sum of the amounts specified in those two or more items) (in the case where the purchase and sale, etc. was made in the name of another person, an amount equivalent to 1.5 times that amount):

the person that makes a purchase and sale, etc. as prescribed in Article 166, paragraph (1) has made that purchase and sale, etc. on the account of any person other than themselves (excluding the cases in which an officer, etc. prescribed in paragraph (910) has made the purchase and sale, etc. referred to in that paragraph): the amount specified in (a) or (b) below in accordance with the category of the person that has made the purchase and sale, etc. set forth in (a) or (b):

If a person violates the provisions of Article 167, paragraph (1) or (3) in making a purchase, etc. involving the specified share certificates, etc. or related share certificates, etc. prescribed in Article 167, paragraph (1) or a sale, etc. involving the share certificates, etc. prescribed in that paragraph, the Prime Minister must, in accordance with the procedures prescribed in the following Section, order that person to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount specified in the following items in accordance with the category of cases set forth in each of those items (or, if the violation falls under two or more cases set forth in the following items, the sum of the amounts specified in those two or more items) (in the case where the purchase, etc. or sale, etc. was made in the name of another person, an amount equivalent to 1.5 times that amount):

the amount arrived at when the lowest price during the two weeks after the disclosure of the fact that the tender offer, etc. will be launched or of the fact that the tender offer, etc. will be suspended, for that sale, etc. of securities (in the case of the fact that the tender offer, etc. will be launched prescribed in Article 167, paragraph (1), the lower of that price and the price arrived at when the closing price on the day before the disclosure of the fact that the tender offer, etc. will be launched, for that sale, etc. of securities, is divided by 1.5) is multiplied by the volume of that sale, etc.;

the amount arrived at when the highest price during the two weeks after the disclosure of the fact that the tender offer, etc. will be launched or the fact that the tender offer, etc. will be suspended for that purchase, etc. of securities (in the case of the fact that the tender offer, etc. will be launched prescribed in Article 167, paragraph (1), the higher of that price and the price arrived at when the closing price on the day before the disclosure of the fact that the tender offer, etc. will be launched, for that purchase, etc. of securities, is multiplied by 1.5) is multiplied by the volume of that purchase, etc.;

The term "lowest price in the two weeks after the disclosure of the material fact about the business" as used in paragraph (1), item (i), (b) means the lowest price from among the lowest prices prescribed in Article 67-19 or Article 130 on each day in the period from the day on which a material fact about business which is provided for in Article 166, paragraph (1) is disclosed until the day on which two weeks have elapsed since it was disclosed counting from the day following that day (if there is no such price, this means the priceamount specified by Cabinet Office Order as being equivalent to it, and the lowest price on the day on which the material fact is disclosed is the amount specified by Cabinet Office Order).

The term "highest price in the two weeks after the disclosure of the material fact about the business" as used in paragraph (1), item (ii), (a) means the highest price among the highest prices prescribed in Article 67-19 or Article 130 on each day in the period from the day on which a material fact about business which is provided for in Article 166, paragraph (1) is disclosed until the day on which two weeks have elapsed since it was disclosed counting from the day following that day (if there is no such price, this means the priceamount specified by Cabinet Office Order as being equivalent to it, and the highest price on the day on which the material fact is disclosed is the amount specified by Cabinet Office Order).

The term "lowest price in the two weeks after the disclosure of the fact that the tender offer, etc. will be launched or the fact that the tender offer, etc. will be suspended" as used in paragraph (2), item (i), (b) means the lowest price from among the lowest prices prescribed in Article 67-19 or Article 130 on each day in the period from the day on which the fact that the tender offer, etc. will be launched or of the fact that the tender offer, etc. will be suspended as provided in Article 167, paragraph (1) is disclosed until the day on which two weeks have elapsed since it was disclosed counting from the day following that day (if there is no such price, this means the priceamount specified by Cabinet Office Order as being equivalent to it, and the lowest price on the day on which the fact is disclosed is the amount specified by Cabinet Office Order).

The term "highestclosing price inon the two weeks afterday before the disclosure of the fact that the tender offer, etc. will be launched or the fact that the tender offer, etc. will be suspended " as used in paragraph (2), item (iii), (a) means the highest among b) and item (ii), (a) means the highest pricesclosing price prescribed in Article 67-19 or Article 130 on each day in the period fromday before the day on which the fact that the tender offer, etc. will be launched ordisclosure of the fact that the tender offer, etc. will be suspended as providedlaunched prescribed in Article 167, paragraph (1) is disclosed until two weeks have elapsed since it was disclosed (made (if there is no such price, or if there is no such price, this meansare two or more such prices, the priceamount specified by Cabinet Office Order as being equivalent to it and the highest price on the day on which the fact is disclosed is the amount specified by Cabinet Office Order).

The provisions of paragraph (1) (excluding item (iii)) apply mutatis mutandis ifterm "highest price in the two weeks after the disclosure of the officerfact that the tender offer, etc., prescribed in Article 166, paragraph (1), item (i), of a listed company will be launched or the fact that the tender offer, etc. (meaning a listed company, etc. prescribedwill be suspended" as used in Article 163, paragraph (12), and including a parent company, subsidiary company, asset management company, and specified associated corporationitem (ii), (a) means the highest among the highest prices prescribed in Article 166, paragraph (1), item (i); the same applies67-19 or Article 130 on each day in paragraph (13) ofthe period from the following Article) violatesday on which the provisions of Article 166, paragraph (1) or (3) in making a purchase and salefact that the tender offer, etc. will be launched or the fact that the tender offer, etc. prescribed will be suspended as provided in Article 166167, paragraph (1) on is disclosed until the account of that listed company, etc. In this case,day on which two weeks have elapsed counting from the phrase "that person" in paragraph (1) is deemed to be replaced with "day following that day (if there is no such price, the listed company, etc.", and the phrase "on their own account" in items (i) and (ii) of that paragraph is deemed to be replaced with "onamount specified by Cabinet Office Order as being equivalent to it, and the highest price on the day on which the fact is disclosed is the account of the listed company, etc."amount specified by Cabinet Office Order).

In The provisions of paragraph (1) (excluding item (iii)) apply mutatis mutandis if the case referred toofficer, etc., prescribed in Article 166, paragraph (1), a person that makes a purchase and saleitem (i), of a listed company, etc. (meaning a listed company, etc. prescribed in Article 166163, paragraph (1) on the account of, and including a person set forth in any of the following items is deemed to have made that purchase and sale, etc. on their own account (if the person set forth inparent company, subsidiary company, asset management company, and specified associated corporation prescribed in Article 166, paragraph (1), item (i); the same applies in paragraph (14) of the following Article) violates the itemsprovisions of that Article 166, paragraph makes (1) or (3) in making a purchase and sale, etc. prescribed in Article 166, paragraph (1) on the account of that Article in violation of listed company, etc. In this case, the provisions of phrase "that person" in paragraph (1) or (3) of that Article is deemed to be replaced with "the listed company, etc.", and the phrase "on their own account, excluding the same purchase" in items (i) and sale, etc. as(ii) of that purchase and sale, etc.), and paragraph is deemed to be replaced with "on the provisionsaccount of paragraph (1) apply:the listed company, etc.".

In the case referred to in paragraph (21), a person that makes a purchase, etc. of the specified share certificates, etc. or the related share certificates and sale, etc. prescribed in Article 167166, paragraph (1) or a sale, etc. of the share certificates, etc. prescribed in that paragraph on the account of a person set forth in any of the following items, is deemed to have made that purchase, etc. or and sale, etc. on their own account (if the person set forth in the items has violated the provisions of paragraph (1) or (3) of that Article in makingitem makes a purchase, etc. of the specified share certificates, etc. or the related share certificates and sale, etc. prescribed in paragraph (1) of that Article or a sale, etc.in violation of the share certificates, etc. prescribed in provisions of paragraph (1) or (3) of that paragraphArticle on their own account, excluding the same purchase, etc. or and sale, etc. as that purchase, etc. or and sale, etc.), and the provisions of paragraph (21) apply:

a company in which the person that makes the purchase and sale, etc. holds the majority of the voting rights held by all of the shareholders, etc., or any other person specified by Cabinet Office Order as being closely related to the person that makes the purchase, etc. or and sale, etc.;

a person that shares living expenses with the person that makes the purchase, etc. or and sale, etc., or any other person specified by Cabinet Office Order as having a unique relationship with the person that makes thethat purchase, etc. or and sale, etc.

Beyond what is prescribed In the case referred to in paragraphs (3) through (8) and paragraph (2), a person that makes a purchase, etc. of the preceding two paragraphs, if specified share certificates, etc. or the salerelated share certificates, etc. of securities prescribed in Article 167, paragraph (1) or purchasea sale, etc. of securities provided for the share certificates, etc. prescribed in that paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (9); hereinafteron the account of a person set forth in any of the same applies in this paragraph) and paragraph (2) constitutes a transaction following items, is deemed to have made that purchase, etc. or sale, etc. on their own account (if the person set forth in Article 2, the items has violated the provisions of paragraph (21), item (ii), the price and volume and other necessary particulars relevant to calculation of 1) or (3) of that Article in making a purchase, etc. of the specified share certificates, etc. or the administrative monetary penalty referred torelated share certificates, etc. prescribed in paragraph (1) of that Article or (2) are specified by Cabinet Order.a sale, etc. of the share certificates, etc. prescribed in that paragraph on their own account, excluding the same purchase, etc. or sale, etc. as that purchase, etc. or sale, etc.), and the provisions of paragraph (2) apply:

a company in which the person that makes the purchase, etc. or sale, etc. holds the majority of the voting rights held by all of the shareholders, etc., or any other person specified by Cabinet Office Order as being closely related to the person that makes that purchase, etc. or sale, etc.;

a person that shares living expenses with the person that makes the purchase, etc. or sale, etc., or any other person specified by Cabinet Office Order as having a unique relationship with the person that makes the purchase, etc. or sale, etc.

Beyond what is prescribed in paragraphs (3) through (9) and the preceding two paragraphs, if the sale, etc. of securities or purchase, etc. of securities provided for in paragraph (1) (including as applied mutatis mutandis pursuant to paragraph (10); hereinafter the same applies in this paragraph) and paragraph (2) constitutes a transaction set forth in Article 2, paragraph (21), item (ii), the price and volume and other necessary particulars relevant to calculation of the administrative monetary penalty referred to in paragraph (1) or (2) are specified by Cabinet Order.