①The provisions of Articles 37-11-3 and 37-11-4 of the New Act on Special Measures Concerning Taxation (limited to the part of those provisions pertaining to Article 37-11-3, paragraph (3), item (i) of the New Act on Special Measures Concerning Taxation) apply to a transfer of listed shares, etc. held in a specified account prescribed in Article 37-11-3, paragraph (1) of the New Act on Special Measures Concerning Taxation that an individual makes on or after the Effective Date, and the provisions then in force continue to govern a transfer of listed shares, etc. held in a specified account prescribed in Article 37-11-3, paragraph (1) of the Former Act on Special Measures Concerning Taxation that an individual made before the Effective Date.

②With regard to the application of the provisions of Articles 37-11-3 through 37-11-5 of the New Act on Special Measures Concerning Taxation during the period from the Effective Date to September 30, 2004, the phrase "listed shares, etc. (" in Article 37-11-3, paragraph (1) of the New Act on Special Measures Concerning Taxation is deemed to be replaced with "listed shares, etc. (excluding beneficiary certificates of securities investment trusts for shares and similar interests and investment units of specified investment corporations prescribed in Article 37-11, paragraph (1) (excluding those issued outside Japan and shares, etc. listed on a securities exchange prescribed in that paragraph and other similar ones specified by Cabinet Order);".