日本語

The last day of the period during which General Investors are treated as Professional Investors pursuant to Article 58 or 63 of the Cabinet Office Ordinance concerning Financial Instruments Business is the following date.
Last Day (Cutoff Date): September 30th, each year Reclassification continues to be effective on and from the date of acceptance to and including the immediately succeeding September 30. If a customer desires to remain reclassified as a Professional Investor beyond the Cutoff Date, the customer is required to make a renewal request for reclassification prior to the Cutoff Date. If such a request is made and necessary procedures for reclassification are completed by the Cutoff Date, reclassification continues to be effective for a further one year period on and from the Maturity Date.

With the enforcement of the Financial Instruments and Exchange Law (the "FIEL") on September 30, 2007, a new system by which to classify investors into "Professional Investors" and "General Investors" was introduced.

From the perspectives of investor protection, General Investors are protected by regulations (the "Financial Instruments Business Regulations") imposed on financial instruments firms, etc. (the "Financial Instruments Firms"). In contrast, in the interest of facilitating smooth transactions, Professional Investors are excluded from application of certain Financial Instruments Business Regulations (i.e., regulations aimed at correcting the information disparity between Financial Instruments Firms and investors, and other regulations) on the grounds that, given their knowledge, experience and property conditions, they are deemed to be capable of properly managing risks associated with financial transactions.

Distinction between Professional Investors and General Investors is as described in the table below. Certain specific Professional Investors are allowed, by their choice, to be reclassified as General Investors. (In other words, they would be able to enjoy the same protection by Financial Instruments Business Regulations as General Investors do.) At the same time, certain specific General Investors are allowed, by their choice, to be reclassified as Professional Investors.

Products and services of our Group companies may incur commissions and/or other fees. The value of products and services might go down as well as up and may incur the risk of losses due to fluctuations of prices or other reasons. Since each product or service incurs its own fees and risks, investors are required to read carefully the document provided before execution, prospectus, and/or other marketing materials of each product before making an investment decision.

Name: Crédit Agricole Corporate and Investment Bank, Tokyo Branch
Registered Financial Institution, Kanto Financial Bureau (Tou-kin) No. 101
Member of Japan Securities Dealers Association