Pursuant to Article 34-2 of the Financial Instruments and Exchange Act, when we treat a Professional Investor as a General Investor, the applicable period shall commence on the date on which we accept the client’s request and shall continue until we receive a subsequent request from the client to be treated again as a Professional Investor.
Pursuant to Articles 34-3 and 34-4 of the same Act, when we treat a General Investor as a Professional Investor, the applicable period shall, in principle, run from the date on which we accept the client’s request for such treatment until the date on which one year has elapsed (the “Expiration Date”); provided, however, that the Expiration Date shall be March 31 of each year.