Code of Ethics

Mizuho Securities Co., Ltd

As officers and employees of the Mizuho Securities Co., Ltd (the "Company") —whose role is to support the capital market, where fundraising and fund management in the nation's economy take place—we are well aware that we bear heavy responsibility as intermediaries in the capital market. In accordance with the Principles in the Financial Services Industry published by Financial Services Agency, we devote ourselves to self-edification in order to maintain sound common sense and a sense of ethics, be trusted by the general public, and respond to its requirements as professionals.
We respect each other as good citizens and reject and prevent any discriminatory remarks or harassment regarding nationality, race, gender, age, creed, religion, social status, or physical disability.
We hereby establish the following code of ethics as a basic guideline for all officers and employees in the performance of their duties and declare our commitment to it.

Observance of social norms and legislation
We fully understand and strictly observe all rules related to financial instrument transactions, including legislation and regulations aimed at protecting investors and ensuring the fairness of transactions. In accordance with social norms, we maintain and follow social common sense and a sense of ethics that cover developments not foreseen in legislation, regulations, etc.

Proper management of conflicts of interest
We must properly manage conflicts of interest that arise in business operations. Furthermore, we will not attempt to make an unjust profit by using information obtained through the use of our status, power, or business.

Observance of confidentiality and management of information
We pay the utmost attention to the handling of information obtained in the course of our work and protect its secrecy unless otherwise required under the rules of disclosure or by legislation.

Maintenance of social order and contribution to society
As good corporate citizens, we actively take part in various social activities and contribute to the stabilization and maintenance of social order. We take a resolute stand against disruptive elements, groups, etc., that engage in antisocial activities and will never enter into a business transaction with them.

Behavior that attaches importance to customer interest
We understand the investment knowledge and experience of our customers, their assets, and their purpose of investment, and with these in mind, we always act in their best interest.

Sincere and fair work that is in the customer's interest As intermediaries, we always attach importance to customer needs and interest and work sincerely and fairly.
We do not favor any particular customer by using our power or position at our company or information that may lead to a comparative advantage. We strive to uphold the principle of self-accountability by soliciting investment in a proper way and ensuring that customers understand the rule that holds them responsible for their investment decisions.
In cases where we are under contract to assume the responsibility of a fiduciary, we will always act sincerely in the customer's interest.

Counseling customers
When we give investment advice to customers, we do so by clearly distinguishing fact from opinion without bias and making use of our professional ability.
We do not provide advice based on information that has not been announced publicly, such as inside information. Doing so may affect the investment's value according to related legislation or regulations.

Actions concerning the capital market
In cases where certain actions are not governed by legislation or rules, we determine whether such actions are right or wrong in light of our code of ethics if they are questionable from the viewpoint of social common sense or our role as intermediaries.
We appropriately manage information that has not been announced publicly, such as inside information. Failure to do so may affect the investment's value according to related legislation or regulations.

Awareness of our social mission and the maintenance and promotion of the soundness and reliability of the capital market
We fully understand the fairness and soundness of the capital market and will never engage in any action or activity that may hinder its sound development. We act with the awareness of our social mission through our efforts to maintain the soundness of the capital market.
We will never engage in any action or activity that may discredit the Company in the eyes of the general public or damage the soundness of the capital market, such as failing to properly disclose information or distorting a fair price formation.