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Handling of Trading related to the Initial Listing of The Dai-Ichi Mutual Life Insurance Company

Update : Mar. 01, 2010

[Tokyo Stock Exchange, Inc.]

The Dai-Ichi Mutual Life Insurance Company (Code: 8750)(*1)will be listed on April 1, 2010. During the period from the initial listing date to the initial price determination date, the TSE shall designate the issue as "issues which are specified by the Exchange" pursuant to Rule 2, Paragraph 1, Item 2 of the Business Regulations, and trading shall be handled as follows.

(*1)The Dai-Ichi Mutual Life Insurance Company received approval from the Commissioner of the Financial Services Agency on January 26, 2010 regarding a change of organization pursuant to the Insurance Business Act. Such change of organization from a mutual corporation to a stock corporation will be conducted on April 1, 2010 (The trade name of the new company shall be "The Dai-Ichi Life Insurance Company, Limited"). Furthermore, the trading unit for The Dai-Ichi Mutual Life Insurance Company after initial listing shall be one (1) share.

1. Handling of Trading until the Initial Price Determination Date

(1) Time of Auction Trading

The morning session shall not be conducted, and the afternoon session shall begin at 1:00PM (The "predetermined time…specified by the Exchange", as prescribed in Rule 2, Paragraph 1, Item 2 of the Business Regulations, shall be 1:00PM)(*2). The trading session shall be closed immediately after the determination of the initial price.

(*2)In cases where a certain amount of time is required before conducting matching processes, the time at which matching processes are begun shall be the time of execution (time of auction trading). (For example, in the case where matching processes begin at 1:05PM, the time of execution (time of auction trading) shall be 1:05PM.

(2) Method of Determining Initial Price

The initial price shall be determined using the Itayose Method. When the total amount of bids and the total amount of offers referenced as follows matches at a certain price, such price shall be the contract price, and transactions shall be executed between matching orders.

Furthermore, stop allocation at daily price limits shall not be conducted.

All market orders
All bids at prices higher than such price and all offers at prices lower than such price
The entire amount of either all bids or offers at such price

(3) Display and Renewal of Special Quotes

Until the initial price (in cases where no transaction is executed, special quote price, etc.) is determined, special quotes shall not be displayed/renewed.

Furthermore, in cases where there is an imbalance in bids/offers to one side at 1:00PM, and the matching conditions in the preceding (2) cannot be satisfied within the price limits, a special quote shall be displayed at the price limit and the trading session shall be closed.

(4) Price Limits and Base Price for Price Limits

Price Limits
The price limit shall have an upper limit equal to the 130% of the base price and a lower limit equal to 25% of the base price.
Base Price for Price Limits
The base price for price limits on the initial listing date shall be the offering price. Additionally, in cases where the initial contract price is not determined on the initial listing date, the base price for each following day shall be the final special quote price of the preceding day (in cases where there is no final special quote price for the preceding day, the base price on the preceding day for such issue).
Furthermore, notification shall be issued regarding the price limits and base price when the offering price is decided.

(5) Order Acceptance Period

The order acceptance period shall be from 8:00AM to 11:00AM and 12:05PM to 1:00PM.

2. System Settings

The system settings from the start of order acceptance until the determination of initial price shall be as follows.

Process	Details
Order Acceptance 8:00AM - 11:00AM 12:05PM - 1:00PM	All new orders/changes/cancellations shall be accepted from 8:00AM to 11:00AM and from 12:05PM to 1:00PM. The system settings shall be Order Acceptance Possible/Suspension of Trading.
Implementation of Matching Processes 1:00PM	Prohibition of order acceptance of new orders/changes/cancellations shall be enacted at 1:00PM. Order book registration for orders accepted until 1:00PM shall be confirmed, suspension of trading shall be lifted, and matching processes shall be implemented. In cases where the amount of orders is considerably large or there is a concentration of incoming orders immediately before 1:00PM, there is the possibility that a certain amount of time will be required until the implementation of matching processes.
After Implementation of Matching Processes 1:00PM - 3:00PM	After implementation of matching processes, a trading halt shall be enacted. After enacting the trading halt, orders which are not yet executed may be canceled.

3. Short Selling

Before determination of initial price, there will be no price restrictions in cases of short selling. When conducting short selling, orders shall be issued as those for short selling with "no uptick rule applicable".

4. Margin trading

Standardized margin transactions shall not be possible on the initial listing date, pursuant to Rule 7 of the Margin/Loan Trading Regulations.
Furthermore, negotiated margin transactions shall be possible from the initial listing date.

5. Orders with Conditions

At-the-Opening orders and At-the-Close orders shall be prohibited.

6. Handling in ToSTNeT Market

Until the initial price is determined during trading sessions, trading in the ToSTNeT market shall not be conducted.

7. Provision of Quote Information

Until the initial price (in cases where no transaction is executed, the special quote price, etc.) is determined, quote information (i.e. pre-opening quote information) shall be provided primarily for the price at which the total amount of bids and the total amount of offers reverses.

Additionally, market information contract users are usually prohibited from displaying real-time quote information over open websites, etc. However, it is possible that the amount of orders and inquiries will increase dramatically for such issue, thus causing great burden on the systems of each trading participant. Given concerns of delays in quote information distribution to some investors due to this, special permission shall be given to market information contract users who wish to display real-time quote information on open websites, etc. until the initial price determination date, in order to alleviate system burden(*3).

(*3)Interested users should contact the Market Information Desk in the Information Services Department by March 12, 2010. (email: mains-user@tse.or.jp).

8. Handling of trading after the Initial Price Determination Date

Following the initial price determination date, handling of trading shall be the same as that for other domestic stocks.

Contact

Tokyo Stock Exchange, Inc.
Equities Department
Tel: +81-3-3666-0141