Japan advertising industry: Apr-Jun 2026 results at overseas tech companies (1) Quick Note

Research evidence excerpt

Japan advertising industry: Apr-Jun 2026 results at overseas tech companies (1) Quick Note

ates are identical to those in the original transaction. Risks vary by transaction. Please thoroughly read the written materials

provided, such as documents delivered before making a contract and disclosure statements.

In OTC transactions of credit default swaps (CDS), no sales commission will be charged. When entering into CDS transactions, the protection

buyer will be required to pledge or entrust an agreed amount of margin collateral. In some of these cases, the transaction payments may exceed

the amount of margin collateral. There shall be no advance notification of required collateral value or collateral ratios as they vary depending on

the financial position of the protection buyer. CDS transactions carry the risk of losses owing to changes in the credit position of some or all of

the referenced entities, and/or fluctuations of the interest rate market. The amount the protection buyer receives in the event that the CDS is

triggered by a credit event may undercut the total amount of premiums that he/she has paid in the course of the transaction. Similarly, the

amount the protection seller pays in the event of a credit event may exceed the total amount of premiums that he/she has received in the

transaction. All other conditions being equal, the amount of premiums that the protection buyer pays and that received by the protection seller

shall differ. In principle, CDS transactions will be limited to financial instruments business operators and qualified institutional investors.

Transfers of equities to another securities company via the Japan Securities Depository Center are subject to a transfer fee of up to ¥11,000

(tax included) per issue transferred depending on volume.