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- Option price per share (C)
- Share price (S): the closing price (base price for the next trading day when there is no closing price) of the common stock of the Company in regular trading on the Tokyo Stock Exchange on July 11, 2013
- Exercise price (X): one (1) yen
- Expected remaining period (T): 15 years
- Volatility (σ): volatility of share price computed based on the closing price of the common stock of the Company in regular trading for the last trading date of each week between December 2, 2005 to July 11, 2013.
- Risk-free interest rate (r): The interest rate on super-long-term Japanese government bonds with remaining years corresponding to the expected remaining period.
- Dividend yield (q): Dividend per share (amount of dividend per share paid for the fiscal year ended March, 2013) divided by the share price as set forth in 2) above. * IIJ conducted a 1:200 stock split on common stock with an effective date of October 1, 2012. Dividend yield above is calculated based on the paid dividends per share for the fiscal year retroactively adjusted to reflect the stock split.
- Cumulative distribution function of the standard normal distribution (N(･))
The option price to be calculated as described above is a fair value of the stock acquisition rights. Accordingly, the issuance of the stock acquisition rights is not an issuance of shares with favorable terms. The monetary remuneration claims of the person who will be allotted the stock acquisition rights against the Company and their obligations to pay for the allotment of the stock acquisition rights will be offset.
(13) Date of allotment of the stock acquisition rights
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