Revision to JBA TIBOR Operational Rules and Code of Conduct

March 2, 2015

Ippan Shadan Hojin JBA TIBOR Administration

As of March 2, 2015, the Board of Directors of JBA TIBOR Administration ("JBATA" Chairman Akihiro Wani) approved the revisions to its Operational Rules(attachment 1) and Code of Conduct(attachment 2). The revisions will become effective on April 1, 2015. Summary of revisions is as follows:

1. Issues arising from the location of a reference bank being in jurisdiction different to that of the JBATA

The Review of the Implementation of IOSCO's Principles for Financial Benchmarks by Administrators of Euribor, Libor and Tibor, which was made public by International Organization of Securities Commissions on July 22, 2014 points out "The criteria in the Operational Rules for including and excluding Reference Banks do not expressly address any issues arising from the location of a Reference Bank being in a jurisdiction different to that of the JBATA (as required by Key Indicium 11.3(a))." and has made suggestions to revise the rules. Accordingly, the Operational Rules(Article 35(3)) and Attachment 2 of JBA TIBOR Code of Conduct were revised respectively. (Please refer to attachment 1 and attachment 2.)

2. Service provider's term of assignment

The Operational Rules(Article 43(3)) stipulated that the service provider shall be re-selected, in principle, every four years. The rule was revised to re-select one, in principle, every five years, in accordance with five-year depreciation period for office equipment in the tax system. (Please refer to attachment 1.)

3. Effective date

April 1, 2015

●(attachment 1) Comparison table of Operational Rules

●(attachment 2) Comparison table of Code of Conduct

【Inquiries】 JBA TIBOR Administration　Business Development Department Tsurumi, Nagata, Kimura
Tel. 03-5252-4131