Approval for Operational Rules Pertaining to Specified Financial Benchmark Administration Pursuant to Article 156-87(1) of the Financial Instruments and Exchange Act

November 26, 2015

Ippan Shadan Hojin JBA TIBOR Administration

As of May 29, 2015, Ippan Shadan Hojin JBA TIBOR Administration ("JBATA"; Chairman Akihiro Wani) was designated as a specified financial benchmark administrator pursuant to article 156-85 (1) of the Financial Instruments and Exchange Act (and as of the same date, each of Japanese Yen TIBOR and Euroyen TIBOR, which JBATA publishes, was designated as a specified financial benchmark pursuant to articles 2(40) and 194-7(1) of the same Act).

In response, JBATA reviewed the content of JBA TIBOR Operational Rules and other relevant rules, etc. with a view to obtaining approval for operational rules(*) pertaining to specified financial benchmark administration pursuant to article 156-87(1) of the Financial Instruments and Exchange Act. As a result, JBATA has decided to revise the JBA TIBOR Operational Rules, the JBA TIBOR Code of Conduct, the Contingency Plan for JBA TIBOR Publication, the Conflict of Interest Management Policy and the Complaints Consultation Management Rule of JBATA as of November 26, 2015 as described below. Based on this revision, JBATA has obtained approval from the Prime Minister for the aforementioned operational rules(*) as of the same date.

JBATA will continue making efforts to strengthen its administrative framework and operations in order to maintain and enhance the reliability and transparency of JBA TIBOR in light of the ongoing international discussions about financial benchmark reforms.

1. Revision to the JBA TIBOR Operational Rules (See Attachment 1.)
2. Revision to the JBA TIBOR Code of Conduct (See Attachment 2.)
3.Revision to the Contingency Plan for JBA TIBOR Publication (See Attachment 3.)
4. Revision to the Conflict of Interest Management Policy (See Attachment 4.)
5. Revision to the Complaints Consultation Management Rule of JBATA (See Attachment 5.)

(*) Note: In the case of JBATA, the rules, etc. set out below constitute the "operational rules pertaining to specified financial benchmark administration" which are specified in article 156-87(1) of the Financial Instruments and Exchange Act. The content of each rule, etc. can be accessed from our website (https://www.jbatibor.or.jp/english/public/).

1. JBA TIBOR Operational Rules
2. JBA TIBOR Code of Conduct
3. Guidelines on Outsourcing JBA TIBOR Calculation/Publication Operations
4. Contingency Plan for JBA TIBOR Publication
5. Conflict of Interest Management Policy
6. Complaints Consultation Management Rule of JBATA

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