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Notes

CDS Reference Rate is the average of the offer/bid rates, excluding a specific number of both the highest and lowest rates, which a Designated Financial Institution has provided for a specific Displayed Contract selected at its option.

CDS Reference Rates are provided to serve as reference information to facilitate credit default swap transactions (CDS transactions) by financial institutions, institutional investors, etc. and are not intended to solicit nor recommend any investment.

Tokyo Financial Exchange Inc.(TFX) makes no warranties of execution in actual CDS transactions, etc. on the basis of CDS Reference Rates. In no event will TFX be liable for any loss whatsoever that may be incurred by anyone due to use of CDS Reference Rates.

CDS Reference Rates cannot be reprinted, reproduced, processed, redistributed, publicly transmitted, sold, leased nor otherwise utilized without TFX's prior permission, except as the use for the purpose of academic research or for citations made in an article.