Steven M. Dickinson ^*
& Takeo Kosugi ^{* *}

Appendix A

CONCERNING THE BUSINESS OF DEALING IN NEGOTIABLE CERTIFICATES OF DEPOSIT AND COMMERCIAL PAPER ISSUED ABROAD (Gaikoku de Hakkosareta Jotosei Yokin Shosho Oyobi Komasharu Pepa no Toriatsukai Gyomu ni Tsuite), Ministry of Finance, Banking Bureau Circular No. 833 of 1984

Now that dealing in negotiable certificates of deposit (hereinafter "foreign CDs") and commercial paper (hereinafter "foreign CPs") issued abroad has been approved, the procedure thereof has been established as follows. Please take this matter under advisement and communicate the contents of this message to the financial institutions under your jurisdiction as thoroughly as possible.

Message

1. Transactions Subject Hereto

(1) Transactions shall be limited to: with respect to foreign CD, instruments issued by financial institutions with gross assets of a specified amount and above, and with respect to foreign CP, instruments issued by businesses with the highest rating.

(2) For the present time, there shall be no dealing in foreign CDs issued by Japan-related banks (banks established under the laws of Japan or their foreign subsidiaries) or in foreign CP issued by Japan-related juridical persons.

(3) The repayment period shall be limited to: for foreign CD, within six months, and for foreign CP, within 270 days.

(4) Transactions shall be limited to those the stated currency of which is foreign.

2. Minimum Sales Unit

For each individual purchaser, the minimum sales unit shall be: with respect to foreign CDs, � million (same as the minimum unit for domestic CDs), and with respect to foreign CP, � million. Joint purchases by several persons (so that the amount for an individual purchaser is less than the above-stated minimum sales amounts) shall be prohibited.

3. Issue and Subscription

Acts which in effect constitute an issue or subscription within Japan shall be prohibited.

4. Protection of Investors

In soliciting investors, the nature of the instrument and other matters shall be completely explained, and necessary measures such as the distribution of the description of the issuer shall be taken.

5. Reports, etc.

Concerning the operation of this business, important matters such as reports of actual results shall be decided elsewhere.

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