Determination of Succession Event with regard to reference entity of eligible CDS transaction

We hereby announce the following determination which has been made by ISDA Determination Committee as of 10th May, 2013. According to the Article 84-2 of the JSCC CDS Clearing Business Rules, this determination made by ISDA Determination Committee shall assume to be the determination made by JSCC.

Note

　1.Matters relating to the cause that consists Succession Event
　Succession Event has occurred as of 1st April, 2013 for Nippon Paper Group, Inc.

　2.Matters relating to the Successor
　Nippon Paper Industries Co., Ltd. is the sole Successor.

End of Note