Tokyo Grain Exchange Circuit Breaker (CB) Trigger Levels from January 4, 2012(Please see below for current CB Trigger Levels)

The initial CB level and the operation of when the CB level is triggered effective January 4, 2012 is as follows:

Product	Initial Circuit Breaker	Product	Initial Circuit Breaker
Rice	JPY300	Azuki (red beans)	JPY350
Corn	JPY1,000	Arabica Coffee	JPY1,400
Soybeans	JPY2,000	Robusta Coffee	JPY1,400
Non-GMO Soybeans	JPY2,000	Raw Sugar	JPY2,000

Process following a Circuit Breaker trigger

(1) All products excluding the rice and azuki (red beans) futures market

1) If the first and second circuit breaker level is triggered, trading will suspend temporarily for 5 minutes and the circuit breaker will be expanded. Following the suspension, trading will resume.

Example using corn: If the circuit breaker level is triggered for corn

When the first circuit breaker is triggered, the circuit breaker will be expanded. JPY1,000 (the initial circuit breaker) + JPY1,000 (expansion of the circuit breaker) = JPY2,000. When the 2nd circuit breaker is triggered, JPY2,000 (from the 1st expanded circuit breaker trigger) + JPY1,000 (expansion of the circuit breaker) = JPY3,000 will be the circuit breaker.

2) Following the 3rd circuit breaker level trigger, the circuit breaker will not be expanded. (Example: for corn it will remain at JPY3,000) and following the 5 minute trading suspension, trading will resume. However, if the Exchange deems it necessary, the suspension time and expanded circuit breaker may change.

(2) For the rice and azuki (red beans) futures market

1) For rice and azuki, if the first circuit breaker level is triggered, trading will suspend temporarily for 5 minutes and the circuit breaker will be expanded. Following the suspension, trading will resume.

Example using rice: When the first circuit breaker level is triggered, the circuit breaker will be expanded.

JPY300 (the initial circuit breaker) + JPY300 (expansion of the circuit breaker) = JPY600

2) Following the 2nd circuit breaker trigger, the circuit breaker will not be expanded (remain at JPY600). Trading will resume after a 5 minute suspension. However, if the Exchanges deems it necessary, the suspension time and expanded circuit breaker may change.

Present Circuit Breaker (CB) Trigger Levels (effective until December 30, 2011)

The initial CB level currently being applied and the operation of when the CB level is triggered is as follows:

Product	Initial Circuit Breaker	Product	Initial Circuit Breaker
Rice	JPY300 (ref: (3))	Azuki (red beans)	JPY350
Corn	JPY1,000	Arabica Coffee	JPY1,400
Soybeans	JPY2,000	Robusta Coffee	JPY1,400
Non-GMO Soybeans	JPY2,000	Raw Sugar	JPY2,000

Process following a Circuit Breaker trigger

(1) All products excluding the rice and azuki (red beans) futures market

1) If the first and second circuit breaker level is triggered, trading will suspend temporarily for 5 minutes and the circuit breaker will be expanded. Following the suspension, trading will resume.

Example: If the circuit breaker level is triggered for corn

(2) For the azuki (red beans) futures market

1) For azuki, if the first circuit breaker level is triggered, trading will suspend temporarily for 5 minutes and the circuit breaker will be expanded. Following the suspension, trading will resume.

Example: When the first circuit breaker level is triggered, the circuit breaker will be expanded.

JPY350 (the initial circuit breaker) + JPY350 (expansion of the circuit breaker) = JPY700

2) Following the 2nd circuit breaker trigger, the circuit breaker will not be expanded (remain at JPY700). Trading will resume after a 5 minute suspension. However, if the Exchanges deems it necessary, the suspension time and expanded circuit breaker may change.

(3) For the rice futures market

1) If the first circuit breaker level is triggered, trading will suspend temporarily for 10 minutes and the circuit breaker will be expanded. Following the suspension, trading will resume.

Example: When the first circuit breaker is triggered, the circuit breaker will be expanded.

JPY300 (the initial circuit breaker) + JPY300 (expansion of the circuit breaker)=JPY600

2) Following the 2nd circuit breaker trigger, the circuit breaker will not be expanded (remain at JPY600). Trading will resume after a 10 minute suspension.

3) If the settlement price reaches the upper limit or lower limit of the circuit breaker level for 2 or more contract months (excluding the spot month) for the clearing period, the initial circuit breaker for the following clearing period shall be as follows:

a) If the initial circuit breaker of the clearing period is JPY300, then the initial circuit breaker of the following clearing period JPY400

b) If the initial circuit breaker of the clearing period is JPY400, then the initial circuit breaker of the following clearing period JPY500

c) If the initial circuit breaker of the clearing period is JPY500, then the initial circuit breaker of the following clearing period JPY500

4) In a clearing period where the initial circuit breaker and the expanded circuit breaker has been enlarged as prescribed in 3) above and the settlement price reach the upper limit or lower limit of the circuit breaker level for 1 contract month or less (excluding the spot month), the initial circuit breaker of the following clearing period shall be as follows:

a) If the initial circuit breaker of the clearing period is JPY500, then the initial circuit breaker of the following clearing period JPY400

b) If the initial circuit breaker of the clearing period is JPY400, then the initial circuit breaker of the following clearing period JPY300

5) However, if the Exchange deems it necessary, the suspension time and expanded circuit breaker may change.