Annual General Meeting Summary

The IBA held its 22nd Annual General Meeting (AGM) on November 29 at the Hotel Okura, welcoming over 80 senior executives of member firms, primarily at the CEO and GM level. Highlights of the meeting included addresses by Mr. Hirofumi Gomi, Commissioner of the Financial Services Agency, and by Mr. Nobuo Kuroyanagi, Chairman of the Japanese Bankers Association (JBA) and President and CEO of the Mitsubishi UFJ Financial Group Inc.

During the meeting the IBA's executive summarized the significant achievements over the year, including strengthening the IBA's presence among key decision-makers, improving member services, and attaining a sound fiscal footing. Members approved the IBA's priorities for 2006-07 and elected a new leadership, consisting of:

Mr. Paul Kuo Chairman CEO & President Representative Director Credit Suisse Securities (Japan) Limited	Replacing	Mr. John T. Macfarlane President & CEO Deutsche Securities Inc.
Mr. Mark Branson Vice Chairman (Member Services) Chief Executive Officer UBS Securities Japan Ltd.	Replacing	Mr. Jakob Groot Managing Director CEO & Country Executive Japan ABN AMRO Securities (Japan) Ltd.
Mr. Willem Wagner Vice Chairman (Finance & Administration) General Manager Rabobank Nederland, Tokyo Branch	Replacing	Mr. Graham Macnaughton President and CEO Country Manager Japan The Hongkong and Shanghai Banking Corporation Limited
Mr. Mark Devadason Chairman, Banking Sector Committee Chief Executive, Japan Standard Chartered Bank, Tokyo Branch	Replacing	Mr. Willem Wagner General Manager Rabobank Nederland, Tokyo Branch
Mr. Mitchell Mason Chairman, Securities Sector Committee Deputy President & COO Deutsche Securities Inc.	Replacing	Mr. Thomas Riley Managing Director Morgan Stanley Japan Securities Co., Ltd.

The membership took the opportunity to thank the outgoing leadership for their dedication to and support for the IBA.

The AGM was followed the IBA's annual reception which was attended by some 150 people, including senior executives of member firms, government officials and members of the diplomatic community. The reception was an excellent opportunity for individuals from all sectors of the financial services community to discuss matters of common interest in an informal setting.

Annual General Meeting

Mr. Nobuo Kuroyanagi, Chairman of the Japanese Bankers Association (JBA) and President and CEO of the Mitsubishi UFJ Financial Group Inc.

Mr. Hirofumi Gomi, Commissioner of the Financial Services Agency

Former IBA Chairman John T. Macfarlane addressing the membership

At the Reception