TRANSITIONINGFROM
USD LIBORTO SOFRThe final USD LIBOR tenors ceased orbecame non representative immediately
following publication on 30 June 2023.
Market participants require a transition
plan for new and legacy products.
ICE LIBOR® and LIBOR® are registered trade marks of ICE Benchmark Administration
Limited (IBA), and are used by Refinitiv with permission under licence by IBA.

WHAT REPLACED
USD LIBOR?
The market convention for USD LIBOR commonly usedreplacement benchmarks differs based on factors such as
market and whether the instrument is legacy.

CashOTCderivatives

Legacy products

New products

USD IBOR
CashFallbacks

SOFR

ISDAFallbacks

SOFR

Term SOFR

Refinitiv is an authorised distributor for each of these benchmarks.

BenchmarkFeatures

Primaryuse case

Administrator
and licensing agent

Secured Overnight
Financing Rate (SOFR)

Overnight risk freebenchmark

New institutional
products

Federal Reserve
Bank of New YorkCME Term
SOFR

Forward looking
term rate

New loans

CME Group
Benchmark Administration

USD IBOR
Cash Fallbacks

Adjusted SOFR plus
a spread adjustment

Legacy cashproducts

Refinitiv Benchmark
Services (UK) Limited

ISDAFallbacks

Compounded SOFR in arrears
plus a spread adjustment

Legacy bilateral
OTC derivatives

Bloomberg Index
Services Limited

REFINITIV USD IBOR CASH FALLBACKS
are the ARRC’s recommended fallback rates
for USD LIBOR in legacy cash products

The rates are composed of two components

CASH
FALLBACK==RISK FREE
RATE+SPREAD
ADJUSTMENT*Measures difference between
USD LIBOR and SOFRUSD IBOR Cash Fallbacks support
a range of adjusted SOFR conventions,
including CME Term SOFR.

USD IBOR Cash Fallbacks support consumer
and institutional productsCONSUMERPRODUCTS

INSTITUTIONALPRODUCTS

Student loans
Mortgages

Bilateral business loans
Floating Rate Notes
Securitisations
Syndicated loans

For more information on the LIBOR transition and ARRC’s recommended
fallback rates - Refinitiv USD IBOR Cash Fallbacks, please visit us at
HTTPS://WWW.REFINITIV.COM/USDIBORCASHFALLBACKS

2023 ©Refinitiv All rights reserved.
USD IBOR Cash Fallbacks
If you have not signed up to a licensing agreement with Refinitiv for the use of Refinitiv USD IBOR Cash Fallbacks (“Fallback Rates”) you are not permitted to use Fallback Rates for any Commercial Purposes. “Commercial Purposes” includes but is not limited to (i) using Fallback Rates as a reference rate
in financial instruments, financial contracts or for valuation and pricing activities, (ii) using Fallback Rates as an input into a benchmark or an index orotherwise, (iii) this https://website being accessed by or on behalf of the same group of companies at least once per month for 3 consecutive months for thepurpose of viewing or downloading Fallback Rates. We may use your personal data in order to determine whether we believe you are using the Fallback Rates for Commercial Purposes and, if we reasonably believe this is the case, we may contact you in order to arrange for a licensing agreement
to be put in place.
Refinitiv Limited, its affiliates (“Refinitiv”) and its third party providers (together “Refinitiv and Third Parties”) do not guarantee the quality, accuracy
and/or completeness of the Fallback Rates or any data included therein. Refinitiv and Third Parties make no express or implied warranties, representations or guarantees concerning the accuracy or completeness of the Fallback Rates or as to the results to be obtained by you, or any other person orentity from the use of the Fallback Rates or any data included therein. In no event shall Refinitiv and Third Parties have any liability for any loss of profits,
special, punitive, indirect, incidental, or consequential damages or loss, relating to any use of the Fallback Rates.
Third party accreditation/disclaimers
USD ICE LIBOR, which is administered and published by ICE Benchmark Administration Limited (IBA), serves as an input for the Fallback Rates. LIBOR®,
ICE LIBOR® and ICE Benchmark Administration® are registered trade marks of IBA and/or its affiliates. USD ICE LIBOR, and the registered trade marks
LIBOR, ICE LIBOR and ICE Benchmark Administration, are used by Refinitiv with permission under licence by IBA. The Fallback Rates are not sponsored,
endorsed or provided by IBA or any of IBA’s affiliates. IBA and its affiliates make no claim, predication, warranty or representation whatsoever, express
or implied, as to the results to be obtained from any use of LIBOR® or Fallback Rates, or the appropriateness or suitability of LIBOR® or the Fallback
Rates for any particular purpose to which it might be put, including with respect to the Fallback Rates. To the fullest extent permitted by applicable law,
all implied terms, conditions and warranties, including, without limitation, as to quality, merchantability, fitness for purpose, title or non-infringement, inrelation to LIBOR® and Fallback Rates, are hereby excluded and none of IBA or any of its affiliates will be liable in contract or tort (including negligence),for breach of statutory duty or nuisance, for misrepresentation, or under antitrust laws or otherwise, in respect of any inaccuracies, errors, omissions,delays, failures, cessations or changes (material or otherwise) in LIBOR® or Fallback Rates, or for any damage, expense or other loss (whether direct orindirect) you may suffer arising out of or in connection with LIBOR® or Fallback Rates or any reliance you may place upon it.
The Fallback Rates are subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the Fallback Rates
by Refinitiv, does not sanction or endorse any particular republication, and has no liability for your use. Refinitiv is not affiliated with the New York Fed.
The New York Fed does not sanction, endorse, or recommend any products or services offered by Refinitiv.
CME Group Benchmark Information is used under license as a source of information for certain Refinitiv products. CME
Group has no other connection to Refinitiv products and services and does not sponsor, endorse, recommend, orpromote any Refinitiv products or services. CME Group has no obligation or liability in connection with the Refinitiv
products and services. CME Group does not guarantee the accuracy and/or the completeness of any benchmark information licensed to Refinitiv and shall not have any liability for any errors, omissions, or interruptions
therein. There are no third-party beneficiaries of any agreements or arrangements between CME Groupand Refinitiv.

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