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(A)

All delivery and payment obligations of all Netted Transactions

(B)

forming part of the same Net Processing Unit and which have a
delivery obligation for the Clearing Member or ISA Direct
Clearing Member are aggregated (“Aggregated Sell Position”).

All delivery and payment obligations of all Netted Transactions

(C)

forming part of the same Net Processing Unit and which have a
delivery obligation for Eurex Clearing AG are aggregated

“Aggregated Buy Posi .

Eurex Clearing AG enters the relevant Settlement Instructions

(D)

for the Aggregated Sell Positions and the Aggregated Buy
Positions into the systems of the relevant Settlement Location.

All delivery and payment obligations arising from the Netted

(E)

Transactions forming part of the Aggregated Sell Position shall
be deemed discharged as of the point in time when the relevant
securities and cash amounts are actually debited and credited
from the relevant securities and cash accounts by the relevant
Settlement Location. The same shall apply with respect to all
delivery and payment obligations arising from the Netted
Transactions forming part of the Aggregated Buy Position.

Provided that the Settlement Location supports partial deliveries

and a partial delivery of Securities occurs with respect to a
Settlement Instruction entered into the systems of the relevant
Settlement Location, Eurex Clearing AG partially allocates the
delivered Securities among the Netted Transactions forming part
of the Surplus Block on basis of a pre-defined and non-
discretionary algorithm. Such allocation shall constitute a legally
binding obligation between Eurex Clearing AG and the Clearing
Member or ISA Direct Clearing Member.

‘The delivery and payment obligations arising from the Surplus
Block shall be deemed partially discharged as of the point in
time when the relevant securities and cash amounts are actuall
debited and credited from the relevant securities and cash
accounts by the relevant Settlement Location.

(IV) _In case the Settlement Date Netting results in a delivery obligation

and a payment obligation for one (but not for the other) party, Eurex

Clearing AG will apply Aggregation pursuant to Paragraph (III) above.

2) Gross Processing

If Gross Processing is the applicable Processing Method, no Settlement Date

Netting occurs and all Repo Transactions are settled on a gross basis. Eurex

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pursuant to Number 2.2 Paragraph (2) (d) in relation to the relevant claim in the
underlying currency.

4) Eurex-Ck AG-mak tati heth liedas-to-th
ig P 5 P plied;
Jete-and-timely-perf a fas Jevant-other_ FROM.
ip yp 7
the Ck Merb ISA Direct Ch Members-Eurex Clearing AG
liability-to-the-Clearing- Memb: ISA Direct Clearing Members for any-act
failureto-act by Xi Cmax Jovant other TPCM tion with th
del bstitution-of under! iti iti in-and ‘
ig g P
i ith. at under! iti
s s 8
2.45 Payment of Interests and Dividends, as well as other Corporate Actions

(Compensation)

(1) Ifinterests or dividends are paid with respect to eA-the underlying security-Securities
during the term of a Repo Transaction, e.g-during the Purchase Agreement and the
Repurchase Agreement, Eurex Clearing AG shall arrange for the credit of the
accrued amount of interests or dividends (‘Compensation Amount’) -to the relevant
cash account of the Clearing Member or ISA Direct Clearing Member which has-was
the sellersold of the respective-securitiesunderlying Securities under the Front Leg of
the relevant Repo Transaction.

Besides_Eurex Clearing AG shall_arrange for the debit of the relevant cash account
of the Clearing Member or ISA Direct Clearing Member, which was the buyer of the
underlying Securities under the Front Leg of the relevant Repo Transaction, -arrange

forthe-charge-of in an amount equal to the Compensation Aamount-ofinterests-or

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SG-Xemac;-by Cmax on the basis of -the relevant CMSA and by the relevant
other TPCM on the basis of its relevant rules or the relevant arrangements with
such TPCM, as applicable. Other-than-deseribedin-Sentence+

(iii)_~ Eurex Clearing AG may demand that, in excess of the margin requirement
calculated by Xemac,by Cmax or by the relevant other TPCM, Additional
Margin has to be provided in accordance with the calculation method published
pursuant to Chapter | Part 1 Number 3.1.37.

The possibility of requiring additional Margin pursuant to Chapter | Part 1
Number 3.3 together with Chapter | Part 2 Subpart A Number 4.2 or additional
ISA Direct Margin in accordance with Chapter | Part 6 Subpart A Number 7.3, in
particular for collateralisation of exchange rate risks in case of foreign currency
transactions, remains unaffected.

This in particular applies for the collateralisation of exchange rate risks in case
of foreign currency transactions and as well for the delivery of securities as
Eligible Margin AssetscoHlaterat which qualify as own issues in the meaning of
the GTC’s of Eurex Repo GmbH in relation to the Clearing Member or ISA
Direct Clearing Member. With regard to securities which become own issues
during the term of the Transaction, this provision applies also. The Clearing
Members or ISA Direct Clearing Members are obliged to refrain from
provisioning of such own securities as collateral.

(2) With regard to GC Pooling Equity-Repo Transactions, Eurex Clearing AG shall in
deviation-f Paragraph(4 Hi 3—definedetermine with respect to each
Securities Basket a list of securities forming part of the relevant Securities Basket,
equities included in the DAX”, FURO STOXX 50°, AEX” and CAC 40° which shall
be are-eligible as Eligible Margin Assets securities-serving-as-collateral_(“Eeligibile
Margin Assetsity Llist”) and shall review and update the Eligible Margin Assets List
~if necessary—suchiston a daily basis.

When determining the Eligible Margin Assets List, Eurex Clearing AG Fhe-equities

mitted to this list i di thconsiders a catalogue of criteria which
takes-intetaking into account the turnover volumes and risk aspects. Irrespective of
the regular review, Eurex Clearing AG shall — due to risk management reasons — be
entitled atanytime-to exclude individual securities from the Eligible Margin Assets
List at any timeetigibiitist. Fre-All applicable effective eligibilityE ligible Margin
Assets Lists listwill be made available in-Xemac,in CmaxX or in or via the relevant
other TPCM on a daily basis.

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Clearing AG will enter separate Settlement Instructions into the systems of the
relevant Settlement Location for each Repo Transaction.

3) Shaping

Prior to the entering of Settlement Instruction or a Payment Instruction, Eurex
Clearing AG may split a Settlement Instruction or a Payment Instruction with a high
notional value into several instructions with smaller notional value (“Shaping”).

Reporting

(1) Eurex Clearing AG will inform the Clearing Member or ISA Direct Clearing Member of
the results of any Settlement Date Netting pursuant to Number 2.5.2 (2) after the
completion of the end-of-day processing on the relevant Netting Date by providing a
report.

(2) Eurex Clearing AG will inform the Clearing Member or ISA Direct Clearing Member
of the settlement status of each Netted Transaction at the end of each Contractual
Settlement Date by providing a settlement report.

2.6 Settlement Date Exposure Netting with respect to GC Pooling Repo Transactions

With respect to GC Pooling Repo Transaction, Eurex Clearing AG applies a mandaton
netting of delivery and payment obligations arising from all GC Pooling Repo
Transactions of the relevant Clearing Member or ISA Direct Clearing Member
(‘Settlement Date Exposure Netting") subject to and in accordance with the following

provisions.
2.6.1 General provisions for Settlement Date Exposure Netting

(1)_The Settlement Date Exposure Netting shall occur on the Netting Date and relates to
all Front Leg(s) and Term Leg(s) of GC Pooling Repo Transactions that form part of

the relevant Net Processing Unit.

(2) A "Net Processing Unit" comprises all Front Leg(s) and Term Leg(s) meeting the
following requirements (each a “Netted GC Pooling Repo Transaction"):

(a) all Netted GC Pooling Repo Transactions arise from GC Pooling Repo
Transactions

(b) all delivery obligations relate to the same Securities Basket ("Relevant
Securities"), and

(c) all requirements stipulated under Number 2.5.1 (2) (a), (d), (e), (f), and (g).

The Front Legs of GC Pooling Repo Transactions qualifying as Same Day Repo
Transactions do not form part of a Net Processing Unit. Same Day Repo
Transactions are settled on a gross basis.

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0}

Offset Block

After the occurrence of the Settlement Date Netting, Eurex Clearing

day

AG enters cash-only instructions into the systems of the relevant
payment bank (each a “Payment Instruction”) relating to the
payment obligation arsing from the Netted Transactions which are
allocated to the Offset Block.

All delivery and payment obligations arising from all Netted

Transactions allocated to the Offset Block shall be deemed
discharged as of the point in time when the relevant cash amounts
are actually debited and credited from the relevant cash accounts b'
the relevant payment bank.

iv) Strange Nets

In case of the following scenarios (each a “Strange Net’), the following

shall apply:

w

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in no delivery
obligation and no payment obligation, Eurex Clearing AG does not
enter any Settlement Instruction or Payment Instruction.

All delivery and payment obligations arising from all Netted

(a

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the beginning of the Contractual Settlement
Date.

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in a cash-only
obligation, without any delivery obligation, Eurex Clearing AG only
enters the relevant Payment Instructions.

All delivery and payment obligations arising from all Netted

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the point in time when the relevant cash
amounts are actually debited and credited from the relevant cash
accounts by the relevant payment bank.

b)_ Single Instruction Netting

(i)__Under the Single Instruction Netting, the payment obligation arising from

the Offset Block is considered in the netting result of the Surplus Block

resulting in a single settlement instruction (“Single Instruction Netting”).

ii) Surplus Block

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(iii)

Provided that the underlying Securities, which have been transferred under
the Front Leg, have been substituted during the term of the GC Pooling
Repo Transaction, such substituted Securities shall become the relevant
underlying Securities during the term of the GC Pooling Repo Transaction.

All physical deliveries shall be made versus payment (Zug-um-Zug)

(I) between the Cash Taker and Eurex Clearing AG and

(Il) between the Cash Provider and Eurex Clearing AG

on the agreed Contractual Settlement Date of the Term Leg.

Physical deliveries shall be made through a Settlement Location, and
payments shall be made through the corresponding account determined b
such Settlement Location.

Exposure Adjustment Requests

After each Settlement Date Exposure Netting pursuant to Number 2.6,

Eurex Clearing AG submits the required Exposure Adjustment Requests to
Cmax or the relevant other TPCM to adjust the relevant exposures and to
initiate the required Securities transfer.

With respect to Same Day Repo Transactions, Settlement Date Exposure

(iv)

Netting does not apply, instead Eurex Clearing AG submits separate
Exposure Adjustment Requests to Cmax or the relevant other TPCM.

Settlement of the Exposure Adjustment Requests

After receipt of the Exposure Adjustment Requests, Cmax or the relevant

wv)

other TPCM shall adjust the relevant exposures and shall select the
relevant Securities forming part of the relevant Securities Basket to be
transferred.

Cmax, the relevant other TPCM or Eurex Clearing AG shall enter the
required Settlement Instructions and/or Payment Instructions (if any) into
the systems of the relevant Settlement Locations or payment accounts.

‘The transfer of Securities shall be performed in accordance with the
provisions under Chapter | Part 1 Number 1.4.2.

Eurex Clearing AG makes no representation, whether expressed or

implied, as to the complete and timely fulfillment of obligations by CmaX or
the relevant other TPCM vis-a-vis the Clearing Members or ISA Direc
Clearing Members.

Eurex Clearing AG assumes no liability to the Clearing Members or ISA
Direct Clearing Members for any act or failure to act by CmaxX or the
relevant other TPCM in connection with the delivery or Substitution of

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Members (and their Clearing Agents) (the “GC Pooling Migration Date’), (i)
the Collateral Management System Xemac of Clearstream Banking AG
“Xemac") will no longer be available as a Settlement Location or TPCM for
purposes of this Chapter IV and (ii) the relevant Settlement Location and TPCM
services for Xemac customers will be offered under the collateral management
system Cmax solely by Clearstream Banking S.A. (except that certain accounts
for the participation in CmaX services may be held with Clearstream

Banking AG). Eurex Clearing AG will also notify the Clearing Members and ISA
Direct Clearing Members (and their Clearing Agents) of the Final
Implementation Date relating to the GC Pooling Migration Date.

Part 2 Clearing of Repo Transactions

21 Repo Transactions

(1) A Repo Transaction is a purchase/sale of securities and their simultaneous forward
re-purchase/re-sale_and the payment of an interest (“Repo Interest”). Thus, such
transaction is a combination of a purchase agreement (“Front Leg”) with
simultaneous re-purchase agreement (“Term Leg”) of securities of the same type
and category at a certain point in time.

21.1 Inclusion of Eurex Repo Transactions into Clearing by Open Offer or by Novation

(1) Eurex Clearing AG shall determine in consultation with Eurex Repo GmbH which
kind of Eurex Repo Transactions or securities underlying these Eurex Repo
Transactions shall be included in the Clearing. Clearing Members and ISA Direct
Clearing Members will be notified by Eurex Clearing AG via electronic publication in
the internet exclusively, available on the Eurex Clearing Website, as regards those
securities transactions that are included in the Clearing. In connection with
GC Pooling Repo Transactions, the notification of included securities shall be carried
out ia-Xemac;in Cmax or in the relevant other TPCM.

241.2 Inclusion of Original MTF Repo Transactions into Clearing by Novation

(1) Eurex Clearing AG shall determine in consultation with the respective multilateral
trading facility which kind of Original MTF Repo Transactions or securities underlying
these Original MTF Repo Transactions shall be included in the Clearing. Clearing
Members and ISA Direct Clearing Members will be notified by Eurex Clearing AG via
electronic publication in the internet exclusively, available on the Eurex Clearing
Website, as regards those securities transactions that are included in the Clearing.

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Regarding-the-selection-of iti is llateral-to-be-transferred-fi
gi g- iS)

theWith respect to the GC Pooling Equity Basket, the following additional provisions
shall be applicable:

(i)_Eurex Clearing AG will determine specific concentration limits, which -of Eurex

Clearing AG-shall_apply-and-will be made publicly available in Xeraac-CmaxX or
in or via the relevant other TPCM.

(ii) If Fothe-extenta-the Clearing Member or ISA Direct Clearing Member which-has
available_anindoes not have the sufficient amountrequired number of eligible
securities serving-as-collateralavailable-forthe-GC Pooling Equity Basket, the
Clearing Member or ISA Direct Clearing Member shall be entitled to deliver
securities forming part of the Eligible Margin Assets Lists relating to the GC
Pooling ECB. Basket. In such case, the settlement—is instead allowed to transfer

applicable for for seitloment of GC Pooling Repo “Transactions relating to the
GC Pooling ECB Basket Repo+t ti shall apply-t A iti ing
as-collateral.

s

In addition to the provisions of Paragraph (1) and (2), the provisions of Chapter |
Part 1 Number 3 together with Part 2 Subpart A Number 4, Subpart B Number 5 and
Subpart C Number 6 or Part 4 Number 6 and Chapter | Part 6 Subpart A Number 7
(as relevant, in conjunction with Subpart B) shall apply with regard to the basic
principles of the margin requirement and — unless aforementioned paragraphs state
otherwise — the obligation to provide margin.

The provisions of Paragraph (1) Sentence 4 — 10 apply to Special and GC Repo
accordingly. In the case securities collateral are qualified as own issues after the
settlement of the Front Leg, Eurex Clearing may apply an adequate haircut to cover
a higher liquidation risk for Eurex Clearing AG. No automatic substitution is
processed.

1.3 Set-off Procedureof Cash Claims

For the avoidance of doubt, a set-off of claims in accordance with Chapter | Part 1
Number 1.3 shall also be possible between claims resulting out of Eurex Repo
Transactions and Original MTF Repo Transactions.

1.5 Changes to Settlement or Collateral Management Infrastructure
[el

(8) Without prejudice to the provisions of Paragraphs (2) to (7) of this Number 1.5, the
following applies:

(a) As of a date (which will be a Monday) that will be notified reasonably in advance

by Eurex Clearing AG to the Clearing Members and ISA Direct Clearing

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The provisions under Paragraph (a) (ii) above shall apply accordingly to

Single Instruction Netting.
iii) Offset Block

0}

Notwithstanding Strange Nets, Eurex Clearing AG does not enter any

(uy)

Payment Instruction with respect to the Offset Block.

All delivery and payment obligations arising from all Netted

Transactions allocated to the Offset Block shall be deemed
discharged as of the point in time when the relevant securities and
cash amounts are fully debited and credited from the relevant
securities and cash accounts by the relevant Settlement Location in
accordance with the Settlement Instruction entered into by Eurex
Clearing AG pursuant to Paragraph (b) (ii) above.

iv) Strange Nets

In case of the following scenarios (each a “Strange Net’), the following

shall apply:

0}

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in no delivery
obligation and no payment obligation, Eurex Clearing AG does not
enter any Settlement Instruction or Payment Instruction.

All delivery and payment obligations arising from all Netted

(uy

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the beginning of the Contractual Settiment
Date of all Netted Transactions.

In case the Settlement Date Netting of all Netted Transactions

forming part of the same Net Processing Unit results in a cash-only
instruction, without any delivery obligation, Eurex Clearing AG enters
a Payment Instruction.

All delivery and payment obligations arising from all Netted

(WI)

Transactions forming part of the same Net Processing Unit shall be
deemed discharged as of the point in time when the relevant cash
amounts are actually debited and credited from the relevant cash
accounts by the relevant payment bank.

In case the Settlement Date Netting results in a delivery obligation

only without any payment obligation, Eurex Clearing AG will apph
Aggregation.

“Agagreg means the following:
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(c)

Location, and payments shall be made through the corresponding account
determined by such Settlement Location.

Physical Deliveries:

The transfer of Securities to be delivered under Eurex Repo Transactions shall

be performed in accordance with the provisions under Chapter | Part 1 Number

4.4.2. & Ch g AG shall_with respect t ities-held_in-collecti: fe

tody- (Git / hrung}-deli d-to it tto-P: 42a)
g PA grap!

d-(b}-act te diary-of the Clearing Memb: BasiclSA Direct

Delivery and payment with regard to GC Pooling Repo Transactions:

(i)_Purchase Agreement (Front Leg):

Under the Front Leg of a GC Pooling Repo Transactions, Eurex Clearing
AG agreed with the Cash Taker and the Cash Provider on the payment of
a specific notional amount in the relevant currency versus the transfer of a
certain scope of Securities forming part of a specific Securities Basket,
which shall finally be selected by CmaxX or the relevant other TPCM.

Under the Front Leg, all physical deliveries shall be made versus payment
Zug-um-Zug)

(1) between the Cash Taker and Eurex Clearing AG and

(il) between the Cash Provider and Eurex Clearing AG

on the agreed Contractual Settlement Date of the Front Leg.

Physical deliveries shall be made through a Settlement Location, and
payments shall be made through the corresponding account determined by
such Settlement Location

(ii) Repurchase Agreement (Term Leg):

Under the Term Leg of a GC Pooling Repo Transactions, Eurex Clearing
AG agreed with the Cash Taker and the Cash Provider on the re-payment
of the specific notional amount paid under the Front Leg in the relevant
currency versus the re-transfer of the relevant securities determined and
reserved for such GC Pooling Repo Transaction.

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Clearing of Repo Transactions

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Il)_With regard to GC Pooling Repo Transactions settled in U.S.
Dollar (“USD”) on a Business Day other than the trade date, the
Target Settlement Time shall be 15:00 hours (Frankfurt am Main
time).

____With regard to GC Pooling Repo Transactions, which are settled
in USD and with respect to which thehose-trade date_and-equals
the settlement date of the Front Leg_are identical, the Target
Settlement Time shall be (i) = for Transactions which
are concluded until 14:30 (Frankfurt am Main time)

15:00 (Frankfurt am Main time), and (ii) s for
Transactions which are concluded after 14:30 (Frankfurt am Main
time), there is a fulfilment no later than 30 minutes after the
conclusion of the GC Pooling Repo Transaction.

Ill) With regard to GC Pooling Repo Transactions settled in Swiss
Franc (“CHF”) on a Business Day other than the trade date, the
Target Settlement Time shall be 13:45 hours (Frankfurt am Main
time).

____ With regard to GC Pooling Repo Transactions, which are settled
in CHF and with respect to which trade date and settlement date
of the Front Leg are identical, whose-trade-date-equals the
settlement date-of the Front-_eg,the Target Settlement Time

shall be no later than 30 minutes after the conclusion of the
GC Pooling Repo Transaction.

(IV) With regard to GC Pooling Repo Transactions settled in
currencies other than EUR, USD or CHF on a Business Day
other than the trade date, the Target Settlement Time shall be
11:30 hours (Frankfurt am Main time).

With regard to GC Pooling Repo Transactions, which are settled
in currencies other than EUR, USD or CHF and with respect to
which trade date and settlement date of the Front Leg are
identical, whose trade-date equals the sett t-date-of th
Fronteg-the Target Settlement Time shall be no later than

30 minutes after the conclusion of the GC Pooling Repo
Transaction.

(bb)_Target Settlement Times for GC Pooling FL Early Settlement Repo
Transactions

Eurex Clearing AG may offer the Clearing of GC Pooling Repo
Transactions with-an-earlierprior to the Target Settlement Time for the
Front Leg thanthe-+time-specified in Subparagraph{aa}("GC Pooling
FL Early Settlement Repo Transactions”). Multilateral trading
facilities may submit qualifying transactions with a special identifier

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underlying Securities and corporate actions with regard to such underlying

Securities.

vi) Target Settlement Times

For the purpose of this Chapter IV, “Target Settlement Time” shall mean
the time until which any delivery or payment incumbent on the Clearing
Member or ISA Direct Clearing Member must be made available for
settlement in such a way that the Clearing Member or ISA Direct Clearing
Member is able to fulfil its obligations vis-a-vis Eurex Clearing AG for the
relevant day of performance.

(aa) Target Settlement Times for GC Pooling Repo Transactions:

1)__With regard to GC Pooling Repo Transactions settled in Euro
(“EUR”) on a Business Day other than the trade date, the Target
Settlement Time shall be 10:45 hours (Frankfurt am Main time).

____With regard to GC Pooling Repo Transactions, which are settled
in EUR and whose trade date equals the settlement date of the
Front Leg, the Target Settlement Time shall be 30 minutes after
the conclusion of the GC Pooling Repo Transaction.

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In connection with GC Pooling Repo Transactions, the notification for included
securities shall be carried out ia-Xemac,in Cmax or in the relevant other TPCM.

2.2 General Provisions

(1) For the settlement of Repo Transactions, the provisions under Chapter | Part 1
Number 1.2.5 and 1.4 applyies, unless otherwise provided in Paragraph (2).

With regard to the securities admitted forte delivery for GC Pooling Repo
Transactions, the participating Clearing Members and ISA Direct Clearing Members
shall receive a report on the available assets respectively held in their depositories.

(2) With respect to the procedure for delivery and payment resulting from Repo
Transactions, the following provisions shall apply in addition to Chapter | Part 1
Number 1.2.5 and 1.4:

(a) Purchase Agreement (Front Leg):

Under the Front Leg, aAll physical deliveries shall be made versus and-_payment
(Zug-um-Zug) §-shall-b tly performed -bely th

i) between the relevant Clearing Member or ISA Direct Clearing Member

obliged to deliver the Securities (“Cash Taker’) and Eurex Clearing AG
and

ii) and, ‘dingly,-between Et Clear \G-and-the other relevant
Clearing Member or ISA Direct Clearing Member which shall is-to-receive
the Securities (“Cash Provider’) and Eurex Clearing AG delivery

_____on the agreed-delivery- dayagreed settlement date (“Contractual Settlement
Date”) of the Front Leg. Physical deliveries shall be made through a Settlement
Location, and payments shall be made through the corresponding account
determined by such Settlement Location.

(b) Repurchase Agreement (Term Leg):

Under the Term Leg, aAll physical deliveries and-payments-shall be made
versus payment (Zug-um-Zug)

(i) between the Cash Taker and Eurex Clearing AG, and

(ii) between the Cash Provider and Eurex Clearing AG

tly perf .d-bety the Clearing Membé ISA Direct Cleari
yp 'g- ig

Member obliged to-deli LE: Clearing AG-and. dingly_bet

whichisto receive deliveryon the agreed delivery dayContractual Settlement

Date of the Term Leg. Physical deliveries shall be made through a Settlement

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(3) The provisions under Number 2.5.1 (3) and (4) shall apply accordingly to Settlement
Date Exposure Netting.

2.6.2 Processing Methods

(1)_The only Processing Method with respect to GC Pooling Repo Transaction shall be
that all delivery and payment obligations arising from all Relevant Transactions are
netted ("Settlement Date Exposure Netting").

Gross Processing will be applied for Same Day Repo Transactions only.

2) Netting Options

The Clearing Member or ISA Direct Clearing Member can select

{i)__ Dual Instruction Netting nin accordance with Paragraph (a) below or

(ii)__Single Instruction Netting in accordance with Paragraph (b) below (each a

“Netting Option’).
(a)_Dual Instruction Netting

(i)__Under the Dual Instruction Netting, the delivery and payment obligations
arising from the Surplus Block and the Offset Block after the Settlement
Date Exposure Netting are instructed separately by either (i) Cmax or the
relevant other TPCM or (ii) Eurex Clearing AG (provided that no Strange
Net pursuant to Paragraph (iv) has occurred).

(ii) Surplus Block

())_ After the Settlement Date Exposure Netting, Eurex Clearing submits
the netting results and Exposure Adjustment Requests to CmaX or
the relevant other TCPM.

(Il)_After receipt of the Exposure Adjustment Requests, Cmax or the
relevant other TPCM shall adjust the relevant exposures and shall
select the relevant Securities forming part of the relevant Securities
Basket to be transferred.

Cmax or the relevant other TPCM shall enter the required Settlement
Instructions into the systems of the relevant Settlement Locations.

(Ill)_All delivery and payment obligations arising from the Netted
Transactions which are allocated to the Surplus Block shall be
deemed discharged as of the point in time when the relevant
securities and cash amounts are actually debited and credited from
the relevant securities and cash accounts by the relevant Settlement
Location.

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Page 3

Evidence of participation in a TPCM can be provided i.¢-(i) either via own
participation-authorisation in Xemac-CmaxX or the relevant other TPCM, (ii)
via a respective agreement with another settlement institution which is
authorised to participate in Xermac,-Cmax or the relevant other TPCM, or
(iii) in case of ISA Direct Clearing Members-orly, via their Clearing Agent,
and

(bb) if Eurex Clearing AG required a GC Pooling USD Cash Margin Contribution
from the applicant in accordance with Chapter | Part 2 Subpart B
Number 5.3, compliance with the applicable GC Pooling USD Cash Margin
Contribution requirement,and

(cc) an obligation to grant authorisation within the meaning of Chapter | Part 4
Number 1.4.2 Paragraph (2) of the Clearing Conditions also exists with
respect to the substitution of securities (“Substitution”) assigned in
connection with a GC Pooling Repo Transaction.

1.2 Provision of Margin

(1) In connection with GC Pooling Repo Transactions, the determination of the margin
requirement (including the Additional Margin), with regard to the securities assigned
within the scope of the Front Leg, also in case of cross-border collateral provision,
will be calculated directly by Xeraac,-CmaxX or the relevant other TPCM.

(i)__During the calculation, Xemae—Cmax or such other TPCM will, according to the
provisions of the Special Conditions for Collateral Manag tof Clearst
Banking AG relating to x (SCX “the relevant Collateral
Management Service Agreement relating to Cmax (“CMSA’) or the rules of the
relevant other TPCM, respectively, consider the respective currency in which
the underlying transaction has been concluded.

ii) _TAlse;the securities to be delivered as Eligible Margin Assets with respect to
dmissibl iti is Hateral i tion with the del f

¥

ig
GC Pooling Repo Transactions will be determined by-Xemac-on-the-basis-of the

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The relevant cGash settlement shall be made through the RTGS Accounts, the
euroSIC Accounts, the accounts with Euroclear Bank S.A./N.V. in Brussels or
accounts with Clearstream Banking S.A. In case of Eure-GC Pooling Repo

Transactions, the compensation-Compensation paymentAmount shall be initiated
via Eurex Clearing AG through Xemac,-Cmax or the relevant other TPCM.

(2) Securities actually delivered under serving-as-collateraLin-GC Pooling Repo
Transactions relating to the GC Pooling Equity Basket Repe-transactions shall be
substituted in Xeraac-Cmax or in the relevant other TPCM by other eligible
securities prior to corporate actions, dividend payments and other income events.
The timely re-transfer by substitution shall remain in the sole responsibility of the
Clearing Member or ISA Direct Clearing Member which has transferred the
securities serving as collateral. Such Clearing Member or ISA Direct Clearing
Member must take the necessary measures to enable a timely re-transfer, thus
enabling such Clearing Member or ISA Direct Clearing Member to exercise or
respectively perform its rights relating to the respective corporate action.

5 Settlement Date Netting

Eurex Clearing AG and the Clearing Member or ISA Direct Clearing Member may agree
upon a netting of delivery and payment obligations arising from Repo Transactions (other
than GC Pooling Repo Transactions) subject to and in accordance with the following
provisions ("Settlement Date Netting").

2.5.1 General provisions for Settlement Date Netting

(1)_The Settlement Date Netting shall occur at the end of the Business Day immediately
prior to the Contractual Settlement Date (“Netting Date") and relates to all Front
Legs and Term Legs of Eurex Repo Transactions or MTF Repo Transactions that
form part of the same Net Processing Unit.

(2) A"Net Processing Unit" comprises all Front Legs and Term Legs meeting the

following requirements (each a “Netted Transaction’):

(a) all Netted Transactions have the same Contractual Settlement Date.

(b) all Netted Transactions arise from Eurex Repo Transaction or MTF Repo
Transactions (for the avoidance of doubt, netting may also occur across

different trading venues.

(c)_all delivery obligations relate to shares, securities, rights or other instruments
(‘Relevant Securities"), in each case with the same ISIN (or other securities

identification number)

(d) all payment obligations are denominated in the same currenc\

(e) all Netted Transactions are booked into the same Transaction Account

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Settlement Date Netting shall be the default Processing Method. Eurex Clearing AG

ensures that the relevant Processing Method specified by the Clearing Member or ISA

Direct Clearing Member shall be applied in Eurex Clearing AG's systems as soon as

reasonably practicable.
1)_ Settlement Date Netting

If Settlement Date Netting is the applicable Processing Method, the Clearing

Member or ISA Direct Clearing Member can select either (i) Dual Instruction Netting

in accordance with Paragraph (a) or (ii) Single Instruction Netting in accordance with

Paragraph (b) (each a “Netting Option”).

‘a)_Dual Instruction Netting

(i)__Under Dual Instruction Netting, the delivery and payment obligations

arising from the Surplus Block and the payment obligation arising from the

Offset Block are instructed separately by Eurex Clearing AG provided that

no Strange Net has occurred pursuant to Paragraph (iv) below (“Dual

Instruction Netting”).
ii) Surplus Block

0

After the occurrence of the Settlement Date Netting, Eurex Clearing

(i)

AG enters settlement instructions into the systems of the relevant
Settlement Location (each a “Settlement Instruction”) relating to the
delivery and payment obligations arsing from the Netted Transactions
which are allocated to the Surplus Block.

All delivery and payment obligations arising from the Netted

(ut)

Transactions which are allocated to the Surplus Block shall be
deemed discharged as of the point in time when the relevant
securities and cash amounts are actually debited and credited from
the relevant securities and cash accounts by the relevant Settlement
Location.

Provided that the relevant Settlement Location supports partial

deliveries and a partial delivery of Securities occurs with respect to a
Settlement Instruction, Eurex Clearing AG partially allocates the
delivered Securities among the Netted Transactions forming part of
the Surplus Block on basis of a pre-defined and non-discretionary
algorithm. Such allocation shall constitute a legally binding obligation
between Eurex Clearing AG and the Clearing Member or ISA Direct
Clearing Member.

The delivery and payment obligations arising from the Surplus Block
shall be deemed partially discharged as of the point in time when the
relevant securities and cash amounts are actually debited and
credited from the relevant securities and cash accounts by the
relevant Settlement Location.

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(4) Unless provided otherwise in this Chapter IV, references in this Chapter IV to ISA
Direct Clearing Members and Clearing Agents shall include ISA Direct Indemnified
Clearing Members and Indemnifying Clearing Agents, respectively.

Clearing Licenses

Granting of Clearing Licenses

A Clearing License or ISA Direct Clearing License is required in order to participate in the
Clearing of Repo Transactions; Eurex Clearing AG shall grant such Clearing License or
ISA Direct Clearing License upon written application.

Prerequisites for Clearing Licenses

(1) With regard to the prerequisites to be fulfilled within the scope of granting the
Clearing License, Chapter | Part 1 Numbers 2.1.1 to 2.1.3 apply. With regard to the
prerequisites to be fulfilled within the scope of granting of the ISA Direct Clearing
License, Chapter | Part 6 Subpart A Numbers 2.1.1 and 2.1.2 (and, if the ISA Direct
Clearing License shall be granted as an ISA Direct Indemnified Clearing License,
Chapter | Part 6 Subpart B Number 1) apply.

(2) The applicant shall meet the following additional requirements (and shall comply with
such requirements for as long as it holds the relevant Clearing License or ISA Direct
Clearing License, as applicable):

(a) _ if the applicant intends to clear GC Pooling repo transactions with Eurex
Clearing AG (each a “GC Pooling Repo Transaction”),

(aa) evidence of the participation admission (including, where relevant,
evidence of the entering into the related documentation) and technical
connection to the-collateral a Leyst £Clearst
Banking AG-(Xemac’), the collateral management system CmaxX of
Clearstream Banking S.A. (“Cmax”) and/or any other triparty collateral
management system or triparty collateral manager as Eurex Clearing AG
may from time to time reasonably require, subject to Number 1.4 below
(each of CmaxX or such other triparty collateral management system or
other triparty collateral manager, a “TPCM").;

When taking the decision to require the Clearing Member or ISA Direct
Clearing Member to participate in another TPCM, Eurex Clearing AG shall
take-taking into account the interests-of Eurex Clearing AG under the
Clearing-Conditions-developments in the market infrastructure and the
collateral management offering, -as-wellas-the interests of the Clearing
Members and ISA Direct Clearing Members, and, in respect of any such
requirement affecting a Clearing Member or ISA Direct Clearing Member
already holding a Clearing License or ISA Direct Clearing License for
purposes of this Chapter IV, the interests of such Clearing Members or ISA
Direct Clearing Members,subjectto Number +5 bel aot Ss

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L.-J

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,

DELETIONS ARE CROSSED OUT.

Part1 General Provisions

(1)

If and to the extent that the Clearing of Transactions concluded through the System
of Eurex Repo GmbH (Part 2 Number 2.1) has been agreed upon between Eurex
Clearing AG and Eurex Repo GmbH (in the following “Eurex Repo Transactions”)
or the Clearing of Transactions concluded through the systems of another
multilateral trading facility (in the following “Original MTF Repo Transactions”) has
been agreed upon between Eurex Clearing AG and the respective multilateral
trading facility or other, equivalent arrangements have been made, the provisions set
forth in Chapter | shall also apply to the Clearing of Eurex Repo Transactions and
Original MTF Repo Transactions, to the extent that the following rules do not provide
otherwise.

Any Original MTF Repo Transaction which has been novated in accordance with
Part 2 Number 2.1.2 and any Eurex Repo Transaction shall hereinafter be referred
as a “Repo Transaction’.

The Clearing Conditions incorporate by reference the Terms and Conditions for
Participation and Trading on Eurex Repo GmbH (Geschdftsbedingungen fiir die
Teilnahme und den Handel an der Eurex Repo GmbH) ("GTCs of Eurex Repo
GmbH’) with respect to the Clearing of Transactions concluded on Eurex

Repo GmbH pursuant to this Chapter IV in their German version and as amended
from time to time. Terms used in this Chapter IV and not otherwise defined herein
shall have the meaning given to them in the GTCs of Eurex Repo GmbH.

The information statement in Annex 12 in accordance with Article 15 of the
Regulation on transparency of securities financing transactions and of reuse
(Regulation (EU) 2015/2365) is applicable to Eurex Clearing AG and holders of a
Clearing License or ISA Direct Light License for Repo and GC Pooling Repo
Transactions which are cleared by Eurex Clearing AG and which contain a collateral
transfer by way of a title transfer collateral arrangement.

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2.3

agreed between Eurex Clearing AG and the relevant multilateral
trading facility to identify them as GC Pooling FL Early Settlement
Repo Transactions or Eurex Clearing AG and the relevant multilateral
trading facility may agree in advance to handle certain transactions as
GC Pooling FL Early Settlement Transactions.

If the Front Leg of each GC Pooling FL Early Settlement Repo
Transaction is settled in any currency on a Business Day other than
the trade date, the Target Settlement Time shall be 07:30 hours
(Frankfurt am Main time).

Except as otherwise provided in this Subparagraph (bb), Part2
Number2.2-(2)}(d)Subparagraph (aa) shall apply mutatis mutantis.

(cc)_Target Settlement Times for GC Pooling TL Early Settlement
Transactions

Eurex Clearing AG may offer the Clearing of GC Pooling Repo
Transactions with-an-earlierprior to the Target Settlement Time for the
Term Leg than-the-time-specified in Subparagraph {aa} ("GC Pooling
TL Early Settlement Transactions”). Subparagraph Part2-Number
2.22}{d}(bb) shall apply mutatis mutantis.

(dd) Target Settlement Times for GC Pooling FLTL Early Settlement
Transactions

Eurex Clearing AG may offer the Clearing of GC Pooling Repo
Transactions with an earlier Target Settlement Time for both the Front
Leg and the Term Leg than the time specified in Subparagraph (aa)
("GC Pooling FLTL Early Settlement Transactions”).

Subparagraph Part2 Number 2.2(2){d}(bb) shall apply mutatis
mutantis.

Daily SettlementValuation

(1)

(2)

For each delivery of the underlying security to the respective Eurex Repo
Transaction which has not yet been performed, unrealised profits and losses will be
determined daily on the basis of the current market prices and set off against the
collateral provided. The amount of the collateral to be provided shall equal the
difference between the price at which the transaction was concluded and the daily
settlement price for such Business Day.

The daily settlement price shall be determined by Eurex Clearing AG after close of
trading and notified to the Clearing Members and ISA Direct Clearing Members (or
the Clearing Agent acting in the name of an ISA Direct Clearing Member).

For unfulfilled deliveries within the context of GC Pooling Repo Transactions, an
evaluation of the securities to be delivered, which are selected by Xemac-CmaxX or
by the relevant other TPCM pursuant to Paragraph (1) and (2), will be carried out

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Clearing Conditions of Eurex Clearing AG

(f)__ the Clearing Member or ISA Direct Clearing Member has designated the same
Settlement Location with respect to all Netted Transactions, and

(g)_the Clearing Member or ISA Direct Clearing Member has designated the same
securities accounts with the relevant Settlement Location to be used for
performing the delivery obligations under all Netted Transactions.

The Front Leg of Repo Transactions with a trade date, which is the same as its
Contractual Settlement Date (“Same Day Repo Transactions”), do not form part of
a Net Processing Unit. Same Day Repo Transactions are settled on a gross basis.

ie)

The Clearing Member or ISA Direct Clearing Member agrees with Eurex Clearing
AG that the Settlement Date Netting deviates from the set-off requirements
stipulated by Section 387 of the German Civil Code (Burgerliches Gesetzbuch) and
that the Settlement Date Netting shall occur (i) prior to the point in time when the
delivery and payment obligations of the Clearing Member or ISA Direct Clearing
Member towards Eurex Clearing AG become due (Failligkeit) and (ii) prior to the
point in time when Eurex Clearing AG can effect its delivery and payment obligations
towards the Clearing Member or ISA Direct Clearing Member (Erfiillbarkeit). The
point in time when the Settlement Date Netting becomes effective is determined
under Number 2.5.2 below.

(4) Within the process of the Settlement Date Netting, Eurex Clearing AG allocates each
Netted Transaction to either the Surplus Block or the Offset Block on the basis of a
pre-defined and non-discretionary algorithm. The allocation of the relevant Netted
Transaction to either the Offset Block or the Surpuls Block is legally binding for the
Clearing Member or ISA Direct Clearing Member.

“Offset Block” consists of all Netted Transactions of the same Net Processing Unit
with respect to which the netting of all delivery and payment obligations arising from
such Netted Transactions results in a net payment obligation only, without any
delivery obligation. To further increase the netting effects, Eurex Clearing AG ma
split the relevant Netted Transactions.

“Surplus Block’ consists of all Netted Transactions, which do not form part of the
Offset Block and with respect to which the aggregation of the delivery obligations
arising from such Netted Transactions results in either a sell or buy surplus.

2.5.2 Processing Methods

The Clearing Member or ISA Direct Clearing Member may select one of the following
processing methods (each a “Processing Method") shall be applicable:

(i)__all Relevant Transactions shall be netted in accordance with Paragraph (1)

“Settlement Date Netting"), or

(ii)_no Settiment Date Netting shall apply in accordance with Paragraph (2) ("Gross

Processing"

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