Eurex04e

Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
Page 13

2.2.2

to the Clearing Member, to which the contractual penalty shall be retransferred,
with discharging effect any claims Eurex Clearing AG may have against the

Clearing Member entitled to the-delivery relevant Buyer, after having disclosed

its claim for retransfer against the Buyer to the Late Seller.

(c) Consequence of Payment of the Penalty

As far as the Clearing Member obliged to deliver Late Seller has paid to Eurex
Clearing AG a contractual penalty, Eurex Clearing AG will not assertdamages
enforce any losses up to the amount of the penalty. As far as Eurex Clearing
AG has paid to the Clearing Member-to- whom delivery-h tb. fected
relevant Buyer a contractual penalty, such Clearing Member will not assert
damages-enforce any losses up to the amount of the penalty. The assertion-of

further damages-enforcement of any other losses by Eurex Clearing AG as well
as the Clearing Member_to-whom-delivery-has-not been-effected_in-time relevant

Buyer remains unaffected.

Non-Delivery of Rights

If the Clearing Member (such Clearing Member also being a Late Seller) does not deliver
rights or rights resulting from Securities to be delivered, with the exception of partial rights
pursuant to Number 2.2.3, in-time-on-the-delivery-day on the Contractual Settlement Date
until the respective Settlement Cut-Off Time (“Failure to Deliver Rights”), Eurex
Clearing AG will, folowing-the-+espective-shall be entitled, to take the following measures
on the earlier of either (i) the expiry of the applicable Settlement Cut Off Time-on-thetast
0 Business Day
fier the delivery day, take the following measures. on the Business Day before the end
of the subscription period, in case there are at least three Business Days between the
last trading date and last date of subscription period, (ii) in case the requirements of

(i) are not met, the expiry of the applicable Settlement Cut-Off Time on the last day of the
subscription period in case of subscription rights traded at FWB:

(1) Eurex Clearing AG discloses-shall disclose its claim for transfer of the rights which
have not been delivered in time by the defaulting Clearing MemberLate Seller to the
Clearing MemberBuyer to- whom delivery is_dueto the extent that the number of

rights to be delivered by the defaulting Clearing Member Late Seller corresponds to
the number of rights to be transferred by Eurex Clearing AG to the Clearing

MemberBuyer-to-whom-delivery-is-d

(2) The disclosure pursuant to Paragraph (1) is made for the purpose to enable the

defaulting Clearing Member Late Seller and the Buyer to enter into an assumption of
debt (Section 414 of the German Civil Code)-with the-Clearing Memberto whom
delivery is-due.

A valid assumption of debt in favour of Eurex Clearing AG presuppeses-that shall
only occur when the following requirements are met:

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Clearing Conditions of Eurex Clearing AG

Transaction of the Late Seller of Other Securities and the Allocated
FWB Buy Transaction.

(b) Cash Settlement Amount

The cash settlement amount is determined as follows:
(aa) The highest price of

(i) the last available settlement price of the respective class of securities
on the Business Day preceeding the Determination Day as
determined by Eurex Clearing AG plus a premium of 10 per cent,;

(ii) the seling-agreed price per security under the non-performed FWB
Sell Transaction; and

(iii) the purehase-agreed price-of the relevant FWB-Transaction_per
security under the respective Allocated FWB Buy Transaction.

ForNotwithstanding the aforementioned determination, for FWB Transactions in
fixed income-Securities securities, the cash settlement amount is determined
without taking into account accrued interest and by adding a premium of

300 basis points.

(bb) The highest price so determined is multiplied by the number of non-
delivered Securities owed under the non-performed FWB Sell Transaction.

(c) General Provisions

aa) Consequences of Cash Settlement

ith-debt-disch

-ging-effectThe-defaulting Clearing Memb
obliged Upon Determination Day, the Late Seller's delivery obligation under
the relevant FWB Sell Transaction expires and is replaced by the obligation

to pay to Eurex Clearing AG the determined cash settlement amount.

Eurex Clearing AG shall set off the cash settlement amount to be paid by
the Late Seller with the amount to be paid for the non-delivered Securities
under the relevant FWB Sell Transaction.

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

circular. In case of an objection by the respective contractual party pursuant
the preceding sentence, Eurex Clearing AG is entitled to terminate the
respective contract (including a Clearing Agreement, if applicable). Instead of
submitting an objection, the respective contractual party may submit in
writing to Eurex Clearing AG comments to any amendments of the legal
framework of Eurex Clearing AG within the first 10 Business Days after the
publication of the amendments. Eurex Clearing AG shall assess whether these
comments prevent the published amendments from becoming effective
taking into account the interests of Eurex Clearing AG and all contractual
parties.

Unless the context requires otherwise, terms used and not otherwise defined
in this circular shall have the meaning ascribed to them in the Clearing
Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments:

 1-Amendments to Chapter V of the Clearing Conditions
 2-Amendments to Chapter I of the Clearing Conditions

¢ 3-Amendments to Chapter II of the Clearing Conditions
@ 4-Amendments to Chapter IV of the Clearing Conditions

Further information

Recipients: All Clearing Members, ISA Direct Clearing Members, Disclosed
Direct Clients of Eurex Clearing AG, all FCM Clearing Members,
vendors, and other affected contractual parties

Target Front Office/Trading, Middle + Back Office, IT/System
groups: Administration, Auditing/Security Coordination

Related Eurex Clearing Circular 025/23

circular:

Contact: client.services@eurex.com

Web: Support > Initiatives & Releases > C7 SCS Releases > C7 SCS

Release 3.0

Authorized Jens Janka
by:

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Eurex04e

Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
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(3)

(4)

(5)

(6)

(i)__both-+el Clearing Memb: gree-the Late Seller and the Buyer agreed on

a certain-specific number of rights that shall be delivered to the Buyer by the
defaulting-Clearing Member Late Seller instead of Eurex Clearing AG tothe
Clearing embertoswhentdelmends-duc-and Hat

d)_

he Late Seller and
the Buyer have entered into and signed an ‘agreement on the assumption of
debt in the form as provided by Eurex Clearing AG (“Assumption of Debt
Agreement”) and submitted a copy of such agreement to Eurex Clearing AG.

For the execution of such Obligation-Assumption of Debt Agreement, Eurex

Clearing AG authorises the Clearing Member to whom delivery is-due Buyer to waive
Eurex Clearing AG's claim for the delivery of the rights vis-a-vis the defaulting
eoating Mombor Laie Seller Seller with debt-cischarging effect its-claim-forthe-deliveryof

up to a number of
rights equivalent to the ones as. agreed between the Late Seller and the Buyer under

Paragraph (i) as well as all present and future secondary claims in connection
therewith.

Eurex Clearing AG will seta+time-determine a period of no more than10 Business
Days atvnaximum-during which the Obtigation-Assumption of Debt Agreement must
be signed. Both-Clearing Members-The Late Seller and the Buyer shall submit the
signed Obligation Assumption of Debt Agreement to Eurex Clearing AG at the latest
until 10:00 CET on the Business Day following the last day of such time-period.

As soon as the signed Obligation Assumption of Debt Agreement has been received
by Eurex Clearing AG, the obligation of Eurex Clearing AG to deliver the rights to the
Clearing Member Buyer to-whomdeliveryis-due-as well as all present or future
secondary claims in connection therewith cease to exist with immediate debt-
discharging effect in the number of rights to be transferred as agreed upon-by-beth
Clearing Members between the Late Seller and the Buyer under Paragraph (1).

In the case that no Obligation Assumption of Debt Agreement betweenthe
respective Clearing Members-has been submitted to Eurex Clearing AG within the
time-period as determined pursuant to Paragraph (3), Eurex Clearing AG will
determine a cash settlement with respect to the rights to be delivered by the
defaulting-GlearingMermberLate Seller in accordance with Number 2.2.1
Paragraph (3) (b) and (c) with the provision that the calculated value of the right at
the time of the cash settlement shall replace the determined settlement price
according to Number 2.2.1 Paragraph 3 (b) (aa) (i).

In case of a Failure to Deliver Rights by the Late Seller, the provisions set out in

(7)

Number 2.2.1 Paragraph (3) (e) and (5) (i) and (iii) shall apply accordingly.

Eurex Clearing AG may deviate from the deadlines set in this Number 2.2.2 in

accordance with Number 2.2.4.

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Clearing Conditions of Eurex Clearing AG
As of 20.11.2023

Page 11

(5) Consequences of a Failure to Deliver Securities for the Buyer

In case of a Failure to Deliver Securities, the following shall apply:

(i)__ The Buyer shall not request from Eurex Clearing AG the delivery of the
Securities owed under the FWB Buy Transaction unless Eurex Clearing AG has
successfully performed a buy-in;

(ii) Eurex Clearing AG is after performance of a buy-in obliged to deliver the
Securities resulting from the buy-in to the Buyer;

(iii) After performance of a cash settlement, Eurex Clearing AG's delivery obligation
of the Securities under the relevant FWB Buy Transaction expires and is
replaced by the obligation to pay to the Buyer the determined cash settlement
amount.

(iv) Eurex Clearing AG shall set-off the cash settlement amount to be paid by it with
the amount to be paid for the non-delivered Securities under the relevant
Allocated FWB Buy Transaction.

(6) Contractual Penalty

(a) Penalties in respect of a-non-delivery-of Securiti ithin-th pe-of th
penalty regime-of the- CSD _Regulation_a Failure to Deliver Securities
In respect of a failure to deliver CSDR Penalty In-Scope S: ities-Failure to

Deliver Securities the provisions on penalties set out in Chapter | Part 1
Number 1.4.4.22) apply.

(b) OtherAdditional penalties in respect of a Ren-delivery-of Securities Failure to
Deliver Securities

A Clearing Member Late Seller is obliged to pay a contractual penalty to Eurex
Clearing AG and Eurex Clearing AG is obliged to pay a contractual penalty to
the relevant other Clearing Member-expecting delivery Buyer, if the Clearing
Member Late Seller or Eurex Clearing AG does not deliver Shares-and Other
Securities on which dividend or bonus payments are-payable paid during a
Failure to Deliver Securities. This contractual penalty applies regardless of

actual damages-incurred by whether Eurex Clearing AG or-the-Glearing

Member-to-whom-delivery-h tb ffected, respectively the relevant
Buyer suffer any losses.

This Paragraph (6) (b) shall not apply to the delivery of Securities pursuant to
Paragraph (4) (b) or the delivery of ETF shares-pursuant to Paragraph (4) (c).

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Clearing Conditions of Eurex Clearing AG

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tive End-of-Settl t-time-(as-published-by-E: Clearing AG-on-th

i= Clearing Website)(“Setth +t Cut-Off Time”)-E: Clearing AG-will
ig ig

= In case of a Failure to Deliver Securities by the
Clearing Member obliged to deliver Shares under a FWB Sell Transaction
(‘Late Seller of Shares”), the following shall apply:

If the Late Seller of Shares did not deliver the Shares at the latest on the

4h Business Day following the Contractual Settlement Date until the respective
Settlement Cut-Off Time, Eurex Clearing AG will initiate a buy-in within the
meaning of Chapter | Part 1 Number 1.4.4.1 on the 4" Business Day following
the Contractual Settlement Date.

(b) Failure to deliver Other Securities

date-until-the-r tive-Settlement- Cut-Off Time,provided that (i) the-Clearing

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Chapter V of the Clearing Conditions of Eurex Clearing AG

Transactions Concluded at the
Frankfurter Wertpapierborse

As of 20.11.2023

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

Further information

_, Attachment 1 to Eurex Clearing Circular 058/23
_, Attachment 2 to Eurex Clearing Circular 058/23
_, Attachment 3 to Eurex Clearing Circular 058/23

_, Attachment 4 to Eurex Clearing Circular 058/23

Eurex Eurex Clearing Eurex Repo EEX 360T Xetra Borse Frankfurt
Clearstream Qontigo

Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap

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Eurex04e
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Clearing Conditions of Eurex Clearing AG

Eurex Clearing AG may waive the assertion-enforcement of contractual
penalties in the case of non-delivery of certain Securities. Eurex Clearing AG
will inform the Clearing Members thereof by circular.

The assertion enforcement of the contractual penalty against Eurex Clearing
AG by the G ected relevant
Buyer must be in written form by using a template accessible on the Eurex
Clearing Website, within 30 days following the-delivery-day Contractual
Settlement Date.

The amount of the relevant contractual penalty is calculated using the
following criteria:

(aa) For the amount of the contractual penalty owed by the-Clearing Member
Late Seller, the number of Securities due on the delivery- day Contractual
Settlement Date is multiplied by the amount equal to 35 per cent of the net
dividend. For the amount of the contractual penalty owed by Eurex
Clearing AG, the number of Securities due on the delivery-day-Contractual
Settlement Date is multiplied by the amount equal to 15 per cent of the net
dividend. The net dividend is calculated from the dividend due to the
shareholder after deduction of payable taxes and duties.

(bb) The calculation of the relevant contractual penalty is made regardless

of the delivery of the Securities by the defaulting-Clearing Member Late

Seller or a replacement purcha: Ad-delivery-buy-in by Eurex
Clearing AG.

(cc) The penalty is charged in the currency of the Securities.

The relevant contractual penalty may only be asserted if the calculation results
in an amount in the relevant currency of at least EUR, CHF or GBP 5,000,
USD 6,000, CAD-er CHF 7,000, AUD 8,000, PLN 20,99923,000,

DKK 38,00037,000, NOK 49,09950,000, SEK 48,09955,000 or

JPY 550;000700,000.

If the relevant Settlement Location rewinds the Corporate Action being the basis
for the relevant dividend or bonus payments, due to whatever reason, Eurex
Clearing AG will also rewind any contractual penalties processed in accordance
with this Paragraph (b) as the legal basis for the contractual basis ceased to
exist. Eurex Clearing AG will only process the rewinding of the contractual
penalties until 280 calendar days after the actual payment date of the relevant
Corporate Action. With respect to the part of the contractual penalty, which has
been transferred by Eurex Clearing AG to the-Glearing Member entitled tothe
delivery relevant Buyer, Eurex Clearing AG shall only be obliged to re-transfer
such part of the contractual penalty, if Eurex Clearing AG was able to retrieve
such amount from the-Clearing Member entitled to the-delivery relevant Buyer.
If Eurex Clearing AG is not able to retrieve such amount from the-Clearing

Member entitled to-the-delivery relevant Buyer, Eurex Clearing AG shall assign

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Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
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22

2.21

—Al physical deliveries_under FWB Transactions, shall be made versus payment
(Zug-um-Zug) within the settlement period determined by Eurex Clearing AG on the
second Business Day after the trading day unless otherwise specified (“Contractual
Settlement Date”).

(5)

may also occur by means of partial deliveries which, accordingly, have a discharging
effect. This shall lkewise-apply for the settlement of securities transactions via

tet iHesdeposd (in-particular {HCSDs} through the relevant Settlement
Locations that facilitate partial deliveries of securities during the day to the extent
Eurex Clearing AG supports such functionality for the respective-central securities

depository Settlement Location.
Failure to Deliver

Failure to Deliver Securities

In case of a failure to deliver shares covered by Article 15 of Regulation (EU)

No. 236/2012 (“Shares”) or other securities (“Other Securities”, and together with
Shares “Securities”)* owed under a FWB Sell Transaction_on the Contractual Settlement
Date until the applicable settlement cut-off time of the relevant Settlement Location
(‘Settlement Cut-Off Time”) (“Failure to Deliver Securities”), the following provisions

apply.

For the avoidance of doubt, subscription rights are not considered as Securities and
therefore, the provisions under to Number 2.2.2 apply.

(1) GeneralProvisionsBuy-in

(a) Failure to Deliver Shares

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

httne: /hananar

08 Sep 2023
Eurex Clearing

Amendments to the Clearing Conditions
of Eurex Clearing AG — Consultation

Eurex Clearing Circular 058/23 Amendments to the Clearing Conditions of
Eurex Clearing AG - Consultation

1. Introduction

This circular contains information with respect to the service offering of Eurex
Clearing AG (Eurex Clearing) and introduces amendments to the Clearing
Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following
topics:

A. Preponement of disclosure in case of Failure to Deliver Rights

B. Adjustment of thresholds for contractual penalties in respect to a Failure to
Deliver Securities

C. Clarifications on Failure to Deliver Securities and harmonization of wording
and referencing

D. Invoicing of Buy-in Fees and Cash Settlement Fees in currency EUR

The amendments under items A. and B. will become effective as of 20
November 2023.

The amendments under items C. and D. are subject to a consultation process
(Consultation). The Consultation will end with the expiry of 13 October 2023
(Consultation Period). The planned effective date for amendments under
items C. and D. is 20 November 2023, depending on the outcome of the
Consultation which will be communicated in a separate Eurex Clearing circular.

Production start: 20 November 2023
2. Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of
Eurex Clearing AG, vendors and other affected contractual parties should take

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Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
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(iii)_If only a partial delivery of Securities occurs, the provisions under this
Number 2.2 shall apply accordingly with regard to the outstanding

Partial deliveries.

bb) Deviating Provisions

(i)__ Eurex Clearing AG will not initiate a buy-in, if the Late Seller holds an
identical claim against Eurex Clearing AG, which may be set off
against the claim Eurex Clearing AG holds against the Late Seller.

(ii) Eurex Clearing AG may deviate from the deadlines set out in this
Number 2.2.1 (1) in accordance with Number 2.2.4.

(2) Buy-in-by-auction,costs-of buy-inCosts of the Buy-in; Buy-in Fees

(a) Buy-in-accordingtoAuction TermsCosts of the Buy-in

If Eurex-Clearing AG-conducts-an-auction-to-aquire-th: urities such-auction
g e 7

FWBT ti i ith -debt-discharging-effect.

As far as the price paid by Eurex Clearing AG for the Securities in the buy-in
exceeds the price under the FWB Sell Transaction, Eurex Clearing AG shall be
entitled to claim the difference between the price under the FWB Sell
Transaction and the price paid by Eurex Clearing AG for the Securities in the
buy-in multiplied by the number of Securities purchased in the buy-in.

(b) Gests-efthe AuctionBuy-in Fees

Eurex Clearing AG charges the defaulting-Clearing Member-Late Seller with a
fee for each buy-in carried out forthe replacementin relation to a class of
Securities in an amount of

(i)__0.1 per cent of the value of the fixed income-Securities securities to be
delivered under the relevant FWB Sell Transaction, or

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Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
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If-th iti istof-subs

ights-that rtificated-or-held-i

In case of a Failure to Deliver Securities by the Clearing Member obliged to

deliver Other Securities under a FWB Sell Transaction (“Late Seller of Other
Securities”, and together with the Late Seller of Shares, “Late Seller’), the

following shall apply:

If the Late Seller of Other Securities did not deliver the Other Securities at the

(c)

latest on the 5" Business Day following the Contractual Settlement Date until
the Settlement Cut-Off Time, Eurex Clearing AG is entitled to initiate a buy-in
within the meaning of Chapter | Part 1 Number 1.4.4.1 on the 5'" Business Day
following the Contractual Settlement Date. In case such buy-in attempt fails,
Eurex Clearing AG is entitled to initiate a further buy-in on the 10" and

27* Business Day following the Contractual Settlement Date.

Partial deliveriesGeneral Provisions

(aa) Consequences of a Buy-in

(i) Once Eurex Clearing AG has informed the Late Seller about the

initiation of a buy-in, the Late Seller is no longer entitled to deliver the
owed Securities to Eurex Clearing AG until a written notification of
Eurex Clearing AG is received informing the Late Seller that the buy-in

attempt was not successful.

Ifa buy-in is not successful, the Late Seller must be given time for
delivery until the next buy-in attempt or the cash settlement according

to Paragraph (3).

(ii) Ifa buy-in is successful, the Late Seller's obligation to deliver and
Eurex Clearing AG's obligation to pay the amount resulting from the
relevant FWB Sell Transaction expires with immediate effect as of the
successful buy-in of the relevant Securities.

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Clearing Conditions of Eurex Clearing AG
As of 20.11.2023

Page 1

AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED;

DELETIONS ARE CROSED OUT

JESSE IA IO ODS IO IOI ODI III IASI IIIA III III AI II

Part 1 General Provisions

[el

14 Clearing Licenses
Ll
1.1.2 Prerequisites for Clearing Licenses
[.]
(2) The-applicant-shall the following-additionalrequi ts:
Eviden fauthorisation-_tou thi uriti Jending-facilit ffered-by-Clearstream
g ¥ y
Banking AG for settlement purposes.

{3}-Upon written request and after submission of respective evidence by the applicant
or a Clearing Member, Eurex Clearing AG may allow that the prerequisites for a
Clearing License pursuant to Paragraph (2) (b) and additionally, as an option, the
prerequisites pursuant to Paragraph (2) (a) are wholly complied with and evidence is
provided for by one or more settlement institutions in the name and on behalf of the
applicant or the Clearing Member. Chapter | Part 1 Number 2.1.2 Paragraph (7) and
(8) apply mutatis mutandis.

Part 2 Clearing of Transactions concluded at the Frankfurter
Wertpapierbérse (FWB)

2.1 General Obligations

[.]

(2) Eurex Clearing AG shall be the contractual counterparty to all sellers of securities
and rights (“FWB Sell Transaction”) and all buyers of securities and rights (“FWB
Buy Transaction”) for deliveries and payments under FWB Transactions.

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Clearing Conditions of Eurex Clearing AG

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2.2.3

Non-Delivery of Partial Rights

If the Clearing Member does not deliver partial rights or partial rights resulting from
Securities te-be-delivered in time on the-delivery day Contractual Settlement Date, Eurex
Clearing AG will, following the respective Settlement Cut-Off Time on the last day of the
subscription period, or, if this point in time occurs earlier, the 20" Business Day after the
delivery day Contractual Settlement Date, determine a cash settlement in relation to the
non-delivered partial rights.

The cash settlement amount is determined on the basis of the price setcommunicated for
the partial right by the Settlement Location on the day on which Eurex Clearing AG
determines the cash settlement. Number 2.2.1 Paragraph (3) (b) and (c)_and (e) and

5) (i) and (iii) shall apply accordingly.

Eurex Clearing AG may deviate from the deadlines set in this Number 2.2.3 in

2.2.4

accordance with Number 2.2.4.

Deviating Timing Provisions, Obligation to-Tolerate,Costs

At the earliest from the 1*t Business Day after the-delivery date Contractual Settlement
Date, Eurex Clearing AG may, in its reasonable discretion and pursuant to Numbers 2.2.1
to 2.2.3, perform a+eplacement buy-in, a cash settlement or a disclosure if due to
extraordinary risks Eurex Clearing AG believes that the collateral deposited with Eurex
Clearing AG by the Glearing Member having the delivery obligation_Late Seller is no
longer sufficient to secure its FWB Sell Transactions or if Eurex Clearing AG, due to other
serious reasons, such as a Market Disorder Event, an Impossibility Event or a Force
Majeure Event as defined in Chapter | Part 1 Number 13.3.2, deems the performance of
the aforementioned measures necessary.

Eurex Clearing AG may in addition deviate from the deadlines set forth in Numbers 2.2.1
to 2.2.3 if compliance with these deadlines would lead to the result that measures
pursuant to Numbers 2.2.1 to 2.2.3 cannot be performed or if their performance would
cause disproportional effort or costs, or if such deviation is required by other deadlines
or by obligations resulting from the Securities.

The measures-pursuantto Number2.2-1to 2.2.4 shall-be-binding-on-the Clearing
Pp ss nee 'g ig

23

The defaulting-ClearingMember-Late Seller is obliged to bear the costs resulting from

measures pursuant to Numbers 2.2.1 to 2.2.4.

Corporate Actions

(1) Any Corporate Action carried out in respect of Securities which relate to
unperformed FWB Transactions, shall be processed by the relevant Settlement
Location in accordance with the applicable rules of the relevant Settlement Location.

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

hittne: Hhananas

Pursuant to Chapter I Part 1 Number 17 of the Clearing Conditions, proposed
amendments to the Clearing Conditions are subject to a Consultation which
will end with the expiry of 13 October 2023.

Eurex Clearing herewith invites all Affected Customers to submit
comments on the proposed changes and amendments within the
Consultation Period.

During the Consultation Period, comments on proposed changes or
amendments shall only be submitted through a web-based commenting
service for which a registration form is available on the Eurex Clearing website
under the following link:

Find > Forms: Consultation Form

The form has to be duly signed and returned to Eurex Clearing via e-mail to
SpecialProvisions@eurex.com in order to obtain a User ID and Password
together with a link for accessing the web-based commenting service.

To the extent that Eurex Clearing decides to implement any comments
received during the Consultation, the so-amended version of the Clearing
Conditions will be published after the Consultation.

The currently envisaged effective date of the changes to the Clearing
Conditions is 20 November 2023. However, after the Consultation Period,
Eurex Clearing will issue a separate circular to announce the concrete date on
which the proposed changes (as the case may be, implementing comments
received during the Consultation) will come into effect.

This announcement will be made with at least 15 Business Days’ notice
(Regular Notification Period). However, if Eurex Clearing should receive a
request for a Prolonged Notification Period from more than two Affected
Customers during the Consultation Period, a Prolonged Notification Period as
set out in the Clearing Conditions will be applied and Eurex Clearing will notify
all affected parties accordingly.

Publication of amendments to the Clearing Conditions

As of the effective date, the full version of the amended Clearing Conditions
will be available for download on the Eurex Clearing website under the
following link:

Rules and Regulations > Eurex Clearing Rules and Regulations > 1. Clearing
Conditions

The amendments to the legal framework of Eurex Clearing AG published by
this circular are deemed accepted by each affected contractual party of Eurex
Clearing AG, unless the respective contractual party objects by written notice
to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this

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Eurex04e
Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
Page 8

bb) Deviating Provisions

(i) Eurex Clearing AG may deviate from the deadlines set out in this
Number 2.2.1 (3) in accordance with Number 2.2.4.

(ii) If proceedings pursuant to Chapter 11 of the US-American Bankruptcy
Code are initiated against the issuer of the Securities to be delivered
Eurex Clearing AG may already. determine such cash settlement
amount on the 6" Business Day following the Contractual Settlement
Date.

(d) Specific Special Provisions for Other Securities

If a cash settlement pursuant to Number Paragraph (3) (a) and-(bHo (c) in
respect of non-delivered Other Securities should net be is not possible in whole
or in part, Eurex Clearing AG will attemptie-+replace-try to purchase the Other
Securities (‘Additional Purchase Attempt’). Such furtherreplacement
purchase takes-place initially Additional Purchase Attempt shall take place on

the 37" Business Day after the delivery day Contractual Settlement Date-and
willbe effected pursuantte Paragraph {2} {a}, Paragraph (1) and (2) shall apply
accordingly.

bet the-40"-and-the-46"-Busi Day-after-the-deli day—Th A

Eurex Clearing AG will attempt an additional cash settlement (“Additional Cash
Settlement Attempt’). Paragraph (3) (a) to (c) shall apply accordingly with the
limitation that the Determination Day shall be between the 40" and the

46" Business Day after the Contractual Settlement Date.

Fhe-+replacement andthe-cash-settlement will The Additional Purchase Attempt
and the Additional Cash Settlement Attempt shall be repeated every

10 Business Days until all Other Securities required +o-be-delivered_owed under

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Eurex04e

Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
Page 10

if the- Clearing Memberto-whom-deli h tb fected-in-due-ti
and_- ig

¥
provided that the Buyer has suffered a damage-loss as a result thereof and has
evidenced such damage-loss vis-a-vis Eurex Clearing AG within the statutory
limitation period, Eurex Clearing AG may-is entitled to disclose its claim for
delivery efagainst the Late Seller with respect to these Securities to the

Number-2.2.2 Paragraph-(4) Buyer.

The disclosure may also be made if the delivery claim has already been-fulfiled
discharged.

The Late Seller and the Buyer to whom the delivery claim was disclosed by

Eurex Clearing AG shall find a solution with respect to the exchange offer or
election right arising from the Securities owed by the Late Seller bilaterally. Any
claims of such Buyer against Eurex Clearing AG with respect to the exchange
offer or election right arising from the Securities shall be deemed as discharged.

The disclosure shall be processed in accordance with Number 2.2.2 (1) which

(c)

shall apply accordingly.

Cash Distributions on ETFs-shares.

If the defaulting Clearing Member Late Seller does not deliver EFF-sharesin
time-on- Exchange Traded Funds (“ETFs”) with respect to which cash
distributions are payable pursuant to Number 2.3-Paragraph{2}{a), as part ofa
Corporate Action and ifthe-Ch aring Memberto-whom-deli ry has-notbeen
effectedin-duetime-provided that the Buyer has suffered a damage-loss as a
result thereof and has evidenced such damage-loss vis-a-vis Eurex Clearing AG
within the statutory limitation period, Eurex Clearing AG may-is entitled to
disclose its claim for delivery-ofthese-Securities against the Late Seller with
respect to these ETFs to the Clearing Member to whom delivery has not been

Ffected_in-due-ti ith Number-2.2.2 Paragraph(4) Buyer.

The disclosure may also be made if the delivery claim has already been-fulfiled
discharged.

The Late Seller and the Buyer to whom the delivery claim was disclosed by

Eurex Clearing AG shall find a solution with respect to the loss bilaterally. Any
claims of such Buyer against Eurex Clearing AG with respect to the loss shall

be deemed as discharged.

The disclosure shall be processed in accordance with Number 2.2.2 (1) which

shall apply accordingly.

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

hittne: Hhananas

Eurex Clearing proposes several amendments to the Clearing Conditions to
streamline its legal framework in respect to the measures prescribed in case of
a Failure to Deliver Securities. The amendments will harmonize wording and
structure across Chapters I, II, IV and V of the Clearing Conditions and
implement some clarifications on the applied procedure in relation to a Failure
to Deliver Securities. Please note that the regime in respect to buy-in, cash
settlement and disclosure and the related procedures has not been changed.

Furthermore, some paragraphs were removed as they became obsolete after
introduction of the C7 Securities Clearing Service (C7 SCS) in September 2021.

To reflect these amendments, the following provisions of the Clearing
Conditions will be amended as outlined in Attachments 1, 2, 3 and 4:

@ Chapter V Part 1 Number 1.1.2 and Part 2 Numbers 2.1, 2.2, 2.3, 2.4 and
2.5 of the Clearing Conditions

@ Chapter I Part 1 Number 1.4.4 of the Clearing Conditions

@ Chapter II Part 1 Numbers 1.1 and 1.10, Part 2 Numbers 2.3, 2.5, 2.7,
2.16, 2.17 and 2.29 and Part 3 Numbers 3.5, 3.6, 3.9 and 3.11 of the
Clearing Conditions and

@ Chapter IV Part 2 Number 2.7 of the Clearing Conditions

D. Invoicing of Buy-In Fees and Cash Settlement Fees in currency EUR

Eurex Clearing decided to harmonize the invoicing of Buy-In Fees and Cash
Settlement Fees related to an FWB Transaction, Eurex Transaction or Repo
Transaction, and to charge such fees always in currency EUR - independent of
the settlement currency of the related securities transaction. When converting
fees into the invoice currency, Eurex Clearing will use a commercially
reasonable exchange rate applicable at the relevant point in time.

For avoidance of doubt: Costs for Buy-Ins resulting from offsetting price
differences and cash settlement amounts continue to be charged in the
settlement currency of the respective securities transaction.

To reflect this harmonization, the following provisions will be amended as
outlined in Attachments 1, 2 and 3:

@ Chapter V Part 2 Numbers 2.2.1 (2) (b) and (3) (d) of the Clearing
Conditions

@ Chapter I Part 1 Number 1.4.4.1 of the Clearing Conditions

® Chapter II Part 2 Number 2.17.4 and Part 3 Numbers 3.6.7 and 3.11.5 of
the Clearing Conditions

Consultation with respect to the amendments to the Clearing Conditions
(topics C. and D.)

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y/19/Z3, 8:40 AM Amenaments to the Clearing Conaitions of Eurex Liearing AG — Consurtation

hittne: Hhananas

the amendments to the Clearing Conditions into consideration.

The amendments of the Clearing Conditions with respect to topics C. and D.
are subject to a Consultation which will end with the expiry of 13 October
2023.

Eurex Clearing herewith invites all Affected Customers to submit comments on
the proposed changes and amendments within the Consultation.

3. Details
A. Preponement of disclosure in case of Failure to Deliver Rights

As announced in Eurex Clearing Circular 025/23, Eurex Clearing will adjust the
timing for disclosure of belated subscription rights transactions as part of C7
SCS Release 3.0. The disclosure will be brought forward to the business day
before the last day of the subscription period in case there are at least three
business days between the trading date and the last date of the subscription
period. For more details, please refer to the Release Notes for C7 SCS Release
3.0 published under the following link on the Eurex Clearing website
www.eurex.com/ec-en/:

Support > Initiatives & Releases > C7 SCS Releases > C7 SCS Release 3.0

The changed rule on timing of the disclosure in case of Failure to Deliver
Rights will be incorporated in the Clearing Conditions.

To reflect the changed rule, the following provision will be amended as
outlined in Attachment 1:

® Chapter V Part 2 Number 2.2.2 in the second part of the first sentence of
the Clearing Conditions

B. Adjustment of thresholds for contractual penalties in respect to a
Failure to Deliver Securities

Eurex Clearing adjusts the minimum threshold in several foreign currencies
for contractual penalties in respect to a Failure to Deliver Securities on
dividend record dates so that the threshold matches an approximate
equivalent of EUR 5,000 considering latest exchange rates.

To reflect this harmonization, the following provisions will be amended as
outlined in Attachment 1:

@ Chapter V Part 2 Number 2.2.1 (6) (b) Sub-paragraph 6 of the Clearing
Conditions

C. Clarifications on Failure to Deliver Securities and harmonization of
wording and referencing

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Eurex04e
Clearing Conditions of Eurex Clearing AG
As of 20.11.2023

Page 6

(ii)__in the case of Securities other than fixed income-Seeuritiessecurities,
10 per cent of the value of the Securities to be delivered under the relevant
FWB Sell Transaction,

___however at least EUR 250 and | (subject to the re below) at maximum EUR 5,000.

Where lf Eurex Clearing, AG ‘appoints a third party buy-in agent to aquire
acquire the Securities for Eurex Clearing / AGrthe Clearing Member having

failied-to-deliverthe-rel tS ities-to-Ei Ch AG-on-th bh

4,200.08 GBP.2,700, teepactival) the maximum amount set rout in n Chapter |
Part 1 Number 1.4.4.1 shall apply.

When converting fees into the invoice currency, Eurex Clearing AG will use a
commercially reasonable exchange rate applicable at the relevant point in time.

(3) Cash Settlement

(a) GeneralProvisionsDetermination of Cash Settlement

ILa replacement of the-non-delivered Securities-pursuantto Paragraph (4)
P PI grap!

Ad-(2) notsu .sfulin-whole-orin-parts-Eurex-Clearing AG-m
} Pans; g- Y

Securities cannot be acquired wholly or partially by way of a buy-in according to
Paragraph (1), Eurex Clearing AG is entitled to determine a cash settlement
amount regarding the non-delivered Securities on a day after the Contractual
Settlement Date (“Determination Day’). For the purpose of the cash
settlement, Eurex Clearing AG shall allocate a FWB Buy Transaction of a
Clearing Member to whom delivery has not been effected in due time (“Buyer”)
to the FWB Sell Transaction of the Late Seller (“Allocated FWB Buy

Transaction’).

The Determination Day is-shall be

(i)__in case of Shares, the 8" Business Day after the delivery-dayinthe
case-of Shares-Contractual Settlement Date of the FWB Sell
Transaction of the Late Seller of Shares and

(ii)_in case of Other Securities, a pointintime Business Day between the
30" and the 36" Business Day after the-delivery day inthe case of
Other Securities Contractual Settlement Date of the FWB Sell

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Eurex04e
Clearing Conditions of Eurex Clearing AG

As of 20.11.2023
Page 9

the relevant FWB Sell Transaction have been delivered or until the cash
settlement has been effected.

(e) Cash Settlement Fee

Eurex Clearing AG will charge a fee from the defaulting Clearing MemberLate
Seller for every determined-cash settlement in an amount of 0.0025 per cent of
the value of the respective class of Securities to be delivered under the relevant
FWB Sell Transaction, however at least EUR 250 and at maximum EUR 1,000.
When converting fees into the invoice currency, Eurex Clearing AG will use a
commercially reasonable exchange rate applicable at the relevant point in time.

(4) Disclosure of Delivery Claim

(a) Assertion Enforcement of Temporary Rights

f th, Ss to-the-Clearing Memberto-whom- deli h tb

¥
Flantad in due time i J. ith Number 2.2.2 Paragraph4)- If the

Securities owed by the Late Seller provide for rights or claims or if the Securities
owed by the Late Seller are connected with rights or claims and provided that
such rights and claims can only be enforced within a specified period of time.
Eurex Clearing AG is entitled to disclose its claim for delivery against the Late
Seller with respect to such Securities to the Buyer.

The Late Seller and the Buyer to whom the delivery claim was disclosed by
Eurex Clearing AG shall find a solution with respect to rights and claims arising
from the Securities owed by the Late Seller bilaterally. Any claims of such Buyer
against Eurex Clearing AG with respect to the rights and claims arising from the
Securities shall be deemed as discharged.

The disclosure shall be processed in accordance with Number 2.2.2 (1) which
shall apply accordingly.

(b) Exchange Offers for-Securities(Umtauschangebote) and Election Rights

If

i) _ the-defaulting Clearing Member-d. t-deli ities intimethatthe

@_ sg is the
Securities owed by the Late Seller can be exchanged against other
Securities or cash in the context of a corperate-action Corporate Action, or

(ii)__which-the Securities owed by the Late Seller are subject to an optional
election right in the-contextas part of a mandatory-cerperate-action

Corporate Action,

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