EFTA01363156.pdf

(a) in case of transfer of credit risk, the transfer is achieved by: •-• the economic transfer of the assets being securitised to an entity separate Tram the originator created for or serving the purpose of the securitization. This is accomplished by the transfer of ownership of the socuntised assets from the originator or through sub- participation. or ._ the use of credit derivatives. guarantees or any similar mechanism; and (b) where Such securities. securitization fund units, debt instruments and/ or financial derivatives ore issued, they do not represent the originator's payment obligations. Note: (A) If the direct contractual counterparty of the Bank cumulatively fulfils the above criteria under (a) to (c) without fulfilling one of the exemptions listed under (d), the, contractual counterparty of the Bank qualifies as an AIF, so that 92a. is to be answered 'Yes'. (B) If the direct contractual counterparty of the Bank manages a fund or vehicle that cumulatively fulfils the above criteria under (a) to lc) without fulfilling one of the evemptions listed under (d). the direct contractual counterparty of the Bank qualifies as an AIFM. so that Q2b. is to he answered 'Yes'. Q3. [If the answer to Q2b. is "yes"): Is the AIRS acting on behalf of the AIF and within the scope of the AIF's terms of investment? An AIFM is -acting on behalf of an Alf" it the loan or guarantee agreement is made to serve the AIF's investments. If the purpose of the loan or guarantee is only to hind (or secure funding for) the AIFM's working capital or other administrative expenses of the AIFM, without creating contagion risk with an AtF, the transaction will not be caught by the prohibition of the GSSA. Please indicate YES or NO, and describe the basis for this conclusion in the Comments section as well as by checking the appropriate box in below table containing examples. YES (if the answer is "yes', please proceed to QE) NO (this transaction is not subject to the prohibition of lending or guarantee business under GBSA) Comments Please provide a brief description of the basis for the conclusion and substantiate the assessment by answering the questions in the table below Please select in the table below the applicable activity. Mark [X] Potentially prohibited client activity Mark [X] Permissible client activity If Yes Is the transaction undertaken by the AIFM on II Yes Is the purpose of the transaction to fund the behalf of the AIF and within the scope of the AIFM's working capital or other administrative AIF's terms of investment? expenditure. insofar as contagion from the risk resulting from investment capital is excluded? [Note: In principle, AIFIVIs shall not be liable for the risks resulting from the AIF's investments or ifICUIled WM178979 021,988.070311 For internal use only PAW: 9 of 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0053054 CONFIDENTIAL SONY GM_00199238 EFTA01363156