EFTA01385562.pdf

equivalent financial instruments or recover the full value of the financial instruments (although your exposure may be reduced to the extent that we have provided collateral to you or you have liabilities to us which can be set off or netted against or discharged by reference to our obligation to deliver equivalent financial instruments to you). To the extent you retain a property interest in financial assets we have used, our use of the financial instruments may give other parties superior rights in them and may interfere with your ability to identify the financial instruments for the purpose of obtaining their return. In the event that a receiver, conservator or other insolvency official exercises its powers under an insolvency regime in relation to us, any rights you may have to take any action against us, such as to terminate our agreement, may be subject to a stay by the relevant authority and a transfer of assets or liabilities may result in your claim on us, or our claim on you, being transferred to different entities. However, this risk exists regardless of whether we have used your financial instruments or you have consented to their use. Copyright C 2016 by the International Swaps and Derivatives Association. Inc., the Association for Financial Markets in Europe. the Futures Industry Association. Inc. the International Capital Market Association. the International Securities Lending_Associabon and SIFMA Neither the International Swaps and Derivatives Association. Inc., the Atirioriation for Financial Markets in-Europe. the Futures Industry Association, Inc.. the International Capital Market Association and the International Securities Lending Association nor SIFMA., has reviewed or endorsed any modifications that may have been made to this document. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086851 CONFIDENTIAL SDNY_GM_00233035 EFTA01385562