Common use of Extension Trades Clause in Contracts

Extension Trades. From time to time a particular holding may be sold and a different issue purchased in its stead (an “extension trade”). An extension trade allows the seller to realize a gain on the issue being sold, while reinvesting the proceeds (ex the gain) into other paper. In such cases the gain, as measured by the excess of the sale price over the amortized cost of the holding being sold, shall be subject to the earnings sharing arrangement between JPMorgan and Lender as set out in the Bank compensation (or analogous) section of the Securities Lending Agreement to which these guidelines are annexed. By: /s/ Xxxxxx X. Xxxxx • ABN AMRO Inc. • ABN AMRO Bank N.V., New York Branch • ABN AMRO Sage Corporation • Alpine Associates • Abbey National Securities Inc. • Banc of America Securities LLC • Banc One Capital Markets, Inc. • Barclays Capital, Inc. • Bear Xxxxxxx & Co., Inc. • Bear Xxxxxxx Securities Corp • Bleichroeder (Xxxxxxx & S.), Inc. • Xxxxxx Xxxxxxx Corp. • BNP Paribas Securities Corp. • Cantor, Xxxxxxxxxx Securitie • CIBC World Markets Corp. • Citadel Trading Group L.L.C. • Citigroup Global Markets Inc. • Commerzbank Capital Markets Corporation • Credit Lyonnais Securities (USA) Inc. • Credit Suisse First Boston LLC • Deutsche Bank Securities Inc. • Dresdner Kleinwort Xxxxxxxxxxx Securities LLC • Fimat USA, Inc. • Fortis Securities, LLC