Common use of Principal and Brokerage Clause in Contracts

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 When licensing this category, Contracting Party is entitled for Non-Display Information Usage for other purposes than trading based activities and/or Index Calculation. This includes, but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 6_2 When licensing this category, Contracting Party is entitled for Non-Display Information Usage for other purposes than trading based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 6_1 When licensing this category, Contracting Party is entitled for Non-Display Information Usage for other purposes than trading based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 11_5 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading based activities and/or Index Calculation. This includes, but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 11_4 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading based activities and/or Index Calculation. This includes, but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 6_0 When licensing this category, Contracting Party is entitled for Non-Display Information Usage for other purposes than trading based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 6_3 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 7_0 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading trading-based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading trading-based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 7_3 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading trading-based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Non- Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 11_3 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading based activities and/or Index Calculation. This includes, but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Licence Fee applicable for trading based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Licence Fee applicable for trading based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 11_2 When licensing this category, Contracting Party is entitled for Non-Display Information Usage for other purposes than trading based activities and/or Index Calculation. This includes, but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.

Principal and Brokerage. The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). The Customer Category Brokerage refers to brokerage activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). Tier 2 of the Non-Display Data Licence Fee applicable for trading trading-based activities includes the licence for both, Trading as Principal and Brokerage. The Non-Display Data Licence Fees for Tier 2 include the fees for Tier 3. Tier 3 – Trading as Principal or Brokerage Tier 3 of the Non-Display Data Licence Fee applicable for trading trading-based activities requires the selection of either Trading as Principal or Brokerage as a licence. The licence refers only to the selected activity. Other activities Index Calculation The Customer Category Index Calculation refers to the Non-Display Information Data Usage for the purpose of administration including calculation and dissemination of an index / a benchmark or several indices / benchmarks (“Index Calculation”). This Non-Display Customer Category addresses the administrator who has control over the provision of the benchmark. It does not include the execution of Non-Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party. Other Application Usage Version 11_1 7_2 When licensing this category, Contracting Party Customer is entitled for Non-Display Information Data Usage for other purposes than trading trading-based activities and/or Index Calculation. This includes, includes but is not limited to the following usages: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Non- Display Information Data Usage by the Contracting Party Customer as a vicarious agent (Erfüllungsgehilfe) on behalf of a third party.