Transaction Type       Central Time Clause Samples

Transaction Type       Central Time. Securities Eligible for DTC 1:00 p.m. on Settlement Date • Equities • Corporate & municipal bonds • Commercial paper • Medium-term notes • Collateralized mortgage issues • Zero coupon bonds (already at DTC) Federal Reserve book-entry securities (includes treasuries, agencies, GNMAs) 12:30 p.m. on Settlement Date Bank of New York — physical securities 11::00 a.m. on Settlement Date minus one Purchase of physical security to be held in Milwaukee vault. Includes private placements 1 day prior to Settlement Date Sale of physical security held in Milwaukee vault Proper documents must be included if asset in customer’s name 2 days prior to Settlement Date