Regulatory Oversight

Clearstream Banking S.A.

As a licensed credit institution in Luxembourg, Clearstream Banking in Luxembourg (CBL) is supervised by the Commission de Surveillance du Secteur Financier ( and must comply with financial, legal, regulatory and statutory reporting banking requirements as specified in the law on the financial sector (as subsequently amended) of 5 April 1993. As a securities settlement system in which the Luxembourg Central Bank ( participates, CBL is supervised by BCL and must report according to and comply with rules and recommendations by BCL (especially relating to systemic risks). CBL operates some services for LuxCSD, the national CSD that provides securities issuance and settlement in central bank money as well as custody services.

Clearstream Banking AG

Clearstream Banking in Frankfurt (CBF) is established and governed by various regulations or statutes. CBF is established and incorporated as a stock corporation (“Aktiengesellschaft”) in accordance with the German Stock Corporation Act (“SCA” or “Aktiengesetz”). CBF is thus governed by a board of management and a supervisory board in accordance with the SCA and the articles of association. Moreover, CBF is a licensed central securities depository (CSD) in accordance with the provisions of the Securities Deposit Act (“SDA” or “Depotgesetz”). It is therefore governed by the rules of the Securities Deposit Act which are supplemented by detailed instructions of the Federal Financial Supervisory Authority ( which is the principal supervisory authority. These instructions were adopted on 21/12/1998 and are commonly referred to as the Announcement regarding Requirements for a proper Custody Business and for a Proper Fulfilment of Delivery Obligations (“Bekanntmachung über die Anforderungen an die Ordnungsmäßigkeit des Depotgeschäfts und der Erfüllung von Wertpapierlieferverpflichtungen”).