issueragreements@clearstream.com and issueragreements@euroclear.com legal opinions ICSDs sought legal advice on the validity and applicability of the NGN under the legislation of four of the major jurisdictions used to issue international bonds: England and Wales, Germany, the Netherlands and New York. In other jurisdictions, issuers are advised to leave ICSDs a copy of their lawyer`s opinion of validity and opposability before the NGN guarantee is accepted. NGGs potentially eligible for Eurosystem monetary policy and intraday credit transactions must be deposited, immobilized and kept securely with an ICSD. If the NGN is transmitted electronically to the agency designated as a common custodian, it must be “realized” by the custodian, in accordance with the issuer`s authorization. Effect instructions must be completed and sent directly to the CSK for NSS-issued securities that are delivered to the CSK via the secure electronic communication channel. This instruction, which must be sent by the issuing agent, is required to allow the operation. A separate instruction is required for each program sequence and for each separate security. However, in the case of specific problems for which the NGN or the SNN and the influence authorization are issued on the same day, this influence instruction is not required. The ICSDs will assign the common Safekeeper mandate or icsD based on the preference of the issuing agent responsible for filing quotas, i.e.

the models must be used by issuers or their agents for issuing securities in the form of NGN or NSS. Under this program, separate models are provided for stand-alone securities and values. Legal advice applies only to NNGs. To express such a preference, the issuer must complete the relevant details and sign the Safekeeper common voting form to designate Euroclear or Clearstream as CSK. Effect In order to facilitate the deposit of the NGN with the common safe, the manager, the issuer or its agent, the NGN can be delivered electronically to the common supplier. In such cases, the issuer should authorize the common safe to make the NGN a valid guarantee. This authorization must be granted to the public custodian in original form by the issuer or its agent before the issue is issued. The NGN should contain formulations indicating that it will not become valid until it has been completed by the common safe. A signed copy must be e-mailed to each ICSD to the Clearstream New Issues team responsible for the issuing agent, either newissueslondon@clearstream.com or newissuesluxemboug@clearstream.com and newissues.programs@euroclear.com An agreement signed by Euroclear and Clearstream is available on the Euroclear website. Agency agreements and other agency agreements, trust contracts and encircles need to be updated to reflect the new structure to be used by the agent. The agent is required to deposit the NGN in the common safe designated by the ICSD.