Market: London.

Trading Platform: LIFFE CONNECT®.

Algorithm: Central order book applies a price/time priority trading algorithm.

Wholesale Services: Asset Allocation, Basis Trading, Block Trading.

Exchange Delivery Settlement Price (EDSP): The London market price at 11:00 on the second business day prior to Settlement Day. The invoicing amount in respect of each Deliverable Gilt is to be calculated by the price factor system. Adjustment will be made for full coupon interest accruing as at Settlement Day.

Contract Standard: Delivery may be made of any gilts on the List of Deliverable Gilts in respect of a delivery month, as published by the Exchange on or before the tenth business day prior to the First Notice Day of such delivery month. Holders of long positions on any day within the Notice Period may be delivered against during the delivery month. All gilt issues included in the List will have the following characteristics:

• having terms as to redemption such as provide for redemption of the entire gilt issue in a single installment on the maturity date falling not earlier than 8.75 years from, and not later than 13 years from, the first day of the relevant delivery month;
• having no terms permitting or requiring early redemption;
• bearing interest at a single fixed rate throughout the term of the issue payable in arrears semi-annually (except
  in the case of the first interest payment period which may be more or less than six months);
• being denominated and payable as to the principal and interest only in pounds and pence;
• being fully paid or, in the event that the gilt issue is in its first period and is partly paid, being anticipated by the Board to be fully paid on or before the Last Notice Day of the relevant delivery month;
• not being convertible;
• not being in bearer form;
• having being admitted to the Official List of the London Stock Exchange; and
• being anticipated by the Board to have on one or more days in the delivery month an aggregate principal
  amount outstanding of not less than £1.5 billion which, by its terms and conditions, if issued in more than one
  tranche or tap or issue, is fungible.

Clearing: LCH.Clearnet Ltd.

Unless otherwise indicated, all times are London times.