Data Policy – Carl Kliem

Carl Kliem market data policy for desktop and application data usage

1. Introduction

Carl Kliem GmbH disseminates Information including quotations, price, volume and other market data, in respect of the various instruments traded, known (and defined herein) as the Information.

This document (the “Policy”) applies to all uses of the Information by any entity or person (collectively, the “Users”) and governs its display, use, redistribution and the creation of derived data. This policy applies in addition to the Carl Kliem Data Agreement and any subscriber agreements in place whether direct of via 3^rd Party vendor.

Re-distributors must ensure that Subscribers of their systems who have access to the Information are aware of and comply with the terms of this Policy.

2. Definitions

Application Data License is an agreement to use the Information outside of desktop display use. An Application Data License may be direct with Carl Kliem or via a 3^rd party vendor.

Delayed Information means Information in respect of which more than 15 minutes after being generated.

Derived Data means the creation of any other information that is created in whole or in part from the Information. any Data (wholly or in part) Manipulated to such a degree that it:

cannot be identified as originating or deriving directly from the Data or the Services and cannot be reverse-engineered such that it can be so identified; and

is not capable of use substantially as a substitute for the Data or the Services.

End of Day means a snapshot or calculated end of day reference pricing.

Index Creation means the use of the Information in the creation and ongoing calculation in real-time, delayed, snapshot or end of day of tradeable or non-tradeable indices.

Information means all market data and information disseminated by Carl Kliem relating to eligible securities or other financial instruments, or products and any other information and data.

Intellectual Property means, without limitation and in any part of the world, any inventions, technological innovations, discoveries, designs, formulas, know-how, processes, business methods, trade secrets, patents, trademarks, service marks, copyrights, rights to apply for patents, trademarks, trade names and service marks, computer software, domain names, ideas, creations, writings, lectures, illustrations, photographs, motion pictures, scientific and mathematical models, improvements to all such property, and all recorded material defining, describing, or illustrating all such property, whether in hard copy or electronic form and other intangible proprietary rights.

Location is a physical location which is licensed to access and use the Information and/or Derived Data. If the Information is ingested in one centre and then distributed to other individual sites or offices where the active users or systems are located, that is a multi-site location.

Non-Display means use of the Information for activities without the display of such information.

Real-time Information all information disseminated immediately after being generated or prior to becoming Delayed Data in accordance with the delayed data definition.

Re-distributor any company who provides the Information to external clients

Subscriber means any person or entity who subscribes to a vendor’s services or direct to Carl Kliem and is duly authorised to receive the Information.

User means any person who is able to access the Information whether a Subscriber or not.

Use means to view, display, store, entitle, process, consume, adapt, re-arrange, manipulate, extract, copy, reutilise, edit, package, reproduce and/or internally disseminate the Data irrespective of the means of transmission or access.

Vendor means an authorised Re-distributor of the Information.

3. Subscriber Licence

3.1 A Subscriber (desktop) licence provides rights to use the Information by individual end users within their own personal desktop environment as part of the end user’s ordinary business activity. A Subscriber licence does not provide rights for Non-display use or to recirculate, republish, distribute, share or disseminate the Information or any Derived Data internally or externally.

3.2 Systematic extraction of Information under an end user licence where the user extracts instruments and copies or feeds these to another application or system more than 3 times per day or on a regular end of day basis requires an end of day or snapshot intraday application licence.

4. Application Data Licence

4.1 For the use of the Information on a Non-display system or in a broader level within any in-house or third-party business application (for mark-to-market, risk management, consolidations, reconciliations etc), server-based applications, programs, products, or any other services an Application Data Licence is required.

4.2 The Application data licence is based on several factors:

4.2.1 Nature of the customer’s business or business function: data aggregation business, asset pricing systems, asset valuations, instrument pricing, reconciliations, raw / derived data distribution.

4.2.2 Type and volume of Information used.

4.2.3 Number and Location of applications using the Information.

4.2.4 Number of Locations accessing the Information and / or Derived Data.

4.3 Application users are required to complete the Carl Kliem application declaration (available on request from data@kliem.de) and will require a direct licence with Carl Kliem or may (if supported by each vendor on a case by case basis) be reported through the Re-distributor as per the monthly reporting of Subscriber licences.

4.4 Application users are required to report Subscribers in the usual way.

5. Index Creation

5.1 Any type of Index Calculation and production in Real-time, intraday, delayed or end of day using the Information in whole or in part whether derived or raw requires permission from, and a direct licence with, Carl Kliem.

6. Derived data

6.1 Derived Data is understood to mean data resulting from the manipulation, calculation, derivation of the Information, used alone or in combination with other data sources, regardless of whether the Information is identifiable by any means. The Derived Data or any calculation output should not be intended to replace the Information in desktops or applications.

6.2 Derived data use requires a direct licence with Carl Kliem available on request.