Option Seller:

Deutsche Bank AG (Aa3/AA- rated)

Option Buyer:

Client (seller)

Reference Entity:

Obligor (buyer)

Effective Date & Expiry Date:

Determines length of the contract

Premium Rate:

Quoted as basis points per month (bps mo.)

Credit Event:

A bankruptcy filing or similar insolvency event by a designated
receivables obligor

Qualifying Receivables:

Payment claims for goods/services delivered to the obligor,
which are:

• not specifically subordinated or restricted as to transfer
• not subject to any known commercial dispute or setoff to payment
• invoiced as of a date within the PAR contract term (or within 30 days prior)