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3.2.5

Notwithstanding that payment is settled on a net basis in DVP Settlement, the delivery of securities in DVP Settlement shall not be settled on a net basis.

CDP shall, pursuant to any novated contract which is due for settlement on any Settlement Day, make delivery of securities to the receiving Principal on that Settlement Day. CDP's obligation to make such delivery shall be discharged by crediting the securities to be delivered to the securities account or sub-account (the "Designated Securities Account") as specified by the receiving Principal when the receiving Principal is submitting a DVP instruction.

CDP shall, pursuant to any novated contract which is due for settlement on any Settlement Day, receive securities from the delivering Principal on that Settlement Day. CDP's entitlement to receive such securities shall be satisfied by debiting the securities to be received from the securities account or sub-account (the "Designated Securities Account") as specified by the delivering Principal when the delivering Principal is submitting a DVP instruction.

Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013.