Paragraph 14 Calculation of exposure to a counterparty

Subject to paragraphs 15 and 16 below, the value of all investments (determined in accordance with regulation 26 above) issued by any one counterparty and the value of all rights (determined in accordance with regulations 23, 30 and 31 above) against that counterparty, in each case up to the amount of the appropriate permitted asset exposure limit, shall be aggregated. Where the counterparty is an issuer of a collective investment scheme falling within regulation 27(1)(c) above, the value of units or other beneficial interest in the collective investment scheme shall be included.