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Reporting on CIBC Mellon initiatives and developments within the securities industry. december 2017 edition

Into the Data Era

It has been just over a year since I started in the role of President and CEO of CIBC Mellon. I have spent the year listening to and connecting with our clients to better understand their needs. Through these discussions, I have learned that the shift into the data era represents enormous change for our company and for our clients.

Asset managers, pension plans and other institutional investors are facing huge challenges in an increasingly complex investment universe and rapidly expanding data environment. Institutional investors are looking to better capture, refine and leverage data more quickly for evidence-based decision-making, and they are turning to their Steve Wolff is President and service providers to help enhance and centralize their access to data. Canadian asset CEO of CIBC Mellon. Steve is owners and asset managers should expect providers to leverage new technology in responsible for the overall order to support their institutional investors’ needs by providing flexible access to strategy and performance data across systems and organizations. of CIBC Mellon. He has more than 30 years of experience in financial services and investment administration. View CIBC Mellon’s video featuring Steve Wolff entitled, “Into the Data Era.”

What’s Inside? Blockchain and Bitcoin New Avenues into the China The Elephant Rolls Over: 2018 Trade Talk Calendar Technology for Asset Interbank Bond Market Taxing Times for ? Servicing

By Jens Hembach, Director, Process By Paul Pierce, Director, Product Management By Avery Shenfeld, Managing Director and Excellence Chief Economist, CIBC Capital Markets 3 5 7 9

Trade Talk / december 2017 Edition 1 Into the Data Era

Putting Great People at the Centre as we Continuously Improve “We are well positioned To get it right, we need to transform. We are well positioned to help clients confront to help clients confront complexity with digital-savvy people who have the insights to help clients chart a path complexity with digital-savvy forward. We believe talented employees are one of our most important assets. As we people who have the insights work to upgrade our platforms and to refine our processes, we need great people who get it right every day. to help clients chart a path forward. We believe talented We are working hard to engage and develop employees that can drive innovation. The company’s recent relocation of its headquarters to the new office at One York employees are one of our most highlights our commitment to providing our employees with a modern work experience important assets. As we work where collaboration and innovation come together. We are seeking ways to enhance to upgrade our platforms and work-life balance and flexibility for our employees, empowering them with remote work to refine our processes, we arrangements. The company is also investing in employee learning, including expanded mentorship, job shadowing and new technical training, to further reinforce a high- need great people who get it performance culture focused on putting clients at the centre. In turn, these initiatives right every day.” help boost employee engagement. - Steve Wolff, President and CEO, We’ve clearly heard clients’ demand for us to position our company to help clients CIBC Mellon better manage data. To this end, I’m pleased that we have appointed Bill Graves in the newly-created role of Chief Technology and Data Officer. Bill will be working across our corporate family and engaging with clients as we continue to invest in technology and systems to meet current and future needs.

Our team is working with clients to align and enhance processes and to locate operational efficiencies. We’re working with our parent companies to identify agile development processes and co-develop with clients. We continue to look to enhance our underlying processes and discover innovative technology, for example together with BNY Mellon, we are exploring how Blockchain can play a role in the industry. See the next page for more.

CIBC Mellon is investing in new platforms in collaboration with BNY Mellon, CIBC and other industry leaders. With the right technology and our team of industry experienced professionals, we are well positioned to support the growing needs of institutional investors in Canada. forward into the data era, together As we move into 2018, we will work hard to deliver great client service and to find ways to make it even better. A big thank you to our clients past, present and future for choosing CIBC Mellon’s asset servicing solutions. I very much look forward to the year ahead.

Happy holidays and all our best wishes for 2018.

Trade Talk / december 2017 Edition 2 By Jens Hembach Director, Process Excellence

Blockchain and Bitcoin Technology for Asset Servicing

If you joined the industry before computers or printers were fundamental to day- to-day business operations, the words Blockchain or Bitcoin (let alone Litecoin and Ethereum) may give you pause, or for some, increase your enthusiasm. Investors, institutional providers and regulators are at various stages of exploration and investigation; CIBC Mellon and its parent companies, BNY Mellon and CIBC, continue to actively explore Blockchain and Bitcoin.

With a focus on strengthening our ability to meet clients’ evolving needs as the industry drives forward into a new era of data, technology enablement and cyber Jens Hembach is Director security, CIBC Mellon is investigating how Bitcoin and Blockchain can separately and of Process Excellence at collectively contribute to asset servicing from a number of perspectives including CIBC Mellon. Jens is responsible technology and operations for our business, assets and administration for our for implementing CIBC Mellon clients, and across a broad range of collaborative initiatives and industry forums. process improvement and innovation initiatives to drive AS A Technology and operational tool both internal and external Blockchain continues to gain traction based on the assessment of its potential efficiencies. He has MORE THAN 13 to drive significant operational efficiencies. Blockchain-based solutions may years of experience within the empower opportunities to reduce the need for reconciliations across systems, financial services industry. provide faster and more transparent flow of transactions, and enable different types of partners to engage on a common, shared platform. With a ledger tracking every transaction and data entry with a digital time stamp, it has the potential to make the auditing process easier and more efficient.

At CIBC Mellon, there is a robust focus on cyber security as we take CIBC Mellon and its clients into the data era. Blockchain may have an important role to play in risk reduction and security. Using its simultaneous recording of information, its audit trail enables enhanced visibility to assets and interactions with that asset to be tracked and linked, facilitating asset perfection and reducing risk of double-pledging assets.

As an asset or currency The Chicago Board Options Exchange and the CME Group have both recently announced intentions to launch Bitcoin Futures products. CIBC Mellon is preparing to support the administration associated with investment in Bitcoin Futures, which will consider only the administration of Bitcoin Futures and will not include custody of physical Bitcoin or other types of cryptocurrency at this time.

BNY Mellon and CIBC have publically announced participation in projects such as the UBS-led Utility Settlement Coin (USC) initiative, which is an asset-backed digital cash instrument implemented on distributed ledger technology for use within global institutional financial markets. This working group aims to partner with central banks and regulators to promote a regulation-compliant, robust and efficient structure within which the USC can be deployed fully.

AS PART OF BROADER INDUSTRY approaches to Blockchain The industry is abuzz with Blockchain and cryptocurrency developments. For BACK TO COVER example, PricewaterhouseCoopers (PwC) announced in November 2017 that it accepted its first digital currency payment in exchange for advisory services, and KPMG that same month publicly committed to adopting Blockchain technology by joining the Wall Street Blockchain Alliance (WSBA).

Trade Talk / december 2017 Edition 3 Blockchain and Bitcoin Technology for Asset Servicing

In March 2017, CIBC Mellon and BNY Mellon partnered with IBM and PeerNova to CIBC Mellon is investigating build a proof-of-concept trade capture application based on Blockchain technology. how Bitcoin and Blockchain Together, we created an application based on IBM’s Open Blockchain Code, a precursor to Hyperledger Fabric, which allowed external clients or investment managers to submit can separately and collectively trade instructions that could subsequently be enriched or amended by various internal and contribute to asset servicing external stakeholders, while maintaining complete transparency and one canonical audit from a number of perspectives trail. Through this pilot, it was discovered that Blockchain implementations provide the greatest value when incorporating external partners and clients to address opportunities including technology and end-to-end, as well as key principles for adoption (outlined below), which include: agreed operations for our business, standards, real world interface, identity, performance, and more. assets and administration Although we’ve discussed the potential gains Blockchain and cryptocurrencies offer to for our clients, and across a the asset servicing industry, it would be remiss to leave out the potential risks. Still in broad range of collaborative the exploratory phase, Blockchain technology currently lacks industry standards and initiatives and industry regulations that would provide a consistent, secure and resilient approach for businesses and consumers. Collaboration as an industry and across the globe is required to create a forums. balanced and effective industry-wide approach to Blockchain and cryptocurrencies.

CIBC Mellon continues to monitor industry developments around Blockchain and cryptocurrencies, and is working with its parent companies to pursue opportunities where Blockchain can add value to operational processes, both internally and for external partners. As partners, CIBC Mellon and its clients should look to pursue an open conversation on Blockchain-based initiatives, understand and implement the key principles of adoption, and work together to identify opportunities for further improving their interaction.

Key Principles for Blockchain Adoption As stakeholders assess Blockchain, applications within their organizational frameworks, they may wish to consider the following eight principles for adoption.

Agreed standards 1 Does the application satisfy business and technology standards for participants and stakeholders?

Real world compatibility 2 Are the mechanisms in place to enable interaction with legacy technologies and enable other aspects such as smart contracts?

Network effect What is the necessary adoption profile? Are participants able to build with an internal or limited network, or do they require 3 scale and industry-wide adoption?

Identity 4 Does an application or organization require permissioned Blockchain (where participants are known)?

Performance 5 Can the application handle significant transaction volumes and be on-par with existing resiliency standards?

Regulatory 6 Does the application meet relevant local market and industry regulatory requirements?

Cost / Benefit 7 What is the return on investment and does it meet necessary investment or cost/benefit hurdles?

Risk Can participants measure, manage and accept relevant risks as well as understand and appropriately document how risk may 8 be shifted between stakeholders via a Blockchain application?

Trade Talk / december 2017 Edition 4 By paul Pierce Director, Product Management

Breaking Down Investment Barriers: New Avenues into the China Interbank Bond Market

Making Inroads into Chinese these new schemes represent a willingness Markets for mainland China to break down barriers As one of the largest markets in the and explore mutually beneficial investment world, China has a significant impact opportunities on a global scale. on global growth, financial markets and commodity prices. According to Implementation of Bond Connect CIBC Capital Markets, an increased In a challenging global low interest demand for production of luxury goods rate environment, investors in Canada Paul Pierce is Director, Product and around the world continue to seek Management at CIBC Mellon. and an ever-growing service sector, combined with its overall strength in investment opportunities that will Paul is responsible for defining consumer goods exports, continue to yield strong returns, and leveraging the and driving product strategy drive the Chinese market in a favourable strength of the Chinese market is an for the ASSET OWNER SEGMENT. direction for foreign investors1. But as appealing prospect to many investors. His responsibilities include attractive as buying into China looks for maintaining a product vision With demand continuously on the rise from global financial institutions, barriers and roadmap, understanding international investors outside of mainland remain when attempting to unlock this market conditions and the China to further expand cross-border unprecedented investment potential. client experience, and providing opportunities, the People’s Bank of China product support and expertise. Not long ago, foreign investors were and the Hong Kong Monetary Authority Paul has 25 years of experience in unable to purchase shares on the stock developed Bond Connect, a trading scheme the financial services industry. exchanges in mainland China without designed to allow overseas investors from becoming licensed as a qualified foreign Hong Kong and other regions to invest in institutional investor. Understanding the China Interbank Bond Market (CIBM) that strong demand for access persisted through mutual access arrangements in outside its borders, Chinese regulators respect of trading, custody and settlement. relaxed foreign investment restrictions With the implementation of Bond Connect, with the implementation of Stock Connect. known as the Bond Connect Northbound Launched in November 2014, Stock Trading Link, overseas investors have a Connect allowed foreigners to access new and more convenient channel to invest eligible China A shares listed on the in the CIBM, which includes all CIBM cash Shanghai exchange and was extended in bonds, treasury bonds, local government December 2016 to include the Shenzhen bonds, central bank papers, financial exchange. The new scheme enables foreign bonds, corporate credit bonds, commercial investors to buy eligible China A shares papers and asset-backed securities. without becoming a qualified investor. Previously, access to the Chinese bond As part of its ongoing efforts to attract market was open only to qualified foreign investors, China launched Bond investors. The process to become a Connect to link China’s vast interbank bond qualified investor is a lengthy one, often market with the world, giving international taking several months to achieve the investors access to trade bonds directly on designation. A major benefit of Bond the China Foreign Exchange Trade System. Connect is that it allows non-qualified Bond Connect is a convenient channel investors to trade certain bonds without BACK TO COVER that has been designed to allow foreign obtaining qualified investor status. This financial institutions access to a variety of opens the door significantly for those fixed income instruments like government looking to trade in the CIBM who have bonds, commercial paper and mid-term historically been locked out. notes. Despite some initial restrictions, Breaking Down Investment Barriers

Key Considerations As part of its ongoing efforts Mainland China’s bond market is now the third largest in the world behind Japan and to attract foreign investors, the U.S., and while leveraging Bond Connect to trade in the CIBM may appear to be an appealing opportunity, international investors must still be prudent when assessing China has launched Bond their own participation. The Chinese bond market only recently opened its doors to Connect to connect China’s foreign investors, and a number of rules and regulations remain in place that investors vast interbank bond market should understand before making any decisions. with the world, giving Bond Connect Northbound Trading Link is accessible to all foreign institutional international investors access investors. However, foreign institutional investors currently investing in the onshore to trade bonds directly on the CIBM via direct route, Renminbi Qualified Foreign Institutional Investors R( QFII) and Qualified Foreign Institutional Investors (QFII) may be subject to review and acceptance China Foreign Exchange Trade by the People’s Bank of China. System.

Investors should seek their own legal, investment, tax and all other necessary advice Notes: with respect to these matters. 1 “Chinese Takeout: The Changing Ways China is Impacting Global Growth” https://economics. Available Solutions cibccm.com/economicsweb/cds?TYPE=EC_ PDF&ID=3765#page=6 Through its parent company, BNY Mellon, CIBC Mellon clients can gain direct access to the CIBM, which accounts for more than 90 per cent of the onshore bond market in China. BNY Mellon’s service offering, which was first announced via NetInfo on August 7, 2017, supports its custody clients in trading China fixed income instruments issued in CIBM via the Bond Connect Northbound Trading Link.

To leverage BNY Mellon’s Bond Connect service, CIBC Mellon clients are required to submit all necessary market documentation to Bond Connect Co Ltd., and must conduct due diligence directly with trading counterparties approved by the China Foreign Exchange Trade System (also known as market makers) for all Bond Connect transactions. Once registered, clients can access a number of services through BNY Mellon with respect to trading directly in the CIBM, including settlement, corporate actions, income and tax.

As mainland China continues to open its doors to foreign investors through schemes such as Stock Connect and Bond Connect, CIBC Mellon clients are well positioned to explore additional global investment opportunities while seeking higher yields in a consistently low interest rate environment. The Bond Connect Northbound Trading Link offers non-qualified investors an avenue into a previously inaccessible domain, an option that presents new and intriguing possibilities. As the investment landscape evolves around the world, BNY Mellon and CIBC Mellon will continue to deliver product offerings designed to support clients’ investment goals and servicing needs.

For more information on Bond Connect or gaining access to trading within the Chinese bond market, visit the Bond Connect website or contact your CIBC Mellon Service Director or Relationship Manager.

Trade Talk / december 2017 Edition 6 By AVERY SHENFELD Managing Director and Chief Economist, CIBC Capital Markets

The Elephant Rolls Over: Taxing Times for Canada?

As Pierre Trudeau noted, Canada’s relationship to the U.S. is like sleeping next to an elephant, whose every twitch and grunt is felt. We’re hearing a lot about how NAFTA changes might affect us, but what about the sweeping tax reform now wending its way through Congress?

If the U.S. had delivered a big tax savings for average American consumers, Canadian exporters would have reaped collateral benefits. That’s not the case here, particularly since the U.S. growth rate will soon be capped by the constraints inherent in reaching full employment. Avery Shenfeld is Managing U.S. high income earners, particularly shareholders or those earning pass-through Director and Chief Economist of income, will get a more material lift. But due to quirks in the bill, federal tax burdens CIBC Capital Markets. He has been aren’t coming down for those in high tax states like California or New York—two states with CIBC since 1993 and is widely that compete with Canada for global talent in tech and financial services respectively. recognized as one of Canada’s leading economists for his At the corporate level, the American system will go from being much more punitive to perceptive analysis and insight closer in line with Canada’s (likely a bit below for non-energy companies, higher for oil on economic developments and and gas producers). So Canada will lose an edge we offered earlier. their implications for financial markets. The U.S. will also move to a system in which profits are generally taxed in the country they are earned. U.S.-Canada cross-border multinationals could face rules that limit U.S. tax benefits achieved through intracompany payments to an affiliate located This article originally appeared in abroad, as well as limits on the amount that can be shielded from U.S. tax through Economic Insights, published by CIBC interest deductions. Capital Markets on December 14, 2017. But if there’s one major risk for Canada, it’s in the American move to allow for immediate expensing of capital investments undertaken in the next five years. For companies that have existing income to write that off against, it could tilt a location decision to operations south of the border. This immediate depreciation is, in fact, a much more powerful tool to alter business investment decisions than lower tax rates, which reward companies with existing assets.

That new incentive could pile on to other developments that can lean towards a made-in-the-USA strategy. Those include bully-pulpit warnings from Trump to stay in America, lighter environmental restraints, tougher Buy-America provisions, a growing number of trade actions under antidumping or countervailing duty laws, and the uncertainty over what NAFTA might look like (if it exists at all).

Canada needn’t match all of these measures. In trade, a floating currency is the great equalizer, since however painful it is to our personal buying power, the loonie will find a level at which the trade balance is sustainable. But if we want to avoid smacking ourselves with a weaker exchange rate, we could rise to the challenge on the business tax side without an expensive corporate rate cut. A matching five-year period for immediate expensing in the trade-exposed resource and factory sectors would level the playing field, at a time in which we face a lot of other headwinds in attracting business BACK TO COVER investment spending. Blockchain and Bitcoin Technology for Asset Servicing

CIBC Economic Update

CANADA Third quarter growth looks poised to be a bit firmer than we were expecting earlier, although a downwards revision to Q2’s pace keeps 2017 GDP growth still tracking 3%. The labour market has put up another set of spectacular results, lowering the near-term profile for the unemployment rate. Applying some of the logic used in our recent paper on the U.S. labour market, we’re likely going to need a lower jobless rate in this cycle to see wages get into the range needed to sustain 2% inflation, something we’ve reflected in our forecasts.

Annual Parody Holiday Update from CIBC Economics: “The Economic Report of the President 2018” Each December, the CIBC Economics team produces an economic update in the form of a seasonal parody. This year’s parody is framed as an “advance excerpt from the annual White House outlook,” and is available with holiday wishes on the CIBC Economics website.

Trade Talk / december 2017 Edition 8 2018 CALENDAR

JANUARY FEBRUARY 2018 HOLIDAYS IN CANADA SMTWT F S SMTWT F S CIBC MELLON OFFICES ACROSS CANADA 123456 123 ARE CLOSED ON EACH OF THE FOLLOWING 7 8 9 10 11 12 13 4 5678910 DATES, UNLESS OTHERWISE NOTED. 14 15 16 17 18 19 20 11 12 13 14 15 16 17 January 1 New Year’s Day 21 22 23 24 25 26 27 18 19 20 21 22 23 24 (National Holiday) 28 29 30 31 25 26 27 28 CANADIAN EXCHANGES WILL BE CLOSED January 2 Traditional Holiday MARCH APRIL SMTWT F S SMTWT F S CIBC MELLON OFFICES IN WILL BE CLOSED; CANADIAN EXCHANGES ARE OPEN 1231234567 4 5678910 8 9 10 11 12 13 14 February 12 Family Day (BC only) 11 12 13 14 15 16 17 15 16 17 18 19 20 21 February 19 Family Day (ON/AB/SK only) 18 19 20 21 22 23 24 22 23 24 25 26 27 28 February 19 Heritage Day () 25 26 27 28 29 30 31 29 30 CIBC MELLON OFFICES IN PROVINCES NOTED ABOVE WILL BE CLOSED; CANADIAN EXCHANGES MAY JUNE WILL BE OPEN ON FEB. 12 AND CLOSED ON FEB. 19 SMTWT F S SMTWT F S March 30 Good Friday 12345 1 2 6 7 8 9 10 11 12 3 456789 CANADIAN EXCHANGES WILL BE CLOSED 13 14 15 16 17 18 19 10 11 12 13 14 15 16 May 21 Victoria Day 20 21 22 23 24 25 26 17 18 19 20 21 22 23 CANADIAN EXCHANGES WILL BE CLOSED 27 28 29 30 31 24 25 26 27 28 29 30 June 25 In Lieu of St. Jean Baptiste Day JULY AUGUST CIBC MELLON OFFICES IN QUEBEC WILL BE CLOSED; SMTWT F S SMTWT F S CANADIAN EXCHANGES ARE OPEN 1234567 1234 July 2 In Lieu of Canada Day 8 9 10 11 12 13 14 5 6 7891011 (National Holiday) 15 16 17 18 19 20 21 12 13 14 15 16 17 18 CANADIAN EXCHANGES WILL BE CLOSED 22 23 24 25 26 27 28 19 20 21 22 23 24 25 August 6 Civic Holiday 29 30 31 26 27 28 29 30 31 (Except Quebec) CANADIAN EXCHANGES WILL BE CLOSED SEPTEMBER OCTOBER September 3 Labour Day SMTWT F S SMTWT F S CANADIAN EXCHANGES WILL BE CLOSED 1 123456 2345678 789 10 11 12 13 October 8 Thanksgiving Day 9 10 11 12 13 14 15 14 15 16 17 18 19 20 CANADIAN EXCHANGES WILL BE CLOSED 16 17 18 19 20 21 22 21 22 23 24 25 26 27 November 12 In Lieu of 23 24 25 26 27 28 29 28 29 30 31 Remembrance Day 30 CANADIAN EXCHANGES ARE OPEN; SELECT CIBC MELLON BUSINESS SERVICES ARE AVAILABLE NOVEMBER DECEMBER December 25 Christmas Day SMTWT F S SMTWT F S (National Holiday) 1231 CANADIAN EXCHANGES WILL BE CLOSED 4 5678910 2 345678 December 26 Boxing Day 11 12 13 14 15 16 17 9 10 11 12 13 14 15 (National Holiday) 18 19 20 21 22 23 24 16 17 18 19 20 21 22 CANADIAN EXCHANGES WILL BE CLOSED 25 26 27 28 29 30 23 24 25 26 27 28 29 This calendar is provided as a reference for general information 30 31 purposes only and CIBC Mellon and its affiliates make no representations or warranties as to its accuracy or completeness, ©2017 CIBC Mellon. A BNY Mellon and CIBC Joint Venture Company. CIBC Mellon is a nor do any of them take any responsibility for third parties to which licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the reference may be made. Information is subject to change. This corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services calendar should not be regarded as legal, accounting, investment, Company and may be used as a generic term to reference either or both companies. financial or other professional advice nor is it intended for such use. 000 - TTC - 2018

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Happy Holidays from the CIBC Mellon Team

Please enjoy a holiday video from employees across our company.

All the best for the year ahead.

“It was the night before month-end and all through the place accountants were working at a very fast pace...” “Our team is working with clients to align and enhance processes and to locate operational efficiencies. We’re working with our parent companies to identify agile development processes and co-develop with clients. We continue to look to enhance our underlying processes and discover innovative technology.”

- Steve Wolff, President and Chief Executive Officer CIBC Mellon

About CIBC Mellon

CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon’s investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services. As at September 30, 2017, CIBC Mellon had more than C$1.8 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at September 30, 2017 had US$32.2 trillion in assets under custody and/or administration.

©2017 CIBC Mellon. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company and may be used as a generic term to reference either or both companies. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates, and joint ventures of The Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction.

The material contained in this document, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, nor to represent any contractual commitment, nor is it an offer or solicitation to buy or sell any products (including financial products) or services, and is not to be used as, or construed as, such. All products or services provided by any of CIBC Mellon, CIBC or BNY Mellon or parties related to them are governed solely by the terms of the written agreements they enter into in such respect, which do not include the material contained in this document.

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