Redemptions

DTC receives and announces redemption information to Participants and, for partial calls, runs impartial lotteries to apportion the amount of called securities to Participants for subsequent payment of the principal proceeds on the redemption date.

The Redemptions sigma levels are predicated on defects as defined below.

• Accuracy Defect (Internal & External) - Measures the percentage of partial call revisions received prior to and after the redemption date requiring the running of revised lotteries. Such defects adversely impact Participants and may delay the allocation of principal proceeds. Defects caused by DTC are measured as internal accuracy defects (i.e. incorrect information entered into DTC's internal system such as publication date, quantity); defects caused by paying agents or other service providers are measured as external accuracy defects (e.g. incorrect redemptions information provided to DTC by the agent).
• Timeliness Defect (Internal & External) – Measures the percentage of lotteries not completed on the same day of the partial call announcement. Such defects delay the processing of internal lotteries by Participants. Defects caused by DTC are measured as internal timeliness defects (e.g. failure to process notification within 24 hours of receipt); defects caused by paying agents or other service providers are measured as external timeliness defects (e.g. redemption information not received at least three business days prior to redemption date).

 Sigma Trend Charts (pdf)

 Agent Trend Chart for External Sigma (pdf)