What aspect of the market do you represent?

1. What aspect of the market do you represent? Borrower/Prime Broker Lending Agent Beneficial Owner Other (regulator, vendor, etc.)

2. Is the glass half full or half empty?  Do you expect securities lending volumes a year from now to be: • more 10% higher • relatively flat year over year (+/- 10%) • more 10% lower

3. Is the glass half full or half empty?  Do you expect securities lending volumes a year from now to be: Lending Agent Borrower / PB • more 10% higher • relatively flat year over year (+/- 10%) • more 10% lower • Beneficial Owner Other

4. Do you believe there are benefits to broader market acceptance of CCP's for securities lending transactions? • Yes • No

5. Do you believe there are benefits to broader market acceptance of CCP's for securities lending transactions? Lending Agent Borrower / PB • Yes • No • Beneficial Owner Other

6. In the effort to improve transparency around securities lending, what aspect deserves the most attention? • Fees on individual loans • Counterparty exposures • Cash collateral investments • Short positions

7. In the effort to improve transparency around securities lending, what aspect deserves the most attention? Lending Agent Borrower / PB • Fees on individual loans • Counterparty exposures • Cash collateral investments • Short positions • Beneficial Owner Other

8. How would you describe your use of the main stock loan market data providers? • Don’t use at all • Useful to identify pricing trends/themes • Use as the basis for re-rating loans

9. How would you describe your use of the main stock loan market data providers? Lending Agent Borrower / PB • Don’t use at all • Useful to identify pricing trends/themes • Use as the basis for re-rating loans • Beneficial Owner Other

10. What would be the impact of the Fed lowering IOER? • No problem, GC can trade at negative rates without consequence. • Annoying , but will lead to increased lending in the marketplace. • Catastrophic, the costs will be passed on to consumers and create even more disruption. • What is IOER?

11. What would be the impact of the Fed lowering IOER? Lending Agent Borrower / PB • No problem, • Annoying • Catastrophic • What is IOER? • Beneficial Owner Other

12. What will be the catalyst for a resurrection of intrinsic value in the Treasury sec lending market? • Interest rates climbing higher • Decreased Treasury issuance • End of Fed buying programs • The “specials” market for UST  will never return

13. What will be the catalyst for a resurrection of intrinsic value in the Treasury sec lending market? Lending Agent Borrower / PB • Interest rates climbing higher • Decreased Treasury issuance • End of Fed buying programs • The “specials” market for UST  will never return • Beneficial Owner Other

14. The Fed has announced that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. With that in mind, where do you think 10 year yields will land as the Fed begins to raise the FF rate? • 2% • 3% • 5% • 9%

15. Where do you think 10 year yields will land as the Fed begins to raise the FF rate? Lending Agent Borrower / PB • 2% • 3% • 5% • 9% • Beneficial Owner Other