PTOP - About Releasing a Transaction

Participants have two ways of submitting instructions to DTC regarding tender offer activities:

• A firm can allow employees to enter information via the Participant Browser System and submit it directly to DTC for processing
• A firm can alternately direct all instructions prepared by its employees to a designated approver, who can review the information and then submit (or "release") the instruction to DTC.

Tender offer activities subject to this release option include instructions, protects, cover protects, and withdrawals.