(a) direct and indirect holdings by an Authorised Firm of own T2 Capital instruments, including own T2 instruments that an Authorised Firm could be obliged to purchase as a result of existing contractual obligations;

(b) holdings of the T2 Capital instruments of Relevant Entities where those entities have a reciprocal cross holding with the Authorised Firm which have the effect of artificially inflating the Capital Resources of the Authorised Firm ;

(c) the amount of direct and indirect holdings by the Authorised Firm of the T2 Capital instruments of Relevant Entities where the Authorised Firm does not have a significant investment in those entities; and

(d) direct and indirect holdings by the Authorised Firm of the T2 Capital instruments of Relevant Entities where the Authorised Firm has a significant investment in those entities, excluding Underwriting positions held for fewer than 5 working days.