EFTA Document EFTA01353489

option. Company XYZ spins off Company LMN. Company XYZ remains the obligor with respect to 70% of the principal amount of the anginal reference obligation. Company LMN becomes the obligor of a new reference obligation that is issued to holders of the remaining 30% of the original refer- ence obligation. Company XYZ and LMN are identified by the listing options market as the successor entities. Follow- ing the succession event, the credit default option based on Company XYZ Is adjusted Into