PRU A4.11.5

(1) For Concentration Risk purposes, Persons are Closely Related if:
(a) the insolvency or default of one of them is likely to be associated with the insolvency or default of the others;
(b) it would be prudent when assessing the financial condition or creditworthiness of one to consider that of the others; or
(c) there is, or is likely to be, a close relationship between the financial performance of those Persons.
(2) Persons who are Closely Related to each other are also Connected with each other.