FTSE Fair Value Indexes

The FTSE Fair Value Indexes are designed to reflect price changes in index constituents in markets that have closed prior to the U.S Equity market close at 16:00 EST. The indexes employ a price estimate for these index constituents that would likely prevail in a liquid market. Fair value prices are determined using market information available at the time of each constituent’s evaluation, including the issue’s local closing price, relevant general and sector indexes, currency fluctuations, depositary receipts, and futures, as applicable. IDC Fair Value Prices and WM/Reuters 16:00 EST rates are used for the index calculation.