The WM/Reuters (WMR) 4pm London fix, produced by the WM Company is by far the dominant benchmark being used, not just in FX, but also as a key input in multicurrency equity, bond and credit indices.- The euro foreign exchange rates set by the ECB at 2:15pm CET (henceforth the ECB’s reference rates) are also used by a wide The Template Terms that are available within the categories of non-deliverable forwards, currency options and cross currency transactions are listed below, alphabetically by currency code. CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD TRANSACTIONS In finance, a non-deliverable forward (NDF) is an outright forward or futures contract in which counterparties settle the difference between the contracted NDF price or rate and the prevailing spot price or rate on an agreed notional amount.It is used in various markets such as foreign exchange and commodities. NDFs are also known as forward contracts for differences (FCD) .

The WM/Reuters rates are: • Independently set using data from highly liquid source(s) for each currency. • Transparent Calculation using a proprietary methodology which includes a unique validation mechanism and is available on our public website or directly from the WM Company. • Reliable producing rates even in volatile market conditions. Non-Deliverable Forward - NDF: A non-deliverable forward (NDF) is a cash-settled, short-term forward contract in a thinly traded or nonconvertible foreign currency against a freely traded currency Currency rates are representative of the Bloomberg Generic Composite rate (BGN), a representation based on indicative rates only contributed by market participants. The data is NOT based on any WM/Reuters delivers the industry’s broadest coverage, with both intraday and closing fixes for spot rates, forward contracts and NDFs. For more than 20 years, WM/Reuters FX rates have served as fully independent, objective, unbiased sources for FX data. A non-deliverable forward (NDF) is an FX exchange contract, where two parties agree to, on a date in the future, exchange currencies for the prevailing spot rate; The difference between the NDF rate and the spot rate is the amount paid to the party who paid more of its own currency; the cash payment is most often made using U.S. dollars. Where NDF rates are made available as part of the WM Reuters NDF Service they will be used in the currency hedging calculation and treated as NDFs. See Section 3 for further information on the calculation treatment of forward rates and NDF rates. ** WM Reuters do not publish NDF spot week rates. Spot rate and one-month NDF rate will be used when

Closing Spot Rate”) for the applicable Reference. Currency against USD; provided that for currencies for which the WM Closing Spot Rate is quoted in a base.

REFINITIV BENCHMARK. SERVICES LIMITED. WM/REUTERS FX BENCHMARKS. SPOT, FORWARD AND NDF RATES METHODOLOGY. GUIDE   They cover over 150 closing spot currencies, forward rates and non-deliverable forward contracts (NDF). Banks and financial institutions widely use these daily  Jan 29, 2015 WM/Reuters has been operating since 1994 and is an exchange rate service which provides Spot, Forward and NDF rates at fixed points  Closing Spot Rate”) for the applicable Reference. Currency against USD; provided that for currencies for which the WM Closing Spot Rate is quoted in a base. The transparent calculation methodology is fully aligned with the IOSCO Principles for Financial Benchmarks. The WM/Reuters 4pm rates are administered by  See FX Fixings for foreign exchange rates. Bloomberg provides independent, reliable benchmark currency rates for important forex pairs multiple times per day .

The Template Terms that are available within the categories of non-deliverable forwards, currency options and cross currency transactions are listed below, alphabetically by currency code. CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD TRANSACTIONS

The WM/Reuters benchmark rates are quoted once daily, despite the fact that the global foreign exchange market changes every second. Live, mid-market exchange rates, therefore, offer more accurate exchange rate pricing as they reflect the latest developments in the currency markets. The WM/Reuters London 4pm Closing Spot Rate is a foreign exchange currency benchmark based on readily available data and subject to the EU Benchmark Regulation2 (“BMR”). RBSL administers the WM/Reuters London 4pm Closing Spot Rate in accordance with Article 20 (“Critical benchmarks”) of the EU BMR. In 2009, the WM/Reuters Non Deliverable Forwards (NDF) Rates were launched covering 12 currencies. The NDF service provides both Closing and Intraday Rates. In 2012, the WM/Reuters Intraday Spot Rates service was further enhanced by the introduction of half-hourly benchmarks for the trade currencies only.

See FX Fixings for foreign exchange rates. Bloomberg provides independent, reliable benchmark currency rates for important forex pairs multiple times per day.

For general questions and

The transparent calculation methodology is fully aligned with the IOSCO Principles for Financial Benchmarks. The WM/Reuters 4pm rates are administered by  See FX Fixings for foreign exchange rates. Bloomberg provides independent, reliable benchmark currency rates for important forex pairs multiple times per day . May 31, 2011 (a) AUD Rates. (i). “WM/Reuters USD/AUD” or “AUD1” each means that the Spot Rate for a Rate 

May 31, 2011 (a) AUD Rates. (i). “WM/Reuters USD/AUD” or “AUD1” each means that the Spot Rate for a Rate 

A non-deliverable forward (NDF) is an FX exchange contract, where two parties agree to, on a date in the future, exchange currencies for the prevailing spot rate; The difference between the NDF rate and the spot rate is the amount paid to the party who paid more of its own currency; the cash payment is most often made using U.S. dollars. Where NDF rates are made available as part of the WM Reuters NDF Service they will be used in the currency hedging calculation and treated as NDFs. See Section 3 for further information on the calculation treatment of forward rates and NDF rates. ** WM Reuters do not publish NDF spot week rates. Spot rate and one-month NDF rate will be used when * Please note that the NDFs highlighted are part of the WM Reuters Closing Forward Rate Service and will be treated as forward rates in the calculation of the FTSE Currency Hedged Indexes. Where NDF rates are made available as part of the WM Reuters NDF Service they will be used in the currency hedging calculation and treated as NDFs. The WM/Reuters (WMR) 4pm London fix, produced by the WM Company is by far the dominant benchmark being used, not just in FX, but also as a key input in multicurrency equity, bond and credit indices.- The euro foreign exchange rates set by the ECB at 2:15pm CET (henceforth the ECB’s reference rates) are also used by a wide The Template Terms that are available within the categories of non-deliverable forwards, currency options and cross currency transactions are listed below, alphabetically by currency code. CURRENT RECOMMENDED EMTA TEMPLATE TERMS FOR NON-DELIVERABLE FX FORWARD TRANSACTIONS

* Please note that the NDFs highlighted are part of the WM Reuters Closing Forward Rate Service and will be treated as forward rates in the calculation of the FTSE Currency Hedged Indexes. Where NDF rates are made available as part of the WM Reuters NDF Service they will be used in the currency hedging calculation and treated as NDFs.