Glossary

equity market adjustment ratio

01/01/2016

means:

(1)   if the ratio calculated in (a) and (b) lies between 75% and 100%, the result of 100% less the ratio (expressed as a percentage) of:

(a)  the current value of the FTSE Actuaries All Share Index; to

(b)  the average value of the FTSE Actuaries All Share Index over the preceding 90 calendar days;

(2)   0%, if the ratio calculated in (1)(a) and (b) is more than 100%; and

(3)   25%, if the ratio calculated in (1)(a) and (b) is less than 75%,

where the average value of the FTSE Actuaries All Share Index over any period of 90 calendar days is the arithmetic mean based on levels at the close of business on each of the days in that period on which the London Stock Exchange was open for trading.