Carbon Trading to Protect the Environment

Market Price Index

The CantorCO2e Market Price Indices (MPIs) represent prices that reflect current market conditions for select air creditsin the United States.

The MPI is calculated at the end of each business day using an average of the following three numbers (where available):

• Recent trade price(s) - transaction prices for all transactions occurring that day (sales, swaps, and options) executed by Cantor Fitzgerald and, in some cases those reported to Cantor Fitzgerald.
  If there are several qualifying transactions, a weighted average of the transactions is used.
• Lowest offer price - lowest offer price, reported to Cantor Fitzgerald, at which a seller is willing to sell.
• Highest bid price - highest bid price, reported to Cantor Fitzgerald, at which a buyer is willing to buy.

Note: Fees and commissions are not factored into the MPI.