The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice. ICE Data Pricing & Reference Data, which has been in business since 1968, is a Delaware Limited Liability Company, and is an indirect, wholly owned subsidiary of Intercontinental Exchange, Inc. (NYSE:ICE). ICE Data Pricing & Reference Data provides global securities evaluations, reference data, and analytics designed to support financial institutions’ and investment funds' valuation activities, securities operations, research, and portfolio management. ICE Data Pricing & Reference Data offers the following securities evaluations and analytics services under its advisory business: Evaluated Prices 1 Evaluated prices are market-based measurements that are processed through a rules-based pricing application and represent our good faith determination as to what the holder may receive in an orderly transaction for an institutional round lot position (typically 1MM or greater face value U.S.D. or local currency equivalent) under current market conditions. The rules-based logic utilizes standard valuation techniques that vary by asset class and maximizes the use of relevant observable inputs, including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The Company provides both end of day evaluations and continuous evaluated pricing (CEP™). We produce the same evaluations for each security on any given day. We also provide CEP throughout the day to subscribers. It is up to the client to choose and retrieve the evaluation type which can be in the form of bid, mean and ask and based on different settlement conventions and the point in time. The Company’s affiliates, ICE Data Services Europe Ltd., ICE Data Services Australia Pty Ltd., ICE Data Services Singapore Pte. Ltd., ICE Data Services France SAS, ICE Data Services India Private Limited and Intercontinental Exchange Germany GmbH provide evaluations for certain securities, which the Company makes available to its customers. Fixed income and equity securities for which the Company provides evaluated pricing include:
• U.S. and Non-U.S. Corporate and Government Bonds, including investment grade and high yield bonds and preferred stock, fixed and floating rate securities, stripped coupon and principal issues 1 Evaluated Prices may be referred to as evaluated pricing and/ or evaluations throughout the document, all of which represent the Company’s activities as defined under Evaluated Prices.
• U.S. and Non-U.S. Leveraged Loans
• U.S. and Non-U.S. Money Market Instruments
• U.S. Municipal Bonds – including taxable & tax-exempt, and investment grade and high-yield municipal securities
• U.S. and Non-U.S. Convertible Securities
• U.S. and Non-U.S. Commercial Mortgage-Backed Securities
• U.S. Collateralized Mortgage Obligations – Agency/Government Sponsored Enterprise (GSE)
• U.S. and Non-U.S. Private Label Residential Mortgage-Backed Securities (RMBS)
• U.S. and Non-U.S. Asset-Backed Securities (ABS)
• U.S. Agency/GSE Pass-Through Securities – including FNMA, FHLMC, GNMA and SBA securities, and
• Sovereign and Emerging Market Debt
• Global and American Depositary Receipts (ADRs) Size-Adjusted Pricing The Company offers SAP which is a

service that leverages its Evaluated Prices and Best Execution services (BestEx Service)2 to assist customers in valuing transactions and/or holdings that are smaller than institutional round lot positions. The outputs generated by the SAP service are called “size-adjusted prices”. The size adjusted price generated by the SAP service represents a trade size and size adjusted price calculated from a distribution of prices around the applicable ICE evaluation. In addition to size, SAP also considers the side of the distribution (i.e., dealer buy vs dealer sell) and provides the ability to create size adjusted bid and ask prices. Fair Value Information Service The Company offers Fair Value Information Services which are designed to provide subscribers with information that can be used to estimate a price for an equity security, equity index futures contract, equity option or certain non-U.S. fixed income securities that would likely prevail in a liquid market, in view of market information available at the time. 2 The ICE Best Execution service (Best Ex) provides users the ability to score or rank the execution of a fixed income trade versus other comparable trades within a selected universe. The Best Ex score represents the percentage of trades that were executed at a less favorable level within the selected universe compared to our CEPTM or other relevant reference price, including a price set by the user. The numerical value of the score represents the percentage of all trades executed within a selected universe with larger price mark-ups than the selected trade. The Company does not consider the BestEx service as part of its advisory business. ICE Bond Curves Evaluated bond curves Evaluated bond curves are created by using inputs of constituent bond evaluations. Curves are available based on local market end-of-day bond evaluations as well as market close of other regions using CEP. CEP on constituent bonds permits curves to also be made available continuously throughout the day. Evaluated bond curves are provided for global sovereign curves, corporate issuer curves, municipal issuer and sector curves and municipal coupon and callability curves. The determination of constituents for evaluated bond curves is based on security characteristics of the issuer, tier, coupon, rating, call structure and currency. Model Based Sector curves Model Based Sector curves are created by using bond evaluations as inputs into regression models to produce granular sector curves defined by various bond attributes including, but not limited to, geographical region or country of issuance, tier, rating and industry sector. Market Sentiment The Company offers the Market Sentiment service which is intended to help clients identify when there may be greater dislocation and differences of opinion in the market as to what an assets value may be. The service provides Market Sentiment scores which help summarize the trade data and dealer quotes received by the Company (collectively, Market Points) and can contribute to clients’ analysis of the direction the market is trending. The Market Sentiment service covers:
• U.S. dollar denominated corporate bonds
• U.S. municipal bonds The service is provided on an issuer, industry, and asset class basis. Market Sentiment scores are not published as an individual instrument-level score.