BGC Environmental Brokerage Services

Market Price Index

The BGC Environmental Brokerage Services Market Price Indices (MPIs) represent prices that reflect current market conditions for select air credits in 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 BGC and, in some cases, those reported to BGC.
  If there are several qualifying transactions, a weighted average of the transactions is used.
• Lowest offer price - lowest offer price, reported to BGC, at which a seller is willing to sell.
• Highest bid price - highest bid price, reported to BGC, at which a buyer is willing to buy.

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