NYSE Technologies is pleased to inform clients that a new enhancement for ETFs, the Net Asset Value (NAV) Trading Facility, will be implemented at the end of Q1. This new feature, based on the current Trade Confirmation System (TCS) platform is open to members of NYSE Euronext’s European Cash Markets and will be available for all NYSE Euronext-listed ETFs. As a result, please note that the existing Euronext Fund Service (EFS), which is also based on the TCS platform and will be extended to include the new ETF NAV functionality, will be renamed the NAV Trading Facility. MAIN PRINCIPLES OF THE NAV TRADING FACILITY The NAV Trading Facility is an on-exchange forward pricing solution for order execution at NAV (+/-). The facility runs on the TCS platform, and can be used for trading as a broker/dealer or a fund agent. The market model for the NAV Trading Facility is the same as the existing Euronext Fund Service (EFS), currently limited to non-ETF fund trading. The NAV Trading Facility can be accessed through customers’ current connectivity used to access the TCS platform. Under the NAV Trading model, each ETF is required to have a single Fund Agent appointed by the issuer. The Fund Agent will have specific obligations to fulfil, as set out in the ETF Prospectus and the NYSE Euronext NAV Trading Facility Trading Manual. The trading model offers flexibility in the configuration of order cycles and timing of cycle phases (e.g. intraday, D+1, D+2, D+3, D+4 notice periods, execution time, cut-off time). NAV (+/-) trades will be netted against on-book trades for the purposes of counterparty risk management, buy-in procedures and creation of settlement instructions. BENEFITS OF THE NEW SERVICE FOR CLIENTS The NAV Trading Facility will enable authorised trading members to access an on-exchange solution for order execution at NAV (+/-) on ETFs, streamlined from trading to clearing and settlement. The NAV Trading Facility will increase the efficiency and effectiveness of the existing distribution infrastructure and provide a fair and transparent framework to access ETFs at their NAV (+/-). This new facility will be included and delivered in the forthcoming new TCS release, and thus no additional developments will be required. The new facility complements the existing trading service offer available for ETFs listed on NYSE Euronext, which following the implementation will encompass solutions for on-book, off-book and NAV trading. SCHEDULE The schedule for communication and implementation of the new TCS release, which will include the necessary modifications for the new NAV Trading Facility, is as follows: External User Acceptance platform (EUA): available since 25 October 2012 Provisional technical implementation date on the Production platform: End Q1 2013 .For more information on the new version of TCS, please refer to the last announcement issued on this project on  20 December 2012. Announcement of confirmed Production implementation date: mid-February 2013. An announcement will be issued in due course for the launch of the NAV Trading Facility. DOCUMENTATION The following documentation is currently available online: The NAV Trading Facility: TCS message flows, rules and details of the market model , v1.0 (NEW) UTP for European Cash Markets – CCG FIX 4.2 message specifications , v2.15 FUTURE RELEASE ¹ UTP for European Cash Markets – CCG Binary Protocol message specifications , v2.15 FUTURE RELEASE ¹ NYSE Euronext European Cash Markets Exchange Data Publisher (XDP) Client Specification , reference version history 3.4 UTP & TCS for cash markets: Error list  v1.6 FUTURE RELEASE ¹ TCS-Web User Guide TCS-Web Euronext Fund Service User Guide ¹ to be effective at the time of implementation on the production platform Help and Support For further information, please contact the Service Desk as detailed above or: Product Management Exchange- Traded Products +33 (0)1 49 27 1700 etpeurope@nyx.com Technology Partnerships +44 (0)207 379 2417 / +33 (0)1 49 27 58 29 technologypartnerships@nyx.com Cash Market Operations: Exchange-Traded Product +33 (0)1 49 27 50 30 etpeurope.trading@nyx.com Best regards, Global Market Data NYSE Technologies www.nyxdata.com