Nasdaq Avalanche Reference Price Index

Daily Pro Forma data is usually updated once a day around midnight ET during weekdays and is provided on an “as-is” basis throughout the year to index clients for informational purposes only. Data is indicative of the currently projected future index basket for up to T+5 calendar days. As new information becomes available, data is subject to change. Neither Nasdaq, Inc. nor any of its affiliates (the “Corporations”) makes any express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the daily pro forma data. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages related to the daily pro forma data, even if notified of the possibility of such damages.