Template:2002 ISDA Equity Derivatives Definitions 6.1

Section 6.1. Valuation Time. "Valuation Time" means the time on the relevant Valuation Date
or Averaging Date, as the case may be, specified as such in the related Confirmation or, if no such time is
specified, the Scheduled Closing Time on the relevant Exchange on the relevant Valuation Date or
Averaging Date, as the case may be, in relation to each Index or Share to be valued. If the relevant
Exchange closes prior to its Scheduled Closing Time and the specified Valuation Time is after the actual
closing time for its regular trading session, then the Valuation Time shall be such actual closing time.