Nationality

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A company will be allocated to a single country and this allocation shall be consistent across all FTSE indices.

FTSE will normally allocate the company to the country in which it is incorporated and listed at the time of the company's listing. However, FTSE reserve the right to defer an allocation decision.

If a company is incorporated in a developed country, and solely listed in another developed country, FTSE will normally allocate the company to the country of listing.

In circumstances other than those described above, FTSE will make a recommendation to the Nationality Working Party (NWP) who will decide a company's country allocation based on the following considerations:

• If a company is incorporated in a country other than a developed country and is solely listed in another country: the NWP will normally allocate the company to the country of listing. However, the NWP may also take other factors into account including, but not limited to, the investor protection regulations under which the company is governed, the country in which the company is resident for tax purposes, market perception and currency of trading
• If a company is incorporated in a country represented by a FTSE index and has multiple listings: the NWP would normally decide on its inclusion in the country of listing where it is most liquid. However, the NWP may also take into account factors including, but not limited to, the country in which the company is resident for tax purposes, market perception and currency of trading.
• If a company is incorporated in a country not represented by a FTSE index and has multiple listings: the NWP would normally decide on its inclusion in the country of listing where it is most liquid. However, the NWP may also take into account factors including, but not limited to, the investor protection regulations under which the company is governed, the country in which the company is resident for tax purposes, market perception and currency of trading

The NWP will decide the country allocation of each company on its merits having regard to its particular circumstances.

The country allocation of any FTSE index constituents may be reassessed at any time at FTSE's discretion.

An appeal against a decision of the NWP can only be made to the FTSE Equity Indices Committee.