Paragraph 14

For the purposes of this Schedule, “approved index” means either—

(a)

an index which is—

(i)

calculated independently,

(ii)

published at least once every week,

(iii)

based on constituents, each of which is property falling within paragraphs 1 to 8 or 10 above, and

(iv)

calculated on a basis which is made available to the public and which includes both the rules for including and excluding constituents and the rules for valuation which must use an arithmetic average of the value of the constituents; or

(b)

a national index of retail prices published by or under the authority of a government of a state belonging to Zone A as defined in Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions; or

(c)

an index which is—

(i)

based on constituents, each of which is property falling within paragraphs 1 to 8 or 10 above; and

(ii)

in respect of which a derivative contract is listed.