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| New Frontier Global Dynamic Balanced Index |
| The New Frontier Global Dynamic Balanced Index is designed to represent the optimal investment in global economic growth, on a risk adjusted basis, via a diversified portfolio of primarily PowerShares ETFs. The Index is optimized relative to a balanced risk profile targeting 60% equities and 40% fixed income. The Index divisor was initially determined to yield a benchmark value of 1,000.00 on December 31, 2007. The Index was created by and is a trademark of New Frontier Management Company, LLC.
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