For CAT Fees related to Prospective CAT Costs, the Fee Rate will be set at the beginning of the year and will be calculated by dividing budgeted CAT costs by the projected total executed equivalent share volume of all transactions in Eligible Securities for that year. The projected total executed equivalent share volume would be based on the total executed equivalent share volume of transactions in Eligible Securities from the prior twelve months. The Fee Rate will be evaluated during the year and will be adjusted mid-year by dividing the budgeted CAT costs for the remainder of the year by the projected total executed equivalent share volume of all transactions in Eligible Securities for the remainder of the year.