The Valor Bovespa Index Second Tier Index, developed by BOVESPA and the Valor Economico,is a market capitalization weighted index of 50 companies chosen from a list of shares classified in descending order according to liquidity and measured by their negotiability index(over the last 12 months), excluding the top 10 highest market value companies. Base value set at 1000 as of 12/30/1999.