1.   The level of the equity index referred to in Article 106(2) of Directive 2009/138/EC shall be determined for each working day.

The level of the equity index for a particular working day shall be the sum of the contributions of all equity indices included in the Annex on that working day.

For each of the equity indices set out in the Annex, its contribution for a particular working day shall be the product of its normalised level for the working day and the respective weight for the equity index as set out in the Annex.

2.   For each of the equity indices set out in the Annex, its normalised level for a particular working day shall be its last level on that working day divided by its last level on the first day of the 36 month period ending on the working day for which the level of the equity index as defined in Article 172(1) of Delegated Regulation (EU) 2015/35 is being calculated. Where, for a specific day, the last level of an equity index is not available, the most recent last level before that day shall be used.