The price of government securities and debentures that is quoted exclusive of interest. In other words, the price doesn’t include the interest accrued from the last due date of interest to the date of the sale.

Price paid to seller = ex-interest price + accrued interest

The accrued interest is not part of the ex-interest. In that sense, the ex-interest price consists of the cost of the security in question while the buyer will be required to pay an additional amount (the accrued interest) over that price up till the date of purchase.

This price is also known as the real price.