GUIDELINE Solactive Canadian High Dividend Yield Index Total Return. Version 1.1 dated March 23rd, 2016
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1 GUIDELINE Solacive Canadian High Dividend Yield Index Toal Reurn Version 1.1 daed March 23rd, 2016
2 Conens Inroducion 1 Index specificaions 1.1 Shor name and ISIN 1.2 Iniial value 1.3 Disribuion 1.4 Prices and calculaion frequency 1.5 Weighing 1.6 Decision-making bodies 1.7 Publicaion 1.8 Hisorical daa 1.9 Licensing 2 Composiion of he Index 2.1 Selecion of he Index componens 2.2 Ordinary adjusmen 2.3 Exraordinary adjusmen 3 Calculaion of he Index 3.1 Index formula 3.2 Accuracy 3.3 Adjusmens 3.4 Dividends and oher disribuions 3.5 Corporae acions 3.6 Calculaion of he Index in he even of a marke disrupion 4 Definiions 5 Appendix 5.1 Conac daa 5.2 Calculaion of he Index change in calculaion mehod This documen conains he underlying principles and regulaions regarding he srucure and he operaing of he Solacive Canadian High Dividend Yield Index (he Index ). Solacive AG shall make every effor o implemen regulaions. Solacive AG does no offer any explici or aci guaranee or assurance, neiher peraining o he resuls from he use of he Index nor he Index value a any cerain poin in ime nor in any oher respec. The Index is merely calculaed and published by Solacive AG and i srives o he bes of is abiliy o ensure he correcness of he calculaion. There is no obligaion for Solacive AG irrespecive of possible obligaions o issuers o advise hird paries, including invesors and/or financial inermediaries, of any errors in he Index. The publicaion of he Index by Solacive AG is no recommendaion for capial invesmen and does no conain any assurance or opinion of Solacive AG regarding a possible invesmen in a financial insrumen based on his Index. 2
3 Inroducion This documen is o be used as a guideline wih regard o he composiion, calculaion and managemen of he Index. Any changes made o he guideline are iniiaed by he Commiee specified in secion 1.6. The Index is calculaed and published by Solacive AG. The name Solacive is copyrighed. 1. Index specificaions The Solacive Canadian High Dividend Yield Index (he Index ) is an Index of Solacive AG, calculaed and disribued also by Solacive AG. The Index is inended o capure he performance of he common socks and REITs from issuers domiciled in Canada wih he larges expeced dividend yield and free-floa marke capializaion above CAD 4 bn. The Index is calculaed in wo versions, a Price Reurn version and a Gross Toal Reurn version and boh are published in CAD. 1.1 Shor name and ISIN The Index is disribued under ISIN DE000SLA16C6; he WKN is SLA16C. The Toal Reurn Index is published in Reuers under he code <.SOLHXH > and in Bloomberg under he code SOLHXH <Index>. The Price Reurn Index is published in Reuers under he code <.SOLHXHPR> and in Bloomberg under he code SOLHXHPR <Index>. 1.2 Iniial value The Index is based on 10,000 a he close of rading on he sar dae, February 1 s, Disribuion The Index is published via he price markeing services of Boerse Sugar AG and is disribued o all affiliaed vendors. Each vendor decides on an individual basis as o wheher he will disribue/display he Index via his informaion sysems. 1.4 Prices and calculaion frequency The price of he Index is calculaed on each Business Day based on he prices on he respecive Exchanges on which he Index Componens are lised. The mos recen prices of all Index Componens are used. Prices of Index Componens no lised in he Index Currency are ranslaed using a spo foreign exchange rae quoed by Reuers for inraday Index calculaions and using he WMCO Reuers London 4pm Rae for he end of day Index level calculaions. Should here be no curren price available on Reuers, he mos reasonable indicaive rae of he 4pm London FX marke shall be firs used in he calculaion or he Trading Price on Reuers for he preceding Trading Day. 3
4 The Index is calculaed every Business Day from 9:30am o 4:30pm, EST. In he even ha daa canno be provided o Reuers or o he pricing services of Boerse Sugar AG he Index canno be disribued. Any incorrec calculaion is adjused on a rerospecive basis. 1.5 Weighing On each Adjusmen Day, each of he hree Indusry Group classificaions (Energy, Finance and Diversified) represens one hird of he Index weigh. In general, Index Componens are marke capializaion weighed wihin each Indusry Group. Refer o secion 2.1 for more specific guidelines on Index weighs. 1.6 Decision-making bodies A Commiee composed of saff from Solacive AG is responsible for all decisions regarding he composiion of he Index as well as any amendmens o his guideline (in his documen referred o as he "Commiee or he Index Commiee ). The fuure composiion of he Index is deermined by he Commiee on he Selecion Days according o he procedure oulined in 2.1 of his documen. The Commiee shall also decide abou he fuure composiion of he Index, if any Exraordinary Evens should occur and he implemenaion of any necessary adjusmens. Members of he Commiee can recommend changes o he guideline and submi hem o he Commiee for approval. 1.7 Publicaion All specificaions and informaion relevan for calculaing he Index are made available on he hp:// web page and sub-pages. 1.8 Hisorical daa Hisorical daa will be mainained from he launch of he Index on March 23 rd, Licensing Licences o use he Index as he underlying value for derivaive insrumens are issued o sock exchanges, banks, financial services providers and invesmen houses by Solacive AG. 4
5 2. Composiion of he Index 2.1 Selecion of he Index Componens The iniial composiion of he Index as well as any ongoing adjusmen is based on he following rules: On he Selecion Days, Solacive AG defines is iniial Universe as all Canadian domiciled common sock or REIT lised on he Torono Sock Exchange ha make disribuions in cash and have a free-floa marke capializaion of a leas CAD 4B ( Universe Componens ). If, on any Selecion Day, he Universe defined above has less han 40 Universe Componens, he Index Commiee may deermine wheher he marke capializaion hreshold will be reduced on he Selecion Day. The selecion crieria are as follows: a) Expeced yield is calculaed a he close of business of he Selecion Day for each Universe Componen: i) Expeced yield is defined here as he quoien of Expeced Dividends per Share over he nex 12 monhs divided by Las Price per Share on he Primary Exchange of he Universe Componen. b) Each Universe Componen is assigned an Indusry Group classificaion (Energy, Finance, Diversified) based on he Economy field defined by FacSe. c) The Index is comprised of 40 Universe Componens ( Index Componens ) wih he highes expeced yield while saisfying he following crieria: i) No less han five and no more han 20 Universe Componens in each Indusry Group; and ii) If (i) above canno be saisfied, where here is only zero o four Universe Componen in an Indusry Group, selec 40 Universe Componens wih he highes expeced yield regardless of Indusry Group. d) The weighing of each Index Componen is deermined as follows: i) When Indusry Group applies, I. Each Indusry Group will represen one hird of he Index weigh. II. The weigh of each Index Componen wihin each Indusry Group is deermined based on is marke capializaion. III. Each Index Componen s weigh is capped a 9.5% of he overall Index (28.78% of he Indusry Group) and any exra weigh from ha index componen is redisribued proporionally across he respecive Indusry Group. ii) When Indusry Group does no apply, IV. The 40 Index Componens are marke capializaion weighed. V. Each Index Componen s weigh is capped a 9.5% of he overall Index. On Each subsequen referenced Index Adjusmen Dae: l) Index will be rebalanced on he firs business day of February afer he close of business on he Torono Sock Exchange. 5
6 2.2 Ordinary adjusmen The composiion of he Index is adjused a he close of business on he firs Business Day of February each year. The composiion of he Index is reviewed on he Selecion Day, which falls 10 Business Days before he Adjusmen Day and necessary changes are announced. The firs adjusmen will be made on he 1 s of February 2017 based on he Trading Prices of he Index Componens on he Adjusmen Day. Solacive AG shall publish any changes made o he Index composiion on he Selecion Day and consequenly wih sufficien noice before he Adjusmen Day. 2.3 Exraordinary adjusmen If a forhcoming Exraordinary Even would resul in one of he Index Componen o no longer exis on he Torono Sock Exchange or o no longer be domiciled in Canada, hen he Index Commiee will deermine a fuure dae for an amendmen o he Index ( Exraordinary Index Adjusmen Dae ). If he Index Componen o be removed from he Index does no exceed 4% of he oal Index weigh on he day prior o he Exraordinary Index Adjusmen Dae, is weigh will be replaced by he highes ranking applicable Universe Componen. On he Exraordinary Index Adjusmen Dae, he weigh of he Index Componen o be removed will deermine he weigh of he replacemen Universe Componen o be added. The weigh of all oher Index Componens will no be affeced by his replacemen. The replacemen Universe Componen is deermined as follows: a) On he 10 h Business Days prior o he firs of every May, Augus, November, and February, Solacive AG defines he Universe as Canadian domiciled common sock or REIT lised on he Torono Sock Exchange ha make disribuions in cash and have a free-floa marke capializaion of a leas CAD $4B; b) Each Universe Componen is assigned an Indusry Group classificaion (Energy, Finance, Diversified) based on he Economy field defined by FacSe; and c) Expeced yield is calculaed a he close of business for each Universe Componen: a. Expeced yield is defined here as he quoien of Expeced Dividends per Share over he nex 12 monhs divided by Las Price per Share on he Primary Exchange of he Universe Componen; d) Solacive AG selecs no more han 10 Universe Componens as poenial replacemen Universe Componen should an Exraordinary Adjusmen be required before he nex Adjusmen Day. The selecion is based on he op Universe Componens wih he highes expeced yield while saisfying he following crieria: a. The replacemen Universe Componens are no already included in he Index. b. The replacemen Universe Componens are represened by a leas wo Indusry Groups. c. There will be no more han 20 Index Componens in each Indusry Group afer he replacemen. 6
7 Any successor Index Componen shall be included in he Index afer he close of business on he Exraordinary Index Adjusmen Dae. If he Index Componen o be removed from he Index exceeds 4% of he oal Index weigh on he day prior o he Exraordinary Index Adjusmen Dae, such Index Componen s weigh will be redisribued on a pro-raa basis across he remaining Index Componens. If a forhcoming Exraordinary Even would resul in an Index Componen o cease rading on he Torono Sock Exchange, he Index Commiee will deermine he Exraordinary Index Adjusmen Dae when he end of day price of such Index Componen will be se o $nil. 7
8 3. Calculaion of he Index 3.1 Index formula The Index Value on a Business Day a he relevan ime is calculaed in accordance wih he following formula: Index = n i=1 (p f x ) D wih: x i, p i, = Number of Index Shares of he Index Componen i on Trading Day -1 = Price of Index Componen i on Trading Day [For he purpose of an inraday pricing of he Index, he price available on Reuers, subjec o he coninuance of an Exraordinary Even. For he purpose of deermining he official closing price of he Index he closing price on he Exchange, subjec o he coninuance of an Exraordinary Even] f i, = Foreign exchange rae o conver he Price of Index Componen i on Trading Day ino he Index Currency [For purposes of an inraday pricing of he Index, he spo foreign exchange available on Reuers will be used. For purposes of deermining he official closing price of he Index, he WMCO Reuers London 4pm Rae on ha day. If such a rae is no available, a rae ha is reasonably indicaive of he Foreign Exchange marke in London a 4pm.] D = Divisor on Trading Day The iniial Divisor on he Sar Dae is calculaed according o he following formula: D = n i=1 (p f x ) 10,000 Afer he close of rading on each Adjusmen Day he new Divisor is calculaed as follows: D +1 = n i=1 (p f x +1 ) Index This Divisor is valid saring he immediaely following Business Day prior o adjusing for Dividends and oher disribuions noed in 3.4 and Corporaion Acions noed in
9 3.2 Accuracy The value of he Index will be rounded o 2 decimal places. The Number of Index Shares of he Index Componens will be rounded o inegers. Trading Prices and foreign exchange raes will be rounded o six decimal places. Divisors will be rounded o six decimal places. 3.3 Adjusmens Indices need o be adjused for sysemaic changes in prices once hese become effecive. This requires he new Number of Index Shares of he affeced Index Componen and he Divisor o be calculaed on an ex-ane basis. Following he Commiee s decision he Index is adjused for disribuions, capial increases and sock splis. This procedure ensures ha he firs ex quoe can be properly refleced in he calculaion of he Index. This ex-ane procedure assumes he general accepance of he Index calculaion formula as well as open access o he parameer values used. The calculaion parameers are provided by he Index Calculaor. 3.4 Dividends and oher disribuions Dividend paymens and oher disribuions are included in he Index. They cause an adjusmen of he Divisor. The new Divisor is calculaed as follows: D 1 D n i 1 ( p * f n i 1 * x ( p ) ( x * f * x * y ) * g ) wih p i, f i, x i, y i, = Price of Index Componen i on Trading Day = WM exchange rae o conver he Price of Index Componen i on Trading Day ino he Index Currency = Number of Index Shares of he Index Componen i on Trading Day = Disribuion of Index Componen i wih ex-dae +1 muliplied by he Dividend Correcion Facor 9
10 g i, D D 1 = Foreign exchange rae o conver he amoun of he disribuion of Index Componen i on Trading Day ino he Index Currency = Divisor on Trading Day = Divisor on Trading Day +1 In case of he Price Reurn Index version, only special cash dividends are redisribued across he Index in he above way, meanwhile he Toal Reurn version incorporaes all (Regular and Special) cash disribuions in is performance. 3.5 Corporae acions Principles Following he announcemen by an Index Componen issuer of he erms and condiions of a corporae acion he Index Calculaor will deermine wheher such corporae acion has a diluive, concenraive or similar effec on he price of he respecive Index Componen. If his should be he case, he Index Calculaor shall make he necessary adjusmens ha are deemed appropriae in order o ake ino accoun he diluive, concenraive or similar effec and shall deermine he dae on which his adjusmen shall come ino effec for he Index. Amongs oher hings he Index Calculaor can ake ino accoun he adjusmen made by an Affiliaed Exchange as a resul of he corporae acion wih regard o opion and fuures conracs on he respecive share raded on his Affiliaed Exchange Capial increases In he case of capial increases wih ex-dae +1 he Index is adjused as follows: x 1 x i 1 B * 1 wih: x+1 = Number of Index Shares of Index Componen i on Trading Day +1 x B = Number of Index Shares of Index Componen i on Trading Day = Shares received for every share held p 1 p s * B 1 B wih: p = Price of Index Componen i on Trading Day p+1 = Hypoheical Price of Index Componen i on Trading Day +1 10
11 s = Subscripion Price in he Index Componen currency D 1 D n ( p * f * x ) n i 1 i 1 n i 1 ( x ( p 1 * p * f 1 * x * f ) ) ( x * p * f ) wih p i, f i, x i, p i, 1 x i, 1 D D 1 = Price of Index Componen i on Trading Day = Foreign exchange rae o conver he Price of Index Componen i on Trading Day ino he Index Currency = Number of Index Shares of he Index Componen i on Trading Day = Hypoheical price of Index Componen i on Trading Day +1 = Number of Index Shares of he Index Componen i on Trading Day +1 = Divisor on Trading Day = Divisor on Trading Day Share splis In he case of share splis wih ex-dae on Trading Day +1 i is assumed ha he prices change in raio of he erms of he spli. The new Number of Index Shares is calculaed as follows: xi, 1 x * B x = Number of Index Shares of he affeced Index Componen on Trading Day x+1 = Number of Index Shares of he affeced Index Componen on Trading Day +1 B = Shares afer he share spli for every share held before he spli Sock disribuions In he case of sock disribuions wih ex-dae on Trading Day +1 i is assumed ha he prices change according o he erms of he disribuion. The new Number of Index Shares is calculaed as follows: x 1 x *(1 B) 11
12 x = Number of Index Shares of he affeced Index Componen on Trading Day x+1 = Number of Index Shares of he affeced Index Componen on Trading Day +1 B = Shares received for every share held 3.6 Calculaion of he Index in he even of a Marke Disrupion Even The Index is no calculaed in he even of a Marke Disrupion Even or Force Majeure Even. If he Marke Disrupion Even or Force Majeure Even coninues over a period of eigh Trading Days, hen he Commiee will deermine he necessary acion (including bu no limied o aking ino accoun he marke condiions prevailing a his poin in ime, he las quoed Trading Price for each of he Index Componens as well as any oher condiions ha i deems relevan for calculaing he Index value) such ha he affeced securiies resuling from he Marke Disrupion Even are no longer causing such disrupion o occur. 4. Definiions Solacive Canadian High Dividend Yield Universe in respec of a Selecion Day is composed of companies ha fulfill he following crieria: 1. Domiciled in Canada 2. Lised on he Torono Sock Exchange 3. Make disribuions in cash 4. Have a Free-Floa Marke Capializaion above CAD 4 bn. Index Componen is each share currenly included in he Index. Number of Shares is in respec of an Index Componen and any given Business Day he number or fracion of shares included in he Index. I is calculaed for any Index Componen as he raio of (A) he Percenage Weigh of an Index Componen muliplied by he Index value and (B) is Trading Price. Percenage Weigh of an Index Componen is he raio of is Trading Price muliplied by is Number of Shares divided by he Index value. Dividend Correcion Facor is calculaed as 1 minus he applicable wihholding ax rae and/or oher applicable ax rae currenly prevalen in he respecive counry. In paricular an Exraordinary Even is - a Merger - a Takeover bid - a delising - a change in domiciled counry 12
13 - he Naionalisaion of a company - Insolvency. The Trading Price for his Index Componen on he day he even came ino effec is he las available marke price for his Index Componen quoed on he Exchange on he day he even came ino effec (or, if a marke price is no available for he day he even came ino effec, he las available marke price quoed on he Exchange on a day specified as appropriae by he Index Calculaor), as deermined by he Index Calculaor, and his price is used as he Trading Price of he paricular Index Componen unil he end of he day on which he composiion of he Index is nex se. In he even of he Insolvency of an issuer of an Index Componen he Index Componen shall remain in he Index unil he nex Adjusmen Day. As long as a marke price for he affeced Index Componen is available on a Business Day, his shall be applied as he Trading Price for his Index Componen on he relevan Business Day, as deermined in each case by he Index Calculaor. If a marke price is no available on a Business Day he Trading Price for his Index Componen is se o zero. The Commiee may also decide o eliminae he respecive Index Componen a an earlier poin in ime prior o he nex Adjusmen Day. The procedure in his case is idenical o an eliminaion due o and Exraordinary Even. An Index Componen is delised if he Exchange announces pursuan o he Exchange regulaions ha he lising of, he rading in or he issuing of public quoes on he Index Componen a he Exchange has ceased immediaely or will cease a a laer dae, for whaever reason (provided delising is no because of a Merger or a Takeover bid), and he Index Componen is no immediaely lised, raded or quoed again on an exchange, rading or lising sysem, accepable o he Index Calculaor, Insolvency occurs wih regard o an Index Componen if (A) all shares of he respecive issuer mus be ransferred o a rusee, liquidaor, insolvency adminisraor or a similar public officer as resul of a volunary or compulsory liquidaion, insolvency or winding-up proceedings or comparable proceedings affecing he issuer of he Index Componens or (B) he holders of he shares of his issuer are legally enjoined from ransferring he shares. A Takeover bid is a bid o acquire, an exchange offer or any oher offer or ac of a legal person ha resuls in he relaed legal person acquiring as par of an exchange or oherwise more han 10% and less han 100% of he voing shares in circulaion from he issuer of he Index Componen or he righ o acquire hese shares, as deermined by he Index Calculaor based on noices submied o public or self-regulaory auhoriies or oher informaion considered by he Index Calculaor o be relevan. Wih regard o an Index Componen a Merger is (i) (ii) (iii) (iv) a change in he securiy class or a conversion of his share class ha resuls in a ransfer or an ulimae definie obligaion o ransfer all he shares in circulaion o anoher legal person, a merger (eiher by acquisiion or hrough forming a new srucure) or a binding obligaion on he par of he issuer o exchange shares wih anoher legal person (excep in a merger or share exchange under which he issuer of his Index Componen is he acquiring or remaining company and which does no involve a change in securiy class or a conversion of all he shares in circulaion), a akeover offer, exchange offer, oher offer or anoher ac of a legal person for he purposes of acquiring or oherwise obaining from he issuer 100% of he shares issued ha enails a ransfer or he irrevocable obligaion o ransfer all shares (wih he excepion of shares which are held and conrolled by he legal person), or a merger (eiher by acquisiion or hrough forming a new srucure) or a binding obligaion on he par of he issuer of he share or is subsidiaries o exchange shares wih anoher legal person, whereby he issuer of he share is he acquiring or remaining company and i does no involve a change in he class or a conversion of he all shares issued, bu he shares in circulaion direcly prior o such an even 13
14 (excep for shares held and conrolled by he legal person) represen in oal less han 50% of he shares in circulaion direcly subsequen o such an even. The Merger Dae is he dae on which a Merger is concluded or he dae specified by he Index Calculaor if such a dae canno be deermined under he law applicable o he Merger. Naionalisaion is a process whereby all shares or he majoriy of he asses of he issuer of he shares are naionalised or are expropriaed or oherwise mus be ransferred o public bodies, auhoriies or insiuions. Exchange is, in respec of Index and every Index Componen, he respecive primary exchange where he Index Componen has is primary lising. The Commiee may decide o declare a differen sock exchange he Exchange for rading reasons, even if he company is only lised here via a Sock Subsiue. Sock Subsiue includes in paricular American Deposiory Receips (ADR) and Global Deposiory Receips (GDR). Wih regard o an Index componen (subjec o he provisions given above under Exraordinary Evens ) he Trading Price in respec of a Trading Day is he closing price on his Trading Day deermined in accordance wih he Exchange regulaions. If he Exchange has no closing price for an Index Componen, he Index Calculaor shall deermine he Trading Price and he ime of he quoe for he share in quesion in a manner ha appears reasonable o him. A Trading Day is in relaion o he Index or an Index Componen a Trading Day on he Exchange (or a day ha would have been such a day if a marke disrupion had no occurred), excluding days on which rading may be ceased prior o he normal Exchange closing ime. The Index Calculaor is ulimaely responsible as o wheher a cerain day is a Trading Day wih regard o he Index or an Index Componen or in any oher connecion relaing o his documen. A Business Day is a day on which he Torono Sock Exchange is open for rading. The Index Calculaor is Solacive AG or any oher appropriaely appoined successor in his funcion. The Index Currency is CAD. Marke Capializaion is wih regard o each of he shares in he Solacive Canadian High Dividend Yield Universe on a Selecion Day or Adjusmen Day he value published as he Marke Capializaion for his day. As a he dae of his documen Marke Capializaion is defined as he value of a company calculaed by muliplying he number of shares ousanding of he company by is share price. Adjusmen Day is he firs Business Day in February. Selecion Day falls 10 Business Days before he Adjusmen Day. 14
15 An Affiliaed Exchange is wih regard o an Index Componen an exchange, a rading or quoaion sysem on which opions and fuures conracs on he Index Componen in quesion are raded, as specified by he Index Calculaor. A Marke Disrupion Even occurs if 1. one of he following evens occurs or exiss on a Trading Day prior o he opening quoaion ime for an Index Componen: A) rading is suspended or resriced (due o price movemens ha exceed he limis allowed by he Exchange or an Affiliaed Exchange, or for oher reasons): 1.1. across he whole Exchange; or 1.2. in opions or fuures conracs on or wih regard o an Index Componen or an Index Componen ha is quoed on an Affiliaed Exchange; or 1.3. on an Exchange or in a rading or quoaion sysem (as deermined by he Index Calculaor) in which an Index Componen is lised or quoed; or B) an even ha (in he assessmen of he Index Calculaor) generally disrups and affecs he opporuniies of marke paricipans o execue on he Exchange ransacions in respec of a share included in he Index or o deermine marke values for a share included in he Index or o execue on an Affiliaed Exchange ransacion wih regard o opions and fuures conracs on hese shares or o deermine marke values for such opions or fuures conracs; or 2. rading on he Exchange or an Affiliaed Exchange is ceased prior o he usual closing ime (as defined below), unless he early cessaion of rading is announced by he Exchange or Affiliaed Exchange on his Trading Day a leas one hour before (aa) he acual closing ime for normal rading on he Exchange or Affiliaed Exchange on he Trading Day in quesion or, if earlier. (bb) he closing ime (if given) of he Exchange or Affiliaed Exchange for he execuion of orders a he ime he quoe is given. Normal exchange closing ime is he ime a which he Exchange or an Affiliaed Exchange is normally closed on working days wihou aking ino accoun afer-hours rading or oher rading aciviies carried ou ouside he normal rading hours; or 3. a general moraorium is imposed on banking ransacions in he counry in which he Exchange is residen if he above-menioned evens are maerial in he assessmen of he Index Calculaor, whereby he Index Calculaor makes his decision based on hose circumsances ha he considers reasonable and appropriae. 15
16 5. Appendix 5.1 Conac daa Informaion regarding he Index concep Solacive AG Guiollesrasse Frankfr, Germany Tel.: Fax: Calculaion of he Index change in calculaion mehod The applicaion by he Index Calculaor of he mehod described in his documen is final and binding. The Index Calculaor shall apply he mehod described above for he composiion and calculaion of he Index. However i canno be excluded ha he marke environmen, supervisory, legal, financial or ax reasons may require changes o be made o his mehod. The Index Calculaor may also make changes o he erms and condiions of he Index and he mehod applied o calculae he Index, which he deems o be necessary and desirable in order o preven obvious or demonsrable error or o remedy, correc or supplemen incorrec erms and condiions. The Index Calculaor is no obliged o provide informaion on any such modificaions or changes. Despie he modificaions and changes he Index Calculaor will ake he appropriae seps o ensure a calculaion mehod is applied ha is consisen wih he mehod described above. 16
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