GUIDELINE Solactive Silver Age Index. Version 1.3 dated October 10 th, 2017

Transcription

1 GUIDELINE Solacive Silver Age Index Version 1.3 daed Ocober 10 h, 2017

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 Silver Age 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 Silver Age Index (he Index ) is an Index of Solacive AG and is calculaed and disribued by Solacive AG. The Solacive Silver Age Index is inended o reflec he performance of European companies ha will poenially benefi from he ageing populaion in Europe. The Index Componens are seleced based on heir FacSe indusry and subsequenly screened for heir realized Dividend yield and realized Volailiy. The Index is published in EUR. 1.1 Shor name and ISIN The Solacive Silver Age Index is disribued under ISIN DE000SLA3MG9; he WKN is SLA3MG. The Index is published in Reuers under he code <.SOLSILV > and in Bloomberg under he code SOLSILV <Index>. 1.2 Iniial value The Index is se o 100 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 Trading 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 spo foreign exchange raes quoed by Reuers. Should here be no curren price available on Reuers, he mos recen price or he Trading Price on Reuers for he preceding Trading Day is used in he calculaion. The daily Index Closing Level is calculaed using Reuers/WMCO closing spo raes as a 4pm London ime. The Index is calculaed every Calculaion Day from 9:00am o 10:30pm, CET. 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. 3

4 1.5 Weighing On each Index Rebalancing Dae, each Index Componen of he Index is inverse Volailiy weighed, according o he closing prices (adjused for corporae acions ha impac he number of shares ousanding) of he Index Componens on he Index Review Dae. The weigh of each Index Componen is capped a 10% and any excess weigh is disribued o he Index Componen wih he highes inverse Volailiy which is no capped. 1.6 Decision-making bodies A Commiee composed of saff from Solacive AG is responsible for decisions regarding he composiion of he Solacive Silver Age Index as well as any amendmens o he rules (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 Index Review Daes according o he procedure oulined in 2.1 of his documen. The Commiee shall also decide abou he fuure composiion of he Solacive Silver Age 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 Index sar dae on June 6 h, 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 deermined on he Index Review Dae and is based on he following rules: 1. Solacive AG defines he Index Universe as he composiion of he Solacive Europe Toal Marke 675 Index on he respecive Review Dae. 2. Companies of he Solacive Europe Toal marke 675 Index have o fulfil he following hree addiional crieria o become eligible: a. A Free Floa Marke Capializaion of a leas EUR 200 million b. An average daily Value raded over 120 days (ADV) unil and including he Selecion Day of a leas EUR 1 million c. The company mus be recorded in an eligible FacSe Indusry as defined in Secion Selec 60 companies wih he highes Las Year s Quarerly Realized Dividend Yield. 4. Selec 30 companies wih he lowes 3 Monh Realized Volailiy. 5. The weighs of he Index Componens are deermined according o Secion 1.5 Weighing. Solacive reains he righ o adjus he index composiion if boh eniies of a dual srucure company have been seleced pursuan o he selecion crieria. 2.2 Ordinary adjusmen The composiion of he Index is reviewed on a quarerly basis. The composiion of he Index is reviewed on he Index Review Dae and necessary changes are announced. The firs adjusmen will be made in Augus 2017 based on he Trading Prices of he Index Componens on he Index Rebalancing Dae. Solacive AG shall publish any changes made o he Index composiion on he Index Review Dae and consequenly wih sufficien noice before he Index Rebalancing Dae. 2.3 Exraordinary adjusmen An exraordinary adjusmen, if applicable, is riggered and applied in compliance wih he rules se forh in he Solacive Guideline for Exraordinary Corporae Acions. 5

6 3 Calculaion of he Index 3.1 Index formula The Index Value on a Calculaion Day a he relevan ime is calculaed in accordance wih he following formula: Index n x * p * f i 1 D The iniial Divisor on he Sar Dae is calculaed according o he following formula: D n i1 ( p * f 100 * x ) wih: x i, p i, f i, D = Number of Index Shares of he Index Componen i on Trading Day = 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 = Divisor on Trading Day Afer he close of rading on each Index Rebalancing Dae 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 Calculaion Day. 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. 6

7 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 exane 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 Cash Dividends are no adjused in he Price Reurn version of he Index while Special Cash 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 i1 ( p * f n i1 * x ( p ) ( x * f * x * y ) * g ) wih p i, = Price of Index Componen i on Trading Day f i, Index Currency = Foreign exchange rae o conver he Price of Index Componen i on Trading Day ino he x i, y i, g i, D D 1 = 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 = 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 Corporae acions Principles Following he announcemen by an issuer of Index Componens of he erms and condiions of a corporae acion he Index Calculaor deermines wheher such corporae acion has a diluive, concenraive or similar effec on he price of he respecive Index Componen. 7

8 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. 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 s = Subscripion Price in he Index Componen currency D 1 D n ( p * f * x ) n i1 i1 n i1 ( 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 +1 8

9 3.5.3 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: x i, 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 x *(1 1 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 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 9

10 4. Definiions 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 Calculaion Day is defined as all weekdays oher han Saurday and Sunday. 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, 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. 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. In paricular an Exraordinary Even is - a Merger - a Takeover bid - a delising - 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 Index Rebalancing Dae. As long as a marke price for he affeced Index Componen is available on a Calculaion Day, his shall be applied as he Trading Price for his Index Componen on he relevan Calculaion Day, as deermined in each case by he Index Calculaor. If a marke price is no available on a Calculaion 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 Index Rebalancing Dae. The procedure in his case is idenical o an eliminaion due o and Exraordinary Even. The Index Calculaor is Solacive AG or any oher appropriaely appoined successor in his funcion. Index Componen is each share currenly included in he Index. The Index Currency is EUR. Index Rebalancing Dae is he 1 s Wednesday of each quarer (February, May, Augus and November). In case ha day is no a Calculaion Day he Rebalancing Day will be he following Calculaion Day. 10

11 Index Review Dae is 10 Calculaion Days before he Index Rebalancing Dae. Index Universe is defined, in respec of an Index Review Dae, as he composiion of he Solacive Europe Toal Marke 675 Index on he respecive Review Dae. 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. Free Floa Marke Capializaion is wih regard o each of he shares in he Index Universe on an Index Review Dae or Index Rebalancing Dae he share class specific Free Floa Marke Capializaion for his day. I is calculaed as he muliplicaion of he Shares Ousanding in Free Floa (as sourced from daa vendors) muliplied wih he closing price of he share class as of he respecive Review Dae. 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. Wih regard o an Index Componen a Merger is (i) (ii) 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 11

12 (iii) (iv) 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 (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. Number of Shares is in respec of an Index Componen and any given Calculaion 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. Las Year s Quarerly Realized Dividend Yield is he sum of differences of each componens price reurn and oal reurn prices beween -12 monh and -9 monh prior o he Review Dae. 3 Monh Realized Volailiy is he annualized hisoric volailiy of he respecive sock over he pas 90 calendar days as deermined under he FacSe formula PVOLATILITY_ANN. FacSe Indusry means he respecive FacSe Indusry of he Index Componen, as defined under 5.1. The following FacSe Indusries are eligible for inclusion: Adverising/Markeing Services, Air Freigh/Couriers, Airlines, Apparel/Foowear, Apparel/Foowear, Reail, Beverages: Alcoholic, Bioechnology, Broadcasing, Cable/Saellie TV, Casinos/Gaming, Caalog/Specialy Disribuion, Commercial Prining/Forms, Consumer Sundries, Drugsore Chains, Elecronics/Appliance Sores, Elecronics/Appliances, Financial Publishing/Services, Food: Major Diversified, Food: Mea/Fish/Dairy, Home Furnishings, Home Improvemen Chains, Hospial/Nursing Managemen, Hoels/Resors/Cruiselines, Household/Personal Care, Invesmen Banks/Brokers, Invesmen Managers, Life/Healh Insurance, Major Telecommunicaions, Marine Shipping, Medical Disribuors, Medical Specialies, Medical/Nursing Services, Miscellaneous Commercial Services, Movies/Enerainmen, Oher Consumer Services, Oher Consumer Specialies, Oher Transporaion, Pharmaceuicals: Generic, Pharmaceuicals: Major, Pharmaceuicals: Oher, Publishing: Books/Magazines, Publishing: Newspapers, Railroads, Resaurans, Savings Banks, Services o he Healh Indusry, Specialy Sores, Tobacco, Wireless Telecommunicaions Sock Subsiue includes in paricular American Deposiory Receips (ADR) and Global Deposiory Receips (GDR). 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. 12

13 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. 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. 13

14 5 Appendix 5.1 FacSe Economy and Indusry Classificaion ECONOMY SECTOR INDUSTRY Basic Maerials Non-Energy Minerals Seel Aluminum Precious Meals Oher Meals/Minerals Fores Producs Consrucion Maerials Indusrials Producer Manufacuring Meal Fabricaion Indusrial Machinery Trucks/Consrucion/Farm Machinery Process Indusries Commercial Services Transporaion Auo Pars: OEM Building Producs Elecrical Producs Office Equipmen/Supplies Miscellaneous Manufacuring Indusrial Conglomeraes Chemicals: Major Diversified Chemicals: Specialy Chemicals: Agriculural Texiles Agriculural Commodiies/Milling Pulp & Paper Conainers/Packaging Indusrial Specialies Miscellaneous Commercial Services Adverising/Markeing Services Commercial Prining/Forms Financial Publishing/Services Personnel Services Air Freigh/Couriers Airlines Trucking Railroads Marine Shipping Oher Transporaion Technology Elecronic Technology Semiconducors Elecronic Componens Elecronic Equipmen/Insrumens Telecommunicaions Equipmen Aerospace & Defense Compuer Processing Hardware Compuer Peripherals Compuer Communicaions Technology Services Communicaions Elecronic Producion Equipmen Daa Processing Services Informaion Technology Services Packaged Sofware Inerne Sofware/Services Major Telecommunicaions Specialy Telecommunicaions Wireless Telecommunicaions Consumer Durables Consumer Durables Moor Vehicles Auomoive Afermarke Homebuilding Home Furnishings Elecronics/Appliances Tools & Hardware Recreaional Producs Oher Consumer Specialies Energy Energy Minerals Oil & Gas Producion Inegraed Oil Oil Refining/Markeing Coal Indusrial Services Conrac Drilling Oilfield Services/Equipmen Engineering & Consrucion Environmenal Services Oil & Gas Pipelines 14

15 ECONOMY SECTOR INDUSTRY Healhcare Healh Technology Pharmaceuicals: Major Pharmaceuicals: Oher Pharmaceuicals: Generic Bioechnology Medical Specialies Healh Services Managed Healh Care Hospial/Nursing Managemen Medical/Nursing Services Services o he Healh Indusry Consumer Non-Durables Consumer Non-Durables Foods: Major Diversified Foods: Specialy/Candy Foods: Mea/Fish/Dairy Beverages: Non-Alcoholic Beverages: Alcoholic Tobacco Household/Personal Care Apparel/Foowear Consumer Sundries Consumer Services Disribuion Services Wholesale Disribuors Food Disribuors Elecronics Disribuors Medical Disribuors Consumer Services Media Conglomeraes Broadcasing Cable/Saellie TV Publishing: Newspapers Publishing: Books/Magazines Movies/Enerainmen Resaurans Hoels/Resors/Cruiselines Casinos/Gaming Oher Consumer Services Reail Trade Food Reail Drugsore Chains Deparmen Sores Discoun Sores Apparel/Foowear Reail Home Improvemen Chains Elecronics/Appliance Sores Specialy Sores Caalog/Specialy Disribuion Inerne Reail Uiliies Uiliies Elecric Uiliies Gas Disribuors Waer Uiliies Alernaive Power Generaion Finance Finance Major Banks Regional Banks Savings Banks Finance/Renal/Leasing Miscellaneous Invesmen Banks/Brokers Invesmen Managers Financial Conglomeraes Propery/Casualy Insurance Muli-Line Insurance Life/Healh Insurance Specialy Insurance Insurance Brokers/Services Real Esae Developmen Real Esae Invesmen Truss Miscellaneous Invesmen Truss/Muual Funds 15

16 5.2 Conac daa Informaion regarding he Index concep Solacive AG Guiollesr. 54, Frankfur, Germany Tel.: +49 (69) Info: 5.3 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