SIX Swiss Exchange Indices. Rules Governing the SXI Real Estate Selected Funds Index

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2 Table of Content 1 Index Structure Introduction... 3 Securities universe... 3 Standardisation... 3 General principles... 3 Index Commission... 3 Review of index concepts... 4 Termination of the index calculation Index Calculation Index formula Index weighted by net asset value Equal-weighted index Treatment of dividends... 5 Calculation interval and publication... 5 Prices used... 5 Trading hours Admission to And Exclusion From The Index Admission criteria... 5 Exclusion criteria Index Adjustments Adjustment of the net asset value... 6 Capital increases... 6 Dividend payments Trademark Protection, Use And Licensing Protection... 7 Licensing Free usage Usage subject to licence Contact Static Data... 7 Page 2

3 1 Index Structure 1.1 Introduction The SXI Real Estate Selected Funds Index was initially calculated annually as of February 1960, then monthly from April In addition to the NAV-weighted dividend-adjusted index, it is also calculated as an equal-weighted dividend-adjusted index. 1.2 Securities universe The SXI Real Estate Selected Funds Index represents up to a maximum of the 10 largest Swiss real estate funds to measure the market of Real Estate funds in Switzerland. The composition of the index is reviewed and adjusted, if necessary, twice a year on the third Friday in December and June. The SXI Real Estate Funds Index serves as a securities universe for selecting the SIX Real Estate Selected Funds Index, for which the composition of the securities universe eight trading days before the adjustment date is decisive. 1.3 Standardisation The SXI Real Estate Selected Funds Index was standardised on 9 February 1960 with a value of 100 points. 1.4 General principles In order to achieve the stated index objective, SIX Swiss Exchange defines the general principles and sets them out in the rules. The principles are based on research and the cooperation with market participants. SIX Swiss Exchange publishes the index objective and rules for all indices. Representative: The development of a defined target market or a quantitatively defined strategy is represented by the index. Tradeable: Liquidity considerations are included in the conception of the index. Replicable: The development of the index can be replicated with a portfolio. Stable: High index continuity. Rules-based: Index changes and calculations are rules-based. Projectable: Changes in rules are with appropriate lead time (usually at least 2 trading days) no retrospective rule changes. Transparent: Decisions are based on public information. 1.5 Index Commission The Management Committee of SIX Swiss Exchange is supported by the Index Commission (advisory board) in all index-related matters, notably in connection with changes to the index rules and adjustments, additions and exclusions outside of the established review and acceptance period The Index Commission convenes at least twice a year and provides valuable input on how existing products can be improved and new ones created. Page 3

4 1.6 Review of index concepts The validity of the index concepts and rules is reviewed on a regular basis. In exceptional cases a broad market consultation can be conducted. The changes to the index rules are publicly announced with appropriate lead time (usually 3 months). 1.7 Termination of the index calculation A decision to discontinue an index will be publicly announced by SIX Swiss Exchange with appropriate lead time. In case of existing financial products linked to the index, of which SIX Swiss Exchange is aware, a market consultation is conducted in advance and a transition period is introduced before the definitive termination. Otherwise, no market consultation is carried out. 2 Index Calculation 2.1 Index formula Index weighted by net asset value M I S = I t 1 + I t 1 p i,s 1 g p i,t i,t 1 i=1 Whereby: M g i,t = 1 i=i Equal-weighted index M I t = I t 1 + I t 1 p i,s 1 M p i,t 1 i=1 Legend: I s: I t-1: Current index level Index level on previous day M: Number of issues in index S: Current time on day T P i, t-1: p i,s: g i,t: Closing price on previous day Last-paid price of security I Weighting of security I on day t T: Current day Page 4

5 2.2 Treatment of dividends The SXI Real Estate Selected Funds Index is a dividend-adjusted index. The treatment of dividend payments is detailed in Section Calculation interval and publication The indices are calculated by SIX Swiss Exchange every three minutes. All index data is distributed by the company SIX Exfeed AG (a SIX Group AG subsidiary). 2.4 Prices used In calculating the index, the last-paid price is taken into account. If no price has been paid on the day of calculation, the bid price is used. In the absence of a bid price, the previous day's price is used. Only the prices achieved via the electronic order book of SIX Swiss Exchange are used. 2.5 Trading hours The trading hours for investment funds are from 9.00 a.m. to 5.30 p.m. (subject to any adjustments by SIX Swiss Exchange). 3 Admission to And Exclusion From The Index 3.1 Admission criteria The deadline for reporting the net asset value is the eighth trading day before the corresponding adjustment date (see Section 1.2). Admissions are carried out according to the following criteria: A fund that is part of the universe can be selected for the index if it has a net asset value exceeding that of the smallest index component by at least 1.5% during two consecutive half-yearly reviews. A fund that has become part of the universe since the last half-yearly review can be selected for the index if it has a net asset value exceeding that of the smallest index component by at least 1.5%. 3.2 Exclusion criteria If a fund leaves the universe as defined in Section 1.2, it will also be removed from the SXI Real Estate Selected Funds Index at the same time. Page 5

6 4 Index Adjustments 4.1 Adjustment of the net asset value The net asset value is adjusted twice a year, on the first trading day in January and July in each case. 4.2 Capital increases The subscription right is treated like a dividend. The value of the subscription right is the average price during the trading period. The calculation is as follows: B ff t = B i,t P i,t 1 B i,t + 1 Legend: B fi,t: B i,t: P i, t-1: Subscription right factor of security i on day T Subscription right of security i on day T Closing price of security i on day T The share price ex subscription right is multiplied by the subscription right factor during the next trading day to compensate for the decline in the price. 4.3 Dividend payments Dividend payments are adjusted in both SXI Real Estate Selected Funds. The calculation is as follows: A ff,t = A i,j P i,t 1 A i,j + 1 Legend: A fi,t: A i,j: P i, t-1: Dividend factor of security i on day T Dividend of security i in year J Closing price of security i on day T The share price ex dividend is multiplied by the dividend factor during the next trading day to compensate for the decline in the price. Page 6

7 5 Trademark Protection, Use And Licensing 5.1 Protection The Trademarks are internationally registered trademarks of SIX Swiss Exchange. 5.2 Licensing Free usage The Trademarks may be freely used for the purpose of honest reporting of the relevant index. Insofar as it is technically possible, the symbols and should be used, possibly with a footnote stating that these names are registered trademarks of SIX Swiss Exchange, Zurich Usage subject to licence Any additional use of the Trademarks or any commercial use of the index figures (e.g., issue of index-linked financial instruments or capital insurance with or without mention of the trademark in the name or description) is only permissible with a valid licensing agreement. Offering prospectuses must include the disclaimer which is available on the SIX Swiss Exchange Website. 6 Contact Information concerning the indices of SIX Swiss Exchange (index adjustments, announcements etc.) is available at the following Internet address: Any requests with respect to the indices may be directed to the following address: SIX Swiss Exchange Ltd Selnaustrasse 30 P.O. Box CH-8021 Zurich indexsupport@six-group.com Phone: +41(0) Static Data A current list of all indices calculated by SIX Swiss Exchange is accessible at the SIX Swiss Exchange Website: Page 7

8 SIX Swiss Exchange Ltd Selnaustrasse 30 P.O. Box CH-8021 Zurich T F SIX Swiss Exchange Ltd 2016 The information contained in this document is given without warranty, implies no obligation of any kind on the part of SIX Group Ltd or the companies associated with SIX Group Ltd (referred to below as SIX Group Ltd) and may be altered by SIX Group Ltd at any time without further notice. To the extent permitted by law, SIX Group Ltd accepts no liability whatsoever for any errors contained in this document. SIX Group Ltd is under no obligation whatsoever to draw attention to such errors. Technical documentation must be used only in conjunction with the correct software version and may be used and copied only in accordance with the terms of the licence. All software described in the technical documentation is supplied on the basis of a licence agreement and may be used or copied only in accordance with the terms of the said licence agreement. Copyright SIX Group Ltd, All rights reserved. All trademarks observed.