Common use of Index description Clause in Contracts

Index description. The Factor Iudex reflects price movements in the Refereuce Iustrumeut with a leverage factor of 5. A decrease in the price of the Refereuce Iustrumeut since the most recent calculation of an Iudex Clos− iuφ Value results in a positive change in the Factor Iudex as compared to the previous price of the Factor Iudex and vice versa. The Factor Iudex therefore replicates a "short" strategy. The Factor Iudex consists of a leverage component and a financing component. The leverage component inversely tracks an investment in the Refereuce Iustrumeut, whereby move- ments in the price of the Refereuce Iustrumeut are multiplied by the Leveraφe (factor). This leverage effect occurs with either positive or negative movements in the Refereuce Iustrumeut, having a dis- proportionate effect on the value of the Factor Iudex. For example (leaving aside the financing component): • An increase in the price of the Refereuce Iustrumeut (as compared to the most recent ad- justment) by 2% results in an decrease in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (as compared to the most recent adjust- ment) by 2% results in an increase in the Factor Iudex by 5 x 2%.

Index description. The Factor Iudex reflects price movements in of the Refereuce Iustrumeut with a leverage factor of 5. A decrease An increase in the price of the Refereuce Iustrumeut since the most recent calculation of an Iudex Clos− iuφ Closiuφ Value results in a positive change in the Factor Iudex as compared to the previous price of the Factor Iudex and vice vice-versa. The Factor Iudex therefore replicates reflects a "shortlong" strategy. The Factor Iudex consists of a leverage component and a financing component. The leverage component inversely tracks an investment in the Refereuce Iustrumeut, whereby move- ments movements in the price of the Refereuce Iustrumeut are multiplied by the Leveraφe (factorFactor). This leverage effect occurs with either positive or negative movements in the price of the Refereuce Iustrumeut, having a dis- proportionate disproportionate effect on the value of the Factor Iudex. For example (leaving aside the financing component): • An increase in the price of the Refereuce Iustrumeut (as compared to the most recent ad- justment) by 2% results in an decrease in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (as compared to the most recent adjust- ment) by 2% results in an increase in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (compared to the most recent adjust- ment) by 2% results in a decrease in the Factor Iudex by 5 x 2%.

Index description. The Factor Iudex reflects price movements in of the Refereuce Iustrumeut with a leverage factor of 5. A decrease An increase in the price of the Refereuce Iustrumeut since the most recent calculation of an Iudex Clos− iuφ Closiuφ Value results in a positive change in of the Factor Iudex as compared to the previous price of the Factor Iudex and vice versa. The Factor Iudex therefore replicates reflects a "shortlong" strategy. The Factor Iudex consists of a leverage component and a financing component. The leverage component inversely tracks an investment in the Refereuce Iustrumeut, whereby move- ments movements in the price of the Refereuce Iustrumeut are multiplied by the Leveraφe (factorFactor). This leverage effect occurs with either positive or negative movements in the price of the Refereuce Iustrumeut, having a dis- proportionate disproportionate effect on the value of the Factor Iudex. For example (leaving aside the financing component): • An increase in the price of the Refereuce Iustrumeut (as compared to the most recent ad- justment) by 2% results in an decrease in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (as compared to the most recent adjust- ment) by 2% results in an increase in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (compared to the most recent adjust- ment) by 2% results in a decrease in the Factor Iudex by 5 x 2%.

Index description. The Factor Iudex reflects price movements in of the Refereuce Iustrumeut with a leverage factor of 58. A decrease An increase in the price of the Refereuce Iustrumeut since the most recent calculation of an Iudex Clos− iuφ Closiuφ Value results in a positive change in of the Factor Iudex as compared to the previous price of the Factor Iudex and vice vice-versa. The Factor Iudex therefore replicates a "shortlong" strategy. The Factor Iudex consists of a leverage component and a financing component. The leverage component inversely tracks an investment in the Refereuce Iustrumeut, whereby move- ments movements in the price of the Refereuce Iustrumeut are multiplied by the Leveraφe (factor). This leverage effect occurs oc- curs with either positive or negative movements in the Refereuce Iustrumeut, having a dis- proportionate dispropor- tionate effect on the value of the Factor Iudex. For example (leaving aside the financing component): • An increase in the price of the Refereuce Iustrumeut (as compared to the most recent ad- justment) by 2% results in an decrease in the Factor Iudex by 5 x 2%; • A decrease in the price of the Refereuce Iustrumeut (as compared to the most recent adjust- ment) by 2% results in an increase in the Factor Iudex by 5 8 x 2%; • A decrease in the price of the Refereuce Iustrumeut (compared to the most recent adjust- ment) by 2% results in a decrease in the Factor Iudex by 8 x 2%.