Common use of Index calculation Clause in Contracts

Index calculation. The Factor Index shall be calculated for the first time on the Index Start Date. The initial level of the index on the Index Start Date corresponds to the Index Start Value. The respective current index lev- el is calculated by the Index Calculation Agent on a continuous basis during the trading period of the Reference Instrument on the Reference Exchange on each Index Calculation Day, rounded to two dec- imal places and published in accordance with section E). One index point corresponds to one unit of the Index Currency. The Factor Index is calculated for each time t during an Index Calculation Day T in accordance with the following formula:   Rt  divf  div  d  IDXt  IDXT 1  1 L  R 1  1 L IRT 1  L  FST  IG    T 1   leverage component financing component where: T IDXt = = current Index Calculation Day Index Value at time t on Index Calculation Day T IDXT-1 = Index Closing Value on Index Calculation Day T-1 which immediately pre- cedes the current Index Calculation Day T L = Leverage (Factor): -7 Rt = Reference Instrument Price at time t RT-1 = Valuation Price on Index Calculation Day T-1 divf = Dividend Tax Factor div = Dividend on Index Calculation Day T. If the individual Dividend Method is used this amount is 0, except on the Ex-Dividend Date. IRT-1 = Interest Rate on Index Calculation Day T-1 FST = Financing Spread on Index Calculation Day T IG = Index Fee d = Number of calendar days between Index Calculation Days T-1 and T If at time s on Index Calculation Day T the Reference Instrument Price (plus any Dividend mul- tiplied by the Dividend Tax Factor: Rs  divf  div ) exceeds the most recent Valuation Price of the Reference Instrument by more than 12% (Barrier), an "Intraday Index Adjustment" takes place, simulating a new day: s = T, i.e. IDXT-1 (new) = IDXs RT-1 (new) = RT-1 (old) x 1.12 – divf x div d = 0 A new Valuation Price valid after time s (RT-1 (new)) is calculated by multiplying the previous Valuation Price (RT-1 (old)) by 1.12. In addition, the net dividend is deducted (in the case of the individual Dividend Method, on- ly if Index Calculation Day T is an Ex-Dividend Date). The Dividend and Dividend Tax Factor are no longer taken into account for the purposes of the index calculation in accordance with section C) 1) on the new, simulated Index Calculation Day. The financing component remains unchanged. No additional costs are incurred for the newly simulated day. In the event of an Extraordinary Adjustment Event occurring in relation to the Reference Instrument, the Index Calculation Agent will adjust the index calculation on the Reference Date (as defined be- low). The Index Calculation Agent will – to the extent possible – endeavor to calculate the leverage component as if no Extraordinary Adjustment Event had occurred. The Index Calculation Agent will generally adjust the index calculation by correcting in its due dis- cretion the relevant Valuation Price for the Reference Instrument on Index Calculation Day T-1 on the Reference Date, in order to factor into the index calculation the adjustments made on the Derivatives Exchange for futures and options linked to the Reference Instrument traded there. The Index Calculation Agent may adjust the index calculation in some other manner if it deems such adjustment necessary in its due discretion in order to reflect differences between this Index and the futures and options traded on the Derivatives Exchange. Such adjustments may in particular relate to the stipulation of a different Reference Exchange, Derivatives Exchange or Reference Instrument Price. The list of Extraordinary Adjustment Events listed in section B) is not exhaustive. The deciding factor is whether the Derivatives Exchange deems an adjustments of the contract size, an underlying or the involvement of relevant Reference Exchange determining the price of the Reference Instrument to be necessary. If neither futures nor options linked to the Reference Instrument are traded on the Deriva- tives Exchange, the adjustment shall be made in a manner in which the Derivatives Exchange would do so if corresponding futures or options were traded there. In cases of doubt about the application of the modification rules of the Derivatives Exchange, the Index Calculation Agent shall decide such questions in its reasonable discretion. The rules and regulations of the Derivatives Exchange shall apply in addition to the provisions set out above. If the Reference Instrument (Index) is cancelled or replaced by a different index concept, or if the li- cense agreement between the Reference Exchange and the Index Calculation Agent cannot be re- newed, the Index Calculation Agent determines – where appropriate by applying an adjusted Refer- ence Instrument Price for the Reference Instrument at time t (Rt) – whether and which different index concept will be used in the future as a basis for calculating the Factor Index. If the Reference Instrument is no longer calculated and determined and/or published by the Refer- ence Exchange but by another person, company or institution that the Index Calculation Agent in its reasonable discretion considers to be suitable ("Substitute Reference Exchange"), then the Factor Index shall be calculated where applicable on the basis of the Reference Instrument calculated and published by the Substitute Reference Exchange. All references to the Reference Exchange contained in this index description shall be deemed to refer analogously to the Substitute Reference Exchange. If in the reasonable discretion of the Index Calculation Agent it is not possible, for whatever reason, to stipulate a different relevant index concept, the leverage component shall remain unchanged and the index level shall be determined solely on the basis of the remaining components of the index formula.

Index calculation. The Factor Index shall be calculated for the first time on the Index Start Date. The initial level of the index on the Index Start Date corresponds to the Index Start Value. The respective current index lev- el is calculated by the Index Calculation Agent on a continuous basis during the trading period of the Reference Instrument on the Reference Exchange on each Index Calculation Day, rounded to two dec- imal places and published in accordance with section E). One index point corresponds to one unit of the Index Currency. The Factor Index is calculated for each time t during an Index Calculation Day T in accordance with the following formula:   Rt  divf  div  d  IDXt  IDXT 1  1 L  R 1  1 L IRT 1 1  L   R 1  L 1 IRT 1  FST   IG    T 1   leverage component financing component where: T IDXt = = current Index Calculation Day Index Value at time t on Index Calculation Day T IDXT-1 = Index Closing Value on Index Calculation Day T-1 which immediately pre- cedes the current Index Calculation Day T L = Leverage (Factor): -7 7 Rt = Reference Instrument Price at time t RT-1 = Valuation Price on Index Calculation Day T-1 divf = Dividend Tax Factor div = Dividend on Index Calculation Day T. If the individual Dividend Method is used this amount is 0, except on the Ex-Dividend Date. IRT-1 = Interest Rate on Index Calculation Day T-1 FST = Financing Spread on Index Calculation Day T IG = Index Fee d = Number of calendar days between Index Calculation Days T-1 and T If at time s on Index Calculation Day T the Reference Instrument Price (plus any Dividend mul- tiplied multiplied by the Dividend Tax Factor: Rs  divf  div ) exceeds falls below the most recent Valuation Price of the Reference Instrument by more than 12% (Barrier), an "Intraday Index AdjustmentAdjust- ment" takes place, simulating a new day: s = T, i.e. IDXT-1 (new) = IDXs RT-1 (new) = RT-1 (old) x 1.12 0.88 – divf x div d = 0 A new Valuation Price valid after time s (RT-1 (new)) is calculated by multiplying the previous Valuation Price (RT-1 (old)) by 1.120.88. In addition, the net dividend is shall be deducted (in the case of the individual Dividend Method, on- ly Method only if the Index Calculation Day T is an Ex-Dividend Date). The Dividend and Dividend Tax Factor are no longer taken into account for the purposes of shall not be considered in the index calculation in accordance with section C) 1) on the new, such simulated Index Calculation Day. The financing component remains unchanged. No additional interest or costs are incurred for the newly simulated day. In the event of an Extraordinary Adjustment Event occurring in relation to the Reference Instrument, the Index Calculation Agent will adjust the index calculation on the Reference Date (as defined be- low). The Index Calculation Agent will – to the extent possible – endeavor to calculate the leverage component as if no Extraordinary Adjustment Event had occurred. The Index Calculation Agent will generally adjust the index calculation by correcting in its due dis- cretion the relevant Valuation Price for the Reference Instrument on Index Calculation Day T-1 on the Reference Date, in order to factor into the index calculation the adjustments made on the Derivatives Exchange for futures and options linked to the Reference Instrument traded there. The Index Calculation Agent may adjust the index calculation in some other manner if it deems such adjustment necessary in its due discretion in order to reflect differences between this Index and the futures and options traded on the Derivatives Exchange. Such adjustments may in particular relate to the stipulation of a different Reference Exchange, Derivatives Exchange or Reference Instrument Price. The list of Extraordinary Adjustment Events listed in section B) is not exhaustive. The deciding factor is whether the Derivatives Exchange deems an adjustments of the contract size, an underlying or the involvement of relevant Reference Exchange determining the price of the Reference Instrument to be necessary. If neither futures nor options linked to the Reference Instrument are traded on the Deriva- tives Exchange, the adjustment shall be made in a manner in which the Derivatives Exchange would do so if corresponding futures or options were traded there. In cases of doubt about the application of the modification rules of the Derivatives Exchange, the Index Calculation Agent shall decide such questions in its reasonable discretion. The rules and regulations of the Derivatives Exchange shall apply in addition to the provisions set out above. If the Reference Instrument (Index) is cancelled or replaced by a different index concept, or if the li- cense agreement between the Reference Exchange and the Index Calculation Agent cannot be re- newed, the Index Calculation Agent determines – where appropriate by applying an adjusted Refer- ence Instrument Price for the Reference Instrument at time t (Rt) – whether and which different index concept will be used in the future as a basis for calculating the Factor Index. If the Reference Instrument is no longer calculated and determined and/or published by the Refer- ence Exchange but by another person, company or institution that the Index Calculation Agent in its reasonable discretion considers to be suitable ("Substitute Reference Exchange"), then the Factor Index shall be calculated where applicable on the basis of the Reference Instrument calculated and published by the Substitute Reference Exchange. All references to the Reference Exchange contained in this index description shall be deemed to refer analogously to the Substitute Reference Exchange. If in the reasonable discretion of the Index Calculation Agent it is not possible, for whatever reason, to stipulate a different relevant index concept, the leverage component shall remain unchanged and the index level shall be determined solely on the basis of the remaining components of the index formula.

Index calculation. The Factor Index shall be calculated for the first time on the Index Start Date. The initial level of the index on the Index Start Date corresponds to the Index Start Value. The respective current index lev- el is calculated by the Index Calculation Agent on a continuous basis during the trading period of the Reference Instrument on the Reference Exchange on each Index Calculation Day, rounded to two dec- imal places and published in accordance with section E). One index point corresponds to one unit of the Index Currency. The Factor Index is calculated for each time t during an Index Calculation Day T in accordance with the following formula:   Rt  divf  div  d  IDXt  IDXT 1  1 L  R 1  1 L IRT 1 1  L   R 1  L 1 IRT 1  FST   IG    T 1   leverage component financing component where: T IDXt = = current Index Calculation Day Index Value at time t on Index Calculation Day T IDXT-1 = Index Closing Value on Index Calculation Day T-1 which immediately pre- cedes the current Index Calculation Day T L = Leverage (Factor): -7 5 Rt = Reference Instrument Price at time t RT-1 = Valuation Price on Index Calculation Day T-1 divf = Dividend Tax Factor div = Dividend on Index Calculation Day T. If the individual Dividend Method is used this amount is 0, except on the Ex-Dividend Date. IRT-1 = Interest Rate on Index Calculation Day T-1 FST = Financing Spread on Index Calculation Day T IG = Index Fee d = Number of calendar days between Index Calculation Days T-1 and T If at time s on Index Calculation Day T the Reference Instrument Price (plus any Dividend mul- tiplied multiplied by the Dividend Tax Factor: Rs  divf  div ) exceeds falls below the most recent Valuation Price of the Reference Instrument by more than 1217% (Barrier), an "Intraday Index AdjustmentAdjust- ment" takes place, simulating a new day: s = T, i.e. IDXT-1 (new) = IDXs RT-1 (new) = RT-1 (old) x 1.12 0.83 – divf x div d = 0 A new Valuation Price valid after time s (RT-1 (new)) is calculated by multiplying the previous Valuation Price (RT-1 (old)) by 1.120.83. In addition, the net dividend is shall be deducted (in the case of the individual Dividend Method, on- ly Method only if the Index Calculation Day T is an Ex-Dividend Date). The Dividend and Dividend Tax Factor are no longer taken into account for the purposes of shall not be considered in the index calculation in accordance with section C) 1) on the new, such simulated Index Calculation Day. The financing component remains unchanged. No additional interest or costs are incurred for the newly simulated day. In the event of an Extraordinary Adjustment Event occurring in relation to the Reference Instrument, the Index Calculation Agent will adjust the index calculation on the Reference Date (as defined be- low). The Index Calculation Agent will – to the extent possible – endeavor to calculate the leverage component as if no Extraordinary Adjustment Event had occurred. The Index Calculation Agent will generally adjust the index calculation by correcting in its due dis- cretion the relevant Valuation Price for the Reference Instrument on Index Calculation Day T-1 on the Reference Date, in order to factor into the index calculation the adjustments made on the Derivatives Exchange for futures and options linked to the Reference Instrument traded there. The Index Calculation Agent may adjust the index calculation in some other manner if it deems such adjustment necessary in its due discretion in order to reflect differences between this Index and the futures and options traded on the Derivatives Exchange. Such adjustments may in particular relate to the stipulation of a different Reference Exchange, Derivatives Exchange or Reference Instrument Price. The list of Extraordinary Adjustment Events listed in section B) is not exhaustive. The deciding factor is whether the Derivatives Exchange deems an adjustments of the contract size, an underlying or the involvement of relevant Reference Exchange determining the price of the Reference Instrument to be necessary. If neither futures nor options linked to the Reference Instrument are traded on the Deriva- tives Exchange, the adjustment shall be made in a manner in which the Derivatives Exchange would do so if corresponding futures or options were traded there. In cases of doubt about the application of the modification rules of the Derivatives Exchange, the Index Calculation Agent shall decide such questions in its reasonable discretion. The rules and regulations of the Derivatives Exchange shall apply in addition to the provisions set out above. If the Reference Instrument (Index) is cancelled or replaced by a different index concept, or if the li- cense agreement between the Reference Exchange and the Index Calculation Agent cannot be re- newed, the Index Calculation Agent determines – where appropriate by applying an adjusted Refer- ence Instrument Price for the Reference Instrument at time t (Rt) – whether and which different index concept will be used in the future as a basis for calculating the Factor Index. If the Reference Instrument is no longer calculated and determined and/or published by the Refer- ence Exchange but by another person, company or institution that the Index Calculation Agent in its reasonable discretion considers to be suitable ("Substitute Reference Exchange"), then the Factor Index shall be calculated where applicable on the basis of the Reference Instrument calculated and published by the Substitute Reference Exchange. All references to the Reference Exchange contained in this index description shall be deemed to refer analogously to the Substitute Reference Exchange. If in the reasonable discretion of the Index Calculation Agent it is not possible, for whatever reason, to stipulate a different relevant index concept, the leverage component shall remain unchanged and the index level shall be determined solely on the basis of the remaining components of the index formula.

Index calculation. The Factor Index shall be calculated for the first time on the Index Start Date. The initial level of the index on the Index Start Date corresponds to the Index Start Value. The respective current index lev- el is calculated by the Index Calculation Agent on a continuous basis during the trading period of the Reference Instrument on the Reference Exchange on each Index Calculation Day, rounded to two dec- imal places and published in accordance with section E). One index point corresponds to one unit of the Index Currency. The Factor Index is calculated for each time t during an Index Calculation Day T in accordance with the following formula:   Rt  divf  div  d  IDXt  IDXT 1  1 L  R 1  1 L IRT 1  L  FST  IG    T 1   leverage component financing component where: T IDXt = = current Index Calculation Day Index Value at time t on Index Calculation Day T IDXT-1 = Index Closing Value on Index Calculation Day T-1 which immediately pre- cedes the current Index Calculation Day T L = Leverage (Factor): -7 -5 Rt = Reference Instrument Price at time t RT-1 = Valuation Price on Index Calculation Day T-1 divf = Dividend Tax Factor div = Dividend on Index Calculation Day T. If the individual Dividend Method is used this amount is 0, except on the Ex-Dividend Date. IRT-1 = Interest Rate on Index Calculation Day T-1 FST = Financing Spread on Index Calculation Day T IG = Index Fee d = Number of calendar days between Index Calculation Days T-1 and T If at time s on Index Calculation Day T the Reference Instrument Price (plus any Dividend mul- tiplied by the Dividend Tax Factor: Rs  divf  div ) exceeds the most recent Valuation Price of the Reference Instrument by more than 1217% (Barrier), an "Intraday Index Adjustment" takes place, simulating a new day: s = T, i.e. IDXT-1 (new) = IDXs RT-1 (new) = RT-1 (old) x 1.12 1.17 – divf x div d = 0 A new Valuation Price valid after time s (RT-1 (new)) is calculated by multiplying the previous Valuation Price (RT-1 (old)) by 1.121.17. In addition, the net dividend is deducted (in the case of the individual Dividend Method, on- ly if Index Calculation Day T is an Ex-Dividend Date). The Dividend and Dividend Tax Factor are no longer taken into account for the purposes of the index calculation in accordance with section C) 1) on the new, simulated Index Calculation Day. The financing component remains unchanged. No additional costs are incurred for the newly simulated day. In the event of an Extraordinary Adjustment Event occurring in relation to the Reference Instrument, the Index Calculation Agent will adjust the index calculation on the Reference Date (as defined be- low). The Index Calculation Agent will – to the extent possible – endeavor to calculate the leverage component as if no Extraordinary Adjustment Event had occurred. The Index Calculation Agent will generally adjust the index calculation by correcting in its due dis- cretion the relevant Valuation Price for the Reference Instrument on Index Calculation Day T-1 on the Reference Date, in order to factor into the index calculation the adjustments made on the Derivatives Exchange for futures and options linked to the Reference Instrument traded there. The Index Calculation Agent may adjust the index calculation in some other manner if it deems such adjustment necessary in its due discretion in order to reflect differences between this Index and the futures and options traded on the Derivatives Exchange. Such adjustments may in particular relate to the stipulation of a different Reference Exchange, Derivatives Exchange or Reference Instrument Price. The list of Extraordinary Adjustment Events listed in section B) is not exhaustive. The deciding factor is whether the Derivatives Exchange deems an adjustments of the contract size, an underlying or the involvement of relevant Reference Exchange determining the price of the Reference Instrument to be necessary. If neither futures nor options linked to the Reference Instrument are traded on the Deriva- tives Exchange, the adjustment shall be made in a manner in which the Derivatives Exchange would do so if corresponding futures or options were traded there. In cases of doubt about the application of the modification rules of the Derivatives Exchange, the Index Calculation Agent shall decide such questions in its reasonable discretion. The rules and regulations of the Derivatives Exchange shall apply in addition to the provisions set out above. If the Reference Instrument (Index) is cancelled or replaced by a different index concept, or if the li- cense agreement between the Reference Exchange and the Index Calculation Agent cannot be re- newed, the Index Calculation Agent determines – where appropriate by applying an adjusted Refer- ence Instrument Price for the Reference Instrument at time t (Rt) – whether and which different index concept will be used in the future as a basis for calculating the Factor Index. If the Reference Instrument is no longer calculated and determined and/or published by the Refer- ence Exchange but by another person, company or institution that the Index Calculation Agent in its reasonable discretion considers to be suitable ("Substitute Reference Exchange"), then the Factor Index shall be calculated where applicable on the basis of the Reference Instrument calculated and published by the Substitute Reference Exchange. All references to the Reference Exchange contained in this index description shall be deemed to refer analogously to the Substitute Reference Exchange. If in the reasonable discretion of the Index Calculation Agent it is not possible, for whatever reason, to stipulate a different relevant index concept, the leverage component shall remain unchanged and the index level shall be determined solely on the basis of the remaining components of the index formula.

Index calculation. The Factor Index shall be calculated for the first time on the Index Start Date. The initial level of the index on the Index Start Date corresponds to the Index Start Value. The respective current index lev- el is calculated by the Index Calculation Agent on a continuous basis during the trading period of the Reference Instrument on the Reference Exchange on each Index Calculation Day, rounded to two dec- imal places and published in accordance with section E). One index point corresponds to one unit of the Index Currency. The Factor Index is calculated for each time t during an Index Calculation Day T in accordance with the following formula:   Rt  divf  div  d  IDXt  IDXT 1  1 L  R 1  1 L IRT 1 1  L   R 1  L 1 IRT 1  FST   IG    T 1   leverage component financing component where: T IDXt = = current Index Calculation Day Index Value at time t on Index Calculation Day T IDXT-1 = Index Closing Value on Index Calculation Day T-1 which immediately pre- cedes the current Index Calculation Day T L = Leverage (Factor): -7 7 Rt = Reference Instrument Price at time t RT-1 = Valuation Price on Index Calculation Day T-1 divf = Dividend Tax Factor div = Dividend on Index Calculation Day T. If the individual Dividend Method is used this amount is 0, except on the Ex-Dividend Date. IRT-1 = Interest Rate on Index Calculation Day T-1 FST = Financing Spread on Index Calculation Day T IG = Index Fee d = Number of calendar days between Index Calculation Days T-1 and T If at time s on Index Calculation Day T the Reference Instrument Price (plus any Dividend mul- tiplied multiplied by the Dividend Tax Factor: Rs  divf  div ) exceeds falls below the most recent Valuation Price of the Reference Instrument by more than 12% (Barrier), an "Intraday Index AdjustmentAdjust- ment" takes place, simulating a new day: s = T, i.e. IDXT-1 (new) = IDXs RT-1 (new) = RT-1 (old) x 1.12 0.88 – divf x div d = 0 A new Valuation Price valid after time s (RT-1 (new)) is calculated by multiplying the previous Valuation Price (RT-1 (old)) by 1.120.88. In addition, the net dividend is shall be deducted (in the case of the individual Dividend Method, on- ly Method only if the Index Calculation Day T is an Ex-Dividend Date). The Dividend and Dividend Tax Factor are no longer taken into account for the purposes of shall not be considered in the index calculation in accordance with section C) 1) on the new, such simulated Index Calculation Day. The financing component remains unchanged. No additional interest or costs are incurred for the newly simulated day. In the event of an Extraordinary Adjustment Event occurring in relation to the Reference Instrument, the Index Calculation Agent will adjust the index calculation on the Reference Date (as defined be- low). The Index Calculation Agent will – to the extent possible – endeavor to calculate the leverage component as if no Extraordinary Adjustment Event had occurred. The Index Calculation Agent will generally adjust the index calculation by correcting in its due dis- cretion the relevant Valuation Price for the Reference Instrument on Index Calculation Day T-1 on the Reference Date, in order to factor into the index calculation the adjustments made on the Derivatives Exchange for futures and options linked to the Reference Instrument traded there. The Index Calculation Agent may adjust the index calculation in some other manner if it deems such adjustment necessary in its due discretion in order to reflect differences between this Index and the futures and options traded on the Derivatives Exchange. Such adjustments may in particular relate to the stipulation of a different Reference Exchange, Derivatives Exchange or Reference Instrument Price. The list of Extraordinary Adjustment Events listed in section B) is not exhaustive. The deciding factor is whether the Derivatives Exchange deems an adjustments of the contract size, an underlying or the involvement of relevant Reference Exchange determining the price of the Reference Instrument to be necessary. If neither futures nor options linked to the Reference Instrument are traded on the Deriva- tives Exchange, the adjustment shall be made in a manner in which the Derivatives Exchange would do so if corresponding futures or options were traded there. In cases of doubt about the application of the modification rules of the Derivatives Exchange, the Index Calculation Agent shall decide such questions in its reasonable discretion. The rules and regulations of the Derivatives Exchange shall apply in addition to the provisions set out above. If the Reference Instrument (Index) is cancelled or replaced by a different index concept, or if the li- cense agreement between the Reference Exchange and the Index Calculation Agent cannot be re- newed, the Index Calculation Agent determines – where appropriate by applying an adjusted Refer- ence Instrument Price for the Reference Instrument at time t (Rt) – whether and which different index concept will be used in the future as a basis for calculating the Factor Index. If the Reference Instrument is no longer calculated and determined and/or published by the Refer- ence Exchange but by another person, company or institution that the Index Calculation Agent in its reasonable discretion considers to be suitable ("Substitute Reference Exchange"), then the Factor Index shall be calculated where applicable on the basis of the Reference Instrument calculated and published by the Substitute Reference Exchange. All references to the Reference Exchange contained in this index description shall be deemed to refer analogously to the Substitute Reference Exchange. If in the reasonable discretion of the Index Calculation Agent it is not possible, for whatever reason, to stipulate a different relevant index concept, the leverage component shall remain unchanged and the index level shall be determined solely on the basis of the remaining components of the index formula.