Guideline relating the. Solactive MLP & Energy Infrastructure Index
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1 Guideline relating the Solactive MLP & Energy Infrastructure Index Version 1.3 dated August 12 th,
2 Contents Introduction 1 Index secifications 1.1 Short name and ISIN 1.2 Initial value 1.3 Distribution 1.4 Prices and calculation frequency 1.5 Weighting 1.6 Decision-making bodies 1.7 Publication 1.8 Licensing 2 Comosition of the Index 2.1 Selection of the index comonents 2.2 Ordinary adjustment 2.3 Extraordinary adjustment 3 Calculation of the Index 3.1 Index formula 3.2 Accuracy 3.3 Adjustments 3.4 Dividends and other distributions 3.5 Cororate actions 3.6 Calculation of the Index in the event of a market disrution 4 Definitions 5 Aendix 5.1 Contact data 5.2 Calculation of the Index change in calculation method This document contains the underlying rinciles and regulations regarding the structure and the oerating of the Solactive MLP & Energy Infrastructure Index. Solactive AG shall make every effort to imlement regulations. Solactive AG does not offer any exlicit or tacit guarantee or assurance, neither ertaining to the results from the use of the Index nor the Index value at any certain oint in time nor in any other resect. The Index is merely calculated and ublished by Solactive AG and it strives to the best of its ability to ensure the correctness of the calculation. There is no obligation for Solactive AG irresective of ossible obligations to issuers to advise third arties, including investors and/or financial intermediaries, of any errors in the Index. The ublication of the Index by Solactive AG is no recommendation for caital investment and does not contain any assurance or oinion of Solactive AG regarding a ossible investment in a financial instrument based on this Index. 2
3 Introduction This document is to be used as a guideline with regard to the comosition, calculation and management of the Solactive MLP & Energy Infrastructure Index. Any changes made to the guideline are initiated by the Committee secified in section 1.6. The Solactive MLP & Energy Infrastructure Index is calculated and ublished by Solactive AG. The name Solactive is coyrighted. 1 Index secifications The Solactive MLP & Energy Infrastructure Index( the Index ) is an Index of Solactive AG and is calculated and distributed by this rovider. The Index tracks the erformance of MLPs and energy infrastructure cororations. Midstream energy infrastructure MLPs and cororations rincially own and oerate assets used in energy logistics, including, but not limited to, ielines, storage facilities and other assets used in transorting, storing, gathering, and rocessing natural gas, natural gas liquids, crude oil or refined roducts. The index limits its exosure to artnershis in order to comly with alicable tax diversification rules. Securities must be ublicly traded in the United States. The index is comrised of securities that meet certain criteria relating to size and liquidity, as determined by Solactive AG. The Index is calculated as total return index. The Index is ublished in USD. 1.1 Short name and ISIN The Solactive MLP & Energy Infrastructure Index is distributed under ISIN DE000SLA0XX7; the WKN is SLA0XX. The Index is ublished in Reuters under the code <.SOLMLPX> and in Bloomberg under the code SOLMLPX <Index>. 1.2 Initial value The Index is based on 100 as at the close of trading on the start date of Distribution The Solactive MLP & Energy Infrastructure Index is ublished via the rice marketing services of Boerse Stuttgart AG and is distributed to all affiliated vendors. Each vendor decides on an individual basis as to whether he will distribute/dislay the Solactive MLP & Energy Infrastructure Index via his information systems. 1.4 Prices and calculation frequency The rice of the Solactive MLP & Energy Infrastructure Index is calculated on each Business Day based on the rices on the resective Exchanges on which the Index Comonents are listed. The most recent rices of all Index Comonents are used. Prices of Index Comonents not listed in the Index Currency are translated using sot foreign exchange rates quoted by Reuters. Should there be no current rice available on Reuters, the most recent rice or the Trading Price on Reuters for the receding Trading Day is used in the calculation. The daily index closing value is calculated using Reuters/WMCO closing sot rates as at 4m London time. The Solactive MLP & Energy Infrastructure Index is calculated every Business Day from 9:00am to 10:30m, CET. In the event that data cannot be rovided to Reuters or to the ricing services of Boerse Stuttgart AG the Index cannot be distributed. 3
4 Any incorrect calculation is adjusted on a retrosective basis. 1.5 Weighting On each Adjustment Day, the MLP allocation within the Solactive MLP & Energy Infrastructure Index is weighted according to Free Float Market Caitalization. The Percentage Weight of any MLP comonent is caed at 4.5 ercent on the Adjustment Days. The excess weight is allocated roortionally to all Index Comonents whose Percentage Weight is not caed. The caing methodology may be amended by the Committee from time to time to ensure aroriate index reresentation and index comliance with financial roduct regulations in the United States. All MLPs as a grou receive an aggregated weight of 24% as of the semi-annual adjustment days. All remaining comanies are weighted according to Free Float Market Caitalization. The three index comonents with the largest Free Float Market Caitalization are assigned a fixed weight of 9%. The comany with the fourth largest Free Float Market Caitalization receives a fixed weight of 8% and the fifth largest comany in terms of Free Float Market Caitalization is assigned a fixed weight of 7%. The sixth largest comany in terms of Free Float Market Caitalization receives 6.5%. All other comonents are caed at 4.5%. All non MLP comanies as a grou receive a weight of 76% on the semi-annual adjustment days. The weight of a non MLP index comonent may be decreased if its average daily value traded in the last three months is below 10 million USD, the minimum weight is 2.5%. 1.6 Decision-making bodies A Committee comosed of staff from Solactive AG is resonsible for decisions regarding the comosition of the Solactive MLP & Energy Infrastructure Index as well as any amendments to the rules (in this document referred to as the "Committee or the Index Committee ). The future comosition of the Solactive MLP & Energy Infrastructure Index is set by the Committee on the Selection Days. The Committee shall also decide about the future comosition of the Solactive MLP & Energy Infrastructure Index if any Extraordinary Events should occur and the imlementation of any necessary adjustments Members of the Committee can recommend at any time changes to the comosition of the Index or to the guideline and submit them to the Committee for aroval. 1.7 Publication All secifications and information relevant for calculating the Index are made available on the htt:// web age and sub-ages. 1.8 Licencing Licences to use the Index as the underlying value for derivative instruments are issued to stock exchanges, banks, financial services roviders and investment houses by Solactive AG. 4
5 2 Comosition of the Index 2.1 Selection of the Index Comonents The initial comosition of the Index as well as any ongoing adjustment is based on the following rules: On the Selection Days, Solactive AG rovides the Selection Pool. All infrastructure MLPs and their affiliate comanies which fulfil the index criteria as outlined in chater 4 will be added to the index. In case two affiliate comanies are eligible for index inclusion, the index owner may decide to exclude the corresonding MLP in order to increase issuer diversification. The minimum number of Index Comonents is 20. There have to be at least 13 comanies in the index which are not registered as an MLP as of the selection day in order to comly with index diversification rules. The index Committee may decide to temorarily reduce the minimum criteria as dislayed in chater 4 in order to reach the minimum number of index comonents. If there are not enough MLP affiliate comanies in the index, the index committee may decide to include comanies into the index which are listed on a regulated exchange in the United States and have their main business focus on energy infrastructure in the United States. 2.2 Ordinary adjustment The comosition of the Index is ordinarily adjusted quarterly on the last Business Day in February, May, August and November. The comosition of the Solactive MLP & Energy Infrastructure Index is reviewed on the Selection Day and the aroriate decision made is announced. The first adjustment will be made in November 2013 based on the Trading Prices of the Index Comonents on the Adjustment Day. Solactive AG shall ublish any changes made to the Index comosition on the Selection Day and consequently with sufficient notice before the Adjustment Day. 2.3 Extraordinary adjustment If a comany included in the Solactive MLP & Energy Infrastructure Index is removed from the Index between two Adjustment Days due to an Extraordinary Event, if necessary, the Committee shall designate a successor. The Solactive MLP & Energy Infrastructure Index is adjusted on the same day. This is announced by Solactive AG after the close of business on the day on which the new comosition of the Index was determined by the Committee. 5
6 3 Calculation of the Index 3.1 Index formula The Solactive MLP & Energy Infrastructure Index is an index whose value on a Business Day is equivalent to the sum over all Index Comonents of the roducts of (a) the Number of Shares of the Index Comonent and (b) the rice of the Index Comonent at the resective Exchange. As a formula: Index with: t n i 1 x t * t x i, t i, t = Number of Shares of the Index Comonent i on Trading Day t = Price of Index Comonent i on Trading Day t 3.2 Accuracy The value of the Index will be rounded to four decimal laces. The Number of Shares of the Index Comonents will be rounded to six decimal laces. Trading Prices will be rounded to four decimal laces. 3.3 Adjustments Indices need to be adjusted for systematic changes in rices once these become effective. This requires the new Number of Shares of the affected Index Comonent to be calculated on an ex-ante basis. Following the Committee s decision the Solactive MLP & Energy Infrastructure Index is adjusted for distributions, caital increases, rights issues, slits, ar value conversions and caital reductions. This rocedure ensures that the first ex quote can be roerly reflected in the calculation of the Index. This exante rocedure assumes the general accetance of the Index calculation formula as well as oen access to the arameter values used. The calculation arameters are rovided by Solactive AG. Any delay in calculating the new Number of Shares of an Index Comonent would create roblems. Therefore the rocedure described above is the most aroriate. 3.4 Dividends and other distributions Dividend ayments and other distributions are included in the Index. They cause an adjustment of the Number of Shares of the corresonding Index Comonent. The new Number of Shares is calculated as follows: x it with x t 1 D t 6
7 x, = Number of Shares of the Index Comonent i on Trading Day t i t D i, t = Payment on Trading Day t multilied by the Dividend Correction Factor of the resective country 3.5 Cororate actions Princiles Following the announcement by a comany included in the Index of the terms and conditions of a cororate action the Index Calculator determines whether such cororate action has a dilution, concentration or other effect on the rice of the Index Comonent. If this should be the case the Index Calculator shall make the necessary adjustments to the affected Index Comonent and/or the formula for calculating the Index and/or to other terms and conditions of this document that he deems aroriate in order to take into account the dilution, concentration or other effect and shall determine the date on which this adjustment shall come into effect. Amongst other things the Index Calculator can take into account the adjustment made by an Affiliated Exchange as a result of the cororate action with regard to otion and futures contracts on the resective share traded on this Affiliated Exchange Caital increases In the case of caital increases (from the comany s own resources or through cash contributions) the new Numbers of Shares are calculated as follows: t x * x with: rb rb i, B BV 1 N x t x t-1 t-1 rb t-1 B N BV = Number of Shares of Index Comonent i on the day of the distribution = Number of Shares of Index Comonent i on the day rior to the distribution = Closing rice on the day rior to ex date = Calculated value of rights issue = Price of rights issue = Dividend disadvantage = Subscrition ratio B=0 if caital is increased from the comany s own resources. The last dividend aid or the announced dividend roosal is alied as the dividend disadvantage Caital reductions In the case of caital reductions the new Number of Shares is determined as follows: x t x 1 * H t H it x t x t-1 = Reduction ratio of the comany on day t = Number of Shares of the affected Index Comonent on the day of the distribution = Number of Shares of the affected Index Comonent on the day rior to the distribution 7
8 3.5.4 Share slits and ar value conversions In the case of share slits and ar value conversions it is assumed that the rices change in ratio to the number of shares or to the ar values. The new Number of Shares is calculated as follows: x t x t 1 * N t 1 N t N t-1 N t-1 x t x t-1 = Former ar value of security class i (or new number of shares) = New ar value of security class i (or former number of shares) = Number of Shares of the affected Index Comonent on the day of the distribution = Number of Shares of the affected Index Comonent on the day rior to the distribution 3.6 Calculation of the Index in the event of a Market Disrution Event An Index is not calculated in the event of a Market Disrution Event. If the Market Disrution Event continues over a eriod of eight Trading Days, the Index Calculator calculates the Index value, taking into account the market conditions revailing at this oint in time, the last quoted Trading Price for each of the Index Comonents as well as any other conditions that it deems relevant for calculating the Index value. 8
9 4. Definitions Selection Pool in resect of a Selection Day are those comanies that fulfil the following conditions: (a) Listing on a regulated stock exchange in the United States (b) Structured as Master Limited Partnershi or as an affiliate cororation of an MLP comany (c) Business Focus on own and oerate assets used in energy logistics, including, but not limited to, ielines, storage facilities and other assets used in transorting, storing, gathering, and rocessing natural gas, natural gas liquids, crude oil or refined roducts. (d) Market Caitalization of at least 1000 million USD for MLP affiliated comanies which are not Index Comonents on the resective Selection Day, at least 750 million USD for MLP affiliated comanies which are Index Comonents on the resective Selection Day (e) Market Caitalization of at least 2000 million USD for MLPs which are not Index Comonents on the resective Selection Day, at least1500 million USD for MLPs which are Index Comonents on the resective Selection Day (f) Average daily trading volume in the last three months of at least 1,000,000 USD for comanies which are not Index Comonents on the resective Selection Day, at least 750,000 USD for comanies which are Index Comonents on the resective Selection Day (g) Average monthly trading volume of at least 75,000 shares in each of the last six months ( Liquidity Criterion ) Index Comonent is each share currently included in the Index. Affiliate comany is a comany which is connected to a MLP comany due to an ownershi relationshi. The comany must be a significant shareholder of the MLP or the MLP must be a significant shareholder of the affiliate comany Number of Shares is in resect of an Index Comonent and any given Business Day the number or fraction of shares included in the Index. It is calculated for any Index Comonent as the ratio of (A) the Percentage Weight of an Index Comonent multilied by the Index value and (B) its Trading Price. Percentage Weight of an Index Comonent is the ratio of its Trading Price multilied by its Number of Shares divided by the Index value. Dividend Correction Factor is calculated as 1 minus the alicable withholding tax rate and/or other alicable tax rate currently revalent in the resective country. In articular an Extraordinary Event is - a Merger - a Takeoverbid - a delisting - the Nationalisation of a comany - Insolvency. The Trading Price for this Index Comonent on the day the event came into effect is the last available market rice for this Index Comonent quoted on the Exchange on the day the event came into effect (or, if a market rice is not available for the day the event came into effect, the last available market rice quoted on the Exchange on a day secified as aroriate by the Index Calculator), as determined by the Index Calculator, and this rice is used as the Trading Price of the articular Index Comonent until the end of the day on which the comosition of the Index is next set. In the event of the Insolvency of an issuer of an Index Comonent the Index Comonent shall remain in the Index until the next Adjustment Day. As long as a market rice for the affected Index Comonent is available on a Business Day, this shall be alied as the Trading Price for this Index Comonent on the relevant Business Day, as determined in each case by the Index Calculator. If a market rice is not available on a Business Day the Trading Price for this Index Comonent is set to zero. The Committee may also decide to eliminate the 9
10 resective Index Comonent at an earlier oint in time rior to the next Adjustment Day. The rocedure in this case is identical to an elimination due to and Extraordinary Event. An Index Comonent is delisted if the Exchange announces ursuant to the Exchange regulations that the listing of, the trading in or the issuing of ublic quotes on the Index Comonent at the Exchange has ceased immediately or will cease at a later date, for whatever reason (rovided delisting is not because of a Merger or a Takeoverbid), and the Index Comonent is not immediately listed, traded or quoted again on an exchange, trading or listing system, accetable to the Index Calculator, Insolvency occurs with regard to an Index Comonent if (A) all shares of the resective issuer must be transferred to a trustee, liquidator, insolvency administrator or a similar ublic officer as result of a voluntary or comulsory liquidation, insolvency or winding-u roceedings or comarable roceedings affecting the issuer of the Index Comonents or (B) the holders of the shares of this issuer are legally enjoined from transferring the shares. A Takeoverbid is a bid to acquire, an exchange offer or any other offer or act of a legal erson that results in the related legal erson acquiring as art of an exchange or otherwise more than 10% and less than 100% of the voting shares in circulation from the issuer of the Index Comonent or the right to acquire these shares, as determined by the Index Calculator based on notices submitted to ublic or self-regulatory authorities or other information considered by the Index Calculator to be relevant. With regard to an Index Comonent a Merger is (i) a change in the security class or a conversion of this share class that results in a transfer or an ultimate definite obligation to transfer all the shares in circulation to another legal erson, (ii) a merger (either by acquisition or through forming a new structure) or a binding obligation on the art of the issuer to exchange shares with another legal erson (excet in a merger or share exchange under which the issuer of this Index Comonent is the acquiring or remaining comany and which does not involve a change in security class or a conversion of all the shares in circulation), (iii) a takeover offer, exchange offer, other offer or another act of a legal erson for the uroses of acquiring or otherwise obtaining from the issuer 100% of the shares issued that entails a transfer or the irrevocable obligation to transfer all shares (with the excetion of shares which are held and controlled by the legal erson), or (iv) a merger (either by acquisition or through forming a new structure) or a binding obligation on the art of the issuer of the share or its subsidiaries to exchange shares with another legal erson, whereby the issuer of the share is the acquiring or remaining comany and it does not involve a change in the class or a conversion of the all shares issued, but the shares in circulation directly rior to such an event (excet for shares held and controlled by the legal erson) reresent in total less than 50% of the shares in circulation directly subsequent to such an event. The Merger Date is the date on which a Merger is concluded or the date secified by the Index Calculator if such a date cannot be determined under the law alicable to the Merger. Nationalisation is a rocess whereby all shares or the majority of the assets of the issuer of the shares are nationalised or are exroriated or otherwise must be transferred to ublic bodies, authorities or institutions. Exchange is, in resect of the Selection Pool and every Index Comonent, the resective rimary exchange where the Index Comonent has its rimary listing. The Committee may decide to declare a different stock exchange the Exchange for trading reasons, even if the comany is only listed there via a Stock Substitute. Stock Substitute includes in articular American Deository Receits (ADR) and Global Deository Receits (GDR). With regard to an Index comonent (subject to the rovisions given above under Extraordinary Events ) the Trading Price in resect of a Trading Day is the closing rice on this Trading Day determined in accordance with the Exchange regulations. If the Exchange has no closing rice for an Index Comonent, the Index Calculator shall determine the Trading Price and the time of the quote for the share in question in a manner that aears reasonable to him. 10
11 A Trading Day is in relation to the Index or an Index Comonent a Trading Day on the Exchange (or a day that would have been such a day if a market disrution had not occurred), excluding days on which trading may be ceased rior to the normal Exchange closing time. The Index Calculator is ultimately resonsible as to whether a certain day is a Trading Day with regard to the Index or an Index Comonent or in any other connection relating to this document. A Business Day is a day on which Stuttgart Stock Exchange is oen for trading. The Index Calculator is Solactive AG or any other aroriately aointed successor in this function. The Index Currency is US-Dollar. Market Caitalization is with regard to each of the shares in the Selection Pool on a Selection Day or Adjustment Day the value ublished by Reuters (or a successor) as the Market Caitalization for this day. As at the date of this document Market Caitalization is defined by Reuters as the value of a comany calculated by multilying the number of shares outstanding of the comany by its share rice. Free Float Market Caitalization is with regard to each of the shares in the Selection Pool or in the Index on a Selection Day or Adjustment Day the Market Caitalization for this day multilied by the ratio of (A) the number of shares in circulation and (B) the number of shares outstanding of the resective comany. If Reuters (or a successor): (i) does not ublish for a Selection Day a Market Caitalization for a share or (ii) adots another method for calculating the Market Caitalization for all shares or only with regard to the share in question or uses different assumtions in calculating the Market Caitalization for all shares or only with regard to the share in question, and in the reasonable assessment of the Index Calculator involves material changes (the Index Calculator makes the decision as to whether such changes are to be deemed material by alying factors that in his reasonable assessment aear aroriate to him), the Index Calculator will determine the Market Caitalization in resect of the shares or of a share included in the Selection Pool and the resective Selection Day either from another ublicly accessible source secified at his sole discretion or from other sources that in his assessment are reasonable and aroriate in the event that no other ublicly quoted suitable rices are available. Adjustment Day is the last Business Day in February, May, August and November. Selection Day is the Business Day 10 Business Days before the Adjustment Day. An Affiliated Exchange is with regard to an Index Comonent an exchange, a trading or quotation system on which otions and futures contracts on the Index Comonent in question are traded, as secified by the Index Calculator. Affiliate comany is a comany which is connected to a MLP comany due to an ownershi relationshi. The comany must be a significant shareholder of the MLP or the MLP must be a significant shareholder of the affiliate comany. A Market Disrution Event occurs if 1. one of the following events occurs or exists on a Trading Day rior to the oening quotation time for an Index Comonent: A) trading is susended or restricted (due to rice movements that exceed the limits allowed by the Exchange or an Affiliated Exchange, or for other reasons): 1.1. across the whole Exchange; or 1.2. in otions or futures contracts on or with regard to an Index Comonent or an Index Comonent that is quoted on an Affiliated Exchange; or 1.3. on an Exchange or in a trading or quotation system (as determined by the Index Calculator) in which an Index Comonent is listed or quoted; or B) an event that (in the assessment of the Index Calculator) generally disruts and affects the oortunities of market articiants to execute on the Exchange transactions in resect of a share included in the Index or to determine market values for a share included in the Index or to execute on an Affiliated Exchange transaction with regard to otions and futures contracts on these shares or to determine market values for such otions or futures contracts; or 11
12 2. trading on the Exchange or an Affiliated Exchange is ceased rior to the usual closing time (as defined below), unless the early cessation of trading is announced by the Exchange or Affiliated Exchange on this Trading Day at least one hour before (aa) the actual closing time for normal trading on the Exchange or Affiliated Exchange on the Trading Day in question or, if earlier. (bb) the closing time (if given) of the Exchange or Affiliated Exchange for the execution of orders at the time the quote is given. Normal exchange closing time is the time at which the Exchange or an Affiliated Exchange is normally closed on working days without taking into account after-hours trading or other trading activities carried out outside the normal trading hours; or 3. a general moratorium is imosed on banking transactions in the country in which the Exchange is resident if the above-mentioned events are material in the assessment of the Index Calculator, whereby the Index Calculator makes his decision based on those circumstances that he considers reasonable and aroriate. 12
13 5 Aendix 5.1 Contact data Information regarding the Solactive MLP & Energy Infrastructure Index concet Solactive AG Guiollettstrasse Frankfurt am Main Tel.: Fax: Calculation of the Index change in calculation method The alication by the Index Calculator of the method described in this document is final and binding. The Index Calculator shall aly the method described above for the comosition and calculation of the Index. However it cannot be excluded that the market environment, suervisory, legal, financial or tax reasons may require changes to be made to this method. The Index Calculator may also make changes to the terms and conditions of the Index and the method alied to calculate the Index, which he deems to be necessary and desirable in order to revent obvious or demonstrable error or to remedy, correct or sulement incorrect terms and conditions. The Index Calculator is not obliged to rovide information on any such modifications or changes. Desite the modifications and changes the Index Calculator will take the aroriate stes to ensure a calculation method is alied that is consistent with the method described above. 13
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