Arbeitskreis Indizes

Stocks & standards workshop: DAX Reform – Neue Regeln für die DAX Auswahlindizes

Frankfurt am Main, 24.Februar 2021

> Die Auswahlindizes sind unsere Indizes mit einer festen Komponentenanzahl.

> Sie repräsentieren die größten Unternehmen mit dem höchsten Umsatz am regulierten Markt der 30 DAX Frankfurter Wertpapierbörse. 60 TecDAX 30 > Diese werden nach Streubesitz, Marktkapitalisierung MDAX und Orderbuchvolumen ausgewählt. 70 SDAX Die Indizes sind DAX®, MDAX®, SDAX®, TecDAX®, > Weitere gelistete Unternehmen HDAX®, DAX 50 ESG, General Standard Index, Scale 30 Index, DAX® ex Financials Index, DAX® ex Regulierter Markt Financials 30 Index und ÖkoDAX. SCALE

Rentabilitäts- Keine anforderungen Änderungen

Q4 Q1 Q2 Q3

Grundkriterien 1. Anzahl Komponenten 1. Vergrößertes Indexuniversum 2. Auswahlmethode 2. Zusätzliche Berichtspflichten 3. Mindestliquiditäts- anforderung 3. Prüfungsausschuss 4. Überprüfungsfrequenz für DAX

1. Basic criteria (4.1.1.1*) 2. Ranking list (4.1.1.2*) 3. Selection rules (4.1.1.3*) … > Listing on Prime Standard1) > All companies fulfilling the basic > Determination of index composition > Weighting > Continuous trading on Xetra criteria are ranked on a monthly basis based on predefined and automated > Capping in a ranking list selection process > Minimum-Free Float of 10% > … > Ranking occurs with respect to two > Quarterly Index Review based on Fast > Legal headquarters or operating metrics: Exit and Fast Entry selection rules with headquarters in Germany > Free -float market capitalization more conservative thresholds in order to > For foreign companies: (number of shares x free-float x 20-day allow for significant changes on ranking > registered office or operating VWAP2)) list to be reflected in composition of the headquarter in Germany or > Order book volume on Xetra (12-month selection indices quickly average) > focus of trading volume on Xetra and > Additional review on semiannual legal headquarter in EU or EFTA > For DAX Index only, companies must country (MDAX, SDAX, TecDAX) / annual show positive EBITDA in 2 (DAX) basis according to Regular Exit consecutive years to be eligible and Regular Entry selection rules with more relaxed thresholds in order to conduct a regular, more profound review

➔ Eligibility for Ranking ➔ Creation of ranking list ➔ Determination of index composition

* Chapter numbers refer to the „Guide to the DAX Equity Indices“, version 10.4 https://www.dax-indices.com/document/Resources/Guides/DAX_Equity_Indices.pdf 1) Additional key requirements for PS-companies: quarterly reporting, all publications in German and English, Corporate Calendar, Annual Analyst Conferences 2) 20-days VWAP: volume weighted average price over 20 days 4 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Grundkriterien

1. Basic criteria (4.1.1.1*) 2. Ranking list (4.1.1.2*) 3. Selection rules (4.1.1.3*) … > Listing on regulated market of FWB > All companies fulfilling the basic criteria > Determination of index composition based > Weighting are ranked on a monthly basis in a on predefined and automated selection > Continuous trading on Xetra > Capping ranking list process Minimum-Free Float of 10% > … > > Ranking occurs with respect to two > Quarterly Index Review based on Fast > Legal headquarters or operating metrics: Exit and Fast Entry selection rules with headquarters in Germany > Free -float market capitalization (number more conservative thresholds in order to 3) allow for significant changes on ranking > For foreign companies: of shares x free-float x 20-day VWAP ) list to be reflected in composition of the > registered office or operating > Order book volume on Xetra (12-month selection indices quickly headquarter in Germany or average) > Additional review on semiannual basis > For DAX Index only, companies must show > focus of trading volume on Xetra and according to Regular Exit and Regular legal headquarter in EU or EFTA country positive EBITDA in 2 consecutive years to be eligible (new since December 2020) Entry selection rules with more relaxed > Timely publication of audited Annual thresholds in order to conduct a regular, Financial Report, half-yearly Financial more profound review Report and quarterly statements1) > Existence of an audit committee according to recommendations D.3 and C.10 of DCGK and compliance of the committee with D.9, D.10, D.112) ➔ Eligibility for Ranking ➔ Creation of ranking list ➔ Determination of index composition

* Chapter numbers refer to the „Guide to the DAX Equity Indices“, version 11.1.4 https://www.dax-indices.com/document/Resources/Guides/Guide%20to%20the%20DAX%20Equity%20Indices_V11.1.4.pdf 1) All requirements must be fulfilled by any company listed on the Regulated Market of FWB in order to be eligible for index membership. Details about the implementation with regard to newly listed companies are under review by the Administrator's internal governance and will be made public as soon as possible. 2) https://www.dcgk.de//files/dcgk/usercontent/en/download/code/191216_German_Corporate_Governance_Code.pdf 3) 20-days VWAP: volume weighted average price over 20 days 5 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Die wesentlichen Unterschiede in den Anforderungen auf einen Blick

Anforderung Prime Standard Anforderung General Standard Anforderung Basic Criteria (DAX)

Jahresbericht > Den Jahresfinanzbericht nach den > Den Jahresfinanzbericht nach den > Den Jahresfinanzbericht nach Vorgaben des WpHG Vorgaben des WpHG den Vorgaben des WpHG > auf Deutsch und Englisch > auf Deutsch oder Englisch > auf Deutsch oder Englisch > für den Schluss eines jeden > für den Schluss eines jeden > 90 Tage nach dem Ende der Geschäftsjahres erstellen und Geschäftsjahres erstellen und Berichtsperiode, spätestens > spätestens vier Monate nach Ablauf > spätestens vier Monate nach nach 4 Monaten eines jeden Geschäftsjahres Ablauf eines jeden > Veröffentlichung auf der > über die Exchange Reporting System- Geschäftsjahres Webseite ausreichend Schnittstelle an die Börsengeschäftsführung übermitteln. Halbjahresbericht > Den Halbjahresfinanzbericht nach den > Den Halbjahresfinanzbericht nach > Den Halbjahresfinanzbericht Vorgaben des WpHG den Vorgaben des WpHG nach den Vorgaben des WpHG > auf Deutsch und Englisch > auf Deutsch oder Englisch > auf Deutsch oder Englisch > für die ersten sechs Monate eines > für die ersten sechs Monate eines > für die ersten sechs Monate jeden Geschäftsjahres erstellen und jeden Geschäftsjahres erstellen eines jeden Geschäftsjahres > spätestens drei Monate nach dem und erstellen und Ende des jeweiligen Berichtszeitraums > spätestens drei Monate nach dem > 45 Tage nach Ende der > über die Exchange Reporting System- Ende des jeweiligen Berichtsperiode, spätestens Schnittstelle an die Berichtszeitraums nach drei Monate Börsengeschäftsführung übermitteln. Berichtszeitraums > Veröffentlichung auf der Webseite ausreichend

Anforderung Prime Standard Anforderung General Standard Anforderung Basic Criteria (DAX)

Quartalsbericht > Die Quartalsmitteilung oder den Nicht gefordert > Die Quartalsmitteilung oder den Quartalsfinanzbericht Quartalsfinanzbericht > auf Deutsch und Englisch > auf Deutsch oder Englisch > zum Stichtag des ersten und des > zum Stichtag des ersten und dritten Quartals eines Geschäftsjahres des dritten Quartals eines erstellen und Geschäftsjahres erstellen und > spätestens zwei Monate nach dem > 45 Tage nach dem Ende der Ende des jeweiligen Berichtsperiode, spätestens Mitteilungszeitraums nach 75 Tagen > über die Exchange Reporting System- > Veröffentlichung auf der Schnittstelle an die Webseite ausreichend Börsengeschäftsführung übermitteln. Prüfungsausschuss Nicht gefordert Nicht gefordert > Gefordert gemäß Empfehlungen des DCGK: > Durch Entsprechung des gesamten Codex oder den Empfehlungen in D.3, C.10, D.9, D.10, D.11 > Grandfathering für Indexmitglieder bis August 2022 auch bei Wechsel innerhalb der Auswahlindizes

Insolvency – Rule 5.1.1* Breach of basic criteria- Rule 5.1.2* Free Float – Rule 5.1.4* > “If an Insolvency Event occurred in > A company not fulfilling the basic criteria > If the free float factor of a company relation to a Constituent, the securities of any longer is removed and replaced with included in a selection index changes by the Constituent shall be deleted from the two trading days notice. In that case, the more than 10 percentage points during index based on the traded stock price on leaving company is treated as a Fast the period between two regular chaining its primary market, if available; if the last Exit and a replacement is determined dates due to a corporate action (e.g. price is not available, the Constituent will according to the ranks defined for the subscription right or changes in share be deleted at market close in local successor in section 4.1.1.1. capital), the free float factor will be currency of 0.001.” > If a company does not publish the updated extraordinarily. > “The Constituent shall be extraordinarily required financial information within the replaced in the Indices. Such replacement period defined in section 4.1.1.1, the shall be announced at 22:00 CET on the name of the company is publicly day STOXX became aware of the disclosed on qontigo.com Insolvency Event based on publicly > A breach of compliance with the available information. The change shall be requirement regarding the Audit implemented two (2) trading days after the Committee leads to the removal of the calendar day of the announcement by respective company at next index review STOXX and shall become effective the next trading day after implementation.”

* Chapter numbers refer to the „Guide to the DAX Equity Indices“, version 11.1.4 https://www.dax-indices.com/document/Resources/Guides/Guide%20to%20the%20DAX%20Equity%20Indices_V11.1.4.pdf

8 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Überprüfungssequenz Alternate candidate rank FF- DAX® Candidate rank FF-Mcap/OBV Mar. Jun. Sep. Dec. Mcap/OBV Fast Exit 45/45 35/35; 35/40; 35/45 X X X X Fast Entry 25/25 35/35 X X X X Regular Exit 40/40 35/35 X X Regular Entry 30/30 35/35 X X MDAX® Fast Exit 105/105 95/95; 95/100; 95/105 X X X X Fast Entry 85/85 95/95 X X X X Regular Exit 100/100 95/95 X X Regular Entry 90/90 95/95 X X SDAX® Fast Exit 175/175 165/165; 165/170; 165/175 X X X X Fast Entry 155/155 165/165 X X X X Regular Exit 170/170 165/165 X X Regular Entry 160/160 165/165 X X TecDAX® Fast Exit 45/45 35/35; 35/40; 35/45 X X X X Fast Entry 25/25 35/35 X X X X Regular Exit 40/40 35/35 X X Regular Entry 30/30 35/35 X X

10 40 DAX

50 MDAX TecDAX 30

70 SDAX

Weitere gelistete Unternehmen

Regulierter Markt

SCALE

1. Basis criteria (4.1.1.1*) 2. Ranking list (4.1.1.2*) 3. Selection rules (4.1.1.3*) … > […] > All companies fulfilling the basic criteria > The four selection rules Fast Exit, Fast > Weighting > Minimum Liquidity on FWB®: are ranked on a monthly basis in a Entry, Regular Exit, Regular Entry are > Capping ranking list applied to the ranking list to determine the … > Initial eligibility: minimum trading index composition > volume over the last 12-months of 1 bn > For DAX Index only, companies must EUR at FWB or show a turnover rate of show positive EBITDA in 2 > Each of the four indices is reviewed on a 20% consecutive years to be eligible quarterly basis according to Fast Exit and Fast Entry rules > Continued eligibility: a minimum trading > Ranking occurs with respect to Free -float volume over the last 12-months of at market capitalization (number of shares x > Additionally, the Regular Exit and Regular 1) least 0.8 bn EUR or show a turnover free-float x 20-day VWAP ) Entry rules apply to the indices rate of 10% semiannually > Foreign companies must have: > Selection rules are adapted, such that selection is based on free-float market > the legal headquarter in EU or EFTA cap only country, or > Thresholds given in the Selection rules > an operating headquarter in Germany are adapted to the new number of components in DAX and MDAX

Eligibility for Ranking Creation of ranking list Determination of index composition

* Chapter numbers refer to the „Guide to the DAX Equity Indices“, in its current version 11.1.4 https://www.dax- indices.com/document/Resources/Guides/Guide%20to%20the%20DAX%20Equity%20Indices_V11.1.4.pdf , Rulebook will be adjusted 3 months before the change becomes effective, i.e. end of May 2021 to reflect the changes described above 1) 20-days VWAP: volume weighted average price over 20 days 11 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q3 Auswahlmethode und Mindestliquidität (cont´d) Alternate candidate rank FF- DAX® Candidate rank FF-Mcap Mar. Jun. Sep. Dec. Mcap Fast Exit 60 47 X X X X Fast Entry 33 47 X X X X Regular Exit 53 47 X X Regular Entry 40 47 X X MDAX® Fast Exit 110 97 X X X X Fast Entry 83 97 X X X X Regular Exit 103 97 X X Regular Entry 90 97 X X SDAX® Fast Exit 180 167 X X X X Fast Entry 153 167 X X X X Regular Exit 173 167 X X Regular Entry 160 167 X X TecDAX® Fast Exit 45 35 X X X X Fast Entry 25 35 X X X X Regular Exit 40 35 X X Regular Entry 30 35 X X

13 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Aktuelle Auswahl Index Komponenten am Beispiel DAX – Auswahl nach Marktkapitalisierung und Turnover

Fast Exit (45/45): A company is replaced if it ranks worse than 45 in one of the two criteria. The replacing company must rank 35 or better in both criteria. The requirements may be relaxed in 1 order to find a replacement1).

Quarterly Fast Entry (25/25): A company enters the index if it ranks 25 or better in both criteria. The (March, June, September, December) company with the lowest free-float capitalization and ranked 35 or worse in one of the two criteria 2 is removed2).

Regular Exit (40/40): A company is replaced if it ranks worse than 40 in one of the two criteria. The replacing company must rank 35 or better in both criteria. In case no successor can be determined, 3 no change takes place. Annually (September) Regular Entry (30/30): A company enters the index if ranks 30 or better in both criteria. The company with the lowest free-float capitalization and ranked 35 or worse in one of the two criteria 4 is removed. In case no successor can be determined, no change takes place.

1) If there are no companies that meet these conditions, the successor is determined by relaxing the order book volume criterion twice gradually, each time by five ranks. If there is still no company that meets the criteria, the company with a free-float market capitalization rank of 35 or better and the highest 12-month turnover is determined as the successor. 2) If there are no companies in the selection index that meet these criteria, the company with the lowest free float market capitalisation is removed.

Ab September 2021

15 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Auswahl Index Komponenten ab September 2021 am Beispiel DAX - Auswahl nur nach Marktkapitalisierung

Fast Exit (60): A company is replaced if it ranks worse than 60 in free-float Market Cap rank. The replacing company must rank 47 or better. 1

Quarterly Fast Entry (33): A company enters the index if it ranks 33 or better. The company with the lowest (March, June, September, December) free-float capitalization ranked 47 or worse is removed. 2

Regular Exit (53): A company is replaced if it ranks worse than 53. The replacing company must rank 47 or better. In case no successor can be determined, no change takes place. 3 semiannually (March, September) Regular Entry (40): A company enters the index if it ranks 40 or better. The company with the lowest free-float capitalization ranked 47 or worse is removed. In case no successor can be 4 determined, no change takes place.

16 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. 17 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group.