Rule Change for MVBRF MVHTWO MVUCB

Old

New

Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index covers 100% of the free-float market capitalization of the eligible universe of small-cap Brazilian companies with a minimum of 25 components.

1. Components are valued by full market capitalization (all secondary lines are grouped). All companies (and not securities) that local companies are sorted by full market capitalization in descending order. For the determination of the full market capitalization of companies the most liquid listing is taken into consideration. This excludes depository receipts (DRs) and similar units based on the underlying - if available. The latter is to avoid a potential DR premium for the calculation of the market capitalization. This most liquid listing might not be selected as an index constituent per rules above (Section 1.3.2).

2. Companies covering the top 90% of the full market capitalization are excluded. Only companies ranking between 90% and 98% qualify for the selection. However, existing components ranking between 85% and 90% or 98% and 99% also qualify for the selection.

3. Non-local companies will qualify the same way as local stocks in step 2, i.e., non-local companies that are currently not in the index and that are smaller than the local company at the 90% threshold from step 2 or that are larger than the local company at the 98% threshold from step 2 will also qualify for the selection; non-local companies that are currently in the index will also qualify for the selection if they are smaller than the local company at the 85% threshold from step 2 or if they are larger than the local company at the 99% threshold from step 2.

4. All companies which qualified in step 2 and 3 are now viewed as securities (companies with secondary lines are ungrouped and treated separately). Only securities that meet all requirements of the eligible universe are added to the index.

5. In case the number of eligible companies is below 25, additional companies are added by the Index Owner’s decision until the number of stocks equals 25.

Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index covers 100% of the free-float market capitalization of the eligible universe of small-cap local Brazilian and non-local Brazilian companies with a minimum of 25 components.

1. Components are valued by full market capitalization (all secondary lines are grouped). All companies (and not securities) that local companies are sorted by full market capitalization in descending order. For the determination of the full market capitalization of companies the most liquid listing is taken into consideration. This excludes depository receipts (DRs) and similar units based on the underlying - if available. The latter is to avoid a potential DR premium for the calculation of the market capitalization. This most liquid listing might not be selected as an index constituent per rules above (Section 1.3.2).

2. Companies covering the top 90% of the full market capitalization are excluded. Only companies ranking between 90% and 98% qualify for the selection. However, existing components ranking between 85% and 90% or 98% and 99% also qualify for the selection.

3. All companies which qualified in step 2 are now viewed as securities (companies with secondary lines are ungrouped and treated separately). Only securities that meet all requirements of the eligible universe are added to the index.

4. In case the number of eligible companies is below 25, additional companies are added by the Index Owner’s decision until the number of stocks equals 25.

5. In case the number of eligible companies is below 25, additional companies are added by the Index Owner’s decision until the number of stocks equals 25.

Old

New

Upon an index rebalance, components selected to the index will be weighted according to a modified float-adjusted market cap weighting strategy:

• The maximum weight for any single security is:

– 10% for hyrdogen companies and

– 8% for industrial gases companies.

• Components are weighted in proportion to their free-float adjusted market capitalization.

• If a security’s weight exceeds the maximum weight, the weight will be reduced to the maximum weight and the excess weight shall be redistributed among uncapped components proportionally.

• This process is repeated until the sum of all components’ weights is equal to 100% and no component’s weight exceeds the maximum-security weight.

Upon an index rebalance, components selected to the index will be weighted according to a modified float-adjusted market cap weighting strategy:

• The maximum weight for any single security is:

– 10% for hydrogen companies and

– 8% for industrial gases companies.

• Components are weighted in proportion to their free-float adjusted market capitalization.

• If a security’s weight exceeds the maximum weight, the weight will be reduced to the maximum weight, and the excess weight shall be redistributed among uncapped components proportionally.

• In case the aggregated weight of components from the same parent organization exceeds 10%, the weights of those components shall be reduced proportionally until their combined weight equals 10%. The excess weight shall be proportionally distributed among uncapped index components.

• This process is repeated until the sum of all components’ weights is equal to 100% and no component’s weight exceeds the maximum-security weight.

Old

New

Upon an index rebalance, components selected to the index will be weighted according to a tiered modified float-adjusted market cap weighting strategy as follows:

• The maximum-security weight is 4%.

• The minimum weight of "Infrastructure" is 25% and the minimum weight of "Building" is 25%.

• Components are weighted in proportion to their free-float adjusted market capitalization.

• If the aggregate weight of components in any tier is greater/less than the maximum/minimum tier weight, the weight of components in that tier will be reduced/increased in proportion to their free-float adjusted market capitalization so that the aggregate weight of components in that tier is equal to the maximum/minimum tier weight. The excess weight is redistributed proportionally among remaining tiers and this process is repeated until the aggregate weight of all tier weights equals 100% and no tier weight violates its maximum/minimum tier weight.

• If a security’s weight exceeds the maximum weight, the weight will be reduced to the maximum weight and the excess weight will be redistributed among uncapped components on a pro-rata basis within the security’s respective tier. This process is repeated until the sum of all components’ weights is equal to 100% and no component’s weight exceeds the maximum-security weight.

• The maximum weight of components takes precedence over tier weights. In case the fixed tier weights create a conflict with the maximum component weights, tier weights may be adjusted accordingly (on a proportional basis) to allow the aggregate weight of all index components to equal 100% while satisfying all other capping scheme constraints.

Upon an index rebalance, components selected to the index will be weighted according to a tiered modified float -adjusted market cap weighting strategy as follows:

• The maximum-security weight is 4%.

• The minimum weight of "Infrastructure" is 25% and the minimum weight of "Building" is 25%.

• Components are weighted in proportion to their free-float adjusted market capitalization.

• If the aggregate weight of components in any tier is greater/less than the maximum/minimum tier weight, the weight of components in that tier will be reduced/increased in proportion to their free-float adjusted market capitalization so that the aggregate weight of components in that tier is equal to the maximum/minimum tier weight. The excess weight is redistributed proportionally among remaining tiers, and this process is repeated until the aggregate weight of all tier weights equals 100% and no tier weight violates its maximum/minimum tier weight.

• If a security’s weight exceeds the maximum weight, the weight will be reduced to the maximum weight and the excess weight will be redistributed among uncapped components on a pro-rata basis within the security’s respective tier. This process is repeated until the sum of all components’ weights is equal to 100% and no component’s weight exceeds the maximum-security weight.

• In case the aggregated weight of all index components with less than 50% exposure to the activities outlined in section 1.1.1 exceeds 20%, a weighting cap factor will be applied to ensure the aggregated weight of such index components does not exceed 20%. The excess weight shall be proportionally redistributed within the respective tier among the uncapped index components with more than 50% exposure to the activities outlined in section 1.1.1 .

• The maximum weight of components and the aggregate weight of components with less than 50% exposure to the activities outlined in section 1.1.1 takes precedence over tier weights. In case the tier weights create a conflict with the maximum component weights, tier weights may be adjusted accordingly (on a proportional basis) to allow the aggregate weight of all index components to equal 100% while satisfying all other capping scheme constraints.