Information to Index Calculation Agent - 24/07/2014



The Index Sponsor hereby notifies that in accordance with the Index Rules, an exceptional replacement will be performed in respect of the Repo Rate AM USD fixing (Bloomberg ticker “IREPUSOA <Index>”) (the “Replaced Overnight Rate”), following the decision by its sponsor to impose restrictions to its use by the Index Sponsor and Index Calculation Agent.

Consequently, the Replaced Overnight Rate will be replaced by the official Federal Funds Effective Rate US fixing (the “Successor Overnight Rate”), published by the FED on the Bloomberg page “FEDL01 <Index>”.

The replacement is effective as of the closing of July 29th , 2014 (included).

This decision is applicable to the following indices:

- SGI Emerging DLS – EUR – Excess Return (Bloomberg ticker: SGIXDLSE <Index>)

- SGI Emerging DLS – USD – Excess Return (Bloomberg ticker: SGIXDLSU <Index>)

This announcement is made on July 24th, 2014.