Dow Jones Dividend Indices Methodology

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1 Dw Jnes Dividend Indices Methdlgy S&P Dw Jnes Indices: Index Methdlgy August 2015

2 Table f Cntents Intrductin 4 Highlights and Index Family 4 Eligibility Criteria and Index Cnstructin 7 Dw Jnes Asia Select Dividend 30 Index and Asia/Pacific Select Dividend 30 Index 7 Dw Jnes Emerging Markets Select Dividend Index 9 Dw Jnes EPAC Select Dividend Index 11 Dw Jnes Eurpe Select Dividend 30 Index and Eurzne Select Dividend 30 Index 13 Dw Jnes Glbal Select Dividend Index 15 Dw Jnes Glbal Select Dividend Cmpsite Index 17 Dw Jnes Australia Select Dividend 30 Index 18 Dw Jnes Canada High Dividend 50 Index 20 Dw Jnes Canada Select Dividend Index 22 Dw Jnes Eurpean Cuntry Select Dividend Indices 24 Dw Jnes Hng Kng Select Dividend 30 Index 26 Dw Jnes Japan Select Dividend 30 Index 28 Dw Jnes Switzerland Select Dividend 15 Index (Grss and Net) 30 Dw Jnes U.S. Dividend 100 Index 32 Dw Jnes U.S. Select Dividend Index 34 Dw Jnes Islamic Market Glbal Select Dividend Index 36 Index Calculatins 38 Appraches 38 Dw Jnes Select Dividend Distributing Indices 38 Dw Jnes Select Dividend Hedged Indices 39 Multiple Classes f Stck 40 S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 1

3 Index Maintenance 41 Rebalancing 41 Quarterly Updates 41 Onging Maintenance 41 Select Dividend Distributing Indices 42 Crprate Actins 42 Currency f Calculatin 42 Exchange Rate 42 Base Dates and Histry Availability 42 Investable Weight Factr (IWF) 42 Other Adjustments 43 Index Data 44 Ttal Return Indices 44 Index Gvernance 46 Index Cmmittee 46 Index Plicy 47 Annuncements 47 Pr-frma Files 47 Hliday Schedule 47 Unscheduled Market Clsures 48 Recalculatin Plicy 48 Real-Time Calculatin 48 Index Disseminatin 49 Tickers 49 FTP 49 Web site 49 Appendix I Currency f Calculatin 50 Index Currencies 50 Appendix II Base Dates and Histry Availability 51 Base Dates and Histry Availability 51 S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 2

4 Appendix III - Tickers 53 Glbal/Reginal Indices 53 Cuntry Indices 54 Thematic Indices 55 Appendix IV Methdlgy Changes 56 S&P Dw Jnes Indices Cntact Infrmatin 57 Index Management 57 Prduct Management 57 Media Relatins 57 Client Services 57 Disclaimer 58 S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 3

5 Intrductin The Dw Jnes Dividend Indices family measures the stck perfrmance f the wrld's tp dividend-paying cmpanies in a suite f glbal, reginal, cuntry and thematic indices. Each index cntains between 15 and 100 stcks that have been selected fr fundamental strength relative t their peers, subject t varius screens such as dividend quality and liquidity. The indices are weighted by dividend yield r a mdified market capitalizatin apprach. Certain indices are als available accrding t a unique distributing calculatin methdlgy, which was created t ffer investrs greater transparency int the price perfrmance f a base index and the accumulated distributed dividends f its cnstituent cmpanies. Highlights and Index Family Glbal/Reginal Indices Dw Jnes Asia Select Dividend 30 Index. Currently represents Hng Kng, Taiwan, Singapre, Suth Krea and Hng Kng-listed Chinese cmpanies. Dw Jnes Asia/Pacific Select Dividend 30 Index*. Currently represents Australia, Hng Kng, Japan, New Zealand and Singapre. Dw Jnes Emerging Markets Select Dividend Index. Includes 100 leading dividend-paying emerging-market cmpanies. Dw Jnes EPAC Select Dividend Index. Cvers nn-u.s. develped markets. (EPAC: Eurpe, Pacific, Asia and Canada) Dw Jnes Eurpe Select Dividend 30 Index*. Cvers develped Eurpean markets. Dw Jnes Eurzne Select Dividend 30 Index*. Cvers the Eurznemarkets. Dw Jnes Glbal Select Dividend Index. Includes 100 securities trading in develped-market cuntries. Dw Jnes Glbal Select Dividend Cmpsite Index. Measures the stck perfrmance f leading dividend-paying cmpanies wrldwide thrugh a 300- stck cmpsite f U.S., develped-market ex-u.s., and emerging-market dividend indices. The index is calculated in U.S and Canadian dllars. A Canadian dllar hedged versin is als available. * These indices are als available calculated accrding t the distributing calculatin methdlgy. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 4

6 Cuntry Indices Each f the fllwing indices in the Dw Jnes Select Dividend Indices family represents the cuntry's leading stcks by dividend yield. Americas Dw Jnes Canada Select Dividend Index* Dw Jnes U.S. Select Dividend Index* Asia/Pacific Eurpe Dw Jnes Australia Select Dividend 30 Index* Dw Jnes Hng Kng Select Dividend 30 Index Dw Jnes Japan Select Dividend 30 Index Dw Jnes France Select Dividend 20 Index* Dw Jnes Germany Select Dividend 20 Index* Dw Jnes Italy Select Dividend 20 Index Dw Jnes Netherlands Select Dividend 15 Index Dw Jnes Spain Select Dividend 20 Index Dw Jnes Sweden Select Dividend 15 Index Dw Jnes Switzerland Select Dividend 15 Index* Dw Jnes Switzerland Select Dividend 20 Index Dw Jnes U.K. Select Dividend 20 Index* In additin, the Americas regin als includes the fllwing cuntry indices: Dw Jnes Canada High Dividend 50 Index. Represents 50 high dividendpaying Canadian stcks and incme trust units that are selected fr fundamental strength relative t their peers, based n financial ratis. Dw Jnes U.S. Dividend 100 Index. Represents 100 high dividend-paying U.S. cmpanies with a recrd f cnsistently paying dividends, selected fr fundamental strength relative t their peers, based n financial ratis. Thematic Indices Dw Jnes Islamic Market Glbal Select Dividend Index. Cvers leading dividend-paying cmpanies in develped cuntries wrldwide that pass rulesbased screens fr Shariah cmpliance. * These indices are als available calculated accrding t the distributing calculatin methdlgy. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 5

7 This methdlgy was created by S&P Dw Jnes Indices t achieve the afrementined bjective f measuring the underlying interest f each index gverned by this methdlgy dcument. Any changes t r deviatins frm this methdlgy are made in the sle judgment and discretin f S&P Dw Jnes Indices s that the index cntinues t achieve its bjective. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 6

8 Eligibility Criteria and Index Cnstructin Glbal/Reginal Indices Dw Jnes Asia Select Dividend 30 Index and Asia/Pacific Select Dividend 30 Index Index Universe. The index universe is defined as all cmpanies in the fllwing indices: Dw Jnes Asia Select Dividend 30 Index. Dw Jnes Glbal Indices cuntry indices fr Hng Kng, Taiwan, Singapre and Suth Krea. Hng Kng-listed Chinese cmpanies are als eligible, while REITs are ineligible. Dw Jnes Asia/Pacific Select Dividend 30 Index. Dw Jnes Glbal Indices cuntry indices fr Australia, Hng Kng, Japan, New Zealand and Singapre, excluding REITs. Cmpanies must pass the fllwing screens fr dividend quality: The cmpany must have paid dividends in each f the previus three years. The cmpany s previus-year dividend-per-share rati must be greater than r equal t its three-year average annual dividend-per-share rati. DDD t 3yy DDD gggggh = AAAAAAA(DDD t + DDD t 1 + DDD t 2 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths A five-year average dividend cverage rati must be greater than r equal t 2/3rds the five-year average dividend cverage rati f the crrespnding DJGI cuntry index, r greater than 118%, whichever is greater. DDDDDDDD cccccccc rrrrr = AAAAAAA EEE t DDD t + EEE t 1 DDD t 1 + EEE t 2 DDD t 2 + EEE t 3 DDD t 3 + EEE t 4 DDD t 4 EPS t = Earnings-per-share DPS t = Annual dividend-per-share where t is current year trailing twelve mnths A nn-negative trailing 12-mnth earnings-per-share (EPS). S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 7

9 A flat-adjusted market capitalizatin f at least US$ 600 millin (US$ 400 millin fr current cnstituents). An average daily trading vlume f at least US$ 3 millin ver the past three mnths. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Current index cnstituents are included in the index universe regardless f their dividend grwth rate, cverage rati, current year earnings-per-share, r trading vlume. Index Cnstructin. The tp 30 stcks by indicated dividend yield are selected t the index, subject t buffers designed t limit turnver by favring current index cnstituents: 1. Stcks in the index universe are ranked in descending rder by indicated annual dividend yield, defined as a stck s indicated annual dividend (nt including any special dividends) divided by its price. 2. All current cnstituent stcks that are amng the tp 60 stcks are included in the index. 3. Nn-cnstituent stcks are added t the index based n their rankings until the cnstituent cunt reaches N mre than 15 cmpanies frm each eligible cuntry can be included in the index at any time. The indicated annual dividend used in the calculatin f a cmpany s dividend yield is as f the last business day f December. The reference date fr the stck price is the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual dividend yield. The dividend yield values used t calculate cnstituent weights are capped at 20%. The weight f any individual cmpany within the index is restricted 15%. Such restrictins, when required, are implemented quarterly. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 8

10 Dw Jnes Emerging Markets Select Dividend Index Index Universe. The starting universe fr the index is the Dw Jnes Emerging Markets Ttal Stck Market Specialty Index, excluding REITs. Fr China, nly stcks f cmpanies that trade n Hng Kng r U.S. exchanges are eligible. Stcks in the index universe must pass all f the fllwing screens t be included in the selectin pl: Must have a nn-negative trailing 12-mnth earnings-per-share (EPS). Indicated annual dividend yield must be greater than 0%. Must have paid dividends during each f the past three years. Flat-adjusted market capitalizatin must be at least US$ 250 millin. Minimum three-mnth daily average trading vlume f US$ 2 millin. In case f multiple classes f securities, nly the mst liquid class is eligible. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Current index cnstituents are included in the universe regardless f their current year earnings-per-share, but are deemed ineligible if three-mnth average daily trading vlume is less than US$ 500,000. Index Cnstructin. Cnstituent Selectin is as fllws: 1. Stcks passing all screens are ranked in descending rder by indicated annual yield, defined as a stck s indicated annual dividend (nt including any special dividends) divided by its price. 2. The tp 100 stcks are selected as index cnstituents. N mre than 30 stcks can be selected frm any single cuntry. Selectins are subject t the fllwing buffers: Fr cuntries that reach the 30-stck limit, nn-cnstituents will replace current cnstituents if they are ranked amng the tp six within that cuntry. Fr cuntries that have nt reached the 30-stck limit, nncnstituents will replace current cnstituents if they are ranked amng the tp 14. If n cuntry reaches the 30-stck limit, nn-cnstituents will replace current cnstituents if they are ranked amng the tp 20. If a current cnstituent is ranked utside f the tp 400, that stck is remved frm the index and replaced with the tp-ranking nncnstituent. 3. Existing cnstituents are selected tp-dwn until the target cnstituent number is reached. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 9

11 The indicated annual dividend used in the calculatin f a cmpany s dividend yield is as f the last business day f December. The reference date fr the stck price is the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual yield. N single cuntry can represent mre than 25% f the index. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 10

12 Dw Jnes EPAC Select Dividend Index Index Universe. The index universe is defined as all cmpanies in the Dw Jnes Develped Markets ex-u.s. Index, excluding REITs. Cmpanies must pass the fllwing screens fr dividend quality: The cmpany must have paid dividends in each f the previus three years. The cmpany s previus-year dividend-per-share rati must be greater than r equal t its three-year average annual dividend-per-share rati. DDD t 3yy DDD gggggh = AAAAAAA(DDD t + DDD t 1 + DDD t 2 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths A five-year average dividend cverage rati must be greater than r equal t twthirds f the five-year average dividend cverage rati f the crrespnding DJGI cuntry index, r greater than 118%, whichever is greater. DDDDDDDD cccccccc rrrrr = AAAraaa EEE t DDD t + EEE t 1 DDD t 1 + EEE t 2 DDD t 2 + EEE t 3 DDD t 3 + EEE t 4 DDD t 4 EPS t = Earnings-per-share DPS t = Annual dividend-per-share where t is current year trailing twelve mnths A nn-negative trailing 12-mnth earnings-per-share (EPS) A flat-adjusted market capitalizatin f at least US$ 1 billin (US$ 750 millin fr current cnstituents). An average daily trading vlume f at least US$ 3 millin ver the past three mnths. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Current index cnstituents are included in the index universe regardless f their dividend grwth rate, cverage rati, current year earnings-per-share, r trading vlume. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 11

13 Index Cnstructin. The tp 100 stcks by indicated dividend yield are selected t the index, subject t buffers designed t limit turnver by favring current index cnstituents: 1. Stcks in the index universe are ranked in descending rder by indicated annual dividend yield, defined as a stck s indicated annual dividend (nt including any special dividends) divided by its price. 2. All current cnstituent stcks that are amng the tp 200 stcks are included in the index. 3. Nn-cnstituent stcks are added t the index based n their rankings until the cnstituent cunt reaches 100. The indicated annual dividend used in the calculatin f a cmpany s dividend yield is as f the last business day f December. The reference date fr the stck price is the last business day f February. Cnstituent Weightings. The cnstituent weights fr the index are determined annually using the fllwing steps: Calculate the Indicated Annual Dividend (IAD) weight f each cnstituent within its respective cuntry by dividing each cmpany s IAD by the sum f all the IADs within that cuntry. Calculate the Indicated Annual Dividend Yield weight f each cuntry within the index by dividing the sum f all the yields within each cuntry by the sum f all the yields in the Index. Calculate the final cnstituent weight by multiplying the IAD weight f each cnstituent by its respective Yield cuntry weight. The dividend yield values used t calculate cnstituent weights are capped at 20%. The weights f individual securities are capped at 10% within the index. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 12

14 Dw Jnes Eurpe Select Dividend 30 Index and Eurzne Select Dividend 30 Index Index Universe. The index universe is defined as all cmpanies in the Dw Jnes Glbal Indices cuntry indices fr the represented markets as per belw: Dw Jnes Eurpe Select Dividend 30 Index. Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, the Netherlands, Nrway, Prtugal, Spain, Sweden, Switzerland and the U.K. Dw Jnes Eurzne Select Dividend 30 Index. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Prtugal and Spain. Cmpanies must pass the fllwing eligibility screens fr dividend quality, size and liquidity: Dividend yield must be greater than zer. Flat-adjusted market capitalizatin f mre than US$ 300 millin fr current cnstituents, and US$ 500 millin fr nn-cnstituents. Average daily trading vlume ver the past three mnths f at least: US$ 500,000 fr current cnstituents (US$ 1 millin fr nncnstituents) fr the Eurpe Select Dividend 30 Index. US$ 500,000 fr the Eurzne Select Dividend 30 Index. 12-mnth nn-negative earnings-per-share-rati (nn-cnstituents nly). Three years cnsecutive dividend payment. Fr multiple lines, nly the mst liquid class is eligible. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Index Cnstructin. Cnstituent Selectin is as fllws: 1. Stcks passing all screens are ranked in descending rder by each f the fllwing: Dividend yield Three-year dividend grwth defined as: DDD t 3yy DDD gggggh = AAAAAAA(DDD t + DDD t 1 + DDD t 2 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 13

15 Three-year earnings-per-share grwth defined as: EEE t 3yy EEE gggggh = AAAAAAA(EEE t + EEE t 1 + EEE t 2 ) 1 EPS t = Earnings-per-share where t is current year trailing twelve mnths Return n equity 2. Based n the fur rankings, an equal weighted final scre is calculated fr each stck, which is used t create a final ranking. 3. The tp 30 stcks by final ranking are selected t the index, subject t the fllwing cnditins: If a cnstituent is amng the tp 45 in the final ranking, it remains in the index. N mre than 10 cmpanies frm each eligible cuntry can be included in the index. In the event that multiple securities have the same scre, dividend yield is used as a tie-breaker. The reference date fr the abve data pints is the last business day in December. Indicated annual dividend used in the calculatin f a cmpany s dividend yield is als as f the last business day f December, while the reference date fr the stck price is the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual dividend yield. The dividend yield values used t calculate cnstituent weights are capped at 20%. The weight f any individual cmpany within the index is restricted t 10%. Such restrictins, when required, are implemented quarterly. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 14

16 Dw Jnes Glbal Select Dividend Index Index Universe. The index universe is defined as all cnstituent cmpanies f the 25 develped-market cuntry Indices in the Dw Jnes Glbal Index family, excluding REITs. T be cnsidered fr the index, cmpanies in the index universe must pass screens fr dividend quality and liquidity. A cmpany must: Pay a current dividend. Have a previus-year dividend-per-share rati that is greater than r equal t its five-year average annual dividend-per-share rati. Have a five-year average dividend cverage rati f greater than r equal t 167% fr U.S. and Eurpean cmpanies; r greater than r equal t 125% fr all ther cuntries. DDviiiii cccccccc rrrrr = AAAAAAA EEE t DDD t + EEE t 1 DDD t 1 + EEE t 2 DDD t 2 + EEE t 3 DDD t 3 + EEE t 4 DDD t 4 EPS t = Earnings-per-share DPS t = Annual dividend-per-share where t is current year trailing twelve mnths A nn-negative trailing 12-mnth earnings-per-share (EPS). Have a flat-adjusted market capitalizatin f at least US$ 1 billin (US$ 750 millin fr current cnstituents). Have a minimum three-mnth daily average trading vlume f US$ 3 millin. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Current index cnstituents are included in the universe regardless f their dividend grwth rate, cverage rati, and current year earnings-per-share. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 15

17 Index Cnstructin. Stcks passing all screens are ranked by indicated annual dividend yield. The tp 100 highest-yielding stcks are selected t the index, subject t buffers designed t limit turnver by favring current index cnstituents: Stcks in the index universe are ranked in descending rder by indicated annual dividend yield, defined as a stck s indicated annual dividend (nt including any special dividends) divided by its price. All current cnstituent stcks that are amng the tp 200 stcks are included in the index. Nn-cnstituent stcks are added t the index based n their rankings until the cnstituent cunt reaches 100. The indicated annual dividend used in the calculatin f a cmpany s dividend yield is as f the last business day f December. The reference date fr the stck price is the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual dividend yield. The dividend yield values used t calculate cnstituent weights are capped at 20%. The weight f any individual cmpany within the index is restricted t 10%. Such restrictins, when required, are implemented quarterly. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 16

18 Dw Jnes Glbal Select Dividend Cmpsite Index Index Cnstructin. The index is cnstructed as the cmpsite f the Dw Jnes U.S. Select Dividend Index, the Dw Jnes EPAC Select Dividend Index, and the Dw Jnes Emerging Markets Select Dividend Index, each f which measures leading stcks based n indicated annual dividend yield. T be eligible fr these indices, cmpanies must pass screens fr size, average daily dllar trading vlume, dividend histry, dividend grwth, EPS and/r dividend cverage rati, depending n the index. Fr details n the inclusin requirements fr these indices, see their respective eligibility criteria and index cnstructin details described in this chapter. Cnstituent Weightings. Within each f the three underlying indices, cnstituents are weighted annually in March by indicated annual dividend r indicated annual dividend yield, depending n the index. Fr details n the weighting f the underlying indices, see their respective eligibility criteria and index cnstructin details described in this chapter. Cnstituent weights fr the Dw Jnes Glbal Select Dividend Cmpsite Index are calculated by multiplying each stck s underlying index weight by the weight f its crrespnding regin in the Dw Jnes Glbal Ttal Stck Market Index n an annual basis effective at the pen f trading n the Mnday fllwing the third Friday f March: Underlying cnstituent weights in the Dw Jnes U.S. Select Dividend Index are multiplied by the U.S. regin weight within the Dw Jnes Glbal Ttal Stck Market Index Underlying cnstituent weights in the Dw Jnes EPAC Select Dividend Index are multiplied by the develped markets ex-u.s. regin weight within the Dw Jnes Glbal Ttal Stck Market Index Underlying cnstituent weights in the Dw Jnes Emerging Markets Select Dividend Index are multiplied by the emerging markets regin weight within the Dw Jnes Glbal Ttal Stck Market Index S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 17

19 Cuntry Indices Dw Jnes Australia Select Dividend 30 Index Index Universe. The basis fr the index universe is all dividend-paying cmpanies in the Dw Jnes Australia Index. T be included in the index universe, stcks that are nt current cnstituents must have: A nn-negative histrical five-year dividend-per-share grwth rate defined as: 5yy DDD gggggh DDD t = AAAAAAA(DDD t + DDD t 1 + DDD t 2 + DDD t 3 + DDD t 4 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths A five-year average dividend cverage rati f greater than r equal t 125% defined as: DDDDDDDD cccccccc rrrrr = AAAAAAA EEE t DDD t + EEE t 1 DDD t 1 + EEE t 2 DDD t 2 + EEE t 3 DDD t 3 + EEE t 4 DDD t 4 EPS t = Earnings-per-share DPS t = Annual dividend-per-share where t is current year trailing twelve mnths A nn-negative trailing 12-mnth earnings-per-share (EPS). A flat-adjusted market capitalizatin f at least US$ 600 millin (US$ 400 millin fr current cnstituents). Current index cnstituents are included in the index universe regardless f their dividend grwth rate, cverage rati, and current year earnings-per-share, but are deemed ineligible if three-mnth average daily trading vlume is less than AUD 1 millin. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 18

20 Index Cnstructin. The tp 30 stcks by dividend yield are selected fr the index, subject t buffers designed t limit turnver by favring current index cnstituents: 1. Issues are ranked in descending rder f indicated annual yield, defined as a stck s indicated annual dividend (nt including any special dividends) divided by its price. 2. All remaining current cnstituent stcks ranked 60 and abve are selected fr the index. 3. Stcks that are nt current cnstituents are added t the index until the cnstituent cunt reaches 30. Franked dividends, which are essentially the same as net dividends, are unique t Australian cmpanies. A cmpany that pays a 100% franked dividend t its sharehlders has already paid a prtin f the tax that the sharehlder wuld we if the dividend were unfranked. Franking percentages differ frm cmpany t cmpany. The dividend yields used t select stcks fr the index have been adjusted t accunt fr differing franking percentages. Fr cmpanies with 100% franked dividends, the dividend as declared is used. Fr cmpanies with 0% franked dividends, a 30% crprate tax rate is applied t the dividend prir t calculating yield. Fr a cmpany that has franking percentage between 1% and 99%, a 30% crprate tax rate is applied nly t the prtin f the dividend that is nt franked. The indicated annual dividend used in the calculatin f a cmpany s dividend yield is as f the last business day f December. The reference date fr the stck price is the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual dividend yield. The dividend yield values used t calculate cnstituent weights are capped at 20%. The weight f any individual cmpany within the index is restricted t 10%. Such restrictins, when required, are implemented quarterly. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 19

21 Dw Jnes Canada High Dividend 50 Index Index Universe. The starting universe fr the index is the Dw Jnes Canada Index, which includes incme trust units. Stcks in the index universe are subject t the fllwing screens t create the eligible selectin universe: Flat market capitalizatin must be at least CAD 500 millin, subject t a buffer f CAD 250 millin fr current cnstituents. Three-mnth average dllar vlume must be at least CAD 1 millin, subject t a buffer f CAD 500,000 fr current cnstituents. 12-mnth nn-negative earnings-per-share-rati. Dividend yield must be greater than zer. Fr multiple issues, nly the mst liquid stck is eligible. With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Index Cnstructin. Cnstituent selectin is as fllws: 1. Stcks passing all screens are ranked by each f the fllwing five fundamentalsbased characteristics: Dividend yield 3-year dividend grwth defined as: DDD t 3yy DDD gggggh = AAAAAAA(DDD t + DDD t 1 + DDD t 2 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths 3-year EPS grwth defined as: EEE t 3yy EEE gggggh = AAAAAAA(EEE t + EEE t 1 + EEE t 2 ) 1 EPS t = Earnings-per-share where t is current year trailing twelve mnths Dividend cverage rati defined as: DDDDDDDD cccccccc rrrrr = EEE t III S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 20

22 EPS t = Earnings-per-share IAD = Indicated annual dividend Capitalizatin rati defined as: LLL CCCCCCCCCCCCCC rrrrr = LLL + SS LTD = Lng Term Debt SE = Sharehlders Equity 2. The five rankings are equal weighted t create a cmpsite ranking, and the eligible securities are re-ranked based n this cmpsite ranking. 3. Based n cmpsite ranking, the tp 50 stcks are selected as index cnstituents, subject t a buffer whereby nn-cnstituents ranked amng the tp 20 will replace the lwest ranked current cnstituents. Dividend yield is used as a tiebreaker. With the exceptin f indicated annual dividend yield, the reference date fr the abve data pints is the last business day f December. The indicated annual dividend and stck price used in the calculatin f a cmpany s dividend yield are as f the last business day f February. Cnstituent Weightings. Cnstituent weightings are assigned annually based n indicated annual dividend yield. N single stck can represent mre than 8% f the index. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 21

23 Dw Jnes Canada Select Dividend Index Index Universe. The universe fr the index is defined as all dividend-paying cmpanies in the Dw Jnes Canada Index, excluding incme trusts. T be eligible fr selectin, stcks that are nt current index cnstituents must have: A nn-negative histrical five-year dividend-per-share grwth rate defined as: 5yy DDD gggggh DDD t = AAAAAAA(DDD t + DPP t 1 + DDD t 2 + DDD t 3 + DDD t 4 ) 1 DPS t = Dividend-per-share where t is current year trailing twelve mnths A five-year average dividend cverage rati f greater than r equal t 125% defined as: DDDDDDDD cccccccc rrrrr = AAAAAAA EEE t DDD t + EEE t 1 DDD t 1 + EEE t 2 DDD t 2 + EEE t 3 DDD t 3 + EEE t 4 DDD t 4 EPS t = Earnings-per-share DPS t = Annual dividend-per-share where t is current year trailing twelve mnths Daily average dllar vlume fr the three-mnth perid prir t the review must be greater than r equal t CAD 1 millin. Paid dividends in each f the previus five years. A nn-negative trailing 12-mnth earnings-per-share (EPS). A flat-adjusted market capitalizatin f at least CAD 1 billin (CAD 750 millin fr current cnstituents). With the exceptin f flat-adjusted market capitalizatin and average daily trading vlume, the reference date fr the abve data pints is the last business day f December. The reference date fr flat-adjusted market capitalizatin and average daily trading vlume is the last business day f February. Current index cnstituents are included in the universe regardless f their dividend grwth rate, cverage rati, and current year earnings-per-share, but are deemed ineligible if three-mnth average dllar vlume is less than CAD 500,000. S&P Dw Jnes Indices: Dw Jnes Dividend Indices Methdlgy 22

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