S&P Dow Jones Indices Announces Changes to the S&P Long-Only Merger Arbitrage Index and S&P Merger Arbitrage Index Methodologies NEW YORK, AUGUST 9, 2016: Effective immediately, the methodologies for the S&P Merger Arbitrage Index families will be changed to incorporate a buffer on the amount of cash that is allocated towards an addition. This buffer will be applied if the cash amount on the effective date, as projected on the reference date, will be less than the normal weight for additions stated in the respective methodology. A summary of the changes are below: Index

Current Methodology

New Methodology

S&P Merger Arbitrage Index

If, at the time of the addition, the projected cash position represents less than 3%, the long position will be based on the deal price and assigned a weight equal to the weight of the cash component on the effective date of the addition. The short position is added at the deal ratio.

If, at the time of the addition, the projected cash position represents less than 3%, the long position will be based on the deal price. It will be assigned a weight equal to the weight of the cash component on the effective date of the addition, as projected on the reference date, less a 5% buffer. The short position is added at the deal ratio.

If, at the time of the addition, the projected cash position represents less S&P Longthan 2.5%, the long position will be based Only Merger on the deal price and assigned a weight Arbitrage equal to the weight of the cash Index component on the effective date of the addition.

If, at the time of the addition, the projected cash position represents less than 2.5%, the long position will be based on the deal price. It will be assigned a weight equal to the weight of the cash component on the effective date of the addition, as projected on the reference date, less a 5% buffer.

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FOR MORE INFORMATION: David Blitzer Managing Director and Chairman of the Index Committee S&P Dow Jones Indices (+1) 212 438 3907 [email protected] S&P Dow Jones Indices [email protected]

INDEX ANNOUNCEMENT