Nikkei Stock Average DP
Nikkei Stock Average EDP
Index Guidebook

Nikkei Inc.

・ This document is the index guidebook of the Nikkei Stock Average Dividend Point Index (DP)and Nikkei Stock Average Estimated Dividend Point Index (EDP) calculated and published by
Nikkei Inc. (Nikkei). The document is drawn up by Nikkei and it would be changed or modified
corresponding to the revision of the index calculation rule etc.;
・ Copyright of this document is owned by Nikkei, and any copies, reprints and reproduction of thisdocument are prohibited without the prior approval of Nikkei. This document is prepared solely
for the understanding of the index Nikkei calculates and publishes, and it is not to be construed
as a solicitation or an offer to buy or sell any securities or related financial instruments.
・ This English document is a translation of the original document in Japanese and may not be an
entirely accurate translation of the original Japanese document. In any case where differences
arise between the English version and the original Japanese version, the original Japanese
document will prevail.
(October 1, 2021 Version)

GB-DPI-E-20211001

1 : Concept
Nikkei Stock Average Dividend Point Index (DP) and Nikkei Stock Average EstimatedDividend Point Index (EDP) are indexes that accumulate dividends received from thecompanies when investors are supposed to hold the constituents of the Nikkei Stock
Average (Nikkei Average) corresponding to its formula for a calendar year. The
difference between DP and EDP is the timing to add dividends to the index. While DP
accumulates the dividends when the amount is fixed by the events such as shareholder’smeetings, EDP accumulates in two steps, first on the day of ex-dividend, and then, adjust
it when the dividend amount is fixed if the estimate by Nikkei on the ex-dividend isdifferent from the amount fixed. The indices for each year are calculated.
2 : Index names(1) (Japanese)

Official : 日経平均・配当指数（CY）
Abbreviation : 日経配当指数（CY）(English)(2) (Japanese)

Official : Nikkei Stock Average Dividend Point Index (CY)
Abbreviation : Nikkei 225 Dividend Point Index (CY)
Nikkei Stock Average DP (CY), Nikkei 225 DP (CY)
Official : 日経平均・予想配当指数（CY）
Abbreviation : 日経予想配当指数（CY）(English)

Official : Nikkei Stock Average Estimated Dividend Point Index (CY)
Abbreviation : Nikkei 225 Estimated Dividend Point Index (CY)
Nikkei Stock Average EDP (CY), Nikkei 225 EDP (CY)

Annual notation in the parentheses at the end of index names can be omitted when you do not put
down the indexes of multiple years.

3 : Formula
The DP or EDP on any date t is the accumulated value of IDIV i,x included until the day of t

IDIVi,x=di,x × fi,xDx(Definition of the each term and those indexes)
i ：the i th constituent of the Nikkei Averagex ：its ex-dividend date
IDIV i,x ：dividend of the i th component on the day x, adjusted to the level of the Nikkei
Average
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d i,x ：dividend per share of the i th component corresponding to the day x
f i,x ：price adjustment factor of the i th component on the day x
D x ：divisor of the Nikkei Average on the day xNote) To avoid calculation error, the index is calculated by accumulating the dividends for days between thebeginning of the year and the calculation date (instead of adding a day’s increased value on the previous day’sindex value).

4 : Condition of the index calculation① Coverage stocks : Constituents of the Nikkei Average② Coverage dividends : Cash dividends before tax whose ex-dividend dates are between
January 1 and December 31, including special dividends and commemorative dividends③ When to fix:(i) Dividend paid corresponding to the annual accounting period : on the dates of theannual regular shareholder meetings(ii) Dividends paid on the other dates : on the dates of the publication of the financial
results by the companies④ Timing to include:(i)DP
Fixed dividend (actual) : on the next business day when the each dividend is fixed(ii)
EDP
Estimated dividend (by Nikkei on the ex-dividend date) : ex-dividend date
Fixed dividend (actual) : on the next business day when the each dividend is fixed⑤ Frequency : Daily (Business date)⑥ Unit : Two decimal places, yen in Japanese, the same as the Nikkei Average

5 : Index Calculation(1) Dividend index for each year
① When to start : on the second business day of January (zero until the first dividend in theconstituents is fixed)② When to end (when to publish the final price) : on the first business day of April in thesubsequent year.

(2) Modification
If any event occurs and comes out at a later date where it is necessary to modify the index value,
as a general rule, Nikkei reflects the modified data into the index value on the index calculation
date coming subsequently after the event comes out, as the date when the event occurs.
Retroactive calculation for the modification will not be conducted in principle.

6 : Treatment of the index value(1) Publication of the index value
Copyright 2021 © Nikkei Inc. All rights reserved.
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As a general rule, those are calculated on every business date, and becomes able todisseminate around at 3pm.
(2) Retroactive calculation in the past
Nikkei Stock Average DP started to be published from April 9th, 2010 and has been
retroactively calculated in the past to 1998. Nikkei Stock Average EDP started to be
published from March 7th, 2019 and has been also retroactively calculated in the pastsame as DP.
7 : Relationship between accounting months and times to fix the dividends
Annualaccounting
monthJanuary

JanFeb

Mar

Apr

May

A

Jul

Aug

Sep

Oct

Nov

A

JanFebMar

2Q(Intr)
１Q

A

March

３Q

2Q(Intr)A

April

2Q(Intr)
A

May

2Q(Intr)A

Jun
2Q(Intr)AugustDec

2Q(Intr)February

July

Jun

2Q(Intr)
A

2Q(Intr)

September
OctoberNovember
DecemberA
2Q(Intr)

A
2Q(Intr)

A2Q(Intr)

A2Q(Intr)

A(Note) A=Annual accounting, 1Q=First quarter, 2Q(intr)=2nd quarter(interim) 3Q=3rd quarter,
The starting points for arrow lines indicate the times for ex-dividend, and the end points represent thetimes to fix the actual dividends (possible to be earlier).

8 : Others(1) Licensing“Nikkei Stock Average Dividend Pont Index” (DP) and “Nikkei Stock Average EstimatedDividend Point Index” (EDP) are intellectual properties that belong to Nikkei. All of the rights
to the indices such as right to calculate, publicize, disseminate, and use these indices arereserved by Nikkei
Licensing agreement with Nikkei is necessary if companies intend to create Index - linked
funds and passive funds etc. It is also required to use this index for disseminating, providing,
Copyright 2021 © Nikkei Inc. All rights reserved.
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showing and etc. to the third party in the way as Nikkei decides.

(2) Risk
In case of a breakdown of computer system, natural disasters or any other unavoidable
situations, Nikkei may postpone or cancel the calculation of the indices. Nikkei, under any
circumstance, does not guarantee the accuracy of these indices. Should any error in thecalculation of the index take place, Nikkei shall not be liable for any damages sustained byany person or organization.
Nikkei calculates and publishes the Nikkei Stock Average DP and the Nikkei Stock Average
EDP in accordance with the methods described in this document. In the event ofcircumstance not described in this document, or if Nikkei determines it is impossible to use
the methods described in this document, Nikkei may use an alternative method of the index
calculation as it deems valid.
This document could be changed corresponding to the revision of the index calculation rule
etc in the future. Information expressed in this document is subject to change without notice
and in those cases Nikkei is under no obligation to update any recipients of this document.
Nikkei shall not accept any liability for any loss or damage arising from the usage of all or any
part of this document.

Contact:Inquires on Nikkei Stock Average DP and Nikkei Stock Average EDP
Index Business Office, Nikkei Inc.
Tel：+813-6256-7341、Mail：index@nex.nikkei.co.jp

Copyright 2021 © Nikkei Inc. All rights reserved.
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