Nikkei Asia300 Index
Index Guidebook

Nikkei Inc.

・ This document is the index guidebook of the Nikkei Asia300 Index
published by Nikkei Inc. (Nikkei) since December 1, 2016. Thed o c u m e n t i s d r a wn u p b y N i k k e i a n d i t wo u l d b e c h a n g e d o r m o d i f i e dcorresponding to the revision of the index calculation rule etc.
・ C o p y r i g h t o f t h i s d o c u m e n t i s o wn e d b y N i k k e i , a n d a n y c o p i e s ,r e p r i n t s a n d r e p r o d u c t i o n o f t h i s d o c u m e n t a r e p r o h i b i t e d wi t h o u t t h eprior approval of Nikkei. This document is prepared solely for theunderstanding of the index Nikkei calculates and publishes, and it isn o t t o b e c o n s t r u e d a s a s o l i c i t a t i o n o r a n o ff e r t o b u y o r s e l l a n ysecurities or related financ ial instruments.
・ This English document is a translation of the original document dated
December 1, 2016 in Japanese and may not be an entirely accuratet r a n s l a t i o n o f t h e o r i g i n a l J a p a n e s e d o c u m e n t . I n a n y c a s e wh e r edifferences arise between the English v ersion and the originalJ a p a n e s e v e r s i o n , t h e o r i g i n a l J a p a n e s e d o c u m e n t wi l l p r e v a i l .

(S ept em ber 23, 201 9 versi on )GB-A3J-E-20190923

1 : Concept
The Nikkei Asia300 Index is based on the group of must-watch companies selected by
Nikkei as “Asia300” from China/Hong Kong, South Korea, Taiwan, India, and 6 countries
from South East Asia and is calculated as a free-float adjusted market value index. The
aim of the index is to capture the dynamism of the region at the forefront of global
economic growth.
The composite (Nikkei Asia300 Index) and ASEAN index are calculated real-time and aresupplemented by individual end-of-day indices for 11 countries and regions. The indices
are calculated by S&P Dow Jones Indices under the commission by Nikkei. Indices up toJune 8, 2018 were calculated by the Singapore Exchange (SGX).

2 : Index Names(1) Generic name
Nikkei Asia300 Index Series(2) Each index name(2-1) US Dollar based indices
・Nikkei Asia300 Index
・Nikkei Asia300 ASEAN Index
・Nikkei Asia300 China Index
・Nikkei Asia300 Hong Kong Index
・Nikkei Asia300 South Korea Index
・Nikkei Asia300 Taiwan Index
・Nikkei Asia300 Indonesia Index
・Nikkei Asia300 Malaysia Index
・Nikkei Asia300 Philippines Index
・Nikkei Asia300 Singapore Index
・Nikkei Asia300 Thailand Index
・Nikkei Asia300 Vietnam Index
・Nikkei Asia300 India Index(2-2) Local currency indices
・Nikkei Asia300 China Index (CNY)・Nikkei Asia300 Hong Kong Index (HKD)
・Nikkei Asia300 South Korea Index (KRW)・Nikkei Asia300 Taiwan Index (TWD)

Copyright 2016 Nikkei Inc. All rights reserved.

2・Nikkei Asia300 Indonesia Index (IDR)
・Nikkei Asia300 Malaysia Index (MYR)
・Nikkei Asia300 Philippines Index (PHP)
・Nikkei Asia300 Singapore Index (SGD)
・Nikkei Asia300 Thailand Index (THB)・Nikkei Asia300 Vietnam Index (VND)
・Nikkei Asia300 India Index (INR)(note) 3 letters after the index names for local currency version are the ISO currencycodes

3 : Constituents Management(1) General rule

The constituents of the Nikkei Asia300 Index are those stocks of the “Asia300”, listedin the following 11 countries and a region.
- China, Hong Kong, South Korea, Taiwan, Indonesia, Malaysia, Philippines,Singapore, Thailand, Vietnam, and India
The constituents of the Nikkei Asia300 ASEAN Index are those stocks listed in thefollowing 6 countries.
- Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam
Country and regional indices are comprised of the stocks where the major business ofthe issuing body exists, as stipulated by “Asia300”. For example, a Thai company
listed in Singapore is a member of Thai index.
Those stocks only listed on the North American exchanges are excluded from theindices.

(2) Periodic review
The constituents of the Nikkei Asia300 Index Series are to be changed as a result of thereview of “Asia300” companies planned to be conducted once a year.
(3) Extraordinary Replacement
If the member company of the “Asia300” is changed due to the reasons other than theannual review, e.g. delisting of the stock, the treatment of such stock in the index will beannounced accordingly.

4 : Index Calculation(1) Basic Point

Copyright 2016 Nikkei Inc. All rights reserved.

3

The indices are calculated based on free-float adjusted market value method.
The Nikkei Asia300 Index and the Nikkei Asia300 ASEAN Index are calculated every
15 seconds during the trading hours of the markets on which the constituents are listed.
Other indices are calculated once at the end-of the day basis.
The Reuter’s spot FX rates at the time of calculation are used for the currency
conversions.
If the stock prices are not available due to trading halt or zero trading volume, theprices used to calculate the previous day closing indices are used. If stocks go ex-rightduring the period, the prices are ex-right adjusted.
Same as above when one or more exchanges do not trade due to holiday or otherwise
for the Nikkei Asia300 Index and the Nikkei Asia300 ASEAN Index .
Since the FX rates to convert the currencies are at the time of its calculation (real-time),
indices denominated in the US Dollar reflect the changes in the FX rates in addition tothe stock prices. However, the indices up to June 8, 2018 were calculated with fixedexchange rate at 16:00 in London time provided by WM/Reuters.
The base date is December 1, 2015 and the base value is 1,000 for all the indices.

(2) Calculation Calendar
 In principle, the indices of the Nikkei Asia300 Index and Nikkei Asia300 ASEAN
Index are calculated from Monday to Friday except on January 1. However, the indiceswill not be calculated when all of the relevant exchanges are closed.
 Country indices are also calculated from Monday to Friday except on January 1.
However, the indices will not be calculated when the market of the country is closed.
Note that there are cases where constituents of the index include those traded outsideof the country or the region it covers, i.e. Nikkei Asia300 Thai Index has Singapore
traded stock. In such cases, the index is not calculated when market of the mothercountry is closed e.g. on Thai holidays, Thai index is not calculated even if theSingapore market is open.
(3) Formula An index at a time of 𝑡 is calculated with the following formula.
𝐼𝑛𝑑𝑒𝑥𝑡 ＝

𝑆𝑢𝑚 𝑜𝑓 𝐹𝑟𝑒𝑒 𝐹𝑙𝑜𝑎𝑡 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝 𝑜𝑓 𝐶𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑒𝑛𝑡𝑠𝑡
× 1,000
𝐷𝑖𝑣𝑖𝑠𝑜𝑟𝑡𝑁

𝑆𝑢𝑚 𝑜𝑓 𝐹𝑟𝑒𝑒 𝐹𝑙𝑜𝑎𝑡 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝 𝑜𝑓 𝐶𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑒𝑛𝑡𝑠𝑡 = ∑(𝑃𝑖,𝑡 × 𝑆𝑖,𝑡 × 𝐹𝑖,𝑡 × 𝐸𝑖,𝑡 )𝑖𝑃𝑖,𝑡 ∶ Stock Price of constituent 𝑖 at time of 𝑡 (on local currency)
𝑆𝑖,𝑡 ∶ Number of shares of constituent 𝑖 at time of 𝑡
𝐹𝑖,𝑡 ∶ Free float ratio for constituent 𝑖 at time of 𝑡𝐸𝑖,𝑡 ∶ Spot currency rate for constituent 𝑖 at time of 𝑡 (*)
Copyright 2016 Nikkei Inc. All rights reserved.

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𝑁 ∶ Number of constituents in the index(*) Exchange rate between trading currency and calculation currency. For example,
the rate for a stock traded in SGD in the USD based index is an inverse number ofUSD/SGD (1 USD=SGD).
Divisors are adjusted in accordance with the S&P DJI’s methodology (“Equity Indices
Policies & Practices Methodology” and “Index Mathematics Methodology”). Divisors
will be adjusted for the various actions in the index (e.g. constituents change, changes
in the number of shares and Free float ratio for the constituents, capitalincrease/decrease etc.) to keep the index level between pre and after the event
unchanged.

(4) Price, Number of shares and Free float ratio Prices, number of shares, and the free float ratios are managed in accordance with theS&P DJI methodology.
・ If a company is listed on two or more market, the stock price on the primary market
determined by Nikkei will be used.
 If a company is listed both China market (A-shares) and Hong Kong market (H-shares),the stock price, number of shares and free float ratio for H-share will be used inprinciple.
 For China market (A-shares), prices on Shanghai-Hong Kong Stock Connect andShenzhen-Hong Kong Stock Connect are used in principle. However, prices onShanghai Stock Exchange and Shenzhen Stock Exchange were used up to September
20, 2019.

5 : Index Value(1) Historical indicesBased on the constituents as at the end of the September 2016, historical indices arecalculated back to December 1, 2005 for reference purposes. Note that Nikkei Asia300
Vietnam Index and Nikkei Asia300 Vietnam Index (VND) are calculated fromDecember 1, 2008 due to scarcity of the trading activity.
For the historical reference indices, those stocks listed on the first business day ofDecember are used to calculate the indices up to the end of November, next year.
A Singapore company, SMRT, delisted at the end of October was deleted from theindices on the day of delisting.

(2) Index Restatement
Indices may be revised in accordance with the S&P DJI’s methodology.

Copyright 2016 Nikkei Inc. All rights reserved.

56 : Others(1) Licensing
Nikkei Asia300 Index Series is based on the group of Asian companies selected as“Asia300” by Nikkei. Nikkei owns all the rights, including intellectual property rights
such as copyright, to the Asia300. Also, all of the rights to the Nikkei Asia300 Index, theNikkei Asia300 ASEAN Index and the country and regional indices belong to Nikkei.
Notwithstanding the foregoing, those underlying data owned by S&P DJI used to calculate
the indices belong to S&P DJI. The indices themselves are the intellectual property ofNikkei. License from Nikkei is required if the indices are to be used for commercial
purposes, such as dissemination.
(2) Disclaimer
Nikkei has no obligation to publish the Nikkei Asia300 Index Series continuously, andNikkei is not responsible for any error, delay or omission in the Nikkei Asia300 IndexSeries. Nikkei is entitled to change the details of the Nikkei Asia300 Index Series and tosuspend or stop the calculation and the announcement thereof.
Although, in principle, the indices of the Nikkei Asia300 Index Series are calculated andmaintained in accordance with the information provided here, Nikkei has discretion to takemeasures that Nikkei deems appropriate when the events which are not covered in thisdocument happen or under the circumstances where it is difficult to continue to calculate
the indices using the current rules. The specifications described may be amended withoutnotice. Nikkei does not assume any loss or damage caused by th e use of this document.
The Nikkei Asia300 Index Series is the property of Nikkei, which has contracted with S&P
Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain theIndex. The Index is not sponsored by S&P Dow Jones Indices LLC or its affiliates or its
third party licensors, including Standard & Poor's Financial Services LLC and Dow Jones
Trademark Holdings LLC (collectively,“S&P Dow Jones Indices”). S&P Dow Jones
Indices will not be liable for any errors or omissions in calculating the Index. “Calculatedby S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow
Jones Indices and have been licensed for use by Nikkei. S&P® is a registered trademark ofStandard & Poor's Financial Services LLC, and Dow Jones® is a registered trademark ofDow Jones Trademark Holdings LLC.
(3) Contact
Index Business Office, Nikkei Inc.
Tel: +813-6256-7341, mail: index@nex.nikkei.co.jp

Copyright 2016 Nikkei Inc. All rights reserved.

6Appendix : Change history of Index Guidebook
March 1, 2017 version
Initial version
June 11, 2018 version- Modified the description of Periodic review in the“3:Constituents Management”- Modified the description of the calculation interval
and the currency conversions in the “4:IndexCalculation”- Modified the description in the “1:Concept”, ”4:IndexCalculation”, “5:Index Value” and “6:Others” due tochange of the calculation agent.
April 1, 2019 version- Modified the description of the exclusion in the“3:Constituents Management (1) General rule”
September 23, 2019 version - Added the description of the prices for China A-Sharesin the “4:Index Calculation (4) Price, Number ofshares and Free float ratio”

Copyright 2016 Nikkei Inc. All rights reserved.

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