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Eligibility Factors

Market Capitalization. To be eligible for inclusion in the S&P/TSX SmallCap, a
security must meet the following two criteria:
1. The security must be greater than or equal to C$ 100 million and less than or
equal to C$ 1.5 billion in both float-adjusted and total quoted market value
(QMV), based on the volume weighted average price (VWAP) over the last three
trading days of the month-end prior to the Annual Review.
2. The security must have a minimum VWAP of C$ 1 over the last three trading
days of the month-end prior to the Annual Review.
For details regarding float-adjustment methodology, please refer to Appendix II.

Liquidity. A security must meet all of the following criteria to be considered eligible for
index inclusion, based on available public information.
1. Dollar value traded of the security must be at least 0.10% of the sum of all
Eligible Securities’ dollar value traded, for the 12 months immediately preceding
its consideration as an index candidate, as determined by trading on the TSX.
2. An index candidate must not have more than 25 non-trading days over the past
12 calendar months. A non-trading day shall be defined as any day where a
security does not trade a minimum of one board lot when the TSX is open for
trading.
3. The float turnover ratio, as measured by comparing the 12-month trading volume
relative to the current float shares, must be at least 0.20. For the purpose of this
calculation, the float shares of an issuer that has more than one class of listed
common shares will be combined. The volume will be based on the volume of
the eligible class.
Refer to the Index Construction section for additional information on the treatment of
multiple classes of a security.

Domicile. Issuers of Index Securities must be incorporated, established in the case of
income trusts, or formed in the case of limited partnerships, under Canadian federal,
provincial, or territorial jurisdictions and listed on the TSX.

Eligible Securities. Securities issued by mutual fund corporations, preferred shares,
exchangeable shares, warrants, installment receipts and other securities deemed
inappropriate by the Committee, from time to time, are not eligible for inclusion in the
index. Installment receipts are not eligible for inclusion in the index, but can be used in
lieu of common share trading history. Securities that are “paper-clipped” combinations
of equity and debt, and which can be separated by holders, will not be eligible. “Stapled”
securities, in which a combination of securities trade as one and cannot be broken apart,
will be eligible for inclusion. (Income Deposit Securities [IDS], Enhanced Income
Securities [EIS] and Income participating Securities [IPS] are paper-clipped and,
therefore, are ineligible.)
To be included in the Eligible Securities Pool, securities must be listed on the TSX for at
least 12 full calendar months as of the month-end prior to the applicable Annual Review.

Sector Classification. Stocks are classified by the Global Industry Classification
Standard (GICS®). The Standard & Poor’s global indices provide geographic and
economic balance across the 10 GICS® Sectors. These Sectors, consistent across all
Standard & Poor’s indices, are Consumer Discretionary, Consumer Staples, Energy,
Financials, Health Care, Industrials, Information Technology, Materials,
Telecommunication Services and Utilities.

Shares Outstanding. The shares counted for index calculation are issued and
outstanding shares of a security (rounded to the nearest thousand). This count is floatadjusted
to reflect only shares available to the public.
For details regarding float methodology, please refer to Appendix II.

Timing of Changes

Additions. Additions to the S&P/TSX SmallCap index are generally only made as part
of the Annual Review.

Deletions. A security will be removed from the index at the first practical date following
the Committee’s determination that a corporate action has been successful. The target
announcement period will be 2-5 business days, but exceptions may apply due to
unexpected corporate activity.

http://www.tmx.com/en/pdf/TX20Description.pdf