Delta Global Shipping Index Methodology

The Delta Global Shipping Index is a fully-transparent, rules-based index designed to track 30 companies within the following business segments of the maritime shipping industry: companies deriving a significant portion of their revenues from the seaborne transport of dry bulk goods; companies which derive a significant portion of their revenues from the leasing and/or operating of tanker ships; companies which derive a significant portion of their revenues from the leasing and/or operating of container ships; companies which derive a significant portion of their revenues from the leasing and/or operating of specialty chemical ships; and companies which derive a significant portion of their revenues from the leasing and/or operating of ships which transport liquid natural gas (LNG). Further, companies eligible for inclusion in the Index must have their shares listed on a "developed" stock exchange, defined by the index provider as Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United States or the United Kingdom. As defined by the Index Provider:

1. All global publicly-traded companies with any connection to the maritime shipping industry are identified by company description database searches and bottom-up industry research of publicly available information and databases.
   
   
2. Based on a review of the company's public filings and company description information, companies that are identified through the initial search are put into two groups:
   
   
   1. "Qualifying" group: companies that generate in excess of 80% of their revenues (significant) from the operating and/or leasing of seaborne ships which transport dry bulk, tanker, container, specialty chemical or LNG goods.
      
      
   2. "Excluded" Group: companies which, based on their public filings and company description information, are either not involved in seaborne shipping of the goods described above or, if they are, receive less than 80% of their overall revenues from such operations.
      
      
3. From the securities in the Qualifying group, securities eligible for inclusion in the Index must be listed on a developed market exchange, have a minimum market capitalization greater than or equal to $250 million at the reference date preceding each reconstitution and have a minimum 30-day average daily trading volume of $2 million (measured in U.S. dollar terms) at the reference date preceding each reconstitution. Securities in the Qualifying group which do not meet these liquidity and market cap criteria are excluded from consideration as an Index constituent. From the remaining universe, all securities listed on a major U.S. stock exchange shall be included. Should more than 30 U.S.-listed securities qualify, the 30 most liquid of these equities will be included; should fewer than 30 U.S. listed securities qualify, equities listed globally on developed market exchanges will be included to complete the list of 30, in order of their average daily volumes measured in U.S. dollar terms. Companies eligible for inclusion in the Index must have their shares listed on a "developed" stock exchange.
   
   Once the 30 index constituents are determined, a modified dividend weighting mechanism is applied to constitute the final index, with higher-yielding securities based on their indicated dividend yield being more highly weighted according to a proprietary methodology created by the Index Provider.
   
   
4. The DGI Global Shipping Index will be re-constituted annually, with re-balancing occurring quarterly according to the rules of index construction. Should a company in the index cease to be traded due to a merger, bankruptcy or other event, that constituent will be replaced immediately by the next qualifying security not currently included in the index. The new security will be included at a weighting equal to that of the removed security as of the date of its deletion from the index, and will be subject to being re-weighted at the next scheduled index rebalancing.

The Index Committee will meet once annually in December to review this methodology. Any changes to the methodology will be publicly disclosed at www.dgshippingindex.com prior to implementation. A mini­mum ten (10) trading days prior notice will be given prior to the implementation of any such change by the Index Administrator.

Constituent changes to the index upon the annual re-constitution will be made public at www.dgshippingindex.com a minimum of three (3) trading days prior to taking effect.

Standard and Poor’s serves as the Index Administrator. Responsibilities of the Index Administrator include monitoring and implementing adjustments, additions and deletions to the indices due to eligibility rules described above and corporate actions.