With the launch of the S&P Africa Index Series, Standard & Poor’s provides investors with unique investable indices for this region. The series includes the S&P Africa 40, S&P Africa Frontier, and S&P Pan Africa indices. The S&P Pan Africa index is constructed from equities included in the Emerging Markets Database.

Index constituents exhibit the following characteristics:

• Weighting - Modified capitalization weighting
• Markets Included - Botswana, Cote d’Ivoire, Egypt, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, South Africa, and Tunisia.
• Reconstitution - Based on index inclusion criteria

Index Governance and Policy
This index is maintained by the S&P Index Committee, whose members include Standard & Poor's economists and index analysts. It follows a set of published guidelines and policies that provide the transparent methodologies used to maintain the index.

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