CBOT Dow Divisor Changes

The DowSMJones Average are price-weighted indexes and are calculated by dividing the sum of the prices of component stocks by a number called the index divisor.

The initial divisor of each DowSMJones Average was the number of stocks in the indes. Hence the index was an arithmetic average of component stock prices. Divisors are adjusted over time to offset the effect of stock splits, constituent substitutions, and similar structural changes on the index. The DowSMJones Averages are now proportional to the arithmetic averages of their component stock prices

• DowSMJones Industrial Average: .14452124
• DowSMJones Utilities Average: 1.6041980
• DowSMJones Transportation Average: .20890294
• DowSMJones Composite Average: .85151491

Note: The DowSMJones Industrial Average and 65-Stocks will be calculated with the above new divisiors because of Exxon Mobil Corp. (NYSE Symbol XOM) 2-for-1 split.