Cushing® Asset Management and Swank Capital Announce a Suspension of Certain Provisions of the Methodology for The Cushing® Indices

DALLAS, March 27, 2020 /PRNewswire/ -- Cushing^® Asset Management, LP ("Cushing"), and Swank Capital, LLC, announce a temporary suspension of the provisions of the methodology for each of The Cushing^® 30 MLP Index (MLPX), The Cushing^® MLP Market Cap Index (CMCI) and The Cushing^® MLP High Income Index (MLPY) (each an "Index" and collectively, the "Indices") relating to interim constituent changes due to a distribution cut. The methodology guide for each Index specifies the removal and replacement of any constituent that announces a dividend or distribution cut upon the latter of that constituent's ex-dividend or ex-distribution date or the last business day of the week that is at least five business days after the date of the constituent's dividend or distribution announcement. In light of recent developments in global energy markets, consequent expected impacts to business operations, and corresponding extraordinary equity price volatility amongst publicly traded midstream energy infrastructure companies, and in the interest of preserving stability in the execution of the Indices, Cushing is immediately suspending this requirement on a temporary basis until at least the completion of the scheduled mid-year rebalance for each Index (anticipated to occur after markets close on June 19, 2020, for MLPX and CMCI and July 10, 2020, for MLPY).

ABOUT THE CUSHING^® 30 MLP INDEX

The Cushing^® 30 MLP Index tracks the performance of 30 publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). Constituents of the Index are selected by using a formula-based proprietary valuation model developed by Cushing^® Asset Management, LP to rank Midstream Companies for potential inclusion in the Index. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPX".

ABOUT THE CUSHING^® MLP MARKET CAP INDEX

The Cushing^® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). The Index is weighted on a float-adjusted market capitalization basis, with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded Midstream Companies. The Cushing^® MLP Market Cap Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "CMCI".

ABOUT THE CUSHING^® MLP HIGH INCOME INDEX

The Cushing^® MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing^® Asset Management, LP. The Cushing^® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPY".

ABOUT CUSHING^® ASSET MANAGEMENT AND SWANK CAPITAL

Cushing^® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts, providing active management in markets where inefficiencies exist.

For more information, please visit http://www.cushingasset.com/indices.

Contact:
Jon Abel
214-692-6334
www.cushingasset.com

The Cushing^® 30 MLP Index, The Cushing^® MLP Market Cap Index and The Cushing^® MLP High Income Index (each an "Index" and collectively the "Indices") are the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P^® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.

SOURCE Cushing Asset Management, LP and Swank Capital, LLC

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