Extremes and extremal indices for level set observables on hyperbolic systems*MC and MN were supported in part by NSF Grants DMS 1600780 and DMS 2009923. MH acknowledges support of EPSRC grant: EP/P034489/. MC thanks the Max Planck Institute-PKS, Dresden, for their hospitality while part of this work was completed. We would like to thank R Sturman and J Myers Hill for their careful reading and comments. We also thank the anonymous referees for their detailed and helpful suggestions. (8th February 2021)