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MSCI India Momentum Index (INR) (PRICE) MSCI India Momentum Index (INR) The MSCI India Momentum Index is based on MSCI India Index, its parent index, which captures large and mid cap stocks of the Indian market. It is designed to reflect the performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover. CUMULATIVE INDEX PERFORMANCE — PRICE RETURNS (INR) ANNUAL PERFORMANCE (%) (AUG 2006 – AUG 2021) MSCI India Year Momentum MSCI India MSCI India Momentum 2020 4.74 16.84 453.82 MSCI India 2019 14.91 8.46 423.96 2018 -10.28 -0.19 400 2017 47.32 28.68 2016 -1.26 -0.30 2015 -2.59 -2.97 2014 19.60 24.37 2013 9.89 6.93 2012 30.23 27.86 200 2011 -20.90 -26.33 2010 21.67 14.74 2009 68.04 91.51 2008 -62.86 -56.82 50 2007 95.83 52.49 Aug 06 Nov 07 Feb 09 May 10 Aug 11 Nov 12 Feb 14 May 15 Aug 16 Nov 17 Feb 19 May 20 Aug 21 INDEX PERFORMANCE — PRICE RETURNS (%) (AUG 31, 2021) FUNDAMENTALS (AUG 31, 2021) ANNUALIZED Since 1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr May 31, 1996 Div Yld (%) P/E P/E Fwd P/BV MSCI India Momentum 12.03 13.69 44.58 29.22 12.27 12.31 12.22 12.31 0.57 36.78 19.56 4.15 MSCI India 8.80 11.41 50.55 24.89 13.10 13.38 11.92 11.25 1.00 31.04 23.31 3.86 INDEX RISK AND RETURN CHARACTERISTICS (MAY 31, 1996 – AUG 31, 2021) ANNUALIZED STD DEV (%) 2 MAXIMUM DRAWDOWN Tracking Turnover Beta Error (%) (%) 1 3 Yr 5 Yr 10 Yr (%) Period YYYY-MM-DD MSCI India Momentum 1.00 10.48 127.60 20.17 18.90 16.61 76.66 2000-02-21—2001-09-21 MSCI India 1.00 0.00 16.96 21.44 18.28 16.70 65.74 2000-02-21—2001-09-21 1 Last 12 months 2 Based on monthly price returns data The MSCI India Momentum Index was launched on Dec 11, 2013. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance. MSCI India Momentum Index (INR) | msci.com AUG 31, 2021 INDEX CHARACTERISTICS TOP 10 CONSTITUENTS MSCI India MSCI India Index Parent Sector Momentum Wt. (%) Index Number of 25 101 Wt. (%) BAJAJ FINSERV 6.18 0.94 Financials Constituents BAJAJ FINANCE 5.85 2.93 Financials Weight (%) ADANI TRANSMISSION 5.55 0.63 Utilities Largest 6.18 9.27 INFOSYS 5.41 8.37 Info Tech Smallest 1.09 0.18 WIPRO 5.41 1.26 Info Tech Average 4.00 0.99 TATA STEEL 5.32 1.29 Materials Median 4.15 0.53 ADANI ENTERPRISES 5.20 0.63 Industrials HINDALCO INDUSTRIES 5.03 1.06 Materials ADANI TOTAL GAS 4.75 0.57 Utilities STATE BANK OF INDIA 4.69 1.09 Financials Total 53.38 18.77 FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN MSCI FACTOR BOX MSCI FaCS UNDERWEIGHT NEUTRAL OVERWEIGHT VALUE Relatively Inexpensive Stocks LOW SIZE Smaller Companies MOMENTUM Rising Stocks QUALITY Sound Balance Sheet Stocks YIELD Cash Flow Paid Out LOW VOLATILITY Lower Risk Stocks MSCI FaCS provides absolute factor exposures relative to a <-1.5 0 +1.5< broad global index - MSCI ACWI IMI. MSCI India Momentum MSCI India Neutral factor exposure (FaCS = 0) represents MSCI ACWI IMI. SECTOR WEIGHTS 10.53% 7.68% 12.83% 7.03% 3.1% 14.25% 2.69% 22.81% 19.08% Materials 22.81% Financials 19.08% Utilities 14.25% Information Technology 12.83% Industrials 10.53% Health Care 7.68% Consumer Discretionary 7.03% Consumer Staples 3.1% Communication Services 2.69% MSCI India Momentum Index (INR) | msci.com AUG 31, 2021 INDEX METHODOLOGY A momentum value is determined for each stock in the MSCI parent index by combining the stock’s recent 12-month and 6-month local price performance. This momentum value is then risk-adjusted to determine the stock’s momentum score. A fixed number of securities with the highest momentum scores are included in each MSCI Momentum Index, generally covering about 30% of the parent index market cap. Constituents are weighted by the product of their momentum score and their market cap. Constituent weights for broad MSCI Momentum Indexes are capped at 5%. The indexes are rebalanced semiannually; in addition, ad hoc rebalancing may occur, triggered by spikes in market volatility. FACTOR BOX AND FaCS METHODOLOGY MSCI FaCS is a standard method (MSCI FaCS Methodology) for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta) from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use. The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over the long run. ABOUT MSCI MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 45 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com. The information contained herein (the "Information") may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or correct other data, to create indexes, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information or MSCI index or other product or service constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy. Further, none of the Information or any MSCI index is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Information is provided "as is" and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT OR INDIRECT SUPPLIERS OR ANY THIRD PARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN "MSCI PARTY") MAKES ANY WARRANTIES OR REPRESENTATIONS AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH MSCI PARTY HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF THE FOREGOING AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY REGARDING ANY OF THE INFORMATION FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL (INCLUDING LOST PROFITS) OR ANY OTHER DAMAGES EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. © 2021 MSCI Inc. All rights reserved. MSCI India Momentum Index (INR) | msci.com.
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