GLOBAL INDEXES

EXPERIENCE THE MODERN INDEX STRATEGY

MSCI indexing offers a modern, seamless and fully integrated approach at measuring the full equity opportunity set, with no gaps or overlaps. EXPERIENCE THE MODERN INDEX STRATEGY

MODERN SEAMLESS INTEGRATED Evolves to measure and Covers the full opportunity Consistent methodology capture equity markets as set and all its segments, for every market they exist today including GICS® sectors Where other providers use either Our indexes are built using an All of MSCI’s indexes are created a long- or short-term liquidity innovative maintenance methodology using the Global Industry measure to assess the eligibility of that provides superior balance Classification Standard (GICS®), stocks for their indexes, MSCI uses between the need for a stable index an industry classification system both, recognizing the differences that is flexible enough to adjust developed by MSCI and S&P Global, in liquidity between developed and quickly to a constantly changing which provides a common framework emerging markets and enhancing the opportunity set. We provide timely to classify stocks. They offer investability and replicability of our and consistent treatment of exhaustive coverage of the investable indexes. MSCI puts strong emphasis corporate events and synchronized opportunity set with non-overlapping on investability and replicability of its rebalancings, globally. size and style segmentation. indexes through the use of size and liquidity screens.

MSCI FLAGSHIP INDEXES

MSCI ACWI MSCI EMERGING MARKETS The MSCI ACWI Index, MSCI’s flagship global equity The MSCI Emerging Markets Index is designed to represent benchmark, is designed to represent performance of the the performance of large- and mid-cap securities in 24 full opportunity set of large- and mid-cap stocks across 23 countries. It had more than 830 constituents as of March developed and 24 emerging markets. As of March 2018, it 2018 and covered approximately 85% of the free float- covered more than 2,400 constituents across 11 sectors adjusted market capitalization in each country. and represented approximately 85% of the free float- adjusted market capitalization in each market. MSCI USA The MSCI USA Index is designed to measure the MSCI WORLD performance of the large- and mid-cap segments of the The MSCI World Index is designed to represent the U.S. market. As of March 2018, it covered more than 600 performance of large- and mid-cap stocks across 23 constituents and approximately 85% of the free float- developed markets. With more than 1,600 constituents, it adjusted market capitalization in the U.S. It represents covered approximately 85% of the free float-adjusted market over 52% of the MSCI ACWI Index, MSCI’s flagship gauge of capitalization in each country as of March 2018. global equity markets.

MSCI EAFE MSCI EUROPE The MSCI EAFE Index is designed to represent the The MSCI Europe Index is designed to represent the performance of large and mid-cap securities across 21 performance of large- and mid-cap equities across 15 developed markets in Europe, Australasia and the Far developed markets. As of March 2018 it had more than East, excluding the U.S. and Canada. With more than 400 constituents and covered approximately 85% of the 900 constituents as of March 2018, the MSCI EAFE Index free float-adjusted market capitalization across European covered approximately 85% of the free float-adjusted developed-market equity. market capitalization in each country. MSCI GLOBAL EQUITY INDEXES

The MSCI Global Equity Indexes funds, ETFs and structured products. the construction and monitoring of are used by institutional investors From market cap weighted regional, portfolios in a cohesive and complete worldwide for investment analysis, country and sector indexes to indexes manner, avoiding benchmark misfit performance measurement, asset based on investment strategies such and uncompensated risks. allocation, hedging and the creation as factor investing, MSCI delivers of a wide range of index derivatives, The Modern Index Strategy enabling

MARKET MSCI FACTOR MSCI THEMATIC REAL MSCI ESG MSCI CUSTOM CAP AND STRATEGY INDEXES ESTATE INDEXES INDEXES INDEXES

All Country (AC) (DM Single Factor Indexes: Economic Exposure Sector Real Estate ESG Leaders Select Universe + EM) Quality Core Real Estate SRI Different Weighting Value Emerging + Frontier Developed Markets Markets Workforce Size (DM) Index Liquid Real Estate Global ex Controversial Currencies Yield Weapons & Tax Rates Emerging Markets Volatility Agriculture Food Chain IPD Property Fund (EM) Momentum Global Environment Commodity Producers IPD Direct Property Frontier Markets (FM) Multi-Factor Series Infrastructure Custom Real Estate Sustainable Impact Domestic Diversified Faith based Low Carbon Multiple-Factor Large Cap Cyclical Sectors ESG Focus Mid Cap Strategic Indexes: Capped: Defensive Sectors ESG Select Standard 10/40 (Large + Mid Cap) 25/50 Islamic Governance-Quality Standard Capped Small Cap Islamic M-Series Women’s Leadership

SMID CAP Hedged & Currency: ESG Universal (Small + Mid Cap) Hedged FX Hedge Global ex Coal IMI (Large + Mid Currency + Small Cap) Global ex Fossil fuels Adaptive Hedge

Micro Cap Bloomberg Barclays Short & Leveraged (DM only) MSCI ESG (Daily) Fixed Income* All Cap (DM only)

Value & Growth

Sectors (GICS)

94% OF US PENSION FUND ASSETS INVESTED IN GLOBAL EQUITIES ARE BENCHMARKED TO MSCI INDEXES1

MORE THAN 85% OF ALL INTERNATIONAL EQUITY FUND ASSETS ARE BENCHMARKED TO MSCI INDEXES

* The Bloomberg Barclays MSCI ESG Fixed Income Indexes includes more than 500 indexes, including the Bloomberg Barclays MSCI Green Bonds Index. 1 As of December 2016, according to Intersec. MSCI MARKET CAP WEIGHTED INDEXES

Designed to represent equity markets The MSCI Market Cap Weighted This methodology allows for around the world, MSCI Market Indexes provide exhaustive equity meaningful global views and cross Cap Weighted Indexes are used market coverage for more than 80 regional comparisons across all by thousands of asset managers, countries in the Developed, Emerging market capitalization size, sector and pension funds, hedge funds and and Frontier Markets, applying a style segments and combinations. banks as benchmarks for over USD consistent index construction and 13.9 trillion of assets2. maintenance methodology.

MSCI ACWI & FRONTIER MARKETS INDEX

MSCI ACWI INDEX MSCI EMERGING & FRONTIER MARKETS INDEX

MSCI WORLD INDEX MSCI EMERGING MARKETS INDEX MSCI FRONTIER MARKETS INDEX

DEVELOPED MARKETS EMERGING MARKETS FRONTIER MARKETS

Americas Europe & Pacific Americas Europe, Middle Asia Americas Europe & Africa Middle East Asia Middle East East & Africa CIS

Canada Austria Australia Brazil Czech Republic China Argentina Croatia Kenya Bahrain Bangladesh United States Belgium Hong Kong Chile Egypt India Estonia Mauritius Jordan Sri Lanka Denmark Japan Colombia Greece Indonesia Lithuania Morocco Kuwait Vietnam Finland New Zealand Mexico Hungary Korea Kazakhstan Nigeria Lebanon France Singapore Peru Poland Malaysia Romania Tunisia Oman Germany Qatar Pakistan Serbia WAEMU2 Ireland Russia Philippines Slovenia Israel South Africa Taiwan Italy Turkey Thailand Netherlands United Arab Norway Emirates Portugal Spain MSCI STANDALONE MARKET INDEXES1 Sweden Switzerland Saudi Arabia Jamaica Bosnia Botswana Palestine United Panama3 Herzegovina Ghana Kingdom Trinidad & Bulgaria Zimbabwe Tobago Ukraine

1 The MSCI Standalone Market Indexes are not included in the MSCI Emerging Markets Index or MSCI Frontier Markets Index. However, these indexes use either the Emerging Markets or the Frontier Markets methodological criteria concerning size and liquidity.

2 The West African Economic and Monetary Union (WAEMU) consists of the following countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Currently the MSCI WAEMU Indexes include securities classified in Senegal, Ivory Coast and Burkina Faso.

3 MSCI Panama Index has been launched as a Standalone Market Index with effect from June 1, 2017.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®)

• In 1999, MSCI and S&P Global • GICS is a four-tiered, hierarchical GICS developed the Global Industry industry classification system. 11 SECTORS Classification Standard (GICS), • It consists of 11 sectors, 24 seeking to offer an efficient industry groups, 68 industries and 24 INDUSTRY GROUPS investment tool to capture the 157 sub-industries. breadth, depth and evolution of 68 INDUSTRIES industry sectors. 157 SUB-INDUSTRIES

2 As of March, 2018, as reported on March 30, 2018 by eVestment, Morningstar and Bloomberg. MSCI FACTOR INDEXES

The MSCI Factor Indexes are systematic the MSCI Quality Indexes and the MSCI investment strategy aiming to rules-based indexes that represent the Momentum Indexes. capture the long-term equity risk return of factors that have historically premium. MSCI methodology takes earned a persistent premium over • Both factor indexes and market into account turnover, liquidity and long periods of time — such as Value, cap weighted indexes play investment capacity. Low Size, Low Volatility, High Yield, important roles in asset allocation. Quality and Momentum. MSCI launched • Factor indexes can be used to help the industry’s first Minimum Volatility • Market cap indexes can be tilt a portfolio towards factors that index in 2008, and now provides a used to help implement a have historically outperformed broad range of factor indexes such as macro consistent, buy-and-hold market cap benchmarks.

MSCI FACTOR INDEXES

SYSTEMATIC FACTORS MSCI INDEXES

MSCI Quality Indexes represent the performace of high quality stocks by weighting based on debt‑to-equity, return-on-equity and earnings variability. They are designed to reflect the performance of a quality growth investment strategy

High Exposure: MSCI Quality Index, MSCI Sector Neutral Quality Index High Capacity: MSCI Quality Tilt Indexes

MSCI Value Weighted Indexes represent the performance of the value factor by weighting according to four fundamental variables (Sales, Earnings, Cash Flow, Book Value)

High Exposure: MSCI Enhanced Value Index High Capacity: MSCI Value Weighted Index

MSCI Equal Weighted Indexes represent the performance of the low size effect by equally weighting all stocks in a given parent index

High Exposure: MSCI Equal Weighted Index

MSCI High Dividend Yield Indexes include high dividend stocks with screens for quality and potential yield traps

High Exposure: MSCI High Dividend Yield

MSCI Minimum Volatility Indexes include low volatility and lowly correlated stocks to reduce the risk characteristics of the index

High Exposure: MSCI Minimum Volatility Index, MSCI Risk Weighted Index High Capacity: MSCI Volatility Tilt Index

MSCI Momentum Indexes reflect the performance of high momentum stocks by weighting based on 6 and 12 month momentum scaled by volatility

High Exposure: MSCI Momentum Index High Capacity: MSCI Momentum Tilt Index MSCI MULTI-FACTOR INDEXES

MSCI Multi-Factor Indexes combine These indexes are available in a Factor Indexes and dynamically MSCI Factor Indexes into a single standard combination provided by manage it over time, with insight from blended index and are designed MSCI, such as the MSCI Factor Mix IndexMetrics, MSCI’s new analytical to allow institutional investors a A-Series and the Diversified Multiple- framework. Both approaches can be basis for implementing multi‑factor Factor Indexes, or as a custom mix based on underlying flagship indexes strategies transparently and created by the client. Client-designed such as the MSCI EAFE, MSCI ACWI, cost‑effectively. multi-factor indexes enable clients MSCI World and MSCI Emerging to choose their own mix of MSCI Markets Indexes.

GLOBAL EQUITY BETA ADDED VALUE

Passive Investing Factor Investing Active Management

Benchmark Indexes Multi-Factor Investing Active Mandates

Strategic Factor Tilts

Tactical Asset MSCI ACWI IMI Allocation Security Selection

Value Size Yield Quality Volatility Momentum Market Timing

Tactical Factor Tilts & Overlay Strategies

ESG Investing Strategies

APPROXIMATELY USD 236 BILLION BENCHMARKED TO MSCI FACTOR INDEXES1

GLOBALLY, 66% OF LOW VOLATILITY EQUITY ETF ASSETS ARE LINKED TO MSCI INDEXES2

1 Data as of December, 2017 and reported as of March, 2018 by eVestment, Morningstar, Bloomberg and MSCI. 2 As of March, 2018; defined as each share class of an exchange traded fund, as identified by a seperate Bloomberg ticker. Only primary listings, and not cross-listings, are counted. MSCI THEMATIC INDEXES

Thematic investing seeks to identify reflects the sensitivity of companies MSCI Commodity Producers Indexes specific social, economic, industrial, to specific countries and regions, are equity-based indexes that seek environmental or demographic trends which may be an important factor that to reflect the performance of three and their long-term secular, cyclical impacts security level risk and return. underlying commodity markets: and structural influences on the energy, metals and agricultural world’s economies and markets. MSCI Emerging + Frontier Markets products. As commodities have Workforce Index includes large and historically benefited from rising MSCI Thematic Indexes are designed mid-cap securities and is designed inflation, equity indexes can serve as to capture the performance of to represent the performance the basis for products that consumers various broad investment themes. of countries with favorable can use as an inflation hedge and Five thematic indexes are currently demographics, education and offer diversification benefits. available: Economic Exposure, the employment patterns. The countries MSCI Agriculture & Food Chain, which satisfy the relevant criteria MSCI Infrastructure Indexes seek to Commodity Producers, Infrastructure based on four parameters namely, reflect the investment opportunity set and Faith‑Based. youth population, net secondary represented by companies that are school enrolment, agricultural infrastructure owners or operators — MSCI Economic Exposure Indexes employment and rural population are companies that tend to demonstrate aim to represent the performance of eligible for inclusion in the index. highly inelastic demand patterns, companies with significant exposure stable, predictable returns and to specific regions or countries, MSCI Agriculture & Food Chain inflation-linked pricing power. regardless of their domicile. The Indexes aim to capture fundamental indexes establish an alternative shifts that may occur in the global MSCI ‘Faith-Based’ Indexes aim to approach to categorizing the global supply/demand balance of the represent a relevant opportunity equity universe by deriving a agriculture industry. set for values‑based investors. The company’s economic exposure using indexes include companies that are the geographic distribution of its compatible with religious values. revenues. Economic exposure also The indexes exclude companies that are inconsistent with specific values‑based criteria. MSCI DOMESTIC AND EMERGING MARKETS INDEXES

MSCI DOMESTIC INDEXES Funds (MPF). They provide a broad MSCI EM Beyond BRIC Index is a MSCI provides domestic equity and diverse range of benchmark subset of the MSCI Emerging Markets indexes for a number of equity options for index tracking and actively Index and is designed to provide a markets to reflect the full breadth of managed funds. broad measure of the performance investment opportunities within those of emerging market equities outside markets. Examples include: MSCI EMERGING of the BRIC markets – Brazil, Russia, MARKETS INDEXES India and China. To provide greater MSCI US Equity Indexes aim to In 1988, MSCI launched the emerging country diversification, the larger reflect a full breadth of investment markets index and since then, a countries (e.g. Taiwan and Korea) opportunities within the US equity progressive opening up of more are capped quarterly at 15% to markets by market capitalization size, countries to foreign investors has give greater prominence to smaller by value and growth investment styles been accompanied by major structural Emerging Markets countries including and by sectors and industries. transformations in many parts of Thailand, Malaysia and Indonesia. the world. Strong economic growth MSCI China Indexes are designed combined with the development MSCI Frontier Markets Indexes for use by both international and of financial markets has led to the include large, mid and small cap, and domestic clients in the China expansion of investment opportunities aim to provide broad representation market, including Qualified Domestic in emerging markets and has of the equity opportunity set while Institutional Investors (QDII) and reshaped the equity universe. Today, taking investability requirements into Qualified Foreign Institutional emerging markets have become an consideration within each market. Investors (QFII) licensees. important and integrated part of a The MSCI Frontier Markets Indexes global equity portfolio allocation. can be segmented by size, sector and MSCI Australia Indexes, created geography, allowing for consistent using MSCI’s industry-leading Examples include: global views and cross regional index methodology, are a suite of comparisons. MSCI classifies 33 MSCI Indexes that may be used MSCI Emerging Markets Index countries as Frontier Markets, 22 for portfolio management and is designed to represent the of which are included in the MSCI benchmarking purposes and as the performance of large and mid cap Frontier Markets Index. basis for various tradable investment stocks across Emerging Markets (EM) products such as exchange traded countries. From just 10 countries funds (ETFs). MSCI offers several in 1988 representing less than 1% real-time, market capitalization- of world Market Capitalization to 24 weighted indexes designed for emerging markets, today the MSCI Australian institutional investors. Emerging Markets Index is now OVER available for a number of regions USD 1.9 TRILLION MSCI Hong Kong MPF Indexes are and market segments/sizes. Several BENCHMARKED TO designed to reflect the Hong Kong ETFs based on the MSCI Emerging Mandatory Provident Fund Schemes Markets Index have been launched THE MSCI EMERGING Authority’s (MPFA) investment and are listed on major stock MARKETS INDEX1 restrictions on Mandatory Provident exchanges around the world.

1 As of December 31, 2017, as reported on March 31, 2018 by eVestment, Morningstar and Bloomberg. MSCI REAL ESTATE INDEXES AND ANALYTICS

MSCI is a leading provider of real The range of MSCI services straddle estate performance and risk analysis, public and private real estate, and providing critical business intelligence can be distinguished into a set of to real estate owners, managers, Indexes, as well as Performance and brokers and occupiers worldwide. Risk Analytics.

INDEXES

Sector Core Factor Liquid IPD Direct Custom IPD Property Fund Real Estate Real Esate Real Estate Real Estate Property Real Estate

Listed Equity Non-listed Real Estate Real Estate

Multi-Asset-Class Equity Risk Market Data IPD Portfolio Property-Specific ESG Risk Analysis Benchmarking Analysis Analysis & Analysis Analysis Analysis

PERFORMANCE AND RISK ANALYTICS

CORE REAL ESTATE MSCI US REIT Index is a free MSCI World Real Estate Index Sector Real Estate Indexes float‑adjusted market capitalization is a free float-adjusted market are based on the MSCI Global weighted index that is comprised of capitalization index that consists Investable Market Indexes (GICS®) Equity REIT securities. The MSCI US of large and mid-cap equity REITs classifications and reflects the global REIT Index is based on the MSCI USA across 23 Developed Markets real estate opportunity set. In 2016, Investable Market Index (IMI) (“the (DM) countries, which generate MSCI created a Real Estate sector parent index”), which is comprised a majority of their revenue and within the GICS. This move reflects of all the securities included in the income from real estate rental and the importance of real estate as MSCI USA Large Cap, MSCI USA leasing operations. With around a distinct asset class within the Mid Cap and MSCI USA Small Cap 100 constituents, it represents broader equity market. Indexes. about 85% of the REIT universe in each country and all securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). MSCI REAL ESTATE INDEXES

LISTED EQUITY REAL ESTATE IPD Direct Property Indexes Portfolio Analysis Offers investors the risk return The IPD Global Annual Property Provides detailed diagnostics on proposition of investing in physical Index measures the combined portfolio performance and risk. property through an index comprised performance of real estate markets Based on analysis of individual of REITs and inflation linked bonds. It in 25 countries. portfolios against relevant leverages an index that includes real benchmarks, the service has a range property values with liquid securities Providing transparency of investment of uses including management such as REIT. returns to property markets across insight, regulatory and investor the globe enables market level reporting, portfolio management and NON-LISTED REAL ESTATE analysis on national markets with risk oversight. Offers a vast pool of real estate regional and sector level segments, performance data across the globe, as well as city level analysis. The Factor Real Estate providing a suite of indexes and Index reports the market rebalanced Applying the MSCI Factor performance and risk analytics that returns of the 25 most mature Methodology to Real Estate, the enable investors and managers to markets measured by MSCI and our index is a subset of the Core Real gain a clear view of risk and return partners, together worth an estimated Estate Indexes capturing key Real in the industry. $1.5 trillion as at end 2015. Estate performance factors and aims to reflect the performance IPD Property Fund Indexes REAL ESTATE ANALYTICS characteristics of investment styles The IPD Global Property Fund Index Multi-Asset-Class Analysis and strategies in the listed real represents the first index of real estate The Barra integrated Model has been estate space. that track performance at both the extended to cover Private Real Estate asset and fund level. All funds within through the PRE2 Model. This model • High Dividend Yield which selects the index are measured by the Portfolio captures the true risk characteristics high dividend stocks with screens Analysis Services. of real estate across global markets for quality and potential yield traps. and enables their analysis within a The Index is designed as a benchmark multi-asset-class context. • Small Size which captures low for global investors and for monitoring size effect by equally weighting all individual fund performance. Market Data & Analysis stocks in a given parent index. Provides authoritative data sets on As a broad and investible global real market performance and risk at high • Volatility which selects low estate benchmark, the Index can play levels of granularity across 32 national volatility and lowly correlated a critical role in an integrated global markets and 6 property types. stocks to create a low risk investment process, reporting both the portfolio. direct real estate and indirect returns. MSCI ESG INDEXES

The world is changing. With it, the According to a 2015 Natixis survey of has moved from a niche strategy to world of investing is changing. Asset 660 institutional investors globally, 95% the mainstream. Signatories agree owners and managers are increasingly reported incorporating ESG criteria to six principles which include becoming aware of the potential in their investment decision-making integration of ESG factors in the impact of environmental, social, process and 50% believed that ESG investment decision‑making process and governance (ESG) factors. From could be a potential source of alpha1. as well as regular reporting on natural resource scarcity to changing engagement efforts. Global assets governance standards, from global With the fast paced growth in under management by nearly 1,500 workforce management to an evolving the number of signatories to signatories from over 50 countries regulatory landscape, ESG factors may the UN‑backed Principles for totals more than USD 60 trillion, up impact the long-term risk and return Responsible Investment (PRI) from USD 4 trillion in 2006.2 profile for institutional investors. worldwide, the integration of ESG

INTEGRATION VALUES IMPACT

BROAD ESG BROAD ESG GLOBAL ENVIRONMENT SUSTAINABLE IMPACT ESG UNIVERSAL SRI WOMEN’S LEADERSHIP ESG FOCUS KLD 400 SOCIAL ESG SELECT ESG LEADERS THEMES

EX CONTROVERSIAL WEAPONS ESG EQUITY THEMES EX COAL GOVERNANCE QUALITY EX FOSSIL FUELS LOW CARBON LEADERS CATHOLIC VALUES LOW CARBON TARGET ISLAMIC

BROAD ESG THEMES GREEN BOND

ESG WEIGHTED SOCIALLY RESPONSIBLE SUSTAINABILITY EX CONTROVERSIAL WEAPONS CATHOLIC VALUES ESG FIXED INCOME

BROAD ESG – Methodology is based on ESG Ratings reflecting a combination of environmental, social and governance issues THEMES – Methodology is based on data for specific ESG issue(s)

MSCI ESG RESEARCH WORKS WITH 46 OF THE TOP 50 GLOBAL ASSET MANAGERS3

1 Global Survey of Institutional Investors 2015, Natixis Global Asset Management. 2 PRI as of December 2016 www.unpri.org/about-pri/about-pri. 3 Based on latest P&I AUM data and MSCI clients as of March 2018. MSCI ESG INDEXES

MSCI ESG Indexes are designed to are available. It also includes the MSCI investors. Increasingly, institutional represent the performance of the KLD 400 Social Index, which was investors may need to consider how most prevalent environmental, social launched in May 1990 and is one of climate change may present risks and governance (ESG) investment the first SRI indexes. and opportunities and how to manage strategies, utilizing our award-winning carbon exposure in their portfolios. ESG data and ratings on thousands MSCI ESG Universal Indexes These indexes are designed to support of companies worldwide. Institutional These Indexes are designed to various low carbon investment investors interested in sustainable address the needs of asset owners strategies and include the MSCI Low investing can use these industry-leading (who also classify themselves as Carbon Indexes, MSCI Global Fossil indexes to benchmark ESG investment universal owners), who may look to Fuels Exclusion Indexes, and the MSCI performance, issue index-based ESG enhance their exposure to ESG while Thematic Indexes. investment products, and manage and maintaining a broad and diversified report on ESG mandate compliance. universe to invest in. By re-weighting MSCI ACWI Sustainable Impact Index free-float market cap weights based This index is comprised exclusively MSCI ESG Leaders Indexes These upon certain ESG metrics tilting away of companies whose core business benchmarks target the highest ESG from free-float market cap weights, addresses at least one of the world’s rated companies making up 50% of the indexes enhance exposure to those social and environmental challenges, the adjusted market capitalization in companies that demonstrate both a as defined by the United Nations each sector of the underlying index. higher MSCI ESG Rating and a positive Sustainable Development Goals. The indexes are designed for investors ESG trend, while maintaining a broad The Sustainable Impact categories seeking exposure to companies and diversified investment universe. include: nutritious food, treatment of with strong sustainability profiles major diseases, sanitary products, with relatively low tracking error to MSCI Global ex Controversial education, affordable housing, loans the underlying equity market and Weapons Indexes These benchmarks to small and medium size enterprises, are reconstituted annually. The ESG are designed for investors who wish alternative energy, energy efficiency, Leaders Indexes includes the MSCI to avoid investments in cluster bombs, green building, sustainable water, and ACWI ESG Leaders Index, MSCI World land mines, chemical and biological pollution prevention. ESG Leaders Index, MSCI EM ESG weapons, and depleted uranium Leaders Index, etc. weapons. The selection universe for Bloomberg Barclays MSCI ESG Fixed the MSCI Global ex Controversial Income Indices The Bloomberg Barclays MSCI SRI Indexes These benchmarks Weapons Indexes is defined by the MSCI ESG Fixed Income Indices comprise consist of companies with the highest constituents of MSCI AWCI. In addition more than 500 standard and custom ESG ratings making up 25% of the to MSCI ACWI ex Controversial ESG fixed income indices representing adjusted market capitalization in Weapons Index, MSCI World ex the most widely used ESG strategies and each sector of a parent MSCI index, Controversial Weapons Index, and investment objectives. This includes the after excluding companies involved MSCI EM ex Controversial Weapons Bloomberg Barclays MSCI Green Bond, in alcohol, tobacco, gambling, civilian Index, region and country sub-indexes Socially Responsible, Sustainability, and firearms, military weapons, nuclear are available. ESG Weighted Indices. power, adult entertainment and genetically modified organisms (GMOs). MSCI Global Environmental Indexes Custom MSCI ESG Indexes Calculated In addition to MSCI ACWI SRI Index, The MSCI ESG Environmental Indexes using ESG criteria specified by clients MSCI World SRI Index and MSCI EM SRI provides Low Carbon, Fossil Fuels and applied across developed and/or Index, region and country sub-indexes Exclusion and Thematic indexes for emerging markets countries or regions. MSCI CUSTOM INDEXES

UNIQUE MSCI INDEXES With more than 40 years of scope of MSCI’s index capabilities TO SUIT YOUR SPECIFIC leadership in index construction and and data to develop tailored indexes NEEDS maintenance, MSCI has accumulated to reflect specific benchmarks exceptional expertise in designing or strategies to meet investment and calculating equity indexes. MSCI criteria. MSCI currently calculates applies this experience to calculating 5,000 custom indexes for more than custom indexes to leverage the full 700 clients globally.

MSCI INDEXES CAN BE CUSTOMIZED ACROSS MANY DIMENSIONS

SELECT APPLY DEFINE CHOOSE CUSTOM UNIVERSE WEIGHTING CURRENCY DELIVERY AND & TAX RATES FILE FORMAT INDEX

• Country • Market Cap • Currency • Standardized (70+), Region Integrated • Fundamental • Hedge Client File • Sectors (value) • Daily, Monthly Format (ICF) (GICS®) • Risk Hedging • Text, XML • Stock • Equal • Full or Partial Exchange • Direct Hedging • Fixed • Size • Vendor • Cross Hedging • Capped • Security Type • Real-time • Withholding • GDP • SRI/ESG Tax Rate • End-of-day • Special • Fundamental & • Price, Total, Valuation • Sector / Net, Returns Rations Geographic Neutral • Liquify Filters • Custom Risk • Sharia Control

• Combination of Indexes, or Indexes with Cash MSCI OVERVIEW

MSCI has been at the forefront of MSCI has remained a market leader 99 OF THE TOP 100 index construction and maintenance by expanding and enhancing its index for more than 40 years, launching offering to reflect the evolving and GLOBAL INVESTMENT its first global equity indexes in complex needs of the institutional MANAGERS ARE 1969. Globalization and the rapid investment community with ground MSCI CLIENTS1 integration of markets have led MSCI breaking new products, innovative to explore alternative approaches research, high quality data and to categorizing the global equity dedicated client support. universe and product development.

1968 1969 1987 1995 1999 2007 2010 2012 2013 2014 2015 2016 2017

The Capital MSCI MSCI MSCI Global MSCI MSCI MSCI MSCI MSCI MSCI MSCI MSCI International Developed Emerging All Country Industry Frontier ESG Economic Multi- Low Diversified Sustainable ESG Indexes are Market Market Indexes Classification Markets Indexes Exposure Factor Carbon Multiple- Impact Universal published, Indexes Index (EM) (DM & EM) Standard Indexes Indexes Indexes Indexes Factor Indexes Indexes the first set (DM) (GICS®) Indexes of global MSCI stock market Factor MSCI MSCI MSCI indexes Indexes Adaptive Women’s Factor for non-US Hedge Leadership ESG markets. MSCI Indexes Indexes Target Global Indexes Islamic

Today, MSCI offers more than 190,000 More than 1030+ ETFs3 from many consistent and comparable indexes of the world’s leading ETF providers >$13.9 TRILLION which are used by investors around including iShares, Deutsche Bank, IN ASSETS IS the world to develop and benchmark UBS, Lyxor, Amundi, SSgA, Source, ESTIMATED TO their global equity portfolios. MSCI HSBC, Commerzbank and Barclays indexes are also licensed as the basis are based on MSCI indexes. BE BENCHMARKED for financial products such as exchange TO MSCI INDEXES2 traded funds and structured products. Exchanges around the world have chosen MSCI equity indexes as the basis for numerous listed derivatives. MORE EQUITY ETFS These include: DGCX, EUREX, ICE ARE BENCHMARKED Futures US, ICE Futures Europe, Johannesburg Stock Exchange and TO MSCI THAN TO Singapore Exchange. ANY OTHER INDEX PROVIDER3

1 Based on latest P&I AUM data and MSCI clients as of March, 2018. 2 As of December 31, 2017, as reported on March 31, 2018 by eVestment, Morningstar and Bloomberg. 3 As of December 31, 2017, defined as each share class of an exchange traded fund, as identified by a seperate Bloomberg ticker. Only primary listings, and not cross listings are counted. CONTACT US

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ABOUT MSCI

For more than four decades, MSCI risk and performance, broad asset MSCI’s clients include 99 of the top (NYSE: MSCI) has helped global class coverage and innovative ways 100 global asset managers, as ranked investors build and manage better to bring investment strategies to by P&I1. portfolios. Our research‑based tools market. Our offerings include indexes, and services provide our clients with data, analytical models, regulatory For more information, visit us at deeper insights into the drivers of reporting and ESG research. msci.com

1 Based on latest P&I AUM data and MSCI clients as of March, 2018

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