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