Msci global investable market indexes methodology february – acc – bb-101

MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | FEBRUARY 2016 ELIGIBLE CLASSES OF SECURITIES FOR STOCK EXCHANGES IN DEVELOPED MARKETS Country of Listing* Classes of Securities AUSTRALIA Ordinary shares Preferred shares (1) Stapled securities CDIs AUSTRIA Ordinary shares Preferred shares (1) Participation certificates BELGIUM Ordinary shares Preferred shares (1) CANADA Ordinary shares Units of Income Trusts Stapled securities DENMARK Ordinary shares FINLAND Ordinary shares FRANCE Ordinary shares Preferred shares (1) Certificats d’Investissement Certificats Coopératif d’Investissement GERMANY Ordinary shares Preferred shares (1) HONG KONG Ordinary shares Business trusts Stapled securities IRELAND Ordinary shares Units ISRAEL Common shares Preferred shares (1) ITALY Ordinary shares Preferred shares (1) Savings shares JAPAN Ordinary shares NETHERLANDS Ordinary shares Preferred shares (1) Certificates NEW ZEALAND Ordinary shares Preferred shares (1) Units NORWAY Ordinary shares Primary Capital Certificates PORTUGAL Ordinary shares SINGAPORE Ordinary shares Business trusts Stapled securities SPAIN Ordinary shares Preferred shares (1) SWEDEN Ordinary shares Swedish Depositary Receipts SWITZERLAND Registered shares Bearer shares Participation certificates Dividend-right certificates UNITED KINGDOM Ordinary shares Units CDIs Depositary Receipts USA Common shares Tracking Stock Depositary Receipts (1) Preferred shares that exhibit characteristics of equity securities are generally eligible *The table show s the eligible classes of securities by country of listing. Msci world pr usd Please note that different countries of listing and their associated share classes may be eligible for country equity universes w hich may include foreign listings.

MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | FEBRUARY 2016 2 CONSTRUCTING THE MSCI GLOBAL INVESTABLE MARKET INDEXES Constructing the MSCI Global Investable Market Indexes involves the following steps:  Defining the Equity Universe. Msci acwi etf  Determining the Market Investable Equity Universe for each market.


Ishares msci emerging markets index  Determining market capitalization size-segments for each market. Msci world ex us etf  Applying Index Continuity Rules for the Standard Index. Msci careers  Creating style segments within each size-segment within each market. Msci world weights  Classifying securities under the Global Industry Classification Standard (GICS®). Msci nyc Each of these steps is described in detail below. Msci world quality 2.1 DEFINING THE EQUITY UNIVERSE The Equity Universe is defined by:  Identifying eligible equity securities, and  Classifying these eligible equity securities into the appropriate country. Msci investor relations 2.1.1 IDENTIFYING ELIGIBLE EQUITY SECURITIES All listed equity securities, including Real Estate Investment Trusts (REITs) 1 and certain income trusts listed in Canada 2 are eligible for inclusion in the Equity Universe. Wiki msci Limited partnerships, limited liability companies, and business trusts, which are listed in the USA and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion in the Equity Universe. Msci eafe etf Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe. What is msci world index Preferred shares that exhibit characteristics of equity securities are eligible. Msci index chart As the definition of the preferred shares may vary from country to country or even from one company to another, MSCI analyses this type of security on a case by case basis. Msci value index methodology The key criterion for a preferred share to be eligible is that it should not have features that make it resemble – and behave like – a fixed income security, such as the entitlement to a fixed dividend and/or, in case of liquidation, an entitlement to a company’s n±t ass±ts which is limit±d to th± par value of the preferred share. Msci world index wiki On the other hand, preferred shares whose only difference 1 Please refer to Appendix I for the list of REITs and REIT equivalent structures across different countries tracked by MSCI. Msci events 2 Please refer to Appendix I for the eligibility criteria of Canada Income Trusts.