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MSCIResearch2010MSCI.
Allrightsreserved.
1of7Pleaserefertothedisclaimerattheendofthisdocument.
MSCIUSAESGSelectIndexMethodologyJuly2010MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
2of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV07101.
INTRODUCTIONTheMSCIUSAESGSelectIndexisdesignedtomaximizeexposuretopositiveenvironmental,socialandgovernance(ESG)factorswhileexhibitingriskandreturncharacteristicssimilartothoseoftheMSCIUSAIndex.
TheIndexissector-diversifiedwithhighESGratingsfromeachsector.
RelativetotheMSCIUSAIndex,theMSCIUSAESGSelectIndextendstoover-weightcompanieswithhigherESGratingsandunder-weightcompanieswithlowerratings.
TobaccocompaniesarenoteligiblefortheIndex.
2.
ESGRESEARCHFRAMEWORKMSCI'sESGresearchframeworkgeneratesananalysisandratingofeachcompany'smanagementofitsenvironmental,socialandgovernanceperformance.
Theratingcriteriaaddressacompany'sESGperformanceinthecontextoffivecategories,coveringkeycorporatestakeholders.
Environment–rateacompany'smanagementofitsenvironmentalchallenges,includingitsefforttoreduceoroffsettheimpactsofitsproductsandoperations.
CommunityandSociety–measurehowwellacompanymanagesitsimpactonthecommunitieswhereitoperates,includingitstreatmentoflocalpopulation,itshandlingofhumanrightsissuesanditscommitmenttophilanthropicactivities.
EmployeesandSupplyChain–assessacompany'srecordofmanagingemployees,contractorsandsuppliers.
Issuesofparticularinterestincludelabor-managementrelations,anti-discriminationpoliciesandpractices,employeesafety,andthelaborrightsofworkersthroughoutthecompany'ssupplychain.
Customers–measurethequalityandsafetyrecordofacompany'sproducts,itsmarketingpractices,andanyinvolvementinregulatoryoranti-competitivecontroversies.
GovernanceandEthics–addressacompany'sinvestorrelationsandmanagementpractices,includingcompanysustainabilityreporting,boardaccountabilityandbusinessethicspoliciesandpractices.
MSCIappliesitsproprietaryESGratingframeworktoeachcompanybyselectingtheESGratingcriteriamostrelevanttoeachfirm.
Toevaluateacompany,analystsreviewmorethan500datapointsandscoremorethan100indicators.
MSCIexpressesacompany'sESGperformanceasanumericalscoreandonaletter-basedratingscale.
Theratingsfallonanine-pointscalefromAAAtoC.
Scoresandratingsarenotnormalizedacrossindividualindustriesortheoverallcompanyuniverse.
Thismeansthatoneindustrymayhavenocompaniesthatreceiveany"A"ratings,whileanotherindustrymayhavenocompanieswith"C"ratings.
FormoredetailsonESGscoresandratings,pleaserefertohttp://www.
kld.
com/research/3.
CONSTRUCTINGTHEMSCIUSAESGSELECTINDEXConstructingtheMSCIUSAESGSelectIndexinvolvesthefollowingsteps:Definingtheunderlyinguniverse;Definingtheoptimizationconstraints;andMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
3of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710Determiningtheoptimizedportfolio.
3.
1DefiningtheunderlyinguniverseTheunderlyinguniversefortheMSCIUSAESGSelectIndexistheMSCIUSAIndex,excludinganystockswithTobaccoinvolvement.
3.
2DefiningtheoptimizationconstraintsConstituentsareselectedtomaximizeexposuretocompanybasedESGscores,subjecttomaintainingriskandreturncharacteristicssimilartotheMSCIUSAIndex.
ESGscoresarenormalizedandfactoredintotheoptimizationprocess.
OptimizationisaquantitativeprocessthatconsidersthemarketcapitalizationweightsfromtheMSCIUSAIndex,ESGscoresandadditionaloptimizationconstraintstoselectandweightheconstituentsintheIndex.
NormalizationoftheESGscoresallowstheoptimizationtoassesseachscoreinthecontextoftheoveralldistributionoftheESGscores.
Ateachquarterlyindexreview,thefollowingoptimizationconstraintsareusedforreplicabilityandinvestability:Thepredictedtrackingerrorisrestrictedto1.
8%Themaximumweightofanindexconstituentwillbe5%;Theminimumweightofanindexconstituentwillbe0.
1%;Thenumberofindexconstituentsisconstrainedtoamaximumof350;ThesectorweightsoftheMSCIUSAESGSelectIndexwillnotdeviatemorethan+/-3%fromthesectorweightsofMSCIUSA;TheonewayturnoveroftheMSCIUSAESGSelectIndexisconstrainedtoamaximumof15%atSemi-AnnualIndexReviewsand10%atQuarterlyIndexReviews;Onewaytransactioncostissetto0.
5%whichaimstoachieveabalancebetweenturnoverandESGScores;andAnAS/CF(AssetSelection/CommonFactor)RiskAversionRatioof10isapplied.
PleaserefertotheAppendixforthedescriptionofthehandlingofinfeasibleoptimizations.
3.
3DefiningtheoptimizedportfolioTheMSCIUSAESGSelectIndexisconstructedusingthemostrecentreleaseoftheBarraOpenOptimizerincombinationwiththerelevantBarraEquityModel.
TheoptimizationusestheMSCIUSAIndexastheuniverseofeligiblesecuritiesandthespecifiedoptimizationobjectiveandconstraintstodeterminetheoptimalMSCIUSAESGSelectIndex.
MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
4of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV07104.
MAINTAININGTHEMSCIUSAESGSELECTINDEX4.
1QuarterlyIndexReviewsTheMSCIUSAESGSelectIndexisrebalancedonaquarterlybasistocoincidewiththeregularIndexReviews(Semi-AnnualIndexReviewsinMayandNovemberandQuarterlyIndexReviewsinFebruaryandAugust)oftheMSCIGlobalInvestableMarketIndices.
ThechangesareimplementedattheendofFebruary,May,AugustandNovember.
ESGscoresusedforthequarterlyindexreviewswillbetakenasoftheendofthemonthprecedingtheIndexReview,i.
e.
,January,April,JulyandOctober.
AteachIndexReview,theoptimizationprocessoutlinedinSection3isimplemented.
CompaniescanonlybeaddedtotheMSCIUSAESGSelectIndexatregularIndexReviews.
4.
2OngoingEvent-RelatedMaintenanceIngeneral,theMSCIUSAESGSelectIndexfollowstheeventmaintenanceoftheunderlyingMSCIUSAIndex.
NewadditionstotheunderlyingindexduetocorporateeventsarenotaddedsimultaneouslytotheMSCIUSAESGSelectIndex,butareconsideredforinclusionatthefollowingIndexReview.
CompaniesdeletedfromtheMSCIUSAIndexbetweenIndexReviewsduetocorporateeventsmaintenancearealsodeletedatthesametimefromtheMSCIUSAESGSelectIndex.
ThetechnicaldetailsrelatingtothehandlingofspecificcorporateeventtypescanbefoundintheMSCICorporateEventsMethodologybookavailableat:http://www.
mscibarra.
com/products/indices/international_equity_indices/gimi/stdindex/methodology.
htmlMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
5of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710Appendix:HandlingInfeasibleOptimizationsDuringthequarterlyindexreview,intheeventthatthereisnooptimalsolutionthatsatisfiesalltheoptimizationconstraintsdefinedinSection3.
2,thetrackingerrorwillberelaxedinstepsof0.
2%untilanoptimalsolutionisfound.
MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
6of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710ContactInformationclientservice@msci.
comAmericasAmericasAtlantaBostonChicagoMontrealMonterreyNewYorkSanFranciscoSaoPauloStamfordToronto1.
888.
588.
4567(tollfree)+1.
404.
551.
3212+1.
617.
532.
0920+1.
312.
675.
0545+1.
514.
847.
7506+52.
81.
1253.
4020+1.
212.
804.
3901+1.
415.
836.
8800+55.
11.
3706.
1360+1.
203.
325.
5630+1.
416.
628.
1007Europe,MiddleEast&AfricaAmsterdamCapeTownFrankfurtGenevaLondonMadridMilanParisZurich+31.
20.
462.
1382+27.
21.
673.
0100+49.
69.
133.
859.
00+41.
22.
817.
9777+44.
20.
7618.
2222+34.
91.
700.
7275+39.
02.
5849.
04150800.
91.
59.
17(tollfree)+41.
44.
220.
9300AsiaPacificChinaNorthChinaSouthHongKongSeoulSingaporeSydneyTokyo10800.
852.
1032(tollfree)10800.
152.
1032(tollfree)+852.
2844.
9333+827.
0768.
88984800.
852.
3749(tollfree)+61.
2.
9033.
9333+81.
3.
5226.
8222www.
mscibarra.
com|www.
riskmetrics.
comMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
7of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710NoticeandDisclaimerThisdocumentandalloftheinformationcontainedinit,includingwithoutlimitationalltext,data,graphs,charts(collectively,the"Information")isthepropertyofMSClInc.
,itssubsidiaries(includingwithoutlimitationBarra,Inc.
andRiskMetricsGroup,Inc.
)and/ortheirsubsidiaries(includingwithoutlimitationtheFEA,ISS,KLDandCFRAcompanies)(aloneorwithoneormoreofthem,"MSCI"),ortheirdirectorindirectsuppliersoranythirdpartyinvolvedinthemakingorcompilingoftheInformation(collectively(includingMSCI),the"MSCIParties"orindividually,an"MSCIParty"),asapplicable,andisprovidedforinformationalpurposesonly.
TheInformationmaynotbereproducedorredisseminatedinwholeorinpartwithoutpriorwrittenpermissionfromtheapplicableMSCIParty.
TheInformationmaynotbeusedtoverifyorcorrectotherdata,tocreateindices,riskmodelsoranalytics,orinconnectionwithissuing,offering,sponsoring,managingormarketinganysecurities,portfolios,financialproductsorotherinvestmentvehiclesbasedon,linkedto,trackingorotherwisederivedfromanyMSCIproductsordata.
Historicaldataandanalysisshouldnotbetakenasanindicationorguaranteeofanyfutureperformance,analysis,forecastorprediction.
NoneoftheInformationconstitutesanoffertosell(orasolicitationofanoffertobuy),orapromotionorrecommendationof,anysecurity,financialproductorotherinvestmentvehicleoranytradingstrategy,andnoneoftheMSCIPartiesendorses,approvesorotherwiseexpressesanyopinionregardinganyissuer,securities,financialproductsorinstrumentsortradingstrategies.
NoneoftheInformation,MSCIindices,modelsorotherproductsorservicesisintendedtoconstituteinvestmentadviceorarecommendationtomake(orrefrainfrommaking)anykindofinvestmentdecisionandmaynotbereliedonassuch.
TheuseroftheInformationassumestheentireriskofanyuseitmaymakeorpermittobemadeoftheInformation.
NONEOFTHEMSCIPARTIESMAKESANYEXPRESSORIMPLIEDWARRANTIESORREPRESENTATIONSWITHRESPECTTOTHEINFORMATION(ORTHERESULTSTOBEOBTAINEDBYTHEUSETHEREOF),ANDTOTHEMAXIMUMEXTENTPERMITTEDBYLAW,MSCI,ONITSBEHALFANDONTHEBEHALFOFEACHMSCIPARTY,HEREBYEXPRESSLYDISCLAIMSALLIMPLIEDWARRANTIES(INCLUDING,WITHOUTLIMITATION,ANYIMPLIEDWARRANTIESOFORIGINALITY,ACCURACY,TIMELINESS,NON-INFRINGEMENT,COMPLETENESS,MERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE)WITHRESPECTTOANYOFTHEINFORMATION.
Withoutlimitinganyoftheforegoingandtothemaximumextentpermittedbylaw,innoeventshallanyoftheMSCIPartieshaveanyliabilityregardinganyoftheInformationforanydirect,indirect,special,punitive,consequential(includinglostprofits)oranyotherdamagesevenifnotifiedofthepossibilityofsuchdamages.
Theforegoingshallnotexcludeorlimitanyliabilitythatmaynotbyapplicablelawbeexcludedorlimited,includingwithoutlimitation(asapplicable),anyliabilityfordeathorpersonalinjurytotheextentthatsuchinjuryresultsfromthenegligenceorwilfuldefaultofitself,itsservants,agentsorsub-contractors.
Anyuseoforaccesstoproducts,servicesorinformationofMSCIrequiresalicensefromMSCI.
MSCI,Barra,RiskMetrics,ISS,KLD,CFRA,FEA,EAFE,Aegis,Cosmos,BarraOne,andallotherMSCIproductnamesarethetrademarks,registeredtrademarks,orservicemarksofMSCIintheUnitedStatesandotherjurisdictions.
TheGlobalIndustryClassificationStandard(GICS)wasdevelopedbyandistheexclusivepropertyofMSCIandStandard&Poor's.
"GlobalIndustryClassificationStandard(GICS)"isaservicemarkofMSCIandStandard&Poor's.
FTSEisatrademarkoftheLondonStockExchangeandTheFinancialTimesandisusedbyFTSEInternationalLimitedandothersunderlicense.
AboutMSCIMSCIInc.
isaleadingproviderofinvestmentdecisionsupporttoolstoinvestorsglobally,includingassetmanagers,banks,hedgefundsandpensionfunds.
MSCIproductsandservicesincludeindices,portfolioriskandperformanceanalytics,andgovernancetools.
Thecompany'sflagshipproductofferingsare:theMSCIindiceswhichincludeover120,000dailyindicescoveringmorethan70countries;Barraportfolioriskandperformanceanalyticscoveringglobalequityandfixedincomemarkets;RiskMetricsmarketandcreditriskanalytics;ISSgovernanceresearchandoutsourcedproxyvotingandreportingservices;FEAvaluationmodelsandriskmanagementsoftwarefortheenergyandcommoditiesmarkets;andCFRAforensicaccountingriskresearch,legal/regulatoryriskassessment,anddue-diligence.
MSCIisheadquarteredinNewYork,withresearchandcommercialofficesaroundtheworld.
Allrightsreserved.
1of7Pleaserefertothedisclaimerattheendofthisdocument.
MSCIUSAESGSelectIndexMethodologyJuly2010MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
2of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV07101.
INTRODUCTIONTheMSCIUSAESGSelectIndexisdesignedtomaximizeexposuretopositiveenvironmental,socialandgovernance(ESG)factorswhileexhibitingriskandreturncharacteristicssimilartothoseoftheMSCIUSAIndex.
TheIndexissector-diversifiedwithhighESGratingsfromeachsector.
RelativetotheMSCIUSAIndex,theMSCIUSAESGSelectIndextendstoover-weightcompanieswithhigherESGratingsandunder-weightcompanieswithlowerratings.
TobaccocompaniesarenoteligiblefortheIndex.
2.
ESGRESEARCHFRAMEWORKMSCI'sESGresearchframeworkgeneratesananalysisandratingofeachcompany'smanagementofitsenvironmental,socialandgovernanceperformance.
Theratingcriteriaaddressacompany'sESGperformanceinthecontextoffivecategories,coveringkeycorporatestakeholders.
Environment–rateacompany'smanagementofitsenvironmentalchallenges,includingitsefforttoreduceoroffsettheimpactsofitsproductsandoperations.
CommunityandSociety–measurehowwellacompanymanagesitsimpactonthecommunitieswhereitoperates,includingitstreatmentoflocalpopulation,itshandlingofhumanrightsissuesanditscommitmenttophilanthropicactivities.
EmployeesandSupplyChain–assessacompany'srecordofmanagingemployees,contractorsandsuppliers.
Issuesofparticularinterestincludelabor-managementrelations,anti-discriminationpoliciesandpractices,employeesafety,andthelaborrightsofworkersthroughoutthecompany'ssupplychain.
Customers–measurethequalityandsafetyrecordofacompany'sproducts,itsmarketingpractices,andanyinvolvementinregulatoryoranti-competitivecontroversies.
GovernanceandEthics–addressacompany'sinvestorrelationsandmanagementpractices,includingcompanysustainabilityreporting,boardaccountabilityandbusinessethicspoliciesandpractices.
MSCIappliesitsproprietaryESGratingframeworktoeachcompanybyselectingtheESGratingcriteriamostrelevanttoeachfirm.
Toevaluateacompany,analystsreviewmorethan500datapointsandscoremorethan100indicators.
MSCIexpressesacompany'sESGperformanceasanumericalscoreandonaletter-basedratingscale.
Theratingsfallonanine-pointscalefromAAAtoC.
Scoresandratingsarenotnormalizedacrossindividualindustriesortheoverallcompanyuniverse.
Thismeansthatoneindustrymayhavenocompaniesthatreceiveany"A"ratings,whileanotherindustrymayhavenocompanieswith"C"ratings.
FormoredetailsonESGscoresandratings,pleaserefertohttp://www.
kld.
com/research/3.
CONSTRUCTINGTHEMSCIUSAESGSELECTINDEXConstructingtheMSCIUSAESGSelectIndexinvolvesthefollowingsteps:Definingtheunderlyinguniverse;Definingtheoptimizationconstraints;andMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
3of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710Determiningtheoptimizedportfolio.
3.
1DefiningtheunderlyinguniverseTheunderlyinguniversefortheMSCIUSAESGSelectIndexistheMSCIUSAIndex,excludinganystockswithTobaccoinvolvement.
3.
2DefiningtheoptimizationconstraintsConstituentsareselectedtomaximizeexposuretocompanybasedESGscores,subjecttomaintainingriskandreturncharacteristicssimilartotheMSCIUSAIndex.
ESGscoresarenormalizedandfactoredintotheoptimizationprocess.
OptimizationisaquantitativeprocessthatconsidersthemarketcapitalizationweightsfromtheMSCIUSAIndex,ESGscoresandadditionaloptimizationconstraintstoselectandweightheconstituentsintheIndex.
NormalizationoftheESGscoresallowstheoptimizationtoassesseachscoreinthecontextoftheoveralldistributionoftheESGscores.
Ateachquarterlyindexreview,thefollowingoptimizationconstraintsareusedforreplicabilityandinvestability:Thepredictedtrackingerrorisrestrictedto1.
8%Themaximumweightofanindexconstituentwillbe5%;Theminimumweightofanindexconstituentwillbe0.
1%;Thenumberofindexconstituentsisconstrainedtoamaximumof350;ThesectorweightsoftheMSCIUSAESGSelectIndexwillnotdeviatemorethan+/-3%fromthesectorweightsofMSCIUSA;TheonewayturnoveroftheMSCIUSAESGSelectIndexisconstrainedtoamaximumof15%atSemi-AnnualIndexReviewsand10%atQuarterlyIndexReviews;Onewaytransactioncostissetto0.
5%whichaimstoachieveabalancebetweenturnoverandESGScores;andAnAS/CF(AssetSelection/CommonFactor)RiskAversionRatioof10isapplied.
PleaserefertotheAppendixforthedescriptionofthehandlingofinfeasibleoptimizations.
3.
3DefiningtheoptimizedportfolioTheMSCIUSAESGSelectIndexisconstructedusingthemostrecentreleaseoftheBarraOpenOptimizerincombinationwiththerelevantBarraEquityModel.
TheoptimizationusestheMSCIUSAIndexastheuniverseofeligiblesecuritiesandthespecifiedoptimizationobjectiveandconstraintstodeterminetheoptimalMSCIUSAESGSelectIndex.
MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
4of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV07104.
MAINTAININGTHEMSCIUSAESGSELECTINDEX4.
1QuarterlyIndexReviewsTheMSCIUSAESGSelectIndexisrebalancedonaquarterlybasistocoincidewiththeregularIndexReviews(Semi-AnnualIndexReviewsinMayandNovemberandQuarterlyIndexReviewsinFebruaryandAugust)oftheMSCIGlobalInvestableMarketIndices.
ThechangesareimplementedattheendofFebruary,May,AugustandNovember.
ESGscoresusedforthequarterlyindexreviewswillbetakenasoftheendofthemonthprecedingtheIndexReview,i.
e.
,January,April,JulyandOctober.
AteachIndexReview,theoptimizationprocessoutlinedinSection3isimplemented.
CompaniescanonlybeaddedtotheMSCIUSAESGSelectIndexatregularIndexReviews.
4.
2OngoingEvent-RelatedMaintenanceIngeneral,theMSCIUSAESGSelectIndexfollowstheeventmaintenanceoftheunderlyingMSCIUSAIndex.
NewadditionstotheunderlyingindexduetocorporateeventsarenotaddedsimultaneouslytotheMSCIUSAESGSelectIndex,butareconsideredforinclusionatthefollowingIndexReview.
CompaniesdeletedfromtheMSCIUSAIndexbetweenIndexReviewsduetocorporateeventsmaintenancearealsodeletedatthesametimefromtheMSCIUSAESGSelectIndex.
ThetechnicaldetailsrelatingtothehandlingofspecificcorporateeventtypescanbefoundintheMSCICorporateEventsMethodologybookavailableat:http://www.
mscibarra.
com/products/indices/international_equity_indices/gimi/stdindex/methodology.
htmlMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
5of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710Appendix:HandlingInfeasibleOptimizationsDuringthequarterlyindexreview,intheeventthatthereisnooptimalsolutionthatsatisfiesalltheoptimizationconstraintsdefinedinSection3.
2,thetrackingerrorwillberelaxedinstepsof0.
2%untilanoptimalsolutionisfound.
MSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
6of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710ContactInformationclientservice@msci.
comAmericasAmericasAtlantaBostonChicagoMontrealMonterreyNewYorkSanFranciscoSaoPauloStamfordToronto1.
888.
588.
4567(tollfree)+1.
404.
551.
3212+1.
617.
532.
0920+1.
312.
675.
0545+1.
514.
847.
7506+52.
81.
1253.
4020+1.
212.
804.
3901+1.
415.
836.
8800+55.
11.
3706.
1360+1.
203.
325.
5630+1.
416.
628.
1007Europe,MiddleEast&AfricaAmsterdamCapeTownFrankfurtGenevaLondonMadridMilanParisZurich+31.
20.
462.
1382+27.
21.
673.
0100+49.
69.
133.
859.
00+41.
22.
817.
9777+44.
20.
7618.
2222+34.
91.
700.
7275+39.
02.
5849.
04150800.
91.
59.
17(tollfree)+41.
44.
220.
9300AsiaPacificChinaNorthChinaSouthHongKongSeoulSingaporeSydneyTokyo10800.
852.
1032(tollfree)10800.
152.
1032(tollfree)+852.
2844.
9333+827.
0768.
88984800.
852.
3749(tollfree)+61.
2.
9033.
9333+81.
3.
5226.
8222www.
mscibarra.
com|www.
riskmetrics.
comMSCIUSAESGSelectIndex|July2010MSCIResearch2010MSCI.
Allrightsreserved.
7of7Pleaserefertothedisclaimerattheendofthisdocument.
.
RV0710NoticeandDisclaimerThisdocumentandalloftheinformationcontainedinit,includingwithoutlimitationalltext,data,graphs,charts(collectively,the"Information")isthepropertyofMSClInc.
,itssubsidiaries(includingwithoutlimitationBarra,Inc.
andRiskMetricsGroup,Inc.
)and/ortheirsubsidiaries(includingwithoutlimitationtheFEA,ISS,KLDandCFRAcompanies)(aloneorwithoneormoreofthem,"MSCI"),ortheirdirectorindirectsuppliersoranythirdpartyinvolvedinthemakingorcompilingoftheInformation(collectively(includingMSCI),the"MSCIParties"orindividually,an"MSCIParty"),asapplicable,andisprovidedforinformationalpurposesonly.
TheInformationmaynotbereproducedorredisseminatedinwholeorinpartwithoutpriorwrittenpermissionfromtheapplicableMSCIParty.
TheInformationmaynotbeusedtoverifyorcorrectotherdata,tocreateindices,riskmodelsoranalytics,orinconnectionwithissuing,offering,sponsoring,managingormarketinganysecurities,portfolios,financialproductsorotherinvestmentvehiclesbasedon,linkedto,trackingorotherwisederivedfromanyMSCIproductsordata.
Historicaldataandanalysisshouldnotbetakenasanindicationorguaranteeofanyfutureperformance,analysis,forecastorprediction.
NoneoftheInformationconstitutesanoffertosell(orasolicitationofanoffertobuy),orapromotionorrecommendationof,anysecurity,financialproductorotherinvestmentvehicleoranytradingstrategy,andnoneoftheMSCIPartiesendorses,approvesorotherwiseexpressesanyopinionregardinganyissuer,securities,financialproductsorinstrumentsortradingstrategies.
NoneoftheInformation,MSCIindices,modelsorotherproductsorservicesisintendedtoconstituteinvestmentadviceorarecommendationtomake(orrefrainfrommaking)anykindofinvestmentdecisionandmaynotbereliedonassuch.
TheuseroftheInformationassumestheentireriskofanyuseitmaymakeorpermittobemadeoftheInformation.
NONEOFTHEMSCIPARTIESMAKESANYEXPRESSORIMPLIEDWARRANTIESORREPRESENTATIONSWITHRESPECTTOTHEINFORMATION(ORTHERESULTSTOBEOBTAINEDBYTHEUSETHEREOF),ANDTOTHEMAXIMUMEXTENTPERMITTEDBYLAW,MSCI,ONITSBEHALFANDONTHEBEHALFOFEACHMSCIPARTY,HEREBYEXPRESSLYDISCLAIMSALLIMPLIEDWARRANTIES(INCLUDING,WITHOUTLIMITATION,ANYIMPLIEDWARRANTIESOFORIGINALITY,ACCURACY,TIMELINESS,NON-INFRINGEMENT,COMPLETENESS,MERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE)WITHRESPECTTOANYOFTHEINFORMATION.
Withoutlimitinganyoftheforegoingandtothemaximumextentpermittedbylaw,innoeventshallanyoftheMSCIPartieshaveanyliabilityregardinganyoftheInformationforanydirect,indirect,special,punitive,consequential(includinglostprofits)oranyotherdamagesevenifnotifiedofthepossibilityofsuchdamages.
Theforegoingshallnotexcludeorlimitanyliabilitythatmaynotbyapplicablelawbeexcludedorlimited,includingwithoutlimitation(asapplicable),anyliabilityfordeathorpersonalinjurytotheextentthatsuchinjuryresultsfromthenegligenceorwilfuldefaultofitself,itsservants,agentsorsub-contractors.
Anyuseoforaccesstoproducts,servicesorinformationofMSCIrequiresalicensefromMSCI.
MSCI,Barra,RiskMetrics,ISS,KLD,CFRA,FEA,EAFE,Aegis,Cosmos,BarraOne,andallotherMSCIproductnamesarethetrademarks,registeredtrademarks,orservicemarksofMSCIintheUnitedStatesandotherjurisdictions.
TheGlobalIndustryClassificationStandard(GICS)wasdevelopedbyandistheexclusivepropertyofMSCIandStandard&Poor's.
"GlobalIndustryClassificationStandard(GICS)"isaservicemarkofMSCIandStandard&Poor's.
FTSEisatrademarkoftheLondonStockExchangeandTheFinancialTimesandisusedbyFTSEInternationalLimitedandothersunderlicense.
AboutMSCIMSCIInc.
isaleadingproviderofinvestmentdecisionsupporttoolstoinvestorsglobally,includingassetmanagers,banks,hedgefundsandpensionfunds.
MSCIproductsandservicesincludeindices,portfolioriskandperformanceanalytics,andgovernancetools.
Thecompany'sflagshipproductofferingsare:theMSCIindiceswhichincludeover120,000dailyindicescoveringmorethan70countries;Barraportfolioriskandperformanceanalyticscoveringglobalequityandfixedincomemarkets;RiskMetricsmarketandcreditriskanalytics;ISSgovernanceresearchandoutsourcedproxyvotingandreportingservices;FEAvaluationmodelsandriskmanagementsoftwarefortheenergyandcommoditiesmarkets;andCFRAforensicaccountingriskresearch,legal/regulatoryriskassessment,anddue-diligence.
MSCIisheadquarteredinNewYork,withresearchandcommercialofficesaroundtheworld.
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