Ground Rules

August 2024

Guide to theConstruction and
Maintenance of
Exclusion Lists used in
FTSE Russell Indicesv1.8

lseg.com/en/ftse-russell

Guide to the Construction and Maintenance of Exclusion Lists used in FTSE Russell indices, v1.8, August 2024

Contents

Section 1 Introduction ......................................................................................................................................................... 3
Section 2 Management responsibilities .............................................................................................................................. 4
Section 3 Exclusion criteria ................................................................................................................................................. 5
Section 4 Update of exclusion lists ..................................................................................................................................... 7
Section 5 Changes to exclusion lists in the period between updates ................................................................................. 8
Section 6 Challenges ........................................................................................................................................................ 10
Section 7 Exclusion categories ......................................................................................................................................... 11
Section 8 Minimum set of exclusions ................................................................................................................................ 17
Section 9 Exclusion guidelines for FTSE Fixed Income ESG indices .............................................................................. 18
Appendix A Further information ........................................................................................................................................ 19

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Section 1

Introduction

1.

Introduction

1.1

This document sets out the guidelines for the construction and maintenance of exclusion lists used in FTSE
Russell indices. These are used to remove stocks from FTSE Russell ESG indices on the basis of productinvolvement or conduct related criteria.

1.2

For exclusion, FTSE Russell identifies business activities in two distinct areas:

1.2.1

Product involvement activities: activities of companies with exposure to the products or services that arelisted in Section 7.

1.2.2

Conduct related activities: activities of companies that are directly or indirectly linked to controversial
conduct and diversity as defined in Section 7.

1.3

Companies involved in an identified product or conduct related activity will be placed on a respective
exclusion list. These lists are then applied as relevant in the construction of any FTSE Russell ESG index
where exclusions are applied.

1.3.1

Following FTSE Russell’s market consultation on the application of a minimum set of exclusions to FTSE
Russell ESG indices, Section 8 sets out the minimum exclusions that apply to standard ESG indices thatreference this in their Ground Rules.

1.4

This Guide should be read in conjunction with the index specific Ground Rules which can be accessed on
https://www.lseg.com/en/ftse-russell

1.5

FTSE Russell
FTSE Russell is a trading name of FTSE International Limited, Frank Russell Company, FTSE Global Debt
Capital Markets Limited (and its subsidiaries FTSE Global Debt Capital Markets Inc. and FTSE Fixed
Income Europe Limited), FTSE Fixed Income LLC, FTSE (Beijing) Consulting Limited, Refinitiv Benchmark
Services (UK) Limited, Refinitiv Limited and Beyond Ratings.

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Section 2

Management responsibilities

2.

Management responsibilities

2.1

FTSE International Limited (FTSE)

2.1.1

FTSE manages the exclusion lists used in FTSE ESG equity indices.

2.1.2

FTSE is responsible for the maintenance of the exclusion lists and will:– maintain records of the exclusions data for all companies in the research universe (see Rule 3.1);– make changes to companies’ exclusion status in accordance with exclusion definitions;– carry out periodic updates to the exclusion lists and apply the changes resulting from the reviews asrequired by the guide.

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Section 3

Exclusion criteria

3.

Exclusion criteria

3.1

The research universe for the exclusion lists is the union of the universes for all the underlying indices forwhich variants are calculated that make use of the exclusion lists. Please see the FTSE Russell website forthe list of ESG equity indices. See Section 7 for a full list of exclusions categories and definitions.

3.2

Information is collected from publicly available sources and third-party data (see Rule 3.7) on at least anannual basis for each company.

3.3

A parent company that holds shares contributing more than 50% of ownership, directly or indirectly, of a
subsidiary company that is involved in an excluded product or activity will be placed on the exclusion list
related to that activity1.

3.4

Exclusion lists can be populated based on a binary indication of company involvement in excluded productrelated activities (i.e. involved vs not involved) or, for some exclusions categories, based on an indication ofcompanies reaching a certain involvement threshold (e.g. revenue generated from activities related to the
excluded product as a proportion of total revenues), or an ownership threshold.

3.4.1

See Section 7 for an indication of which categories this concerns. Involvement threshold data provided by athird party is subject to the requirements stipulated in section 3.7.

3.4.2

The Ground Rules for each FTSE Russell index that employs exclusion lists specify any involvement
threshold (or non-application) for exclusions categories applied to that index.

3.4.3

In addition to the exclusion lists that are maintained for each excluded product or activity, FTSE Russell
maintains a record of companies with “incomplete data” as their exclusion status has yet to be ascertained.
This incomplete data record contains companies that are new to the research universe, including IPOs andnew entrants to the underlying indices that have yet to be researched. The specific treatment of companies
with “incomplete data” will be included in the ground rules.

3.5

Exclusions do not typically apply in the following circumstances:

3.5.1

A parent company that holds shares contributing 50% or less of the ownership of a subsidiary company thatis involved in an excluded product- or conduct-related activity, will NOT usually be added to an exclusion list
related to that activity (as the parent company is deemed not to have effective ‘control’ over the subsidiarycompany).
A. Companies with minority ownership (between 10% and 50%) of a company engaged in excluded
product-related activities may be added to an exclusion list for a specific index. This will be specified in
the index ground rules. See Section 7 for an indication of which categories this concerns.

3.5.2

1

Where a parent company engages in an excluded product- or conduct-related activity, a subsidiarycompany will NOT be placed on the exclusion list provided that the subsidiary itself does not engage in
excluded product- or conduct-related activities regardless of the level of ownership by the parent (as thesubsidiary company is deemed not to have effective ‘control’ over the parent company).

If voting rights cannot be adequately determined, the parent’s ownership stake of the subsidiary will be used instead.

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3.5.3

Financial firms (e.g., banks, asset management, insurance) are NOT placed on an exclusion list if they
invest in, or provide loans to, a company that engages in excluded product- or conduct-related activities.

3.5.4

The treatment of investment trusts will be included in the relevant ground rules.

3.6

The treatment of companies with respect to their inclusion on one or more exclusion lists following theirinvolvement in a corporate event is set out in Section 5.

3.7

Data sources

3.7.1

FTSE Russell maintains proprietary data for determining specific product involvement and conduct related
exclusions. Third party data is used to supplement FTSE Russell data. Where third-party data is used in theconstruction of exclusion lists, FTSE Russell undertakes due diligence to confirm that appropriate quality
controls are in place in data sourcing and delivery.

3.7.2

Further details on the specific data sources can be found in the relevant ground rules.

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Section 4

Update of exclusion lists

4.

Update of exclusion lists

4.1

Exclusion lists are updated in line with the review frequency of the relevant FTSE ESG indices that use
exclusion lists.

4.2

The data cut-off dates for ESG data inputs to the exclusion lists are in the Guide to FTSE and Third PartyESG Data used in FTSE Russell Indices.

4.3

The Ground Rules for each index which uses exclusion lists will specify the cut-off date for the exclusions
data to be included at the index review.

4.4

Where exclusions data is updated after the cut-off date for an index review has passed, the Ground Rules
for that index will specify the point when the updated data will be reflected in the index. This might be
immediately after the index review is effective, or implementation may be deferred until the next index review.

4.5

Constituents added to an underlying index at a review that were not previously in the exclusions research
universe will have research undertaken within a year of their addition. In the intervening period these
constituents will be added to the incomplete data list.

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Section 5

Changes to exclusion lists in the period
between updates

5.

Changes to exclusions lists

5.1

Exclusion list changes arising from corporate events between updates
A. Fast entrants: Fast entrants to the underlying indices will be assessed within six months following the
IPO date and in the first instance will be based on information in the company prospectus. Until the
research has been completed, fast entrants will be added to the incomplete data exclusion list.
B. Spin-offs (including demergers) resulting in a new company: If a new company is added to theunderlying research universe as a result of a demerger from a parent company in the research universe,
the new company will inherit the parent company’s exclusion whilst the exclusion status of the newcompany is researched. Research will be completed within six months of the spin-off or demerger
becoming effective.
C. Mergers and acquisitions: If a company in the exclusion research universe is acquired by anothercompany in the research universe, the merged company will be included in an exclusion list if theacquirer is a member of that exclusion list or the merged entity is determined to be engaging in an
excluded activity. Research on the merged entity will be completed within six months of the merger or
acquisition becoming effective.

5.1.1

Full details of changes to constituent companies due to corporate actions and events can be accessed in
the relevant corporate actions and events guide using the following links:
Corporate_Actions_and_Events_Guide.pdf
Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf

5.2

Exclusion list additions between updates

5.2.1

A company may be added to an exclusion list at any time when there is evidence of involvement in the
excluded business activity found upon research of the constituent.

5.2.2

Additions to exclusion lists will follow a precautionary principle where evidence is inconclusive or unreliable;
a company may be added to an exclusion list at any time until research confirms that there is no
involvement in the excluded business activity.

5.3

Exclusion list removal between updates

5.3.1

When a company no longer undertakes an excluded business activity due to a corporate action or event, thecompany may be removed from an exclusion list, where the research:
A. Confirms that the company no longer undertakes the excluded business activity;
B. Determines that an event or action is final.

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5.3.2

A company may be removed from an exclusion list at any time as a result of a challenge or appeal(see Section 6).

5.4

Index implementation

5.4.1

The Ground Rules for each FTSE Russell index that employs exclusion lists will specify when aconstituent’s status on the lists s reflected in that index.

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Section 6

Challenges

6.

Challenges

6.1

Challenges
If a company (or professional advisor acting on behalf of the company), an index user or other stakeholder
wishes to challenge the exclusion status of a company, they should complete the Exclusion Data Form
which can be found at:
Exclusion_Data_Form.pdf

6.1.1

The reasons for proposing a change to the exclusion should be stated having regard to this guide to theconstruction and maintenance of the FTSE Exclusion Lists and attaching any publicly available
documentary evidence in support of the claim. In considering the claim, FTSE Russell may only takeaccount of publicly available information and will place the greatest weight on information in audited reports
or official market notices. The form and any supporting evidence should be sent to FTSE Russell Client
Services at info@ftserussell.com

6.1.2

If a change to a company’s status on an exclusion list is supported, the change will be announced via a
FTSE Russell client notice. If a change to a company’s status on an exclusion is not supported by FTSE
Russell, the complainant will be informed of this outcome via the FTSE Russell Client Services team withthe rationale for the decision.

6.1.3

The FTSE Russell complaints procedure can be accessed using the following link:
FTSE_Russell_Benchmark_Determination_Complaints-Handling_Policy.pdf

6.2

Implementation

6.2.1

The index Ground Rules for each index affected by a change to an exclusion list set out the timetable as towhen changes will be implemented in the index.

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Section 7

Exclusion categories

7.

Exclusion categories

7.1

Exclusion categories and summary definitions

7.1.1

The table below lists the exclusion categories currently used in FTSE Russell ESG indices and includes
high level descriptions of each category.

7.1.2

The Ground Rules for each FTSE Russell index that uses exclusion lists specify the categories excluded
and provide definitions of these categories. The Ground Rules also specify any involvement or ownershipthresholds that have been applied to product categories.

7.1.3

Data for these categories may be sourced from FTSE Russell proprietary data or third-party data. This isalso specified in index Ground Rules.

7.1.4

Categories referencing ICB classifications equate to the screening out of companies classified in the listed
ICB subsector. Details on ICB classification and subsector definitions can be found here:
Industry Classification Benchmark (Equity).pdf

7.2

Involvement and ownership thresholds

7.2.1

As indicated in sections 3.4 and 3.5, involvement thresholds and ownership thresholds are available forselected product categories, using data provided by a third party.

7.2.2

Involvement thresholds

7.2.3

Revenue thresholds indicate the percentage of a company’s total revenues derived from the respective
product/activity. This data is available for the categories marked with “R” in the table below.

7.2.4

Production capacity thresholds apply to some energy-related product categories, indicating the percentage
of a company’s total generation or production capacity that is achieved via the respective activity. This data
is available for the categories marked with “PC” in the table below.

7.2.5

Involvement data is provided in a series of bands: 0%-4.99%; 5%-9.99%; 10%-24.99%; 25%-49.99%, and50%+. These bands signify that e.g. between 0% and 4.99% of a company’s revenues are generated via
involvement in an excluded product-related activity, or that e.g. between 25% and 49.99% of a company’s
energy generating capacity is generated via an excluded energy source.

7.2.6

Ownership thresholds

7.2.7

Some categories also offer an indication of where a company has minority interest (between 10% and 50%)in another entity engaged in the activity. Ownership thresholds are available for these ownership categories,
which reflect the size of a company’s holding in a subsidiary engaged in the product/activity. This data isavailable for the categories marked with “O” in the table below.

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Product involvement exclusion categories and definitions
Minority
ownership
available(O)**

Companies that mine, process,and market coalR

O

Coal-fired energy generation

Companies that generate
electricity from thermal coal

PC

O

Ownership of oil or gas
reserves

Companies that own proved orprobable reserves in oil or gas

ICB: Integrated Oil and Gas2

Companies classified in ICB
60101000 Integrated Oil and
Gas

ICB: Oil: Crude Producers2

Companies classified in ICB
60101010 Oil: Crude Producers

ICB: Offshore Drilling andOther Services2

Companies classified in ICB
60101015 Offshore Drilling andOther Services

ICB: Oil Refining andMarketing2

Companies classified in ICB
60101020 Oil Refining andMarketing

ICB: Oil Equipment &Services2

Companies classified in ICB
60101030 Oil Equipment &Services

ICB: Pipelines2

Companies classified in ICB
60101035 Pipelines

Oil & Gas Production
combined (E&P, Refining,
Transportation, Storage)

Companies involved in oil andgas exploration, production,refining, transportation and/or
storageR

O

Oil- or gas-fired energy
generation

Companies generating electricity
from oil and/or gas

PCO

Arctic oil and gas exploration

Companies involved in oil andgas exploration in Arctic regions

RO

Oil sands extraction

Companies involved in oil sands
extraction

PC

O

Shale energy production

Companies involved in shaleenergy exploration and/or
production

R

O

ICB: Gas Distribution2

Companies classified in ICB
65102020 Gas Distribution

Nuclear power generation

Companies that generate
electricity from nuclear energy

R/PC

O

Uranium mining

Companies that mine uranium

Product

Involvement

Definition

NonRenewable
EnergyThermal Coal

Ownership of thermal coalreserves

Companies that own proved orprobable reserves in thermal
coal

ICB: Coal

Companies classified in ICB
60101040 Coal

Exploration for or extraction ofthermal coal

Oil & Gas

Nuclear
Energy2Involvement
thresholdavailable(R/PC)*Topic

See Industry Classification Benchmark (Equity).pdf (ftserussell.com) for definitions of FTSE Russell ICB Subsectors.

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Product involvement exclusion categories and definitions
Topic

Vice Products

Product

Uranium processing andenrichment

Companies that process,transport and enrich uranium

Nuclear power plant
equipment, components, andconstruction

Companies that provide
dedicated nuclear power plant
equipment, components andconstruction services

R

Production of adult content

Companies that produce adultcontent and/or own/operate adultentertainment establishments

R

O

Distribution of adult content

Companies that are involved in
the distribution and/or retail saleof adult entertainment content

RO

Production of alcoholic
beverages

Companies that manufacture
alcoholic beverages

RO

Production of alcohol-related
products/services

Companies that supply alcoholrelated products/services toalcoholic beverage
manufacturers

R

O

Retail or distribution of
alcoholic beverages

Companies that derive revenues
from the distribution and/or retailsale of alcoholic beverages

R

O

Provision of gambling facilities

Companies that own and/or
operate a gambling
establishment

RO

Production of specialised
gambling equipment

Companies that manufacture
specialised equipment used
exclusively for gambling

R

O

Provision of non-specialised
support to gambling operators

Companies that provide nonspecialised supporting
products/services to gambling
operations

R

O

Production of tobacco or
tobacco productsCompanies that produce tobacco
or tobacco products

R

O

Production of tobacco-related
products/services

Companies that supply tobaccorelated products or services totobacco producers

RO

Retail or distribution of tobacco
products

Companies that derive revenues
from the distribution and/or retailsale of tobacco products

R

O

Cannabis

Cultivation or distribution of
cannabis

Companies that engage incannabis cultivation, distribution,and processing, or creation of
cannabis derivative products

R

O

AntiPersonnel
Landmines

Production of anti-personnel
mines

Companies that produce antipersonnel mines as defined in
the “1997 Convention on theProhibition of the Use,
Stockpiling, Production andTransfer of Anti-Personnel Minesand on their Destruction”

AdultEntertainment

Gambling

TobaccoFTSE Russell

Minority
ownership
available(O)**

Definition

Alcohol

Controversial
Weapons

Involvement
thresholdavailable(R/PC)*

InvolvementO

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Product involvement exclusion categories and definitions
Topic

Product

Production of critical parts orservices for anti-personnel
mines

Companies that produce specificand critical parts or services foranti-personnel minesO

Chemical andBiological
Weapons

Production of chemical or
biological weapons

Companies that produce
chemical or biological weaponsO

Production of critical parts orservices for chemical or
biological weapons

Companies that produce
components, including all
precursors, munitions, devices,or equipment specificallydesigned for, and used directly inconnection with, chemical or
biological weapons.

O

Cluster
Munitions

Production of cluster munitions

Companies that produce cluster
munitions as defined in theConvention on Cluster Munitions

O

Production of critical parts orservices for cluster munitions

Companies that produce specificand critical parts or services forcluster munitions

O

Production of nuclear weapons

Companies that produce nuclear
weaponsO

Production of critical parts orservices for nuclear weapons

Companies that provide delivery
systems or critical services thatare directly related to andspecifically designed for nuclear
weaponsO

Depleted
Uranium
Munitions

Production of depleted
uranium munitions

Companies that produce
weapons or projectiles equippedwith depleted uranium

O

White
Phosphorus
Munitions

Production of white
phosphorus munitions

Companies that produce
weapons employing white
phosphorus

O

Military
Weapons

Production of weapons formilitary use

Companies that produce military
weapon systems and/or integral,
tailor-made components of theseweapons

R

O

Production of weapon-related
tailor-made productsCompanies that produce tailormade products and/or services
that support military weapons

RO

Production of non-weaponrelated tailor-made productsCompanies that produce nonweapons related tailor-madeproducts and/or services to themilitary or defence industry

RO

Production and sale of assault
weapons to civilian customers

Companies that manufactureassault weapons for civilian
customers

R

O

Production and sale of smallarms (non-assault weapons) tocivilians

Companies that manufacturesmall arms for civilian customers

R

O

Production of key components
of civilian firearms

Companies that manufacture key
components of small arms

RO

Retail or distribution of assault
weapons

Companies that derive revenues
from the retail and/or distributionof assault weapons

R

O

CivilianFirearms

FTSE Russell

Minority
ownership
available(O)**

Definition

NuclearWeapons

Conventional
Weapons

Involvement
thresholdavailable(R/PC)*

Involvement

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Product involvement exclusion categories and definitions
Topic

7.3

Product

Involvement

Definition

Involvement
thresholdavailable(R/PC)*

Minority
ownership
available(O)**

Retail or distribution of smallarms (non-assault weapons)Companies that derive revenues
from the retail and/or distributionof small arms

RO

Conduct related exclusions
Conduct-related exclusion categories and definitions
Controversies
topicsDefinition

Human
RightsControversies related to Principles 1 and 2 of the UN Global Compact, which is derived from the Universal
Declaration of Human Rights:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights, andPrinciple 2: make sure that they are not complicit in human rights abuses.

LabourControversies related to Principles 3, 4, 5, and 6 of the UN Global Compact, which is derived from theInternational Labour Organisation’s Declaration on Fundamental Principles and Rights at Work:Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right tocollective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour, andPrinciple 6: the elimination of discrimination in respect of employment and occupation.

Environment

Controversies related to Principles 7, 8, and 9 of the UN Global Compact, which is derived from the Rio
Declaration on Environment and Development:
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility, andPrinciple 9: encourage the development and diffusion of environmentally friendly technologies.

AntiCorruption

Controversies related to Principle 10 of the UN Global Compact, which is derived from the United Nations
Convention Against Corruption:
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Diversity

Definition

Diversity

For this criterion a company will be added to an exclusion list if it fails to meet two out of three diversity indicators:
1. Woman/women on the Board;
2. Diversity policies3;
3. Diversity management systems3

If specifically referred to in the ground rules, the following treatment applies:
7.3.1

Companies are excluded from the index if they meet the following criteria:•

Large and mid-cap size companies14 with a Sustainalytics’ GSS Overall Global Compact Compliance
Status of ‘Non-Compliant’.

•

Small-cap size companies with a Sustainalytics’ GSS Overall Global Compact Compliance Status ofeither ‘Watchlist’ or ‘Non-Compliant’.

Company exclusion based on these criteria is reviewed quarterly.

3

Diversity policies and systems related to non-discrimination on the basis of race, religion, gender, age, sexual orientation, disability or nationality.

4

Large, mid and small-cap size is based on the company’s designation within the FTSE Global Equity Index Series.

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7.3.2

For companies excluded from the index due to point 7.3.1, if their Sustainalytics GSS Overall Global
Compact Compliance status changes from Non-Compliant (large/mid/small-cap) or Watchlist (small-cap),
the company will only be considered for index eligibility if these additional criteria are both met:

FTSE Russell•

Its RepRisk Index (RRI) score is not in the top 5% of companies in the FTSE Developed universe at
the latest review of the exclusion list, nor any of the previous three quarterly reviews•

It is not included in a conduct-related exclusion list published by any of the world’s largest asset
owners (top 40 by assets under management).

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Section 8

Minimum set of exclusions

8.

Minimum set of exclusions

8.1

FTSE Russell conducted a market consultation on the application of a minimum set of exclusions to FTSE
Russell standard ESG indices, and received support for the proposal.

8.2

The following set of minimum exclusions apply to standard ESG indices that reference this in their
Ground Rules:
Minimum exclusions

Definition

ThresholdTobaccoProduction

Greater than 0% of revenues–
Thermal Coal

Companies engaged in the production of tobacco and/or tobacco
products

Extraction– Companies that extract thermal coal
Controversial Weapons

Production

Greater than or equal to 50%
of revenues
Greater than 0% of revenues– Companies that produce anti-personnel mines, cluster munitions,
and/or biological and chemical weapons
Controversial Conduct

Violations of the United Nations Global Compact Principles– The principles are classified into four categories: Human Rights,

All companies deemed noncompliant

Labour, Environment, and Anti-corruption

8.2.1

These minimum exclusions will be reviewed internally every 2 years. This may not result in any changes.
Market conditions or regulatory changes may also lead to a review. Any changes will be proposed in linewith the FTSE_Russell_Policy_for_Benchmark_Methodology_Changes.pdf (ftserussell.com)

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Section 9

Exclusion guidelines for FTSE Fixed
Income ESG indices9.

Exclusion guidelines for FTSE Fixed Income ESG indices9.1

This section sets out the guidelines for the exclusion rules used in FTSE Russell Fixed Income (FI) ESG
indices. These are used to remove constituents from FTSE Russell FI ESG indices on the basis of productinvolvement or conduct related criteria.

9.2

Exclusion rules are based on companies’ ESG related product involvement and conduct.
Product involvement exclusions use three data sources:-

The Refinitiv Business Classification (TRBC)-FTSE Corporate Bond Sector (COBS) classification-

Sustainalytics product involvement data

UNGC conduct exclusions use Sustainalytics Global Standards Screening (GSS) data.
9.3

If Sustainalytics product involvement or conduct data is not available for an issuer, the data of its parent
issuer will be applied if available.

9.4

Corporate issuers that have no applicable Sustainalytics product involvement or conduct data will be
excluded from the index. This rule applies to FTSE Russell FI ESG indices with corporate constituents.

9.5

Non-corporate issuers with no applicable Sustainalytics product involvement or conduct data will not be
excluded from the index unless further specified. Non-corporate issuers are in the government/government
sponsored and collateralized categories as determined by the FTSE Corporate Bond Sector (COBS)
classifications. This rule applies to FTSE Russell FI ESG indices with non-corporate constituents.

9.6

Academic Institutions, Charities or Social Organisations, and Hospitals
Issuers with the TRBC code of 631020 “Schools, Colleges & Universities”, 611010 “Institutions,
Associations & Organizations”, or 561020 “Healthcare Providers and Services” will not be excluded when
product involvement or conduct data is not available.

9.7

For FTSE Russell FI ESG indices that apply the minimum set of exclusions, please see Section 8 for details.

9.8

In addition to the minimum set of exclusions, FTSE Russell FI ESG indices may apply further exclusions
which are specified in the relevant Ground Rules.

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Appendix A

Further information

A glossary of terms used in FTSE Russell’s Ground Rule documents can be found using the following link:
Glossary.pdf
For contact details please visit the FTSE Russell website or contact FTSE Russell client services at info@ftserussell.com.
Website: www.lseg.com/en/ftse-russell/

FTSE Russell

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Disclaimer© 2023 London Stock Exchange Group plc and its applicable group undertakings (“LSEG”). LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company(“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI
Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) FTSE (Beijing) Consulting Limited (“WOFE”), (7) Refinitiv Benchmark Services (UK) Limited (“RBSL”), (8) Refinitiv Limited (“RL”)
and (9) Beyond Ratings S.A.S. (“BR”). All rights reserved.
FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator. Refinitiv Benchmark Services (UK) Limited is authorised andregulated by the Financial Conduct Authority as a benchmark administrator.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE, RBSL, RL and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”,“WMR™”, “FR™”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trade marks and/or service marks owned or
licensed by the applicable member of LSEG or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE,RBSL, RL or BR.
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