SOLUTION OVERVIEW

Industry Classification
Benchmark (ICB)

A universal view of the globalequity market
ICB is a globally utilized standard forthe categorization and comparison ofcompanies by industry and sector. The
official sector classification system used
across FTSE Russell’s equity indexes, ICB
is designed to facilitate every step of theinvestment process, from reporting, toresearch, to product design.
Approximately 85,000 equity securities are classified according to ICB’s
four-tiered structure, which serves as the basis for either top-down orbottom-up analysis, stock selection, and performance measurement.
The Industry and Supersector categories are designed for sector-based
investment strategies, while additional granularity is provided at the Sectorand Subsector levels.

Investor-focused
ICB was launched in 2005 and enhanced in2019 with the integration of the Russell Global
Sectors (RGS) classification scheme and additional
structural enhancements.
A market-engaged governance process anda proactive, thorough maintenance schedule
ensure the ICB framework remains relevant andcompanies are classified accurately.

Comprehensive
Coverage that extends well beyond the FTSE
Russell equity index universe, with approximately
85,000 equity securities from over 80 countries
and150 active exchanges globally.

UnbiasedRules based, transparent classification
methodology that utilizes revenue source
data and other publicly available information.1

11 INDUSTRIES
20 SUPERSECTORS
45 SECTORS
173 SUBSECTORS

1

For more information, please refer to the ICB Ground Rules

Industry Classification Benchmark (ICB)

ICB meets needs across the investment ecosystem
Exchanges

Index providers− Global tracking andreporting− Security classification− Grouping securitiesby industry− Index sectorweightings− Index attribution
analysis− Sector indexes forpassive investing

Investment
managers

Analyst andeconomists− Investment products− Portfolio sector
weightings –mandate adherence− Portfolio andbenchmark
attribution analysis− Global market trends− Deep sector analysis− Historicalcomparisons

Data providers− Site mapping− List filtering− Analytics

ICB’s strong governance framework ensures relevance and reliability
Policy & taxonomy

Guidelines

Challenges

Maintenance− The Industry Classification
Advisory Committee iscomprised of independent
market practitioners who
consult on the relevance ofthe ICB ground rules andstructure and support thegovernance processes− Classification guidelines
are established based on
research and market trends.

− Companies and market
participants serve as avaluable check point toensure accurate company
classification− Challenges to classifications
are reviewed throughstandard governancechannels− Structural changes
to the ICB taxonomy
are evolutionary andare undertaken aftermarket and committee
consultations− A minimum of six months’
notice is provided forstructural changes

ICB deliverables
FTSE Russell index constituent files: ICB classifications are provided for all index constituentsICB Universe files: A weekly deliverable that provides ICB classifications for roughly 85,000 companies globally. Files are producedon the last business day of the week and are available by 10:00 p.m. EST− ICB Universe daily update files: A daily deliverable that provides classification changes. Files are produced at the end of eachbusiness day and are available by 10:00 p.m. EST− ICB Universe history files: Quarterly snapshots are available from June 2008

FTSE Russell

2Disclaimer© 2023 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group 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) The Yield Book Inc (“YB”) and (7) Beyond Ratings S.A.S. (“BR”). All rights reserved.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “The Yield Book®”,“Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by theapplicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, YB or BR. FTSE
International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.
All information is provided for information purposes only. All information and data contained in this publication is obtained by the LSE Group, from sources believed by it to beaccurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided “as is” without warrantyof any kind. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation
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the advisability of investing in any asset or whether such investment creates any legal or compliance risks for the investor. A decision to invest in any such asset should not be madein reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset nor confirmationthat any particular investor may lawfully buy, sell or hold the asset or an index containing the asset. The general information contained in this publication should not be acted upon
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Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual
trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance.
Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index wasofficially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index maychange from month to month based on revisions to the underlying economic data used in the calculation of the index.
This document may contain forward-looking assessments. These are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate.
Such forward-looking assessments are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially. No member of theLSE Group nor their licensors assume any duty to and do not undertake to update forward-looking assessments.
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Canada, FTSE FI, FTSE FI Europe, YB, BR and/or their respective licensors.

About FTSE Russell
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FR2869511/05-23