msci.com

MSCI World ESG Reduced Carbon
Select 20 35 Capped Indexes

Introduction
Sector investing strategies have effectively served investors since the 19th century.
Perhaps their greatest appeal is that they simplify the investor decision-making process.
Instead of having to choose from among tens of thousands of securities in the global
equity universe today, investors can narrow their search to a far more manageable
dozen or so groups of similar companies.
Sector investing is also a flexible approach as it may be incorporated into portfolios
tactically, to pursue a specific opportunity, or strategically to build the core of a portfolio.
Sectors have evolved over time as economies have developed. We believe that it is
now time to take sector investing to a higher level by incorporating ESG and Climate
considerations in the construction of sector indexes.
Over the last several years, investors around the world have chosen to embracesustainability by incorporating their ESG preferences, goals or regulatory requirements
into their investment strategy. ESG integration began with core equity regional portfolio
building blocks, then extended to fixed income. It too has evolved to encompass theentire asset allocation process, including sector portfolios and indexed funds. This
integration is helping to establish ESG investing consistency and to maximize the ESG
impact investors can have.

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Index methodology

overview

The MSCI World ESG Reduced Carbon Select 20 35 Capped Indexes are designed tosupport investors that seek to increase exposure to positive environmental, socialand governance (ESG) factors by 20%, and aim to reduce the carbon-equivalent
exposure to carbon dioxide (CO2) and other greenhouse gases (GHG), as well as tolower their exposure to potential emissions risk of fossil fuel reserves by 30% relative
to the respective sector parent indexes.
The Indexes are constructed from their corresponding free-float adjusted market
capitalization weighted sector indexes by excluding securities based on ESG andClimate Change-related criteria and use an optimization-based approach. The
optimization-based approach aims to:› Minimize ex-ante tracking error relative to the Parent Index› Increase the weighted average ESG Score by 20%› Reduce the Carbon Intensity and Potential Emissions per dollar of Market
Capitalization by 30%
As a final step, the Indexes are capped in accordance with the MSCI 20/35 Indexes
methodology.
For more details, please refer to the complete methodology here

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Index construction

Constructing these sector indexes involves the following seven steps:
1. DEFINING THE PARENT INDEXESThe starting point for these indexes is the MSCI World sector index, as listed below:
Parent Index

Sector ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Communication Services Index

MSCI World Communication Services ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Consumer Discretionary Index

MSCI World Consumer Discretionary ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Consumer Staples Index

MSCI World Consumer Staples ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Energy Index

MSCI World Energy ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Financials Index

MSCI World Financials ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Health Care Index

MSCI World Health Care ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Industrials Index

MSCI World Industrials ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Information Technology Index

MSCI World Information Technology ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Materials Index

MSCI World Materials ESG Reduced Carbon Select 20 35 Capped Index

MSCI World Utilities Index

MSCI World Utilities ESG Reduced Carbon Select 20 35 Capped Index

2. DEFINING THE SECURITY-LEVEL CARBON EXPOSURE
The carbon exposure of a security is measured in terms of its greenhouse gas emissions and its potential carbon emissions from fossil
fuel reserves; it leverages MSCI ESG Carbon Metrics data from MSCI ESG Research.
For more information on MSCI ESG Carbon Metrics, please refer to https://www.msci.com/index-carbon-footprint-metrics

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Index construction

3. DEFINING EXCLUSIONS› Securities of companies involved in Very Severe business controversies as defined by the MSCI ESG Controversies Methodology.
›	Companies covered by MSCI Business Exclusion Criteria framework: Controversial Weapons, Nuclear Weapons, Civilian Firearms
and Tobacco.
›	Thermal Coal, Conventional Weapons and Oil Sands: exclusion linked to the level of revenue associated with these activities.
›	Companies that fail to comply with the United Nations Global Compact Principles.
›	Companies with missing controversy score.
›	Companies with missing ESG rating or ESG score.
4. DEFINING THE OPTIMIZATION CONSTRAINTS
To maintain diversification and meet the index objectives, the methodology constrains the weights of securities and countries, while
incorporating improvement constraints across carbon and ESG characteristics, relative to the respective Parent Index. It will also
include turnover constraints at rebalance dates.
The ESG and carbon emission constraints are as follows:
Parameter

Value

Minimum Increase in the Weighted Average ESG Score relative to the Parent Index

20%

Minimum Reduction in the Weighted Average Carbon Emission Intensity relative to the Parent Index

30%

Minimum Reduction in the Potential Emissions per dollar of market capitalization relative to the Parent Index

30%

5.	DETERMINING THE OPTIMIZED INDEX he Index is constructed using MSCI’s Barra® Open Optimizer in combination with the relevant risk model (MSCI Barra Global Equity
T
Model for Long-Term Investors – GEMLTL - Equity Model)
The optimization uses a universe of eligible securities and the specified optimization objective and constraints to determine theconstituents of the Index
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Index construction

6. APPLYING THE MSCI 20/35 INDEXES METHODOLOGYAs a final step, the Indexes are capped consistent with the MSCI 20/35 Indexes methodology. The ESG and Carbon targets are notenforced again post 20/35 capping.
For more details on the MSCI Capped Indexes Methodology, please visit www.msci.com/index-methodology
7. REBALANCESThe indexes will be rebalanced on a quarterly basis to coincide with the regular Index Reviews (Semi-Annual Index Reviews in May
and November, and Quarterly Index Reviews in February and August) of the MSCI Global Investable Market Indexes. Changes are
implemented at the end of February, May, August and November.
At each review, the optimization process as described above will be implemented. This means that at the time of rebalance, the ESG
and carbon criteria will be met.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS

We were able to back test the index

MSCI World Communication Services ESG Reduced Carbon Select 20 35 Capped Index

methodology for all 11 sectors beginning

Risk/Return Metrics

MSCI World Communication
Services

MSCI World Communication
Services ESG Reduced Carbon
Select 20 35 Capped Index

Services sector). This allows us to

Total Return (%)

6.9

5.9

compare the risk and return characteristics

Total Risk (%)

20.0

18.6

Tracking Error (%)

--

3.1

in May of 2015 (except for Communicationand ESG profile of each sector index in thisrange to its relevant parent index.

Source: MSCI; Data Nov 30, 2018 to Sep 29, 2023.

ESG Metrics

MSCI World Communication
Services

MSCI World Communication
Services ESG Reduced Carbon
Select 20 35 Capped Index

ESG Score

4.7

5.6

ESG Leaders (AAA-AA) (%)

13.5

31.0

ESG Laggards (B-CCC) (%)

19.1

14.1

following tables show a selection of key

Global Compact Violations (%)

0.0

0.0

performance and risk indicators, along withRed Flag Controversies (%)

0.0

0.0

key ESG and carbon emission metrics for

Source: MSCI; as of Sep 29, 2023.

each sector index.

Climate and Carbon Metrics

MSCI World Communication
Services

MSCI World Communication
Services ESG Reduced Carbon
Select 20 35 Capped Index

In these back tests, the Sector ESG
Reduced Carbon Select 20 35 Cappedfamily of indexes was able to incorporate
its ESG and Carbon Emission criteria. The

The ESG and carbon criteria are met atrebalance dates (February, May, Augustand November). In between rebalancedates, the improvement (or reduction)levels will vary.

Carbon emissions (t CO2e/$M invested) 8

5Carbon intensity (t CO2e/$M sales)

21

13

13

9

0.0

0.0

Thermal coal mining (%)

0.0

0.0

Unconventional oil & gas extraction (%)

0.0

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Consumer Discretionary ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Consumer
Discretionary

MSCI World Consumer
Discretionary ESG Reduced Carbon
Select 20 35 Capped Index

Total Return (%)

8.3

6.8

Total Risk (%)

19.5

19.7

Tracking Error (%)

--

2.1

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Consumer
Discretionary

MSCI World Consumer
Discretionary ESG Reduced
Carbon Select 20 35 Capped Index

ESG Score

6.3

7.7

ESG Leaders (AAA-AA) (%)

28.6

65.6

ESG Laggards (B-CCC) (%)

1.4

0.2

Global Compact Violations (%)

0.6

0.0

Red Flag Controversies (%)

0.6

0.0

MSCI World Consumer
Discretionary

MSCI World Consumer
Discretionary ESG Reduced
Carbon Select 20 35 Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 19

17

Carbon intensity (t CO2e/$M sales)

30

25

46

26

0.0

0.0

Thermal coal mining (%)

0.0

0.0

Unconventional oil & gas extraction (%)

0.0

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Consumer Staples ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Consumer Staples

MSCI World Consumer Staples
ESG Reduced Carbon Select 20 35
Capped Index

Total Return (%)

5.0

4.8

Total Risk (%)

12.4

12.2

Tracking Error (%)

--

2.7

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Consumer Staples

MSCI World Consumer Staples
ESG Reduced Carbon Select 20 35
Capped Index

ESG Score

7.5

8.4

ESG Leaders (AAA-AA) (%)

53.7

83.1

ESG Laggards (B-CCC) (%)

1.0

0.0

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.0

0.0

MSCI World Consumer Staples

MSCI World Consumer Staples
ESG Reduced Carbon Select 20 35
Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 34

38

Carbon intensity (t CO2e/$M sales)

44

32

41

34

0.0

0.0

Thermal coal mining (%)

0.0

0.0

Unconventional oil & gas extraction (%)

0.0

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Energy ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Energy

MSCI World Energy ESG Reduced
Carbon Select 20 35 Capped Index

Total Return (%)

4.6

3.9

Total Risk (%)

27.1

26.6

Tracking Error (%)

--

4.1

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Energy

MSCI World Energy ESG Reduced
Carbon Select 20 35 Capped Index

ESG Score

6.9

7.9

ESG Leaders (AAA-AA) (%)

42.6

77.4

ESG Laggards (B-CCC) (%)

0.0

0.0

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.0

0.0

MSCI World Energy

MSCI World Energy ESG Reduced
Carbon Select 20 35 Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 329

320

Carbon intensity (t CO2e/$M sales)

303

235

387

269

18,337

13,470

Thermal coal mining (%)

0.6

3.0

Unconventional oil & gas extraction (%)

74.4

50.1

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Financials ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Financials

MSCI World Financials ESG
Reduced Carbon Select 20 35
Capped Index

Total Return (%)

5.3

5.4

Total Risk (%)

19.7

19.9

Tracking Error (%)

--

1.7

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Financials

MSCI World Financials ESG
Reduced Carbon Select 20 35
Capped Index

ESG Score

6.7

8.0

ESG Leaders (AAA-AA) (%)

46.3

83.5

ESG Laggards (B-CCC) (%)

0.6

0.0

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.0

0.0

MSCI World Financials

MSCI World Financials ESG
Reduced Carbon Select 20 35
Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 8

3

Carbon intensity (t CO2e/$M sales)

13

4

18

7

0.0

0.0

Thermal coal mining (%)

0.1

0.0

Unconventional oil & gas extraction (%)

0.5

0.1

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Health Care ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Health CareMSCI World Health Care ESG
Reduced Carbon Select 20 35
Capped Index

Total Return (%)

6.6

7.2

Total Risk (%)

14.0

14.2

Tracking Error (%)

--

1.5

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Health CareMSCI World Health Care ESG
Reduced Carbon Select 20 35
Capped Index

ESG Score

7.1

8.0

ESG Leaders (AAA-AA) (%)

46.3

77.4

ESG Laggards (B-CCC) (%)

0.5

0.0

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.4

0.0

MSCI World Health CareMSCI World Health Care ESG
Reduced Carbon Select 20 35
Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 5

3

Carbon intensity (t CO2e/$M sales)

10

7

15

12

0.0

0.0

Thermal coal mining (%)

0.0

0.0

Unconventional oil & gas extraction (%)

0.0

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Industrials ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Industrials

MSCI World Industrials ESG
Reduced Carbon Select 20 35
Capped Index

Total Return (%)

7.2

7.5

Total Risk (%)

17.9

17.7

Tracking Error (%)

--

2.7

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Industrials

MSCI World Industrials ESG
Reduced Carbon Select 20 35
Capped Index

ESG Score

17.2

8.6

ESG Leaders (AAA-AA) (%)

48.5

82.3

ESG Laggards (B-CCC) (%)

0.6

0.2

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.0

0.0

MSCI World Industrials

MSCI World Industrials ESG
Reduced Carbon Select 20 35
Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 53

48

Carbon intensity (t CO2e/$M sales)

85

69

95

64

0.0

0.0

Thermal coal mining (%)

3.0

3.3

Unconventional oil & gas extraction (%)

0.2

0.1

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Information Technology ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Information
Technology

MSCI World Information
Technology ESG Reduced Carbon
Select 20 35 Capped Index

Total Return (%)

17.0

17.5

Total Risk (%)

20.0

20.5

Tracking Error (%)

--

2.4

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Information
Technology

MSCI World Information
Technology ESG Reduced Carbon
Select 20 35 Capped Index

ESG Score

7.6

8.7

ESG Leaders (AAA-AA) (%)

58.9

85.8

ESG Laggards (B-CCC) (%)

0.5

0.1

Global Compact Violations (%)

0.0

0.0

Red Flag Controversies (%)

0.0

0.0

MSCI World Information
Technology

MSCI World Information
Technology ESG Reduced Carbon
Select 20 35 Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 4

3

Carbon intensity (t CO2e/$M sales)

26

15

19

15

0.0

0.0

Thermal coal mining (%)

0.0

0.0

Unconventional oil & gas extraction (%)

0.0

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Materials ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Materials

MSCI World Materials ESG
Reduced Carbon Select 20 35
Capped Index

Total Return (%)

6.2

4.4

Total Risk (%)

19.9

19.3

Tracking Error (%)

--

2.6

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Materials

MSCI World Materials ESG
Reduced Carbon Select 20 35
Capped Index

ESG Score

7.2

8.6

ESG Leaders (AAA-AA) (%)

42.2

85.4

ESG Laggards (B-CCC) (%)

0.0

0.0

Global Compact Violations (%)

10.4

0.0

Red Flag Controversies (%)

10.4

0.0

MSCI World Materials

MSCI World Materials ESG
Reduced Carbon Select 20 35
Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 437

343

Carbon intensity (t CO2e/$M sales)

531

364

552

336

4,109

141

Thermal coal mining (%)

9.7

0.1

Unconventional oil & gas extraction (%)

3.8

6.2

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Indexes

reviewPERFORMANCE, RISK AND ESG + CARBON CHARACTERISTICS
MSCI World Utilities ESG Reduced Carbon Select 20 35 Capped Index
Risk/Return Metrics

MSCI World Utilities

MSCI World Utilities ESG Reduced
Carbon Select 20 35 Capped Index

Total Return (%)

4.4

4.8

Total Risk (%)

14.2

14.9

Tracking Error (%)

--

3.5

Source: MSCI; Data May 29, 2015 to Sep 29, 2023.

ESG Metrics

MSCI World Utilities

MSCI World Utilities ESG Reduced
Carbon Select 20 35 Capped Index

ESG Score

7.3

8.5

ESG Leaders (AAA-AA) (%)

64.5

94.2

ESG Laggards (B-CCC) (%)

1.1

0.3

Global Compact Violations (%)

0.5

0.0

Red Flag Controversies (%)

0.5

0.0

MSCI World Utilities

MSCI World Utilities ESG Reduced
Carbon Select 20 35 Capped Index

Source: MSCI; as of Sep 29, 2023.

Climate and Carbon Metrics

Carbon emissions (t CO2e/$M invested) 873

302

Carbon intensity (t CO2e/$M sales)

1137

430

1525

528

133

24

Thermal coal mining (%)

0.5

0.2

Unconventional oil & gas extraction (%)

0.7

0.0

Weighted average carbon intensity(t CO2e/$M sales)
Potential carbon emissions(t CO2e/$M invested)

Source: MSCI; as of Sep 29, 2023.

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Potential

applications

Indexes in this range have a wide range of possible applications.
Performance Assessment
and Attribution

Product Development andMarket Accessibility

Research and Deeper
Insights

These indexes can be

Asset managers canInvestors can use theseused as performancelicense these indexes toindices and associatedbenchmarks for active

create index investment

data to further their stock

managers whose objectives vehicles, such as ETFs andlevel research, in addition

are similar to the index

mutual funds, as well as

to a deeper understanding

objectives in terms of

more complex structuredof performance and risk

sector focus, ESG andproducts or segregateddrivers at the portfolio level.

Carbon Emissions.

mandates.

By using them as market
reference or benchmark,investors can better
understand if their equity
investments are deliveringor falling short on

Conclusion

expectations.

These indexes can be used as performance benchmarks for active managers whose
objectives are similar to the index objectives in terms of sector focus, ESG and Carbon
Emissions.
By using them as market reference or benchmark, investors can better understand if
their equity investments are delivering or falling short on expectations.
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About MSCI Inc.
MSCI is a leading provider of critical decision support tools and services for the
global investment community. With over 50 years of expertise in research, data andtechnology, we power better investment decisions by enabling clients to understandand analyze key drivers of risk and return and confidently build more effective
portfolios. We create industry-leading research-enhanced solutions that clients use
to gain insight into and improve transparency across the investment process.
To learn more, please visit www.msci.com/esg-investing.

The information contained herein (the “Information”) may not be reproduced or disseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or correct other data, to create indexes, risk models,or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles. Historical data and analysis should not be taken as an indication or guarantee of any future
performance, analysis, forecast or prediction. None of the Information or MSCI index or other product or service constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy.
Further, none of the Information or any MSCI index is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Information is provided“as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT OR INDIRECT SUPPLIERS OR ANY THIRDPARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN “MSCI PARTY”) MAKES ANY WARRANTIES OR REPRESENTATIONS AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH MSCI PARTY HEREBY EXPRESSLYDISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF THE FOREGOING AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO
EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY REGARDING ANY OF THE INFORMATION FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL (INCLUDING LOST PROFITS) OR ANY OTHER DAMAGES EVEN IF NOTIFIED
OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
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