MSCI FIXED INCOME
INDEX- GLOSSARY OF
TERMSDecember 2023

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 1 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Contents
1

Introduction .......................................................................................................... 32

Constituent Level Terminology ............................................................................. 43

Index Level Terminology ....................................................................................... 9© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 2 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

1

Introduction
MSCI Fixed Income Index - Glossary of Terms aims to provide a general outline of the terminology
used in MSCI Fixed Income Index methodologies.
Please refer to MSCI Fixed Income Index Calculation Methodology for precise details on index
calculation and event handling. Further refer to MSCI Fixed Income Data Methodology document for
granular details on input data points like fixed income security prices, yield, spread, duration,
convexity etc.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 3 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

2

Constituent Level Terminology
Term

Description

144A bond

144A bond is a privately placed bond that is not subject to 2-year minimum
holding period requirement and is traded among Qualified Institutional
Buyers under the SEC rule 144A.

Accrued Interest

Accrued interest is the amount of interest as a percentage of par that
accrues between the last coupon date and the current date.

Ask Price / Offer
Price

Ask price / Offer price is the price at which a market participant is prepared
to sell a security.

Bid Price

Bid price is the price at which a market participant is prepared to purchase asecurity.

Bullet bondBullet bond is a non-callable bond with a fixed maturity where the entire
principal is paid all at once on the maturity date, as opposed to amortizing
the bond over its lifetime.

Call

Call is an action taken to pay the principal amount prior to the statedmaturity date, in accordance with the provisions for “call” stated in the bondindenture.

Call Date

Call date is the date at which a bond is redeemable by the issuer prior to thematurity date.

Call Price

Callable Bond

Clean Price
Convertible bond© 2023 MSCI Inc. All rights reserved.

Call price is the specified price at which a bond may be redeemed or calledprior to the maturity date.

Callable bond is a bond with an embedded option for the issuer to redeem
the bond prior to the maturity date, at the call price.

Clean price is the price of a bond excluding accrued interest.
Convertible bond is a bond with an option allowing the bondholder toexchange the bond for a specified number of shares or common stock.

MSCI.COM | PAGE 4 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Convexity

Convexity of a bond is the second derivative of the bond price with respect
to yield. It measures the change of duration for a percentage change inyield.

Corporate Bond

Corporate bond is a bond issued by a private corporation.

CouponCoupon is the interest rate a bond's issuer promises to pay to thebondholder until maturity, or other redemption event, generally expressed as
an annual percentage of the bond's face value.

Coupon Frequency

Coupon frequency is the frequency with which a bond pays interest (e.g.,quarterly, semi-annually, yearly).

Coupon Income

Coupon Income is the sum of income derived from regular interest
payments received on the face value of bond and accrued interest.

Credit Rating

Credit rating is an evaluation of the credit risk of a prospective issuer,
predicting the issuer’s ability to pay back the debt, and is an implicit
forecast of the likelihood of the issuer defaulting.

CUSIP

The Committee on Uniform Security Identification Procedures (CUSIP) wasestablished by the American Bankers Association to develop a uniform
method of identifying securities. CUSIP numbers are unique nine-characteralphanumeric identifiers assigned to each series of securities. CUSIPs are
assigned by CUSIP Global Services (CGS), the overarching entity
representing all CUSIP global identification offerings. CGS is managed onbehalf of the American Bankers Association (ABA) by Standard & Poor’s
CUSIP Service Bureau.

Dirty Price

Dirty price is the price of a bond including accrued interest.

Dual Currency
Bond

Dual currency bond is a bond which has coupon payments in one currency
and the principal payment in another currency.

Duration to Worst

Duration to Worst is the duration of a bond computed using the nearest calldate or maturity, whichever comes first.

Effective Convexity

Effective convexity is measure of a bond's convexity which considers its
embedded options.

Effective Duration

Effective duration is measure of a bond's duration which considers its
embedded options.

Equity Clawbacks

Equity Clawbacks allow the bond issuer to refinance a certain amount of theoutstanding bonds with proceeds from an equity offering.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 5 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Fixed to Floating
Rate Bond

Fixed to floating rate bond is a bond where coupon rate changes from fixed
rate to floating rate on pre-determined date in future.

Floating Rate Bond

Floating rate bond is a bond with variable coupon rate.

Fungible Bonds

Fungible bonds are new bonds that are issued as separate tranches but are
eventually merged or ‘funged’ into existing bonds of the same issuer, withwhich they share the same characteristics.

Hybrid Bond

Hybrid bond is bond which combines both debt and equity characteristics.
The most common type of hybrid bond is a convertible bond.

Income Return

Income Return of a bond represents part of total return that is attributable
to change in the accrued interest, as well as it accounts for cash inflow
from coupon payments and income from principal redemption.

Investment Grade

Investment grade is a broad credit designation given to bonds which have ahigh probability of being paid and minor, if any, speculative features. Bonds
rated Baa3 and higher by Moody's Investors Service or BBB- and higher byStandard & Poor's are deemed by those agencies to be "investment grade."

Inflation Protected
Bond

Inflation protected bond is a bond that is indexed to inflation and pays
investors a fixed interest rate on the bond's par value adjusted for inflation.

ISIN

An International Securities Identification Number (ISIN) uniquely identifies asecurity. Its structure is defined in International Standard for Organization
6166. Securities for which ISINs are issued include bonds, commercial
paper, equities and warrants. The ISIN code is a 12-character alphanumerical code that does not contain information characterizing financial
instruments but serves for uniform identification of a security at trading andsettlement.

Market Value

Market Value of a bond is defined as the product of its amount outstanding
and dirty price.

Market Value with
CashMarket Value with Cash of a bond is defined as sum of its market value andits total cumulative cash balance.

Maturity Date

Maturity date is the date when the principal amount of the bond is due to be
repaid and interest payments stop.

Modified Duration

Modified duration of a bond is the first derivative of the bond price withrespect to yield. It measures the change of price for a percentage change inyield.

AmountOutstanding© 2023 MSCI Inc. All rights reserved.

Amount outstanding is the principal amount outstanding of the bond.

MSCI.COM | PAGE 6 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

OAS (Option
Adjusted Spread)OAS is the spread over the benchmark zero coupon curve that is realized if
the bond is held until maturity. Its calculation considers the interest rate
volatility for the embedded option in the bond.

Payment-In-Kindbond

Payment-in-kind bond is a type of bond that defers complete or partial
coupon payment by delivering more bonds in the form of additional amountoutstanding to the bondholder.

Perpetual bond

Perpetual bond is a bond with no maturity date.

Preferred Stock

Preferred stock is stock that pays a fixed dividend. In a company’s capital
structure, it has preference over common stocks, but is behind debt in thecase of bankruptcy.

Price Income

Price income is the income generated due to change in clean price of bonddue to market movements.

Price Return

Price return of a bond represents part of total return that is attributable tochange in the clean price of a bond.

Private Placement
Bond

Private placement bond is a bond sold directly to an investor.

Puttable Bond

Puttable bond is a bond that gives the holder the right to force the issuer orthe issuer’s agent to repurchase the bond at a predetermined price, at apredetermined date or dates, prior to the final stated maturity date.

Redemption
IncomeRedemption Income is income generated from redemption of principal at a
price which is either at a premium or discount compared to bond’s closing
market price on the day.

Regulation S(Reg S)

Regulation S – often referred to as ‘Reg S’, provides an SEC compliant way
for US and non-US companies to raise capital outside the United States.

Senior Bond

Senior bond holds senior debt which is considered lower risk thansubordinated debt. Although senior debt holders must be repaid before
other unsecured creditors in a bankruptcy event, the securities are backed
only by the credit of the issuer and its ability to service the debt.

SIFMA US Holidays

The Securities Industry and Financial Markets Association (SIFMA) is a
United States industry trade group representing securities firms, banks, andasset management companies. On behalf of financial markets participants,
SIFMA recommends a holiday schedule for financial markets in the U.S.,
U.K. and Japan. All SIFMA holiday recommendations apply to the trading of
U.S. dollar-denominated government securities, mortgage- and asset-© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 7 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

backed securities, over-the-counter investment-grade and high-yieldcorporate bonds, municipal bonds and secondary money market trading inbankers' acceptances, commercial paper and Yankee and Euro certificatesof deposit.
Sinkable bondSinkable bond is a bond backed by a fund that sets aside money at a predefined rate and according to a pre-defined schedule, to ensure principal
and interest payments.

Step-down couponbond

Step-down coupon bond is a bond in which coupon decreases over time at
pre-determined rates and dates in the future.

Step-up couponbond

Step-up coupon bond is a bond in which coupon increases over time at predetermined rates and dates in the future.

Strippable Bond

Strippable bond is a bond in which regular coupon and the principal are
divided and sold separately.

Subordinated Bond

Subordinated bond holds subordinated debt which is any type of loan that's
paid after all other corporate debts and loans are repaid, in the event of aborrower’s bankruptcy.

Sukuk Bond

A sukuk bond is a financial product whose terms and structures comply
with the sharia law. It is issued with an intent to create returns similar to
those of conventional bonds. However, unlike a conventional bond which
represents the debt obligation of the issuer, a sukuk technically represents
an interest in an underlying funding arrangement structured according to
the sharia which entitles the holder to a proportionate share of the returns
generated by such arrangement at a defined future date.

Time to Maturity

Time to maturity is calculated as the number of years between the current
date and the maturity date.

Total cumulative
cash balance

Total cumulative cash balance of the bond is the sum of cash accrued fromits interest payments and principal redemption since the last rebalancing
date. Total cumulative cash balance of the security is reset to zero on therebalancing date.

Total Return

Total return is the sum of the Income return and the Price return of a bond.

Warrant

Warrant attached to bond entitles the holder to buy the underlying stock of
the issuing company at a fixed price called exercise price until the expiry
date.

Yield to Maturity

Yield to maturity is an annual rate of return expected on a bond based on its
current price and the assumption that it will be held till the maturity date.

Yield to Worst

Yield to worst represents the lowest potential yield that an investor would
receive on a bond if provisions like prepayment, call etc. are used by theissuer.

Zero Coupon bond

Zero coupon bond is a bond which does not pay any coupon.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 8 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

3

Index Level Terminology
Term

Description

Announcement Date

Announcement date is the date on which results of index review
are disseminated publicly.

Annual FI Market
Classification Review

Annual cycle aiming to review the classification of Fixed Income
Markets into Developed & Emerging. The results of each annual
cycle are announced in June.

Base date (decarbonization)

Reference date relative to which the decarbonization trajectoryis calculated, in accordance with the concept of "base year"
defined by the EU Commission's Delegated Act containing theminimum technical requirements for the EU Climate Transition
Benchmarks and EU Paris- aligned Benchmarks (https://eurlex.europa.eu/legalcontent/EN/TXT/PDF/?uri=CELEX:32020R1818&from=EN)

Base date of the index

The date where the index has its base value and against which
the performance of the index is measured.

Capping

The process of limiting the maximum weight of a security in
an index, typically to avoid concentration risk.

Controversial businessinvolvement criteria

Criteria used to identify companies that are involved in certain
business activities, based on products of MSCI ESG Researchsuch as (but not limited to) the MSCI ESG Business Involvement
Screening Research and MSCI Climate Change Metrics.

Cut-off Date

Cut-off date is the date whereby, data as of close of that date isconsidered in the index rebalancing.

Daily Index Return

Daily Index Return is day-over-day change in index levels.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 9 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

ESG Controversies

A product of MSCI ESG Research named "MSCI ESG
Controversies", that provides assessments of controversies
concerning the potential negative environmental, social, and/or
governance impact of company operations, products, andservices. MSCI ESG Controversies Score is integer-valued using
a 0-10 scale, with “0” being the most severe controversy.
The MSCI ESG Controversies methodology can be found at:https://www.msci.com/esg-and-climate-methodologies

ESG Rating

A factor produced by MSCI ESG Research and named "MSCIESG Rating", that aims to measure entities’ management ofenvironmental, social and governance risks andopportunities. MSCI ESG Ratings are translated from the
MSCI ESG Score into a seven-point scale from ‘AAA’ to ‘CCC’,
indicating how an entity manages relevant key issues relative
to industry peers.
The MSCI ESG Ratings methodology can be found at:https://www.msci.com/esg-and-climate-methodologies

Fixed Index Methodologies

GICS Structure

GICS Structure Review

Methodology documents containing construction andmaintenance rules for the MSCI Fixed Income Indexes. Any
index family is governed by a number of documents: the specificindex methodology, the MSCI Corporate Bond Indexes, the MSCI
Government Bond Indexes, the MSCI Index Calculation
methodology, the MSCI Fundamental Data methodology and the
MSCI Index Policies.
GICS is designed with four levels of classifications, starting withsectors on the top, branching into industry groups, industries
and finally the sub-industries at the grass root level.
Annual Review of the GICS Structure to ensure that the GICS
structure remains relevant and current to the investmentcommunity.
Standard developed by MSCI and S&P Dow Jones Indices used
to classify companies within the Global Investable Equity
Universe to an industry based on its principal business activity.

Global Industry Classification
Standard (GICS)

Index Rebase© 2023 MSCI Inc. All rights reserved.

The Global Industry Classification Standard (GICS) was
developed by and is the exclusive property of MSCI and S&P
Global Market Intelligence. “Global Industry Classification
Standard (GICS)” is a service mark of MSCI and S&P Global
Market Intelligence.
Changes to the base date and base value of an index.

MSCI.COM | PAGE 10 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Index Review

Regular index maintenance process performed at the frequency
defined by the relevant index methodologies. Many indexes,
including the MSCI Corporate Bond Indexes and the MSCI
Government Bond Indexes are reviewed on a monthly basis.
Other indexes may be reviewed at a different frequency, e.g.,monthly, semi-annually, or annually.

Income Return Index Level

Income Return Index level represents cumulative performanceof index relative to its base value, due
to income return of constituent securities.

Index Average Amount
Outstanding

Index average amount outstanding is the simple average of theoutstanding principal of all the securities in the index.

Index Average Clean Price

Index average clean price is the amount outstanding weighted
average of the clean price of all the bonds in the index.

Index Average Convexity

Index average convexity is market value weighted average of theconvexity of all the bonds in the index.

Index Average Coupon

Index Average Credit Rating

Index average coupon is the amount outstanding weighted
average of the coupon of all the bonds in the index.
Index average credit rating is the market value weighted averageof the credit rating of all the bonds in the index.

Index Average Dirty Price

Index average dirty price is the amount outstanding weighted
average of the dirty price of all the bonds in the index.

Index Average Effective
Convexity

Index average effective convexity is the market value weighted
average of the effective convexity of all the bonds in the index.

Index Average Effective
Duration© 2023 MSCI Inc. All rights reserved.

Index average effective duration is the market value weighted
average of the effective duration of all the bonds in the index.

MSCI.COM | PAGE 11 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Index Average ModifiedDuration

Index average modified duration is the market value weighted
average of the modified duration of all the fixed income
securities in the index.

Index Average OAS

Index average OAS is the duration-adjusted market value
weighted average of the option adjusted spread of all the bondsin the index.

Index Average Time to
Maturity

Index average time to maturity is the market value weighted
average of the time to maturity of all the bonds in the index.

Index Average Yield toMaturity

Index average yield to maturity is the market value weighted
average of the yield to maturity of all the bonds in the index.

Index Average Yield to Worst

Index average yield to worst is the market value weighted
average of the yield to worst of all the bonds in the index.

Index Base Value

Index base value is starting value (e.g., 1000) of an index
against which ongoing calculations are done and performanceof the index is measured.

Index Constituent Count

Index constituent count is the number of bonds in the index.

Index Income Return

Index income return is market value weighted average of
constituent level income return of bonds in the index.

Index Level

Index level is value of an index relative to its base value.

Index Price Return

Index price return is market value weighted average of
constituent level price return of bonds in the index.

Index Total Return

Index total return is market value weighted average of
constituent level total return of bonds in the index.

MSCI ESG Research

A short name for MSCI ESG Research LLC, a subsidiary of MSCI
Inc. that produces and provides information such as company
ratings and research that are used by MSCI Inc. for theconstruction and maintenance of MSCI Indexes.

Parent Index

MSCI index used as the universe for the construction of any
derived index. For example: MSCI USD IG Corporate Bond Index
is the parent index for MSCI USD IG ESG Universal Corporate
Bond Index.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 12 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Price Return Index Level

Price Return Index level represents cumulative performance ofindex relative to its base value, due to price return of constituent
securities.

Rebalancing

Rebalancing of an index is the application of the index
methodology rules which generally results in additions,deletions, and weight changes of the underlying securities in theindex.

Rebalancing date

Rebalancing date is date when the changes to the index
published on the announcement date become effective.

Replicability and Investabilityof a benchmark. Level of accessibility of index constituents by a target investor
group enabling passive replication a benchmark.

Representativeness of abenchmark

Ability of a benchmark to reflect an investment process it aims
to represent.

Restrictiveness level(framework)

Framework designed by MSCI ESG Research to definesignificant involvement in controversial activities. According tothis framework, there are four restrictiveness levels: Most
Restrictive, Highly Restrictive, Moderately Restrictive, Least
Restrictive. The framework and the corresponding
restrictiveness levels are used to screen certain controversial
activities from the MSCI Indexes.

Settlement Date

Settlement date is date on which the trade settles i.e., securities
must be paid for (purchase), or securities must be delivered(sale).

Strategy Indexes

Indexes that are based on alternative weighting schemes andintroduce a tilt towards certain variables (for example: Factors,
ESG, Climate, Themes, etc.) intended to capture systematic risk
premia or other fundamental characteristics.

Sustainable Impact

A product of MSCI ESG Research named "MSCI Impact
Solutions: Sustainable Impact Metrics", designed to identify
companies that derive revenue from products or services withpositive impact on society and the environment. The MSCI
Sustainable Impact Metrics are comprised of Environmental
Impact and Social Impact categories.

Total Return Index Level

Total Return Index level represents cumulative performance ofindex relative to its base value, due to total return of constituent
bonds.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 13 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Turnover© 2023 MSCI Inc. All rights reserved.

Turnover is the measure of the index composition shift using
the market value of securities entering and exiting the index.

MSCI.COM | PAGE 14 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Contact us
msci.com/contact-us
AMERICAS

About MSCI

Americas1 888 588 4567 *Atlanta+ 1 404 551 3212

Boston+ 1 617 532 0920

Chicago+ 1 312 675 0545

Monterrey+ 52 81 1253 4020

New York+ 1 212 804 3901

San Francisco + 1 415 836 8800
São Paulo+ 55 11 3706 1360

Toronto+ 1 416 628 1007

EUROPE, MIDDLE EAST & AFRICA
Cape Town+ 27 21 673 0100

Frankfurt+ 49 69 133 859 00

Geneva+ 41 22 817 9777

London+ 44 20 7618 2222

Milan

+ 39 02 5849 0415

Paris

0800 91 59 17 *MSCI is a leading provider of critical decision
support tools and services for the global
investment community. With over 50 years ofexpertise in research, data and technology, we
power better investment decisions by enablingclients to understand and analyze key drivers of risk
and return and confidently build more effective
portfolios. We create industry-leading researchenhanced solutions that clients use to gain insight
into and improve transparency across theinvestment process.

To learn more, please visit www.msci.com.

The process for submitting a formal index
complaint can be found on the index regulation
page of MSCI’s website at:https://www.msci.com/indexregulation

ASIA PACIFIC
China North

10800 852 1032 *China South

10800 152 1032 *Hong Kong+ 852 2844 9333

Mumbai+ 91 22 6784 9160

Seoul

00798 8521 3392 *Singapore800 852 3749 *Sydney+ 61 2 9033 9333

Taipei008 0112 7513 *Thailand

0018 0015 6207 7181 *Tokyo+ 81 3 5290 1555

* toll-free© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 15 OF 16

MSCI FIXED INCOME INDEX- GLOSSARY OF TERMS | DECEMBER 2023

Notice and disclaimer
This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of
MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information(collectively, with MSCI, the “Information Providers”) and is provided for informational purposes only. The Information may not be modified, reverse-engineered,
reproduced or redisseminated in whole or in part without prior written permission from MSCI. All rights in the Information are reserved by MSCI and/or its
Information Providers.
The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information
may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of
any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any
other MSCI data, information, products or services.
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 THE INFORMATION PROVIDERS
MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE
USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIEDWARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT,COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.
Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider 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 suchdamages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable),
any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors.
Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast
or prediction. Past performance does not guarantee future results.
The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or
clients when making investment and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group of
persons.
None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading
strategy.
It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available throughthird party investable instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion
regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment
return related to the performance of any MSCI index (collectively, “Index Linked Investments”). MSCI makes no assurance that any Index Linked Investments will
accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment adviser or fiduciary and MSCI makes no representation
regarding the advisability of investing in any Index Linked Investments.
Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual
assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees
an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause theperformance of an Index Linked Investment to be different than the MSCI index performance.
The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material differences
between back tested performance results and actual results subsequently achieved by any investment strategy.
Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index
methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an
MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice.
Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI
indexes. More information can be found in the relevant index methodologies on www.msci.com.
MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.’s revenue includes fees based on assets in Index Linked
Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com.
MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Neither MSCI nor any of its
products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or
trading strategies and MSCI’s products or services are not a recommendation to make (or refrain from making) any kind of investment decision and may not be
relied on as such, provided that applicable products or services from MSCI ESG Research may constitute investment advice. MSCI ESG Research materials,
including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities andExchange Commission or any other regulatory body. MSCI ESG and climate ratings, research and data are produced by MSCI ESG Research LLC, a subsidiary of
MSCI Inc. MSCI ESG Indexes, Analytics and Real Estate are products of MSCI Inc. that utilize information from MSCI ESG Research LLC. MSCI Indexes areadministered by MSCI Limited (UK).
Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI ESG Research and/or MSCI Inc.
(collectively, “MSCI”) and that these relationships create potential conflicts of interest. In some cases, the issuers or their affiliates purchase research or otherproducts or services from one or more MSCI affiliates. In other cases, MSCI ESG Research rates financial products such as mutual funds or ETFs that aremanaged by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity indexes include companies that
subscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken anumber of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about theseconflict mitigation measures is available in our Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222.
Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and productnames are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry
Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Global Market Intelligence. “Global Industry Classification
Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence.
MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its
own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended tosupport or promote any such activity. MSCI ESG Research is an independent provider of ESG data.
Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.

© 2023 MSCI Inc. All rights reserved.

MSCI.COM | PAGE 16 OF 16