Estimated Impact of theProposed GICS Structure
Changes on the MSCIACWI Index®

February 2022

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Please refer to the disclaimer at the end of this document.

Background on the ongoing 2021 GICS Consultation▪ MSCI and S&P Dow Jones Indices (S&P DJI) are consulting with members of the investment community on potential changes to theGICS structure in 2022.
▪ Key highlights of this pending consultation are potential changes to the classification of renewable energy companies and retailers within
the GICS framework. In addition, the consultation covers potential changes for Data Processing & Outsourced Services, Banks andThrifts & Mortgage Finance, REITs, Transportation, and an update in the GICS definition for cannabis.
▪ Full details of these proposals can be found in the “Consultation on Potential Changes to the Global Industry Classification Standard(GICS®) Structure in 2022” document accessible on MSCI’s website at www.msci.com/index-consultations.
▪ The consultation began on October 18, 2021 and ends on February 18, 2022.
▪ Final changes to the GICS structure are expected to be announced by March 2022 with an expected GICS Direct implementation date inMarch 2023.

▪ Further information regarding MSCI proforma indices and index implementation timeline will be announced after the final changes to theGICS Structure have been announced.
▪ The consultation may or may not result in any changes to the GICS structure.

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Summary of topics for the 2021 GICS Consultation

On January 21, 2022, MSCI and S&P DJI
announced proforma classifications for aselect list of companies potentially impacted
by the proposals in the ongoing GICS
consultation, with market capitalization above
USD $2 billion.
Please note that the proforma classifications
should only be used for preliminary analysis
and should not be considered as finalclassifications even if the proposals areultimately adopted.
Based on this list, an estimated impact on
MSCI ACWI Sectoral Indexes are presented innext slides

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Estimated Impact: MSCI ACWI Sectoral Indexes• Sector indexes based on the MSCI Global Investable Market Indexes (GIMI) covering theConsumer Discretionary, Consumer Staples, Energy, Financials, Industrials, Information
Technology, and Utilities potentially impacted by the proposed GICS changes.
Additions to and deletions from sector Indexes based on the MSCI ACWI Index

One-way Index Turnover for
MSCI ACWI Sector Indexes

Additions

Deletions

MSCI ACWI Sector Index

EnergyConsumerIndustrials
Discretionary

Consumer
Staples

Financials

Information
Technology

Utilities

Total

Weight of Deletionsin MSCI ACWI

One-way Index
Turnover

Energy10.76%

0.11%

Industrials

2.69%

50.31%

Consumer Discretionary

2.37%

---

Consumer Staples

4.35%

----

Financials

10.92%

18--37

2.11%

Information Technology8.94%----

33

0.20%

Utilities

7.57%

2418-

-

0.05%

0.30%

1.71%

-

-

Energy---------

Industrials

12-

----

-

12

Consumer Discretionary-

1-

4-

-

-

Consumer Staples

----

-

-

Financials

----

-

Information Technology

1252-

Utilities

33-

-

Total

57

60.41%

0.26%

Weight of Additions inMSCI ACWI

Sector Index

Further information regarding estimated changes in other indexes, proforma indexes and index implementation will be communicated in due course after the final GICS structure has been announced.
Simulations as of December 1, 2021, based on the selected list of companies potentially impacted by the proposals in the ongoing GICS consultation. Full details of the GICS change proposals can be found in theConsultation on Potential Changes to the Global Industry Classification Standard (GICS®) Structure in 2022 document accessible on MSCI’s website at www.msci.com/index-consultations.
Please see the disclosure at the end of this document regarding simulated and back tested data.

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Estimated Impact: MSCI ACWI Index
Current and Estimated Pro Forma Sector Weights for the MSCI ACWI Index1
0.0%
Energy

5.0%

10.0%

15.0%

20.0%

25.0%

3.9%
3.4%

4.6%
4.6%

Materials

9.7%
9.6%

Industrials

12.6%
12.9%

Consumer Discretionary
6.9%
6.6%

Consumer Staples

11.4%
11.4%

Health Care

15.7%
13.9%

Financials

21.5%
23.6%

Information Technology
8.7%
8.7%

Communication Services

Utilities

2.4%
2.6%

Real Estate

2.6%
2.6%
Pro forma Weight

Current Weight1) Further information regarding estimated changes in other indexes, proforma indexes and index implementation will be communicated in due course after the final GICS structure has been announced.
Simulations as of December 1, 2021, based on the selected list of companies potentially impacted by the proposals in the ongoing GICS consultation. Full details of the GICS change proposals can be found in theConsultation on Potential Changes to the Global Industry Classification Standard (GICS®) Structure in 2022 document accessible on MSCI’s website at www.msci.com/index-consultations.
Please see the disclosure at the end of this document regarding simulated and back tested data.

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