PRESS RELEASEMSCI Equity Indexes November 2015 Index Review
New York – November 12, 2015 – MSCI Inc. (NYSE: MSCI), a leading provider of research‐based indexes andanalytics, announced today the results of the November 2015 Semi‐Annual Index Review for the MSCI EquityIndexes – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI
Global Value and Growth Indexes, the MSCI Frontier Markets and MSCI Frontier Markets Small Cap Indexes, theMSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the MSCI Pan‐Euro and MSCI Euro Indexes, theMSCI US Equity Indexes, the MSCI US REIT Index and the MSCI China A Indexes. All changes will beimplemented as of the close of November 30, 2015. These changes have been posted on the Index Review web
page on MSCI’s web site at https://www.msci.com/index‐review.
As previously announced, companies traded outside of the country of classification (i.e., “foreign listedcompanies”) will become eligible for inclusion in the MSCI China Investable Market Index (IMI), MSCI HongKong IMI, MSCI Israel IMI and MSCI Netherlands IMI Indexes within the MSCI ACWI IMI Index. MSCI will first
add the foreign listed companies at half of their free float‐adjusted market capitalization at the November 2015
Semi‐Annual Index Review and will subsequently add their remaining free float‐adjusted market capitalization
at the May 2016 Semi‐Annual Index Review.
MSCI Global Standard Indexes: Seventy‐four securities, of which 21 are foreign listed securities, will beadded to and 60 securities will be deleted from the MSCI ACWI Index. In the MSCI World Index, the threelargest additions measured by full company market capitalization will be NXP Semiconductors (Netherlands),
Hongkong Land (Hong Kong) and Checkpoint Software (Israel). The three largest additions to the MSCIEmerging Markets Index measured by full company market capitalization will be Alibaba Group Holding ADR(China), Baidu ADR (China) and Emirates Telecommunications Corporation (United Arab Emirates).
MSCI Global Small Cap Indexes: There will be 482 additions to and 313 deletions from the MSCI ACWI
Small Cap Index. Forty‐five of the additions will be foreign listed securities.
MSCI Global Investable Market Indexes: There will be 478 additions to and 295 deletions from the MSCIACWI IMI Index.
MSCI Global All Cap Indexes: There will be 571 additions to and 217 deletions from the MSCI World All
Cap Index.
MSCI Global Value and Growth Indexes: For the MSCI ACWI Value Index, the largest additions or stylechanges from Growth to Value will be Allergan (USA), Schlumberger (USA) and Abbvie (USA). For the MSCIACWI Growth Index, the largest additions or style changes from Value to Growth will be Altria Group (USA),
Berkshire Hathaway B (USA) and Bristol‐Myers Squibb Co (USA).
MSCI Frontier Markets Indexes: There will be seven additions to and nine deletions from the MSCI
Frontier Markets Index. The three largest additions to the MSCI Frontier Markets Index will be Ahli United Bank(Bahrain), Rockcastle Global (Mauritius) and Globant (Argentina), all foreign listed companies.
There will be 21 additions to and 21 deletions from the MSCI Frontier Markets Small Cap Index.

PRESS RELEASEMSCI Global Islamic Indexes: Thirty‐three securities will be added to and 41 securities will be deleted fromthe MSCI ACWI Islamic Index. The three largest additions to the MSCI ACWI Islamic Index will be Alexion
Pharmaceuticals (USA), Celanese Corporation (USA) and Brenntag (Germany). There will be two additions toand five deletions from the MSCI Gulf Cooperation Council (GCC) Countries ex Saudi Arabia IMI Islamic Index.
MSCI US Equity Indexes: There will be six securities added to and two securities deleted from the MSCI US
Large Cap 300 Index. The three largest additions to the MSCI US Large Cap 300 Index measured by full company
market capitalization will be Activision Blizzard, Electronic Arts, and Fiserv.
Seventeen securities will be added to and 10 securities will be deleted from the MSCI US Mid Cap 450 Index.
The three largest additions to the MSCI US Mid Cap 450 Index measured by full company market capitalization
will be Sabre, Keurig Green Mountain, and Jetblue Airways Corp.
Fifty seven securities will be added to and 37 securities will be deleted from the MSCI US Small Cap 1750 Index.
The three largest additions to the MSCI US Small Cap 1750 Index measured by full company marketcapitalization will be Transunion, Godaddy A, and Tallgrass Energy A.
There will be 42 additions to and 10 deletions from the MSCI US Micro Cap Index.
For the MSCI US Investable Market Value Index, there will be 212 additions or upward changes in Value
Inclusion Factor (VIFs), and 215 deletions or downward changes in VIFs. For the MSCI US Investable Market
Growth Index, there will be 246 additions or upward changes in Growth Inclusion Factors (GIFs), and 212
deletions or downward changes in GIFs.
MSCI US REIT Index: There will be nine additions to and no deletions from the MSCI US REIT Index.
MSCI China A Indexes: There will be 228 additions to and two deletions from the MSCI China A Index. The
three largest additions to the MSCI China A Index will be Jiangsu Shagang Co A, Jiangyin Zhongnan HeavyIndustries A and Wuhu Shunrong Sanqi A. There will be 88 additions to and 262 deletions from the MSCI China
A Small Cap Index.
The results of the November 2015 Semi‐Annual Index Review of the MSCI Pan‐Euro and MSCI Euro Indexes andthe MSCI Global Islamic Small Cap Indexes have also been posted on MSCI’s web site at www.msci.com.

‐Ends‐About MSCIFor more than 40 years, MSCI’s research‐based indexes and analytics have helped the world’s leading investors build andmanage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in theirportfolios, broad asset class coverage and innovative research.
Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research.
MSCI serves 97 of the top 100 largest asset managers, based upon P&I data as of December 2014 and MSCI client data asof June 2015.
For more information, visit us at www.msci.com.

PRESS RELEASEMedia Inquiries
New YorkKristin Meza, MSCI

+ 1 212 804 5330/kristin.meza@msci.com

LondonPaul Griffin, MSCI

+ 44 20 7618 2594/paul.griffin@msci.com

Nick Denton | Christian Pickel, MHP Communications+ 44 20 3128 8754/8208

MSCI Global Client Service
EMEA Client Service+ 44 20 7618.2222

Americas Client Service

1 888 588 4567 (toll free)

Asia Pacific Client Service+ 852 2844 9333

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. orits 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 inwhole or in part without prior written permission from MSCI.
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 ANYEXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THEMAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (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 theInformation 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, 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 orprediction. 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 through third 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 ofany 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. 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 ofthese fees and charges would cause the performance 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 arecommendation 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 Inc. and Barra LLC, may be used in calculating certain MSCI equity indexes. Moreinformation can be found in the relevant standard equity 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 investment products linked to MSCI
equity indexes. Information can be found in MSCI’s company filings on the Investor Relations section of www.msci.com.

PRESS RELEASEMSCI ESG Research Inc. is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Except with respect to any applicableproducts or services from MSCI ESG Research, 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 neither MSCI nor any of its products or services is intended to constitute investment advice ora recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Issuers mentioned or included in any MSCI ESG
Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products or services from MSCI ESG Research. MSCIESG 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 and Exchange Commission or any other regulatory body.
Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD, FEA, InvestorForce, and other MSCI brands andproduct names 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 Standard & Poor’s. “Global Industry Classification Standard (GICS)” is a service markof MSCI and Standard & Poor’s.