MSCI_Nov15_INTSummary

8/20/2019 MSCI_Nov15_INTSummary

http://slidepdf.com/reader/full/mscinov15intsummary 1/59

NOVEMBER 2015

INDEX REVIEW

MSCI EQUITY

INDEXES GLOBAL SUMMARY

November 2015



MSCI.COM | PAGE 2 OF 59© 2015 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI EQUITY INDEXES GLOBAL SUMMARY | NOVEMBER 2015

MSCI Semi‐Annual Index Review ......................................................... 3

Highlights ............................................................................................................ 3

1 Index Performance ....................................................................... 4

2 Semi‐Annual Index Review for the MSCI Global Investable Market

Indexes ................................................................................................ 8

Eligibility of Foreign Listed Companies for Inclusion in the MSCI Indexes ...................... 8

Enhancement in the Calculation of ATVR for the MSCI US and Canada Indexes ............ 9

Highlights of the Size‐Segment Index Review .................................................................. 9

Summary of Changes for the Regional and Country Indexes ........................................ 18

Additions to and Deletions from the MSCI Global Standard Indexes at Semi‐Annual

Index Reviews ................................................................................................................ 28

One‐way Index Turnover ............................................................................................... 39

3 MSCI Global Value and Growth Indexes ..................................... 43

4 MSCI China A Indexes ................................................................. 48

5 MSCI Global

Islamic

Indexes

.......................................................

51

Appendix I – Foreign Listed Companies ............................................. 54

Appendix II – Enhancement in the Calculation of Liquidity Values ... 56

Appendix III – MSCI Saudi Arabia Indexes ......................................... 57

CONTENTS





MSCI SEMI‐ANNUAL INDEX REVIEW

Changes to be made as of the close of November 30, 2015 (effective December 1, 2015).

HIGHLIGHTS

MSCI announced today changes resulting from its November 2015 Semi‐Annual Index Review (SAIR).

As previously announced, foreign listed companies will become eligible for inclusion in the MSCI China

Investable Market Index (IMI), MSCI Hong Kong IMI, MSCI Israel IMI and MSCI Netherlands IMI Indexes within

the MSCI ACWI IMI Index. This will result in 21 additions of foreign listed securities to the MSCI ACWI Index

and 66 additions to the MSCI ACWI IMI Index. MSCI will implement these changes in two phases by adding

the foreign listed securities at half of their free float‐adjusted market capitalization at the November 2015

SAIR

and

subsequently

adding

their

remaining

free

float‐

adjusted

market

capitalization

at

the

May

2016

SAIR.

In total, including newly eligible foreign listed companies, the November 2015 SAIR will result in 74 additions

to and 60 deletions from the MSCI ACWI Index and a one‐way index turnover of 1.0%. The one‐way index

turnover is 0.7% for the MSCI World Index and 3.5% for the MSCI Emerging Markets Index. The largest

additions to the MSCI ACWI Index measured by full company market capitalization are Alibaba Group Holding

ADR (China), Baidu ADR (China), and Emirates Telecommunications Corp (United Arab Emirates).

The MSCI ACWI IMI Index will have 478 additions and 295 deletions, and will experience a one‐way index

turnover of 1.0%. There will be 571 additions to and 217 deletions from the MSCI World All Cap Index. Thirty‐

one securities will be added to the MSCI USA IMI Index and five securities to the MSCI Canada IMI Index,

following the pre‐announced switch to consolidated trading volumes, which take into account trading on

alternative trading

venues

in

the

calculation

of

the

Annualized

Traded

Value

Ratio

(ATVR)

for

these

markets.

The MSCI Frontier Markets Index will have seven additions and nine deletions, and experience a one‐way

index turnover of 3.5%. Four out of seven additions are foreign listed companies.

Summary of Pro forma Changes to the MSCI Indexes

All Cap IMI Std

Weight # Sec. Index Market Weight # Sec. Add Del Add Del Add Del Add Del

Cap

ACWI 100.0% 14,700 41,929,666 100.0% 8,755 777 395 478 295 74 60 482 313 1.0% 1.0% 1.0%

ACWI ex USA 48.2% 11,012 20,086,314 47.9% 6,184 583 371 351 242 62 50 349 252 1.5% 1.5% 1.4%

World 100.0% 11,970 37,620,980 89.7% 6,025 571 217 272 117 38 23 279 139 0.7% 0.7% 0.7%

EAFE 38.8% 7,621 14,479,720 34.5% 3,132 351 176 129 45 21 9 127 55 0.9% 0.8% 0.8%

World ex Japan 90.9% 9,122 34,252,810 81.7% 4,838 522 210 249 110 35 20 253 129 0.8% 0.7% 0.7%

North America 61.2% 4,349 23,141,259 55.2% 2,893 220 41 143 72 17 14 152 84 0.6% 0.6% 0.7%

Europe + Middle East 25.2% 3,050 9,484,299 22.6% 1,452 177 88 74 13 12 5 72 18 0.9% 0.8% 0.8%

Pacific 13.6% 4,571 4,995,421 11.9% 1,680 174 88 55 32 9 4 55 37 0.9% 0.8% 0.9%

EM 4,308,687 10.3% 2,730 206 178 36 37 203 174 3.9% 3.5%

EM Asia 3,102,132 7.4% 2,158 186 132 31 20 176 133 4.8% 4.5%

EM EMEA 710,739 1.7% 352 12 21 5 7 13 20 2.2% 2.1%

EM Latin America 495,815 1.2% 220 8 25 0 10 14 21 0.9% 1.2%

ACWI FM 15,034 42,050,644 9,089 798 418 499 318 81 69 503 334 1.0% 1.0% 1.0%

FM 120,977 100.0% 334 21 23 7 9 21 21 4.6% 3.5%

FM ex GCC 88,037 72.8% 285 16 13 6 7 16 12 3.8% 2.8%

FM GCC 32,941 27.2% 49 5 10 1 2 5 9 6.9% 5.3%

10.3%

19.2%

Note: All market caps are in USD millions. Data as of the close of October 20, 2015

42,480,797 4.5%

12.4%

7.5%

13.7%

9.7%

9.7%

23,283,255 3.8%

9,598,239 4.4%

5,169,638 3.4%

38,051,133 3.9%

14,767,878 4.0%

34,581,675 4.1%

42,359,819 4.5%

20,401,308 5.4%

Index Market

Cap

Pro forma All Cap Pro forma IMI # Securities One-Way Index Turnover

All Cap IMI Standard Small Cap SCap





1 INDEX PERFORMANCE

The following charts and tables show the performance of selected MSCI Global Investable

Market Indexes (GIMI) up until the Index Review price cutoff date, October 20, 2015.

Five Year Performance of Selected MSCI Global Investable Market Indexes

Five Year Relative Performance of Selected MSCI Global Standard Indexes

The MSCI Emerging

Markets Index

underperformed the

MSCI World Index

during the period

between the May

2015 and November

2015 SAIRs





Five Year Relative Performance of Selected MSCI Global Small Cap Indexes

Performance of Selected MSCI Global Investable Market Indexes

Large Cap Mid Cap Standard Small Cap IMI

USA -2.1% -5.2% -2.6% -6.9% -3.2%

Europe -5.7% -1.9% -4.8% 2.4% -4.2%

Japan -6.7% -4.1% -6.3% -0.8% -5.5%

Pacific ex Japan -13.8% -8.6% -12.8% -13.1% -12.9%

EAFE -6.9% -3.3% -6.1% -0.6% -5.4%

World -4.4% -4.9% -4.5% -5.0% -4.5%

EM Asia -14.4% -14.1% -14.6% -11.5% -14.0%

EM EMEA -10.3% -14.5% -10.9% -9.7% -10.9%

EM Latam -22.2% -14.8% -21.0% -20.1% -20.9%

EM -14.8% -14.2% -15.0% -12.0% -14.6%

ACWI -5.6% -5.8% -5.6% -5.8% -5.6%

FM ex GCC -12.1% -3.6% -10.0%

GCC ex SA -8.5% -11.2% -9.1% -6.2% -8.6%

FM -11.7% -4.1% -9.9%

* The performance is measured between the price cutoff dates for the Index Reviews

Total Gross Return Performance in USD (4/20/2015 - 10/20/2015)*

The MSCI

LatAm

Index

posted the weakest

performance since the

May 2015 SAIR across

key MSCI Composite

Indexes





Correlation Matrix across Selected Composite Indexes

Performance of the MSCI ACWI Indexes by Sector and Size‐Segment

Daily return correlation ( 4/17/2013-10/18/2013)

ACWI WORLD EAFE USA Europe Japan

Pacific ex

Japan EM EM EMEA

EM Latin

America EM Asia FM

ACWI 1.00

WORLD 1.00 1.00

EAFE 0.93 0.93 1.00

USA 0.93 0.94 0.74 1.00

Europe 0.84 0.85 0.96 0.64 1.00

Japan 0.69 0.67 0.62 0.63 0.41 1.00

Pacific ex Japan 0.52 0.48 0.52 0.38 0.34 0.57 1.00

EM 0.80 0.75 0.74 0.66 0.62 0.64 0.66 1.00

EM EMEA 0.67 0.63 0.69 0.49 0.61 0.50 0.60 0.78 1.00

EM Latin America 0.61 0.60 0.62 0.48 0.57 0.41 0.47 0.60 0.70 1.00

EM Asia 0.71 0.66 0.62 0.61 0.49 0.62 0.59 0.95 0.58 0.36 1.00

FM 0.32 0.31 0.34 0.23 0.36 0.18 0.10 0.31 0.37 0.43 0.20 1.00


Consumer Staples 0.6% 2.4% 0.8% 2.5% 0.9%

Utilities -1.4% 1.1% -0.7% -0.3% -0.6%

Consumer Discretionary -0.5% -4.1% -1.4% -4.0% -1.8%

Information Technology -2.2% -4.0% -2.6% -4.0% -2.7%

Telecommunication Services -5.4% -6.7% -5.6% -2.1% -5.4%

Financials -6.7% -4.4% -6.3% -1.8% -5.7%Health Care -6.5% -8.3% -6.6% -7.0% -6.7%

Industrials -7.1% -6.1% -6.8% -8.2% -7.1%

Materials -16.2% -10.1% -14.5% -12.3% -14.1%

Energy -14.9% -23.0% -15.8% -27.1% -16.8%

* The performance is measured between the price cutoff dates of the Index Reviews

Sectors ranked by performance at IMI Index level


Consumer Staples was

the best performing

IMI sector, while the

Energy Sector had the

weakest IMI

performance between

the May 2015 and

November 2015 SAIRs

The MSCI Frontier

Markets Indexes

showed low

correlation with most

MSCI regional indexes





Performance of the MSCI Country Indexes by Size‐Segment – Developed Markets

Performance of

the

MSCI

Country

Indexes

by

Size

‐Segment

–

Emerging

Markets


Ireland -3.2% 10.2% 4.0% 6.5% 4.5%

Italy 4.3% 1.6% 4.0% 4.8% 3.9%

Denmark -2.1% 6.0% 0.2% 9.6% 1.3%

Belgium -2.9% 1.3% -1.4% 6.4% -0.6%

Austria 8.5% -13.4% -2.8% 2.4% -0.8%

Netherlands -1.0% -5.4% -1.6% -4.0% -2.1%

France -2.2% -3.7% -2.2% 3.9% -2.1%

Portugal -1.5% -5.9% -2.7% -2.3% -2.9%

USA -2.1% -5.2% -2.6% -6.9% -3.2%

Israel -5.7% 0.2% -5.8% -0.6% -3.6%

United Kingdom -6.5% -0.8% -5.2% 3.7% -4.1%

Switzerland -5.7% -3.2% -5.7% -2.8% -5.2%

Finland -6.7% -1.9% -4.8% -6.5% -5.3%

Spain -7.0% 2.0% -5.0% -5.8% -5.4%

Japan -6.7% -4.1% -6.3% -0.8% -5.5%

Sweden -7.4% -10.0% -7.8% 4.3% -5.9%

Germany -10.9% 0.2% -9.6% 2.3% -8.8%

New Zealand NA -10.1% -10.2% -10.6% -10.4%

Hong Kong -9.3% -10.1% -9.5% -17.1% -10.4%

Norway -10.6% -20.3% -12.9% -5.8% -11.2%

Australia -15.8% -6.1% -14.2% -10.8% -13.7%

Singapore -14.6% -14.4% -14.5% -13.4% -14.3%

Canada -13.9% -16.9% -14.5% -16.7% -14.8%

* NA is displayed in the cases when an index does not exist



Hungary -0.3% 14.4% 3.0% -7.6% 2.4%

Greece 16.9% -35.7% -11.8% 25.8% -2.3%

India -5.4% -7.1% -5.6% -0.7% -4.8%

Qatar -5.2% -7.8% -5.8% 2.0% -5.1%

Mexico -9.2% 2.4% -7.3% -5.2% -7.1%

Turkey -6.3% -4.8% -6.0% -16.7% -7.4%

Czech Republic -8.1% N/A -8.9% 12.6% -7.6%

Taiwan -8.4% -14.7% -9.6% -11.7% -9.8%

Russia -10.2% 0.6% -9.7% -12.1% -9.9%

Korea -12.1% -13.4% -12.6% -5.7% -11.3%

United Arab Emirates -10.9% -17.6% -11.8% -11.5% -11.7%

Poland -14.6% -9.4% -13.2% 0.1% -12.0%

South Africa -12.3% -15.6% -12.7% -12.4% -12.9%

Philippines -12.3% -10.6% -12.0% -19.4% -13.1%

Chile -16.6% -5.2% -14.3% -14.8% -14.3%

Egypt -3.0% -37.7% -13.9% -20.6% -16.7%

Thailand -18.9% -7.3% -17.3% -15.1% -16.8%

Peru -16.6% -27.2% -17.9% -6.9% -17.6%

China -19.6% -15.7% -19.2% -17.2% -18.8%

Malaysia -20.0% -24.5% -20.7% -18.5% -20.4%

Colombia -20.6% -17.5% -19.8% -56.2% -20.5%

Indonesia -19.3% -23.5% -19.9% -26.7% -21.1%

Brazil -31.1% -27.2% -30.5% -34.0% -30.7%

* NA is displayed in the cases when an index does not exist


The MSCI Ireland IMI,

MSCI Italy IMI and

MSCI Denmark IMI

were the top

performers in

Developed Markets

between the May

2015 and

November

2015 SAIRs

The MSCI Brazil IMI

was the bottom

performer within

Emerging Markets

since the May 2015

SAIR





2 SEMI‐ANNUAL INDEX REVIEW FOR THE MSCI GLOBAL INVESTABLE

MARKET INDEXES

The objective of the Semi‐Annual Index Reviews (SAIRs) is to systematically reassess the

various dimensions of the MSCI Equity Universe for all markets on a fixed semi‐annual

timetable.

During each SAIR, the MSCI Equity Universe is updated and the Global Minimum Size Range

is recalculated for each size‐segment. Then, in addition to the updates in Foreign Inclusion

Factors (FIF) and Number of Shares (NOS), the following index maintenance activities are

undertaken for each market:

• Updating the MSCI Market Investable Equity Universe.

• Reassessing the

Segment

Number

of

Companies

and

the

Market

Size

‐Segment

Cutoffs, using the Global Minimum Size Range and the target free float‐adjusted

market capitalization coverage range.

• Assigning companies to the size‐segments taking into account buffer zones. The

buffer zones at SAIRs are defined with boundaries of ‐33% and +50% of the

Market Size‐Segment Cutoff.

• Assessing conformity with Final Size‐Segment Investability Requirements.

SAIRs take place each year in May and November.

ELIGIBILITY OF FOREIGN LISTED COMPANIES FOR INCLUSION IN THE MSCI INDEXES

Starting from the November 2015 SAIR, foreign listings will become eligible for countries

within the MSCI Global Investable Market Indexes where foreign listed companies would

represent a material proportion of the index market capitalization. The list of such countries

is provided in the table below (list used for the November 2015 SAIR, as communicated at

the May 2015 SAIR):

Please note that some MSCI Country Indexes for the above mentioned countries already

exceptionally contain selected foreign listed securities for historical reasons. Namely, U.S.

listings have been exceptionally eligible for inclusion in the MSCI Peru Indexes, the MSCI





Russia Indexes contain a number of securities represented by depositary receipts listed in

London and

New

York,

and

due

to

market

accessibility

issues,

the

constituents

of

the

MSCI

Argentina and MSCI Kazakhstan Indexes have been represented only by the relevant

depositary receipts. All other MSCI Country Indexes currently do not contain any foreign

listed securities.

Foreign listings may become eligible to represent securities only from the countries that

meet the Foreign Listing Materiality Requirement, described in Appendix IV of the MSCI

Global Investable Market Indexes methodology book. At each SAIR, MSCI assesses if any

additional country meets the Foreign Listing Materiality Requirement. The results are

announced during each SAIR and foreign listings become eligible for the impacted countries

starting from the subsequent SAIR.

At the

time

of

the

November

2015

SAIR,

no

additional

country

within

the

ACWI

or

Frontier

Markets universes met the Foreign Listing Materiality Requirement. One Standalone Market

country, Botswana, met the Foreign Listing Materiality Requirement. Hence, foreign listings

will become eligible for the MSCI Botswana Indexes starting from the May 2016 SAIR.

As previously announced, MSCI will initially implement all additions of securities

represented by foreign listings in the MSCI Global Investable Market Indexes in two phases

by applying an Index Inclusion Factor (IIF) of 0.5 at the November 2015 SAIR and increasing

the IIF to 1.0 at the May 2016 SAIR. After the November 2015 SAIR, other such securities

would generally be treated as any other newly eligible securities and would not be subject to

phasing.

The impact

of

eligibility

of

foreign

listings

on

the

regional

and

country

indexes

is

shown

in

the following sections. The complete list of foreign listed companies added to the MSCI

Global Investable Market Indexes is shown in Appendix I.

ENHANCEMENT IN THE CALCULATION OF ATVR FOR THE MSCI US AND CANADA INDEXES

As a result of the consultation conducted in September 2014, MSCI will use the consolidated

trading volumes for the calculation of the Annual Traded Value Ratios (ATVRs) for securities

listed in eligible stock exchanges in the US and Canada starting from the November 2015

SAIR. The consolidated volumes will include transactions from registered exchanges as well

as

alternative

trading

venues

aggregated

in

the

consolidated

market

information

or

data feeds as defined by Regulation NMS in the US and National Instrument 21‐101 in Canada.

The impact of this change is provided in Appendix II.

HIGHLIGHTS OF THE SIZE‐SEGMENT INDEX REVIEW

The Global Minimum Size Reference for each segment is reviewed at each SAIR and is used

to determine a Global Minimum Size Range. The range is defined as 0.5 times to 1.15 times

the Global Minimum Size Reference to allow for size integrity across markets. Market and





segment performances between SAIRs impact the Global Minimum Size References and

Market Size

‐Segment

Cutoffs.

For Emerging Markets, the Global Minimum Size Reference is set at one‐half the level of full

market capitalization used for the Developed Markets. Larger Frontier Market countries

have their Global Minimum Size Reference set to the same level as the Emerging Markets,

while the Global Minimum Size Reference for the Smaller Frontier Market countries is set at

one‐half of this value.

The chart below shows the changes in the Global Minimum Size References as well as the

Equity Universe Minimum Size Requirement from the May 2015 SAIR to the November 2015

SAIR.

Changes in

Global

Minimum

Size

Ranges

The differences between the changes in the Global Minimum Size References and the

individual market performances can result in increases or decreases in the Market Size‐

Segment Cutoffs, as well as the Segment Number of Companies. For example, the negative

performance of a market relative to the Global Minimum Size Reference can result in the

initial Market Size‐Segment Cutoff being lower than 0.5 times the Global Minimum Size

Reference, triggering a decrease in the Segment Number of Companies to increase the

Cutoff and to comply with the size integrity criteria.

Please note that the Equity Universe Minimum Size Requirement has decreased to USD 203

million for the November 2015 SAIR from USD 207 million for the May 2015 SAIR, following

weaker global market performance. The Micro Cap Minimum Size Requirement has

decreased to USD 60 million for the November 2015 SAIR from USD 61 million for the May

2015 SAIR.

The following three tables compare the Market Size‐Segment Cutoffs used in the May 2015

and November 2015 SAIRs.

Percent of Free

Float Adjusted

Market Coverage

Nov-15 May-15 % chg Nov-15 May-15 Nov-15

70% 14,077 14,883 -5.4% 7,038 7,441 3,519

85% 5,046 5,359 -5.8% 2,523 2,679 1,262

99% 519 554 -6.4% 259 277 130

99.8% 60 61 -1.6%

203 207 -1.9%

All market caps are in USD millions. Data as of the close of October 20, 2015 and April 20, 2015 for the

November 2015 Semi-Annual Index Review and May 2015 Semi-Annual Index Review, respectively.

Small Cap139

Micro Cap

Equity Universe MinSize

Universe

Large Cap3,721

Mid Cap1,340

Developed Markets

Investable Equity

Universe

Developed Markets Global Minimum Size

Reference

Emerging & Larger Frontier Markets

Global Minimum Size Reference (50%

of DM)

Smaller Frontier Markets Global Minimum

Size Reference (50% of EM)

May-15

Global Minimum Size Reference

The Global Minimum

Size References

decreased for Large,

Mid and Small Cap

Size‐Segments since

the May 2015 SAIR





Market Size‐Segment Cutoffs for Developed Markets

Market Size‐Segment Cutoffs for Emerging Markets

Segm Nov-15 May-15 % Chg Segm May-15 % Chg Segm Nov-15 May-15 % Chg

Numb

Comp

Cutoff Cutoff Numb

Comp

Cutoff Numb

Comp

Cutoff Cutoff

719 7,038 7,441 -5.4% 1,672 2,774 -9.0% 6,286 259 277 -6.5%

384 7,038 7,441 -5.4% 932 2,774 -9.0% 3,268 259 277 -6.6%

596 7,038 7,441 -5.4% 1,353 2,774 -9.0% 5,037 259 277 -6.5%

335 8,861 9,316 -4.9% 740 3,393 -18.9% 3,018 259 277 -6.4%

293 15,705 16,969 -7.5% 645 6,162 -6.3% 2,685 261 277 -6.0%

42 8,861 9,316 -4.9% 95 3,393 -18.9% 333 259 283 -8.3%

198 10,191 8,835 15.4% 460 2,774 -0.7% 1,482 259 280 -7.3%

195 14,133 14,886 -5.1% 447 5,182 -5.6% 1,410 259 280 -7.3%

3 10,191 8,835 15.4% 13 2,774 -0.7% 72 262 302 -13.3%

186 7,038 7,441 -5.4% 472 2,883 -12.5% 1,786 260 277 -6.4%

123 8,194 8,547 -4.1% 319 3,049 -3.3% 1,249 260 277 -6.4%

30 7,212 7,781 -7.3% 72 2,883 -1.2% 230 263 279 -5.7%

22 9,923 11,060 -10.3% 44 4,098 -21.9% 167 260 280 -6.9%

11 7,318 8,749 -16.4% 29 3,422 -13.6% 108 266 286 -7.2%

0 7,038 7,441 -5.4% 8 3,188 -20.8% 32 349 327 6.5%

(*) Market Size-Segment Cutoffs for the composite indices is the minimum country cutoff among countries included in the composite.

All market caps are in USD millions. Data as of the close of October 20, 2015 and April 20, 2015 for the November 2015 Semi-Annual Index Review and May 2015 Semi-Annual Index Review respectively.

Singapore 2,958

New Zealand 2,524

Australia 2,850

Hong Kong 3,200

Pacific (*) 2,524

Japan 2,949

Europe 4,891

Israel 2,754

Canada 2,751

Europe + Middle East (*) 2,754

North America (*) 2,751

USA 5,775

EAFE (*) 2,524

World ex Japan (*) 2,524

Cutoff

World (*) 2,524

Large Cap Standard IMI

Nov-15


Numb

Comp

Cutoff Cutoff Numb

Comp

Cutoff Numb

Comp

Cutoff Cutoff

461 3,574 3,800 -5.9% 941 1,340 -5.8% 2,953 203 207 -2.0%

311 3,574 3,903 -8.4% 642 1,342 -4.2% 2,352 203 208 -2.6%

107 6,796 8,557 -20.6% 208 3,081 -8.2% 680 207 212 -2.5%

43 6,172 6,338 -2.6% 106 2,139 -9.8% 511 203 225 -9.8%

43 3,580 4,020 -11.0% 90 1,342 -4.2% 422 204 216 -5.9%

43 6,435 6,310 2.0% 89 2,596 1.5% 329 213 225 -5.3%

25 3,574 4,855 -26.4% 49 1,707 -24.3% 134 204 208 -2.0%

18 3,738 3,903 -4.2% 38 1,573 -9.8% 139 204 212 -3.8%

15 4,070 4,491 -9.4% 34 1,682 -18.0% 84 215 213 0.8%

17 3,598 4,897 -26.5% 28 2,349 -20.4% 53 266 223 19.0%

88 3,730 3,800 -1.8% 173 1,340 -3.6% 372 205 207 -1.1%

24 4,634 5,201 -10.9% 55 2,072 -13.6% 117 246 236 4.4%

15 4,196 4,595 -8.7% 27 1,380 -0.6% 75 205 207 -1.1%

11 3,730 3,998 -6.7% 23 1,383 5.3% 43 208 247 -15.9%

15 7,692 8,557 -10.1% 23 3,081 -5.8% 34 298 319 -6.4%

9 4,917 5,131 -4.2% 14 3,081 -5.8% 23 298 319 -6.4%

8 7,363 5,951 23.7% 12 3,076 -24.4% 26 239 223 7.2%

1 4,753 3,800 25.1% 9 1,340 -3.6% 23 283 262 8.2%

1 6,182 6,311 -2.0% 4 2,338 -44.1% 21 253 319 -20.5%

2 8,094 8,191 -1.2% 3 2,681 8.2% 6 275 258 6.4%

2 5,049 5,598 -9.8% 3 2,777 4.5% 4 298 319 -6.4%

62 3,914 4,156 -5.8% 126 1,640 -23.1% 229 208 207 0.2%

26 3,914 4,156 -5.8% 63 1,669 -24.4% 116 208 207 0.2%

16 7,024 7,616 -7.8% 32 2,731 3.8% 65 298 319 -6.4%

12 4,332 4,976 -12.9% 19 1,640 -7.4% 32 243 294 -17.4%

6 4,381 4,865 -9.9% 10 3,000 -15.4% 13 298 319 -6.4%

2 8,094 8,557 -5.4% 2 2,701 7.4% 3 298 319 -6.4%Peru 2,902

(*) Market Size-Segment Cutoffs for the composite indices is the minimum country cutoff among countries included in the composite.


Chile 1,519

Colombia 2,538

Brazil 1,262

Mexico 2,836

Hungary 2,902

EM Latin America (*) 1,262

Egypt 1,307

Czech Republic 2,902

United Arab Emirates 2,325

Greece 1,291

Russia 2,902

Qatar 2,902

Turkey 1,372

Poland 1,456

EM EMEA (*) 1,291

South Africa 1,791

Indonesia 1,379

Philippines 1,871

Malaysia 1,292

Thailand 1,419

Taiwan 1,286

India 2,634

China 2,829

Korea 1,930

EM (*) 1,262

EM Asia (*) 1,286

Nov-15

Cutoff


All Developed and

Emerging Markets

experienced a

decrease in Size‐

Segment Cutoffs

The Segment Number

of Companies for the

MSCI Peru Index

decreased from three

to two companies to

bring it closer to the

Target Coverage

Range. However, the

number of

index

constituents for the

MSCI Peru Index will

remain unchanged at

three due to the

Index Continuity

Rules





Market Size‐Segment Cutoffs for Frontier Markets

The above mentioned Market Size‐Segment Cutoffs are derived by identifying size cutoffs

that fall within or as close as possible to the Size and Coverage Target Area for that size‐

segment. The Size and Coverage Target Area is defined as the intersection of size and float‐

adjusted coverage ranges. This is done for each of the three size‐segment indexes.

The below graphs depict the Size and Coverage Target Area for the Standard Size‐Segment.


Numb

Comp

Cutoff Cutoff Numb

Comp

Cutoff Numb

Comp

Cutoff Cutoff

113 338

94 288

16 827 -12.9% 42 149 159 -6.4%

16 792 -20.0% 34 149 159 -6.4%

9 743 19.9% 26 149 159 -6.4%

9 974 -1.1% 22 149 159 -6.4%

8 1,440 -30.0% 14 149 159 -6.4%

5 891 -7.9% 50 93 81 15.1%

5 1,123 -27.5% 12 149 159 -6.4%

5 999 3.0% 8 149 159 -6.4%

3 1,116 -11.7% 14 149 159 -6.4%

3 758 -8.7% 13 149 159 -6.4%

3 776 -11.8% 9 149 159 -6.4%3 1,541 -5.8% 3 149 159 -6.4%

2 712 -3.2% 12 121 128 -5.3%

2 877 25.5% 7 149 159 -6.4%

2 1,541 -5.8% 3 149 159 -6.4%

1 NA 7 126 159 -20.9%

1 NA 4 98 122 -19.3%

1 NA 3 119 118 0.9%

0 NA 5 149 159 -6.4%

0 NA 0 65 146 -55.5%

NA 129 -100.0%

6 19 50

2 3,165 3,167 -0.1% 8 693 -5.4% 21 149 159 -6.4%

3 5,592 7,159 -21.9% 8 2,727 -16.1% 20 246 213 15.6%

1 4,047 1,861 117.5% 3 795 78.6% 9 149 107 38.8%Bahrain 1,420

(*) The si ze segmentation into Large Cap and Mid Cap is not offered for Frontier Markets with the exception of the GCC Indices.

(**) The Standard Cutoffs are not disclosed when they are based on less than 2 companies. The Segment Number of Companies is increased to 2 after applying Index Continuity Rules.


Oman 655

Kuwait 2,289

Ukraine (**) NA

FM GCC

Estonia (**) NA

Bulgaria (**) NA

Serbia (**) NA

Lithuania (**) NA

Kazakhstan 1,451

Slovenia (**) NA

Tunisia 689

Croatia 1,100

Mauritius 684Lebanon 1,451

Sri Lanka 985

Jordan 692

Kenya 814

Romania 1,029

Argentina 1,008

Bangladesh 821

Vietnam 891

Morocco 964

Pakistan 720

Nigeria 633

FM

FM ex GCC

Nov-15

Cutoff

Large Cap (*) Standard IMI





November 2015 SAIR: Global Minimum Size and Market Coverage Range for Developed Markets

May 2015 SAIR: Global Minimum Size and Market Coverage Range for Developed Markets

Data as of the close of April 20, 2015

The Minimum

Size

for

the MSCI Hong Kong,

MSCI Canada and MSCI

Singapore Indexes

decreased relative to

the Size Range

following

underperformance

relative to the MSCI

World Index

Data as of the close of October 20, 2015





November 2015 SAIR: Global Minimum Size and Market Coverage Range for Emerging Markets

May 2015 SAIR: Global Minimum Size and Market Coverage Range for Emerging Markets

The MSCI

Brazil

Index

moved below the

Global Minimum Size

Range following

negative performance

relative to Developed

Markets







November 2015 SAIR: Global Minimum Size and Market Coverage Range for Larger Frontier Markets

May 2015 SAIR: Global Minimum Size and Market Coverage Range for Larger Frontier Markets

The MSCI Kuwait Index

remained in

compliance with the

Size and Coverage

Target Area







November 2015 SAIR: Global Minimum Size and Market Coverage Range for Smaller Frontier Markets

Bulgaria, Estonia, Serbia, Lithuania and Slovenia are not shown as they had less than two companies eligible for the Standard

Index. Index continuity rules apply for these countries at Semi‐Annual Index Reviews. Data as of the close of October 20, 2015.

May 2015 SAIR: Global Minimum Size and Market Coverage Range for Smaller Frontier Markets

Bulgaria, Estonia, Serbia, Lithuania and Ukraine are not shown as they had less than two companies eligible for the Standard

Index. Index continuity rules apply for these countries at Semi‐Annual Index Reviews. Data as of the close of April 20, 2015.

Decreases in the

Segment Number of

Companies for the

MSCI Vietnam and

MSCI Bahrain Indexes

were needed to bring

them into the Target

Size Range





The categorization of the Frontier Markets as Larger Frontier Markets or Smaller Frontier

Markets and

as

Average

Liquidity,

Low

Liquidity

or

Very

Low

Liquidity

markets

is

reviewed

semi‐annually during the May and November SAIRs. The table below provides the country

classification as of the November 2015 SAIR.

Frontier Markets Classification as of the November 2015 SAIR

There were no changes in the size and liquidity categorization of Frontier Markets as part of

the November 2015 SAIR.

MSCI Frontier Markets Indexes

Very Low Liquidity

(2.5% ATVR)

Low Liquidity

(5% ATVR)

Average Liquidity

(15% ATVR)

Larger Frontier Market Kuwait

Bahrain Argentina Bangladesh

Bulgaria Estonia PakistanCroatia Jordan Vietnam

Lebanon Kazakhstan

Lithuania Kenya

Mauritius Nigeria

Morocco Oman

Serbia Romania

Sri Lanka Sloveni a

Tunisia

Standalone Market Indexes^

Very Low Liquidity

(2.5% ATVR)

Low Liquidity

(5% ATVR)

Average Liquidity

(15% ATVR)

Larger Frontier Market Saudi Arabia Domestic*

Bosnia‐Herzegovina

Botswana

Ghana

Jamaica

Palestine

Trinidad & Tobago

Ukraine

Zimbabwe

WAEMU**

^The list includes all Standalone Market Indexes rebalanced using the MSCI Frontier Markets Size and Liquidity Thresholds.

* Saudi Arabia Domestic is included in the MSCI GCC Countries Domestic Indexes

Smaller Frontier Market

Smaller Frontier Market

**The West African Economic and Monetary Union (WAEMU) consists of the followi ng member countries: Benin, Burkina Faso, Ivory Coast,

Guinea‐Bissau, Mali, Niger, Senegal and Togo





SUMMARY OF CHANGES FOR THE REGIONAL AND COUNTRY INDEXES

At

SAIRs,

after

the

new

Market

Size‐Segment

Cutoffs

and

the

Segment

Number

of

Companies have been determined, current Investable Market Index (IMI) constituents and

newly eligible companies are assigned to the Size‐Segment Indexes based on the Market

Size‐Segment Cutoffs and using buffer zones. The buffer zones at SAIRs are defined with

boundaries of ‐33% and +50% of the Market Size‐Segment Cutoff between two size‐

segments. For the Small Cap segment, an entry buffer zone is defined at +50% of the IMI

Market Size‐Segment Cutoff to avoid the addition of an excessively large number of small

companies to the Indexes.

In addition, once companies are assigned to each size‐segment, conformity with the Final

Size‐Segment Investability Requirements is assessed, both for new and existing constituents.

Size‐Segment

investability

requirements

include

requirements

in

free

float

‐adjusted

market

capitalization and foreign room1 and can result in securities originally assigned to a size‐

segment not being included in the MSCI Global Investable Market Indexes.

All the following tables for regional and country indexes include the impact of inclusion of

foreign listed companies. The analysis also includes the impact of inclusion of such

companies on the relevant MSCI Country and MSCI Regional Indexes.

1 MSCI defines foreign room as the proportion of shares still available to foreign investors relative to the maximum

allowed.





Regional and Country Index Changes

The following

tables

show

the

changes

to

the

MSCI

Global

Standard

and

MSCI

Global

Small

Cap Indexes resulting from the November 2015 SAIR.

Changes in the MSCI Global Standard Indexes – Developed Markets

One Way

Index Market Weight # Sec. Index Market Weight # Sec. Add Del Index

Cap Cap Turnover*

32,502,045 100.0% 1,643 32,573,720 100.0% 1,658 38 23 0.7%

12,475,317 38.4% 913 12,555,745 38.5% 925 21 9 0.8%

29,698,493 91.4% 1,327 29,767,399 91.4% 1,342 35 20 0.7%

20,026,728 61.6% 730 20,017,976 61.5% 733 17 14 0.7%

18,919,262 58.2% 637 18,898,886 58.0% 639 12 10 0.6%

1,107,466 3.4% 93 1,119,090 3.4% 94 5 4 1.4%

8,287,074 25.5% 452 8,337,514 25.6% 459 12 5 0.8%

2,541,281 7.8% 112 2,552,912 7.8% 113 2 1 0.6%

1,252,719 3.9% 74 1,257,913 3.9% 74 0 0 0.3%

1,182,287 3.6% 39 1,184,358 3.6% 40 1 0 0.5%

1,101,266 3.4% 54 1,105,270 3.4% 55 1 0 0.3%

434,750 1.3% 25 434,129 1.3% 25 0 0 0.3%

353,937 1.1% 23 365,833 1.1% 24 2 1 4.0%

361,395 1.1% 30 361,281 1.1% 30 0 0 0.1%

321,130 1.0% 26 321,327 1.0% 26 0 0 0.1%

220,577 0.7% 14 225,691 0.7% 15 1 0 2.5%

165,835 0.5% 11 165,859 0.5% 11 0 0 0.0%

108,774 0.3% 12 108,829 0.3% 12 0 0 0.0%

77,224 0.2% 10 86,967 0.3% 12 3 1 12.0%

75,838 0.2% 9 76,864 0.2% 9 2 2 7.5%

48,309 0.1% 4 48,307 0.1% 4 0 0 0.0%

22,462 0.1% 5 22,462 0.1% 5 0 0 0.0%

19,291 0.1% 4 19,515 0.1% 4 0 0 1.0%

4,188,243 12.9% 461 4,218,230 12.9% 466 9 4 0.9%

2,803,552 8.6% 316 2,806,321 8.6% 316 3 3 0.3%

817,064 2.5% 70 835,441 2.6% 72 3 1 1.9%

384,493 1.2% 40 392,945 1.2% 43 3 0 2.1%

164,807 0.5% 28 165,191 0.5% 28 0 0 0.2%

18,326 0.1% 7 18,332 0.1% 7 0 0 0.2%

Note: All market caps are in USD milli ons. Data as of the close of O ctober 20, 2015

*Takes into account turnover resulting from additions/deletions as well as FIF and NOS changes

Pacific

Japan

Australia

Hong Kong

Singapore

New Zealand

Israel

Norway

Ireland

Austria

Portugal

Netherlands

Sweden

Italy

Denmark

Belgium

Finland

Europe + Middl e East

United Kingdom

France

Switzerland

Germany

Spain

World ex Japan

North America

USA

Canada

World

EAFE

Current Standard Index Pro forma Standard Index # Securities

Nine of the twelve

additions to the MSCI

USA Index are

migrations from the

MSCI USA Small Cap

Index

The three additions to

the MSCI Israel Index

are newly eligible

foreign listed

companies





Changes in the MSCI Global Standard Indexes – Emerging Markets

One WayIndex Market Weight # Sec. Index Market Weight # Sec. Add Del Index

Cap Cap Turnover*

3,590,039 100.0% 836 3,700,798 100.0% 835 36 37 3.5%

2,498,998 69.6% 542 2,604,672 70.4% 553 31 20 4.5%

858,002 23.9% 143 948,918 25.6% 157 18 4 10.0%

564,983 15.7% 107 567,940 15.3% 107 4 4 1.0%

442,964 12.3% 96 440,600 11.9% 88 1 9 1.1%

305,532 8.5% 71 316,317 8.5% 73 4 2 3.8%

111,771 3.1% 42 113,470 3.1% 44 2 0 1.4%

85,117 2.4% 30 85,470 2.3% 30 1 1 0.9%

80,612 2.2% 32 80,911 2.2% 32 0 0 0.8%

50,018 1.4% 21 51,046 1.4% 22 1 0 2.0%

629,525 17.5% 164 639,871 17.3% 162 5 7 2.1%

285,895 8.0% 54 287,275 7.8% 52 1 3 1.1%

139,886 3.9% 21 139,886 3.8% 21 0 0 0.0%

53,337 1.5% 23 53,340 1.4% 23 0 0 0.0%

53,100 1.5% 25 53,100 1.4% 25 0 0 0.0%

38,126 1.1% 13 39,065 1.1% 13 1 1 4.7%

27,078 0.8% 10 34,490 0.9% 11 1 0 21.5%

9,541 0.3% 9 9,792 0.3% 8 1 2 6.9%

8,649 0.2% 3 8,649 0.2% 3 0 0 0.0%

6,784 0.2% 3 7,146 0.2% 3 1 1 8.4%

7,128 0.2% 3 7,128 0.2% 3 0 0 0.0%

461,517 12.9% 130 456,256 12.3% 120 0 10 1.2%

215,234 6.0% 67 213,131 5.8% 61 0 6 1.0%

168,084 4.7% 28 168,231 4.5% 28 0 0 0.4%

44,791 1.2% 20 44,167 1.2% 19 0 1 1.4%

19,583 0.5% 12 16,919 0.5% 9 0 3 13.6%

13,825 0.4% 3 13,807 0.4% 3 0 0 0.0%

Chile

Colombia

Peru



Czech Republic

Egypt

EM Latin America

Brazil

Mexico

Poland

Turkey

Qatar

United Arab Emirates

Greece

Hungary

Thailand

Philippines

EM EMEA

South Africa

Russia

China

Korea

Taiwan

India

Malaysia

Indonesia

EM

EM Asia


The turnover in the

MSCI China Index is

primarily due to the

addition of 14 newly

eligible foreign listed

companies

The three deletions

from the MSCI

Colombia Index are

due to a decrease in

the Segment Number

of Companies

necessary to bring the

market closer to the

Target Coverage Range





Changes in the MSCI Global Standard Indexes – Frontier Markets

Changes in the MSCI Domestic Standard Indexes


Cap Cap Turnover*

88,234 100.0% 122 89,499 100.0% 120 7 9 3.5%

63,018 71.4% 102 63,872 71.4% 101 6 7 2.8%

13,231 15.0% 17 13,269 14.8% 16 0 1 0.8%

8,961 10.2% 6 9,656 10.8% 8 2 0 7.5%

8,162 9.2% 16 8,162 9.1% 16 0 0 0.0%

6,242 7.1% 9 6,242 7.0% 9 0 0 0.0%

4,468 5.1% 5 4,481 5.0% 5 0 0 0.2%

3,538 4.0% 10 3,427 3.8% 9 1 2 9.9%

3,210 3.6% 5 3,210 3.6% 5 0 0 0.0%

3,065 3.5% 4 3,065 3.4% 4 0 0 0.0%

2,125 2.4% 4 2,289 2.6% 5 1 0 7.2%

2,056 2.3% 3 1,941 2.2% 2 0 1 5.6%

1,685 1.9% 3 1,686 1.9% 3 0 0 0.0%

1,064 1.2% 2 1,572 1.8% 3 1 0 32.3%

1,785 2.0% 3 1,525 1.7% 2 0 1 14.6%

1,230 1.4% 2 1,230 1.4% 2 0 0 0.0%

696 0.8% 3 647 0.7% 2 0 1 7.1%

613 0.7% 2 613 0.7% 2 0 0 0.0%

430 0.5% 2 430 0.5% 2 0 0 0.0%

216 0.2% 2 216 0.2% 2 0 0 0.0%

138 0.2% 2 138 0.2% 2 0 0 0.0%

104 0.1% 2 74 0.1% 2 1 1 70.3%

25,216 28.6% 20 25,627 28.6% 19 1 2 5.3%

19,284 21.9% 8 19,284 21.5% 8 0 0 0.0%

4,902 5.6% 9 4,462 5.0% 8 0 1 9.0%

1,030 1.2% 3 1,881 2.1% 3 1 1 72.0%

Note: All market caps are in USD milli ons. Data as of the close of Oct ober 20, 2015


Bulgaria

FM GCC

Kuwait

Oman

Bahrain

Croatia

Jordan

Tunisia

Estonia

Serbia

Lithuania

Lebanon

Bangladesh

Slovenia

Sri Lanka

Mauritius

Kazakhstan

Argentina

Pakistan

Morocco

Kenya

Vietnam

Romania

FM

FM ex GCC

Nigeria


One Way


Cap Cap Turnover*

430,844 21.0% 68 445,928 18.8% 76 8 0 3.4%

430,844 21.0% 68 445,928 18.8% 76 8 0 3.4%

265,755 100.0% 91 263,392 100.0% 88 1 4 1.4%

148,889 56.0% 44 149,056 56.6% 44 1 1 0.9%

50,093 18.8% 14 50,093 19.0% 14 0 0 0.0%

40,883 15.4% 13 39,296 14.9% 12 0 1 3.9%19,959 7.5% 8 19,959 7.6% 8 0 0 0.0%

4,902 1.8% 9 4,462 1.7% 8 0 1 9.0%

1,030 0.4% 3 526 0.2% 2 0 1 48.9%

United Arab EmiratesKuwait

Oman

Bahrain

Note: All market caps are in USD milli ons. Data as of the close of Oc tober 20, 2015

*Takes into account turnover resulting from additions/deletions as well as DIF and NOS changes

GCC

Saudi Arabia

Qatar

EM Asia

India


Two constituents will

be maintained in the

MSCI Bulgaria Index

resulting from

application of the

Index Continuity Rules





Foreign Listings in the MSCI Global Standard Indexes

Overall, there will be 25 foreign listed securities added to the MSCI ACWI + FM Index

following the methodology change. These securities will be added at half of their free float‐

adjusted market capitalization.

Seven foreign listed securities will be added to the MSCI World Index (weight of

0.10%)

Fourteen foreign listed securities will be added to the MSCI Emerging Markets Index

(weight of 2.36%)

Four foreign listed securities will be added to the MSCI Frontier Markets Index

(weight of 2.89%)

In addition, for historical reasons 16 foreign listed securities were already exceptionally

included in the MSCI ACWI + FM Index prior to the November 2015 SAIR in the following

country indexes: MSCI Russia, MSCI Peru, MSCI Argentina and MSCI Kazakhstan Indexes.

As previously announced, MSCI will defer the potential inclusion of additional foreign listed

companies in the MSCI Russia Indexes until further notice. Currently, only selected listings in

London and New York are eligible for the MSCI Russia Indexes.

Index Market Weight # Sec. Index Market Weight # Sec. Index Market Weight # Sec.

Cap Cap Cap

52,756 0.15% 16 121,177 0.33% 25 173,933 0.48% 41

42,299 0.12% 8 118,589 0.33% 21 160,888 0.44% 29

- - - 31,127 0.10% 7 31,127 0.10% 7

Hong Kong - - - 6,110 1.56% 2 6,110 1.56% 2

Israel - - - 10,439 12.00% 3 10,439 12.00% 3

Netherlands - - - 14,577 3.98% 2 14,577 3.98% 2

42,299 1.14% 8 87,462 2.36% 14 129,761 3.51% 22

China - - - 87,462 9.22% 14 87,462 9.22% 14

Russia 28,492 20.37% 5 - - - 28,492 20.37% 5

Peru 13,807 100.00% 3 - - - 13,807 100.00% 3

10,457 11.68% 8 2,588 2.89% 4 13,045 14.58% 12

Argentina 8,932 92.50% 6 724 7.50% 2 9,656 100.00% 8

Bahrain - - - 1,355 72.05% 1 1,355 72.05% 1

Kazakhstan 1,525 100.00% 2 - - - 1,525 100.00% 2

Mauritius - - - 509 32.35% 1 509 32.35% 1


Impact: AdditionsForeign listed securities(before meth. change)

Foreign listed securities(after meth. change)

FM

EM

World

ACWI

ACWI+FM

Newly eligible foreign

listed companies will

represent a weight of

12.00% in the MSCI

Israel Index and of

9.22% in the MSCI

China Index following

their inclusion at half

of their free float‐

adjusted market

capitalization.





Changes in the MSCI Global Small Cap Indexes – Developed Markets


Cap Cap Turnover*

4,987,052 100.0% 4,227 5,047,259 100.0% 4,367 279 139 3.9%

1,897,301 38.0% 2,135 1,923,976 38.1% 2,207 127 55 4.0%

4,427,310 88.8% 3,372 4,485,411 88.9% 3,496 253 129 4.1%

3,089,751 62.0% 2,092 3,123,284 61.9% 2,160 152 84 3.8%

2,907,059 58.3% 1,860 2,944,467 58.3% 1,932 133 61 3.7%

182,692 3.7% 232 178,817 3.5% 228 19 23 8.6%

1,125,465 22.6% 939 1,146,785 22.7% 993 72 18 4.4%

408,893 8.2% 237 413,105 8.2% 247 17 7 3.2%

109,336 2.2% 105 114,570 2.3% 110 7 2 4.5%

88,389 1.8% 80 92,946 1.8% 90 11 1 5.0%

80,664 1.6% 92 84,429 1.7% 96 4 0 4.0%

86,362 1.7% 71 79,793 1.6% 71 1 1 7.7%

77,009 1.5% 80 79,280 1.6% 83 3 0 2.9%

46,577 0.9% 43 50,495 1.0% 44 3 2 8.1%

30,152 0.6% 24 34,896 0.7% 29 5 0 13.4%

39,168 0.8% 25 34,110 0.7% 26 2 1 14.3%

32,933 0.7% 42 33,541 0.7% 46 6 2 18.9%

32,356 0.6% 30 33,284 0.7% 31 1 0 2.6%

26,228 0.5% 27 26,448 0.5% 28 1 0 0.8%

20,288 0.4% 41 23,546 0.5% 51 10 0 13.8%

22,158 0.4% 9 22,594 0.4% 10 1 0 1.8%

17,704 0.4% 22 16,626 0.3% 21 0 1 6.1%

7,247 0.1% 11 7,123 0.1% 10 0 1 1.7%

771,836 15.5% 1,196 777,191 15.4% 1,214 55 37 3.4%

559,742 11.2% 855 561,849 11.1% 871 26 10 2.2%

105,258 2.1% 137 104,698 2.1% 142 14 9 7.9%

50,271 1.0% 102 53,620 1.1% 103 14 13 10.9%

38,513 0.8% 81 38,010 0.8% 76 0 5 1.6%

18,052 0.4% 21 19,015 0.4% 22 1 0 4.4%

Note: All market caps are in USD milli ons. Data as of the close of Oct ober 20, 2015


Pacific

Japan

Australia

Hong Kong

Singapore

New Zealand

Finland

Israel

Ireland

Austria

Portugal

Italy

Spain

Netherlands

Denmark

Norway

Belgium

Europe + Middle East

United Kingdom

Germany

Sweden

France

Switzerland

World ex Japan

North America

USA

Canada

World

EAFE

Current Small Cap Index Pro forma Small Cap Index # Securities

Most of the additions

to the MSCI USA and

MSCI Canada Small

Cap Indexes are

newly eligible

companies which

include recent IPOs

and securities that

now meet liquidity

requirements based

on consolidated

trading volumes

The turnover in the

MSCI Israel Small Cap

Index is mainly due to

the addition of six

newly eligible foreign

listed companies





Changes in the MSCI Global Small Cap Indexes – Emerging Markets


Cap Cap Turnover*

574,591 100.0% 1,866 607,888 100.0% 1,895 203 174 9.7%

469,236 81.7% 1,562 497,461 81.8% 1,605 176 133 9.7%

126,489 22.0% 393 144,240 23.7% 447 75 21 14.1%

112,927 19.7% 328 120,653 19.8% 361 45 12 9.8%

99,525 17.3% 347 101,687 16.7% 318 19 48 7.4%

65,233 11.4% 219 67,462 11.1% 231 24 12 7.8%

22,702 4.0% 98 22,934 3.8% 95 5 8 4.2%

19,698 3.4% 87 19,490 3.2% 81 5 11 7.8%

14,561 2.5% 66 12,795 2.1% 49 1 18 15.1%

8,101 1.4% 24 8,200 1.3% 23 2 3 5.2%

69,257 12.1% 197 70,868 11.7% 190 13 20 7.5%

33,291 5.8% 61 35,384 5.8% 62 3 2 6.4%

7,573 1.3% 49 7,561 1.2% 44 3 8 8.3%

6,928 1.2% 19 6,839 1.1% 17 2 4 15.0%

5,199 0.9% 14 5,520 0.9% 14 1 1 7.3%

4,305 0.7% 17 4,325 0.7% 16 0 1 2.0%

4,580 0.8% 14 3,931 0.6% 14 2 2 23.1%

3,023 0.5% 10 3,241 0.5% 10 1 1 9.2%

3,334 0.6% 10 2,803 0.5% 9 0 1 15.9%

654 0.1% 1 654 0.1% 1 0 0 0.0%

368 0.1% 2 609 0.1% 3 1 0 39.4%

36,098 6.3% 107 39,559 6.5% 100 14 21 13.7%

17,448 3.0% 29 18,482 3.0% 32 3 0 5.5%

12,870 2.2% 62 13,857 2.3% 52 8 18 15.6%

5,208 0.9% 14 5,412 0.9% 13 1 2 11.5%

190 0.0% 1 1,808 0.3% 3 2 0 89.5%

382 0.1% 1 0 0.0% 0 0 1 N/A

Chile

Colombia

Peru



Hungary

Czech Republic

EM Latin America

Mexico

Brazil

Poland


Egypt

Greece

Russia

Qatar

Indonesia

Philippines

EM EMEA

South Africa

Turkey

China

Korea

Taiwan

India

Thailand

Malaysia

EM

EM Asia


Thirty‐five of the 75


China Small Cap Index

are newly eligible

foreign listed

companies

The turnover in the

MSCI Brazil Small Cap

Index is mostly due to

migrations from the

MSCI Brazil Index

The MSCI Peru Small

Cap Index will have no

constituents following

the deletion of

Ferreycorp due to low

liquidity





Changes in the MSCI Global Small Cap Indexes – Frontier Markets

Changes in the MSCI Domestic Small Cap Indexes


Cap Cap Turnover*

29,770 100.0% 214 31,478 100.0% 214 21 21 12.4%

22,503 75.6% 180 24,164 76.8% 184 16 12 10.3%

5,387 18.1% 47 5,397 17.1% 45 1 3 5.0%

2,573 8.6% 21 2,925 9.3% 24 3 0 12.0%

2,513 8.4% 19 2,370 7.5% 17 0 2 8.1%

1,992 6.7% 5 2,190 7.0% 6 1 0 9.2%

1,269 4.3% 12 1,916 6.1% 17 5 0 32.0%

1,197 4.0% 12 1,445 4.6% 13 3 2 25.1%

1,443 4.8% 11 1,444 4.6% 11 0 0 0.0%

1,393 4.7% 10 1,393 4.4% 10 0 0 0.0%

671 2.3% 9 914 2.9% 10 1 0 26.5%854 2.9% 5 865 2.7% 5 0 0 0.9%

765 2.6% 8 757 2.4% 7 0 1 1.1%

771 2.6% 5 737 2.3% 5 1 1 19.2%

633 2.1% 5 633 2.0% 5 0 0 0.0%

593 2.0% 3 593 1.9% 3 0 0 0.0%

0 0.0% 0 260 0.8% 1 1 0 N/A

240 0.8% 3 240 0.8% 3 0 0 0.0%

80 0.3% 2 49 0.2% 1 0 1 38.5%

36 0.1% 1 36 0.1% 1 0 0 0.0%

91 0.3% 2 0 0.0% 0 0 2 N/A

0 0.0% 0 0 0.0% 0 0 0 0.0%

7,268 24.4% 34 7,314 23.2% 30 5 9 19.2%

4,314 14.5% 14 3,886 12.3% 11 1 4 17.3%

2,286 7.7% 15 2,130 6.8% 13 1 3 15.6%

667 2.2% 5 1,298 4.1% 6 3 2 68.3%

Note: All market caps are in USD millions. Data as of the clo se of October 20, 2015

*Takes into acco unt turnover resulting from additions/deletions as well as FIF and NOS changes

Lebanon

FM GCC

Kuwait

Oman

Bahrain

Romania

Kazakhstan

Estonia

Serbia

Lithuania

Bulgaria

Jordan

TunisiaCroatia

Kenya

Slovenia

Mauritius

Pakistan

Nigeria

Argentina

Vietnam

Morocco

Sri Lanka

FM

FM ex GCC

Bangladesh


One Way


Cap Cap Turnover*

93,777 11.5% 226 92,686 15.3% 253 36 9 7.2%

93,777 11.5% 226 92,686 15.3% 253 36 9 7.2%

50,697 100.0% 143 47,622 100.0% 128 7 22 12.1%

28,626 56.5% 84 27,465 57.7% 75 3 12 9.6%

7,302 14.4% 14 7,670 16.1% 14 1 1 5.9%

7,234 14.3% 12 5,149 10.8% 10 0 2 28.8%

4,582 9.0% 14 4,154 8.7% 11 1 4 16.3%

2,377 4.7% 15 2,315 4.9% 14 1 2 11.2%

576 1.1% 4 869 1.8% 4 1 1 58.0%

Qatar

Kuwait

Oman

Bahrain


*Takes into account turnover resulting from additions/deletions as well as DIF and NOS changes

GCC

Saudi Arabia


EM Asia

India


There will be no

constituents in the

MSCI Bulgaria Small

Cap Index following

two deletions





Foreign List ings in the MSCI Global Small Cap Indexes

Overall, there will be 47 foreign listed securities added to the MSCI ACWI + FM Small Cap

Index following the methodology change. These securities will be added at half of their free

float‐adjusted market capitalization.

Ten

foreign

listed

securities

will

be

added

to

the

MSCI

World

Small

Cap

Index

(weight of 0.06%)

Thirty‐five foreign listed securities will be added to the MSCI Emerging Markets

Small Cap Index (weight of 1.50%)

Two foreign listed securities will be added to the MSCI Frontier Markets Small Cap

Index (weight of 1.17%)

Index Market Weight # Sec. Index Market Weight # Sec. Index Market Weight # Sec.

Cap Cap Cap

3,089 0.05% 9 12,665 0.22% 47 15,968 0.28% 57

840 0.01% 3 12,295 0.22% 45 13,135 0.23% 48

-

- - - 3,183 0.06% 10 3,183 0.06% 10

Hong Kong - - - 311 0.58% 1 311 0.58% 1

Israel - - - 1,931 8.20% 7 1,931 8.20% 7

Netherlands - - - 941 2.70% 2 941 2.70% 2

840 0.14% 3 9,112 1.50% 35 9,952 1.64% 38

China - - - 9,112 6.32% 35 9,112 6.32% 35

Russia 840 25.91% 3 - - - 840 25.91% 3

Peru - - - - - - - - -

2,249 7.14% 6 369 1.17% 2 2,833 9.00% 9

Argentina 1,989 90.79% 5 202 9.21% 1 2,190 100.00% 6

Bahrain - - - 168 12.92% 1 382 29.46% 2

Kazakhstan 260 100.00% 1 - - - 260 100.00% 1

Mauritius - - - - - - - - -


ACWI

World

EM

FM

Foreign listed securities(after meth. change)

ACWI+FM

Impact: AdditionsForeign listed securities(before meth. change)





Changes in the MSCI Global Micro Cap Indexes – Developed Markets


Cap Cap Turnover*

433,221 100.0% 5,746 430,153 100.0% 5,945 480 281 11.5%

298,830 69.0% 4,398 288,158 67.0% 4,489 296 205 12.0%

330,913 76.4% 4,111 328,865 76.5% 4,284 433 260 13.7%

134,391 31.0% 1,348 141,995 33.0% 1,456 184 76 14.7%

111,588 25.8% 1,021 115,158 26.8% 1,117 152 56 13.9%

22,803 5.3% 327 26,837 6.2% 339 32 20 18.3%

123,251 28.4% 1,570 113,940 26.5% 1,598 130 102 17.2%

47,467 11.0% 449 40,592 9.4% 446 40 43 22.7%

12,856 3.0% 211 11,934 2.8% 212 11 10 12.1%

10,613 2.4% 145 11,003 2.6% 149 10 6 11.2%

10,644 2.5% 163 10,064 2.3% 160 8 11 14.7%

9,256 2.1% 153 9,746 2.3% 176 30 7 20.6%

4,499 1.0% 100 5,013 1.2% 107 8 1 13.9%

5,272 1.2% 48 4,778 1.1% 45 1 4 12.3%

4,766 1.1% 79 4,561 1.1% 79 7 7 16.6%

4,270 1.0% 43 3,895 0.9% 42 2 3 15.7%

2,838 0.7% 41 3,328 0.8% 44 3 0 13.7%

3,024 0.7% 46 2,580 0.6% 43 0 3 14.9%

2,206 0.5% 34 2,484 0.6% 38 5 1 16.3%

2,443 0.6% 25 2,086 0.5% 27 4 2 26.2%

2,144 0.5% 11 896 0.2% 8 0 3 58.2%

499 0.1% 13 623 0.1% 14 1 0 19.9%

454 0.1% 9 356 0.1% 8 0 1 21.5%

175,579 40.5% 2,828 174,217 40.5% 2,891 166 103 8.4%

102,308 23.6% 1,635 101,288 23.5% 1,661 47 21 4.4%

29,916 6.9% 444 29,862 6.9% 453 36 27 11.8%

27,675 6.4% 415 26,814 6.2% 440 65 40 21.6%

10,371 2.4% 278 10,482 2.4% 279 16 15 7.6%

5,310 1.2% 56 5,771 1.3% 58 2 0 7.8%



Pacific

Japan

Australia

Hong Kong

Singapore

New Zealand

Spain

Netherlands

Ireland

Portugal

Austria

Italy

Switzerland

Norway

Belgium

Finland

Denmark


United Kingdom

France

Sweden

Germany

Israel

World ex Japan

North America

USA

Canada

World

EAFE

Current Micro Cap Index Pro forma Micro Cap Index # Securities

Twenty‐one of the 30


Israel Micro Cap Index

are newly eligible

foreign listed

companies





ADDITIONS TO AND DELETIONS FROM THE MSCI GLOBAL STANDARD INDEXES AT SEMI‐

ANNUAL INDEX

REVIEWS

During an SAIR, companies in the Market Investable Equity Universe are assigned with the

following priority to the Size‐Segments until the Segment Number of Companies is achieved:

Current constituents of a given Size‐Segment Index, as well as companies assigned

to this Size‐Segment during last Index Review that failed the Final Size‐Segment

Investability Requirements, with a full market capitalization greater than or equal to

the Market Size‐Segment Cutoff.

Newly investable companies with a full market capitalization greater than or equal

to the Market Size‐Segment Cutoff.

Companies in the lower Size‐Segment Index, as well as companies assigned to this

Size‐Segment during last Index Review that failed the Final Size‐Segment

Investability Requirements, with a full market capitalization greater than the upper

buffer threshold of the lower size‐segment.

Current constituents of a given Size‐Segment Index, as well as companies assigned

to this Size‐Segment during the last Index Review that failed the Final Size‐Segment

Investability Requirements, with a full market capitalization in the lower buffer of

the Size‐Segment in descending capitalization order, until the threshold of the

buffer is reached.

The largest

companies

from

the

upper

buffer

of

the

next

lower

size

‐segment.

Once companies are assigned to each size‐segment, the securities of companies in each

segment are evaluated for conformity with the additional size‐segment investability

requirements for each size‐segment.

At the time of the SAIRs, existing constituents may remain in the Size‐Segment Indexes if

they would otherwise fail the additional investability requirements for Free Float‐Adjusted

Market Capitalization but still meet 2/3rd of the threshold. Existing constituents of the Small

Cap Index must have a FIF equal to or larger than 0.15 to remain in the index. Existing

constituents of the Standard Index with FIF of less than 0.15 must meet 2/3rd of 1.8 times

the minimum

Free

Float

‐Adjusted

Market

Capitalization

required

for

the

Standard

Index.

The following tables show the largest additions to and deletions from major regional MSCI

Standard and Small Cap Indexes for Developed Markets, Emerging Markets, Frontier

Markets and Domestic Markets for the November 2015 SAIR.





Add it ions to th e MSCI World Index

Country Company Mkt

Cap

Index Mkt Cap Weight in Proforma

Index

Current Index Proforma Index

US 11,966 11,966 0.06% None Mid Cap

US 11,339 4,197 0.02% None Mid Cap

US 10,183 5,092 0.03% None Mid Cap

US 8,438 8,438 0.04% Small Cap Mid Cap








US 7,426 6,312 0.03% Small Cap Mid CapCA 5,523 5,523 0.03% Small Cap Mid Cap

CA 5,060 4,015 0.02% Small Cap Mid Cap



CA 2,658 1,728 0.01% None Mid Cap

NL 23,159 11,000 0.13% None Large Cap

IL 14,705 5,514 0.07% None Large Cap

IL 10,191 3,822 0.05% None Large Cap

CH 9,544 5,726 0.07% Small Cap Mid Cap

DE 8,420 2,947 0.04% None Mid Cap

NL 7,948 3,576 0.04% None Mid Cap

NO 7,935 2,749 0.03% Small Cap Mid Cap


GB 7,876 7,876 0.09% Small Cap Mid Cap

DK 7,452 5,589 0.07% Small Cap Mid Cap

IL 6,304 1,103 0.01% None Mid Cap

GB 5,788 4,341 0.05% None Mid Cap

HK 17,858 4,464 0.11% None Large Cap

HK 9,405 1,646 0.04% None Mid Cap

AU 8,074 7,267 0.17% None Large Cap

HK 6,727 2,018 0.05% None Mid Cap

JP 5,228 2,876 0.07% Small Cap Mid Cap



AU 3,878 3,878 0.09% Small Cap Mid Cap


Obic Co

Sohgo Security Svcs Co

Duet Group

Challenger


Pacific

Hongkong Land (USD)

Melco Crown Entmt Adr

Oil Search

Hk Electric Investments

Hoshizaki Electric Co

Schibsted B

Provident Financial

Christian Hansen Holding

Taro Pharmaceutical

Auto Trader Group

Check Point Softw (Usd)

Mobileye (Usd)

Galenica

Zalando

Aercap Holdings Nv

Schibsted A

Linamar Corp

Smart Reit

Seven Generations Enrg A


Nxp Semiconductors

Agl Resources

Signature Bank

HCC Insurance Holdings

FortinetElement Financial Corp

CCL Industries B

Ims Health Holdings

Global Payments

Sabre

Amerco

Mednax

Cdw Corp

Security Name

North America

Markel Corp

Plains Gp Holdings A

Markel Corp and Plains

GP Holdings will be

added to the MSCI USA

Index following the use

of consolidated trading

volumes in the

calculation of ATVRs

Oil Search will be

added to the MSCI

Australia Index

following inclusion of

Papua New Guinea

incorporated

companies in the

Australia equity

universe





Add it ions to th e MSCI Emerging Markets Index2

On June 3, 2015, the Reserve Bank of India (RBI) announced that the shareholding held by

Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Axis

Bank has gone below the threshold limit and hence the restrictions placed on the purchase

of shares of the above company were withdrawn. Currently, FIIs and RFPIs are allowed to

invest up to 49% of the paid up share capital of Axis Bank. Axis Bank is currently undergoing

the process of increasing the limit for foreign investors to 74%. MSCI will continue to

monitor the situation and issue further communication once more information becomes

Country Company Mkt

Cap


Index


CN 180,367 36,073 1.38% None Large Cap

CN 53,854 21,187 0.81% None Large Cap

CN 36,703 4,548 0.17% None Large Cap

IN 20,947 7,332 0.28% None Large Cap

IN 19,051 1,584 0.06% None Large Cap

CN 18,315 5,495 0.21% None Large Cap

CN 13,286 1,679 0.06% None Large Cap

CN 11,079 5,263 0.20% None Large Cap

CN 10,897 3,738 0.14% None Large Cap

CN 7,235 2,617 0.10% None Large Cap


IN 6,804 1,361 0.05% None Mid CapCN 4,994 1,024 0.04% None Mid Cap

CN 4,861 1,486 0.06% None Mid Cap

CN 4,455 1,420 0.05% None Mid Cap

CN 4,319 1,512 0.06% None Mid Cap

IN 4,213 1,685 0.06% Small Cap Mid Cap

CN 3,909 1,661 0.06% None Mid Cap

KR 3,874 1,356 0.05% None Mid Cap

CN 3,549 1,420 0.05% Small Cap Mid Cap

MY 3,310 827 0.03% None Mid Cap

KR 3,285 1,150 0.04% Small Cap Mid Cap

CN 3,196 853 0.03% None Mid Cap

CN 2,981 783 0.03% None Mid Cap

CN 2,933 881 0.03% None Mid Cap


PH 2,605 1,042 0.04% None Mid Cap


TW 2,153 1,292 0.05% None Mid Cap

MY 1,916 766 0.03% Small Cap Mid Cap

ID 1,744 785 0.03% None Mid Cap

AE 37,058 7,412 1.16% None Large Cap

QA 3,707 1,817 0.28% None Mid Cap

ZA 3,177 2,383 0.37% None Mid Cap

CZ 3,009 602 0.09% None Mid Cap

GR 1,355 678 0.11% Small Cap Mid Cap

Nil

EM Latin America


EM EMEA

Emirates Telecom Corp

Qatar Gas Tran (Nakilat)

New Europe Property Inv

O2 Czech Republic

Public Power Corp

Robinsons Land Corp

Lotte Chilsung Beverage

Obi Pharma

Hartalega Holdings

Akr Corporindo

Hap Seng Consolidated

Ottogi Corporation

Yy Inc Adr

Tal Education Group Adr

Soufun Holdings Adr

Cj E&m Corporation

Travelsky Technology H

Car

Ashok Leyland

New Oriental Educat Adr

Gs Retail

Imperial Pacific Intl

Vipshop Holdings Adr

Qihoo 360 Tech A Adr

58.Com Adr

Cadila HealthcareQunar Cayman Islands Adr

Youku Tudou Adr

Jd.Com Adr

Maruti Suzuki India

Tata Motors A

Netease Com Adr

Shanghai Lujiazui B(Usd)

Ctrip Com Intl Adr

Security Name

EM Asia

Alibaba Group Hldg Adr

Baidu Adr

The three largest


EM Asia Index (Alibaba

Group, Baidu and

JD.com) are newly

eligible US‐listed

Chinese securities

Emirates Telecom Corp

will be

added

to

the

MSCI United Arab

Emirates Index

following partial

opening of its share

capital to foreign

investors (Foreign

ownership Limit of

20%)

O2 Czech Republic will

replace Pegas

Nonwovens in the

MSCI Czech Republic

Index following

application of the

Index Continuity Rules





available. The company will not be added to the MSCI India Index as part of the November

2015 SAIR.

Add it ions to th e MSCI Front ier Markets Index

Add it ions t o the MSCI Domest ic Indexes

Country Company Mkt

Cap


Index


MU 1,980 509 0.80% None Standard

AR 1,142 342 0.54% None Standard

AR 1,090 382 0.60% None Standard

VN 891 223 0.35% None Standard

BD 821 164 0.26% Small Cap Standard

BG 172 43 0.07% Small Cap Standard

BH 4,512 1,355 5.29% None Standard


Hoang Anh Gia Lai Agri

Renata

Monbat Ad

FM GCC

Ahli United Bank (Kw)

Security Name

FM ex GCC

Rockcastle Global (Za)

Globant

Adecoagro On

Country Company Mkt

Cap


Index


IN 7,430 1,486 0.06% None Large Cap

IN 6,886 1,722 0.07% None Mid Cap


IN 4,582 1,833 0.08% None Mid Cap

IN 4,381 1,752 0.07% None Mid Cap

IN 4,325 1,514 0.06% None Mid Cap

IN 4,288 1,715 0.07% None Mid Cap


SA 2,816 1,408 0.94% Small Cap StandardBupa Arabia For Copr Ins


GCC

Hindustan Petroleum Corp

Ashok Leyland

Cummins India Kirloskar

Bajaj Finance

Aditya Birla Nuvo

Indiabulls Housing Fin

Shree Cement

Security Name

EM Asia

Siemens India

The four largest


Frontier Markets

Index are foreign

listed companies





Deletions from the MSCI World Index

Country Company MktCap

Index Mkt Cap Weight in CurrentIndex


US 5,661 1,677 0.01% Mid Cap None

US 3,724 3,532 0.02% Mid Cap Small Cap









CA 1,452 1,442 0.01% Mid Cap Small Cap

CA 1,137 682 0.00% Mid Cap Small Cap

CA 1,134 1,134 0.01% Mid Cap Small Cap

CA 880 873 0.00% Mid Cap Small Cap

NO 3,348 2,509 0.03% Mid Cap Small Cap

GB 3,098 3,097 0.04% Mid Cap Small Cap


IL 1,963 785 0.01% Mid Cap Small Cap

NL 1,883 1,806 0.02% Mid Cap Small Cap

JP 2,077 1,662 0.04% Mid Cap Small Cap

JP 2,025 809 0.02% Mid Cap Small Cap


AU 1,246 1,056 0.03% Mid Cap Small CapWorleyparsons


Delta Lloyd

Pacific

Ibiden Co

Colopl

Sharp Corp


Seadrill Ltd

Tullow Oil

Subsea 7

Israel Corp

Puma Biotechnology

Consol Energy

Transalta Corp

Paramount Resources

Enerplus

Baytex Energy

Rackspace Hosting

Urban Outfitters

Cobalt International

Nabors Industries

Comm Sales & Leasing

Sunedison

Security Name

North America

Zillow Group A

Mdu Resources Group

Zillow Group A will be

deleted from the

MSCI USA Index due

to failing the

additional free float‐

adjusted market

capitalization

requirements for the

Standard Index





Deletions from the MSCI Emerging Markets Index3

Country Company Mkt

Cap

Index Mkt Cap Weight in Current

Index


CN 5,726 908 0.04% Mid Cap None

IN 4,057 811 0.03% Large Cap None

IN 3,611 433 0.02% Mid Cap None

CN 2,900 870 0.03% Mid Cap None

CN 2,757 917 0.04% Mid Cap Small Cap


TW 1,540 200 0.01% Mid Cap None

KR 1,406 529 0.02% Mid Cap Small Cap

ID 1,233 431 0.02% Mid Cap Small Cap



KR 1,178 648 0.03% Mid Cap Small CapTW 1,014 406 0.02% Mid Cap Small Cap

TW 1,010 807 0.03% Mid Cap Small Cap

TW 1,008 504 0.02% Mid Cap Small Cap

TW 972 924 0.04% Mid Cap Small Cap





QA 3,512 878 0.14% Large Cap None

ZA 1,947 389 0.06% Mid Cap None

ZA 1,213 1,031 0.16% Mid Cap Small Cap

ZA 957 478 0.08% Mid Cap Small Cap

GR 561 196 0.03% Mid Cap Small Cap

GR 384 230 0.04% Mid Cap Small Cap

CZ 300 240 0.04% Mid Cap Small Cap

CO 3,677 832 0.18% Mid Cap None

CO 2,816 845 0.18% Mid Cap None

CO 2,201 991 0.21% Large Cap Small Cap

BR 1,537 306 0.07% Mid Cap None

BR 1,425 379 0.08% Mid Cap None

CL 1,248 624 0.14% Mid Cap Small Cap

BR 981 392 0.09% Mid Cap Small Cap





Aes Tiete Pn

Conchatoro

Ecorodovias Infra Log On

Cyrela Brazil Realty On

Banrisul Pn B

Via Varejo Unit

EM Latin America

Banco Davivienda Pref

Isagen

Almacenes Exito

Usiminas Pn A

Kumba Iron Ore

Nampak

African Rainbow Minerals

Piraeus Bank

Eurobank Ergasias

Pegas Nonwovens

Taiwan Glass Indl Corp

Yang Ming Marine Transp

Tpk Holding Co

EM EMEA

Gulf Intl Services

Daewoo ShipbuildingChina Motor Corp

Ctci Corp

U-Ming Marine Transport

Epistar Corp

Kinsus Interconnect Tech

China Agri Holdings

Wan Hai Lines

Hyundai Merchant Marine

Tb Batubara Bukit Asam

Doosan Infracore Co

Ls Industrial Systems Co

EM Asia

Bbmg Corp H

Oil India

Dlf

China Resources Cement

Inner Mongolia Yitai B

Security Name

Oil India and DLF will

be deleted from the

MSCI India Index due

to failing the free float‐

adjusted market

capitalization

requirements

Wan Hai Lines will be

deleted from the MSCI

Taiwan Index due to

the decrease in its

foreign room below

3.75%





Deletions from t he MSCI Frontier Markets Index

Deletions from t he MSCI Domestic Indexes

Country Company MktCap

Index Mkt Cap Weight in CurrentIndex


KZ 1,040 260 0.41% Standard Small Cap

JO 705 49 0.08% Standard None

SI 574 115 0.18% Standard Small Cap

VN 569 131 0.21% Standard Small Cap

VN 509 219 0.35% Standard Small Cap

NG 476 71 0.11% Standard None

BG 209 73 0.12% Standard None

OM 979 440 1.75% Standard None

BH 630 504 2.00% Standard Small Cap

Sopharma

FM GCC

Bank Dhofar

Al-Salam Bank


Kcell Gdr

Jordan Telecom Corp

Telekom Slovenije

Petrovietnam Drilling

Hagl

Union Bank Nigeria

Security Name

FM ex GCC

Country Company Mkt

Cap


Index


Nil

AE 6,348 1,587 1.07% Large Cap None

SA 1,460 1,241 0.83% Standard Small Cap

OM 979 440 0.30% Standard NoneBH 630 504 0.34% Standard Small Cap

Emirates Intgr Telecom

Arabian Cement (Sa)

Bank Dhofar Al-Salam Bank


GCC

Security Name

EM Asia

Bank Dhofar and

Sopharma will be

deleted from their

respective MSCI

Country Indexes due

to low liquidity





Top additions to the MSCI World Small Cap Index

Top Additions to the MSCI Emerging Markets Small Cap Index

Country Company Mkt

Cap


Index


US 5,090 793 0.03% None Small Cap

US 4,819 2,168 0.07% None Small Cap



US 4,472 894 0.03% None Small Cap

ES 3,955 2,768 0.24% None Small Cap


GB 3,098 3,098 0.27% Mid Cap Small Cap

IT 3,042 1,217 0.11% None Small Cap

FR 2,764 967 0.08% None Small Cap


HK 2,076 311 0.04% None Small Cap

JP 2,025 810 0.10% Mid Cap Small Cap


HK 1,862 559 0.07% None Small Cap

Ibiden Co

Nord Anglia Education

Colopl

Sharp Corp

Evergrande Health Ind


Seadrill Ltd

Tullow Oil

Infrastrutture Wireless

Spie

Pacific

White Mountains Ins

Erie Indemnity Co A

Transunion


Cellnex Telecom

Security Name

North America

Black Knight Finl A

Juno Therapeutics

Country Company Mkt

Cap


Index



CN 2,690 1,210 0.24% None Small Cap

CN 2,646 132 0.03% None Small Cap



ZA 1,235 741 1.05% None Small Cap

ZA 1,213 1,031 1.45% Mid Cap Small Cap

RU 1,188 297 0.42% None Small Cap

TR 1,112 222 0.31% None Small Cap

TR 1,108 277 0.39% None Small Cap

CO 2,201 991 2.50% Large Cap Small Cap

CO 2,092 628 1.59% None Small CapMX 1,421 426 1.08% None Small Cap

CL 1,248 624 1.58% Mid Cap Small Cap

BR 1,000 305 0.77% None Small Cap


EM Latin America

Almacenes Exito

Cemex Latam HoldingsGrupo Gicsa

Conchatoro

Alpargatas Pn

Kap Industrial Hldgs

Nampak

Credit Bank Of Moscow

Migros Ticaret

Aygaz

Sina Corp

Shanghai Nine Dragon B

Cheetah Mobile A Adr

Momo A Adr

EM EMEA

Security Name

EM Asia

Inner Mongolia Yitai B

Sina

Corp,

Cheetah

Mobile and Momo are

newly eligible US‐listed

securities that will be

added to the MSCI

China Small Cap Index

Black Knight Finl A will

be added to the MSCI

USA Small Cap Index

following its IPO in May

2015

White Mountain Ins and

Erie Indemnity Co A will

be added to the MSCI

USA Small Cap Index

following the

use

of

consolidated trading

volumes in the

calculation of ATVRs





Top Additi ons t o the MSCI Frontier Markets Small Cap Index

Top Additi ons t o the MSCI Domestic Small Cap Indexes

Country Company Mkt

Cap


Index


KZ 1,040 260 1.08% Standard Small Cap

MA 725 218 0.90% None Small Cap

AR 651 202 0.83% None Small Cap

BD 596 268 1.11% None Small Cap

SI 574 115 0.48% Standard Small Cap

KW 1,061 318 4.35% None Small Cap


OM 573 201 2.74% None Small Cap

BH 470 215 2.93% None Small Cap

BH 372 168 2.29% None Small CapNote: All market caps are in USD millions. Data as of the close of October 20, 2015

FM GCC

Mezzan Holding

Al-Salam Bank

Phoenix Power

Ithmaar Bank (Kw)

Gulf Finance House (Ae)

Kcell Gdr

Cosumar

Arcos Dorados Holdings A

Islami Bank Bangladesh

Telekom Slovenije

Security Name

FM ex GCC

Country Company Mkt

Cap


Index


Nil

SA 1,460 1,241 4.52% Standard Small Cap

KW 1,061 318 1.16% None Small Cap

AE 817 449 1.64% None Small Cap

SA 689 207 0.75% None Small Cap


Saudi Co For Hardware

Al-Salam Bank


GCC

Arabian Cement (Sa)

Mezzan Holding

Amlak Finance

Security Name

EM Asia

Ithmaar Bank will be

maintained in the MSCI

Bahrain Small Cap

Index with a more

liquid listing from

Kuwait

The UAE listing of Gulf

Finance House will be

added to

the

MSCI

Bahrain Small Cap

Index





Top Deletions fr om the MSCI World Small Cap Index

Top Deletions fr om the MSCI Emerging Markets Small Cap Index

Country Company Mkt

Cap


Index







CH 9,544 6,681 0.59% Small Cap Mid Cap



GB 7,876 7,875 0.70% Small Cap Mid Cap

DK 7,452 5,589 0.50% Small Cap Mid Cap






Hoshizaki Electric Co

Obic Co

Sohgo Security Svcs Co

Duet Group

Challenger


Schibsted A

Schibsted B

Provident Financial

Christian Hansen Holding

Pacific

Amerco

Mednax

Cdw Corp


Galenica

Security Name

North America

Global Payments

Sabre

Country Company Mkt

Cap


Index



CN 3,995 462 0.10% Small Cap None

IN 3,987 957 0.20% Small Cap None

CN 3,549 1,034 0.22% Small Cap Mid Cap


QA 2,121 530 0.77% Small Cap None

GR 1,893 379 0.55% Small Cap None

GR 1,355 678 0.98% Small Cap Mid Cap

PL 1,161 755 1.09% Small Cap None

RU 526 79 0.11% Small Cap None

CL 647 291 0.81% Small Cap NoneBR 538 102 0.28% Small Cap None

PE 402 382 1.06% Small Cap None

BR 363 163 0.45% Small Cap None

BR 266 53 0.15% Small Cap None


EM Latin America

Sociedad Matriz SaamBanco Daycoval Pn

Ferreycorp

Sao Carlos Empreendim On

Restoque Comercio Con On

Al Khaliji Bank

Hellenic Petroleum

Public Power Corp

Kernel Holding

Mosenergo (RUB)

Shanghai Jinqiao Export

Torrent Pharmaceuticals

Imperial Pacific Intl

Ottogi Corporation

EM EMEA

Security Name

EM Asia

Ashok Leyland

Kernel Holding will

be deleted

from

the

MSCI Poland Small

Cap Index following a

change in the

security’s country of

classification to

Ukraine

Ferreycorp will be

deleted from the

MSCI Peru Small Cap

Index after failing the

liquidity

requirements

All of the top

deletions from the

MSCI World Small

Cap Index are

migrations to the

MSCI World Index





Top Deletions fr om the MSCI Frontier Markets Small Cap Index

Top Deletions fr om the MSCI Domestic Small Cap Indexes

Country Company Mkt

Cap


Index


BD 821 164 0.73% Small Cap Standard

MA 450 90 0.40% Small Cap None

NG 265 106 0.47% Small Cap None

SI 247 148 0.66% Small Cap None

NG 196 98 0.44% Small Cap None

KW 685 411 5.66% Small Cap None

BH 470 211 2.91% Small Cap None

OM 388 155 2.13% Small Cap None

OM 318 111 1.53% Small Cap None



FM GCC

Al-Qurain Petrochemicals

Ithmaar Bank

Smn Power Holding

Oman Oil Marketing Co

Al Tamdeen Investment

Renata

Societe Metal. d'Imiter

Julius Berger Nigeria

Pozavarovalnica Sava

Wema Bank

Security Name

FM ex GCC

Country Company Mkt

Cap


Index



SA 2,816 1,408 4.92% Small Cap Standard

QA 2,121 1,061 3.70% Small Cap None

QA 1,279 1,024 3.58% Small Cap None


BH 470 211 0.74% Small Cap None

Al-Qurain Petrochemicals

Ithmaar BankNote: All market caps are in USD millions. Data as of the close of October 20, 2015

GCC

Bupa Arabia For Copr Ins

Al Khaliji Bank

Medicare Group

Indiabulls Housing Fin

Security Name

EM Asia

Eleven out of 21

deletions from the

MSCI Frontier Markets

Small Cap Index are

due to low liquidity





ONE‐WAY INDEX TURNOVER

The One

‐way

Index

Turnover

is

defined

as

half

of

the

sum

of

the

absolute

differences

in

constituent weights between the current and the pro forma index. This index turnover

corresponds to the proportion of assets that should be bought in a portfolio replicating the

index. As a portfolio has a fixed dollar amount, the amount of assets that should be bought

exactly corresponds to the amount of assets that should be sold.

One‐way Index Turnover for Developed Markets and Selected Composites

Standard Small Cap Large Cap Mid Cap IMI All Cap

1.43% 8.56% 1.71% 11.00% 0.89% 0.92%

0.63% 3.65% 0.72% 4.01% 0.63% 0.61%

0.00% 6.09% 33.13% 29.45% 2.68% 2.89%

0.01% 2.64% 0.00% 0.04% 0.46% 0.60%

2.48% 14.27% 0.22% 9.02% 0.27% 0.27%

0.04% 0.80% 0.00% 0.10% 0.19% 0.52%

0.26% 3.98% 1.08% 4.31% 0.47% 0.49%

0.33% 4.54% 0.71% 6.99% 0.72% 0.74%

0.05% 1.82% 0.00% 0.08% 0.59% 1.72%

12.00% 13.78% 15.35% 14.82% 11.58% 12.06%

0.07% 2.93% 2.38% 9.60% 0.63% 0.74%

3.98% 13.37% 4.54% 6.15% 4.33% 4.38%

7.49% 18.93% 0.05% 28.20% 1.68% 1.70%

1.00% 1.71% 32.00% 39.61% 0.81% 0.75%

0.33% 8.13% 5.24% 21.27% 1.03% 1.09%

0.05% 5.03% 0.02% 0.23% 1.03% 1.13%

0.48% 7.74% 0.25% 3.64% 0.31% 0.33%

0.57% 3.23% 0.93% 3.86% 0.57% 0.61%

1.93% 7.86% 1.61% 9.48% 1.67% 1.64%

2.07% 10.90% 1.44% 8.64% 3.14% 3.62%

0.35% 2.18% 0.79% 3.17% 0.27% 0.24%

0.16% 4.41% 0.00% 0.16% 2.40% 3.09%

0.17% 1.55% 2.80% 7.02% 0.30% 0.49%

Standard Small Cap Large Cap Mid Cap IMI All Cap

0.68% 3.89% 0.84% 4.25% 0.69% 0.71%

0.64% 3.81% 0.82% 4.12% 0.67% 0.68%

0.85% 4.21% 1.12% 4.62% 0.84% 0.88%

0.71% 4.10% 0.85% 4.56% 0.74% 0.75%

0.80% 3.98% 1.06% 4.06% 0.83% 0.88%

0.66% 4.18% 0.97% 4.08% 0.71% 0.75%

0.70% 4.72% 0.99% 4.54% 0.78% 0.81%

0.59% 4.50% 1.44% 4.69% 0.96% 1.00%

0.85% 3.43% 1.01% 3.77% 0.83% 0.87%

1.74% 6.64% 1.46% 8.33% 1.88% 2.07%

0.65% 3.83% 0.76% 4.43% 0.64% 0.62%

EMU

Pacific

Pacific ex Japan

North America


World ex Australia

World ex USA

World ex Japan

EAFE

Europe

Europe ex UK

New Zealand

Singapore

Developed Markets Composite Indices

World

Switzerland

United Kingdom

Australia

Hong Kong

Japan

Italy

Netherlands

Norway

Portugal

Spain

Sweden

Denmark

Finland

France

Germany

Ireland

Israel

Canada

USA

Austria

Belgium

Developed Markets





One‐way Index Turnover for Emerging Markets and Selected Composites

Standard Small Cap Large Cap Mid Cap IMI

9.95% 14.14% 10.02% 12.67% 10.23%

3.78% 7.82% 5.66% 14.71% 4.05%

0.92% 15.09% 1.88% 13.45% 2.20%

0.96% 9.83% 1.72% 9.75% 1.62%

1.40% 7.83% 0.06% 8.83% 1.60%

2.04% 5.18% 0.02% 11.44% 2.48%

1.12% 7.41% 1.44% 10.15% 1.06%

0.83% 4.16% 0.98% 0.00% 1.56%

8.42% 39.39% 0.00% 100.00% 7.76%

0.00% 2.05% 0.00% 0.00% 0.78%

6.92% 23.06% 34.23% 25.82% 2.77%

0.00% 0.00% 0.00% 0.00% 0.00%0.01% 14.96% 0.00% 0.02% 1.72%

4.65% 15.91% 2.80% 21.18% 4.34%

0.00% 9.16% 1.24% 24.33% 0.21%

1.13% 6.37% 0.32% 4.39% 1.20%

0.00% 8.32% 0.00% 0.00% 1.04%

21.49% 7.25% 24.24% 23.91% 19.52%

0.99% 15.60% 2.85% 13.75% 0.83%

1.39% 11.53% 0.00% 6.12% 0.84%

13.62% 89.51% 8.74% 60.23% 8.48%

0.35% 5.54% 0.39% 0.20% 0.83%

0.01% N/A 0.01% 0.00% 2.69%


3.53% 9.67% 3.75% 9.49% 3.88%

4.50% 9.67% 4.85% 10.51% 4.79%

1.20% 13.72% 1.64% 7.00% 0.94%

2.10% 7.46% 1.54% 8.21% 2.23%

0.47% 12.11% 1.25% 9.83% 0.84%

12.55% 7.15% 12.14% 22.04% 11.76%

0.95% 4.50% 1.12% 4.71% 1.01%

1.42% 5.43% 1.70% 5.46% 1.48%

3.99% 9.35% 4.05% 9.68% 4.37%

3.51% 8.73% 3.61% 9.56% 3.77%

3.97% 9.17% 4.21% 9.93% 4.34%

ACWI

ACWI ex USA

AC Far East ex Japan

AC Asia Pacific ex Japan

AC Asia ex Japan


EM

EM Asia

EM Latin America

EM EMEA

EM Europe

EM GCC

Colombia

Mexico

Peru

Emerging Markets & All Country Composite Indices

South Africa

Turkey


Brazil

Chile

Egypt

Greece

HungaryPoland

Qatar

Russia

Malaysia

Philippines

Taiwan

Thailand

Czech Republic

Emerging Markets

China

India

Indonesia

Korea





One‐way Index Turnover for Frontier Markets and Selected Composites


7.50% 9.21% 7.81%

7.17% 4.99% 3.49%

70.27% 0.00% 62.13%

0.00% 0.86% 0.46%

0.00% 0.00% 0.00%

7.09% 0.00% 2.36%

14.56% 0.00% 0.00%

0.23% 1.10% 0.23%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

32.35% 0.00% 23.07%

0.00% 25.12% 4.72%

0.81% 8.12% 1.75%0.00% 12.03% 3.17%

0.00% 0.00% 0.00%

0.00% 38.49% 10.42%

5.59% 19.23% 5.24%

0.01% 0.03% 0.02%

0.00% 26.51% 15.87%

9.89% 31.99% 9.58%

72.05% 68.28% 100.00% 58.68% 54.66%

0.00% 17.30% 0.00% 0.00% 3.16%

8.98% 15.63% 0.00% 20.09% 11.10%


3.48% 12.40% 4.62%

2.76% 10.31% 3.78%

5.29% 19.21% 7.46% 11.49% 6.85%

0.96% 4.54% 1.02%

FM

FM ex GCC

FM GCC

ACWI FM


Bahrain

Kuwait

Oman

Frontier Markets & All Country Composite Indices

Serbia

Slovenia

Sri Lanka

Tunisia

Vietnam

Lithuania

Mauritius

Morocco

NigeriaPakistan

Romania

Croatia

Estonia

Jordan

Kazakhstan

Kenya

Lebanon

Frontier Markets

Argentina

Bangladesh

Bulgaria





One‐way Index Turnover for Domestic Markets and Selected Composites


3.37% 7.17% 3.03% 25.85% 2.89%


48.94% 58.01% 0.00% 58.68% 13.16%

0.00% 16.29% 0.00% 0.00% 3.04%

8.98% 11.21% 0.00% 20.09% 9.71%

0.00% 28.81% 0.00% 0.00% 3.64%

0.94% 9.65% 4.86% 28.38% 0.76%

3.88% 5.86% 4.39% 0.00% 3.46%


1.42% 12.13% 3.60% 15.89% 2.14%


GCC Domestic Markets Composite Indices

GCC Domestic


Bahrain

Kuwait

Oman

Qatar

Saudi Arabia

India

GCC Domestic Markets

Emerging Markets





3 MSCI GLOBAL VALUE AND GROWTH INDEXES

The following chart and table show the performance of the MSCI ACWI Value and Growth

Indexes relative to the MSCI ACWI Index over the last 5 years, as well as the performance of

selected composite indexes between the cutoff dates of the May 2015 and November 2015

Semi‐Annual Style Index Reviews.

Performance of the MSCI Global Value and Growth Indexes relative to MSCI ACWI Index

Performance of the MSCI Global Value and Growth Indexes between the cutoff dates of the May 2015

and November 2015 Semi‐Annual Style Index Reviews

Standard

Index

Value

Index

lGrowth

Index

Performance

Differential

Value ‐

Growth

North America ‐3.4% ‐3.8% ‐3.0% ‐0.8%

USA ‐2.6% ‐3.1% ‐2.2% ‐0.9%

Europe ‐5.0% ‐7.6% ‐2.5% ‐5.1%

Japan ‐6.1% ‐5.0% ‐7.2% 2.2%

Pacific ex Japan ‐12.8% ‐14.4% ‐11.2% ‐3.2%

EAFE ‐6.2% ‐7.8% ‐4.6% ‐3.2%

World ‐4.5% ‐5.4% ‐3.6% ‐1.8%

EM ‐14.7% ‐16.1% ‐13.5% ‐2.6%

ACWI ‐5.6% ‐6.5% ‐4.7% ‐1.8%


Total Return in USD (April 20, 2015 ‐ October 20, 2015)

The MSCI World

Growth Index

outperformed the MSCI

World Value Index

during the six months

between the May 2015

and November 2015

SAIRs





The

Value

and

Growth

segmentation

of

the

MSCI

Global

Investable

Market

Indexes

are

conducted at each SAIR to reflect the evolution of style segments within each country

universe on a timely basis. During the style review, new value and growth z‐scores are

calculated for the pro forma MSCI Global Investable Market Country Index constituents and,

after applying the buffer rules, securities are allocated to the Value and Growth indexes,

each targeting 50% of the free float‐adjusted market capitalization.

The following two exhibits show the distribution of securities z‐scores in the MSCI Value and

Growth Style Space during the current SAIR for the MSCI World and MSCI Emerging Markets

Indexes. In these charts, securities that are fully attributed to the Value Index are

represented in

dark

gray

while

securities

that

are

fully

attributed

to

the

Growth

Index

are

in

light gray, while partially attributed securities are represented in white. The size of the circle

is a function of the weight of the security in the index. Value Inclusion Factor (VIF) and

Growth Inclusion Factor (GIF) represent the proportion of a security's free float‐adjusted

market capitalization that is allocated to the Value or the Growth Index.

MSCI World Value and Growth Index as of October 20, 2015





MSCI Emerging Market Value and Growth Index as of October 20, 2015

Summary of changes to the MSCI Global Value and Growth Indexes

Add Del Add Del

USA 9,454,879 325 65 62 9,444,007 387 64 68 52.0% 52.2% 9.1% 9.2%

Europe

4,124,340

226

54

33

4,126,208

259

38

52

22.7% 22.8% 10.3% 10.0%

Japan 1,402,022 165 40 50 1,404,299 196 52 42 7.7% 7.8% 15.7% 16.2%

Pacific ex Japan 712,634 82 13 17 699,275 85 20 11 3.9% 3.9% 10.4% 12.2%

EAFE 6,285,061 480 110 101 6,270,683 546 113 108 34.6% 34.7% 11.3% 11.2%

World 16,304,715 849 182 174 16,269,006 989 189 184 89.6% 90.0% 10.1% 10.0%

EM Asia 1,342,821 328 102 57 1,261,851 295 69 100 7.4% 7.0% 15.5% 16.2%

EM EMEA 318,815 94 27 25 321,056 89 24 26 1.8% 1.8% 19.7% 17.3%

EM Latin America 223,705 64 15 21 232,551 73 16 20 1.2% 1.3% 18.9% 19.0%

EM 1,885,340 486 144 103 1,815,458 457 109 146 10.4% 10.0% 16.5% 16.8%

ACWI 18,190,055 1,335 326 277 18,084,463 1,446 298 330 100.0% 100.0% 10.7% 10.7%

All market caps are in USD millions. Data as of the close of October 20, 2015

The additions t o t he Value Indexes include pure additions as well as upward changes in VIFs for partially alloc ated securities. The deletio ns fro m the Value Indexes include

pure deletions as well as downward changes in VIFs for partially allocated securities. Similar principles apply for the additions and deletions from the Growth Indexes.

Index TurnoverPro forma Value Index Pro forma Growth Index ACWI Index Weight

FIF Mkt

Cap# Sec Growth

# Securi ti es # SecuritiesVa l ue Growth Va lu eFIF Mkt Ca p # Sec

There are 326

increases in the VIF

and

298

increases

in

the GIF





Pro forma weight differences by sector for the MSCI ACWI Value and Growth Indexes

Largest additions to the MSCI Global Value Indexes for selected regions

Pro forma

Value

Index

Weight

Weight Diff

vs Current

Value

Index

Pro forma

Growth

Index

Weight

Weight Diff

vs Current

Growth

Index

Weight Diff

Pro forma

Value vs

Growth

Energy 11.6% +1.1% 2.2% ‐1.3% +9.4%

Ma teri a l s 5.2% ‐0.1% 4.3% +0.0% +0.9%

Indus tri a l s 8.6% +0.3% 11.9% ‐0.4% ‐3.2%

Consumer Di s creti ona ry 6.8% +0.3% 19.1% ‐0.1% ‐12.4%

Consumer Sta pl es 7.1% ‐1.9% 13.2% +1.8% ‐6.1%

Health Ca re 9.3% +0.2% 14.6% ‐0.2% ‐5.3%

Fi na nci a l s 30.7% +0.2% 12.5% ‐0.5% +18.2%

Information Technol ogy 9.6% +0.3% 19.3% +0.3%

‐9.7%

Telecommunication S e rvi ce 5.3% ‐0.2% 2.1% +0.1% +3.2%

Uti l i ti es 5.7% ‐0.3% 0.8% 0.2% +4.9%

Data a s of the close of October 20, 2015

Country Security Name Indus try Current Pro

Forma Change in Pro forma Pro forma

Group VIF VIF Mkt Ca p Mkt Ca p We i gh t

North America

Value

Index

US Al lergan PHAR 0 1 +103,691 103,691 1.0%

US Schl umberger ENER 0 1 +95,600 95,600 1.0%

US Abbvi e PHAR 0 1 +90,759 90,759 0.9%

Europe Value Index

CH ABB Ltd CAPI 0 1 +39,846 39,846 1.0%

SE Eri cs s on (Lm) B TECH 0 1 +31,446 31,446 0.8%

CH Syngenta MATE 0 1 +30,196 30,196 0.7%

Pacific Value Index

JP Fanuc CAPI 0 1 +31,317 31,317 1.5%

AU Wes tpac Ba nking BANK 0.65 1 +26,058 74,452 3.5%

JP Toyota Motor Corp AUTO 0.5 0.65 +25,037 108,496 5.1%

EM Value Index

CN Ping An

Insurance

H INSU 0 0.5 +14,648 14,648

0.8%

ZA Firs tra nd DIVE 0 1 +12,605 12,605 0.7%

RU Lukoil Hol di ng(Rub) ENER 0.35 1 +12,492 19,218 1.0%

All market caps are i n USD millions. Data as of the close of October 20, 2015.

Financials will be the

largest sector in the

MSCI ACWI Value

Index with a weight of

30.7%





Largest additions to the MSCI Global Growth Indexes for selected regions

Summary of

changes

to

the

MSCI

Global

Small

Cap

Value

and

Growth

Indexes

Co un try Se cu ri ty Na me I nd us try Curre ntPro

FormaChange in Pro forma Pro forma

Group GIF GIF Mkt Ca p Mk t Ca p We i gh t

North America Growth Index

US Al tri a Group FOOD 0 1 +117,132 117,132 1.2%

US Berks hi re Hathaway B DIVE 0.65 1 +55,643 158,979 1.6%

US Bri s tol‐Myers Squibb Co PHAR 0.5 1 +53,268 106,537 1.1%

Europe Growth Index

CH Nes tl e FOOD 0.5 0.65 +36,814 159,529 3.9%

NL Koni nkl i jke Phi l i ps CAPI 0 1 +24,211 24,211 0.6%

GB Tesco FRET 0 1 +23,790 23,790 0.6%

Pacific

Growth

IndexJP Japan Tobacco FOOD 0 1 +37,142 37,142 1.8%

JP Dens o Corp AUTO 0 1 +22,654 22,654 1.1%

HK Cheung Kong Property REAL 0 1 +19,871 19,871 0.9%

EM Growth Index

CN Al i ba ba Group Hldg Adr SOFT 0 1 +36,073 36,073 2.0%

CN Bai du Adr SOFT 0 1 +21,187 21,187 1.2%

MX Fems a Unit UBD FOOD 0 1 +17,835 17,835 1.0%

Al l market caps a re i n USD millions. Data as of the close of October 20, 2015.

Add Del Add Del

USA 1,472,373 1,153 259 221 1,472,094 1,137 281 235 52.0% 52. 1% 11. 1% 12.1%

Europe 561,823 571 139 90 561,416 496 128 129 19.8% 19. 9% 13. 2% 13.4%

Japan 281,033 539 123 86 280,816 453 103 124 9.9% 9.9% 12.9% 14.8%

Pacific ex Japan 107,948 201 62 64 107,395 196 63 64 3.8% 3.8% 20.9% 20.2%

EAFE 963,198 1,340 333 246 960,778 1,176 309 324 34.0% 34.0% 14.1% 14.6%

World 2,525,040 2,632 618 511 2,522,220 2,442 632 591 89.2% 89.3% 12.5% 13.4%

EM Asia 251,351 961 293 260 246,110 883 287 271 8.9% 8.7% 22.4% 21.3%

EM

EMEA

35,527

116

35

40

35,342

116

35

37

1.3% 1.3% 23.2% 22.2%

EM Latin America 19,816 59 18 24 19,743 53 19 19 0.7% 0.7% 23.1% 23.2%

EM 306,694 1,136 346 324 301,194 1,052 341 327 10.8% 10.7% 22.5% 21.5%

ACWI 2,831,733 3,768 964 835 2,823,414 3,494 973 918 100.0% 100.0% 13.6% 14.2%

All market caps are in USD mill ions. Data as of the close of October 20, 2015

* The additions t o the Value Indexes include pure additions as well as upward changes in VIFs fo r partially allocated sec urities. The deletio ns fro m the Value Indexes include

pure deletions as well as downward changes in VIFs for partially allocated securities. Similar principles apply for the additions and deletions from the Growth Indexes.

Index TurnoverPro forma Value Index Pro forma Growth Index ACWI Index Weight

# Securi ties # SecuritiesFIF Mkt

Cap G rowth Va lue G rowth# Sec

FIF Mkt

Cap # Sec Va l ue

There are 964

increases in VIFs and

973 increases in GIFs





4 MSCI CHINA A INDEXES

Treatment of MSCI China A Indexes

The MSCI China A Index will have 228 additions and 2 deletions, resulting from an increase in

the Segment Number of Companies. The index will experience a one‐way index turnover of

14.7%.

As a reminder, MSCI applied a temporary 5% limit on the increase in the Segment Number of

Companies for the MSCI China A Indexes as part of the May 2015 SAIR in light of a

consultation on a proposal to introduce limits on large increases in the number of

constituents in the MSCI Global Investable Market Indexes.

Following the conclusions from the consultation, MSCI will maintain the existing rules

related

to

the

limits

on

the

re‐assessment

of

the

Segment

Number

of

Companies,

as

described in Section 3.1.4.2 of the MSCI Global Investable Market Indexes methodology

book.

Consequently, no exceptional treatment will be applied on the increase in the Segment

Number of Companies for the MSCI China A Indexes at the November 2015 SAIR.

Relative Performance of the MSCI China A Index to MSCI World Index and MSCI EM Index

The chart below shows the performance of the MSCI China A Index relative to the MSCI

World and MSCI Emerging Markets (EM) Indexes, while the table shows the performance of

various China A Size‐Segments, as well as the performance of the MSCI Qualified Domestic

Institutional Investors

(QDII)

Indexes.

The

performance

is

reflected

up

until

the

Index

Review

price cutoff date.

The MSCI China A

Index underperformed

the MSCI World Index

and the MSCI Emerging

Markets Index during

the period between

the

May

2015

SAIR

and

the November 2015

SAIR





Performance of MSCI China A and MSCI QDII Indexes

The following two exhibits outline the changes in the Market Size‐Segment Cutoffs and the

summary of changes for the MSCI China A Size‐Segments.

Market Capitalization Cutoff for the MSCI China A Indexes

Changes in the MSCI China A Standard Index

Changes in the MSCI China A Small Cap Index

Top Five Additions to the MSCI China A Index

Since

April 20, 2015YTD 1 Year

China A Index Series

MSCI China A Large Cap Index -23.7% -3.9% 42.0%

MSCI China A Mid Cap Index -13.6% 24.3% 39.8%

MSCI China A Index -20.3% 5.0% 41.2%

MSCI China A Small Cap Index -5.8% 41.2% 41.2%

MSCI China A IMI Index -16.1% 14.6% 40.7%

MSCI QDII Index Series

MSCI China Index -19.1% -1.2% 5.8%

MSCI CHINA B Index -32.1% -22.2% -24.9%

MSCI CHINA H Index -22.2% -6.7% 8.4%

MSCI CHINA RED CHIP Index -14.3% 4.0% 0.9%

MSCI CHINA P CHIP Index -16.0% 8.9% 6.7%

MSCI Hong Kong Index -9.4% 2.0% 2.2%

MSCI Zhong Hua Index -16.3% -0.3% 4.5%

Data as of October 20, 2015


Numb

Comp

Cutoff Cutoff Numb

Comp

Cutoff Numb

Comp

Cutoff Cutoff

300 4,051 4,283 -5.4% 973 1,637 -11.1% 2,181 298 319 -6.4%


Cutoff

China A 1,455


Nov-15

One Way


Cap Cap Turnover*

1,623,852 79.0% 584 1,920,675 81.2% 810 228 2 14.7%

*Takes into acco unt turnover resulting from additions/deletions as well as DIF and NOS changes

China A

Note: All market caps are in USD millions. Data as of the close o f October 20, 2015


One Way


Cap Cap Turnover*

722,454 88.5% 1,345 512,859 84.7% 1,171 88 262 33.1%

*Takes into acco unt turnover resulting from additions/deletions as well as DIF and NOS changes

China A

Not e: All market caps are in USD millions . Data as of the close o f Octo ber 20, 2015


Decreases were

observed across all

market size‐segment

cutoffs for the MSCI

China A Indexes





Top Five Deletions from the MSCI China A Index

Top Five Additions to the MSCI China A Small Cap Index

Top Five Deletions from the MSCI China A Small Cap Index

Country Company Mkt

Cap


Index



CN 6,726 2,354 0.10% Small Cap Large Cap




Not e: All market caps are in USD millions . Data as of the close of Oc tober 20, 2015

Jiangyin Zhongnan Heav A

Wuhu Shunrong Sanqi A

Beijing Kingee Culture A

Hongda Xingye Co A

Security Name

China A

Jiangsu Shagang Co A

Country Company Mkt

Cap


Index


CN 6,407 915 0.04% Mid Cap None


Not e: All market caps are in USD millions . Data as of the close of Oc tober 20, 2015

Security Name

China A

Shanghai Bairun Flavor A

Chongqing Brewery Co A

Country Company Mkt

Cap


Index







Jinfa Labi Maternity A

Shenzhen Prolto Supply A

Aviation Sanxin Co A


Security Name

China A

Hunan Aihua Group A

Blue Star New Chem A

Country Company Mkt

Cap


Index



CN 6,127 613 0.08% Small Cap Large Cap




Nanjing Xinjiekou Dept A

Shanghai U9 Game Co A

Jiangxi Special Elec A


Security Name

China A

Jiangyin Zhongnan Heav A

Beijing Kingee Culture A

177

out

of

the

228


China A Index will be

migrations from the

MSCI China A Small

Cap Index

Shanghai Bairun Flavor

A will be deleted

following an decrease

in its

Domestic

Inclusion Factor (DIF)

due to a private

placement in

September 2015





5 MSCI GLOBAL ISLAMIC INDEXES

The MSCI Global Islamic Indexes are designed to reflect Sharia investment principles to

provide a relevant opportunity set for Islamic investors. The MSCI Global Islamic Indexes are

derived from the MSCI Country Indexes. Then according to the MSCI Islamic Index Series

Methodology, MSCI Country Indexes are screened against a series of business activities and

financial ratios on a quarterly basis, and a dividend adjustment factor is applied.

Business Activity and Financial Ratios Screening Applied to MSCI Country Indexes

Relative Performance of the MSCI ACWI Islamic Index to MSCI ACWI

Business Activity Screening Financial Ratios Screening*

Screen out companies that are directly active in, or

derive more than 5% of their revenue (cumulatively)

from the following activities

Screen out companies that derive signicant income

from interest or companies that have excessive

leverage, using the following three financial ratios

• Alcohol

• Tobacco

• Pork related products

• Conventional Financial Services

• Defense / Weapons

• Gambling / Casino

• Music

• Hotels

• Cinema

• Adult Entertainment

• Total debt over total assets

• Sum of a company's cash and interest-bearing

securities over total assets

• Sum of a company’s accounts receivables and

cash over total assets

None of the financial ratios may exceed 33.33%**

* Islamic Financial Institutions (as defined in MSCI Islamic Index Methodology) will not be subject to the Financial Screening

** In order to reduce index turnover resulting from financial screening, a lower threshold of 30% is used in determining new inclusions to the MSCI

Islamic Indices

The MSCI ACWI Islamic

Index closed the

performance gap

relative to the MSCI

ACWI Index since the

last Index Review





The following

tables

show

the

changes

to

the

MSCI

Global

Islamic

Indexes

resulting

from

the

May 2015 SAIR.

Summary of changes to the MSCI Global Islamic Indexes

Pro forma sector weight differences between MSCI World / MSCI Emerging Markets

Islamic Indexes and Respective Standard Indexes

Index M kt Cap # Sec Index Mkt Cap # Sec Add Del

World Islamic Index 11,295,653 593 11,003,740 582 14 25 3.32%

EM Islamic Index 872,970 230 898,357 233 19 16 6.37%

FM ex GCC Islamic Index 20,935 32 19,946 29 1 4 5.38%

GC C C ount ries ex Saudi A rabia IM I Is lam ic Index 44,885 48 40,905 45 2 5 9.82%

Not e: All market caps are in USD millions. Data as of the close of October 20, 2015

Current Index Pro forma IndexOne Way Index

Turnover

# Securities

World Islamic EM Islamic

Pro fo rma

Weight in

World Islamic

Pro forma

Weight Diff v s

World

Pro forma

Weight in EM

Islamic

Pro fo rma

Weight Diff vs

EM

Energy 17.1% 10.2% Energy 19.5% 12.0%

Health Care 20.1% 7.2% M aterials 13.1% 6.7%

M aterials 9.5% 4.9% Telecommunication Services 10.5% 3.4%

Industrials 11.4% 0.8% Health Care 5.9% 3.0%

Consumer Staples 11.0% 0.7% Consumer Discretionary 12.6% 2.7%

Utilities 3.1% -0.2% Industrials 9.6% 2.4%

Information Technology 12.5% -1.4% Utilities 4.7% 1.5%

Consumer Discretionary 11.9% -1.4% Consumer Staples 8.9% 0.6%

Telecommunication Services 1.3% -2.0% Information Technology 9.1% -10.3%

Financials 2.0% -18.9% Financials 6.2% -21.8%

No te: Data as of clo se of October 20, 2015

MSCI World Islamic

and MSCI EM Islamic

Indexes will be over‐

weight in the Energy

Sector and

under

‐

weight in the

Financials Sector

relative to the

respective Standard

Indexes

There will be 14


World Islamic Index

and 19 additions to

the MSCI EM Islamic

Index





The following tables list the largest additions to and deletions from the MSCI Global Islamic

Indexes resulting

from

the

November

2015

SAIR.

Largest additions to the MSCI World Islamic and MSCI Emerging Markets Islamic Indexes

Largest deletions from the MSCI World Islamic and MSCI Emerging Markets Islamic Indexes

World Islamic

US Alexion Pharmaceuticals 35,963 0.33% Financ ial ratios now compliant

US Celanese Corp 10,093 0.09% Financ ial ratios now compliant

DE Brenntag 8,620 0.08% Financ ial ratios now compliant

GB Hammerson 7,628 0.07% Financ ial ratios now compliant

US Cooper Companies (The) 7,044 0.06% Financ ial ratios now compliant

EM Is lamic

KR Lg Household & Health 7,540 0.84% Financ ial ratios now compliant

TW Ase 7,418 0.83% Financ ial ratios now compliant

TW Catcher Tech Co 6,529 0.73% Financ ial ratios now compliant

TW Pegatron 4,767 0.53% Financ ial ratios now compliant

MY Petronas Chemicals Group 4,254 0.47% Financ ial ratios now compliant


1st f inancial ratio: total debt over total assets

2nd financial ratio: cash and interest-bearing securities over total assets

3rd financial ratio: accounts receivables and cash over total assets

n/a: securities are not in parent index or not part of Islamic Universe

Country Security Name Pro forma

Index Mkt Cap

Weight in Pro

forma IndexReason

World Islamic

US At&T 207,480 1.84% Financ ial ratio(s ) not compliant

US Intuitive Surgical 17,434 0.15% Financ ial ratio(s ) not compliant

US International Paper 16,647 0.15% Financ ial ratio(s ) not compliant

US Rockw ell Automation 14,043 0.12% Financ ial ratio(s ) not compliant

CH Geberit 12,569 0.11% Financ ial ratio(s ) not compliant

EM Is lamicMX Grupo Mexico B 9,810 1.12% Financ ial ratio(s ) not compliant

IN Hcl Technologies 7,475 0.86% Financ ial ratio(s ) not compliant

MX Coca-Cola Femsa L 3,624 0.42% Financ ial ratio(s ) not compliant

AE Dp World 3,526 0.40% Financ ial ratio(s ) not compliant

CN Jiangsu Expressw ay Co H 1,596 0.18% Financ ial ratio(s ) not compliant


1st f inancial ratio: total debt over total assets

2nd financial ratio: cash and interest-bearing securities over total assets

3rd financial ratio: accounts receivables and cash over total assets

n/a: securities are not in parent index or not part of Islamic Universe

Country Security Name Current Index

Mkt Cap

Current Weight in

IndexReason





APPENDIX I – FOREIGN LISTED COMPANIES

Add it ions t o the MSCI Global Standard Indexes

Country Listing Security Name Company Mkt

Cap

FIF Mkt Cap (*) Index Mkt Cap Weight in Proforma

Index

Developed Markets

NL US Nxp Semiconductors 23,159 22,001 11,000 0.03%

HK SG Hongkong Land (USD) 17,858 8,929 4,464 0.01%

IL US Check Point Softw (Usd) 14,705 11,029 5,514 0.02%

IL US Mobileye (Usd) 10,191 7,643 3,822 0.01%

HK US Melco Crown Entmt Adr 9,405 3,292 1,646 0.01%

NL US Aercap Holdings Nv 7,948 7,153 3,576 0.01%

IL US Taro Pharmaceutical 6,304 2,206 1,103 0.00%

Emerging MarketsCN US Alibaba Group Hldg Adr 180,367 72,147 36,073 0.97%

CN US Baidu Adr 53,854 42,374 21,187 0.57%

CN US Jd.Com Adr 36,703 9,096 4,548 0.12%

CN US Netease Com Adr 18,315 10,989 5,495 0.15%

CN US Ctrip Com Intl Adr 11,079 10,525 5,263 0.14%

CN US Vipshop Holdings Adr 10,897 7,477 3,738 0.10%

CN US Qihoo 360 Tech A Adr 7,235 5,235 2,617 0.07%

CN US 58.Com Adr 6,998 3,707 1,853 0.05%

CN US Qunar Cayman Islands Adr 4,994 2,047 1,024 0.03%

CN US Youku Tudou Adr 4,861 2,971 1,486 0.04%

CN US New Oriental Educat Adr 3,909 3,323 1,661 0.04%

CN US Yy Inc Adr 3,196 1,707 853 0.02%

CN US Tal Education Group Adr 2,981 1,566 783 0.02%

CN US Soufun Holdings Adr 2,933 1,762 881 0.02%

Frontier Markets

BH KW Ahli United Bank (Kw) 4,512 2,710 1,355 1.51%

MU ZA Rockcastle Global (Za) 1,980 1,017 509 0.57%

AR US Globant 1,142 685 342 0.38%

AR US Adecoagro On 1,090 763 382 0.43%


(*) prior to the application of the Index Inclusion Factor (IIF) of 0.5

Jardine Matheson

and Jardine Strategic

– the two largest

foreign listed

companies in Hong

Kong – will not be

added to the MSCI

Hong Kong Index due

to failing the liquidity

requirements





Add it ions t o the MSCI Global Small Cap Indexes

Country Listing Security Name Company MktCap

FIF Mkt Cap (*) Index Mkt Cap Weight in ProformaIndex

Developed Markets

HK US Nord Anglia Education 2,076 623 311 0.01%

NL US Interxion Holding 1,961 1,471 735 0.01%

IL US Cyberark Software (Usd) 1,568 862 431 0.01%

IL US Caesarstone Sdot (Usd) 1,226 859 429 0.01%

IL US Wix.Com 855 556 278 0.01%

NL US Vtti Energy Partners 821 411 205 0.00%

IL US Orbotech (USD) 680 612 306 0.01%

IL US Radware (USD) 657 591 296 0.01%

IL US Neuroderm 485 243 121 0.00%

IL US Kornit Digital 398 139 70 0.00%

Emerging Markets

CN US Sina Corp 2,690 2,421 1,210 0.20%

CN US Cheetah Mobile A Adr 2,556 418 209 0.03%

CN US Momo A Adr 2,482 461 231 0.04%

CN US Bitauto Holdings Adr 2,114 1,057 528 0.09%

CN GB Hutchison China Meditech 2,045 613 307 0.05%

CN SG Tianjin Zhongxin Pharma 1,950 231 116 0.02%

CN US 51Job Adr 1,913 670 335 0.06%

CN US Shanda Games Adr 1,876 461 231 0.04%

CN US Sohu.Com 1,818 1,454 727 0.12%

CN US 21Vianet Group A Adr 1,745 1,299 649 0.11%

CN US Seaspan Corp N 1,669 584 292 0.05%

CN US Noah Holdings Adr 1,556 700 350 0.06%

CN US Jumei International Adr 1,484 795 397 0.07%

CN US Homeinns Hotel Group Adr 1,417 850 425 0.07%

CN US Renren A Adr 1,183 249 124 0.02%

CN US Ikang Healthcare A Adr 1,032 755 378 0.06%

CN US Changyou Com Adr 973 191 95 0.02%

CN US Ehi Car Services A Adr 886 318 159 0.03%

CN US 500.Com Adr 848 469 235 0.04%

CN US Jinkosolar Hldg Co Adr 833 583 292 0.05%

CN US Bona Film Group Adr 816 286 143 0.02%

CN US Wowo 602 211 105 0.02%

CN US Tarena International Adr 550 370 185 0.03%

CN US E Commerce China Adr 548 369 185 0.03%

CN US Idreamsky Technology Adr 518 138 69 0.01%

CN US China Yuchai Int N (Usd) 512 256 128 0.02%

CN KR China Ocean Resources 463 393 197 0.03%

CN US Ja Solar Holdings Co Adr 439 373 186 0.03%

CN US Vimicro Intl Co Adr 398 199 100 0.02%

CN US Phoenix New Media A Adr 338 145 72 0.01%

CN US Xueda Education Grp Adr 331 116 58 0.01%

CN KR Ckh Food & Health 329 181 90 0.01%

CN US Netqin Mobile A Adr 329 263 131 0.02%

CN US Kongzhong Corp Adr 329 181 90 0.01%

CN US Airmedia Group Adr 327 164 82 0.01%

Frontier Markets

AR US Arcos Dorados Holdings A 651 403 202 0.64%

BH AE Gulf Finance House (Ae) 372 335 168 0.53%

(*) prior to the application of the Index Inclusion Factor (IIF) of 0.5


The large majority of

foreign listed

companies added to

the MSCI China Small

Cap Index are US‐

listed companies, but

some of the

companies are listed

in United Kingdom,

Singapore and Korea





APPENDIX II – ENHANCEMENT IN THE CALCULATION OF LIQUIDITY

VALUES

The following table provides the list of securities that will be added to the MSCI USA and

MSCI Canada Indexes during the November 2015 SAIR due to increased liquidity as a result

of the change in the calculation of trading volumes.

Add it ions t o the MSCI Global Standard Indexes

Add it ions t o the MSCI Global Small Cap Indexes

Country Security Name Company Mkt

Cap


Index


United States 16,163 0.09%

US Markel Corp 11,966 11,966 0.06% None Mid Cap

US Plains Gp Holdings A 11,339 4,197 0.02% None Mid CapNote: All market caps are in USD millions. Data as of the c lose of October 20, 2015

Country Security Name Company Mkt

Cap


Index


United States 19,531 0.66%

US American National Ins 2,756 827 0.03% None Small Cap

US National General Hldgs 2,103 946 0.03% None Small Cap

US Monogram Residential 1,655 1,572 0.05% None Small Cap

US Ladder Capital Corp A 1,452 605 0.02% None Small Cap

US Park National Corp 1,432 1,217 0.04% None Small Cap

US Kearny Financial 1,120 1,120 0.04% None Small Cap

US Cooper Standard Holding 1,117 1,117 0.04% None Small CapUS Servisfirst Bancshares 1,083 921 0.03% None Small Cap

US Nortek 1,019 611 0.02% None Small Cap

US Terreno Realty Corp 956 956 0.03% None Small Cap

US National Healthcare Corp 924 601 0.02% None Small Cap

US Natl Western Life A 924 611 0.02% None Small Cap

US Central Garden & pet 890 187 0.01% None Small Cap

US Tompkin Financial 809 728 0.02% None Small Cap

US Par Petroleum Corp 800 360 0.01% None Small Cap

US Libbey 769 769 0.03% None Small Cap

US Gran Tierra Energy 713 713 0.02% None Small Cap

US Yadkin Financial 686 583 0.02% None Small Cap

US Gtt Communications 685 514 0.02% None Small Cap

US Atrion Corp 677 541 0.02% None Small Cap

US Diamond Hill Inv Grp 673 606 0.02% None Small Cap

US Gorman-Rupp Co (The) 671 604 0.02% None Small Cap

US Sandy Spring Bancorp 669 669 0.02% None Small CapUS First Busey Corp 582 494 0.02% None Small Cap

US United Development Fund 546 546 0.02% None Small Cap

US Ladenburg Thalmann Finl 471 259 0.01% None Small Cap

US Mainsource Financial Grp 471 447 0.02% None Small Cap

US Newstar Financial 440 198 0.01% None Small Cap

US Pacific Datavision 413 207 0.01% None Small Cap

Canada 4,096 2.29%

CA Stella-Jones 2,359 1,533 0.86% None Small Cap

CA Winpak 2,077 1,038 0.58% None Small Cap

CA Enghouse Systems 1,200 840 0.47% None Small Cap

CA Kinaxis Inc 720 504 0.28% None Small Cap

CA Corby Spirit And Wine A 418 180 0.10% None Small CapNote: All market caps are in USD millions. Data as of the close of October 20, 2015





APPENDIX III – MSCI SAUDI ARABIA INDEXES

MSCI launched the MSCI Saudi Arabia Indexes as Standalone Market Indexes effective June

1, 2015, coinciding with the opening of the Saudi Arabia equity market to foreign direct

investments.

There will be no additions to or deletions from the MSCI Saudi Arabia Index as part of the

November 2015 SAIR.

There will be no additions to and six deletions from the MSCI Saudi Arabia Small Cap Index

as part of the November 2015 SAIR.

Changes in the MSCI Saudi Arabia Indexes

One Way

Index Market # Sec. Index Market # Sec. Add Del Index

Cap Cap Turnover*

59,191 19 59,191 19 0 0 0.0%

7,619 38 7,093 32 0 6 6.9%



MSCI Saudi Arabia Index

MSCI Saudi Arabia Small Cap Index

Current Index Pro forma Index # Securities





AMERICAS

Americas 1 888 588 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

Sao 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 *

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 *

Singapore 800 852 3749 *

Sydney + 61 2 9033 9333

Taipei 008 0112 7513 *

Thailand

0018 0015

6207

7181

*

Tokyo + 81 3 5290 1555

ABOUT MSCI

For more than 40 years, MSCI’s research‐

based indexes and analytics have helped

the world’s leading investors build and

manage better portfolios. Clients rely on

our offerings for deeper insights into the

drivers of performance and risk in their

portfolios, 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 98 of the top 100 largest

money managers, according to the most

recent P&I ranking.

For more information, visit us at

www.msci.com.

* = toll free

CONTACT US

[email protected]




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.

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 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

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,

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 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 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. 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 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 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 Inc. 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 www.msci.com.

MSCI 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

applicable

products

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 MSCI’s

products or services are not 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. 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. 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

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 and product 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 mark of MSCI and Standard & Poor’s.

NOTICE ANDDISCLAIMER

Documents

MSCI_Nov15_INTSummary