MSCI World Index (USD)

The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries*. With 1,557
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

CUMULATIVE INDEX PERFORMANCE — NET RETURNS (USD) ANNUAL PERFORMANCE (%)

(AUG 2006 – AUG 2021) MSCI
Year MSCI World Emerging MSCI ACWI
Markets
MSCI World 2020 15.90 18.31 16.25
MSCI Emerging Markets 311.27
2019 27.67 18.42 26.60
300 MSCI ACWI 299.95
2018 -8.71 -14.57 -9.41
2017 22.40 37.28 23.97
2016 7.51 11.19 7.86
240.46
2015 -0.87 -14.92 -2.36
200
2014 4.94 -2.19 4.16
2013 26.68 -2.60 22.80
2012 15.83 18.22 16.13
2011 -5.54 -18.42 -7.35
2010 11.76 18.88 12.67
100 2009 29.99 78.51 34.63
2008 -40.71 -53.33 -42.19
50 2007 9.04 39.42 11.66
Aug 06 Nov 07 Feb 09 May 10 Aug 11 Nov 12 Feb 14 May 15 Aug 16 Nov 17 Feb 19 May 20 Aug 21

INDEX PERFORMANCE — NET RETURNS (%) (AUG 31, 2021) FUNDAMENTALS (AUG 31, 2021)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr DecSince Div Yld (%) P/E P/E Fwd P/BV

29, 2000

MSCI World 2.49 5.88 29.76 17.94 14.96 14.83 12.14 6.66 1.66 23.87 19.54 3.31

MSCI Emerging Markets 2.62 -4.12 21.12 2.84 9.87 10.40 4.85 9.40 2.07 15.98 13.07 2.00

MSCI ACWI 2.50 4.57 28.64 15.91 14.34 14.29 11.27 6.67 1.71 22.54 18.46 3.07

INDEX RISK AND RETURN CHARACTERISTICS (AUG 31, 2021)

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Since
Turnover 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 29, (%) Period YYYY-MM-DD
(%) 1 2000

MSCI World 2.44 18.20 14.62 13.68 0.79 0.94 0.85 0.39 57.82 2007-10-31—2009-03-09

MSCI Emerging Markets 8.45 19.21 16.51 17.56 0.52 0.61 0.32 0.46 65.25 2007-10-29—2008-10-27

MSCI ACWI 3.17 17.94 14.46 13.78 0.77 0.91 0.79 0.39 58.38 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly net returns data Based on ICE LIBOR 1M

* DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway,
Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.

The MSCI World Index was launched on Mar 31, 1986. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time
period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested
-- is no indication or guarantee of future performance.

MSCI World Index (USD) | msci.com

AUG 31, 2021

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI World Float Adj Mkt Index Sector
Number of 1,557 Cap Wt. (%)
( USD Billions)
Constituents APPLE 2,548.94 4.23 Info Tech
Mkt Cap ( USD Millions)
MICROSOFT CORP 2,163.00 3.59 Info Tech
Index 60,265,055.51
AMAZON.COM 1,485.60 2.47 Cons Discr
Largest 2,548,936.62 FACEBOOK A 912.58 1.51 Comm Srvcs
Smallest 1,543.83 ALPHABET A 870.32 1.44 Comm Srvcs
Average 38,705.88 ALPHABET C 857.65 1.42 Comm Srvcs
Median 15,526.64 TESLA 564.95 0.94 Cons Discr
NVIDIA 554.25 0.92 Info Tech
JPMORGAN CHASE & CO 488.09 0.81 Financials
JOHNSON & JOHNSON 455.10 0.76 Health Care
Total 10,900.48 18.09

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI World MSCI Emerging Markets
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS COUNTRY WEIGHTS

9.27% 6.63% 4.11%
10.45%
6.89% 3.31%

4.31% 3.2%
11.74%
2.79% 14.8%

2.78%

12.8% 2.74%

22.81% 67.95%
13.41%

Information Technology 22.81% Financials 13.41% Health Care 12.8% United States 67.95% Japan 6.63% United Kingdom 4.11% France 3.31%

Consumer Discretionary 11.74% Industrials 10.45% Communication Services 9.27% Canada 3.2% Other 14.8%

Consumer Staples 6.89% Materials 4.31% Energy 2.79% Utilities 2.78%

Real Estate 2.74%

MSCI World Index (USD) | msci.com

AUG 31, 2021

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Indexes (GIMI) Methodology —a comprehensive and consistent approach to
index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size,
sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment
opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February,
May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while
limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and
mid capitalization cutoff points are recalculated.

FACTOR BOX AND FaCS METHODOLOGY

MSCI FaCS is a standard method (MSCI FaCS Methodology) for evaluating and reporting the Factor characteristics of equity
portfolios. MSCI FaCS consists of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been
extensively documented in academic literature and validated by MSCI Research as key drivers of risk and return in equity
portfolios. These Factor Groups are constructed by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT
Reversal, Leverage, Earnings Variability/Quality, Beta) from the latest Barra global equity factor risk model, GEMLT, designed to
make fund comparisons transparent and intuitive for use. The MSCI Factor Box, which is powered by MSCI FaCS, provides a
visualization designed to easily compare absolute exposures of funds/indexes and their benchmarks along 6 Factor Groups that
have historically demonstrated excess market returns over the long run.

ABOUT MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 45 years of expertise in research, data and technology, we power better investment
decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use
to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI World Index (USD) | msci.com