MSCI World Index (USD)

The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries*. With 1,563
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

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

(JUN 2006 – JUN 2021) MSCI
Year MSCI World Emerging MSCI ACWI
Markets
MSCI World 2020 14.06 15.84 14.33
MSCI Emerging Markets 2019 25.19 15.42 24.05
MSCI ACWI 228.59 2018 -10.44 -16.63 -11.18
221.46 2017 20.11 34.35 21.62
200 2016 5.32 8.58 5.63
183.89 2015 -2.74 -16.96 -4.26
2014 2.93 -4.63 2.10
2013 24.10 -4.98 20.25
2012 13.18 15.15 13.43
2011 -7.61 -20.41 -9.41
100 2010 9.55 16.36 10.42
2009 26.98 74.50 31.51
2008 -42.08 -54.47 -43.54
50 2007 7.09 36.46 9.64
Jun 06 Sep 07 Dec 08 Mar 10 Jun 11 Sep 12 Dec 13 Mar 15 Jun 16 Sep 17 Dec 18 Mar 20 Jun 21

INDEX PERFORMANCE — PRICE RETURNS (%) (JUN 30, 2021) FUNDAMENTALS (JUN 30, 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

31, 1987

MSCI World 1.40 7.31 37.04 12.16 13.03 12.79 8.53 6.15 1.65 27.38 19.85 3.25

MSCI Emerging Markets -0.11 4.42 38.14 6.46 8.73 10.51 1.83 8.13 1.85 18.65 14.13 2.13

MSCI ACWI 1.20 6.93 37.16 11.40 12.53 12.51 7.73 6.07 1.68 25.81 18.87 3.04

INDEX RISK AND RETURN CHARACTERISTICS (JUN 30, 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 31, (%) Period YYYY-MM-DD
(%) 1 1987

MSCI World 2.44 18.25 14.72 13.97 0.69 0.81 0.60 0.26 59.07 2007-10-31—2009-03-09

MSCI Emerging Markets 8.45 18.72 16.20 17.66 0.47 0.62 0.15 0.32 66.05 2007-10-29—2008-10-27

MSCI ACWI 3.17 17.98 14.56 14.08 0.67 0.80 0.55 0.25 59.61 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly price 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 Feb 27, 1970. 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

JUN 30, 2021

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI World Float Adj Mkt Index Sector
Number of 1,563 Cap Wt. (%)
( USD Billions)
Constituents APPLE 2,299.30 3.97 Info Tech
Mkt Cap ( USD Millions)
MICROSOFT CORP 1,941.03 3.35 Info Tech
Index 57,889,201.99
AMAZON.COM 1,472.49 2.54 Cons Discr
Largest 2,299,297.63 FACEBOOK A 836.40 1.44 Comm Srvcs
Smallest 1,740.25 ALPHABET C 738.87 1.28 Comm Srvcs
Average 37,037.24 ALPHABET A 734.34 1.27 Comm Srvcs
Median 15,138.18 TESLA 521.93 0.90 Cons Discr
NVIDIA 495.26 0.86 Info Tech
JPMORGAN CHASE & CO 474.63 0.82 Financials
JOHNSON & JOHNSON 433.05 0.75 Health Care
Total 9,947.29 17.18

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

9.12% 6.79% 4.21%
10.6%
7.05% 3.37%

4.4% 3.34%
12.03%
3.15% 14.9%

2.74%

12.54% 2.71%

22.11% 67.39%
13.55%

Information Technology 22.11% Financials 13.55% Health Care 12.54% United States 67.39% Japan 6.79% United Kingdom 4.21% France 3.37%

Consumer Discretionary 12.03% Industrials 10.6% Communication Services 9.12% Canada 3.34% Other 14.9%

Consumer Staples 7.05% Materials 4.4% Energy 3.15% Utilities 2.74%

Real Estate 2.71%

MSCI World Index (USD) | msci.com

JUN 30, 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