How to read your

company’s MSCI ESG

Ratings report

ESG Issuer Communications

MSCI ESG Research LLC

February 2023

© 2023 MSCI Inc. All rights reserved.

Please refer to the disclaimer at the end of this document.
Information Classification: GENERAL
Agenda

1 2 3 4 5
Key insights for Interpreting your Interpreting your Data sources Call to action
issuers scores assessment
MSCI ESG Ratings Driving your Issuer interaction
company’s MSCI with MSCI ESG
ESG rating Issuer
assessment Communications

Information Classification: GENERAL 2

Key insights for
issuers
MSCI ESG Ratings

3
Information Classification: GENERAL
What are ESG Ratings?
MSCI ESG Ratings aim to measure a company’s management of financially relevant ESG risks and
opportunities
To do this we measure:

Robustness of governance Exposure to risk factors Management quality &

practices, the foundation ability to limit surprise
of good risk management and event risks

CLIMATE WATER ACCIDENTS FRAUD

BOARD ACCOUNTING CHANGE SCARCITY

OWNERSHIP EXECUTIVE DATA DEMOGRAPHIC SHUTDOWNS STRIKES

AND CONTROL PAY SECURITY SHIFTS

Source: MSCI ESG Research as of June 2022

Information Classification: GENERAL 4

MSCI ESG Research’s approach to ESG Ratings
MSCI ESG Ratings is designed to measure
a company’s resilience to industry
material ESG risks and opportunities

 Financial materiality: We  Alternative data & models:  Tech-enabled human insights:

monitor emerging risks & Alternative data helps minimize We use technology and artificial
opportunities and focus on the reliance on voluntary disclosure intelligence (AI) to increase the
issues that are most relevant to to deliver key insights. timeliness and precision of data
a company’s core business collection and analysis, and to
model.  Models transform unstructured check and validate data.
 Industry relative: the final ESG data into meaningful metrics.
rating compares a company to  Our 400+ strong team of ESG
its industry peers analysts vet, validate and
transform ESG related data into
meaningful insights.

Information Classification: GENERAL

What key questions do MSCI ESG Ratings address?

Q: How is 1 Q: What risks 2 Q: What does 3 Q: What does 4

the company does the the company the company
governed? company face? say? do?
How do governance How exposed is its What is its strategy for What evidence do we
structures impede / business model to managing these risks? see that these risks
enable it to be a long- relevant short-, What measures has it are being managed?
term steward of medium- and long-term put in place? What is its track
capital? ESG risks? record?

A: Analyze ownership A: Map company A: Benchmark company A: Evaluate alternative

structure, board, operations to an disclosures and policies data from sources
incentives and extensive proprietary vs. industry peers. outside the company.
behavior. database of ESG risk
factors.

Source: MSCI ESG Research as of June 2022

Information Classification: GENERAL 6

What is the process to rate a company?

START 1 2 3
Determine Determine Establish
Peer Set Key ESG Issues Key Issue Weights

INDUSTRY LEVEL

COMPANY LEVEL
6 5 4
Compare Assess ESG Understand
AA with Peers Risk Management ESG Risk Exposure

Source: MSCI ESG Research as of June 2022

7
How are ESG peer sets constructed?

The ESG Ratings model relies on industry groupings from the Global Industry Classification
Standard (GICS®)1 to inform a range of ESG assessments.

GICS Sub-industries ESG Rating Industries

Peer set reflects groupings of companies
with similar principal business activities, Peer set reflects groupings of GICS sub-
Definition
as determined by the Global Industry industries that face similar ESG risks.
Classification Standard (GICS)

Annual review of GICS structure Annual review of mapping of GICS sub-

Review Frequency conducted by MSCI and S&P Dow Jones industries to ESG rating industries
Indices conducted by MSCI ESG Research

Key Issue ESG Materiality Determination Industry

Dependencies of ESG Ratings Benchmarking
Weights Map

1. GICS is the global industry classification standard jointly developed by MSCI and S&P Global Market Intelligence.
Source: Global Industry Classification Standard (GICS®) and MSCI ESG Research as of June 2022
8
How to interpret key dates on my report
Company ESG data is updated on an ongoing basis.
Updates yielding underlying score changes are
reflected as of the “Last Update” date.

Companies’ ESG Ratings are reviewed by industry

analysts, typically annually, which is reflected as
the “Rating action date.” The timing of analyst
reviews is determined solely by MSCI ESG Research.
MSCI ESG Ratings aim to incorporate data from all
corporate disclosures published up to three months
prior to the ESG rating action date.

Weighted Average Key Issue score (WAKI) vs

Industry Adjusted Score (IAS)
New information may be reflected in these reports
as frequently as weekly. Where relevant, scoring
changes may result in a Weighted Average Key
Issue score change.

The Industry Adjusted Score is updated at the time

of the ESG rating action date.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 9
Information Classification: GENERAL
How to interpret my ESG rating scorecard

Company Key Issue

score change, since the
last rating action

Key Issue score

explanation

Industry average is the

Weight shows the most
average Key Issue score
recent Key Issue weight
of the ESG Rating
for a company
Industry
Source: MSCI ESG Research LLC
For more information, refer to https://www.msci.com/esg-and-climate-methodologies 10
Information Classification: GENERAL
Recent developments affecting ESG scores
Recent score changes that have an impact on the WAKIS are reflected in this section.
Certain ESG scores are updated on a
weekly basis to reflect changes in
underlying data. Some possible reasons
for a data update include:

• New corporate governance data

disclosed in a proxy filing
• Update to peer set data
• New controversy or change to the
severity assessment of an existing
controversy
• New business and geographic
segment data
• Relevant data submitted by an issuer
is published by MSCI ESG Research
Source: MSCI ESG Research LLC
For more information, refer to https://www.msci.com/esg-and-climate-methodologies 11
Information Classification: GENERAL
How ESG Ratings capture a company’s unique business
characteristics
Some companies may face a unique ESG risk or opportunity that is not shared by other companies in
its industry.
Rating model details
This can arise from scenarios such as: If the sample company was rated based on a
modified version of the Textiles, Apparel & Luxury
• Unique or diversified business models Goods Industry ESG Rating model:
• Subsets of companies within an industry that Supply Chain Labor Standards has been added as a
face a unique set of risks company-specific Key Issue for textile and apparel
In these cases, a company-specific Key Issue is manufacturing companies that have outsourced
significant manufacturing in developing countries1.
added to the analysis and the weights on the
remaining Key Issues are reduced
proportionally.
For more information on rating model details and
the ESG Risk Exposure model, refer to MSCI ESG
Ratings Methodology.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies
1 Visit our ESG Industry Materiality Map to discover more information about company-specific Key Issue. 12
Information Classification: GENERAL
How to interpret controversies mentioned in my
company's ESG Ratings report
• Controversy cases based on ESG risks are incorporated in company MSCI ESG Ratings assessments
to provide an overview of all recorded controversies.
• However, only Moderate, Severe and Very Severe controversy cases result in scoring deductions
(up to 5 points) in the relevant Key Issue’s risk management sections.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 13
Information Classification: GENERAL
Interpreting my company’s peers

• ESG Rating Industries are based on GICS Sub-Industries1, which are grouped to form peer sets that have similar
ESG Key Issues.
• The Industry Adjusted Score is an industry-relative assessment based on peers in the same ESG Rating
Industry.
• The Peer Benchmarking table displays five industry peers selected based on their similarity to your company,
considering factors such as ESG Key Issue weight, GICS industry classification, region and size.

As of February 2023

1 The Global Industry Classification Standard (GICS®) Sub-Industries https://www.msci.com/gics

Source: MSCI ESG Research LLC, February 2023
For more information, refer to https://www.msci.com/esg-and-climate-methodologies
14
Information Classification: GENERAL
Interpreting your
scores

15
Information Classification: GENERAL
How scores roll up to the final ESG Rating
ESG Letter Rating (AAA-CCC)
Adjusted relative to industry peers
Final Industry Adjusted Score (0-10) Exceptional truncations

Weighted Average Key Issue Score (0-10)

Weighted average of underlying Pillar Scores

Environment Pillar Score (0-10) Social Pillar Score (0-10) Governance Pillar Score (0-10)

Each pillar is organized into underlying themes;

Pillar and Theme Scores derive from the weighted average of underlying Issue scores

Governance Key Issue Scores Score

Environmental Key Issue Scores (0-10) Social Key Issue Scores (0-10)
(0-10)

Risk Management Risk Management

Risk Exposure Scores Risk Exposure Scores Key Metrics
Scores Scores

Indicators: Indicators: Indicators: Indicators: Indicators:

Business Segments; Strategy Business Segments; Strategy; Ownership characteristics;
Geographic Segments; Programs & Initiatives Geographic Segments; Programs & Initiatives; Board and committee composition; Pay figures; Accounting
Co-spec indicators Performance Co-spec indicators Performance Controversies metrics; Policies & practices; Geographic segments;
Controversies Controversies

Source: MSCI ESG Research. February 2023

Information Classification: GENERAL 16
How to interpret your ESG Rating drill down

Step 1: Check the different 3

columns to note score
change:
a) Prior Rating action
b) The latest Rating action
c) Last Report update date

Step 2: Check respective Key

Issues and components
driving the change

Step 3: Deep dive in the

respective Key Issue sub-
section of the report for more
information on Key Issue
performance
Source: MSCI ESG Research LLC
For more information, refer to https://www.msci.com/esg-and-climate-methodologies 17
Information Classification: GENERAL
Interpreting your
assessment

18
Information Classification: GENERAL
Setting Key Issue weights

Key Issue weights are based on: Water Stress Key Issue Weights

• Industry’s contribution to externality vs. other Short Term

industries (<2 years)

• Time horizon of risk factor for that industry

Hotels, Resorts, Industrial Gases Water Utilities
• Number and significance of other issues Medium
& Cruise Lines 19% 24%
16%
assessed Term
(2-5 years)

• Minimum 33% weight applied to the

Governance Pillar, based on standard time
horizon and impact for Corporate Behavior Long Term
(>5 years)
and Corporate Governance Low Contribution to Moderate Contribution High Contribution to
Externality to Externality Externality

Source: MSCI ESG Research. Key Issue weights are as of Nov 10, 2020.
19
Information Classification: GENERAL
How can I check Key Issue weights for my sub-industry
compared to others?

Source: MSCI ESG Industry Materiality Map, Feb 2023

Information Classification: GENERAL

Evaluating ESG risk management relative to risk exposure

ESG RISK MANAGEMENT

ESG RISK EXPOSURE • Policies & commitments
• Type of operations • Programs & initiatives
• Location of operations • Performance indicators
• Controversies

EVALUATE RISK MANAGEMENT STRATEGY

IN THE CONTEXT OF RISK EXPOSURE

Source: MSCI ESG Research as of March 2021

21
Information Classification: GENERAL
Exposure assessment

Risk exposure is assessed on the basis of three key factors: Sample Company

Business Segment: Analyzes the breakdown of

a company’s business segments in terms of
revenues, assets or operations

Geographic Segment: Analyzes the breakdown

of a company’s geographic segments in terms
of revenues, assets or operations

Company-Level Factors: Number of employees,

size, reliance on government contracts or
reliance on outsourced production

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 22
Information Classification: GENERAL
Management assessment
Risk management is assessed on the basis of three key factors:

Strategy & Governance: Evaluates organizational capacity

and company management’s level of commitment to address
the key risks and opportunities, such as executive body
responsibilities, grievance escalation procedures, etc.

Initiatives and Programs: Evaluates the strength and scope

of the initiatives, programs and targets in place to improve
performance on the issue such as certifications, audits, etc.

Performance: Evaluates the company’s track record on

managing the specific risk or opportunity, such as emission
intensity, product recalls, etc.
As part of the qualitative indication of a company’s
performance on an ESG Issue, we incorporate information on
controversies in which a company has been implicated.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 23
Information Classification: GENERAL
 How is ESG risk exposure determined?

Sourced from company Assessment by MSCI Sourced from company Assessment by MSCI Sourced from company Assessment by MSCI
disclosures ESG Research disclosures ESG Research disclosures ESG Research

% of ESG risk of % of ESG risk of ESG risk

Business Geographic Other company
revenue/ business revenue/ countries and associated with
activities segments attributes
assets activities assets regions attribute

BUSINESS SEGMENT GEOGRAPHIC SEGMENT COMPANY SPECIFIC

EXPOSURE EXPOSURE EXPOSURE
Example: water intensity of business activities Example: water availability in countries of operation

EXPOSURE
SCORE
Source: MSCI ESG Research as of June 2022

Information Classification: GENERAL

 How are companies evaluated on ESG risk management?

EXAMPLE METRIC COMPANY 1 COMPANY 2

Oversight of Water Board-level Committee No evidence of oversight
Management BEST PRACTICE WORST PRACTICE

PRACTICES Water Reduction Target 5% annual reduction in water intensity No evidence of target
BEST PRACTICE WORST PRACTICE

How strong are the company’s

Practices Score 8.5/10 2.0/10 programs and policies?
21,450 m3/mil USD sales 7,150 m3/mil USD sales
Water Intensity vs. Industry Peers
2.1x industry average 0.7x industry average
PERFORMANCE How effective are its programs
Water Intensity Trend +2.1% CAGR (2016-2019) -7.8% CAGR (2016-2019)
and policies?
Performance Score 3.5/10 8.0/10

Severity of Ongoing
Controversies No ongoing controversies One Severe Controversy Do ongoing controversies
CONTROVERSIES
indicate potential lapses in
Controversy Deduction 0.0 -2.5 oversight?
MANAGEMENT Average (Practices,
6.0 / 10 2.5 / 10
SCORE Performance) - Controversies

Source: MSCI ESG Research as of March 2021

Information Classification: GENERAL

Arriving at the final Key Issue score
Example: Water Stress
Industry: Commodity Chemicals
Key Issue: Water Stress Score
Business Exposure
Business segments’ reliance on
6.9 / 10
freshwater
RISK Geographic Exposure
EXPOSURE Water availability in the regions 7.3 / 10
of operation

Exposure Score 8.5 / 10

Practices Score
Policies to reduce freshwater
5.4 / 10
usage
Performance Score
MANAGEMENT 5.5 / 10
Freshwater usage relative to
SCORE industry peers
Controversy Deduction 0

Management Score 5.5 / 10

Water Stress Key Issue Score 4.0 / 10

Source: “Commodity Chemicals Industry Report.” 2021. MSCI ESG Research. (Client access only).

Information Classification: GENERAL

Corporate Governance assessment

The scores for the four underlying Key Issues

(Ownership & Control, Board, Pay and
Accounting) are an absolute assessment of
these four aspects of a company’s governance
that use a universally applied 0-10 scale.

Each company starts with a “perfect 10” score

and scoring deductions are applied based on
the assessment of individual key metrics.

Go to the corporate governance section of the

report for more details on the key metrics
contributing to score deductions.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 27
Information Classification: GENERAL
Corporate Behavior assessment

The scores for the two underlying Key Issues

(Business Ethics & Tax Transparency) are an
absolute assessment of these two aspects of
a company’s governance that use a universally
applied 0-10 scale.
Each company starts with a “perfect 10” score
and scoring deductions are applied based on
the assessment of individual key metrics.

Business Ethics: Companies are evaluated

on their oversight and management of Tax Transparency: Companies are evaluated on their estimated
business ethics issues such as fraud, corporate tax gap (i.e., gap between estimated effective tax rate
executive misconduct, corrupt practices, and estimated statutory tax rate), revenue reporting transparency
money laundering or anti-trust violations. and their involvement in tax-related controversies.

Source: MSCI ESG Research LLC

For more information, refer to https://www.msci.com/esg-and-climate-methodologies 28
Information Classification: GENERAL
Data sources
Driving your company’s MSCI ESG
rating assessment

29
Information Classification: GENERAL
MSCI ESG Ratings utilize a diverse range of data sources

Source of Data Inputs into MSCI ESG Ratings, Sized by % of Contribution

Company-reported ESG information Information from other sources Company characteristics

Most standardized Least standardized

Data Processing
Product Risk Data Acquire data
Corporate Disclosure Aligned to ESG
Reporting Frameworks Fill data gaps with proxies and estimates
Regulatory
Agency Data Standardize data
Macro Risk Data
Events Data
Modelling
Not Aligned
Product Segment Data
Corporate Governance to ESG
Disclosure Reporting Convert to quantifiable assessment
Frameworks
Geographic Segment Other Company
Aggregate model components
Data Characteristics Apply weights

Source: MSCI ESG Research as of June 2022

30
 How different sources are incorporated into an MSCI ESG rating

Alternative data is a
significant input to ESG Ratings model

100% Company disclosures (e.g., annual financial reports,

sustainability reports, proxy reports, web information)
80% 37% Alternative Data

Alternative data sources, including specialized

60%
regulatory, government, academic and NGO datasets, and
Voluntary over 3,000 global and local news sources, power into a
40%
39% Company ESG company rating.
Disclosure

20%
Mandatory We do not use private or confidential information, to
24% Company
Disclosures maintain both transparency and traceability of sources.
0%

2,879 constituents of the MSCI ACWI Index as of January 18, 2021

Source: MSCI ESG Research

Source: MSCI ESG Research LLC 31

Information Classification: GENERAL
Call to action
Issuer interaction with MSCI ESG
Issuer Communications

32
Information Classification: GENERAL
Participate in the data review process

Login to the Issuer Communications Portal & MSCI ONE

https://esgicp.msci.com/ (all non-Climate data categories) | https://one.msci.com (for Climate data)

Data Review Efficiency

• Standardized and consistent feedback format
• Includes only company-verifiable data
• Data pre-filled; not a survey

Metric Transparency
• Better understand MSCI ESG Research’s
assessment criteria
Source: MSCI ESG Research LLC, MSCI ONE and the Issuer Communications Portal, February 2023
• All data must be publicly available 33
Information Classification: GENERAL
 Additional resources available
FAQs and instructions
Educational videos
ESG Issuer Academy ESG Ratings video

Methodology (publicly available)

Dedicated webpage on MSCI.com

Plus, on-demand webinars, thought leadership content, and more 34

Information Classification: GENERAL
About MSCI: ESG

About MSCI ESG Research Products and Services

MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are
designed to provide in-depth research, ratings and analysis of environmental, social and
governance-related business practices to companies worldwide. ESG ratings, data and analysis
from MSCI ESG Research LLC. are also used in the construction of the MSCI ESG Indexes. MSCI
ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940
and a subsidiary of MSCI Inc.

About MSCI Inc.

MSCI is a leading provider of critical decision support tools and services for the global investment
community. With over 50 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.

Information Classification: GENERAL 35

Notice and Disclaimer: ESG
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. All rights in
the Information are reserved by MSCI and/or its Information Providers.
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 LLC 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 LLC 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 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 S&P Global Market Intelligence. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence.
MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports,
promotes or is intended to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data, reports and ratings based on published methodologies and available to clients on a subscription basis. We do not provide custom or one-off ratings or recommendations
of securities or other financial instruments upon request.
Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.

Information Classification: GENERAL 36

Contact Us

MSCI ESG Issuer Communications: [email protected]

Information Classification: GENERAL 37