GICS

Global Industry Classification Standard

 Contents

The Global Industry Classification Standard (GICS®) .......................................................................................................... 3

A Guide to the GICS Methodology ........................................................................................................................................... 4

Company Classification Guidelines ........................................................................................................................................ 5

The GICS Structure ................................................................................................................................................................... 6

Energy ............................................................................................................................................................................... 12

Materials .............................................................................................................................................................................. 14

Industrials ............................................................................................................................................................................ 18

Consumer Discretionary ..................................................................................................................................................... 24

Consumer Staples ............................................................................................................................................................... 32

Health Care .......................................................................................................................................................................... 36

Financials ............................................................................................................................................................................ 38

Information Technology ...................................................................................................................................................... 42

Communication Services .................................................................................................................................................... 46

Utilities ............................................................................................................................................................................... 48

Real Estate .......................................................................................................................................................................... 50

2 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 3

 About S&P Global Market Intelligence The Global Industry Classification Standard (GICS®)
At S&P Global Market Intelligence, we know that not all information is important—some of it is vital. Accurate, The Global Industry Classification Standard (GICS®) was developed by S&P Dow Jones Indices, an independent
deep and insightful. We integrate financial and industry data, research and news into tools that help track international financial data and investment services company and a leading provider of global equity indices, and
performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform MSCI, a premier independent provider of global indices and benchmark-related products and services.
valuation and assess credit risk. Investment professionals, government agencies, corporations and universities
globally can gain the intelligence essential to making business and financial decisions with conviction. The GICS methodology aims to enhance the investment research and asset management process for financial
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for professionals worldwide. It is the result of numerous discussions with asset owners, portfolio managers and
individuals, companies and governments to make decisions with confidence. investment analysts around the world. It was designed in response to the global financial community’s need for
For more information, visit www.spglobal.com/marketintelligence. accurate, complete and standard industry definitions.

The GICS structure consists of 11 Sectors, 24 Industry groups, 69 Industries and 158 sub-industries. The full GICS
About MSCI structure is detailed in the last section of this document.

For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading investors The GICS structure is:
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 – Universal: the structure applies to companies globally
includes indexes, analytical models, data, real estate benchmarks and ESG research. MSCI serves 97 of the top – Reliable: the structure correctly reflects the current state of industries in the equity investment universe
100 largest asset managers, based upon P&I data as of December 2014 and MSCI client data as of June 2015.
For more information, visit us at www.msci.com. – Flexible: the structure offers four levels of analysis, ranging from the most general sector to the most
specialized sub-industry
– Evolving: annual reviews are conducted by S&P Dow Jones Indices and MSCI to ensure that the structure
remains fully representative of today’s global markets

The GICS methodology has been widely accepted as an industry analysis framework for investment research,
portfolio management and asset allocation. Its universal approach to industries worldwide has contributed to
transparency and efficiency in the investment process, and the GICS methodology supports the trend towards
sector-based investing.

Find GICS Maps (Full History) at:

www.spcapitaliq.com/gicsmaps

4 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 3

 A Guide to the GICS Methodology Company Classification Guidelines
The way investors classify securities into asset classes has far reaching consequences for the investment The GICS methodology assigns each company to a sub-industry, and to a corresponding industry, industry
community. Most often, security research and portfolio management are structured along the same definition of group and sector, according to the definition of its principal business activity. Since the classification is strictly
asset classes. hierarchical, at each of the four levels a company can only belong to one grouping.
Thus, the relative merits of securities are determined primarily within asset classes. A well-defined industry
classification system makes it easier for analysts to compare companies’ relative valuations and to build return The classification aims to provide an accurate, complete and long-term view of the global investment universe
and risk estimates for industries. from an industrial perspective. For most companies, revenues reflect companies’ activities more precisely than
earnings, as they are less volatile than earnings. Also, while many companies do not provide earnings breakdowns,
While most investors agree on the way a company is assigned to a country, this is not necessarily the case for any industrial and geographic breakdowns of revenues are generally available. Nevertheless, company valuations
other grouping, be it value versus growth, small versus large cap or even industry classification. Nevertheless, as are more closely related to earnings than revenues and, therefore, earnings remain an important consideration.
far as industry classification is concerned, we can distinguish four approaches. Consequently, companies are classified based primarily on revenues; however, earnings and market perception are
also considered important criteria for analysis.
At one extreme lies a purely statistical method. It is financial market-based and uses past returns. For each region,
aggregations are formed on the basis of securities’ correlations, building groups with high correlation within them The primary sources of information used to classify companies are the annual reports, financial statements
and low correlation across them. The statistical approach has several drawbacks: the resulting aggregations often and investment research reports. As a general rule, a company is classified in the sub-industry whose definition
differ across regions; the method relies on historical data only; and, finally, it often yields illogical groups. most closely describes the business activities that generate the majority of the company’s revenues. However,
a company engaged in two or more substantially different business activities, none of which contributes 60%
A more pragmatic approach is to define a priori financial market-oriented groups or themes — for example or more of revenues, is classified in the sub-industry that provides the majority of both the company’s revenues
cyclical, non-cyclical, and interest rate sensitivity. The difficulty lies in determining groups that are widely accepted and earnings. When no sub-industry provides the majority of both the company’s revenues and earnings, the
by investors, applicable globally and are relatively stable over time. classification will be determined based on further analysis.

The last two approaches are based on an economic perspective on companies. One is production-oriented while A company significantly diversified across three or more sectors, none of which contributes the majority of
the other focuses on a demand or market perspective. These classifications have limitations as the structure of the revenues or earnings, is classified either in the Industrial Conglomerates sub-industry (Industrials Sector) or the
global economy has evolved and many new industries have emerged. Multi-Sector Holdings sub-industry (Financials Sector).

S&P Dow Jones Indices and MSCI offer an alternative classification system, which has been devised to address In the case of a new company, the initial classification is based primarily on the description of the company’s
the needs of the changing global economy. We recognize that the emergence of the service era and the availability activities and pro-forma results as given in the prospectus.
of global communications have changed the market focus from producers to consumers. The GICS methodology
remains profoundly rooted in the microstructure of industries, but has shifted towards a market-oriented A company’s industry classification is reviewed either when a significant corporate restructuring occurs or when a
perspective. new financial report is made available. To provide a stable industry classification, we attempt to minimize changes
in the industry classification by disregarding temporary fluctuations in the results of a company’s different
In today’s economy, for example, drawing the line between goods and services is increasingly difficult and arbitrary, business activities.
as almost all goods are sold with a service. Thus, the distinction between consumer goods and services has been
replaced by the more market-oriented sectors of “Consumer Discretionary” and “Consumer Staples” which both In the event that the above guidelines should not appropriately capture a particular company’s business activity, its
contain goods and services sub-industries. classification will be determined based on more extensive analysis.

Finally, sectors such as Health Care, Information Technology and Communication Services accurately represent
industries that provide significant value to the consumer in today’s global, integrated economy. This contributes
to a more uniform distribution of weights among the 11 GICS sectors and provides investors with clearly defined
sectors.

4 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 5

 The GICS Structure

10 Energy 15 Materials 20 Industrials 25 Consumer Discretionary 30 Consumer Staples 35 Health Care

1010 Energy 1510 Materials 2010 Capital Goods 2510 Automobiles & Components 3010 Food & Staples Retailing 3510 Health Care Equipment & Services
101010 Energy Equipment & Services 151010 Chemicals 201010 Aerospace & Defense 251010 Auto Components 301010 Food & Staples Retailing 351010 Health Care Equipment & Supplies
10101010 Oil & Gas Drilling 15101010 Commodity Chemicals 20101010 Aerospace &Defense 25101010 Auto Parts & Equipment 30101010 Drug Retail 35101010 Health Care Equipment
10101020 Oil & Gas Equipment & Services 15101020 Diversified Chemicals 201020 Building Products 25101020 Tires & Rubber 30101020 Food Distributors 35101020 Health Care Supplies
101020 Oil, Gas & Consumable Fuels 15101030 Fertilizers & Agricultural Chemicals 20102010 Building Products 251020 Automobiles 30101030 Food Retail 351020 Health Care Providers & Services
10102010 Integrated Oil & Gas 15101040 Industrial Gases 201030 Construction & Engineering 25102010 Automobile Manufacturers 30101040 Hypermarkets & Super Centers 35102010 Health Care Distributors
10102020 Oil & Gas Exploration & Production 15101050 Specialty Chemicals 20103010 Construction & Engineering 25102020 Motorcycle Manufacturers 3020 Food, Beverage & Tobacco 35102015 Health Care Services
10102030 Oil & Gas Refining & Marketing 151020 Construction Materials 201040 Electrical Equipment 2520 Consumer Durables & Apparel 302010 Beverages 35102020 Health Care Facilities
10102040 Oil & Gas Storage & Transportation 15102010 Construction Materials 20104010 Electrical Components & Equipment 252010 Household Durables 30201010 Brewers 35102030 Managed Health Care
10102050 Coal & Consumable Fuels 151030 Containers & Packaging 20104020 Heavy Electrical Equipment 25201010 Consumer Electronics 30201020 Distillers & Vintners 351030 Health Care Technology
15103010 Metal & Glass Containers 201050 Industrial Conglomerates 25201020 Home Furnishings 30201030 Soft Drinks 35103010 Health Care Technology
15103020 Paper Packaging 20105010 Industrial Conglomerates 25201030 Homebuilding 302020 Food Products 3520 Pharmaceuticals, Biotechnology & Life Sciences
151040 Metals & Mining 201060 Machinery 25201040 Household Appliances 30202010 Agricultural Products 352010 Biotechnology
15104010 Aluminum 20106010 Construction Machinery 25201050 Housewares & Specialties 30202030 Packaged Foods & Meats 35201010 Biotechnology
15104020 Diversified Metals & Mining & Heavy Trucks 252020 Leisure Products 302030 Tobacco 352020 Pharmaceuticals
15104025 Copper 20106015 Agricultural & Farm Machinery 25202010 Leisure Products 30203010 Tobacco 35202010 Pharmaceuticals
15104030 Gold 20106020 Industrial Machinery 252030 Textiles, Apparel & Luxury Goods 3030 Household & Personal Products 352030 Life Sciences Tools & Services
15104040 Precious Metals & Minerals 201070 Trading Companies & Distributors 25203010 Apparel, Accessories & Luxury Goods 303010 Household Products 35203010 Life Sciences Tools & Services
15104045 Silver 20107010 Trading Companies & Distributors 25203020 Footwear 30301010 Household Products
15104050 Steel 2020 Commercial & Professional Services 25203030 Textiles 303020 Personal Products
151050 Paper & Forest Products 202010 Commercial Services & Supplies 2530 Consumer Services 30302010 Personal Products
15105010 Forest Products 20201010 Commercial Printing 253010 Hotels, Restaurants & Leisure
15105020 Paper Products 20201050 Environmental & Facilities Services 25301010 Casinos & Gaming
20201060 Office Services & Supplies 25301020 Hotels, Resorts & Cruise Lines
20201070 Diversified Support Services 25301030 Leisure Facilities
20201080 Security & Alarm Services 25301040 Restaurants
202020 Professional Services 253020 Diversified Consumer Services
20202010 Human Resource & 25302010 Education Services
Employment Services 25302020 Specialized Consumer Services
20202020 Research & Consulting Services 2550 Retailing
2030 Transportation 255010 Distributors
203010 Air Freight & Logistics 25501010 Distributors
20301010 Air Freight & Logistics 255020 Internet & Direct Marketing Retail
203020 Airlines 25502020 Internet & Direct Marketing Retail
20302010 Airlines 255030 Multiline Retail
203030 Marine 25503010 Department Stores
20303010 Marine 25503020 General Merchandise Stores
203040 Road & Rail 255040 Specialty Retail
20304010 Railroads 25504010 Apparel Retail
20304020 Trucking 25504020 Computer & Electronics Retail
203050 Transportation Infrastructure 25504030 Home Improvement Retail
20305010 Airport Services 25504040 Specialty Stores
20305020 Highways & Railtracks 25504050 Automotive Retail
6 S&P Global Market Intelligence | MSCI 20305030 Marine Ports & Services 25504060 Homefurnishing Retail Global Industry Classification Standard 7
 40 Financials 45 Information Technology 50 Communication Services 55 Utilities 60 Real Estate
4010 Banks 4510 Software & Services 5010 Telecommunication Services 5510 Utilities 6010 Real Estate
401010 Banks 451020 IT Services 501010 Diversified Telecommunication Services 551010 Electric Utilities 601010 Equity Real Estate Investment Trusts (REITs)
40101010 Diversified Banks 45102010 IT Consulting & Other Services 50101010 Alternative Carriers 55101010 Electric Utilities 60101010 Diversified REITs
40101015 Regional Banks 45102020 Data Processing & 50101020 Integrated Telecommunication 551020 Gas Utilities 60101020 Industrial REITs
401020 Thrifts & Mortgage Finance Outsourced Services Services 55102010 Gas Utilities 60101030 Hotel & Resort REITs
40102010 Thrift & Mortgage Finance 45102030 Internet Services & Infrastructure 501020 Wireless Telecommunication Services 551030 Multi-Utilities 60101040 Office REITs
4020 Diversified Financials 451030 Software 50102010 Wireless Telecommunication 55103010 Multi-Utilities 60101050 Health Care REITs
402010 Diversified Financial Services 45103010 Application Software Services 551040 Water Utilities 60101060 Residential REITs
40201020 Other Diversified Financial Services 45103020 Systems Software 5020 Media & Entertainment 55104010 Water Utilities 60101070 Retail REITs
40201030 Multi-Sector Holdings 4520 Technology Hardware & Equipment 502010 Media 551050 Independent Power and Renewable 60101080 Specialized REITs
40201040 Specialized Finance 452010 Communications Equipment 50201010 Advertising Electricity Producers 601020 Real Estate Management & Development
402020 Consumer Finance 45201020 Communications Equipment 50201020 Broadcasting 55105010 Independent Power Producers 60102010 Diversified Real Estate Activities
40202010 Consumer Finance 452020 Technology Hardware, Storage & Peripherals 50201030 Cable & Satellite & Energy Traders 60102020 Real Estate Operating Companies
402030 Capital Markets 45202030 Technology Hardware, Storage 50201040 Publishing 55105020 Renewable Electricity 60102030 Real Estate Development
40203010 Asset Management & Custody Banks & Peripherals 502020 Entertainment 60102040 Real Estate Services
40203020 Investment Banking & Brokerage 452030 Electronic Equipment, Instruments 50202010 Movies & Entertainment
40203030 Diversified Capital Markets & Components 50202020 Interactive Home Entertainment
40203040 Financial Exchanges & Data 45203010 Electronic Equipment & Instruments 502030 Interactive Media & Services
402040 Mortgage Real Estate Investment Trusts (REITs) 45203015 Electronic Components 50203010 Interactive Media & Services
40204010 Mortgage REITs 45203020 Electronic Manufacturing Services
4030 Insurance 45203030 Technology Distributors
403010 Insurance 4530 Semiconductors & Semiconductor Equipment
40301010 Insurance Brokers 453010 Semiconductors & Semiconductor Equipment
40301020 Life & Health Insurance 45301010 Semiconductor Equipment
40301030 Multi-line Insurance 45301020 Semiconductors
40301040 Property & Casualty Insurance
40301050 Reinsurance

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 Energy

Sector Industry Group Industry Sub-Industry

Energy Energy Energy Equipment & Services Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
10 1010 101010 10101010

Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the
10101020 drilling, evaluation and completion of oil and gas wells.

Oil, Gas & Consumable Fuels Integrated Oil & Gas Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in
101020 10102010 either refining, marketing and transportation, or chemicals.

Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere.
10102020

Oil & Gas Refining & Marketing Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
10102030 Independent Power Producers & Energy Traders sub-industries.

Oil & Gas Storage & Transportation Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas
10102040 companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.

Coal & Consumable Fuels Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
10102050 generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.

10 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 11

S&P Global Market Intelligence | MSCI 12 GLOBAL INDUSTRY CLASSIFICATION STANDARD 13

 Materials

Sector Industry Group Industry Sub-Industry

Materials Materials Chemicals Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films,
15 1510 151010 15101010 commodity-based paints and pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified
Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.

Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
15101020 Chemicals or Fertilizers & Agricultural Chemicals sub-industries.

Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
15101030

Industrial Gases Manufacturers of industrial gases.

15101040

Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not
15101050 limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.

Construction Materials Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished
151020 15102010 or semi-finished building materials are classified in the Building Products sub-industry.

Containers & Packaging Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps.
151030 15103010

Paper Packaging Manufacturers of paper and cardboard containers and packaging.

15103020

Metals & Mining Aluminum Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
151040 15104010 aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials
classified in the Building Products sub-industry.

Diversified Metals & Mining Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to,
15104020 nonferrous metal mining (except bauxite) salt and borate mining, phosphate rock mining, and diversified mining operations. Excludes iron
ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry, and coal mining, classified in
either the Steel or Coal & Consumable Fuels Sub-Industries.

Copper Companies involved primarily in copper ore mining.

12 S&P Global Market Intelligence | MSCI 15104025 Global Industry Classification Standard 13

S&P Global Market Intelligence | MSCI 14 GLOBAL INDUSTRY CLASSIFICATION STANDARD 15

 Materials
continued from previous page

Sector Industry Group Industry Sub-Industry

Materials Materials Metals & Mining Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
15 1510 151040 15104030 primarily invest in, but do not operate, gold mines.

Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining latinum.
15104040

Silver Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals and Minerals Sub-Industries.
15104045

Steel Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
15104050

Paper & Forest Products Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry.
151050 15105010

Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper
15105020 Packaging sub-industry.

14 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 15

 Industrials

Sector Industry Group Industry Sub-Industry

Industrials Capital Goods Aerospace & Defense Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
20 2010 201010 20101010

Building Products Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under
201020 20102010 Forest Products and cement and other materials classified in the Construction Materials sub-industry.

Construction & Engineering Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
201030 20103010 Excludes companies classified in the Homebuilding sub-industry.

Electrical Equipment Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
201040 20104010 Equipment sub-industry

Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
20104020 machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.

Industrial Conglomerates Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes
201050 20105010 held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries.

Machinery Construction Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts.
201060 20106010 Includes non-military shipbuilding.

Agricultural & Farm Machinery Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production
20106015 of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application
equipment, and grain dryers and blowers.

Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
20106020 compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.

Trading Companies & Distributors Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.
201070 20107010

16 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 17

 Industrials
continued from previous page

Sector Industry Group Industry Sub-Industry

Industrials Commercial & Professional Services Commercial Services & Supplies Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry.
20 2020 202010 20201010

Environmental & Facilities Services Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
20201050 pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.

Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
20201060

Diversified Support Services Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services,
20201070 dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing,
transaction services, uniform rental services, and other business support services.

Security & Alarm Services Companies providing security and protection services to business and governments. Includes companies providing services such as
20201080 correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software
classified under the Systems Software sub-industry and home security services classified under the Specialized Consumer Services
sub-industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment &
Instruments sub-industry.

Professional Services Human Resource & Employment Services Companies providing business support services relating to human capital management. Includes employment agencies, employee
202020 20202010 training, payroll & benefit support services, retirement support services and temporary agencies.

Research & Consulting Services Companies primarily providing research and consulting services to businesses and governments not classified elsewhere. Includes
20202020 companies involved in management consulting services, architectural design, business information or scientific research,
marketing, and testing & certification services. Excludes companies providing information technology consulting services
classified in the IT Consulting & Other Services sub-industry.

18 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 19

 Industrials
continued from previous page

Sector Industry Group Industry Sub-Industry

Industrials Transportation Air Freight & Logistics Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents.
20 2030 203010 20301010 Excludes those companies classified in the Airlines, Marine or Trucking sub-industries.

Airlines Airlines Companies providing primarily passenger air transportation.

203020 20302010

Marine Marine Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines
203030 20303010 sub-industry.

Road & Rail Railroads Companies providing primarily goods and passenger rail transportation.
203040 20304010

Trucking Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
20304020

Transportation Infrastructure Airport Services Operators of airports and companies providing related services.
203050 20305010

Highways & Railtracks Owners and operators of roads, tunnels and railtracks.
20305020

Marine Ports & Services Owners and operators of marine ports and related services.
20305030

20 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 21

20 21
 Consumer Discretionary

Sector Industry Group Industry Sub-Industry

Consumer Discretionary Automobiles & Components Auto Components Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
25 2510 251010 25101010 sub-industry.

Tires & Rubber Manufacturers of tires and rubber.

25101020

Automobiles Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
251020 25102010 three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.

Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry.
25102020

Consumer Durables & Apparel Household Durables Consumer Electronics Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and related products.
2520 252010 25201010 Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry, and electric
household appliances classified in the Household Appliances sub-industry.

Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
25201020

Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
25201030

Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
25201040 garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry
and personal computers classified in the Computer Hardware sub-industry.

Housewares & Specialties Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and
25201050 consumer specialties not classified elsewhere.

Leisure Products Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
252020 25202010

22 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 23

 Consumer Discretionary
continued from previous page

Sector Industry Group Industry Sub-Industry

Consumer Discretionary Consumer Durables & Apparel Textiles, Apparel & Luxury Goods Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage,
25 2520 252030 25203010 jewelry and watches. Excludes shoes classified in the Footwear sub-industry.

Footwear Manufacturers of footwear. Includes sport and leather shoes.

25203020

Textiles Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings
25203030 sub-industries.

Consumer Services Hotels, Restaurants & Leisure Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
2530 253010 25301010

Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified
25301020 elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.

Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
25301030 classified in the Movies & Entertainment sub-industry.

Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
25301040

Diversified Consumer Services Education Services Companies providing education services, either online or through conventional teaching methods. Includes private universities,
253020 25302010 correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies
providing employee education programs classified in the Human Resources & Employment Services sub-industry.

Specialized Consumer Services Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal
25302020 services, renovation & interior design services, consumer auctions and wedding & funeral services.

24 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 25

 Consumer Discretionary
continued from previous page

Sector Industry Group Industry Sub-Industry

Consumer Discretionary Retailing Distributors Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
25 2550 255010 25501010

Internet & Direct Marketing Retail Internet & Direct Marketing Retail Companies providing retail services primarily on the internet, through mail order, and TV home shopping retailers. Also
255020 25502020 includes companies providing online marketplaces for consumer products and services.

Multiline Retail Department Stores Owners and operators of department stores.

255030 25503010

General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super
25503020 centers classified in the Hypermarkets & Super Centers sub-industry.

Specialty Retail Apparel Retail Retailers specialized mainly in apparel and accessories.
255040 25504010

Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores.
25504020

Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
25504030

Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply
Specialty Stores
stores, health & vision care stores and book & entertainment stores.
25504040

Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto
Automotive Retail
accessories, motorcycles & parts, automotive glass and automotive equipment & parts.
25504050

Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings,
Homefurnishing Retail
housewares, and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail
25504060
sub-industry.

26 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 27

 Consumer Staples

Sector Industry Group Industry Sub-Industry

Consumer Staples Food & Staples Retailing Food & Staples Retailing Drug Retail Owners and operators of primarily drug retail stores and pharmacies.
30 3010 301010 30101010

Food Distributors Distributors of food products to other companies and not directly to the consumer.
30101020

Food Retail Owners and operators of primarily food retail stores.

30101030

Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food
30101040 and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively.

Food, Beverage & Tobacco Beverages Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry.
3020 302010 30201010

Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry.
30201020

Soft Drinks Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry.
30201030

Food Products Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but
302020 30202010 do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and
market the food products classified in the Packaged Foods & Meats sub-industry.

Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
30202030

Tobacco Tobacco Manufacturers of cigarettes and other tobacco products.

302030 30203010

28 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 29

 Consumer Staples
continued from previous page

Sector Industry Group Industry Sub-Industry

Consumer Staples Household & Personal Products Household Products Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not
30 3030 303010 30301010 classified in the Paper Products sub-industry.

Personal Products Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes.
303020 30302010

30 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 31

 Health Care

Sector Industry Group Industry Sub-Industry

Health Care Health Care Equipment & Services Health Care Equipment & Supplies Health Care Equipment Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems,
35 3510 351010 35101010 cardiovascular & orthopedic devices, and diagnostic equipment.

Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products,
35101020 hospital supplies, and safety needle & syringe devices.

Health Care Providers & Services Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.
351020 35102010

Health Care Services Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
35102015 management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services.

Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and
35102020 animal hospitals.

Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
35102030

Health Care Technology Health Care Technology Companies providing information technology services primarily to health care providers. Includes companies providing application,
351030 35103010 systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses
operating primarily in the Health Care sector.

Pharmaceuticals & Biotechnology & Life Sciences Biotechnology Biotechnology Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
3520 352010 35201010 and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes companies
manufacturing products using biotechnology but without a health care application.

Pharmaceuticals Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
352020 35202010

Life Sciences Tools & Services Life Sciences Tools & Services Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables
352030 35203010 & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.
32 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 33
 Financials

Sector Industry Group Industry Sub-Industry

Financials Banks Banks Diversified Banks Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,
40 4010 401010 40101010 have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of financial
services. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance Sub-Industries. Also excludes investment
banks classified in the Investment Banking & Brokerage Sub-Industry.

Regional Banks Commercial banks whose businesses are derived primarily from conventional banking operations and have significant business activity
40101015 in retail banking and small and medium corporate lending. Regional banks tend to operate in limited geographic regions. Excludes
companies in the Diversified Banks and Thrifts & Mortgage Banks sub-industries. Also excludes investment banks classified in the
Investment Banking & Brokerage sub-industry.

Thrifts & Mortgage Finance Thrifts & Mortgage Finance Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
401020 40102010 primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance
to mortgage banks.

Diversified Financials Diversified Financial Services Other Diversified Financial Services Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
4020 402010 40201020 insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional Banks and
Diversified Banks Sub-Industries.

Multi-Sector Holdings A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales.
40201030 Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a
controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry.

Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of revenue from
40201040 one specialized line of business. Includes, but not limited to, commercial financing companies, central banks, leasing institutions,
factoring services, and specialty boutiques. Excludes companies classified in the Financial Exchanges & Data sub-industry.

Consumer Finance Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
402020 40202010 pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.

34 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 35

 Financials
continued from previous page

Sector Industry Group Industry Sub-Industry

Financials Diversified Financials Capital Markets Asset Management & Custody Banks Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes
40 4020 402030 40203010 companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions
primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.

Investment Banking & Brokerage Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers
40203020 and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in
commercial lending, asset management and specialized financial activities.

Diversified Capital Markets Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
40203030 following areas: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified
companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes
companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.
Financial Exchanges & Data Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision
40203040 support tools and products including ratings agencies.

Mortgage Real Estate Investment Trusts (REITs) Mortgage REITs Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts
402040 40204010 that invest in mortgage-backed securities and other mortgage related assets.

Insurance Insurance Insurance Brokers Insurance and reinsurance brokerage firms.

4030 403010 40301010

Life & Health Insurance Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
40301020 classified in the Managed Health Care sub-industry.

Multi-line Insurance Insurance companies with diversified interests in life, health and property and casualty insurance.
40301030

Property & Casualty Insurance Companies providing primarily property and casualty insurance.
40301040

Reinsurance Companies providing primarily reinsurance.

40301050

36 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 37

 Information Technology

Sector Industry Group Industry Sub-Industry

Information Technology Software & Services IT Services IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced
45 4510 451020 45102010 Services or Internet Software & Services Sub-Industries. Includes information technology consulting and information
management services.

IT Services Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
451020
IT Services 45102020 services for back-office automation.
451020
Companies providing services and infrastructure for the internet industry including data centers and cloud networking and storage
Internet Services & Infrastructure
infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software Industry.
45102030

Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.
Software Application Software Includes enterprise and technical software, as well as cloud-based software. Excludes companies classified in the Interactive Home
451030 45103010 Entertainment Sub-Industry. Also excludes companies producing systems or database management software classified in the
Systems Software Sub-Industry.

Systems Software Companies engaged in developing and producing systems and database management software.
45103020

Home Entertainment Software

45103030

Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.
Technology Hardware & Equipment Communications Equipment Communications Equipment
Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
4520 452010 45201020

Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
Technology Hardware, Storage & Peripherals Technology Hardware, Storage & Peripherals
storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes
452020 45202030
semiconductors classified in the Semiconductors Sub-Industry.

38 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 39

 Information Technology
continued from previous page

Sector Industry Group Industry Sub-Industry

Information Technology Technology Hardware & Equipment Electronic Equipment, Instruments & Components Electronic Equipment & Instruments Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
45 4520 452030 45203010

Electronic Components Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors
45203015 and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components and
other electronic equipment not classified elsewhere.

Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
45203020

Technology Distributors Distributors of technology hardware and equipment. Includes distributors of communications equipment,
45203030 computers & peripherals, semiconductors, and electronic equipment and components.

Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment Semiconductor Equipment Manufacturers of semiconductor equipment.
4530 453010 45301010

Semiconductors Manufacturers of semiconductors and related products.

45301020

40 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 41

 Communication Services

Sector Industry Group Industry

Sub-Industry

Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic
Communication Services Telecommunication Services Diversified Telecommunication Services Alternative Carriers
cable network.
50 5010 501010 50101010

Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
Integrated Telecommunication Services
telecommunications services not classified elsewhere. Also includes internet service providers offering internet
50101020
access to end users.

Wireless Telecommunication Services Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services.
501020 50102010

Media &Entertainment Media Advertising Companies providing advertising, marketing or public relations services.
5020 502010 50201010

Broadcasting Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television
50201020 broadcasting, radio networks, and radio stations.

Cable & Satellite Providers of cable or satellite television services. Includes cable networks and program distribution.
50201030

Publishing Publishers of newspapers, magazines and books in print or electronic formats.

50201040

Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the
Movies & Entertainment
502020 production, distribution and screening of movies and television shows, producers and distributors of music, entertainment
50202010
theaters and sports teams. Also includes companies offering and/or producing entertainment content streamed online.

Interactive Home Entertainment Producers of interactive gaming products, including mobile gaming applications. Also includes educational software used
50202020 primarily in the home. Excludes online gambling companies classified in the Casinos & Gaming Sub-Industry.

Interactive Media & Services Companies engaging in content and information creation or distribution through proprietary platforms, where revenues are
Interactive Media & Services
502030 derived primarily through pay-per-click advertisements. Includes search engines, social media and networking platforms,
50203010
42 S&P Global Market Intelligence | MSCI Global Industry
online classifieds, and online review companies. Excludes companies operating online marketplaces Classification
classified in Internet &Standard 43
Direct Marketing Retail.
 Utilities

Sector Industry Group Industry Sub-Industry

Utilities Utilities Electric Utilities Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
55 5510 551010 55101010

Gas Utilities Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in
551020 55102010 gas exploration or production classified in Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural
gas companies classified in the Oil & Gas Storage & Transportation sub-industry.

Multi-Utilities Multi-Utilities Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations.
551030 55103010

Water Utilities Water Utilities Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
551040 55104010

Independent Power & Renewable Independent Power Producers & Energy Traders Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy
Electricity Producers 55105010 Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes
551050 electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.

Renewable Electricity Companies that engage in generation and distribution of electricity using renewable sources, including, but not limited to, companies
55105020 that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes companies manufacturing
capital equipment used to generate electricity using renewable sources, such as manufacturers of solar power systems and installers
of photovoltaic cells and companies involved in the provision of technology, components, and services mainly to this market.

44 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 45

 Real Estate

Sector Industry Group Industry Sub-Industry

Real Estate Real Estate Equity Real Estate Investment Trusts (REITs) Diversified REITs Companies or trusts with significantly diversified operations across two or more property types.
60 6010 601010 60101010

Industrial REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties.
60101020 Includes companies operating industrial warehouses and distribution properties.

Hotel & Resort REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
60101030 resort properties.

Office REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
60101040

Health Care REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the
60101050 health care industry, including hospitals, nursing homes, and assisted living properties.

Residential REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties
60101060 including multi-family homes, apartments, manufactured homes and student housing properties.

Retail REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
60101070 outlet malls, neighborhood and community shopping centers.

Specialized REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
60101080 classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not generate
a majority of their revenues and income from real estate rental and leasing operations.

Real Estate Management & Development Diversified Real Estate Activities Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management,
601020 60102010 or real estate services, but with no dominant business line.

Real Estate Operating Companies Companies engaged in operating real estate properties for the purpose of leasing & management.
60102020

Real Estate Development Companies that develop real estate and sell the properties after development. Excludes companies classified in the
60102030 Homebuilding sub-industry.

Real Estate Services Real estate service providers such as real estate agents, brokers & real estate appraisers.
60102040
46 S&P Global Market Intelligence | MSCI Global Industry Classification Standard 47
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