Index Factsheet

MSCI World Index (USD)

The MSCI World Index captures large and mid-cap representation across 23 Developed Markets (DM) countries*. With 1,513
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

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

(AUG 2008 – AUG 2023) MSCI
Year MSCI World Emerging MSCI ACWI
Markets
MSCI World 2022 -17.73 -19.74 -17.96
MSCI Emerging Markets 2021 22.35 -2.22 19.04
MSCI ACWI 322.54 2020 16.50 18.69 16.82
300 296.67 2019 28.40 18.88 27.30
2018 -8.20 -14.24 -8.93
2017 23.07 37.75 24.62
2016 8.15 11.60 8.48
200 2015 -0.32 -14.60 -1.84
2014 5.50 -1.82 4.71
155.34 2013 27.37 -2.27 23.44
2012 16.54 18.63 16.80
100 2011 -5.02 -18.17 -6.86
2010 12.34 19.20 13.21
50 2009 30.79 79.02 35.41
Aug 08 Nov 09 Feb 11 May 12 Aug 13 Nov 14 Feb 16 May 17 Aug 18 Nov 19 Feb 21 May 22 Aug 23

INDEX PERFORMANCE — GROSS RETURNS (%) (AUG 31, 2023) FUNDAMENTALS (AUG 31, 2023)
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 -2.35 7.10 16.21 16.54 8.93 8.88 9.86 8.16 1.98 20.22 16.93 2.98

MSCI Emerging Markets -6.13 3.66 1.69 4.86 -1.01 1.36 3.37 9.45 3.05 14.20 11.78 1.61

MSCI ACWI -2.75 6.73 14.53 15.22 7.73 7.99 9.12 7.99 2.09 19.37 16.20 2.74

INDEX RISK AND RETURN CHARACTERISTICS (AUG 31, 2023)

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 2.15 17.57 18.34 14.64 0.48 0.47 0.64 0.38 57.46 2007-10-31—2009-03-09

MSCI Emerging Markets 5.04 17.85 19.21 17.13 -0.06 0.08 0.21 0.38 65.14 2007-10-29—2008-10-27

MSCI ACWI 2.37 17.01 17.99 14.49 0.43 0.42 0.60 0.37 58.06 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly gross returns data Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

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

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

MSCI World Index (USD) | msci.com

AUG 31, 2023 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI World Float Adj Mkt Index Sector
Number of 1,513 Cap Wt. (%)
( USD Billions)
Constituents APPLE 2,972.47 5.20 Info Tech
Mkt Cap ( USD Millions)
MICROSOFT CORP 2,317.79 4.05 Info Tech
Index 57,163,408.60
AMAZON.COM 1,274.14 2.23 Cons Discr
Largest 2,972,469.00 NVIDIA 1,219.07 2.13 Info Tech
Smallest 1,127.84 ALPHABET A 811.03 1.42 Comm Srvcs
Average 37,781.50 ALPHABET C 737.73 1.29 Comm Srvcs
Median 13,922.74 TESLA 736.14 1.29 Cons Discr
META PLATFORMS A 655.33 1.15 Comm Srvcs
BERKSHIRE HATHAWAY B 467.61 0.82 Financials
EXXON MOBIL CORP 451.35 0.79 Energy
Total 11,642.66 20.37

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

7.26% 6.13% 3.94%
10.89%
7.25% 3.31%

4.87% 3.14%
11.01%
4.09% 13.56%

2.65%
12.68%
2.39%

22.22% 69.91%
14.68%

Information Technology 22.22% Financials 14.68% Health Care 12.68% United States 69.91% Japan 6.13% United Kingdom 3.94% France 3.31%

Consumer Discretionary 11.01% Industrials 10.89% Communication Services 7.26% Canada 3.14% Other 13.56%

Consumer Staples 7.25% Energy 4.87% Materials 4.09% Utilities 2.65%

Real Estate 2.39%

MSCI World Index (USD) | msci.com

AUG 31, 2023 Index Factsheet

INDEX FRAMEWORK
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.

This summary is provided for illustrative purposes only and does not include all material elements of the index or its methodology. For a complete
description of the index methodology, please see Index methodology - MSCI.

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method 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
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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