Index Factsheet

MSCI Europe Index (USD)

The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets (DM) countries in Europe*.
With 427 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the European
Developed Markets equity universe.

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

(SEP 2008 – SEP 2023)
Year MSCI Europe MSCI World MSCI ACWI

400 MSCI Europe 2022 -14.53 -17.73 -17.96

MSCI World 2021 16.97 22.35 19.04
MSCI ACWI 350.25 2020 5.93 16.50 16.82
325.00 2019 24.59 28.40 27.30
300 2018 -14.32 -8.20 -8.93
2017 26.24 23.07 24.62
2016 0.22 8.15 8.48
213.60 2015 -2.34 -0.32 -1.84
200 2014 -5.68 5.50 4.71
2013 25.96 27.37 23.44
2012 19.93 16.54 16.80
100
2011 -10.50 -5.02 -6.86
2010 4.49 12.34 13.21
50 2009 36.81 30.79 35.41
Sep 08 Dec 09 Mar 11 Jun 12 Sep 13 Dec 14 Mar 16 Jun 17 Sep 18 Dec 19 Mar 21 Jun 22 Sep 23

INDEX PERFORMANCE — GROSS RETURNS (%) (SEP 29, 2023) FUNDAMENTALS (SEP 29, 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 Europe -3.96 -4.91 29.69 8.60 7.89 4.58 4.44 7.86 3.28 13.85 11.95 1.88

MSCI World -4.28 -3.36 22.58 11.55 8.60 7.80 8.84 8.01 2.06 19.45 16.13 2.89

MSCI ACWI -4.10 -3.30 21.41 10.49 7.39 6.99 8.11 7.84 2.17 18.70 15.48 2.66

INDEX RISK AND RETURN CHARACTERISTICS (SEP 29, 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 Europe 2.75 20.09 19.49 16.20 0.39 0.24 0.27 na 62.72 2007-10-31—2009-03-09

MSCI World 2.20 17.65 18.48 14.67 0.46 0.41 0.57 na 57.46 2007-10-31—2009-03-09

MSCI ACWI 2.49 17.09 18.12 14.50 0.40 0.37 0.53 0.36 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 in Europe include: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK.

The MSCI Europe 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 Europe Index (USD) | msci.com

SEP 29, 2023 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI Europe Country Float Adj Mkt Index Sector
Number of 427 Cap Wt. (%)
( USD Billions)
Constituents NESTLE CH 302.78 3.15 Cons Staples
Mkt Cap ( USD Millions)
NOVO NORDISK B DK 298.34 3.10 Health Care
Index 9,608,683.89
ASML HLDG NL 238.64 2.48 Info Tech
Largest 302,782.90 SHELL GB 213.25 2.22 Energy
Smallest 1,601.42 NOVARTIS CH 210.33 2.19 Health Care
Average 22,502.77 ASTRAZENECA GB 210.02 2.19 Health Care
Median 9,710.32 LVMH MOET HENNESSY FR 209.44 2.18 Cons Discr
ROCHE HOLDING GENUSS CH 192.34 2.00 Health Care
HSBC HOLDINGS (GB) GB 155.60 1.62 Financials
TOTALENERGIES FR 148.33 1.54 Energy
Total 2,179.07 22.68

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 Europe MSCI World
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS COUNTRY WEIGHTS

7.02% 6.57%
10.69%
12.78%
6.51% 23.3%

6.33%
12.18%
4.15%
15.27%
3.18%

14.99% 0.77%
23.55%
17.91%
18.52%
16.26%

Financials 17.91% Health Care 16.26% Industrials 14.99% United Kingdom 23.55% France 18.52% Switzerland 15.27% Germany 12.78%

Consumer Staples 12.18% Consumer Discretionary 10.69% Materials 7.02% Netherlands 6.57% Other 23.3%

Information Technology 6.51% Energy 6.33% Utilities 4.15%

Communication Services 3.18% Real Estate 0.77%

MSCI Europe Index (USD) | msci.com

SEP 29, 2023 Index Factsheet

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

The information contained herein (the "Information") may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or
correct other data, to create indexes, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment
vehicles. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information or MSCI index or other product
or service constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy. Further, none of the Information or any MSCI index is
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. The Information is provided "as is"
and 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 MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT
OR INDIRECT SUPPLIERS OR ANY THIRD PARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN "MSCI PARTY") MAKES ANY WARRANTIES OR REPRESENTATIONS AND,
TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH MSCI PARTY HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR
A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF THE FOREGOING AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL ANY OF THE MSCI PARTIES 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.

© 2023 MSCI Inc. All rights reserved.

MSCI Europe Index (USD) | msci.com