Index Factsheet

MSCI World Value Index (USD)

The MSCI World Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed
Markets (DM) countries*. The value investment style characteristics for index construction are defined using three variables: book value
to price, 12-month forward earnings to price and dividend yield.
For a complete description of the index methodology, please see Index methodology - MSCI.

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

(JAN 2010 – JAN 2025)
Year MSCI World Value MSCI World

MSCI World Value 2024 12.26 19.19

490.70
MSCI World 2023 12.41 24.42
2022 -5.82 -17.73
400 2021 22.79 22.35
360.02
2020 -0.38 16.50
2019 22.74 28.40
2018 -10.09 -8.20
2017 17.95 23.07
2016 13.23 8.15
200 2015 -4.11 -0.32
2014 4.42 5.50
2013 27.52 27.37
2012 16.42 16.54
50 2011 -4.92 -5.02
Jan 10 Apr 11 Jul 12 Oct 13 Jan 15 Apr 16 Jul 17 Oct 18 Jan 20 Apr 21 Jul 22 Oct 23 Jan 25

INDEX PERFORMANCE — GROSS RETURNS (%) (JAN 31, 2025) FUNDAMENTALS (JAN 31, 2025)
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, 1974

MSCI World Value 4.55 2.48 17.02 4.55 7.95 9.37 8.26 11.37 2.77 17.08 14.62 2.27

MSCI World 3.55 5.55 21.94 3.55 10.07 12.61 11.11 11.06 1.69 23.54 19.53 3.68

INDEX RISK AND RETURN CHARACTERISTICS (JAN 31, 2025)

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 1974

MSCI World Value 18.23 15.78 18.11 15.16 0.31 0.45 0.48 na 60.70 2007-07-13—2009-03-09

MSCI World 2.36 16.59 17.93 15.06 0.43 0.62 0.65 na 57.46 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: 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 USA.

The MSCI World Value Index was launched on Dec 08, 1997. 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 Value Index (USD) | msci.com

JAN 31, 2025 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI World Value Float Adj Mkt Index Sector
Number of 952 Cap Wt. (%)
( USD Billions)
Constituents JPMORGAN CHASE & CO 760.51 2.19 Financials
Mkt Cap ( USD Millions)
BERKSHIRE HATHAWAY B 621.08 1.79 Financials
Index 34,687,089.74
UNITEDHEALTH GROUP 500.95 1.44 Health Care
Largest 760,512.53 EXXON MOBIL CORP 474.63 1.37 Energy
Smallest 968.46 HOME DEPOT 409.22 1.18 Cons Discr
Average 36,436.02 PROCTER & GAMBLE CO 390.03 1.12 Cons Staples
Median 16,815.71 JOHNSON & JOHNSON 366.26 1.06 Health Care
SALESFORCE 326.67 0.94 Info Tech
ABBVIE 324.83 0.94 Health Care
BANK OF AMERICA CORP 323.34 0.93 Financials
Total 4,497.51 12.97

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

SECTOR WEIGHTS COUNTRY WEIGHTS

7.07% 6.88% 5.66%

8.2% 4.69% 4.21%

8.29% 4.62% 3.09%

4.25% 2.57%

12.03% 3.84% 12.14%

26.97% 72.33%
13.15%

Financials 26.97% Health Care 13.15% Industrials 12.03% United States 72.33% Japan 5.66% United Kingdom 4.21% Canada 3.09%

Consumer Staples 8.29% Information Technology 8.2% France 2.57% Other 12.14%

Consumer Discretionary 7.07% Energy 6.88% Utilities 4.69% Materials 4.62%

Communication Services 4.25% Real Estate 3.84%

MSCI World Value Index (USD) | msci.com

JAN 31, 2025 Index Factsheet

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 ANYDIRECT, 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.

© 2025 MSCI Inc. All rights reserved.

MSCI World Value Index (USD) | msci.com