Environmental, Social and Governance (ESG) investing is bringing a new lens to the world of traditional investment management. ESG is increasingly becoming a key decision criterion within the institutional and retail channels as investors seek to ensure that their investments align with their values. In this webinar, we will provide a unique understanding of distribution trends driven by ESG criteria vital to product development and sales strategies for Asset Managers. Broadridge has partnered with MSCI ESG Research to provide Asset Managers with access to ESG factors for funds. On this webinar, we will provide a detailed overview of ESG investment trends as well as present an overview of a unique set of data that provides ESG transparency on more than 27,000 funds.

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Navigating the World
of ESG Investing
February 21, 2018
Sponsored by:

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© 2016 MSCI Inc. All rights reserved.
Please refer to the disclaimer at the end of this document.
Exploring the ESG Quality of Fund Holdings
Over 100 ESG metrics measuring fund-level
exposure to factors including carbon, water,
sustainable impact, governance risks and
controversies

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Introducing MSCI ESG Research
MSCI ESG RESEARCH AWARDED FIRST PLACE IN
13 OUT OF 17 CATEGORIES, INCLUDING:
Best firm for Socially Responsible Investing Research
Corporate Governance Research | Indexes | Data
Fixed Income Research | Emerging Markets Research
1 Source: MSCI ESG Research as of March 2017
2 Based on P&I AUM data as of Dec 2015 and MSCI clients as of March 2017
Paris
London
Frankfurt
Geneva
Beijing
Hong Kong
Manila
SydneyCape Town
Mumbai
San Francisco
Boston
New York
Gaithersburg
Monterrey
Toronto Portland
Tokyo
170+
ESG analysts1
(280+ staff)
1000+
clients
47of 50
Global asset
managers2
TOP
700+
ESG equity & fixed
income indices use
MSCI ESG Research
ratings and data
Stockholm
Chicago
Seoul
INTRODUCING MSCI ESG RESEARCH
2

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Financial vs. ethical motivations
I believe that
incorporating ESG
may improve my
investment results.
My investments
should reflect my
values.
I want my
investments to
make a difference
in the world.
Understanding ESG objectives is key to design appropriate solutions
FINANCIAL VS. ETHICAL MOTIVATIONS
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USA
• Fidelity launches ESG
Leaders based mutual funds
• CalSTRS allocates $2bn to
Low Carbon Index
• Morgan Stanley and Merrill
launch SRI platform
• Betterment selects MSCI
ESG ETFs for SRI portfolio
JAPAN
• GPIF selects MSCI ESG
index for landmark
$8bn ESG allocation
NORDICS
• AMF ($15bn), Ilmarinen ($6bn) switch
equity benchmark to ESG Leaders
• AP4 ($2bn) allocation to MSCI Low
Carbon index
GERMANY
• Allianz integration across
600bn portfolio using MSCI
ESG Ratings; using MSCI to
exclude thermal coal
UK
• UK pension fund regulator
says ESG part of fiduciary
duties
• Global consultant uses ESG
Universal for DC master trust
fund
• Northern Trust launches new
ESG Leaders based funds
AUSTRALIA / New Zealand
• NZ Super allocates $10 bn
to Low Carbon
FRANCE
• MSCI Carbon Portfolio
Analytics reporting by
AO/AM to meet
requirements of Energy
Transition Law
NETHERLANDS
• PGGM - Integrating ESG across
asset classes using MSCI ESG
Ratings
• APG commitment to double SDG
investments to 58bn
SWITZERLAND
• Swiss Re switch $130bn to
MSCI ESG leaders
• UBS MSCI SRI ETFs reach 2bn
CANADA
• Ontario Teachers –
Integrating ESG across asset
classes using MSCI ESG
Ratings
• Large Canadian AO running
3 bln World ESG Leaders
Fund
TAIWAN
• BLF allocates 2.4bn
to ESG & Factors
Source: Great Expectations for ESG: What’s Next for Asset Owners and Managers” by
BNP Paribas 4
ESG INTEGRATION: STRONG MOMENTUM
ACROSS REGIONS

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Wealth and asset manager demand for greater investment
transparency and choice
5
THE GROWING DEMAND FOR
FUND-LEVEL TRANSPARENCY

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“Know what you own
and why you own it”
- Peter Lynch
Businessman and Stock Investor
Reference: http://www.marketwatch.com/story/peter-lynch-25-years-later-its-not-just-invest-in-what-you-know-2015-12-28 6

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INVESTORS WANT TRANSPARENCY
8
RetailInstitutional
Millennials
are demanding greater
transparency of the ESG
characteristics of their
investments from their
advisors2
Asset Owners
are committing to
integrate ESG across their
investment portfolios and
want transparency of ESG
across their investments1
1 https://www.msci.com/documents/10199/b3d456db-353a-4eea-8f08-c12447427940
2 http://www.theventure.com/global/en/trends/how-millennials-are-driving-impact-investing 7

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MILLENNIALS & WOMEN ARE DRIVING
ESG GROWTH IN WEALTH
Source: Morgan Stanley Institute for Sustainable Investing. Sustainable Signals: The
Individual Investor Perspective (February 2015)
of women believe ESG factors are
important aspects to consider when
making an investment (vs. 60% of men)
76%
“Wealth and asset managers
who supply millennials with
value-based investment
options will be strongly
positioned to attract new
assets to the firm as well as
retain beneficiary millennial
clients.”
Ernst & Young. Sustainable Investing – How the millennial generation invests its
wealth (2017)
of Millennial investors are interested in
sustainable investing84%
of individual investors are interested in
sustainable investing71%
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CLIENT USE CASES
TRANSPARENCY & REPORTING FOR GREATER CHOICE AND CONTROL
MEASURE ESG CHARACTERISTICS OF THE TOTAL PORTFOLIO
RANK FUNDS BASED ON ESG CHARACTERISTICS
SCREEN FOR FUNDS THAT ALIGN WITH CLIENT VALUES
COMPLEMENT MANAGER DUE DILIGENCE PROCESS
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INTRODUCING
MSCI ESG FUND METRICS
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MSCI’SAPPROACH
FUND REPORTS ESG QUALITY BADGE
FREE TOOL FOR FUND MANAGERS
27,000
MULTI-ASSET CLASS
FUNDS COVERED
MSCI ESG
FUND METRICS
100+
ESG METRICS
Delivery Channels: MSCI ESG Manager | Data Feeds | FactSet 11

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MSCI ESG FUND METRICS
13
Evaluate Mutual Funds and ETFs
exposure to:
• Carbon Intensity/Carbon Footprint
and the exposure to fossil fuel
reserves and revenues.
• ESG Risks (ESG Quality Score,
Exposure to leaders/laggards,
carbon risk, gender diversity
governance risks)
• Sustainable Impact Solutions
(Alternative Energy, Sustainable
Water, Education, Affordable Real
Estate)
• Controversial Business Activities
(e.g. Alcohol, Gambling, Tobacco,
Nuclear)
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The metrics fall into three categories of
exposure:
OVER 100 METRICS TO ALIGN WITH
ESG INVESTMENT FRAMEWORKS
SUSTAINABLE IMPACT VALUES ALIGNMENT RISK EXPOSURE
Do you have exposure to sustainable impact
companies?
How aligned are your values and investments? Are you taking unintended bets?
EXAMPLE
How many of the fund holdings derive at least
50% or more revenue from Clean Tech themes?
EXAMPLE
How many of the fund holdings are involved in
Tobacco?
EXAMPLE
How many of the fund holdings have been
flagged for CEO pay concerns?
9.3%
40%
12%
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• Transparency around the ESG Quality of a fund’s holdings may
complement manager evaluation and due diligence,
─ for example, by providing the investor with objective tools and
meaningful comparisons to facilitate a concrete dialogue around a
manager’s approach toward ESG incorporation.
• ESG Fund Metrics do not convey the quality of a fund manager’s ESG
strategy, capabilities, process, or intentionality.
ESG QUALITY OF HOLDINGS VS. ESG
QUALITY OF MANAGER
MANAGER ESG QUALITY HOLDINGS ESG QUALITY
• ESG capabilities, experience, processes
• ESG track record of manager
• Engagement strategy
• ESG integration strategy
• ESG Quality of underlying holdings
• Ability of underlying holdings to manage
medium- to long-term risks and opportunities
related to ESG issues
ESG Fund Metrics
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WHAT UNDERPINS THE ESG QUALITY
SCORE?
Sources: MSCI ESG Research, As of October 2016
Identify leaders and laggards, not business type exclusion
Focus only on most relevant ESG factors by industry
Focus on risk exposure not just disclosure
Analysis begins with a deep governance assessment
AAA AA A BBB BB B CCC
LEADERS AVERAGE LAGGARDS
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UNDERLYING METRICS HELP TELL A
MORE COMPLETE STORY OF A FUND
Source: MSCI ESG Research 2016
Fund
Peer
Group
ESG Quality
Score Peer rank Global rank
Carbon
Intensity
Sustainable
Impact
SRI
Exclusions
F&C Institutional UK Equity 4 Inc
Equity
UK 7.71 100.00 99.25 107.28 5.35 17.36
F&C UK Alpha 1 Acc
Equity
UK 7.69 99.70 99.18 108.95 4.99 18.13
JOHCM UK Opportunities B Acc
Equity
UK 7.32 98.21 96.96 147.82 6.26 18.90
Threadneedle UK Overseas Earnings Inst
Net Inc GBX
Equity
UK 7.26 97.91 96.40 85.87 5.10 13.94
Old Mutual Newton UK Opportunities A
Acc
Equity
UK 7.23 97.61 95.99 92.28 2.45 17.84
Stonehage Fleming UK Equity Income
Equity
UK 7.22 97.31 95.92 68.52 4.90 0.00
CF Lindsell Train UK Equity Inc
Equity
UK 7.16 96.72 95.02 27.24 2.91 21.10
Royal London Sustainable Leaders Trust A
Inc
Equity
UK 7.11 96.12 94.35 59.05 8.62 6.93
Newton UK Opportunities GBP Inc
Equity
UK 7.07 95.82 93.85 97.83 2.38 15.81
Scottish Widows Environmental Investor A
Acc
Equity
UK 7.04 95.52 93.39 131.41 3.13 6.96
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EXAMPLE: CARBON
Some investors may want to minimize carbon exposure
Source: MSCI ESG Research 2016
Fund
Peer
Group
ESG Quality
Score Peer rank Global rank
Carbon
Intensity
Sustainable
Impact
SRI
Exclusions
F&C Institutional UK Equity 4 Inc
Equity
UK 7.71 100.00 99.25 107.28 5.35 17.36
F&C UK Alpha 1 Acc
Equity
UK 7.69 99.70 99.18 108.95 4.99 18.13
JOHCM UK Opportunities B Acc
Equity
UK 7.32 98.21 96.96 147.82 6.26 18.90
Threadneedle UK Overseas Earnings Inst
Net Inc GBX
Equity
UK 7.26 97.91 96.40 85.87 5.10 13.94
Old Mutual Newton UK Opportunities A
Acc
Equity
UK 7.23 97.61 95.99 92.28 2.45 17.84
Stonehage Fleming UK Equity Income
Equity
UK 7.22 97.31 95.92 68.52 4.90 0.00
CF Lindsell Train UK Equity Inc
Equity
UK 7.16 96.72 95.02 27.24 2.91 21.10
Royal London Sustainable Leaders Trust A
Inc
Equity
UK 7.11 96.12 94.35 59.05 8.62 6.93
Newton UK Opportunities GBP Inc
Equity
UK 7.07 95.82 93.85 97.83 2.38 15.81
Scottish Widows Environmental Investor A
Acc
Equity
UK 7.04 95.52 93.39 131.41 3.13 6.96
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EXAMPLE: SUSTAINABLE IMPACT
Align their investments with the UN Sustainable Development Goals
Source: MSCI ESG Research 2016
Fund
Peer
Group
ESG Quality
Score Peer rank Global rank
Carbon
Intensity
Sustainable
Impact
SRI
Exclusions
F&C Institutional UK Equity 4 Inc
Equity
UK 7.71 100.00 99.25 107.28 5.35 17.36
F&C UK Alpha 1 Acc
Equity
UK 7.69 99.70 99.18 108.95 4.99 18.13
JOHCM UK Opportunities B Acc
Equity
UK 7.32 98.21 96.96 147.82 6.26 18.90
Threadneedle UK Overseas Earnings Inst
Net Inc GBX
Equity
UK 7.26 97.91 96.40 85.87 5.10 13.94
Old Mutual Newton UK Opportunities A
Acc
Equity
UK 7.23 97.61 95.99 92.28 2.45 17.84
Stonehage Fleming UK Equity Income
Equity
UK 7.22 97.31 95.92 68.52 4.90 0.00
CF Lindsell Train UK Equity Inc
Equity
UK 7.16 96.72 95.02 27.24 2.91 21.10
Royal London Sustainable Leaders Trust A
Inc
Equity
UK 7.11 96.12 94.35 59.05 8.62 6.93
Newton UK Opportunities GBP Inc
Equity
UK 7.07 95.82 93.85 97.83 2.38 15.81
Scottish Widows Environmental Investor A
Acc
Equity
UK 7.04 95.52 93.39 131.41 3.13 6.96
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EXAMPLE: VALUES ALIGNMENT
Or align their investments with other values
Source: MSCI ESG Research 2016
Fund
Peer
Group
ESG Quality
Score Peer rank Global rank
Carbon
Intensity
Sustainable
Impact
SRI
Exclusions
F&C Institutional UK Equity 4 Inc
Equity
UK 7.71 100.00 99.25 107.28 5.35 17.36
F&C UK Alpha 1 Acc
Equity
UK 7.69 99.70 99.18 108.95 4.99 18.13
JOHCM UK Opportunities B Acc
Equity
UK 7.32 98.21 96.96 147.82 6.26 18.90
Threadneedle UK Overseas Earnings Inst
Net Inc GBX
Equity
UK 7.26 97.91 96.40 85.87 5.10 13.94
Old Mutual Newton UK Opportunities A
Acc
Equity
UK 7.23 97.61 95.99 92.28 2.45 17.84
Stonehage Fleming UK Equity Income
Equity
UK 7.22 97.31 95.92 68.52 4.90 0.00
CF Lindsell Train UK Equity Inc
Equity
UK 7.16 96.72 95.02 27.24 2.91 21.10
Royal London Sustainable Leaders Trust A
Inc
Equity
UK 7.11 96.12 94.35 59.05 8.62 6.93
Newton UK Opportunities GBP Inc
Equity
UK 7.07 95.82 93.85 97.83 2.38 15.81
Scottish Widows Environmental Investor A
Acc
Equity
UK 7.04 95.52 93.39 131.41 3.13 6.96
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OVER 100 METRICS, INCLUDING:
SUSTAINABLE IMPACT
Overall
• Sustainable Impact Themes (% )
Environmental
 Clean Tech Companies (%)
 Alternative Energy (%)
 Energy Efficiency (%)
 Green Building (%)
 Pollution Prevention (%)
 Sustainable Water (%)
Social
 Social Impact Companies (%)
 Affordable Housing (%)
 Education Services (%)
 Nutritious Food (%)
 Health Care (%)
 Sanitation Products (%)
 Social Finance (%)
VALUES ALIGNMENT RISK EXPOSURE
Scores & Ranking
 ESG Quality Score (0-10)
 Peer Group Percentile Rank (1-100)
 Global Percentile Rank (1-100)
 Environmental Quality Score (0-10)
 Social Quality Score (0-10)
 Governance Quality Score (0-10)
 Rating Distribution & Trend
Environmental Risks
 Carbon Footprint
 Fossil Fuel Reserves (%)
 Water Exposure (%)
Governance Risks
 Board Flag (%)
 Board Independence (%)
 No Female Directors (%)
 Pay Flag (%)
 Ownership & Control Flag (%)
 Accounting Flag (%)
Controversies
 Severe Env. Controversies (%)
 Severe Labor Controversies (%)
 Severe Customer Controversies (%)
 Severe Human Rights and
Community Controversies (%)
 Severe Governance Controversies
(%)
International Norms Standards
 UN Global Compact Compliance
Violation (%)
 UN Global Compact Compliance
Watch List (%)
 Human Rights Norms Violation (%)
 Human Rights Norms Watch List (%)
 Labor Norms Violation (%)
 Labor Norms Watch List(%)
Business Involvement
 Catholic Values Flag (%)
 Islamic Values Flag (%)
 SRI Exclusion Criteria (%)
 Adult Entertainment (%)
 Alcohol (%)
 Gambling (%)
 Genetic Engineering - GMO (%)
 Nuclear Power (%)
 Predatory Lending (%)
 Tobacco (%)
 Controversial Weapons (%)
 Weapons (%)
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Mapping the Global Market for ETFs and Mutual Funds
$24T
13k
$6.5T
23k
Cross
Border
$6.3T
11k
$4.1T
21k
$0.3T
3k
$1.4T
10k
Source: Broadridge Global Market Intelligence
$42T 82,253
Total Assets
Dec 2017
Number of Funds
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Measures of success: Size
The biggest cross border funds and firms
Largest Cross Border Funds
AUM $B
Top Cross Border
Groups, AUM $B
1 PIMCO GIS Income Fund Bnd Gl Curr 72 BlackRock 619
2 Bridgewater Pure Alpha Strategy 18% Volatility Derivatives 36 Amundi 194
3 M&G Optimal Income Fund Bnd Flex 30 Deutsche AM 180
4 JPMorgan Investment Funds - Global Income Fund Mix Income 28 PIMCO 174
5 Carmignac Patrimoine Mix Bal 26 JP Morgan 173
6 iShares Core S&P 500 UCITS ETF (USD) Eq Nth Am 26 UBS 148
7 AB FCP I Global High Yield Portfolio Bnd Gl HY 25 AXA 139
8 DWS Top Dividende Eq Global Inc 23 Schroders 131
9 Allianz Global Investors Fund - Allianz Income and Growth Mix Income 22 Vanguard 127
10 Vanguard Funds Plc - Vanguard S&P 500 UCITS ETF Eq Nth Am 22 Prudential/M&G 124
10,750 $5.1T 96 firms 1,185 funds
Funds Assets With AUM over
$5B
With AUM over
$1B
Source: Broadridge Global Market Intelligence 22

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Top Selling Cross Border Funds
2017 $B
Top Selling Cross Border
Groups
2017 $B
1 PIMCO GIS Income Fund Bnd Gl Curr 49.1 PIMCO 67
2 Deutsche Floating Rate Notes LC Loans 7.2 BlackRock 57
3 M&G Optimal Income Fund Bnd Flex 6.8 Amundi 25
4 Allianz Global Investors Fund - Allianz Income and Growth Mix Income 6.5 Deutsche AM 21
5 JPMorgan Investment Funds - Global Income Fund Mix Income 6.5 GAM 20
6 Muzinich Enhanced Yield Short-Term Fund Bnd Eur Sh-T 5.2 Prudential/M&G 19
7 Templeton Emerging Markets Bond Fund (Lux) Bnd Em Mkt 4.8 UBS 18
8 First Eagle Amundi Income Builder Fund Mix Income 4.6 Invesco 15
9 Old Mutual Global Equity Absolute Return Eq Alt 4.4 Vanguard 14
10 BlackRock Global Funds - Global Multi-Asset Income Fund Mix Income 4.2 AXA 12
Measures of success: Growth
The biggest asset gatherers in cross border in 2017
$515B $1.2T 389 funds 523 firms
Total net flows Sum of funds in
inflow
Sold more than
$0.5B
With positive flow
Source: Broadridge Global Market Intelligence
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Measures of success: ESG
Characteristics of the top selling cross border sector
Source: Broadridge Global Market Intelligence, MSCI ESG
Cross Border Global Equities Funds 2017
MSCI ESG characteristics Broadridge
Fund Name
ESG Peer
%ile
SRI
Exclusion
Sustainabl
e Impact
Carbon
Intensity
2017 Sales
$M
Total AUM
$M
iShares Core MSCI World UCITS ETF 54 12 6 197 3,335 13,855
GS Global Core Equity Portfolio 28 11 7 206 2,699 4,215
Lindsell Train Global Equity 93 22 8 35 1,349 5,003
Capital Group New Perspective (LUX) 45 13 5 172 1,153 2,337
Morgan Stanley-Global Brands 96 21 2 28 1,063 9,980
db x-trackers MSCI World Index ETF 57 12 6 194 1,003 3,311
NN Global Sustainable Equity 51 3 9 89 977 2,058
Northern Trust World Custom ESG EUR Hedged
Equity Index
59 8 7 198 784 2,126
iShares MSCI World Momentum Factor ETF 46 11 4 88 745 1,042
Fidelity Funds - World Fund 45 6 7 200 726 2,512
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Measures of success: ESG
Cross border global equity managers, ranked by ESG quality
Source: Broadridge Global Market Intelligence, MSCI ESG
Manager name
Country of
manager
ESG Quality
Score
2017 Total
AUM $M
2017
Sales $B
Gemini Investment Management GB 7.6 19 -8
Oddo BHF Group FR 7.5 59 -21
Banco Português de Investimento
Group
PT 7.5 602 157
Prima Management LU 7.3 83 0
Comgest SA FR 7.2 22,559 2,619
Commerzbank AG DE 7.2 38 -2
Exane FR 7.0 4,213 -83
Crédit Agricole Group FR 7.0 2,043 90
Société Générale FR 7.0 58,188 6,662
SAFDICORP SA CH 6.9 19 -3
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ABOUT MSCI
About MSCI ESG Research Products and Services
MSCI ESG Research products and services are provided by MSCI ESG Research Inc., 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 Inc.
are also used in the construction of the MSCI ESG Indexes. MSCI ESG Research Inc. works with 47 of the
top 50 global asset managers, according to the most recent P&I ranking. MSCI ESG Research Inc. is a
Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc.
About MSCI
For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading
investors 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 includes indexes, analytical models, data, real estate benchmarks and
ESG research. MSCI serves 97 of the top 100 largest money managers, according to the most recent
P&I ranking.
For more information, visit us at www.msci.com.
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NOTICE AND DISCLAIMER
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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 Inc. 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 Inc. 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, FEA, InvestorForce, 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 Standard & Poor’s. “Global Industry Classification Standard (GICS)” is a
service mark of MSCI and Standard & Poor’s.
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29. Q&AQUESTIONS & ANSWERS SESSION
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