MSCI WEBINAR

1. © 2017 MSCI Inc. All rights reserved.
Please refer to the disclaimer at the end of this document.
HIGHLIGHTS OF THE MAY 2017
SEMI-ANNUAL INDEX REVIEW
FOR THE MSCI GLOBAL
INVESTABLE MARKET INDEXES
May 2017

2. INDEX REVIEW HIGHLIGHTS
RECLASSIFICATION OF PAKISTAN
MARKET CLASSIFICATION REFRESHER
2
1
2
3

3. MSCI Equity Indexes:
changes implemented subject to
security and market suspensions
MSCI Style
Indexes
MSCI
Thematic
Indexes
MSCI ESG
Indexes
MSCI
Strategy
Indexes
MSCI
Custom
Indexes
INDEX REVIEW SCHEDULE
3
MSCI Global Investable Market Indexes
MSCI Country and Regional Indexes, MSCI Size Indexes,
MSCI Sector Indexes
Announcement
Date:
May 15, 2017
Price Cutoff
Date:
Apr 20, 2017
Announcement
Date (T-9/ T-5):
May 19, 2017
May 25, 2017
Effective Date:
Jun 1, 2017

4. • Fully reassess equity
investable universe and
size-segmentation
• Update Foreign Inclusion
Factors (FIFs) and
Number of Shares (NOS)
for the whole equity
universe (May only)
Semi-Annual
Index
Reviews
(SAIRs) in
May and
November of
the Size
Segment
Indexes:
• Reflect only large newly
eligible securities, such
as IPOs
• Reassess size only for
securities with very
large changes
• Reflect the impact of
significant market
events on FIFs and
update NOS
Quarterly
Index
Reviews
(QIRs) in
February and
August of
the Size
Segment
Indexes:
EQUITY INDEX MAINTENANCE CYCLE
4
Rebalancing
Cycles for
Equity
Indexes
MAY SAIR
•Additions/Deletions
•NOS/FIF changes
•Migrations
AUG QIR
•Large additions
•NOS/FIF changes
•Migrations
NOV SAIR
•Additions/Deletions
•NOS/FIF changes
•Migrations
FEB QIR
•Large additions
•NOS/FIF changes
•Migrations
Corporate
Events
Corporate
Events
Corporate
Events
Corporate
Events

5. INDEX PERFORMANCE
5
MSCI ACWI IMI PERFORMANCE
From November 2016 SAIR to May 2017 SAIR cutoff dates
75
80
85
90
95
100
105
110
115
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
ACWI IMI
WORLD IMI
EMERGING MARKETS IMI

6. CHANGES IN GLOBAL MINIMUM SIZE REFERENCES
6
% Market
Coverage
Developed Markets Emerging Markets
(50% of DM)
May-17 Nov-16 May-17 Nov-16 % Change
Universe
70% Large Cap 15,008 14,361 7,504 7,180 +4.5%
85% Mid Cap 5,500 5,077 2,750 2,538 +8.3%
99% Small Cap 579 527 289 263 +9.9%
Note: All market caps are in USD millions. Data as of the close of April 20, 2017 and October 19, 2016 for the May 2017 Semi-Annual Index Review and November 2016 Semi-Annual Index
Review, respectively.

7. KEY HIGHLIGHTS FOR THE MSCI GIMI
7
Americas
•US: 21 migrations from
Small Cap to Mid Cap
following market
outperformance
EMEA
•Nigeria: Special treatment is
maintained
+105 -36 +72 -22 +131 -99
Asia Pacific
•Pakistan: Reclassification of
MSCI Pakistan Indexes to EM
from FM
REMINDER: MSCI Pakistan Indexes to be reclassified in EM as part of May 2017 SAIR
Americas IMI EMEA IMI Asia Pacific IMI
+10 -2
+95
-34
ADDITIONS DELETIONS
DM
EM
+12 -12
+60
-10
ADDITIONS DELETIONS
DM
EM
1.7%
0.7%
EM Turnover
DM Turnover
2.2%
0.8%
EM Turnover
DM Turnover
+106 -84
+25
-15
ADDITIONS DELETIONS
DM
EM
1.9%
1.2%
EM Turnover
DM Turnover

8. 9.6%
-60%
-40%
-20%
0%
20%
40%
60%
Spain
Italy
Austria
Netherlands
France
USA
Ireland
Germany
Sweden
World
Europe
Singapore
UnitedKingdom
Switzerland
Finland
Australia
Israel
HongKong
Japan
Canada
Denmark
Portugal
Norway
NewZealand
Belgium
5.9%
Poland
Pakistan
Chile
Greece
India
Thailand
Russia
Hungary
SouthAfrica
Korea
Taiwan
Peru
EM
China
UnitedArabEmirates
Colombia
Qatar
Brazil
CzechRepublic
Malaysia
Mexico
Turkey
Indonesia
Philippines
Egypt
INDEX PERFORMANCE – COUNTRY LEVEL (IMI)
8
DEVELOPED MARKET INDEXES EMERGING MARKET INDEXES
MSCI World IMI
Performance from November 2016 to May 2017 SAIR cutoff dates
Currency Performance
Local Index Performance
USD Index Performance
Legend:

9. UPDATED CUTOFFS – STANDARD SIZE-SEGMENT
9
DEVELOPED MARKETS EMERGING MARKETS
Cumulative Free Float-Adjusted Coverage
FullCompanyMarketCapitalization
Cumulative Free Float-Adjusted Coverage
Increase in Segment Number of Companies
Decrease in Segment Number of Companies
FullCompanyMarketCapitalization

10. ADDITIONS TO THE MSCI ACWI INDEX
10
EMEAAsiaPacificAmericas
# of Additions
25:
10:
22:
Selected Additions
Country Weight Comment
JP Kyushu Railway Co 0.17% IPO
IN Indian Oil Corp 0.96% Increase in FIF
TW Taiwan High Speed Rail 0.24% Listing change
Country Weight Comment
AE Damac Properties Dubai 3.94% Increase in FIF
GB Convatec Group 0.19% IPO
RU Novolipetsk Steel (Rub) 1.35% Increase in FIF
7
15
Migrations
Additions to
IMI
Country Weight Comment
US Athene Hldg Ltd Class A 0.02% IPO
BR Transmissora Alianc Unit 0.42% Float Market Cap
CO Bancolombia 10.12% Improved Liquidity

11. DELETIONS FROM THE MSCI ACWI INDEX
11
EMEAAsiaPacificAmericas
11:
7:
10:
Selected Deletions# of Deletions
Country Weight Comment
HK Cathay Pacific Airways 0.36% Float Market Cap
CN China Huishan Dairy Hldg 0.02% Migration
Country Weight Comment
BR AES Tiete Energia UNIT 0.25% Migration
US Southwestern Energy Co 0.02% Migration
Country Weight Comment
FR Sfr Group 0.20% Decrease in FIF
EG Tmg Holding 7.23% Migration

12. SELECTED SECURITIES WITH WEIGHT CHANGES
12
MSCI ACWI
DMEM
1,209
2,508
With FIF/ NOS Changes
Total Constituents
Note: All market caps are in USD millions. Data as of the close of April 20, 2017
Full Company
Mcap
Country
Weight
Cty Wt
Change
Current
FIF
New
FIF
NOS
Change
Comment
AT Raiffeisen Bank Intl 6,830 11.25% +2.13% 0.4 0.45 +12.27% Acquisition of unlisted
IT Fiat Chrysler Automobile 15,669 3.83% +0.47% 0.7 0.7 +18.54% Conversion of debt to equity
Full Company
Mcap
Country
Weight
Cty Wt
Change
Current
FIF
New
FIF
NOS
Change
Comment
IN ICICI Bank 24,581 2.27% +1.07% 0.19 0.37 +0.04% Increase in Foreign Room
PL Polski Koncern Naf Orlen 12,074 15.05% -1.23% 0.75 0.7 0.00% Block buy
Examples
Examples

13. HISTORY OF ADDITIONS AND DELETIONS
13
MSCI ACWI IMI
• Relatively low number of
deletions at the May
2017 SAIR compared to
previous SAIRs
• Net increase in
constituents for the MSCI
World IMI (+121)
• Net increase also for the
MSCI EM IMI (+30), due
to the inclusion of
Pakistan

14. Addition of Foreign
Listings
TURNOVER ANALYSIS – ACWI IMI
14
HISTORICAL INDEX TURNOVERTURNOVER BREAKDOWN
Note: The total turnover figures do not correspond to the sum of turnover
attributions, as duplication might exist across these.
PK
Reclassifi
cation

15. • The MSCI Pakistan Index will be reclassified from the MSCI Frontier Markets Index to the MSCI
Emerging Markets Index effective June 1, 2017
• The MSCI Pakistan Indexes will be made to fully converge with the MSCI Provisional Pakistan
Indexes and from that point follow Emerging Markets size and liquidity requirements
RECLASSIFICATION OF MSCI PAKISTAN INDEXES
15
Current Indexes Pro Forma Indexes
MSCI Pakistan Indexes
(Frontier Markets)
Index Market
Cap
# Sec Weight in
FM
Standard 10,131 16 9.07%
Small Cap 3,655 22 10.35%
MSCI Pakistan Indexes
(Emerging Markets/ Pro Forma)
Index Market
Cap
# Sec. Weight in
EM
Standard 6,344 6 0.14%
Small Cap 7,748 27 1.11%
converged
rebalanced
Adds Dels
One-Way
Index
Turnover
Standard 0 -10 30.0%
Small Cap +11 -6 55.4%
Adds Dels
One-Way
Index
Turnover
Standard 0 -1 11.4%
Small Cap +9 -1 30.6%
MSCI Provisional Pakistan Indexes
(Emerging Markets)
Index Market
Cap
# Sec. Weight in
EM
Standard 6,826 7 N/A
Small Cap 5,448 19 N/A
Note: All market caps are in USD millions. Data as of the close of April 20, 2017

16. RECLASSIFICATION OF MSCI PAKISTAN INDEXES
16
MSCI Pakistan Index
(Frontier Markets/
Current)
MSCI Provisional
Pakistan Index
(Current)
MSCI Pakistan Indexes
(Pro Forma)
Security Name Index Weight
in Index
Index Weight
in Index
Index Weight
in Index
Oil & Gas Development Large Cap 9.47% Large Cap 12.67% Large Cap 15.12%
Habib Bank Large Cap 14.85% Mid Cap 19.88% Mid Cap 23.72%
Pakistan Petroleum Large Cap 2.51% None - None -
United Bank Large Cap 11.14% Mid Cap 14.91% Mid Cap 17.80%
Lucky Cement Mid Cap 14.57% Mid Cap 19.49% Mid Cap 16.92%
MCB BANK Large Cap 11.27% Mid Cap 15.08% Mid Cap 12.60%
K-Electric Large Cap 1.06% None - None -
Engro Corporation Mid Cap 8.67% Mid Cap 11.60% Mid Cap 13.85%
Hub-Power Co Mid Cap 5.81% Small Cap - Small Cap -
Indus Motor Company Mid Cap 2.55% Small Cap - Small Cap -
National Bank Pakistan Mid Cap 3.12% Small Cap - Small Cap -
Fauji Fertilizer Co Mid Cap 4.76% Mid Cap 6.37% Small Cap -
Pakistan State Oil Co Mid Cap 5.61% Small Cap - Small Cap -
Pakistan Oilfields Mid Cap 3.18% Small Cap - Small Cap -
Pakistan Telecom Mid Cap 0.69% None - None -
Fatima Fertilizer Mid Cap 0.74% None - None -
Note: Data as of the close of April 20, 2017
Security Level Changes in the MSCI Pakistan Index

17. MARKETS UNDER REVIEW
17
MSCI China A Index
• On the review for potential addition to Emerging Markets. Revised proposal was
announced on March 22, 2017.
MSCI Nigeria Index
• On the review list for potential reclassification to Standalone status, as the situation
with liquidity in the foreign exchange market remained challenging.
MSCI Argentina Index
• On the review list for a potential reclassification from Frontier Markets to Emerging
Markets following removal of the capital controls.

18. MARKET CLASSIFICATION SCENARIOS
18
CONSULTATION LEAD TIME
CONSULTATION
CONSULTATION
Inclusion in the
Review List
Confirmation of
the reclassification
Implementation
Inclusion in the
Review List
Decision to extend
the consultation
Inclusion in the
Review List
Reclassification
rejected
CONSULTATION
Final decision

19. 0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Liquidity in Peru Equity Universe
Median 12M ATVR
• Following improved trading liquidity in Peru, there are two additional investable securities
in the MSCI Peru Equity Universe, bringing the total constituents for the MSCI Peru IMI to
five
IMPROVING LIQUIDITY CONDITIONS IN PERU
19
MSCI Peru
IMI
MSCI Peru Small Cap Index
Note: All market caps are in USD millions. Data as of the close of April 20, 2017
Country Company
Mkt Cap
Index Mkt
Cap
Comment
PE 2,015 655 Improved liquidity
PE 519 414 Improved liquidity
Security Name
Volcan Compania Minera B
Grana Y Montero ADR

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ABOUT MSCI
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