GICS ®

Global Industry Classification Standard

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The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of, Standard & Poor’s Financial Services LLC (S&P) and MSCI. “GICS” is the trademark of
Standard & Poor’s Financial Services LLC (S&P) and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of Standard & Poor’s Financial Services LLC
(S&P) and MSCI. GICS Direct is a joint product of Standard & Poor’s Financial Services LLC (S&P) and MSCI, which provides the current, company-level GICS classification codes for over 40,000
companies worldwide.
Copyright © 2016 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.
 Contents

The Global Industry Classification Standard (GICS®). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

A Guide to the GICS Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Company Classification Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
The GICS Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Industrials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Consumer Discretionary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Consumer Staples. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Health Care. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Financials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Information Technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Telecommunication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
The Global Industry Classification Standard (GICS®)

The Global Industry Classification Standard (GICS®) was developed by S&P Dow Jones Indices, an independent
international financial data and investment services company and a leading provider of global equity indices, and
MSCI, a premier independent provider of global indices and benchmark-related products and services.

The GICS methodology aims to enhance the investment research and asset management process for financial
professionals worldwide. It is the result of numerous discussions with asset owners, portfolio managers and
investment analysts around the world. It was designed in response to the global financial community’s need for
accurate, complete and standard industry definitions.

The GICS structure consists of 11 Sectors, 24 Industry groups, 68 Industries and 157 sub-industries. The full GICS
structure is detailed in the last section of this document.

The GICS structure is:

– Universal: the structure applies to companies globally

– Reliable: the structure correctly reflects the current state of industries in the equity investment universe

– Flexible: the structure offers four levels of analysis, ranging from the most general sector to the most specialized
sub-industry

– Evolving: annual reviews are conducted by S&P Dow Jones Indices and MSCI to ensure that the structure remains
fully representative of today’s global markets

The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio
management and asset allocation. Its universal approach to industries worldwide has contributed to transparency and
efficiency in the investment process, and the GICS methodology supports the trend towards sector-based investing.

Find GICS Maps (Full History) at:

http://www.spcapitaliq.com/gicsmaps/

GLOBAL INDUSTRY CLASSIFICATION STANDARD 3

A Guide to the GICS Methodology

The way investors classify securities into asset classes has far reaching consequences for the investment community.
Most often, security research and portfolio management are structured along the same definition of asset classes.
Thus, the relative merits of securities are determined primarily within asset classes. A well-defined industry
classification system makes it easier for analysts to compare companies’ relative valuations and to build return and
risk estimates for industries.

While most investors agree on the way a company is assigned to a country, this is not necessarily the case for any
other grouping, be it value versus growth, small versus large cap or even industry classification. Nevertheless, as far as
industry classification is concerned, we can distinguish four approaches.

At one extreme lies a purely statistical method. It is financial market-based and uses past returns. For each region,
aggregations are formed on the basis of securities’ correlations, building groups with high correlation within them and
low correlation across them. The statistical approach has several drawbacks: the resulting aggregations often differ
across regions; the method relies on historical data only; and, finally, it often yields illogical groups.

A more pragmatic approach is to define a priori financial market-oriented groups or themes — for example cyclical,
non-cyclical, and interest rate sensitivity. The difficulty lies in determining groups that are widely accepted by
investors, applicable globally and are relatively stable over time.

The last two approaches are based on an economic perspective on companies. One is production-oriented while the
other focuses on a demand or market perspective. These classifications have limitations as the structure of the global
economy has evolved and many new industries have emerged.

S&P Dow Jones Indices and MSCI offer an alternative classification system, which has been devised to address the
needs of the changing global economy. We recognize that the emergence of the service era and the availability of
global communications have changed the market focus from producers to consumers. The GICS methodology remains
profoundly rooted in the microstructure of industries, but has shifted towards a market-oriented perspective.

In today’s economy, for example, drawing the line between goods and services is increasingly difficult and arbitrary,
as almost all goods are sold with a service. Thus, the distinction between consumer goods and services has been
replaced by the more market-oriented sectors of “Consumer Discretionary” and “Consumer Staples” which both
contain goods and services sub-industries.

Finally, sectors such as Health Care, Information Technology and Telecommunication Services accurately represent
industries that provide significant value to the consumer in today’s global, integrated economy. This contributes to a
more uniform distribution of weights among the 11 GICS sectors and provides investors with clearly defined sectors.

S&P Global Market Intelligence | MSCI 4

Company Classification Guidelines

The GICS methodology assigns each company to a sub-industry, and to a corresponding industry, industry group and
sector, according to the definition of its principal business activity. Since the classification is strictly hierarchical, at
each of the four levels a company can only belong to one grouping.

The classification aims to provide an accurate, complete and long-term view of the global investment universe from
an industrial perspective. For most companies, revenues reflect companies’ activities more precisely than earnings,
as they are less volatile than earnings. Also, while many companies do not provide earnings breakdowns, industrial
and geographic breakdowns of revenues are generally available. Nevertheless, company valuations are more closely
related to earnings than revenues and, therefore, earnings remain an important consideration. Consequently,
companies are classified based primarily on revenues; however, earnings and market perception are also considered
important criteria for analysis.

The primary sources of information used to classify companies are the annual reports, financial statements and
investment research reports. As a general rule, a company is classified in the sub-industry whose definition most
closely describes the business activities that generate the majority of the company’s revenues. However, a company
engaged in two or more substantially different business activities, none of which contributes 60% or more of revenues,
is classified in the sub-industry that provides the majority of both the company’s revenues and earnings. When no
sub-industry provides the majority of both the company’s revenues and earnings, the classification will be determined
based on further analysis.

A company significantly diversified across three or more sectors, none of which contributes the majority of revenues
or earnings, is classified either in the Industrial Conglomerates sub-industry (Industrials Sector) or the Multi-Sector
Holdings sub-industry (Financials Sector).

In the case of a new company, the initial classification is based primarily on the description of the company’s activities
and pro-forma results as given in the prospectus.

A company’s industry classification is reviewed either when a significant corporate restructuring occurs or when a new
financial report is made available. To provide a stable industry classification, we attempt to minimize changes in the
industry classification by disregarding temporary fluctuations in the results of a company’s different business activities.

In the event that the above guidelines should not appropriately capture a particular company’s business activity, its
classification will be determined based on more extensive analysis.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 5

The GICS Structure

10 Energy 15 Materials
1010 Energy 1510 Materials
101010 Energy Equipment & Services 151010 Chemicals
10101010 Oil & Gas Drilling 15101010 Commodity Chemicals
10101020 Oil & Gas Equipment & Services 15101020 Diversified Chemicals
101020 Oil, Gas & Consumable Fuels 15101030 Fertilizers & Agricultural Chemicals
10102010 Integrated Oil & Gas 15101040 Industrial Gases
10102020 Oil & Gas Exploration & Production 15101050 Specialty Chemicals
10102030 Oil & Gas Refining & Marketing 151020 Construction Materials
10102040 Oil & Gas Storage & Transportation 15102010 Construction Materials
10102050 Coal & Consumable Fuels 151030 Containers & Packaging
15103010 Metal & Glass Containers
15103020 Paper Packaging
151040 Metals & Mining
15104010 Aluminum
15104020 Diversified Metals & Mining
15104025 Copper
15104030 Gold
15104040 Precious Metals & Minerals
15104045 Silver
15104050 Steel
151050 Paper & Forest Products
15105010 Forest Products
15105020 Paper Products

S&P Global Market Intelligence | MSCI 6

 20 Industrials 25 Consumer Discretionary
2010 Capital Goods 2510 Automobiles & Components
201010 Aerospace & Defense 251010 Auto Components
20101010 Aerospace & Defense 25101010 Auto Parts & Equipment
201020 Building Products 25101020 Tires & Rubber
20102010 Building Products 251020 Automobiles
201030 Construction & Engineering 25102010 Automobile Manufacturers
20103010 Construction & Engineering 25102020 Motorcycle Manufacturers
201040 Electrical Equipment 2520 Consumer Durables & Apparel
20104010 Electrical Components & Equipment 252010 Household Durables
20104020 Heavy Electrical Equipment 25201010 Consumer Electronics
201050 Industrial Conglomerates 25201020 Home Furnishings
20105010 Industrial Conglomerates 25201030 Homebuilding
201060 Machinery 25201040 Household Appliances
20106010 Construction Machinery & Heavy Trucks 25201050 Housewares & Specialties
20106015 Agricultural & Farm Machinery 252020 Leisure Products
20106020 Industrial Machinery 25202010 Leisure Products
201070 Trading Companies & Distributors 252030 Textiles, Apparel & Luxury Goods
20107010 Trading Companies & Distributors 25203010 Apparel, Accessories & Luxury Goods
2020 Commercial & Professional Services 25203020 Footwear
202010 Commercial Services & Supplies 25203030 Textiles
20201010 Commercial Printing 2530 Consumer Services
20201050 Environmental & Facilities Services 253010 Hotels, Restaurants & Leisure
20201060 Office Services & Supplies 25301010 Casinos & Gaming
20201070 Diversified Support Services 25301020 Hotels, Resorts & Cruise Lines
20201080 Security & Alarm Services 25301030 Leisure Facilities
202020 Professional Services 25301040 Restaurants
20202010 Human Resource & Employment Services 253020 Diversified Consumer Services
20202020 Research & Consulting Services 25302010 Education Services
2030 Transportation 25302020 Specialized Consumer Services
203010 Air Freight & Logistics 2540 Media
20301010 Air Freight & Logistics 254010 Media
203020 Airlines 25401010 Advertising
20302010 Airlines 25401020 Broadcasting
203030 Marine 25401025 Cable & Satellite
20303010 Marine 25401030 Movies & Entertainment
203040 Road & Rail 25401040 Publishing
20304010 Railroads
20304020 Trucking
203050 Transportation Infrastructure
20305010 Airport Services
20305020 Highways & Railtracks
20305030 Marine Ports & Services

GLOBAL INDUSTRY CLASSIFICATION STANDARD 7

 25 Consumer Discretionary (continued) 30 Consumer Staples
2550 Retailing 3010 Food & Staples Retailing
255010 Distributors 301010 Food & Staples Retailing
25501010 Distributors 30101010 Drug Retail
255020 Internet & Direct Marketing Retail 30101020 Food Distributors
25502020 Internet & Direct Marketing Retail 30101030 Food Retail
255030 Multiline Retail 30101040 Hypermarkets & Super Centers
25503010 Department Stores 3020 Food, Beverage & Tobacco
25503020 General Merchandise Stores 302010 Beverages
255040 Specialty Retail 30201010 Brewers
25504010 Apparel Retail 30201020 Distillers & Vintners
25504020 Computer & Electronics Retail 30201030 Soft Drinks
25504030 Home Improvement Retail 302020 Food Products
25504040 Specialty Stores 30202010 Agricultural Products
25504050 Automotive Retail 30202030 Packaged Foods & Meats
25504060 Homefurnishing Retail 302030 Tobacco
30203010 Tobacco
3030 Household & Personal Products
303010 Household Products
30301010 Household Products
303020 Personal Products
30302010 Personal Products

S&P Global Market Intelligence | MSCI 8

 35 Health Care 40 Financials
3510 Health Care Equipment & Services 4010 Banks
351010 Health Care Equipment & Supplies 401010 Banks
35101010 Health Care Equipment 40101010 Diversified Banks
35101020 Health Care Supplies 40101015 Regional Banks
351020 Health Care Providers & Services 401020 Thrifts & Mortgage Finance
35102010 Health Care Distributors 40102010 Thrift & Mortgage Finance
35102015 Health Care Services 4020 Diversified Financials
35102020 Health Care Facilities 402010 Diversified Financial Services
35102030 Managed Health Care 40201020 Other Diversified Financial Services
351030 Health Care Technology 40201030 Multi-Sector Holdings
35103010 Health Care Technology 40201040 Specialized Finance
3520 Pharmaceuticals, Biotechnology & Life Sciences 402020 Consumer Finance
352010 Biotechnology 40202010 Consumer Finance
35201010 Biotechnology 402030 Capital Markets
352020 Pharmaceuticals 40203010 Asset Management & Custody Banks
35202010 Pharmaceuticals 40203020 Investment Banking & Brokerage
352030 Life Sciences Tools & Services 40203030 Diversified Capital Markets
35203010 Life Sciences Tools & Services 40203040 Financial Exchanges & Data
402040 Mortgage Real Estate Investment Trusts (REITs)
40204010 Mortgage REITs
4030 Insurance
403010 Insurance
40301010 Insurance Brokers
40301020 Life & Health Insurance
40301030 Multi-line Insurance
40301040 Property & Casualty Insurance
40301050 Reinsurance

GLOBAL INDUSTRY CLASSIFICATION STANDARD 9

 45 Information Technology 50 Telecommunication Services
4510 Software & Services 5010 Telecommunication Services
451010 Internet Software & Services 501010 Diversified Telecommunication Services
45101010 Internet Software & Services 50101010 Alternative Carriers
451020 IT Services 50101020 Integrated Telecommunication Services
45102010 IT Consulting & Other Services 501020 Wireless Telecommunication Services
45102020 Data Processing & Outsourced Services 50102010 Wireless Telecommunication Services
451030 Software
45103010 Application Software
45103020 Systems Software
45103030 Home Entertainment Software
4520 Technology Hardware & Equipment
452010 Communications Equipment
45201020 Communications Equipment
452020 Technology Hardware, Storage & Peripherals
45202030 Technology Hardware, Storage & Peripherals
452030 Electronic Equipment, Instruments & Components
45203010 Electronic Equipment & Instruments
45203015 Electronic Components
45203020 Electronic Manufacturing Services
45203030 Technology Distributors
4530 Semiconductors & Semiconductor Equipment
453010 Semiconductors & Semiconductor Equipment
45301010 Semiconductor Equipment
45301020 Semiconductors

S&P Global Market Intelligence | MSCI 10

 55 Utilities 60 Real Estate
5510 Utilities 6010 Real Estate
551010 Electric Utilities 601010 Equity Real Estate Investment Trusts (REITs)
55101010 Electric Utilities 60101010 Diversified REITs
551020 Gas Utilities 60101020 Industrial REITs
55102010 Gas Utilities 60101030 Hotel & Resort REITs
551030 Multi-Utilities 60101040 Office REITs
55103010 Multi-Utilities 60101050 Health Care REITs
551040 Water Utilities 60101060 Residential REITs
55104010 Water Utilities 60101070 Retail REITs
551050 Independent Power and Renewable Electricity Producers 60101080 Specialized REITs
55105010 Independent Power Producers & Energy Traders 601020 Real Estate Management & Development
55105020 Renewable Electricity 60102010 Diversified Real Estate Activities
60102020 Real Estate Operating Companies
60102030 Real Estate Development
60102040 Real Estate Services

GLOBAL INDUSTRY CLASSIFICATION STANDARD 11

Sector Industry Group Industry

Energy Energy Energy Equipment & Services

10 1010 101010

Oil, Gas & Consumable Fuels

101020

S&P Global Market Intelligence | MSCI 12

 Energy

Sub-Industry

Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
10101010

Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the
10101020 drilling, evaluation and completion of oil and gas wells.

Integrated Oil & Gas Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in
10102010 either refining, marketing and transportation, or chemicals.

Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere.
10102020

Oil & Gas Refining & Marketing Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
10102030 Independent Power Producers & Energy Traders sub-industries.

Oil & Gas Storage & Transportation Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas
10102040 companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.

Coal & Consumable Fuels Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
10102050 generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 13

Sector Industry Group Industry

Materials Materials Chemicals

15 1510 151010

Construction Materials
151020

Containers & Packaging

151030

Metals & Mining

151040

S&P Global Market Intelligence | MSCI 14

 Materials

Sub-Industry

Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films,
15101010 commodity-based paints and pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified
Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.

Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
15101020 Chemicals or Fertilizers & Agricultural Chemicals sub-industries.

Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
15101030

Industrial Gases Manufacturers of industrial gases.

15101040

Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not
15101050 limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.

Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished
15102010 or semi-finished building materials are classified in the Building Products sub-industry.

Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps.
15103010

Paper Packaging Manufacturers of paper and cardboard containers and packaging.

15103020

Aluminum Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
15104010 aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials
classified in the Building Products sub-industry.

Diversified Metals & Mining Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to,
15104020 nonferrous metal mining (except bauxite) salt and borate mining, phosphate rock mining, and diversified mining operations. Excludes iron
ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry, and coal mining, classified in
either the Steel or Coal & Consumable Fuels Sub-Industries.

Copper Companies involved primarily in copper ore mining.

15104025

GLOBAL INDUSTRY CLASSIFICATION STANDARD 15

Sector Industry Group Industry

Materials Materials Metals & Mining

15 1510 151040

Paper & Forest Products

151050

S&P Global Market Intelligence | MSCI 16

 Materials
continued from previous page

Sub-Industry

Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
15104030 primarily invest in, but do not operate, gold mines.

Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining latinum.
15104040

Silver Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals and Minerals Sub-Industries.
15104045

Steel Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
15104050

Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry.
15105010

Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper
15105020 Packaging sub-industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 17

Sector Industry Group Industry

Industrials Capital Goods Aerospace & Defense

20 2010 201010

Building Products
201020

Construction & Engineering

201030

Electrical Equipment
201040

Industrial Conglomerates
201050

Machinery
201060

Trading Companies & Distributors

201070

S&P Global Market Intelligence | MSCI 18

 Industrials

Sub-Industry

Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
20101010

Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under
20102010 Forest Products and cement and other materials classified in the Construction Materials sub-industry.

Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
20103010 Excludes companies classified in the Homebuilding sub-industry.

Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
20104010 Equipment sub-industry

Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
20104020 machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.

Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes
20105010 held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries.

Construction Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts.
20106010 Includes non-military shipbuilding.

Agricultural & Farm Machinery Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production
20106015 of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application
equipment, and grain dryers and blowers.

Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
20106020 compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.

Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.
20107010

GLOBAL INDUSTRY CLASSIFICATION STANDARD 19

Sector Industry Group Industry

Industrials Commercial & Professional Services Commercial Services & Supplies

20 2020 202010

Professional Services
202020

S&P Global Market Intelligence | MSCI 20

 Industrials
continued from previous page

Sub-Industry

Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry.
20201010

Environmental & Facilities Services Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
20201050 pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.

Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
20201060

Diversified Support Services Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services,
20201070 dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing,
transaction services, uniform rental services, and other business support services.

Security & Alarm Services Companies providing security and protection services to business and governments. Includes companies providing services such as
20201080 correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software
classified under the Systems Software sub-industry and home security services classified under the Specialized Consumer Services
sub-industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment &
Instruments sub-industry.

Human Resource & Employment Services Companies providing business support services relating to human capital management. Includes employment agencies, employee
20202010 training, payroll & benefit support services, retirement support services and temporary agencies.

Research & Consulting Services Companies primarily providing research and consulting services to businesses and governments not classified elsewhere.
20202020 Includes companies involved in management consulting services, architectural design, business information or scientific research,
marketing, and testing & certification services. Excludes companies providing information technology consulting services
classified in the IT Consulting & Other Services sub-industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 21

Sector Industry Group Industry

Industrials Transportation Air Freight & Logistics

20 2030 203010

Airlines
203020

Marine
203030

Road & Rail

203040

Transportation Infrastructure
203050

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 Industrials
continued from previous page

Sub-Industry

Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents.
20301010 Excludes those companies classified in the Airlines, Marine or Trucking sub-industries.

Airlines Companies providing primarily passenger air transportation.

20302010

Marine Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines
20303010 sub-industry.

Railroads Companies providing primarily goods and passenger rail transportation.

20304010

Trucking Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
20304020

Airport Services Operators of airports and companies providing related services.

20305010

Highways & Railtracks Owners and operators of roads, tunnels and railtracks.
20305020

Marine Ports & Services Owners and operators of marine ports and related services.
20305030

GLOBAL INDUSTRY CLASSIFICATION STANDARD 23

Sector Industry Group Industry

Consumer Discretionary Automobiles & Components Auto Components

25 2510 251010

Automobiles
251020

Consumer Durables & Apparel Household Durables

2520 252010

Leisure Products
252020

S&P Global Market Intelligence | MSCI 24

 Consumer Discretionary

Sub-Industry

Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
25101010 sub-industry.

Tires & Rubber Manufacturers of tires and rubber.

25101020

Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
25102010 three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.

Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry.
25102020

Consumer Electronics Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and related products.
25201010 Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry, and electric
household appliances classified in the Household Appliances sub-industry.

Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
25201020

Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
25201030

Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
25201040 garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry
and personal computers classified in the Computer Hardware sub-industry.

Housewares & Specialties Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and
25201050 consumer specialties not classified elsewhere.

Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
25202010

GLOBAL INDUSTRY CLASSIFICATION STANDARD 25

Sector Industry Group Industry

Consumer Discretionary Consumer Durables & Apparel Textiles, Apparel & Luxury Goods
25 2520 252030

Consumer Services Hotels, Restaurants & Leisure

2530 253010

Diversified Consumer Services

253020

S&P Global Market Intelligence | MSCI 26

 Consumer Discretionary
continued from previous page

Sub-Industry

Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage,
25203010 jewelry and watches. Excludes shoes classified in the Footwear sub-industry.

Footwear Manufacturers of footwear. Includes sport and leather shoes.

25203020

Textiles Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings
25203030 sub-industries.

Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
25301010

Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified
25301020 elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.

Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
25301030 classified in the Movies & Entertainment sub-industry.

Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
25301040

Education Services Companies providing education services, either online or through conventional teaching methods. Includes private universities,
25302010 correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies
providing employee education programs classified in the Human Resources & Employment Services sub-industry.

Specialized Consumer Services Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal
25302020 services, renovation & interior design services, consumer auctions and wedding & funeral services.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 27

Sector Industry Group Industry

Consumer Discretionary Media Media

25 2540 254010

S&P Global Market Intelligence | MSCI 28

 Consumer Discretionary
continued from previous page

Sub-Industry

Advertising Companies providing advertising, marketing or public relations services.

25401010

Broadcasting Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television,
25401020 broadcasting, radio networks, and radio stations.

Cable & Satellite Providers of cable or satellite television and satellite radio services. Includes cable networks and program distribution.
25401025

Movies & Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the production,
25401030 distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams.

Publishing Publishers of newspapers, magazines and books, and providers of information in print or electronic formats.
25401040

GLOBAL INDUSTRY CLASSIFICATION STANDARD 29

Sector Industry Group Industry

Consumer Discretionary Retailing Distributors

25 2550 255010

Internet & Direct Marketing Retail

255020

Multiline Retail
255030

Specialty Retail
255040

S&P Global Market Intelligence | MSCI 30

 Consumer Discretionary
continued from previous page

Sub-Industry

Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
25501010

Internet & Direct Marketing Retail Companies providing retail services primarily on the internet, through mail order, and TV home shopping retailers.
25502020

Department Stores Owners and operators of department stores.

25503010

General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified
25503020 in the Hypermarkets & Super Centers sub-industry.

Apparel Retail Retailers specialized mainly in apparel and accessories.

25504010

Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores.
25504020

Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
25504030

Specialty Stores Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply stores, health &
25504040 vision care stores and book & entertainment stores.

Automotive Retail Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto accessories,
25504050 motorcycles & parts, automotive glass and automotive equipment & parts.

Homefurnishing Retail Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings, housewares, and
25504060 interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail sub-industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 31

Sector Industry Group Industry

Consumer Staples Food & Staples Retailing Food & Staples Retailing
30 3010 301010

Food, Beverage & Tobacco Beverages

3020 302010

Food Products
302020

Tobacco
302030

S&P Global Market Intelligence | MSCI 32

 Consumer Staples

Sub-Industry

Drug Retail Owners and operators of primarily drug retail stores and pharmacies.
30101010

Food Distributors Distributors of food products to other companies and not directly to the consumer.
30101020

Food Retail Owners and operators of primarily food retail stores.

30101030

Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food
30101040 and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively.

Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry.
30201010

Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry.
30201020

Soft Drinks Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry.
30201030

Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but
30202010 do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and
market the food products classified in the Packaged Foods & Meats sub-industry.

Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
30202030

Tobacco Manufacturers of cigarettes and other tobacco products.

30203010

GLOBAL INDUSTRY CLASSIFICATION STANDARD 33

Sector Industry Group Industry

Consumer Staples Household & Personal Products Household Products

30 3030 303010

Personal Products
303020

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 Consumer Staples
continued from previous page

Sub-Industry

Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not
30301010 classified in the Paper Products sub-industry.

Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes.
30302010

GLOBAL INDUSTRY CLASSIFICATION STANDARD 35

Sector Industry Group Industry

Health Care Health Care Equipment & Services Health Care Equipment & Supplies
35 3510 351010

Health Care Providers & Services

351020

Health Care Technology

351030

Pharmaceuticals & Biotechnology & Life Sciences Biotechnology

3520 352010

Pharmaceuticals
352020

Life Sciences Tools & Services

352030

S&P Global Market Intelligence | MSCI 36

 Health Care

Sub-Industry

Health Care Equipment Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems,
35101010 cardiovascular & orthopedic devices, and diagnostic equipment.

Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products,
35101020 hospital supplies, and safety needle & syringe devices.

Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.
35102010

Health Care Services Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
35102015 management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services.

Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and
35102020 animal hospitals.

Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
35102030

Health Care Technology Companies providing information technology services primarily to health care providers. Includes companies providing application,
35103010 systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses
operating primarily in the Health Care sector.

Biotechnology Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
35201010 and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes companies
manufacturing products using biotechnology but without a health care application.

Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
35202010

Life Sciences Tools & Services Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables
35203010 & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 37

Sector Industry Group Industry

Financials Banks Banks

40 4010 401010

Thrifts & Mortgage Finance

401020

Diversified Financials Diversified Financial Services

4020 402010

Consumer Finance
402020

S&P Global Market Intelligence | MSCI 38

 Financials

Sub-Industry

Diversified Banks Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,
40101010 have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of financial
services. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance Sub-Industries. Also excludes investment
banks classified in the Investment Banking & Brokerage Sub-Industry.

Regional Banks Commercial banks whose businesses are derived primarily from conventional banking operations and have significant business activity
40101015 in retail banking and small and medium corporate lending. Regional banks tend to operate in limited geographic regions. Excludes
companies in the Diversified Banks and Thrifts & Mortgage Banks sub-industries. Also excludes investment banks classified in the
Investment Banking & Brokerage sub-industry.

Thrifts & Mortgage Finance Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
40102010 primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance
to mortgage banks.

Other Diversified Financial Services Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
40201020 insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional Banks and
Diversified Banks Sub-Industries.

Multi-Sector Holdings A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales.
40201030 Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a
controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry.

Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of revenue from
40201040 one specialized line of business. Includes, but not limited to, commercial financing companies, central banks, leasing institutions,
factoring services, and specialty boutiques. Excludes companies classified in the Financial Exchanges & Data sub-industry.

Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
40202010 pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 39

Sector Industry Group Industry

Financials Diversified Financials Capital Markets

40 4020 402030

Financials Diversified Financials Mortgage Real Estate Investment Trusts (REITs)
40 4020 402040

Insurance Insurance
4030 403010

S&P Global Market Intelligence | MSCI 40

 Financials
continued from previous page

Sub-Industry

Asset Management & Custody Banks Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes
40203010 companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions
primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.

Investment Banking & Brokerage Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers
40203020 and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in
commercial lending, asset management and specialized financial activities.

Diversified Capital Markets Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
40203030 following areas: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified
companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes
companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.
Financial Exchanges & Data Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision
40203040 support tools and products including ratings agencies.

Mortgage REITs Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts
40204010 that invest in mortgage-backed securities and other mortgage related assets.

Insurance Brokers Insurance and reinsurance brokerage firms.

40301010

Life & Health Insurance Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
40301020 classified in the Managed Health Care sub-industry.

Multi-line Insurance Insurance companies with diversified interests in life, health and property and casualty insurance.
40301030

Property & Casualty Insurance Companies providing primarily property and casualty insurance.
40301040

Reinsurance Companies providing primarily reinsurance.

40301050

GLOBAL INDUSTRY CLASSIFICATION STANDARD 41

Sector Industry Group Industry

Information Technology Software & Services Internet Software & Services

45 4510 451010

IT Services
451020

Software
451030

Technology Hardware & Equipment Communications Equipment

4520 452010

Technology Hardware, Storage & Peripherals

452020

S&P Global Market Intelligence | MSCI 42

 Information Technology

Sub-Industry

Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and
45101010 interactive services, as well as companies deriving a majority of their revenues from online advertising. Excludes companies
classified in the Internet Retail sub-industry.

IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or
45102010 Internet Software & Services sub-industries. Includes information technology consulting and information management services.

Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
45102020 services for back-office automation.

Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.
45103010 Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software sub-industry. Also
excludes companies producing systems or database management software classified in the Systems Software sub-industry

Systems Software Companies engaged in developing and producing systems and database management software.
45103020

Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.
45103030

Communications Equipment Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.
45201020 Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.

Technology Hardware, Storage & Peripherals Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
45202030 storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes
semiconductors classified in the Semiconductors Sub-Industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 43

Sector Industry Group Industry

Information Technology Technology Hardware & Equipment Electronic Equipment, Instruments & Components
45 4520 452030

Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment

4530 453010

S&P Global Market Intelligence | MSCI 44

 Information Technology
continued from previous page

Sub-Industry

Electronic Equipment & Instruments Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
45203010 scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.

Electronic Components Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors
45203015 and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components and
other electronic equipment not classified elsewhere.

Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
45203020

Technology Distributors Distributors of technology hardware and equipment. Includes distributors of communications equipment,
45203030 computers & peripherals, semiconductors, and electronic equipment and components.

Semiconductor Equipment Manufacturers of semiconductor equipment.

45301010

Semiconductors Manufacturers of semiconductors and related products.

45301020

GLOBAL INDUSTRY CLASSIFICATION STANDARD 45

Sector Industry Group Industry

Telecommunication Services Telecommunication Services Diversified Telecommunication Services

50 5010 501010

Wireless Telecommunication Services

501020

S&P Global Market Intelligence | MSCI 46

 Telecommunication Services
continued from previous page

Sub-Industry

Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic
50101010 cable network.

Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
50101020 telecommunications services not classified elsewhere.

Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services, including paging services.
50102010

GLOBAL INDUSTRY CLASSIFICATION STANDARD 47

Sector Industry Group Industry

Utilities Utilities Electric Utilities

55 5510 551010

Gas Utilities
551020

Multi-Utilities
551030

Water Utilities
551040

Independent Power & Renewable

Electricity Producers
551050

S&P Global Market Intelligence | MSCI 48

 Utilities

Sub-Industry

Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
55101010

Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in
55102010 gas exploration or production classified in Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural
gas companies classified in the Oil & Gas Storage & Transportation sub-industry.

Multi-Utilities Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations.
55103010

Water Utilities Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
55104010

Independent Power Producers & Energy Traders Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy
55105010 Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes
electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.

Renewable Electricity Companies that engage in generation and distribution of electricity using renewable sources, including, but not limited to, companies
55105020 that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes companies manufacturing
capital equipment used to generate electricity using renewable sources, such as manufacturers of solar power systems and installers
of photovoltaic cells and companies involved in the provision of technology, components, and services mainly to this market.

GLOBAL INDUSTRY CLASSIFICATION STANDARD 49

Sector Industry Group Industry

Real Estate Real Estate Equity Real Estate Investment Trusts (REITs)
60 6010 601010

Real Estate Management & Development

601020

S&P Global Market Intelligence | MSCI 50

 Real Estate

Sub-Industry

Diversified REITs Companies or trusts with significantly diversified operations across two or more property types.
60101010

Industrial REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties.
60101020 Includes companies operating industrial warehouses and distribution properties.

Hotel & Resort REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
60101030 resort properties.

Office REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
60101040

Health Care REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the
60101050 health care industry, including hospitals, nursing homes, and assisted living properties.

Residential REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties
60101060 including multi-family homes, apartments, manufactured homes and student housing properties.

Retail REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
60101070 outlet malls, neighborhood and community shopping centers.

Specialized REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
60101080 classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not generate
a majority of their revenues and income from real estate rental and leasing operations.

Diversified Real Estate Activities Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management,
60102010 or real estate services, but with no dominant business line.

Real Estate Operating Companies Companies engaged in operating real estate properties for the purpose of leasing & management.
60102020

Real Estate Development Companies that develop real estate and sell the properties after development. Excludes companies classified in the
60102030 Homebuilding sub-industry.

Real Estate Services Real estate service providers such as real estate agents, brokers & real estate appraisers.
60102040

GLOBAL INDUSTRY CLASSIFICATION STANDARD 51

 MSCI | S&P Global Market Intelligence GLOBAL INDUSTRY CLASSIFICATION STANDARD

For more information on the GICS structure,

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