GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY

JANUARY 2020

Data Methodology

GLOBAL INDUSTRY

CLASSIFICATION STANDARD

(GICS®) METHODOLOGY

Guiding Principles and Methodology for GICS

January 2020

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

Outline of the GICS Methodology book ..................................................................... 3

Section 1: Introduction……………………………………………………………………………………………….….4

1.1 Overview of GICS …………………………………………………………..…………………………..5

1.2 The GICS Structure……………………………………………………………………………………..6

1.3 Philosophy and Objectives of GICS………………………………………………………..10

Section 2: Companies eligible for GICS classification…………………………………………….12

Section 3: Guidelines for GICS classification………………………..…………………………………13

3.1 Classification by revenue and earnings…………………………………………………13

3.2 Propagation of GICS from company level to security level………………..14

3.3 Source of information used for GICS classification ……………………………15

Section 4: Review of GICS classification………………………………………………………………..…16

Section 5: GICS Structure Review …………………………………………………………………………..…17

Section 6: GICS Governance by MSCI and S&P Dow Jones Indices…….……………...18

Section 7: GICS Sub-Industry definitions………………………………………………………………....19

Section 8: MSCI Fixed Income Sector Classification Guidelines………………………..…40

8.1 Fixed Income universe eligible for classification ………………………………..40

8.1.1 Classification of a company that has issued both equity and

corporate bonds………………………………………………………………………………….40

8.1.2 Classification of a company that has issued only corporate

bonds……………………………………………………………………………………………………41

8.2 Source of information used for the GICS classification of Fixed

Income Securities……………………………………………………………………………………………41

8.3 Maintenance of GICS for companies that have issued corporate

bonds…………………………………………………………………………………………………………………42

8.3.1 Ongoing Review………………………………………………………………………..42

8.3.2 Impact of GICS Structure Review……………………………………………42

Contents

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

OUTLINE OF THE GICS METHODOLOGY BOOK

This Methodology book primarily provides details on the guidelines used by both

MSCI and S&P Dow Jones Indices to assign Global Industry Classification Standard

(GICS

) to companies that have issued equity securities.

Section 1 introduces GICS and its philosophy and objectives.

Section 2 details the eligibility for GICS classification.

Section 3 explains the guidelines used by MSCI and S&P Dow Jones Indices to

classify companies that have issued equity securities under the GICS framework.

Section 4 details the review of GICS at the company level.

Section 5 explains the GICS Structure Review process undertaken by MSCI and S&P

Dow Jones Indices to ensure that the GICS Structure remains relevant and up-to-

date.

Section 6 highlights GICS governance policy that includes the GICS Operations

Committee, with members from both MSCI and S&P Dow Jones Indices.

Section 7 details the GICS Sub-Industry level definitions.

Section 8 details MSCI’s guidelines for leveraging GICS for the classification of

companies that have issued corporate bonds.

This book was published on 7 January 2020.

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SECTION 1: INTRODUCTION

In 1999, the Global Industry Classification Standard (GICS) was developed by MSCI in

collaboration with S&P Dow Jones Indices to provide an efficient, detailed and

flexible tool for use in the investment process. It is designed to respond to the global

financial community’s need for a global, accurate, complete and widely accepted

approach to defining industries and classifying securities by industry. Its universal

approach to industry classification aims to improve transparency and efficiency in

the investment process.

The key features of the GICS Structure are that it 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 MSCI and S&P Dow Jones Indices to

ensure that the Structure remains fully representative of today’s global markets.

The

GICS Structure presented in this document is the latest Structure post our

recent major reviews that included the creation of a new Sector for Real Estate

that was carved out from the Financials Sector and transformation of the

Telecommunication Services Sector as the Communication Services Sector.

11 Sectors

24 I

ndustry Groups

69 I

ndustries

158

Sub-Industries

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1.1 OVERVIEW OF GICS

To provide the level of precision critical in the investment process, the GICS is

designed with four levels of classifications that includes 11 Sectors, 24 Industry

Groups, 69 Industries, and 158 Sub-Industries.

The GICS has 11 Sector classifications:

• Energy

• Materials

• Industrials

• Consumer Discretionary

• Consumer Staples

• Health Care

• Financials

• Information Technology

• Communication Services

• Utilities

• Real Estate

GIC

S classifications can be presented in either text or numeric formats. The

complete GICS classification for each company is an 8-digit code with text

description. The hierarchical design of the 8-digit coding system allows for easy

transition between GICS tiers.

Definitions of GICS Sub-Industries are provided in Section 7.

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1.2 The GICS

structure

10 Energy

1010 Energy

101010

101020

Energy Equipment & Services

10101010

Oil & Gas Drilling

10101020

Oil & Gas Equipment & Services

Oil, Gas & Consumable Fuels

10102010

Integrated Oil & Gas

10102020

Oil & Gas Exploration & Production

10102030

Oil & Gas Refining & Marketing

10102040

Oil & Gas Storage & Transportation

10102050

Coal & Consumable Fuels

15 Materials

1510 Materials

151010

151020

151030

151040

151050

Chemicals

15101010 Commodity Chemicals

15101020 Diversified Chemicals

15101030 Fertilizers & Agricultural Chemicals

15101040 Industrial Gases

15101050 Specialty Chemicals

Construction Materials

15102010 Construction Materials

Containers & Packaging

15103010 Metal & Glass Containers

15103020 Paper Packaging

Metals & Mining

15104010 Aluminum

15104020 Diversified Metals & Mining

15104025 Copper

15104030 Gold

15104040 Precious Metals & Minerals

15104045 Silver

15104050 Steel

Paper & Forest Products

15105010 Forest Products

15105020 Paper Products

20 Industrials

2010 Capital goods

201010

201020

201030

201040

201050

201060

201070

Aerospace & Defense

20101010

Aerospace & Defense

Building Products

20102010

Building Products

Construction & Engineering

20103010

Construction & Engineering

Electrical Equipment

20104010

Electrical Components & Equipment

20104020

Heavy Electrical Equipment

Industrial Conglomerates

20105010

Industrial Conglomerates

Machinery

20106010

Construction Machinery & Heavy

Trucks

20106015

Agricultural & Farm Machinery

20106020

Industrial Machinery

Trading Companies & Distributors

20107010

Trading Companies & Distributors

2020 Commercial & Professional Services

202010

202020

Commercial Services & Supplies

20201010

Commercial Printing

20201050

Environmental & Facilities Services

20201060

Office Services & Supplies

20201070

Diversified Support Services

20201080

Security & Alarm Services

Professional Services

20202010

Human Resource & Employment

Services

20202020

Research & Consulting Services

2030 Transportation

203010

203020

203030

203040

203050

Air Freight & Logistics

20301010

Air Freight & Logistics

Airlines

20302010

Airlines

Marine

20303010

Marine

Road & Rail

20304010

Railroads

20304020

Trucking

Transportation Infrastructure

20305010

Airport Services

20305020

Highways & Railtracks

20305030

Marine Ports & Services

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25 Consumer Discretionary

2510 Automobiles & Components

251010

251020

Auto Components

5101010 Auto Parts & Equipment

25101020

Tires & Rubber

Automobiles

25102010

Automobile Manufacturers

25102020

Motorcycle Manufacturers

2520 Consumer Durables & Apparel

252010

252020

252030

Household Durables

25201010

Consumer Electronics

25201020

Home Furnishings

25201030

Homebuilding

25201040

Household Appliances

25201050

Housewares & Specialties

Leisure Products

25202010

Leisure Products

Textiles, Apparel & Luxury Goods

25203010

Apparel, Accessories & Luxury

Goods

25203020

Footwear

25203030

Textiles

2530 Consumer Services

253010

253020

Hotels, Restaurants & Leisure

25301010

Casinos & Gaming

25301020

Hotels, Resorts & Cruise Lines

25301030

Leisure Facilities

25301040

Restaurants

Diversified Consumer Services

25302010

Education Services

25302020

Specialized Consumer Services

2550 Retailing

255010

255020

255030

255040

Distributors

25501010

Distributors

Internet & Direct Marketing Retail

25502020

Internet & Direct Marketing Retail

Multiline Retail

25503010

Department Stores

25503020

General Merchandise Stores

Specialty Retail

25504010

Apparel Retail

25504020

Computer & Electronics Retail

25504030

Home Improvement Retail

25504040

Specialty Stores

25504050

Automotive Retail

25504060

Homefurnishing Retail

30 Consumer Staples

3010 Food & Staples Retailing

301010

Food & Staples Retailing

30101010

Drug Retail

30101020

Food Distributors

30101030

Food Retail

30101040

Hypermarkets & Super Centers

3020 Food, Beverage & Tobacco

302010

302020

302030

Beverages

30201010

Brewers

30201020

Distillers & Vintners

30201030

Soft Drinks

Food Products

30202010

Agricultural Products

30202030

Packaged Foods & Meats

Tobacco

30203010

Tobacco

3030 Household & Personal Products

303010

303020

Household Products

30301010

Household Products

Personal Products

30302010

Personal Products

35 Health Care

3510 Health Care Equipment & Services

351010

351020

351030

Health Care Equipment & Supplies

35101010

Health Care Equipment

35101020

Health Care Supplies

Health Care Providers & Services

35102010

Health Care Distributors

35102015

Health Care Services

35102020

Health Care Facilities

35102030

Managed Health Care

Health Care Technology

35103010

Health Care Technology

3520 Pharmaceuticals, Biotechnology & Life

Sciences

352010

352020

352030

Biotechnology

35201010

Biotechnology

Pharmaceuticals

35202010

Pharmaceuticals

Life Sciences Tools & Services

35203010

Life Sciences Tools & Services

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40 Financials

4010 Banks

401010

401020

Banks

40101010

Diversified Banks

40101015

Regional Banks

Thrifts &

Mortgage Finance

40102010

Thrifts & Mortgage Finance

4020 Diversified Financials

402010

402020

402030

402040

Diversified Financial Services

40201020

Other Diversified Financial Services

40201030

Multi-Sector Holdings

40201040

Specialized Finance

Consumer Finance

40202010

Consumer Finance

Capital Markets

40203010

Asset Management & Custody Banks

40203020

Investment Banking & Brokerage

40203030

Diversified Capital Markets

40203040

Financial Exchanges & Data

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

45 Information Technology

4510 Software & Services

451020

451030

4520

452010

452020

452030

IT Services

45102010

IT Consulting & Other Services

45102020

Data Processing & Outsourced

Services

45102030

Internet Services & Infrastructure

Software

45103010

Application Software

45103020

Systems Software

Technology Hardware & Equipment

Communications Equipment

45201020

Communications Equipment

Technology Hardware, Storage &

Peripherals

45202030

Technology Hardware, Storage &

Peripherals

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

50 Communication Services

5010 Telecommunication Services

501010

501020

Diversified Telecommunication Services

50101010

Alternative Carriers

50101020

Integrated Telecommunication Services

Wireless Telecommunication Services

50102010

Wireless Telecommunication Services

5020 Media & Entertainment

502010

502020

502030

Media

50201010

Advertising

50201020

Broadcasting

50201030

Cable & Satellite

50201040

Publishing

Entertainment

50202010

Movies & Entertainment

50202020

Interactive Home Entertainment

Interactive Media &

Services

50203010

Interactive Media & Services

55 Utilities

5510 Utilities

551010

551020

551030

551040

551050

Electric Utilities

55101010

Electric Utilities

Gas Utilities

55102010

Gas Utilities

Multi

-Utilities

55103010

Multi-Utilities

Water Utilities

55104010

Water Utilities

Independent Power and Renewable Electricity

Producers

55105010

Independent Power Producers &

Energy Traders

55105020

Renewable Electricity

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60 Real Estate

6010 Real Estate

601010

Equity Real Estate Investment Trusts (REITs)

60101010

Diversified REITs

60101020

Industrial REITs

60101030

Hotel & Resort REITs

60101040

Office REITs

60101050

Health Care REITs

60101060

Residential REITs

60101070

Retail REITs

60101080

Specialized REITs

601020

Real Estate Management & Development

60102010

Diversified Real Estate Activities

60102020

Real Estate Operating Companies

60102030

Real Estate Development

60102040

Real Estate Services

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

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1.3 PHILOSOPHY AND OBJECTIVES OF GICS

The way in which securities are classified into asset classes forms the basis of many

important investment decisions. The relative merits of each security are judged

primarily within these asset classes, and investment decisions are taken within this

framework.

APPROACHES TO INDUSTRY CLASSIFICATION SCHEMES

Grouping companies based on industries is not a relatively straightforward task as

multiple factors need to be evaluated in determining the classification that aptly

reflects the business model of the company as well as adds value to the investment

process. There are many approaches to developing industry classification schemes,

some of which are discussed below.

At one extreme is the purely statistical approach, which is solely financial market-

based and backward looking, using past returns. Aggregations are formed around

correlation, often yielding non-intuitive groupings that are dissimilar across countries

and regions. Another approach attempts to define a priori financial market-oriented

groups or themes, such as cyclical, interest rate sensitive, etc. The difficulty,

however, lies in finding widely accepted and relatively stable definitions for these

themes.

Two other approaches begin with an economic perspective on companies. The first

focuses on a production orientation while the other adopts a market or demand

orientation in company analysis. The production-oriented approach was effective in

the past in its analysis of the microstructure of industries from the producers’

standpoint. For instance, it segregated goods and services on the premise that it was

a different set of companies that provided each to consumers. As the structure of

the global economy evolved, limitations of this approach became increasingly

obvious. The ever-increasing share of discretionary income brought about by

economic development, emergence of the service era, and the availability and

accessibility of information with the advent of new communication technology has

moved the emphasis from producers to consumers.

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

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THE GICS: MARKET DEMAND-ORIENTED

The Global Industry Classification Standard is designed to be market demand-

oriented in its analysis and classification of companies. For example, drawing the

line between goods and services is becoming increasingly arbitrary as they are now

commonly sold together. This distinction between goods and services is replaced by

adopting the more market-oriented Sectors of “Consumer Discretionary” and

“Consumer Staples”, which group goods and services Sub-Industries.

In addition, the creation of large stand-alone Sectors such as Health Care,

Information Technology and Communication Services accurately represents

industries that provide significant value to the consumer in today’s global and

integrated economy. This further contributes to a more uniform distribution of

weights among the 11 GICS Sectors.

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

SECTION 2: COMPANIES ELIGIBLE FOR GICS

CLASSIFICATION

Companies that have issued equity securities are eligible for a GICS classification.

If a company’s subsidiary files separate financials to its reporting government

agency, that subsidiary is considered a separate entity and classified independently

under the GICS Methodology.

GICS is not assigned to supranationals, municipals, sovereigns, shell companies,

mutual funds, or exchange traded funds.

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SECTION 3: GUIDELINES FOR GICS CLASSIFICATION

The GICS is strictly hierarchical and thus a company can only belong to one grouping

at each of the four levels.

3.1 CLASSIFICATION BY REVENUE AND EARNINGS

In order to provide an accurate, complete and long-term view of the global

investment universe, a company’s revenues often provide a more stable and precise

reflection of its activities than earnings. Furthermore, industrial and geographical

breakdowns of revenues are more commonly available than earnings broken down

the same way for most companies. Nevertheless, company valuations are more

closely related to earnings than revenues. Therefore, earnings remain an important

secondary consideration in a company’s Industry Classification. In addition to

revenue and earnings, market perception is also recognized as relevant for

classification purposes.

As a general rule, a company is classified in the Sub-Industry whose definition most

closely describes the business activities that generate more than 60% of the

company’s revenues.

Example: Amazon.com, Inc.

2018 Fiscal year

Sales

Online stores (Internet retail)

54%

Physical stores

Third-party seller services (Internet retail)

18%

Subscription services

Amazon Web Services

11%

Sales of advertising services

Total

100%

GICS level

GICS code

GICS description

Sector

Consumer Discretionary

Industry Group

2550

Retailing

Industry

255020

Internet & Direct Marketing Retail

Sub-Industry

25502020

Internet & Direct Marketing Retail

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However, a company engaged in two or more substantially different business

activities, none of which contribute 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 research and

analysis.

In addition, 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 (Industrial Sector) or in the Multi-Sector

Holdings Sub-Industry (Financials Sector).

Example: General Electric (US)

2018

Fiscal

Year

Power

Renewable

Energy

Aviation

Oil &

Gas

Healthcare Transportation Lighting Capital

Revenue 22% 8% 24% 18% 16% 3% 1% 8%

Earnings -8% 3% 63% 4% 36% 6% 1% -5%

GICS level GICS code GICS description

Sector 20 Industrials

Industry Group 2010 Capital Goods

Industry 201050 Industrial Conglomerates

Sub-Industry 20105010 Industrial Conglomerates

3.2: PROPAGATION OF GICS FROM COMPANY LEVEL TO SECURITY

LEVEL

GICS is assigned at the company level. Thus, all equity securities including ADRs and

GDRs issued by a company have the same classification as the company.

A tracking stock issued by a parent company is classified based on its underlying

business.

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

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3.3: SOURCE OF INFORMATION USED FOR GICS CLASSIFICATION

The primary source of information used for classification is a company’s annual

reports and accounts. Other sources include broker reports and other published

research literature. In the case of a new issue, the classification will be based

primarily on the description of the company’s activities and pro forma results as

given in the prospectus.

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

SECTION 4: REVIEW OF GICS CLASSIFICATION

A company’s Sub-Industry classification will be reviewed either when a significant

corporate restructuring occurs or when a new annual report is available. GICS

reviews also occur upon client request.

In order to provide a stable Sub-Industry classification, when reviewing a company’s

classification, changes will be minimized in the Sub-Industry classification to the

extent possible by disregarding temporary fluctuations in the results of a company’s

different activities.

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

SECTION 5: GICS STRUCTURE REVIEW

MSCI and S&P Dow Jones Indices are committed to ensuring that the GICS Structure

remains relevant and up-to-date. This is accomplished through an Annual Review of

the Structure. This Review includes a detailed internal analysis to develop a proposal

for potential structural changes and public request for comments and in-depth client

consultations with various market participants as a means of obtaining feedback on

proposed structural changes.

Further information on changes to the GICS Structure can be found on MSCI’s

website at www.msci.com/gics.

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SECTION 6: GICS GOVERNANCE BY MSCI AND S&P

DOW JONES INDICES

The GICS Methodology and Structure fall under the overall supervision of the GICS

Operations Committee, with members from both MSCI and S&P Dow Jones Indices.

The Committee will consult with the financial markets community as needed in order

to keep the Methodology current and relevant.

MSCI and S&P Dow Jones Indices consider information about changes to the GICS

Structure and related matters to be potentially price sensitive. Therefore, all

Committee discussions are confidential.

MSCI.COM | Page 19 of 45

Energy

ENERGY

101010

Energy

Equipment &

Services

10101010

Oil & Gas Drilling

Drilling contractors or owners of drilling rigs that contract their

services for drilling wells.

10101020

Oil & Gas Equipment &

Services

Manufacturers of equipment, including drilling rigs and

equipment, and providers of supplies and services to companies

involved in the drilling, evaluation and completion of oil and gas

wells.

101020

Oil, Gas &

Consumable

Fuels

10102010

Integrated Oil & Gas

Integrated oil companies engaged in the exploration &

production of oil and gas, as well as at least one other significant

activity in either refining, marketing and transportation, or

chemicals.

10102020

Oil & Gas Exploration &

Production

Companies engaged in the exploration and production of oil and

gas not classified elsewhere.

10102030

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 Independent Power Producers & Energy Traders Sub-

Industries.

10102040

Oil & Gas Storage &

Transportation

Companies engaged in the storage and/or transportation of oil,

gas and/or refined products. Includes diversified midstream

natural gas companies, oil and refined product pipelines, coal

slurry pipelines and oil & gas shipping companies.

10102050

Coal & Consumable Fuels

Companies primarily involved in the production and mining of

coal, related products and other consumable fuels related to the

generation of energy. Excludes companies primarily producing

gases classified in the Industrial Gases Sub-Industry and

companies primarily mining for metallurgical (coking) coal used

for steel production.

SECTION 7: GICS SUB-INDUSTRY

DEFINITIONS

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

MSCI.COM | Page 20 of 45

Materials

MATERIALS

151010

Chemicals

15101010

Commodity Chemicals

Companies that primarily produce industrial chemicals and basic

chemicals. Including but not limited to plastics, synthetic fibers,

films, commodity-based paints & pigments, explosives and

petrochemicals. Excludes chemical companies classified in the

Diversified Chemicals, Fertilizers & Agricultural Chemicals,

Industrial Gases, or Specialty Chemicals Sub-Industries.

15101020

Diversified Chemicals

Manufacturers of a diversified range of chemical products not

classified in the Industrial Gases, Commodity Chemicals,

Specialty Chemicals or Fertilizers & Agricultural Chemicals Sub-

Industries.

15101030

Fertilizers & Agricultural

Chemicals

Producers of fertilizers, pesticides, potash or other agriculture-

related chemicals not classified elsewhere.

15101040

Industrial Gases

Manufacturers of industrial gases.

15101050

Specialty Chemicals

Companies that primarily produce high value-added chemicals

used in the manufacture of a wide variety of products, including

but not limited to fine chemicals, additives, advanced polymers,

adhesives, sealants and specialty paints, pigments and coatings.

151020

Construction

Materials

15102010

Construction Materials

Manufacturers of construction materials including sand, clay,

gypsum, lime, aggregates, cement, concrete and bricks. Other

finished or semi-finished building materials are classified in the

Building Products Sub-Industry.

151030

Containers &

Packaging

15103010

Metal & Glass Containers

Manufacturers of metal, glass or plastic containers. Includes

corks and caps.

15103020

Paper Packaging

Manufacturers of paper and cardboard containers and

packaging.

151040

Metals & Mining

15104010

Aluminum

Producers of aluminum and related products, including

companies that mine or process bauxite and companies that

recycle aluminum to produce finished or semi-finished products.

Excludes companies that primarily produce aluminum building

materials classified in the Building Products Sub-Industry.

15104020

Diversified Metals & Mining

Companies engaged in the diversified production or extraction of

metals and minerals not classified elsewhere. Including, but not

limited to, 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.

15104025

Copper

Companies involved primarily in copper ore mining.

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MSCI.COM | Page 21 of 45

151050

Paper & Forest

Products

15105010

Forest Products

Manufacturers of timber and related wood products. Includes

lumber for the building industry.

15105020

Paper Products

Manufacturers of all grades of paper. Excludes companies

specializing in paper packaging classified in the Paper Packaging

Sub-Industry.

Materials continued

15104030

Gold

Producers of gold and related products, including companies

that mine or process gold and the South African finance houses

which primarily invest in, but do not operate, gold mines.

15104040

Precious Metals & Minerals

Companies mining precious metals and minerals not classified

in the Gold Sub-Industry. Includes companies primarily mining

platinum.

15104045

Silver

Companies primarily mining silver. Excludes companies

classified in the Gold or Precious Metals & Minerals Sub-

Industries.

15104050

Steel

Producers of iron and steel and related products, including

metallurgical (coking) coal mining used for steel production.

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Industrials

CAPITAL GOODS

201010

Aerospace &

Defense

20101010

Aerospace & Defense

Manufacturers of civil or military aerospace and defense

equipment, parts or products. Includes defense electronics and

space equipment.

201020

Building

Products

20102010

Building Products

Manufacturers of building components and home improvement

products and equipment. Excludes lumber and plywood

classified under Forest Products and cement and other materials

classified in the Construction Materials Sub-Industry.

201030

Construction &

Engineering

20103010

Construction

& Engineering

Companies engaged in primarily non-residential construction.

Includes civil engineering companies and large-scale contractors.

Excludes companies classified in the Homebuilding Sub-Industry.

201040

Electrical

Equipment

20104010

Electrical Components &

Equipment

Companies that produce electric cables and wires, electrical

components or equipment not classified in the Heavy Electrical

Equipment Sub-Industry.

20104020

Heavy Electrical

Equipment

Manufacturers of power-generating equipment and other heavy

electrical equipment, including power turbines, heavy electrical

machinery intended for fixed-use and large electrical systems.

Excludes cables and wires, classified in the Electrical

Components & Equipment Sub-Industry.

201050

Industrial

Conglomerates

20105010

Industrial Conglomerates

Diversified industrial companies with business activities in three

or more Sectors, none of which contributes a majority of

revenues. Stakes held are predominantly of a controlling nature

and stake holders maintain an operational interest in the running

of the subsidiaries.

201040

Machinery

20106010

Construction Machinery &

Heavy Trucks

Manufacturers of heavy duty trucks, rolling machinery, earth-

moving and construction equipment, and manufacturers of

related parts. Includes non-military shipbuilding.

20106015

Agricultural & Farm

Machinery

Companies manufacturing agricultural machinery, farm

machinery, and their related parts. Includes machinery used for

the production of crops and agricultural livestock, agricultural

tractors, planting and fertilizing machinery, fertilizer and

chemical application equipment, and grain dryers and blowers.

20106020

Industrial Machinery

Manufacturers of industrial machinery and industrial components.

Includes companies that manufacture presses, machine tools,

compressors, pollution control equipment, elevators, escalators,

insulators, pumps, roller bearings and other metal fabrications.

201070

Trading

Companies &

Distributors

20107010

Trading Companies &

Distributors

Trading companies and other distributors of industrial equipment

and products.

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Industrials continued

COMMERCIAL &

PROFESSIONAL SERVICES

202010

Commercial

Services &

Supplies

20201010

Commercial Printing

Companies providing commercial printing services. Includes

printers primarily serving the media industry.

20201050

Environmental & Facilities

Services

Companies providing environmental and facilities maintenance

services. Includes waste management, facilities management

and pollution control services. Excludes large-scale water

treatment systems classified in the Water Utilities Sub-Industry.

20201060

Office Services & Supplies

Providers of office services and manufacturers of office

supplies and equipment not classified elsewhere.

20201070

Diversified Support

Services

Companies primarily providing labor oriented support services to

businesses and governments. Includes commercial cleaning

services, dining & catering services, equipment repair services,

industrial maintenance services, industrial auctioneers, storage

& warehousing, transaction services, uniform rental services,

and other business support services.

20201080

Security & Alarm Services

Companies providing security and protection services to

business and governments. Includes companies providing

services such as 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.

202020

Professional

Services

20202010

Human Resource &

Employment Services

Companies providing business support services relating to

human capital management. Includes employment agencies,

employee training, payroll & benefit support services, retirement

support services and temporary agencies.

20202020

Research & Consulting

Services

Companies primarily providing research and consulting services

to businesses and governments not classified elsewhere.

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 (GICS®) METHODOLOGY |

January 2020

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Industrials continued

TRANSPORTATION

203010

Air Freight &

Logistics

20301010

Air Freight & Logistics

Companies providing air freight transportation, courier and

logistics services, including package and mail delivery and

customs agents. Excludes those companies classified in the

Airlines, Marine or Trucking Sub-Industries.

203020

Airlines

20302010

Airlines

Companies providing primarily passenger air transportation.

203030

Marine

20303010

Marine

Companies providing goods or passenger maritime

transportation. Excludes cruise-ships classified in the Hotels,

Resorts & Cruise Lines Sub-Industry.

203040

Road & Rail

20304010

Railroads

Companies providing primarily goods and passenger rail

transportation.

20304020

Trucking

Companies providing primarily goods and passenger land

transportation. Includes vehicle rental and taxi companies.

203050

Transportation

Infrastructure

20305010

Airport Services

Operators of airports and companies providing related services.

20305020

Highways & Railtracks

Owners and operators of roads, tunnels and railtracks.

20305030

Marine Ports & Services

Owners and operators of marine ports and related services.

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Consumer Discretionary

AUTOMOBILES &

COMPONENTS

251010

Auto

Components

25101010

Auto Parts & Equipment

Manufacturers of parts and accessories for automobiles and

motorcycles. Excludes companies classified in the Tires &

Rubber Sub-Industry.

25101020

Tires & Rubber

Manufacturers of tires and rubber.

251020

Automobiles

25102010

Automobile

Manufacturers

Companies that produce mainly passenger automobiles and

light trucks. Excludes companies producing mainly motorcycles

and three-wheelers classified in the Motorcycle Manufacturers

Sub-Industry and heavy duty trucks classified in the Construction

Machinery & Heavy Trucks Sub-Industry.

25102020

Motorcycle

Manufacturers

Companies that produce motorcycles, scooters or three-

wheelers. Excludes bicycles classified in the Leisure Products

Sub-Industry.

CONSUMER DURABLES &

APPAREL

252010

Household

Durables

25201010

Consumer Electronics

Manufacturers of consumer electronics products including TVs,

home audio equipment, game consoles, digital cameras, and

related products. 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.

25201020

Home Furnishings

Manufacturers of soft home furnishings or furniture, including

upholstery, carpets and wall-coverings.

25201030

Homebuilding

Residential construction companies. Includes manufacturers of

prefabricated houses and semi-fixed manufactured homes.

25201040

Household Appliances

Manufacturers of electric household appliances and related

products. Includes manufacturers of power and hand tools,

including garden improvement tools. Excludes TVs and other

audio and video products classified in the Consumer Electronics

Sub-Industry and personal computers classified in the

Technology Hardware, Storage & Peripherals Sub-Industry.

25201050

Housewares & Specialties

Manufacturers of durable household products, including cutlery,

cookware, glassware, crystal, silverware, utensils, kitchenware

and consumer specialties not classified elsewhere.

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January 2020

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Consumer Discretionary

continued

252020

Leisure

Products

25202010

Leisure Products

Manufacturers of leisure products and equipment including

sports equipment, bicycles and toys.

252030

Textiles,

Apparel &

Luxury Goods

25203010

Apparel, Accessories &

Luxury Goods

Manufacturers of apparel, accessories & luxury goods. Includes

companies primarily producing designer handbags, wallets,

luggage, jewelry and watches. Excludes shoes classified in the

Footwear Sub-Industry.

25203020

Footwear

Manufacturers of footwear. Includes sport and leather shoes.

25203030

Textiles

Manufacturers of textile and related products not classified in

the Apparel, Accessories & Luxury Goods, Footwear or Home

Furnishings Sub-Industries.

CONSUMER SERVICES

253010

Hotels,

Restaurants &

Leisure

25301010

Casinos & Gaming

Owners and operators of casinos and gaming facilities. Includes

companies providing lottery and betting services.

25301020

Hotels, Resorts & Cruise

Lines

Owners and operators of hotels, resorts and cruise-ships.

Includes travel agencies, tour operators and related services not

classified elsewhere. Excludes casino-hotels classified in the

Casinos & Gaming Sub-Industry.

25301030

Leisure Facilities

Owners and operators of leisure facilities, including sport and

fitness centers, stadiums, golf courses and amusement parks

not classified in the Movies & Entertainment Sub-Industry.

25301040

Restaurants

Owners and operators of restaurants, bars, pubs, fast-food or

take-out facilities. Includes companies that provide food

catering services.

253020

Diversified

Consumer

Services

25302010

Education Services

Companies providing educational services, either on-line or

through conventional teaching methods. Includes, private

universities, 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.

25302020

Specialized Consumer

Services

Companies providing consumer services not classified

elsewhere. Includes residential services, home security, legal

services, personal services, renovation & interior design services,

consumer auctions and wedding & funeral services.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

MSCI.COM | Page 27 of 45

Consumer Discretionary

continued

RETAILING

255010

Distributors

25501010

Distributors

Distributors and wholesalers of general merchandise not

classified elsewhere. Includes vehicle distributors.

255020

Internet & Direct

Marketing Retail

25502020

Internet & Direct

Marketing Retail

Companies providing retail services primarily on the Internet,

through mail order, and TV home shopping retailers. Also

includes companies providing online marketplaces for consumer

products and services.

255030

Multiline Retail

25503010

Department Stores

Owners and operators of department stores.

25503020

General Merchandise

Stores

Owners and operators of stores offering diversified general

merchandise. Excludes hypermarkets and large-scale super centers

classified in the Hypermarkets & Super Centers Sub-Industry.

255040

Specialty Retail

25504010

Apparel Retail

Retailers specialized mainly in apparel and accessories.

25504020

Computer & Electronics

Retail

Owners and operators of consumer electronics, computers,

video and related products retail stores.

25504030

Home Improvement Retail

Owners and operators of home and garden improvement retail

stores. Includes stores offering building materials and supplies.

25504040

Specialty Stores

Owners and operators of specialty retail stores not classified

elsewhere. Includes jewelry stores, toy stores, office supply stores,

health & vision care stores, and book & entertainment stores.

25504050

Automotive Retail

Owners and operators of stores specializing in automotive retail.

Includes auto dealers, gas stations, and retailers of auto

accessories, motorcycles & parts, automotive glass, and

automotive equipment & parts.

25504060

Homefurnishing Retail

Owners and operators of furniture and home furnishings retail

stores. Includes residential furniture, homefurnishings,

housewares, and interior design. Excludes home and garden

improvement stores, classified in the Home Improvement Retail

Sub-Industry.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

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Consumer Staples

FOOD & STAPLES RETAILING

301010

Food & Staples

Retailing

30101010

Drug Retail

Owners and operators of primarily drug retail stores and

pharmacies.

30101020

Food Distributors

Distributors of food products to other companies and not

directly to the consumer.

30101030

Food Retail

Owners and operators of primarily food retail stores.

30101040

Hypermarkets & Super

Centers

Owners and operators of hypermarkets and super centers selling

food and a wide-range of consumer staple products. Excludes

Food and Drug Retailers classified in the Food Retail and Drug

Retail Sub-Industries, respectively.

FOOD, BEVERAGE &

TOBACCO

302010

Beverages

30201010

Brewers

Producers of beer and malt liquors. Includes breweries not

classified in the Restaurants Sub-Industry.

30201020

Distillers & Vintners

Distillers, vintners and producers of alcoholic beverages not

classified in the Brewers Sub-Industry.

30201030

Soft Drinks

Producers of non-alcoholic beverages including mineral waters.

Excludes producers of milk classified in the Packaged Foods

Sub-Industry.

302020

Food Products

30202010

Agricultural Products

Producers of agricultural products. Includes crop growers,

owners of plantations and companies that produce and process

foods but 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 Sub-Industry.

30202030

Packaged Foods & Meats

Producers of packaged foods including dairy products, fruit

juices, meats, poultry, fish and pet foods.

302020

Tobacco

30203010

Tobacco

Manufacturers of cigarettes and other tobacco products.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

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Consumer Staples

continued

HOUSEHOLD & PERSONAL

PRODUCTS

303010

Household

Products

30301010

Household Products

Producers of non-durable household products, including

detergents, soaps, diapers and other tissue and household paper

products not classified in the Paper Products Sub-Industry.

303020

Personal

Products

30302010

Personal Products

Manufacturers of personal and beauty care products, including

cosmetics and perfumes.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

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Health Care

HEALTH CARE EQUIPMENT &

SERVICES

351010

Health Care

Equipment &

Supplies

35101010

Health Care Equipment

Manufacturers of health care equipment and devices. Includes

medical instruments, drug delivery systems, cardiovascular &

orthopedic devices, and diagnostic equipment.

35101020

Health Care Supplies

Manufacturers of health care supplies and medical products not

classified elsewhere. Includes eye care products, hospital

supplies, and safety needle & syringe devices.

351020

Health Care

Providers &

Services

35102010

Health Care Distributors

Distributors and wholesalers of health care products not

classified elsewhere.

35102015

Health Care Services

Providers of patient health care services not classified

elsewhere. Includes dialysis centers, lab testing services, and

pharmacy 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.

35102020

Health Care Facilities

Owners and operators of health care facilities, including

hospitals, nursing homes, rehabilitation centers and animal

hospitals.

35102030

Managed Health Care

Owners and operators of Health Maintenance Organizations

(HMOs) and other managed plans.

351030

Health Care

Technology

35103010

Health Care Technology

Companies providing information technology services primarily

to health care providers. Includes companies providing

application, 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.

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January 2020

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Health Care continued

PHARMACEUTICALS,

BIOTECHNOLOGY & LIFE

SCIENCES

352010

Biotechnology

35201010

Biotechnology

Companies primarily engaged in the research, development,

manufacturing and/or marketing of products based on genetic

analysis 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.

352020

Pharmaceuticals

35202010

Pharmaceuticals

Companies engaged in the research, development or production

of pharmaceuticals. Includes veterinary drugs.

352030

Life Sciences

Tools & Services

35203010

Life Sciences Tools &

Services

Companies enabling the drug discovery, development and

production continuum by providing analytical tools, instruments,

consumables & supplies, clinical trial services and contract

research services. Includes firms primarily servicing the

pharmaceutical and biotechnology industries.

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January 2020

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Financials

BANKS

401010

Banks

40101010

Diversified Banks

Large, geographically diverse banks with a national footprint

whose revenues are derived primarily from conventional banking

operations, 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.

40101015

Regional Banks

Commercial banks whose businesses are derived primarily from

conventional banking operations and have significant business

activity in retail banking and small and medium corporate

lending. Regional banks tend to operate in limited geographic

regions. Excludes companies classified in the Diversified Banks

and Thrifts & Mortgage Banks sub-industries. Also excludes

investment banks classified in the Investment Banking &

Brokerage Sub-Industry.

401020

Thrifts &

Mortgage

Finance

40102010

Thrifts & Mortgage

Finance

Financial institutions providing mortgage and mortgage related

services. These include financial institutions whose assets are

primarily mortgage related, savings & loans, mortgage lending

institutions, building societies and companies providing

insurance to mortgage banks.

DIVERSIFIED FINANCIALS

402010

Diversified

Financial

Services

40201020

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, insurance and capital markets, but with no dominant

business line. Excludes companies classified in the Regional

Banks and Diversified Banks Sub-Industries.

40201030

Multi-Sector Holdings

A company with significantly diversified holdings across three or

more Sectors, none of which contributes a majority of profit

and/or sales. 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.

40201040

Specialized Finance

Providers of specialized financial services not classified

elsewhere. Companies in this Sub-Industry derive a majority of

revenue from 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.

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Financials continued

402020

Consumer

Finance

40202010

Consumer Finance

Providers of consumer finance services, including personal

credit, credit cards, lease financing, travel-related money

services and pawn shops. Excludes mortgage lenders classified

in the Thrifts & Mortgage Finance Sub-Industry.

402030

Capital Markets

40203010

Asset Management &

Custody Banks

Financial institutions primarily engaged in investment

management and/or related custody and securities fee-based

services. Includes 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.

40203020

Investment Banking &

Brokerage

Financial institutions primarily engaged in investment banking &

brokerage services, including equity and debt underwriting,

mergers and acquisitions, securities lending and advisory

services. Excludes banks and other financial institutions

primarily involved in commercial lending, asset management

and specialized financial activities.

40203030

Diversified Capital

Markets

Financial institutions primarily engaged in diversified capital

markets activities, including a significant presence in at least

two of the following area: 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.

40203040

Financial Exchanges &

Data

Financial exchanges for securities, commodities, derivatives and

other financial instruments, and providers of financial decision

support tools and products including ratings agencies.

402040

Mortgage Real

Estate

Investment

Trusts (REITs)

40204010

Mortgage REITs

Companies or Trusts that service, originate, purchase and/or

securitize residential and/or commercial mortgage loans.

Includes trusts that invest in mortgage-backed securities and

other mortgage related assets.

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Financials continued

INSURANCE

403010

Insurance

40301010

Insurance Brokers

Insurance and reinsurance brokerage firms.

40301020

Life & Health Insurance

Companies providing primarily life, disability, indemnity or

supplemental health insurance. Excludes managed care

companies classified in the Managed Health Care Sub-Industry.

40301030

Multi-line Insurance

Insurance companies with diversified interests in life, health and

property and casualty insurance.

40301040

Property & Casualty

Insurance

Companies providing primarily property and casualty insurance.

40301050

Reinsurance

Companies providing primarily reinsurance.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

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Information Technology

SOFTWARE & SERVICES

451020

IT Services

45102010

IT Consulting & Other

Services

Providers of information technology and systems integration

services not classified in the Data Processing & Outsourced

Services Sub-Industry. Includes information technology

consulting and information management services.

45102020

Data Processing &

Outsourced Services

Providers of commercial electronic data processing and/or

business process outsourcing services. Includes companies that

provide services for back-office automation.

45102030

Internet Services &

Infrastructure

Companies providing services and infrastructure for the internet

industry including data centers and cloud networking and

storage infrastructure. Also includes companies providing web

hosting services. Excludes companies classified in the Software

Industry.

451030

Software

45103010

Application Software

Companies engaged in developing and producing software

designed for specialized applications for the business or

consumer market. Includes enterprise and technical software as

well as cloud-based software. Excludes companies classified in

the Interactive Home Entertainment Sub-Industry. 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.

45103020

Systems Software

Companies engaged in developing and producing systems and

database management software.

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January 2020

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Information Technology

continued

TECHNOLOGY HARDWARE

& EQUIPMENT

452010

Communications

Equipment

45201020

Communications

Equipment

Manufacturers of communication equipment and products,

including LANs, WANs, routers, telephones, switchboards and

exchanges. Excludes cellular phone manufacturers classified in

the Technology Hardware, Storage & Peripherals Sub-Industry.

452020

Technology

Hardware,

Storage &

Peripherals

45202030

Technology Hardware,

Storage & Peripherals

Manufacturers of cellular phones, personal computers, servers,

electronic computer components and peripherals. Includes data

storage components, motherboards, audio and video cards,

monitors, keyboards, printers, and other peripherals. Excludes

semiconductors classified in the Semiconductors Sub-Industry.

452030

Electronic

Equipment,

Instruments &

Components

45203010

Electronic Equipment &

Instruments

Manufacturers of electronic equipment and instruments

including analytical, electronic test and measurement

instruments, scanner/barcode products, lasers, display screens,

point-of-sales machines, and security system equipment.

45203015

Electronic Components

Manufacturers of electronic components. Includes electronic

components, connection devices, electron tubes, electronic

capacitors and resistors, electronic coil, printed circuit board,

transformer and other inductors, signal processing

technology/components.

45203020

Electronic Manufacturing

Services

Producers of electronic equipment mainly for the OEM (Original

Equipment Manufacturers) markets.

45203030

Technology Distributors

Distributors of technology hardware and equipment. Includes

distributors of communications equipment, computers &

peripherals, semiconductors, and electronic equipment and

components.

SEMICONDUCTORS &

SEMICONDUCTOR

EQUIPMENT

453010

Semiconductors

Semiconductor

Equipment

45301010

Semiconductor

Equipment

Manufacturers of semiconductor equipment, including

manufacturers of the raw material and equipment used in the

solar power industry.

45301020

Semiconductors

Manufacturers of semiconductors and related products,

including manufacturers of solar modules and cells.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

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Communication Services

TELECOMMUNICATION

SERVICES

501010

Diversified

Telecommunication

Services

50101010

Alternative Carriers

Providers of communications and high-density data

transmission services primarily through a high bandwidth/fiber-

optic cable network.

50101020

Integrated

Telecommunication

Services

Operators of primarily fixed-line telecommunications networks and

companies providing both wireless and fixed-line

telecommunications services not classified elsewhere. Also includes

internet service providers offering internet access to end users.

501020

Wireless

Telecommunication

Services

50102010

Wireless

Telecommunication

Services

Providers of primarily cellular or wireless telecommunication

services.

MEDIA & ENTERTAINMENT

502010

Media

50201010

Advertising

Companies providing advertising, marketing or public relations

services.

50201020

Broadcasting

Owners and operators of television or radio broadcasting

systems, including programming. Includes radio and television

broadcasting, radio networks, and radio stations.

50201030

Cable & Satellite

Providers of cable or satellite television services. Includes cable

networks and program distribution.

50201040

Publishing

Publishers of newspapers, magazines and books in print or

electronic formats.

502020

Entertainment

50202010

Movies & Entertainment

Companies that engage in producing and selling entertainment

products and services, including companies engaged in the

production, distribution and screening of movies and television

shows, producers and distributors of music, entertainment

theaters and sports teams. Also includes companies offering

and/or producing entertainment content streamed online.

50202020

Interactive Home

Entertainment

Producers of interactive gaming products, including mobile

gaming applications. Also includes educational software used

primarily in the home. Excludes online gambling companies

classified in the Casinos & Gaming Sub-Industry.

502030

Interactive

Media &

Services

50203010

Interactive Media &

Services

Companies engaging in content and information creation or

distribution through proprietary platforms, where revenues are derived

primarily through pay-per-click advertisements. Includes search

engines, social media and networking platforms, online classifieds, and

online review companies. Excludes companies operating online

marketplaces classified in Internet & Direct Marketing Retail.

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MSCI.COM | Page 38 of 45

Utilities

UTILITIES

551010

Electric Utilities

55101010

Electric Utilities

Companies that produce or distribute electricity. Includes both

nuclear and non-nuclear facilities.

551020

Gas Utilities

55102010

Gas Utilities

Companies whose main charter is to distribute and transmit

natural and manufactured gas. Excludes companies primarily

involved in gas exploration or production classified in the Oil &

Gas Exploration & Production Sub-Industry. Also excludes

companies engaged in the storage and/or transportation of oil,

gas, and/or refined products classified in the Oil & Gas Storage &

Transportation Sub-Industry.

551030

Multi-Utilities

55103010

Multi-Utilities

Utility companies with significantly diversified activities in

addition to core Electric Utility, Gas Utility and/or Water Utility

operations.

551040

Water Utilities

55104010

Water Utilities

Companies that purchase and redistribute water to the end-

consumer. Includes large-scale water treatment systems.

551050

Independent

Power and

Renewable

Electricity

Producers

55105010

Independent Power

Producers & Energy

Traders

Companies that operate as Independent Power Producers

(IPPs), Gas & Power Marketing & Trading Specialists and/or

Integrated Energy 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.

55105020

Renewable Electricity

Companies that engage in the generation and distribution of

electricity using renewable sources, including, but not limited to,

companies 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, installers of photovoltaic cells, and

companies involved in the provision of technology, components,

and services mainly to this market.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

MSCI.COM | Page 39 of 45

Real Estate

REAL ESTATE

601010

Equity Real Estate

Investment Trusts

(REITs)

60101010

Diversified REITs

A company or Trust with significantly diversified operations

across two or more property types.

60101020

Industrial REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of industrial

properties. Includes companies operating industrial warehouses

and distribution properties.

60101030

Hotel & Resort REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of hotel and

resort properties.

60101040

Office REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of office

properties.

60101050

Health Care REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of properties

serving the health care industry, including hospitals, nursing

homes, and assisted living properties.

60101060

Residential REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of residential

properties including multifamily homes, apartments,

manufactured homes and student housing properties.

60101070

Retail REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of shopping

malls, outlet malls, neighborhood and community shopping

centers.

60101080

Specialized REITs

Companies or Trusts engaged in the acquisition, development,

ownership, leasing, management and operation of properties not

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.

601020

Real Estate

Management &

Development

60102010

Diversified Real Estate

Activities

Companies engaged in a diverse spectrum of real estate

activities including real estate development & sales, real estate

management, or real estate services, but with no dominant

business line.

60102020

Real Estate Operating

Companies

Companies engaged in operating real estate properties for the

purpose of leasing & management.

60102030

Real Estate Development

Companies that develop real estate and sell the properties after

development. Excludes companies classified in the

Homebuilding Sub-Industry.

60102040

Real Estate Services

Real estate service providers such as real estate agents, brokers

& real estate appraisers.

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

MSCI.COM | PAGE 40 OF 45

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

SECTION 8: MSCI FIXED INCOME SECTOR

CLASSIFICATION GUIDELINES

MSCI also leverages the Global Industry Classification Standard (GICS) to classify

companies that have issued Fixed Income securities such as corporate bonds.

8.1: FIXED INCOME UNIVERSE ELIGIBLE FOR CLASSIFICATION

Corporates that have issued bonds are eligible for a classification.

Supranationals, Municipals and Sovereigns that have issued fixed income securities

are currently not covered under this Methodology.

8.1.1. CLASSIFICATION OF A COMPANY THAT HAS ISSUED BOTH

EQUITY AND CORPORATE BONDS

Propagation of GICS from company level to security level

GICS is assigned at the company level and thus all securities, equities or corporate

bonds, issued by the company will have the same GICS classification as the

company.

MSCI leverages GICS assigned to a company that has issued equity securities and

assigns the same GICS classification to the corporate bonds issued by the company.

Example: GICS of a corporate bond issued by General Electric

The corporate bond issued by General Electric will have the same GICS as assigned

to General Electric.

GICS level

GICS code

GICS description

Sector

Industrials

Industry Group

2010

Capital Goods

Industry

201050

Industrial Conglomerates

Sub-Industry

20105010

Industrial Conglomerates

MSCI.COM | PAGE 41 OF 45

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

8.1.2 CLASSIFICATION OF A COMPANY THAT HAS ISSUED ONLY

CORPORATE BONDS

Each corporate bond issuer is assigned to a GICS Sub-Industry based on the GICS of

its related listed entity, i.e., its parent company or ultimate parent company, as

available in GICS Direct.

Example: GICS of corporate bond issued by Coca-Cola Refreshments USA Inc.

Coca-Cola Refreshments USA Inc.’s parent is Coca-Cola Co which is classified as

“30201030 - Soft Drinks”.

GICS of the corporate bond issued by Coca-Cola Refreshments USA Inc. will be:

GICS level

GICS code

GICS description

Sector

Consumer Staples

Industry Group

3020

Food, Beverage and Tobacco

Industry

302010

Beverages

Sub-Industry

30201030

Soft Drinks

In cases where the related entities, i.e., its parent and ultimate parent company don’t

have GICS in GICS Direct, the corporate bond issuer will be classified based on its

own or its related entities’ underlying business using the GICS framework.

In addition, if the corporate bond issuer is a special purpose vehicle or a captive

finance vehicle, it will be classified based on the business of its related entities as

described in Section 3.

8.2 SOURCE OF INFORMATION USED FOR THE GICS CLASSIFICATION OF

FIXED INCOME

The primary source of information used to classify fixed income securities is the

company’s annual reports and accounts. Other sources include broker reports and

other published research literature. In the case of a new issue, the classification will

be determined based primarily on the description of the company’s activities and pro

forma results as given in the prospectus.

MSCI.COM | PAGE 42 OF 45

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

8.3 MAINTENANCE OF GICS FOR COMPANIES THAT HAVE ISSUED

CORPOR

ATE BONDS

8.3.1 ONGOING REVIEW

A company’s Sub-Industry classification will be reviewed at least annually. It will also

be reviewed when a significant corporate restructuring occurs. GICS reviews could

also occur upon client request.

In order to provide a stable Sub-Industry classification, when reviewing a company’s

classification, changes will be minimized in the Sub-Industry classification to the

extent possible by disregarding temporary fluctuations in the results of a company’s

different activities.

8.3.2 IMAPCT OF GICS STRUCTURE REVIEW

All changes in the GICS Structure and definitions resulting from a Structure Review

will be applicable to the classification of companies that have issued fixed income

securities as well.

AMERICAS

Americas 1 888 588 4567 *

Atlanta + 1 404 551 3212

Boston + 1 617 532 0920

Chicago + 1 312 675 0545

Monterrey + 52 81 1253 4020

New York + 1 212 804 3901

San Francisco + 1 415 836 8800

São Paulo + 55 11 3706 1360

Toronto + 1 416 628 1007

EUROPE, MIDDLE EAST & AFRICA

Cape Town + 27 21 673 0100

Frankfurt + 49 69 133 859 00

Geneva + 41 22 817 9777

London + 44 20 7618 2222

Milan + 39 02 5849 0415

Paris 0800 91 59 17 *

ASIA PACIFIC

China North 10800 852 1032 *

China South 10800 152 1032 *

Hong Kong + 852 2844 9333

Mumbai + 91 22 6784 9160

Seoul 00798 8521 3392 *

Singapore 800 852 3749 *

Sydney + 61 2 9033 9333

Taipei 008 0112 7513 *

Thailand 0018 0015 6207 7181 *

Tokyo + 81 3 5290 1555

ABOUT MSCI

MSCI is a leading provider of critical

decision support tools and services for

the global investment community. With

over 45 years of expertise in research,

data and technology, we power better

investment decisions by enabling clients

to understand and analyze key drivers of

risk and return and confidently build

more effective portfolios. We create

industry-leading research-enhanced

solutions that clients use to gain insight

into and improve transparency across

the investment process.

To learn more, please visit

www.msci.com.

* = toll free

clientservice@msci.com

MSCI.COM | PAGE 43 OF 45

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

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GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®) METHODOLOGY |

January 2020

MSCI.COM

| PAGE 45 OF 45

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

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· Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain

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