MSCI Nov15 INTSummary

INDEXREVIEW
MSCIEQUITY
INDEXESGLOBAL
SUMMARY
November2015
NOVEMBER2015
MSCIEQUITYINDEXESGLOBALSUMMARY|NOVEMBER2015
CONTENTS
MSCISemiAnnualIndexReview.........................................................3
Highlights............................................................................................................3
IndexPerformance.......................................................................4
2 SemiAnnualIndexReviewfortheMSCIGlobalInvestableMarket
Indexes................................................................................................8
EligibilityofForeignListedCompaniesforInclusionintheMSCIIndexes......................8
EnhancementintheCalculationofATVRfortheMSCIUSandCanadaIndexes............9
HighlightsoftheSizeSegmentIndexReview..................................................................9
SummaryofChangesfortheRegionalandCountryIndexes........................................18
AdditionstoandDeletionsfromtheMSCIGlobalStandardIndexesatSemiAnnual
IndexReviews................................................................................................................28
OnewayIndexTurnover...............................................................................................39
MSCIGlobalValueandGrowthIndexes.....................................43
MSCIChinaAIndexes.................................................................48
MSCIGlobalIslamicIndexes.......................................................51
AppendixIForeignListedCompanies.............................................54
AppendixIIEnhancementintheCalculationofLiquidityValues...56
AppendixIIIMSCISaudiArabiaIndexes.........................................57
2015MSCIInc.Allrightsreserved.Pleaserefertothedisclaimerattheendofthisdocument.
MSCI.COM|PAGE2 OF59
MSCISEMIANNUALINDEXREVIEW
ChangestobemadeasofthecloseofNovember30,2015(effectiveDecember1,2015).
HIGHLIGHTS
MSCIannouncedtodaychangesresultingfromitsNovember2015SemiAnnualIndexReview(SAIR).
As previously announced, foreign listed companies will become eligible for inclusion in the MSCI China
InvestableMarketIndex(IMI),MSCIHongKongIMI,MSCIIsraelIMIandMSCINetherlandsIMIIndexeswithin
theMSCIACWIIMIIndex.Thiswillresultin21additionsofforeignlistedsecuritiestotheMSCIACWIIndex
and66additionstotheMSCIACWIIMIIndex.MSCIwillimplementthesechangesintwophasesbyadding
theforeign listed securitiesathalfoftheir freefloatadjustedmarketcapitalization attheNovember 2015
SAIRandsubsequentlyaddingtheirremainingfreefloatadjustedmarketcapitalizationattheMay2016SAIR.
Intotal,includingnewlyeligibleforeignlistedcompanies,theNovember2015SAIRwillresultin74additions
to and 60deletions from the MSCI ACWIIndex and a oneway index turnover of1.0%. Theoneway index
turnover is 0.7% for the MSCI World Index and 3.5% for the MSCI Emerging Markets Index. The largest
additionstotheMSCIACWIIndexmeasuredbyfullcompanymarketcapitalizationareAlibabaGroupHolding
ADR(China),BaiduADR(China),andEmiratesTelecommunicationsCorp(UnitedArabEmirates).
The MSCI ACWI IMI Index will have 478 additions and 295 deletions, and will experience a oneway index
turnoverof1.0%.Therewillbe571additionstoand217deletionsfromtheMSCIWorldAllCapIndex.Thirty
one securities will be added to the MSCI USA IMI Index and five securities to the MSCI Canada IMI Index,
following the preannounced switch to consolidated trading volumes, which take into account trading on
alternativetradingvenuesinthecalculationoftheAnnualizedTradedValueRatio(ATVR)forthesemarkets.
The MSCI Frontier Markets Index will have seven additions and nine deletions, and experience a oneway
indexturnoverof3.5%.Fouroutofsevenadditionsareforeignlistedcompanies.
SummaryofProformaChangestotheMSCIIndexes
Pro forma All Cap
Pro forma IMI
# Securities
All Cap
Index Market
Weight
# Sec.
Index Market
IMI
One-Way Index Turnover
Standard
Small Cap
All Cap
Weight
# Sec.
Add
Del
Add
Del
Add
Del
Add
Del
IMI
Std
SCap
Cap
Cap
ACWI
42,359,819 100.0% 14,700
41,929,666
100.0%
8,755
777
395
478
295
74
60
482
313
1.0%
1.0%
1.0%
4.5%
ACWI ex USA
20,401,308
48.2% 11,012
20,086,314
47.9%
6,184
583
371
351
242
62
50
349
252
1.5%
1.5%
1.4%
5.4%
World
38,051,133 100.0% 11,970
37,620,980
89.7%
6,025
571
217
272
117
38
23
279
139
0.7%
0.7%
0.7%
3.9%
EAFE
14,767,878
14,479,720
34.5%
3,132
351
176
129
45
21
127
55
0.9%
0.8%
0.8%
4.0%
World ex Japan
34,581,675
90.9%
9,122
34,252,810
81.7%
4,838
522
210
249
110
35
20
253
129
0.8%
0.7%
0.7%
4.1%
North America
23,283,255
61.2%
4,349
23,141,259
55.2%
2,893
220
41
143
72
17
14
152
84
0.6%
0.6%
0.7%
3.8%
Europe + Middle East
9,598,239
25.2%
3,050
9,484,299
22.6%
1,452
177
88
74
13
12
72
18
0.9%
0.8%
0.8%
4.4%
Pacific
5,169,638
13.6%
4,571
4,995,421
11.9%
1,680
174
88
55
32
55
37
0.9%
0.8%
0.9%
3.4%
EM
4,308,687
10.3%
2,730
206
178
36
37
203
174
3.9%
3.5%
9.7%
EM Asia
3,102,132
7.4%
2,158
186
132
31
20
176
133
4.8%
4.5%
9.7%
38.8%
7,621
EM EMEA
710,739
1.7%
352
12
21
13
20
2.2%
2.1%
7.5%
EM Latin America
495,815
1.2%
220
25
10
14
21
0.9%
1.2%
13.7%
499
318
81
69
503
334
1.0%
1.0%
4.5%
ACWI FM
42,480,797
15,034
42,050,644
9,089
798
418
1.0%
120,977
100.0%
334
21
23
21
21
4.6%
3.5%
12.4%
FM ex GCC
88,037
72.8%
285
16
13
16
12
3.8%
2.8%
10.3%
FM GCC
32,941
27.2%
49
10
6.9%
5.3%
19.2%
FM
Note: All market caps are in USD millions. Data as of the close of October 20, 2015
MSCI.COM|PAGE3 OF59
INDEXPERFORMANCE
ThefollowingchartsandtablesshowtheperformanceofselectedMSCIGlobalInvestable
MarketIndexes(GIMI)upuntiltheIndexReviewpricecutoffdate,October20,2015.
FiveYearPerformanceofSelectedMSCIGlobalInvestableMarketIndexes
TheMSCIEmerging
MarketsIndex
underperformedthe
MSCIWorldIndex
duringtheperiod
betweentheMay
2015andNovember
2015SAIRs
FiveYearRelativePerformanceofSelectedMSCIGlobalStandardIndexes
MSCI.COM|PAGE4 OF59
FiveYearRelativePerformanceofSelectedMSCIGlobalSmallCapIndexes
PerformanceofSelectedMSCIGlobalInvestableMarketIndexes
Total Gross Return Performance in USD (4/20/2015 - 10/20/2015)*
Large Cap
Mid Cap
Standard
Small Cap
IMI
TheMSCILatAmIndex
postedtheweakest
performancesincethe
May2015SAIRacross
keyMSCIComposite
Indexes
USA
Europe
Japan
Pacific ex Japan
EAFE
World
-2.1%
-5.7%
-6.7%
-13.8%
-6.9%
-4.4%
-5.2%
-1.9%
-4.1%
-8.6%
-3.3%
-4.9%
-2.6%
-4.8%
-6.3%
-12.8%
-6.1%
-4.5%
-6.9%
2.4%
-0.8%
-13.1%
-0.6%
-5.0%
-3.2%
-4.2%
-5.5%
-12.9%
-5.4%
-4.5%
EM Asia
EM EMEA
EM Latam
EM
-14.4%
-10.3%
-22.2%
-14.8%
-14.1%
-14.5%
-14.8%
-14.2%
-14.6%
-10.9%
-21.0%
-15.0%
-11.5%
-9.7%
-20.1%
-12.0%
-14.0%
-10.9%
-20.9%
-14.6%
ACWI
-5.6%
-5.8%
-5.6%
-5.8%
-5.6%
FM ex GCC
GCC ex SA
FM
-8.5%
-11.2%
-12.1%
-9.1%
-11.7%
-3.6%
-6.2%
-4.1%
-10.0%
-8.6%
-9.9%
* The performance is measured between the price cutoff dates for the Index Reviews
MSCI.COM|PAGE5 OF59
CorrelationMatrixacrossSelectedCompositeIndexes
Daily return correlation ( 4/17/2013-10/18/2013)
ACWI
TheMSCIFrontier
MarketsIndexes
showedlow
correlationwithmost
MSCIregionalindexes
ACWI
WORLD
EAFE
USA
Europe
Japan
Pacific ex Japan
EM
EM EMEA
EM Latin America
EM Asia
FM
1.00
1.00
0.93
0.93
0.84
0.69
0.52
0.80
0.67
0.61
0.71
0.32
WORLD
1.00
0.93
0.94
0.85
0.67
0.48
0.75
0.63
0.60
0.66
0.31
EAFE
1.00
0.74
0.96
0.62
0.52
0.74
0.69
0.62
0.62
0.34
USA
1.00
0.64
0.63
0.38
0.66
0.49
0.48
0.61
0.23
Europe
1.00
0.41
0.34
0.62
0.61
0.57
0.49
0.36
Japan
1.00
0.57
0.64
0.50
0.41
0.62
0.18
Pacific ex
Japan
EM
1.00
0.66
0.60
0.47
0.59
0.10
1.00
0.78
0.60
0.95
0.31
EM Latin
EM EMEA America
1.00
0.70
0.58
0.37
EM Asia
1.00
0.36
0.43
FM
1.00
0.20
1.00
PerformanceoftheMSCIACWIIndexesbySectorandSizeSegment
ConsumerStapleswas
thebestperforming
IMIsector,whilethe
EnergySectorhadthe
weakestIMI
performancebetween
theMay2015and
November2015SAIRs
Large Cap
Mid Cap
Standard
Small Cap
IMI
0.6%
-1.4%
-0.5%
-2.2%
-5.4%
-6.7%
-6.5%
-7.1%
-16.2%
-14.9%
2.4%
1.1%
-4.1%
-4.0%
-6.7%
-4.4%
-8.3%
-6.1%
-10.1%
-23.0%
0.8%
-0.7%
-1.4%
-2.6%
-5.6%
-6.3%
-6.6%
-6.8%
-14.5%
-15.8%
2.5%
-0.3%
-4.0%
-4.0%
-2.1%
-1.8%
-7.0%
-8.2%
-12.3%
-27.1%
0.9%
-0.6%
-1.8%
-2.7%
-5.4%
-5.7%
-6.7%
-7.1%
-14.1%
-16.8%
Consumer Staples
Utilities
Consumer Discretionary
Information Technology
Telecommunication Services
Financials
Health Care
Industrials
Materials
Energy
* The performance is measured between the price cutoff dates of the Index Reviews
Sectors ranked by performance at IMI Index level
MSCI.COM|PAGE6 OF59
PerformanceoftheMSCICountryIndexesbySizeSegmentDevelopedMarkets
TheMSCIIrelandIMI,
MSCIItalyIMIand
MSCIDenmarkIMI
werethetop
performersin
DevelopedMarkets
betweentheMay
2015andNovember
2015SAIRs
Ireland
Italy
Denmark
Belgium
Austria
Netherlands
France
Portugal
USA
Israel
United Kingdom
Switzerland
Finland
Spain
Japan
Sweden
Germany
New Zealand
Hong Kong
Norway
Australia
Singapore
Canada
Large Cap
Mid Cap
-3.2%
4.3%
-2.1%
-2.9%
8.5%
-1.0%
-2.2%
-1.5%
-2.1%
-5.7%
-6.5%
-5.7%
-6.7%
-7.0%
-6.7%
-7.4%
-10.9%
NA
-9.3%
-10.6%
-15.8%
-14.6%
-13.9%
10.2%
1.6%
6.0%
1.3%
-13.4%
-5.4%
-3.7%
-5.9%
-5.2%
0.2%
-0.8%
-3.2%
-1.9%
2.0%
-4.1%
-10.0%
0.2%
-10.1%
-10.1%
-20.3%
-6.1%
-14.4%
-16.9%
Standard Small Cap

4.0%
4.0%
0.2%
-1.4%
-2.8%
-1.6%
-2.2%
-2.7%
-2.6%
-5.8%
-5.2%
-5.7%
-4.8%
-5.0%
-6.3%
-7.8%
-9.6%
-10.2%
-9.5%
-12.9%
-14.2%
-14.5%
-14.5%
6.5%
4.8%
9.6%
6.4%
2.4%
-4.0%
3.9%
-2.3%
-6.9%
-0.6%
3.7%
-2.8%
-6.5%
-5.8%
-0.8%
4.3%
2.3%
-10.6%
-17.1%
-5.8%
-10.8%
-13.4%
-16.7%
IMI
4.5%
3.9%
1.3%
-0.6%
-0.8%
-2.1%
-2.1%
-2.9%
-3.2%
-3.6%
-4.1%
-5.2%
-5.3%
-5.4%
-5.5%
-5.9%
-8.8%
-10.4%
-10.4%
-11.2%
-13.7%
-14.3%
-14.8%
* NA is displayed in the cases when an index does not exist
PerformanceoftheMSCICountryIndexesbySizeSegmentEmergingMarkets
Hungary
Greece
India
Qatar
Mexico
Turkey
Czech Republic
Taiwan
Russia
Korea
United Arab Emirates
Poland
South Africa
Philippines
Chile
Egypt
Thailand
Peru
China
Malaysia
Colombia
Indonesia
Brazil
TheMSCIBrazilIMI
wasthebottom
performerwithin
EmergingMarkets
sincetheMay2015
SAIR
Large Cap
Mid Cap
-0.3%
16.9%
-5.4%
-5.2%
-9.2%
-6.3%
-8.1%
-8.4%
-10.2%
-12.1%
-10.9%
-14.6%
-12.3%
-12.3%
-16.6%
-3.0%
-18.9%
-16.6%
-19.6%
-20.0%
-20.6%
-19.3%
-31.1%
14.4%
-35.7%
-7.1%
-7.8%
2.4%
-4.8%
N/A
-14.7%
0.6%
-13.4%
-17.6%
-9.4%
-15.6%
-10.6%
-5.2%
-37.7%
-7.3%
-27.2%
-15.7%
-24.5%
-17.5%
-23.5%
-27.2%
Standard Small Cap

3.0%
-11.8%
-5.6%
-5.8%
-7.3%
-6.0%
-8.9%
-9.6%
-9.7%
-12.6%
-11.8%
-13.2%
-12.7%
-12.0%
-14.3%
-13.9%
-17.3%
-17.9%
-19.2%
-20.7%
-19.8%
-19.9%
-30.5%
-7.6%
25.8%
-0.7%
2.0%
-5.2%
-16.7%
12.6%
-11.7%
-12.1%
-5.7%
-11.5%
0.1%
-12.4%
-19.4%
-14.8%
-20.6%
-15.1%
-6.9%
-17.2%
-18.5%
-56.2%
-26.7%
-34.0%
* NA is displayed in the cases when an index does not exist
IMI
2.4%
-2.3%
-4.8%
-5.1%
-7.1%
-7.4%
-7.6%
-9.8%
-9.9%
-11.3%
-11.7%
-12.0%
-12.9%
-13.1%
-14.3%
-16.7%
-16.8%
-17.6%
-18.8%
-20.4%
-20.5%
-21.1%
-30.7%
MSCI.COM|PAGE7 OF59
SEMIANNUALINDEXREVIEWFORTHEMSCIGLOBALINVESTABLE
MARKETINDEXES
The objective of the SemiAnnual Index Reviews (SAIRs) is to systematically reassess the
various dimensions of the MSCI Equity Universe for all markets on a fixed semiannual
timetable.
DuringeachSAIR,theMSCIEquityUniverseisupdatedandtheGlobalMinimumSizeRange
isrecalculatedforeachsizesegment.Then,inadditiontotheupdatesinForeignInclusion
Factors (FIF) and Number of Shares (NOS), the following index maintenance activities are
undertakenforeachmarket:
UpdatingtheMSCIMarketInvestableEquityUniverse.
ReassessingtheSegmentNumberofCompaniesandtheMarketSizeSegment
Cutoffs,usingtheGlobalMinimumSizeRangeandthetargetfreefloatadjusted
marketcapitalizationcoveragerange.
Assigningcompaniestothesizesegmentstakingintoaccountbufferzones.The
buffer zones at SAIRs are defined with boundaries of 33% and +50% of the
MarketSizeSegmentCutoff.
AssessingconformitywithFinalSizeSegmentInvestabilityRequirements.
SAIRstakeplaceeachyearinMayandNovember.
ELIGIBILITYOFFOREIGNLISTEDCOMPANIESFORINCLUSIONINTHEMSCIINDEXES
Starting from the November 2015 SAIR, foreign listings will become eligible for countries
within the MSCI Global Investable Market Indexes where foreign listed companies would
representamaterialproportionoftheindexmarketcapitalization.Thelistofsuchcountries
isprovidedinthetablebelow(listusedfortheNovember2015SAIR,ascommunicatedat
theMay2015SAIR):
Please note that some MSCI Country Indexes for the above mentioned countries already
exceptionally contain selected foreign listed securities for historical reasons. Namely, U.S.
listings have been exceptionally eligible for inclusion in the MSCI Peru Indexes, the MSCI
MSCI.COM|PAGE8 OF59
Russia Indexes contain a number of securities represented by depositary receipts listed in

LondonandNewYork,andduetomarketaccessibilityissues,theconstituentsoftheMSCI
Argentina and MSCI Kazakhstan Indexes have been represented only by the relevant
depositary receipts. All other MSCI Country Indexes currently do not contain any foreign
listedsecurities.
Foreign listings may become eligible to represent securities only from the countries that
meet the Foreign Listing Materiality Requirement, described in Appendix IV of the MSCI
Global Investable Market Indexes methodology book. At each SAIR, MSCI assesses if any
additional country meets the Foreign Listing Materiality Requirement. The results are
announcedduringeachSAIRandforeignlistingsbecomeeligiblefortheimpactedcountries
startingfromthesubsequentSAIR.
AtthetimeoftheNovember2015SAIR,noadditionalcountrywithintheACWIorFrontier
MarketsuniversesmettheForeignListingMaterialityRequirement.OneStandaloneMarket
country,Botswana,mettheForeignListingMaterialityRequirement.Hence,foreignlistings
willbecomeeligiblefortheMSCIBotswanaIndexesstartingfromtheMay2016SAIR.
As previously announced, MSCI will initially implement all additions of securities
representedbyforeignlistingsintheMSCIGlobalInvestableMarketIndexesintwophases
byapplyinganIndexInclusionFactor(IIF)of0.5attheNovember2015SAIRandincreasing
the IIF to 1.0 at the May 2016 SAIR. After the November 2015 SAIR, other such securities
wouldgenerallybetreatedasanyothernewlyeligiblesecuritiesandwouldnotbesubjectto
phasing.
Theimpactofeligibilityofforeignlistingsontheregional andcountryindexesisshownin
the following sections. The complete list of foreign listed companies added to the MSCI
GlobalInvestableMarketIndexesisshowninAppendixI.
ENHANCEMENTINTHECALCULATIONOFATVRFORTHEMSCIUSANDCANADAINDEXES
AsaresultoftheconsultationconductedinSeptember2014,MSCIwillusetheconsolidated
tradingvolumesforthecalculationoftheAnnualTradedValueRatios(ATVRs)forsecurities
listed in eligible stock exchanges in the US and Canada starting from the November 2015
SAIR.Theconsolidatedvolumeswillincludetransactionsfromregisteredexchangesaswell
as alternative trading venues aggregated in the consolidated market information or data
feeds as definedby RegulationNMSin the US and National Instrument21101in Canada.
TheimpactofthischangeisprovidedinAppendixII.
HIGHLIGHTSOFTHESIZESEGMENTINDEXREVIEW
TheGlobalMinimumSizeReferenceforeachsegmentisreviewedateachSAIRandisused
todetermineaGlobalMinimumSizeRange.Therangeisdefinedas0.5timesto1.15times
theGlobalMinimum SizeReference to allowfor sizeintegrity acrossmarkets. Marketand
MSCI.COM|PAGE9 OF59
segment performances between SAIRs impact the Global Minimum Size References and
MarketSizeSegmentCutoffs.
ForEmergingMarkets,theGlobalMinimumSizeReferenceissetatonehalftheleveloffull
market capitalization used for the Developed Markets. Larger Frontier Market countries
havetheirGlobalMinimumSizeReferencesettothesamelevelastheEmergingMarkets,
whiletheGlobalMinimumSizeReferencefortheSmallerFrontierMarketcountriesissetat
onehalfofthisvalue.
ThechartbelowshowsthechangesintheGlobalMinimumSizeReferencesaswellasthe
EquityUniverseMinimumSizeRequirementfromtheMay2015SAIRtotheNovember2015
SAIR.
ChangesinGlobalMinimumSizeRanges
Percent of Free
Float Adjusted
Market Coverage
TheGlobalMinimum
SizeReferences
decreasedforLarge,
MidandSmallCap
SizeSegmentssince
theMay2015SAIR
Developed Markets
Investable Equity
Universe
Global Minimum Size Reference

Developed Markets Global Minimum Size
Emerging & Larger Frontier Markets Smaller Frontier Markets Global Minimum
Reference
Global Minimum Size Reference (50%
Size Reference (50% of EM)
of DM)
Nov-15
May-15
% chg
Nov-15
May-15
Nov-15
May-15
14,077
14,883
-5.4%
7,038
7,441
3,519
3,721
5,046
5,359
-5.8%
2,523
2,679
1,262
1,340
519
554
-6.4%
259
277
130
139
60
203
61
207
-1.6%
Universe
Large Cap
70%
Mid Cap
85%
Small Cap
99%
Micro Cap
99.8%
Equity Universe Min

Size
-1.9%
All market caps are in USD millions. Data as of the close of October 20, 2015 and April 20, 2015 for the
November 2015 Semi-Annual Index Review and May 2015 Semi-Annual Index Review, respectively.
The differences between the changes in the Global Minimum Size References and the
individual market performances can result in increases or decreases in the Market Size
SegmentCutoffs,aswellastheSegmentNumberofCompanies.Forexample,thenegative
performance of a market relative to the Global Minimum Size Reference can result in the
initial Market SizeSegment Cutoff being lower than 0.5 times the Global Minimum Size
Reference, triggering a decrease in the Segment Number of Companies to increase the
Cutoffandtocomplywiththesizeintegritycriteria.
PleasenotethattheEquityUniverseMinimumSizeRequirementhasdecreasedtoUSD203
millionfortheNovember2015SAIRfromUSD207millionfortheMay2015SAIR,following
weaker global market performance. The Micro Cap Minimum Size Requirement has
decreasedtoUSD60millionfortheNovember2015SAIRfromUSD61millionfortheMay
2015SAIR.
ThefollowingthreetablescomparetheMarketSizeSegmentCutoffsusedintheMay2015
andNovember2015SAIRs.
MSCI.COM|PAGE10 OF59
MarketSizeSegmentCutoffsforDevelopedMarkets
Large Cap
Segm Nov-15 May-15
Numb Cutoff Cutoff
Comp
AllDevelopedand
EmergingMarkets
experienceda
decreaseinSize
SegmentCutoffs
TheSegmentNumber
ofCompaniesforthe
MSCIPeruIndex
decreasedfromthree
totwocompaniesto
bringitclosertothe
TargetCoverage
Range.However,the
numberofindex
constituentsforthe
MSCIPeruIndexwill
remainunchangedat
threeduetothe
IndexContinuity
Rules
% Chg
Segm
Numb
Comp
Standard
Nov-15 May-15
Cutoff
Cutoff
% Chg
Segm
Numb
Comp
IMI
Nov-15 May-15
Cutoff
Cutoff
% Chg
World (*)
719
7,038
7,441
-5.4%
1,672
2,524
2,774
-9.0%
6,286
259
277
-6.5%
EAFE (*)
384
7,038
7,441
-5.4%
932
2,524
2,774
-9.0%
3,268
259
277
-6.6%
World ex Japan (*)
596
7,038
7,441
-5.4%
1,353
2,524
2,774
-9.0%
5,037
259
277
-6.5%
North America (*)

USA
Canada
335 8,861 9,316

293 15,705 16,969
42 8,861 9,316
-4.9%
-7.5%
-4.9%
740
645
95
2,751
5,775
2,751
3,393 -18.9%
6,162
-6.3%
3,393 -18.9%
3,018
2,685
333
259
261
259
277
277
283
-6.4%
-6.0%
-8.3%
Europe + Middle East (*)

Europe
Israel
198 10,191 8,835

195 14,133 14,886
3 10,191 8,835
15.4%
-5.1%
15.4%
460
447
13
2,754
4,891
2,754
2,774
5,182
2,774
-0.7%
-5.6%
-0.7%
1,482
1,410
72
259
259
262
280
280
302
-7.3%
-7.3%
-13.3%
Pacific (*)
Japan
Australia
Hong Kong
Singapore
New Zealand
186
123
30
22
11
0
7,038 7,441 -5.4%

8,194 8,547 -4.1%
7,212 7,781 -7.3%
9,923 11,060 -10.3%
7,318 8,749 -16.4%
7,038 7,441 -5.4%
472
319
72
44
29
8
2,524
2,949
2,850
3,200
2,958
2,524
2,883 -12.5%
3,049
-3.3%
2,883
-1.2%
4,098 -21.9%
3,422 -13.6%
3,188 -20.8%
1,786
1,249
230
167
108
32
260
260
263
260
266
349
277
277
279
280
286
327
-6.4%
-6.4%
-5.7%
-6.9%
-7.2%
6.5%
(*) Market Size-Segment Cutoffs for the composite indices is the minimum country cutoff among countries included in the composite.
All market caps are in USD millions. Data as of the close of October 20, 2015 and April 20, 2015 for the November 2015 Semi-Annual Index Review and May 2015 Semi-Annual Index Review respectively.
MarketSizeSegmentCutoffsforEmergingMarkets
Large Cap
Segm Nov-15 May-15
Numb Cutoff Cutoff
Comp
% Chg
Segm
Numb
Comp
Standard
Nov-15 May-15
Cutoff
Cutoff
% Chg
Segm
Numb
Comp
IMI
Nov-15 May-15
Cutoff
Cutoff
% Chg
EM (*)
461
3,574
3,800
-5.9%
941
1,262
1,340
-5.8%
2,953
203
207
-2.0%
EM Asia (*)
China
Korea
Taiwan
India
Malaysia
Thailand
Indonesia
Philippines
311
107
43
43
43
25
18
15
17
3,574
6,796
6,172
3,580
6,435
3,574
3,738
4,070
3,598
3,903
8,557
6,338
4,020
6,310
4,855
3,903
4,491
4,897
-8.4%
-20.6%
-2.6%
-11.0%
2.0%
-26.4%
-4.2%
-9.4%
-26.5%
642
208
106
90
89
49
38
34
28
1,286
2,829
1,930
1,286
2,634
1,292
1,419
1,379
1,871
1,342
-4.2%
3,081
-8.2%
2,139
-9.8%
1,342
-4.2%
2,596
1.5%
1,707 -24.3%
1,573
-9.8%
1,682 -18.0%
2,349 -20.4%
2,352
680
511
422
329
134
139
84
53
203
207
203
204
213
204
204
215
266
208
212
225
216
225
208
212
213
223
-2.6%
-2.5%
-9.8%
-5.9%
-5.3%
-2.0%
-3.8%
0.8%
19.0%
EM EMEA (*)
South Africa
Turkey
Poland
Russia
Qatar
Greece
Egypt
Czech Republic
Hungary
88
24
15
11
15
9
8
1
1
2
2
3,730
4,634
4,196
3,730
7,692
4,917
7,363
4,753
6,182
8,094
5,049
3,800 -1.8%
5,201 -10.9%
4,595 -8.7%
3,998 -6.7%
8,557 -10.1%
5,131 -4.2%
5,951 23.7%
3,800 25.1%
6,311 -2.0%
8,191 -1.2%
5,598 -9.8%
173
55
27
23
23
14
12
9
4
3
3
1,291
1,791
1,372
1,456
2,902
2,902
2,325
1,291
1,307
2,902
2,902
1,340
-3.6%
2,072 -13.6%
1,380
-0.6%
1,383
5.3%
3,081
-5.8%
3,081
-5.8%
3,076 -24.4%
1,340
-3.6%
2,338 -44.1%
2,681
8.2%
2,777
4.5%
372
117
75
43
34
23
26
23
21
6
4
205
246
205
208
298
298
239
283
253
275
298
207
236
207
247
319
319
223
262
319
258
319
-1.1%
4.4%
-1.1%
-15.9%
-6.4%
-6.4%
7.2%
8.2%
-20.5%
6.4%
-6.4%
EM Latin America (*)

Brazil
Mexico
Chile
Colombia
Peru
62
26
16
12
6
2
3,914
3,914
7,024
4,332
4,381
8,094
4,156 -5.8%
4,156 -5.8%
7,616 -7.8%
4,976 -12.9%
4,865 -9.9%
8,557 -5.4%
126
63
32
19
10
2
1,262
1,262
2,836
1,519
2,538
2,902
1,640 -23.1%
1,669 -24.4%
2,731
3.8%
1,640
-7.4%
3,000 -15.4%
2,701
7.4%
229
116
65
32
13
3
208
208
298
243
298
298
207
207
319
294
319
319
0.2%
0.2%
-6.4%
-17.4%
-6.4%
-6.4%
(*) Market Size-Segment Cutoffs for the composite indices is the minimum country cutoff among countries included in the composite.
MarketSizeSegmentCutoffsforFrontierMarkets
Large Cap (*)
Segm Nov-15 May-15
Numb Cutoff Cutoff
Comp
% Chg
FM
Standard
Nov-15 May-15
Cutoff
Cutoff
% Chg
113
FM ex GCC
Pakistan
Nigeria
Vietnam
Morocco
Argentina
Bangladesh
Kenya
Romania
Sri Lanka
Jordan
Mauritius
Lebanon
Tunisia
Croatia
Kazakhstan
Slovenia (**)
Serbia (**)
Lithuania (**)
Estonia (**)
Bulgaria (**)
Ukraine (**)
FM GCC
Oman
Kuwait
Bahrain
Segm
Numb
Comp
94
16
16
9
9
8
5
5
5
3
3
3
3
2
2
2
1
1
1
0
0
6
2
3
1
3,165
5,592
4,047
3,167 -0.1%
7,159 -21.9%
1,861 117.5%
19
8
8
3
Segm
Numb
Comp
IMI
Nov-15 May-15
Cutoff
Cutoff
% Chg
338
720
633
891
964
1,008
821
814
1,029
985
692
684
1,451
689
1,100
1,451
NA
NA
NA
NA
NA
NA
827
792
743
974
1,440
891
1,123
999
1,116
758
776
1,541
712
877
1,541
NA
NA
NA
NA
NA
NA
655
2,289
1,420
693
-5.4%
2,727 -16.1%
795 78.6%
-12.9%
-20.0%
19.9%
-1.1%
-30.0%
-7.9%
-27.5%
3.0%
-11.7%
-8.7%
-11.8%
-5.8%
-3.2%
25.5%
-5.8%
288
42
34
26
22
14
50
12
8
14
13
9
3
12
7
3
7
4
3
5
0
149
149
149
149
149
93
149
149
149
149
149
149
121
149
149
126
98
119
149
65
159
-6.4%
159
-6.4%
159
-6.4%
159
-6.4%
159
-6.4%
81
15.1%
159
-6.4%
159
-6.4%
159
-6.4%
159
-6.4%
159
-6.4%
159
-6.4%
128
-5.3%
159
-6.4%
159
-6.4%
159
-20.9%
122
-19.3%
118
0.9%
159
-6.4%
146
-55.5%
129 -100.0%
50
21
20
9
149
246
149
159
213
107
-6.4%
15.6%
38.8%
(*) The size segmentation into Large Cap and Mid Cap is not offered for Frontier Markets with the exception of the GCC Indices.
(**) The Standard Cutoffs are not disclosed when they are based on less than 2 companies. The Segment Number of Companies is increased to 2 after applying Index Continuity Rules.
The above mentioned Market SizeSegment Cutoffs are derived by identifying size cutoffs
that fall within or as close as possible to the Size and Coverage Target Area for that size
segment.TheSizeandCoverageTargetAreaisdefinedastheintersectionofsizeandfloat
adjustedcoverageranges.Thisisdoneforeachofthethreesizesegmentindexes.
ThebelowgraphsdepicttheSizeandCoverageTargetAreafortheStandardSizeSegment.
TheMinimumSizefor
theMSCIHongKong,
MSCICanadaandMSCI
SingaporeIndexes
decreasedrelativeto
theSizeRange
following
underperformance
relativetotheMSCI
WorldIndex
November2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforDevelopedMarkets
DataasofthecloseofOctober20,2015
May2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforDevelopedMarkets
DataasofthecloseofApril20,2015
TheMSCIBrazilIndex
movedbelowthe
GlobalMinimumSize
Rangefollowing
negativeperformance
relativetoDeveloped
Markets
November2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforEmergingMarkets
May2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforEmergingMarkets
November2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforLargerFrontierMarkets
TheMSCIKuwaitIndex
remainedin
compliancewiththe
SizeandCoverage
TargetArea
May2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforLargerFrontierMarkets
November2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforSmallerFrontierMarkets
Decreasesinthe
SegmentNumberof
Companiesforthe
MSCIVietnamand
MSCIBahrainIndexes
wereneededtobring
themintotheTarget
SizeRange
Bulgaria,Estonia,Serbia,LithuaniaandSloveniaarenotshownastheyhadlessthantwocompanieseligiblefortheStandard
Index.IndexcontinuityrulesapplyforthesecountriesatSemiAnnualIndexReviews.DataasofthecloseofOctober20,2015.
May2015SAIR:GlobalMinimumSizeandMarketCoverageRangeforSmallerFrontierMarkets
Bulgaria,Estonia,Serbia,LithuaniaandUkrainearenotshownastheyhadlessthantwocompanieseligiblefortheStandard
Index.IndexcontinuityrulesapplyforthesecountriesatSemiAnnualIndexReviews.DataasofthecloseofApril20,2015.
The categorization of the Frontier Markets as Larger Frontier Markets or Smaller Frontier
Markets and asAverage Liquidity,LowLiquidityorVeryLowLiquiditymarkets isreviewed
semiannually during theMay andNovemberSAIRs. The tablebelow providesthecountry
classificationasoftheNovember2015SAIR.
FrontierMarketsClassificationasoftheNovember2015SAIR
MSCIFrontierMarketsIndexes
VeryLowLiquidity
(2.5%ATVR)
LowLiquidity
(5%ATVR)
AverageLiquidity
(15%ATVR)
Kuwait
LargerFrontierMarket
SmallerFrontierMarket
Bahrain
Argentina
Bangladesh
Bulgaria
Estonia
Pakistan
Croatia
Jordan
Vietnam
Lebanon
Kazakhstan
Lithuania
Kenya
Mauritius
Nigeria
Morocco
Oman
Serbia
Romania
SriLanka
Slovenia
Tunisia
StandaloneMarketIndexes^
VeryLowLiquidity
(2.5%ATVR)
LowLiquidity
(5%ATVR)
LargerFrontierMarket
AverageLiquidity
(15%ATVR)
SaudiArabiaDomestic*
BosniaHerzegovina
Botswana
Ghana
Jamaica
Palestine
SmallerFrontierMarket
Trinidad&Tobago
Ukraine
Zimbabwe
WAEMU**
^ThelistincludesallStandaloneMarketIndexesrebalancedusingtheMSCIFrontierMarketsSizeandLiquidityThresholds.
*SaudiArabiaDomesticisincludedintheMSCIGCCCountriesDomesticIndexes
**TheWestAfricanEconomicandMonetaryUnion(WAEMU)consistsofthefollowingmembercountries:Benin,BurkinaFaso,IvoryCoast,
GuineaBissau,Mali,Niger,SenegalandTogo
TherewerenochangesinthesizeandliquiditycategorizationofFrontierMarketsaspartof
theNovember2015SAIR.
SUMMARYOFCHANGESFORTHEREGIONALANDCOUNTRYINDEXES
At SAIRs, after the new Market SizeSegment Cutoffs and the Segment Number of
Companieshavebeendetermined,currentInvestableMarketIndex(IMI)constituentsand
newly eligible companies are assigned to the SizeSegment Indexes based on the Market
SizeSegment Cutoffs and using buffer zones. The buffer zones at SAIRs are defined with
boundaries of 33% and +50% of the Market SizeSegment Cutoff between two size
segments. For the Small Cap segment, an entry buffer zone is defined at +50% of the IMI
Market SizeSegment Cutoff to avoid the addition of an excessively large number of small
companiestotheIndexes.
In addition, once companies are assigned to each sizesegment, conformity with the Final
SizeSegmentInvestabilityRequirementsisassessed,bothfornewandexistingconstituents.
SizeSegmentinvestabilityrequirementsincluderequirementsinfreefloatadjustedmarket
capitalization and foreign room1and can result in securities originally assigned to a size
segmentnotbeingincludedintheMSCIGlobalInvestableMarketIndexes.
Allthefollowingtablesforregionalandcountryindexesincludetheimpactofinclusionof
foreign listed companies. The analysis also includes the impact of inclusion of such
companiesontherelevantMSCICountryandMSCIRegionalIndexes.
MSCIdefinesforeignroomastheproportionofsharesstillavailabletoforeigninvestorsrelativetothemaximum
allowed.
RegionalandCountryIndexChanges
ThefollowingtablesshowthechangestotheMSCIGlobalStandardandMSCIGlobalSmall
CapIndexesresultingfromtheNovember2015SAIR.
Changes in the MSCI Global Standard Indexes Developed Markets
Current Standard Index
Index Market
Weight
# Sec.
Cap
Nineofthetwelve
additionstotheMSCI
USAIndexare
migrationsfromthe
MSCIUSASmallCap
Index
Thethreeadditionsto
theMSCIIsraelIndex
arenewlyeligible
foreignlisted
companies
Pro forma Standard Index

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
World
32,502,045
100.0%
1,643
32,573,720
100.0%
1,658
38
23
0.7%
EAFE
12,475,317
38.4%
913
12,555,745
38.5%
925
21
0.8%
World ex Japan
29,698,493
91.4%
1,327
29,767,399
91.4%
1,342
35
20
0.7%
North America
USA
Canada
20,026,728
18,919,262
1,107,466
61.6%
58.2%
3.4%
730
637
93
20,017,976
18,898,886
1,119,090
61.5%
58.0%
3.4%
733
639
94
17
12
5
14
10
4
0.7%
0.6%
1.4%

United Kingdom
France
Switzerland
Germany
Spain
Netherlands
Sweden
Italy
Denmark
Belgium
Finland
Israel
Norway
Ireland
Austria
Portugal
8,287,074
2,541,281
1,252,719
1,182,287
1,101,266
434,750
353,937
361,395
321,130
220,577
165,835
108,774
77,224
75,838
48,309
22,462
19,291
25.5%
7.8%
3.9%
3.6%
3.4%
1.3%
1.1%
1.1%
1.0%
0.7%
0.5%
0.3%
0.2%
0.2%
0.1%
0.1%
0.1%
452
112
74
39
54
25
23
30
26
14
11
12
10
9
4
5
4
8,337,514
2,552,912
1,257,913
1,184,358
1,105,270
434,129
365,833
361,281
321,327
225,691
165,859
108,829
86,967
76,864
48,307
22,462
19,515
25.6%
7.8%
3.9%
3.6%
3.4%
1.3%
1.1%
1.1%
1.0%
0.7%
0.5%
0.3%
0.3%
0.2%
0.1%
0.1%
0.1%
459
113
74
40
55
25
24
30
26
15
11
12
12
9
4
5
4
12
2
0
1
1
0
2
0
0
1
0
0
3
2
0
0
0
5
1
0
0
0
0
1
0
0
0
0
0
1
2
0
0
0
0.8%
0.6%
0.3%
0.5%
0.3%
0.3%
4.0%
0.1%
0.1%
2.5%
0.0%
0.0%
12.0%
7.5%
0.0%
0.0%
1.0%
Pacific
Japan
Australia
Hong Kong
Singapore
New Zealand
4,188,243
2,803,552
817,064
384,493
164,807
18,326
12.9%
8.6%
2.5%
1.2%
0.5%
0.1%
461
316
70
40
28
7
4,218,230
2,806,321
835,441
392,945
165,191
18,332
12.9%
8.6%
2.6%
1.2%
0.5%
0.1%
466
316
72
43
28
7
9
3
3
3
0
0
4
3
1
0
0
0
0.9%
0.3%
1.9%
2.1%
0.2%
0.2%
*Takes into account turnover resulting from additions/deletions as well as FIF and NOS changes
Changes in the MSCI Global Standard Indexes Emerging Markets

Index Market
Weight
# Sec.
Cap
Theturnoverinthe
MSCIChinaIndexis
primarilyduetothe
additionof14newly
eligibleforeignlisted
companies
Thethreedeletions
fromtheMSCI
ColombiaIndexare
duetoadecreasein
theSegmentNumber
ofCompanies
necessarytobringthe
marketclosertothe
TargetCoverageRange

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
EM
3,590,039
100.0%
836
3,700,798
100.0%
835
36
37
3.5%
EM Asia
China
Korea
Taiwan
India
Malaysia
Indonesia
Thailand
Philippines
2,498,998
858,002
564,983
442,964
305,532
111,771
85,117
80,612
50,018
69.6%
23.9%
15.7%
12.3%
8.5%
3.1%
2.4%
2.2%
1.4%
542
143
107
96
71
42
30
32
21
2,604,672
948,918
567,940
440,600
316,317
113,470
85,470
80,911
51,046
70.4%
25.6%
15.3%
11.9%
8.5%
3.1%
2.3%
2.2%
1.4%
553
157
107
88
73
44
30
32
22
31
18
4
1
4
2
1
0
1
20
4
4
9
2
0
1
0
0
4.5%
10.0%
1.0%
1.1%
3.8%
1.4%
0.9%
0.8%
2.0%
EM EMEA
South Africa
Russia
Poland
Turkey
Qatar
Greece
Hungary
Czech Republic
Egypt
629,525
285,895
139,886
53,337
53,100
38,126
27,078
9,541
8,649
6,784
7,128
17.5%
8.0%
3.9%
1.5%
1.5%
1.1%
0.8%
0.3%
0.2%
0.2%
0.2%
164
54
21
23
25
13
10
9
3
3
3
639,871
287,275
139,886
53,340
53,100
39,065
34,490
9,792
8,649
7,146
7,128
17.3%
7.8%
3.8%
1.4%
1.4%
1.1%
0.9%
0.3%
0.2%
0.2%
0.2%
162
52
21
23
25
13
11
8
3
3
3
5
1
0
0
0
1
1
1
0
1
0
7
3
0
0
0
1
0
2
0
1
0
2.1%
1.1%
0.0%
0.0%
0.0%
4.7%
21.5%
6.9%
0.0%
8.4%
0.0%
EM Latin America
Brazil
Mexico
Chile
Colombia
Peru
461,517
215,234
168,084
44,791
19,583
13,825
12.9%
6.0%
4.7%
1.2%
0.5%
0.4%
130
67
28
20
12
3
456,256
213,131
168,231
44,167
16,919
13,807
12.3%
5.8%
4.5%
1.2%
0.5%
0.4%
120
61
28
19
9
3
0
0
0
0
0
0
10
6
0
1
3
0
1.2%
1.0%
0.4%
1.4%
13.6%
0.0%
Changes in the MSCI Global Standard Indexes Frontier Markets

Index Market
Weight
# Sec.
Cap
Twoconstituentswill
bemaintainedinthe
MSCIBulgariaIndex
resultingfrom
applicationofthe
IndexContinuityRules

Index Market
Weight
# Sec.
Cap
# Securities
One Way
Add
Del
Index
Turnover*
FM
88,234
100.0%
122
89,499
100.0%
120
3.5%
FM ex GCC
Nigeria
Argentina
Pakistan
Morocco
Kenya
Vietnam
Romania
Lebanon
Bangladesh
Slovenia
Sri Lanka
Mauritius
Kazakhstan
Croatia
Jordan
Tunisia
Estonia
Serbia
Lithuania
Bulgaria
63,018
13,231
8,961
8,162
6,242
4,468
3,538
3,210
3,065
2,125
2,056
1,685
1,064
1,785
1,230
696
613
430
216
138
104
71.4%
15.0%
10.2%
9.2%
7.1%
5.1%
4.0%
3.6%
3.5%
2.4%
2.3%
1.9%
1.2%
2.0%
1.4%
0.8%
0.7%
0.5%
0.2%
0.2%
0.1%
102
17
6
16
9
5
10
5
4
4
3
3
2
3
2
3
2
2
2
2
2
63,872
13,269
9,656
8,162
6,242
4,481
3,427
3,210
3,065
2,289
1,941
1,686
1,572
1,525
1,230
647
613
430
216
138
74
71.4%
14.8%
10.8%
9.1%
7.0%
5.0%
3.8%
3.6%
3.4%
2.6%
2.2%
1.9%
1.8%
1.7%
1.4%
0.7%
0.7%
0.5%
0.2%
0.2%
0.1%
101
16
8
16
9
5
9
5
4
5
2
3
3
2
2
2
2
2
2
2
2
6
0
2
0
0
0
1
0
0
1
0
0
1
0
0
0
0
0
0
0
1
7
1
0
0
0
0
2
0
0
0
1
0
0
1
0
1
0
0
0
0
1
2.8%
0.8%
7.5%
0.0%
0.0%
0.2%
9.9%
0.0%
0.0%
7.2%
5.6%
0.0%
32.3%
14.6%
0.0%
7.1%
0.0%
0.0%
0.0%
0.0%
70.3%
FM GCC
Kuwait
Oman
Bahrain
25,216
19,284
4,902
1,030
28.6%
21.9%
5.6%
1.2%
20
8
9
3
25,627
19,284
4,462
1,881
28.6%
21.5%
5.0%
2.1%
19
8
8
3
1
0
0
1
2
0
1
1
5.3%
0.0%
9.0%
72.0%
Changes in the MSCI Domestic Standard Indexes

Index Market
Weight
# Sec.
Cap

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
EM Asia
India
430,844
430,844
21.0%
21.0%
68
68
445,928
445,928
18.8%
18.8%
76
76
8
8
0
0
3.4%
3.4%
GCC
Saudi Arabia
Qatar
Kuwait
Oman
Bahrain
265,755
148,889
50,093
40,883
19,959
4,902
1,030
100.0%
56.0%
18.8%
15.4%
7.5%
1.8%
0.4%
91
44
14
13
8
9
3
263,392
149,056
50,093
39,296
19,959
4,462
526
100.0%
56.6%
19.0%
14.9%
7.6%
1.7%
0.2%
88
44
14
12
8
8
2
1
1
0
0
0
0
0
4
1
0
1
0
1
1
1.4%
0.9%
0.0%
3.9%
0.0%
9.0%
48.9%
*Takes into account turnover resulting from additions/deletions as well as DIF and NOS changes
ForeignListingsintheMSCIGlobalStandardIndexes
Foreign listed securities
(before meth. change)
Newlyeligibleforeign
listedcompanieswill
representaweightof
12.00%intheMSCI
IsraelIndexandof
9.22%intheMSCI
ChinaIndexfollowing
theirinclusionathalf
oftheirfreefloat
adjustedmarket
capitalization.

(after meth. change)
Impact: Additions
Index Market
Cap
Weight
# Sec.
Index Market
Cap
Weight
# Sec.
Index Market
Cap
Weight
# Sec.
ACWI+FM
52,756
0.15%
16
121,177
0.33%
25
173,933
0.48%
41
ACWI
42,299
0.12%
118,589
0.33%
21
160,888
0.44%
29
31,127
6,110
10,439
14,577
0.10%
1.56%
12.00%
3.98%
7
2
3
2
31,127
6,110
10,439
14,577
0.10%
1.56%
12.00%
3.98%
7
2
3
2
EM
China
Russia
Peru
42,299
28,492
13,807
1.14%
20.37%
100.00%
8
5
3
87,462
87,462
-
2.36%
9.22%
-
14
14
-
129,761
87,462
28,492
13,807
3.51%
9.22%
20.37%
100.00%
22
14
5
3
FM
Argentina
Bahrain
Kazakhstan
Mauritius
10,457
8,932
1,525
-
11.68%
92.50%
100.00%
-
8
6
2
-
2,588
724
1,355
509
2.89%
7.50%
72.05%
32.35%
4
2
1
1
13,045
9,656
1,355
1,525
509
14.58%
100.00%
72.05%
100.00%
32.35%
12
8
1
2
1
World
Hong Kong
Israel
Netherlands
Overall, there will be 25 foreign listed securities added to the MSCI ACWI + FM Index
followingthemethodologychange.Thesesecuritieswillbeaddedathalfoftheirfreefloat
adjustedmarketcapitalization.
Seven foreign listed securities will be added to the MSCI World Index (weight of
0.10%)
FourteenforeignlistedsecuritieswillbeaddedtotheMSCIEmergingMarketsIndex
(weightof2.36%)
Four foreign listed securities will be added to the MSCI Frontier Markets Index
(weightof2.89%)
In addition, for historical reasons 16 foreign listed securities were already exceptionally
included in the MSCI ACWI + FM Index prior to the November 2015 SAIR in the following
countryindexes:MSCIRussia,MSCIPeru,MSCIArgentinaandMSCIKazakhstanIndexes.
Aspreviouslyannounced,MSCIwilldeferthepotentialinclusionofadditionalforeignlisted
companiesintheMSCIRussiaIndexesuntilfurthernotice.Currently,onlyselectedlistingsin
LondonandNewYorkareeligiblefortheMSCIRussiaIndexes.
Changes in the MSCI Global Small Cap Indexes Developed Markets

Current Small Cap Index
Index Market
Weight
# Sec.
Cap
Mostoftheadditions
totheMSCIUSAand
MSCICanadaSmall
CapIndexesare
newlyeligible
companieswhich
includerecentIPOs
andsecuritiesthat
nowmeetliquidity
requirementsbased
onconsolidated
tradingvolumes
Theturnoverinthe
MSCIIsraelSmallCap
Indexismainlydueto
theadditionofsix
newlyeligibleforeign
listedcompanies
Pro forma Small Cap Index

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
World
4,987,052
100.0%
4,227
5,047,259
100.0%
4,367
279
139
3.9%
EAFE
1,897,301
38.0%
2,135
1,923,976
38.1%
2,207
127
55
4.0%
World ex Japan
4,427,310
88.8%
3,372
4,485,411
88.9%
3,496
253
129
4.1%
North America
USA
Canada
3,089,751
2,907,059
182,692
62.0%
58.3%
3.7%
2,092
1,860
232
3,123,284
2,944,467
178,817
61.9%
58.3%
3.5%
2,160
1,932
228
152
133
19
84
61
23
3.8%
3.7%
8.6%

United Kingdom
Germany
Sweden
France
Switzerland
Italy
Spain
Netherlands
Denmark
Norway
Belgium
Finland
Israel
Ireland
Austria
Portugal
1,125,465
408,893
109,336
88,389
80,664
86,362
77,009
46,577
30,152
39,168
32,933
32,356
26,228
20,288
22,158
17,704
7,247
22.6%
8.2%
2.2%
1.8%
1.6%
1.7%
1.5%
0.9%
0.6%
0.8%
0.7%
0.6%
0.5%
0.4%
0.4%
0.4%
0.1%
939
237
105
80
92
71
80
43
24
25
42
30
27
41
9
22
11
1,146,785
413,105
114,570
92,946
84,429
79,793
79,280
50,495
34,896
34,110
33,541
33,284
26,448
23,546
22,594
16,626
7,123
22.7%
8.2%
2.3%
1.8%
1.7%
1.6%
1.6%
1.0%
0.7%
0.7%
0.7%
0.7%
0.5%
0.5%
0.4%
0.3%
0.1%
993
247
110
90
96
71
83
44
29
26
46
31
28
51
10
21
10
72
17
7
11
4
1
3
3
5
2
6
1
1
10
1
0
0
18
7
2
1
0
1
0
2
0
1
2
0
0
0
0
1
1
4.4%
3.2%
4.5%
5.0%
4.0%
7.7%
2.9%
8.1%
13.4%
14.3%
18.9%
2.6%
0.8%
13.8%
1.8%
6.1%
1.7%
771,836
559,742
105,258
50,271
38,513
18,052
15.5%
11.2%
2.1%
1.0%
0.8%
0.4%
1,196
855
137
102
81
21
777,191
561,849
104,698
53,620
38,010
19,015
15.4%
11.1%
2.1%
1.1%
0.8%
0.4%
1,214
871
142
103
76
22
55
26
14
14
0
1
37
10
9
13
5
0
3.4%
2.2%
7.9%
10.9%
1.6%
4.4%
Pacific
Japan
Australia
Hong Kong
Singapore
New Zealand
Changes in the MSCI Global Small Cap Indexes Emerging Markets

Index Market
Weight
# Sec.
Cap
Thirtyfiveofthe75
additionstotheMSCI
ChinaSmallCapIndex
arenewlyeligible
foreignlisted
companies
Theturnoverinthe
MSCIBrazilSmallCap
Indexismostlydueto
migrationsfromthe
MSCIBrazilIndex
TheMSCIPeruSmall
CapIndexwillhaveno
constituentsfollowing
thedeletionof
Ferreycorpduetolow
liquidity

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
EM
574,591
100.0%
1,866
607,888
100.0%
1,895
203
174
9.7%
EM Asia
China
Korea
Taiwan
India
Thailand
Malaysia
Indonesia
Philippines
469,236
126,489
112,927
99,525
65,233
22,702
19,698
14,561
8,101
81.7%
22.0%
19.7%
17.3%
11.4%
4.0%
3.4%
2.5%
1.4%
1,562
393
328
347
219
98
87
66
24
497,461
144,240
120,653
101,687
67,462
22,934
19,490
12,795
8,200
81.8%
23.7%
19.8%
16.7%
11.1%
3.8%
3.2%
2.1%
1.3%
1,605
447
361
318
231
95
81
49
23
176
75
45
19
24
5
5
1
2
133
21
12
48
12
8
11
18
3
9.7%
14.1%
9.8%
7.4%
7.8%
4.2%
7.8%
15.1%
5.2%
EM EMEA
South Africa
Turkey
Poland
Egypt
Greece
Russia
Qatar
Hungary
Czech Republic
69,257
33,291
7,573
6,928
5,199
4,305
4,580
3,023
3,334
654
368
12.1%
5.8%
1.3%
1.2%
0.9%
0.7%
0.8%
0.5%
0.6%
0.1%
0.1%
197
61
49
19
14
17
14
10
10
1
2
70,868
35,384
7,561
6,839
5,520
4,325
3,931
3,241
2,803
654
609
11.7%
5.8%
1.2%
1.1%
0.9%
0.7%
0.6%
0.5%
0.5%
0.1%
0.1%
190
62
44
17
14
16
14
10
9
1
3
13
3
3
2
1
0
2
1
0
0
1
20
2
8
4
1
1
2
1
1
0
0
7.5%
6.4%
8.3%
15.0%
7.3%
2.0%
23.1%
9.2%
15.9%
0.0%
39.4%
EM Latin America
Mexico
Brazil
Chile
Colombia
Peru
36,098
17,448
12,870
5,208
190
382
6.3%
3.0%
2.2%
0.9%
0.0%
0.1%
107
29
62
14
1
1
39,559
18,482
13,857
5,412
1,808
0
6.5%
3.0%
2.3%
0.9%
0.3%
0.0%
100
32
52
13
3
0
14
3
8
1
2
0
21
0
18
2
0
1
13.7%
5.5%
15.6%
11.5%
89.5%
N/A
Changes in the MSCI Global Small Cap Indexes Frontier Markets

Index Market
Weight
# Sec. Index Market
Cap
Therewillbeno
constituentsinthe
MSCIBulgariaSmall
CapIndexfollowing
twodeletions
FM
29,770
FM ex GCC
Weight
One Way
# Securities
# Sec.
Add
Del
Cap
100.0%
214
31,478
Index
Turnover*
100.0%
214
21
21
12.4%
10.3%
22,503
75.6%
180
24,164
76.8%
184
16
12
Bangladesh
5,387
18.1%
47
5,397
17.1%
45
5.0%
Pakistan
2,573
8.6%
21
2,925
9.3%
24
12.0%
Nigeria
2,513
8.4%
19
2,370
7.5%
17
8.1%
Argentina
1,992
6.7%
2,190
7.0%
9.2%
Vietnam
1,269
4.3%
12
1,916
6.1%
17
32.0%
Morocco
1,197
4.0%
12
1,445
4.6%
13
25.1%
Sri Lanka
1,443
4.8%
11
1,444
4.6%
11
0.0%
Jordan
1,393
4.7%
10
1,393
4.4%
10
0.0%
Tunisia
671
2.3%
914
2.9%
10
26.5%
Croatia
854
2.9%
865
2.7%
0.9%
Kenya
765
2.6%
757
2.4%
1.1%
Slovenia
771
2.6%
737
2.3%
19.2%
Mauritius
633
2.1%
633
2.0%
0.0%
Romania
593
2.0%
593
1.9%
0.0%
0.0%
260
0.8%
N/A
Estonia
240
0.8%
240
0.8%
0.0%
Serbia
80
0.3%
49
0.2%
38.5%
Lithuania
36
0.1%
36
0.1%
0.0%
Bulgaria
91
0.3%
0.0%
N/A
Lebanon
0.0%
0.0%
0.0%
Kazakhstan
FM GCC
7,268
24.4%
34
7,314
23.2%
30
19.2%
Kuwait
4,314
14.5%
14
3,886
12.3%
11
17.3%
Oman
2,286
7.7%
15
2,130
6.8%
13
15.6%
667
2.2%
1,298
4.1%
68.3%
Bahrain
No te: A ll market caps are in USD millio ns. Data as o f the clo se o f Octo ber 20, 2015
*Takes into acco unt turno ver resulting fro m additio ns/deletio ns as well as FIF and NOS changes
Changes in the MSCI Domestic Small Cap Indexes

Index Market
Weight
# Sec.
Cap

Index Market
Weight
# Sec.
Cap
# Securities
One Way
Add
Del
Index
Turnover*
EM Asia
India
93,777
93,777
11.5%
11.5%
226
226
92,686
92,686
15.3%
15.3%
253
253
36
36
9
9
7.2%
7.2%
GCC
Saudi Arabia
Qatar
Kuwait
Oman
Bahrain
50,697
28,626
7,302
7,234
4,582
2,377
576
100.0%
56.5%
14.4%
14.3%
9.0%
4.7%
1.1%
143
84
14
12
14
15
4
47,622
27,465
7,670
5,149
4,154
2,315
869
100.0%
57.7%
16.1%
10.8%
8.7%
4.9%
1.8%
128
75
14
10
11
14
4
7
3
1
0
1
1
1
22
12
1
2
4
2
1
12.1%
9.6%
5.9%
28.8%
16.3%
11.2%
58.0%
*Takes into account turnover resulting from additions/deletions as well as DIF and NOS changes
Foreign Listings in the MSCI Global Small Cap Indexes

(before meth. change)
ACWI+FM
ACWI
World
Hong Kong
Israel
Netherlands
EM
China
Russia
Peru
FM
Argentina
Bahrain
Kazakhstan
Mauritius

(after meth. change)
Impact: Additions
Index Market
Cap
Weight
# Sec.
Index Market
Cap
Weight
# Sec.
Index Market
Cap
Weight
# Sec.
3,089
0.05%
12,665
0.22%
47
15,968
0.28%
57
840
0.01%
12,295
0.22%
45
13,135
48
3,183
311
1,931
941
0.06%
0.58%
8.20%
2.70%
10
1
7
2
3,183
311
1,931
941
0.23%
0.06%
0.58%
8.20%
2.70%
10
1
7
2
840
840
-
0.14%
25.91%
-
3
3
-
9,112
9,112
-
1.50%
6.32%
-
35
35
-
9,952
9,112
840
-
1.64%
6.32%
25.91%
-
38
35
3
-
2,249
1,989
260
-
7.14%
90.79%
100.00%
-
6
5
1
-
369
202
168
-
1.17%
9.21%
12.92%
-
2
1
1
-
2,833
2,190
382
260
-
9.00%
100.00%
29.46%
100.00%
-
9
6
2
1
-
Overall, there willbe 47foreign listed securities addedto the MSCIACWI + FM SmallCap
Indexfollowingthemethodologychange.Thesesecuritieswillbeaddedathalfoftheirfree
floatadjustedmarketcapitalization.
Ten foreign listed securities will be added to the MSCI World Small Cap Index
(weightof0.06%)
Thirtyfive foreign listed securities will be added to the MSCI Emerging Markets
SmallCapIndex(weightof1.50%)
TwoforeignlistedsecuritieswillbeaddedtotheMSCIFrontierMarketsSmallCap
Index(weightof1.17%)
Changes in the MSCI Global Micro Cap Indexes Developed Markets

Current Micro Cap Index
Index Market
Weight
# Sec.
Cap
Twentyoneofthe30
additionstotheMSCI
IsraelMicroCapIndex
arenewlyeligible
foreignlisted
companies
Pro forma Micro Cap Index

Index Market
Weight
# Sec.
Cap
One Way
# Securities
Add
Del
Index
Turnover*
World
433,221
100.0%
5,746
430,153
100.0%
5,945
480
281
11.5%
EAFE
298,830
69.0%
4,398
288,158
67.0%
4,489
296
205
12.0%
World ex Japan
330,913
76.4%
4,111
328,865
76.5%
4,284
433
260
13.7%
North America
USA
Canada
134,391
111,588
22,803
31.0%
25.8%
5.3%
1,348
1,021
327
141,995
115,158
26,837
33.0%
26.8%
6.2%
1,456
1,117
339
184
152
32
76
56
20
14.7%
13.9%
18.3%

United Kingdom
France
Sweden
Germany
Israel
Italy
Switzerland
Norway
Belgium
Finland
Denmark
Spain
Netherlands
Ireland
Portugal
Austria
123,251
47,467
12,856
10,613
10,644
9,256
4,499
5,272
4,766
4,270
2,838
3,024
2,206
2,443
2,144
499
454
28.4%
11.0%
3.0%
2.4%
2.5%
2.1%
1.0%
1.2%
1.1%
1.0%
0.7%
0.7%
0.5%
0.6%
0.5%
0.1%
0.1%
1,570
449
211
145
163
153
100
48
79
43
41
46
34
25
11
13
9
113,940
40,592
11,934
11,003
10,064
9,746
5,013
4,778
4,561
3,895
3,328
2,580
2,484
2,086
896
623
356
26.5%
9.4%
2.8%
2.6%
2.3%
2.3%
1.2%
1.1%
1.1%
0.9%
0.8%
0.6%
0.6%
0.5%
0.2%
0.1%
0.1%
1,598
446
212
149
160
176
107
45
79
42
44
43
38
27
8
14
8
130
40
11
10
8
30
8
1
7
2
3
0
5
4
0
1
0
102
43
10
6
11
7
1
4
7
3
0
3
1
2
3
0
1
17.2%
22.7%
12.1%
11.2%
14.7%
20.6%
13.9%
12.3%
16.6%
15.7%
13.7%
14.9%
16.3%
26.2%
58.2%
19.9%
21.5%
Pacific
Japan
Australia
Hong Kong
Singapore
New Zealand
175,579
102,308
29,916
27,675
10,371
5,310
40.5%
23.6%
6.9%
6.4%
2.4%
1.2%
2,828
1,635
444
415
278
56
174,217
101,288
29,862
26,814
10,482
5,771
40.5%
23.5%
6.9%
6.2%
2.4%
1.3%
2,891
1,661
453
440
279
58
166
47
36
65
16
2
103
21
27
40
15
0
8.4%
4.4%
11.8%
21.6%
7.6%
7.8%
ADDITIONSTOANDDELETIONSFROMTHEMSCIGLOBALSTANDARDINDEXESATSEMI
ANNUALINDEXREVIEWS
DuringanSAIR,companiesintheMarketInvestableEquityUniverseareassignedwiththe
followingprioritytotheSizeSegmentsuntiltheSegmentNumberofCompaniesisachieved:
CurrentconstituentsofagivenSizeSegmentIndex,aswellascompaniesassigned
to this SizeSegment during last Index Review that failed the Final SizeSegment
InvestabilityRequirements,withafullmarketcapitalizationgreaterthanorequalto
theMarketSizeSegmentCutoff.
Newlyinvestablecompanieswithafullmarketcapitalizationgreaterthanorequal
totheMarketSizeSegmentCutoff.
CompaniesinthelowerSizeSegmentIndex,aswellascompaniesassignedtothis
SizeSegment during last Index Review that failed the Final SizeSegment
InvestabilityRequirements,withafullmarketcapitalizationgreaterthantheupper
bufferthresholdofthelowersizesegment.
CurrentconstituentsofagivenSizeSegmentIndex,aswellascompaniesassigned
tothisSizeSegmentduringthelastIndexReviewthatfailedtheFinalSizeSegment
Investability Requirements, with a full market capitalization in the lower buffer of
the SizeSegment in descending capitalization order, until the threshold of the
bufferisreached.
Thelargestcompaniesfromtheupperbufferofthenextlowersizesegment.
Once companies are assigned to each sizesegment, the securities of companies in each
segment are evaluated for conformity with the additional sizesegment investability
requirementsforeachsizesegment.
At the time of the SAIRs, existing constituents may remain in the SizeSegment Indexes if
theywouldotherwisefailthe additional investabilityrequirementsforFreeFloatAdjusted
MarketCapitalizationbutstillmeet2/3rdofthethreshold.ExistingconstituentsoftheSmall
Cap Index must have a FIF equal to or larger than 0.15 to remain in the index. Existing
constituentsoftheStandardIndexwithFIFoflessthan0.15mustmeet2/3rdof1.8times
theminimumFreeFloatAdjustedMarketCapitalizationrequiredfortheStandardIndex.
ThefollowingtablesshowthelargestadditionstoanddeletionsfrommajorregionalMSCI
Standard and Small Cap Indexes for Developed Markets, Emerging Markets, Frontier
MarketsandDomesticMarketsfortheNovember2015SAIR.
Additions to the MSCI World Index

Country
MarkelCorpandPlains
GPHoldingswillbe
addedtotheMSCIUSA
Indexfollowingtheuse
ofconsolidatedtrading
volumesinthe
calculationofATVRs
OilSearchwillbe
addedtotheMSCI
AustraliaIndex
followinginclusionof
PapuaNewGuinea
incorporated
companiesinthe
Australiaequity
universe
Security Name
Company Mkt Index Mkt Cap Weight in Proforma

Cap
Index
Current Index
Proforma Index
North America
US
Markel Corp
US
Plains Gp Holdings A
US
Ims Health Holdings
US
Global Payments
US
Sabre
US
Amerco
US
Mednax
US
Cdw Corp
US
Agl Resources
US
Signature Bank
US
HCC Insurance Holdings
US
Fortinet
CA
Element Financial Corp
CA
CCL Industries B
CA
Linamar Corp
CA
Smart Reit
CA
Seven Generations Enrg A
11,966
11,339
10,183
8,438
8,160
7,761
7,754
7,462
7,446
7,442
7,442
7,426
5,523
5,060
3,758
3,731
2,658
11,966
4,197
5,092
8,438
4,080
3,104
7,754
6,343
7,446
7,442
7,442
6,312
5,523
4,015
2,818
1,556
1,728
0.06%
0.02%
0.03%
0.04%
0.02%
0.02%
0.04%
0.03%
0.04%
0.04%
0.04%
0.03%
0.03%
0.02%
0.01%
0.01%
0.01%
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
None
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap

NL
Nxp Semiconductors
IL
Check Point Softw (Usd)
IL
Mobileye (Usd)
CH
Galenica
DE
Zalando
NL
Aercap Holdings Nv
NO
Schibsted A
Schibsted B
NO
Provident Financial
GB
Christian Hansen Holding
DK
Taro Pharmaceutical
IL
Auto Trader Group
GB
23,159
14,705
10,191
9,544
8,420
7,948
7,935
7,935
7,876
7,452
6,304
5,788
11,000
5,514
3,822
5,726
2,947
3,576
2,749
3,005
7,876
5,589
1,103
4,341
0.13%
0.07%
0.05%
0.07%
0.04%
0.04%
0.03%
0.04%
0.09%
0.07%
0.01%
0.05%
None
None
None
Small Cap
None
None
Small Cap
Small Cap
Small Cap
Small Cap
None
None
Large Cap
Large Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Pacific
HK
HK
AU
HK
JP
JP
JP
AU
AU
17,858
9,405
8,074
6,727
5,228
4,784
4,740
3,878
3,274
4,464
1,646
7,267
2,018
2,876
3,110
2,844
3,878
3,274
0.11%
0.04%
0.17%
0.05%
0.07%
0.07%
0.07%
0.09%
0.08%
None
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Large Cap
Mid Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Hongkong Land (USD)

Melco Crown Entmt Adr
Oil Search
Hk Electric Investments
Hoshizaki Electric Co
Obic Co
Sohgo Security Svcs Co
Duet Group
Challenger
Additions to the MSCI Emerging Markets Index

Country
Thethreelargest
additionstotheMSCI
EMAsiaIndex(Alibaba
Group,Baiduand
JD.com)arenewly
eligibleUSlisted
Chinesesecurities
EmiratesTelecomCorp
willbeaddedtothe
MSCIUnitedArab
EmiratesIndex
followingpartial
openingofitsshare
capitaltoforeign
investors(Foreign
ownershipLimitof
20%)
O2CzechRepublicwill
replacePegas
Nonwovensinthe
MSCICzechRepublic
Indexfollowing
applicationofthe
IndexContinuityRules
Security Name
EM Asia
CN
CN
CN
IN
IN
CN
CN
CN
CN
CN
CN
IN
CN
CN
CN
CN
IN
CN
KR
CN
MY
KR
CN
CN
CN
KR
PH
KR
TW
MY
ID
Alibaba Group Hldg Adr

Baidu Adr
Jd.Com Adr
Maruti Suzuki India
Tata Motors A
Netease Com Adr
Shanghai Lujiazui B(Usd)
Ctrip Com Intl Adr
Vipshop Holdings Adr
Qihoo 360 Tech A Adr
58.Com Adr
Cadila Healthcare
Qunar Cayman Islands Adr
Youku Tudou Adr
Travelsky Technology H
Car
Ashok Leyland
New Oriental Educat Adr
Gs Retail
Imperial Pacific Intl
Hap Seng Consolidated
Ottogi Corporation
Yy Inc Adr
Tal Education Group Adr
Soufun Holdings Adr
Cj E&m Corporation
Robinsons Land Corp
Lotte Chilsung Beverage
Obi Pharma
Hartalega Holdings
Akr Corporindo
EM EMEA
AE
QA
ZA
CZ
GR
Emirates Telecom Corp

Qatar Gas Tran (Nakilat)
New Europe Property Inv
O2 Czech Republic
Public Power Corp

Cap
Index
Current Index
Proforma Index
180,367
53,854
36,703
20,947
19,051
18,315
13,286
11,079
10,897
7,235
6,998
6,804
4,994
4,861
4,455
4,319
4,213
3,909
3,874
3,549
3,310
3,285
3,196
2,981
2,933
2,918
2,605
2,424
2,153
1,916
1,744
36,073
21,187
4,548
7,332
1,584
5,495
1,679
5,263
3,738
2,617
1,853
1,361
1,024
1,486
1,420
1,512
1,685
1,661
1,356
1,420
827
1,150
853
783
881
1,430
1,042
1,164
1,292
766
785
1.38%
0.81%
0.17%
0.28%
0.06%
0.21%
0.06%
0.20%
0.14%
0.10%
0.07%
0.05%
0.04%
0.06%
0.05%
0.06%
0.06%
0.06%
0.05%
0.05%
0.03%
0.04%
0.03%
0.03%
0.03%
0.05%
0.04%
0.04%
0.05%
0.03%
0.03%
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
Small Cap
None
None
Small Cap
None
Small Cap
None
None
None
Small Cap
None
Small Cap
None
Small Cap
None
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
37,058
3,707
3,177
3,009
1,355
7,412
1,817
2,383
602
678
1.16%
0.28%
0.37%
0.09%
0.11%
None
None
None
None
Small Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
EM Latin America
Nil
OnJune3,2015,theReserveBankofIndia(RBI)announcedthattheshareholdingheldby
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Axis
Bankhasgonebelowthethresholdlimitandhencetherestrictionsplacedonthepurchase
of shares of the above company were withdrawn. Currently, FIIs and RFPIs are allowed to
investupto49%ofthepaidupsharecapitalofAxisBank.AxisBankiscurrentlyundergoing
the process of increasing the limit for foreign investors to 74%. MSCI will continue to
monitor the situation and issue further communication once more information becomes
available.ThecompanywillnotbeaddedtotheMSCIIndiaIndexaspartoftheNovember
2015SAIR.
Additions to the MSCI Frontier Markets Index
Thefourlargest
additionstotheMSCI
FrontierMarkets
Indexareforeign
listedcompanies
Country
Security Name

Cap
Index
Current Index
Proforma Index
FM ex GCC
MU
AR
AR
VN
BD
BG
Rockcastle Global (Za)

Globant
Adecoagro On
Hoang Anh Gia Lai Agri
Renata
Monbat Ad
1,980
1,142
1,090
891
821
172
509
342
382
223
164
43
0.80%
0.54%
0.60%
0.35%
0.26%
0.07%
None
None
None
None
Small Cap
Small Cap
Standard
Standard
Standard
Standard
Standard
Standard
FM GCC
BH
Ahli United Bank (Kw)
4,512
1,355
5.29%
None
Standard

Cap
Index
Current Index
Proforma Index
Additions to the MSCI Domestic Indexes

Country
Security Name
EM Asia
IN
IN
IN
IN
IN
IN
IN
IN
Siemens India
Shree Cement
Indiabulls Housing Fin
Cummins India Kirloskar
Bajaj Finance
Aditya Birla Nuvo
Hindustan Petroleum Corp
Ashok Leyland
7,430
6,886
4,755
4,582
4,381
4,325
4,288
4,213
1,486
1,722
3,328
1,833
1,752
1,514
1,715
1,685
0.06%
0.07%
0.14%
0.08%
0.07%
0.06%
0.07%
0.07%
None
None
Small Cap
None
None
None
None
Small Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
GCC
SA
Bupa Arabia For Copr Ins
2,816
1,408
0.94%
Small Cap
Standard
Deletions from the MSCI World Index

Country
ZillowGroupAwillbe
deletedfromthe
MSCIUSAIndexdue
tofailingthe
additionalfreefloat
adjustedmarket
capitalization
requirementsforthe
StandardIndex
Security Name
Company Mkt Index Mkt Cap

Cap
Weight in Current
Index
Current Index
Proforma Index
North America
Zillow Group A
US
Mdu Resources Group
US
Rackspace Hosting
US
Urban Outfitters
US
Cobalt International
US
Nabors Industries
US
Comm Sales & Leasing
US
Sunedison
US
US
Puma Biotechnology
US
Consol Energy
CA
Transalta Corp
CA
Paramount Resources
CA
Enerplus
CA
Baytex Energy
5,661
3,724
3,634
3,499
3,244
3,093
3,070
2,832
2,717
2,366
1,452
1,137
1,134
880
1,677
3,532
2,917
2,971
2,271
3,091
2,444
2,468
2,433
2,364
1,442
682
1,134
873
0.01%
0.02%
0.01%
0.01%
0.01%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.01%
0.00%
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap

NO
Seadrill Ltd
GB
Tullow Oil
NO
Subsea 7
IL
Israel Corp
NL
Delta Lloyd
3,348
3,098
2,694
1,963
1,883
2,509
3,097
2,187
785
1,806
0.03%
0.04%
0.03%
0.01%
0.02%
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Pacific
JP
JP
JP
AU
2,077
2,025
1,929
1,246
1,662
809
1,640
1,056
0.04%
0.02%
0.04%
0.03%
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Small Cap
Small Cap
Small Cap
Small Cap
Ibiden Co
Colopl
Sharp Corp
Worleyparsons
Deletions from the MSCI Emerging Markets Index3

Country
OilIndiaandDLFwill
bedeletedfromthe
MSCIIndiaIndexdue
tofailingthefreefloat
adjustedmarket
capitalization
requirements
WanHaiLineswillbe
deletedfromtheMSCI
TaiwanIndexdueto
thedecreaseinits
foreignroombelow
3.75%
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
EM Asia
CN
IN
IN
CN
CN
CN
TW
KR
ID
KR
KR
KR
TW
TW
TW
TW
TW
TW
TW
TW
Bbmg Corp H
Oil India
Dlf
China Resources Cement
Inner Mongolia Yitai B
China Agri Holdings
Wan Hai Lines
Hyundai Merchant Marine
Tb Batubara Bukit Asam
Doosan Infracore Co
Ls Industrial Systems Co
Daewoo Shipbuilding
China Motor Corp
Ctci Corp
U-Ming Marine Transport
Epistar Corp
Kinsus Interconnect Tech
Taiwan Glass Indl Corp
Yang Ming Marine Transp
Tpk Holding Co
5,726
4,057
3,611
2,900
2,757
2,005
1,540
1,406
1,233
1,218
1,214
1,178
1,014
1,010
1,008
972
972
967
938
860
908
811
433
870
917
902
200
529
431
792
607
648
406
807
504
924
583
387
469
687
0.04%
0.03%
0.02%
0.03%
0.04%
0.04%
0.01%
0.02%
0.02%
0.03%
0.02%
0.03%
0.02%
0.03%
0.02%
0.04%
0.02%
0.02%
0.02%
0.03%
Mid Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
None
None
None
None
Small Cap
Small Cap
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
EM EMEA
QA
ZA
ZA
ZA
GR
GR
CZ
Gulf Intl Services

Kumba Iron Ore
Nampak
African Rainbow Minerals
Piraeus Bank
Eurobank Ergasias
Pegas Nonwovens
3,512
1,947
1,213
957
561
384
300
878
389
1,031
478
196
230
240
0.14%
0.06%
0.16%
0.08%
0.03%
0.04%
0.04%
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
EM Latin America
CO
Banco Davivienda Pref
CO
Isagen
CO
Almacenes Exito
BR
Usiminas Pn A
BR
Aes Tiete Pn
CL
Conchatoro
BR
Ecorodovias Infra Log On
BR
Cyrela Brazil Realty On
BR
Banrisul Pn B
BR
Via Varejo Unit
3,677
2,816
2,201
1,537
1,425
1,248
981
949
684
652
832
845
991
306
379
624
392
617
272
154
0.18%
0.18%
0.21%
0.07%
0.08%
0.14%
0.09%
0.13%
0.06%
0.03%
Mid Cap
Mid Cap
Large Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
None
None
Small Cap
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Deletions from the MSCI Frontier Markets Index

Country
BankDhofarand
Sopharmawillbe
deletedfromtheir
respectiveMSCI
CountryIndexesdue
tolowliquidity
Security Name
FM ex GCC
KZ
JO
SI
VN
VN
NG
BG
Kcell Gdr
Jordan Telecom Corp
Telekom Slovenije
Petrovietnam Drilling
Hagl
Union Bank Nigeria
Sopharma
FM GCC
OM
BH
Bank Dhofar
Al-Salam Bank

Cap
Weight in Current
Index
Current Index
Proforma Index
1,040
705
574
569
509
476
209
260
49
115
131
219
71
73
0.41%
0.08%
0.18%
0.21%
0.35%
0.11%
0.12%
Standard
Standard
Standard
Standard
Standard
Standard
Standard
Small Cap
None
Small Cap
Small Cap
Small Cap
None
None
979
630
440
504
1.75%
2.00%
Standard
Standard
None
Small Cap

Cap
Weight in Current
Index
Current Index
Proforma Index
1.07%
0.83%
0.30%
0.34%
Large Cap
Standard
Standard
Standard
None
Small Cap
None
Small Cap
Deletions from the MSCI Domestic Indexes

Country
Security Name
EM Asia
Nil
GCC
AE
SA
OM
BH
Emirates Intgr Telecom

Arabian Cement (Sa)
Bank Dhofar
Al-Salam Bank
6,348
1,460
979
630
1,587
1,241
440
504
TopadditionstotheMSCIWorldSmallCapIndex
BlackKnightFinlAwill
beaddedtotheMSCI
USASmallCapIndex
followingitsIPOinMay
2015
WhiteMountainInsand
ErieIndemnityCoAwill
beaddedtotheMSCI
USASmallCapIndex
followingtheuseof
consolidatedtrading
volumesinthe
calculationofATVRs
Country
Security Name

Cap
Index
Current Index
Proforma Index
North America
Black Knight Finl A
US
Juno Therapeutics
US
US
White Mountains Ins
US
Erie Indemnity Co A
US
Transunion
5,090
4,819
4,639
4,526
4,472
793
2,168
4,639
2,199
894
0.03%
0.07%
0.15%
0.07%
0.03%
None
None
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap

ES
Cellnex Telecom
NO
Seadrill Ltd
GB
Tullow Oil
IT
Infrastrutture Wireless
FR
Spie
3,955
3,348
3,098
3,042
2,764
2,768
2,343
3,098
1,217
967
0.24%
0.20%
0.27%
0.11%
0.08%
None
Mid Cap
Mid Cap
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Pacific
JP
HK
JP
JP
HK
2,077
2,076
2,025
1,929
1,862
1,662
311
810
1,640
559
0.21%
0.04%
0.10%
0.21%
0.07%
Mid Cap
None
Mid Cap
Mid Cap
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Ibiden Co
Nord Anglia Education
Colopl
Sharp Corp
Evergrande Health Ind
TopAdditionstotheMSCIEmergingMarketsSmallCapIndex
SinaCorp,Cheetah
MobileandMomoare
newlyeligibleUSlisted
securitiesthatwillbe
addedtotheMSCI
ChinaSmallCapIndex
Country
Security Name

Cap
Index
Current Index
Proforma Index
EM Asia
CN
CN
CN
CN
CN
Inner Mongolia Yitai B

Sina Corp
Shanghai Nine Dragon B
Cheetah Mobile A Adr
Momo A Adr
2,757
2,690
2,646
2,556
2,482
917
1,210
132
209
231
0.18%
0.24%
0.03%
0.04%
0.05%
Mid Cap
None
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
EM EMEA
ZA
ZA
RU
TR
TR
Kap Industrial Hldgs

Nampak
Credit Bank Of Moscow
Migros Ticaret
Aygaz
1,235
1,213
1,188
1,112
1,108
741
1,031
297
222
277
1.05%
1.45%
0.42%
0.31%
0.39%
None
Mid Cap
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
EM Latin America
Almacenes Exito
CO
Cemex Latam Holdings
CO
Grupo Gicsa
MX
Conchatoro
CL
Alpargatas Pn
BR
2,201
2,092
1,421
1,248
1,000
991
628
426
624
305
2.50%
1.59%
1.08%
1.58%
0.77%
Large Cap
None
None
Mid Cap
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Top Additions to the MSCI Frontier Markets Small Cap Index

Country
IthmaarBankwillbe
maintainedintheMSCI
BahrainSmallCap
Indexwithamore
liquidlistingfrom
Kuwait
TheUAElistingofGulf
FinanceHousewillbe
addedtotheMSCI
BahrainSmallCap
Index
Security Name

Cap
Index
Current Index
Proforma Index
FM ex GCC
KZ
MA
AR
BD
SI
Kcell Gdr
Cosumar
Arcos Dorados Holdings A
Islami Bank Bangladesh
Telekom Slovenije
1,040
725
651
596
574
260
218
202
268
115
1.08%
0.90%
0.83%
1.11%
0.48%
Standard
None
None
None
Standard
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
FM GCC
KW
BH
OM
BH
BH
Mezzan Holding
Al-Salam Bank
Phoenix Power
Ithmaar Bank (Kw)
Gulf Finance House (Ae)
1,061
630
573
470
372
318
504
201
215
168
4.35%
6.89%
2.74%
2.93%
2.29%
None
Standard
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Top Additions to the MSCI Domestic Small Cap Indexes

Country
Security Name

Cap
Index
Current Index
Proforma Index
Standard
None
None
None
Standard
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
EM Asia
Nil
GCC
SA
KW
AE
SA
BH
Arabian Cement (Sa)

Mezzan Holding
Amlak Finance
Saudi Co For Hardware
Al-Salam Bank
1,460
1,061
817
689
630
1,241
318
449
207
504
4.52%
1.16%
1.64%
0.75%
1.83%
Top Deletions from the MSCI World Small Cap Index

Country
Allofthetop
deletionsfromthe
MSCIWorldSmall
CapIndexare
migrationstothe
MSCIWorldIndex
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
North America
Global Payments
US
Sabre
US
US
Amerco
US
Mednax
US
Cdw Corp
8,438
8,160
7,761
7,754
7,462
8,695
4,080
3,104
7,931
6,343
0.28%
0.13%
0.10%
0.26%
0.21%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap

CH
Galenica
NO
Schibsted A
NO
Schibsted B
GB
Provident Financial
DK
Christian Hansen Holding
9,544
7,935
7,935
7,876
7,452
6,681
2,749
3,005
7,875
5,589
0.59%
0.24%
0.27%
0.70%
0.50%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Pacific
JP
JP
JP
AU
AU
5,228
4,784
4,740
3,878
3,274
2,875
3,349
2,844
3,878
3,274
0.37%
0.43%
0.37%
0.50%
0.42%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Mid Cap
Current Index
Proforma Index
Hoshizaki Electric Co
Obic Co
Sohgo Security Svcs Co
Duet Group
Challenger
Top Deletions from the MSCI Emerging Markets Small Cap Index
KernelHoldingwill
bedeletedfromthe
MSCIPolandSmall
CapIndexfollowinga
changeinthe
securityscountryof
classificationto
Ukraine
Ferreycorpwillbe
deletedfromthe
MSCIPeruSmallCap
Indexafterfailingthe
liquidity
requirements
Country
Security Name

Cap
Weight in Current
Index
EM Asia
IN
CN
IN
CN
KR
Ashok Leyland
Shanghai Jinqiao Export
Torrent Pharmaceuticals
Imperial Pacific Intl
Ottogi Corporation
4,213
3,995
3,987
3,549
3,285
1,685
462
957
1,034
1,150
0.36%
0.10%
0.20%
0.22%
0.25%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Mid Cap
None
None
Mid Cap
Mid Cap
EM EMEA
QA
GR
GR
PL
RU
Al Khaliji Bank
Hellenic Petroleum
Public Power Corp
Kernel Holding
Mosenergo (RUB)
2,121
1,893
1,355
1,161
526
530
379
678
755
79
0.77%
0.55%
0.98%
1.09%
0.11%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
None
None
Mid Cap
None
None
647
538
402
363
266
291
102
382
163
53
0.81%
0.28%
1.06%
0.45%
0.15%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
None
None
None
None
None
EM Latin America
CL
Sociedad Matriz Saam
BR
Banco Daycoval Pn
PE
Ferreycorp
BR
Sao Carlos Empreendim On
BR
Restoque Comercio Con On
Top Deletions from the MSCI Frontier Markets Small Cap Index
Country
Elevenoutof21
deletionsfromthe
MSCIFrontierMarkets
SmallCapIndexare
duetolowliquidity
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
FM ex GCC
BD
MA
NG
SI
NG
Renata
Societe Metal. d'Imiter
Julius Berger Nigeria
Pozavarovalnica Sava
Wema Bank
821
450
265
247
196
164
90
106
148
98
0.73%
0.40%
0.47%
0.66%
0.44%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Standard
None
None
None
None
FM GCC
KW
BH
OM
OM
KW
Al-Qurain Petrochemicals
Ithmaar Bank
Smn Power Holding
Oman Oil Marketing Co
Al Tamdeen Investment
685
470
388
318
310
411
211
155
111
77
5.66%
2.91%
2.13%
1.53%
1.07%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
None
None
None
None
None
Top Deletions from the MSCI Domestic Small Cap Indexes

Country
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
Mid Cap
EM Asia
IN
Indiabulls Housing Fin
4,755
3,328
0.41%
Small Cap
GCC
SA
QA
QA
KW
BH
Bupa Arabia For Copr Ins

Al Khaliji Bank
Medicare Group
Al-Qurain Petrochemicals
Ithmaar Bank
2,816
2,121
1,279
685
470
1,408
1,061
1,024
411
211
4.92%
3.70%
3.58%
1.44%
0.74%
Small
Small
Small
Small
Small
Cap
Cap
Cap
Cap
Cap
Standard
None
None
None
None
ONEWAYINDEXTURNOVER
TheOnewayIndexTurnoverisdefinedashalfofthesumoftheabsolutedifferencesin
constituentweightsbetweenthecurrentandtheproformaindex.Thisindexturnover
correspondstotheproportionofassetsthatshouldbeboughtinaportfolioreplicatingthe
index.Asaportfoliohasafixeddollaramount,theamountofassetsthatshouldbebought
exactlycorrespondstotheamountofassetsthatshouldbesold.
OnewayIndexTurnoverforDevelopedMarketsandSelectedComposites
Developed Markets
Standard
1.43%
0.63%
Small Cap
8.56%
3.65%
Large Cap
1.71%
0.72%
Mid Cap
11.00%
4.01%
IMI
0.89%
0.63%
All Cap
0.92%
0.61%
0.00%
0.01%
2.48%
0.04%
0.26%
0.33%
0.05%
12.00%
0.07%
3.98%
7.49%
1.00%
0.33%
0.05%
0.48%
0.57%
6.09%
2.64%
14.27%
0.80%
3.98%
4.54%
1.82%
13.78%
2.93%
13.37%
18.93%
1.71%
8.13%
5.03%
7.74%
3.23%
33.13%
0.00%
0.22%
0.00%
1.08%
0.71%
0.00%
15.35%
2.38%
4.54%
0.05%
32.00%
5.24%
0.02%
0.25%
0.93%
29.45%
0.04%
9.02%
0.10%
4.31%
6.99%
0.08%
14.82%
9.60%
6.15%
28.20%
39.61%
21.27%
0.23%
3.64%
3.86%
2.68%
0.46%
0.27%
0.19%
0.47%
0.72%
0.59%
11.58%
0.63%
4.33%
1.68%
0.81%
1.03%
1.03%
0.31%
0.57%
2.89%
0.60%
0.27%
0.52%
0.49%
0.74%
1.72%
12.06%
0.74%
4.38%
1.70%
0.75%
1.09%
1.13%
0.33%
0.61%
1.93%
2.07%
0.35%
0.16%
0.17%
7.86%
10.90%
2.18%
4.41%
1.55%
1.61%
1.44%
0.79%
0.00%
2.80%
9.48%
8.64%
3.17%
0.16%
7.02%
1.67%
3.14%
0.27%
2.40%
0.30%
1.64%
3.62%
0.24%
3.09%
0.49%
Developed Markets Composite Indices

Standard
0.68%
World
0.64%
World ex Australia
0.85%
World ex USA
0.71%
World ex Japan
0.80%
EAFE
0.66%
Europe
0.70%
Europe ex UK
EMU
0.59%
Pacific
0.85%
Pacific ex Japan
1.74%
North America
0.65%
Small Cap
3.89%
3.81%
4.21%
4.10%
3.98%
4.18%
4.72%
4.50%
3.43%
6.64%
3.83%
Large Cap
0.84%
0.82%
1.12%
0.85%
1.06%
0.97%
0.99%
1.44%
1.01%
1.46%
0.76%
Mid Cap
4.25%
4.12%
4.62%
4.56%
4.06%
4.08%
4.54%
4.69%
3.77%
8.33%
4.43%
IMI
0.69%
0.67%
0.84%
0.74%
0.83%
0.71%
0.78%
0.96%
0.83%
1.88%
0.64%
All Cap
0.71%
0.68%
0.88%
0.75%
0.88%
0.75%
0.81%
1.00%
0.87%
2.07%
0.62%
Canada
USA
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Israel
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Australia
Hong Kong
Japan
New Zealand
Singapore
Data as of the close of October 20, 2015
OnewayIndexTurnoverforEmergingMarketsandSelectedComposites
Emerging Markets
Standard
9.95%
3.78%
0.92%
0.96%
1.40%
2.04%
1.12%
0.83%
Small Cap
14.14%
7.82%
15.09%
9.83%
7.83%
5.18%
7.41%
4.16%
Large Cap
10.02%
5.66%
1.88%
1.72%
0.06%
0.02%
1.44%
0.98%
Mid Cap
12.67%
14.71%
13.45%
9.75%
8.83%
11.44%
10.15%
0.00%
IMI
10.23%
4.05%
2.20%
1.62%
1.60%
2.48%
1.06%
1.56%
Czech Republic
Egypt
Greece
Hungary
Poland
Qatar
Russia
South Africa
Turkey
8.42%
0.00%
6.92%
0.00%
0.01%
4.65%
0.00%
1.13%
0.00%
21.49%
39.39%
2.05%
23.06%
0.00%
14.96%
15.91%
9.16%
6.37%
8.32%
7.25%
0.00%
0.00%
34.23%
0.00%
0.00%
2.80%
1.24%
0.32%
0.00%
24.24%
100.00%
0.00%
25.82%
0.00%
0.02%
21.18%
24.33%
4.39%
0.00%
23.91%
7.76%
0.78%
2.77%
0.00%
1.72%
4.34%
0.21%
1.20%
1.04%
19.52%
Brazil
Chile
Colombia
Mexico
Peru
0.99%
1.39%
13.62%
0.35%
0.01%
15.60%
11.53%
89.51%
5.54%
N/A
2.85%
0.00%
8.74%
0.39%
0.01%
13.75%
6.12%
60.23%
0.20%
0.00%
0.83%
0.84%
8.48%
0.83%
2.69%
Emerging Markets & All Country Composite Indices

Standard
Small Cap
3.53%
9.67%
EM
4.50%
9.67%
EM Asia
1.20%
13.72%
EM Latin America
2.10%
7.46%
EM EMEA
0.47%
12.11%
EM Europe
12.55%
7.15%
EM GCC
ACWI
0.95%
4.50%
ACWI ex USA
1.42%
5.43%
AC Far East ex Japan
3.99%
9.35%
AC Asia Pacific ex Japan
3.51%
8.73%
AC Asia ex Japan
3.97%
9.17%
Large Cap
3.75%
4.85%
1.64%
1.54%
1.25%
12.14%
1.12%
1.70%
4.05%
3.61%
4.21%
Mid Cap
9.49%
10.51%
7.00%
8.21%
9.83%
22.04%
4.71%
5.46%
9.68%
9.56%
9.93%
IMI
3.88%
4.79%
0.94%
2.23%
0.84%
11.76%
1.01%
1.48%
4.37%
3.77%
4.34%
China
India
Indonesia
Korea
Malaysia
Philippines
Taiwan
Thailand
OnewayIndexTurnoverforFrontierMarketsandSelectedComposites
Frontier Markets
Argentina
Bangladesh
Bulgaria
Croatia
Estonia
Jordan
Kazakhstan
Kenya
Lebanon
Lithuania
Mauritius
Morocco
Nigeria
Pakistan
Romania
Serbia
Slovenia
Sri Lanka
Tunisia
Vietnam
Bahrain
Kuwait
Oman
Standard
7.50%
7.17%
70.27%
0.00%
0.00%
7.09%
14.56%
0.23%
0.00%
0.00%
32.35%
0.00%
0.81%
0.00%
0.00%
0.00%
5.59%
0.01%
0.00%
9.89%
Small Cap
9.21%
4.99%
0.00%
0.86%
0.00%
0.00%
0.00%
1.10%
0.00%
0.00%
0.00%
25.12%
8.12%
12.03%
0.00%
38.49%
19.23%
0.03%
26.51%
31.99%
Large Cap
Mid Cap
IMI
7.81%
3.49%
62.13%
0.46%
0.00%
2.36%
0.00%
0.23%
0.00%
0.00%
23.07%
4.72%
1.75%
3.17%
0.00%
10.42%
5.24%
0.02%
15.87%
9.58%
72.05%
0.00%
8.98%
68.28%
17.30%
15.63%
100.00%
0.00%
0.00%
58.68%
0.00%
20.09%
54.66%
3.16%
11.10%
Large Cap
Mid Cap
7.46%
11.49%
IMI
4.62%
3.78%
6.85%
1.02%
Frontier Markets & All Country Composite Indices

Standard
Small Cap
FM
3.48%
12.40%
FM ex GCC
2.76%
10.31%
FM GCC
5.29%
19.21%
ACWI FM
0.96%
4.54%
OnewayIndexTurnoverforDomesticMarketsandSelectedComposites
Emerging Markets
Standard
3.37%
Small Cap
7.17%
Large Cap
3.03%
Mid Cap
25.85%
IMI
2.89%
Standard
48.94%
0.00%
8.98%
0.00%
0.94%
3.88%
Small Cap
58.01%
16.29%
11.21%
28.81%
9.65%
5.86%
Large Cap
0.00%
0.00%
0.00%
0.00%
4.86%
4.39%
Mid Cap
58.68%
0.00%
20.09%
0.00%
28.38%
0.00%
IMI
13.16%
3.04%
9.71%
3.64%
0.76%
3.46%
GCC Domestic Markets Composite Indices

Standard
1.42%
GCC Domestic
Small Cap
12.13%
Large Cap
3.60%
Mid Cap
15.89%
IMI
2.14%
India
GCC Domestic Markets
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
MSCIGLOBALVALUEANDGROWTHINDEXES
ThefollowingchartandtableshowtheperformanceoftheMSCIACWIValueandGrowth
IndexesrelativetotheMSCIACWIIndexoverthelast5years,aswellastheperformanceof
selectedcompositeindexesbetweenthecutoffdatesoftheMay2015andNovember2015
SemiAnnualStyleIndexReviews.
PerformanceoftheMSCIGlobalValueandGrowthIndexesrelativetoMSCIACWIIndex
PerformanceoftheMSCIGlobalValueandGrowthIndexesbetweenthecutoffdatesoftheMay2015
andNovember2015SemiAnnualStyleIndexReviews
TotalReturninUSD(April20,2015October20,2015)
TheMSCIWorld
GrowthIndex
outperformedtheMSCI
WorldValueIndex
duringthesixmonths
betweentheMay2015
andNovember2015
SAIRs
e
l
a
t
Value
Index
NorthAmerica
USA
Europe
Japan
PacificexJapan
EAFE
3.4%
2.6%
5.0%
6.1%
12.8%
6.2%
3.8%
3.1%
7.6%
5.0%
14.4%
7.8%
3.0%
2.2%
2.5%
7.2%
11.2%
4.6%
0.8%
0.9%
5.1%
2.2%
3.2%
3.2%
World
4.5%
5.4%
3.6%
1.8%
EM
14.7%
16.1%
13.5%
2.6%
6.5%
4.7%
1.8%
ACWI
5.6%
Growth
Index
Performance
Differential
ValueGrowth
Standard
Index
The Value and Growth segmentation of the MSCI Global Investable Market Indexes are
conducted at each SAIR to reflect the evolution of style segments within each country
universe on a timely basis. During the style review, new value and growth zscores are
calculatedfortheproformaMSCIGlobalInvestableMarketCountryIndexconstituentsand,
after applying the buffer rules, securities are allocated to the Value and Growth indexes,
eachtargeting50%ofthefreefloatadjustedmarketcapitalization.
ThefollowingtwoexhibitsshowthedistributionofsecuritieszscoresintheMSCIValueand
GrowthStyleSpaceduringthecurrentSAIRfortheMSCIWorldandMSCIEmergingMarkets
Indexes. In these charts, securities that are fully attributed to the Value Index are
representedindarkgraywhilesecuritiesthatarefullyattributedtotheGrowthIndexarein
lightgray,whilepartiallyattributedsecuritiesarerepresentedinwhite.Thesizeofthecircle
is a function of the weight of the security in the index. Value Inclusion Factor (VIF) and
Growth Inclusion Factor (GIF) represent the proportion of a security's free floatadjusted
marketcapitalizationthatisallocatedtotheValueortheGrowthIndex.
MSCIWorldValueandGrowthIndexasofOctober20,2015
MSCIEmergingMarketValueandGrowthIndexasofOctober20,2015
SummaryofchangestotheMSCIGlobalValueandGrowthIndexes
Thereare326
increasesintheVIF
and298increasesin
theGIF
ProformaVal ueIndex
FIFMkt
#Securi ti es
#Sec
Cap
Add
Del
62
33
50
17
101
ProformaGrowthIndex
#Securi ties
Add
Del
9,444,007 387 64 68
4,126,208 259 38 52
1,404,299 196 52 42
699,275 85 20 11
6,270,683 546 113 108
World
16,304,715 849 182 174
16,269,006 989 189 184
89.6%
90.0%
10.1%
10.0%
EMAs i a
EMEMEA
EMLa ti nAmeri ca
EM
1,342,821
318,815
223,705
1,885,340
1,261,851
321,056
232,551
1,815,458
100
26
20
146
7.4%
1.8%
1.2%
10.4%
7.0%
1.8%
1.3%
10.0%
15.5%
19.7%
18.9%
16.5%
16.2%
17.3%
19.0%
16.8%
ACWI
18,190,055 1,335 326 277 18,084,463 1,446 298 330
Al l ma rketca ps arei nUSDmil l i ons .Data a s ofthecl os eofOctober20,2015
100.0%
100.0%
10.7%
10.7%
USA
9,454,879
4,124,340
1,402,022
Pa ci fi cexJa pan 712,634
EAFE
6,285,061
Europe
Japan
325
226
165
82
480
328
94
64
486
65
54
40
13
110
102
27
15
144
57
25
21
103
FIFMktCa p #Sec
295
89
73
457
69
24
16
109
ACWIIndexWei ght
IndexTurnover
Val ue
Growth
Val ue
Growth
52.0%
22.7%
7.7%
3.9%
34.6%
52.2%
22.8%
7.8%
3.9%
34.7%
9.1%
10.3%
15.7%
10.4%
11.3%
9.2%
10.0%
16.2%
12.2%
11.2%
The additio ns to the Value Indexes include pure additio ns as well as upward changes in VIFs fo r partially allo cated securities. The deletio ns fro m the Value Indexes include
pure deletio ns as well as do wnward changes in VIFs fo r partially allo cated securities. Similar principles apply fo r the additio ns and deletio ns fro m the Gro wth Indexes.
ProformaweightdifferencesbysectorfortheMSCIACWIValueandGrowthIndexes
Proforma
Va l ue
Index
Wei ght
Financialswillbethe
largestsectorinthe
MSCIACWIValue
Indexwithaweightof
30.7%
Wei ghtDiff
vs Current
Va l ue
Index
Proforma
Growth
Index
Wei ght
Wei ghtDi ff
vs Current
Growth
Index
Wei ghtDi ff
Proforma
Va l uevs
Growth
+1.1%
0.1%
+0.3%
+0.3%
1.9%
+0.2%
+0.2%
+0.3%
0.2%
0.3%
2.2%
4.3%
11.9%
19.1%
13.2%
14.6%
12.5%
19.3%
2.1%
0.8%
1.3%
+0.0%
0.4%
0.1%
+1.8%
0.2%
0.5%
+0.3%
+0.1%
0.2%
+9.4%
+0.9%
3.2%
12.4%
6.1%
5.3%
+18.2%
9.7%
+3.2%
+4.9%
Energy
11.6%
Ma teri a l s
5.2%
Indus tri a l s
8.6%
Cons umerDi s creti ona ry
6.8%
Cons umerSta pl es
7.1%
Hea l thCa re
9.3%
Fi na nci a l s
30.7%
Informa ti onTechnol ogy
9.6%
Tel ecommuni ca ti onServi ce
5.3%
Uti l i ties
5.7%
Da ta a s oftheclos eofOctober20,2015
LargestadditionstotheMSCIGlobalValueIndexesforselectedregions
Country Securi tyName
Indus try Current

Group
VIF
Pro
Forma
VIF
Cha ngei n Proforma Proforma

MktCa p
MktCa p
NorthAmericaValueIndex
US
Al lergan
PHAR
0
1
+103,691 103,691
US
Schl umberger
ENER
0
1
+95,600 95,600
US
Abbvi e
PHAR
0
1
+90,759 90,759
EuropeValueIndex
CH
ABBLtd
CAPI
0
1
+39,846 39,846
SE
Eri cs s on(Lm)B
TECH
0
1
+31,446 31,446
CH
Syngenta
MATE
0
1
+30,196 30,196
PacificValueIndex
JP
Fanuc
CAPI
0
1
+31,317 31,317
AU
Wes tpacBa nki ng
BANK
0.65
1
+26,058 74,452
JP
Toyota MotorCorp
AUTO
0.5
0.65
+25,037 108,496
EMValueIndex
CN
Pi ngAnIns ura nceH
INSU
0
0.5
+14,648 14,648
ZA
Fi rs tra nd
DIVE
0
1
+12,605 12,605
RU
Lukoi l Hol di ng(Rub)
ENER
0.35
1
+12,492 19,218
Al l marketca ps a rei nUSDmi l l ions .Da ta a s ofthecl os eofOctober20,2015.
Wei ght
1.0%
1.0%
0.9%
1.0%
0.8%
0.7%
1.5%
3.5%
5.1%
0.8%
0.7%
1.0%
LargestadditionstotheMSCIGlobalGrowthIndexesforselectedregions
Country
Securi tyName
Indus try Current

Group
GIF
Pro
Forma
GIF
Cha ngein Proforma Proforma

MktCa p
MktCa p
NorthAmericaGrowthIndex
US
Al tri a Group
FOOD
0
1
+117,132 117,132
US
Berks hireHa tha wa yB
DIVE
0.65
1
+55,643 158,979
US
Bris tol Myers Squi bbCo PHAR
0.5
1
+53,268 106,537
EuropeGrowthIndex
CH
Nes tl e
FOOD
0.5
0.65
+36,814 159,529
NL
Koni nkli jkePhi l i ps
CAPI
0
1
+24,211 24,211
GB
Tes co
FRET
0
1
+23,790 23,790
PacificGrowthIndex
JP
Ja panToba cco
FOOD
0
1
+37,142 37,142
JP
Dens oCorp
AUTO
0
1
+22,654 22,654
HK
CheungKongProperty
REAL
0
1
+19,871 19,871
EMGrowthIndex
CN
Al iba ba GroupHl dgAdr SOFT
0
1
+36,073 36,073
CN
Ba i duAdr
SOFT
0
1
+21,187 21,187
MX
Fems a Uni tUBD
FOOD
0
1
+17,835 17,835
Al lmarketca ps a rei nUSDmi l li ons .Data a s ofthecl os eofOctober20,2015.
Wei ght
1.2%
1.6%
1.1%
3.9%
0.6%
0.6%
1.8%
1.1%
0.9%
2.0%
1.2%
1.0%
SummaryofchangestotheMSCIGlobalSmallCapValueandGrowthIndexes
Thereare964
increasesinVIFsand
973increasesinGIFs
Europe
Ja pa n
Pa ci fi cexJa pa n
EAFE
Proforma Va l ueIndex
FIFMkt
#Securi ties
#Sec
Ca p
Add
Del
1,472,373 1,153 259 221
561,823 571 139 90
281,033 539 123 86
107,948 201 62 64
963,198 1,340 333 246
Proforma GrowthIndex
ACWIIndexWeight
FIFMkt
#Securities
#Sec
Va l ue
Growth
Ca p
Add
Del
1,472,094 1,137 281 235
52.0%
52.1%
561,416 496 128 129
19.8%
19.9%
280,816 453 103 124
9.9%
9.9%
107,395 196 63 64
3.8%
3.8%
960,778 1,176 309 324
34.0%
34.0%
World
2,525,040 2,632 618 511
2,522,220 2,442 632 591
89.2%
EMAs i a
EMEMEA
EMLa ti nAmeri ca
EM
251,351
35,527
19,816
306,694
246,110
35,342
19,743
301,194
271
37
19
327
ACWI
2,831,733 3,768 964 835 2,823,414 3,494 973 918
Al l ma rketca ps a reinUSDmil li ons .Da ta a s oftheclos eofOctober20,2015
USA
961
116
59
1,136
293
35
18
346
260
40
24
324
883
116
53
1,052
287
35
19
341
IndexTurnover
Va lue
Growth
11.1%
13.2%
12.9%
20.9%
14.1%
12.1%
13.4%
14.8%
20.2%
14.6%
89.3%
12.5%
13.4%
8.9%
1.3%
0.7%
10.8%
8.7%
1.3%
0.7%
10.7%
22.4%
23.2%
23.1%
22.5%
21.3%
22.2%
23.2%
21.5%
100.0%
100.0%
13.6%
14.2%
* The additio ns to the Value Indexes include pure additio ns as well as upward changes in VIFs fo r partially allo cated securities. The deletio ns from the Value Indexes include
pure deletio ns as well as downward changes in VIFs fo r partially allo cated securities. Similar principles apply fo r the additio ns and deletions fro m the Gro wth Indexes.
MSCICHINAAINDEXES
TreatmentofMSCIChinaAIndexes
TheMSCIChinaAIndexwillhave228additionsand2deletions,resultingfromanincreasein
theSegmentNumberofCompanies.Theindexwillexperienceaonewayindexturnoverof
14.7%.
Asareminder,MSCIappliedatemporary5%limitontheincreaseintheSegmentNumberof
Companies for the MSCI China A Indexes as part of the May 2015 SAIR in light of a
consultation on a proposal to introduce limits on large increases in the number of
constituentsintheMSCIGlobalInvestableMarketIndexes.
Following the conclusions from the consultation, MSCI will maintain the existing rules
related to the limits on the reassessment of the Segment Number of Companies, as
described in Section 3.1.4.2 of the MSCI Global Investable Market Indexes methodology
book.
Consequently, no exceptional treatment will be applied on the increase in the Segment
NumberofCompaniesfortheMSCIChinaAIndexesattheNovember2015SAIR.
RelativePerformanceoftheMSCIChinaAIndextoMSCIWorldIndexandMSCIEMIndex
The chart below shows the performance of the MSCI China A Index relative to the MSCI
WorldandMSCIEmergingMarkets(EM)Indexes,whilethetableshowstheperformanceof
variousChinaASizeSegments,aswellastheperformanceoftheMSCIQualifiedDomestic
InstitutionalInvestors(QDII)Indexes.TheperformanceisreflectedupuntiltheIndexReview
pricecutoffdate.
TheMSCIChinaA
Indexunderperformed
theMSCIWorldIndex
andtheMSCIEmerging
MarketsIndexduring
theperiodbetween
theMay2015SAIRand
theNovember2015
SAIR
PerformanceofMSCIChinaAandMSCIQDIIIndexes
Since
April 20, 2015
YTD
1 Year
-23.7%
-13.6%
-20.3%
-5.8%
-16.1%
-3.9%
24.3%
5.0%
41.2%
14.6%
42.0%
39.8%
41.2%
41.2%
40.7%
China A Index Series

MSCI China A Large Cap Index
MSCI China A Mid Cap Index
MSCI China A Index
MSCI China A Small Cap Index
MSCI China A IMI Index
MSCI QDII Index Series
MSCI China Index
-19.1%
-1.2%
5.8%
MSCI CHINA B Index
-32.1%
-22.2%
-24.9%
MSCI CHINA H Index
-22.2%
-6.7%
8.4%
MSCI CHINA RED CHIP Index
-14.3%
4.0%
0.9%
MSCI CHINA P CHIP Index
-16.0%
8.9%
6.7%
MSCI Hong Kong Index
-9.4%
2.0%
2.2%
MSCI Zhong Hua Index
-16.3%
-0.3%
4.5%
DataasofOctober20,2015
ThefollowingtwoexhibitsoutlinethechangesintheMarketSizeSegmentCutoffsandthe
summaryofchangesfortheMSCIChinaASizeSegments.
MarketCapitalizationCutofffortheMSCIChinaAIndexes
Decreaseswere
observedacrossall
marketsizesegment
cutoffsfortheMSCI
ChinaAIndexes
Large Cap
China A
Standard
IMI
Segm Nov-15 May-15 % Chg
Segm
Nov-15
May-15
Numb
Comp
Cutoff
Cutoff
Numb
Comp
Cutoff
300
4,051
4,283
973
1,455
-5.4%
% Chg
Segm
Nov-15
May-15
Cutoff
Numb
Comp
Cutoff
Cutoff
1,637 -11.1%
2,181
298
319
% Chg
-6.4%
A ll market caps are in USD millio ns. Data as o f the close of Octo ber 20, 2015 and A pril 20, 2015 fo r the No vember 2015 Semi-A nnual Index Review and M ay 2015 Semi-A nnual Index Review respectively.
ChangesintheMSCIChinaAStandardIndex
Index Market
Weight

# Sec. Index Market
Cap
China A
1,623,852
Weight
# Securities
# Sec.
Add
One Way
Del
Cap
79.0%
584
1,920,675
Index
Turnover*
81.2%
810
228
14.7%
*Takes into acco unt turno ver resulting fro m additio ns/deletio ns as well as DIF and NOS changes
ChangesintheMSCIChinaASmallCapIndex
Index Market
Weight
# Sec. Index Market
Cap
China A
722,454
Weight
# Sec.
# Securities
Add
One Way
Del
Cap
88.5%
1,345
512,859
Index
Turnover*
84.7%
1,171
88
262
33.1%
*Takes into acco unt turno ver resulting fro m additio ns/deletio ns as well as DIF and NOS changes
TopFiveAdditionstotheMSCIChinaAIndex
Country
177outofthe228
additionstotheMSCI
ChinaAIndexwillbe
migrationsfromthe
MSCIChinaASmall
CapIndex
ShanghaiBairunFlavor
Awillbedeleted
followingandecrease
initsDomestic
InclusionFactor(DIF)
duetoaprivate
placementin
September2015
Security Name

Cap
Index
Current Index
Proforma Index
Large Cap
China A
CN
Jiangsu Shagang Co A
8,193
2,048
0.09%
None
CN
Jiangyin Zhongnan Heav A
6,726
2,354
0.10%
Small Cap
Large Cap
CN
Wuhu Shunrong Sanqi A
6,157
1,231
0.05%
None
Large Cap
CN
Beijing Kingee Culture A
6,127
2,145
0.09%
Small Cap
Large Cap
CN
Hongda Xingye Co A
6,048
2,117
0.09%
None
Large Cap
TopFiveDeletionsfromtheMSCIChinaAIndex
Country
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
China A
CN
Shanghai Bairun Flavor A
6,407
915
0.04%
Mid Cap
None
CN
Chongqing Brewery Co A
1,143
457
0.02%
Mid Cap
Small Cap

Cap
Index
Current Index
Proforma Index
TopFiveAdditionstotheMSCIChinaASmallCapIndex
Country
Security Name
China A
CN
Hunan Aihua Group A
1,403
351
0.06%
None
Small Cap
CN
Blue Star New Chem A
1,371
617
0.10%
None
Small Cap
CN
Jinfa Labi Maternity A
1,357
407
0.07%
None
Small Cap
CN
Shenzhen Prolto Supply A
1,326
398
0.07%
None
Small Cap
CN
Aviation Sanxin Co A
1,247
623
0.10%
None
Small Cap
TopFiveDeletionsfromtheMSCIChinaASmallCapIndex
Country
Security Name

Cap
Weight in Current
Index
Current Index
Proforma Index
China A
CN
Jiangyin Zhongnan Heav A
6,726
1,177
0.16%
Small Cap
Large Cap
CN
Beijing Kingee Culture A
6,127
613
0.08%
Small Cap
Large Cap
CN
Nanjing Xinjiekou Dept A
4,838
1,695
0.23%
Small Cap
Large Cap
CN
Shanghai U9 Game Co A
4,787
2,872
0.40%
Small Cap
Large Cap
CN
Jiangxi Special Elec A
4,614
2,538
0.15%
Small Cap
Large Cap
MSCIGLOBALISLAMICINDEXES
TheMSCIGlobalIslamicIndexesaredesignedtoreflectShariainvestmentprinciplesto
providearelevantopportunitysetforIslamicinvestors.TheMSCIGlobalIslamicIndexesare
derivedfromtheMSCICountryIndexes.ThenaccordingtotheMSCIIslamicIndexSeries
Methodology,MSCICountryIndexesarescreenedagainstaseriesofbusinessactivitiesand
financialratiosonaquarterlybasis,andadividendadjustmentfactorisapplied.
BusinessActivityandFinancialRatiosScreeningAppliedtoMSCICountryIndexes
Business Activity Screening
Financial Ratios Screening*
Screen out companies that are directly active in, or Screen out companies that derive signicant income
derive more than 5% of their revenue (cumulatively) from interest or companies that have excessive
from the following activities
leverage, using the following three financial ratios
Alcohol
Tobacco
Pork related products
Conventional Financial Services
Defense / Weapons
Gambling / Casino
Music
Hotels
Cinema
Adult Entertainment
Total debt over total assets

Sum of a company's cash and interest-bearing
securities over total assets
Sum of a companys accounts receivables and
cash over total assets
None of the financial ratios may exceed 33.33%**
* Islamic Financial Institutions (as defined in MSCI Islamic Index Methodology) will not be subject to the Financial Screening
** In order to reduce index turnover resulting from financial screening, a lower threshold of 30% is used in determining new inclusions to the MSCI
Islamic Indices
RelativePerformanceoftheMSCIACWIIslamicIndextoMSCIACWI
TheMSCIACWIIslamic
Indexclosedthe
performancegap
relativetotheMSCI
ACWIIndexsincethe
lastIndexReview
ThefollowingtablesshowthechangestotheMSCIGlobalIslamicIndexesresultingfromthe
May2015SAIR.
SummaryofchangestotheMSCIGlobalIslamicIndexes
Therewillbe14
additionstotheMSCI
WorldIslamicIndex
and19additionsto
theMSCIEMIslamic
Index
Current Index
Index M kt Cap
Wo rld Islamic Index
# Securities
P ro fo rma Index
# Sec
Index M kt Cap
# Sec
A dd
Del
One Way Index

Turno ver
11,295,653
593
11,003,740
582
14
25
3.32%
872,970
230
898,357
233
19
16
6.37%
FM ex GCC Islamic Index
20,935
32
19,946
29
5.38%
GCC Co untries ex Saudi A rabia IM I Islamic Index
44,885
48
40,905
45
9.82%
EM Islamic Index
ProformasectorweightdifferencesbetweenMSCIWorld/MSCIEmergingMarkets
IslamicIndexesandRespectiveStandardIndexes
Wo rld Islamic
EM Islamic
P ro fo rma
P ro fo rma
Weight in
Weight Diff vs
Wo rld Islamic
Wo rld
MSCIWorldIslamic
andMSCIEMIslamic
Indexeswillbeover
weightintheEnergy
Sectorandunder
weightinthe
FinancialsSector
relativetothe
respectiveStandard
Indexes
10.2%
Energy
P ro fo rma
Weight in EM
Islamic
P ro fo rma
Weight Diff vs
EM
19.5%
12.0%
Energy
17.1%
Health Care
20.1%
7.2%
M aterials
13.1%
6.7%
M aterials
9.5%
4.9%
Teleco mmunicatio n Services
10.5%
3.4%
Industrials
11.4%
0.8%
Health Care
5.9%
3.0%
Co nsumer Staples
11.0%
0.7%
Co nsumer Discretio nary
12.6%
2.7%
Utilities
3.1%
-0.2%
Industrials
9.6%
2.4%
Info rmatio n Techno lo gy
12.5%
-1.4%
Utilities
4.7%
1.5%
Co nsumer Discretio nary
11.9%
-1.4%
Co nsumer Staples
8.9%
0.6%
Teleco mmunicatio n Services
1.3%
-2.0%
Info rmatio n Techno lo gy
9.1%
-10.3%
Financials
2.0%
-18.9%
Financials
6.2%
-21.8%
No te: Data as o f clo se o f Octo ber 20, 2015
ThefollowingtableslistthelargestadditionstoanddeletionsfromtheMSCIGlobalIslamic
IndexesresultingfromtheNovember2015SAIR.
LargestadditionstotheMSCIWorldIslamicandMSCIEmergingMarketsIslamicIndexes
Security Name
Pro forma
Index Mkt Cap
Weight in Pro
forma Index
Reason
US
Alexion Pharmaceuticals
US
Celanese Corp
35,963
0.33%
Financial ratios now compliant
10,093
0.09%
DE
Brenntag
8,620
0.08%
GB
Hammerson
7,628
0.07%
US
Cooper Companies (The)
7,044
0.06%
Country
World Islam ic
EM Islam ic
KR
Lg Household & Health
7,540
0.84%
TW
Ase
7,418
0.83%
TW
Catcher Tech Co
6,529
0.73%
TW
Pegatron
4,767
0.53%
MY
Petronas Chemicals Group
4,254
0.47%
1st financial ratio: total debt over total assets
2nd financial ratio: cash and interest-bearing securities over total assets
3rd financial ratio: accounts receivables and cash over total assets
n/a: securities are not in parent index or not part of Islamic Universe
LargestdeletionsfromtheMSCIWorldIslamicandMSCIEmergingMarketsIslamicIndexes
Country
Security Name
Current Index Current Weight in

Mkt Cap
Index
Reason
World Islam ic
US
At&T
207,480
1.84%
Financial ratio(s) not compliant
US
Intuitive Surgical
17,434
0.15%
US
International Paper
16,647
0.15%
US
Rockw ell Automation
14,043
0.12%
CH
Geberit
12,569
0.11%
EM Islam ic
MX
Grupo Mexico B
9,810
1.12%
IN
Hcl Technologies
7,475
0.86%
MX
Coca-Cola Femsa L
3,624
0.42%
AE
Dp World
3,526
0.40%
CN
Jiangsu Expressw ay Co H
1,596
0.18%
1st financial ratio: total debt over total assets
2nd financial ratio: cash and interest-bearing securities over total assets
3rd financial ratio: accounts receivables and cash over total assets
n/a: securities are not in parent index or not part of Islamic Universe
APPENDIXIFOREIGNLISTEDCOMPANIES
Additions to the MSCI Global Standard Indexes
Country
JardineMatheson
andJardineStrategic
thetwolargest
foreignlisted
companiesinHong
Kongwillnotbe
addedtotheMSCI
HongKongIndexdue
tofailingtheliquidity
requirements
Listing
Security Name
Company Mkt FIF Mkt Cap (*)

Cap
Developed Markets
NL
US
HK
SG
IL
US
IL
US
HK
US
NL
US
IL
US
Nxp Semiconductors
Hongkong Land (USD)
Check Point Softw (Usd)
Mobileye (Usd)
Melco Crown Entmt Adr
Aercap Holdings Nv
Taro Pharmaceutical
Emerging Markets
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
Alibaba Group Hldg Adr

Baidu Adr
Jd.Com Adr
Netease Com Adr
Ctrip Com Intl Adr
Vipshop Holdings Adr
Qihoo 360 Tech A Adr
58.Com Adr
Qunar Cayman Islands Adr
Youku Tudou Adr
New Oriental Educat Adr
Yy Inc Adr
Tal Education Group Adr
Soufun Holdings Adr
Frontier Markets
BH
KW
MU
ZA
AR
US
AR
US
Ahli United Bank (Kw)

Rockcastle Global (Za)
Globant
Adecoagro On
Index Mkt Cap
Weight in Proforma
Index
23,159
17,858
14,705
10,191
9,405
7,948
6,304
22,001
8,929
11,029
7,643
3,292
7,153
2,206
11,000
4,464
5,514
3,822
1,646
3,576
1,103
0.03%
0.01%
0.02%
0.01%
0.01%
0.01%
0.00%
180,367
53,854
36,703
18,315
11,079
10,897
7,235
6,998
4,994
4,861
3,909
3,196
2,981
2,933
72,147
42,374
9,096
10,989
10,525
7,477
5,235
3,707
2,047
2,971
3,323
1,707
1,566
1,762
36,073
21,187
4,548
5,495
5,263
3,738
2,617
1,853
1,024
1,486
1,661
853
783
881
0.97%
0.57%
0.12%
0.15%
0.14%
0.10%
0.07%
0.05%
0.03%
0.04%
0.04%
0.02%
0.02%
0.02%
4,512
1,980
1,142
1,090
2,710
1,017
685
763
1,355
509
342
382
1.51%
0.57%
0.38%
0.43%
(*) prior to the application of the Index Inclusion Factor (IIF) of 0.5
Additions to the MSCI Global Small Cap Indexes

Country
Thelargemajorityof
foreignlisted
companiesaddedto
theMSCIChinaSmall
CapIndexareUS
listedcompanies,but
someofthe
companiesarelisted
inUnitedKingdom,
SingaporeandKorea
Listing
Security Name
Company Mkt FIF Mkt Cap (*)

Cap
Index Mkt Cap
Weight in Proforma
Index
Developed Markets
HK
US
NL
US
IL
US
IL
US
IL
US
NL
US
IL
US
IL
US
IL
US
IL
US
Nord Anglia Education

Interxion Holding
Cyberark Software (Usd)
Caesarstone Sdot (Usd)
Wix.Com
Vtti Energy Partners
Orbotech (USD)
Radware (USD)
Neuroderm
Kornit Digital
2,076
1,961
1,568
1,226
855
821
680
657
485
398
623
1,471
862
859
556
411
612
591
243
139
311
735
431
429
278
205
306
296
121
70
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.01%
0.01%
0.00%
0.00%
Emerging Markets
CN
US
CN
US
CN
US
CN
US
CN
GB
CN
SG
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
US
CN
KR
CN
US
CN
US
CN
US
CN
US
CN
KR
CN
US
CN
US
CN
US
Sina Corp
Cheetah Mobile A Adr
Momo A Adr
Bitauto Holdings Adr
Hutchison China Meditech
Tianjin Zhongxin Pharma
51Job Adr
Shanda Games Adr
Sohu.Com
21Vianet Group A Adr
Seaspan Corp N
Noah Holdings Adr
Jumei International Adr
Homeinns Hotel Group Adr
Renren A Adr
Ikang Healthcare A Adr
Changyou Com Adr
Ehi Car Services A Adr
500.Com Adr
Jinkosolar Hldg Co Adr
Bona Film Group Adr
Wowo
Tarena International Adr
E Commerce China Adr
Idreamsky Technology Adr
China Yuchai Int N (Usd)
China Ocean Resources
Ja Solar Holdings Co Adr
Vimicro Intl Co Adr
Phoenix New Media A Adr
Xueda Education Grp Adr
Ckh Food & Health
Netqin Mobile A Adr
Kongzhong Corp Adr
Airmedia Group Adr
2,690
2,556
2,482
2,114
2,045
1,950
1,913
1,876
1,818
1,745
1,669
1,556
1,484
1,417
1,183
1,032
973
886
848
833
816
602
550
548
518
512
463
439
398
338
331
329
329
329
327
2,421
418
461
1,057
613
231
670
461
1,454
1,299
584
700
795
850
249
755
191
318
469
583
286
211
370
369
138
256
393
373
199
145
116
181
263
181
164
1,210
209
231
528
307
116
335
231
727
649
292
350
397
425
124
378
95
159
235
292
143
105
185
185
69
128
197
186
100
72
58
90
131
90
82
0.20%
0.03%
0.04%
0.09%
0.05%
0.02%
0.06%
0.04%
0.12%
0.11%
0.05%
0.06%
0.07%
0.07%
0.02%
0.06%
0.02%
0.03%
0.04%
0.05%
0.02%
0.02%
0.03%
0.03%
0.01%
0.02%
0.03%
0.03%
0.02%
0.01%
0.01%
0.01%
0.02%
0.01%
0.01%
Frontier Markets
AR
US
BH
AE
Arcos Dorados Holdings A

Gulf Finance House (Ae)
651
372
403
335
202
168
0.64%
0.53%
(*) prior to the application of the Index Inclusion Factor (IIF) of 0.5
APPENDIXIIENHANCEMENTINTHECALCULATIONOFLIQUIDITY
VALUES
ThefollowingtableprovidesthelistofsecuritiesthatwillbeaddedtotheMSCIUSAand
MSCICanadaIndexesduringtheNovember2015SAIRduetoincreasedliquidityasaresult
ofthechangeinthecalculationoftradingvolumes.
Additions to the MSCI Global Standard Indexes

Country
Security Name
United States
US
Markel Corp
US
Plains Gp Holdings A

Cap
Index
11,966
11,339
16,163
11,966
4,197
0.09%
0.06%
0.02%
Current Index
Proforma Index
None
None
Mid Cap
Mid Cap
Additions to the MSCI Global Small Cap Indexes

Country
Security Name

Cap
Index
Proforma Index
United States
US
American National Ins
US
National General Hldgs
US
Monogram Residential
US
Ladder Capital Corp A
US
Park National Corp
US
Kearny Financial
US
Cooper Standard Holding
US
Servisfirst Bancshares
US
Nortek
US
Terreno Realty Corp
US
National Healthcare Corp
US
Natl Western Life A
US
Central Garden & pet
US
Tompkin Financial
US
Par Petroleum Corp
US
Libbey
US
Gran Tierra Energy
US
Yadkin Financial
US
Gtt Communications
US
Atrion Corp
US
Diamond Hill Inv Grp
US
Gorman-Rupp Co (The)
US
Sandy Spring Bancorp
US
First Busey Corp
US
United Development Fund
US
Ladenburg Thalmann Finl
US
Mainsource Financial Grp
US
Newstar Financial
US
Pacific Datavision
2,756
2,103
1,655
1,452
1,432
1,120
1,117
1,083
1,019
956
924
924
890
809
800
769
713
686
685
677
673
671
669
582
546
471
471
440
413
19,531
827
946
1,572
605
1,217
1,120
1,117
921
611
956
601
611
187
728
360
769
713
583
514
541
606
604
669
494
546
259
447
198
207
0.66%
0.03%
0.03%
0.05%
0.02%
0.04%
0.04%
0.04%
0.03%
0.02%
0.03%
0.02%
0.02%
0.01%
0.02%
0.01%
0.03%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.02%
0.01%
0.01%
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Canada
CA
CA
CA
CA
CA
2,359
2,077
1,200
720
418
4,096
1,533
1,038
840
504
180
2.29%
0.86%
0.58%
0.47%
0.28%
0.10%
None
None
None
None
None
Small Cap
Small Cap
Small Cap
Small Cap
Small Cap
Stella-Jones
Winpak
Enghouse Systems
Kinaxis Inc
Corby Spirit And Wine A
Current Index
APPENDIXIIIMSCISAUDIARABIAINDEXES
MSCIlaunchedtheMSCISaudiArabiaIndexesasStandaloneMarketIndexeseffectiveJune
1,2015,coincidingwiththeopeningoftheSaudiArabiaequitymarkettoforeigndirect
investments.
TherewillbenoadditionstoordeletionsfromtheMSCISaudiArabiaIndexaspartofthe
November2015SAIR.
TherewillbenoadditionstoandsixdeletionsfromtheMSCISaudiArabiaSmallCapIndex
aspartoftheNovember2015SAIR.
Changes in the MSCI Saudi Arabia Indexes

Current Index
Index Market
# Sec.
Cap
59,191
7,619
MSCI Saudi Arabia Index

MSCI Saudi Arabia Small Cap Index
19
38
Pro forma Index

Index Market
# Sec.
Cap
59,191
7,093
19
32
One Way
# Securities
Add
Del
Index
Turnover*
0
0
0
6
0.0%
6.9%
CONTACTUS
clientservice@msci.com
AMERICAS
Americas
18885884567*
Atlanta
+14045513212
Boston
+16175320920
Chicago
+13126750545
Monterrey
+528112534020
NewYork
+12128043901
SanFrancisco +14158368800
SaoPaulo
+551137061360
Toronto
+14166281007
EUROPE,MIDDLEEAST&AFRICA
CapeTown
+27216730100
Frankfurt
+496913385900
Geneva
+41228179777
London
+442076182222
Milan
+390258490415
Paris
0800915917*
ASIAPACIFIC
ChinaNorth
108008521032*
ChinaSouth
108001521032*
HongKong
+85228449333
Mumbai
+912267849160
Seoul
0079885213392*
Singapore
8008523749*
Sydney
+61290339333
Taipei
00801127513*
0018001562077181*
Thailand
Tokyo
+81352901555
*=tollfree
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MSCI Nov15 INTSummary

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INDEXREVIEW

Pro forma IMI

One-Way Index Turnover

42,359,819 100.0% 14,700

38,051,133 100.0% 11,970

Europe + Middle East

Standard Small Cap

* NA is displayed in the cases when an index does not exist

Standard Small Cap

* NA is displayed in the cases when an index does not exist

Russia Indexes contain a number of securities represented by depositary receipts listed in

Global Minimum Size Reference

Equity Universe Min

World ex Japan (*)

North America (*)

335 8,861 9,316

Europe + Middle East (*)

198 10,191 8,835

7,038 7,441 -5.4%

EM Latin America (*)

Pro forma Standard Index

Europe + Middle East

Changes in the MSCI Global Standard Indexes Emerging Markets

Pro forma Standard Index

Changes in the MSCI Global Standard Indexes Frontier Markets

Pro forma Standard Index

Changes in the MSCI Domestic Standard Indexes

Pro forma Standard Index

Foreign listed securities

Changes in the MSCI Global Small Cap Indexes Developed Markets

Pro forma Small Cap Index

Europe + Middle East

Changes in the MSCI Global Small Cap Indexes Emerging Markets

Pro forma Small Cap Index

Changes in the MSCI Global Small Cap Indexes Frontier Markets

Pro forma Small Cap Index

# Sec. Index Market

Changes in the MSCI Domestic Small Cap Indexes

Pro forma Small Cap Index

Foreign Listings in the MSCI Global Small Cap Indexes

Foreign listed securities

Changes in the MSCI Global Micro Cap Indexes Developed Markets

Pro forma Micro Cap Index

Europe + Middle East

Additions to the MSCI World Index

Company Mkt Index Mkt Cap Weight in Proforma

Europe + Middle East

Hongkong Land (USD)

Additions to the MSCI Emerging Markets Index

Alibaba Group Hldg Adr

Emirates Telecom Corp

Company Mkt Index Mkt Cap Weight in Proforma

Company Mkt Index Mkt Cap Weight in Proforma

Rockcastle Global (Za)

Ahli United Bank (Kw)

Company Mkt Index Mkt Cap Weight in Proforma

Additions to the MSCI Domestic Indexes

Bupa Arabia For Copr Ins

Deletions from the MSCI World Index

Company Mkt Index Mkt Cap

Europe + Middle East

Deletions from the MSCI Emerging Markets Index3

Company Mkt Index Mkt Cap