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Morgan Stanley Capital International

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Issue 5 1

Contents

Morgan Stanley Capital International on the Datastream Research Service 3 MSCI indices 5

Country and regional indices 5 Value and Growth indices 5 GDP indices 6 Hedged indices 6 Small Cap indices 6 All Country Sector (ACS) indices module – Global Industrial Classification Standard (GICS) 7 10/40 indices 7 Hedge Fund indices 7 US Equity indices 8

MSCI modules on Datastream 9 MSCI modules on Datastream - a summary 9 Core Developed Markets module 10 Core Emerging Markets module 10 All Country indices 10 Core Asia Pacific module 11 Small Cap module 11 Enhanced index module 11 All Country Sector indices module 11 Core Value and Growth Plus modules 11 MSCI 10/40 indices 11

MSCI exchange rates and currency conversion 13 MSCI index constituent lists 15

Regional and world index constituents 15 Regional index constituents 15

MSCI stock constituent lists 17 Monthly constituent lists 17 Historical month end constituent lists 17 Daily constituent lists 18 Historical daily constituent lists 18 Next day constituent lists 18 Value/Growth constituent lists 19 All Country Sector (ACS) constituent lists 19 Country coverage lists 19 Total Universe lists 20 Proforma lists 21

MSCI company-level data 23 Type of data available 23 Stocks dropped from MSCI coverage 24

Using MSCI data in the Datastream Research service 25 Accessing the data 25 Updates 25 Downloading data from Datastream 27 Reports 30 Searching 33 Graphics and functions 35 Weightings analysis 37

Further information 41 About MSCI 41 About Datastream 41

Contents

2 Morgan Stanley Capital International on Datastream

Reference 43 Index mnemonics and base dates 45 Developed Market indices 46 Emerging Market indices 50 All Country indices 52 Hedged indices 54 Lists of MSCI indices, exchange rates, and countries covered 55 Constituent indices of Regional and World indices 56 All Country Sector (ACS) indices: GICS classification 59 Hedge Fund indices 68 10/40 indices 69 US Equity indices 71 Global Industrial Classification Standard 72 Datatypes 83 Country & currency codes, exchange rate mnemonics, country coverage and total universe lists 101 Proforma list mnemonics 104 MSCI indices: historical changes 105 Implementation of the Free Float Methodology 106 CII (Industrial Indices) Discontinuation 106 Changes to Developed/Emerging Classifications, Standalone Indices and Market Weightings 106 Small Cap Historical Changes 108 Discontinuation of Non Free Indices 109 Changes to Total Return Datatypes 109 Renaming of MSCI Emerging Market and All Country Indices 110 Provisional Indices Based on the Removal of the LIF Applied to MSCI Taiwan 111 MSCI quarterly structural changes 111 Definition of terms for MSCI indices 114

Index 117

Issue 5 3

Morgan Stanley Capital International on the Datastream Research Service

Thomson Financial and Morgan Stanley Capital International provide access to MSCI’s index and company-level modules on a co-operative basis. In this way Thomson Financial and MSCI retain strong relationships with joint customers, enabling both companies to deliver an extremely high-quality service.

Our strength stems primarily from having integrated all data with Datastream’s functionality: searching and screening, graphing, data download for customised analysis, user-index creation and our extensive range of functions and expressions are all available to joint customers taking the appropriate level of services. Integration extends to native Datastream data, as well as data available from other sources: take data from MSCI’s universe, add in IBES Summary Consensus Estimates or IBES Global Aggregates, and Worldscope’s International Company Accounts data. All are available via Datastream’s open and flexible functionality. It gives you full access to the data that you require, and enables you to decide the best way of using it to assist in investment decisions.

Comprehensive details about the data content of MSCI’s products on the Datastream Research Service can be obtained directly from MSCI. A list of offices and contact numbers can be found by typing HELP MSCI? at the Datastream prompt.

Licence agreement

MSCI will maintain control over licence agreements with and payments from customers. Thomson Financial will provide customers with access to specific modules upon notification from MSCI that agreements are in place. Thomson Financial and MSCI customer services operations will maintain their current service levels, and will maintain close liaison where necessary. Please contact MSCI directly for details of applicable charges.

Morgan Stanley Capital International on the Datastream Research Service


Issue 5 5

MSCI indices

The Morgan Stanley Capital International (MSCI) indices measure the performance of 50 stock markets around the world. In addition to country and regional indices, MSCI calculates global sector and industry indices based on the MSCI/S&P Global Industrial Classification Standard (GICS). The indices are calculated daily in US dollars and in local currency, and are available in 72 additional currencies. Valuation ratios (P/E, P/CE, P/BV, Return on Equity and Dividend Yield) are calculated monthly. Market Value is calculated daily.

MSCI’s well-known regional indices include EAFE© (Europe, Australasia and the Far East), the World index, EMF, Kokusai (World ex Japan) and Combined Far East Free ex Japan.

Country and regional indices

MSCI provide country indices for 50 markets (23 developed markets and 27 emerging markets). The combined market capitalisation of companies in these indices represents approximately 85% of the free float adjusted market capitalisation in each industry group, in each country. Over 130 regional indices are available, covering developed and emerging market regions plus combined all country regional indices.

Value and Growth indices

The MSCI Growth and Value indices are a sub-set of the MSCI Standard Indices. Up to May 2003, the value and growth indices were based on price to book value which was used to used to divide the MSCI standard country and regional market indices into value and growth style indices. Whilst the original methodology was appropriate at the time when these indices were launched in 1997, it become apparent that investors are using more complex variables for style-based investing hence the review of the MSCI methodology which lead to changes in the MSCI value and growth indices at the end of May 2003.

At the end of May 2003, the methodology for the Value and Growth indices was enhanced so that eight variables (three for value and five for growth) are used to more accurately reflect value and growth style. An inclusion factor is used to determine how much of the security should be attributed to a growth or value index. As a result of these changes, a constituent of a standard index may be represented in both the value index and a growth index at a partial weight or indeed not at all.

The value factors used are:

• Book value to price ratio • 12-month forward earnings to price ratio • Dividend yield

The growth factors used are:

• Long-term forward earnings per shares growth rate • Short term forward EPS growth rate • Current internal growth rate • Long-term historical EPS growth trend • Long-term historical sales per share growth trend

Data available covers the existing Developed, Emerging and Asia Pacific country and regional index series, in both US$ and local currency.

Monthly price history for Developed markets generally starts on 1st January 1975, with daily price history and market value statistics from 1st January 1997. Emerging market data begins on 1st January 1997.

MSCI indices


GDP indices

GDP weighted indices emphasise the size of the country’s economy rather than the size of its equity market. On a long-term basis, while equity markets have pronounced peaks and troughs, GDP figures do not. Therefore, GDP weighted indices can track the evolution of the country’s economy independent of market fluctuations. GDP weighted indices are calculated for EAFE, Europe, EMU and the World index. The weights are based on previous year GDP estimations, using year-end exchange rates.

Hedged indices

Exchange rate movements represent a major factor in global portfolio performance. For those investors concerned with the effects of currency fluctuation, MSCI calculates a series of hedged indices. The MSCI Hedged indices capture the performance of international equity markets while neutralising the effects of currency fluctuations on the US dollar. A 30-day forward rate is used to construct the hedge. For regional indices such as EAFE, all currencies are hedged.

For the foreign investor, the performance of a non-hedged index calculated in local currency represents a perfectly hedged portfolio for which no transaction costs are incurred. For a local index to reflect accurately a portfolio’s performance, the manager would have to hedge each portion of his portfolio at the spot rate at any given point in time. The performance of a hedged index, in contrast, is calculated by actually reinvesting the gains or losses resulting from currency fluctuations. Therefore, the hedged portfolio performance reflects the true impact of currency hedging activities.

MSCI calculates a full series of hedged indices, including EAFE and 21 non-US markets. These indices are calculated in US dollars, Sterling, Japanese yen, Australian dollars and Euro without dividends reinvested. The base date is 1st January 1988.

For more information and mnemonics, see Hedged indices, page 54.

Small Cap indices

In January 1998 MSCI introduced the MSCI Small Cap index family. These important new indices were developed in response to an increasingly liquid developed market universe and a growing interest in small cap investing. They cover the developed market countries and regions and, together with the MSCI Market indices, increased MSCI’s developed market index universe to 3,300 securities.

The MSCI Small Cap indices include securities with a market cap of between US$200-1500 million (known as the small cap universe). These indices are used to track small cap stock performance worldwide by defining a consistent market capitalisation range across 23 developed markets.

Small Cap indices are calculated in much the same way as the MSCI Market indices.

History is available back to base date, 1st January 1997, in both US$ and local currency. Four years index-level history is also available, calculated by Datastream. Datastream selected Small Cap index constituents on 1st January 1993 and then replicated MSCI’s selection and rebalancing methodologies. This data is incorporated into the full history for the Small Cap indices by MSCI.

MSCI indices

Issue 5 7

All Country Sector (ACS) indices module – Global Industrial Classification Standard (GICS)

Launched in April 2000, MSCI ACS indices are based on the MSCI and S&P Global Industrial Classification Standard (GICS). Any one of MSCI’s 10 sectors, 23 industry groups and 59 industries can be combined with 76 regional indices and 50 country indices to offer over 10,000 possible country or region sector and industry indices. ACS indices comprise all constituents of an MSCI country or regional index classified under one particular sector, industry group, and industry code (for example European Internet Software & Services, Japanese Telecommunications).

Data includes price index in both local currency and US$, index market capitalisation, gross and net returns and valuation ratios. History is available back to 31st December 1994.

10/40 indices

The MSCI 10/40 index family comprises 35 indices in eight currencies, created to provide benchmarks for UCITS compliant mutual funds.

In the European community a UCITS directive prescribes clear rules for the composition of mutual funds. Currently, a large number of European Funds comply with the UCITS directive, but sometimes their benchmarks do not, leading to a significant potential tracking error and misrepresentation of the true investable universe. MSCI has therefore developed a proprietary methodology based on extensive simulations and client consultations that derives and maintains 10/40 equity indices from the MSCI Standard and All Country Sector indices.

Data includes price index, gross return index and net return index. Daily history is available from 31st December 1998.

All 10/40 indices and constituent lists are licensed on an index by index basis and require a licence agreement directly from MSCI.

For more information and mnemonics, see 10/40 indices, page 69.

Hedge Fund indices

The MSCI Hedge Fund index family is supported by a growing database of over 750 hedge funds. Only open and closed hedge funds with assets under management in excess of $15 million are eligible for inclusion.

To ensure data is complete and reliable, MSCI collects it directly from hedge fund managers. Fund managers are required to supply audited financials, and offering memoranda for all of their funds where available.

Total return data is available. Hedge Fund indices are calculated monthly.

For more information and mnemonics, see Hedge Fund indices, page 68.

MSCI indices


US Equity indices

MSCI US Equity indices reflect the full breadth of investment opportunities across market capitalization, value and growth investment styles, and industry and sector groups within the US equity market. They provide benchmark indices from the perspective of US domestic investors.

The MSCI US Equity indices methodology aims to offer investors a best of breed benchmark series covering the total US equity market by offering:

• Market capitalization indices that better reflect the investment process of asset managers • Size and style buffer zones • Two-dimensional, multi-factor value/growth methodology

Data includes daily price index and gross return index from 1992, and net return index from 2002. All indices are quoted in US dollars.

For more information and mnemonics, see US Equity indices, page 71

Issue 5 9

MSCI modules on Datastream

The modules described below are available to Thomson Financial customers at MSCI’s standard charges. As a customer you can subscribe to stock-level data and to the enhanced index module if you already have access to some level of Datastream’s equity product, and if you have access to Datastream Graphics, Time Series Analysis or Econoview.

MSCI modules on Datastream - a summary Module Index Data History

Daily index

free to Datastream Research customers

National International Special Area GDP All Country Sector (for DM, EMF, Europe, EMU and ACWIF) Value & growth Small cap US Equity Hedge Fund Exchange Rates

Daily price Daily gross return Daily net return Monthly gross return Monthly net return Market cap

from 1969 from 1 Jan 2001 from 1 Jan 2001 from 1969 from 1969 from 1969

Core Developed Markets

As Daily index plus: Constituent lists Country Coverage detail Company level detail Hedge Fund

Daily price Daily gross return Daily net return Monthly gross return Monthly net return Monthly valuation ratios

from 1969 from 1 Jan 2001 from 1 Jan 2001 from 1969 from 1969 from 1969

Core Emerging Markets As Core Developed Markets but for emerging markets

Daily price Market cap Daily gross return Daily net return Monthly gross return Monthly valuation ratios

from 1987 from 1987 from 1 Jan 2001 from 1 Jan 2001 from 1987 from 1987

Core Asia Pacific Markets

As Core Developed Markets and Core Emerging Markets but for Asia Pacific markets as listed on page 11.

Daily price Market cap Daily gross return Daily net return Monthly gross return Monthly net return Monthly valuation ratios

from 1987 from 1987 from 1 Jan 2001 from 1 Jan 2001 from 1969/1987 from 1969/2001 from 1987/1969

Core Value and Growth Plus

Developed Markets Emerging Markets Asia Pacific Markets

Monthly Value & Growth index datatypes

from June 2003

Small Cap All small cap companies Constituent lists Company level detail Index datatypes

Daily price Market cap Valuation ratios

from 1997 from 1997 from April 2003

Enhanced index Developed & Emerging Markets Country Regional Industrial GDP Exchange rates Hedged

Daily price Market cap Monthly valuation ratios

from 1969

All Country Sector indices (GICS)

Developed & Emerging Markets & Asia Pacific: sectors industry groups industries within countries and regions

Daily prices Market cap Number of equities Daily gross return Daily net return Monthly gross return Monthly net return (Developed Markets only) Monthly valuation ratios

from 31 Dec 1994 from 31 Dec 1994 from 31 Dec 1994 from 1 Jan 2001 from 1 Jan 2001 from 31 Dec 1994 from 31 Dec 1994 from 31 Dec 1994

10/40 indices Benchmark indices and lists for UCITS compliant mutual funds

Daily price Daily gross return Daily net return Number of issuers

from 31 Dec 1998 from 31 Dec 1998 from 31 Dec 1998 from 31 Dec 1998



Core Developed Markets module

MSCI's Developed Market indices are based on the share prices of approximately 1,700 companies listed on stock exchanges in the 23 countries that make up the MSCI World index.

This module includes:

• Daily price index history of Country and Regional indices back to base date for both Developed and Emerging markets. This includes Value and Growth, and Small Cap indices.

• Valuation ratios for Developed Market indices on a rolling 7-year basis. • Daily history of market capitalisation of Developed Market indices on a rolling 7 year

basis. • Daily history of World, Europe and EMU All Country Sector indices. • GDP indices back to base date. • Exchange rates. • Option of either daily or monthly updated delivery of MSCI’s Developed Markets security

data, which comprises all company level data including monthly stock valuation ratios, constituent lists for the Developed Market indices and Country Coverage lists for Developed Markets.

For a complete list of Developed Market indices with mnemonics, see Developed Market indices, page 45.

Core Emerging Markets module

The Emerging Market indices comprise approximately 1400 stocks from 28 countries.

This module includes:

• Daily price index history of Country and Regional indices back to base date for all Emerging Markets. This includes Value and Growth indices.

• Valuation ratios for Emerging Market indices on a rolling 7 year basis. • Daily history of market capitalisation of Emerging Market indices on a rolling 7 year

basis. • Daily history of the EMF All Country Sector indices. • Exchange rates. • Option of either daily or monthly updated delivery of MSCI’s Emerging Markets security

data, which comprises all company level data including monthly stock valuation ratios, constituent lists for the Emerging Market indices and Country Coverage lists for Emerging Markets.

For a complete list of Emerging Market indices with mnemonics, see Emerging Market indices, page 50.

All Country indices

The All Country (AC) indices represent both the Developed and the Emerging markets for a particular region. The MSCI All Country World Index includes 49 markets, of which Emerging Markets represent approximately 9.5% of the total market capitalisation.

For a complete list of All Country indices with mnemonics, see All Country indices, page 52.

Customers must subscribe to both the Core Developed and Core Emerging Market modules to access constituent lists for these indices.


Issue 5 11

Core Asia Pacific module

A special module of MSCI’s database focusing on Asian Pacific markets. This product includes all core Developed and Emerging Market index data with daily company level, constituent list and country coverage data specific to the Asia Pacific markets. The Asia Pacific module includes index data for: Australia Indonesia New Zealand Sri Lanka China Japan Pakistan Taiwan Hong Kong Korea Philippines Thailand India Malaysia Singapore

Core Value and Growth Plus modules

There are three core Value and Growth Plus modules:

• Developed Markets • Emerging Markets • Asia Pacific Markets

All modules are available as monthly or daily versions. Monthly modules provide data to the last month end; daily modules add data since the last month end.

Modules contain comprehensive security level information including valuation ratios, returns, and market cap values for both indices and constituents.

Small Cap module

This module includes constituent level data for the small cap indices. Data available includes prices, market values, shares outstanding and dividend information. A daily or monthly option is available.

Enhanced index module

This module comprises full daily index data with valuation ratio history and market capitalisation on both Developed and Emerging Market indices, available back to base date.

All Country Sector indices module

These indices are only available to clients who subscribe to the MSCI All Country Sector indices (ACS) product. Modules are available for Developed Markets, Emerging Markets and Asia-Pacific regions with both a daily and monthly option. The monthly option provides prices to the last month end from base date; the daily option also includes prices since the last month end.

MSCI 10/40 indices

The MSCI 10/40 index family comprises 36 indices in eight currencies, created to provide benchmarks for UCITS compliant mutual funds. All 10/40 indices and constituent lists are licensed on an index by index basis and require a licence agreement directly from MSCI.

Issue 5 13

MSCI exchange rates and currency conversion

MSCI exchange rates are used when calculating indices. The rates are updated on a daily basis using the WM/Reuters rates fixed at 1600hrs GMT. Exchange rate history is available back to 1969. You will find mnemonics for exchange rates in Country & currency codes, exchange rate mnemonics, country coverage and total universe lists, page 101.

All the indices are available in ether US dollar or local currency terms. If you want to convert an index into an alternative currency, use the following calculation:

( )( )date basecurrency at rate exchange MSCI

rate exchange MSCIx

date) basecurrency at Value Index Dollar (USValue) Index Dollar (US x 100 tt

for example:

)//,MSEREUR(#VALMSEREURx

)//$,MSEAFE(#VAL$MSEAFEx

981231981231100

converts the MSCI EAFE index from U$ into euros. The currency base date for the euro is 31/12/98.

You can find the index base date by using the BDATE datatype applied to the index mnemonic.

MSCI exchange rates and currency conversion


Issue 5 15

MSCI index constituent lists

Regional and world index constituents

To enable you to view all of the country indices which make up an MSCI regional index, Datastream provides regional and world groupings of indices in pre-formatted lists. See Lists of MSCI indices, page 55, or refer to the online help channel, HELP MSCI? You can construct a list mnemonic from an index mnemonic by removing the currency code. For example, MSWRLD is the list mnemonic for the MSCI World index, MSWRLD$

The following example shows sample data for the constituent countries that make up the World index:

Regional index constituents

Regional index constituents are also listed online in Datastream’s MSCI program. To determine which countries currently make up a regional index:

• In Datastream Advance select the View menu then Diagnostics > Show Interactive Terminal. Type MSCI and press ENTER

• In DSWindows type MSCI in the Program Number field and press ENTER

then select option 1.

MSCI index constituent lists


Issue 5 17

MSCI stock constituent lists

Index constituent lists are constructed by Datastream for most MSCI indices. A number of different lists are provided including a rolling 7 years of monthly historical lists, 13 months of daily lists, next day and proforma lists. Lists are available for country, regional, and All Country Sector indices.

Access to lists is determined by the MSCI modules to which you subscribe; this section gives the details.

All list mnemonics are of the form Lxxxxx, where xxxxx is the mnemonic of the index with the last character (L or $) removed. To complete the mnemonic add:

D for daily lists

N for next day lists

P for proforma lists

H for an historical list (with the date of the list in the Date field)

Using the mnemonic for the U$ MSCI Pacific index, MSPACF$, as an example:

• LMSPACF is the mnemonic for the monthly constituent list • LMSPACFD is the mnemonic for the daily constituent list • LMSPACFN is the mnemonic for the next day constituent list

You will find index mnemonics listed in the Reference section from page 43.

Monthly constituent lists

Under the terms of MSCI’s agreement with vendors a rolling 7 years of monthly constituent lists are available on Datastream. Each monthly constituent list reflects the constituents of the index on the last working day of the previous month. This is generally updated by 2100hrs GMT on the first working day of the following month.

Availability Mnemonics Example Modules • Standard country and

regional indices • Value and Growth indices • Small Cap indices • All Country Sector indices

Lxxxxxx LMSWRLD is the latest MSCI World month end list

• Core Developed / Emerging / Asia Pacific Markets daily / monthly

• Core Value and Growth • Small Cap daily / monthly

Historical month end constituent lists

Datastream maintains a rolling 7 year history of month end constituent lists. You can access a month end list by adding the month and year to the end of the mnemonic. For example:

• LMSWRLD is the mnemonic for the latest month end list for the MSCI World index • LMSWRLD1201 is the mnemonic for the list built from data of 31st December 2001



LxxxxxxMMYY LMSWRLD1200 is the MSCI World list at the end of December 2000


• Core Value and Growth • Small Cap daily / monthly



Daily constituent lists

Constituent lists are built by Datastream on a daily basis using the previous day’s data.

Daily lists are updated at different times during the day, depending on when the latest values are available from MSCI. See page 25 for update times.

Daily constituent lists can be accessed by adding D to the end of the list mnemonic. For example:

• LMSWRLDD is the mnemonic for the latest daily list for the MSCI World index.

You must have access to the daily core MSCI product to use these lists.



LxxxxxxD LMSWRLDD is the latest MSCI World daily list

• Core Developed / Emerging / Asia Pacific Markets daily

• Core Value and Growth daily

• Small Cap daily

Historical daily constituent lists

Daily lists and weights are available on an historical basis for a rolling 13 months. You can access historical daily lists by adding the letter H to the end of the list mnemonic and using the date field to request the required date. For example:

• LMSWRDH with a date of 06/10/04 returns the MSCI World list for 6th October 2004.

The following index families are covered:

• Standard country and regional indices • Value and Growth indices • Small Cap indices • All Country Sector indices

Historical daily constituent lists are available to customers subscribing to the MSCI Monthly and Daily Core Developed Markets, Emerging Markets, and Asia Pacific modules.



LxxxxxxH with the required date in the date field

LMSWRLDH with a start date of 2/07/04 returns the MSCI World list for 2nd July 2004



• Small Cap daily

Next day constituent lists

Next day constituent lists take account of any capital changes after the close of business, such as a merger or a sector change and therefore show the opening constituents for the following day. Next day constituent lists are particularly useful for those customers trading MSCI indices and for customers who want to view any changes that may occur at month end. For example:

• LMSWRLDN is the mnemonic for the MSCI World index next day list.

A number of next day datatypes are available including number of shares and sector classification changes. See Next day datatypes, page 86 for details. You can use the datatypes with the current day’s closing lists to show changes that will occur, or with next day’s lists to show the actual change.


Issue 5 19

The lists and datatypes are available to customers subscribing to the daily Core, Small Cap or Value and Growth modules.



LxxxxxxN LMSWRLDN is the MSCI World next day list



• Small Cap daily

Value/Growth constituent lists

Constituent lists and weights are available for Value and Growth indices. Use the format described on page 17. Alternatively, use the mnemonic for the appropriate country list with the value/growth indicator datatype (MSGVI). This returns the constituent stocks for the country, indicating which are value (V), growth (G), or both (B).

All Country Sector (ACS):constituent lists

Constituent lists and weights are constructed and maintained for all ACS indices. List mnemonics are constructed in the same way as those for the country and regional indices; using the mnemonic for the US dollar MSCI Australia energy sector index, M1AUE1$, as an example:

• LM1AUE1 is the mnemonic for the latest month end list

Country coverage lists

The combined market capitalisation of companies in the MSCI indices represents approximately 85% of the free float adjusted market capitalisation in each of the markets covered. Apart from the indices, MSCI monitors a larger universe of stocks. In all over 4,100 of the world’s leading companies are monitored, accounting for about 80% of the total market value of the world’s stock markets.

Country coverage lists are built on a daily and monthly basis to reflect the MSCI coverage at that time. Historical lists are available from May 2001.

You will find mnemonics for country coverage lists in Country & currency codes, exchange rate mnemonics, country coverage and total universe lists on page 101.

Latest daily country coverage lists

Availability Mnemonics Example Modules All countries in the MSCI standard indices plus Sri Lanka See page 101

MSCIccD Where cc is the country code See page 101

MSCIUSD is the latest MSCI US country coverage list



• Small Cap daily

Monthly country coverage lists

Availability Mnemonics Example Modules All countries in the MSCI standard indices plus Sri Lanka See page 101

MSCIccMMYY Where cc is the country code See page 101

MSCIUS0204 is the MSCI US country coverage list for February 2004


• Core Value and Growth daily / monthly

• Small Cap daily / monthly



This example illustrates the country coverage list for Jordan with associated sample datatypes MSCI adjusted price (MSP), MSCI currency indicator (MSPCUR) and the constituent status indicator, MSIXIN. The list includes all stocks which are constituents of the MSCI Jordan index and Jordanian stocks tracked by MSCI as possible constituents. Datatype MSIXIN flags the constituent status of a stock: stocks flagged by 1 are constituents of the index and those flagged by 0 are not. The example was generated as a refreshable static data request from within Microsoft Excel using the Datastream Advance for Office add-in:

Total Universe lists

Total Universe lists contain all companies monitored by MSCI. The lists include constituents of all MSCI indices, the companies contained in the MSCI publications (Blue and Red books), and other companies followed by MSCI that are not currently in any index or publication. Historical lists are available from June 2002.

You will find mnemonics for Total Universe lists in Country & currency codes, exchange rate mnemonics, country coverage and total universe lists, page 101.

Daily total universe lists

Availability Mnemonics Example Modules All countries in the MSCI standard indices plus Sri Lanka and seven regions See page 101

MSCUccD Where cc is the country code See page 101 for regional mnemonics

MSCUUSD is the latest MSCI US total universe list



• Small Cap daily

Monthly total universe lists

Availability Mnemonics Example Modules All countries in the MSCI standard indices plus Sri Lanka and seven regions See page 101

MSCUccMMYY Where cc is the country code See page 101 for regional mnemonics

MSCUUS0204 is the MSCI US total universe list for June 2004



• Small Cap daily


Issue 5 21

Proforma lists

Background: index rebalancing

MSCI periodically rebalance their indices so that they continue to provide an accurate reflection of an evolving marketplace. Changes might be made to take account of changes in the composition or structure of an industry for example. During an index rebalancing, securities may be added to a country index for a variety of reasons including:

• availability of new opportunities for inclusion due to privatizations, new issues and restructuring

• changes in industry classification • increases in free float

Similarly, securities may be deleted for reasons including:

• significant decreases in free float-adjusted market cap • changes in industry classification • significant deterioration in liquidity • availability of a better industry representative

Index rebalancing: frequency and timing

Index rebalancing for each MSCI country index generally takes place every 12 to 18 months, and usually occurs on four dates throughout the year, at the close of the last business day of:

• February • May • August • November

MSCI index additions and deletions resulting from quarterly index rebalancings are announced at least two weeks in advance. MSCI emails their customers with details of the changes and the information is also available on the MSCI website (www.msci.com). This data, referred to as Proforma data, is available on Datastream.

Proforma Lists

Proforma lists are available for two weeks before the quarterly rebalancing. When the rebalancing has taken effect the proforma lists are deleted and the proforma datatypes populated with “n/a” until the next rebalancing. Proforma lists are available for a number of indices. To retrieve proforma data, add P to the end of the existing list mnemonic to indicate a proforma list.

You will find mnemonics for proforma lists in Proforma list mnemonics, page 104. Use the MSCI country code (MSCTRY) and country name (MSCTRYN) datatypes to view the changes for each country index within the regional indices.

To access proforma lists for an index family, you must subscribe to the equivalent index module.

Availability Mnemonics Example Modules • For eight regional indices and

one country. See page 104 LxxxxxxP See page 104

LMSWRLDP is the MSCI World proforma list



• Small Cap daily

http://www.msci.com/

Issue 5 23

MSCI company-level data

MSCI make available details of all companies which are currently constituents of their indices, as well as those which have been constituents in the past or those which they are currently monitoring for possible future inclusion.

Companies that are currently included in the indices make up 85% of the capitalisation of each industry group and thus 85% of the market. In addition, MSCI covers additional securities that could be considered for index inclusion in the future. Stocks which have also been included in the past are available, but with historical data ending when coverage by MSCI ceased.

Access to stock level data, including constituent lists, is split between Developed and Emerging Markets. To identify whether a country is classified as Developed or Emerging, see Country & currency codes, exchange rate mnemonics, country coverage and total universe lists, page 101

A 10 year PE band chart for Suzuki Motor, plotted using the MSCI monthly PE ratio datatype, MSPE.

Type of data available

• Company details • Stock prices, number of shares, market value • Monthly stock valuation ratios • Income statements • Balance sheets • Advance Corporate Events • An indication of which index the company is a constituent

You can display this data by using the datatypes listed in Datatypes, page 83.

MSCI company-level data


Stocks dropped from MSCI coverage

When MSCI drop a stock from their coverage, the stock is flagged as DROPPED FROM MSCI SERVICE if you try to retrieve MSCI data through any Datastream Graphics or Time Series Analysis program. For companies which have been dropped from MSCI coverage, you can view historical data through the static data request option in Advance for Office (or through Data Channel program 900A in DSWindows). Data is displayed up to the end of the month in which MSCI dropped the stock. If the stock is covered by MSCI at a later date, data recommences from the new date and is not padded from the last data received.

Issue 5 25

Using MSCI data in the Datastream Research service

Accessing the data

Like all other data on Datastream, you must use a mnemonic or datatype to access MSCI data. Mnemonics and datatypes for MSCI indices are listed in the Reference section from page 43. and are also available in the Datastream Navigator, Code Lookup and HELP MSCI?

MSCI datatypes are available for stocks that are constituents of an MSCI index, and for stocks that are tracked by MSCI as potential constituents.

Select stocks and MSCI datatypes with the Datastream Navigator.

Updates

Index values and stock level data is updated on a daily basis (all times GMT): All Country

Sector indices Other indices & constituents

10/40 indices

Asia Pacific 19:15 (current day) 18:30 (current day) 18:30 (current day) Developed Europe 22:45 (current day) 22:00 (current day) 21:30 (current day) North America 23:45 (current day) 23:00 (current day) Emerging markets & All Country

04:45 (previous day) 04:00 (previous day)

World 01:30 (previous day)

The above times refer to the times that MSCI normally make the files available to Datastream. In general, indices are normally updated within 10 to 15 minutes of the above times and constituent lists relating to each region, are normally available within 30 minutes.

Month-end data, including index valuation ratios, company valuation ratios and All Country Sector indices are generally available on Datastream by 21:00hrs GMT of the first working day of the next month.



MSCI Update program

Use the MSCI program to find out the time when a constituent list was updated, on which date data was used to build the list, and the number of stocks currently in the list:



You now have three display options:

• Option 1 displays the countries contained in a particular MSCI regional index. Type the mnemonic for the regional index or its constituent list to retrieve the details. The data refers to the current (daily) details.

• Option 2 displays update times for any MSCI index and its constituent lists. Type the index mnemonic or constituent list mnemonic to retrieve the details.

• Option 3 displays update times for MSCI country coverage lists. Type the mnemonic for the country, for example MSCIVE for Venezuela, to retrieve the details.

Availability The MSCI program displays information about Developed and Emerging Market data; daily and monthly details. You may not be able to access all of the data shown on the MSCI program, as this is determined by your contract with MSCI.

Expert input is available for this program:

For example, at the prompt type:

• MSCI 1MSWRLD$ to obtain the countries contained in the MSCI World region. • MSCI 2MSACWF$ to obtain the update times for the AC World index and its constituent

lists. • MSCI 3MSCIJO to obtain the update times for the MSCI Jordan Country coverage lists.

TIME datatype

The TIME datatype works for MSCI indices and MSCI security prices.

To obtain the last date the security price was updated by MSCI, you must use the MSCI Time Series ID. For example, MS:12345(TIME).

You can find the MSCI Time Series ID by using the MSTSC datatype with any security or MSCI constituent list.

To check dates and times for current data and the number of equities included in each index:



then select option 2:


Issue 5 27

Downloading data from Datastream

Like any other data on Datastream, you can download MSCI data to use in a spreadsheet or any other application.

The options include:

• Downloading data against a list at a point in time • Downloading history for a single series • Using Datastream Advance for Office add-ins to download data directly into Microsoft

Office applications. • Batch data delivery using the Datastream Data Loader (DDL) • For DSWindows users, using embedded DDE links to download a list of series or stocks,

or using Datastream’s DDE table to manage multiple DDE links.

Datastream’s added value MSCI data includes the provision of a comprehensive code matching facility, so that any code available on the Datastream system (SEDOL, ISIN, MSCI Time series code, IBES ticker and so on) can be used to access the stock data. This in turn means that your download can combine data from the many suppliers that have data on the Datastream Research service.



Datastream Advance for Office

Datastream Advance for Office is an add-in for Microsoft Office products - Excel, PowerPoint and Word. It gives you access to Datastream hosted data from within each of these applications.

This example uses the list for the MSCI Australia index, applying the weightings datatype WTIDX. You can get the same results by using the following expression to derive the weight of each constituent within the index:

X(MSVUSD)*X(MSFIF)/MSAUST$(MV)*100

where:

MSVUSD is the market value in U$. MSFIF is the foreign inclusion factor used to adjust the market value for free float. MV is the market value for the index.

The example was run using the Datastream Advance for Office add-in from within Microsoft Excel:


Issue 5 29

This example shows how to specify a Datastream Advance for Office static data request to retrieve MSCI’s Constituent Name, Book value, Current Assets, Current Liabilities and Fixed Assets datatypes for the latest month-end constituents of the MSCI Singapore index:

The data is downloaded into an Excel spreadsheet:



Reports

Datastream Advance enables you to analyse share or sector index performance over time. Just select your chosen series and relative MSCI index, then specify a time period. You can sort the resulting data twice by choosing any two of these options:

• Industry group • Value at start date • Percentage change • Value at end date • Percentage change adjusted to investor’s currency • Percentage change relative to index code The following report, generated through Datastream Advance, shows the percentage price change of the constituents of the MSCI Canada index and the percentage change relative to the index. The report has been sorted into descending order of the relative change.


Issue 5 31

Generating a Flexible Format Report

Generating a flexible format report within Datastream Advance enables you to combine series, datatypes, functions and expressions in a single report. This example includes datatypes for the MSCI stock name, MSCI country code, MSCI number of shares in issue, the weight of each stock within the index, and the one month percentage change on Datastream’s stock-level return index for MSCI North America index. The report is sorted alphabetically by constituent name:

MSCI stock name (datatype MSNAME)

MSCI country code (datatype MSCTRY)

MSCI Number of shares in issue (datatype MSNOSH)

Stock weighting within the index (datatype WTIDX).

1 month percentage change on the Datastream stock level return index, calculated with the expression: PCH#(X(RI),1M)



Retrieving month end data

Datastream Advance enables you to request month end data to be displayed as a monthly series. Specify the start date to be the end of the first month from which you want the display to start - Datastream then adds calendar months to obtain the monthly values, having taken account of weekends:


Issue 5 33

Searching

The Datastream Advance Equity Search facility enables you to search across markets for stocks meeting a wide range of specified criteria. You can save the results of your search for future use, store search formats you use frequently and easily update them.

You can use many of the MSCI specific datatypes: see Datastream Search datatypes, page 89. You can combine MSCI datatypes with Datastream, IBES and Worldscope data.

Screen & search MSCI data using Datastream Advance Equity Search Start by selecting the Equity Search tab at the foot of the Datastream Advance screen, then click on the New Search… button to start the Datastream Search Wizard and start to build your search criteria:

Use the Wizard to fully define your search criteria, including the sort order and currency:



… and those equities meeting your criteria are displayed:


Issue 5 35

Graphics and functions

Datastream Advance and DSWindows both offer a range of charting options that provide you with the capability to chart MSCI data in the way that you want. There are twenty pre-defined formats and a flexible format option. The flexible format option enables you to combine different styles of chart on a single screen. You can also build your own expressions and use the full range of statistical functions available to Datastream customers. See the Datastream Advance User Guide or, for DSWindows users, the Graphics User Guide for full details of our graphics features. For more information on creating expressions and using functions see Advance online help or, for DSWindows users, the HELP EX? and HELP FU?channels.

Horizontal bar charts

Use Datastream Advance to plot constituent stock weights for an index as a horizontal bar chart:



Flexible graphics formats You can take advantage of Datastream’s dynamic graphics features to display several graphs on a single screen, enabling you to analyse a range of data at a glance.

Functions and expressions

Combine MSCI and IBES data with Datastream functions and expressions to produce a graph of the MSCI World index against the IBES revisions ratio for the index over ten years:


Issue 5 37

IBES Global Aggregate mnemonics are available in the Reference section and also on Thomson Datastream Navigator (search using Name Starts With “IBES MSCI”).

The revisions ratio is a useful indicator of the rolling 12 month forward expectations for the index. The ratio is the difference between the number of upward and downward 12 month forward estimates, divided by the total number of 12 month forward estimates. It is positive when positive expectations exceed negative expectations, and negative when negative expectations exceed positive.

The expression for the revisions ratio, created in the Datastream Advance Expression Builder, is:

(((@:M1WRLD(A12UPE)-@:M1WRLD(A12DNE))/@:M1WRLD(A12NE)))*100

Weightings analysis

Whereas other vendors of MSCI data provide pre-formatted weightings reports, Datastream allows you to develop your own reports either within Datastream or Microsoft Excel. Through using the Datastream Advance Expression Builder, or program 300A in DSWindows you can generate your own weightings reports, either using stocks as a percentage weighting of an index, or country-level or sector indices as a percentage of world and regional indices.

Constituent weights

The datatype WTIDX gives you access to index constituent weights from August 2000. To obtain constituent weight data before this date use the generic formula:

( ) ( )( )MVIndex

MSFIFΧMSVUSDΧ ×

where:

MSVUSD is the market value in US Dollars. See page 87 for a definition, under MSVxxx. MSFIF is the foreign inclusion factor. See page 85 for a definition. Before May 2002, when MSCI standard indices became based on the enhanced methodology, use the MSFMCF datatype. See page 85 for a definition. Index represents the index mnemonic MV is the market value of the U$ index.

The expressions required to calculate the weights of equities within specific indices have been set up as Global expressions, available to all Datastream users. Global expressions are listed in the tables of indices in the Reference section from page 43.

Weights for GDP indices

You can obtain index weights for GDP–weighted indices by using these lists and datatypes:

Mnemonic List Datatype World GDP weighted MSWGDP$ LMS01$ MSGWW EAFE GDP weighted MSFGDP$ LMS07$ MSGWF Europe 15 GDP weighted MSEGDP$ LMS12$ MSGWE EMU GDP weighted MSUGDP$ LMS52$ MSGWU



Weightings reports and frequency of update

If you are calculating weightings reports which use MSCI’s index market values as the denominator you should ensure you retrieve index and stock data for the same date. Retrieving index and stock data for different dates will typically produce a mismatch between the sum of the market cap for the stocks in the index and the total as represented by the index market value. You can run daily weightings reports if the company data reports are more frequent (if you have daily updates). To ensure the correct weightings values, you should use the sum of the market values of the underlying constituents as the denominator.

Index market values

Market value for MSCI indices is available on a daily basis.

The market value is always presented in US$ and is only loaded against the dollar version of the index.

Company market value in any currency

The datatype MSVxxx, where xxx is the 3 character ISO currency code, enables you to calculate the market value of a company in any currency. These calculations are based on MSCI’s exchange rates. You will find ISO currency codes and MSCI exchange rate mnemonics in Country & currency codes, exchange rate mnemonics, country coverage and total universe lists on page 101.

For example:

ICI(MSVUSD) returns the market value of ICI in US dollars.

U:MWD(MSVEUR) returns the market value of Morgan Stanley Dean Witter in Euros.

To obtain the market value of the stock in local currency, use datatype MSMV.


Issue 5 39

Weightings reports - examples

Examples of weightings reports are available from your local Thomson Financial office and can be downloaded from the Extranet on http://product.datastream.com/extranet

Register for access on: http://www.datastream.com/registration/registfm.htm

Example 1 This weightings report, generated through the Datastream Advance for Office Excel add-in, shows sector (datatype MSCISN), industry group (MSCIIGN) and industry (MSCIIN), market value (MSMV), stock weight in the index (WTIDX), and value/growth indicator ((MSGVI) for the constituents of MSCI’s Europe index (mnemonic LMSEROP), sorted alphabetically by company name:

http://product.datastream.com/extranet

http://www.datastream.com/registration/registfm.htm



Example 2 A weightings report showing the Country Weightings of MSCI Developed Markets within MSCI Regional indices as well as GDP weightings and market value. You can download this report from the Extranet:

Example 3 Weightings and performance information at sector, sub-sector and industry group level, as defined in the MSCI GICS classification. You can generate charts to represent the information from within the spreadsheet, and sort on all datatypes in ascending or descending order. You can download this report from the Extranet:

Issue 5 41

Further information

About MSCI

For a more detailed description of general MSCI methodology - including corporate actions, dividend treatment, exchange rates and index maintenance - please refer to MSCI Methodology & Index Policy available from MSCI Client Service.

Further information is also contained on the MSCI web site http://www.msci.com

About Datastream

MSCI data within Datastream Advance and DSWindows

To access an online listing of all stockmarket indices available on the Datastream system:

• In Datastream Advance, select the Equity indices data category and click the Navigator button .

• In DSWindows type HELP SI? in the Program Finder and press ENTER

Further information


Customer publications

All Datastream features and functionality mentioned in this guide are explained in greater detail in a full suite of customer publications. You can download electronic versions of these guides as Adobe PDF files from the Datastream Research Support extranet - see Datastream Research Support extranet, this page, for more information. Alternatively, contact your local Thomson Financial office. You will find the following guides full of useful information:

• Datastream Advance Getting Started – a highly visual guide for the novice or occasional user of this full-functionality Windows application. Available as an Acrobat pdf file with the product and to download from the support extranet site.

• Datastream Advance User Guide - a full description of the application. Available as an Acrobat pdf file with the product and to download from the support extranet site.

• Datastream Advance for Office User Guide - how to use this interface between the Datastream host and the Microsoft Office suite. Available as an Acrobat pdf file with the product and to download from the support extranet site.

• DSWindows User Guide - how to use Datastream’s original Windows software. • Datastream Graphics User Guide - how to create Datastream graphs and charts. • Datastream DDE Server User Guide - explains DDE functionality provided by Datastream

for DSWindows users. • Datastream Data Channel User Guide - how to download Datastream data using

DSWindows. • Datastream Equity Research User Guide - more details on equity specific research

capability. • Datastream Definitions - covers functions, expressions and terminology, available as a

Windows help suite.

Datastream Research Support extranet

Available to all customers of the Datastream service, the support extranet provides a wide and constantly growing range of data to download and associated information, including enhancements to our MSCI coverage. You can access the extranet at http://product.datastream.com/extranet

You can register for the extranet at http://www.datastream.com/registration/registfm.htm

A PDF version of this manual is also available on the extranet.

http://product.datastream.com/extranet

http://www.datastream.com/registration/registfm.htm

Issue 5 43

Reference

Index mnemonics and base dates 45

Developed Market indices 45 Standard indices

Value indices Growth indices

Small Cap indices

Emerging Market indices 50 Standard indices


All Country indices 52 Standard indices


Hedged indices 54

Lists of MSCI indices, exchange rates, and countries covered 55

Constituent indices of Regional and World indices 56

All Country Sector indices: GICS Classification 59 Indices available to all users

Constituent lists All Country Sector indices separately chargeable

Constituent lists for All Country Sector GICS indices

Hedge Fund indices 68

10/40 indices 69

US Equity indices 71

Global Industrial Classification Standard (GICS) 72

Datatypes 83

Country & currency codes, exchange rate mnemonics, country coverage and total universe lists 101

Proforma list mnemonics 104

MSCI indices: historical changes 105 Implementation of the Free Float Methodology

CII (Industrial Indices) Discontinuation Changes to Developed/Emerging classifications, standalone indices and market weightings

Small Cap Historical Changes Discontinuation of Non Free indices

Changes to Total Return datatypes Renaming of MSCI Emerging Market and All Country indices

Provisional indices based on the removal of the LIF applied to MSCI Taiwan MSCI quarterly structural changes

Definition of terms for MSCI indices 114

Reference


Reference

Issue 5 45

Index mnemonics and base dates

All indices are identified on Datastream by a unique mnemonic. You will find the mnemonics listed from page 46. They can also be found on the Datastream Navigator, on Code Lookup, and on Mainframe Help by typing HELP MSCI?

For each index MSCI makes available a range of data in addition to the price index, such as return index, PE ratio, and dividend yield. To access this data use the MSCI index datatypes listed on page 84.

To display the base date for an index use the MSCI datatype BDATE with the index mnemonic in any of the Datastream Equity Research programs.

Reference


Developed Market indices

Most MSCI indices are available in both local and US$ terms. Mnemonics are distinguished by the last character: L indicates local currency, $ indicates US$. You can convert MSCI indices into other currencies by using the MSCI exchange rates: see page 13 for the formula to use.

To display stock weightings used in the country and regional indices listed when working with Datastream charts and reports:

• For constituent lists prior to August 2000, use the Global Expressions given in the table. You can find all Global Expressions online in the Datastream Advance Expression Picker and with program 300A in DSWindows (list Global Formats).

• For constituent lists from August 2000 forwards, use the weightings datatype WTIDX.

Price index, total and net return data for MSCI developed market indices is freely available to most Datastream customers. All other data can be accessed by subscribing to MSCI modules:

• MSCI Enhanced index module: valuation ratios plus full history for the indices • MSCI Core Developed Market module: valuation ratios and security level data • MSCI Core Asia Pacific module: valuation ratios and security level data for Asia Pacific

indices • MSCI Core Value and Growth Plus Developed Market module: additional datatypes for

indices and constituents (see page 94 for more information) • MSCI Core Value and Growth Plus Asia Pacific Market module: additional datatypes for

indices and constituents for Asia Pacific indices (see page 94 for more information)

Reference

Issue 5 47

Developed Market indices IBES Global

Aggregate

Global Expression for stock weights

see page 46

Value Growth Small Cap

US $ Local US $ Local US $ Local US $ Local GDP Weighted EAFE GDP weighted MSFGDP$ - -

EMU GDP weighted MSUGDP$ -

Europe 15 GDP weighted MSEGDP$ - -

World GDP weighted MSWGDP$ - -

Regions EAFE MSEAFE$ MSEAFEL @:M1FEFEM 605E MSVEAF$ MSVEAFL MSGEAF$ MSGEAFL MSSEAF$ MSSEAFL

EAFE + Canada MSEAFC$ MSEAFCL @:M1EAFEC 616E MSVEFC$ MSVEFCL MSGEFC$ MSGEFCL MSSEFC$ MSSEFCL

EAFE + Malaysia MSEAFM$ MSEAFML 888E

EAFE ex UK MSAXUK$ MSAXUKL @:M1EAFEU 615E MSVEAX$ MSVEAXL MSGEAX$ MSGEAXL MSSEFX$ MSSEFXL

EAFE Free MSEAFR$ MSEAFRL @:M1EAFE 606E MSVEFF$ MSVEFFL MSGEFF$ MSGEFFL

EASEA (EAFE ex Japan) MSEAXJ$ MSEAXJL @:M1EASEA 624E MSVEAS$ MSVEASL MSGEAS$ MSGEASL MSSEAS$ MSSEASL

EMEA MSEMAF$ MSEMAFL

EMU MSEMUI$ MSEUMIL @:M1EMU 866E MSVEMU$ MSVEMUL MSGEMU$ MSGEMUL MSSEMU$ MSSEMUL

EMU ex Austria MSMXOE$ MSMXOEL 942E

EMU ex Belgium MSMXBG$ MSMXBGL 943E

EMU ex Finland MSMXFN$ MSMXFNL 944E

EMU ex France MSMXFR$ MSMXFRL 945E

EMU ex Germany MSEMXG$ MSEMXGL @:M1EMUXG 984E

EMU ex Greece MSEMGD$ MSEMGDL

EMU ex Ireland MSMXIR$ MSMXIRL 946E

EMU ex Italy MSMXIT$ MSMXITL 947E

EMU ex Netherlands MSMXNL$ MSMXNLL 948E

EMU ex Portugal MSMXPT$ MSMXPTL 949E

EMU ex Spain MSMXES$ MSMXESL 941E

EMU + UK MSEMUK$ MSEMUKL @:MKMSCI 974E

Euro MSEURI$ MSEURIL @:MUNSCI 936E

Pan Euro MSPEUR$ MSPEURL 937E

Europe MSEROP$ MSEROPL @:M1EROP 608E MSVEUR$ MSVEURL MSGEUR$ MSGEURL MSSUER$ MSSUERL

European Union MSECOM$ MSECOML @:M1ECOM MSVEEU$ MSVEEUL MSGEEU$ MSGEEUL

Europe ex Austria MSEXOE$ MSEXOEL 950E

Europe ex Belgium MSEXBG$ MSEXBGL 951E

Reference



Aggregate


see page 46


US $ Local US $ Local US $ Local US $ Local Europe ex Denmark MSEXDK$ MSEXDKL 952E

Europe ex EMU MSEXEM$ MSEXEML @:EEMSCI

Europe ex Finland MSEXFN$ MSEXFNL 953E

Europe ex France MSEXFR$ MSEXFRL 954E

Europe ex Germany MSEXBD$ MSEXBDL 955E

Europe ex Greece MSEXGD$ MSEXGDL

Europe ex Ireland MSEXIR$ MSEXIRL 961E

Europe ex Italy MSEXIT$ MSEXITL 956E

Europe ex Netherlands MSEXNL$ MSEXNLL 957E

Europe ex Norway MSEXNO$ MSEXNOL 962E

Europe ex Portugal MSEXPT$ MSEXPTL 958E

Europe ex Spain MSEXES$ MSEXESL 959E

Europe ex Sweden MSEXSD$ MSEXSDL 960E

Europe ex Switzerland MSEXSW$ MSEXSWL

Europe ex UK MSEXUK$ MSEXUKL @:M1EURXU 617E MSVEUX$ MSVEUXL MSGEUX$ MSGEUXL MSSEX£$ MSSEX£L

Europe ex UK ex Switzerland MSEXSU$ MSEXSUL @:M1ERXUS 985E

Far East MSFARE$ MSFAREL @:M1FARF 622E MSVFAR$ MSVFARL MSGFAR$ MSGFARL MSSFAR$ MSSFARL

Far East Free MSFARF$ MSFARFL @:M1FARE 623E MSVFEF$ MSVFEFL MSGFEF$ MSGFEFL

G7 MSCIG7$ MSCIG7L @:G7MSCI 969E

Kokusai index (World ex Japan) MSWXJP$ MSWXJPL @:M1KOKUS 614E MSVKOK$ MSVKOKL MSGKOK$ MSGKOKL MSSKOK$ MSSKOKL

Kokusai index + Malaysia MSKPMY$ MSKPMYL 873E

Nordic Countries MSNORD$ MSNORDL @:M1NORD 610E MSVNRD$ MSVNRDL MSGNRD$ MSGNRDL MSSNRD$ MSSNRDL

North America MSNAMR$ MSNAMRL @:M1NAMER 604E MSVNAM$ MSVNAML MSGNAM$ MSGNAML MSSNAM$ MSSNAML

Pacific MSPACF$ MSPACFL @:M1PACF 618E MSVPAC$ MSVPACL MSGPAC$ MSGPACL MSSPAC$ MSSPACL

Pacific + Malaysia MSPCPM$ MSPCPML 877E

Pacific ex Japan MSPXJP$ MSPXJPL @:M1PCXJF 620E MSVPCX$ MSVPCXL MSGPCX$ MSGPCXL MSSPXJ$ MSSPXJL

Pacific Free MSPCFF$ MSPCFFL @:M1PAC 619E MSVPCF$ MSVPCFL MSGPCF$ MSGPCFL

Pacific Free ex Japan MSPXJF$ MSPXJFL @:M1PACXJ 621E MSVPFX$ MSVPFXL MSGPFX$ MSGPFXL

Pacific Free ex Japan + Malaysia Free MSPJMF$ MSPJMFL 879E

World MSWRLD$ MSWRLDL @:M1WLDF 602E MSVWLD$ MSVWLDL MSGWLD$ MSGWLDL MSSWLD$ MSSWLDL

World + Malaysia MSWDPM$ MSWDPML 889E

World ex Australia MSWXAU$ MSWXAUL @:WAMSCI 613E MSVWAU$ MSVWAUL MSGWAU$ MSGWAUL MSSWXA$ MSSWXAL

World ex Europe MSWXEU$ MSWXEUL @:WCMSCI

Reference

Issue 5 49


Aggregate


see page 46


US $ Local US $ Local US $ Local US $ Local World ex Japan MSWXJP$ MSWXJPL @:M1KOKUS 614E

World ex UK MSWXUK$ MSWXUKL @:M1WLDXU 612E MSVWUK$ MSVWUKL MSGWUK$ MSGWUKL MSSWX£$ MSSWX£L

World ex USA MSWXUS$ MSWXUSL @:M1WLDXA 611E MSVWUS$ MSVWUSL MSGWUS$ MSGWUSL MSSWX$$ MSSWXLL

World Free MSWLDF$ MSWLDFL @:M1WRLD 603E MSVWLF$ MSVWLFL MSGWLF$ MSGWLFL

World ex EMU MSWEMU$ MSWEMUL @:W1MSCI 938E

Australia MSAUST$ MSAUSTL @:AUMSCIP 625E MSVAUS$ MSVAUSL MSGAUS$ MSGAUSL MSSAUS$ MSSAUSL

Austria MSASTR$ MSASTRL @:OEMSCIP 626E MSVAST$ MSVASTL MSGAST$ MSGASTL MSSAST$ MSSASTL

Belgium MSBELG$ MSBELGL @:BGMSCIP 627E MSVBEL$ MSVBELL MSGBEL$ MSGBELL MSSBEL$ MSSBELL

Canada MSCNDA$ MSCNDAL @:CNMSCIP 628E MSVCAN$ MSVCANL MSGCAN$ MSGCANL MSSCAN$ MSSCANL

Denmark MSDNMK$ MSDNMKL @:DKMSCIP 629E MSVDEN$ MSVDENL MSGDEN$ MSGDENL MSSDEN$ MSSDENL

Finland MSFIND$ MSFINDL @:FNMSCIP 630E MSVFIN$ MSVFINL MSGFIN$ MSGFINL MSSFIN$ MSSFINL

France MSFRNC$ MSFRNCL @:FRMSCIP 631E MSVFRA$ MSVFRAL MSGFRA$ MSGFRAL MSSFRA$ MSSFRAL

Germany MSGERM$ MSGERML @:BDMSCIP 632E MSVGER$ MSVGERL MSGGER$ MSGGERL MSSGER$ MSSGERL

Greece MSGDEE$ MSGDEEL @:GRMSCIP 361E MSVGDE$ MSVGDEL MSGGDE$ MSGGDEL

Hong Kong MSHGKG$ MSHGKGL @:HKMSCIP 633E MSVHNG$ MSVHNGL MSGHNG$ MSGHNGL MSSHNG$ MSSHNGL

Ireland MSEIRE$ MSEIREL @:IRMSCIP 634E MSVIRE$ MSVIREL MSGIRE$ MSGIREL MSSIRE$ MSSIREL

Italy MSITAL$ MSITALL @:ITMSCIP 635E MSVITL$ MSVITLL MSGITL$ MSGITLL MSSITL$ MSSITLL

Japan MSJPAN$ MSJPANL @:JPMSCIP 636E MSVJAP$ MSVJAPL MSGJAP$ MSGJAPL MSSJAP$ MSSJAPL

Netherlands MSNETH$ MSNETHL @:NLMSCIP 639E MSVNET$ MSVNETL MSGNET$ MSGNETL MSSNTH$ MSSNTHL

New Zealand MSNZEA$ MSNZEAL @:NZMSCIP 640E MSVNEW$ MSVNEWL MSGNEW$ MSGNEWL MSSNEW$ MSSNEWL

Norway MSNWAY$ MSNWAYL @:NWMSCIP 641E MSVNOR$ MSVNORL MSGNOR$ MSGNORL MSSNOR$ MSSNORL

Portugal MSPORD$ MSPORDL @:PTMSCIP 682E MSVPOR$ MSVPORL MSGPOR$ MSGPORL MSSPOT$ MSSPOTL

Singapore MSSING$ MSSINGL @:SGMSCIP 642E MSVSNG$ MSVSNGL MSGSNG$ MSGSNGL MSSSIN$ MSSSINL

Singapore Free MSSNGF$ MSSNGFL @:SFMSCIP 643E MSVSNF$ MSVSNFL MSGSNF$ MSGSNFL

Spain MSSPAN$ MSSPANL @:ESMSCIP 644E MSVSPA$ MSVSPAL MSGSPA$ MSGSPAL MSSESP$ MSSESPL

Sweden MSSWDN$ MSSWDNL @:SDMSCIP 645E MSVSWD$ MSVSWDL MSGSWD$ MSGSWDL MSSSWD$ MSSSWDL

Switzerland MSSWIT$ MSSWITL @:SWMSCIP 646E MSVSWT$ MSVSWTL MSGSWT$ MSGSWTL MSSSWT$ MSSSWTL

UK MSUTDK$ MSUTDKL @:UKMSCIP 647E MSVUKN$ MSVUKNL MSGUKN$ MSGUKNL MSSUKD$ MSSUKDL

USA MSUSAM$ MSUSAML @:USMSCIP 648E MSVUSA$ MSVUSAL MSGUSA$ MSGUSAL MSSUSA$ MSSUSAL

Reference


Emerging Market indices

Most MSCI Emerging Market indices are available in both local and US$ terms. Mnemonics are distinguished by the last character: L indicates local currency, $ indicates US$. You can convert MSCI indices into other currencies by using the MSCI exchange rates: see MSCI exchange rates and currency conversion page 13 for the formula to use.




Price index and total return data for MSCI emerging market indices is freely available to most Datastream customers. All other data can be accessed by subscribing to MSCI modules:

• MSCI Enhanced index module: valuation ratios plus full history for the indices

• MSCI Core Emerging Market module: valuation ratios and security level data

• MSCI Core Asia Pacific module: valuation ratios and security level data for Asia Pacific indices

• MSCI Core Value and Growth Plus Developed Market module: additional datatypes for indices and constituents. See Value and Growth Index datatypes and Value and Growth Constituent datatypes, page 94 for more information.

• MSCI Core Value and Growth Plus Asia Pacific Market module: additional datatypes for indices and constituents for Asia Pacific indices. See Value and Growth Index datatypes and Value and Growth Constituent datatypes, page 94 for more information.

Reference

Issue 5 51

Emerging Market indices IBES Global

Aggregate


see page 50

Value Growth

US $ Local US $ Local US $ Local Regions EMEA MSEMAF$ MSEMAFL

EM (Emerging Markets) MSEMKF$ MSEMKFL @:M2EMG 690E MSVEMF$ MSVEMFL MSGEMF$ MSGEMFL

EM Asia MSEMFA$ MSEMFAL @:M2ASIA 692E MSVEMA$ MSVEMAL MSGEMA$ MSGEMAL

EM ex Asia MSEMXA$ MSEMXAL 983E

EM Far East MSEFFE$ MSEFFEL @:M2FARE 650E MSVEFE$ MSVEFEL MSGEFE$ MSGEFEL

EAFE and EM MSEEMF$ MSEEMFL @:M1EAFEE 652E MSVEEF$ MSVEEFL MSGEEF$ MSGEEFL

EM Latin America MSEFLA$ MSEFLAL @:M2LATAM 654E MSVELT$ MSVELTL MSGELT$ MSGELTL

EM Europe MSEEUR$ MSEEURL @:M2EUR 853E MSVERU$ MSVERUL MSGERU$ MSGERUL

EM Eastern Europe MSEEEU$ MSEEEUL @:M2EEUR 854E MSVEER$ MSVEERL MSGEER$ MSGEERL

EM Europe & Middle East MSEMEA$ MSEMEAL @:M2EURME 656E MSVEME$ MSVEMEL MSGEME$ MSGEMEL

Golden Dragon MSGDRA$ MSGDRAL @:GDMSCI 995E MSVGDR$ MSVGDRL MSGGDR$ MSGGDRL

Zhong Hua MSZHON$ MSZHONL @:ZHMSCI 996E MSVZHO$ MSVZHOL MSGZHO$ MSGZHOL

Countries Argentina MSARGT$ MSARGTL @:ARMSCIP 657E MSVARG$ MSVARGL MSGARG$ MSGARGL

Brazil MSBRAZ$ MSBRAZL @:BRMSCIP 658E MSVBRA$ MSVBRAL MSGBRA$ MSGBRAL

Chile MSCHIL$ MSCHILL @:CLMSCIP 660E MSVCHL$ MSVCHLL MSGCHL$ MSGCHLL

China MSCHIN$ MSCHINL @:CHMSCIP 661E MSVCHF$ MSVCHFL MSGCHF$ MSGCHFL

Colombia MSCOLM$ MSCOLML @:CBMSCIP 664E MSVCOL$ MSVCOLL MSGCOL$ MSGCOLL

Czech Republic MSCZCH$ MSCZCHL @:CZMSCIP 659E MSVCZK$ MSVCZKL MSGCZK$ MSGCZKL

Egypt MSEGYT$ MSEGYTL @:EYMSCIP 932E MSVEGY$ MSVEGYL MSGEGY$ MSGEGYL

Hungary MSHUNG$ MSHUNGL @:HNMSCIP 667E MSVHUN$ MSVHUNL MSGHUN$ MSGHUNL

India MSINDI$ MSINDIL @:INMSCIP 668E MSVINI$ MSVINIL MSGINI$ MSGINIL

Indonesia MSINDF$ MSINDFL @:IDMSCIP 931E MSVINF$ MSVINFL MSGINF$ MSGINFL

Israel MSISRA$ MSISRAL @:ISMSCIP 670E MSVISR$ MSVISRL MSGISR$ MSGISRL

Israel Domestic MSISRD$ MSISRDL @:ISMSCID 671E

Israel Non-Domestic MSISND$ MSISNDL @:ISMSCIN 672E

Jordan MSJORD$ MSJORDL @:JOMSCIP 673E MSVJOR$ MSVJORL MSGJOR$ MSGJORL

Korea MSKORE$ MSKOREL @:KOMSCIP 674E MSVKOR$ MSVKORL MSGKOR$ MSGKORL

Malaysia MSMALF$ MSMALFL @:MYMSCIP 917E MSVMFE$ MSVMFEL MSGMFE$ MSGMFEL

Mexico MSMEXF$ MSMEXFL @:MXMSCIP 676E MSVMXF$ MSVMXFL MSGMXF$ MSGMXFL

Morocco MSMORC$ MSMORCL @:MCMSCIP 933E MSVMOR$ MSVMORL MSGMOR$ MSGMORL

Pakistan MSPAKI$ MSPAKIL @:PKMSCIP 677E MSVPAK$ MSVPAKL MSGPAK$ MSGPAKL

Peru MSPERU$ MSPERUL @:PEMSCIP 678E MSVPER$ MSVPERL MSGPER$ MSGPERL

Philippines MSPHLF$ MSPHLFL @:PHMSCIP 680E MSVPHF$ MSVPHFL MSGPHF$ MSGPHFL

Poland MSPLND$ MSPLNDL @:POMSCIP 681E MSVPOL$ MSVPOLL MSGPOL$ MSGPOLL

Russia MSRUSS$ MSRUSSL @:RSMSCIP 855E MSVRUS$ MSVRUSL MSGRUS$ MSGRUSL

South Africa MSSARF$ MSSARFL @:SAMSCIP 684E MSVSAF$ MSVSAFL MSGSAF$ MSGSAFL

Sri Lanka MSSRIL$ MSSRILL @:CYMSCIP 685E MSVSRI$ MSVSRIL MSGSRI$ MSGSRIL

Taiwan MSTAIW$ MSTAIWL @:TAMSCIP 686E MSVTAI$ MSVTAIL MSGTAI$ MSGTAIL

Thailand MSTHAF$ MSTHAFL @:THMSCIP 916E MSVTHF$ MSVTHFL MSGTHF$ MSGTHFL

Turkey MSTURK$ MSTURKL @:TKMSCIP 688E MSVTUR$ MSVTURL MSGTUR$ MSGTURL

Venezuela MSVENF$ MSVENFL @:VEMSCIP 689E MSVVEN$ MSVVENL MSGVEN$ MSGVENL

Note: You can use the WTIDX datatype for stock weights in historical lists created from August 2000 onwards. Use the global expressions listed in this table for historical lists created before August 2000.

Reference


All Country indices

All Country indices are composite Developed and Emerging Market indices.

Most MSCI All Country indices are available in both local and US$ terms. Mnemonics are distinguished by the last character: L indicates local currency, $ indicates US$. You can convert MSCI indices into other currencies by using the MSCI exchange rates: see MSCI exchange rates and currency conversion page 13 for the formula to use.




Price index and total return data for MSCI all country indices is freely available to most Datastream customers. All other data can be accessed by subscribing to MSCI modules:

• MSCI Enhanced index module: valuation ratios plus full history for the indices

• MSCI Core Emerging Market and MSCI Core Developed Market modules: valuation ratios and security level data

• MSCI Core Value and Growth Plus Developed and Emerging Market modules: additional datatypes for indices and constituents. See Value and Growth Index datatypes and Value and Growth Constituent datatypes, page 94 for more information.

Reference

Issue 5 53

MSCI All Country indices IBES Global

Aggregate

Global Expressionfor stock weights

see page 52

Value Growth

US $ Local US $ Local US $ Local AC Americas MSCMAF$ MSCMAFL @:AMMSCI 986E MSVAMF$ MSVAMFL MSGAMF$ MSGAMFL

AC Asia MSAASF$ MSAASFL 970E

AC Asia ex Japan MSASXJ$ MSASXJL @:SJMSCI 785E MSVAFJ$ MSVAFJL MSGAFJ$ MSGAFJL

AC Asia Pacific MSAAPF$ MSAAPFL @:APMSCI 887E

AC Asia Pacific ex Japan MSAFXJ$ MSAFXJL @:IJMSCI 787E MSVAPX$ MSVAPXL MSGAPX$ MSGAPXL

AC Europe MSEURO$ MSEUROL @:M3EROP 607E MSVERP$ MSVERPL MSGERP$ MSGERPL

AC Europe & Middle East MSAEME$ MSAEMEL @:CMMSCI 975E

AC Far East MSCFEF$ MSCFEFL @:CTMSCI 788E MSVAFE$ MSVAFEL MSGAFE$ MSGAFEL

AC Far East ex Japan MSCXJF$ MSCXJFL @:M3FEXJ 790E MSVAFX$ MSVAFXL MSGAFX$ MSGAFXL

AC Far East Ex Japan Ex HK MSCFHF$ MSCFHFL 987E MSVAF2$ MSVAF2L MSGAF2$ MSGAF2L

AC Pacific MSCPAF$ MSCPAFL @:CPMSCI 988E MSVASP$ MSVASPL MSGASP$ MSGASPL

AC Pacific ex Japan MSPFXJ$ MSPFXJL @:PNMSCI 786E MSVAJP$ MSVAJPL MSGAJP$ MSGAJPL

AC Pacific Ex Japan Ex HK MSCPHF$ MSCPHFL MSVAJH$ MSVAJHL MSGAJH$ MSGAJHL

AC World MSACWF$ MSACWFL @:M3WRLD 792E MSVAWF$ MSVAWFL MSGAWF$ MSGAWFL

AC World ex Australia MSWFXA$ MSWFXAL @:OAMSCI 977E

AC World ex EMU MSCFXU$ MSCFXUL @:WIMSCI 991E

AC World ex Europe MSCFXE$ MSCFXEL @:OEMSCI 992E

AC World ex Japan MSWKXJ$ MSWKXJL @:WJMSCI 993E MSVWFJ$ MSVWFJL MSGWFJ$ MSGWFJL

AC World ex Switzerland MSACXS$ MSACXSL

AC World ex UK MSWFUK$ MSWFUKL @:IKMSCI 978E

AC World ex USA MSWFXU$ MSWFXUL @:WUMSCI 794E MSVWFU$ MSVWFUL MSGWFU$ MSGWFUL

AC World ex USA + Malaysia MSWFUM$ MSWFUML 875E

Note: You can use the WTIDX datatype for stock weights in historical lists created from August 2000 onwards. Use the global expressions listed in this table for historical lists created before August 2000.

Reference


Hedged indices

MSCI Hedged indices are available in US Dollars, UK Pounds, Japanese Yen, Euro, and Australian Dollar. Mnemonics are distinguished by the last character:

• US Dollar: $

• UK Pound: £

• Japanese Yen: Y

• Euro: E

• Australian Dollar: A

Start dates

• Euro denominated series start from 26th February 1999

• Irish series (except euro) start from 30th April 1993

• Portuguese series (except euro) start from 28th November 1997

• All other series start from 31st December 1987

MSCI Hedged indices

MnemonicUS$

MnemonicUS$

Regions Countries

EAFE MSHEAF$ Australia MSHAUT$

EAFE & Canada MSHEAC$ Austria MSHAST$

EAFE excl. UK MSHEXK$ Belgium MSHBEL$

EASEA index MSHEAS$ Canada MSHCAN$

EMU MSHEMU$ Denmark MSHDEN$

Europe MSHEUR$ Finland MSHFIN$

Europe excl. UK MSHEXU$ France MSHFRN$

Far East MSHFES$ Germany MSHGER$

Kokusai index MSHKOK$ Hong Kong MSHHKD$

Nordic Countries MSHNOR$ Ireland MSHIRE$

North America MSHNAM$ Italy MSHITL$

Pacific MSHPAC$ Japan MSHJAP$

Pacific excl. Japan MSHPXJ$ Netherlands MSHNTH$

World index MSHWLD$ New Zealand MSHNZD$

World index excl. UK MSHWXK$ Norway MSHNWY$

World index excl. US MSHWXS$ Portugal MSHPOT$

Singapore MSHSGD$

Spain MSHESP$

Sweden MSHSWD$

Switzerland MSHCHF$

UK MSHUKD$

USA MSHUSA$

Reference

Issue 5 55

Lists of MSCI indices, exchange rates, and countries covered

These lists offer a quick way of retrieving the MSCI country indices that comprise an MSCI regional index. You will also find useful lists of all MSCI exchange rates and lsists covering the indices that make up the MSCI All Country Sector indices.

List mnemonic

Description Constituent indices

Lists of Developed Market indices LMSDV$ Constituent indices in $ Terms Australia, Austria, Belgium, Canada, Denmark, EAFE, EAFE & Canada, EAFE Free, EAFE ex UK, EASEA, Europe 16, European Union, Europe ex UK,

Far East, Far East Free, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Nordic, North America, Norway, Pacific, Pacific ex Japan, Pacific Free, Pacific Free ex Japan, Portugal, Singapore, Singapore Free, Spain, Sweden, Switzerland, United Kingdom, United States, World, World ex Australia, World ex Europe, World ex Japan, World ex UK, World ex USA, World Free

LMSDVL Constituent indices in Local Terms Australia, Austria, Belgium, Canada, Denmark, EAFE, EAFE & Canada, EAFE Free, EAFE ex UK, EASEA, Europe 16, European Union, Europe ex UK, Far East, Far East Free, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Nordic, North America, Norway, Pacific, Pacific ex Japan, Pacific Free, Pacific Free ex Japan, Portugal, Singapore, Singapore Free, Spain, Sweden, Switzerland, United Kingdom, United States, World, World ex Australia, World ex Europe, World ex Japan, World ex UK, World ex USA, World Free

LMSHD$ Developed Market Hedged indices Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States

Lists of Emerging Market indices LMSEM$ Constituent indices in $ Terms All Country Europe, Argentina, Brazil, Chile, China, Colombia, Czech Republic, EAFE & EM, EAFE & EMG, Egypt, EM Eastern Europe, EM Europe,

EM Europe & Middle East, EM, EM Asia, EM Far East, EM Latin America, Hungary, India, Indonesia, Israel, Israel Domestic, Israel Non-Domestic, Jordan, Korea, EM Malaysia, EM Malaysia, Mexico, Mexico, Morocco, Pakistan, Peru, Philippines, Philippines, Poland, Russia, South Africa, Sri Lanka, Taiwan, Thailand, Turkey, Venezuela

LMSEML Constituent indices in Local Terms All Country Europe, Argentina, Brazil, Chile, China, Colombia, Czech Republic, EAFE & EMF, EAFE & EMG, Egypt, EM Eastern Europe, EM Europe, EM Europe & Middle East, EMF, EMF Asia, EMF Far East, EMF Latin America, Hungary, India, Indonesia, Israel, Israel Domestic, Israel Non-Domestic, Jordan, Korea, EM Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Sri Lanka, Taiwan, Thailand, Turkey, Venezuela

Lists of All Country indices LMSAC$ Constituent indices in $ Terms All country and regional indices of Developed Markets and Emerging Markets LMSACL Constituent indices in Local Terms All country and regional indices of Developed Markets and Emerging Markets Lists of MSCI All Country Sector indices MGWRLD GICS World US$ All World GICS sector indices MGACWI GICS ACWIF US$ All ACWIF GICS sector indices MGEROP GICS Europe US$ All Europe GICS sector indices MGEMUI GICS EMU US$ All EMU GICS sector indices MGEMKF GICS EMF US$ All EMF GICS sector indices List of MSCI exchange rates List of countries covered LMSER$ All MSCI exchange rates LMS33$ All countries covered by MSCI

Reference


Constituent indices of Regional and World indices

Description Constituent indices Index mnemonic

List mnemonic

All Country Americas Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Venezuela MSCMAF$ MSCMAF Asia China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand MSAAF$ MSAASF Asia ex Japan China, Hong Kong, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, Thailand MSASXJ$ MSASXJ Asia Pacific ex Japan Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan, Thailand MSAFXJ$ MSAFXJ Europe Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal,

Russia, Spain, Sweden, Switzerland, Turkey, United Kingdom MSEURO$ MSEURO

Europe + Middle East Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Jordan, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, United Kingdom

MSAEME$ MSAEME

Far East ex Japan China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand MSCXJF$ MSCXJF Far East China, Hong Kong, Indonesia, Japan, Korea, Philippines, Singapore, Taiwan, Thailand MSCFEF$ MSCFEF Pacific ex Japan Australia, China, Hong Kong, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand MSPFXJ$ MSPFXJ World Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece,

Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Korea, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom, United States, Venezuela

MSACWF$ MSACWF

World ex Japan Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Jordan, Korea, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom, United States, Venezuela

MSWKXJ$ MSWKXJ

World ex US Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Korea, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom, Venezuela

MSWFXU$ MSWFXU

Developed Markets EAFE (Europe, Australasia, Far East)

Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

MSEAFE$ MSEAFE

EAFE & Canada Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

MSEAFC$ MSEAFC

EAFE ex UK Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland

MSAXUK$ MSAXUK

EAFE Free Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

MSEAFR$ MSEAFR

Reference

Issue 5 57


List mnemonic

Developed Markets continued EASEA (EAFE ex Japan) Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Netherlands, New Zealand, Norway, Portugal,

Singapore Free, Spain, Sweden, Switzerland, United Kingdom MSEAXJ$ MSEAXJ

EMU Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain MSEMU MSEMUI Europe 16 Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United

Kingdom MSEROP$ MSEROP

Europe ex UK Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland MSEXUK$ MSEXUK European Union Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, United Kingdom MSECOM$ MSECOM Far East Hong Kong, Japan, Singapore MSFARE$ MSFARE Far East Free Hong Kong, Japan, Singapore Free, MSFARF$ MSFARF G7 Canada, France, Germany, Italy, Japan, United Kingdom, United States MSCIG7$ MSCIG7 Nordic Denmark, Finland, Norway, Sweden MSNORD$ MSNORD North America Canada, United States MSNAMR$ MSNAMR Pacific Australia, Hong Kong, Japan, New Zealand, Singapore MSPACF$ MSPACF Pacific ex Japan Australia, Hong Kong, New Zealand, Singapore MSPXJP$ MSPXJP Pacific Free Australia, Hong Kong, Japan, New Zealand, Singapore Free MSPCFF$ MSPCFF Pacific Free ex Japan Australia, Hong Kong, New Zealand, Singapore Free MSPXJF$ MSPXJF World Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand,

Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States MSWRLD$ MSWRLD

World ex Australia Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States

MSWXAU$ MSWXAU

World ex Japan (Kokusai) Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, United States

MSWXJP$ MSWXJP

World ex UK Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United States

MSWXUK$ MSWXUK

World ex US Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

MSWXUS$ MSWXUS

World Free Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore Free, Spain, Sweden, Switzerland, United Kingdom, United States

MSWLDF$ MSWLDF

Emerging Markets EAFE & EMF Argentina, Australia, Austria, Belgium, Brazil, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong

Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Korea, Malaysia, Mexico, Morocco, Netherlands, New Zealand, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan @ 80%, Thailand, Turkey, United Kingdom, Venezuela

MSEEMF$ MSEEMF

EM Europe Czech Republic, Hungary, Poland, Russia, Turkey MSEEUR$ MSEEUR EM Eastern Europe Czech Republic, Hungary, Poland, Russia MSEEEU$ MSEEEU

Reference



List mnemonic

Emerging Markets continued EM Europe & Middle East Czech Republic, Hungary, Israel, Jordan, Poland, Russia, Turkey MSEMEA$ MSEMEA EMF Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco,

Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan @ 80%, Thailand, Turkey, Venezuela MSEMKF$ MSEMKF

EMF Asia China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan @ 80%, Thailand MSEMFA$ MSEMFA EMF Far East China, Indonesia, Korea, Malaysia, Philippines, Taiwan @ 80%, Thailand MSEFFE$ MSEFFE EMF Latin America Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela MSEFLA$ MSEFLA Goldon Dragon China, Hong Kong, Taiwan MSGDRA$ MSGDRA Zhong Hua China, Hong Kong MSZHON$ MSZHON

Reference

Issue 5 59

All Country Sector (ACS) indices: GICS classification

Indices available to all users

MSCI create an index for each sector, industry group, and industry, based on the constituents of the World index, Emerging Markets, All Country World Index, Europe and EMU indices. The indices are based on the MSCI/S&P Global Industrial Classification Standard.

The following table lists the stem mnemonics. Add a suffix of $ for the indices in US dollar and L for the indices in local currency. For example, the mnemonic for the World energy index in US$ is M1DWE1$ and in local currency M1DWE1L. You can convert MSCI indices into other currencies by using the MSCI exchange rates: see page 13 for the formula to use.

Price index, total and net return data for the regions given above is freely available to most Datastream customers. You can access valuation and security level data by subscribing to MSCI ACS modules. See MSCI modules on Datastream - a summary, page 9, for details. History for these indices is available from 31st December 1994.

Constituent lists

Daily, monthly and historical constituent lists are available for these indices. All list mnemonics are of the form Lxxxxx, where xxxxx is the mnemonic of the index with the last character (L or $) removed. For daily lists add D to complete the mnemonic. For further details, see MSCI stock constituent lists, page 17.

Reference


All Country Sector indices: GICS classification

World Emerging Markets

AC World Index

Europe EMU

Sector Industry Group

Industry Stem mnemonics

Energy M1DWE1 M1EFE1 M1AFE1 M1URE1 M1MUE1

Energy M2DWE2 M2EFE2 M2AFE2 M2URE2 M2MUE2

Energy equipment & Services M3DWES M3EFES M3AFES M2URE2 M2MUE2

Oil, Gas & Consumable Fuels M3DWOG M3EFOG M3AFOG M2URE2 M2MUE2

Materials M1DWM1 M1EFM1 M1AFM1 M1URM1 M1MUM1

Materials M2DWM2 M2EFM2 M2AFM2 M2URM2 M2MUM2

Chemicals M3DWCH M3EFCH M3AFCH M3URCH M3MUCH

Construction Materials M3DWCM M3EFCM M3AFCM M3URCM M3MUCM

Containers & Packaging M3DWCT M3EFCT M3AFCT M3URCT M3MUCT

Metals & Mining M3DWMM M3EFMM M3AFMM M3URMM M3MUMM

Paper & Forest Products M3DWPF M3EFPF M3AFPF M3URPF M3MUPF

Industrials M1DWID M1EFID M1AFID M1URID M1MUID

Capital Goods M2DWCG M2EFCG M2AFCG M2URCG M2MUCG

Aerospace & Defense M3DWAD M3EFAD M3AFAD M3URAD M3MUAD

Building Products M3DWBP M3EFBP M3AFBP M3URBP M3MUBP

Construction & Engineering M3DWCN M3EFCN M3AFCN M3URCN M3MUCN

Electrical Equipment M3DWEE M3EFEE M3AFEE M3UREE M3MUEE

Industrial Conglomerates M3DWIC M3EFIC M3AFIC M3URIC M3MUIC

Machinery M3DWMC M3EFMC M3AFMC M3URMC M3MUMC

Trading Companies & Distributors M3DWTC M3EFTC M3AFTC M3URTC M3MUTC

Commercial Services & Supplies M2DWC2 M2EFC2 M2AFC2 M2URC2 M2MUC2

Commercial Services & Supplies M3DWC3 M3EFC3 M3AFC3 M3URC3 M3MUC3

Transportation M2DWTR M2EFTR M2AFTR M2URTR M2MUTR

Air Freight & Logistics M3DWAF M3EFAF M3AFAF M3URAF M3MUAF

Airlines M3DWAL M3EFAL M3AFAL M3URAL M3MUAL

Marine M3DWMA M3EFMA M3AFMA M3URMA M3MUMA

Road & Rail M3DWRR M3EFRR M3AFRR M3URRR M3MURR

Transportation Infrastructure M3DWTI M3EFTI M3AFTI M3URTI M3MUTI

Reference

Issue 5 61



AC World Index

Europe EMU



Consumer Discretionary M1DWCD M1EFCD M1AFCD M1URCD M1MUCD

Automobiles & Components M2DWAC M2EFAC M2AFAC M2URAC M2MUAC

Auto Components M3DWAU M3EFAU M3AFAU M3URAU M3MUAU

Automobiles M3DWAM M3EFAM M3AFAM M3URAM M3MUAM

Consumer Durables & Apparel M2DWCA M2EFCA M2AFCA M2URCA M2MUCA

Household Durables M3DWHD M3EFHD M3AFHD M3URHD M3MUHD

Leisure Equipment & Products M3DWLE M3EFLE M3AFLE M3URLE M3MULE

Textiles, Apparel & Luxury Goods M3DWTA M3EFTA M3AFTA M3URTA M3MUTA

Consumer Services M2DWHR M2EFHR M2AFHR M2URHR M2MUHR

Hotels Restaurants & Leisure M3DWHR M3EFHR M3AFHR M3URHR M3MUHR

Diversified Consumer Services M3DWDC M3EFDC M3AFDC M3URDC M3MUDC

Media M2DWMD M2EFMD M2AFMD M2URMD M2MUMD

Media M3DWME M3EFME M3AFME M3URME M3MUME

Retailing M2DWRT M2EFRT M2AFRT M2URRT M2MURT

Distributors M3DWDI M3EFDI M3AFDI M3URDI M3MUDI

Internet & Catalog Retail M3DWNT M3EFNT M3AFNT M3URNT M3MUNT

Multiline Retail M3DWMR M3EFMR M3AFMR M3URMR M3MUMR

Specialty Retail M3DWSR M3EFSR M3AFSR M3URSR M3MUSR

Consumer Staples M1DWCS M1EFCS M1AFCS M1URCS M1MUCS

Food & Staples Retailing M2DWFD M2EFFD M2AFFD M2URFD M2MUFD

Food & Staples Retailing M3DWFD M3EFFD M3AFFD M3URFD M3MUFD

Food Beverage & Tobacco M2DWFB M2EFFB M2AFFB M2URFB M2MUFB

Beverages M3DWBV M3EFBV M3AFBV M3URBV M3MUBV

Food Products M3DWFP M3EFFP M3AFFP M3URFP M3MUFP

Tobacco M3DWTB M3EFTB M3AFTB M3URTB M3MUTB

Household & Personal Products M2DWHH M2EFHH M2AFHH M2URHH M2MUHH

Household Products M3DWHP M3EFHP M3AFHP M3URHP M3MUHP

Personal Products M3DWPP M3EFPP M3AFPP M3URPP M3MUPP

Reference




AC World Index

Europe EMU



Health Care M1DWHC M1EFHC M1AFHC M1URHC M1MUHC

Health Care Equipment & Services M2DWHE M2EFHE M2AFHE M2URHE M2MUHE

Health Care Equipment & Supplies M3DWHS M3EFHS M3AFHS M3URHS M3MUHS

Health Care Providers & Services M3DWPS M3EFPS M3AFPS M3URPS M3MUPS

Pharmaceuticals & Biotechnology M2DWPB M2EFPB M2AFPB M2URPB M2MUPB

Biotechnology M3DWBI M3EFBI M3AFBI M3URBI M3MUBI

Pharmaceuticals M3DWPH M3EFPH M3AFPH M3URPH M3MUPH

Financials M1DWFN M1EFFN M1AFFN M1URFN M1MUFN

Banks M2DWB2 M2EFB2 M2AFB2 M2URB2 M2MUB2

Commercial Banks M3DWB3 M3EFB3 M3AFB3 M3URB3 M3MUB3

Thrifts and Mortgage Finance M3DWTM M3EMTM M3AFTM M3URTM M3MUTM

Diversified Financials M2DWD2 M2EFD2 M2AFD2 M2URD2 M2MUD2

Diversified Financial Services M3DWD3 M3EFD3 M3AFD3 M3URD3 M3MUD3

Consumer Finance M3DWCF M3EFCF M3AFCF M3URCF M3MUCF

Capital Markets M3DWCK M3EFCK M3AFCK M3URCK M3MUCK

Insurance M2DWI2 M2EFI2 M2AFI2 M2URI2 M2MUI2

Insurance M3DWI3 M3EFI3 M3AFI3 M3URI3 M3MUI3

Real Estate M2DWR2 M2EFR2 M2AFR2 M2URR2 M2MUR2

Real Estate M3DWR3 M3EFR3 M3AFR3 M3URR3 M3MUR3

Reference

Issue 5 63



AC World Index

Europe EMU



Information Technology M1DWIT M1EFIT M1AFIT M1URIT M1MUIT

Software & Services M2DWSS M2EFSS M2AFSS M2URSS M2MUSS

Internet Software & Services M3DWNS M3EFNS M3AFNS M3URNS M3MUNS

IT Services M3DWIS M3EFIS M3AFIS M3URIS M3MUIS

Software M3DWSW M3EFSW M3AFSW M3URSW M3MUSW

Technology Hardware & Equipment M2DWTH M2EFTH M2AFTH M2URTH M2MUTH

Communications Equipment M3DWCE M3EFCE M3AFCE M3URCE M3MUCE

Computers & Peripherals M3DWCP M3EFCP M3AFCP M3URCP M3MUCP

Electronic Equipment & Instruments M3DWEI M3EFEI M3AFEI M3UREI M3MUEI

Office Electronics M3DWOE M3EFOE M3AFOE M3UROE M3MUOE

Semiconductors & Semiconductor Equipment M2DWS2 M2EFS2 M2AFS2 M2URS2 M2MUS2

Semiconductors & Semiconductor Equipment M3DWS3 M3EFS3 M3AFS3 M3URS3 M3MUS3

Telecommunication Services M1DWT1 M1EFT1 M1AFT1 M1URT1 M1MUT1

Telecommunication Services M2DWT2 M2EFT2 M2AFT2 M2URT2 M2MUT2

Diversified Telecommunication Services M3DWDT M3EFDT M3AFDT M3URDT M3MUDT

Wireless Telecommunication Services M3DWWT M3EFWT M3AFWT M3URWT M3MUWT

Utilities M1DWU1 M1EFU1 M1AFU1 M1URU1 M1MUU1

Utilities M2DWU2 M2EFU2 M2AFU2 M2URU2 M2MUU2

Electric Utilities M3DWEU M3EFEU M3AFEU M3UREU M3MUEU

Gas Utilities M3DWGU M3EFGU M3AFGU M3URGU M3MUGU

Multi-Utilities M3DWMU M3EFMU M3AFMU M3URMU M3MUMU

Water Utilities M3DWWU M3EFWU M3AFWU M3URWU M3MUWU

Independent Power Producers & Energy Traders

M3DWIP M3EFIP M3AFIP M3URIP M3MUIP

Indices in italic are not currently available because no stocks are currently classified in that sector.

Reference


All Country Sector indices separately chargeable

For the Developed, Emerging and All Country markets, ACS indices based on MSCI’s Global Industrial Classification Standard (GICS) are available. GICS is based on 10 sectors, 23 industry groups, 59 industries and 123 sub-industries. Indices are available for the top three levels, with sub-industries used to classify stocks.

ACS indices are available to customers subscribing to the MSCI ACS index modules:

• MSCI Developed Market ACS index module: developed market industry indices

• MSCI Emerging Market ACS index module: emerging market industry indices

• MSCI Developed and Emerging Market ACS index module: developed, emerging market, and all country industry indices

• MSCI Asia Pacific ACS index module: regional and country industry indices for the following: AC Asia Australia Pacific AC Asia ex Japan China Pacific Ex Japan AC Asia Pacific EM Asia Pacific AC Asia Pacific ex Japan EM Far East Pacific Ex Japan AC Far East Far East Pakistan AC Far East ex Japan Hong Kong Philippines AC Far East ex Japan ex HK India Singapore AC Pacific Indonesia Singapore AC Pacific ex Japan Japan Sri Lanka Korea Taiwan Malaysia Thailand New Zealand

Constructing mnemonics

The mnemonics for these indices are made up as follows:

M1cciix, M2cciix or M3cciix

where: M1 is the Sector (Level 1) M2 is the Industry Group (Level 2) M3 is the Industry (Level 3)

cc = country or region (see the table on page 65) ii = sector/industry group/industry code (see the table starting on page 66) x = currency indicator - $ for U$ indices and L for local currency.

For example:

M1AFE1$ = MSCI World Energy Sector index in U$ M2IISS$ = India Software and Service Industry Group index in U$ M3G7OGL = G7 Oil and Gas Industry index in L

You can also find mnemonics with the Datastream Navigator, in Datastream Advance (in version 3.5 and earlier click on the Index tab) and in DSWindows Code Lookup.

Reference

Issue 5 65

Country and region codes

Developed Markets

Country/ Region

Code Country/ Region



Code

Australia AU Europe ex EMU EE Netherlands NL Sweden SE Austria AT Europe ex UK UX New Zealand NZ Switzerland CH Belgium BE Far East FE Nordic Counries NC United Kingdom UK Canada CA Finland FI North America NA USA US Denmark DK France FR Norway NO World DW EAFE EA G7 G7 Pacific PC World ex Australia WA EAFE + Canada FC Germany DE Pacific PF World ex Emu WE EAFE ex UK EX Greece GD Pacific ex Japan PX World ex Europe WC EASEA AS Hong Kong HK Pacific ex Japan PJ World ex UK WK EMU MU Ireland IE Pan Euro PU World ex USA WS EMU + UK MK Italy IT Portugal PT EURO ER Japan JP Singapore SG Europe UR Kokusai index (World Ex JP) KK Singapore SF European Union EC Spain ES

Emerging Markets

Country/ Region



Code

Argentina AR EM ex Asia XA Morocco MA Brazil BF EM Far East MT Pakistan PK Chile CL EM Latin America MS Peru PE China CN Hungary HU Philippines PR Colombia CO India IN Poland PL Czech Republic CZ Indonesia IR Russian Federation RU Egypt EG Israel IL South Africa ZA EM Eastern Europe EB Israel - Domestic IH Sri Lanka LK EM Europe ME Israel - Non Domestic IW Taiwan TW EM Europe & Middle East UE Jordan JO Thailand TF EM (Emerging Markets) EF Korea KR Turkey TR

EM Asia MC Malaysia MF Venezuela VE Mexico XF

All Country

Country/ Region



Code

AC Americas AA AC Far East CE AC World EX EMU OU AC Asia ex Japan SJ AC Far East ex Japan CJ AC World EX Europe OC AC Asia IF AC Far East ex Japan & Hong

Kong JK AC World EX Japan OJ

AC Asia EX Japan AJ AC Pacific CR AC World EX USA OS AC Asia Pacific SR AC Pacific ex Japan IJ AC World EX UK FK AC Asia Pacific ex Japan RJ AC World AF EAFE + EM AZ AC Europe AE AC World ex Australia OA EMEA EM AC Europe & Middle East CM AC World ex Australia FA

Reference


Sector/industry group and industry classification codes

Global Industrial Classification Standard Sector M1 Industry group M2 Industry M3Energy E1 Energy E2 Energy Equipment & Services ES Oil, Gas & Consumable Fuels OGMaterials M1 Materials M2 Chemicals CH Construction Materials CM Containers & Packaging CT Metals & Mining MM Paper & Forest Products PF Industrials ID Capital Goods CG Aerospace & Defense AD Building Products BP Construction & Engineering CN Electrical Equipment EE Industrial Conglomerates IC Machinery MC Trading Companies & Distributors TC Commercial Services & Supplies C2 Commercial Services & Supplies L3 C3 Transportation TR Air Freight & Logistics AF Airlines AL Marine MA Road & Rail RR Transportation Infrastructure TI Consumer Discretionary CD Automobiles & Components AC Auto Components AU Automobiles AM Consumer Durables & Apparel CA Household Durables HD Leisure Equipment & Products LE Textiles, Apparel & Luxury Goods TA Consumer Services HR Hotels Restaurants & Leisure L3 HR Diversified Consumer Services DC Media MD Media L3 ME Retailing RT Distributors DI Internet & Catalog Retail NT Multiline Retail MR Specialty Retail SRConsumer Staples CS Food & Staples Retailing FD Food & Staples Retailing FD Food Beverage & Tobacco FB Beverages BV Food Products FP Tobacco TB Household & Personal Products HH Household Products HP Personal Products PP Health Care HC Health Care Equipment & Services HE Health Care Equipment & Supplies HS Health Care Providers & Services PS Pharmaceuticals & Biotechnology PB Biotechnology BI Pharmaceuticals PHFinancials FN Banks B2 Commercial Banks L3 B3 Thrifts and Mortgage Finance TM Diversified Financials D2 Diversified Financial Services L3 D3 Consumer Finance CF Capital Markets CK Insurance I2 Insurance L3 I3 Real Estate R2 Real Estate L3 R3

Reference

Issue 5 67

Global Industrial Classification Standard continued Sector M1 Industry group M2 Industry M3Information Technology IT Software & Services SS Internet Software & Services NS IT Services IS Software SW Technology Hardware & Equipment TH Communications Equipment CE Computers & Peripherals CP Electronic Equipment & Instruments EI Office Electronics OE Semiconductors & Semiconductor

Equipment S2 Semiconductors & Semiconductor

Equipment SE

Telecommunication Services T1 Telecommunication Services T2 Diversified Telecommunication Services DT Wireless Telecommunication Services WTUtilities U1 Utilities U2 Electric Utilities EU Gas Utilities GU Multi-Utilities MU Water Utilities WU Independent Power Producers & Energy

Traders IP

Constituent lists for All Country Sector GICS indices

Constituent lists and weights are available for all GICS indices. Use the weights datatype (WTIDX) to obtain the weight of each security within the index. List mnemonics are of the form Lxxxxxx, where xxxxxx is the mnemonic of the index with the last character (L or $) removed. For daily lists add D to complete the mnemonic. Using the mnemonic for the local currency MSCI Australian Energy Sector index, M1AUE1L, as an example:

• LM1AUE1D is the mnemonic for the daily constituent list.

Constituents for the above indices can also be accessed by using the country or regional list with the sector, industry group and industry datatypes listed below. These datatypes return the MSCI GICS codes or name for each constituent:

Description Datatype Sector Code MSCISC Sector name MSCISN Industry group code MSCIGC Industry group name MSCIIGN Industry code MSCIIC Industry name MSCIIN Sub-Industry code MSCSIC Sub-Industry name MSCISIN

Reference


Hedge Fund indices

The MSCI Hedge Fund index family is supported by a growing database of over 750 hedge funds. Only open and closed hedge funds with assets under management in excess of $15 million are eligible for inclusion. MSCI Hedge Fund indices are organized in accordance with a comprehensive classification framework, the MSCI Hedge Fund Classification Standard, which primarily uses the investment process of hedge fund managers, asset class and geography to classify funds and define strategy indices. Both equal weighted and asset weighted indices are available.

To ensure data is complete and reliable, MSCI collects it directly from hedge fund managers. Fund managers are required to supply audited financials, and offering memoranda for all of their funds where available.

Hedge Fund indices are calculated monthly.

The default datatype is Total Return (TOTR).

MSCI Hedge Fund indices Mnemonic Composite indices 1 MSCI Hedge Fund Composite Index-Equal Weighted MHHFCEW

MSCI Hedge Fund Composite Index-Asset Weighted MHHFCAW

Mnemonic Mnemonic Process group indices Asset class indices MSCI Directional Trading Index MHDITRA MSCI Hedge Fund Equity Index MHHFEQI

MSCI Relative Value Index MHRELVA MSCI Hedge Fund Fixed Income Index 4 MHHFFII

MSCI Security Selection Index MHSECSE MSCI Hedge Fund Diversified Index MHHFDVI

MSCI Specialist Credit Index 2 MHSPECR

MSCI Multi-Process Group Index 3 MHMPRGP

Geographical indices Domicile indices MSCI Hedge Fund Developed Markets Index MHHFDMI MSCI Offshore Hedge Fund Composite Index MHOFHFC

MSCI Hedge Fund Emerging Markets Index 5 MHHFEMI MSCI Onshore Hedge Fund Composite Index MHONHFC

MSCI Hedge Fund Global Markets Index 6 MHHFGMI

MSCI Hedge Fund Europe Index 7 MHHFEUI

MSCI Hedge Fund North America Index MHHFNAI

MSCI Hedge Fund Japan Index 8 MHHFJPI

Notes 1 Composite indices are formed from an aggregation of all five process groups

Data available from: 2 August 1995 3 April 1994 4 July 1998 5 March 1997 6 February 1996 7 March 1998 8 May 1999

All other indices are available from January 1994

Reference

Issue 5 69

10/40 indices

The MSCI 10/40 index family comprises 36 indices in eight currencies (U$, £, E, SF, DK, NK, SK, L), created to provide benchmarks for UCITS compliant mutual funds.

In the European community a UCITS directive prescribes that the maximum weight of securities of any single issuer cannot exceed 10% of the market value of a mutual fund. It also prescribes that the sum of the weights of all issuers representing more than 5% of the market value of a mutual fund cannot collectively exceed 40%.

Currently a large number of European Funds comply with the UCITS directive, but sometimes their benchmarks do not, leading to a significant potential tracking error and misrepresentation of the true investable universe. MSCI has therefore developed a proprietary methodology based on extensive simulations and client consultations that derives and maintains 10/40 equity indices from the MSCI Standard and All Country Sector indices.

The MSCI 10/40 index construction and maintenance methodology is designed to ensure on-going consistency with the UCITS directive. The index construction methodology minimises the tracking error to the parent index by decreasing the weight of the constituents that are subject to the same 10/40 constraint in a proportional way. The 10/40 equity indices are rebalanced to the parent index on a quarterly basis, based on the parent index's constituents' weights, to minimize tracking error.

Price index (PI), Net Return Index (NR), Gross Return Index (RI), and Number of Issuers (NE) data is available daily from 31st December 1998.

Constituent lists are available for all indices. Constituent list mnemonics can be constructed from index mnemonics by applying the standard convention used throughout MSCI products. In addition, the following two 10/40 specific datatypes are available at equity level:

• MTCFND: 10/40 Index Capping Factor Next Day • MTCWND: 10/40 Index Capped Weight Next Day

Mnemonics are distinguished by the last character:

• US Dollar: $ • UK Pound: £ • Euro: E • Swiss Franc: F • Danish Krone: D • Norwegian Krone: N • Swedish Krona: S • Local currency: L

MSCI 10/40 indices and constituent lists are updated at approximately the following times on a daily basis:

• Asia Pacific region 18:30 (UK time) • European region 21:30 (UK time) • World region 01:30 (UK time)

All 10/40 indices and constituent lists are licensed on an index by index basis and require a license agreement directly from MSCI.

Reference


MSCI 10/40 indices Mnemonic

US$ Mnemonic

US$ Mnemonic

US$ Regions Countries Sectors

EM Asia M14EMA$ China 1 M14CHF$ ACWI

EM Europe M14ERU$ France M14FRA$ Paper and Forest Products M14WPF$

EM Eastern Europe M14EER$ Germany M14GER$ Telecom M14AFT$

EM Latin America M14ELT$ India M14INI$ Europe

Nordic M14NRD$ Italy M14ITL$ Consumer Staples M14ECS$

Zhong Hua M14ZHO$ Netherlands M14NTH$ Discretionary M14ECD$

Spain M14SPA$ Financials M14EFN$

Switzerland M14SWT$ Health Care M14EHC$

Turkey M14TUR$ Industrials M14EID$

UK M14UKD$ Information Technology M14EIT$

Materials M14EM1$

Telecom M14ETE$

Utilities M14EU1$

World

Consumer Staples M14WCS$

Energy M14WE1$

Energy & Materials M14WEM$

Health Care M14WHC$

Industrials M14WID$

Information Technology M14WIT$

Pharmaceuticals & Biotechnology M14WPB$

Telecom M14WTE$

Utilities M14WU1$

1 Datatypes price index (PI), net return index (NR), and gross return index (RI) are available from 7 July 2003. For all other indices they are available from 31 December 1998

Reference

Issue 5 71

US Equity indices

MSCI US Equity indices reflect the full breadth of investment opportunities across market capitalization, value and growth investment styles, and industry and sector groups within the US equity market. It provides benchmark indices from the perspective of US domestic investors.

The universe includes all listed equity securities of US domiciled companies traded on NYSE, AMEX, and NASDAQ, excluding investment trusts (other than REITS), mutual funds, and equity derivatives. Some non-US incorporated companies may also be considered for inclusion in the MSCI US equity universe based on an analysis and interpretation of a number of factors, such as the company’s main equity trading markets, shareholder base, and geographical distribution of operations.

The MSCI US Equity indices methodology aims to offer investors a best of breed benchmark series covering the total US equity market by offering:

• Market capitalization indices that better reflect the investment process of asset managers • Size and style buffer zones • Two-dimensional, multi-factor value/growth methodology

Price Index (PI) and Gross Return index (RI) datatypes are available daily from 29 May 1992. Net Return index (NR) data is available from 2002. All indices are quoted in US dollars.

MSCI US Equity indices Mnemonic Broad Market Index MSUEBMI

Micro Cap Index MSUEMCC

Investable Market

2500 Index MSUEI25

Growth MSUEIMG

Value MSUEIMV

Large Cap

300 Index MSUEL30

Growth MSUELCG

Value MSUELCV

Mid Cap

450 Index MSUEM45

Growth MSUEMCG

Value MSUEMCV

Prime Market

750 Index MSUEP75

Growth MSUEPMG

Value MSUEPMV

Small Cap

1750 Index MSUES17

Growth MSUESCG

Value MSUESCV

Small + Micro Cap Index MSUESMC

Small + Mid Cap 2200 Index MSUESMD

Growth MSUESMG

Value MSUESMV

Reference


Global Industrial Classification Standard

In 1999, MSCI and S&P jointly developed GICS to establish a global standard for categorising companies into sectors and industries. MSCI and S&P review GICS annually to ensure it accurately reflects the definitions of sectors and industries most relevant to the global market economy. Any changes are normally implemented at the end of April. The table below shows the classification from May 2005 when it was last changed. Use the Datastream codes to construct the All Country Sector indices (see pages 59 and 64 for more details).

Sector

Industry group

Industry Sub-industry MSCI code

Datastreamcode

Energy 10 E1 Energy 1010 E2 Energy Equipment & Services 101010 ES Oil & Gas Drilling 10101010 Drilling contractors or owners of drilling rigs that contract their services for

drilling wells

Oil & Gas Equipment & Services 10101020 Manufacturers of equipment, including drilling rigs and equipment, and

providers of supplies and services to companies involved in the drilling, evaluation and completion of oil and gas wells.

Oil, Gas & Consumable Fuels 101020 OG Integrated Oil & Gas 10102010 Integrated oil companies engaged in the exploration & production of oil and

gas, as well as at least one other significant activity in either refining, marketing and transportation, or chemicals.

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

classified elsewhere.

Oil & Gas Refining & Marketing 10102030 Companies engaged in the refining, marketing, of oil, gas and/or refined

products not classified in the Integrated Oil & Gas or Independent Power Producers & Energy Traders sub-industries.

Oil & Gas Storage & Transportation 10102040 Companies engaged in thestorage and/or transportation of oil, gas and/or

refined products. Includes diversified midstream natural gas companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.

Coal & Consumable Fuels 10102050 Companies primarily involved in the production and mining of coal, related

products and other consumable fuels related to the generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.

Materials 15 M1 Materials 1510 M2 Chemicals 151010 CH Commodity Chemicals 15101010 Companies that primarily produce industrial chemicals and basic chemicals.

Includes plastics, synthetic fibers, films, paints, explosives and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Speciality Chemicals sub-industries.

Diversified Chemicals 15101020 Manufacturers of a diversified range of chemical products not classified in the

Industrial Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries.

Fertilizers & Agricultural Chemicals 15101030 Producers of fertilizers, pesticides, potash or other agriculture-related

chemicals not classified elsewhere.

Industrial Gases 15101040 Manufacturers of industrial gases. Specialty Chemicals 15101050 Companies that primarily produce high value-added chemicals used in the

manufacture of a wide variety of products, including fine chemicals, pigments, additives, advanced polymers and specialty coatings.

Reference

Issue 5 73

Sector Industry

group Industry Sub-industry MSCI

code Datastreamcode

Materials (continued) 15 M1 Materials (continued) 1510 M2 Construction Materials 151020 CM Construction Materials 15102010 Manufacturers of construction materials including sand, clay, gypsum, lime,

aggregates, cement, concrete and bricks. Other finished or semi-finished building materials are classified in the Building Products sub-industry.

Containers & Packaging 151030 CT Metal & Glass Containers 15103010 Manufacturers of metal, glass or plastic containers. Includes corks and caps Paper Packaging 15103020

Manufacturers of paper and cardboard containers and packaging. Metals & Mining 151040 MM Aluminum 15104010 Producers of aluminum and related products including companies that mine or

process bauxite and companies that recycle aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials classified in the Building Products sub-industry.

Diversified Metals & Mining 15104020 Companies engaged in diversified production or extraction of metals and

minerals not classified elsewhere. Includes companies that are primarily involved in coal mining or production.

Gold 15104030 Producers of gold and related products including companies that mine or

process gold and the South African finance houses which primarily invest in, but do not operate, gold mines.

Precious Metals & Minerals 15104040 Companies mining precious metals and minerals not classified in the Gold sub-

industry. Includes companies primarily mining platinum.

Steel 15104050 Producers of iron and steel and related products Paper & Forest Products 151050 PF Forest Products 15105010 Manufacturers of timber and related wood products. Includes lumber for the

building industry.

Paper Products 15105020 Manufacturers of all grades of paper. Excludes companies specializing in paper

packaging classified in the Paper Packaging sub-industry.

Industrials 20 ID Capital Goods 2010 CG Aerospace & Defense 201010 AD Aerospace & Defense 20101010 Manufacturers of civil or military aerospace and defense equipment, parts or

products. Includes defense electronics and space equipment.

Building Products 201020 BP Building Products 20102010 Manufacturers of building components and home improvement products and

equipment. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry.

Construction & Engineering 201030 CN Construction & Engineering 20103010 Companies engaged in primarily non-residential construction. Includes civil

engineering companies and large-scale contractors. Excludes companies classified in the Homebuilding sub-industry.

Reference


Sector Industry


code Datastreamcode

Industrials (continued) 20 ID Capital Goods (continued) 2010 CG Electrical Equipment 201040 EE Electrical Components & Equipment 20104010

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

Heavy Electrical Equipment 20104020 Manufacturers of power-generating equipment and other heavy electrical

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

Industrial Conglomerates 201050 IC Industrial Conglomerates 20105010

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

Machinery 201060 MC Construction & Farm Machinery & Heavy Trucks 20106010

Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, heavy farm machinery and manufacturers of related parts. Includes shipbuilding.

Industrial Machinery 20106020 Manufacturers of industrial machinery and industrial components. Includes

companies that manufacture presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.

Trading Companies & Distributors 201070 TC Trading Companies & Distributors 20107010

Trading companies and other distributors of industrial equipment and products. Commercial Services & Supplies 2020 C2 Commercial Services & Supplies 202010 C3 Commercial Printing 20201010

Companies providing commercial printing services. Excludes printers primarily serving the media industry, classified under Publishing & Printing.

Diversified Commercial & Professional Services 20201030 Companies primarily providing commercial, industrial and professional

servicesto businesses and governments, not classified elsewhere. Includes commercial cleaning services, consulting services, correctional facilities,dining & catering services, document & communication services, equipment repair services, security & alarm services, storage & warehousing, and uniform rental services..

Human Resource & Employment Services 20201040 Companies providing business support services relating to human capital

management. Includes employment agencies, employee training, payroll & benefit support services, retirement support services and temporary agencies.

Environmental & Facilities Services 20201050 Companies providing environmental and facilities maintenance services.

Includes waste management, facilities management and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.

Office Services & Supplies 20201060 Providers of office services and manufacturers of office supplies and equipment

not classified elsewhere.

Transportation 2030 TR Air Freight & Logistics 203010 AF Air Freight & Logistics 20301010

Companies providing air freight transportation and logistics services including package and mail delivery and customs agents. Excludes those companies classified in the Airlines or Marine sub-industries.

Airlines 203020 AL Airlines 20302010

Companies providing primarily passenger air transportation.

Reference

Issue 5 75

Sector Industry


code Datastreamcode

Industrials (continued) 20 ID Transportation (continued) 2010 CG Marine 203030 MA Marine 20303010

Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels sub-industry.

Road & Rail 203040 RR Railroads 20304010

Companies providing primarily goods and passenger rail transportation. Trucking 20304020

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

Transportation Infrastructure 203050 TI Airport Services 20305010

Operators of airports and companies providing related services. Highways & Railtracks 20305020

Owners and operators of roads, tunnels and railtracks. Marine Ports & Services 20305030

Owners and operators of marine ports and related services. Consumer Discretionary 25 CD Automobiles & Components 2510 AC Auto Components 251010 AU Auto Parts & Equipment 25101010

Manufacturers of parts & accessories for automobiles & motorcycles. Excludes companies classified in the Tires & Rubber sub-industry.

Tires & Rubber 25101020 Manufacturers of tires and rubber. Automobiles 251020 AM Automobile Manufacturers 25102010

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

Motorcycle Manufacturers 25102020 Companies that produce motorcycles, scooters or three-wheelers. Excludes

bicycles classified in Leisure Products & Toys.

Consumer Durables & Apparel 2520 CA Household Durables 252010 HD Consumer Electronics 25201010

Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game consoles and related products. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry, and electric household appliances classified in the Household Appliances sub-industry.

Home Furnishings 25201020 Manufacturers of soft home furnishings or furniture including upholstery,

carpets and wall-coverings.

Homebuilding 25201030 Residential construction companies. Includes manufacturers of prefabricated

houses and semi-fixed manufactured homes.

Household Appliances 25201040 Manufacturers of electric household appliances and related products. Includes

manufacturers of power and hand tools, including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry and personal computers classified in the Computer Hardware sub-industry.

Housewares & Specialties 25201050 Manufacturers of durable household products, including cutlery, cookware,

glassware, crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.

Reference


Sector Industry


code Datastreamcode

Consumer Discretionary (continued) 25 CD Consumer Durables & Apparel (continued) 2520 CA Leisure Equipment & Products 252020 LE Leisure Products 25202010

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

Photographic Products 25202020 Manufacturers of photographic equipment and related products. Textiles, Apparel & Luxury Goods 252030 TA Apparel, Accessories & Luxury Goods 25203010

Manufacturers of apparel and accessories. Includes companies primarily producing designer handbags, wallets, luggage, jewelry and watches. Excludes shoes classified in the Footwear sub-industry.

Footwear 25203020 Manufacturers of footwear. Includes sport and leather shoes. Textiles 25203030

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

Hotels Restaurants & Leisure 2530 HR Hotels Restaurants & Leisure 253010 HR Casinos & Gaming 25301010

Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.

Hotels, Resorts & Cruise LInes 25301020 Owners and operators of hotels, resorts and cruise-ships. Includes travel

agencies, tour operators and related services not classified elsewhere . Excludes casino-hotels classified in the Casinos & Gaming sub-industry.

Leisure Facilities 25301030 Owners and operators of leisure facilities, including sport and fitness centers,

stadiums, golf courses and amusement parks not classified in the Movies & Entertainment sub-industry.

Restaurants 25301040 Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities.

Includes companies that provide food catering services.

Diversified Consumer Services 253020 DC Education Services 25302020

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

Specialized Consumer Services 25302030 Companies providing consumer services not classified elsewhere. Includes

residential services, home security, legal services, personal services, renovation & interior design services, consumer auctions and wedding & funeral services.

Media 2540 MD Media 254010 ME Advertising 25401010

Companies providing advertising, marketing or public relations services. Broadcasting & Cable TV 25401020

Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services including programming.

Movies & Entertainment 25401030 Companies that engage in producing and selling entertainment products and

services including companies engaged in the production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams.

Publishing 25401040 Publishers of newspapers, magazines and books, printers for the media

industry, and providers of information in print or electronic formats.

Reference

Issue 5 77

Sector Industry


code Datastreamcode

Consumer Discretionary (continued) 25 CD Retailing 2550 RT Distributors 255010 DI Distributors 25501010

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

Internet & Catalog Retail 255020 NT Catalog Retail 25502010

Mail order and TV home shopping retailers. Includes companies that provide door-to-door retail.

Internet Retail 25502020 Companies providing retail services primarily on the internet, not classified

elsewhere.

Multiline Retail 255030 MR Department Stores 25503010

Owners and operators of department stores. General Merchandise Stores 25503020

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

Specialty Retail 255040 SR Apparel Retail 25504010

Retailers specialized mainly in apparel and accessories. Computer & Electronics Retail 25504020

Owners and operators of consumer electronics, computers, video and related products retail stores.

Home Improvement Retail 25504030 Owners and operators of home and garden improvement retail stores. Includes

stores offering building materials and supplies.

Specialty Stores 25504040 Owners & operators of specialty retail stores not classified elsewhere. Includes

jewelry stores, toy stores, office supply stores, health & vision care stores, and book & entertainment stores.

Automotive Retail 25504050 Owners and operators of stores specializing in automotive retail. Includes auto

dealers, gas stations, and retailres of auto accessories, motorcycles & parts, automotive glass, and automotive equipment & parts.

Homefurnishing Retail 25504060 Owners and operators of furniture and home furnishings retail stores. Includes

residential furniture, homefurnishings, housewares and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail sub-industry.

Consumer Staples 30 CS Food & Staples Retailing 3010 FD Food & Staples Retailing 301010 FD Drug Retail 30101010

Owners and operators of primarily drug retail stores and pharmacies. Food Distributors 30101020

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

Food Retail 30101030 Owners and operators of primarily food retail stores. Hypermarkets and Super Centres 30101040

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

Reference


Sector Industry group


Datastreamcode

Consumer Staples (continued) 30 CS Food Beverage & Tobacco 3020 FB Beverages 302010 BV Brewers 30201010

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

Distillers & Vintners 30201020 Distillers, vintners and producers of alcoholic beverages not classified in the

Brewers sub-industry.

Soft Drinks 30201030 Producers of non-alcoholic beverages including mineral waters. Excludes

producers of milk classified in the Packaged Foods sub-industry.

Food Products 302020 FP Agricultural Products 30202010

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

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

foods.

Tobacco 302030 TB Tobacco 30203010

Manufacturers of cigarettes and other tobacco products. Household & Personal Products 3030 HH Household Products 303010 HP Household Products 30301010

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

Personal Products 303020 PP Personal Products 30302010

Manufacturers of personal and beauty care products including cosmetics and perfumes.

Health Care 35 HC Health Care Equipment & Services 3510 HE Health Care Equipment & Supplies 351010 HS Health Care Equipment 35101010

Manufacturers of health care equipment and devices. Includes medical electronic precision instruments.

Health Care Supplies 35101020 Manufacturers of health care supplies and medical products not classified

elsewhere. Includes eye care products.

Health Care Providers & Services 351020 PS Health Care Distributors 35102010

Distributors and wholesalers of health care products not classified elsewhere. Health Care Services 35102015

Providers of health care services not classified elsewhere. Includes dialysis centers and lab testing services.

Health Care Facilities 35102020 Owners and operators of health care facilities including hospitals, nursing

homes, rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.

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

managed plans.

Pharmaceuticals & Biotechnology 3520 PB Biotechnology 352010 BI Biotechnology 35201010

Companies primarily involved in the development, manufacturing or marketing of products based on advanced biotechnology research.

Pharmaceuticals 352020 PH Pharmaceuticals 35202010

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

Reference

Issue 5 79

Sector Industry group


Datastreamcode

Financials 40 FN Banks 4010 B2 Commercial Banks 401010 B3 Diversified Banks 40101010

Commercial banks whose businesses are derived primarily from commercial lending operations and have significant business activity in retail banking and small and medium corporate lending. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance sub-industries. Also excludes investment banks classified in the Investment Banking & Brokerage sub-industry.

Regional Banks 40101015 Commercial banks whose businesses are derived primarily from commercial

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

Thrifts and Mortgage Finance 401020 Thrifts and Mortgage Finance 40102010

Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are primarily mortgage related, savings & loans, mortgage GSE’s (government sponsored enterprises), mortgage lending institutions, building societies and companies providing insurance to mortgage banks.

Diversified Financials 4020 D2 Diversified Financials 402010 D3 Other Diversified Financial Services 40201020

Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking, insurance and capital markets, but with no dominant business line.

Multi-Sector Holdings 40201030 A company with significantly diversified holdings across three or more sectors,

none of which contributes a majority of profit and/or sales. Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry.

Specialised Finance 40201040 Providers of specialized financial services. Includes credit agencies, stock

exchanges and specialty boutiques. Companies in this sub-industry derive a majority of revenue from one, specialized line of business.

Consumer Finance 402020 Consumer Finance 40202010

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

Capital Markets 402030 Asset Management & Custody Banks 40203010

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

Investment Banking and Brokerage 40203020 Financial institutions primarily engaged in investment banking & brokerage

services, including equity and debt underwriting, mergers and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in commercial lending, asset management and specialized financial activities.

Diversified Capital Markets 40203030 Financial institutions primarily engaged in diversified capital markets activities,

including a significant presence in at least two of the following area: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.

Reference


Sector Industry


code Datastreamcode

Financials (continued) 40 FN Insurance 4030 I2 Insurance 403010 I3 Insurance Brokers 40301010

Insurance and reinsurance brokerage firms. Life & Health Insurance 40301020

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

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

casualty insurance.

Property & Casualty Insurance 40301040 Companies providing primarily property and casualty insurance. Reinsurance 40301050

Companies providing primarily reinsurance. Real Estate 4040 R2 Real Estate 404010 R3 Real Estate Investment Trusts 40401010

Real estate investment trusts (REITs). Includes Property Trusts. Real Estate Management & Development 40401020

Companies engaged in real estate ownership, development or management. Information Technology 45 IT Software & Services 4510 SS Internet Software & Services 451010 NS Internet Software & Services 45101010

Companies developing & marketing internet software and/or providing internet services including online databases & interactive services, web address registration services, database construction & internet design services. Excludes companies classified in the Internet Retail sub-industry.

IT Services 451020 IS IT Consulting & Other Services 45102010

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

Data Processing & Outsourced Services 45102020 Providers of commercial electronic data processing and/or business process

outsourcing services. Includes companies that provide services for back-office automation.

Software 451030 SW Application Software 45103010

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

Systems Software 45103020 Companies engaged in developing and producing systems and database

management software.

Home Entertainment Software 45103030 Manufacturers of home entertainment software and educational software used

primarily in the home.

Reference

Issue 5 81

Sector Industry


code Datastreamcode

Information Technology (continued) 45 IT Technology Hardware & Equipment 4520 TH Communications Equipment 452010 CE Communications Equipment 45201010

Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.

Computers & Peripherals 452020 CP Computer Hardware 45202010

Manufacturers of personal computers, servers, mainframes and workstations. Includes manufacturers of Automatic Teller Machines. Excludes manufacturers of copiers, faxes and related products classified in the Office Electronics sub-industry.

Computer Storage & Peripherals 45202020 Manufacturers of electronic computer components and peripherals. Includes

data storage components, motherboards, audio and video cards, monitors, keyboards, printers and other peripherals. Excludes semiconductors classified in the Semiconductors sub-industry.

Electronic Equipment & Instruments 452030 EI Electronic Equipment Manufacturers 45203010

Producers of electronic equipment, instruments or components. Includes analytical, electronic test and measurement instruments, electronic components, connection devices and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry.

Electronic Manufacturing Services 45203020 Producers of electronic equipment mainly for the OEM (Original Equipment

Manufacturers) markets.

Technology Distributors 45203030 Distributors of technology hardware and equipment. Includes distributors of

communications equipment, computers & peripherals, semiconductors, and electronic equipment and components.

Office Electronics 452040 OE Office Electronics 45204010

Manufacturers of office electronic equipment including copiers & faxes. Semiconductors & Semiconductor Equipment 4530 S2 Semiconductors & Semiconductor Equipment 453010 SE Semiconductor Equipment 45301010

Manufacturers of semiconductor equipment. Semiconductors 45301020

Manufacturers of semiconductors and related products. Telecommunication Services 50 T1 Telecommunication Services 5010 T2 Diversified Telecommunication Services 501010 DT Alternative Carriers 50101010

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

Integrated Telecommunication Services 50101020 Operators of primarily fixed-line telecommunications networks and companies

providing both wireless and fixed-line telecommunications services not classified elsewhere.

Wireless Telecommunication Services 501020 WT Wireless Telecommunication Services 50102010

Providers of primarily cellular or wireless telecommunication services including paging services.

Reference


Sector Industry


code Datastreamcode

Utilities 55 U1 Utilities 5510 U2 Electric Utilities 551010 EU Electric Utilities 55101010

Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities, as well as independent power producers.

Gas Utilities 551020 GU Gas Utilities 55102010

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

Multi-Utilities 551030 MU Multi-Utilities 55103010

Utility companies with significantly diversified activities in addition to core Electric Utility, Gas Utility and/or Water Utilityoperations.

Water Utilities 551040 WU Water Utilities 55104010

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

Independent Power Producers & Energy Traders 551050 IP Independent Power Producers & Energy Traders 55105010 Companies that operate as Independent Power Producers (IPPs), Gas & Power

Marketing & Trading Specialists and/or Integrated Energy Merchants. Excludes electric transmission companies and utility distribution companies classified in the Electric Utilities sub-industry.

Reference

Issue 5 83

Datatypes MSCI index datatypes 84

Code datatypes 85 Descriptors 85

Indicators 85 Classification datatypes 86

Next day datatypes 86 Proforma datatypes 86

Associated market datatypes 87 MSCI price datatypes 87

Datatypes for constituents of Small Cap indices 88 Dividend datatypes 88

Datastream Search datatypes 89 Advance Corporate Events datatypes 90

Value and Growth Index datatypes 94 Value and Growth Constituent datatypes 94 MSCI company monthly ratio datatypes 96

Company descriptors and flags 97 MSCI balance sheet datatypes 98

MSCI income statement datatypes 99

Reference


MSCI index datatypes

Standard indices Datatype Alternative datatype

Price index MSPI PI Index with net dividends reinvested in local currency MSNR see note 1 NR Index with gross dividends reinvested in local currency MSRI see note 1 RI Index with net dividends reinvested in local currency MSND see note 2 ND Index with gross dividend reinvested in local currency MSDR see note 2 DR Number of equities NE Note 1: Data is provided on a monthly basis to 31st December 2000 and daily from 1st January 2001 onwards. See page 109 for details of the implementation of daily total returns. Customers wishing to view complete MSCI official return index values should use these datatypes. Note 2: Unofficial daily data from 31st December 1998 to 31st December 2000, then official daily data from 1st January 2001 onwards. See page 109 for full details.

Valuation ratios Price/Earnings per share MSPE PE Price/ Book value MSPB BP Dividend yield MSDY DY Price/Cash earnings per share MSPC PC Market value of index (U$) MSMV MV Return on equity MSRE RE

GDP Percentage GDP weighting of index as constituent of Europe index MSGWE - - Percentage GDP weighting of index as constituent of EAFE index MSGWF - - Percentage GDP weighting of index as constituent of World index MSGWW - - Percentage GDP weighting of index as constituent of EMU index MSGWU

Use GDP datatypes with the lists displayed on page 37

Alternative datatypes You can use either the MSCI or alternative datatypes when analysing MSCI indices. However, if you are working with a combination of MSCI indices and those from another source, such as Datastream, within a mixed list, you need to use the alternative datatype where available. Price to Cash earnings ratios, in general, are not calculated for banking, insurance or financial services companies.

Reference

Issue 5 85

Code datatypes

Description Definition History Currency conversion

Update

MNEM Datastream mnemonic

Unique combination of letters and numbers. Use to access any data series on Datastream system

No No Daily

IBTKR IBES ticker Unique non-changing identifier for an issue on the IBES system. It will always be prefixed by @: on the Datastream system.

No No Daily

ISIN ISIN code International Security Identification Number uniquely identifies a security. It is an international coding system developed by the International Standards Organisation (ISO).

No No Daily

LOC Local official code Unique identifier issued by the local exchange on which the stock is traded.

No No Daily

MSTSC MSCI Time Series code

Unique non-changing identifier for an issue. It will always be prefixed by MS: on the Datastream system.

No No Daily

SECD SEDOL code Stock Exchange Daily Official List unique identifier issued by the London Stock Exchange.

No No Daily

MSCODE MSCI code The MSCI assigned company code. The first 5 digits are unique for a company, the last two digits allow for different types of share. This code does change over time - ie in the case of mergers or restructuring.

No No Daily

Descriptors


Update

MSFMCF Foreign inclusion factor

Multiply the market value by this factor to define the weighting of the stock in an index. Used for constituents of free indices until 31 October 2001 and for all indices since then.

Yes from 1 June 1996

No Daily

MSFIF Foreign inclusion factor

As MSFMCF. Originally used for Provisional indices, but can now be used for the constituents of Standard indices since the end of May 2002.

Yes from 31 May 2001

No Daily

MSMCF Market cap factor Multiply the market value by this factor to define the weighting of the stock in an index. Used for constituents of non free indices.

Yes from 1 June 1996

No Daily

MSCTRY MSCI country code The MSCI country code for the country of domicile for the company.

No No Daily

MSCTRYN Msci country name The MSCI country name for a company’s country of domicile. No No Daily MSNAME Name of company The name of the security No No Daily

Indicators


Update

MSIXIN Index Inclusion flag Indicates whether a stock is included in the MSCI indices on the given date. 0 = not included 1 = included

Yes No Daily

MSSCI Small Cap index flag Indicates whether a stock is a constituent of a Small Cap index Yes No Daily MSGVI Value/Growth index

flag Indicates whether a stock is a constituent of the Value or Growth sub-index V = value G = growth B = both

Yes No Daily

MSEURO Euro index flag Indicates whether a stock is a constituent of the Euro or Pan Euro indices.

Yes No Daily

Reference


Classification datatypes


Update

MSCIIC Industry code MSCI GICS Industry Yes from Dec 1996

No Daily

MSCIGC Industry group code MSCI GICS Industry Group Yes from Dec 1996

No Daily

MSCIIGN Industry group name MSCI GICS Industry Group name No No Daily MSCIIN Industry name MSCI GICS Industry name No No Daily MSCISC Sector code MSCI GICS Sector Yes from

Dec 1996

No Daily

MSCISN Sector name MSCI GICS Sector name No No Daily MSCSIC Sub-industry code MSCI GICS Sub-industry code Yes from

Dec 1996

No Daily

MSCISIN Sub-industry name MSCI GICS Sub-industry name No No Daily

Next day datatypes

Datatype Description

Standard datatype for comparison Datatype Description

Standard datatype for comparison

MSCNSC Sector next day MSCISC MSNPAF Preliminary price adjustment factor next day

MSPAF

MSCNSN Sector name next day MSCISN MSNFIF Foreign inclusion factor next day MSFIF MSCNGC Industry group code next day MSCIGC MSNDIF Domestic inclusion factor next day MSDID MSCNIGN Industry group name next day MSCIIGN MSNXIN Standard index inclusion flag next day MSIXIN MSCNIC Industry code next day MSCIIC MSNEUR Euro series flag next day MSEURO MSCNIN Industry name next day MSCIIN MSNSCF Small cap index flag next day MSSCI MSCNSI Sub industry code next day MSCSIC MSNISO ISO currency code next day MSPCUR MSCNSIN Sub industry name next day MSCISIN MSNSNC Standard index number of shares next

day n/a

Proforma datatypes

Datatype Description

Standard datatype for comparison Datatype Description

Standard datatype for comparison

MSFFIF Proforma foreign inclusion flag MSFIF MSFSCI Proforma Small Cap Index Flag MSSCI MSFXIN Proforma standard index

inclusion flag MSIXIN MSFGVF Proforma Global Value Inclusion

Factor MSFCTV

MSFNSH Proforma NOSH MSNOSH MSFGGF Proforma Global Growth Inclusion Factor

MSFCTG

Reference

Issue 5 87

Associated market datatypes

These datatypes enable you to retrieve the value and the mnemonic of the index associated with any stock in the MSCI universe.

Description History Currency conversion

Update Description History Currency conversion

Update

MSM Country index in local currency

Yes n/a Daily MSIGI ACS Industry group index in local currency

Yes n/a Daily

MSMD Country index in US Dollars

Yes n/a Daily MSIGD ACS Industry group index in U$

Yes n/a Daily

MSSI ACS sector index in local currency

Yes n/a Daily MSII ACS Industry index in local currency

Yes n/a Daily

MSSID ACS sector index in U$ Yes n/a Daily MSIDI ACS Industry index in U$ Yes n/a Daily

By default the datatypes listed above return the Price Index (MSPI). To return other data, suffix a ‘#’ followed by the required datatype. For example: ICI(MSMD#MSMV) returns the Market value of the UK index in US$

INDXM Country index mnemonic

for local currency Yes n/a Daily INDXIGI ACS Industry group index

mnemonic in local currency

Yes n/a Daily

INDXMD Country index mnemonic in US Dollars

Yes n/a Daily INDXIGD ACS Industry group index mnemonic in U$

Yes n/a Daily

INDXSI ACS sector index mnemonic in local currency

Yes n/a Daily INDXII ACS Industry index mnemonic in local currency

Yes n/a Daily

INDXSID ACS sector index mnemonic in U$

Yes n/a Daily INDXIID ACS Industry index mnemonic in U$

Yes n/a Daily

MSCI price datatypes


Updated

MSP Adjusted price The MSCI adjusted price in local currency. Adjustments take account of capital changes. Monthly prices are generally available from the beginning of 1988. They are taken on the last working day of the previous month. Daily prices are available for the last 13 months from today’s date, after which monthly prices are available. You can investigate differences between adjusted and unadjusted price data using Datastream program 284A.

Yes Yes Daily

MSIXP Index of price A value representing the price return from period to period by using an index of performance with an arbitrary base value. The index of price is adjusted for capital changes.

Yes No Daily

MSMV Market value The market capitalisation of the company: (number of shares) x (unadjusted price in local currency).

Yes Yes Daily

MSVxxx Market value in different currencies

Market capitalisation of a company: (number of shares) x (unadjusted price in any currency). Replace xxx with currency code (see page 101). Displayed in millions.

From 1st June 96

Yes Daily

MSNOSH Number of shares

Stored as an actual value. MSNOSH is available as daily values from June 1996, and as monthly values before that date.

Yes Yes Daily from 1st June 1996

MSSNSH Number of shares in small cap indices

Stored as an actual value. Datastream NOSH (number of shares) is stored in thousands (`000s).

Yes Yes Daily from 1st June 1996

MSNSI Number of shares for today’s index

Used to calculate market capitalisation, and needed to replicate the index. Yes No Daily from Nov 2001

MSPCUR Price currency The MSCI currency code for the company (ISO code). See page 101 for currency codes.

No No Daily

Reference


MSCI price datatypes (continued)


Updated

MSPMRK Price marker blank = exchange price c = calculated price Prices calculated based on the domestic price and the premium of the foreign traded shares can be used when there are occasional gaps in foreign trading. (Calculated foreign price) = (domestic price) x (1 + premium %) where premium is the average of premiums observed during the last five days of trading. Calculated prices are only available for Indonesia, Malaysia, Singapore and Thailand. e = estimated price On a day where there is no foreign trading, but domestic trading on a security takes place, CIPSA estimates a foreign price. Also, prices given which are not closing prices are indicated as estimated prices. Estimated prices are available for any country.

Yes No Daily since 1st April 1997

MSUP Unadjusted price

The MSCI unadjusted price in local currency. Unadjusted for scrip or rights issues. Monthly prices are generally available from the beginning of 1988. They are taken on the last working day of the previous month. Daily prices are available for the last 13 months from today’s date, after which monthly prices are available. You can investigate differences between most adjusted and unadjusted price data using Datastream program 284A.

Yes Yes Daily

MSPAF Price adjustment factor

Used to adjust a security’s price for corporate events. The price adjustment factor enables customers to replicate price index values. If not applicable, the field displays as 1.000.

Yes No Daily

Datatypes for constituents of Small Cap indices


Updated

MSZUSD Smallcap market value in U$

Market capitalisation of a small cap company: (number of shares) x (unadjusted price in US$)

Yes Yes Daily

MSSMV Smallcap market value - local

Market capitalisation of a small cap company: (number of shares) x(unadjusted price in local currency)

Yes Yes Daily

MSZxxx Smallcap market value in other currencies

Market capitalisation of a small cap company: (number of shares) x (unadjusted price in any currency). Replace xxx with currency code (see page 101)

Yes Yes Daily

MSSFIF Foreign inclusion factor

For small cap constituents Yes No Daily

Dividend datatypes


Updated

MSCD Calculation date The date at which the dividend is included in the index calculation.

Yes from March 2002

No Daily

MSDC Dividend currency The ISO symbol of the currency in which the dividend is paid. Yes from March 2002

No Daily

MSDS Dividend sub-unit The number of shares to which the dividend amount applies. Yes from March 2002

No Daily

MSAD Adjusted dividend The amount of dividend adjusted for a corporate action that is reinvested. This is not necessarily the same as the factor used in adjusting the price.

Yes from March 2002

No Daily

MSUD Unadjusted dividend

The non-adjusted amount of the dividend. Yes from March 2002

No Daily

MSDA Adjustment factor The ratio between the non-adjusted and the adjusted dividend amounts.

Yes from March 2002

No Daily

MSXDD Ex-dividend date The first day on which a security no longer carries the right to the most recently declared dividend.

Yes from March 2002

No Daily

MSCF Correction flag Flag indicating the dividend amount is a correction to a previously reinvested dividend.

Yes from March 2002

No Daily

Reference

Issue 5 89

Datastream Search datatypes

Datatype Description Update Fast Search

MSBV Book value Monthly MSBPS Book value per share Monthly MSCES Cash earnings Monthly MSCPS Cash earnings per share Monthly MSCA Current assets Monthly MSCL Current liabilities Monthly MSDPS Dividend per share Monthly MSEPS Earnings per share Daily MSFXA Fixed assets Monthly MSINV Investments Monthly MSLTD Long term debt Monthly MSOA Other assets Monthly MSOL Other liabilities Monthly MSPMC Percentage price change for month to date Monthly MSPYC Percentage price change for year to date Monthly MSPHC Percentage price change from high value Monthly MSP Price Monthly MSPB Price/Book value per share Monthly MSPC Price/Cash earnings per share Monthly MSPE Price/Earnings per share Monthly MSPS Price/Sales (Emerging Market data only) Monthly MSSLS Sales Monthly MSERS Total earnings Monthly MSCISC MSCI sector code (GICS) Daily MSSCIGC MSCI industry group (GICS) Daily MSCIIC MSCI Industry code (GICS) Daily

Reference


Advance Corporate Events datatypes

These datatypes are available to customers who subscribe to the MSCI Core Daily modules such as MSCI Core Developed Markets Daily. These datatypes provide essential information relating to MSCI index constituent changes. They provide a clear picture of MSCI’s treatment of all future changes affecting constituents in MSCI indices, including pending changes and changes implemented within the last two business days. All security level changes resulting from corporate events are included. Change types include corporate actions (mergers, spin-offs, and so on), foreign inclusion factors, GICS changes, quarterly index reviews and annual full country index reviews.

For each datatype, there are two versions:

• Latest datatype provides details of the last event • Historic datatype retrieves events that occurred in the past (up to nine events can be

stored).

The event id datatype (MSLEID) provides the MSCI code that holds the details of the event. An event id can be unique to a particular security, for example, a takeover, or the same id can be used for a number of securities, for example, quarterly index reviews.

The composite datatype (MSEVID) provides a summary of the last event. For example, the last event id for Autozone was 2948 and this was implemented on 5th November 2003. The event type (MSLTYP) and event description (MSLDES) datatypes provide details of each event. In this case, there was a Secondary offering (Public offer).

Latest Datatype

Name Historic Datatype

Name Description

MSEVID Composite datatype MSLEID Latest last event id MSHEID Historic last event id Numeric key to identify unique events MSLSTT Latest last event status MSHSTT Historic last event status Acknowledged, Undetermined, Expected,

Confirmed, Implemented, Cancelled, Correction. See the following table for descriptions of the values returned by MSLSTT

MSLEDT Latest effective date of change

MSHEDT Historic effective date of change

Date the security’s change is effective in index

MSLUDT Latest date event last updated

MSHUDT Historic date event last updated

Last date the change data has been updated

MSLFDT Latest date event first entered

MSHFDT Historic date event first entered

Initial date the change data was entered into file

MSLCCT Latest country code after change

MSHCCT Historic country code after change

Country after change

MSLNNM Latest constituent name after change

MSHNNM Historic constituent name after change

New security name

MSLTYP Latest corporate event type MSHTYP Historic corporate event type Type of corporate action or security’s change, i.e. merger, acquisition, spin-off, private placement etc.See the following table for descriptions of the values returned by MSLTYP

MSLDES Latest corporate event MSHDES Historic corporate event Detailed information concerning the even. For example, for shares, for cash, etc

MSLTRM Latest terms of corporate event

MSHTRM Historic terms of corporate event

Terms of a corporate event. For example, 10:1

MSLFLG Latest event flag MSHFLG Historic event flag 1 if additional text announcement (Option P/Q/T/VG) has been made; otherwise 0

MSLNNS Latest new index NOSH on effective date

MSHNNS Historic new index nosh on effective date

Security number of shares used in index calculation on the effective date.

MSLCNS Latest new closing NOSH on effective date

MSHCNS Historic new closing nosh on effective date

Security number of shares used in calculation of closing market cap after change

MSLCOM Latest correction comment MSHCOM Historic correction comment In the event of correction – free text description of correction

Reference

Issue 5 91

Latest Datatype

Name Historic Datatype

Name Description

MSLPFF Latest price adjustment factor formula

MSHPFF Historic price adjustment factor formula

Formula used to calculate the Price Adjustment Factor (PAF)

MSLPAF Latest price adjustment factor

MSHPAF Historic price adjustment factor

PAF (where price is available to calculate final PAF upon implementation change. See the following table for descriptions of price adjustment factors.

MSLISO Latest new currency after change

MSHISO Historic new currency after change

Currency symbol of price after change

MSLSIG Latest new sub industry code after change

MSHSIG Historic new sub industry code after change

GICS sub-industry code after change

MSLSIN Latest new sub industry name after change

MSHSIN Historic new sub industry name after change

GICS sub-industry name after change

MSLFIF Latest foreign inclusion factor after change

MSHFIF Historic foreign inclusion factor after change

Foreign inclusion factor after change

MSLDIF Latest domestic inclusion factor after change

MSHDIF Historic domestic inclusion factor after change

Domestic inclusion factor after change

MSLLIF Latest limited investability factor after change

MSHLIF Historic limited investability factor after change

Limited investibility factor after change

MSLFOL Latest foreign ownership limit after change

MSHFOL Historic foreign ownership limit after change

Foreign ownership limit after change

MSLINC Latest standard index inclusion flag after change

MSHINC Historic standard index inclusion flag after change

1,0 – depending on index inclusion in the MSCI Standard index series

MSLEUR Latest euro index inclusion flag after change

MSHEUR Historic euro index inclusion flag after change

1,0 – depending on index inclusion in the MSCI Pan-Euro and Euro indices

MSLSCP Latest small cap inclusion flag after change

MSHSCP Historic small cap inclusion flag after change

1,0 – depending on index inclusion in the MSCI Small Cap index series

MSLVAG Latest date of data used in V/G style atttribution

MSHVAG Historic date of data used in v/g style attribution

Date of data used in the Value/Growth style attribution

MSLGVZ Latest global value Z score MSHGVZ Historic global value Z score Value Z-score used for the Global Value/Growth style attribution

MSLGGZ Latest global growth Z score

MSHGGZ Historic global growth Z score

Growth Z-score used for the Global Value/Growth style attribution

MSLVFT Latest global value inclusion factor after change

MSHVFT Historic global value inclusion factor after change

Adjustment factor used to adjust the weight of the security in the Global Value indices, after change

MSLGFT Latest global growth inclusion factor after change

MSHGFT Historic global growth inclusion factor after change

Adjustment factor used to adjust the weight of the security in the Global Growth indices, after change

Reference


Advance Corporate Events datatypes (continued) MSLSTT returns the following values: Description Timing Acknowledged Used to indicate that MSCI is aware of an upcoming event. With this

status, MSCI will not disclose any details of the treatment of the corporate event. Used for all corporate events (mergers, acquisitions, spin off, buybacks, and conversions), except for IPOs and corporate events resulting in a price adjustment (stock, split, rights, etc.), where an “Expected” or “Undetermined” announcement will be sent directly.

As early as possible.

Canceled Used when a previously announced event does not go through. As early as possible. Confirmed Used when all details for the implementation of the security’s change

have been finalised. For corporate actions and other company changes, confirmed announcement will be sent two days before the effective date (whenever possible). QIR/Annual Full Country Index Review changes will be announced as confirmed at least two weeks before their effective date.

Correction Used in the case a modification needs to be made only to an event that was previously Confirmed.

In the next daily file.

Expected Used when the effective date is known, but other elements of the event are subject to change.

As soon as possible for corporate actions (stock, split, rights, etc.), or generally ten business days before effective date.

Implemented Used when the change has been implemented in the index. The event will remain in the file two days after its effective date.

Undetermined Used when the event is conditional upon uncertain events (eg: the offer is hostile, the effective date is not known). MSCI will describe the event and how it will be implemented if and when it becomes effective.

As the effective date is unknown, undetermined announcements will be sent when there is a reasonable level of certainty that the event will take place.

MSLTYP returns the following values:

Abbreviation Event Abbreviation Event Abbreviation Event

ACK Acknowledged DIV Dividend PUB_OFF Public offer

ACQ Acquisition S Estimated by MSCI PUB_OFF_P Public offer priority to shareholders

BANKR Bankruptcy EXP Expected PUB_PL Public placement

BLK_SALE Block Sale X Expected Q Quarter estimate

BON Bonus FOL Fol change QIR Quarterly index review

BUYBCK Buy Back IMP Implemented RED Redemption

TER Cancelled IPO Initial public offering RSPLIT Reverse split

CAP_REP Capital Repayment MERGE Merger RTS Rights issue

CAP_REPAY Capital Repayment M&A Merger and acquisition group SEC_OFF Secondary offering

C Confirmed M Month SPEC_DIV Special dividend

CON Confirmed MULTI Multi SPIN Spin off

CONSOL Consolidation NAME Name change SPLIT Split

CONV Conversion NEW_ISS New issue STK_DIV Stock

COR Correction OTH Other U Undetermined

CORR Correction OTHER Other UND Undetermined

DELIST Delisting PRIV_PL Private placement

Reference

Issue 5 93

Advance Corporate Events datatypes (continued) Price adjustment factor (PAF) for various corporate events Event Type Event type

abbreviation Comments PAF = [Cum Price Formula] / [Ex Price Formula]

Actual data for these terms is shown whenever it is known.

Merger Merger Exchange of shares (PAF applied for historical link when terms are <> 1for 1).

[Other Asset Issued] / [Shares Before]

Merger Exchange of cash and shares. [(P(t) * Other Asset Issued + Cash) / Shares Before] / [P(t)]

Conversion Conversion Exchange of shares (PAF applied for historical link when terms are <> 1for 1).

[Other Asset Issued] / [Shares Before]

Spin-off Spinoff Spun-off traded on the ex- date. [P(t) + Spun Off P(t) * Spun Off Shares Issued / Shares Before] / [P(t)]

Spinoff Spun-off NOT traded on the ex-date (creation of a 'detached' security).

[P(t-1)] / [P(t)]

Split Split [Shares Issued] / [Shares Before] Reverse Split Revsplit [Shares Issued] / [Shares Before] Consolidation Consol [Shares Issued] / [Shares Before] Capital Repayment

Caprep [P(t) + Cash] / [P(t)]

Rights Issue R Right of new underlying shares. If Issue P>P(t-1) then 1 else [P(t-1)] / [(P(t-1) * Shares Before + Shares Issued * Issue P) / (Shares Issued +Shares Before)]

R Right of new underlying shares with other asset (bond, warrants, preferred, etc.) attached.

[(P(t) * (Shares Issued + Shares Before) + Other Asset Issued * Other Asset P(t) - Shares Issued * Issue P) /Shares Before] / [P(t)]

R Right of other types of asset (bond, warrants, preferred,etc.) if they trade on the effective date.

[P(t) + (Other Asset P(t) - Issue P) * Other Asset Issued /Shares Before] / [P(t)]

Special Dividend Specdiv PAF is applied for special dividends when the impact of dividend on the price of the day prior the ex-date is greater than or equal to 5%.

[P(t) + Special Div] / [P(t)]

Stock S Stock Dividend / Bonus /stock. [Shares Issued + Shares Before] / [Shares Before] S Stock of other types of asset (bond, warrants,

preferred, etc.). [(P(t) * Shares Before + Other Asset P(t) * Other Asset Issued) / Shares Before] / [P(t)]

S Stock of new underlying shares with warrants attached.

[(P(t) * (Shares Issued + Shares Before) + Other Asset P(t) * Other Asset Issued)/ Shares Before] / [P(t)]

Multi (combination of 2 or more event types above)

Multi Example: Split and Capital Repayment. Example: [P(t) * Shares Issued / Shares Before + Cash] /[P(t)]

Where: P(t) Closing price in local currency on the ex-date P(t-1) Closing price in local currency on the cum date (ex-date -1) Shares Before Number of shares before the event Shares Issued Number of shares distributed Issue P Issue price (local currency) Cash Shareholder cash entitlement Special Div Shareholder special dividend entitlement Other Asset Issued Number of other asset distributed (e.g. warrant, convertible bond, shares in other securities) Spun Off Shares Issued Number of spun off security shares distributed Other Asset P(t) Closing price of the other asset on the ex-date Spun Off P(t) Closing price of the spun off security on the ex-date

Reference


Value and Growth Index datatypes

Description Definition MSLE Long term forward EPS growth rate Long term forward earnings per share growth rate MSSE Short term forward EPS growth rate Short term forward earnings per share growth rate MSFE Price to 12 months forward

earnings Price to 12 months forward earnings

MSIG Current internal growth rate Current internal growth rate MSET Long term EPS growth trend Long term earnings per share growth trend MSSG Long term SPS growth trend Long term sales per share growth trend MSTI 12 months trailing index EPS 12 months trailing index earnings per share MSTY 12 months forward index EPS 12 months forward index earnings per share MSEG Year on year growth forward EPS Year on year growth forward earnings per share MSCM Median market cap of index Median market cap of index, using the closing market cap of all securities

included in the index as of the calculation date. MSMC Average market cap of index Average market cap of index, using the closing market cap of all securities

included in the index as of the calculation date.

Value and Growth Constituent datatypes

Description Definition

Daily datatypes MSFCTG Daily growth inclusion factor Indicates the portion of the security that is included in the MSCI Global

Growth indices. MSFNDG Daily growth inclusion factor next

day Indicates the portion of the security that is included in the MSCI Global Growth indices of the next day

MSFCTV Daily value inclusion factor Indicates the portion of the security that is included in the MSCI Global Value indices.

MSFNDV Daily value inclusion factor next day Indicates the portion of the security that is included in the MSCI Global Value indices of the next day

Monthly datatypes MSGBV Global Z book value to price Book value to price Z Score used for style allocation MSGEPF Global Z E/P forward Earnings to price forward Z Score used for style allocation MSGDY Global Z dividend yield Dividend yield Z score used for style allocation MSGLFE Global Z long term forward EPS

growth rate Long term forward earnings per share growth rate Z score used for style allocation

MSGSFE Global Z short term forward EPS growth rate

Short term (12 month rolling) forward earnings per share growth rate Z score used for style allocation

MSGCIG Global Z current internal growth rate Current internal growth rate Z score used for style allocation MSGLHE Global Z long term historical EPS

growth trend rate Long term historical earnings per share growth trend Z score used for style allocation

MSGLHS Global Z long term historical SPS growth trend rate

Long term historical sales per share growth trend Z score used for style allocation

MSGZV Global Z value Aggregate value Z score used for style allocation MSGZG Global Z Growth Aggregate growth Z Score used for style allocation MSGISO Currency of 5 year historical EPS

and SPS Currency of Results of the historical 5 years earnings and sales per share

MSEPSF 5 year historical EPS estimated flag Indicates that earnings per share are estimated as follows: 0 = Earnings up to and including the most recent year are estimated. 1 = Earnings up to and including the previous year are estimated. 2 = Earnings up to and including the fiscal year end for the period ending two periods prior to the latest fiscal year are estimated. 3 = Earnings up to and including the fiscal year end for the period ending three periods prior to the latest fiscal year are estimated. 4 = Earnings for the fiscal year end for the period ending four periods prior to the latest fiscal year are estimated

MSSPSF 5 year historical SPS estimated flag As above but for sales per share

Reference

Issue 5 95

Value and Growth Constituent datatypes (continued)

Description Definition MSGIGR Current internal growth rate Current internal growth rate MSGLET Long term EPS growth trend Long term historical earnings per share growth trend MSGLST Long term SPS growth trend Long term historical sales per share growth trend MSYR0 Most recent fiscal year end Most recent fiscal year end MSYR1 Previous fiscal year end Previous fiscal year end MSYR2 Fiscal year end minus 2 Fiscal year end for period ending two periods prior to latest fiscal year MSYR3 Fiscal year end minus 3 Fiscal year end for period ending three periods prior to latest fiscal year MSYR4 Fiscal year end minus 4 Fiscal year end for period ending four periods prior to latest fiscal year MSYR0E Most recent fiscal year EPS Most recent fiscal year end restated earnings per share, adjusted for

corporate events (used for historical earnings per share growth trend.) MSYR0S Most recent fiscal year SPS Most recent fiscal year end restated sales per share, adjusted for corporate

events (used for long term historical sales per share growth trend) MSYR1E Previous fiscal year EPS Previous fiscal year end restated earnings per share, adjusted for corporate

events (used for long term historical earnings per share growth trend) MSYR1S Previous fiscal year SPS Previous fiscal year end restated sales per share, adjusted for corporate

event (used for long term historical sales per share growth trend) MSYR2E Fiscal year end minus 2 EPS fiscal year end restated earnings per share for period ending two periods

prior to latest fiscal year, adjusted for corporate events (used for long term historical earnings per share growth trend)

MSYR2S Fiscal year end minus 2 SPS Fiscal year end restated sales per share for period ending two periods prior to latest fiscal year, adjusted for corporate events (used for long term historical sales per share growth trend)

MSYR3E Fiscal year end minus 3 EPS Fiscal year end restated earnings per share for period ending three periods prior to latest fiscal year, adjusted for corporate events (used for long term historical earnings per share growth trend)

MSYR3S Fiscal year end minus 3 SPS Fiscal year end restated sales per share for period ending three periods prior to latest fiscal year, adjusted for corporate events (used for long term historical sales per share growth trend)

MSYR4E Fiscal year end minus 4 EPS Fiscal year end restated earnings per share for period ending four periods prior to latest fiscal year, adjusted for corporate events (used for long term historical earnings per share growth trend)

MSYR4S Fiscal year end minus 4 SPS Fiscal year end restated sales per share SPS for period ending four periods prior to latest fiscal year, adjusted for corporate events (used for long term historical sales per share growth trend)

Reference


MSCI company monthly ratio datatypes


Update

MSBPS Book value per share Book value per share outstanding at the latest balance sheet date

Yes Yes Monthly

MSBPSD Book value per share date

Date of latest balance sheet Yes No Monthly

MSCFLG Cash earnings estimated flag

Cash earnings estimated flag 0 = indicates P/CE ratio is not based on estimates 1 = indicates P/CE ratio is based on estimated depreciation 6 = Loss reported.

Yes No Monthly

MSCPS Cash earnings per share

Trailing 12 month Cash earnings (net earnings plus depreciation)

Yes Yes Monthly

MSCPSD Cash earnings per share date

Date of latest Cash earnings estimate (interim or Final) Yes No Monthly

MSDTRN Dividend trend indicator

Dividend Yield is reported greater than, less than or equal to the previous Dividend Yield

Yes No Monthly

MSDY Dividend yield Dividend Yield Yes No Monthly MSMDPS DPS Most Recent Dividend Per Share (current rate for US and

Canada; all others trailing 12 months. Yes Yes Monthly

MSMDPD DPS date Date of latest dividend update (Emerging Market data only) Yes No Monthly MSEPSD Earnings date Date of latest earnings update (interim or final). Yes No Monthly MSEFLG Earnings estimated

flag 0 = no estimation 1 = Earnings estimated 6 = Loss reported

Yes No Monthly

MSETRN Earnings trend indicator

New Earnings is reported greater than, less than or equal to the previous Earnings.

Yes No Monthly

MSPEC PE consolidation flag 0 = PE based on consolidated data 1 = PE based on unconsolidated data

Yes No Monthly

MSPB Price/Book value per share

Price/Book value Per Share Based on the book value as reported in the balance sheet at the fiscal year end. No adjustments are made for goodwill or other special items. MSPB = MSUP / MSBPS

Yes Yes Monthly

MSPC Price/Cash earnings per share

Price/Cash earnings (earnings + depreciation on fixed assets) Per Share. Based on the results for the 12 months ending on the date obtained by datatype MSCPSD. MSPC = MSP / MSCPS

Yes Yes Monthly

MSPE Price/Earnings per share

Price/Earnings per share MSPE = MSP / MSEPS

Yes Yes Monthly

MSPS Price/sales Price/Sales - Reported sales, for insurance companies it is the total net new premiums (Only for Emerging Market countries)

Yes No Monthly

MSPSLD Price/sales date Date reported. Yes No Monthly MSRE Return on equity Return on Equity. EPS/book value per share expressed as a

percentage. MSRE = MSEPS / MSBPS

Yes No Monthly

MSROEF Return on equity flag Indicates a difference of 12-18 months exists between book value and net earnings data.

Yes No Monthly

MSEPS Rolled up - earnings per share

Trailing 12 month earnings. Based on reported figures (not preliminary), they include interim earnings.

Yes Yes Monthly

Reference

Issue 5 97

Company descriptors and flags


Update

MSBTXT1 Business text - line 1 Textual description of the company and miscellaneous information.

No No Monthly


No No Monthly


No No Monthly


No No Monthly


No No Monthly


No No Monthly


No No Monthly

MSCAP Capital Text relating to total capital for company. No No Monthly MSDOM Domestic flag Y = Indicates if share is traded only on the domestic market. No No Monthly MSCON Earnings consolidated

flag 0 = fully consolidated results 1 = indicates P/E and P/CE are based on results not fully consolidated, except for Germany where this applies to P/CE ratio only. (P/E is based on estimated ‘real’ earnings).

Yes No Monthly

MSCODE MSCI code The MSCI assigned company code. The first 5 digits are unique for a company, the last two digits allow for different types of share. This code does change over time - ie in the case of mergers or restructuring.

No No Daily

MSPHC Percentage change of price from high value

Percentage change from high value (since base date Jan 70 for developed markets) in local currency, adjusted for price changes. Available for developed markets only.

Yes from 1st Dec 95

No Monthly

MSPMC Percentage change of price in month to date

Percentage change month to date in local currency, adjusted for price changes. Available for developed markets only.

Yes from 1st Dec 95

No Monthly

MSPYC Percentage change of price in year to date

Percentage change year to date (from start of calendar year) in local currency, adjusted for price changes. Available for developed markets only.

Yes from 1st Dec 95

No Monthly

MSPPF Priced as percentage of par flag

Indicates if the stock is priced as a per cent of its par value. Y indicates it is priced as a percentage, N indicates it is not.

Yes No Monthly

MSSUSP Suspended flag Indicates if the company is suspended from trading 0 = not suspended 1 = suspended

No No Monthly

MSVAL Value of quotation This field is designed to address the situation in Brazil, where because of currency changes some securities are being quoted in lots of 1000. This field is informational only. Market capitalisation continues to equal price x shares outstanding. 0 = shares and prices are stated in lots of 1 1 = shares and prices are stated in lots of 10 2 = shares and prices are stated in lots of 100 3 = shares and prices are stated in lots of 1000 4 = shares and prices are stated in lots of 10000

No No Daily

Reference


MSCI balance sheet datatypes

Balance sheet data is only available for stocks from Developed Market countries. MSCI maintains history for these datatypes over a rolling 5 year period. Outside this 5 year period, the data is not adjusted for scrip issues.


Updated

MSBCUR Balance sheet currency

Currency code used for balance sheet. Yes No Monthly

MSBDTE Balance sheet date Date of balance sheet. Yes No Monthly MSUNTB Balance sheet units Unit in which the balance sheet results are specified.

THOU = thousands MILL = millions BILL = billions

Yes No Monthly

MSBV Book value Includes the capital account, retained equity, and all reserves of an equity nature. For Swedish companies, 50% of special untaxed inventory and investment reserves are included, with the other 50% added to liabilities. Preferred equity is excluded; it is included in Other Liabilities. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSCCD Convertible code Indicates whether convertible debentures are outstanding and are included in Long Term Debt.

Yes No Monthly

MSCA Current assets Includes inventories, receivables, securities, bank balances, cash and equivalents. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSCL Current liabilities Includes all liabilities of a short-term nature, eg payable within one year. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSFXA Fixed assets Property, plant, and equipment after accumulated depreciation (except for South Africa Gold Mines, which do not depreciate fixed assets). Non-physical assets such as goodwill and patents are excluded; they are included in Other Assets. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSINV Investments Investments - includes equity participation in and loans to subsidiaries, affiliates, and associated companies. Whenever possible, investments of a purely portfolio nature have been excluded from this item. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSLTD Long term debt All debt maturing in more than one year, when convertible debentures are outstanding and included in Long Term Debt this is indicated by a ‘1’ in the Convertible Code. If the current portion of long term debt is known, it is excluded here and included in Current Liabilities. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSOA Other assets Assets which by their nature are not readily classifiable under fixed assets, investments, or current assets, ie intangible assets, non-current debtors, etc. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

MSOL Other liabilities Liabilities which by their nature are not readily classifiable under Long Term Debt, or Current Liabilities, i.e. preferred equity, minority interests, special provisions, pension funds, deferred taxes, etc., and for Swedish companies 50% of special untaxed inventory and investment reserves. Quoted in the units specified by datatype MSUNTB.

Yes Yes Monthly

Reference

Issue 5 99

MSCI income statement datatypes

Income Statement data is only available for stocks from Developed Market countries.

Non-comparable flag

A non-comparable flag on any of these datatypes indicates that a particular value is not comparable to its previous value. There could be several reasons for this; for example a merger or corporate restructuring where sales and earnings would not be comparable from one financial period to the next.


Update

MSDPC DPS comparable flag non comparable = 1 otherwise = 0

Yes No Monthly

MSDPP DPS published flag unpublished =1 otherwise = 0

Yes No Monthly

MSDPR DPS reported flag unreported =1 otherwise = 0

Yes No Monthly

MSDPS DPS Dividend per share for the year. Gross Cash Dividends per annum (including special tax credits in France, the UK, and Germany), adjusted for rights issues, stock dividends and stock splits. Quoted in the units specified by datatype MSUNTP.

Yes Yes Monthly

MSEPC EPS comparable flag non comparable = 1 otherwise = 0

Yes No Monthly

MSEPP EPS published flag unpublished =1 otherwise = 0

Yes No Monthly

MSEPR EPS reported flag unreported =1 otherwise = 0

Yes No Monthly

MSERC Total earnings comparable flag

non comparable = 1 otherwise = 0

Yes No Monthly

MSERP Total earnings published flag

unpublished =1 otherwise = 0

Yes No Monthly

MSERR Total earnings reported flag

unreported =1 otherwise = 0

Yes No Monthly

MSERS Total earnings Total Earnings for the year. Reported Net Earnings after Tax, Preferred Dividends, and Distributions To Directors & Employees, and Before Extraordinary Items. Quoted in the units specified by datatype MSUNTR.

Yes Yes Monthly

MSIEP EPS Earnings per share for the year - this is the Reported Net Earnings after Tax, Preferred Dividends, and Distributions, and Before Extraordinary Items, divided by the number of shares outstanding at each fiscal year end, except for the US, UK and Canada where Average Shares Outstanding are used. Quoted in the units specified by datatype MSUNTP.

Yes Yes Monthly

MSPD Length of period in months

Number of months in the financial year being reviewed. Yes No Monthly

MSPSCR Per share currency Currency code for Per Share results Yes No Monthly MSRCUR Results currency Currency code for Income Statement. Yes No Monthly MSREPC Reported EPS -

compare flag non comparable = 1 otherwise = 0

Yes No Monthly

MSREPP Reported EPS - published flag


Yes No Monthly

MSREPR Reported EPS - reported flag


Yes No Monthly

MSREPS Reported EPS Reported Earnings per share for the financial year - For German companies, whose reported earnings are not considered relevant, real earnings per share estimated according to German financial standards are shown here. Quoted in the units specified by datatype MSUNTP.

Yes Yes Monthly

Reference


MSCI Income Statement Datatypes (continued)


Update

MSSDC Special DPS comparable flag


Yes No Monthly

MSSDP Special DPS published flag


Yes No Monthly

MSSDR Special DPS reported flag


Yes No Monthly

MSSDS Special DPS Special Dividends Per Share - Special or extra dividends paid in addition to the regular dividends. Quoted in the units specified by datatype MSUNTP.

Yes Yes Monthly

MSSLC Sales comparable flag


Yes No Monthly

MSSLP Sales published flag unpublished =1 otherwise = 0

Yes No Monthly

MSSLR Sales reported flag unreported =1 otherwise = 0

Yes No Monthly

MSSLS Sales Sales in the financial year Quoted in the units specified by datatype MSUNTR.

Yes Yes Monthly

MSUNTP Per share units Units for per share results THOU = thousands MILL = millions BILL = billions

No No Monthly

MSUNTR Results units Units for income statement results THOU = thousands MILL = millions BILL = billions

Yes No Monthly

MSYRTO Current financial year end (DD/MM/YY)

Next financial year end for the date specified. No No Monthly

MSCEC Cash earnings comparable flag


Yes No Monthly

MSCEP Cash earnings published flag


Yes No Monthly

MSCER Cash earnings reported flag


Yes No Monthly

MSCES Cash earnings Cash earnings Quoted in the units specified by datatype MSUNTR.

Yes Yes Monthly

MSCLB Consolidated balance sheet Indicator

Indicates if the balance sheet was consolidated. 0 = Not consolidated 1 = consolidated

Yes No Monthly

Reference

Issue 5 101

Country & currency codes, exchange rate mnemonics, country coverage and total universe lists

The following table gives a range of country related information for MSCI data.

Country codes

Country codes are assigned to stocks by MSCI. Display country codes with datatype MSCTRY and country names with MSCTRYN.

Currency codes

MSCI assigns ISO currency codes to stocks. Display currency codes with these datatypes:

MSPCUR Price currency MSRCUR Income statement results currencyMSBCUR Balance sheet currency MSDC Dividend currency

MSPSCR Per share results currency

Datastream currency code You must use the Datastream currency code within Datastream programs and when using the tilde (~) currency conversion function.

Country coverage lists

Country coverage lists include all companies in the MSCI publications (Blue and Red books):

• Constituents of all the Standard indices. • Some constituents of the Small Cap indices. • Other interesting companies that cannot be added to the Standard or Small Cap indices for

various reasons (low float, industry representation, and so on). The MSCI publications aim to include information for interesting companies not in Standard or Small Cap indices.

Monthly lists

You can use the mnemonics in the following table to display the list for the last month end.

Daily lists

You can obtain daily lists (previous day’s data) by suffixing the mnemonic with a D, for example MSCIRSD. Only available to clients with the daily core product.

Updates To display the last update time for a list use the MSCI program. See Updates, page 25.

Total universe lists

Total universe lists include:

• All companies in the Standard indices. • All companies in the Small Cap indices. • Stocks in the MSCI publications (Blue and Red books). • Other companies followed by MSCI not currently in any index or publication.

Reference


Country (currency) MSCI country code Currency code Exchange rate to one U$

Country coverage list

Total universe list MSCI Service

MSCTRY ISO Datastream Argentina (Peso) AR ARS AP MSERARS MSCIAR MSCUAR Emerging Australia (Dollar) AU AUD A$ MSERAUD MSCIAU MSCUAU Developed Austria (Schilling) AT ATS AS MSERATS MSCIOE MSCUOE Developed Belgium (Franc) BE BEF BF MSERBEF MSCIBG MSCUBG Developed Brazil (Real) BR BRL C MSERBRL MSCIBR MSCUBR Emerging Brunei BND BN MSERBND Canada (Dollar) CN CAD C$ MSERCAD MSCICN MSCUCN Developed Chile (Peso) CL CLP CE MSERCLP MSCICL MSCUCL Emerging China (Yuan Renminbi) CH CNY CH MSERCNY MSCICH MSCUCH Emerging Colombia (Peso) CO COP CP MSERCOP MSCICB MSCUCB Emerging Czech Republic (Koruna) CZ CZR CK MSERCZK Emerging Denmark (Krone) DK DKK DK MSERDKK MSCIDK MSCUDK Developed Ecuador ECS SU MSERECS Egypt (Pound) EG EGP E£ MSEREGP MSCIEG MSCUEG Emerging Euro EUR E MSEREUR Finland (Markka) FI FIM M MSERFIM MSCIFN MSCUFN Developed France (Franc) FR FRF FF MSERFRF MSCIFR MSCUFR Developed Germany (Mark) DE DEM DM MSERDEM MSCIBD MSCUBD Developed Greece (Drachma) GR GRD DR MSERGRD MSCIGR MSCUGR Developed Hong Kong (Dollar) HK HKD K$ MSERHKD MSCIHK MSCUHK Developed Hungary (Forint) HU HUF HF MSERHUF MSCIHN MSCUHN Emerging India (Rupee) IN INR IR MSERINR MSCIIN MSCUIN Emerging Indonesia (Rupiah) ID IDR RI MSERIDR MSCIID MSCUID Emerging Ireland (Pound) IE IEP £E MSERIEP MSCIIR MSCUIR Developed Israel (Shekel) IL ILS I£ MSERILS MSCIIS MSCUIS Emerging Italy (Lire) IT ITL L MSERITL MSCIIT MSCUIT Developed Japan (Yen) JP JPY Y MSERJPY MSCIJP MSCUJP Developed Jordan (Dinar) JO JOD JD MSERJOD MSCIJO MSCUJO Emerging Korea (Won) KR KRW KW MSERKRW MSCIKO MSCUKO Emerging Malaysia (Ringgit) MY MYR M$ MSERMYR MSCIMY MSCUMY Emerging Mexico (Nuevo Peso) MX MXN MP MSERMXN MSCIMX MSCUMX Emerging Morocco (Dirham) MA MAD MD MSERMAD MSCIMC MSCUMC Emerging Netherlands (Guilder) NL NLG FL MSERNLG MSCINL MSCUNL Developed New Zealand (Dollar) NZ NZD Z$ MSERNZD MSCINZ MSCUNZ Developed

Reference

Issue 5 103

Country (currency) MSCI country code Currency code Exchange rate to one U$

Country coverage list

Total universe list MSCI Service

MSCTRY ISO Datastream Norway (Krone) NO NOK NK MSERNOK MSCINW MSCUNW Developed Pakistan (Rupee) PK PKR PR MSERPKR MSCIPK MSCUPK Emerging Peru (Nuevo Sol) PE PEN PS MSERPEN MSCIPE MSCUPE Emerging Philippines (Peso) PH PHP PP MSERPHP MSCIPH MSCUPH Emerging Poland (Zloty) PL PLN PZ MSERPLN MSCIPO MSCUPO Emerging Portugal (Escudo) PT PTE PE MSERPTE MSCIPT MSCUPT Developed Russia (Rouble) RU RUR UR MSERRUR MSCIRS MSCURS Emerging Singapore (Dollar) SG SGD S$ MSERSGD MSCISG MSCUSG Developed South Africa (Rand) ZA ZAR R MSERZAR MSCISA MSCUSA Emerging Spain (Peseta) ES ESP EP MSERESP MSCIES MSCUES Developed Sri Lanka (Rupee) LK LKR CR MSERLKR MSCICY MSCUCY Emerging Sweden (Krona) SE SEK SK MSERSEK MSCISD MSCUSD Developed Switzerland (Franc) SW CHF SF MSERCHF MSCISW MSCUSW Developed Taiwan TW TWD TW MSERTWD MSCITA MSCUTA Emerging Thailand (Baht) TH THB TB MSERTHB MSCITH MSCUTH Emerging Turkey (Lira) TR TRL TL MSERTRL MSCITK MSCUTK Emerging UK (Pound) GB GBP £ MSERGBP MSCIUK MSCUUK Developed USA (Dollar) US USD U$ MSERUSD MSCIUS MSCUUS Developed Venezuela (Bolivar) VE VEB VB MSERVEB MSCIVE MSCUVE Emerging

Region

AC World MSUACWI Developed/Emerging AC Asia Pacific MSUAPAC Developed/Emerging EAFE MSUEAFE Developed EMU MSUEMU Developed Europe MSUEROP Developed Far East Free MSUFARE Developed/Emerging North America MSUNAMR Developed

Reference


Proforma list mnemonics

MSCI periodically rebalance their indices so that they continue to provide an accurate reflection of an evolving marketplace. Changes might be made to take account of changes in the composition or structure of an industry for example.

Proforma lists are available for two weeks before the quarterly rebalancing. When the rebalancing has taken effect the proforma lists are deleted and the proforma datatypes populated with “n/a” until the next rebalancing.

Index Standard Small cap Value Growth World LMSWRLDP LMSSWLDP LMSVWLDP LMSGWLDP Europe LMSEROPP LMSSUERP LMSVEURP LMSGEURP EAFE LMSEAFEP LMSSEAFP LMSVEAFP LMSGEAFP EMU LMSEMUIP LMSSEMUP LMSVEMUP LMSGEMUP ACWF LMSACWFP n/a LMSVAWFP LMSGAWFP EMF LMSEMKFP n/a LMSVEMFP LMSGEMFP Pacific LMSPACFP LMSSPACP LMSVPACP LMSVPACP EMF Asia LMSEMFAP n/a LMSVEMAP LMSGEMAP Sri Lanka LMSSRILP n/a LMSVSRIP LMSGSRIP

Reference

Issue 5 105

MSCI indices: historical changes

This section provides information about historical changes to MSCI indices such as a change in status for a country from an emerging to a developed market.

Implementation of the Free Float Methodology 106 CII (Industrial Indices) Discontinuation 106

Changes to Developed/Emerging classifications, standalone indices and market weightings 106 Small Cap Historical Changes 108

Discontinuation of Non Free indices 109 Changes to Total Return datatypes 109

Renaming of MSCI Emerging Market and All Country indices 110 Provisional indices based on the removal of the LIF applied to MSCI Taiwan 111

MSCI quarterly structural changes 111

Reference


Implementation of the Free Float Methodology

The final phase of the implementation of the enhanced methodology to the MSCI Standard index series was effective from the close of 31st May 2002. This is when the interim foreign inclusion factors used for the MSCI Standard indices became fully free float adjusted. From 1st June 2002 onwards the free float factors datatypes for both the constituents of the standard and provisional indices (MSFIF and MSFMCF) are exactly the same:

Description History Indices MSFIF Foreign Inclusion Factor.

Fully adjusted free float data - based on MSCI enhanced methodology

31st May 2001 to 31st May 2002 From 1st June 2002

Constituents of Provisional indices Constituents of Standard indices

MSFMCF To 30th Nov 2001: Free Market Cap Factor From 1st Dec 2001 to 31st May 2002: Interim Inclusion Factor From 1st June 2002: Foreign Inclusion Factor Up to 30th Nov 2001, based on original methodology, From 1st Dec 2001, based on interim foreign inclusion factor, 1st June 2002, fully adjusted foreign inclusion factor

Holds history of free market cap factor MCF back to start date, interim FIF from 1st Dec 2001, full FIF from 1st June 2002

Constituents of Standard indices

From 1st June 2002, both datatypes will be maintained and can be used to display the foreign inclusion factors for the constituents of the MSCI standard indices.

CII (Industrial Indices) Discontinuation

The MSCI Country Industry Indices (CII) were discontinued on 13th July 2001. They were replaced by the MSCI GICS series. MSCI GICS indices were not an exact replacement for the CII series as GICS indices use a different methodology and classification system. GICS indices offer three classification levels - sector, industry group and industry, whereas CII offered two levels.

Changes to Developed/Emerging classifications, standalone indices and market weightings

Developed/Emerging Classification Changes

MSCI Portugal

1st December 1997: MSCI changed the classification of Portugal from an Emerging Market to a Developed Market.

MSCI Greece

1st June 2001: MSCI changed the classification of Greece from an Emerging Market to a Developed Market.

Reference

Issue 5 107

MSCI Malaysia

1st October 1998: Malaysia DM (MSMALY$/MSMALZ$) was removed from the developed market regional indices owing to increased restrictions for foreign investors.

1st December 1998: Malaysia EM Free (MSMALF$) was removed from the MSCI Emerging Market Free Index (MSEMKF$) and all sub-indices owing to increased restrictions for foreign investors.

1st June 2000: Malaysia EM Free (MSMALF$) was reintroduced to the MSCI Emerging Markets Free Index (MSEMKF$) and applicable sub-indices.

30th November 2000: MSCI ceased the calculation of the Developed Market Malaysia indices (MSMALY$/L MSMALZ$/L) and removed Malaysia from all developed market products.

Standalone Index Changes

MSCI Egypt

1st June 2001 Egypt was added to applicable Emerging Market and Emerging Market Free regional indices. Prior to this date Egypt was treated as a standalone index and was not a constituent of any regional indices.

MSCI Morocco

1st June 2001 Morocco was added to applicable Emerging Market and Emerging Market Free regional indices. Prior to this date Morocco was treated as a standalone index and was not a constituent of any regional indices.

Miscellaneous

MSCI China

China was excluded from the MSCI AC Far East region until 1st October 1996.

MSCI Korea

MSCI Korea's market capitalisation was weighted within all Free indices by the following factors:

• prior to 30th September 1996 20% of market capitalisation • 30th September 1996 to 31st August 1998 50% of market capitalisation • 31st August 1998 to present 100% of market capitalisation

MSCI Taiwan

MSCI Taiwan's market capitalisation was weighted within all Free indices by the following factors:

• prior to 31st May 2000 50% of market capitalisation • 31st May 2000 to 30th November 2000 65% of market capitalisation • 30th November 2000 to 30th November 2001 80% of market capitalisation • 30th November 2001 to present 100% of market capitalisation

Reference


Small Cap Historical Changes

On 1st October 2001, MSCI Small Cap indices became fully free float adjusted as part of MSCI's transition to implement the enhanced free float methodology for all their indices. At the same time, the Small Cap universe for each country was broadened to cover securities that have a company market capitalisation in the range of U$200 to 1,500 million (previously the range was U$200 to 800 million) thus meeting the objective of providing indices to represent 40% of the full market capitalisation of the eligible Small Cap universe within each country.

The change in methodology means that different datatypes should be used when retrieving constituent and weightings data prior to 1st October 2001.

You can also access constituent weights with the WTIDX datatype.

Datatypes

New datatypes have been created for the constituents of the Small Cap indices:

After 1 October 2001 Before 1 October 2001 Number of shares MSSNSH MSNOSH Market value - U$ MSZUSD MSVUSD Market value - local MSSMV MSMV Market value in other currencies MSZXXX MSVXXX Foreign inclusion factor MSSFIF n/a Market cap factor n/a MSMCF

To obtain monthly constituent weights for the Small Cap indices prior to 1st October 2001 use:

)()()(

MSMVINDEXMSMCFXMSVUSDX ×

where INDEX represents the Small Cap index mnemonic.

To obtain constituent weights for the Small Cap indices after 1st October 2001 use:

)()()(

MSMVINDEXMSSFIFXMSZUSDX ×

where INDEX represents the Small Cap index mnemonic.

Reference

Issue 5 109

Discontinuation of Non Free indices

On 31st October 2001 and 14th October 2001, MSCI discontinued many of their non-free indices.

Non-Free indices were calculated from the view of a domestic investor. Free indices are calculated from the view of an international investor and include restrictions placed on foreign investment. Where only one index existed for a country, it was free. For example, UK, US, and France had only one (free) index, whereas Singapore had both free and non free.

As part of MSCI's move to their enhanced methodology and free float weighting, non free indices were discontinued with the exception of Singapore. Singapore was made an exception because of the significant historical differences between free and non free indices.

Although there are no identical replacements, current indices are most similar to free versions.

When non free indices were discontinued, 'FORMER 'DEAD'' was added to their titles to indicate a former non free index. All reference to free (F) in the title of the free indices was then removed. For example, MSCI Free Brazil became MSCI Brazil.

When Non Free GICS indices were discontinued, the names of the indices were replaced by the MSCI industry and sector codes which can be found in the MSCI handbook. For example, MSCI Brazil Energy has been replaced with MSCI Brazil Former 10 $ 'Dead'.

Changes to Total Return datatypes

In June 2000, MSCI announced that it would replace its current total return methodology of month-end dividend re-investment with Daily Total Returns (DTR) for most of its indices with effect from 1st January 2001. The new dividend methodology is a more accurate reflection of the marketplace, accounting for dividends the day the securities become ex-dividend.

To enable a smooth transition to the new index series, MSCI started providing provisional daily total return data in July 2000. This data is available using the ND (net daily) and DR (gross daily) datatypes and is available for all MSCI indices with the exception of the original Country Industry Indices.

The existing monthly total return datatypes - RI (gross) and NR (net) remain as the official MSCI total return datatypes and as from 1st January 2001 the data is provided on a daily basis. Official history from the index base date to 29th December 2000 is monthly, and then daily from 1st January 2001 onwards. MSCI has provided rebased daily history (back to 31st December 1998) of daily total return data and this is available on the existing daily datatypes ND (net) and DR (gross).

In summary:

• Existing monthly RI (gross) and NR (net) datatypes are used to store daily history from 1st January 2001 onwards. Monthly data is available back to the base date of each index until 29th December 2000 and then from 1st January 2001 the data is provided on a daily basis.

• All MSCI indices with the exception of the original MSCI Country Industry Indices (CII) moved from monthly to daily data with effect from 1st January 2001.

• Net monthly total returns data is not available for Emerging Market indices so the start date for NR for all Emerging Markets is 1st January 2001.

• Existing daily datatypes DR (gross) and ND (net) continue to show daily history. Rebased (linked) history back to 31st December 1998 is avaiable. Use the splice (SPLC#) function to obtain more daily history by linking existing monthly data with daily back history data. For example: SPLC#(MSWRLD$(RI), MSWRLD$(DR),31/12/98)

Reference


Renaming of MSCI Emerging Market and All Country indices

Since 31st May 2001, MSCI has been free float adjusting all constituents in its international indices, including adjusting them for foreign ownership restrictions faced by non-domestic investors. Therefore, all MSCI international equity indices, regardless of whether or not they have the suffix "Free", are fully investable by foreign investors. In order to more clearly brand the MSCI regional Emerging Market and All Country indices, MSCI implemented the following index naming convention as of the close of 29th January 2004:

• MSCI renamed all regional Emerging Market and All Country indices that have the suffix Free by deleting the word "Free" (or letter F).

Therefore, for example, the following indices have been renamed:

From To Emerging Markets Free (EMF) Emerging Markets (EM) All Country World Index Free All Country World Index

MSCI intends to maintain the current branding of all developed market indices, including the MSCI Singapore Free, EAFE Free, World Free, Pacific Free ex Japan and Far East Free indices. The continued "Free" branding for certain Developed Market indices recognises that these indices have histories different from the similar indices that do not have the suffix "Free". Otherwise, these indices have the same current constituents and current performance.

Implementation on Datastream

Emerging Market and All Country index titles previously containing the word "Free" or the letter F were altered on Datastream on 30th January 2004. Simultaneously, all corresponding "non free" regions, which were discontinued on 31st October 2001, had the word "Former" added to their titles. Discontinued "non free" ACS indices were renamed so that the part of their titles that relates to the Global Industry Classification Standard (GICS) contains a reference to the GICS code instead of its name. This is in line with the naming convention already employed for country based discontinued "non free" Emerging Market ACS indices.

Therefore, for example, the following indices have been renamed:

From To MSCI AC World U$ 'Dead’ MSCI AC World Former U$ 'Dead' MSCI ACWI Energy 'Dead' MSCI ACWI Former 10 'Dead'

Reference

Issue 5 111

Provisional indices based on the removal of the LIF applied to MSCI Taiwan

MSCI announced on June 18, 2004 that it will remove the Limited Investability Factor (LIF) currently applied to the MSCI Taiwan Index. The change will be implemented in two separate phases:

• In the first phase, MSCI increased the LIF from 0.55 to 0.75 as of the close of 30th November 2004.

• In the second phase, MSCI will increase the LIF from 0.75 to 1 as of the close of 31st May 2005.

For performance measurement purposes, MSCI provided provisional index levels and market caps based on the full removal of the LIF for MSCI Emerging Markets (EM), MSCI AC Far East ex Japan, MSCI AC Asia Pacific ex Japan, and the MSCI Taiwan Index. The first delivery of these indices was on September 1, 2004.

MSCI quarterly structural changes

Every quarter (end Feb, May, August and November), MSCI implement structural changes to their indices. The quarterly structural changes take effect at the close of trading at the end of the last business day of each quarter. This means that the constituent lists for the end of that month do not reflect the changes. The first time that the new constituents can be seen is in the daily list produced on the following day after the month end. Customers who subscribe to the daily modules can obtain the latest list by adding a D to the end of the list eg LMSAUSTD is the daily list for the constituents of the MSCI Australia index.

Proforma lists are available for two weeks before each quarterly rebalancing. See page 21 for details.

Reference


Replicating MSCI indices

Local Currency

To create an MSCI index in local currency use:

∑

∑

=−−

=−

−

−

−

××

××××= n

itt

n

ittt

tt

tirateexchiNoshPrice

tirateexchiAdjiNoshiicePr

II

111

11

1

1)(1)(

1)(1)()()(

where:

t = time of calculation n = number of securities in index at time t

tAdj(i) = actioncorporateofdateexafterpriceltheoretica

actioncorporateofdateexbeforepriceurity

−

−sec

exch rate = value of 1USD in the local currency of stock i

US Dollar

The formula used to create an MSCI index in US dollars is:

∑

∑

= −−−

=−

−

××

××××= n

i ttt

n

ittt

tt

irateexchiNoshPrice

tirateexchiAdjiNoshPrice(i)

II

1 111

11

1

)(1)(

)(1)()(

where: t = time of calculation n = number of securities in index at time t

tAdj(i) = actioncorporateofdateexafterpriceltheoretica

actioncorporateofdateexbeforepricesecurity

−

−

exch rate = value of 1USD in the local currency of stock i

The only difference between the formulae for the local currency and US dollar versions is that the local currency index uses the same exchange rate in the numerator and denominator, removing the impact of currency change on performance. Time variant exchange rates are used for the USD calculation.

Reference

Issue 5 113

Replicating MSCI indices using Datastream Datatypes

Price Adjustment Factor (MSPAF)

The price adjustment factor adjusts a security’s price for corporate events. The price adjustment factor enables you to replicate price index values through your own calculations using the formulae below. You can also calculate corporate action adjusted market capitalisation for the current calculation date. If no price adjustment factor applies, the field will be displayed as 1.000.

Number of Shares for today’s Index (MSNSI)

This datatype is used to calculate the index market capitalization for index replication.

Local Currency

∑

∑

=−

=−

−

−

×××

×××××= n

ittt

n

itttt

tt

tirateexchiMSFMCFiMSNSIiUP

tirateexchiMSFMCFiMSPAFiMSNSIiUP

II

11

11

1)(1)()()(

1)(1)()()()(

US Dollar

∑

∑

=−

=−

−×××

×××××= n

ittt

n

itttt

tt

tirateexchiMSFMCFiMSNSIiUP

tirateexchiMSFMCFiMSPAFiMSNSIiUP

II

11

11

1)(1)()()(

)(1)()()()(

Reference


Definition of terms for MSCI indices

All Country (AC)

MSCI All Country indices represent both the developed and the emerging markets for a particular region. For example, the All Country Far East index includes both developed markets such as Hong Kong and Singapore and emerging markets such as Indonesia and Thailand. The MSCI All Country World Index includes 49 markets, of which emerging markets represent approximately 4.5%.

Developed Markets

MSCI covers 23 developed markets. If there is no designation (such as “EM” or “AC”) before a regional or composite index, this signifies that the index consists of developed markets only.

Emerging Markets (EM)

MSCI covers 27 emerging markets. Designation as an emerging market is determined by a number of factors. The most important factor is a country’s Gross Domestic Product Per Capita (GDP/Capita). MSCI uses the World Bank’s 1996 preliminary definition of a country where GDP/Capita is above USD 9,385 as a high-income country. In addition, MSCI evaluates factors such as local government regulations that limit or ban foreign ownership; an inadequate regulatory environment; greater perceived investment risk than in the developed markets; or a general perception by the investment community that the country should be classified as “emerging.” Two countries, Israel and Taiwan, are above the World Bank’s GDP/Capita definition of a high-income country, but are classified as “emerging” nonetheless due to local regulatory factors and investor perception.

Euro

The narrow Euro series is a subset of the Standard broad benchmarks comprising the largest and most liquid securities. The MSCI Pan-Euro index (MSPEUR$) is the narrower version of MSCI Europe (MSEROP$) while the MSCI Euro index (MSEURIL) is the narrower version of MSCI EMU (MSEMUIL). These narrow indices capture about 90% of their broad benchmark counterparts’ market cap, but only 40% of their names. Country and industry weights in the narrow Euro indices are respected relative to the broad benchmarks. This allows the MSCI Pan-Euro and Euro indices to track the broad benchmarks accurately with significantly fewer securities, making them ideal for derivatives trading.

The MSCI European Union (EU) index (MSECOM$) includes by design all EU member states for which MSCI calculates a country index, regardless of their emerging market or developed market status. Consequently, following the accession of the Czech Republic, Hungary and Poland to the EU, the MSCI indices for these countries will be included in the MSCI EU index. The list LMSECOM will be accessible only to clients with access to both Core Developed and Core Emerging Markets modules. Valuation ratios and market value are available to customers with either module.

Reference

Issue 5 115

Free

MSCI Free indices reflect actual buyable opportunities for global investors by taking into account local market restrictions on share ownership by foreigners. These restrictions can assume several forms: (1) specific classes of shares may be excluded from foreign investment; (2) specific securities or classes of shares for an individual company may have limits for foreign investors; and (3) the combination of regulations governing qualifications for investment, repatriation of capital and income, and low foreign ownership limits may create a difficult investment environment for the foreign investor. Original Free indices were available for eight markets: Brazil, China, Indonesia, Malaysia, Philippines, Singapore, and Thailand. Following the discontinuation of the non free indices for these markets (except for Singapore) on 14 November 2001, the free indices were renamed by removing the “Free”; for example MSCI Brazil Free became MSCI Brazil. Both MSCI Singapore and MSCI Singapore Free continue to be calculated.

Small Cap

The MSCI Small Cap indices are an expansion of the MSCI developed market universe. This index series more than doubles the number of securities previously included in the MSCI indices for the 24 developed markets. The Small Cap index series provides comparable benchmarks for this asset class across international markets.

Value & Growth

The MSCI Value and Growth indices cover the full range of developed, emerging and All Country MSCI indices, including Free indices where applicable. The indices were originally based on price/ book value (P/BV) to divide the standard MSCI country indices into two sub-indices: Value and Growth.

At the end of May 2003, the methodology for the Value and Growth indices was enhanced so that eight variables (three for value and five for growth) are used to more accurately reflect value and growth style. An inclusion factor is used to determine how much of the security should be attributed to a growth or value index. As a result of these changes, a constituent of a standard index may be represented in both the value index and a growth index at a partial weight or indeed not at all.

Reference


Issue 4 117

Index 10/40 indices, 7, 11, 69

A AC. See All Country Advance Corporate Events datatypes, 90 All country, 52

definition, 114 All Country indices, 10, 52, 110 All Country Sector (ACS) indices, 7, 11, 59 Asia Pacific indices, 11

B Balance sheet datatypes, 98 Balance sheets, 23 Bar charts, 35 Base date, 45 BDATE datatype (base date), 45 Blue book stocks, 20

C Changes

Classification, 106 to constituents, 111 to indices, 105

Charges, 9 Charts, 35

flexible, 36 horizontal bar, 35

China, 107 Classification Changes, 106 Classification datatypes, 86 Code datatypes, 85 Code Lookup, 25 Codes, 25, 45

Country and region, 65 Industry, 66 Industry group, 66 Sector, 66

Company descriptors and flags, 97 Company details, 23 Company monthly ratios, 96 Company-level data, 23

market value, 38 searching, 33 weightings analysis, 37 weightings reports, 38

Company-level data descriptors, 85 Company-level data indicators, 85 Constituent changes, 111 Constituent indices, 56 Constituent lists

countries, 15 stocks, 17

Constituent status, 20 Constituent stocks, 23 Constituent weighting, 37 Constituents

Country Industry indices, 67 Value and growth datatypes, 94

Constructing mnemonics All Country Sector indices, 64

Converting currency, 13

Core Value and Growth Plus indices, 11 Corporate action datatypes, 90 Countries

All country, 52 Developed market, 46 Emerging market, 50 Hedged, 54

Countries covered, list, 55 Country and region codes, 65 Country and regional indices, 5 Country codes, 101 Country coverage, 19 Country coverage lists, 101 Country Industry Indices, 106 Currency codes, 101 Currency conversion, 13 Customer publications, 42

D Daily constituent lists, 18 Daily Total Return data, 109 Data, downloading, 27 Data available summary, 9 Datastream

DDE, 27 documentation, 42 downloading data, 27 expressions, 35 functions, 35 graphics, 35 horizontal bar chart, 35 mnemonics, 45 reports, 30 reports, flexible, 31 weighting analysis, 37 weightings reports, 38

Datastream Advance for Office, 28 example, 20

Datastream graphics, flexible, 36 Datastream Navigator, 25, 45 Datastream Research Support extranet, 42 Datatype

BDATE (base date), 45 MSIXIN (constituent status indicator), 20 MSMV (market value, local currency), 38 MSTSC (time series ID), 26 MSVxxx (market value, any currency), 38 TIME (update time stamp), 26 WTIDX (weighting), 37

Datatypes, 83 associated market index, 87 balance sheet, 98 classification, 86 code, 85 company descriptors, 97 company flags, 97 company monthly ratios, 96 company-level data descriptors, 85 company-level data indicators, 85 constituents of small cap indices, 88 corporate actions, 90 corporate events, advance, 90 dividend, 88

Index


foreign inclusion factors, 90 income statement, 99 index, 84 index for associated market, 87 next day, 86 price, 87, 88 proforma, 86 search, 89 value and growth, 94

Definition of terms, 43, 114 Descriptors

company-level, 97 company-level datatypes, 85

Developed markets, 46 definition, 114 global expressions, 46, 50, 52 indices, 10

Discontinued stocks, 24 Dividend datatypes, 88 Documentation, 42 Downloading data, 27 Dropped stocks, 24

E Egypt, 107 EM. See Emerging markets Emerging markets

definition, 114 indices, 10, 110

Enhanced index module, 11 Equity search, 33 Euro series, definition, 114 Exchange rates, 13, 101

list, 55 Expression Builder, 37 Expressions, 35, 36 Extended

definition, 115 indices, 6

Extranet support site, 42

F Flag, non-comparable, 99 Flags, company-level, 97 Foreign inclusion factors datatypes, 90 Forex, 13 Free

definition, 115 indices, 105

Free Float methodology, 106 Frequency of update, 25 Functions, 35, 36 Fundamental data

balance sheet, 98 income statement, 99

G GDP weighted indices, 6 GDP weighting, 37 GICS. See Global Industrial Classification Standard Global Expressions, developed market, 46, 50, 52 Global Industrial Classification Standard, 7, 72

classification, 59 Country industry, 64

Graphics, flexible, 36 Graphs, 35 Greece, 106

Growth definition, 115 indices, 5

Growth Plus indices, 11

H Hedge Fund indices, 7, 68 Hedged, 54

indices, 6 HELP MSCI? program, 45 Help online, 41 Historical changes, 105 Historical daily constituent lists, 18 Historical month end constituent lists, 17 Horizontal bar chart, 35

I Income statement, 23

datatypes, 99 Index

base date, 45 datatypes, 84 methodology, 41 rebalancing, 21 restructuring, 111

Index constituents, countries, 15 Index for market associated with stock, 87 Indicator, constituent status, 20 Indicators, company-level datatypes, 85 Indices

10/40, 69 access to data, 25 All Country, 10, 52, 110 All Country Sector (ACS), 7, 11, 59 Asia Pacific, 11 codes, 45 company-level data, 23 constituents, 23, 67 Country Industry, 106 datatypes, 83 developed market, 10, 46 emerging market, 10, 50, 110 enhanced, 11 extended, 6 free, 105 GDP weighted, 6 GDP weights, 37 growth, 5 hedge Fund, 68 hedged, 6, 54 industrial, GICS classification, 59 market value, 38 mnemonics, 45 month-end data, 32 non-free, 109 replicating, 112 reports, 30 small cap, 6, 11, 108 updates, 25 US Equity, 71 value, 5

Indices as constituents, 56 Industrial indices, GICS classification, 59 Industry codes, 66 Industry group codes, 66 ISO currency codes, 101

Index

Issue 4 119

K Korea, 107

L Licence agreement, 3 Limited Investability Factor, 111 Lists

All Country Sector constituents, 19 countries covered, 55 country coverage, 19, 101 daily constituents, 18 exchange rates, 55 historical daily, 18 historical month end, 17 index constituents, 15 monthly constituents, 17 next day constituents, 18 proforma, 21 stock constituents, 17 total universe, 101 total Universe, 20 value/growth, 19

M Malaysia, 107 Manuals, 42 Market index for stocks, 87 Market value, 23, 38

any currency, 38 datatype, 38

Mnemonics, 25, 45 constructing, 64 proforma lists, 104

Modules 10/40 indices, 11 All Country Sector indices, 11 Core Asia Pacific Markets, 11 Core Developed Markets, 10 Core Emerging Markets, 10 Core Value and Growth Plus, 11 Enhanced index, 11 Small Cap, 11

Modules available, 9 Month-end data, 32 Morgan Stanley Capital International, 41 Morocco, 107 MSCI, 41

codes, 45 market value, 38 methodology, 41 time series ID, 45 weightings reports, 38

MSCI modules, 9 MSCI program, 26 MSCI web site, 41 MSIXIN datatype (constituent status indicator), 20 MSMV datatype (market value, local currency), 38 MSTSC datatype (time series ID), 26 MSVxxx datatype (market value, any currency), 38 Mutual funds indices, 11

N Navigator, 25, 45 Next day

constituent lists, 18 datatypes, 86

Non-comparable flag, 99 Non-free indices, 109 Number of shares, 23

O Online help, 41 Overview, MSCI indices, 5

P PE band chart, example, 23 Portugal, 106 Price adjustment factor, 113 Price datatypes, 87, 88 Proforma

datatypes, 86 list mnemonics, 104 lists, 21

Q Quarterly structural changes, 111

R Ratios, company monthly datatypes, 96 Rebalancing, 21 Red book stocks, 20 Regional indices constituents, 56 Regions

all country, 52 developed market, 46 emerging market, 50 hedged, 54

Replicating MSCI indices, 112 Reports, 30 Revisions ratio, 37

S Screening, 33 Search, 33 Search datatypes, 89 Sector codes, 66 Small cap

datatypes for constituents, 88 definition, 115 indices, 6, 11, 108

Stock constituent lists, 17 Stock prices, 23 Stock-level data, 23 Stocks, discontinued, 24 Support on the internet, 42

T Taiwan, 107, 111 TIME datatype (update time stamp), 26 Total Return data, daily, 109 Total universe lists, 20, 101

U UCITS

benchmarks, 11 compliant funds, 69

Update times, 25 US Equity indices, 8, 71 User guides, 42

Index


V Value

definition, 115 indices, 5, 11

Value and growth constituent datatypes, 94 constituent lists, 19 index datatypes, 94

W Weighting, constituent, 37 Weightings

analysis, 37 GDP, 37 reports, 38

World indices, constituents, 56 WTIDX datatype (weighting), 37

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