MSCI South Africa IMI Value Weighted Index

The MSCI South Africa IMI Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI South Africa IMI, which includes South African large, mid and small cap stocks. The MSCI South Africa IMI Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. Index weights are determined using fundamental accounting data—sales, book value, earnings and cash earnings—rather than market prices.