MSCI Kokusai (World ex Japan) Value Weighted Index

The MSCI Kokusai Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI Kokusai Index, which includes large and mid cap stocks across Developed Markets countries (excluding Japan). The MSCI Kokusai 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.