MSCI World ex Australia Enhanced Value Index

The MSCI World ex Australia Enhanced Value Index captures large and mid-cap representation across Developed Markets countries (excluding Australia) exhibiting overall value style characteristics. The index is designed to represent the performance of securities that exhibit higher value characteristics relative to their peers within the corresponding GICS® sector. The value investment style characteristics for index construction are defined using three variables: Price-to-Book Value, Price-to-Forward Earnings and Enterprise Value-to-Cash flow from Operations.