Additional Terms of Use for ESMA-Required Disclosures

These Additional Terms of Use govern your access or use of the index data and related information and materials on the web site ("Index Data"). Initial and subsequent access and use of the web site and Index Data is subject to these Additional Terms of Use.

You are only permitted to view the Index Data in the form in which it is in presented by the web site. You understand, acknowledge and agree that use of the Index Data is at your sole risk. You understand, acknowledge and agree that the Index Data is provided "as is" and MSCI does not warrant the accuracy, completeness, non-infringement, originality, timeliness or any other characteristic of the Index Data.

You understand, acknowledge and agree that the Index Data is provided to you as an investor in financial products solely pursuant to regulatory requirements and for informational purposes only. The Index Data may not be used by you for commercial purposes, and may not be used by you for trading or other purposes in lieu of a subscription to such Index Data with MSCI. For the avoidance of doubt, the provision of the Index Data by MSCI to you does not give rise to a fiduciary or other relationship between MSCI and you. The Index Data does not constitute an offer or recommendation to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Further, none of the Index Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Reproduction, redistribution or any other form of copying or transmission of the Index Data without MSCI's prior written consent is strictly prohibited. Without limiting the generality of the foregoing, the Index Data and other MSCI intellectual property you access via the web site may not be used as a basis for any financial instruments or products (including, without limitation, passively managed funds and index-linked derivative securities may not be used to manage any funds or portfolios) or other products or services, or used to verify or correct data in any other compilation of data or index, or used to create any other data or index (custom or otherwise) or used to create any derivative works, without MSCI's prior written permission. You may not use any system or software to extract the Index Data from the web site, nor may the Index Data be used by you for any commercial purpose.

In no event shall any of MSCI Inc., its affiliates, and/or its any of its or their direct or indirect information providers nor any other third party involved in, or related to, compiling, computing or creating any of the Index Information (collectively, the "MSCI Parties") have any liability to any person or entity for any damages, whether direct, indirect, special, incidental, punitive, consequential (including, without limitation, loss of use, lost profits or revenues or any other economic loss) arising in any manner out of your use or inability to use any of the Index Data contained on the web site, even if such party might have anticipated, or was advised or notified of, the possibility of such damages.

You agree to indemnify, defend and hold harmless the MSCI Parties from and against any claims, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys' and experts' fees and costs, as incurred, arising in any manner out of your use of, or inability to use, any Index Data or other information contained on the MSCI web site.

You acknowledge that (i) Index Data and all components thereof constitute copyrighted, trade secret and/or proprietary information of substantial value to MSCI, (ii) that you receive no proprietary rights whatsoever in or to the Index Data, and (iii) that title and ownership rights in and to the Index Data and all the rights therein and legal protections with respect thereto remain exclusively with MSCI. You shall not, and shall not assist any third party to, assert any rights in the Index Data or any component thereof or challenge MSCI's rights therein.

All terms used in these Additional Terms of Use, but not defined, have the definitions set forth in the General Terms of Use. The terms and conditions contained in these Additional Terms of Use are in addition to the General Terms of Use applicable to the entire web site, which are incorporated herein by reference. By accepting these Additional Terms of Use you are also expressly agreeing to the General Terms of Use.

Your use of the web site may be monitored by MSCI, and the resultant information may be used by MSCI for its internal business purposes or in accordance with the rules of any applicable regulatory organization.