MSCI ESG Research LLC ("MSCI ESG Research") is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. (with MSCI ESG Research and its other subsidiaries, "MSCI"). This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the "Information") is the property of MSCI, or MSCI's licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the "Information Providers") and is provided for informational purposes only.
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The Information (a) is solely intended to reflect an analysis of ESG characteristics of an unlisted potential issuer company ("potential issuer") and is not designed for a particular investment use, (b) is not intended to reflect or consist of any investment or financial advice, recommendation or promotion, including regarding credit decisions or decisions to purchase, hold or sell any securities or strategies, (c) is not intended to reflect or analyze any credit commitments, or debt or debt-like securities, or credit worthiness nor to address any credit or other risk, including but not limited to liquidity risk, market value risk or price volatility, (d) is not intended to endorse the accuracy of any other data or conclusions, or to independently assess or vouch for the financial condition of any entity, (e) is not designed to be relied upon as an indication or guarantee of any future performance, analysis, forecast or prediction, (f) does not take into account any personal or institutional objectives, financial situations or needs, (g) may contain back tested data, which is hypothetical, not actual, and that often will materially differ from actual results subsequently achieved by any investment strategy, (h) may contain historical information, data or analysis, which should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction as past performance does not guarantee future results, (i) does not constitute an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy, (j) may not be modified, reverse-engineered, reproduced, redisseminated or used to create derivative works in whole or in part without prior written permission from MSCI, (k) is not a substitute for the skill, judgment and experience of any user, its management, employees, advisors and/or clients when making investment and other business decisions, (l) is impersonal and not tailored to the needs of any person, entity or group of persons, and (m) may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services.
This document is based in whole or in part on information (some of which may be non-public) provided by or on behalf of the potential issuer. This document is provided "as is" and reflects an assessment by MSCI ESG Research as of its date and is not intended to be relied upon as a statement of current or historical fact regarding the potential issuer or otherwise. MSCI ESG Research is not an auditor and does not independently verify or validate information received in its rating process or in preparing its reports. Any rating provided hereunder is not a substitute for information presented directly to investors by a potential issuer or its agents, including without limitation in connection with the listing or sale of any security. Any future rating of a publicly traded security of the potential issuer by MSCI may be based solely upon publicly available and disclosed information and therefore may differ materially from the Information provided in this document. Certain subsidiaries may inherit the ESG Rating of their parent company on the MSCI ESG Research client delivery platform and in client data feeds and third-party platforms. When the potential issuer is a subsidiary of an MSCI ESG-rated parent issuer, the Provisional Rating may differ from any published inherited rating.
• MSCI received compensation to produce this document. Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI (including as clients or suppliers to MSCI) and that these relationships create potential conflicts of interest. In some cases, the issuers their affiliates (and, among others, insurers, guarantors and/or underwriters of securities) purchase research, ratings or other products or services from one or more MSCI affiliates. In other cases, MSCI ESG Research rates financial products such as mutual funds or ETFs that are managed by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity indexes include companies that subscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken a number of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about these conflict mitigation measures is available in our Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222.
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