GICS

10101020 40 101010 4520 201030

55

Global Industry Classication Standard

2010

1010 3520 25201010 25 451030

35 45103010

Standard & Poor's, a division of The McGraw-Hill Companies (MHP: NYSE) and a leading global provider of independent financial information and investment analysis, is a pioneer in the development of equity indices and the creation of related investable and tradable products. Among the firm's best-known indices are the S&P Global 1200, the first real-time global equity index and the S&P 500, the premier U.S. portfolio index. Standard & Poor's also provides corporate financial information, corporate valuations and value analysis, analytical services, and credit ratings on more than 220,000 securities and funds worldwide. With more than 8,500 employees located in 23 countries, Standard & Poor's is an integral part of the world's financial architecture. Additional information is available at www.standardandpoors.com. MSCI Barra is a leading provider of equity, fixed income and hedge fund indices and related products and services. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a trademark of Standard & Poor's and MSCI Barra. Neither MSCI Barra, Standard & Poor's nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI Barra, Standard & Poor's, any of their affiliates or any third party involved in making or compiling any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. 2008 Standard & Poor's and MSCI Barra

Contents
..................................3 The Global Industry Classification Standard (GICS). A Guide to the GICS Methodology.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Company Classification Guidelines .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The GICS Structure.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Energy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Materials.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Industrials.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Consumer Discretionary .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Consumer Staples.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Health Care.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Financials.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Information Technology.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Telecommunication Services.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Utilities .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

The Global Industry Classification Standard (GICS)

The Global Industry Classification Standard (GICS) was developed by Standard & Poors, an independent international financial data and investment services company and a leading provider of global equity indices, and MSCI Barra, a premier independent provider of global indices and benchmark-related products and services. The GICS methodology aims to enhance the investment research and asset management process for financial professionals worldwide. It is the result of numerous discussions with asset owners, portfolio managers and investment analysts around the world and is designed in response to the global financial communitys need for accurate, complete and standard industry definitions. The GICS structure consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries. The full GICS structure is detailed in the last section of this document. The GICS structure is: Universal: the structure applies to companies globally Reliable: the structure correctly reflects the current state of industries in the equity investment universe Flexible: the structure offers four levels of analysis, ranging from the most general sector to the most specialized sub-industry Evolving: annual reviews are conducted by Standard & Poors and MSCI Barra to ensure that the structure remains fully representative of todays global markets The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. Its universal approach to industries worldwide has contributed to transparency and efficiency in the investment process, and the GICS methodology supports the trend towards sectorbased investing.

A Guide to the GICS Methodology

The way investors classify securities into asset classes has far reaching consequences for the investment community. Most often, security research and portfolio management are structured along the same definition of asset classes. Thus, the relative merits of securities are determined primarily within asset classes. A well-defined industry classification system makes it easier for analysts to compare companies relative valuations and to build return and risk estimates for industries. While most investors agree on the way a company is assigned to a country, this is not necessarily the case for any other grouping, be it value versus growth, small versus large cap or even industry classification. Nevertheless, as far as industry classification is concerned, we can distinguish four approaches. At one extreme lies a purely statistical method. It is financial market-based and uses past returns. For each region, aggregations are formed on the basis of securities correlations, building groups with high correlation within them and low correlation across them. The statistical approach has several drawbacks: the resulting aggregations often differ across regions; the method relies on historical data only; and, finally, it often yields illogical groups. A more pragmatic approach is to define a priori financial market-oriented groups or themes for example cyclical, non-cyclical, and interest rate sensitivity. The difficulty lies in determining groups that are widely accepted by investors, applicable globally and are relatively stable over time. The last two approaches are based on an economic perspective on companies. One is production-oriented while the other focuses on a demand or market perspective. These classifications have limitations as the structure of the global economy has evolved and many new industries have emerged. Standard & Poors and MSCI Barra offer an alternative classification system, which has been devised to address the needs of the changing global economy. We recognize that the emergence of the service era and the availability of global communications have changed the market focus from producers to consumers. The GICS methodology remains profoundly rooted in the microstructure of industries, but has shifted towards a market-oriented perspective. In todays economy, for example, drawing the line between goods and services is increasingly difficult and arbitrary, as almost all goods are sold with a service. Thus, the distinction between consumer goods and services has been replaced by the more market-oriented sectors of Consumer Discretionary and Consumer Staples which both contain goods and services sub-industries. Finally, sectors such as Health Care, Information Technology and Telecommunication Services accurately represent industries that provide significant value to the consumer in todays global, integrated economy. This contributes to a more uniform distribution of weights among the 10 GICS sectors and provides investors with clearly defined sectors.

Company Classification Guidelines

The GICS methodology assigns each company to a sub-industry, and to a corresponding industry, industry group and sector, according to the definition of its principal business activity. Since the classification is strictly hierarchical, at each of the four levels a company can only belong to one grouping. The classification aims to provide an accurate, complete and long-term view of the global investment universe from an industrial perspective. For most companies, revenues reflect companies activities more precisely than earnings, as they are less volatile than earnings. Also, while many companies do not provide earnings breakdowns, industrial and geographic breakdowns of revenues are generally available. Nevertheless, company valuations are more closely related to earnings than revenues and, therefore, earnings remain an important consideration. Consequently, companies are classified based primarily on revenues; however, earnings and market perception are also considered important criteria for analysis. The primary sources of information used to classify companies are the annual reports, financial statements and investment research reports. As a general rule, a company is classified in the sub-industry whose definition most closely describes the business activities that generate the majority of the companys revenues. However, a company engaged in two or more substantially different business activities, none of which contributes 60% or more of revenues, is classified in the sub-industry that provides the majority of both the companys revenues and earnings. When no sub-industry provides the majority of both the companys revenues and earnings, the classification will be determined based on further analysis. A company significantly diversified across three or more sectors, none of which contributes the majority of revenues or earnings, is classified either in the Industrial Conglomerates sub-industry (Industrials Sector) or the Multi-Sector Holdings sub-industry (Financials Sector). In the case of a new company, the initial classification is based primarily on the description of the companys activities and pro-forma results as given in the prospectus. A companys industry classification is reviewed either when a significant corporate restructuring occurs or when a new financial report is made available. To provide a stable industry classification, we attempt to minimize changes in the industry classification by disregarding temporary fluctuations in the results of a companys different business activities. In the event that the above guidelines should not appropriately capture a particular companys business activity, its classification will be determined based on more extensive analysis.

The GICS Structure

10 Energy
1010 Energy 101010 Energy Equipment & Services 10101010 Oil & Gas Drilling 10101020 Oil & Gas Equipment & Services 101020 Oil, Gas & Consumable Fuels 10102010 Integrated Oil & Gas 10102020 Oil & Gas Exploration & Production 10102030 Oil & Gas Refining & Marketing 10102040 Oil & Gas Storage & Transportation 10102050 Coal & Consumable Fuels

15 Materials
1510 Materials 151010 Chemicals 15101010 Commodity Chemicals 15101020 Diversified Chemicals 15101030 Fertilizers & Agricultural Chemicals 15101040 Industrial Gases 15101050 Specialty Chemicals 151020 Construction Materials 15102010 Construction Materials 151030 Containers & Packaging 15103010 Metal & Glass Containers 15103020 Paper Packaging 151040 Metals & Mining 15104010 Aluminum 15104020 Diversified Metals & Mining 15104030 Gold 15104040 Precious Metals & Minerals 15104050 Steel 151050 Paper & Forest Products 15105010 Forest Products 15105020 Paper Products

20 Industrials
2010 Capital Goods 201010 Aerospace & Defense 20101010 Aerospace & Defense 201020 Building Products 20102010 Building Products 201030 Construction & Engineering 20103010 Construction & Engineering 201040 Electrical Equipment 20104010 Electrical Components & Equipment 20104020 Heavy Electrical Equipment 201050 Industrial Conglomerates 20105010 Industrial Conglomerates 201060 Machinery 20106010 Construction & Farm Machinery & Heavy Trucks 20106020 Industrial Machinery 201070 Trading Companies & Distributors 20107010 Trading Companies & Distributors 2020 Commercial & Professional Services 202010 Commercial Services & Supplies 20201010 Commercial Printing 20201020 Data Processing Services* *Discontinued as of April 2003. See 45102020 20201030 Diversified Commercial & Professional Services* *Discontinued as of August 2008 20201040 Human Resource & Employment Services* *Discontinued as of August 2008. See 20202010. 20201050 Environmental & Facilities Services 20201060 Office Services & Supplies 20201070 Diversified Support Services 20201080 Security & Alarm Services 202020 Professional Services 20202010 Human Resource & Employment Services 20202020 Research & Consulting Services

20 Industrials
2030 Transportation 203010 Air Freight & Logistics 20301010 Air Freight & Logistics 203020 Airlines 20302010 Airlines 203030 Marine 20303010 Marine 203040 Road & Rail 20304010 Railroads 20304020 Trucking 203050 Transportation Infrastructure 20305010 Airport Services 20305020 Highways & Railtracks 20305030 Marine Ports & Services

25 Consumer Discretionary
2510 Automobiles & Components 251010 Auto Components 25101010 Auto Parts & Equipment 25101020 Tires & Rubber 251020 Automobiles 25102010 Automobile Manufacturers 25102020 Motorcycle Manufacturers 2520 Consumer Durables & Apparel 252010 Household Durables 25201010 Consumer Electronics 25201020 Home Furnishings 25201030 Homebuilding 25201040 Household Appliances 25201050 Housewares & Specialties 252020 Leisure Equipment & Products 25202010 Leisure Products 25202020 Photographic Products 252030 Textiles, Apparel & Luxury Goods 25203010 Apparel, Accessories & Luxury Goods 25203020 Footwear 25203030 Textiles 2530 Consumer Services 253010 Hotels, Restaurants & Leisure 25301010 Casinos & Gaming 25301020 Hotels, Resorts & Cruise Lines 25301030 Leisure Facilities 25301040 Restaurants 253020 Diversified Consumer Services 25302010 Education Services 25302020 Specialized Consumer Services

2540 Media 254010 Media 25401010 Advertising 25401020 Broadcasting 25401025 Cable & Satellite 25401030 Movies & Entertainment 25401040 Publishing 2550 Retailing 255010 Distributors 25501010 Distributors 255020 Internet & Catalog Retail 25502010 Catalog Retail 25502020 Internet Retail 255030 Multiline Retail 25503010 Department Stores 25503020 General Merchandise Stores 255040 Specialty Retail 25504010 Apparel Retail 25504020 Computer & Electronics Retail 25504030 Home Improvement Retail 25504040 Specialty Stores 25504050 Automotive Retail 25504060 Homefurnishing Retail

30 Consumer Staples
3010 Food & Staples Retailing 301010 Food & Staples Retailing 30101010 Drug Retail 30101020 Food Distributors 30101030 Food Retail 30101040 Hypermarkets & Super Centers 3020 Food, Beverage & Tobacco 302010 Beverages 30201010 Brewers 30201020 Distillers & Vintners 30201030 Soft Drinks 302020 Food Products 30202010 Agricultural Products 30202020 Meat, Poultry & Fish* *(Discontinued as of March 2002) 30202030 Packaged Foods & Meats 302030 Tobacco 30203010 Tobacco 3030 Household & Personal Products 303010 Household Products 30301010 Household Products 303020 Personal Products 30302010 Personal Products

35 Health Care
3510 Health Care Equipment & Services 351010 Health Care Equipment & Supplies 35101010 Health Care Equipment 35101020 Health Care Supplies 351020 Health Care Providers & Services 35102010 Health Care Distributors 35102015 Health Care Services 35102020 Health Care Facilities 35102030 Managed Health Care 351030 Health Care Technology 35103010 Health Care Technology 3520 Pharmaceuticals, Biotechnology & Life Sciences 352010 Biotechnology 35201010 Biotechnology 352020 Pharmaceuticals 35202010 Pharmaceuticals 352030 Life Sciences Tools & Services 35203010 Life Sciences Tools & Services

40 Financials
4010 Banks 401010 Commercial Banks 40101010 Diversified Banks 40101015 Regional Banks 401020 Thrifts & Mortgage Finance 40102010 Thrift & Mortgage Finance 4020 Diversified Financials 402010 Diversified Financial Services 40201010 Consumer Finance* *Discontinued as of April 2003. See 40202010. 40201020 Other Diversified Financial Services 40201030 Multi-Sector Holdings 40201040 Specialized Finance 402020 Consumer Finance 40202010 Consumer Finance 402030 Capital Markets 40203010 Asset Management & Custody Banks 40203020 Investment Banking & Brokerage 40203030 Diversified Capital Markets 4030 Insurance 403010 Insurance 40301010 Insurance Brokers 40301020 Life & Health Insurance 40301030 Multi-line Insurance 40301040 Property & Casualty Insurance 40301050 Reinsurance

4040 Real Estate 404010 Real Estate* *Discontinued as of April 2006 40401010 Real Estate Investment Trusts* *Discontinued as of April 2006. See 404020. 40401020 Real Estate Management & Development* *Discontinued as of April 2006. See 404030. 404020 Real Estate Investment Trusts (REITs) 40402010 Diversified REITs 40402020 Industrial REITs 40402030 Mortgage REITs 40402040 Office REITs 40402050 Residential REITs 40402060 Retail REITs 40402070 Specialized REITs 404030 Real Estate Management & Development 40403010 Diversified Real Estate Activities 40403020 Real Estate Operating Companies 40403030 Real Estate Development 40403040 Real Estate Services

45 Information Technology
4510 Software & Services 451010 Internet Software & Services 45101010 Internet Software & Services 451020 IT Services 45102010 IT Consulting & Other Services 45102020 Data Processing & Outsourced Services 451030 Software 45103010 Application Software 45103020 Systems Software 45103030 Home Entertainment Software 4520 Technology Hardware & Equipment 452010 Communications Equipment* *Prior to April 2003, code was Telecommunications Equipment 45201010 Networking Equipment* *Discontinued as of April 2003 45201020 Communications Equipment *Prior to April 2003, code was Telecommunications Equip. 452020 Computers & Peripherals 45202010 Computer Hardware 45202020 Computer Storage & Peripherals 452030 Electronic Equipment, Instruments & Components 45203010 Electronic Equipment & Instruments 45203015 Electronic Components 45203020 Electronic Manufacturing Services 45203030 Technology Distributors 452040 Office Electronics 45204010 Office Electronics 452050 Semiconductor Equipment & Products* *Discontinued effective 04/30/2003 45205010 Semiconductor Equipment* *Discontinued effective 04/30/2003 45205020 Semiconductors* *Discontinued effective 04/30/2003 4530 Semiconductors & Semiconductor Equipment 453010 Semiconductors & Semiconductor Equipment 45301010 Semiconductor Equipment 45301020 Semiconductors

50 Telecommunication Services
5010 Telecommunication Services 501010 Diversified Telecommunication Services 50101010 Alternative Carriers 50101020 Integrated Telecommunication Services 501020 Wireless Telecommunication Services 50102010 Wireless Telecommunication Services

55 Utilities
5510 Utilities 551010 Electric Utilities 55101010 Electric Utilities 551020 Gas Utilities 55102010 Gas Utilities 551030 Multi-Utilities 55103010 Multi-Utilities 551040 Water Utilities 55104010 Water Utilities 551050 Independent Power Producers & Energy Traders 55105010 Independent Power Producers & Energy Traders

Sector Energy 10

Industry Group Energy 1010

Industry Energy Equipment & Services 101010

Oil, Gas & Consumable Fuels 101020

10

Energy
Sub-Industry Oil & Gas Drilling 10101010 Oil & Gas Equipment & Services 10101020 Integrated Oil & Gas 10102010 Oil & Gas Exploration & Production 10102020 Oil & Gas Refining & Marketing 10102030 Oil & Gas Storage & Transportation 10102040 Coal & Consumable Fuels 10102050 Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or Independent Power Producers & Energy Traders sub-industries. Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies. Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry. Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the drilling, evaluation and completion of oil and gas wells. Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in either refining, marketing and transportation, or chemicals. Companies engaged in the exploration and production of oil and gas not classified elsewhere. Drilling contractors or owners of drilling rigs that contract their services for drilling wells.

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Sector Materials 15

Industry Group Materials 1510

Industry Chemicals 151010

Construction Materials 151020 Containers & Packaging 151030

Metals & Mining 151040

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Materials
Sub-Industry Commodity Chemicals 15101010 Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films, commodity-based paints and pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries. Diversified Chemicals 15101020 Fertilizers & Agricultural Chemicals 15101030 Industrial Gases 15101040 Specialty Chemicals 15101050 Construction Materials 15102010 Metal & Glass Containers 15103010 Paper Packaging 15103020 Aluminum 15104010 Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials classified in the Building Products sub-industry. Diversified Metals & Mining 15104020 Gold 15104030 Precious Metals & Minerals 15104040 Producers of gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines. Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining platinum. Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere. Manufacturers of paper and cardboard containers and packaging. Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings. Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished or semi-finished building materials are classified in the Building Products sub-industry. Manufacturers of metal, glass or plastic containers. Includes corks and caps. Manufacturers of industrial gases. Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries. Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.

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Sector Materials 15

Industry Group Materials 1510

Industry Metals & Mining 151040 Paper & Forest Products 151050

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Materials

Sub-Industry Steel 15104050 Forest Products 15105010 Paper Products 15105020 Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry. Manufacturers of timber and related wood products. Includes lumber for the building industry. Producers of iron and steel and related products.

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Sector Industrials 20

Industry Group Capital Goods 2010

Industry Aerospace & Defense 201010 Building Products 201020 Construction & Engineering 201030 Electrical Equipment 201040

Industrial Conglomerates 201050 Machinery 201060

Commercial & Professional Services 2020 Trading Companies & Distributors 201070 Commercial Services & Supplies 202010

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Industrials
Sub-Industry Aerospace & Defense 20101010 Building Products 20102010 Construction & Engineering 20103010 Electrical Components & Equipment 20104010 Heavy Electrical Equipment 20104020 Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry. Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors. Excludes companies classified in the Homebuilding sub-industry. Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry. Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components & Equipment sub-industry. Industrial Conglomerates 20105010 Construction & Farm Machinery & Heavy Trucks 20106010 Industrial Machinery 20106020 Trading Companies & Distributors 20107010 Commercial Printing 20201010 Data Processing Services* 20201020 Providers of commercial electronic data processing services. *Discontinued as of April 2003. See code 45102020. Companies providing commercial printing services. Includes printers primarily serving the media industry. Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries. Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, heavy farm machinery and manufacturers of related parts. Includes non-military shipbuilding. Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications. Trading companies and other distributors of industrial equipment and products. Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.

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Sector Industrials 20

Industry Group Commercial & Professional Services 2020

Industry Commercial Services & Supplies 202010

Professional Services 202020

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Industrials

Sub-Industry Diversified Commercial & Professional Services* 20201030 Companies primarily providing commercial, industrial and professional services to businesses and governments not classified elsewhere. Includes commercial cleaning services, consulting services, correctional facilities, dining & catering services, document & communication services, equipment repair services, security & alarm services, storage & warehousing, and uniform rental services. *Discontinued as of August 2008 Human Resource & Employment Services* 20201040 Companies providing business support services relating to human capital management. Includes employment agencies, employee training, payroll & benefits support services, retirement support services and temporary agencies. *Discontinued as of August 2008. See code 20202010. Environmental & Facilities Services 20201050 Office Services & Supplies 20201060 Diversified Support Services 20201070 Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services, dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing, transaction services, uniform rental services, and other business support services. Security & Alarm Services 20201080 Companies providing security and protection services to business and governments. Includes companies providing services such as correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software classified under the Systems Software sub-industry and home security services classified under the Specialized Consumer Services sub-industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment & Instruments sub-industry. Human Resource & Employment Services 20202010 Research & Consulting Services 20202020 Companies providing business support services relating to human capital management. Includes employment agencies, employee training, payroll & benefit support services, retirement support services and temporary agencies. Companies primarily providing research and consulting services to businesses and governments not classified elsewhere. Includes companies involved in management consulting services, architectural design, business information or scientific research, marketing, and testing & certification services. Excludes companies providing information technology consulting services classified in the IT Consulting & Other Services sub-industry. Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry. Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.

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Sector Industrials 20

Industry Group Transportation 2030

Industry Air Freight & Logistics 203010 Airlines 203020 Marine 203030 Road & Rail 203040

Transportation Infrastructure 203050

20 20

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Industrials

Sub-Industry Air Freight & Logistics 20301010 Airlines 20302010 Marine 20303010 Railroads 20304010 Trucking 20304020 Airport Services 20305010 Highways & Railtracks 20305020 Marine Ports & Services 20305030 Owners and operators of marine ports and related services. Owners and operators of roads, tunnels and railtracks. Operators of airports and companies providing related services. Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies. Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines sub-industry. Companies providing primarily goods and passenger rail transportation. Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents. Excludes those companies classified in the Airlines, Marine or Trucking sub-industries. Companies providing primarily passenger air transportation.

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Sector Consumer Discretionary 25

Industry Group Automobiles & Components 2510

Industry Auto Components 251010

Automobiles 251020

Consumer Durables & Apparel 2520 Household Durables 252010

Leisure Equipment & Products 252020

22

Consumer Discretionary
Sub-Industry Auto Parts & Equipment 25101010 Tires & Rubber 25101020 Automobile Manufacturers 25102010 Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm Machinery & Heavy Trucks sub-industry. Motorcycle Manufacturers 25102020 Consumer Electronics 25201010 Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game consoles and related products. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry, and electric household appliances classified in the Household Appliances sub-industry. Home Furnishings 25201020 Homebuilding 25201030 Household Appliances 25201040 Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry and personal computers classified in the Computer Hardware sub-industry. Housewares & Specialties 25201050 Leisure Products 25202010 Photographic Products 25202020 Manufacturers of photographic equipment and related products. Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere. Manufacturers of leisure products and equipment including sports equipment, bicycles and toys. Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes. Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings. Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry. Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber sub-industry. Manufacturers of tires and rubber.

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Sector Consumer Discretionary 25

Industry Group Consumer Durables & Apparel 2520

Industry Textiles, Apparel & Luxury Goods 252030

Consumer Services 2530 Hotels, Restaurants & Leisure 253010

Diversified Consumer Services 253020

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Consumer Discretionary
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Sub-Industry Apparel, Accessories & Luxury Goods 25203010 Footwear 25203020 Textiles 25203030 Casinos & Gaming 25301010 Hotels, Resorts & Cruise Lines 25301020 Leisure Facilities 25301030 Restaurants 25301040 Education Services 25302010 Companies providing education services, either online or through conventional teaching methods. Includes private universities, correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies providing employee education programs classified in the Human Resources & Employment Services sub-industry. Specialized Consumer Services 25302020 Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal services, renovation & interior design services, consumer auctions and wedding & funeral services. Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry. Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not classified in the Movies & Entertainment sub-industry. Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services. Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings sub-industries. Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services. Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewelry and watches. Excludes shoes classified in the Footwear sub-industry. Manufacturers of footwear. Includes sport and leather shoes.

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Sector Consumer Discretionary 25

Industry Group Media 2540

Industry Media 254010

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Consumer Discretionary
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Sub-Industry Advertising 25401010 Broadcasting 25401020 Cable & Satellite 25401025 Movies & Entertainment 25401030 Publishing 25401040 Companies that engage in producing and selling entertainment products and services, including companies engaged in the production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams. Publishers of newspapers, magazines and books, and providers of information in print or electronic formats. Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television, broadcasting, radio networks, and radio stations. Providers of cable or satellite television services. Includes cable networks and program distribution. Companies providing advertising, marketing or public relations services.

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Sector Consumer Discretionary 25

Industry Group Retailing 2550

Industry Distributors 255010 Internet & Catalog Retail 255020

Multiline Retail 255030

Specialty Retail 255040

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Consumer Discretionary
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Sub-Industry Distributors 25501010 Catalog Retail 25502010 Internet Retail 25502020 Department Stores 25503010 General Merchandise Stores 25503020 Apparel Retail 25504010 Computer & Electronics Retail 25504020 Home Improvement Retail 25504030 Specialty Stores 25504040 Automotive Retail 25504050 Homefurnishing Retail 25504060 Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply stores, health & vision care stores and book & entertainment stores. Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto accessories, motorcycles & parts, automotive glass and automotive equipment & parts. Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings, housewares, and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail sub-industry. Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies. Owners and operators of consumer electronics, computers, video and related products retail stores. Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified in the Hypermarkets & Super Centers sub-industry. Retailers specialized mainly in apparel and accessories. Owners and operators of department stores. Companies providing retail services primarily on the Internet, not classified elsewhere. Mail order and TV home shopping retailers. Includes companies that provide door-to-door retail. Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.

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Sector Consumer Staples 30

Industry Group Food & Staples Retailing 3010

Industry Food & Staples Retailing 301010

Food, Beverage & Tobacco 3020 Beverages 302010

Food Products 302020

Tobacco 302030

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Consumer Staples
Sub-Industry Drug Retail 30101010 Food Distributors 30101020 Food Retail 30101030 Hypermarkets & Super Centers 30101040 Brewers 30201010 Distillers & Vintners 30201020 Soft Drinks 30201030 Agricultural Products 30202010 Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and market the food products classified in the Packaged Foods & Meats sub-industry. Meat, Poultry & Fish* 30202020 Packaged Foods & Meats 30202030 Tobacco 30203010 Manufacturers of cigarettes and other tobacco products. Companies that raise livestock or poultry, fishing companies and other producers of meat, poultry or fish products. *Discontinued as of March 2002 Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry. Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry. Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively. Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry. Owners and operators of primarily food retail stores. Distributors of food products to other companies and not directly to the consumer. Owners and operators of primarily drug retail stores and pharmacies.

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Sector Consumer Staples 30

Industry Group Household & Personal Products 3030

Industry Household Products 303010 Personal Products 303020

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Consumer Staples
Sub-Industry Household Products 30301010 Personal Products 30302010 Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not classified in the Paper Products sub-industry. Manufacturers of personal and beauty care products, including cosmetics and perfumes.

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Sector Health Care 35

Industry Group Health Care Equipment & Services 3510

Industry Health Care Equipment & Supplies 351010

Health Care Providers & Services 351020

Health Care Technology 351030

Pharmaceuticals & Biotechnology & Life Sciences 3520

Biotechnology 352010 Pharmaceuticals 352020 Life Sciences Tools & Services 352030

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Health Care
Sub-Industry Health Care Equipment 35101010 Health Care Supplies 35101020 Health Care Distributors 35102010 Health Care Services 35102015 Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies providing business support services to health care providers, such as clerical support services, collection agency services, staffing services and outsourced sales & marketing services. Health Care Facilities 35102020 Managed Health Care 35102030 Health Care Technology 35103010 Companies providing information technology services primarily to health care providers. Includes companies providing application, systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses operating primarily in the Health Care sector. Biotechnology 35201010 Pharmaceuticals 35202010 Life Sciences Tools & Services 35203010 Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical and biotechnology industries. Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs. Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and animal hospitals. Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans. Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems, cardiovascular & orthopedic devices, and diagnostic equipment. Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products, hospital supplies, and safety needle & syringe devices. Distributors and wholesalers of health care products not classified elsewhere.

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Sector Financials 40

Industry Group Banks 4010

Industry Commercial Banks 401010

Thrifts & Mortgage Finance 401020

Diversified Financials 4020

Diversified Financial Services 402010

Consumer Finance 402020

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Financials
Sub-Industry Diversified Banks 40101010 Commercial banks whose businesses are derived primarily from commercial lending operations and have significant business activity in retail banking and small and medium corporate lending. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance sub-industries. Also excludes investment banks classified in the Investment Banking & Brokerage sub-industry. Regional Banks 40101015 Commercial banks whose businesses are derived primarily from commercial lending operations and have significant business activity in retail banking and small and medium corporate lending. Regional banks tend to operate in limited geographic regions. Excludes companies in the Diversified Banks and Thrifts & Mortgage Banks sub-industries. Also excludes investment banks classified in the Investment Banking & Brokerage sub-industry. Thrifts & Mortgage Finance 40102010 Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are primarily mortgage related, savings & loans, mortgage GSEs (government sponsored enterprises), mortgage lending institutions, building societies and companies providing insurance to mortgage banks. Consumer Finance* 40201010 Providers of consumer finance services, including personal credit, credit cards, lease financing, mortgage lenders, travel-related money services and pawn shops. *Discontinued as of April 2003. See code 40202010 Other Diversified Financial Services 40201020 Multi-Sector Holdings 40201030 Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking, insurance and capital markets, but with no dominant business line. A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales. Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry. Specialized Finance 40201040 Consumer Finance 40202010 Providers of specialized financial services. Includes credit agencies, stock exchanges and specialty boutiques. Companies in this sub-industry derive a majority of revenue from one, specialized line of business. Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.

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Sector Financials 40

Industry Group Diversified Financials 4020

Industry Capital Markets 402030

Insurance 4030

Insurance 403010

Real Estate 4040 Real Estate* 404010

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Sub-Industry Asset Management & Custody Banks 40203010

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Financials

Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.

Investment Banking & Brokerage 40203020

Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in commercial lending, asset management and specialized financial activities.

Diversified Capital Markets 40203030

Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the following areas: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.

Insurance Brokers 40301010 Life & Health Insurance 40301020 Multi-line Insurance 40301030 Property & Casualty Insurance 40301040 Reinsurance 40301050 Real Estate Investment Trusts* 40401010 Real Estate Management & Development* 40401020

Insurance and reinsurance brokerage firms.

Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies classified in the Managed Health Care sub-industry. Insurance companies with diversified interests in life, health and property and casualty insurance.

Companies providing primarily property and casualty insurance.

Companies providing primarily reinsurance.

Real estate investment trusts (REITs), including Property Trusts. *Discontinued effective 04/28/2006. See 404020. Companies engaged in real estate ownership, development or management. *Discontinued effective 04/28/2006. See 404030.

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Sector Financials 40

Industry Group Real Estate 4040

Industry Real Estate Investment Trusts (REITs) 404020

Real Estate Management & Development 404030

40

Sub-Industry Diversified REITs 40402010 Industrial REITs 40402020 Mortgage REITs 40402030 Office REITs 40402040 Residential REITs 40402050 Retail REITs 40402060 Specialized REITs 40402070 40401010 Diversified Real Estate Activities 40403010 Real Estate Operating Companies 40403020. Real Estate Development 40403030 Real Estate Services 40403040 Companies that develop real estate and sell the properties after development. Excludes companies classified in the Homebuilding sub-industry. Real estate service providers such as real estate agents, brokers & real estate appraisers. Companies or trusts with significantly diversified operations across two or more property types.

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Financials

Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties. Includes companies operating industrial warehouses and distribution properties. Companies or trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts that invest in mortgage-backed securities and other mortgage related assets. Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.

Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties including multi-family homes, apartments, manufactured homes and student housing properties. Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls, outlet malls, neighborhood and community shopping centers. Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not classified elsewhere. Includes trusts that operate and invest in health care, leisure, hotel/resort and storage properties. It also includes REITs that do not generate a majority of their revenues and income from real estate rental and leasing operations. Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management, or real estate services, but with no dominant business line. Companies engaged in operating real estate properties for the purpose of leasing & management.

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Sector Information Technology 45

Industry Group Software & Services 4510

Industry Internet Software & Services 451010

IT Services 451020

Software 451030

Technology Hardware & Equipment 4520 Communications Equipment 452010

Computers & Peripherals 452020

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Information Technology
Sub-Industry Internet Software & Services 45101010 Companies developing and marketing internet software and/or providing internet services including online databases and interactive services, web address registration services, database construction and internet design services. Excludes companies classified in the Internet Retail sub-industry. IT Consulting & Other Services 45102010 Data Processing & Outsourced Services 45102020 Application Software 45103010 Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or Internet Software & Services sub-industries. Includes information technology consulting and information management services. Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide services for back-office automation. Companies engaged in developing and producing software designed for specialized applications for the business or consumer market. Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software sub-industry. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry. Systems Software 45103020 Home Entertainment Software 45103030 Networking Equipment* 45201010 Communications Equipment* 45201020 Computer Hardware 45202010 Computer Storage & Peripherals 45202020 Manufacturers of computer networking equipment and products, including LANs, WANs and routers. *Discontinued as of April 2003 Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges. *Prior to 4/30/2003, this sub-industry was called Telecommunications Equipment. Manufacturers of personal computers, servers, mainframes and workstations. Includes manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers, faxes and related products classified in the Office Electronics sub-industry. Manufacturers of electronic computer components and peripherals. Includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers and other peripherals. Excludes semiconductors classified in the Semiconductors sub-industry. Manufacturers of home entertainment software and educational software used primarily in the home. Companies engaged in developing and producing systems and database management software.

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Sector Information Technology 45

Industry Group Technology Hardware & Equipment 4520

Industry Electronic Equipment, Instruments & Components 452030

Office Electronics 452040 Semiconductors & Semiconductor Equipment* 452050

Semiconductors & Semiconductor Equipment 4530 Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment 453010 Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment

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Information Technology
Sub-Industry Electronic Equipment & Instruments 45203010 Electronic Components 45203015 Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments, scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment. Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components and other electronic equipment not classified elsewhere. Electronic Manufacturing Services 45203020 Technology Distributors 45203030 Office Electronics 45204010 Semiconductor Equipment* 45205010 Semiconductors* 45205020 Semiconductor Equipment 45301010. Semiconductors 45301020 Manufacturers of semiconductors and related products. Manufacturers of semiconductor equipment. *Discontinued as of April 2003. See 45301010. Manufacturers of semiconductors and related products. *Discontinued as of April 2003. See 45301020. Manufacturers of semiconductor equipment. Distributors of technology hardware and equipment. Includes distributors of communications equipment, computers & peripherals, semiconductors, and electronic equipment and components. Manufacturers of office electronic equipment including copiers and faxes. Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.

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Sector Telecommunication Services 50

Industry Group Telecommunication Services 5010

Industry Diversified Telecommunication Services 501010

Wireless Telecommunication Services 501020

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Telecommunication Services
Sub-Industry Alternative Carriers 50101010 Integrated Telecommunication Services 50101020 Wireless Telecommunication Services 50102010 Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere. Providers of primarily cellular or wireless telecommunication services, including paging services. Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic cable network.

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Sector Utilities 55

Industry Group Utilities 5510

Industry Electric Utilities 551010 Gas Utilities 551020

Multi-Utilities 551030 Water Utilities 551040 Independent Power Producers & Energy Traders 551050

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Utilities
Sub-Industry Electric Utilities 55101010 Gas Utilities 55102010 Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in gas exploration or production classified in Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Storage & Transportation sub-industry. Multi-Utilities 55103010 Water Utilities 55104010 Independent Power Producers & Energy Traders 55105010 Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy Merchants. Excludes electric transmission companies and utility distribution companies classified in the Electric Utilities sub-industry. Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems. Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations. Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.

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MK-GICSM-808

For more information on the GICS structure, please contact us at the following numbers:
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