Cuba Screen - RiskMetrics Group Online User Resources - MSCI

Global Sanctions MethodologyCuba ScreenOctober 2014OWNERSHIPOwnership OF an Involved Company MSCI ESG Research notes if a company owns 20% or more of an involved companyOwnership BY an Involved Company MSCI ESG Research notes if an involved company owns 50% or more of another publicly tradedcompanyRESEARCH PROCESS OVERVIEWMONTHLY UPDATESResearch is conducted monthly to track previously uninvolved companies that have become involvedwith Cuba. Initial public offerings, name changes, de-listings, and mergers & acquisitions are included inthis research process.MSCI ESG Research will remove a company from a restricted list if MSCI ESG Research determinesconclusively that the company is no longer involved with Cuba.Updates to screens are available in ESG Manager five business days before the end of the month duringwhich new information is processed, and on the first of the following month in data feeds.ANNUAL UPDATESResearch on companies found to be involved with Cuba is updated once every calendar year. The annualupdate process involves confirming involvement and updating all companies with the most recent fiscalyear information. As necessary, MSCI ESG Research communicates directly with companies in order toconfirm involvement or discontinued operations.A new company search is conducted annually using proprietary web-crawling technology to identify anynew companies with involvement with Cuba.MSCI ESG Research will remove a company from a restricted list if MSCI ESG Research determinesconclusively that the company is no longer involved with Cuba.In addition, MSCI ESG Research will remove a company from a restricted list if after three years MSCIESG Research cannot confirm ongoing evidence of a company’s involvement with Cuba.SOURCESMSCI ESG Research uses a wide range of information tools and sources to perform both annual andmonthly updates, including:Proprietary web-crawling technologyCompany websitesCompany Annual Reports and regulatory filing documentsMedia search servicesBusiness directoriesNGO reports and websitesGovernment agencies and disclosureMSCI ESG Research© 2014 MSCI Inc. All rights reserved.Please refer to the disclaimer at the end of this document4 of 8msci.com