The Global Industry Classification Standard (GICS)

July 22, 2002

The Global Industry Classification Standard (GICS) Standard & Poor's Quantitative Services Maureen Maitland (212) 438 1178 maureen_maitland@standardan dpoors.com David M. Blitzer (212) 438 3907 david_blitzer@standardandpoor s.com

An Overview for Standard & Poor’s U.S. Sector Indices













Index Information Index Services (212) 438 2046 index_services@standardandpo ors.com

SM



SM

The Global Industry Classification Standard (GICS) is the exclusive industry classification structure used for Standard & Poor's U.S. industry index calculations. On December 31, 2001, Standard & Poor's discontinued discontinued the use of the its old industry classification methodology for the purpose of U.S. industry index calculations. While the old classification system and GICS sector s ector indices have distinct differences, they also have some significant s ignificant common characteristics. We present the structure of the GICS system and show similar statistical characteristics of the old sector indices and GICS sector indices. Market participants who use Standard & Poor's U.S. GICS indices for historical returns may choose to use this analysis to create a continuous time series of index returns, with history that extends prior to the official GICS index history. We show the correlation of historical returns between industry index returns of the two classification systems, and overlap of market capitalization and number of companies at the date when the old industry indices were discontinued. The analysis presented here is illustrative and should not be construed as Standard & Poor's recommendation for mapping of the two different industries return series. Users should exercise judgment depending upon their situational requirements.

Standard & Poor’s

A GICS Overview for Standard & Poor's U.S. Indices

Introduction On January 2nd, 2001, Standard & Poor’s officially released GICS (Global Industry Classification Standard) sector, industry group, industry, and sub-industry level price indices for all Standard & Poor’s U.S. indices – the S&P 500, the S&P MidCap 400, the S&P SmallCap 600 and the S&P SuperComposite 1500. Total return index values were also released for the GICS-level S&P 500, S&P MidCap 400, and S&P SmallCap 600 sub-indices. All sector and industry indices under Standa rd & Poor's old industry classification system system were discontinued effective December 31st, 2001. At that time, GICS became the only industry classification system managed and maintained at Standard & Poor's for U.S. index calculation purposes.

What Is GICS? GICS is an industry classification system, developed by Standard & Poor's in collaboration with Morgan Stanley Capital International (MSCI). GICS is currently comprised of: 

10 Sectors



23 Industry Groups



59 Industries



122 Sub-Industries

A company is assigned to a single GICS sub-industry according to the definition of its principal business activity as determined by Standard & Poor's and MSCI. Revenues are a significant factor in defining principal business activity; however, earnings analysis and market perception are also important criteria for classification. GICS was developed in response to the financial community’s need for one complete, consistent set of global global sector and industry definitions. The GICS standard can be applied to companies globally, in both developed and developing markets, and currently comprises a universe of over 25,000 companies worldwide. See Appendix D for a table detailing the current GICS structure.

GICS Classification Methodology and Maintenance A company is assigned a classification at eac h of the four levels of GICS; however, a company may only belong to one group at any level. The classification is generally determined by the business activity that generates a majority of the company’s revenues and/or earnings. For those companies that are engaged in more than one substantially different business activity the

Standard & Poor’s

Page 2


Introduction On January 2nd, 2001, Standard & Poor’s officially released GICS (Global Industry Classification Standard) sector, industry group, industry, and sub-industry level price indices for all Standard & Poor’s U.S. indices – the S&P 500, the S&P MidCap 400, the S&P SmallCap 600 and the S&P SuperComposite 1500. Total return index values were also released for the GICS-level S&P 500, S&P MidCap 400, and S&P SmallCap 600 sub-indices. All sector and industry indices under Standa rd & Poor's old industry classification system system were discontinued effective December 31st, 2001. At that time, GICS became the only industry classification system managed and maintained at Standard & Poor's for U.S. index calculation purposes.

What Is GICS? GICS is an industry classification system, developed by Standard & Poor's in collaboration with Morgan Stanley Capital International (MSCI). GICS is currently comprised of: 

10 Sectors



23 Industry Groups



59 Industries



122 Sub-Industries

A company is assigned to a single GICS sub-industry according to the definition of its principal business activity as determined by Standard & Poor's and MSCI. Revenues are a significant factor in defining principal business activity; however, earnings analysis and market perception are also important criteria for classification. GICS was developed in response to the financial community’s need for one complete, consistent set of global global sector and industry definitions. The GICS standard can be applied to companies globally, in both developed and developing markets, and currently comprises a universe of over 25,000 companies worldwide. See Appendix D for a table detailing the current GICS structure.

GICS Classification Methodology and Maintenance A company is assigned a classification at eac h of the four levels of GICS; however, a company may only belong to one group at any level. The classification is generally determined by the business activity that generates a majority of the company’s revenues and/or earnings. For those companies that are engaged in more than one substantially different business activity the

Standard & Poor’s

Page 2


company is classified where the majority of revenue s and profits are derived or, if no majority, the sub-industry that best reflects the company’s principal business. Companies whose business activities are dispersed across three three or more sectors will be classified in Industrial Conglomerates or Multi-Sector Holdings. Standard & Poor’s and MSCI must agree on the current company classification for it to be labeled as ‘officially’ classified under the GICS structure. A company’s industry classification is reviewed upon significant corporate events or when new information is made publicly available. Standard & Poor’s Poo r’s and MSCI meet annually to review the overall structure of the GICS G ICS system. This will keep the structure up to date with industry trends.

U.S. Sector Indices The GICS Structure Vs. S&P’s Old Industry Classification System For Standard & Poor's U.S. sub-indices, all a ll GICS sector, industry group, industry, and sub-industry indices have been calculated with a common base of 100 at a start date of December 31st, 1994. In those cases when the first first date of the index is subsequent to this date the index assumes a value of 100 on its start date. Standard & Poor’s old classification methodology had two levels of detail -- 11 economic sectors and 115 industry groups. As stated above, the GICS structure currently has four levels of detail -- 10 sectors, 23 industry groups, 59 industries, and 122 sub-industries. At the sector level, transportation has been eliminated as an individual GICS sector, but is represented by a GICS industry group. In the last decade decad e alone, the transportation sector had shrunken from 2% to ½% of the S&P 500. Under GICS, transportation related industries are included in the G ICS Industrials sector. The GICS Industrials sector -- comprised largely largely of the old capital goods and transportation sectors -- should not be confused with the S&P Industrials Composite Index (the S&P 500 excluding transportation, financials, and utilities). The GICS Industrials Industrials sector is one of the the 10 economic sectors that are part of this this new standard. Standard & Poor's continues to calculate values for the S&P Industrials Composite Index; however, this is a stand-alone index and not a part of the GICS structure. For more detail on spe cific differences between S&P GICS indices and S&P old industry indices refer to Appendix E.

Extension Of U.S. GICS Index History In the summer of 2001, Standard & Poor's conducted an analysis an alysis of the S&P 500 industry index constituents con stituents and price returns history for the time period covering December 1994 through September 2000. At that time,

Standard & Poor’s

Page 3


Standard & Poor's concluded that index histories for 58 of the, then, 123 GICS sub-industries and the ten GICS economic sectors had h igh correlation and market capitalization overlap with the corresponding industry or sector under the old industry classification system. Standard & Poor's clients found this information useful, since S&P GICS index history often does not contain a s much history as some of the corresponding old industry indices. Standard & Poor's has extended this analysis to cover the additional history it has since generated for the S&P 500 GICS indices – now extending back to September 1989 – and to include the S&P MidCap 400 an d the S&P SmallCap 600 GICS sub-indices for the time periods they ex ist.

Aligning of Old S&P Sector Returns with GICS Sector Returns Merging two distinct industry return series can depend on two factors. First, correlations provide a quantitative judgement on wh ether the two return series are distinct or not. Second, the overlap of the constituents of the two different industry indices can be used to provide subjective judgement. These two variables must be used in conjunction.

Correlations Appendix A1 shows the correlation of price returns of old sector indices, old composite indices and old industry indices with related GICS indices for the S&P 500. GICS sector indices a re mapped into old sector indices, while GICS sub-industry indices are mapped into old industry indices. Appendixes B1 and C1 show similar information for the S&P MidCap 400 and the S&P SmallCap 600 indices, respectively. We also show a statistical test of significance for the correlation coefficient. The test: For n observations and an observed correlation coefficient of r,

Degrees of freedom

t = r √(n-2) √(1 - r 2) = n-2

At a 99% degree of significance, most of our chosen pairs reject the null hypothesis of the two return series having no correlation.

Overlap Of Index Composition Appendix A2 shows the composition of the companies in each S&P GICS index as represented by percent of market capitalization and number of

Standard & Poor’s

Page 4


companies in the corresponding old index, and the composition of the companies in each old index as represented by percent of market capitalization and number of companies in the corresponding GICS index, for the S&P 500 industry indices. Appendices B2 and C2 show similar information for the S&P MidCap 400 and the S&P SmallCap 600 indices, respectively. The information on the number of matching companies and market capitalization shown is as of December 31, 2001. As discussed, this is the date when the old industry indices were discontinued. This analysis is illustrative only. Users may wish to perform this analysis at multiple periods in time, depending upon their specific situations. Index Services clients may be able to get the old industry index composition and GICS index compositions by contacting their account representative or the client services number listed at the front of this document.

Conclusion The purpose of this analysis is to give Standard & Poor's index clients additional information for potentially supplementing historic GICS indices with old indices. While indices with high correlations and high overlap of constituents are good candidates for merging o f index histories; users, depending upon situational requirements, should determine specific ranges for either variable.

Standard & Poor’s

Page 5

4 1 e g a P s f n o y i o r l t h e t a 3 7 5 5 9 5 5 1 0 5 5 5 5 5 5 3 b n v r 5 6 8 8 1 8 8 8 7 8 8 8 8 8 8 7 m o e u M s N b O

) d ’ t n o c (

y t r l y a a l t a n c a ? s s s s s s s s s s s m i s s s s t i c % e e e e e e e e e e o e e e n e s i f 9 e y y y y y y y y y y y y y y y i m t n 9 a u t g S S i S n % % % % % % % % % % % % % % % % n o 7 3 7 6 0 0 0 8 0 0 5 9 6 0 2 0 i o t i 0 0 7 0 0 9 1 9 0 8 0 a 7 9 9 9 0 t 1 1 1 1 1 1 1 l e a r l r e o r C r o C ) , S S s E e L c E i R ) ) ) I d S S S W n E E E / I ) ) C I ) C I C I S R N y ) V S V V O S R A L r R R T I t x R M T O e E E E E N A R T U L s d S T S S ) E ) T O C L u n & S & & G S N T U E I L C N M C d Y d ( P A E U D l E S E E I I n K M D N S R R R I O A R A A R U R O E U N N S S P W E W O Q R O C I E d O E I I E H T & T T W P l T W S I S C M I N N T I S F U T F F E T R A A O A N M S O P O E N E I P P S ( E ( C E M O O I S S S N P s I M M I ( O ( ( ( T ( S S ( S N O S O T I u S C S S A S C L I T C I E U C A C I ( S s R R R R R G C M N N N N T r E S E E E I E C C L M O E O I I U O e T E T T T N T A R R R R O H U C U U U U T M T U I V C T R T R P V P P P M P C P I C P C U C E E s M R M M M M M E U E L E L E T E T O O O O O O e E L Q L E E L A L A C S C C C C C E E E T T E N E W c i d y r n t I s u e 5 4 5 5 7 0 8 0 7 5 5 2 5 0 5 5 y d 5 8 8 8 8 8 3 4 3 1 6 0 1 0 2 d r n o 8 t I c 1 4 1 1 1 1 1 2 2 2 7 4 7 7 7 7 s d l u d O n I S T b N u S E L S A M S R U S S E E R E C H T C I S I S I T C P E I N x V I N R e R E V G S I R C & d E E E V M E n S C E T 0 P T I S R I R N P I 0 N & E E & T S V M S 4 C E R A E M N E E U I O Q E W P I E G M E S C M S G R p A S T R I A U M A P O E F a P W P R U R R E L C I & O W Q I S S & O E E T I T C E E E U O Q O I S F G S T L T T L T E T I S I d T N N F G Q E I C C I T S O I T i E O D E C T L I N R I U U E U I L S T O I S I I T S L N M D D I T T T U T S K M E O N N T S C L I U S U A I E S A M R T P O U R O O R E R T - R N N C O I L E T T C R O I & I C I G E C U T E T W E P C C E C L S T L M E M M E R E S L T S T P P Y E E O L E E T I L A U A

1 B x i d n e p p A

N I T I A S N T C E S S N I W E G M W

e 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d 0 1 1 2 1 2 2 1 1 2 2 1 1 1 1 1 o 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c 0 1 2 3 3 1 1 2 3 5 5 1 2 1 2 3 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S 1 0 1 1 2 2 2 2 2 2 1 1 1 1 1 1 C 5 1 5 5 5 5 5 5 5 5 5 0 0 5 5 5 5 I G 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5

s ’ r o o P & d r a d n a t S

1 0 0 2 / 1 3 / 2 1 f o s a , s e c i d n I y r t s u d n I d l O s u s r e V s e c i d n I y r t s u d n I b u S S C I G 0 0 4 p a C d i M P & S f o n o i t i s o p m ) o C d ’ t n o c (

2 B x i d n e p p A

t S % % % % % % % % % % % % % % % % e C 0 7 7 0 5 0 0 5 0 3 0 7 0 0 5 0 I k 5 8 0 6 9 0 2 0 9 0 1 0 0 6 0 r G x 0 1 1 1 1 1 1 1 a e 1 d n M i n I d l p a O C t e d % % % % % % % % % % % % % % % % 6 0 2 4 0 4 0 0 0 8 8 8 5 9 5 0 l k r O x 0 5 2 0 7 0 0 0 9 2 4 7 3 2 0 a 1 1 1 1 1 1 e n d M i n S p I a C I C G

7 1 e g a P

n f i o s n e o r i e m 0 3 8 b n a 2 5 1 6 3 6 4 2 5 1 1 1 1 4 5 1 m p m o u m N o C C n f i o s x e e r i e n d n 1 5 1 1 3 7 4 2 5 4 2 2 3 9 3 1 b a i 2 2 2 1 2 2 m p d u m l N o O C

) S S E L E R ) ) ) I S S S W E E E / ) ) C I ) C I C I N ) S R V S V V O R A L I O U x R M R R T T S e E E E E N A R T L d S T S S ) E ) T O C L n & S & & G S N T U E I L C N M C Y d ( P A E U D l E S E E I I K M D N S R R R O A R A A R U R O E U N N S S P W E W O Q R O C E I E I O I E H T & T T W P T W S I S I C M I T N N S F U T F F E T R A A A S M I O P O O E N E N ( E S ( C P P E M S N O I S P ( O S ( ( ( I ( S S N M S M I T S ( I O O T S C S S S A S C L I T C I E U C A C I R ( R R R C R M G T N N N N I S E E E E E O E O O M C C L I I U T E T T T N T R H O R A C U U U U U R M R U I R T R T T P C P P V P P P M P T I C E E C U C E C M R M M M M M E U E L L E T E T O E O O O O O L Q L E E L A L A C S C C C C C E E E T T E N E W y r e t 5 5 7 0 8 0 7 5 5 2 5 0 5 5 d d 5 4 l s 5 8 8 8 8 8 3 4 3 1 6 0 1 0 2 u o 8 O d c 1 4 1 1 1 1 1 2 2 2 7 4 7 7 7 7 n I x f s e e d o i n r n i e 3 0 4 8 b a p S 2 8 1 6 4 7 4 1 5 1 1 2 1 4 9 1 m m C I u o N C G n i

S T N S E L M A U S R R S E E T E C H S I I S T C P V I N x V E C e R S R I N R I E & E d E T E E V M n S P T P S R C E N I I I E S & V R E T & N M A N C E R E M E E U O S I M Q E W P I E G E S C M S G R A S T R I A U M A P O E F P W P R E L C I & S Q I R U R T S & T O W O O Q I E E E I E U O T T E I S F G S T L L E T T I F Q S T T I I O N I N O G E S C C C D E T E L L I N I U U E T U I I S T I O I S R T S N D T S I T T T L T S K M E O D C U L N N I A S I U U E S A M R T O U R O O R E R T - R N N C O E C P T C C G L T U I E R O I T W E C I I E E C T T E C L S T L M E M M T I R E S L T P P Y E E O L E E N L A U A N T I I A S N T C E S S I W E G M W e 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d 0 1 1 2 1 2 2 1 1 2 2 1 1 1 1 1 o 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c 1 0 2 3 3 1 1 2 3 5 5 1 2 1 2 3 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S 0 1 1 1 2 2 2 2 2 2 1 1 1 1 1 1 C 1 5 5 5 5 5 5 5 5 5 5 0 0 5 5 5 5 I G 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5


0 2 e g a P s f n o y o i r l t h a e t 6 6 6 6 6 6 7 6 6 6 6 6 7 6 6 6 7 6 6 9 1 6 6 9 6 b n v r 6 6 6 6 6 6 2 6 6 6 6 6 3 6 6 6 3 6 6 5 1 6 6 2 6 m o e u M s N b y O

r a y t a l l t m a n c a ? s s s s s s s s s s s s i s s s s s s s s s s o s m t i c % e e e e e e e e e e e e e e e e e e e e e o n e s i f 9 e u i y y y y y y y y y y y y y y y y y y y y y y n y n 9 a S t t g n S i S o n % % % % % % % % % % % % % % % % % % % % % % % % % i o 0 0 7 0 0 9 2 6 1 6 1 8 7 7 3 3 5 0 0 1 0 8 0 0 0 t i t 0 9 0 0 9 8 9 9 9 8 8 2 0 8 0 9 0 0 a - 9 9 8 8 0 a 0 1 1 1 1 1 1 1 1 1 l l e e r r r o r C o C ) , S s S e E L c ) i E E ) ) ) d C R I S S S N W n E E E I ) A ) ) T / E Y C I ) C I C I S S R N y G T R I A r O L V S V V A I ) t R M R R T D L A R T U R O x E E E E N s T U E A e O C G L L S S T S S ) E ) K T u d N T S U O E O ) A & S & & G M L N n d C I N P A E C D L ( R H C - E Y E E I n d N ( G R M T G U B T Y R S R R K I l I / D S S N U L N N O A R A A R Q I E U E I N N N S S O G S A T C d R E H R O E I G G E N O P R W W W O l O E E E T I I E M A I C I T U T T W S A P M I I T E H C & ) P N N K T T S I P L / I O F F F E T M R M S A N N K E A A A A I I N U / M S O O P O O E N / E I P P S A O F ( Q Y E ( C C E N A s M R O Y I I I N S S S N P I R M M I I B ( ( ( ( ( S E H S O T u ( S N N O S O I I F T B L ( P ( S O S S S T H S C L s I L P I U U C A C I G R N E E E R C ( R R R A P T C A A R A G r C M M E E E C C C E S E E E I R E N R N N T C C C L e R M M I G E O I I U ( M M N N N T E T T T N G T O A R R R R R O O A A A U C V U U U U O U T T O M T C C T R T R S U T R R R P I I C E E C U C E K S S V P P P M T P C C T P s U E U U N N V S S S M R M M M M O M E E O U E L L E T E T e O O O O O O O A N N N N E H L L H Q L E E L A L A c B C I I I I C S C C C C P C E E P E E T T E N E W i d y n t r I s u e y 5 2 0 5 5 5 4 5 5 7 0 3 8 0 0 3 7 5 3 2 5 0 5 5 d d 7 r 4 2 3 2 3 8 5 8 8 8 8 0 8 3 2 0 4 3 6 6 0 1 0 2 t I n o 1 8 8 8 3 8 8 1 4 1 1 1 1 4 1 2 2 4 2 2 4 4 7 7 7 7 c s d u l d O n I S S T T b N N u S E E L S M E A M U U C S R S S S R N E E R E T E A C C H T C S S C S I I R I T P V I I N I N N I V x U R V E G e R R S I S R C E E E d E & & E E I N T E V 0 M n P S C S C T T I E N S R 0 I E L N Y & I R E T E & N N P V S T M S 6 A E E U A S L E R A E M N R E S I C I R O Q M M E R A R E W R P M S p I E A G P C I G C C I I N E S C N E U U A S T A U M W A P O E E a F P N A K S P S W & W Q I D R U U O R R L C I S N O I & A N O A C O O I T G S T E U R O Q Q R E E T S I E l N I S I L T T L C F T A E E T E l F R H T C C E I S I T F G Q F B T & O N H S I T N C a E E T I C I C U U D T I D E L S T O O N L E R I S I S R R I E U T I L I E I Y L A N N T D D L I I S m E F C E T T U T S K M E E O O E N N T C I L U I T M I N H R E S A M R O T T R R O O A S S R T U A E N N C O U U R E E R S U S I L E T T T I C I C G U T E R & P R L T W C P P C I P K S R I E O C C C E U E O E P S T L M M E E F M M E R E S L T N N E & F R T C P Y E E O O L L F E E T I L A U A I S A O V I I W E G M W B C D N I L P N I T I A S N T C C E E O S S N S ) d ’ t n o c (

1 C x i d n e p p A

e 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d 0 1 2 1 2 4 1 1 1 2 1 2 1 2 1 1 1 1 2 2 1 1 1 1 1 o 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c 0 1 1 1 1 1 1 1 2 3 3 1 1 2 2 3 3 4 5 5 1 2 1 2 3 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S 1 0 2 2 3 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 C I 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 5 5 5 5 0 0 5 5 5 5 G 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5


% % % % % % % % % % % % % % % % % % % % % % % % t S % 9 0 0 0 0 0 9 1 9 6 8 0 5 2 1 0 0 3 0 0 0 0 0 0 e C 0 8 2 0 0 0 0 0 4 8 7 8 0 7 2 3 0 0 8 0 0 0 0 0 0 I k 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r G x a e n d M i n I d l p a O C

1 0 0 2 / 1 3 / 2 1 f o s a , s e c i d n I y r t s u d n I d l O s u s r e V s e c i d n I y r t s u d n I b u S S C I G 0 0 6 p a C l l a m S P & S f o n o i t i s o p m ) o d ’ t C n o c (

2 C x i d n e p p A

3 2 e g a P

t % % % % % % % % % % % % % % % % % % % % % % % % % e d 0 0 0 0 0 3 4 5 0 1 0 7 9 1 7 3 2 2 2 0 0 8 0 2 0 l k 0 0 0 0 9 7 7 1 0 7 1 6 6 3 7 9 7 0 0 7 0 2 0 r O x 0 1 1 1 1 1 1 1 1 1 1 a e n d M i n S p I a C I C G n f i o s n e o r i e m 4 0 4 3 1 2 b n a 2 1 3 1 2 9 2 5 2 7 2 1 1 3 7 9 1 1 1 1 2 7 1 2 2 m p m o u m N o C C n f i o s x e e r i e n d n 4 1 3 1 2 0 6 7 6 6 2 7 3 5 9 5 3 4 3 1 2 9 2 9 2 b a i 2 2 1 1 1 1 3 3 3 1 m p d l u m N o O C

) S S E ) L E E ) ) ) C R I S S S N W E E E ) A ) ) T / E C Y C I C I S S R N ) G T I R I A O L V S V V A I ) R R R D L A R M T T R O x E N T G U U E E L E E A e ) O S S S ) E C N L S T K T d S T G E U O ) A & S & & M L N n C D O C I Y E E N E R H C I L A ( E P U ( d G D N S S B T Y R S R R K I G R M T l / N I L T A R A A R U I N N O E U O N N N S S G S A R E Q R E E I O O E G O C P E N R E E W T W W O E G H I M I T I I P C K E H P T U T T W A I S P A C M I & ) N N T T I L S / I F F F E T N I M R N U I M M A A A A S S A N N K E O P / S C P P E E I O F R O M O O E O / ( N A Y P Y E ( C I I M M I N A S B R I I ( O S ( S ( N ( I ( S Q S L P O E H H N N O S O T T I F T B ( ( S S S S P S C P ( S I C L A L I I G R N E E E R C ( R R R A R A A T U U C A C M M G C I E E E C C C E S E E E I N N T N R R E C C C L R M M N N N T E T T T N G T O I G E O M M I I U ( A R M R O O R R A A A U C U U U U O U R S U T T T O I T C C T R T R R R R P I K S S V P P P M T P C C T P C E E C U C E U E U U N N V S S S M R M M M M O M E E O U E L L E T E T O O O O O O O A N N N N E H L L H Q L E E L A L A B C I I I I C S C C C C P C E E P E E T T E N E W

y r e t 2 0 5 5 5 4 5 5 7 0 3 8 0 0 3 7 5 3 2 5 0 5 5 d d 7 5 l s 4 2 3 2 3 8 5 8 8 8 8 0 8 3 2 0 4 3 6 6 0 1 0 2 u o 1 O d c 8 8 8 3 8 8 1 4 1 1 1 1 4 1 2 2 4 2 2 4 4 7 7 7 7 n I x f s e e d o i n r n i e 0 4 2 6 5 5 3 3 b a S p 3 2 3 1 2 9 2 9 2 8 7 1 1 5 2 2 1 1 1 1 2 7 1 2 2 C m m I u o N C G n i

S S T T N N S E E L M M E A U U C S R R R S S N E E T T E E A I C H C S S I R V I S T C P I N N V x U R I I V E N e R R I S E S R C E & & d E E E I E N T E V M n P S C S C T T I E S R N I E L N Y & I R E T E & N N P V S T M S A E E U A S S E R A E M N R E I C I O Q M M E C R R L A C P E G E W R I S G C N E U A R P I P I E S C M U A S T A U M W A I N R R E O E F I P N A K S P U U S D R L C & W S I O Q N W A & N O I A T O T E U R O Q Q R O O E E T I S E I I G S S N L R T T L C T I F H F A T E E T E I F Q S I N I F B T & O I H S C C C C C D E T E T T E O G D E L S T N L T I I N R R I I E U U E U I R I S I L E C A Y L O I T S N N D D T I L T S C I E F E T T U T S K M E E T L E O O N N I S N A R I U U E S A M T T M I R H R T - R A E N N C E O O U U R R E O O R E S U S T U I E C P P T T C I C I C G L R & P R I K S R L T W I E O C C C S T E E U E M M T F N N V S E O E P S M M L R E E E L T C T T I F F A O I N I R N T P Y E E O O L L E E N L A U A B C D I L P I I A S N T C C E E O S S I W E G M W e 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d 0 1 2 1 2 4 1 1 1 2 1 2 1 2 1 1 1 1 2 2 1 1 1 1 1 o 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c 0 1 1 1 1 1 1 1 2 3 3 1 1 2 2 3 3 4 5 5 1 2 1 2 3 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 S 0 1 2 2 3 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 C I 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 5 5 5 5 0 0 5 5 5 5 4 G 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5


y v a e t H s n l n o s a e i & r t c s s i m c & o y e e t p r u c m c i u i d g e i e u n b v n v o i g s i h i t q r t r r r g n l h t e P e n e C i E n s a c e i S k s l S n i r s r s r r a i a l & & e m e e e a e D s & n a s s r n e t p t c i s i M n s i M i e u a i l t s o M l s t n e l c r c & g v a l a t i n u e m y a i n e s r , a i s i & r c M u r a g q s v e t l e c r e n r n i c g e n i r c s & a n n E m a e e i e o e t n m i i s E t S m v G a l i Y g r i t e f n c n m r o o F l r n m i a i n a i p & l o i l e g t l e e g s S c n C i R l s p i a e g m s h a g r l h n l s u e e c n & c p P i D & m i u l p f n C h A s m n o S a s i T i a t c t e M s t g c & d r o n a m l s C t t o C a h S r q i x e i o M n n u o t a e a u n n R D E E t l & O r y d G C i a s o M o i o k d M d d e P i o C c U C i e d e e a t s i e s s s o t G t t t l m d e l c e l l e c c l o C D s r c r a a e a a r i m m d i y c a a l a u i a c a g r s P r a g c o f e i i o i r f y n N G G t u c E i u u i i & P i n f u t P p i G G o n t r t r t r n e P z t i s a r r r p I s s s a t t i o o y o r t l r s r m r m r i r r s k i l l r s s s s i t l d s t s c v u s c u d a e p i a e m e d & & n m e i & g e o c l e c u t B & e l n m n i n a t r v e r e p l l v p u l l r v v a u a e e e t d e d d i o i i i l i e a i i e u o l o r n r o r o e n p o a m n U r t o a n n S O O I O O T C D F I S C M P A D G P S F P A B C E H I C T I T C D D E E

s e c i v r e S & t n e m p Y i u R q T E S y U g r D e N n I E

e r u t c u r t S S C I G e h T – D x i d n e p p A

s a G & l i O

s l a c i m e h C

g s i n l a g i a r e k t a c a M P n & o s i t c r e n u r i t a s t n n o o C C

g n i n i M & s l a t e M

s r s o e t u i b l p i r p g t u n s i i S s r s e e D & t t e c a n t r u e & s i s e e d n g n s c e o e i n m e r f t s E m o i v P e c n p l a r t g e u & i D d s p u n S e o q n l o r & r o m a o E C y o i i P t F e l l r c C c g c a r a e i e u c g n & a n r i p r i i t n t r s r m i s h t d s e o l d u c i n c m r p a e a d e u o l r o a n P A B C E I M T C

P U O R G Y R T S y U g r D e N n I E

s l a i r e t a M

s d o o G l a t i p a C

R O y T g C r e E n S E

s l a i r e t a M

s l a i r t s u d n I

e d o 0 0 0 0 2 1 2 C 1 0 0 0 0 2 2 1 S 1 0 0 0 0 C 1 1 1 I 1 0 0 0 0 G 1 1 1 1

4 2 e g a P

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 1 2 3 4 5 1 1 2 1 2 3 4 5 1 2 1 1 1 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 1 1 1 2 3 3 4 4 4 4 4 5 5 1 2 3 4 4 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2

s e i l p p u S & s e c i v r e S l a i c r e m m o C

0 0 0 0 0 0 0 0 1 2 1 1 2 3 4 5 0 0 0 0 0 0 0 0 6 6 7 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 2 2 2 2 2 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2


s d o o G y s r e u n s x i s e s u s L r r s e r i L V t e e o t l e e s i t r r s n n T t p s e s i u l S & s e u s e c t c p i k s e u a t i m c t e l e c u t r c c s m v c i i s a c e c b s a a S i u r i n p i C f n r n a e f g i i s r e s t d d a u Y & g o l a p u n e u i C t S q n n t i r g i & s s o o r n s s r o r e R s L n l a a E r p S t i o h s e i s e c m P t t & e a a c l l & t T e t e R p c g e h i i i a u & r i M b S l l c & c c s i S i s & b M E i n A s d i g n s t a t a t c r i v G o c e & t e n s E c g s r t r e o h U v n l r e e e i u d t n s l d r r a g r e i e r A n t l h o r s p l o n e s g S y P t i i c r & M D e g R R s R e n t t l r u u o a P a , a s s R F a i s a & i d n t a r l s a b u g e t o y m a r t N S i , e s h m F b w e e l c e h e c e a e e i e r g & I o b P s u r r r r r e r e s e o e u o w m e e i - c n n d l k n i n w i o o i l n a s u e s a u i i s a r r c p h r t o s m m u u s t p t t i t r a r r e F i e i a v l o e t t o l t t r l s B i v n n i s s t e f o o x b i s a t p r r u r g r u o o o o o o e h p o e a o e e d o e e r o u i U f i i a a r i i a u i n S O A A M R T A H M A T A M C H H H H L P A F T C H L R A B M P D C I D G

s e i l p p u S & s c i s t e s c i i g v o r e L S l & Y l i a t a R i h c g s R T r i S e e e e & r n i U m F d i n D m r l r r a a i i o N o R I C A A M

) d ’ t n o c ( e r u t c u r t S S C I G e h T – D x i d n e p p A

e r u t c u r t s a r f n I n o i t a t r o p s n a r T

s t n e n o p m o C o t u A

s e l b a r u s D e l i d b l o o h m e o s u t u o A H

s e i l p p u S P & s U e c O i R v r e n G S o l Y a i t a R i c t T r r o e S p U m s D m n a N o r I C T

s t n e n o p m o C & s e l i b o m o t u A

l e r a p p A & s e l b a r u D r e m u s n o C

) d ’ t n o c ( s R l a i O r t T s C u E d n S I

y r a n o i t e r c s i D r e m u s n o C

s d o o s t c G u r d y u o r P x u & L t & n e l e m r a p p i u p q A E s , e e r l i u s t x i e e L T

e r u s i e L & s t n a r u a t s e R s l e t o H

a i d e M

l i a t e R g o l a t a s r C o & t u t e b i r n r t e s t i n D I

e r u s i e L & s t n a r u a t s e R s l e t o H

a i d e M

g n i l i a t e R

5 2 e g a P

l i a t e R e n i l i t l u M

e d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 2 1 2 3 1 2 1 2 1 2 3 4 5 1 2 1 2 3 1 2 3 4 1 2 3 4 1 1 2 1 2 C 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 3 4 4 5 5 5 1 1 2 2 1 1 1 1 2 2 3 3 3 1 1 1 1 1 1 1 1 1 2 2 3 3 S 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C 3 3 3 3 3 3 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 5 I 2 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 G 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2


Y R T S U D N I B U S

Y R T S U D N I


) 2 0 / t 8 n 2 e / m 3 , p s d e o l e c i e u v v n l r e i e i s t e s c a t e D n t S n s c e o i a u c r i & r & v R l s s a r t u t i T s t s s e e n t a r c e t c D n e S e n i s o ( I n n s R t e s e l n t g a e y e m s s r t e u M h a s o r e n i r a c i m i i r n b t C c t e m e l u e t i g u s & t c i c t p l e d s s i l n d r i s a t s n c c p a l r s n F i u t t r a u u n s e s h n e p e n m s c a o s c o r d n l l o t I s i r q a i a k e e d u a v u l E v r t l n H o h u & o o a y a i i n r s P a n u d E S D F c V g i a t r o I r M y F i C e n o o b l P o t t l i e r o t e e F d t e I r e o B l s l a e & r a e t e c t r r r r r i H l u l F d r t p S i r k a & a t P & e o a e a a a l n e c e R r e t t u a u d e s s i n y e d l n n a e t t t o c m i c e i l t e s r f S n H i y r s a t I l C C C C e h a o e o l a s t i r r h m l c e e u g P a c e n h u u g s a R D R e l - a & i - r c r h h h s E E u l r i D t t t e s t m a c t e a p e i s o r i i t u e l t p n l l a u s l k s g d d w t r a k b p m m c a l a l a l n e a n t i a a u o o e s t f r a n v l o h u s f u o p o o e a o i i o g e c a o o r e e e e e a i r e e e p r o o r i n A C H S D F F B D S A M P T H P H H H H M B P B C D M I L M P R R R

l i a t e R y t l a i c e p S

g n i l i a t e R g u r D & d o o F

g n i l i a t e R

g n i l i a t e R g u r D & d o o F

y r a n o i t e r c s i D r R e O m ) d ’ T u t s C n n E o o c S C (

e l p a t S r e m u s n o C

P U O R G Y R T S U D N I

e d o 0 C 1 0 S 4 0 C I 5 5 G 2

s e g a r e v e B

o c c a b o T & e g a r e v e B d o o F

s t c u d o r P d o o F

s e i l p p u S & t n e s m t c t p i u s u d c u q o r d E P o r e r d a l P l o o a C h c e n h c t a s o l s a b u r o o e e T H P H s e c i s t v r c u e d S o r P & t l n a n e m o s p i r u e P q E & e r d a l o C h e t s h u l o a e H H

e r a C h t l a e H

s e c i v r e S & s r e d i v o r P e r a C h t l a e H

s l a i c n s a l n y a i c g i F t o l u d o e i e n c f i h a c s s e m k r r e t a v o h n i a i B P B D

e c n a r u s n I

e t a t s E l a e R

y g o l o n h c e t o i s l B a i c & n s a l n a i c F i t d u e e i c f i a s s m k r r n e a v h a i P B D

e c n a r u s n I

e t a t s E l a e R

s l a i c n a n i F

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 3 4 1 2 3 1 2 3 1 2 3 1 1 1 1 2 1 2 3 1 1 1 1 2 3 1 2 3 4 5 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 4 4 1 1 1 1 1 1 2 2 2 3 1 2 1 1 2 2 2 1 2 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 1 1 1 2 2 2 2 2 2 2 3 3 1 1 1 1 1 2 2 1 2 2 2 3 3 3 3 3 4 4 5 5 5 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 0 0 0 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4

6 2 e g a P


s e c s e r i s c t e v i n r v w e e r o t l s m S e n P S a u e n r r d o n s e t e m h i s t e t t o p i n n c a a i i p t i l I s c u r a v i u e e c r q t e & m n i g c e i n E e P u n t r S v e p e u s n i r m n r e s & e n m u e r a m r & U o a e m s q e m p i Y e S w e i o m s & c E s i t t r w g p i r c R r a o a u i a r & f e d r r n e q r c c s o u r a s T a l i w o o t o e e i g o w E S q t a e i t t e i r S t n l t n C i l s f t t c c f t E e i i T u H S c u u e i n o g e U o t i t l i l n m r r i o S i e d d i v d T i i l t D S l U t i t i u e t e c t e s l n n t s k t n s t E i m s a U N t c r a U t o o u u i e o a n I e r U i c m o o - r r e n c c r l i - n o l p p c t t i i e r e c t t e g w l t i l e m m c B r e t r c t e C p e i s m m t e s e f u a e f l a p o o e l l y U t e e n T n W E G M W S I I A S N T C C E O S S A I s t c s t u n e d o r m P u r s t t s & e n n t c e i s I n v m l e e s r & p c e i m a t r S i u e v p n i r q e u e & S E h s p m c q i e s E r p i r n e i a & n r o P u o o i g w q t r t t n t Y f i c a E & c t c u R o l i e r c d l i S n e e T t u E n u t S e s o u n o a n r r c m p t e o t U n i w c r i m m c D t e C f f e f m o o l e N n T o I I I S C C E O S


P U s e c O i R v r G e S Y R & T e S r a U w t D f N o I S

y g o l o n h c e T n o R i t O a T m r C o E f n S I

t n e m p i u q E & e r a w d r a H y g o l o n h c e T

n o i t a c i n u m m o c e l e T d e i s f i e s c r i e v v r i e D S

s e c i v r e S n o i t a c i n u m m s o e c s s t e i e e i i l i l s t t e i i e i t l T U i t l i t i t i s l i s c U t i e r i - U r l t U t t e e l c r s i l e a u a E G M W W

s e c i v r e S n o i t a c i n u m m o c e l e T

s e i t i l i t U

s e c i v r e S n o i t a c i n u m m o c e l e T

s e i t i l i t U

e d o 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 1 2 1 2 1 1 1 2 1 C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 2 2 3 4 5 5 1 S 2 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 C 1 1 1 2 2 2 2 2 2 2 2 1 I 1 5 5 5 5 5 5 5 5 5 5 5 5 0 G 4 4 4 4 4 4 4 4 4 4 4 4 5

7 2 e g a P

0 0 0 0 0 0 2 1 1 1 1 1 0 0 0 0 0 0 1 2 1 2 3 4 0 0 0 0 0 0 1 1 1 1 1 1 0 0 5 5 5 5 5 5 5 5 5 5


Appendix E

Standard & Poor's U.S. Indices and GICS The Standard & Poor's Global 1200 and its regional components were created and designed with GICS as their original industry scheme. The Standard & Poor's family of U.S. indices pre-date GICS and were developed using an alternate industry classification system. In January, 2001, GICS became the primary industry classification system for all Standard & Poor’s U.S. indices – the S&P 500, the S&P MidCap 400, the S&P SmallCap 600 and the S&P 1500 SuperComposite. All sector and industry indices under the old industry classification scheme were o fficially discontinued on December 31st, 2001. Listed below are some of the more meaningful changes that occurred to industry definitions in the movement of the Standard & Po or's U.S. Indices to the Global Industry Classification Standard.

GICS Consumer Discretionary Sector: The old Consumer Cyclicals Sector name has been changed to the  Consumer Discretionary Sector under GICS. 

The old S&P 500 Retail Stores Composite Index has been largely replaced by the S&P 500 Retailing Industry Group Index in the GICS Consumer Discretionary Sector. The only sub-industries that do not fall under the new GICS Retailing Industry Group are companies classified under the Food & Drug Retailing Industry Group in the GICS Consumer Staples Se ctor.



Introduction of a Media Industry Group, which includes the Advertising, Broadcasting & Cable TV, Movies & Entertainment and Publishing GICS sub-industries. As a result of this consolidation, traditional Entertainment and Broadcasting companies are now classified under the GICS Consumer Discretionary Sector; they are no longer under Consumer Staples.



Introduction of a Hotels, Restaurants & Leisure Industry Group, which includes the Casinos & Gaming, Hotels, Resorts & Cruise Lines, Leisure Facilities and Restaurants GICS sub-industries. As a result of this consolidation, traditional Restaurant companies are now classified under th e GICS Consumer Discretionary Sector, they are no longer under Consumer Staples.

GICS Consumer Staples Sector: Introduction of a Food Products Industry, which includes the Agricultural  Products, and Packaged Foods & Meats GICS sub-industries. As a result of this consolidation, traditional Agricultural Products companies are now

Standard & Poor’s

Page 28

Appendix E (cont’d) classified under the GICS Consumer Staples Sector, they a re no longer under Basic Materials.

GICS Energy Sector: The old S&P 500 Oil Composite Index has been replaced by the S&P 500  Integrated Oil & Gas Sub-Industry Index in the GICS Energy Sector and GICS Oil & Gas Industry. GICS Financials Sector: The old S&P 500 Banks Composite Index has been largely replaced by the  S&P 500 Banks Industry Group Index in the GICS Financials Sector, the major difference being the addition of traditional Savings & Loans companies to this GICS Industry Group. 

The old S&P 500 Insurance Composite Index has been largely replaced by the S&P 500 Insurance Industry Group Index in the GICS Financials Sector, the major difference being the addition of traditional Insurance Brokers companies to this GICS Industry Group.



The REITs sub-industry is a part of the Financials Se ctor and is aligned with the Real Estate Management & Development sub-industry to form a Real Estate Industry and Industry Group.

GICS Health Care Sector: The old S&P 500 Pharmaceuticals Composite Index has been replaced by  the S&P 500 Pharmaceuticals Industry and Sub-Industry Indices in the GICS Health Care Sector. GICS Industrials Sector: The old Transportation Sector has been discontinued. Transportation has  become an Industry Group within the GICS Industrials Sector. In the last decade alone, the transportation sector shrank from 2% to ½% of the S&P 500. Now transportation related industries are included in the GICS Industrials Sector. The S&P 500 GICS Industrials Sector Index -comprised largely of the old capital goods and transportation sectors -should not be confused with the S&P Industrials Composite Index (the S&P 500 excluding Transportation, Financials, and Utilities). 

Standard & Poor’s

The old Capital Goods Sector has been discontinued. Most of these companies are classified within a Capital Goods Industry Group in the GICS Industrials Sector.

Page 29

Appendix E (cont’d) 

Data Processing Services is now a sub-industry within the GICS Industrials Sector. Companies classified as Data Processors are no lon ger in the Information Technology Sector.



Employment Services, Environmental Services, and Diversified Commercial Services are now sub-industries the Commercial Services & Supplies Industry Group, which is part of the G ICS Industrials Sector. Companies belonging to these industries are no longer classified in the Consumer Sectors.



The Building Products sub-industry is part of the GICS Industrials Sector to align with the Construction & Engineering GICS sub-industry. These companies are no longer considered Consumer Cyclicals.

GICS Materials Sector: The old S&P 500 Chemicals Composite Index has been replaced by the  S&P 500 Chemicals Industry Index in the GICS Materials Sector. 

Standard & Poor’s

Introduction of a Containers & Packaging Industry, which includes the Metal & Glass Containers and Paper Packaging GICS sub-industries. As a result of this consolidation, traditional Containers companies are now classified as Materials, no longer Capital Goods.

Page 30

Notes

Standard & Poor’s

Page 31

The Global Industry Classification Standard (GICS)

Recommend Documents