MSCI Europe

EXHIBIT 2.B Median Rating of European Issuers 1981-2001 (Standard Poor s) versus MSCI Europe... 

If the concentration on shareholder value came at the expense of bondholders, some empirical evidence should be available. Exhibit 2.6 can serve as an indication depicting the median rating of European issuers versus the stock index MSCI Europe. 

The median rating declined from its peak AAA in 1983 and 1984 to only A- in 2001. The MSCI Europe, on the other hand, rose significantly. In 1981 and 1989 the median rating was AA. During this period the MSCI Europe tripled from 115 to 351 index points. Between 1990 and 2001, the rating went down substantially by four notches while the European stock market index quadrupled from the level of 1989. 

Since then assets managed under the SRI label have increased dramatically, particularly over the past decade. According to Eurosif (European Social Investment Forum), the growth of the broad SRI market between 2003 and the amount identified in 2006 is estimated at 106% adjusted to the progression of the Morgan Stanley Capital International (MSCI) Europe Index, the real growth of European Broad SRI is 36% . 

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See also in sourсe #XX -- [ ]

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