Multi-Asset Fund (MAF) as of February 28, 2018 Eligibility MAF is open primarily to foundations, endowments, other 501(c)(3) organizations, and certain other nonprofit organizations. In most cases, organizations seeking to invest in MAF must be accredited investors as defined in Rule 501(a) under the Securities Act of 1933, which generally requires that a non-profit organization have total assets in excess of $5 million. The $5 million need not be invested entirely in MAF. For more information, please call TIFF at 610-684-8200. Summary Total Assets...$3.7 billion Total Member Organizations... 284 Inception Date... March 31, 1995 Minimum Initial Investment... $2.5 million Primary Benchmark...CPI + 5% per annum Performance Benchmark & Policy Portfolio TIFF seeks to enhance the investment returns of non profit organizations, according to the organization's longstanding mission. With that objective firmly in mind, TIFF s investment team and boards spent considerable time in 2015 deliberating on an appropriate update to MAF's Constructed Index (CI), a blended benchmark and policy portfolio for the fund. The team and board members believe that a portfolio pursuing CPI + 5% must over the long term have a high structural allocation to equity-oriented assets and that the new CI weights, which became effective October 1, 2015, reflect an asset allocation that is well positioned for a wide array of market outcomes. TIFF is also charged with helping non profit organizations monitor and evaluate their investment performance. Thus, the CI was simplified from prior versions in a manner designed to be more straightforward and clear. TIFF Advisory Services, Inc. (TAS), MAF s investment advisor, believes that MAF s primary benchmark, the Consumer Price Index (CPI) plus 5% per annum, is an appropriate long-term performance benchmark for MAF but may not be meaningful over shorter time periods, especially those in which markets are highly volatile (e.g., calendar year 2008). Accordingly, at MAF s inception on March 31, 1995, TAS staff, in consultation with the boards of directors of TAS and the TIFF Investment Program (TIP), created the Constructed Index (CI) as a further means of assessing MAF s performance. TAS believes that the CI is a relevant performance benchmark for both short- and long-term periods. The CI (a/k/a policy portfolio) is a blended index now comprised of three broad investment categories, weighted according to policy norms, with each category assigned a benchmark selected by TAS. The TAS and TIP boards view the CI, in general, as an appropriate longterm asset mix for non-profit organizations that seek to maintain the inflation-adjusted value of their assets 1 while distributing 5% of these assets annually. The CI is also intended to help such organizations better assess MAF s performance by providing a comparison of the active strategies pursued by TAS and external managers versus the returns of relevant benchmarks. In TAS s view, the CI also helps convey to MAF investors a general sense of the overall investment risks to which their capital might be subject (although the CI is only one of several tools that TAS staff uses internally to assess investment risks in MAF). TAS has changed the composition of the CI over time, including the most recent change (effective October 1, 2015) from a CI comprised of various asset segments to a CI comprised of three broad investment categories. In the past, TAS has changed the CI s policy norms (or weights), asset segments, and segment benchmarks. TAS s ongoing review of the CI may cause TAS to make additional changes in the future. Such changes are made only after careful study and consultation with the TAS and TIP boards.
Performance Benchmark & Policy Portfolio continued The current CI, which took effect October 1, 2015, is comprised of the following investment categories, weights, and benchmarks: MAF Constructed Index Category Weight Purpose Benchmark May Include Equity-Oriented Assets Diversifying Strategies (Hedge Funds and Other) Fixed Income (Including Cash) Total 100% 65% Primary longterm driver of portfolio returns 20% Generate meaningful returns while reducing equity market sensitivity 15% Provide diversification, liquidity, and income MSCI All Country World Index Merrill Lynch Factor Model ⅔ Bloomberg Barclays US Intermediate Treasury Index and ⅓ BofA Merrill Lynch US 6-Month Treasury Bill Index Index descriptions appear in the final three pages of this document. TIFF Multi-Asset Fund Overview 2 Global Equity High Yield Bonds Resource Related Equity REITs Hedge Funds Asset Backed Securities Commodity Futures Opportunistic Credit Conventional Bonds TIPS Cash Notes. CI weights are rebalanced by TAS at each month-end; those from July 1, 2009, through December 31, 2015, reflected quarter-end rebalancing. Actual weights in MAF tend to vary over time. Information about prior versions of the CI may be obtained by calling TIFF Member Services at 610-684-8200. Assets and strategies that may be included in each category are examples only, do not represent a comprehensive listing, and may change. MAF Allocations as of 2/28/2018 Weight Equity-Oriented Assets 70% Equity 70% Diversifying Strategies 19% Hedge Funds 19% Fixed Income 11% Conventional Bonds 5% Cash 3% TIPS 3% Total 100% Notes. Data reflect allocations based on investment mandates or primary investment strategies as distinct from look-through exposures, which are based on individual securities or investments within each manager s account, fund, or swap exposure. Weights based on investment mandates or primary investment strategies may differ significantly from look-through exposure weights. See the discussion elsewhere on this page. The data reflect TAS staff estimates of MAF s exposures to managers at month-end. The exposure estimates are not accounting data, reflect judgments, and may reflect exposures resulting from allocation decisions made prior to month-end but not fully implemented until after month-end. The specific types of assets that MAF holds may vary over time. A listing of securities held in MAF s portfolio is published monthly at www.tiff.org. Percentages may not sum due to rounding. See the Glossary for definitions of relevant terms. TAS assigns each manager account, underlying acquired fund, or direct investment selected by TAS (each such manager account, underlying acquired fund, and direct investment is referred to as a holding ) to one of the three CI categories. To select an appropriate category, TAS takes into account such characteristics as the holding s stated investment mandate and expected investment strategy as well as an assessment of the holding s risk characteristics. The assignment process may not reflect, or look through to, the entirety of the individual securities or investments comprising each holding. For example, an account pursuing a global equity mandate will be categorized as an Equity-Oriented Asset if its primary investment strategy is to invest in equity securities, even if it also holds a certain amount of uninvested cash, fixed income securities, or other investments that are not commonly thought of as equity securities. Holdings in the Diversifying Strategies category include those that display significant diversifying characteristics to either or both of the Equity-Oriented Assets and the Fixed Income categories. TAS expects that most of MAF s holdings in privately offered investment funds commonly known as hedge funds will be categorized as Diversifying Strategies. However, certain of MAF s hedge fund holdings may be categorized as Equity-Oriented Assets or Fixed Income if they do not display significant diversifying characteristics but rather display significant equity or fixed income characteristics. As a result of this method of categorizing holdings, the exposures and weights reported for MAF within each CI category should be thought of as investment mandate weights and not look-through asset class weights. Look-through asset class weights may differ, at times significantly, from the investment mandate weights reported.
Fund and Manager Allocations as of February 28, 2018 TIFF Multi-Asset Fund Overview Equity-Oriented Geography Exposures MAF MSCI ACW +/- US 46% 52% -7 Japan 12% 8% +4 China 11% 4% +8 Europe ex UK 11% 15% -4 EM ex China 7% 8% -2 UK 6% 6% <1 Asia ex Japan 3% 4% -1 Manager Cash 2% - +2 Other 3% 3% <1 EM=Emerging Markets. Ex=excluding. MSCI ACW=MSCI All Country World Index. Asia ex Japan=Developed markets. Other=Canada and Israel. Manager Cash=cash held by external managers, excluding Direct (TAS) cash. Manager Cash may include collateral set aside by external managers for short or derivative positions. Notes. TAS assigns managers to one of the three asset categories at the right based on primary strategy, not individual holdings within each manager s account, fund, or swap (i.e., lookthrough exposures). TAS assigns a Focus to each manager based on strategy and look-through exposures. Weights reflect capital by manager, not look-through exposures. See page 2 for details. Manager exposures may include separately managed accounts (SMA), swaps, and acquired funds (excluding exchange-traded funds, or ETFs, which are included as Direct (TAS) exposures). All Equity-Oriented exposures are via SMA except for the noted swap and Adage and Convexity, which are via acquired funds. All Diversifying exposures are via acquired funds except for the noted swaps, and SandPointe, which is via SMA. The specific assets MAF holds may vary over time. All data reflect estimates and judgments by TAS of MAF s allocations and exposures as of quarter-end. The exposures may reflect allocation decisions made prior to quarter-end but not fully implemented until after quarter-end. Percentages may not sum due to rounding. Securities held by MAF are listed monthly at www.tiff.org. [a] MAF will receive from the swap counterparty the net return of a portfolio managed by the identified firm in exchange for a periodic payment to the swap counterparty. Swap is defined in the Glossary. Equity-Oriented Geography Exposures are based on look-through exposures. Equity-Oriented Assets 70% Manager Focus Weight AQR US Quant & EAFE Quant 6% Lansdowne Partners Global Large Cap Growth 6% Mission Value Partners Japan Value 6% Kopernik Global Investors Global Value 6% Shapiro Capital Mgmt US Small Cap Core 6% Fundsmith Global Quality 5% Hosking Partners Global Value 5% Trustbridge (TB Alt Assets) China Growth 4% Direct (TAS) Global Equity (passive) 4% Marathon Asset Mgmt EAFE Value 4% Green Court Capital China Core 4% AJO US Core Quant & EM Small Cap Quant 4% Adage Capital Partners US Large Cap Core 1% Convexity Capital Mgmt EAFE Relative Value 1% Exposure via TAS Swap Focus Weight Kynikos Advisors [a] US & Global Equity - Short Selection 8% Diversifying Strategies 19% Manager Focus Weight Lansdowne Partners Global Equity L/S (Growth) 3% Canyon Capital Advisors Global Credit L/S / Multi-Strategy 2% Honeycomb Asset Mgmt Global Equity L/S (Tech) 2% Soroban Capital Partners Global Equity L/S (Value) 2% GSA Capital Partners Directional (Trend) 1% Latimer Light Capital US Equity L/S (Core) 1% Cumulus (City Financial) Directional (Energy) 1% SandPointe Asset Mgmt Directional (Volatility) 1% RK Capital Mgmt US Equity L/S (Small Cap) 1% Hudson Bay Capital Mgmt Relative Value (Risk Arbitrage) 1% AHL Partners Directional (Currency) 1% Exposure via TAS Swap Focus Weight Clinton Group [a] Relative Value (Statistical Arbitrage) 3% Welton Investmt Partners [a] Relative Value (Statistical Arbitrage) 1% Fixed Income 11% Manager Focus Weight Amundi Pioneer Conventional Bonds (US Treasuries) 5% Direct (TAS) Cash 3% Amundi Pioneer Treas Inflation-Protected Securities-TIPS 3% Externally managed: 93% Internally (TAS) managed: 7% (excludes exposures via TAS swaps) 3
Fund Performance (total returns %) Annualized as of Quarter Ended 12/31/2017 Month Ended 2/28/18 YTD Through 2/28/18 Quarter Ended 12/31/17 1 Yr 5 10 15 20 Since Incep. 3/31/95 MAF -3.58 0.21 4.48 18.24 6.93 5.38 8.96 7.35 7.94 Constructed Index [a] -2.99 0.77 3.96 16.72 6.18 4.14 7.43 6.52 7.29 65/35 Mix [b] -3.06 0.10 3.84 16.45 7.80 4.81 7.58 6.06 6.96 CPI + 5% * 0.95 1.91 1.11 7.21 6.50 6.69 7.18 7.24 7.26 * CPI for February 2018 is estimated. MAF's expense ratio for the year ended December 31, 2016, is 1.39% MAF's returns reflect the deduction of fees and expenses comprising the fund s annualized expense ratio but do not reflect the deduction of entry and exit fees paid to the fund. See the table below. Notes. [a] Performance of the Constructed Index (CI) generated from July 1, 2009, through September 30, 2015, was reduced by 20 basis points per annum, prorated monthly (a basis point is one one-hundredth of a percent, or 0.01%). This reduction reflected an estimate of the costs of investing in the CI s asset segments through index funds or other instruments. (One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses.) The reported performance of the CI would increase in the absence of a 20 basis point reduction. See "Performance Benchmark & Policy Portfolio" beginning on the cover page for a description of the CI and its benchmarks. Historical performance reported for the CI is not adjusted when the composition of the CI changes. Therefore, past performance reflects the allocations, segment weights, and segment benchmarks that were in place at the time the performance was generated. [b] 65% MSCI All Country World Index, 35% Bloomberg Barclays US Aggregate Bond Index. Impact of Entry and Exit Fees (%) Month Ended 2/28/18 Annualized as of Quarter Ended 12/31/2017 1 Yr 5 10 15 20 Since Incep. 3/31/95 MAF Before Entry/Exit Fees -3.58 18.24 6.93 5.38 8.96 7.35 7.94 MAF After Entry/Exit Fees -4.56 17.06 6.71 5.28 8.89 7.29 7.90 Returns Before Entry/Exit Fees do not reflect deduction of the 0.50% entry and exit fees levied on member purchases and redemptions; returns After Entry/Exit Fees do, assuming a single purchase at the start of the reporting period and a single redemption at its end, with no intra-period member transactions. The fees are paid to the fund rather than to TAS or any other vendors employed by the fund. All returns reflect the deduction of fees and expenses comprising the fund s annualized expense ratio. MAF does not charge a sales load. Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. While the fund is no-load, management fees and other expenses will apply. Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. The summary prospectus and full prospectus contain this and other information about the fund. The prospectuses may be obtained by contacting TIFF at 610-684-8200 or by visiting TIFF s website at www.tiff.org. Please read the prospectus carefully before investing. Foreside Fund Services, LLC, distributor. 4
Fund Expenses (%) TIFF External Managers Other Expenses TIFF Management Fee 0.21 TIFF Administrative Fee 0.02 TIFF Fees 0.23 Separate Account Manager Fees 0.50 Acquired Fund Fees and Expenses [a] 0.30 External Manager Fees 0.80 Operational Expenses [b] 0.15 Subtotal Fees and Expenses 1.18 Interest Expense, Dividends on Short Sales [c] 0.21 Annualized Expense Ratio 1.39 Notes. Source: TIP Prospectus dated May 1, 2017. Expense ratios reflect fund expenses for the year ended December 31, 2016, and are expected to vary over time. Data are expressed as a percentage of average net assets. [a] Acquired fund is defined in the Glossary. The line s total may vary by period as incentive fees change. Excludes interest expense and dividends paid on securities sold short. [b] Includes certain administration, custody, professional, and other expenses. [c] Represents all such expenses on transactions entered into by TAS (0%), separate account managers (0.02%), and acquired funds (0.19%). Interest and dividends on long positions enhance fund performance, while interest expense and dividends paid on short positions reduce performance. Regulatory requirements mandate, however, that payments related to short sales be reflected as an expense in the annualized expense ratio. Sales Load / Commission...None Entry / Exit Fees Paid to Fund... 0.50% Risks The fund may use leverage; invests in illiquid securities, non-us securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in short-selling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund s assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor s or Baa by Moody s) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as junk bonds. As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager, and the fund may not be able to combine money managers such that their styles are complementary. Active investing has higher management fees because of the manager s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains. 5
Glossary Hedge funds are privately offered investment funds. They typically pursue returns that are not highly correlated to more traditional long-only strategies and often utilize hedging strategies that take both long positions, expecting an asset to rise in value, and short positions, expecting an asset to decline in value. A short position generally entails borrowing shares of a security while expecting a decline in value, selling the units, and then returning an equivalent number of shares. However, some hedge funds engage only in buy and hold strategies or other strategies that may not involve hedging in the traditional sense. Hedge funds are managed by professional investment management firms that buy assets and charge investors certain costs, fees, and expenses, typically in proportion to each investor s investment in such hedge funds. Long/Short refers to managers that may take both long positions, expecting an asset to rise in value, and short positions, expecting an asset to decline in value. A short position generally entails borrowing shares of a security while expecting a decline in value, selling the units, and then returning an equivalent number of shares. In MAF, long/short managers represent funds or accounts in which shorting is expected to be a substantial source of added value. Manager, as used in this report, encompasses both acquired fund managers and separate account managers. Acquired Funds are investment funds such as exchange-traded funds, open-end mutual funds, and privately offered investment funds commonly known as hedge funds that buy assets and charge to investors certain costs, fees, and expenses, typically in proportion to each investor s investment in such acquired funds. Separate Account Managers offer segregated accounts in which assets owned directly by MAF are managed according to customized guidelines. Opportunistic Credit is an asset category that includes structured securitized credit securities and distressed credit securities. Swap is a type of derivative, which is an instrument whose price is derived from fluctuations in underlying assets. A swap involves the exchange of an asset or security for another when the parties perceive mutual advantage. Index Descriptions 65/35 Mix, calculated by TAS, consists of 65% MSCI All Country World Index and 35% Bloomberg Barclays US Aggregate Bond Index. Weights are rebalanced by TAS at each month-end; those from July 1, 2009, through December 31, 2015, reflected quarter-end rebalancing. Bloomberg Barclays US Aggregate Bond Index covers the US dollar-denominated, investment-grade, fixed-rate, taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities (agency and non-agency). Bloomberg Barclays US Intermediate Treasury Index includes all publicly issued US Treasury securities that have a remaining maturity greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value. BofA Merrill Lynch US 6-Month Treasury Bill Index comprises a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, six months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. While the index will often hold the Treasury bill issued at the most recent or prior 6-month auction, it is also possible for a seasoned 6-month or 1-year bill to be selected. 6
Index Descriptions continued Consumer Price Index + 5% per annum is based on the Consumer Price Index-All Urban Consumers (CPI-U), a widely recognized measure of US inflation that represents changes in the prices paid by consumers for a representative basket of goods and services. CPI + 5% per annum was selected as the primary benchmark for TIFF Multi-Asset Fund because, in the opinion of TIP s directors, it reflects the two-fold objectives of maintaining an endowment s purchasing power (i.e., keeping pace with inflation) while complying with the 5% payout requirement to which most TIFF members are subject. HFRI Fund Weighted Composite Index is a global, equal weighted index of over 2,000 single manager funds. Constituent funds report monthly performance, net of all fees, in US dollars and have a minimum of $50 million under management or a 12-month track record of active performance. The index does not include hedge funds of funds. Merrill Lynch Factor Model ( MLFM ) is a model established by Merrill Lynch International that is designed to provide a high correlation to hedge fund beta, which is the component of the performance of a relatively diversified group of hedge funds comprising the HFRI Fund Weighted Composite Index ( HFRI ) that may be correlated to and replicated by non-hedge fund, transparent market measures such as the 6 factors that comprise the MLFM. (The HFRI is designed to reflect hedge fund industry performance through an equally weighted composite of over 2,000 constituent funds.) The MLFM implements an investment strategy intended to track the aggregated performance of the hedge fund universe with liquid, publicly traded components. Using a rules-based, discretion-free algorithm the MLFM allocates long and short exposures to the S&P 500 Total Return Index, the Russell 2000 Total Return Index, the MSCI EAFE US Dollar Net Total Return Index, the MSCI Emerging Markets US Dollar Net Total Return Index, the Euro currency (represented by the EUR-USD Spot Exchange Rate) and cash (represented by the one-month USD LIBOR). On a monthly basis the weights of the components are recalculated using a methodology designed to maximize correlation with the HFRI. Weightings for all of the factors may be negative, except with respect to the MSCI Emerging Markets US Dollar Net Total Return Index. The MLFM was launched in June 2006. The MLFM is not comprised of any hedge fund or group of hedge funds. There is no guarantee that the MLFM will successfully provide the risk/return characteristics of a broad universe of hedge funds, as measured by HFRI or any other hedge fund benchmark, or achieve a high correlation with the HFRI or with hedge fund beta generally. Performance differences between the MLFM and HFRI are expected to be material at times. Source of MLFM: BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch indices "as is," makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend TIFF or any of its products or services. MSCI All Country World Index is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Unlike certain other broad-based indices, the number of stocks included in the MSCI All Country World Index is not fixed and may vary to enable the index to continue to reflect the primary home markets of the constituent countries. MSCI All Country World Index returns include reinvested dividends, gross of foreign withholding taxes thru December 31, 2000 and net of foreign withholding tax thereafter. MSCI EAFE Index (MSCI EAFE US Dollar Net Total Return Index) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in in Europe, Australasia, and the Far East. The index excludes the US and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. 7
Index Descriptions continued MSCI Emerging Markets Index (MSCI Emerging Markets US Dollar Net Total Return Index) is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The emerging markets are Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Russell 2000 Index (Russell 2000 Total Return Index) is a market capitalization weighted index that measures the performance of the small-cap segment of the US equity universe. The index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. S&P 500 Index (S&P 500 Total Return Index) includes 500 companies in leading industries of the US economy, capturing 75% coverage of US equities. The S&P 500 Index is maintained by the S&P Index Committee, based on published guidelines governing additions to and removal from the index. Criteria for index additions include US companies, market capitalization in excess of $4 billion, public float, financial viability, adequate liquidity and reasonable price, sector representation, and company type. Criteria for index removals include violating or no longer meeting one or more criteria for index inclusion. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Source and Use of MSCI Data: Morgan Stanley Capital International (MSCI). MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form, and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an as is basis, and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates, and each other person involved in or related to compiling, computing, or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits), or any other damages. 8