MSCI WORLD INDEX (USD)

The MSCI WorldIndex captures large andmid cap representation across 23 Developed Markets (DM)countries*. With 1,644 constituents,
the index covers approximately 85% of thefree oat-adjusted market capitalization ineach country.

CUMULATIVE INDEX PERFORMANCE - GROSS RETURNS

ANNUAL PERFORMANCE (%)

(USD) (APR 2001 APR 2016)

Year

MSCI World
MSCI Emerging Markets
ACWI IMI
400

2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002

383.61

232.35
211.94

200

50
Apr 01

Jul 02

Oct 03

Jan 05

Apr 06

Jul 07

Oct 08

Jan 10

INDEX PERFORMANCE GROSS RETURNS

Apr 11

Jul 12

Oct 13

Jan 15

Apr 16

MSCI World

MSCI
Emerging
Markets

ACWI IMI

-0.32
5.50
27.37
16.54
-5.02
12.34
30.79
-40.33
9.57
20.65
10.02
15.25
33.76
-19.54

-14.60
-1.82
-2.27
18.63
-18.17
19.20
79.02
-53.18
39.82
32.55
34.54
25.95
56.28
-6.00

-1.68
4.36
24.17
17.04
-7.43
14.87
37.18
-42.01
11.66
21.49
12.06
16.93
36.18
-17.26

FUNDAMENTALS ( APR 29, 2016 )

(%) ( APR 29, 2016 )

ANNUALIZED

MSCI World
MSCI Emerging Markets
ACWI IMI

1 Mo

3 Mo

1 Yr

YTD

3 Yr

5 Yr

10 Yr

Since
May 31, 1994

Div Yld (%)

P/E

P/E Fwd

P/BV

1.65
0.56
1.64

7.88
13.72
8.88

-3.61
-17.56
-4.93

1.45
6.35
2.08

6.86
-4.23
5.77

6.57
-4.28
5.29

4.71
2.69
4.63

7.00
5.03
6.77

2.65
2.83
2.59

19.81
13.77
19.80

15.88
11.85
15.66

2.10
1.40
1.95

INDEX RISK AND RETURN CHARACTERISTICS ( APR 29, 2016 )

ANNUALIZED STD DEV (%) 2

MSCI World
MSCI Emerging Markets
ACWI IMI

SHARPE RATIO 2 , 3

MAXIMUM DRAWDOWN

Turnover
(%) 1

3 Yr

5 Yr

10 Yr

3 Yr

5 Yr

10 Yr

Since
May 31, 1994

(%)

Period YYYY-MM-DD

2.66
8.45
2.98

11.81
16.65
11.97

13.23
18.71
13.72

16.55
23.72
17.25

0.60
-0.19
0.51

0.53
-0.15
0.43

0.28
0.18
0.27

0.31
0.40
0.31

57.46
65.14
58.28

2007-10-312009-03-09
2007-10-292008-10-27
2007-10-312009-03-09

Last 12 months

Based on monthly gross returns data

Based on BBA LIBOR 1M

* DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the UK and the US.
The MSCI World Index was launched on Mar 31, 1986. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There
are frequently material dierences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.

MSCI WORLD INDEX

APR 29, 2016

INDEX CHARACTERISTICS

TOP 10 CONSTITUENTS

MSCI World

Number of
Constituents

Country

1,644

APPLE
MICROSOFT CORP
EXXON MOBIL CORP
JOHNSON & JOHNSON
GENERAL ELECTRIC CO
FACEBOOK A
AMAZON.COM
WELLS FARGO & CO
AT&T
NESTLE
Total

Mkt Cap ( USD Millions)

Index
Largest
Smallest
Average
Median

32,332,026.55
522,631.53
852.87
19,666.68
8,782.61

SECTOR WEIGHTS

Mkt Cap
( USD Billions)

Index
Wt. (%)

Sector Sector
Wt. (%)

522.63
378.44
368.00
310.12
290.21
266.96
262.81
242.52
238.82
237.84
3,118.37

1.62
1.17
1.14
0.96
0.90
0.83
0.81
0.75
0.74
0.74
9.64

Info Tech 11.9

Info Tech 8.6
Energy 16.7
Health Care 7.4
Industrials 8.1
Info Tech 6.1
Cons Discr 6.2
Financials 3.8
Telecom Srvcs 20.6
Cons Staples 6.9

US
US
US
US
US
US
US
US
US
CH

COUNTRY WEIGHTS

11.03%

10.71%

7.33%

3.73%

6.8%

8.67%

3.61%

4.91%
12.98%

18.03%

3.58%
3.43%

13.02%

19.93%
58.64%

13.61%

Financials 19.93%
Health Care 12.98%
Materials 4.91%

Information Technology 13.61%

Industrials 11.03%

Consumer Discretionary 13.02%

Consumer Staples 10.71%

Telecommunication Services 3.58%

Energy 6.8%

United States 58.64%

Canada 3.61%

Japan 8.67%

United Kingdom 7.33%

France 3.73%

Other 18.03%

Utilities 3.43%

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Indexes (GIMI) Methodologya comprehensive and consistent approach to index construction
that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and
combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on
index liquidity, investability and replicability. The index is reviewed quarterlyin February, May, August and Novemberwith the objective
of reecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November
semi-annualindexreviews, the index is rebalanced and the large and mid capitalization cuto points are recalculated.

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MSCI WORLD INDEX