MSCI EMERGING MARKETS INDEX (USD)

The MSCI Emerging Markets Index captures large and mid cap representation across 23 Emerging Markets (EM) countries*. With832
constituents, the index covers approximately 85% of the free oat-adjusted market capitalization in each country.

CUMULATIVE INDEX PERFORMANCE - NET RETURNS

ANNUAL PERFORMANCE (%)

(USD) (NOV 2001 NOV 2016)

MSCI Emerging Markets

MSCI ACWI
MSCI ACWI IMI
420.05

400

253.65
234.10

200

50
Nov 01

Mar 03

May 04

Aug 05

Nov 06

Feb 08

May 09

INDEX PERFORMANCE NET RETURNS

Aug 10

Nov 11

Feb 13

May 14

Aug 15

Nov 16

Year

MSCI
Emerging
Markets

MSCI ACWI

MSCI ACWI IMI

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

-14.92
-2.19
-2.60
18.22
-18.42
18.88
78.51
-53.33
39.42
32.14
34.00
25.55
55.82
-6.17

-2.36
4.16
22.80
16.13
-7.35
12.67
34.63
-42.19
11.66
20.95
10.84
15.23
33.99
-19.32

-2.19
3.84
23.55
16.38
-7.89
14.35
36.41
-42.34
11.16
20.95
11.54
16.42
35.54
-17.58

FUNDAMENTALS

(%) ( NOV 30, 2016 )

( NOV 30, 2016 )

ANNUALIZED

MSCI Emerging Markets

MSCI ACWI
MSCI ACWI IMI

1 Mo

3 Mo

1 Yr

YTD

3 Yr

5 Yr

10 Yr

Since
Dec 29, 2000

Div Yld (%)

P/E

P/E Fwd

P/BV

-4.60
0.76
1.09

-3.15
-0.34
-0.14

8.47
3.68
4.10

10.94
5.58
6.07

-3.10
2.99
3.12

0.99
8.85
9.08

2.27
3.57
3.84

8.72
4.26
4.80

2.60
2.54
2.46

14.60
20.68
21.66

11.99
15.49
15.85

1.52
2.09
2.04

INDEX RISK AND RETURN CHARACTERISTICS

( NOV 30, 2016 )

ANNUALIZED STD DEV (%) 2

MSCI Emerging Markets

MSCI ACWI
MSCI ACWI IMI

SHARPE RATIO 2 , 3

MAXIMUM DRAWDOWN

Turnover
(%) 1

3 Yr

5 Yr

10 Yr

3 Yr

5 Yr

10 Yr

Since
Dec 29, 2000

(%)

Period YYYY-MM-DD

9.86
3.15
3.22

16.31
11.19
11.19

16.18
11.38
11.41

23.48
16.98
17.19

-0.13
0.29
0.31

0.12
0.78
0.80

0.17
0.23
0.24

0.41
0.24
0.27

65.25
58.38
58.59

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

Last 12 months

Based on monthly net returns data

Based on ICE LIBOR 1M

* EM countries include: 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.
The MSCI Emerging Markets Index was launched on Jan 01, 2001. 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 EMERGING MARKETS INDEX

NOV 30, 2016

INDEX CHARACTERISTICS

TOP 10 CONSTITUENTS

MSCI Emerging Markets

Number of
Constituents

Country

832

SAMSUNG ELECTRONICS CO
TAIWAN SEMICONDUCTOR MFG
TENCENT HOLDINGS LI (CN)
ALIBABA GROUP HLDG ADR
CHINA MOBILE
NASPERS N
CHINA CONSTRUCTION BK H
BAIDU ADR
ICBC H
HON HAI PRECISION IND CO
Total

Mkt Cap ( USD Millions)

Index
Largest
Smallest
Average
Median

3,906,223.24
149,469.33
309.06
4,694.98
2,216.35

SECTOR WEIGHTS

Mkt Cap
( USD Billions)

Index
Wt. (%)

Sector

149.47
141.44
140.95
105.57
67.04
64.16
62.70
45.30
45.18
39.83
861.63

3.83
3.62
3.61
2.70
1.72
1.64
1.61
1.16
1.16
1.02
22.06

Info Tech
Info Tech
Info Tech
Info Tech
Telecom Srvcs
Cons Discr
Financials
Info Tech
Financials
Info Tech

KR
TW
CN
CN
CN
ZA
CN
CN
CN
TW

COUNTRY WEIGHTS

7.39%

6.91%

7.83%

5.92%
5.85%

10.27%

7.75%

29.54%

8.15%

2.84%
2.53%

12.45%

2.51%
24.34%

23.6%

Financials 24.34%
Energy 7.83%

Information Technology 23.6%

Consumer Staples 7.39%

Telecommunication Services 5.92%

Real Estate 2.53%

Consumer Discretionary 10.27%

Materials 6.91%

Industrials 5.85%

27.55%

14.55%

China 27.55%

South Korea 14.55%

Taiwan 12.45%

India 8.15%

Brazil 7.75%

Other 29.54%

Utilities 2.84%

Health Care 2.51%

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology - a 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 quarterly - in February, May, August and November - with
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-annual index reviews, the index is rebalanced and the large and mid capitalization cuto points are recalculated.

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MSCI EMERGING MARKETS INDEX