MSCI EMERGING MARKETS INDEX (USD)

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries*. With 1,136
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

CUMULATIVE INDEX PERFORMANCE - NET RETURNS (USD) (AUG 2003 – AUG 2018) ANNUAL PERFORMANCE (%)
MSCI
Year Emerging MSCI ACWI MSCI World
MSCI Emerging Markets Markets
MSCI ACWI
2017 37.28 23.97 22.40
MSCI World
400 403.30 2016 11.19 7.86 7.51
2015 -14.92 -2.36 -0.87
323.41 2014 -2.19 4.16 4.94
323.85 2013 -2.60 22.80 26.68
2012 18.22 16.13 15.83
200
2011 -18.42 -7.35 -5.54
2010 18.88 12.67 11.76
2009 78.51 34.63 29.99
2008 -53.33 -42.19 -40.71
50 2007 39.42 11.66 9.04
Aug 03 Nov 04 Feb 06 May 07 Aug 08 Nov 09 Feb 11 May 12 Aug 13 Nov 14 Feb 16 May 17 Aug 18
2006 32.14 20.95 20.07
2005 34.00 10.84 9.49
2004 25.55 15.23 14.72

INDEX PERFORMANCE — NET RETURNS (%) ( AUG 31, 2018 ) FUNDAMENTALS ( AUG 31, 2018 )
ANNUALIZED
Since Div Yld (%) P/E P/E Fwd P/BV
1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr
Dec 29, 2000

MSCI Emerging Markets -2.70 -4.70 -0.68 -7.18 11.42 5.04 3.45 9.33 2.62 13.80 11.29 1.68

MSCI ACWI 0.79 3.26 11.41 3.38 11.85 9.67 6.71 5.42 2.38 18.61 14.96 2.35

MSCI World 1.24 4.35 13.10 4.85 11.92 10.23 7.13 5.32 2.35 19.45 15.58 2.47

INDEX RISK AND RETURN CHARACTERISTICS ( AUG 31, 2018 )

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Turnover Since
3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr (%) Period YYYY-MM-DD
(%) 1 Dec 29, 2000
MSCI Emerging Markets 6.41 14.45 14.91 22.01 0.75 0.36 0.24 0.45 65.25 2007-10-29—2008-10-27
MSCI ACWI 2.72 9.76 9.98 16.37 1.10 0.91 0.45 0.31 58.38 2007-10-31—2009-03-09
MSCI World 2.33 9.56 9.80 15.95 1.13 0.98 0.48 0.31 57.82 2007-10-31—2009-03-09
1 2 3
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, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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 differences 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

AUG 31, 2018

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI Emerging Markets Country Float Adj Mkt Cap Index Sector
( USD Billions) Wt. (%)
Number of 1,136
Constituents TENCENT HOLDINGS LI (CN) CN 246.90 4.76 Info Tech
Mkt Cap ( USD Millions) SAMSUNG ELECTRONICS CO KR 209.55 4.04 Info Tech
Index 5,183,539.48 TAIWAN SEMICONDUCTOR MFG TW 205.32 3.96 Info Tech
Largest 246,897.36 ALIBABA GROUP HLDG ADR CN 202.36 3.90 Info Tech
Smallest 14.93 NASPERS N ZA 97.78 1.89 Cons Discr
CHINA CONSTRUCTION BK H CN 85.15 1.64 Financials
Average 4,562.97
BAIDU ADR CN 62.54 1.21 Info Tech
Median 1,917.87
CHINA MOBILE CN 57.76 1.11 Telecom Srvcs
ICBC H CN 51.13 0.99 Financials
PING AN INSURANCE H CN 50.21 0.97 Financials
Total 1,268.70 24.48

SECTOR WEIGHTS COUNTRY WEIGHTS

7.65% 6.54% 6.26%
7.81% 9.32% 26.47%
5.17%

4.37%
9.27%
3.14% 12.25%
3%

2.43%
22.98% 14.76%
27.64%
30.94%

Information Technology 27.64% Financials 22.98% Consumer Discretionary 9.27% China 30.94% South Korea 14.76% Taiwan 12.25% India 9.32%
Materials 7.81% Energy 7.65% Consumer Staples 6.54% Industrials 5.17% South Africa 6.26% Other 26.47%
Telecommunication Services 4.37% Health Care 3.14% Real Estate 3%

Utilities 2.43%

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology âÂ#Â#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 quarterlyâÂ#Â#in February, May, August and
NovemberâÂ#Â#with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index
turnover. During the May and November semi-annualÃ# indexÃ# reviews, the index is rebalanced and the large and mid capitalization
cutoff points are recalculated.

ABOUT MSCI
For more than 40 years, MSCI' research-based indexes and analytics have helped the world' leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers
of performance and risk in their portfolios, broad asset class coverage and innovative research. Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG
research. MSCI serves 99 of the top 100 largest money managers, according to the most recent P&I ranking. For more information, visit us at www.msci.com.

The information contained herein (the "Information") may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or
correct other data, to create indexes, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles.
Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information or MSCI index or other product or service
constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy. Further, none of the Information or any MSCI index is intended to
constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Information is provided "as is" and the user of the
Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT OR INDIRECT SUPPLIERS OR
ANY THIRD PARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN "MSCI PARTY") MAKES ANY WARRANTIES OR REPRESENTATIONS AND, TO THE MAXIMUM EXTENT PERMITTED BY
LAW, EACH MSCI PARTY HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF
THE FOREGOING AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY REGARDING ANY OF THE INFORMATION FOR ANY DIRECT, INDIRECT,
SPECIAL, PUNITIVE, CONSEQUENTIAL (INCLUDING LOST PROFITS) OR ANY OTHER DAMAGES EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing shall not exclude or limit any liability that
may not by applicable law be excluded or limited.

© 2018 MSCI Inc. All rights reserved.

MSCI EMERGING MARKETS INDEX