MSCI World Index

(USD)

Indices

The MSCI World Index captures large and mid cap representation across 24 Developed Markets (DM) countries*. With 1,604 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Cumulative Index Performance Gross Returns (Oct 1998 Oct 2013) USD
600 MSCI World MSCI Emerging Markets ACWI IMI

Annual Performance (%)

Year MSCI MSCI World Emerging Markets ACWI IMI

541.74

2012 2011 2010 2009 2008

400

2007 2006 2005 2004

247.90

2003 2002 2001 2000 1999

200

217.10

16.54 -5.02 12.34 30.79 -40.33 9.57 20.65 10.02 15.25 33.76 -19.54 -16.52 -12.92 25.34

18.63 -18.17 19.20 79.02 -53.18 39.82 32.55 34.54 25.95 56.28 -6.00 -2.37 -30.61 66.41

17.04 -7.43 14.87 37.18 -42.01 11.66 21.49 12.06 16.93 36.18 -17.26 -15.39 -15.17 30.98

50 Oct 98 Jan 00 Apr 01 Jul 02 Oct 03 Jan 05 Apr 06 Jul 07 Oct 08 Jan 10 Apr 11 Jul 12 Oct 13

Index Performance Gross Returns (%) (October 31, 2013)

Annualized
1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr
May 31, 1994

Fundamentals (October 31, 2013)

Since Div Yld (%) P/E P/E Fwd P/BV

MSCI World MSCI Emerging Markets ACWI IMI

3.94 4.87 3.92

6.90 9.85 7.33

26.48 6.90 24.76

22.45 0.62 20.21

12.52 0.63 11.19

13.99 15.76 14.77

7.95 12.77 8.58

7.36 6.48 7.24

2.46 2.63 2.41

17.52 12.43 17.59

14.29 10.32 14.04

2.10 1.59 1.99

Index Risk and Return Characteristics (October 31, 2013)

Annualized Std Dev (%)2
Turnover
(%)1

Sharpe Ratio2,3
May 31, 1994

3 Yr

5 Yr

10 Yr

Since

3 Yr

5 Yr

10 Yr

May 31, 1994

Since

MSCI World MSCI Emerging Markets ACWI IMI

1

2.43 4.80 2.58

14.30 19.76 14.91

Last 12 months

17.58 23.05 18.21

16.07 23.90 16.85

15.24 23.74 16.00

0.88 0.12 0.77

Based on monthly gross return data

0.82 0.74 0.83

0.44 0.55 0.46

0.31 0.44 0.31

Based on BBA LIBOR 1M

* DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. As of November 2013, Greece will join the EM Index from DM. MSCI World was launched on Feb 27, 1970. MSCI Emerging Markets was launched on Dec 31, 1987. MSCI ACWI IMI was launched on May 31, 2007. Data prior to launch dates are back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed).

October 31, 2013

Index Characteristics
MSCI World Number of Constituents
(USD Millions)

MSCI World Index

Top 10 Constituents
Country APPLE EXXON MOBIL CORP MICROSOFT CORP GOOGLE A GENERAL ELECTRIC CO JOHNSON & JOHNSON NESTLE CHEVRON CORP PROCTER & GAMBLE CO WELLS FARGO & CO Total

1,604
Mkt Cap

(USD Billions)

Mkt Cap

Wt. (%)

Index

Sector

Sector
Wt. (%)

Index Largest Smallest Average Median

30,745,914.92 490,303.31 843.94 19,168.28 8,352.22

US US US US US US CH US US US

490.30 398.48 280.45 279.41 270.29 260.13 233.26 232.54 221.32 214.80 2,880.99

1.59 1.30 0.91 0.91 0.88 0.85 0.76 0.76 0.72 0.70 9.37

Info Tech Energy Info Tech Info Tech Industrials Health Care Cons Staples Energy Cons Staples Financials

13.7 13.5 7.8 7.8 7.8 7.6 7.4 7.9 7.1 3.3

Sector Weights
10.21% 11.14% 9.63% 5.74% 3.85% 11.31% 3.27%

Country Weights
4.2% 8.83% 9.16% 4.16% 20%

11.65% 12.23%

20.98% 53.64%

United States 53.64% Financials 20.98% Industrials 11.31% Materials 5.74% Consumer Discretionary 12.23% Health Care 11.14% Information Technology 11.65% Energy 9.63% France 4.16%

United Kingdom 9.16%

Japan 8.83%

Canada 4.2%

Other 20%

Consumer Staples 10.21% Utilities 3.27%

Telecommunication Services 3.85%

Index Methodology
The index is based on the MSCI Global Investable Indices (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 reflecting 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 cutoff points are recalculated.

About MSCI

www.msci.com | clientservice@msci.com

MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indices, portfolio risk and performance analytics, and governance tools. The company's flagship product offerings are: the MSCI indices with approximately USD 7.5 trillion estimated to be benchmarked to them on a worldwide basis ; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indices and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; ISS corporate governance research, data and outsourced proxy voting and reporting services; and FEA valuation models and risk management software for the energy and commodities markets. MSCI is headquartered in New York, with research and commercial offices around the world.
1 1

As of March 31, 2013, as reported on July 31, 2013 by eVestment, Lipper and Bloomberg.

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