MSCI BRIC INDEX (USD)

The MSCI BRIC Index is a free oat-adjusted market capitalization weighted index that is designed to measure the equity market
performance across the following 4 Emerging Markets country indexes: Brazil, Russia, India and China. With 305 constituents, the index
covers approximately 85% of the free oat-adjusted market capitalization in each country.

CUMULATIVE INDEX PERFORMANCE - GROSS RETURNS (USD) (DEC 2001 DEC 2016) ANNUAL PERFORMANCE (%)
MSCI
Year MSCI BRIC Emerging MSCI ACWI IMI
MSCI BRIC Markets
MSCI Emerging Markets
2016 12.37 11.60 8.96
MSCI ACWI IMI
600
2015 -13.25 -14.60 -1.68
2014 -2.56 -1.82 4.36
497.97 2013 -3.25 -2.27 24.17
409.18
2012 14.89 18.63 17.04
400
2011 -22.67 -18.17 -7.43
2010 9.78 19.20 14.87
275.35
2009 93.52 79.02 37.18
200
2008 -59.34 -53.18 -42.01
2007 59.06 39.82 11.66
50 2006 56.60 32.55 21.49
Dec 01 Apr 03 Jun 04 Sep 05 Dec 06 Mar 08 Jun 09 Sep 10 Dec 11 Mar 13 Jun 14 Sep 15 Dec 16
2005 44.46 34.54 12.06
2004 17.12 25.95 16.93
2003 91.71 56.28 36.18

INDEX PERFORMANCE GROSS RETURNS (%) ( DEC 30, 2016 ) FUNDAMENTALS ( DEC 30, 2016 )
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 30, 1994
MSCI BRIC -1.17 -3.76 12.37 12.37 -1.70 1.09 1.16 7.07 2.44 13.80 11.50 1.56
MSCI Emerging Markets 0.29 -4.08 11.60 11.60 -2.19 1.64 2.17 5.21 2.60 14.34 11.89 1.51
MSCI ACWI IMI 2.20 1.38 8.96 8.96 3.79 10.20 4.38 7.02 2.42 21.78 16.01 2.09

INDEX RISK AND RETURN CHARACTERISTICS ( DEC 30, 2016 )

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 30, 1994
MSCI BRIC 10.85 19.79 19.66 26.95 -0.00 0.14 0.14 0.29 70.46 2007-10-312008-10-27
MSCI Emerging Markets 6.87 16.30 16.16 23.44 -0.07 0.16 0.17 0.22 65.14 2007-10-292008-10-27
MSCI ACWI IMI 2.67 11.22 11.42 17.20 0.36 0.89 0.28 0.34 58.28 2007-10-312009-03-09
1 2 3
Last 12 months Based on monthly gross returns data Based on ICE LIBOR 1M

* BRIC countries include: Brazil, Russia, India, and China.

The MSCI BRIC Index was launched on Dec 06, 2005. 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 BRIC INDEX

DEC 30, 2016

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI BRIC Country Mkt Cap Index Sector
( USD Billions) Wt. (%)
Number of 305
Constituents TENCENT HOLDINGS LI (CN) CN 138.97 7.49 Info Tech
Mkt Cap ( USD Millions) ALIBABA GROUP HLDG ADR CN 98.60 5.32 Info Tech
Index 1,854,456.82 CHINA MOBILE CN 65.13 3.51 Telecom Srvcs
Largest 138,970.11 CHINA CONSTRUCTION BK H CN 64.79 3.49 Financials
Smallest 542.11 BAIDU ADR CN 44.67 2.41 Info Tech
ICBC H CN 44.25 2.39 Financials
Average 6,080.19
BANK OF CHINA H CN 35.25 1.90 Financials
Median 2,791.72
ITAU UNIBANCO PN BR 33.60 1.81 Financials
SBERBANK RUSSIA COM(RUB) RU 30.61 1.65 Financials
GAZPROM (RUB) RU 29.94 1.61 Energy
Total 585.80 31.59

SECTOR WEIGHTS COUNTRY WEIGHTS

6.13% 5.62%
16.35%
17.7%
8.34% 5.15%

4.88%
13.12% 9.59%
3.12%

3.08%

2.3%

21.45% 26.82%
56.37%

Financials 26.82% Information Technology 21.45% Energy 13.12% China 56.37% India 17.7% Brazil 16.35% Russia 9.59%
Consumer Discretionary 8.34% Consumer Staples 6.13%

Telecommunication Services 5.62% Materials 5.15% Industrials 4.88%

Health Care 3.12% Utilities 3.08% Real Estate 2.3%

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market 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-annual index reviews, the index is rebalanced and the large, mid and small capitalization cuto points are recalculated.

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MSCI BRIC INDEX