MSCI EMERGING MARKETS INDEX (USD)

The MSCI Emerging Markets Index captures large and mid cap representation across 26 Emerging Markets (EM) countries*. With 1,194
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

CUMULATIVE INDEX PERFORMANCE - NET RETURNS (USD) (JUN 2004 – JUN 2019) ANNUAL PERFORMANCE (%)
MSCI
Year Emerging MSCI ACWI MSCI World
MSCI Emerging Markets Markets
400 MSCI ACWI
2018 -14.57 -9.41 -8.71
MSCI World
349.39 2017 37.28 23.97 22.40
2016 11.19 7.86 7.51
300
277.19
2015 -14.92 -2.36 -0.87
276.98 2014 -2.19 4.16 4.94
2013 -2.60 22.80 26.68
200
2012 18.22 16.13 15.83
2011 -18.42 -7.35 -5.54
2010 18.88 12.67 11.76
100
2009 78.51 34.63 29.99
50 2008 -53.33 -42.19 -40.71
Jun 04 Sep 05 Dec 06 Mar 08 Jun 09 Sep 10 Dec 11 Mar 13 Jun 14 Sep 15 Dec 16 Mar 18 Jun 19
2007 39.42 11.66 9.04
2006 32.14 20.95 20.07
2005 34.00 10.84 9.49

INDEX PERFORMANCE — NET RETURNS (%) ( JUN 28, 2019 ) FUNDAMENTALS ( JUN 28, 2019 )
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 6.24 0.61 1.21 10.58 10.66 2.49 5.81 9.00 2.75 13.46 12.14 1.61

MSCI ACWI 6.55 3.61 5.74 16.23 11.62 6.16 10.15 5.28 2.49 17.54 15.12 2.29

MSCI World 6.59 4.00 6.33 16.98 11.77 6.60 10.72 5.18 2.45 18.29 15.63 2.43

INDEX RISK AND RETURN CHARACTERISTICS ( JUN 28, 2019 )

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 7.11 13.85 15.78 17.50 0.69 0.17 0.37 0.43 65.25 2007-10-29—2008-10-27
MSCI ACWI 2.78 11.32 11.79 13.49 0.90 0.48 0.74 0.30 58.38 2007-10-31—2009-03-09
MSCI World 2.34 11.32 11.71 13.29 0.91 0.52 0.79 0.30 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: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia,
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

JUN 28, 2019

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI Emerging Markets Country Float Adj Mkt Cap Index Sector
( USD Billions) Wt. (%)
Number of 1,194
Constituents TENCENT HOLDINGS LI (CN) CN 257.81 4.67 Comm Srvcs
Mkt Cap ( USD Millions) ALIBABA GROUP HLDG ADR CN 240.96 4.36 Cons Discr
Index 5,521,075.33 SAMSUNG ELECTRONICS CO KR 194.40 3.52 Info Tech
Largest 257,808.79 TAIWAN SEMICONDUCTOR MFG TW 189.56 3.43 Info Tech
Smallest 67.77 NASPERS N ZA 106.37 1.93 Cons Discr
CHINA CONSTRUCTION BK H CN 82.84 1.50 Financials
Average 4,624.02
PING AN INSURANCE H CN 67.06 1.21 Financials
Median 2,015.73
CHINA MOBILE CN 55.94 1.01 Comm Srvcs
HOUSING DEV FINANCE CORP IN 51.93 0.94 Financials
RELIANCE INDUSTRIES IN 51.78 0.94 Energy
Total 1,298.67 23.52

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures relative to a

broad global index - MSCI ACWI IMI.
<-1.5 0 +1.5< Neutral factor exposure (FaCS = 0) represents MSCI ACWI IMI.
MSCI Emerging Markets MSCI ACWI

SECTOR WEIGHTS COUNTRY WEIGHTS

7.59%
7.94% 7.65%
6.59% 28.63%

11.69% 8.97%
5.32%

3%

2.69% 10.83%
13.45%
2.63%

25.24% 12.37%
31.55%
13.87%

Financials 25.24% Information Technology 13.87% Consumer Discretionary 13.45% China 31.55% South Korea 12.37% Taiwan 10.83% India 8.97% Brazil 7.65%
Communication Services 11.69% Energy 7.94% Materials 7.59% Other 28.63%
Consumer Staples 6.59% Industrials 5.32% Real Estate 3% Utilities 2.69%

Health Care 2.63%

MSCI EMERGING MARKETS INDEX

JUN 28, 2019

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 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.

FACTOR BOX AND FaCS METHODOLOGY

MSCI FaCS is a standard method (MSCI FaCS Methodology) for evaluating and reporting the Factor characteristics of equity portfolios. MSCI
FaCS consists of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed by
aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta) from the
latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use. The MSCI Factor
Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures of funds/indexes and their
benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over the long run.

ABOUT MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 45 years of expertise in research, data and technology, we power better investment
decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to
gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI EMERGING MARKETS INDEX