Not All Benchmarks Are Created Equal March 2014

Not All Benchmarks
Are Created Equal
1
Tuesday 25th March 2014

Teach-in Not All Benchmarks Are Created Equal 25 March 2014
Benchmark Proliferation
2
How can we make sense of the apparent
proliferation of benchmarks available?
Which have merit to be used as
benchmarks and which do not?

LDI Hub Liquid Markets Liquid Credit Illiquid Credit Illiquid Markets
Collateral Mgt. Equities (EM, DM) Sterling Credit (IG) Structured Finance Reinsurance
Pooled vs. Seg DGFs Global Credit (IG) Infrastructure Debt Private Equity
Leverage & Liquidity Style Premia HY/Loans Senior Direct Lending Infrastructure
Overlay Strategies Risk Parity ABS Mezzanine Finance Real Estate
CTA Emerging Market Debt Distressed Debt
Global Macro Absolute Return Bonds Senior CRE Debt
Equity Long-Short Total Return Sub-IG
Credit Relative Value
3

Is Alpha Just Beta Waiting to be Discovered?
4
Time
Alpha
Alpha
Equity
Risk
Premium Equity
Risk
Premium
Equity Risk
Premium
Alpha
Alpha
Other
Market
Risk
Premia Other Market
Risk Premia
Style Premia
Prior to cap-
weighted indices, all
returns were
effectively viewed as
alpha
With the
introduction of
CAPM, the equity
market effect was
separated from
returns
This was then
extrapolated to
include other asset
classes such as
bonds and
commodities
Now we can
separate out a
number of risk
premia with much
less being left as
pure alpha
Source: AQR

What should a benchmark be trying to achieve ?
Liquid Markets
5
• Access/capture the desired market “beta” in the most effective way
• Transparent
• No unintended biases
• Sectors
• Geography
• Issuer
• No unnecessary transaction costs in tracking the index
• Captures evolution in market development
• Different approaches to weighting components
• Market capitalization – retains a lot of the above properties (but not always all)
• Equal weighting/capped
• Risk weighting
• Optimized, eg minimum variance

What characteristics do we look for in forming benchmarks for our clients ?
Liquid Markets
6
• Performance metric for fund management
• Assess the performance of fund managers relative to relevant benchmark net of fees
• Basis for synthetic allocations
• Total Return Swap and Futures exposures
• Take liquidity considerations into account (other things being equal) as this affects pricing
• Liquidity concentrated in market capitalization indices
• Places a high “bar” on non-market capitalization approaches

Teach-in Not All Benchmarks Are Created Equal 25 March 2014 7
Style Premia Case Study

Neil Woodford: Style Premia in Practice
8
- Neil Woodford presents us with an intriguing practical look into style premia investing in the UK.
- His track record is impressive – he has beaten the FTSE All Share over the past 12 years by 3.4% p.a.
- But is this the correct benchmark to use to assess his performance?
0
50
100
150
200
250
300
350
Invesco Perpetual High Income Fund FTSE All Share

Applying Style Premia to Neil Woodford
9
0
50
100
150
200
250
300
350
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Regressed Invesco High Income Fund FTSE All Share
Market Value Momentum Defensive
Portfolio Weights 75% 13% 19% 52%
Source: Deutsche Bank, Invesco,
Bloomberg; Calculations: Redington
Woodford’s performance can broadly be explained by: a lower than 100% weight to the market
(represented by the FTSE All Share) along with allocations to value, momentum and defensive factors.

Major Style Premia Families Cutting Across Liquid Markets
10
Need to be able to go long, go short and to leverage across multiple asset classes
•Involves buying assets that recently outperformed
peers and selling those that recently underperformed
•For example: go long stocks with highest 3 month
return, go short stocks with lowest 3 month return
Momentum
•Consists of buying low-risk, high-quality assets and
selling high-risk, low-quality assets
•For example: go long high return-on-equity stocks,
go short low return-on-equity stocks
Defensive
•Buying assets that are “cheap” relative to their
fundamental value and selling “expensive” assets
•For example: go long lowest price-to-book stocks,
go short highest price-to-book stocks
Value
•Implies buying high-yielding assets and selling low-
yielding assets
•For example: go long highest yielding currencies, go
short lowest yielding currencies
Carry

Style Premia Decomposition of A Fundamental Index
11
Market Value Momentum Defensive
Portfolio Weights 100% 21% 8% 0%
Mostly market exposure gained along with some value and momentum style premia
 Is this the most effective way of gaining these exposures ?
0
50
100
150
200
250
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Regressed RAFI Fundamental Index Source: Deutsche Bank, Research Affiliates,
Bloomberg; Calculations: Redington

What characteristics do we look for in forming benchmarks for our clients ?
Multi-Asset
12
• Diversified Growth Fund
• Static / Dynamic / Total Return / Absolute Return
• Risk Parity
• Fully Systematic / Systematic with active overlay
• “Traditional” comparison often used is either “equity returns with lower volatility” or simple 60/40 equity
bond asset mix which has a number of shortcomings
• Allocations are more dynamic
• Much greater range of assets/strategies employed
• Credit
• Options
• Illiquid assets
• Commodities
• Global interest rates / FX
• Relative value (market neutral)
• Risk control
 Is it possible to create a multi-asset benchmark suitable for assessing these products ?

Conclusions
13
• Access/capture the desired market “beta” in the most effective way
• Transparent
• No unintended biases
• No unnecessary transaction costs in tracking the index
• Captures evolution in market development
• Market capitalization indices satisfy a lot of these requirements (although not necessarily all of them, all of the
time)
• Makes market cap logical starting point
• Although there are situations when an alternative is more appropriate
• Be cognisant of tilts being introduced by new indices – are they just giving largely market exposure with small
style tilts ?

Teach-in Not All Benchmarks Are Created Equal 25 March 2014 14
Disclaimer
For professional investors only. Not suitable for private
customers.
The information herein was obtained from various sources.
We do not guarantee every aspect of its accuracy. The
information is for your private information and is for
discussion purposes only. A variety of market factors and
assumptions may affect this analysis, and this analysis does
not reflect all possible loss scenarios. There is no certainty
that the parameters and assumptions used in this analysis
can be duplicated with actual trades. Any historical
exchange rates, interest rates or other reference rates or
prices which appear above are not necessarily indicative of
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rates or prices. Neither the information, recommendations
or opinions expressed herein constitutes an offer to buy or
sell any securities, futures, options, or investment products
on your behalf. Unless otherwise stated, any pricing
information in this document is indicative only, is subject to
change and is not an offer to transact. Where relevant, the
price quoted is exclusive of tax and delivery costs. Any
reference to the terms of executed transactions should be
treated as preliminary and subject to further due diligence.
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regulated by the Financial Conduct Authority. The company
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described herein. This information is for discussion purposes
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msci.com©2014. All rights reserved. msci.commsci.com
Not All Benchmarks are Created Equal:
Building Better Benchmarks – The MSCI Way
 Altaf Kassam – Managing Director

msci.com©2014. All rights reserved. 16msci.com 16msci.com
I. Introduction to MSCI
II. Not All Benchmarks Are Created Equal
III. Building Better Benchmarks
IV. Evolution of Benchmarks
V. Appendix
Presentation Overview

I. Introduction to MSCI

msci.com©2014. All rights reserved.
MSCI is More Than Indexes
 MSCI provide investors with world-class, investment decision support tools
• Indexes
• Risk and Portfolio Analytics
• Corporate Governance
Research & Innovation
Index Analytics
2012 2010 2013 200420041969

II. Not All Benchmarks Are Created Equal

Why should anyone care about benchmarks?
 The concept of a market portfolio plays an important role in many financial models,
including the Capital Asset Pricing Model (CAPM). In theory, the market portfolio
should be the portfolio of choice for a truly passive investor 1
 Widely used in the investment process in several applications:
 Tools for investment research and strategic asset allocation
 Performance benchmarks for actively managed portfolios
 Index-linked vehicles to capture the market beta (equity risk premium)
 The broad acceptance of market cap weighted indices does not rely on (potentially
flawed) academic theories, such as the CAPM; it stems from practical considerations
linked to the institutional investment process:
 Automatic rebalancing, replicate simple buy and hold strategy
 Low turnover, implying low transaction / implementation costs
 High trading liquidity and high (maximum) investment capacity
1 “Global Invested Capital Market”, Hewitt ennisknupp, February 2014

 Accuracy, timeliness and transparency
 Consistent global framework: no gap, no overlap
 Timely reflection of market changes
 Transparent methodology and market
classification framework
 Investability and replicability
 Systematic use of buffer zones to reduce turnover
 Accurate implementation of corporate events
 Stringent short and long term liquidity measures
What Matters Most and How MSCI Builds Better Benchmarks
1. Accurate measures of markets
2. Fair benchmarks for managers
3. Cost effective solutions for
index replication
MSCI puts emphasis on:  Leading to MSCI indices being:

MSCI has been defining the Equity space for 40+ years
DomesticLC&MC
InternationalLC&MC
EmergingMarketsLC&MC
DomesticSC
InternationalSC
EMSC
Home and size biases
MSCI
ACWI
All Country
World Index
DomesticSC
InternationalSC
EMSC
Removal of home
bias
MSCI
ACWI IMI
(45 countries)
99%
coverage
No GAPS &
OVERLAPS
Removal of
home and size biases
MSCI
EM
was
created
in 1988
MSCI
EAFE
was
created
in 1969

MSCI Index Families
MSCI Country &
Regional Indices
All Country
(DM+EM)
Developed
Markets (DM)
Emerging
Markets (EM)
Frontier
Markets (FM)
Domestic
-US
-China
-Australia
Tradable
-Asia APEX
-EM 50
-FM 100
MSCI Size
Indices
Large Cap
Mid Cap
Standard (Large
+ Mid)
Small Cap
SMID
(Small + Mid)
IMI
(Large+ Mid +
Small)
Micro Cap (DM
Only)
All Cap (DM
Only)
MSCI Style
Indices
Value
Growth
MSCI Sector
Indices
Sector
Industry
Sub-industry
Real Estate
MSCI Thematic
Indices
Economic
Exposure
Agriculture &
Food Chain
Commodity
Producers
Infrastructure
Faith-Based
- Catholic
- Islamic
MSCI ESG
Indices
Best-in-Class
Socially
Responsible
Ex-Controversial
Weapons
Environmental
MSCI Strategy
Indices
Risk Premia
- Value Weighted
- Risk Weighted
- Equal Weighted
- GDP Weighted
- Minimum Volatility
- Factor
- High Div Yield
- Risk Control
- Quality
- Momentum
- Quality Mix
Capped
- 10/40
- 25/50
- Standard Capped
Hedged & Currency
- Hedged
- FX Hedged
- Global Currency
Short & Leveraged
(Daily)
Custom Indices
Equity
Screening
Custom
Weighting
Custom
Currencies and
Tax Rates
Custom
Delivery and
File Format

III. Building Better Benchmarks

Key benefits that make MSCI the number one choice for global institutional
investors include:
 Emphasis on objectivity, accuracy and transparency:
- Transparent market classification framework
- Comparability of size segments across markets
- Exclusion of non-equity like securities
- Precise methodology to assign companies to markets
 Emphasis on investability and replicability:
- Precise free float factors
- Stringent short and long term liquidity measures
- Minimum foreign room requirements
- Effective migration buffer mechanism
- Predictable implementation of corporate events
25
How MSCI Does it

 The MSCI Market Classification Framework consists of three criteria:
economic development, size & liquidity and market accessibility
 In order to be classified in a given investment universe, a country must meet
the requirements of all three criteria
The MSCI Market Classification Framework
Criteria Frontier Emerging Developed
A Economic Development
A.1 Sustainability of economic development No requirement No requirement
Country GNI per
capita 25% above the
World Bank high
income threshold* for
3 consecutive years
B Size and Liquidity Requirements
B.1 Number of companies meeting the following Standard Index criteria 2 3 5
Company size (full market cap) ** USD 449 mm USD 898 mm USD 1796 mm
Security size (float market cap) ** USD 33 mm USD 449 mm USD 898 mm
Security liquidity 2.5% ATVR 15% ATVR 20% ATVR
C Market Accessibility Criteria
C.1 Openness to foreign ownership At least some Significant Very high
C.2 Ease of capital inflows / outflows At least partial Significant Very high
C.3 Efficiency of the operational framework Modest Good and tested Very high
C.4 Stability of the institutional framework Modest Modest Very high
* High income threshold for 2010: GNI per capita of USD 12,276 (World Bank, Atlas method)
** Minimum in use for the May 2012 Semi-Annual Index Review, updated on a semi-annual basis

MSCI Country Classification

MSCI Has Captured the Evolution of Markets For 40+ Years
2013

Size Segments: Global Investable Market and All Cap Indices
All Cap
Indices
Large Cap
Mid Cap
Small Cap
Micro Cap
Total Listed
Equity
Universe
Investable
Equity
Universe
Investable
Market
Indices
Large Cap
Mid Cap
Small Cap
Micro Cap
Indices
Micro Cap
Indices
Micro Cap
Universe

Breadth vs. Coverage: Number and Size
Goal: represent the global equity universe, while keeping the number of securities and size of
the smallest security at reasonable levels
Market Cap (in USD)
Largest company 506,035,318,230
5% 9,638,785,576
10% 4,058,595,491
20% 1,562,054,938
30% 792,022,114
40% 474,873,840
50% 302,909,404
60% 192,671,360
70% 122,852,450
80% 74,378,487
90% 40,621,572
Smallest company 1,529
70.2
81.3
90.3
94.4
96.6
97.9
98.8
99.4 99.7 99.9 100.0
65
70
75
80
85
90
95
100
<5% 5 to 10% 10 to 20% 20 to 30% 30 to 40% 40 to 50% 50 to 60% 60 to 70% 70 to 80% 80 to 90% 90 to 100%
MarketCoverage(%offullmarketcap)
Global Companies (sorted by full market cap, as % of total)
Global Market Cap and Coverage
Source: MSCI

IV. Evolution of Benchmarks

Yesterday’s Alpha is Today’s Beta
Portfolio
Return
Sector
Beta
Beta
Alpha
Factor
Beta
Alpha
Country
Beta
1970s 1980s 2000s
Regional
Beta

What Attracts Investors to Factor Investing?
6.5%
7.5%
8.5%
9.5%
10.5%
11.5%
11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0%
AnnualizedReturn
Annualized Risk
PerformanceCharacteristics
(June 1988 to June 2013) (Gross Total Return in USD)
LOW RISK & LOW RETURN HIGH RISK &LOW RETURN
Risk Weighted
Quality
High Dividend Yield
HIGH RISK &HIGH RETURNLOW RISK & HIGH RETURN
Minimum Volatility
Equal Weighted
Momentum
MSCI World
Value Weighted

 Factor investing is the investment
process that harvests risk premia
through exposure to factors
 A large body of academic research
highlights that long term equity portfolio
performance can be explained by
systematic factors. Some factors
represent exposure to systematic risk
and have historically earned a long term
risk premium
 We currently identify six risk premia
factors. They are grounded in academic
research and have solid explanations as
to why they have provided a premium
What is Factor Investing?
ValueLow Size
QualityMomentum
Low VolatilityYield
6 KEY FACTORS

50
100
150
200
250
300
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Risk Weighted/World Value Weighted/World Min Volatility/World Equal Weighted/World
Quality/World Momentum/World High Div Yield/World
Is This a Free Lunch? Cyclicality is a Key Dimension
Relative Performance of Factor Indexes
(June 88 – June 2013)

The MSCI Family of Factor Indexes
36
MSCI Return-Based Factor Indexes MSCI Risk-Based Factor Indexes
MSCI Value Weighted Indexes
Weighted according to four fundamental variables
(Sales, Earnings, Cash Flow, Book Value)
• Semi-annual rebalancing
• Launched in 2010, index history from 31 May 1973 (World)/31 May 1991
(EM)
MSCI Minimum Volatility Indexes
Constructed using minimum variance optimization
• Launched in 2008, index history from 31 May 1988 (World) / 31 May 1993
(EM)
MSCI Quality Indexes
Weights derived from market cap times a quality score based on D/E, ROE,
earnings variability
• Launched in 2012, index history from 28 Nov 1975 (World)/29 May 1992
(EM)
MSCI Risk Weighted Indexes
Weights based on the inverse of historical variance
(EM)
MSCI Momentum Indexes
Weights derived from market cap times a momentum score based on short-
and long-term momentum signals
• Semi-annual rebalancing along with conditional rebalancing
(EM)
MSCI Equal Weighted Indexes
Equal allocation across parent index constituents
• Quarterly rebalancing
(EM)
MSCI Multi-Factor Indexes
MSCI High Dividend Yield* Indexes
High dividend yield opportunity set within parent index constituents
• Launched in 2006, index history from 28 Nov 1975 (World) / 29 May 1992
(EM)
MSCI Quality Mix Indexes
Combining Quality, Value and Minimum Volatility Strategy Indexes with
equal weights
• Launched in 2013, index history from 31 May 1988 (World)/ 31 May 1993
(EM)
* On June 3, 2013, MSCI launched the enhanced HDY Indexes to incorporate additional screens which exclude stocks based on certain “low quality" characteristics and recent 12-month price
performance.

V. Appendix

MSCI – The Index That Matters
40+ 99.8%
Accuracy rate1
150,000 600+
ETFs are based on
MSCI indices3
7,500
Clients supported across
83
countries
$8.4tn
In assets is
benchmarked to
MSCI indices2
Years of experience
in index calculation
and maintenance
1 Accuracy calculated based on number of corrections performed over total number of securities or data points covered.
2 As of September 30, 2012, as published by eVestment, Lipper and Bloomberg on January 31, 2013.
3 As of February 2013.
Indices calculated
daily
9,000+
in real-time

How MSCI Does It
Over the last four decades MSCI has been recognized as the preferred index
provider for global institutional investors based on:
1. Methodology that promotes a global framework, broad coverage, investability and
representativeness, while reflecting our clients’ investment process
2. Construction process that supports data quality, index stability and continuity, with low
error rates and low index turnover
3. Innovative new products through thought leadership and research that captures the
evolution of investment best practices
4. Superior client service focused on responsiveness and adding value
39

MSCI Investability
MSCI MSCI Rationale
Minimum Equity Universe Size Indexed to 99th percentile of DM universe
($100M)
Objective and dynamic market-based
definition
Minimum Equity Universe Size 50% of minimum full market cap size ($50M) Facilitates replication in institutional
portfolios
Liquidity Minimum Annualized Traded Value Ratio
(ATVR) of
20% for DM
15% for EM
Allows only inclusion of relevant liquid
securities and recognizes liquidity
differences between DM & EM
Global Minimum Foreign Inclusion Factor 15% in general or (or 1.8 X Standard
minimum size)
Ensures meaningful access to publicly owned
securities
Free Float Bands 5% bands, free float rounded up to nearest
5%
Captures availability to foreign investors in
the most accurate way
Seasoning Minimum of 3 months of trading history; 10
business days for larger IPOs
Reduces volatility impact around small
issuances and includes large IPOs to reflect
key market changes
40

MSCI : Index Maintenance & Additional Features
MSCI MSCI Rationale
Reconstitution Semi-annual rebalancing + quarterly index
reviews (all synchronized)
Frequently and regularly reflects market
changes on a timely basis
Buffer Zones Yes (Upper band +50%; lower band -33% of size
segment cut-off)
Reduces turnover and reflects managers’
investment processes
Size Indices Yes Offers value and growth segmentation at each
size segmentation
Index Structure Country Indices (with the exception of Europe
being considered as a single country from an
index construction and maintenance
perspective)
Reflects the institutional process
Sector Classification Global Industry Classification Standard (GICS®) GICS® is widely adopted by institutional
investors
41

Assets Benchmarked to MSCI indices
 Over $8.4 trillion in assets are benchmarked to MSCI
indexes
 Over $60 billion in assets are benchmarked to MSCI Factor
Indexes
Assets Benchmarked to Key MSCI Indexes
$ billion Total
Mar-13**
Sep-13#
Δ
ACWI 1,364 1,714 26%
EAFE 1,496 1,682 12%
EM 1,434 1,364 -5%
World 2,161 2,388 10%
US 190.8 199.6 5%
Europe 281.3 336.9 20%
APAC 415.4 371.8 -11%
Other 363.9 387.1 6%
TOTAL 7,707 8,442 10%

MSCI Factor Indexes as of 30 September 2013
43
Over USD 60 billion in assets benchmarked to MSCI Factor Indexes
Data segregated by index family and region for active and passive funds as of September 30, 2013 and reported as of December 31, 2013 by eVestment, Lipper,
Morningstar, Bloomberg and MSCI data
(USD bn) Active Passive Total
All MSCI Factor Indexes 25.9 37.9 63.8
High Dividend Yield 19.8 4.2 24
Minimum Volatility 3.5 19.7 23.2
Equal Weighted 0 8.3 8.3
GDP Weighted 2.3 0.6 2.9
Value Weighted 0 3.3 3.3
Risk Weighted 0.3 1.3 1.6
Momentum 0 0.2 0.2
Quality 0 0.3 0.3
(USD bn) Active Passive Total
Global 25.9 37.9 63.8
Americas 5.5 15.1 20.6
EMEA 20.4 19.1 39.5
Asia 0 3.7 3.7

Why Classification Matters: The Korea example
 A developed economy does not imply a developed capital
market
 Korea’s capital market is not yet at the developed level.
 Why does this matter to investors?
 Difficulties trading the Korean currency outside Korea
 Local currency ONLY during local business hours
 Inability to transfer shares between different accounts
operational difficulties +
higher portfolios management costs
 Korea has been under review by MSCI for 5 years and will stay
in Emerging Markets until accessibility issues are resolved
44

Introducing Multi-Factor Indexes
 Multi-Factor Indexes blend
standardized factor Indexes
into a composite index which
serves as a benchmark for
passive replication
 Multi-Factor Indexes may
provide investors with a
transparent, flexible and cost-
effective way to passively seek
systematic exposure to
premium factors
Market
Return
Rules Based
&
Transparent
Implementation
Active
Return
Passive
Investing
Factor
Investing
Active
Management
Discretionary
Implementation

Allocating to Multiple Factors
1. State objectives for the allocation: risk
reduction, enhance returns at market
level risk, increase yield, …
2. Select the desired factor exposures
based upon:
 investment beliefs (value premium, …)
 risk/return characteristics (minimum volatility, …)
 investibility constraints (size of allocation, shorting, …)
3. Seek combination benefits:
 Diversification through low correlation of active returns
 Trading cost reduction through natural crossing
Due Diligence Considerations
1. Investment Beliefs
2. Strategic vs. Tactical Allocations
3. Selection of Individual Factors
4. Global vs. Domestic
5. Optimal Allocation
6. Funding of the Factor Allocation
7. Active vs. Passive Implementation
8. Index and Manager Selection
(methodology, turnover, transparency,
fees, … )
9. Governance and Operational Risk

Considerations for Combining Factor Indexes
Factor Risk Correlation Business Cycle
Value Comparable to
market
Low with Momentum and
Quality
Pro-cyclical
Momentum Comparable to
market
Low with Value, Yield, and
Quality
Pro-cyclical
Low Size Higher than market Low with Min Volatility, Yield,
and Quality
Pro-cyclical
Quality Lower than market Low with Value, Size, Yield and
Momentum
Defensive
Low Volatility Lower than market Low with Value and
Momentum
Defensive
Yield Lower than market Low with Size, Quality and
Momentum
Defensive

 Historically, tracking errors and information ratios for multi-factor Indexes
improve substantially compared to standalone factor Indexes
 Turnover and cost of replication are reduced due to natural crossing
Potential Benefits of Multi-Factor Indexes
World
Standard
Quality
Risk
Weigthed
Value
Weighted
Momentum
Multi Factor
Index
Total Return* (%) 4.2 5.3 8.6 5.5 6.9 6.7
Total Risk* (%) 16.3 14.3 14.6 17.2 16.7 14.9
Sharpe Ratio 0.18 0.26 0.47 0.25 0.33 0.34
Annualized Active Return (%) 1.1 4.4 1.2 2.7 2.5
Tracking Error* (%) 4.5 5.6 3.6 9.0 3.0
Information Ratio 0.25 0.79 0.35 0.30 0.83
Max Relative Drawdown Period (months) 52 10 9 19 2
Natural Crossing Benefits
Turnover** (%) 3.1 23.0 22.0 18.3 89.6 32.0
Turnover if implemented as separate mandates --> 40.8
* Annualized in USD for the 05/31/1999 to 09/30/2013 period
** Annualized one-way index turnover for the 05/31/1999 to 09/30/2013 period

MSCI 24 Hour Global Client Service
Asia Pacific
China North 10800.852.1032 (toll free)
China South 10800.152.1032 (toll free)
Hong Kong +852.2844.9333
Seoul +798.8521.3392 (toll free)
Singapore 800.852.3749 (toll free)
Sydney +61.2.9033.9333
Tokyo +81.3.5226.8222
Europe, Middle East & Africa
Cape Town +27.21.673.0100
Frankfurt +49.69.133.859.00
Geneva +41.22.817.9777
London +44.20.7618.2222
Milan +39.02.5849.0415
Paris 0800.91.59.17 (toll free)
Americas
Americas 1.888.588.4567 (toll free)
Atlanta +1.404.551.3212
Boston +1.617.532.0920
Chicago +1.312.706.4999
Monterrey +52.81.1253.4020
Montreal +1.514.847.7506
New York +1.212.804.3901
San Francisco +1.415.836.8800
São Paulo +55.11.3706.1360
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Not All Benchmarks Are Created Equal March 2014

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