MSCI ACWI Risk Weighted Index

The MSCI ACWI Risk Weighted Index is based on the agship MSCI ACWI Index, which includes large and mid cap stocks across 24 Developed Markets and 21 Emerging Markets countries. Constructed using a simple but effective and transparent process, the MSCI ACWI Risk Weighted Index reweights each security of the parent index so that stocks with lower risk are given higher index weights. Historically the index has exhibited lower realized volatility in comparison to its parent index, while maintaining reasonable liquidity and capacity.
(May 1995 Mar 2011)

Indices

Cumulative Index PerformanceTotal Returns

500
MSCI ACWI Risk Weighted Index

436.36

400

MSCI ACWI Index

300

286.65

200

100

0 May 95

May 96

May 97

May 98

May 99

May 00

May 01

May 02

May 03

May 04

May 05

May 06

May 07

May 08

May 09

May 10

Index PerformanceTotal Returns (%) (March 31, 2011)

Index

Index Fundamentals (March 31, 2011)

Since
5/31/1995

1 Yr 3 Yr 4.99 0.86

Annualized 5 Yr

10 Yr 12.31 5.55

MSCI ACWI RW MSCI ACWI

17.63 14.63

7.01 3.48

9.72 6.92

MSCI ACWI Risk Weighted Dividend Yield (%) 2.62 P/E 16.18 P/B 1.80

MSCI ACWI 2.38 15.19 1.88

Index Risk and Return Characteristics (March 31, 2011)

3 Yr MSCI ACWI RW MSCI ACWI
1

Annualized Std Dev1 (%) 5 Yr 10 Yr 3 Yr 19.50 19.85 16.56 17.30 0.20 0.03

Sharpe Ratio2 5 Yr 0.30 0.13

10 Yr 0.55 0.18

23.54 24.11

Based on monthly total returns 2 Calculated using BBA USD LIBOR 1M

The MSCI ACWI Risk Weighted Index was rst calculated on November 30, 2010 and launched on April 6, 2011. Data prior to the initial calculation date is back-tested data (i.e., calculations of how the index might have performed during that time period if the index had existed).

March 31, 2011

Index Constituent Characteristics
MSCI ACWI Risk MSCI Weighted ACWI Number of Securities 2,447 2,447 Index Weight (%) Top 10 2.25 7.92 Average 4.09 bps 4.05 bps Median 3.31 bps 1.70 bps Largest 0.41 1.45 Smallest 0.45 bps 0.10 bps

MSCI ACWI Risk Weighted Index

Top 10 Constituents
Constituent Country Petronas Gas Malaysia British Amer Tobacco My Malaysia Petronas Dagangan Malaysia Berjaya Sports Toto Malaysia Colruyt Belgium Fresenius Germany UMW Holdings Malaysia Consolidated Edison USA Snam Rete Gas Italy Xcel Energy USA Total MSCI ACWI RW MSCI ACWI Index Index Weight (%) Weight (%) 0.407 0.006 0.299 0.007 0.298 0.004 0.210 0.003 0.195 0.013 0.192 0.035 0.168 0.005 0.163 0.050 0.162 0.027 0.158 0.037 2.252 0.188

Top 5 Countries
Other 46.1%

Sector Weights
Health Care 8.0% Info Tech 8.5% Materials 7.8% Energy 6.2% Telecom Services 5.6% Financials 16.8%

USA 25.8%

Utilities 9.3%

Taiwan 4.2%

UK 4.6%

Canada 4.9%

Japan 14.4%

Cons Discr 11.6%

Industrials 14.2% Cons Staples 12.1%

Index Methodology
Each MSCI Risk Weighted Index is constructed by reweighting the constituents of its market cap weighted parent index. To derive a risk weight for each security in the parent index, the securitys 3-year weekly historical local return variance is calculated rst. The risk weight is then computed as the ratio of the inverse of the security variance to the sum of the inverse of the security variances of all constituents in the parent index. The index is rebalanced semiannually in May and November.

About MSCI

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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 companys agship product offerings are: the MSCI indices which include over 148,000 daily indices covering more than 70 countries; Barra portfolio risk and performance analytics covering global equity and xed income markets; RiskMetrics market and credit risk analytics; ISS governance research and outsourced proxy voting and reporting services; FEA valuation models and risk management software for the energy and commodities markets; and CFRA forensic accounting risk research, legal/regulatory risk assessment, and due-diligence. MSCI is headquartered in New York, with research and commercial ofces around the world. 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 indices, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, nancial 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, nancial 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.

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March 2011