Index Construction

EMIX Europe IndexConstituents

Europe ex. UK UK

350

UK largeCapNo Fixed

Number

Mar

ket C

ap.

Euro

pe la

rge

Cap

• The EMIX Europe Index constituents are:

• 350 Large Cap European (ex.UK) stocks

• No fixed number of UK Large Cap Stocks that have a market cap equal to or greater than the smallest European (ex.UK) large Cap Stock

• No fixed number of European small cap stocks that:

– Meet the Minimum ADTV Requirement– Represent 35% of the capitalisation of the

Euromoney Smaller European Companies Index

No Fixed Number

35% of Total Cap of Euromoney Smaller European Companies Index

EMIX Europe IndexConstituents

10000000 100000000 1000000000 1000000000010000

100000

1000000

10000000

100000000

1000000000

Market cap (USD)

med

ian

ADTV

(USD

)

Large Cap

Small Cap Liquidity Ratio Barrier

MINIMUM ADTV REQUIREMENT

Representation of 35% of Smaller European Companies Index Reached

EMIX Europe Index

Performance Comparisons - BLOOMBERG

Countries by Constituents

EMIX Europe- Comparisons to other indices Key Characteristics – 7 Years

PRICE RETURN EMIX Europe MSCI Europe MSCI AC Europe FTSE - Eurofirst STOXX 600Ann. Mean Return (%) 0.63 0.13 -0.07 0.23 0.40

Volatility (%) 15.81 15.73 15.86 15.66 15.82Sharpe ratio -0.06 -0.09 -0.10 -0.08 -0.07

Correlations (%)EMIX Europe 100.00 99.95 99.44 99.90 99.94MSCI Europe 99.95 100.00 99.36 99.90 99.94

MSCI AC Europe 99.44 99.36 100.00 99.39 99.33FTSE - Eurofirst 99.90 99.90 99.39 100.00 99.82

STOXX 600 99.94 99.94 99.33 99.82 100.00

GROSS TR EMIX Europe MSCI Europe MSCI AC Europe FTSE - Eurofirst STOXX 600Ann. Mean Return (%) 3.66 3.30 3.08 4.05 3.52

Volatility (%) 15.88 15.81 16.09 15.78 15.90Sharpe ratio 0.13 0.11 0.09 0.15 0.12

Correlations (%)EMIX Europe 100.00 99.95 99.86 99.89 99.98MSCI Europe 99.95 100.00 99.89 99.89 99.95

MSCI AC Europe 99.86 99.89 100.00 99.77 99.84FTSE - Eurofirst 99.89 99.89 99.77 100.00 99.88

STOXX 600 99.98 99.95 99.84 99.88 100.00

NET TR EMIX Europe MSCI Europe MSCI AC Europe FTSE - Eurofirst STOXX 600Ann. Mean Return (%) 4.41 3.95 3.72 4.05 4.16

Volatility (%) 15.92 15.85 16.13 15.78 15.94Sharpe ratio 0.17 0.15 0.13 0.15 0.16

Correlations (%)EMIX Europe 100.00 99.95 99.86 99.90 99.98MSCI Europe 99.95 100.00 99.89 99.91 99.95

MSCI AC Europe 99.86 99.89 100.00 99.77 99.84FTSE - Eurofirst 99.90 99.91 99.77 100.00 99.89

STOXX 600 99.98 99.95 99.84 99.89 100.00