MSCI Frontier Markets Index

Indices

(USD)

The MSCI Frontier Markets Index captures large and mid cap representation across 25 Frontier Markets (FM) countries*. The index includes 141 constituents, covering about 85% of the free float-adjusted market capitalization in each country.

Cumulative Index Performance Gross Returns (May 2002 Feb 2013) USD
MSCI Frontier Markets MSCI ACWI + Frontier Markets

Annual Performance (%)

Year MSCI Frontier Markets MSCI ACWI + Frontier Markets

2012 2011 2010 2009 2008 2007 2006

267.57

400

2005 2004 2003

200

197.90

9.25 -18.38 24.24 11.72 -54.10 42.06 -8.86 72.74 22.67 43.56

16.77 -6.92 13.26 35.28 -41.89 12.33 21.37 11.50 15.63 33.60

50 May 02 Apr 03 Mar 04 Feb 05 Jan 06 Dec 06 Nov 07 Oct 08 Sep 09 Aug 10 Jul 11 Jun 12

Index Performance Gross Returns (%) (February 28, 2013)

Annualized
1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr
May 31, 2002

Fundamentals (February 28, 2013)

Since Div Yld (%) P/E P/E Fwd P/BV

MSCI Frontier Markets MSCI ACWI + Frontier Markets

-0.04 0.03

9.67 7.10

13.87 9.93

7.44 4.68

4.82 9.94

-10.00 1.90

9.19 9.57

9.58 6.55

3.93 2.68

11.39 14.89

na na

1.56 1.84

Index Risk and Return Characteristics (May 31, 2002 February 28, 2013)
Annualized Std Dev (%) 1
Turnover
(%)

Sharpe Ratio 1,2

May 31, 2002

3 Yr

5 Yr

10 Yr

Since

3 Yr

5 Yr

10 Yr

May 31, 2002

Since

MSCI Frontier Markets MSCI ACWI + Frontier Markets

8.05 3.03

13.78 17.21

23.61 21.35

21.10 16.71

20.52 17.16

Based on monthly gross return data

0.39 0.62

-0.35 0.16

0.43 0.51

0.46 0.34

Based on BBA LIBOR 1M

* FM countries include: Argentina, Bahrain, Bangladesh, Bulgaria, Croatia, Estonia, Jordan, Kenya, Kuwait, Lebanon, Lithuania, Kazakhstan, Mauritius, Nigeria, Oman, Pakistan, Qatar, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, Ukraine, UAE and Vietnam. The MSCI Frontier Markets Index was launched on Dec 18, 2007. 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).

February 28, 2013

Index Characteristics
MSCI Frontier Markets Number of Constituents
(USD Millions)

MSCI Frontier Markets Index

Top 10 Constituents
Country NATIONAL BANK OF KUWAIT MOBILE TELECOM CO EMAAR PROPERTIES KUWAIT FINANCE HOUSE NIGERIAN BREWERIES KAZMUNAIGAS EXPL GDR QATAR INDUSTRIES QATAR NATIONAL BANK QATAR TELECOM QSC AL RAYAN BANK Total

141
Mkt Cap

(USD Billions)

Mkt Cap

Wt. (%)

Index

Sector

Sector
Wt. (%)

Index Largest Smallest Average Median

114,978.33 7,529.88 35.54 815.45 435.57

KW KW AE KW NG KZ QA QA QA QA

7.53 7.30 4.31 4.12 3.94 3.28 3.09 2.99 2.54 2.43 41.52

6.55 6.35 3.75 3.58 3.42 2.86 2.68 2.60 2.21 2.12 36.11

Financials Telecom Srvcs Financials Financials Cons Staples Energy Industrials Financials Telecom Srvcs Financials

12.7 43.7 7.3 7.0 37.3 35.0 26.9 5.1 15.2 4.1

Sector Weights
9.97% 9.17% 8.16% 3.57% 1.88% 1.13% 0.15%

Country Weights
4.27% 10.99% 30.66%

14.54%

14.8%

24.44% 51.41% 14.84%

Financials 51.41%

Telecommunication Services 14.54% Energy 8.16%

Industrials 9.97% Health Care 1.88%

Kuwait 24.44% Pakistan 4.27%

Qatar 14.84% Other 30.66%

Nigeria 14.8%

United Arab Emirates 10.99%

Consumer Staples 9.17% Utilities 1.13%

Materials 3.57%

Consumer Discretionary 0.15%

Index Methodology
The index is based on the MSCI Global Investable Market Indices (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 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.

About MSCI

www.msci.com | clientservice@msci.com

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 company's flagship product offerings are: the MSCI indices with close to USD 7 trillion estimated to be benchmarked to them on a worldwide basis ; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indices and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; 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 offices around the world.
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As of March 31, 2012, as published by eVestment, Lipper and Bloomberg in September 2012.

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