S&P Global 1200

Global Index Review December 2003

www.standardandpoors.com

Global Index Review Comparative Performance, Correlations, Portfolio Characteristics, and Tracking Statistics

December 2006

Standard & Poor's Global Index Review Comparative Performance Correlations Portfolio Characteristics Tracking Statistics

DECEMBER 2006

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Futures, Options & ETFs on S&P Indices Region

Global ETFs iShares S&P Global Sectors Energy Financials Health Care Info Technology Telecom Svc Consumer Disc Consumer Staples Industrials Materials Utilities

iShares S&P Global 100

S&P ADR

S & P G L O B A L 1 2 0 0

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USA

Sector Products Select Sector SPDRs Consumer Disc Consumer Staples Energy Financials Health Care Industrials Materials Technology (+ Telecom) Utilities S&P 500 Sector Futures Financials Technology (+ Telecom)

Europe

S&P Europe 350 Futures Financials Info Technology Telecom Svc

Japan Canada

Australia Asia Latin America

ETFs* SPDR MidCap SPDR iShares S&P 500 S&P MidCap 400 S&P SmallCap 600 S&P Composite 1500 S&P 100 Growth & Value: S&P 500/Citigroup S&P MidCap 400/Citigroup S&P SmallCap 600/Citigroup

S&P 500 E-Mini S&P 500 S&P 500/Citigroup G & V S&P MidCap 400 E-Mini S&P MidCap 400 S&P SmallCap 600

iShares S&P Europe 350 SPDR Europe SPDR Euro

S&P Europe 350

iShares S&P/TOPIX 150

S&P/TOPIX 150

S&P/TSX Canadian iUnits S&P/TSX Sector Futures Energy Financials Gold Info Technology REIT (iUnits only)

iUnits S&P/TSX 60 S&P/TSX 60 Capped S&P/TSX Canadian MidCap S&P/TSX Composite S&P/TSX Capped Composite

StreetTRACKS 200 Listed Property

StreetTRACKS

ASX Mini 200 Property Trust Futures and Options

Futures**

S&P/ASX 50 S&P/ASX 200

Options S&P 500 S&P MidCap 400 S&P SmallCap 600 S&P 100 S&P 1000

S&P/TSX 60

S&P/TSX 60

SFE SPI 200TM ASX Mini50 ASX Mini200 ASX Property Trust

SFE SPI 200TM S&P/ASX 200 S&P/ASX 50 S&P/ASX 200 Prop Trust

iShares S&P Asia 50 iShares S&P Latin America 40

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Introduction The Global Index Review is designed for money managers and derivative traders to help them assess the performance and correlations of the S&P indices against other popular indices. Published quarterly, the Global Index Review provides a graphic summary of each Standard & Poor’s equity index and compares performance, where appropriate, against other leading indices around the world. It includes data and comparative analysis on the S&P Global 1200, S&P/Citigroup Indices, regional components, as well as sector, style and domestic indices with indices from MSCI, FTSE, Russell, Wilshire, Dow Jones STOXX, and Nikkei. The Global Index Review offers comparative performance, portfolio characteristics, sector weights, tracking statistics and correlations. For easy referencing, this publication is broken into regional chapters including: - Global Indices - U.S. Indices - European Indices - Japanese Indices - Canadian Indices - Australian Indices - Asia and Latin America - Alternative Indices The Global Index Review is also available in electronic format via: www.globalindexreview.standardandpoors.com

Table of Contents S&P Global Indices

Page

S&P/Citigroup Global Equity Indices - Country/Regional Weights

6

S&P Global 1200 - Country/Regional Weights

7

Performance Summary - Global Index Comparison - Price Indices

8

Performance Summary - Global Index Comparison - Total Return Indices

9

5 Year S&P Global 1200 Regional Performance Charts

10

S&P Emerging Markets Indices - Country/Regional Weights

11

Performance Summary - Emerging Market Index Comparison - Price Indices

12

Performance Summary - Emerging Market Index Comparison - Total Return Indices

13

Correlation of Excess Returns - S&P Global 1200 Regional Indices

14

Global Basket Correlations

15

Index Turnover

16

GICS Sector Weights - S&P Global 1200 Regional Indices

17

Performance Summary - S&P Global 1200 Sectors

18

Correlation of Excess Returns - S&P Global 1200 Sector Indices

19

5 Year Global 1200 Sector Performance Charts

20

Correlation Matrix - S&P Global 1200 Sectors vs MSCI ACWI Sectors

22

S&P Global 1200

23

S&P 700

24

S&P ADR Index

25

S&P Global 1200 Ex Japan

26

S&P Global 100

27

S&P Global 1200 GICS Sectors

28

S&P U.S. Indices Performance Summary - U.S. Index Comparison - Price Indices

40

Performance Summary - U.S. Index Comparison - Total Return Indices

41

Performance Summary - U.S. Growth & Value Index Comparison

42

5 Year U.S. Growth & Value Performance Charts

44

Performance Summary - S&P 500 Sectors

45

Correlation of Excess Returns - S&P 500 Sector Indices

46

5 Year S&P 500 Sector Performance Charts

47

5 Year U.S. Index Performance Charts

49

S&P 500

50

S&P 500/Citigroup Growth & Value

51

S&P MidCap 400

52

S&P MidCap 400/Citigroup Growth & Value

53

S&P SmallCap 600

54

S&P SmallCap 600/Citigroup Growth & Value

55

S&P Composite 1500

56

S&P 900

57

S&P 1000

58

S&P 100

59

S&P Equal Weight Index

60

S&P 500 GICS Sectors

61

S&P European Indices Performance Summary - European Index Comparison

72

5 Years European Index Performance Charts

73

Performance Summary - S&P Europe 350 Sectors

74

European Sector Index Comparison

75

5 Year S&P Europe 350 Sector Performance Charts

76

Correlation Matrix - S&P Europe 350 Sectors vs MSCI Europe Sectors

78

Correlation of Excess Returns - S&P Europe 350 Sector Indices

79

Table of Contents Page S&P Europe 350

80

S&P Euro

82

S&P Euro Plus

83

S&P United Kingdom

84

S&P Europe 350 GICS Sectors

85

S&P Japanese Indices Performance Summary - Japanese Index Comparison

96

Performance Summary - S&P/TOPIX 150 Sectors

97

Japanese Index Performance Charts

98

Correlation of Excess Returns - S&P/TOPIX 150 Sector Indices

99

5 Year S&P/TOPIX 150 Sector Performance Charts

100

S&P/TOPIX 150

102

S&P Japan MidCap 100

104

S&P Japan SmallCap 250

105

S&P Japan 500

106

S&P/TOPIX 150 GICS Sectors

107

S&P Canadian Indices Performance Summary - Canadian Index Comparison

118

Performance Summary - GICS Sectors

119

5 Year S&P/TSX GICS Sector Performance Charts

120

Correlation of Excess Returns - S&P/TSX GICS Sector Indices

121

S&P/TSX 60

123

S&P/TSX MidCap

125

S&P/TSX SmallCap

126

S&P/TSX Composite

127

S&P/TSX GICS Sectors

128

S&P Australian Indices Performance Summary - Australian Index Comparison

142

Performance Summary - GICS Sectors

143

S&P/ASX 200 GICS Sector Performance Charts

144

Correlation of Excess Returns - S&P/ASX GICS Sector Indices

146

S&P/ASX 200

147

S&P/ASX 50

148

S&P/ASX 20

149

S&P/ASX 100

150

S&P/ASX 300

151

S&P/ASX MidCap 50

152

S&P/ASX Small Ordinaries

153

S&P/ASX 200 GICS Sectors

154

S&P Asia 50 S&P/CITIC Indices S&P Latin America 40

156 157 160

S&P Alternative Indices Asset Class Index Comparison

162

S&P REIT Composite

163

S&P Commodity Index

164

S&P/Citigroup Global Equity Indices - Country/Regional Weights Broad Market Index

=

Primary Market Index

+

Extended Market Index

No. of Companies

Global Weight

No. of Companies

Global Weight

No. of Companies

Global Weight

North America

Canada USA

577 3374 3951

3.37% 43.87% 47.24%

92 443 535

3.38% 44.18% 47.56%

485 2931 3416

3.36% 42.78% 46.14%

Europe

Austria Belgium Czech Republic Denmark Finland France Germany Greece Hungary Iceland Ireland Italy Luxembourg Netherlands Norway Portugal Slovenia Spain Sweden Switzerland United Kingdom

38 61 6 77 72 245 200 81 8 11 33 164 6 98 95 27 9 98 138 149 544 2160

0.25% 0.59% 0.04% 0.41% 0.61% 4.19% 3.18% 0.30% 0.08% 0.04% 0.41% 1.90% 0.04% 1.60% 0.43% 0.19% 0.02% 1.90% 1.24% 2.89% 9.79% 30.10%

13 10 3 18 10 31 21 16 3 4 8 20 3 13 24 5 4 14 23 12 69 324

0.26% 0.59% 0.05% 0.39% 0.56% 4.11% 3.06% 0.30% 0.09% 0.05% 0.40% 1.85% 0.04% 1.56% 0.42% 0.18% 0.02% 1.87% 1.23% 2.87% 9.67% 29.57%

25 51 3 59 62 214 179 65 5 7 25 144 3 85 71 22 5 84 115 137 475 1836

0.24% 0.60% 0.03% 0.45% 0.78% 4.45% 3.63% 0.33% 0.05% 0.04% 0.45% 2.07% 0.04% 1.74% 0.45% 0.21% 0.02% 2.01% 1.29% 2.95% 10.22% 32.05%

Asia-Pacific

Australia Hong Kong Japan New Zealand Singapore South Korea

333 185 1774 36 128 283

2.46% 0.86% 10.01% 0.07% 0.47% 1.40%

60 38 309 14 29 46

2.43% 0.84% 10.36% 0.07% 0.45% 1.33%

273 147 1465 22 99 237

2.58% 0.92% 8.77% 0.09% 0.50% 1.62%

2739

15.27%

496

15.48%

2243

14.48%

Developed World (WD)

TOTAL

8850

92.61%

1355

92.61%

7495

92.67%

European Emerging

Poland Russia

56 47 103

0.15% 0.96% 1.11%

16 10 26

0.14% 1.02% 1.16%

40 37 77

0.18% 0.76% 0.94%

Asia Pacific Emerging

China India Indonesia Malaysia Pakistan Philippines Taiwan Thailand

196 193 45 111 29 24 436 70 1104

1.02% 0.60% 0.11% 0.20% 0.03% 0.05% 1.29% 0.11% 3.41%

51 50 16 46 16 9 105 28 321

1.05% 0.59% 0.11% 0.20% 0.03% 0.04% 1.28% 0.11% 3.41%

145 143 29 65 13 15 331 42 783

0.91% 0.64% 0.11% 0.20% 0.03% 0.06% 1.33% 0.11% 3.39%

Latin America

Argentina Brazil Chile Colombia Mexico Peru Venezuela

14 96 49 14 51 18 3 245

0.06% 0.87% 0.16% 0.05% 0.45% 0.05% 0.01% 1.65%

5 22 23 8 12 7 2 79

0.06% 0.86% 0.17% 0.05% 0.44% 0.04% 0.01% 1.63%

9 74 26 6 39 11 1 166

0.05% 0.88% 0.12% 0.04% 0.52% 0.05% 0.00% 1.66%

Mid-East, Africa

Egypt Israel Jordan Morocco Nigeria South Africa Turkey

29 69 22 19 24 141 62 366

0.07% 0.19% 0.03% 0.04% 0.04% 0.73% 0.12% 1.22%

11 19 6 8 10 34 19 107

0.07% 0.18% 0.03% 0.04% 0.04% 0.71% 0.12% 1.19%

18 50 16 11 14 107 43 259

0.07% 0.20% 0.04% 0.04% 0.05% 0.80% 0.14% 1.34%

Emerging Markets (EM)

TOTAL

1818

7.39%

533

7.39%

1285

7.33%

10668

100.00%

1888

100.00%

8780

100.00%

Global Composite (GL)

Standard & Poor's

6

Global Index Review, December 2006

S&P Global 1200 - Country/Regional Weights No. of Companies

Country Weight in Region

Adjusted Market Cap US$ (billions)

Country Weight in S&P Global 1200

S&P 500

USA

499 499

100.00%

12,710.4 12,710.4

48.52% 48.52%

S&P Europe 350

Austria Belgium Denmark Finland France Germany Great Britain Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland

3 10 4 6 47 32 124 4 6 23 19 6 6 18 20 22 350

0.40% 1.91% 0.64% 1.60% 15.07% 10.84% 34.88% 0.55% 1.19% 5.48% 5.57% 0.89% 0.60% 6.50% 3.40% 10.50%

33.9 163.2 54.8 136.6 1,287.7 926.1 2,980.8 46.7 101.6 468.3 476.4 75.9 51.0 555.1 290.5 897.6 8,545.9

0.13% 0.62% 0.21% 0.52% 4.92% 3.54% 11.38% 0.18% 0.39% 1.79% 1.82% 0.29% 0.19% 2.12% 1.11% 3.43% 32.62%

S&P/TOPIX 150

Japan

150 150

100.00%

2,343.8 2,343.8

8.95% 8.95%

S&P/TSX 60

Canada

60 60

100.00%

867.1 867.1

3.31% 3.31%

S&P/ASX 50

Australia

51 51

100.00%

674.0 674.0

2.57% 2.57%

S&P Asia 50

Hong Kong Korea Singapore Taiwan

19 10 8 13 50

36.67% 28.19% 10.48% 24.66%

263.8 202.8 75.4 177.4 719.3

1.01% 0.77% 0.29% 0.68% 2.75%

S&P Latin America 40

Argentina Brazil Chile Mexico

3 17 10 10 40

3.91% 53.57% 8.78% 33.74%

13.0 178.9 29.3 112.7 334.0

0.05% 0.68% 0.11% 0.43% 1.28%

S&P Global 1200

TOTAL

26,194.5

100%

Standard & Poor's

1200

7

Global Index Review, December 2006

Global Index Comparison - Price Indices in USD

S&P Indices

S&P Global 1200

S&P/Citigroup World

S&P 700

S&P Global 1200 Ex Japan

S&P 500

S&P Europe 350

S&P/TOPIX 150

S&P/TSX 60

S&P/ASX 50

S&P Asia 50

S&P Latin America 40

(based on monthly returns)

Index Value

1643.38

323.82

1846.19

1648.71

1418.30

1775.90

1598.92

2463.43

7579.03

2898.31

3319.11

2.10% 8.06% 18.75% 18.75% 12.90% 8.12% 1.22%

1.87% 8.26% 18.09% 18.09% 13.90% 9.57% 2.61%

2.90% 9.90% 24.08% 24.08% 18.07% 12.96% 2.99%

2.04% 8.30% 19.99% 19.99% 12.76% 7.83% 1.57%

1.26% 6.17% 13.62% 13.62% 8.45% 4.32% -0.50%

2.98% 10.49% 29.76% 29.76% 17.63% 11.87% 3.34%

3.28% 5.58% 7.54% 7.54% 14.42% 12.13% -2.60%

-0.64% 5.80% 16.73% 16.73% 21.68% 18.56% 9.58%

4.00% 15.52% 26.96% 26.96% 20.79% 19.19% 11.37%

3.35% 12.52% 24.08% 24.08% 20.57% 15.90% 6.21%

6.78% 21.12% 38.89% 38.89% 40.92% 27.12% 16.82%

21.96% 22.54% 23.17% -11.93% -16.33% -21.03% 30.05% 12.53% 7.69%

14.90% 18.45% 22.10% -9.31% -16.40% -19.82% 33.32% 14.50% 9.29%

9.23% 15.72% 29.85% -14.58% -21.80% -17.39% 35.29% 17.15% 13.22%

24.15% 19.06% -9.76% -15.22% -21.75% 29.93% 12.47% 6.24%

31.01% 26.67% 19.53% -10.14% -13.04% -23.37% 26.38% 8.99% 3.00%

24.63% 23.63% 14.13% -8.74% -21.29% -19.94% 34.45% 17.74% 6.54%

-18.57% 2.83% 86.99% -33.08% -29.89% -11.29% 33.40% 11.42% 25.00%

12.71% -7.58% 40.51% 2.73% -21.18% -12.86% 49.23% 20.56% 28.01%

3.31% 19.29% -10.62% -1.16% -4.95% 43.58% 25.53% 10.58%

-0.13% 90.30% -24.97% -2.80% -11.90% 35.42% 17.15% 20.58%

39.55% -35.65% 73.72% -10.49% -0.08% -25.45% 59.11% 34.13% 50.23%

7.84% 12.61%

8.30% 12.39%

9.92% 13.86%

7.85% 13.04%

6.88% 12.36%

9.82% 15.66%

14.52% 16.17%

14.34% 14.98%

12.99% 13.40%

14.55% 16.63%

21.91% 24.77%

0.345 0.142

0.358 0.175

0.410 0.225

0.341 0.132

0.219 0.060

0.404 0.186

0.226 0.184

0.354 0.305

0.371 0.347

0.332 0.239

0.448 0.290

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev

MSCI Kokusai

Russell 1000

MSCI Europe

NIKKEI 225

MSCI Canada

MSCI Australia

MSCI Pacific Free ex Japan

MSCI EMF Latin America

Index Value

MSCI EAFE Free

Other Leading Indices

MSCI ACWI Free

3 Years 5 Years

MSCI World

Sharpe Ratio

1483.58

367.78

2074.48

1449.57

770.08

1911.79

144.66

1512.94

798.97

421.91

2995.67

1.95% 8.02% 17.95% 17.95% 12.70% 8.13% 0.62%

2.15% 8.72% 18.78% 18.78% 13.56% 8.91% 1.06%

3.09% 10.04% 23.47% 23.47% 17.20% 12.43% 2.52%

1.89% 8.41% 19.69% 19.69% 12.54% 7.72% 0.94%

1.14% 6.44% 13.34% 13.34% 9.01% 4.95% 0.04%

3.18% 11.11% 30.22% 30.22% 17.81% 11.98% 3.27%

2.88% 5.86% 5.92% 5.92% 13.19% 12.48% -3.43%

-0.87% 6.60% 16.18% 16.18% 21.04% 18.26% 9.58%

3.13% 15.51% 27.09% 27.09% 21.90% 20.40% 12.03%

4.14% 15.98% 28.03% 28.03% 20.71% 17.72% 7.31%

6.81% 21.13% 39.34% 39.34% 39.61% 27.87% 15.06%

14.17% 22.78% 23.56% -14.05% -17.83% -21.06% 30.81% 12.84% 7.56%

12.93% 19.93% 25.00% -15.08% -17.26% -20.51% 31.62% 13.30% 8.83%

0.49% 19.19% 23.97% -14.38% -22.61% -17.52% 35.28% 17.59% 10.86%

22.59% 25.30% 19.43% -11.86% -16.46% -22.01% 30.45% 12.66% 5.71%

30.49% 25.12% 19.46% -8.84% -13.59% -22.94% 27.54% 9.49% 4.37%

21.58% 26.53% 14.12% -9.66% -21.23% -20.11% 34.79% 17.85% 6.54%

-30.17% 4.28% 51.59% -34.77% -33.33% -9.85% 37.74% 11.78% 22.49%

11.20% -7.44% 51.78% 4.42% -21.41% -14.38% 52.34% 20.50% 26.65%

-12.56% 3.80% 15.19% -11.95% -0.58% -3.76% 45.13% 26.65% 12.54%

-34.03% -8.40% 34.95% -17.48% -12.16% -9.00% 41.26% 24.63% 10.23%

28.34% -38.04% 55.48% -18.38% -4.31% -24.79% 67.06% 34.77% 44.92%

7.80% 12.49%

8.30% 12.69%

9.63% 13.51%

7.81% 13.05%

7.11% 12.29%

9.89% 15.41%

14.86% 17.49%

14.37% 15.00%

13.73% 13.99%

12.36% 12.67%

22.55% 25.51%

0.340 0.143

0.348 0.158

0.399 0.219

0.335 0.130

0.233 0.074

0.406 0.190

0.201 0.179

0.343 0.299

0.373 0.356

0.387 0.337

0.424 0.291

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev Sharpe Ratio

3 Years 5 Years Standard & Poor's

8

Global Index Review, December 2006

Global Index Comparison - Total Return Indices in USD

S&P Indices

S&P Global 1200

S&P/Citigroup World

S&P 700

S&P Global 1200 Ex Japan

S&P 500

S&P Europe 350

S&P/TOPIX 150

S&P/TSX 60

S&P/ASX 50

S&P Asia 50

S&P Latin America 40

(based on monthly returns)

Index Value

1944.62

428.82

2296.59

1962.78

2186.13

2237.00

1736.26

2605.41

9748.38

3682.69

4395.19

2.20% 8.50% 21.46% 21.46% 15.42% 10.46% 3.20%

1.97% 8.67% 20.63% 20.63% 16.35% 11.90% 4.61%

2.96% 10.26% 27.36% 27.36% 21.25% 16.23% 5.62%

2.14% 8.78% 22.88% 22.88% 15.38% 10.24% 3.63%

1.40% 6.70% 15.79% 15.79% 10.44% 6.19% 1.13%

3.01% 10.87% 33.69% 33.69% 21.20% 15.18% 6.11%

3.33% 5.64% 8.80% 8.80% 15.68% 13.32% -1.67%

-0.41% 6.31% 18.87% 18.87% 23.99% 18.24% 9.88%

4.17% 16.46% 32.57% 32.57% 26.06% 24.18% 15.80%

3.44% 12.73% 27.95% 27.95% 24.46% 19.42% 9.13%

6.99% 22.15% 42.57% 42.57% 45.59% 31.44% 20.59%

24.07% 24.64% 25.13% -10.79% -15.01% -19.55% 32.94% 14.90% 10.17%

17.11% 20.57% 24.12% -8.04% -15.06% -18.29% 36.30% 16.90% 11.71%

11.43% 18.08% 32.60% -13.28% -20.26% -15.55% 40.87% 20.22% 16.43%

26.35% 21.04% -8.52% -13.83% -20.22% 32.89% 14.91% 8.77%

33.36% 28.58% 21.04% -9.10% -11.89% -22.10% 28.68% 10.88% 4.91%

26.80% 26.32% 16.94% -7.12% -19.58% -17.91% 38.72% 21.20% 9.88%

-17.89% 3.76% 88.29% -32.69% -29.33% -10.51% 34.86% 12.53% 26.44%

14.99% -5.79% 42.99% 4.03% -19.57% -20.42% 52.37% 22.99% 30.39%

7.03% 23.33% -7.33% 2.02% -1.57% 49.77% 30.75% 15.55%

2.77% 94.34% -23.66% -0.55% -10.07% 40.09% 20.70% 24.83%

42.83% -33.53% 78.31% -8.62% 3.42% -23.32% 65.81% 38.72% 56.05%

7.77% 12.55%

8.24% 12.40%

9.71% 14.04%

7.78% 13.06%

6.92% 12.40%

9.54% 15.67%

14.68% 16.24%

14.39% 16.33%

13.04% 13.42%

14.38% 16.63%

21.91% 24.86%

0.432 0.192

0.437 0.224

0.499 0.282

0.430 0.182

0.295 0.101

0.508 0.240

0.246 0.203

0.392 0.279

0.466 0.437

0.400 0.292

0.492 0.329

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev

MSCI Kokusai

Russell 1000

MSCI Europe

NIKKEI 225

MSCI Canada

MSCI Australia

MSCI Pacific Free ex Japan

MSCI EMF Latin America

Index Value

MSCI EAFE Free

Other Leading Indices

MSCI ACWI Free

3 Years 5 Years

MSCI World

Sharpe Ratio

4466.30

545.90

5735.74

5075.34

3431.69

7247.58

n/a

4701.40

3645.39

817.24

5528.11

2.06% 8.47% 20.65% 20.65% 15.23% 10.49% 2.60%

2.26% 9.16% 21.53% 21.53% 16.14% 11.31% 3.08%

3.15% 10.40% 26.86% 26.86% 20.41% 15.43% 4.81%

2.01% 8.90% 22.61% 22.61% 15.20% 10.19% 3.04%

1.28% 6.95% 15.46% 15.46% 10.98% 6.82% 1.67%

3.21% 11.51% 34.36% 34.36% 21.48% 15.36% 6.05%

n/a n/a n/a n/a n/a n/a n/a

-0.65% 7.14% 18.35% 18.35% 23.25% 20.47% 11.49%

3.35% 16.49% 32.51% 32.51% 27.14% 25.41% 16.40%

4.37% 16.90% 33.15% 33.15% 25.59% 22.37% 11.24%

7.01% 22.08% 43.48% 43.48% 44.44% 32.33% 18.96%

16.23% 24.80% 25.34% -12.92% -16.52% -19.54% 33.76% 15.25% 10.02%

15.00% 21.97% 26.82% -13.94% -15.91% -18.98% 34.63% 15.75% 11.37%

2.06% 20.33% 27.30% -13.96% -21.21% -15.66% 39.17% 20.70% 14.02%

25.02% 27.46% 21.26% -10.62% -15.06% -20.43% 33.53% 15.20% 8.24%

32.85% 27.02% 20.91% -7.79% -12.45% -21.65% 29.89% 11.40% 6.27%

24.20% 28.91% 16.23% -8.14% -19.64% -18.09% 39.14% 21.39% 9.93%

n/a n/a n/a n/a n/a n/a n/a n/a n/a

13.33% -5.70% 54.40% 5.64% -20.10% -12.78% 55.36% 22.78% 28.86%

-9.52% 7.06% 18.67% -9.09% 2.66% -0.28% 51.36% 31.95% 17.54%

-32.17% -5.05% 38.68% -15.19% -9.43% -5.78% 47.03% 29.55% 14.84%

31.64% -35.11% 58.89% -16.57% -0.39% -22.45% 73.66% 39.62% 50.42%

7.73% 12.51%

8.23% 12.70%

9.42% 13.51%

7.75% 13.07%

7.15% 12.33%

9.62% 15.43%

n/a n/a

14.40% 15.02%

13.85% 14.04%

12.35% 12.69%

22.49% 25.55%

0.427 0.193

0.431 0.208

0.492 0.276

0.426 0.180

0.306 0.116

0.511 0.246

n/a n/a

0.379 0.335

0.459 0.440

0.482 0.426

0.470 0.330

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev Sharpe Ratio

3 Years 5 Years Standard & Poor's

9

Global Index Review, December 2006

5 Year Regional Performance Quarterly Excess Returns Relative to S&P Global 1200 Qtrly Excess Return

Cumulative Excess Return S&P Europe 350

S&P 500 5.0%

20.0% 15.0%

0.0%

10.0%

-5.0%

5.0% -10.0% 0.0% -15.0% -5.0% -20.0%

-10.0% 2001

2002

2003

2004

2005

2006

2001

2002

2003

2004

2005

2006

S&P/TSX 60

S&P/TOPIX 150 30.0%

60.0%

45.0%

15.0%

30.0% 0.0% 15.0% -15.0%

0.0%

-30.0%

-15.0% 2001

2002

2003

2004

2005

2006

2001

2002

2003

2004

2005

2006

2005

2006

S&P Asia 50

S&P/ASX 50 105.0%

75.0%

90.0%

60.0%

75.0% 45.0% 60.0% 45.0%

30.0%

30.0%

15.0%

15.0% 0.0% 0.0% -15.0%

-15.0% 2001

2002

2003

2004

2005

2001

2006

2002

2003

2004

S&P Latin America 40 210.0% 180.0% 150.0% 120.0% 90.0% 60.0% 30.0% 0.0% -30.0% 2001

2002

Standard & Poor's

2003

2004

2005

2006

10

Global Index Review, December 2006

S&P Emerging Markets Indices - Country/Regional Weights S&P/IFCG Composite

S&P/IFCI Composite

No. of Companie

Composite Weight

No. of Companie

Composite Weight

Latin America

Argentina Brazil Chile Colombia Mexico Peru Venezuela

18 123 56 17 55 30 10 309

0.53% 8.40% 1.53% 0.44% 4.26% 0.46% 0.09% 15.71%

14 115 50 -52 19 -250

0.65% 10.06% 1.85% -5.32% 0.53% -18.40%

Asia

China India Indonesia Korea Malaysia Pakistan Philippines Sri Lanka Taiwan Thailand

411 192 42 305 113 48 29 19 176 85 1420

13.56% 8.11% 1.00% 13.56% 2.02% 0.27% 0.66% 0.04% 10.64% 1.73% 51.61%

195 182 42 242 113 -20 -176 71 1041

12.07% 6.99% 1.26% 16.21% 2.37% -0.52% -13.03% 1.27% 53.73%

Europe

Czech Republic Hungary Poland Russia Turkey

6 11 53 54 60 184

0.41% 0.74% 1.41% 9.73% 1.14% 13.43%

6 8 53 53 55 175

0.52% 0.92% 1.77% 11.30% 1.40% 15.91%

ME & Africa

Bahrain Egypt Israel Jordan Kuwait Morocco Nigeria Oman Qatar Saudi Arabia South Africa U.A.E. Zimbabwe

16 32 70 24 56 21 24 42 19 33 146 27 26 536

0.20% 0.65% 1.74% 0.32% 1.87% 0.41% 0.38% 0.18% 0.99% 4.07% 6.79% 1.46% 0.19% 19.25%

-28 69 --17 ----144 --258

-0.79% 2.17% --0.49% ----8.51% --11.97%

Regions

Composite Latin America Asia Europe ME & Africa EMEA E. Europe

2449 309 1420 184 536 720 124 5742

100.00% 15.71% 51.61% 13.43% 19.25% 32.68% 12.29%

1724 250 1041 175 258 433 120 4001

100.00% 18.40% 53.73% 15.91% 11.97% 27.87% 14.51%

Standard & Poor's

11

S&P/IFCG Frontier Composite

Bangladesh Botswana Bulgaria Cote d'Ivoire Croatia Ecuador Estonia Ghana Jamaica Kenya Latvia Lebanon Lithuania Mauritius Namibia Romania Slovak Republic Slovenia Trinidad & Tobago Tunisia Ukaine Vietnam

No. of Companie

Composite Weight

22 6 12 13 14 6 8 10 20 21 9 5 16 14 4 13 8 10 10 21 14 18 274

1.83% 2.45% 2.69% 3.68% 4.15% 2.82% 2.61% 0.86% 4.80% 6.77% 0.42% 7.59% 2.49% 3.97% 0.37% 11.23% 0.74% 12.56% 9.79% 3.49% 5.29% 9.41% 100.00%

Global Index Review, December 2006

Emerging Markets Index Comparison - Price Indices in USD

S&P/IFCI

Composite

Latin America

Asia

Europe

ME & Africa

EMEA

(based on monthly returns)

Index Value

621.87

1843.04

290.89

754.63

191.81

469.52

4.42% 17.35% 31.72% 31.72% 28.97% 25.17% 10.70%

7.17% 21.57% 42.00% 42.00% 39.72% 28.98% 15.84%

3.67% 15.35% 30.55% 30.55% 23.40% 20.83% 6.89%

3.01% 16.93% 45.11% 45.11% 41.18% 38.99% 15.81%

5.63% 20.62% 13.22% 13.22% 27.09% 27.87% 13.32%

4.12% 18.48% 28.54% 28.54% 33.93% 33.15% 13.99%

-16.61% -24.08% 63.47% -33.03% -1.02% -5.99% 52.40% 24.47% 30.83%

25.94% -38.05% 56.89% -16.66% -5.91% -23.10% 70.15% 35.35% 41.92%

-57.38% -0.69% 70.54% -44.65% 11.81% -6.58% 46.71% 15.45% 24.68%

44.65% -20.56% 80.30% -41.13% -8.47% 10.27% 67.18% 30.89% 48.14%

-12.04% -25.04% 49.09% -13.95% -18.45% 15.94% 43.68% 40.55% 28.99%

9.98% -22.62% 64.33% -29.80% -14.90% 13.73% 53.19% 36.58% 36.82%

17.31% 17.98%

21.92% 24.76%

16.27% 18.28%

25.36% 26.51%

20.50% 18.79%

21.01% 20.01%

0.401 0.351

0.436 0.307

0.344 0.289

0.398 0.374

0.325 0.370

0.392 0.411

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev

European Emerging

Mid-East and Africa

Index Value

Asia Pacific Emerging

S&P/Citigroup BMI

Latin America

3 Years 5 Years

Emerging Markets

Sharpe Ratio

224.94

279.86

186.04

847.48

230.92

5.32% 19.80% 34.79% 34.79% 27.28% 22.96% 8.62%

7.31% 21.75% 41.11% 41.11% 40.66% 29.17% 16.15%

5.33% 20.48% 38.78% 38.78% 17.97% 15.77% 2.26%

2.98% 16.81% 44.24% 44.24% 40.70% 40.04% 27.62%

5.39% 18.52% 11.28% 11.28% 27.01% 25.86% 9.11%

0.67% -24.97% 68.04% -33.82% -4.07% -11.98% 54.83% 22.33% 25.06%

27.28% -38.23% 58.88% -14.64% -7.09% -23.68% 69.29% 37.40% 43.54%

-39.58% -5.45% 68.22% -48.09% 8.35% -15.42% 49.78% 9.15% 8.38%

53.56% -27.89% 113.13% -16.52% 22.63% 24.74% 55.02% 28.21% 50.63%

-1.16% -27.40% 72.81% -20.51% -26.68% 2.45% 50.46% 39.67% 31.82%

17.15% 17.57%

21.78% 24.84%

15.93% 18.12%

26.43% 26.05%

19.53% 18.97%

0.382 0.328

0.448 0.309

0.268 0.222

0.381 0.388

0.337 0.343

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev Sharpe Ratio

3 Years 5 Years Standard & Poor's

12

Global Index Review, December 2006

Emerging Markets Index Comparison - Total Return Indices in USD

S&P/IFCI

Composite

Latin America

Asia

Europe

ME & Africa

EMEA

(based on monthly returns)

Index Value

982.70

3257.56

419.85

959.01

273.37

843.08

4.52% 17.72% 35.11% 35.11% 32.77% 28.71% 13.68%

7.44% 22.63% 46.41% 46.41% 45.01% 33.73% 19.96%

3.73% 15.50% 33.79% 33.79% 26.81% 23.90% 9.33%

3.01% 17.00% 47.63% 47.63% 44.25% 42.14% 18.16%

5.84% 21.31% 16.85% 16.85% 31.33% 32.18% 17.25%

4.21% 18.81% 31.64% 31.64% 37.61% 36.92% 17.14%

-14.74% -22.01% 67.11% -31.76% 1.77% -3.94% 57.16% 28.11% 35.19%

29.27% -35.54% 61.82% -14.68% -2.01% -20.81% 77.09% 40.47% 48.27%

-56.65% 0.71% 72.62% -43.93% 14.01% -4.97% 50.68% 18.63% 28.50%

48.43% -19.10% 83.43% -40.46% -6.89% 12.49% 71.84% 33.58% 52.19%

-9.59% -22.86% 54.21% -10.81% -15.32% 19.57% 48.98% 45.19% 33.49%

12.85% -20.81% 68.46% -28.19% -12.41% 16.69% 58.26% 40.32% 41.08%

17.17% 17.96%

21.85% 24.83%

16.07% 18.20%

25.11% 26.39%

20.49% 18.80%

20.88% 20.01%

0.454 0.397

0.488 0.350

0.398 0.331

0.427 0.401

0.372 0.422

0.433 0.453

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev

European Emerging

Mid-East and Africa

Index Value

Asia Pacific Emerging

S&P/Citigroup BMI

Latin America

3 Years 5 Years

Emerging Markets

Sharpe Ratio

282.92

385.13

223.67

963.00

297.91

5.45% 20.22% 38.56% 38.56% 31.22% 26.57% 11.50%

7.58% 22.78% 45.39% 45.39% 45.80% 34.00% 20.31%

5.40% 20.69% 43.06% 43.06% 21.72% 19.03% 4.71%

2.98% 16.87% 46.62% 46.62% 43.47% 42.27% 29.52%

5.58% 19.17% 14.60% 14.60% 30.90% 29.77% 12.19%

2.98% -22.96% 71.35% -32.85% -1.74% -9.91% 59.57% 26.04% 29.37%

30.98% -35.69% 64.16% -12.57% -3.43% -21.09% 76.68% 42.73% 49.35%

-38.74% -4.47% 69.61% -47.60% 10.27% -13.80% 53.69% 12.41% 12.14%

55.98% -27.05% 115.87% -15.96% 24.82% 25.30% 57.53% 30.45% 54.41%

1.45% -25.09% 77.81% -19.09% -24.89% 5.50% 55.53% 43.71% 36.19%

17.05% 17.55%

21.71% 24.88%

15.73% 18.08%

26.17% 25.96%

19.48% 18.93%

0.437 0.377

0.498 0.352

0.329 0.267

0.406 0.407

0.383 0.391

Returns

1 Month 3 Months YTD 1 Year 3 Years (% pa) 5 Years (% pa) 7 Years (% pa) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Risk (% pa)

3 Years Std Dev 5 Years Std Dev Sharpe Ratio

3 Years 5 Years Standard & Poor's

13

Global Index Review, December 2006

S&P 500 S&P Europe 350

1.000

S&P Latin America 40

S&P Asia 50

S&P/ASX 50

S&P/TSX 60

S&P/TOPIX 150

S&P 500

S&P Europe 350

Correlation of Excess Returns - S&P Global 1200 Regional Indices

-0.604

-0.452

-0.324

-0.363

-0.116

-0.294

1.000

-0.310

-0.109

-0.035

-0.242

0.198

1.000

0.265

0.238

0.233

-0.104

1.000

0.372

0.080

0.136

1.000

0.135

0.181

1.000

0.077

S&P/TOPIX 150 S&P/TSX 60 S&P/ASX 50 S&P Asia 50 S&P Latin America 40

1.000

The Correlation of Excess Returns matrix identifies the movement of under/out performance of each regional index relative to the S&P Global 1200. Negative correlations indicate that the under performance of one index relative to the S&P Global 1200 historically resulted in the out performance of the other. Highlighted cells indicate the largest negative correlations.

1 Yr Excess Returns - S&P Global 1200 Regional Indices (based on Excess Returns over S&P Global 1200 for 12 months to December 2006)

S&P/TOPIX 150 S&P 500 S&P/TSX 60 S&P Asia 50 S&P/ASX 50 S&P Europe 350 S&P Latin America 40 -12%

Standard & Poor's

-8%

-4%

14

0%

4%

8%

12%

16%

20%

24%

Global Index Review, December 2006

S&P 500

S&P Europe 350

S&P/TOPIX 150

S&P/TSX 60

S&P/ASX 50

S&P Asia 50

S&P Latin America 40

S&P Global 1200

S&P Global 1200

S&P Global 1200 - Regional Correlations

1.000

0.970

0.954

0.481

0.772

0.792

0.763

0.802

1.000

0.882

0.348

0.694

0.705

0.722

0.745

1.000

0.407

0.724

0.770

0.674

0.766

1.000

0.508

0.475

0.508

0.410

1.000

0.751

0.623

0.698

1.000

0.660

0.755

1.000

0.644

S&P 500 S&P Europe 350 S&P/TOPIX 150 S&P/TSX 60 S&P/ASX 50 S&P Asia 50 S&P Latin America 40

1.000

Global Basket Correlations

S&P Global 1200

S&P/Citigroup World

MSCI ACWI Free

FTSE All-World

S&P 500 + S&P Europe 350 + S&P/TOPIX 150

S&P 500

0.970

0.955

0.962

0.963

S&P 500 + 350

0.993

0.979

0.986

0.986

S&P 500 + 350 + 150

0.999

0.991

0.995

0.995

0.994

0.998

0.998

Tracking Statistics

Correlation

S&P Global 1200

With the launch of futures contracts and ETFs on the S&P Europe 350 and S&P/TOPIX 150 in 2001 and 2002, a U.S., Europe & Japan global basket can be implemented using three S&P index products: S&P 500 + S&P Europe 350 + S&P/TOPIX 150

R-Squared S&P 500

94.1%

91.2%

92.6%

92.8%

S&P 500 + 350

98.5%

95.9%

97.1%

97.2%

S&P 500 + 350 + 150

99.8%

98.2%

99.1%

99.1%

98.8%

99.6%

99.6%

S&P Global 1200

Highlighted cells indicate the correlation and tracking error of an S&P Global Basket against a S&P/Citigroup World, MSCI ACWI or FTSE All World benchmark.

Tracking Error (% pa) S&P 500

3.07%

3.70%

3.46%

3.41%

S&P 500 + 350

1.61%

2.67%

2.21%

2.19%

S&P 500 + 350 + 150

0.58%

1.67%

1.23%

1.22%

1.37%

0.78%

0.78%

S&P Global 1200

Standard & Poor's

15

Global Index Review, December 2006

Index Turnover Add/Delete Turnover

Total Turnover

2006

2005

2004

2003

2002

2001

2000

1999

2006

2005

2004

2003

2002

2001

2000

1999

S&P Global 100

0.48%

13.26%

1.05%

1.00%

1.12%

2.75%

3.95%

10.61%

2.51%

16.35%

3.37%

3.24%

2.54%

S&P Global 1200

2.57%

3.25%

1.96%

1.86%

2.09%

3.26%

6.83%

4.09%

5.53%

7.46%

4.66%

3.99%

3.98%

5.97%

8.88%

16.12%

6.81%

11.44%

9.05%

S&P ADR Index

2.49%

5.23%

1.52%

2.25%

2.31%

7.12%

11.64%

5.92%

5.20%

8.49%

4.74%

4.96%

5.09%

10.99%

17.71%

14.57%

S&P 500

N/A

2.15%

2.25%

0.75%

3.31%

2.60%

6.42%

4.08%

4.49%

5.73%

3.10%

1.45%

3.82%

4.43%

8.91%

6.16%

S&P MidCap 400

N/A

10.19%

11.50%

7.57%

9.36%

15.72%

35.69%

26.71%

12.47%

14.49%

S&P SmallCap 600

N/A

8.00%

11.03%

9.68%

8.91%

13.61%

33.93%

23.21%

13.04%

13.83%

13.11%

8.60%

10.72%

16.98%

37.14%

28.87%

12.95%

10.98%

10.98%

15.63%

36.41%

24.39%

S&P 900

N/A

2.27%

2.25%

1.08%

3.11%

2.70%

5.76%

3.95%

N/A

5.93%

3.63%

1.62%

3.74%

4.51%

8.15%

6.00%

S&P 1000

N/A

8.40%

8.43%

5.30%

6.57%

13.18%

27.83%

22.05%

N/A

S&P Composite 1500

N/A

2.32%

2.20%

1.01%

3.01%

2.44%

5.26%

3.39%

N/A

13.47%

9.79%

6.30%

8.12%

14.79%

31.66%

24.41%

6.08%

3.13%

1.79%

3.69%

4.25%

7.67%

5.47%

S&P Europe 350

3.15%

7.14%

1.75%

2.05%

1.03%

3.97%

8.70%

4.96%

6.49%

11.61%

5.33%

5.41%

3.55%

8.75%

14.28%

16.13%

S&P Euro

3.21%

6.87%

1.81%

3.49%

1.38%

3.42%

6.91%

4.96%

7.23%

13.01%

6.81%

7.40%

4.35%

10.01%

11.72%

16.75%

S&P/TOPIX 150

0.00%

4.33%

1.35%

1.99%

3.33%

3.72%

2.01%

0.00%

2.93%

10.45%

4.51%

5.59%

5.63%

6.07%

9.60%

1.79%

S&P Japan 500

0.40%

3.70%

1.13%

1.51%

3.23%

4.90%

2.14%

0.05%

3.64%

10.20%

4.63%

5.27%

5.80%

7.61%

8.85%

2.09%

7.62%

2.31%

1.33%

0.42%

2.94%

6.13%

7.36%

3.81%

11.37%

4.16%

4.05%

2.14%

6.70%

9.36%

19.25%

6.52%

1.69%

6.30%

0.00%

0.00%

0.59%

5.56%

3.58%

0.20%

5.05%

12.30%

8.04%

2.74%

3.47%

11.63%

8.67%

12.72%

0.00%

7.16%

2.38%

16.35%

8.39%

13.04%

9.49%

15.95%

10.20%

10.50%

9.52%

13.92%

11.82%

37.07%

15.76%

21.56%

U.S.

Europe

Japan

Canada S&P/TSX 60

Asia S&P Asia 50

Latin America S&P Latin America 40

Add/Delete Turnover is determined by summing the market value of company additions and company deletions, divided by 2 and then divided by the average market value of the index over the year.

Total Turnover is determined by summing the market value of company additions, company deletions, share issuances, share repurchases, and quarterly share changes in the Index during the year, divided by 2 and then divided by the average market value of the index over the year.

S&P Global 1200 - GICS Sector Weights

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecom Services Utilities

S&P Global 1200

S&P 500

S&P Europe 350

S&P/TOPIX 150

S&P/TSX 60

S&P/ASX 50

S&P Asia 50

S&P Latin America 40

10.3% 8.4% 9.4% 26.9% 9.0% 9.9% 10.4% 6.1% 5.1% 4.6%

10.6% 9.3% 9.8% 22.3% 11.9% 10.9% 15.2% 3.0% 3.5% 3.6%

8.8% 9.1% 9.8% 32.3% 8.2% 7.7% 3.4% 7.2% 6.7% 6.9%

20.2% 5.3% 0.5% 23.3% 5.2% 16.1% 12.4% 8.5% 3.9% 4.5%

4.4% 2.0% 27.4% 35.5% 0.6% 4.5% 4.3% 14.6% 6.2% 0.5%

3.3% 6.8% 3.5% 50.2% 1.4% 8.8% 0.0% 20.6% 4.7% 0.7%

6.5% 1.2% 5.9% 30.2% 0.0% 7.1% 26.6% 8.6% 10.2% 3.7%

4.3% 11.6% 14.5% 16.8% 0.0% 4.5% 0.0% 26.5% 16.3% 5.4%

S&P/TOPIX 150

S&P/TSX 60

S&P/ASX 50

S&P Asia 50

S&P Latin America 40

Sector Under/Over Weights By Region (Relative to S&P Global 1200) S&P 500

S&P Europe 350

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecom Services Utilities -10% -5%

0%

5%

10%

-10% -5%

0%

5%

10%

-10%

0%

10%

20%

-10%

0%

10%

20%

-20%

0%

20%

40%

-20% -10% 0% 10% 20%

-20%

0%

20%

40%

S&P Global 1200 Sectors - Price Indices Telecom Svc

Utilities

1861.28

Materials

2392.55

Info Technology

Financials

1494.84

Industrials

Energy

1707.78

Health Care

Cons Staples

Index Value

Cons Disc

(based on monthly returns)

1557.75

1655.63

1479.13

2284.54

1167.09

1671.47

Returns 1 Month

3.14%

2.40%

-0.87%

3.40%

0.80%

2.23%

-0.36%

2.95%

3.97%

2.85%

3 Months

10.56%

5.44%

9.52%

7.75%

1.14%

8.62%

6.32%

13.98%

12.25%

11.85%

YTD

35.84%

34.63%

86.82%

51.35%

20.41%

46.21%

17.36%

74.56%

37.32%

83.05%

1 Year

20.76%

18.42%

18.32%

21.11%

8.93%

15.47%

9.29%

28.70%

29.19%

33.46%

3 Years (% pa)

10.75%

10.42%

23.16%

14.81%

6.39%

13.50%

5.48%

20.41%

11.15%

22.33%

5 Years (% pa)

7.53%

7.66%

16.14%

10.78%

2.60%

7.94%

1.51%

18.45%

3.58%

12.42%

7 Years (% pa)

0.69%

5.55%

10.60%

6.63%

3.52%

3.19%

-10.55%

9.24%

-8.51%

7.65%

1996

13.13%

18.42%

25.32%

14.62%

23.08%

14.36%

31.40%

9.08%

5.64%

3.42%

1997

17.30%

26.25%

19.29%

28.74%

36.98%

11.41%

23.89%

-5.11%

30.71%

12.67%

1998

26.40%

17.78%

-2.70%

11.66%

37.47%

8.15%

67.19%

-4.88%

49.86%

16.28%

1999

28.79%

-13.02%

21.50%

6.36%

-11.02%

22.90%

93.15%

29.41%

45.15%

-14.18%

2000

-21.67%

10.97%

5.81%

11.63%

29.30%

-1.52%

-39.88%

-16.23%

-40.14%

23.03%

2001

-6.86%

-9.09%

-9.47%

-15.84%

-13.35%

-13.68%

-29.33%

-4.99%

-24.81%

-24.18%

2002

-21.98%

-4.44%

-8.87%

-18.17%

-18.93%

-25.59%

-37.34%

-5.79%

-29.66%

-21.23%

2003

35.67%

12.42%

24.11%

34.69%

16.45%

34.68%

46.61%

41.79%

23.41%

24.53%

2004

13.21%

9.32%

25.02%

13.98%

3.42%

16.51%

3.17%

16.20%

16.51%

24.22%

2005

-0.64%

4.00%

26.30%

9.64%

6.89%

8.68%

4.09%

16.73%

-8.77%

10.42%

3 Years Std Dev

9.67%

7.02%

17.49%

8.66%

7.45%

8.76%

14.35%

14.59%

9.44%

7.90%

5 Years Std Dev

14.02%

9.07%

17.75%

14.96%

9.59%

13.51%

23.11%

17.10%

19.66%

13.21%

3 Years

0.226

0.291

0.318

0.373

0.128

0.328

0.064

0.329

0.243

0.642

5 Years

0.120

0.172

0.230

0.173

0.018

0.131

0.021

0.271

0.043

0.224

5 Year Beta

1.040

0.483

0.832

1.122

0.534

0.973

1.573

1.121

1.313

0.749

Risk (% pa)

Sharpe Ratio

5 Year Correlation of Excess Returns - S&P Global 1200 GICS Sectors S&P Global 1200 Energy

S&P Global 1200 Financials

S&P Global 1200 Health Care

S&P Global 1200 Industrials

S&P Global 1200 Info Technology

S&P Global 1200 Materials

S&P Global 1200 Telecom Svc

S&P Global 1200 Utilities

S&P Global 1200 Cons Staples

S&P Global 1200 Cons Staples

S&P Global 1200 Cons Disc

S&P Global 1200 Cons Disc

(based on monthly returns)

1.0000

-0.0281

-0.2676

-0.0958

-0.2981

0.3159

0.1147

0.1264

-0.1692

-0.2627

1.0000

0.1438

-0.1174

0.5522

-0.0804

-0.7066

-0.1164

-0.4180

0.5025

1.0000

-0.5092

0.0261

-0.0764

-0.4660

0.4442

-0.2888

0.3304

1.0000

-0.2476

-0.2035

0.0339

-0.0847

0.0510

0.0022

1.0000

-0.1802

-0.4803

-0.3969

-0.0762

0.3105

1.0000

-0.0510

0.3024

-0.2045

-0.2171

1.0000

-0.2175

0.3842

-0.6194

1.0000

-0.3915

-0.1743

1.0000

-0.2376

S&P Global 1200 Energy S&P Global 1200 Financials S&P Global 1200 Health Care S&P Global 1200 Industrials S&P Global 1200 Info Technology S&P Global 1200 Materials S&P Global 1200 Telecom Svc S&P Global 1200 Utilities

1.0000 The Correlation of Excess Returns matrix identifies the movement of under/out performance of S&P Global 1200 sector indices relative to the S&P Global 1200. Negative correlations indicate that the under performance of one sector relative to the S&P Global 1200 historically resulted in the out performance of the other. Highlighted cells indicate the largest negative correlations.

1 Yr Excess Returns - S&P Global 1200 GICS Sectors (Based on Excess Returns over S&P Global 1200, for 12 months to December 2006)

Health Care Info Technology Industrials Energy Cons Staples Cons Disc Financials Materials Telecom Svc Utilities -10%

Standard & Poor's

-5%

0%

19

5%

10%

15%

Global Index Review, December 2006

5 Year Sector Performance Quarterly Excess Returns Relative to S&P Global 1200 Qtrly Excess Return

Cumulative Excess Return

Consumer Discretionary

Consumer Staples

5.0%

30.0%

0.0%

15.0%

-5.0%

0.0%

-10.0%

-15.0% 2002

2003

2004

2005

2006

2002

2003

Energy

2004

2005

2006

Financials

80.0%

20.0%

60.0% 10.0% 40.0%

20.0% 0.0% 0.0%

-10.0%

-20.0% 2002

2003

2004

2005

2002

2006

2003

Health Care

2004

2005

2006

Industrials

15.0%

5.0%

0.0%

0.0%

-15.0%

-5.0%

-10.0%

-30.0% 2002

Standard & Poor's

2003

2004

2005

2002

2006

20

2003

2004

2005

2006

Global Index Review, December 2006

5 Year Sector Performance Quarterly Excess Returns Relative to S&P Global 1200 Qtrly Excess Return

Cumulative Excess Return

Information Technology

Materials

20.0%

75.0%

60.0%

45.0%

0.0%

30.0%

15.0%

-20.0%

0.0%

-15.0%

-40.0% 2002

2003

2004

2005

2002

2006

2003

Telecommunication Services

2004

2005

2006

2005

2006

Utilities

40.0%

30.0%

20.0% 15.0%

0.0% 0.0% -20.0%

-15.0%

-40.0% 2002

Standard & Poor's

2003

2004

2005

2002

2006

21

2003

2004

Global Index Review, December 2006

5 Year Global Sector Correlation Matrix - S&P Global 1200 vs MSCI ACWI Free

S&P Global 1200 Cons Staples S&P Global 1200 Energy S&P Global 1200 Financials S&P Global 1200 Health Care S&P Global 1200 Industrials S&P Global 1200 Info Technology S&P Global 1200 Materials S&P Global 1200 Telecom Svc S&P Global 1200 Utilities MSCI ACWIF Cons Disc MSCI ACWIF Cons Staples MSCI ACWIF Energy MSCI ACWIF Financials MSCI ACWIF Health Care MSCI ACWIF Industrials MSCI ACWIF Info Tech MSCI ACWIF Materials MSCI ACWIF Telecom Svc MSCI ACWIF Utilities MSCI ACWI Free

1.000

MSCI ACWIF Info Tech

0.867

0.813

0.861

0.716

0.998

0.825

0.781

0.762

0.606

0.933

1.000

0.433

0.668

0.567

0.558

0.364

0.551

0.463

0.691

0.643

0.995

0.439

0.672

0.591

0.571

0.374

0.551

0.478

0.692

0.672

1.000

0.430

0.362

0.508

0.317

0.706

0.387

0.593

0.487

0.472

0.997

0.442

0.377

0.522

0.326

0.714

0.414

0.608

0.603

1.000

MSCI ACWIF Telecom Svc

0.914 0.897

MSCI ACWIF Materials

0.729 0.612

MSCI ACWIF Industrials

0.948 0.872

MSCI ACWIF Health Care

0.607 0.496

MSCI ACWIF Financials

0.691 0.656

MSCI ACWIF Energy

0.940 0.996

MSCI ACWIF Cons Staples

0.715 0.608

MSCI ACWIF Cons Disc

0.842 0.746

S&P Global 1200 Utilities

0.827 0.796

S&P Global 1200 Telecom Svc

0.858 0.816

S&P Global 1200 Materials

0.909 0.898

S&P Global 1200 Info Technology

0.703 0.579

S&P Global 1200 Industrials

0.946 0.869

S&P Global 1200 Health Care

0.591 0.480

S&P Global 1200 Financials

0.672 0.644

S&P Global 1200 Energy

0.935 1.000

S&P Global 1200 Cons Staples

MSCI ACWI Free

S&P Global 1200 Cons Disc

MSCI ACWIF Utilities

S&P Global 1200

S&P Global 1200 Cons Disc

S&P Global 1200

(based on monthly returns)

0.648

0.833

0.787

0.756

0.786

0.701

0.875

0.681

0.449

0.998

0.674

0.843

0.797

0.742

0.801

0.703

0.942

1.000

0.552

0.524

0.423

0.674

0.571

0.581

0.573

0.366

0.644

0.996

0.544

0.529

0.403

0.687

0.560

0.691

1.000

0.775

0.825

0.721

0.576

0.909

0.579

0.523

0.840

0.585

0.996

0.787

0.810

0.743

0.578

0.913

1.000

0.607

0.793

0.413

0.820

0.374

0.334

0.783

0.549

0.776

0.999

0.589

0.802

0.411

0.852

1.000

0.550

0.539

0.807

0.580

0.724

0.767

0.450

0.842

0.623

0.997

0.581

0.559

0.840

1.000

0.549

0.740

0.465

0.391

0.783

0.685

0.713

0.790

0.523

0.997

0.538

0.826

1.000

0.615

0.714

0.601

0.705

0.585

0.585

0.420

0.545

0.566

0.997

0.715

1.000

0.659

0.506

0.882

0.615

0.911

0.831

0.796

0.758

0.616

0.943

1.000

0.481

0.688

0.599

0.595

0.385

0.583

0.485

0.718

0.694

1.000

0.464

0.383

0.540

0.345

0.735

0.420

0.619

0.622

1.000

0.672

0.853

0.794

0.757

0.800

0.710

0.948

1.000

0.576

0.555

0.431

0.700

0.577

0.719

1.000

0.790

0.830

0.739

0.592

0.921

1.000

0.606

0.800

0.418

0.862

1.000

0.556

0.570

0.830

1.000

0.557

0.848

1.000

0.720 1.000

The Global Sector Correlation Matrix highlights the high correlations between the S&P and MSCI sector indices. Both Standard & Poor's and Morgan Stanely Capital International adopt the same Global Industry Classification Standard (GICS) to all indices, worldwide. GICS was developed by Standard & Poor's and MSCI in response to the global financial community's need for one complete, consistent set of global sector and industry definitions. The GICS system has four levels of detail: 10 sectors, 24 industry groupings, 67 industries and 147 subindustries. There are currently five iShares S&P Global Sector ETFs traded on AMEX: Energy, Financials, Info Technology, Health Care, and Telecommunications.

Portfolio Characterisitcs

S&P Global 1200

S&P Global 1200

No. of Companies No. of Countries Adj Market Cap ($ bill)

1200 28 26,194.5

Global Index Comparison 140 S&P Global 1200 S&P/Citigroup World MSCI ACWI Free FTSE All-World

120

100

R-Squared S&P Global 1200 S&P/Citigroup World MSCI ACWI Free FTSE All-World Index

Tracking Error (% pa) S&P Global 1200 S&P/Citigroup World MSCI ACWI Free FTSE All-World Index

Standard & Poor's

FTSE AllWorld Index

2.10% 8.06% 43.90%

1.87% 8.26% 47.78%

2.15% 8.72% 46.45%

2.22% 8.79% 48.52%

18.75% 12.90% 8.12% 1.22%

18.09% 13.90% 9.57% 2.61%

18.78% 13.56% 8.91% 1.06%

19.54% 14.09% 9.21% 1.67%

7.84% 12.61%

8.30% 12.39%

8.30% 12.69%

8.27% 12.67%

0.345 0.142

0.358 0.175

0.348 0.158

0.366 0.164

FTSE AllWorld Index

Correlation S&P Global 1200 S&P/Citigroup World MSCI ACWI Free FTSE All-World Index

MSCI ACWI Free

5 Year Tracking Statistics

2006

MSCI ACWI Free

Returns 1 Month 3 Months YTD Returns (% pa) 1 Year 3 Years 5 Years 7 Years Risk (% pa) 3 Years Std Dev 5 Years Std Dev Sharpe Ratio 3 Years 5 Years

2005

S&P/Citigroup World

Price Index Performance Statistics

2004

S&P/Citigroup World

2003

S&P Global 1200

2002

S&P Global 1200

2001

1.0000

0.9942 1.0000

0.9981 0.9971 1.0000

0.9981 0.9971 0.9998 1.0000

100%

99% 100%

100% 99% 100%

100% 99% 100% 100%

0.00%

1.37% 0.00%

0.78% 1.00% 0.00%

0.78% 1.00% 0.27% 0.00%

23

% Wgt Largest Company Top 10 Holdings (% MktCap Share)

1.71% 9.96%

S&P Global 1200

60

24.56 446.94 1.027 11.09

GICS Sector Weights Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities

Country Weights Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

10.32% 8.36% 9.36% 26.94% 8.96% 9.85% 10.45% 6.13% 5.06% 4.58%

S&P Global 1200

80

Company Size (Adj $ bil): Average Largest Smallest Median

0.05% 2.57% 0.13% 0.62% 0.68% 3.31% 0.11% 0.21% 0.52% 4.92% 3.54% 11.38% 0.18% 1.01% 0.39% 1.79% 8.95% 0.77% 0.43% 1.82% 0.29% 0.19% 0.29% 2.12% 1.11% 3.43% 0.68% 48.52%

Global Index Review, December 2006

S&P 700

Portfolio Characteristics

S&P 700

Global Ex U.S. Index Comparison

No. of Companies No. of Countries Adj Market Cap ($ bill)

700 27 13,470.8

160 S&P 700 S&P/Citigroup World Ex U.S. S&P/Citigroup EPAC MSCI EAFE MSCI EAFE + Canada

100

Company Size (Adj $ bil): Average Largest Smallest Median

80 60

% Wgt Largest Company Top 10 Holdings (% MktCap Share)

40

Correlation S&P 700 S&P/Citigroup World Ex U.S. S&P/Citigroup EPAC MSCI EAFE MSCI EAFE + Canada

R-Squared S&P 700 S&P/Citigroup World Ex U.S. S&P/Citigroup EPAC MSCI EAFE MSCI EAFE + Canada

Tracking Error (% pa) S&P 700 S&P/Citigroup World Ex U.S. S&P/Citigroup EPAC MSCI EAFE MSCI EAFE + Canada

Standard & Poor's

S&P/Citigroup EPAC

MSCI EAFE

MSCI EAFE + Canada

2.90% 9.90% 64.59%

2.71% 9.77% 66.98%

2.97% 10.04% 66.07%

3.09% 10.04% 60.97%

2.81% 9.79% 61.96%

24.08% 18.07% 12.96%

22.65% 18.64% 14.22%

23.16% 18.42% 13.89%

23.47% 17.20% 12.43%

22.93% 17.44% 12.76%

9.92% 13.86%

9.95% 13.33%

9.83% 13.39%

9.63% 13.51%

9.74% 13.44%

0.410 0.225

0.423 0.256

0.423 0.249

0.399 0.219

0.401 0.226

MSCI EAFE

MSCI EAFE + Canada

5 Year Tracking Statistics

2.93% 12.17%

2006

S&P/Citigroup EPAC

Returns 1 Month 3 Months YTD Returns (% pa) 1 Year 3 Years 5 Years Risk (% pa) 3 Years Std Dev 5 Years Std Dev Sharpe Ratio 3 Years 5 Years

2005

S&P/Citigroup World Ex U.S.

Price Index Performance Statistics

2004

S&P/Citigroup World Ex U.S.

2003

S&P 700

2002

S&P 700

2001

23.25 241.37 1.03 10.39

1.0000

0.9931 1.0000

0.9923 0.9990 1.0000

0.9953 0.9968 0.9980 1.0000

0.9963 0.9981 0.9974 0.9991 1.0000

100%

99% 100%

98% 100% 100%

99% 99% 100% 100%

99% 100% 99% 100% 100%

0.00%

1.69% 0.00%

1.75% 0.61% 0.00%

1.38% 1.08% 0.86% 0.00%

1.25% 0.84% 0.97% 0.57% 0.00%

24

GICS Sector Weights Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities

Country Weights Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan

S&P 700

120

10.02% 7.51% 8.93% 31.25% 6.19% 8.92% 6.01% 9.11% 6.51% 5.54%

S&P 700

140

0.10% 5.00% 0.25% 1.21% 1.33% 6.44% 0.22% 0.41% 1.01% 9.56% 6.87% 22.13% 0.35% 1.96% 0.75% 3.48% 17.40% 1.51% 0.84% 3.54% 0.56% 0.38% 0.56% 4.12% 2.16% 6.66% 1.22% Global Index Review, December 2006

S&P ADR Index

S&P ADR Index 160

Portfolio Characteristics

115 100

242 700 25 27 7,519.97 13,470.81

Company Size (Adj $ bil): Average Largest Smallest Median

85 70 55 2005

2006

% Wgt Largest Company Top 10 Holdings (% MktCap Share)

MSCI EAFE

MSCI EAFE

Price Index Performance Statistics

2004

S&P 700

2.45% 9.67% 57.44%

2.90% 9.90% 64.59%

3.09% 10.04% 60.97%

23.29% 16.33% 11.33%

24.08% 18.07% 12.96%

23.47% 17.20% 12.43%

10.34% 14.62%

9.92% 13.86%

9.63% 13.51%

0.3524 0.1860

0.4102 0.2248

0.3991 0.2192 MSCI EAFE

2003

S&P ADR Index

S&P 700

2002

S&P ADR Index

2001

Returns

1 Month 3 Months YTD Returns (%pa)

1 Year 3 Years 5 Years Risk (% pa)

3 Years Std Dev 5 Years Std Dev

Sector Weights

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities

35.32 242.43 1.03 16.95

23.25 241.37 1.03 10.39

2.93% 21.62%

2.93% 12.17%

S&P 700

No. of Companies No. of Countries Adj Market Cap ($ bill)

130

S&P ADR Index

145

S&P 700

S&P ADR Index

8.77% 4.29% 15.16% 28.70% 7.30% 3.82% 6.55% 9.87% 10.37% 5.17%

10.02% 7.51% 8.93% 31.25% 6.19% 8.92% 6.01% 9.11% 6.51% 5.54%

S&P ADR Index S&P 700 MSCI EAFE

0.9931 1.0000

0.9923 0.9990 1.0000

100%

99% 100%

98% 100% 100%

0.00%

2.73% 0.00%

3.40% 1.38% 0.00%

R-Squared

S&P ADR Index S&P 700 MSCI EAFE

Tracking Error (% pa)

S&P ADR Index S&P 700 MSCI EAFE

The S&P ADR index is made up of those international companies from the S&P Global 1200 Index that offer Level II or Level III ADRs, global shares, or U.S. listed shares of Canadian Securities. Currently, there are over 260 companies in the S&P ADR Index. As additional international companies from the S&P Global 1200 list on U.S. exchanges, these securities will be added to the Index. A security will be dropped from the S&P ADR Index when it ceases to have a U.S. listing or if it is removed from the S&P Global 1200.

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan

S&P 700

1.0000

Correlation

Country Weights

S&P ADR Index

5 Year Tracking Statistics

S&P 700

3 Years 5 Years

S&P ADR Index

Sharpe Ratio

0.18% 3.31% 0.13% -2.32% 10.58% 0.19% 0.22% 1.50% 7.98% 8.19% 26.19% 0.35% 1.14% 1.19% 2.69% 12.13% 1.05% 1.19% 5.26% 0.71% 0.37% -5.14% 1.00% 6.09% 0.92%

0.10% 5.00% 0.25% 1.21% 1.33% 6.44% 0.22% 0.41% 1.01% 9.56% 6.87% 22.13% 0.35% 1.96% 0.75% 3.48% 17.40% 1.51% 0.84% 3.54% 0.56% 0.38% 0.56% 4.12% 2.16% 6.66% 1.22%

The S&P ADR Index is a U.S.-dollar denomiated version of the S&P Global 1200 Ex U.S. Index. Standard & Poor's

25

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Ex Japan

S&P Global 1200 Ex Japan

No. of Companies No. of Countries Adj Market Cap ($ bill)

1050 27 23,781.4

Global Ex Japan Index Comparison

150 S&P Global 1200 Ex Japan S&P/Citigroup World Ex Japan MSCI Kokusai

125

100

Company Size (Adj $ bil): Average Largest Smallest Median

75

% Wgt Largest Company Top 10 Holdings (% MktCap Share)

50 2006

2.04% 8.30% 43.37%

1.87% 8.83% 48.02%

1.89% 8.41% 42.55%

19.99% 12.76% 7.83%

20.55% 13.96% 9.32%

19.69% 12.54% 7.72%

7.85% 13.04%

8.39% 12.91%

7.81% 13.05%

3 Years 5 Years

0.341 0.132

0.357 0.164

0.335 0.130

5 Year Tracking Statistics

Price Index Performance Statistics Returns

1 Month 3 Months YTD Returns (%pa)

1 Year 3 Years 5 Years Risk (% pa)

3 Years Std Dev 5 Years Std Dev

2.46% 10.94%

S&P Global 1200 Ex Japan

2005

MSCI Kokusai

2004

MSCI Kokusai

2003

S&P/Citigroup World Ex Japan

2002

S&P Global 1200 Ex Japan

2001

25.30 446.94 1.03 11.22

GICS Sector Weights Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities

9.00% 8.69% 10.27% 27.38% 9.43% 9.26% 10.28% 5.91% 5.18% 4.59%

S&P/Citigroup World Ex Japan

1.0000

0.9954 1.0000

0.9993 0.9958 1.0000

100%

99% 100%

100% 99% 100%

0.00%

1.25% 0.00%

0.47% 1.20% 0.00%

Correlation

S&P Global 1200 Ex Japan S&P/Citigroup World Ex Japan MSCI Kokusai

R-Squared

S&P Global 1200 Ex Japan S&P/Citigroup World Ex Japan MSCI Kokusai

Tracking Error (% pa)

S&P Global 1200 Ex Japan S&P/Citigroup World Ex Japan MSCI Kokusai

Standard & Poor's

26

Country Weights Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

S&P Global 1200 Ex Japan

S&P Global 1200 Ex Japan

Sharpe Ratio

0.05% 2.83% 0.14% 0.69% 0.75% 3.65% 0.12% 0.23% 0.57% 5.41% 3.89% 12.53% 0.20% 1.11% 0.43% 1.97% 0.85% 0.47% 2.00% 0.32% 0.21% 0.32% 2.33% 1.22% 3.77% 0.75% 53.16%

Global Index Review, December 2006

Portfolio Characteristics 125

No. of Companies No. of Countries Adj Market Cap ($ bill)

DJ Global Titans

Global Index Comparison 150

S&P Global 100

S&P Global 100

100 15 8,492.3

50 11 7,318.4

90.2 383.6 11.31 65.89

146.4 446.9 50.38 0.00

4.52% 28.62%

6.11% 53.27%

100

Company Size (Adj $ bil): Average Largest Smallest Median

75

50 2003

2005

2006

DJ Global Titans MSCI ACWI

DJ Global Titans

S&P Global 1200

MSCI ACWI

2.15% 7.19% 30.06%

2.02% 6.45% 24.95%

2.10% 8.06% 43.90%

2.15% 8.72% 46.45%

17.31% 9.16% 4.56% -1.53%

17.44% 7.71% 2.94% -3.33%

18.75% 12.90% 8.12% 1.22%

18.78% 13.56% 8.91% 1.06%

7.64% 13.15%

6.38% 12.83%

7.84% 12.61%

8.30% 12.69%

3 Years 5 Years

0.225 0.064

0.205 0.029

0.345 0.142

0.348 0.158

5 Year Tracking Statistics

DJ Global Titans

% Wgt Largest Company Top 10 Holdings (% MktCap Share)

S&P Global 100

2004

S&P Global 100

S&P Global 100 S&P Global 1200

Price Index Performance Statistics Returns

1 Month 3 Months YTD Returns (%pa)

1 Year 3 Years 5 Years 7 Years Risk (% pa)

3 Years Std Dev 5 Years Std Dev

GICS Sector Weights

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities

DJ Global Titans

2002

S&P Global 100

2001

9.86% 12.88% 9.58% 25.59% 11.84% 7.68% 13.45% 3.07% 4.17% 1.88%

12.76% 2.81% 17.97% 24.13% 15.38% 6.42% 13.93% -6.60% --

S&P Global 100 DJ Global Titans S&P Global 1200 MSCI ACWI

0.9862 1.0000

0.9775 0.9468 1.0000

0.9696 0.9351 0.9981 1.0000

100%

97% 100%

96% 90% 100%

94% 87% 100% 100%

0.00%

2.18% 0.00%

2.79% 4.19% 0.00%

3.22% 4.62% 0.78% 0.00%

R-Squared

S&P Global 100 DJ Global Titans S&P Global 1200 MSCI ACWI Tracking Error (% pa)

S&P Global 100 DJ Global Titans S&P Global 1200 MSCI ACWI Standard & Poor's

27

Australia Belgium Canada Finland France Germany Great Britain Italy Japan Korea Mexico Netherlands Spain Sweden Switzerland USA

DJ Global Titans

MSCI ACWI

1.0000

Correlation

Country Weights

S&P Global 100

S&P Global 1200

Sharpe Ratio

0.82% 0.65% 0.35% 0.99% 9.15% 6.65% 14.43% 0.57% 6.08% 1.00% -3.25% 4.03% 0.71% 6.41% 44.91%

---1.14% 2.24% 1.13% 15.23% 1.14% 4.40% 1.11% -3.05% 1.25% -7.19% 62.10%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Cons Disc

S&P Global 1200 - Consumer Discretionary

No. of Companies No. of Countries Adj Market Cap ($ bill)

193 18 2,702.3

Company Size (Adj $ bil): Average Largest Smallest Median

16.59 241.37 1.342 8.08

Global - Consumer Discretionary 150

125

100

75

50

Price Index Performance Statistics

2004

2005

2006

MSCI ACWI Cons Disc

3.14% 10.56% 35.84%

3.06% 10.88% 36.92%

20.76% 10.75% 7.53% 0.69%

18.95% 11.04% 7.66% -0.40%

9.67% 14.02%

9.86% 14.17%

0.226 0.120

0.230 0.122

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

193 6.79% 18.92%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Cons Disc

2003

MSCI ACWI Cons Disc

2002

S&P Global 1200 Cons Disc

S&P Global 1200 Cons Disc

2001

193 6.79% 6.79%

1.0000

0.9962 1.0000

100%

99% 100%

0.00%

1.24% 0.00%

Country Weights

Correlation

S&P Global 1200 Cons Disc MSCI ACWI Cons Disc

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Cons Disc MSCI ACWI Cons Disc

Tracking Error (% pa)

S&P Global 1200 Cons Disc MSCI ACWI Cons Disc

Standard & Poor's

28

S&P Global 1200 Cons Disc

5 Year Tracking Statistics

MSCI ACWI Cons Disc

3 Years 5 Years

S&P Global 1200 Cons Disc

Sharpe Ratio

-0.83% -0.12% -1.42% 0.18% --7.38% 5.17% 8.78% -0.67% -1.04% 17.56% 0.89% 0.34% 2.52% --0.16% 0.42% 1.09% 1.39% -50.04%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Cons Staple

S&P Global 1200 - Consumer Staples

No. of Companies No. of Countries Adj Market Cap ($ bill)

95 16 2,190.3

Company Size (Adj $ bil): Average Largest Smallest Median

27.22 203.66 1.027 12.36

Global - Consumer Staples 145

130

115

100

85

70 2004

Price Index Performance Statistics

2005

2006

MSCI ACWI Cons Staple

2.40% 5.44% 34.63%

2.67% 6.15% 37.79%

18.42% 10.42% 7.66% 5.55%

18.82% 11.28% 8.57% 5.49%

7.02% 9.07%

7.10% 9.21%

0.291 0.172

0.320 0.196

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

95 9.30% 33.89%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Cons Staple

2003

MSCI ACWI Cons Staple

2002

S&P Global 1200 Cons Staple

S&P Global 1200 Cons Staple

2001

95 9.30% 29.20%

1.0000

0.9949 1.0000

100%

99% 100%

0.00%

0.94% 0.00%

Country Weights

Correlation

S&P Global 1200 Cons Staple MSCI ACWI Cons Staple

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Cons Staple MSCI ACWI Cons Staple

Tracking Error (% pa)

S&P Global 1200 Cons Staple MSCI ACWI Cons Staple

Standard & Poor's

29

S&P Global 1200 Cons Staple

5 Year Tracking Statistics

MSCI ACWI Cons Staple

3 Years 5 Years

S&P Global 1200 Cons Staple

Sharpe Ratio

-2.10% -0.99% 0.47% 0.80% 0.04% --5.83% 0.82% 16.57% ----5.65% 0.41% 1.26% 3.89% ---0.61% 0.26% 6.50% -53.78%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Energy

S&P Global 1200 - Energy

No. of Companies No. of Countries Adj Market Cap ($ bill)

65 13 2,452.5

Company Size (Adj $ bil): Average Largest Smallest Median

41.51 446.94 2.448 15.58

Global - Energy 220

190

160

130

100

70 2002

2003

2004

2005

2006

MSCI ACWI Energy

MSCI ACWI Energy

S&P Global 1200 Energy

S&P Global 1200 Energy

-0.87% 9.52% 86.82%

-1.13% 9.55% 89.94%

18.32% 23.16% 16.14% 10.60%

18.18% 23.84% 17.04% 10.95%

17.49% 17.75%

17.89% 17.90%

3 Years 5 Years

0.318 0.230

0.321 0.241

5 Year Tracking Statistics

Price Index Performance Statistics

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

65 18.22% 46.00%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Energy

2001

65 18.22% 46.00%

MSCI ACWI Energy

1.0000

0.9971 1.0000

100%

99% 100%

0.00%

1.36% 0.00%

Country Weights

Correlation

S&P Global 1200 Energy MSCI ACWI Energy

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Energy MSCI ACWI Energy

Tracking Error (% pa)

S&P Global 1200 Energy MSCI ACWI Energy

Standard & Poor's

30

S&P Global 1200 Energy

S&P Global 1200 Energy

Sharpe Ratio

0.50% 0.95% 0.35% -1.48% 9.69% ---7.13% -20.02% -1.74% -3.68% 0.45% ---1.60% --1.44% ---50.97%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Financials

S&P Global 1200 - Financials

No. of Companies No. of Countries Adj Market Cap ($ bill)

241 27 7,057.5

Company Size (Adj $ bil): Average Largest Smallest Median

31.95 273.69 1.161 16.15

Global - Financials

160 140 120 100 80 60 2006

3.40% 7.75% 51.35%

3.50% 8.55% 54.32%

21.11% 14.81% 10.78% 6.63%

21.88% 15.56% 11.50% 6.08%

8.66% 14.96%

8.83% 14.70%

0.373 0.173

0.387 0.188

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

241 3.88% 15.28%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Financials

Price Index Performance Statistics

2005

MSCI ACWI Financials

MSCI ACWI Financials

2004

MSCI ACWI Financials

2003

S&P Global 1200 Financials

S&P Global 1200 Financials

2002

S&P Global 1200 Financials

2001

241 3.88% 0.00%

3 Years 5 Years

5 Year Tracking Statistics

Country Weights

Correlation

S&P Global 1200 Financials MSCI ACWI Financials

1.0000

0.9978 1.0000

100%

100% 100%

0.00%

1.03% 0.00%

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Financials MSCI ACWI Financials

Tracking Error (% pa)

S&P Global 1200 Financials MSCI ACWI Financials

Standard & Poor's

31

S&P Global 1200 Financials

Sharpe Ratio

0.01% 4.79% 0.22% 1.61% 0.75% 4.36% 0.04% 0.31% 0.16% 3.93% 3.55% 12.26% 0.53% 1.46% 0.90% 3.54% 7.74% 0.62% -2.59% 0.15% 0.25% 0.62% 3.44% 1.27% 4.36% 0.38% 40.16%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Health Care

S&P Global 1200 - Health Care

No. of Companies No. of Countries Adj Market Cap ($ bill)

78 11 2,346.3

Company Size (Adj $ bil): Average Largest Smallest Median

31.64 191.42 2.634 13.49

Global - Health Care 120

100

80

60 2004

Price Index Performance Statistics

2005

2006

MSCI ACWI Health Care

0.80% 1.14% 20.41%

0.65% 1.39% 22.89%

8.93% 6.39% 2.60% 3.52%

8.64% 7.11% 3.41% 3.51%

7.45% 9.59%

7.21% 9.49%

0.128 0.018

0.159 0.041

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

78 8.16% 34.38%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Health Care

2003

MSCI ACWI Health Care

2002

S&P Global 1200 Health Care

S&P Global 1200 Health Care

2001

78 8.16% 34.38%

1.0000

0.9960 1.0000

100%

99% 100%

0.00%

0.86% 0.00%

Country Weights

Correlation

S&P Global 1200 Health Care MSCI ACWI Health Care

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Health Care MSCI ACWI Health Care

Tracking Error (% pa)

S&P Global 1200 Health Care MSCI ACWI Health Care

Standard & Poor's

32

S&P Global 1200 Health Care

5 Year Tracking Statistics

MSCI ACWI Health Care

3 Years 5 Years

S&P Global 1200 Health Care

Sharpe Ratio

-0.40% -0.31% -0.24% -0.70% -4.30% 0.53% 10.83% --0.26% -5.19% --------12.79% -64.44%

Global Index Review, December 2006

S&P Global 1200 - Industrials

Portfolio Characteristics

S&P Global 1200 Industrials

Global - Industrials

No. of Companies No. of Countries Adj Market Cap ($ bill)

174 22 2,581.0

Company Size (Adj $ bil): Average Largest Smallest Median

16.69 383.56 1.198 7.91

145 130 115 100 85 70 55 2004

S&P Global 1200 Industrials

Price Index Performance Statistics

2005

2006

MSCI ACWI Industrials

2.23% 8.62% 46.21%

2.55% 9.61% 53.56%

15.47% 13.50% 7.94% 3.19%

17.70% 15.37% 10.02% 3.70%

8.76% 13.51%

9.06% 13.38%

0.328 0.131

0.370 0.174

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

174 14.86% 26.56%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Industrials

2003

MSCI ACWI Industrials

2002

S&P Global 1200 Industrials

2001

174 14.86% 14.86%

1.0000

0.9959 1.0000

100%

99% 100%

0.00%

1.22% 0.00%

Country Weights

Correlation

S&P Global 1200 Industrials MSCI ACWI Industrials

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Industrials MSCI ACWI Industrials

Tracking Error (% pa)

S&P Global 1200 Industrials MSCI ACWI Industrials

Standard & Poor's

33

S&P Global 1200 Industrials

5 Year Tracking Statistics

MSCI ACWI Industrials

3 Years 5 Years

S&P Global 1200 Industrials

Sharpe Ratio

-2.29% --0.17% 1.50% 0.25% 0.64% 0.25% 5.18% 4.98% 5.46% -1.17% 0.36% 0.70% 14.64% 0.22% 0.16% 0.99% 0.45% 0.13% 0.59% 1.49% 3.04% 1.87% -53.47%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Info Tech

S&P Global 1200 - Information Technology

No. of Companies No. of Countries Adj Market Cap ($ bill)

121 11 2,736.8

Company Size (Adj $ bil): Average Largest Smallest Median

24.63 293.54 1.408 10.29

Global - Information Technology 140

100

60

20 2004

S&P Global 1200 Info Tech

Price Index Performance Statistics

2005

2006

MSCI ACWI Info Tech

-0.36% 6.32% 17.36%

-0.13% 6.70% 18.33%

9.29% 5.48% 1.51% -10.55%

8.87% 5.77% 1.63% -10.76%

14.35% 23.11%

14.23% 22.94%

0.064 0.021

0.070 0.022

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

121 9.44% 29.24%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Info Tech

2003

MSCI ACWI Info Tech

2002

S&P Global 1200 Info Tech

2001

121 9.44% 20.85%

1.0000

0.9989 1.0000

100%

100% 100%

0.00%

1.08% 0.00%

Country Weights

Correlation

S&P Global 1200 Info Tech MSCI ACWI Info Tech

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Info Tech MSCI ACWI Info Tech

Tracking Error (% pa)

S&P Global 1200 Info Tech MSCI ACWI Info Tech

Standard & Poor's

34

S&P Global 1200 Info Tech

5 Year Tracking Statistics

MSCI ACWI Info Tech

3 Years 5 Years

S&P Global 1200 Info Tech

Sharpe Ratio

-----1.35% --3.06% 1.65% 2.10% 0.75% ----10.64% 3.09% -0.89% ----2.19% -3.89% 70.41%

Global Index Review, December 2006

225

Portfolio Characteristics

S&P Global 1200 Materials

S&P Global 1200 - Materials

200

No. of Companies No. of Countries Adj Market Cap ($ bill)

118 20 1,604.8

Global - Materials 250

175 150

Company Size (Adj $ bil): Average Largest Smallest Median

125 100 75 2002

2003

2004

2005

2006

S&P Global 1200 Materials

MSCI ACWI Materials

2.95% 13.98% 74.56%

2.97% 14.59% 74.93%

28.70% 20.41% 18.45% 9.24%

27.92% 20.49% 19.42% 9.56%

14.59% 17.10%

15.21% 17.06%

3 Years 5 Years

0.329 0.271

0.318 0.286

5 Year Tracking Statistics

MSCI ACWI Materials

MSCI ACWI Materials

S&P Global 1200 Materials

S&P Global 1200 Materials

Price Index Performance Statistics

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

118 4.55% 18.13%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Materials

2001

15.06 73.06 1.620 8.85

118 4.55% 0.00%

Country Weights

Correlation

S&P Global 1200 Materials MSCI ACWI Materials

1.0000

0.9968 1.0000

100%

99% 100%

0.00%

1.38% 0.00%

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Materials MSCI ACWI Materials

Tracking Error (% pa)

S&P Global 1200 Materials MSCI ACWI Materials

Standard & Poor's

35

S&P Global 1200 Materials

Sharpe Ratio

-8.63% -0.59% 3.69% 7.89% 0.33% -1.43% 3.42% 7.45% 15.65% --1.40% -12.42% 1.62% 1.50% 3.82% -0.13% -0.31% 0.78% 3.22% 2.21% 23.51%

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Telecom Svc

S&P Global 1200 - Telecommunication Services

No. of Companies No. of Countries Adj Market Cap ($ bill)

44 23 1,324.3

Company Size (Adj $ bil): Average Largest Smallest Median

38.83 171.97 1.725 14.90

Global - Telecommunication Services 140 120 100 80 60 40 20

Price Index Performance Statistics

2005

2006

MSCI ACWI Telecom Svc

3.97% 12.25% 37.32%

4.12% 13.62% 37.83%

29.19% 11.15% 3.58% -8.51%

29.33% 11.29% 3.87% -8.63%

9.44% 19.66%

9.86% 19.58%

0.243 0.043

0.237 0.048

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

44 11.03% 44.01%

European UCITS Requirements:

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Telecom Svc

2004

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

44 11.03% 44.01%

Country Weights

S&P Global 1200 Telecom Svc

2003

MSCI ACWI Telecom Svc

2002

S&P Global 1200 Telecom Svc

S&P Global 1200 Telecom Svc

2001

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

-2.41% 0.75% 0.60% 0.44% 4.03% 0.07% --5.02% 4.14% 15.30% 0.68% 3.27% -2.50% 6.94% 0.72% 3.60% 2.19% 1.10% 1.11% 0.91% 7.91% 1.14% 0.75% 0.67% 33.76%

5 Year Tracking Statistics

MSCI ACWI Telecom Svc

3 Years 5 Years

S&P Global 1200 Telecom Svc

Sharpe Ratio

1.0000

0.9968 1.0000

100%

99% 100%

0.00%

1.58% 0.00%

Correlation

S&P Global 1200 Telecom Svc MSCI ACWI Telecom Svc

R-Squared

S&P Global 1200 Telecom Svc MSCI ACWI Telecom Svc

Tracking Error (% pa)

S&P Global 1200 Telecom Svc MSCI ACWI Telecom Svc

Standard & Poor's

36

Global Index Review, December 2006

Portfolio Characteristics

S&P Global 1200 Utilities

S&P Global 1200 - Utilities

No. of Companies No. of Countries Adj Market Cap ($ bill)

71 14 1,198.6

Company Size (Adj $ bil): Average Largest Smallest Median

20.42 132.75 1.412 12.40

Global - Utilities

125

100

75

50 2001

2002

2003

2004

2005

2006

MSCI ACWI Utilities

MSCI ACWI Utilities

S&P Global 1200 Utilities

S&P Global 1200 Utilities

2.85% 11.85% 83.05%

2.89% 12.17% 81.52%

33.46% 22.33% 12.42% 7.65%

32.26% 21.99% 13.17% 7.41%

7.90% 13.21%

8.18% 12.57%

3 Years 5 Years

0.642 0.224

0.610 0.249

5 Year Tracking Statistics

Price Index Performance Statistics

Regulatory Requirements

Returns

1 Month 3 Months YTD

U.S. Commodity Modernization Act 2000 Requirements:

No. of Companies ( > 9) % Wgt Largest Company (< 30%) % Wgt Top 5 Holdings (< 60%)

Returns (%pa)

1 Year 3 Years 5 Years 7 Years

71 7.84% 25.00%

European UCITS Requirements:

No. of Companies (> 16) % Wgt Largest Company (< 10%) Cumulative Wgt of stocks >5% (< 40%)

Risk (% pa)

3 Years Std Dev 5 Years Std Dev

S&P Global 1200 Utilities

150

71 7.84% 13.35%

MSCI ACWI Utilities

1.0000

0.9967 1.0000

100%

99% 100%

0.00%

1.23% 0.00%

Country Weights

Correlation

S&P Global 1200 Utilities MSCI ACWI Utilities

Argentina Australia Austria Belgium Brazil Canada Chile Denmark Finland France Germany Great Britain Greece Hong Kong Ireland Italy Japan Korea Mexico Netherlands Norway Portugal Singapore Spain Sweden Switzerland Taiwan USA

R-Squared

S&P Global 1200 Utilities MSCI ACWI Utilities

Tracking Error (% pa)

S&P Global 1200 Utilities MSCI ACWI Utilities

Standard & Poor's

37

S&P Global 1200 Utilities

S&P Global 1200 Utilities

Sharpe Ratio

-0.40% --0.83% 0.39% 0.68% -1.03% 8.98% 12.11% 12.93% -2.21% -4.06% 8.84% ----1.08% -8.71% ---37.74%

Global Index Review, December 2006