MSCI Japan Small Cap Index

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MSCI JAPAN SMALL CAP INDEX (USD)

The MSCI Japan Small Cap Index is designed to measure the performance of the small cap segment of the Japanese market. With 899 constituents, the index represents approximately 14%  of the free float-adjusted market capitalization of the Japan  equity universe..

CUMULATIVE INDEX PERFORMANCE - GROSS RETURNS

ANNUAL PERFORMANCE (%)

(USD) (AUG 2002 – AUG 2017)

515.23

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

400 369.09 338.47

200

50 Aug 02

Nov 03

Feb 05

May 06

MSCI Japan Small Cap

Year

MSCI Japan Small Cap MSCI World Small Cap MSCI ACWI IMI

Aug 07

Nov 08

Feb 10

May 11

INDEX PERFORMANCE — GROSS RETURNS

Aug 12

Nov 13

Feb 15

May 16

Aug 17

MSCI World MSCI ACWI IMI Small Cap

7.91 15.65 -0.18 26.53 4.19 -3.73 20.11 5.25 -21.02 -11.62 -16.07 41.67 24.79 61.84

13.25 0.12 2.32 32.92 18.14 -8.71 26.57 44.75 -41.60 1.12 17.56 16.08 24.74 58.42

FUNDAMENTALS

(%) ( AUG 31, 2017 )

8.96 -1.68 4.36 24.17 17.04 -7.43 14.87 37.18 -42.01 11.66 21.49 12.06 16.93 36.18

( AUG 31, 2017 )

ANNUALIZED 1 Mo

3 Mo

1 Yr

YTD

3 Yr

5 Yr

10 Yr

Since Dec 29, 2000

Div Yld (%)

P/E

P/E Fwd

P/BV

MSCI Japan Small Cap

1.87

5.59

23.56

19.10

11.82

14.42

5.72

6.74

1.80

16.79

13.45

1.27

MSCI World Small Cap

-0.03

3.90

17.46

12.48

7.38

13.25

6.89

9.66

1.88

27.92

19.13

1.95

MSCI ACWI IMI

0.40

3.84

17.70

15.21

6.25

11.24

5.03

6.10

2.35

20.74

16.13

2.17

INDEX RISK AND RETURN CHARACTERISTICS

( AUG 31, 2017 )

ANNUALIZED STD DEV (%) 2

MSCI Japan Small Cap MSCI World Small Cap MSCI ACWI IMI

SHARPE RATIO 2 , 3

MAXIMUM DRAWDOWN

Turnover (%) 1

3 Yr

5 Yr

10 Yr

3 Yr

5 Yr

10 Yr

Since Dec 29, 2000

(%)

Period YYYY-MM-DD

5.45 8.85 2.28

10.87 11.53 10.76

12.12 11.04 10.00

14.83 18.86 17.16

1.05 0.64 0.58

1.15 1.16 1.08

0.40 0.41 0.33

0.37 0.52 0.35

57.34 61.08 58.28

2006-01-13—2009-03-10 2007-07-13—2009-03-09 2007-10-31—2009-03-09

1

Last 12 months

2

Based on monthly gross returns data

3

Based on ICE LIBOR 1M

The MSCI Japan Small Cap Index was launched on Jan 01, 2001. 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). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.

MSCI JAPAN SMALL CAP INDEX

AUG 31, 2017

INDEX CHARACTERISTICS

TOP 10 CONSTITUENTS

MSCI Japan Small Cap

Number of Constituents

899

PIGEON CORP DAIFUKU CO ORIX JREIT FURUKAWA ELECTRIC CO SHOWA DENKO K.K NIPPON SHINYAKU CO PERSOL HOLDINGS CO SOJITZ CORP HASEKO CORP CYBER AGENT Total

Mkt Cap ( USD Millions)

Index Largest Smallest Average Median

725,251.28 4,468.05 110.25 806.73 567.74

Float Adj Mkt Cap ( USD Billions)

Index Wt. (%)

Sector

4.47 4.30 3.66 3.64 3.58 3.42 3.36 3.35 3.35 3.30 36.43

0.62 0.59 0.50 0.50 0.49 0.47 0.46 0.46 0.46 0.46 5.02

Cons Staples Industrials Real Estate Industrials Materials Health Care Industrials Industrials Cons Discr Cons Discr

SECTOR WEIGHTS 10.62%

9.15% 7.51%

10.77%

5.83% 0.95% 12.2%

0.73% 0.02% 25.02%

17.19%

Industrials 25.02%

Consumer Discretionary 17.19%

Consumer Staples 10.77% Health Care 5.83%

Materials 10.62%

Utilities 0.95%

Information Technology 12.2%

Real Estate 9.15%

Financials 7.51%

Energy 0.73%

Telecommunication Services 0.02%

INDEX METHODOLOGY The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology —a 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 quarterly—in February, May, August and November—with 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 For more than 40 years, MSCI' research-based indexes and analytics have helped the world' leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset class coverage and innovative research. Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research. MSCI serves 98 of the top 100 largest money managers, according to the most recent P&I ranking. For more information, visit us at www.msci.com. 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 indexes, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial 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, financial 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. © 2017 MSCI Inc. All rights reserved.

MSCI JAPAN SMALL CAP INDEX