MSCI Netherlands IMI (USD) The MSCI Netherlands Investable Market Index (IMI) is designed to measure the performance of the large, mid and small cap segments of the Netherlands market. With 51 constituents, the index covers approximately 99% of the free float-adjusted market capitalization in Netherlands. Cumulative Index Performance — Gross Returns (Dec 1999 – Dec 2014) — USD 200 Annual Performance (%) MSCI MSCI Netherlands World IMI IMI Year MSCI Netherlands IMI MSCI World IMI MSCI ACWI IMI -5.38 31.22 20.98 -13.79 3.74 45.38 -47.89 21.17 33.38 14.61 14.22 31.16 -19.40 -21.96 2014 2013 184.47 181.81 164.43 2012 2011 2010 150 2009 2008 2007 100 2006 2005 2004 2003 50 0 Dec 99 2002 2001 Mar 01 Jun 02 Sep 03 Dec 04 Mar 06 Jun 07 Sep 08 Dec 09 Mar 11 Jun 12 Sep 13 Fundamentals (December 31, 2014) Annualized MSCI Netherlands IMI MSCI World IMI MSCI ACWI IMI 3 Mo 1 Yr YTD -3.36 -1.28 -1.61 -1.52 1.35 0.70 -5.38 5.07 4.36 -5.38 5.07 4.36 4.36 24.17 17.04 -7.43 14.87 37.18 -42.01 11.66 21.49 12.06 16.93 36.18 -17.26 -15.39 Dec 14 Index Performance — Gross Returns (%) (December 31, 2014) 1 Mo 5.07 28.09 16.75 -5.53 14.10 32.35 -40.46 8.99 20.65 10.78 16.43 35.46 -17.92 -16.15 MSCI ACWI IMI 3 Yr 5 Yr 10 Yr 14.52 6.08 16.25 11.11 14.90 10.03 6.54 6.87 6.91 Since Div Yld (%) P/E P/E Fwd P/BV 8.34 7.45 7.21 2.15 2.35 2.41 23.50 18.75 18.08 14.48 15.81 15.09 1.93 2.15 2.06 May 31, 1994 Index Risk and Return Characteristics (December 31, 2014) Annualized Std Dev (%)2 Turnover (%)1 MSCI Netherlands IMI MSCI World IMI MSCI ACWI IMI 1 3.44 2.50 2.92 Sharpe Ratio2,3 Maximum Drawdown Since 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr May 31, 1994 (%) Period YYYY-MM-DD 15.47 10.46 10.71 20.31 14.48 14.72 22.28 16.24 16.77 0.94 1.48 1.34 0.38 0.79 0.71 0.32 0.38 0.38 0.35 0.35 0.33 63.99 57.69 58.28 2007-10-11—2009-03-09 2007-10-31—2009-03-09 2007-10-31—2009-03-09 Last 12 months 2 Based on monthly gross returns data 3 Based on BBA LIBOR 1M The MSCI Netherlands IMI was launched on Jun 05, 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). 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 Netherlands IMI December 31, 2014 Index Characteristics Top 10 Constituents MSCI Netherlands IMI Number of Constituents Mkt Cap (USD Billions) 51 Mkt Cap (USD Millions) Index Largest Smallest Average Median 64.34 50.55 38.72 27.96 16.93 16.79 16.44 15.97 13.81 10.56 272.06 UNILEVER NV CERT ING GROEP ASML HLDG PHILIPS (KON.) AKZO NOBEL REED ELSEVIER (NL) HEINEKEN NV AHOLD (KON.) AEGON KONINKLIJKE DSM Total 374,693.63 64,338.69 288.24 7,346.93 2,294.72 Index Sector Sector 17.17 13.49 10.33 7.46 4.52 4.48 4.39 4.26 3.69 2.82 72.61 Cons Staples Financials Info Tech Industrials Materials Cons Discr Cons Staples Cons Staples Financials Materials 59.2 61.8 79.8 50.7 58.1 49.5 15.1 14.7 16.9 36.3 Wt. (%) Wt. (%) Sector Weights 12.95% 9.05% 7.77% 14.71% 2.72% 1.98% 21.83% 28.99% Consumer Staples 28.99% Financials 21.83% Information Technology 12.95% Telecommunication Services 2.72% Industrials 14.71% Consumer Discretionary 9.05% Materials 7.77% Energy 1.98% 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, mid and small capitalization cutoff points are recalculated. www.msci.com | clientservice@msci.com About MSCI MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. 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