About us

Euromoney Indices is an independent team of analysts located in Edinburgh and Sofia who specialise in the development, calculation, and support of indices covering all major asset classes, across a variety of applications, for delivery to a diverse client base. Established in 1987, the expertise has been developed over 25 years by a stable team who focus on high standards of data integrity, combined with a flexible database architecture, to deliver a personal service to customers that is unique in the industry.

The primary products offered to clients by Euromoney Indices are Benchmark Indices, Calculation Agent and Smart Beta Services, and Bespoke Data Services.

Benchmark Indices Euromoney Indices maintains and calculates three series of equity indices for Smaller Companies, Emerging Markets and Global Mining. Indices are rules based, long-established and, in some cases, regarded as the industry standard benchmark in their investment category.

Index values are available on all major data systems, and constituent information is available by subscription direct from Euromoney Indices. Index ground rules, methodology documents and summary factsheets are available on the Euromoney Indices website, www.euromoneyindices.com.

Calculation Agent and Smart Beta Services Euromoney Indices constructs, maintains and calculates indices on behalf of third parties. The Intellectual Property for the indices is owned by the client with Euromoney Indices providing an

independent calculation, verification and publication service. Indices are utilised for a variety of applications from Peer Group benchmark construction, for performance measurement comparison, to Long/Short Strategy-based Indices, designed to minimise risk.

The team has a long, established track record in this area working with clients who benefit from the rich experience within Euromoney Indices in understanding the technical, governance and regulatory aspects in maintaining an Index Series.

Bespoke Data Services The Euromoney Indices database holds over 82,500 equities and, where available, daily data back to 1985. Euromoney Indices provides clients with daily, weekly or monthly data extracted from the database. This customised data service includes daily closing prices, issued share capitals, dividends, corporate actions, exchange rates, index values and various static data items. The team also calculates quantitative data such as betas, correlations and volatilities for use in portfolio and risk analysis applications.

For fixed income, Euromoney Indices stores information and daily prices from a number of sources and on a wide range of government and corporate bonds. Using this data, daily analytics, such as yields, durations, convexities, benchmark and asset swap spreads can be calculated.

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Capital Total Source: Euromoney Indices

Smaller Europe (ex UK) Annual Performance (USD) (%) 80

60

40

20

0

-20

-40

-60

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

Benchmark Indices

Euromoney Indices maintains, calculates and publishes proprietary equity indices that are used widely by the global financial community as relevant and representative benchmarks for their specific investment category. There are three main series of equity indices covering Smaller Companies, Emerging Markets and Global Mining. Each Index Series is rules-based, accurately maintained and delivered across all major data vendor platforms.

Euromoney Indices takes a platform agnostic approach to the delivery of its benchmark index services allowing subscribers to choose delivery either directly or via vendor systems.

Smaller Companies A Smaller Companies Index Series is maintained for each main geographic region, with country and industry group subsets included to comprise a comprehensive coverage of this investment category.

The Euromoney Smaller European Companies Index Series was established in 1989, covers 1,350 companies, selected according to size and liquidity, and is widely regarded as the leading smaller companies benchmark for developed markets in Europe.

Emerging Markets The Euromoney Global Emerging Markets Index Series covers over 4,500 broad based market capitalisation companies from 49 emerging markets, split into the following regional sub-indices:

• EmergingEMEAIndexSeries (Emerging Europe, Middle East and Africa) • SouthAsiaIndexSeries (Bangladesh, India, Pakistan, and Sri Lanka) • EmergingSouthEastAsiaIndexSeries • LatinAmericaIndexSeries

Applying filters to these indices, Euromoney Indices can create interesting subsets based on market, industry sector, liquidity and/or size.

Global Mining The Euromoney Global Mining Index Series was launched in 1988 and captures the performance of companies from mining industries where the production process has been established.

The main features of the Euromoney Global Mining Index Series are:

• Coverstheminingindustriesacross26countries • Indexhistoriesareavailablefrom31December1985 • Regionalindicesarecalculatedforthemajormining regions, eg North America, Latin America, Africa, and Australia • Indicesarecalculatedforeachminingsectorona global and regional basis

The Mining series has developed over the years, with a further set of indices added focusing on Global SteelCompaniesandGlobalResourcesCompanies.TheGlobalResourcesIndexiscombinedwiththe Mining Index to form the Euromoney Global Gold, Mining and Energy Index. The Index Series offers a flexibility which enables individual segments to be grouped together to deliver a broader benchmark for companies from similar industries.

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Index Values (USD) 1500

1250

1000

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0

Capital Total Source: Euromoney Indices

1989

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Global Mining

Calculation Agent and Smart Beta Services

Euromoney Indices has substantial experience in calculating strategy, research and customised indices across the major asset classes, including equities, credit, ETFs, rates, and FX. Euromoney Indices has in-depth knowledge of applying investment techniques, such as risk control, long/short, optimisation, reflexivity and fundamental factors to its index calculations. This knowledge allows the team to compute and calculate complex investment strategy indices.

The service offered by Euromoney Indices aims to be flexible in order to meet each client’s individual requirements in a professional and timely manner.

Benchmarks for Funds Sometimes even the more specialised indices offered by Euromoney Indices fail to meet the specific criteria for a benchmark. Examples include:

• Fundswithanallocationstrategybasedon Fundamental Data rather than traditional size, market and sector coverage • FundswithSRIrequirements • PensionandInsurancefundswhicharenot permitted to hold shares in the sponsor country • Fundswitharestrictionontheweightallowedin any one issuer • Fundsrequiringacompositebenchmarkbasedon their asset allocation strategy • Fundswithcurrencyhedgingstrategies

In each case, Euromoney Indices calculates benchmark values and provides these and other data direct to clients.

Benchmarks for Performance Measurement A typical requirement for the granting of shares or options by a company is that its return should exceed that of a pre-determined benchmark over a given period. Euromoney Indices can provide the trustees and remuneration committees with comprehensive information and services, such as:

• Periodiccalculationofshareholderreturnofa basket of companies • Comparisonofshareholderreturnsofeach company in a basket

• AnalysisofotherdatasuchasEPSgrowth,dividend growth and book value growth

In each case, Euromoney Indices performs the relevant analysis on a periodic basis, and provides values and other data direct to clients.

Custom and Smart Beta Indices Where a custom index is required by a client for a specific purpose, Euromoney Indices will undertake its construction, maintenance and calculation. Constituents can be determined in two ways: either by ground rules which have been agreed in advance with the client; or by the client notifying Euromoney Indices prior to the changes taking effect in the index.

Typical uses of custom indices are:

• Strategybased/smartbetaindicesfeaturing long/short, volatility cap and stop-loss controls acting as underliers to structured investment products • Forpublishinginajournaloronline • Fortheprovisionofhistoricindexvaluespriorto the launch of a new index or series of indices • Formeasuringthereturnsofaninvestment strategy or financial model

Depending on the use for which the custom index has been constructed, Euromoney Indices can either publish the values or provide them direct to the client at an agreed frequency.

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Bespoke Data Services

Euromoney Indices manages a database of over 82,500 worldwide equities with histories dating back to 1985. Through its own in-house team, Euromoney Indices applies the most stringent quality assurance techniques, developed over 25 years, to ensure that the data remains of the highest quality.

Euromoney Indices offers both single snapshot data as well as ongoing updates to clients to best suit client needs.

Data Accuracy Euromoney Indices’ team of experienced analysts, working across European time zones, is dedicated to ensuring that the high level of data accuracy and the integrity of the database is maintained at all times. This means that clients are assured of premium quality information in the most timely manner possible.

• Dataisvalidatedusingavarietyofindependent sources including financial data systems, stock exchanges and company websites • Validatingandupdatingdatathroughouttheday means that clients are assured of the highest quality information • IntegrityofthedatameansthatEuromoneyIndices’ other products, across the board, remain of the highest standard

Data Items The following are examples of data items available from Euromoney Indices:

• Dailyprices:open,close,highandlow • Issuedsharecapitals,dividendsandcorporate actions for equities • Indicativedata,issuedamountsandcoupon schedules for bonds • Staticfields:exchangecodesandidentifiers, company names, share types, etc. • Quantitativeandanalyticdataforbothequities and bonds • Exchangerates • Indexvalues

Data Coverage Euromoney Indices equities database has increased significantly since its inception in 1985. The coverage has expanded from blue-chip securities in developed markets to smaller companies in emerging markets.

A particular strength is Euromoney Indices’ treatment and coverage of Corporate Actions. Each event is individually validated by the in-house team who recognise the importance of high-quality corporate action data.

Data Delivery The service Euromoney Indices offers is fully customised with data provided in a variety of formats, eg Flat files, Excel spreadheets, XML, and is delivered via FTP or email. The frequency of delivery ranges from four times per day, to coincide with regional market hours, to monthly, depending on client requirements.

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

2,249 7,652

14,50519,938

Capital Adjustment Population (1986 - 2013)

Rights Issue (Non Renouncable) Rights Issue Special Cash Dividend Spin-off Source: Euromoney Indices

Euromoney Smaller European Companies Index Series

The Euromoney Smaller European Companies Index Series comprises three regional indices and 16 sub-indices and covers smaller companies in developed markets in Europe. The regional indices are: (i) Smaller Europe (excluding UK), (ii) Smaller Europe (including UK), and (iii) Smaller Euroland. The 16 sub-indices correspond to each one of the 16 component markets within Smaller Europe (including UK).

Specialist indices in the series include the Euromoney Smaller European Leaders Indices, which cover 135 of the most liquid companies, and the Euromoney Recovery Indices, which cover 135 of the companies which have suffered the largest falls in share price.

Smaller Europe (ex UK) Index The Euromoney Smaller Europe (ex UK) Index is an index of smaller companies in Europe excluding the UK market. It consists of 15 markets, 8 industry groups, 41 industrial sectors, and 1,000 constituent companies. The index provides a meaningful benchmark for measuring the aggregate performance of smaller companies in Continental Europe.

Smaller Europe (inc UK) Index The Euromoney Smaller Europe (inc UK) Index consists of 16 markets and 1,350 constituent companies. The index is a weighted combination of two indices: the Euromoney Smaller Europe (ex UK) Index and the Euromoney Smaller UK Index.

Smaller Euroland Index The Euromoney Smaller Euroland Index is an index of smaller companies in the Euro currency region. It is a subset of the Euromoney Smaller Europe (ex UK) Index and consists of 11 markets and a varying number of constituent companies based on the underlying markets.

General Information The Euromoney Smaller European Companies Index Series and the associated Smaller Companies Sub-Indices are calculated and maintained by Euromoney Indices. The Series was launched in August 1993 and has daily values available to 31 December 1989.

In accordance with the Ground Rules, the Index Series is reviewed quarterly to ensure that all constituents are liquid, listed securities, and remain representative of smaller companies in Europe.

Country coverage is as follows: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and UK.

Ground Rules, Index Factsheets, and current daily values for the Euromoney Smaller European Companies Index Series (in GBP, USD, EUR), and Sub-Indices (in local currency), are available on the Euromoney Indices website www.euromoneyindices.com, and from a number of information services.

Bloomberg <EMIX> GOInteractive Data 1803662Micropal 117139Reuters .JSEUThomson Financial Datastream JCSCEUX

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Euromoney Global Mining Index Series

The Euromoney Global Mining Index Series represents the mining industry worldwide and comprises (i) the Euromoney Global Mining Index (together with 30 sub-indices); (ii) the Euromoney Global Gold, Mining & Energy Index; and (iii) the Euromoney Global Mining & Steel Index.

The Index Series captures the performance of companies from mining industries where the production process has been established. The mining industries covered include Gold, Base Metals, Minerals, Coal, and Diversified mining companies.

Global Mining Index The Euromoney Global Mining Index, and its 30 sub-indices, consists of a varying number of securities (approximately 150) representing the mining industry across 26 countries. The inception date of the Index is 31 December 1985 and the base date is 31 December 1988.

In order to qualify for inclusion in the index, Prospector companies are monitored closely and only included once production has been established and other index criteria, such as size and liquidity, have been met.

Global Gold, Mining & Energy Index The Euromoney Global Gold, Mining & Energy Index contains the Global Mining Index as a subset and with other energy production and exploration companies included. The Index consists of a varying number of securities (approximately 600) across 44 countries. The inception date and the base date of the Index is 31 December 1985.

Global Mining & Steel Index The Global Mining Index and the Global Steel Index combine to form the Euromoney Global Mining & Steel Index. There are over 240 securities and 35 countries currently represented in the Index. The inception date and base date of the Index is 31 December 1985.

General Information The construction of the Euromoney Global Mining Index Series is based on a broad selection of constituents in both developed and emerging markets. The Index Series is maintained, calculated and published by Euromoney Indices, and provides a definitive and accurate benchmark designed for the investment community.

In accordance with the Ground Rules, the Index Series is reviewed quarterly to ensure that all constituents are liquid, listed securities, and open to foreign ownership.

The Global Mining Index Series lends itself to the creation of sub-indices, which can be country/region based, selected by mining sector and/or size specific. An example is the Global Mining 50 Index which captures the 50 largest companies from the broader based benchmark and is therefore more suited to the creation of investment products.

Ground Rules, Index Factsheets, and current daily values for the Euromoney Global Mining Index Series (in GBP, USD, EUR) are available on the Euromoney Indices website www.euromoneyindices.com, and from a number of information services.

Bloomberg <EMIX> GOInteractive Data 1806133Reuters .JCGMRimes GLOBMINThomson Financial Datastream JCIGLMN

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Biographies

Euromoney Indices is an independent team of analysts providing an index service dedicated exclusively to the needs of today’s investment professionals. It specialises in devising the comprehensive index tools that underpin and validate successful asset management strategies.

With over 25 years’ experience, Euromoney Indices combines intellectual rigour with operational flexibility, and delivers a service to customers that has a personal dimension and transparent pricing structure that is unique in the industry.

Sui Chung Managing Director Sui has responsibility for working with the team to grow the capabilities of Euromoney Indices. Based in London, he has been with Euromoney Institutional Investor PLC for 11 years in a variety of publishing and research roles, working with Euromoney products and clients covering fixed income and currency asset classes globally. Sui is a graduate of University College London.

David Moran Head of Euromoney Indices David joined the team in September 1994, was appointed Head in 2005, and is responsible for the management of the teams in Edinburgh and Sofia. David is also responsible for overseeing product development, and for promoting the Euromoney Indices product range to external clients.

Scott Thomson Head of Indices & Data Products Scott joined the team in October 1994. He has overall responsibility for the Euromoney Indices, for servicing various Data Products clients, and for promoting the Euromoney Indices product range to external clients.

Jody Fenton Operations Manager Jody joined the team in June 1987. Jody is responsible for the general administration of Euromoney Indices, including account management, compliance, document production, legal and procedures maintenance. Jody is the initial point of contact for all prospective clients and general product enquiries.

Adrian Tupper Quantitative Specialist Adrian joined the team in June 1987 to help establish the systems in Edinburgh and to develop techniques for constructing and maintaining index portfolios. Adrian is currently responsible for providing specialist quantitative analysis and for marketing Euromoney Indices’ expertise and products to institutions.

Christina Boyadjieva Data Analyst Christina joined Euromoney Indices in July 2013 and provides support for the day-to-day maintenance of the Global Equities Database. She evaluates daily exception reports on various asset classes with special interest in corporate actions, dividends and other equity related events.

Chung-Lun Lau Indices & Data Specialist Chung joined the team in April 2000 as Quantitative Analyst. He has been involved in several aspects of the product including quantitative analysis, index fund management, and software application development. His current responsibilities involve assisting with the day-to-day maintenance of the Global Equities Database.

Gavin Cairns Indices & Data Specialist Gavin joined the team in April 1997 as Data Analyst. Gavin is responsible for maintaining various parts of the Global Equities Database, for coordinating data project developments, and for supporting all aspects of the day-to-day running of the database.

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Biographies

Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK T: +44 (0) 131 220 1338 www.euromoneyindices.com BLOOMBERG <EMIX> GO

Manuela Marinova Data Analyst Manuela joined Euromoney Indices in July 2013 and provides support for the day-to-day maintenance of the Global Equities Database. She monitors daily exception reports on various asset classes with her main focus on corporate actions such as cash and stock dividends and mergers and acquisitions.

Martin Madjov Data Analyst Martin joined Euromoney Indices in July 2013 and provides support for the day-to-day maintenance of the Global Equities Database. He performs routine daily exception reporting on Bond data, equity indices and other related equity/bond events.

Moira Baillie Receptionist Moira joined the team in 1999 as Receptionist. In addition, she helps with general administrative duties and assists members of the team with ad-hoc projects.

Radoslav Tsvetanov Data Analyst Radoslav joined Euromoney Indices in July 2013 and provides support for the day-to-day maintenance of the Global Equities Database. Radoslav routinely screens daily exception reports on financial asset data with a particular interest in FX and equity data.

Robert Sandison Systems Analyst Robert joined the team in January 2000 to help with the management of the business systems and the ongoing development of in-house software. Robert is also responsible for all aspects of technical support including management of the Euromoney Indices Systems.

Sharon Bain Indices & Data Specialist Sharon joined the team in July 2001 as Data Analyst. She is currently responsible for the day-to-day maintenance of the Global Equities Database, for maintaining the structure of various Euromoney Indices, and for servicing Data Products clients.

Susan Harley Indices & Data Specialist Susan joined the team in October 1990 as Data Analyst. Susan provides a support role in the maintenance of the Global Equities Database, and has been responsible for the development of the database to cover additional asset classes including bonds and credit default swaps.

Tom Reid Systems Analyst Tom joined the team in March 2000 as Analyst Programmer. Tom specialises in the design and development of database systems, and his current responsibilities include the development and maintenance of software for the Global Equities Database.