EM —____»_____@ 60,154 0.7% 0.2% 26.2% Materials ———_— 362 -0.6% -1.2% 15.9% MSCI China ——__»——_@ 88 -0.7% 24% 50.7% Real Estate 2 209 0.1% 3.2% 9.8% MSCI India —___»_@- 1,214 -1.3% -1.6% 23.5% Telecom —__ —__ 142 -1.7% -1.3% -19.8% MSCl Brazil —___»—_@——__ 240,688 -1.9% -2.3% 154% Utilities —_——_ 288 24% 0.4

er The Indian equity market has rallied strongly since its 2013 nadir in August and now stands at an all-time high in local currency terms, though MSCI India in US dollars remains some 7% down over the year-to-date, which is worse than the GEM average. Whilst we regard India as the 'least bad' out of all