an-05 Jan-06 Jan-07 Jan-08 Jon-09 Jan-10 Jan-I I Jan-12 Jan-13 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MSCI World /ASCU AC World Jan-14 Jan-15 Jan-16 Jon-17 2017 4.58% 3.19% 1.74% 3.24% 5.35% -1.73% 4.04% 2.95% 0.45% 26.26% 14.24% 15.42% 2016 -5.15% -4.02%

ls Index includes large and mid- cap firms In the financial sector (principally banks) across 46 developed- and emerging-market countries. The MSC( AC World index includes stocks from 23 developed and 23 emerging-market economies. Net asset value (NAV) is the value of an organization's assets minus the

re Appealing 30.0 EM Asia EM Latam 20.0 10.0 0 0 — From a valuation basis, Asia looks more attractive than Latin America relative to the MSCI AC World. — In addition, Asia has more exposure to some of our favorite sectors (e.g. tech, discretionary). Footnotes: Data as of December 31, 2015. Sourc