Morningstar Indexes Reconstitution Report Page 1 of 4 Morningstar® Developed Markets ex- Target Value Index 20 March 2020

The Morningstar® Developed Markets ex-North America Target Value Index is the portfolio of liquid securities that display low price/earnings, For More Information: price/cash flow, price/book value, and price/sales ratios. The index also emphasize stocks with increasing fiscal earnings estimates. The index http://indexes.morningstar.com consists of 200 stocks that are equally weighted and reconstituted four times annually in March, June, September and December. US: +1 312 384-3735 : +44 20 3194 1082

Index Holdings Name Ticker Rank Weight % Name Ticker Rank Weight %

Tokyo Electric Power Co. Holding Inc. 9501 1 0.50 Dai-ichi Life Holdings Inc 8750 51 0.50 Futaba Industrial Co 7241 2 0.46 World Co Ltd 3612 52 0.51 Unipol Gruppo Finanziario SpA Ord UNI 3 0.49 Tosoh Corp 4042 53 0.50 TPR CO LTD 6463 4 0.52 Faurecia EPED 54 0.47 Royal Mail plc RMG 5 0.48 Renault SA RNO 55 0.45 Shun Tak Holdings Ltd. 242 6 0.54 ADLER Real Estate AG ADL 56 0.46 Post Holdings co 6178 7 0.52 EDION Corp 2730 57 0.54 Japan Petroleum Exploration 1662 8 0.49 Itochu Corp 8001 58 0.51 Finnair Oyj FIA1S 9 0.50 Assicurazioni Generali SpA G 59 0.50 Hornbach Holding AG & Co KGaA HBH 10 0.48 Shiga Bank 8366 60 0.50 K. Wah International Holdings Ltd. 173 11 0.53 Danieli & C SpA DAN 61 0.55 Fuji Media Holdings Inc 4676 12 0.51 Phoenix Group Holdings PHNX 62 0.50 Suruga Bank 8358 13 0.50 Bluescope Steel Ltd BSL 63 0.58 Det Norske Oljeselskap International ASA DNO 14 0.49 Kureha Corp 4023 64 0.49 AG NDA 15 0.50 Deutsche Lufthansa AG LHA 65 0.52 Premier Oil PMO 16 0.38 Peugeot SA UG 66 0.47 Sojitz Corp 2768 17 0.49 Obayashi Corp 1802 67 0.50 T&D Holdings Inc 8795 18 0.52 UBS Group AG UBSG 68 0.50 M&G Plc MNG 19 0.48 Kaga Electronics Co 8154 69 0.50 Gunma Bank 8334 20 0.51 Poste Italiane Spa PST 70 0.48 Kohnan Shoji Co 7516 21 0.51 Banca Pop di Sondrio BPSO 71 0.47 Komeri Co 8218 22 0.51 Tohoku Electric Power Co 9506 72 0.52 Rengo Co 3941 23 0.50 Kansai Electric Power Co Inc 9503 73 0.48 Chubu Electric Power Co 9502 24 0.50 BW LPG Ltd BWLPG 74 0.58 Mitsubishi Chemical Holdings Corp 4188 25 0.55 Iwatani Corp 8088 75 0.55 Bank of Ireland Group BIRG 26 0.47 Hokkaido Electric Power Co 9509 76 0.50 Cosmo Energy Holding 5021 27 0.51 Jardine Cycle & Carriage Ltd C07 77 0.53 Hachijuni Bank 8359 28 0.51 Bpost NV-SA BPOST 78 0.51 Chugoku Electric Power Co Inc 9504 29 0.51 Strabag SE STR 79 0.50 Ryobi 5851 30 0.50 Marubeni Corp 8002 80 0.51 Credit Agricole SA ACA 31 0.49 Kerry Logistics Network Ltd 636 81 0.52 Semapa-Soc de Investimento SA SEM 32 0.50 EVN-Energie Versorg Nieder AG EVN 82 0.53 Mitsui OSK Lines Ltd 9104 33 0.48 Scandic Hotels Group AB SHOT 83 0.40 G-Tekt Corp 5970 34 0.50 Fiat Chrysler Automobiles NV FCA 84 0.49 Shikoku Electric Power Co Inc 9507 35 0.51 UBI Banca UBI 85 0.50 Volkswagen AG Nvtg - Pref VOW3 36 0.47 Li & Fung Ltd. 494 86 0.53 Ferrexpo PLC FXPO 37 0.50 Sonae SGPS SA SON 87 0.51 Press Kogyo Co 7246 38 0.48 Taiheiyo Cement Corp 5233 88 0.49 Valor Holdings Co 9956 39 0.52 Great Eagle Holdings Ltd. 41 89 0.54 Seino Holdings Co Ltd 9076 40 0.52 Heiwado 8276 90 0.51 Tokyo Steel Mfg Co 5423 41 0.52 Takashimaya Co 8233 91 0.52 Van Lanschot Kempen NV VLK 42 0.48 Cementir Holding SpA CEM 92 0.54 DCM Holdings Co Ltd 3050 43 0.53 UNIQA Versicherungen AG UQA 93 0.51 Japfa Ltd UD2 44 0.51 Tokai Rika Co 6995 94 0.52 Jyske Bank AS JYSK 45 0.50 Societe Generale GLE 95 0.51 Hosiden Corp 6804 46 0.49 First Pacific Co. Ltd. 142 96 0.52 Torii Pharmaceutical Co 4551 47 0.47 Yamabiko Corp 6250 97 0.49 Raiffeisen Bank International AG RBI 48 0.49 Ube Industries 4208 98 0.50 CNP Assurances CNP 49 0.46 Sembcorp Industries U96 99 0.56 Nishi-Nippon Financial Holdings Inc 7189 50 0.50 Bayer Motoren Werke AG (BMW) BMW 100 0.50

©2020 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes Reconstitution Report 20 March 2020 Page 2 of 4 Morningstar® Developed Markets ex-North America Target Value Index

Index Holdings (Continued) Name Ticker Rank Weight % Name Ticker Rank Weight %

Oji Holdings Corp 3861 101 0.53 Jardine Strategic Hldgs J37 156 0.56 SENKO Group Holdings Co Ltd 9069 102 0.52 Kerry Properties Ltd. 683 157 0.53 Aviva AV 103 0.48 ACS Actividades de Construccion y Servicios SA ACS 158 0.46 Mebuki Financial Group Inc 7167 104 0.52 Allianz SE ALV 159 0.48 Anglo American Plc AAL 105 0.48 Mitsui & Co 8031 160 0.51 Pacific Industrial Co 7250 106 0.50 Coface COFA 161 0.47 Electric Power Development Co 9513 107 0.52 ADEKA Corp 4401 162 0.51 Bunka Shutter Co 5930 108 0.53 Yanlord Land Group Z25 163 0.53 CK Hutchison Holding Ltd 1 109 0.51 Seiko Holdings Corp 8050 164 0.51 Kyoei Steel Ltd 5440 110 0.49 Daiwabo Holdings Co 3107 165 0.51 NN Group N.V. NN 111 0.47 IPSOS ISOS 166 0.51 Unicredit SpA Ord UCG 112 0.51 SE UN01 167 0.52 Vienna Insurance Group VIG 113 0.50 Nippon Suisan Kaisha 1332 168 0.49 Talanx AG TLX 114 0.47 Royal Dutch Shell PLC RDSA 169 0.47 Tokuyama Corp 4043 115 0.48 FirstGroup Plc FGP 170 0.41 Munich Re AG MUV2 116 0.46 Credito Emiliano SpA CE 171 0.56 Deutsche Pfandbriefbank AG PBB 117 0.48 TF1-Television Francaise TFI 172 0.49 Electricite de France EDF 118 0.48 Morrison (WM) Supermarkets MRW 173 0.53 Aegon NV AGN 119 0.45 Orix Corp 8591 174 0.51 Yokohama Rubber Co 5101 120 0.48 Jardine Matheson Hldgs Ltd J36 175 0.61 Tokyu Construction Co 1720 121 0.49 Swire Pacific Ltd. 'A' 19 176 0.54 Sumitomo Corp 8053 122 0.50 Chow Sang Sang Holdings International Ltd. 116 177 0.53 EXOR NV EXO 123 0.50 Rexel SA RXL 178 0.46 Hokuetsu Corp 3865 124 0.50 Bank Leumi Le-Israel BM LUMI 179 0.55 Teijin 3401 125 0.50 Bouygues EN 180 0.48 TI Fluid Systems plc TIFS 126 0.47 The Drilling Company of 1972 AS DRLCO 181 0.49 Wuestenrot & Wuertt AG WUW 127 0.48 Israel Discount Bank 0.1 DSCT 182 0.52 Japan Airlines Co Ltd 9201 128 0.45 Bekaert NV BEKB 183 0.49 Aareal Bank AG ARL 129 0.52 Banco Bilbao Vizcaya Argentaria SA BBVA 184 0.48 Air Ltd AIR 130 0.44 Wheelock and Co. Ltd. 20 185 0.54 Quadient QDT 131 0.47 Wilmar International F34 186 0.51 Babcock Intl Group BAB 132 0.48 ASTM SpA AT 187 0.47 Sparebanken Midt-Norge MING 133 0.51 ENI SpA ENI 188 0.48 Mitsubishi Corp 8058 134 0.52 Barclays BARC 189 0.48 Johnson Electric Holdings Ltd. 179 135 0.52 North Pacific Bank Ltd 8524 190 0.50 Swiss Life Reg SLHN 136 0.47 Showa Corp 7274 191 0.54 Mitchells & Butlers Plc MAB 137 0.44 Drax Group DRX 192 0.47 OMV AG OMV 138 0.45 Compagnie Generale de Geophysique-Veritas CGG 193 0.50 Honda Motor Co 7267 139 0.51 Hera SpA HER 194 0.53 Wienerberger AG WIE 140 0.48 Medipal Holdings Co 7459 195 0.52 Brother Industries 6448 141 0.48 Sainsbury (J) SBRY 196 0.51 Signify NV LIGHT 142 0.50 UnipolSai Assicurazioni SpA US 197 0.56 Maeda Corp 1824 143 0.50 Nippo Corporation 1881 198 0.52 Olam International O32 144 0.52 ASR Nederland ASRNL 199 0.51 ABN AMRO Group NV ABN 145 0.45 Repsol SA REP 200 0.51 Dart Group DTG 146 0.47 Eurocommercial ECMPA 147 0.43 Scandinavian Tobacco Group AS STG 148 0.50 Nichias Corp 5393 149 0.51 FCC Co 7296 150 0.50 Go-Ahead Group GOG 151 0.33 Dah Sing Financial Holdings Ltd. 440 152 0.55 B2Holding ASA B2H 153 0.54 Intesa SanPaolo ISP 154 0.49 FIT Hon Teng Ltd 6088 155 0.52 *Note that the number of securities is 199 owing to the acquisiton of Actelion Ltd. (ATLN) by Johnson & Johnson. ©2020 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes Reconstitution Report 20 March 2020 Page 3 of 4 Morningstar® Developed Markets ex-North America Target Value Index

Added Holdings Fundamental Factor Rankings Bottom 20% 60%–80% 40%–60% 20%–40% Top 20% Name Ticker P/E P/B P/CF P/S Estimate Revision

Futaba Industrial Co 7241 Finnair Oyj FIA1S Suruga Bank 8358 Det Norske Oljeselskap International ASA DNO Aurubis AG NDA M&G Plc MNG Gunma Bank 8334 Kohnan Shoji Co 7516 Mitsubishi Chemical Holdings Corp 4188 Cosmo Energy Holding 5021 Chugoku Electric Power Co Inc 9504 Semapa-Soc de Investimento SA SEM Ferrexpo PLC FXPO Jyske Bank AS JYSK Renault SA RNO Danieli & C SpA DAN Phoenix Group Holdings PHNX Bluescope Steel Ltd BSL BW LPG Ltd BWLPG Jardine Cycle & Carriage Ltd C07 Bpost NV-SA BPOST

Removed Holdings Failed Screen (Reason for Removal) Name Ticker Dropped from Parent Estimate Revision Country Limit Sector Limit Higher WAFFR

Solvay SOLB • Toppan Printing Co 7911 • Storebrand STB • Redrow RDW • DIC Corp 4631 • Iren SpA IRE • METRO AG B4B • Canon Marketing Japan Inc 8060 • Viva Energy Group Ltd VEA • Shikun & Binui Ltd. SKBN • Kanamoto Co 9678 • Nissin Kogyo Co Ltd 7230 • Banca Monte dei Paschi di Siena BMPS • Spar Nord Bank A/S SPNO • Koninklijke VolkerWessels NV KVW • Perenti Global Ltd PRN • MTG-Modern Times Group B MTG B • Dragerwerk AG & Co KGaA DRW3 • Japan Pulp & Paper Co 8032 • Aisan Industry Co 7283 •

©2020 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice. Morningstar Indexes Reconstitution Report 20 March 2020 Page 4 of 4 Morningstar® Developed Markets ex-North America Target Value Index

Country Exposure Sector Exposure

Country Previous Weight % Current Weight % Sector Previous Weight % Current Weight %

Japan 41.28 40.43 Financial Services 24.25 25.85 6.93 8.39 Industrials 24.01 23.52 Italy 8.62 8.11 Consumer Cyclical 17.00 17.46 8.69 7.45 Basic Materials 8.72 9.63 France 6.17 6.71 Utilities 8.13 7.13 7.05 6.35 Energy 3.70 5.27 Singapore 4.29 4.34 Consumer Defensive 5.08 4.10 Austria 3.42 3.45 Real Estate 3.59 3.04 Netherlands 3.09 3.29 Communication Services 2.05 1.51 Norway 1.23 2.11 Technology 1.49 1.49 Healthcare 1.98 0.99 Denmark 1.56 1.50 Spain 1.23 1.45 Israel 1.63 1.08 Portugal 0.47 1.01 Belgium 0.92 1.00 Switzerland 1.05 0.97 0.84 0.58 Finland 0.00 0.50 Ireland 0.37 0.47 New Zealand 0.38 0.44 Sweden 0.78 0.40

©2020 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc. Reproduction by any means is prohibited. While data contained in this report are gathered from reliable sources, accuracy and completeness cannot be guaranteed. The publisher does not give investment advice or act as an investment advisor. All data, information, and opinions are subject to change without notice.