Morningstar Indexes | Reconstitution Report Page 1 of 9 Morningstar® Developed Markets ex-North America Target Value IndexSM 18 September 2020

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Reconstituted Holdings Name Ticker Country Sector Rank (WAFFR) Weight (%) Banco de Sabadell SA SAB Spain Financial Services 1 0.47 Kyoei Steel Ltd 5440 Japan Basic Materials 2 0.51 T&D; Holdings Inc 8795 Japan Financial Services 3 0.52 Unipol Gruppo Finanziario SpA Ord UNI Italy Financial Services 4 0.50 Just Group Plc JUST United Kingdom Financial Services 5 0.48 EXOR NV EXO Italy Financial Services 6 0.49 Hokuhoku Financial Group Inc 8377 Japan Financial Services 7 0.52 Shikoku Electric Power Co Inc 9507 Japan Utilities 8 0.50 Tohoku Electric Power Co 9506 Japan Utilities 9 0.51 Vienna Insurance Group VIG Austria Financial Services 10 0.49 Furukawa Electric Co 5801 Japan Industrials 11 0.52 Hornbach Baumarkt AG HBM Germany Consumer Cyclical 12 0.50 Fnac Darty FNAC France Consumer Cyclical 13 0.48 Gunma Bank 8334 Japan Financial Services 14 0.51 Chugoku Electric Power Co Inc 9504 Japan Utilities 15 0.50 Investec PLC. INVP United Kingdom Financial Services 16 0.49 Dah Sing Financial Holdings Ltd. 00440 Hong Kong Financial Services 17 0.49 BNP Paribas BNP France Financial Services 18 0.49 Hokkaido Electric Power Co 9509 Japan Utilities 19 0.51 Hutchison Port Holdings Trust NS8U Singapore Industrials 20 0.53 TF1-Television Francaise TFI France Communication Services 21 0.51 Hornbach Holding AG & Co KGaA HBH Germany Consumer Cyclical 22 0.49 Electricite de France EDF France Utilities 23 0.50 Shun Tak Holdings Ltd. 00242 Hong Kong Industrials 24 0.49 Coface COFA France Financial Services 25 0.48 OMV AG OMV Austria Energy 26 0.49 VSTECS Holdings Ltd 00856 Hong Kong Technology 27 0.50 Tokyo Steel Mfg Co 5423 Japan Basic Materials 28 0.51 Kansai Electric Power Co Inc 9503 Japan Utilities 29 0.51 Kureha Corp 4023 Japan Basic Materials 30 0.51 Kohnan Shoji Co 7516 Japan Consumer Cyclical 31 0.50 Dah Sing Banking Group Ltd. 02356 Hong Kong Financial Services 32 0.49 TPR CO LTD 6463 Japan Consumer Cyclical 33 0.50 CNP Assurances CNP France Financial Services 34 0.49 Shinmaywa Industries 7224 Japan Industrials 35 0.50 North Pacific Bank Ltd 8524 Japan Financial Services 36 0.51 EDION Corp 2730 Japan Consumer Cyclical 37 0.50 Nishi-Nippon Financial Holdings Inc 7189 Japan Financial Services 38 0.52 Japfa Ltd UD2 Singapore Consumer Defensive 39 0.48 Nishimatsu Construction Co 1820 Japan Industrials 40 0.51 CaixaBank CRI Spain Financial Services 41 0.49 Mebuki Financial Group Inc 7167 Japan Financial Services 42 0.50 Semapa-Soc de Investimento SA SEM Portugal Basic Materials 43 0.49 Unicaja Banco SA UNI Spain Financial Services 44 0.50 Airtel Africa Plc AAF United Kingdom Communication Services 45 0.49 Banca Pop di Sondrio BPSO Italy Financial Services 46 0.50 NN Group N.V. NN Netherlands Financial Services 47 0.50 Okinawa Electric Power Co Inc 9511 Japan Utilities 48 0.50 Bank of Ryukyus 8399 Japan Financial Services 49 0.50 77 Bank Ltd 8341 Japan Financial Services 50 0.51

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Reconstituted Holdings Name Ticker Country Sector Rank (WAFFR) Weight (%) Ferrexpo PLC FXPO United Kingdom Basic Materials 51 0.52 Banco Comercial Portugues Reg BCP Portugal Financial Services 52 0.49 Aurubis AG NDA Germany Basic Materials 53 0.50 Rengo Co 3941 Japan Consumer Cyclical 54 0.49 Nishio Rent All 9699 Japan Industrials 55 0.51 Talanx AG TLX Germany Financial Services 56 0.49 Nitto Kogyo Corp 6651 Japan Industrials 57 0.51 Strabag SE STR Austria Industrials 58 0.49 Aviva AV United Kingdom Financial Services 59 0.52 Implenia IMPN Switzerland Industrials 60 0.50 Kanematsu Corp 8020 Japan Technology 61 0.50 Komeri Co 8218 Japan Consumer Cyclical 62 0.51 UBS Group AG UBSG Switzerland Financial Services 63 0.49 Peugeot SA UG France Consumer Cyclical 64 0.52 Vicat VCT France Basic Materials 65 0.50 Chubu Electric Power Co 9502 Japan Utilities 66 0.51 IPSOS ISOS France Communication Services 67 0.49 DCM Holdings Co Ltd 3050 Japan Consumer Cyclical 68 0.51 Publicis Groupe PUB France Communication Services 69 0.49 Liberbank S.A. LBK Spain Financial Services 70 0.50 Nomura Holdings Inc 8604 Japan Financial Services 71 0.50 Yuasa Trading Co Ltd 8074 Japan Industrials 72 0.51 K. Wah International Holdings Ltd. 00173 Hong Kong Real Estate 73 0.50 Kerry Logistics Network Ltd 00636 Hong Kong Industrials 74 0.51 Telecom Italia SpA TIT Italy Communication Services 75 0.49 Hiroshima Bank 8379 Japan Financial Services 76 0.52 Furukawa Co 5715 Japan Industrials 77 0.50 Bunka Shutter Co 5930 Japan Industrials 78 0.51 ACS Actividades de Construccion y Servicios SA ACS Spain Industrials 79 0.51 Kanamoto Co 9678 Japan Industrials 80 0.52 Tokuyama Corp 4043 Japan Basic Materials 81 0.52 Maruzen Showa Unyu Co Ltd 9068 Japan Industrials 82 0.51 BT Group BT.A United Kingdom Communication Services 83 0.49 UnipolSai Assicurazioni SpA US Italy Financial Services 84 0.50 Shinsei Bank Ltd 8303 Japan Financial Services 85 0.50 Mediaset SpA MS Italy Communication Services 86 0.49 Dai Nippon Printing Co 7912 Japan Industrials 87 0.51 Kyushu Electric Power Co Inc 9508 Japan Utilities 88 0.51 Orange ORA France Communication Services 89 0.49 Credit Agricole SA ACA France Financial Services 90 0.49 Ks Holdings Corp 8282 Japan Consumer Cyclical 91 0.51 Iida Group Holdings Co Ltd 3291 Japan Consumer Cyclical 92 0.51 Arcs Co Ltd 9948 Japan Consumer Cyclical 93 0.53 Tokyo Electric Power Co. Holding Inc. 9501 Japan Utilities 94 0.50 Ebara Corp 6361 Japan Industrials 95 0.51 M&G; Plc MNG United Kingdom Financial Services 96 0.48 Toppan Printing Co 7911 Japan Industrials 97 0.51 Kyudenko Corp 1959 Japan Industrials 98 0.51 Bell AG Basel Reg BELL Switzerland Consumer Defensive 99 0.50 Macnica Fuji Electronics Holdings Inc 3132 Japan Technology 100 0.50 Olam International O32 Singapore Consumer Defensive 101 0.49 DIC Corp 4631 Japan Basic Materials 102 0.52 Elkem ASA ELK Norway Basic Materials 103 0.50 Assicurazioni Generali SpA G Italy Financial Services 104 0.49 Okuwa Co Ltd 8217 Japan Consumer Cyclical 105 0.50

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Reconstituted Holdings Name Ticker Country Sector Rank (WAFFR) Weight (%) Sumitomo Chemical Co 4005 Japan Basic Materials 106 0.50 Sainsbury (J) SBRY United Kingdom Consumer Defensive 107 0.47 Bawag Group AG BG Austria Financial Services 108 0.49 Bayer Motoren Werke AG (BMW) BMW Germany Consumer Cyclical 109 0.50 J-Oil Mills Inc 2613 Japan Consumer Defensive 110 0.50 Kandenko Co 1942 Japan Industrials 111 0.51 Starts Corp Inc 8850 Japan Real Estate 112 0.52 CK Hutchison Holding Ltd 00001 Hong Kong Industrials 113 0.50 Takamatsu Construction Group Co Ltd 1762 Japan Industrials 114 0.51 Daiwabo Holdings Co 3107 Japan Consumer Cyclical 115 0.50 Commerzbank AG CBK Germany Financial Services 116 0.49 Cementir Holding SpA CEM Italy Basic Materials 117 0.50 ams AG AMS Switzerland Technology 118 0.52 Nav NVG Portugal Basic Materials 119 0.50 Poste Italiane Spa PST Italy Industrials 120 0.50 AGL Energy Ltd AGL Australia Utilities 121 0.49 Bilfinger SE GBF Germany Industrials 122 0.48 Obayashi Corp 1802 Japan Industrials 123 0.50 Shiga Bank 8366 Japan Financial Services 124 0.51 New Hope Corp NHC Australia Energy 125 0.49 Heiwado 8276 Japan Consumer Cyclical 126 0.51 Nihon Chouzai 3341 Japan Healthcare 127 0.51 Mizuno Corp 8022 Japan Consumer Cyclical 128 0.51 Shimizu Corp 1803 Japan Industrials 129 0.51 Iwatani Corp 8088 Japan Industrials 130 0.50 Yanlord Land Group Z25 Singapore Real Estate 131 0.50 Valor Holdings Co 9956 Japan Consumer Cyclical 132 0.51 Morrison (WM) Supermarkets MRW United Kingdom Consumer Defensive 133 0.45 Uniper SE UN01 Germany Utilities 134 0.50 Eutelsat Communications Promesses ETL France Technology 135 0.49 Swiss Life Reg SLHN Switzerland Financial Services 136 0.50 Nippon Paper Industries Co Ltd 3863 Japan Basic Materials 137 0.50 Medipal Holdings Co 7459 Japan Healthcare 138 0.51 Orange Belgium OBEL Belgium Communication Services 139 0.50 Ambea AB AMBEA Sweden Healthcare 140 0.50 Israel Discount Bank 0.1 DSCT Israel Financial Services 141 0.47 Noritake Co 5331 Japan Industrials 142 0.51 Mitsui & Co 8031 Japan Energy 143 0.50 Ontex Group N.V. ONTEX Belgium Consumer Defensive 144 0.50 Fresenius SE & Co KGaA FRE Germany Healthcare 145 0.50 Arc Land Sakamoto Co 9842 Japan Consumer Cyclical 146 0.52 Allianz SE ALV Germany Financial Services 147 0.50 Carrefour SA CA France Consumer Defensive 148 0.49 Itochu Corp 8001 Japan Industrials 149 0.50 Brother Industries 6448 Japan Industrials 150 0.51 Fortum Oyj FORTUM Finland Utilities 151 0.49 Ahold Delhaize NV AD Netherlands Consumer Defensive 152 0.51 Worley Ltd WOR Australia Energy 153 0.49 ADEKA Corp 4401 Japan Basic Materials 154 0.53 Valian Holding AG VATN Switzerland Financial Services 155 0.50 PACT GROUP HOLDINGS LTD PGH Australia Consumer Cyclical 156 0.48 Tokyu Construction Co 1720 Japan Industrials 157 0.50 Kintetsu World Express Inc 9375 Japan Industrials 158 0.50 Wilmar International F34 Singapore Consumer Defensive 159 0.48 SENKO Group Holdings Co Ltd 9069 Japan Industrials 160 0.51

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Reconstituted Holdings Name Ticker Country Sector Rank (WAFFR) Weight (%) Nobina AB NOBINA Sweden Industrials 161 0.50 Kerry Properties Ltd. 00683 Hong Kong Real Estate 162 0.50 Diversified Gas & Oil PLC DGOC United Kingdom Energy 163 0.49 Berner Kantonalbank - Reg BEKN Switzerland Financial Services 164 0.50 WH Group Ltd 00288 Hong Kong Consumer Defensive 165 0.51 Imperial Brands Plc IMB United Kingdom Consumer Defensive 166 0.49 1&1 Drillisch AG DRI Germany Communication Services 167 0.50 Deutsche Telekom AG DTE Germany Communication Services 168 0.50 Ryobi 5851 Japan Industrials 169 0.50 Drax Group DRX United Kingdom Utilities 170 0.49 Hera SpA HER Italy Utilities 171 0.50 VTech Holdings Ltd. 00303 Hong Kong Technology 172 0.49 Champion Iron Limited CIA Australia Basic Materials 173 0.49 Credito Emiliano SpA CE Italy Financial Services 174 0.51 Fortescue Metals Group FMG Australia Basic Materials 175 0.48 SKANSKA AB-B SKA B Sweden Industrials 176 0.50 AcadeMedia AB ACAD Sweden Consumer Defensive 177 0.48 Hosiden Corp 6804 Japan Industrials 178 0.50 Dai-ichi Life Holdings Inc 8750 Japan Financial Services 179 0.51 Seiren Co 3569 Japan Consumer Cyclical 180 0.49 Betsson AB BETS B Sweden Consumer Cyclical 181 0.51 Bendigo and Adelaide Bank Limited BEN Australia Financial Services 182 0.49 Micro Focus International MCRO United Kingdom Technology 183 0.48 Freenet AG FNTN Germany Communication Services 184 0.49 Incitec Pivot IPL Australia Basic Materials 185 0.49 Mapfre SA MAP Spain Financial Services 186 0.49 Sunlight Real Estate Inv Trust 00435 Hong Kong Real Estate 187 0.49 Naturgy Energy Group SA NTGY Spain Utilities 188 0.50 Bollore Investissement BOL France Communication Services 189 0.50 Origin Energy Ltd ORG Australia Energy 190 0.49 Direct Line Insurance Group DLG United Kingdom Financial Services 191 0.50 AGEAS AGS Belgium Financial Services 192 0.49 Corporacion Financiera Alba ALB Spain Financial Services 193 0.50 Sun Hung Kai Properties Ltd. 00016 Hong Kong Real Estate 194 0.50 NCC AB CL B NCC B Sweden Industrials 195 0.51 Capitaland Ltd C31 Singapore Real Estate 196 0.50 Scandi Standard AB SCST Sweden Consumer Defensive 197 0.48 ASR Nederland ASRNL Netherlands Financial Services 198 0.49 NOS SPGS NOS Portugal Communication Services 199 0.49 Ackermans & Van Haaren NV ACKB Belgium Industrials 200 0.50

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Added Holdings Fundamental Factor Ranking Bottom 20% 60% - 80% 40% - 60% 20% - 40% Top 20% Estimate Name Ticker Country Sector Weight(%) P/E P/B P/CF P/S Revision Banco de Sabadell SA SAB Spain Financial Services 0.47 98.51 99.92 99.84 87.83 98.98 Kyoei Steel Ltd 5440 Japan Basic Materials 0.51 98.67 96.01 96.01 93.07 93.39 EXOR NV EXO Italy Financial Services 0.49 97.26 80.63 98.16 99.49 85.68 Hokuhoku Financial Group Inc 8377 Japan Financial Services 0.52 95.11 99.30 98.94 64.46 96.79 Shikoku Electric Power Co Inc 9507 Japan Utilities 0.50 72.88 91.82 96.52 94.17 98.71 Hornbach Baumarkt AG HBM Germany Consumer Cyclical 0.50 90.88 70.10 94.79 92.95 98.12 Fnac Darty FNAC France Consumer Cyclical 0.48 75.15 80.04 94.13 98.32 97.53 Dah Sing Financial Holdings Ltd. 00440 Hong Kong Financial Services 0.49 99.26 98.59 98.98 52.37 89.82 BNP Paribas BNP France Financial Services 0.49 96.05 95.11 99.26 65.48 79.57 Hutchison Port Holdings Trust NS8U Singapore Industrials 0.53 74.13 98.20 95.50 71.15 95.26 TF1-Television Francaise TFI France Communication Services 0.51 78.75 84.66 91.78 78.67 96.48 Electricite de France EDF France Utilities 0.50 67.40 88.10 95.85 90.37 87.71 Shun Tak Holdings Ltd. 00242 Hong Kong Industrials 0.49 99.77 99.22 96.87 77.14 55.85 Coface COFA France Financial Services 0.48 84.62 91.74 85.40 66.69 99.57 OMV AG OMV Austria Energy 0.49 75.11 83.76 93.54 81.92 91.62 VSTECS Holdings Ltd 00856 Hong Kong Technology 0.50 93.86 63.41 76.79 99.30 91.59 Dah Sing Banking Group Ltd. 02356 Hong Kong Financial Services 0.49 98.86 96.59 97.96 40.00 90.57 Shinmaywa Industries 7224 Japan Industrials 0.50 90.10 81.53 66.73 91.82 88.34 CaixaBank CRI Spain Financial Services 0.49 87.59 93.70 99.57 54.95 80.04 Unicaja Banco SA UNI Spain Financial Services 0.50 91.08 99.02 99.92 69.20 55.85 Airtel Africa Plc AAF United Kingdom Communication Services 0.49 85.99 75.42 94.99 65.60 92.56 Banca Pop di Sondrio BPSO Italy Financial Services 0.50 67.87 97.38 92.02 58.24 98.40 Okinawa Electric Power Co Inc 9511 Japan Utilities 0.50 80.16 88.69 92.68 80.55 68.53 Bank of Ryukyus 8399 Japan Financial Services 0.50 87.87 97.96 97.34 71.12 55.85 77 Bank Ltd 8341 Japan Financial Services 0.51 96.13 98.86 68.26 58.08 88.81 Banco Comercial Portugues Reg BCP Portugal Financial Services 0.49 87.63 98.94 91.66 75.73 55.85 Aurubis AG NDA Germany Basic Materials 0.50 87.79 70.53 84.70 93.70 71.90 Nitto Kogyo Corp 6651 Japan Industrials 0.51 89.59 76.01 73.07 77.26 91.78 Implenia IMPN Switzerland Industrials 0.50 94.72 60.31 58.00 97.53 96.52 Kanematsu Corp 8020 Japan Technology 0.50 91.70 75.81 86.42 97.22 55.85 UBS Group AG UBSG Switzerland Financial Services 0.49 87.63 80.74 98.67 48.57 90.72 Peugeot SA UG France Consumer Cyclical 0.52 95.62 85.75 40.59 94.60 89.24 Vicat VCT France Basic Materials 0.50 86.77 88.81 94.21 80.12 55.85 IPSOS ISOS France Communication Services 0.49 82.15 71.74 90.88 78.36 82.07 Publicis Groupe PUB France Communication Services 0.49 83.44 69.16 91.51 75.07 84.46 Liberbank S.A. LBK Spain Financial Services 0.50 91.39 99.33 98.59 62.90 50.72 Nomura Holdings Inc 8604 Japan Financial Services 0.50 97.77 88.45 66.93 51.27 97.46 Yuasa Trading Co Ltd 8074 Japan Industrials 0.51 93.03 76.13 77.18 98.08 55.85 Kerry Logistics Network Ltd 00636 Hong Kong Industrials 0.51 97.57 68.81 68.26 77.73 86.77 Telecom Italia SpA TIT Italy Communication Services 0.49 87.12 94.87 96.83 80.74 39.37

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Added Holdings Fundamental Factor Ranking Bottom 20% 60% - 80% 40% - 60% 20% - 40% Top 20% Estimate Name Ticker Country Sector Weight(%) P/E P/B P/CF P/S Revision Hiroshima Bank 8379 Japan Financial Services 0.52 93.74 96.95 84.07 47.24 76.75 Furukawa Co 5715 Japan Industrials 0.50 79.73 91.66 78.75 92.52 55.85 ACS Actividades de Construccion y Servicios SA ACS Spain Industrials 0.51 92.37 47.05 86.50 96.79 74.83 Shinsei Bank Ltd 8303 Japan Financial Services 0.50 94.52 97.73 98.28 65.52 39.80 Mediaset SpA MS Italy Communication Services 0.49 85.40 82.74 95.77 75.26 55.85 Dai Nippon Printing Co 7912 Japan Industrials 0.51 83.05 84.93 67.98 80.39 77.50 Kyushu Electric Power Co Inc 9508 Japan Utilities 0.51 25.09 82.86 95.30 94.68 95.46 Credit Agricole SA ACA France Financial Services 0.49 96.56 95.81 99.45 51.00 49.90 Ks Holdings Corp 8282 Japan Consumer Cyclical 0.51 80.08 59.96 84.38 81.72 86.46 Iida Group Holdings Co Ltd 3291 Japan Consumer Cyclical 0.51 82.00 81.37 65.79 83.72 79.37 Arcs Co Ltd 9948 Japan Consumer Cyclical 0.53 69.39 69.51 69.35 91.78 91.31 Ebara Corp 6361 Japan Industrials 0.51 81.72 72.84 80.74 79.22 75.38 M&G; Plc MNG United Kingdom Financial Services 0.48 99.30 78.00 84.03 85.13 43.21 Kyudenko Corp 1959 Japan Industrials 0.51 91.82 64.85 75.85 79.14 77.42 DIC Corp 4631 Japan Basic Materials 0.52 81.72 79.92 88.57 88.96 48.85 Elkem ASA ELK Norway Basic Materials 0.50 53.03 77.26 78.12 80.67 98.20 Assicurazioni Generali SpA G Italy Financial Services 0.49 82.97 79.53 97.93 92.33 34.48 Okuwa Co Ltd 8217 Japan Consumer Cyclical 0.50 49.24 76.09 69.35 93.93 97.81 Sumitomo Chemical Co 4005 Japan Basic Materials 0.50 25.44 87.71 87.87 92.84 92.52 Bawag Group AG BG Austria Financial Services 0.49 91.55 83.68 96.79 38.12 75.50 Bayer Motoren Werke AG (BMW) BMW Germany Consumer Cyclical 0.50 92.68 86.03 45.99 86.14 74.60 J-Oil Mills Inc 2613 Japan Consumer Defensive 0.50 73.58 84.70 83.60 87.32 55.85 Kandenko Co 1942 Japan Industrials 0.51 92.13 84.70 71.23 90.33 46.50 Starts Corp Inc 8850 Japan Real Estate 0.52 94.56 65.09 91.90 77.50 55.85 Commerzbank AG CBK Germany Financial Services 0.49 28.96 99.61 99.77 71.55 82.39 ams AG AMS Switzerland Technology 0.52 95.97 59.06 90.45 53.86 81.45 Bilfinger SE GBF Germany Industrials 0.48 6.03 86.18 93.70 96.56 94.21

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Removed Holdings Failed Screen (Reason for Removal) Dropped Estimate Higher Name Ticker Country Sector from Parent Revision Country Limit Sector Limit WAFFR ILIAD SA ILD France Communication Services • Cromwell Property Group CMW Australia Real Estate • Goldcrest Co 8871 Japan Real Estate • New World Development Co. Ltd. 00017 Hong Kong Real Estate • Dexus DXS Australia Real Estate • Great Eagle Holdings Ltd. 00041 Hong Kong Consumer Cyclical • RSA Insurance Group Plc RSA United Kingdom Financial Services • OZ Minerals Limited OZL Australia Basic Materials • Showa Corp 7274 Japan Consumer Cyclical • Pets at Home Group Plc PETS United Kingdom Consumer Cyclical • IGG Inc. 00799 Hong Kong Communication Services • Deutsche Euroshop AG DEQ Germany Real Estate • Genworth Mortgage Insurance Australia Limited GMA Australia Financial Services • Italmobiliare SpA ITM Italy Consumer Defensive • Sino Land Co. Ltd. 00083 Hong Kong Real Estate • Bega Cheese Ltd BGA Australia Consumer Defensive • Oue Commercial Real Estate Investment Trust TS0U Singapore Real Estate • Haitong International Security Group 00665 Hong Kong Financial Services • Acciona SA ANA Spain Industrials • Challenger Limited CGF Australia Financial Services • Mapletree North Asia Commercial Trust RW0U Singapore Real Estate • Hysan Development Co. Ltd. 00014 Hong Kong Real Estate • Downer EDI Ltd DOW Australia Industrials • Kaga Electronics Co 8154 Japan Technology • Electric Power Development Co 9513 Japan Utilities • Aichi Steel Corp 5482 Japan Basic Materials • Hokuetsu Corp 3865 Japan Basic Materials • Mitsui OSK Lines Ltd 9104 Japan Industrials • Suruga Bank 8358 Japan Financial Services • Oji Holdings Corp 3861 Japan Basic Materials • Japan Petroleum Exploration 1662 Japan Energy • MS&AD; Insurance Group Holdings Inc 8725 Japan Financial Services • AXA CS France Financial Services • Taiheiyo Cement Corp 5233 Japan Basic Materials • Aegon NV AGN Netherlands Financial Services • Topre Corp 5975 Japan Consumer Cyclical • Japan Post Holdings co 6178 Japan Financial Services • Maruha Nichiro corp 1333 Japan Consumer Defensive • Orix Corp 8591 Japan Financial Services • Maeda Corp 1824 Japan Industrials •

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Removed Holdings Failed Screen (Reason for Removal) Dropped Estimate Higher Name Ticker Country Sector from Parent Revision Country Limit Sector Limit WAFFR Nippon Suisan Kaisha 1332 Japan Consumer Defensive • Euronav SA EURN Belgium Energy • Central Glass Co 4044 Japan Basic Materials • Nichi-iko Pharmaceutical 4541 Japan Healthcare • Sumitomo Forestry Co 1911 Japan Consumer Cyclical • Fuji Media Holdings Inc 4676 Japan Communication Services • Dart Group DTG United Kingdom Industrials • Seino Holdings Co Ltd 9076 Japan Industrials • Sumitomo Corp 8053 Japan Industrials • Cosmo Energy Holding 5021 Japan Energy • Jardine Strategic Hldgs J37 Singapore Industrials • Futaba Industrial Co 7241 Japan Consumer Cyclical • Cairn Homes Plc CRN United Kingdom Consumer Cyclical • Babcock Intl Group BAB United Kingdom Industrials • Tosei Corp 8923 Japan Real Estate • Baloise Hldg Reg BALN Switzerland Financial Services • Bank of East Asia 00023 Hong Kong Financial Services • Jardine Matheson Hldgs Ltd J36 Singapore Industrials • Mediclinic International Plc MDC United Kingdom Healthcare • Groupe Bruxelles Lambert GBLB Belgium Financial Services • Sembcorp Industries U96 Singapore Industrials • Ascendas India Trust CY6U Singapore Real Estate • Inchcape INCH United Kingdom Consumer Cyclical • TIGO Millicom Intl Cellular S.A. - SDR SDB Sweden Communication Services • UOL Group Limited U14 Singapore Real Estate • St Modwen Properties SMP United Kingdom Real Estate •

Sector Exposure

Sector Previous (%) Current (%) Financial Services 20.30 25.35 Industrials 17.95 20.24 Consumer Cyclical 12.52 11.59 Real Estate 9.07 3.52 Basic Materials 9.33 9.07 Consumer Defensive 8.78 6.84 Utilities 6.32 8.02 Communication Services 6.53 6.93 Energy 3.73 2.94 Healthcare 2.97 2.02 Technology 2.30 3.49 0 5 10 15 20 25 30

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Country Exposure

Country Previous (%) Current (%) Japan 40.36 40.68 United Kingdom 9.32 6.83 Australia 7.64 4.39 Hong Kong 7.22 5.98 Singapore 5.34 2.98 Germany 4.68 6.44 Sweden 4.59 3.48 France 3.56 7.43 Italy 3.77 5.47 Belgium 3.05 1.98 Switzerland 2.64 3.50 Netherlands 2.15 1.50 Spain 2.01 3.94 Portugal 1.50 1.97 Austria 1.06 1.96 Israel 0.39 0.47 Finland 0.51 0.49 Norway 0.00 0.50 0 5 10 15 20 25 30 35 40 45

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