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MSCI USA Minimum Volatility Index

157.01

131.48

60

80

100

120

140

160

180

Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10

MSCI USA Minimum Volatility

MSCI USA

Cumulative Index Performance—Total Returns (Dec 31, 1998 – Mar 31, 2011)

The MSCI USA Minimum Volatility Index aims to reflect the performance characteristicsof a minimum variance strategy applied to the US large and mid cap equity universe.The index is calculated by optimizing the MSCI USA Index, its parent index, for thelowest absolute risk (within a given set of constraints). Historically, the index hasshown lower beta and volatility characteristics relative to the MSCI USA Index.

Indices

Index Performance—Total Returns (%) (March 31, 2011)

  Annualized

Index 1 Mo 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr  Since

  12/31/1998

MSCI USA Min. Vol.  1.57 4.56 16.26 4.57 3.67 4.13 3.75

MSCI USA 0.12 5.96 16.03 2.55 2.80 3.35 2.26

Index Fundamentals (March 31, 2011)

  MSCI USA MSCI  Min. Vol. USA

Div. Yld (%) 2.56 1.83

P/E 15.71 16.19

P/B 2.70 2.31P/CE 10.47 10.19

Index Risk and Return Characteristics (Dec 31, 1998 – Mar 31, 2011)

  Sharpe Ratio1  Annualized Std Dev2 (%)

  Beta Tracking Error 3 Yr 5 Yr Since 12/31/98  3 Yr 5 Yr Since 12/31/98

MSCI USA Min. Vol.  0.70 6.81 0.22 0.08 0.06 17.26 14.34 12.28

MSCI USA 1.00 0.00 0.08 0.02 -0.05 21.61 17.74 16.181 Based on BBA USD LIBOR 1M 2 Based on monthly total return data

The MSCI USA Minimum Volatility Index was launched on May 30, 2008. Data prior to the initial calculation date is back-tested data (i.e., calculations of how the index might have performed

over that time period had the index existed).

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March 31, 2011 MSCI USA Minimum Volatility Index

About MSCI

MSCI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products and services include indices, portfolio risk and performanceanalytics, and governance tools.The company’s flagship product offerings are: the MSCI indices which include over 148,000 daily indices covering more than 70 countries; Barra portfolio risk and performance analytics covering global equity and fixed income markets;RiskMetrics market and credit risk analytics; ISS governance research and outsourced proxy voting and reporting services; FEA valuation models and risk management software for the energy and commodities markets; and CFRA forensicaccounting risk research, legal/regulatory risk assessment, and due-diligence. MSCI is headquartered in New York, with research and commercial offices around the world.

The information contained herein (the “Information”) may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or correct other data,to create indices, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles. Historical data and analysis shouldnot be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information or MSCI index or other product or service constitutes an offer to buy or sell, or a promotion orrecommendation of, any security, financial instrument or product or trading strategy.Further, none of the Information or any MSCI index is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Information isprovided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT OR INDIRECT SUPPLIERSOR ANY THIRD PARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN “MSCI PARTY”) MAKES ANY WARRANTIES OR REPRESENTATIONS AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH MSCIPARTY HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF THE FOREGOING AND TO THE MAXIMUMEXTENT PERMITTED BY LAW, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY REGARDING ANY OF THE INFORMATION FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL (INCLUDING LOST PROFITS)OR ANY OTHER DAMAGES EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

© 2011 MSCI Inc. All rights reserved.

www.msci.com  clientservice@msci.com

Sector Weights

The MSCI Minimum Volatility Indices are designed to provide the lowest return variance for a given covariance matrix of stock returns. Each MSCI Minimum Volatilit

Index is calculated using Barra Optimizer to optimize a given MSCI parent index for the lowest absolute volatility with a certain set of constraints. These constraints

help maintain index replicability and investability and include index turnover limits, for example, along with minimum and maximum constituent, sector and/or country

weights relative to the parent index. Each Minimum Volatility Index is rebalanced (or is re-optimized) semi-annually in May and November. Indices may also be optimized

for various currencies.

Index Methodology

Index Constituent Characteristics  MSCI USA MSCI USA

Min. Vol.

Number

of Sec. 128 591

  Mkt Cap  (USD Billions)

Index 12,156.5 12,572.4

Top 10 1,997.9 2,267.8

Average 95.0 21.3

Median 87.3 9.8

Largest 219.9 424.2

Smallest 5.4 1.7

Top 10 Constituents

Constituent  Mkt Cap MSCI USA MV  MSCI USA

Sector  Sector

(USD Millions) Weight (%)  Weight (%) Weight (%)

Aon 219,897.9 1.81 0.12 Financials 11.9

Chevron 218,206.5 1.79 1.73 Energy 11.8

Accenture A 209,814.2 1.73 0.28 Info Tech 12.00

Exxon Mobil 201,561.1 1.66 3.38 Energy 10.9

Verizon 200,783.8 1.65 0.86 Telecom Srvcs  28.8

Oracle 200,532.6 1.65 1.06 Info Tech 11.5

ADP 193,256.2 1.59 0.20 Info Tech 11.0

IBM 189,259.6 1.56 1.61 Info Tech 10.8

AT&T 183,045.5 1.51 1.44 Telecom Srvcs  26.3

Con Edison  181,546.2 1.49 0.12 Utilities 18.5

Total 16.43 10.80