MSCI Index Performance

MSCI 10/40 Equity Index - Performance of Select Indices
Performance to June 30 2006 (Price Index in USD)
Index Name	5 Years	3 Years	1 Year	Volatility*	Tracking Error
EM EASTERN EUROPE	352.10%	183.28%	64.76%	24.42%
MSCI EM EASTERN EUROPE 10-40	336.06%	177.26%	59.28%	22.36%
Differential	-16.04%	-6.02%	-5.48%	-2.06%	4.59%
NORDIC COUNTRIES	66.47%	99.76%	25.73%	22.74%
MSCI NORDIC 10-40	96.12%	118.94%	26.76%	19.97%
Differential	29.65%	19.18%	1.02%	-2.77%	5.48%
SWITZERLAND	64.69%	77.38%	28.11%	18.60%
MSCI SWITZERLAND 10-40	72.98%	92.45%	29.30%	18.98%
Differential	8.29%	15.06%	1.20%	0.38%	6.06%
WRLD/HEALTH CARE	9.76%	22.71%	6.24%	13.86%
MSCI WORLD HEALTH CARE 10-40	12.16%	24.76%	6.24%	13.67%
Differential	2.40%	2.05%	0.00%	-0.19%	0.75%
WRLD/INFORMATION TECH	-17.70%	27.94%	6.00%	24.82%
MSCI WORLD IT 10-40	-15.62%	29.48%	6.26%	25.03%
Differential	2.09%	1.54%	0.26%	0.21%	1.26%
WRLD/TELECOM SVC	-15.75%	19.03%	2.28%	18.45%
MSCI WORLD TELECOM 10-40	-6.31%	28.06%	5.10%	17.70%
Differential	9.44%	9.03%	2.81%	-0.75%	2.57%

* Annualized Daily volatility during 31st December 1998 to 30th June 2006 * Due to rounding calculations some numbers may appear incorrect Note: MSCI 10/40 Equity Indices are calculated with a base level of 100 as of 31st Dec 1998. Each Index is calculated from its respective unconstrained parent index, with the security weights adjusted using the MSCI 10/40 Equity Index Methodology.

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