MSCI North America High Dividend Yield Index (CAD) The MSCI North America High Dividend Yield Index is based on MSCI North America, its parent index, and includes large and mid cap stocks across US and Canada. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. Cumulative Index Performance — Gross Returns (Oct 1999 – Oct 2014) — CAD Annual Performance (%) Year MSCI North America HDY MSCI North America MSCI North America HDY MSCI North America 35.82 9.01 15.35 9.73 3.63 -12.81 -14.03 20.44 1.76 4.71 2.72 -14.45 1.81 14.53 39.13 13.01 3.04 9.93 9.84 -22.20 -8.69 15.04 4.26 3.18 6.44 -23.15 -6.90 -8.67 2013 2012 215.21 200 2011 2010 2009 2008 2007 151.51 2006 2005 2004 2003 2002 100 2001 2000 50 Oct 99 Jan 01 Apr 02 Jul 03 Oct 04 Jan 06 Apr 07 Jul 08 Oct 09 Jan 11 Apr 12 Jul 13 Oct 14 Index Performance — Gross Returns (%) (October 31, 2014) Fundamentals (October 31, 2014) Annualized MSCI North America HDY MSCI North America 1 Mo 3 Mo 2.97 2.95 8.23 7.68 1 Yr YTD 3 Yr 5 Yr 25.99 19.20 23.48 18.74 25.53 17.05 23.63 17.07 10 Yr Since Div Yld (%) P/E P/E Fwd P/BV 13.21 11.84 3.10 2.02 16.62 19.34 15.26 15.87 2.94 2.71 Nov 28, 1975 8.34 7.51 Index Risk and Return Characteristics (November 28, 1975 – October 31, 2014) Annualized Std Dev (%)2 Beta MSCI North America HDY MSCI North America 0.75 1.00 Tracking Turnover Error (%) (%)1 7.51 0.00 9.98 2.44 1 3 Yr 6.47 6.51 Last 12 months 5 Yr 10 Yr Sharpe Ratio2,3 3 Yr 6.75 11.31 3.22 8.23 10.75 3.21 2 Maximum Drawdown Since 5 Yr 10 Yr Nov 28, 1975 2.49 1.88 0.59 0.54 na na Based on monthly gross returns data 3 (%) Period YYYY-MM-DD 49.12 2007-02-07—2009-03-05 53.05 2000-08-31—2009-03-05 Based on BBA LIBOR 1M The MSCI North America High Dividend Yield Index was launched on Jan 16, 2012. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance. MSCI North America High Dividend Yield Index October 31, 2014 Index Characteristics Top 10 Constituents MSCI North America HDY Number of Constituents MSCI North America 148 Index Wt. (%) 5.7 6.34 bps 67.57 bps 27.29 bps Sector Sector Wt. (%) Wt. (%) 714 5.70 5.56 4.79 4.51 3.71 3.59 3.00 2.84 2.66 2.66 39.02 APPLE MICROSOFT CORP JOHNSON & JOHNSON EXXON MOBIL CORP PROCTER & GAMBLE CO CHEVRON CORP PFIZER AT&T MERCK & CO INTEL CORP Total Weight (%) Largest Smallest Average Median Parent Index 3.2 0.51 bps 14.01 bps 6.33 bps Sector Weights 3.22 1.82 1.51 2.06 1.17 1.13 0.94 0.89 0.84 0.84 14.42 Info Tech Info Tech Health Care Energy Cons Staples Energy Health Care Telecom Srvcs Health Care Info Tech 29.0 28.3 31.5 35.8 21.4 28.5 19.7 84.5 17.5 13.5 Country Weights 7.04% 9.43% 5.63% 12.6% 4.97% 9.32% 4.75% 3.36% 90.68% 15.2% 19.66% 17.36% Information Technology 19.66% Energy 12.6% Industrials 4.97% Consumer Staples 17.36% Financials 9.43% Materials 4.75% Utilities 7.04% Health Care 15.2% United States 90.68% Canada 9.32% Consumer Discretionary 5.63% Telecommunication Services 3.36% Index Methodology Each MSCI High Dividend Yield Index targets companies with high dividend income and quality characteristics and includes companies that have higher than average dividend yields that are both sustainable and persistent. Index construction starts with a dividend screening process: only securities with a track record of consistent dividend payments and with the capacity to sustain dividend payouts into the future are eligible index constituents. Securities are also screened based on certain “quality” factors such as return on equity (ROE), earnings variability, debt to equity (D/E), and on recent 12-month price performance. The goal is to exclude stocks with potentially deteriorating fundamentals that could be forced to cut or reduce dividends. From the list of eligible companies, only those with higher than average dividend yields are selected for inclusion in the index. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November. www.msci.com | [email protected] 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 indexes, portfolio risk and performance analytics, and ESG data and research. 1 The company's flagship product offerings are: the MSCI indexes with approximately USD 9 trillion estimated to be benchmarked to them on a worldwide basis ; Barra multi-asset class factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indexes and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; and FEA valuation models and risk management software for the energy and commodities markets. MSCI is headquartered in New York, with research and commercial offices around the world. 1 As of March 31, 2014, as reported on June 25, 2014 by eVestment, Lipper and Bloomberg. The information contained herein (the "Information") may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. 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