MSCI South Africa Value Weighted Index

The MSCI South Africa Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI South Africa Index, which includes South African large and mid cap stocks. The MSCI South Africa Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. Index weights are determined using fundamental accounting data-sales, book value, earnings and cash earnings-rather than market prices.