Russell Index Country Guidebook 2015

1y ago
12 Views
2 Downloads
5.96 MB
114 Pages
Last View : 1m ago
Last Download : 2m ago
Upload by : Asher Boatman
Transcription

Russell Indexes invests significant research timeand effort into understanding each country we coverworldwide. The Russell Index Global Guidebook seeksto provide our clients with insights into the many factorswe consider when determining a country classificationat the developed, emerging or frontier market level.Additionally the Guidebook will provide a selection ofdata points that can be used to assess the generaldirectional health of a market or an economy, andevaluate performance relative to other countries andregions. The data is compiled using a wide variety oftrusted sources and applied consistently acrosscountries. Equally important are the insights we gainfrom market participants who are engaged withinvesting in these countries. We will continuously lookto enhance the factors evaluated in future issues. Wewelcome client feedback on existing factors presentedherein, and those we have not considered.GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSContact usEmail: index@russell.comAmericas: 1-877-503-6437APAC: 65-6880-5003EMEA: 44-0-20-7024-6600www.russell.com/indexes

RUSSELL INDEX COUNTRY GUIDEBOOK COUNTRY CLASSIFICATIONS

Table of contentsIN THIS ISSUESummary of information . 01DEVELOPED COUNTRIES. 03Australia . 05Austria . 06Belgium . 07Canada . 08Denmark . 09Finland . 10France . 11Germany . 12Hong Kong . 13Ireland . 14Israel . 15Italy . 16Japan . 17Luxembourg. 18Netherlands . 19New Zealand . 20Norway . 21Portugal . 22Singapore . 23Spain . 24Sweden . 25Switzerland . 26United Kingdom . 27United States . 28EMERGING COUNTRIES . 29Brazil . 31Chile . 32China . 33Colombia . 34Czech Republic . 35Greece . 36Hungary . 37India . 38Indonesia . 39Korea . 40Latvia . 41Malaysia . 42Mexico . 43Morocco . 44Peru . 45Philippines . 46Poland . 47Russia . 48South Africa . 49Taiwan . 50Thailand . 51Turkey . 52United Arab Emirates . 53GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSFRONTIER COUNTRIES . 55Argentina . 57Bahrain . 58Bangladesh. 59Bosnia and Herzegovina . 60Botswana . 61Bulgaria . 62Cote d’Ivoire . 63Croatia . 64Cyprus . 65Egypt . 66Estonia . 67Gabon . 68Ghana . 69Jamaica . 70Jordan . 71Kazakhstan . 72Kenya . 73Kuwait . 74Lithuania . 75Malta . 76Mauritius . 77Namibia . 78Nigeria . 79Oman . 80Pakistan . 81Papua New Guinea . 82Qatar . 83Romania . 84Senegal . 85Serbia . 86Slovakia . 87Slovenia . 88Sri Lanka . 89Tanzania . 90Trinidad and Tobago . 91Tunisia . 92Ukraine . 93Vietnam . 94Zambia . 95COUNTRIES UNDER ELIGIBILITY REVIEW. 97China A-Share . 99Malawi . 100Panama . 101Saudi Arabia . 102APPENDIXDefinitions and references . 103

GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONS

Country classification involves consideration of a wide variety of factors, bothquantitative and qualitative. In general, Russell Indexes assess markets across threedata points for each country: country level risk, market accessibility (includes liquidity)and operational concerns. These sections include the following data points:COUNTRY LEVEL RISKRussell Indexes measures the stability of a country using multiple sources—theHeritage Foundation data and Russell Development Score are not currently used butcould be included as factors in the future. World Bank Income Classification—used as the World Bank’s main criterion forclassifying economies. Countries are classified as low, middle or high income basedon gross national income per capita. Heritage Foundation Economic Freedom Index—ranks the level of economicfreedom of a country using a multi-factor evaluation. A high score is indicativeof greater economic freedoms, including global investor protections. IMF Classification—ranks a country as developed or developing. Russell Development Score—with a scoring scale from 0-100 points possible(higher scores indicate more development) this composite measure evaluates allcountries using six of the World Bank's Development Indicators: urban population,mortality, literacy, internet usage, mobile phone usage and number of patentapplications. The Russell Development Score is currently an experimental countryclassification variable. Finland’s 92.04 was the high score for 2014, Bahrain was themedian score at 66.87, and Papua New Guinea had the lowest score at 9.67.MARKET ACCESSIBILITYRussell Indexes tracks the accessibility of each country to global investors asmeasured primarily by liquidity and foreign ownership limits (FOL). Market Value/Market Capitalization (Cap)—an aggregate market measureof available cap vs. total market cap. Investors can use this as a gauge of overallmarket accessibility. Foreign Ownership Limits—ranks a country as having a restrictive, moderateor low foreign ownership restrictions environment. Access to tightly controlledmarkets is problematic for global investors. Market Concentration—Our market concentration measure uses an adaptation ofthe Herfindahl-Hirschman Index (HHI), which is an economic concept that measuresthe size of firms in relation to their industry. Widely used in competition and antitrustlaw, the Herfindahl Index is a simple but powerful measure that has traditionallybeen used to calculate changes in market power as well as indicating which firmspossess monopolistic power. For our purposes we calculate the HHI at the holdingsand sector level for each country and average the two scores. Scores can rangefrom 0 -100%, with 100% representing the most concentrated market possible. Liquidity (12 mo. value traded millions USD)—Evaluated for the last calendaryear (e.g., January 1st, 2014–December 31st, 2014). Represents the total valuetraded in USD of all companies that have membership in the corresponding Russellcountry index within the Russell Global Index or Russell Frontier Index series.GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSCountry classificationinvolves considerationof a wide variety offactors, both quantitativeand qualitative.All of the informationand data within thisguidebook is as of12/31/2014.01

OPERATIONAL CONCERNSRussell Indexes tracks the operational environment in each country as a keyconsideration for global investors. Delivery vs. Payment (DvP)—evaluates the existence of this standard tradeexecution mechanism in a country’s markets. DvP enhances the security of a tradebetween two parties. Russell assesses a true DvP environment to exist where thereis no material counterparty exposure during the exchange of securities and cash,and the trade is irrevocable once settled. Depository—evaluates the existence of a centralized depository where shares maybe held. The existence of a depository enhances the security and functioning of amarket. Settlement cycle—evaluates the time to settle a trade. T 1 – T 3 is the RussellIndexes standard for developed and emerging markets. Custody—evaluates the availability of local and/or global custody. The availability ofboth local and global custody enhances the trade security environment of a market. Currency controls—evaluates the existence of foreign currency restrictions, whichtypically limits access for global investors. Funds Repatriation Restrictions—evaluates the existence of restrictions on thewithdrawal of funds from a market, which typically limits access for global investors. Interfund Transfer Restrictions—evaluates the ability to exchange sharesbetween accounts (also referred to as “in-kind”). The ability to make these transfersenhances account management efficiencies within a market. Short Selling—evaluates the ability to short sell shares within a market. The abilityto short sell may be an indicator of a robust market infrastructure and aid in pricediscovery. Account Structure—an omnibus account structure enhances confidentiality, costand efficiency by allowing transactions by different parties to be managed through asingle account. A segregated account structure may be less efficient and morecostly by requiring that transactions be made through individual accounts—oftenwith unique account registration requirements and, in some markets, the use of anadditional safekeeping account.PERFORMANCEThis guide also provides perspective on each country's performance as a marketsegment through country and sector returns for the calendar year 2014. In addition,cumulative return charts are included for each country represented in the index as ofDecember 31, 2014, with five years of historical returns, where available, fordeveloped, emerging and frontier market countries.Notes: Where a graph or data point is not populated herein, the data was eitherinsufficient or unavailable at the time of publishing. The symbol "---" in the marketevaluation matrix denotes data unavailable for analysis.GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONS02

anadaNew GermanySpainHong KongSwedenIrelandSwitzerlandIsraelUnited KingdomItalyUnited StatesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONS03

DEVELOPED COUNTRIESTop 10 constituentsCompany nameGrowth of 100 (USD)WeightCompany nameWeightApple Inc1.71%Wells Fargo & Co0.67%Exxon Mobil Corp1.02%General Electric Co0.65%Microsoft Corp0.98%Procter & Gamble Co0.63%80Johnson & Johnson0.76%Novartis AG0.62%40Berkshire Hathaway Inc0.71%JPMorgan Chase & ket cap (billions USD)75.4%Dec-14GlobalSector d201420%40%60%80%100%Consumer DiscretionaryConsumer StaplesEnergyFinancial ServicesHealth CareMaterials & ProcessingProducer DurablesTechnologyUtilities2015GlobalIn 2014, Berkshire Hathaway, Wells Fargo & Co and Novartisjoined the ranks of the top 10 largest constituents of theRussell Developed Index, while Google, Nestle and Chevronfell out of the top 10. Apple, Exxon and Microsoft remain the3 largest constituents; the weights of Johnson & Johnson andProcter & Gamble Co increased while that of General ElectricCo decreased.The aggregate market capitalization for developed marketcountries covered by Russell increased 2.11% in the yearover-year period from December 31, 2013 – December 31,2014. The aggregate GDP of developed market countriesincreased 3.4% over the same period.Developed markets’ liquidity increased in 2014: settlementcycles decreased to T 2 in 12 out of 23 developed marketcountries, Israel now employs an omnibus securities accountstructure; Singapore, Netherlands, and Portugal now permitbuy-ins; and, the Netherlands and U.K. lifted some limitedrestrictions on short selling.GLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONS04

DEVELOPED COUNTRIESAustraliaIn 2014, Australia’s GDP grew by 4.5%, as compared to7.1% GDP growth in the Asia Pacific region overall. A tradeagreement with China principally benefited the sectors ofdairy and beef, services and specialized manufacturing.However, mining output sagged as large energy projectsneared completion, forcing interest rates to remain at anaccommodating 2.5%. Australia passed the macroeconomicand operational risk requirements for developed markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameWeightCommonwealth Bank ofAustralia10.88%Wesfarmers Ltd3.67%Economic criteriaMarket criteriaWestpac Banking Corp8.08%CSL Ltd3.26%BHP Billiton Ltd7.39%Woolworths Ltd3.02%Australia New ZealandBanking Group Ltd6.90%Telstra Corp Ltd2.04%National Australia Bank Ltd6.05%Rio Tinto Ltd1.98%201320142015 Australia market evaluationCountry riskWorld Bank Income ClassificationMarket cap (as % of region)Heritage Foundation Economic Freedom IndexIMF classification9.3%8.6%7.4%Russell Development ScoreCurrentOne year changeHigh income:OECDNo change81.4-0.6 ptsAdvancedNo change79.90.2 ptsMarket sizeGDP (billions USD) 1,1004.5%GDP per capita (USD) 46,6313.3%Market cap (millions USD)201120122013Australia20142015 1,174,557-6.4%106.7%-12.5%Market value (millions USD) 1,044,746-6.1%Market value-to-market cap88.9%0.3%ModerateNo changeAustralia StockExchangeNo changeMarket cap-to-GDPMarket accessibilityAsia Pacif icGrowth of 100 (USD)Foreign ownership limits160Stock exchanges120Market concentration17.0%0.5% 841,095-13.4%DvPYesNo changeCentralized depositoryYesNo changeLiquidity (12 mo. value traded millions USD)80Operational pedDec-14GlobalSettlement ( T )CustodySector exposures0%20%40%Consumer StaplesHealth CareTechnology60%80%100%EnergyMaterials & ProcessingUtilitiesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSNo changeNoNo changeFunds repatriation restrictionsNoNo changeNoNo changeShort sellingConsumer DiscretionaryFinancial ServicesProducer DurablesNo changeSufficientCurrency controlsInterfund transfer restrictionsAustralia3Account structureYes, covered onlyNo changeOmnibusNo changeSee Appendix for data definitions, dates and sources.05

DEVELOPED COUNTRIESAustriaIn 2014, Austria’s GDP grew by 2.7%, as compared to 3%GDP growth in the Europe region overall. Austria continuesto have the lowest unemployment rate in Europe, at 4.8%.However, economic fallout from Russia’s import banimpacted Austrian farmers who had entered into newmarkets, particularly Russia and China. The governmentprovided subsidies and loan guarantees to impacted farmingbusinesses. Austria passed the macroeconomic andoperational risk requirements for developed markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameErste Group Bank AG17.84%AMS AG4.45%Andritz AG11.83%Telekom Austria AG4.08%Raiffeisen BankInternational AG3.58%Voestalpine AG8.94%WeightOMV AG7.76%Vienna Insurance Group3.55%Immofinanz AG5.29%Oesterreichische Post AG3.20%Economic criteriaMarket criteria201320142015 Austria market evaluationCountry riskWorld Bank Income ClassificationMarket cap (as % of region)0.8%Heritage Foundation Economic Freedom Index0.8%IMF classification0.7%Russell Development ScoreCurrentOne year changeHigh income:OECDNo change71.2-1.2 ptsAdvancedNo change80.1-0.8 pts 3872.7%Market sizeGDP (billions USD)201120122013Austria20142015EuropeGDP per capita (USD) 45,4112.3%Market cap (millions USD) 92,084-18.9%23.8%-6.3%Market value (millions USD) 48,585-16.6%Market value-to-market cap52.8%1.4%LowNo changeVienna StockExchangeNo changeMarket cap-to-GDPMarket accessibilityGrowth of 100 (USD)Foreign ownership limits160Stock exchanges120Market concentration16.1%-1.7% 35,17622.1%DvPYesNo changeCentralized depositoryYesNo changeLiquidity (12 mo. value traded millions USD)80Operational dDec-14GlobalSector exposuresSettlement ( T )2From 3SufficientNo changeCurrency controlsNoNo changeFunds repatriation restrictionsNoNo changeCustodyInterfund transfer restrictionsShort sellingAustriaAccount structure0%20%Consumer DiscretionaryFinancial ServicesProducer Durables40%Consumer StaplesHealth CareTechnology60%80%NoNo changeYes, covered onlyNo changeOmnibusNo change100%EnergyMaterials & ProcessingUtilitiesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSSee Appendix for data definitions, dates and sources.06

DEVELOPED COUNTRIESBelgiumIn 2014, Belgium’s GDP grew by 2.7%, as compared to 3%GDP growth in the Europe region overall. Belgium’seconomy continued its slow recovery from recession, whichhas been hampered by public debt exceeding 100% of GDPand cuts in public spending. However, the ECB’s lowering ofinterest rates may help Belgium fight deflation in key sectors.Belgium passed the macroeconomic and operational riskrequirements for developed markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameWeightAnheuser-Busch InBev NV50.66%Delhaize Group SA3.54%KBC Groep NV7.69%Groupe BruxellesLambert SA3.01%UCB SA4.49%Belgacom SA2.38%Solvay SA3.70%Umicore1.81%Ageas3.62%Colruyt SA1.64%Economic criteriaMarket criteria201320142015 Belgium market evaluationCountry riskWorld Bank Income ClassificationMarket cap (billions USD)2.3%Heritage Foundation Economic Freedom Index2.3%IMF classification2.7%Russell Development ScoreCurrentOne year changeHigh income:OECDNo change68.8-1.1 ptsAdvancedNo change79.0-2.5 ptsMarket sizeGDP (billions USD)201120122013Belgium20142015Europe 4672.7%GDP per capita (USD) 41,7412.4%Market cap (millions USD) 352,5742.8%75.5%0.1%Market value (millions USD) 211,5153.9%Market value-to-market cap60.0%0.7%LowNo changeNYSE EuronextBrusselsNo changeMarket cap-to-GDPMarket accessibilityGrowth of 100 (USD)Foreign ownership limitsStock exchanges160Market concentration12032.3%1.4% 117,1416.7%DvPYesNo changeCentralized depositoryYesNo changeLiquidity (12 mo. value traded millions USD)80Operational dDec-14GlobalSettlement ( T )2From 3SufficientNo changeCurrency controlsNoNo changeFunds repatriation restrictionsNoNo changeCustodySector exposuresInterfund transfer restrictionsShort sellingBelgium0%20%Consumer DiscretionaryFinancial ServicesProducer Durables40%Consumer StaplesHealth CareTechnology60%80%100%EnergyMaterials & ProcessingUtilitiesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSAccount structureNoNo changeYes, covered onlyNo changeOmnibusNo changeSee Appendix for data definitions, dates and sources.07

DEVELOPED COUNTRIESCanadaIn 2014, Canada’s GDP grew by 4%, as compared to 3.9%GDP growth in the North America region overall. TheCanadian economy posted the second-fastest growth of theG7 countries. Canadian exports to the U.S. jumped, due toan increase in U.S. demand. However, a slowdown in Chinaand plummeting oil prices equated to less revenue forCanada. Canada passed the macroeconomic andoperational risk requirements for developed markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameWeightRoyal Bank of Canada6.48%Suncor Energy Inc3.04%Toronto-Dominion Bank5.73%Bank of Montreal2.97%Bank of Nova Scotia4.52%Enbridge Inc2.79%Canadian NationalRailway Co3.30%Manulife Financial Corp2.30%Valeant PharmaceuticalsInternational3.11%TransCanada Corp2.26%Economic criteriaMarket criteria201320142015 Canada market evaluationCountry riskWorld Bank Income ClassificationMarket cap (billions USD)Heritage Foundation Economic Freedom IndexIMF classification9.6%7.5%6.8%Russell Development ScoreCurrentOne year changeHigh income:OECDNo change79.1-1.1 ptsAdvancedNo change74.8-0.6 ptsMarket sizeGDP (billions USD) 1,5794.0%GDP per capita (USD) 44,5192.9% 1,825,718-1.1%115.6%-5.9%Market value (millions USD) 1,541,743-0.5%Market value-to-market cap84.4%0.4%ModerateNo changeToronto StockExchange, VentureExchangeNo changeMarket cap (millions USD)201120122013Canada20142015Market cap-to-GDPMarket accessibilityNorth AmericaForeign ownership limitsGrowth of 100 (USD)Stock exchanges160120Market concentration11.4%-0.3% 998,1403.5%DvPYesNo changeCentralized depositoryYesNo changeLiquidity (12 mo. value traded millions USD)80Operational Dec-14GlobalSector exposuresSettlement ( T )Custody0%20%Consumer DiscretionaryFinancial ServicesProducer Durables40%Consumer StaplesHealth CareTechnology60%80%100%EnergyMaterials & ProcessingUtilitiesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSNo changeSufficientNo changeCurrency controlsNoNo changeFunds repatriation restrictionsNoNo changeInterfund transfer restrictionsNoNo changeYes, covered onlyFrom yes,unrestrictedOmnibusNo changeShort sellingCanada3Account structureSee Appendix for data definitions, dates and sources.08

DEVELOPED COUNTRIESDenmarkIn 2014, Denmark’s GDP grew by 3.2%, as compared to 3%GDP growth in the Europe region overall. A second fiscalstimulus package was passed intending to help smallbusinesses maintain production locally. However, Denmarkcontinues to struggle with effects of the 2008 housing bubblecollapse, and reductions in exports due to Russian sanctionshave hampered economic growth. Denmark passed themacroeconomic and operational risk requirements fordeveloped markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameWeightNovo Nordisk A/S B39.22%Pandora A/S3.69%Danske Bank A/S8.07%Vestas Wind Systems A/S3.62%AP Moller - Maersk A/S B5.89%Carlsberg A/S B3.60%Novozymes A/S B shs4.29%AP Moller - Maersk A/S A3.36%Coloplast A/S B3.88%TDC A/S2.69%Economic criteriaMarket criteria201320142015 Denmark market evaluationCountry riskWorld Bank Income ClassificationMarket cap (billions USD)Heritage Foundation Economic Freedom Index1.9%2.1%IMF classification2.5%Russell Development ScoreCurrentOne year changeHigh income:OECDNo change76.30.2 ptsAdvancedNo change85.30.8 ptsMarket sizeGDP (billions USD)201120122013Denmark20142015Europe 2493.2%GDP per capita (USD) 44,3252.9%Market cap (millions USD) 326,9667.0%131.5%4.6%Market value (millions USD) 227,8609.8%Market value-to-market cap69.7%1.8%LowNo changeNASDAQ OMXCopenhagen A/SNo changeMarket cap-to-GDPMarket accessibilityGrowth of 100 (USD)Foreign ownership limits200Stock exchanges160Market concentration12025.3%1.0% 176,51444.9%DvPYesNo changeCentralized depositoryYesNo changeLiquidity (12 mo. value traded millions USD)80Operational dDec-14GlobalSettlement ( T )2From 3SufficientNo changeCurrency controlsNoNo changeFunds repatriation restrictionsNoNo changeCustodySector exposuresInterfund transfer restrictionsDenmarkShort selling0%20%Consumer DiscretionaryFinancial ServicesProducer Durables40%Consumer St aplesHealt h CareTechnology60%80%100 %EnergyMaterials & ProcessingUtilit iesGLOBAL GUIDEBOOK COUNTRY CLASSIFICATIONSAccount structureNoNo changeYes, covered onlyNo changeOmnibusNo changeSee Appendix for data definitions, dates and sources.09

DEVELOPED COUNTRIESFinlandIn 2014, Finland’s GDP grew by 1.5%, as compared to 3%GDP growth in the Europe region overall. Finland slippedinto a recession as demand for its exports weakened.Russia’s ban on dairy products in response to Westernsanctions, as well as a lack of demand for Finnish cell phonetechnology and forest-product exports, contributed to the dip.Finland passed the macroeconomic and operational riskrequirements for developed markets.Development indicatorsTop 10 constituentsCompany nameWeightCompany nameWeightNokia OYJ20.31%Wartsila Oyj4.73%Sampo A13.69%Stora Enso Oyj R Shs3.76%Kone OYJ B Shs10.83%Metso Oyj3.09%Fortum Oyj6.30%Elisa OYJ2.47%UPM-Kymmene Oyj5.99%Orion Oyj Class B2.12%Economic criteriaMarket criteria201320142015 Finland market evaluationCountry riskWorld Bank Income ClassificationMarket cap (billions USD)Heritage Foundation Economic Freedom Index1.3%1.4%1.4%IMF classificationRussell Development ScoreCurrentOne year changeHigh income:OECDNo change73.40.03 ptsAdvancedNo change92.00.4 ptsMarket sizeGDP (billions USD)201120122013Finland20142015 2221.5%GDP per capita (USD) 40,4551.0%Market cap (millions USD) 190,470-8.7%86.0%-9.6%Market value (mil

Australia 10.88% Wesfarmers Ltd 3.67% Westpac Banking Corp 8.08% CSL Ltd 3.26% BHP Billiton Ltd 7.39% Woolworths Ltd 3.02% Australia New Zealand Banking Group Ltd 6.90% Telstra Corp Ltd 2.04% National Australia Bank Ltd 6.05% Rio Tinto Ltd 1.98% Market cap (as % of region) Growth of 100 (USD) Sector exposures Development indicators

Related Documents:

Cboe Russell 2000 30-Delta BuyWrite Index Page 2 of 7 the last disseminated value of the Russell 2000 Index before 12:00 pm ET is used. If the VWAP of the Russell 2000 Index and the last value before 12:00 pm

Abbreviations xxix PC Carli price index PCSWD Carruthers, Sellwood, Ward, and Dalén price index PD Dutot price index PDR Drobisch index PF Fisher price index PGL Geometric Laspeyres price index PGP Geometric Paasche price index PH Harmonic average of price relatives PIT Implicit Törnqvist price index PJ Jevons price index PJW Geometric Laspeyres price index (weighted Jevons index)

U.S. Debt Index Non-LendableFund F, Equity Index Non-Lendable Fund F, Russell 2500 Index Non-LendableFund F, BlackRock MSCI ACWI ex-U.S. Index Non-Lendable Fund F, Russell 1000 Index Non-Lendable Fund F This form is submitted in connection with an amendment to the Investment Agreement or a proposed consent to amend the Investment Agreement.

S&P BARRA Value Index RU.S.sell Indices: RU.S.sell 1000 Growth Index RU.S.sell 2000 Index RU.S.sell LEAP Set RU.S.sell 3000 Value Index S&P/TSX Composite Index S&P/TSX Venture Composite Index S&P/TSX 60 Canadian Energy TrU.S.t Index S&P/TSX Capped Telecommunications Index Sector-based Indices: Airline Index Bank Index

This guidebook is designed for the Young Marine Recruit. There are four other guidebooks that you will receive as you progress through your career in the Young Marines: the Basic Young Marine Guidebook, the Junior Young Marine Guidebook, the Senior Young Marine Guidebook,

Index, Russell 1000 Index, Russell 2000 Index, MSCI EAFE Index) are market-cap weighted, . the use of the Fundamental Index methodolog

FTSE Russell 17 Index Control and Governance Framework FTSE Russell leads global best practice standards in governance, including those applied to FTSE TMX Canada, with a focus on transparent, robust and rules-driven index construction Index construction, management, and

2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 . Removal handle Sound output / wax protection system. 11 Virto V-10 Custom made shell Battery door Volume control (optional) Push button Removal handle . Before using