Broad Global Active Mandate

Past performance is not a guarantee of future results.

Emerging Markets Management, L.L.C. (EMM) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

GENERAL NOTES ON ALL COMPOSITES

1. EMM is a U.S. registered investment management firm that invests primarily in emerging markets securities. EMM invested exclusively in emerging markets securities from its inception in 1987 until April 2008, when it introduced a quantitative product that invests in both emerging and developed (ex U.S.) countries.
2. The base currency used to express performance is the U.S. dollar.
3. EMM currently offers new separately managed account clients either a tiered (1.25% per annum on the first U.S. $50 million, 0.90% on the next U.S. $100 million, 0.75% on the next U.S. $100 million, and negotiable thereafter) or performance-based (0.50% per annum, plus 20% of value added) advisory fee structure. EMM’s advisory fees are negotiable based upon account size and other relevant factors. Please see Part II of EMM’s Form ADV for further information regarding advisory fees.
4. Certain prices and exchange rates used for the individual portfolios within each composite vary due to differences in custodians used by each client.
5. A complete list and description of all of the firm's composites are available upon request. Additional information regarding policies for calculating and reporting returns is available upon request.
6. All composites consist exclusively of fee-paying portfolios.

NOTES ON GLOBAL EQUITY COMPOSITE (Figures are based on most recent estimates)

1. The Global Mandate composite is the core strategy that comprises broadly diversified, global active portfolios that invests in approximately 200 emerging markets stocks.
2. The composite was created on May 1, 1988, and includes the performance of one account that was managed by EMM's majority owner and managing member (Emerging Markets Investors Corporation) from May 1, 1988 until July 17, 2006. Effective July 17, 2006 EMM took over investment advisory responsibility for this account.
3. One account (which was terminated on October 31, 1999) was ex-Malaysia. The performance of this account was first calculated in Australian dollars and then converted to U.S. dollars for purposes of this composite.
4. The composite is presented net of withholding taxes for applicable countries. For this composite, the IFC Global Index is reported gross of withholding taxes. The MSCI EM IMI Index is reported net of withholding taxes at rates that are applicable to non-residents for each respective country within the index. Prior to January 1, 2004, the MSCI EM Index was reported gross of withholding taxes. The assumed withholding tax rate for the composite (asset weighted) was approximately 8% for a U.S. investor and 0% for the IFC Global Index and the MSCI Free Index (due to gross reporting).
5. Prior to January 1, 1998, one account (which represented approximately 12% of the composite as of that date) was valued on a settlement date basis.
6. Composite results for the full historical period are time-weighted and include reinvestment of dividends and capital gains. Results were calculated monthly and linked geometrically. For separate account portfolios, returns are calculated gross of management fees and a monthly estimate of this fee is deducted at the end of each month to obtain the net of fees return for that month. For investment funds, management fees are accrued monthly and included in the fund's net asset value calculation. Gross of fees returns for investment funds are obtained by adding back the fee for each month. The composite is asset-weighted by beginning of month asset values. The composite returns are net of brokerage and other administration fees.
7. The benchmark for this composite is currently the MSCI EM IMI (net of withholding taxes). Prior to 1/08, the benchmark was the MSCI Emerging Markets Total Return Net of Withholding Taxes. Prior to 1/1/04, the benchmark was the MSCI Emerging Markets Composite Index (MSCI EM). Prior to July 1, 1997, the benchmark was the IFC Global Index. The benchmark change(s) were made in each instance because EMM believed that the new benchmark represented a more accurate reflection of the composite's investable universe versus the then-existing benchmark.
8. As of the date of this report, approximately 6.1% of the composite was invested in countries outside the composite's benchmark.
9. Effective 1st quarter 2003, EMM changed its accounting treatment for performance fees. Originally for the December 2002 Global Composite, performance fees were recognized when received. After the change, performance fees are accrued at the end of the fiscal period in which they are earned. Prior to the change, the net of fees return for 2002 was -1.0%.
10. Effective January 1, 2005, the dispersion of the composite is measured using equal-weighted standard deviation. Prior to 2005, the dispersion of the composite was measured using asset-weighted standard deviation.
11. Total Return information referenced above (both “gross” and “net” of investment management fees) are calculated after deducting applicable administrative and operating expenses, such as custodian fees and/or trading expenses. These fees and expenses will vary among accounts.