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.

1. The Global Mandate - Small Capitalization composite is a specialized strategy that focuses on equity and equity related securities of small capitalization companies traded in emerging markets. This composite was created on April 1, 2004.
2. The composite is presented net of withholding taxes for applicable countries. For this composite, the MSCI Emerging Markets Small Cap Index is reported net of withholding taxes at rates that are applicable to non-residents for each respective country within the index. The FTSE Emerging Small Cap Index reports only gross of withholding taxes. The MSCI Custom Index is only reported net of withholding taxes at rates that are applicable to non-residents for each respective country within the index. The assumed withholding tax rate for the composite (asset weighted) was approximately 8% for a U.S. investor.
3. Composite results for the full historical period are time-weighted and include reinvestment of dividends and capital gains. Results for the single investment fund included in the composite were calculated monthly and linked geometrically. 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.
4. The benchmark of this composite is the MSCI Emerging Markets Small Cap Index; prior to February 2008, the FTSE Emerging Small Cap Index; prior to April 2006, the benchmark was the MSCI Custom 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.
5. As of the date of this report, approximately 13.0% of the composite was invested in countries outside of the benchmark.
6. N/A - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
7. 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.