Euromoney Indices is an independent team of analysts located in Edinburgh and Sofia that specializes in developing, calculating, and supporting indices across asset classes. They have over 25 years of experience in index creation and calculation. Their primary products and services include benchmark indices, calculation agent services for custom indices, and bespoke data services. Some of their flagship equity index series include the Euromoney Smaller European Companies Index Series and the Euromoney Global Mining Index Series.

1. Aboutus
Euromoney Indices is an independent team of analysts located in Edinburgh and Sofia who specialise in
the development, calculation, and support of indices covering all major asset classes, across a variety of
applications, for delivery to a diverse client base. Established in 1987, the expertise has been developed
over 25 years by a stable team who focus on high standards of data integrity, combined with a flexible
database architecture, to deliver a personal service to customers that is unique in the industry.
The primary products offered to clients by Euromoney Indices are Benchmark Indices, Calculation Agent
and Smart Beta Services, and Bespoke Data Services.
Benchmark Indices
EuromoneyIndices maintains andcalculatesthree
series ofequityindices forSmallerCompanies,
EmergingMarkets andGlobalMining.Indicesare
rules based,long-establishedand,insomecases,
regardedas theindustrystandardbenchmarkintheir
investmentcategory.
Indexvalues areavailableonallmajordatasystems,
andconstituentinformationisavailableby
subscriptiondirectfromEuromoneyIndices.Index
groundrules,methodologydocumentsandsummary
factsheets areavailableontheEuromoneyIndices
website,www.euromoneyindices.com.
Calculation Agent and Smart Beta Services
EuromoneyIndices constructs,maintainsand
calculates indices onbehalfofthirdparties.
TheIntellectualPropertyfortheindicesisowned
bytheclientwithEuromoneyIndicesprovidingan
independentcalculation,verificationandpublication
service.Indicesareutilisedforavarietyof
applicationsfromPeerGroupbenchmark
construction,forperformancemeasurement
comparison,toLong/ShortStrategy-basedIndices,
designedtominimiserisk.
Theteamhasalong,establishedtrackrecordin
thisareaworkingwithclientswhobenefitfromthe
richexperiencewithinEuromoneyIndicesin
understandingthetechnical,governanceand
regulatoryaspectsinmaintaininganIndexSeries.
Bespoke Data Services
TheEuromoneyIndicesdatabaseholdsover82,500
equitiesand,whereavailable,dailydatabackto1985.
EuromoneyIndicesprovidesclientswithdaily,weekly
ormonthlydataextractedfromthedatabase.This
customiseddataserviceincludesdailyclosingprices,
issuedsharecapitals,dividends,corporate actions,
exchangerates,indexvaluesandvariousstaticdata
items.Theteamalsocalculatesquantitativedata
suchasbetas,correlationsandvolatilitiesforusein
portfolioandriskanalysisapplications.
Forfixedincome,EuromoneyIndicesstores
informationanddailypricesfromanumberofsources
andonawiderangeofgovernmentandcorporate
bonds.Usingthisdata,dailyanalytics,such asyields,
durations,convexities,benchmarkandassetswap
spreadscanbecalculated.
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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Capital Total Source: Euromoney Indices
Smaller Europe (ex UK)
Annual Performance (USD) (%)
80
60
40
20
0
-20
-40
-60
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012

2. BenchmarkIndices
Euromoney Indices maintains, calculates and publishes proprietary equity indices that are used widely by
the global financial community as relevant and representative benchmarks for their specific investment
category. There are three main series of equity indices covering Smaller Companies, Emerging Markets
and Global Mining. Each Index Series is rules-based, accurately maintained and delivered across all major
data vendor platforms.
Euromoney Indices takes a platform agnostic approach to the delivery of its benchmark index services
allowing subscribers to choose delivery either directly or via vendor systems.
Smaller Companies
A SmallerCompanies IndexSeriesismaintained
foreachmaingeographic region,withcountryand
industrygroupsubsets includedtocomprisea
comprehensivecoverageofthisinvestmentcategory.
TheEuromoneySmallerEuropeanCompaniesIndex
Series was establishedin1989,covers1,350
companies,selectedaccordingtosizeandliquidity,and
is widelyregardedas theleadingsmallercompanies
benchmarkfordevelopedmarketsinEurope.
Emerging Markets
TheEuromoneyGlobalEmergingMarketsIndex
Series covers over4,500broadbasedmarket
capitalisationcompanies from49emergingmarkets,
splitintothefollowingregionalsub-indices:
• EmergingEMEA IndexSeries
(EmergingEurope,MiddleEastandAfrica)
• SouthAsiaIndexSeries
(Bangladesh,India,Pakistan,andSriLanka)
• EmergingSouthEastAsiaIndexSeries
• LatinAmericaIndexSeries
Applyingfilters totheseindices,EuromoneyIndices
cancreateinterestingsubsetsbasedonmarket,
industrysector,liquidityand/orsize.
Global Mining
TheEuromoneyGlobalMiningIndexSerieswas
launchedin1988andcapturestheperformanceof
companies fromminingindustrieswherethe
productionprocess has beenestablished.
ThemainfeaturesoftheEuromoneyGlobal Mining
IndexSeriesare:
• Coverstheminingindustriesacross26countries
• Indexhistoriesareavailablefrom31December1985
• Regionalindicesarecalculatedforthemajormining
regions,egNorthAmerica,LatinAmerica,Africa,
andAustralia
• Indicesarecalculatedforeachminingsectorona
globalandregionalbasis
TheMiningserieshasdevelopedovertheyears,with
afurthersetofindicesaddedfocusingonGlobal
SteelCompaniesandGlobalResourcesCompanies.
TheGlobalResourcesIndexiscombinedwiththe
MiningIndextoformtheEuromoneyGlobal Gold,
MiningandEnergyIndex.TheIndexSeriesoffersa
flexibilitywhichenablesindividualsegmentstobe
groupedtogethertodeliverabroaderbenchmarkfor
companiesfromsimilarindustries.
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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Index Values (USD)
1500
1250
1000
750
500
250
0
Capital Total Source: Euromoney Indices
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
Global Mining

3. CalculationAgent
andSmartBetaServices
Euromoney Indices has substantial experience in calculating strategy, research and customised indices
across the major asset classes, including equities, credit, ETFs, rates, and FX. Euromoney Indices has
in-depth knowledge of applying investment techniques, such as risk control, long/short, optimisation,
reflexivity and fundamental factors to its index calculations.This knowledge allows the team to compute
and calculate complex investment strategy indices.
Theservice offered byEuromoneyIndices aimstobeflexibleinordertomeeteachclient’sindividual
requirementsin a professional andtimelymanner.
Benchmarks for Funds
Sometimes eventhemorespecialisedindicesoffered
byEuromoneyIndices failtomeetthespecificcriteria
forabenchmark. Examples include:
• Funds withanallocationstrategybasedon
FundamentalDataratherthantraditionalsize,
marketandsectorcoverage
• Funds withSRIrequirements
• PensionandInsurancefundswhicharenot
permittedtoholdshares inthesponsorcountry
• Funds witharestrictionontheweightallowedin
anyoneissuer
• Funds requiringacompositebenchmarkbasedon
theirassetallocationstrategy
• Funds withcurrencyhedgingstrategies
Ineachcase,EuromoneyIndicescalculates
benchmarkvalues andprovidestheseandotherdata
directtoclients.
Benchmarks for Performance Measurement
A typicalrequirementforthegrantingofsharesor
options byacompanyis thatitsreturnshouldexceed
thatofapre-determinedbenchmarkoveragiven
period. EuromoneyIndices canprovidethetrustees
andremunerationcommitteeswithcomprehensive
informationandservices,suchas:
• Periodic calculationofshareholderreturnofa
basketofcompanies
• Comparisonofshareholderreturnsofeach
companyinabasket
• AnalysisofotherdatasuchasEPSgrowth,dividend
growthandbookvaluegrowth
Ineachcase,EuromoneyIndicesperformsthe
relevantanalysisonaperiodicbasis,andprovides
valuesandotherdatadirecttoclients.
Custom and Smart Beta Indices
Whereacustomindexisrequiredbyaclientfora
specificpurpose,EuromoneyIndiceswill
undertakeitsconstruction,maintenanceand
calculation. Constituentscanbedeterminedintwo
ways:eitherbygroundruleswhichhavebeenagreed
inadvancewiththeclient;orbytheclientnotifying
EuromoneyIndicespriortothechangestakingeffect
intheindex.
Typicalusesofcustomindicesare:
• Strategybased/smartbetaindicesfeaturing
long/short,volatilitycapandstop-losscontrols
actingasunderlierstostructuredinvestment
products
• Forpublishinginajournaloronline
• Fortheprovisionofhistoricindexvaluespriorto
thelaunchofanewindexorseriesofindices
• Formeasuringthereturnsofaninvestment
strategyorfinancialmodel
Dependingontheuseforwhichthecustomindex
hasbeenconstructed,EuromoneyIndicescaneither
publishthevaluesorprovidethemdirecttotheclient
atanagreedfrequency.
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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4. BespokeDataServices
Euromoney Indices manages a database of over 82,500 worldwide equities with histories dating back to
1985. Through its own in-house team, Euromoney Indices applies the most stringent quality assurance
techniques, developed over 25 years, to ensure that the data remains of the highest quality.
Euromoney Indices offers both single snapshot data as well as ongoing updates to clients to best suit
client needs.
Data Accuracy
EuromoneyIndices’teamofexperiencedanalysts,
workingacross Europeantimezones,isdedicated
toensuringthatthehighlevelofdataaccuracyand
theintegrityofthedatabaseismaintainedatall
times. This means thatclientsareassuredof
premiumqualityinformationinthemosttimely
mannerpossible.
• Datais validatedusingavarietyofindependent
sources includingfinancialdatasystems,stock
exchanges andcompanywebsites
• Validatingandupdatingdatathroughouttheday
means thatclients areassuredofthehighest
qualityinformation
• Integrityofthedatameans thatEuromoneyIndices’
otherproducts,across theboard,remainofthe
higheststandard
Data Items
Thefollowingareexamples ofdataitemsavailable
fromEuromoneyIndices:
• Dailyprices:open,close,highandlow
• Issuedsharecapitals,dividendsandcorporate
actions forequities
• Indicativedata,issuedamountsandcoupon
schedules forbonds
• Static fields:exchangecodesandidentifiers,
companynames,sharetypes,etc.
• Quantitativeandanalytic dataforbothequities
andbonds
• Exchangerates
• Indexvalues
Data Coverage
EuromoneyIndicesequitiesdatabasehas
increasedsignificantlysinceitsinceptionin1985.
Thecoveragehasexpandedfromblue-chipsecurities
indevelopedmarketstosmallercompaniesin
emergingmarkets.
AparticularstrengthisEuromoneyIndices’
treatmentandcoverageofCorporateActions.
Eacheventisindividuallyvalidatedbythein-house
teamwhorecognisetheimportanceofhigh-quality
corporateactiondata.
Data Delivery
TheserviceEuromoneyIndicesoffersisfully
customisedwithdataprovidedinavariety of
formats,egFlatfiles,Excelspreadheets,XML,
andisdeliveredviaFTPoremail. Thefrequencyof
deliveryrangesfromfourtimesperday,tocoincide
withregionalmarkethours,tomonthly,depending
onclientrequirements.
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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2,249 7,652
14,50519,938
Capital Adjustment Population (1986 - 2013)
RightsIssue(NonRenouncable)
RightsIssue
SpecialCashDividend
Spin-off Source: Euromoney Indices

5. EuromoneySmaller
EuropeanCompanies
IndexSeries
The Euromoney Smaller European Companies Index Series comprises three regional indices and 16
sub-indices and covers smaller companies in developed markets in Europe.The regional indices are:
(i) Smaller Europe (excluding UK), (ii) Smaller Europe (including UK), and (iii) Smaller Euroland.The 16
sub-indices correspond to each one of the 16 component markets within Smaller Europe (including UK).
Specialist indices in the series include the Euromoney Smaller European Leaders Indices, which cover 135
of the most liquid companies, and the Euromoney Recovery Indices, which cover 135 of the companies which
have suffered the largest falls in share price.
Smaller Europe (ex UK) Index
TheEuromoneySmallerEurope(exUK)Indexisan
indexofsmallercompanies inEuropeexcluding
theUKmarket.Itconsists of15markets,8industry
groups,41industrialsectors,and1,000constituent
companies.Theindexprovidesameaningful
benchmarkformeasuringtheaggregateperformance
ofsmallercompanies inContinentalEurope.
Smaller Europe (inc UK) Index
TheEuromoneySmallerEurope(incUK)Index
consists of16markets and1,350constituent
companies.Theindexis aweightedcombinationof
twoindices:theEuromoneySmallerEurope(exUK)
IndexandtheEuromoneySmallerUKIndex.
Smaller Euroland Index
TheEuromoneySmallerEurolandIndexisanindex
ofsmallercompanies intheEurocurrencyregion.
Itis asubsetoftheEuromoneySmallerEurope
(exUK)Indexandconsists of11marketsanda
varyingnumberofconstituentcompaniesbased
ontheunderlyingmarkets.
General Information
TheEuromoneySmallerEuropeanCompanies
IndexSeriesandtheassociatedSmallerCompanies
Sub-Indicesarecalculatedandmaintained by
EuromoneyIndices.TheSerieswaslaunchedin
August1993andhasdailyvaluesavailableto
31December1989.
InaccordancewiththeGroundRules,theIndex Series
isreviewedquarterlytoensurethatallconstituents
areliquid,listedsecurities,andremainrepresentative
ofsmallercompaniesinEurope.
Countrycoverageisasfollows:Austria,Belgium,
Denmark,Finland,France,Germany,Greece,Ireland,
Italy,Netherlands,Norway,Portugal,Spain,Sweden,
Switzerland,andUK.
GroundRules,IndexFactsheets,andcurrentdaily
valuesfortheEuromoneySmallerEuropean
CompaniesIndexSeries(inGBP,USD,EUR),and
Sub-Indices(inlocalcurrency),areavailableonthe
EuromoneyIndiceswebsitewww.euromoneyindices.
com,andfromanumberofinformationservices.
Bloomberg <EMIX> GO
InteractiveData 1803662
Micropal 117139
Reuters .JSEU
ThomsonFinancialDatastream JCSCEUX
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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6. EuromoneyGlobalMining
IndexSeries
The Euromoney Global Mining Index Series represents the mining industry worldwide and comprises
(i) the Euromoney Global Mining Index (together with 30 sub-indices); (ii) the Euromoney Global Gold,
Mining & Energy Index; and (iii) the Euromoney Global Mining & Steel Index.
The Index Series captures the performance of companies from mining industries where the production
process has been established.The mining industries covered include Gold, Base Metals, Minerals, Coal,
and Diversified mining companies.
Global Mining Index
TheEuromoneyGlobalMiningIndex,andits30
sub-indices,consists ofavaryingnumberof
securities (approximately150)representingthe
miningindustryacross 26countries.Theinception
dateoftheIndexis 31December1985andthebase
dateis 31December1988.
Inordertoqualifyforinclusionintheindex,
Prospectorcompanies aremonitoredcloselyand
onlyincludedonceproductionhasbeenestablished
andotherindexcriteria,suchassizeandliquidity,
havebeenmet.
Global Gold, Mining & Energy Index
TheEuromoneyGlobalGold,Mining&EnergyIndex
contains theGlobalMiningIndexasasubsetandwith
otherenergyproductionandexplorationcompanies
included.TheIndexconsists ofavaryingnumberof
securities (approximately600)across44countries.
TheinceptiondateandthebasedateoftheIndex
is 31December1985.
Global Mining & Steel Index
TheGlobalMiningIndexandtheGlobalSteel
IndexcombinetoformtheEuromoneyGlobalMining
&SteelIndex.Thereareover240securitiesand
35countries currentlyrepresentedintheIndex.
TheinceptiondateandbasedateoftheIndexis
31December1985.
General Information
TheconstructionoftheEuromoneyGlobalMining
IndexSeriesisbasedonabroadselectionof
constituentsinbothdevelopedandemerging
markets.TheIndexSeriesismaintained,calculated
andpublishedbyEuromoneyIndices,andprovidesa
definitiveandaccuratebenchmarkdesignedforthe
investmentcommunity.
InaccordancewiththeGroundRules,theIndex
Seriesisreviewedquarterlytoensurethat all
constituentsareliquid,listedsecurities,andopen
toforeignownership.
TheGlobalMiningIndexSerieslendsitself tothe
creationofsub-indices,whichcanbecountry/region
based,selectedbyminingsectorand/orsizespecific.
AnexampleistheGlobalMining50Indexwhich
capturesthe50largestcompaniesfromthebroader
basedbenchmarkandisthereforemoresuitedtothe
creationofinvestmentproducts.
GroundRules,IndexFactsheets,andcurrentdaily
valuesfortheEuromoneyGlobalMiningIndex Series
(inGBP,USD,EUR)areavailableontheEuromoney
Indiceswebsitewww.euromoneyindices.com,and
fromanumberofinformationservices.
Bloomberg <EMIX> GO
InteractiveData 1806133
Reuters .JCGM
Rimes GLOBMIN
ThomsonFinancialDatastream JCIGLMN
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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7. Biographies
Euromoney Indices is an independent team of analysts providing an index service dedicated exclusively
to the needs of today’s investment professionals. It specialises in devising the comprehensive index tools
that underpin and validate successful asset management strategies.
With over 25 years’ experience, Euromoney Indices combines intellectual rigour with operational flexibility,
and delivers a service to customers that has a personal dimension and transparent pricing structure that is
unique in the industry.
Sui Chung
Managing Director
Suihas responsibilityforworkingwiththeteam
togrowthecapabilities ofEuromoneyIndices.
BasedinLondon,hehas beenwithEuromoney
InstitutionalInvestorPLCfor11yearsinavarietyof
publishingandresearchroles,working with
Euromoneyproducts andclientscoveringfixed
incomeandcurrencyassetclassesglobally.
Suiis agraduateofUniversityCollegeLondon.
David Moran
Head of Euromoney Indices
DavidjoinedtheteaminSeptember1994,was
appointedHeadin2005,andisresponsibleforthe
managementoftheteams inEdinburghandSofia.
Davidisalsoresponsibleforoverseeingproduct
development,andforpromotingtheEuromoney
Indices productrangetoexternalclients.
Scott Thomson
Head of Indices & Data Products
ScottjoinedtheteaminOctober1994. Hehasoverall
responsibilityfortheEuromoneyIndices,forservicing
various DataProducts clients,andforpromotingthe
EuromoneyIndices productrangetoexternalclients.
Jody Fenton
Operations Manager
JodyjoinedtheteaminJune1987. Jodyisresponsible
forthegeneraladministrationofEuromoneyIndices,
includingaccountmanagement,compliance,
documentproduction,legalandprocedures
maintenance. Jodyis theinitialpointofcontactforall
prospectiveclients andgeneralproductenquiries.
AdrianTupper
Quantitative Specialist
AdrianjoinedtheteaminJune1987tohelpestablish
thesystemsinEdinburghandtodeveloptechniques
forconstructingandmaintainingindexportfolios.
Adrianiscurrentlyresponsibleforprovidingspecialist
quantitativeanalysisandformarketingEuromoney
Indices’expertiseandproductstoinstitutions.
Christina Boyadjieva
Data Analyst
ChristinajoinedEuromoneyIndicesinJuly2013 and
providessupportfortheday-to-daymaintenanceof
theGlobalEquitiesDatabase. Sheevaluatesdaily
exceptionreportsonvariousassetclasses with
specialinterestincorporateactions,dividendsand
otherequityrelatedevents.
Chung-Lun Lau
Indices & Data Specialist
ChungjoinedtheteaminApril2000asQuantitative
Analyst. Hehasbeeninvolvedinseveralaspects
oftheproductincludingquantitativeanalysis,index
fundmanagement,andsoftwareapplication
development. Hiscurrentresponsibilitiesinvolve
assistingwiththeday-to-daymaintenanceofthe
GlobalEquitiesDatabase.
Gavin Cairns
Indices & Data Specialist
GavinjoinedtheteaminApril1997asDataAnalyst.
Gavinisresponsibleformaintainingvariouspartsof
theGlobalEquitiesDatabase,forcoordinatingdata
projectdevelopments,andforsupportingall aspects
oftheday-to-dayrunningofthedatabase.
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
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8. Biographies
Hobart House, 80 Hanover Street, Edinburgh EH2 1EL, UK
T: +44 (0) 131 220 1338
www.euromoneyindices.com
BLOOMBERG <EMIX> GO
Manuela Marinova
Data Analyst
ManuelajoinedEuromoneyIndices inJuly2013 and
providessupportfortheday-to-daymaintenance
oftheGlobalEquitiesDatabase. Shemonitors daily
exceptionreportsonvarious assetclasses withher
mainfocusoncorporateactions suchas cashand
stockdividendsandmergers andacquisitions.
Martin Madjov
Data Analyst
Martin joinedEuromoneyIndices inJuly2013 and
providessupportfortheday-to-daymaintenanceof
theGlobalEquitiesDatabase. Heperforms routine
dailyexceptionreportingonBonddata,equityindices
andotherrelatedequity/bondevents.
Moira Baillie
Receptionist
Moirajoinedtheteamin 1999as Receptionist.
Inaddition, shehelpswithgeneraladministrative
duties andassistsmembers oftheteamwith
ad-hoc projects.
RadoslavTsvetanov
Data Analyst
Radoslav joinedEuromoneyIndices inJuly2013 and
providessupportfortheday-to-daymaintenance
oftheGlobalEquitiesDatabase. Radoslavroutinely
screensdaily exceptionreports onfinancialasset
datawithaparticularinterestinFX andequitydata.
Robert Sandison
Systems Analyst
RobertjoinedtheteaminJanuary2000tohelpwith
themanagementofthebusiness systems andthe
ongoingdevelopmentofin-housesoftware.Robertis
alsoresponsibleforallaspects oftechnicalsupport
includingmanagementoftheEuromoneyIndices
Systems.
Sharon Bain
Indices & Data Specialist
SharonjoinedtheteaminJuly2001asDataAnalyst.
Sheiscurrentlyresponsiblefortheday-to-day
maintenanceoftheGlobalEquitiesDatabase,
formaintainingthestructureofvariousEuromoney
Indices,andforservicingDataProductsclients.
Susan Harley
Indices & Data Specialist
SusanjoinedtheteaminOctober1990asData
Analyst. Susanprovidesasupportroleinthe
maintenanceoftheGlobalEquitiesDatabase,and
hasbeenresponsibleforthedevelopmentofthe
databasetocoveradditionalassetclassesincluding
bondsandcreditdefaultswaps.
Tom Reid
Systems Analyst
TomjoinedtheteaminMarch2000asAnalyst
Programmer. Tomspecialisesinthedesignand
developmentofdatabasesystems,andhiscurrent
responsibilitiesincludethedevelopmentand
maintenanceofsoftwarefortheGlobalEquities
Database.