Index Factsheet

MSCI Brazil Index (BRL)

The MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. With 48
constituents, the index covers about 85% of the Brazilian equity universe.
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — GROSS RETURNS (BRL) ANNUAL PERFORMANCE (%)

(FEB 2009 – FEB 2024) MSCI
Year MSCI Brazil Emerging MSCI ACWI
Markets
MSCI Brazil 2023 22.71 1.45 12.99
1235.21
1,200 MSCI Emerging Markets 2022 8.64 -23.92 -22.24
MSCI ACWI 2021 -11.20 4.85 27.65
2020 4.76 53.25 50.85
2019 31.46 23.39 32.12
800 2018 16.67 0.21 6.41
2017 26.87 40.39 27.01
646.71 2016 37.18 -8.19 -10.75
2015 -12.46 27.10 46.09
429.99 2014 -2.81 10.62 17.97
400
2013 -2.97 12.61 42.23
2012 10.14 30.22 28.21
2011 -11.89 -8.06 4.65
50 2010 1.72 13.51 7.81
Feb 09 May 10 Aug 11 Nov 12 Feb 14 May 15 Aug 16 Nov 17 Feb 19 May 20 Aug 21 Nov 22 Feb 24

INDEX PERFORMANCE — GROSS RETURNS (%) (FEB 29, 2024) FUNDAMENTALS (FEB 29, 2024)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr DecSince Div Yld (%) P/E P/E Fwd P/BV

31, 1987

MSCI Brazil 0.82 1.98 23.30 -3.49 7.23 7.64 11.47 91.00 7.36 8.03 7.77 1.56

MSCI Emerging Markets 5.36 4.63 3.90 2.20 -9.47 8.20 11.49 85.38 2.86 15.16 11.83 1.66

MSCI ACWI 4.91 10.85 17.78 7.36 3.27 17.47 17.47 83.25 1.96 20.78 17.38 2.98

INDEX RISK AND RETURN CHARACTERISTICS (FEB 29, 2024)

ANNUALIZED STD DEV (%) 2 MAXIMUM DRAWDOWN
Turnover 3 Yr 5 Yr 10 Yr (%) Period YYYY-MM-DD
(%) 1

MSCI Brazil 3.10 18.62 23.42 22.40 61.16 2008-05-20—2008-10-27

MSCI Emerging Markets 5.92 16.04 16.79 15.56 55.27 2007-10-29—2008-10-27

MSCI ACWI 2.41 14.47 16.02 16.42 46.71 2007-05-07—2009-03-09

1 2
Last 12 months Based on monthly gross returns data

The MSCI Brazil Index was launched on Sep 30, 1988. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed over that time
period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested
-- is no indication or guarantee of future performance.

MSCI Brazil Index (BRL) | msci.com

FEB 29, 2024 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI Brazil Float Adj Mkt Index Sector
Number of 48 Cap Wt. (%)
( BRL Billions)
Constituents VALE ON 228.05 11.91 Materials
Mkt Cap ( BRL Millions)
PETROBRAS PN 191.14 9.98 Energy
Index 1,914,257.38
ITAU UNIBANCO PN 164.47 8.59 Financials
Largest 228,051.09 PETROBRAS ON 153.39 8.01 Energy
Smallest 7,088.50 B3 74.66 3.90 Financials
Average 39,880.36 BANCO BRADESCO PN 73.04 3.82 Financials
Median 20,995.60 WEG ON 61.60 3.22 Industrials
AMBEV ON (NEW) 59.45 3.11 Cons Staples
ITAUSA PN 55.86 2.92 Financials
ELETROBRAS ON 52.75 2.76 Utilities
Total 1,114.40 58.22

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI Brazil MSCI Emerging Markets
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS
10.16% 8.01%

8%
17.02% 2.74%

2.35%

1.99%

0.84%
22.01% 26.87%

Financials 26.87% Energy 22.01% Materials 17.02% Utilities 10.16%

Industrials 8.01% Consumer Staples 8% Consumer Discretionary 2.74%

Health Care 2.35% Communication Services 1.99% Information Technology 0.84%

MSCI Brazil Index (BRL) | msci.com

FEB 29, 2024 Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists
of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed
by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)
from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures
of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over
the long run.

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to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI Brazil Index (BRL) | msci.com