Outperformance Study

We constructed a portfolio using the 2006 Global 100 companies’ stocks, and back tested it over the period running from 1 January 2000 to 31 December 2005. The portfolio invested evenly in the 100 firms and we measured total return, including dividends, etc. The portfolio was rebalanced on a quarterly basis to avoid excessive individual stock weights usually resulting from a large appreciation or depreciation in stock price. This process was repeated for the entire duration of our study, in effect continually equal-weighting all the stocks. For comments/questions on this study, please contact Innovest.

Performance Chart

This chart shows the relative performance of the 2006 Global 100 companies back-tested against the MSCI World Index (2000-2005).

Outperformance Results

	MSCI World	2006 Global 100	Outperformance
1 year	10%	23%	13.46%
3 year	19%	25%	5.47%
5 year	3%	10%	7.11%