The MercerInsight® application (the "application") contains confidential and
proprietary information. Its content may not be modified, sold or otherwise provided,
in whole or in part, to any other person or entity, without Mercer’s prior written permission.
Any findings, ratings and/or opinions expressed within the application are the intellectual
property of Mercer and are subject to change without notice. They are not intended
to convey any guarantees as to the future performance of the investment products,
asset classes or capital markets discussed. Past performance does not guarantee
future results. Mercer's ratings do not constitute individualized investment advice.
The application does not contain investment advice relating to your particular circumstances.
No investment decision should be made based on information taken from the application
without first obtaining appropriate professional advice and considering your circumstances.
Information taken from the application does not constitute an offer or a solicitation
of an offer to buy or sell securities, commodities and/or any other financial instruments
or products or constitute a solicitation on behalf of any investment managers, their affiliates,
products or strategies that Mercer may evaluate or recommend.
The application contains information that is based on data obtained from a range
of third party sources. While the information is believed to be reliable, Mercer
has not sought to verify it independently. Mercer and its third party sources make no representations
or warranties as to the accuracy of the information presented and disclaim any responsibility
or liability (including for indirect, consequential or incidental damages), for
any error, omission or inaccuracy in the information supplied by any third party.
For the most recent approved ratings of an investment strategy, and a fuller explanation of
their meanings, contact your Mercer representative.
Mercer's universes are intended to provide collective samples of strategies that best allow for
robust peer group comparisons over a chosen timeframe. Mercer does not assert that the peer
groups are wholly representative of and applicable to all strategies available to investors.
© 2025 Mercer LLC. All rights reserved.
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Alerian
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The Alerian MLP IndexSM is a servicemark of GKD Index Partners, LLC d/b/a Alerian ("Alerian")
and their use is granted under a license from Alerian. Alerian does not guarantee the accuracy
and/or completeness of Alerian MLP IndexSM or any data included therein and Alerian shall have no
liability for any errors, omissions, interruptions or defects therein. Alerian makes no warranty,
express or implied, representations or promises, as to results to be obtained by Licensee, or any
other person or entity from the use of the Alerian MLP IndexSM or any data included therein. Alerian
makes no express or implied warranties, representations or promises, regarding the originality,
merchantability, suitability, non-infringement, or fitness for a particular purpose or use with
respect to the Alerian MLP IndexSM or any data included therein. Without limiting any of the foregoing,
in no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive,
consequential, or other damages (including lost profits), even if notified of the possibility of such damages.
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BarclayHedge
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Source: BarclayHedge Indices © Backstop Solutions Group, LLC 20[xx]. BarclayHedge is a division of
Backstop Solutions Group, LLC.
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Bloomberg
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Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of
Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). BARCLAYS® is a
trademark and service mark of Barclays Bank Plc (collectively with its affiliates, "Barclays"),
used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary
rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses
this material, or guarantees the accuracy or completeness of any information herein, or makes
any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum
extent allowed by law, neither shall have any liability or responsibility for injury or damages
arising in connection therewith.
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Citigroup
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Certain government bond and mortgage pricing data (as indicated in the FTSE Fixed Income Index Guide
and/or Factsheet) contained in the Data are provided by Citigroup Global Markets Inc. ("Citi"). Where
licensee redistributes, discloses or otherwise makes available to others (including in any report or
other document in any form, print or electronic) such government bond or mortgage pricing data, either
on a standalone basis or as part of an Index, Licensee shall also disclose that such data is "Citi Trader
Pricing."
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Credit Suisse/Tremont
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© 20[xx], Credit Suisse/Tremont Index LLC. All rights reserved. The MercerInsight® software (the "Work") is
provided by Mercer. Neither Credit Suisse/Tremont Index LLC nor its affiliates, subsidiaries, members or parents
(collectively, "Credit Suisse") have undertaken any review of this Work or any recommendations contained herein,
or of the suitability of this information for anyone accessing this Work, and neither the Work nor the information
contained in the Work is sponsored, endorsed or approved by Credit Suisse. The Credit Suisse/Tremont Family of
Indices and any information in the Work relating thereto (collectively, the "Information") is made available to
you for your own internal use and may not be reproduced or disseminated in any form, nor may it be used to create,
offer or sell any security, financial instrument or index. The Information is provided "as is" and any use is at
your entire risk. CREDIT SUISSE DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED OR
STATUTORY, REGARDING THE INFORMATION.
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Datastream
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Source: Refinitiv
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Deutsche Bank
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DBCR Excess Return indices provided by Deutsche Bank; DBCR Total Return indices adapted by Mercer (DBCR Excess Return plus cash return).
The Deutsche Bank AG Indices are used with permission. © 20[xx] Deutsche Bank AG. All rights reserved.
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EDHEC Alternative
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Source: EDHEC-Risk Institute https://risk.edhec.edu/
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EurekaHedge
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Copyright Eurekahedge 2005 - 20[xx], All Rights Reserved. You, the user, may freely use the
data for internal purposes and may reproduce the index data provided that reference to Eurekahedge
is provided in your dissemination and/or reproduction. The information is provided on an "as is" basis
and you assume and will bear all risk or associated costs in its use, and neither Eurekahedge nor
its affiliates provide any express or implied warranty or representations as to originality, accuracy,
completeness, timeliness, non-infringement, merchantability and fitness for any purpose.
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FTSE EPRA/NAREIT
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The Mercer products are not in any way connected to or sponsored, endorsed, sold or promoted by the
London Stock Exchange Group plc and its group undertakings, including FTSE International Limited
(collectively, the "LSE Group"), European Public Real Estate Association ("EPRA"), or the National
Association of Real Estate Investments Trusts ("Nareit") (and together the "Licensor Parties").
FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE EPRA/NAREIT Indices (collectively the "Index") vest in the Licensor Parties.
"FTSE®" and "FTSE Russell®" are a trade mark(s) of the relevant LSE Group company and are used by
any other LSE Group company under license. "Nareit®" is a trade mark of Nareit, "EPRA®" is a trade mark
of EPRA and all are used by the LSE Group under license.
The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner.
The Licensor Parties do not accept any liability whatsoever to any person arising out of (a) the use of,
reliance on or any error in the Index or (b) investment in or operation of the Mercer products. The Licensor
Parties makes no claim, prediction, warranty or representation either as to the results to be obtained from the
use of the Index or the suitability of the Index for the purpose to which it is being put.
"Source: London Stock Exchange Group plc and its group undertakings, including FTSE International Limited
(collectively, the "LSE Group"), European Public Real Estate Association ("EPRA"), and the National Association
of Real Estate Investments Trusts ("Nareit") (and together the "Licensor Parties"). © LSE Group 20[xx]. FTSE
Russell is a trading name of certain LSE Group companies. "FTSE®" and "Russell®" are a trade mark(s) of the
relevant LSE Group companies and are used by any other LSE Group company under license. "Nareit®" is a trade mark
of Nareit, "EPRA®" is a trade mark of EPRA and all are used by the LSE Group under license. All rights in the Index
or data vest in the Licensor Parties. The Licensor Parties do not accept any liability for any errors or omissions
in the indexes or data and no party may rely on any indexes or data contained in this communication. No further
distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent.
The Licensor Parties do not promote, sponsor or endorse the content of this communication."
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FTSE JSE
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The Mercer products are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE"),
the London Stock Exchange Group companies ("LSEG") or JSE Limited ("JSE") (collectively the "Licensor Parties") and
none of the Licensor Parties make any warranty or representation whatsoever, expressly or implied/y, either as to the
results to be obtained from the use of the FTSE/JSE Indices (collectively the "Index") and/or the figure at which the
said Index stands at anyparticular time on any particular day or otherwise. The Index is compiled and calculated by FTSE
in conjunction with the JSE. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any
person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of
any error therein.
"FTSE®" is a trade mark of LSEG, "JSE" is a trade mark of the JSE and both are used by FTSE under licence.
"Source: FTSE International Limited ("FTSE") © FTSE 20[xx]."FTSE®" is a trade mark of the LondonStock Exchange Group
companies and is used by FTSE International Limited under licence. "JSE" is a trade mark of JSE Limited and is used by
FTSE International Limited ("FTSE") under licence. The Index is calculated by FTSE in conjunction with the JSE. All
intellectual property rights in the index values and constituent list vests in FTSE and JSE. Neither FTSE nor its licensors
accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further
distribution of FTSE Data is permitted without FTSE’s express written consent."
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FTSE RAFI
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The Mercer products are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE"), by the
London Stock Exchange Group companies ("LSEG"), or by Research Affiliates LLC ("RA") (collectively the "Licensor Parties"),
and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the
results to be obtained from the use of the FTSE RAFI Indices (collectively the "Index") and/or the figure at which the said
Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE in
conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for
any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error
therein.
FTSE® is a trade mark of LSEG. The trade names Fundamental Index® and RAFI® are registered trademarks of Research Affiliates, LLC
"Source: FTSE International Limited ("FTSE") © FTSE 20[xx]. "FTSE®" is a trade mark of the London Stock Exchange Group
companies and is used by FTSE International Limited under licence. The trade names Fundamental Index® and RAFI® are registered
trademarks of Research Affiliates, LLC. The FTSE RAFI® Index Series is calculated by FTSE in conjunction with Research Affiliates
LLC. All intellectual property rights in the Index vest in FTSE. Neither FTSE nor its licensors accept any liability for any errors
or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without
FTSE’s express written consent."
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FTSE, Russell
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The Mercer products are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc
and its group undertakings (collectively, the "LSEGroup"). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the "FTSE Russell Index" (the "Index") vest in the relevant LSE Group company which owns the Index.
"FTSE®" "Russell®", "FTSE Russell®" are trade mark of the relevant LSE Group company and are used by any other LSE Group company
under license.
The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not
accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment
in or operation of the Mercer products. The LSE Group makes no claim, prediction, warranty or representation either as to the results
to be obtained from the use of the Index or the suitability of the Index for the purpose to which it is being put.
"Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). ©LSE Group 20[xx]. FTSE Russell
is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group
company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the
indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the
LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or
endorse the content of this communication."
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Hang Seng
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© Hang Seng Indexes Company Limited 20[xx]. All rights reserved.
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HFRI
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Source: Hedge Fund Research, Inc.
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Hong Kong Mandatory Provident Fund Authority
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Unless otherwise stated, the Mandatory Provident Fund Schemes Authority (MPFA) retains copyright and other intellectual property rights in
the materials placed on this website. The information available on this website may be re-disseminated or reproduced, provided that the MPFA
is acknowledged as the source of information and the re-dissemination or reproduction is for non-profit purposes only. Any other reproduction,
adaptation, distribution, dissemination or provision of the information available on this website is strictly prohibited unless prior written
authorization is obtained from the MPFA. Any enquiry or request for authorization should be addressed to the MPFA via email at mpfa@mpfa.org.hk
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ICE
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SOURCE ICE DATA INDICES, LLC ("ICE DATA"), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES [include if
applicable, AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES ("BOFA")
AND MAY NOT BE USED WITHOUT BOFA'S PRIOR WRITTEN APPROVAL]. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND
ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER V.6 071320 ICE DATA, ITS AFFILIATES
NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR
COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON
AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR
RECOMMEND MERCER, OR ANY OF ITS PRODUCTS OR SERVICES.
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JPMorgan
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Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used
with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 20[xx], JPMorgan Chase & Co.
All rights reserved.
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Lipper
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The information contained within the exhibit was derived by Mercer using content supplied by Lipper, a Refinitiv Company.
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MSCI Barra
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Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Mercer. The MSCI data is for internal use only
and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other
third party involved in or related to compiling, computing or creating the MSCI data (the "MSCI Parties’) makes any express or implied warranties or
representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all
warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting
any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any
other damages (including lost profits) even if notified of the possibility of such damages.
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NASDAQ OMX
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The NASDAQ Indices are used with permission. © 20[xx], The NASDAQ OMX Group, Inc. All Rights Reserved.
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NZX
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The NZX Indices are used with permission. © 20[xx] NZX Limited/Fairfax New Zealand Limited. All rights reserved.
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ONS
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Source : Office for National Statistics
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OsloBors
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source Euronext, provided by Refinitiv
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Pictet
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The Pictet LLP Indices are used with permission. © 20[xx], Pictet & Cie, Private Bankers Private Banking,
Private Wealth Management, Institutional Asset Management, Independent Asset Managers, Geneva, Switzerland.
All rights reserved.
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Saudi Stock Exchange
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Source : Tadawul
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SIX Swiss Exchange
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The SIX Swiss Exchange Ltd data, information and indices are used with permission. © 20[xx] SIX Swiss Exchange Ltd.
All rights reserved.
Where space allows, include the following:
® SIX Group, SIX Swiss Exchange, SPI, Swiss Performance Index (SPI), SPI EXTRA, SPI ex SLI, SMI, Swiss Market Index (SMI),
SMI MID (SMIM), SMI Expanded, SXI, SXI LIFE SCIENCES, SXI Bio+Medtech, SLI, SLI Swiss Leader Index, SBI, SBI Swiss Bond Index,
SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION, VSMI and SWX Immobilienfonds Index are
trademarks that have been registered in Switzerland and/or abroad by SIX Group Ltd respectively SIX Swiss Exchange Ltd.
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SIX Telekurs
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© 20[xx] SIX Telekurs Nordic AB
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Societe Generale
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Source : Societe Generale Prime Services & Clearing
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Standard & Poor’s
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Copyright © 20[xx], S&P Dow Jones Indices. Reproduction in any form is prohibited except with the prior written permission of S&P.
S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors
or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS
OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.
In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses
(including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of any index.
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S&P/TSX
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The S&P/TSX Indices (collectively, the "INDEX") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and TSX Inc., and
has been licensed for use by Mercer. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC
("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed
for use by SPDJI and sublicensed for certain purposes by Mercer. TSX® is a registered trademark of TSX Inc., and have been licensed for
use by SPDJI and Mercer. Mercer products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates
and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability
for any errors, omissions, or interruptions of the INDEX.
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Statistics Canada
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Source: Statistics Canada. Reproduced and distributed on an "as is" basis with the permission of Statistics Canada.
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STOXX
|
The STOXX Indices are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland ("STOXX"), Deutsche Börse
Group or their licensors. STOXX has not been involved in any way in the creation of the Mercer products. The Mercer products are neither sponsored
nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers.
STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty and exclude any liability whatsoever
(whether in negligence or otherwise) – including without limitation for the accuracy, adequateness, correctness, completeness, timeliness, and
fitness for any purpose – in relation to any errors, omissions or interruptions in any data contained in the Mercer products.
STOXX Limited ("STOXX") is the source of the STOXX Indices and the data comprised therein. STOXX has not been involved in any way in the creation
of any reported information and does not give any warranty and excludes any liability whatsoever (whether in negligence or otherwise) – including
without limitation for the accuracy, adequateness, correctness, completeness, timeliness, and fitness for any purpose – with respect to any reported
information or in relation to any errors, omissions or interruptions in the relevant index or its data. Any dissemination or further distribution of
any such information pertaining to STOXX is prohibited.
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Tokyo Stock Exchange
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The TOPIX Index and TSE REIT Index and the TOPIX Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc. and the Tokyo
Stock Exchange, Inc. owns all rights and know-how relating to the TOPIX such as calculation, publication and use of the TOPIX Index and TSE REIT
Index and relating to the TOPIX Marks. No Product is in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange, Inc.
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