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May 9, 20

S&P Global Challengers Class of 2007Siddharth [email protected]

1-212-438-7419

Media Contact

David Guarino

[email protected]

The S&P Global Challengers List identifies 300 mid-sizecompanies that show the highest growth characteristics alongdimensions encompassing intrinsic and extrinsic growth. Thesecompanies are expected to emerge as challengers to the worldsleading companies.

Two metrics of extrinsic growth share price appreciation andsales growth are used in conjunction with two metrics of

intrinsic growth earnings growth and employee growth.

This report identifies the S&P Global Challengers Class of 2007.

The Class of 2007 is diversified with representation from 37

countries and all 10 GICS Sectors. Among countries, Japan hasthe most representation; while among sectors, Industrials has themost representation.

Looking back at the Class of 2002, Standard & Poors seessignificant growth trends in terms of market capitalization, sales,earnings and employee count.

The list has uses for service providers, such as consultants andmarketers, analyzing global growth trends or seeking clientengagement opportunities, strategy formulators assessing futurepartners or competitors, and product creators structuringinvestment vehicles offering exposure to fast growing mid-sizecompanies.
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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S&P Global Challengers

The S&P Global Challengers Li st TM

In the Darwinian sense, mid-caps are truly positioned in an evolutionary sweet spot,having survived beyond their startup phases and offering stability as well as rapid growthopportunities in the future. Mid-capitalization firms can be thought of as having

overcome the growing pains of small firms and thus a lot less risky than small-capstart-ups. Essentially, the mid-cap space represents those firms which were successfulenough to sustain their traction while getting bigger. Looking at it in another way, theClass of 2007 mid-caps offers the best potential pool of companies, which could indeedbe tomorrows leaders. It is precisely these leaders that the S&P Global Challengers aimsto identify.

Current financial literature is rife with fastest growing company lists as published byThe Inc., Business 2.0, Forbes, Fortune, Kiplinger and the like. Each of these lists ispopulated to fulfill different criteria some are focused only on technology, some includenon-listed firms, some cover only the U.S., and so on. Besides, each list is built ondifferent definitions of what constitutes growth. For example, Fortunes list is determinedby how companies rank in EPS growth, revenue growth and total return. Kiplingersuggests using market capitalization, next years projected earnings growth, projected 3-5year earnings growth, price-earnings ratio, and this years increase in earnings in itsscreen. Standard & Poors feels that none of these lists offer the basis for truly global,investable and institutional quality products. Standard & Poor's aims to fill this spacethrough the S&P Global Challengers.

The S&P Global Challengers List identifies 300 mid-size companies that show thehighest growth characteristics along dimensions encompassing intrinsic and extrinsicgrowth. The list is rules-based with consistent standards applied to multiple countries.This report introduces the S&P Global Challengers Class of 2007 and identifies theirrepresentative countries and sectors.

Identifying the Challengers

Eligibility Criteria

Universe

The universe for the S&P Global Challengers List consists of publicly-listed commonshares of companies from all countries around the world. The universe, however, doesnot consider ADRs/GDRs and, in the case of multiple listings on different exchanges,considers only the listing in a companys home country. The universe also considers onlythe primary share class of a company.

Inclusion Factors

From the global universe, the companies to be included in the list must satisfy the

following:

Size. To be eligible for the list, all companies must have at least US$ 500million and at most US$ 5 billion in total market capitalization, among all shareclasses, as of December 31 of the year prior to the lists reconstitution date.

Price Appreciation. All eligible companies must have positive three-year priceappreciation as of December 31 of the year prior to the lists reconstitution.

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Earnings per share growth. All eligible companies must have positive three-year earnings per share growth as of the latest fiscal year for each company.

Sales growth. All eligible companies must have positive three-year sales growthas of the latest fiscal year for each company.

Employee Count growth. All eligible companies must have positive three-yearemployee count growth as of the latest fiscal year for each company.

Reconstitution

Data

The list is revised once a year in April. The cut-off date for the data is March 31.

Exclusion Criteria

From the universe, companies are excluded based on the following rules:

Companies which have not reported their annual fiscal numbers in the period 13

months prior to the lists reconstitution date (April of each year). The 13-monthwindow allows for different fiscal year ends for the different companies.

Companies which do not report employee data in their annual reports. Theemployee data is needed to calculate employee count growth rates.

Companies for which annual fiscal EPS, sales and employee count cannot becalculated. These are companies for which the EPS, sales and employee countare less than or equal to zero.

List Construction

The final list is constructed taking the following steps:

1. Foreign Exchange: Local currency is used to represent all currency related dataitems. This ensures that foreign exchange fluctuations do not bias theconstruction of the list.

2. Factor Standardization: Three-year growth rates are calculated for share price,EPS, sales and employee count. These represent the factors relevant to listconstruction. The factors are standardized across the composite by using thefollowing formula:

=

xF

Where:

F Standardized growth rate factor

x Growth rate for that company Average of the growth rate for the

composite

Standard Deviation of the growth rate forthe composite

3. Data Cleaning: The data is further cleaned by removing outliers for all growthrates. This ensures that no one growth rate biases a company to be a part of thelist.

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4. Factor Scoring: The standardized growth rate factors are then summed todetermine the composite score of each company.

5. Final List Construction: The final list consists of the 300 companies with thehighest composite scores, as well as all four growth rates being positive.

S&P Global Challengers Class of 2007

Country Distribution

A sector and geographic analysis of the S&P Global Challengers List shows that growthresides in a broad range of sectors and geographies. In the Class of 2007, the countrycontributing the most members is Japan, followed by the United States and then theUnited Kingdom. Regionally, the Americas contribute 22.67%, the Asia/Pacific 41.67%,Europe 33.33% and the Middle East/Africa 2.33%. This compares with 39% from theAmericas in the Class of 2006, 41.33% from the Asia/Pacific, 17.33% from Europe and2.33% from the Middle East/Africa.

Exhibit 1: Country Distribution

Country # Companies Country # Companies

ARGENTINA 1 KOREA (SOUTH) 5

AUSTRALIA 15 MALAYSIA 3

AUSTRIA 3 NETHERLANDS 5

BELGIUM 3 NORWAY 4

CANADA 7 PAKISTAN 1

CHINA 4 PERU 1

COLOMBIA 1 POLAND 1

DENMARK 10 PORTUGAL 1

FINLAND 3 SINGAPORE 5

FRANCE 11 SOUTH AFRICA 7GERMANY 4 SPAIN 7

GREECE 1 SWEDEN 10

HONG KONG 11 SWITZERLAND 10

ICELAND 1 TAIWAN 3

INDIA 8 THAILAND 2

INDONESIA 6 TURKEY 2

IRELAND 2 UNITED KINGDOM 19

ITALY 3 UNITED STATES 58

JAPAN 62

Total 300

Source: FactSet, Worldscope

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Exhibit 2: Regional Distribution Across Time

0%

20%

40%

60%

80%

100%

2001 2002 2003 2004 2005 2006 2007

Americas Asia/Paci fic Europe MiddleEast/Africa


Sector Distribution

In the Class of 2007, the GICS Sector contributing the most members is Industrials,followed by Financials, then by Consumer Discretionary. This compares with Financialsand Consumer Discretionary contributing the most members in the Class of 2006,followed by Industrials.

Exhibit 3: Sector Distribution

13.67%

3.00%

5.33%

12.33%

10.00%

26.67%

0.33% 1.00%

10.67%

17.00%

Energy

Materials

Industrials

Consumer Discretionary

Consumer Staples

Health Care

Financials

Information Technology

TelecommunicationServices

Utilities


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Exhibit 4: Sector Distribution Across Time

0%

20%

40%

60%

80%

100%

2001 2002 2003 2004 2005 2006 2007

Energy Materials Industrials

Consumer Discretionary Consumer Staples Health Care

Financials Information Technology Telecommunication Services

Utilities


Looking Back The Class of 2002

Standard & Poors looked back to the class graduating five years ago in 2002 (Class of2002) and checked where the constituents stand today. Out of the initial list of 300, 293have survived, with the companies in aggregate showing significant growth trends interms of market capitalization, sales, earnings and employee count, as seen below. (Asthe members of each class are identified in April, Standard & Poors looked at prior year-

end data.)

Exhibit 5: S&P Global Challengers List Class of 2002 - Average Market Cap

$1.65

$3.83

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

2001 2006

USDB

illions

Source: FactSet, Worldscope. As of year-end.

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Exhibit 6: S&P Global Challengers List Class of 2002 - Average EPS

$1.36

$3.50

$0.00

$1.00

$2.00

$3.00

$4.00

2001 2006


Exhibit 7: S&P Global Challengers List Class of 2002 - Average Sales

$1.48

$2.84

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2001 2006

USDB

illions


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Exhibit 8: S&P Global Challengers List Class of 2002 - Average Employees

6,561

9,750

0

2,000

4,000

6,000

8,000

10,000

12,000

2001 2006


Using the S&P Global Challengers List

Applications of the List

While interesting, by itself, as a leader board of fast growing mid-size companiesglobally, this list has practical uses. Standard & Poors thinks the list is useful for thefollowing users:

Service providers, such as consultants and marketers, analyzing global growthtrends or seeking client engagement opportunities

Strategy formulators assessing future partners or competitors

Product creators structuring investment vehicles offering exposure to fastgrowing mid-size companies.

CaveatsThe list is by no means a recommendation of stocks to buy. It is intended to serve as abenchmark of fast growing mid-size companies based on four variables that Standard &Poor's believes serve as good measures of intrinsic and extrinsic growth. As such, it isimportant to be cognizant of three major risk factors for these companies.

Managing growth: While companies in the S&P Global Challengers Listhave displayed considerable growth to merit a position in the list, managinggrowth and keeping the momentum is not easy. Prevailing business

environments that have provided tailwinds to these companies may turn thecorner and provide headwinds. For example, there are many energy and realestate companies in the list that may find growth difficult to sustain in the future.

Evolving regulatory environments: Many fast growing companies function innew industries with evolving regulatory landscape. For example, SportingbetPL,C in the Class of 2006, was hurt badly by the U.S. governments decision toban online gambling.

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Reporting irregularities: The list is based on reported data from companies. Inrare cases, these reports have been found to be fraudulent by regulators. Forexample, a Japanese alumnus of this list, Livedoor, was found guilty offalsifying accounts and misleading investors in 2006.

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APPENDIX A S&P Global Challengers List Class of 2007

Company Name Country Region Sector

1. Algoma Steel Inc. CANADA Americas Materials2. Amedisys Inc. UNITED STATES Americas Health Care

3. American Oriental Bioengineering Inc. UNITED STATES Americas Consumer Staples

4. Ansoft Corp. UNITED STATES Americas Information Technology5. APCO Argentina Inc. ARGENTINA Americas Energy

6. Armor Holdings Inc. UNITED STATES Americas Industrials7. Banco de Credito del Peru PERU Americas Financials8. Berry Petroleum Co. (Cl A) UNITED STATES Americas Energy

9. Breakwater Resources Ltd. CANADA Americas Materials10. Building Materials Holding Corp. UNITED STATES Americas Consumer Discretionary

11. Carrizo Oil & Gas Inc. UNITED STATES Americas Energy12. Cementos Argos S.A. Antes Cementos del Caribe S.A. COLOMBIA Americas Materials

13. Ceradyne Inc. UNITED STATES Americas Industrials14. Coldwater Creek Inc. UNITED STATES Americas Consumer Discretionary

15. Commercial Metals Co. UNITED STATES Americas Materials16. CoStar Group Inc. UNITED STATES Americas Industrials

17. Denbury Resources Inc. UNITED STATES Americas Energy18. Dress Barn Inc. UNITED STATES Americas Consumer Discretionary

19. Dril-Quip Inc. UNITED STATES Americas Energy20. Ezcorp Inc. (Cl A) UNITED STATES Americas Financials

21. F5 Networks Inc. UNITED STATES Americas Information Technology22. Gardner Denver Inc. UNITED STATES Americas Industrials

23. Giant Industries Inc. UNITED STATES Americas Energy24. Guess? Inc. UNITED STATES Americas Consumer Discretionary

25. GulfMark Offshore Inc. UNITED STATES Americas Energy26. Harvest Energy Trust CANADA Americas Energy27. Helix Energy Solutions Inc UNITED STATES Americas Energy

28. Holly Corp. UNITED STATES Americas Energy

29. Hologic Inc. UNITED STATES Americas Health Care30. Hub Group Inc. (Cl A) UNITED STATES Americas Industrials

31. Immucor Inc. UNITED STATES Americas Health Care32. inVentiv Health Inc. UNITED STATES Americas Health Care33. IPSCO Inc. CANADA Americas Materials

34. Jarden Corp. UNITED STATES Americas Consumer Discretionary35. Jones Lang LaSalle Inc. UNITED STATES Americas Financials

36. Knot Inc. UNITED STATES Americas Information Technology37. Ladish Co. Inc. UNITED STATES Americas Industrials

38. Lufkin Industries Inc. UNITED STATES Americas Energy

39. Manitowoc Co. UNITED STATES Americas Industrials40. Methanex Corp. CANADA Americas Materials41. NutriSystem Inc. UNITED STATES Americas Consumer Discretionary

42. Ocwen Financial Corp. UNITED STATES Americas Financials43. Palomar Medical Technologies Inc. UNITED STATES Americas Health Care44. Parallel Petroleum Corp. UNITED STATES Americas Energy

45. Penn National Gaming Inc. UNITED STATES Americas Consumer Discretionary

46. Petrohawk Energy Corp. UNITED STATES Americas Energy47. PetroQuest Energy Inc. UNITED STATES Americas Energy

48. Pinnacle Financial Partners Inc. UNITED STATES Americas Financials49. Plains Exploration & Production Co. UNITED STATES Americas Energy50. Psychiatric Solutions Inc. UNITED STATES Americas Health Care

51. Quality Systems Inc. UNITED STATES Americas Information Technology52. Quicksilver Resources Inc. UNITED STATES Americas Energy

53. Range Resources Corp. UNITED STATES Americas Energy

54. RPC Inc. UNITED STATES Americas Energy55. RTI International Metals Inc. UNITED STATES Americas Materials

56. Seaboard Corp. UNITED STATES Americas Consumer Staples57. Steel Dynamics Inc. UNITED STATES Americas Materials58. Superior Energy Services Inc. UNITED STATES Americas Energy

59. Tesoro Corp. UNITED STATES Americas Energy60. Tessera Technologies Inc. UNITED STATES Americas Information Technology

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61. Tetra Technologies Inc. UNITED STATES Americas Energy62. THQ Inc. UNITED STATES Americas Information Technology63. Trican Well Service Ltd. CANADA Americas Energy

64. USG Corp. UNITED STATES Americas Industrials

65. ValueClick Inc. UNITED STATES Americas Information Technology66. Wesco International Inc. UNITED STATES Americas Industrials

67. Western Oil Sands Inc. CANADA Americas Energy68. Whiting Petroleum Corp. UNITED STATES Americas Energy69. A&D Co. Ltd. JAPAN Asia/Pacific Information Technology

70. A.B.C. Learning Centres Ltd. AUSTRALIA Asia/Pacific Consumer Discretionary71. ABC-Mart Inc. JAPAN Asia/Pacific Consumer Discretionary

72. ACC Ltd. INDIA Asia/Pacific Materials

73. Aeon Fantasy Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary74. Aeon Mall Co. Ltd. JAPAN Asia/Pacific Financials75. Ahresty Corp. JAPAN Asia/Pacific Consumer Discretionary

76. Apexindo Pratama Duta INDONESIA Asia/Pacific Energy77. Aquarius Platinum Ltd. AUSTRALIA Asia/Pacific Materials

78. Arealink Co. Ltd. JAPAN Asia/Pacific Financials79. Arnest One Corp. JAPAN Asia/Pacific Consumer Discretionary

80. Asahi Pretec Corp. JAPAN Asia/Pacific Industrials81. Ascott Group Ltd. SINGAPORE Asia/Pacific Financials

82. Asset Managers Co. Ltd. JAPAN Asia/Pacific Financials

83. Bangkok Dusit Medical Services PCL THAILAND Asia/Pacific Health Care84. Beach Petroleum Ltd. AUSTRALIA Asia/Pacific Energy85. Berlian Laju Tanker INDONESIA Asia/Pacific Industrials86. Boom Logistics Ltd. AUSTRALIA Asia/Pacific Industrials

87. Bumi Resources INDONESIA Asia/Pacific Energy

88. Caltex Australia Ltd. AUSTRALIA Asia/Pacific Energy89. Campbell Brothers Ltd. AUSTRALIA Asia/Pacific Industrials

90. Canon Electronics Inc. JAPAN Asia/Pacific Information Technology91. China Insurance Intl Holdings HONG KONG Asia/Pacific Financials92. China Intl Marine Cont B HKD CHINA Asia/Pacific Industrials

93. China Resources Land Ltd. HONG KONG Asia/Pacific Financials94. China Vanke Co B HKD CHINA Asia/Pacific Financials

95. Chiyoda Corp. JAPAN Asia/Pacific Industrials

96. Computershare Ltd. AUSTRALIA Asia/Pacific Information Technology97. Creed Corp. JAPAN Asia/Pacific Financials98. Cromwell Group AUSTRALIA Asia/Pacific Financials

99. Daifuku Co. Ltd. JAPAN Asia/Pacific Industrials

100. DiGi.com Bhd MALAYSIA Asia/Pacific Telecommunication Services101. Energy Resources of Australia Ltd. AUSTRALIA Asia/Pacific Energy102. en-japan Inc. JAPAN Asia/Pacific Industrials

103. Green Cross Corp. KOREA (SOUTH) Asia/Pacific Health Care104. GS Engineering & Construction Corp. KOREA (SOUTH) Asia/Pacific Industrials

105. Guoco Group Ltd. HONG KONG Asia/Pacific Financials106. Hanjin Heavy Industries & Construction Co. Ltd. KOREA (SOUTH) Asia/Pacific Industrials

107. Hanmi Pharmaceutical Co. Ltd. KOREA (SOUTH) Asia/Pacific Health Care108. Harmonic Drive Systems Inc. JAPAN Asia/Pacific Industrials109. Hengan International Group Co. Ltd. HONG KONG Asia/Pacific Consumer Staples

110. Hisaka Works Ltd. JAPAN Asia/Pacific Industrials111. Hitachi Metals Ltd. JAPAN Asia/Pacific Materials

112. Honeys Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary

113. Hopson Development Holdings Ltd. HONG KONG Asia/Pacific Financials114. Horiba Ltd. JAPAN Asia/Pacific Information Technology115. Hotel Leela Venture Ltd. INDIA Asia/Pacific Consumer Discretionary

116. Hyundai Development Co. KOREA (SOUTH) Asia/Pacific Industrials117. Indian Hotels Co. Ltd. INDIA Asia/Pacific Consumer Discretionary

118. Intelligence Ltd. JAPAN Asia/Pacific Industrials119. International Nickel Indonesia INDONESIA Asia/Pacific Materials

120. Itoki Corp. JAPAN Asia/Pacific Industrials

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1. Jain Irrigation Systems Ltd. INDIA Asia/Pacific Industrials2. Japan Steel Works Ltd. JAPAN Asia/Pacific Industrials

123. Joint Corp. JAPAN Asia/Pacific Financials

124. Jubilee Mines N.L. AUSTRALIA Asia/Pacific Materials

125. K.K. DaVinci Advisors JAPAN Asia/Pacific Financials126. Kenedix Inc. JAPAN Asia/Pacific Financials

127. Keppel Land Ltd. SINGAPORE Asia/Pacific Financials128. Kingboard Chemical Holdings Ltd. HONG KONG Asia/Pacific Information Technology129. Kitz Corp. JAPAN Asia/Pacific Industrials

130. Lakshmi Machine Works Ltd. INDIA Asia/Pacific Industrials131. Macarthur Coal Ltd. AUSTRALIA Asia/Pacific Materials

132. Mandarin Oriental International Ltd. HONG KONG Asia/Pacific Consumer Discretionary

133. Marico Ltd. INDIA Asia/Pacific Consumer Staples134. Matsuda Sangyo Co. Ltd. JAPAN Asia/Pacific Industrials135. MCB Bank Ltd. PAKISTAN Asia/Pacific Financials

136. Meiko Electronics Co. Ltd. JAPAN Asia/Pacific Information Technology137. Melco Holdings Inc. JAPAN Asia/Pacific Information Technology

138. Micronics Japan Co. Ltd. JAPAN Asia/Pacific Information Technology139. Minor International PCL THAILAND Asia/Pacific Consumer Discretionary

140. Miraca Holdings Inc. JAPAN Asia/Pacific Health Care141. Mitsubishi Steel Manufacturing Co. Ltd. JAPAN Asia/Pacific Materials

142. Monadelphous Group Ltd. AUSTRALIA Asia/Pacific Industrials

143. Nihon Parkerizing Co. Ltd. JAPAN Asia/Pacific Materials144. Nikkiso Co. Ltd. JAPAN Asia/Pacific Health Care145. Nippei Toyama Corp. JAPAN Asia/Pacific Industrials146. Nippon Seiki Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary

147. Nissin Kogyo Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary

148. Obara Corp. JAPAN Asia/Pacific Industrials149. Otsuka Corp. JAPAN Asia/Pacific Information Technology

150. Pacific Management Corp. JAPAN Asia/Pacific Financials151. Peace Mark (Holdings) Ltd. HONG KONG Asia/Pacific Consumer Discretionary152. Point Inc. JAPAN Asia/Pacific Consumer Discretionary

153. Portman Ltd. AUSTRALIA Asia/Pacific Materials154. Ports Design Ltd. HONG KONG Asia/Pacific Consumer Discretionary

155. Powerchip Semiconductor Corp. TAIWAN Asia/Pacific Information Technology

156. Powertech Technology Inc. TAIWAN Asia/Pacific Information Technology157. PPB Oil Palms Bhd MALAYSIA Asia/Pacific Consumer Staples158. Raffles Education Corp. Ltd. SINGAPORE Asia/Pacific Consumer Discretionary

159. S8 NPV AUSTRALIA Asia/Pacific Consumer Discretionary

160. Sagami Railway Co. Ltd. JAPAN Asia/Pacific Industrials161. Sankyu Inc. JAPAN Asia/Pacific Industrials162. Sanyo Special Steel Co. Ltd. JAPAN Asia/Pacific Materials

163. SembCorp Marine Ltd. SINGAPORE Asia/Pacific Industrials164. Shg Zhenhua Port Mach B USD CHINA Asia/Pacific Industrials

165. Shoei Co. Ltd. (3003) JAPAN Asia/Pacific Financials166. Siemens India Ltd. INDIA Asia/Pacific Industrials

167. Sinar Mas Agro Resources & Technology INDONESIA Asia/Pacific Consumer Staples168. Sparx Group Co. Ltd. JAPAN Asia/Pacific Financials169. Sumco TechXIV Corp. JAPAN Asia/Pacific Information Technology

170. Sumikin Bussan Corp. JAPAN Asia/Pacific Industrials171. Sumitomo Bakelite Co. Ltd. JAPAN Asia/Pacific Materials

172. Sumitomo Titanium Corp. JAPAN Asia/Pacific Materials

173. Sun Hung Kai & Co. Ltd. HONG KONG Asia/Pacific Financials174. Suruga Corp. JAPAN Asia/Pacific Financials175. Sysmex Corp. JAPAN Asia/Pacific Health Care

176. Take & Give. Needs Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary177. The Japan General Estate Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary

178. Titan Industries Ltd. INDIA Asia/Pacific Consumer Discretionary179. Tokuyama Corp. JAPAN Asia/Pacific Materials

180. Tokyo Seimitsu Co. Ltd. JAPAN Asia/Pacific Information Technology

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181. Tokyu Livable Inc. JAPAN Asia/Pacific Financials2. Top Glove Corp. Bhd MALAYSIA Asia/Pacific Health Care3. Topcon Corp. JAPAN Asia/Pacific Information Technology

184. Toyota Boshoku Corp. JAPAN Asia/Pacific Consumer Discretionary

185. United Group Ltd. AUSTRALIA Asia/Pacific Industrials186. United Tractors INDONESIA Asia/Pacific Industrials

187. Urban Corp. JAPAN Asia/Pacific Financials188. VTECH Holdings Ltd. HONG KONG Asia/Pacific Information Technology189. Walsin Lihwa Corp. TAIWAN Asia/Pacific Industrials

190. Wing Tai Holdings Ltd. SINGAPORE Asia/Pacific Financials191. Yachiyo Industry Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary

192. Yantai Changyu Pioneer Wine B HKD CHINA Asia/Pacific Consumer Staples

193. Zensho Co. Ltd. JAPAN Asia/Pacific Consumer Discretionary194. Abengoa S.A. SPAIN Europe Industrials195. Ackermans & Van Haaren N.V. BELGIUM Europe Financials

196. Acta Holding ASA NORWAY Europe Financials197. Andritz Ag AUSTRIA Europe Industrials

198. ARCADIS N.V. NETHERLANDS Europe Industrials199. Autonomy Corp. PLC UNITED KINGDOM Europe Information Technology

200. Aveva Group PLC UNITED KINGDOM Europe Information Technology201. Axon Group PLC UNITED KINGDOM Europe Information Technology

202. B&B Tools AB SWEDEN Europe Industrials

203. Banif SGPS S/A PORTUGAL Europe Financials204. Beter Bed Holding N.V. NETHERLANDS Europe Consumer Discretionary205. Bijou Brigitte Modische Accessoires AG GERMANY Europe Consumer Discretionary206. Boehler-Uddeholm AG AUSTRIA Europe Materials

207. BRE Bank S.A. POLAND Europe Financials

208. Bucher Industries AG SWITZERLAND Europe Industrials209. Bursa Cimento Fabrikasi A.S. TURKEY Europe Materials

210. Capital & Regional PLC UNITED KINGDOM Europe Financials211. Centralschweizerische Kraftwerke AG SWITZERLAND Europe Utilities212. Chemring Group PLC UNITED KINGDOM Europe Industrials

213. CIE Automotive S.A. SPAIN Europe Materials214. Citycon Oyj FINLAND Europe Financials

215. Compagnie d'Entreprises CFE S.A. BELGIUM Europe Industrials

216. Connaught PLC UNITED KINGDOM Europe Industrials217. CTS Eventim AG GERMANY Europe Consumer Discretionary218. D/S Norden A/S DENMARK Europe Industrials

219. Dampskibsselskabet Torm A/S DENMARK Europe Energy

220. Danieli & C. Officine Meccaniche S.p.A. ITALY Europe Industrials221. Datamonitor PLC UNITED KINGDOM Europe Industrials222. Detica Group PLC UNITED KINGDOM Europe Information Technology

223. DIS Deutscher Industries Service AG GERMANY Europe Industrials224. Distrigas S.A. BELGIUM Europe Utilities

225. Dragon Oil PLC IRELAND Europe Energy226. DSV, De Sammensluttede Vognmand af 13-7 1976 A/S DENMARK Europe Industrials

227. DTZ Holdings PLC UNITED KINGDOM Europe Financials228. Elecnor S.A. SPAIN Europe Industrials229. ERG S.p.A. ITALY Europe Energy

230. Esprinet S.p.A. ITALY Europe Information Technology231. Etablissements Maurel et Prom S.A. FRANCE Europe Energy

232. Eurofins Scientific FRANCE Europe Health Care

233. Faiveley S.A. FRANCE Europe Information Technology234. Flughafen Zuerich AG SWITZERLAND Europe Industrials235. Galliford Try PLC UNITED KINGDOM Europe Industrials

236. Geodis S.A. FRANCE Europe Industrials237. Grupo Catalana Occidente S.A. SPAIN Europe Financials

238. Hafslund AS A NORWAY Europe Utilities239. Hiestand Holding AG SWITZERLAND Europe Consumer Staples

240. Huber+Suhner AG SWITZERLAND Europe Industrials

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241. Hunting PLC UNITED KINGDOM Europe Energy242. Icade Fonciere des Pimonts FRANCE Europe Financials

243. IFCO Systems N.V. NETHERLANDS Europe Industrials244. Informa PLC UNITED KINGDOM Europe Consumer Discretionary

245. Inmobiliaria Urbis S.A. SPAIN Europe Financials246. International Metal Service FRANCE Europe Industrials

247. K+S AG GERMANY Europe Materials248. Kaufman & Broad S.A. FRANCE Europe Consumer Discretionary249. Keller Group PLC UNITED KINGDOM Europe Industrials

250. Keops A/S DENMARK Europe Financials

251. Kingspan Group PLC IRELAND Europe Industrials252. Konecranes Oyj FINLAND Europe Industrials

253. Koninklijke Boskalis Westminster N.V. NETHERLANDS Europe Industrials254. Kungsleden AB SWEDEN Europe Financials255. Landsbanki Islands hf. ICELAND Europe Financials

256. Lennart Wallenstam Byggnads AB SWEDEN Europe Financials257. LjungbergGruppen AB SWEDEN Europe Financials

258. Mecalux S.A. SPAIN Europe Industrials

259. Meda AB SWEDEN Europe Health Care260. Mines de la Lucette S.A. FRANCE Europe Financials

261. Mytilineos Holdings S.A. GREECE Europe Materials262. Nexans FRANCE Europe Industrials263. Nibe Industrier AB SWEDEN Europe Industrials

264. NKT Holding A/S DENMARK Europe Industrials265. Nuh Cimento Sanayi A.S. TURKEY Europe Materials

266. Obrascon Huarte Lain S.A. SPAIN Europe Industrials

267. Olav Thon Eiendomsselskap ASA NORWAY Europe Financials268. Orpea S.A. FRANCE Europe Health Care269. Palfinger AG AUSTRIA Europe Industrials

270. Parken Sport & Entertainment DENMARK Europe Consumer Discretionary271. Peab AB SWEDEN Europe Industrials

272. Quadrant AG SWITZERLAND Europe Materials273. Ramirent Oyj FINLAND Europe Industrials

274. Ratos AB SWEDEN Europe Financials275. Restaurant Group PLC UNITED KINGDOM Europe Consumer Discretionary

276. Rockwool Intl AS A DENMARK Europe Industrials277. Roskilde Bank A/S DENMARK Europe Financials

278. Savills PLC UNITED KINGDOM Europe Financials279. Schulthess Group AG SWITZERLAND Europe Consumer Discretionary

280. SCI Entertainment Group PLC UNITED KINGDOM Europe Information Technology281. Severfield-Rowen PLC UNITED KINGDOM Europe Industrials

282. Shaftesbury PLC UNITED KINGDOM Europe Financials283. Sika AG SWITZERLAND Europe Materials

284. SimCorp A/S DENMARK Europe Information Technology285. Sjaelso Gruppen DENMARK Europe Consumer Discretionary

286. Soitec S.A. FRANCE Europe Information Technology287. Sulzer AG SWITZERLAND Europe Industrials288. Sweco AB SWEDEN Europe Industrials

289. TGS-NOPEC Geophysical Co. ASA NORWAY Europe Energy

290. USG People N.V. NETHERLANDS Europe Industrials291. Venture Production PLC UNITED KINGDOM Europe Energy

292. Vontobel Holding AG SWITZERLAND Europe Financials293. Vostok Nafta Investment Ltd. SWEDEN Europe Energy

294. Astral Foods Ltd. SOUTH AFRICA MiddleEast/Africa Consumer Staples295. Grindrod Ltd. SOUTH AFRICA MiddleEast/Africa Industrials296. Northam Platinum Ltd. SOUTH AFRICA MiddleEast/Africa Materials

297. Reunert Ltd. SOUTH AFRICA MiddleEast/Africa Information Technology

298. Steinhoff International Holdings Ltd. SOUTH AFRICA MiddleEast/Africa Consumer Discretionary

299. Truworths International Ltd. SOUTH AFRICA MiddleEast/Africa Consumer Discretionary300. Wilson Bayly Holmes-Ovcon Ltd. SOUTH AFRICA MiddleEast/Africa Industrials


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