Russell/Nomura Indexes Russell Investments and Nomura Securities Co., Ltd. produce Russell/Nomura Japan Equity Indexes that serve to measure performance based on various investment policies. The indexes are value weighted and include only common stocks domiciled in Japan. All indexes are subsets of the Russell/Nomura Total Market™ Index, which represents approximately 98% of the investable Japan equity market. Purposes of Russell/Nomura Indexes:   Determining investment strategies (strategic asset allocation) Determining manager structure Supporting portfolio management activities Evaluating performance Managing risk Market Cap Segment Indexes (as of December 2006) Russell/Nomura PRIME™ Index The Russell/Nomura Prime Index is made up of the 1,000 largest stocks in terms of float-adjusted market capitalization of the Russell/Nomura Total Market Index. It is designed to serve as a benchmark for passive investment strategies. It has broad market coverage, and takes liquidity into account. As of last reconstitution, the index had an adjusted market capitalization range of approximately 13,586.2 billion yen to 22.0 billion yen. Russell/Nomura PRIME™ Value Index Contains stocks from the Russell/Nomura PRIME Index with low price-to-book ratios. Russell/Nomura PRIME™ Growth Index Contains stocks from the Russell/Nomura PRIME Index with higher price-to-book ratios. Russell/Nomura Total Market™ Index Represents approximately 98% of the investable Japan equity market. As of its latest reconstitution (December 2006), this index consisted of 1700 of the largest securities in Japan based on available (float adjusted) market capitalization. Over historical periods, the number of stocks included in the Total Market Index has varied from approximately 1,091 stocks in 1981, to 1,854 stocks in 2001. As of December, 2006, the adjusted market capitalization range of companies in this index ranged from approximately 13,586.2 billion yen to 9.6 billion yen. All other Russell/Nomura indexes are subsets of this universe of stocks. Russell/Nomura Total Market™ Value Index Contains those Russell/Nomura Total Market™ Index securities with low price-to-book ratios. The stocks in this index are also members of the Russell/Nomura Large Cap™ Value or the Russell/Nomura Small Cap™ Value Indexes. Russell/Nomura Total Market™ Growth Index Contains those Russell/Nomura Total Market™ Index securities with higher price-to-book ratios. The stocks in this index are also members of either the Russell/Nomura Large Cap™ Growth or the Russell/Nomura Small Cap™ Growth Indexes. Russell/Nomura Large Cap™ Index Made up of companies representing approximately 85% of the market value of the Russell/Nomura Total Market Index. The number of securities in this index will vary from year to year. As of the latest constitution, the Russell/Nomura Large Cap Index consisted of the 350 largest securities in the Russell/Nomura Total Market Index. The smallest company in the index had an approximate adjusted market capitalization of 148.3 billion yen. The Top Cap and Mid Cap Indexes are subsets of this index. Russell/Nomura Large Cap™ Value Index Contains those Russell/Nomura Large Cap™ securities with low price-to-book ratios. Russell/Nomura Large Cap™ Growth Index Contains those Russell/Nomura Large Cap™ securities with higher price-to-book ratios. Russell/Nomura Top Cap™ Index Represents the largest companies in the Russell/Nomura Total Market Index. As of the latest reconstitution, the Russell/Nomura Top Cap Index consisted of the 60 largest securities in the Russell/Nomura Total Market Index. These 60 companies represented approximately 50% of the total market index and the smallest company in this index had an approximate adjusted market capitalization of 1,296 billion yen. Russell/Nomura Top Cap™ Value Index Contains stocks from the Russell/Nomura Top Cap™ Index with low price-to-book ratios. Russell/Nomura Top Cap™ Growth Index Contains stocks from the Russell/Nomura Top Cap™ Index with higher price-to-book ratios. Russell/Nomura Mid Cap™ Index Represents the group of companies beginning at a cumulative market value of 50% of the Russell/Nomura total market index and ending at 85% of the total market index. As of the latest reconstitution, the Mid Cap Index contained 290 securities with approximate adjusted market capitalizations from 1,289 billion yen to 148.3 billion yen. Russell/Nomura Mid Cap™ Value Index Contains stocks from the Russell/Nomura Mid Cap™ Index with low price-to-book ratios. Russell/Nomura Mid Cap™ Growth Index Contains stocks from the Russell/Nomura Mid Cap™ Index with higher price-to-book ratios. Russell/Nomura Mid-Small™ Index Represents approximately the bottom 50% of the Russell/Nomura Total Market Index. It combines both the Russell/Nomura Midcap™ Index and Russell/Nomura Small cap Index. At the latest reconstitution, the index ranged from 1,289 billion yen to 9.6 billion yen by adjusted market capitalization. Russell/Nomura Small Cap™ Index Represents approximately the smallest 15% of companies ranked market value of the firms in the Russell/Nomura Total Market Index. Currently 1350 securities make up this index but this number will vary from year to year. The largest company in the index had an approximate adjusted market capitalization of 147.8 billion yen and the smallest company 9.6 billion yen as of December 2006. Russell/Nomura Small Cap™ Value Index Contains those Russell/Nomura Small Cap™ securities with low price-to-book ratios. Russell/Nomura Small Cap™ Growth Index Contains those Russell/Nomura Small Cap™ securities with higher price-to-book ratios. Russell/Nomura Small Cap Core™ Index Comprises stocks in the small cap index, excluding the microcap index, and represents the top two thirds of the Russell/Nomura Small Cap Index. As of the latest reconstitution, the cap ranged from 147.8 billion yen to 41.4. Russell/Nomura Small Cap Core™ Value Index Contains those Russell/Nomura Small Cap Core securities with low price-to-book ratios. Russell/Nomura Small Cap Core™ Growth Index Contains stocks from the Russell/Nomura Small Cap Core Index with higher price-to-book ratios. Russell/Nomura Microcap™ Index The Russell/Nomura Microcap Index contains the bottom 5% of the Russell/Nomura Total Market Index in terms of market adjusted capitalization. As of the latest reconstitution, the capitalizations ranged from 41.2 billion yet to 9.6. Russell/Nomura Microcap™ Value Index Contains stocks from the Russell/Nomura Microcap Index with low price-to-book ratios. Russell/Nomura Microcap™ Growth Index Contains stocks from the Russell/Nomura Microcap Index with higher price-to-book ratios. The Russell/Nomura indexes are trademark/service marks jointly owned by Russell Investments and The Nomura Securities Co., Ltd. RC4520			Russell/Nomura Indexes RELATED LINKS Daily returns Construction & methodology Index comparison Index Reconstitution Japanese site Printer friendly version of this page

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