Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System

Different Ways to View the World Market Capitalization North America 42% Latin America 2% Africa/Middle East 3% Australia/New Zealand 2% Emerging Europe 1% Source: The World Bank as of 2018, Bloomberg. Developed Asia 14% Developed Europe 17% Emerging Asia 18% APPENDIX Emerging Europe 5% Population North America Latin America 5% 9% Emerging Asia 53% Africa/Middle East 20% Australia/New Zealand 1% Developed Asia 2% Developed Europe 6% North America 27% Latin America 7% Emerging Europe 5% GDP Africa/Middle East 6% Australia/New Zealand 2% Developed Asia 7% Emerging Asia 25% Developed Europe 21% 26

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