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Performance

Global Equity ADR Composite Performance As of September 30, 2008

 
  Annualized Returns for Trailing Periods (%)
 
Last Quarter
One Year
Three Years1
Five Years1
Ten Years1		 Since
Inception1,2
Volatility3
Global Equity ADR (gross) (14.75) (20.64) 3.45 9.31 7.31 9.47 13.13
Global Equity ADR (net) (14.91) (21.28) 2.63 8.44 6.45 8.58 13.02
MSCI All Country World4,5 (16.62) (26.89) 1.28 8.00 4.40 6.24 13.75
MSCI World5 (15.25) (26.05) 0.75 7.32 3.80 5.86 13.60
1Annualized Returns; 2Inception Date: 11/30/89 corresponds to that of the linked Global Equity Composite; 3Annual Standard Deviation (%); 4Benchmark Index; 5The indices are net of foreign withholding taxes on dividends, interest income and capital gains. Past performance is not indicative of future results.

  Glbl Equity
ADR (Gross)		 Glbl Equity
ADR (Net)
MSCI ACW1		 MSCI
WORLD		 Internal
Dispersion2		 Number of
Accounts		 Composite
Assets ($M)		 Firm Assets
($M)
2008 (YTD)3 (19.53%) (20.02%) (25.55%) (24.21%) N.A.4 55 33 4,693
2007 15.83% 14.91% 11.66% 9.04% 0.4% 31 37 6,356
2006 15.32% 14.42% 20.95% 20.07% 0.2% 28 37 4,720
2005 15.58% 14.64% 10.84% 9.49% 0.8% 26 35 2,562
2004 12.62% 11.72% 15.23% 14.72% 0.2% 28 33 1,524
2003 32.07% 30.83% 34.01% 33.11% 0.7% 32 34 1,357
2002 (19.64%) (20.38%) (19.31%) (19.89%) N.M.5 35 29 1,082
2001 (15.08%) (15.66%) (16.21%) (16.82%) N.M. 1 3 1,154
2000 1.28% 0.13% (13.94%) (13.18%) N.M. 5 108 1,392
1999 38.90% 38.16% 26.81% 24.94% N.M. 4 96 1,423
1998 2.33% 1.64% 21.97% 24.34% 0.5% 11 179 1,372
1Benchmark Index; 2Asset-weighted standard deviation (gross of fees); 3The 2008 YTD Composite performance shown is preliminary; 4N.A. - Internal dispersion less than a 12-month period; 5N.M. - Information is not statistically meaningful due to an insufficient number of portfolios in the Composite for the entire year.

 

Global Equity ADR Composite contains fully discretionary U.S. dollar-based global equity ADR accounts and for comparison purposes is measured against the MSCI All Country World Index (presented net of foreign withholding taxes since 2001, when the net index first became available). The exchange rate source of the benchmark is Reuters. The exchange rate source of the Composite is Bloomberg. Additional information about the benchmark, including the percentage of composite assets invested in countries or regions not included in the benchmark, is available upon request.

The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The Index consists of 47 developed and emerging market countries. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The Index consists of 23 developed market countries. You cannot invest directly in this Index.

Harding Loevner LLC has prepared and presented this report in compliance with the Global Investment Performance Standards  (GIPS®).  Harding Loevner is GIPS compliant and is verified by Ashland Partners & Company, LLP. Harding Loevner has received a firm-wide verification beginning November 1, 1989. The most recent verification was for the Quarter ending June 30, 2008.

Harding Loevner LLC is an independent registered investment advisor. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite and benchmark performance is presented net of foreign withholding taxes on dividends, interest income and capital gains. However, some custodians may reclaim a portion of the foreign withholding taxes, which would be reflected in the composite performance. Assets with foreign withholding taxes regularly reclaimed are deemed to be an immaterial percentage of composite assets. The MSCI All Country World Index range uses withholding tax rates applicable to Luxembourg. Additional information is available upon request. Past performance is not indicative of future results. Additional information regarding the policies for calculating and reporting returns is available upon request.

The US dollar is the currency used to express performance. Returns are presented both gross and net of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The standard fee schedule generally applied to separate Global equity ADR accounts is 0.80% annually of the market value of assets up to $20 million; 0.40% of amounts from $20 million to $100 million; negotiable for amounts over $100 million. Actual investment advisory fees incurred by clients may vary. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

The Global Equity ADR Composite was created on October 31, 2001. Performance prior to October 31, 2001 is that of the Global Equity Composite, which was managed similarly and materially represented the strategy of the Global ADR Composite.