ETFGI global ETF and ETP industry insights October 2012

This short summary of key findings has been prepared for reference by the media. Our full report will be available in Q4 on a paid subscription basis. For further information on subscribing contact deborah.fuhr@etfgi.com

FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Global ETF and ETP asset growth as at end of October 2012

At the end of October 2012, the global ETF industry had 3,313 ETFs, with 7,546 listings, assets of US$1,655 Bn, from 176 providers on 54 exchanges. Including other Exchange Traded Products (ETPs), at the end of October 2012, the global ETF/ETP industry had 4,694 ETFs/ETPs, with 9,646 listings, assets of US$1,852 Bn, from 203 providers on 56 exchanges.
Assets (US$ Bn) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
Year # ETFs # ETFs/ETPs ETF assets ETF/ETP assets 2000 94 105 $74 $79 2001 208 220 $105 $109 2002 283 295 $142 $146 2003 288 303 $212 $218 2004 334 364 $310 $319 2005 450 506 $417 $426 2006 724 885 $580 $603 2007 1,184 1,544 $807 $857 2008 1,613 2,237 $716 $774 2009 1,961 2,740 $1,041 $1,158 2010 2,474 3,619 $1,313 $1,478 2011 3,026 4,343 $1,355 $1,526 Oct-12 3,313 4,694 $1,655 $1,852

ETF assets

ETP assets

# ETFs

# ETPs

# ETFs/ETPs 3,500

10 year ETF/ETP CAGR: 26.5% YTD 2012: 21.4%

3,150 2,800 2,450 2,100 1,750 1,400 1,050 700 350 0

Source: ETFGI, Bloomberg, ETF/ETP providers, Bank of Israel, WIND. Note: ETFs are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. ETPs refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Summary for ETFs listed globally

Assets At the end of October 2012, the global ETF industry had 3,313 ETFs, with 7,546 listings, assets of US$1,655 Bn, from 176 providers on 54 exchanges. ETF assets have decreased by 0.03% from US$1,655.1 Bn in September 2012 to US$1,654.6 Bn in October 2012. YTD through end of October 2012, ETF assets have increased by 22.1% from US$1,355 Bn to US$1,655 Bn. Flows In October 2012, ETFs saw net inflows of US$11 Bn. YTD through end of October 2012, ETFs saw net inflows of US$182 Bn. iShares gathered the largest net ETF inflows in October with US$10,470 Mn, followed by Vanguard with US$3,381 Mn and Harvest Fund Management with US$2,561 Mn net inflows. iShares gathered the largest net ETF inflows YTD with US$58,737 Mn, followed by Vanguard with US$46,251 Mn and SPDR ETFs with US$15,867 Mn net inflows. SPDR ETFs experienced the largest net ETF outflows in October with US$9,349 Mn, followed by PowerShares with US$1,234 Mn and Bank of New York with US$773 Mn net outflows. Commerzbank experienced the largest net ETF outflows YTD with US$1,532 Mn, followed by Direxion Shares with US$933 Mn and EasyETF with US$802 Mn net outflows. Products In October 2012, 34 new ETFs were launched by 22 providers on 12 exchanges, while 33 ETFs delisted. YTD through end of October 2012, 410 new ETFs have been launched by 82 providers on 27 exchanges, while 124 ETFs have delisted. The top 100 ETFs, out of 3,313, account for 62.0% of global ETF assets. 250 ETFs have greater than US$1 Bn in assets, while 2,204 ETFs have less than US$100 Mn in assets, 1,844 ETFs have less than US$50 Mn in assets and 824 ETFs have less than US$10 Mn in assets. Trading volumes ETF average daily trading volumes increased by 6.0% from US$53 Bn in September 2012 to US$56 Bn in October 2012.

Source: ETFGI, Bloomberg, ETF/ETP providers, WIND. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Summary for ETFs/ETPs listed globally

Assets Including other Exchange Traded Products (ETPs), at the end of October 2012, the global ETF/ETP industry had 4,694 ETFs/ETPs, with 9,646 listings, assets of US$1,852 Bn, from 203 providers on 56 exchanges. ETF/ETP assets have decreased by 0.2% from US$1,856 Bn in September 2012 to US$1,852 Bn in October 2012. YTD through end of October 2012, ETF/ETP assets have increased by 21.4% from US$1,526 Bn to US$1,852 Bn. Flows In October 2012, ETFs/ETPs saw net inflows of US$13.5 Bn. YTD through end of October 2012, ETFs/ETPs saw net inflows of US$202 Bn. iShares gathered the largest net ETF/ETP inflows in October with US$10,935 Mn, followed by Vanguard with US$3,381 Mn and Harvest Fund Management with US$2,561 Mn net inflows. iShares gathered the largest net ETF/ETP inflows YTD with US$61,196 Mn, followed by Vanguard with US$46,251 Mn and SPDR ETFs with US$20,763 Mn net inflows. SPDR ETFs experienced the largest net ETF/ETP outflows in October with US$8,427 Mn, followed by PowerShares with US$1,234 Mn and Bank of New York with US$773 Mn net outflows. Commerzbank experienced the largest net ETF/ETP outflows YTD with US$1,532 Mn, followed by Direxion Shares with US$933 Mn and EasyETF with US$802 Mn net outflows. Products In October 2012, 36 new ETFs/ETPs were launched by 24 providers on 12 exchanges, while 34 ETFs/ETPs delisted. YTD through end of October 2012, 507 new ETFs/ETPs have been launched by 94 providers on 28 exchanges, while 157 ETFs/ETPs have delisted. The top 100 ETFs/ETPs, out of 4,694, account for 60.8% of global ETF/ETP assets. 266 ETFs/ETPs have greater than US$1 Bn in assets, while 3,023 ETFs/ETPs have less than US$100 Mn in assets, 2,601 ETFs/ETPs have less than US$50 Mn in assets and 1,341 ETFs/ETPs have less than US$10 Mn in assets. Trading volumes ETF/ETP average daily trading volumes increased by 4.4% from US$59 Bn in September 2012 to US$61 Bn in October 2012.

Source: ETFGI, Bloomberg, ETF/ETP providers, Bank of Israel, WIND. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

ETFs/ETPs by asset class

October 2012 ETF/ETP net new assets by type of exposure (US$ Mn)
Fixed income Commodities Equity Leveraged Active Inverse Mixed Alternative Currency Leveraged Inverse Total: 13,472 (91) (382) (723) 0 4,000 8,000 942 795 72 50 3,270 3,221 6,148

YTD ETF/ETP net new assets by type of exposure (US$ Mn)

Equity Fixed income Commodities Active Alternative Leveraged Inverse Mixed Inverse Leveraged (206) (1,497) 56,597 20,208 5,143 4,534 3,398 355 113,792

In October 2012, ETFs/ETPs saw net inflows of US$13,472 Mn. Fixed income ETFs/ETPs gathered the largest net inflows with US$6,148 Mn, followed by commodity ETFs/ETPs with US$3,270 Mn and equity ETFs/ETPs with US$3,221 Mn, while leveraged inverse ETFs/ETPs experienced the largest net outflows with US$723 Mn. YTD through end of October 2012, ETFs/ETPs saw net inflows of US$201,670 Mn. Equity ETFs/ETPs gathered the largest net inflows YTD with US$113,792 Mn, followed by fixed income ETFs/ETPs with US$56,597 Mn and commodity ETFs/ETPs with US$20,208 Mn. Currency ETFs/ETPs have experienced the largest net outflows YTD with US$2,454 Mn, followed by leveraged ETFs/ETPs with US$1,497 Mn net outflows.

Currency (2,454) Total: 201,670 (75,000) 0 75,000 150,000

(4,000)

Asset class Equity Fixed income Commodities Active Alternative Currency Mixed Leveraged Inverse Leveraged Inverse Total

# ETFs/ ETPs 2,321 653 764 91 44 73 84 250 243 171 4,694

Assets % (US$ Mn) market Oct-12 share 1,228,428 66.3% 315,510 17.0% 228,370 12.3% 10,670 0.6% 4,545 0.2% 4,182 0.2% 1,690 0.1% 18,381 1.0% 9,208 0.5% 15,030 0.8% 1,852,272 100.0%

ADV NNA NNA NNA NNA (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 Oct-12 YTD 2012 YTD 2011 2011 45,751 3,221 113,792 87,064 90,687 3,651 6,148 56,597 35,606 46,009 4,089 3,270 20,208 12,993 15,127 115 795 5,143 3,114 3,472 960 (91) 4,534 (885) (720) 186 (382) (2,454) 1,440 1,336 13 50 355 281 383 3,477 942 (1,497) 3,626 4,320 620 72 (206) 4,429 2,956 2,381 (723) 3,398 6,177 5,149 61,242 13,472 201,670 154,223 170,143

Source: ETFGI, Bloomberg, ETF/ETP providers, Bank of Israel, WIND. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. Israel ETP assets and flows are included in the total figures but are not reflected in the asset class breakdown. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

ETFs/ETPs by asset class: Equity

October 2012 ETF/ETP NNA by region of equity exposure (US$ Mn)
Emerging Europe Asia Pacific Global (ex-US) Global Middle East and Africa North America (10,144) 8,760 1,507 1,381 1,372 344 2

YTD ETF/ETP NNA by region of equity exposure (US$ Mn)

North America Emerging Asia Pacific Europe Global (ex-US) Global Middle East and Africa 1 0 20,000 40,000 60,000 8,403 5,818 5,803 4,235 52,858 36,672

In October 2012, equity ETFs/ETPs saw net inflows of US$3,221 Mn. Emerging market equity ETFs/ETPs gathered the largest net inflows with US$8,760 Mn, followed by ETFs/ETPs providing exposure to developed European equity indices with US$1,507 Mn and developed Asia Pacific equity ETFs/ETPs with US$1,381 Mn. ETFs/ETPs providing exposure to North American equity indices experienced net outflows of US$10,144 Mn. YTD through end of October 2012, equity ETFs/ETPs saw net inflows of US$113,792 Mn. North American equity ETFs/ETPs have gathered the largest net inflows YTD with US$52,858 Mn, followed by emerging market equity ETFs/ETPs with US$36,672 Mn and developed Asia Pacific equity ETFs/ETPs with US$8,403 Mn.

Total: 3,221

(25,000)

(5,000)

15,000

Total: 113,792

Assets % ADV NNA NNA NNA NNA # ETFs/ (US$ Mn) market (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Equity exposure ETPs Oct-12 share Oct-12 Oct-12 YTD 2012 YTD 2011 2011 Asia Pacific 249 91,703 7.5% 748 1,381 8,403 9,513 9,312 Europe 446 126,463 10.3% 1,408 1,507 5,818 17,466 14,731 Emerging 675 240,788 19.6% 6,366 8,760 36,672 5,702 3,685 Middle East and Africa 74 81 0.0% 31 2 1 (32) (34) North America 626 661,369 53.8% 35,860 (10,144) 52,858 41,455 48,457 Global (ex-US) 76 76,536 6.2% 1,124 1,372 5,803 10,512 12,249 Global 175 31,488 2.6% 213 344 4,235 2,448 2,287 Total 2,321 1,228,428 100.0% 45,751 3,221 113,792 87,064 90,687

Source: ETFGI, Bloomberg, ETF/ETP providers, WIND Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

ETFs/ETPs by asset class: Fixed Income

October 2012 ETF/ETP NNA by fixed income exposure (US$ Mn)
Corporate Emerging Government Mortgage Govt/Corp Broad/Aggregate Covered Convertible Credit Spreads High Yield Inflation (18) (266) (334) 4 787 408 327 301 101 1,916 3,435

YTD ETF/ETP NNA by type of fixed income exposure (US$ Mn)

Corporate High Yield Emerging Broad/Aggregate Govt/Corp Mortgage Inflation Covered Convertible Government Credit Spreads (114) Money Market (1,390) 7,189 5,441 3,894 2,608 910 283 160 115 23,478 14,022

In October 2012, fixed income ETFs/ETPs saw net inflows of US$6,148 Mn. Corporate bond ETFs/ETPs gathered the largest net inflows with US$3,435 Mn, followed by emerging market bond ETFs/ETPs with US$1,916 Mn, and Government bond ETFs/ETPs with US$787 Mn net inflows. ETFs/ETPs providing exposure to money markets experienced the largest net outflows with US$511 Mn, followed by inflation ETFs/ETPs with US$334 Mn. YTD through end of October 2012, fixed income ETFs/ETPs saw net inflows of US$56,597 Mn. Corporate bond ETFs/ETPs gathered the largest net inflows with US$23,478 Mn, followed by high yield ETFs/ETPs with US$14,022 Mn and emerging market bond ETFs/ETPs with US$7,189 Mn. Money market ETFs/ETPs experienced the largest net outflows YTD with US$1,390 Mn.

Money Market (511)

Total: 6,148

(2,000)

2,000

4,000

Total: 56,597

(20,000)

20,000 40,000

Fixed income exposure Broad/Aggregate Convertible Corporate Covered Credit Spreads Emerging Government Govt/Corp High Yield Inflation Money Market Mortgage Total

# ETFs/ ETPs 31 4 118 10 7 58 309 19 32 35 24 6 653

Assets (US$ Mn) Oct-12 36,441 931 78,349 1,311 447 18,698 76,555 16,573 38,711 33,118 5,961 8,415 315,510

% market share 11.5% 0.3% 24.8% 0.4% 0.1% 5.9% 24.3% 5.3% 12.3% 10.5% 1.9% 2.7% 100.0%

ADV NNA NNA NNA NNA (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 Oct-12 YTD 2012 YTD 2011 2011 257 301 5,441 5,871 8,356 12 4 160 293 278 756 3,435 23,478 8,553 11,401 12 101 283 (91) (56) 3 (18) (114) (156) (237) 247 1,916 7,189 2,163 2,848 1,302 787 115 5,468 6,395 83 327 3,894 2,394 3,143 652 (266) 14,022 6,991 8,662 (334) 910 2,016 2,776 205 49 (511) (1,390) 929 669 73 408 2,608 1,174 1,775 3,651 6,148 56,597 35,606 46,009

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

ETFs/ETPs by asset class: Commodities

October 2012 ETF/ETP NNA by commodity exposure (US$ Mn)
Precious metals Broad Energy Industrial metals Livestock Alternative Agriculture Total: 3,270 (68) 0 1,000 2,000 3,000 21 15 0 464 421 2,416

YTD ETF/ETP NNA by type of commodity exposure (US$ Mn)

Precious metals Broad Energy Industrial metals Alternative Livestock (25) 2,512 1,140 210 0 17,598

In October 2012, commodity ETFs/ETPs saw net inflows of US$3,270 Mn. ETFs/ETPs providing exposure to precious metals gathered the largest net inflows with US$2,416 Mn, followed by broad commodity ETFs/ETPs with US$464 Mn, while agriculture ETFs/ETPs experienced the largest net outflows with US$68 Mn. YTD through end of October 2012, commodity ETFs/ETPs saw net inflows of US$20,208 Mn. Precious metals ETFs/ETPs gathered the largest net inflows with US$17,598 Mn, followed by broad commodity ETFs/ETPs with US$2,512 Mn and energy ETFs/ETPs with US$1,140 Mn, while ETFs/ETPs providing exposure to agriculture experienced the largest net outflows with US$1,227 Mn.

Agriculture (1,227) Total: 20,208 (10,000) 0 10,000 20,000

(1,000)

Commodity exposure Broad Alternative Agriculture Energy Industrial metals Livestock Precious metals Total

# ETFs/ ETPs 126 2 149 153 111 19 204 764

Assets (US$ Mn) Oct-12 23,986 2 12,593 7,894 2,951 194 180,750 228,370

% market share 10.5% 0.0% 5.5% 3.5% 1.3% 0.1% 79.1% 100.0%

ADV NNA NNA NNA NNA (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) (US$ Mn) Oct-12 Oct-12 YTD 2012 YTD 2011 2011 334 464 2,512 183 (223) 0 0 (0) (0) 73 (68) (1,227) 3,949 3,417 616 421 1,140 (1,620) (1,986) 28 21 210 277 176 5 15 (25) 42 40 3,034 2,416 17,598 10,162 13,704 4,089 3,270 20,208 12,993 15,127

Source: ETFGI, Bloomberg, ETF/ETP providers Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. The data displayed above does not include active, leveraged, inverse or leveraged inverse products. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Top 20 ETF providers by assets: Global

iShares is the largest ETF provider in terms of assets with US$695 Bn, reflecting 42.0% market share; SPDR ETFs is second with US$246 Bn and 14.8% market share, followed by Vanguard with US$233 Bn and 14.1% market share. The top three ETF providers, out of 176, account for 71.0% of global ETF assets, while the remaining 173 providers each have less than 4% market share.

Provider iShares SPDR ETFs Vanguard PowerShares DB/x-trackers Lyxor AM Van Eck Nomura AM ProShares Credit Suisse AM WisdomTree ZKB UBS GAM Nikko AM Amundi ETF HSBC/Hang Seng Guggenheim Bank of New York Daiwa PIMCO Others (156) Total

# ETFs 605 171 83 160 248 185 50 36 117 58 49 4 87 21 102 35 70 1 22 19 1,190 3,313

Assets (US$ Mn) Oct-12 695,422 245,660 232,872 59,883 45,698 37,436 28,401 22,752 18,772 17,135 16,776 16,219 12,113 10,963 10,826 9,895 9,806 9,257 8,706 8,358 137,638 1,654,589

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 42.0% 15,543 10,470 58,737 44,982 52,682 14.8% 25,774 (9,349) 15,867 18,319 21,861 14.1% 1,867 3,381 46,251 30,437 35,946 3.6% 3,204 (1,234) 6,689 3,550 4,891 2.8% 265 (296) (189) 1,864 (341) 2.3% 492 383 155 (7,426) (9,855) 1.7% 1,232 792 3,698 7,174 6,154 1.4% 80 539 4,245 3,927 4,189 1.1% 2,695 121 457 5,256 4,625 1.0% 96 (47) (51) 2,230 1,775 1.0% 177 47 3,718 3,362 3,929 1.0% 48 87 475 1,268 2,082 0.7% 46 260 710 4,679 4,851 (31) 2,902 2,421 2,480 0.7% 28 0.7% 57 332 1,430 2,663 2,493 0.6% 48 42 997 1,625 1,869 0.6% 69 91 1,364 431 24 0.6% 407 (773) (709) (2,564) (3,026) 0.5% 5 187 1,766 293 728 0.5% 122 529 4,124 1,201 1,713 8.3% 3,897 5,638 29,354 21,658 22,262 100.0% 56,153 11,172 181,989 147,350 161,332

Market share of largest ETF providers by assets

Top 20, 91.7% Top 10, 84.9% Top 5, 77.3% Top 3, 71.0%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 1,173,955 1,279,535 1,404,031 1,516,951

% total 71.0% 77.3% 84.9% 91.7%

Source: ETFGI, Bloomberg, ETF/ETP providers, WIND. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

Top 20 ETF index providers by assets: Global

Globally, S&P Dow Jones has the largest amount of ETF assets tracking its benchmarks with US$442 Bn, reflecting 26.7% market share; MSCI is second with US$370 Bn and 22.4% market share, followed by Barclays Capital with US$176 Bn and 10.6% market share.

Provider S&P Dow Jones MSCI Barcap STOXX Russell Markit FTSE NASDAQ OMX Nikkei NYSE Euronext TSE CSI Hang Seng PC-Bond WisdomTree Indxis Korea Exchange JP Morgan Deutsche Bank Market Vectors Other Total

# ETFs 653 534 147 283 65 159 184 70 14 86 64 72 17 38 35 8 67 7 40 24 746 3,313

Assets (US$ Mn) Oct-12 442,109 370,362 175,694 93,243 85,651 72,723 65,159 41,524 24,248 22,824 21,279 20,036 15,694 14,346 14,052 13,673 9,830 9,681 9,547 8,509 124,405 1,654,589

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 26.7% 30,353 (7,986) 33,996 26,971 30,983 22.4% 6,927 6,980 37,781 21,539 20,522 10.6% 2,519 3,292 25,820 25,675 34,386 5.6% 888 (241) (2,652) 18,270 16,125 5.2% 5,289 (989) 733 3,144 2,110 4.4% 790 1,170 17,808 5,106 5,258 3.9% 1,209 2,934 8,815 5,458 6,338 2.5% 3,703 (2,505) (44) 2,394 3,196 1.5% 98 754 5,787 4,836 5,270 1.4% 993 213 1,181 3,319 3,437 1.3% 45 190 3,998 2,733 3,110 1.2% 246 2,522 10,827 127 (21) 0.9% 124 233 221 988 1,111 0.9% 62 289 3,923 1,484 2,436 0.8% 161 35 3,824 1,972 2,640 0.8% 64 168 2,396 3,593 4,393 0.6% 449 462 1,765 3,749 4,086 0.6% 132 591 3,754 1,032 1,606 0.6% 87 201 419 382 448 0.5% 469 252 1,505 851 (715) 7.5% 1,544 2,607 20,130 13,726 14,613 100.0% 56,153 11,172 181,989 147,350 161,332

Market share of largest ETF index providers by assets

Top 20, 92.5% Top 10, 84.2% Top 5, 70.5% Top 3, 59.7%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 988,165 1,167,058 1,393,537 1,530,184

% total 59.7% 70.5% 84.2% 92.5%

Source: ETFGI, Bloomberg, ETF/ETP providers, WIND Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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Top 20 ETF/ETP providers by assets: Global

iShares is the largest ETF/ETP provider in terms of assets with US$719 Bn, reflecting 38.8% market share; SPDR ETFs is second with US$319 Bn and 17.2% market share, followed by Vanguard with US$233 Bn and 12.6% market share. The top three ETF/ETP providers, out of 203, account for 68.6% of global ETF/ETP assets, while the remaining 200 providers each have less than 4% market share.

Provider iShares SPDR ETFs Vanguard DB/x-trackers PowerShares Lyxor AM ETF Securities Van Eck Nomura AM ProShares Credit Suisse AM WisdomTree ZKB UBS GAM Source Guggenheim Nikko AM Amundi ETF HSBC/Hang Seng Bank of New York Others (183) Total

# ETFs/ ETPs 613 172 83 354 160 185 300 50 39 138 58 49 4 87 92 78 21 102 36 1 2,072 4,694

Assets (US$ Mn) Oct-12 718,953 319,487 232,872 62,601 59,883 37,436 29,620 28,401 22,914 22,312 17,135 16,776 16,219 12,113 11,995 11,753 10,963 10,826 9,932 9,257 190,822 1,852,272

% ADV NNA YTD 2012 YTD 2011 market (US$ Mn) (US$ Mn) NNA NNA 2011 NNA share Oct-12 Oct-12 (US$ Mn) (US$ Mn) (US$ Mn) 38.8% 16,023 10,935 61,196 45,866 53,726 17.2% 27,184 (8,427) 20,763 17,108 21,489 12.6% 1,867 3,381 46,251 30,437 35,946 3.4% 463 (220) 951 4,404 2,042 3.2% 3,204 (1,234) 6,689 3,550 4,891 2.0% 492 383 155 (7,426) (9,855) 1.6% 275 221 2,736 (324) (480) 1.5% 1,232 792 3,698 7,174 6,154 1.2% 81 538 4,224 3,876 4,137 1.2% 3,291 122 1,364 7,118 6,432 (47) (51) 2,230 1,775 0.9% 96 0.9% 177 47 3,718 3,362 3,929 0.9% 48 87 475 1,268 2,082 0.7% 46 260 710 4,679 4,851 0.6% 280 680 4,051 2,449 2,537 0.6% 220 (143) 279 1,055 624 0.6% 28 (31) 2,902 2,421 2,480 0.6% 57 332 1,430 2,663 2,493 0.5% 48 42 997 1,591 1,835 0.5% 407 (773) (709) (2,564) (3,026) 10.3% 5,720 6,527 39,842 23,288 26,082 100.0% 61,242 13,472 201,670 154,223 170,143

Market share of largest ETF/ETP providers by assets

Top 20, 89.7% Top 10, 82.8% Top 5, 75.2% Top 3, 68.6%

0%

20%

40%

60%

80%

100%

Category Top 3 Top 5 Top 10 Top 20

Assets (US$ Mn) 1,271,313 1,393,796 1,534,480 1,661,451

% total 68.6% 75.2% 82.8% 89.7%

Source: ETFGI, Bloomberg, ETF/ETP providers, Bank of Israel, WIND Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional month-end data becomes available. FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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About ETFGI

ETFGI is an independent research and consultancy firm aimed at providing services to the rapidly expanding global Exchange-Traded Fund (ETF) industry and investors. The new firm is focused on providing thought leadership; publishing independent research on the industry, products, applications, competitor analysis; providing education, assistance and tools for investors on product comparison, asset allocation implementation and offering customised research. The founding partners of the firm bring a wealth of ETF implementation and capital markets experience to the venture. Deborah Fuhr, Shane Kelly and Matthew Murray were instrumental in the development of the first ETF global industry research reports and worldwide handbooks while they were at Morgan Stanley and most recently they have been responsible for the development and production of ETF reports and handbooks at BlackRock/Barclays Global Investors. For further information please contact: Deborah Fuhr Partner ETFGI LLP 100 Pall Mall, St James London SW1Y 5NQ United Kingdom Phone: +44 207 321 5650 Mobile: +44 777 5823 111 Email: deborah.fuhr@etfgi.com

FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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Disclaimer

This report is published by, and remains the copyright of, ETFGI LLP ("ETFGI"). Unless otherwise agreed with ETFGI, this report may only be used by the permitted recipients and shall not be provided to any third parties. ETFGI makes no warranties or representations regarding the accuracy or completeness of the information contained in this report, except as expressly set out in our terms of engagement agreed with you. ETFGI does not offer investment advice or make recommendations regarding investments and nothing in this report shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. Further, nothing in this report shall constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any such activity based on information contained in this report, you do so entirely at your own risk and ETFGI shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. For US Investors this report is solely for Institutional use not for public distribution. For Canadian investors this report is solely for use by accredited investors.

FOR PROFESSIONAL INVESTORS ONLY - PLEASE SEE IMPORTANT DISCLAIMER AT BACK OF PUBLICATION.

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