What s Inside. BlackRock ETP Research Global ETP Overview 3. About the ETP Landscape: Industry Highlights Report

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1 ETP LANDSCAPE INDUSTRY HIGHLIGHTS FEBRUARY 28, 2014 The opinions expressed are as of February 28th, 2014 and may change as subsequent conditions vary. ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS

2 What s Inside BlackRock ETP Research Global ETP Overview 3 Dodd Kittsley, Head of BlackRock ETP Research Raj Seshadri Head of BlackRock ETP Insights For inquiries, contact ETPresearch@BlackRock.com United States 16 Europe 21 Asia Pacific 26 Canada 31 Latin America 36 Endnotes 38 FIXED INCOME ETP FLOWS SURGED IN EARLY FEBRUARY WHILE EQUITIES RECOVERED AFTER A ROCKY START 1 Global ETP inflows finished February at $27.2bn spurred on by Janet Yellen s February 11 th address to Congress, which was well received by equity markets. Fixed Income flows of $19.6bn set a new monthly record amid expectations for continued low interest rates and low inflation. US Treasuries brought in $11.4bn and Investment Grade Corporate gathered $3.6bn. High Yield Corporate added $1.4bn. Despite inflows into all duration buckets, Short Maturity funds had a record month taking in $7.4bn. Overall Equity flows were moderate at $5.8bn with investors continuing to favor non-us Developed Markets exposures. Japanese Equity inflows reached $4.1bn and Pan-European funds gathered $2.8bn as evidence continues to point toward improving growth in the region. US Equity outflows totaled ($0.2bn) and Emerging Markets shed ($4.5bn). February played out as a tale of two halves and ETPs enabled market participants to efficiently reallocate capital as sentiment shifted. Prior to Yellen s remarks, Equity ETP redemptions reached ($21.2bn) while Fixed Income accumulated $16.8bn as investors waited out the equity market volatility that carried over from January. Subsequently, the trend reversed with Equities recovering $27.1bn (largely US Equity) while Fixed Income cooled but still brought in an additional $2.8bn. About the ETP Landscape: Industry Highlights Report The ETP Landscape: Industry Highlights provides a summary of ETP assets under management and asset flows at a global level for the most recent month-end period. Subscribe If you are a Professional Investor (or, in Canada, an Accredited Investor) and would like to receive future ETP Landscape reports, please subscribe via our website at: [ 2 ]

3 Global Overview Highlights (US$): 1,2 GLOBAL ETP WEEKLY FLOWS February $27.2bn February inflows of $27.2bn for the Global ETP Industry represented a dramatic turnaround from January s outflows, underscoring the uncertainty confronting markets so far in Going forward this year, volatility is likely to move higher, reverting to its long-term historical average. The lack of a clear signal on global economic growth following a year in which the anticipation of improvement propelled stocks to impressive gains has led to active movement of capital among asset classes that was reflected in ETP flows during the month. There were, however, categories that continued to consistently gather assets. Net (US$bn) 6.0 (3.4) (12.0) (4.5) Developed Int l Equity Fixed Income US Equity EM Equity Commodities/Other Redemptions in US Equity exposures that had emerged during late January continued into the first week of February but then reversed to inflows despite further lackluster reports on the labor market and manufacturing. The catalysts were Janet Yellen s testimony before Congress and news of an agreement on debt ceiling legislation. The former was an encouraging sign of a smooth Fed transition and confirmation of low-for-longer interest rate policy in conjunction with tapering while the latter pushed an obstacle to 2014 growth off until next year. US Large Cap outflows abated, finishing the month down ($2.9bn) as opposed to the ($15.7bn) witnessed in January. One consistent trend was strength in US Sectors which built on existing momentum adding $4.1bn in February driven by Health Care, Energy and Real Estate. Global Fixed Income flows of $19.6bn set a new record in February and were led by US exposures with $16.8bn, also a new high. spiked as US Equity redemptions mounted early in the month, but then slowed abruptly. It remains unclear whether the pickup this month was a sign of changing investor behavior or more opportunistic in nature given shortterm market conditions as well as range-bound interest rates and low inflation expectations. Still, in two months it brings year-to-date Fixed Income flows to $23.1bn, close to the total for all of 2013 at $27.1bn. US Treasuries and Investment Grade bonds led the way accumulating $11.4bn and $3.6bn this month, respectively. High Yield added $1.4bn. European Fixed Income exposures continued their strong run gathering $1.3bn, just off the pace from January. Short Maturity Fixed Income flows also reached their highest monthly total on record at $7.4bn after subsiding late in While the outlook for Emerging Markets Equity remains tenuous in light of tension in the Ukraine and Chinese currency volatility, it has stabilized notably since January and so have ETP flows. February brought additional outflows of ($4.5bn) but they were concentrated early in the month. 1/17 1/24 GLOBAL EQUITY ETP FLOWS 1 ($1.9bn) vs YTD : $46.8bn (11.6) US Japan Pan European 10.5 GLOBAL FIXED INCOME ETP FLOWS February : $19.6bn Monthly Net ($US$bn) /31 Short Maturity Other Duration Buckets 2/7 2/14 2/21 2/ Other DM/ Global Jan-Feb 2013 Jan-Feb (13.2) Emerging Markets F A J A O D F A J A O D F [ 3 ]

4 Global Overview (cont d) Highlights (US$): 1,2 Year-to-date outflows of ($13.2bn) have now surpassed the total of ($10.3bn) for all of Valuations remain relatively attractive by historical standards for longer-term investors willing to ride out the volatility inherent in the asset class and encouraging forecasts for individual economies such as South Korea also continue to present opportunities for selective investors. into Pan-European Equity exposures remained strong reaching $2.8bn in February. Data released mid-month indicated Q4 Eurozone GDP growth of 0.3% above expectations for 0.2% and February inflation of 0.8% annualized that remains low but has stabilized recently. 3 Single country funds have also seen momentum in flows continue to build this year. They gathered $1.3bn in February led by Italy and Switzerland with $0.4bn each. In aggregate, flows into European Equity exposures totaled $4.2bn during the month. FEBRUARY RESULTS AT A GLANCE 1 (US $billions) February 2014 January 2014* December 2013* February 2013 Monthly 27.2 (6.6) ,434 2,322 2,396 2,036 # of ETPs ,063 5,024 4,792 *Q and Jan 2014 restated with additional Europe and Asia data. Global ETPs crossed 5,000 in product count during Dec GLOBAL 13-MONTH ROLLING FLOWS 1 : $20.6bn vs : $236.1bn (US$bn) The pace of Japanese Equity flows remained strong with $4.1bn added in February predominantly among a select set of Nikkei and TOPIX funds. Year-to-date the total has already reached $8.2bn. Inflows had tapered late in 2013 following impressive asset gathering of $26.0bn during the first half. Despite evidence that economic growth remains moderate the latest Q4 data revealed GDP growth of 0.3% 4 the government reasserted its commitment to boost record stimulus measures if needed. Equity Fixed Income Commodities & Others CUMULATIVE EQUITY ETP FLOWS 1 CUMULATIVE FIXED INCOME ETP FLOWS 1 Equity : ($1.9bn) Fixed Income : $23.1bn Cumulative Net (US$bn) Cumulative Net (US$bn) [ 4 ]

5 2014 Year-To-Date Overview GLOBAL ETP FLOWS BY EXPOSURE 1 (US$bn) YTD 2013 Annual 2013 GLOBAL ETP CUMULATIVE NET FLOWS 1 $20.6bn vs : $236.1bn J F M A M J J A S O N D CUMULATIVE COMMODITIES & OTHERS ETP FLOWS 1 Commodities & Others : ($0.5bn) MONTHLY GLOBAL EQUITY ETP FLOWS 1 Strategic Beta Equity ETP : $5.8bn Cumulative Net (US$bn) Net (US$bn) (R) Strategic Beta Equity Market Cap Weighted [ 5 ]

6 By Listing Region Highlights (US$): 1 Europe-listed ETPs gathered $4.3bn in February, the eighth consecutive month with positive flows Funds listed in the US account for 70.9% of global ETP assets Year-to-date Asia Pacific and Europe contributed to 85% of all global ETP inflows, with more than $8bn each. FEBRUARY FLOWS BY LISTING REGION 1 ASSET GROWTH RATES AND # OF ETPs 1 (# ETPs) 40 Bubble size = ($bn) 2014 Growth in # ETPs Latin America $9 Canada $59 Asia Pacific $169 US $1,727 Europe $ % -20% -16% -12% -8% -4% 0% 4% 8% AUM Growth Commodities & Others Fixed Income Equity LISTING REGION VIEW 1 By Listing Region Feb 2014 Net YTD 2014 Feb 2014 % Asset Market Share Number of Products FOR MEDIA ONLY. NOT FOR PUBLIC DISTRIBUTION [ 6 ]

7 ETP and Mutual Fund Equity Highlights (US$): 1,5 ETP and mutual funds Equity flows exhibited similar patterns so far this year. Developed Markets Equity mutual fund inflows were $50.6bn year-to-date, after finishing 2013 with $165.7bn. Developed Markets Equity ETPs had inflows of $11.3bn vs. $258.4bn for full-year Emerging Markets Equity mutual fund outflows were ($15.5bn) year-to-date, already more than double the ($6.6bn) total for last year. EM Equity ETP outflows reached ($13.2bn) year-to-date, also surpassing the ($10.3bn) from last year. GLOBAL EQUITY ETP FLOWS 1,5 ($1.9bn) vs $248.1bn GLOBAL EQUITY MUTUAL FUND FLOWS 1,5 $35.0bn vs $159.1bn (50) 11.3 (13.2) (10.3) J F M A M J J A S O N D (50) 50.6 (15.5) (6.6) J F M A M J J A S O N D Developed Markets in 2014 Emerging Markets in 2014 Developed Markets in 2013 Emerging Markets in 2013 [ 7 ]

8 ETP and Mutual Fund - Fixed Income and Money Market Highlights (US$): 1,5 The preference for Short Maturity Fixed Income that was a key theme in 2013 is still evident for Mutual Funds but is less pronounced for ETPs. Fixed Income ETPs gathered $23.1bn year-to-date, led by US Treasury Bond and Investment Grade Corporate Bond funds. of $9.3bn came from Short Maturity funds and other duration buckets added $13.8bn. Short Maturity Fixed Income mutual funds gathered $11.0bn so far this year, while other maturities had redemptions of ($11.2bn). Money Market mutual funds surrendered ($20.1bn) yearto-date, similar thus far to the pattern seen last year. Money Market ETP trends are not shown below as assets are minimal. are included with those of Fixed Income funds. GLOBAL FIXED INCOME ETP FLOWS 1,2,5 $23.1bn vs $27.1bn GLOBAL FIXED INCOME MUTUAL FUND FLOWS 1,2,5 ($0.2bn) vs ($103.3bn) Cumulative Net (US$bn) (8.7) J F M A M J J A S O N D Cumulative Net (US$bn) (11.2) (232.7) J F M A M J J A S O N D Short Maturity in 2014 Other Maturity Buckets in 2014 Short Maturity in 2013 Other Maturity Buckets in 2013 MONEY MARKET MUTUAL FUND FLOWS 1,5 ($20.1bn) vs ($32.3bn) 0 (50) (20.1) (32.3) (100) Money Market Mutual Fund in 2014 Money Market Mutual Fund in 2013 (150) (200) J F M A M J J A S O N D [ 8 ]

9 Largest Year-To-Date Fund Inflows and Outflows ETPs as of February 2014 (US$mn) 1 Bloomberg Ticker Inflows Feb-14 ishares Barclays 3-7 Year Treasury Bond IEI US 3,580 6,313 ishares Barclays 1-3 Year Treasury Bond SHY US 3,525 11,752 ProShares Ultra 7-10 Year Treasury UST US 2,919 2,951 NIKKEI 225 ETF 1321 JP 1,716 18,272 Vanguard European VGK US 1,655 15,750 ishares MSCI EMU EZU US 1,582 10,170 NEXT FUNDS Nikkei 225 Leveraged 1570 JP 1,580 2,684 ishares Barclays 1-3 Year Credit Bond CSJ US 1,370 13,225 Vanguard Total Stock Market VTI US 1,321 41,089 Vanguard REIT VNQ US 1,293 20,420 Grand Total 20, ,627 ETPs as of February 2014 (US$mn) 1 Bloomberg Ticker Outflows Feb-14 SPDR S&P 500 SPY US (17,383) 158,175 ishares MSCI Emerging Markets EEM US (7,572) 30,907 ishares Core S&P 500 IVV US (4,063) 49,911 Vanguard FTSE Emerging Markets VWO US (3,482) 41,139 ishares Core S&P Mid-Cap IJH US (2,463) 20,653 Consumer Discretionary Select SPDR XLY US (2,030) 5,410 ProShares Ultra S&P 500 SSO US (1,806) 1,619 ishares iboxx $ High Yield Corporate Bond HYG US (1,803) 13,581 ProShares Ultra MidCap 400 MVV US (1,471) 164 ishares Russell 2000 IWM US (1,427) 27,212 Grand Total (43,500) 348,771 [ 9 ]

10 Largest Asset Gathering ETPs Launched in 2014 Highlights (US$): 1 93 new ETPs and 16 individual share class listings debuted around the globe so far this year and have accumulated $2.1bn in assets. 16 products and 27 individual share class listings were delisted this year with combined assets of less than $900mn. Product Name (US$mn) 1 Bloomberg Ticker Exposure Listing Region Launch Date as of Feb-2014 Others 566 [ 10 ]

11 Global ETP Multi-Year Asset Growth and Top 10 Providers Global ETP & Number of ETPs by Year 1 ($bn) # of ETPs $2,400 4,759 5,024 5,098 5,000 $2,200 4,311 $2,000 3,543 $1,800 4,000 $1,600 2,694 $1,400 3,000 $1,200 1,541 2,220 2,396 2,434 $1,000 1,944 2, $800 1,483 1,525 $ , ,000 $ $ $ Feb-14 Global ETP Providers Ranked by (US$bn) 1 Provider * Feb-2014 % Market Share Feb-2014 Net Net # ETPs Change % Market Share * Providers measured at parent company level. [ 11 ]

12 ETP by Exposure: Developed Equity Exposure (US$mn) 1 Feb 2014 Large Cap (2,877) (18,598) (90.2) 471, Mid Cap (3,292) (2,663) (12.9) 84, Small Cap 949 (1,272) (6.2) 89, US Size and Style Micro Cap , Total Market 559 2, , Extended Market , Preferred Stock 21 (99) (0.5) 12, US Size and Style Total (4,430) (19,398) (94.1) 732, Basic Materials 520 1, , Consumer Cyclicals (1,102) (2,149) (10.4) 14, Consumer Non-cyclicals (868) (982) (4.8) 9, Energy 1,578 1, , Financials , Health Care 2,698 3, , US Sector Industrials (785) (700) (3.4) 14, Real Estate 1,234 2, , Technology (367) , Telecommunications , Utilities , Theme , US Sector Total 4,074 6, , US Strategy , US Total (208) (11,626) (56.4) 1,020, Canada Equity (398) (1,125) (5.5) 31, North America Regional Equity , North America Total (399) (12,268) (59.5) 1,061, Pan European Size and Style Large Cap , Mid Cap 26 (19) (0.1) 1, Small Cap , Total Market 1,595 4, , Pan European Size and Style Total 2,338 6, , Pan European Sector , Pan European Strategy , Pan European Total 2,827 7, , Germany 169 (164) (0.8) 41, Country % of % of # ETPs U.K , Switzerland , France 79 (21) (0.1) 6, Others 522 1, , Europe Single Country 1,326 2, , Total Europe Total 4,154 9, , Regional (604) (889) (4.3) 15, Asia-Pacific Country 4,059 8, , Asia Pacific Total 3,455 7, , Broad-Based Global /Global ex-us 3,159 6, , Developed Equity Total 10,368 11, ,653, ,252 [ 12 ]

13 ETP by Exposure: EM Equity, Fixed Income, & Commodities Exposure (US$mn) 1 Feb 2014 % of % of # ETPs Broad Emerging Markets (3,309) (12,306) (59.7) 104, Broad EM Broad Frontier Markets Broad EM Total (3,270) (12,222) (59.3) 104, Regional EM (161) (510) (2.5) 6, Brazil (65) , China (528) 1, , India (97) (256) (1.2) 5, EM Single Country Russia (202) (425) (2.1) 2, South Korea (101) (756) (3.7) 19, Mexico (207) (924) (4.5) 8, Others 86 (60) (0.3) 21, EM Single Country Total (1,115) (480) (2.3) 118, Emerging Markets Equity Total (4,545) (13,212) (64.1) 229, Equity Total 5,823 (1,932) (9.4) 1,883, ,047 Broad/Aggregate 347 1, , Govt/Corp , Emerging Markets , Municipal , Government - Sovereign 577 1, , Government - US Treasury 11,394 12, , Government Total 11,971 13, , Fixed Income Inflation (17) (172) (0.8) 25, High Yield Corporate 1,402 1, , Investment Grade Corporate 3,586 4, , Money Market (147) (308) (1.5) 4, Mortgage , Others , Fixed Income Total 19,598 23, , Broad Market 149 (551) (2.7) 17, Agriculture 49 (5) (0.0) 5, Energy , Commodities Industrial Metals (29) , Precious Metals - Gold 501 (372) (1.8) 73, Precious Metals - Silver , Precious Metals - Others (8) (126) (0.6) 4, Precious Metals - Total 693 (240) (1.2) 91, Commodities Total 1,159 (596) (2.9) 122, Alternatives Volatility , Others , Alternatives Total , Asset Allocation , Currency (100) (750) (3.6) 4, Israel ETP , Global ETP Total 27,208 20, ,434, ,098 [ 13 ]

14 United States ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS

15 US ETP Multi-Year Asset Growth and Top 10 Providers US ETP & Number of ETPs by Year 1 ($bn) # of ETPs $1, $1, $1, $1, $1, ,701 1, $ , $600 1,012 1, $ $ $ Feb-14 US ETP Providers Ranked by (US$bn) 1 Provider * Feb-2014 % Market Share Feb-2014 Net Net # ETPs Change % Market Share ishares State Street (2.2) (18.8) 129 (12.7) (1.1) Vanguard Invesco PowerShares WisdomTree Investments (0.9) (0.1) ProShares (0.2) 0.0 Guggenheim Van Eck Global (0.3) First Trust Portfolios Charles Schwab other US providers Grand Total 1, , * Providers measured at parent company level. [ 15 ]

16 US ETPs Ranked by 2014 YTD Inflows and Outflows ETPs as of February (US$mn) 1 Bloomberg Ticker Inflows Feb-14 ishares Barclays 3-7 Year Treasury Bond IEI US 3,580 6,313 ishares Barclays 1-3 Year Treasury Bond SHY US 3,525 11,752 ProShares Ultra 7-10 Year Treasury UST US 2,919 2,951 Vanguard European VGK US 1,655 15,750 ishares MSCI EMU EZU US 1,582 10,170 ishares Barclays 1-3 Year Credit Bond CSJ US 1,370 13,225 Vanguard Total Stock Market VTI US 1,321 41,089 Vanguard REIT VNQ US 1,293 20,420 Vanguard FTSE Developed Markets ETF VEA US 1,292 20,507 ishares MSCI EAFE EFA US 1,101 54,578 Grand Total 19, ,756 ETPs as of February (US$mn) 1 Bloomberg Ticker Outflows Feb-14 SPDR S&P 500 SPY US (17,383) 158,175 ishares MSCI Emerging Markets EEM US (7,572) 30,907 ishares Core S&P 500 IVV US (4,063) 49,911 Vanguard FTSE Emerging Markets VWO US (3,482) 41,139 ishares Core S&P Mid-Cap IJH US (2,463) 20,653 Consumer Discretionary Select SPDR XLY US (2,030) 5,410 ProShares Ultra S&P 500 SSO US (1,806) 1,619 ishares iboxx $ High Yield Corporate Bond HYG US (1,803) 13,581 ProShares Ultra MidCap 400 MVV US (1,471) 164 ishares Russell 2000 IWM US (1,427) 27,212 Grand Total (43,500) 348,771 [ 16 ]

17 US ETP by Exposure: Equity Exposure (US$mn) 1 Feb 2014 Net 2014 YTD Net % of % of # ETPs Broad-based (4,642.4) (22,082.6) (534.0) 332, Growth , Value , Large Cap High Dividend Yield , Risk-adjusted (8.1) (8.1) (0.2) Covered call US Size and Style US Large Cap Total (3,705.4) (20,648.9) (499.3) 433, Mid Cap (3,322.6) (2,767.0) (66.9) 83, Small Cap (1,268.0) (30.7) 87, Micro Cap , Total Market , , Extended Market , Preferred Stock 21.4 (99.2) (2.4) 12, US Size and Style Total (5,127.3) (22,496.8) (544.0) 682, Basic Materials , , Consumer Cyclicals (1,095.6) (2,146.6) (51.9) 14, Consumer Non-cyclicals (867.6) (979.7) (23.7) 9, Energy 1, , , Financials , Health Care 2, , , US Sector Industrials (790.4) (687.7) (16.6) 14, Real Estate 1, , , Technology (373.6) , Telecommunications , Utilities , Theme , US Sector Total 4, , , US Strategy , US Equity Total (1,016.3) (14,906.2) (360.5) 965, Global 1, , , Global Ex-U.S. 1, , , Developed International Equity North America , Europe 2, , , Asia-Pacific (201.7) , Middle East & Africa Developed International Total 5, , , Broad (2,905.6) (11,166.7) (270.0) 90, Emerging Markets Equity Regional (45.7) (172.7) (4.2) 2, Country (299.3) (657.6) (15.9) 31, EM Equity Total (3,250.6) (11,997.0) (290.1) 124, Equity Total (13,866.0) (335.3) 1,377, ,023 [ 17 ]

18 US ETP by Exposure: Fixed Income, Commodities & Others Exposure (US$mn) 1 Feb 2014 Net 2014 YTD Net % of % of # ETPs Broad/Aggregate , , Govt/Corp , Emerging Markets 68.0 (127.1) (3.1) 8, Investment Grade Corporate 2, , , High Yield Corporate 1, , Fixed Income Municipals , Sovereign (33.3) (121.1) (2.9) 3, U.S. Government 11, , , Inflation (163.8) (359.3) (8.7) 20, Mortgage , Others , Fixed Income Total 16, , , Broad Market 17.9 (561.0) (13.6) 10, Agriculture , Energy , Industrial Metals Commodities Precious Metals Gold , Silver , Other (25.8) (153.1) (3.7) 1, Precious Metals Total , Commodities Total (0.7) (0.0) 70, Currency (125.7) (789.4) (19.1) 3, Volatility , Alternatives Others , Alternatives Total , Asset Allocation , US ETP Total 19, , ,727, ,568 [ 18 ]

19 Europe ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS

20 Europe ETP Multi-Year Asset Growth and Top 10 Providers Europe ETP & Number of ETPs by Year 1 ($bn) # of ETPs $450 $400 $ $300 $250 $200 $150 $100 $50 $ Feb Europe ETP Providers Ranked by (US$bn) 1 Change Provider * Feb-2014 % Market Share Feb-2014 Net Net # ETPs % Market Share * Providers measured at parent company level. [ 20 ]

21 Europe ETPs Ranked by 2014 YTD Inflows and Outflows ETPs as of February (US$mn) 1 Bloomberg Ticker Inflows Feb-14 Vanguard S&P 500 UCITS ETF VUSA LN 793 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN 566 UBS-ETF MSCI USA ** USACHA SW ** 513 ** ** UBS ETF DJ Euro STOXX 50 E50EUA SW ** 451 ** ishares MSCI Japan - B UCITS ETF (Acc) CSJP SW 413 UBS ETF MSCI Emerging Markets TRN INDEX SF A ** ** EGUSAS SW 396 ** ishares Euro Corporate Bond UCITS ETF IEBC LN 374 UBS MSCI United Kingdom UCITS ETF - A AC UKGBPB SW 361 ** UBS-ETF MSCI EMU ** EMUEUA GY 347 ** ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN 344 Grand Total 4,557 3,397 3,304 1, ,437 1,274 4, * 412 1,622 2,611 20,990 ETPs as of February (US$mn) 1 Bloomberg Ticker Outflows Feb-14 UBS ETF DJ Euro STOXX 50 I ** E50EUI SW ** (562) ** 0 ** ishares MSCI World UCITS ETF (Inc) IWRD LN (479) 6,937 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN (405) 4,737 UBS ETF FTSE 100 SF F1GBAS SW (402) 101 db x-trackers MSCI Emerging Market TRN Index ETF XMEM GY (318) 2,475 UBS-ETF MSCI World I ** WRDUSI SW ** (315) ** 0 ** ishares MSCI Emerging Markets UCITS ETF (LUX) CSEM SW (303) 614 UBS-ETF MSCI Japan I ** JPNJPI SW ** (282) ** 0 ** ishares FTSE 100 UCITS ETF (Inc) ISF LN (263) 7,029 UBS-ETF MSCI Emerging Markets I Grand Total ** EMMUSI SW ** (232) ** 0 ** (3,562) 21,893 * Representing aggregate AUM attributed from all individual share classes. are attributed per share class. ** Due to fund merger and elimination of institutional share class. [ 21 ]

22 European ETP by Exposure: Equity Exposure (US$mn) 1 Feb 2014 Net 2014 YTD Net % of % of # ETPs Pan-European Size and Style Pan European Sector Large Cap 69.2 (43.2) (0.5) 36, Mid Cap 26.4 (19.3) (0.2) 1, Small Cap , Total Market , Size and Style Total , , Basic Materials (99.5) (1.1) 1, Consumer Cyclicals Consumer Non-cyclicals (9.6) (28.2) (0.3) Energy Financials , Health Care , Industrials (84.3) , Real Estate , Technology Telecommunications (152.9) (138.3) (1.5) Utilities (37.1) (34.6) (0.4) Theme (0.1) Sector Total , Pan European Strategy , Nordic Regional Pan European Total , , Europe Single Country Germany (215.7) (2.3) 34, U.K , Switzerland , France , Sweden (101.2) (214.2) (2.3) 2, Italy , Others , Single Country Total , Europe Equity Total 1, , , North America , , Asia-Pacific (92.6) , Global , Developed Equity Total 2, , , Emerging Markets Equity Broad (348.4) (1,041.1) (11.3) 13, Regional (111.5) (323.0) (3.5) 3, Country (139.1) , EM Equity Total (598.9) (1,273.5) (13.8) 27, Equity Total 1, , , ,069 [ 22 ]

23 European ETP by Exposure: Fixed Income, Commodities & Others Exposure (US$mn) 1 Feb 2014 Net 2014 YTD Net % of % of # ETPs Broad/Aggregate , Govt/Corp , Emerging Markets , Government Sovereign , , U.S. Government , Government Total , , Fixed Income High Yield Corporate , Inflation , Investment Grade Corporate , , Money Market (151.2) (316.5) (3.4) 4, Mortgage (55.9) (37.2) (0.4) 1, Others , Fixed Income Total 2, , , Broad Market , Agriculture (8.3) (23.3) (0.3) 2, Energy (23.6) (153.0) (1.7) 3, Industrial Metals (66.1) , Commodities Gold (27.9) (580.7) (6.3) 25, Precious Metals Silver , Other , Precious Metals Total (427.4) (4.6) 32, Commodities Total (544.8) (5.9) 46, Volatility (12.8) (35.1) (0.4) Alternatives Others (30.8) (25.7) (0.3) Alternatives Total (43.5) (60.8) (0.7) Asset Allocation Currency Europe ETP Total 4, , , ,180 [ 23 ]

24 Asia Pacific ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS

25 Asia Pacific ETP Multi-Year Asset Growth and Top 10 Providers Asia Pacific ETP & Number of ETPs by Year 1 ($bn) # of ETPs $ $ $ $120 $ $ $ $ $ $ Feb-14 Asia Pacific ETP Providers Ranked by (US$bn) 1 Provider * Feb-2014 % Market Share Feb-2014 Net Net # ETPs Change % Market Share Nomura Group Nikko Asset Management (0.3) (0.2) Daiwa Securities Group State Street ishares Samsung Group (0.1) (0.1) China AMC (0.4) (0.5) (0.3) HSBC Mitsubishi Group Harvest Fund Management (0.2) 7 (0.6) (0.3) 89 other providers in Asia Pacific (1.2) (0.8) Grand Total * Providers measured at parent company level. [ 25 ]