Trade Cost and Trade Flows MSCI World and MSCI North America constituents saw another month of net outflow from the resources sector

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1 April 213 contact Asia Pacific Canada EMEA United States Trade Cost and Trade Flows MSCI World and MSCI North America constituents saw another month of net outflow from the resources sector The developed and emergings markets both saw another month of net trade outflow from the resources sectors, $1.6 billion and $58 million, respectively. Regional developed and emerging MSCI indices saw trade inflow except MSCI North America (-$945mn), MSCI Emerging Latin America (-$137mn) and MSCI Emerging Europe (-$7mn). Net Tradeflow ($,million) and ICE Brent Crude ($) and Gold Spot Price ($) Per Troy Ounce: RESOURCES SECTOR ($4,) ($3,5) ($3,) ($2,5) ($2,) ($1,5) ($1,) ($5) $ $5 $12 $115 $11 $15 $1 $95 $9 1/2 1/6 1/1 1/14 1/18 1/22 1/26 1/3 2/3 2/7 2/11 2/15 2/19 2/23 2/27 3/3 3/7 3/11 3/15 3/19 3/23 3/27 3/31 4/4 4/8 4/12 4/16 4/2 4/24 4/28 3/213 Trade Flow ($,mn) 4/213 Trade Flow ($,mn) ICE Brent Crude BASIC MATERIALS SECTOR ($1,2) ($1,) ($8) ($6) ($4) ($2) $ $2 $4 $6 $8 1/2 1/6 1/1 1/14 1/18 1/22 1/26 1/3 2/3 2/7 2/11 2/15 2/19 2/23 2/27 3/3 3/7 3/11 3/15 3/19 3/23 3/27 3/31 4/4 4/8 4/12 4/16 4/2 4/24 4/28 $1,8 $1,7 $1,6 $1,5 $1,4 $1,3 $1,2 $1,1 $1, 3/213 Trade Flow ($,mn) 4/213 Trade Flow ($,mn) Gold Spot Price, $ per Troy Ounce (YTD) Source: ITG, Inc., Bloomberg.

2 April From the charts above, we show that the resources sector across developed market indices, including MSCI World (-$1.5bn), MSCI North America (-$1.4bn), MSCI EAFE (-$19mn), MSCI Pacific (-$256mn) and MSCI Far East(-$12mn), saw net trade outflow. MSCI EAFE (-$544mn) and MSCI Europe (-$1.1bn) saw net trade outflow in the basic materials sector. Net Trade Flow in Developed Markets ($,Million): $1, $8, $6, $4, $2, $ ($2,) ($4,) U MSCI_Pacific MSCI_Far_East ($6,) Net Trade Flow as a % of Total Trade Flow (%): 16% 14% 12% 1% 8% 6% 4% 2% % U MSCI_Pacific MSCI_Far_East We saw another month of net trade inflow across all developed market indices except for MSCI North America (-$945mn). The results are as follows: MSCI World (+7.2bn), MSCI EAFE (+$8.3bn), MSCI Europe (+$3.4bn), MSCI EMU (+$1.7), MSCI Pacific (+$4.8mn) and MSCI Far East (+$3.8bn). The average trade flow was approximately 8% of total trade flow with a range of between.6% (MSCI North America) and 13.5% (MSCI Pacific).

3 April Trade inflow also dominated all MSCI Emerging Market indices, except for MSCI EM Latin America (-$137mn). MSCI Emerging Market(+$1.3bn), MSCI EM Asia (+$821mn), MSCI EMFE ($1.), MSCI BRIC (+$591mn) and MSCI EM Europe (+$139mn) experienced net trade inflow. As a percentage of total trade flow, the average for the emerging market indices was approximately 5%. Net Trade Flow in Emerging Markets ($,Million): $15 $1, $5 $ ($5) ($1,) _Asia FE MSCI_BRIC _Latin_America _Europe ($1,5) Net Trade Flow as a % of Total Trade Flow in Developed Markets (%) 14% 12% 1% 8% 6% 4% 2% % _Asia FE MSCI_BRIC _Latin_America _Europe

4 April Net Trade Flow Across Sectors For Indices Across Emerging Markets ($,Million) MSCI WORLD (1,) (5) 5 1, 1,5 2, 2,5 3, 3,5 (2) (1) , MSCI World (-$1.5bn), MSCI North America (-$1.4bn), MSCI Pacific (-$256mn)and MSCI Far East (-$12mn) saw net trade outflow in the resources sector in April 213. MSCI EAFE (-$544mn) and MSCI Europe ($1.1bn) saw net trade outflow in the basic materials sector. On the other hand, we noticed signficant trade inflow into the financials sector for all developed market indices. MSCI NORTH AMERICA MSCI EAFE MSCI PACIFIC (5) 5 1, 1,5 2, 2,5 (5) 5 1, 1,5 2, 2,5 (1,5) (1,) (5) 5 1, 1,5 (2,) (1,5) (1,) (5) 5 1, 1,5 2, MSCI EUROPE MSCI FAR EAST

5 April For April 213, the average trading costs for both the developed and emerging markets decreased from March 213. Average trading costs for the constituents in the MSCI World Index was -28 bps and MSCI Emerging Market Index was -44 bps. Trade Cost for MSCI Regional Indices (bps) Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 (28) (25) (26) (26) (27) (3) (31) (33) (3) (33) (3) (25) (29) (33) (33) (28) (27) (24) (25) (3) (28) (3) (3) (31) (29) (31) (28) (24) (25) (33) (29) (29) (29) (26) (28) (28) (25) (32) (35) (37) (31) (37) (35) (26) (35) (33) (39) (26) (27) (24) (28) (26) (2) (25) (34) (33) (28) (33) (35) (21) (31) (29) (33) (21) U (28) (26) (25) (26) (22) (28) (38) (32) (32) (37) (35) (35) (33) (3) (33) (23) MSCI_Pacific (38) (32) (3) (29) (38) (47) (38) (45) (42) (49) (45) (38) (43) (42) (53) (33) MSCI_Far_East (4) (32) (3) (33) (31) (43) (39) (38) (46) (5) (45) (33) (43) (4) (57) (36) MSCI_Emerging_Mkt (51) (47) (44) (42) (38) (46) (44) (49) (37) (48) (46) (4) (49) (48) (58) (44) _Asia (49) (45) (41) (38) (38) (45) (42) (38) (33) (44) (41) (36) (44) (42) (58) (41) FE (48) (45) (39) (35) (37) (47) (39) (39) (31) (43) (4) (31) (41) (41) (51) (34) MSCI_BRIC (48) (42) (49) (44) (38) (41) (45) (45) (39) (41) (54) (39) (47) (44) (59) (33) _LatinAmerica (52) (51) (48) (51) (38) (47) (52) (65) (61) (52) (48) (61) (47) (44) (5) (48) _Europe (51) (66) (62) (43) (47) (64) (4) (5) (53) (69) (58) (44) (57) (53) (5) (5) Source: ITG, Inc. *Global Cost and Trade Flow (GCTF) data is derived from Investment Technology Group s Peer Universe. For April 213, GCTF drew nearly 3.75 million trades ($271 billion) from ITG s Transaction Cost Peer Universe as of May 13, 213. The data are sourced directly from buy-side institutions and may include soft-dollar, CSA and execution-only commissions. The information presented is based on order creation time stamp recorded in client order management systems and and trade flow are calculated for the theoretical portfolios using MSCI indices as the basis for constructing these portfolios. **Trade Cost and Trade Flow are preliminary. 1 Trading Cost and Trade Flow are both derived from ITG s Group Peer Universe. 2 Trade Flow is the total trade value for all constituents within the specific MSCI Index. We include indexes with trade flow that exceed $1, Million. 3 Net Trade Flow is the subtraction of Trade Flow for sells from the value of Trade Flow for buys. 213 Investment Technology Group, Inc. All rights reserved. Not to be reproduced or retransmitted without permission These materials are for informational purposes only, and are not intended to be used for trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product. The information contained herein has been taken from trade and statistical services and other sources we deem reliable but we do not represent that such information is accurate or complete and it should not be relied upon as such. No guarantee or warranty is made as to the reasonableness of the assumptions or the accuracy of the models or market data used by ITG or the actual results that may be achieved. These materials do not provide any form of advice (investment, tax or legal). ITG Inc. is not a registered investment adviser and does not provide investment advice or recommendations to buy or sell securities, to hire any investment adviser or to pursue any investment or trading strategy. Certain Index Data contained herein is the property of MSCI. Copyright MSCI 213. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an as is basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.