BLACKROCK GLOBAL ETP LANDSCAPE

BLACKROCK GLOBAL ETP LANDSCAPE MONTHLY SNAPSHOT MARCH The opinions expressed are as of March 31 st, and may change as subsequent conditions vary.

Summary BlackRock ETP Research A cross-regional team analyzing global markets to deliver insights on the intersection of investment trends and ETP flows For inquiries, please email ETPresearch@BlackRock.com NON-U.S. DEVELOPED MARKETS EQUITY ETP FLOWS SURGED IN MARCH TO SECURE BEST Q1 ON RECORD Global ETPs gathered $36.1bn to lift Q1 flows to $97.2bn, nearly triple the total from Q1 Nearly all of the March flows went to non-u.s. developed markets equity funds, led by a new high for European exposures of $14.8bn and accelerating Japanese equity flows of $8.3bn Currency-hedged equity had its best month ever, accounting for $13.4bn spread across Europe, EAFE and Japan exposures as investors anticipated further strengthening of the U.S. dollar European debt exposures brought in $3.6bn as the ECB began its bond buying program, though U.S. Treasuries and U.S. high yield corporate bond funds lost momentum, limiting overall fixed income flows to $4.3bn after two strong months Subscribe Global ETP Highlights... 3 Year-to-date Overview.. 5 Reference Schedules To receive the ETP Landscape series of reports, please visit our website: www.blackrockinternational.com/etflsubscribe Flows by Listing Region.. 6 Fund Inflows and Outflows. 7 ETP Flows by Exposure.. 8 [ 2 ]

Global ETP Highlights Global ETP flows of $36.1bn in March ensured that began with the best opening quarter on record. KEY INVESTMENT THEMES / ETP FLOW TRENDS Q1 flows of $97.2bn came largely from investor demand for non- U.S. equities, whereas the all-time high of $138.0bn from Q4 was concentrated in U.S. equities. This demonstrates the ability of the ETP industry to respond quickly to changing market conditions while maintaining strong growth. Only one other quarter outside of the past two has ever topped asset gathering of $100bn. Europe equity Japan equity Broad dev. eqty Inv. grade corp. EM equity U.S. Treasuries March was driven by accelerating non-u.s. developed markets equity flows of $32.6bn, nearly as much as the prior two months combined. Year-to-date flows of $71.0bn have almost reached the full-year total from, spurred on by attractive valuations in Europe and Japan relative to the U.S. The divergence of increasingly accommodative ECB and Bank of Japan monetary policy with that of the Fed has also been a key factor. NON-U.S. DEVELOPED MARKETS EQUITY ETP FLOWS 1 YTD Flows: $71.0bn including currency-hedged of $26.8bn Flows for Europe and Japan, as well as broad developed markets (EAFE), have benefitted significantly from currency-hedged equity funds, which had a record month gathering $13.4bn. This trend is expected to persist. The consensus is the U.S. dollar is in the midst of a strengthening cycle and these cycles have historically lasted for six to seven years. Europe equity established a new monthly high of $14.8bn. While pan-european equities led with $13.4bn, German equities added $1.4bn and have already captured $4.8bn year-to-date (see below). Flows (US$bn) 50 25 0 Europe equity 20 Hedged Europe Broad dev. mkts Hedged broad dev. mkts Japan Hedged Japan Other 36.5 Hedged other 16.0 J F M 18.9 14.2 1.4 Flows (US$bn) 10 0 J F M 7.6 3.1 0.1 SPOTLIGHT ON GERMAN EQUITY ETPs Flows into German equity ETPs totaled $1.4bn in March and have reached $4.8bn year-to-date. Sentiment is improving after three years of redemptions dating back to the European debt crisis. The renewed asset gathering is supported by: 1) Evidence of improving economic growth relative to moderate expectations, both broadly for Europe and specifically for Germany, which as the strongest country in the region is best positioned for a cyclical upswing 2) The ECB bond buying program, which has pushed European investors toward equities by driving bond yields lower and supports corporate earnings by putting downward pressure on the euro GERMAN EQUITY ETP FLOWS 1 YTD Flows: $4.8bn including currency-hedged of $1.5bn Flows (US$bn) 20 10 0 (10) 3.9 18.5 (0.4) Europe-listed U.S.-listed Other (6.0)* (10.7)* 4.8 3) Discounted valuations for Germany relative to the broader eurozone as well as the eurozone relative to the U.S., where investors are increasing European exposure including heightened use of currency-hedged funds (20) 2010 2011 2012 2013 Q1 *2013 includes a single fund outflow of ($7.7bn) and includes a single fund outflow of ($10.4bn) [ 3 ]

Global ETP Highlights (cont d) Japan equity brought in $8.3bn, the second highest monthly total ever. Flows were diversified across Japan-, U.S.- and Europe-listed funds. Japanese stocks retain upside even as the Nikkei 225 index approaches its highest level in 15 years. 2 Corporate governance reforms have shown progress and pensions have announced further reallocation of assets to equities. U.S. equity flows improved by $6.2bn in March, helped by the Fed indicating after its March meeting that though rates may soon rise, the pace could be slower than previously expected. It was the second consecutive month of inflows, but year-to-date redemptions are still ($8.4bn) due to the impact of large cap weakness during January. RESULTS AT A GLANCE 1 (US $billions) Mar Dec Mar Monthly Flows 36.1 60.8 12.5 Assets 2,933 2,797 2,445 # of ETPs 5,497 5,431 5,090 GLOBAL 13-MONTH ROLLING FLOWS 1 YTD Flows: $97.2bn vs. Flows: $329.6bn (US$bn) Emerging markets equity outflows resumed, hitting ($7.3bn) after stabilizing briefly in February. Broad EM equity and China equity redemptions overwhelmed a thirteenth consecutive month of India equity inflows. Fixed income flows stayed ahead of record pace for the year, but slowed to $4.3bn in March. Appetite for European fixed income remained healthy as the ECB began the bond buying program announced in January. Flows totaled $3.6bn across sovereign as well as high yield and investment grade corporate bonds. U.S. fixed income, however, had modest outflows of ($0.2bn). Investment grade corporate and broad U.S. funds each gathered $1.1bn, but high yield corporate momentum from recent months stalled and U.S. Treasuries experienced outflows of ($3.2bn). Equity Fixed Income Commodities & Others GLOBAL ETP ASSETS 1 Assets ($bn) 3,000 2,500 2,000 1,500 1,000 500 0 Equity Fixed Income Commodities & Others 79 109 146 218 319 428 598 851 772 1,156 1,483 1,525 1,945 2,396 2,797 2,933 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Mar-15 [ 4 ]

Year-to-date Overview GLOBAL ETP FLOWS BY EXPOSURE 1 (US$bn) YTD YTD Annual Equity Developed Markets 62.6 28.3 243.9 Emerging Markets (10.7) (15.5) (1.8) Total 52.0 12.8 242.1 Fixed Income Government 6.1 4.9 19.5 High Yield Corporate 8.2 2.3 4.0 Investment Grade Corporate 10.8 6.1 22.4 Others 10.7 6.7 39.0 Total 35.7 20.0 84.9 Commodities & Others Total 9.6 0.1 2.6 Grand Total 97.2 32.9 329.6 CUMULATIVE ETP FLOWS 1 YTD Flows $97.2bn 2013 2012 97.2 329.6 262.6 236.1 J F M A M J J A S O N D CUMULATIVE EQUITY ETP FLOWS 1 CUMULATIVE FIXED INCOME ETP FLOWS 1 YTD Equity Flows: $52.0bn YTD Fixed Income Flows: $35.7bn 2013 2012 248.1 242.1 2013 2012 84.9 70.0 170.7 35.7 27.1 52.0 J F M A M J J A S O N D J F M A M J J A S O N D [ 5 ]

Flows By Listing Region Highlights (US$): 1 U.S.-listed ETPs gathered $26.8bn in March to finish Q1 with $56.3bn despite posting moderate outflows in January Europe-listed ETP flows totaled $7.6bn in March and $34.2bn in Q1, the best quarter ever for the European industry Canada-listed ETPs brought in $2.1bn, the fourteenth consecutive month of inflows Asia Pacific-listed ETPs were flat for the month, with Japan equity flows of $4.3bn offset by China equity redemptions MTD FLOWS BY LISTING REGION 1 ASSET GROWTH RATES AND # OF ETPs 1 (# ETPs) 50 Equity Fixed Income Commodities & Others YTD Growth in # ETPs 40 30 20 10 0 (10) Bubble size = Assets ($bn) $7 Canada $66 Latin America Asia Pacific $215 U.S. $2,097 Europe $494 (20) (10%) (5%) 0% 5% 10% 15% YTD AUM Growth LISTING REGION VIEW 1 By Listing Region Net Flows ($bn) Mar Mar YTD Assets ($bn) % Asset Market Share Number of Products US 26.8 56.3 2,097.3 71.5 1,688 Europe 7.6 34.2 494.0 16.8 2,269 Canada 2.1 3.7 65.8 2.2 362 Latin America (0.3) (0.2) 7.1 0.2 47 Asia Pacific (0.1) 3.2 214.5 7.3 753 Middle East and Africa Not Available Not Available 53.9 1.8 378 Global ETP Total 36.1 97.2 2,932.6 100.0 5,497 [ 6 ]

Fund Inflows and Outflows ETPs as of March (US$bn) 1 Bloomberg Ticker YTD Inflows Mar-15 Assets WisdomTree Europe Hedged Equity HEDJ US 10.1 17.3 db-x MSCI EAFE Currency-Hedged Equity DBEF US 5.1 7.2 Vanguard Total Stock Market VTI US 3.2 54.8 Vanguard S&P 500 VOO US 3.0 30.6 ishares iboxx $ Investment Grade Corporate Bond ETF LQD US 2.7 22.4 WisdomTree Japan Hedged Equity Fund DXJ US 2.5 15.8 ishares iboxx $ High Yield Corporate Bond ETF HYG US 2.1 16.7 Nomura TOPIX ETF 1306 JP 2.1 20.3 ishares Core MSCI EAFE ETF IEFA US 2.0 5.4 ishares Currency Hedged MSCI EAFE ETF HEFA US 2.0 2.1 Grand Total 34.9 192.7 ETPs as of March (US$bn) 1 Bloomberg Ticker YTD Outflows Mar-15 Assets SPDR S&P 500 SPY US (31.0) 185.4 ishares MSCI Emerging Markets ETF EEM US (3.2) 29.6 Financial Select SPDR XLF US (2.7) 18.0 PowerShares QQQ QQQ US (2.7) 38.6 ishares FTSE A50 China Index ETF 2823 HK (2.3) 9.1 ishares S&P 500 UCITS ETF (Dist) IUSA LN (2.2) 11.7 Consumer Staples Select SPDR XLP US (1.8) 8.3 ishares U.S. Technology ETF IYW US (1.7) 3.0 HARVEST Shanghai & Shenzhen 300 159919 CH (1.6) 6.7 Industrial Select SPDR XLI US (1.4) 7.8 Grand Total (50.4) 318.2 [ 7 ]

Equity ETP Flows by Exposure Equity Exposure Mar Flows ($bn) YTD Flows ($bn) Assets ($bn) # ETPs Large cap (4.5) (28.6) 597.8 248 Mid cap 1.1 4.8 107.0 50 Small cap/micro cap 3.2 3.3 104.0 80 Total market/extended Market 0.3 5.0 99.8 78 Preferred stock 0.6 1.7 18.0 5 US size & style total 0.7 (13.7) 926.5 461 Basic Materials 0.0 (0.0) 5.7 15 Consumer Cyclicals 3.5 3.1 23.4 21 Consumer Non-cyclicals (2.3) (1.7) 14.6 13 Energy 1.9 4.8 44.8 49 US Financials (0.2) (5.4) 33.8 41 Health Care 3.0 6.0 50.0 37 Industrials (0.1) (1.7) 15.1 21 Real Estate 1.0 1.1 45.8 24 Technology 0.4 (1.9) 30.9 31 Telecommunications 0.1 0.1 1.7 6 Utilities (1.6) (2.2) 9.8 13 Others 0.0 0.0 2.1 9 US sector total 5.7 2.3 277.8 280 US high dividend / other strategy (0.1) 3.1 94.3 94 US total 6.2 (8.4) 1,298.6 835 Canada 0.6 (0.3) 29.6 102 North America regional equity (0.1) 0.1 9.7 24 Large Cap 1.2 4.5 48.4 85 Mid/Small Cap 0.5 0.7 4.5 29 Total Market 11.5 23.4 82.5 98 Pan European size & style total 13.2 28.7 135.3 210 Pan European sector 0.1 1.5 16.3 144 Europe Pan European strategy 0.1 0.7 4.8 31 Pan European total 13.4 30.9 156.4 387 Germany 1.4 4.8 34.9 78 U.K. (0.2) 0.8 21.6 65 Other European countries 0.2 0.0 30.8 148 Europe single country total 1.4 5.6 87.4 291 Europe total 14.8 36.5 243.8 678 Japan 8.3 14.2 160.8 193 Asia-Pacific Other Asia-Pacific 0.4 1.7 45.4 161 Asia-Pacific total 8.7 15.9 206.2 354 Broad developed markets (including Global/Global ex-us) 8.6 18.9 259.9 526 Developed markets total 38.8 62.6 2,047.8 2,519 Broad emerging markets (1.8) (3.4) 112.1 127 Regional emerging markets (0.1) 0.0 6.2 69 China (4.1) (8.0) 72.6 232 South Korea (1.5) (1.4) 18.7 121 Emerging markets Mexico (0.5) (1.0) 6.6 24 India 0.9 2.3 12.6 59 Other EM Countries (0.1) 0.7 23.4 222 EM single country total (5.3) (7.4) 133.8 658 Emerging markets total (7.3) (10.7) 252.1 854 Equity total 31.6 52.0 2,299.9 3,373 [ 8 ]

Fixed Income & Other ETP Flows by Exposure Fixed Income Exposure Mar Flows ($bn) YTD Flows ($bn) Assets ($bn) # ETPs Investment grade 2.5 10.8 107.8 167 Corporate High yield 0.7 8.2 53.0 60 Corporate total 3.2 18.9 160.8 227 US Treasury (3.1) 2.4 47.5 81 Government Sovereign 1.3 3.7 45.7 260 Government total (1.8) 6.1 93.2 341 Broad / aggregate 1.1 3.9 68.5 45 Govt / corporate (0.0) 1.8 39.9 33 Inflation 0.6 1.2 26.6 36 Emerging markets 0.5 1.7 25.7 89 Municipal 0.4 1.5 16.8 38 Mortgage 0.3 0.2 9.3 9 Money market 0.4 0.5 4.4 20 Other Fixed Income (0.4) (0.2) 14.0 37 Fixed income total 4.3 35.7 459.2 875 Gold (2.1) 1.4 62.0 127 Precious Metals Silver (0.2) (0.1) 9.3 70 Other (0.1) (0.2) 17.4 81 Precious metals total (2.4) 1.1 88.7 278 Broad market (0.5) (0.5) 12.6 110 Energy 2.2 8.1 14.6 204 Agriculture 0.1 (0.1) 3.6 186 Industrial metals 0.1 (0.1) 1.5 116 Commodities total (0.5) 8.4 121.1 894 Alternatives Volatility 0.3 0.6 4.1 47 Other 0.1 0.1 3.2 67 Alternatives total 0.4 0.7 7.3 114 Asset allocation 0.2 0.4 6.6 78 Currency 0.2 0.1 5.0 163 Israel ETP 0.0 0.0 33.6 0 Global ETP total 36.1 97.2 2,932.6 5,497 Commodities Other [ 9 ]

Endnotes The ETP (or exchange traded product) category encompasses any portfolio exposure security that trades intra-day on an exchange. The data for this report are captured from a number of sources by BlackRock including provider websites, fund prospectuses, provider press releases, provider surveys, Bloomberg, the National Stock Exchange, Strategic Insight Simfund, Wind, and the Bank of Israel. All amounts are reported in US dollars. Flows are derived using daily net asset values and shares outstanding using the most recent data we can capture at month-end. For products with cross-listings, we attribute net flows and assets to the primary listings. For Middle East and Africa, net flows data is not available. Assets are derived using shares outstanding and prices at the end of each month (or the closest date available). Where price is not available, we use an approximation. For ETPs listed in Israel, product level detail is not available. Product level information is aggregated by provider, asset class, exposure, region listed and replication method to produce the various analyses in the report. 1. Data is as of March 30, for Europe and March 31, for the US, Canada, Latin America, Israel, and some Asia ETPs. Some Asia ETP data is as of February 28,. Global ETP flows and assets are sourced using shares outstanding and net asset values from Bloomberg for the US, Canada, Europe, Latin America and some ETPs in Asia. Middle East ETP assets are sourced from the Bank of Israel. ETP flows and assets in China are sourced from Wind. Inflows for years prior to 2010 are sourced from Strategic Insights Simfund. Asset classifications are assigned by the BlackRock based on product definitions from provider websites and product prospectuses. Other static product information is obtained from provider websites, product prospectuses, provider press releases, and provider surveys. Market returns are sourced from Bloomberg. 2. Source: Nikkei Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. ABOUT BLACKROCK BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31,, BlackRock s AUM was $4.652 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, ishares (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions. Headquartered in New York City, as of December 31,, the firm had approximately 12,200 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com. [ 10 ]

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Disclaimer (continued) NOTICE TO RESIDENTS IN AUSTRALIA: Issued in Australia by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230523 ("BlackRock Australia") to institutional investors only. ishares exchange traded funds ( ETFs ) that are made available in Australia are issued by BlackRock Australia, ishares, Inc. ARBN 125 632 279 and ishares Trust ARBN 125 632 411. BlackRock Australia is the local agent and intermediary for ishares ETFs that are issued by ishares, Inc. and ishares Trust. BlackRock Australia is a wholly-owned subsidiary of BlackRock, Inc. (collectively BlackRock ). A Product Disclosure Statement ( PDS ) or prospectus for each ishares ETF that is offered in Australia is available at ishares.com.au. You should read the PDS or prospectus and consider whether an ishares ETF is appropriate for you before deciding to invest. ishares securities trade on ASX at market price (not, net asset value ("NAV")). ishares securities may only be redeemed directly by persons called Authorised Participants. This information is general in nature, and has been prepared without taking into account any individual's objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision regarding the ishares funds. FOR INVESTORS IN CANADA: The information and opinions herein are provided for informational purposes only, are subject to change and should not be relied upon as the basis for investment decisions. Past performance is not necessarily indicative of future performance. This document is not and should not be construed as a solicitation or offering of units of any funds or other security in any jurisdiction. No part of this publication may be reproduced in any manner without prior written permission of BlackRock Asset Management Canada Limited and/or its affiliates. FOR INVESTORS IN HONG KONG: Some of the funds mentioned herein have not been registered with the Securities and Futures Commission for offering or distribution in Hong Kong. Accordingly, this material may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Hong Kong other than to a Professional Investor as defined in the Securities and Futures Ordinance ("SFO") (Cap. 571 of the laws of Hong Kong) and any regulations there under. NOTICE TO RESIDENTS IN INDIA: This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to financial intermediaries only upon their request. The funds mentioned herein have not been registered with any authorities in India. NOTICE TO RESIDENTS IN JAPAN: This document is solely for educational purposes and does not constitute advertisement of financial services targeted at investors in Japan. This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds described herein. This document has been provided by BlackRock in a private and confidential manner to Qualified Institutional Investors (as defined in the Financial Instruments and Exchange Law of Japan) only upon their request. [ 12 ]

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