Company Overview EPFR Global provides

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Company Overview ………………………………………. . . EPFR Global provides fund flow and asset allocation data to financial institutions around the world. EPFR Global delivers a complete picture of institutional and individual investor flows and fund manager allocation driving global markets. Ø Data sourced through direct relationships with fund managers and administrators Ø The EPFR universe covers $15 trillion in globally domiciled funds. Ø Daily, weekly, monthly updates plus historical time series 1

EPFR Global Data Services ………………………………………. . . Core EPFR datasets (based on data sourced directly from managers or administrators) Fund Flows The amount of cash flowing into and out of funds worldwide. ü Equity/Bond Fund Flows – Daily/Weekly/Monthly *also includes AUM, Performance Derived datasets Fund Allocations Country/Sector/ Industry Flows Fund manager allocations at month-end across the countries or sectors they invest in. Distribution of fund flows by country or sector. Combines data from fund flows and fund allocations. ü Fund Country Weightings – Monthly ü Sector/Industry Weightings – Monthly ü Equity/Bond Fund Holdings – Monthly üCountry/Sector/Industry Flows – Daily/Weekly/Monthly v Regional packages available – Daily/Weekly/Monthly 2

Users of EPFR Global Data ……………………………………. . . . Banking and Brokerage Government/Central Banks Ø Strategists Ø Capital Markets Ø Research Analysts Ø Regulators Ø Monetary Authorities Types of usage: ü Proprietary trading ü Directional calls for clients ü Targeting sales efforts ü Market analysis Types of usage: ü Cross-border flow analysis ü Flows impact on currency as well as local equity/debt markets Asset Managers Hedge Funds Ø Fund Managers Ø Portfolio Analysts Ø Marketing and Product Development Ø Global Macro/EM/Discretionary Ø Quantitative Investors Types of usage: ü Factor in investment process ü Competitive analysis, product dev ü Asset allocation ü Quantitative analysis Types of usage: ü Momentum trading ü Liquidity analysis ü Market timing 3

Fund Flows: Overview ……………………………………………. . . Net inflows/outflows after removing market performance and currency impact Weekly flows as a % of AUM (A) 4

Fund Flows: Top down views of countries, sectors, style / capitalization ………………………………………………………………………………………………. . (includes Global & US ) 5

Fund Flows: Drill down to detail view ………………………………………. …… 6

Country Allocations: Overview ……………………………………………………… Actual country and regional weightings (in % of AUM) 7

Sector/Industry Allocations: Overview ……………………………………………………………………………. . Sector Allocations (GICS Level I) Actual sector and industry weightings (in % of AUM) Industry Allocations (GICS Level II) 8

High Frequency Data: Country/Sector/Industry Flows ………………………………………………………………………………………………………………. Country Flows Sector / Industry Flows (GICS Level I & II) 9

Universe Coverage: Equity Fund Flows ……………………………………………………………………………… Equity Fund Flows Equity Fund Category Daily Report Weekly Report Monthly Report • Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories # of Funds $US billions 963 341. 02 970 353. 17 1132 447. 48 • Net Flows calculations exclude portfolio performance and currency fluctuations Asia ex-Japan 1468 239. 43 1490 240. 00 1714 315. 88 • Reports are organized by fund category Latin America 306 56. 88 307 57. 86 333 76. 39 EMEA 567 56. 16 575 55. 44 649 65. 35 Global 4017 988. 76 4067 1003. 95 5188 2274. 48 Pacific 213 26. 45 207 24. 98 275 44. 72 Japan 603 42. 13 604 43. 19 702 60. 22 Western Europe 2538 437. 16 2529 424. 01 2998 623. 17 USA 6404 1985. 62 6587 2198. 11 8005 4326. 52 Sector Funds 2590 554. 72 2603 560. 86 3074 774. 47 TOTAL 17079 4173. 61 17336 4400. 71 20996 8234. 21 GEM • Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors Other value-added qualitative fields include: Ø Retail vs Institutional funds Ø Active vs Passive Ø ETF vs MF Ø Domicile Ø Currency of funds Ø Benchmark of fund Ø Advisor name 10

Universe Coverage: Bond Fund Flows …………………………………………………………………………… Bond Fund Flows Daily Report Weekly Report Monthly Report • Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories # of Funds $US billions • Net Flows calculations exclude portfolio performance and currency fluctuations 943 110. 77 967 125. 31 1075 165. 66 • Reports are organized by fund category 2, 097 478. 82 2, 123 497. 36 2, 513 683. 52 • History sheet shows weekly/monthly aggregate flows year- to-date by fund category 780 182. 09 799 197. 52 998 326. 28 USA 2, 699 786. 34 2, 967 871. 74 3, 691 1, 927. 62 Money Market 1, 890 2, 821. 85 1, 977 3, 040. 75 2, 156 3, 249. 38 624 311. 37 645 330. 53 819 746. 44 9, 033 4, 691. 24 9, 478 5, 063. 21 11, 252 7, 098. 9 Bond Fund Category Emerging Market Global High Yield Balanced TOTAL • Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors Other value-added qualitative fields include: Ø Retail vs Institutional funds Ø Active vs Passive Ø ETF vs MF Ø Domicile Ø Currency of funds Ø Benchmark/Index Ø Advisor name 11

Universe Coverage: Global Sector Fund Flows …………………………………………………………………………………………. . …… Daily Report Global Sector Fund Flows Weekly Report Monthly Report Sector Fund Categories # of Funds $ US billions Commodities/ Materials 636 239. 32 639 239. 00 699 312. 25 Consumer Goods 141 14. 94 141 14. 93 175 17. 31 Energy 315 67. 52 315 67. 85 358 104. 94 Financial 176 29. 44 177 29. 82 223 34. 08 Health Care/ Biotech 190 19. 73 197 23. 62 260 53. 01 Infrastructure 100 8. 44 100 8. 43 108 9. 26 Real Estate 557 111. 82 559 115. 23 669 150. 54 Technology 293 40. 30 296 44. 27 348 55. 98 Telecom 55 4. 08 56 6. 21 83 7. 65 Utilities 136 27. 03 136 27. 04 151 29. 45 TOTAL 2, 599 562. 62 2, 616 576. 40 3, 074 774. 47 • Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories • Net Flows calculations exclude portfolio performance and currency fluctuations • Reports are organized by fund category • History sheet shows weekly/monthly aggregate flows year- to-date by fund category • Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors Other value-added qualitative fields include: Ø Retail vs Institutional funds Ø Active vs Passive Ø ETF vs MF Ø Domicile Ø Currency of funds Ø Benchmark/Index Ø Advisor name 12

Universe Coverage: Equity/Bond Fund Country Weightings ……………………………………………………………………………………………………………………. . … # of Funds $US billions Global Emerging Markets 108 199. 98 • Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, Global Equity, EM Bond, Global Bond) Global (ex-US) 39 131. 80 • Global 62 83. 31 Asia ex-Japan 113 81. 19 Pacific 28 13. 89 Latin America 36 32. 50 Equity Fund Country Weighting Fund Category Average weightings of all individual funds and by investment manager (with multiple funds) • History tabs each month show year-to-date historical country, regional and sector weighting aggregates by fund category Bond Fund Country Weighting Fund Category # of Funds $US billions Global Emerging Markets 49 47. 18 Global/International 16 60. 87 Emerging Europe/Middle East/Africa 72 23. 45 Western Europe 104 71. 95 Regional Emerging Markets 13 8. 82 TOTAL 562 638. 07 TOTAL 78 116. 95 13

Universe Coverage: Equity Fund Sector Weightings ………………………………………………………………………………………………. …………… Equity Fund Sector Weightings Fund Category Sector Level – GICS I Industry Level – GICS II # of Funds $US billions Global Emerging Markets 81 161. 30 62 123. 13 Global (ex-US) 34 101. 69 26 81. 12 Global 66 84. 07 38 55. 24 Asia ex-Japan 165 148. 87 98 107. 90 Latin America 35 51. 09 23 40. 69 E. Europe/Middle East/Africa 67 29. 97 39 15. 83 W. Europe 149 132. 71 96 109. 71 Country Funds 90 120. 69 55 82. 11 TOTAL 687 830. 39 437 • Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, Global Equity, EM Bond, Global Bond) 615. 73 • Average weightings of all individual funds and by investment manager (with multiple funds) • History tabs each month show year-todate historical country, regional and sector weighting aggregates by fund category 14

Data History ………………………… Weekly Equity/Bond Fund Reports Available History Monthly Equity Fund Reports Available History Equity Fund Flows: Emerging Markets & Global/Intl. October 2000 - present Equity Fund Flows: Emerging Mkts & Global/Int'l. * January 1995 - present Equity Fund Flows: Dev. Europe & Japan January 2002 - present Equity Fund Flows: USA Global Sector Fund Flows May 2003 - present January 2006 - present Equity Fund Flows: USA May 2003 - present Equity Fund Country Flows - Aggregate** January 1996 - present January 1995 - present April 2001 - present *High Yield Bond Funds: data available from January 2005 - present Monthly Bond Fund Reports October 2003 - present Equity Fund Country Weightings *** Bond Fund Flows: EM, Int'l & High Yield* Global Sector Fund Flows Available History Bond Fund Flows: EM, Int'l* & High Yield** Bond Fund Country Flows - Aggregate Equity Fund Sector Weightings**** November 2001 - present January 1995 - present January 2004 - present Equity Fund Performance Equity Holdings Bond Fund Country Weightings*** Bond Fund Performance Bond Holdings January 2004 - present July 2003 - present November 2001 - present January 2004 - present June 2004 - present * Int'l Bond Funds: data available from Sept 2000 - present ** High Yield Bond Funds: data available from January 2005 - present *** Int'l Funds: data available from July 2005 - present *Global /Int'l Funds: data available from Sept 2000 - present ** For those non-EM funds: Australia & New Zealand: data available from Jan 2000; Japan: data available from Jun 2001; Western Europe, Canada, USA: data available from Nov 2002 ***Global /Int'l Funds: data available from January 2001 - present ****Global /Int'l Funds: data available from February 2006 - present 15

Usage Example: Fund Flows Data …………………………………………………………………… Managers use EPFR Global fund flows data to boost return and increase alpha by : Ø Forecasting Market movements Values derived from fund flows are valuable in asset allocation decision making and serve as an early warning of upturns and downturns in markets. Flows are also a critical tool in measuring liquidity. Ø Enhancing Models Build portfolio strategies based on aggregate net flow data for regions, sectors or asset classes. Ø Market timing Enter early into sectors that show an opportunity for large future inflows. Use flows data to monitor changes in underlying demand for the sector. Ø Monitoring FX markets Leverage the predictive power of fund flows to anticipate currency movements. Flows as a predictive Indicator Ø ING Investment strategist Brian Gendreau illustrates the predictive power of weekly flows. Ø Using EPFR flow data for emerging markets, Gendreau developed a trading strategy. Ø When back tested this strategy earned annualized gross returns of 35% vs. 16% for the index. 16

Usage Example: Country & Sector Allocations Data …………………………………………………………………………………………………. Find the inflection points Ø Future market movements and valuation. Ø Tracking “smart money” and what it can reveal? Identify liquidity opportunities Ø Valuable information on the changing risk appetite of fund managers. Analyze market peers Ø Identify industry leading allocation strategies to enhance your own positioning. 17

Sample Clients ……………………………… "The flow data from EPFR has proved to be a useful source of added value in some quantitative models of equity markets we have constructed. It provides an extra dimension of information to that available from the typical equity market databases used by quants and so affords an edge in performance over much of the competition. " Dr. Stephen Rees Head of Investment Process Research Schroders, London Sell Side Buy Side Government/Media “Emerging market mutual funds' country allocations appear to contain information on future equity returns beyond that contained in standard valuation and momentum indicators. ” Analyst Global Asset Allocation Research Team Salomon Smith Barney “I find the EPFR Global Country Weightings Report to be an invaluable tool in helping me track my competitors' regional and country allocations on a monthly basis. The Report is timely and very comprehensive. “ Brad Aham Portfolio Manager State Street Global Advisors 18

Company History ……………………………. . …………… 1994: EPFR Global founded Cambridge, Massachusetts USA 1995 -1999: EPFR Global launches Russia Portfolio, Central Europe Portfolio and Brazil Portfolio: publications serving more than 600 institutional investor clients worldwide. 2000: EPFR Global launches Research and Analysis Services, providing independent research services for investment management firms. 2001: EPFR Global acquires Emerging Market Funds Research, Inc. , a database of global equity and fixed income funds. 2001 -2007: EPFR Global expands fund database by four-fold to more than 15, 000 equity and fixed income funds with $10 trillion in assets. Client base expanded by nearly 10 -fold and includes leading institutional investors, global equity and fixed income analysts, strategists, investment managers, hedge funds, central bankers, etc. 2008: EPFR Global launches new Web Interface, new Country Flows data set, and Web Services for automated data delivery in trading and investment models. 2009: EPFR Global launches initiative to provide weekly and monthly global fund flows data through Haver Analytics DLX platform. 2010: EPFR Global is acquired by Informa plc and becomes a wholly-owned subsidiary of Informa USA. 19

Key Contacts ………………. . …………… Dwight Ingalsbe Managing Director/Co-Founder Tel: (+1 -617) 864 -4999 ext. 26 Email: ingalsbe@epfr. com Brad Durham Managing Director/Co-Founder Tel: (+1 -617) 864 -4999 ext. 24 Email: durham@epfr. com Ian Wilson Managing Director, Fund Data Tel: (+1 -804) 217 -8653 Email: ian. wilson@epfr. com Cameron Brandt Director, Research Tel: (+1 -617) 864 -4999 ext. 22 Email: brandt@epfr. com Simon Ringrose Managing Director, Sales Tel: (+1 -617) 864 -4999 ext. 30 Email: simon. ringrose@epfr. com Patrick Paradiso Sales (Latin America) Tel: (+1 -917) 543 -6181 Email: patrick. paradiso@epfr. com Jean-Claude Moos Sales Executive Tel: (+1 -212) 907 -5814 Email: jcmoos@epfr. com Rikolv Hatlehol-Desai Sales Director (EMEA) Tel: (+44) 7766 805657 Email: rikolv@epfr. com Young-il Sunwoo Sales (Korea) Tel: (+821) 9608 -0101 Email: yisunwoo@dreamwiz. com Pui-Kam Ho Sales (Hong Kong) Tel: (+852) 3796 7116 Email: puikam. ho@epfr. com Robert Sheridan Business Development Manager, Asia Tel: (+65) 8484 1094 Email: robert. sheridan@epfr. com Todd Willits Manager, Client Services Tel: (+1 -617) 864 -4999 ext. 27 Email: todd@epfr. com 20

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