2. 1 Company Overview ………………………………………………………………………………... Data sourced through direct relationships with fund managers and administrators The EPFR universe covers $11 trillion in globally domiciled funds EPFR 11 Daily, weekly, monthly updates plus historical time series,, 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. EPFR Global.

3. 2 Core EPFR datasets (based on data sourced directly from managers or administrators) Derived datasets Fund Flows Fund manager allocations at month- end across the countries or sectors they invest in. Equity/Bond Fund Flows – Daily/Weekly/Monthly *also includes AUM, Performance Fund Country Weightings – Monthly Sector/Industry Weightings – Monthly Equity/Bond Fund Holdings – Monthly Fund Allocations Country/Sector/ Industry Flows / / The amount of cash flowing into and out of funds world- wide. Distribution of fund flows by country or sector. Combines data from fund flows and fund allocations.. Country/Sector/Industry Flows – Daily/Weekly/Monthly EPFR Global Data Services EPFR ………………………………………………………………………………................................................. Regional packages available – Daily/Weekly/Monthly

4. 3 Government/Central Banks / / Asset Managers Hedge Funds Banking and Brokerage Users of EPFR Global Data EPFR ………………………………………………………………………...…………………………………........ Strategists Capital Markets Research Analysts Types of usage : Proprietary trading Directional calls for clients Targeting sales efforts Market analysis Regulators Monetary Authorities Types of usage : Cross-border flow analysis Flows impact on currency as well as local equity/debt markets / Fund Managers Portfolio Analysts Marketing and Product Dev Types of usage : Factor in investment process Competitive analysis, product development, Asset allocation Quantitative analysis Global Macro/EM/Discretionary ?? Quantitative Investors Types of usage : Momentum trading Liquidity analysis Market timing

5. 4 Image from UI of a standard rep (A) Weekly flows as a % of AUM AUM % Weekly flows as a % of AUM AUM % Net inflows/outflows after removing market performance and currency impact / Fund Flows: Overview : ……………………………………………………………………………………….…...

6. 5 (includes Global & US ) Fund Flows: Top down views of countries, sectors, style / capitalization :,, / …………………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………....

7. 6 Fund Flows: Drill down to detail view : ……………………………………………………………………………..………………………………………………….…………………

8. 7 Actual country and regional weightings (in % of AUM) (AUM % ) Country Weightings: Overview : …………………………………………………………………………………………………………………

9. 8 Industry Allocations (GICS Level II) Sector Allocations (GICS Level I) Sector/Industry Allocations: Overview / : …………………………………………………………………………………………………………………………………………….. Actual sector and industry weightings (in % of AUM) (AUM % )

10. 9 New! High Frequency Data: Country/Sector/Industry Flows ! : / / ………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………. Country Flows Sector / Industry Flows (GICS Level I & II)

11. 10 Equity Fund Flows Daily ReportWeekly ReportMonthly Report Equity Fund Category # of Funds $US billions # of Funds $US billions # of Funds $US billions GEM665146.93673163.19809228.84 Asia ex-Japan 942128.59965136.251,226189.57 Latin America 19027.2719229.3021240.30 EMEA41719.4043421.0951929.76 Global2,657471.742,711492.353,5831,257.52 Pacific14614.0514814.0521029.39 Japan50024.6650725.3962137.59 Western Europe 1,633193.521,657199.182,061345.28 USA5,3431,160.585,4921,290.556,6532,613.71 Sector Funds 1,446156.651,469164.611,838273.10 TOTAL13,9392,343.3914,2482,535.9617,7325045.06 Universe Coverage: Equity Fund Flows : ………………………………………………………………………………………………………………………………………………. Other value-added qualitative fields include: Benchmark/Index Currency of funds Domicile Advisor name 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 ( )

12. 11 Bond Fund Flows Daily Report Weekly Report Monthly Report Bond Fund Category # of Funds $US billions # of Funds $US billions # of Funds $US billions Emerging Market 57737.6459345.8169562.69 Global881160.29886164.601,085417.36 High Yield47875.6649485.08624153.00 USA1,905454.802,060493.642,348860.23 Money Market 1,4022,804.861,5063,101.981,7043,505.62 Balanced439158.46451171.61587438.44 TOTAL5,6823,691.715,9904,062.727,0435,437.34 Universe Coverage: Bond Fund Flows : ………………………………………………………………………………………………………………………………………………………… 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 ( )

13. 12 Global Sector Fund Flows Daily Report Weekly Report Monthly Report Sector Fund Categories # of Funds $ US billions # of Funds $ US billions # of Funds $ US billions Commodities /Materials 15434.5015334.7418564.55 Consumer Goods 846.21856.011036.35 Energy17020.6417120.8021145.04 Financial11914.0512114.0815516.87 Health Care/ Biotech 17715.5318318.3324144.79 Real Estate36431.4937232.8645345.36 Technology22615.8123018.3628623.43 Telecom622.43633.51935.53 Utilities8715.838815.7510219.20 TOTAL1,443156.491,466164.441,829271.12 Universe Coverage: Global Sector Fund Flows : ……………………………………………………………………………………………………………………………………………………………………………………..…… 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 ( )

14. 13 Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, EM Bond, Global Bond) (GEM,,,, EMEA,, EM, ) 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 $US billions Global Emerging Markets3114.80 Global/International1918.17 Regional Emerging Markets123.20 TOTAL6236.17 Equity Fund Country Weighting Fund Category # of Funds$US billions Global Emerging Markets8796.53 Global (ex-US)2878.40 Global6046.33 Asia ex-Japan10233.85 Pacific2412.01 Latin America3113.42 Emerging Europe/Middle East/Africa7210.60 Europe8634.13 TOTAL490325.27 Universe Coverage: Equity/Bond Fund Country Weightings : / ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…

15. 14 Equity Fund Sector Weightings Fund Category Sector Level – GICS I Industry Level – GICS II # of Funds $US billions # of Funds $US billions Global Emerging Markets6672.915061.46 Global (ex-US)1957.491346.36 Global6247.033131.84 Asia ex-Japan9229.274614.77 Latin America2310.26104.92 E. Europe/Middle East/Africa405.43151.25 W. Europe8534.024322.84 Country Funds253106.9813954.71 TOTAL640363.39347238.15 Universe Coverage: Equity Fund Sector Weightings : …………………………………………………………………………………………………………………………………………………………………………………………….………………………….…………… Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, EM Bond, Global Bond) (GEM,,,, EMEA,, EM, ) 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,,

16. 15 Monthly Equity Fund ReportsAvailable History Equity Fund Flows: Emerging Mkts & Global/Int'l.* January 1995 - present Equity Fund Flows: Dev. Europe & JapanJanuary 2002 - present Equity Fund Flows: USAMay 2003 - present Global Sector Fund FlowsOctober 2003 - present Equity Fund Country Flows - Aggregate**January 1996 - present Equity Fund Country Weightings ***January 1995 - present Equity Fund Sector Weightings****November 2001 - present Equity Fund PerformanceJanuary 2004 - present Equity HoldingsJuly 2003 - 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 Weekly Equity/Bond Fund ReportsAvailable History Equity Fund Flows: Emerging Mkts & Global/Intl. October 2000 - present Equity Fund Flows: Dev. Europe & JapanJanuary 2002 - present Equity Fund Flows: USAMay 2003 - present Global Sector Fund FlowsJanuary 2006 - present Bond Fund Flows: EM, Int'l & High Yield*April 2001 - present *High Yield Bond Funds: data available from January 2005 - present Monthly Bond Fund Reports Available History Bond Fund Flows: EM, Int'l* & High Yield**January 1995 - present Bond Fund Country Flows - AggregateJanuary 2004 - present Bond Fund Country Weightings***November 2001 - present Bond Fund PerformanceJanuary 2004 - present Bond HoldingsJune 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 Data History ……………………………………………………

17. 16 Usage Example: Fund Flows Data : ………………………………………………………………………………………………………………………………………… Managers use EPFR Global fund flows data to boost return and increase alpha by : EPFR : 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... Enhancing Models Build portfolio strategies based on aggregate net flow data for regions, sectors or asset classes.,,. 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... Monitoring FX markets FX Leverage the predictive power of fund flows to anticipate currency movements.. Flows as a predictive Indicator ING Investment strategist Brian Gendreau illustrates the predictive power of weekly flows. ING (Brian Gendreau). Using EPFR flow data for emerging markets, Gendreau developed a trading strategy. Brian Gendreau EPFR. When back tested this strategy earned annualized gross returns of 35% vs. 16% for the index. 16% 35%.

18. 17 Usage Example: Country & Sector Weightings Data : …………………………………………………………………………………………………………………………………………………………………………………………………….………. Find the inflection points Future market movements and valuation Tracking smart money and what it can reveal? ? Identify liquidity opportunities Valuable information on the changing risk appetite of fund managers. Analyze market peers Identify industry leading allocation strategies to enhance your own positioning. EPFR 10. MSCI All-Country World.

19. 18 Sell Side 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.EPFR.. Dr. Stephen Rees Head of Investment Process Research Schroders, London 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.EPFR.. Brad Aham Portfolio Manager State Street Global Advisors Sample Clients ……………………………………………………………… Buy SideGovernment/Media

20. 19 EPFR Global acquires Emerging Market Funds Research, Inc., a database of global equity and fixed income funds.2001: 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. 2001-2007: EPFR Global launches Research and Analysis Services, providing independent research services for investment management firms. 2000: EPFR Global launches Russia Portfolio, Central Europe Portfolio and Brazil Portfolio: publications serving more than 600 institutional investor clients worldwide. 1995-1999: EPFR Global founded Cambridge, Massachusetts USA 1994: Dwight IngalsbeManaging Director/Co-FounderTel: (+1-617) 864-4999 ext. 26Email: ingalsbe@epfr.com Brad DurhamManaging Director/Co-FounderTel: (+1-617) 864-4999 ext. 24Email: durham@epfr.com Ian WilsonManaging Director, Fund DataTel: (+1-804) 217-8653Email: ian@epfr.com Cameron BrandtDirector, Global Markets AnalystTel: (+1-617) 864-4999 ext. 22Email: brandt@epfr.com Simon RingroseManaging Director, SalesTel: (+1-617) 864-4999 ext. 30Email: simon.ringrose@epfr.com Robert MagriDirector, Sales & Business Dev.Tel: (+1-781) 562-1441Email: bob.magri@epfr.com Patrick ParadisoSales (Latin America)Tel: (+1-917) 543-6181Email: patrick.paradiso@epfr.com Rikolv Hatlehol-DesaiSales Director (EMEA)Tel: (+44) 7766 805657Email: rikolv@epfr.com William LaiSales Director (Asia Pacific)Tel: (+852) 3796-7116Email: william.lai@epfr.com Young-il SunwooSales (Korea)Tel: (+821) 10-7683-0016Email: yisunwoo@dreamwiz.com EPFR Global launches new Web Interface, new Country Flows data set, and Web Services for automated data delivery in trading and investment models. 2008: Company History …………………………………………………………..………………………………………………… Key Contacts ……………………………..…………………………………………………………………..…