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The IPOX® Week www.ipoxschuster.com Apr 9, 2010 Summary With an increasing number of large global IPOs entering the pipeline, the IPOX Indexes the tradable global IPO performance barometers recorded a second week of strong outperformance versus benchmarks. YTD, private equity- backed US IPOs display unique return dynamics. [ Week 04/12/2010 ] Highlights IPOX Indexes Action: In what is shaping up as a remarkably strong year in global IPO and spin-off activity, the IPOX® Indexes rose strongly: The IPOX-30 Global Index (BBG: IPGL30) composed of the largest and most liquid global IPOs and spin-offs over the past four years gained +2.23% to +3.93%, far outpacing benchmarks. 80/100 in the broad IPOX-100 Global Index (BBG: IPGL100) rose, with the average equally-weighted constituent adding much more than the market-cap weighted index (+2.88%) (Median: +2.45%), underlying the broad strength in global equities. In IPOX Global Sectors, the IPOX Global Energy Index far outpaced other sector indexes, rising +6.71%, driven by Russian Oil Producer Rosneft OAO (+10.34%) and Indonesia’s Adaro Energy (+9.25%). IPOX Global IT fell, hit by a strong reversal in Brazil’s leading payment processors Redecard (-8.89%) and Cielo (-5.41%). The IPOX U.S. universe continued to strengthen in line with U.S. benchmarks, with the IPOX-30 U.S. Index (BBG: IPXT) staying above the key 1000.00 level. Notable is last week’s strength in hedge fund firm Och-Ziff Capital (+11.88%), indicative of the renewed interest in the sector after reports that Man Financial is actively seeking stakes in hedge fund firms. The IPOX Europe universe extended the YTD gains, outperforming benchmarks. Notable is the continued strength of Prysmian (+8.66%), after Goldman Sachs had sold its 16.8% stake in the company in March. The IPOX Asia-Pacific (Developed) universe extended its gains, with the IPOX-30 Asia-Pacific Index (BBG: IPTA) rising +2.34% to 10.00% YTD. Macau-domiciled Casino Operators Melco Crown (+13.28%) or Wynn Macau (+10.83%) continued to rise sharply on upgrades. The IPOX Emerging Markets Indexes traded in line with benchmarks with the IPOX Latin America 20 Index (BBG: IPXULATT) as the exception: The index fell against the trend, pressured by payment processors and financials. Big names enter the global IPO pipeline, representing a potential for USD 50bn of issuance volume: Private-equity backed HCA (U.S.), Toy’s R US (U.S.), NXP (U.S.), Amadeus (E.U.), Travelport (E.U.), Essar Energy (India), UralChem (Russia) or Agricultural Bank (China). For further inquiries, please contact: Initial action in global IPOs Strong Trend in developed markets reverses as issuers seek maximum proceeds: 9 significant global IPOs priced last week. While the 3 IPOs in the Chinese A share market rose by +110.59% on average, average performance of the 3 IPOs on the domestic Indian Market was negative (-2.77%). In Developed Markets, CAD 7bn Athabasca Oil Sands fell sharply, closing -12.78% below its IPO Price. Despite being able to price above the initial range and being able to sell more shares, private-equity backed Metal USA closed with a loss of -8.57%, not following on Primericas phenomenally successful offering. The story of the week belongs to Nexsan, which was supposed to hit the market on Friday. The deal, initially said to be oversubscribed, was cancelled after Wednesday’s revenue warning by Compellent, its biggest listed competitor. YTD in US IPOs: Private Equity backed vs. Others (%) 5 P/E backed U.S. IPOs (gross proceeds go to pay down debt) YTD initially fell by -2.70%, but gained by an average +7.16% when buying at the first close. 20 Other U.S. IPOs rose by an average +8.65% YTD initially, while gaining +6.46% based on the first close. The FT US IPO Fund (ETF Ticker: FPX) provides a powerful tradable proxy for U.S. IPOs, gaining +7.55% during the same time period. Week ahead for global IPOs - Insignificant Candidates include potentially “hot” China Minzhong Food (SGP: 640m, Singapore, JP Morgan) and likely “cold” Julio Simoes Logistics (BRL Brazil, CS). Dr. Josef A. Schuster - IPOX Schuster LLC - 001.312.264.4410 - [email protected] -5 0 5 10 P/E Backed Others Initial Return Aftermarket

The IPOX® Week - ipoxschuster.com · processors Redecard (-8.89%) ... Capital (+11.88%), indicative of the renewed interest in the sector after reports that Man Financial is actively

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The IPOX® Week www.ipoxschuster.com Apr 9, 2010

Summary With an increasing number of large global IPOs entering the pipeline, the IPOX Indexes – the tradable global IPO performance barometers – recorded a second week of strong outperformance versus benchmarks. YTD, private equity-backed US IPOs display unique return dynamics.

[ Week 04/12/2010 ]

Highlights

IPOX Indexes Action: In what is shaping up as a remarkably strong year in global IPO and spin-off activity, the IPOX® Indexes rose strongly: The IPOX-30 Global Index (BBG: IPGL30) – composed of the largest and most liquid global IPOs and spin-offs over the past four years – gained +2.23% to +3.93%, far outpacing benchmarks.

80/100 in the broad IPOX-100 Global Index (BBG: IPGL100) rose, with the average equally-weighted constituent adding much more than the market-cap weighted index (+2.88%) (Median: +2.45%), underlying the broad strength in global equities.

In IPOX Global Sectors, the IPOX Global Energy Index far outpaced other sector indexes, rising +6.71%, driven by Russian Oil Producer Rosneft OAO (+10.34%) and Indonesia’s Adaro Energy (+9.25%). IPOX Global IT fell, hit by a strong reversal in Brazil’s leading payment processors Redecard (-8.89%) and Cielo (-5.41%).

The IPOX U.S. universe continued to strengthen in line with U.S. benchmarks, with the IPOX-30 U.S. Index (BBG: IPXT) staying above the key 1000.00 level. Notable is last week’s strength in hedge fund firm Och-Ziff Capital (+11.88%), indicative of the renewed interest in the sector after reports that Man Financial is actively seeking stakes in hedge fund firms.

The IPOX Europe universe extended the YTD gains, outperforming benchmarks. Notable is the continued strength of Prysmian (+8.66%), after Goldman Sachs had sold its 16.8% stake in the company in March.

The IPOX Asia-Pacific (Developed) universe extended its gains, with the IPOX-30 Asia-Pacific Index (BBG: IPTA) rising +2.34% to 10.00% YTD. Macau-domiciled Casino Operators Melco Crown (+13.28%) or Wynn Macau (+10.83%) continued to rise sharply on upgrades.

The IPOX Emerging Markets Indexes traded in line with benchmarks with the IPOX Latin America 20 Index (BBG: IPXULATT) as the exception: The index fell against the trend, pressured by payment processors and financials.

Big names enter the global IPO pipeline, representing a potential for USD 50bn of issuance volume: Private-equity backed HCA (U.S.), Toy’s R US (U.S.), NXP (U.S.), Amadeus (E.U.), Travelport (E.U.), Essar Energy (India), UralChem (Russia) or Agricultural Bank (China).

For further inquiries, please contact:

Initial action in global IPOs – Strong Trend in developed markets reverses as issuers seek maximum proceeds:

9 significant global IPOs priced last week. While the 3 IPOs in the Chinese A share market rose by +110.59% on average, average performance of the 3 IPOs on the domestic Indian Market was negative (-2.77%).

In Developed Markets, CAD 7bn Athabasca Oil Sands fell sharply, closing -12.78% below its IPO Price.

Despite being able to price above the initial range and being able to sell more shares, private-equity backed Metal USA closed with a loss of -8.57%, not following on Primericas phenomenally successful offering.

The story of the week belongs to Nexsan, which was supposed to hit the market on Friday. The deal, initially said to be oversubscribed, was cancelled after Wednesday’s revenue warning by Compellent, its biggest listed competitor.

YTD in US IPOs: Private Equity backed vs. Others (%)

5 P/E backed U.S. IPOs (gross proceeds go to pay

down debt) YTD initially fell by -2.70%, but gained by an average +7.16% when buying at the first close.

20 Other U.S. IPOs rose by an average +8.65% YTD initially, while gaining +6.46% based on the first close.

The FT US IPO Fund (ETF Ticker: FPX) provides a powerful tradable proxy for U.S. IPOs, gaining +7.55% during the same time period.

Week ahead for global IPOs - Insignificant

Candidates include potentially “hot” China Minzhong Food (SGP: 640m, Singapore, JP Morgan) and likely “cold” Julio Simoes Logistics (BRL Brazil, CS).

Dr. Josef A. Schuster - IPOX Schuster LLC - 001.312.264.4410 - [email protected]

-5

0

5

10

P/E Backed Others

Initial Return Aftermarket

IPOX-100® Global Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity in developed countries within a disciplined and totally transparent index methodology. The IPOX-100 Global Index captures the performance of the Top 100 largest and generally most liquid IPOs and spin-offs in developed and emerging countries ranked quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index has historically captured around 75% of the total market capitalization in the IPOX Global Composite Index and applies certain diversification rules, such as a 10% capping on the largest constituents and a minimum average daily equity turnover of approximately USD 10 million.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 100 1. Electricite de France Consumer Discretionary 9.16 %

Total Market Cap (USDbn) 1472.84 2. Philip Morris International Consumer Staples 10.67

Average Market Cap (USDbn) 14.73 3. OAO Rosneft Oil Co-GDR Energy 12.48

Median Market Cap (USDbn) 8.46 4. Visa Inc Financials 26.81

Largest Constituent (USDbn) 103.57 5. Industrial & Commercial Bank Health Care 2.44

Smallest Constituent (USDbn) 3.73 6. BANCO SANTANDER BRASI Industrials 4.49

Total Return (2009) (%) 45.86 7. Bank of China H Information Technology 12.85

Daily Equity Turnover (Index) USD 7.7bn 8. Mastercard Inc A Materials 6.08

Liquidity Adjustment YES 9. OGX Petroleo E Gas Participa Telecom Services 4.00

Ticker Symbol BBG <IPGL100> INDEX 10. VTB Bank OJSC Utilities 11.02

Closing Index level (USD) (P) 572.06 0

Price Performance (%) (USD based)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX-100

Global MSCI

MXWD S&P 500 Dow Jones Stoxx 50

Giant > 44.8 bn 33.14 6 5 days 1.81 % 0.95 % 1.38 % 1.36 %

Large < 44.8 bn 43.69 39 2010 YTD 3.63 4.80 7.11 -2.79

Mid < 8.6 bn 23.17 55 2009 42.47 31.52 23.45 27.32

Small < 1.6 bn 0.00 0 2008 -50.75 -43.45 -38.49 -45.76

Micro < 451 ml 0.00 0 2007 29.52 9.59 3.53 10.47

2006 42.80 18.84 13.62 23.41

2005 20.69 8.85 3.00 4.45

Best 5-day Performer (%) 2004 29.14 13.26 8.99 12.71

1. Och-Ziff Capital 11.88 1 year 51.11 44.61 39.44 42.38

2. Wynn Macau Ltd 10.83 3 years -2.82 -6.36 -6.14 -10.62

3. OAO Rosneft Oil Co-GDR 10.34 5 years 9.90 2.21 0.22 -0.72

10 years 1.17 -0.93 -2.36 -2.89

Worst 5-day Performer (%) IPOX-100 Global Base Date: 02/01/1999, annualized returns (p.a.)

1. Redecard – ON -8.89

2. Cielo SA -5.41 Comparative Historical Volatility (%) Bloomberg

3. Longfor Properties -2.76 Days IPGL100 MXWD SPX SX5L

10 9.40 % 7.03 % 7.54 % 13.67 %

Exposure 50 15.19 12.21 13.37 20.13

VALUE BLEND GROWTH 100 16.45 12.91 13.63 21.51

LARGE

MID Regional Markets Breakdown (%)

SMALL Asia-Pacific 32.06 % EU +Russia 36.68 % Americas 36.27 %

Areas of current exposure Developed Markets 61.85 % Emerging Markets 38.15 % © IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing.

To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX-30® Global Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity world-wide within a disciplined and totally transparent index methodology. The IPOX-30 Global Index captures the performance of the Top 30 largest and generally most liquid IPOs and spin-offs in domiciled in a developed and emerging country typically listed on a developed markets exchange, ranked quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index has historically captured around 40% of the total market capitalization in the IPOX Global Composite Index and applies certain diversification rules, such as a 10% capping on the largest constituents and minimum liquidity thresholds of USD25m average daily equity turnover.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 30 1. Electricite de France Consumer Discretionary 7.70 %

Total Market Cap (USDbn) 886.18 2. Philip Morris International Consumer Staples 9.95

Average Market Cap (USDbn) 29.54 3. OAO Rosneft Oil Co-GDR Energy 12.96

Median Market Cap (USDbn) 16.19 4. Visa Inc Financials 28.85

Largest Constituent (USDbn) 103.57 5. Industrial & Commercial Bank Health Care 3.59

Smallest Constituent (USDbn) 3.73 6. BANCO SANTANDER BRASIL Industrials 3.51

Total Return (2009) (%) 44.91 7. Bank of China H Information Technology 15.97

Daily Equity Turnover (Index) USD 5.2bn 8. Mastercard Inc A Materials 4.56

Liquidity Adjustment YES 9. VTB Bank OJSC Telecom Services 0.00

Ticker Symbol BBG <IPGL30> INDEX 10. Covidien Plc Utilities 12.91

Closing Index level (USD) (P) 629.26 0

Price Performance (%) (USD based)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX-30 Global (All Markets)

MSCI MXWD S&P 500

Dow Jones Stoxx 50 (USD)

Giant > 44.8 bn 45.02 6 5 days 2.23 % 0.95 % 1.38 % 1.36 %

Large < 44.8 bn 54.98 24 2010 YTD 3.93 4.80 7.11 -2.79

Mid < 8.6 bn 0.00 0 2009 41.51 31.52 23.45 27.32

Small < 1.6 bn 0.00 0 2008 -46.47 -42.08 -38.49 -45.76

Micro < 451 ml 0.00 0 2007 29.16 7.09 3.53 10.47

2006 36.05 24.36 13.62 23.41

2005 28.02 13.14 3.00 4.45

Best 5-day Performer (%) 2004 35.85 18.11 8.99 12.71

1. OAO Rosneft Oil 10.34 1 year 48.45 44.61 39.44 42.38

2. Sands China Ltd 7.73 3 years 0.32 -6.36 -6.14 -10.62

3. ICBC 6.53 5 years 11.73 2.21 0.22 -0.72

10 years 3.06 -0.93 -2.36 -2.89

Worst 5-day Performer (%) IPOX-30 Global Base Date: 02/01/1999, annualized returns (p.a.)

1. Wacker Chemie AG -1.22 2. Time Warner Cable Inc -1.18 Comparative Historical Volatility (%) Bloomberg

3. BANCO SANTANDER -0.08 Days IPGL30 MXWD SPX SX5L

10 8.86 % 7.03 % 7.54 % 13.67 %

Exposure 50 15.79 12.21 13.37 20.13

VALUE BLEND GROWTH 100 16.49 12.91 13.63 21.51

LARGE

MID Regional Markets Breakdown (%)

SMALL Asia-Pacific 30.54 % EU+Russia 33.29 % Americas 36.17 %

Areas of current exposure Developed Markets 70.82 % Emerging Markets 29.18 % © IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing.

To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX-100® U.S. Index (ETF: FPX)

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-100 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest constituents.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 100 1. Philip Morris International Consumer Discretionary 18.00 %

Total Market Cap (USDbn) 611.97 2. Visa Inc Consumer Staples 16.46

Average Market Cap (USDbn) 6.12 3. Mastercard Inc A Energy 7.84

Median Market Cap (USDbn) 2.79 4. Covidien Plc Financials 6.41

Largest Constituent (USDbn) 99.22 5. Viacom Inc B (New) Health Care 8.67

Smallest Constituent (USDbn) 0.89 6. Time Warner Cable Inc Industrials 9.16

Total Return (2009) (%) 45.97 7. Spectra Energy Corp Information Technology 28.63

Daily Equity Turnover (Index) USD 5.5bn 8. Tyco Electronics Ltd Materials 1.93

Liquidity Adjustment YES 9. Western Union Co Telecom Services 1.69

Ticker Symbol BBG <IPXO> INDEX, FPX 10. Lorillard Inc Utilities 1.22

Closing Index level (USD) (P) 954.90 0

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX-100

(FPX) S&P 500 Russell 2000

Index Nasdaq-100

Giant > 44.8 bn 19.65 2 5 days 1.43 % 1.38 % 2.77 % 1.78 %

Large < 44.8 bn 33.68 11 2010 YTD 7.76 7.11 12.40 7.21

Mid < 8.6 bn 39.73 57 2009 43.73 23.45 25.22 53.54

Small < 1.6 bn 6.94 30 2008 -44.29 -38.49 -34.72 -41.89

Micro < 451 ml 0.00 0 2007 14.39 3.53 -2.73 18.67

2006 19.70 13.62 17.05 6.79

2005 23.40 3.00 3.32 1.49

Best 5-day Performer (%) 2004 28.93 8.97 16.95 10.44

1. Hertz Global Holdings 19.62 1 year 52.41 39.44 50.14 48.81

2. MF Global Holdings Ltd 18.34 3 years -2.08 -6.14 -4.68 3.32

3. EXCO Resources 11.92 5 years 8.17 0.22 2.85 6.06

10 years 0.18 -2.36 2.61 -7.37

Worst 5-day Performer (%) IPOX-100 U.S. Base Date: 01/03/1989, annualized returns (p.a.)

1. Allegiant Travel Co -7.14

2. ArcSight Inc -6.71 Comparative Historical Volatility (%) Bloomberg

3. Clean Energy Fuels -5.79 Days IPXO SPX RUT NDX

10 8.15 % 7.54 % 12.51 % 6.47 %

Exposure 30 8.09 7.54 13.55 8.43

VALUE BLEND GROWTH 50 13.57 13.37 16.14 14.63

LARGE 100 13.65 13.63 18.20 15.26

MID 200 16.45 16.26 21.97 16.97

SMALL 400 37.66 37.68 44.99 37.14

Areas of current exposure Source: Bloomberg Analytics

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To

receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX-30® U.S. Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-30 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest constituents.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 30 1. Philip Morris International Consumer Discretionary 19.22 %

Total Market Cap (USDbn) 457.44 2. Visa Inc Consumer Staples 18.94

Average Market Cap (USDbn) 15.25 3. Mastercard Inc A Energy 6.56

Median Market Cap (USDbn) 8.12 4. Covidien Plc Financials 6.37

Largest Constituent (USDbn) 99.22 5. Viacom Inc B (New) Health Care 9.13

Smallest Constituent (USDbn) 3.23 6. Time Warner Cable Inc Industrials 6.82

Total Return (2009) (%) 42.78 7. Spectra Energy Corp Information Technology 29.98

Daily Equity Turnover (Index) USD 4.4bn 8. Tyco Electronics Ltd Materials 0.00

Liquidity Adjustment YES 9. Western Union Co Telecom Services 1.88

Ticker Symbol BBG <IPXT> INDEX 10. Lorillard Inc Utilities 1.08

Closing Index level (USD) (P) 1021.68 0

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX-30 U.S. S&P 500 Russell 2000

Index Nasdaq-100

Giant > 44.8 bn 19.62 2 5 days 1.46 % 1.38 % 2.77 % 1.78 %

Large < 44.8 bn 52.27 11 2009 YTD 6.86 7.11 12.40 7.21

Mid < 8.6 bn 28.10 17 2009 40.35 23.45 25.22 53.54

Small < 1.6 bn 0.00 0 2008 -42.55 -38.49 -34.72 -41.89

Micro < 451 ml 0.00 0 2007 12.30 3.53 -2.73 18.67

2006 24.77 13.62 17.05 6.79

2005 27.32 3.00 3.32 1.49

Best 5-day Performer (%) 2004 34.21 8.97 16.95 10.44

1. Hertz Global Holdings 19.62 1 year 48.80 39.44 50.14 48.81

2. Och-Ziff Capital 11.88 3 years -1.91 -6.14 -4.68 3.32

3. Continental Resources 7.94 5 years 9.17 0.22 2.85 6.06

10 years 1.80 -2.36 2.61 -7.37

Worst 5-day Performer (%) IPOX-30 U.S. Base Date: 01/03/1989, annualized returns (p.a.)

1. Teradata Corp -2.22

2. Validus Holdings Ltd -1.63 Comparative Historical Volatility (Bloomberg)

3. Clearwire Corp -1.54 Days IPXT SPX RUT NDX

10 7.99 % 7.54 % 12.51 % 6.47 %

Exposure 30 7.60 7.54 13.55 8.43

VALUE BLEND GROWTH 50 12.96 13.37 16.14 14.63

LARGE 100 13.07 13.63 18.20 15.26

MID 200 15.67 16.26 21.97 16.97

SMALL 400 37.02 37.68 44.99 37.14

Areas of current exposure Source: Bloomberg Analytics

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX-30® Europe Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-30 Europe has historically captured around 40% of the total market capitalization in the IPOX Composite Europe Index and applies certain diversification rules, such as a 10% capping on the largest constituents and is adjusted for liquidity.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 30 1. Electricite de France Consumer Discretionary 5.93 %

Total Market Cap (EURbn) 240.71 2. Eurasian Natural Resources Corp Consumer Staples 0.00

Average Market Cap (EURbn) 8.02 3. Iberdrola Renovables Energy 10.26

Median Market Cap (EURbn) 4.62 4. Criteria Caixacorp SA Financials 16.37

Largest Constituent (EURbn) 77.03 5. Galp Energia SGPS SA Health Care 2.97

Smallest Constituent (EURbn) 2.28 6. Kazakhmys PLC Industrials 15.62

Total Return (2009) (%) 33.61 7. Suez Environment SA Information Technology 0.00

Daily Equity Turnover (Index) EUR 1.2bn 8. ADP Promesses Materials 19.71

Liquidity Adjustment YES 9. Legrand Promesses Telecom Services 2.18

Ticker Symbol BB <IXTE> INDEX 10. Wacker Chemie AG Utilities 26.96

Closing Index Level (USD) (P) 448.68

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (EUR)(% and #Co’s) Period IPOX-30 Europe MSCI Europe

Dow Jones STOXX 50

DAX30 DAX

Giant > 44.8 bn 10.42 1 5 days 2.12 % 0.54 % 2.00 % 1.56 %

Large < 44.8 bn 35.99 5 2010 YTD 7.89 4.76 3.73 4.91

Mid < 8.6 bn 53.59 24 2009 29.69 21.56 23.76 23.85

Small < 1.6 bn 0.00 0 2008 -55.26 -40.93 -43.43 -40.37

Micro < 451 ml 0.00 0 2007 13.68 3.33 -3.57 22.36

2006 26.09 15.97 10.39 22.05

2005 22.86 21.71 20.70 27.07

Best 5-day Performer (%) 2004 25.67 9.43 4.30 7.32

1. Prysmian SpA 8.66 1 year 45.67 39.57 39.84 39.16

2. Strabag SE 6.27 3 years -12.94 -8.97 -10.64 -4.14

3. ADP Promesses 6.27 5 years 0.33 1.15 -1.62 7.26

10 years -3.34 -2.80 -6.12 -1.83

Worst 5-day Performer (%) IPOX-30 Europe Base Date: 01/03/1990

1. Eutelsat Communications -1.73

2. Ipsen -0.62 Country Breakdown (by applied market cap)

3. Wacker Chemie AG -0.59 1. Austria 2.59 % 9. Italy 2.37 %

2. Belgium 0.00 10. Netherlands 0.00

Exposure 3. Denmark 1.81 11. Norway 2.09

VALUE BLEND GROWTH 4. Finland 1.70 12. Portugal 9.47

LARGE 5. France 37.82 13. Spain 18.37

MID 6. Germany 6.62 14. Sweden 0.00

SMALL 7. Greece 0.00 15. Switzerland 0.00

Areas of current exposure 8. Ireland 0.00 16. United Kingdom 17.16 © IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To

receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

JPMorgan IPOX® Europe 50 Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Composite Europe Index, the JP Morgan IPOX Europe 50 is a market-cap weighted index measuring the performance of the top 50 companies ranked quarterly in the IPOX Composite Europe Index. It has historically captured around 88% of total market cap of the IPOX Composite Europe Index and applies certain diversification rules, such as a 10% capping of the largest constituents.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 50 1. Electricite de France Consumer Discretionary 5.50 %

Total Market Cap (EURbn) 282.63 2. Eurasian Natural Resources Corp Consumer Staples 0.00

Average Market Cap (EURbn) 5.65 3. Iberdrola Renovables Energy 10.55

Median Market Cap (EURbn) 2.80 4. Criteria Caixacorp SA Financials 20.09

Largest Constituent (EURbn) 77.03 5. Galp Energia SGPS SA Health Care 3.03

Smallest Constituent (EURbn) 1.53 6. Kazakhmys PLC Industrials 16.09

Total Return (2009) (%) 37.43 7. Suez Environment SA Information Technology 0.00

Daily Equity Turnover (Index) EUR 1.5bn 8. ADP Promesses Materials 18.28

Liquidity Adjustment YES 9. Legrand Promesses Telecom Services 2.88

Ticker Symbol BB <IPXUJPEU> INDEX 10. Wacker Chemie AG Utilities 23.58

Closing Index level (EUR) (P) 3333.08 0

Total Market Cap/Dispersion

Breakdown (EUR)(% and #Co’s) Period JPM IPOX IPXUJPEU

MSCI Europe MSDLE15

Dow Jones STOXX 50

DAX30 DAX

Giant > 44.8 bn 10.42 1 5 days 2.04 % 0.54 % 2.00 % 1.56 %

Large < 44.8 bn 28.65 5 2010 YTD 8.58 4.76 3.73 4.91

Mid < 8.6 bn 59.60 42 2009 33.26 21.56 23.76 23.85

Small < 1.6 bn 1.34 2 2008 -54.43 -40.93 -43.43 -40.37

Micro < 451 ml 0.00 0 2007 14.53 3.33 -3.57 22.36

2006 31.13 15.97 10.39 22.05

2005 24.42 21.71 20.70 27.07

Best 5-day Performer (%) 2004 24.72 9.43 4.30 7.32

1. Hargreaves Landsdown Plc 12.45 1 year 48.72 39.57 39.84 39.16

2. Prysmian SpA 8.66 3 years -11.51 -8.97 -10.64 -4.14

3. Bolsas y Mercados 8.48 5 years 2.59 1.15 -1.62 7.26

10 years -2.38 -2.80 -6.12 -1.83

Worst 5-day Performer (%) Base Date: 01/02/1990, annualized returns (p.a.)

1. Renewable Energy -3.25

2. Hamburger Hafen -2.10 Comparative Historical Volatility (%) Bloomberg

3. EFG International -2.01 Days IPXUJPEU MSDLE15 SX5P DAX

10 17.71 % 9.73 % 12.83 % 11.94 %

Exposure 30 12.82 10.13 10.86 12.01

VALUE BLEND GROWTH 50 16.91 13.89 14.70 14.95

LARGE 100 16.50 15.24 16.49 17.60

MID 200 18.95 16.44 17.55 20.54

SMALL 400 34.66 30.53 34.07 35.33

Areas of current exposure Source: Bloomberg Analytics

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To

receive more information on IPOX IPO Indexes and IPOX Analytics, contactor call (312) 264-4410.

IPOX-30® Asia-Pacific Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide scalable access into the growth and innovativeness of the economy of the developed Asia-Pacific countries of Australia, Hong Kong, Japan, New Zealand and Singapore and trends in Asian-Pacific Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Composite Asia-Pacific Index, the IPOX-30 Asia-Pacific has historically captured around 40% of the total market capitalization in the IPOX Composite Asia-Pacific Index and applies certain diversification rules, such as a 10% capping on the largest constituents.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 30 1. Belle International Holdings Consumer Discretionary 22.72 %

Total Market Cap (USDbn) 122.74 2. Nine Dragons Paper Hldg Consumer Staples 6.85

Average Market Cap (USDbn) 4.09 3. Wynn Macau Ltd Energy 4.08

Median Market Cap (USDbn) 3.12 4. Sony Financial Holdings Inc Financials 34.14

Largest Constituent (USDbn) 11.50 5. Shimao Property Hldg H Health Care 0.00

Smallest Constituent (USDbn) 1.28 6. CapitaMalls Asia Ltd Industrials 2.66

Total Return (2009) (%) 51.23 7. Sumco Corp Information Technology 13.13

Daily Equity Turnover (Index) USD 0.6bn 8. China Agri-Industries Holdings Materials 14.63

Liquidity Adjustment YES 9. Agile Property Hldg Telecom Services 0.00

Ticker Symbol BB <IPTA> INDEX 10. AVAGO TECHNOLOGIES Utilities 1.80

Closing Index Level (USD) (P) 628.58

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX-30

Asia-Pacific MSCI Pacific

MXPC HSI Index

HSI TOPIX

TPX

Giant > 44.8 bn 9.37 1 5 days 2.34 % 0.81 % 3.90 % 0.00 %

Large < 44.8 bn 89.59 28 2010 YTD 10.00 7.05 1.54 9.02

id < 8.6 bn 1.04 1 2009 48.12 21.15 52.03 5.63

Small < 1.6 bn 0.00 0 2008 -49.21 -37.92 -48.27 -41.77

Micro < 451 ml 0.00 0 2007 11.88 3.52 39.06 -12.22

2006 37.35 10.43 33.76 0.95

2005 22.56 20.65 4.55 40.24

Best 5-day Performer (%) 2004 5.92 17.14 13.12 7.56

1. Melco Crown 13.28 1 year 60.02 39.49 49.04 17.54

2. Wynn Macau Ltd 10.83 3 years -4.52 -7.46 3.18 -17.11

3. Nine Dragons Paper Hldg 10.13 5 years 9.23 2.47 10.19 -3.80

10 years 1.38 -1.07 -5.14

Worst 5-day Performer (%) IPOX-30 Asia-Pacific Base Date: 01/02/1995

1. Franshion Properties -5.59

2. NTT Urban Development -3.66 Country Breakdown (by applied market cap)

3. Seven Bank Ltd -3.61 1. Australia 5.38 % 4. New Zealand 0.00 %

2. Hong Kong 56.52 5. Singapore 17.53

Exposure 3. Japan 20.57

VALUE BLEND GROWTH

LARGE

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster

LLC. IPOX IPO Indexes and Derivatives (patent pending). Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses

before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact

[email protected] or call (312) 264-4410.

MID

SMALL

Areas of current exposure

IPOX® BRIC 25 Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide concentrated access into the growth and innovativeness of companies domiciled in Brazil, Russia, India and China (BRIC) within a disciplined and totally transparent index methodology. Based on the IPOX Emerging Markets Composite Index, the IPOX BRIC 25 Index has historically captured around 70% of total market cap created through IPO and spin-off activity of emerging markets IPO and spin-off activity. The index includes stocks which are freely accessible to foreign investors only.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 25 1. OAO Rosneft Oil Co-GDR Consumer Discretionary 3.50 %

Total Market Cap (USDbn) 513.58 2. Industrial & Commercial Bank Consumer Staples 4.85

Average Market Cap (USDbn) 20.54 3. BANCO SANTANDER BRASIL-ADS Energy 19.05

Median Market Cap (USDbn) 11.30 4. Bank of China H Financials 57.38

Largest Constituent (USDbn) 92.73 5. OGX Petroleo E Gas Participa Health Care 0.00

Smallest Constituent (USDbn) 3.73 6. VTB Bank OJSC Industrials 3.26

Total Return (2009) (%) 87.72 7. Bank of Communications H Information Technology 5.38

Daily Equity Turnover (Index) USD 1.8bn 8. United Co RUSAL Materials 6.59

Liquidity Adjustment YES 9. Dongfeng Motor Group H Telecom Services 0.00

Ticker Symbol BB < IPXUBRIC > INDEX 10. BM&F Bovespa S.A. Utilities 0.00

Closing Index Level (USD) (P) 619.66 0

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX BRIC 25 MSCI MXEF

MSCI MSEUBRIC

BONY BKBRIC

Giant > 44.8 bn 29.64 3 5 days 2.23 % 1.50 % 0.83 % 1.52 %

Large < 44.8 bn 60.10 14 2009 YTD 1.58 5.51 3.57 4.69

Mid < 8.6 bn 10.26 8 2009 84.03 74.50 88.80 81.54

Small < 1.6 bn 0.00 0 2008 -61.50 -54.48 -60.27 -55.43

Micro < 451 ml 0.00 0 2007 29.94 34.48 56.12 66.91

2006 75.14 29.18 33.76 50.55

2005 11.91 30.31 4.55 36.90

Best 5-day Performer (%) 2004 15.07 22.45 13.12 20.00

1. OAO Rosneft Oil Co-GDR 10.34 1 year 57.00 65.03 71.47 63.82

2. Evergrande Real Estate 9.06 3 years -1.29 2.94 6.31 10.99

3. Dongfeng Motor Group 8.67 5 years 13.23 13.44 20.26 23.33

10 years 17.49 7.63 10.33 n.a.

Worst 5-day Performer (%) IPOX BRIC 25 Base Date: 01/01/1999

1. Redecard - ON -8.89

2. Cielo SA -5.41 Comparative Historical Volatility (%) Bloomberg

3. Longfor Properties -2.76 Days IPXUBRIC MXEF MSEUBRIC BKBRIC

10 11.90 % 10.56 % 11.89 % 16.84 %

Exposure 50 16.82 16.24 18.19 24.71

VALUE BLEND GROWTH 100 23.68 16.48 18.74 24.13

LARGE

MID IPOX BRIC 25 Country Breakdown (%)

SMALL Brazil 30.10 % Russia 12.50 % China 57.40 %

Areas of current exposure Regions of current exposure.

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX® China 20 Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide concentrated access into the growth and innovativeness of the Chinese economy within a disciplined and totally transparent index methodology. Based on the IPOX China Composite Index, the IPOX China 20 has historically captured around 60% of total market cap created through IPO and spin-off activity of companies domiciled in mainland China and trading abroad. The index includes stocks which are freely accessible to foreign investors only.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 20 1. Industrial & Commercial Bank Consumer Discretionary 10.98 %

Total Market Cap (USDbn) 261.38 2. Bank of China H Consumer Staples 5.57

Average Market Cap (USDbn) 13.07 3. Bank of Communications H Energy 3.93

Median Market Cap (USDbn) 6.41 4. Dongfeng Motor Group H Financials 60.90

Largest Constituent (USDbn) 67.46 5. China Communications Constr Health Care 0.00

Smallest Constituent (USDbn) 3.11 6. China Merchants Bank H Industrials 9.83

Total Return (2009) (%) 66.00 7. Want Want China Holdings Information Technology 0.00

Daily Equity Turnover (Index) USD 1.5bn 8. China CITIC Bank H Materials 8.79

Liquidity Adjustment YES 9. China Coal Energy Company H Telecom Services 0.00

Ticker Symbol BB <CNI> INDEX 10. Evergrande Real Estate Group Utilities 0.00

Closing Index Level (USD) (P) 770.06 0

Price Performance (%)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX China 20

MSCI China

MSEUSCF

FTSE Xinhua 25

XIN0I HSCEI

Giant > 44.8 bn 9.92 1 5 days 2.24 % 3.13 % 5.21 % 5.10 %

Large < 44.8 bn 54.79 7 2010 YTD 2.35 3.44 3.41 1.97

Mid < 8.6 bn 35.29 12 2009 62.51 58.80 50.66 62.12

Small < 1.6 bn 0.00 0 2008 -55.37 -51.94 -50.80 -51.06

Micro < 451 ml 0.00 0 2007 42.02 63.10 53.62 55.94

2006 82.59 78.13 80.40 99.34

2005 -5.87 15.93 10.99 12.46

Best 5-day Performers (%) 2004 8.00 -0.80 -0.36 -5.54

1. Evergrande Real Estate 9.06 1 year 47.80 51.64 43.07 47.72

2. Dongfeng Motor Group H 8.67 3 years 2.17 8.71 6.78 9.73

3. China Coal Energy 7.86 5 years 13.86 21.09 18.27 21.65

10 years 22.62 9.64 n.a. 24.09

Worst 5-day Performers (%) IPOX China 20 Base Date: 01/01/1999

1. Longfor Properties Co -2.76

2. China Dongxiang 0.46 Comparative Historical Volatility (%) Bloomberg

3. China Communications 1.33 Days

CNI MSEUSCF XIN0I HSCEI

10 18.10 % 17.10 % 21.41 % 21.71 %

Exposure 50 24.93 21.95 26.39 27.38

VALUE BLEND GROWTH 100 26.74 23.53 26.13 27.70

LARGE

MID Listing Breakdown (%)

SMALL HK 100.00 % US 0.00 % SG 0.00 %

Areas of current exposure Regions of current exposure.

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past

performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing.

To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.

IPOX® China 30 A Share Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide access into the growth and innovativeness of the economy and trends in domestic Chinese Equity Capital Markets Activity within a disciplined and totally transparent index methodology. The IPOX China 30 A-Shares Index captures the performance of the Top 30 largest and generally most liquid IPOs and spin-offs in domestic China ranked quarterly by market capitalization in the underlying IPOX China Composite A-shares Index. The Index has historically captured around 50% of the total market capitalization in the underlying IPXO China Composite A-shares Index and applies distinct diversification rules. (Float-adjusted) Market Cap is calculated by listed A-shares only. The index is available in USD and CNY.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 30 1. Industrial & Commercial Bank Consumer Discretionary 3.87 %

Float Adj.Market Cap (USDbn) 427.35 2. Industrial Bank-A Consumer Staples 3.72

Average Market Cap (USDbn) 14.25 3. China Pacific Insurance Group Energy 11.26

Median Market Cap (USDbn) 7.44 4. China State Construction Financials 48.24

Largest Constituent (USDbn) 182.78 5. Daqin Railway A Health Care 2.19

Smallest Constituent (USDbn) 1.06 6. Huatai Securities Co Ltd A Industrials 27.00

Total Return (2009) (%) 74.08 7. China Coal Energy Company A Information Technology 0.00

Daily Equity Turnover (Index) USD 1.2bn 8. China Merchants Securities Co Materials 3.73

Liquidity Adjustment YES 9. China Railway Construction Telecom Services 0.00

Ticker Symbol BB IPXUCAUP <INDEX> 10. Metallurgical Corporation Utilities 0.00

Closing Index Level (USD) (P) 509.84 0

Price Performance (%) (USD based)

Float-adj. Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX China 30

A Share SH Comp

Index FTSE Xinhua A50 Index

FTSE Xinhua All Share Index

Giant > 44.8 bn 9.83 1 5 days -0.78 % -0.07 % -1.39 % 1.92 %

Large < 44.8 bn 63.28 10 YTD 2009 -5.73 -4.02 -8.69 -0.83

Mid < 8.6 bn 24.21 14 2009 71.18 79.98 83.75 101.59

Small < 1.6 bn 2.69 5 2008 -56.53 -65.39 -67.99 -64.53

Micro < 451 ml 0.00 0 2007 183.84 96.66 122.05 161.00

2006 103.78 130.43 136.79 116.92

2005 -10.82 -8.33 -6.67 -14.50

Best 5-day Performers (%) 2004 -11.20 -15.40 n.a. -15.92

1. Shan Dong Sun Paper 12.41 1 year 23.42 32.16 26.98 41.79

2. Shenzhen Salubris 12.07 3 years 10.02 -2.55 -2.93 5.47

3. Jiangsu Yanghe 10.56 5 years 30.20 20.27 20.26 28.63

10 years 12.44 5.62 n.a. n.a.

Worst 5-day Performers (%) IPOX China 30 A Base Date: 01/01/1997, annualized returns (p.a.)

1. Poly Real Estate Group -5.24

2. Shanghai Metersbonw -4.23 Comparative Historical Volatility (%) Bloomberg

3. Industrial Bank-A -1.73 Days IPXUCAUP SHCOMP XIN9I XIN7I

10 20.66 % 15.29 % 21.84 % 14.80 %

Exposure 30 17.98 16.23 18.82 18.08

VALUE BLEND GROWTH 50 17.92 17.38 19.87 18.14

LARGE 100 22.43 22.16 24.68 24.24

MID

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX

IPO Indexes and Derivatives (patent pending). Past performance is no guarantee of comparable future

performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact

[email protected] or call US(312) 264-4410..

SMALL

Areas of current exposure

IPOX® Latin America 20 Index

www.ipoxschuster.com Apr 9, 2010

Objective

To provide concentrated access into the growth and innovativeness of companies domiciled in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Panama trading on the respective domestic or foreign exchange within a disciplined and totally transparent index methodology. Based on the IPOX LatAm Composite Index, a sub-set of the IPOX Emerging Markets Composite Index, the IPOX LatAm 20 Index has historically captured around 60% of total market cap created through IPO and spin-off activity of IPOs in the respective countries. Constituents are capped at 10% at the quarterly reconstitution event and subject to a minimum USD 5mn average/median 21 trading day equity turnover screen.

Summary Statistics Top 10 Holdings Sector Breakdown

Number of Holdings 20 1. ECOPETROL SA-SPONSORED Consumer Discretionary 6.61 %

Total Market Cap (USDbn) 253.76 2. BANCO SANTANDER BRASIL Consumer Staples 17.85

Average Market Cap (USDbn) 12.69 3. OGX Petroleo E Gas Participa Energy 14.61

Median Market Cap (USDbn) 5.60 4. Telmex International L Financials 15.84

Largest Constituent (USDbn) 56.94 5. BM&F Bovespa S.A. Health Care 0.00

Smallest Constituent (USDbn) 2.40 6. Cielo SA Industrials 2.43

Total Return (2009) (%) 126.88 7. Redecard - ON Information Technology 12.58

Daily Equity Turnover (Index) USD 0.4bn 8. JBS SA Materials 2.11

Liquidity Adjustment YES 9. Fresnillo PLC Telecom Services 16.28

Ticker Symbol BB IPXULATT <INDEX> 10. All America Latina Logistica Utilities 11.70

Closing Index Level (USD) (P) 422.48 0

Price Performance (%) (USD based)

Total Market Cap/Dispersion

Breakdown (USD)(% and #Co’s) Period IPOX LatAm 20 MSCI Emerging

Markets MSCI Latin

America BOVESPA (BRL)

Giant > 44.8 bn 19.80 2 5 days -1.34 % 1.50 % 0.89 % 0.40 %

Large < 44.8 bn 55.46 7 2010 YTD -1.13 5.51 3.78 4.12

Mid < 8.6 bn 24.74 11 2009 120.70 74.50 98.14 82.66

Small < 1.6 bn 0.00 0 2008 -59.91 -54.48 -52.78 -41.22

Micro < 451 ml 0.00 0 2007 27.94 36.48 46.59 43.65

2006 54.75 29.27 39.46 33.04

2005 n.a. 30.40 45.07 27.80

Best 5-day Performer (%) 2004 n.a. 29.27 34.66 17.76

1. JBS SA 7.04 1 year 76.39 65.03 72.81 56.83

2. OGX Petroleo E Gas 6.57 3 years 0.84 2.94 9.19 15.07

3. Fresnillo PLC 5.51 5 years 20.72 13.44 23.14 22.48

10 years n.a. 7.63 13.88 15.31

Worst 5-day Performer (%) IPOX LatAm 20 Base Date: 01/01/2005, annualized returns (p.a.)

1. Redecard - ON -8.89

2. Cielo SA -5.41 Comparative Historical Volatility (%) Bloomberg

3. Cia Energetica de Sao -2.65 Days IPXULATT MXEF MXLA IBOV

10 17.25 % 10.56 % 12.79 % 12.27 %

Exposure 30 17.35 11.74 15.37 12.76

VALUE BLEND GROWTH 50 23.13 16.24 21.40 19.27

LARGE 100 24.86 16.48 21.81 19.58

MID

© IPOX Schuster LLC. IPOX is a registered/pending international trademark of IPOX Schuster LLC. IPOX IPO Indexes and Derivatives (patent pending). Past performance is no guarantee of comparable future

performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before

investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact

[email protected] or call US(312) 264-4410..

SMALL

Areas of current exposure