Equity Fund Sector Flows Method of Calculation

Equity Fund Sector Flows (New) ………………………………………………………………………………………………. Our Sector Flows combine our Fund Flow and Sector Weightings data to track the flow of money into various sectors. Our fund flow reports track the amount of cash flowing into and out of the thousands of investment funds we monitor world-wide. Our sector weightings report tracks fund manager allocations at month-end across the various sectors they invest in. By combining these two data sets, we are able to estimate the flow of cash into and out of various sectors. Data sourced directly from managers or administrators Value-added datasets = + Fund Flows Sector Allocations Sector Flows

Global Industry Classification Standard (GICS) Sector Industry Group Energy Materials Industrials Capital Goods Commercial & Professional Services Transportation Consumer Discretionary Automobiles & Components Consumer Durables & Apparel Consumer Services Media Retailing Consumer Staples Food & Staples Retailing Food, Beverage & Tobacco Household & Personal Products Health Care Health Care Equipment & Services Pharmaceuticals, Biotechnology & Life Sciences Financials Banks Diversified Financials Insurance Real Estate Information Technology Software & Services Technology Hardware & Equipment Semiconductors & Semiconductor Equipment Telecommunication Services Utilities In our database, fund sector and industry allocations are based on the Global Industry Classification Standard (GICS) sector and industry groupings developed by MSCI and S&P, which are outlined in the table on the left.

Example: Sector Weightings ………………………………………………..…………... At each month-end, we use the average manager weighting (for example to Financials) for each of the fund groups that can invest in this sector. Fund Category Manager Simple Avg Allocation % Global 17.66 Global ex-US 24.48 Global Emerging Markets 24.52 Asia ex-Japan Regional 35.56 Latin America Regional 20.32 EMEA Regional 19.82 MENA Regional 38.72 Europe Regional 21.19 Europe ex-UK Regional 24.45 USA 15.35 *Assumption: manager weightings from month to month do not vary significantly for the entire population of funds (individual manager weightings can certainly vary quite a bit from month to month, but all funds taken together do not show extreme changes).

Latest available avg Weighting % Estimated Sector Flows US$mill Example: Sector Flows ……………………………………………………. To calculate Sector Flow for Financials, we multiply these Sector Weightings by each fund group’s net Fund Flows for the period. The resulting Sector Flow is an estimate of how much new investor money will be put to work in Financials. Date Asset Class Weekly Flow US$mill (a) Latest available avg Weighting % (b) Estimated Sector Flows US$mill (a) x (b) 11/18/2009 Global (32.98) 17.66% (5.82) Global ex-US 285.65 24.48% 69.93 Global Emerging Markets 1,585 24.52% 388.64 Asia ex-Japan Regional 144.80 35.56% 51.49 Latin America Regional 168.40 20.32% 34.22 EMEA Regional 9.25 19.82% 1.83 Emerging Europe Regional Funds 19.12 27.73% 5.30 MENA Regional Funds (5.28) 38.72% (2.04) Europe Regional Funds (33.90) 21.19% (7.18) Europe ex-UK Regional Funds 337.89 24.45% 82.61 USA Funds 2,138.42 15.35% 328.25 Financial Sector Funds 48.37 100% Total Estimated Flows into Financials 995.60

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