the ipox weekenglish... · the ipox week feb 4, 2011 summary after the series of large u.s....

The IPOX Week www.ipoxschuster.com Feb 4, 2011

Summary After the series of large U.S. domiciled IPOs in January, global IPO activity centered around small-caps with continued strengths in selected U.S. deals. While the IPOX-100 U.S. Index closes in on all-time highs, IPOX Latin America has now officially entered bear market territory.

[ Week 2/7/2011 ]

Highlights IPOX Indexes:

With part of the IPOX Global Universe closed due to the Chinese New Year, the IPOX Global Indexes were again unable to keep up with the hard-to-beat key developed markets equity benchmarks. The IPOX-30 Global Index (IPGL30), proxy for the performance of the largest global IPOs and spin-offs, rose +0.76% to +1.76% YTD.

IPOX-100 U.S. (ETF Ticker: FPX) - Closing in on All-Time Highs: Upside focus amongst the IPOX Regional Indexes was on the IPOX-100 U.S. Index (+3.13% to +3.48% YTD), closing in on huge technical resistance near its all-time high. The Index continued to trade at powerful relative risk/return characteristics as well, benefiting from relentless takeover-driven buying in small-cap U.S. technology with Netsuite Inc. (N: +11.96%), Commvault Systems (CVLT UQ: +12.88%) and Aruba Systems (ARUN UQ: +13.78%) leading the way.

Bear Market Official in IPOX Latin America: With all IPOX Developed Markets Indexes (IPXO, IXTE, IPTA) continuing to perform well, we note the big weakness in selected IPOX Emerging markets indexes: Highlight here is the decline in the IPOX Latin America Indexes (IPXULATM, IPXULATT) which have now entered bear market territory. Brazils retailer Hypermarcas SA (HYPE3 BS: -8.76%), Batistas OGX (OGXP3 BS: -6.98%) and payment processor Cielo SA (CIEL3 BS: -6.33%) were amongst the biggest decliners last week.

Table 1: Key IPOX Indexes and Index Returns YTD Key IPOX Indexes

Return Week (%)

2011 Return YTD (%)

+/- Benchmark YTD

IPGLC (USD) +1.13 -0.79 Significant -

IPGL100 (USD) +0.84 -0.60 Significant -

IPGL50 (USD) +1.42 +0.32 Significant -

IPGL30 (USD) +0.76 +1.76

WTD (EUR) +1.97 +1.73

IPXO (USD) +3.13 +3.48

IPXT (USD) +2.80 +2.67

IXTE (EUR) +2.08 +5.97

IPXUJPEU (EUR) +2.25 +5.70

IPTA (USD) +0.17 +3.73

IPXUAPUS (USD) +0.59 +2.89

IPXUEM (USD) -0.15 -1.96

IPXUBRIC (USD) -2.15 -5.32

IPXUCHCP (USD) +1.07 +1.72

CNI (USD) +0.59 +0.91

IPXUCHAP (USD) +1.07 +0.19

IPXUCAUP (USD) +0.87 -0.01

IPXULATM (USD) -2.63 -12.45 Significant -

IPXULATT (USD) -2.10 -12.19 Significant -

Table 2: IPO Debuts: (Week 01/31/2011) Company Ticker Return over IPO

BG Medicine Inc BGMD US 15.00%

Derby Cycle AG DCT GR 3.92%

Endocyte Inc ECYT US 28.83%

Bizim Toptan Satis BIZIM TI 7.60%

Sonae Sierra Brasil SSBR3 BZ -1.55%

Arezzo Industria e Comercio ARZZ3 BZ 10.53%

Pacira Pharmaceuticals Inc PCRX US 0.43%

Tornier BV TRNX US -3.26%

NeoPhotonics Corp NPTN US 57.36%

ePocrates Inc EPOC US 65.69%

Dilli Incorp 131180 KS -7.13%

JNK Heaters Co Ltd 126880 KS -9.93%

LB Semicon Inc 061970 KS -9.79%

Changzhou Xingyu Auto 601799 CH -7.11%

Fujian Yuanli Active Carbon 300174 CH 5.54%

Hand Enterprise Solutions Co 300170 CH -3.59%

Nanjing Cec Environmental 300172 CH 13.67%

Shanghai Guangdian Electric 601616 CH -5.79%

Shanghai Tofflon Science 300171 CH 0.43%

Sotech Packaging Machinery 300173 CH 7.06%

24 global IPOs debuted, with the average (median) IPO gaining +7.51% (+3.11%) on the week. Initial returns in the China A Shares IPOs recovered somewhat with 4/7 IPOs closing the week above their offering price. While the three South Korean small-cap IPOs surprisingly fell, clear upside remained on U.S. domiciled deals with a heavy focus on the highly oversubscribed non-biotech IPOs, such as Endocyte Inc. (ECYT US: +28.83%), NeoPhotonics (NPTN US: +57.36%) and ePocrates (EPOC US: +65.59%).

Table 3: Upcoming IPOs (Week: 02/07/2011) Company Ticker Day Lead

Autometal SA AUTM3 BZ Monday ITABBA,CS,JPM

Aveon Group AVO US Tuesday BMO,JEFF,JPM

Gevo Inc GEVO US Wednesday CITI,PIP,UBSIN

Imperial Holdings IFT US Thursday FBRCAP,JMP

Clarus CLRS US Friday PJC,WFS

Ahead of more big supply from U.S. IPOs with “value-IPO” Kinder Morgan Inc. coming up, more non-tech small-cap U.S. IPOs are scheduled for this week: This includes Clarus Inc. (CLRS US) (applicable biotech discount), Aveon Group (AVO US) (Unit Offering with incumbents FIG and BX) or specialty finance company Imperial Holdings (IFT US) (seeking to sell up to 94% of the company’s equity and was granted a confidential treatment order of certain information by the SEC). Highlight of the week is the IPO of renewable chemicals and biofuel company Gevo Inc. (GEVO US).

© IPOX Schuster LLC - Dr. Josef Schuster, – www.ipoxschuster.com - 001.312.264.4410 - [email protected]

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IPOX-100® Global Index

www.ipoxschuster.com Feb 4, 2011

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. Philip Morris International Consumer Discretionary 13.53 %

Total Market Cap (USDbn) 1235.37 2. Ecopetrol SA ADR Consumer Staples 13.98

Average Market Cap (USDbn) 12.35 3. General Motors Company Energy 14.74

Median Market Cap (USDbn) 8.10 4. Visa Inc Financials 23.44

Largest Constituent (USDbn) 106.45 5. BANCO SANTANDER BRASIL-ADS Health Care 2.81

Smallest Constituent (USDbn) 2.10 6. OGX Petroleo E Gas Participa Industrials 4.41

Total Return (2010) (%) 7.67 7. AIA Group Ltd Information Technology 10.66

Daily Equity Turnover (Index) USD 3.5bn 8. United Company RUSAL Plc Materials 9.03

Liquidity Adjustment YES 9. Criteria Caixacorp SA Telecom Services 2.25

Ticker Symbol BBG <IPGL100> INDEX 10. Covidien Plc Utilities 5.15

Closing Index level (USD) (P) 577.20 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 27.72 5 5 days 0.84 % 2.01 % 2.71 % 1.71 %

Large < 44.8 bn 44.89 37 2011 YTD -0.68 3.21 4.23 6.11

Mid < 8.6 bn 27.39 58 2010 5.27 10.42 12.78 -6.46

Small < 1.6 bn 0.00 0 2009 42.47 31.52 23.45 27.32

Micro < 451 ml 0.00 0 2008 -50.75 -43.45 -38.49 -45.76

2007 29.52 9.59 3.53 10.47

2006 42.80 18.84 13.62 23.41

Best weekly Performer (%) 2005 20.69 8.85 3.00 4.45

1. NXP Semiconductor NV 11.31 1 year 12.88 20.54 23.31 10.17

2. AVAGO TECHNOLOGIES 11.23 3 years -5.17 -3.17 -1.72 -9.02

3. Indorama Ventures PCL 10.51 5 years 4.74 1.28 0.73 -2.22

10 years 5.41 1.50 -0.29 -1.25

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

1. Hypermarcas SA -8.76

2. Wynn Macau -7.35 Comparative Historical Volatility (%) Bloomberg

3. OGX Petroleo E Gas -6.98 Days IPGL100 MXWD SPX SX5L

10 10.33 % 13.04 % 14.97 % 20.30 %

Exposure 50 10.32 10.38 10.61 18.97

VALUE BLEND GROWTH 100 12.99 11.96 11.96 19.85

LARGE

MID Regional Markets Breakdown (%)

SMALL Asia-Pacific 31.33 % EU +Russia 32.35 % Americas 36.82 %

Areas of current exposure Developed Markets 51.79 % Emerging Markets 48.21 % © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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] call (312) 264-4410.



IPOX-30® Global Index


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.



Total Market Cap (USDbn) 727.14 2. Industrial and Commercial Bank Consumer Staples 14.02

Average Market Cap (USDbn) 24.24 3. General Motors Company Energy 4.34

Median Market Cap (USDbn) 16.21 4. Visa Inc Financials 35.50

Largest Constituent (USDbn) 106.45 5. BANCO SANTANDER BRASIL-ADS Health Care 3.82

Smallest Constituent (USDbn) 8.03 6. VTB Bank OJSC Industrials 1.89

Total Return (2010) (%) 4.28 7. AIA Group Ltd Information Technology 13.23

Daily Equity Turnover (Index) USD 3bn 8. Time Warner Cable Inc Materials 3.38

Liquidity Adjustment YES 9. Criteria Caixacorp SA Telecom Services 0.00

Ticker Symbol BBG <IPGL30> INDEX 10. Covidien Plc Utilities 5.76




IPOX-30 Global (All Markets)

MSCI MXWD S&P 500

Dow Jones Stoxx 50 (USD)

Giant > 44.8 bn 38.65 5 5 days 0.76 % 2.01 % 2.71 % 1.71 %

Large < 44.8 bn 58.84 23 2011 YTD 1.76 3.21 4.23 6.11

Mid < 8.6 bn 2.51 2 2010 1.72 10.42 12.78 -6.46

Small < 1.6 bn 0.00 0 2009 41.51 31.52 23.45 27.32

Micro < 451 ml 0.00 0 2008 -46.47 -42.08 -38.49 -45.76

2007 29.16 7.09 3.53 10.47

2006 36.05 24.36 13.62 23.41


1. First Solar Inc 7.09 1 year 12.18 20.54 23.31 10.17

2. Eurasian Natural 5.78 3 years -2.85 -3.17 -1.72 -9.02

3. Evergrande Real Estate 5.00 5 years 5.33 1.28 0.73 -2.22

10 years 6.72 1.50 -0.29 -1.25

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

1. VTB Bank OJSC -8.72 2. Wynn Macau -7.35 Comparative Historical Volatility (%) Bloomberg

3. Sands China Ltd. -4.46 Days IPGL30 MXWD SPX SX5L

10 9.49 % 13.04 % 14.97 % 20.30 %

Exposure 50 10.86 10.38 10.61 18.97


LARGE

MID Regional Markets Breakdown (%)

SMALL Asia-Pacific 23.66 % EU+Russia 29.93 % Americas 46.41 %

Areas of current exposure Developed Markets 63.43 % Emerging Markets 36.57 % j© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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)


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.



Total Market Cap (USDbn) 634.39 2. General Motors Company Consumer Staples 15.43

Average Market Cap (USDbn) 6.34 3. Visa Inc Energy 9.76

Median Market Cap (USDbn) 2.52 4. Time Warner Cable Inc Financials 8.00

Largest Constituent (USDbn) 106.45 5. Covidien Plc Health Care 7.04

Smallest Constituent (USDbn) 0.74 6. Spectra Energy Corp Industrials 7.28

Total Return (2010) (%) 19.08 7. Tyco Electronics Ltd Information Technology 27.89

Daily Equity Turnover (Index) USD 5.5bn 8. Western Union Co Materials 0.87

Liquidity Adjustment YES 9. First Solar Inc Telecom Services 1.78

Ticker Symbol BBG <IPXO> INDEX, FPX 10. Mead Johnson Nutrition Co Utilities 0.80


Price Performance (%)


IPOX-100 (FPX) S&P 500

Russell 2000 Index Nasdaq-100

Giant > 44.8 bn 28.04 3 5 days 3.13 % 2.71 % 3.18 % 2.98 %

Large < 44.8 bn 31.40 13 2011 YTD 3.48 4.23 2.10 5.43

Mid < 8.6 bn 33.70 53 2010 17.27 12.78 25.31 19.22

Small < 1.6 bn 6.86 31 2009 43.73 23.45 25.22 53.54

Micro < 451 ml 0.00 0 2008 -44.29 -38.49 -34.72 -41.89

2007 14.39 3.53 -2.73 18.67

2006 19.70 13.62 17.05 6.79


1. Hanesbrands Inc 13.85 1 year 27.44 23.31 36.69 34.92

2. Aruba Networks Inc 13.78 3 years 2.55 -1.72 3.41 8.53

3. Commvault Systems 12.88 5 years 5.13 0.73 2.01 7.03

10 years 4.87 -0.29 4.77 -0.56

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

1. AOL Inc -7.89

2. Green Dot Corp -6.52 Comparative Historical Volatility (%) Bloomberg

3. Smart Technologies -6.50 Days IPXO SPX RUT NDX

10 15.50 % 14.97 % 21.96 % 20.16 %

Exposure 30 10.81 10.16 18.05 13.66


LARGE 100 12.45 11.96 18.26 14.01

MID 200 19.77 19.16 27.41 20.79

SMALL 400 18.01 17.47 24.49 18.68

Areas of current exposure Source: Bloomberg Analytics

© © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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


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.



Total Market Cap (USDbn) 456.55 2. General Motors Company Consumer Staples 18.87

Average Market Cap (USDbn) 15.22 3. Visa Inc Energy 11.02

Median Market Cap (USDbn) 8.10 4. Time Warner Cable Inc Financials 8.36

Largest Constituent (USDbn) 106.45 5. Covidien Plc Health Care 8.18

Smallest Constituent (USDbn) 3.11 6. Spectra Energy Corp Industrials 3.34

Total Return (2010) (%) 16.99 7. Tyco Electronics Ltd Information Technology 20.33

Daily Equity Turnover (Index) USD 4.4bn 8. Mead Johnson Nutrition Co Materials 0.00

Liquidity Adjustment YES 9. Lorillard Inc Telecom Services 3.06

Ticker Symbol BBG <IPXT> INDEX 10. Discover Financial Services Utilities 1.38



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 28.85 3 5 days 2.80 % 2.71 % 3.18 % 2.98 %

Large < 44.8 bn 45.94 11 2011 YTD 2.67 4.23 2.10 5.43

Mid < 8.6 bn 25.21 16 2010 14.92 12.78 25.31 19.22

Small < 1.6 bn 0.00 0 2009 40.35 23.45 25.22 53.54

Micro < 451 ml 0.00 0 2008 -42.55 -38.49 -34.72 -41.89

2007 12.30 3.53 -2.73 18.67

2006 24.77 13.62 17.05 6.79


1. NXP Semiconductor NV 11.31 1 year 23.59 23.31 36.69 34.92

2. Clearwire Corp 10.21 3 years 1.92 -1.72 3.41 8.53

3. Rackspace Hosting Inc 6.87 5 years 5.19 0.73 2.01 7.03

10 years 5.80 -0.29 4.77 -0.56

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

1. Dollar General Corp -3.27

2. Metropcs -1.60 Comparative Historical Volatility (Bloomberg)

3. Solera Holdings Inc -0.89 Days IPXT SPX RUT NDX

10 13.76 % 14.97 % 21.96 % 20.16 %

Exposure 30 9.61 10.16 18.05 13.66


LARGE 100 12.20 11.96 18.26 14.01

MID 200 19.50 19.16 27.41 20.79

SMALL 400 17.52 17.47 24.49 18.68


© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives

Patent No. US 7,698,197. 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® Europe Index


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.


Number of Holdings 30 1. Criteria Caixacorp SA Consumer Discretionary 5.46 %

Total Market Cap (EURbn) 170.42 2. Eurasian Natural Resources Corp Consumer Staples 0.00

Average Market Cap (EURbn) 5.68 3. Galp Energia SGPS SA Energy 7.37

Median Market Cap (EURbn) 4.08 4. Iberdrola Renovables Financials 19.92

Largest Constituent (EURbn) 17.05 5. Enel Green Power SpA Health Care 1.49

Smallest Constituent (EURbn) 2.18 6. Legrand Promesses Industrials 20.94

Total Return (2010) (%) 9.02 7. Suez Environment SA Information Technology 5.58

Daily Equity Turnover (Index) EUR 1.2bn 8. Wacker Chemie AG Materials 18.19

Liquidity Adjustment YES 9. Amadeus IT Hldg SA Telecom Services 1.41

Ticker Symbol BB <IXTE> INDEX 10. Pandora A/S Utilities 19.64

Closing Index Level (USD) (P) 468.97


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 0.00 0 5 days 2.08 % 1.40 % 2.24 % 1.60 %

Large < 44.8 bn 33.69 4 2011 YTD 5.97 3.54 5.02 4.37

Mid < 8.6 bn 66.31 26 2010 6.42 3.90 0.04 16.06

Small < 1.6 bn 0.00 0 2009 29.69 21.56 23.76 23.85

Micro < 451 ml 0.00 0 2008 -55.26 -40.93 -43.43 -40.37

2007 13.68 3.33 -3.57 22.36

2006 26.09 15.97 10.39 22.05


1. Cable & Wireless 10.81 1 year 19.12 13.64 12.01 30.42

2. Grifols SA 7.41 3 years -8.73 -4.70 -6.28 1.02

3. Resolution Ltd. 7.20 5 years -2.48 -1.87 -4.57 4.98

10 years 0.61 -1.85 -4.86 0.84

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

1. Pandora A/S -3.86

2. Criteria Caixacorp SA -2.50 Country Breakdown (by applied market cap)

3. Legrand Promesses -1.90 1. Austria 1.45 % 9. Italy 1.55 %

2. Belgium 0.00 10. Netherlands 1.64

Exposure 3. Denmark 2.88 11. Norway 0.00

VALUE BLEND GROWTH 4. Finland 0.00 12. Portugal 10.13

LARGE 5. France 20.12 13. Spain 21.21

MID 6. Germany 9.72 14. Sweden 0.00

SMALL 7. Greece 0.00 15. Switzerland 0.00

Areas of current exposure 8. Ireland 0.00 16. United Kingdom 31.31 © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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


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.


Number of Holdings 50 1. Criteria Caixacorp SA Consumer Discretionary 7.37 %

Total Market Cap (EURbn) 216.20 2. Eurasian Natural Resources Corp Consumer Staples 0.00

Average Market Cap (EURbn) 4.32 3. Galp Energia SGPS SA Energy 6.98

Median Market Cap (EURbn) 2.77 4. Iberdrola Renovables Financials 20.38

Largest Constituent (EURbn) 17.05 5. Enel Green Power SpA Health Care 3.68

Smallest Constituent (EURbn) 1.16 6. Legrand Promesses Industrials 17.64

Total Return (2010) (%) 11.2 7. Suez Environment SA Information Technology 6.20

Daily Equity Turnover (Index) EUR 1.5bn 8. Wacker Chemie AG Materials 21.16

Liquidity Adjustment YES 9. Amadeus IT Hldg SA Telecom Services 1.11

Ticker Symbol BB <IPXUJPEU> INDEX 10. Pandora A/S Utilities 15.48

Closing Index level (EUR) (P) 3518.39 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 0.00 0 5 days 2.25 % 1.40 % 2.24 % 1.60 %

Large < 44.8 bn 26.55 4 2011 YTD 5.70 3.54 5.02 4.37

Mid < 8.6 bn 71.44 43 2010 8.45 3.90 0.04 16.06

Small < 1.6 bn 2.00 3 2009 33.26 21.56 23.76 23.85

Micro < 451 ml 0.00 0 2008 -54.43 -40.93 -43.43 -40.37

2007 14.53 3.33 -3.57 22.36

2006 31.13 15.97 10.39 22.05


1. Renewable Energy Corp AS 15.79 1 year 20.25 13.64 12.01 30.42

2. Cable & Wireless Worldwide 10.81 3 years -7.22 -4.70 -6.28 1.02

3. Bolsas y Mercados 8.41 5 years -0.52 -1.87 -4.57 4.98

10 years 1.74 -1.85 -4.86 0.84

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

1. Ipsen -4.46

2. Pandora A/S -3.86 Comparative Historical Volatility (%) Bloomberg

3. CFAO -2.72 Days IPXUJPEU MSDLE15 SX5P DAX

10 10.25 % 11.85 % 12.29 % 10.90 %

Exposure 30 13.00 12.34 13.37 12.98


LARGE 100 12.51 13.22 13.13 13.90

MID 200 20.80 19.51 19.38 18.57

SMALL 400 19.86 18.04 18.34 19.01


© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives

Patent No. US 7,698,197. 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® Asia-Pacific Index


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.


Number of Holdings 30 1. AIA Group Ltd Consumer Discretionary 37.99 %

Total Market Cap (USDbn) 208.79 2. Sands China Ltd. Consumer Staples 2.25

Average Market Cap (USDbn) 6.96 3. DAI-ICHI LIFE INSURANCE Energy 3.45

Median Market Cap (USDbn) 4.33 4. Wynn Macau Financials 36.09

Largest Constituent (USDbn) 33.49 5. Belle International Holdings Ltd. Health Care 0.00

Smallest Constituent (USDbn) 1.44 6. SJM Holdings Ltd. Industrials 6.70

Total Return (2010) (%) 29.87 7. Sony Financial Holdings Inc Information Technology 10.97

Daily Equity Turnover (Index) USD 0.6bn 8. Global Logistic Properties Ltd Materials 2.55

Liquidity Adjustment YES 9. GCL-Poly Energy Holdings Ltd. Telecom Services 0.00

Ticker Symbol BB <IPTA> INDEX 10. QR National Ltd Utilities 0.00

Closing Index Level (USD) (P) 760.01



IPOX-30

Asia-Pacific

MSCI Pacific

MXPC

HSI Index

HSI

TOPIX

TPX

Giant > 44.8 bn 0.00 0 5 days 0.17 % 2.29 % 0.28 % 1.70 %

Large < 44.8 bn 42.70 5 2011 YTD 3.73 2.51 3.79 4.07

Mid < 8.6 bn 57.30 25 2010 28.13 13.08 5.32 -0.97

Small < 1.6 bn 0.00 0 2009 48.12 21.15 52.03 5.63

Micro < 451 ml 0.00 0 2008 -49.21 -37.92 -48.27 -41.77

2007 11.88 3.52 39.06 -12.22

2006 37.35 10.43 33.76 0.95


1. AVAGO TECHNOLOGIES 11.23 1 year 38.87 16.62 17.94 2.66

2. Aozora Bank Ltd 5.51 3 years 3.42 -3.01 -0.30 -11.82

3. Myer Holdings Ltd 4.35 5 years 7.54 -0.72 8.78 -11.33

10 years 7.01 2.48 4.05 -3.14

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

1. Bosideng International -9.21

2. Wynn Macau -7.35 Country Breakdown (by applied market cap)

3. Gree Inc -5.74 1. Australia 1.20 % 4. New Zealand 0.00 %

2. Hong Kong 59.64 5. Singapore 12.29

Exposure 3. Japan 26.87

VALUE BLEND GROWTH

LARGE © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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.

MID

SMALL

Areas of current exposure



IPOX® BRIC 25 Index


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.


Number of Holdings 25 1. Industrial and Commercial Bank Consumer Discretionary 1.26 %

Total Market Cap (USDbn) 369.72 2. BANCO SANTANDER BRASIL-ADS Consumer Staples 8.26

Average Market Cap (USDbn) 14.79 3. VTB Bank OJSC Energy 14.32

Median Market Cap (USDbn) 8.21 4. OGX Petroleo E Gas Participa Financials 48.72

Largest Constituent (USDbn) 65.54 5. United Company RUSAL Plc Health Care 2.56

Smallest Constituent (USDbn) 4.00 6. Agricultural Bank of China Ltd H Industrials 6.00

Total Return (2010) (%) 2.50 7. BM&F Bovespa S.A. Information Technology 7.77

Daily Equity Turnover (Index) USD 1.8bn 8. China Communications Constr Materials 8.99

Liquidity Adjustment YES 9. Want Want China Holdings Ltd. Telecom Services 0.00

Ticker Symbol BB < IPXUBRIC > INDEX 10. Essar Energy PLC Utilities 2.12

Closing Index Level (USD) (P) 577.72 0


Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX BRIC 25

MSCI

MXEF

MSCI

MSEUBRIC

BONY

BKBRIC

Giant > 44.8 bn 19.27 2 5 days -2.15 % 0.30 % 0.36 % 1.62 %

Large < 44.8 bn 52.72 10 2011 YTD -5.32 -1.88 -2.79 -2.30

Mid < 8.6 bn 28.01 13 2010 0.02 16.36 7.25 9.32

Small < 1.6 bn 0.00 0 2009 84.03 74.50 88.80 81.54

Micro < 451 ml 0.00 0 2008 -61.50 -54.48 -60.27 -55.43

2007 29.94 34.48 56.12 66.91

2006 75.14 29.18 33.76 50.55


1. Country Garden 7.84 1 year 4.58 21.94 13.56 21.73

2. China Rongsheng Heavy 6.25 3 years -8.00 -0.37 -4.65 -2.33

3. Mail.ru Group Ltd. GDR 5.58 5 years 5.13 8.03 10.37 13.73

10 years 17.82 11.59 13.10 n.a.

Worst weekly Performer (%) IPOX BRIC 25 Base Date: 01/01/1999


2. VTB Bank OJSC -8.72 Comparative Historical Volatility (%) Bloomberg

3. OGX Petroleo E Gas -6.98 Days IPXUBRIC MXEF MSEUBRIC BKBRIC

10 12.81 % 11.25 % 12.08 % 22.80 %

Exposure 50 13.29 12.21 14.11 17.59


LARGE

MID IPOX BRIC 25 Country Breakdown (%)

SMALL Brazil 33.04 % Russia 16.71 % India 2.52 %

Areas of current exposure China 47.74 %

© IPOX Schuster LLC.. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives

Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.



IPOX® China 20 Index


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.


Number of Holdings 20 1. Industrial and Commercial Bank Consumer Discretionary 5.76 %

Total Market Cap (USDbn) 191.19 2. Agricultural Bank of China Ltd H Consumer Staples 12.42

Average Market Cap (USDbn) 9.56 3. China Communications Constr Energy 5.71

Median Market Cap (USDbn) 6.39 4. Want Want China Holdings Ltd. Financials 47.26

Largest Constituent (USDbn) 65.54 5. China CITIC Bank Corp Ltd H Health Care 0.00

Smallest Constituent (USDbn) 3.04 6. Evergrande Real Estate Group Ltd. Industrials 20.32

Total Return (2010) (%) -6.23 7. Longfor Properties Co. Ltd. Information Technology 3.63

Daily Equity Turnover (Index) USD 1.5bn 8. China Longyuan Power Group Materials 0.00

Liquidity Adjustment YES 9. China Rongsheng Heavy Industry Telecom Services 0.00

Ticker Symbol BB <CNI> INDEX 10. Country Garden Holdings Co. Ltd. Utilities 4.90



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 10.08 1 5 days 0.59 % 1.23 % 0.06 % 0.48 %

Large < 44.8 bn 26.53 3 2011 YTD 0.91 1.00 0.36 0.15

Mid < 8.6 bn 63.39 16 2010 -8.40 2.32 0.90 -0.80

Small < 1.6 bn 0.00 0 2009 62.51 58.80 50.66 62.12

Micro < 451 ml 0.00 0 2008 -55.37 -51.94 -50.80 -51.06

2007 42.02 63.10 53.62 55.94

2006 82.59 78.13 80.40 99.34

Best weekly Performer (%) 2005 -5.87 15.93 10.99 12.46

1. Country Garden Holdings 7.84 1 year 2.25 11.24 10.35 9.86

2. China Rongsheng Heavy 6.25 3 years -6.37 -3.31 -3.96 -1.46

3. Evergrande Real Estate 4.99 5 years 9.42 15.23 12.59 14.83

10 years 22.16 9.92 n.a. 22.96

Worst weekly Performer (%) IPOX China 20 Base Date: 01/01/1999

1. Want Want China -0.70

2. China Coal Energy -0.63 Comparative Historical Volatility (%) Bloomberg

3. ANTA Sports Products Ltd. -0.41

Days CNI MSEUSCF XIN0I HSCEI

10 13.99 % 11.48 % 11.28 % 12.51 %

Exposure 50 14.98 14.66 15.41 16.36


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 international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.



IPOX® China 30 A Share Index


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.


Number of Holdings 30 1. Agricultural Bank of China Ltd A Consumer Discretionary 2.72 %

Float Adj.Market Cap (USDbn) 393.09 2. China Everbright Bank Consumer Staples 4.47

Average Market Cap (USDbn) 13.10 3. China Pacific Insurance (Group) Energy 12.58

Median Market Cap (USDbn) 9.52 4. China State Construction Financials 35.77

Largest Constituent (USDbn) 116.84 5. Jiangsu Yanghe Brewery Health Care 3.53

Smallest Constituent (USDbn) 2.42 6. China Coal Energy Co Ltd A Industrials 33.82

Total Return (2010) (%) -7.06 7. China Shipbuilding Industry Information Technology 1.97

Daily Equity Turnover (Index) USD 1.2bn 8. CSR Corp Ltd A Materials 5.13

Liquidity Adjustment YES 9. China Railway Construction Corp Telecom Services 0.00

Ticker Symbol BB IPXUCAUP <INDEX> 10. Huatai Securities Co Ltd A Utilities 0.00



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 10.30 1 5 days 0.87 % 4.54 % 2.73 % 5.23 %

Large < 44.8 bn 68.35 16 2011 YTD -0.01 -0.33 -0.44 -3.17

Mid < 8.6 bn 21.35 13 2010 -8.73 -14.31 -23.50 -4.87

Small < 1.6 bn 0.00 0 2009 71.18 79.98 83.75 101.59

Micro < 451 ml 0.00 0 2008 -56.53 -65.39 -67.99 -64.53

2007 183.84 96.66 122.05 161.00

2006 103.78 130.43 136.79 116.92

Best weekly Performer (%) 2005 -10.82 -8.33 -6.67 -14.50

1. China CNR Corporation 4.76 1 year 0.38 -4.84 -11.45 1.69

2. China Shipbuilding 4.37 3 years -11.83 -13.46 -18.27 -8.86

3. Shanxi Guoyang New 4.27 5 years 29.31 17.26 17.00 27.61

10 years 10.11 3.07 n.a. n.a.

Worst weekly Performer (%) IPOX China 30 A Base Date: 01/01/1997, annualized returns (p.a.)

1. Jiangsu Yanghe Brew -4.65

2. Qingdao Hanhe Cable -3.89 Comparative Historical Volatility (%) Bloomberg

3. Shanghai Metersbonwe -3.36 Days IPXUCAUP SHCOMP XIN9I XIN7I

10 17.68 % 23.49 % 21.06 % 26.72 %

Exposure 30 25.44 21.56 21.28 25.80


LARGE 100 24.93 23.10 25.14 26.92

MID © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of

Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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. ..

SMALL




IPOX® Latin America 20 Index


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.


Number of Holdings 20 1. Ecopetrol SA ADR Consumer Discretionary 4.98 %

Total Market Cap (USDbn) 258.97 2. BANCO SANTANDER BRASIL Consumer Staples 12.91

Average Market Cap (USDbn) 12.95 3. OGX Petroleo E Gas Participa Energy 25.69

Median Market Cap (USDbn) 4.60 4. Fresnillo PLC Financials 21.61

Largest Constituent (USDbn) 83.76 5. BM&F Bovespa S.A. Health Care 2.48

Smallest Constituent (USDbn) 2.37 6. Cielo SA Industrials 5.10

Total Return (2010) (%) 16.67 7. JBS SA Information Technology 12.40

Daily Equity Turnover (Index) USD 0.4bn 8. Redecard – ON Materials 13.15

Liquidity Adjustment YES 9. Hypermarcas SA Telecom Services 0.00

Ticker Symbol BB IPXULATT <INDEX> 10. HRT Participacoes em Petroleo Utilities 1.69



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 20.04 2 5 days -2.63 % 0.30 % 0.37 % -2.14 %

Large < 44.8 bn 43.01 5 2011 YTD -12.45 -1.88 -5.19 -5.82

Mid < 8.6 bn 36.95 13 2010 13.73 16.36 12.07 1.05

Small < 1.6 bn 0.00 0 2009 120.70 74.50 98.14 82.66

Micro < 451 ml 0.00 0 2008 -59.91 -54.48 -52.78 -41.22

2007 27.94 36.48 46.59 43.65

2006 54.75 29.27 39.46 33.04

Best weekly Performer (%) 2005 n.a. 30.40 45.07 27.80

1. Fresnillo PLC 9.21 1 year 10.66 21.94 19.72 2.09

2. MPX Mineracao e Energia 4.67 3 years -1.26 -0.37 1.00 2.23

3. Marfrig Alimentos S.A. 3.49 5 years 7.63 8.03 12.47 11.85

10 years n.a. 11.59 15.68 14.44

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


2. OGX Petroleo E Gas -6.98 Comparative Historical Volatility (%) Bloomberg

3. Cielo SA -6.33 Days IPXULATT MXEF MXLA IBOV

10 24.70 % 11.25 % 20.66 % 19.19 %

Exposure 30 19.46 11.89 16.99 15.83


LARGE 100 21.90 13.11 17.99 16.92

MID © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of

Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. 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.

SMALL




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