Fund Flows (based on managers reporting weekly)

Global
Week over Week Fund US$ EQ 6,577 % Change Fund BenchMk .11 (.65) Fund US$ 136,454 YTD Growth % Change Fund BenchMk 13.81 Current Total Assets US$ 5,801,813
HY, MM, IG 180 120 60

01/01/2013 - 07/31/2013
Cumulative TTM Global Fund Flows ($000s) inc/(dec)
EQ 180 120 60

IG HY MM
DM EM

440 (57) (10,293)

6,485 116

.04 (.01) (.32)

.13 .01

(.26) (.43) .53

2.54 24,717 2.00 4,875 1.57 (98,021) (2.98) 3.75 .45

(1.75) 2.55 .43

1,243,307 380,956 3,197,149

4,862,403 793,163

(60) (120) (180) 8/1 8/22 9/12 10/3 10/24 11/14 12/5 12/26 1/16 2/6 2/27 3/20 4/10 5/1 5/22 6/12 7/3 7/24

(60) (120) (180)

168,394 2,874

Benchmark:- MM: CSH FP Equity; IG: PIMGIAD ID Equity; HY: PGHYBFI ID Equity; EQ: IWRD LN Equity

HY

MM

IG

EQ

U.S.
Week over Week Fund US$ EQ
IG

YTD Growth Fund US$ 97,226

10,445

Current Total Assets US$ 2,853,954

679,577

HY, MM, IG
200 150 100

Cumulative TTM US Fund Flows ($000s) inc/(dec)

EQ
80 60 40 20

% Change Fund BenchMk .17

(.04)

% Change Fund BenchMk 3.65

1.46

4,767
(289)

.11
(.45)

18.99
(5.03)

50

(50)

(20) (40) (60) (80) 8/1 8/22 9/12 10/3 10/24 11/14 12/5 12/26 1/16 MM 2/6 2/27 3/20 4/10 IG 5/1 5/22 6/12 7/3 EQ 7/24 HY

HY MM

(569) (5,078)

(.24) (.20)

(.46) .00

(601) (71,374)

(.05) (2.70)

.19 (.01)

240,309 2,555,192

(100) (150) (200)

Benchmark:- MM: XUSD LN Equity; IG: LQD US Equity; HY: HYG US Equity; EQ: SPY US Equity

U.S. Equities
Week Over Week Fund US$
INST 4,686

YTD Growth Fund US$

99,904

Current Total Assets US$

1,736,704
120 90

Cumulative TTM USEQ Fund Flows ($000s) inc/(dec)

% Change
.27

% Change
6.59

60 30

RETAIL

249

.02

(1,946)

(.11)

1,094,182

(30)

PASSIVE
ACTIVE

4,074
694

.40
.04

90,171
7,123

10.25
.41

1,029,267
1,824,587

(60) (90) 8/1 8/22 9/12 10/3 INST 10/24 11/14 12/5 12/26 1/16 2/6 2/27 3/20 4/10 5/1 5/22 6/12 7/3 7/24 RETAIL ACTIVE PASSIVE

Source: EPFR Global (Flow and Total Assets in millions) Only includes managers that report weekly (excludes Fidelity & Pimco) See Page 5 for details about fund classifications and Benchmarks

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Product Fund Flows (based on managers reporting weekly)

Equity
(%)

08/01/2012 - 07/31/2013

High Yield
Cumulative TTM EQ (%) Fund Flows inc/(dec)
(%)

Cumulative TTM HY (%) Fund Flows inc/(dec)

40 32 24 16 8 0 (8) (16) 8/1 8/22 9/12 10/3 US 10/24 11/14 12/5 12/26 EU 1/16 2/6 2/27 3/20 AEJ 4/10 5/1 5/22 6/12 7/3 JPN 7/24

75 60 45 30 15 0 (15) (30) 8/1 8/22 9/12 10/3 US 10/24 11/14 12/5 12/26 EU 1/16 2/6 2/27 3/20 AEJ 4/10 5/1 5/22 6/12 7/3 JPN 7/24

Money Market
(%) 30

Investment Grade
Cumulative TTM MM (%) Fund Flows inc/(dec)
(%) 36

Cumulative TTM IG ( %) Fund Flows inc/(dec)

20

24

10

12

(10)

(12)

(20)

(24)

(30) 8/1 8/22 9/12 10/3 US 10/24 11/14 12/5 12/26 EU 1/16 2/6 2/27 3/20 AEJ 4/10 5/1 5/22 6/12 7/3 JPN 7/24

(36) 8/1 8/22 9/12 10/3 10/24 11/14 12/5 12/26 1/16 2/6 EU 2/27 3/20 4/10 5/1 5/22 6/12 AEJ 7/3 7/24 US

Source: EPFR Global Only includes managers that report weekly (excludes Fidelity & Pimco) See Page 5 for details about fund classifications and Benchmarks

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Regional Fund Flows (based on managers reporting weekly)

U.S.
(%)

08/01/2012 - 07/31/2013

AEJ
Cumulative TTM US ( %) Fund Flows inc/(dec)
(%)

Cumulative TTM AEJ (%) Fund Flows inc/(dec)

12

36

24

12

(4)

(12)

(8) 8/1 8/22 9/12 10/3 EQ 10/24 11/14 12/5 12/26 HY 1/16 2/6 2/27 3/20 4/10 5/1 5/22 6/12 7/3 IG 7/24 MM

(24) 8/1 8/22 9/12 10/3 EQ 10/24 11/14 12/5 12/26 HY 1/16 2/6 2/27 3/20 IG 4/10 5/1 5/22 6/12 7/3 MM 7/24

E.U.
(%) 60

Japan
Cumulative TTM EU (%) Fund Flows inc/(dec)
(%) 40

Cumulative TTM Japan (%) Fund Flows inc/(dec)

45

30

30

20

15

10

(15) 8/1 8/22 9/12 10/3 EQ 10/24 11/14 12/5 12/26 HY 1/16 2/6 2/27 3/20 IG 4/10 5/1 5/22 6/12 7/3 MM 7/24

(10) 8/1 8/22 9/12 10/3 10/24 11/14 12/5 12/26 1/16 2/6 HY 2/27 3/20 4/10 5/1 5/22 6/12 MM 7/3 7/24 EQ

Source: EPFR Global Only includes managers that report weekly (excludes Fidelity & Pimco)

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Historical Fund Flow across Various Asset Classes

01/01/2004 - 06/30/2013
2013 YTD Flow $ Cum 131,583 162,302 -2,787 -160,233 79,389
-13,654

Flows as % of total asset into various fund classes (based on managers reporting monthly)
Global Fund Category 1 2 3 4 5
6

2004 4.3% 4.2% 4.8%

2005 2.6% 1.8% 14.3%

2006 2.7% 2.1% 9.7%

2007 0.5% -0.4% 8.8% 22.1%

2008 -4.2% -3.9% -7.9% 19.0% -3.4%

-4.9%

2009 -0.3% -2.5% 18.5% -14.0% 23.2%

23.0%

2010 0.8% -1.3% 12.9% -14.2% 14.7%

13.3%

2011 -2.3% -2.1% -5.1% -3.6% 3.6%

3.4%

2012 -0.6% -1.7% 6.1% 0.1% 13.1%

18.4%

Flow % Cum 1.5% 2.0% -0.2% -4.5% 3.2%

-2.2%

Total Assets 9,721,500 8,548,451 999,274 3,444,666 2,529,789

543,150

Total Equity Funds Total Developed Market Funds Total Emerging Market Funds Total Money Market Funds Total Investment Grade Funds
Total Corporate High Yield Bond Funds

-0.5%
-9.2%

8.2%
-11.4%

3.5%
0.7%

5.4%
1.3%

US Fund Category 1 US Equity Funds 2 3 4 5

6 7 8

1.8%

-1.2%

-0.6%

-1.4%

-1.3%

-3.5%

-1.6%

-2.2%

-1.7%

1.9%

88,587

5,114,646

US Active Funds US Passive Funds US Institutional Funds US Retail Funds

US Money Market Funds US Investment Grade Funds US Corporate High Yield Bond Funds

-0.6% 13.8% 12.0% 0.4%

-2.6% 4.3% 18.8% -5.1%

-2.2% 4.8% 6.1% -2.4%

-4.7% 9.9% 8.2% -4.7%

22.0%

-7.6% 17.8% 12.4% -7.1%

20.2% 1.1% -1.5%

-5.0% 0.1% -1.3% -4.7%

-14.1% 25.3% 21.9%

-4.3% 4.8% 9.8% -9.0%

-13.9% 11.2% 8.1%

-4.5% 3.0% 4.3% -7.6%

-2.6% 3.3% 4.1%

-5.3% 6.4% 5.3% -7.9%

1.3% 11.7% 18.2%

-0.1% 5.8% 4.4% -0.7%

-4.4% 0.9% -3.3%

-3,417 92,070 105,326 -15,866

-126,730 14,360 -12,595

3,321,673 1,792,877 2,648,189 2,437,598

2,788,476 1,575,603 350,433

0.5% -10.4%

8.5% -13.3%

5.1% -2.1%

7.2% -2.5%

Source: EPFR Global (Flow and Total Assets in millions) All managers that report flows monthly (includes Fidelity & Pimco)

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EPFR Fund Descriptions

Global Fund Descriptions:
EQ: HY: IG:

01/01/2013 - 07/31/2013

This refers to all Equity funds tracked by EPFR Global. Over 90% of this universe are publicly registered mutual funds and ETFs. EPFR also tracks some Hedge Funds (accessible using the Hedge fund thematic filter). These are funds domiciled globally. This refers to all High Yield bond funds (including US High Yield funds, Global High Yield funds, and Europe High Yield funds). These are mutual funds and ETFs domiciled globally. This is a custom group created by EPFR Global for Nomura to track Investment Grade bonds. EPFR tracks long/short/intermediate corporate bond funds as well as Government bond funds, TIPS, Total Return, Mortgage Backed, Floating Rate/Loan funds. Our IG custom group currently consists of Short, Intermediate, and Long Term bond funds (which include a mix of corporate and government debt), Short, Intermediate, and Long Term corporate bond funds and Total Return funds. This can be adjusted as needed. This refers to all Money Market funds tracked by EPFR Global (including US, Europe, Japan, and AsiaxJapan money market funds). These are publicly registered mutual funds (and ETFs) domiciled globally.

MM:

US Fund Descriptions:
How are the active and passive 'Investor Types' determined? To determine whether a fund is actively or passively managed, EPFR Global uses the prospectus/fact sheet, which specifies if the fund is set up to follow a particular benchmark or index. It is common for passive funds to have some turnover (10-15% annually) to adjust for indices being updates with new companies/stocks. How are the retail and institutional 'Investor Types' determined? EPFR Global takes into account several pieces of information to classify funds as retail or institutional. These are: 1. Price of entry into the fund if it costs $100K or more to get into the fund it's classified as institutional 2. Share class if its an I share it's classified as institutional 3. Reading the prospectus to confirm who is the funds main target market (institutional investors or retail investors) There can be exceptions so EPFR does their best to code based on an overall review of the above 3 guidelines. Also, EPFR currently classify all ETFs as Institutional. Since ETF share creation units typically start at $1m, the creation units themselves are only sold to institutional investors. This means EPFR do not track secondary market trading activity in ETFs.

Benchmark Descriptions: (Bloomberg Id)

CSH FP: PIMGIAD ID: PGHYBFI ID: IWRD LN: XUSD LN: LQD US: HYG US: SPY US: A UCITS IV compliant Exchange-traded fund established in France. The fund`s investment objective is to track the performance of the EUROMTS EONIA Investable Index A UCITS certified open-end fund incorporated in Ireland. The Fund aims to maximize total return, consistent with prudent investment management. The Fund invests at least two-thirds of its assets in a diversified portfolio of investment grade corporate fixed income securities An open-end fund incorporated in Ireland. The Fund seeks maximum total return consistent with prudent investment management. The Fund invests at least two-thirds of its assets in a diversified portfolio of high yield fixed-income securities that are denominatedin major world currencies An open-end, UCITS III compliant exchange-traded fund incorporated in Ireland. The Fund's objective is total return by tracking the MSCI World Index. The Fund invests in developed market equities that make up the MSCI World Index. The Fund may also invest in convertibles, gilts and liquidities A UCITS IV compliant exchange-traded fund incorporated in Luxembourg. The Investment Objective is to track the performance of the Fed Funds Effective Rate Total Return Index, which reflects a daily rolled deposit earning the federal funds effective rate. Seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the corporate bond market as defined by the iBoxx $ Liquid Investment Grade Index An exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield performance of the iBoxx $ Liquid High Yield Index A unit investment trust incorporated in the United States. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index.

Source: EPFR Global

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