FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE US OR CANADA.

ETF Landscape
STOXX Europe 600 Sector ETF Net Flows
For the week ending 01 April 2011

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

Summary
Last week saw US$237.2 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in insurance with US$111.5 Mn followed by banks Year to date, STOXX Europe 600 sector ETFs have seen US$418.1 Mn net inflows. Banks has seen the largest net inflows with US$438.0 Mn, followed by oil and gas with US$430.5 Mn net

with US$77.1 Mn net outflows while basic resources experienced net inflows of US$152.6 Mn.
Index Sector Automobiles and parts Banks Basic resources Chemicals Construction and materials Financial services Food and beverage Healthcare Industrial goods and services Insurance Media Oil and gas Personal and household goods Real estate Retail Technology Telecommunications Travel and leisure Utilities Total Ticker SXAR SX7R SXPR SX4R SXOR SXFR SX3R SXDR SXNR SXIR SXMR SXER SXQR SX86R SXRR SX8R SXKR SXTR SX6R # stocks 14 51 31 23 24 31 28 34 95 32 30 33 28 21 25 26 21 21 32 600 % weight 2.4% 14.1% 5.6% 4.5% 2.8% 1.6% 6.9% 9.0% 10.4% 5.8% 2.4% 9.4% 5.1% 1.2% 3.2% 3.4% 5.7% 1.2% 5.5% 100.0% US$ total return performance Weekly 4.5% 0.2% 4.3% 4.6% 2.9% 2.1% 2.1% 1.7% 4.0% 2.8% 4.2% 2.0% 3.6% 1.9% 0.7% 2.7% 2.4% 1.3% 3.1% 2.5% Rank 2 19 3 1 8 12 13 16 5 9 4 14 6 15 18 10 11 17 7 YTD 7.3% 11.3% 2.6% 8.0% 12.2% 9.2% 2.5% 4.7% 10.2% 19.4% 8.9% 14.6% 4.0% 12.2% 1.1% 13.4% 12.2% 0.1% 9.7% 9.1% Rank 13 7 16 12 6 10 17 14 8 1 11 2 15 4 18 3 5 19 9 Futures open interest (US$ Mn) 251.2 712.7 455.1 52.5 62.9 27.3 249.7 363.3 490.6 524.5 130.2 826.7 147.5 16.3 162.6 281.4 305.7 58.6 265.4 5,384.2

inflows while industrial goods and services experienced the largest net outflows with US$163.8 Mn.
ETF AUM (US$ Mn) 01-Apr-11 263.6 1,858.5 1,421.4 165.3 378.2 223.6 331.3 898.3 436.7 681.4 142.4 1,569.3 256.0 88.7 154.5 278.5 916.2 101.2 614.0 10,779.0 YTD % change -32.2% 43.7% 4.7% -40.1% 40.6% 149.2% -14.4% 5.8% -21.9% 22.5% -8.9% 61.2% -21.9% 44.3% -39.1% 32.3% 33.2% -29.1% -12.5% 13.0% ETF 5-day ADV (US$ Mn) 0.7 14.2 17.2 1.4 0.9 1.7 1.4 4.8 2.7 3.2 2.1 10.4 0.5 0.5 1.2 1.3 3.9 0.4 2.7 71.2

Weekly ETF net flows (US$ Mn) -21.1 -77.1 152.6 -21.1 72.2 0.0 -40.9 44.5 -64.3 -111.5 -6.4 -71.7 -27.7 4.4 -19.7 -33.4 24.4 0.2 -40.7 -237.2

MTD ETF net flows (US$ Mn) -15.5 -31.8 62.9 -10.3 8.5 0.0 -13.7 -5.9 -12.2 -1.1 -5.1 -4.0 4.5 4.4 -2.7 -5.6 11.3 1.5 -9.4 -24.2

YTD ETF net flows (US$ Mn) -146.4 438.0 38.0 -126.1 71.7 126.2 -64.3 8.1 -163.8 9.0 -27.3 430.5 -81.0 19.4 -105.2 34.5 140.9 -41.6 -142.5 418.1

Notes: Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Index YTD returns reflect US dollar total return performance from 30 December 2010 to 01 April 2011. Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.

This is a weekly publication covering European sector ETF net flows, analysing all ETFs listed in Europe tracking the STOXX Europe 600 sectors.
Inflows to ETFs have broad relevance to the pattern of fund allocations. ETFs have been and will be increasingly used as a means of trading short-term beta. Although, given that the annual Total Expense Ratios (TERs) have come down to an average 40 bps for equity ETFs, they are embraced as a tool for core holdings, strategic holdings, tactical asset allocation and building blocks in fund of funds and multi-asset class strategies. An increasing number of institutional investors have embraced the use of passively managed ETFs over the past year as an alternative to using certificates and swaps as they try to avoid products which have counterparty or issuer risk. Other investors have turned to ETFs after deciding to limit or refrain from using derivatives including futures. A growing number of investors understand that ETF liquidity is really the liquidity of the underlying basket of stocks given the unique creation and redemption process that ETFs utilise. Markets in Financial Instruments Directive (MIFID) are especially important in Europe where the reporting of ETF trades is not required under MIFID. This means that best estimates are that only a third of ETF trades are reported on-exchange.
This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

The table above shows the index ticker, number of stocks in the index and the sector weight. Performance data for the last week and year-to-date (YTD) is shown in US dollar total return. The sectors are ranked according to weekly performance, top performing sector is ranked #1 and the worst is ranked #19. The same ranking system is applied to YTD performance. The ETF AUM column represents the combined assets and the 5-day ADV looks at the turnover last week in all ETFs in that sector. The weekly, month-to-date (MTD) and YTD net flows are converted into US dollars and each are illustrated in the bar charts to the right. The data required to produce the flow analysis for this document is available by Tuesday evening, therefore, Wednesday is the earliest this report can be distributed.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

STOXX Europe 600 sector ETF net flows, history

Net flows (US$ Mn) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 -200 -400 -600 -800 12-Nov-10 17-Dec-10 21-Jan-11 25-Feb-11 16-Apr-10 12-Mar-10 21-May-10 01-Apr-11 05-Feb-10 03-Sep-10 25-Jun-10 08-Oct-10 01-Jan-10 30-Jul-10 -1,000 Net flows (US$ Mn) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 -200 -400 -600 -800 -1,000

Weekly net flows (US$ Mn)

Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.

YTD 2010 net flows (US$ Mn)

YTD 2011 net flows (US$ Mn)

This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

STOXX Europe 600 sector ETF net flows

Index Sector Automobiles and parts iShares STOXX Europe 600 Automobiles & Parts (DE) Lyxor ETF STOXX 600 Automobiles & Parts ComStage ETF Dow Jones STOXX 600 Automobiles & Parts TR EasyETF Stoxx 600 Automobiles & Parts Dow Jones STOXX 600 Optimised Automobiles & Parts Source ETF iShares STOXX Europe 600 Automobiles & Parts Swap (DE) Banks iShares STOXX Europe 600 Banks (DE) Lyxor ETF STOXX 600 Banks db x-trackers DJ STOXX 600 Banks ComStage ETF Dow Jones STOXX 600 Banks TR EasyETF Stoxx 600 Banks Dow Jones STOXX 600 Optimised Banks Source ETF iShares STOXX Europe 600 Banks Swap (DE) Basic resources iShares STOXX Europe 600 Basic Resources (DE) Lyxor ETF STOXX 600 Basic Resources db x-trackers DJ STOXX 600 Basic Resources ComStage ETF Dow Jones STOXX 600 Basic Resources TR ETFX Dow Jones STOXX 600 Basic Resources Fund Dow Jones STOXX 600 Optimised Basic Resources Source ETF iShares STOXX Europe 600 Basic Resources Swap (DE) Chemicals iShares STOXX Europe 600 Chemicals (DE) Lyxor ETF STOXX 600 Chemicals ComStage ETF Dow Jones STOXX 600 Chemicals TR Dow Jones STOXX 600 Optimised Chemicals Source ETF Source ETF iShares STOXX Europe 600 Chemicals Swap (DE) Construction and materials iShares STOXX Europe 600 Construction & Materials (DE) Lyxor ETF STOXX 600 Construction & Materials ComStage ETF Dow Jones STOXX 600 Construction & Materials TR EasyETF Stoxx 600 Construction & Materials Dow Jones STOXX 600 Optimised Construction & Materials Source ETF iShares STOXX Europe 600 Construction & Materials Swap (DE) Financial services iShares STOXX Europe 600 Financial Services (DE) Lyxor ETF STOXX 600 Financial Services ComStage ETF Dow Jones STOXX 600 Financial Services TR Dow Jones STOXX 600 Optimised Financial Services Source ETF iShares STOXX Europe 600 Financial Services Swap (DE) Ticker SXAR SXAPEX GY AUT FP CBSXAR GY SYA FP XAPS GY SXAREX GY SX7R SX7PEX GY BNK FP XS7R GY CBSX7R GY SYB FP X7PS GY SX7REX GY SXPR SXPPEX GY BRE FP XSPR GY CBSXPR GY ETLC ID XPPS GY SXPREX GY SX4R SX4PEX GY CHM FP CBSX4R GY X4PS GY SX4REX GY SXOR SXOPEX GY CST FP CBSXOR GY SYC FP XOPS GY SXOREX GY SXFR SXFPEX GY FIN FP CBSXFR GY XFPS GY SXFREX GY # stocks 14 % weight 2.4% US$ ETF NAV performance Weekly 4.5% 4.4% 4.4% 4.4% 4.4% 4.3% N/A 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% N/A 4.3% 4.3% 4.3% 4.3% 4.3% 4.3% 4.2% N/A 4.6% 4.7% 4.6% 4.6% 4.7% N/A 2.9% 2.9% 2.9% 2.9% 2.9% 2.8% N/A 2.1% 2.1% 2.1% 2.1% 2.0% N/A YTD 7.3% 7.2% 7.2% 7.3% 7.2% 7.1% N/A 11.3% 11.2% 11.2% 11.2% 11.2% 11.2% 12.3% N/A 2.6% 2.2% 2.5% 2.5% 2.5% 2.4% 2.6% N/A 8.0% 7.9% 7.9% 7.9% 8.0% N/A 12.2% 11.6% 12.1% 12.2% 12.1% 12.1% N/A 9.2% 8.0% 9.1% 9.2% 7.5% N/A ETF AUM (US$ Mn) 01-Apr-11 263.6 36.0 40.6 18.7 14.8 153.5 0.0 1,858.5 433.2 635.0 274.8 79.0 48.0 388.5 0.0 1,421.4 424.9 445.1 183.0 96.9 14.5 257.1 0.0 165.3 56.0 56.0 42.4 11.0 0.0 378.2 45.2 168.0 37.1 38.6 89.2 0.0 223.6 39.3 30.5 55.7 98.1 0.0 YTD % change -32.2% -22.2% -64.6% 7.3% 20.0% -19.5% -100.0% 43.7% 85.1% 51.3% -30.7% 11.2% 4.9% 240.5% -100.0% 4.7% 9.1% 43.2% -8.8% 2.5% -38.7% -2.1% -100.0% -40.1% 68.8% -49.8% 7.9% -84.7% -100.0% 40.6% 75.2% 131.0% 12.2% 180.3% -20.4% -100.0% 149.2% 38.7% 28.9% 327.1% 411.1% -100.0% ETF 5-day ADV (US$ Mn) 0.7 0.1 0.2 0.0 0.0 0.3 0.0 14.2 2.1 6.3 3.8 0.0 0.2 1.7 0.0 17.2 1.5 7.2 3.3 0.2 0.2 4.8 0.0 1.4 0.5 0.7 0.0 0.2 0.0 0.9 0.0 0.8 0.0 0.0 0.0 0.0 1.7 0.4 0.1 0.0 1.1 0.0 Weekly ETF net flows (US$ Mn) -21.1 7.3 0.0 0.0 0.0 -21.7 -6.7 -77.1 0.9 28.9 -78.6 0.0 0.0 -17.5 -10.8 152.6 65.5 0.0 0.0 0.0 0.0 152.5 -65.4 -21.1 19.6 0.0 0.0 -21.1 -19.5 72.2 14.1 76.7 0.0 0.0 -4.5 -14.1 0.0 6.5 0.0 0.0 0.0 -6.5 MTD ETF net flows (US$ Mn) -15.5 0.0 0.0 0.0 0.0 -15.5 0.0 -31.8 0.0 0.0 -65.3 0.0 0.0 33.5 0.0 62.9 0.0 0.0 0.0 0.0 0.0 62.9 0.0 -10.3 0.0 0.0 0.0 -10.3 0.0 8.5 0.0 8.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 YTD ETF net flows (US$ Mn) -146.4 -12.8 -80.0 0.0 1.5 -47.9 -7.2 438.0 174.7 178.9 -156.2 0.0 -2.9 256.6 -13.1 38.0 25.5 129.2 -18.9 0.0 -9.6 -12.6 -75.5 -126.1 19.8 -61.0 0.0 -63.3 -21.5 71.7 16.0 84.6 0.0 21.7 -37.8 -12.8 126.2 8.7 4.6 40.8 78.0 -5.8

51

14.1%

31

5.6%

23

4.5%

24

2.8%

31

1.6%

continued
Notes: The swap-based iShares ETFs delisted from Euronext Paris, Borsa Italiana and Deutsche Boerse on 17 March 2011, and merged with the full replication iShares STOXX sector ETFs on 31 March 2011. ETF returns calculated from Bloomberg using USD NAVs and may show underperformance against the index when the ETF is a dividend distributing fund as the total return index assumes immediate dividend reinvestment, while the ETFs NAV would fall by the amount of the dividend paid. Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. ETF YTD returns reflect US dollar NAV performance from 30 December 2010 to 01 April 2011.

This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

STOXX Europe 600 sector ETF net flows (continued)

Index Sector Food and beverage iShares STOXX Europe 600 Food & Beverage (DE) Lyxor ETF STOXX 600 Food & Beverage db x-trackers DJ STOXX 600 Food & Beverage ComStage ETF Dow Jones STOXX 600 Food & Beverage TR Dow Jones STOXX 600 Optimised Food & Beverage Source ETF iShares STOXX Europe 600 Food & Beverage Swap (DE) Healthcare iShares STOXX Europe 600 Health Care (DE) Lyxor ETF STOXX 600 Health Care db x-trackers DJ STOXX 600 Health Care ComStage ETF Dow Jones STOXX 600 Health Care TR EasyETF Stoxx 600 Health Care Dow Jones STOXX 600 Optimised Health Care Source ETF iShares STOXX Europe 600 Health Care Swap (DE) Industrial goods and services iShares STOXX Europe 600 Industrial Goods & Services (DE) Lyxor ETF STOXX 600 Industrial Goods & Services db x-trackers DJ STOXX 600 Industrial Goods ComStage ETF Dow Jones STOXX 600 Industrial Goods & Services TR Dow Jones STOXX 600 Optimised Industrial Goods & Services Source ETF iShares STOXX Europe 600 Industrial Goods & Services Swap (DE) Insurance iShares STOXX Europe 600 Insurance (DE) Lyxor ETF STOXX 600 Insurance db x-trackers DJ STOXX 600 Insurance ComStage ETF Dow Jones STOXX 600 Insurance TR EasyETF Stoxx 600 Insurance Dow Jones STOXX 600 Optimised Insurance Source ETF iShares STOXX Europe 600 Insurance Swap (DE) Media iShares STOXX Europe 600 Media (DE) Lyxor ETF STOXX 600 Media ComStage ETF Dow Jones STOXX 600 Media TR EasyETF Stoxx 600 Media Dow Jones STOXX 600 Optimised Media Source ETF iShares STOXX Europe 600 Media Swap (DE) Ticker SX3R SX3PEX GY FOO FP XS3R GY CBSX3R GY X3PS GY SX3REX GY SXDR SXDPEX GY HLT FP XSDR GY CBSXDR GY SYH FP XDPS GY SXDREX GY SXNR SXNPEX GY IND FP XSNR GY CBSXNR GY XNPS GY SXNREX GY SXIR SXIPEX GY INS FP XSIR GY CBSXIR GY SYI FP XIPS GY SXIREX GY SXMR SXMPEX GY MDA FP CBSXMR GY SYM FP XMPS GY SXMREX GY # stocks 28 % weight 6.9% US$ ETF NAV performance Weekly 2.1% 2.1% 2.1% 2.1% 2.1% 2.4% N/A 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.9% N/A 4.0% 4.0% 4.0% 4.0% 4.0% 3.9% N/A 2.8% 2.8% 2.8% 2.8% 2.8% 2.8% 2.7% N/A 4.2% 4.3% 4.2% 4.2% 4.2% 4.1% N/A YTD 2.5% 1.9% 2.4% 2.4% 2.4% 3.3% N/A 4.7% 4.2% 4.6% 4.7% 4.8% 4.7% 5.3% N/A 10.2% 9.7% 10.1% 10.1% 10.2% 9.7% N/A 19.4% 19.3% 19.3% 19.4% 19.4% 19.4% 19.7% N/A 8.9% 9.0% 8.8% 8.8% 8.8% 8.5% N/A ETF AUM (US$ Mn) 01-Apr-11 331.3 82.5 92.7 63.7 41.6 50.7 0.0 898.3 219.1 237.2 191.4 80.3 23.9 146.5 0.0 436.7 85.2 109.5 93.7 31.6 116.7 0.0 681.4 115.7 207.1 33.6 69.2 59.3 196.4 0.0 142.4 18.1 34.9 17.0 15.0 57.3 0.0 YTD % change -14.4% 63.3% -31.0% 50.2% 2.4% -40.3% -100.0% 5.8% 2.2% 1.6% 29.2% 4.8% 115.9% 16.6% -100.0% -21.9% 46.9% 10.1% -6.5% 10.2% -42.9% -100.0% 22.5% 74.9% 49.6% -5.9% 19.4% 16.8% 0.8% -100.0% -8.9% 3.2% -23.0% 8.8% 38.2% -7.4% -100.0% ETF 5-day ADV (US$ Mn) 1.4 0.4 0.5 0.3 0.1 0.0 0.0 4.8 1.8 1.1 0.2 0.0 0.0 1.6 0.0 2.7 0.2 0.8 1.1 0.1 0.5 0.0 3.2 0.1 0.7 0.6 1.7 0.0 0.0 0.0 2.1 0.8 1.1 0.0 0.1 0.1 0.0 Weekly ETF net flows (US$ Mn) -40.9 27.4 -9.8 0.0 0.0 -31.1 -27.4 44.5 27.7 0.0 0.0 0.0 0.0 44.5 -27.7 -64.3 15.7 0.0 0.0 0.0 -64.3 -15.6 -111.5 -4.4 0.0 -9.6 0.0 0.0 -82.7 -14.7 -6.4 3.5 0.0 0.0 0.0 -6.3 -3.5 MTD ETF net flows (US$ Mn) -13.7 0.0 0.0 0.0 0.0 -13.7 0.0 -5.9 0.0 0.0 0.0 0.0 0.0 -5.9 0.0 -12.2 0.0 0.0 0.0 0.0 -12.2 0.0 -1.1 -4.2 0.0 0.0 0.0 0.0 3.1 0.0 -5.1 0.0 0.0 0.0 0.0 -5.1 0.0 YTD ETF net flows (US$ Mn) -64.3 30.9 -43.3 19.5 0.0 -37.2 -34.2 8.1 -4.1 -6.6 35.5 0.0 11.9 12.5 -41.1 -163.8 21.0 0.0 -15.8 0.0 -97.3 -71.7 9.0 36.5 44.9 -8.9 0.0 -1.3 -48.3 -14.0 -27.3 -1.0 -14.4 0.0 3.2 -9.9 -5.3

34

9.0%

95

10.4%

32

5.8%

30

2.4%

continued
Notes: The swap-based iShares ETFs delisted from Euronext Paris, Borsa Italiana and Deutsche Boerse on 17 March 2011, and merged with the full replication iShares STOXX sector ETFs on 31 March 2011. ETF returns calculated from Bloomberg using USD NAVs and may show underperformance against the index when the ETF is a dividend distributing fund as the total return index assumes immediate dividend reinvestment, while the ETFs NAV would fall by the amount of the dividend paid. Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. ETF YTD returns reflect US dollar NAV performance from 30 December 2010 to 01 April 2011.

This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

STOXX Europe 600 sector ETF net flows (continued)

Index Sector Oil and gas iShares STOXX Europe 600 Oil & Gas (DE) Lyxor ETF STOXX 600 Oil & Gas db x-trackers DJ STOXX 600 Oil & Gas ComStage ETF Dow Jones STOXX 600 Oil & Gas TR ETFX Dow Jones STOXX 600 Oil and Gas Fund EasyETF Stoxx 600 Oil & Gas Dow Jones STOXX 600 Optimised Oil & Gas Source ETF iShares STOXX Europe 600 Oil & Gas Swap (DE) Personal and household goods iShares STOXX Europe 600 Personal & Household Goods (DE) Lyxor ETF STOXX 600 Personal & Household Goods ComStage ETF Dow Jones STOXX 600 Personal & Household Goods TR Dow Jones STOXX 600 Optimised Personal & Household Goods Source ETF iShares STOXX Europe 600 Personal & Household Goods Swap (DE) Real estate iShares STOXX Europe 600 Real Estate (DE) ComStage ETF Dow Jones STOXX 600 Real Estate TR Retail iShares STOXX Europe 600 Retail (DE) Lyxor ETF STOXX 600 Retail ComStage ETF Dow Jones STOXX 600 Retail TR Dow Jones STOXX 600 Optimised Retail Source ETF iShares STOXX Europe 600 Retail Swap (DE) Technology iShares STOXX Europe 600 Technology (DE) Lyxor ETF STOXX 600 Technology db x-trackers DJ STOXX 600 Technology ComStage ETF Dow Jones STOXX 600 Technology TR EasyETF Stoxx 600 Technology Dow Jones STOXX 600 Optimised Technology Source ETF iShares STOXX Europe 600 Technology Swap (DE) Telecommunications iShares STOXX Europe 600 Telecommunications (DE) Lyxor ETF STOXX 600 Telecommunications db x-trackers DJ STOXX 600 Telecommunications ComStage ETF Dow Jones STOXX 600 Telecommunications TR EasyETF Stoxx 600 Telecommunications Dow Jones STOXX 600 Optimised Telecommunications Source ETF iShares STOXX Europe 600 Telecommunications Swap (DE) Ticker SXER SXEPEX GY OIL FP XSER GY CBSXER GY ETLD ID SYE FP XEPS GY SXEREX GY SXQR SXQPEX GY PHG FP CBSXQR GY XQPS GY SXQREX GY SX86R SREEEX GY CBSX86R GY SXRR SXRPEX GY RTA FP CBSXRR GY XRPS GY SXRREX GY SX8R SX8PEX GY TNO FP XS8R GY CBSX8R GY SYQ FP X8PS GY SX8REX GY SXKR SXKPEX GY TEL FP XSKR GY CBSXKR GY SYT FP XKPS GY SXKREX GY # stocks 33 % weight 9.4% US$ ETF NAV performance Weekly 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.3% N/A 3.6% 3.6% 3.6% 3.6% 3.3% N/A 1.9% 1.9% 1.9% 0.7% 0.8% 0.7% 0.7% 0.8% N/A 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 3.1% N/A 2.4% 2.4% 2.4% 2.4% 2.4% 2.3% 2.4% N/A YTD 14.6% 14.2% 14.5% 14.5% 14.6% 14.5% 14.5% 15.1% N/A 4.0% 3.5% 4.0% 4.0% 3.5% N/A 12.2% 12.3% 12.2% 1.1% 1.2% 1.0% 1.0% 1.7% N/A 13.4% 13.3% 13.4% 13.4% 13.4% 13.4% 12.8% N/A 12.2% 10.7% 12.1% 12.1% 12.1% 12.0% 12.2% N/A ETF AUM (US$ Mn) 01-Apr-11 1,569.3 289.9 498.4 336.6 75.5 7.7 65.8 295.4 0.0 256.0 38.7 166.8 19.5 31.0 0.0 88.7 72.5 16.3 154.5 23.4 41.9 16.2 73.0 0.0 278.5 39.4 89.7 47.7 41.3 13.7 46.6 0.0 916.2 181.6 387.6 58.2 49.9 77.7 161.1 0.0 YTD % change 61.2% 61.7% 79.1% 89.8% 14.6% -46.5% 74.4% 55.1% -100.0% -21.9% 49.6% -25.8% 4.0% 28.2% -100.0% 44.3% 54.2% 12.2% -39.1% 39.6% -26.4% 1.0% -49.9% -100.0% 32.3% 33.2% 60.1% -4.1% 13.4% 648.2% 74.8% -100.0% 33.2% 0.1% 64.5% -43.4% 12.1% 126.6% 161.8% -100.0% ETF 5-day ADV (US$ Mn) 10.4 1.7 6.3 1.0 0.7 0.0 0.0 0.5 0.0 0.5 0.1 0.3 0.0 0.1 0.0 0.5 0.5 0.0 1.2 0.0 1.1 0.0 0.1 0.0 1.3 0.1 0.9 0.1 0.1 0.0 0.0 0.0 3.9 1.5 1.7 0.3 0.0 0.0 0.3 0.0 Weekly ETF net flows (US$ Mn) -71.7 27.8 5.1 -9.3 0.0 0.0 0.0 -67.4 -27.9 -27.7 11.5 -28.3 0.0 0.6 -11.6 4.4 4.4 0.0 -19.7 6.3 2.5 0.0 -22.2 -6.4 -33.4 5.8 0.0 -5.6 0.0 0.0 -27.8 -5.8 24.4 15.0 0.0 0.0 0.0 8.6 15.9 -15.0 MTD ETF net flows (US$ Mn) -4.0 0.0 5.1 0.0 0.0 0.0 0.0 -9.1 0.0 4.5 0.0 0.0 0.0 4.5 0.0 4.4 4.4 0.0 -2.7 0.0 0.0 0.0 -2.7 0.0 -5.6 0.0 0.0 -5.6 0.0 0.0 0.0 0.0 11.3 0.0 0.0 0.0 0.0 0.0 11.3 0.0 YTD ETF net flows (US$ Mn) 430.5 82.6 172.7 126.5 0.0 -8.1 21.4 68.9 -33.4 -81.0 11.8 -64.9 0.0 6.8 -34.7 19.4 19.4 0.0 -105.2 6.3 -16.0 0.0 -77.2 -18.3 34.5 5.8 28.2 -10.3 0.0 11.6 10.1 -10.9 140.9 -18.8 122.3 -54.8 0.0 38.1 84.0 -30.0

28

5.1%

21

1.2%

25

3.2%

26

3.4%

21

5.7%

continued
Notes: The swap-based iShares ETFs delisted from Euronext Paris, Borsa Italiana and Deutsche Boerse on 17 March 2011, and merged with the full replication iShares STOXX sector ETFs on 31 March 2011. ETF returns calculated from Bloomberg using USD NAVs and may show underperformance against the index when the ETF is a dividend distributing fund as the total return index assumes immediate dividend reinvestment, while the ETFs NAV would fall by the amount of the dividend paid. Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. ETF YTD returns reflect US dollar NAV performance from 30 December 2010 to 01 April 2011.

This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

STOXX Europe 600 sector ETF net flows (continued)

Index Sector Travel and leisure iShares STOXX Europe 600 Travel & Leisure (DE) Lyxor ETF STOXX 600 Travel & Leisure ComStage ETF Dow Jones STOXX 600 Travel & Leisure TR Dow Jones STOXX 600 Optimised Travel & Leisure Source ETF iShares STOXX Europe 600 Travel & Leisure Swap (DE) Utilities iShares STOXX Europe 600 Utilities (DE) Lyxor ETF STOXX 600 Utilities db x-trackers DJ STOXX 600 Utilities ComStage ETF Dow Jones STOXX 600 Utilities TR ETFX Dow Jones STOXX 600 Utilities Fund EasyETF Stoxx 600 Utilities Dow Jones STOXX 600 Optimised Utilities Source ETF iShares STOXX Europe 600 Utilities Swap (DE) Ticker SXTR SXTPEX GY TRV FP CBSXTR GY XTPS GY SXTREX GY SX6R SX6PEX GY UTI FP XS6R GY CBSX6R GY ETLE ID SYU FP X6PS GY SX6REX GY # stocks 21 % weight 1.2% US$ ETF NAV performance Weekly 1.3% 1.3% 1.3% 1.3% 1.4% N/A 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% N/A YTD 0.1% 0.2% 0.1% 0.1% -1.4% N/A 9.7% 8.9% 9.6% 9.7% 9.7% 9.6% 9.6% 10.1% N/A ETF AUM (US$ Mn) 01-Apr-11 101.2 12.5 54.2 13.8 20.8 0.0 614.0 153.2 145.0 90.9 73.5 2.3 46.0 103.1 0.0 YTD % change -29.1% 13.4% 0.1% 0.1% -65.1% -100.0% -12.5% 4.4% -2.9% 8.0% 9.7% -80.1% 145.7% -45.3% -100.0% ETF 5-day ADV (US$ Mn) 0.4 0.0 0.2 0.0 0.2 0.0 2.7 0.4 0.5 0.5 0.2 0.0 0.0 0.9 0.0 Weekly ETF net flows (US$ Mn) 0.2 2.2 0.0 0.0 0.2 -2.2 -40.7 25.1 0.0 -9.2 0.0 0.0 0.0 -24.1 -32.4 MTD ETF net flows (US$ Mn) 1.5 0.0 0.0 0.0 1.5 0.0 -9.4 0.0 0.0 -9.2 0.0 0.0 0.0 -0.2 0.0 YTD ETF net flows (US$ Mn) -41.6 1.6 0.0 0.0 -39.0 -4.2 -142.5 0.4 -15.8 0.2 0.0 -10.2 25.0 -103.7 -38.4

32

5.5%

Notes: The swap-based iShares ETFs delisted from Euronext Paris, Borsa Italiana and Deutsche Boerse on 17 March 2011, and merged with the full replication iShares STOXX sector ETFs on 31 March 2011. ETF returns calculated from Bloomberg using USD NAVs and may show underperformance against the index when the ETF is a dividend distributing fund as the total return index assumes immediate dividend reinvestment, while the ETFs NAV would fall by the amount of the dividend paid. Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. ETF YTD returns reflect US dollar NAV performance from 30 December 2010 to 01 April 2011. Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.

This document is not an offer to buy or sell any security or to participate in any trading strategy. Please refer to important information and qualifications at the end of this material.

ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

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ETF Landscape For the week ending 01 April 2011

STOXX Europe 600 Sector ETF Net Flows from BlackRock

About BlackRock
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At 31 December 2010, BlackRocks AUM was US$3.561 trillion. BlackRock offers products that span the risk spectrum to meet clients needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions. Headquartered in New York City, as of 31 December 2010, BlackRock has approximately 9,100 employees in 25 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the BlackRocks website at www.blackrock.com.

About BlackRocks Global ETF Research and Implementation Strategy Team

BlackRocks Global ETF Research and Implementation Strategy Team is regarded as the industrys pre-eminent source of data, analysis and perspective on the ETF/ETP marketplace worldwide. While the teams focus is ETFs/ETPs, the team operates independently from the iShares business and provides an independent source of marketplace research and advice to clients on the implementation of asset allocation strategies using ETFs and ETPs. Led by Deborah Fuhr, Managing Director, the team produces the 'ETF Landscape' reports, a comprehensive series of weekly, monthly, and quarterly ETF market commentaries as well as handbooks covering all ETFs and ETPs from all 169 providers (as of 31 December 2010). The scope of research is unequalled industry-wide, covering the world as well as all major regional markets and ETF genres, with a focus on North America, Latin America, Europe, the Middle East, Asia, and Japan. The research produced is a key source of expertise and comment for representatives of global exchanges, regulatory bodies and the financial media. Through the teams timely and comprehensive research and market insight, BlackRock demonstrates its dedication to the industry by building greater market understanding of the dynamic ETF vehicle and supporting the efforts of all market participants to realise optimal investment value from the ETF approach.

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