公司简介 ………………………………………………………………………………... Company Overview 公司简介 ………………………………………………………………………………... EPFR Global provides fund flow and asset allocation data to financial institutions around the world. EPFR Global delivers a complete picture of institutional and individual investor flows and fund manager allocation driving global markets. EPFR Global 公司致力于及时向全球金融机构提供基金流向和资产分配数据。EPFR Global 提供金融机构和个人投资动向和主导全球市场的基金经理的投资分布。 Data sourced through direct relationships with fund managers and administrators 数据直接来自于基金公司和管理机构 The EPFR universe covers $11 trillion in globally domiciled funds EPFR数据库涵盖了来自全球11万亿美元的注册基金 Daily, weekly, monthly updates plus historical time series 丰富的历史数据并按照日，周，月更新

+ = EPFR Global Data Services Core EPFR datasets (based on data sourced directly from managers or administrators) Derived datasets Fund Flows基金流向 Fund Allocations 基金投资分布 Country/Sector/ Industry Flows 国家/行业/产业基金流向 The amount of cash flowing into and out of funds world-wide. 世界范围内买入和卖出基金的成交数量 + Fund manager allocations at month-end across the countries or sectors they invest in. 基金经理在月末对不同国家和行业的投资分配 = Distribution of fund flows by country or sector. Combines data from fund flows and fund allocations. 结合总体基金流向和投资分布得出国家或行业的基金流向分布 Equity/Bond Fund Flows – Daily/Weekly/Monthly *also includes AUM, Performance Fund Country Weightings – Monthly Sector/Industry Weightings – Monthly Equity/Bond Fund Holdings – Monthly Country/Sector/Industry Flows – Daily/Weekly/Monthly Regional packages available – Daily/Weekly/Monthly

Users of EPFR Global Data 公司数据的用户 ………………………………………………………………………...…………………………………........ Banking and Brokerage 银行业务及经纪 Government/Central Banks 政府/中央银行 Strategists 投资策略师 Capital Markets 资本市场 Research Analysts 研究分析员 Types of usage 数据应用方式 : Proprietary trading 自营交易 Directional calls for clients 为客户提供方向性指示 Targeting sales efforts 针对性销售 Market analysis 市场分析 Regulators 监管机构 Monetary Authorities 金融管理局 Types of usage 数据应用方式 : Cross-border flow analysis 跨国基金流向分析 Flows impact on currency as well as local equity/debt markets 基金流向对货币及当地股票/债务市场的影响 Asset Managers 资产管理者 Hedge Funds 对冲基金 Fund Managers 基金经理 Portfolio Analysts 投资组合分析员 Marketing and Product Development 市场开拓和产品研发 Types of usage 数据应用方式 : Factor in investment process 影响投资过程的因素 Competitive analysis, product dev elopment 竞争力分析和产品研发 Asset allocation 资产分配 Quantitative analysis 定量分析 Global Macro/EM/Discretionary 环球宏观/新兴市场/全权委托 Quantitative Investors 定量投资者 Types of usage 数据应用方式 : Momentum trading 动量交易 Liquidity analysis 流动性分析 Market timing 把握市场时机

Weekly flows as a % of AUM Fund Flows: Overview 基金流向:概览 ……………………………………………………………………………………….…... Net inflows/outflows after removing market performance and currency impact 排除市场表现和货币影响后的净基金流入/流出量 Weekly flows as a % of AUM 周流量占总资产值的百分比 Image from UI of a standard rep (A)

Fund Flows: Top down views of countries, sectors, style / capitalization 基金流向:国家(或地区),行业,投资风格/市值自上而下一览图 …………………………………………………………………………………………………………………………………………………………………………………………….………………………………………………………….... (includes Global & US )

Fund Flows: Drill down to detail view 基金流向:细节解读 ……………………………………………………………………………..………………………………………………….…………………

Country Weightings: Overview 国家投资权重:概览 ………………………………………………………………………………………………………………… Actual country and regional weightings (in % of AUM) 实际国家和地区资金权重(占总产值的百分比)

Sector/Industry Allocations: Overview 行业/产业配置:概览 …………………………………………………………………………………………………………………………………………….. Actual sector and industry weightings (in % of AUM) 实际行业和产业的投资权重(占总产值的百分比) Sector Allocations (GICS Level I) Industry Allocations (GICS Level II)

New. High Frequency Data: Country/Sector/Industry Flows 最新 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………..…………. Country Flows Sector / Industry Flows (GICS Level I & II)

Universe Coverage: Equity Fund Flows 数据库覆盖范围:股票型基金流向 ………………………………………………………………………………………………………………………………………………. Equity Fund Flows Daily Report Weekly Report Monthly Report Equity Fund Category # of Funds $US billions GEM 665 146.93 673 163.19 809 228.84 Asia ex-Japan 942 128.59 965 136.25 1,226 189.57 Latin America 190 27.27 192 29.30 212 40.30 EMEA 417 19.40 434 21.09 519 29.76 Global 2,657 471.74 2,711 492.35 3,583 1,257.52 Pacific 146 14.05 148 210 29.39 Japan 500 24.66 507 25.39 621 37.59 Western Europe 1,633 193.52 1,657 199.18 2,061 345.28 USA 5,343 1,160.58 5,492 1,290.55 6,653 2,613.71 Sector Funds 1,446 156.65 1,469 164.61 1,838 273.10 TOTAL 13,939 2,343.39 14,248 2,535.96 17,732 5045.06 Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories 计算个别基金和多种基金类别的“净流量”(投 资者投资/赎回) Net Flows calculations exclude portfolio performance and currency fluctuations 排除投资组合表现和币值波动的净流量计算 Reports are organized by fund category 基金分类报告 History sheet shows weekly/monthly aggregate flows year- to-date by fund category 历史记录显示按照基金类别的“本年迄今”周/月 的总基金流 Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors 包括全球注册基金(包括美国注册基金)并且追踪 全球（不仅是美国）投资者基金流 Other value-added qualitative fields include: Benchmark/Index Currency of funds Domicile Advisor name

Universe Coverage: Bond Fund Flows 数据库覆盖范围:债券型基金流向 ………………………………………………………………………………………………………………………………………………………… Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories 计算个别基金和多种基金类别的“净流量”(投资 者投资/赎回) Net Flows calculations exclude portfolio performance and currency fluctuations 排除投资组合表现和币值波动的净流量计算 Reports are organized by fund category 基金分类报告 History sheet shows weekly/monthly aggregate flows year- to-date by fund category 历史记录显示按照基金类别的“本年迄今”周/月 的总基金流 Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors 包括全球注册基金(包括美国注册基金)并且追踪 全球（不仅是美国）投资者基金流 Bond Fund Flows Daily Report Weekly Report Monthly Report Bond Fund Category # of Funds $US billions Emerging Market 577 37.64 593 45.81 695 62.69 Global 881 160.29 886 164.60 1,085 417.36 High Yield 478 75.66 494 85.08 624 153.00 USA 1,905 454.80 2,060 493.64 2,348 860.23 Money Market 1,402 2,804.86 1,506 3,101.98 1,704 3,505.62 Balanced 439 158.46 451 171.61 587 438.44 TOTAL 5,682 3,691.71 5,990 4,062.72 7,043 5,437.34

Universe Coverage: Global Sector Fund Flows 数据库覆盖范围:全球行业基金流向 ……………………………………………………………………………………………………………………………………………………………………………………..…… Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories 计算个别基金和多种基金类别的“净流量”(投资 者投资/赎回) Net Flows calculations exclude portfolio performance and currency fluctuations 排除投资组合表现和币值波动的净流量计算 Reports are organized by fund category 基金分类报告 History sheet shows weekly/monthly aggregate flows year- to-date by fund category 历史记录显示按照基金类别的“本年迄今”周/月 的总基金流 Includes funds registered globally (including US-registered funds) and tracks global investor flows rather than just that of US investors 包括全球注册基金(包括美国注册基金)并且追踪 全球（不仅是美国）投资者基金流 Global Sector Fund Flows Daily Report Weekly Report Monthly Sector Fund Categories # of Funds $ US billions Commodities/Materials 154 34.50 153 34.74 185 64.55 Consumer Goods 84 6.21 85 6.01 103 6.35 Energy 170 20.64 171 20.80 211 45.04 Financial 119 14.05 121 14.08 155 16.87 Health Care/ Biotech 177 15.53 183 18.33 241 44.79 Real Estate 364 31.49 372 32.86 453 45.36 Technology 226 15.81 230 18.36 286 23.43 Telecom 62 2.43 63 3.51 93 5.53 Utilities 87 15.83 88 15.75 102 19.20 TOTAL 1,443 156.49 1,466 164.44 1,829 271.12

Universe Coverage: Equity/Bond Fund Country Weightings 数据库覆盖范围:股票/债券型基金国别权重 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..… Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, EM Bond, Global Bond) 各基金以基金类别分组(全球新兴市场股票型基金, 全球股票型基金, 除日本以外亚洲股票型基金, 拉丁美洲股票型基金, 欧洲/中东/非洲发展中国家股票型基金, 太平洋地区股票, 新兴国家债券型基金, 全球债券型基金) Average weightings of all individual funds and by investment manager (with multiple funds) 所有单个基金和拥有多个基金的投资经理的平均权重 History tabs each month show year-to-date historical country, regional and sector weighting aggregates by fund category 历史数据显示每月根据基金类别分类的“本年迄今”的国家, 地区和行业的历史总权重 Equity Fund Country Weighting Fund Category # of Funds $US billions Global Emerging Markets 87 96.53 Global (ex-US) 28 78.40 Global 60 46.33 Asia ex-Japan 102 33.85 Pacific 24 12.01 Latin America 31 13.42 Emerging Europe/Middle East/Africa 72 10.60 Europe 86 34.13 TOTAL 490 325.27 Bond Fund Country Weighting Fund Category # of Funds $US billions Global Emerging Markets 31 14.80 Global/International 19 18.17 Regional Emerging Markets 12 3.20 TOTAL 62 36.17

Industry Level – GICS II Universe Coverage: Equity Fund Sector Weightings 数据库覆盖范围:股票型基金行业权重 …………………………………………………………………………………………………………………………………………………………………………………………….………………………….…………… Individual funds grouped by fund category (GEM Equity, Global Equity, Asia ex-Japan Equity, Latin America Equity, EMEA Equity, Pacific region, EM Bond, Global Bond) 各基金以基金类别分组(全球新兴市场股票型基金,全球股票型基金,除日本以外亚洲股票型基金,拉丁美洲股票型基金,欧洲/中东/非洲发展中国家股票型基金,太平洋地区股票,新兴国家债券型基金,全球债券型基金) Average weightings of all individual funds and by investment manager (with multiple funds) 所有单个基金和拥有多个基金的投资经理的平均权重 History tabs each month show year-to-date historical country, regional and sector weighting aggregates by fund category 历史数据每月显示根据基金类别分类的“本年迄今”的国家，地区和行业的历史总权重 Equity Fund Sector Weightings Fund Category Sector Level – GICS I Industry Level – GICS II # of Funds $US billions Global Emerging Markets 66 72.91 50 61.46 Global (ex-US) 19 57.49 13 46.36 Global 62 47.03 31 31.84 Asia ex-Japan 92 29.27 46 14.77 Latin America 23 10.26 10 4.92 E. Europe/Middle East/Africa 40 5.43 15 1.25 W. Europe 85 34.02 43 22.84 Country Funds 253 106.98 139 54.71 TOTAL 640 363.39 347 238.15

Data History 历史数据 …………………………………………………… Weekly Equity/Bond Fund Reports Available History Equity Fund Flows: Emerging Mkts & Global/Intl. October 2000 - present Equity Fund Flows: Dev. Europe & Japan January 2002 - present Equity Fund Flows: USA May 2003 - present Global Sector Fund Flows January 2006 - present Bond Fund Flows: EM, Int'l & High Yield* April 2001 - present *High Yield Bond Funds: data available from January 2005 - present Monthly Equity Fund Reports Available History Equity Fund Flows: Emerging Mkts & Global/Int'l.* January 1995 - present Equity Fund Flows: Dev. Europe & Japan January 2002 - present Equity Fund Flows: USA May 2003 - present Global Sector Fund Flows October 2003 - present Equity Fund Country Flows - Aggregate** January 1996 - present Equity Fund Country Weightings *** Equity Fund Sector Weightings**** November 2001 - present Equity Fund Performance January 2004 - present Equity Holdings July 2003 - present *Global /Int'l Funds: data available from Sept 2000 - present ** For those non-EM funds:     Australia & New Zealand: data available from Jan 2000; Japan: data available from Jun 2001;    Western Europe, Canada, USA: data available from Nov 2002  ***Global /Int'l Funds: data available from January 2001 - present ****Global /Int'l Funds: data available from February 2006 - present Monthly Bond Fund Reports Available History Bond Fund Flows: EM, Int'l* & High Yield** January 1995 - present Bond Fund Country Flows - Aggregate January 2004 - present Bond Fund Country Weightings*** November 2001 - present Bond Fund Performance Bond Holdings June 2004 - present * Int'l Bond Funds: data available from Sept 2000 - present ** High Yield Bond Funds: data available from January 2005 - present *** Int'l Funds: data available from July 2005 - present

Flows as a predictive Indicator Usage Example: Fund Flows Data 使用范例:基金流向数据 ………………………………………………………………………………………………………………………………………… Managers use EPFR Global fund flows data to boost return and increase alpha by : 基金经理用EPFR Global 流向数据，通过以下方式提高回报和增加超额收益： Forecasting Market movements 预测市场走向 Values derived from fund flows are valuable in asset allocation decision making and serve as an early warning of upturns and downturns in markets. Flows are also a critical tool in measuring liquidity. 基金流向对于资产配置决策制定有宝贵价值并且对于市场上升和下降起到早期预警作用。流向数据同时也是衡量流动性的关键工具。 Enhancing Models 改善模型 Build portfolio strategies based on aggregate net flow data for regions, sectors or asset classes. 以地区，行业或者资产类别的总净流量为基础建立投资组合策略 Market timing 把握市场时机 Enter early into sectors that show an opportunity for large future inflows. Use flows data to monitor changes in underlying demand for the sector. 尽早进入有大量资金流入潜能的行业。利用流向数据监测行业潜在需求的变化。 Monitoring FX markets 监测外汇市场 Leverage the predictive power of fund flows to anticipate currency movements. 利用基金流向的预测能力判断货币未来走势 Flows as a predictive Indicator 以基金流向作为预测指标 ING Investment strategist Brian Gendreau illustrates the predictive power of weekly flows. ING公司投资策略师Brian Gendreau 阐述了周流量的预测能力 Using EPFR flow data for emerging markets, Gendreau developed a trading strategy. Brian Gendreau 运用EPFR 新兴市场的流向数据设计了一个交易策略 When back tested this strategy earned annualized gross returns of 35% vs. 16% for the index. 利用历史数据测试此策略，我们获得了35%的年收益率，而市场的年收益率为16%

Usage Example: Country & Sector Weightings Data 使用范例:国家和行业投资权重数据 …………………………………………………………………………………………………………………………………………………………………………………………………….………. Find the inflection points 找到转折点 Future market movements and valuation 未来市场变动和估价 Tracking “smart money” and what it can reveal? 追踪“精明理财”并且了解它揭示了什么？ Identify liquidity opportunities 确定资金流动机会 Valuable information on the changing risk appetite of fund managers. 提供基金经理风险偏好变化的宝贵信息 Analyze market peers 分析市场对手 Identify industry leading allocation strategies to enhance your own positioning. 确认产业中领先的配置策略以增强自身定位 图中大意:一个主导性纽约资产管理公司运用了一个包含10个因素的国 家投资分布模型，此模型以EPFR 投资权重数据作为核心的定量投资指 标。 上图表显示了以历史数据测试的模型的每年回报率和以美元为货币的 MSCI All-Country World 指数的对比。

Sample Clients 代表性客户 ……………………………………………………………… "The flow data from EPFR has proved to be a useful source of added value in some quantitative models of equity markets we have constructed. It provides an extra dimension of information to that available from the typical equity market databases used by quants and so affords an edge in performance over much of the competition.“ “事实证明EPFR 的流向数据对我们建立的股票市场的定量模型很有价值。” Dr. Stephen Rees Head of Investment Process Research Schroders, London Sell Side Buy Side Government/Media “Emerging market mutual funds‘ country allocations appear to contain information on future equity returns beyond that contained in standard valuation and momentum indicators.” “新兴市场共同基金的国家投资分布显示出它包含了未来股票收益的信息，这是从标准估价方法和动量指标中无法得到的。” Analyst Global Asset Allocation Research Team Salomon Smith Barney “I find the EPFR Global Country Weightings Report to be an invaluable tool in helping me track my competitors' regional and country allocations on a monthly basis. The Report is timely and very comprehensive.“ “我发现EPFR Global 国家投资权重报告很有价值,它帮助我按月跟踪竞争对手的地区和国家投资分布。这报告很及时全面。” Brad Aham Portfolio Manager State Street Global Advisors

Company History 公司发展史 Key Contacts 主要联系人 1994: …………………………………………………………..……………………………………………………… 1994: EPFR Global founded Cambridge, Massachusetts USA 1995-1999: EPFR Global launches Russia Portfolio, Central Europe Portfolio and Brazil Portfolio: publications serving more than 600 institutional investor clients worldwide. 2000: EPFR Global launches Research and Analysis Services, providing independent research services for investment management firms. 2001: EPFR Global acquires Emerging Market Funds Research, Inc., a database of global equity and fixed income funds. 2001-2007: EPFR Global expands fund database by four-fold to more than 15,000 equity and fixed income funds with $10 trillion in assets. Client base expanded by nearly 10-fold and includes leading institutional investors, global equity and fixed income analysts, strategists, investment managers, hedge funds, central bankers, etc. 2008: EPFR Global launches new Web Interface, new Country Flows data set, and Web Services for automated data delivery in trading and investment models. Key Contacts 主要联系人 ……………………………..…………………………………………………………………… Dwight Ingalsbe Managing Director/Co-Founder Tel: (+1-617) 864-4999 ext. 26 Email: ingalsbe@epfr.com Brad Durham Tel: (+1-617) 864-4999 ext. 24 Email: durham@epfr.com Ian Wilson Managing Director, Fund Data Tel: (+1-804) 217-8653 Email: ian@epfr.com Cameron Brandt Director, Global Markets Analyst Tel: (+1-617) 864-4999 ext. 22 Email: brandt@epfr.com Simon Ringrose Managing Director, Sales Tel: (+1-617) 864-4999 ext. 30 Email: simon.ringrose@epfr.com Robert Magri Director, Sales & Business Dev. Tel: (+1-781) 562-1441 Email: bob.magri@epfr.com Patrick Paradiso Sales (Latin America) Tel: (+1-917) 543-6181 Email: patrick.paradiso@epfr.com Rikolv Hatlehol-Desai Sales Director (EMEA) Tel: (+44) 7766 805657 Email: rikolv@epfr.com William Lai Sales Director (Asia Pacific) Tel: (+852) 3796-7116 Email: william.lai@epfr.com Young-il Sunwoo Sales (Korea) Tel: (+821) 10-7683-0016 Email: yisunwoo@dreamwiz.com