ETF Landscape STOXX Europe 600 Sector ETF Net Flows

FOR PROFESSIONAL INVESTORS. NOT FOR INVESTORS IN THE US OR CANADA.ETF LandscapeSTOXX Europe 600 Sector ETF Net FlowsFor the week ending 19 November 2010

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockSummary Last week saw US$64.7 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in insurance with US$57.2 Mn and automobiles andparts with US$48.0 Mn while industrial goods and services experienced net outflows of US$62.5 Mn. Year-to-date, STOXX Europe 600 sector ETFs have seen US$542.3 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$252.8 Mn, followed by utilities withUS$106.9 Mn while food and beverage has experienced the largest net outflows of US$152.7 Mn YTD.SectorTickerSTOXX 600 US$ total return performance Futures open ETF AUM (US$ Mn)#stocks%weight Weekly Rank YTD Rankinterest(US$ Mn) 19-Nov-10YTD %changeAutomobiles and parts SXAR 14 2.3% 3.4% 1 35.0% 1 193.8 393.5 76.5% 2.8 48.0 25.7 77.9Banks SX7R 53 15.3% -2.2% 17 -10.4% 19 505.1 1,562.1 2.8% 15.9 8.0 -214.2 252.8Basic resources SXPR 30 5.6% -2.8% 19 11.7% 7 602.9 1,444.1 6.3% 26.4 -59.5 -228.5 -23.2Chemicals SX4R 22 4.3% 2.0% 3 14.7% 5 120.3 299.1 33.0% 1.6 2.1 -33.6 45.3Construction and materials SXOR 26 2.6% 2.5% 2 -5.7% 16 65.0 231.4 21.7% 1.3 -13.4 13.8 58.6Financial services SXFR 30 1.5% -0.5% 12 7.4% 10 21.3 96.5 21.5% 1.1 2.7 3.6 12.6Food and beverage SX3R 28 6.9% 1.0% 4 12.3% 6 226.0 407.9 -21.8% 1.1 4.2 -17.9 -152.7Healthcare SXDR 35 9.2% 0.8% 6 2.2% 14 487.5 876.9 -9.0% 3.0 21.4 -0.1 -98.9Industrial goods and services SXNR 95 9.6% 0.4% 9 20.9% 3 394.6 524.8 33.6% 2.2 -62.5 -122.2 15.8Insurance SXIR 33 5.6% -0.8% 14 0.2% 15 150.5 679.2 3.7% 1.9 57.2 44.2 35.7Media SXMR 28 2.3% -0.7% 13 9.2% 9 205.1 190.5 68.6% 0.7 5.7 -75.2 48.6Oil and gas SXER 36 8.7% -1.8% 16 -7.2% 17 323.3 998.7 -4.4% 5.5 20.4 43.9 71.1Personal and household goods SXQR 27 5.4% 0.4% 8 21.6% 2 154.1 260.6 57.8% 0.5 -2.9 -25.3 56.7Real estate SX86R 18 1.1% -2.3% 18 6.1% 12 30.6 61.4 -24.5% 0.5 0.0 -5.3 -20.9Retail SXRR 25 3.6% 0.5% 7 10.7% 8 114.4 255.0 42.6% 0.8 27.3 45.1 67.0Technology SX8R 26 2.9% 1.0% 5 5.2% 13 84.6 243.0 25.1% 1.9 11.9 9.8 41.5Telecommunications SXKR 20 6.0% -1.1% 15 6.5% 11 421.0 843.2 -3.9% 1.7 -34.2 13.9 -41.6Travel and leisure SXTR 23 1.3% -0.4% 11 16.4% 4 117.3 88.2 -0.1% 1.5 8.1 -4.9 -10.8Utilities SX6R 31 5.7% 0.3% 10 -8.1% 18 240.4 737.8 3.0% 2.3 19.9 41.4 106.9Total 600 100.0% -0.3% 4.8% 4,457.7 10,193.9 6.3% 72.7 64.7 -485.8 542.3Notes: 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 2009 to 19 November 2010.Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.ETF5-day ADV(US$ Mn)Weekly ETF net flows(US$ Mn)MTD ETF net flows(US$ Mn)This is a weekly publication covering European sector ETF net flows, analysing all ETFs listed in Europe tracking the STOXX Europe 600 sectors.YTD ETF net flows(US$ Mn)Inflows to ETFs have broad relevance to the pattern of fund allocations. ETFs have been and will beincreasingly used as a means of trading short-term beta. Although, given that the annual Total ExpenseRatios (TERs) have come down to an average 40 bps for equity ETFs, they are embraced as a tool for coreholdings, strategic holdings, tactical asset allocation and building blocks in fund of funds and multi-assetclass strategies.An increasing number of institutional investors have embraced the use of passively managed ETFs over thepast year as an alternative to using certificates and swaps as they try to avoid products which havecounterparty or issuer risk. Other investors have turned to ETFs after deciding to limit or refrain from usingderivatives including futures. A growing number of investors understand that ETF liquidity is really theliquidity of the underlying basket of stocks given the unique creation and redemption process thatETFs utilise.Markets in Financial Instruments Directive (MIFID) are especially important in Europe where the reportingof ETF trades is not required under MIFID. This means that best estimates are that only a third of ETFtrades are reported on-exchange.The table above shows the index ticker, number of stocks in the index and the sector weight. Performancedata for the last week and year-to-date (YTD) is shown in US dollar total return. The sectors are rankedaccording to weekly performance, top performing sector is ranked #1 and the worst is ranked #19. Thesame ranking system is applied to YTD performance. The ETF AUM column represents the combined assetsand 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.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. 01

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockSTOXX Europe 600 sector ETF net flowsSectorTickerSTOXX 600#stocks%weightUS$ ETF NAV performanceWeeklyETF AUM (US$ Mn)Automobiles and parts SXAR 14 2.3% 3.4% 35.0% 393.5 76.5% 2.8 48.0 25.7 77.9iShares STOXX Europe 600 Automobiles & Parts (DE) SXAPEX GY 3.4% 34.4% 33.7 46.9% 0.0 0.0 0.0 2.9iShares STOXX Europe 600 Automobiles & Parts Swap (DE) SXAREX GY 3.4% 34.9% 5.0 -54.8% 0.0 0.0 0.0 -6.1Lyxor ETF STOXX 600 Automobiles & Parts AUT FP 3.4% 34.3% 119.6 -7.9% 0.4 0.0 21.9 -35.4ComStage ETF Dow Jones STOXX 600 Automobiles & Parts TR CBSXAR GY 3.4% 34.9% 17.5 34.9% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Automobiles & Parts SYA FP 3.4% 34.6%* 12.4 -3.8% 0.0 0.0 0.0 -3.0Dow Jones STOXX 600 Optimised Automobiles & Parts Source ETF XAPS GR 3.7% 37.0% 205.4 517.6% 2.3 48.0 3.7 119.5Banks SX7R 53 15.3% -2.2% -10.4% 1,562.1 2.8% 15.9 8.0 -214.2 252.8iShares STOXX Europe 600 Banks (DE) SX7PEX GY -2.2% -12.3% 211.3 -20.5% 1.2 0.0 -4.2 -24.5iShares STOXX Europe 600 Banks Swap (DE) SX7REX GY -2.2% -10.5% 12.8 -58.4% 0.0 0.0 -4.3 -13.9Lyxor ETF STOXX 600 Banks BNK FP -2.2% -12.3% 440.8 5.5% 3.9 0.0 0.0 90.8db x-trackers DJ STOXX 600 Banks XS7R GY -2.2% -10.5% 497.7 26.1% 4.2 10.7 7.4 172.2ComStage ETF Dow Jones STOXX 600 Banks TR CBSX7R GY -2.2% -10.4% 75.5 8.3% 0.6 0.0 0.0 13.8EasyETF Stoxx 600 Banks SYB FP -2.2% -11.1%* 59.7 12.3% 0.1 0.0 -8.3 11.7Dow Jones STOXX 600 Optimised Banks Source ETF X7PS GR -2.0% -9.6% 264.3 -8.1% 6.0 -2.7 -204.8 2.7Basic resources SXPR 30 5.6% -2.8% 11.7% 1,444.1 6.3% 26.4 -59.5 -228.5 -23.2iShares STOXX Europe 600 Basic Resources (DE) SXPPEX GY -2.8% 10.2% 360.3 1.3% 3.5 -11.8 -11.8 -31.9iShares STOXX Europe 600 Basic Resources Swap (DE) SXPREX GY -2.8% 11.4% 62.4 15.4% 0.2 0.0 0.0 3.8Lyxor ETF STOXX 600 Basic Resources BRE FP -2.8% 10.0% 262.2 -50.3% 9.3 0.0 -30.5 -283.6db x-trackers DJ STOXX 600 Basic Resources XSPR GY -2.8% 11.4% 201.0 59.4% 6.2 8.9 20.5 59.3ComStage ETF Dow Jones STOXX 600 Basic Resources TR CBSXPR GY -2.8% 11.5% 87.3 11.5% 5.4 0.0 0.0 0.0ETFX Dow Jones STOXX 600 Basic Resources Fund ETLC ID -2.8% 11.1% 19.5 22.1% 0.1 0.0 -0.7 4.6Dow Jones STOXX 600 Optimised Basic Resources Source ETF XPPS GR -2.7% 9.7% 451.5 124.5% 1.8 -56.6 -205.9 224.5Chemicals SX4R 22 4.3% 2.0% 14.7% 299.1 33.0% 1.6 2.1 -33.6 45.3iShares STOXX Europe 600 Chemicals (DE) SX4PEX GY 2.0% 12.3% 32.8 -21.0% 0.7 0.0 -6.6 -12.1iShares STOXX Europe 600 Chemicals Swap (DE) SX4REX GY 2.0% 15.0% 20.3 -55.6% 0.0 0.0 0.0 -25.9Lyxor ETF STOXX 600 Chemicals CHM FP 2.0% 12.4% 110.2 33.2% 0.3 5.9 13.6 21.2ComStage ETF Dow Jones STOXX 600 Chemicals TR CBSX4R GY 2.0% 14.9% 38.8 14.9% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Chemicals Source ETF Source ETF X4PS GR 2.0% 16.3% 97.1 355.3% 0.6 -3.8 -40.6 62.1Construction and materials SXOR 26 2.6% 2.5% -5.7% 231.4 21.7% 1.3 -13.4 13.8 58.6iShares STOXX Europe 600 Construction & Materials (DE) SXOPEX GY 2.4% -8.0% 25.1 -26.3% 0.1 0.0 0.0 -6.0iShares STOXX Europe 600 Construction & Materials Swap (DE) SXOREX GY 2.4% -5.6% 11.2 -54.6% 0.2 0.0 0.0 -10.6Lyxor ETF STOXX 600 Construction & Materials CST FP 2.4% -8.1% 70.7 14.1% 0.5 0.0 0.0 10.9ComStage ETF Dow Jones STOXX 600 Construction & Materials TR CBSXOR GY 2.4% -5.5% 32.2 -5.5% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Construction & Materials SYC FP 2.5% -5.6%* 23.2 75.4% 0.3 10.3 10.3 10.3Dow Jones STOXX 600 Optimised Construction & Materials Source ETF XOPS GR 2.4% -5.1% 69.1 211.2% 0.2 -23.7 3.5 53.9Financial services SXFR 30 1.5% -0.5% 7.4% 96.5 21.5% 1.1 2.7 3.6 12.6iShares STOXX Europe 600 Financial Services (DE) SXFPEX GY -0.5% 4.1% 27.6 21.7% 0.4 0.0 1.8 4.4iShares STOXX Europe 600 Financial Services Swap (DE) SXFREX GY -0.5% 7.4%5.3 -31.8% 0.0 0.0 0.0 -2.4Lyxor ETF STOXX 600 Financial Services FIN FP -0.5% 3.6% 23.0 -15.5% 0.6 2.7 4.5 -4.9ComStage ETF Dow Jones STOXX 600 Financial Services TR CBSXFR GY -0.5% 7.5% 12.7 7.5% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Financial Services Source ETF XFPS GR -0.4% 7.1% 27.8 183.0% 0.1 0.0 -2.7 15.5YTD19-Nov-10YTD %changeETF5-day ADV(US$ Mn)Weekly ETF net flows(US$ Mn)MTD ETF net flows(US$ Mn)YTD ETF net flows(US$ Mn)continued…Notes: 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.Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. *EasyETF changed benchmarks from Euro STOXX Sectors to now follow STOXX Europe 600 sectors on 12 January 2010, so the YTDperformance may show a higher deviation since they have not followed the same index for the entire period. ETF YTD returns reflect US dollar NAV performance from 30 December 2009 to 19 November 2010.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. 02

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockSTOXX Europe 600 sector ETF net flows (continued)SectorTickerSTOXX 600#stocks%weightUS$ ETF NAV performanceWeeklyETF AUM (US$ Mn)Food and beverage SX3R 28 6.9% 1.0% 12.3% 407.9 -21.8% 1.1 4.2 -17.9 -152.7iShares STOXX Europe 600 Food & Beverage (DE) SX3PEX GY 1.0% 10.1% 61.8 22.7% 0.5 0.0 0.0 5.4iShares STOXX Europe 600 Food & Beverage Swap (DE) SX3REX GY 1.0% 12.3% 33.5 -77.7% 0.0 0.0 -2.3 -117.7Lyxor ETF STOXX 600 Food & Beverage FOO FP 1.0% 9.6% 124.1 -13.2% 0.3 0.0 0.0 -25.5db x-trackers DJ STOXX 600 Food & Beverage XS3R GY 1.0% 12.0% 45.6 -51.8% 0.2 0.0 2.3 -53.6ComStage ETF Dow Jones STOXX 600 Food & Beverage TR CBSX3R GY 1.0% 12.3% 40.0 12.3% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Food & Beverage Source ETF X3PS GR 1.4% 10.6% 103.0 113.3% 0.0 4.2 -18.0 38.8Healthcare SXDR 35 9.2% 0.8% 2.2% 876.9 -9.0% 3.0 21.4 -0.1 -98.9iShares STOXX Europe 600 Health Care (DE) SXDPEX GY 0.8% -0.5% 215.3 -22.4% 0.9 0.0 0.0 -59.4iShares STOXX Europe 600 Health Care Swap (DE) SXDREX GY 0.7% 2.3% 39.8 -0.3% 0.0 0.0 0.0 -2.2Lyxor ETF STOXX 600 Health Care HLT FP 0.7% -0.7% 234.5 -22.2% 1.4 0.0 -10.4 -67.1db x-trackers DJ STOXX 600 Health Care XSDR GY 0.7% 2.1% 136.8 -11.9% 0.5 0.0 -13.3 -22.2ComStage ETF Dow Jones STOXX 600 Health Care TR CBSXDR GY 0.7% 2.3% 76.9 2.3% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Health Care SYH FP 0.7% 3.2%* 20.2 -49.3% 0.0 0.0 0.0 -19.4Dow Jones STOXX 600 Optimised Health Care Source ETF XDPS GR 0.8% 2.2% 153.3 106.5% 0.2 21.4 23.7 71.4Industrial goods and services SXNR 95 9.6% 0.4% 20.9% 524.8 33.6% 2.2 -62.5 -122.2 15.8iShares STOXX Europe 600 Industrial Goods & Services (DE) SXNPEX GY 0.4% 18.8% 55.6 10.3% 0.3 0.0 0.0 -3.5iShares STOXX Europe 600 Industrial Goods & Services Swap (DE) SXNREX GY 0.4% 20.9% 65.5 54.7% 0.0 0.0 0.0 13.2Lyxor ETF STOXX 600 Industrial Goods & Services IND FP 0.4% 18.8% 81.5 30.6% 0.4 0.0 0.0 4.8db x-trackers DJ STOXX 600 Industrial Goods XSNR GY 0.4% 20.6% 103.6 286.8% 0.2 -1.6 -1.7 59.0ComStage ETF Dow Jones STOXX 600 Industrial Goods & Services TR CBSXNR GY 0.4% 21.0% 16.5 21.0% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Industrial Goods & Services Source ETF XNPS GR 0.5% 20.0% 202.3 2.5% 1.3 -60.9 -120.6 -57.8Insurance SXIR 33 5.6% -0.8% 0.2% 679.2 3.7% 1.9 57.2 44.2 35.7iShares STOXX Europe 600 Insurance (DE) SXIPEX GY -0.8% -2.6% 77.7 -47.8% 0.1 0.0 0.0 -60.9iShares STOXX Europe 600 Insurance Swap (DE) SXIREX GY -0.8% 0.4% 15.5 -46.6% 0.0 0.0 -2.2 -12.4Lyxor ETF STOXX 600 Insurance INS FP -0.8% -2.8% 142.6 -6.5% 1.3 7.5 7.5 -6.2db x-trackers DJ STOXX 600 Insurance XSIR GY -0.8% 0.0% 38.5 -36.1% 0.2 3.4 -2.2 -20.5ComStage ETF Dow Jones STOXX 600 Insurance TR CBSXIR GY -0.8% 0.4% 59.7 0.4% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Insurance SYI FP -0.8% -0.1%* 77.8 48.1% 0.0 0.0 -2.8 24.2Dow Jones STOXX 600 Optimised Insurance Source ETF XIPS GR -0.7% -0.4% 267.3 75.6% 0.3 46.3 44.0 111.5Media SXMR 28 2.3% -0.7% 9.2% 190.5 68.6% 0.7 5.7 -75.2 48.6iShares STOXX Europe 600 Media (DE) SXMPEX GY -0.8% 5.5% 17.5 -45.8% 0.0 0.0 -4.2 -14.4iShares STOXX Europe 600 Media Swap (DE) SXMREX GY -0.7% 9.2%7.3 58.0% 0.0 0.0 0.0 2.1Lyxor ETF STOXX 600 Media MDA FP -0.7% 5.6% 79.2 112.4% 0.4 0.0 -78.2 28.5ComStage ETF Dow Jones STOXX 600 Media TR CBSXMR GY -0.7% 9.5% 15.7 9.5% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Media SYM FP -0.7% 9.3%* 12.9 85.0% 0.1 0.0 0.0 5.3Dow Jones STOXX 600 Optimised Media Source ETF XMPS GR -0.9% 10.3% 57.9 231.4% 0.1 5.7 7.3 27.1YTD19-Nov-10YTD %changeETF5-day ADV(US$ Mn)Weekly ETF net flows(US$ Mn)MTD ETF net flows(US$ Mn)YTD ETF net flows(US$ Mn)continued…Notes: 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.Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. *EasyETF changed benchmarks from Euro STOXX Sectors to now follow STOXX Europe 600 sectors on 12 January 2010, so the YTDperformance may show a higher deviation since they have not followed the same index for the entire period. ETF YTD returns reflect US dollar NAV performance from 30 December 2009 to 19 November 2010.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. 03

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockSTOXX Europe 600 sector ETF net flows (continued)SectorTickerSTOXX 600#stocks%weightUS$ ETF NAV performanceWeeklyOil and gas SXER 36 8.7% -1.8% -7.2% 998.7 -4.4% 5.5 20.4 43.9 71.1iShares STOXX Europe 600 Oil & Gas (DE) SXEPEX GY -1.8% -10.8% 166.5 -28.3% 1.0 0.0 -0.5 -34.6iShares STOXX Europe 600 Oil & Gas Swap (DE) SXEREX GY -1.8% -7.3% 26.3 -41.9% 0.0 0.0 0.0 -13.7Lyxor ETF STOXX 600 Oil & Gas OIL FP -1.8% -10.2% 250.7 -27.8% 1.7 0.0 0.0 -55.3db x-trackers DJ STOXX 600 Oil & Gas XSER GY -1.8% -7.3% 160.1 -8.9% 1.5 2.9 12.1 0.2ComStage ETF Dow Jones STOXX 600 Oil & Gas TR CBSXER GY -1.8% -7.1% 63.5 -7.1% 0.2 0.0 0.0 0.0ETFX Dow Jones STOXX 600 Oil and Gas Fund ETLD ID -1.8% -7.7% 13.5 114.1% 0.0 0.0 -1.7 6.9EasyETF Stoxx 600 Oil & Gas SYE FP -1.8% -8.4%* 53.7 -29.6% 0.1 3.9 1.0 -12.7Dow Jones STOXX 600 Optimised Oil & Gas Source ETF XEPS GR -1.6% -3.5% 264.3 184.1% 1.1 13.7 33.1 180.3Personal and household goods SXQR 27 5.4% 0.4% 21.6% 260.6 57.8% 0.5 -2.9 -25.3 56.7iShares STOXX Europe 600 Personal & Household Goods (DE) SXQPEX GY 0.4% 18.7% 23.1 -13.7% 0.1 0.0 -0.3 -7.5iShares STOXX Europe 600 Personal & Household Goods Swap (DE) SXQREX GY 0.4% 21.5% 34.0 15.0% 0.0 0.0 -5.4 -2.5Lyxor ETF STOXX 600 Personal & Household Goods PHG FP 0.4% 18.6% 158.1 92.2% 0.4 0.0 -24.6 52.2ComStage ETF Dow Jones STOXX® 600 Personal & Household Goods TR CBSXQR GY 0.4% 21.6% 18.7 21.6% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Personal & Household Goods Source ETF XQPS GR 0.5% 21.2% 26.7 139.7% 0.0 -2.9 5.0 14.5Real estate SX86R 18 1.1% -2.3% 6.1% 61.4 -24.5% 0.5 0.0 -5.3 -20.9iShares STOXX Europe 600 Real Estate (DE) SREEEX GY -2.3% 2.2% 47.1 -30.6% 0.5 0.0 -5.3 -20.9ComStage ETF Dow Jones STOXX 600 Real Estate TR CBSX86R GY -2.3% 6.3% 14.3 6.3% 0.0 0.0 0.0 0.0Retail SXRR 25 3.6% 0.5% 10.7% 255.0 42.6% 0.8 27.3 45.1 67.0iShares STOXX Europe 600 Retail (DE) SXRPEX GY 0.4% 7.9% 17.5 -17.7% 0.1 0.0 -2.7 -4.8iShares STOXX Europe 600 Retail Swap (DE) SXRREX GY 0.5% 10.6% 22.2 -21.8% 0.1 0.0 0.0 -8.6Lyxor ETF STOXX 600 Retail RTA FP 0.5% 7.8% 59.6 -34.2% 0.2 0.0 -13.0 -34.6ComStage ETF Dow Jones STOXX 600 Retail TR CBSXRR GY 0.5% 10.7% 16.8 10.7% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Retail Source ETF XRPS GR 0.5% 11.2% 138.9 494.6% 0.3 27.3 60.8 114.9Technology SX8R 26 2.9% 1.0% 5.2% 243.0 25.1% 1.9 11.9 9.8 41.5iShares STOXX Europe 600 Technology (DE) SX8PEX GY 1.0% 3.9% 28.3 -20.8% 0.3 0.0 -4.4 -8.1iShares STOXX Europe 600 Technology Swap (DE) SX8REX GY 1.0% 5.2%9.7 -42.4% 0.0 0.0 0.0 -7.7Lyxor ETF STOXX 600 Technology TNO FP 1.0% 3.5% 53.4 -4.8% 0.3 0.0 0.0 -2.9db x-trackers DJ STOXX 600 Technology XS8R GY 1.0% 5.0% 76.6 107.0% 0.2 0.0 6.4 39.7ComStage ETF Dow Jones STOXX 600 Technology TR CBSX8R GY 1.0% 5.3% 34.7 5.3% 0.0 0.0 0.0 0.0EasyETF Stoxx 600 Technology SYQ FP 1.0% 4.5%* 4.2 -30.3% 0.0 0.0 0.0 -2.1Dow Jones STOXX 600 Optimised Technology Source ETF X8PS GR 1.3% 9.1% 36.1 279.4% 1.1 11.9 7.8 22.6Telecommunications SXKR 20 6.0% -1.1% 6.5% 843.2 -3.9% 1.7 -34.2 13.9 -41.6iShares STOXX Europe 600 Telecommunications (DE) SXKPEX GY -1.1% 0.7% 191.6 65.3% 0.1 0.0 11.2 70.5iShares STOXX Europe 600 Telecommunications Swap (DE) SXKREX GY -1.1% 6.7% 29.0 66.0% 0.2 0.0 3.6 9.5Lyxor ETF STOXX 600 Telecommunications TEL FP -1.1% 0.7% 267.5 -42.3% 0.9 0.0 0.0 -177.5db x-trackers DJ STOXX 600 Telecommunications XSKR GY -1.1% 6.4% 168.3 135.3% 0.4 -3.5 48.2 84.7ComStage ETF Dow Jones STOXX 600 Telecommunications TR CBSXKR GY -1.1% 6.8% 47.0 6.8% 0.1 0.0 0.0 0.0EasyETF Stoxx 600 Telecommunications SYT FP -1.0% 6.5%* 61.6 56.6% 0.0 2.5 2.5 20.9Dow Jones STOXX 600 Optimised Telecommunications Source ETF XKPS GR -0.8% 6.0% 78.2 -37.6% 0.0 -33.1 -51.7 -49.8YTDETF AUM (US$ Mn)19-Nov-10YTD %changeETF5-day ADV(US$ Mn)Weekly ETF net flows(US$ Mn)MTD ETF net flows(US$ Mn)YTD ETF net flows(US$ Mn)continued…Notes: 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.Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. *EasyETF changed benchmarks from Euro STOXX Sectors to now follow STOXX Europe 600 sectors on 12 January 2010, so the YTDperformance may show a higher deviation since they have not followed the same index for the entire period. ETF YTD returns reflect US dollar NAV performance from 30 December 2009 to 19 November 2010.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. 04

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockSTOXX Europe 600 sector ETF net flows (continued)SectorTickerSTOXX 600#stocks%weightUS$ ETF NAV performanceWeeklyTravel and leisure SXTR 23 1.3% -0.4% 16.4% 88.2 -0.1% 1.5 8.1 -4.9 -10.8iShares STOXX Europe 600 Travel & Leisure (DE) SXTPEX GY -0.4% 13.2% 10.7 8.8% 0.1 0.0 0.9 0.2iShares STOXX Europe 600 Travel & Leisure Swap (DE) SXTREX GY -0.4% 16.4% 6.6 -15.3% 0.0 0.0 -2.5 -2.5Lyxor ETF STOXX 600 Travel & Leisure TRV FP -0.4% 13.6% 28.5 3.2% 0.2 0.0 0.0 0.9ComStage ETF Dow Jones STOXX 600 Travel & Leisure TR CBSXTR GY -0.4% 16.3% 13.4 16.3% 0.0 0.0 0.0 0.0Dow Jones STOXX 600 Optimised Travel & Leisure Source ETF XTPS GR -0.3% 18.3% 28.9 -8.0% 1.2 8.1 -3.3 -9.4Utilities SX6R 31 5.7% 0.3% -8.1% 737.8 3.0% 2.3 19.9 41.4 106.9iShares STOXX Europe 600 Utilities (DE) SX6PEX GY 0.3% -12.1% 140.6 -6.5% 0.4 0.0 -2.7 8.7iShares STOXX Europe 600 Utilities Swap (DE) SX6REX GY 0.3% -7.8% 39.1 -15.4% 0.0 0.0 0.0 -3.9Lyxor ETF STOXX 600 Utilities UTI FP 0.3% -12.1% 154.4 -48.2% 0.5 0.0 6.2 -110.8db x-trackers DJ STOXX 600 Utilities XS6R GY 0.3% -8.3% 85.2 33.2% 0.6 0.0 0.0 24.9ComStage ETF Dow Jones STOXX 600 Utilities TR CBSX6R GY 0.3% -7.8% 69.3 -7.8% 0.0 0.0 0.0 0.0ETFX Dow Jones STOXX 600 Utilities Fund ETLE ID 0.3% -8.6% 11.8 314.9% 0.0 0.0 0.0 8.7EasyETF Stoxx 600 Utilities SYU FP 0.3% -7.4%* 19.3 11.9% 0.1 0.0 0.0 3.1Dow Jones STOXX 600 Optimised Utilities Source ETF X6PS GR 0.5% -8.8% 218.0 249.7% 0.7 19.9 38.0 176.1YTDETF AUM (US$ Mn)19-Nov-10YTD %changeETF5-day ADV(US$ Mn)Weekly ETF net flows(US$ Mn)MTD ETF net flows(US$ Mn)YTD ETF net flows(US$ Mn)Notes: 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.Performance, assets, trading volumes and flows calculated from Bloomberg using the same methodology for all providers. *EasyETF changed benchmarks from Euro STOXX Sectors to now follow STOXX Europe 600 sectors on 12 January 2010, so the YTDperformance may show a higher deviation since they have not followed the same index for the entire period. ETF YTD returns reflect US dollar NAV performance from 30 December 2009 to 19 November 2010.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. 05

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockAbout BlackRockBlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2010, BlackRock’s AUM was $3.446 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 ofstructures including separate accounts, mutual funds, iShares (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investmentsystem services to a broad base of institutional investors through BlackRock Solutions. Headquartered in New York City, as of September 30, 2010, the firm has approximately 8,900 employees in 26countries 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 Company'swebsite at www.blackrock.com.About BlackRock’s Global ETF Research and Implementation Strategy TeamBlackRock’s Global ETF Research and Implementation Strategy Team is regarded as the industry’s pre-eminent source of data, analysis and perspective on the ETF/ETP marketplace worldwide. While theteam’s 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 assetallocation 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 marketcommentaries as well as handbooks covering all ETFs and ETPs from all 158 providers (as of September 30, 2010). The scope of research is unequalled industry-wide, covering the world as well as all majorregional 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 forrepresentatives of global exchanges, regulatory bodies and the financial media. Through the team’s timely and comprehensive research and market insight, BlackRock demonstrates its dedication to theindustry 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.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. 06

ETF Landscape For the week ending 19 November 2010STOXX Europe 600 Sector ETF Net Flows from BlackRockGlobal ETF Research and Implementation Strategy TeamDeborah FuhrManaging DirectorGlobal Head of ETF Research and Implementation Strategy+44 20 7668 4276deborah.fuhr@blackrock.comShane KellyVice PresidentGlobal ETF Research and Implementation Strategy+44 20 7668 8426shane.kelly@blackrock.comRegulatory InformationBlackRock Advisors (UK) Limited (‘BlackRock’), which is authorised and regulated by the Financial Services Authority in the United Kingdom, has issued this document for access by professional clients and for information purposes only. This document or any portionhereof may not be reprinted, sold or redistributed without authorisation from BlackRock.This communication is being made available to persons who are investment professionals as that term is defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 or its equivalent under any other applicable law orregulation in the relevant jurisdiction. It is directed at persons who have professional experience in matters relating to investments.This document is an independent market commentary document based on publicly available information and is produced by the Global ETF Research & Implementation Strategy team. Specifically, this is not marketing nor is it an offer to buy or sell any security or toparticipate in any trading strategy. Affiliated companies of BlackRock may make markets in the securities of ETFs and provide ETFs in the form of iShares. 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BlackRock Asset Management Deutschland AG’s iShares STOXX Europe 600 (DE), iShares STOXXEurope 600 Automobiles & Parts (DE), iShares STOXX Europe 600 Automobiles & Parts Swap (DE), iShares STOXX Europe 600 Banks (DE), iShares STOXX Europe 600 Banks Swap (DE), iShares STOXX Europe 600 Basic Resources (DE), iShares STOXX Europe 600Basic Resources Swap (DE), iShares STOXX Europe 600 Chemicals (DE), iShares STOXX Europe 600 Chemicals Swap (DE), iShares STOXX Europe 600 Construction & Materials (DE), iShares STOXX Europe 600 Construction & Materials Swap (DE), iShares STOXXEurope 600 Financial Services (DE), iShares STOXX Europe 600 Financial Services Swap (DE), iShares STOXX Europe 600 Food & Beverage (DE), iShares STOXX Europe 600 Food & Beverage Swap (DE), iShares STOXX Europe 600 Health Care (DE), iShares STOXXEurope 600 Health Care Swap (DE), iShares STOXX Europe 600 Industrial Goods & Services (DE), iShares STOXX Europe 600 Industrial Goods & Services Swap (DE), iShares STOXX Europe 600 Insurance (DE), iShares STOXX Europe 600 Insurance Swap (DE),iShares STOXX Europe 600 Media (DE), iShares STOXX Europe 600 Media Swap (DE), iShares STOXX Europe 600 Oil & Gas (DE), iShares STOXX Europe 600 Oil & Gas Swap (DE), iShares STOXX Europe 600 Personal & Household Goods (DE), iShares STOXX Europe600 Personal & Household Goods Swap (DE), iShares STOXX Europe 600 Real Estate (DE), iShares STOXX Europe 600 Retail (DE), iShares STOXX Europe 600 Retail Swap (DE), iShares STOXX Europe 600 Technology (DE), iShares STOXX Europe 600 TechnologySwap (DE), iShares STOXX Europe 600 Telecommunications (DE), iShares STOXX Europe 600 Telecommunications Swap (DE), iShares STOXX Europe 600 Travel & Leisure (DE), iShares STOXX Europe 600 Travel & Leisure Swap (DE), iShares STOXX Europe 600Utilities (DE) and iShares STOXX Europe 600 Utilities Swap (DE) based on the STOXX Europe 600, STOXX Europe 600 Automobiles & Parts, STOXX Europe 600 Banks, STOXX Europe 600 Basic Resources, STOXX Europe 600 Chemicals, STOXX Europe 600Construction & Materials, STOXX Europe 600 Financial Services, STOXX Europe 600 Food & Beverage, STOXX Europe 600 Health Care, STOXX Europe 600 Industrial Goods & Services, STOXX Europe 600 Insurance, STOXX Europe 600 Media, STOXX Europe 600 Oil& Gas, STOXX Europe 600 Personal & Household Goods, STOXX Europe 600 Real Estate, STOXX Europe 600 Retail, STOXX Europe 600 Technology, STOXX Europe 600 Telecommunications, STOXX Europe 600 Travel & Leisure and STOXX Europe 600 Utilities arenot sponsored, endorsed, sold or promoted by STOXX, and STOXX makes no representation regarding the advisability of trading in such products.Although BlackRock endeavours to update and ensure the accuracy of the content of this document, BlackRock does not warrant or guarantee its accuracy or correctness. Despite the exercise of all due care, some information in this document may have changedsince publication. Investors should obtain and read the ETF prospectuses from ETF Providers and confirm any relevant information with ETF Providers before investing. Neither BlackRock, nor any affiliate, nor any of their respective officers, directors, partners, oremployees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.The trademarks and service marks contained herein are the property of their respective owners. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall nothave liability for any damages of any kind relating to such data.© 2010 BlackRock Advisors (UK) Limited. Registered Company No. 00796793. All rights reserved. Calls may be monitored or recorded.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. 07