February Update ETF Bi-Weekly Capital-Market Liquidity to Spur Gold/Silver Etfs On

February 3, 2012

 ETF RESEARCH February update ETF Bi-weekly Capital-market liquidity to spur gold/silver ETFs on

 Asia-Pacific stock markets put in solid performances in January, rising a notable 3.1% in Indonesia and 10.6% in Hong Kong. US dollar-denominated returns were even higher thanks to the weakness of the greenback against Asian currencies—for example, the Kospi returned 7.1% for the month in won terms, while its USD-denominated return reached 10.7%. Amid rising expectations of an approaching resolution to the eurozone crisis, investors worldwide showed a growing preference for risky assets, which drove the technical market rebounds. Alongside stock markets, the commodity market also bounced back, led by strong demand for non-ferrous metals and agricultural products.  Asia-Pacific ETF markets enjoyed a net inflow of USD7.5b in January, with USD3.7b flowing in during the first half of the month and USD3.8b during the second. ETFs listed on the Hong Kong Stock Exchange saw the largest net inflow of funds (USD2.6b), followed by Osaka (USD1.3b), Tokyo (USD0.9b), Korea (USD0.47b), and Taiwan (USD0.33b). We believe the increased global appetite for riskier assets in Analysts January sparked asset relocation back into ETFs and other index plays. Gyun Jun [email protected]  Eight ETFs were newly listed on Asia Pacific markets in January—five in Korea, two in 822 2020 7044 Hong Kong, and one in Australia. As both new listings in Hong Kong were made by Korean ITCs, almost all of the new ETFs were related to Korea. For reference, most Trisha Sung ETFs newly listed in the US market in January were small-cap ETFs, low-volatility [email protected] ETFs, or volatility-response ETFs. 822 2020 7823  Top ETF performers over the past two weeks were tracking non-ferrous metals, the Brazilian or Russian stock exchanges, or financial sectors (ie, banking and securities). Most of the worst performers were VIX ETFs, inverse ETFs, currency ETFs, and consumer goods and healthcare ETFs. As most Asia/Pacific ETFs rose amid a recovery in the capital markets, the number of Asia/Pacific ETFs with negative ytd investment yields fell to below 50 (or 10% of all ETFs).  Risk appetite grew in the world’s capital markets at the start of this year. Commodity and stock markets worldwide rallied as liquidity rose, back by ultra-low interest rate policies in the developed world and efforts to resolve the European debt crisis. With the current capital-market environment likely to be sustained into mid-1Q, we recommend increasing exposure to commodity ETFs (especially those linked to gold and silver) and BRICs/frontier ETFs. We also recommend a short-term approach to banking and shipbuilding/marine sector ETFs that were oversold last year.

 All material presented in this report, unless specifically indicated otherwise, is under copyright to Samsung Securities. None of the material, nor its content, nor any copy of it, may be altered in any form or by any means, transmitted, copied, or distributed to any other party, without the prior express written permission of Samsung Securities. This memorandum is based upon information available to the public. While we have taken all reasonable care to ensure its reliability, we do not guarantee that it is accurate or complete. This memorandum is not intended to be an offer, or a solicitation of any offer, to buy or sell the securities mentioned herein. Samsung Securities shall not be liable whatsoever for any loss, direct or consequential, arising from any use of this memorandum or its contents. Statements, if any, relating to affiliates of Samsung Securities are also based upon information available to the public and do not necessarily represent the views of the management of such affiliates.  This report has been prepared without any undue external influence or interference, and accurately reflects the views of the analyst(s) covering the company or companies herein.

Samsung Securities (Korea) www.samsungpop.com

February 3, 2012 Derivatives Spot

ETF volume

Figure 1. Newly-listed ETF products, by half

(No of products) 80 73 70

60 55 50 50 45 46

40 37 30 30 19 20 20 9 8 10 7 6 33 0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Note: As of Jan 31; excludes delisted products Source: Bloomberg, Samsung Securities

Table 1. New ETFs per year, by exchange Exchange 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Australia 2 2 1 4 15 12 1 Bangkok 1 1 1 1 5 Hong Kong 1 1 2 3 1 3 6 12 20 8 2 Indonesia 1 Korea 2 8 5 15 18 16 44 5 Bursa Malaysia 1 1 1 2 Mumbai 1 1 Nagoya 1 Natl SE of India 1 3 1 6 3 2 8 7 New Zealand 2 Osaka 2 2 2 2 6 1 Shanghai 1 1 1 2 7 11 Shenzhen 1 2 6 11 Singapore 1 1 2 1 5 2 2 4 Taiwan 1 2 4 4 1 5 Tokyo 4 7 43 6 13 18 Total 9 13 6 6 6 16 25 82 50 96 127 8 Note: As of Jan 31; excludes delisted products Source: Bloomberg, Samsung Securities

Table 2. Listed ETFs, by underlying asset Asset category Market value (USDm) Number of products Equity 102,374 370 Commodity 5,310 49 Debt 4,535 20 Asset allocation 195 13 Total 112,415 452 Note: Asset allocation category includes commodity ETFs Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 3. Number of listed ETFs, by exchange Exchange Number of products Korea 111 Tokyo 90 Hong Kong 61 Australia 38 Natl SE of India 31 Singapore 29 Shanghai 23 Taiwan 17 Osaka 16 Shenzhen 14 Bangkok 8 New Zealand 6 Bursa Malaysia 4 Mumbai 2 Indonesia 1 Nagoya 1 Total 452 Note: As of Jan 31 Source: Bloomberg, Samsung Securities

Table 4. ETF market value, by exchange Primary Exchange Total asset value Average asset value Total asset value 2 weeks before (USDm) (USDm) (USDm) Hong Kong 27,327 479 26,168 Tokyo 23,358 260 22,337 Osaka 15,022 939 14,127 Singapore 10,645 367 11,063 Korea 9,853 89 9,065 Shanghai 7,053 321 7,066 Taiwan 6,996 437 6,718 Shenzhen 5,073 423 5,083 Australia 4,409 122 4,156 Natl SE of India 1,979 76 1,923 New Zealand 373 62 355 Bangkok 189 24 185 Bursa Malaysia 108 27 302 Nagoya 25 25 24 Indonesia 4 4 4 Mumbai 1 0 1 Total 112,415 257 108,577 Note: As of Jan 31 Source: Bloomberg, Samsung Securities

Table 5. ETF trading volume and value, by exchange Primary exchange Total trading volume (contracts) Average trading volume (contracts) Shenzhen 928,296,083 77,358,007 Shanghai 1,110,127,089 50,460,322 Taiwan 36,093,352 2,123,138 Hong Kong 120,580,872 2,078,981 Bangkok 6,317,606 902,515 Bursa Malaysia 2,430,693 607,673 Korea 60,514,029 576,324 Indonesia 48,094 48,094 Tokyo 4,066,931 46,746 Singapore 1,163,551 43,094 Osaka 527,206 35,147 New Zealand 194,880 32,480 Australia 808,431 23,777 Natl SE of India 630,807 21,027 Mumbai 2,767 1,384 Nagoya 545 545 Note: As of Jan 31; trading volume based on 3-month average Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

ETF asset value

Table 6. Top 30 ETFs in terms of asset value ETF Benchmark Exchange Total asset value (USDm) Total asset value of two weeks ago (USDm) Nomura ETF - Nikkei225 NKY Osaka 8,912.38 8,624.72 Nomura ETF - Topix TPX Tokyo 8,861.26 8,511.73 Tracker Fund Of Hong Kong HSI Hong Kong 6,708.48 6,511.64 iShares FTSE A50 China Index FTXIA50T Hong Kong 6,035.48 5,794.87 Nikko ETF - Nikkei 225 NKY Tokyo 4,446.00 4,153.53 Daiwa ETF - Nikkei 225 NKY Osaka 3,797.16 3,618.69 Hang Seng Index ETF HSI Hong Kong 3,727.70 3,554.63 Daiwa ETF - Topix TPX Tokyo 3,567.34 3,438.38 Polaris Taiwan Top50 Tracker TW50 Taiwan 3,565.61 3,454.44 Nikko ETF - Topix TPX Tokyo 3,544.32 3,416.08 Samsung KODEX 200 KOSPI2 Korea 3,085.91 2,771.08 China 50 ETF SSE50 Shanghai 3,014.54 3,019.98 E Fund SI100 Index Fund SI100 Shenzhen 2,867.70 2,872.88 ABF Pan Asia Bond Index Fund ABTRPAUH Hong Kong 2,696.42 2,655.43 Fubon SSE 180 Index ETF SSE180 Taiwan 2,573.00 2,443.54 Hang Seng H-Share Index ETF HSCEI Hong Kong 2,552.18 2,485.28 SPDR S&P/ASX 200 Fund AS51 Australia 2,187.82 2,066.68 Maxis Nikkei 225 ETF NKY Osaka 1,658.75 1,255.15 Lyxor ETF Commodities CRB-CD CRYTR Singapore 1,582.73 1,455.88 Lyxor ETF Russia RU10D Hong Kong 1,333.47 1,190.42 Lyxor ETF MSCI Emerging Markets-B NDUEEGF Singapore 1,314.30 1,563.56 Shanghai SSE180 ETF SSE180 Shanghai 1,217.49 1,219.69 Lyxor ETF China Enterprise HSI 21 Singapore 1,215.44 1,114.11 Lyxor ETF Dow Jones IND AV-B DJINR Singapore 904.88 840.83 Lyxor ETF MSCI World-E NDDUWI Hong Kong 898.42 849.17 Lyxor ETF MSCI AC Asia EX JP NDUECAPF Singapore 805.76 705.44 WISE - CSI 300 China Tracker SHSZ300 Hong Kong 763.16 741.72 Mirae Maps TIGER 200 ETF KOSPI2 Korea 758.44 663.21 Samsung KODEX Leverage ETF KOSPI2LG Korea 736.16 874.38 China SME ETF SZ399601 Shenzhen 720.01 721.31 Note: As of Jan 31 Source: Bloomberg, Samsung Securities

Figure 2. Breakdown of ETF asset value, by exchange Figure 3. Change in total asset value, by exchange

(USDm) 1,000 899 932 Shanghai 870 5% 800 Korea 5% 600 Hong Kong 29% Singapore 400 272 7% 241 143 200 121 Taiwan 7% 0 (8) (6) (200)

Osaka Tokyo 17% 24% Korea Tokyo Osaka Taiwan Australia Shanghai Shenzhen Singapore Hong Kong Note: Based on top-30 ETFs by asset value at Jan 31 Note: Based on top-30 ETFs by asset value; changes since Jan 13, 2012 Source: Bloomberg, Samsung Securities Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

ETF trading volume

Table 7. Top 30 ETFs, in terms of trading volume ETF Exchange Average volume (contracts) 3 months 5 days E Fund SI100 Index Fund Shenzhen 827,514,688 1,258,937,088 Shanghai SSE180 ETF Shanghai 595,557,760 987,327,232 China 50 ETF Shanghai 436,018,432 529,801,536 iShares FTSE A50 China Index Hong Kong 89,756,024 85,044,824 China SME ETF Shenzhen 59,049,960 74,458,576 Samsung KODEX Inverse ETF Korea 28,158,838 21,029,872 Shenzhen Stock Exch-Stock IN Shenzhen 25,596,658 30,309,410 Samsung KODEX Leverage ETF Korea 23,915,872 15,401,137 Polaris Taiwan Top50 Tracker Taiwan 21,127,704 26,133,354 Bosera SSE Large cap Shanghai 19,754,288 28,653,420 GTJA Allianz SSE Commodity EQ Shanghai 18,991,670 50,027,448 Tracker Fund Of Hong Kong Hong Kong 12,795,940 22,692,376 DB X-Trackers CSI 300 IND-2D Hong Kong 9,107,416 7,397,160 Polaris-Wise CSI 300 Taiwan 8,716,758 14,662,189 Huatai-PB Dividend ETF Shanghai 6,894,278 7,639,886 Lion SSE Emerging Industries Shanghai 6,644,824 5,735,381 Guangfa SZSE Enterpreneur 300 Shenzhen 4,965,154 10,918,143 Samsung KODEX 200 Korea 4,563,948 3,812,043 Guotai Shanghai 180 Financia Shanghai 4,306,049 3,628,920 Polaris PS MSCI Taiwan FIN Taiwan 4,139,362 4,545,104 KTAM Gold ETF Tracker Bangkok 4,128,589 5,536,580 China Security Southern Well Shanghai 3,974,077 3,140,332 Fortune SGAM SSE 180 Growth Shanghai 3,519,250 1,765,860 ICBC Credit Suisse CENT 50 ETF Shanghai 3,288,962 6,544,220 Harvest Shenzhen F120 ETF Shenzhen 3,272,228 11,860,158 Bank Of Comm Schroder SSE180 Shanghai 3,108,070 2,640,398 MYETF DJ Islamic Titans 25 Bursa Malaysia 2,367,012 4,200 Bank of C Schroder SZSE 300 Shenzhen 2,169,660 134,820 Hang Seng H-Share Index ETF Hong Kong 1,753,987 1,834,770 Nomura ETF - Topix Tokyo 1,665,701 1,422,260 Note: As of Jan 31 Source: Bloomberg, Samsung Securities

Table 8. ETF trading volume, by exchange (No of stocks) Average volume (contracts) 3 months 5 days Shanghai 1,102,057,660 1,626,904,633 Shenzhen 922,568,348 1,386,618,195 Hong Kong 113,413,367 116,969,130 Korea 56,638,658 40,243,052 Taiwan 33,983,824 45,340,647 Bangkok 4,128,589 5,536,580 Bursa Malaysia 2,367,012 4,200 Tokyo 1,665,701 1,422,260 Note: Based on top 30 ETFs in terms of trading volume Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

New listed ETFs

Table 9. New listed ETFs in Asia-Pacific market (Jan) Ticker Name Domicile Inception date Asset Management company Expense ratio 152100 KS Hanwha Arirang Kospi 200 ETF South Korea 1/10/2012 Equity Hanwha 0.26 152280 KS Woori KOSEF 200 Futures ETF South Korea 1/13/2012 Asset Allocation Woori 0.27 152180 KS Maps TIGER Consumer ETF South Korea 1/16/2012 Equity MAPS n/a DGA AU Digga Australian Mining Fund Australia 1/18/2012 Equity n/a 1.00 152380 KS KODEX 10-year KTB Futures ETF South Korea 1/20/2012 Asset Allocation Samsung n/a 3054 HK Mirae S&P EM Asia Consumer Hong Kong 1/27/2012 Equity Mirae Asset Global Investments/HK 0.75 3066 HK Mirae S&P Asia ex Japan IT Hong Kong 1/27/2012 Equity Mirae Asset Global Investments/HK 0.75 152500 KS KINDEX Leverage ETF South Korea 1/27/2012 Asset Allocation Korea Investment Trust 0.70 Source: Bloomberg, Samsung Securities

Table 10. New listed ETFs in US (Jan) Ticker Name Asset Management company Expense ratio EWGS US iShares MSCI Germany Small Equity iShares 0.59 EWCS US iShares MSCI Canada Small CA Equity iShares 0.59 EWAS US iShares MSCI Australian Small Equity iShares 0.59 EFNL US iShares MSCI Finland Capped Equity iShares 0.53 EWUS US iShares MSCI UK Equity iShares 0.59 EDEN US iShares MSCI Denmark Capped Equity iShares 0.53 ACCU US Accuvest Global Opportunities Equity AdvisorShares ETFs 1.78 ENOR US iShares MSCI Norway Capped Equity iShares 0.53 GGOV US ProShares German Sovereign Debt ProShares ETFs 0.45 EEME US iShares MSCI Emerging Market Equity iShares 0.49 IDLV US PowerShares S&P International Equity Powershares ETFs 0.35 EELV US PowerShares S&P Emerging Market Equity Powershares ETFs 0.45 GMFS US SPDR S&P S/C Emerging Asia Pacific Equity State Street ETF 0.65 EWSS US iShares MSCI Singapore Small Equity iShares 0.59 URTH US iShares MSCI World Index -US Equity iShares 0.24 EWHS US iShares MSCI Hong Kong Small Equity iShares 0.59 SSAM US Rockledge Sectorsam ETF Equity AdvisorShares ETFs 1.5 VLAT US Direxion S&P Latin 40 VOL Asset Allocation Direxion Shares ETFs 0.45 VSPR US Direxion S&P RC 1500 VOL RES Asset Allocation Direxion Shares ETFs 0.45 VSPY US Direxion S&P 500 VOL Respons Asset Allocation Direxion Shares ETFs 0.45 FINF US ProShares Short 30-year TIPS/TS Debt ProShares ETFs 0.75 RINF US ProShares 30-year TIPS/TSY Debt ProShares ETFs 0.75 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

ETFs posting highest and lowest ytd returns

Table 11. Top 30 ETFs in terms of ytd return ETF Exchange YTD return (%) Asset KODEX Silver Futures Korea 24.25 Commodity GS PSU Bank-GS PSU Bank BEES N.S. India 22.35 Equity GS Banking Exchange-GS Bank BEES N.S. India 20.28 Equity Japan Physical Silver ETF/MUFG Tokyo 19.59 Commodity Samsung KODEX Securities ETF Korea 19.49 Equity KOTAK PSU Bank ETF N.S. India 19.43 Equity iShares MSCI India ETF Singapore 18.77 Equity Goldman Infrastructure BEES N.S. India 18.36 Equity Next F India CNX Nifty N ETF Tokyo 18.18 Equity NEXT Funds iBovespa Link ETF Tokyo 17.31 Equity iShares BSE Sensex India IND Hong Kong 16.54 Equity Prudential ICIC-Sensex SPICE Mumbai 16.52 Equity GS Nifty Exchange-GS Junior BEES N.S. India 16.37 Equity DB X-Trackers MSCI Russia CP-2D Singapore 15.24 Equity ETFS Physical Silver Australia 15.12 Commodity Mirae Maps TIGER 200 2X ETF Korea 14.99 Equity Samsung KODEX Leverage ETF Korea 14.82 Equity Lyxor ETF Russia Hong Kong 14.69 Equity Lyxor ETF China Enterprise Singapore 14.22 Equity Samsung KODEX Copper ETF Korea 14.19 Commodity Samsung KODEX Shipbuild ETF Korea 14.14 Equity KB Kstar Leverage ETF Korea 14.12 Equity Japan Physical Plat ETF/MUFG Tokyo 14.06 Commodity Samsung KODEX E & C ETF Korea 14.01 Equity Mirae TIGER Metals ETF Korea 13.96 Commodity Lyxor ETF India S&P CNX NFSD Singapore 13.85 Equity Maps TIGER Energy & Chemical ETF Korea 13.81 Equity Maps TIGER Shipbuilding & Transportation ETF Korea 13.42 Equity Value China ETF Hong Kong 13.40 Equity Woori KOSEF Banks ETF Korea 13.34 Equity Note: As of Jan 31; ETFs listed in 2012 excluded Source: Bloomberg, Samsung Securities

Figure 4. Top 30 ETFs in terms of ytd return, by exchange Figure 5. Asset breakdown of top 30 ETFs in terms of ytd return

(No of products) 14 12 12 Commodity 6

6 5 44 4 3

2 11

0 Equity 24 Kong Hong Korea Tokyo Mumbai Australia N.S. India N.S. Singapore

Source: Bloomberg, Samsung Securities Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 12. Bottom 30 ETFs in terms of ytd return ETF Exchange YTD (%) Asset UTI-SUNDER N.S. India (32.99) Equity Kokusai S&P 500 VIX Short ETF Osaka (25.00) Equity iPath S&P 500 VIX S/T FU JDR Tokyo (24.07) Equity Kokusai S&P 500 VIX Mid ETF Osaka (11.28) Equity E Fund Chinext Price Index Shenzhen (10.15) Equity iPath S&P 500 VIX M/T FU JDR Tokyo (9.20) Equity Samsung KODEX Inverse ETF Korea (7.24) Equity Kindex Inverse ETF Korea (7.16) Equity Woori KOSEF Inverse ETF Korea (7.09) Equity Mirae Maps TIGER 200 -1X ETF Korea (6.93) Equity DB CSI 300 Health Care ETF Hong Kong (5.40) Equity Betashares Euro ETF Australia (5.26) Asset Allocation Mirae TIGER Media Telecom ETF Korea (4.55) Equity Betashares British Pound ETF Australia (4.48) Asset Allocation Nikko ETF S&P JP EMER EQ 100 Tokyo (4.18) Equity Betashares US Dollar ETF Australia (4.08) Asset Allocation Simplex TSE Mothers Core ETF Tokyo (3.72) Equity iShares CSI Consumer Staples Hong Kong (3.70) Equity Daiwa ETF-Real Estate Topix 17 Tokyo (3.48) Equity Daiwa ETF - Topix -17 Pharma Tokyo (3.42) Equity China SME ETF Shenzhen (2.89) Equity Guangfa SZSE Enterpreneur 300 Shenzhen (2.89) Equity China Merchants SSE Consumer Shanghai (2.44) Equity Daiwa ETF-ELEC APP Topix 17 Tokyo (2.28) Equity Daiwa ETF-IT Serv Topix 17 Tokyo (2.17) Equity AMP Investments' World Index New Zealand (2.12) Equity Next Funds Nomura Crude Oil Tokyo (2.09) Commodity Fubon Taiwan Finance ETF Taiwan (2.04) Equity Woori KOSEF USD Futures ETF Korea (2.02) Asset Allocation Samsung KODEX Insurance ETF Korea (2.02) Equity Note: As of Jan 31; ETFs listed in 2012 excluded Source: Bloomberg, Samsung Securities

Figure 6. Bottom 30 ETFs in terms of ytd return, by exchange Figure 7. Asset breakdown of bottom 30 ETFs in terms of return

(No of products) 10 9 Asset 9 Allocation 4 8 7 7 6 5 Commodity 1 4 33 3 22 2 1111 1 0 Equity 25 Korea Tokyo New New Osaka Taiwan Zealand Australia Shanghai N.S. India N.S. Shenzhen Hong Kong

Source: Bloomberg, Samsung Securities Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Commodity ETFs

Table 13. Commodity ETFs Code Name Benchmark Exchange 3-month average trading volume AUM (shares) (USDm) CRB SP Lyxor ETF Commodities CRB-CD CRYTR Singapore 2,588 1,582.73 GOLD AU ETFS Physical Gold GOLDLNPM Australia 18,948 675.01 GBEES IN Gold Exch TRAD - Gold BEES n/a N.S. India 112,962 566.60 REGOLD IN Reliance Gold ETF n/a N.S. India 10,486 453.82 1540 JP Japan Physical Gold ETF/MUFG MUTFGOLD Tokyo 63,485 337.05 CRN SP Lyxor ETF Commodity CRB NON EN CRYNETR Singapore 144 257.97 ICPGOLD IN ICICI Prudential Gold ETF n/a N.S. India 735 215.01 1328 JP Gold-Price-Linked ETF GOLDLNPM Osaka 24,570 175.46 SGETS IN SBI Gold Exchange Traded SCH n/a N.S. India 7,478 156.64 3081 HK Value Gold ETF GOLDLNAM Hong Kong 101,696 148.55 UTIGOL IN UTI Gold Exchange Traded Fund n/a N.S. India 6,872 122.74 ETPMAG AU ETFS Physical Silver SLVRLN Australia 10,996 72.48 HDFGOLD IN HDFC Gold ETF n/a N.S. India 4,601 72.26 1542 JP Japan Physical Silver ETF/MUFG MUTFSILV Tokyo 8,667 68.41 1671 JP Simplex WTI Crude Oil ID ETF CTWCTR Osaka 8,359 60.22 132030 KS Samsung KODEX Gold Futures SPGSGCTR Korea 40,261 38.10 QAU AU Betashares Gold Bullion AUD GOLDLNAM Australia 26,472 36.33 AXGOLD IN AXIS Gold ETF n/a N.S. India 645 33.02 GLD TB KTAM Gold ETF Tracker GOLDLNAM Bangkok 4,128,589 32.79 KG965 TB K Gold ETF GOLDLNAM Bangkok 741,536 30.21 BCHAY TB Bualuang Chay Gold ETF n/a Bangkok n/a 26.82 1541 JP Japan Physical Plat ETF/MUFG MUTFPLAT Tokyo 5,451 26.63 137610 KS MAPS TIGER Agriculture Futures ETF SGECASP Korea 8,787 19.08 ETPMPT AU ETFS Physical Platinum PLTMLNPM Australia 67 11.23 144600 KS KODEX Silver Futures SPGSSITR Korea 22,271 9.73 QTGOLD IN Quantum Gold Fund n/a N.S. India 979 9.20 REGGOLD IN Religare Gold ETF n/a N.S. India 514 8.50 1543 JP Japan Physical Pall ETF/MUFG MUTFPALL Tokyo 303 8.39 2022 JP iPath S&P GSCI Precious metal JDR SPGCPMTR Tokyo 6 8.01 ETPMPM AU ETFS Physical PM Basket n/a Australia 26 7.26 GOLD99 TB Thaidex Gold ETF GOLDLNAM Bangkok 211,005 7.23 KOGOLD IN KOTAK Gold ETF n/a N.S. India 19,909 6.98 1699 JP Next Funds Nomura Crude Oil n/a Tokyo 5,457 6.77 2027 JP iPath S&P GSCI Softs T R JDR SPGCSFTR Tokyo 8 6.73 138910 KS Samsung KODEX Copper ETF SPGCHGTR Korea 3,643 6.26 2025 JP iPath S&P GSCI Agriculture TR JDR SPGCAGTR Tokyo 55 6.21 2026 JP iPath S&P GSCI Grains TR JDR SPGCGRTR Tokyo 151 5.99 139320 KS Mirae TIGER Gold & silver ETF SPGSPMTR Korea 1,724 5.87 1682 JP NEXT Funds Platinum Nomura ETF TMECSUB6 Osaka 5,192 5.80 130680 KS Mirae Maps TIGER WTI Futures ETF SPGSCLP Korea 12,070 5.79 2021 JP iPath S&P GSCI TR Index JDR SPGCCITR Tokyo 11 5.74 2024 JP iPath S&P GSCI Energy TR JDR SPGCENTR Tokyo 12 5.61 2028 JP iPath S&P GSCI Livestock JDR SPGCLVTR Tokyo 2 5.43 2023 JP iPath GSCI Metal Industry JDR SPGCINTR Tokyo 3 5.38 1683 JP Mizuho Gold ETF TMECSUB4 Osaka 805 5.09 139310 KS Mirae TIGER Metals ETF SPGCISTR Korea 878 4.36 138920 KS Samsung KODEX Soybeans ETF SPGCSOTR Korea 5,658 3.95 ETPMPD AU ETFS Physical Palladium PLDMLNPM Australia 9 2.25 QAG AU Betashares Agriculture SGECASP Australia n/a 2.23 OOO AU Betashares Crude oil SPGCCLP Australia n/a 2.15 QCB AU Betashares Commodity SPGCLEP Australia n/a 1.11 IDBIGLD IN IDBI Gold ETF n/a N.S. India n/a n/a BSLGOLD IN Birla Sun Life Gold ETF n/a N.S. India 280 n/a Note: * As of Jan 31; trading volume for ETFs traded on days totaling less than 3 months is shown as n/a Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Bond ETFs

Table 14. Bond ETFs Code Name Benchmark Exchange 3-month average trading volume AUM (shares) (USDm) 2821 HK ABF Pan Asia Bond Index Fund ABTRPAUH Hong Kong 4,429 2,696.42 2819 HK ABF Hong Kong Bond Index FD ABTRHK Hong Kong 1,454 339.17 SBIF SP ABF Singapore Bond Index Fund ABTRSG Singapore 17,820 258.30 122260 KS Woori KOSEF MSB ETF KISKMSB Korea 1,473 236.59 114100 KS KB Kstar KTB ETF KTBDP Korea 2,432 230.86 114470 KS Woori KOSEF KTB ETF KTBDP Korea 9,106 166.01 LBEES IN Goldman Liquid ETF BEES n/a N.S. India 162,883 94.36 114260 KS Samsung KODEX T Bond ETF MKFTR Korea 1,254 70.84 1677 JP Nikko ETF INL Bond Citi WGBI SBWJNJYU Tokyo 287 67.68 114460 KS KITM KINDEX TB ETF KTBDP Korea 2,373 63.13 114820 KS Mirae Maps TIGER KTB3 ETF KTBDP Korea 30 61.45 130730 KS Woori KOSEF Enhances Cash ETF MKMMITR Korea 114,790 58.92 136340 KS KB KStar Credit Bond ETF KBICTR Korea 155 45.69 AJAC SP iShares JPM USD Asia Bond JPEIJACC Singapore 5,770 45.62 132030 KS Samsung KODEX Gold Futures SPGSGCTR Korea 40,261 38.10 ABLC SP iShares Asia Local Currency Bond BALNTRUU Singapore 11,290 38.02 AHYG SP iShares Asia High Yield BD BAHDTRUU Singapore n/a 22.11 148070 KS Woori KOSEF 10Y KTB ETF n/a Korea 1,584 15.18 ASHY SP iShares Asia Currency 1-3 YR BASDTRUU Singapore n/a 9.63 143570 KS Maps TIGER Inverse KTB 3Y ETF FKTB Korea 35 8.04 006202 TT Polaris Taiwan Government Bond ETF TWTBI Taiwan 121 6.88 Note: * As of Jan 31; trading volume of ETFs with trading days less than 3 months are shown as n/a Source: Bloomberg, Samsung Securities

Currency ETFs

Table 15. Currency ETFs Code Name Benchmark Exchange 3-month average trading volume AUM (shares) (USDm) USD AU Betashares US Dollar ETF n/a Australia 116,503 63.43 138230 KS Woori KOSEF USD Futures ETF F-USDKRW Korea 12,919 4.37 139660 KS Woori KOSEF USD Inverse ETF F-USDKRW Korea 2,135 3.81 POU AU Betashares British Pound ETF n/a Australia 2,365 2.35 EEU AU Betashares Euro ETF n/a Australia 803 n/a Note: * As of Jan 31; trading volume for ETFs traded on days totaling less than 3 months is shown as n/a Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 16. Top 30 Korea-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset 069500 KS Samsung KODEX 200 Samsung KOSPI2 7.18 4,563,948 3,085.91 Equity 102110 KS Mirae Maps TIGER 200 ETF MAPS KOSPI2 7.07 360,720 758.44 Equity 122630 KS Samsung KODEX Leverage ETF Samsung KOSPI2LG 14.82 23,915,872 736.16 Equity 114800 KS Samsung KODEX Inverse ETF Samsung FKOSPI2 (7.24) 28,158,838 669.92Equity 102780 KS Samsung KODEX Samsung GR ETF Samsung FNGDSSGR 5.45 457,949 518.86Equity 140950 KS Kyobo AXA Power K100 ETF Kyobo AXA KOSPI100 6.03 195,241 484.51 Equity 105190 KS KITM KINDEX 200 ETF Korea Investment Trust KOSPI2 6.44 97,433 368.90 Equity 069660 KS Woori KOSEF 200 ETF Woori KOSPI2 5.92 101,064 351.96 Equity 122260 KS Woori KOSEF MSB ETF Woori KISKMSB 0.33 1,473 236.59 Debt 114100 KS KB Kstar KTB ETF KB KTBDP 0.19 2,432 230.86 Debt 114470 KS Woori KOSEF KTB ETF Woori KTBDP 0.14 9,106 166.01Debt 152100 KS Hanwha Arirang Kospi 200 ETF Hanwha KOSPI2 n/a n/a 147.32 Equity 123310 KS Mirae Maps TIGER 200 -1X ETF MAPS FKOSPI2 (6.93) 637,485 124.31 Equity 122090 KS Hanwha Arirang Kospi 50 Hanwha KOSPI50 7.05 551 112.69 Equity 148020 KS KB KStar 200 ETF KB KOSPI2 6.49 26,632 100.48 Equity 105780 KS KB Kstar Top5 Group ETF KB FNGDTOP5 5.78 58,337 78.25 Equity 099140 KS Samsung KODEX China H ETF Samsung HSCEI 10.69 13,803 76.67 Equity 114260 KS Samsung KODEX T Bond ETF Samsung MKFTR 0.20 1,254 70.84 Debt 114460 KS KITM KINDEX TB ETF Korea Investment Trust KTBDP 0.18 2,373 63.13 Debt 114820 KS Mirae Maps TIGER KTB3 ETF MAPS KTBDP 0.12 30 61.45 Debt 130730 KS Woori KOSEF Enhances Cash ETF Woori MKMMITR 0.34 114,790 58.92 Debt 108590 KS Yurie Trex 200 ETF Yurie KOSPI2 7.60 15,493 58.07 Equity 122390 KS Mirae Maps TIGER Kosdaq Premiere ETF MAPS KSDQPREM 3.76 2,392 51.48 Equity 091180 KS Samsung KODEX Autos ETF Samsung KRXAUTO (0.50) 12,633 50.99Equity 091210 KS Mirae Maps TIGER KRX 100 ETF MAPS KRX100 6.26 642 47.40 Equity 136340 KS KB KStar Credit Bond ETF KB KBICTR 0.42 155 45.69 Debt 132030 KS Samsung KODEX Gold Futures Samsung SPGSGCTR 11.32 40,261 38.10 Asset Allocation 117460 KS Samsung KODEX E & C ETF Samsung KRXENCM 14.01 11,880 36.48 Equity 091170 KS Samsung KODEX Banks ETF Samsung KRXBANK 12.21 26,271 36.31 Equity 152500 KS KINDEX Leverage ETF Korea Investment Trust KOSPI2LG n/a n/a 35.46 Asset Allocation Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 17. Top 30 Tokyo-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset 1306 JP Nomura ETF - Topix Nomura TPX 4.05 1,665,701 8,861.26 Equity 1330 JP Nikko ETF - Nikkei 225 Nikko NKY 3.95 426,822 4,446.00 Equity 1305 JP Daiwa ETF - Topix Daiwa TPX 3.77 122,094 3,567.34 Equity 1308 JP Nikko ETF - Topix Nikko TPX 4.13 258,408 3,544.32 Equity 1348 JP Maxis Topix ETF Mitsubishi UFJ TPX 3.59 102,261 390.92 Equity 1540 JP Japan Physical Gold ETF/MUFG Mitsubishi UFJ Trust and Banking Corp MUTFGOLD 8.89 63,485 337.05 Commodity 1615 JP Nomura ETF Banks Index Nomura TPNBNK 5.83 816,842 313.59 Equity 1311 JP Nomura ETF Topix Core 30 Nomura TPXC30 5.29 23,020 174.82 Equity 1344 JP MAXIS Topix Core 30 ETF Mitsubishi UFJ TPXC30 5.96 6,015 121.83 Equity 1325 JP NEXT Funds iBovespa Link ETF Nomura IBOV 17.31 92,723 121.19 Equity 1343 JP Next Funds Reit Nomura ETF Nomura TSEREIT 1.37 38,362 114.90 Equity 1329 JP iShares Nikkei 225 BlackRock Japan NKY 3.99 5,007 96.64 Equity 1319 JP Nomura Listed Stock NIK 300 Nomura NTY 6.92 10,450 92.59 Equity 1681 JP Nikko ETF MSCI Emerging Nikko MSEUEGF 9.72 25,186 89.47 Equity 1345 JP LISTED J-REIT BI MONTHLY DVD Nikko TSEREIT 1.38 41,068 86.08Equity 1310 JP Daiwa ETF - Topix CORE 30 Daiwa TPXC30 5.38 867 73.80 Equity 1322 JP China A Share Panda CSI300 Nikko SHSZ300 4.19 3,087 71.09 Equity 1542 JP Japan Physical Silver ETF/MUFG Mitsubishi UFJ Trust and Banking Corp MUTFSILV 19.59 8,667 68.41 Commodity 1677 JP Nikko ETF INL Bond Citi WGBI Nikko SBWJNJYU 0.74 287 67.68 Debt 1680 JP Nikko ETF MSCI Kokusai Nikko MSDUKOK 4.86 17,199 63.62 Equity 1670 JP Maxis S&P Mitsubishi GR ETF Mitsubishi UFJ SPSXMUJP 4.71 31,418 48.68 Equity 1678 JP Next F India CNX Nifty N ETF Nomura NIFTY 18.18 198,798 42.75Equity 1541 JP Japan Physical Plat ETF/MUFG Mitsubishi UFJ Trust and Banking Corp MUTFPLAT 14.06 5,451 26.63 Commodity 1550 JP Maxis Global EQT MSCI KO ETF Mitsubishi UFJ MXKO 4.47 7,055 25.76 Equity 1698 JP Japan High Dividend TSE DIVS FO 100 Nikko TSEDF100 2.49 5,438 23.96Equity 1642 JP Daiwa ETF-ELEC APP Topix 17 Daiwa TP17ELPR (2.28) 1 22.47 Equity 1631 JP Next Funds Topix 17 Banks Nomura TP17BNK 6.59 299 21.29 Equity 1612 JP Daiwa ETF - Topix Banks Daiwa TPNBNK 5.32 2,003 16.29 Equity 1547 JP Nikko ETF US Equity S&P 500 Nikko SPX 3.18 10,498 15.52 Equity 1619 JP Next Funds Topix-17 Consumer & Materials Nomura TP17CNMT 6.20 483 15.45 Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 18. Top 30 Hong Kong-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset 2800 HK Tracker Fund Of Hong Kong State Street Global Advisors Asia HSI 9.53 12,795,940 6,708.48 Equity 2823 HK iShares FTSE A50 China Index BlackRock Asset Mgt N Asia FTXIA50T 7.35 89,756,024 6,035.48 Equity 2833 HK Hang Seng Index ETF Hang Seng Investment Management HSI 9.66 36,736 3,727.70 Equity 2821 HK ABF Pan Asia Bond Index Fund State Street Global Advisors Singapore ABTRPAUH 1.98 4,429 2,696.42 Debt 2828 HK Hang Seng H-Share Index ETF Hang Seng Investment Management HSCEI 12.02 1,753,987 2,552.18 Equity 2831 HK Lyxor ETF Russia Lyxor International Asset Management RU10D 14.69 24,000 1,333.47 Equity 2812 HK Lyxor ETF MSCI World-E Lyxor International Asset Management NDDUWI 4.93 22,467 898.42 Equity 2827 HK WISE - CSI 300 China Tracker BOCI-Prudential Asset Management SHSZ300 5.79 837,921 763.16 Equity 3049 HK DB X-Trackers CSI 300 IND-2D db Platinum Advisors SA CSIR0300 5.52 9,107,416 377.69 Equity 2819 HK ABF Hong Kong Bond Index FD HSBC Investment Funds Hong Kong ABTRHK 1.16 1,454 339.17 Debt 2801 HK iShares MSCI China index ETF BlackRock Asset Mgt N Asia MXCN 9.19 175,806 283.61 Equity 2836 HK iShares BSE Sensex India IND BlackRock Asset Mgt N Asia SENSEX 16.54 324,881 200.21 Equity 3081 HK Value Gold ETF Sensible Asset Management Hong Kong GOLDLNAM 10.15 101,696 148.55 Commodity 2846 HK iShares CSI 300 A-Share Index BlackRock Asset Mgt N Asia CSIR0300 9.69 135,085 141.49 Equity 3054 HK Mirae S&P EM Asia Consumer Mirae Asset Global Investments Hong Kong SPEACHN n/a n/a 128.31 Equity 2803 HK Lyxor ETF Rafi US 1000 Lyxor International Asset Management FR10 4.41 2,260 111.09 Equity 2829 HK iShares CSI A-Share Financial BlackRock Asset Mgt N Asia CSIR0914 6.38 58,400 102.17 Equity 3039 HK iShares CSI A-SH Materials BlackRock Asset Mgt N Asia CSIR0909 11.05 10,767 59.64 Equity 2841 HK iShares CSI Consumer Staples BlackRock Asset Mgt N Asia SH000912 (3.70) 51,133 55.09 Equity 2818 HK Ping An of CH CSI RAFI A50 Ping An of China Asset Management Hong Kong SH000925 7.61 735 50.38 Equity 2835 HK Mirae Asset TIGER Kospi 200 Mirae Asset Global Investments Hong Kong KOSPI2 9.43 37,467 48.93 Equity 3010 HK iShares MSCI Asia APEX 50 ID BlackRock Asset Mgt N Asia MXAPEXA 9.08 3,730 41.47 Equity 3083 HK HSBC MSCI Taiwan ETF HSBC Investment Funds Hong Kong NDELSTW 7.04 141,161 36.15 Equity 3050 HK iShares CSI A-SH Energy Index BlackRock Asset Mgt N Asia CSIR0908 6.96 6,827 33.97 Equity 3073 HK SPDR FTSE Greater China ETF State Street Global Advisors Asia GPSSG239 8.01 907 33.71 Equity 3001 HK iShares CSI CONS Discretion BlackRock Asset Mgt N Asia SH000911 0.69 43,502 32.74 Equity 3046 HK Value China ETF Sensible Asset Management Hong Kong GPVP002 13.40 12,045 29.98 Equity 2802 HK iShares MSCI Emerging Asia BlackRock Asset Mgt N Asia MXMS 9.26 15,693 29.32 Equity 3033 HK HSBC MSCI China ETF HSBC Investment Funds Hong Kong NDEUCHF 9.01 30,037 29.13 Equity 3006 HK iShares CSI A-share Infra Index BlackRock Asset Mgt N Asia CSIR0950 2.36 1,177 28.96 Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 19. Top 30 China (Shanghai & Shenzhen)-listed ETFs in terms of AUM Ticker Name Management company Benchmark Exchange Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset 510050 CH China 50 ETF China Asset Management SSE50 Shanghai 8.16 436,018,432 3,014.54 Equity 159901 CH E Fund SI100 Index Fund E Fund Management SI100 Shenzhen 3.35 827,514,688 2,867.70 Equity 510180 CH Shanghai SSE180 ETF HuaAn Fund Management SSE180 Shanghai 5.75 595,557,760 1,217.49 Equity 159902 CH China SME ETF China Asset Management SZ399601 Shenzhen (2.89) 59,049,960 720.01 Equity 510010 CH Bank Of Comm Schroder SSE180 Bank of Communications Schroder Fund Management SSE180 Shanghai 6.67 3,108,070 481.62 Equity 159903 CH Shenzhen Stock Exch-Stock IN China Southern Fund Management SICOM Shenzhen 3.98 25,596,658 466.79 Equity 510880 CH Huatai-PB Dividend ETF Huatai-PineBridge Fund Management SSEDIV Shanghai 5.91 6,894,278 280.59 Equity 159906 CH Dacheng SZSE Growth 40 index Dacheng Fund Management SZ399325 Shenzhen (1.80) 890,199 275.32 Equity 510150 CH China Merchants SSE Consumer China Merchants Fund Management SSER0069 Shanghai (2.44) 435,779 242.31 Equity 510020 CH Bosera SSE Large cap Bosera Fund Management SH000043 Shanghai 8.43 19,754,288 211.45 Equity 510030 CH SSE 180 Value ETF Fortune SGAM Fund Management SH000029 Shanghai 8.15 1,017,538 196.13Equity 510170 CH GTJA Allianz SSE Commodity EQ GTJA Allianz Fund Management SH000066 Shanghai 12.16 18,991,670 188.94Equity 510130 CH E Fund SSE mid-cap ETF E Fund Management SH000044 Shanghai 3.83 1,654,068 185.59 Equity 159905 CH ICBC Shenzhen DVD price ETF ICBC Credit Suisse Asset Management SZ399324 Shenzhen 3.91 1,656,764 175.93Equity 159907 CH Guangfa SZSE Enterpreneur 300 GF Fund Management SZ399008 Shenzhen (2.89) 4,965,154 158.68 Equity 510190 CH Huaan Longtou Eenterprise ETF HuaAn Fund Management SH000065 Shanghai 7.30 368,018 142.20 Equity 510260 CH Lion SSE Emerging Industries Lion Fund Management SH000067 Shanghai 2.94 6,644,824 126.67 Equity 510280 CH Fortune SGAM SSE 180 Growth Fortune SGAM Fund Management SH000028 Shanghai 5.66 3,519,250 126.13 Equity 510060 CH ICBC Credit Suisse CENT 50 ETF ICBC Credit Suisse Asset Management SH000042 Shanghai 5.58 3,288,962 117.98 Equity 159910 CH Harvest Shenzhen F120 ETF Harvest Fund Management SZ399702 Shenzhen 4.65 3,272,228 87.44 Equity 159909 CH China Merchants SZSE TMT50 China Merchants Fund Management SZ399609 Shenzhen 0.00 534,717 85.09Equity 159911 CH Penghua SSE Non-SOE Index Penghua Fund Management n/a Shenzhen 0.48 1,131,599 84.35 Equity 510160 CH China Security Southern Well China Southern Fund Management CSIR0901 Shanghai 5.83 3,974,077 80.85Equity 510120 CH SSE Non-Cyclical 100 HFT Investment Management SSER0064 Shanghai 2.52 421,098 72.78Equity 510110 CH SSE Periodical Industry 50 HFT Investment Management SH000063 Shanghai 8.33 1,011,136 67.55Equity 510210 CH Fullgoal SCI Index ETF Fullgoal Fund Management SHCOMP Shanghai 2.97 197,354 66.65 Equity 510090 CH CCB Social Responsibility CCB Principal Asset Management n/a Shanghai 5.09 257,856 61.28 Equity 510070 CH SSE Private-Owned Enterprise Penghua Fund Management SSER0049 Shanghai 2.93 1,148,080 60.27 Equity 159916 CH CCB Shenzhen F60 Index ETF CCB Principal Asset Management SZ399701 Shenzhen 4.90 994,212 58.57 Equity 159913 CH Bank of C Schroder SZSE 300 Bank of Communications SZ399348 Shenzhen 4.62 2,169,660 52.30 Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 20. Top 30 Australia-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset STW AU SPDR S&P/ASX 200 Fund State Street Global Advisors Australia Services AS51 5.35 287,167 2,187.82 Equity GOLD AU ETFS Physical Gold ETF Securities Management GOLDLNPM 6.51 18,948 675.01 Commodity SLF AU SPDR S&P/ASX 200 Listed PROP State Street Global Advisors Australia Services AS51PROP 4.80 68,966 308.25 Equity SFY AU SPDR S&P/ASX 50 Fund State Street Global Advisors Australia Services AS31 4.16 15,013 268.05 Equity VAS AU Vanguard AUST Shares IDX ETF Vanguard Investments Australia AS52 5.47 19,286 217.13 Equity RDV AU Russell Hign dividend AUS Shares Russell Investment Management RURAHDIA 3.98 18,873 119.94 Equity IOZ AU iShares MSCI Australia 200 BlackRock Investment Management Australia MSCI2HN 4.84 45,952 79.19 Equity ETPMAG AU ETFS Physical Silver ETF Securities Management SLVRLN 15.12 10,996 72.48 Commodity USD AU Betashares US Dollar ETF BetaShares Capital ETFs n/a (4.08) 116,503 63.43 Asset Allocation ILC AU iShares S&P/ASX 20 Index FD BlackRock Investment Management Australia AS26 4.27 15,535 47.23 Equity RVL AU Russell Australian Value ETF Russell Investment Management RURAHVIA 0.84 8,641 39.74 Equity IHD AU iShares S&P/ASX High Dividnd BlackRock Investment Management Australia SPAXDIT 5.07 38,224 39.20 Equity QAU AU Betashares Gold Bullion AUD BetaShares Holdings GOLDLNAM 11.17 26,472 36.33 Commodity SYI AU SPDR MSCI Australia Select DVD State Street Global Advisors Australia Services MSCTAYAG 3.04 9,834 35.65Equity QFN AU Betashares S&P/ASX 200 Financials BetaShares Holdings AS51FNXP 3.70 32,889 31.77 Equity QRE AU Betashares S&P / ASX 200 RESOU BetaShares Capital ETFs AS45 4.28 5,214 29.83 Equity ISO AU iShares S&P/ASX Small ORD BlackRock Investment Management Australia AS38 8.19 14,411 24.91 Equity VAP AU Vanguard AU Prop SEC Index ETF Vanguard Group Inc AS52PROP 3.16 2,527 22.16 Equity VHY AU Vanguard Australia High Yield Vanguard Investments Australia n/a 2.34 3,129 16.92 Equity OZF AU SPDR S&P/ASX 200 Financials State Street Global Advisors Australia Services AS51FNXP 3.26 6,792 12.75 Equity OZR AU SPDR S&P/ASX 200 Resources F State Street Global Advisors Australia Services AS45 11.61 6,827 11.30 Equity ETPMPT AU ETFS Physical Platinum ETF Securities Management PLTMLNPM 12.50 67 11.23 Commodity SSO AU SPDR S&P/ASX Small ORD FUND State Street Global Advisors Australia Services AS38 8.61 584 8.02 Equity RSR AU AII S&P/ASX 200 Resources Australian Index Investments AS45 11.68 10,637 7.74 Equity VLC AU Vanguard MSCI Australian Large Vanguard Investments Australia M8AUDLC 3.88 2,177 7.56 Equity ETPMPM AU ETFS Physical PM Basket ETF Securities Management n/a 2.92 26 7.26 Commodity VSO AU Vanguard MSCI Australian Small ETF Vanguard Investments Australia n/a 7.85 396 6.32 Equity FIX AU AII S&P/ASX 200 FIN X-A-REIT Australian Index Investments AS51FNXP 0.90 10,315 3.63 Equity ENY AU AII S&P/ASX 200 Energy Australian Index Investments AS51ENRX 6.28 1,345 3.52 Equity MAM AU AII S&P/ASX 300 Metals & Mine Australian Index Investments AS52XMM 10.36 6,056 2.63 Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 21. Top 30 India (National Stock Exchange of India)-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset GBEES IN Gold Exch TRAD - Gold BEES Goldman Sachs Asset Management n/a 3.04 112,962 566.60 Commodity REGOLD IN Reliance Gold ETF Reliance Capital Asset Management n/a 3.07 10,486 453.82 Commodity ICPGOLD IN ICICI Prudential Gold ETF ICICI Prudential Asset Management n/a 3.02 735 215.01 Commodity SGETS IN SBI Gold Exchange Traded SCH SBI Funds Management n/a 2.69 7,478 156.64 Commodity UTIGOL IN UTI Gold Exchange Traded Fund UTI Asset Management n/a 1.93 6,872 122.74 Commodity NBEES IN GS Nifty Exchange-GS Nifty BEES Goldman Sachs Asset Management NIFTY 10.68 110,837 116.79 Equity LBEES IN Goldman Liquid ETF BEES Goldman Sachs Asset Management n/a 0.40 162,883 94.36 Debt HDFGOLD IN HDFC Gold ETF HDFC Asset Management n/a 2.72 4,601 72.26 Commodity AXGOLD IN AXIS Gold ETF Axis Asset Management n/a 3.29 645 33.02 Commodity JBEES IN GS Nifty Exchange-GS Junior BEES Goldman Sachs Asset Management NIFTYJR 16.37 30,421 30.98 Equity BBEES IN GS Banking Exchange-GS Bank BEES Goldman Sachs Asset Management CNXBANK 20.28 3,758 24.63 Equity MOSTM50 IN MOTILAL OSWAL Most Shares Motilal Oswal Asset Management NIFTY 11.24 21,672 16.87 Equity MOST100 IN Motilal Mid-cap 100 Motilal Oswal Asset Management CNXMCAP 13.06 106,154 15.37 Equity HSBEES IN Hang Seng Bees Goldman Sachs Asset Management HSI 2.97 575 10.21 Equity MOSTNDX IN Motilal OSWAL Most-Nasdaq-100 Motilal Oswal Asset Management NDX 1.22 6,821 9.76 Equity QTGOLD IN Quantum Gold Fund Quantum Asset Management n/a 3.13 979 9.20 Commodity REGGOLD IN Religare Gold ETF Religare India Asset Management n/a 2.73 514 8.50 Commodity IBEES IN Goldman Infrastructure BEES Goldman Sachs Asset Management CNXINFR 18.36 470 8.48 Equity KOGOLD IN KOTAK Gold ETF Kotak Mahindra Asset Management n/a 3.22 19,909 6.98 Commodity RBETF IN Reliance Banking ETF Reliance Capital Asset Management CNXBANK 11.14 104 2.11 Equity PSUBBE IN GS PSU Bank-GS PSU Bank BEES Goldman Sachs Asset Management n/a 22.35 1,352 1.83 Equity KOPSUB IN KOTAK PSU Bank ETF Kotak Mahindra Asset Management n/a 19.43 2,014 1.46 Equity KONIFTY IN Kotak Nifty 50 Kotak Mahindra Asset Management NIFTY 2.91 2,092 1.13 Equity QINDEX IN Quantum Index Fund Quantum Asset Management NIFTY 7.60 81 0.31 Equity SBEES IN Goldman Shariah ETF BEES Goldman Sachs Asset Management INSHNIFT 5.39 222 0.16 Equity SUNDER IN UTI-SUNDER UTI Asset Management NIFTY (32.99) 110 0.13 Equity BSLGOLD IN Birla Sun Life Gold ETF Birla Sun Life Asset Management n/a 3.33 237 n/a Commodity BSLNIFT IN Birla Sun Life Nifty ETF Birla Sun Life Asset Management NIFTY 8.65 1,139 n/a Equity IIFLNFT IN India Infoline Nifty ETF India Infoline Asset Management NIFTY 9.66 13,228 n/a Equity RGNIFTY IN Religare Nifty ETF Religare India Asset Management NIFTY 11.11 1,456 n/a Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 22. Top 30 Taiwan-listed ETFs in terms of AUM Ticker Name Management company Benchmark Total return (YTD, %) Average weekly trading volume over 3 months AUM (US$m) Asset 0050 TT Polaris Taiwan Top50 Tracker Polaris Securities Investment Trust TW50 4.00 21,127,704 3,565.61 Equity 006205 TT Fubon SSE 180 Index ETF Fubon Securities Investment Trust SSE180 7.46 459,536 2,573.00 Equity 0061 TT Polaris-Wise CSI 300 Polaris Securities Investment Trust SHSZ300 5.36 8,716,758 480.81 Equity 0055 TT Polaris PS MSCI Taiwan FIN Polaris Securities Investment Trust MSTW0FN 0.66 4,139,362 115.00 Equity 0056 TT Polaris PS Taiwan DVD ETF Polaris Securities Investment Trust TWDP 6.87 557,067 54.08 Equity 0051 TT Polaris Taiwan Mid-cap 100 Polaris Securities Investment Trust TWMC 7.68 205,006 32.41 Equity 0053 TT Polaris PS Taiwan Electronics Polaris Securities Investment Trust TWSEELEC 6.51 47,984 31.28 Equity 006201 TT Polaris Taiwan Great 50 ETF Polaris Securities Investment Trust P-Shares GTSM50 11.41 21,590 27.12 Equity 0054 TT Polaris PS S&PT CUS CHP50 FD Polaris Securities Investment Trust CPC 13.09 36,129 23.26 Equity 0057 TT Fubon MSCI Taiwan ETF Fubon Securities Investment Trust TAMSCI 5.61 517,492 21.61 Equity 0059 TT Fubon Taiwan Finance ETF Fubon Securities Investment Trust TWSEBKI (2.04) 14,305 17.81 Equity 006203 TT Polaris/P-shares MSCI TW ETF Polaris Securities Investment Trust TAMSCI 5.49 28,898 15.95 Equity 0052 TT Fubon Taiwan Technology ETF Fubon Securities Investment Trust TWIT 6.03 19,915 15.08 Equity 0058 TT Fubon Taiwan Eight Industries Fubon Securities Investment Trust TWEI 5.86 8,542 7.92 Equity 0060 TT Polaris P-Shares TSEC TW NON Polaris Securities Investment Trust TWPOLA50 4.65 8,408 7.88 Equity 006202 TT Polaris Taiwan Government Bond ETF Polaris Securities TWTBI 0.96 121 6.88 Debt 006204 TT Sinopac Taiwan TAIEX ETF SinoPac Securities Investment Trust TWSE 4.78 184,535 n/a Equity Note: As of Jan 31 Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

ETFs with highest and lowest premiums to NAV

Table 23. Bottom-50 ETFs in terms of premium to NAV ETF Exchange Premium (%) Closing price* NAV HSBC MSCI Taiwan ETF Hong Kong (73.38) 41.1 157.1 Polaris Taiwan Government Bond ETF Taiwan (21.61) 20.0 25.5 Reliance Banking ETF N.S. India (15.10) 839.3 988.6 SSE 50 Index Linked ETF Osaka (8.65) 16,520.0 17,703.0 Nomura Listed Stock NIK 300 Tokyo (8.52) 139.0 151.5 China A Share Panda CSI300 Tokyo (8.42) 2,511.0 2,684.0 NEXT F FTSE/JFE Africa Top40 Osaka (3.88) 299.0 303.5 Nikko ETF S&P JP EMER EQ 100 Tokyo (3.83) 504.0 525.6 Daiwa ETF - Topix Banks Tokyo (3.73) 99.0 102.9 Religare Nifty ETF N.S. India (3.43) 492.2 509.7 NEXT F Russia ETS Nomura ETF Osaka (3.05) 122.0 123.8 Motilal Mid-cap 100 N.S. India (2.81) 6.8 7.0 Lyxor ETF MSCI EM Latin America-E Singapore (2.76) 7.6 8.0 MOTILAL OSWAL Most Shares N.S. India (2.71) 67.0 68.9 CIMB FTSE Australian 40 Malaysia Bursa Malaysia (2.63) 1.5 1.6 NEXT Funds iBovespa Link ETF Tokyo (2.45) 244.0 246.9 Daiwa ETF-ELEC APP Topix 17 Tokyo (2.23) 7,730.0 7,993.0 ETFS Physical Palladium Australia (2.17) 60.0 63.7 Birla Sun Life Nifty ETF N.S. India (1.90) 50.0 51.0 Nikko ETF China H Share HANG Tokyo (1.84) 794.0 783.6 Samsung KODEX Copper ETF Korea (1.68) 8,810.0 8,960.5 Topix 100 Japan Large Cap EQ Tokyo (1.67) 499.0 501.6 Topix small Japan small cap Tokyo (1.63) 887.0 903.1 Nikko ETF MSCI Japan Tokyo (1.60) 462.0 468.3 UTI Gold Exchange Traded Fund N.S. India (1.40) 2,658.7 2,696.4 Daiwa ETF-Automob Topix 17 Tokyo (1.35) 10,570.0 10,436.0 Polaris Taiwan Great 50 ETF Taiwan (1.32) 10.5 10.8 SMAM Yourmirai TPX Asia ETF Tokyo (1.29) 1,090.0 1,069.5 CMS CSI Mainland Enterprises Hong Kong (1.29) 11.8 12.0 CCB Social Responsibility Shanghai (1.23) 0.8 0.8 Daiwa ETF-Transpo&L Topix 17 Tokyo (1.22) 8,450.0 8,653.0 SMARTMIDZ New Zealand (1.22) 2.0 2.1 Samsung Kodex Brazil ETF Korea (1.20) 7,700.0 7,793.6 KTAM Gold ETF Tracker Bangkok (1.19) 2.4 2.5 Woori KOSEF Banks ETF Korea (1.16) 8,070.0 8,164.6 MYETF DJ Islamic Titans 25 Bursa Malaysia (1.16) 1.0 1.0 KODEX Silver Futures Korea (1.16) 8,505.0 8,604.8 Next Funds Nasdaq 100 ETF Osaka (1.14) 1,880.0 1,894.4 Lyxor ETF Eastern Europe-B Singapore (1.08) 4.4 4.4 iShares Asia Currency 1-3 YR Singapore (1.05) 9.7 10.1 Polaris/P-shares MSCI TW ETF Taiwan (1.03) 25.0 25.6 Gold-Price-Linked ETF Osaka (1.01) 3,930.0 3,957.0 Bualuang Chay Gold ETF Bangkok (1.01) 25.0 25.2 Fullgoal SCI Index ETF Shanghai (0.99) 2.3 2.3 Lyxor ETF Nasdaq 100-B Singapore (0.98) 9.3 9.8 W.I.S.E. CSI Consumption Traker Hong Kong (0.93) 7.9 7.9 ABF Hong Kong Bond Index FD Hong Kong (0.87) 103.0 103.4 Mirae TIGER Nasdaq 100 ETF Korea (0.86) 12,100.0 12,204.7 Simplex Jasdaq TOP 20 ETF Osaka (0.86) 1,149.0 1,147.0 Religare Gold ETF N.S. India (0.78) 2,748.8 2,770.4 Note: * As of Jan 31; closing prices and NAV shown in local currencies Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 24. Top-50 ETFs in terms of premium to NAV ETF Exchanges Premium (%) Closing price* NAV Lyxor ETF Rafi US 1000 Hong Kong 672.69 45.0 5.8 Lyxor ETF Rafi Europe Hong Kong 669.47 41.4 5.4 Lyxor ETF MSCI World-E Hong Kong 668.75 9.6 1.2 Lyxor ETF Russia Hong Kong 661.73 32.4 4.3 C-Tracks Building/Construct Hong Kong 32.60 3.6 2.7 C-Tracks Taiex Finance SUB-I Hong Kong 28.82 11.0 8.6 C-Tracks Hang Seng China H-F Hong Kong 24.39 18.5 14.8 Lyxor ETF India S&P CNX NFSD Singapore 24.05 13.1 10.6 C-Tracks Taiex Electronics Hong Kong 22.40 3.9 3.2 UTI-SUNDER N.S. India 21.52 680.2 559.7 WISE - CSI 300 China Tracker Hong Kong 9.51 29.3 26.7 iShares FTSE A50 China Index Hong Kong 9.26 11.1 10.2 DB X-Trackers CSI 300 IND-2D Hong Kong 7.34 6.5 6.1 iShares CSI Consumer Staples Hong Kong 7.24 19.5 18.2 DB X-Trackers CSI 300 Real Estate Hong Kong 7.23 9.0 8.3 Ping An of CH CSI RAFI A50 Hong Kong 7.07 26.2 24.4 DB CSI 300 Consumer Discretioanry Hong Kong 6.95 7.7 7.2 iShares CSI CONS Discretion Hong Kong 6.79 14.7 13.7 DB X-Trackers CSI 300 Utilities Hong Kong 6.73 3.6 3.4 DB CSI 300 Industrials ETF Hong Kong 6.69 5.1 4.8 iShares CSI A-share Infra Index Hong Kong 6.67 10.4 9.8 DB CSI 300 Transportation ETF Hong Kong 6.65 2.9 2.7 DB CSI 300 Energy index ETF Hong Kong 6.63 8.3 7.7 DB CSI 300 Financial index Hong Kong 6.52 9.1 8.5 DB X-Trackers CSI 300 Materials Hong Kong 6.51 6.1 5.7 DB X-Trackers CSI 300 Bank 1D Hong Kong 6.43 9.5 8.9 DB CSI 300 Health Care ETF Hong Kong 6.40 10.5 9.8 iShares CSI A-SH Materials Hong Kong 5.86 11.7 11.0 iShares CSI A-Share Financial Hong Kong 4.67 10.5 10.0 iShares CSI A-SH Energy Index Hong Kong 4.59 12.0 11.5 iPath S&P 500 VIX S/T FU JDR Tokyo 3.86 1,344.0 1,320.0 Kokusai S&P 500 VIX Mid ETF Osaka 3.76 103,800.0 100,785.0 Betashares Crude oil Australia 3.34 55.2 54.5 Lyxor ETF MSCI Taiwan Singapore 3.33 0.9 0.9 ABF Singapore Bond Index Fund Singapore 3.33 1.2 1.2 Fubon SSE 180 Index ETF Taiwan 2.97 20.0 19.4 Polaris PS S&PT CUS CHP50 FD Taiwan 2.95 20.2 19.9 WISE SSE 50 China Tracker Hong Kong 2.91 16.7 16.3 iPath S&P 500 VIX M/T FU JDR Tokyo 2.81 5,130.0 5,058.0 Kokusai S&P 500 VIX Short ETF Osaka 2.78 8,100.0 8,012.0 Polaris-Wise CSI 300 Taiwan 2.44 15.1 14.8 SMARTMOZY New Zealand 2.38 5.0 4.8 ETFS Physical PM Basket Australia 2.33 132.6 129.4 iPath S&P GSCI Energy TR JDR Tokyo 2.26 4,310.0 4,283.0 iPath S&P GSCI Livestock JDR Tokyo 2.16 4,215.0 4,146.0 iPath S&P GSCI TR Index JDR Tokyo 1.78 4,400.0 4,385.0 WISE KTAM CSI 300 China Bangkok 1.68 6.1 6.0 iPath S&P GSCI Softs T R JDR Tokyo 1.64 5,220.0 5,136.0 DCI DA Cheng HK State-Owned Hong Kong 1.49 8.8 8.7 iShares CSI 300 A-Share Index Hong Kong 1.47 23.2 22.9 Note: * As of Jan 31; closing prices and NAV shown in local currencies Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 25. Top- and bottom-30 ETFs in terms of tracking error ETF Exchange Tracking error ETF Exchange Tracking error Woori KOSEF Enhances Cash ETF Korea 0.25 UTI-SUNDER N.S. India 109.71 KB KStar Credit Bond ETF Korea 1.16 iPath S&P 500 VIX S/T FU JDR Tokyo 101.23 SPDR S&P/ASX 200 Fund Australia 1.72 Kokusai S&P 500 VIX Short ETF Osaka 101.19 Samsung KODEX T Bond ETF Korea 1.81 Prudential ICIC-Sensex SPICE Mumbai 86.74 Hang Seng H-Share Index ETF Hong Kong 1.98 KODEX Silver Futures Korea 58.39 China 50 ETF Shanghai 2.05 Samsung KODEX Inverse ETF Korea 55.63 KB Kstar KTB ETF Korea 2.15 Kindex Inverse ETF Korea 55.62 Mirae Maps TIGER KTB3 ETF Korea 2.18 Woori KOSEF Inverse ETF Korea 55.52 Woori KOSEF KTB ETF Korea 2.27 Mirae Maps TIGER 200 -1X ETF Korea 54.96 Nikko ETF - Topix Tokyo 2.44 iPath GSCI Metal Industry JDR Tokyo 53.00 Nikko ETF - Nikkei 225 Tokyo 2.48 iPath S&P 500 VIX M/T FU JDR Tokyo 50.66 Nomura ETF - Topix Tokyo 2.49 Lyxor ETF Russia Hong Kong 50.64 Tracker Fund Of Hong Kong Hong Kong 2.51 DB X-Trackers MSCI Russia CP-2D Singapore 49.46 Hang Seng Index ETF Hong Kong 2.59 Religare Nifty ETF N.S. India 46.85 Maps TIGER Inverse KTB 3Y ETF Korea 2.84 Lyxor ETF Rafi Europe Hong Kong 45.68 Daiwa ETF - Topix Tokyo 2.96 Lyxor ETF Eastern Europe-B Singapore 43.78 Shanghai SSE180 ETF Shanghai 3.39 NEXT F Russia ETS Nomura ETF Osaka 41.26 Huatai-PB Dividend ETF Shanghai 3.39 Mirae Asset TIGER BRIC ETF Korea 40.62 E Fund SI100 Index Fund Shenzhen 3.40 NEXT F FTSE/JFE Africa Top40 Osaka 40.58 Maxis Nikkei 225 ETF Osaka 3.45 Mirae Asset TIGER Banks ETF Korea 40.42 HSBC MSCI Hong Kong ETF Hong Kong 3.46 Lyxor ETF MSCI Emerging Markets-B Singapore 40.02 MIDAS Kospi 200 Covered Call ETF Korea 3.47 Birla Sun Life Nifty ETF N.S. India 39.60 Guangfa SZSE Enterpreneur 300 Shenzhen 3.57 ETFS Physical Palladium Australia 39.56 iShares Nikkei 225 Tokyo 3.62 KITM KINDEX TB ETF Korea 39.30 HSBC MSCI China ETF Hong Kong 3.70 Samsung Kodex Brazil ETF Korea 38.90 Maxis Topix ETF Tokyo 3.78 ETFS Physical Platinum Australia 38.86 Daiwa ETF - Nikkei 225 Osaka 3.81 C-Tracks Hang Seng China H-F Hong Kong 38.51 Vanguard AUST Shares IDX ETF Australia 3.91 Samsung KODEX Copper ETF Korea 37.48 Woori KOSEF USD Futures ETF Korea 3.98 Mirae ASSET Tiger Latin ETF Korea 37.25 Nomura ETF - Nikkei225 Osaka 3.98 Next F India CNX Nifty N ETF Tokyo 37.18 Note: As of Jan 31; tracking error = ETF return/benchmark return Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 27. 30 ETFs with highest & lowest ytd sharpe ratio ETF Exchange Sharpe Ratio ETF Exchange Sharpe Ratio KODEX Silver Futures Korea 55.64 Goldman Liquid ETF BEES N.S. India (13.19) GS PSU Bank-GS PSU Bank BEES N.S. India 41.62 Betashares US Dollar ETF Australia (4.26) GS Banking Exchange-GS Bank BEES N.S. India 36.69 Daiwa ETF-ELEC APP Topix 17 Tokyo (4.09) Japan Physical Silver ETF/MUFG Tokyo 32.95 Woori KOSEF USD Futures ETF Korea (3.56) NEXT Funds iBovespa Link ETF Tokyo 30.44 Daiwa ETF-IT Serv Topix 17 Tokyo (3.23) GS Nifty Exchange-GS Junior BEES N.S. India 28.63 Samsung KODEX Inverse ETF Korea (3.12) Next F India CNX Nifty N ETF Tokyo 28.52 Woori KOSEF Inverse ETF Korea (3.11) iShares MSCI India ETF Singapore 28.36 Mirae Maps TIGER 200 -1X ETF Korea (3.09) Samsung KODEX Securities ETF Korea 28.15 Kindex Inverse ETF Korea (3.09) Goldman Infrastructure BEES N.S. India 27.24 Mirae Maps TIGER KTB3 ETF Korea (2.99) Japan Physical Plat ETF/MUFG Tokyo 26.25 Kokusai S&P 500 VIX Short ETF Osaka (2.91) iShares BSE Sensex India IND Hong Kong 25.95 Daiwa ETF - Topix -17 Pharma Tokyo (2.87) KOTAK PSU Bank ETF N.S. India 25.79 Nikko ETF S&P JP EMER EQ 100 Tokyo (2.85) Mirae TIGER Gold & silver ETF Korea 25.53 Mirae TIGER Media Telecom ETF Korea (2.81) Motilal Mid-cap 100 N.S. India 23.78 Betashares Euro ETF Australia (2.80) Mirae TIGER Metals ETF Korea 23.38 iPath S&P 500 VIX S/T FU JDR Tokyo (2.80) Samsung KODEX Gold Futures Korea 23.15 iPath S&P 500 VIX M/T FU JDR Tokyo (2.77) Samsung KODEX Copper ETF Korea 22.61 Betashares British Pound ETF Australia (2.66) ETFS Physical Platinum Australia 21.51 Woori KOSEF KTB ETF Korea (2.52) AII S&P/ASX 300 Metals & Mine Australia 21.09 Kokusai S&P 500 VIX Mid ETF Osaka (2.24) Mirae Asset TIGER BRIC ETF Korea 19.98 Maps TIGER Consumer ETF Korea (1.92) NEXT Funds Platinum Nomura ETF Osaka 19.72 Daiwa ETF-Real Estate Topix 17 Tokyo (1.75) DB X-Trackers MSCI Russia CP-2D Singapore 19.14 AMP Investments' World Index New Zealand (1.74) iShares MSCI Asia Apex M/C ID Hong Kong 18.95 KITM KINDEX TB ETF Korea (1.62) Value China ETF Hong Kong 18.94 Daiwa ETF-Transpo&L Topix 17 Tokyo (1.56) Betashares Gold Bullion AUD Australia 18.61 KB Kstar KTB ETF Korea (1.55) CMS CSI Mainland Enterprises Hong Kong 18.29 E Fund Chinext Price Index Shenzhen (1.51) ETFS Physical Silver Australia 17.77 Simplex TSE Mothers Core ETF Tokyo (1.36) Samsung Kodex Brazil ETF Korea 17.63 Next Funds Nomura Crude Oil Tokyo (1.24) Lyxor ETF Russia Hong Kong 17.36 Samsung KODEX Insurance ETF Korea (1.21) Note: Sharpe ratio calculated assuming a return to 3-month risk-free interest rate in each country; ETFs listed in 2012 excluded Source: Bloomberg, Samsung Securities

Figure 8. Top-30 ETFs, in terms of Sharpe ratio, by exchange Figure 9. Bottom-30 ETFs, in terms of Sharpe ratio, by exchange

Korea 8 Korea 12

N.S. India 6 Tokyo 10

Hong Kong 5 Australia 3

Australia 4 Osaka 2

Tokyo 4 Shenzhen 1

Singapore 2 N.S. India 1

Osaka 1 (No of products) New Zealand 1 (No of products)

0246810 0 5 10 15 Source: Bloomberg, Samsung Securities Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 28. 30 ETFs with lowest ytd standard deviation and their 3-month average trading volume ETF Exchange Standard deviation (%) Trading volume (shares) Asset Goldman Liquid ETF BEES N.S. India 0.15 162,883 Debt Woori KOSEF Enhances Cash ETF Korea 0.25 114,790 Debt Woori KOSEF MSB ETF Korea 0.45 1,473 Debt KB Kstar KTB ETF Korea 1.61 2,432 Debt Mirae Maps TIGER KTB3 ETF Korea 1.62 30 Debt KITM KINDEX TB ETF Korea 1.64 2,373 Debt Woori KOSEF KTB ETF Korea 1.68 9,106 Debt Samsung KODEX T Bond ETF Korea 2.04 1,254 Debt ABF Hong Kong Bond Index FD Hong Kong 4.51 1,454 Debt ABF Pan Asia Bond Index Fund Hong Kong 5.76 4,429 Debt Nikko ETF INL Bond Citi WGBI Tokyo 6.77 287 Debt Smartfonz New Zealand 7.20 36,986 Equity SMARTTENZ New Zealand 8.47 107,700 Equity SMARTMIDZ New Zealand 8.95 7,115 Equity C-Tracks Hang Seng China H-F Hong Kong 10.67 - Equity C-Tracks Taiex Finance SUB-I Hong Kong 11.41 - Equity C-Tracks Taiex Electronics Hong Kong 11.74 - Equity C-Tracks Building/Construct Hong Kong 12.69 - Equity FTSE Bursa Malaysia KLCI ETF Bursa Malaysia 12.80 2,127 Equity MYETF DJ Islamic Titans 25 Bursa Malaysia 12.86 2,367,012 Equity NEXT Funds Topix-17 Pharma Tokyo 12.98 140 Equity Daiwa ETF-Foods Topix 17 Tokyo 13.68 13 Equity Daiwa ETF - Topix -17 Pharma Tokyo 13.78 64 Equity AMP Investments' World Index New Zealand 13.79 17,330 Equity Japan High Dividend TSE DIVS FO 100 Tokyo 14.19 5,438 Equity LISTED J-REIT BI MONTHLY DVD Tokyo 14.46 41,068 Equity Next Funds Reit Nomura ETF Tokyo 14.75 38,362 Equity Lyxor ETF Dow Jones IND AV-B Singapore 14.82 1,966 Equity CIMB FTSE Australian 40 Malaysia Bursa Malaysia 14.84 7,602 Equity NEXT Funds Topix -17 Foods Tokyo 15.20 15 Equity Note: Standard deviation = variance from average ETF price Source: Bloomberg, Samsung Securities

Figure 10. 30 ETFs with lowest standard deviation, by exchange Figure 11. Distribution of standard deviation and trading volume

(No of products) (Standard deviation) 16.00 9 8 8 7 14.00 7 6 12.00 6

5 4 10.00 4 3 8.00 3 6.00 2 11 1 4.00 0 2.00 Korea Tokyo 0.00

Malaysia 0 1 1,000 1,000,000 N.S. India Singapore Hong Kong ('000 contracts) New Zealand New Source: Bloomberg, Samsung Securities Note: 3-month average trading volume (log-scale adjusted) Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 29. 30 ETFs with highest ytd standard deviation and their 3-month average trading volume ETF Exchange Standard deviation (%) Trading volume (shares) Asset UTI-SUNDER N.S. India 126.20 110 Equity Kokusai S&P 500 VIX Short ETF Osaka 63.53 23,159 Equity KB Kstar Leverage ETF Korea 52.02 9,946 Equity Prudential ICIC-Sensex SPICE Mumbai 51.64 49 Equity Mirae Maps TIGER 200 2X ETF Korea 51.25 806,817 Equity CSI HK-Listed Mainland R EST Hong Kong 50.62 28,942 Equity Samsung KODEX Leverage ETF Korea 50.32 23,915,872 Equity Samsung KODEX Shipbuild ETF Korea 48.10 5,255 Equity Japan Physical Silver ETF/MUFG Tokyo 47.86 8,667 Commodity ETFS Physical Silver Australia 43.19 10,996 Commodity Lyxor ETF China Enterprise Singapore 39.05 26,848 Equity Mirae Asset TIGER Banks ETF Korea 38.45 3,142 Equity Lyxor ETF Russia Hong Kong 38.39 24,000 Equity Samsung KODEX E & C ETF Korea 38.12 11,880 Equity Lyxor ETF Eastern Europe-B Singapore 37.56 5,904 Equity Samsung KODEX Securities ETF Korea 37.54 59,584 Equity DB X-Trackers MSCI Russia CP-2D Singapore 37.48 131,913 Equity Woori KOSEF Banks ETF Korea 36.36 232 Equity Daiwa ETF - E Power Topix 17 Tokyo 36.07 23 Equity Samsung KODEX Banks ETF Korea 35.92 26,271 Equity NEXT Funds Topix-17 Elec&Gas Tokyo 35.52 294 Equity Lyxor ETF MSCI Korea-USD B Singapore 35.24 11,813 Equity Nikko ETF China H Share HANG Tokyo 35.04 15,056 Equity Samsung KODEX Construction ETF Korea 34.94 9,809 Equity Value China ETF Hong Kong 34.80 12,045 Equity Mirae Asset TIGER Kospi 200 Hong Kong 34.64 37,467 Equity NEXT F Russia ETS Nomura ETF Osaka 34.31 32,267 Equity DB X-Trackers CSI 300 Materials Hong Kong 33.49 559,900 Equity INDO Premier-ETF LQ-45 Indonesia 32.95 48,094 Equity DB X-Trackers CSI 300 Real Estate Hong Kong 32.84 604,894 Equity Note: Standard deviation = variance from average ETF price Source: Bloomberg, Samsung Securities

Figure 12. 30 ETFs with highest standard deviation, by exchange Figure 13. Distribution of standard deviation and trading volume

(No of products) (Standard deviation) 12 140.00 10 10 120.00

8 100.00 6 6 80.00 44 4 60.00 2 2 1111 40.00

0 20.00

0.00 Korea Tokyo Osaka 0 1 1,000 1,000,000 Mumbai Australia Indonesia N.S. India Singapore ('000 contracts) Hong Kong Source: Bloomberg, Samsung Securities Note: 3-month average trading volume (log-scale adjusted) Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Table 30. Top-50 ETFs, in terms of dividend yield ETF Exchange NAV P/E* Dividend yield (%) Russell Hign dividend AUS Shares Australia 22.24 13.67 8.86 iShares S&P/ASX High Dividnd Australia 13.66 9.84 8.36 Russell Australian Value ETF Australia 24.35 9.78 7.81 Polaris PS Taiwan DVD ETF Taiwan 24.06 9.71 7.73 Vanguard MSCI Australia Large Companies Australia 46.03 11.27 7.24 iShares S&P/ASX 20 Index FD Australia 18.52 9.87 7.01 Woori KOSEF High Dividend ETF Korea 7,271.20 7.86 6.88 Nikko ETF S&P ASX200 A-Reit Tokyo 892.71 12.27 6.55 iShares MSCI Australia 200 Australia 18.40 10.41 6.39 Next Funds Reit Nomura ETF Tokyo 894.00 17.41 6.33 LISTED J-REIT BI MONTHLY DVD Tokyo 857.10 16.98 6.28 Fubon Taiwan Technology ETF Taiwan 32.09 15.89 5.28 Vanguard MSCI Australia SM CO ETF Australia 44.86 n/a 5.12 Polaris Taiwan Great 50 ETF Taiwan 10.83 12.88 5.08 Polaris P-Shares TSEC TW NON Taiwan 27.51 13.18 5.00 Polaris PS Taiwan Electronics Taiwan 22.32 14.37 4.98 Samsung Kodex Brazil ETF Korea 7,793.63 n/a 4.85 Fubon Taiwan Eight Industries Taiwan 33.00 13.39 4.84 Polaris Taiwan Top50 HK Hong Kong 11.30 12.74 4.76 Fubon MSCI Taiwan ETF Taiwan 30.12 14.39 4.75 Polaris Taiwan Top50 Tracker Taiwan 52.58 14.53 4.75 Polaris/P-shares MSCI TW ETF Taiwan 25.57 14.47 4.75 Polaris Taiwan Mid-cap 100 Taiwan 26.12 12.73 4.72 HSBC MSCI Taiwan ETF Hong Kong 157.11 15.72 4.71 Polaris PS S&PT CUS CHP50 FD Taiwan 19.86 11.81 4.68 Mirae TIGER Media Telecom ETF Korea 7,500.97 n/a 4.40 Daiwa ETF - E Power Topix 17 Tokyo 5,795.00 n/a 4.15 NEXT Funds Topix-17 Elec&Gas Tokyo 5,876.50 n/a 4.15 Nikko AM Singapore STI ETF Singapore 2.92 6.49 4.14 iShares S&P/ASX Small ORD Australia 4.34 23.15 3.95 Daiwa ETF-Banks Topix 17 Tokyo 6,820.00 7.43 3.95 Next Funds Topix 17 Banks Tokyo 6,459.50 7.43 3.94 Nomura ETF Banks Index Tokyo 109.01 7.44 3.94 Daiwa ETF - Topix Banks Tokyo 102.92 7.44 3.94 Nomura NEXT F Thailand STK SET 50 Tokyo 1,806.80 11.15 3.90 Daiwa ETF - Topix -17 Pharma Tokyo 9,384.00 14.31 3.89 NEXT Funds Topix-17 Pharma Tokyo 9,548.50 14.28 3.89 HSBC Golden Dragon Index Hong Kong 33.05 9.96 3.79 Mirae TIGER Pure Value ETF Korea 15,799.69 10.42 3.73 Samsung KODEX China H ETF Korea 16,954.56 8.19 3.67 Daiwa ETF - Topix -17 COM WHO Tokyo 19,402.00 6.87 3.65 NEXT Funds Topix-17 Wholesale Tokyo 17,586.70 6.87 3.64 HSBC MSCI Hong Kong ETF Hong Kong 27.17 7.08 3.45 Nomura NEXT F Bursa Malaysia Tokyo 3,786.30 14.89 3.43 Japan High Dividend TSE DIVS FO 100 Tokyo 852.85 12.06 3.41 FTSE Bursa Malaysia KLCI ETF Bursa Malaysia 1.54 16.94 3.33 MYETF DJ Islamic Titans 25 Bursa Malaysia 1.02 19.07 3.28 Nikko ETF China H Share HANG Tokyo 783.63 8.23 3.25 Huatai-PB Dividend ETF Shanghai 1.88 11.47 3.24 Value China ETF Hong Kong 36.78 6.58 3.20 Note: As of Jan 31; NAV shown in local currencies * P/E of ETF = Total market cap of ETF/sum of 12-month trailing EPS of constituents (except extraordinary items) Source: Bloomberg, Samsung Securities

February 3, 2012 Derivatives Spot

Global Disclosures & Disclaimers General This research report is for information purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments or to participate in any trading strategy. This report does not provide individually tailored investment advice. This report does not take into account individual client circumstances, objectives, or needs and is not intended as recommendations of particular securities, financial instruments, or strategies to any particular client. The securities and other financial instruments discussed in this report may not be suitable for all investors. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein and investors should seek the advice of a financial adviser. This report may not be altered, reproduced, distributed, transmitted, or published in whole or in part for any purpose. References to "Samsung Securities" are references to any company in the Samsung Securities, Co., Ltd. group of companies. Samsung Securities and/or other affiliated companies, its and their directors, officers, representatives, or employees may have long or short positions in any of the securities or other financial instruments mentioned in this report or of issuers described herein and may purchase and/or sell, or offer to purchase and/or sell, at any time, such securities or other financial instruments in the open market or otherwise, as either a principal or agent. Any pricing of securities or other financial instrument contained herein is as of the close of market for such day, unless otherwise stated. Opinions and estimates contained herein constitute our judgment as of the date of this report and are subject to change without notice. The information provided in this report is provided "AS IS". Although the information contained herein has been obtained from sources believed to be reliable, no representation or warranty, either expressed or implied, is provided by Samsung Securities in relation to the accuracy, completeness or reliability of such information or that such information was provided for any particular purpose and Samsung Securities expressly disclaims any warranties of merchantability or fitness for a particular purpose. Furthermore, this report is not intended to be a complete statement or summary of the securities, markets or developments referred to herein. Samsung Securities does not undertake that investors will obtain any profits, nor will it share with investors any investment profits. Samsung Securities, its affiliates, or any of its and their affiliates, directors, officers, employees or agents disclaim any and all responsibility or liability whatsoever for any loss (direct or consequential) or damage arising out of the use of all or any part of this report or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. Past performance is not indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or financial instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of Samsung Securities. Any analysis contained herein is based on numerous assumptions. Different assumptions may result in materially different results. Samsung Securities is under no obligation to update or keep current the information contained herein. Samsung Securities relies on information barriers to control the flow of information contained in one or more areas or groups within Samsung Securities into other areas or groups of Samsung Securities. Any prices stated in this report are for information purposes only and do not represent valuations for individual securities or other financial instruments. Samsung Securities makes no representation that any transaction can or could have been effected at those prices and any prices contained herein may not reflect Samsung Securities' internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by Samsung Securities or any other source may yield substantially different results. Additional information is available upon request. For reports to be distributed to US: Securities research is prepared, issued and exclusively distributed by Samsung Securities Co., Ltd., an organization licensed with the Financial Supervisory Service of South Korea. This research may be distributed in the United States only to major institutional investors as defined in Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended, and may not be circulated to any other person otherwise. All transactions by U.S. investors involving securities discussed in this report must be effected through Samsung Securities (America) Inc., a broker-dealer registered with the U.S. Securities & Exchange Commission and a member of the Financial Industry Regulatory Authority/SIPC, and not through any non-U.S. affiliate thereof. The analysts listed [on the front of this report] are employees of Samsung Securities Co., Ltd., or a non-U.S. affiliate thereof, and are not registered/qualified as research analysts under applicable U.S. rules and regulations and may not be subject to U.S. restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. For reports to be distributed to UK: This report is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of section 21 of the Financial Services and Markets Act 2000 of the United Kingdom ("FSMA"). To the extent that this report does constitute such an invitation or inducement, it is directed only at (i) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended) of the United Kingdom (the "Financial Promotion Order"); (ii) persons who fall within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order; and (iii) any other persons to whom this report can, for the purposes of section 21 of FSMA, otherwise lawfully be made (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. Persons who are not relevant persons must not act or rely on this report. For reports to be distributed to Korea: This report is for private circulation only, not for sale, and is issued and distributed only to persons permitted under the laws and regulations of Korea. For reports to be distributed to Singapore: This report is provided pursuant to the financial advisory licensing exemption under Regulation 27(1)(e) of the Financial Advisers Regulation of Singapore and accordingly may only be provided to persons in Singapore who are "institutional investors" as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore. This report is intended only for the person to whom Samsung Securities has provided this report and such person may not send, forward or transmit in any way this report or any copy of this report to any other person. Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of such analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research report. The analyst(s) principally responsible for the preparation of this research report receives compensation based on determination by research management and senior management (not including investment banking), based on the overall revenues, including investment banking revenues of Samsung Securities Co., Ltd. and its related entities and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Copyright  2010 Samsung Securities Co., Ltd.. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the prior written consent of Samsung Securities America Inc.

 10th Fl., Samsung Main Bldg. 250, 2-Ga, Taepyeong-Ro, Jung-Gu, Seoul, Korea 100-742 Tel: 822 2020 8051 / Fax: 822 2020 7804

For more information, please call our sales representatives:

LONDON NEW YORK HONG KONG SHANGHAI TOKYO

Samsung Securities Samsung Securities Samsung Securities Samsung Securities Shanghai Samsung Securities Tokyo Europe Limited America Limited Asia Limited Representative Office Representative Office 21F Tower 42, 1330 Avenue of the Americas 26/F, Three Exchange Square #2601, Shanghai International #106-8532 Tokyo, Japan 25 Old Broad Street, 26th Floor 8 Connaught Place, Central, Trading Center Minato-ku Roppongi, London EC2N 1HQ New York, NY 10019 Hong Kong No 2201, Yan An West Road, Roppongi T-cube 3-1-1, 19F Tel. 44-207-786-7879 Tel: 1-212-972-2220 Tel: 852-3411-3888 (general) Shanghai, China Tel: 81-3-6234-2792 Fax. 44-207-786-7818 Fax: 1-212-972-3900 Fax: 852-2528-3396 Tel: 86-21-6270-4168(372)