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ETF and ETC market Pietro Poletto Head of ETFs London Stock Exchange Group

ETF and ETC market Pietro Poletto Head of ETFs London Stock Exchange Group. Content. ETFs & ETCs International Comparison Emerging markets ETFs: focus on Russian and Eastern Europe ETFs. Number of ETFs/ETCs listed on LSE. Total 259. ETC. ETF. Data Source: London Stock Exchange.

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ETF and ETC market Pietro Poletto Head of ETFs London Stock Exchange Group

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  1. ETF and ETC market Pietro Poletto Head of ETFs London Stock Exchange Group

  2. Content ETFs & ETCs International Comparison Emerging markets ETFs: focus on Russian and Eastern Europe ETFs

  3. Number of ETFs/ETCs listed on LSE Total 259 ETC ETF Data Source: London Stock Exchange

  4. ETFplus market: segments and classes of products MTF ETFplus - - Structured ETFs ETCs Standard ETFs - OICR Indicizzati Exchange-traded Commodities Indexed UCITS Structured UCITS • Class 1 (Bond Indices) • Government Bonds • Corporate Bonds • Monetary • Class 2 (Equity Indices) • Equity Italy - Europe • Equity USA • Equity Emerging Markets • Equity Sectors • Style • Real Estate - Private Equity • Fundamentals • Index Commodities • Cattle • Energy • Industrial Metals • Precious Metals • Agricultural Products • Class 1 (without leverage) • Buywrite – Covered Call • Short • Class 2 (with leverage) • Leveraged Long • Leveraged Short

  5. Number of ETFs/ETCs listed on ETFplus ETF e ETC admitted to listing since September 2002- as of March 31st 2008 Total 289 ETC ETF STR ETF 5 Data Source: Borsa Italiana S.p.A. Data source: Borsa Italiana S.p.A.

  6. ETFs and ETCs Issuer Breakdown (by Parent Company) - LSE ETF iShares – BGI 59 ETF Lyxor - Société Générale 29 ETF db x-trackers - Deutsche Bank 29 ETFPowerShares – Invesco(November 2007)13 ETF SPA ETF(January 2008)6 ETF ETC Gold Bullion Securities 1 ETC ETF Securities 122 ETC 36 5 20 7 41 63 Data Source: London Stock Exchange

  7. ETFs and ETCs Issuer Breakdown (by Parent Company) - ETFplus ETF iShares – BGI 80 ETF Lyxor - Société Générale 70 ETF db x-trackers - Deutsche Bank 57 ETFPowerShares – Invesco(November 2007)13 ETF EasyETF - AXA/BNP Paribas 7 ETF SPDR e Beta - Crédit Agricole 5 ETF SPA ETF(January 2008)6 ETF SGAM(February 2008)3 ETF JP Morgan(November 2007)1 ETF ETC Gold Bullion Securities 1 ETC ETF Securities 46 ETC 36 5 20 7 41 63 Data Source: Borsa Italiana S.p.A.

  8. Turnover Daily Average (Mln GDP) N. trades Daily Average LSE - trades and turnover Daily AverageN. of Trades 2007: 1,469 March 2008: 3,806 Daily Average Turnover 2007: £104.5 mln March 2008: £253.8 mln Data Source: London Stock Exchange

  9. Turnover Daily Average (Mln eur) N. trades Daily Average ETFplus – trades and turnover March 2008 highest daily average turnover Daily AverageN. of Trades 2007: 5,406 March 2008: 6,228 +45% Y/Y Daily Average Turnover 2007: 126.9 Mln March 2008: 199.4 Mln +55% Y/Y Data Source: Borsa Italiana S.p.A. Data source: Borsa Italiana S.p.A.

  10. ETFplus:most traded ETFs - Turnover (first quarter 2008) Data Source: Borsa Italiana S.p.A.

  11. ETFplus: most traded ETFs - Contracts (first quarter 2008) Data Source: Borsa Italiana S.p.A.

  12. Content ETFs & ETCs International Comparison Emerging markets ETFs: focus on Russian and Eastern Europe ETFs

  13. WORLD 2007 1,171 ETFs (+64%) AUM 797 bn$ (+41%) 423 ETFs AUM 128 bn$ + 43,1% 601 ETFs AUM 581 bn$ + 42,7% Turnover in US is 90% on exchange, in UE 50% on exchange (the remaining 50% is OTC). ETF’s in USA are listed in 4 exchanges; ETFs in UE are listed in 18 exchanges. Data source: Morgan Stanley “Exchange Traded Funds – Year End 2007 Global Industry Review

  14. NUMBER OF CONTRACTS • Exchan. • Feb 07 – • Feb 08 • 1,706,793 • LSEG • Euronext • 926,927 • Deutsche Boerse • 659,093 • 416,113 • OMX • SWX • 201,771 • Others* • 21,161 • TOTAL • 3,931,858 European Exchanges: market share (contracts) *Irish stock exch., Wiener Boerse Data source: FESE and London Stock Exchange

  15. TURNOVER (mln €) • Exchan. • Feb 07 – Feb 08 • Deutsche Boerse • 125,848 • Euronext • 99,212 • LSEG • 60,442 • 16,004 • SWX • 8,715 • OMX • 7,671 • Others* • TOTAL • 317,893 European Exchanges: market share (Turnover) *BME, Irish stock exch., Wiener Boerse Data source: FESE and London Stock Exchange

  16. European Exchanges: average contract size, number of contracts and turnover AVERAGE CONTRACT SIZE (in mln €) • Exchan. • Feb 07 – Feb 08 19,71% • Deutsche Boerse • 190,941 • Euronext • 107,033 • 107,808 • LSE 25,43% Borsa Italiana • SWX • 79,320 44,23% • Borsa Italiana • 24,958 • 20,943 • OMX OMX • 79,326 • TOTAL 4,13% The bubble size is proportional to the average contract size Data source: FESE and LSE

  17. Lyxor ETF EuroMTS 1-3 Y (tot 867.2 Mln €) PowerShares EQQQ (Tot 594.3 Mln €) Multilisted ETFs: Borsa Italiana market share - the most significant examples (Aug 07 – Feb 08) Lyxor ETF India (Tot 1393.6 Mln €) iShare MSCI Brazil (Tot 1451.9 Mln €) Data Source: Deutsche Boerse

  18. Content ETFs & ETCs International Comparison Emerging markets ETFs: focus on Russian and Eastern Europe ETFs

  19. ETFs trades on ETFplus – distribution by asset class (April 2007 – March 2008) NUMBER OF CONTRACTS • Asset class • Apr 07 – Mar 08 • 690,580 • Emerging markets • Developed makets • 377,808 • Bonds • 80,813 • 71,22 • Others • Style • 56,230 Italian Investors are focused on Emerging markets ETFs • TOTAL • 1,276,658 Data source: Borsa Italiana S.p.A.

  20. Italian most traded Emerging markets ETFs - Contracts (April 2007 – March 2008) Data source: Borsa Italiana S.p.A.

  21. Focus on Russia and Eastern Europe ETFs International Monetary Fund says Russian and Eastern Europe GDP in 2008 is expected to grow by respectively 6.5% and 5.2%* Exploit this opportunity investing on the following ETFs available on the ETFplus market: *World Economic and financial surveys – World economic outlook (October 2007)

  22. Russia and Eastern Europe ETFs turnover, trades (April 2007 – March 2008) and AUM in Italy (end of March 2008) * Listed only starting from March 14th 2008 Russia and Eastern Europe ETFs represent the 4% of the contracts and the 1.8% of the turnover of the whole Italian ETF market Data source: Borsa Italiana S.p.A.

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