Liquidity, innovation, transparency.It starts here.

In partnership with

BofA Merrill LynchGoldman SachsJ.P. MorganMorgan StanleyNomuraPIMCO Man GLG

2

The European ETF market is crowded but relatively inefficient

Assets under management are growing but market penetration is still shallow

Liquidity in Europe does not compare to the US

Source – one of the fastest growing ETF providers in Europe

Outstanding AUM of over US$8.5 BN and trading turnover of US$200 BN in 2 year period since launch – one of the fastest growing ETF providers in Europe

Through its partners, Source is uniquely positioned to deliver highly liquid products and therefore significantly reduced trading costs. Owned by five of the world’s largest equity trading houses – BofA Merrill

Lynch, Goldman Sachs, JP Morgan, Morgan Stanley and Nomura Source has leveraged its core partners, as well as 20 other partners including

PIMCO and Man GLG, to deliver investors enhanced returns through reduced trading costs

Most robust and transparent solution to counterparty risk in the market: counterparty risk management incorporates counterparty diversification, strict risk limits, unparalleled investor transparency with full investment in listed equities. In the first 2 years, the amount owed to our funds by our swap counterparties has been close to zero

Source: Introducing our story

3

AuM growth: Europe vs. US

The ETP industry:European market is reaching an inflection point

The European ETP market has had a strong start. Will growth continue to accelerate?

Even with no AuM growth, there is a US$473 BN opportunity in Europe if the ETP market share rises from 2.0% to 4.6%

Data: Morgan Stanley, European Fund and Asset Management Association (EFAMA)

1 EFAMA as of Q4 20102 Source: Blackrock as of April 2011

AuM

(U

S$

BN

)

US Europe

Total investment fund assets (TIFA)

US$25 trillion US$18 trillion

ETP market share of TIFA2

US$1,140 BN (4.6%) US$364 BN (2.0%)

4

US vs. European ETF average daily trading volumes

The ETF industry:US trading volumes dwarf Europe

U.S. ETF on-exchange average daily trading volumes are over US$66 BN (over 6% of AuM) vs. European ETF volumes of US$3.2 BN/day (1% of AuM).

What are the big differences between the US and European ETF markets?

Data: Factset, Bloomberg and Goldman Sachs, Blackrock. As of April 2011

US Europe

Exchanges 2 22

Avg. products per index 1 4

# of funds 1,216 1,674

Product providers 29 31

Total ETF AuM US$ 1,140 BN US$ 364.1 BN

Average AuM/Product US$ 937 MM US$ 217 MM

The US ETF market is not only larger, but meaningfully more concentrated.

Data: Source, May 2011

5

Source: Meaningful momentum

Since launch in April 2009, Source has seen significant AuM growth •Source total AuM is US$8.5 BN

•Over US$1 BN raised in the Source Physical Gold P-ETC

•Over US$887 BN raised in RDX Source ETF

•Over €500 MM raised in EUROSTOXX 50 Source ETF

•20 funds with over US$100 MM in assets

Source AuM growth

- BofA Merrill Lynch - Baader Bank - IMC

- Goldman Sachs - Banca IMI - Jane Street

- J.P. Morgan - BNP - Knight Capital

- Morgan Stanley - Commerzbank - LaBranche

- Nomura - Credit Suisse - Newedge

- PIMCO - DekaBank - Optiver

- Man GLG - Euro Invest Bank - RBS

- Nyenburgh - Exane - SG Securities

- FlowTraders - UniCredit

- HSBC

The partnersU

S$

BM

6

In recent years, with the introduction of ETPs secured by physical precious metals, demand has soared.

To date, over US$120 BN have been invested in physical precious metal ETPs globally, making these products the single largest non-governmental holders of precious metals.

Investors often look to precious metals as a safe haven and store of value.

Physical commodity ETPs provide an efficient and convenient exposure to precious metals.

Source P-ETCs:Precious metals have become a valuable financial investment

Name BBG Ticker Exchange Fixed fee

Source Physical Gold P-ETC SGLD LN / SGLD SW LSE / SIX 0.29% p.a.

Source Physical Silver P-ETC SSLV LN LSE 0.39% p.a.

Source Physical Platinum P-ETC SPPT LN LSE 0.39% p.a.

Source Physical Palladium P-ETC SPAL LN LSE 0.39% p.a.

Source Physical P-ETCs

Why physical investment?

Accurate tracking of underlying spot price

Transparency about the location and title of the underlying precious metal

Ability to access the metal if need

Why Source Physical P-ETCs?

Secured by physical precious metals

Transparent and competitive cost structure

Liquidity provided by world’s leading trading houses

Source ETFs Physical funds, with swap enhancement

Multiple authorised participants provide trading liquidity

Diversification of credit risk across multiple counterparties, with maximum counterparty exposure of 4.5% (more aggressive than UCITS requirement) and in practice counterparty exposure that tends to range between +2% and -2% and averages at 0%

PIMCO Source Fixed Income ETFs Direct access to PIMCO’s fixed income expertise

Source’s proven distribution model and ability to enhance trading liquidity

Source commodity T-ETCs Total-return performance of 27 members of the S&P GSCI index family

Fully collateralised by US Treasury Bills and cash; listed and traded on SIX and XETRA

Physically secured commodity P-ETCs Secured by physical metal; listed and traded on the LSE or SIX (SGLD only)

Transparent and competitive cost structure

Source: The full product offering

7

54 Source ETFs

27 Commodity ETCs

4 P-ETCs

4 Alternative Asset ETFs

3 Fixed Income ETFs

88

Source: The websitewww.source.info

Home page with the latest product information, conference call details and press releases

Product tab with all available product information including summary data, index overview and legal documents

How to trade explanation of execution process

About Source - our mission, value statement, employees, founders and partners

Contact us - Source and our trading partners

9

Why did Source need a new data centre partner: Our architecture has changed rapidly as we made the fundamental move from a trade

workflow tool to a trade execution system

Primary requirements: A provider that has real credibility in the financial markets space

A fully managed service

Improved resiliency required to support real time trade execution

Flexibility to add extra capacity and/or new capabilities to the platform without further change in data centre provider

Right sized platform that can be expanded vertically (more powerful hardware) and horizontally (additional hardware) and a strong local and international presence to support future growth plans

Selecting a new vendor

10

Five vendors were shortlisted as potentially candidates. After initial due diligence, the shortlist was reduced to four vendors.

The vendor selection process

Key measures Vendor 1 Colt Vendor 2 Vendor 3

Resiliency

Flexibiliity

Global presence

Clients

Cost for high availability

Not available on current service

E-commerce (retail)

High cost

Fully HA Primary + auto failover to secondary

Additional capacity can be added through virtualisation of

resources or additional physical machines

US, UK, Europe & Asia - KVH

Financial services and exchanges

Fully HA Primary + auto failover to secondary

Additional capacity can be added through virtualisation of

resources or additional physical machines

US & UK

Additional capacity through use of additional physical

machines

US, UK & Asia

Medium cost

Range of industries including some financial services

Medium cost

Fully HA Primary + auto failover to secondary

Additional capacity can be added through virtualisation of

resources or additional physical machines

US , UK, Europe & Asia

Financial services, exchanges, brokers and investment banks

High cost

11

Vendor scoring following technical workshops (max score 110)

The outcome

After the initial due diligence and a round of interviews, a series of detailed technical workshops were undertaken with the remaining three vendors

The two highest scoring vendors, Colt and Vendor 1 were invited to present to Source senior management in early January and Colt were officially selected on 31st January 2011

Colt were selected by Source based on:

- The extent of their technical capabilities;

- Proven strength in the financial markets space;

- Overall commitment displayed during the bid process

The migration from our current vendor is currently in progress and we expect to have migrated into our new facility by Q3 2011

Source UK Services Limited14th Floor, One Angel CourtLondon EC2R 7HJ

T +44 (0)20 3370 1100F +44 (0)20 3370 1101www.source.info

Authorised and Regulated by the Financial Services Authority

Key disclaimer information: This information has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. This information is confidential and is solely for your internal use. This information is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of transactions conforming to the terms hereof. We do not undertake to update this information. Certain assumptions may have been made in the analysis that resulted in any information and returns/results detailed herein. No representation is made that any results/returns indicated would be achieved or that all assumptions in achieving these returns have been considered or stated. Changes to the assumptions may have a material impact on any results/returns detailed. Source UK Services Limited and its affiliates disclaim any and all liability relating to this information, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, this information. Additional information is available on request. Source UK Services Limited (“Source”) and others associated with it may deal as principal in or own or act as market maker for securities and instruments mentioned herein or of issuers mentioned herein and may also advise or seek to advise issuers of such securities and instruments. Where you provide us (or our associates) with information relating to a customer order or proposed transaction, we may use that information to facilitate the execution of your order or transaction, in managing our market making, other client facilitation activities or otherwise in carrying out our legitimate business (which may include, but is not limited to, hedging a risk or otherwise limiting the risks to which we are exposed). Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Source does not give investment, tax, accounting and legal or regulatory advice and prospective investors should consult with their professional advisors. Unless indicated, these views are the author's and may differ from those of Source or associated companies. This communication is a marketing communication. This communication is directed at sophisticated prospective investors in order to assist them in determining whether they have an interest in the types of security described herein. In the UK it is directed only to those persons who are eligible counterparties or professional clients and must not be acted on or relied upon by retail clients (each as defined in the UK Financial Services Authority's rules).

© 2011 Source UK Services Limited. All rights reserved.

COLT_01062011