THE SCIENTIFIC BETA REPORT

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1 DON T JUST BE SMART. BE SCIENTIFIC. Overview United States Europe Asia ex-japan Japan The ETFs are a family of funds that provide core equity exposure to U.S. and international markets. The ETFs may be considered viable alternatives to actively managed funds as they seek to outperform market capitalization weighted indexes by following a methodology rooted in academic research, while preserving the lower costs and transparency of an ETF United States Europe Asia ex-japan Japan All data as of /3/05 Ticker Management Fee Since Fund Inception Year Annualized Since Fund Inception US ETF Europe ETF Asia ex-japan ETF Japan ETF SCIU 0.35% SCID 0.38% SCIX 0.38% SCIJ 0.38% NAV -.5% Market Price -.9% SBUXRHMN -.87% NAV -4.8% Market Price -4.3% SBRXRHMN -3.77% NAV -.6 Market Price -.6% SBAXRHMN -3.44% NAV.95% Market Price.06% SBJURHMN.% The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call -888-gxfund- or visit our website at

2 US ETF (SCIU) Q4 05 8% 4% -4% -8% US ETF SciBeta United States Multi-Beta Multi-Strategy ERC S&P 500 -% -4.3% 0.06% -3.47%.39% ² -.66% SCIU -.5% -.7% -.87% -.5% S&P % SCIU TOP 0 HOLDINGS Source: Global X Funds and S&P. As of /3/5. Total 7.39% ConAgra Foods Inc. 0.85% American Water Works Co Inc. 0.84% AvalonBay Communities Inc. 0.8 Amdocs Limited 0.74% Markel Corp. 0.73% Clorox Co. 0.7% Arch Capital Group Ltd. 0.7 Quest Diagnostics Inc. 0.69% Nielsen Holdings PLC 0.66% CME Group Inc. 0.66% 5.47% Beta US ETF 6.83% S&P 500 S&P 500 INDEX TOP 0 HOLDINGS Source: Global X Funds and S&P. As of /3/5. Total 7.73% Apple Inc. 3.8% Microsoft Corporation.48% Exxon Mobil Corporation.8% General Electric Company.64% Johnson & Johnson.59% Amazon.com Inc..45% Wells Fargo & Company.4% Berkshire Hathaway Inc..38% JPMorgan Chase & Co..36% Facebook Inc..33% Source: Global X Funds, Bloomberg and S&P. Global X Scientific Beta US ETF 4% S&P 500 4% Overlap by weight between SCIU and S&P Number of overlapping 86% Holdings in SCIU also in S&P 500 8% Holdings in S&P 500 also in SCIU 58% Active share SCIU HISTORICAL ALLOCATION SINCE INCEPTION¹ Source: ERI Scientific Beta, December % 9.99% % 7.57% 7.57% 8.6% 5.3% % 5.6% 8.49% SCIU SECTOR OVERWEIGHT/UNDERWEIGHT VS. S&P 500 Source: Global X Funds, Bloomberg and S&P. Since inception of SCIU ETF, 5//5. index is represented by the Scientific Beta Multi-Strategy for the relevant region. The index represents the performance of the Scientific Beta Multi-strategy weighting scheme without apply factor tilts. 6.7% Financials 3.76% Utilities.4% Materials.06% 0.7% Industrials 0.04% Staples -0.99% Telecom Services -.98% Energy -3.9% Health Care -6.69% Information Technology

3 Europe ETF (SCID) 4% -4% -8% -3.77% -4.8% -% -9.54% -6% - Europe ETF SciBeta Extended Developed Europe Multi-Beta Multi-Strategy ERC STOXX Europe % -0.4% -.7% -.94% ² -5.53% SCID -4.8% STOXX Europe % SCID TOP 0 HOLDINGS Source: Global X Funds and STOXX. Total 5.87% Swiss Prime Site AG 0.79% UCB SA 0.64% Teleperformance 0.6% Direct Line Insurance Group PLC 0.58% Chr Hansen Holding A/S 0.57% PSP Swiss Property AG 0.55% Hiscox Ltd. 0.55% Lonza Group AG 0.53% Amlin PLC 0.5% Endesa SA 0.5% 6.39% Beta Europe ETF 8.7 STOXX Europe 600 STOXX EUROPE 600 INDEX TOP 0 HOLDINGS Source: Global X Funds and STOXX. Total 6.95% Nestle SA.8% Novartis AG.6% Roche Holding AG.9% HSBC Holdings plc.83% Novo Nordisk A/S.3% TOTAL SA.8% Bayer AG.% British American Tobacco plc.% Sanofi. GlaxoSmithKline plc.6% Source: Global X Funds, Bloomberg and STOXX. Global X Scientific Beta Europe ETF 4% STOXX Europe 600 4% Overlap by weight between SCID and STOXX Europe # of overlapping 95% Holdings in SCID also in benchmark 9% Holdings in Benchmark also in SCID 58% Active share SCID HISTORICAL ALLOCATION SINCE INCEPTION¹ Source: ERI Scientific Beta, December % 9.88% 8.8% 8.55% 9.9% 33.84% SCID SECTOR OVERWEIGHT/UNDERWEIGHT VS. STOXX EUROPE 600 INDEX Source: Global X Funds, Bloomberg and STOXX % 7.68% 8.33% -0.6% -.53% 34.39% 33.88% 8.54% -4.74% -6.85% Industrials Financials Materials Utilities Information Telecom Energy Health Technology Services Staples Care Since inception of SCIU ETF, 5//5. index is represented by the Scientific Beta Multi-Strategy for the relevant region. The index represents the performance of the Scientific Beta Multi-strategy weighting scheme without apply factor tilts. 6.% 5.% 0.95% 0.95% 0.94% 0.53%

4 Asia ex-japan ETF (SCIX) Asia ex-japan ETF SciBeta Developed Asia-Pacific ex-japan Multi-Beta Multi-Strategy ERC ex-japan % -.9% -6.89% -.03% ² -4.4% SCIX % -5.73% ex-japan -5.73% SCIX TOP 0 HOLDINGS Source: Global X Funds and MSCI. Total 9.93% Yue Yuen Industrial Holdings Ltd..8% Auckland International Airport Ltd..% Infratil Ltd..07% Vitasoy International Holdings Ltd..06% Johnson Electric Holdings Ltd. 0.97% Fortune REIT 0.93% Transport International Holdings 0.88% Fisher & Paykel Healthcare Corp. 0.87% Guoco Group Ltd. 0.84% Cheung Kong Infrastructure 0.8% 4.78% Asia ex-japan ETF 0.4% ex-japan MSCI PACIFIC EX-JAPAN INDEX TOP 0 HOLDINGS Source: Global X Funds and MSCI. Total 39.46% Commonwealth Bank of Australia 7.55% Westpac Banking Corp. 5.8 AIA Group Ltd. 5.8% Australia & New Zealand Banking 4.7% National Australia Bank Ltd. 4.% BHP Billiton Ltd..98% CK Hutchison Holdings Ltd..6% CSL Ltd..54% Wesfarmers Ltd..43% Hong Kong Exchanges and Clearing.08% Source: Global X Funds, Bloomberg and ishares. Global X Scientific Beta Asia ex-japan ETF 3% ex-japan 3% Overlap by weight between SCIX and MSCI Pacific ex-japan 8 # of overlapping 34% Holdings in SCIX also in benchmark 84% Holdings in Benchmark also in SCIX 76% Active share SCIX HISTORICAL ALLOCATION SINCE INCEPTION¹ Source: ERI Scientific Beta, December % % 6.76% 9.6% 9.48% 7.36% 7.6% 6.38% 6.48%.5% 5.89% SCIX SECTOR OVER/UNDERWEIGHT WITH MSCI PACIFIC EX-JAPAN INDEX Source: Global X Funds, Bloomberg and MSCI..5% 6.39% 4.3% Since inception of SCIU ETF, 5//5. index is represented by the Scientific Beta Multi-Strategy for the relevant region. The index represents the performance of the Scientific Beta Multi-strategy weighting scheme without apply factor tilts. Industrials Health Care.7% Information Technology.5 Utilities 0.8% Telecom Services -0.4% Staples -. Energy -.% Materials -.3% Financials

5 Japan ETF (SCIJ) 5% -5% - -5% Japan ETF SciBeta Japan Multi-Beta Multi-Strategy ERC MSCI Japan -5.45% - 0.6%.94% 3.64% 5.07% ² 0.9% SCIJ.95%.%.95% MSCI Japan -5.45% SCIJ TOP 0 HOLDINGS Source: Global X Funds and MSCI. As of /3/5. Total 7.08% Yamazaki Baking Co Ltd..6% Matsumotokiyoshi Holdings Co Ltd. 0.74% IT Holdings Corp. 0.7 Nippon Accommodations Fund Inc. 0.69% Maruichi Steel Tube Ltd. 0.68% Otsuka Holdings Co Ltd. 0.68% Sumitomo Osaka Cement Co Ltd. 0.67% Sankyo Co Ltd. 0.6 Mitsubishi Tanabe Pharma Corp. 0.58% Kaneka Corp. 0.58% 7.89% Beta Japan ETF 0.58% MSCI Japan MSCI JAPAN INDEX TOP 0 HOLDINGS Source: Global X Funds and MSCI. As of /3/5. Total.09% Toyota Motor Corp. 5.88% Mitsubishi UFJ Financial Group.77% Honda Motor Co Ltd..83% SoftBank Group Corp..69% Sumitomo Mitsui Financial Group.68% Mizuho Financial Group Inc..65% KDDI Corp..59% Japan Tobacco Inc..4% Takeda Pharmaceutical Co Ltd..38% Seven & I Holdings Co Ltd.. Source: Global X Funds, Bloomberg and MSCI. Beta Japan ETF 33% MSCI Japan 33% Overlap by weight between SCIJ and MSCI Japan 74 # of overlapping 6 Holdings in SCIJ also in benchmark 86% Holdings in benchmark also in SCIJ 67% Active share SCIJ HISTORICAL ALLOCATION SINCE INCEPTION¹ Source: ERI Scientific Beta, December % 4.5% 34.6% 34.8%.8.94% 9.5% 9.63% 0.93% 38.63% 0.65% 9.8 SCIJ SECTOR OVER/UNDERWEIGHT WITH MSCI JAPAN INDEX Source: Global X Funds, Bloomberg and MSCI. Since inception of SCIU ETF, 5//5. index is represented by the Scientific Beta Multi-Strategy for the relevant region. The index represents the performance of the Scientific Beta Multi-strategy weighting scheme without apply factor tilts. 6.53% Materials 5.6% Staples.8% Health Care 0.99% Energy 0.87% Industrials 0.57% Utilities -.03% Information Technology -3.3% Financials -4.54% Telecom Services -6.%

6 Definitions: The objective of the Scientific Beta Multi-Beta Multi-Strategy Equal Risk Contribution es (USA, Japan, Extended Developed Europe, Asia ex-japan) is to represent the performance of large and medium capitalization companies from their respective regions while outperforming the capitalization-weighted reference index for that region, with a limited amount of relative risk against that reference. The S&P 500 is an index of 500 stocks chosen by factors such as market size, liquidity and industry grouping. The is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. The STOXX Europe 600 is derived from the STOXX Europe Total Market (TMI) and is a subset of the STOXX Global 800. With a fixed number of 600 components, the STOXX Europe 600 represents large, mid and small capitalization companies across 8 countries of the European region: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The ex Japan captures large and mid cap representation across 4 of 5 Developed Markets (DM) countries in the Pacific region (excluding Japan). With 50 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Japan is designed to measure the performance of the large and mid cap segments of the Japanese market. With 38 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan. Active Share is the percentage of in a portfolio that do not overlap with the benchmark index. Carefully consider the Funds investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds summary or full prospectus, which may be obtained by calling -888-GX-FUND- ( ), or by visiting Read the prospectus carefully before investing. Investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. The Funds are non-diversified. For the Scientific Beta Japan ETF, the Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis, which could negatively affect the Fund. Diversification may not protect against market risk. There is no assurance the goals of the strategy discussed will be met. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Global X NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the Mid-Point between the Bid and Ask price as of the close of exchange. EDHEC Risk Institute Asia Ltd. indexes have been licensed for use by Global X Management Company, LLC. Global X Funds are not sponsored, endorsed, issued, sold, or promoted by EDHEC Risk Institute Asia Ltd. nor does this company make any representations regarding the advisability of investing in the Global X Funds. Global X Management Company, LLC serves as an advisor to the Global X Funds. The Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Global X Management Company, LLC.