FLOW AND SHORT INTEREST ANALYSIS 04/03/2015 < Last closing date US Broad Indices 05/03/2015 3:52 AM CET < Report creation date & time

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1 4/3/ < Last closing date US Broad Indices /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM % -2.% 1.6% 1.2% Bullish Bearish 1. SP SPY % -.2% 2.3% 12.% -13.% 2.2 Bullish Bullish 2. Dow Jones DIA % -.2% 1.6% 1.7% Bullish Bullish 3. Nasdac 1 QQQ %.%.% 19.1% -3.7% 1.9 Bullish Bullish 4. Russel (Small Cap) IWM % -.2% 2.3% 2.2% -1.4% 3.9 Bullish Bullish Last comment: 16-Feb-: One more time, SPY outflows brought to some extremes is a leading contrarian indicator of performance. We will soon model this pattern and issue buy/sell signals based on it. 1. US-SPY (SP index Tracker) Flow Analysis AUM (SPY): bn USD US-SPY (SP index Tracker) Performance Analysis Change in AUM from IN&OUT Flows, RSI_9D: 4.1 $3, spy equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 2. US-DIA (Dow Jones index Tracker) Flow Analysis AUM (DIA): 12.4 bn USD US-DIA (Dow Jones index Tracker) Performance Analysis Change in AUM from IN&OUT Flows, RSI_9D: US-QQQ (Nasdac1 index Tracker) Flow Analysis AUM (QQQ): 4.7 bn USD US-QQQ (Nasdaq1 index Tracker) Performance Analysis US-IWM (Russel index Tracker) Flow Analysis AUM (IWM): 27.6 bn US-IWM (Russel index(small Cap) Tracker) Flow Analysis $, $1, $ -$1, -$, -$3, $2, dia equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) Change in AUM from IN&OUT Flows, RSI_9D: 62.6 $1, $ -$1, -$2, -$3, $1, qqq equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $, $ -$, -$1, -$, spy equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dia equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) qqq equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % 1% % -1% -% -% % % 1% % -1% -% -% % 1% % -1% -% -3% -4% Change in AUM from IN&OUT Flows, RSI_9D: 6.3 $8, $6, $4, $2, $ -$2, -$4, -$6, iwm equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) iwm equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.1

2 4/3/ < Last closing date EMERGING, EUROPE, LATAM /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish SP SPY % -.2% 2.3% 12.% Bullish Bullish. EM Markets (MSCI) EEM % -2.% 1.6% 1.2% -3.% 2.1 Bullish Bearish 6. Europe (Stoxx) FEZ % -1.%. -7.8% 8.3%. Bullish Bearish 7. Europe (Small cap&div) DFE.8 -.9% %.4%.2 Bullish Bullish 8. Latin America (Index4) ILF % -4.3% -4.3% -1.3% -8.1% 2. Bearish Bearish. EM MARKETS (MSCI EMG index Tracker) Flow Analysis AUM : 78.8 bn USD(EEM+VWOUS-EEM Performance & Flow Analysis (% of NAV) Change in AUM from IN&OUT Flows, RSI_9D: 4.1 eem equity Last 3 days IN/OUT Flows EEM+VWO (RHS) Daily Volume EEM (in shares) Daily Volume VWO Short Interest EEM (in shares) (RHS) Short Interest VWO (RHS) YTD IN/OUT Flows EEM+VWO (RHS) Daily IN/OUT Flows EEM+VWO (RHS) $, 6. EUROPE (SPDR EURO STOXX Tracker) Flow Analysis AUM : 4.3 bn USD US-FEZ Performance & Flow Analysis (% of NAV) $1, $, $ -$, -$1, -$, Last Update: 22-Dec-14 For the second year in a row, EM funds witnessed a 1%+ investment outflows, obviously related to underperformance and which took place in the very last days suggesting portfolio managers have been selling a the last minute ahead of the year end snapshot. eem equity MOV_AVG_D MOV_AVG_D %YTD EEM-AUM(RHS) %YTD VWO-AUM(RHS) %YTD EEM+VWO-AUM(RHS) 3% % 1% % -1% -% -3% 4 3 Change in AUM from IN&OUT Flows, RSI_9D: 39. $4, fez equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 7. EUROPE (Small Cap Div. Paying Tracker) Flow Analysis AUM :.7 bn USD US-DFE Performance & Flow Analysis (% of NAV) Change in AUM from IN&OUT Flows, RSI_9D: 4 8. LATIN AMERICA 4 Index (Latam4 Index) Flow Analysis AUM :.6 bn USD US-ILF Performance & Flow Analysis (% of NAV) $3, $2, $1, $ -$1, $1, $1, $8 $6 $4 $ $ -$ -$4 -$6 dfe equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) fez equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dfe equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % % 1% % 18% 16% 14% 1% 1% 8% 6% 4% % % -% Change in AUM from IN&OUT Flows, RSI_9D: 6.3 $1, $7 $ $ $ -$ -$ -$7 -$1, ilf equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) ilf equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 3% % 1% % -1% -% -3% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.2

3 4/3/ < Last closing date PRECIOUS METALS AND SHARES /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish SP SPY % -.2% 2.3% 12.% Bullish Bullish 9. GOLD GLD % -.9% 1.3% -1.7% 7.9% 2. Bearish Bearish 1. GOLD MINES GDX. -1.7% -.8% 9.% -24.4% 21.9% 1.6 Bearish Bearish 11. JUNIOR MINES GDXJ.3-2.4% -.%. -4.8% 14.4%. Bearish Bearish 12. SILVER SLV. -.6% -2.4% 2.9% -23.9% -1.1% 2.2 Bearish Bearish 9.US-GLD Flow Analysis AUM (GLD): 29.6 bn USD US-GLD Performance Analysis Last Update: 6-Feb-14 : GLD outstanding are rising sharply this year (up nearly 1% YTD), suggesting accumulation in the metal from retail and speculative investors, on top of the unabating physical demand witnessed in Asia from Asian exchanges Change in AUM from IN&OUT Flows, RSI_9D: 33 $, $ -$, -$1, -$, -$, -$, -$3, gld equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 1. US-GDX (Hui index Tracker) Flow Analysis AUM (GDX): 7 bn USD US-GDX Performance Analysis US-GDXJ (Juniors index) Flow Analysis AUM (GDXJ): 1.8 bn USD US-GDXJ Performance Analysis Change in AUM from IN&OUT Flows, RSI_9D: US-SLV (Silver Tracker) Flow Analysis AUM (SLV):.3 bn USD US-SLV Flow Analysis $3, gdx equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) Change in AUM from IN&OUT Flows, RSI_9D:.7 $2, $1, $ -$1, -$2, $1,4 $1, $1, $8 $6 $4 $ $ -$ gdxj equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) gld equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) gdx equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) gdxj equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % 1% % -1% -% -% -% -3% -% % 3% % % % 1% % -1% -% 14% 1% 1% 8% 6% 4% % % -% Change in AUM from IN&OUT Flows, RSI_9D:.2 $1, $8 $6 $4 $ $ -$ -$4 slv equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) slv equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) % % 1% % -1% -% -% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.3

4 4/3/ < Last closing date COMMODITIES /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish SP SPY % -.2% 2.3% 12.% Bullish Bullish 13. DB COMMOD. FUND DBC % -1.7% -3.2% -31.8% -7.2% 1.6 Bearish Bearish 14. DB AGR. FUND DBA % -1.4% -8.6% -19.8% -11.9% 1.1 Bearish Bearish. WTI OIL FUND USO %.% -6.6% % 1.1 Bullish Bearish 16. US NAT. GAS. FUND UNG % -4.9% % 19.7 Bearish Bearish Last Update: 13-Nov-14 : Very large short interest ratio (34) in the NatGas ETF. 13. COMMODITY (Powershare DB Commodity Fund) Flow Analysis AUM : 3.6 bn USD US-DBC Performance & Flow Analysis (% of NAV) AGRICULTURE (Powershare DB Ag. Fund) Flow Analysis AUM :.8 bn USD US-DBA Performance & Flow Analysis (% of NAV) 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 33.7 $ dba equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS). OIL (WTI Crude Oil Fund) Flow Analysis AUM : 2.6 bn USD US-USO Performance & Flow Analysis (% of NAV) 4 3 Change in AUM from IN&OUT Flows, RSI_9D: 46.2 Change in AUM from IN&OUT Flows, RSI_9D: NATGAS (US Natural Gas Fund) Flow Analysis AUM :.6 bn US-UNG Performance & Flow Analysis (% of NAV) $ -$ -$4 $1,7 uso equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $6 dbc equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $4 $ $ -$ -$4 -$ $1, $7 $ -$3 -$ uso equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) dbc equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) qqq equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 1% 8% 6% 4% 2% % -2% -4% -6% -8% -1% % 1% % -1% -% -% 3% % % % 1% % -1% 3 1 Change in AUM from IN&OUT Flows, RSI_9D: 48.7 $4 ung equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $ $ -$ -$4 -$6 -$ Date MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% -3% -4% -6% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.4

5 4/3/ < Last closing date FIXED INCOME 1 /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM % -2.% 1.6% 1.2% Bullish Bearish Y US Treas. Fund SHY.6.% -.1%.2%.1% -4.8% 1.6 Bearish Bearish Y US Treas. Fund IEF 16..1% -1.%. 4.3% -7.% 1.2 Bearish Bullish 19. Y+ US Treas. Fund TLT 126..% -2.4%.4% % 2.1 Bearish Bullish. US TIPS Fund TIP % -.6% 1.3%.7% -1.4% 1.6 Bullish Bearish Last comment: 22-Dec-14 Investors have been piling up on long UST bonds Y US Treasuries Fund Flow Analysis AUM : 7.7 bn USD US-SHY Performance & Flow Analysis (% of NAV) Y US Treasuries Fund Flow Analysis AUM : 6. bn USD US-IEF Performance & Flow Analysis (% of NAV) Change in AUM from IN&OUT Flows, RSI_9D: 4.1 Change in AUM from IN&OUT Flows, RSI_9D: 38 $8, $6, $4, $2, $ -$2, -$4, -$6, ief equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $4, $3, $2, $1, $ -$1, -$2, -$3, -$4, shy equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 19. +Y US Treasuries Fund Flow Analysis AUM : 6.9 bn USD US-TLT Performance & Flow Analysis (% of NAV) shy equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) ief equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% -% -3% 18% 16% 14% 1% 1% 8% 6% 4% % % -% -4% Change in AUM from IN&OUT Flows, RSI_9D: 37.3 $4, tlt equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS). US Treasury Inflation Protected Securities Fund Flow Analysis AUM : 12.8 bn US-TIP Performance & Flow Analysis (% of NAV) $3, $2, $1, $ -$1, -$2, tlt equity MOV_AVG_D MOV_AVG_D Change in AUM from IN&OUT Flows, RSI_9D: 1.9 $2, $ -$2, -$4, -$6, -$8, tip equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) tip equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 1% % -1% -% -% -% -3% -% -4% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.

6 4/3/ < Last closing date FIXED INCOME 2 /3/ 3:2 AM CET < Report creation date & time ETF Tracking (SI / Daily D_MAV D MAV MSCI World URTH % -.6% 3.4% 4.1% Bullish Bullish MSCI Emerging EEM % -2.% 1.6% 1.2% Bullish Bearish 21. US Aggr. Invest. Grade AGG % -.7%.2% 2.3%.%.8 Bearish Bullish 22. High Yield Corporates HYG % -.9% 1.6% -3.7%.4% 2.4 Bullish Bearish 23. Y+ US Treas. Fund MUB 11..2% -.6% -.3% 3.% 8.6%.4 Bearish Bullish 24. US TIPS Fund BND 82.6.% -.6%.2% 1.8% -3.%.9 Bearish Bullish Last Update: 18-Feb- : Funds are piling on in High Yield this year consistent with the search (gasp)for yield. 21. Aggregate US Investment Grade Fund Flow Analysis AUM : 23.3 bn USD US-AGG Performance & Flow Analysis (% of NAV) US High Yield Corporates Fund Flow Analysis AUM : 17.3 bn USD US-HYG Performance & Flow Analysis (% of NAV) Change in AUM from IN&OUT Flows, RSI_9D: 43.3 $4, hyg equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) 23. Muni Bond (Investment Grade) Fund Flow Analysis AUM : 4.4 bn USD US-MUB Performance & Flow Analysis (% of NAV) Change in AUM from IN&OUT Flows, RSI_9D: 46.2 Change in AUM from IN&OUT Flows, RSI_9D: US Total Bond Market Fund Flow Analysis AUM :.9 bn USD US-BND Performance & Flow Analysis (% of NAV) $2, $ -$2, -$4, $1, $1, $8 $6 $4 $ $ -$ -$4 mub equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $9,4 agg equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $7,4 $,4 $3,4 $1,4 -$ hyg equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) agg equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) mub equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 6% 4% 3% % 1% % -1% 6% 4% % % -% -4% -6% % 3% % % % 1% % -1% Change in AUM from IN&OUT Flows, RSI_9D:.8 $1, bnd us equity YTD IN/OUT Flows (RHS) Last 3 days IN/OUT Flows(RHS) Daily IN/OUT Flows (RHS) $8, $6, $4, $2, $ -$2, bnd us equity MOV_AVG_D MOV_AVG_D %YTD AUM(RHS) 4% 3% % 1% % -1% This communication is provided for informational purposes only and for the recipient's sole use. It is not intended as a recommendation, an offer or solicitation for the purchase or sale of any security referenced herein or investment advice. P.6