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London Stock Exchange

ETFs - Highlights of ten years of trading

April 2000iShares lists the UKs frst ETF on the London Stock Exchange, tracking the FTSE100 index.

February 2001The introduction o central counterparty clearing to the UK order book providesguaranteed trading in ETFs.

January 2002Dedicated ETF trading segment introduced.

September 2004ETF range expands to include products tracking Chinese, Japanese and Europeansmall and mid cap companies.

September 2005The Exchange launches the worlds frst Exchange Traded Commodity (ETC) segment,with products rom ETF Securities oering exposure to energy, metals and agricultural

sectors through investment in individually tradable securities.

November 2005Over three weeks, the number o ETFs available or trading on the Exchange doubles,

with products oering exposure to companies across Asia, South America and

Eastern Europe listed by iShares.

September 2006The Exchange launches the worlds frst multicurrency trading service or ETFs, giving

investors the choice to trade products in US dollars, Euros and Pounds Sterling.

December 2006The UK Government announces the scrapping o stamp duty levied on non-residentETFs, making it ar easier and more attractive or international ETF issuers to list theirproducts in London.

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10 years of diversication:

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November 2007The choice o ETFs available on the Exchange reaches 100 products, oering

exposure to US equity indices, clean energy companies and listed private equity.

December 2007The frst ever Shariah compliant ETFs are listed on the Exchange, oering investorsthe opportunity to invest in ETFs specifcally structured to comply with the

principles o Islamic law.

August 2008The Exchange sees its busiest day or ETF listings with 19 products being

launched, including the frst to oer exposure to Kuwait.

March 2009Europes frst Exchange Traded Note (ETN) is listed on the Exchange by Lyxor,oering exposure to gold.

April 2009The number o ETFs available on the Exchange reaches 200.

May 2009London Stock Exchange Group is recognised as the largest European exchange

or ETFs by volume at the Annual Global ETF Awards in New York.

November 2009ETF Securities chooses the London Stock Exchange or the launch o its Exchange

Traded Currency suite o products; the frst in Europe, and the largest in the world.

April 2010The London Stock Exchange celebrates ten years o ETF trading, welcomingindustry experts, market participants and the nine issuers o 242 ETFs on itsmarkets to its head ofce in the City o London.

Winner o the Largest exchange or ETFs by volume in Europe at the 6th AnnualGlobal ETF awards.

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2009

2010

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10 years of growth:

In the ten years since iShares launched Londons frst ETF, the market has seenexceptional, consistent growth in terms o the number o products available, thenumber o issuers oering products and the amount o trading conducted.

The London Stock Exchange is also the leading exchange in Europe or the trading oExchange Traded Products, which includes Exchange Traded Commodities, Exchange

Traded Notes and Exchange Traded Currencies.

The total number o Exchange Traded Funds and Exchange Traded Products is 489.

Number of ETFs and ETPs admitted to the London Stock Exchange

29 46

107

182221

243

30

56

123

148

218

14

1

29

0

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2004 2005 2006 2007 2008 2009 2010

ETF ETC ETN

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The level o trading activity in London has seen consistent growth. By 2009 therewas over 72.8 billion o annual trading turnover:

London Stock Exchange- daily ETF and ETP trades and turnover

The iShares FTSE 100 product has remained the most heavily traded ETF on theLondon Stock Exchange since its admission in 2000. Trading has steadily increased inline with the growth o the market as a whole.

London Stock Exchange- annual value traded in ISF

0

1000

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3000

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6000

Q104Q204

Q304Q404Q105

Q205Q305Q405

Q106Q206Q306

Q406Q107Q207

Q307Q407Q108

Q208Q308Q408

Q109Q209Q309

Q409Q110

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100

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No. trades daily average Turnover daily average (m)

Daily Average no. of TradesFY2009: 2,918FY2010: 4,238 up 45% year-on-year

Daily Average Turnover

FY2009: 235.34mFY2010: 305.4m up 30% year-on-year

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Billions

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London Stock Exchange Group a leader in European ETF trading

In 2007 the London Stock Exchange merged with Borsa Italiana to create thecontinents largest diversifed exchange group. In terms o ETFs and other ETPs,London Stock Exchange Group now oers trading in over 900 products across

the two markets, on the same trading technology.

In 2009 the Group was recognised as Europes largest ETF exchange by volumeat the Global ETF Awards in New York.

Over recent months the Group has been the venue o choice or new issuersmaking their European debut in the ETF market, with HSBC, Osmosis Investment,and Marshall Wace Indices being among some o those choosing London StockExchange Group or the admission o their frst European products.

In November 2009 London Stock Exchange Group was chosen as the venue orthe launch o Europes frst Exchange Traded Currencies (Currency ETCs).

In2009 the London Stock Exchange developed an efcient solution or ETFissuers with products already listed in other EEA jurisdictions to admit to tradingon the London Stock Exchanges Main Market. As well as the traditional UKLAlisting route which provides a ull London listing, issuers have the option to admitETFs to trading in London based on a listing already achieved elsewhere in theEEA. By recognising the high standards o regulation achieved through UCITScompliance and standards accepted across Europe this method provides anattractive option or European issuers seeking to access the London market.