Commission Sharing Arrangement COMMISSION MANAGEMENT | PRODUCT PROFILE Simplifying your process of receiving, reconciling and paying commissions As an asset manager, you have enough to do without having to manage State Street Global Markets Offers the post-trade administrative process of commission sharing arrange- вЂў Experience вЂ” A global team of highly experienced portfolio and risk management specialists using CSA while not having to administer the process. вЂў Expertise вЂ” Leading market insight and research Our Streamlined Process вЂў Size вЂ” The worldвЂ™s largest вЂњconsolidatedвЂќ crossing platform with no information leakage вЂў Scale вЂ” Unique natural liquidity from our leading custody, asset management and transition management businesses вЂў Confidence вЂ” A trusted, unconflicted partner you can count on ments (CSA). The State Street Global Markets CSA Outsourcing service streamlines the process for you, allowing you to reap the benefits of The standard industry practice for managing reconciliations is inefficient and time consuming, taking valuable resources away from your core business. As you know, managing the reconciliations, exceptions and payments between multiple CSA brokers can become quite complicated, and potential confidentiality issues might arise when CSA brokers see payments made to other research providers. With State Street acting as your intermediary, we facilitate the efficient communication between all parties while providing the confidentiality you need. In our unique outsourcing model, we serve a dual function вЂ” managing the reconciliation process between you and your CSA brokers and managing payments to your You Receive research providers. вЂў A team of dedicated professionals who specialize in CSA вЂў Improved communication between you, your CSA brokers and research providers How Our Solution Works CSA Broker Research Provider вЂў CSA Broker Research Provider Timely and confidential payments to your service providers вЂў Reduced operational risk associated with running a commission sharing program State Street Global Markets Asset Manager Trade Execution CSA Broker Research Provider CSA Broker Research Provider Reconcilliation and Reporting Timely Payments COMMISSION SHARING ARRANGEMENT A Recognized Leader STATE STREET GLOBAL MARKETS State Street Global Markets is a recognized leader in commission sharing outsourcing services. Our commitment to innovation helps us meet the constantly changing needs of our asset manager and asset owner customers. State Street Global Markets provides specialized research, When you partner with Global Markets, you partner with a leader who: through original flow-based research, proprietary portfolio and trading, securities lending and innovative portfolio strategies to owners and managers of institutional assets. Our goal is to enhance and preserve portfolio values for our clients risk management technologies, trading optimization and global connectivity. State StreetвЂ™s unique position at the crossroads of вЂў Traded $16 trillion in volume traded across asset classes in 2011 вЂў Completed 983 transitions representing $450 billion in value in 2011 solutions for our clients. вЂў Provided exposure solutions across 483 mandates totalling $74.2 billion in assets in 2011 benchmarked to 170 different indices THE STATE STREET ADVANTAGE Ranked No. 1 overall by Global Investor/isf in the 2011 Transition Management Survey 31, State Street is a leading financial services provider serving вЂў the global markets enables our sales and trading professionals to tap diverse sources of liquidity and provide cost-effective With $21.8 trillion in assets under custody and administration, and $1.9 trillion in assets under management* as of December some of the worldвЂ™s most sophisticated institutions. We offer a flexible suite of services that spans the investment spectrum, including investment management, research and trading, and investment servicing. With operations in 29 countries serving clients in more than 100 geographic markets, our global reach, expertise, and unique combination of consistency and innovation help clients manage uncertainty, act on growth opportunities and enhance the value of their services. *This AUM includes the assets of the SPDR Gold Trust (approx. $63 billion as of December 31,, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent. For more information, please contact: Curt Dukeshire +1 617 664 2947 [email protected] State Street Global Markets is the marketing name and a registered trademark of State Street Corporation, used for its financial markets business and that of its affiliates. This document is a general marketing communication. It is not intended to suggest or recommend any investment or investment strategy and does not constitute investment research. This document is confidential and is intended for distribution to professional investors. This document is not directed at retail customers. Products and services outlined in this document are offered to professional investors through State Street Global Markets LLC, which is a member of FINRA and SIPC, and State Street Bank and Trust Company, State Street Global Markets International Limited and State Street Bank Europe Limited, all of which are authorized and regulated by the Financial Services Authority in the United Kingdom, and their affiliates. The products and services may not be available in all jurisdictions. Please contact your sales representative for further information. State Street Global Markets is the investment research and trading arm of State Street Corporation (NYSE: STT), one of the worldвЂ™s leading providers of financial services to institutional investors. В©2012 STATE STREET CORPORATION www.statestreetglobalmarkets.com 12-13486-0612