As Exchange-Traded-Funds (ETFs) continue their rapid growth with over $3 trillion in assets, what effect will this have on your company’s stock and shareholder base?

1. What IROs need to know
about the rise of ETFs
11/9/2017

2. DISCLAIMER
2
The forward-looking statements in this presentation are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information currently available to us.
These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as
a result of many possible events or factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity and results of operations may vary materially from those
expressed in our forward-looking statements.
You should carefully consider these risks before you make an investment decision with respect to our
common units, along with the following factors that could cause actual results to vary from our
forward-looking statements: (i) our lack of operating history; (ii) changes in our business and
investment strategy; (iii) changes in and our perception of changes in our industry; (iv) availability of
financing and the terms of such financings; (v) our ability to use borrowings to finance our assets; (vi))
the degree and nature of our competition; (vii) general volatility of the capital markets and the lack of
a public market for our common units (viii) availability of qualified personnel; (ix) changes in
accounting principles generally accepted in the United States; and (x) changes in applicable laws and
regulations affecting our business generally.
We cannot guarantee future results, levels of activity, performance or achievements. You should not
place undue reliance on forward-looking statements, which apply only as of the date of the
preliminary offering memorandum. We do not intend and disclaim any duty or obligation to update
or revise any industry information or forward-looking statements set forth in this presentation to
reflect new information, future events or otherwise, except as required under the U.S. federal
securities laws.

3. ABOUT ETF GLOBAL
ETF Global® (ETFG®) is a leading provider of data, research, investment decision support
applications, proprietary risk analytics and educational offerings for Exchange-Traded-Products. The
ETFG research platform, which is driven by the ETFG Quantitative Model (ETFG Quant), supports the
overall investment process with a variety of strategies and applications to pursue return, manage risk,
utilize investment analysis and generate investment ideas.
ETF Global services three primary client communities:
3
Investment
Professionals:
Financial Intermediaries, Financial Advisors, Investment Consultants, Financial Planners,
Insurance Professionals, Annuity Professionals, Certified Public Accountants, Attorneys,
Private Bankers, Private Wealth Managers
Capital and
Middle
Markets:
Capital Markets Desks, Trading Desks, Execution Management Systems, Order
Management Systems, Algorithmic Trading Firms, Liquidity Providers
Institutional
Investors:
Asset Owners and Managers, Pension Funds, Endowments, Foundations, Family Offices,
Hedge Funds, Mutual Funds, Commercial Banks, Insurance Companies, Broker-Dealers,
Private Banks
Founded in 2011, the firm is headquartered in New York and maintains offices in both New York
City and Pittsburgh, PA. More information about ETF Global and our services, applications and
products is available throughout our site, here at www.etfg.com.

4. 4
Chris Romano is the Director of Research at ETF Global, where he
leads the development of the proprietary research models and
analytics. Chris is the Chairman of the ETFG Research Advisory Board
and manages the firm’s team of research analysts. Chris plays an
integral role in developing custom solutions for all of ETFG’s client
segments.
Chris has extensive experience within investment research having
previously served as the Director of Research and Trading Strategies
for a successful institutional money management firm. As part of this
experience, Chris led the design of quantitative models and the
development of trading processes and systems. Additionally, Chris
served as a member of the Investment Advisory Committee providing
insight and analytical information used for a large tactical asset
management firm. Chris began his career in the systems
administration and brokerage support areas.
Chris obtained his Bachelor of Science degree in Information Science
with a minor in Business from the University of Pittsburgh, where he
graduated Magna Cum Laude. Chris has earned the Chartered
Financial Analyst (CFA) designation and is a member of the CFA
Institute as well as the CFA Society of Pittsburgh.
Chris Romano, Director of Research

5. THE ETF OPPORTUNITY/NECESSITY
5
▪ Exchange-Traded-Funds (ETFs) are one of the fastest
growing and most innovative financial products in recent
decades
▪ Yet, even some of the most sophisticated investors lack
reliable and comprehensive information to make data-
driven decisions regarding ETFs
The ETF Opportunity/Necessity

6. U.S. ETF GROWTH
6

7. U.S. ETF LANDSCAPE
7
• US ETF Assets increased 24.2% in the first 9 months of
2017
• New record of US $3.17 trillion as of 9/30/17
• 2,035 ETFs
• $3.166 trillion
• 117 providers on 4 exchanges
• 20 consecutive months of net inflows

8. EUROPEAN ETF GROWTH
8

9. EUROPEAN ETF LANDSCAPE
9
• European Listed ETF Assets increased 31.2% in the first
9 months of 2017
• New record of US $751 Bn as of 9/30/17
• 2,285 ETFs
• 7,266 ETFs
• 60 providers listed on 27 exchanges in 21 countries
• 36 consecutive months of net inflows

10. EXCHANGE-TRADED-PRODUCTS 101
10
• What are ETPs/ETFs?
• How do they work?
• Are they treated like individual assets or a portfolio?
• How do they trade?
• How may they affect individual stocks?
• Who owns ETFs and their underlying?

11. THE ETFG QUANT RESEARCH MODEL
11
ETFG® Quant Model: The universe of equity ETFs reviewed by ETFG Quant
represents the broadest range of industry groups, sectors and geographic
regions.
The ETFG Quant model assigns a daily ranking to all relevant products using
proprietary algorithms and employing dozens of industry metrics to gauge
how likely an equity ETF will outperform the market in the foreseeable future.
ETFG Quant has four primary drivers:
More detailed information available at http://www.etfg.com/quant-white-paper
Behavioral
Finance
(Technical Analysis &
Sentiment)
Fundamental
Analysis
Global
Themes
Quality

12. THE ETFG QUANT RESEARCH MODEL
12

13. ETFG RED DIAMOND RISK RATINGS
13

14. ETF EXPOSURE REPORT & ANALYSIS
14
• Which ETFs hold the underlying stock
• Sector Comparison and Analysis
• Peer Group Analysis
• Detailed profile of individual ETFs
• Long, Short, Aggregate and Net ETF
Exposures
• Direct and Indirect derivative holdings

15. DEMONSTRATION & APPLICATION DISPLAY
15

16. PEER GROUP ANALYSIS
16
Ticker Company Name Currency
Number
of ETFs
Nominal ETP
Market
Exposure (Long)
Nominal ETP
Market Exposure
(Short)
Nominal ETP
Market
Exposure (Net)
Nominal ETP
Market Exposure
(Absolute)
Link
BLK BlackRock Inc USD 106 3.12% -0.03% 3.09% 3.16% BLK
MS Morgan Stanley USD 120 3.16% -0.03% 3.13% 3.20% MS
SCHW Charles Schwab Corp/The USD 106 3.69% -0.04% 3.65% 3.72% SCHW
BEN Franklin Resources Inc USD 129 3.88% -0.03% 3.85% 3.90% BEN
BK Bank of New York Mellon Corp/The USD 107 4.10% -0.04% 4.06% 4.15% BK
STT State Street Corp USD 108 4.22% -0.04% 4.18% 4.27% STT
NTRS Northern Trust Corp USD 110 4.82% -0.04% 4.78% 4.86% NTRS
GS Goldman Sachs Group Inc/The USD 115 4.95% -0.16% 4.79% 5.12% GS
AMG Affiliated Managers Group Inc USD 7 5.63% -0.04% 5.59% 5.68% AMG
IVZ Invesco Ltd USD 7 5.70% -0.04% 5.66% 5.74% IVZ
LM Legg Mason Inc USD 8 6.31% -0.04% 6.27% 6.35% LM
TROW T Rowe Price Group Inc USD 122 6.35% -0.04% 6.31% 6.39% TROW
SEIC SEI Investments Co USD 96 7.26% -0.01% 7.25% 7.27% SEIC
EV Eaton Vance Corp USD 96 11.92% -0.02% 11.90% 11.94% EV
RJF Raymond James Financial Inc USD 96 6.24% -0.01% 6.23% 6.25% RJF
SF Stifel Financial Corp USD 7 0.04% 0.00% 0.04% 0.04% SF
APAM Artisan Partners Asset Management Inc USD 66 4.45% -0.01% 4.44% 4.46% APAM
Average 82.71 5.05% -0.04% 5.01% 5.09%
CNS Cohen & Steers Inc. USD 50 2.30% -0.03% 2.27% 2.33% CNS
Peer Group Analysis

17. DIRECT COMPETITOR COMPARISON
17
Competitor Company Ticker MarketCap (B)
Number
of ETFs
Nominal ETP Market
Exposure (Long)
Nominal ETP Market
Exposure (Short)
Nominal ETP Market
Exposure (Net)
Nominal ETP Market
Exposure (Absolute)
Link
CBRE Group, Inc. CBG 9.87 43 2.30% 0.02% 2.32% 2.28% CBG
Jones Lang LaSalle Incorporated JLL 5.18 103 8.16% -0.03% 8.13% 8.19% JLL
Average 7.53 73 5.23% -0.01% 5.23% 5.24%
Cohen & Steers Inc. CNS 1.84 50 2.30% -0.03% 2.27% 2.33% CNS
Direct Competitor Comparison

18. ETF EXPOSURE ANALYSIS - EXAMPLE
18
XYZ - Passive vs. Non Passive
ETF Ownership
Passive Non Passive
36
64
82%
18%
XYZ - Passive vs. Non Passive ETF
AUM
Passive Non Passive
Passive: 41
Non-Passive: 72
Passive: 480,250,915,296
Non-Passive: 105,996,472,113

19. CONTACT
Chris Romano
Director of Research
ETF Global
412-407-4444
cromano@etfg.com
Bob Power
Vice President, Corporate Services
OTC Markets Group
212-896-4406
bob@otcmarkets.com