1

Investment Case: International and Emerging Markets

High-Yield Corporate Bonds

Market Vectors International High Yield Bond ETF (IHY) Market Vectors Emerging Markets High Yield Bond ETF (HYEM)

2

ETF Disclosure

This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only through a Fund’s prospectus or summary prospectus and will be subject to the terms and conditions contained. This material and the information provided herein are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of (or located or established in) any jurisdiction where the distribution of these materials and/or the purchase or sale of interests of a Fund would be contrary to applicable law or regulation or would subject a Fund to any registration or licensing requirement in such jurisdiction. Persons who wish to review this material are required to inform themselves about and to observe any legal or regulatory restrictions which may affect their eligibility to make an investment in a Fund. Professional advice should be sought in cases of doubt. THIS MATERIAL MAY ONLY BE PROVIDED TO YOU BY VAN ECK GLOBAL AND IS FOR YOUR PERSONAL USE ONLY AND MUST NOT BE PASSED ON TO THIRD PARTIES WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF VAN ECK GLOBAL. IF YOU HAVE NOT RECEIVED THIS MATERIAL FROM VAN ECK GLOBAL, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED IT FROM A NON-AUTHORIZED SOURCE THAT DID NOT ACT ON BEHALF OF VAN ECK GLOBAL AND THAT ANY REVIEW, USE, DISSEMINATION, DISCLOSURE OR COPYING OF THIS MATERIAL IS STRICTLY PROHIBITED. BEFORE MAKING AN INVESTMENT DECISION, PLEASE CONSULT A QUALIFIED INVESTMENT AND TAX ADVISOR. Any projections, market outlooks or estimates in this material are forward-looking statements and are based upon certain assumptions that are solely the opinion of Van Eck Global. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Further, any information regarding portfolio composition, portfolio composition methodology, investment process or limits, or valuation methods of evaluating companies and markets are intended as guidelines which may be modified or changed by Van Eck Global at any time in its sole discretion without notice. An investor cannot invest directly in an index. Returns reflect past performance of the Index and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown. Fund performance information current to the most recent month end is available by calling 888.MKT.VCTR or by visiting marketvectorsetfs.com Forecasts, estimates, and certain information contained herein are based upon proprietary research and the information contained in this material is not intended to be, nor should it be construed or used as investment, tax or legal advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security. References to specific securities and their issuers or sectors are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities or gain exposure to such sectors. The Fund(s) may or may not own the securities or be exposed to the sectors referenced and, if such securities are owned or exposure maintained, no representation is being made that such securities will continue to be held or exposure maintained. NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE VALUE Van Eck Securities Corporation, Distributor 335 Madison Avenue, New York, NY 10017

3

ETF Disclosure

Net asset value (NAV) per share is calculated by subtracting total liabilities from the total assets, then dividing by the number of shares outstanding. Share price is the last price at which shares were traded on the Fund’s primary listing exchange. Fund shares may trade at, above or below NAV. Performance current to the most recent month end available by calling 888.MKT.VCTR or by visiting vaneck.com/etf. Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit marketvectorsetfs.com. Please read the prospectus and summary prospectus carefully before investing. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. ©2012, Van Eck Global. Principal International and Emerging Markets High Yield Risk Factors: Fixed income securities are subject to credit risk and interest rate risk. High yield bonds may be subject to greater risk of loss of income and principal and are likely to be more sensitive to adverse economic changes than higher rated securities. International investing involves additional risks which include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Changes in currency exchange rates may negatively impact the Fund’s return. Investments in emerging markets securities are subject to elevated risks which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign ownership, political instability, armed conflict and social instability. Investors should be willing to accept a high degree of volatility and the potential of significant loss. For a more complete description of these and other risks, please refer to the Fund’s prospectus.

4

Contents

International High-Yield Credit Market 5 Market Growth Corporate Financing Trends

Global High-Yield Market 8 Correlation Risk/Reward Profile Potential Yield Advantage Portfolio Optimization Default Rates

Emerging Markets Corporate Bond Market 13 Fundamentals Market Access

Market Vectors International High Yield Bond ETF (IHY) 15 Fund Overview Index Characteristics

Market Vectors Emerging Markets High Yield Bond ETF (HYEM) 18 Fund Overview Index Characteristics

5

10.9% 16.3% 20.7% 22.0% 29.0% 35.0%

89.1% 83.7% 79.3% 78.0% 71.0% 65.0%

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Growth of International Corporate High-Yield Market

Non-U.S Issuers U.S. Issuers

The international segment of the global high-yield corporate bond market has grown from approximately 10% in 1997 to 35% in 2011. Investors who are allocated to only U.S. high-yield corporate bonds may be missing exposure to over one third of the corporate high-yield market.

International High-Yield Credit Market Growth

Source: Bank of America Merrill Lynch Figures based on market value of high-yield corporate bonds in the BofA Merrill Lynch Global High Yield Index which encompasses below investment-grade corporate debt publicly issued in major domestic or Eurobond markets. Indexes are unmanaged and are not securities in which an investment can be made. See index descriptions on page 21. See disclaimers on pages 2 and 3.

Global Market Value $219 billon $288 billion $669 billion $807 billion $976 billion $1,343 billion

6

Emerging markets corporate bonds represent a growing segment of the overall emerging markets debt universe, both investment grade and high-yield.

Growth of the Emerging Markets Corporate Bond Market

Source: Bank of America Merrill Lynch. Figures based on market value of high-yield and investment grade corporate bonds in The BofA Merrill Lynch US Emerging Markets Liquid Corporate Plus Index. Indexes are unmanaged and are not securities in which an investment can be made. See index descriptions on page 21. See disclaimers on pages 2 and 3.

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Breakdown of High-Yield and Investment-Grade Bonds in EM Corporate Bonds Market Global Market Value (US $ Billions)

$84 $116 $137 $159 $195 $161 $293 $443 $541

7

15.9% 21.4% 12.8% 16.2% 9.7% 5.8%

33.2% 47.6% 42.0%

84.1% 78.6% 87.2% 83.8% 90.3% 94.2%

66.8% 52.4% 58.0%

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Leveraged Issuance by Percentage

High-Yield Corporate Bonds Leveraged Loans

One factor contributing to the growth of the international high-yield market has been a shift in financing sources. Since 2008, European companies have increased their use of debt issuance and reduced their use of leveraged loans to finance operations.

Shift from Leveraged Loans to High-Yield Debt

Source: Dealogic, SIFMA/AFME; European High Yield & Leveraged Loan Report, 2011 4Q See index descriptions on page 21. See disclaimers on pages 2 and 3.

8

Global high-yield corporate bonds have had low or negative correlation to other bond asset classes. In fact, they have historically been more correlated to equities which may provide an opportunity to diversify bond portfolios.

Stronger Correlations to Stocks than Bonds

Index performance is not illustrative of Fund performance. Prior to April 2, 2012, IHY had no operating history and prior to May 9, 2012 EMHY had no operating history. Source: FactSet. Fixed income investments have interest rate risk, which refers to the risk that bond prices generally fall as interest rates rise. U.S. government bonds, such as Treasuries, are guaranteed by the full faith and credit of the United States government. High-yield and investment-grade bonds are not guaranteed by the full faith and credit of the United States and carry the credit risk of the issuer. U.S. Treasuries are exempt from state and local taxes, but subject to federal taxes. Other securities listed are subject to federal, state and local taxes. Prices of equity securities change in response to many factors, including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Prices of bonds change in response to factors such as interest rates and issuer’s credit worthiness, among others. Foreign securities have additional risks, including exchange rate changes, political and economic upheaval, relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls. Investing in smaller companies involves risks not associated with investing in more established companies such as business risk, stock price fluctuations and illiquidity. Correlation is a statistical measure of how two investments move in relation to one another. A correlation of +1.00 indicates the securities will move in lockstep. A correlation of -1.00 indicates the securities will move in opposite directions. A correlation of 0.00 indicates the securities movements are random. For illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted. Indexes are unmanaged and are not securities in which an investment can be made. Diversification does not assure a profit nor protect against loss. See index descriptions on slide 21. See disclaimers on pages 2 and 3.

-0.20

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U.S. Treasuries

U.S. Investment-Grade Bonds

Global Investment-Grade Bonds

U.S. Large-Cap Stocks

U.S. Small-Cap Stocks

International Developed Market Stocks

Emerging Market Stocks

Correlation to Global High-Yield Corporate Bonds 1/1998 – 2/2012

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Global High-Yield Corporate Bonds

U.S. High-Yield Corporate Bonds

Risk vs. Reward02/2000 to 02/2012

Historically, global and U.S. high-yield corporate bonds have outperformed many equity asset classes with significantly less risk.

Potential Long-Term Return with Less Risk than Equities

Index performance is not illustrative of Fund performance. Prior to April 2, 2012, IHY had no operating history and prior to May 9, 2012 EMHY had no operating history. Source: FactSet. Fixed income investments have interest rate risk, which refers to the risk that bond prices generally fall as interest rates rise. Prices of equity securities change in response to many factors, including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Prices of bonds change in response to factors such as interest rates and issuer’s credit worthiness, among others. Foreign securities have additional risks, including exchange rate changes, political and economic upheaval, relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls. Investing in smaller companies involves risks not associated with investing in more established companies such as business risk, stock price fluctuations and illiquidity. Standard deviation is the statistical measure of the historical volatility of a portfolio. For illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted. Indexes are unmanaged and are not securities in which an investment can be made. See index descriptions on slide 21. See disclaimers on pages 2 and 3.

10

International high-yield corporate bonds and emerging market high-yield corporate bonds currently offer higher yields and lower duration than U.S. high-yield corporate bonds with similar credit ratings.

Potential Yield Advantage

Source: Bank of America Merrill Lynch Yield to worst is generally defined as being the lowest yield that a buyer can expect to receive. Modified Duration measures the responsiveness of a bond’s price to interest rate changes. It is defined as the percentage change in price for a 100 basis point change in interest rates. Yield and duration figures based on BofA Merrill Lynch U.S. High Yield Master II Index, BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index and BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. Indexes are unmanaged and are not securities in which an investment can be made. Index performance is not illustrative of Fund performance. Prior to April 2, 2012, IHY had no operating history and prior to May 9, 2012 EMHY had no operating history. See index descriptions on page 21. See disclaimers on pages 2 and 3.

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U.S. High-Yield Corporate Bonds International High-Yield Corporate Bonds (ex U.S.)

Emerging Market High-Yield Corporate Bonds

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Yield-to-Worst Modified Duration

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100% U.S. Treasuries

100% Global High-Yield Corporate Bonds

39% allocation to global high-yield corporate bonds proved to be portfolio with lowest risk

Efficient Frontier1/1998 to 2/2012

Historically, allocating global high-yield corporate bonds to a cash portfolio holding U.S. Treasuries has improved the potential performance while reducing portfolio volatility.

Potential to Increase Efficiency in Portfolio of U.S. Treasuries

Index performance is not illustrative of Fund performance. Prior to April 2, 2012, IHY had no operating history and prior to May 9, 2012 EMHY had no operating history. Source: FactSet. The chart displays the return and standard deviation of various portfolios allocations of global high yield bonds and 10-Year U.S. Treasuries as measured by The BofA Merrill Lynch Global High Yield Index and The BofA Merrill Lynch U.S. Treasuries Current 10Y Index. Portfolios range from 100% global high yield bonds to 100% U.S. Treasuries. U.S. Treasuries, are guaranteed by the full faith and credit of the United States government. Corporate high-yield bonds are not guaranteed by the full faith and credit of the United States and carry the credit risk of the issuer. Standard deviation is the statistical measure of the historical volatility of a portfolio. Efficient frontier: a set of portfolios that each maximize expected return for a given level of risk. For illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted. Indexes are unmanaged and are not securities in which an investment can be made. See index descriptions on slide 21. See disclaimers on pages 2 and 3.

12

European and emerging market corporate high-yield bonds have historically had lower default rates than comparable U.S. high-yield bonds.

Lower Default Rates than U.S. High-Yield Bonds

Sources: Standard & Poor's Global Fixed Income Research and Standard & Poor's CreditPro®; 2011 Annual Global Corporate Default Study and Rating Transitions. Study includes over 12,000 bond issuers. U.S. and Tax Havens: U.S., Bermuda, and the Cayman Islands. Europe: Austria, Belgium, Bulgaria, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the U.K. Emerging Markets: Argentina, Bahamas, Bahrain, Barbados, Belize, Bolivia, Brazil, British Virgin Islands, Bulgaria, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Dominican Republic, Egypt, El Salvador, Estonia, Fiji, Georgia, Gibraltar, Guatemala, Hong Kong, Hungary, India, Indonesia, Israel, Jamaica, Jordan, Kazakhstan, Korea, Republic of, Kuwait, Latvia, Lebanon, Liberia, Lithuania, Malaysia, Marshall Islands, Mauritius, Mexico, Mongolia, Morocco, Netherlands Antilles, Nigeria, Oman, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Russian Federation, Saint Helena, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Sri Lanka, Taiwan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Ukraine, United Arab Emirates, Uruguay, Vanuatu, and Venezuela. Other Developed: Australia, Canada, Japan, and New Zealand.

Median Annual High-Yield Corporate Default Rate 1981-2011

Region Default Rate

U.S. and Tax Havens 3.64%

Europe 1.75%

Emerging Markets 1.55%

Other Developed 4.17%

13

The case for emerging markets high-yield corporate bond investing appears compelling based on improved credit fundamentals, solid macro backdrop, and potentially attractive yields vs. U.S. high-yield corporate bonds. Additionally, the risk profile for EM corporates has improved due in part to stronger sovereign balance sheets and economic growth prospects compared with developed markets.

Emerging Market Fundamentals Continue to Improve

*IMF Projections Source: Source: IMF, World Economic Outlook (April 2012). Regional categories as determined by the IMF. Gross Domestic Product (GDP) is a broad measure of the economy that measures the retail value of goods and services produced in a country. Debt-to-GDP Ratio is a measure of a country’s government debt divided by its GDP. See disclaimers on pages 2 and 3.

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Emerging markets corporate bonds generally have not garnered as much attention as emerging markets sovereign bonds. However, over time the EM corporate bond market has continued to grow in terms of market value and issuance.

Different Ways to Access Bonds from Emerging Markets

Source: J.P. Morgan and Bank of America Merrill Lynch. Market value based on J.P. Morgan Emerging Markets Bond Index, J.P. Morgan Government Bond Index-Emerging Markets Index and The BofA Merrill Lynch US Emerging Markets Liquid Corporate Plus Index. Indexes are unmanaged and are not securities in which an investment can be made. Local currency bonds are debt instruments that are denominated in the issuers’ own domestic market and currency. See index descriptions on page 21 See disclaimers on pages 2 and 3.

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Growth of EM Bond Markets

Local Currency Denominated EM Sovereign Bonds USD Denominated EM Sovereign Bonds USD Denominated EM Corporate Bonds

15

Market Vectors International High Yield Bond ETF (IHY)

The Market Vectors International High Yield Bond ETF (IHY) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of The BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index (HXUS). The Index is comprised of below investment-grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or British pound sterling issued in the major domestic or Eurobond markets.

1Expenses for the Fund are capped contractually until 09/01/2013. Cap excludes certain expenses, such as interest. 2As represented by The BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index for international high-yield corporate bonds, and The BofA Merrill Lynch U.S. High Yield Master Index II for U.S. high-yield corporate bonds. 3Source: Standard & Poor’s Global Fixed Income Research and Standard & Poor’s CreditPro®; 2011 Annual Global Corporate Default Study and Rating Transitions. All information as of 5/7/2012 and subject to change. Indexes are unmanaged and are not securities in which an investment can be made. See disclaimers on pages 2 and 3.

Fund Characteristics

Fund Ticker IHY Intraday NAV Ticker IHY.IV Index Ticker HXUS Commencement Date 4/2/2012 Gross Expense Ratio 0.53% Net Expense Ratio1 0.40% Exchange NYSE Arca Anticipated Dividend Frequency Monthly

Diversify your high-yield exposure Many high-yield investors may be missing out on the internationally issued high-yield corporate bond market, which represents one-third of the total corporate high-yield bond market2

Potential for higher yield and total return International high-yield corporate bonds currently have higher yields than U.S. high-yield corporate bonds2

Historically lower default rates International high-yield corporate bonds historically have experienced lower default rates than U.S. high-yield corporate bonds3

16

Index Maturity Breakdown

18.25%

29.01%

29.18%

20.10%

3.45%

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5-7

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BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index

All information as of 4/30/2012 and subject to change. All figures are based on the Fund’s index and do not represent characteristics of the Fund. Indexes are unmanaged and are not securities in which an investment can be made. Averages are market weighted. Yield to Worst is generally defined as being the lowest yield that a buyer can expect to receive. Modified Duration measures the responsiveness of a bond’s price to interest rate changes. It is defined as the percentage change in price for a 100 basis point change in interest rates. Years to Maturity is a measure of the time period, in years, until a bond matures. Standard and Poor’s Credit Ratings: credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality and the lowest category of investment grade; credit ratings BB and below are lower-rated securities (“high yield”); and credit ratings of CCC or below have high default risk. Equivalent Fitch and Moody’s ratings are BB/Ba, B/B, CCC/Caa, CC/Ca, C/Ca and D/C. See disclaimers on pages 2 and 3.

Index Characteristics Average Yield to Worst 8.59% Average Modified Duration 4.08 Average Years to Maturity 8.74 Average Coupon 7.68% Number of Issues 1039

Index Credit Quality BB 60.30% B 34.34% CCC 5.06% CC 0.17% C 0.06% D 0.07%

Index Country Breakdown Developed 65.74% Emerging Markets 34.26%

17

BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index

All information as of 4/30/2012 and subject to change. All figures are based on the Fund’s index and do not represent characteristics of the Fund. Indexes are unmanaged and are not securities in which an investment can be made. See disclaimers on pages 2 and 3.

Currency Industry Breakdown (%) CAD EUR GBP USD Total Financial 0.10 7.84 1.48 12.22 21.64 Banking 0.10 6.12 1.19 11.42 18.83 Financial Services -- 1.30 0.13 0.62 2.04 Insurance -- 0.42 0.16 0.18 0.77 Industrials 1.45 28.70 3.67 39.42 73.25 Automotive -- 5.62 0.51 0.51 6.63 Basic Industry 0.29 6.72 0.36 11.35 18.72 Capital Goods 0.03 2.42 0.12 1.35 3.91 Consumer Cyclical 0.04 0.78 0.56 0.61 2.00 Consumer Non-Cyclical -- 1.15 0.21 2.12 3.47 Energy 0.46 0.58 0.09 6.73 7.85 Healthcare -- 1.20 0.30 1.93 3.43 Media 0.43 3.32 0.46 2.41 6.62 Real Estate -- 0.17 0.12 3.07 3.36 Services 0.21 3.34 0.77 3.76 8.08 Technology & Electronics -- 0.30 -- 0.85 1.14 Telecommunications -- 3.13 0.16 4.73 8.01 Utility 0.03 1.17 0.36 3.55 5.11 Utility 0.03 1.17 0.36 3.55 5.11 Total 1.58 37.71 5.51 55.19 100.00

Index Top 10 Country Breakdown

United Kingdom 10.86% France 8.93% Germany 8.21% Canada 7.05% Italy 6.45% Russian Federation 5.11% Brazil 5.01% Luxembourg 3.44% China 3.42% Netherlands 3.37%

Total 61.85% Remaining 59 Countries 38.15%

Index EM/Developed Breakdown Developed 65.74% Emerging Markets 34.26%

18

Market Vectors Emerging Markets High Yield Bond ETF (HYEM)

The Market Vectors Emerging Markets High Yield Bond ETF (HYEM) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY). The Index is comprised of U.S. dollar-denominated bonds issued by non-sovereign emerging market issuers that are rated below investment grade and issued in the major domestic or eurobond markets. In order to qualify for inclusion in the Index, an issuer must have risk exposure to countries other than members of FX G10, all Western European countries and territories of the U.S. and Western European countries.1

1The FX G10 is defined as Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States 2Expenses for the Fund are capped contractually until 09/01/2013. Cap excludes certain expenses, such as interest. 3As represented by The BofA Merrill Lynch Global High Yield Index for global high-yield corporate bonds, The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index for USD-denominated EM high-yield corporate bonds, The BofA Merrill Lynch USD Emerging Markets Sovereigns Index for USD-denominated EM high-yield sovereign bonds and The BofA Merrill Lynch U.S. High Yield Master Index II for U.S. high yield corporate bonds. 4Source: Standard & Poor’s Global Fixed Income Research and Standard & Poor’s CreditPro®; 2011 Annual Global Corporate Default Study and Rating Transition All information as of 5/7/12 and subject to change. Indexes are unmanaged and are not securities in which an investment can be made. See disclaimers on pages 2 and 3.

Fund Characteristics Fund Ticker HYEM Intraday NAV Ticker HYEM.IV Index Ticker EMHY Inception Date 5/9/2012 Gross Expense Ratio 0.53% Net Expense Ratio2 0.40% Exchange NYSE Arca Anticipated Dividend Frequency Monthly

First EM corporate high-yield bond ETF First ETF to focus solely on the U.S. dollar (USD)-denominated non-sovereign segment of the EM high-yield bond market–a market segment that has grown by 265% since 2003 and now accounts for over 10% of the global high yield corporate bond market.3

Currently higher yields than EM sovereign and U.S. corporate bonds USD-denominated EM high-yield corporate bonds currently generate higher yields than both USD-denominated EM sovereign bonds and U.S. high-yield corporate bonds.3

Historically lower default rates than U.S. corporate bonds EM high-yield corporate bonds historically have experienced lower default rates than U.S. high-yield corporate bonds.4

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BofA Merrill Lynch High Yield US EM Liquid Corporate Plus Index

All information as of 4/30/2012 and subject to change. All figures are based on the Fund’s index and do not represent characteristics of the Fund. Indexes are unmanaged and are not securities in which an investment can be made. Averages are market weighted. Yield to Worst is generally defined as being the lowest yield that a buyer can expect to receive. Modified Duration measures the responsiveness of a bond’s price to interest rate changes. It is defined as the percentage change in price for a 100 basis point change in interest rates. Years to Maturity is a measure of the time period, in years, until a bond matures. Standard and Poor’s Credit Ratings: credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality and the lowest category of investment grade; credit ratings BB and below are lower-rated securities (“high yield”); and credit ratings of CCC or below have high default risk. Equivalent Fitch and Moody’s ratings are BB/Ba, B/B, CCC/Caa, CC/Ca, C/Ca and D/C. See disclaimers on pages 2 and 3.

Index Characteristics Average Yield to Worst 8.39% Average Modified Duration 4.34 Average Years to Maturity 6.03 Average Coupon 8.3% Number of Issues 272

Index Credit Quality BB 58.10% B 39.37% CCC 2.63% CC - C - D -

16.52%

29.63%

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BofA Merrill Lynch High Yield US EM Liquid Corporate Plus Index

All information as of 4/30/2012 and subject to change. All figures are based on the Fund’s index and do not represent characteristics of the Fund. Indexes are unmanaged and are not securities in which an investment can be made. See disclaimers on pages 2 and 3.

Industry Breakdown (%) Total Financial 18.35 Banking 17.87 Financial Services 0.48 Industrials 63.79 Automotive 0.29 Basic Industry 21.16 Capital Goods 0.96 Consumer Cyclical 1.41 Consumer Non-Cyclical 3.36 Energy 11.20 Media 0.12 Real Estate 10.03 Services 5.90 Technology & Electronics 1.03 Telecommunications 8.31 Quasi & Foreign Government 7.50 Government Guaranteed 4.62 Local-Authority 2.88 Utility 10.35 Utility 10.35 Total 100.00

Index Top 10 Country Breakdown

China 12.10 Russian federation 11.68 Indonesia 7.99 Venezuela 7.30 Brazil 7.17 Mexico 6.73 United Arab Emirates 6.00 India 5.19 Ukraine 4.53 Turkey 4.07 Total 72.75%

Remaining 21 Countries 27.25%

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Index Descriptions

The indices listed are unmanaged indices and do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Global High-Yield Corporate Bonds: BofA Merill Lynch Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets. International High-Yield Corporate Bonds: BofA Merrill Lynch Global ex-US Issuers High Yield Constrained Index (HXUS). The Index is comprised of below investment-grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or British pound sterling issued in the major domestic or Eurobond markets. USD Emerging Markets High-Yield Corporate Bonds: The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY). The Index is comprised of U.S. dollar-denominated bonds issued by non-sovereign emerging market issuers that are rated below investment grade and issued in the major domestic or eurobond markets. U.S. High-Yield Corporate Bonds: BofA Merrill Lynch U.S. High Yield Master II Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Global Investment Grade Bonds: BofA Merrill Lynch Global Broad Market Index tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities. U.S. Investment Grade Bonds: BofA Merrill Lynch U.S. Broad Market Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, quasi-government, corporate, securitized and collateralized securities. U.S. Treasuries: BofA Merrill Lynch Current 10-Year US Treasury Index is a one-security index comprised of the most recently issued 10-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 10-year note must be auctioned on or before the third business day before the last business day of the month. U.S. Large-Cap Stocks: S&P 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. U.S. Small-Cap Stocks: Russell 2000 Index measures the performance of U.S. small cap stocks: the 2000 smallest companies in the Russell 3000 index, a broad based index that represents approximately 98% of the value of the investable U.S. equity market. International Developed Market Stocks: MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Emerging Market Stocks: MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Leveraged Loans: Leveraged loan data are from Dealogic and are defined primarily as coming from a leveraged or highly leveraged European deal; loan tranches must have sub-investment grade ratings, or, if unrated, a margin spread minimum of 125 basis points over a benchmark (e.g., Euribor, LIBOR). Under these guidelines, sub-investment grade-rated loans with a margin spread of less than 125 basis points are included. Deals must be European and are inclusive of both developed and emerging market Europe as defined in high yield criteria in Section 3. Deals must also be marketed either in Europe or in the United States. Loans not EUR-denominated are converted to EUR as of credit date for purposes of aggregation. Aggregates include new money as well as non-new money deals. USD Emerging Market Sovereign Bonds: J.P. Morgan Emerging Markets Bond Index (EMBI) tracks total returns for USD-denominated debt issued by emerging market sovereign entities. Local Currency Emerging Market Sovereign Bonds: J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) tracks regularly traded, liquid, fixed-rate, domestic currency debt issues by emerging market governments. USD Emerging Market Corporate Bonds: The BofA Merrill Lynch US Emerging Markets Liquid Corporate Plus Index tracks U.S. dollar denominated emerging markets non-sovereign debt.