Strong Equity Inflows where Foreign Equities Benefit

Transcription

1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 December 2015 Strong Equity Inflows where Foreign Equities Benefit Data in this report is as of 30th November 2015 European ETP Highlights As of the end of November 2015, Global ETPs assets stood at $2.9 trillion with European ETP assets at $505bn ( 478bn). European ETPs continued its positive trend and ended the month with net inflows of + 3.1bn in November (+ 6.2bn in the prev. month and + 65bn YTD). Equity ETFs led the charge with notable inflows of + 2.5bn followed by Fixed Income ETFs (+ 0.5bn) and Commodity ETPs (+ 0.2bn). Global ETPs flows totalled +$25.7bn for November taking YTD total to over +$300bn. This was led by US ETPs recording +$26bn in monthly inflows with YTD flows nearing +$200bn. November saw significant number of new launches and 2 new providers During November, European ETP market welcomed 48 new launches and 2 new Providers (BMO Global Asset Management and Sun Global Investments). The majority of the new launches were by ETF Securities (24 launches) introducing leveraged products on commodities and currencies. US, Japan and Global focused ETFs benefitted from inflows, Broad European equities experienced net outflows Majority of the inflows into equity ETFs in Europe were channeled into equities outside of Europe. US equities in particular were favoured by European investors where we observed inflows of + 0.6bn during November. Japan equities and global benchmarks such as MSCI World also benefitted. Our analysis suggests that both segments received net inflows of + 0.4bn each. However, in November, the broad European equities segment had a reversal where we observed monthly outflows of - 0.3bn. Real Estate and Dividend ETFs drew interest in November Sector wise, during November, we found that European investors showed interest in real estate (+ 0.4bn) and dividend ETFs (+ 0.3bn). The low interest rates environment has lead investors into higher-yielding products such as dividend ETFs which has accumulated + 2bn YTD. Corporate Bonds registered inflows while Sovereign lags Within fixed income, corporate bonds led the flows attracting + 1.7bn over the last month (+ 13.1bn YTD) while sovereign bonds reversed the previous month s trend and recorded outflows of - 1.3bn in November (+ 2bn in October & + 8.7bn YTD). Author Ari Rajendra Strategist (+44) ari.rajendra@db.com Team Contacts Shan Lan Strategist (+852) shan.lan@db.com Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

2 Table of Contents European Investment Trends...3 ETF Comparatives: Mutual Funds, cash equity turnover...5 Product Launch Activity...5 Other regions cash flow summary Investment Trends... 8 Cross-Asset Class ETPs...8 Equity ETFs...8 Fixed Income ETFs...11 Commodity ETPs Market Metrics ETF Industry Asset Evolution...12 ETFs vs. Cash Equities...15 ETFs vs. Unlisted Mutual Funds...17 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...19 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...23 Asset Class Cash Flow Analysis...23 Product Rankings Product Review New Products Launched in the Month...30 Average TERs Provider Rankings Global Provider Rankings...38 European Provider Rankings General...40 European Provider Rankings by Asset Class...44 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...48 Asset Class Analysis...48 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...61 Asset Class Analysis...61 Product Rankings ETF Broker rankings US ETP Broker Rankings...68 European ETP Broker Rankings...70 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 European Investment Trends All the major asset classes registered inflows during November European domiciled ETPs recorded yet another month of inflows where we observed + 3.1bn of inflows into ETPs (+ 6.2bn of inflows in Oct 15). During the month of November, all the major asset classes registered inflows. Equity ETFs took the lead with inflows of + 2.5bn followed by Fixed Income ETFs (+ 0.5bn) and Commodity ETPs (+ 0.2bn). Year-to-date flows for Europeanlisted ETPs was at bn as of the end of November. US domiciled ETPs recorded inflows of +$26bn (+$28bn in Oct 15) in November taking YTD flows close to +$200bn. Similar to Europe, Equity ETFs dominated flows with +$25.1bn (+$15.8bn in Oct 15) of positive flows while Fixed Income ETFs only registered inflows of +$0.3bn. Commodity ETPs reversed previous month s trend and experienced outflows of -$0.2bn (+$0.5bn in Oct 15). US, Japan and Global focused ETFs benefitted from inflows, Broad European equities experienced net outflows Majority of the inflows into equity ETFs in Europe were channeled into equities outside of Europe. US equities in particular were favoured by European investors where we observed inflows of + 0.6bn during November. In the US, this was more prevalent where US-listed ETFs providing US equities exposure, across various types of indices, registered monthly inflows of c.+$19bn. Japan equities and global benchmarks such as MSCI World also benefitted from inflows in November. Our analysis suggests that both segments received net inflows of + 0.4bn each. Since start of 2015, European ETFs with exposure broad European equity indices had attracted significant inflows. This trend was observed both among European and US investors. In the European ETF domain, our analysis points to + 20bn YTD. However, in November, this segment showed a slight reversal where we observed monthly outflows of - 0.3bn out of broad European equities. In contrast, US listed ETFs with broad European equity exposure continued to grow in November (+$1bn, YTD total of +$33bn). Real Estate and Dividend ETFs drew interest in November Sector wise, during November, we found that European investors showed interest in real estate and dividend ETFs. Two real estate ETFs that benefitted from most of the flows were Amundi FTSE EPRA Europe (EPRE FP, + 336mn) and ishares Developed Markets Property Yield (IWDP LN, + 139mn). Amongst dividend ETFs we observed net flows of + 0.3bn (+ 2bn YTD, see Figure 1). It is evident that low interest rates around the world are causing investors to look for higher-yielding products such as dividend ETFs for better-than-market yields. Deutsche Bank AG/London Page 3

4 Monthly Flows mn Cummulative Flows mn 10 December 2015 Figure 1: Cumulative YTD flows into Dividend ETFs 2,000 1,800 1,600 1,400 1,200 1, Dividend ETFs Flows Corporate Bonds registered inflows while Sovereign lags In November, European Fixed Income ETF market saw modest inflows of + 0.5bn (+ 3.5bn, + 0.6bn, + 2.4bn and + 2.2bn inflows in the previous four months). Within fixed income, corporate bonds led the flows attracting + 1.7bn over the last month (+ 13.1bn YTD) while sovereign bonds reversed the previous month s trend and recorded outflows of - 1.3bn in November (+ 2bn in October & + 8.7bn YTD). Figure 2 illustrates the monthly trend of flows into fixed income ETFs (breakdown into Corporate and Sovereign bond ETFs during 2015). Figure 2: Monthly Flows into Sovereign and Corporate Bonds ETFs 3,000 2,500 2,000 1,500 1, (500) (1,000) (1,500) Sovereign Bonds ETFs Corporates Bonds ETFs Page 4 Deutsche Bank AG/London

5 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, increased to 9.3% (from 8.7% in Oct 15) as of the end of November The equivalent number for the US market decreased to 23.6% over the same period (from 25.1% in Oct 15). European ETFs comprised 3.4% of the continent s mutual fund industry as of September European domiciled ETFs registered inflows of + 1.9bn through September 2015, while UCITS mutual funds registered inflows totalling bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 15.5% of the mutual fund industry as of the end of Oct 15. US domiciled ETFs registered inflows of +$27.2bn in Oct 15, while US mutual funds experienced outflows of -$7.7bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in November: Busy month with 48 new launches The European ETP industry registered 48 new products launches during November including 24 ETFs and 24 ETCs. ETF launches: Equity BMO Global Asset Management, a Canadian Bank debut into the European ETF market by launching five equity ETFs on the London Stock Exchange. Out of these five dividend ETFs, three ETFs provide exposure to MSCI s UK, Europe ex-uk and USA Select Quality Yields Indices. Other two ETFs provide GBP hedged exposure to MSCI s USA and Europe ex-uk Select Quality Yields Indices. WisdomTree launched seven equity ETFs during November. Out of these seven ETFs, Three ETFs provides exposure to WisdomTree Europe Equity Index, WisdomTree Japan Equity Index and WisdomTree Germany Equity Index. Other four ETFs provide currency hedged exposure to investors through WisdomTree Japan GBP Hedged Equity Index, WisdomTree Japan EUR Hedged Equity Index, WisdomTree Germany USD Hedged Equity Index and WisdomTree Europe Hedged Equity Index. These ETFs were listed on London Stock Exchange, Deutsche Borse and Borsa Italiana. ETF Securities listed two new equity ETFs on Borsa Italiana providing 3x leverage (CH3L IM) and 3x short (CH3S IM) exposure to FTSE China 50 Index. BlackRock listed one equity ETF (IUIT LN) on London Stock Exchange tracking S&P 500 Information Technology Index. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Deutsche Bank AG/London Page 5

6 ThinkCapital ETFs N.V. launched an equity ETF (TNAE NA) providing exposure to Morningstar North America 100 Equal Weight Index. This ETF was listed on the Euronext Amsterdam. Commerzbank AG listed an equity (BOC1 GY) providing exposure to Shanghai Stock Exchange 50 A Share Index. This ETF was listed on Deutsche Borse. Fixed Income BMO Global Asset Management also listed four Fixed income ETF during November. The three global corporate bond ETFs and a global high yield ETF are GBP hedged products and track the Barclays Global Corporate 1-3 Liquid Index, Barclays Global Corporate 3-7 Liquid Index, Barclays Global Corporate 7-10 Liquid Index and Barclays Global HY Corporate Liquid Index respectively. These ETFs were listed on the London Stock Exchange. Sun Global Investments debut into the European ETF market by launching one new Fixed Income ETF (CURY LN) on the London Stock Exchange tracking the performance of ZyFin India Sovereign Owned Enterprise Bond Index. Source launched a Fixed Income ETF (STHS LN) on the London Stock Exchange providing GBP hedged exposure to BofA Merrill Lynch 0-5 Yr US HY Constrained index. Amundi listed one Fixed Income ETF (CBBB FP) during November providing exposure to Markit iboxx EUR Liquid Corporates BBB Top 60 Index. This ETF was listed on the Euronext Paris. Figure 3: Currency Hedged products launches in November ETF Name BBG Ticker Issuer Asset class Benchmark TER Exchange Listed WisdomTree Japan Equity UCITS ETF - GBP Hedged DXJP LN WisdomTree Equity WisdomTree Japan GBP Hedged Equity Index 0.45% London SE WisdomTree Germany Equity UCITS ETF - USD Hedged DXGG LN WisdomTree Equity WisdomTree Germany USD Hedged Equity Index 0.48% London SE WisdomTree Europe Equity UCITS ETF - GBP Hedged HEDP LN WisdomTree Equity WisdomTree Europe Hedged Equity Index 0.58% London SE WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc WTIF GY WisdomTree Equity WisdomTree Japan EUR Hedged Equity Index 0.45% Deutsche Borse BMO MSCI USA Income Leaders GBP Hedged UCITS ETF ZISG LN BMO Global Asset Management Equity MSCI USA Select Quality Yield 100% Hedged to GBP NR Index 0.40% London SE BMO MSCI Europe ex-uk Income Leaders GBP Hedged UCITS ETF ZIEG LN BMO Global Asset Management Equity MSCI Europe ex-uk Select Quality Yield 100% Hedged to GBP NR Index 0.40% London SE PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - GBP Hgd Inc STHS LN Source Fixed Income BofA Merrill Lynch 0-5 Yr US HY Constrained index 0.60% London SE BMO Barclays 3-7 Year Global Corporate Bond GBP Hedged UCITS ETF ZC3G LN BMO Global Asset Management Fixed Income Barclays Global Corporate 3-7 Liquid Index 0.30% London SE BMO Barclays 7-10 Year Global Corporate Bond GBP Hedged UCITS ETF ZC7G LN BMO Global Asset Management Fixed Income Barclays Global Corporate 7-10 Liquid Index 0.30% London SE BMO Barclays Global High Yield Bond GBP Hedged UCITS ETF ZHYG LN BMO Global Asset Management Fixed Income Barclays Global HY Corporate Liquid Index 0.35% London SE BMO Barclays 1-3 Year Global Corporate Bond GBP Hedged UCITS ETF ZC1G LN BMO Global Asset Management Fixed Income Barclays Global Corporate 1-3 Liquid Index 0.30% London SE Source: Deutsche Bank, Bloomberg Finance LP, Reuters ETC launches: Commodity ETF Securities listed 18 Commodity ETCs during November providing 3x short and 3x leveraged exposure (9 launches in each category) to Coffee, Copper, Crude Oil, Gold, Nataural Gas, Nickel, Silver, Sugar and Wheat. These ETCs were listed on Borsa Italiana. Currency ETF Securities also launched 6 Currency ETPs during November providing 5x short and 5x leverage exposure (3 launches in each category) to various currency pairs (EUR-USD, EUR-GBP and USD-GBP). For additional information on new product launches and listings please refer to figures 63 to 66. Page 6 Deutsche Bank AG/London

7 Other regions cash flow summary US: Equities took the lead with strong monthly inflows US domiciled ETPs recorded inflows of +$26bn (+$28bn in Oct 15) in November taking YTD flows close to +$200bn. Equity ETFs took the lead with +$25.1bn (+$15.8bn in Oct 15) of positive flows while Fixed Income ETFs took a pause with inflows of +$0.3bn. Commodity ETPs reversed previous month s trend and experienced outflows of -$0.2bn (+$0.5bn in Oct 15). Within equities, the following segments and sub-segments saw significant activity: Segments: Size (+$9.4bn), Developed Markets (+$5.1bn), Style (+$4.6bn), Sector (+$3.2bn), Strategy (+$2.3bn) and Emerging Markets (-$0.8bn). Sub-segments: Large Cap (+$5.7bn), DM broad (+$3.8bn), Small Cap (+$3.1bn), Growth (+$3bn), Quantitative (+$1.7bn) and Germany (-$0.5bn). Within fixed income, major inflows were recorded by ETFs benchmarked to broad bonds indices (+$3.5bn) which were offset by outflows into sovereign bonds (-$4.3bn). Among commodity ETPs, crude oil based ETPs registered inflows of +$1.1bn while gold based ETPs saw outflows of -$1.4bn during November 15. Asia: YTD flows at record high level despite outflows in November Asia-Pacific ETPs experienced monthly outflows of -$3.7bn in November (+$1bn in Oct 15) bringing YTD total to +$37.4bn. With this, monthly flows average for 2015 stands at +$3.4bn. Equity ETFs experienced outflows of - $3bn, followed by fixed income ETFs with -$0.9bn outflows over the last month. Within equity, China, leveraged long strategy, Japan and South Korea ETFs saw significant outflows last month recording -$1.7bn, -$1.2bn, -$0.5bn and - $0.4bn worth of redemptions. On YTD basis, Japan and China focused ETFs saw significant activity recording inflows of +$26.9bn and outflows of - $12.9bn respectively. This year, fixed income ETF flow contribution has been notable (+$11.1bn YTD). This is primarily from money market ETFs which have recorded +$10.3bn in YTD flows, although experiencing outflows for last two months (- $0.9bn in Oct and -$1.3bn in Nov). Flow activity with commodity ETPs remained negligible over the last month. Commodity ETPs have gathered +$1.5bn in new money so far this year. Among these, crude oil and gold ETPs received inflows of +$1bn and +$0.3bn respectively. Deutsche Bank AG/London Page 7

8 millions millions 10 December Investment Trends3 Cross-Asset Class ETPs Figure 4: Cash flows by asset class YTD ETPs Europe millions 70,000 60,000 50,000 40,000 30,000 20,000 10, ,000 Figure 5: Cash flows by asset class Month ETPs Europe millions 3,500 3,000 2,500 2,000 1,500 1, ,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 6: Top 3 aggregate equity segments YTD ETFs Europe 40,000 35,000 30,000 Figure 7: Top 3 aggregate equity segments Month ETFs Europe 2,500 2,000 25,000 20,000 15,000 10,000 5,000 - (5,000) 1,500 1, (500) Developed Markets Strategy Sector Developed Markets Sector Style 3 Investment trends as expressed by cumulative monthly and YTD cash flows Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 10 December 2015 Figure 8: Top 3 DM countries YTD ETFs Europe Figure 9: Top 3 DM countries Month ETFs Europe 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, ,000-2,000 1,400 1,200 1, Japan Germany UK US Japan Germany Figure 10: Top 3 DM regions YTD Figure 11: Top 3 DM regions Month ETFs Europe ETFs Europe 25, , ,000 10,000 5,000 - (5,000) (200) (400) (600) Europe North America Global Global Europe North America Figure 12: Top 3 EM countries YTD Figure 13: Top 3 EM countries Month 1,000 ETFs Europe 150 ETFs Europe ,000-1, , , , China India Taiwan India Russia South Korea Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 10 December 2015 Figure 14: Top 3 EM regions YTD Figure 15: Top 3 EM regions Month ETFs Europe ETFs Europe 1, (500) 100 (1,000) 50 - (1,500) (50) (100) (2,000) (150) Asia Pacific Europe Global Global Asia Pacific Latin America Figure 16: Top 3 sectors YTD Figure 17: Top 3 sectors Month 3,000 ETFs Europe 500 ETFs Europe 2, ,000 1,500 1, (500) (100) Financials Energy Telecommunication Services Financials Energy Information Technology Figure 18: Top 3 strategy segments YTD ETFs Europe 3,000 2,500 2,000 1,500 1, (500) Figure 19: Top 3 strategy segments Month ETFs Europe (50) (100) (150) Quantitative Short Fundamental Quantitative Short Fundamental Page 10 Deutsche Bank AG/London

11 millions millions millions millions millions millions 10 December 2015 Fixed Income ETFs Figure 20: Top 3 aggregate fixed income segments YTD ETFs Europe 30,000 25,000 20,000 Figure 21: Top 3 aggregate fixed income segments Month ETFs Europe 2,500 2,000 1,500 1,000 15,000 10, , ,000-1,500-2,000 Corporates Sovereign Overall Corporates Sovereign Money Market Commodity ETPs Figure 22: Top 3 aggregate commodity segments YTD ETPs Europe 3,500 3,000 2,500 2,000 1,500 1, ,000-1,500-2,000 Figure 23: Top 3 aggregate commodity segments Month ETPs Europe Energy Precious Metals Overall Energy Precious Metals Overall Figure 24: Top 5 commodity sub-segments YTD ETPs Europe 3,000 2,500 2,000 1,500 1, ,000-1,500-2,000 Figure 25: Top 5 commodity sub-segments Month ETPs Europe Crude Oil Gold Commodity Overall Copper Palladium Crude Oil Commodity Overall Gold Silver Natural Gas Deutsche Bank AG/London Page 11

12 $ billion Number of ETPs $ billion Number of ETPs 10 December Market Metrics ETF Industry Asset Evolution Figure 26: Global ETP regional asset growth ETPs Global 3,500 5,000 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,130.0 US, Europe & Asia Pacific ($) , , , , , , ,879.9 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 4,019 4,389 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 27: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,500 3,000 2,500 2,000 1,500 1, ,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** ETCs ETVs ETFs , , , , , ,811.5 Total , , , , , , ,879.9 Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 4,019 4,389 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 million Number of ETFs $ billion Number of ETFs 10 December 2015 Figure 28: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , ,079.7 US, Europe & Asia Pacific ($) , , , , , ,811.5 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,699 3,004 3,183 3,483 3,849 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 29: European ETF asset growth by asset class ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,995 1,549 1, ,410 1,482 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 12,823 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86, ,62 Equity 15,532 21,815 37,907 57,029 70,776 65, ,59 147,53 139,72 171,52 210,35 261,39 333,30 Total 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,27 362,37 461,23 Number of ETFs* ,053 1,215 1,311 1,350 1,440 1,520 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 13

14 million Number of ETPs million Number of ETPs 10 December 2015 Figure 30: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,078 2,370 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 3,873 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 21,740 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 29,285 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 31: European ETPs (ETF & ETC) asset growth ETPs Europe 600,000 2, ,000 1, ,000 1, , , , ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,826 ETFs 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,37 461,23 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 379,18 478,06 Number of ETPs ,332 1,565 1,749 1,794 1,891 1,976 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 14 Deutsche Bank AG/London

15 billion ETFs vs cash equities $ billion ETFs vs cash equities 10 December 2015 ETFs vs. Cash Equities Figure 32: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 33: ETFs vs. cash equities turnover European market ETFs Europe % % 8.0% % 4.0% 2.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Deutsche Bank AG/London Page 15

16 Figure 34: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-11 44, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 58, , % 1,221,851 5,242, % 2.7x 7.9x 21.0x Mar-15 75, , % 1,539,062 6,060, % 2.7x 7.6x 20.3x Apr-15 65, , % 1,297,812 5,518, % 2.6x 7.7x 19.8x May-15 57, , % 1,197,595 5,111, % 2.7x 7.6x 20.9x Jun-15 67, , % 1,420,153 5,762, % 2.8x 7.5x 21.1x Jul-15 63, , % 1,465,731 6,025, % 2.7x 8.6x 23.2x Aug-15 71, , % 1,971,994 6,731, % 2.9x 9.5x 27.7x Sep-15 58, , % 1,692,334 6,003, % 3.3x 8.9x 28.9x Oct-15 56, , % 1,561,540 6,230, % 2.9x 9.5x 27.5x Nov-15 56, , % 1,236,632 5,240, % 2.6x 8.6x 22.0x Period 2,691,176 34,994, % 77,804, ,083, % 3.4x 8.7x 29.5x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,065 6,991, % 16,181,562 65,446, % 3.3x 9.4x 30.6x Total ,349 7,699, % 16,323,286 64,038, % 2.8x 8.3x 23.4x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page 16 Deutsche Bank AG/London

17 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 10 December 2015 ETFs vs. Unlisted Mutual Funds Figure 35: European ETP vs mutual fund assets ETPs Europe % % % % % 50 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 ETCs ETFs ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 3.6% 3.6% ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 36: European ETP vs mutual fund cash flows ETPs Europe Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17

18 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 10 December 2015 Figure 37: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % 1, % 9.7% 1, % % 3.7% 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,057 ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 15.9% ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 15.5% 1.7% *Data as of 30-Oct Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 38: US ETP vs mutual fund cash flows ETPs US Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London

19 Number of ETFs AUM ( billion) 10 December 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 39: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 40: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74, ,495 73, ,594 88,706 Fixed Income 45,672 14,773 67,114 19,062 87,877 25,752 Commodity 10,892 3,620 10,027 3,385 9,054 3,770 Others 352 1, , ,061 Total 192,737 94, ,980 96, , ,288 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 2, Fixed Income 7, ,880 3, Commodity -4, , Others Total 21,764-3,810 38,263 6,398 3, Nov-15 Deutsche Bank AG/London Page 19

20 Figure 41: European ETF AUM by replication method ETFs Europe Figure 42: European ETF flows by replication method ETFs Europe Nov , ,288 Nov-15 3, ,892 15, ,980 96, ,263 6, ,737 94, ,810 21,764 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 43: European ETFs product count by replication method ETFs Europe Figure 44: European Equity ETFs AUM by replication method ETFs Europe Nov Nov ,594 88, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 45: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 46: European Commodity ETFs AUM by replication method ETFs Europe Nov-15 87,877 25,752 Nov-15 9,054 3, ,114 19, ,027 3, ,672 14, ,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London

21 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 10 December 2015 Industry Growth Analysis Figure 47: Global ETF Industry growth attribution ETFs Global 3.0% 10.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% 0.0% Equity flows 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.2% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% 0.9% Price growth 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.0% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% Total growth 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -8.0% Figure 48: US ETF Industry growth attribution ETFs US 3.5% 10.0% 3.0% 8.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% 0.0% Equity flows 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8% 1.2% Price growth 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% Total growth 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -8.0% Figure 49: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Other flows -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.2% 0.9% 0.1% Equity flows 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.2% 0.2% 0.5% 1.4% 1.6% 0.4% 0.6% 0.6% Price growth 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2% -1.2% 1.0% -3.5% 1.3% -6.4% -2.9% 6.8% 2.4% Total growth 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -8.0% Deutsche Bank AG/London Page 21

22 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 10 December 2015 Figure 50: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% 6.0% 15.0% 4.0% 10.0% 2.0% 5.0% 0.0% 0.0% -2.0% -5.0% -4.0% -10.0% -6.0% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Currency Flows 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% 0.0% Commodity Flows -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.9% 0.1% Price growth 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5% -1.9% 1.9% -3.4% -7.7% 0.6% -2.3% 3.3% -4.6% Total growth 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -4.9% -10.4% 3.2% -3.1% 5.1% -4.6% -15.0% Page 22 Deutsche Bank AG/London

23 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 51: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Nov-15 Oct-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 25,076 2,712 2,515-3,008 24,780 15,782 2,617 2, , ,873 43,075 38,459 24, ,610 Fixed income ,532 3,948 3, ,530 57,814 27,549 24,798 11,108 96,471 Commodity ,487 2,166 Currency Multi Asset Alternative Total 25,583 3,370 3,133-3,729 25,224 27,220 6,645 5, , ,647 70,852 63,478 37, ,946 ETCs/ETVs Commodity ,245 1,358 1, ,581 Currency Alternative Total ,056 2,550 1,242 1, ,771 ETPs Equity 25,076 2,712 2,515-3,008 24,780 15,782 2,617 2, , ,873 43,075 38,459 24, ,610 Fixed income ,532 3,948 3, ,530 57,814 27,549 24,798 11,108 96,471 Commodity ,660 1,622 1,378 1,465 4,747 Currency Multi Asset Alternative Total 26,031 3,379 3,141-3,729 25,680 28,002 6,919 6, , ,198 72,095 64,501 37, ,717 Asset Class Cash Flow Analysis Figure 52: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Nov-15 Oct-15 YTD All figures in million Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Developed Markets 1, ,437 1, ,216 29, ,378 Emerging Markets , ,852 Global Markets Sector , ,976 Capitalization , ,923 Strategy ,887 1, ,211 Style , ,327 Thematic , ,037 Total equities 2, ,515 3, ,353 37,403 1, ,459 Alpha Total Deutsche Bank AG/London Page 23

24 Figure 52A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Sector , ,976 Consumer discretionary Consumer staples Energy Financials , ,998 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization , ,923 Large Cap Mid Cap Small Cap , ,319 Strategy ,887 1, ,211 Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative , ,590 Short Style , ,327 Dividend , ,951 Growth Value Thematic , ,037 Commodities Faith Other Theme Sustainability Total ,149 1, ,474 Nov-15 Oct-15 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 52B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Alpha Total Beta Beta+ Alpha Total Beta Beta+ Europe , ,079 25, ,568 Austria Belgium Finland France Germany , ,709 Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad , ,310 Americas US Canada North America Asia , ,431 Australia Hong Kong Japan , ,696 Singapore Asia Pacific broad Global Broad indices DM Total 1, ,437 1, ,216 29, ,378 Nov-15 Oct-15 YTD Alpha Total Deutsche Bank AG/London Page 25

26 Figure 52C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets Alpha Total Beta Beta+ Alpha Total Beta Beta+ BRIC , ,890 Brazil Russia India China , ,056 Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total , ,852 Total (EM + DM) 1, ,442 2, ,041 27, ,526 Nov-15 Oct-15 YTD Alpha Total Figure 53: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Nov-15 Oct-15 YTD All figures in million Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Overall ,350 2,007 Corporates 1, ,705 1, ,457 12, ,087 Covered Bonds Credit Exposure Sovereign -1, ,272 1, ,983 8, ,654 Money Market , ,390 Total Fixed Income , ,524 22, ,314 24,798 Alpha Total Page 26 Deutsche Bank AG/London

27 Figure 54: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Nov-15 Oct-15 YTD All figures in million Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy , ,964 Overall Carbon Crude Oil , ,772 Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals , ,304 Overall Gold ,086 Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total ,378 Alpha Total Deutsche Bank AG/London Page 27

28 Product Rankings Figure 55: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ,177.3 Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF EPRE FP Amundi Beta ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,029.1 Source EURO STOXX 50 UCITS ETF - A EUR Accumulating SDJE50 GR Source Beta ishares Core MSCI Japan IMI UCITS ETF SJPA LN BlackRock Beta Source S&P 500 UCITS ETF SPXS LN Source Beta Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,133.9 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta Amundi ETF Short MSCI USA Daily UCITS ETF C2U FP Amundi Beta XACT OMXS30 XACTOMX SS Xact Fonder AB Beta YTD Flows Figure 56: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,817.8 LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta ,130.7 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,671.8 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,625.0 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,541.5 ishares CHF Corporate Bond (CH) CHCORP SW BlackRock Beta ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta YTD Flows Figure 57: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta ETFS Physical Gold PHAU LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Beta ETFS EUR Daily Hedged WTI Crude Oil 00XM GY ETF Securities Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta YTD Flows Page 28 Deutsche Bank AG/London

29 Figure 58: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,063.6 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,784.9 Lyxor ETF MSCI India INR FP Lyxor Beta Amundi ETF MSCI Europe UCITS ETF CEU FP Amundi Beta Amundi ETF S&P 500 UCITS ETF 500 FP Amundi Beta ishares MSCI Japan - B UCITS ETF CSJP SW BlackRock Beta ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta Amundi ETF MSCI EM Asia UCITS ETF AASI FP Amundi Beta ComStage ETF DAX TR UCITS ETF CBDAX GR ComStage Beta HSBC ESI Worldwide Equity UCITS ETF HEWD LN HSBC Beta YTD Flows Figure 59: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AWM Beta ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Amundi Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ishares eb.rexx Government Germany (DE) RXP1EX GR BlackRock Beta ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ComStage ETF Commerzbank FED Funds Effective Rate Index TR CBFEDFER GR ComStage Beta PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha ,127.7 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta YTD Flows Figure 60: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta Gold Bullion Securities GBS LN ETF Securities Beta Source Physical Silver P-ETC SSLV LN Source Beta Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ETFS Physical Silver PHAG LN ETF Securities Beta ETFS Agriculture AIGA LN ETF Securities Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta ETFS Energy AIGE LN ETF Securities Beta YTD Flows Deutsche Bank AG/London Page 29

30 4. Product Review New Products Launched in the Month Figure 61: Number of ETPs by Asset Class ETPs Global Nov-15 Oct-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2, % 2, % 2, % Fixed income % % % Commodity % % % Currency % % 17 (1) 0.4% Multi Asset % % 45 (2) 1.1% Alternative % % % Total 3, % 3, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % % Currency % % 126 (2) 3.1% Alternative 4 0.1% 4-0.1% 4-0.1% Total % % % Total ETPs 4, % 4, % 4, % Figure 62: Number of ETPs by Asset Class ETPs Europe Nov-15 Oct-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % 1, % Fixed income % % % Commodity % % % Currency - 0.0% 0-0.0% 1 (1) -0.1% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative % % 20 (5) -0.3% Total 1, % 1, % 1, % ETCs Commodity % % % Currency % % 109 (2) -0.1% Total % % % Total ETPs 1, % 1, % 1, % Page 30 Deutsche Bank AG/London

31 Deutsche Bank AG/London Page 31 Figure 63: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 3-Nov-15 CH3L IM CH3L.MI ETF Securities ETFS 3x Daily Long FTSE China 50 Equity Beta+ Leveraged Long EM FTSE China 50 3x Daily Leveraged Index 3L 0.98% Borsa Italiana 3-Nov-15 CH3S IM CH3S.MI ETF Securities ETFS 3x Daily Short FTSE China 50 Equity Beta+ Leveraged Short EM FTSE China 50 3x Daily Short Index 3S 0.98% Borsa Italiana 4-Nov-15 DXJP LN DXJP.L WisdomTree WisdomTree Japan Equity UCITS ETF - GBP Hedged Equity Beta Developed non-europe DM WisdomTree Japan GBP Hedged Equity Index 1L 0.45% London SE 4-Nov-15 DXGG LN DXGG.L WisdomTree WisdomTree Germany Equity UCITS ETF - USD Hedged Equity Beta European Developed DM WisdomTree Germany USD Hedged Equity Index 1L 0.48% London SE 4-Nov-15 HEDP LN HEDP.L WisdomTree WisdomTree Europe Equity UCITS ETF - GBP Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.58% London SE 5-Nov-15 WTDF GY WTDF.DE WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% Deutsche Borse 5-Nov-15 WTIZ GY WTIZ.DE WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% Deutsche Borse 5-Nov-15 WTIF GY WTIF.DE WisdomTree WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Deutsche Borse 6-Nov-15 DXGY IM DXGY.MI WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% Borsa Italiana 9-Nov-15 ZILE LN ZILE.L BMO Global Asset Management BMO MSCI Europe ex-uk Income Leaders UCITS ETF Equity Beta Dividend DM MSCI Europe ex-uk Select Quality Yield EUR NR Index 1L 0.35% London SE 9-Nov-15 ZHYG LN ZHYG.L BMO Global Asset Management BMO Barclays Global High Yield Bond GBP Hedged UCITS ETF Fixed Income Beta Overall DM Barclays Global HY Corporate Liquid Index 1L 0.35% London SE 9-Nov-15 ZC1G LN ZC1G.L BMO Global Asset Management BMO Barclays 1-3 Year Global Corporate Bond GBP Hedged UCITS ETF Fixed Income Beta Overall DM Barclays Global Corporate 1-3 Liquid Index 1L 0.30% London SE 9-Nov-15 ZISG LN ZISG.L BMO Global Asset Management BMO MSCI USA Income Leaders GBP Hedged UCITS ETF Equity Beta Dividend DM MSCI USA Select Quality Yield 100% Hedged to GBP NR Index 1L 0.40% London SE 9-Nov-15 ZC3G LN ZC3G.L BMO Global Asset Management BMO Barclays 3-7 Year Global Corporate Bond GBP Hedged UCITS ETF Fixed Income Beta Overall DM Barclays Global Corporate 3-7 Liquid Index 1L 0.30% London SE 9-Nov-15 ZILS LN ZILS.L BMO Global Asset Management BMO MSCI USA Income Leaders UCITS ETF Equity Beta Dividend DM MSCI USA Select Quality Yield USD NR Index 1L 0.35% London SE 9-Nov-15 ZIEG LN ZIEG.L BMO Global Asset Management BMO MSCI Europe ex-uk Income Leaders GBP Hedged UCITS ETF Equity Beta Dividend DM MSCI Europe ex-uk Select Quality Yield 100% Hedged to GBP NR Index 1L 0.40% London SE 9-Nov-15 ZILK LN ZILK.L BMO Global Asset Management BMO MSCI UK Income Leaders UCITS ETF Equity Beta Dividend DM MSCI UK Select Quality Yield GBP NR Index 1L 0.35% London SE 9-Nov-15 ZC7G LN ZC7G.L BMO Global Asset Management BMO Barclays 7-10 Year Global Corporate Bond GBP Hedged UCITS ETF Fixed Income Beta Overall DM Barclays Global Corporate 7-10 Liquid Index 1L 0.30% London SE 10-Nov-15 CBBB FP CBBB.PA Amundi Amundi ETF BBB Euro Corporate IG UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Liquid Corporates BBB Top 60 1L 0.20% Euronext Paris 11-Nov-15 TNAE NA TNAE.AS ThinkCapital ETFs N.V. Think Morningstar North America Equity UCITS ETF Equity Beta Developed non-europe DM Morningstar North America 100 Equal Weight Index 1L 0.20% Euronext Amsterdam 18-Nov-15 BOC1 GY BOC1.DE Commerzbank AG BOCI Commerzbank SSE 50 A Share Index UCITS ETF Equity Beta Emerging Country EM SSE50 A-Share-Index 1L 0.80% Deutsche Borse 19-Nov-15 CURY LN CURY.L Sun Global Investments LAM Global ZyFin India Sovereign Enterprise Bond UCITS ETF Fixed Income Beta Overall EM ZyFin India Sovereign Owned Enterprise Bond Index 1L 0.79% London SE 20-Nov-15 STHS LN STHS.L Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - GBP Hgd Inc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% London SE 23-Nov-15 IUIT LN IUIT.L BlackRock ishares S&P Information Technology Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Information Technology Index 1L 0.15% London SE Cross-Listings & share classes 3-Nov-15 D500 GY D500.DE Source Source S&P 500 UCITS ETF B Equity Beta Developed non-europe DM S&P 500 1L 0.05% Deutsche Borse 4-Nov-15 DXJG LN DXJG.L WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% London SE 4-Nov-15 DXJZ LN DXJZ.L WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% London SE 4-Nov-15 HEDF LN HEDF.L WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% London SE 4-Nov-15 HEDG LN HEDG.L WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% London SE 4-Nov-15 DXGE LN DXGE.L WisdomTree WisdomTree Germany Equity UCITS ETF - USD Hedged Equity Beta European Developed DM WisdomTree Germany USD Hedged Equity Index 1L 0.48% London SE 4-Nov-15 DXGY LN DXGY.L WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% London SE 4-Nov-15 DXGZ LN DXGZ.L WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% London SE 5-Nov-15 WTEZ GY WTEZ.DE WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% Deutsche Borse 6-Nov-15 HEDF IM HEDF.MI WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% Borsa Italiana 6-Nov-15 DXJZ IM DXJZ.MI WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% Borsa Italiana 6-Nov-15 DXJF IM DXJF.MI WisdomTree WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Borsa Italiana 6-Nov-15 ESEH FP ESEH.PA BNP Paribas S&P 500 THEAM Easy UCITS ETF - EUR Hedged Equity Beta Developed non-europe DM S&P 500 1L 0.20% Euronext Paris 9-Nov-15 GMVM GY GMVM.DE Van Eck Funds Market Vectors Morningstar US Wide Moat UCITS ETF Equity Beta Other Theme DM Morningstar Wide Moat Focus 1L 0.49% Deutsche Borse 10-Nov-15 CC4D FP CC4D.PA Amundi Amundi ETF Euro Corporates UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Liquid Corporates Index 1L 0.16% Euronext Paris 10-Nov-15 X1GD FP X1GD.PA Amundi Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF Fixed Income Beta Overall DM FTSE MTS Lowest-Rated Eurozone Government Bond IG 1L 0.14% Euronext Paris 10-Nov-15 AHYD FP AHYD.PA Amundi Amundi Euro HY Liquid Bond iboxx UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Liquid High Yield 30 Ex-Financial Index 1L 0.40% Euronext Paris 17-Nov-15 AMEB GY AMEB.DE Amundi Amundi ETF MSCI Europe Buyback UCITS ETF Equity Beta Other Theme DM MSCI Europe Equal Weighted Buyback Yield Index 1L 0.30% Deutsche Borse 17-Nov-15 GNT1 GY GNT1.DE Sun Global Investments LAM Global ZyFin India Sovereign Enterprise Bond UCITS ETF Fixed Income Beta Overall EM ZyFin India Sovereign Owned Enterprise Bond Index 1L 0.79% Deutsche Borse 17-Nov-15 ISPY IM ISPY.MI ETF Securities ETFS ISE Cyber Security GO UCITS ETF Equity Beta Other Theme Overall ISE Cyber Security Index 1L 0.75% Borsa Italiana 18-Nov-15 CCMR GY CCMR.DE Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF Fixed Income Beta Overall EM Other 1L 0.65% Deutsche Borse 18-Nov-15 MFDD IM MFDD.MI Lyxor Lyxor Euro Stoxx 300 DR - D EUR Equity Beta Eurozone DM Euro STOXX 1L 0.30% Borsa Italiana 18-Nov-15 MEUD IM MEUD.MI Lyxor Lyxor STOXX Europe 600 DR UCITS ETF Equity Beta Europe DM STOXX Europe 600 1L 0.30% Borsa Italiana 18-Nov-15 CCME GY CCME.DE Commerzbank AG Commerzbank CCBI RQFII Money Market UCITS ETF -EUR Fixed Income Beta Overall EM Other 1L 0.65% Deutsche Borse 19-Nov-15 CRRY LN CRRY.L Sun Global Investments LAM Global ZyFin India Sovereign Enterprise Bond UCITS ETF Fixed Income Beta Overall EM ZyFin India Sovereign Owned Enterprise Bond Index 1L 0.79% London SE Exchange Listed

32 Page 32 Deutsche Bank AG/London Figure 64: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 20-Nov-15 CNAA SW CNAA.S Lyxor Lyxor Fortune SG UCITS ETF MSCI China A DR C-USD Equity Beta Emerging Country EM MSCI China A TR Net Index 1L 0.65% London SE 23-Nov-15 IHCU LN IHCU.L BlackRock ishares S&P Health Care Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Health Care Index 1L 0.15% London SE 23-Nov-15 IUFS LN IUFS.L BlackRock ishares S&P Financials Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Financials Index 1L 0.15% London SE 23-Nov-15 IUHC LN IUHC.L BlackRock ishares S&P Health Care Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Health Care Index 1L 0.15% London SE 23-Nov-15 UIFS LN UIFS.L BlackRock ishares S&P Financials Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Financials Index 1L 0.15% London SE 23-Nov-15 IUCD LN IUCD.L BlackRock ishares S&P Consumer Discretionary Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Consumer Discretionary Index 1L 0.15% London SE 23-Nov-15 ICDU LN ICDU.L BlackRock ishares S&P Consumer Discretionary Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Consumer Discretionary Index 1L 0.15% London SE 24-Nov-15 IESU LN IESU.L BlackRock ishares S&P Energy Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Energy Index 1L 0.15% London SE 24-Nov-15 IITU LN IITU.L BlackRock ishares S&P Information Technology Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Information Technology Index 1L 0.15% London SE 24-Nov-15 IUES LN IUES.L BlackRock ishares S&P Energy Sector UCITS ETF Equity Beta Other Sector DM S&P 500 Energy Index 1L 0.15% London SE Exchange Listed

33 Deutsche Bank AG/London Page 33 Figure 65: New ETC launches & cross listings ETCs Europe Launch/ cross listing date New Launches BBG Ticker Reuters Code Issuer ETC Name Asset class Invest. Strategy Focus Benchmark Long /Short/ Leverage TER Exchange Listed 2-Nov-15 3SUS IM 3SUS.MI ETF Securit ETFS 3x Daily Short Sugar Commodity Beta+ Sugar Bloomberg Sugar Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3WHL IM 3WHL.MI ETF Securit ETFS 3X Daily Long Wheat Commodity Beta+ Wheat Bloomberg Wheat Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3CUS IM 3CUS.MI ETF Securit ETFS 3x Daily Short Copper Commodity Beta+ Copper Bloomberg Copper Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3AUL IM 3AUL.MI ETF Securit ETFS 3x Daily Long Gold Commodity Beta+ Gold Bloomberg Gold Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 NG3L IM NG3L.MI ETF Securit ETFS 3X Daily Long Natural Gas Commodity Beta+ Natural Gas Bloomberg Natural Gas Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3CUL IM 3CUL.MI ETF Securit ETFS 3x Daily Long Copper Commodity Beta+ Copper Bloomberg Copper Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3AUS IM 3AUS.MI ETF Securit ETFS 3x Daily Short Gold Commodity Beta+ Gold Bloomberg Gold Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3NIL IM 3NIL.MI ETF Securit ETFS 3X Daily Long Nickel Commodity Beta+ Nickel Bloomberg Nickel Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 SI3L IM SI3L.MI ETF Securit ETFS 3x Daily Long Silver Commodity Beta+ Silver Bloomberg Silver Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3CRS IM 3CRS.MI ETF Securit ETFS 3x Daily Short WTI Crude Oil Commodity Beta+ Crude Oil Bloomberg WTI Crude Oil Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 SI3S IM SI3S.MI ETF Securit ETFS 3X Daily Short Silver Commodity Beta+ Silver Bloomberg Silver Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3NIS IM 3NIS.MI ETF Securit ETFS 3X Daily Short Nickel Commodity Beta+ Nickel Bloomberg Nickel Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3CRL IM 3CRL.MI ETF Securit ETFS 3x Daily Long WTI Crude Oil Commodity Beta+ Crude Oil Bloomberg WTI Crude Oil Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3WHS IM 3WHS.MI ETF Securit ETFS 3x Daily Short Wheat Commodity Beta+ Wheat Bloomberg Wheat Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 3SUL IM 3SUL.MI ETF Securit ETFS 3x Daily Long Sugar Commodity Beta+ Sugar Bloomberg Sugar Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3CFL IM 3CFL.MI ETF Securit ETFS 3x Daily Long Coffee Commodity Beta+ Coffee Bloomberg Coffee Subindex TR 3L 0.98% Borsa Italiana 2-Nov-15 3CFS IM 3CFS.MI ETF Securit ETFS 3X Daily Short Coffee Commodity Beta+ Coffee Bloomberg Coffee Subindex TR 3S 0.98% Borsa Italiana 2-Nov-15 NG3S IM NG3S.MI ETF Securit ETFS 3x Daily Short Natural Gas Commodity Beta+ Natural Gas Bloomberg Natural Gas Subindex TR 3S 0.98% Borsa Italiana 23-Nov-15 SUP5 LN SUP5.L ETF Securit ETFS 5x Short EUR Long GBP Currency Beta+ EURGBP MSFX 5x Short Euro/British Pound Index (TR) 5S 0.98% London SE 23-Nov-15 SUD5 LN SUD5.L ETF Securit ETFS 5x Long EUR Short USD Currency Beta+ EURUSD MSFX 5x Long Euro/US Dollar Index (TR) 5L 0.98% London SE 24-Nov-15 USP5 LN USP5.L ETF Securit ETFS 5x Long USD Short GBP Currency Beta+ USDGBP MSFX 5x Long US Dollar/British Pound Index (TR) 5L 0.98% London SE 23-Nov-15 PUS5 LN PUS5.L ETF Securit ETFS 5x Short USD Long GBP Currency Beta+ USDGBP MSFX 5x Short US Dollar/British Pound Index (TR) 5S 0.98% London SE 23-Nov-15 LUD5 LN LUD5.L ETF Securit ETFS 5x Short EUR Long USD Currency Beta+ EURUSD MSFX 5x Short Euro/US Dollar Index (TR) 5S 0.98% London SE 23-Nov-15 EUP5 LN EUP5.L ETF Securit ETFS 5x Long EUR Short GBP Currency Beta+ EURGBP MSFX 5x Long Euro/British Pound Index (TR) 5L 0.98% London SE Cross-Listings & share classes 23-Nov-15 3WHS LN 3WHS.L ETF Securit ETFS 3x Daily Short Wheat Commodity Beta+ Wheat Bloomberg Wheat Subindex TR 3S 0.98% London SE 23-Nov-15 3CRL LN 3CRL.L ETF Securit ETFS 3x Daily Long WTI Crude Oil Commodity Beta+ Crude Oil Bloomberg WTI Crude Oil Subindex TR 3L 0.98% London SE 23-Nov-15 SI3L LN SI3L.L ETF Securit ETFS 3x Daily Long Silver Commodity Beta+ Silver Bloomberg Silver Subindex TR 3L 0.98% London SE 23-Nov-15 3CFS LN 3CFS.L ETF Securit ETFS 3x Daily Short Coffee Commodity Beta+ Coffee Bloomberg Coffee Subindex TR 3S 0.98% London SE 23-Nov-15 NG3L LN NG3L.L ETF Securit ETFS 3x Daily Long Natural Gas Commodity Beta+ Natural Gas Bloomberg Natural Gas Subindex TR 3L 0.98% London SE 23-Nov-15 3CUS LN 3CUS.L ETF Securit ETFS 3x Daily Short Copper Commodity Beta+ Copper Bloomberg Copper Subindex TR 3S 0.98% London SE 23-Nov-15 3NIS LN 3NIS.L ETF Securit ETFS 3x Daily Short Nickel Commodity Beta+ Nickel Bloomberg Nickel Subindex TR 3S 0.98% London SE

34 Page 34 Deutsche Bank AG/London Figure 66: New ETC launches & cross listings ETCs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETC Name Asset class Invest. Strategy Focus Benchmark Long /Short/ Leverage 23-Nov-15 3AUL LN 3AUL.L ETF Securit ETFS 3x Daily Long Gold Commodity Beta+ Gold Bloomberg Gold Subindex TR 3L 0.98% London SE 23-Nov-15 NG3S LN NG3S.L ETF Securit ETFS 3x Daily Short Natural Gas Commodity Beta+ Natural Gas Bloomberg Natural Gas Subindex TR 3S 0.98% London SE 23-Nov-15 3SUL LN 3SUL.L ETF Securit ETFS 3x Daily Long Sugar Commodity Beta+ Sugar Bloomberg Sugar Subindex TR 3L 0.98% London SE 23-Nov-15 3CRS LN 3CRS.L ETF Securit ETFS 3x Daily Short WTI Crude Oil Commodity Beta+ Crude Oil Bloomberg WTI Crude Oil Subindex TR 3S 0.98% London SE 23-Nov-15 3WHL LN 3WHL.L ETF Securit ETFS 3x Daily Long Wheat Commodity Beta+ Wheat Bloomberg Wheat Subindex TR 3L 0.98% London SE 23-Nov-15 3CUL LN 3CUL.L ETF Securit ETFS 3x Daily Long Copper Commodity Beta+ Copper Bloomberg Copper Subindex TR 3L 0.98% London SE 23-Nov-15 SI3S LN SI3S.L ETF Securit ETFS 3x Daily Short Silver Commodity Beta+ Silver Bloomberg Silver Subindex TR 3S 0.98% London SE 23-Nov-15 3NIL LN 3NIL.L ETF Securit ETFS 3x Daily Long Nickel Commodity Beta+ Nickel Bloomberg Nickel Subindex TR 3L 0.98% London SE 23-Nov-15 3CFL LN 3CFL.L ETF Securit ETFS 3x Daily Long Coffee Commodity Beta+ Coffee Bloomberg Coffee Subindex TR 3L 0.98% London SE 23-Nov-15 3AUS LN 3AUS.L ETF Securit ETFS 3x Daily Short Gold Commodity Beta+ Gold Bloomberg Gold Subindex TR 3S 0.98% London SE 23-Nov-15 3SUS LN 3SUS.L ETF Securit ETFS 3x Daily Short Sugar Commodity Beta+ Sugar Bloomberg Sugar Subindex TR 3S 0.98% London SE TER Exchange Listed

35 Average TERs Figure 67: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% % % 5 Beta 0.39% % % 975 Beta+ 0.50% % % 77 Semi Active 0.54% % % % % % 1,091 Fixed Income Alpha 0.59% % % 10 Beta 0.25% % % 327 Beta+ NA NA 0.23% % % % % 356 Alternative Alpha NA NA 0.67% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % 15 Commodity Beta 0.49% % % 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 50 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.52% % % % % % 8 Total 0.37% % % 1,520 Deutsche Bank AG/London Page 35

36 Figure 68: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.51% % 39 Beta+ NA NA 0.92% % 35 Energy Beta NA NA 0.49% % 51 Beta+ NA NA 0.80% % 53 Industrial Metals Beta NA NA 0.50% % 24 Beta+ NA NA 0.90% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.52% % 10 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.76% % 43 Commodity 0.45% % % 349 Currency Currency Beta NA NA 0.41% % 40 Beta+ NA NA 0.82% % 67 Currency NA NA 0.67% % 107 Page 36 Deutsche Bank AG/London

37 Figure 69: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.75% % % 5 Beta 0.31% % % 975 Beta+ 0.50% % % 77 Semi Active 0.56% % % % % % 1,091 Fixed Income Alpha 0.36% % % 10 Beta 0.26% % % 327 Beta+ NA NA 0.22% % % % % 356 Alternative Alpha NA NA 0.86% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % % 15 Commodity Beta 0.41% % % 49 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 50 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.60% % % % % % 7 Total 0.30% % % 1,520 Figure 70: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% % 39 Beta+ NA NA 0.98% % 35 Energy Beta NA NA 0.51% % 51 Beta+ NA NA 0.98% % 53 Industrial Metals Beta NA NA 0.49% % 24 Beta+ NA NA 0.98% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 10 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.39% % % 51 Beta+ NA NA 0.97% % 43 Commodity 0.39% % % 349 Currency Currency Beta NA NA 0.39% % 40 Beta+ NA NA 0.92% % 67 Currency NA NA 0.76% % 107 Deutsche Bank AG/London Page 37

38 5. Provider Rankings Global Provider Rankings Figure 71: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,058, % 975, % , , ,230 2 Vanguard 505, % 443, % 96 7,025 67,826 71,798 3 State Street 423, % 453, % ,046-26,736 4 PowerShares 95, % 91, % ,184 1,323 5 Deutsche AWM 81, % 58, % ,168 26,816 6 Nomura Asset Management 62, % 43, % 49-1,302 29,557 14,853 7 WisdomTree 59, % 39, % ,279 20,451 8 Lyxor 52, % 45, % ,172 9,129 9 First Trust 43, % 33, % 104 1,575 7,046 10, Charles Schwab 38, % 26, % 21 1,261 4,941 12,261 Total Top 10 2,420, % 2,210, % 1,888 26,502 1,203, ,808 Others 391, % 352, % 1,961-1, ,879 53,138 Global Total 2,811, % 2,562, % 3,849 25,224 1,417, ,946 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Figure 72: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 22, % 27, % 1-1,316 11,156-1,620 2 ETF Securities 13, % 16, % , BlackRock 11, % 12, % 8 3 3, PowerShares 5, % 7, % , United States Commodity Funds 4, % 2, % 11 1,022 8,377 3,007 6 ProShares 3, % 3, % ,080 1,342 7 Deutsche AWM 1, % 2, % Source 1, % 1, % Deutsche Borse Commodities GmbH 1, % 1, % Guggenheim Investments 1, % % , Total Top 10 67, % 76, % ,432 3,313 Others % % Global Total 68, % 77, % ,086 3,771 YTD CF Page 38 Deutsche Bank AG/London

39 Figure 73: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,069, % 987, % , , ,448 2 Vanguard 505, % 443, % 96 7,025 67,826 71,798 3 State Street 445, % 481, % ,203-28,356 4 PowerShares 100, % 98, % , Deutsche AWM 83, % 60, % ,258 26,997 6 Nomura Asset Management 62, % 43, % 49-1,302 29,557 14,853 7 WisdomTree 59, % 39, % ,279 20,451 8 Lyxor 52, % 45, % ,172 9,129 9 First Trust 43, % 33, % 104 1,575 7,046 10, Charles Schwab 38, % 26, % 21 1,261 4,941 12,261 Total Top 10 2,460, % 2,259, % 1,926 25,295 1,219, ,887 Others 419, % 380, % 2, ,415 58,830 Global Total 2,879, % 2,640, % 4,389 25,680 1,471, ,717 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Deutsche Bank AG/London Page 39

40 European Provider Rankings General Figure 74: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 218, ,377 25% 1,932 4,333 25,536 24,621 24,349 1% % Deutsche AWM 57,602 44,558 29% ,844 5,128 5,181-1% % Lyxor 49,279 37,913 30% ,178 10,421 11,405-9% % UBS 25,462 17,073 49% ,596 1,716 1,740-1% % Amundi 19,685 15,439 28% ,588 5,593 5,395 4% % Vanguard 18,187 12,538 45% ,735 1,347 1,438-6% % Source 17,260 12,625 37% ,319 1,303 1,326-2% % State Street 12,348 9,274 33% ,141 1,022 1,183-14% % Deka Investment GmbH 7,340 6,433 14% ,214 1,067 14% % ComStage 7,312 5,391 36% , % % Zuercher Kantonalbank 5,551 6,032-8% % 4 4 0% HSBC 5,206 5,363-3% % % BNP Paribas 4,722 3,857 22% % % Xact Fonder AB 2,679 2,379 13% ,199 1,349-11% % PowerShares 1,858 1,465 27% % % Ossiam 1,774 1,430 24% % % Julius Baer Inv 1,703 2,060-17% % % ThinkCapital ETFs N.V. 1,348 1,089 24% % % ETF Securities % % % BBVA Gestion SA SGIIC % % 2 2 0% WisdomTree % % % Royal Bank of Scotland plc % % % Nomura Asset Management NA % 3 0 NA Fundlogic Global Solutions plc % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% First Trust % % % SEB Investment Management AB % % 3 3 0% Van Eck Funds 77 0 NA % 3 0 NA BMO Global Asset Management 73 0 NA NA 9 0 NA UniCredit Bank 62 0 NA % 1 0 NA Commerzbank AG % % % FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% Boost % % 3 3 0% Sun Global Investments 5 0 NA NA 1 0 NA NBG Asset Management MFMC % % 2 2 0% Alpcot Capital Management % % % Swedbank Robur % NA % Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA % 2 2 0% NCB Stockbrokers % NA % Total 461, ,371 27% 3,133 5,948 63,478 56,105 56,825-1% ,440 6% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 40 Deutsche Bank AG/London

41 Figure 75: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. ETF Securities 10,731 11,282-5% ,914 2,029-6% % Deutsche AWM 1,745 1,811-4% % % Source 1,727 1,586 9% % 4 4 0% Deutsche Borse Commodities GmbH 1,624 1,572 3% % 1 1 0% BlackRock % % 4 4 0% Boost % % % Royal Bank of Scotland plc % % % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG 1 1 8% % % BNP Paribas 0 0 NA NA 2 0 NA Total 16,826 16,813 0% ,023 2,894 3,519-18% % AUM Cash Flow Turnover Products Deutsche Bank AG/London Page 41

42 Figure 76: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 218, ,556 25% 1,941 4,346 25,776 24,648 24,393 1% % Deutsche AWM 59,347 46,369 28% ,004 5,212 5,285-1% % Lyxor 49,279 37,913 30% ,178 10,421 11,405-9% % UBS 25,462 17,073 49% ,596 1,716 1,740-1% % Amundi 19,685 15,439 28% ,588 5,593 5,395 4% % Source 18,987 14,212 34% ,506 1,538 1,786-14% % Vanguard 18,187 12,538 45% ,735 1,347 1,438-6% % State Street 12,348 9,274 33% ,141 1,022 1,183-14% % ETF Securities 11,580 11,757-2% ,444 2,596-6% % Deka Investment GmbH 7,340 6,433 14% ,214 1,067 14% % ComStage 7,312 5,391 36% , % % Zuercher Kantonalbank 5,551 6,032-8% % 4 4 0% HSBC 5,206 5,363-3% % % BNP Paribas 4,722 3,857 22% % % Xact Fonder AB 2,679 2,379 13% ,199 1,349-11% % PowerShares 1,858 1,465 27% % % Ossiam 1,774 1,430 24% % % Julius Baer Inv 1,703 2,060-17% % % Deutsche Borse Commodities GmbH 1,624 1,572 3% % 1 1 0% ThinkCapital ETFs N.V. 1,348 1,089 24% % % Royal Bank of Scotland plc % % % BBVA Gestion SA SGIIC % % 2 2 0% WisdomTree % % % Boost % % % Nomura Asset Management NA % 3 0 NA Fundlogic Global Solutions plc % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Borse Stuttgart Securities GmbH % % 1 1 0% DnB Kapitalforvaltning % % 1 1 0% First Trust % % % SEB Investment Management AB % % 3 3 0% Van Eck Funds 77 0 NA % 3 0 NA BMO Global Asset Management 73 0 NA NA 9 0 NA UniCredit Bank 62 0 NA % 1 0 NA Commerzbank AG % % % FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% Sun Global Investments 5 0 NA NA 1 0 NA NBG Asset Management MFMC % % 2 2 0% Alpcot Capital Management % % % Swedbank Robur % NA % NCB Stockbrokers % NA % PDR Services LLC 0 0 NA % 0 0 NA Nordea Investment Funds 0 0 NA % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Total 478, ,183 26% 3,141 6,195 64,501 58,999 60,344-2% 1,976 1,891 4% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Products Page 42 Deutsche Bank AG/London

43 Figure 77: European ETP Providers tier market share ETPs Europe Nov-15 Q3 15 Q2 15 Q1 15 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q4 14 Q1 15 Q2 15 Q3 15 Nov-15 Tier % 68.7% 68.3% 68.1% 68.5% Tier % 27.2% 27.6% 27.7% 27.5% Tier 3 4.2% 4.0% 4.1% 4.2% 4.0% Deutsche Bank AG/London Page 43

44 European Provider Rankings by Asset Class Figure 78: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 147,611 69,063 1, , % ,621 1,932 25,536 Deutsche AWM 43,168 13, , % 215 5, ,844 Lyxor 38,742 9, , % , ,178 UBS 22,130 1,752 1, , % 133 1, ,596 Amundi 15,056 4, , % 101 5, ,588 Vanguard 18, , % 13 1, ,735 Source 10,908 6, , % 79 1, ,319 State Street 8,605 3, , % 75 1, ,141 Deka Investment GmbH 5,064 2, , % 46 1, ComStage 4,804 2, , % ,442 Zuercher Kantonalbank 0 0 5, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, PowerShares 1, , % Ossiam 1, , % Julius Baer Inv 0 0 1, , % ThinkCapital ETFs N.V , % ETF Securities % BBVA Gestion SA SGIIC % WisdomTree % Royal Bank of Scotland plc % Nomura Asset Management % Fundlogic Global Solutions plc % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % DnB Kapitalforvaltning % First Trust % SEB Investment Management AB % Van Eck Funds % BMO Global Asset Management % UniCredit Bank % Commerzbank AG % FinEx Fund Plc % Alpha Asset Management % Boost % Sun Global Investments % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 333, ,629 12,823 1, , % 1,520 56,105 3,133 63,478 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 44 Deutsche Bank AG/London

45 Figure 79: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Commodity Currency Total AUM Mkt Share % Nu. Current TO Current CF YTD CF ETF Securities 10, , % 322 1, Deutsche AWM 1, , % Source 1, , % Deutsche Borse Commodities GmbH 1, , % BlackRock % Boost % Royal Bank of Scotland plc % Borse Stuttgart Securities GmbH % Commerzbank AG % BNP Paribas % Total 16, , % 456 2, ,023 Deutsche Bank AG/London Page 45

46 Figure 80: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF BlackRock 147,611 69,063 1, , % ,648 1,941 25,776 Deutsche AWM 43,168 13,134 2, , % 233 5, ,004 Lyxor 38,742 9, , % , ,178 UBS 22,130 1,752 1, , % 133 1, ,596 Amundi 15,056 4, , % 101 5, ,588 Source 10,908 6,079 1, , % 83 1, ,506 Vanguard 18, , % 13 1, ,735 State Street 8,605 3, , % 75 1, ,141 ETF Securities , , % 352 2, Deka Investment GmbH 5,064 2, , % 46 1, ComStage 4,804 2, , % ,442 Zuercher Kantonalbank 0 0 5, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, PowerShares 1, , % Ossiam 1, , % Julius Baer Inv 0 0 1, , % Deutsche Borse Commodities GmbH 0 0 1, , % ThinkCapital ETFs N.V , % Royal Bank of Scotland plc % BBVA Gestion SA SGIIC % WisdomTree % Boost % Nomura Asset Management % Fundlogic Global Solutions plc % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % Borse Stuttgart Securities GmbH % DnB Kapitalforvaltning % First Trust % SEB Investment Management AB % Van Eck Funds % BMO Global Asset Management % UniCredit Bank % Commerzbank AG % FinEx Fund Plc % Alpha Asset Management % Sun Global Investments % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 333, ,629 29,285 1, , % 1,976 58,999 3,141 64,501 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Page 46 Deutsche Bank AG/London

47 European Provider Analysis by Replication Method Figure 81: European ETF Providers list by replication All figures in million except products European Providers ETFs Europe Replication AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) AUM (%) ETFs Method Equity Fixed Income Commodity Other Total BlackRock Physical 147, , , % 266 Synthetic % 4 Deutsche AWM Physical 28, ,859 50% 57 Synthetic 14, , ,743 50% 158 Lyxor Physical 1, , ,147 10% 36 Synthetic 37, , ,132 90% 208 UBS Physical 19, , ,734 85% 103 Synthetic 3, ,728 15% 30 Amundi Physical 1, ,043 5% 7 Synthetic 14, , ,642 95% 94 Vanguard Physical 18, , % 13 Source Physical 1, , ,444 43% 26 Synthetic 9, ,816 57% 53 State Street Physical 8, , , % 75 Deka Investment GmbH Physical 5, , , % 45 Synthetic % 1 ComStage Physical % 2 Synthetic 4, , ,165 98% 105 Zuercher Kantonalbank Physical , , % 4 HSBC Physical 5, , % 28 BNP Paribas Physical 2, ,091 44% 17 Synthetic 2, ,631 56% 20 Xact Fonder AB Physical 2, ,271 85% 4 Synthetic % 6 PowerShares Physical 1, ,815 98% 17 Synthetic % 4 Ossiam Physical % 1 Synthetic 1, ,719 97% 8 Julius Baer Inv Physical , , % 4 ThinkCapital ETFs N.V. Physical , % 13 ETF Securities Synthetic % 23 Physical % 7 BBVA Gestion SA Physical % 2 WisdomTree Physical % 19 RBS plc Synthetic % 12 Nomura Asset Management Physical % 3 Fundlogic Global Solutions plc Synthetic % 2 Seligson & Co Fund Mgmt. Physical % 1 Raiffeisen Schweiz Physical % 3 DnB Kapitalforvaltning Physical % 1 First Trust Physical % 7 SEB Investment Management AB Synthetic % 3 Van Eck Funds Physical % 3 BMO Global Asset Management Physical % 9 UniCredit Bank Synthetic % 1 Commerzbank AG Synthetic % 1 Physical % 2 FinEx Fund Plc Physical % 1 Synthetic % 1 Alpha Asset Mgmt. Physical % 1 Boost Synthetic % 3 Sun Global Investments Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 333,300 1, , , , ,235 1,520 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 47

48 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 82: Turnover by asset class and instrument ( million) ETPs Europe Nov-15 Oct YTD Asset Class Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Total ETFs Equity 35,079 4, ,457 35,018 5, ,213 31,116 4, , ,195 Fixed income 15, ,983 15, ,889 7, , ,652 Commodity ,311 Currency Multi Asset Alternative ,218 Total 51,142 4, ,105 51,164 5, ,825 39,115 4, , ,689 ETCs Commodity 1, ,718 2,279 1, ,354 1, ,137 41,040 Currency ,676 Total 1,820 1, ,894 2,295 1, ,519 1, ,254 43,717 Total ETPs 52,962 5, ,999 53,458 6, ,344 40,849 5, , ,406 Asset Class Analysis Figure 83: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total Developed Markets 25, ,469 25, ,467 21, , ,931 Emerging Markets 3, ,785 3, ,906 4, ,120 51,594 Global Markets ,444 Sector 2, ,424 2, ,666 2, ,166 32,585 Capitalization ,907 Strategy 742 4, , , , , ,863 65,737 Style 1, ,086 1, ,128 1, ,179 17,254 Thematic ,743 Total Equities 35,079 4, ,457 35,018 5, ,213 31,116 4, , ,195 Nov-15 Oct Page 48 Deutsche Bank AG/London

49 Figure 83A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total Sector 2, ,424 2, ,666 2, ,166 32,585 Consumer discretionary Consumer staples Energy Financials , , ,785 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization ,907 Large Cap Mid Cap Small Cap ,335 Strategy 742 4, , , , , ,863 65,737 Fundamental Leveraged Long 0 2, , , , , ,262 30,736 Leveraged Short 0 1, , , , , ,745 19,991 Options Strategy Quantitative Short ,072 Style 1, ,086 1, ,128 1, ,179 17,254 Dividend , ,034 1, ,079 15,544 Growth Value Thematic ,743 Commodities Cyclical Faith Other Theme Sustainability Total 5,261 4, ,631 5,130 5, ,322 4,525 4, , ,226 Nov-15 Oct Deutsche Bank AG/London Page 49

50 Figure 83B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total Europe 16, ,253 16, ,301 13, , ,376 Austria Belgium Finland France ,020 Germany 3, ,648 3, ,537 3, ,368 52,080 Greece Ireland Italy , , ,143 Netherlands ,497 Norway Portugal Iceland Spain ,603 Sweden ,535 Switzerland ,830 UK 1, ,717 1, ,812 2, ,125 27,965 Europe broad 7, ,846 7, ,913 5, , ,128 Americas 4, ,920 4, ,466 4, ,151 66,011 US 4, ,538 4, ,278 3, ,862 63,000 Canada North America ,096 Asia 2, ,228 2, ,744 2, ,220 35,315 Australia Hong Kong Japan 2, ,100 2, ,602 1, ,969 32,226 Singapore Asia Pacific broad ,741 Global 2, ,067 1, ,956 1, ,638 27,230 Broad indices 2, ,067 1, ,956 1, ,638 27,230 DM Total 25, ,469 25, ,467 21, , ,931 Nov-15 Oct Page 50 Deutsche Bank AG/London

51 Figure 83C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total BRIC 1, ,375 1, ,061 1, ,325 19,195 Brazil ,853 Russia ,649 India ,122 China ,570 Latin America ,264 Chile Mexico LATAM broad Asia ,424 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea ,944 Taiwan ,171 Thailand Vietnam Asia Pacific broad ,957 EMEA ,603 Kuwait Poland South Africa Turkey ,165 Europe broad Middle East & Africa Global Markets 1, ,625 2, ,006 1, ,836 21,109 Global 1, ,625 2, ,006 1, ,836 21,109 EM Total 3, ,785 3, ,906 4, ,120 51,594 Total (EM + DM) 29, ,254 29, ,373 25, , ,525 Nov-15 Oct Figure 84: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total Overall ,709 Corporates 5, ,959 5, ,684 2, ,512 54,041 Covered Bonds ,200 Credit Exposure Sovereign 8, ,779 8, ,394 4, ,203 83,538 Money Market ,787 Total Fixed Income 15, ,983 15, ,889 7, , ,652 Nov-15 Oct Deutsche Bank AG/London Page 51

52 Figure 85: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total Overall ,815 Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture ,442 Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy , , ,266 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals ,960 Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 1, ,488 1, ,812 1, ,880 22,327 Overall Gold , , , Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 2, ,243 2,907 1, ,982 2, ,933 48,873 Nov-15 Oct Page 52 Deutsche Bank AG/London

53 Product Rankings Figure 86: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1, , ,441.4 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, , ,779.2 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1, ,325.1 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta ,255.6 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta ,720.3 Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,388.5 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,779.4 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,780.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ,510.3 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta ,171.0 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta ,053.1 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,097.9 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,871.0 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,556.2 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,695.7 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,358.6 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta ,173.5 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta ,474.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ,115.7 XACT OMXS30 XACTOMX SS Xact Fonder AB Beta ,054.5 YTD TO Figure 87: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1, , ,375.6 Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Amundi Beta ,105.1 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,817.6 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,818.8 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,525.5 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ,817.0 Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta ,638.9 Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP Amundi Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ,983.9 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ,851.8 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,345.9 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,361.9 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ,056.7 ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta ,816.0 Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Amundi Beta ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ,362.2 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,548.5 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP Lyxor Beta ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ,651.9 ishares Italy Government Bond UCITS ETF SITB LN BlackRock Beta ,362.4 YTD TO Deutsche Bank AG/London Page 53

54 Figure 88: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ETFS Physical Gold PHAU LN ETF Securities Beta ,744.5 ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,347.9 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,006.6 Gold Bullion Securities GBS LN ETF Securities Beta ,426.7 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,016.9 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,148.7 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,078.3 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ,150.6 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta ,319.3 ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta ,131.8 ETFS Physical Swiss Gold SGBS LN ETF Securities Beta Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ETFS Physical Silver PHAG LN ETF Securities Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta ETFS Copper COPA LN ETF Securities Beta YTD TO Figure 89: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 1, db x-trackers II EONIA TR Index UCITS ETF XEON GR ishares Euro STOXX 50 (DE) SX5EEX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deka DAX UCITS ETF ETFDAX GR ishares Barclays Euro Aggregate Bond EUN4 GR ishares STOXX 600 (DE) SXXPIEX GR Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR ishares Markit iboxx Euro High Yield EUNW GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR db x-trackers II iboxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR ishares MDAX (DE) MDAXEX GR db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 1C XBAG GY db x-trackers ShortDAX UCITS ETF XSDX GR db x-trackers II iboxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers Portfolio TR Index UCITS ETF XQUI GR Source Physical Gold ETC (P-ETC) 8PSG GY db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR ETFS WTI Crude Oil OD7F GR ETFS 5X Short USD Long EUR 5CH6 GY ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR db-x trackers Portfolio Income UCITS ETF XS7W GR ETFS Brent Oil OESA GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ishares S&P Listed Private Equity Fund IQQL GR Gold Bullion Securities GG9B GR ETFS 5X Long USD Short EUR 5CH5 GY ETFS Physical Gold VZLD GR ETFS Long USD Short EUR XBJP GR ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR Lyxor ETF Dynamic Short VIX Futures Index - EUR VOOS GR 0.30 Page 54 Deutsche Bank AG/London

55 Figure 90: Top 10 ETPs by Turnover ( million) London SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 1, ishares Core S&P 500 UCITS ETF CSPX LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN Vanguard S&P 500 ETF VUSD LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares Euro Corporate Bond UCITS ETF IEAC LN Vanguard FTSE 100 ETF VUKE LN ishares UK Gilts UCITS ETF IGLT LN ishares S&P 500 Minimum Volatility UCITS ETF SPMV LN ishares Index-Linked Gilts UCITS ETF INXG LN ishares Core S&P 500 UCITS ETF CSP1 LN ishares $ TIPS UCITS ETF IDTP LN ishares MSCI North America UCITS ETF IDNA LN ishares $ Corporate Bond UCITS ETF LQDE LN HSBC ESI Worldwide Equity UCITS ETF HEWD LN Lyxor ETF Euro Corporate Bond CRPX LN ishares S&P 500 UCITS ETF (Inc) IUSA LN ishares Italy Government Bond UCITS ETF IITB LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN Source Nomura Modelled PERI UCITS ETF PERI LN ETFS WTI Crude Oil CRUD LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN Gold Bullion Securities GBS LN ETFS 3x Short EUR Long USD SEU3 LN Source Physical Gold ETC (P-ETC) SGLD LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN ETFS Daily Short WTI Crude Oil SOIL LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS Physical Gold GBP PHGP LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Physical Swiss Gold SGBS LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN ETFS Brent 1mnth Oil OILB LN ETFS Short EUR Long USD SEUR LN ETFS Copper COPA LN db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN ETFS Daily Leveraged Crude Oil LOIL LN ishares Listed Private Equity UCITS ETF IPRV LN 1.76 Figure 91: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core S&P 500 UCITS ETF CSSPX SW ishares $ TIPS UCITS ETF ITPS SW ishares SMI CH CSSMI SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares CHF Corporate Bond (CH) CHCORP SW db x-trackers SMI UCITS ETF (DR) - 1D XSMI SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW ishares SPI (CH) CHSPI SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW ishares MSCI EMU UCITS ETF CSEMU SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares SMIM CH CSSMIM SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW ishares $ Corporate Bond UCITS ETF LQDE SW ishares MSCI AC Far East ex-japan UCITS ETF IFFF SW UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to GBP CBUS5H SW UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-A USD ZGLDUS SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW ZKB Gold ETF ZGLD SW ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF-A EUR ZGLDEU SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW Source Physical Gold ETC (P-ETC) SGLD SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW ZKB Gold ETF-H (CHF) ZGLDHC SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW UBS ETFs plc - DJ-UBS Commodity Index SF A-acc CHF DCCHAS SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW UBS ETFs plc - CMCI Composite SF CHF-A CCCHAS SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW Lyxor ETF Privex LYPVX SW ishares Gold CH CSGOLD SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW - Deutsche Bank AG/London Page 55

56 Figure 92: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1, Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Lyxor ETF Leverage CAC 40 LVC FP Amundi ETF Government Bond EuroMTS Broad 5-7 UCITS ETF C53 FP Lyxor ETF MSCI India INR FP Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP Lyxor ETF XBear CAC 40 BX4 FP Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Lyxor UCITS ETF DAX (DR) DAX FP Lyxor UCITS ETF MTS BTP 10Y Italy Government Bond (DR) MI10 FP Amundi ETF S&P 500 EUR Daily Hedged Index UCITS ETF 500H FP AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP Lyxor UCITS ETF Russia (Dow Jones Russia GDR) C-EUR RUS FP Amundi ETF Govt Bond Lowest Rated EuroMTS IG 1-3 UCITS ETF X13G FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB CRB FP Lyxor ETF Privex PVX FP ETFS WTI Crude Oil CRUDP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Gold Bullion Securities GBS FP PowerShares Global Listed Private Equity UCITS ETF PSP FP Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP ETFS Brent 1mnth Oil OILBP FP ishares Listed Private Equity UCITS ETF PRV FP - 6 ETFS Natural Gas NGASP FP ETFS All Commodities AIGCP FP ETFS Wheat WEATP FP ETFS WTI 2mth Oil OILWP FP ETFS Precious Metals AIGPP FP 0.48 Figure 93: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares Euro Corporate Bond UCITS ETF IEAC IM Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor ETF Euro Corporate Bond CRPE IM Lyxor ETF XBear FTSE/MIB XBRMIB IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM Lyxor UCITS ETF Euro STOXX 50 MSE IM Lyxor UCITS ETF Euro Cash LEONIA IM ishares EURO Core STOXX 50 - B UCITS ETF Acc CSSX5E IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM ishares MSCI World UCITS ETF (Inc) IWRD IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM Lyxor ETF Bear FTSE/MIB BERMIB IM db x-trackers II itraxx Europe 5-year Short TR Index UCITS ETF XTE5 IM ishares MSCI Europe UCITS ETF (Inc) IMEU IM Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Long USD Short EUR EUS3 IM ETFS WTI Crude Oil CRUD IM ETFS 5X Long USD Short EUR EUS5 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 3X Short USD Long EUR USE3 IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS 5X Short USD Long EUR USE5 IM Boost Wti Oil 3X Short Daily ETP 3OIS IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM Boost Natural Gas 3x Short Daily 3NGS IM db-x trackers Portfolio Income UCITS ETF XS7W IM ETFS Physical Gold PHAU IM Boost Long USD Short EUR 5x Daily ETP 5USE IM Gold Bullion Securities GBS IM Boost Short USD Long EUR 5x Daily ETP 5EUS IM ETFS Daily Leveraged Coffee LCFE IM ETFS Long USD Short EUR EUUS IM ETFS Daily Short WTI Crude Oil SOIL IM Lyxor ETF Privex PVX IM 2.13 Page 56 Deutsche Bank AG/London

57 Figure 94: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT OMXS30 XACTOMX SS No Fixed Income ETFs 2 XACT Bear 2 XABEAR2 SS XACT Bull 2 XABULL2 SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT OMXSB XACTSBX SS XACT Nordic 30 XACTVINX SS db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS db x-trackers S&P 500 UCITS ETF 1C XSPX SS db x-trackers MSCI Japan Index UCITS ETF 1C XMJP SS 4.35 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares AEX UCITS ETF IAEX NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA Vanguard S&P 500 ETF VUSA NA ishares $ Ultrashort Bond UCITS ETF ERND NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares $ Short Duration Corporate Bond UCITS ETF SDIG NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA Think AEX Tracker TDT NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA Deutsche Bank AG/London Page 57

58 7. European ETF Exchanges Figure 95: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % Nov-15 Market Share % Deutche Boerse Deutsche Borse 16, % 17, % 13, % 12, % 12, % LSE London SE 21, % 22, % 19, % 18, % 17, % Borsa Italiana 7, % 7, % 6, % 6, % 6, % Euronext 28, % 29, % 25, % 24, % 24, % Paris 9, % 12, % 11, % 11, % 11, % Amsterdam 2, % 2, % 2, % 2, % 2, % Lisbon % % 7 0.0% 9 0.0% % Brussels 7 0.0% 6 0.0% 2 0.0% 1 0.0% 2 0.0% 11, % 15, % 13, % 13, % 13, % Swiss SE 5, % 6, % 4, % 4, % 4, % Stockholmborsen % 1, % 1, % % % Oslo Bors % % % % % BME % % % % % Others 5 0.0% % % % % Total 63, % 70, % 58, % 56, % 56, % * Borse Stuttgart ETFs turnover totalled 0.7bn for November 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETFs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETF listings from each country s major exchanges only in our analysis. Page 58 Deutsche Bank AG/London

59 Figure 96: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Jul-15 Market Share % Aug-15 Market Share % Sep-15 Market Share % Oct-15 Market Share % Nov-15 Market Share % LSE London SE 2, % 1, % 1, % 1, % 1, % Borsa Italiana 1, % 1, % 1, % 1, % 1, % Deutche Boerse 4, % 3, % 2, % 3, % 2, % Deutsche Borse % % % % % Euronext Amsterdam % % % % 8 0.0% Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 4, % 3, % 3, % 3, % 2, % * Borse Stuttgart ETCs turnover totalled 93mn for November 2015 as per the data provided by the exchange. This turnover is not included in any of the figures in this report. All the ETCs listed on Borse Stuttgart are cross with primarily listing on Deutsche Borse. We include ETC listings from each country s major exchanges only in our analysis. Deutsche Bank AG/London Page 59

60 Figure 97: Total ETP on-exchange Turnover by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen Total Total Turnover ( million) Turnover* Mkt Share % Equity Developed Markets 106, , , , , , , , % Emerging Markets 9, , , , , , , % Global Markets 1, , , , , % Sector 12, , , , , , % Capitalization 2, , , % Style 4, , , , , , % Strategy 10, , , , , , % Thematic 1, , , % Total 147, ,167 91,069 60,513 23,614 53,761 11, , % Fixed Income Overall , , % Corporates 4, , , , , , , % Covered Bonds 1, , % Credit Exposure % Sovereign 13, , , , , , , % Money Market 1, , , , , % Total 21,518 85,368 19,042 15,681 4,479 5, , % Commodity 0.0% Overall , , % Agriculture , , , % Energy 1, , , , % Industrial Metals , , % Precious Metals 2, , , , , % Livestock % Total 5,615 21, , ,760-49, % Other 0.0% Alternative , % Currency , , % Multi Asset % Total 583 1, , , % Grand Total 175, , ,968 93,541 28,413 65,209 11, , % * Total turnover year to date (not daily average) Page 60 Deutsche Bank AG/London

61 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 98: AUM by asset class and instrument ( million) ETPs Europe Nov-15 Oct-15 End of 2014 Asset Class Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total ETFs Equity 324,519 4,731 3, , ,685 4,580 3, , ,457 3,634 2, ,398 Fixed income 107,030 1, , , ,009 1, , ,669 81,498 1, ,408 86,151 Commodity 12, ,823 13, ,296 13, ,412 Currency Multi Asset Alternative , , ,097 Total 444,938 6,434 3,969 5, , ,550 6,318 3,800 5, , ,784 4,880 2,977 4, ,371 ETCs Commodity 15, ,461 16, ,235 15, ,423 Currency Total 15, ,826 16, ,582 15, ,813 Total ETPs 460,768 7,430 3,969 5, , ,136 7,314 3,800 5, , ,707 5,769 2,977 4, ,183 Asset Class Analysis Figure 99: European Equity ETF AUM summary ( million) ETFs Europe Nov-15 Oct-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Developed Markets 242, , , , , ,075 Emerging Markets 23, ,222 23, ,115 25, ,278 Global Markets 5, ,018 4, ,819 5, ,244 Sector 20, ,339 19, ,693 15, ,444 Capitalization 7, ,268 6, ,804 4, ,485 Strategy 5,198 4,731 3, ,858 5,001 4,580 3, ,306 2,849 3,634 2, ,448 Style 17, ,095 16, ,370 13, ,549 Thematic 4, ,043 3, ,967 2, ,873 Total Equities 324,519 4,731 3, , ,685 4,580 3, , ,457 3,634 2, ,398 Deutsche Bank AG/London Page 61

62 Figure 99A: European Equity ETF AUM summary - A ( million) ETFs Europe Nov-15 Oct-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Sector 20, ,339 19, ,693 15, ,444 Consumer discretionary Consumer staples 1, , Energy 1, ,553 1, ,397 1, ,102 Financials 10, ,882 10, ,572 7, ,997 Healthcare 2, ,075 2, ,041 1, ,855 Industrials Information Technology 1, ,420 1, ,286 1, ,027 Materials Telecommunications Utilities Capitalization 7, ,268 6, ,804 4, ,485 Large Cap Mid Cap 2, ,449 2, ,328 1, ,497 Small Cap 4, ,401 4, ,065 2, ,579 Strategy 5,198 4,731 3, ,858 5,001 4,580 3, ,306 2,849 3,634 2, ,448 Fundamental 1, , ,600 1, , ,591 1, ,893 Leveraged Long 0 2, , , , , ,595 Leveraged Short Options Strategy Quantitative 3, , ,498 3, , ,105 1, , ,921 Short 29 1, , , , , ,242 Style 17, ,095 16, ,370 13, ,549 Dividend 15, ,471 14, ,811 12, ,457 Growth Value 1, ,320 1, , Thematic 4, ,043 3, ,967 2, ,873 Commodities Cyclical Faith Other Theme Sustainability 2, ,202 2, ,091 1, ,344 Total 53,943 4,731 3, ,603 51,835 4,580 3, ,141 39,201 3,634 2, ,800 Page 62 Deutsche Bank AG/London

63 Figure 99B: European Equity ETF AUM summary - B ( million) ETFs Europe Nov-15 Oct-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Developed Markets Europe 135, , , ,000 96, ,447 Austria Belgium Finland France 5, ,086 5, ,004 3, ,756 Germany 21, ,882 20, ,734 16, ,129 Greece Ireland Italy 3, ,144 3, ,120 2, ,271 Netherlands Norway Portugal Spain 1, ,822 1, ,863 1, ,792 Sweden 1, ,473 1, ,270 1, ,342 Switzerland 10, ,161 9, ,943 8, ,743 UK 14, ,119 13, ,781 12, ,023 Europe broad 76, ,297 74, ,476 48, ,907 Americas 63, ,909 60, ,569 55, ,005 US 60, ,641 57, ,332 51, ,516 Canada North America 2, ,437 2, ,390 2, ,582 Asia 23, ,173 22, ,077 16, ,812 Australia Hong Kong Japan 20, ,980 19, ,978 14, ,404 Singapore Asia Pacific broad 1, ,462 1, ,383 1, ,564 Global 19, ,554 18, ,408 16, ,812 Broad indices 19, ,554 18, ,408 16, ,812 DM Total 242, , , , , ,075 Deutsche Bank AG/London Page 63

64 Figure 99C: European Equity ETF AUM summary - C ( million) ETFs Europe Nov-15 Oct-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Emerging Markets BRIC 6, ,210 6, ,304 7, ,852 Brazil Russia India 1, ,836 2, ,074 1, ,593 China 2, ,975 2, ,952 4, ,693 Latin America Chile Mexico LATAM broad Asia 3, ,516 3, ,634 3, ,566 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad 1, ,417 1, ,497 1, ,216 EMEA , ,026 1, ,161 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 11, ,945 11, ,610 12, ,014 Global 11, ,945 11, ,610 12, ,014 EM Total 23, ,222 23, ,115 25, ,278 Total (EM + DM) 265, , , , , ,353 Figure 100: European Fixed Income ETF AUM summary ( million) ETFs Europe Nov-15 Oct-15 End of 2014 Fixed Income AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Overall 3, ,287 8,284 3, ,336 8,211 3, ,763 5,983 Corporates 42, ,162 40, ,934 29, ,672 Covered Bonds 2, ,102 2, ,095 3, ,488 Credit Exposure Sovereign 53,853 1, ,552 54,370 1, ,073 43,658 1, ,049 Money Market 3, ,218 3, ,025 1, ,714 Total Fixed Income 107,030 1, , , ,009 1, , ,669 81,498 1, ,408 86,151 Page 64 Deutsche Bank AG/London

65 Figure 101: European Commodity ETP AUM summary ( million) ETPs Europe Nov-15 Oct-15 End of 2014 Commodity AUM Beta Beta+ Alpha Total Beta Beta+ Alpha Total Beta Beta+ Alpha Total Overall 3, ,873 3, ,860 3, ,580 Overall , , ,327 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 1, ,370 1, , ,078 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 21, ,740 22, ,934 23, ,555 Overall Gold , , ,503 Palladium Platinum Rhodium Silver , , ,026 Livestock Overall Cattle Lean Hogs Total 28, ,285 29, ,531 29, ,835 Deutsche Bank AG/London Page 65

66 Product Rankings Figure 102: Top 20 Products by AUM Equity ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 12, , ,461.6 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 11, , ,301.8 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 9, , ,650.4 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9, , ,426.2 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 8, , ,949.9 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7, , ,193.6 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6, , ,153.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 6, , ,681.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5, , ,516.2 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,923.6 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5, , ,879.5 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 5, , ,972.9 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5, , ,927.9 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 4, , ,072.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 4, , ,541.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 3, , ,566.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3, , ,185.3 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 3, , ,927.1 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 3, , ,369.3 ishares SMI CH CSSMI SW BlackRock Beta 2, , , AUM Figure 103: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6, , ,912.4 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 4, , ,653.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3, , ,743.6 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3, , ,066.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3, , ,758.5 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2, , ,612.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2, , ,003.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2, , ,730.0 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2, , ,612.8 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1, , ,641.1 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1, , ,133.0 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,306.5 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1, , ,084.6 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1, , ,260.1 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1, , ,088.3 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1, , ,563.8 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1, , ,036.5 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , ,311.3 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1, , db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta 1, , AUM Page 66 Deutsche Bank AG/London

67 Figure 104: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4, , ,550.0 ETFS Physical Gold PHAU LN ETF Securities Beta 3, , ,896.5 Gold Bullion Securities GBS LN ETF Securities Beta 2, , ,684.6 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,571.8 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1, , ,382.3 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,607.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta , ,033.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Physical Silver PHAG LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ishares Physical Gold ETC SGLN LN Blackrock Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ishares Gold CH CSGOLD SW BlackRock Beta AUM Deutsche Bank AG/London Page 67

68 Page 68 Deutsche Bank AG/London 9. ETF Broker rankings US ETP Broker Rankings Figure 105: Top 20 US ETF Brokers ETFs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Nov-15 YTD Nov-15 YTD 1 (KCG) KCG HOLDINGS, INC. 137, % 235,536 1,768, % 2,588,968 (KCG) KCG HOLDINGS, INC. 2, % 235,536 28, % 2,589,001 2 (UBS) UBS INVESTMENT BANK 82, % 38,012 1,072, % 444,583 (UBS) UBS INVESTMENT BANK 1, % 38,012 17, % 444,586 3 (CSFB) CREDIT SUISSE 70, % 19,785 1,010, % 230,607 (CSFB) CREDIT SUISSE 1, % 19,877 15, % 231,574 4 (MLCO) MERRILL LYNCH 52, % 34,842 2,857, % 518,914 (MLCO) MERRILL LYNCH % 34,845 38, % 518,938 5 (JPM) JP MORGAN 51, % 10, , % 92,381 (DBAB) DEUTSCHE BANK SECURITI % 22,264 8, % 226,983 6 (DBAB) DEUTSCHE BANK SECURITI 43, % 22, , % 226,979 (JPM) JP MORGAN % 10,711 7, % 92,382 7 (CITI) CITIGROUP GLOBAL MARKE 40, % 16, , % 206,667 (CITI) CITIGROUP GLOBAL MARKE % 16,003 10, % 206,669 8 (GSHT) GOLDMAN, SACHS & CO. 33, % 43, , % 709,750 (GSHT) GOLDMAN, SACHS & CO % 43,678 7, % 709,754 9 (FCM) FIDELITY CAPITAL MARKET 29, % 38, , % 455,234 (FCM) FIDELITY CAPITAL MARKET % 38,220 6, % 455, (MSCO) MORGAN STANLEY 28, % 10, , % 155,617 (MSCO) MORGAN STANLEY % 10,909 5, % 155, (GSLT) GOLDMAN SACHS ELECTRON 22, % 102, , % 1,475,553 (BNPP) BNP PARIBAS % 4,572 2, % 64, (CVGX) CONVERGEX 15, % 24, , % 259,941 (GSLT) GOLDMAN SACHS ELECTRON % 102,491 4, % 1,475, (BCET) BARCLAYS CAPITAL INC. 15, % 30, , % 357,615 (RBC) ROYAL BANK OF CANADA % 9,080 1, % 126, (BCAP) BARCLAYS CAPITAL 15, % 13, , % 188,251 (BCET) BARCLAYS CAPITAL INC % 30,244 3, % 357, (RBC) ROYAL BANK OF CANADA 13, % 9,080 55, % 126,648 (BCAP) BARCLAYS CAPITAL % 13,051 3, % 188, (JEFF) JEFFERIES & CO., INC. 11, % 8, , % 142,346 (CVGX) CONVERGEX % 24,100 2, % 259, (INCA) INSTINET 10, % 6, , % 130,323 (CANT) CANTOR FITZGERALD L.P % 5,663 2, % 81, (CANT) CANTOR FITZGERALD L.P. 9, % 5, , % 81,327 (JEFF) JEFFERIES & CO., INC % 8,817 1, % 142, (BNPP) BNP PARIBAS 9, % 4, , % 64,497 (INCA) INSTINET % 6,846 2, % 130, (BTIG) BTIG LLC 4, % 1,148 36, % 14,474 (RAJA) RAYMOND JAMES & ASSOCI % 9, % 113,930 Other 42, % 97, , % 1,518,997 Other % 88,918 13, % 1,419,629 Total 740, % 773,583 12,083, % 9,989,672 Total 12, % 773, , % 9,990,834 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

69 Deutsche Bank AG/London Page 69 Figure 106: Top 20 US ETV Brokers ETVs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Nov-15 YTD Nov-15 YTD 1 (KCG) KCG HOLDINGS, INC. 6, % 21,290 91, % 233,404 (KCG) KCG HOLDINGS, INC % 21,290 3, % 233,404 2 (UBS) UBS INVESTMENT BANK 4, % 2,085 54, % 25,175 (UBS) UBS INVESTMENT BANK % 2,085 1, % 25,175 3 (CITI) CITIGROUP GLOBAL MARKE 2, % , % 11,562 (CITI) CITIGROUP GLOBAL MARKE % 842 1, % 11,562 4 (CSFB) CREDIT SUISSE 2, % , % 11,668 (CSFB) CREDIT SUISSE % 999 1, % 11,708 5 (FCM) FIDELITY CAPITAL MARKET 1, % 4,186 21, % 48,460 (FCM) FIDELITY CAPITAL MARKET % 4, % 48,460 6 (MLCO) MERRILL LYNCH 1, % 1,509 70, % 26,562 (MLCO) MERRILL LYNCH % 1,509 2, % 26,562 7 (JPM) JP MORGAN % , % 4,523 (DBAB) DEUTSCHE BANK SECURITI % % 8,697 8 (BCET) BARCLAYS CAPITAL INC % 3,056 8, % 31,288 (BCET) BARCLAYS CAPITAL INC % 3, % 31,288 9 (DBAB) DEUTSCHE BANK SECURITI % 718 9, % 8,697 (RBC) ROYAL BANK OF CANADA % % 10, (RBC) ROYAL BANK OF CANADA % 500 3, % 10,977 (JPM) JP MORGAN % % 4, (GSHT) GOLDMAN, SACHS & CO % 2,669 7, % 31,903 (GSLT) GOLDMAN SACHS ELECTRON % 7, % 101, (GSLT) GOLDMAN SACHS ELECTRON % 7,688 10, % 101,066 (GSHT) GOLDMAN, SACHS & CO % 2, % 31, (CVGX) CONVERGEX % 1,180 5, % 13,254 (JEFF) JEFFERIES & CO., INC % 1, % 7, (MSCO) MORGAN STANLEY % 768 7, % 9,605 (MSCO) MORGAN STANLEY % % 9, (INCA) INSTINET % 413 6, % 7,919 (CVGX) CONVERGEX % 1, % 13, (JEFF) JEFFERIES & CO., INC % 1,077 1, % 7,112 (INCA) INSTINET % % 7, (BNPP) BNP PARIBAS % 187 2, % 4,129 (RAJA) RAYMOND JAMES & ASSOCI % % 4, (BCAP) BARCLAYS CAPITAL % 389 3, % 10,060 (BNPP) BNP PARIBAS % % 4, (CANT) CANTOR FITZGERALD L.P % 189 1, % 3,239 (WBLR) WILLIAM BLAIR & COMPAN % % (RAJA) RAYMOND JAMES & ASSOCI % % 4,455 (CANT) CANTOR FITZGERALD L.P % % 3,239 Other % 3,982 24, % 65,167 Other % 4, % 75,073 Total 25, % 54, , % 670,225 Total 1, % 54,491 14, % 670,268 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

70 Page 70 Deutsche Bank AG/London European ETP Broker Rankings Figure 107: Top 20 European ETF brokers ETFs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Nov-15 YTD Nov-15 YTD 1 (CBK) COMMERZBANK 9, % 18, , % 223,934 (CBK) COMMERZBANK % 18,959 3, % 225,681 2 (BNPP) BNP PARIBAS 6, % 5,523 63, % 51,706 (FLOW) FLOW TRADERS % 4,116 2, % 46,230 3 (FLOW) FLOW TRADERS 5, % 3,957 71, % 45,115 (SIS) SUSQUEHANNA INTERNATION % 1,610 2, % 33,725 4 (CITI) CITIGROUP GLOBAL MARKE 5, % 3,337 66, % 33,187 (CITI) CITIGROUP GLOBAL MARKE % 3,337 1, % 33,197 5 (CSFB) CREDIT SUISSE 3, % 2,507 42, % 32,653 (BNPP) BNP PARIBAS % 5,558 1, % 51,931 6 (SIS) SUSQUEHANNA INTERNATION 3, % 1,610 78, % 33,672 (KCG) KCG HOLDINGS, INC % 5,578 1, % 57,217 7 (JPMH) JPMORGAN CHASE BANK, N 3, % 2,446 44, % 28,758 (CSFB) CREDIT SUISSE % 2,550 1, % 33,383 8 (DBK) DEUTSCHE BANK AG 2, % 1,424 49, % 16,595 (SGSA) SOCIETE GENERALE % 2, % 8,618 9 (UNIC) UNICREDIT 2, % , % 11,077 (MSCO) MORGAN STANLEY % 1, % 19, (MSCO) MORGAN STANLEY 2, % 1,664 33, % 19,815 (WINS) WINTERFLOOD SECURITIES % 5, % 66, (SGSA) SOCIETE GENERALE 2, % 2,233 10, % 8,618 (JPMH) JPMORGAN CHASE BANK, N % 2, % 28, (GSHT) GOLDMAN, SACHS & CO. 2, % 4,297 28, % 55,306 (UNIC) UNICREDIT % % 11, (KCG) KCG HOLDINGS, INC. 2, % 5,578 23, % 57,214 (DBK) DEUTSCHE BANK AG % 1,424 1, % 16, (UBS) UBS INVESTMENT BANK 2, % , % 7,935 (UBS) UBS INVESTMENT BANK % 271 1, % 7, (BFIN) BLUEFIN EUROPE LLP 1, % , % 2,609 (CANT) CANTOR FITZGERALD L.P % 1, % 22, (WINS) WINTERFLOOD SECURITIES 1, % 5,881 21, % 66,899 (BCAP) BARCLAYS CAPITAL % 2, % 27, (BCAP) BARCLAYS CAPITAL 1, % 2,587 33, % 27,573 (MLCO) MERRILL LYNCH % % 7, (CANT) CANTOR FITZGERALD L.P. 1, % 1,690 20, % 22,306 (MLCE) BANK OF AMERICA MERRIL % 2, % 29, (MLCO) MERRILL LYNCH 1, % , % 7,792 (GSHT) GOLDMAN, SACHS & CO % 4, % 55, (KEPL) KEPLER CAPITAL MARKETS % 2,164 12, % 27,763 (NRD) NORDEA BANK AB % 1, % 15,543 Other 7, % 28, , % 372,598 Other % 26,770 4, % 358,891 Total 72, % 96, , % 1,153,125 Total 1, % 96,760 27, % 1,157,701 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

71 Deutsche Bank AG/London Page 71 Figure 108: Top 20 European ETC brokers ETCs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Nov-15 YTD Nov-15 YTD 1 (FLOW) FLOW TRADERS % 182 1, % 1,913 (MACQ) MACQUARIE SECURITIES % % (CANT) CANTOR FITZGERALD L.P % 274 1, % 3,960 (WINS) WINTERFLOOD SECURITIES % 1,522 1, % 18,773 3 (CITI) CITIGROUP GLOBAL MARKE % 344 1, % 3,587 (DBKE) DEUTSCHE BANK AG, AUTO % % 4,179 4 (CBK) COMMERZBANK % 625 2, % 8,031 (FLOW) FLOW TRADERS % % 1,986 5 (WINS) WINTERFLOOD SECURITIES % 1,522 1, % 18,773 (CSFB) CREDIT SUISSE % % 1,582 6 (KEPL) KEPLER CAPITAL MARKETS % % 2,596 (CITI) CITIGROUP GLOBAL MARKE % % 3,588 7 (UBS) UBS INVESTMENT BANK % 53 1, % 1,209 (CANT) CANTOR FITZGERALD L.P % % 3,960 8 (SGSA) SOCIETE GENERALE % % 249 (INCA) INSTINET % % (MSCO) MORGAN STANLEY % 196 2, % 2,700 (UBS) UBS INVESTMENT BANK % % 1, (CSFB) CREDIT SUISSE % 104 1, % 1,572 (KEPL) KEPLER CAPITAL MARKETS % % 2, (KCG) KCG HOLDINGS, INC % % 5,118 (PEEL) PEEL HUNT LLP % % 3, (BNPP) BNP PARIBAS % % 282 (KCG) KCG HOLDINGS, INC % % 5, (MLCE) BANK OF AMERICA MERRIL % % 4,354 (MLCE) BANK OF AMERICA MERRIL % % 4, (MACQ) MACQUARIE SECURITIES % 28 1, % 548 (CBK) COMMERZBANK % % 8, (DBKE) DEUTSCHE BANK AG, AUTO % % 4,179 (MED) MEDIOBANCA SPA % % 9, (DBK) DEUTSCHE BANK AG % 28 1, % 401 (SGSA) SOCIETE GENERALE % % (HSBC) HSBC GROUP PLC % % 1,609 (BFIN) BLUEFIN EUROPE LLP % % (INCA) INSTINET % % 994 (EQUI) EQUITA SIM SPA % % 1, (BFIN) BLUEFIN EUROPE LLP % 43 1, % 554 (SIS) SUSQUEHANNA INTERNATION % % (PEEL) PEEL HUNT LLP % % 3,970 (DBK) DEUTSCHE BANK AG % % 401 Other % 1,590 4, % 21,574 Other % 1, % 15,055 Total 1, % 6,825 27, % 88,173 Total % 6,853 5, % 88,329 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

72 Appendix A: How we define ETPs Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchangetraded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US). Figure below gives a summary of our current coverage universe by region and structure type as on 31 December The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US. Figure 109: ETP Coverage Universe Summary ETPs ETFs ETC/Vs Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,450 1,979, % 1,380 1,922, % 70 56, % Europe 1, , % 1, , % , % Asia Pacific , % , % % RoW , % , % 5 3, % Global 4,447 2,721, % 3,906 2,640, % , % Exchange-Traded Funds (ETFs, 97%) US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (3%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March titled The race for assets in the European Exchange-Traded Products Market. Exchange-traded vehicles (ETVs, 2%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act. Page 72 Deutsche Bank AG/London

73 Appendix B: The road from beta to alpha The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market access). Moving counter-clockwise from beta, the potential for return increases, together with the potential risk. Figure 110: The Roadmap From Beta (β) to Alpha (α) Beta Beta Key Characteristics: - Diversification rules apply - Long only exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Match very closely index return profile Risk profile: Match very closely index risk profile Alpha Alpha Key Characteristics: - Diversification rules do not typically apply - Long, short and/or leveraged exposure - Weighting not based on market capitalization - Composition not based on pre-determined rules - Not Representative of a pre-defined market segment Return profile: Aims to generate positive returns Risk profile: Dependent on investment decisions Beta Alpha Beta+ (leveraged, long/short) Key Characteristics: - Diversification rules apply - Long, short and/or leveraged exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Semi-active: Key Characteristics: - Diversification rules might apply - Long only exposure - Weighting not based on market capitalization - Composition based on pre-determined rules - Representative of a market segment per se Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Beta Multiplied Beta Adjusted Source: Deutsche Bank The performance of beta products is measured against an index; a manager is most successful when they manage to match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of an alpha product s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest the risk [typically measured by the standard deviation of a product s returns] the more successful a product is deemed to be. There is however a whole host of products that fall between beta and alpha, we have sought to create a classification system that classifies these products, taking into consideration a number of variables, ranging from diversification to what constitutes a market segment. Deutsche Bank AG/London Page 73

74 The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Page 74 Deutsche Bank AG/London

75 Appendix 1 Important Disclosures Additional information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ), we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity rating dispersion and banking relationships % 40 % 49 % 40 % 5 % 41 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship European Universe Deutsche Bank AG/London Page 75

76 Regulatory Disclosures 1.Additional Information Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling or by visiting Read prospectuses carefully before investing. Past performance is not necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates. Aside from within this report, important conflict disclosures can also be found at under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2. Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at Page 76 Deutsche Bank AG/London

77 Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking revenues. Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst s judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar Deutsche Bank AG/London Page 77

78 to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options, at If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document. Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany s Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00 South Tower Singapore , ), which may be contacted in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), they accept legal responsibility to such person for its contents. Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice, products and services. Recommended investment strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in Page 78 Deutsche Bank AG/London

79 this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no ) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority. Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no ) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box , Faisaliah Tower - 17th Floor, Riyadh, Saudi Arabia. United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no ) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box , Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority. Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please refer to Australian specific research disclosures and related information at Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright 2015 Deutsche Bank AG Deutsche Bank AG/London Page 79

80 David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head Equity Research Andreas Neubauer Regional Head Equity Research, Germany International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) Deutsche Bank AG Große Gallusstraße Frankfurt am Main Germany Tel: (49) Deutsche Bank AG Filiale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) Deutsche Securities Inc Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: (81) Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) Deutsche Bank Securities Inc. 60 Wall Street New York, NY United States of America Tel: (1)