Increased Activity and Net Inflows Across All Asset Classes Data in this report is as of 30th June 2016

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 8 July 2016 Increased Activity and Net Inflows Across All Asset Classes Data in this report is as of 30th June 2016 European ETP Monthly Highlights (Assets & Flows) Assets: European ETPs assets stood at $532bn ( 479bn) at the end of Jun 16, up by 0.2% (MoM in terms). Flows: European domiciled ETPs registered net inflows of + 4.5bn across all major asset classes (equity, fixed income and commodity). Equity ETFs lead the rally with inflows of + 2bn followed by fixed income (+ 1.3bn) and commodity ETPs (+ 1.2bn). New Product Launches 12 new products European ETP market witnessed 12 new product launches in June which includes 8 Smart Beta ETFs in equity and 4 fixed income ETFs. Investment Themes for the Month US and UK focused ETFs attracted inflows of + 0.6bn and + 0.2bn respectively. Financial Sector ETFs recorded inflows of + 531mn, primarily into banking sector ETFs (+ 475mn). Smart beta ETFs have registered + 1.2bn worth of new money in June with YTD flows went above + 4bn. Broad European equities (e.g. MSCI Europe / STOXX 600) and Japan focused ETFs witnessed outflows of - 0.7bn, & - 0.4bn respectively. Gold ETPs registered inflows of + 1.1bn (+ 5.8bn so far this year). Author Ari Rajendra Strategist (+44) ari.rajendra@db.com Team Contacts Shan Lan Strategist (+852 ) shan.lan@db.com Sebastian Mercado, CFA Strategist (+1) sebastian.mercado@db.com Turnover: MoM turnover activity up by 54% The total turnover activity for European ETPs was up by 54% ( 93.5bn) from the previous month s total ( 60.8bn), driven by increased activity post the UK referendum. On MoM basis, Equity ETFs witnessed turnover activity increased by 67% followed by Commodity (+60%) and fixed income ETFs (+27%). Price premium/discount to NAV monitor The maximum premiums/discounts to NAV in June were observed in the following categories: Equities: Deepest discount (-1.09%) in Size ETFs and highest premium (0.47%) occurred within Style ETFs. Fixed Income: Deepest discount in Credit (CDS) ETFs (-0.99%) while highest premium in Corporate ETFs (0.60%). US Market: European exposure ETFs witness outflows in June European equity exposure ETFs listed in US had outflows of -$2.2bn during June (-$12.3bn so far this year). Deutsche Bank AG/London Distributed on: 07/08/ :59:24GMT 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) 057/04/2016.

2 Table of Contents European ETP Highlights... 3 New Launch Activity: 12 Products launches in June... 3 Investment Themes for the Month... 4 Views from DB European Equity Strategy team... 5 Turnover: MoM turnover activity up by 54%... 5 Price discounts/premium to NAV Monitor... 6 US Market: European Exposed ETFs witness outflows in June Investment Trends... 8 Cross-Asset Class ETPs Market Metrics... 9 ETF Industry Asset Evolution... 9 ETFs vs. Cash Equities...12 ETFs vs. Unlisted Mutual Funds...13 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...15 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...18 Asset Class Cash Flow Analysis...18 Product Rankings Product Review New Products Launched in the Month...26 Average TERs Provider Rankings Global Provider Rankings...31 European Provider Rankings General...33 European Provider Rankings by Asset Class...37 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...41 Asset Class Analysis...41 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...55 Asset Class Analysis...55 Product Rankings ETF Broker rankings US ETP Broker Rankings...63 European ETP Broker Rankings...65 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Deutsche Bank AG/London Page 2

3 European ETP Highlights Assets: European ETPs AUM increased by 1bn on a MoM basis and ended the month at 479bn. Commodity ETPs assets surged the most with MoM increase of 13% followed by Fixed Income (2%) while Equity ETFs declined by - 2%. For more details please refer to Assets section on page 55. Flows: European domiciled ETPs registered net inflows of + 4.5bn across all major asset classes (equity, fixed income and commodity). Equity ETFs lead the rally with inflows of + 2bn followed by fixed income (+ 1.3bn) and commodity ETPs (+ 1.2bn). For more details please refer to Cash Flow Analysis section on page 18. Global ETPs Highlights Global ETPs assets increased by $25bn and reached $3.07 trillion at the end of Jun 16, 0.8% up from last month-end levels. Global ETPs registered inflows of +$25bn during June (+$12bn for May). US listed ETPs benefitted from inflows of +$20bn while for Asia-Pac listed ETPs, we observed net inflows of +$0.6bn. Figure 1: Global ETPs Snapshot ETPs Global Region Jun-16 May-16 AUM ($bn) Cash Flow ($bn) Turnover ($bn) Market Share (%) MoM Change (%) Jun-16 May-16 Jun-16 May-16 MoM Change (%) AUM Cash Flows* Turnover US % % 73% 0.9% 86% Europe % % 17% 0.9% 5% Asia-Pacific % % 10% 0.2% 9% Global % % 100% 0.8% 100% *Cash Flow Market Share corresponds to Jun-16 Monthly Cash Flow / End of May-16 AUM New Launch Activity: 12 Products launches in June European ETP market witnessed 12 new product launches in June. Within equity, BNP Paribas listed 5 Smart beta ETFs based on Europe (Value, Growth, Momentum & Low Vol) and US (Low Vol) indices. WisdomTree and Powershares also listed 2 and 1 dividend based Smart beta ETFs respectively during June. Deutsche AWM, Sun Global Investments, BlackRock and new issuer Fullgoal Fund Management Co, each listed 1 fixed income product over the period of last month. Deutsche Bank AG/London Page 3

4 Figure 2: New Launches in June ETFs Europe ETF Name BBG Exchange Issuer TER Ticker Listed Equity BNP PARIBAS EASY Equity Value Europe UCITS ETF EVAE FP BNP Paribas 0.42% Euronext Paris BNP PARIBAS EASY Equity Low Vol Europe UCITS ETF EVOE FP BNP Paribas 0.42% Euronext Paris BNP PARIBAS EASY Equity Low Vol US UCITS ETF EVOU FP BNP Paribas 0.42% Euronext Paris BNP PARIBAS EASY Equity Momentum Europe UCITS ETF EMOM FP BNP Paribas 0.42% Euronext Paris BNP PARIBAS EASY Equity Quality Europe UCITS ETF EQUA FP BNP Paribas 0.42% Euronext Paris WisdomTree Global Quality Dividend Growth UCITS ETF GGRG LN WisdomTree 0.38% London SE WisdomTree US Quality Dividend Growth UCITS ETF DGRG LN WisdomTree 0.33% London SE PowerShares FTSE Emerging Markets High Dividend Low Volatility UCITS ETF EMHD FP PowerShares 0.49% Euronext Paris Fixed Income LAM Alternatif ZyFin Turkey Sovereign Bond UCITS ETF TURK LN Sun Global Investments 0.89% London SE db x-trackers iboxx EUR Corporates Yield Plus UCITS ETF DR XDEP GY Deutsche AWM 0.25% Deutsche Borse ishares Fallen Angels High Yield Corporate Bond UCITS ETF QDVQ GY BlackRock 0.50% Deutsche Borse Fullgoal FTSE China Onshore Sovereign and Policy Bank Bond 1-10 Year Index ETF-C RMB1 IM Fullgoal Fund Management Co 0.55% Borsa Italiana For additional information on new product launches please refer to Product Review on page 26. Investment Themes for the Month US, UK and Financial ETFs benefitted from inflows, outflows from Broad European equities and Japan focused ETFs ETFs tracking broad European indices (e.g. MSCI Europe / STOXX 600) experienced net outflows of - 0.7bn during June (- 7.3bn so far this year). Country-wise, Japan focused ETFs suffered significant redemptions of - 0.4bn (YTD - 3.6bn). Investors trading European-listed ETPs were net buyers of US and UK focused ETFs. We observed net demand of + 584mn and + 210mn into US and UK focused ETFs respectively in June. ETFs exposed to the Financials sector were also favored during June. There were net inflows of + 531mn into financial ETFs over the last month, primarily into banking sector ETFs (+ 475mn). Lyxor UCITS ETF STOXX Europe 600 Banks (BNK FP) and ishares Euro STOXX Banks (DE) (SX7EEX GR) were the primary beneficiaries with monthly inflows of + 259mn and + 101mn respectively. Fixed Income ETFs continued the positive trend In June, Fixed Income ETFs continued the positive run and registered inflows of + 1.3bn (+ 2.6bn in May 16). We observed net inflows into all fixed income sectors during month of June. Corporate bonds ETFs dominated with inflows of + 1.1bn during June (+ 10.1bn YTD). Strong inflows into Gold ETPs (+ 1.1bn) Commodity ETPs flows ended the month into positive territory recording inflows of + 1.2bn (YTD + 6.9bn). Within Commodity, Gold ETPs registered strong inflows (+ 1.1bn) yet again in June. After losses for the last 3 years, Gold ETPs became the top performer in 2016 and registered net inflows of + 5.8bn so far this year. Amid volatile and uncertain equity markets, Gold remains an attractive investment area for investors. Popularity for Smart Beta ETFs continue to rise European listed smart beta ETFs have registered + 1.2bn worth of new money in June with YTD flows went above + 4bn. Similar to the previous month, Page 4 Deutsche Bank AG/London

5 TO as % of Avg. AUM* 8 July 2016 investors preferred Minimum volatility ETFs where Amundi ETF MSCI Europe Minimum Volatility UCITS ETF (MIVO FP) and MS Scientific Beta Global Equity Factors UCITS ETF (GEF LN) benefitted the most with inflows of + 193mn and + 133mn in June respectively. Views from DB European Equity Strategy team DB European Equity Strategists are overweight pharma while underweight banking, mining and German equities 1 amid uncertain global macroeconomic conditions. Investors who share the same long and short view may use the following ETFs respectively (Top 3 ETFs by AUM for healthcare and banking sector) to implement their view. Figure 3: Top 3 Healthcare & Banking sector focused ETFs by AUM Bloomberg AUM YTD Flows ETF Name TER Ticker ( mn) ( mn) Healthcare SXDPEX GR ishares STOXX 600 Health Care (DE) 0.46% HLT FP Lyxor ETF STOXX 600 Healthcare 0.30% XDPS GR STOXX 600 Optimised Health Care Source ETF 0.30% Banking BNK FP Lyxor UCITS ETF STOXX Europe 600 Banks 0.30% SX7EEX GR ishares Euro STOXX Banks (DE) 0.51% SX7PEX GR ishares STOXX 600 Banks (DE) 0.46% Turnover: MoM turnover activity up by 54% The total turnover activity into European ETPs was up by 54% ( 93.5bn) from the previous month s total ( 60.8bn). This was primarily driven by elevated volumes post the UK referendum on June 23 rd. On MoM basis, Equity ETFs witnessed turnover activity increased by 67% followed by Commodity (+60%) and fixed income ETFs (+27%). Turnover as % of Avg. AUM increased significantly for all the major asset classes since the start of For more details please refer to Trading Perspective on page 41. Figure 4: Monthly TO as % of Avg. AUM ETPs Europe 30% 25% 20% 15% 10% 5% 0% Equity Fixed Income Commodity * Avg. AUM has been calculated using previous month end and current month end AUM. 1 European Equity Strategy - UK Referendum: the cracks are starting to show Sebastian Raedler, 29th June 2016 Deutsche Bank AG/London Page 5

6 Price discounts/premium to NAV Monitor The price of ETFs may not trade in-line with its respective NAVs driven by multiple factors such as supply/demand, market access, duty and varying trading time zones of stocks within an index. In this section we highlight, for ETFs with European equity exposure only, the median, maximum premium and maximum discount observed in varying categories for this month. Figures below illustrate the Price premium/discount to NAV for European ETFs. Equities: Deepest discount (-1.09%) in Size ETFs and highest premium (0.47%) occurred within Style ETFs. Fixed Income: Deepest discount in Credit (CDS) ETFs (-0.99%) while highest premium in Corporate ETFs (0.60%). Figure 5: Price premium/discount to NAV ETFs Europe Equity Max Discount Max Premium Median Max Discount Max Premium Median Max Discount Max Premium Country -0.15% 0.40% 0.09% -0.27% 0.22% 0.07% -0.66% 0.59% 0.06% Median Regional -0.51% 0.44% 0.06% -0.48% 0.23% -0.02% -0.82% 0.64% -0.01% Size -1.09% 0.41% -0.01% -0.41% 0.21% -0.08% -1.09% 0.48% -0.07% Style -0.60% 0.47% 0.03% -0.36% 0.15% -0.02% -0.66% 0.67% 0.00% Sector -0.34% 0.47% 0.03% -0.31% 0.29% -0.01% -0.65% 0.66% 0.02% Strategy -0.15% 0.36% 0.02% -0.04% 0.11% 0.03% -0.15% 0.36% 0.03% Fixed Income Sovereign -0.12% 0.07% -0.03% -0.08% 0.05% -0.04% -0.12% 0.07% -0.03% Corporates -0.06% 0.60% 0.23% % 0.22% -0.21% 1.62% 0.27% Broad -0.38% 0.23% -0.03% -0.20% 0.11% -0.08% -0.67% 0.47% -0.03% Money Market 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.02% 0.01% 0.00% Credit exposure -0.99% % -0.34% % -0.99% 0.24% -0.31% Covered Bonds -0.16% 0.49% 0.09% -0.27% 0.19% -0.02% -0.28% 0.49% 0.02% *Universe: Europe Listed ETFs with European focus (DM only), AUM> 200mn. *Calculation Methodolgy: We have calculated asset weighted daily avg. Price premium/discount to Nav of a category and then derived max. discount/premium and median for a period. Jun-16 May-16 YTD US Market: European Exposed ETFs witness outflows in June US domiciled ETPs recorded inflows of +$19.6bn in June (+$1.8bn in May 16) taking YTD flows to +$65bn. Fixed Income continued the positive trend with inflows of +$8.4 followed by Equity ETFs (+$6.7bn) and Commodity ETPs (+$4bn) over the period of last month. European exposed ETFs listed in US had outflows of -$2.2bn (-$2.8bn in May 16) during June. European exposure ETFs remained weak so far this year with net outflows of -$12.3bn (+$34bn total flows in 2015). Figures below illustrates the monthly flows into European focused ETFs listed in US and Europe for 2015 & Page 6 Deutsche Bank AG/London

7 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Monthly Flows $bn 8 July 2016 Figure 6: Monthly flows in European focused ETFs listed in US and Europe (2015 & 2016) US Listed Europe Listed Deutsche Bank AG/London Page 7

8 millions millions 8 July Investment Trends2 Cross-Asset Class ETPs Figure 7: Cash flows by asset class YTD ETPs Europe 28,000 24,000 20,000 16,000 12,000 8,000 4, ,000-8,000 Figure 8: Cash flows by asset class Month ETPs Europe 5,000 4,000 3,000 2,000 1, ,000 Equity Fixed Income Commodity Others Equity Fixed Income Commodity Others 2 Investment trends as expressed by cumulative monthly and YTD cash flows Page 8 Deutsche Bank AG/London

9 $ billion Number of ETPs $ billion Number of ETPs 8 July Market Metrics ETF Industry Asset Evolution Figure 9: Global ETP regional asset growth ETPs Global 3,500 5,000 4,500 3,000 4,000 2,500 3,500 2,000 3,000 2,500 1,500 2,000 1,000 1,500 1, ** 0 Asia Pacific ($) Europe ($) US ($) , , , , , ,237.8 US, Europe & Asia Pacific ($) , , , , , , , ,067.1 Europe ( ) Number of ETPs* ,213 1,666 2,041 2,580 3,124 3,491 3,711 4,022 4,427 4,576 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 10: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,500 3,000 2,500 2,000 1,500 1, ** ETCs ETVs ETFs , , , , , , ,964.6 Total , , , , , , , ,067.1 Number of ETPs* ,213 1,666 2,041 2,580 3,124 3,491 3,711 4,022 4,427 4,576 5,000 4,500 4,000 3,500 3,000 2,500 2,000 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 9

10 million Number of ETFs $ billion Number of ETFs 8 July 2016 Figure 11: Global ETF regional asset growth ETFs Global 3,500 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 ($) , , , , ,163.1 US, Europe & Asia Pacific ($) , , , , , , ,964.6 Europe ( ) Number of ETFs* ,116 1,481 1,802 2,231 2,696 2,962 3,181 3,486 3,889 4,053 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 12: European ETF asset growth by asset class ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,987 1,515 1,592 1,516 1,410 1,398 1,217 Commodity ,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 16,334 Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86, ,42 131,17 Equity 15,532 21,815 37,907 57,029 70,776 65, ,54 147,27 139,31 170,82 209,80 261,39 324,13 305,45 Total 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 450,26 454,17 Number of ETFs* ,052 1,214 1,310 1,350 1,439 1,517 1,539 1,800 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 10 Deutsche Bank AG/London

11 million Number of ETPs million Number of ETPs 8 July 2016 Figure 13: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60, , , ,000 20, , ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,546 1,396 1,078 2,213 2,542 Overall - - 1,103 1, ,531 5,582 4,439 4,846 3,779 3,580 3,668 4,913 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 32,023 Total ,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,007 40,699 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 14: 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 16,057 24,694 ETFs 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 450,26 454,17 Total 16,332 24,340 43,326 69,313 90, ,33 169,95 230,57 229,16 279,32 301,69 379,18 466,31 478,86 Number of ETPs ,331 1,564 1,748 1,794 1,890 1,972 1,989 - *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 11

12 billion ETFs vs cash equities $ billion ETFs vs cash equities 8 July 2016 ETFs vs. Cash Equities Figure 15: 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 16: ETFs vs. cash equities turnover European market ETFs Europe % % 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 12 Deutsche Bank AG/London

13 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 8 July 2016 ETFs vs. Unlisted Mutual Funds Figure 17: 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 Q4-15 Q1-16 Q2-16* 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% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.5% 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% 3.4% 3.4% 3.4% 1.7% *Data as of 29-Apr Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 18: 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 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 13

14 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 8 July 2016 Figure 19: 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 Q1-16 Q2-16* 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 2,065 2,100 2,146 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% 16.4% 16.7% 16.8% 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% 16.0% 16.2% 16.3% 1.7% *Data as of 31-May Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 20: US ETP vs mutual fund cash flows ETPs US Jul-13 Aug-13Sep-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15 Oct-15 Nov-15Dec-15 Jan-16 Feb-16 Mar-16 Apr-16May ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 14 Deutsche Bank AG/London

15 Number of ETFs AUM ( billion) 8 July 2016 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 21: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 22: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 239,101 85, ,048 82, ,048 82,404 Fixed Income 87,026 26, ,965 26, ,965 26,208 Commodity 8,718 3,580 11,679 4,654 11,679 4,654 Others 396 1, Total 335, , , , , ,061 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 36,258 9,398-4,240 1, ,051 Fixed Income 19,936 6,800 15, , Commodity Others Total 55,426 17,068 12,489 2,283 2, *Year-to-date (upto 30-Jun-2016) numbers have been provided) * Jun-16 Deutsche Bank AG/London Page 15

16 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) 8 July 2016 Industry Growth Analysis Figure 23: Global ETF Industry growth attribution ETFs Global 10.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -8.0% 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 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Price growth -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% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% Flows growth -0.3% 1.4% 0.5% 1.5% 0.9% 1.5% 1.3% 1.0% 0.5% 1.5% 1.6% 2.3% 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% Total growth -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% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% -6.0% Figure 24: US ETF Industry growth attribution ETFs US 10.0% 10.0% 8.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% 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 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Price growth -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% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% Flows growth -0.9% 1.2% 0.6% 1.3% 0.8% 1.5% 0.9% 0.9% 1.0% 1.5% 2.3% 2.7% -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% Total growth -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% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% -8.0% Figure 25: European ETF Industry growth attribution ETFs Europe 12.0% 14.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Jan-14 Feb-14 Mar-14 Apr-14 May-14Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16Jun-16 Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% Flows growth 1.3% 1.7% 0.3% 2.1% 1.5% 1.3% 2.4% 1.8% -0.5% 1.6% 1.2% 0.0% 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% Avg. growth 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% Total growth 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% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% -6.0% Page 16 Deutsche Bank AG/London

17 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 8 July 2016 Figure 26: European ETC Industry growth attribution ETCs Europe 25.0% 25.0% 20.0% 20.0% 15.0% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% -5.0% -5.0% -10.0% -10.0% -15.0% -15.0% 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 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun % 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% Price growth Flows growth -0.9% 1.1% 2.6% 0.8% -0.9% -0.6% 2.2% 0.5% -2.6% -0.7% 1.5% 0.3% 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% Avg. growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% Deutsche Bank AG/London Page 17

18 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 27: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Jun-16 May-16 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 6,702 2,220 1,996 7,013 15,934-6,339-1,413-1,254 2,543-5,209-1,379-3,268-2,849 22,679 18,032 Fixed income 8,446 1,507 1,331-6,512 3,441 4,479 2,974 2,634 4,725 12,178 49,677 18,023 16, ,273 Commodity ,872 1, ,035 Currency Multi Asset Alternative Total 15,514 3,961 3, ,035-1,546 2,151 1,902 7,312 7,916 48,460 16,487 14,773 23,235 88,181 ETCs/ETVs Commodity 3,923 1,119 1, ,052 2, ,342 15,935 5,832 5, ,765 Currency Alternative , ,046 Total 4,109 1, ,201 3, ,655 16,554 5,834 5, ,385 ETPs Equity 6,702 2,220 1,996 7,013 15,934-6,339-1,413-1,254 2,543-5,209-1,379-3,268-2,849 22,679 18,032 Fixed income 8,446 1,507 1,331-6,512 3,441 4,479 2,974 2,634 4,725 12,178 49,677 18,023 16, ,273 Commodity 3,958 1,329 1, ,360 3, ,135 16,347 7,704 6, ,800 Currency Multi Asset Alternative Total 19,623 5,043 4, ,236 1,755 2,504 2,214 7,313 11,571 65,014 22,320 20,013 23, ,566 Asset Class Cash Flow Analysis Figure 28: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Developed Markets % -2, % -9, % Emerging Markets % % 2, % Global Markets % % % Sector % % % Capitalization % % % Strategy 1, % % 4, % Style % % % Thematic % % % Total equities 1, % -1, % -2, % Page 18 Deutsche Bank AG/London

19 Figure 28A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Sector % % % Consumer discretionary 6 0.7% % % Consumer staples % % % Energy % 8 0.5% 7 0.4% Financials % % % Healthcare % % % Industrials % % % Information Technology % % % Materials % % % Telecommunications % % 0 0.0% Utilities % 2 0.4% % Capitalization % % % Large Cap 1 0.2% 0 0.0% % Mid Cap % % % Small Cap % % % Strategy 1, % % 4, % Fundamental % % % Leveraged Long % % % Leveraged Short % % % Options Strategy 0 0.0% 0 0.0% 0 0.0% Quantitative 1, % % 4, % Short % % % Style % % % Dividend % % % Growth % % % Value 0 0.0% % % Thematic % % % Commodities % % % Faith 0 0.2% 5 2.6% 6 3.0% Other Theme 5 0.5% % % Sustainability % % % Total 1, % % 4, % Deutsche Bank AG/London Page 19

20 Figure 28B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Developed Markets Europe % -1, % -8, % Austria % 8 3.6% % Belgium % 0 0.0% % Finland 0 0.0% 0 0.0% % France % % % Germany % % -1, % Greece % 1 0.3% % Ireland 0 0.0% 0 0.0% 0 0.0% Italy % % % Netherlands % % % Norway 0 0.0% 0 0.0% % Portugal 0 0.0% 0 0.0% 0 0.0% Spain % % % Sweden % % % Switzerland % % % UK % 8 0.1% 1, % Europe broad % -1, % -7, % Americas % % 1, % US % % 1, % Canada % % % North America % % % Asia % % -3, % Australia % % % Hong Kong % 0 0.1% % Japan % % -3, % Singapore 2 5.8% % % Asia Pacific broad % % % Global % % 1, % Broad indices % % 1, % DM Total % -2, % -9, % Page 20 Deutsche Bank AG/London

21 Figure 28C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Emerging Markets BRIC % % % Brazil % % % Russia % % % India % % % China % % % Latin America % % % Chile 0 0.0% 0 0.0% 0 0.0% Mexico % % % LATAM broad % % % Asia % % % Bangladesh 1 2.8% 0 0.5% % Indonesia % % 2 1.4% Malaysia % 0 0.0% % Pakistan 2 7.7% 0 0.0% 1 3.2% Philippines % 2 5.0% % South Korea % % % Taiwan 0-0.1% % % Thailand 0 0.0% 0 0.0% % Vietnam % % % Asia Pacific broad % % % EMEA % % % Kuwait 0 0.0% 0 0.0% % Poland 1 2.7% % % South Africa % % % Turkey % % % Europe broad % % % Middle East & Africa % 8 5.3% % Global Markets % % 2, % Global % % 2, % EM Total % % 2, % Total (EM + DM) % -1, % -7, % Deutsche Bank AG/London Page 21

22 Figure 29: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Overall % % 1, % Corporates 1, % 1, % 10, % Covered Bonds 1 0.0% % % Credit Exposure % % % Sovereign % % 4, % Money Market % % % Total Fixed Income 1, % 2, % 16, % Page 22 Deutsche Bank AG/London

23 Figure 30: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Jun-16 May-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Overall % % % Overall % % % Overall ex Energy 0-0.2% 4 2.2% % Overall Light Energy 0-6.3% 0 0.0% % Overall Ultra Light Energy 0 0.0% 0 0.0% 0 0.0% Agriculture % % % Overall % % % Cocoa 0 0.1% 0 3.3% 1 9.3% Coffee % % % Corn % 1 2.5% % Cotton 0-1.5% 0-4.7% % Grains 0 0.6% 0 0.5% % Softs 0 0.0% 0-2.8% % Soybean Oil 0-2.4% 0 9.6% % Soybeans % 0-4.2% % Sugar % % % Wheat 5 5.4% 7 7.5% % Energy % % 6 0.3% Overall % % % Carbon 0 0.0% 0-7.8% 0 3.7% Crude Oil % % % Gasoline 0-4.2% 0 6.2% % Heating Oil % 0-7.1% 0-3.6% Natural Gas % % % Electricity 0 0.0% 0 0.0% 0 0.0% Uranium 0 0.0% 0 0.0% 0 0.0% Industrial Metals 8 1.8% % % Overall % % 3 2.1% Aluminium % 2 2.2% % Copper % % % Lead 0 0.0% 0-9.9% 0-9.9% Nickel 0 0.1% 3 3.3% 6 6.5% Tin % % % Zinc % 0-3.1% % Precious Metals 1, % % 6, % Overall 5 3.3% % % Gold 1, % % 5, % Palladium 2 0.5% 0 0.0% % Platinum 6 0.8% 5 0.6% % Rhodium 0 0.0% 0 0.0% % Silver % % % Livestock % 0-2.9% % Overall 0-4.2% % % Cattle 0 4.8% % % Lean Hogs % 0-0.8% % Total 1, % % 6, % Deutsche Bank AG/London Page 23

24 Product Rankings Figure 31: 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 ,412.0 Vanguard S&P 500 ETF VUSA LN Vanguard Beta Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta ComStage ETF MSCI USA TRN CBNDDUUS GR ComStage Beta Amundi ETF MSCI Europe Minimum Volatility UCITS ETF MIVO FP Amundi Beta ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta ishares MSCI North America UCITS ETF INAA LN BlackRock Beta MS Scientific Beta Global Equity Factors UCITS ETF GEF LN Fundlogic Global Solutions plc Semi Active ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,275.1 STOXX Europe 600 THEAM Easy UCITS ETF ETZ FP BNP Paribas Beta YTD Flows Figure 32: 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 Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,409.9 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ishares ibonds Sep 2018 USD Corporate UCITS ETF EI18 LN BlackRock Beta Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP Lyxor Beta ishares $ Short Duration Corporate Bond UCITS ETF SDIG LN BlackRock Beta ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ishares US Aggregate Bond UCITS ETF SUAG LN BlackRock Beta YTD Flows Figure 33: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Physical Gold ETC SGLN LN Blackrock Beta ,070.5 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,298.0 ETFS Physical Gold PHAU LN ETF Securities Beta ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ETFS Physical Silver PHAG LN ETF Securities Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ETFS EUR Daily Hedged Industrial Metals EIMT IM ETF Securities Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta YTD Flows Page 24 Deutsche Bank AG/London

25 Figure 34: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,145.9 ishares MSCI Japan UCITS ETF (Inc) IJPN LN BlackRock Beta ishares MSCI Europe ex-uk UCITS ETF IEUX LN BlackRock Beta ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ishares Euro STOXX (DE) SXXEEX GR BlackRock Beta ishares MSCI EMU Small Cap UCITS ETF CSEMUS SW BlackRock Beta Lyxor UCITS ETF MSCI Europe MEU FP Lyxor Beta db x-trackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche AWM Beta YTD Flows Figure 35: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta ComStage ETF iboxx Euro Liquid Sovereigns Diversified 5-7 TR CBOXES5 GR ComStage Beta ComStage ETF iboxx Euro Liquid Sovereigns Diversified3-5 TR CBOXES3 GR ComStage Beta ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,171.4 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta ishares Spain Government Bond UCITS ETF SESP LN BlackRock Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta YTD Flows Figure 36: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Gold Bullion Securities GBS LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta ETFS Agriculture AIGA LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta ETFS EUR Daily Hedged Brent Crude 00XT GY ETF Securities Beta Market Access ABN Amro RICI M9SA GR China Post Global Beta ETFS Aluminium ALUM LN ETF Securities Beta YTD Flows Deutsche Bank AG/London Page 25

26 4. Product Review New Products Launched in the Month Figure 37: Number of ETPs by Asset Class ETPs Global Jun-16 May-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 3, % 3, % 2, % Fixed income % % % Commodity % 113 (1) 2.5% % Currency % % % Multi Asset % % % Alternative % % 53 (3) 1.2% Total 4, % 4, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % 410 (14) 9.3% Currency % % % Alternative 4 0.1% 4-0.1% 4-0.1% Total % % 538 (14) 12.2% Total ETPs 4, % 4, % 4, % Figure 38: Number of ETPs by Asset Class ETPs Europe Jun-16 May-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % 1, % Fixed income % % % Commodity % 52 (4) -0.2% 50 (2) -0.1% Currency - 0.0% 0-0.0% 0-0.0% Multi Asset 9 0.5% 9-0.0% % Alternative 8 0.4% 8-0.0% 14 (6) -0.3% Total 1, % 1,540 (1) -0.1% 1, % ETCs Commodity % % 348 (5) -0.3% Currency % % % Total % % 455 (5) -0.3% Total ETPs 1, % 1,990 (1) -0.1% 1, % Page 26 Deutsche Bank AG/London

27 Deutsche Bank AG/London Page 27 Figure 39: New ETF launches ETFs Europe Launch/ BBG cross listing Ticker date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 08-Jun-16 TURK LN TURK.L Sun Global Investments LAM Alternatif ZyFin Turkey Sovereign Bond UCITS ETF Fixed Income Beta Overall EM ZyFin Turkey Sovereign Bond Laddered Index 1L 0.89% London SE 08-Jun-16 GGRG LN GGRG.L WisdomTree WisdomTree Global Quality Dividend Growth UCITS ETF Equity Beta Dividend DM WisdomTree Global Developed Quality Dividend Growth Index 1L 0.38% London SE 08-Jun-16 DGRG LN DGRG.L WisdomTree WisdomTree US Quality Dividend Growth UCITS ETF Equity Beta Dividend DM WisdomTree US Developed Quality Dividend Growth Index 1L 0.33% London SE 13-Jun-16 EMHD FP EMHD.PA PowerShares PowerShares FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Equity Beta Quantitative EM FTSE Emerging High Dividend Low Volatility Net TR Index 1L 0.49% Euronext Paris 13-Jun-16 EVAE FP EVAE.PA BNP Paribas BNP PARIBAS EASY Equity Value Europe UCITS ETF Equity Beta Quantitative DM BNP Paribas Equity Value Europe Index 1L 0.42% Euronext Paris 13-Jun-16 EVOE FP EVOE.PA BNP Paribas BNP PARIBAS EASY Equity Low Vol Europe UCITS ETF Equity Beta Quantitative DM BNP Paribas Equity Low Vol Europe Index 1L 0.42% Euronext Paris 13-Jun-16 EVOU FP EVOU.PA BNP Paribas BNP PARIBAS EASY Equity Low Vol US UCITS ETF Equity Beta Quantitative DM BNP Paribas Equity Low Vol US Index 1L 0.42% Euronext Paris 14-Jun-16 EMOM FP EMOM.PA BNP Paribas BNP PARIBAS EASY Equity Momentum Europe UCITS ETF Equity Beta Quantitative DM BNP Paribas Equity Momentum Europe Index 1L 0.42% Euronext Paris 14-Jun-16 EQUA FP EQUA.PA BNP Paribas BNP PARIBAS EASY Equity Quality Europe UCITS ETF Equity Beta Quantitative DM BNP Paribas Equity Quality Europe Index 1L 0.42% Euronext Paris 15-Jun-16 XDEP GY XDEP.DE Deutsche AWM db x-trackers iboxx EUR Corporates Yield Plus UCITS ETF DR Fixed Income Beta Overall DM Markit iboxx EUR Corporate Yield Plus Index 1L 0.25% Deutsche Borse 23-Jun-16 QDVQ GY QDVQ.DE BlackRock ishares Fallen Angels High Yield Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Corporate ex EM Fallen Angels 3% Issuer Capped Index 1L 0.50% Deutsche Borse 23-Jun-16 RMB1 IM RMB1.MI Fullgoal Fund Management Co Fullgoal FTSE China Onshore Sovereign and Policy Bank Bond 1-10 Year Index ETF-C Fixed Income Beta Overall EM FTSE China Onshore Sovereign & Policy Bank Bond 1-10 Year index 1L 0.55% Borsa Italiana Exchange Listed

28 Average TERs Figure 40: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.40% % % 9 Beta 0.38% % % 981 Beta+ 0.60% % % 74 Semi Active 0.47% % % % % % 1,093 Fixed Income Alpha 0.59% % % 10 Beta 0.25% % % 349 Beta+ NA NA 0.24% % % % % 381 Alternative Alpha NA NA 0.71% % 3 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.70% % % % 8 Commodity Beta 0.48% % % 47 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 48 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA 1 NA 2 Alpha 0.52% % % % % % 9 Total 0.36% % % 1,539 Page 28 Deutsche Bank AG/London

29 Figure 41: 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 0.49% % 37 Beta+ NA NA 0.92% % 35 Energy Beta NA NA 0.47% % 49 Beta+ NA NA 0.80% % 53 Industrial Metals Beta NA NA 0.49% % 23 Beta+ NA NA 0.90% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.49% % 9 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.76% % 43 Commodity 0.45% % % 343 Currency Currency Beta NA NA 0.41% % 40 Beta+ NA NA 0.82% % 67 Currency NA NA 0.67% % 107 Deutsche Bank AG/London Page 29

30 Figure 42: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.56% % % 9 Beta 0.30% % % 981 Beta+ 0.60% % % 74 Semi Active 0.53% % % % % % 1,093 Fixed Income Alpha 0.37% % % 10 Beta 0.26% % % 349 Beta+ NA NA 0.23% % % % % 381 Alternative Alpha NA NA 0.87% % 3 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.70% % % % % 8 Commodity Beta 0.41% % % 47 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 48 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% % % 2 Alpha 0.57% % % % % % 7 Total 0.30% % % 1,539 Figure 43: 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 0.49% % 37 Beta+ NA NA 0.98% % 35 Energy Beta NA NA 0.48% % 49 Beta+ NA NA 0.95% % 53 Industrial Metals Beta NA NA 0.49% % 23 Beta+ NA NA 0.97% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.49% % 9 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.37% % % 51 Beta+ NA NA 0.96% % 43 Commodity 0.37% % % 343 Currency Currency Beta NA NA 0.39% % 40 Beta+ NA NA 0.87% % 67 Currency NA NA 0.74% % 107 Page 30 Deutsche Bank AG/London

31 5. Provider Rankings Global Provider Rankings Figure 44: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,110, % 1,060, % , ,969 35,557 2 Vanguard 563, % 504, % , ,247 41,337 3 State Street 425, % 421, % 281-6, ,091-8,960 4 PowerShares 92, % 94, % ,619-2,416 5 Deutsche AWM 75, % 81, % ,286-3,078 6 Nomura Asset Management 67, % 63, % 50 2,088 47,130 6,981 7 Lyxor 50, % 51, % , Charles Schwab 47, % 39, % 21 1,806 7,021 6,797 9 WisdomTree 38, % 52, % 122-2,387 18,018-10, First Trust 37, % 42, % ,930-4,591 Total Top 10 2,509, % 2,413, % 1,978 18,621 1,628,695 61,718 Others 454, % 423, % 2,075 1, ,469 26,474 Global Total 2,964, % 2,837, % 4,053 20,035 1,992,165 88,181 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 45: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 40, % 21, % 1 3,381 37,907 12,281 2 ETF Securities 18, % 13, % ,797 2,574 3 BlackRock 17, % 10, % ,658 3,864 4 PowerShares 5, % 4, % , United States Commodity Funds 5, % 4, % , ProShares 3, % 3, % ,680 1,082 7 Source 3, % 1, % ,363 1,478 8 Deutsche AWM 3, % 1, % Deutsche Borse Commodities GmbH 2, % 1, % Guggenheim Investments 1, % 1, % , Total Top , % 64, % 414 5, ,455 22,499 Others 1, % 1, % , Global Total 102, % 65, % 523 5, ,075 22,385 YTD CF Deutsche Bank AG/London Page 31

32 Figure 46: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,128, % 1,071, % , ,626 39,421 2 Vanguard 563, % 504, % , ,247 41,337 3 State Street 466, % 443, % 282-2, ,998 3,321 4 PowerShares 98, % 99, % ,360-2,008 5 Deutsche AWM 78, % 83, % ,767-2,270 6 Nomura Asset Management 67, % 63, % 50 2,088 47,130 6,981 7 Lyxor 50, % 51, % , Charles Schwab 47, % 39, % 21 1,806 7,021 6,797 9 WisdomTree 38, % 52, % 124-2,394 18,048-10, First Trust 37, % 42, % ,930-4,591 Total Top 10 2,576, % 2,453, % 2,018 23,190 1,677,513 79,061 Others 490, % 450, % 2,558 2, ,727 31,516 Global Total 3,067, % 2,903, % 4,576 25,236 2,097, ,577 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 32 Deutsche Bank AG/London

33 European Provider Rankings General Figure 47: 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 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 218, ,014 2% 1,503 1,096 10,428 40,429 23,147 75% % Deutsche AWM 53,925 56,512-5% ,516 4,988 51% % Lyxor 45,788 47,742-4% ,613 12,714 15% % UBS 24,727 24,949-1% ,850 1,974 44% % Amundi 19,789 19,739 0% ,320 3,112 39% % Vanguard 18,400 17,691 4% ,033 3,270 1, % % Source 15,038 16,286-8% ,861 1,459 28% % State Street 13,620 11,863 15% ,598 2,204 1,235 79% % ComStage 7,036 6,925 2% % % Zuercher Kantonalbank 6,994 5,400 30% % 4 4 0% Deka Investment GmbH 6,958 7,027-1% , % % HSBC 4,747 4,978-5% % % BNP Paribas 4,168 4,466-7% % % Xact Fonder AB 2,484 2,522-2% , % % Julius Baer Inv 2,121 1,640 29% % 4 4 0% Ossiam 1,890 1,707 11% % % ThinkCapital ETFs N.V. 1,754 1,623 8% % % PowerShares 1,754 1,766-1% % % ETF Securities 1, % % % WisdomTree % % % Fundlogic Global Solutions plc % % 2 2 0% China Post Global % % % BBVA Gestion SA SGIIC % % 2 2 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Van Eck Funds % % 3 3 0% Seligson & Co Fund Man % % 1 1 0% BMO Global Asset Management % % 9 9 0% Nomura Asset Management % % 3 3 0% First Trust % % % DnB Kapitalforvaltning % % 1 1 0% UniCredit Bank % % 1 1 0% Commerzbank AG % % 3 3 0% SEB Investment Management AB % % 3 3 0% FinEx Fund Plc % % 2 2 0% Sun Global Investments % % % Boost % % 3 3 0% Fullgoal Fund Management Co 9 0 NA NA 1 0 NA Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 4 4-5% % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA % 2 2 0% PDR Services LLC 0 0 NA % 0 0 NA Total 454, ,266 1% 3,538 1,902 14,773 84,373 55,125 53% ,517 1% *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 33

34 Figure 48: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. ETF Securities 14,298 10,148 41% ,185 4,812 3,107 55% % Source 3,453 1, % ,333 1, % 4 4 0% Deutsche AWM 2,775 1,656 68% % % Deutsche Borse Commodities GmbH 1,920 1,579 22% % 1 1 0% BlackRock 1, % ,107 1, % 4 4 0% Boost % ,271 1,163 9% % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % Royal Bank of Scotland plc % NA % BNP Paribas 0 0 NA % 2 2 0% Total 24,694 16,057 54% ,241 9,141 5,682 61% % AUM Cash Flow Turnover Products Page 34 Deutsche Bank AG/London

35 Figure 49: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products AUM Cash Flow Turnover Products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 220, ,411 3% 1,963 1,247 11,535 41,519 23,421 77% % Deutsche AWM 56,700 58,168-3% ,946 5,223 52% % Lyxor 45,788 47,742-4% ,613 12,714 15% % UBS 24,727 24,949-1% ,850 1,974 44% % Amundi 19,789 19,739 0% ,320 3,112 39% % Source 18,490 17,941 3% ,079 2,129 45% % Vanguard 18,400 17,691 4% ,033 3,270 1, % % ETF Securities 15,573 10,938 42% ,632 5,757 4,069 41% % State Street 13,620 11,863 15% ,598 2,204 1,235 79% % ComStage 7,036 6,925 2% % % Zuercher Kantonalbank 6,994 5,400 30% % 4 4 0% Deka Investment GmbH 6,958 7,027-1% , % % HSBC 4,747 4,978-5% % % BNP Paribas 4,168 4,466-7% % % Xact Fonder AB 2,484 2,522-2% , % % Julius Baer Inv 2,121 1,640 29% % 4 4 0% Deutsche Borse Commodities GmbH 1,920 1,579 22% % 1 1 0% Ossiam 1,890 1,707 11% % % ThinkCapital ETFs N.V. 1,754 1,623 8% % % PowerShares 1,754 1,766-1% % % WisdomTree % % % Fundlogic Global Solutions plc % % 2 2 0% China Post Global % % % BBVA Gestion SA SGIIC % % 2 2 0% Boost % ,310 1,182 11% % Raiffeisen Schweiz Genossenschaft % % 3 3 0% Borse Stuttgart Securities GmbH % % 1 1 0% Van Eck Funds % % 3 3 0% Seligson & Co Fund Man % % 1 1 0% Commerzbank AG % % % BMO Global Asset Management % % 9 9 0% Nomura Asset Management % % 3 3 0% First Trust % % % DnB Kapitalforvaltning % % 1 1 0% UniCredit Bank % % 1 1 0% SEB Investment Management AB % % 3 3 0% FinEx Fund Plc % % 2 2 0% Sun Global Investments % % % Fullgoal Fund Management Co 9 0 NA NA 1 0 NA Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 4 4-5% % 2 2 0% Royal Bank of Scotland plc % NA % Nordea Investment Funds 0 0 NA % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% PDR Services LLC 0 0 NA % 0 0 NA Total 478, ,322 3% 4,508 2,214 20,013 93,514 60,807 54% 1,989 1,972 1% * China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 35

36 Figure 50: European ETP Providers tier market share ETPs Europe Jun-16 Q1 16 Q4 15 Q3 15 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q2 15 Q3 15 Q4 15 Q1 16 Jun-16 Tier % 68.1% 73.9% 73.1% 72.6% Tier % 27.7% 23.1% 23.8% 23.3% Tier 3 4.1% 4.2% 3.2% 3.1% 4.1% Page 36 Deutsche Bank AG/London

37 European Provider Rankings by Asset Class Figure 51: 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 133,805 83,235 1, , % ,429 1,503 10,428 Deutsche AWM 39,168 13, , % 219 7, Lyxor 33,884 10,840 1, , % , UBS 20,124 2,178 2, , % 129 2, Amundi 14,848 4, , % 102 4, Vanguard 18, , % 21 3, ,033 Source 9,433 5, , % 78 1, State Street 8,403 5, , % 99 2, ,598 ComStage 5,049 1, , % Zuercher Kantonalbank 0 0 6, , % Deka Investment GmbH 4,659 2, , % 42 1, HSBC 4, , % BNP Paribas 3, , % Xact Fonder AB 2, , % 13 1, Julius Baer Inv 0 0 2, , % Ossiam 1, , % ThinkCapital ETFs N.V , % PowerShares 1, , % ETF Securities , % WisdomTree % Fundlogic Global Solutions plc % China Post Global % BBVA Gestion SA SGIIC % Raiffeisen Schweiz Genossenschaft % Van Eck Funds % Seligson & Co Fund Man % BMO Global Asset Management % Nomura Asset Management % First Trust % DnB Kapitalforvaltning % UniCredit Bank % Commerzbank AG % SEB Investment Management AB % FinEx Fund Plc % Sun Global Investments % Boost % Fullgoal Fund Management Co % Alpha Asset Management % NBG Asset Management MFMC % Nordea Investment Funds % Landsbankinn % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % PDR Services LLC % Total 305, ,173 16,334 1, , % 1,539 84,373 3,538 14,773 * China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 37

38 Figure 52: 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 13, , % 322 4, Source 3, , % 4 1, Deutsche AWM 2, , % Deutsche Borse Commodities GmbH 1, , % BlackRock 1, , % 4 1, Boost % 30 1, Borse Stuttgart Securities GmbH % Commerzbank AG % Royal Bank of Scotland plc % BNP Paribas % Total 24, , % 450 9, ,241 Page 38 Deutsche Bank AG/London

39 Figure 53: 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 133,805 83,235 3, , % ,519 1,963 11,535 Deutsche AWM 39,168 13,648 3, , % 237 7, Lyxor 33,884 10,840 1, , % , UBS 20,124 2,178 2, , % 129 2, Amundi 14,848 4, , % 102 4, Source 9,433 5,298 3, , % 82 3, Vanguard 18, , % 21 3, ,033 ETF Securities , , % 350 5, ,632 State Street 8,403 5, , % 99 2, ,598 ComStage 5,049 1, , % Zuercher Kantonalbank 0 0 6, , % Deka Investment GmbH 4,659 2, , % 42 1, HSBC 4, , % BNP Paribas 3, , % Xact Fonder AB 2, , % 13 1, Julius Baer Inv 0 0 2, , % Deutsche Borse Commodities GmbH 0 0 1, , % Ossiam 1, , % ThinkCapital ETFs N.V , % PowerShares 1, , % WisdomTree % Fundlogic Global Solutions plc % China Post Global % BBVA Gestion SA SGIIC % Boost % 33 1, Raiffeisen Schweiz Genossenschaft % Borse Stuttgart Securities GmbH % Van Eck Funds % Seligson & Co Fund Man % Commerzbank AG % BMO Global Asset Management % Nomura Asset Management % First Trust % DnB Kapitalforvaltning % UniCredit Bank % SEB Investment Management AB % FinEx Fund Plc % Sun Global Investments % Fullgoal Fund Management Co % Alpha Asset Management % NBG Asset Management MFMC % Royal Bank of Scotland plc % Nordea Investment Funds % Landsbankinn % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % PDR Services LLC % Total 305, ,173 40,699 1, , % 1,989 93,514 4,508 20,013 *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 Analysis by Replication Method Figure 54: 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 133, , , % 275 Synthetic % 2 Deutsche AWM Physical 25, ,629 48% 70 Synthetic 14, , ,296 52% 149 Lyxor Physical , ,939 13% 35 Synthetic 33, , , ,849 87% 184 UBS Physical 17, , , ,705 84% 98 Synthetic 3, ,022 16% 31 Amundi Physical % 6 Synthetic 13, , ,811 95% 96 Vanguard Physical 18, , % 21 Source Physical 1, , ,880 46% 27 Synthetic 7, ,158 54% 51 State Street Physical 8, , , % 99 ComStage Physical % 6 Synthetic 4, , ,807 97% 106 Zuercher Kantonalbank Physical , , % 4 Deka Investment GmbH Physical 4, , , % 41 Synthetic % 1 HSBC Physical 4, , % 27 BNP Paribas Physical 1, ,595 38% 18 Synthetic 2, ,573 62% 15 Xact Fonder AB Physical 1, ,825 73% 4 Synthetic % 9 Julius Baer Inv Physical , , % 4 Ossiam Physical % 1 Synthetic 1, ,828 97% 9 ThinkCapital ETFs N.V. Physical , % 14 PowerShares Physical 1, ,490 85% 15 Synthetic % 4 ETF Securities Synthetic % 21 Physical % 7 WisdomTree Physical % 22 Synthetic % 3 Fundlogic Global Solutions plc Synthetic % 2 China Post Global Synthetic % 10 BBVA Gestion SA Physical % 2 Raiffeisen Schweiz Physical % 3 Van Eck Funds Physical % 3 Seligson & Co Fund Mgmt. Physical % 1 BMO Global Asset Management Physical % 9 Nomura Asset Management Physical % 3 First Trust Physical % 9 DnB Kapitalforvaltning Physical % 1 UniCredit Bank Synthetic % 1 Commerzbank AG Synthetic % 1 Physical % 2 SEB Investment Management AB Synthetic % 3 FinEx Fund Plc Physical % 1 Synthetic % 1 Sun Global Investments Physical % 2 Boost Synthetic % 3 Fullgoal Fund Management Co Physical % 1 Alpha Asset Mgmt. Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 305,452 1, , , , ,176 1,539 *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *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 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 55: Turnover by asset class and instrument ( million) ETPs Europe Jun-16 May (Monthly Avg.) Asset Class Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover ETFs Equity 59, % 67.0% 20.5% 35,409 49,094 Fixed income 23, % 27.1% 68.2% 18,431 13,929 Commodity 1, % 28.7% 98.1% 1, Currency 0 0.0% 0.0% % 0 1 Multi Asset % 54.9% -13.2% Alternative % 134.8% 201.7% Total 84, % 53.1% 32.1% 55,125 63,894 ETCs Commodity 8, % 60.3% 143.2% 5,530 3,646 Currency % 80.0% 15.3% Total 9, % 60.9% 135.4% 5,682 3,884 Total ETPs 93, % 53.8% 38.0% 60,807 67,777 Asset Class Analysis Figure 56: European Equity ETF Turnover Summary ( million) ETFs Europe Jun-16 May (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Developed Markets 38, % 76.0% 119.0% 21,691 32,083 Emerging Markets 4, % 37.2% 92.1% 3,096 4,610 Global Markets % 20.0% 72.6% Sector 4, % 60.1% 139.6% 2,588 2,968 Capitalization % 18.2% 112.8% Strategy 8, % 65.7% 143.0% 5,165 5,988 Style 1, % 68.8% 124.8% 1,132 1,530 Thematic % 25.3% 169.6% Total Equities 59, % 67% 120.5% 35,409 49,094 Deutsche Bank AG/London Page 41

42 Figure 56A: European Equity ETF Turnover Summary A ( million) ETFs Europe Jun-16 May (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Sector 4, % 60.1% 39.6% 2,588 2,968 Consumer discretionary % -29.5% -28.5% Consumer staples % -5.5% -10.6% Energy % 17.4% -19.3% Financials % 104.5% 98.9% ,360 Healthcare % 17.2% -8.1% Industrials % 24.4% -37.0% Information Technology % 61.6% -5.1% Materials % 10.8% 1.2% Telecommunications % 16.5% 18.7% Utilities % 58.0% 30.5% Capitalization % 18.2% 12.8% Large Cap % 203.8% -14.9% Mid Cap % 136.3% 26.6% Small Cap % -20.2% 5.6% Strategy 8, % 65.7% 43.0% 5,165 5,988 Fundamental % -2.5% -44.1% Leveraged Long % 42.7% -11.5% Leveraged Short % 89.1% 62.6% Options Strategy 0 0.0% 0.0% 0.0% 0 0 Quantitative % 63.6% 164.2% Short % 77.7% 120.2% Style 1, % 68.8% 24.8% 1,132 1,530 Dividend 1, % 76.7% 30.8% 1,022 1,380 Growth % 1.5% -72.7% Value % -6.4% 2.8% Thematic % 25.3% 69.6% Commodities % 44.3% 241.4% Cyclical 0 0.0% 0.0% 0.0% 0 - Faith % 69.7% 45.8% Other Theme % -14.3% -32.8% Sustainability % 12.6% 22.9% Total 16, % 59.1% 38.9% 10,157 11,634 Page 42 Deutsche Bank AG/London

43 Figure 56B: European Equity ETF Turnover Summary B ( million) ETFs Europe Jun-16 May (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Developed Markets Europe 25, % 90.1% 26.0% 13,496 20,373 Austria % 395.7% 39.8% 4 13 Belgium 2 0.0% 191.6% -33.7% 1 4 Finland 7 0.0% 196.2% -37.9% 2 11 France % 96.2% -18.3% Germany 4, % 78.8% 1.3% 2,667 4,709 Greece % 33.6% -39.1% Ireland 2 0.0% 356.0% -42.3% 0 3 Italy % 33.7% -12.5% Netherlands % 10.0% 2.0% Norway % 234.4% 115.7% Portugal 9 0.0% 96.8% -53.0% 5 20 Iceland 4 0.0% -41.0% 901.9% 6 0 Spain % 130.9% -34.6% Sweden % 22.3% -1.8% Switzerland 1, % 42.6% -3.0% 844 1,240 UK 5, % 170.2% 127.0% 2,093 2,491 Europe broad 11, % 84.9% 26.1% 6,378 9,349 Americas 7, % 54.1% 22.1% 4,784 6,037 US 6, % 56.3% 21.1% 4,460 5,759 Canada % -61.3% 1.7% North America % 193.2% 60.4% Asia 2, % 51.6% -6.6% 1,978 3,211 Australia % -34.3% -29.3% Hong Kong % 7.5% -78.0% Japan 2, % 68.7% -6.4% 1,606 2,895 Singapore 1 0.0% -8.0% -49.5% 2 3 Asia Pacific broad % -18.4% 31.1% EMEA 9 0.0% 760.1% 0.0% 1 0 Israel 9 0.0% 760.1% 0.0% 1 0 Global 2, % 49.3% -13.1% 1,432 2,461 Broad indices 2, % 49.3% -13.1% 1,432 2,461 DM Total 38, % 76.0% 19.0% 21,690 32,083 Deutsche Bank AG/London Page 43

44 Figure 56C: European Equity ETF Turnover Summary C ( million) ETFs Europe Jun-16 May (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Emerging Markets BRIC % 20.0% -56.1% 609 1,664 Brazil % -2.1% -22.0% Russia % 11.0% -49.8% India % 62.8% -46.4% China % 15.5% -67.9% Latin America % 9.7% -8.3% Chile 0 0.0% 0.0% % 0 6 Mexico % -16.5% -40.9% LATAM broad % 18.1% 13.3% Asia % 20.1% -42.8% Bangladesh 1 0.0% -52.3% -4.4% 2 1 Indonesia % 98.8% -30.4% Malaysia % 162.1% -18.3% 7 21 Pakistan 3 0.1% 6.9% 32.8% 3 2 Philippines % 33.9% 15.6% South Korea % 33.1% -38.5% Taiwan % 27.8% -34.1% Thailand 4 0.1% 115.7% -75.2% 2 14 Vietnam % 39.7% -31.4% Asia Pacific broad % -8.6% -55.6% EMEA % -15.1% -41.6% Kuwait 0 0.0% -98.6% -97.9% 2 2 Poland 5 0.1% 54.2% -61.5% 3 12 South Africa % 89.3% 14.6% Turkey % -56.0% -82.1% Europe broad % -15.4% -0.2% Middle East & Africa 6 0.1% 55.5% -47.8% 4 12 Global Markets 2, % 51.4% 50.2% 1,909 1,925 Global 2, % 51.4% 50.2% 1,909 1,925 EM Total 4, % 37.2% -7.9% 3,096 4,610 Total (EM + DM) 42, % 71.2% 15.6% 24,786 36,692 Page 44 Deutsche Bank AG/London

45 Figure 57: European Fixed Income ETF Turnover ( million) ETFs Europe Jun-16 May (Monthly Avg.) Fixed Income Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Overall % 13.2% 22.5% Corporates 9, % 60.7% 95.6% 6,035 4,957 Covered Bonds % 29.7% -29.8% Credit Exposure % 524.3% 59.2% 9 34 Sovereign 12, % 6.3% 57.8% 11,408 7,688 Money Market % 112.5% 40.6% Total Fixed Income 23, % 27.1% 68.2% 18,431 13,929 Deutsche Bank AG/London Page 45

46 Figure 58: European Commodity ETP Turnover summary ( million) ETPs Europe Jun-16 May (Monthly Avg.) Commodity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Overall % -25.5% 59.3% Overall % -26.7% 64.8% Overall ex Energy % 48.1% -17.4% Overall Light Energy 0 0.0% -76.3% -26.0% 0 0 Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0 Agriculture % 80.2% 34.0% Overall % 94.8% 30.8% Cocoa 5 0.1% 59.5% 14.8% 3 5 Coffee % 45.9% 17.6% Corn % 77.9% 30.9% 9 12 Cotton 3 0.0% 138.4% -49.3% 1 6 Grains 3 0.0% 123.4% -45.5% 1 5 Softs 1 0.0% 219.1% -14.1% 0 1 Soybean Oil % 351.2% 177.7% 3 5 Soybeans % 331.7% 283.9% 5 5 Sugar % 92.4% 82.9% Wheat % 48.3% 11.5% Energy 2, % -15.9% 36.2% 2,662 1,644 Overall % -0.5% -65.9% Carbon 0 0.0% % 96.6% 0 0 Crude Oil % -15.8% 47.4% Gasoline 3 0.0% -18.8% -67.5% 4 9 Heating Oil 2 0.0% -37.5% -34.5% 4 3 Natural Gas % -17.4% 3.0% Electricity 0 0.0% 0.0% 0.0% 0 0 Uranium 0 0.0% 0.0% 0.0% 0 0 Industrial Metals % 58.8% -12.1% Overall % 75.0% -23.2% Aluminium 5 0.1% 52.4% -78.2% 3 24 Copper % 63.5% 24.4% Lead 0 0.0% -26.0% -75.1% 0 1 Nickel % -19.8% -57.7% Tin 1 0.0% 75.9% -51.5% 1 2 Zinc 8 0.1% 246.7% 65.8% 2 5 Precious Metals 7, % 135.4% 253.9% 3,018 2,007 Overall % -26.8% -57.0% Gold % 140.8% 286.1% Palladium % 50.4% 7.2% Platinum % 7.8% -18.9% Rhodium 0 0.0% -57.9% -96.4% 0 2 Silver % 131.7% 201.6% Livestock 3 0.0% -46.6% -55.5% 5 6 Overall 0 0.0% -81.9% -61.9% 1 1 Cattle 2 0.0% -39.2% 28.8% 3 1 Lean Hogs 1 0.0% -21.4% -80.2% 1 4 Total 10, % 55.0% 135.6% 6,661 4,381 Page 46 Deutsche Bank AG/London

47 Product Rankings Figure 59: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 2, ,883.0 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1, , ,710.3 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, ,929.7 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1, ,644.2 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1, ,937.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1, ,638.6 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 1, ,696.1 ishares FTSE 250 UCITS ETF MIDD LN BlackRock Beta ,866.2 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,700.7 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,256.6 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,326.2 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,090.4 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,932.9 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta ,965.5 Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor Beta ,003.7 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta ,155.3 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta ,309.3 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,716.2 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta ,228.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,465.9 YTD TO Figure 60: 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 Corporate Bond UCITS ETF IEBC LN BlackRock Beta 1, ,369.4 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1, ,452.5 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,154.8 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,428.6 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ,616.8 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,049.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,704.8 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ,038.7 ishares US Mortgage Backed Securities UCITS ETF IMBS LN BlackRock Beta ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ,508.4 Lyxor ETF Daily Double Short BTP BTPS FP Lyxor Beta ,148.3 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ,424.2 Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor Beta ,739.9 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta ,058.5 Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP Lyxor Beta ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,344.3 ishares Global High Yield Corp Bond UCITS ETF HYLD LN BlackRock Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ,942.3 ishares $ Short Duration Corporate Bond UCITS ETF SDIG LN BlackRock Beta ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ,092.2 YTD TO Deutsche Bank AG/London Page 47

48 Figure 61: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO Gold Bullion Securities GBS LN ETF Securities Beta 1, ,211.9 ETFS Physical Gold PHAU LN ETF Securities Beta 1, ,384.0 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1, ,198.7 ishares Physical Gold ETC SGLN LN Blackrock Beta 1, ,079.4 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,259.9 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,848.9 ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,514.9 ETFS Physical Silver PHAG LN ETF Securities Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta ,323.5 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ,308.9 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,543.3 ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta ETFS Daily Leveraged Gold LBUL LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AWM Beta YTD TO Figure 62: 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, ishares Markit iboxx Euro High Yield EUNW GR ishares Euro STOXX 50 (DE) SX5EEX GR ishares Barclays Euro Corporate Bond EUN5 GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR db x-trackers II EONIA TR Index UCITS ETF XEON GR ishares STOXX 600 (DE) SXXPIEX GR ishares Markit iboxx $ High Yield Capped Bond IS0R GY Deka DAX UCITS ETF ETFDAX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares eb.rexx Government Germany (DE) RXPXEX GR ishares Euro STOXX Banks (DE) SX7EEX GR ishares JPMorgan USD Emerging Markets Bond IUS7 GR db x-trackers ShortDAX UCITS ETF XSDX GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR Deka Deutsche Borse EUROGOV Germany 10+ UCITS ETF ETFGS10 GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR db x-trackers II - iboxx Global Inflation-Linked UCITS ETF 1C EUR - Hedged XGIN GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers Portfolio TR Index UCITS ETF XQUI GR ETFS Physical Gold VZLD GR Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY db Physical Gold ETC (EUR) XAD5 GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR ETFS Physical Silver VZLC GR db-x trackers Portfolio Income UCITS ETF XS7W GR Source Physical Gold ETC (P-ETC) 8PSG GY ComStage Vermogensstrategie UCITS ETF F701 GY ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ETFS 5X Long USD Short EUR 5CH5 GY db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ETFS Long USD Short EUR XBJP GR Lyxor ETF Commodities CRB LYXCRB GR ETFS Long NOK Short EUR LNOE GR ETFS Brent Oil OESA GR ishares S&P Listed Private Equity Fund IQQL GR 0.51 Page 48 Deutsche Bank AG/London

49 Figure 63: 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 2, ishares Euro Corporate Bond UCITS ETF IEAC LN 1, Vanguard S&P 500 ETF VUSD LN 1, ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN ishares FTSE 250 UCITS ETF MIDD LN ishares UK Gilts UCITS ETF IGLT LN Vanguard FTSE 100 ETF VUKE LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares Core S&P 500 UCITS ETF CSPX LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares US Mortgage Backed Securities UCITS ETF SMBS LN ishares Core S&P 500 UCITS ETF CSP1 LN ishares Corporate Bond UCITS ETF SLXX LN ishares MSCI Europe ex-uk UCITS ETF IEUX LN ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN ishares MSCI Emerging Markets UCITS ETF (Inc) IDEM LN ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN ishares UK Property UCITS ETF IUKP LN ishares Euro Corporate Bond ex-financials UCITS ETF IEXF LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS LN 1, ishares Listed Private Equity UCITS ETF IPRV LN Source Physical Gold ETC (P-ETC) SGLD LN 1, ETFS 3x Long USD Short GBP USP3 LN ishares Physical Gold ETC IGLN LN ETFS Short USD Long GBP USGB LN ETFS Physical Gold PHAU LN ETFS 5x Long USD Short GBP USP5 LN ETFS Physical Silver PHAG LN ETFS 3x Short GBP Long USD SGB3 LN ETFS Physical Gold GBP PHGP LN ETFS Short GBP Long USD SGBP LN ETFS WTI Crude Oil CRUD LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETFS Short GBP Long USDGBP USD2 LN ishares Physical Gold ETC SGLN LN ETFS 3x Short EUR Long USD SEU3 LN db WTI Crude Oil Booster USD Index XCT9 LN ETFS 3x Short EUR Long GBP SUP3 LN 5.86 Figure 64: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares SMI CH CSSMI SW Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares $ Treasury Bond 20+yr UCITS ETF IDTL SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares CHF Corporate Bond (CH) CHCORP SW UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW ishares $ TIPS UCITS ETF ITPS SW UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW PIMCO EM Advantage Local Bond Index Source ETF EMLB SW ishares SPI (CH) CHSPI SW ishares Euro Inflation Linked Government Bond UCITS ETF IBCI SW ishares MSCI EMU UCITS ETF CSEMU SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares SMIM CH CSSMIM SW UBS ETF - Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc CBUSE SW UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKGBPB SW ishares $ Corporate Bond UCITS ETF LQDE SW UBS-ETF MSCI EMU EMUEUA SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-A USD ZGLDUS SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF-H (CHF) ZGLDHC SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW ZKB Gold ETF ZGLD SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW ZKB Gold ETF-A EUR ZGLDEU SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW ZKB Gold ETF-H (EUR) ZGLDHE SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW Source Physical Gold ETC (P-ETC) SGLD SW SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW ZKB Silver ETF ZSIL SW Deutsche Bank AG/London Page 49

50 Figure 65: 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, Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor UCITS ETF EuroMTS 5-7Y IG (DR) MTC FP Lyxor ETF Leverage CAC 40 LVC FP Lyxor ETF Daily Double Short BTP BTPS FP Lyxor ETF XBear CAC 40 BX4 FP Amundi Euro HY Liquid Bond iboxx UCITS ETF AHYE FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Lyxor ETF XBear Euro STOXX 50 BXX FP Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP Lyxor UCITS ETF MSCI Europe MEU FP Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor UCITS ETF Euro Stoxx Banks BNKE FP Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP Lyxor ETF Privex PVX FP Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP ETFS WTI Crude Oil CRUDP FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS Brent 1mnth Oil OILBP FP ishares Listed Private Equity UCITS ETF PRV FP - 6 ETFS Gold BULLP FP ETFS Silver SLVRP FP ETFS All Commodities AIGCP FP ETFS Wheat WEATP FP ETFS Agriculture AIGAP FP 0.53 Figure 66: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor ETF Daily Double Short BTP BTP2S IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM Lyxor UCITS ETF FTSE MIB ETFMIB IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to EUR CBUS5E IM Lyxor UCITS ETF Euro STOXX 50 MSE IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM ishares Core S&P 500 UCITS ETF CSSPX IM Lyxor UCITS ETF Euro Cash LEONIA IM Lyxor ETF XBear Euro STOXX 50 BXX IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM ishares MSCI Europe UCITS ETF (Inc) IMEU IM ishares $ TIPS UCITS ETF ITPS IM Lyxor UCITS ETF DAX (DR) DAXX IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM ETFS Physical Gold PHAU IM ETFS 3X Long USD Short EUR EUS3 IM Boost Wti Oil 3X Short Daily ETP 3OIS IM ETFS 5X Long USD Short EUR EUS5 IM ETFS WTI Crude Oil CRUD IM ETFS Long CHF Short EUR EUCH IM Gold Bullion Securities GBS IM Boost Long USD Short EUR 5x Daily ETP 5USE IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS 3X Short USD Long EUR USE3 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS Long USD Short EUR EUUS IM db Physical Gold Euro Hedged ETC XAD1 IM ETFS 3X Short GBP Long EUR GBE3 IM Boost Natural Gas 3x Short Daily 3NGS IM ETFS 5X Short USD Long EUR USE5 IM db Physical Gold ETC (EUR) XAD5 IM ETFS 3X Long GBP Short EUR EGB3 IM 4.82 Page 50 Deutsche Bank AG/London

51 Figure 67: 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 Bear 2 XABEAR2 SS XACT Obligation UCITS ETF XACTBOND SS XACT OMXS30 XACTOMX SS XACT Bull 2 XABULL2 SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT OMXSB XACTSBX SS XACT Svenska Smabolag UCITS ETF XACTSMAC SS XACT Nordic 30 XACTVINX SS db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS SpotR OMXS30 SPOTROMX SS 2.14 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 Vanguard S&P 500 ETF VUSA NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares S&P 500 UCITS ETF (Inc) IUSA 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 ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA Think AEX Tracker TDT NA ishares Euro Government Bond 5-7yr UCITS ETF IEGY NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Government Bond 3-7 UCITS ETF CBE7 NA ishares European Property Yield UCITS ETF IPRP NA ishares $ Treasury Bond 1-3yr UCITS ETF IBTS NA Vanguard FTSE Developed Europe UCITS ETF VEUR NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA Deutsche Bank AG/London Page 51

52 7. European ETF Exchanges Figure 68: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Feb-16 Market Share % Mar-16 Market Share % Apr-16 Market Share % May-16 Market Share % Jun-16 Market Share % Deutche Boerse Deutsche Borse 15, % 13, % 12, % 10, % 17, % LSE London SE 27, % 27, % 25, % 23, % 35, % Borsa Italiana 8, % 6, % 5, % 5, % 7, % 36, % 33, % 30, % 29, % 43, % Euronext Paris 11, % 10, % 9, % 8, % 12, % Amsterdam 2, % 2, % 2, % 1, % 2, % Lisbon 4 0.0% 4 0.0% 5 0.0% 2 0.0% 5 0.0% Brussels 3 0.0% 1 0.0% 1 0.0% 1 0.0% 2 0.0% 13, % 12, % 11, % 9, % 14, % Swiss SE 6, % 5, % 5, % 4, % 6, % Stockholmborsen 1, % 1, % % % 1, % Oslo Bors % % % % % BME % % % % % Others % % % % % Total 74, % 67, % 61, % 55, % 84, % Page 52 Deutsche Bank AG/London

53 Figure 69: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Feb-16 Market Share % Mar-16 Market Share % Apr-16 Market Share % May-16 Market Share % Jun-16 Market Share % LSE London SE 5, % 3, % 3, % 2, % 5, % Borsa Italiana 1, % 1, % 1, % 1, % 2, % 7, % 5, % 5, % 4, % 8, % Deutche Boerse Deutsche Borse % % % % % Euronext Amsterdam % % % % % Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 8, % 6, % 5, % 5, % 9, % Deutsche Bank AG/London Page 53

54 Figure 70: 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 52, , , , , , , , % Emerging Markets 4, , , , , , , % Global Markets , , % Sector 7, , , , , % Capitalization 1, , , % Style 1, , , % Strategy 6, , , , , , % Thematic 1, , , % Total 76,204 95,483 42,941 32,156 11,077 25,653 6, , % Fixed Income Overall , , % Corporates 2, , , , , , , % Covered Bonds % Credit Exposure % Sovereign 5, , , , , , % Money Market , , , % Total 10,124 66,363 21,217 9,813 2,449 4, , % Commodity 0.0% Overall , , % Agriculture % Energy , , , % Industrial Metals % Precious Metals 2, , , , , % Livestock % Total 4,124 24, , , , % Other 0.0% Alternative % Currency , % Multi Asset % Total 213 1, , % Grand Total 90, ,076 64,653 52,896 13,762 34,164 6, , % * Total turnover year to date (not daily average) Page 54 Deutsche Bank AG/London

55 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 71: AUM by asset class and instrument ( million) ETPs Europe Jun-16 May-16 End of 2015 Asset Class AUM Market Share % MoM %change YTD %change AUM AUM ETFs Equity 305, % -1.8% -5.8% 310, ,143 Fixed income 131, % 1.9% 16.7% 128, ,427 Commodity 16, % 9.7% 32.8% 14,884 12,298 Currency 0 0.0% 0.0% 0.0% 0 0 Multi Asset % 0.7% 1.7% Alternative % -0.8% -19.3% Total 454, % -0.4% 0.9% 455, ,266 ETCs Commodity 24, % 12.7% 55.1% 21,623 15,709 Currency % -9.3% -5.6% Total 24, % 12.3% 53.8% 21,985 16,057 Total ETPs 478, % 0.2% 2.7% 477, ,322 Asset Class Analysis Figure 72: European Equity ETF AUM summary ( million) ETFs Europe Jun-16 May-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Developed Markets 212, % -3.2% -10.3% 218, ,507 Emerging Markets 24, % 3.2% 12.0% 24,228 22,316 Global Markets 4, % 2.4% -0.3% 4,784 4,913 Sector 18, % -2.1% -7.8% 18,427 19,569 Capitalization 5, % -8.4% -19.0% 6,311 7,137 Strategy 18, % 7.3% 36.7% 16,899 13,265 Style 16, % -0.6% 1.2% 16,839 16,546 Thematic 4, % 6.3% 23.5% 4,518 3,890 Total Equities 305, % -1.8% -5.8% 310, ,143 Deutsche Bank AG/London Page 55

56 Figure 72A: European Equity ETF AUM summary - A ( million) ETFs Europe Jun-16 May-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Sector 18, % -2.1% -7.8% 18,427 19,569 Consumer discretionary % -6.0% -6.5% Consumer staples % -2.1% -13.2% Energy 1, % 4.0% 13.0% 1,654 1,522 Financials 8, % -3.8% -14.6% 9,141 10,303 Healthcare 2, % 4.6% 1.5% 1,961 2,020 Industrials % 1.1% 1.4% Information Technology 1, % -5.0% -9.4% 1,344 1,410 Materials % 0.5% 19.7% Telecommunications % -8.2% -10.0% Utilities % 0.3% 4.1% Capitalization 5, % -8.4% -19.0% 6,311 7,137 Large Cap % -4.3% -9.6% Mid Cap 1, % -11.4% -26.6% 1,970 2,376 Small Cap 3, % -7.2% -15.7% 3,983 4,381 Strategy 18, % 7.3% 36.7% 16,899 13,265 Fundamental 1, % -1.4% -2.7% 1,520 1,541 Leveraged Long 1, % -10.0% -22.2% 1,887 2,183 Leveraged Short 1, % 11.9% 43.7% 1, Options Strategy 0 0.0% 0.0% 0.0% 0 0 Quantitative 12, % 11.5% 63.7% 10,764 7,330 Short 1, % 5.1% 26.6% 1,701 1,412 Style 16, % -0.6% 1.2% 16,839 16,546 Dividend 15, % -0.1% 2.4% 15,265 14,893 Growth % -9.7% -36.5% Value 1, % -4.6% -3.9% 1,363 1,353 Thematic 4, % 6.3% 23.5% 4,518 3,890 Commodities 1, % 16.4% 83.6% 1, Cyclical 0 0.0% 0.0% 0.0% 0 0 Faith % 1.6% 4.6% Other Theme % 2.2% 8.6% Sustainability 2, % 3.8% 12.4% 2,337 2,159 Total 63, % 0.8% 5.1% 62,995 60,406 Page 56 Deutsche Bank AG/London

57 Figure 72B: European Equity ETF AUM summary - B ( million) ETFs Europe Jun-16 May-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Developed Markets Europe 111, % -5.7% -15.9% 118, ,765 Austria % -11.5% -46.2% Belgium % 6.7% 2.1% Finland % -1.3% -4.0% France 4, % -6.9% -11.2% 4,801 5,037 Germany 17, % -5.2% -16.8% 18,939 21,561 Greece % -17.4% -27.4% Ireland % -13.7% -17.3% Italy 1, % -13.2% -38.7% 2,096 2,964 Netherlands % 0.3% -9.1% Norway % -2.1% 13.6% Portugal % -10.1% -14.7% Spain 1, % -11.3% -28.9% 1,359 1,696 Sweden 1, % -6.3% -24.7% 1,129 1,405 Switzerland 9, % 0.2% -6.5% 9,609 10,297 UK 13, % -3.4% 4.0% 14,132 13,129 Europe broad 60, % -6.7% -19.3% 64,767 74,881 Americas 63, % 1.4% 3.3% 62,614 61,445 US 60, % 1.1% 3.2% 59,859 58,657 Canada 1, % 2.0% 33.9% 1, North America 1, % 9.9% -5.1% 1,741 2,016 Asia 16, % -6.8% -27.4% 17,878 22,962 Australia % -1.9% -14.4% Hong Kong % 0.0% -41.0% Japan 14, % -8.2% -30.5% 15,449 20,400 Singapore % 10.4% -34.1% Asia Pacific broad 1, % 4.7% 12.1% 1,544 1,442 EMEA 4 0.0% -3.1% 0.0% 5 0 Israel 4 0.0% -3.1% 0.0% 5 0 Global 20, % 0.6% 4.5% 20,078 19,335 Broad indices 20, % 0.6% 4.5% 20,078 19,335 DM Total 212, % -3.2% -10.3% 218, ,507 Deutsche Bank AG/London Page 57

58 Figure 72C: European Equity ETF AUM summary - C ( million) ETFs Europe Jun-16 May-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Emerging Markets BRIC 5, % -1.4% -11.5% 5,347 5,953 Brazil % 9.6% 24.2% Russia % -4.6% 7.0% India 1, % 0.1% -8.6% 1,650 1,807 China 2, % -4.2% -23.9% 2,339 2,941 Latin America % 3.4% 33.4% Chile 0 0.0% 0.0% 0.0% 0 0 Mexico % -3.1% -6.9% LATAM broad % 5.2% 49.4% Asia 3, % 2.7% 2.5% 3,365 3,373 Bangladesh % 4.9% -5.1% Indonesia % 8.7% 14.8% Malaysia % -18.5% -0.3% Pakistan % 12.6% 10.5% Philippines % 19.2% 54.4% South Korea % 2.1% -16.8% Taiwan % 4.6% -22.6% Thailand % 2.0% 41.7% Vietnam % 1.3% -5.8% Asia Pacific broad 1, % 2.4% 22.6% 1,665 1,392 EMEA % -2.4% -0.5% Kuwait 5 0.0% -1.9% -30.0% 5 7 Poland % 0.3% -24.0% South Africa % 24.1% 29.7% Turkey % -2.0% -15.5% Europe broad % -13.2% 1.7% Middle East & Africa % 10.6% 23.4% Global Markets 14, % 5.4% 26.8% 13,938 11,583 Global 14, % 5.4% 26.8% 13,938 11,583 EM Total 24, % 3.2% 12.0% 24,228 22,316 Total (EM + DM) 237, % -2.5% -8.4% 243, ,823 Page 58 Deutsche Bank AG/London

59 Figure 73: European Fixed Income ETF AUM summary ( million) ETFs Europe Jun-16 May-16 End of 2015 Fixed Income AUM AUM Market Share % MoM %change YTD %change AUM AUM Overall 9, % 1.6% 15.6% 9,083 7,984 Corporates 54, % 2.3% 25.3% 53,054 43,316 Covered Bonds 3, % 0.6% 11.0% 3,364 3,050 Credit Exposure % 35.8% 59.2% Sovereign 61, % 1.5% 11.4% 60,177 54,854 Money Market 2, % 0.3% -7.5% 2,713 2,941 Total Fixed Income 131, % 1.9% 16.7% 128, ,427 Deutsche Bank AG/London Page 59

60 Figure 74:European Commodity ETP AUM summary ( million) ETPs Europe Jun-16 May-16 End of 2015 Commodity AUM AUM Market Share % MoM %change YTD %change AUM AUM Overall 4, % 5.2% 33.9% 4,668 3,668 Overall % 5.3% 36.7% Overall ex Energy % 5.0% -9.5% Overall Light Energy 6 0.0% -4.6% -3.8% 7 6 Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0 Agriculture % -2.1% -8.8% Overall % -4.0% -8.3% Cocoa % -2.2% 0.4% Coffee % 15.0% -2.2% Corn % -17.9% -8.5% Cotton % -1.3% -67.3% Grains % -2.1% -6.9% Softs 4 0.0% 14.3% -13.5% 4 5 Soybean Oil 3 0.0% -4.1% 10.3% 4 3 Soybeans % 1.7% 1.0% Sugar % -1.2% -14.1% Wheat % -1.6% 1.8% Energy 2, % -4.2% 14.9% 2,654 2,213 Overall % 0.8% 23.0% Carbon 1 0.0% -26.8% -44.5% 1 1 Crude Oil % -5.6% 15.9% Gasoline 7 0.0% -11.1% -35.4% 8 11 Heating Oil 5 0.0% 41.9% 6.4% 4 5 Natural Gas % 13.5% -3.0% Electricity 0 0.0% 0.0% 0.0% 0 0 Uranium 0 0.0% 0.0% 0.0% 0 0 Industrial Metals % 9.3% 5.7% Overall % 33.3% 5.5% Aluminium % -17.9% -23.8% Copper % 0.9% 22.8% Lead 2 0.0% 5.8% -17.1% 2 2 Nickel % 13.5% 11.2% Tin 4 0.0% 21.6% 29.7% 4 3 Zinc % 3.9% 3.0% Precious Metals 32, % 14.4% 53.5% 27,989 20,859 Overall % 13.4% 42.7% Gold % 14.0% 57.1% Palladium % 10.0% 2.3% Platinum % 4.4% 18.9% Rhodium % -2.0% -41.8% Silver % 23.4% 50.1% Livestock % -11.5% -28.6% Overall 3 0.0% -5.1% -43.5% 4 6 Cattle 2 0.0% 2.8% 11.9% 2 2 Lean Hogs 4 0.0% -21.0% -27.4% 6 6 Total 40, % 11.5% 45.3% 36,507 28,007 Page 60 Deutsche Bank AG/London

61 Product Rankings Figure 75: 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 13, , ,936.4 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 12, , ,503.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 7, , ,433.1 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7, , ,688.2 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 6, , ,522.2 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 5, , ,832.1 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 5, , ,872.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5, , ,258.4 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,957.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 5, , ,517.9 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4, , ,193.4 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4, , ,536.2 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4, , ,986.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 3, , ,275.4 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 3, , ,324.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,009.1 db x-trackers S&P 500 UCITS ETF 1C D5BM GR Deutsche AWM Beta 2, , ,046.7 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2, , ,017.9 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , ,837.9 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2, , , AUM Figure 76: 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 7, , ,385.3 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 5, , ,002.7 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5, , ,026.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 4, , ,758.0 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 4, , ,449.8 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 3, , ,689.8 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 2, , ,329.8 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 2, , ,701.7 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 2, , ,630.5 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2, , ,627.2 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2, , ,456.8 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 2, , ,952.5 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 2, , ,734.9 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2, , ,725.7 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,779.5 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1, , ,982.0 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 1, , ,308.4 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , ,371.1 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1, , ,391.6 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1, , , AUM Deutsche Bank AG/London Page 61

62 Figure 77: 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 5, , ,148.5 ETFS Physical Gold PHAU LN ETF Securities Beta 4, , ,232.5 Gold Bullion Securities GBS LN ETF Securities Beta 3, , ,150.5 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3, , ,508.2 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,578.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,347.2 ishares Physical Gold ETC SGLN LN Blackrock Beta 1, , ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1, , db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS Physical Silver PHAG LN ETF Securities Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta AUM Page 62 Deutsche Bank AG/London

63 Deutsche Bank AG/London Page ETF Broker rankings US ETP Broker Rankings Figure 78: 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 Jun-16 YTD Jun-16 YTD 1 (KCG) KCG HOLDINGS, INC. 190, % 195,309 1,081, % 1,119,550 (KCG) KCG HOLDINGS, INC. 3, % 195,309 20, % 1,119,556 2 (CSFB) CREDIT SUISSE 124, % 22, , % 125,291 (UBS) UBS INVESTMENT BANK 1, % 44,004 12, % 248,453 3 (UBS) UBS INVESTMENT BANK 101, % 44, , % 248,448 (CSFB) CREDIT SUISSE 1, % 22,661 9, % 125,542 4 (GS ) GOLDMAN SACHS & CO. 83, % 154, , % 952,660 (GS ) GOLDMAN SACHS & CO. 1, % 154,982 7, % 952,660 5 (MLCO) MERRILL LYNCH 71, % 42, , % 236,488 (MLCO) MERRILL LYNCH 1, % 42,971 7, % 236,539 6 (JPM) JP MORGAN 67, % 119, , % 620,529 (JPM) JP MORGAN 1, % 119,793 6, % 620,529 7 (DBAB) DEUTSCHE BANK SECURITIES INC 54, % 26, , % 139,547 (DBAB) DEUTSCHE BANK SECURITIES INC 1, % 26,127 5, % 139,547 8 (CITI) CITIGROUP GLOBAL MARKETS 54, % 10, , % 99,427 (CITI) CITIGROUP GLOBAL MARKETS % 10,594 6, % 99,427 9 (BARC) BARCLAYS CAPITAL 46, % 63, , % 373,580 (FCM) FIDELITY CAPITAL MARKETS % 49,355 5, % 296, (FCM) FIDELITY CAPITAL MARKETS 43, % 49, , % 296,211 (BARC) BARCLAYS CAPITAL % 63,054 4, % 373, (MSCO) MORGAN STANLEY 42, % 14, , % 89,219 (MSCO) MORGAN STANLEY % 14,208 3, % 89, (RBC) ROYAL BANK OF CANADA 20, % 41, , % 249,190 (RBC) ROYAL BANK OF CANADA % 41,619 1, % 249, (INCA) INSTINET 19, % 9, , % 53,420 (CVGX) CONVERGEX % 22,447 2, % 141, (CVGX) CONVERGEX 18, % 22, , % 141,337 (JEFF) JEFFERIES & CO., INC % 11,816 1, % 68, (JEFF) JEFFERIES & CO., INC. 15, % 11,816 88, % 68,741 (INCA) INSTINET % 9,510 1, % 53, (BNYM) BANK OF NEW YORK, THE 8, % 9,705 36, % 49,371 (BNYM) BANK OF NEW YORK, THE % 9, % 49, (WELS) WELLS FARGO SECURITIES 5, % 3,385 20, % 15,465 (WBET) WALLACHBETH CAPITAL LLC % % 1, (WBET) WALLACHBETH CAPITAL LLC 4, % , % 1,817 (WELS) WELLS FARGO SECURITIES % 3, % 15, (ITGI) INVESTMENT TECHNOLOGY GROUP 3, % 17,542 16, % 101,249 (ITGI) INVESTMENT TECHNOLOGY GROUP % 17, % 101, (RAJA) RAYMOND JAMES & ASSOCIATES 3, % 34,123 17, % 135,940 (RAJA) RAYMOND JAMES & ASSOCIATES % 34, % 135,959 Other 41, % 85, , % 534,380 Other % 85,675 4, % 534,407 Total 1,021, % 979,074 5,722, % 5,651,860 Total 17, % 979, , % 5,652,295 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

64 Page 64 Deutsche Bank AG/London Figure 79: 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 Jun-16 YTD Jun-16 YTD 1 (KCG) KCG HOLDINGS, INC. 14, % 18,346 69, % 99,046 (KCG) KCG HOLDINGS, INC % 18,346 2, % 99,046 2 (UBS) UBS INVESTMENT BANK 8, % 2,405 42, % 13,438 (UBS) UBS INVESTMENT BANK % 2,405 1, % 13,438 3 (CSFB) CREDIT SUISSE 5, % 1,133 23, % 6,500 (FCM) FIDELITY CAPITAL MARKETS % 5, % 31,865 4 (FCM) FIDELITY CAPITAL MARKETS 3, % 5,617 17, % 31,865 (CSFB) CREDIT SUISSE % 1, % 6,508 5 (CITI) CITIGROUP GLOBAL MARKETS 2, % , % 5,823 (CITI) CITIGROUP GLOBAL MARKETS % % 5,823 6 (JPM) JP MORGAN 2, % 7,527 14, % 38,363 (MLCO) MERRILL LYNCH % 2, % 10,890 7 (GS ) GOLDMAN SACHS & CO. 2, % 12,459 12, % 71,139 (BARC) BARCLAYS CAPITAL % 5, % 29,994 8 (MLCO) MERRILL LYNCH 2, % 2,001 11, % 10,888 (DBAB) DEUTSCHE BANK SECURITIES INC % 1, % 6,472 9 (BARC) BARCLAYS CAPITAL 1, % 5,424 8, % 29,994 (JPM) JP MORGAN % 7, % 38, (DBAB) DEUTSCHE BANK SECURITIES INC 1, % 1,263 8, % 6,472 (GS ) GOLDMAN SACHS & CO % 12, % 71, (RBC) ROYAL BANK OF CANADA 1, % 3,144 4, % 16,370 (RBC) ROYAL BANK OF CANADA % 3, % 16, (CVGX) CONVERGEX % 1,296 5, % 8,029 (MSCO) MORGAN STANLEY % % 4, (MSCO) MORGAN STANLEY % 666 6, % 4,559 (CVGX) CONVERGEX % 1, % 8, (JEFF) JEFFERIES & CO., INC % 504 1, % 2,161 (ITGI) INVESTMENT TECHNOLOGY GROUP % 1, % 9, (INCA) INSTINET % 402 1, % 2,484 (INCA) INSTINET % % 2, (BTIG) BTIG LLC % 79 1, % 456 (JEFF) JEFFERIES & CO., INC % % 2, (ITGI) INVESTMENT TECHNOLOGY GROUP % 1,690 2, % 9,174 (BMOC) BMO CAPITAL MARKETS % % 1, (RAJA) RAYMOND JAMES & ASSOCIATES % 1, % 5,595 (RAJA) RAYMOND JAMES & ASSOCIATES % 1, % 5, (BMOC) BMO CAPITAL MARKETS % % 1,247 (BNYM) BANK OF NEW YORK, THE % % 2, (WELS) WELLS FARGO SECURITIES % % 509 (HSBC) HSBC GROUP PLC % % 1,714 Other 1, % 5,598 8, % 28,799 Other % 5, % 25,436 Total 51, % 72, , % 392,911 Total 1, % 72,475 10, % 392,924 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

65 Deutsche Bank AG/London Page 65 European ETP Broker Rankings Figure 80: 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 Jun-16 YTD Jun-16 YTD 1 (CBK) COMMERZBANK 12, % 20,850 57, % 110,443 (SIS) SUSQUEHANNA INTERNATIONAL GRP % 4,705 1, % 22,697 2 (BNPP) BNP PARIBAS 12, % 11,843 58, % 58,870 (BNPP) BNP PARIBAS % 11,882 1, % 59,092 3 (SIS) SUSQUEHANNA INTERNATIONAL GRP 10, % 4,687 48, % 22,646 (CBK) COMMERZBANK % 20,851 1, % 110,728 4 (CSFB) CREDIT SUISSE 8, % 3,318 28, % 19,077 (CSFB) CREDIT SUISSE % 3, % 19,351 5 (OPTV) OPTIVER VOF 7, % 4,786 7, % 4,786 (OPTV) OPTIVER VOF % 4, % 4,807 6 (FLOW) FLOW TRADERS 7, % 4,589 40, % 25,349 (FLOW) FLOW TRADERS % 4,785 1, % 26,439 7 (CITI) CITIGROUP GLOBAL MARKETS 6, % 4,153 39, % 20,530 (CITI) CITIGROUP GLOBAL MARKETS % 4, % 20,532 8 (HSBC) HSBC GROUP PLC 4, % 2,611 12, % 12,582 (HSBC) HSBC GROUP PLC % 2, % 12,591 9 (DBK ) DEUTSCHE BANK AG 4, % 4,837 25, % 26,377 (SG ) SG SECURITIES % 4, % 25, (SG ) SG SECURITIES 4, % 4,569 21, % 25,394 (DBK ) DEUTSCHE BANK AG % 4, % 26, (JPMS) JP MORGAN 3, % 2,922 18, % 15,215 (WINS) WINTERFLOOD SECURITIES % 7, % 40, (KEPL) KEPLER CAPITAL MARKETS 3, % 2,943 14, % 15,460 (KCG) KCG HOLDINGS, INC % 6, % 37, (BARC) BARCLAYS CAPITAL 3, % 3,013 19, % 19,788 (MLCO) MERRILL LYNCH % 2, % 18, (UNIC) UNICREDIT 2, % , % 3,828 (BARC) BARCLAYS CAPITAL % 3, % 19, (WINS) WINTERFLOOD SECURITIES 2, % 7,491 13, % 40,616 (KEPL) KEPLER CAPITAL MARKETS % 2, % 15, (MSCO) MORGAN STANLEY 2, % 1,777 12, % 9,660 (UNIC) UNICREDIT % % 3, (KCG) KCG HOLDINGS, INC. 2, % 6,771 13, % 37,853 (JPMS) JP MORGAN % 2, % 15, (MLCO) MERRILL LYNCH 2, % 2,954 11, % 18,030 (MSCO) MORGAN STANLEY % 1, % 9, (BFIN) BLUEFIN EUROPE LLP 2, % , % 1,864 (UBS) UBS INVESTMENT BANK % % 2, (UBS) UBS INVESTMENT BANK 1, % , % 2,397 (GS ) GOLDMAN SACHS & CO % 5, % 28,634 Other 11, % 29,894 59, % 145,144 Other % 25,002 2, % 118,996 Total 118, % 125, , % 635,909 Total 4, % 126,050 17, % 638,822 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

66 Page 66 Deutsche Bank AG/London Figure 81: 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 Jun-16 YTD Jun-16 YTD 1 (OPTV) OPTIVER VOF % % 749 (OPTV) OPTIVER VOF % % (WINS) WINTERFLOOD SECURITIES % 2,526 2, % 12,581 (WINS) WINTERFLOOD SECURITIES % 2,526 1, % 12,581 3 (HSBC) HSBC GROUP PLC % 170 1, % 730 (BNPP) BNP PARIBAS % % 1,251 4 (CSFB) CREDIT SUISSE % 222 1, % 1,033 (BFIN) BLUEFIN EUROPE LLP % % (FLOW) FLOW TRADERS % 367 1, % 1,760 (FLOW) FLOW TRADERS % % 1,836 6 (MACQ) MACQUARIE SECURITIES % 100 1, % 472 (CITI) CITIGROUP GLOBAL MARKETS % % 2,655 7 (CITI) CITIGROUP GLOBAL MARKETS % 605 1, % 2,655 (CSFB) CREDIT SUISSE % % 1,037 8 (CBK) COMMERZBANK % 588 1, % 3,550 (CANT) CANTOR FITZGERALD L.P % % (SIS) SUSQUEHANNA INTERNATIONAL GRP % % 205 (HSBC) HSBC GROUP PLC % % (BNPP) BNP PARIBAS % 220 1, % 1,218 (SIS) SUSQUEHANNA INTERNATIONAL GRP % % (SG ) SG SECURITIES % % 826 (KCG) KCG HOLDINGS, INC % % 3, (KEPL) KEPLER CAPITAL MARKETS % 267 1, % 1,525 (DBK ) DEUTSCHE BANK AG % % 2, (UBS) UBS INVESTMENT BANK % % 348 (MACQ) MACQUARIE SECURITIES % % (DNB) DNB NOR BANK ASA % % 23 (DNB) DNB NOR BANK ASA % % (MSCO) MORGAN STANLEY % % 1,434 (SG ) SG SECURITIES % % (MAKO) MAKO FINANICAL MARKETS % % 285 (KEPL) KEPLER CAPITAL MARKETS % % 1, (BFIN) BLUEFIN EUROPE LLP % % 308 (INCA) INSTINET % % (KCG) KCG HOLDINGS, INC % % 3,379 (MED) MEDIOBANCA SPA % 1, % 6, (PEEL) PEEL HUNT LLP % % 2,805 (UBS) UBS INVESTMENT BANK % % (DBK ) DEUTSCHE BANK AG % % 2,817 (PEEL) PEEL HUNT LLP % % 2,805 Other % 3,314 4, % 18,936 Other % 2, % 16,828 Total 6, % 11,469 26, % 57,639 Total % 11,491 5, % 57,822 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