European ETF Listing and Distribution Poster September 2017

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1 European ETF Listing and Distribution Poster September 217 Global Fund Distribution

2 Market overview Evolution of EU-domiciled ETFs AuM by country of domicile and total number of ETFs 6 1,497 1, ,293 1,336 1,351 1, , AuM EUR billion Number of ETFs * Germany France Luxembourg Ireland Others Total Number of ETFs Source: PwC Market Research Centre based on Lipper LIM data - end June 217 * Data as of end June Most used underlying indices by AuM Number of ETFs 8 EUR Billion S&P 5 EURO STOXX 5 MSCI World STOXX Europe 5 MSCI EM Emerging Markets MSCI EM Emerging Markets S&P GSCI Precious Metals Topix DAX 3 S&P GSCI Source: PwC Market Research Centre based on Lipper LIM data - end June 217, according to Technical Indicator Benchmark in Lipper

3 New ETF 216 trends Top European Stock Exchanges AuM EUR billion 1, ,137 1, , ,2 1, Deutsche Börse SIX Swiss Exchange AG London Stock Exchange Borsa Italiana Euronext Number of ETFs Börse Stuttgart Irish Stock Exchange LuxSE Nasdaq OMX Wiener Börse BME Spanish Exchanges Warsaw Stock Exchange 2% 6% 2% 12% 8% -3% 2% -15% 2% New -81% % Variation Number of EU- domiciled ETFs listed on official and regulated markets (216) Number of EU- domiciled ETFs listed on official and regulated markets (217) Estimated AUM (in EUR bn) of ETFs listed on official and regulated markets 217 Source: PwC Market Research Centre based on EU Stock Exchanges data, end June 217 European ETFs cross-listing footprint* Percentage based on the number of ETFs 2% 6 and more listings 31% 1 listing 21% 4-5 listings 46% 2-3 listings * Cross-listing on top European stock exchanges Source: PwC Market Research Centre based on EU Stock Exchanges data - end June 217

4 Cross-border distribution Percentage of the replication methods Physical replication 78% Synthetic replication 22% Source: PwC Market Research Centre - end June 217 ETF distribution footprint Total number of cross-border ETFs as of end June % 14 + markets 26% 3 to 4 markets 24% 11 to 13 markets 12% 8 to 1 markets 17% 5 to 7 markets Asset Classes Breakdown based on AuM 4% 2% 1% Source: PwC Market Research Centre based on Lipper LIM data - end June 217, number of markets of distribution (including the domicile) 25% 68% Equity Bond Other Commodity Money Market Source: PwC Market Research Centre based on Lipper LIM data, end June 217

5 Target markets for ETFs distribution ETF distribution Domiciles Ireland Luxembourg Jersey France Other Total Number of Registrations as at June 216 Number of new registrations Total Number of Registrations as at end June 217 EUROPE Austria , Belgium Denmark Finland France , ,85 Germany , ,412 Ireland Italy , ,116 Liechtenstein Luxembourg Netherlands ,29-1,29 Norway Poland Portugal Russian Federation Spain TOP MARKET Sweden Switzerland United Kingdom , ,218 Total number of registrations - EUROPE 6,155 3,33 1,766 1, , ,56 ASIA PACIFIC Australia Hong Kong Japan Singapore TOP MARKET Total number of registrations - ASIA PACIFIC AMERICAS Chile Mexico Peru United States TOP MARKET Total number of registrations - AMERICAS Africa South Africa Total number of registrations - AFRICA Total 6,38 3,145 1,786 1, , ,851 Source: PwC Market Research Centre based on Lipper LIM data, end June 217

6 Top 2 cross-border ETF management groups Ranking Management Group Total # of countries of distribution at group level (including domicile) Austria Belgium Denmark Finland France Germany Ireland Italy EUROPE Jersey Liechtenstein Luxembourg Netherlands Norway Poland Portugal Spain Sweden Switzerland United Kingdom ASIA PACIFIC Hong Kong Japan Singapore LATIN AMERICA Chile Mexico United State AFRICA South Africa 1 BLACKROCK - ISHARES 22 2 DEUTSCHE BANK - DB X-TRACKERS 2 2 ETF SECURITIES 2 4 VANGUARD GROUP 18 5 LYXOR 17 6 SOURCE 16 6 UBS 16 8 BNP PARIBAS 15 8 STATE STREET 15 1 PIMCO AMUNDI GROUP FIRST TRUST MORGAN STANLEY VANECK NOMURA HSBC 1 16 WISDOMTREE 1 18 INVESCO - POWERSHARES 9 19 OSSIAM 8 2 FIDELITY INTERNATIONAL 7 Source: PwC Market Research Centre based on Lipper LIM data, end June 217

7 Minimum number of distribution countries to enter the top 1 cross-border ETF management groups 14 Percentage of European ETFs listed on 2 or more stock exchanges 69% 23.4% Compound annual growth rate of EU domiciled ETFs AuM since 28.23% Average TER of bond ETFs in Europe.39% Average TER of equity ETFs in Europe 12,851 Cross-border registrations of European ETFs

8 PwC s Global Fund Distribution practice: ETF Services Supporting your ETF distribution Since 28, global ETF assets have grown at a compound annual growth rate (CAGR) of 19.2%. In contrast, EU domiciled ETFs experienced faster growth at 23.4%. As of end June 217 AuM of EU domiciled ETFs surpassed the half billion mark, standing at EUR billion. But does this data confirm a renewed appetite from investors and a strong expectation of the global economy from such investment vehicles? And if so, could this continued growth translate into greater focus from regulators on this product set? To discuss these points and review other additional data shown within this publication, please contact any of our ETF experts. Your contacts José-Benjamin Longrée Partner, Global Fund Distribution Leader jose-benjamin.longree@lu.pwc.com Steven Libby Partner, Luxembourg Asset & Wealth Management Leader steven.libby@lu.pwc.com Follow us Christophe Saint-Mard Partner, Global Fund Distribution christophe.saint-mard@lu.pwc.com Dariush Yazdani Partner, Market Research Centre Leader dariush.yazdani@lu.pwc.com Carsten Brengel Partner, Luxembourg ETF Leader brengel.carsten@lu.pwc.com 217 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, PwC or PwC Luxembourg refers to PricewaterhouseCoopers, Société coopérative which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.

Benchmark your Global Fund Distribution 2015

Benchmark your Global Fund Distribution 215 Asset Management Evolution of cross-border distribution Number of cross-border funds and registrations 1, 9, 9,436 11% 9,869 5% 1,43 6% 11, 1, Number of cross-border