Equity Inflows Offset by Fixed Income Outflows Data in this report is as of 29th May 2015

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 12 June 2015 Equity Inflows Offset by Fixed Income Outflows Data in this report is as of 29th May 2015 European ETP Highlights As of the end of May 2015, global ETP assets stood at $2.87 trillion with European ETP assets amounting to $507bn ( 463bn). During the month of May, Equity ETFs registered inflows of + 0.9bn which were offset by outflows from Fixed Income ETFs (- 0.9bn). Commodity ETPs listed in Europe saw inflows of + 0.2bn over the last month. European equities continue to attract new money Since the start of 2015, ETFs with European equity exposure gained significant interest, both among European and US investors. In May, we observed inflows again into European equities for listings in both US and Europe, although in a smaller magnitude compared to the months in Q Where European listings were concerned, our analysis shows a net inflow of +$846mn (+ 762mn) and for US listed ETFs we saw +$2.1bn inflows in May. Fixed income ETFs experience outflows for the first time in 2 years Towards the end of April, bond markets started to sell-off pushing yields back up from their all time lows amid signs of economic recovery and increasing bond supply. This was reflected in the ETP market where we saw net redemptions within the asset class for the first time in 2 years, on a monthly basis. Over the month of May, fixed income ETFs saw outflows of - 865mn. This was driven mainly by sovereign bonds based ETFs from which investors pulled out over - 1bn. Dividend theme lost momentum in May In May, Dividend ETFs saw negative flows of over - 500mn. Many of the ETFs in this category saw outflows but it was skewed by a single heavy redemption in a US dividend ETF tracking the S&P High Yield Dividend Aristocrats index, totaling c.- 350mn. German and Japanese equities preferred over UK and US equities Among ETFs providing single country exposure, Germany, Japan, South Korea and France saw significant activity receiving inflows of + 1bn, + 355mn, + 278mn and + 203mn respectively. On the losing side, ETFs benchmarked to UK, US, Switzerland and China equities saw outflows of - 597mn, - 530mn, - 192mn and - 116mn respectively. Author Ari Rajendra Strategist (+44) ari.rajendra@db.com Team Contacts Shan Lan Strategist (+852) shan.lan@db.com Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

2 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 5 Product Launch Activity... 5 Other regions cash flow summary Investment Trends... 7 Cross-Asset Class ETPs... 7 Equity ETFs... 7 Fixed Income ETFs...10 Commodity ETPs Market Metrics ETF Industry Asset Evolution...11 ETFs vs. Cash Equities...14 ETFs vs. Unlisted Mutual Funds...16 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...18 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...22 Asset Class Cash Flow Analysis...22 Product Rankings Product Review New Products Launched in the Month...29 Average TERs Provider Rankings Global Provider Rankings...33 European Provider Rankings General...35 European Provider Rankings by Asset Class...39 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...43 Asset Class Analysis...43 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...62 European ETP Broker Rankings...64 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 Monthly Flows ($ mn) 12 June 2015 European Investment Trends Inflows into Equity ETPs offset by redemptions in Fixed Income ETPs The month of May saw negligible net inflows of + 113mn (+ 4.2bn in April) into European ETPs. Despite this subdued overall volume, equity ETFs managed to attract inflows of + 881mn. However, this was offset by - 865mn of redemptions from fixed income ETFs. Commodity ETPs attracted over + 200mn of new money over the last month. Year-to-date flows for European listed ETPs is at bn as of the end of May. US listed ETPs had a relatively strong month with +$11.6bn of net inflow (+$13.4bn in April). The equity segment was the largest contributor drawing +$12.9bn worth of inflows. Flows for fixed income and commodity ETPs were negative recording outflows of -$281mn and -$1.2bn respectively. European equities continue to attract new money Since the start of 2015, ETFs with European equity exposure gained significant interest, both among European and US investors. Figure 1 illustrates the monthly trend of flows into European equities for both US and European listed ETFs over the last 12 months. As a reminder from our previous European ETP Monthly, the net outflow observed in April within the European listed space was driven by a single large outflow from an ETF tracking the DAX index. In May, we observed inflows again into European equities for listings in both US and Europe, although in a smaller magnitude compared to the months in Q Where European listings were concerned, our analysis shows a net inflow of +$846mn (+ 762mn) in May which took the YTD flows to +$16.3bn (+ 14.4bn). Demand of European exposure was also evident within the US listed ETFs where we saw +$2.1bn in May which in turn took the corresponding YTD total to +$28.4bn. Figure 1: Monthly inflows into Europe and US listed ETFs with exposure to European equities 10,000 8,000 6,000 4,000 2,000 - (2,000) (4,000) (6,000) Europe Listed US Listed Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 3

4 Fixed income ETFs experience outflows for the first time in 2 years Towards the end of April, bond markets started to sell-off pushing yields back up from their all time lows amid signs of economic recovery and increasing bond supply. This was reflected in the ETP market where we saw net redemptions within the asset class for the first time in 2 years, on a monthly basis. Over the month of May, fixed income ETFs saw outflows of - 865mn. This was driven mainly by sovereign bonds based ETFs from which investors pulled out over - 1bn. Dividend theme lost momentum in May In May, Dividend ETFs lost some of the momentum that we saw at the start of the year. Based on our classification system, our analysis shows that this category of ETFs experienced outflows of over - 500mn. While there were several dividend based ETFs that had net redemptions, it is worth noting that the net flow number was skewed by a single heavy redemption from a US dividend ETF tracking the S&P High Yield Dividend Aristocrats index, totalling c.- 350mn. German and Japanese equities most popular while UK and US equities lost out Among ETFs providing single country exposure, Germany, Japan, South Korea and France saw significant activity receiving inflows of + 1bn, + 355mn, + 278mn and + 203mn respectively. On the losing side, ETFs benchmarked to UK, US, Switzerland and China equities saw outflows of - 597mn, - 530mn, - 192mn and - 116mn respectively. Outflows from Energy sector and Crude oil ETPs Equity ETFs tracking energy stocks and Crude oil based commodity ETPs experienced outflows in May recording - 253mn and - 159mn respectively. During last two months crude oil prices have risen and we think that ETP investors may have sold out to lock in their gains. Page 4 Deutsche Bank AG/London

5 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 8.6% (from 9.1% in Apr 15) as of the end of May The equivalent number for the US market also decreased to 23.4% over the same period (from 23.5% in Apr 15). European ETFs comprised 3.5% of the continent s mutual fund industry as of March European domiciled ETFs registered inflows of + 7.2bn through March 2015, while UCITS mutual funds registered inflows totalling bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 15% of the mutual fund industry as of the end of April US domiciled ETFs registered inflows of +$13.8bn in April 2015, while US mutual funds registered inflows of +$5.6bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in May: 12 new launches dominated by equity European ETP industry registered 12 new product launches during May including 9 equity and 3 fixed income ETFs. Equity WisdomTree launched three equity ETFs during May. Two of these ETFs were listed on the Deutsche Borse providing USD hedged exposure to Japanese (WTDX GY) and European (WTDH GY) equities respectively. Another ETF was listed on the London Stock Exchange providing GBP hedged exposure to German equities (DXGP LN). Nomura launched two equity ETFs providing EUR (NJXE LN) and USD hedged (NJXU LN) exposure to JPX-Nikkei 400 TR Index. These ETFs were listed on the London Stock Exchange. Amundi listed an equity ETF (LWCU FP) tracking MSCI World Low Carbon Leaders Strategy Index. This ETF was listed on Euronext Paris. Deka Investment GmbH listed an equity ETF (ELFA GY) tracking Euro STOXX 50 Index. This ETF was listed on Deutsche Borse. Lyxor launched an equity ETF (PAXJ FP) on the Euronext Paris tracking MSCI Pacific ex-japan Index. PowerShares listed an equity ETF (HDLV LN) during may tracking S&P 500 Low Volatility High Dividend Index. This ETF was listed on the London Stock Exchange. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Deutsche Bank AG/London Page 5

6 Fixed Income Amundi launched one fixed income ETF on the Euronext Paris providing exposure to US dollar-denominated variable-rate corporate bonds (AFLT FP). Source listed one fixed income ETF providing exposure to the short-term investment grade global bonds denominated in EUR (PJSR GY). This ETF was listed on Deutsche Borse. UniCredit Bank made its debut with the launch of one fixed income ETF (ECBD GY) on Deutsche Borse tracking Thomson Reuters Monthly Europe Focus Convertible Index. For additional information on new product launches and listings please refer to Figure 61. Other regions cash flow summary US: Equity continued the positive run while fixed income saw outflows US domiciled ETPs recorded inflows of +$11.6bn (+$13.4bn in Apr 15) taking YTD flows total to +$81.7bn. Equity ETFs registered strong inflows of +$12.9bn (+$9.1bn in Apr 15) while fixed income ETFs took the back seat and experienced outflows of -$281mn in May 15. Commodity ETPs remained in negative territory with outflows of -$1.2bn. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$7.3bn), Strategy (+$2.2bn), Emerging Markets (+$1.8 bn) and Sector (-$0.8bn). Sub-segments: Global DM broad (+$3.7bn), Europe DM broad (+$1.4bn), Japan (+$1.2bn), Fundamental (+$1.2bn), China (+$1bn), and Energy (-$1.6bn). Within fixed income, major outflows were recorded by ETFs benchmarked to sovereign bonds (-$2.4bn) which were partially offset by inflows into subsovereign (+$0.9bn) and broad bond indices (+$0.8bn). Among commodity ETPs, gold and crude oil based ETPs saw outflows of -$0.9bn and -$0.4bn respectively over the last month. Asia: Japan and China focused ETFs registered healthy inflows Unlike previous two months, Asia-Pacific ETPs registered inflows of +$4.4bn in May (-$7.4bn in Apr 15 & -$0.9bn in Mar 15), bringing YTD flows total to -$325mn. Majority of the region s inflows were from equity ETFs recording +$5.2bn in new money, partially offset by outflows from fixed income ETFs (-$791mn). Within equity, Japan, China and Hong Kong focused ETFs were primary beneficiaries collecting +$4.3bn, +$1.6bn and +$674mn of inflows respectively. On the contrary, South Korea ETFs experienced outflows of -$807mn. Among other equity segments, short strategy, leveraged long strategy and other thematic ETFs saw major activity recording outflows of -$401mn, -$239mn and -$230mn respectively. Within fixed income, money market and sovereign bond focused ETFs experienced outflows of -$541mn and -$236mn respectively during last month. Page 6 Deutsche Bank AG/London

7 millions millions 12 June Investment Trends3 Cross-Asset Class ETPs Figure 2: Cash flows by asset class YTD ETPs Europe 40,000 35,000 30,000 25,000 Figure 3: Cash flows by asset class Month ETPs Europe 1,500 1, millions 20,000 15,000 millions ,000 10,000-1,500 5,000-2, ,500-5,000-3,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 4: Top 3 aggregate equity segments YTD 18,000 ETFs Europe Figure 5: Top 3 aggregate equity segments Month 2,000 ETFs Europe 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000-1,500 1, (500) (1,000) (1,500) Developed Markets Strategy Style Developed Markets Emerging Markets Style 3 Investment trends as expressed by cumulative monthly and YTD cash flows Deutsche Bank AG/London Page 7

8 millions millions millions millions millions millions 12 June 2015 Figure 6: Top 3 DM countries YTD ETFs Europe Figure 7: Top 3 DM countries Month ETFs Europe 4,000 3,000 2,000 1, ,000-2,000-3,000-4,000 1,500 1, ,000-1,500 Japan US Switzerland Germany UK US Figure 8: Top 3 DM regions YTD Figure 9: Top 3 DM regions Month ETFs Europe ETFs Europe 14,000 1,200 12,000 1,000 10,000 8,000 6,000 4,000 2,000 - (2,000) (200) Europe Global North America Europe Global North America Figure 10: Top 3 EM countries YTD Figure 11: Top 3 EM countries Month 1,000 ETFs Europe 400 ETFs Europe , , China India South Korea South Korea China India Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 12 June 2015 Figure 12: Top 3 EM regions YTD Figure 13: Top 3 EM regions Month ETFs Europe ETFs Europe (200) 300 (400) 200 (600) 100 (800) - (1,000) (100) (1,200) (200) Asia Pacific Global Europe Global Asia Pacific Latin America Figure 14: Top 3 sectors YTD Figure 15: Top 3 sectors Month 900 ETFs Europe 200 ETFs Europe (100) (200) - (100) (300) (200) (400) Financials Consumer Discretionary Consumer Staples Energy Financials Industrials Figure 16: Top 3 strategy segments YTD ETFs Europe 2,500 2,000 1,500 Figure 17: Top 3 strategy segments Month ETFs Europe , (500) (50) (100) (150) (200) (250) Quantitative Short Fundamental Leveraged Short Short Quantitative Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 12 June 2015 Fixed Income ETFs Figure 18: Top 3 aggregate fixed income segments YTD ETFs Europe 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Figure 19: Top 3 aggregate fixed income segments Month ETFs Europe ,000-1,500-2,000 Corporates Sovereign Overall Sovereign Corporates Overall Commodity ETPs Figure 20: Top 3 aggregate commodity segments YTD ETPs Europe 2,000 1,500 1, Figure 21: Top 3 aggregate commodity segments Month ETPs Europe Energy Overall Agriculture Energy Overall Industrial Metals Figure 22: Top 5 commodity sub-segments YTD 2,000 ETPs Europe Figure 23: Top 5 commodity sub-segments Month ETPs Europe 400 1, , Crude Oil Commodity Overall Energy Overall Silver Copper Crude Oil Commodity Overall Industrial Metals Overall Aluminium Gold Page 10 Deutsche Bank AG/London

11 $ billion Number of ETPs $ billion Number of ETPs 12 June Market Metrics ETF Industry Asset Evolution Figure 24: Global ETP regional asset growth ETPs Global 3,500 4,500 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,126.1 US, Europe & Asia Pacific ($) , , , , , , ,867.7 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,582 3,128 3,494 3,713 3,996 4,097 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 25: Global ETPs (ETF,ETV & ETC) asset growth ETPs 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, ** ETCs ETVs ETFs , , , , , ,787.3 Total , , , , , , ,867.7 Number of ETPs* ,213 1,666 2,042 2,582 3,128 3,494 3,713 3,996 4,097 - *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 million Number of ETFs $ billion Number of ETFs 12 June 2015 Figure 26: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 1,500 1, ,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , ,067.6 US, Europe & Asia Pacific ($) , , , , , ,787.3 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,700 3,004 3,183 3,460 3,567 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 27: European ETF asset growth by asset class ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,995 1,549 1,620 1,516 1,410 1,567 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,937 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86, ,525 Equity 15,532 21,815 37,907 57,029 70,776 65, , , , , , , ,859 Total 16,332 23,849 42,249 67,801 86,930 99, , , , , , , ,889 Number of ETFs* ,053 1,215 1,311 1,350 1,417 1,440 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 million Number of ETPs million Number of ETPs 12 June 2015 Figure 28: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,078 2,436 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 4,315 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 25,798 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 34,224 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 29: European ETPs (ETF & ETC) asset growth ETPs Europe 500,000 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 19,707 ETFs 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,19 442,88 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 379,00 462,59 Number of ETPs ,332 1,565 1,749 1,794 1,868 1,886 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 13

14 billion ETFs vs cash equities $ billion ETFs vs cash equities 12 June 2015 ETFs vs. Cash Equities Figure 30: 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 31: ETFs vs. cash equities turnover European market ETFs Europe % % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 14 Deutsche Bank AG/London

15 Figure 32: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-11 44, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 58, , % 1,221,851 5,242, % 2.7x 7.9x 21.0x Mar-15 75, , % 1,539,062 6,060, % 2.7x 7.6x 20.3x Apr-15 65, , % 1,297,812 5,518, % 2.6x 7.7x 19.8x May-15 57, , % 1,197,595 5,111, % 2.7x 7.6x 20.9x Period 2,318,172 30,879, % 68,455, ,089, % 3.5x 8.7x 30.0x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,065 6,991, % 16,181,562 65,446, % 3.3x 9.4x 30.6x Total ,345 3,584, % 6,974,902 28,045, % 2.7x 7.8x 21.3x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Deutsche Bank AG/London Page 15

16 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 12 June 2015 ETFs vs. Unlisted Mutual Funds Figure 33: 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 ETCs ETFs ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 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% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 34: European ETP vs mutual fund cash flows ETPs Europe Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Page 16 Deutsche Bank AG/London

17 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 12 June 2015 Figure 35: 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* 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 2,047 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% 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% 1.7% *Data as of 4/30/2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 36: US ETP vs mutual fund cash flows ETPs US Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Deutsche Bank AG/London Page 17

18 Number of ETFs AUM ( billion) 12 June 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 37: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 38: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74, ,495 73, ,449 89,410 Fixed Income 45,672 14,773 67,114 19,062 81,998 23,527 Commodity 10,892 3,620 10,027 3,385 10,790 4,147 Others 352 1, , ,083 Total 192,737 94, ,980 96, , ,167 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3, ,728 Fixed Income 7, ,880 3, Commodity -4, , Others Total 21,764-3,810 38,263 6,398-1,728 1, May-15 Page 18 Deutsche Bank AG/London

19 Figure 39: European ETF AUM by replication method ETFs Europe Figure 40: European ETF flows by replication method ETFs Europe May , ,167 May-15-1,728 1, ,507 9, ,980 96, ,263 6, ,737 94, ,810 21,764 0% 20% 40% 60% 80% 100% -60% -40% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 41: European ETFs product count by replication method ETFs Europe Figure 42: European Equity ETFs AUM by replication method ETFs Europe May May ,449 89, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 43: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 44: European Commodity ETFs AUM by replication method ETFs Europe May-15 81,998 23,527 May-15 10,790 4, ,114 19, ,027 3, ,672 14, ,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Deutsche Bank AG/London Page 19

20 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 12 June 2015 Industry Growth Analysis Figure 45: Global ETF Industry growth attribution ETFs Global 3.0% 8.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1% 0.4% -0.1% Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.2% 0.7% Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.0% -0.2% Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -4.0% Figure 46: US ETF Industry growth attribution ETFs US 3.5% 8.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -6.0% Page 20 Deutsche Bank AG/London

21 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) 12 June 2015 Figure 47: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -1.0% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15 Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9% 1.2% -0.2% Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.2% 0.2% Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2% -1.2% 1.0% Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -6.0% Figure 48: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% 6.0% 15.0% 4.0% 2.0% 0.0% -2.0% -4.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -6.0% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15 Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5% -1.9% 1.9% Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -20.0% Deutsche Bank AG/London Page 21

22 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 49: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated May-15 Apr-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 12, ,215 19,047 9,082-1,179-1,115-8, ,863 18,235 16,013-2,675 68,424 Fixed income ,057 4,497 5,678 5, ,153 25,395 18,449 16,576 1,212 45,057 Commodity ,746 Currency Multi Asset Alternative Total 12, ,391 17,394 13,796 4,527 4,177-7,421 10,902 79,347 37,088 32, ,129 ETCs/ETVs Commodity -1, , ,637 1,577 1, ,196 Currency Alternative Total -1, , ,392 1,533 1, ,907 ETPs Equity 12, ,215 19,047 9,082-1,179-1,115-8, ,863 18,235 16,013-2,675 68,424 Fixed income ,057 4,497 5,678 5, ,153 25,395 18,449 16,576 1,212 45,057 Commodity -1, , ,105 1,992 1, ,942 Currency Multi Asset Alternative Total 11, ,391 16,088 13,376 4,601 4,242-7,421 10,556 81,740 38,622 34, ,036 Asset Class Cash Flow Analysis Figure 50: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows May-15 Apr-15 YTD All figures in million Beta Beta+ Developed Markets 1, ,124-2, ,625 11, ,845 Emerging Markets Global Markets Sector Capitalization Strategy , ,187 Style Thematic Total equities 1, , ,115 15, ,013 Alpha Total Page 22 Deutsche Bank AG/London

23 Figure 50A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector Consumer discretionary Consumer staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization Large Cap Mid Cap Small Cap Strategy , ,187 Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative Short Style Dividend Growth Value Thematic Commodities Faith Other Theme Sustainability Total ,222 4, ,413 May-15 Apr-15 YTD Alpha Total Deutsche Bank AG/London Page 23

24 Figure 50B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 1, ,333-3, ,694 10, ,693 Austria Belgium Finland France Germany 1, ,018-3, , Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad , ,029 Americas , ,862 US , ,648 Canada North America Asia , ,666 Australia Hong Kong Japan , ,830 Singapore Asia Pacific broad Global Broad indices DM Total 1, ,124-2, ,625 11, ,845 May-15 Apr-15 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 50C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC Brazil Russia India China , ,194 Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total Total (EM + DM) 1, ,769-2, ,570 10, ,442 May-15 Apr-15 YTD Alpha Total Figure 51: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows May-15 Apr-15 YTD All figures in million Beta Beta+ Overall Corporates , ,201 9, ,414 Covered Bonds Credit Exposure Sovereign -1, ,016 2, ,448 5, ,309 Money Market Total Fixed Income -1, , ,261 15, ,576 Alpha Total Deutsche Bank AG/London Page 25

26 Figure 52: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows May-15 Apr-15 YTD All figures in million Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy ,026 Overall Carbon Crude Oil Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals Overall Gold Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total , ,725 Alpha Total Page 26 Deutsche Bank AG/London

27 Product Rankings Figure 53: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta , ,888.4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW UBS Beta Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,402.4 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,118.1 Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ishares MSCI Korea UCITS ETF (Inc) IKOR LN BlackRock Beta Vanguard S&P 500 ETF VUSA LN Vanguard Beta YTD Flows Figure 54: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,334.9 ishares CHF Corporate Bond (CH) CHCORP SW BlackRock Beta Lyxor UCITS ETF EuroMTS Inflation Linked IG (DR) MTI FP Lyxor Beta Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP Amundi Beta ishares Spain Government Bond UCITS ETF SESP LN BlackRock Beta PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ComStage ETF Commerzbank FED Funds Effective Rate Index TR CBFEDFER GR ComStage Beta YTD Flows Figure 55: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta ETFS Aluminium ALUM LN ETF Securities Beta ishares Physical Gold ETC SGLN LN Blackrock Beta ETFS Physical Gold PHAU LN ETF Securities Beta db Industrial Metals Booster Euro Hedged ETC XCTG GR Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ETFS Agriculture AIGA LN ETF Securities Beta db Energy Booster Euro Hedged ETC XCTH GR Deutsche AWM Beta ETFS Industrial Metals AIGI LN ETF Securities Beta YTD Flows Deutsche Bank AG/London Page 27

28 Figure 56: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,974.2 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta SPDR S&P US Dividend Aristocrats ETF SPYD GY State Street Beta ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,204.4 Lyxor UCITS ETF Dow Jones Industrial Average DJE FP Lyxor Beta UBS ETF - MSCI United Kingdom UCITS ETF A-acc UKCHFB SW UBS Beta ishares STOXX 600 Oil & Gas (DE) SXEPEX GR BlackRock Beta Vanguard FTSE 100 ETF VUKE LN Vanguard Beta Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta YTD Flows Figure 57: 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 Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,583.2 db x-trackers EUR Liquid Corporate 12.5 UCITS ETF 1C D3V3 GS Deutsche AWM Beta ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,372.3 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP Lyxor Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta Lyxor UCITS ETF EuroMTS 10-15Y IG (DR) MTE FP Lyxor Beta ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta YTD Flows Figure 58: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Source Physical Gold ETC (P-ETC) SGLD LN Source Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ETFS Copper COPA LN ETF Securities Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AWM Beta ETFS Brent Crude BRNT LN ETF Securities Beta UBS-IS CMCI Oil ETF (USD) A OILUSA SW UBS Beta ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Beta YTD Flows Page 28 Deutsche Bank AG/London

29 4. Product Review New Products Launched in the Month Figure 59: Number of ETPs by Asset Class ETPs Global May-15 Apr-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2, % 2, % 2, % Fixed income % % % Commodity % % % Currency % % 17 (2) 0.4% Multi Asset % 46 (5) 1.1% 45 (4) 1.1% Alternative % 51 (1) 1.3% % Total 3, % 3, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % 406 (5) 10.2% Currency % % 126 (1) 3.2% Alternative 4 0.1% 4-0.1% 4-0.1% Total % % 536 (6) 13.4% Total ETPs 4, % 4, % 3, % Figure 60: Number of ETPs by Asset Class ETPs Europe May-15 Apr-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % % Fixed income % % % Commodity % % % Currency - 0.0% 0-0.0% 1 (1) -0.1% Multi Asset 9 0.5% 9-0.0% % Alternative % 20 (3) -0.2% 20 (3) -0.2% Total 1, % 1, % 1, % ETCs Commodity % % 342 (4) -0.2% Currency % % 109 (1) -0.1% Total % % 451 (5) -0.3% Total ETPs 1, % 1, % 1, % Deutsche Bank AG/London Page 29

30 Page 30 Deutsche Bank AG/London Figure 61: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Marke t flag Benchmark Long /Short/ TER Leverage 5-May-15 AFLT FP AFLT.PA Amundi AMUNDI ETF FLOATING RATE USD CORPORATE UCITS ETF Fixed Income Beta Overall DM Markit iboxx USD FRN Liquid Corporates 100 1L 0.18% Euronext Paris 12-May-15 HDLV LN HDLV.L PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% London SE 12-May-15 LWCU FP LWCU.PA Amundi AMUNDI ETF MSCI World Low Carbon UCITS ETF - USD Equity Beta Sustainability Overall 100.0% MSCI World Low Carbon Leaders 1L 0.25% Euronext Paris 14-May-15 PAXJ FP PAXJ.PA Lyxor Lyxor MSCI Pacific ex Japan UCITS ETF Equity Beta Asia Pacific DM MSCI Pacific ex-japan 1L 0.30% Euronext Paris 14-May-15 DXGP LN DXGP.L WisdomTree Wisdomtree Germany Equity UCITS ETF - GBP Hedged Equity Beta European Developed DM WisdomTree Germany GBP Hedged Equity Index 1L 0.35% London SE 19-May-15 PJSR GY PJSR.DE Source PIMCO Euro Short Maturity Source UCITS ETF Euro Accumulation Fixed Income Alpha Overall DM Active 1L 0.35% Deutsche Borse 19-May-15 ELFA GY ELFA.DE Deka Investment GmbH Deka EURO STOXX 50 UCITS ETF (Accumulating) Equity Beta Eurozone DM Euro STOXX 50 1L 0.15% Deutsche Borse 21-May-15 WTDX GY WTDX.DE WisdomTree WisdomTree Japan Equity UCITS ETF - USD Hedged Equity Beta Developed non-europe DM WisdomTree Japan Hedged Equity Index 1L 0.48% Deutsche Borse 21-May-15 WTDH GY WTDH.DE WisdomTree WisdomTree Europe Equity UCITS ETF - USD Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.58% Deutsche Borse 21-May-15 ECBD GY ECBD.DE UniCredit Bank UC Thomson Reuters Balanced European Convertible Bond UCITS ETF Fixed Income Beta Overall Overall Thomson Reuters Monthly Europe Focus Convertible Index 1L 0.95% Deutsche Borse 22-May-15 NJXE LN NJXE.L Nomura Asset Management Nomura JPX-Nikkei 400 EUR Hedged Index UCITS ETF Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.30% London SE 22-May-15 NJXU LN NJXU.L Nomura Asset Management Nomura JPX-Nikkei 400 USD Hedged Index UCITS ETF Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.30% London SE Cross-Listings & share classes 6-May-15 USMVD SW USMVD.S Ossiam Ossiam ETF US Minimum Variance NR (USD) Equity Semi ActiveQuantitative DM Ossiam US Minimum Variance Index NR USD 1L 0.65% Swiss SE 6-May-15 CAPE SW CAPE.S Ossiam Ossiam Shiller Barclays Cape Europe Sector Value TR - UCITS ETF Equity Beta Quantitative DM Barclays CAPE Europe Sector Value Net TR Index 1L 0.65% Swiss SE 7-May-15 B500 IM B500.MI Amundi Amundi ETF S&P 500 Buyback UCITS ETF Equity Beta Other Theme DM S&P 500 Buyback Index 1L 0.15% Borsa Italiana 12-May-15 SXXPIEX SW EXSA.S BlackRock ishares STOXX 600 (DE) Equity Beta Europe DM STOXX Europe 600 1L 0.20% Swiss SE 12-May-15 HDLG LN HDLG.L PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% London SE 12-May-15 LWCR FP LWCR.PA Amundi AMUNDI ETF MSCI World Low Carbon UCITS ETF - EUR Equity Beta Sustainability Overall 100.0% MSCI World Low Carbon Leaders 1L 0.25% Euronext Paris 12-May-15 SX7EEX SW EXX1.S BlackRock ishares Euro STOXX Banks (DE) Equity Beta Eurozone DM Euro STOXX Banks 1L 0.51% Swiss SE 12-May-15 SUBEEX SW EXXV.S BlackRock ishares Dow Jones Eurozone Sustainability Screened UCITS ETF (DE) Equity Beta Sustainability DM Dow Jones Sustainability Euro Zone Index 1L 0.41% Swiss SE 13-May-15 SX6PEX SW EXH9.S BlackRock ishares STOXX 600 Utilities (DE) Equity Beta European DM STOXX Europe 600 Utilities 1L 0.46% Swiss SE 13-May-15 SX8PEX SW EXV3.S BlackRock ishares STOXX 600 Technology (DE) Equity Beta European DM STOXX Europe 600 Technology 1L 0.46% Swiss SE 13-May-15 SXEPEX SW EXH1.S BlackRock ishares STOXX 600 Oil & Gas (DE) Equity Beta European DM STOXX Europe 600 Oil & Gas 1L 0.46% Swiss SE 13-May-15 SXIPEX SW EXH5.S BlackRock ishares STOXX 600 Insurance (DE) Equity Beta European DM STOXX Europe 600 Insurance 1L 0.46% Swiss SE 13-May-15 SXDPEX SW EXV4.S BlackRock ishares STOXX 600 Health Care (DE) Equity Beta European DM STOXX Europe 600 Healthcare 1L 0.46% Swiss SE 13-May-15 SXPPEX SW EXV6.S BlackRock ishares STOXX 600 Basic Resources (DE) Equity Beta European DM STOXX Europe 600 Basic Resources 1L 0.46% Swiss SE 13-May-15 SX7PEX SW EXV1.S BlackRock ishares STOXX 600 Banks (DE) Equity Beta European DM STOXX Europe 600 Banks 1L 0.46% Swiss SE 18-May-15 XD5D SW XD5D.S Deutsche AWM db x-trackers MSCI EMU Index UCITS ETF DR - 1C Equity Beta Eurozone DM MSCI EMU monthly USD Hedged Index 1L 0.25% Swiss SE 18-May-15 XD5S SW XD5S.S Deutsche AWM db x-trackers MSCI EMU Index UCITS ETF DR - 2C Equity Beta Eurozone DM MSCI EMU monthly GBP Hedged Index 1L 0.25% Swiss SE 18-May-15 STYC LN STYC.L Source PIMCO Short-Term HY Corporate Bond Index Source ETF USD Acc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.55% London SE 18-May-15 HDLV FP HDLV.PA PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Euronext Paris 20-May-15 CBITAEU SW CBITAEU.S ComStage ComStage MSCI Italy TRN UCITS ETF Equity Beta European Developed DM MSCI Italy 1L 0.25% Swiss SE 20-May-15 CBPSI SW CBPSI.S ComStage ComStage ETF PSI 20 Equity Beta European Developed DM PSI 20 1L 0.35% Swiss SE 20-May-15 CBESPEU SW CBESPEU.S ComStage ComStage MSCI Spain TRN UCITS ETF Equity Beta European Developed DM MSCI Spain 1L 0.25% Swiss SE 20-May-15 CBITA SW CBITA.S ComStage ComStage MSCI Italy TRN UCITS ETF Equity Beta European Developed DM MSCI Italy 1L 0.25% Swiss SE 20-May-15 CBPSIEU SW CBPSIEU.S ComStage ComStage ETF PSI 20 Equity Beta European Developed DM PSI 20 1L 0.35% Swiss SE 20-May-15 CBESP SW CBESP.S ComStage ComStage MSCI Spain TRN UCITS ETF Equity Beta European Developed DM MSCI Spain 1L 0.25% Swiss SE 21-May-15 PAXG LN PAXG.LN Lyxor Lyxor MSCI Pacific ex Japan UCITS ETF Equity Beta Asia Pacific DM MSCI Pacific ex-japan 1L 0.30% London SE 21-May-15 PAXJ LN PAXJ.LN Lyxor Lyxor MSCI Pacific ex Japan UCITS ETF Equity Beta Asia Pacific DM MSCI Pacific ex-japan 1L 0.30% London SE 21-May-15 HDLV GY HDLV.DE PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Deutsche Borse 21-May-15 HDLV IM HDLV.MI PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Borsa Italiana 21-May-15 DXJ IM DXJ.MI WisdomTree WisdomTree Japan Equity UCITS ETF - USD Hedged Equity Beta Developed non-europe DM WisdomTree Japan Hedged Equity Index 1L 0.48% Borsa Italiana 21-May-15 HEDJ IM HEDJ.MI WisdomTree WisdomTree Europe Equity UCITS ETF - USD Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.58% Borsa Italiana 21-May-15 DXJ LN DXJ.L WisdomTree WisdomTree Japan Equity UCITS ETF - USD Hedged Equity Beta Developed non-europe DM WisdomTree Japan Hedged Equity Index 1L 0.48% London SE 21-May-15 HEDJ LN HEDJ.L WisdomTree WisdomTree Europe Equity UCITS ETF - USD Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.58% London SE 21-May-15 XHY1 IM XHY1.MI Deutsche AWM db x-trackers II iboxx EUR High Yield Bond 1-3 UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Liquid High Yield 1-3 Index 1L 0.35% Borsa Italiana 21-May-15 XHYS IM XHYS.MI Deutsche AWM db x-trackers II iboxx EUR High Yield Bond Short Daily UCITS ETF Fixed Income Beta Overall DM Markit Short iboxx EUR Liquid High Yield Total Return Index 1S 0.35% Borsa Italiana 21-May-15 XHYG IM XHYG.MI Deutsche AWM db x-trackers II iboxx EUR HY Bond UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Liquid High Yield Index 1L 0.35% Borsa Italiana 27-May-15 G2X GY G2X.DE Van Eck Funds Market Vectors Gold Miners UCITS ETF Equity Beta Commodities Overall NYSE Arca Gold Miners 1L 0.55% Deutsche Borse 27-May-15 G2XJ GY G2XJ.DE Van Eck Funds Market Vectors Junior Gold Miners UCITS ETF Equity Beta Commodities Overall Market Vectors Global Junior Gold Miners 1L 0.55% Deutsche Borse Exchange Listed 12 June 2015

31 Average TERs Figure 62: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.70% % % 10 Beta 0.40% % % 906 Beta+ 0.55% % % 69 Semi Active 0.54% % % % % % 1,018 Fixed Income Alpha 0.59% % % 10 Beta 0.24% % % 313 Beta+ NA NA 0.25% % % % % 347 Alternative Alpha NA NA 0.73% % 5 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % 17 Commodity Beta 0.49% % % 48 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 49 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.60% % % % % % 9 Total 0.38% % % 1,440 Figure 63: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.51% % 40 Beta+ NA NA 0.91% % 29 Energy Beta NA NA 0.48% % 52 Beta+ NA NA 0.78% % 47 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.89% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.74% % 39 Commodity 0.45% % % 338 Currency Currency Beta NA NA 0.41% % 42 Beta+ NA NA 0.77% % 66 Currency NA NA 0.63% % 108 Deutsche Bank AG/London Page 31

32 Figure 64: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.71% % % 10 Beta 0.34% % % 906 Beta+ 0.58% % % 69 Semi Active 0.58% % % % % % 1,018 Fixed Income Alpha 0.37% % % 10 Beta 0.26% % % 313 Beta+ NA NA 0.23% % % % % 347 Alternative Alpha NA NA 0.84% % 5 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % % 17 Commodity Beta 0.42% % % 48 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 49 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.67% % % % % % 8 Total 0.32% % % 1,440 Figure 65: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% % 40 Beta+ NA NA 0.98% % 29 Energy Beta NA NA 0.52% % 52 Beta+ NA NA 0.98% % 47 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.98% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.39% % % 51 Beta+ NA NA 0.97% % 39 Commodity 0.39% % % 338 Currency Currency Beta NA NA 0.39% % 42 Beta+ NA NA 0.92% % 66 Currency NA NA 0.78% % 108 Page 32 Deutsche Bank AG/London

33 5. Provider Rankings Global Provider Rankings Figure 66: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,052, % 975, % 607 1, ,743 44,162 2 Vanguard 494, % 443, % 95 4,890 63,281 35,640 3 State Street 425, % 453, % 227 1, ,518-38,885 4 PowerShares 93, % 91, % 145-1,874 64, Deutsche AWM 78, % 58, % 255 1,234 11,693 17,863 6 WisdomTree 62, % 39, % 82 1,688 16,180 19,068 7 Nomura Asset Management 54, % 43, % 46 1,287 24,445 4,809 8 Lyxor 53, % 45, % ,329 5,811 9 First Trust 42, % 33, % 98 1,625 6,188 7, Charles Schwab 33, % 26, % 21 1,256 3,998 5,922 Total Top 10 2,391, % 2,210, % 1,795 13,638 1,161, ,122 Others 395, % 352, % 1,772 3, ,132 15,008 Global Total 2,787, % 2,562, % 3,567 17,394 1,427, ,129 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 67: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 27, % 27, % , ETF Securities 16, % 16, % , BlackRock 12, % 12, % , PowerShares 6, % 7, % , United States Commodity Funds 3, % 2, % , ProShares 3, % 3, % , Deutsche AWM 2, % 2, % Source 2, % 1, % Deutsche Borse Commodities GmbH 1, % 1, % Guggenheim Investments 1, % % , Total Top 10 79, % 76, % 420-1,310 50,316 3,762 Others % % Global Total 80, % 77, % 530-1,306 51,043 3,907 YTD CF Deutsche Bank AG/London Page 33

34 Figure 68: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,065, % 987, % ,200 44,469 2 Vanguard 494, % 443, % 95 4,890 63,281 35,640 3 State Street 452, % 481, % ,959-38,414 4 PowerShares 100, % 98, % 156-1,845 66,635-1,183 5 Deutsche AWM 81, % 60, % 284 1,281 11,876 18,308 6 WisdomTree 62, % 39, % 82 1,688 16,180 19,068 7 Nomura Asset Management 54, % 43, % 46 1,287 24,445 4,809 8 Lyxor 53, % 45, % ,329 5,811 9 First Trust 42, % 33, % 98 1,625 6,188 7, Charles Schwab 33, % 26, % 21 1,256 3,998 5,922 Total Top 10 2,441, % 2,259, % 1,844 12,735 1,178, ,149 Others 426, % 380, % 2,253 3, ,483 17,887 Global Total 2,867, % 2,639, % 4,097 16,088 1,478, ,036 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 34 Deutsche Bank AG/London

35 European Provider Rankings General Figure 69: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 210, ,377 20% ,452 25,685 29,108-12% % Deutsche AWM 54,883 44,558 23% 44 1,143 4,525 5,779 6,394-10% % Lyxor 48,399 37,823 28% ,199 10,130 12,561-19% % UBS 23,867 17,073 40% ,846 2,012 2,141-6% % Amundi 18,700 15,386 22% ,196 3,304 3,887-15% % Vanguard 15,493 12,538 24% ,054 1,766 1,749 1% % Source 14,654 12,625 16% ,527 1,990-23% % State Street 12,159 9,274 31% ,779 1,188 1,842-36% % ComStage 7,430 5,391 38% , % % Deka Investment GmbH 7,243 6,433 13% ,054 1,604 28% % Zuercher Kantonalbank 6,613 6,032 10% % 4 4 0% HSBC 5,774 5,363 8% % % BNP Paribas 4,670 3,756 24% % % Xact Fonder AB 2,875 2,379 21% ,073 1,202-11% % Julius Baer Inv 2,229 2,060 8% % 8 8 0% Ossiam 1,825 1,574 16% % % PowerShares 1,763 1,465 20% % % ThinkCapital ETFs N.V. 1,026 1,030 0% % % ETF Securities % % % BBVA Gestion SA SGIIC % % 2 2 0% Royal Bank of Scotland plc % % % WisdomTree % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Nomura Asset Management NA % 3 0 NA DnB Kapitalforvaltning % % 1 1 0% Fundlogic Global Solutions plc % % 1 1 0% Van Eck Funds 99 0 NA % 2 0 NA SEB Investment Management AB % % 3 3 0% First Trust % % 4 4 0% Commerzbank AG % % % UniCredit Bank 42 0 NA NA 1 0 NA FinEx Fund Plc % % 2 2 0% Swedbank Robur % % 3 3 0% Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 6 6-3% % 2 2 0% Boost % % 3 3 0% Alpcot Capital Management % % 1 1 0% Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA % 2 2 0% NCB Stockbrokers % % % Total 442, ,193 22% 116 4,177 32,969 57,277 65,644-13% ,417 2% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 35

36 Figure 70: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. ETF Securities 12,827 11,282 14% ,462 2,844-13% % Deutsche AWM 2,306 1,811 27% % % Source 1,886 1,586 19% % 4 4 0% Deutsche Borse Commodities GmbH 1,749 1,572 11% % 1 1 0% BlackRock % % 4 4 0% Royal Bank of Scotland plc % % % Boost % % % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % Total 19,707 16,813 17% ,298 3,626 4,077-11% % AUM Cash Flow Turnover Products Page 36 Deutsche Bank AG/London

37 Figure 71: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month Products End of 2014 Diff. BlackRock 210, ,556 20% ,619 25,733 29,141-12% % Deutsche AWM 57,189 46,369 23% 86 1,195 4,923 5,942 6,610-10% % Lyxor 48,399 37,823 28% ,199 10,130 12,561-19% % UBS 23,867 17,073 40% ,846 2,012 2,141-6% % Amundi 18,700 15,386 22% ,196 3,304 3,887-15% % Source 16,540 14,212 16% ,825 2,269-20% % Vanguard 15,493 12,538 24% ,054 1,766 1,749 1% % ETF Securities 13,507 11,738 15% ,925 3,361-13% % State Street 12,159 9,274 31% ,779 1,188 1,842-36% % ComStage 7,430 5,391 38% , % % Deka Investment GmbH 7,243 6,433 13% ,054 1,604 28% % Zuercher Kantonalbank 6,613 6,032 10% % 4 4 0% HSBC 5,774 5,363 8% % % BNP Paribas 4,670 3,756 24% % % Xact Fonder AB 2,875 2,379 21% ,073 1,202-11% % Julius Baer Inv 2,229 2,060 8% % 8 8 0% Ossiam 1,825 1,574 16% % % PowerShares 1,763 1,465 20% % % Deutsche Borse Commodities GmbH 1,749 1,572 11% % 1 1 0% ThinkCapital ETFs N.V. 1,026 1,030 0% % % Royal Bank of Scotland plc % % % BBVA Gestion SA SGIIC % % 2 2 0% WisdomTree % % % Boost % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Nomura Asset Management NA % 3 0 NA DnB Kapitalforvaltning % % 1 1 0% Fundlogic Global Solutions plc % % 1 1 0% Borse Stuttgart Securities GmbH % % 1 1 0% Van Eck Funds 99 0 NA % 2 0 NA SEB Investment Management AB % % 3 3 0% First Trust % % 4 4 0% Commerzbank AG % % % UniCredit Bank 42 0 NA NA 1 0 NA FinEx Fund Plc % % 2 2 0% Swedbank Robur % % 3 3 0% Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 6 6-3% % 2 2 0% Alpcot Capital Management % % 1 1 0% NCB Stockbrokers % % % PDR Services LLC 0 0 NA % 0 0 NA Nordea Investment Funds 0 0 NA % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Total 462, ,006 22% 113 4,242 34,267 60,903 69,722-13% 1,886 1,868 1% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 37

38 Figure 72: European ETP Providers tier market share ETPs Europe May-15 Q1 15 Q4 14 Q3 14 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q2 14 Q3 14 Q4 14 Q1 15 May-15 Tier % 68.9% 68.6% 68.7% 68.3% Tier % 26.9% 27.3% 27.2% 27.5% Tier 3 5.3% 4.2% 4.2% 4.0% 4.1% Page 38 Deutsche Bank AG/London

39 European Provider Rankings by Asset Class Figure 73: 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 144,121 64,291 1, , % , ,452 Deutsche AWM 41,060 12, , % 232 5, ,525 Lyxor 38,871 8,388 1, , % , ,199 UBS 20,551 1,403 1, , % 121 2, ,846 Amundi 14,469 4, , % 101 3, ,196 Vanguard 15, , % 13 1, ,054 Source 9,395 4, , % 73 1, State Street 8,102 4, , % 65 1, ,779 ComStage 4,717 2, , % ,379 Deka Investment GmbH 4,807 2, , % 44 2, Zuercher Kantonalbank 0 0 6, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv , , % Ossiam 1, , % PowerShares 1, , % ThinkCapital ETFs N.V , % ETF Securities % BBVA Gestion SA SGIIC % Royal Bank of Scotland plc % WisdomTree % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % Nomura Asset Management % DnB Kapitalforvaltning % Fundlogic Global Solutions plc % Van Eck Funds % SEB Investment Management AB % First Trust % Commerzbank AG % UniCredit Bank % FinEx Fund Plc % Swedbank Robur % Alpha Asset Management % NBG Asset Management MFMC % Boost % Alpcot Capital Management % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 320, ,525 14,937 1, , % 1,440 57, ,969 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 39

40 Figure 74: 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 12, , % 305 2, Deutsche AWM 2, , % Source 1, , % Deutsche Borse Commodities GmbH 1, , % BlackRock % Royal Bank of Scotland plc % Boost % Borse Stuttgart Securities GmbH % Commerzbank AG % Total 19, , % 446 3, ,298 Page 40 Deutsche Bank AG/London

41 Figure 75: 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 144,121 64,291 1, , % , ,619 Deutsche AWM 41,060 12,475 2, , % 261 5, ,923 Lyxor 38,871 8,388 1, , % , ,199 UBS 20,551 1,403 1, , % 121 2, ,846 Amundi 14,469 4, , % 101 3, ,196 Source 9,395 4,986 2, , % 77 1, Vanguard 15, , % 13 1, ,054 ETF Securities , , % 322 2, State Street 8,102 4, , % 65 1, ,779 ComStage 4,717 2, , % ,379 Deka Investment GmbH 4,807 2, , % 44 2, Zuercher Kantonalbank 0 0 6, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv , , % Ossiam 1, , % PowerShares 1, , % Deutsche Borse Commodities GmbH 0 0 1, , % ThinkCapital ETFs N.V , % Royal Bank of Scotland plc % BBVA Gestion SA SGIIC % WisdomTree % Boost % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % Nomura Asset Management % DnB Kapitalforvaltning % Fundlogic Global Solutions plc % Borse Stuttgart Securities GmbH % Van Eck Funds % SEB Investment Management AB % First Trust % Commerzbank AG % UniCredit Bank % FinEx Fund Plc % Swedbank Robur % Alpha Asset Management % NBG Asset Management MFMC % Alpcot Capital Management % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 320, ,525 34,224 1, , % 1,886 60, ,267 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Deutsche Bank AG/London Page 41

42 European Provider Analysis by Replication Method Figure 76: 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 143, , , % 262 Synthetic ,033 0% 4 Deutsche AWM Physical 24, ,252 44% 53 Synthetic 16, , ,630 56% 179 Lyxor Physical , ,913 10% 29 Synthetic 38, , , ,487 90% 190 UBS Physical 17, , , ,499 86% 91 Synthetic 2, ,368 14% 30 Amundi Physical % 6 Synthetic 13, , ,732 95% 95 Vanguard Physical 15, , % 13 Source Physical 1, , ,165 42% 20 Synthetic 8, ,489 58% 53 State Street Physical 8, , , % 65 ComStage Physical % 2 Synthetic 4, , ,326 99% 100 Deka Investment GmbH Physical 4, , , % 43 Synthetic % 1 Zuercher Kantonalbank Physical , , % 4 HSBC Physical 5, , % 28 BNP Paribas Physical 2, ,114 45% 17 Synthetic 2, ,556 55% 21 Xact Fonder AB Physical 2, ,451 85% 4 Synthetic % 6 Julius Baer Inv Physical , , % 8 Ossiam Physical % 1 Synthetic 1, ,776 97% 7 PowerShares Physical 1, ,728 98% 17 Synthetic % 3 ThinkCapital ETFs N.V. Physical , % 11 ETF Securities Synthetic % 12 Physical % 5 BBVA Gestion SA Physical % 2 RBS plc Synthetic % 12 WisdomTree Physical % 10 Seligson & Co Fund Mgmt. Physical % 1 Raiffeisen Schweiz Physical % 3 Nomura Asset Management Physical % 3 DnB Kapitalforvaltning Physical % 1 Fundlogic Global Solutions plc Synthetic % 1 Van Eck Funds Physical % 2 SEB Investment Management AB Synthetic % 3 First Trust Physical % 4 Commerzbank AG Synthetic % 1 Physical % 1 UniCredit Bank Synthetic % 1 FinEx Fund Plc Physical % 1 Synthetic % 1 Swedbank Robur Physical % 3 Alpha Asset Mgmt. Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Boost Synthetic % 3 Alpcot Capital Mgmt Physical % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 320,859 1, , , , ,889 1,440 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 42 Deutsche Bank AG/London

43 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 77: Turnover by asset class and instrument ( million) ETPs Europe May-15 Apr YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 39,675 4, ,403 47,619 4, ,771 31,090 4, , ,650 Fixed income 11, ,194 11, ,026 7, ,364 66,870 Commodity ,045 Currency Multi Asset Alternative Total 51,876 5, ,277 60,023 5, ,644 39,072 4, , ,341 ETCs Commodity 2,115 1, ,326 2,405 1, ,775 1, ,130 20,790 Currency ,557 Total 2,144 1, ,626 2,431 1, ,077 1, ,248 22,348 Total ETPs 54,020 6, ,903 62,454 6, ,722 40,800 5, , ,688 Asset Class Analysis Figure 78: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 28, ,718 32, ,997 21, , ,526 Emerging Markets 4, ,359 6, ,429 4, ,108 26,671 Global Markets 1, , ,250 Sector 2, ,747 3, ,275 2, ,166 15,834 Capitalization ,786 Strategy 364 4, , , , , ,846 27,076 Style 1, ,510 2, ,026 1, ,179 9,255 Thematic ,247 Total Equities 39,674 4, ,403 47,615 4, ,766 31,090 4, , ,645 May-15 Apr Deutsche Bank AG/London Page 43

44 Figure 78A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 2, ,747 3, ,275 2, ,166 15,834 Consumer discretionary Consumer staples Energy Financials , , ,931 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization ,786 Large Cap Mid Cap Small Cap ,956 Strategy 364 4, , , , , ,846 27,076 Fundamental Leveraged Long 0 2, , , , , ,254 13,357 Leveraged Short 0 1, , , , , ,736 7,212 Options Strategy Quantitative Short ,855 Style 1, ,510 2, ,026 1, ,179 9,255 Dividend 1, ,411 1, ,870 1, ,079 8,418 Growth Value Thematic ,247 Commodities Cyclical Faith Other Theme Sustainability Total 5,579 4, ,292 7,221 4, ,361 4,520 4, ,067 58,198 May-15 Apr Page 44 Deutsche Bank AG/London

45 Figure 78B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 18, ,218 20, ,134 13, , ,257 Austria Belgium Finland France ,602 Germany 4, ,312 4, ,634 3, ,368 23,967 Greece Ireland Italy , , ,403 Netherlands ,054 Norway Portugal Iceland Spain ,895 Sweden ,663 Switzerland ,782 UK 3, ,015 2, ,402 2, ,125 14,245 Europe broad 7, ,885 9, ,305 5, ,400 44,786 Americas 4, ,911 6, ,273 4, ,151 32,150 US 4, ,711 5, ,981 3, ,862 30,701 Canada North America Asia 3, ,183 3, ,825 2, ,217 17,348 Australia Hong Kong Japan 2, ,787 3, ,362 1, ,966 15,566 Singapore Asia Pacific broad Global 2, ,406 2, ,765 1, ,638 12,771 Broad indices 2, ,406 2, ,765 1, ,638 12,771 DM Total 28, ,718 32, ,996 21, , ,526 May-15 Apr Deutsche Bank AG/London Page 45

46 Figure 78C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC 1, ,534 2, ,816 1, ,320 10,796 Brazil Russia ,482 India ,202 China , , ,130 Latin America Chile Mexico LATAM broad Asia ,804 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad ,573 EMEA ,247 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 1, ,776 2, ,270 1, ,833 10,107 Global 1, ,776 2, ,270 1, ,833 10,107 EM Total 4, ,359 6, ,429 4, ,108 26,671 Total (EM + DM) 33, ,077 39, ,425 25, , ,196 May-15 Apr Figure 79: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall ,352 Corporates 3, ,951 4, ,909 2, ,496 22,958 Covered Bonds Credit Exposure Sovereign 6, ,221 5, ,953 4, ,201 38,122 Money Market ,560 Total Fixed Income 11, ,194 11, ,026 7, ,364 66,870 May-15 Apr Page 46 Deutsche Bank AG/London

47 Figure 80: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall ,504 Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture ,033 Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy , , , ,415 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals ,057 Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 1, ,439 1, ,694 1, ,874 11,522 Overall Gold , , , Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 2,651 1, ,864 3,080 1, ,451 2, ,927 24,560 May-15 Apr Deutsche Bank AG/London Page 47

48 Product Rankings Figure 81: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1, , ,003.4 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1, , ,469.0 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, , ,950.8 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 1, ,539.3 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 1, , ,188.7 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,746.8 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta , ,422.9 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ,997.3 Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,279.3 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta ,465.6 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta ,735.9 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,216.7 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta , ,944.6 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,479.9 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ,918.0 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta ,712.8 ishares MSCI AC Far East ex-japan UCITS ETF IFFF LN BlackRock Beta ,099.3 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,207.6 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,270.2 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta ,428.5 YTD TO Figure 82: 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 ,281.1 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,675.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,053.2 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,894.8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ,136.0 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ,385.1 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,268.0 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ishares Euro Government Bond 15-30yr UCITS ETF IEGL LN BlackRock Beta ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,424.0 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ,266.4 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,464.3 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka Investment GmbH Beta UBS-ETF Barclays Capital US 7-10 Year Treasury Bond A UEFI GY UBS Beta YTD TO Page 48 Deutsche Bank AG/London

49 Figure 83: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,419.5 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,174.1 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,221.3 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,339.4 ETFS Physical Gold PHAU LN ETF Securities Beta ,619.3 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,195.4 Gold Bullion Securities GBS LN ETF Securities Beta ,545.6 ETFS Brent 1mnth Oil OILB LN ETF Securities Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ETFS Energy AIGE LN ETF Securities Beta ETFS Aluminium ALUM LN ETF Securities Beta ETFS Brent Crude BRNT LN ETF Securities Beta ETFS Agriculture AIGA LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Beta ETFS Daily Leveraged Coffee LCFE LN ETF Securities Beta ETFS Industrial Metals AIGI LN ETF Securities Beta ETFS Natural Gas NGAS LN ETF Securities Beta YTD TO Figure 84: 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, Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR Deka DAX UCITS ETF ETFDAX GR 1, UBS-ETF Barclays Capital US 7-10 Year Treasury Bond A UEFI GY ishares Euro STOXX 50 (DE) SX5EEX GR db x-trackers II EONIA TR Index UCITS ETF XEON GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR ishares STOXX 600 (DE) SXXPIEX GR Deka Deutsche Borse EUROGOV Germany 10+ UCITS ETF ETFGS10 GR db x-trackers ShortDAX UCITS ETF XSDX GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR ishares Euro STOXX Banks (DE) SX7EEX GR UBS-ETF Markit iboxx EUR Germany 5-10 A UEFN GY ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares eb.rexx Government Germany (DE) RXP5EX GR Deka EURO STOXX 50 UCITS ETF ETFSX5E GR ishares Barclays Euro Aggregate Bond EUN4 GR Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR ishares Markit iboxx Euro High Yield EUNW GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers Portfolio TR Index UCITS ETF XQUI GR db Physical Gold Euro Hedged ETC XAD1 GR ETFS Short USD Long EUR XBJQ GR ETFS WTI Crude Oil OD7F GR db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR ETFS Brent Oil OESA GR Portfolio Income UCITS ETF 1D XS7W GR db Physical Gold ETC (EUR) XAD5 GR ETFS 5X Long USD Short EUR 5CH5 GY ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ETFX Bofaml IVSTOXX ETF VHTX GR db ETC Brent Crude Oil Euro Hedged ETC XETC GR ETFS 5X Short USD Long EUR 5CH6 GY ETFS Daily Leveraged Crude Oil 4RT6 GR ETFS Long USD Short EUR XBJP GR db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ishares S&P Listed Private Equity Fund IQQL GR 1.25 Deutsche Bank AG/London Page 49

50 Figure 85: 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 1, ishares Euro Corporate Bond UCITS ETF IEAC LN Vanguard FTSE 100 ETF VUKE LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN Vanguard S&P 500 ETF VUSD LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares S&P 500 UCITS ETF (Inc) IUSA LN ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN ishares $ Corporate Bond UCITS ETF LQDE LN ishares Core S&P 500 UCITS ETF CSPX LN ishares UK Gilts UCITS ETF IGLT LN Lyxor UCITS ETF JPX-NIKKEI 400 C-EUR USD JPXU LN ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN ishares FTSE 250 UCITS ETF MIDD LN ishares Corporate Bond UCITS ETF SLXX LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN ishares MSCI AC Far East ex-japan UCITS ETF IDFF LN ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN ETFS 3x Short EUR Long USD SEU3 LN ETFS WTI Crude Oil CRUD LN Source J.P. Morgan Macro Hedge Dual Vega Target 4% TR UCITS ETF MHVT LN ETFS Physical Gold PHAU LN ishares Listed Private Equity UCITS ETF IPRV LN Gold Bullion Securities GBS LN ETFS 3x Short JPY Long USD SJP3 LN ETFS Energy AIGE LN ETFS 3x Long EUR Short USD LEU3 LN ETFS Aluminium ALUM LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN ETFS Brent 1mnth Oil OILB LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN ETFS Agriculture AIGA LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Daily Leveraged Crude Oil LOIL LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS Physical Gold GBP PHGP LN ETFS 3x Short GBP Long USD SGB3 LN 4.24 Figure 86: 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 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW ishares CHF Corporate Bond (CH) CHCORP SW ishares MSCI EMU UCITS ETF CSEMU SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares $ TIPS UCITS ETF ITPS SW ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM SW db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW UBS-ETF MSCI EMU EMUEUA SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW ishares MSCI AC Far East ex-japan UCITS ETF IFFF SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW ishares $ Corporate Bond UCITS ETF LQDE SW ishares SMIM CH CSSMIM SW ishares Global High Yield Corp Bond CHF Hedged UCITS ETF GHYC SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF ZGLD SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Gold ETF-A USD ZGLDUS SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW ishares Listed Private Equity UCITS ETF IPRV SW Julius Baer Physical Gold Fund (CHF) A JBGOCA SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW ZKB Gold ETF-H (CHF) ZGLDHC SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW ZKB Gold ETF-A EUR ZGLDEU SW J.P.Morgan Macro Hedge US TR Source ETF MHUU SW ishares Gold CHF Hedged CH CSGLDC SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW Lyxor ETF Commodities CRB CRB SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW Lyxor ETF Privex LYPVX SW 0.04 Page 50 Deutsche Bank AG/London

51 Figure 87: 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 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Lyxor ETF Leverage CAC 40 LVC FP Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor UCITS ETF MSCI Europe MEU FP Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor ETF XBear CAC 40 BX4 FP Lyxor ETF Daily Leveraged BTP BTPL FP Lyxor UCITS ETF MSCI USA D-EUR USA FP Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP Amundi ETF Topix Eur Hedged Daily UCITS ETF TPXH FP Lyxor ETF Daily Leveraged Bund DLB FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Lyxor UCITS ETF Euro Cash CSH FP Lyxor UCITS ETF China Enterprise (HSCEI) ASI FP Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Privex PVX FP Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP ETFS Brent 1mnth Oil OILBP FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS WTI Crude Oil CRUDP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP Gold Bullion Securities GBS FP ishares Listed Private Equity UCITS ETF PRV FP - 6 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP ETFS Copper COPAP FP ETFS Wheat WEATP FP ETFS Natural Gas NGASP FP ETFS All Commodities AIGCP FP 0.70 Figure 88: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor ETF Daily Double Short BTP BTP2S IM Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM Lyxor ETF XBear FTSE/MIB XBRMIB IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares S&P 500 UCITS ETF (Inc) IUSA IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM ishares Core S&P 500 UCITS ETF CSSPX IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM ishares STOXX 600 (DE) SXXPIEX IM Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) EM35 IM Lyxor UCITS ETF Euro STOXX 50 MSE IM ishares Euro Corporate Bond UCITS ETF IEAC IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM db x-trackers II iboxx Euro Inflation-Linked TR Index UCITS ETF XEIN IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Long USD Short EUR EUS3 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 5X Long USD Short EUR EUS5 IM ETFS WTI Crude Oil CRUD IM ETFS 3X Short USD Long EUR USE3 IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS Short USD Long EUR USEU IM Boost Wti Oil 3X Short Daily ETP 3OIS IM Boost Long USD Short EUR 5x Daily ETP 5USE IM ETFS Physical Gold PHAU IM ETFS 5X Short USD Long EUR USE5 IM ETFS Daily Leveraged Natural Gas LNGA IM ETFS Long USD Short EUR EUUS IM ETFS Daily Leveraged Coffee LCFE IM Lyxor ETF Privex PVX IM Boost Natural Gas 3x Short Daily 3NGS IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM db Physical Gold Euro Hedged ETC XAD1 IM Boost Short USD Long EUR 5x Daily ETP 5EUS IM 2.46 Deutsche Bank AG/London Page 51

52 Figure 89: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT OMXS30 XACTOMX SS No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS XACT Bear 2 XABEAR2 SS XACT OMXSB XACTSBX SS XACT Bull XACBULL SS XACT Bear XACBEAR SS XACT Nordic 30 XACTVINX SS SpotR OMXS30 SPOTROMX SS SpotR Bull OMXS30 SPBULOMX SS db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 5.51 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA Vanguard S&P 500 ETF VUSA NA ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA ishares AEX UCITS ETF IAEX NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA ishares Developed Markets Property Yield UCITS ETF IWDP NA ishares $ Treasury Bond 1-3yr UCITS ETF IBTS NA Page 52 Deutsche Bank AG/London

53 7. European ETF Exchanges Figure 90: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Jan-15 Market Share % Feb-15 Market Share % Mar-15 Market Share % Apr-15 Market Share % May-15 Market Share % Deutche Boerse Deutsche Borse 18, % 14, % 17, % 15, % 14, % LSE London SE 20, % 18, % 27, % 22, % 18, % Borsa Italiana 7, % 6, % 8, % 7, % 6, % 27, % 25, % 35, % 30, % 25, % Euronext Paris 9, % 8, % 9, % 9, % 7, % Amsterdam 3, % 2, % 3, % 2, % 2, % Lisbon % % % % % Brussels 6 0.0% 3 0.0% 6 0.0% 3 0.0% 3 0.0% 12, % 10, % 12, % 12, % 10, % Swiss SE 9, % 6, % 7, % 5, % 4, % Stockholmborsen % % 1, % % % Oslo Bors % % % % % BME % % % % % Others % % % % % Total 69, % 58, % 75, % 65, % 57, % Figure 91: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Jan-15 Market Share % Feb-15 Market Share % Mar-15 Market Share % Apr-15 Market Share % May-15 Market Share % LSE London SE 2, % 2, % 2, % 1, % 1, % Borsa Italiana 1, % 1, % 1, % 1, % 1, % 4, % 4, % 4, % 3, % 3, % Deutche Boerse Deutsche Borse % % % % % Euronext Amsterdam % % % % % Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 5, % 4, % 4, % 4, % 3, % Deutsche Bank AG/London Page 53

54 Figure 92: 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 48, , , , , , , , % Emerging Markets 4, , , , , , % Global Markets , , % Sector 6, , , , , % Capitalization 1, , , % Style 2, , , % Strategy 4, , , , , , % Thematic , , % Total 69,117 67,137 41,703 27,889 11,548 28,263 4, , % Fixed Income Overall , , % Corporates 2, , , , % Covered Bonds % Credit Exposure % Sovereign 6, , , , , , , % Money Market , % Total 10,404 40,107 2,987 8,129 2,450 2,777-66, % Commodity 0.0% Overall , % Agriculture , % Energy , , , % Industrial Metals , % Precious Metals 1, , , , , % Livestock % Total 2,861 10, , ,120-24, % Other 0.0% Alternative % Currency , , % Multi Asset % Total , , % Grand Total 82, ,817 45,087 44,597 14,174 34,264 4, , % * 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 93: AUM by asset class and instrument ( million) ETPs Europe May-15 Apr-15 End of 2014 Asset Class Beta Beta+ Alpha Total ETFs Equity 312,215 4,495 3, , ,693 4,512 3, , ,157 3,613 2, ,220 Fixed income 99,663 1, , , ,861 1, , ,435 81,498 1, ,408 86,151 Commodity 14, ,937 14, ,477 13, ,412 Currency Multi Asset Alternative , , ,097 Total 427,431 6,379 3,939 5, , ,657 6,166 3,924 5, , ,483 4,859 3,120 4, ,193 ETCs Commodity 18, ,287 18, ,952 15, ,423 Currency Total 18,665 1, ,707 18,322 1, ,349 15, ,813 Total ETPs 446,096 7,420 3,939 5, , ,979 7,193 3,924 5, , ,407 5,748 3,120 4, ,006 Asset Class Analysis Figure 94: European Equity ETF AUM summary ( million) ETFs Europe May-15 Apr-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets 227, , , , , ,922 Emerging Markets 29, ,158 28, ,866 25, ,192 Global Markets 6, ,354 6, ,434 5, ,244 Sector 18, ,898 18, ,985 15, ,443 Capitalization 6, ,364 6, ,087 4, ,485 Strategy 4,376 4,495 3, ,829 4,271 4,512 3, ,727 2,849 3,613 2, ,571 Style 16, ,115 16, ,558 13, ,549 Thematic 3, ,793 3, ,833 2, ,814 Total Equities 312,215 4,495 3, , ,693 4,512 3, , ,157 3,613 2, ,220 Deutsche Bank AG/London Page 55

56 Figure 94A: European Equity ETF AUM summary - A ( million) ETFs Europe May-15 Apr-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Sector 18, ,898 18, ,985 15, ,443 Consumer discretionary Consumer staples Energy 1, ,354 1, ,642 1, ,102 Financials 9, ,811 9, ,640 7, ,996 Healthcare 2, ,234 2, ,201 1, ,855 Industrials Information Technology 1, ,133 1, ,097 1, ,027 Materials Telecommunications Utilities Capitalization 6, ,364 6, ,087 4, ,485 Large Cap Mid Cap 2, ,163 2, ,073 1, ,497 Small Cap 3, ,768 3, ,575 2, ,579 Strategy 4,376 4,495 3, ,829 4,271 4,512 3, ,727 2,849 3,613 2, ,571 Fundamental 1, , ,766 1, , ,709 1, ,893 Leveraged Long 0 1, , , , , ,583 Leveraged Short 0 1, , , , Options Strategy Quantitative 2, , ,536 2, , ,459 1, , ,065 Short 32 1, , , , , ,241 Style 16, ,115 16, ,558 13, ,549 Dividend 14, ,707 15, ,150 12, ,456 Growth Value 1, ,026 1, , Thematic 3, ,793 3, ,803 2, ,809 Commodities Cyclical Faith Other Theme Sustainability 1, ,840 1, ,732 1, ,285 Total 49,547 4,495 3, ,000 49,705 4,512 3, ,161 39,135 3,613 2, ,857 Page 56 Deutsche Bank AG/London

57 Figure 94B: European Equity ETF AUM summary - B ( million) ETFs Europe May-15 Apr-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 124, , , ,101 96, ,347 Austria Belgium Finland France 4, ,785 4, ,562 3, ,756 Germany 18, ,512 17, ,615 16, ,129 Greece Ireland Italy 2, ,832 2, ,671 2, ,271 Netherlands Norway Portugal Spain 2, ,260 2, ,268 1, ,792 Sweden 1, ,607 1, ,615 1, ,342 Switzerland 9, ,999 9, ,876 8, ,743 UK 14, ,089 14, ,417 12, ,023 Europe broad 68, ,787 67, ,410 48, ,806 Americas 59, ,336 58, ,120 54, ,952 US 55, ,675 54, ,371 51, ,463 Canada , , North America 2, ,691 2, ,739 2, ,582 Asia 23, ,672 22, ,511 16, ,812 Australia Hong Kong Japan 21, ,068 19, ,829 14, ,404 Singapore Asia Pacific broad 1, ,812 1, ,811 1, ,564 Global 19, ,781 19, ,167 16, ,812 Broad indices 19, ,781 19, ,167 16, ,812 DM Total 227, , , , , ,922 Deutsche Bank AG/London Page 57

58 Figure 94C: European Equity ETF AUM summary - C ( million) ETFs Europe May-15 Apr-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 8, ,975 9, ,030 7, ,842 Brazil Russia 1, ,077 1, , India 2, ,201 2, ,032 1, ,588 China 4, ,925 5, ,033 4, ,693 Latin America Chile Mexico LATAM broad Asia 4, ,819 4, ,715 3, ,566 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea 1, ,240 1, , Taiwan Thailand Vietnam Asia Pacific broad 1, ,861 1, ,992 1, ,216 EMEA 1, ,202 1, ,196 1, ,138 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 13, ,481 13, ,255 11, ,960 Global 13, ,481 13, ,255 11, ,960 EM Total 29, ,158 28, ,866 25, ,192 Total (EM + DM) 256, , , , , ,113 Figure 95: European Fixed Income ETF AUM summary ( million) ETFs Europe May-15 Apr-15 End of 2014 Fixed Income AUM Beta Beta+ Alpha Total Overall 3, ,240 6,929 4, ,132 7,218 3, ,763 5,983 Corporates 39, ,886 39, ,493 29, ,672 Covered Bonds 2, ,238 2, ,309 3, ,488 Credit Exposure Sovereign 51,072 1, ,004 52,455 1, ,162 43,658 1, ,049 Money Market 2, ,016 1, ,798 1, ,714 Total Fixed Income 99,663 1, , , ,861 1, , ,435 81,498 1, ,408 86,151 Page 58 Deutsche Bank AG/London

59 Figure 96: European Commodity ETP AUM summary ( million) ETPs Europe May-15 Apr-15 End of 2014 Commodity AUM Beta Beta+ Alpha Total Overall 4, ,315 4, ,216 3, ,580 Overall , , ,327 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 2, ,436 2, , ,078 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 25, ,798 24, ,022 23, ,555 Overall Gold , , ,503 Palladium Platinum Rhodium Silver , , ,026 Livestock Overall Cattle Lean Hogs Total 33, ,224 32, ,429 29, ,835 Deutsche Bank AG/London Page 59

60 Product Rankings Figure 97: 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 10, , ,461.6 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10, , ,301.8 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9, , ,426.2 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8, , ,650.4 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7, , ,949.9 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7, , ,193.6 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6, , ,153.8 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6, , ,516.2 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 5, , ,927.9 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5, , ,681.6 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,923.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 4, , ,566.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4, , ,185.3 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4, , ,972.9 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4, , ,879.5 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3, , ,072.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,541.6 ishares SMI CH CSSMI SW BlackRock Beta 3, , ,640.1 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2, , ,927.1 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , , AUM Figure 98: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6, , ,912.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 4, , ,743.6 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 4, , ,653.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3, , ,066.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2, , ,758.5 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2, , ,003.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2, , ,730.0 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 2, , ,084.6 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2, , ,260.1 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2, , ,612.8 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1, , ,612.1 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1, , ,641.1 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1, , ,582.3 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1, , ,088.3 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1, , ,563.8 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,306.5 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1, , ,133.0 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , ,311.3 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1, , ,300.1 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1, , , AUM Page 60 Deutsche Bank AG/London

61 Figure 99: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4, , ,550.0 ETFS Physical Gold PHAU LN ETF Securities Beta 3, , ,896.5 Gold Bullion Securities GBS LN ETF Securities Beta 2, , ,684.6 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,571.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,607.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1, , ,382.3 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1, , ,033.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Physical Silver PHAG LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ishares Gold CH CSGOLD SW BlackRock Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta AUM Deutsche Bank AG/London Page 61

62 Page 62 Deutsche Bank AG/London 9. ETF Broker rankings US ETP Broker Rankings Figure 100: 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 May-15 YTD May-15 YTD 1 (MLCO) MERRILL LYNCH 238, % 44,314 1,467, % 231,596 (MLCO) MERRILL LYNCH 3, % 44,364 17, % 231,658 2 (KCG) KCG HOLDINGS, INC. 124, % 183, , % 991,507 (KCG) KCG HOLDINGS, INC. 1, % 183,370 11, % 991,535 3 (UBS) UBS INVESTMENT BANK 76, % 37, , % 199,052 (UBS) UBS INVESTMENT BANK 1, % 37,630 7, % 199,055 4 (CSFB) CREDIT SUISSE 71, % 19, , % 103,501 (CSFB) CREDIT SUISSE 1, % 19,418 7, % 103,831 5 (CITI) CITIGROUP GLOBAL MARKE 48, % 18, , % 94,626 (CITI) CITIGROUP GLOBAL MARKE % 18,388 4, % 94,628 6 (JPM) JP MORGAN 36, % 6, , % 42,047 (DBAB) DEUTSCHE BANK SECURITI % 19,109 3, % 94,499 7 (DBAB) DEUTSCHE BANK SECURITI 32, % 19, , % 94,498 (FCM) FIDELITY CAPITAL MARKET % 36,358 2, % 220,252 8 (MSCO) MORGAN STANLEY 32, % 14, , % 72,734 (GSHT) GOLDMAN, SACHS & CO % 69,190 3, % 365,723 9 (GSLT) GOLDMAN SACHS ELECTRON 27, % 135, , % 700,353 (JPM) JP MORGAN % 6,595 2, % 42, (FCM) FIDELITY CAPITAL MARKET 25, % 36, , % 220,252 (MSCO) MORGAN STANLEY % 14,553 2, % 72, (GSHT) GOLDMAN, SACHS & CO. 25, % 69, , % 365,719 (GSLT) GOLDMAN SACHS ELECTRON % 135,832 2, % 700, (BCAP) BARCLAYS CAPITAL 19, % 15, , % 85,131 (BCAP) BARCLAYS CAPITAL % 15,248 1, % 85, (JEFF) JEFFERIES & CO., INC. 15, % 15,477 62, % 56,206 (SUSQ) SUSQUEHANNA INTERNATIO % 8,028 1, % 47, (BCET) BARCLAYS CAPITAL ELEC 14, % 28,177 78, % 147,533 (BCET) BARCLAYS CAPITAL ELEC % 28,177 1, % 147, (INCA) INSTINET 13, % 11,223 85, % 64,670 (LIME) LIME BROKERAGE LLC % 16, % 72, (LIME) LIME BROKERAGE LLC 12, % 16,562 59, % 72,555 (CANT) CANTOR FITZGERALD L.P % 5,877 1, % 42, (SUSQ) SUSQUEHANNA INTERNATIO 12, % 8,028 76, % 47,868 (JEFF) JEFFERIES & CO., INC % 15, % 56, (CVGX) CONVERGEX 9, % 21,559 61, % 103,027 (INCA) INSTINET % 11, % 64, (CANT) CANTOR FITZGERALD L.P. 9, % 5,877 66, % 42,494 (CVGX) CONVERGEX % 21, % 103, (WBET) WALLACHBETH CAPITAL LL 9, % , % 2,211 (WBET) WALLACHBETH CAPITAL LL % % 2,211 Other 48, % 124, , % 714,901 Other % 124,079 4, % 714,940 Total 904, % 831,302 5,456, % 4,452,481 Total 13, % 831,429 78, % 4,452,981 Advertised volume (million) 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 Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 12 June 2015

63 Deutsche Bank AG/London Page 63 Figure 101: 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 May-15 YTD May-15 YTD 1 (MLCO) MERRILL LYNCH 6, % 2,393 37, % 13,274 (MLCO) MERRILL LYNCH % 2,393 1, % 13,274 2 (KCG) KCG HOLDINGS, INC. 5, % 16,864 37, % 94,053 (KCG) KCG HOLDINGS, INC % 16,864 1, % 94,053 3 (UBS) UBS INVESTMENT BANK 3, % 2,182 23, % 11,742 (UBS) UBS INVESTMENT BANK % 2, % 11,742 4 (CITI) CITIGROUP GLOBAL MARKE 2, % 1,026 17, % 5,445 (CITI) CITIGROUP GLOBAL MARKE % 1, % 5,445 5 (CSFB) CREDIT SUISSE 2, % , % 5,384 (CSFB) CREDIT SUISSE % % 5,392 6 (FCM) FIDELITY CAPITAL MARKET 1, % 3,827 10, % 26,014 (FCM) FIDELITY CAPITAL MARKET % 3, % 26,014 7 (GSLT) GOLDMAN SACHS ELECTRON 1, % 8,550 6, % 52,444 (GSLT) GOLDMAN SACHS ELECTRON % 8, % 52,444 8 (DBAB) DEUTSCHE BANK SECURITI % 768 4, % 3,948 (BCET) BARCLAYS CAPITAL ELEC % 2, % 13,650 9 (JPM) JP MORGAN % 389 3, % 2,217 (DBAB) DEUTSCHE BANK SECURITI % % 3, (BCET) BARCLAYS CAPITAL ELEC % 2,650 2, % 13,650 (JPM) JP MORGAN % % 2, (LIME) LIME BROKERAGE LLC % 900 1, % 3,958 (LIME) LIME BROKERAGE LLC % % 3, (GSHT) GOLDMAN, SACHS & CO % 2,870 4, % 17,075 (MSCO) MORGAN STANLEY % % 5, (MSCO) MORGAN STANLEY % 723 3, % 5,080 (INCA) INSTINET % % 3, (INCA) INSTINET % 667 2, % 3,971 (GSHT) GOLDMAN, SACHS & CO % 2, % 17, (RBC) ROYAL BANK OF CANADA % 2,227 1, % 5,409 (BCAP) BARCLAYS CAPITAL % % 5, (BCAP) BARCLAYS CAPITAL % 858 2, % 5,329 (CVGX) CONVERGEX % 1, % 5, (JEFF) JEFFERIES & CO., INC % % 3,371 (JEFF) JEFFERIES & CO., INC % % 3, (CVGX) CONVERGEX % 1,047 2, % 5,218 (RBC) ROYAL BANK OF CANADA % 2, % 5, (BNPP) BNP PARIBAS SECURITIES % 187 1, % 2,745 (BNPP) BNP PARIBAS SECURITIES % % 2, (SUSQ) SUSQUEHANNA INTERNATIO % 144 2, % 2,790 (SUSQ) SUSQUEHANNA INTERNATIO % % 2,790 Other % 4,270 6, % 31,134 Other % 4, % 31,137 Total 28, % 54, , % 314,251 Total 1, % 54,349 7, % 314,262 Advertised volume (million) 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 Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 12 June 2015

64 Page 64 Deutsche Bank AG/London European ETP Broker Rankings Figure 102: 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 May-15 YTD May-15 YTD 1 (CBK) COMMERZBANK 11, % 18,555 67, % 100,190 (CBK) COMMERZBANK % 19,064 1, % 101,659 2 (FLOW) FLOW TRADERS 6, % 3,917 32, % 20,838 (SIS) SUSQUEHANNA INTERNATION % 2,299 1, % 15,730 3 (SIS) SUSQUEHANNA INTERNATION 5, % 2,298 37, % 15,706 (FLOW) FLOW TRADERS % 3, % 21,180 4 (BNPP) BNP PARIBAS SECURITIES 5, % 4,086 29, % 23,633 (CITI) CITIGROUP GLOBAL MARKE % 2, % 14,126 5 (CITI) CITIGROUP GLOBAL MARKE 4, % 2,663 28, % 14,126 (SG) SG SECURITIES % 8, % 58,728 6 (JPMH) JPMORGAN CHASE BANK, N 4, % 2,417 23, % 13,549 (BCAP) BARCLAYS CAPITAL % 2, % 12,448 7 (SG) SG SECURITIES 4, % 8,614 22, % 58,709 (UBS) UBS INVESTMENT BANK % % 3,841 8 (DBK) DEUTSCHE BANK AG 3, % 1,410 27, % 8,349 (BNPP) BNP PARIBAS SECURITIES % 4, % 23,731 9 (BCAP) BARCLAYS CAPITAL 3, % 2,291 16, % 12,441 (DBK) DEUTSCHE BANK AG % 1, % 8, (CSFB) CREDIT SUISSE 3, % 2,621 17, % 14,893 (MLCE) BANK OF AMERICA MERRIL % 2, % 12, (MSCO) MORGAN STANLEY 3, % 1,824 16, % 9,588 (KCG) KCG HOLDINGS, INC % 4, % 22, (GSHT) GOLDMAN, SACHS & CO. 2, % 3,221 13, % 29,907 (JPMH) JPMORGAN CHASE BANK, N % 2, % 13, (UBS) UBS INVESTMENT BANK 2, % , % 3,841 (WINS) WINTERFLOOD SECURITIES % 5, % 30, (UNIC) UNICREDIT 2, % , % 5,042 (CSFB) CREDIT SUISSE % 2, % 15, (WINS) WINTERFLOOD SECURITIES 1, % 5,574 9, % 30,582 (MSCO) MORGAN STANLEY % 1, % 9, (KCG) KCG HOLDINGS, INC. 1, % 4,805 8, % 22,439 (GSHT) GOLDMAN, SACHS & CO % 3, % 29, (MLCE) BANK OF AMERICA MERRIL 1, % 2,453 5, % 12,306 (UNIC) UNICREDIT % % 5, (CANT) CANTOR FITZGERALD L.P. 1, % 1,909 9, % 10,489 (CANT) CANTOR FITZGERALD L.P % 1, % 10, (MLCO) MERRILL LYNCH 1, % 591 5, % 3,521 (NRD) NORDEA BANK AB % 1, % 5, (BFIN) BLUEFIN EUROPE LLP 1, % 136 8, % 816 (HSBC) HSBC GROUP PLC % 1, % 10,854 Other 9, % 23,650 44, % 125,913 Other % 21,364 1, % 114,254 Total 81, % 94, , % 536,878 Total 2, % 95,433 12, % 539,308 Advertised volume (million) 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 Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 12 June 2015

65 Deutsche Bank AG/London Page 65 Figure 103: 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 May-15 YTD May-15 YTD 1 (MACQ) MACQUARIE SECURITIES % 35 1, % 231 (WINS) WINTERFLOOD SECURITIES % 1, % 8,782 2 (MSCO) MORGAN STANLEY % 187 1, % 1,341 (MACQ) MACQUARIE SECURITIES % % (CBK) COMMERZBANK % % 3,730 (BFIN) BLUEFIN EUROPE LLP % % (SG) SG SECURITIES % % 544 (CANT) CANTOR FITZGERALD L.P % % 1,870 5 (WINS) WINTERFLOOD SECURITIES % 1,627 1, % 8,782 (UBS) UBS INVESTMENT BANK % % (MLCO) MERRILL LYNCH % % 172 (KEPL) KEPLER CAPITAL MARKETS % % 1,379 7 (DBK) DEUTSCHE BANK AG % % 234 (CITI) CITIGROUP GLOBAL MARKE % % 1,710 8 (CSFB) CREDIT SUISSE % % 825 (CSFB) CREDIT SUISSE % % (CITI) CITIGROUP GLOBAL MARKE % % 1,710 (DBKE) DEUTSCHE BANK AG, AUTO % % 2, (CANT) CANTOR FITZGERALD L.P % % 1,870 (CBK) COMMERZBANK % % 3, (GSHT) GOLDMAN, SACHS & CO % % 181 (EQUI) EQUITA SIM SPA % % (UBS) UBS INVESTMENT BANK % % 569 (MSCO) MORGAN STANLEY % % 1, (FLOW) FLOW TRADERS % % 952 (INCA) INSTINET % % (KCG) KCG HOLDINGS, INC % % 1,875 (MED) MEDIOBANCA SPA % % 4, (BFIN) BLUEFIN EUROPE LLP % % 285 (FLOW) FLOW TRADERS % % (BNPP) BNP PARIBAS SECURITIES % % 150 (PEEL) PEEL HUNT LLP % % 2, (PEEL) PEEL HUNT LLP % % 2,033 (SG) SG SECURITIES % % (MLCE) BANK OF AMERICA MERRIL % % 1,896 (CVGX) CONVERGEX % % 1, (DBKE) DEUTSCHE BANK AG, AUTO % % 2,418 (MLCE) BANK OF AMERICA MERRIL % % 1, (JPMH) JPMORGAN CHASE BANK, N % % 735 (BCAP) BARCLAYS CAPITAL % % 357 Other % 2,540 1, % 12,099 Other % % 6,188 Total 2, % 8,033 14, % 42,632 Total % 8,056 2, % 42,702 Advertised volume (million) 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 Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 12 June 2015