Hunt for yield benefit EM Bond ETFs

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 October 2016 Hunt for yield benefit EM Bond ETFs Data in this report is as of 30th September 2016 European ETP Monthly Highlights (Assets & Flows) Assets: European ETPs AUM remained flat on MoM basis and ended the month at 507bn. Flows: European domiciled ETPs registered inflows of + 2bn across all major asset classes (equity, fixed income and commodity). The Fixed Income category benefitted most with inflows of + 1.1bn followed by Commodity ETPs (+ 0.6bn) and Equity ETFs (+ 0.4bn). New Product Launches 23 new products European ETP market witnessed 23 new product launches in September including 17 ETFs and 6 ETCs. Investment Themes for the Month Broad European equities (e.g. MSCI Europe / STOXX 600), Global EM and US exposed ETFs attracted inflows of + 0.3bn, + 0.8bn and + 0.7bn respectively. Japan and Germany focused ETFs witnessed outflows of - 1bn, & - 0.2bn respectively. Smart Beta ETFs reversed its recent trend and witnessed outflows of - 0.7bn. Global EM Sovereign Bonds recorded inflows of + 1.3bn during last month. Gold ETPs registered inflows of + 0.5bn (+ 9bn so far this year). Author Ari Rajendra Strategist (+44) ari.rajendra@db.com Team Contacts Shan Lan Strategist (+852 ) shan.lan@db.com Sebastian Mercado, CFA Strategist (+1) sebastian.mercado@db.com Turnover: MoM turnover activity up by 9% The total turnover activity into European ETPs was up by 9% ( 61bn) from the previous month s total ( 56bn). At the asset class level, on a MoM basis, Fixed Income and Equity ETFs turnover activity increased by 18% and 10% respectively while Commodity ETPs saw decreased turnover activity by -15%. Price premium/discount to NAV monitor The maximum premiums/discounts to NAV in June were observed in the following categories: Equities: Deepest discount (-0.40%) and highest premium (0.48%) occurred within Sector ETFs. Fixed Income: Deepest discount in Broad ETFs (-0.23%) while highest premium in Corporate ETFs (0.53%). US Market: Outflows continues from European focused ETFs European exposed ETFs listed in US had outflows of -$2.4bn (-$1.8bn in Aug 16) during September. US investors remained cautious over European exposure ETFs so far this year with net outflows of -$21bn in US listed ETFs. Deutsche Bank AG/London Distributed on: 10/10/ :20:00 11:49:00 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 057/04/2016.

2 Table of Contents European ETP Highlights... 3 New Launch Activity: Busy month with 23 new Products launches... 3 Investment Themes for the Month... 4 Turnover: MoM turnover activity up by 9%... 6 Price discounts/premium to NAV Monitor... 6 US Market: Outflows continued from European Exposed ETFs witness in September Investment Trends... 8 Cross-Asset Class ETPs Market Metrics... 9 ETF Industry Asset Evolution... 9 ETFs vs. Cash Equities...12 ETFs vs. Unlisted Mutual Funds...13 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...15 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...18 Asset Class Cash Flow Analysis...18 Product Rankings Product Review New Products Launched in the Month...26 Average TERs Provider Rankings Global Provider Rankings...32 European Provider Rankings General...34 European Provider Rankings by Asset Class...38 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...42 Asset Class Analysis...42 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...56 Asset Class Analysis...56 Product Rankings ETF Broker rankings US ETP Broker Rankings...64 European ETP Broker Rankings...66 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Deutsche Bank AG/London Page 2

3 European ETP Highlights Assets: European ETPs AUM remained flat on MoM basis and ended the month at 507bn. By asset class, Equity ETFs had assets worth of 321bn while Fixed Income ETFs and Commodity ETPs had assets worth of 140bn and 27bn respectively. For more details please refer to Assets section on page 56. Flows: European domiciled ETPs registered inflows of + 2bn across all major asset classes (equity, fixed income and commodity). The Fixed Income category benefitted most with inflows of + 1.1bn followed by Commodity ETPs (+ 0.6bn) and Equity ETFs (+ 0.4bn). For more details please refer to Cash Flow Analysis section on page 18. Global ETPs Highlights Global ETPs assets increased by $35bn and reached $3.3 trillion at the end of Sep 16, 1.1% up from last month-end levels. Global ETPs registered inflows of +$30bn during September (+$39bn for August). US and Asia-Pacific listed ETPs registered inflows of +$18bn and +$10bn respectively during last month. Figure 1: Global ETPs Snapshot ETPs Global Region Sep-16 Aug-16 AUM ($bn) Cash Flow ($bn) Turnover ($bn) Market Share (%) MoM Change (%) Sep-16 Aug-16 Sep-16 Aug-16 MoM Change (%) AUM Cash Flows* Turnover US % % 73% 0.8% 88% Europe % % 17% 0.4% 4% Asia-Pacific % % 10% 3.1% 8% Global % % 100% 0.9% 100% *Cash Flow Market Share corresponds to Sep-16 Monthly Cash Flow / End of Aug-16 AUM New Launch Activity: Busy month with 23 new Products launches European ETP market witnessed 23 new product launches in September. BNP Paribas listed 10 Equity ETFs providing exposure to ESG focused Indices. BlackRock listed 4 Equity ETFs while ZyFin Holdings listed 1 Equity ETF during Sep 16. Deutsche AM and PowerShares each listed 1 Fixed income ETFs over the last month. BNP Paribas also listed 6 Energy focused ETCs during Sep 16. Deutsche Bank AG/London Page 3

4 Cashflows mn 10 October 2016 Figure 2: New Launches in September ETPs Europe ETF Name BBG Ticker Issuer TER Exchange Listed ETFs BNP Paribas Easy - MSCI Emerging Markets SRI UCITS ETF EMSR FP BNP Paribas 0.46% Euronext Paris BNP Paribas Easy - MSCI Emerging Markets ex Controversial Weapons UCITS ETF EMKX GY BNP Paribas 0.36% Deutsche Borse BNP Paribas Easy - MSCI UK ex Controversial Weapons UCITS ETF EMUK GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI Japan ex Controversial Weapons UCITS ETF EJAP GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI North America EX Controversial Weapons UCITS ETF ENOA GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI Europe ex UK ex Controversial Weapons UCITS ETF EEXU GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI EMU ex Controversial Weapons UCITS ETF EMUX GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI Europe ex Controversial Weapons UCITS ETF EEUX GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI Pacific ex Japan ex Controversial Weapons UCITS ETF PAC GY BNP Paribas 0.26% Deutsche Borse BNP Paribas Easy - MSCI Europe Small Caps ex Controversial Weapons UCITS ETF EESM GY BNP Paribas 0.26% Deutsche Borse ishares Ageing Population UCITS ETF AGED SW BlackRock 0.40% Swiss SE ishares Healthcare Innovation UCITS ETF HEAL SW BlackRock 0.40% Swiss SE ishares Digitalisation UCITS ETF DGTL SW BlackRock 0.40% Swiss SE ishares Automation & Robotics UCITS ETF RBOT SW BlackRock 0.40% Swiss SE LAM ZyFin MSCI India UCITS ETF MIND LN ZyFin Holdings 0.89% London SE PowerShares US High Yield Fallen Angels UCITS ETF HYFA IM PowerShares 0.45% Borsa Italiana db x-trackers II Iboxx USD Liquid Asia Ex-Japan Corporate Bond UCITS ETF DR ALQD LN Deutsche AM 0.30% London SE ETCs BNP Paribas RICI Enhanced Collateralized - Brent ETC BNQC GY BNP Paribas 1.00% Deutsche Borse BNP Paribas RICI Enhanced WTI ETC BNQD GY BNP Paribas 1.00% Deutsche Borse BNP Paribas RICI Enhanced Natural Gas ETC BNQE GY BNP Paribas 1.00% Deutsche Borse BNP Paribas RICI Enhanced Gas Oil ETC BNQF GY BNP Paribas 1.00% Deutsche Borse BNP Paribas RICI Enhanced Heating Oil ETC BNQH GY BNP Paribas 1.00% Deutsche Borse BNP Paribas RICI Enhanced Gasoline ETC BNQG GY BNP Paribas 1.00% Deutsche Borse For additional information on new product launches please refer to Product Review on page 26. Investment Themes for the Month Broad European, Global EM and US focused ETFs benefitted from inflows, outflows from Japan and Germany After experiencing out-flows for the last 7 months (Feb. 16 to Aug. 16), ETFs tracking broad European indices (e.g. MSCI Europe / STOXX 600) returned to positive territory in Sep 16. We observed positive flows of + 0.3bn during Sep 16 (- 9.3bn so far this year). Amundi ETF MSCI Europe ex-emu UCITS ETF (CU9 FP) and ishares Euro STOXX 50 (DE) (SX5EEX GR) benefitted the most with inflows of + 185mn and + 159mn over the last month. Figure 3: Monthly Flows into Broad European ETFs Broad European Indices Focused ETFs Page 4 Deutsche Bank AG/London

5 Cashflows mn 10 October 2016 Country-wise, Japan and Germany focused ETFs suffered significant redemptions of - 1bn and - 0.2bn respectively while US focused ETFs continued the positive run with inflows of + 0.8bn during last month. Similar to previous month, Investors trading European-listed ETPs were net buyers of Global Emerging Markets focused ETFs with inflows of + 0.7bn in Sep. 16. Amundi ETF MSCI Emerging Markets UCITS ETF (AEEM FP) and ishares MSCI Emerging Markets IMI UCITS ETF (EMIM NA) benefited most with inflows of + 293mn and + 200mn respectively. Global Emerging Markets focused ETFs have accumulated + 6.3bn YTD. Smart Beta ETFs saw redemptions European investors we net sellers of Smart Beta ETFs in September with net outflows of - 0.7bn. This redemption was primarily from ishares S&P 500 Minimum Volatility UCITS ETF (SPMV LN) with outflows of - 397mn. Before September, European Investors poured notable inflows into Smart Beta ETFs with year-to-date flows go above + 6.9bn. Within Smart beta, we have seen demand for dividend yielding ETFs where SPDR S&P Euro Dividend Aristocrats UCITS ETF (SPYW GY) registered inflows of + 152mn. Figure 4: Monthly Flows into Smart Beta ETFs Smart Beta ETFs Investors preferred high yields bonds amid weak markets Fixed Income ETFs continued the positive run in September with inflows of + 1.1bn (+ 2.7bn inflows in Aug 16). Amid weak equity markets and low-rate environment, investor s hunt for high yields has been intensifying. We have noticed notable inflows of + 1.3bn into Global EM Sovereign Bonds during Sep 16. ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF (SEMB LN), SPDR Barclays Capital Emerging Market Local Bond ETF (SYBM GY) and db x- trackers II Emerging Markets Liquid EuroBond UCITS ETF 1C EUR Hedged (XEMB GR) were the primary beneficiaries with monthly inflows of + 179mn, + 110mn and + 109mn respectively. Commodity ETPs draw inflows of + 0.6bn Commodity ETPs recorded inflows of + 0.6bn (+ 1bn in Aug) during Sep 16. Gold ETPs remained on the solid path with inflows of + 0.5bn (YTD + 9bn). Among major asset classes, Commodity ETPs performed very well in 2016 after FI ETFs with YTD inflows of + 11bn (FI ETFs had YTD flows of bn) while Equity ETFs legged behind with YTD inflows of + 1.8bn. Deutsche Bank AG/London Page 5

6 Monthly Turnover Change (%) 10 October 2016 Turnover: MoM turnover activity up by 9% The total turnover activity into European ETPs was up by 9% ( 61bn) from the previous month s total ( 56bn). At the asset class level, on a MoM basis, Fixed Income and Equity ETFs turnover activity increased by 18% and 10% respectively while Commodity ETPs saw decreased turnover activity by -15%. Below figure illustrate Monthly turnover change (%) for all the major asset classes (Equity, FI & Commodity) during For more details please refer to Trading Perspective on page 42. Figure 5: Monthly Turnover Change (%) by Asset Class 120% 100% 80% 60% 40% 20% 0% -20% -40% Equity Fixed Income Commodity Price discounts/premium to NAV Monitor The price of ETFs may not trade in-line with its respective NAVs driven by multiple factors such as supply/demand, market access, duty and varying trading time zones of stocks within an index. In this section we highlight, for ETFs with European equity exposure only, the median, maximum premium and maximum discount observed in varying categories for this month. Figures below illustrate the Price premium/discount to NAV for European ETFs. Equities: Deepest discount (-0.40%) and highest premium (0.48%) occurred within Sector ETFs. Fixed Income: Deepest discount in Broad ETFs (-0.23%) while highest premium in Corporate ETFs (0.53%). Page 6 Deutsche Bank AG/London

7 Figure 6: Price premium/discount to NAV ETFs Europe Equity Max Discount Max Premium Median Max Discount Max Premium Median Max Discount Max Premium Country -0.34% 0.37% 0.08% -0.19% 0.27% 0.02% -0.64% 0.58% 0.04% Median Regional -0.36% 0.41% 0.06% -0.36% 0.23% -0.02% -0.84% 0.65% -0.01% Size -0.35% 0.41% -0.04% -0.35% 0.06% -0.11% -1.08% 0.49% -0.08% Style -0.36% 0.38% 0.01% -0.30% 0.19% -0.04% -0.65% 0.68% -0.02% Sector -0.40% 0.48% 0.06% -0.32% 0.26% -0.04% -0.73% 0.71% 0.02% Strategy -0.05% 0.14% 0.05% -0.05% 0.11% 0.06% -0.13% 0.43% 0.04% Fixed Income Sovereign -0.09% 0.05% -0.02% -0.09% 0.05% -0.01% -0.13% 0.05% -0.03% Corporates % 0.17% % 0.34% -0.23% 1.66% 0.28% Broad -0.23% 0.21% 0.07% -0.15% 0.21% 0.07% -0.32% 0.55% 0.06% Money Market % 0.00% % 0.00% -0.02% 0.01% 0.00% Credit exposure Covered Bonds -0.19% 0.20% -0.03% -0.16% 0.20% 0.05% -0.28% 0.49% 0.01% *Universe: Europe Listed ETFs with European focus (DM only), AUM> 200mn. *Calculation Methodolgy: We have calculated asset weighted daily avg. Price premium/discount to Nav of a category and then derived max. discount/premium and median for a period. Sep-16 Aug-16 YTD US Market: Outflows continued from European Exposed ETFs witness in September US domiciled ETPs recorded inflows of +$18bn in September (+$27.5bn in Aug 16) taking YTD flows to above +$156bn. Equity and Fixed Income ETFs each received strong inflows of +$9bn. Commodity ETPs reversed the previous month s trend and comes into positive territory with inflows of +$0.2bn during Sep 16. Similar to previous month, European exposed ETFs listed in US had outflows of -$2.4bn (-$1.8bn in Aug 16) during September. US investors remained cautious over European exposure ETFs so far this year with net outflows of - $21bn in US listed ETFs. Deutsche Bank AG/London Page 7

8 millions millions 10 October Investment Trends1 Cross-Asset Class ETPs Figure 7: Cash flows by asset class YTD ETPs Europe 42,000 36,000 30,000 24,000 18,000 12,000 6, ,000-12,000 Figure 8: Cash flows by asset class Month ETPs Europe 2,500 2,000 1,500 1, ,000 Equity Fixed Income Commodity Others Equity Fixed Income Commodity Others 1 Investment trends as expressed by cumulative monthly and YTD cash flows Page 8 Deutsche Bank AG/London

9 $ billion Number of ETPs $ billion Number of ETPs 10 October Market Metrics ETF Industry Asset Evolution Figure 9: Global ETP regional asset growth ETPs Global 3,500 5,000 3,000 2,500 4,500 4,000 3,500 2,000 1,500 1, ,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , , ,397.4 US, Europe & Asia Pacific ($) , , , , , , , ,293.6 Europe ( ) Number of ETPs* ,213 1,666 2,040 2,578 3,123 3,491 3,711 4,024 4,457 4,669 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 10: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,500 3,000 2,500 2,000 1,500 1, ,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** ETCs ETVs ETFs , , , , , , ,186.3 Total , , , , , , , ,293.6 Number of ETPs* ,213 1,666 2,040 2,578 3,123 3,491 3,711 4,024 4,457 4,669 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 9

10 million Number of ETFs $ billion Number of ETFs 10 October 2016 Figure 11: Global ETF regional asset growth ETFs Global 3,500 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,321.3 US, Europe & Asia Pacific ($) , , , , , , ,186.3 Europe ( ) Number of ETFs* ,116 1,481 1,801 2,232 2,698 2,965 3,183 3,489 3,913 4,136 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 12: European ETF asset growth by asset class ETFs Europe 600,000 1, ,000 1, ,000 1, , , , ** Other ,078 1,987 1,515 1,592 1,516 1,410 1,398 1,218 Commodity ,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 17,201 Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86, ,42 140,22 Equity 15,532 21,815 37,907 57,029 70,776 65, ,54 147,27 139,31 170,82 209,80 261,39 323,86 321,30 Total 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 449,98 479,94 Number of ETFs* ,053 1,215 1,311 1,350 1,439 1,518 1,531 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 10 Deutsche Bank AG/London

11 million Number of ETPs million Number of ETPs 10 October 2016 Figure 13: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60, ,000 40,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,546 1,396 1,078 2,213 2,416 Overall - - 1,103 1, ,531 5,582 4,439 4,846 3,779 3,580 3,661 5,467 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 34,990 Total ,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,001 44,209 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 14: European ETPs (ETF & ETC) asset growth ETPs Europe 600,000 2, ,000 1, , , ,000 1, , ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,052 27,408 ETFs 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 449,98 479,94 Total 16,332 24,340 43,326 69,313 90, ,33 169,95 230,57 229,16 279,32 301,69 379,18 466,03 507,35 Number of ETPs ,329 1,562 1,746 1,792 1,889 1,980 1,994 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 11

12 billion ETFs vs cash equities $ billion ETFs vs cash equities 10 October 2016 ETFs vs. Cash Equities Figure 15: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 16: ETFs vs. cash equities turnover European market ETFs Europe % % 10.0% 8.0% % 4.0% 2.0% 0 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Page 12 Deutsche Bank AG/London

13 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 10 October 2016 ETFs vs. Unlisted Mutual Funds Figure 17: European ETP vs mutual fund assets ETPs Europe % % % % % 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 ETCs ETFs ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.3% 3.7% 3.6% 3.6% 3.5% 3.5% 3.6% ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 18: European ETP vs mutual fund cash flows ETPs Europe Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 13

14 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 10 October 2016 Figure 19: US ETP vs mutual fund assets ETPs US 2, % 17.7% 2, % 1, % 11.7% 1, % 7.7% 5.7% 3.7% 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,034 1,912 2,065 2,100 2,163 2,304 ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% 15.6% 16.4% 16.7% 16.9% 17.4% ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.0% 15.2% 16.0% 16.2% 16.4% 16.9% 1.7% *Data as of 31-Aug-2016 Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 20: US ETP vs mutual fund cash flows ETPs US Jul-13 Aug-13 Sep-13 Oct-13 Nov-13Dec-13 Jan-14 Feb-14 Mar-14 Apr-14May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 14 Deutsche Bank AG/London

15 Number of ETFs AUM ( billion) 10 October 2016 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 21: Historical Composition by ETF Structure ETFs Europe 1, Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 22: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 239,101 85, ,977 74, ,977 74,326 Fixed Income 87,026 26, ,456 22, ,456 22,769 Commodity 8,718 3,580 12,016 5,185 12,016 5,185 Others 396 1, Total 335, , , , , ,082 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 36,258 9,398-2,365 4, Fixed Income 19,936 6,800 25, , Commodity ,300 1, Others Total 55,426 17,068 24,566 4,673 1, *Year-to-date (upto 30-Sep-2016) numbers have been provided) * Sep-16 Deutsche Bank AG/London Page 15

16 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 10 October 2016 Industry Growth Analysis Figure 23: Global ETF Industry growth attribution ETFs Global 10.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -8.0% Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16Sep-16 Price growth -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.2% -0.2% -2.4% 0.0% -5.6% -3.4% 6.3% -0.5% -2.2% -5.3% -0.4% 7.3% 1.4% 0.2% -0.2% 3.4% 0.1% -0.8% Flows growth -0.3% 1.4% 0.5% 1.5% 0.9% 1.5% 1.3% 1.0% 0.5% 1.5% 1.6% 2.3% 0.2% 1.8% 1.3% 0.4% 0.6% 0.9% 1.8% 0.7% 1.3% 1.3% 0.9% 1.9% 0.3% 0.0% 1.4% 0.3% 0.3% 0.7% 1.7% 1.2% 1.3% Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% Total growth -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% 1.8% -4.9% -2.1% 7.6% 0.4% -0.2% -4.9% -0.4% 8.7% 1.7% 0.4% 0.5% 5.1% 1.3% 0.5% -6.0% Figure 24: US ETF Industry growth attribution ETFs US 10.0% 10.0% 8.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16Sep-16 Price growth -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% 0.5% -5.6% -3.2% 6.3% -0.2% -2.6% -4.8% -0.2% 5.9% 1.1% 0.6% 0.1% 3.4% 0.0% -1.2% Flows growth -0.9% 1.2% 0.6% 1.3% 0.8% 1.5% 0.9% 0.9% 1.0% 1.5% 2.3% 2.7% -0.4% 1.7% 1.4% 0.7% 0.6% 0.9% 1.2% 0.0% 1.0% 1.4% 1.2% 1.9% -0.1% -0.2% 1.5% 0.5% -0.1% 0.7% 2.0% 1.2% 1.2% Avg. growth 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% Total growth -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% 1.7% -5.5% -2.2% 7.7% 1.1% -0.7% -4.9% -0.5% 7.4% 1.6% 0.5% 0.8% 5.5% 1.2% 0.0% -8.0% Figure 25: European ETF Industry growth attribution ETFs Europe 12.0% 14.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15Oct-15Nov-15Dec-15Jan-16Feb-16Mar-16Apr-16May-16Jun-16 Jul-16 Aug-16Sep-16 Price growth -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.2% 2.2% 2.3% -1.2% 0.9% -3.5% 1.3% -6.5% -2.8% 6.8% 2.3% -4.0% -4.5% -1.1% 1.5% 0.8% 1.5% -0.7% 2.5% 0.5% -0.6% Flows growth 1.3% 1.7% 0.3% 2.1% 1.5% 1.3% 2.4% 1.8% -0.5% 1.6% 1.2% 0.0% 3.1% 2.6% 1.7% 0.9% 0.1% 0.4% 1.9% 2.2% 0.5% 1.4% 0.8% 1.9% 0.3% 0.0% 1.1% 0.7% 0.4% 0.8% 1.8% 1.0% 0.3% Avg. growth 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% Total growth 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% 3.2% -4.3% -2.4% 8.2% 3.1% -2.2% -4.2% -1.1% 2.6% 1.5% 2.0% 0.1% 4.3% 1.6% -0.2% -6.0% Page 16 Deutsche Bank AG/London

17 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 10 October 2016 Figure 26: European ETC Industry growth attribution ETCs Europe 25.0% 25.0% 20.0% 20.0% 15.0% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% -5.0% -5.0% -10.0% -10.0% -15.0% -15.0% Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Price growth 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.3% -1.4% 0.6% -1.9% 1.9% -3.3% -7.7% 0.6% -2.3% 3.3% -4.3% -4.9% 2.1% 7.2% -2.6% 6.0% -3.2% 7.9% -0.1% -2.1% 1.0% Flows growth -0.9% 1.1% 2.6% 0.8% -0.9% -0.6% 2.2% 0.5% -2.6% -0.7% 1.5% 0.3% 5.3% 4.2% -2.4% 0.3% 0.0% -1.6% -2.7% 2.6% -0.8% 1.5% 0.0% -0.2% 4.2% 13.5% 3.5% 2.3% 1.4% 4.4% 5.7% 4.2% 1.9% Avg. growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Total growth 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.6% 2.8% -1.7% -1.6% 1.8% -4.9% -10.4% 3.2% -3.1% 4.8% -4.3% -5.1% 6.4% 20.7% 0.8% 8.3% -1.8% 12.3% 5.6% 2.1% 2.9% Deutsche Bank AG/London Page 17

18 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 27: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Sep-16 Aug-16 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 8, ,549 19,914 18,841 2,485 2,210 5,224 26,550 59,136 1,931 1,802 37,747 98,814 Fixed income 8,791 1,278 1, ,164 9,021 2,968 2, ,863 78,315 27,750 24,816-3, ,387 Commodity ,086 2,764 1,190 4,613 Currency Multi Asset Alternative Total 17,514 1,756 1,564 9,719 28,988 27,993 5,356 4,775 5,173 38, ,663 32,604 29,239 35, ,088 ETCs/ETVs Commodity ,198 1, ,688 9,155 8, ,858 Currency Alternative , ,355 Total , ,204 1, ,516 9,228 8, ,759 ETPs Equity 8, ,549 19,914 18,841 2,485 2,210 5,224 26,550 59,136 1,931 1,802 37,747 98,814 Fixed income 8,791 1,278 1, ,164 9,021 2,968 2, ,863 78,315 27,750 24,816-3, ,387 Commodity , ,025 12,241 10,993 1,205 31,471 Currency Multi Asset Alternative , ,372 Total 17,973 2,329 2,074 9,721 30,023 27,503 6,559 5,854 5,187 39, ,179 41,832 37,527 35, ,846 Asset Class Cash Flow Analysis Figure 28: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Developed Markets % % -10, % Emerging Markets % 1, % 5, % Global Markets % % % Sector % % % Capitalization % % -1, % Strategy % % 5, % Style % % 1, % Thematic % % % Total equities % 2, % 1, % Page 18 Deutsche Bank AG/London

19 Figure 28A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Sector % % % Consumer discretionary % % % Consumer staples % % % Energy 2 0.1% 6 0.4% % Financials % % % Healthcare % % % Industrials % % % Information Technology % % % Materials % % % Real Estate % % % Telecommunications % % % Utilities % % % Capitalization % % -1, % Large Cap % 5 1.4% % Mid Cap % 9 0.5% % Small Cap 9 0.2% % % Strategy % % 5, % Fundamental 0 0.0% % % Leveraged Long % % % Leveraged Short % % % Options Strategy 0 0.0% 0 0.0% 0 0.0% Quantitative % % 5, % Short % % % Style % % 1, % Dividend % % 1, % Growth 0-0.1% % 2 0.7% Value % % % Thematic % % % Commodities % % 1 0.2% Faith % 9 4.4% % Other Theme % 0 0.0% % Sustainability % % % Total % 1, % 6, % Deutsche Bank AG/London Page 19

20 Figure 28B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Developed Markets Europe % -1, % -13, % Austria % 0 0.0% % Belgium 0 0.0% 1 1.8% 0 1.1% Finland 0 0.0% 0 0.0% % France % % % Germany % % -3, % Greece 2 1.1% % % Ireland 0 0.0% 0 0.0% 0 0.0% Italy 1 0.1% % % Netherlands % % % Norway 0 0.0% 0 0.0% 5 2.1% Portugal 0 0.0% 0 0.0% % Spain % % % Sweden % % % Switzerland % % % UK % % 1, % Europe broad % % -9, % Americas % % 4, % US % % 4, % Canada % % % North America % % % Asia -1, % % -3, % Australia % % % Hong Kong 1 0.8% 7 4.1% % Japan % % -4, % Singapore % % % Asia Pacific broad 4 0.2% % % Global % % 2, % Broad indices % % 2, % DM Total % % -10, % Page 20 Deutsche Bank AG/London

21 Figure 28C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Emerging Markets BRIC % % % Brazil % % % Russia % % % India % 5 0.3% % China % % % Latin America % % % Chile 0 0.0% 0 0.0% 0 0.0% Mexico 6 4.0% 5 3.7% 2 1.6% LATAM broad % % % Asia % % % Bangladesh 0 0.2% 0 1.8% 1 3.4% Indonesia % % % Malaysia 0 0.1% % % Pakistan 0-0.5% 2 5.9% % Philippines 0 0.0% % % South Korea % % % Taiwan % % % Thailand % % % Vietnam % % % Asia Pacific broad % % % EMEA % 6 0.6% % Kuwait 0 0.0% 0 0.0% % Poland 4 6.9% 2 3.3% 4 5.6% South Africa 0 0.4% 9 9.0% % Turkey % % % Europe broad % 6 1.6% % Middle East & Africa 0 0.0% % % Global Markets % 1, % 5, % Global % 1, % 5, % EM Total % 1, % 5, % Total (EM + DM) % % -5, % Deutsche Bank AG/London Page 21

22 Figure 29: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Overall % % 1, % Corporates 1, % 1, % 15, % Covered Bonds % % % Credit Exposure % % % Sovereign % 1, % 8, % Money Market % % % Total Fixed Income 1, % 2, % 24, % Page 22 Deutsche Bank AG/London

23 Figure 30: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Sep-16 Aug-16 YTD All figures in million Net Flows % of AUM Net Flows % of AUM Net Flows % of AUM Overall % % 1, % Overall % % 1, % Overall ex Energy % % % Overall Light Energy 0 0.0% % % Overall Ultra Light Energy 0 0.0% 0 0.0% 0 0.0% Agriculture % 4 0.5% % Overall % % % Cocoa % % % Coffee % 0 0.0% % Corn 3 7.3% % % Cotton 0 2.9% 0 4.4% % Grains 0 1.3% 1 4.6% % Softs 0-4.0% 0 0.2% % Soybean Oil % 0 2.4% % Soybeans % 0-0.8% 0-1.8% Sugar % % % Wheat % 8 7.0% % Energy % % % Overall % % % Carbon 0 0.0% 0 0.0% 0 9.9% Crude Oil % 9 0.5% % Gasoline % 0-1.8% % Heating Oil 0-4.2% 0-8.9% % Natural Gas % 1 0.8% % Electricity 0 0.0% 0 0.0% 0 0.0% Uranium 0 0.0% 0 0.0% 0 0.0% Industrial Metals % % % Overall 0 0.1% 0 0.0% % Aluminium 4 4.2% 4 5.0% 6 7.2% Copper % % % Lead 0 4.0% 0 0.6% 0-2.8% Nickel 1 1.4% % 4 4.3% Tin 0-0.9% % % Zinc 0 0.2% 1 8.1% % Precious Metals % 1, % 9, % Overall 0-0.1% % % Gold % 1, % 9, % Palladium % % % Platinum % % % Rhodium 0 0.0% 0 0.0% % Silver % % % Livestock % % % Overall 0 0.0% % % Cattle % % % Lean Hogs % % 0 4.3% Total % % 10, % Deutsche Bank AG/London Page 23

24 Product Rankings Figure 31: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,854.8 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ,367.7 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta ,667.2 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta ,680.8 ishares S&P Financials Sector UCITS ETF IUFS LN BlackRock Beta db x-trackers FTSE EPRA/NAREIT Developed Europe Real Estate UCITS ETF (DR) D5BK GR Deutsche AM Beta Amundi ETF MSCI Europe ex-emu UCITS ETF CU9 FP Amundi Beta ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,269.7 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,594.0 SPDR S&P Euro Dividend Aristocrats UCITS ETF SPYW GY State Street Beta YTD Flows Figure 32: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ,283.2 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,879.8 ishares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta ,167.4 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ,290.5 ishares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta db x-trackers II Emerging Markets Liquid EuroBond UCITS ETF 1C EUR - Hedged XEMB GR Deutsche AM Beta ishares Corporate Bond ex-financials UCITS ETF ISXF LN BlackRock Beta YTD Flows Figure 33: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Physical Gold ETC SGLN LN Blackrock Beta ,752.6 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,781.9 Gold Bullion Securities GBS LN ETF Securities Beta ,396.9 UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta ETFS Physical Gold PHAU LN ETF Securities Beta ,798.8 UBS-IS Silver ETF A SVUSA SW UBS Beta Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ETFS EUR Daily Hedged Physical Gold GBSE GY ETF Securities Beta YTD Flows Page 24 Deutsche Bank AG/London

25 Figure 34: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Lyxor UCITS ETF Japan Topix -D-JPY LYJPN SW Lyxor Beta ishares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta ishares MSCI Japan UCITS ETF (Inc) IJPN LN BlackRock Beta db x-trackers FTSE Developed Europe Ex UK Property UCITS ETF DR XREA GY Deutsche AM Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,521.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta Amundi ETF MSCI USA UCITS ETF CU2 FP Amundi Beta Lyxor ETF S&P 500 LYPS GR Lyxor Beta YTD Flows Figure 35: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,336.1 Deka Deutsche Borse EUROGOV Germany UCITS ETF ETFGS11 GR Deka Investment GmbH Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,526.0 db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AM Beta ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock Beta YTD Flows Figure 36: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta db Energy Booster Euro Hedged ETC XCTH GR Deutsche AM Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Beta db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AM Beta ETFS GBP Daily Hedged Brent Crude PBRT LN ETF Securities Beta ETFS Copper COPA LN ETF Securities Beta Source Physical Palladium P-ETC SPAL LN Source Beta EasyETF S&P GSCI (USD) GSCIUSD SW BNP Paribas Beta ETFS Brent Crude BRNT LN ETF Securities Beta ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta YTD Flows Deutsche Bank AG/London Page 25

26 4. Product Review New Products Launched in the Month Figure 37: Number of ETPs by Asset Class ETPs Global Sep-16 Aug-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 3, % 3, % 2, % Fixed income % % % Commodity % % 110 (1) 2.5% Currency % 16 (1) 0.3% 16 (1) 0.4% Multi Asset % % % Alternative % 49 (1) 1.1% 53 (5) 1.2% Total 4, % 4, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % 408 (11) 9.2% Currency % % % Alternative 4 0.1% 4-0.1% 4-0.1% Total % % 544 (11) 12.2% Total ETPs 4, % 4, % 4, % Figure 38: Number of ETPs by Asset Class ETPs Europe Sep-16 Aug-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % 1, % Fixed income % % % Commodity % % 50 (2) -0.1% Currency - 0.0% 0-0.0% 0-0.0% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative 8 0.4% 8-0.0% 14 (6) -0.3% Total 1, % 1, % 1, % ETCs Commodity % % % Currency % % % Total % % % Total ETPs 1, % 1, % 1, % Page 26 Deutsche Bank AG/London

27 Deutsche Bank AG/London Page 27 Figure 39: New ETF launches ETFs Europe Launch/ BBG cross listing Ticker date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 6-Sep-16 EMSR FP EMSR.PA BNP Paribas BNP Paribas Easy - MSCI Emerging Markets SRI UCITS ETF Equity Beta Sustainability EM MSCI EM SRI Index 1L 0.46% Euronext Paris 12-Sep-16 HYFA IM HYFA.MI PowerShares PowerShares US High Yield Fallen Angels UCITS ETF Fixed Income Beta Overall Overall Citi Time-Weighted US Fallen Angel Select Index 1L 0.45% Borsa Italiana 13-Sep-16 ALQD LN ALQD.L Deutsche AM db x-trackers II Iboxx USD Liquid Asia Ex-Japan Corporate Bond UCITS ETF DR Fixed Income Beta Overall Overall Markit iboxx USD Liquid Asia Ex-Japan Corporates Large Cap Inv Grade Index 1L 0.30% London SE 14-Sep-16 AGED SW AGED.S BlackRock ishares Ageing Population UCITS ETF Equity Beta Sustainability Overall istoxx FactSet Ageing Population Index 1L 0.40% Swiss SE 14-Sep-16 HEAL SW HEAL.S BlackRock ishares Healthcare Innovation UCITS ETF Equity Beta Other Theme Overall istoxx Factset Breakthrough Healthcare Index 1L 0.40% Swiss SE 14-Sep-16 DGTL SW DGTL.S BlackRock ishares Digitalisation UCITS ETF Equity Beta Other Theme Overall istoxx Factset Digitalisation Index 1L 0.40% Swiss SE 14-Sep-16 RBOT SW RBOT.S BlackRock ishares Automation & Robotics UCITS ETF Equity Beta Other Theme Overall istoxx Factset Automation & Robotics Index 1L 0.40% Swiss SE 16-Sep-16 EMKX GY EMKX.DE BNP Paribas BNP Paribas Easy - MSCI Emerging Markets ex Controversial Weapons UCITS ETF Equity Beta Other Theme EM MSCI EM ex Controversial Weapons NTR Index 1L 0.36% Deutsche Borse 16-Sep-16 EMUK GY EMUK.DE BNP Paribas BNP Paribas Easy - MSCI UK ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI UK ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 EJAP GY EJAP.DE BNP Paribas BNP Paribas Easy - MSCI Japan ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI Japan ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 ENOA GY ENOA.DE BNP Paribas BNP Paribas Easy - MSCI North America EX Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI North America ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 EEXU GY EEXU.DE BNP Paribas BNP Paribas Easy - MSCI Europe ex UK ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI Europe ex UK ex Controversial weapons (NTR) index 1L 0.26% Deutsche Borse 16-Sep-16 EMUX GY EMUX.DE BNP Paribas BNP Paribas Easy - MSCI EMU ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI EMU ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 EEUX GY EEUX.DE BNP Paribas BNP Paribas Easy - MSCI Europe ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI Europe ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 PAC GY PAC.DE BNP Paribas BNP Paribas Easy - MSCI Pacific ex Japan ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI ex Japan ex Controversial Weapons NTR Index 1L 0.26% Deutsche Borse 16-Sep-16 EESM GY EESM.DE BNP Paribas BNP Paribas Easy - MSCI Europe Small Caps ex Controversial Weapons UCITS ETF Equity Beta Other Theme DM MSCI Europe Small Caps ex Controversial Weapons (NTR) Index 1L 0.26% Deutsche Borse 22-Sep-16 MIND LN MIND.L ZyFin Holdings LAM ZyFin MSCI India UCITS ETF Equity Beta Emerging Country EM MSCI India 10/40 Index Net TR 1L 0.89% London SE Exchange Listed Figure 40: New ETC launches ETCs Europe Launch/ cross listing date New Launches BBG Ticker Reuters Code Issuer ETC Name Asset class Invest. Strategy Focus Benchmark Long /Short/ Leverage TER Exchange Listed 7-Sep-16 BNQC GY BNQC.DE BNP Pariba BNP Paribas RICI Enhanced Collateralized - Brent ETC Commodity Beta Crude Oil RICI Enhanced Brent Crude Oil TR Index 1L 1.00% Deutsche Borse 19-Sep-16 BNQD GY BNQD.DE BNP Pariba BNP Paribas RICI Enhanced WTI ETC Commodity Beta Crude Oil RICI Enhanced WTI Crude Oil TR Index 1L 1.00% Deutsche Borse 16-Sep-16 BNQE GY BNQE.DE BNP Pariba BNP Paribas RICI Enhanced Natural Gas ETC Commodity Beta Natural Gas RICI Enhanced Natural Gas TR Index 1L 1.00% Deutsche Borse 19-Sep-16 BNQF GY BNQF.DE BNP Pariba BNP Paribas RICI Enhanced Gas Oil ETC Commodity Beta Oil & Gas RICI Enhanced Gas Oil TR Index 1L 1.00% Deutsche Borse 19-Sep-16 BNQH GY BNQH.DE BNP Pariba BNP Paribas RICI Enhanced Heating Oil ETC Commodity Beta Heating Oil RICI Enhanced Heating Oil TR Index 1L 1.00% Deutsche Borse 19-Sep-16 BNQG GY BNQG.DE BNP Pariba BNP Paribas RICI Enhanced Gasoline ETC Commodity Beta Gasoline RICI Enhanced Gasoline TR Index 1L 1.00% Deutsche Borse

28 Average TERs Figure 41: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.33% % % 9 Beta 0.39% % % 986 Beta+ 0.67% % % 74 Semi Active 0.43% % % % % % 1,095 Fixed Income Alpha 0.59% % % 10 Beta 0.25% % % 346 Beta+ NA NA 0.22% % % % % 372 Alternative Alpha NA NA 0.71% % 3 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.70% % % % 8 Commodity Beta 0.49% % % 47 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 48 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA 1 NA 2 Alpha 0.46% % % % % % 8 Total 0.36% % % 1,531 Page 28 Deutsche Bank AG/London

29 Figure 42: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.49% % 37 Beta+ NA NA 0.92% % 35 Energy Beta NA NA 0.53% % 55 Beta+ NA NA 0.80% % 53 Industrial Metals Beta NA NA 0.49% % 23 Beta+ NA NA 0.90% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.49% % 8 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.76% % 43 Commodity 0.45% % % 348 Currency Currency Beta NA NA 0.41% % 42 Beta+ NA NA 0.79% % 73 Currency NA NA 0.65% % 115 Deutsche Bank AG/London Page 29

30 Figure 43: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.34% % % 9 Beta 0.30% % % 986 Beta+ 0.66% % % 74 Semi Active 0.38% % % % % % 1,095 Fixed Income Alpha 0.36% % % 10 Beta 0.27% % % 346 Beta+ NA NA 0.23% % % % % 372 Alternative Alpha NA NA 0.87% % 3 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.70% % % % % 8 Commodity Beta 0.41% % % 47 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 48 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% % % 2 Alpha 0.53% % % % % % 6 Total 0.29% % % 1,531 Page 30 Deutsche Bank AG/London

31 Figure 44: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.49% % 37 Beta+ NA NA 0.98% % 35 Energy Beta NA NA 0.48% % 55 Beta+ NA NA 0.95% % 53 Industrial Metals Beta NA NA 0.49% % 23 Beta+ NA NA 0.97% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.49% % 8 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.37% % % 51 Beta+ NA NA 0.94% % 43 Commodity 0.37% % % 348 Currency Currency Beta NA NA 0.39% % 42 Beta+ NA NA 0.78% % 73 Currency NA NA 0.68% % 115 Deutsche Bank AG/London Page 31

32 5. Provider Rankings Global Provider Rankings Figure 45: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,199, % 1,060, % 656 9, ,654 83,334 2 Vanguard 605, % 504, % 111 7,313 87,107 65,906 3 State Street 454, % 421, % 269 1, ,476 9,775 4 PowerShares 102, % 94, % ,880 3,286 5 Nomura Asset Management 77, % 63, % 50 3,941 24,821 11,715 6 Deutsche AM 73, % 80, % 242-2,546 10,800-8,874 7 Charles Schwab 53, % 39, % 21 1,406 5,611 10,859 8 Lyxor 51, % 51, % 219-1,217 10, First Trust 40, % 42, % ,549-3, WisdomTree 37, % 52, % ,865-12,697 Total Top 10 2,695, % 2,413, % 1,961 19,635 1,449, ,097 Others 491, % 424, % 2,175 9, ,301 46,991 Global Total 3,186, % 2,837, % 4,136 28,988 1,777, ,088 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 46: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 40, % 21, % ,074 12,268 2 ETF Securities 20, % 13, % ,258 4,558 3 BlackRock 20, % 10, % ,601 6,040 4 PowerShares 5, % 4, % , United States Commodity Funds 4, % 4, % , Source 4, % 1, % ,013 7 ProShares 3, % 3, % ,268 1,630 8 Deutsche AM 3, % 1, % Deutsche Borse Commodities GmbH 2, % 1, % Guggenheim Investments 1, % 1, % , Total Top , % 64, % 419 1,016 85,239 27,741 Others 1, % 1, % , Global Total 107, % 65, % 533 1,035 86,319 27,759 YTD CF Page 32 Deutsche Bank AG/London

33 Figure 47: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,219, % 1,071, % , ,255 89,374 2 Vanguard 605, % 504, % 111 7,313 87,107 65,906 3 State Street 494, % 443, % 270 2, ,550 22,043 4 PowerShares 108, % 99, % ,582 3,534 5 Nomura Asset Management 77, % 63, % 50 3,941 24,821 11,715 6 Deutsche AM 76, % 82, % 259-2,547 11,175-7,919 7 Charles Schwab 53, % 39, % 21 1,406 5,611 10,859 8 Lyxor 51, % 51, % 219-1,217 10, First Trust 40, % 42, % ,549-3, WisdomTree 38, % 52, % ,889-12,720 Total Top 10 2,764, % 2,452, % 1,999 19,848 1,483, ,584 Others 529, % 450, % 2,670 10, ,844 55,262 Global Total 3,293, % 2,903, % 4,669 30,023 1,863, ,846 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 33

34 European Provider Rankings General Figure 48: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 234, ,014 10% 1,035 2,162 20,896 26,336 24,292 8% % Deutsche AM 53,720 56,234-4% ,571 4,924 4,200 17% % Lyxor 45,774 47,742-4% -1, ,278 8,380 11% % UBS 27,119 24,949 9% 374 1,252 2,255 1,716 1,771-3% % Amundi 21,354 19,739 8% ,475 3,340 2,244 49% % Vanguard 20,471 17,691 16% ,648 2,102 1,939 8% % Source 15,706 16,286-4% ,333 1,082 23% % State Street 15,550 11,863 31% ,372 1,718 1,766-3% % ComStage 7,437 6,925 7% % % Deka Investment GmbH 7,285 7,027 4% % % Zuercher Kantonalbank 7,053 5,400 31% % 4 4 0% HSBC 4,615 4,978-7% % % BNP Paribas 4,214 4,466-6% % % Xact Fonder AB 2,756 2,522 9% , % % PowerShares 2,221 1,766 26% % % Julius Baer Inv 2,173 1,640 32% % 4 4 0% Ossiam 1,919 1,707 12% % % ThinkCapital ETFs N.V. 1,631 1,623 0% % % ETF Securities 1, % % % Fundlogic Global Solutions plc % % 2 2 0% WisdomTree % % % BBVA Gestion SA SGIIC % % 2 2 0% China Post Global % % % Raiffeisen Schweiz Genossenschaft % % 3 3 0% Seligson & Co Fund Man % % 1 1 0% Van Eck Funds % % 3 3 0% BMO Global Asset Management % % 9 9 0% First Trust % % % Nomura Asset Management % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% UniCredit Bank % % 1 1 0% Commerzbank AG % % 3 3 0% SEB Investment Management AB % % 3 3 0% FinEx Fund Plc % % 2 2 0% Boost % % 3 3 0% ZyFin Holdings % % % Fullgoal Fund Management Co 10 0 NA % 1 0 NA Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 4 4-6% % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA NA 2 2 0% PDR Services LLC 0 0 NA % 0 0 NA Total 479, ,988 7% 1,564 4,775 29,239 55,778 49,951 12% ,518 1% *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 34 Deutsche Bank AG/London

35 Figure 49: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products AUM Cash Flow Turnover Products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. ETF Securities 15,770 10,150 55% ,850 2,620 3,413-23% % Source 3,906 1, % , % 4 4 0% Deutsche AM 2,892 1,650 75% % % BlackRock 2, % , % 4 4 0% Deutsche Borse Commodities GmbH 1,898 1,579 20% % 1 1 0% Boost % % % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % Royal Bank of Scotland plc % NA % BNP Paribas 0 0 NA NA % Total 27,408 16,052 71% 511 1,079 8,288 5,114 6,000-15% % Deutsche Bank AG/London Page 35

36 Figure 50: 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 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 237, ,411 11% 1,192 2,510 22,695 26,753 24,876 8% % Deutsche AM 56,612 57,884-2% ,717 5,259 4,482 17% % Lyxor 45,774 47,742-4% -1, ,278 8,380 11% % UBS 27,119 24,949 9% 374 1,252 2,255 1,716 1,771-3% % Amundi 21,354 19,739 8% ,475 3,340 2,244 49% % Vanguard 20,471 17,691 16% ,648 2,102 1,939 8% % Source 19,612 17,941 9% ,426 2,021 1,759 15% % ETF Securities 17,194 10,941 57% ,472 3,361 4,008-16% % State Street 15,550 11,863 31% ,372 1,718 1,766-3% % ComStage 7,437 6,925 7% % % Deka Investment GmbH 7,285 7,027 4% % % Zuercher Kantonalbank 7,053 5,400 31% % 4 4 0% HSBC 4,615 4,978-7% % % BNP Paribas 4,214 4,466-6% % % Xact Fonder AB 2,756 2,522 9% , % % PowerShares 2,221 1,766 26% % % Julius Baer Inv 2,173 1,640 32% % 4 4 0% Ossiam 1,919 1,707 12% % % Deutsche Borse Commodities GmbH 1,898 1,579 20% % 1 1 0% ThinkCapital ETFs N.V. 1,631 1,623 0% % % Fundlogic Global Solutions plc % % 2 2 0% WisdomTree % % % BBVA Gestion SA SGIIC % % 2 2 0% Boost % % % China Post Global % % % Borse Stuttgart Securities GmbH % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Seligson & Co Fund Man % % 1 1 0% Van Eck Funds % % 3 3 0% BMO Global Asset Management % % 9 9 0% Commerzbank AG % % % First Trust % % % Nomura Asset Management % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% UniCredit Bank % % 1 1 0% SEB Investment Management AB % % 3 3 0% FinEx Fund Plc % % 2 2 0% ZyFin Holdings % % % Fullgoal Fund Management Co 10 0 NA % 1 0 NA Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 4 4-6% % 2 2 0% Royal Bank of Scotland plc % NA % Nordea Investment Funds 0 0 NA NA 2 2 0% Landsbankinn 0 0 NA % 1 1 0% PDR Services LLC 0 0 NA % 0 0 NA Total 507, ,041 9% 2,074 5,854 37,527 60,892 55,952 9% 1,994 1,980 1% * China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Products Page 36 Deutsche Bank AG/London

37 Figure 51: European ETP Providers tier market share ETPs Europe Sep-16 Q2 16 Q1 16 Q4 15 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q3 15 Q4 15 Q1 16 Q2 16 Sep-16 Tier % 73.9% 73.1% 72.6% 72.3% Tier % 23.1% 23.8% 23.3% 23.8% Tier 3 4.2% 3.2% 3.1% 4.1% 4.0% Deutsche Bank AG/London Page 37

38 European Provider Rankings by Asset Class Figure 52: 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 140,871 91,550 2, , % ,336 1,035 20,896 Deutsche AM 39,402 13, , % 205 4, ,571 Lyxor 33,603 11, , % 219 9,278-1, UBS 22,226 2,273 2, , % 123 1, ,255 Amundi 16,482 4, , % 102 3, ,475 Vanguard 20, , % 21 2, ,648 Source 9,526 5, , % 74 1, State Street 9,824 5, , % 99 1, ,372 ComStage 5,452 1, , % Deka Investment GmbH 4,902 2, , % Zuercher Kantonalbank 0 0 7, , % HSBC 4, , % BNP Paribas 3, , % Xact Fonder AB 2, , % 13 1, PowerShares 2, , % Julius Baer Inv 0 0 2, , % Ossiam 1, , % ThinkCapital ETFs N.V , % ETF Securities , % Fundlogic Global Solutions plc % WisdomTree % BBVA Gestion SA SGIIC % China Post Global % Raiffeisen Schweiz Genossenschaft % Seligson & Co Fund Man % Van Eck Funds % BMO Global Asset Management % First Trust % Nomura Asset Management % DnB Kapitalforvaltning % UniCredit Bank % Commerzbank AG % SEB Investment Management AB % FinEx Fund Plc % Boost % ZyFin Holdings % Fullgoal Fund Management Co % Alpha Asset Management % NBG Asset Management MFMC % Nordea Investment Funds % Landsbankinn % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % PDR Services LLC % Total 321, ,225 17,201 1, , % 1,531 55,778 1,564 29,239 * China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 38 Deutsche Bank AG/London

39 Figure 53: 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 15, , % 330 2, Source 3, , % Deutsche AM 2, , % BlackRock 2, , % Deutsche Borse Commodities GmbH 1, , % Boost % Borse Stuttgart Securities GmbH % Commerzbank AG % Royal Bank of Scotland plc % BNP Paribas % Total 27, , % 463 5, ,288 Deutsche Bank AG/London Page 39

40 Figure 54: 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 140,871 91,550 4, , % ,753 1,192 22,695 Deutsche AM 39,402 13,213 3, , % 222 5, ,717 Lyxor 33,603 11, , % 219 9,278-1, UBS 22,226 2,273 2, , % 123 1, ,255 Amundi 16,482 4, , % 102 3, ,475 Vanguard 20, , % 21 2, ,648 Source 9,526 5,874 4, , % 78 2, ,426 ETF Securities , , % 357 3, ,472 State Street 9,824 5, , % 99 1, ,372 ComStage 5,452 1, , % Deka Investment GmbH 4,902 2, , % Zuercher Kantonalbank 0 0 7, , % HSBC 4, , % BNP Paribas 3, , % Xact Fonder AB 2, , % 13 1, PowerShares 2, , % Julius Baer Inv 0 0 2, , % Ossiam 1, , % Deutsche Borse Commodities GmbH 0 0 1, , % ThinkCapital ETFs N.V , % Fundlogic Global Solutions plc % WisdomTree % BBVA Gestion SA SGIIC % Boost % China Post Global % Borse Stuttgart Securities GmbH % Raiffeisen Schweiz Genossenschaft % Seligson & Co Fund Man % Van Eck Funds % BMO Global Asset Management % Commerzbank AG % First Trust % Nomura Asset Management % DnB Kapitalforvaltning % UniCredit Bank % SEB Investment Management AB % FinEx Fund Plc % ZyFin Holdings % Fullgoal Fund Management Co % Alpha Asset Management % NBG Asset Management MFMC % Royal Bank of Scotland plc % Nordea Investment Funds % Landsbankinn % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % PDR Services LLC % Total 321, ,225 44,209 1, , % 1,994 60,892 2,074 37,527 *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Page 40 Deutsche Bank AG/London

41 European Provider Analysis by Replication Method Figure 55: 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 140, , ,567 99% 282 Synthetic , ,247 1% 1 Deutsche AM Physical 25, , ,946 52% 77 Synthetic 14, , ,774 48% 128 Lyxor Physical 12, , ,297 40% 45 Synthetic 21, , ,477 60% 174 UBS Physical 18, , , ,649 84% 103 Synthetic 3, ,470 16% 20 Amundi Physical % 4 Synthetic 15, , ,541 96% 98 Vanguard Physical 20, , % 21 Source Physical , ,737 37% 16 Synthetic 9, ,970 63% 58 State Street Physical 9, , , % 99 ComStage Physical % 5 Synthetic 5, , ,225 97% 108 Zuercher Kantonalbank Physical , , % 4 Deka Investment GmbH Physical 4, , , % 41 Synthetic % 1 HSBC Physical 4, , % 27 BNP Paribas Physical 1, ,440 34% 18 Synthetic 2, ,774 66% 23 Xact Fonder AB Physical 2, , % 13 Julius Baer Inv Physical , , % 4 PowerShares Physical 2, , % 20 Ossiam Physical % 1 Synthetic 1, ,857 97% 9 ThinkCapital ETFs N.V. Physical , % 14 ETF Securities Synthetic % 20 Physical % 7 Fundlogic Global Solutions plc Synthetic % 2 WisdomTree Physical % 26 Synthetic % 1 BBVA Gestion SA Physical % 2 China Post Global Synthetic % 8 Raiffeisen Schweiz Physical % 3 Seligson & Co Fund Mgmt. Physical % 1 Van Eck Funds Physical % 3 BMO Global Asset Management Physical % 9 First Trust Physical % 9 Nomura Asset Management Physical % 3 DnB Kapitalforvaltning Physical % 1 UniCredit Bank Synthetic % 1 Commerzbank AG Synthetic % 1 Physical % 2 SEB Investment Management AB Synthetic % 3 FinEx Fund Plc Physical % 1 Synthetic % 1 Boost Synthetic % 3 ZyFin Holdings Physical % 3 Fullgoal Fund Management Co Physical % 1 Alpha Asset Mgmt. Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 321,304 1, , , , ,948 1,531 *China Post Global acquired ETF arm of Royal Bank of Scotland (RBS). *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 41

42 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 56: Turnover by asset class and instrument ( million) ETPs Europe Sep-16 Aug (Monthly Avg.) Asset Class Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover ETFs Equity 38, % 10.2% -20.8% 35,137 48,895 Fixed income 16, % 18.1% 16.0% 13,674 13,928 Commodity % -22.2% 6.6% 1, Currency 0 0.0% 0.0% % 0 1 Multi Asset % 8.0% -25.5% Alternative % -5.3% 0.0% Total 55, % 11.7% -12.4% 49,951 63,693 ETCs Commodity 4, % -15.3% 36.8% 5,886 3,645 Currency % 11.7% -46.6% Total 5, % -14.8% 31.7% 6,000 3,884 Total ETPs 60, % 8.8% -9.9% 55,952 67,577 Asset Class Analysis Figure 57: European Equity ETF Turnover Summary ( million) ETFs Europe Sep-16 Aug (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Developed Markets 22, % 15.4% 69.0% 19,063 31,883 Emerging Markets 4, % 2.9% 97.7% 4,378 4,609 Global Markets % 21.9% 95.8% Sector 2, % 4.9% 99.0% 2,801 2,968 Capitalization % -2.4% 79.6% Strategy 5, % 11.9% 99.4% 5,316 5,988 Style 1, % -21.2% 85.2% 1,653 1,530 Thematic % -4.1% 162.2% Total Equities 38, % 10% 79.2% 35,137 48,895 Page 42 Deutsche Bank AG/London

43 Figure 57A: European Equity ETF Turnover Summary A ( million) ETFs Europe Sep-16 Aug (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Sector 2, % 4.9% -1.0% 2,801 2,968 Consumer discretionary % -3.0% -44.0% Consumer staples % -8.3% -17.0% Energy % -10.9% -10.7% Financials % 15.2% 22.6% Healthcare % -21.9% -26.3% Industrials % 10.2% -58.2% Information Technology % 2.3% 6.5% Materials % 2.6% -2.1% Real Estate % 47.0% Telecommunications % -59.6% -38.2% Utilities % -0.3% 8.0% Capitalization % -2.4% -20.4% Large Cap % 6.2% -38.4% Mid Cap % 2.8% -68.3% Small Cap % -3.7% 16.0% Strategy 5, % 11.9% -0.6% 5,316 5,988 Fundamental % -46.7% -40.7% Leveraged Long % 35.3% -25.4% Leveraged Short % 31.3% 3.6% Options Strategy 0 0.0% 0.0% 0.0% 0 0 Quantitative % -23.9% 110.9% Short % 22.6% -7.3% Style 1, % -21.2% -14.8% 1,653 1,530 Dividend 1, % -15.4% -10.1% 1,467 1,380 Growth % -85.5% -69.3% Value % -12.1% -50.5% Thematic % -4.1% 62.2% Commodities % 6.0% 195.2% Cyclical 0 0.0% 0.0% 0.0% 0 - Faith % 17.1% 80.4% Other Theme % -30.5% -2.2% Sustainability % -2.6% 13.1% Total 11, % 3.4% -1.4% 11,092 11,634 Deutsche Bank AG/London Page 43

44 Figure 57B: European Equity ETF Turnover Summary B ( million) ETFs Europe Sep-16 Aug (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Developed Markets Europe 13, % 20.1% -32.3% 11,484 20,374 Austria % 93.9% 37.5% 9 13 Belgium 3 0.0% 64.1% -31.2% 2 4 Finland 3 0.0% 20.8% -70.6% 3 11 France % 56.5% -39.5% Germany 3, % 19.7% -32.9% 2,641 4,709 Greece % 67.9% -59.2% Ireland 0 0.0% 55.9% -89.5% 0 3 Italy % 14.4% -52.3% Netherlands % 19.1% -46.9% Norway 8 0.0% -40.8% -68.8% Portugal 2 0.0% 21.9% -88.2% 2 20 Iceland 1 0.0% -76.6% 77.1% 3 0 Spain % 60.2% -64.2% Sweden % 35.6% 1.1% Switzerland % -2.7% -46.7% 680 1,240 UK 2, % 0.6% -18.6% 2,016 2,491 Europe broad 6, % 28.6% -30.6% 5,041 9,350 Americas 5, % 15.0% -15.9% 4,415 6,037 US 4, % 15.6% -15.8% 4,197 5,759 Canada % -1.1% 35.9% North America % 10.4% -40.9% Asia 1, % -12.0% -42.7% 1,960 3,010 Australia % -43.3% -40.4% Hong Kong % -27.8% -69.9% Japan 1, % -7.2% -45.9% 1,570 2,694 Singapore 3 0.0% -37.0% 14.2% 5 3 Asia Pacific broad % -26.3% 20.2% EMEA 3 0.0% 281.4% 0.0% 1 0 Israel 3 0.0% 281.4% 0.0% 1 0 Global 1, % 16.6% -43.0% 1,203 2,461 Broad indices 1, % 16.6% -43.0% 1,203 2,461 DM Total 22, % 15.4% -31.0% 19,062 31,883 Page 44 Deutsche Bank AG/London

45 Figure 57C: European Equity ETF Turnover Summary C ( million) ETFs Europe Sep-16 Aug (Monthly Avg.) Equity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Emerging Markets BRIC % 1.7% -54.4% 746 1,664 Brazil % -15.3% -13.5% Russia % -21.3% -60.6% India % 16.7% -46.8% China % 12.3% -63.3% Latin America % 0.5% -8.4% Chile 0 0.0% 0.0% % 0 6 Mexico % 70.8% 32.7% LATAM broad % -22.4% -19.1% Asia % 16.4% 0.5% Bangladesh 1 0.0% -12.4% 43.3% 2 1 Indonesia % 6.9% 24.8% Malaysia % 63.7% -31.4% 9 21 Pakistan 2 0.0% -47.8% -36.7% 3 2 Philippines % -12.3% -3.2% South Korea % 29.7% -5.5% Taiwan % 42.4% -3.6% Thailand % 48.7% 83.4% Vietnam % 9.1% -39.5% Asia Pacific broad % 4.0% 6.2% EMEA % -25.8% -56.8% Kuwait 1 0.0% % -56.7% 0 2 Poland % -62.8% 6.2% South Africa % -40.5% -8.2% Turkey % -22.1% -81.3% Europe broad % 14.6% -48.0% Middle East & Africa 5 0.1% -6.7% -55.6% 6 12 Global Markets 2, % 1.9% 48.9% 2,813 1,925 Global 2, % 1.9% 48.9% 2,813 1,925 EM Total 4, % 2.9% -2.3% 4,378 4,609 Total (EM + DM) 26, % 13.1% -27.4% 23,440 36,493 Deutsche Bank AG/London Page 45

46 Figure 58: European Fixed Income ETF Turnover ( million) ETFs Europe Sep-16 Aug (Monthly Avg.) Fixed Income Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Overall % -15.1% -7.2% Corporates 7, % 26.3% 44.0% 5,652 4,957 Covered Bonds % 4.3% -17.7% Credit Exposure % -16.4% -37.8% Sovereign 7, % 14.0% 3.7% 6,992 7,687 Money Market % 20.2% -25.5% Total Fixed Income 16, % 18.1% 16.0% 13,674 13,928 Page 46 Deutsche Bank AG/London

47 Figure 59: European Commodity ETP Turnover summary ( million) ETPs Europe Sep-16 Aug (Monthly Avg.) Commodity Turnover Turnover Market Share % MoM %Change 2015 (Monthly Avg.) %Change Turnover Turnover Overall % 2.9% 4.8% Overall % 0.2% 3.4% Overall ex Energy % 50.1% 25.0% Overall Light Energy 0 0.0% 117.0% -54.9% 0 0 Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0 Agriculture % -5.2% -3.5% Overall % 25.3% 59.9% Cocoa 9 0.1% 54.6% 80.2% 6 5 Coffee % 89.2% -32.0% Corn 9 0.2% -42.5% -25.4% Cotton 2 0.0% -52.4% -63.3% 5 6 Grains 1 0.0% -74.1% -76.7% 4 5 Softs 0 0.0% -13.2% -49.1% 0 1 Soybean Oil 7 0.1% -71.5% 52.7% 26 5 Soybeans 8 0.1% -4.5% 52.6% 8 5 Sugar % 46.1% 7.6% Wheat % -35.1% -29.4% Energy 1, % -6.0% 13.3% 1,982 1,644 Overall % -56.1% -65.6% Carbon 0 0.0% -59.7% -85.4% 0 0 Crude Oil % -6.1% 22.6% Gasoline % 92.3% 75.2% 8 9 Heating Oil 7 0.1% 40.0% 114.3% 5 3 Natural Gas % 0.1% -22.7% Electricity 0 0.0% 0.0% 0.0% 0 0 Uranium 0 0.0% 0.0% 0.0% 0 0 Industrial Metals % -15.8% -19.6% Overall % -63.4% -64.8% Aluminium % 153.6% -39.4% 6 24 Copper % -6.2% 17.3% Lead 2 0.0% 441.6% 191.7% 0 1 Nickel % -26.4% -50.0% Tin 0 0.0% -49.0% -90.9% 0 2 Zinc 5 0.1% -23.4% 10.2% 7 5 Precious Metals 3, % -23.4% 59.5% 4,178 2,007 Overall % -60.6% -66.6% Gold % -23.9% 62.9% Palladium % -43.5% -17.6% Platinum % -37.0% -14.2% Rhodium 0 0.0% 71.6% -86.6% 0 2 Silver % -9.0% 106.0% Livestock 7 0.1% -8.6% 24.9% 8 6 Overall 0 0.0% -92.0% -78.6% 2 1 Cattle 2 0.0% 368.6% 27.2% 0 1 Lean Hogs 6 0.1% -7.2% 39.6% 6 4 Total 5, % -16.3% 31.7% 6,894 4,380 Deutsche Bank AG/London Page 47

48 Product Rankings Figure 60: 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, , ,024.3 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1, , ,048.6 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1, ,187.9 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, ,375.8 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta , ,909.4 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ,327.0 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,755.2 Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Amundi Beta ,893.6 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta ,363.3 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,047.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,657.3 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta ,173.3 Lyxor ETF XBear CAC 40 BX4 FP Lyxor Beta ,531.2 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta ,701.9 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta ,353.5 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,919.5 Lyxor UCITS ETF DAX (DR) LYXDAX GR Lyxor Beta ,100.7 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AM Beta ,442.5 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta ,033.5 Lyxor UCITS ETF LevDAX LYXLEDAX GR Lyxor Beta ,301.8 YTD TO Figure 61: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta ,044.7 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,909.0 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,383.6 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,684.5 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ,138.8 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,128.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ,951.1 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,985.7 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ,704.8 ishares Euro Ultrashort Bond UCITS ETF ERNE LN BlackRock Beta ,169.5 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta ,065.1 ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta ,997.2 Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ,793.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,825.3 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ,660.5 ishares JP Morgan $ EM Bond EUR Hedged UCITS ETF EMBE LN BlackRock Beta ,375.5 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta ,707.3 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ,158.5 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ,354.5 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta ,526.6 YTD TO Page 48 Deutsche Bank AG/London

49 Figure 62: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,223.3 ETFS Physical Gold PHAU LN ETF Securities Beta ,398.5 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,429.6 ishares Physical Gold ETC SGLN LN Blackrock Beta ,447.5 Gold Bullion Securities GBS LN ETF Securities Beta ,648.4 ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,770.9 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,655.1 Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ,926.5 ETFS Physical Silver PHAG LN ETF Securities Beta ,567.0 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta ,827.9 db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AM Beta ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,975.6 ETFS Brent 1mnth Oil OILB LN ETF Securities Beta ,119.7 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta ETFS 3x Daily Long WTI Crude Oil 3CRL IM ETF Securities Beta ETFS Copper COPA LN ETF Securities Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta ETFS 3x Daily Short WTI Crude Oil 3CRS IM ETF Securities Beta ETFS Agriculture AIGA LN ETF Securities Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta YTD TO Figure 63: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 1, ishares Markit iboxx Euro High Yield EUNW GR ishares Euro STOXX 50 (DE) SX5EEX GR ishares Euro Ultrashort Bond UCITS ETF IS3M GY db x-trackers DAX UCITS ETF (DR) 1C XDAX GR db x-trackers II EONIA TR Index UCITS ETF XEON GR ishares STOXX 600 (DE) SXXPIEX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR ishares Euro STOXX Banks (DE) SX7EEX GR ishares Euro Covered Bond IUS6 GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR ishares MDAX (DE) MDAXEX GR ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR Deka DAX UCITS ETF ETFDAX GR ishares JPMorgan USD Emerging Markets Bond IUS7 GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR ishares Barclays Euro Corporate Bond ex-financials 1-5 EUNS GR db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR ishares Barclays Euro Corporate Bond EUN5 GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR Source Physical Gold ETC (P-ETC) 8PSG GY db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers Portfolio TR Index UCITS ETF XQUI GR ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR VOOL GY ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Vermogensstrategie UCITS ETF F701 GY ETFS Physical Gold VZLD GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ishares S&P Listed Private Equity Fund IQQL GR ETFS Daily Leveraged Crude Oil 4RT6 GR SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF ZPRI GY Lyxor ETF Commodities CRB LYXCRB GR db-x trackers Portfolio Income UCITS ETF XS7W GR ETFS Physical Silver VZLC GR ETFS Short JPY Long EUR SJPL GR 0.71 Deutsche Bank AG/London Page 49

50 Figure 64: 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 $ Corporate Bond UCITS ETF LQDE LN Vanguard S&P 500 ETF VUSD LN 1, ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN ishares Core S&P 500 UCITS ETF CSPX LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN Vanguard FTSE 100 ETF VUKE LN ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN ishares MSCI Europe ex-uk UCITS ETF IEUX LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ETFS FTSE 100 Super Short Strategy (2x) Fund SUK2 LN ishares Euro Corporate Bond UCITS ETF IEAC LN db x-trackers S&P 500 UCITS ETF 1C XSPU LN ishares Emerging Markets Local Government Bond UCITS ETF IEML LN WisdomTree Europe Equity UCITS ETF - USD Hedged HEDJ LN ishares $ TIPS UCITS ETF IDTP LN Vanguard S&P 500 ETF VUSA LN ishares Index-Linked Gilts UCITS ETF INXG LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN ishares Listed Private Equity UCITS ETF IPRV LN ETFS Physical Gold PHAU LN ETFS Short NOK Long USD SNOK LN ishares Physical Gold ETC IGLN LN ETFS 3x Short GBP Long USD SGB3 LN Gold Bullion Securities GBS LN ETFS 3x Long USD Short GBP USP3 LN db WTI Crude Oil Booster USD Index XCT9 LN ETFS Short GBP Long USDGBP USD2 LN ETFS WTI Crude Oil CRUD LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN ETFS Physical Silver PHAG LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ishares Physical Gold ETC SGLN LN ETFS Short EUR Long USD SEUR LN ETFS Physical Gold GBP PHGP LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS Copper COPA LN ETFS Short NOK Long USDGBP SNOP LN 1.66 Figure 65: 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 J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares $ TIPS UCITS ETF ITPS SW ishares MSCI Emerging Markets IMI UCITS ETF EIMI SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares MSCI Japan UCITS ETF (Inc) IJPN SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares CHF Corporate Bond (CH) CHCORP SW PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G SW ishares MSCI World CHF Hedged UCITS ETF IWDC SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A EGUSAS SW db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 2C (USD Hedged) XBAU SW ishares SMIM CH CSSMIM SW db x-trackers II Barclays Global Aggregate Bond UCITS ETF - 4C (CHF Hedged) XBAC SW ishares SPI (CH) CHSPI 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-A USD ZGLDUS SW ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF ZGLD SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW ZKB Gold ETF-H (CHF) ZGLDHC SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW ZKB Gold ETF-A EUR ZGLDEU SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW UBS-IS CMCI Oil ETF (USD) A OILUSA SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW Lyxor ETF Privex LYPVX SW Source Physical Gold ETC (P-ETC) SGLD SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW EasyETF S&P GSCI (USD) GSCIUSD SW Page 50 Deutsche Bank AG/London

51 Figure 66: 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 Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Lyxor ETF Leverage CAC 40 LVC FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor ETF XBear CAC 40 BX4 FP Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Amundi ETF MSCI Emerging Markets UCITS ETF AEEM FP Lyxor ETF Daily Double Short BTP BTPS FP Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Amundi Euro HY Liquid Bond iboxx UCITS ETF AHYE FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi ETF Floating Rate USD Corporate UCITS ETF - Hedged EUR AFLE FP Lyxor UCITS ETF MSCI Europe MEU FP Lyxor UCITS ETF Smart Cash C-EUR CSH2 FP Lyxor ETF S&P 500 SP5 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 1-3Y IG (DR) MTA FP Lyxor ETF MSCI Emerging Markets - A LEM FP AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Privex PVX FP ETFS WTI Crude Oil CRUDP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP Gold Bullion Securities GBS FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS Brent 1mnth Oil OILBP FP ETFS All Commodities AIGCP FP ETFS Silver SLVRP FP ETFS Copper COPAP FP ETFS Agriculture AIGAP FP ETFS Natural Gas NGASP FP 0.31 Figure 67: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF Euro STOXX 50 MSE IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM Lyxor UCITS ETF FTSE MIB ETFMIB IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM Lyxor ETF Daily Double Short BTP BTP2S IM Lyxor UCITS ETF DAX (DR) DAXX IM ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM ishares Core S&P 500 UCITS ETF CSSPX IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares STOXX 600 (DE) SXXPIEX IM ishares $ High Yield Corporate Bond UCITS ETF IHYU IM Lyxor UCITS ETF LevDAX DAXLEV IM Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) EMG IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM Boost Wti Oil 3X Short Daily ETP 3OIS IM ETFS 3X Long USD Short EUR EUS3 IM ETFS WTI Crude Oil CRUD IM ETFS 5X Long USD Short EUR EUS5 IM ETFS Physical Gold PHAU IM ETFS Long CHF Short EUR EUCH IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 5X Short USD Long EUR USE5 IM Boost Natural Gas 3x Short Daily 3NGS IM ETFS 3X Short USD Long EUR USE3 IM Gold Bullion Securities GBS IM ETFS Long USD Short EUR EUUS IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS Short USD Long EUR USEU IM db Physical Gold Euro Hedged ETC XAD1 IM db x-trackers Portfolio TR Index UCITS ETF XQUI IM ETFS 3x Daily Long WTI Crude Oil 3CRL IM ETFS 3X Short GBP Long EUR GBE3 IM 1.71 Deutsche Bank AG/London Page 51

52 Figure 68: 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 XACT Obligation UCITS ETF XACTBOND SS XACT Bear 2 XABEAR2 SS XACT Bull 2 XABULL2 SS XACT Bear XACBEAR SS XACT OMXSB XACTSBX SS XACT Svenska Smabolag UCITS ETF XACTSMAC SS XACT Bull XACBULL SS XACT Nordic 30 XACTVINX SS db x-trackers MSCI World Index UCITS ETF 1C XMWO SS SpotR OMXS30 SPOTROMX SS 4.57 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Aggregate Bond UCITS ETF IEAG NA Vanguard S&P 500 ETF VUSA NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares AEX UCITS ETF IAEX NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA Think AEX Tracker TDT NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA ishares European Property Yield UCITS ETF IPRP NA UBS ETF - Barclays MSCI US Liquid Corporates Sustainable UCITS ETF hedgeue27 NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares $ Short Duration HY Corporate Bond UCITS ETF SDHY NA 4.37 Page 52 Deutsche Bank AG/London

53 7. European ETF Exchanges Figure 69: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary May-16 Market Share % Jun-16 Market Share % Jul-16 Market Share % Aug-16 Market Share % Sep-16 Market Share % Deutche Boerse Deutsche Borse 10, % 17, % 12, % 9, % 10, % LSE London SE 23, % 36, % 29, % 22, % 23, % Borsa Italiana 5, % 7, % 6, % 4, % 6, % 29, % 43, % 36, % 27, % 29, % Euronext Paris 8, % 12, % 8, % 6, % 8, % Amsterdam 1, % 2, % 1, % 1, % 1, % Lisbon 2 0.0% 5 0.0% 1 0.0% 2 0.0% 1 0.0% Brussels 1 0.0% 2 0.0% 1 0.0% 2 0.0% 3 0.0% 9, % 14, % 9, % 7, % 9, % Swiss SE 4, % 6, % 6, % 4, % 4, % Stockholmborsen % 1, % % % % Oslo Bors % % % % % BME % % % % % Others % % 9 0.0% 6 0.0% 6 0.0% Total 55, % 84, % 66, % 49, % 55, % Deutsche Bank AG/London Page 53

54 Figure 70: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary May-16 Market Share % Jun-16 Market Share % Jul-16 Market Share % Aug-16 Market Share % Sep-16 Market Share % LSE London SE 2, % 5, % 4, % 3, % 2, % Borsa Italiana 1, % 2, % 2, % 1, % 1, % 4, % 8, % 6, % 5, % 4, % 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, % 9, % 7, % 6, % 5, % Page 54 Deutsche Bank AG/London

55 Figure 71: 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 70, , , , , , , , % Emerging Markets 6, , , , , , , % Global Markets , , % Sector 10, , , , , , % Capitalization 1, , , % Style 3, , , % Strategy 9, , , , , , % Thematic 1, , , % Total 103, ,618 61,484 44,736 14,390 36,469 8, , % Fixed Income Overall , , % Corporates 4, , , , , , , % Covered Bonds , % Credit Exposure % Sovereign 8, , , , , , , % Money Market , , , % Total 14,897 98,514 25,075 14,692 3,285 7, , % Commodity 0.0% Overall , , % Agriculture , % Energy 1, , , , % Industrial Metals , % Precious Metals 3, , , , , % Livestock % Total 5,862 35, , , , % Other 0.0% Alternative , % Currency , % Multi Asset % Total 304 1, , , % Grand Total 124, ,208 87,263 75,792 18,000 50,299 8, , % * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 55

56 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 72: AUM by asset class and instrument ( million) ETPs Europe Sep-16 Aug-16 End of 2015 Asset Class AUM Market Share % MoM %change YTD %change AUM AUM ETFs Equity 321, % -0.4% -0.8% 322, ,865 Fixed income 140, % 0.2% 24.7% 139, ,427 Commodity 17, % 1.8% 39.9% 16,890 12,298 Currency 0 0.0% 0.0% 0.0% 0 0 Multi Asset % -3.9% -6.1% Alternative % -1.9% -15.8% Total 479, % -0.2% 6.7% 480, ,988 ETCs Commodity 27, % 2.8% 72.0% 26,274 15,702 Currency % 0.8% 14.1% Total 27, % 2.8% 70.7% 26,670 16,052 Total ETPs 507, % 0.0% 8.9% 507, ,041 Asset Class Analysis Figure 73: European Equity ETF AUM summary ( million) ETFs Europe Sep-16 Aug-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Developed Markets 218, % -0.6% -7.4% 220, ,223 Emerging Markets 30, % 1.7% 34.7% 29,540 22,316 Global Markets 5, % -0.7% 5.8% 5,235 4,913 Sector 19, % 1.2% -2.0% 18,959 19,569 Capitalization 5, % -0.6% -17.2% 5,948 7,137 Strategy 18, % -4.6% 43.1% 19,912 13,271 Style 18, % -0.9% 9.0% 18,196 16,546 Thematic 5, % 6.1% 33.6% 4,896 3,890 Total Equities 321, % -0.4% -0.8% 322, ,865 Page 56 Deutsche Bank AG/London

57 Figure 73A: European Equity ETF AUM summary - A ( million) ETFs Europe Sep-16 Aug-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Sector 19, % 1.2% -2.0% 18,959 19,569 Consumer discretionary % 5.1% -1.7% Consumer staples % 1.6% -10.6% Energy 1, % 1.1% 16.0% 1,747 1,522 Financials 4, % -0.8% -25.1% 4,228 5,599 Healthcare 2, % 0.2% 6.4% 2,145 2,020 Industrials % 8.9% 13.1% Information Technology 1, % 9.0% 18.7% 1,536 1,410 Materials % 8.1% 38.8% Real Estate 4, % -2.8% 4.9% 5,076 4,704 Telecommunications % 10.9% -9.6% Utilities % -1.6% 3.6% Capitalization 5, % -0.6% -17.2% 5,948 7,137 Large Cap % -1.9% -5.0% Mid Cap 1, % -4.1% -31.9% 1,689 2,376 Small Cap 3, % 1.0% -10.3% 3,892 4,381 Strategy 18, % -4.6% 43.1% 19,912 13,271 Fundamental 1, % -0.5% -10.6% 1,384 1,541 Leveraged Long 1, % -4.5% -19.6% 1,836 2,183 Leveraged Short 1, % 3.2% 38.1% 1, Options Strategy 0 0.0% 0.0% 0.0% 0 0 Quantitative 13, % -5.9% 77.8% 13,868 7,336 Short 1, % -2.4% 21.2% 1,754 1,412 Style 18, % -0.9% 9.0% 18,196 16,546 Dividend 16, % -1.0% 11.2% 16,741 14,893 Growth % -0.2% -2.9% Value 1, % 1.1% -13.2% 1,162 1,353 Thematic 5, % 6.1% 33.6% 4,896 3,890 Commodities 1, % 6.6% 79.3% 1, Cyclical 0 0.0% 0.0% 0.0% 0 0 Faith % -3.0% 14.9% Other Theme 1, % 16.9% 43.1% 1, Sustainability 2, % 2.1% 17.1% 2,476 2,159 Total 67, % -0.9% 11.4% 67,911 60,413 Deutsche Bank AG/London Page 57

58 Figure 73B: European Equity ETF AUM summary - B ( million) ETFs Europe Sep-16 Aug-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Developed Markets Europe 111, % -0.8% -16.0% 112, ,765 Austria % 10.7% -33.5% Belgium % 0.1% -1.9% Finland % 3.5% 3.7% France 4, % -2.3% -13.9% 4,439 5,037 Germany 17, % -1.8% -16.8% 18,267 21,561 Greece % -2.1% -25.4% Ireland % -2.1% -11.9% Italy 1, % -3.0% -45.9% 1,654 2,964 Netherlands % 2.2% -10.3% Norway % 3.8% 11.9% Portugal % -2.4% -38.4% Spain 1, % 0.1% -32.2% 1,148 1,696 Sweden 1, % -2.7% -10.6% 1,290 1,405 Switzerland 9, % -1.1% -8.4% 9,533 10,297 UK 13, % -0.4% 5.3% 13,880 13,129 Europe broad 60, % -0.4% -19.2% 60,736 74,881 Americas 67, % 0.3% 10.5% 67,717 61,439 US 64, % 0.3% 10.0% 64,321 58,651 Canada 1, % -0.3% 78.5% 1, North America 2, % -0.4% -0.5% 2,013 2,016 Asia 17, % -5.0% -22.9% 18,505 22,794 Australia 1, % -1.5% 56.6% 1, Hong Kong % 2.2% -28.6% Japan 14, % -6.3% -30.3% 15,057 20,233 Singapore % -12.9% -44.8% Asia Pacific broad 1, % 1.9% 38.6% 1,962 1,442 EMEA 5 0.0% -1.0% 0.0% 5 0 Israel 5 0.0% -1.0% 0.0% 5 0 Global 21, % 1.5% 12.8% 21,370 19,225 Broad indices 21, % 1.5% 12.8% 21,370 19,225 DM Total 218, % -0.6% -7.4% 220, ,223 Page 58 Deutsche Bank AG/London

59 Figure 73C: European Equity ETF AUM summary - C ( million) ETFs Europe Sep-16 Aug-16 End of 2015 Equity AUM AUM Market Share % MoM %change YTD %change AUM AUM Emerging Markets BRIC 5, % -1.8% -8.0% 5,576 5,953 Brazil % -5.2% 27.8% Russia % 3.0% 10.3% India 1, % -0.9% -3.6% 1,758 1,807 China 2, % -2.9% -21.3% 2,382 2,941 Latin America % 4.4% 67.7% Chile 0 0.0% 0.0% 0.0% 0 0 Mexico % -0.3% -3.5% LATAM broad % 5.4% 96.0% Asia 4, % 0.1% 20.0% 4,045 3,373 Bangladesh % 2.2% 4.2% Indonesia % -0.4% 56.3% Malaysia % -3.8% -13.1% Pakistan % -0.1% 56.9% Philippines % -6.6% 39.1% South Korea % -0.3% -2.2% Taiwan % -1.9% -11.9% Thailand % -30.0% 102.9% Vietnam % -0.3% -6.1% Asia Pacific broad 2, % 2.4% 47.6% 2,006 1,392 EMEA % -2.1% 1.6% Kuwait 5 0.0% 1.4% -30.3% 5 7 Poland % 4.8% 1.4% South Africa % 5.3% 58.5% Turkey % -3.0% -26.0% Europe broad % -5.7% 8.9% Middle East & Africa % -0.2% 15.6% Global Markets 18, % 3.2% 61.8% 18,157 11,583 Global 18, % 3.2% 61.8% 18,157 11,583 EM Total 30, % 1.7% 34.7% 29,540 22,316 Total (EM + DM) 248, % -0.3% -3.8% 249, ,539 Deutsche Bank AG/London Page 59

60 Figure 74: European Fixed Income ETF AUM summary ( million) ETFs Europe Sep-16 Aug-16 End of 2015 Fixed Income AUM AUM Market Share % MoM %change YTD %change AUM AUM Overall 9, % -1.2% 20.5% 9,738 7,984 Corporates 59, % 0.8% 37.7% 59,164 43,316 Covered Bonds 3, % -1.9% 10.6% 3,439 3,050 Credit Exposure % -3.5% -0.9% Sovereign 64, % 0.4% 18.4% 64,719 54,854 Money Market 2, % -8.5% -19.6% 2,583 2,941 Total Fixed Income 140, % 0.2% 24.7% 139, ,427 Page 60 Deutsche Bank AG/London

61 Figure 75:European Commodity ETP AUM summary ( million) ETPs Europe Sep-16 Aug-16 End of 2015 Commodity AUM AUM Market Share % MoM %change YTD %change AUM AUM Overall 5, % 0.8% 49.3% 5,422 3,661 Overall % 0.9% 53.4% Overall ex Energy % -0.1% -14.3% Overall Light Energy 5 0.0% 0.8% -24.7% 5 6 Overall Ultra Light Energy 0 0.0% 0.0% 0.0% 0 0 Agriculture % 8.1% -7.7% Overall % 7.8% -14.9% Cocoa % 10.7% 13.5% Coffee % -5.1% -17.4% Corn % 14.1% 39.3% Cotton % 5.7% -65.9% Grains % 4.3% 2.2% Softs 5 0.0% 3.1% -4.0% 5 5 Soybean Oil 3 0.0% -31.9% -18.3% 4 3 Soybeans % 11.8% 4.5% 9 10 Sugar % 8.6% -14.9% Wheat % 18.5% 33.3% Energy 2, % 5.7% 9.2% 2,287 2,213 Overall % -23.0% -40.2% Carbon 1 0.0% 10.8% -32.2% 1 1 Crude Oil % 8.5% 16.0% Gasoline 6 0.0% -5.7% -47.1% 6 11 Heating Oil 4 0.0% -1.6% -14.0% 4 5 Natural Gas % -8.6% -16.8% Electricity 0 0.0% 0.0% 0.0% 0 0 Uranium 0 0.0% 0.0% 0.0% 0 0 Industrial Metals % 3.6% 29.0% Overall % 4.3% 36.7% Aluminium % 7.1% 10.6% Copper % -2.5% 39.0% Lead 2 0.0% 17.3% 7.4% 2 2 Nickel % 9.4% 21.0% Tin 4 0.0% 6.1% 14.8% 4 3 Zinc % 2.1% 26.3% Precious Metals 34, % 2.3% 67.7% 34,193 20,859 Overall % 0.8% 48.5% Gold % 2.1% 73.4% Palladium % 4.1% 13.6% Platinum % -0.7% 11.4% Rhodium % 1.6% -39.3% Silver % 6.0% 54.5% Livestock 8 0.0% -6.5% -40.1% 9 14 Overall 1 0.0% -12.4% -75.7% 2 6 Cattle 2 0.0% 9.8% 1.0% 2 2 Lean Hogs 5 0.0% -10.2% -18.9% 5 6 Total 44, % 2.4% 57.9% 43,163 28,001 Deutsche Bank AG/London Page 61

62 Product Rankings Figure 76: 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 14, , ,936.4 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 13, , ,503.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 7, , ,433.1 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7, , ,688.2 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 6, , ,832.1 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 6, , ,522.2 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 5, , ,872.2 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,957.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4, , ,517.9 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AM Beta 4, , ,536.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 4, , ,258.4 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4, , ,986.1 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4, , ,193.4 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4, , ,324.6 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AM Beta 3, , ,275.4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,009.1 ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta 3, , ,345.1 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2, , ,463.2 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , ,837.9 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AM Beta 2, , , AUM Figure 77: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 7, , ,385.3 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 5, , ,758.0 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 5, , ,026.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 5, , ,002.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 4, , ,449.8 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 4, , ,701.7 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 3, , ,329.8 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 3, , ,630.5 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2, , ,689.8 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 2, , ,456.8 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2, , ,725.7 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 2, , ,734.9 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2, , ,982.0 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1, , ,952.5 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,779.5 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street Beta 1, , ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1, , ,627.2 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AM Beta 1, , ,308.4 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1, , ,391.6 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , , AUM Page 62 Deutsche Bank AG/London

63 Figure 78: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ETFS Physical Gold PHAU LN ETF Securities Beta 5, , ,232.5 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 5, , ,148.5 Gold Bullion Securities GBS LN ETF Securities Beta 4, , ,150.5 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 3, , ,508.2 ishares Physical Gold ETC SGLN LN Blackrock Beta 2, , XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,578.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,347.2 ishares Diversified Commodity Swap UCITS ETF DE DJCOMEX GR BlackRock Beta 1, , ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1, , UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AM Beta ETFS Physical Silver PHAG LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta db Physical Gold ETC XGLD LN Deutsche AM Beta ETFS Longer Dated All Commodities GO UCITS ETF COMF LN ETF Securities Beta ishares Gold CHF Hedged CH CSGLDC SW BlackRock Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Beta AUM Deutsche Bank AG/London Page 63

64 Page 64 Deutsche Bank AG/London 9. ETF Broker rankings US ETP Broker Rankings Figure 79: 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 Sep-16 YTD Sep-16 YTD 1 (KCG) KCG HOLDINGS, INC. 186, % 178,535 1,564, % 1,646,674 (KCG) KCG HOLDINGS, INC. 3, % 178,536 29, % 1,646,681 2 (CSFB) CREDIT SUISSE 108, % 21, , % 191,648 (UBS) UBS INVESTMENT BANK 1, % 41,597 16, % 374,292 3 (UBS) UBS INVESTMENT BANK 98, % 41, , % 374,287 (CSFB) CREDIT SUISSE 1, % 21,632 14, % 192,000 4 (MLCO) MERRILL LYNCH 74, % 40, , % 357,540 (MLCO) MERRILL LYNCH 1, % 40,670 10, % 357,747 5 (GS ) GOLDMAN SACHS & CO. 63, % 143, , % 1,376,796 (DBAB) DEUTSCHE BANK SECURITIES INC 1, % 23,343 8, % 209,226 6 (JPM) JP MORGAN 59, % 108, , % 932,614 (GS ) GOLDMAN SACHS & CO % 143,770 9, % 1,376,803 7 (DBAB) DEUTSCHE BANK SECURITIES INC 56, % 23, , % 209,226 (CITI) CITIGROUP GLOBAL MARKETS % 11,411 8, % 132,153 8 (CITI) CITIGROUP GLOBAL MARKETS 54, % 11, , % 132,151 (JPM) JP MORGAN % 108,108 8, % 932,614 9 (MSCO) MORGAN STANLEY 40, % 12, , % 129,352 (FCM) FIDELITY CAPITAL MARKETS % 44,202 7, % 428, (BCAP) BARCLAYS CAPITAL 40, % 56, , % 540,065 (BCAP) BARCLAYS CAPITAL % 56,704 6, % 540, (FCM) FIDELITY CAPITAL MARKETS 39, % 44, , % 428,700 (MSCO) MORGAN STANLEY % 12,720 5, % 129, (RBC) ROYAL BANK OF CANADA 17, % 35, , % 358,144 (RBC) ROYAL BANK OF CANADA % 35,709 2, % 358, (INCA) INSTINET 16, % 6, , % 74,085 (SG) SG SECURITIES % 2, % 3, (SG) SG SECURITIES 16, % 2,531 19, % 3,859 (CVGX) CONVERGEX % 15,869 2, % 191, (JEFF) JEFFERIES & CO., INC. 12, % 8, , % 88,285 (INCA) INSTINET % 6,942 1, % 74, (CVGX) CONVERGEX 11, % 15, , % 191,662 (JEFF) JEFFERIES & CO., INC % 8,077 1, % 88, (BNYM) BANK OF NEW YORK, THE 7, % 12,015 58, % 85,205 (BNYM) BANK OF NEW YORK, THE % 12,015 1, % 85, (WBET) WALLACHBETH CAPITAL LLC 4, % , % 2,620 (WBET) WALLACHBETH CAPITAL LLC % % 2, (BNPP) BNP PARIBAS 3, % 7,705 22, % 26,787 (BNPP) BNP PARIBAS % 7, % 26, (RAJA) RAYMOND JAMES & ASSOCIATES 3, % 26,740 27, % 222,712 (RAJA) RAYMOND JAMES & ASSOCIATES % 26, % 222,748 Other 40, % 95, , % 911,364 Other % 95,079 6, % 911,520 Total 956, % 893,528 8,237, % 8,283,776 Total 15, % 893, , % 8,284,552 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

65 Deutsche Bank AG/London Page 65 Figure 80: 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 Sep-16 YTD Sep-16 YTD 1 (KCG) KCG HOLDINGS, INC. 12, % 15, , % 148,051 (KCG) KCG HOLDINGS, INC % 15,698 4, % 148,051 2 (UBS) UBS INVESTMENT BANK 5, % 2,204 60, % 20,356 (UBS) UBS INVESTMENT BANK % 2,204 2, % 20,356 3 (CSFB) CREDIT SUISSE 4, % 1,048 40, % 9,809 (FCM) FIDELITY CAPITAL MARKETS % 5,079 1, % 47,647 4 (FCM) FIDELITY CAPITAL MARKETS 3, % 5,079 26, % 47,647 (CSFB) CREDIT SUISSE % 1,049 1, % 9,819 5 (JPM) JP MORGAN 2, % 5,573 21, % 56,890 (MLCO) MERRILL LYNCH % 1, % 16,679 6 (GS ) GOLDMAN SACHS & CO. 2, % 9,196 17, % 100,514 (BCAP) BARCLAYS CAPITAL % 4, % 43,870 7 (CITI) CITIGROUP GLOBAL MARKETS 1, % , % 8,604 (CITI) CITIGROUP GLOBAL MARKETS % % 8,604 8 (MLCO) MERRILL LYNCH 1, % 1,896 17, % 16,683 (JPM) JP MORGAN % 5, % 56,890 9 (BCAP) BARCLAYS CAPITAL 1, % 4,633 12, % 43,870 (GS ) GOLDMAN SACHS & CO % 9, % 100, (DBAB) DEUTSCHE BANK SECURITIES INC 1, % , % 9,758 (MSCO) MORGAN STANLEY % % 6, (MSCO) MORGAN STANLEY 1, % 611 9, % 6,559 (DBAB) DEUTSCHE BANK SECURITIES INC % % 9, (CVGX) CONVERGEX % 823 7, % 10,864 (RBC) ROYAL BANK OF CANADA % 2, % 25, (RBC) ROYAL BANK OF CANADA % 2,697 6, % 25,088 (CVGX) CONVERGEX % % 10, (INCA) INSTINET % 325 2, % 3,289 (JEFF) JEFFERIES & CO., INC % % 3, (JEFF) JEFFERIES & CO., INC % 671 2, % 3,616 (BNYM) BANK OF NEW YORK, THE % % 4, (BNYM) BANK OF NEW YORK, THE % 531 2, % 4,084 (INCA) INSTINET % % 3, (BMOC) BMO CAPITAL MARKETS % 220 1, % 1,765 (BMOC) BMO CAPITAL MARKETS % % 1, (ITGI) INVESTMENT TECHNOLOGY GROUP % 924 2, % 10,926 (ITGI) INVESTMENT TECHNOLOGY GROUP % % 10, (HSBC) HSBC GROUP PLC % % 2,592 (BERN) SANFORD C. BERNSTEIN % % 1, (RAJA) RAYMOND JAMES & ASSOCIATES % 1,255 1, % 9,990 (BIDS) BIDS HOLDINGS, L.P % % 992 Other % 3,796 10, % 37,974 Other % 4, % 48,460 Total 42, % 59, , % 578,929 Total 1, % 59,280 15, % 578,940 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

66 Page 66 Deutsche Bank AG/London European ETP Broker Rankings Figure 81: 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 Sep-16 YTD Sep-16 YTD 1 (FLOW) FLOW TRADERS 9, % 5,369 67, % 42,419 (FLOW) FLOW TRADERS % 5,643 2, % 44,313 2 (CBK) COMMERZBANK 8, % 20,980 85, % 173,684 (OPTV) OPTIVER VOF % 9,814 1, % 31,017 3 (BNPP) BNP PARIBAS 7, % 9,914 80, % 89,688 (BNPP) BNP PARIBAS % 9,920 2, % 89,702 4 (OPTV) OPTIVER VOF 7, % 9,814 28, % 31,005 (CBK) COMMERZBANK % 20,980 2, % 173,954 5 (CITI) CITIGROUP GLOBAL MARKETS 4, % 3,505 54, % 31,713 (SIS) SUSQUEHANNA INTERNATIONAL GRP % 2,029 2, % 30,446 6 (SIS) SUSQUEHANNA INTERNATIONAL GRP 3, % 2,027 64, % 30,398 (CSFB) CREDIT SUISSE % 3,218 1, % 29,433 7 (DBK ) DEUTSCHE BANK AG 3, % 3,872 35, % 38,399 (CITI) CITIGROUP GLOBAL MARKETS % 3,505 1, % 31,715 8 (JPMS) JPMORGAN CHASE BANK, N.A. 3, % 2,699 27, % 22,741 (UBS) UBS INVESTMENT BANK % 1, % 5,815 9 (HSBC) HSBC GROUP PLC 3, % 2,494 20, % 19,908 (MSCO) MORGAN STANLEY % 1, % 14, (CSFB) CREDIT SUISSE 3, % 3,148 44, % 28,962 (SG) SG SECURITIES % 3,907 1, % 36, (SG) SG SECURITIES 2, % 3,907 29, % 36,890 (HSBC) HSBC GROUP PLC % 2, % 19, (BCAP) BARCLAYS CAPITAL 2, % 3,861 25, % 29,953 (KCG) KCG HOLDINGS, INC % 6,422 1, % 56, (KEPL) KEPLER CAPITAL MARKETS 2, % 2,756 20, % 22,988 (KEPL) KEPLER CAPITAL MARKETS % 2, % 22, (MSCO) MORGAN STANLEY 2, % 1,543 19, % 14,686 (DBK ) DEUTSCHE BANK AG % 3,872 1, % 38, (BFIN) BLUEFIN EUROPE LLP 2, % , % 2,715 (WINS) WINTERFLOOD SECURITIES % 7, % 62, (GS ) GOLDMAN SACHS & CO. 2, % 4,439 17, % 42,595 (JPMS) JPMORGAN CHASE BANK, N.A % 2, % 22, (UBS) UBS INVESTMENT BANK 1, % 1,479 20, % 5,814 (BCAP) BARCLAYS CAPITAL % 3, % 29, (WINS) WINTERFLOOD SECURITIES 1, % 7,030 19, % 62,240 (GS ) GOLDMAN SACHS & CO % 4, % 42, (KCG) KCG HOLDINGS, INC. 1, % 6,422 19, % 56,914 (MLCO) MERRILL LYNCH % 1, % 25, (UNIC) UNICREDIT 1, % , % 5,523 (UNIC) UNICREDIT % % 5,531 Other 8, % 19,403 81, % 193,747 Other % 17,830 3, % 172,112 Total 83, % 115, , % 982,982 Total 2, % 115,984 26, % 986,460 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

67 Deutsche Bank AG/London Page 67 Figure 82: 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 Sep-16 YTD Sep-16 YTD 1 (FLOW) FLOW TRADERS % 372 3, % 3,018 (OPTV) OPTIVER VOF % 2, % 6,430 2 (OPTV) OPTIVER VOF % 2,313 3, % 6,429 (BNPP) BNP PARIBAS % % 1,725 3 (WINS) WINTERFLOOD SECURITIES % 2,175 3, % 19,507 (FLOW) FLOW TRADERS % % 3,159 4 (MACQ) MACQUARIE SECURITIES % 95 2, % 699 (WINS) WINTERFLOOD SECURITIES % 2,175 1, % 19,507 5 (CBK) COMMERZBANK % 656 2, % 5,630 (BCAP) BARCLAYS CAPITAL % % 2,187 6 (HSBC) HSBC GROUP PLC % 178 2, % 1,252 (CITI) CITIGROUP GLOBAL MARKETS % % 4,183 7 (CITI) CITIGROUP GLOBAL MARKETS % 475 2, % 4,182 (KCG) KCG HOLDINGS, INC % % 5,234 8 (BNPP) BNP PARIBAS % 127 1, % 1,692 (UBS) UBS INVESTMENT BANK % % (UBS) UBS INVESTMENT BANK % 215 1, % 849 (MACQ) MACQUARIE SECURITIES % % (DNB) DNB NOR BANK ASA % % 37 (MLCO) MERRILL LYNCH % % 2, (BCAP) BARCLAYS CAPITAL % % 2,187 (DBK ) DEUTSCHE BANK AG % % 4, (SIS) SUSQUEHANNA INTERNATIONAL GRP % 20 1, % 329 (DNB) DNB NOR BANK ASA % % (JPMS) JPMORGAN CHASE BANK, N.A % % 1,669 (SIS) SUSQUEHANNA INTERNATIONAL GRP % % (KCG) KCG HOLDINGS, INC % 628 1, % 5,234 (GS ) GOLDMAN SACHS & CO % % (KEPL) KEPLER CAPITAL MARKETS % 208 1, % 2,149 (HSBC) HSBC GROUP PLC % % 1, (BFIN) BLUEFIN EUROPE LLP % % 492 (PEEL) PEEL HUNT LLP % % 4, (SG) SG SECURITIES % 102 1, % 1,215 (KEPL) KEPLER CAPITAL MARKETS % % 2, (DBK ) DEUTSCHE BANK AG % 416 1, % 4,222 (BFIN) BLUEFIN EUROPE LLP % % (MSCO) MORGAN STANLEY % 103 1, % 1,876 (INCA) INSTINET % % (CSFB) CREDIT SUISSE % 177 2, % 1,608 (MED) MEDIOBANCA SPA % % 8,882 Other % 2,251 5, % 27,439 Other % 1, % 22,448 Total 4, % 11,082 43, % 91,715 Total % 11,106 6, % 91,951 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP