Gold ETP Assets Soar By Over 20%

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 March 2016 Gold ETP Assets Soar By Over 20% Data in this report is as of 29th February 2016 European ETP Highlights Global ETPs assets stood at $2.7 trillion at the end of February 16, 4.6% down from last year end levels ($2.9 trillion). European ETP assets reached $487bn ( 448bn) at the end of Feb 16. European ETPs had another good month in 2016 with net inflows of + 2.1bn (+ 2.2bn in the prev. month). Interestingly, Commodity ETPs dominated with inflows of + 2.5bn followed by + 1.6bn inflows in Fixed Income ETFs. Equity ETFs witness redemptions of - 1.9bn during February. Global ETPs flows totaled +$9bn for February led by Asia- Pacific listed ETPs recording +$5.6bn in monthly inflows while US listed ETPs returned to positive territory with inflows of +$1bn. Record flow of 2.2bn into European Gold ETPs European Commodity ETPs market saw inflows for the second consecutive month with particularly strong inflows of + 2.5bn in February (+ 0.7bn in Jan 16). This was almost entirely dominated by Gold ETPs. Flight to safety resulted in Gold ETPs receiving record inflows of + 2.2bn in Feb 16 (YTD + 2.7bn). A similar trend was also observed in US, where US Gold ETPs witnessed inflows of +$5.1bn. More inflows into the Smart Beta segment Europe listed smart beta ETFs registered inflows of + 0.8bn during February and assets reached at 9.6bn which is 8% higher than last year-end total assets ( 8.9bn) while total European ETPs assets decreased by -4% YTD ( 448bn in Feb 16 and 467bn in Dec 15). Within smart beta, we have seen investor s preference for minimum volatility products over other products during volatile markets. Net inflow into UK equity ETPs despite Brexit fears ETFs tracking broad and blue chip European equities experienced outflows of - 1.3bn. Investors favored UK focused ETFs (+ 0.4bn flows in Feb 16) despite fears of UK exit from the European Union intensified in Feb 16. US and Germany focused ETFs witnessed selling pressure in February and recorded outflows of - 0.8bn and - 0.6bn respectively. Fixed Income ETFs registered inflows dominated by Investment Grade Bonds European Fixed Income ETFs registered inflows of + 1.6bn during Feb 16 (+ 1.5bn YTD flows). A clear preference was shown for Investment Grade Bonds which recorded inflows of + 1.6bn (+ 1.5bn YTD) while High Yields Bonds was almost flat on a net basis (- 28mn in Feb and - 305mn in Jan). 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 Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

2 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 6 Product Launch Activity... 6 Other regions cash flow summary Investment Trends... 8 Cross-Asset Class ETPs... 8 Equity ETFs... 8 Fixed Income ETFs Commodity ETPs Market Metrics ETF Industry Asset Evolution ETFs vs. Cash Equities ETFs vs. Unlisted Mutual Funds European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis Asset Class Cash Flow Analysis Product Rankings Product Review New Products Launched in the Month Average TERs Provider Rankings Global Provider Rankings European Provider Rankings General European Provider Rankings by Asset Class European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Asset Class Analysis Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class Asset Class Analysis Product Rankings ETF Broker rankings US ETP Broker Rankings European ETP Broker Rankings Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 Cash Flows mn Gold Spot Rates ($) 10 March 2016 European Investment Trends European ETPs recorded inflows for the second consecutive month European domiciled ETPs continued the positive run in the month of February with inflows of + 2.1bn (+ 2.2bn of inflows in Jan 16). Interestingly, commodity ETPs took the lead with inflows of + 2.5bn followed by Fixed Income ETFs (+ 1.6bn) while Equity ETFs witnessed redemptions of - 1.9bn. US domiciled ETPs reversed the previous month trend and recorded inflows of +$1bn (-$1bn in Jan 16) in February Fixed Income ETFs continued the positive momentum throughout February with inflows of +$10.4bn (+$13.3 in Jan 16) while Equity ETFs remained in negative territory with outflows of - $14.7bn. In February, Commodity ETPs recorded inflows of +$6bn (YTD +$8.4bn) as investors turned to safe heaven assets like Gold amid volatile equity markets. Record flow of 2.2bn into European Gold ETPs European Commodity ETPs market saw inflows for the second consecutive month with particularly strong inflows of + 2.5bn in February (+ 0.7bn in Jan 16). This was almost entirely dominated by Gold ETPs. Physical gold based ETPs which had been under pressure in 2015 amid falling gold prices drew attention in 2016 benefitting from strong demand. Flight to safety resulted in gold ETPs receiving record inflows of + 2.2bn in Feb 16 (YTD + 2.7bn). A similar trend was also observed in US, where US Gold ETPs witnessed inflows of +$5.1bn. Figure 1: Gold ETPs Monthly Flows since Jan 15 ETPs Europe 2,500 2,000 1,500 1, , Gold ETPs Monthly Flows Gold Spot Rate (USD) More inflows into the Smart Beta segment European listed smart beta ETFs registered inflows of + 0.8bn during February and assets reached at 9.6bn at the end of Feb 16 which is 8% higher than last year end total assets ( 8.9bn) while total European ETPs assets decreased by - 4% YTD ( 448bn in Feb 16 and 467bn in Dec 15). Product count have crossed a 100 milestone and reached at 103 products at the end of last month. The compounded annual asset growth rate into Smart Beta ETFs has been reached Deutsche Bank AG/London Page 3

4 AUM mn Nu. of ETFs 10 March % since the start of 2006 (from 83mn in 2006 to 9.6bn in Feb 16). Within smart beta, we have seen investor s preference for minimum volatility products over other products during volatile markets. ishares S&P 500 Minimum Volatility UCITS ETF (SPMV LN) benefitted most with inflows of + 329mn over the last month. Figure 2: Growth of Smart Beta ETFs in Europe ETFs Europe Assets Nu. of ETFs *Data as of 29-Feb-2016 Net inflow into UK equity ETPs despite Brexit fears ETFs tracking broad and blue chip European equities broke the positive momentum in Feb 16 and experienced outflows of - 1.3bn. US listed ETPs with exposure to Europe reflected the same pattern with outflows of -$2.6bn during February. European equity exposure ETFs had gained significant momentum both among European (+ 23bn total flows in 2015) and US (+$34bn total flows in 2015) investors during Figure 1 illustrates the monthly flows into developed European equity ETFs (Europe & US listed) since Page 4 Deutsche Bank AG/London

5 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 Cash Flows mn 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 Cash Flows $mn 10 March 2016 Figure 3: Monthly Flows into Broad European Equity ETFs listed in Europe & US 8,000 6,000 4,000 2, ,000-4,000 Europe Listed ETFs US Listed ETFs Within Europe, Investors favored UK focused ETFs (+ 0.4bn flows in Feb 16) despite fears of UK exit from the European Union intensified in Feb 16. US and Germany focused ETFs witnessed selling pressure in February and recorded outflows of - 0.8bn and - 0.6bn. Fixed Income ETFs registered inflows dominated by Investment Grade Bonds European Fixed Income ETFs registered inflows of + 1.6bn during Feb 16 (+ 1.5bn YTD flows). A clear preference was shown for Investment Grade Bonds which recorded inflows of + 1.6bn (+ 1.5bn YTD) while High Yields Bonds was almost flat on a net basis (- 28mn in Feb and - 305mn in Jan). Figure 4: Monthly Flows into Investment Grade and High Yields Bonds ETFs 5,000 4,000 3,000 2,000 1, ,000-2,000 Investment Grade High Yield Deutsche Bank AG/London Page 5

6 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, decreased to 10.3% (from 11.3% in Jan 16) as of the end of February The equivalent number for the US market also decreased to 27.4% over the same period (from 30% in Jan 16). European ETFs comprised 3.6% of the continent s mutual fund industry as of December European domiciled ETFs registered inflows of + 9bn through December 2015, while UCITS mutual funds registered inflows totalling bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 16% of the mutual fund industry as of the end of Jan 16. US domiciled ETFs registered outflows of -$3bn in Jan 16 and US mutual funds also experienced outflows of -$21bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in February: Busy month with 26 new launches The European ETP industry registered 26 new products launches during February including 17 Fixed Income, 8 Equity and 1 Commodity ETFs. Equity WisdomTree launched three equity ETFs on Six Swiss Exchange. These ETFs provides exposure to WisdomTree Europe CHF Hedged Equity Index (HEDD SW), WisdomTree Japan EUR Hedged Equity Index (DXJD SW). and WisdomTree Germany Hedged Equity Index (DXGD SW). Source listed two equity ETFs providing exposure US Financial Services (XFNS LN) and Real Estate (XRES LN) sector companies. These ETFs were listed on the London Stock Exchange. Amundi launched a new smart beta ETF (SMRE FP) providing exposure to Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy ERC. This ETF was listed on Euronext Paris. BNP Paribas listed an equity ETF (XU61 GY) on Deutsche Borse providing exposure to NMX30 Infrastructure Global TR Index. Xact Fonder AB listed an equity ETF (XACTSMAC SS) on Stockholm Stock Exchange providing exposure to Swedish Small Cap Index. Fixed Income State Street Launched eleven fixed income ETFs during February providing exposure to US Treasury, US Corporate, Euro Government and Euro Corporate Bonds with various maturity options. These ETFs were listed on the Deutsche Borse. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Page 6 Deutsche Bank AG/London

7 Vanguard listed four fixed income ETFs on London Stock Exchange. Two of these ETFs provide exposure to Barclays Global Aggregate US Treasury Index (VDTY LN) and Barclays Global Aggregate Corporates US$ Index (VUCP LN). Further, another two ETFs provide exposure to Barclays Euro Aggregate Treasury Index (VETY LN) and Barclays Euro Aggregate Corporates Index (VECP LN). UBS listed one fixed income ETF (SBEM IM) on Borsa Italiana providing exposure to Barclays EM USD Sovereign and Agency 3% Country Capped Index. Xact Fonder AB listed one fixed income ETF (XACTBOND SS) providing exposure to Handelsbanken Sweden All Bond Tradable Index. This ETF was listed on Stockholm Stock Exchange. Commodity Xact Fonder AB listed one commodity ETF (XACTBOND SS) during February providing exposure to 15 different commodities through Handelsbanken Commodity Index Excess Return. This ETF was listed on Stockholm Stock Exchange. For additional information on new product launches and listings please refer to figures 64 to 66. Other regions cash flow summary US: Positive month for US ETPs US domiciled ETPs reversed the previous month trend and recorded inflows of +$1bn (-$1bn in Jan 16) in February Fixed Income ETFs continued the positive momentum throughout February with inflows of +$10.4bn (+$13.3 in Jan 16) while Equity ETFs remains in the negative territory with outflows of - $14.7bn. In February, Commodity ETPs recorded inflows of +$6bn (YTD +$8.4bn) as investors turned to safe heaven assets like Gold amid volatile equity markets. Within equities, the following segments and sub-segments saw significant activity: Segments: Strategy (+$3.5bn), Style (+$1bn), Sector (-$3.6bn), Developed Markets (-$5bn) and Size (-$8.8bn) Sub-segments: Quantitative (+$2.4bn), Dividend (+$1.6bn), Leverage Short (+$1.3bn), DM Europe Broad (-$2.6bn) and Large Cap (-$5.6bn). Within fixed income, major inflows were recorded by ETFs benchmarked to sovereign (+$4.6bn) and corporate bonds indices (+$3bn). Among commodity ETPs, Gold ETPs registered strong inflows of +$5.2bn followed by inflows into crude oil ETPs (+$0.6bn) during February 16. Asia: Japan, South Korea and China registered Inflows Asia-Pacific ETPs continued the positive trend during February with monthly inflows of +$5.6bn in January (+$15.9bn total flows in 2016). Equity ETFs had led the tally with inflows of +$3.6bn followed by +$1.4bn inflows in Fixed Income ETFs. Commodity ETPs listed in Asia-Pacific region also recorded inflows of +$0.6bn over the same period. Within equity, Japan, South Korea and China listed ETFs registered significant inflows last month recording +$2.5bn, +$0.6bn and +$0.5bn worth of new money. At sub segment level, leverage long strategy ETFs witness outflows of -$0.5bn during Feb 16. Within fixed income, Money Market ETFs recorded inflows of +$1.6bn while Sovereign bonds ETFs witness outflows of -$0.2bn over the last month. Commodity ETPs have gathered +$0.9bn in new money so far this year. Among these, crude oil and gold based ETPs received inflows of +$0.4bn and +$0.2bn respectively over the last month. Deutsche Bank AG/London Page 7

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

9 millions millions millions millions millions millions 10 March 2016 Figure 9: Top 3 DM countries YTD ETFs Europe Figure 10: Top 3 DM countries Month ETFs Europe 4, ,000 2,000 1, ,000-2, ,000-1,500-2,000-3,000-2,500 Japan UK US US Germany Japan Figure 11: Top 3 DM regions YTD Figure 12: Top 3 DM regions Month ETFs Europe ETFs Europe 3, ,500-2,000 1,500 (500) 1, (500) (1,000) (1,500) (2,000) Global Europe North America Europe Global North America Figure 13: Top 3 EM countries YTD Figure 14: Top 3 EM countries Month 400 ETFs Europe 50 ETFs Europe China India South Korea China India Brazil Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 10 March 2016 Figure 15: Top 3 EM regions YTD Figure 16: Top 3 EM regions Month ETFs Europe ETFs Europe (200) 100 (400) 50 (600) - (800) (50) Global Asia Pacific Latin America Global Latin America Europe Figure 17: Top 3 sectors YTD Figure 18: Top 3 sectors Month 300 ETFs Europe 150 ETFs Europe (100) (200) (300) (400) - (50) (100) (500) (600) (700) (150) (200) (800) (250) Financials Energy Consumer Staples Financials Energy Healthcare Figure 19: Top 3 strategy segments YTD ETFs Europe 1,800 1,600 1,400 1,200 1, (200) Figure 20: Top 3 strategy segments Month ETFs Europe 1,200 1, (200) Quantitative Leveraged Long Short Quantitative Leveraged Short Fundamental Page 10 Deutsche Bank AG/London

11 millions millions millions millions millions millions 10 March 2016 Fixed Income ETFs Figure 21: Top 3 aggregate fixed income segments YTD ETFs Europe 3,000 2,500 2,000 1,500 1, ,000-1,500-2,000 Figure 22: Top 3 aggregate fixed income segments Month ETFs Europe 2,000 1,500 1, ,000 Sovereign Corporates Money Market Sovereign Corporates Overall Commodity ETPs Figure 23: Top 3 aggregate commodity segments YTD ETPs Europe 3,500 3,000 2,500 2,000 1,500 1, Figure 24: Top 3 aggregate commodity segments Month ETPs Europe 3,000 2,500 2,000 1,500 1, Precious Metals Energy Industrial Metals Precious Metals Energy Overall Figure 25: Top 5 commodity sub-segments YTD ETPs Europe 4,000 3,500 3,000 2,500 2,000 1,500 1, Figure 26: Top 5 commodity sub-segments Month ETPs Europe 3,000 2,500 2,000 1,500 1, Gold Crude Oil Commodity Overall Industrial Metals Overall Palladium Gold Crude Oil Commodity Overall Industrial Metals Overall Aluminium Deutsche Bank AG/London Page 11

12 $ billion Number of ETPs $ billion Number of ETPs 10 March Market Metrics ETF Industry Asset Evolution Figure 27: Global ETP regional asset growth ETPs Global 3,500 5,000 4,500 3,000 4,000 2,500 3,500 2,000 3,000 2,500 1,500 2,000 1,000 1,500 1, ** 0 Asia Pacific ($) Europe ($) US ($) , , , , , ,014.5 US, Europe & Asia Pacific ($) , , , , , , , ,738.6 Europe ( ) Number of ETPs* ,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,420 4,480 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,500 3,000 2,500 2,000 1,500 1, ** ETCs ETVs ETFs , , , , , , ,656.2 Total , , , , , , , ,738.6 Number of ETPs* ,213 1,666 2,041 2,580 3,124 3,492 3,711 4,019 4,420 4,480 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 million Number of ETFs $ billion Number of ETFs 10 March 2016 Figure 29: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 1,500 1, ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,954.8 US, Europe & Asia Pacific ($) , , , , , , ,656.2 Europe ( ) Number of ETFs* ,116 1,481 1,802 2,231 2,696 3,003 3,270 3,483 3,881 3,941 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: European ETF asset growth by asset class ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,987 1,515 1,592 1,516 1,410 1,398 1,281 Commodity ,402 2,314 3,591 10,570 19,312 23,057 26,152 14,512 13,412 12,298 13,671 Fixed Income 801 2,034 4,002 9,370 13,743 28,979 35,915 42,490 43,695 54,169 60,444 86, ,08 115,10 Equity 15,532 21,815 37,907 57,029 70,776 65, ,54 147,27 139,31 170,82 209,80 261,39 324,18 297,47 Total 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 450,96 427,53 Number of ETFs* ,052 1,214 1,310 1,350 1,439 1,517 1,548 1,800 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 13

14 million Number of ETPs million Number of ETPs 10 March 2016 Figure 31: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50,000 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 2,447 Overall - - 1,103 1, ,531 5,582 4,439 4,846 3,779 3,580 3,668 3,597 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 20,859 26,646 Total ,914 5,475 8,712 22,395 38,614 44,417 52,475 29,613 29,835 28,007 33,800 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 32: European ETPs (ETF & ETC) asset growth ETPs Europe 500,000 2, , ,000 1, , ,000 1, , , , , , ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 16,057 20,508 ETFs 16,332 23,849 42,249 67,801 86,930 98, ,10 211,05 207,57 252,74 286,27 362,37 450,96 427,53 Total 16,332 24,340 43,326 69,313 90, ,33 169,95 230,57 229,16 279,32 301,69 379,18 467,02 448,04 Number of ETPs ,331 1,564 1,748 1,794 1,890 1,972 2,003 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 14 Deutsche Bank AG/London

15 billion ETFs vs cash equities $ billion ETFs vs cash equities 10 March 2016 ETFs vs. Cash Equities Figure 33: 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 34: ETFs vs. cash equities turnover European market ETFs Europe % % % % 4.0% 2.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Deutsche Bank AG/London Page 15

16 Figure 35: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-11 44, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 58, , % 1,221,851 5,242, % 2.7x 7.9x 21.0x Mar-15 75, , % 1,539,062 6,060, % 2.7x 7.6x 20.3x Apr-15 65, , % 1,297,812 5,518, % 2.6x 7.7x 19.8x May-15 57, , % 1,197,595 5,111, % 2.7x 7.6x 20.9x Jun-15 67, , % 1,420,153 5,762, % 2.8x 7.5x 21.1x Jul-15 63, , % 1,465,731 6,025, % 2.7x 8.6x 23.2x Aug-15 71, , % 1,971,994 6,731, % 2.9x 9.5x 27.7x Sep-15 58, , % 1,692,334 6,003, % 3.3x 8.9x 28.9x Oct-15 56, , % 1,561,540 6,230, % 2.9x 9.5x 27.5x Nov-15 56, , % 1,236,632 5,240, % 2.6x 8.6x 22.0x Dec-15 66, , % 1,722,065 5,982, % 2.7x 9.8x 26.1x Jan-16 73, , % 1,991,783 6,637, % 2.7x 10.2x 27.0x Feb-16 74, , % 1,694,766 6,189, % 2.7x 8.6x 22.9x Period 2,905,115 36,976, % 83,212, ,893, % 3.4x 8.7x 29.3x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,065 6,991, % 16,181,562 65,446, % 3.3x 9.4x 30.6x Total ,396 8,308, % 18,045,351 70,021, % 2.8x 8.5x 23.6x Total ,893 1,373, % 3,686,550 12,827, % 2.7x 9.4x 24.9x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page 16 Deutsche Bank AG/London

17 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 10 March 2016 ETFs vs. Unlisted Mutual Funds Figure 36: European ETP vs mutual fund assets ETPs Europe % % % % % 50 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 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% 3.7% ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.4% 3.4% 3.6% 1.7% Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 37: 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 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17

18 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 10 March 2016 Figure 38: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % 1, % 9.7% 1, % % 3.7% 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16* 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 1,964 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% 16.3% 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% 15.9% 1.7% *Data as of 29-Jan Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 39: US ETP vs mutual fund cash flows ETPs US Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London

19 Number of ETFs AUM ( billion) 10 March 2016 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 40: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 41: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 189,116 72, ,101 85, ,216 79,258 Fixed Income 67,089 19,062 87,026 26,050 90,493 24,615 Commodity 10,027 3,385 8,718 3,580 10,161 3,510 Others 344 1, , Total 266,576 95, , , , ,290 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 22,933 3,503 36,258 9,398-2, Fixed Income 16,856 3,266 19,936 6,800 2, Commodity -1, Others Total 38,178 6,829 55,426 17, Feb-16 Deutsche Bank AG/London Page 19

20 Figure 42: European ETF AUM by replication method ETFs Europe Figure 43: European ETF flows by replication method ETFs Europe Feb , ,290 Feb , , , ,426 17, ,576 95, ,178 6,829 0% 20% 40% 60% 80% 100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European ETFs product count by replication method ETFs Europe Figure 45: European Equity ETFs AUM by replication method ETFs Europe Feb Feb ,216 79, ,101 85, ,116 72,282 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 46: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 47: European Commodity ETFs AUM by replication method ETFs Europe Feb-16 90,493 24,615 Feb-16 10,161 3, ,026 26, ,718 3, ,089 19, ,027 3,385 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London

21 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 10 March 2016 Industry Growth Analysis Figure 48: Global ETF Industry growth attribution ETFs Global 2.5% 10.0% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.5% 0.7% 0.1% 0.4% -0.1% -0.1% 0.4% 0.4% 0.6% 0.6% 0.0% 0.1% 0.5% 0.5% Equity flows -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.0% 0.7% 1.0% 1.4% 0.3% 0.8% 0.7% 0.9% 1.8% -0.1% -0.5% 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% 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% -8.0% Figure 49: US ETF Industry growth attribution ETFs US 3.0% 10.0% 2.5% 8.0% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.5% 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 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% 0.3% 0.3% 0.5% 0.6% 0.0% 0.1% 0.6% 0.5% Equity flows -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% 0.8% -0.2% 0.6% 0.8% 1.2% 1.8% -0.8% -0.7% 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% 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% -8.0% Figure 50: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -1.0% 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 Other flows -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.2% 1.0% 0.9% 1.2% -0.2% -0.2% 0.5% 0.5% 0.1% 0.9% 0.2% 0.4% 0.0% 0.4% Equity flows 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.3% 0.2% 0.6% 1.4% 1.7% 0.3% 0.6% 0.6% 1.5% 0.4% -0.4% 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% 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% -8.0% Deutsche Bank AG/London Page 21

22 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) 10 March 2016 Figure 51: European ETC Industry growth attribution ETCs Europe 16.0% 25.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -4.0% 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 Currency Flows 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.2% -0.2% 0.1% 0.1% 0.0% -0.2% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.2% Commodity Flows -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% -2.7% 2.5% -0.7% 1.6% 0.1% -0.2% 4.2% 13.3% 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% 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% -15.0% Page 22 Deutsche Bank AG/London

23 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 52: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Feb-16 Jan-16 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity -14,726-2,143-1,942 3,625-13,244-15,803 1,737 1,587 10,557-3,509-30, ,182-16,754 Fixed income 10,440 1,730 1,562 1,425 13,595 13, ,714 23,750 1,694 1, ,309 Commodity ,308 Currency Multi Asset Alternative Total -4, ,612 1,017-3,098 1,704 1,565 10,294 8,900-7,506 1,516 1,389 15,906 9,917 ETCs/ETVs Commodity 5,782 2,523 2, ,305 2, ,216 8,265 3,256 2, ,521 Currency Alternative Total 5,398 2,554 2, ,952 2, ,855 7,513 3,294 2, ,807 ETPs Equity -14,726-2,143-1,942 3,625-13,244-15,803 1,737 1,587 10,557-3,509-30, ,182-16,754 Fixed income 10,440 1,730 1,562 1,425 13,595 13, ,714 23,750 1,694 1, ,309 Commodity 5,884 2,775 2, ,234 2, ,595 8,362 3,538 3, ,829 Currency Multi Asset Alternative Total 991 2,366 2,115 5,612 8, ,444 2,247 10,294 11, ,810 4,362 15,906 20,724 Asset Class Cash Flow Analysis Figure 53: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Developed Markets -2, ,544 2, , Emerging Markets , ,101 Global Markets Sector Capitalization Strategy , ,640 Style Thematic Total equities -2, ,942 1, ,587-1, Alpha Total Deutsche Bank AG/London Page 23

24 Figure 53A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector Consumer discretionary Consumer staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization Large Cap Mid Cap Small Cap Strategy , ,640 Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative , ,185 Short Style Dividend Growth Value Thematic Commodities Faith Other Theme Sustainability Total Feb-16 Jan-16 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 53B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe -1, ,671 2, ,806 1, ,135 Austria Belgium Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK , ,093 Europe broad -1, ,347 1, , Americas US Canada North America Asia , ,229 Australia Hong Kong Japan , ,277 Singapore Asia Pacific broad Global Broad indices DM Total -2, ,544 2, , Feb-16 Jan-16 YTD Alpha Total Deutsche Bank AG/London Page 25

26 Figure 53C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC Brazil Russia India China Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total , ,101 Total (EM + DM) -2, ,700 1, ,575-1, ,125 Feb-16 Jan-16 YTD Alpha Total Figure 54: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Overall Corporates Covered Bonds Credit Exposure Sovereign 1, , , ,104 Money Market Total Fixed Income 1, , , ,537 Alpha Total Page 26 Deutsche Bank AG/London

27 Figure 55: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Feb-16 Jan-16 YTD All figures in million Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy Overall Carbon Crude Oil Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 2, , , ,648 Overall Gold 2, , , ,694 Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 2, , , ,195 Alpha Total Deutsche Bank AG/London Page 27

28 Product Rankings Figure 56: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ishares S&P 500 Minimum Volatility UCITS ETF SPMV LN BlackRock Beta db x-trackers MSCI USA TRN Index UCITS ETF XMUS GR Deutsche AWM Beta ishares FTSE 100 UCITS ETF Acc CSUKX SW BlackRock Beta Amundi ETF MSCI Japan UCITS ETF CJ1 FP Amundi Beta SPDR FTSE UK All Share ETF SPYF GY State Street Beta Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta STOXX Europe 600 THEAM Easy UCITS ETF ETZ FP BNP Paribas Beta ishares MSCI Emerging Markets IMI UCITS ETF EMIM NA BlackRock Beta S&P 500 THEAM Easy UCITS ETF ESE FP BNP Paribas Beta YTD Flows Figure 57: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ishares Euro Inflation Linked Government Bond UCITS ETF IBCI LN BlackRock Beta ishares Global Corporate Bond UCITS ETF CORP LN BlackRock Beta ishares $ Treasury Bond 20+yr UCITS ETF IDTL LN BlackRock Beta db x-trackers II iboxx Euro Sovereigns Eurozone AAA Total Return Index UCITS ETF XBAT GR Deutsche AWM Beta db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta YTD Flows Figure 58: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows Gold Bullion Securities GBS LN ETF Securities Beta Source Physical Gold ETC (P-ETC) SGLD LN Source Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta ETFS Physical Gold PHAU LN ETF Securities Beta ishares Physical Gold ETC SGLN LN Blackrock Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta XACT RAVAROR UCITS ETF XACTCOMM SS Xact Fonder AB Beta Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta YTD Flows Page 28 Deutsche Bank AG/London

29 Figure 59: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta UBS-ETF MSCI EMU EMUEUA GR UBS Beta ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta Vanguard S&P 500 ETF VUSA LN Vanguard Beta Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta YTD Flows Figure 60: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source Beta Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Amundi Beta db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY Deutsche AWM Beta Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Amundi Beta ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta ishares Global Government Bond UCITS ETF SGLO LN BlackRock Beta YTD Flows Figure 61: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta ETFS Longer Dated Energy ENEF LN ETF Securities Beta ETFS Aluminium ALUM LN ETF Securities Beta Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP Amundi Beta ishares Gold CH CSGOLD SW BlackRock Beta Market Access RICI-Agriculture Index Fund M9SB GR Royal Bank of Scotland plc Beta YTD Flows Deutsche Bank AG/London Page 29

30 4. Product Review New Products Launched in the Month Figure 62: Number of ETPs by Asset Class ETPs Global Feb-16 Jan-16 MoM Change End of 2015 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2, % 2, % 2, % Fixed income % % % Commodity % % % Currency % % % Multi Asset % % % Alternative % % % Total 3, % 3, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % % Currency % % % Alternative 4 0.1% 4-0.1% 4-0.1% Total % % % Total ETPs 4, % 4, % 4, % Figure 63: Number of ETPs by Asset Class ETPs Europe Feb-16 Jan-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 % % % Currency - 0.0% 0-0.0% 0-0.0% Multi Asset 8 0.4% 8-0.0% 8-0.0% Alternative % % % Total 1, % 1, % 1, % ETCs Commodity % % % Currency % % % Total % % % Total ETPs 2, % 1, % 1, % Page 30 Deutsche Bank AG/London

31 Deutsche Bank AG/London Page 31 Figure 64: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 02-Feb-16 SMRE FP SMRE.PA Amundi Amundi ETF Europe Equity Multi Smart Allocation Scientific Beta UCITS ETF Equity Semi Active Quantitative DM Scientific Beta Extended Developed Europe Multi-Beta Multi-Strategy ERC 1L 0.40% Euronext Paris 04-Feb-16 HEDD SW HEDD.S WisdomTree WisdomTree Europe Equity UCITS ETF - CHF Hedged Acc Equity Beta Europe DM WisdomTree Europe CHF Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXJD SW DXJD.S WisdomTree WisdomTree Japan Equity UCITS ETF - CHF Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 DXGD SW DXGD.S WisdomTree WisdomTree Germany Equity UCITS ETF - CHF Acc Equity Beta European Developed DM WisdomTree Germany Hedged Equity Index 1L 0.35% Swiss SE 16-Feb-16 SBEM IM SBEM.MI UBS UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF Fixed Income Beta Overall EM Barclays EM USD Sovereign and Agency 3% Country Capped Index 1L 0.42% Borsa Italiana 16-Feb-16 XU61 GY XU61.DE BNP Paribas BNP Paribas Easy NMX 30 Infractructure Global UCITS ETF Equity Beta Other Theme Overall NMX30 Infrastructure Global TR 1L 0.91% Deutsche Borse 18-Feb-16 SPPI GY SPPI.DE State Street SPDR Barclays 3-7 Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 3-7 Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SPP3 GY SPP3.DE State Street SPDR Barclays 3-5 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-5 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYBV GY SYBV.DE State Street SPDR Barclays 10+ Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 10+ Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB7 GY SYB7.DE State Street SPDR Barclays 7-10 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7-10 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPP7 GY SPP7.DE State Street SPDR Barclays 7-10 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPPL GY SPPL.DE State Street SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7+ Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SYBR GY SYBR.DE State Street SPDR Barclays 3-10 Year U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S Year Corporate Bond Index 1L 0.20% Deutsche Borse 18-Feb-16 SPP5 GY SPP5.DE State Street SPDR Barclays 5-7 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 5-7 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SPPX GY SPPX.DE State Street SPDR Barclays 10 + Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 10+ Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB6 GY SYB6.DE State Street SPDR Barclays 5-7 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 5-7 Year Treasury Bond Index 1L 0.15% Deutsche Borse 18-Feb-16 SYB1 GY SYB1.DE State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% Deutsche Borse 19-Feb-16 XFNS LN XFNS.L Source Source Financial Services S&P US Select Sector UCITS ETF Equity Beta Other Sector DM S&P Select Sector Capped 20% Financial Services TR (Net) Index 1L 0.30% London SE 19-Feb-16 XRES LN XRES.L Source Source Real Estate S&P US Select Sector UCITS ETF Equity Beta Other Sector DM S&P Select Sector Capped 20% Real Estate TR (Net) Index 1L 0.30% London SE Exchange Listed 24-Feb-16 XACTCOMM SS XACTCOMM.ST Xact Fonder AB XACT RAVAROR UCITS ETF Commodity Beta Overall Handelsbanken Commodity Index Excess Return 1L 0.70% Stockholmborsen 24-Feb-16 XACTBOND SS XACTBOND.ST Xact Fonder AB XACT Obligation UCITS ETF Fixed Income Beta Overall DM Handelsbanken Sweden All Bond Tradable Index 1L 0.10% Stockholmborsen 24-Feb-16 XACTSMAC SS XACTSMAC.ST Xact Fonder AB XACT Svenska Smabolag UCITS ETF Equity Beta Small Cap DM Swedish Small Cap Index 1L 0.30% Stockholmborsen 25-Feb-16 VECP LN VECP.L Vanguard Vanguard EUR Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Corporates Index 1L 0.12% London SE 25-Feb-16 VDTY LN VDTY.L Vanguard Vanguard USD Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate US Treasury Index 1L 0.12% London SE 25-Feb-16 VUCP LN VUCP.L Vanguard Vanguard USD Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate Corporates US$ Index 1L 0.12% London SE 25-Feb-16 VETY LN VETY.L Vanguard Vanguard EUR Eurozone Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Treasury Index 1L 0.12% London SE Cross-Listings & share classes 01-Feb-16 EUHD IM EUHD.MI PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM istoxx High Dividend Low Volatility 50 Net TR Index 1L 0.30% Borsa Italiana 02-Feb-16 CBBB IM CBBB.MI Amundi Amundi ETF BBB Euro Corporate IG UCITS ETF - A Fixed Income Beta Overall DM Markit iboxx EUR Liquid Corporates BBB Top 60 1L 0.20% Borsa Italiana 02-Feb-16 ETSYH SW ETSYH.S UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% Swiss SE 02-Feb-16 EPVLH SW EPVLH.S UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% Swiss SE 02-Feb-16 ELOVH SW ELOVH.S UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% Swiss SE 02-Feb-16 EQLTH SW EQLTH.S UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% Swiss SE 02-Feb-16 UTSYH SW UTSYH.S UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% Swiss SE 02-Feb-16 ULOVH SW ULOVH.S UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% Swiss SE 02-Feb-16 UPVLH SW UPVLH.S UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% Swiss SE 02-Feb-16 UQLTH SW UQLTH.S UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% Swiss SE 03-Feb-16 SMARTU IM SMARTU.MI Lyxor Lyxor UCITS ETF Smart Cash C-USD Fixed Income Beta Overall DM Eonia compounded rate 1L 0.13% Borsa Italiana 03-Feb-16 ELOV LN ELOV.L UBS UBS ETF - Factor MSCI EMU Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Select Dynamic 50% Risk Weighted TR Index 1L 0.38% London SE 03-Feb-16 ETSY LN ETSY.L UBS UBS ETF - Factor MSCI EMU Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Total Shareholder Yield TR Index 1L 0.38% London SE 03-Feb-16 EQLT LN EQLT.L UBS UBS ETF - Factor MSCI EMU Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Quality TR Index 1L 0.38% London SE 03-Feb-16 EPVL LN EPVL.L UBS UBS ETF - Factor MSCI EMU Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI EMU Prime Value Index 1L 0.38% London SE

32 Page 32 Deutsche Bank AG/London Figure 65: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 03-Feb-16 UQLT LN UQLT.L UBS UBS Irl ETF plc - Factor MSCI USA Quality UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Quality TR Index 1L 0.35% London SE 03-Feb-16 UPVL LN UPVL.L UBS UBS Irl ETF plc - Factor MSCI USA Prime Value UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Prime Value TR Index 1L 0.35% London SE 03-Feb-16 UTSY LN UTSY.L UBS UBS Irl ETF plc - Factor MSCI USA Total Shareholder Yield UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Total Shareholder Yield TR Index 1L 0.35% London SE 03-Feb-16 ULOV LN ULOV.L UBS UBS Irl ETF plc - Factor MSCI USA Low Volatility UCITS ETF hedged - GBP Equity Beta Quantitative DM MSCI USA Select Dynamic 50% Risk Weighted TR Index 1L 0.35% London SE 04-Feb-16 VMOM SW VMOM.S Vanguard Vanguard Global Momentum Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 VVAL SW VVAL.S Vanguard Vanguard Global Value Factor UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 VMVL SW VMVL.S Vanguard Vanguard Global Minimum Volatility UCITS ETF Equity Alpha Quantitative DM Active 1L 0.22% Swiss SE 04-Feb-16 DEMA SW DEMA.S WisdomTree WisdomTree Emerging Asia Equity Income UCITS ETF Equity Beta Fundamental EM WisdomTree Emerging Asia Equity Income Index 1L 0.54% Swiss SE 04-Feb-16 DXJP SW DXJP.S WisdomTree WisdomTree Japan Equity UCITS ETF - GBP Hedged Equity Beta Developed non-europe DM WisdomTree Japan GBP Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 DXJZ SW DXJZ.S WisdomTree WisdomTree Japan Equity UCITS ETF - JPY Acc Equity Beta Developed non-europe DM WisdomTree Japan Equity Index 1L 0.40% Swiss SE 04-Feb-16 HEDP SW HEDP.S WisdomTree WisdomTree Europe Equity UCITS ETF - GBP Hedged Equity Beta Europe DM WisdomTree Europe Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXGE SW DXGE.S WisdomTree WisdomTree Germany Equity UCITS ETF - USD Hedged Equity Beta European Developed DM WisdomTree Germany USD Hedged Equity Index 1L 0.48% Swiss SE 04-Feb-16 DXGP SW DXGP.S WisdomTree Wisdomtree Germany Equity UCITS ETF - GBP Hedged Equity Beta European Developed DM WisdomTree Germany GBP Hedged Equity Index 1L 0.35% Swiss SE 04-Feb-16 DXGY SW DXGY.S WisdomTree WisdomTree Germany Equity UCITS ETF - EUR Acc Equity Beta European Developed DM WisdomTree Germany Equity Index 1L 0.32% Swiss SE 04-Feb-16 DXJF SW DXJF.S WisdomTree WisdomTree Japan Equity UCITS ETF - EUR Hedged Acc Equity Beta Developed non-europe DM WisdomTree Japan EUR Hedged Equity Index 1L 0.45% Swiss SE 04-Feb-16 HEDF SW HEDF.S WisdomTree WisdomTree Europe Equity UCITS ETF - EUR Acc Equity Beta Europe DM WisdomTree Europe Equity Index 1L 0.32% Swiss SE 10-Feb-16 SBEM LN SBEM.L UBS UBS ETF - Barclays USD Emerging Markets Sovereign UCITS ETF Fixed Income Beta Overall EM Barclays EM USD Sovereign and Agency 3% Country Capped Index 1L 0.42% London SE 16-Feb-16 JPHC FP JPHC.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged CHF Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris 16-Feb-16 UST1F IM UST1F.MI UBS UBS-ETF Barclays Capital US 1-3 Year Treasury Bond ETF - Hedged to EUR Fixed Income Beta Overall DM Barclays Capital US 1-3 Year Treasury Bond Index 1L 0.25% Borsa Italiana 16-Feb-16 EHDV GY EHDV.DE PowerShares PowerShares Euro STOXX High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM istoxx High Dividend Low Volatility 50 Net TR Index 1L 0.30% Deutsche Borse 19-Feb-16 XDNE IM XDNE.MI Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 3C EUR Hedged Equity Beta Developed non-europe DM JPX-nikkei 400 EUR Hedged Index 1L 0.30% Borsa Italiana 19-Feb-16 XWEH IM XWEH.MI Deutsche AWM db x-trackers MSCI World Index UCITS ETF 4C - EUR Hedged Equity Beta Global DM MSCI World Monthly EUR Hedged Index 1L 0.52% Borsa Italiana 19-Feb-16 XDGU IM XDGU.MI Deutsche AWM db x-trackers Barclays USD Corporate Bond UCITS ETF (DR) Fixed Income Beta Overall DM Barclays USD Liquid Investment Grade Corporate Index 1L 0.20% Borsa Italiana 19-Feb-16 XDNY IM XDNY.MI Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 1D Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.20% Borsa Italiana 22-Feb-16 USCO LN USCO.L State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% London SE 22-Feb-16 IUCB LN IUCB.L State Street SPDR Barclays 3-10 Year U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 EU7L LN EU7L.L State Street SPDR Barclays 7-10 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7-10 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 TRSX LN TRSX.L State Street SPDR Barclays 7-10 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 EC37 LN EC37.L State Street SPDR Barclays 3-7 Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 3-7 Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 USCB LN USCB.L State Street SPDR Barclays U.S. Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Corporate Bond Index 1L 0.20% London SE 22-Feb-16 EU57 LN EU57.L State Street SPDR Barclays 5-7 Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 5-7 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LEUC LN LEUC.L State Street SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 7+ Year Corporate Bond Index 1L 0.20% London SE 22-Feb-16 TRS5 LN TRS5.L State Street SPDR Barclays 3-5 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 3-5 Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LUTR LN LUTR.L State Street SPDR Barclays 10 + Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 10+ Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 LGOV LN LGOV.L State Street SPDR Barclays 10+ Year Euro Government Bond UCITS ETF Fixed Income Beta Overall DM Barclays Euro 10+ Year Treasury Bond Index 1L 0.15% London SE 22-Feb-16 TRS7 LN TRS7.L State Street SPDR Barclays 5-7 Year U.S. Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays U.S. 5-7 Year Treasury Bond Index 1L 0.15% London SE 23-Feb-16 CSWG LN CSWG.L Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% London SE 23-Feb-16 CSWU LN CSWU.L Amundi Amundi ETF MSCI Switzerland UCITS ETF Equity Beta European Developed DM MSCI Switzerland 1L 0.25% London SE 23-Feb-16 CU2G LN CU2G.L Amundi Amundi ETF MSCI USA UCITS ETF Equity Beta Developed non-europe DM MSCI USA 1L 0.28% London SE 23-Feb G LN 500G.L Amundi Amundi ETF S&P 500 UCITS ETF Equity Beta Developed non-europe DM S&P 500 1L 0.15% London SE 23-Feb-16 LUXU LN LUXU.L Amundi Amundi ETF S&P Global Luxury UCITS ETF - B USD Equity Beta Global DM S&P Global Luxury 1L 0.25% London SE 23-Feb-16 CW8G LN CW8G.L Amundi Amundi ETF MSCI World UCITS ETF Equity Beta Global DM MSCI World 1L 0.38% London SE 23-Feb-16 ANXG LN ANXG.L Amundi Amundi ETF Nasdaq-100 UCITS ETF Equity Beta Developed non-europe DM NASDAQ 100 1L 0.23% London SE Exchange Listed

33 Deutsche Bank AG/London Page 33 Figure 66: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date Cross-Listings & share classes Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 23-Feb-16 CJ1G LN CJ1G.L Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-europe DM MSCI Japan 1L 0.45% London SE 23-Feb-16 CJ1U LN CJ1U.L Amundi Amundi ETF MSCI Japan UCITS ETF - JPY Equity Beta Developed non-europe DM MSCI Japan 1L 0.45% London SE 23-Feb-16 SMRG LN SMRG.L Amundi Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF-B USD Equity Semi Active Quantitative DM Scientific Beta Developed Multi-Strategy Multi-ERC 1L 0.40% London SE 23-Feb-16 LUXG LN LUXG.L Amundi Amundi ETF S&P Global Luxury UCITS ETF - B USD Equity Beta Global DM S&P Global Luxury 1L 0.25% London SE 23-Feb-16 ALAG LN ALAG.L Amundi Amundi ETF MSCI EM LATIN AMERICA UCITS ETF Equity Beta Emerging Markets EM MSCI EM Latin America 1L 0.20% London SE 23-Feb-16 RS2U LN RS2U.L Amundi Amundi Russell 2000 UCITS ETF - B Equity Beta Developed non-europe DM Russell L 0.35% London SE 23-Feb-16 RS2G LN RS2G.L Amundi Amundi Russell 2000 UCITS ETF - B Equity Beta Developed non-europe DM Russell L 0.35% London SE 23-Feb-16 AASG LN AASG.L Amundi Amundi ETF MSCI EM ASIA UCITS ETF Equity Beta Emerging Markets EM MSCI EM Asia 1L 0.20% London SE 23-Feb-16 TRSY IM TRSY.MI State Street SPDR Barclays Capital US Treasury Bond ETF Fixed Income Beta Overall DM Barclays Capital U.S. Treasury Index 1L 0.15% Borsa Italiana 23-Feb-16 TIPS IM TIPS.MI State Street SPDR Barclays US TIPS UCITS ETF Fixed Income Beta Overall DM Barclays U.S. Government Inflation Linked Bond index 1L 0.17% Borsa Italiana 23-Feb-16 EMH5 IM EMH5.MI State Street SPDR BofA Merrill Lynch 0-5 Yr EM USD Govt. Bond UCITS ETF Fixed Income Beta Overall EM BofA Merrill Lynch 0-5 Year EM USD Government Bond ex-144a Index 1L 0.42% Borsa Italiana 23-Feb-16 EURE IM EURE.MI State Street SPDR FTSE EPRA Europe EX UK Real Estate UCITS ETF Equity Beta European DM FTSE EPRA Europe Ex-UK Real Estate Index 1L 0.30% Borsa Italiana 23-Feb-16 TRS3 IM TRS3.MI State Street SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays US Treasury 1-3 Year Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLE IM SXL.MI State Street SPDR S&P US Energy Select Sector UCITS ETF Equity Beta Other Sector DM S&P Energy Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 JPEH IM JPEH.MI State Street SPDR MSCI Japan UCITS ETF EUR hedged Equity Beta Developed non-europe DM MSCI Japan 1L 0.35% Borsa Italiana 23-Feb-16 SXLU IM SXLU.MI State Street SPDR S&P US Utilities Select Sector UCITS ETF Equity Beta Other Sector DM S&P Utilities Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLV IM SXLV.MI State Street SPDR S&P US Health Care Select Sector UCITS ETF Equity Beta Other Sector DM S&P Health Care Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLK IM SXLK.MI State Street SPDR S&P US Technology Select Sector UCITS ETF Equity Beta Other Sector DM S&P Technology Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLF IM SXLF.MI State Street SPDR S&P US Financials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Financials Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLB IM SXLB.MI State Street SPDR S&P US Materials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Materials Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLI IM SXLI.MI State Street SPDR S&P US Industrials Select Sector UCITS ETF Equity Beta Other Sector DM S&P Industrial Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLY IM SXLY.MI State Street SPDR S&P US Consumer Discretionary Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Discretionary Select Sector Index 1L 0.15% Borsa Italiana 23-Feb-16 SXLP IM SXLP.MI State Street SPDR S&P US Consumer Staples Select Sector UCITS ETF Equity Beta Other Sector DM S&P Consumer Staples Select Sector Index 1L 0.15% Borsa Italiana 25-Feb-16 VUTY LN VUTY.L Vanguard Vanguard USD Treasury Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate US Treasury Index 1L 0.12% London SE 25-Feb-16 VDCP LN VDCP.L Vanguard Vanguard USD Corporate Bond UCITS ETF Fixed Income Beta Overall DM Barclays Global Aggregate Corporates US$ Index 1L 0.12% London SE Exchange Listed

34 Average TERs Figure 67: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.40% % % 9 Beta 0.38% % % 976 Beta+ 0.50% % % 78 Semi Active 0.54% % % % % % 1,098 Fixed Income Alpha 0.59% % % 10 Beta 0.24% % % 348 Beta+ NA NA 0.23% % % % % 377 Alternative Alpha NA NA 0.67% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % 14 Commodity Beta 0.49% % % 50 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 51 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.52% % % % % % 8 Total 0.36% % % 1,548 Page 34 Deutsche Bank AG/London

35 Figure 68: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.50% % 38 Beta+ NA NA 0.92% % 35 Energy Beta NA NA 0.49% % 51 Beta+ NA NA 0.80% % 53 Industrial Metals Beta NA NA 0.50% % 24 Beta+ NA NA 0.90% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.52% % 10 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.76% % 43 Commodity 0.45% % % 348 Currency Currency Beta NA NA 0.41% % 40 Beta+ NA NA 0.82% % 67 Currency NA NA 0.67% % 107 Deutsche Bank AG/London Page 35

36 Figure 69: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.58% % % 9 Beta 0.30% % % 976 Beta+ 0.56% % % 78 Semi Active 0.56% % % % % % 1,098 Fixed Income Alpha 0.36% % % 10 Beta 0.25% % % 348 Beta+ NA NA 0.23% % % % % 377 Alternative Alpha NA NA 0.86% % 4 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % % 14 Commodity Beta 0.41% % % 50 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 51 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.59% % % % % % 7 Total 0.30% % % 1,548 Figure 70: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% % 38 Beta+ NA NA 0.98% % 35 Energy Beta NA NA 0.51% % 51 Beta+ NA NA 0.96% % 53 Industrial Metals Beta NA NA 0.49% % 24 Beta+ NA NA 0.97% % 27 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 10 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.38% % % 51 Beta+ NA NA 0.96% % 43 Commodity 0.38% % % 348 Currency Currency Beta NA NA 0.39% % 40 Beta+ NA NA 0.90% % 67 Currency NA NA 0.78% % 107 Page 36 Deutsche Bank AG/London

37 5. Provider Rankings Global Provider Rankings Figure 71: 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 1,008, % 1,060, % 633 1, ,192 1,809 2 Vanguard 488, % 504, % 108 2,671 93,139 6,952 3 State Street 397, % 421, % 265-2, ,823-2,623 4 PowerShares 85, % 94, % 154-2, ,048-4,026 5 Deutsche AWM 75, % 81, % 251-1,026 12, Nomura Asset Management 61, % 63, % 49 1,444 54,045 5,468 7 Lyxor 48, % 51, % , WisdomTree 43, % 52, % 113-1,937 16,814-3,695 9 Charles Schwab 39, % 39, % ,411 1, First Trust 33, % 42, % 104-2,413 14,189-5,380 Total Top 10 2,282, % 2,413, % 1,943-4,287 1,630, Others 374, % 391, % 1,998 5, ,212 9,838 Global Total 2,656, % 2,805, % 3,941 1,017 1,902,180 9,917 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Figure 72: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2015 AUM 2015 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 30, % 21, % 1 4,186 36,452 5,145 2 ETF Securities 15, % 13, % 343 1,394 5,522 1,729 3 BlackRock 13, % 10, % 8 1,112 4,941 1,563 4 United States Commodity Funds 5, % 4, % ,079 1,381 5 PowerShares 4, % 4, % , ProShares 3, % 3, % , Source 2, % 1, % , Deutsche AWM 2, % 1, % Deutsche Borse Commodities GmbH 1, % 1, % Guggenheim Investments 1, % 1, % , Total Top 10 81, % 64, % 425 7, ,194 10,695 Others 1, % 1, % , Global Total 82, % 65, % 539 7, ,263 10,807 YTD CF Deutsche Bank AG/London Page 37

38 Figure 73: 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 1,021, % 1,071, % 641 2, ,133 3,372 2 Vanguard 488, % 504, % 108 2,671 93,139 6,952 3 State Street 428, % 443, % 266 1, ,276 2,522 4 PowerShares 89, % 99, % 165-2, ,793-4,252 5 Deutsche AWM 77, % 83, % , Nomura Asset Management 61, % 63, % 49 1,444 54,045 5,468 7 Lyxor 48, % 51, % , WisdomTree 43, % 52, % 115-1,942 16,912-3,706 9 Charles Schwab 39, % 39, % ,411 1, First Trust 33, % 42, % 104-2,413 14,189-5,380 Total Top 10 2,333, % 2,453, % 1,983 1,379 1,674,572 6,996 Others 404, % 418, % 2,497 7, ,871 13,728 Global Total 2,738, % 2,871, % 4,480 8,969 2,005,443 20,724 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 38 Deutsche Bank AG/London

39 European Provider Rankings General Figure 74: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 203, ,014-5% ,240 31,550 31,254 1% % Deutsche AWM 53,079 56,512-6% ,874 6,928-1% % Lyxor 44,650 47,742-6% ,297 14,110 1% % UBS 23,145 24,949-7% ,256 2,283-1% % Amundi 17,920 20,408-12% ,338 5,493 6,189-11% % Vanguard 16,662 17,691-6% ,055 2,444-16% % Source 14,627 16,286-10% ,958 1,751 12% % State Street 11,715 11,863-1% ,224 1,780 25% % Deka Investment GmbH 6,850 7,027-3% ,324 1,860-29% % ComStage 6,737 6,925-3% % % Zuercher Kantonalbank 6,191 5,400 15% % 4 4 0% HSBC 4,588 4,978-8% % % BNP Paribas 4,395 4,466-2% % % Xact Fonder AB 2,471 2,522-2% ,060 1,910 8% % ThinkCapital ETFs N.V. 2,064 1,623 27% % % Julius Baer Inv 1,882 1,640 15% % 4 4 0% Ossiam 1,672 1,707-2% % % PowerShares 1,640 1,766-7% % % ETF Securities % % % WisdomTree % % % BBVA Gestion SA SGIIC % % 2 2 0% Royal Bank of Scotland plc % % % Nomura Asset Management % % 3 3 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Fundlogic Global Solutions plc % % 2 2 0% Seligson & Co Fund Man % % 1 1 0% First Trust % % 7 7 0% DnB Kapitalforvaltning % % 1 1 0% Van Eck Funds % % 3 3 0% BMO Global Asset Management % % 9 9 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% Alpha Asset Management % % 1 1 0% Sun Global Investments 5 5-4% % 1 1 0% NBG Asset Management MFMC % % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA % 2 2 0% PDR Services LLC 0 0 NA % 0 0 NA Total 427, ,965-5% ,565 1,389 74,154 73,740 1% ,517 2% *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 39

40 Figure 75: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. ETF Securities 12,427 10,148 22% 1, ,525 4,628 2,323 99% % Source 2,697 1,655 63% , % 4 4 0% Deutsche AWM 2,249 1,656 36% % % Deutsche Borse Commodities GmbH 1,835 1,579 16% % 1 1 0% BlackRock % % 4 4 0% Boost % % % Royal Bank of Scotland plc % % 5 5 0% Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % BNP Paribas 0 0 NA % 2 2 0% Total 20,508 16,057 28% 2, ,973 7,996 3, % % AUM Cash Flow Turnover Products Page 40 Deutsche Bank AG/London

41 Figure 76: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products AUM Cash Flow Turnover Products Issuer Current Month End of 2015 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2015 Diff. BlackRock 204, ,411-5% ,425 31,894 31,299 2% % Deutsche AWM 55,329 58,168-5% ,204 7,035 2% % Lyxor 44,650 47,742-6% ,297 14,110 1% % UBS 23,145 24,949-7% ,256 2,283-1% % Amundi 17,920 20,408-12% ,338 5,493 6,189-11% % Source 17,324 17,941-3% ,494 2,360 48% % Vanguard 16,662 17,691-6% ,055 2,444-16% % ETF Securities 13,287 10,966 21% 1, ,605 5,442 2,985 82% % State Street 11,715 11,863-1% ,224 1,780 25% % Deka Investment GmbH 6,850 7,027-3% ,324 1,860-29% % ComStage 6,737 6,925-3% % % Zuercher Kantonalbank 6,191 5,400 15% % 4 4 0% HSBC 4,588 4,978-8% % % BNP Paribas 4,395 4,466-2% % % Xact Fonder AB 2,471 2,522-2% ,060 1,910 8% % ThinkCapital ETFs N.V. 2,064 1,623 27% % % Julius Baer Inv 1,882 1,640 15% % 4 4 0% Deutsche Borse Commodities GmbH 1,835 1,579 16% % 1 1 0% Ossiam 1,672 1,707-2% % % PowerShares 1,640 1,766-7% % % Royal Bank of Scotland plc % % % WisdomTree % % % BBVA Gestion SA SGIIC % % 2 2 0% Boost % % % Nomura Asset Management % % 3 3 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% Fundlogic Global Solutions plc % % 2 2 0% Seligson & Co Fund Man % % 1 1 0% Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG % % % First Trust % % 7 7 0% DnB Kapitalforvaltning % % 1 1 0% Van Eck Funds % % 3 3 0% BMO Global Asset Management % % 9 9 0% UniCredit Bank % % 1 1 0% SEB Investment Management AB % % 3 3 0% FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% Sun Global Investments 5 5-4% % 1 1 0% NBG Asset Management MFMC % % 2 2 0% Nordea Investment Funds 0 0 NA % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% PDR Services LLC 0 0 NA % 0 0 NA Total 448, ,022-4% 2,115 2,247 4,362 82,150 77,715 6% 2,003 1,972 2% *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 Figure 77: European ETP Providers tier market share ETPs Europe Feb-16 Q4 15 Q3 15 Q2 15 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q1 15 Q2 15 Q3 15 Q4 15 Feb-16 Tier % 68.3% 68.1% 73.9% 73.1% Tier % 27.6% 27.7% 23.1% 23.6% Tier 3 4.0% 4.1% 4.2% 3.2% 3.3% Page 42 Deutsche Bank AG/London

43 European Provider Rankings by Asset Class Figure 78: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 131,970 70,386 1, , % , ,240 Deutsche AWM 39,032 12, , % 216 6, Lyxor 34,156 9, , % , UBS 19,260 1,951 1, , % 131 2, Amundi 13,592 4, , % 101 5, ,338 Vanguard 16, , % 21 2, Source 9,158 5, , % 79 1, State Street 7,608 4, , % 89 2, Deka Investment GmbH 4,294 2, , % 46 1, ComStage 4,424 2, , % Zuercher Kantonalbank 0 0 6, , % HSBC 4, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 13 2, ThinkCapital ETFs N.V , , % Julius Baer Inv 0 0 1, , % Ossiam 1, , % PowerShares 1, , % ETF Securities % WisdomTree % BBVA Gestion SA SGIIC % Royal Bank of Scotland plc % Nomura Asset Management % Raiffeisen Schweiz Genossenschaft % Fundlogic Global Solutions plc % Seligson & Co Fund Man % First Trust % DnB Kapitalforvaltning % Van Eck Funds % BMO Global Asset Management % UniCredit Bank % Commerzbank AG % SEB Investment Management AB % FinEx Fund Plc % Boost % Alpha Asset Management % Sun Global Investments % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 297, ,109 13,671 1, , % 1,548 74, ,389 *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 43

44 Figure 79: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Commodity Currency Total AUM Mkt Share % Nu. Current TO Current CF YTD CF ETF Securities 12, , % 322 4, Source 2, , % 4 1, Deutsche AWM 2, , % Deutsche Borse Commodities GmbH 1, , % BlackRock % Boost % Royal Bank of Scotland plc % Borse Stuttgart Securities GmbH % Commerzbank AG % BNP Paribas % Total 20, , % 455 7,996 2,291 2,973 Page 44 Deutsche Bank AG/London

45 Figure 80: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 131,970 70,386 1, , % , ,425 Deutsche AWM 39,032 12,911 2, , % 234 7, Lyxor 34,156 9, , % , UBS 19,260 1,951 1, , % 131 2, Amundi 13,592 4, , % 101 5, ,338 Source 9,158 5,207 2, , % 83 3, Vanguard 16, , % 21 2, ETF Securities , , % 352 5,442 1,243 1,605 State Street 7,608 4, , % 89 2, Deka Investment GmbH 4,294 2, , % 46 1, ComStage 4,424 2, , % Zuercher Kantonalbank 0 0 6, , % HSBC 4, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 13 2, ThinkCapital ETFs N.V , , % Julius Baer Inv 0 0 1, , % Deutsche Borse Commodities GmbH 0 0 1, , % Ossiam 1, , % PowerShares 1, , % Royal Bank of Scotland plc % WisdomTree % BBVA Gestion SA SGIIC % Boost % Nomura Asset Management % Raiffeisen Schweiz Genossenschaft % Fundlogic Global Solutions plc % Seligson & Co Fund Man % Borse Stuttgart Securities GmbH % Commerzbank AG % First Trust % DnB Kapitalforvaltning % Van Eck Funds % BMO Global Asset Management % UniCredit Bank % SEB Investment Management AB % FinEx Fund Plc % Alpha Asset Management % Sun Global Investments % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 297, ,109 33,800 1, , % 2,003 82,150 2,115 4,362 *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 45

46 European Provider Analysis by Replication Method Figure 81: European ETF Providers list by replication All figures in million except products European Providers ETFs Europe Replication AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) AUM (%) ETFs Method Equity Fixed Income Commodity Other Total BlackRock Physical 131, , , % 272 Synthetic % 2 Deutsche AWM Physical 25, ,600 48% 58 Synthetic 13, , ,479 52% 158 Lyxor Physical , ,658 13% 36 Synthetic 33, , ,992 87% 209 UBS Physical 16, , , ,931 86% 101 Synthetic 2, ,214 14% 30 Amundi Physical 1, ,111 6% 6 Synthetic 12, , ,810 94% 95 Vanguard Physical 16, , % 21 Source Physical 1, , ,430 44% 26 Synthetic 7, ,198 56% 53 State Street Physical 7, , , % 89 Deka Investment GmbH Physical 4, , , % 45 Synthetic % 1 ComStage Physical % 6 Synthetic 4, , ,537 97% 105 Zuercher Kantonalbank Physical , , % 4 HSBC Physical 4, , % 28 BNP Paribas Physical 1, ,654 38% 17 Synthetic 2, ,741 62% 12 Xact Fonder AB Physical 1, ,853 75% 4 Synthetic % 9 ThinkCapital ETFs N.V. Physical , , % 13 Julius Baer Inv Physical , , % 4 Ossiam Physical % 1 Synthetic 1, ,621 97% 9 PowerShares Physical 1, ,522 93% 18 Synthetic % 4 ETF Securities Synthetic % 23 Physical % 7 WisdomTree Physical % 22 BBVA Gestion SA Physical % 2 RBS plc Synthetic % 10 Nomura Asset Management Physical % 3 Raiffeisen Schweiz Physical % 3 Fundlogic Global Solutions plc Synthetic % 2 Seligson & Co Fund Mgmt. Physical % 1 First Trust Physical % 7 DnB Kapitalforvaltning Physical % 1 Van Eck Funds Physical % 3 BMO Global Asset Management Physical % 9 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 Alpha Asset Mgmt. Physical % 1 Sun Global Investments Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 297,474 1, , , , ,534 1,548 *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 46 Deutsche Bank AG/London

47 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 82: Turnover by asset class and instrument ( million) ETPs Europe Feb-16 Jan YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 47,123 7, ,106 49,503 6, ,683 43,615 5, , ,789 Fixed income 17, ,824 15, ,372 13, ,929 34,196 Commodity 1, , ,660 Currency Multi Asset Alternative Total 65,657 8, ,154 66,014 7, ,740 57,884 5, , ,894 ETCs Commodity 6,318 1, ,738 2,432 1, ,742 2,520 1, ,646 11,480 Currency Total 6,338 1, ,996 2,450 1, ,975 2,546 1, ,884 11,970 Total ETPs 71,995 9, ,150 68,464 8, ,715 60,430 6, , ,864 Asset Class Analysis Figure 83: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 35, ,810 38, ,170 32, ,094 73,980 Emerging Markets 4, ,174 4, ,484 4, ,610 8,658 Global Markets ,310 Sector 3, ,267 2, ,873 2, ,968 6,140 Capitalization ,447 Strategy 589 7, , , , , ,988 16,642 Style 1, ,333 1, ,088 1, ,518 2,421 Thematic ,190 Total Equities 47,123 7, ,106 49,503 6, ,683 43,615 5, , ,789 Feb-16 Jan Deutsche Bank AG/London Page 47

48 Figure 83A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 3, ,267 2, ,873 2, ,968 6,140 Consumer discretionary Consumer staples Energy Financials , ,404 1, ,360 3,186 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization ,447 Large Cap Mid Cap Small Cap Strategy 589 7, , , , , ,988 16,642 Fundamental Leveraged Long 0 3, , , , , ,801 6,210 Leveraged Short 0 3, , , , , ,815 6,203 Options Strategy Quantitative , Short , , ,361 Style 1, ,333 1, ,088 1, ,518 2,421 Dividend 1, , , ,368 2,121 Growth Value Thematic ,190 Commodities Cyclical Faith Other Theme Sustainability Total 6,514 7, ,493 6,174 6, ,347 6,154 5, ,622 27,840 Feb-16 Jan Page 48 Deutsche Bank AG/London

49 Figure 83B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 22, ,717 22, ,812 20, ,385 45,537 Austria Belgium Finland France ,662 Germany 4, ,401 5, ,060 4, ,721 9,461 Greece Ireland Italy 1, ,336 1, , ,606 Netherlands Norway Portugal Iceland Spain Sweden Switzerland 1, ,077 1, ,073 1, ,240 2,150 UK 3, ,708 2, ,378 2, ,491 6,086 Europe broad 10, ,292 11, ,091 9, ,349 21,383 Americas 7, ,060 8, ,006 6, ,037 15,067 US 6, ,648 7, ,644 5, ,759 14,291 Canada North America Asia 3, ,424 3, ,238 3, ,211 6,663 Australia Hong Kong Japan 3, ,183 3, ,001 2, ,895 6,184 Singapore Asia Pacific broad EMEA Israel Global 2, ,607 4, ,100 2, ,461 6,707 Broad indices 2, ,607 4, ,100 2, ,461 6,707 DM Total 35, ,810 38, ,156 32, ,094 73,973 Feb-16 Jan Deutsche Bank AG/London Page 49

50 Figure 83C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC , ,664 1,964 Brazil Russia India China Latin America Chile Mexico LATAM broad Asia ,019 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 2, ,381 2, ,717 1, ,925 5,098 Global 2, ,381 2, ,717 1, ,925 5,098 EM Total 4, ,174 4, ,484 4, ,610 8,658 Total (EM + DM) 39, ,984 42, ,640 36, ,704 82,631 Feb-16 Jan Figure 84: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall Corporates 6, ,706 6, ,206 4, ,957 12,912 Covered Bonds Credit Exposure Sovereign 9, ,847 8, ,841 7, ,688 18,688 Money Market ,350 Total Fixed Income 17, ,824 15, ,372 13, ,929 34,196 Feb-16 Jan Page 50 Deutsche Bank AG/London

51 Figure 85: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 937 1, , , , ,644 4,208 Overall Carbon Crude Oil , , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 6, ,178 1, ,805 1, ,007 7,878 Overall Gold , , , Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 7,406 1, ,827 3,003 1, ,314 3,254 1, ,381 13,036 Feb-16 Jan Deutsche Bank AG/London Page 51

52 Product Rankings Figure 86: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1, , ,118.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 1, , ,484.0 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 1, , ,700.0 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1, , ,666.6 Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED FP Lyxor Beta 1, ,533.0 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 1, ,994.7 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,942.8 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta , ,335.0 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta , ,541.0 Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor Beta ,693.4 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta , ,991.1 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta , ,039.3 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta ,173.8 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta ,369.2 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,449.3 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,552.6 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,552.1 SPDR FTSE UK All Share ETF SPYF GY State Street Beta Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta ,163.4 Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor Beta ,012.0 YTD TO Figure 87: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1, ,995.4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,519.6 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,574.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,217.5 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN Source Beta ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Amundi Beta ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi Beta ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock Beta Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor Beta YTD TO Page 52 Deutsche Bank AG/London

53 Figure 88: 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 1, ,083.7 Gold Bullion Securities GBS LN ETF Securities Beta 1, ,552.9 ETFS Physical Gold PHAU LN ETF Securities Beta 1, ,264.6 ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,067.4 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ishares Physical Gold ETC SGLN LN Blackrock Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ETFS Physical Silver PHAG LN ETF Securities Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta ETFS Copper COPA LN ETF Securities Beta ETFS Longer Dated Industrial Metals FIND LN ETF Securities Beta YTD TO Figure 89: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 1, db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR ishares Euro STOXX 50 (DE) SX5EEX GR db x-trackers II EONIA TR Index UCITS ETF XEON GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR ishares Markit iboxx Euro High Yield EUNW GR ishares STOXX 600 (DE) SXXPIEX GR ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR Deka DAX UCITS ETF ETFDAX GR ishares Barclays Euro Corporate Bond EUN5 GR db x-trackers ShortDAX UCITS ETF XSDX GR ishares Markit iboxx $ High Yield Capped Bond IS0R GY ishares Euro STOXX Banks (DE) SX7EEX GR ishares eb.rexx Government Germany (DE) RXP5EX GR ComStage ETF DAX TR UCITS ETF CBDAX GR db x-trackers II itraxx Crossover 5-Year TR Index UCITS ETF XTXC GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR Source Physical Gold ETC (P-ETC) 8PSG GY db x-trackers Portfolio TR Index UCITS ETF XQUI GR ETFS Brent Oil OESA GR ETFS Short USD Long EUR XBJQ GR ETFS WTI Crude Oil OD7F GR ETFS 5X Short USD Long EUR 5CH6 GY db Physical Gold ETC (EUR) XAD5 GR ishares S&P Listed Private Equity Fund IQQL GR Gold Bullion Securities GG9B GR ETFS 5X Long USD Short EUR 5CH5 GY ETFS Physical Gold VZLD GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR ETFS Long USD Short EUR XBJP GR ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR db-x trackers Portfolio Income UCITS ETF XS7W GR 0.43 Deutsche Bank AG/London Page 53

54 Figure 90: Top 10 ETPs by Turnover ( million) London SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN 1, ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN Lyxor Euro Stoxx 50 (DR) UCITS ETF MSED LN 1, ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN ishares Core S&P 500 UCITS ETF CSPX LN ishares Euro Corporate Bond UCITS ETF IEAC LN Vanguard S&P 500 ETF VUSD LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN SPDR FTSE UK All Share ETF FTAL LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN ishares Euro Government Bond UCITS ETF IEGA LN ishares Core MSCI World UCITS ETF (Acc) IWDA LN ishares $ Corporate Bond UCITS ETF LQDE LN Vanguard FTSE 100 ETF VUKE LN ishares UK Gilts UCITS ETF IGLT LN Vanguard S&P 500 ETF VUSA LN PIMCO Short-Term HY Corporate Bond Index Source ETF STHY LN ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN ishares Corporate Bond UCITS ETF SLXX LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Source Physical Gold ETC (P-ETC) SGLD LN 1, ETFS Short CNY Long USD SCNY LN Gold Bullion Securities GBS LN 1, ETFS 3x Short JPY Long USD SJP3 LN ETFS Physical Gold PHAU LN db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN ETFS WTI Crude Oil CRUD LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ishares Physical Gold ETC IGLN LN ETFS 3x Short EUR Long USD SEU3 LN ETFS Daily Short WTI Crude Oil SOIL LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN ETFS Physical Gold GBP PHGP LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Physical Silver PHAG LN ETFS Short GBP Long USDGBP USD2 LN db Physical Gold ETC XGLD LN ETFS 3x Short GBP Long USD SGB3 LN ishares Physical Gold ETC SGLN LN ETFS 3x Long GBP Short USD LGB3 LN 2.22 Figure 91: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares SMI CH CSSMI SW ishares $ TIPS UCITS ETF ITPS SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares SPI (CH) CHSPI SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares Nikkei 225 UCITS ETF CSNKY SW ishares CHF Corporate Bond (CH) CHCORP SW UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW UBS ETF (CH) - SPI (CHF) A-dis SPICHA SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW ishares Core MSCI World UCITS ETF (Acc) SWDA SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW ishares SMIM CH CSSMIM SW ishares $ Treasury Bond 20+yr UCITS ETF IDTL SW PowerShares EQQQ Nasdaq-100 UCITS ETF EQQQ SW ishares $ Corporate Bond UCITS ETF LQDE SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF-A USD ZGLDUS SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW ZKB Gold ETF-H (CHF) ZGLDHC SW ishares Listed Private Equity UCITS ETF IPRV SW ZKB Gold ETF ZGLD SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Gold ETF-A EUR ZGLDEU SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW ZKB Gold ETF-H (EUR) ZGLDHE SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW ishares Gold CH CSGOLD SW Lyxor ETF Privex LYPVX SW Source Physical Gold ETC (P-ETC) SGLD SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW - Page 54 Deutsche Bank AG/London

55 Figure 92: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Leverage CAC 40 LVC FP Amundi ETF Govt Bond EuroMTS Broad UCITS ETF C10 FP Lyxor UCITS ETF Euro STOXX 50 MSE FP Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G FP Lyxor ETF XBear CAC 40 BX4 FP Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Amundi ETF Government Bond EuroMTS Broad 3-5 UCITS ETF C33 FP Lyxor ETF XBear Euro STOXX 50 BXX FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor UCITS ETF MSCI Europe MEU FP Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi ETF BBB Euro Corporate IG UCITS ETF CBBB FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Lyxor UCITS ETF EuroMTS 3-5Y IG (DR) MTB FP Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP AMUNDI ETF Floting Rate USD Corporate UCITS ETF AFLT FP Lyxor UCITS ETF MSCI USA D-EUR USA FP Lyxor UCITS ETF EuroMTS 1-3Y IG (DR) MTA FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP Lyxor ETF Privex PVX FP ETFS Brent 1mnth Oil OILBP FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP ETFS WTI Crude Oil CRUDP FP PowerShares Global Listed Private Equity UCITS ETF PSP FP Lyxor ETF Commodities CRB CRB FP ishares Listed Private Equity UCITS ETF PRV FP - 6 Lyxor ETF Commodities CRB Non-Energy CRN FP ETFS WTI 2mth Oil OILWP FP ETFS Natural Gas NGASP FP ETFS Gold BULLP FP ETFS All Commodities AIGCP FP 0.63 Figure 93: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF FTSE MIB ETFMIB IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM Lyxor ETF Leveraged FTSE/MIB LEVMIB IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM Lyxor ETF XBear FTSE/MIB XBRMIB IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM Lyxor UCITS ETF Euro Cash LEONIA IM Lyxor UCITS ETF Euro STOXX 50 MSE IM ishares Euro Government Bond 1-3yr UCITS ETF IBGS IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 IM ishares STOXX 600 (DE) SXXPIEX IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM ishares MSCI Europe UCITS ETF (Inc) IMEU IM Amundi Govt Bond Lowest Rated EuroMTS Investment Grade UCITS ETF X1G IM ishares Core MSCI World UCITS ETF (Acc) SWDA IM UBS-ETF Barclays Capital US 1-3 Year Treasury Bond A UT1EUA IM ishares Core S&P 500 UCITS ETF CSSPX IM ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Short USD Long EUR USE3 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 db x-trackers Portfolio TR Index UCITS ETF XQUI IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 5X Short USD Long EUR USE5 IM db Physical Gold Euro Hedged ETC XAD1 IM ETFS Short USD Long EUR USEU IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS Short GBP Long EUR GBEU IM Gold Bullion Securities GBS IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM ETFS Brent 1mnth Oil OILB IM ETFS 3X Long JPY Short EUR EJP3 IM Boost Natural Gas 3x Short Daily 3NGS IM db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 1.91 Deutsche Bank AG/London Page 55

56 Figure 94: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT Bear 2 XABEAR2 SS No Fixed Income ETFs 2 XACT OMXS30 XACTOMX SS XACT Bull 2 XABULL2 SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT OMXSB XACTSBX SS XACT Nordic 30 XACTVINX SS db x-trackers CNX Nifty UCITS ETF XNIF SS db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 3.22 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares AEX UCITS ETF IAEX NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Aggregate Bond UCITS ETF IEAG NA Vanguard S&P 500 ETF VUSA NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares MSCI World UCITS ETF (Inc) IWRD NA ishares $ Treasury Bond 7-10yr UCITS ETF BTMA NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares $ Treasury Bond 1-3yr UCITS ETF IBTS NA Think AEX Tracker TDT NA ishares Euro Covered Bond UCITS ETF ICOV NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 7.61 Page 56 Deutsche Bank AG/London

57 7. European ETF Exchanges Figure 95: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Oct-15 Market Share % Nov-15 Market Share % Dec-15 Market Share % Jan-16 Market Share % Feb-16 Market Share % Deutche Boerse Deutsche Borse 12, % 12, % 16, % 17, % 15, % LSE London SE 18, % 17, % 19, % 23, % 27, % Borsa Italiana 6, % 6, % 6, % 7, % 8, % 24, % 24, % 26, % 31, % 36, % Euronext Paris 11, % 11, % 13, % 12, % 11, % Amsterdam 2, % 2, % 2, % 3, % 2, % Lisbon 9 0.0% % 8 0.0% 8 0.0% 4 0.0% Brussels 1 0.0% 2 0.0% 2 0.0% 3 0.0% 3 0.0% 13, % 13, % 16, % 16, % 13, % Swiss SE 4, % 4, % 5, % 6, % 5, % Stockholmborsen % % 1, % 1, % 1, % Oslo Bors % % % % % BME % % % % % Others % % % % % Total 56, % 56, % 66, % 73, % 74, % Deutsche Bank AG/London Page 57

58 Figure 96: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Oct-15 Market Share % Nov-15 Market Share % Dec-15 Market Share % Jan-16 Market Share % Feb-16 Market Share % LSE London SE 1, % 1, % 1, % 2, % 5, % Borsa Italiana 1, % 1, % 1, % 1, % 1, % 3, % 2, % 2, % 3, % 7, % Deutche Boerse Deutsche Borse % % % % % Euronext Amsterdam % 8 0.0% % % % Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 3, % 2, % 2, % 3, % 7, % Page 58 Deutsche Bank AG/London

59 Figure 97: Total ETP on-exchange Turnover by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen Total Total Turnover ( million) Turnover* Mkt Share % Equity Developed Markets 21, , , , , , , % Emerging Markets 1, , , , % Global Markets , % Sector 2, , , , % Capitalization , % Style , , % Strategy 2, , , , , , % Thematic , % Total 29,584 33,187 16,595 13,337 4,671 9,331 2, , % Fixed Income Overall % Corporates , , , % Covered Bonds % Credit Exposure % Sovereign 1, , , , , % Money Market , % Total 3,258 18,107 7,664 3, ,279-34, % Commodity 0.0% Overall % Agriculture % Energy , , , % Industrial Metals % Precious Metals , , , % Livestock % Total 1,238 7, , , , % Other 0.0% Alternative % Currency % Multi Asset % Total % Grand Total 34,193 59,071 24,412 19,409 5,596 12,082 2, , % * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 59

60 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 98: AUM by asset class and instrument ( million) ETPs Europe Feb-16 Jan-16 End of 2015 Asset Class Beta Beta+ Alpha Total ETFs Equity 288,895 4,718 3, , ,908 4,592 3, , ,879 4,364 3, ,187 Fixed income 109,082 1, , , ,277 1, , , ,859 1, , ,082 Commodity 13, ,671 12, ,558 12, ,298 Currency Multi Asset Alternative Total 412,065 6,293 3,748 5, , ,185 6,193 3,631 5, , ,560 6,025 3,802 5, ,965 ETCs Commodity 19, ,129 15, ,701 14, ,709 Currency Total 19,497 1, ,508 16, ,061 15, ,057 Total ETPs 431,562 7,303 3,748 5, , ,259 7,179 3,631 5, , ,644 6,997 3,802 5, ,022 Asset Class Analysis Figure 99: European Equity ETF AUM summary ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Developed Markets 216, , , , , ,589 Emerging Markets 19, ,417 19, ,791 22, ,316 Global Markets 4, ,514 4, ,499 4, ,913 Sector 17, ,155 17, ,575 19, ,569 Capitalization 6, ,235 6, ,649 7, ,137 Strategy 5,849 4,718 3, ,323 5,171 4,592 3, ,395 5,072 4,364 3, ,267 Style 15, ,605 15, ,744 16, ,478 Thematic 4, ,024 3, ,786 3, ,918 Total Equities 288,895 4,718 3, , ,908 4,592 3, , ,879 4,364 3, ,187 Page 60 Deutsche Bank AG/London

61 Figure 99A: European Equity ETF AUM summary - A ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Sector 17, ,155 17, ,575 19, ,569 Consumer discretionary Consumer staples Energy 1, ,630 1, ,505 1, ,522 Financials 8, ,352 8, ,819 10, ,303 Healthcare 1, ,768 1, ,893 2, ,020 Industrials Information Technology 1, ,256 1, ,321 1, ,410 Materials Telecommunications Utilities Capitalization 6, ,235 6, ,649 7, ,137 Large Cap Mid Cap 2, ,023 2, ,180 2, ,376 Small Cap 3, ,866 4, ,114 4, ,381 Strategy 5,849 4,718 3, ,323 5,171 4,592 3, ,395 5,072 4,364 3, ,267 Fundamental , ,369 1, ,543 Leveraged Long 0 1, , , , , ,183 Leveraged Short 0 1, , Options Strategy Quantitative 4, , ,282 4, , ,403 3, , ,330 Short 32 1, , , , , ,412 Style 15, ,605 15, ,744 16, ,478 Dividend 14, ,204 14, ,232 14, ,825 Growth Value 1, ,169 1, ,240 1, ,353 Thematic 4, ,024 3, ,786 3, ,918 Commodities Cyclical Faith Other Theme Sustainability 2, ,004 1, ,979 2, ,159 Total 48,869 4,718 3, ,343 48,924 4,592 3, ,148 52,173 4,364 3, ,368 Deutsche Bank AG/London Page 61

62 Figure 99B: European Equity ETF AUM summary - B ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 121, , , , , ,829 Austria Belgium Finland France 4, ,948 4, ,930 5, ,037 Germany 18, ,961 20, ,152 21, ,629 Greece Ireland Italy 2, ,198 2, ,456 2, ,964 Netherlands Norway Portugal Spain 1, ,448 1, ,539 1, ,696 Sweden 1, ,111 1, ,152 1, ,405 Switzerland 9, ,502 9, ,644 10, ,297 UK 13, ,288 13, ,081 13, ,129 Europe broad 68, ,213 71, ,643 74, ,877 Americas 57, ,186 58, ,337 61, ,445 US 54, ,477 55, ,714 58, ,657 Canada North America 1, ,711 1, ,857 2, ,016 Asia 18, ,846 20, ,418 22, ,980 Australia Hong Kong Japan 16, ,472 18, ,014 20, ,400 Singapore Asia Pacific broad 1, ,352 1, ,349 1, ,460 EMEA Israel Global 18, ,905 18, ,780 19, ,335 Broad indices 18, ,905 18, ,780 19, ,335 DM Total 216, , , , , ,589 Page 62 Deutsche Bank AG/London

63 Figure 99C: European Equity ETF AUM summary - C ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 4, ,668 5, ,184 5, ,953 Brazil Russia India 1, ,422 1, ,666 1, ,807 China 2, ,073 2, ,339 2, ,941 Latin America Chile Mexico LATAM broad Asia 2, ,870 2, ,895 3, ,373 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad 1, ,174 1, ,199 1, ,392 EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 10, ,468 10, ,363 11, ,583 Global 10, ,468 10, ,363 11, ,583 EM Total 19, ,417 19, ,791 22, ,316 Total (EM + DM) 235, , , , , ,906 Figure 100: European Fixed Income ETF AUM summary ( million) ETFs Europe Feb-16 Jan-16 End of 2015 Fixed Income AUM Beta Beta+ Alpha Total Overall 4, ,841 8,100 4, ,801 8,004 4, ,941 7,984 Corporates 42, ,721 42, ,400 43, ,476 Covered Bonds 2, ,198 2, ,152 2, ,050 Credit Exposure Sovereign 56,485 1, ,069 55,035 1, ,632 53,692 1, ,349 Money Market 2, ,756 2, ,787 2, ,941 Total Fixed Income 109,082 1, , , ,277 1, , , ,859 1, , ,082 Deutsche Bank AG/London Page 63

64 Figure 101: European Commodity ETP AUM summary ( million) ETPs Europe Feb-16 Jan-16 End of 2015 Commodity AUM Beta Beta+ Alpha Total Overall 3, ,597 3, ,524 3, ,668 Overall , , ,446 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 2, ,447 1, ,380 1, ,213 Overall Carbon Crude Oil , , ,883 Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 26, ,646 22, ,167 20, ,859 Overall Gold , , ,603 Palladium Platinum Rhodium Silver , , ,892 Livestock Overall Cattle Lean Hogs Total 33, ,800 28, ,260 27, ,007 Page 64 Deutsche Bank AG/London

65 Product Rankings Figure 102: Top 20 Products by AUM Equity ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10, , ,936.4 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10, , ,503.5 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8, , ,433.1 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 7, , ,688.2 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7, , ,522.2 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7, , ,872.2 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 5, , ,258.4 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 5, , ,193.4 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 5, , ,832.1 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 5, , ,957.6 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 5, , ,536.2 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 4, , ,517.9 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4, , ,986.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4, , ,275.4 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,009.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 2, , ,324.6 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2, , ,017.9 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , ,837.9 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta 2, , ,463.2 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 2, , , AUM Figure 103: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 6, , ,385.3 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3, , ,026.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3, , ,002.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 3, , ,449.8 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3, , ,758.0 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 Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 2, , ,329.8 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2, , ,308.4 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 2, , ,725.7 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 1, , ,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 ishares $ TIPS UCITS ETF IDTP LN BlackRock Beta 1, , ,630.5 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1, , ,701.7 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 1, , ,627.2 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta 1, , ,407.8 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1, , ,734.9 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1, , ,581.9 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , , AUM Deutsche Bank AG/London Page 65

66 Figure 104: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4, , ,148.5 ETFS Physical Gold PHAU LN ETF Securities Beta 4, , ,232.5 Gold Bullion Securities GBS LN ETF Securities Beta 3, , ,150.5 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 2, , ,508.2 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,578.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,347.2 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta ishares Physical Gold ETC SGLN LN Blackrock Beta ETFS Physical Silver PHAG LN ETF Securities Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta ETFS Physical Swiss Gold SGBS LN ETF Securities Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta AUM Page 66 Deutsche Bank AG/London

67 Deutsche Bank AG/London Page ETF Broker rankings US ETP Broker Rankings Figure 105: Top 20 US ETF Brokers ETFs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Feb-16 YTD Feb-16 YTD 1 (KCG) KCG HOLDINGS, INC. 196, % 183, , % 388,350 (KCG) KCG HOLDINGS, INC. 3, % 183,063 7, % 388,352 2 (UBS) UBS INVESTMENT BANK 119, % 39, , % 79,226 (UBS) UBS INVESTMENT BANK 2, % 39,587 4, % 79,229 3 (CSFB) CREDIT SUISSE 89, % 19, , % 40,975 (CSFB) CREDIT SUISSE 1, % 19,828 3, % 41,109 4 (JPM) JP MORGAN 73, % 97, , % 179,505 (GS ) GOLDMAN SACHS & CO. 1, % 171,046 2, % 342,039 5 (GS ) GOLDMAN SACHS & CO. 67, % 171, , % 342,039 (MLCO) MERRILL LYNCH 1, % 35,861 2, % 71,757 6 (MLCO) MERRILL LYNCH 66, % 35, , % 71,744 (JPM) JP MORGAN 1, % 97,524 2, % 179,505 7 (CITI) CITIGROUP GLOBAL MARKETS 55, % 16, , % 34,071 (CITI) CITIGROUP GLOBAL MARKETS 1, % 16,442 2, % 34,071 8 (BARC) BARCLAYS CAPITAL 47, % 61,328 96, % 122,374 (DBAB) DEUTSCHE BANK SECURITIES INC % 22,425 1, % 45,292 9 (DBAB) DEUTSCHE BANK SECURITIES INC 47, % 22,425 99, % 45,292 (FCM) FIDELITY CAPITAL MARKETS % 51,693 1, % 104, (FCM) FIDELITY CAPITAL MARKETS 44, % 51,693 96, % 104,450 (BARC) BARCLAYS CAPITAL % 61,328 1, % 122, (MSCO) MORGAN STANLEY 44, % 16,362 92, % 31,189 (MSCO) MORGAN STANLEY % 16,362 1, % 31, (INCA) INSTINET 19, % 8,664 46, % 17,936 (RBC) ROYAL BANK OF CANADA % 46, % 91, (RBC) ROYAL BANK OF CANADA 17, % 46,284 36, % 91,545 (CVGX) CONVERGEX % 25, % 50, (JEFF) JEFFERIES & CO., INC. 17, % 10,689 33, % 22,200 (JEFF) JEFFERIES & CO., INC % 10, % 22, (CVGX) CONVERGEX 17, % 25,098 36, % 50,850 (INCA) INSTINET % 8, % 17, (WBET) WALLACHBETH CAPITAL LLC 10, % , % 601 (WBET) WALLACHBETH CAPITAL LLC % % (BNYM) BANK OF NEW YORK, THE 5, % 7,206 5, % 8,125 (BNYM) BANK OF NEW YORK, THE % 7, % 8, (BTIG) BTIG LLC 3, % 1,397 6, % 2,757 (CANT) CANTOR FITZGERALD L.P % 1, % 6, (CANT) CANTOR FITZGERALD L.P. 2, % 1,728 11, % 6,582 (ITGI) INVESTMENT TECHNOLOGY GROUP % 18, % 29, (JONE) JONESTRADING 2, % 6,667 4, % 13,771 (BMOC) BMO CAPITAL MARKETS % 3, % 5,951 Other 41, % 113, , % 220,954 Other % 100,319 1, % 202,181 Total 987, % 937,158 2,147, % 1,874,536 Total 18, % 937,238 37, % 1,874,746 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

68 Page 68 Deutsche Bank AG/London Figure 106: Top 20 US ETV Brokers ETVs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Feb-16 YTD Feb-16 YTD 1 (KCG) KCG HOLDINGS, INC. 12, % 16,154 24, % 32,875 (KCG) KCG HOLDINGS, INC % 16, % 32,875 2 (UBS) UBS INVESTMENT BANK 8, % 2,212 15, % 4,316 (UBS) UBS INVESTMENT BANK % 2, % 4,316 3 (CITI) CITIGROUP GLOBAL MARKETS 4, % 913 8, % 1,855 (CSFB) CREDIT SUISSE % 1, % 2,064 4 (CSFB) CREDIT SUISSE 4, % 1,039 8, % 2,060 (FCM) FIDELITY CAPITAL MARKETS % 5, % 10,256 5 (JPM) JP MORGAN 3, % 6,228 5, % 10,608 (CITI) CITIGROUP GLOBAL MARKETS % % 1,855 6 (FCM) FIDELITY CAPITAL MARKETS 3, % 5,446 6, % 10,256 (JPM) JP MORGAN % 6, % 10,608 7 (GS ) GOLDMAN SACHS & CO. 2, % 12,150 4, % 23,609 (GS ) GOLDMAN SACHS & CO % 12, % 23,609 8 (DBAB) DEUTSCHE BANK SECURITIES INC 1, % 1,113 3, % 1,968 (MLCO) MERRILL LYNCH % 1, % 3,374 9 (MLCO) MERRILL LYNCH 1, % 1,753 3, % 3,373 (BARC) BARCLAYS CAPITAL % 5, % 10, (BARC) BARCLAYS CAPITAL 1, % 5,289 2, % 10,452 (DBAB) DEUTSCHE BANK SECURITIES INC % 1, % 1, (MSCO) MORGAN STANLEY 1, % 852 2, % 1,636 (MSCO) MORGAN STANLEY % % 1, (CVGX) CONVERGEX 1, % 1,363 2, % 2,973 (RBC) ROYAL BANK OF CANADA % 1, % 4, (ITGI) INVESTMENT TECHNOLOGY GROUP 1, % 2,383 1, % 2,984 (CVGX) CONVERGEX % 1, % 2, (RBC) ROYAL BANK OF CANADA % 1,924 1, % 4,573 (ITGI) INVESTMENT TECHNOLOGY GROUP % 2, % 2, (INCA) INSTINET % % 998 (BNYM) BANK OF NEW YORK, THE % % (BNYM) BANK OF NEW YORK, THE % % 486 (INCA) INSTINET % % (JEFF) JEFFERIES & CO., INC % % 931 (BMOC) BMO CAPITAL MARKETS % % (BMOC) BMO CAPITAL MARKETS % % 417 (JEFF) JEFFERIES & CO., INC % % (HSBC) HSBC GROUP PLC % % 512 (CGCC) CANACCORD GENUITY CORP CANADA % % (JONE) JONESTRADING % % 2,128 (HSBC) HSBC GROUP PLC % % 512 Other % 3,720 1, % 7,814 Other % 4, % 9,579 Total 51, % 65,245 93, % 126,824 Total 1, % 65,247 3, % 126,829 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

69 Deutsche Bank AG/London Page 69 European ETP Broker Rankings Figure 107: Top 20 European ETF brokers ETFs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Feb-16 YTD Feb-16 YTD 1 (BNPP) BNP PARIBAS 11, % 8,797 19, % 15,840 (SIS) SUSQUEHANNA INTERNATIONAL GRP % 4, % 8,580 2 (CBK) COMMERZBANK 9, % 18,757 20, % 36,560 (FLOW) FLOW TRADERS % 5, % 9,318 3 (FLOW) FLOW TRADERS 8, % 4,795 15, % 8,925 (CBK) COMMERZBANK % 18, % 36,573 4 (SIS) SUSQUEHANNA INTERNATIONAL GRP 8, % 4,191 18, % 8,560 (BNPP) BNP PARIBAS % 8, % 15,893 5 (CITI) CITIGROUP GLOBAL MARKETS 4, % 3,216 10, % 6,205 (KCG) KCG HOLDINGS, INC % 6, % 12,927 6 (CSFB) CREDIT SUISSE 4, % 3,142 9, % 6,370 (CITI) CITIGROUP GLOBAL MARKETS % 3, % 6,205 7 (SG ) SG SECURITIES 3, % 5,118 7, % 8,132 (CSFB) CREDIT SUISSE % 3, % 6,448 8 (DBK ) DEUTSCHE BANK AG 3, % 4,249 8, % 8,675 (SG ) SG SECURITIES % 5, % 8,132 9 (JPMS) JP MORGAN 3, % 2,457 5, % 4,942 (WINS) WINTERFLOOD SECURITIES % 6, % 13, (KCG) KCG HOLDINGS, INC. 2, % 6,506 6, % 12,927 (MLCO) MERRILL LYNCH % 2, % 5, (GS ) GOLDMAN SACHS & CO. 2, % 4,916 4, % 8,674 (BARC) BARCLAYS CAPITAL % 3, % 6, (BARC) BARCLAYS CAPITAL 2, % 3,343 5, % 6,635 (DBK ) DEUTSCHE BANK AG % 4, % 8, (WINS) WINTERFLOOD SECURITIES 2, % 6,746 4, % 13,253 (KEPL) KEPLER CAPITAL MARKETS % 2, % 5, (UNIC) UNICREDIT 1, % 494 4, % 1,295 (JPMS) JP MORGAN % 2, % 4, (MSCO) MORGAN STANLEY 1, % 1,630 4, % 3,207 (MSCO) MORGAN STANLEY % 1, % 3, (KEPL) KEPLER CAPITAL MARKETS 1, % 2,723 4, % 5,289 (UNIC) UNICREDIT % % 1, (UBS) UBS INVESTMENT BANK 1, % 436 4, % 853 (UBS) UBS INVESTMENT BANK % % (MLCO) MERRILL LYNCH 1, % 2,905 3, % 5,756 (NRD) NORDEA BANK AB % 2, % 4, (BFIN) BLUEFIN EUROPE LLP 1, % 260 2, % 589 (GS ) GOLDMAN SACHS & CO % 4, % 8, (HSBC) HSBC GROUP PLC % 1,864 1, % 3,588 (MAKO) MAKO FINANICAL MARKETS % % 971 Other 8, % 18,074 16, % 36,239 Other % 17, % 35,788 Total 86, % 104, , % 202,514 Total 2, % 105,042 5, % 203,489 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

70 Page 70 Deutsche Bank AG/London Figure 108: Top 20 European ETC brokers ETCs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Feb-16 YTD Feb-16 YTD 1 (KEPL) KEPLER CAPITAL MARKETS % % 481 (WINS) WINTERFLOOD SECURITIES % 2, % 3,877 2 (GS ) GOLDMAN SACHS & CO % % 113 (BNPP) BNP PARIBAS % % (HSBC) HSBC GROUP PLC % % 228 (KCG) KCG HOLDINGS, INC % % 1,217 4 (CITI) CITIGROUP GLOBAL MARKETS % % 777 (CITI) CITIGROUP GLOBAL MARKETS % % (FLOW) FLOW TRADERS % % 535 (FLOW) FLOW TRADERS % % (CBK) COMMERZBANK % % 1,116 (MLCO) MERRILL LYNCH % % (WINS) WINTERFLOOD SECURITIES % 2, % 3,877 (INCA) INSTINET % % (BNPP) BNP PARIBAS % % 326 (DBK ) DEUTSCHE BANK AG % % (KCG) KCG HOLDINGS, INC % % 1,217 (MSCO) MORGAN STANLEY % % (MINT) MINT PARTNERS % % 26 (PEEL) PEEL HUNT LLP % % (CSFB) CREDIT SUISSE % % 306 (BARC) BARCLAYS CAPITAL % % (DBK ) DEUTSCHE BANK AG % % 834 (KEPL) KEPLER CAPITAL MARKETS % % (MACQ) MACQUARIE SECURITIES % % 162 (UBS) UBS INVESTMENT BANK % % (BFIN) BLUEFIN EUROPE LLP % % 85 (CSFB) CREDIT SUISSE % % (SIS) SUSQUEHANNA INTERNATIONAL GRP % % 60 (GS ) GOLDMAN SACHS & CO % % (BARC) BARCLAYS CAPITAL % % 419 (CBK) COMMERZBANK % % 1, (SG ) SG SECURITIES % % 233 (MED) MEDIOBANCA SPA % 1, % 2, (MSCO) MORGAN STANLEY % % 539 (SG ) SG SECURITIES % % (MLCO) MERRILL LYNCH % % 845 (BFIN) BLUEFIN EUROPE LLP % % (PEEL) PEEL HUNT LLP % % 827 (NATI) NATIXIS SECURITIES % % 343 Other % 2,855 1, % 5,436 Other % 1, % 3,028 Total 6, % 10,041 9, % 18,442 Total % 10,057 1, % 18,496 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