H share ETFs Attracted $3.9 bn Inflow vs Outflow in A share ETFs Data in this report is as of 31st March 2015

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1 Deutsche Bank Markets Research Asia Synthetic Equity & Index Strategy Asia Pac Monthly ETF Market Review Date 11 May 2015 H share ETFs Attracted $3.9 bn Inflow vs Outflow in A share ETFs Data in this report is as of 31st March 2015 Global ETP assets eying $3 trillion mark As of the end of April, global ETP assets reached to $2.86 tn. On a year-to-date basis, global ETP market is up by $216bn or 8.2%. Global flows totalled +$16.6bn in April, led by US (+$13.4bn) and followed by Europe (+$4.5bn). Asia-Pac listed ETPs recorded outflows of -$1.3bn. Offshore ETFs listed globally with investment focus in Asia-Pacific: Inflows into Japan and India focused ETFs while China witness outflows Among globally listed equity ETFs, those focus on DM Asia-Pac registered inflows of +$3.7bn in April (vs. +$4.1bn in March). This was driven by Japan focused ETFs collecting +$3.2bn, followed by Hong Kong (+$0.7bn). EM benchmarked ETFs experienced net outflows of -$332mn. China ETFs saw continued redemptions recording over -$1.5bn outflows which brought YTD outflows closer to -$5bn. India, South Korea and Taiwan ETFs attracted +$563mn, +$211mn and +$147mn respectively in April. China focused ETFs experiencing heavy redemptions since October 2014 coinciding with the launch of Shanghai-Hong Kong Stock Connect in November. Since then, flows for ETFs tracking A-shares and H-shares have moved in opposite directions for most of the months. A-share ETFs saw outflows on continuous basis while H-share ETFs gradually attracted new money. This was most evident in April, when A-shares ETFs recorded -$5.4bn outflows while H-share ETFs attracted +$3.9bn of inflows. Asia-Pac listed ETPs: China focused ETFs see continuous redemptions Asia-Pacific ETPs once again experienced negative monthly flows in April recording -$1.3bn (-$0.9bn in Mar 15). Equity ETFs recorded -$2.3bn, partially offset by inflows into fixed income ETPs (+$969mn). Within equity, China focused ETFs experienced heavy outflows for the second consecutive month recording -$2.8bn in April (-$4.2bn in Mar 15). On the contrary, Japan, Hong Kong, consumer staples and financial sector ETFs recorded inflows of +$823mn, +$661mn, +$357mn and +$230mn respectively. Among others, leveraged short strategy ETFs saw -$1.5bn worth of redemptions. New ETP launches Commodity ETF tally increases along with inverse ETFs, one RQFII ETF launched in Europe Asia-Pacific ETP market witnessed 10 new product launches including eight equity and two commodity ETFs, including two inverse ETFs. In addition, one RQFII ETF was launched by BlackRock (36BZ GY) in Europe tracking MSCI China A International Index. This brings RQFII ETF offerings total to 32 globally. : Floor activity up by 22% on a month-over-month basis Asia-Pacific listed ETP turnover totaled $192.4bn for April (22% up MoM). Stock exchanges in China topped the turnover ranking with aggregate turnover of $94.3bn (+29%), followed by Japan ($39.9bn, -11%), Hong Kong ($37.5bn, +61%) and South Korea ($14.9bn, +18%). Author Shan Lan Strategist (+852) shan.lan@db.com Team Contacts Ari Rajendra Strategist (+44) ari.rajendra@db.com Sebastian Mercado Strategist (+1) sebastian.mercado@db.com Deutsche Bank AG/Hong Kong 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 1. Investment Trends... 3 Monthly Review for Asia-Pac Listed ETFs... 3 Performance and growth of ETFs listed globally with investment focus in Asia-Pac... 4 Offshore equity ETFs listed globally with investment focus in Asia-Pacific... 6 ETP flow summary Other markets Asia-Pac Listed ETPs Market Overview... 8 Snapshot for Aril... 8 Country Breakdown Issuer Rankings ETP Cash Flows Investment Focus Sub Segment Issuer Index Provider Underlying Index/Security Top ETPs ETP Investment Focus Sub Segment Exchange Issuer Index Provider Underlying Index/Security Top ETPs ETP Assets under Management Investment Focus Sub Segment Issuer Index Provider Underlying Index/Security Top ETPs Appendix A: Useful Information Appendix B: Glossary Appendix C: How we define ETPs Page 2 Deutsche Bank AG/Hong Kong

3 1. Investment Trends Monthly Review for Asia-Pac Listed ETFs Market Review Last month, markets were mixed in the Asia-Pac region with rally in China and Hong Kong equity markets. Following is the snapshot of major benchmarks recent performance: Benchmarks Apr - 15 (MoM) Mar - 15 (MoM) YTD Japan (Nikkei 225) 1.63% 2.18% 11.86% South Korea (KOSPI2) 3.55% 2.31% 9.17% China (CSI 300) 17.25% 13.39% 34.42% Taiwan (TWSE) 2.44% -0.37% 5.51% Hong Kong (HSI) 12.98% 0.31% 19.18% India (Sensex) -3.38% -4.78% -1.77% Singapore (FSSTI) 1.17% 1.30% 3.63% Australia (S&P/ASX 200) -1.72% -0.63% 7.00% Source: Deutsche Bank, Bloomberg Finance LP Asia-Pac Listed ETP Flows: China focused ETFs see continuous redemptions Asia-Pacific ETPs once again experienced negative monthly flows in April recording - $1.3bn worth of redemptions (-$0.9bn in Mar 15). Majority of the region s outflows were from equity ETFs recording -$2.3bn in redemptions, partially offset by inflows into fixed income ETPs (+$969mn). Within equity, China focused ETFs experienced heavy outflows for the second consecutive month recording -$2.8bn in April (-$4.2bn in Mar 15). On the contrary, Japan, Hong Kong, consumer staples and financial sector ETFs recorded inflows of +$823mn, +$661mn, +$357mn and +$230mn respectively over the last month. Among others, leveraged short strategy ETFs saw -$1.5bn worth of redemptions. Within fixed income, money market and sovereign bond focused ETFs attracted +$685mn and +$284mn in new money. While among commodities, crude oil based ETPs, which were witnessing continuous inflows previously, recorded outflows of - $283mn in April. Winners and losers: At ETP level, largest inflows were received by Hang Seng H-Share Index ETF (2828 HK), Huaxia MSCI China A-Share ETF ( CH) and Nomura Nikkei 225 ETF (1321 JP), collecting +$2.6bn, +$510mn and +$494mn respectively. Largest redemptions were experienced by ishares FTSE A50 China Index ETF (2823 HK), CSOP FTSE China A50 ETF (82822 HK) and Harvest Shanghai and Shenzhen 300 Index ETF ( CH) with outflows of -$2.3bn, -$1.6bn and -$1.1bn respectively. : Floor activity up by 22% on a month-over-month basis Asia-Pacific ETP turnover totaled $192.4bn for April, 22% up from the previous month s total. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $94.3bn (+29%), followed by Japan ($39.9bn, -11%), Hong Kong ($37.5bn, +61%) and South Korea ($14.9bn, +18%). Among equity ETFs, emerging country, leveraged long strategy, Asia-Pacific developed country, and Asian sector ETFs were the most traded products recording total turnovers of $101.7bn (+45%), $36.6bn (-9%), $12.5bn (+47%) and $6bn (+87%) respectively. Within fixed income, turnover for money market ETFs totaled $16.4bn (-7%), while among commodity ETPs, crude oil ETPs recoded $0.7bn (-22%) of monthly turnover. At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), China 50 ETF ( CH) and Huatai-Pinebridge CSI 300 ETF ( CH) were the most traded products of the month recording total turnovers of $27.8bn, $18.7bn and $17.1bn respectively. Deutsche Bank AG/Hong Kong Page 3

4 : Assets eying $250bn mark Asia-Pac ETP industry assets rose to all time high levels of $236.3bn as of end of April. ETP assets added $14.1bn (+6.3%) over previous month s level. On a year-to-date basis, assets are $34.1bn or 16.8% above last year closing. New ETP launches Commodity ETF tally increases along with inverse ETFs, one RQFII ETF launched in Europe In April, Asia-Pacific ETP market witnessed 10 new product launches including eight equity and two commodity ETFs. Daiwa Asset Management listed two ETFs on Tokyo Stock Exchange providing inverse exposure to the performance of Nikkei 225 Index (1456 JP) and Topix (1457 JP) respectively. Mirae Asset MAPS Global Investments launched two ETFs on Korea Stock Exchange. One of these ETFs ( KS) tracks FnGuide-Contrarian Index and the other ( KS) tracks inverse performance results of S&P GSCI Crude Oil Index. This is the first commodity ETF in the region providing inverse exposure to any commodity. Cathay Securities Investment Trust launched one equity ETF (00636 TT) on Taiwan Stock Exchange tracking FTSE China A50 Index. GF Fund Management listed one equity ETF ( CH) providing exposure to China s financial sector. This ETF was listed on Shenzhen Stock Exchange. Samsung Asset Management listed an equity ETF ( KS) on Korea Stock Exchange focusing on US energy sector. Russell Investments introduced one equity ETF (RARI AU) providing exposure to the environmental, social and governance (ESG) enhanced, responsible investment portfolio consisting of Australian shares. This ETF was listed on Australian Securities Exchange. Enhanced Investment Products launched an ETF (3161 HK) tracking the performance of all cap China N shares. This ETF was listed on Hong Kong Stock Exchange. Yuanta Securities Investment Trust listed one gold ETF (00635U TT) on Taiwan Stock Exchange. Further, one RQFII ETF was launched by BlackRock (36BZ GY) in Europe tracking MSCI China A International Index. This brings RQFII ETF offerings total to 32 globally. Performance and growth of ETFs listed globally with investment focus in Asia-Pac ETF Performance - Winners and losers In April, ETFs tracking Chinese equities were the best performers. Among least performers, ETFs providing exposure to Indian equity markets saw most negative performance. Figure 1: Top 10 best performance ETF Name Bloomberg Underlying Index 30-Apr Mar Feb-15 YTD China Security Southern Well-off Industry Index ETF CH CSI Southern Well-off Industry Index 30.5% 14.9% 4.9% 48.6% Guggenheim China Small Cap ETF HAO US AlphaShares China Small Cap 26.2% 4.6% 2.1% 31.5% ICBCCS SSE Central SOEs 50 Index ETF CH SSE Central SOEs 50 Index 24.0% 11.8% 2.2% 33.1% E Fund ChiNext Price Index ETF CH GEM Index 22.3% 20.6% 14.8% 92.2% Bosera SSE Large Cap Fund CH SSE Large-Cap Index 22.0% 10.6% 3.4% 32.2% SSE 180 Value Index Fund CH Shanghai Stock Exchange (SSE) 180 Value Index 20.9% 12.0% 0.6% 26.9% CSOP FTSE China A50 ETF HK FTSE China A50 Index 20.3% 8.3% 1.9% 27.1% Bank Of Communications Schroder SSE180 Fund CH SSE180 Index 19.7% 12.2% 3.1% 30.2% Global X China Financials ETF CHIX US Solactive China Financials 19.0% 0.5% 6.2% 22.1% Huatai-PineBridge Dividend ETF CH SSE Dividend Index 18.5% 17.3% 1.0% 32.5% Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, >$100mn Page 4 Deutsche Bank AG/Hong Kong

5 Figure 2: Top 10 least performance ETF Name Bloomberg Underlying Index 30-Apr Mar Feb-15 YTD Amundi ETF MSCI India UCITS ETF CI2 FP MSCI India -10.9% -1.4% 3.7% 6.6% Lyxor ETF MSCI India INR FP MSCI India -10.8% -0.5% 3.4% 7.7% ishares MSCI Indonesia ETF EIDO US MSCI Indonesia Investable Market -10.8% 0.6% 3.6% -9.8% db x-trackers CNX Nifty UCITS ETF XNIF GR S&P CNX Nifty Index -10.2% -1.6% 2.8% 7.6% Market Vectors Indonesia Index ETF IDX US Market Vector Indonesia -9.1% 0.3% 3.8% -7.7% ishares MSCI India ETF INDA US MSCI India Total Return -8.1% -4.4% 4.3% -1.9% db x-trackers MSCI India TRN Index UCITS ETF XCS5 LN MSCI India -7.1% -5.3% 2.9% -3.0% PowerShares India Portfolio PIN US Indus India -6.9% -2.8% 3.2% 0.1% Market Vectors India Small-Cap Index ETF SCIF US Market Vectors India Small-Cap -6.7% -5.0% 4.8% -1.4% ishares India 50 ETF INDY US CNX Nifty -6.5% -5.5% 2.8% -2.0% Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, Long only, >$100mn ETP flow growth - Winners and losers ETF tracking China s consumer staples sector brought in largest fund flows as a percentage of while an ETF benchmarked to Nikkei 225 Inverse Index saw biggest outflows over the last month. Figure 3: Top 10 Inflows as a ETF Name Bloomberg Underlying Index s ($mn) Apr-15 Mar-15 Feb-15 YTD Cashflo ws ($mn) s ($mn) ($mn) China Universal CSI Consumer Staples Index ETF CH CSI Consumer Staples Index % % % (0.1) % SMAM NIKKEI225 ETF 1397 JP Nikkei % % % 0 0.0% China AMC Hang Seng Index ETF CH Hang Seng Index 540.6% % % (0.4) % Yuanta/P-shares Taiwan Top 50 1X Bear ETF 00632R TT Taiwan Top 50 Index 481.8% % % % Huaxia MSCI China A-Share ETF CH MSCI China A-Share Index 130.9% % % 0 0.0% Fubon SSE180 Inversed Index ETF 00634R TT SSE 180 Inversed Index 109.2% % % (0.9) 209.9% First Trust Hong Kong AlphaDEX Fund FHK US Defined Hong Kong 89.7% % % % Mirae Asset MAPS Tiger China Consumer ETF KS FnGuide China Consumer Index 83.4% % % % 59.5 Samsung KODEX Inverse ETF KS F-KOSPI200 Index 70.0% % % % Hang Seng H-Share Index ETF 2828 HK Hang Seng China Enterprise Index 66.3% 2, , % % % 3,765.0 Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, >$100mn s ($mn) Figure 4: Top 10 outflows as a ETF Name Bloomberg Underlying Index s ($mn) Apr-15 Mar-15 Feb-15 YTD Cashflo ws ($mn) s ($mn) ($mn) Next Funds Nikkei 225 Inverse Index ETF 1571 JP Nikkei 225 Inverse Index -53.9% (579.3) % % % Simplex Nikkei225 Bull 2x ETF 1579 JP Nikkei 225 Leveraged Index -52.2% (111.3) % % (127.9) -58.2% (113.0) ishares MSCI Australia UCITS ETF SAUS LN MSCI Australia -49.3% (304.6) % % % (266.9) Samsung KODEX Leverage ETF KS KOSPI 200 Index -41.8% (704.6) 1, % (699.4) -7.0% (174.9) -72.3% (1,947.3) CSOP FTSE China A50 ETF AFTY US FTSE China A 50 (CNHUSD) Total Return -40.2% (110.3) % % 0 0.0% E FUND CSI 100 A-SHARE ETF HK CSI 100 Index -38.8% (90.8) % % (34.8) -41.4% (89.2) CSOP FTSE China A50 ETF HK FTSE China A50 Index -36.7% (1,613.6) 3, % (737.5) 19.2% % (2,316.5) Shenzhen Stock Exchange Component Stock Index ETF CH Shenzhen Stock Exchange Component Stock Index -34.3% (104.9) % (43.9) -0.5% (1.4) -57.6% (196.3) Topix Bull 2x ETF 1568 JP TOPIX Leveraged (2x) Index -32.5% (60.4) % % (135.7) -63.0% (149.0) Yuanta/P-Shares CSI 300 Fund 0061 TT CSI 300 Index -32.4% (278.8) % (2.6) -1.9% (14.7) -45.6% (388.8) Universe: All Asia-Pac listed ETPs + US & Europe listed ETPs with investment focus in Asia-Pacific, >$100mn s ($mn) Deutsche Bank AG/Hong Kong Page 5

6 Offshore equity ETFs listed globally with investment focus in Asia-Pacific April 2015: Inflows into Japan and India focused ETFs while China witness outflows Total assets of equity ETFs listed globally (offshore only) with investment focus in the Asia-Pacific region increased by 10% in April and closed the month at $166.6bn as of 30/04/15. ETFs tracking DM benchmarks registered inflows of +$3.7bn in April vs. +$4.1bn in the previous month. This was driven by Japan focused ETFs collecting +$3.2bn over the last month, followed by Hong Kong ETFs (+$0.7bn). EM benchmarked ETFs experienced net outflows of -$332mn for the month of April 15. Within EM, China ETFs saw continued redemptions recording over -$1.5bn outflows in April which brought YTD outflows closer to -$5bn. China ETF outflows offset inflows into India, South Korea and Taiwan ETFs which attracted +$563mn, +$211mn and +$147mn respectively in April. Figure 5: Summary of offshore equity ETFs listed globally with investment focus in Asia* Cash Flows ($ million) ($ million) Investment Focus Apr-15 Mar-15 Feb-15 YTD Apr-15 Mar-15 MoM Change (%) Emerging Markets Bangladesh 0 0.8% % China -1, % ,812 48,384 42, % India % ,808 11,198 11, % Indonesia % % Malaysia % % Pakistan % % Philippines 4 0.7% % South Korea % ,841 5, % Taiwan % ,515 5, % Thailand % % Vietnam % % EM Asia Broad % ,633 2, % Total % 226 1, ,927 70, % Developed Markets Australia % ,469 2, % Hong Kong % ,590 3, % Japan 3, % 4,040 1,761 8,708 60,904 55, % New Zealand 2 1.5% % Singapore 6 0.7% % DM Asia Broad % ,571 9, % Total 3, % 4,135 2,093 9,879 78,581 71, % Asia Broad Indices % ,475 11,138 9, % Grand Total 3, % 4,410 3,710 10, , , % *This figure includes ETFs (offshore only) from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). China focused ETFs Flows shifting towards H shares Offshore China focused ETFs experiencing heavy redemptions since October 2014 coinciding with the launch of Shanghai-Hong Kong Stock Connect in November last year. Since then, flows for ETFs tracking A-shares and H-shares have moved in opposite directions for most of the months. A-share ETFs see outflows on continuous basis while H-share ETFs gradually attracted new money. This was most evident in April, when A-shares ETFs recorded -$5.4bn worth of redemptions while H-share ETFs attracted +$3.9bn of inflows. This may partially due to the fact that the performance of H shares caught up with A shares listed in China with HSCEI index retuned 17%. Another important reason could be some investors playing the arbitrage trade as A shares have traded in significant premium over its H share counterpart. Page 6 Deutsche Bank AG/Hong Kong

7 Monthly Flows (US$ mn) 11 May 2015 Figure 6: Offshore China focused equity ETFs listed globally* - A-share vs. H-share 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) (3,000) (4,000) (5,000) (6,000) H Shares & Others A Shares *This figure includes ETFs from all the segments within equity asset class (i.e. country, regional, sector, size, strategy, style and thematic). ETP flow summary Other markets Europe: Inflows led by fixed income ETFs European domiciled ETPs recorded another month of inflows where we observed + 4.2bn of inflows bringing YTD flows total to bn. Fixed income led the tally with strong inflows of + 5.1bn while equity ETFs took the back seat and witnessed outflows of - 1.1bn over the last month. Commodity ETPs registered negligible inflows of + 0.1bn during the same period. Within equities, the following segments and sub-segments saw significant activity: Segments: Strategy (+ 0.6bn), Sector (+ 0.2bn) and Developed Markets (- 2.6bn). Sub-segments: Japan (+ 0.9bn), Fundamental (+ 0.3bn), Dividend (+ 0.3bn), Germany (- 3.3bn), Value (- 0.4bn) and Australia (- 0.3bn). Within fixed income, ETFs benchmarked to sovereign and corporate bond indices witnessed strong inflows of + 2.3bn and + 2.2bn respectively. US: Equity inflows slowed down while fixed income picked up US domiciled ETPs recorded inflows of +$13.4bn (+$27.8bn in Mar 15) taking YTD flows total to +$70bn. Most of the inflows were contributed by equity ETFs registering +$9.1bn (+$29.3bn in Mar 15). Fixed income ETFs recovered from negative flows in the previous month (-$0.8bn) to inflows of +$4.5bn in Apr 15. Commodity ETPs remains in negative territory with outflows of -$0.6bn. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$16.7bn), Emerging Markets (+$4.2bn), Strategy (+$2.7bn), Size (-$13.4bn) and Sector (-$2.3bn). Sub-segments: Global DM broad (+$6.5bn), Europe DM broad (+$5.3bn), Global EM Broad (+$2.3bn), Japan (+$2.2bn), Energy (+$1.9bn), Large Cap (-$12.9bn), Small Cap (-$2.2bn) and Financials (-$1.9bn). Within fixed income, major inflows were recorded by ETFs benchmarked to sovereign (+$2bn) and sub-sovereign (+$0.9bn) bond indices. Among commodity ETPs, crude oil registered outflows of -$0.8bn over the last month. Deutsche Bank AG/Hong Kong Page 7

8 2. Asia-Pac Listed ETPs Market Overview Snapshot for Aril Figure 7: Number of ETPs by Asset Class Asset Class Current Month Prev. Month MoM Change End of 2014 YTD Change # of ETPs Mkt Share % # of ETPs # of ETPs % # of ETPs # of ETPs # of ETPs % # of ETPs Equity % % % Fixed income % % % Commodity % % % Currency 5 0.7% 5-0.0% 5-0.0% Multi Asset 3 0.4% 3-0.0% 4 (1) -25.0% Alternative 2 0.3% 2-0.0% 2-0.0% Total % % % Figure 8: ETP Cash Flows (US$ Million) by Asset Class Asset Class Current Month Prev. Month Equity (2,295) -1.1% (1,273) -0.6% (1,780) -1.0% Fixed income % (226) -1.7% 1, % Commodity (88) -2.5% % % Currency 8 2.5% % % Multi Asset - 0.0% - 0.0% (3) -9.3% Alternative % % % Total (1,333) -0.6% (939) -0.4% 1, % YTD Figure 9: ETP (US$ Million) by Asset Class Current Month Prev. Month MoM Change Year 2014 Change from 2014 Asset Class Mkt % % Share % Equity 171, % 135,152 35, % 65, , % Fixed income 19, % 21,046 (1,347) -6.4% 11,025 8, % Commodity 1, % 1,582 (232) -14.7% 324 1, % Currency % % % Multi Asset 2 0.0% % % Alternative % 259 (42) -16.1% % Total 192, % 158,126 34, % 77, , % Page 8 Deutsche Bank AG/Hong Kong

9 Figure 10: ETP (US$ Million) by Asset Class Current Month Prev. Month MoM Change End of 2014 YTD Change Asset Class Mkt Share % % % Equity 218, % 205,261 12, % 187,059 31, % Fixed income 13, % 12,782 1, % 11,810 2, % Commodity 3, % 3,563 (41) -1.2% 2, % Currency % % % Multi Asset % % 32 (1) -2.6% Alternative % % % Total 236, % 222,179 14, % 201,933 34, % Figure 11: New Listings ETP Name Issuer Asset Class & Structure Exchange TER Bloomberg Reuters Code New launches Yuanta S&P GSCI Gold ER Futures ETF Yuanta Securities Inv trust Co Ltd. Commodity ETF TSEC 1.23% 00635U TT 00635U.TW Russell Australian Responsible Investment ETF Russell Investments Equity ETF ASX 0.45% RARI AU RARI.AX Cathay FTSE China A50 ETF Cathay Securities Investment Trust Equity ETF TSEC 1.15% TT TW GF CSI All Share Financials Index ETF GF Fund Management Co Ltd Equity ETF Shenzhen 0.50% CH SZ XIE Shares FTSE Chimerica ETF Enhanced Investment Products Limited Equity ETF HKE 0.85% 3161 HK 3161.HK Mirae Asset TIGER Contrarian ETF Mirae Asset MAPS Global Investments Equity ETF KSE 0.29% KS KS Mirae Asset TIGER WTI Inverse ETF H Mirae Asset MAPS Global Investments Commodity ETF KSE 0.70% KS KS Samsung KODEX SYNTH-US Energy ETF Samsung Asset Management Equity ETF KSE 0.25% KS KS Daiwa ETF Japan Nikkei225 Inverse Index Daiwa Asset Management Equity ETF Tokyo SE 0.75% 1456 JP 1456.T Daiwa ETF Japan TOPIX Inverse -1x Index Daiwa Asset Management Equity ETF Tokyo SE 0.75% 1457 JP 1457.T Deutsche Bank AG/Hong Kong Page 9

10 Country Breakdown Figure 12: ETF Summary by Country Country #ETFs #Listings CF (US$m) Mkt Share (CF) TO (US$m) Mkt Share (TO) (US$m) Mkt Share () Australia % 1, % 8, % China % 94, % 41, % Hong Kong (1,012) 75.9% 37, % 45, % India % % 2, % Indonesia % 0 0.0% % Japan (277) 20.8% 39, % 110, % Korea (403) 30.3% 14, % 18, % Malaysia % 1 0.0% % New Zealand % 7 0.0% % Philippines % 3 0.0% % Singapore % % 1, % Taiwan (312) 23.4% 3, % 5, % Thailand % 7 0.0% % Vietnam % 0 0.0% 9 0.0% Total (1,333) 100.0% 192, % 236, % Figure 13: ETF Product Breakdown and Asset Class Market Share by Country US$ Million Equity Product Type Country Country Regional Sector Size Style Strategy Thematic Equity Total Fixed Income Comdty Other Equity Total Asset Class Mkt Share by country Australia 4, , ,766 1, % 14.9% 5.1% China 33,088-2, ,754 3, % 9.1% 0.2% Hong Kong 40, ,886 4, % 10.0% 0.3% India , % 3.6% 56.0% Indonesia % 0.0% 0.0% Japan 100, , , , , % 0.1% 1.0% Korea 10, ,497 1,025 15,097 3, % 18.0% 2.1% Malaysia % 68.1% 0.0% New Zealand % 0.0% 0.0% Philippines % 0.0% 0.0% Singapore 1, , % 32.9% 0.0% Taiwan 4, , , % 0.0% 0.9% Thailand % 0.0% 25.3% Vietnam % 0.0% 0.0% Total 195, , ,044 7,551 2, ,145 13,981 3, % 5.9% 1.5% Fixed Income Comdty Figure 14: ETF (US$ Million) by Country Figure 15: ETF (US$ Million) by Country China Japan Hong Kong Korea Taiwan Australia India Vietnam New Zealand Thailand Philippines Malaysia Vietnam Indonesia - 20,000 40,000 60,000 80, ,000 TO (US$ Million) Japan Hong Kong China Korea Australia Taiwan India Vietnam New Zealand Malaysia Thailand Indonesia Philippines Vietnam - 20,000 40,000 60,000 80, , ,000 (US$ Million) Page 10 Deutsche Bank AG/Hong Kong

11 Issuer Rankings Cash Flows Figure 16: ETP inflows (US$ Million) by Issuer Top 10 Current Month inflows (US$ Million) Issuer Equity Fixed Commo- Other Total YTD Total Hang Seng Investment Management 2, ,639 3,776 Nikko Asset Management ,184 State Street 498 (22) Yinhua Fund Management (0) ,037 China Asset Management (292) China Universal Asset Management Co Sumitomo Mitsui Asset Management Mitsubishi UFJ Asset Mg Huatai-PineBridge Fund Management Co (1,200) Cathay Securities Investment Trust Total Top 10 (Inflows) 5, ,687 8,778 Figure 17: ETP outflows (US$ Million) by Issuer Top 10 Current Month outflows (US$ Million) Issuer Equity Fixed Commo- Other Total YTD Total BlackRock (2,020) (15) - - (2,035) (4,167) CSOP Asset Management (1,621) (1,361) (2,034) Harvest Fund Management Co (1,203) (1) - - (1,204) (2,983) Daiwa Asset Management (691) (691) (2) Nomura Asset Management (467) - (50) - (517) 3,472 Yuanta Securities Inv trust Co Ltd. (297) (399) (473) Fubon Securities Investment Trust Co (207) (306) 34 BOCI - Prudential Asset Man Ltd (144) (284) (440) NZAM (64) (246) 4 Dacheng Fund Management Co Ltd (56) (207) (161) Total Top 10 (Outflows) (6,770) (7,250) (6,749) Deutsche Bank AG/Hong Kong Page 11

12 information Monthly definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure. Note on The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded. Figure 18: ETP (US$ Million) by Issuer Top 40 Issuer Equity Fixed Income Commodity Other Total Mkt Share % Nomura Asset Management 33, , % China Asset Management 29, , % Huatai-PineBridge Fund Management Co 17, , % BlackRock 13, , % E Fund Management 10, , % Samsung Asset Management 10, , % CSOP Asset Management 9, , % Yinhua Fund Management 7.7 8, , % Hang Seng Investment Management 7, , % Huaan Fund Management 6, , % Guotai Asset Management Co Ltd 3, , , % State Street 5, , % China Southern Fund Management Co Ltd 1, , , % Harvest Fund Management Co 4, , % Simplex Asset Management Co Ltd 2, , % Mirae Asset MAPS Global Investments 1, , % Fubon Securities Investment Trust Co 1, , % China Merchants Fund Management Co , , % Yuanta Securities Inv trust Co Ltd. 1, , % Daiwa Asset Management 1, , % Nikko Asset Management 1, , % ICBC Credit Suisse Asset Management % Korea Investment Trust Mg % Woori Asset Management % Bosera Fund Management Co Ltd % BOCI - Prudential Asset Man Ltd % GF Fund Management Co Ltd % GTJA Allianze Fund Management Co % Fortune SGAM Fund Management % KB Asset Management % BetaShares Capital Ltd % China Universal Asset Management Co % Cathay Securities Investment Trust % Mitsubishi UFJ Asset Mg % Vanguard % BOCOM Schroders % Kokusai Asset Management Co Ltd % Goldman Sachs % Fuh-Hwa Securities Investment Trust % HFT Investment Management Co Ltd % Total (Top 40) 170,190 19,681 1, , % Current Month (US$ Million) Page 12 Deutsche Bank AG/Hong Kong

13 Figure 19: ETP (US$ Million) by Issuer Contd. Issuer Equity Current Month (US$ Million) Fixed Income Commodity Other Total Mkt Share % Deutsche AWM % Invesco Great Wall Fund Management Co. Ltd % Hanwha Investment Trust Management % Lion Fund Management Co Ltd % UBS % Mitsubishi UFJ Trust and Banking Corporation % Dacheng Fund Management Co Ltd % Kyobo AXA Investment Mg Co Ltd % Value Partners % ETF Securities Ltd % Haitong International % Fullgoal Fund Management Co % Russell Investments % Lyxor % Penghua Fund Management Co Ltd % DIAM Asset Management % Kotak Mahindra Asset Man % Bank of China Investment Management % China International Fund Mgmt % Van Eck Funds % UOB Asset Management Ltd % Horizons ETFs % Enhanced Investment Products Limited % Smartshares Ltd % CCB Principal Asset Management Co Ltd % Krung Thai Asset Management % SBI Funds Management % Reliance Capital Asset Management % First Metro Asset Management % Changsheng Fund % One Asset Management Ltd % BNP Paribas % UTI Asset Management % HDFC Asset Management Co Ltd % CIMB-GK Securities Pte Ltd % Wanjia Asset Management % Ping An of China Asset Management % Passive Funds Management Ltd % Yurie Asset Management % BMO Global Asset Management Asia Ltd % SinoPac Securities Investment Trust Co % Canara Robeco % Sumitomo Mitsui Asset Management % Motilal Oswal Mutual Fund % Daishin Investment Trust Mg % Heungkuk Asset Management % Prudential ICICI Asset Management % Dongbu Asset Management % Birla Sun Life Asset Management Co % NZAM % HSBC Inv Funds Ltd/Hong Kong % Quantum Asset Management % Viet Fund Management % Axis Asset Management % Total 171,051 19,700 1, , % Deutsche Bank AG/Hong Kong Page 13

14 Figure 20: ETP (US$ Million) by Issuer Completion Issuer Equity Current Month (US$ Million) Fixed Income Commodity Other Total Mkt Share % Midas Asset Management Co % Maybank Asset Management Thailand Co Ltd % Religare Mutual Fund % IDBI Asset Management % Lippo Investments Management % i-vcap Management % Tong Yang Investment Trust Mg % Thanachart Fund Management % Mizuho Asset Management Co Ltd % Kasikorn Asset Management % Indo Premier Securities % Kiwoom Asset Management Co Ltd % AmInvestment Services Berhad/Malaysia % TMB Asset Management % BBL Asset Management Co % India Infoline Asset Management Co % KDB Asset Management Co Ltd/Korea % UBS Hana Asset Management Co Ltd % KTB Asset Management Co Ltd/Korea % Prudential Asset Management Company Ltd % Total ( All Local Issuers) 171,052 19,700 1, , % Page 14 Deutsche Bank AG/Hong Kong

15 information Assets Under Management (): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding. Universe The Assets Under Management () of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 24 for a detail of Foreign Issuer's s Figure 21: ETP (US$ Million) ranking by Local Issuer Top 40 Issuer Equity Current Month (US$ Million) Fixed Income Commodity Other Total Mkt Share % Nomura Asset Management 52, , % Nikko Asset Management 23, , % Daiwa Asset Management 21, , % State Street 13,678 3, , % China Asset Management 14, , % Hang Seng Investment Management 13, , % BlackRock 12, , % Samsung Asset Management 8,120 1, , % Mitsubishi UFJ Asset Mg 8, , % Harvest Fund Management Co 7, , % Huatai-PineBridge Fund Management Co 5, , % CSOP Asset Management 3, , % E Fund Management 3, , % Mirae Asset MAPS Global Investments 3, , % Yuanta Securities Inv trust Co Ltd. 3, , % Huaan Fund Management 2, , % China Southern Fund Management Co Ltd 2, , % Yinhua Fund Management 22 1, , % Vanguard 1, , % BetaShares Capital Ltd , % Fubon Securities Investment Trust Co 1, , % Goldman Sachs , % Korea Investment Trust Mg 1, , % Simplex Asset Management Co Ltd , % KB Asset Management , % BOCI - Prudential Asset Man Ltd 1, , % HFT Investment Management Co Ltd , % Kyobo AXA Investment Mg Co Ltd % Hanwha Investment Trust Management % DIAM Asset Management % GF Fund Management Co Ltd % NZAM % Woori Asset Management % Guotai Asset Management Co Ltd % China Universal Asset Management Co % Russell Investments % UBS % Reliance Capital Asset Management % China Merchants Fund Management Co % Mitsubishi UFJ Trust and Banking Corporation % Total (Top 40) 213,860 13,336 2, , % Deutsche Bank AG/Hong Kong Page 15

16 Figure 22: ETP (US$ Million) ranking by Local Issuer Contd. Issuer Equity Fixed Income Commodity Other Total Mkt Share % ETF Securities Ltd % HSBC Inv Funds Ltd/Hong Kong % Sumitomo Mitsui Asset Management % BOCOM Schroders % Bosera Fund Management Co Ltd % Fuh-Hwa Securities Investment Trust % Kokusai Asset Management Co Ltd % Smartshares Ltd % ICBC Credit Suisse Asset Management % Horizons ETFs % AmInvestment Services Berhad/Malaysia % Cathay Securities Investment Trust % Fortune SGAM Fund Management % Kotak Mahindra Asset Man % Value Partners % Invesco Great Wall Fund Management Co. Ltd % Dacheng Fund Management Co Ltd % Indo Premier Securities % HDFC Asset Management Co Ltd % Haitong International % Van Eck Funds % UTI Asset Management % Enhanced Investment Products Limited % One Asset Management Ltd % i-vcap Management % CIMB-GK Securities Pte Ltd % UOB Asset Management Ltd % Passive Funds Management Ltd % Yurie Asset Management % CCB Principal Asset Management Co Ltd % Penghua Fund Management Co Ltd % Prudential ICICI Asset Management % Lion Fund Management Co Ltd % GTJA Allianze Fund Management Co % BMO Global Asset Management Asia Ltd % Fullgoal Fund Management Co % Motilal Oswal Mutual Fund % SBI Funds Management % Krung Thai Asset Management % Axis Asset Management % Ping An of China Asset Management % Midas Asset Management Co % Dongbu Asset Management % BNP Paribas % First Metro Asset Management % IDBI Asset Management % UBS Hana Asset Management Co Ltd % Daishin Investment Trust Mg % Lippo Investments Management % Kiwoom Asset Management Co Ltd % Birla Sun Life Asset Management Co % Tong Yang Investment Trust Mg % SinoPac Securities Investment Trust Co % KTB Asset Management Co Ltd/Korea % Total 218,086 13,981 3, , % Current Month (US$ Million) Page 16 Deutsche Bank AG/Hong Kong

17 Figure 23: ETP (US$ Million) ranking by Local Issuer Completion Issuer Equity Current Month (US$ Million) Fixed Income Commodity Other Total Mkt Share % Bank of China Investment Management % BBL Asset Management Co % Heungkuk Asset Management % Kasikorn Asset Management % Viet Fund Management % Maybank Asset Management Thailand Co Ltd % Thanachart Fund Management % Religare Mutual Fund % Quantum Asset Management % KDB Asset Management Co Ltd/Korea % China International Fund Mgmt % Changsheng Fund % TMB Asset Management % Wanjia Asset Management % Canara Robeco % India Infoline Asset Management Co % Prudential Asset Management Company Ltd % Mizuho Asset Management Co Ltd % Chimaera Capital Ltd % Total ( All Local Issuers) 218,145 13,981 3, , % Figure 24: ETP (US$ Million) ranking by Foreign Issuer Current Month (US$ Million) Issuer Equity Fixed Income Commodity Other Total Mkt Share % BlackRock 305, , % State Street 185,450-28, , % Vanguard 70, , % Deutsche AWM 24,645 2, , % Lyxor 9,472-1,128-10, % UBS 8, , % ETF Securities Ltd - - 8,060-8, % BNP Paribas % The Foreign Issuer ranking includes the of all products cross listed in the Asia-Pacific Region, with a domicile region outside Asia- Pacific (e.g. the US or Europe) Total ( All Foreign Issuers) 602,951 2,152 38, , % Deutsche Bank AG/Hong Kong Page 17

18 3. ETP Cash Flows Investment Focus Figure 25: ETP Cash Flows (US$ Million) by Investment Focus Equity Investment Focus - Equity Developed Markets 1, % 2, % 9, % Emerging Markets (3,016) -4.5% (5,136) -7.8% (10,969) -16.0% Global Markets 4 2.5% 7 4.7% % Sectors % % 1, % Capitalization 1 0.2% (33) -4.5% (75) -9.9% Strategy (1,330) -16.0% 1, % (1,092) -15.1% Style (174) -5.8% (127) -4.2% (242) -8.8% Thematic (11) -0.5% (24) -1.1% (73) -3.4% Total (2,295) -1.1% (1,273) -0.6% (1,780) -1.0% Current Month Prev. Month YTD Figure 26: ETP Cash Flows (US$ Million) by Investment Focus Fixed Income Investment Focus - Fixed Income Sovereign % % % Corporates (32) -2.7% (11) -0.9% (43) -3.7% Money Market % (363) -8.5% 1, % Overall % % % Total % (226) -1.7% 1, % Current Month Prev. Month YTD Figure 27: ETP Cash Flows (US$ Million) by Investment Focus Commodity Current Month Prev. Month YTD Investment Focus - Commodity Precious Metals % % % Overall - n.a - 0.0% % Energy (283.4) -26.1% % % Agriculture % % % Industrial Metals - 0.0% - 0.0% % Total (88) -2.5% % % Page 18 Deutsche Bank AG/Hong Kong

19 Sub Segment Figure 28: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity Developed Markets Investment Focus Developed Markets - Equity Australia % % % Hong Kong % % % Japan % 2, % 8, % New Zealand 2 1.1% 1 0.4% 3 1.9% Singapore 7 2.1% (96) -23.6% (90) -21.5% Asia Pacific 1, % 2, % 9, % US (8) -3.9% 3 1.3% 1 0.3% Germany (20) -20.8% (55) -36.6% (80) -55.1% Global broad indices % % % DM Total 1, % 2, % 9, % Current Month Prev. Month YTD Figure 29: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity Emerging Markets Current Month Prev. Month YTD Investment Focus Emerging Markets - Equity China (2,827) -5.3% (4,194) -8.2% (10,487) -18.9% India (6) -0.5% % % Indonesia % % % Malaysia - 0.0% - 0.0% % Philippines 1 1.8% 1 3.8% % South Korea (41) -0.4% (960) -9.3% (235) -2.5% Taiwan (158) -6.5% - 0.0% (308) -12.4% Thailand 1 0.7% (4) -3.4% 4 4.4% Vietnam - 0.0% - 0.0% - n.a Asia Pacific broad - 0.0% - 0.0% - 0.0% Asia Pacific (3,014) -4.5% (5,140) -7.8% (10,962) -16.0% Brazil 0 0.0% % 3 6.9% LATAM broad - 0.0% - 0.0% - 0.0% Latin America 0 0.0% 4 9.9% 3 6.3% Russia (3) -11.1% (0) 0.0% 1 6.2% South Africa 0 0.0% (0) 0.0% (10) -55.5% Global broad indices 0 0.5% (0) 0.0% (0) -0.3% EM Total (3,016) -4.5% (5,136) -7.8% (10,969) -16.0% Deutsche Bank AG/Hong Kong Page 19

20 Figure 30: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity Others Investment Focus Sub segments - Equity Consumer Discretionary % % % Consumer Staples % (16) -7.0% % Energy % % % Financials % % 1, % Healthcare (4) -1.0% (97) -25.3% (152) -37.1% Industrials (39) -37.0% (5) -4.9% (0) -0.3% Information Technology (47) -13.7% % % Materials % % (5) -2.4% Telecommunication Services - 0.0% - 0.0% - 0.0% Utilities (0) 0.0% 0 0.0% (0) -0.1% Overall 2 1.4% (25) -14.6% (37) -22.3% Sector % % 1, % Large Cap (5) -1.3% (23) -5.7% (55) -13.2% Mid Cap (4) -2.2% (11) -6.3% (34) -17.6% Small Cap % 1 0.9% % Capitalization 1 0.2% (33) -4.5% (75) -9.9% Short (13) -0.6% 1, % 1, % Leveraged (1,471) -30.7% % (3,307) -58.5% Leveraged Short % % % Quantitative (20) -6.6% 8 2.9% (5) -1.7% Fundamental (3) -1.2% (22) -9.1% (40) -16.0% Strategy (1,330) -16.0% 1, % (1,092) -15.1% Growth (137) -26.5% (103) -19.7% (201) -51.4% Value % % (57) -19.5% Dividend (53) -2.3% (36) -1.6% % Style (174) -5.8% (127) -4.2% (242) -8.8% Sustainability (2) -2.3% (0) -0.1% (26) -28.7% Commodities 1 2.7% (9) -16.1% (5) -9.9% Other Theme (10) -0.5% (15) -0.7% (42) -2.1% Thematic (11) -0.5% (24) -1.1% (73) -3.4% Total (907) -4.2% 1, % % Current Month Prev. Month YTD Page 20 Deutsche Bank AG/Hong Kong

21 Figure 31: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Commodity Investment Focus Sub Segment - Commodity Current Month Prev. Month Overall Overall - 0.0% - 0.0% % YTD Agriculture Overall 2 8.9% 1 3.0% % Corn - 0.0% - 0.0% - 0.0% Soybeans - 0.0% - 0.0% - 0.0% Wheat - 0.0% - 0.0% - 0.0% Grains - 0.0% - 0.0% - 0.0% Energy Overall - 0.0% - 0.0% - 0.0% Crude Oil (283) -26.1% % % Natural Gas - 0.0% - 0.0% - 0.0% Industrial Metals Overall - 0.0% - 0.0% - 0.0% Copper - 0.0% - 0.0% 1 9.1% Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold % % % Palladium - 0.0% - 0.0% - 0.0% Platinum 0 0.0% % % Silver 2 2.2% 2 2.1% 0 0.1% Total (88) -2.5% % % Deutsche Bank AG/Hong Kong Page 21

22 Issuer Figure 32: ETP inflows (US$ Million) by Issuer Top 10 Issuer Hang Seng Investment Management 2, % % 3, % Nikko Asset Management % % 3, % State Street % % % Yinhua Fund Management % (603) -27.8% 1, % China Asset Management % (573) -5.2% (292) -2.6% China Universal Asset Management Co % (18) -9.7% % Sumitomo Mitsui Asset Management % % % Mitsubishi UFJ Asset Mg % % % Huatai-PineBridge Fund Management Co % (1,026) -19.6% (1,200) -22.1% Cathay Securities Investment Trust 178 n.a - n.a 178 n.a Total Top 10 (Inflows) 5, % (727) -1.1% 8, % Current Month Prev. Month YTD Figure 33: ETP outflows (US$ Million) by Issuer Top 10 Issuer BlackRock (2,035) -15.5% (534) -4.2% (4,167) -27.9% CSOP Asset Management (1,361) -26.5% (739) -13.8% (2,034) -36.5% Harvest Fund Management Co (1,204) -16.8% (762) -11.0% (2,983) -37.4% Daiwa Asset Management (691) -3.2% % (2) 0.0% Nomura Asset Management (517) -1.0% 2, % 3, % Samsung Asset Management (399) -4.2% (704) -7.0% (986) -10.3% Simplex Asset Management Co Ltd (306) -21.1% % % E Fund Management (284) -7.2% (361) -9.6% (653) -18.0% BOCI - Prudential Asset Man Ltd (246) -6.3% (3) -0.1% (473) -12.2% China Southern Fund Management Co Ltd (207) -15.0% % % Total Top 10 (Outflows) (7,250) -6.2% % (7,402) -6.9% Current Month Prev. Month YTD Page 22 Deutsche Bank AG/Hong Kong

23 Index Provider Figure 34: ETP Cash Flows (US$ Million) by Index Provider Equity HSIL S&P Dow Jones Russell IISL Nasdaq OMX Topix SSE Other FTSE (4,000) (3,000) (2,000) (1,000) - 1,000 2,000 3,000 4,000 (US$ Million) Figure 35: ETP Cash Flows (US$ Million) by Index Provider Fixed Income Other Deutsche Bank UBS Maekyung FnGuide S&P Dow Jones CSI KRX Citigroup Markit iboxx (200) ,000 (US$ Million) Figure 36: ETP Cash Flows (US$ Million) by Index Provider Commodity Commodity Nikkei Other S&P Dow Jones UBS (150) (100) (50) (US$ Million) Deutsche Bank AG/Hong Kong Page 23

24 Underlying Index/Security Figure 37: ETP inflows (US$ Million) by Underlying Index Equity (Top 10) Figure 38: ETP outflows (US$ Million) by Underlying Index Equity (Top 10) Hang Seng China Enterprise FTSE China A50 Index Nikkei 225 Hang Seng Index CSI Consumer Staples Index F-KOSPI200 Index Taiwan Top 50 Index MSCI China Index Nikkei 225 Double Inverse Index TOPIX JPX Nikkei Index 400-1,000 2,000 3,000 (4,000) (3,500) (3,000) (2,500) (2,000) (1,500) (1,000) (500) - CSI 300 Index KOSPI 200 Index Nikkei 225 Inverse Index Nikkei 225 Leveraged Index SI100 Index TSEC Taiwan 50 Index SSE180 Index SSE 50 Index SSE 180 Leveraged 2X Index Inflow (US$ Million) Figure 39: ETP inflows (US$ Million) by Underlying Index Fixed Income (Top 10) Outflow (US$ Million) Figure 40: ETP outflows (US$ Million) by Underlying Index Fixed Income Other China Bond 5-year Treasurey Bond KIS MSB 3M Index Citi Chinese Government Bond 5- KIS MSB 5M Index KAP Money Market Index KRW Cash Index TR China PBOC Benchmark Notice 30 day Bank Bill Swap Rate MaeKyung Money Market TR Index Inflow (US$ Million) Figure 41: ETP inflows (US$ Million) by Underlying Index/Security Commodity KTB Index Pledgeable urban Investment Bond Index iboxx ABF Pan-Asia Index KIS MSB Short Term Index Citi Chinese Government and Policy Bank MK Korea Monetary Stabilization Index CSI Gilt -Edged Medium Term Treasury iboxx ABF Singapore Bond Index Barclays Capital Asia Local Currency (80) (70) (60) (50) (40) (30) (20) (10) - Outflow (US$ Million) Figure 42: ETP outflows (US$ Million) by Underlying Index/Security Commodity Commodity Gold S&P GSCI Crude Oil Enhanced Index S&P GSCI Gold Excess Return Index S&P GSCI Sliver TR Index UBS Bloomberg Constant Maturity Commodity Index S&P GSCI Agriculture Enhanced Select Index Nikkei-TOCOM Platinum Index Nomura Crude Oil Long Index Inflow (US$ Million) Outflow (US$ Million) Page 24 Deutsche Bank AG/Hong Kong

25 Top ETPs Figure 43: Top 20 ETPs by inflow (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Flow US$ MM Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 2,646.0 Huaxia MSCI China A-Share ETF China Asset Management CH Equity ETF 0.50% Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% China Universal CSI Consumer Staples Index ETF China Universal Asset Management Co CH Equity ETF 0.60% Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% SMAM NIKKEI225 ETF Sumitomo Mitsui Asset Management 1397 JP Equity ETF 0.00% CSOP China 5-year Treasury Bond ETF CSOP Asset Management 3199 HK Fixed Income ETF 0.49% Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% China AMC Hang Seng Index ETF China Asset Management CH Equity ETF 0.00% Yuanta/P-shares Taiwan Top 50 1X Bear ETF Yuanta Securities Inv trust Co Ltd R TT Equity ETF 1.08% Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% Cathay FTSE China A50 ETF Cathay Securities Investment Trust TT Equity ETF 1.15% ishares Asia Trust - ishares MSCI China BlackRock 2801 HK Equity ETF 0.59% Kotak Gold ETF Kotak Mahindra Asset Man KOGOLD IN Commodity ETF 1.00% Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% Listed Index Fund JPX-Nikkei Index 400 Nikko Asset Management 1592 JP Equity ETF 0.20% Figure 44: Top 20 ETPs by outflow (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Flow US$ MM ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (2,279.6) CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% (1,613.6) Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% (1,100.4) Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (912.1) Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% (704.6) Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% (579.3) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (422.4) China CSI 300 Index ETF China Asset Management HK Equity ETF 0.85% (301.1) Yuanta/P-Shares CSI 300 Fund Yuanta Securities Inv trust Co Ltd TT Equity ETF 0.40% (278.8) Fubon SSE180 ETF Fubon Securities Investment Trust Co TT Equity ETF 1.09% (169.5) E Fund SI100 Index Fund E Fund Management CH Equity ETF 0.50% (166.6) Maxis JPX- Nikkei index 400 ETF Mitsubishi UFJ Asset Mg 1593 JP Equity ETF 0.13% (157.5) Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd TT Equity ETF 0.32% (157.2) TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (144.9) WISE - CSI 300 China Tracker BOCI - Prudential Asset Man Ltd 2827 HK Equity ETF 1.39% (137.4) Mirae Asset MAPS TIGER WTI Futures ETF Mirae Asset MAPS Global Investments KS Commodity ETF 0.70% (125.2) WTI Crude Oil Price Linked ETF Simplex Asset Management Co Ltd 1671 JP Commodity ETF 0.86% (120.6) Fubon SSE180 Leveraged 2X Index ETF Fubon Securities Investment Trust Co 00633L TT Equity ETF 1.26% (114.6) Simplex Nikkei225 Bull 2x ETF Simplex Asset Management Co Ltd 1579 JP Equity ETF 0.76% (111.3) Harvest MSCI China A Index ETF Harvest Fund Management Co 3118 HK Equity ETF 0.88% (109.7) Deutsche Bank AG/Hong Kong Page 25

26 4. ETP information Monthly definition: Note on The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1 month span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain month, after which the daily turnover is aggregated for all the days within the month generating the total monthly turnover figure. The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-thecounter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded. Investment Focus Figure 45: ETP Monthly (US$ Million) by Investment Focus Equity Current Month Prev. Month MoM Change Year 2014 Change from 2014 Investment Focus - Equity Mkt Share % % % Size % 1,444 (773) -53.5% % Regional % % % Style 4, % 3,724 1, % 1,059 3, % Sector 6, % 3,855 2, % 1,443 5, % Country 114, % 80,022 34, % 37,242 77, % Strategy 42, % 45,307 (2,701) -6.0% 25,378 17, % Thematic % % % Total 171, % 135,152 35, % 65, , % Source: Deutsche Bank, Bloomberg Finance LP. Figure 46: ETP Monthly (US$ Million) by Investment Focus Fixed Income Current Month Prev. Month MoM Change Year 2014 Change from 2014 Investment Focus - Fixed Income Mkt Share % % % Sovereign 3, % 3,308 (61) -1.8% 2, % Corporates % % % Money Market 16, % 17,678 (1,312) -7.4% 8,661 7, % Overall % 43 (6) -13.6% % Total 19, % 21,046 (1,347) -6.4% 11,025 8, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 47: ETP Monthly (US$ Million) by Investment Focus Commodity Current Month Prev. Month MoM Change Year 2014 Change from 2014 Investment Focus - Commodity Mkt Share % % % Precious Metals % 696 (41) -5.9% % Overall 1 0.1% % 1 (0) -15.8% Energy % 879 (195) -22.2% % Agriculture 9 0.7% % % Industrial Metals 1 0.1% 1 (1) -40.4% 1 (0) -9.8% Total 1, % 1,582 (232) -14.7% 324 1, % Source: Deutsche Bank, Bloomberg Finance LP. Page 26 Deutsche Bank AG/Hong Kong

27 Sub Segment Figure 48: ETP Monthly (US$ Million) by Investment Focus Sub Segment Equity Investment Focus Sub Segment - Equity Current Month Mkt Share % Prev. Month MoM Change Year 2014 % Change from 2014 % Country Asia Pac Developed 12, % 8,533 4, % 7,895 4, % Developed non-asia Pac % 1,085 (493) -45.5% % Emerging Country 101, % 70,403 31, % 29,287 72, % Regional Asia Pacific % % % Asia Pacific ex-japan 7 0.0% 12 (5) -38.4% % Emerging Markets % % % Eurozone 1 0.0% 1 (1) -47.8% - 1 #DIV/0! Europe % % % Global % 134 (18) -13.5% % Greater China 4 0.0% % % Sector Global % 42 (0) -1.1% % Other Sector % % % Asian Country 5, % 3,199 2, % 1,337 4, % Size Large Cap % 1,392 (902) -64.8% % Mid Cap % % % Small Cap % % % Style Growth 4, % 3, % 746 3, % Value % % % Dividend % % % Strategy Short 3, % 2, % 2, % Leveraged 36, % 40,058 (3,461) -8.6% 22,140 14, % Quantitative % % % Fundamental % % % Thematic Sustainability 4 0.0% % % Commodities % % % Other Theme % % % Total 171, % 135,152 35, % 65, , % Source: Deutsche Bank, Bloomberg Finance LP. Deutsche Bank AG/Hong Kong Page 27

28 Figure 49: ETP Monthly (US$ Million) by Investment Focus Sub Segment Commodity Current Month Prev. Month MoM Change Year 2014 Change from 2014 Investment Focus Sub Segment - Commodity Mkt Share % % % Overall Overall % % % Overall ex Energy % 0.16 (0.09) -54.7% 0.28 (0.21) -73.7% Overall Light Energy - 0.0% - - n.a (0.03) % Agriculture Overall % % % Corn % 0.08 (0.00) -3.6% 0.13 (0.06) -43.7% Soybeans % 1.22 (0.87) -71.0% 0.98 (0.62) -63.7% Wheat % 0.21 (0.01) -6.0% 0.30 (0.11) -36.3% Grains % % 0.10 (0.08) -81.5% Energy Overall % % % Crude Oil % (195.37) -22.2% % Gasoline - 0.0% 0.00 (0.00) % 0.00 (0.00) % Natural Gas % 0.41 (0.09) -21.4% 0.41 (0.09) -22.6% Industrial Metals Overall % 0.03 (0.01) -25.7% 0.14 (0.12) -83.5% Copper % 1.39 (0.57) -40.7% % Nickel - 0.0% - - n.a (0.00) % Precious Metals Overall % 0.35 (0.00) -0.4% % Gold % (36.61) -5.5% % Palladium % 1.20 (0.59) -49.0% 1.43 (0.81) -57.0% Platinum % (4.10) -37.4% % Silver % % % Total 1, % 1,582 (232) -14.7% 324 1, % Source: Deutsche Bank, Bloomberg Finance LP. Page 28 Deutsche Bank AG/Hong Kong

29 Exchange Figure 50: ETP Monthly (US$ Million) by Exchange Exchange Name Current Month Prev. Month MoM Change Year 2014 Change from 2014 Mkt Share % % % China - Shanghai 73, % 57, , % 21, , % Hong Kong - HKE 37, % 23, , % 12, , % Japan - Osaka 31, % 35, (4,061.53) -11.5% 17, , % China - Shenzhen 20, % 15, , % 4, , % Korea - KSE 14, % 12, , % 13, , % Japan - Tokyo SE 8, % 9, (817.88) -8.6% 5, , % Taiwan - TSEC 3, % 2, , % 1, , % Australia - ASX 1, % 1, % % India - NSE % (24.37) -9.0% % Singapore - SGX % (82.22) -31.5% % New Zealand - NZ % % % Thailand - SET % % 8.60 (1.85) -21.4% Philippines - PSE % % % Malaysia - Kuala Lumpur % % % Vietnam - HOSE % 0.32 (0.06) -19.7% #DIV/0! India - Bombay % % % Japan - Nagoya % 0.17 (0.08) -45.7% 0.18 (0.09) -50.1% Indonesia - Jakarta % 0.70 (0.67) -95.3% 0.06 (0.02) -42.7% Total 192, % 158,126 34, % 77, , % Source: Deutsche Bank, Bloomberg Finance LP. Deutsche Bank AG/Hong Kong Page 29

30 Issuer Figure 51: ETP Monthly (US$ Million) by Top 40 Issuer Issuer Mkt Share % Prev. Month MoM Change Year 2014 Change from 2014 % % Nomura Asset Management 33, % 38,257 (4,314) -11.3% 18,609 15, % China Asset Management 29, % 15,386 14, % 4,905 24, % Huatai-PineBridge Fund Management Co 17, % 17, % 5,218 11, % BlackRock 13, % 9,456 4, % 5,272 8, % E Fund Management 11, % 8,127 3, % 1,963 9, % Samsung Asset Management 10, % 9,368 1, % 11,332 (407) -3.6% CSOP Asset Management 9, % 8,046 1, % 3,785 5, % Yinhua Fund Management 8, % 12,231 (3,449) -28.2% 7,488 1, % Hang Seng Investment Management 7, % 1,997 5, % 686 6, % Huaan Fund Management 7, % 4,466 2, % 1,095 5, % Guotai Asset Management Co Ltd 6, % 5, % 2,592 3, % State Street 5, % 3,092 2, % 2,535 3, % China Southern Fund Management Co Ltd 5, % 2,655 2, % 298 4, % Harvest Fund Management Co 5, % 4, % 1,507 3, % Simplex Asset Management Co Ltd 3, % 3,475 (382) -11.0% 2, % Mirae Asset MAPS Global Investments 2, % 1, % 962 1, % Fubon Securities Investment Trust Co 1, % 1, % 173 1, % China Merchants Fund Management Co 1, % 1, % 311 1, % Yuanta Securities Inv trust Co Ltd. 1, % 1, % % Daiwa Asset Management 1, % 1,302 (69) -5.3% % Nikko Asset Management 1, % 1,037 (31) -3.0% 1,175 (169) -14.4% ICBC Credit Suisse Asset Management % % % Korea Investment Trust Mg % % % Woori Asset Management % % % Bosera Fund Management Co Ltd % 1,272 (644) -50.6% % BOCI - Prudential Asset Man Ltd % % % GF Fund Management Co Ltd % % % GTJA Allianze Fund Management Co % % % Fortune SGAM Fund Management % % % KB Asset Management % % % BetaShares Capital Ltd % % % China Universal Asset Management Co % 775 (451) -58.3% % Cathay Securities Investment Trust % n.a n.a. Mitsubishi UFJ Asset Mg % % 270 (5) -1.7% Vanguard % % % BOCOM Schroders % % % Kokusai Asset Management Co Ltd % 259 (42) -16.1% % Goldman Sachs % 253 (37) -14.4% % Fuh-Hwa Securities Investment Trust % % % HFT Investment Management Co Ltd % % % Total Top , % 157,314 34, % 76, , % Current Month Page 30 Deutsche Bank AG/Hong Kong

31 Index Provider Underlying Index/Security Figure 52: ETP Monthly (US$ Million) by Index Provider Equity (Top 10) Figure 53: ETP Monthly (US$ Million) by Underlying Index Equity (Top 10) Nikkei SSE CSI FTSE HSIL Other KRX Topix S&P Dow Jones MSCI - 10,000 20,000 30,000 40,000 (US$ Million) Figure 54: ETP Monthly (US$ Million) by Index Provider Fixed Income Nikkei 225 Leveraged Index CSI 300 Index FTSE China A50 Index SSE 50 Index Hang Seng China Enterprise Index KOSPI 200 Index SSE180 Index Hang Seng Index GEM Index SI100 Index - 7,000 14,000 21,000 28,000 35,000 (US$ Million) Figure 55: ETP Monthly (US$ Million) by Underlying Index Fixed Income Other SSE Maekyung FnGuide CSI UBS Markit iboxx Deutsche Bank S&P Dow Jones KRX Citigroup - 3,000 6,000 9,000 12,000 15,000 18,000 (US$ Million) Figure 56: ETP Monthly (US$ Million) by Index Provider Commodity Other China PBOC Benchmark Notice Deposit 7 SSE 5-Year China Treasury Note Index MaeKyung Money Market TR Index Active 30 day Bank Bill Swap Rate CSI Gilt -Edged Medium Term Treasury UBS Composite Bond Index KRW Cash Index TR Pledgeable urban Investment Bond Index - 2,000 4,000 6,000 8,000 10,000 12,000 (US$ Million) Figure 57: ETP Monthly (US$ Million) by Underlying Index/Security Commodity (Top 10) Commodity S&P Dow Jones UBS Other Reuters/Jefferies Nikkei Deutsche Bank (US$ Million) Commodity Gold S&P GSCI Crude Oil Enhanced Index UBS Bloomberg Constant Maturity Nomura Crude Oil Long Index S&P GSCI Gold Excess Return Index Commodity Silver S&P GSCI Sliver TR Index S&P GSCI Gold Index S&P GSCI Agriculture Enhanced Commodity Platinum (US$ Million) Deutsche Bank AG/Hong Kong Page 31

32 Top ETPs Figure 58: Top 20 ETPs by Monthly (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER US$ MM Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% 27,769.1 China 50 ETF China Asset Management CH Equity ETF 0.60% 18,689.1 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% 17,065.6 ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 12,487.3 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% 9,385.1 Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% 8,774.2 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 7,488.3 Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% 6,467.9 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 5,369.4 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% 4,734.4 E Fund ChiNext Price Index ETF E Fund Management CH Equity ETF 0.50% 4,161.9 Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% 3,943.2 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd CH Fixed Income ETF 0.30% 3,830.6 Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% 3,788.9 E Fund SI100 Index Fund E Fund Management CH Equity ETF 0.50% 3,557.1 China SME ETF China Asset Management CH Equity ETF 0.60% 3,328.9 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd CH Fixed Income ETF 0.40% 2,935.0 Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd CH Equity ETF 0.50% 2,718.3 Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% 2,657.5 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 2,334.5 Figure 59: Top 20 ETPs by Monthly change (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Change US$ MM China 50 ETF China Asset Management CH Equity ETF 0.60% 8,453.8 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 5,533.4 Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (4,059.1) ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 3,787.7 Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% (3,455.9) Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% 2,741.1 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 2,659.9 China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd CH Fixed Income ETF 0.30% 1,972.7 China SME ETF China Asset Management CH Equity ETF 0.60% 1,959.9 E Fund Hang Seng China Enterprises Index ETF E Fund Management CH Equity ETF 0.00% 1,776.8 Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd CH Equity ETF 0.50% 1,438.0 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% 1,349.5 China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% 1,306.4 China AMC Hang Seng Index ETF China Asset Management CH Equity ETF 0.00% 1,290.2 Bosera Standard And Poor's 500 ETF Bosera Fund Management Co Ltd CH Equity ETF 0.00% (961.7) E Fund ChiNext Price Index ETF E Fund Management CH Equity ETF 0.50% Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% ICBCCS SSE Central SOEs 50 Index ETF ICBC Credit Suisse Asset Management CH Equity ETF 0.50% E Fund SI100 Index Fund E Fund Management CH Equity ETF 0.50% China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co CH Fixed Income ETF 0.64% Page 32 Deutsche Bank AG/Hong Kong

33 5. ETP Assets under Management information Assets Under Management (): Calculated as NAV times Number of Shares Outstanding or Price times Number of Shares Outstanding. Universe The Assets Under Management () of the ETFs that have been cross-listed in Asia is not taken in account in this report. Please refer to Figure 24 for a detail of Foreign Issuer's s. Investment Focus Figure 60: ETP (US$ Million) by Investment Focus Equity Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus - Equity Mkt Share % % % Size % % % Regional % % % Style 3, % 3, % 2, % Sector 8, % 7,351 1, % 6,135 2, % Country 195, % 182,945 12, % 167,411 27, % Strategy 7, % 8,333 (782) -9.4% 7, % Thematic 2, % 2, % 2, % Total 218, % 205,261 12, % 187,059 31, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 61: ETP (US$ Million) by Investment Focus Fixed Income Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus - Fixed Income Mkt Share % % % Sovereign 7, % 7, % 7, % Corporates 1, % 1,185 (50) -4.2% 1,159 (24) -2.1% Money Market 4, % 3, % 3,193 1, % Overall % % % Total 13, % 12,782 1, % 11,810 2, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 62: ETP (US$ Million) by Investment Focus Commodity Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus - Commodity Mkt Share % % % Precious Metals 2, % 2, % 2, % Overall 6 0.2% % % Energy % 1,086 (132) -12.1% % Agriculture % % % Industrial Metals % % % Total 3, % 3,563 (41) -1.2% 2, % Source: Deutsche Bank, Bloomberg Finance LP. Deutsche Bank AG/Hong Kong Page 33

34 Sub Segment Figure 63: ETP (US$ Million) by Investment Focus Sub Segment Equity Investment Focus Sub Segment - Equity Current Month Prev. Month MoM Change End of 2014 YTD Change Mkt Share % % % Country Asia Pac Developed 122, % 116,023 6, % 98,475 23, % Developed non-asia Pac % 301 (28) -9.4% 340 (67) -19.8% Emerging Country 72, % 66,621 6, % 68,595 4, % Regional Asia Pacific % % % Asia Pacific ex-japan % % 19 (1) -3.2% Emerging Markets % % % Global % % % Greater China % % % Sector Other Sector % % % Asian Country 7, % 6,514 1, % 5,905 1, % Size Large Cap % % % Mid Cap % % % Small Cap % % % Style Growth % 519 (61) -11.8% % Value % % 290 (5) -1.7% Dividend 2, % 2, % 2, % Strategy Short 2, % 2,141 (47) -2.2% 749 1, % Leveraged 3, % 4,789 (911) -19.0% 5,652 (1,774) -31.4% Quantitative % 295 (3) -0.9% % Fundamental % % % Thematic Sustainability % % 92 (12) -12.9% Commodities % % % Other Theme 2, % 2, % 2, % Total 218, % 205,261 12, % 187,059 31, % Source: Deutsche Bank, Bloomberg Finance LP. Page 34 Deutsche Bank AG/Hong Kong

35 Figure 64: ETP (US$ Million) by Investment Focus Sub Segment Commodity Current Month Prev. Month MoM Change End of 2014 YTD Change Investment Focus Sub Segment - Commodity Mkt Share % % % Overall Overall 6 0.2% 5 0 n.a % Agriculture Overall % % % Corn 0 0.0% 0 (0) -7.7% 0 (0) -8.4% Soybeans 5 0.1% % 5 (0) -4.5% Wheat 0 0.0% 0 (0) -7.1% 0 (0) -19.6% Grains 1 0.0% 1 (0) -4.1% 1 (0) -12.0% Energy Overall 0 0.0% % % Crude Oil % 1,086 (132) -12.1% % Natural Gas 0 0.0% % 0 (0) -9.6% Industrial Metals Overall 3 0.1% % % Copper % % % Precious Metals Overall 8 0.2% % % Gold 2, % 2, % 2, % Palladium 7 0.2% % 7 (0) -4.8% Platinum % % % Silver % % % Total 3, % 3,563 (41) -1.2% 2, % Source: Deutsche Bank, Bloomberg Finance LP. Deutsche Bank AG/Hong Kong Page 35

36 Issuer Figure 65: ETP (US$ Million) by Top 40 Local Issuer Current Month Prev. Month MoM Change End of 2014 YTD Change Issuer Mkt Share % % % Nomura Asset Management 52, % 51, % 43,106 9, % Nikko Asset Management 23, % 22,479 1, % 18,050 5, % Daiwa Asset Management 21, % 21,263 (123) -0.6% 18,581 2, % State Street 16, % 15,200 1, % 14,585 2, % China Asset Management 14, % 11,851 2, % 11,132 3, % Hang Seng Investment Management 13, % 9,717 4, % 8,138 5, % BlackRock 12, % 13,159 (344) -2.6% 14,910 (2,095) -14.0% Samsung Asset Management 9, % 9, % 9, % Mitsubishi UFJ Asset Mg 8, % 7, % 6,574 1, % Harvest Fund Management Co 7, % 7,160 (32) -0.5% 7,985 (857) -10.7% Huatai-PineBridge Fund Management Co 5, % 4, % 5, % CSOP Asset Management 4, % 5,128 (704) -13.7% 5,568 (1,145) -20.6% E Fund Management 4, % 3, % 3, % Mirae Asset MAPS Global Investments 4, % 3, % 3, % Yuanta Securities Inv trust Co Ltd. 3, % 3, % 3, % Huaan Fund Management 2, % 2, % 2, % China Southern Fund Management Co Ltd 2, % 2, % 1, % Yinhua Fund Management 1, % 1, % 929 1, % Vanguard 1, % 1, % 1, % BetaShares Capital Ltd 1, % 1, % 1, % Fubon Securities Investment Trust Co 1, % 1, % % Goldman Sachs 1, % 1,344 (24) -1.8% 1,367 (47) -3.4% Korea Investment Trust Mg 1, % 1, % 1,353 (46) -3.4% Simplex Asset Management Co Ltd 1, % 1,452 (244) -16.8% % KB Asset Management 1, % 1, % 1, % BOCI - Prudential Asset Man Ltd 1, % 1,123 (43) -3.8% 1,274 (194) -15.2% HFT Investment Management Co Ltd 1, % 1,085 (46) -4.2% 1,074 (35) -3.3% Kyobo AXA Investment Mg Co Ltd % % % Hanwha Investment Trust Management % % % DIAM Asset Management % % n.a. GF Fund Management Co Ltd % % % NZAM % 789 (51) -6.5% % Woori Asset Management % % % Guotai Asset Management Co Ltd % % % China Universal Asset Management Co % % % Russell Investments % % % UBS % % % Reliance Capital Asset Management % % 423 (1) -0.3% China Merchants Fund Management Co % % 702 (291) -41.5% Mitsubishi UFJ Trust and Banking Corporation % % % Total Top , % 216,786 13, % 196,437 33, % Source: Deutsche Bank, Bloomberg Finance LP. Page 36 Deutsche Bank AG/Hong Kong

37 Index Provider Underlying Index/Security Figure 66: ETP (US$ Million) by Index Provider Equity (Top 10) Figure 67: ETP (US$ Million) by Underlying Index Equity (Top 10) Nikkei Topix CSI HSIL FTSE KRX SSE Other S&P MSCI - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 (US$ Million) Figure 68: ETP (US$ Million) by Index Provider Fixed Income Nikkei 225 TOPIX CSI 300 Index Hang Seng Index FTSE China A50 Index KOSPI 200 Index Hang Seng China Enterprise Index SSE 50 Index SSE180 Index JPX Nikkei Index ,000 30,000 45,000 60,000 (US$ Million) Figure 69: ETP (US$ Million) by Underlying Index Fixed Income (Top 10) Other Markit iboxx UBS Deutsche Bank Citigroup Maekyung FnGuide KRX SSE S&P Dow Jones CSI - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 (US$ Million) Figure 70: ETP (US$ Million) by Index Provider Commodity iboxx ABF Pan-Asia Index Other KRW Cash Index TR Pledgeable urban Investment Bond Index China Bond 5-year Treasurey Bond Index 30 day Bank Bill Swap Rate KIS MSB 3M Index KTB Index iboxx ABF Singapore Bond Index iboxx ABF Hong Kong Index ,600 2,400 3,200 (US$ Million) Figure 71: ETP (US$ Million) by Underlying Index/Security Commodity (Top 10) Commodity S&P Dow Jones UBS Other Nikkei ,000 1,500 2,000 2,500 (US$ Million) Commodity Gold UBS Bloomberg Constant Maturity S&P GSCI Crude Oil Enhanced Index Nomura Crude Oil Long Index Commodity Silver S&P GSCI Gold Excess Return Index S&P GSCI Gold Index Commodity Platinum S&P GSCI Agriculture Enhanced Select Index S&P GSCI Sliver TR Index ,000 1,500 2,000 2,500 (US$ Million) Deutsche Bank AG/Hong Kong Page 37

38 Top ETPs Figure 72: Top 20 ETPs by (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER US$ MM Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% 23,694.7 TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 20,867.1 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 11,861.4 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 10,252.2 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 10,026.8 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 9,964.9 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 9,441.2 ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 8,519.9 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 7,366.3 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% 6,726.1 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 6,343.4 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% 5,500.8 China 50 ETF China Asset Management CH Equity ETF 0.60% 5,420.4 China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% 4,988.3 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 4,806.0 Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% 4,781.8 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% 3,434.4 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,160.8 Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% 2,709.0 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 2,336.7 Figure 73: Top 20 ETPs by change(us$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Change US$ MM Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 3,372.5 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 1,482.2 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% (962.3) Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% China 50 ETF China Asset Management CH Equity ETF 0.60% Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (694.1) Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (655.0) Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% (596.9) Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% Huaxia MSCI China A-Share ETF China Asset Management CH Equity ETF 0.50% TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% (523.3) Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% China Universal CSI Consumer Staples Index ETF China Universal Asset Management Co CH Equity ETF 0.60% Page 38 Deutsche Bank AG/Hong Kong

39 The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Deutsche Bank AG/Hong Kong Page 39

40 Appendix A: Useful Information ETF Exchanges Exchanges Australia ASX China Shenzhen China Shanghai Hong Kong HKE India NSE India Bombay Indonesia Jakarta Japan Osaka Japan Tokyo SE Japan Nagoya Korea SE KSE New Zealand NZ Philippines PSE Singapore SE SGX Taiwan SE TSEC Thailand SET Malaysia BURSA Website Page 40 Deutsche Bank AG/Hong Kong

41 Appendix B: Glossary ETF Glossary Term Cross Listing Primary Listing TER Definition A Cross Listing is an additional listing of a previously existing ETF on a trading venue different from the ETF s Primary Listing Exchange. A Cross Listing is a symbol of the number of investment options available in the local market. ETFs may trade on multiple exchanges but they always have one primary exchange. The listing on the primary exchange is referred as the primary listing, which usually corresponds also to the first/oldest listing. A primary listing offers access to a new product which was not available for trading before. The number of primary listings is a symbol of the distinct investment options available across different markets. Total Expense Ratio or TER is the overall cost borne by a fund s share holder for a 1 year ownership period. It usually includes the management fee and other expenses paid by the fund. TER is, in general, expressed as a percentage of the amount invested and it is proportionally discounted according to the actual holding period. Deutsche Bank AG/Hong Kong Page 41

42 Appendix C: How we define ETPs Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchangetraded equity or debt instrument with no embedded optionality and market-wide appeal to investors. This includes exchange traded funds, exchange-traded commodities (Europe) and exchange-traded vehicles (US). The figure below provides a summary of our current coverage universe by region and structure type as on 31 December The vast majority of instruments are ETFs (97%, 3,906 products, $2,641bn) with the remainder being ETCs (0.7%, 451 products, $20.4bn) in Europe and ETVs (2.1%, 70 products, $56.7bn) in the US. Figure 74: ETP Coverage Universe Summary Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,450 1,979, % 1,380 1,922, % 70 56, % Europe 1, , % 1, , % , % Asia Pacific , % , % % RoW , % , % 5 3, % Global 4,447 2,721, % 3,906 2,640, % , %. ETPs ETFs ETC/Vs Exchange-Traded Funds (ETFs, 97%) US (71%): Fund structures that issue shares that are traded on an exchange much the same way as equities. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed. Europe (16%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg. The Undertakings for Collective Investment in Transferable Securities (UCITS) are a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity, fixed income as well as diversified commodity indices. Asia (7%): Both European and US ETFs are cross sold into the Asian market. Exchange-Traded Collateralized Instruments (3%) Exchange-Traded Commodities (ETCs, 1%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil), exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). Both forms utilize offshore domiciles, such as Jersey, and are classed as debt instruments. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product s benchmark index. SPV structures are collateralized by assets which could bear no resemblance to those of their respective benchmark index and ensure replication of their index return through a total return swap structure or by holding other derivative instruments such as futures. In the vast majority of cases, both types of ETCs are fully collateralized with secure assets such as money market instruments, government bonds and gold. For more information, please refer to our research report issued on March titled The race for assets in the European Exchange-Traded Products Market. Exchange-traded vehicles (ETVs, 2%) This terminology typically refers to grantor trusts that exist in the US market. These instruments track primarily commodity benchmarks. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940, hence they are not classed as funds. Vehicles that replicate commodity benchmarks, more often known as pools, and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act, and report under 34 Corporate Act. Page 42 Deutsche Bank AG/Hong Kong

43 Appendix 1 Important Disclosures Additional information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Shan Lan Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ), we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity rating dispersion and banking relationships % 23 % 39 % 22 % 9 % 18 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship Asia-Pacific Universe Deutsche Bank AG/Hong Kong Page 43

44 Regulatory Disclosures 1.Additional Information Information on ETFs is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any fund that is described in this document. Consider carefully any fund's investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the fund's prospectus. Prospectuses about db X-trackers funds and Powershares DB funds can be obtained by calling or by visiting Read prospectuses carefully before investing. Past performance is not necessarily indicative of future results. Investing involves risk, including possible loss of principal. To better understand the similarities and differences between investments, including investment objectives, risks, fees and expenses, it is important to read the products' prospectuses. Shares of ETFs may be sold throughout the day on an exchange through any brokerage account. However, shares may only be redeemed directly from an ETF by authorized participants, in very large creation/redemption units. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. ETFs are obliged to distribute portfolio gains to shareholders. Deutsche Bank may be an issuer, advisor, manager, distributor or administrator of, or provide other services to, an ETF included in this report, for which it receives compensation. db X-trackers and Powershares DB funds are distributed by ALPS Distributors, Inc. The opinions expressed are those of the authors and do not necessarily reflect the views of DB, ALPS or their affiliates. Aside from within this report, important conflict disclosures can also be found at under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2. Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at Page 44 Deutsche Bank AG/Hong Kong

45 Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking revenues. Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst s judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar Deutsche Bank AG/Hong Kong Page 45

46 to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options, at If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document. Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany s Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00 South Tower Singapore , ), which may be contacted in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), they accept legal responsibility to such person for its contents. Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice, products and services. Recommended investment strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. Page 46 Deutsche Bank AG/Hong Kong

47 "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no ) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority. Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no ) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box , Faisaliah Tower - 17th Floor, Riyadh, Saudi Arabia. United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no ) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box , Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority. Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please refer to Australian specific research disclosures and related information at Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright 2015 Deutsche Bank AG Deutsche Bank AG/Hong Kong Page 47

48 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) Deutsche Bank AG Große Gallusstraße Frankfurt am Main Germany Tel: (49) Deutsche Bank AG Filiale Hongkong International Commerce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) Deutsche Securities Inc Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: (81) Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) Deutsche Bank Securities Inc. 60 Wall Street New York, NY United States of America Tel: (1)