euwax report 2016 Table of contents Solenne Peltier Dear Readers,

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1 Dear Readers, The past year was a quite rough stock market year for investors, and was characterized by some strong price declines. Reasons were radical politic events such as the Brexit referendum in June and the US presidential election in November. At the market opening on the day after the referendum of the British, the DAX initially dropped by 1,000 points and thereby faced its biggest slump since 2008, when the German leading index collapsed during the financial crisis. The volatility index VDAX New reached its annual high of over 38 points. On November 9th, the day after the US election, the DAX initially reached its low of the at 10,174 points. However, the markets were largely unimpressed by the major events in politics in total. They recovered again within a few hours and continued this year s predominant sideways trend subsequently. All in all, the German leading index could boast a positive annual balance though: from its opening on January 4th at 10,485 points, the DAX increased by 9.5 percent to 11,481 points in the course of the year. In the EUWAX segment of the Boerse Stuttgart, 26.3 billion Euro were turned over with leverage and investment products in Due to the severely decreased volatility, the turnover thereby declined by more than 20 percent towards the year. However, with a market share of approximately 64 percent, the Stuttgart Stock Exchange could defend its market leadership in stock exchange trading in Germany in this asset class. The number of amounted to over 3 million. The average client order was about 8,800 Euro in the elapsed year. The turnover with leverage products - such as warrants, knock-out products and factor certificates, attained around 12.4 billion Euro in the whole year With around 1.6 million, a trading volume of almost 6.8 billion Euro was thereby achieved by knock-out products. Warrants and factor certificates contributed approximately 5.6 billion Euro to the total turnover. Here, almost 978,000 were. Regarding leverage products, investors focused on DAX products. The Best of Gold Miners Index was traded actively, too. In this restless first half of the year, many investors grabbed for safe havens such as the golden precious metal, which resulted in a strong increase of the gold price. Although the crisis shelter showed a significant downward trend in the second half of the year, the gold price succeeded in realizing a significant price gain of over 8 percent in 2016 for the first time after three years of losses in a row. In regards to investment products, a turnover of almost 14 billion Euro within approximately 497,000 was recorded at the EUWAX. Discount certificates accounted for most of the with about 173,000 orders. With a share of over 49 percent, discount certificates thereby made up almost half of the trading volume with investment products. Runners-up were index and participation certificates with almost 126,000 client orders. Among the most actively traded certificates were products on the North Sea brand Brent Crude Oil this year again. Reason was the recovery of the oil price since it had reached its eleven-year low in During 2016, the oil price increased by approximately 53 percent from to US dollar per barrel. Solenne Peltier Table of contents TOTAL TRADING VOLUME 2 Overview of Euwax trading segment 2 TOP 10 MOST TRADED PRODUCTS 3 Warrants 3 Knock-out Products 3 Factor Certificates 3 Bonus Certificates 4 Discount Certificates 4 Tracker Certificates 4 OVERALL MARKET: ISSUERS 5 based on volume 5 based on number 6 PRODUCT GROUPS 7 Warrants 7 Knock-Out Products 9 Yield Enhancement Products 11 Bonus Certificates 13 Discount Certificates 15 Tracker Certificates 17 Reverse Convertibles 19 Capital Protection Products 20 Investment Products by Securities Type 22 ISSUER SALES RATIO 23 Investment Products 23 Leverage Products 23 Discount Certificates 24 Bonus Certificates 24 Tracker Certificates 25 Reverse Convertibles 25 EUWAX WHATS S NEW 26 New Products Launched 26 Products Reaching Final Maturity 27 Listed Products 28 Mistrades and complaints 29 ANNOUNCEMENTS AND STATUTORY WEBSITE DETAILS 30 You can go straight to the required page by clicking the heading in the contents list. 1

2 Total trading volume Overview of Euwax trading segment (as at 2016) Number of leverage products without knock-out * 451, ,856 Number of leverage products with knock-out 347, ,451 Number of yield enhancement 526, ,624 Number of capital protection Total Number of securitised derivatives 1,326,797 1,274,476 Number of EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products % 66.00% % 66.71% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 January to 31 December 2016 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) KO-Produkte Optionsscheine Anlageprodukte Number of by asset class KO-Produkte Optionsscheine Anlageprodukte

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR3BKA7 Call 1,961 Call/58/ Daimler AG Commerzbank DE000CR505Y6 Call 1,870 Call/10.900/ DAX BNP Paribas DE000PB13QG7 Call 1,100 Call/155/ Allianz SE Commerzbank DE000CR444W2 Call 1,031 Call/10.500/ DAX Deutsche Bank DE000XM6J7F0 Call 949 Call/85/ UNION PACIFIC CORP. Deutsche Bank DE000XM2S733 Call 856 Call/55/ Starbucks Commerzbank DE000CR43WA9 Call 824 Call/12.000/ DAX HSBC Trinkaus DE000TD166L1 Call 820 Call/85/ Daimler AG Deutsche Bank DE000XM0VVL5 Call 797 Call/1.250/ Priceline.com Deutsche Bank DE000DL1Z3J0 Call 769 Call/68/ General Mills Inc. Knock-out Products ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF0CTE6 Call 1,831 Mini Future Best of Gold Miners Index Citi DE000CX1CAS4 Put 1,551 Turbo Zertifikat DAX Morgan Stanley DE000MF0CTF3 Call 1,528 Mini Future Best of Gold Miners Index Citi DE000CC74RZ3 Put 1,277 Unlimited Turbo Zertifikat DAX Citi DE000CC96BC9 Put 1,197 Unlimited Turbo Zertifikat DAX Morgan Stanley DE000MF0CTH9 Call 1,059 Mini Future Best of Gold Miners Index Vontobel DE000VS870V6 Call 1,041 Mini Future Weizen Future 07/2016 USD Citi DE000CW3TYJ4 Put 1,014 Unlimited Turbo Zertifikat NASDAQ 100 Vontobel DE000VS8GDH1 Call 942 Mini Future Kakao Future 07/2016 (ICE) USD Morgan Stanley DE000MF0CTD8 Call 873 Mini Future Best of Gold Miners Index Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 14,687 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 6,289 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Deutsche Bank DE000DT4BRT7 Call 3,965 Unlimited Faktor Index-Zert. Brent Future Long Index Faktor 4 Commerzbank DE000CN4EYN7 Call 3,780 Unlimited Faktor Index-Zert. 12x Long DAX-Futures 2 Index Commerzbank DE000CR468T7 Call 3,775 Unlimited Faktor Index-Zert. 10x Long DAX-Futures Index Vontobel DE000VS66JX7 Call 3,756 Unlimited Faktor Index-Zert. 15X Short Index to DAX V3 Deutsche Bank DE000XM9S100 Call 3,493 Unlimited Faktor Index-Zert. ShortDAX x10 (TR) Index Deutsche Bank DE000DX6DAX0 Call 3,479 Unlimited Faktor Index-Zert. LevDAX x6 TR Index Vontobel DE000VS71ZE3 Call 3,183 Unlimited Faktor Index-Zert. 10X Long Index to Brent Crude Oil Commerzbank DE000CN2ZAW7 Call 3,172 Unlimited Faktor Index-Zert. 12x Short DAX -Futures Index 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DL05MU8 Put 486 Reverse Capped Bonus Zert. DAX Commerzbank DE000CD0EYZ1 Put 480 Reverse Bonus Zert. DAX Deutsche Bank DE000XM7HDU8 Call 348 Capped Bonus-Zertifikat EURO STOXX 50 Vontobel DE000VS8B1F0 Put 306 Reverse Capped Bonus Zert. S&P 500 Index Deutsche Bank DE000XM3V099 Call 266 Capped Bonus-Zertifikat EURO STOXX 50 Deutsche Bank DE000DL0MW04 Put 233 Reverse Capped Bonus Zert. DAX Vontobel DE000VS8KLM6 Put 233 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DL1HD86 Put 192 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TD38VD9 Call 188 Bonus Zertifikat DivDAX Kursindex BNP Paribas DE000PS77UB9 Put 184 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT874G0 Call 5,986 Discount-Zertifikat DAX Deutsche Bank DE000XM3NY38 Call 3,497 Discount-Zertifikat Airbus Group SE Deutsche Bank DE000XM98VR6 Call 2,563 Discount-Zertifikat Continental Deutsche Bank DE000DL3W563 Call 2,260 Discount-Zertifikat Airbus Group SE Deutsche Bank DE000DL3W7G8 Call 2,111 Discount-Zertifikat Moet Hennessy Louis Vuitton SE Deutsche Bank DE000XM45K77 Call 1,770 Discount-Zertifikat Infineon Deutsche Bank DE000XM4GK57 Call 1,725 Discount-Zertifikat OSRAM Licht AG Deutsche Bank DE000DL5Q6A9 Call 1,648 Discount-Zertifikat AXA S.A. Deutsche Bank DE000DL0DSM2 Call 1,564 Discount-Zertifikat EURO STOXX 50 Deutsche Bank DE000DL47W84 Call 1,527 Discount-Zertifikat OSRAM Licht AG Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT0BAC7 Call 9,111 Open End Index-Zert. boerse.de-champions-def.-index Deutsche Bank DE Call 6,122 Open End X-pert Index-Zert. DAX Deutsche Bank DE000DE04UZ8 Call 5,582 Index-Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE000DB3CTQ9 Call 3,771 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2BRE3 Call 3,356 Open End X-pert Zertifikat Brent Crude Oil Future BNP Paribas NL Call 3,216 Open End Zertifikat Brent Crude Oil Future RBS NL Call 2,424 Opend End Zertifikat Brent Crude Oil Future DZ Bank DE000DG1HHH1 Call 2,045 Opend End Zertifikat Brent Crude Oil Future Deutsche Bank DE000XM4ESP0 Call 1,575 Index-Zertifikat IBEX 35 Commerzbank DE Call 1,536 Index-Zertifikat Private Equity Beteiligungen 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 21.24% 5,594, ,153, Commerzbank 16.91% 4,455, ,893, DZ Bank 11.30% 2,977, ,210, BNP Paribas 8.61% 2,268, ,570, Vontobel 7.00% 1,843, ,913, Citi 6.59% 1,735, ,957, HSBC Trinkaus 6.30% 1,659, ,132, Société Générale 5.77% 1,519, , HVB/UniCredit 4.70% 1,238, ,225, UBS 4.34% 1,144, ,747, Goldman Sachs 2.75% 725, , LBBW 2.43% 641, , Lang & Schwarz 1.07% 281, , Raiff. Centrobank 0.24% 62, , Morgan Stanley 0.22% 57, , RBS 0.17% 44, , WGZ Bank 0.14% 37, , Erste Group Bank 0.13% 34, , Interactive Brokers 0.04% 11, , Bank of America Merrill Lynch 0.02% 5, , JPMorgan 0.01% 3, , Rabobank 0.00% , Barclays Capital 0.00% , Nomura 0.00% Total % 26,339, ,087, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 19.91% 603, ,052 1 Deutsche Bank 17.51% 530, ,764 2 Citi 10.64% 322, ,713 3 Vontobel 9.07% 274, ,443 6 BNP Paribas 8.69% 263, ,371 5 DZ Bank 8.33% 252, ,618 4 HSBC Trinkaus 5.06% 153, ,472 8 UBS 4.89% 148, ,749 7 HVB/UniCredit 4.44% 134, ,256 9 Société Générale 3.95% 119, , Lang & Schwarz 2.70% 81, , Goldman Sachs 2.49% 75, , LBBW 1.05% 31, , Morgan Stanley 0.48% 14, Raiff. Centrobank 0.21% 6, , Interactive Brokers 0.21% 6, , RBS 0.16% 4, , Erste Group Bank 0.13% 3, , WGZ Bank 0.05% 1, , Bank of America Merrill Lynch 0.03% , JPMorgan 0.00% Rabobank 0.00% Barclays Capital 0.00% Nomura 0.00% Total % 3,030,027 3,700,422 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Commerzbank 20.09% 713, , Deutsche Bank 20.00% 710, ,350, DZ Bank 11.52% 409, , Citi 8.99% 319, , UBS 7.08% 251, , BNP Paribas 7.04% 250, , HVB/UniCredit 6.32% 224, , Société Générale 5.96% 211, , Goldman Sachs 4.91% 174, , Vontobel 4.19% 148, , HSBC Trinkaus 3.24% 115, , Raiff. Centrobank 0.21% 7, , Lang & Schwarz 0.16% 5, , Interactive Brokers 0.15% 5, , Morgan Stanley 0.10% 3, Erste Group Bank 0.01% Total % 3,551, ,197, Relative volume of by underlying Indices 50.27% s 44.33% Commodities 3.01% Currencies 2.22% Others 0.10% Interest 0.06% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 21.05% 141, ,446 1 Deutsche Bank 16.99% 114, ,747 2 Citi 11.84% 79, ,501 3 DZ Bank 8.96% 60, ,982 4 BNP Paribas 7.86% 52, ,644 6 HVB/UniCredit 7.08% 47, ,877 5 Vontobel 6.53% 44, ,189 8 UBS 5.51% 37, ,402 7 Société Générale 4.79% 32, , Goldman Sachs 4.23% 28, ,340 9 HSBC Trinkaus 3.81% 25, , Interactive Brokers 0.55% 3, , Lang & Schwarz 0.41% 2, , Raiff. Centrobank 0.30% 2, , Morgan Stanley 0.07% Erste Group Bank 0.01% Total % 673, ,111 Relative number of by underlying Stocks 52.97% Indices 39.64% Commodities 4.81% Currencies 2.33% Interest 0.15% Others 0.10% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Commerzbank 19.87% 1,344, ,897, Deutsche Bank 16.98% 1,149, ,736, Citi 13.92% 942, ,066, BNP Paribas 13.58% 919, , DZ Bank 7.39% 499, , UBS 6.25% 423, , Vontobel 5.89% 398, , HSBC Trinkaus 4.45% 301, , HVB/UniCredit 3.95% 267, , Société Générale 3.21% 217, , Goldman Sachs 1.92% 130, , Lang & Schwarz 1.65% 111, , Morgan Stanley 0.67% 45, Erste Group Bank 0.10% 7, , Interactive Brokers 0.09% 6, , Raiff. Centrobank 0.06% 4, , RBS 0.03% 1, , Barclays Capital 0.00% , Total % 6,769, ,884, Relative volume of by underlying Indices 63.00% Stocks 23.70% Commodities 8.63% Currencies 2.96% Interest 1.69% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 19.04% 296, ,212 1 Citi 14.87% 231, ,917 3 Deutsche Bank 13.97% 217, ,039 2 BNP Paribas 11.32% 175, ,238 4 DZ Bank 8.71% 135, ,664 5 Vontobel 6.21% 96, ,889 8 UBS 6.05% 94, ,866 6 HSBC Trinkaus 5.23% 81, ,198 7 HVB/UniCredit 4.10% 63, ,546 9 Société Générale 4.01% 62, , Lang & Schwarz 3.13% 48, , Goldman Sachs 2.17% 33, , Morgan Stanley 0.83% 12, Interactive Brokers 0.17% 2, , Erste Group Bank 0.14% 2, , Raiff. Centrobank 0.05% , RBS 0.01% , Barclays Capital 0.00% Total % 1,555,244 1,822,023 Relative number of by underlying Indices 55.97% Stocks 27.44% Commodities 11.08% Currencies 3.60% Interest 1.86% Others 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 23.51% 3,256, ,073, DZ Bank 14.41% 1,996, ,859, Commerzbank 11.64% 1,612, ,448, HSBC Trinkaus 8.02% 1,110, ,306, BNP Paribas 7.93% 1,098, ,281, Société Générale 7.77% 1,076, , Vontobel 5.16% 714, , HVB/UniCredit 5.14% 711, , LBBW 4.48% 620, , Citi 3.38% 468, , UBS 3.36% 465, , Goldman Sachs 3.03% 419, , Lang & Schwarz 1.18% 163, , WGZ Bank 0.27% 37, , Raiff. Centrobank 0.26% 36, , RBS 0.22% 30, , Erste Group Bank 0.18% 25, , Bank of America Merrill Lynch 0.04% 5, , JPMorgan 0.03% 3, , Morgan Stanley 0.01% Barclays Capital 0.00% Total % 13,854, ,432, Relative volume of by underlying Indices 49.40% Stocks 45.10% Commodities 4.23% Interest 1.13% Others 0.09% Funds 0.04% Currencies 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 29.79% 146, ,704 1 DZ Bank 10.21% 50, ,370 3 Commerzbank 8.82% 43, ,047 2 BNP Paribas 7.00% 34, ,487 6 LBBW 6.28% 30, ,358 7 Lang & Schwarz 6.18% 30, ,053 4 HSBC Trinkaus 6.05% 29, ,363 5 Vontobel 6.04% 29, ,429 8 Société Générale 4.79% 23, , HVB/UniCredit 4.31% 21, , UBS 3.42% 16, ,428 9 Goldman Sachs 2.67% 13, , Citi 2.24% 11, , RBS 0.86% 4, , Raiff. Centrobank 0.56% 2, , WGZ Bank 0.33% 1, , Erste Group Bank 0.28% 1, , Bank of America Merrill Lynch 0.16% , JPMorgan 0.01% Morgan Stanley 0.01% Barclays Capital 0.00% Total % 491, ,964 Relative number of by underlying Stocks 48.89% Indices 43.02% Commodities 6.61% Interest 1.24% Others 0.16% Currencies 0.05% Funds 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 15.33% 524, , DZ Bank 14.23% 487, , BNP Paribas 13.02% 445, , Société Générale 11.78% 403, , Commerzbank 8.56% 293, , Citi 7.36% 251, , HSBC Trinkaus 7.08% 242, , HVB/UniCredit 6.20% 212, , Goldman Sachs 6.03% 206, , Vontobel 4.67% 160, , UBS 3.90% 133, , LBBW 1.31% 44, , Raiff. Centrobank 0.39% 13, , Erste Group Bank 0.06% 1, , WGZ Bank 0.04% 1, , JPMorgan 0.03% 1, Total % 3,423, ,558, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 15.24% 15, ,330 1 BNP Paribas 11.07% 10, ,024 2 DZ Bank 10.44% 10, ,258 4 Commerzbank 10.02% 9, ,232 3 Vontobel 8.88% 8, ,656 6 HSBC Trinkaus 7.80% 7, ,243 5 HVB/UniCredit 7.60% 7, , Goldman Sachs 7.00% 6, ,195 7 Citi 6.71% 6, ,129 8 Société Générale 6.56% 6, , UBS 5.00% 4, ,059 9 LBBW 2.85% 2, , Raiff. Centrobank 0.63% Erste Group Bank 0.15% WGZ Bank 0.03% JPMorgan 0.01% Total % 98, ,570 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 24.92% 1,720, ,736, DZ Bank 16.62% 1,147, ,064, Commerzbank 14.64% 1,010, ,370, HSBC Trinkaus 10.63% 733, , Société Générale 8.07% 557, , BNP Paribas 5.94% 410, , Vontobel 5.29% 365, , HVB/UniCredit 4.44% 306, , Citi 3.04% 209, , UBS 2.70% 186, , Goldman Sachs 2.05% 141, , LBBW 1.24% 85, , WGZ Bank 0.36% 24, , Raiff. Centrobank 0.07% 4, , Total % 6,903, ,733, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 44.33% 76, ,678 1 DZ Bank 11.87% 20, ,931 3 Commerzbank 10.59% 18, ,024 2 HSBC Trinkaus 9.03% 15, ,629 4 Vontobel 5.29% 9, ,512 5 Société Générale 4.88% 8, , BNP Paribas 4.14% 7, ,525 6 HVB/UniCredit 2.66% 4, ,777 8 Citi 2.25% 3, ,580 9 UBS 2.10% 3, ,182 7 LBBW 1.57% 2, , Goldman Sachs 0.94% 1, WGZ Bank 0.28% Raiff. Centrobank 0.05% Total % 172, ,755 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 42.06% 746, ,257, Commerzbank 11.74% 208, , Lang & Schwarz 9.24% 163, , BNP Paribas 9.11% 161, , DZ Bank 7.61% 135, , HVB/UniCredit 5.95% 105, , UBS 3.19% 56, , Société Générale 2.30% 40, , RBS 1.74% 30, , LBBW 1.66% 29, , HSBC Trinkaus 1.55% 27, , Goldman Sachs 1.29% 22, , Raiff. Centrobank 0.91% 16, , Vontobel 0.85% 15, , Erste Group Bank 0.39% 6, , Bank of America Merrill Lynch 0.33% 5, , Citi 0.07% 1, , WGZ Bank 0.01% Morgan Stanley 0.01% Barclays Capital 0.01% Total % 1,774, ,985, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 32.53% 40, ,309 1 Lang & Schwarz 24.10% 30, ,053 2 BNP Paribas 8.99% 11, , Commerzbank 7.80% 9, ,010 4 DZ Bank 5.52% 6, ,500 5 HVB/UniCredit 3.54% 4, ,146 8 UBS 3.48% 4, ,309 7 Société Générale 3.47% 4, ,941 6 RBS 3.34% 4, ,632 3 Raiff. Centrobank 1.48% 1, , LBBW 1.32% 1, Vontobel 1.19% 1, , HSBC Trinkaus 1.03% 1, ,941 9 Goldman Sachs 1.01% 1, , Bank of America Merrill Lynch 0.60% , Erste Group Bank 0.52% Citi 0.04% Barclays Capital 0.01% Morgan Stanley 0.01% WGZ Bank 0.01% Total % 125, ,086 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous LBBW 21.05% 239, , Deutsche Bank 14.87% 169, , Vontobel 13.74% 156, , DZ Bank 13.30% 151, , HSBC Trinkaus 9.19% 104, , BNP Paribas 7.12% 80, , Commerzbank 5.93% 67, , Goldman Sachs 4.24% 48, , HVB/UniCredit 3.94% 44, , UBS 3.75% 42, , Société Générale 1.98% 22, , WGZ Bank 0.51% 5, , Erste Group Bank 0.28% 3, Raiff. Centrobank 0.11% 1, , Total % 1,136, ,451, ( based on number of ) Number of Previous LBBW 21.60% 13, ,376 2 Vontobel 14.69% 9, ,411 4 Deutsche Bank 13.24% 8, ,841 1 DZ Bank 12.67% 7, ,426 3 HSBC Trinkaus 8.07% 4, ,398 5 BNP Paribas 8.04% 4, ,975 6 Commerzbank 6.05% 3, ,435 7 Goldman Sachs 5.33% 3, ,393 9 HVB/UniCredit 3.93% 2, , UBS 3.78% 2, ,893 8 Société Générale 1.70% 1, WGZ Bank 0.61% Raiff. Centrobank 0.21% Erste Group Bank 0.06% Total % 61,724 75,993 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 39.43% 49, , LBBW 16.79% 20, , Deutsche Bank 11.14% 13, , RBS 9.27% 11, , HVB/UniCredit 6.47% 8, , Société Générale 5.98% 7, , UBS 3.83% 4, , Morgan Stanley 2.98% 3, , Erste Group Bank 1.12% 1, Goldman Sachs 0.82% 1, , Commerzbank 0.73% , BNP Paribas 0.50% Raiff. Centrobank 0.47% Rabobank 0.25% , WGZ Bank 0.22% , Total % 124, , Relative volume of by underlying Indices 47.61% Stocks 36.96% Interest 10.52% Funds 2.62% Commodities 2.06% Others 0.23% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 45.41% 2, ,006 1 LBBW 17.72% ,660 2 Deutsche Bank 10.25% RBS 8.18% HVB/UniCredit 5.92% Société Générale 5.41% Morgan Stanley 2.57% UBS 0.81% Commerzbank 0.77% Raiff. Centrobank 0.76% Erste Group Bank 0.74% BNP Paribas 0.47% Rabobank 0.40% WGZ Bank 0.31% Goldman Sachs 0.29% Total % 5,560 9,904 Relative number of by underlying Indices 48.02% Stocks 37.77% Interest 8.90% Commodities 2.52% Funds 2.46% Others 0.32% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

22 x AKT UELL euwax report 2016 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 49.38% 6,903, ,733, Bonus Certificates 24.49% 3,423, ,558, Tracker Certificates 12.69% 1,774, ,985, Reverse Certificates 8.13% 1,136, ,451, Express Certificates 2.88% 403, , Credit linked notes 1.12% 156, , Certificates with capital protection 0.76% 106, , Sprint Certificates 0.41% 57, , Structured bonds 0.13% 17, , Total % 13,979,593 15,654,100 Market : Investment Products by Securities Type 1 ( based on number of ) Number of Previous Discount Certificates 34.80% 172, ,755 2 Tracker Certificates 25.35% 125, ,086 1 Bonus Certificates 19.87% 98, ,570 3 Reverse Certificates 12.42% 61, ,993 4 Express Certificates 4.67% 23, ,609 5 Credit linked notes 1.23% 6, ,347 7 Certificates with capital protection 0.98% 4, ,786 6 Sprint Certificates 0.55% 2, ,604 8 Structured bonds 0.14% ,118 9 Total % 496, ,868 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

23 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 52 euwax report 2016 Sales Ratio Sales Ratio: Investment Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Leverage Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

24 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 52 euwax report 2016 Sales Ratio: Discount Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Bonus Certificates 1 (Based on number of ) Sales Ratior (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

25 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 52 euwax report 2016 Sales Ratio: Tracker Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Reverse Convertibles 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at

26 Euwax what s new New Products Launched Number of new products launched in 2016 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 85, ,743-66, ,834 Citi 85, ,724-67, ,480 Commerzbank 74, , , ,556 Deutsche Bank 57, , , ,031 DZ Bank 40,689 80,989-81, ,488 Erste Group Bank 235 1, ,447 Goldman Sachs 70,705 88,454-93, ,356 HSBC Trinkaus 14,080 45,133-33,551 92,764 Interactive Brokers 18,176 13, ,253 JPMorgan LBBW ,676 6,697 Lang & Schwarz 1,107 22,975-1,981 26,063 Morgan Stanley , ,719 Raiff. Centrobank 1, ,373 3,503 Société Générale 60, , , ,371 UBS 49, ,186-55, ,970 HVB/UniCredit 45, , , ,907 Vontobel 47, ,517-87, ,589 WGZ BANK Total 652,990 1,827, ,150 3,235,392 Total 26

27 Products Reaching Final Maturity Number of products reaching final maturity in 2016 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Barclays Capital BNP Paribas 69, ,529-87, ,889 Citi 70, ,897-74, ,074 Commerzbank 70, , , ,816 Deutsche Bank 49, , , ,930 DZ Bank 40,257 83, , ,762 Erste Group Bank 43 1, ,185 Goldman Sachs 57,585 86, , ,903 HSBC Trinkaus 12,843 47, ,233 88,656 Interactive Brokers 22,081 15, ,591 JPMorgan LBBW ,924 6,019 Lang & Schwarz 1,743 22, ,904 Bank of America Merrill Lynch Morgan Stanley , ,181 Nomura Rabobank Raiff. Centrobank 1, ,707 Société Générale 28, , , ,856 RBS UBS 58, , , ,110 HVB/UniCredit 51,425 73, , ,893 Vontobel 46, , , ,419 WGZ BANK Total 579,681 1,791, ,266 3,067,353 Total (as at 2016) 27

28 Listed Products Number of listed products as at 2016 of total Commerzbank 13.91% 184, ,348 1 Citi 11.59% 153, ,269 3 Deutsche Bank 11.33% 150, ,669 2 BNP Paribas 10.65% 141, ,260 4 DZ Bank 8.77% 116, ,507 5 Société Générale 8.14% 107, ,820 8 Vontobel 7.57% 100, ,432 6 HVB/UniCredit 7.01% 93, ,289 9 UBS 7.01% 93, ,203 7 Goldman Sachs 6.42% 85, , HSBC Trinkaus 4.78% 63, , Lang & Schwarz 0.88% 11, , LBBW 0.78% 10, , Morgan Stanley 0.66% 8, Raiff. Centrobank 0.33% 4, , Erste Group Bank 0.18% 2, , JPMorgan 0.00% RBS 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% % 1,326,797 1,274,476 1 Number of listed products as at 31 December 2016 (reporting date). 2 Number of listed products as at 31 December 2015 (reporting date). 28

29 Mistrades and complaints Number of mistrade applications granted by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 1 as at 2016 Raiff. Centrobank Interactive Brokers Goldman Sachs Société Générale Lang & Schwarz UBS Vontobel HSBC Trinkaus Deutsche Bank HVB/UniCredit Euwax AG Citi Commerzbank BNP Paribas Total mistrade applications granted (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Number of mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at 2016 Raiff. Centrobank Interactive Brokers UBS Société Générale Goldman Sachs BNP Paribas Citi Deutsche Bank Commerzbank Euwax AG Total mistrade applications rejected (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Complaints ratio in 2016 Complaints 3 Complaints (thereof authorised / warranted) % 0.014% 3 Total client complaints received as a proportion of all orders for trading in securitised derivatives over the period covered by the report. 4 Total complaints upheld (as a proportion of all orders for trading in securitised derivatives over the period covered by the report) and attributable to an error by the QLP. At Stuttgart Exchange, Euwax AG acts as the quality liquidity provider (QLP) for electronic trading in securitised derivatives. 29

30 Announcements and statutory website details Euwax announcements. Since 01. January.2016 the transaction fee is cancelled for securitised up to 1,100 euros. The transaction fee for securitised more than 1,100 euros is 0.95 plus 19% VAT. The fee cap is EUR plus 19% VAT. New issue subscriptions. Subscribing for new issues is straightforward. You can order new issues of structured investment products through the Stuttgart Exchange, the only trading platform that does not charge the usual transaction fee. Orders can be placed through any bank or savings bank. For a list of securities currently in the subscription phase, see: Live on n-tv. Follow the latest Euwax trends live in Teleboerse at hours (CET) on n-tv (every exchange trading day). The Stuttgart Exchange mobile app. The Stuttgart Exchange app gives you access to real-time prices for all the securities traded on our trading platform. Thanks to real-time limit monitoring, you can keep an eye on your securities even while you are out just like the professionals. You can set up push notifications that tell you when a predefined limit has been reached for the securities on your watch list. Download the app from: Notes on the ly report. Reporting. The report for the preceding is published at the beginning of the current. Contents. The report does not contain any valuations. It is based on statistical analysis and current news. The date provided includes Euwax indicators, the market shares of different issuers and exchanges, and a complaints ratio. Sales Ratio. The Sales Ratio is the ratio of buy orders to total orders (i.e. buy and sell orders). The figures quoted only include orders that were actually. Important note. It is intended that this ly report should be expanded in collaboration with issuers. Your comments and suggestions are welcome. The greatest possible care has been taken in the production of this report. All the information on which it is based comes from the Boerse Stuttgart Group or other publicly available sources that we believe to be trustworthy and reliable. Nevertheless, we cannot guarantee that it is accurate or that it does not contain errors. We cannot accept liability for any direct or indirect damage, including unrealized gains or profits, that may be caused as a result of or in connection with the information contained in the report. Source. Boerse Stuttgart Group. Contact. Friederike Heeß, Boerse Stuttgart GmbH, phone: +49 (0) , friederike.heess@boerse-stuttgart.de Market comments. Solenne Peltier, Boerse Stuttgart GmbH, phone: +49 (0) , Solenne.peltier@boerse-stuttgart.de Statistical data. Information Management (Statistik), Boerse Stuttgart GmbH, phone: +49 (0) , Statistik@boerse-stuttgart.de 2016 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30