Outflows from China, Japan and South Korea ETFs Data in this report is as of 20th March 2015

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1 Deutsche Bank Markets Research Asia Synthetic Equity & Index Strategy Asia Pac Weekly ETF Market Review Date 24 March 2015 Outflows from China, Japan and South Korea ETFs Data in this report is as of 20th March 2015 Market Review Last week, All the major markets in the Asia-Pacific region were in positive territory except India. Compared to the week before, from north to south: Japan (Nikkei 225) +1.59% South Korea (KOSPI2) +2.59% China (CSI 300) +7.60% Taiwan (TWSE): +1.78% Hong Kong (HSI) +2.32% India (Sensex) -0.85% Singapore (FSSTI) +1.48% Australia (S&P/ASX 200) +2.77% New Product Launch Review During last week, UBS a European ETF provider cross listed 10 European domiciled ETFs on the Tokyo Stock Exchange. Seven of these ETFs track major European equity indices. The remaining ETFs track MSCI USA, MSCI Pacific ex Japan and MSCI World index respectively. ETP Weekly Flows China, Japan & South Korea witness outflows Asia-Pacific ETP market experienced outflows for the third consecutive week recording -$1.2bn worth of redemptions last week (-$1bn & -$0.7bn over the prev. two weeks respectively), setting the YTD weekly flows average at +$47mn (+$536mn in YTD flows). Majority of the outflows were from equity ETFs which saw close to -$2.3bn of outflows, primarily from China (-$1.5bn), Japan (-$0.4bn) & South Korea (-$0.4bn) focused ETFs. These outflows were partially offset by fixed income ETFs where money market and sovereign bonds saw inflows of +$0.7bn and +$0.2bn respectively over the last week. Within equity sub-segments, short strategy ETFs registered inflows of +$0.5bn while leverage long ETFs experienced outflows of -$0.4bn over the last week. Winners and losers: At ETP level, Yinhua Traded Money Market Fund ( CH), Next Funds Nikkei 225 Inverse Index ETF (1571 JP) and Nikko ETF Topix (1308 JP) were the largest flows receivers of the week collecting +$341mn, +$316mn, and +$237mn respectively. Over the same period, biggest outflows were experienced by Huatai-Pinebridge CSI 300 ETF ( CH), Samsung KODEX 200 ( KS) and Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) recording -$753mn, -$255mn and -$212mn of outflows respectively. Review Floor activity up by 25% Asia-Pacific ETP turnover totaled $39bn for the last week, 25% up from the previous week s total. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $18.9bn, 47% up as compared to previous week, followed by Japan ($9.4bn, -11%), Hong Kong ($6bn, +40%), and South Korea ($3.6bn, +31%). At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Huatai-Pinebridge CSI 300 ETF ( CH) and Yinhua Traded Money Market Fund ( CH) were the most traded products of the week recording total turnovers of $6.7bn, $4bn and $3.7bn respectively. Assets under Management Review Assets increased by $6.5bn Asia-Pac ETP added $6.5bn last week and closed at $218.7bn. On a yearto-date basis, Asia-Pac ETP market is up by $16.7bn or 8.3% above last year s closing. 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 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) 148/04/2014.

2 Table Of Contents 1. ETP Market Overview... 3 Current Week... 3 Country Breakdown... 5 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

3 1. ETP Market Overview Current Week Figure 1: Number of ETPs by Asset Class Current Week Prev. Week WoW Change End of 2014 YTD Change Asset Class # of ETPs # 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 2: ETP Cash Flows (US$ Million) by Asset Class Asset Class Current Week Prev. Week Equity (2,349) -1.2% (262) -0.1% (1,358) -0.7% Fixed income % (790) -6.3% % Commodity % % % Currency (4) -1.1% % % Multi Asset - 0.0% - 0.0% (3) -9.3% Alternative (0) -0.1% 2 1.0% % Total (1,180) -0.6% (967) -0.5% % YTD Figure 3: ETP (US$ Million) by Asset Class Current Week Prev. Week WoW Change Year 2014 Change from 2014 Asset Class % % Equity 31, % 28,659 3, % 15,156 16, % Fixed income 6, % 2,173 4, % 2,544 4, % Commodity % % % Currency % % % Multi Asset 0 0.0% 0 (0) -7.7% % Alternative % 68 (8) -11.7% % Total 38, % 31,251 7, % 17,818 21, % Page 3

4 Figure 4: ETP (US$ Million) by Asset Class Current Week Prev. Week WoW Change End of 2014 YTD Change Asset Class % % Equity 202, % 196,833 5, % 187,059 15, % Fixed income 12, % 11, % 11, % Commodity 3, % 3, % 2, % Currency % 312 (0) -0.1% % Multi Asset % % 32 (3) -7.9% Alternative % 221 (11) -4.8% % Total 218, % 212,144 6, % 201,933 16, % Figure 5: New ETF launches ETP Name Issuer Asset Class & Structure Exchange TER Bloomberg Reuters Code Cross Listings UBS ETF-FTSE 100 UCITS ETF UBS Equity ETF Tokyo SE 0.20% 1389 JP 1389.T UBS ETF-EURO STOXX 50 UCITS ETF UBS Equity ETF Tokyo SE 0.20% 1385 JP 1385.T UBS ETF-MSCI EMU Small Cap UCITS ETF UBS Equity ETF Tokyo SE 0.30% 1388 JP 1388.T UBS-ETF MSCI Pacific ex. Japan UBS Equity ETF Tokyo SE 0.20% 1390 JP 1390.T UBS ETF - MSCI Switzerland 20/35 UCITS ETF UBS Equity ETF Tokyo SE 0.20% 1391 JP 1391.T UBS ETF-MSCI World UCITS ETF UBS Equity ETF Tokyo SE 0.15% 1394 JP 1394.T UBS ETF-MSCI Europe UCITS ETF UBS Equity ETF Tokyo SE 0.23% 1386 JP 1386.T UBS ETF-MSCI EMU UCITS ETF UBS Equity ETF Tokyo SE 0.33% 1387 JP 1387.T UBS ETF-MSCI USA UCITS ETF UBS Equity ETF Tokyo SE 0.30% 1393 JP 1393.T UBS ETF - MSCI United Kingdom UCITS ETF UBS Equity ETF Tokyo SE 0.30% 1392 JP 1392.T Page 4

5 Country Breakdown Figure 6: ETF Summary by listing country Country #ETFs #Listings CF (US$m) Share (CF) TO (US$m) Share (TO) (US$m) Share () Australia % % 8, % China (801) 67.9% 18, % 36, % Hong Kong (162) 13.8% 6, % 40, % India (0) 0.0% % 2, % Indonesia % 0 0.0% % Japan % 9, % 106, % Philippines % 1 0.0% % Korea (385) 32.6% 3, % 17, % Malaysia % 0 0.0% % New Zealand % 1 0.0% % Singapore (20) 1.7% % 1, % Taiwan (1) 0.1% % 4, % Thailand (0) 0.0% 2 0.0% % Total (1,180) 100.0% 38, % 218, % Figure 7: ETF Product Breakdown and Asset Class Market Share by Country US$ Million Equity Product Type Country Country Regional Sector Size Style Strategy Thematic Equity Total Fixed Income Comdty Other Equity Total Asset Class Share by country Australia 4, , ,608 1, % 14.5% 5.2% China 28,717-2, ,707 3, % 9.1% 0.2% Hong Kong 36, ,507 4, % 10.2% 0.3% India , % 3.6% 54.5% Indonesia % 0.0% 0.0% Japan 96, , , , , % 0.1% 1.0% Philippines % 0.0% 0.0% Korea 9, , ,869 3, % 17.5% 2.3% Malaysia % 67.8% 0.0% New Zealand % 0.0% 0.0% Singapore 1, , % 31.1% 0.0% Taiwan 4, , % 0.0% 0.0% Thailand % 0.0% 25.4% Total 181, , ,988 7,064 2, ,128 12,587 3, % 5.8% 1.6% Fixed Income Comdty Figure 8: ETF (US$ Million) by Country Figure 9: ETF (US$ Million) by Country China Japan Hong Kong Korea Taiwan Australia India Singapore Thailand New Zealand Philippines Malaysia Indonesia - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 TO (US$ Million) Japan Hong Kong China Korea Australia Taiwan India Singapore New Zealand Malaysia Thailand Indonesia Philippines - 30,000 60,000 90, ,000 (US$ Million) Page 5

6 Issuer Rankings Cash Flows\ Figure 10: ETP inflows (US$ Million) by Issuer Top 10 Current Week inflows (US$ Million) BetaShares Capital Ltd (4) Kyobo AXA Investment Mg Co Ltd (16) China Southern Fund Management Co Ltd (5) (174) Total Top 10 (Inflows) (4) 1,125 4,160 Figure 11: ETP outflows (US$ Million) by Issuer Top 10 Current Week outflows (US$ Million) Issuer Equity Fixed Commodity Income Other Total YTD Total Yinhua Fund Management (0) Simplex Asset Management Co Ltd Nikko Asset Management ,491 Hang Seng Investment Management (2) ,061 China Universal Asset Management Co (4) China Merchants Fund Management Co (3) (438) KB Asset Management (49) Issuer Equity Fixed Commodity Income Other Total YTD Total Huatai-PineBridge Fund Management Co (789) (789) (1,296) Samsung Asset Management (388) (376) (1,183) Harvest Fund Management Co (213) (0) - - (213) (1,353) BlackRock (188) (0) - - (188) (1,925) China Asset Management (173) (173) (611) Daiwa Asset Management (100) 340 DIAM Asset Management (99) (99) 775 Nomura Asset Management (152) (84) 2,047 Korea Investment Trust Mg (73) (73) (206) State Street (75) (63) 19 Total Top 10 (Outflows) (2,150) (2,159) (3,394) Page 6

7 information Weekly definition: Note on The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1-week span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain week, after which the daily turnover is aggregated for all the days within the week generating the total weekly turnover figure. The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded. Figure 12: ETP (US$ Million) by Issuer Top 40 Issuer Equity Fixed Income Commodity Other Total Nomura Asset Management 7, , % Huatai-PineBridge Fund Management Co 4, , % Yinhua Fund Management 0.2 3, , % China Asset Management 3, , % Samsung Asset Management 2, , % BlackRock 2, , % CSOP Asset Management 2, , % E Fund Management 1, , % Guotai Asset Management Co Ltd , % Huaan Fund Management 1, , % Harvest Fund Management Co 1, , % China Southern Fund Management Co Ltd % Simplex Asset Management Co Ltd % State Street % China Universal Asset Management Co % Mirae Asset MAPS Global Investments % Hang Seng Investment Management % Yuanta Securities Inv trust Co Ltd % China Merchants Fund Management Co % Daiwa Asset Management % Nikko Asset Management % Woori Asset Management % Bosera Fund Management Co Ltd % KB Asset Management % BetaShares Capital Ltd % Fubon Securities Investment Trust Co % Korea Investment Trust Mg % BOCI - Prudential Asset Man Ltd % Goldman Sachs % Mitsubishi UFJ Asset Mg % Kokusai Asset Management Co Ltd % GTJA Allianze Fund Management Co % Fuh-Hwa Securities Investment Trust % ICBC Credit Suisse Asset Management % Vanguard % GF Fund Management Co Ltd % Fortune SGAM Fund Management % Deutsche AWM % Invesco Great Wall Fund Management Co. Ltd % Hanwha Investment Trust Management % Total (Top 40) 31,567 6, , % Current Week (US$ Million) Page 7

8 Figure 13: ETP (US$ Million) by Issuer Contd. Current Week (US$ Million) Issuer Equity Fixed Income Commodity Other Total Kyobo AXA Investment Mg Co Ltd % BOCOM Schroders % Haitong international % Mitsubishi UFJ Trust and Banking Corporation % Dacheng Fund Management Co Ltd % UBS % Lion Fund Management Co Ltd % HFT Investment Management Co Ltd % Russell Investments % Penghua Fund Management Co Ltd % Yurie Asset Management % Van Eck Funds % ETF Securities Ltd % Bank of China Investment Management % DIAM Asset Management % Lyxor % Horizons ETFs % UOB Asset Management Ltd % Kotak Mahindra Asset Man % China International Fund Mgmt % Krung Thai Asset Management % Fullgoal Fund Management Co % One Asset Management Ltd % Smartshares Ltd % First Metro Asset Management % Changsheng Fund % UTI Asset Management % SBI Funds Management % Ping An of China Asset Management % Reliance Capital Asset Management % HDFC Asset Management Co Ltd % Motilal Oswal Mutual Fund % Prudential ICICI Asset Management % CCB Principal Asset Management Co Ltd % Sensible Asset Management Hong Kong % SinoPac Securities Investment Trust Co % Canara Robeco % Wanjia Asset Management % Dongbu Asset Management % NZAM % Enhanced Investment Products Limited % Quantum Asset Management % BMO Global Asset Management Asia Ltd % Midas Asset Management Co % Daishin Investment Trust Mg % i-vcap Management % Passive Funds Management Ltd % Thanachart Fund Management % CIMB-GK Securities Pte Ltd % Axis Asset Management % Kasikorn Asset Management % BNP Paribas % Kiwoom Asset Management Co Ltd % India Infoline Asset Management Co % Total 31,689 6, , % Page 8

9 Figure 14: ETP (US$ Million) by Issuer Completion Issuer Equity Current Week (US$ Million) Fixed Income Commodity Other Total Birla Sun Life Asset Management Co % IDBI Asset Management % UBS Hana Asset Management Co Ltd % HSBC Inv Funds Ltd/Hong Kong % Religare Mutual Fund % BBL Asset Management Co % Tong Yang Investment Trust Mg % Mizuho Asset Management Co Ltd % TMB Asset Management % Indo Premier Securities % AmInvestment Services Berhad/Malaysia % KDB Asset Management Co Ltd/Korea % Maybank Asset Management Thailand Co Ltd % KTB Asset Management Co Ltd/Korea % Prudential Asset Management Company Ltd % Total ( All Local Issuers) 31,689 6, , % Page 9

10 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 18 for details on Foreign Issuers s. Figure 15: ETP (US$ Million) ranking by Local Issuer Top 40 Current Week (US$ Million) Issuer Equity Fixed Income Commodity Other Total Nomura Asset Management 49, , % Nikko Asset Management 22, , % Daiwa Asset Management 21, , % State Street 11,899 3, , % BlackRock 12, , % China Asset Management 11, , % Hang Seng Investment Management 9, , % Samsung Asset Management 7,497 1, , % Mitsubishi UFJ Asset Mg 7, , % Harvest Fund Management Co 7, , % CSOP Asset Management 4, , % Huatai-PineBridge Fund Management Co 4, , % E Fund Management 3, , % Yuanta Securities Inv trust Co Ltd. 3, , % Mirae Asset MAPS Global Investments 2, , % Huaan Fund Management 2, , % China Southern Fund Management Co Ltd 1, , % Vanguard 1, , % Yinhua Fund Management 18 1, , % BetaShares Capital Ltd , % Goldman Sachs , % Korea Investment Trust Mg 1, , % BOCI - Prudential Asset Man Ltd 1, , % Simplex Asset Management Co Ltd , % HFT Investment Management Co Ltd 53 1, , % KB Asset Management , % Kyobo AXA Investment Mg Co Ltd % DIAM Asset Management % Hanwha Investment Trust Management % NZAM % Fubon Securities Investment Trust Co % Woori Asset Management % Guotai Asset Management Co Ltd % GF Fund Management Co Ltd % Russell Investments % UBS % Reliance Capital Asset Management % ETF Securities Ltd % HSBC Inv Funds Ltd/Hong Kong % Mitsubishi UFJ Trust and Banking Corporation % Total (Top 40) 198,438 12,076 2, , % Page 10

11 Figure 16: ETP (US$ Million) ranking by Local Issuer Contd. Current Week (US$ Million) Issuer Equity Fixed Income Commodity Other Total BOCOM Schroders % China Merchants Fund Management Co % Bosera Fund Management Co Ltd % Fuh-Hwa Securities Investment Trust % Smartshares Ltd % ICBC Credit Suisse Asset Management % China Universal Asset Management Co % Kokusai Asset Management Co Ltd % AmInvestment Services Berhad/Malaysia % Kotak Mahindra Asset Man % Horizons ETFs % Dacheng Fund Management Co Ltd % Invesco Great Wall Fund Management Co. Ltd % Fortune SGAM Fund Management % Sensible Asset Management Hong Kong % HDFC Asset Management Co Ltd % Indo Premier Securities % Haitong international % UTI Asset Management % One Asset Management Ltd % Van Eck Funds % i-vcap Management % Passive Funds Management Ltd % CIMB-GK Securities Pte Ltd % Yurie Asset Management % CCB Principal Asset Management Co Ltd % Enhanced Investment Products Limited % UOB Asset Management Ltd % Penghua Fund Management Co Ltd % Prudential ICICI Asset Management % Motilal Oswal Mutual Fund % Lion Fund Management Co Ltd % GTJA Allianze Fund Management Co % BMO Global Asset Management Asia Ltd % Fullgoal Fund Management Co % Axis Asset Management % Krung Thai Asset Management % SBI Funds Management % Midas Asset Management Co % Dongbu Asset Management % Ping An of China Asset Management % BNP Paribas % First Metro Asset Management % Sumitomo Mitsui Asset Management % IDBI Asset Management % UBS Hana Asset Management Co Ltd % Daishin Investment Trust Mg % Birla Sun Life Asset Management Co % Kiwoom Asset Management Co Ltd % Tong Yang Investment Trust Mg % Total 202,061 12,587 3, , % Page 11

12 Figure 17: ETP (US$ Million) ranking by Local Issuer Completion Current Week (US$ Million) Issuer Equity Fixed Income Commodity Other Total SinoPac Securities Investment Trust Co % BBL Asset Management Co % KTB Asset Management Co Ltd/Korea % Lippo Investments Management % Bank of China Investment Management % Kasikorn Asset Management % Thanachart Fund Management % Religare Mutual Fund % Quantum Asset Management % Maybank Asset Management Thailand Co Ltd % China International Fund Mgmt % KDB Asset Management Co Ltd/Korea % Changsheng Fund % TMB Asset Management % Canara Robeco % Wanjia Asset Management % India Infoline Asset Management Co % Prudential Asset Management Company Ltd % Mizuho Asset Management Co Ltd % Chimaera Capital Ltd % Total ( All Local Issuers) 202,128 12,587 3, , % Figure 18: ETP (US$ Million) ranking by Foreign Issuer Issuer Equity Current Week (US$ Million) Fixed Income Commodity Other Total BlackRock 300, , % State Street 207,507-28, , % Vanguard 69, , % Deutsche AWM 24,677 2, , % Lyxor 9,434-1,105-10, % UBS 7, , % ETF Securities Ltd - - 7,915-7, % 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) 618,879 2,022 38, , % Page 12

13 2. ETP Cash Flows Investment Focus Figure 19: ETP Cash Flows (US$ Million) by Investment Focus Equity Investment Focus - Equity Developed Markets (458) -0.4% (319) -0.3% 5, % Emerging Markets (1,872) -2.9% (538) -0.9% (6,909) -10.1% Global Markets 1 0.4% 2 1.4% % Sectors (82) -1.1% % 1, % Capitalization (13) -1.7% (1) -0.2% (64) -8.5% Strategy % % (699) -9.7% Style (30) -1.0% (8) -0.3% (67) -2.5% Thematic (32) -1.5% (5) -0.2% (82) -3.8% Total (2,349) -1.2% (262) -0.1% (1,358) -0.7% Current Week Prev. Week YTD Figure 20: ETP Cash Flows (US$ Million) by Investment Focus Fixed Income Investment Focus - Fixed Income Sovereign % (33) -0.5% % Corporates 5 0.4% - 0.0% 5 0.4% Money Market % (755) -18.7% % Overall 1 0.2% (1) -0.4% (11) -3.1% Total % (790) -6.3% % Current Week Prev. Week YTD Figure 21: ETP Cash Flows (US$ Million) by Investment Focus Commodity Current Week Prev. Week YTD Investment Focus - Commodity Precious Metals % % % Energy % % % Agriculture - 0.0% % % Industrial Metals - 0.0% - 0.0% % Total % % % Page 13

14 Sub Segment Figure 22: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity Developed Markets Current Week Prev. Week YTD Investment Focus Developed Markets - Equity Australia % - 0.0% % Hong Kong (63) -0.5% % % Japan (381) -0.4% (389) -0.4% 5, % New Zealand - 0.0% - 0.0% 1 0.8% Singapore (24) -7.0% (31) -8.2% (81) -19.2% Asia Pacific (450) -0.4% (309) -0.3% 5, % Germany (8) -6.9% (11) -8.2% (40) -27.3% US - 0.0% 0 0.1% 6 3.0% Global broad indices 0 0.0% 1 0.2% % DM Total (458) -0.4% (319) -0.3% 5, % Figure 23: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity Emerging Markets Investment Focus Emerging Markets - Equity China (1,506) -3.0% % (5,961) -10.7% India (0) 0.0% % % Indonesia 1 2.3% 2 9.1% 1 4.4% Malaysia - 0.0% - 0.0% % Philippines 1 3.7% - 0.0% % South Korea (369) -4.2% (612) -6.2% (850) -9.2% Taiwan - 0.0% - 0.0% (150) -6.0% Thailand 0 0.0% (3) -2.9% 4 4.3% Asia Pacific broad - 0.0% - 0.0% - 0.0% Asia Pacific (1,874) -3.0% (540) -0.9% (6,905) -10.1% Brazil 2 5.9% 2 5.9% 3 6.9% LATAM broad - 0.0% - 0.0% - 0.0% Latin America 2 5.4% 2 5.3% 3 6.3% Russia (0) 0.0% (0) 0.0% % South Africa (0) 0.0% (0) 0.0% (10) -55.5% Global broad indices - 0.0% - 0.0% (1) -0.8% EM Total (1,872) -2.9% (538) -0.9% (6,909) -10.1% Current Week Prev. Week YTD Page 14

15 Figure 24: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Equity - Others Investment Focus Sub segments - Equity Consumer Discretionary 3 1.3% % 2 0.9% Consumer Staples 2 1.1% (7) -2.9% % Energy (1) -1.9% 0 0.7% 5 9.2% Financials (78) -1.4% % 1, % Healthcare (22) -6.4% (20) -5.5% (131) -31.8% Industrials 9 9.7% (0) -0.3% % Information Technology (1) -0.5% (8) -2.4% % Materials 8 4.6% (4) -2.4% (32) -15.0% Telecommunication Services - 0.0% - 0.0% - 0.0% Utilities 0 1.1% (0) -1.1% 0 1.0% Overall (3) -1.8% (6) -3.5% (23) -14.1% Sector (82) -1.1% % 1, % Large Cap (8) -2.1% (1) -0.2% (41) -10.0% Mid Cap (4) -2.5% (1) -0.4% (25) -13.0% Small Cap - 0.0% - 0.0% 2 1.5% Capitalization (13) -1.7% (1) -0.2% (64) -8.5% Short % % 1, % Leveraged (410) -10.2% % (2,601) -46.0% Leveraged Short % % % Quantitative (1) -0.3% (0) 0.0% 5 1.9% Fundamental (6) -2.4% (3) -1.3% (29) -11.4% Strategy % % (699) -9.7% Growth 9 1.9% (0) 0.0% 3 0.7% Value (4) -2.6% (1) -0.8% (135) -46.7% Dividend (35) -1.6% (7) -0.3% % Style (30) -1.0% (8) -0.3% (67) -2.5% Sustainability 5 7.7% 0 0.0% (21) -23.1% Commodities (6) -11.0% (1) -2.3% (5) -9.7% Other Theme (31) -1.6% (4) -0.2% (56) -2.7% Thematic (32) -1.5% (5) -0.2% (82) -3.8% Total (20) -0.1% % % Current Week Prev. Week YTD Page 15

16 Figure 25: ETP Cash Flows (US$ Million) by Investment Focus Sub Segment Commodity Current Week Prev. Week YTD Investment Focus Sub Segment - Commodity Overall Overall - n.a - 0.0% % Agriculture Overall - 0.0% % % 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 % % % Natural Gas - 0.0% - 0.0% - 0.0% Industrial Metals Overall - 0.0% - 0.0% - 0.0% Copper - 0.0% - 0.0% % Precious Metals Overall - 0.0% - 0.0% - 0.0% Gold % % (0.3) 0.0% Palladium - 0.0% - 0.0% - 0.0% Platinum % % % Silver % % (1.5) -1.4% Total % % % Page 16

17 Issuer Figure 26: ETP inflows (US$ Million) by Issuer Top 10 Issuer Yinhua Fund Management % (469) -28.0% % Simplex Asset Management Co Ltd % % % Nikko Asset Management % (51) -0.2% 2, % Hang Seng Investment Management % % 1, % China Universal Asset Management Co % (65) -30.1% % China Merchants Fund Management Co % (76) -25.2% (438) -62.4% KB Asset Management % (25) -2.3% (49) -4.5% BetaShares Capital Ltd % % % Kyobo AXA Investment Mg Co Ltd % (39) -3.8% (16) -1.7% China Southern Fund Management Co Ltd % (124) -6.7% (174) -9.7% Total Top 10 (Inflows) 1, % (625) -1.8% 4, % Current Week Prev. Week YTD Figure 27: ETP outflows (US$ Million) by Issuer Top 10 Issuer Huatai-PineBridge Fund Management Co (789) -15.3% % (1,296) -23.9% Samsung Asset Management (376) -4.2% (303) -3.2% (1,183) -12.3% Harvest Fund Management Co (213) -3.1% % (1,353) -16.9% BlackRock (188) -1.5% 1 0.0% (1,925) -12.9% China Asset Management (173) -1.6% (325) -3.1% (611) -5.5% Daiwa Asset Management (100) -0.5% (122) -0.6% % DIAM Asset Management (99) -10.4% - 0.0% 775 n.a Nomura Asset Management (84) -0.2% % 2, % Korea Investment Trust Mg (73) -6.0% (57) -4.3% (206) -15.3% State Street (63) -0.4% % % Total Top 10 (Outflows) (2,159) -2.1% % (3,394) -3.3% Current Week Prev. Week YTD Page 17

18 Index Provider Figure 28: ETP Cash Flows (US$ Million) by Index Provider Equity Topix HSIL S&P Dow Jones IISL Maekyung FnGuide Deutsche Borse Other MSCI SSE Nikkei FTSE KRX CSI (1,200) (1,000) (800) (600) (400) (200) (US$ Million) Figure 29: ETP Cash Flows (US$ Million) by Index Provider Fixed Income Other Markit iboxx Deutsche Bank CSI UBS Maekyung FnGuide (100) (US$ Million) Figure 30: ETP Cash Flows (US$ Million) by Index Provider Commodity UBS Other S&P Dow Jones Commodity Nikkei (20) (US$ Million) Page 18

19 Underlying Index/Security Figure 31: ETP inflows (US$ Million) by Underlying Index Equity (Top 10) Figure 32: ETP outflows (US$ Million) by Underlying Index Equity (Top 10) Nikkei 225 Inverse Index TOPIX Hang Seng China Enterprise Index F-KOSPI200 Index Nikkei 225 Double Inverse Index CSI 500 Index TOPIX Inverse (-1x) Index GEM Index S&P/ASX Inflow (US$ Million) Figure 33: ETP inflows (US$ Million) by Underlying Index Fixed Income (Top 10) Other China Bond 5-year Treasurey Bond Index KIS MSB 3M Index 30 day Bank Bill Swap Rate China PBOC Benchmark Notice Deposit 7 KAP Money Market Index iboxx ABF Pan-Asia Index KRW Cash Index TR DBIQ 0-3 year Investment Grade iboxx ABF Singapore Bond Index Inflow (US$ Million) Figure 35: ETP inflows (US$ Million) by Underlying Index/Security Commodity (1,200) (1,000) (800) (600) (400) (200) - Outflow (US$ Million) CSI 300 Index KOSPI 200 Index Nikkei 225 FTSE China A50 Index Nikkei 225 Leveraged Index MSCI China A Index SSE 50 Index JPX Nikkei Index 400 Hang Seng Index CSI 300 Financials Ex Banks Index Figure 34: ETP outflows (US$ Million) by Underlying Index Fixed Income MaeKyung Money Market TR Index UBS Government Inflation Index Barclays Capital Asia Local Currency Diversified Bond Index Barclays Capital Asia USD High Yield Diversified Credit Bond Index (4.5) (4.0) (3.5) (3.0) (2.5) (2.0) (1.5) (1.0) (0.5) - Outflow (US$ Million) CSI Gilt -Edged Medium Term Treasury Bond Index Figure 36: ETP outflows (US$ Million) by Underlying Index/Security Commodity UBS Bloomberg Constant Maturity Commodity Index Nomura Crude Oil Long Index S&P GSCI Crude Oil Enhanced Index Commodity Gold Nikkei-TOCOM Platinum Index Commodity Platinum S&P GSCI Gold Index S&P GSCI Sliver TR Index Inflow (US$ Million) Outflow (US$ Million) Page 19

20 Top ETPs Figure 37: Top 20 ETPs by inflow (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Flow US$ MM Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% CSOP China 5-year Treasury Bond ETF CSOP Asset Management 3199 HK Fixed Income ETF 0.49% Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% WTI Crude Oil Price Linked ETF Simplex Asset Management Co Ltd 1671 JP Commodity ETF 0.86% Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% 85.1 Simplex Nikkei225 Bear -1x ETF Simplex Asset Management Co Ltd 1580 JP Equity ETF 0.76% 84.7 E Fund - Guranteed Income Money Market Fund E Fund Management CH Fixed Income ETF 0.56% 80.9 Mirae Asset Tiger Money Market ETF Mirae Asset MAPS Global Investments KS Fixed Income ETF 0.09% 71.7 Next Funds NOMURA Crude Oil Nomura Asset Management 1699 JP Commodity ETF 0.51% 67.9 China CSI 300 Index ETF China Asset Management HK Equity ETF 0.85% 65.9 Mirae Asset MAPS TIGER WTI Futures ETF Mirae Asset MAPS Global Investments KS Commodity ETF 0.70% 58.9 China Universal Quick Gains Money Market Fund China Universal Asset Management Co CH Fixed Income ETF 0.00% 58.4 China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co CH Fixed Income ETF 0.64% 52.0 Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% 38.9 China CSI 500 ETF China Southern Fund Management Co Ltd CH Equity ETF 0.50% 33.1 KB KSTAR 200 ETF KB Asset Management KS Equity ETF 0.07% 30.6 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 26.6 Next Funds REIT Index ETF Nomura Asset Management 1343 JP Equity ETF 0.36% 25.5 Figure 38: Top 20 ETPs by outflow (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Flow US$ MM Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% (752.8) Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% (254.8) Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (212.0) Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% (210.8) CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% (202.0) Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% (197.3) ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% (170.6) Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% (131.4) Mirae Asset MAPS TIGER 200 ETF Mirae Asset MAPS Global Investments KS Equity ETF 0.09% (121.7) Harvest MSCI China A Index ETF Harvest Fund Management Co 3118 HK Equity ETF 0.88% (118.5) China 50 ETF China Asset Management CH Equity ETF 0.60% (112.4) China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% (102.0) DIAM Nikkei 225 ETF DIAM Asset Management 1369 JP Equity ETF 0.16% (99.2) Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% (95.2) TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% (78.4) Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% (78.1) Next Funds JPX-Nikkei Index 400 ETF Nomura Asset Management 1591 JP Equity ETF 0.25% (70.4) E Fund CSI 300 Financials Ex Banks Index ETF E Fund Management CH Equity ETF 0.50% (58.4) E Fund CSI 300 ETF E Fund Management CH Equity ETF 0.99% (53.4) KITM Kindex 200 ETF Korea Investment Trust Mg KS Equity ETF 0.15% (51.6) Page 20

21 3. ETP information Weekly definition: The turnover figure reported in this publication corresponds to the aggregated dollar value traded turnover (in US$) over a 1- week span. It is calculated by multiplying the on exchange daily volume in shares by the end of day price for the ETP, for each day within a certain week, after which the daily turnover is aggregated for all the days within the week generating the total weekly turnover figure. Note on The liquidity of an ETF is not fully captured by its exchange turnover as exchange turnover does not reflect over-the-counter (OTC) trades or trades done at net asset value (NAV). The presence of a market marker is mandatory in most exchanges. The market marker is legally obliged to provide continuous price quotes for an ETF even when the ETF is not being actively traded. Investment Focus Figure 39: ETP Weekly (US$ Million) by Investment Focus Equity Current Week Prev. Week WoW Change Year 2014 Change from 2014 Investment Focus - Equity % % Size % % % Regional % % % Style % % % Sector 1, % % % Country 19, % 16,429 3, % 8,594 11, % Strategy 9, % 10,289 (473) -4.6% 5,856 3, % Thematic % % % Total 31, % 28,659 3, % 15,156 16, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 40: ETP Weekly (US$ Million) by Investment Focus Fixed Income Current Week Prev. Week WoW Change Year 2014 Change from 2014 Investment Focus - Fixed Income % % Sovereign 1, % % % Corporates 4 0.1% 5 (1) -21.2% 7 (3) -47.8% Money Market 5, % 1,769 3, % 1,999 3, % Overall 9 0.1% 11 (2) -20.3% % Total 6, % 2,173 4, % 2,544 4, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 41: ETP Weekly (US$ Million) by Investment Focus Commodity Investment Focus - Commodity Current Week Prev. Week WoW Change Year 2014 Change from 2014 % % Precious Metals % % % Overall % % % Energy % % % Agriculture % 1.4 (0.4) -29.9% 1.1 (0.1) -6.8% Industrial Metals % 0.4 (0.2) -43.1% 0.2 (0.0) -3.2% Total % % % Source: Deutsche Bank, Bloomberg Finance LP. Page 21

22 Sub Segment Figure 42: ETP Weekly (US$ Million) by Investment Focus Sub Segment Equity Investment Focus Sub Segment - Equity Current Week Prev. Week WoW Change Year 2014 Change from 2014 % % Country Asia Pac Developed 1, % 1,964 (190) -9.7% 1,822 (48) -2.6% Developed non-asia Pac % 234 (1) -0.4% % Emerging Country 17, % 14,231 3, % 6,759 10, % Regional Asia Pacific 4 0.0% 4 (0) -5.7% % Asia Pacific ex-japan 0 0.0% % 2 (1) -78.3% Emerging Markets % % % Eurozone 0 0.0% - 0 n.a - 0 n.a Europe % % % Global % % % Greater China 2 0.0% % % Sector Global 9 0.0% 11 (3) -23.2% % Other Sector % % % Asian Country % 854 (28) -3.3% % Size Large Cap % % % Mid Cap 8 0.0% % % Small Cap 2 0.0% % 3 (0) -3.0% Style Growth % % % Value % % % Dividend % % % Strategy Short % % % Leveraged 8, % 9,043 (370) -4.1% 5,109 3, % Leveraged Short % 765 (265) -34.6% % Quantitative 4 0.0% % 5 (1) -25.5% Fundamental 6 0.0% % % Thematic Sustainability 0 0.0% 0 (0) -42.4% 0 (0) -24.9% Commodities % % % Other Theme % 57 (5) -8.7% % Total 31, % 28,659 3, % 15,156 16, % Source: Deutsche Bank, Bloomberg Finance LP. Page 22

23 Figure 43: ETP Weekly (US$ Million) by Investment Focus Sub Segment Commodity Investment Focus Sub Segment - Commodity Current Week Prev. Week WoW Change Year 2014 % Change from 2014 % Overall Overall % % % Overall ex Energy - 0.0% - - n.a (0.06) % Overall Light Energy - 0.0% - - n.a (0.01) % Agriculture Overall % % 0.72 (0.03) -4.0% Corn % 0.02 (0.00) -11.7% 0.03 (0.01) -38.6% Soybeans % 0.89 (0.66) -74.3% % Wheat % % 0.07 (0.02) -24.6% Grains % n.a 0.02 (0.02) -86.8% Cotton - 0.0% - - n.a - - n.a Energy Overall % % % Crude Oil % % % Gasoline % n.a % Natural Gas % 0.06 (0.04) -76.4% 0.10 (0.08) -85.4% Heating Oil - 0.0% - - n.a - - n.a Industrial Metals Overall % 0.01 (0.00) -57.9% 0.03 (0.03) -92.1% Aluminium - 0.0% - - n.a 0.00 (0.00) % Nickel - 0.0% - - n.a (0.00) % Lead - 0.0% - - n.a - - n.a Precious Metals Overall % 0.12 (0.04) -31.0% % Gold % % % Palladium % % 0.33 (0.16) -48.3% Platinum % % % Silver % 5.59 (2.70) -48.2% 3.72 (0.83) -22.3% Total % % % Source: Deutsche Bank, Bloomberg Finance LP. Page 23

24 Exchange Figure 44: ETP Weekly (US$ Million) by Exchange Exchange Name Current Week Prev. Week WoW Change Year 2014 Change from 2014 % % China - Shanghai 14, % 10, , % 4, , % Japan - Osaka 7, % 8, (905.22) -10.8% 4, , % Hong Kong - HKE 6, % 4, , % 2, , % China - Shenzhen 4, % 2, , % , % Korea - KSE 3, % 2, % 3, % Japan - Tokyo SE 1, % 2, (297.18) -13.7% 1, % Taiwan - TSEC % % % Australia - ASX % % % India - NSE % % % Singapore - SGX % (12.44) -23.6% % Thailand - SET % % 1.99 (0.11) -5.6% New Zealand - NZ % 1.50 (0.76) -50.7% 1.11 (0.37) -33.5% Philippines - PSE % % % Malaysia - Kuala Lumpur % 0.16 (0.10) -64.4% 0.12 (0.06) -52.0% Japan - Nagoya % % 0.04 (0.00) -8.6% India - Bombay % 0.01 (0.00) -13.6% 0.02 (0.01) -40.1% Indonesia - Jakarta % 0.66 (0.66) -99.7% 0.01 (0.01) -86.2% Total 38, % 31,251 7, % 17,818 21, % Source: Deutsche Bank, Bloomberg Finance LP. Page 24

25 Issuer Figure 45: ETP Weekly (US$ Million) by Top 40 Issuer Issuer Current Week Prev. Week WoW Change Year 2014 Change from 2014 % % Nomura Asset Management 7, % 9,086 (1,111) -12.2% 4,294 3, % Huatai-PineBridge Fund Management Co 4, % 3, % 1,204 2, % Yinhua Fund Management 3, % 1,104 2, % 1,728 1, % China Asset Management 3, % 3, % 1,132 2, % Samsung Asset Management 2, % 2, % 2, % BlackRock 2, % 1, % 1,217 1, % CSOP Asset Management 2, % 1, % 874 1, % E Fund Management 2, % 1, % 453 1, % Guotai Asset Management Co Ltd 1, % % % Huaan Fund Management 1, % % 253 1, % Harvest Fund Management Co 1, % 1, % % China Southern Fund Management Co Ltd % % % Simplex Asset Management Co Ltd % 804 (55) -6.8% % State Street % % % China Universal Asset Management Co % % % Mirae Asset MAPS Global Investments % % % Hang Seng Investment Management % % % Yuanta Securities Inv trust Co Ltd % % % China Merchants Fund Management Co % % % Daiwa Asset Management % 265 (17) -6.4% % Nikko Asset Management % 226 (9) -3.9% 271 (54) -19.7% Woori Asset Management % % % Bosera Fund Management Co Ltd % % % KB Asset Management % % % BetaShares Capital Ltd % % % Fubon Securities Investment Trust Co % % % Korea Investment Trust Mg % 139 (61) -43.8% % BOCI - Prudential Asset Man Ltd % % % Goldman Sachs % % % Mitsubishi UFJ Asset Mg % % 62 (2) -3.1% Kokusai Asset Management Co Ltd % 68 (8) -11.7% % GTJA Allianze Fund Management Co % % % Fuh-Hwa Securities Investment Trust % % % ICBC Credit Suisse Asset Management % % % Vanguard % % % GF Fund Management Co Ltd % 47 (1) -2.5% % Fortune SGAM Fund Management % 43 (0) -0.9% % Deutsche AWM % % % Invesco Great Wall Fund Management Co. Ltd % % % Hanwha Investment Trust Management % 28 (8) -28.4% % Total Top 40 38, % 31,113 7, % 17,705 21, % Page 25

26 Index Provider Underlying Index/Security Figure 46: ETP Weekly (US$ Million) by Index Provider Equity (Top 10) Figure 47: ETP Weekly (US$ Million) by Underlying Index Equity (Top 10) Nikkei CSI SSE FTSE KRX Other HSIL Topix S&P Dow Jones Nasdaq OMX - 2,000 4,000 6,000 8,000 10,000 (US$ Million) Figure 48: ETP Weekly (US$ Million) by Index Provider Fixed Income Nikkei 225 Leveraged Index CSI 300 Index FTSE China A50 Index KOSPI 200 Index SSE 50 Index SSE180 Index SI100 Index Nikkei 225 GEM Index Hang Seng Index - 2,000 4,000 6,000 8,000 (US$ Million) Figure 49: ETP Weekly (US$ Million) by Underlying Index Fixed Income Other SSE Maekyung FnGuide UBS Markit iboxx Deutsche Bank Citigroup S&P Dow Jones KRX CSI - 1,000 2,000 3,000 4,000 5,000 6,000 (US$ Million) Figure 50: ETP Weekly (US$ Million) by Index Provider Commodity Other SSE 5-Year China Treasury Note Index China PBOC Benchmark Notice Deposit 7 MaeKyung Money Market TR Index 30 day Bank Bill Swap Rate Active UBS Composite Bond Index KRW Cash Index TR KRW Cash Plus Index KTB Index (US$ Million) Figure 51: ETP Weekly (US$ Million) by Underlying Index/Security Commodity (Top 10) Commodity S&P Dow Jones UBS Other Deutsche Bank Nikkei Reuters/Jefferies (US$ Million) Commodity Gold UBS Bloomberg Constant Maturity S&P GSCI Crude Oil Enhanced Index Nomura Crude Oil Long Index Commodity Platinum S&P GSCI Gold Index Commodity Silver S&P GSCI Sliver TR Index S&P GSCI Agriculture Enhanced Select Index DJ-UBS Crude Oil Sub-Index (US$ Million) Page 26

27 Top ETPs Figure 52: Top 20 ETPs by Weekly (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% 6,704.7 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% 4,011.8 Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% 3,712.8 China 50 ETF China Asset Management CH Equity ETF 0.60% 2,387.5 ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 2,319.2 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% 2,233.2 Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% 1,210.3 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% 1,169.3 Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% 1,096.0 Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd CH Fixed Income ETF 0.40% Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% E Fund SI100 Index Fund E Fund Management CH Equity ETF 0.50% E Fund ChiNext Price Index ETF E Fund Management CH Equity ETF 0.50% China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd CH Fixed Income ETF 0.30% Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% China Universal Quick Gains Money Market Fund China Universal Asset Management Co CH Fixed Income ETF 0.00% Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% Guotai SSE 180 Financial Index ETF Guotai Asset Management Co Ltd CH Equity ETF 0.50% Figure 53: Top 20 ETPs by Weekly change (US$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Change US$ MM Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% 2,608.8 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (733.3) ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% Guotai SSE 5-Year China Treasury Note ETF Guotai Asset Management Co Ltd CH Fixed Income ETF 0.40% China Southern Cash Management Money Market Fund ETF China Southern Fund Management Co Ltd CH Fixed Income ETF 0.30% China Universal Quick Gains Money Market Fund China Universal Asset Management Co CH Fixed Income ETF 0.00% Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% Samsung KODEX Leverage ETF Samsung Asset Management KS Equity ETF 0.64% Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% E Fund SI100 Index Fund E Fund Management CH Equity ETF 0.50% Next Funds Nikkei 225 Double Inverse Index ETF Nomura Asset Management 1357 JP Equity ETF 0.87% (222.8) Samsung KODEX Inverse ETF Samsung Asset Management KS Equity ETF 0.64% Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% (175.7) China Merchants Sec Deposite Fast-Swing Money Market Fund China Merchants Fund Management Co CH Fixed Income ETF 0.64% China 50 ETF China Asset Management CH Equity ETF 0.60% (146.0) E Fund - Guranteed Income Money Market Fund E Fund Management CH Fixed Income ETF 0.56% China CSI 300 Index ETF China Asset Management HK Equity ETF 0.85% E Fund ChiNext Price Index ETF E Fund Management CH Equity ETF 0.50% Page 27

28 4. 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 18 for details on Foreign Issuers s. Investment Focus Figure 54: ETP (US$ Million) by Investment Focus Equity Current Week Prev. Week WoW Change End of 2014 YTD Change Investment Focus - Equity % % Size % % 755 (15) -2.0% Regional % % % Style 2, % 2, % 2, % Sector 7, % 7, % 6,135 1, % Country 181, % 176,465 4, % 167,411 13, % Strategy 7, % 6, % 7,226 (162) -2.2% Thematic 2, % 2, % 2,182 (39) -1.8% Total 202, % 196,833 5, % 187,059 15, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 55: ETP (US$ Million) by Investment Focus Fixed Income Current Week Prev. Week WoW Change End of 2014 YTD Change Investment Focus - Fixed Income % % Sovereign 7, % 6, % 7,100 (31) -0.4% Corporates 1, % 1, % 1, % Money Market 3, % 3, % 3, % Overall % % % Total 12, % 11, % 11, % Source: Deutsche Bank, Bloomberg Finance LP. Figure 56: ETP (US$ Million) by Investment Focus Commodity Current Week Prev. Week WoW Change End of 2014 YTD Change Investment Focus - Commodity % % Precious Metals 2, % 2, % 2,446 (45) -1.8% Overall 5 0.2% % % Energy % % % Agriculture % 27 (0) -1.3% 27 (0) -1.6% Industrial Metals % % 15 (0) -0.4% Total 3, % 3, % 2, % Source: Deutsche Bank, Bloomberg Finance LP. Page 28

29 Sub Segment Figure 57: ETP (US$ Million) by Investment Focus Sub Segment Equity Investment Focus Sub Segment - Equity Current Week Prev. Week WoW Change End of 2014 YTD Change % % Country Asia Pac Developed 114, % 112,683 2, % 98,475 16, % Developed non-asia Pac % 322 (4) -1.1% 340 (22) -6.5% Emerging Country 65, % 63,460 2, % 68,595 (2,779) -4.1% Regional Asia Pacific % % % Asia Pacific ex-japan % % 19 (2) -10.6% Emerging Markets % % % Europe % % % Global % % % Greater China % % % Sector Asian Country 6, % 6, % 5, % Size Large Cap % % 411 (8) -2.0% Mid Cap % % 195 (9) -4.4% Small Cap % % % Style Growth % % % Value % % 290 (120) -41.4% Dividend 2, % 2, % 2, % Strategy Short 1, % 1, % 749 1, % Leveraged 3, % 4,017 (207) -5.1% 5,652 (1,842) -32.6% Leveraged Short % % % Quantitative % % % Fundamental % % 251 (14) -5.6% Thematic Sustainability % % 92 (15) -16.8% Commodities % 54 (2) -4.3% % Other Theme 2, % 1, % 2,040 (25) -1.2% Total 202, % 196,833 5, % 187,059 15, % Source: Deutsche Bank, Bloomberg Finance LP. Page 29

30 Figure 58: ETP (US$ Million) by Investment Focus Sub Segment Commodity Current Week Prev. Week WoW Change End of 2014 YTD Change Investment Focus Sub Segment - Commodity % % Overall Overall 5 0.2% 5 0 n.a % Agriculture Overall % 21 (0) -1.1% % Corn 0 0.0% 0 (0) -0.5% 0 (0) -0.1% Soybeans 5 0.1% 5 (0) -2.6% 5 (1) -10.8% Wheat 0 0.0% % 0 (0) -10.3% Grains 1 0.0% % 1 (0) -6.6% Energy Overall 0 0.0% % 0 (0) -7.2% Crude Oil % % % Natural Gas 0 0.0% % 0 (0) -5.7% Industrial Metals Overall 3 0.1% % 3 (0) -8.0% Copper % % % Precious Metals Overall 8 0.2% % 8 (0) -2.4% Gold 2, % 2, % 2,297 (51) -2.2% Palladium 7 0.2% 7 (0) -2.6% 7 (0) -4.9% Platinum % % % Silver % % 102 (0) -0.5% Total 3, % 3, % 2, % Source: Deutsche Bank, Bloomberg Finance LP. Page 30

31 Issuer Figure 59: ETP (US$ Million) by Top 40 Local Issuer Current Week Prev. Week WoW Change End of 2014 YTD Change Issuer % % Nomura Asset Management 50, % 49, % 43,106 7, % Nikko Asset Management 22, % 21, % 18,050 4, % Daiwa Asset Management 21, % 20, % 18,581 2, % State Street 15, % 14, % 14, % BlackRock 13, % 12, % 14,910 (1,772) -11.9% China Asset Management 11, % 10, % 11, % Hang Seng Investment Management 9, % 9, % 8,138 1, % Samsung Asset Management 8, % 8,885 (106) -1.2% 9,601 (822) -8.6% Mitsubishi UFJ Asset Mg 7, % 7, % 6,574 1, % Harvest Fund Management Co 7, % 6, % 7,985 (699) -8.7% CSOP Asset Management 5, % 5, % 5,568 (61) -1.1% Huatai-PineBridge Fund Management Co 4, % 5,153 (367) -7.1% 5,430 (645) -11.9% E Fund Management 4, % 3, % 3, % Yuanta Securities Inv trust Co Ltd. 3, % 3, % 3,889 (9) -0.2% Mirae Asset MAPS Global Investments 3, % 3, % 3, % Huaan Fund Management 2, % 2, % 2,473 (4) -0.1% China Southern Fund Management Co Ltd 1, % 1, % 1, % Vanguard 1, % 1, % 1, % Yinhua Fund Management 1, % 1, % % BetaShares Capital Ltd 1, % 1, % 1, % Goldman Sachs 1, % 1, % 1,367 (22) -1.6% Korea Investment Trust Mg 1, % 1,228 (35) -2.8% 1,353 (160) -11.8% BOCI - Prudential Asset Man Ltd 1, % 1, % 1,274 (103) -8.1% Simplex Asset Management Co Ltd 1, % % % HFT Investment Management Co Ltd 1, % 1, % 1, % KB Asset Management 1, % % 1,080 (32) -2.9% Kyobo AXA Investment Mg Co Ltd % % % DIAM Asset Management % 955 (77) -8.0% n.a. Hanwha Investment Trust Management % % % NZAM % % % Fubon Securities Investment Trust Co % % % Woori Asset Management % % % Guotai Asset Management Co Ltd % % % GF Fund Management Co Ltd % % % Russell Investments % % % UBS % % % Reliance Capital Asset Management % % 423 (10) -2.4% ETF Securities Ltd % % 415 (23) -5.6% HSBC Inv Funds Ltd/Hong Kong % % % Mitsubishi UFJ Trust and Banking Corporation % % % Total Top , % 207,318 6, % 196,391 17, % Source: Deutsche Bank, Bloomberg Finance LP. Page 31

32 Index Provider Underlying Index/Security Figure 60: ETP (US$ Million) by Index Provider Equity (Top 10) Nikkei Topix CSI HSIL FTSE KRX Other SSE S&P MSCI - 10,000 20,000 30,000 40,000 50,000 60,000 (US$ Million) Figure 62: ETP (US$ Million) by Index Provider Fixed Income Figure 61: ETP (US$ Million) by Underlying Index Equity (Top 10) Nikkei 225 TOPIX CSI 300 Index FTSE China A50 Index Hang Seng Index KOSPI 200 Index SSE 50 Index Hang Seng China Enterprise Index JPX Nikkei Index 400 SSE180 Index - 15,000 30,000 45,000 60,000 (US$ Million) Figure 63: 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 iboxx ABF Pan-Asia Index Other Pledgeable urban Investment Bond Index KRW Cash Index TR 30 day Bank Bill Swap Rate KTB Index KIS MSB 3M Index China Bond 5-year Treasurey Bond Index iboxx ABF Singapore Bond Index iboxx ABF Hong Kong Index - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 (US$ Million) Figure 64: ETP (US$ Million) by Index Provider Commodity (US$ Million) Figure 65: ETP (US$ Million) by Underlying Index/Security Commodity (Top 10) Commodity S&P Dow Jones UBS Other Commodity Gold UBS Bloomberg Constant Maturity S&P GSCI Crude Oil Enhanced Index Nomura Crude Oil Long Index Commodity Silver S&P GSCI Gold Index Commodity Platinum S&P GSCI Agriculture Enhanced Select Nikkei ,000 1,500 2,000 2,500 (US$ Million) S&P GSCI Sliver TR Index S&P GSCI Cash Copper Index ,000 1,500 2,000 2,500 (US$ Million) Page 32

33 Top ETPs Figure 66: 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% 22,835.1 TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% 19,483.7 Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 11,258.3 Daiwa ETF - Nikkei 225 Daiwa Asset Management 1320 JP Equity ETF 0.22% 11,111.5 Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% 9,221.6 ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% 9,137.9 Daiwa ETF - Topix Daiwa Asset Management 1305 JP Equity ETF 0.17% 9,136.8 Tracker Fund of Hong Kong State Street 2800 HK Equity ETF 0.15% 8,266.8 Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% 6,884.8 Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% 5,526.4 CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% 4,824.8 China 50 ETF China Asset Management CH Equity ETF 0.60% 4,730.1 Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% 4,602.7 Maxis Nikkei 225 ETF Mitsubishi UFJ Asset Mg 1346 JP Equity ETF 0.21% 4,249.5 China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% 4,223.9 Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% 3,976.2 Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% 3,832.1 ABF Pan-Asia Bond Index Fund State Street 2821 HK Fixed Income ETF 0.19% 3,105.1 Yuanta/P-Shares Taiwan Top 50 ETF Yuanta Securities Inv trust Co Ltd TT Equity ETF 0.32% 2,384.6 MAXIS TOPIX ETF Mitsubishi UFJ Asset Mg 1348 JP Equity ETF 0.12% 2,262.2 Figure 67: Top 20 ETPs by change(us$ Million) ETP Name Issuer BBG Ticker Asset Class & Structure TER Change US$ MM ishares FTSE A50 China Index ETF BlackRock 2823 HK Equity ETF 1.39% Harvest Shanghai and Shenzhen 300 Index ETF Harvest Fund Management Co CH Equity ETF 0.50% Nikko ETF Topix Nikko Asset Management 1308 JP Equity ETF 0.81% Yinhua Traded Money Market Fund Yinhua Fund Management CH Fixed Income ETF 0.30% Huatai-Pinebridge CSI 300 ETF Huatai-PineBridge Fund Management Co CH Equity ETF 0.50% (348.9) Nomura Nikkei 225 ETF Nomura Asset Management 1321 JP Equity ETF 0.24% TOPIX ETF Nomura Asset Management 1306 JP Equity ETF 0.28% Next Funds Nikkei 225 Inverse Index ETF Nomura Asset Management 1571 JP Equity ETF 0.87% Hang Seng H-Share Index ETF Hang Seng Investment Management 2828 HK Equity ETF 0.60% China 50 ETF China Asset Management CH Equity ETF 0.60% China AMC CSI 300 Index ETF China Asset Management CH Equity ETF 0.00% Nikko Exchange Traded Index 225 Nikko Asset Management 1330 JP Equity ETF 1.01% 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 CSI 300 Index ETF China Asset Management HK Equity ETF 0.85% Shanghai SSE180 Index Fund Huaan Fund Management CH Equity ETF 0.50% CSOP FTSE China A50 ETF CSOP Asset Management HK Equity ETF 1.15% Next Funds Nikkei 225 Leveraged Index ETF Nomura Asset Management 1570 JP Equity ETF 0.87% (162.5) Hang Seng Index ETF Hang Seng Investment Management 2833 HK Equity ETF 0.13% Samsung KODEX 200 Samsung Asset Management KS Equity ETF 0.26% (137.1) Page 33

34 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. Page 34

35 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 35

36 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. Page 36

37 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). Figure below gives 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, $56.7bn) in the US. Figure 68: ETP Coverage Universe Summary Region Products US$ 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 37

38 Appendix 1 Important Disclosures Additional information available upon request 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 % 24 % 41 % 21 % 7 % 15 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship Asia-Pacific Universe Page 38

39 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. 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40 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. Page 40

41 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) Wall Street New York, NY United States of America Tel: (1) Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). 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