Inflows into European Equities Despite Greek Crisis Data in this report is as of 30th June 2015

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1 Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 July 2015 Inflows into European Equities Despite Greek Crisis Data in this report is as of 30th June 2015 European ETP Highlights As of the end of June 2015, global ETP assets stood at $2.8 trillion with European ETP assets amounting to $499bn ( 448bn). Equity ETFs registered inflows of + 2.8bn which were partly offset by outflows from Fixed Income ETFs (- 1.1bn) during the month of June. Commodity ETPs listed in Europe saw outflows of - 0.2bn. European equities, particularly German equities favoured over US equities European equities were, again, preferred over US Equities, both among European and US investors. European equities exposed ETFs gathered over + 3.3bn of inflows compared to + 164mn of inflows into ETFs exposed to US equities. In both listing regions, German equities commanded significant inflows. Fixed income ETFs experience outflows for the second consecutive month The selloff in bond markets which had started in late April continued in June resulting in bond yields to rise to its highest level for the year in early June. Correspondingly, European fixed income ETPs saw net outflows for the second consecutive month in 2015 (- 1.1bn). This was driven mainly by sovereign and corporate bonds based ETFs. Greece crisis triggers significant increase in Greek ETF turnover Greece focused ETFs listed globally saw an increase in on-exchange activity as the Greek crisis escalated in June ($506mn of turnover in June vs $262mn in May 15). However, total assets remained flat during the month ($563mn). Greek ETFs listed in Europe halted trading on June 26 th but an ETF listed in US (GREK US) has continued to trade despite the Greek stock market closure in late June. China outflows continue as equity markets sell off Since mid June, the Shanghai Composite Index had lost over 32%. This rout had resulted in China focused ETFs listed globally to experience -$3.3bn of outflows in June (-$18bn so far this year). New thematic, smart beta and currency hedged product launches Source launched two thematic ETFs that provide exposure to European and Japanese exporting companies while Lyxor launched two min variance ETFs on the FTSE Developed Europe and FTSE Emerging benchmarks. Several currency hedged ETFs (details on pg 7) were also launched by UBS and Blackrock. Author Ari Rajendra Strategist (+44) Team Contacts Shan Lan Strategist (+852) Sebastian Mercado Strategist (+1) Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 124/04/2015.

2 Table of Contents European Investment Trends... 3 ETF Comparatives: Mutual Funds, cash equity turnover... 6 Product Launch Activity... 6 Other regions cash flow summary Investment Trends... 8 Cross-Asset Class ETPs... 8 Equity ETFs... 8 Fixed Income ETFs...11 Commodity ETPs Market Metrics ETF Industry Asset Evolution...12 ETFs vs. Cash Equities...15 ETFs vs. Unlisted Mutual Funds...17 European ETF Industry Replication Structure Composition (Synthetic vs. Physical)...19 Industry Growth Analysis Cash Flow Analysis Regional Cash Flow Analysis...23 Asset Class Cash Flow Analysis...23 Product Rankings Product Review New Products Launched in the Month...30 Average TERs Provider Rankings Global Provider Rankings...36 European Provider Rankings General...38 European Provider Rankings by Asset Class...42 European Provider Analysis by Replication Method Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument...46 Asset Class Analysis...46 Product Rankings European ETF Exchanges Assets ETP Monthly AUM Analysis by Asset Class...58 Asset Class Analysis...58 Product Rankings ETF Broker rankings US ETP Broker Rankings...65 European ETP Broker Rankings...67 Appendix A: How we define ETPs Appendix B: The road from beta to alpha Page 2 Deutsche Bank AG/London

3 European Investment Trends Equities continued its positive run while Fixed Income ETFs saw redemptions European domiciled ETPs recorded yet another month of inflows where we observed + 1.6bn of inflows into ETPs. Equity ETFs registered inflows of + 2.8bn which were partly offset by outflows from Fixed Income ETFs (- 1.1bn) during the month of June. Commodity ETPs listed in Europe saw outflows of - 0.2bn. Year-to-date flows for European listed ETPs is at bn as of the end of June. US listed ETPs had another strong month with +$17.8bn of net inflow in June (+$11.6bn in May). The equity segment was the largest contributor drawing +$20bn of inflows. Flows for fixed income and commodity ETPs were negative recording outflows of -$1.6bn and -$0.5mn respectively. European equities, particularly German equities favoured over US equities ETF investors, both in Europe and US, continued their preference for European equities over US Equities. European equities exposed ETFs gathered over + 3.3bn of inflows while ETFs with US equity exposure saw inflows of 164mm in June. ETFs with exposure to German equities in particular witnessed strong demand as shown in Figure 1 below. The top two European products by inflows in Europe were ETFs benchmarked to the DAX (ishares and db x-trackers) while in the US, two products benchmarked to MSCI Germany made it to the top 5 European exposed products. Figure 1: Top 5 European exposed ETFs by monthly flows in Europe and US ETF Name Bloomberg TER Underlying Index Europe Listed June '15 Flows ($mn) ishares Core DAX UCITS ETF DE DAXEX GR 0.16% DAX db x-trackers DAX UCITS ETF (DR) 1C XDAX GR 0.09% DAX db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR 0.09% Euro STOXX Vanguard FTSE 100 ETF VUKE LN 0.10% FTSE ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW 0.35% Euro STOXX US Listed WisdomTree Europe Hedged Equity Fund HEDJ US 0.58% WisdomTree Europe Hedged Equity ishares MSCI Germany ETF EWG US 0.48% MSCI Germany ishares MSCI United Kingdom ETF EWU US 0.47% MSCI United Kingdom Vanguard FTSE Europe ETF VGK US 0.12% FTSE Developed Europe ishares Currency Hedged MSCI Germany ETF HEWG US 0.53% MSCI Germany Source: Deutsche Bank, Bloomberg Finance LP, Reuters Fixed income ETFs experienced outflows for the second consecutive month The selloff in bond markets which had started in late April continued in June resulting in bond yields to rise to its highest level for the year in early June. As a result European fixed income ETPs experienced net outflows for the second consecutive month in 2015 (- 1.1bn). This was driven mainly by sovereign and corporate bonds based ETFs from where investors pulled out over - 1.1bn and - 0.5bn respectively which were partially offset by inflows into money markets ETFs (+ 0.5bn). Figure 3 illustrates the monthly trend of flows into Fixed Income ETFs over the last 12 months. Deutsche Bank AG/London Page 3

4 Monthly Flows ( mn) 10 July 2015 Figure 2: Monthly inflows into Fixed Income ETFs over the last one year 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) Fixed Income ETFs Source: Deutsche Bank, Bloomberg Finance LP, Reuters Greece crisis triggers significant increase in Greek ETF turnover At the end of the June, the Greece crisis worsened as the government announced the imposition of capital controls, closing of Greek banks and stock exchanges for the short term. The referendum held by the Prime Minsiter revealed that 61% of voters were against the proposed austerity measures by the European Union. The Greece focused ETFs listed globally reacted to the build up of these events in June and experienced $506mn of turnover in June vs $262mn in May 15. However, total assets remained flat during June ($563mn). Figure 3 below shows Greece equity ETFs listed globally with current assets, turnover and monthly performance. GREK US is the only ETF that has continued to trade despite the Greek stock market closure in late June. This explains the significant difference in performance to the other ETFs listed below. Figure 3: Greece focused ETFs listed globally Ticker Name TER June'15 TO ($mn) AUM ($mn) Monthly Perf. % GREK US Global X FTSE Greece 20 ETF 0.65% % GRE FP Lyxor ETF FTSE Athex % % AETF GA Alpha ETF FTSE Athex 20 Large Cap Equity 0.38% % ETFASE GA NBGAM ETF Athex General Domestic Equities Fund 0.50% % Monthly Performance was calculated by taking price of 29May vs 30 June Aum as of 30-June Source: Deutsche Bank, Bloomberg Finance LP, Reuters China outflows continue as equity markets sell off Chinese stock market had hit its all time high in June but has since sold off significantly wiping out trillions of dollars from the country s stock market. Since mid June, the Shanghai Composite Index had lost over 32%. This rout had resulted in China focused ETFs listed globally to experience -$3.3bn of outflows in June (-$18bn so far this year). Page 4 Deutsche Bank AG/London

5 Monthly Flows ($ mn) 10 July 2015 Figure 4: Monthly flows into China focused ETFs listed globally 4,000 2,000 - (2,000) (4,000) (6,000) (8,000) (10,000) China focused ETFs Deutsche Bank AG/London Page 5

6 ETF Comparatives: Mutual Funds, cash equity turnover European ETF turnover 1 as a percentage of the region s cash equities turnover 2, increased to 8.8% (from 8.6% in May 15) as of the end of June The equivalent number for the US market also increased to 24.6% over the same period (from 23.4% in May 15). European ETFs comprised 3.5% of the continent s mutual fund industry as of April European domiciled ETFs registered inflows of + 4.2bn through April 2015, while UCITS mutual funds registered inflows totalling + 67bn in the same period, according to mutual fund industry data published by the European Fund and Asset Management Association (EFAMA). US ETFs comprised 15% of the mutual fund industry as of the end of May US domiciled ETFs registered inflows of +$13bn in May 2015, while US mutual funds registered inflows of +$3bn over the same period, according to mutual fund industry data published by the Investment Company Institute (ICI). Product Launch Activity ETP launch calendar in June: 14 new launches European ETP industry registered 14 new product launches during June including 12 equity and 2 fixed income ETFs. Equity Source launched four equity ETFs during June. Two of these ETFs provide USD hedged (EZXU LN) and unhedged (EZEX GY) exposure to European exporting companies and another two provide EUR hedged (JEXE GY) and unhedged (JPEX LN) exposure to Japanese exporting companies allowing international exposure to investors. These ETFs were listed on the London Stock Exchange and Deutsche Borse. UBS launched four equity ETFs on the SIX Swiss Exchange. Two of these ETFs provide GBP (S2HGBD SW) and SGD hedged (S2HSGA SW) exposure to MSCI Switzerland 20/35 Index. Another two ETFs tracks performance of MSCI Hong Kong Index (HKDU SW) and MSCI Singapore Index (SGPDU SW). Lyxor listed two quantitative strategy equity ETFs during June tracking FTSE Developed Europe Min Variance Index (MVAE FP) and FTSE Emerging Min Variance Index (MVMX LN). These ETFs were listed on Euronext Paris and London Stock Exchanges respectively. BlackRock listed an equity ETF (EMUC SW) tracking MSCI EMU 100% Hedged to CHF Index. This ETF was listed on Six Swiss Exchange. PowerShares listed quantitative strategy equity ETF (SPVX LN) during June tracking S&P 500 Dynamic Veqtor Index. This ETF was listed on the London Stock Exchange. 1 On exchange turnover, excludes over the counter turnover figures as they are not currently consistently reported across Europe. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe, as reported by Bloomberg Page 6 Deutsche Bank AG/London

7 Fixed Income Lyxor launched one fixed income ETF (SMART IM) on the Borsa Italiana tracking EuroMTS Eonia Investable Index. Source listed one fixed income ETF (STHC SW) providing exposure to the BofA Merrill Lynch 0-5 Year US High Yield Constrained Index. This ETF was listed on Six Swiss Exchange. For additional information on new product launches and listings please refer to Figure. Other regions cash flow summary US: Equity registered strong inflows, fixed income witness outflows US domiciled ETPs recorded strong inflows of +$17.8bn (+$11.6bn in May 15) taking YTD flows total to +$99.6bn. Most of the inflows were contributed by equity ETFs registering +$20.1bn (+$12.9bn in May 15) while fixed income ETFs experienced outflows of -$1.6bn during June 15. Commodity ETPs remains in negative territory with outflows of -$0.5bn. Within equities, the following segments and sub-segments saw significant activity: Segments: Developed Markets (+$10bn), Size (+$3.3bn), Sector (+$2.8bn), Strategy (+$2.5bn), Style (+$1.5bn) and Emerging Markets (-$1.4bn) Sub-segments: Global DM broad (+$4.3bn), Small Cap (+$3.9bn), Healthcare (+$2.2bn), Europe DM broad (+$1.7bn), Japan (+$1.6bn), Financials (+$1.5bn), and Large Cap (-$2bn). Within fixed income, major outflows were recorded by ETFs benchmarked to corporate bonds (-$3.5bn) which were partially offset by inflows into Sovereign & Corporate bonds indices (+$0.6bn). Among commodity ETPs, cure oil and gold based ETPs saw outflows of -$0.4bn and -$0.1bn respectively over the last month. Asia: Japan and Taiwan focused ETFs registered healthy inflows while China saw outflows Asia-Pacific ETPs comes into positive territory in terms of net flows at the end of June. These ETPs experienced inflows of +$5bn last month (+$4.7bn in May 15) bringing YTD flows total to +$5bn. Majority of the region s inflows were from equity ETFs recording +$4.6bn in new money followed by inflows into fixed income ETFs (+$552mn). Within equity, Japan and Taiwan focused ETFs registered inflows of +$3.5bn and +$3.3bn respectively while China and South Korea focused ETFs experienced outflows of -$3.1bn and -$0.5bn during Jun 15. Among other equity segments, leveraged long strategy ETFs witnessed notable inflows of +$1.8bn in the month of June. Within fixed income, money market bond ETFs attracted +$447mn in new money. While among commodities, crude oil based ETPs, recorded outflows of -$153mn in June. Deutsche Bank AG/London Page 7

8 millions millions 10 July Investment Trends3 Cross-Asset Class ETPs Figure 5: Cash flows by asset class YTD ETPs Europe millions 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000 Figure 6: Cash flows by asset class Month ETPs Europe millions 3,000 2,500 2,000 1,500 1, ,000-1,500-2,000 Equity Commodity Fixed Income Others Equity Commodity Fixed Income Others Equity ETFs Figure 7: Top 3 aggregate equity segments YTD ETFs Europe 18,000 16,000 14,000 12,000 Figure 8: Top 3 aggregate equity segments Month ETFs Europe 3,500 3,000 2,500 2,000 10,000 8,000 6,000 4,000 2,000-1,500 1, (500) (1,000) Developed Markets Strategy Capitalization Developed Markets Capitalization Global Markets 3 Investment trends as expressed by cumulative monthly and YTD cash flows Page 8 Deutsche Bank AG/London

9 millions millions millions millions millions millions 10 July 2015 Figure 9: Top 3 DM countries YTD ETFs Europe Figure 10: Top 3 DM countries Month ETFs Europe 5,000 4,000 3,000 2,000 1, ,000-2,000-3,000-4,000-5,000 2,000 1,500 1, Japan US Germany Germany UK Switzerland Figure 11: Top 3 DM regions YTD Figure 12: Top 3 DM regions Month ETFs Europe ETFs Europe 14,000 1,400 12,000 10,000 8,000 1,200 1, , ,000 2, (200) (400) (2,000) (600) Europe North America Global Europe Asia Pacific Global Figure 13: Top 3 EM countries YTD Figure 14: Top 3 EM countries Month 1,500 ETFs Europe 400 ETFs Europe 1, , , , China India South Korea China India South Korea Deutsche Bank AG/London Page 9

10 millions millions millions millions millions millions 10 July 2015 Figure 15: Top 3 EM regions YTD Figure 16: Top 3 EM regions Month ETFs Europe ETFs Europe (200) (400) (600) (800) 50 - (50) (100) (150) (1,000) (200) (1,200) (250) Global Asia Pacific Europe Global Asia Pacific Latin America Figure 17: Top 3 sectors YTD Figure 18: Top 3 sectors Month 1,000 ETFs Europe 150 ETFs Europe (50) 200 (100) - (150) (200) (200) Financials Consumer Discretionary Consumer Staples Energy Healthcare Information Technology Figure 19: Top 3 strategy segments YTD ETFs Europe 2,500 2,000 1,500 1, (500) Figure 20: Top 3 strategy segments Month ETFs Europe (50) (100) (150) Quantitative Short Fundamental Leveraged Long Leveraged Short Short Page 10 Deutsche Bank AG/London

11 millions millions millions millions millions millions 10 July 2015 Fixed Income ETFs Figure 21: Top 3 aggregate fixed income segments YTD ETFs Europe 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Figure 22: Top 3 aggregate fixed income segments Month ETFs Europe 1,500 1, ,000-1,500-2,000 Corporates Sovereign Overall Sovereign Money Market Corporates Commodity ETPs Figure 23: Top 3 aggregate commodity segments YTD ETPs Europe 2,500 2,000 1,500 1, Figure 24: Top 3 aggregate commodity segments Month ETPs Europe Energy Overall Precious Metals Precious Metals Overall Industrial Metals Figure 25: Top 5 commodity sub-segments YTD 2,500 ETPs Europe Figure 26: Top 5 commodity sub-segments Month ETPs Europe 200 2, , , Crude Oil Commodity Overall Gold Energy Overall Copper Gold Commodity Overall Crude Oil Platinum Industrial Metals Overall Deutsche Bank AG/London Page 11

12 $ billion Number of ETPs $ billion Number of ETPs 10 July Market Metrics ETF Industry Asset Evolution Figure 27: Global ETP regional asset growth ETPs Global 3,000 4,500 2,500 4,000 3,500 2,000 3,000 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , , ,091.2 US, Europe & Asia Pacific ($) , , , , , , ,824.5 Europe ( ) Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147 2,500 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 28: Global ETPs (ETF,ETV & ETC) asset growth ETPs Global 3,000 2,500 2,000 4,500 4,000 3,500 3,000 1,500 1, ** ETCs ETVs ETFs , , , , , ,746.2 Total , , , , , , ,824.5 Number of ETPs* ,213 1,666 2,042 2,582 3,127 3,494 3,713 3,996 4,147 2,500 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 12 Deutsche Bank AG/London

13 million Number of ETFs $ billion Number of ETFs 10 July 2015 Figure 29: Global ETF regional asset growth ETFs Global 3,000 2,500 2,000 4,000 3,500 3,000 2,500 1,500 1, ** Asia Pacific ($) Europe ($) US ($) , , , ,034.2 US, Europe & Asia Pacific ($) , , , , , ,746.2 Europe ( ) Number of ETFs* ,116 1,481 1,803 2,233 2,699 3,004 3,183 3,460 3,624 2,000 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 30: European ETF asset growth by asset class ETFs Europe 500, , , , , , , , ,000 50, ** Other ,078 1,995 1,549 1, ,410 1,607 Commodity ,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,412 14,600 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 86, ,35 Equity 15,532 21,815 37,907 57,029 70,776 65, ,59 147,53 139,72 171,52 210,35 261,22 310,33 Total 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,27 362,19 428,89 Number of ETFs* ,053 1,215 1,311 1,350 1,417 1,451 1,500 1, *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Deutsche Bank AG/London Page 13

14 million Number of ETPs million Number of ETPs 10 July 2015 Figure 31: European Commodity ETP (ETF & ETC) asset growth by segment ETPs Europe 60,000 50, ,000 30,000 20,000 10, ** Livestock Industrial Metals , Agriculture ,553 1,825 1,356 1, Energy ,918 2,056 1,494 1,547 1,397 1,078 2,304 Overall - - 1,103 1, ,531 5,580 4,439 4,846 3,779 3,580 4,440 Precious Metals ,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,555 24,567 Total ,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,835 32,965 Number of ETPs* *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Figure 32: European ETPs (ETF & ETC) asset growth ETPs Europe 500,000 2, , ,000 1, , ,000 1, , , , , , ** ETCs ,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,813 18,735 ETFs 16,332 23,849 42,249 67,801 86,930 99, ,16 211,37 208,05 253,48 286,83 362,19 428,89 Total 16,332 24,340 43,326 69,313 90, ,21 170,00 230,89 229,64 280,06 302,24 379,00 447,62 Number of ETPs ,332 1,565 1,749 1,794 1,868 1,889 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last month Page 14 Deutsche Bank AG/London

15 billion ETFs vs cash equities $ billion ETFs vs cash equities 10 July 2015 ETFs vs. Cash Equities Figure 33: ETFs vs. cash equities turnover US market ETFs US 9, % 8,000 7,000 6, % 25.0% 5, % 4,000 3,000 2,000 1, % 10.0% 5.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Figure 34: ETFs vs. cash equities turnover European market ETFs Europe % % 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Source: Deutsche Bank, Bloomberg Finance LP, Reuters Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Deutsche Bank AG/London Page 15

16 Figure 35: Turnover Comparatives ETF vs. Cash equities ETFs Global Turnover Region: Europe ( million) USA ($ million) US vs Europe comparatives Statistic: ETFs Cash Equities 1 ETFs vs CEs 3 ETFs Cash Equities 2 ETFs vs CEs 3 ETFs vs CEs CEs ETFs Date (A) (B) A/B (C) (D) C/D Jan-11 44, , % 1,139,729 4,891, % 3.5x 7.2x 25.5x Feb-11 39, , % 1,111,786 4,644, % 4.1x 6.9x 28.0x Mar-11 56, , % 1,651,335 5,817, % 4.0x 7.3x 29.2x Apr-11 37, , % 1,077,243 4,638, % 3.6x 8.0x 28.9x May-11 43, , % 1,306,334 5,163, % 4.0x 7.5x 30.2x Jun-11 40, , % 1,521,226 5,323, % 4.5x 8.5x 37.8x Jul-11 49, , % 1,319,878 4,868, % 3.5x 7.6x 26.7x Aug-11 78, , % 2,607,718 7,953, % 3.5x 9.4x 33.2x Sep-11 60, , % 1,829,995 5,775, % 3.5x 8.7x 30.4x Oct-11 47, , % 1,766,121 5,688, % 3.8x 9.7x 37.3x Nov-11 48, , % 1,518,554 4,881, % 3.7x 8.3x 31.1x Dec-11 37, , % 1,222,458 4,126, % 3.7x 8.8x 32.4x Jan-12 38, , % 1,058,682 4,325, % 3.4x 8.1x 27.3x Feb-12 38, , % 1,098,599 4,534, % 3.6x 8.1x 28.7x Mar-12 40, , % 1,208,186 4,916, % 3.7x 8.1x 29.8x Apr-12 35, , % 1,127,926 4,511, % 3.9x 8.2x 31.7x May-12 40, , % 1,371,490 5,127, % 3.8x 9.0x 34.1x Jun-12 34, , % 1,227,990 4,568, % 4.2x 8.4x 35.5x Jul-12 34, , % 1,008,950 4,115, % 3.6x 8.0x 29.1x Aug-12 33, , % 905,592 3,908, % 3.1x 8.9x 27.4x Sep-12 35, , % 938,537 4,047, % 3.4x 7.8x 26.3x Oct-12 33, , % 1,015,281 4,273, % 3.7x 8.3x 30.5x Nov-12 31, , % 1,102,650 4,300, % 3.7x 9.4x 34.6x Dec-12 29, , % 1,043,483 4,035, % 3.3x 10.4x 34.8x Jan-13 41, , % 1,050,769 4,571, % 2.9x 8.8x 25.4x Feb-13 38, , % 1,014,370 4,333, % 3.2x 8.3x 26.6x Mar-13 37, , % 1,005,941 4,211, % 3.5x 7.8x 27.2x Apr-13 43, , % 1,282,375 4,988, % 3.2x 9.4x 29.6x May-13 41, , % 1,273,888 5,101, % 3.3x 9.3x 30.4x Jun-13 45, , % 1,548,668 5,079, % 3.7x 9.2x 34.1x Jul-13 36, , % 1,130,701 4,533, % 3.5x 9.0x 31.1x Aug-13 32, , % 1,110,628 4,343, % 3.7x 9.4x 34.6x Sep-13 33, , % 1,126,546 4,420, % 4.0x 8.5x 33.9x Oct-13 35, , % 1,389,248 5,458, % 4.0x 9.6x 38.7x Nov-13 32, , % 1,034,383 4,422, % 3.7x 8.5x 31.4x Dec-13 35, , % 1,152,234 4,694, % 3.3x 10.0x 32.7x Jan-14 47, , % 1,363,583 5,725, % 3.1x 9.3x 28.7x Feb-14 40, , % 1,318,969 5,440, % 3.4x 9.5x 32.6x Mar-14 41, , % 1,448,238 5,675, % 3.9x 9.0x 35.1x Apr-14 37, , % 1,387,681 5,746, % 3.6x 10.4x 36.9x May-14 35, , % 1,095,590 4,784, % 3.5x 8.8x 30.6x Jun-14 36, , % 1,027,002 4,772, % 3.1x 9.1x 28.2x Jul-14 39, , % 1,171,060 5,149, % 3.1x 9.6x 29.5x Aug-14 41, , % 1,112,387 4,529, % 2.9x 9.3x 27.0x Sep-14 40, , % 1,283,754 5,295, % 3.4x 9.3x 31.4x Oct-14 65, , % 2,181,253 7,491, % 3.4x 9.8x 33.1x Nov-14 46, , % 1,058,826 4,755, % 2.9x 7.8x 23.0x Dec-14 55, , % 1,733,218 6,081, % 3.0x 10.3x 31.4x Jan-15 69, , % 1,718,582 6,112, % 3.0x 8.3x 24.7x Feb-15 58, , % 1,221,851 5,242, % 2.7x 7.9x 21.0x Mar-15 75, , % 1,539,062 6,060, % 2.7x 7.6x 20.3x Apr-15 65, , % 1,297,812 5,518, % 2.6x 7.7x 19.8x May-15 57, , % 1,197,595 5,111, % 2.7x 7.6x 20.9x Jun-15 67, , % 1,420,153 5,762, % 2.8x 7.5x 21.1x Period 2,385,373 31,645, % 69,876, ,852, % 3.4x 8.7x 29.8x Total ,074 7,848, % 18,072,376 63,771, % 3.8x 8.1x 30.9x Total ,623 6,190, % 13,107,366 52,665, % 3.6x 8.6x 30.8x Total ,065 6,264, % 14,119,751 56,159, % 3.5x 9.0x 31.3x Total ,065 6,991, % 16,181,562 65,446, % 3.3x 9.4x 30.6x Total ,546 4,350, % 8,395,055 33,807, % 2.7x 7.8x 21.3x 1 As reported by Bloomberg.The figure equals total on-exchange euro value of all traded security types in Europe. 2 As reported by Bloomberg.The figure equals total dollar value of all traded security types on every US Exchange. 3 On-exchange turnover comparision between ETFs and Cash Equities. Source: Deutsche Bank, Bloomberg Finance LP, Reuters Page 16 Deutsche Bank AG/London

17 Cash Flows ( billion) ETP AUM ( billion) ETP vs mutual funds 10 July 2015 ETFs vs. Unlisted Mutual Funds Figure 36: European ETP vs mutual fund assets ETPs Europe % % % % % 50 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15* ETCs ETFs ETPs vs mutual funds 2.9% 3.0% 2.9% 2.9% 3.0% 2.9% 3.1% 3.1% 3.1% 3.0% 3.1% 3.1% 3.1% 3.3% 3.3% 3.4% 3.7% 3.5% ETFs vs mutual funds 2.7% 2.7% 2.6% 2.6% 2.7% 2.6% 2.8% 2.8% 2.8% 2.8% 2.9% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.5% 1.7% *Data as of 30-Apr-2015 Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Figure 37: European ETP vs mutual fund cash flows ETPs Europe Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 ETCs ETFs Mutual funds Source: Deutsche Bank, European Fund Management Association (EFAMA), Reuters, Bloomberg Finance LP Deutsche Bank AG/London Page 17

18 Cash flows ($ billion) ETP AUM ($ billion) ETP vs mutual funds 10 July 2015 Figure 38: US ETP vs mutual fund assets ETPs US 2, % 15.7% 2, % 1, % 9.7% 1, % % 3.7% 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15* ETVs ETFs ,077 1,054 1,158 1,214 1,340 1,348 1,467 1,614 1,645 1,767 1,776 1,922 2,011 2,068 ETPs vs mutual funds 11.2% 11.3% 11.4% 11.7% 12.1% 12.0% 12.6% 12.9% 13.1% 12.8% 13.3% 13.6% 13.6% 14.0% 14.2% 15.1% 15.3% 15.5% ETFs vs mutual funds 10.1% 10.2% 10.1% 10.5% 10.9% 10.9% 11.4% 11.7% 12.1% 12.2% 12.6% 13.1% 13.0% 13.5% 13.7% 14.6% 14.9% 15.1% 1.7% *Data as of 5/29/2015. Source: Deutsche Bank, Bloomberg Finance LP, ICI Figure 39: US ETP vs mutual fund cash flows ETPs US Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 ETVs ETFs Mutual funds Source: Deutsche Bank, Bloomberg Finance LP, ICI Page 18 Deutsche Bank AG/London

19 Number of ETFs AUM ( billion) 10 July 2015 European ETF Industry Replication Structure Composition (Synthetic vs. Physical) Figure 40: Historical Composition by ETF Structure ETFs Europe Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Figure 41: European AUM ETF market historical asset class analysis by replication technique ETFs Europe AUM ( million) Physical Synthetic Physical Synthetic Physical Synthetic Equity 135,822 74, ,495 73, ,702 85,631 Fixed Income 45,672 14,773 67,114 19,062 79,144 23,208 Commodity 10,892 3,620 10,027 3,385 10,324 4,276 Others 352 1, , ,138 Total 192,737 94, ,980 96, , ,253 ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows ( million) Equity 18,302-3,209 22,993 3,072 2, Fixed Income 7, ,880 3,265-1,105-9 Commodity -4, , Others Total 21,764-3,810 38,263 6,398 1, Jun-15 Deutsche Bank AG/London Page 19

20 Figure 42: European ETF AUM by replication method ETFs Europe Figure 43: European ETF flows by replication method ETFs Europe Jun , ,253 Jun-15 1, ,927 9, ,980 96, ,263 6, ,737 94, ,810 21,764 0% 20% 40% 60% 80% 100% -20% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 44: European ETFs product count by replication method ETFs Europe Figure 45: European Equity ETFs AUM by replication method ETFs Europe Jun Jun ,702 85, ,495 73, ,822 74,558 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Figure 46: European Fixed Income ETFs AUM by replication method ETFs Europe Figure 47: European Commodity ETFs AUM by replication method ETFs Europe Jun-15 79,144 23,208 Jun-15 10,324 4, ,114 19, ,027 3, ,672 14, ,892 3,620 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Physical Synthetic Physical Synthetic Page 20 Deutsche Bank AG/London

21 ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) ETF cash flow growth contribution (Bars) ETF asset price growth contribution (line) 10 July 2015 Industry Growth Analysis Figure 48: Global ETF Industry growth attribution ETFs Global 3.0% 8.0% 2.5% 2.0% 6.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 4.0% 2.0% 0.0% -2.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.2% 0.3% 0.5% 0.3% -0.5% 0.3% -0.3% 0.4% -0.1% 0.0% 0.0% 0.1% 0.9% -0.1% 0.3% 0.6% 0.0% 0.1% 0.5% -0.1% 0.9% 0.2% 0.3% 0.6% 0.7% 0.1% 0.4% -0.1% -0.1% Equity flows 2.0% 0.6% 0.9% 0.5% 1.2% 0.3% 2.2% -0.5% 1.5% 1.7% 0.8% 1.3% -0.4% 0.4% 0.6% 1.2% 0.3% 1.5% 1.1% 0.5% 0.6% 0.6% 1.4% 2.0% -0.3% 1.0% 1.2% 0.2% 0.7% 1.0% Price growth 3.4% -0.7% 1.4% 1.9% -0.6% -3.2% 3.6% -2.0% 4.0% 3.2% 1.1% 0.7% -3.0% 3.8% -0.2% 0.4% 1.7% 1.6% -1.5% 2.1% -3.3% 1.1% 1.5% -1.4% -0.5% 3.6% -0.9% 2.0% -0.2% -2.4% Total growth 5.6% 0.1% 2.6% 2.9% 0.9% -3.4% 6.1% -2.8% 5.8% 4.8% 2.0% 2.0% -3.3% 5.2% 0.3% 1.9% 2.6% 3.1% -0.2% 3.1% -2.7% 2.5% 3.1% 0.9% -0.3% 5.4% 0.4% 2.6% 0.5% -1.5% -4.0% Figure 49: US ETF Industry growth attribution ETFs US 3.5% 8.0% 3.0% 2.5% 2.0% 6.0% 4.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% 2.0% 0.0% -2.0% -4.0% -1.5% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Other flows 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.1% 0.1% 0.4% 0.5% 0.3% -0.6% 0.4% -0.5% 0.4% -0.2% 0.0% 0.0% 0.1% 1.1% -0.4% 0.2% 0.7% -0.1% 0.0% 0.5% -0.1% 1.0% 0.1% 0.2% 0.4% 0.7% 0.0% 0.2% 0.0% -0.1% Equity flows 2.4% 0.7% 1.0% 0.8% 1.3% 0.0% 2.7% -0.7% 2.0% 2.1% 0.9% 1.5% -0.9% 0.0% 1.0% 1.0% 0.0% 1.6% 0.9% 0.3% 1.1% 0.5% 2.2% 2.5% -0.8% 0.9% 1.5% 0.5% 0.6% 1.0% Price growth 3.4% -0.2% 2.0% 1.7% -0.3% -3.0% 3.7% -2.3% 3.5% 3.3% 1.2% 0.8% -2.7% 3.9% 0.0% 0.3% 1.8% 1.6% -1.6% 2.8% -3.3% 1.8% 1.4% -1.7% -1.0% 4.1% -1.1% 1.1% 0.4% -2.5% Total growth 5.9% 0.7% 3.5% 3.0% 1.3% -3.6% 6.7% -3.6% 5.8% 5.3% 2.2% 2.3% -3.6% 5.0% 0.6% 1.6% 2.6% 3.1% -0.7% 3.7% -2.4% 3.3% 3.7% 1.0% -1.4% 5.7% 0.3% 1.8% 1.0% -1.6% -6.0% Deutsche Bank AG/London Page 21

22 ETC cash flows growth contribution (Bars) ETC asset price growth contribution (line) ETF cash flows growth contribution (Bars) ETF asset price growth contribution (Line) 10 July 2015 Figure 50: European ETF Industry growth attribution ETFs Europe 3.5% 14.0% 3.0% 12.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -0.5% -4.0% -1.0% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Other flows -0.1% -0.1% -0.1% -0.3% -0.4% -0.3% -0.2% -0.1% -0.1% -0.1% -0.1% -0.2% -0.1% 0.0% 0.0% 0.1% -0.1% -0.1% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% 0.0% 0.0% 0.0% 0.0% Fixed Income flows 0.4% 0.3% 0.1% 0.6% 0.2% -0.2% 0.1% 0.3% 0.5% 0.4% 0.2% 0.2% 0.5% 0.7% 0.6% 0.8% 0.4% 0.3% 0.6% 0.7% 0.0% 0.6% 0.6% 0.4% 1.3% 1.0% 0.9% 1.2% -0.2% -0.2% Equity flows 1.5% 0.5% 0.1% -0.4% 0.4% 0.1% 1.3% 0.0% 0.1% 0.8% 0.8% 0.6% 0.9% 1.0% -0.3% 1.2% 1.2% 1.1% 1.7% 1.1% -0.5% 1.1% 0.6% -0.3% 2.0% 1.5% 0.8% -0.2% 0.2% 0.5% Price growth 0.6% 0.9% 1.5% 0.0% 0.6% -4.4% 2.3% -0.8% 2.4% 3.3% 0.2% -0.1% -1.2% 2.4% -0.3% 0.5% 2.5% 0.7% -0.4% 2.1% 0.3% 0.1% 2.1% 0.2% 8.1% 2.2% 2.2% -1.2% 1.0% -3.5% Total growth 2.3% 1.5% 1.6% -0.2% 0.8% -4.8% 3.5% -0.6% 2.9% 4.4% 1.1% 0.5% 0.1% 4.0% -0.1% 2.6% 4.0% 2.0% 1.9% 3.9% -0.2% 1.7% 3.3% 0.2% 11.3% 4.7% 4.0% -0.2% 1.0% -3.2% -6.0% Figure 51: European ETC Industry growth attribution ETCs Europe 8.0% 20.0% 6.0% 15.0% 4.0% 2.0% 0.0% -2.0% -4.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -6.0% Jan-13Feb-13Mar-13Apr-13May-13Jun-13 Jul-13 Aug-13Sep-13Oct-13Nov-13Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14 Jul-14 Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15 Currency Flows 0.0% 0.0% 0.0% -0.1% 0.1% 0.1% 0.0% 0.1% 0.2% -0.1% -0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.1% -0.1% 0.0% -0.3% -0.2% -0.1% 0.1% -0.1% -0.1% -0.2% 0.1% 0.1% 0.0% -0.2% Commodity Flows 1.1% -1.8% -2.3% -0.7% -4.4% -4.5% -4.4% 0.1% -0.9% -0.5% -0.7% -4.1% -0.9% 1.0% 2.5% 0.5% -0.9% -0.5% 2.2% 0.8% -2.4% -0.6% 1.4% 0.4% 5.5% 4.4% -2.4% 0.2% 0.0% -1.4% Price growth -1.7% -1.2% 2.1% -9.6% -2.8% -11.8% 5.5% 6.5% -6.6% -0.7% -4.6% -3.6% 4.6% 3.6% -1.8% -0.6% -0.7% 3.5% 0.1% 1.0% -2.6% -3.0% 0.1% 1.6% 10.5% -1.6% 0.5% -1.9% 1.9% -3.4% Total growth -0.6% -3.0% -0.2% -10.4% -7.1% -16.3% 1.2% 6.7% -7.3% -1.4% -5.3% -7.6% 3.7% 4.7% 0.8% 0.2% -1.5% 3.0% 2.3% 1.6% -5.2% -3.7% 1.6% 2.0% 15.9% 2.7% -1.8% -1.5% 1.8% -4.9% -20.0% Page 22 Deutsche Bank AG/London

23 3. Cash Flow Analysis Regional Cash Flow Analysis Figure 52: Global ETP cash flows by region and asset class ETPs Global All figures in $ million except where otherwise stated Jun-15 May-15 YTD Asset Class US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total US EU ($) EU ( ) Asia Total ETFs Equity 20,112 3,172 2,830 4,584 27,869 12,871 1, ,524 19,486 72,975 21,395 18,824 2,219 96,590 Fixed income -1,633-1,262-1, , ,014 23,762 17,226 15,495 1,750 42,738 Commodity ,683 Currency Multi Asset Alternative Total 18,393 2,115 1,898 5,005 25,512 12, ,686 17,878 97,740 39,232 34,885 4, ,966 ETCs/ETVs Commodity , ,257 1,190 1,266 1, ,444 Currency Alternative Total , ,306 1,831 1, ,002 ETPs Equity 20,112 3,172 2,830 4,584 27,869 12,871 1, ,524 19,486 72,975 21,395 18,824 2,219 96,590 Fixed income -1,633-1,262-1, , ,014 23,762 17,226 15,495 1,750 42,738 Commodity , ,020 1,616 1,795 1, ,126 Currency Multi Asset Alternative Total 17,831 1,772 1,590 5,011 24,614 11, ,686 16,572 99,571 40,417 35,870 4, ,968 Asset Class Cash Flow Analysis Figure 53: European Equity ETF cash flow summary ( million) ETFs Europe Equity Cash Flows Jun-15 May-15 YTD All figures in million Beta Beta+ Developed Markets 3, ,069 1, ,198 14, ,891 Emerging Markets Global Markets Sector Capitalization , ,361 Strategy , ,280 Style , ,043 Thematic Total equities 2, ,830 1, , ,824 Alpha Total Deutsche Bank AG/London Page 23

24 Figure 53A: European Equity ETF cash flow summary - A ( Million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Sector Consumer discretionary Consumer staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization , ,361 Large Cap Mid Cap Small Cap Strategy , ,280 Fundamental Leveraged Long Leveraged Short Options Strategy Quantitative Short Style , ,043 Dividend Growth Value Thematic Commodities Faith Other Theme Sustainability Total , ,903 Jun-15 May-15 YTD Alpha Total Page 24 Deutsche Bank AG/London

25 Figure 53B: European Equity ETF cash flow summary B ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Developed Markets Europe 2, ,941 1, ,287 13, ,611 Austria Belgium Finland France Germany 1, ,151 1, , Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland UK Europe broad 1, , , ,272 Americas , ,912 US , ,622 Canada North America Asia , ,919 Australia Hong Kong Japan , ,226 Singapore Asia Pacific broad Global Broad indices DM Total 3, ,069 1, ,198 14, ,891 Jun-15 May-15 YTD Alpha Total Deutsche Bank AG/London Page 25

26 Figure 53C: European Equity ETF cash flow summary C ( million) ETFs Europe Equity Cash Flows All figures in million Beta Beta+ Emerging Markets BRIC Brazil Russia India China , ,702 Latin America Chile Mexico LATAM broad Asia Bangladesh Indonesia Malaysia Pakistan Philippines South Korea Taiwan Thailand Vietnam Asia Pacific broad EMEA Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets Global EM Total Total (EM + DM) 2, ,763 1, ,846 13, ,182 Jun-15 May-15 YTD Alpha Total Figure 54: European Fixed Income ETF cash flows ( million) ETFs Europe Fixed Income Cash Flows Jun-15 May-15 YTD All figures in million Beta Beta+ Overall Corporates , ,899 Covered Bonds Credit Exposure Sovereign ,106-1, , ,238 Money Market Total Fixed Income -1, ,114-1, , ,495 Alpha Total Page 26 Deutsche Bank AG/London

27 Figure 55: European Commodity ETP cash flow summary ( million) ETPs Europe Commodity Cash Flows Jun-15 May-15 YTD All figures in million Beta Beta+ Overall Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy Overall Carbon Crude Oil Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals Overall Gold Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total , ,546 Alpha Total Deutsche Bank AG/London Page 27

28 Product Rankings Figure 56: Top 10 monthly Equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta ,404.1 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta ,257.1 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,150.2 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta Amundi ETF MSCI Japan UCITS ETF CJ1 FP Amundi Beta ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta ,373.0 Amundi ETF MSCI India UCITS ETF CI2 FP Amundi Beta Vanguard S&P 500 ETF VUSA LN Vanguard Beta ,134.7 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta YTD Flows Figure 57: Top 10 monthly Fixed Income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows LYXOR UCITS ETF Smart Cash C-EUR SMART IM Lyxor Beta ishares Euro Corporate Bond Interest Rate Hedged UCITS ETF IRCP LN BlackRock Beta ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta ComStage ETF iboxx Euro Liquid Sovereigns Diversified Overall TR CBOXESOV GR ComStage Beta Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Amundi Beta db x-trackers II iboxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AWM Beta Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ishares Euro Government Bond 1-3yr UCITS ETF IBGS LN BlackRock Beta YTD Flows Figure 58: Top 10 monthly Commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ishares Physical Gold ETC SGLN LN Blackrock Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta Source Physical Gold ETC (P-ETC) SGLD LN Source Beta EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta db Physical Platinum ETC XPLA LN Deutsche AWM Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta Boost Silver 3X Leverage Daily ETP 3SIL LN Boost Beta YTD Flows Page 28 Deutsche Bank AG/London

29 Figure 59: Top 10 monthly Equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares MSCI AC Far East ex-japan UCITS ETF IFFF LN BlackRock Beta Deka EURO STOXX 50 UCITS ETF ETFSX5E GR Deka Investment GmbH Beta ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta ,167.5 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta Amundi ETF MSCI EMU UCITS ETF CMU FP Amundi Beta ishares MSCI Pacific ex-japan UCITS ETF (Inc) IPXJ LN BlackRock Beta db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM Beta Lyxor UCITS ETF JPX-Nikkei 400 JPX4 FP Lyxor Beta db x-trackers Harvest CSI300 INDEX UCITS ETF (DR) 1D RQFI GY Deutsche AWM Beta Source STOXX Europe 600 UCITS ETF SDJ600 GR Source Beta YTD Flows Figure 60: Top 10 monthly Fixed Income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,162.3 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta db x-trackers II iboxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Deutsche AWM Beta ComStage ETF Commerzbank Bund-Future Short TR 5X62 GR ComStage Beta ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,261.1 YTD Flows Figure 61: Top 10 monthly Commodity ETP outflows ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month Flows Prev. Month Flows ETFS Physical Gold PHAU LN ETF Securities Beta Gold Bullion Securities GBS LN ETF Securities Beta Source Physical Platinum P-ETC SPPT LN Source Beta db Industrial Metals Booster Euro Hedged ETC XCTG GR Deutsche AWM Beta db WTI Crude Oil Booster USD Index XCT9 LN Deutsche AWM Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta ETFS Copper COPA LN ETF Securities Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta YTD Flows Deutsche Bank AG/London Page 29

30 4. Product Review New Products Launched in the Month Figure 62: Number of ETPs by Asset Class ETPs Global Jun-15 May-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 2, % 2, % 2, % Fixed income % % % Commodity % % % Currency % % 17 (2) 0.4% Multi Asset % % 45 (2) 1.1% Alternative % % % Total 3, % 3, % 3, % ETC/Vs Equity - 0.0% 0-0.0% 0-0.0% Commodity % % 406 (5) 10.2% Currency % 126 (8) 3.1% 126 (8) 3.2% Alternative 4 0.1% 4-0.1% 4-0.1% Total % 530 (7) 12.9% 536 (13) 13.4% Total ETPs 4, % 4, % 3, % Figure 63: Number of ETPs by Asset Class ETPs Europe Jun-15 May-15 MoM Change End of 2014 YTD Change Asset Class Nu. Mkt Share % Nu. Nu. % Nu. Nu. % ETFs Equity 1, % 1, % % Fixed income % % % Commodity % % % Currency - 0.0% 0-0.0% 1 (1) -0.1% Multi Asset 9 0.5% 9-0.0% % Alternative % % 20 (3) -0.2% Total 1, % 1, % 1, % ETCs Commodity % % 342 (5) -0.3% Currency % 109 (8) -0.4% 109 (8) -0.4% Total % 446 (8) -0.4% 451 (13) -0.7% Total ETPs 1, % 1, % 1, % Page 30 Deutsche Bank AG/London

31 Deutsche Bank AG/London Page 31 Figure 64: New ETF launches & cross listings ETFs Europe Launch/ cross BBG Ticker listing date New Launches Reuters Code Issuer ETF Name Asset class Invest. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage 5-Jun-15 JPEX LN JPEX.L Source Source STOXX Japan Exporters UCITS ETF Equity Beta Developed non-europe DM Stoxx Japan International Exposure NTR Index 1L 0.35% London SE 5-Jun-15 EMUC SW EMUC.S BlackRock ishares MSCI EMU CHF Hedged UCITS ETF Equity Beta Eurozone DM MSCI EMU 100% Hedged to CHF Index 1L 0.38% Swiss SE 5-Jun-15 EZXU LN EZXU.L Source Source STOXX Eurozone Exporters UCITS ETF USD Hedged Equity Beta Eurozone DM EURO STOXX International Exposure USD Hedged Index 1L 0.35% London SE 8-Jun-15 JEXE GY JEXE.DE Source Source STOXX Japan Exporters UCITS ETF EUR Hedged Equity Beta Developed non-europe DM Stoxx Japan International Exposure NTR EUR Hedged Index 1L 0.35% Deutsche Borse 8-Jun-15 EZEX GY EZEX.DE Source Source STOXX Eurozone Exporters UCITS ETF Equity Beta Eurozone DM EURO STOXX International Exposure Index 1L 0.35% Deutsche Borse 9-Jun-15 SMART IM SMART.MI Lyxor LYXOR UCITS ETF Smart Cash C-EUR Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.05% Borsa Italiana 11-Jun-15 S2HGBD SW S2HGBD.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE 11-Jun-15 S2HSGA SW S2HSGA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to SGD Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to SGD 1L 0.30% Swiss SE 11-Jun-15 HKDU SW HKDU.S UBS UBS ETF MSCI Hong Kong UCITS ETF A-dis Equity Beta Developed non-europe DM MSCI Hong Kong Index 1L 0.45% Swiss SE 11-Jun-15 SGPDU SW SGPDU.S UBS UBS ETF - MSCI Singapore UCITS ETF A-dis Equity Beta Developed non-europe DM MSCI Singapore Index 1L 0.45% Swiss SE 16-Jun-15 MVAE FP MVAE.PA Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% Euronext Paris 16-Jun-15 SPVX LN SPVX.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE 17-Jun-15 MVMX LN MVMX.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE 29-Jun-15 STHC SW STHC.S Source PIMCO Short-Term HY Corporate Bond Index Source UCITS ETF - CHF Hgd Acc Fixed Income Beta Overall DM BofA Merrill Lynch 0-5 Yr US HY Constrained index 1L 0.60% Swiss SE Cross-Listings & share classes 1-Jun-15 JPHG FP JPHG.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged GBP Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris 1-Jun-15 JPHE FP JPHE.PA Amundi Amundi ETF JPX-Nikkei 400 UCITS ETF - Daily Hedged EUR Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.18% Euronext Paris 3-Jun-15 CRPX LN CRPX.L Lyxor Lyxor ETF Euro Corporate Bond Fixed Income Beta Overall DM Markit iboxx Euro Liquid Corporate Overall Index 1L 0.20% London SE 9-Jun-15 FEXD LN FEXD.L First Trust First Trust Large Cap Core AlphaDEX UCITS ETF Equity Beta Fundamental DM Defined Large Cap Core 1L 0.65% London SE 10-Jun-15 GDXJ SW GDXJ.S Van Eck Funds Market Vectors Junior Gold Miners UCITS ETF Equity Beta Commodities Overall Market Vectors Global Junior Gold Miners 1L 0.55% Swiss SE 10-Jun-15 GDX SW GDX.S Van Eck Funds Market Vectors Gold Miners UCITS ETF Equity Beta Commodities Overall NYSE Arca Gold Miners 1L 0.55% Swiss SE 10-Jun-15 CSH2 LN CSH2.L Lyxor LYXOR UCITS ETF Smart Cash C-GBP Fixed Income Beta Overall DM EuroMTS Eonia Investable 1L 0.13% London SE 11-Jun-15 S2HGBA SW S2HGBA.S UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% Swiss SE 11-Jun-15 UC93 LN UC93.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE 11-Jun-15 UC94 LN UC94.L UBS UBS ETF - MSCI Switzerland 20/35 UCITS ETF hedged to GBP Equity Beta European Developed DM MSCI Switzerland 20/35 100% hedged to GBP 1L 0.30% London SE 15-Jun-15 XDNY LN XDNY.L Deutsche AWM db x-trackers JPX-Nikkei 400 UCITS ETF DR - 1C Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.20% London SE 15-Jun-15 SPVG LN SPVG.L PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% London SE 16-Jun-15 MVAM FP MVAM.PA Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% Euronext Paris 17-Jun-15 MVAM LN MVAM.L Lyxor Lyxor FTSE Emerging Minimum Variance UCITS ETF Equity Beta Quantitative EM FTSE Emerging Min Var Index 1L 0.40% London SE 17-Jun-15 MVAE LN MVAE.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE 17-Jun-15 MVEX LN MVEX.L Lyxor Lyxor FTSE Europe Minimum Variance UCITS ETF Equity Beta Quantitative DM FTSE Developed Europe Min Var Index 1L 0.20% London SE 19-Jun-15 SPVX IM SPVX.MI PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Borsa Italiana 19-Jun-15 PSVX GY PSVX.DE PowerShares PowerShares S&P 500 VEQTOR UCITS ETF Equity Beta Quantitative DM S&P 500 Dynamic VEQTOR Index 1L 0.39% Deutsche Borse 22-Jun-15 HYBB IM HYBB.MI Lyxor Lyxor IBOXX EUR Liquid High Yield BB UCITS ETF Fixed Income Beta Overall DM Markit iboxx EUR Corporates BB 1L 0.35% Borsa Italiana 26-Jun-15 EUXS SW EUXS.S BlackRock ishares MSCI Europe ex-uk GBP Hedged UCITS ETF Equity Beta Europe DM MSCI Europe ex-uk 100% Hedged to GBP Index 1L 0.40% Swiss SE 26-Jun-15 CNYA SW CNYA.S BlackRock ishares MSCI China A UCITS ETF Equity Beta Emerging Country EM MSCI China A International Index 1L 0.65% Swiss SE 26-Jun-15 NK4E SW NK4E.S BlackRock ishares JPX-Nikkei 400 EUR Hedged UCITS ETF Equity Beta Developed non-europe DM JPX-nikkei 400 TR Index 1L 0.45% Swiss SE 29-Jun-15 LDCE SW LDCE.S Source PIMCO Low Duration Euro Corporate Bond Source UCITS ETF Fixed Income Alpha Overall Overall BofA Merrill Lynch 1-5 Yr Euro Corp. Bond Index 1L 0.39% Swiss SE 29-Jun-15 HDLV SW HDLV.S PowerShares PowerShares S&P 500 High Dividend Low Volatility UCITS ETF Equity Beta Quantitative DM S&P 500 Low Volatility High Dividend Index 1L 0.30% Swiss SE 30-Jun-15 FRNU GY FRNU.DE Amundi AMUNDI ETF Floting Rate USD Corporate UCITS ETF Fixed Income Beta Overall DM Markit iboxx USD FRN Liquid Corporates 100 1L 0.18% Deutsche Borse Exchange Listed

32 Page 32 Deutsche Bank AG/London Figure 65: New ETC launches & cross listings ETCs Europe Launch/ cross listing date BBG Ticker Cross-Listings & share classes Reuters Code Issuer ETC Name Asset class Long Invest. Strategy Focus Benchmark /Short/ Leverage TER Exchange Listed 30-Jun-15 0LJC GY OLJC.DE Boost Boost WTI Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Crude Oil ER 1L 0.25% Deutsche Borse 30-Jun-15 0LJD GY OLJD.DE Boost Boost Brent Oil ETC Commodity Beta Crude Oil NASDAQ Commodity Brent Crude Oil Index 1L 0.25% Deutsche Borse 30-Jun-15 0LJE GY OLJE.DE Boost Boost Gold ETC Commodity Beta Gold NASDAQ Commodity Gold ER 1L 0.25% Deutsche Borse 30-Jun-15 0LJF GY OLJF.DE Boost Boost Natural Gas ETC Commodity Beta Natural Gas NASDAQ Commodity Natural Gas ER 1L 0.25% Deutsche Borse

33 Average TERs Figure 66: ETF TERs using simple average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.70% % % 10 Beta 0.40% % % 917 Beta+ 0.50% % % 67 Semi Active 0.54% % % % % % 1,027 Fixed Income Alpha 0.59% % % 10 Beta 0.24% % % 315 Beta+ NA NA 0.25% % % % % 349 Alternative Alpha NA NA 0.73% % 5 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % 17 Commodity Beta 0.49% % % 48 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 49 Currency Beta NA NA NA NA NA NA NA NA NA NA NA NA Multi Asset Beta NA 1 NA NA NA 1 Alpha 0.60% % % % % % 9 Total 0.38% % % 1,451 Deutsche Bank AG/London Page 33

34 Figure 67: ETC TERs using simple average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.51% % 39 Beta+ NA NA 0.91% % 29 Energy Beta NA NA 0.48% % 52 Beta+ NA NA 0.78% % 47 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.89% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.45% % % 51 Beta+ NA NA 0.74% % 39 Commodity 0.45% % % 337 Currency Currency Beta NA NA 0.41% % 40 Beta+ NA NA 0.81% % 61 Currency NA NA 0.65% % 101 Page 34 Deutsche Bank AG/London

35 Figure 68: ETF TERs using AUM weighted average ETFs Europe Physical Synthetic Total Asset class Strategy TER Nu. TER Nu. TER Nu. Equity Alpha 0.71% % % 10 Beta 0.33% % % 917 Beta+ 0.54% % % 67 Semi Active 0.57% % % % % % 1,027 Fixed Income Alpha 0.37% % % 10 Beta 0.26% % % 315 Beta+ NA NA 0.23% % % % % 349 Alternative Alpha NA NA 0.85% % 5 Beta 0.75% % % 4 Beta+ NA NA NA NA NA NA Semi Active 0.30% % % % % % 17 Commodity Beta 0.42% % % 48 Beta+ NA NA NA NA NA NA Semi Active NA NA 0.45% % % % % 49 Currency Beta NA NA NA NA NA NA NA NA NA - NA - Multi Asset Beta 0.40% 1 NA NA 0.40% 1 Alpha 0.68% % % % % % 8 Total 0.32% % % 1,451 Figure 69: ETC TERs using AUM weighted average ETCs Europe Physical Synthetic Total Asset Class Segment Strategy TER Nu. TER Nu. TER Nu. Commodity Agriculture Beta NA NA 0.53% % 39 Beta+ NA NA 0.98% % 29 Energy Beta NA NA 0.52% % 52 Beta+ NA NA 0.98% % 47 Industrial Metals Beta NA NA 0.49% % 28 Beta+ NA NA 0.98% % 23 Livestock Beta NA NA 0.49% % 6 Beta+ NA NA 0.98% % 6 Overall Beta NA NA 0.50% % 13 Beta+ NA NA 0.98% % 4 Precious Metals Beta 0.39% % % 51 Beta+ NA NA 0.97% % 39 Commodity 0.39% % % 337 Currency Currency Beta NA NA 0.39% % 40 Beta+ NA NA 0.91% % 61 Currency NA NA 0.76% % 101 Deutsche Bank AG/London Page 35

36 5. Provider Rankings Global Provider Rankings Figure 70: Global Top 10 ETF Providers ($ million) ETFs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,035, % 975, % 611 7, ,685 51,728 2 Vanguard 489, % 443, % 95 7,551 72,507 43,190 3 State Street 412, % 453, % 228-2, ,135-41,604 4 PowerShares 92, % 91, % , Deutsche AWM 76, % 58, % ,497 18,560 6 WisdomTree 61, % 39, % 85 1,248 18,990 20,316 7 Nomura Asset Management 56, % 43, % 46 2,490 32,976 7,299 8 Lyxor 52, % 45, % ,663 6,299 9 First Trust 43, % 33, % 98 1,377 8,045 9, Charles Schwab 34, % 26, % 21 1,216 4,731 7,138 Total Top 10 2,355, % 2,210, % 1,808 20,670 1,399, ,776 Others 390, % 352, % 1,816 4, ,431 20,189 Global Total 2,746, % 2,562, % 3,624 25,512 1,749, ,966 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Figure 71: Global Top 10 ETC/V Providers ($ million) ETCs/Vs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 State Street 26, % 27, % , ETF Securities 16, % 16, % , BlackRock 12, % 12, % , PowerShares 6, % 7, % , United States Commodity Funds 3, % 2, % , ProShares 3, % 3, % , Deutsche AWM 2, % 2, % Source 1, % 1, % Deutsche Borse Commodities GmbH 1, % 1, % Guggenheim Investments 1, % % , Total Top 10 77, % 76, % ,551 2,810 Others 1, % % Global Total 78, % 77, % ,456 3,002 YTD CF Page 36 Deutsche Bank AG/London

37 Figure 72: Global Top 10 ETP Providers ($ million) ETPs Global Rank Issuer Current AUM Mkt. Share 2014 AUM 2014 Mkt. Share Nu. Current Current Month Month CF TO 1 BlackRock 1,048, % 987, % 619 7, ,571 52,229 2 Vanguard 489, % 443, % 95 7,551 72,507 43,190 3 State Street 439, % 481, % 229-2, ,684-41,295 4 PowerShares 99, % 98, % , Deutsche AWM 79, % 60, % ,647 18,964 6 WisdomTree 61, % 39, % 85 1,248 18,990 20,316 7 Nomura Asset Management 56, % 43, % 46 2,490 32,976 7,299 8 Lyxor 52, % 45, % ,663 6,299 9 First Trust 43, % 33, % 98 1,377 8,045 9, Charles Schwab 34, % 26, % 21 1,216 4,731 7,138 Total Top 10 2,404, % 2,259, % 1,856 20,513 1,418, ,641 Others 420, % 380, % 2,291 4, ,547 22,327 Global Total 2,824, % 2,639, % 4,147 24,614 1,806, ,968 Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Deutsche Bank AG/London Page 37

38 European Provider Rankings General Figure 73: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover Products End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 202, ,377 16% ,650 29,005 25,686 13% % Deutsche AWM 53,088 44,558 19% ,565 6,952 5,779 20% % Lyxor 47,214 37,823 25% ,630 13,060 10,131 29% % UBS 23,177 17,073 36% ,124 2,020 2,012 0% % Amundi 18,370 15,386 19% ,589 3,427 3,305 4% % Vanguard 15,406 12,538 23% ,663 2,121 1,766 20% % Source 14,723 12,625 17% ,032 1,888 1,527 24% % State Street 11,886 9,274 28% ,909 1,555 1,188 31% % ComStage 7,102 5,391 32% , % % Deka Investment GmbH 6,598 6,433 3% ,638 2,054 28% % Zuercher Kantonalbank 6,313 6,032 5% % 4 4 0% HSBC 5,426 5,363 1% % % BNP Paribas 4,505 3,756 20% % % Xact Fonder AB 2,651 2,379 11% ,357 1,073 27% % Julius Baer Inv 2,125 2,060 3% % 8 8 0% PowerShares 1,690 1,465 15% % % Ossiam 1,662 1,574 6% % % ThinkCapital ETFs N.V ,030-3% % % ETF Securities % % % BBVA Gestion SA SGIIC % % 2 2 0% Royal Bank of Scotland plc % % % Nomura Asset Management NA % 3 0 NA WisdomTree % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% Fundlogic Global Solutions plc % % 1 1 0% First Trust % % 4 4 0% SEB Investment Management AB % % 3 3 0% Van Eck Funds 88 0 NA % 2 0 NA Commerzbank AG % % % UniCredit Bank 41 0 NA % 1 0 NA FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 6 6-5% % 2 2 0% Boost % % 3 3 0% Alpcot Capital Management % % 1 1 0% Swedbank Robur % % % Landsbankinn 0 0 NA % 1 1 0% Nordea Investment Funds 0 0 NA % 2 2 0% NCB Stockbrokers % NA % Total 428, ,193 18% 1, ,885 67,201 57,276 17% ,417 2% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 38 Deutsche Bank AG/London

39 Figure 74: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Current Month End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. ETF Securities 12,135 11,282 8% ,384 2,466-3% % Deutsche AWM 2,167 1,811 20% % % Source 1,778 1,586 12% % 4 4 0% Deutsche Borse Commodities GmbH 1,701 1,572 8% % 1 1 0% BlackRock % % 4 4 0% Royal Bank of Scotland plc % % % Boost % % % Borse Stuttgart Securities GmbH % % 1 1 0% Commerzbank AG 1 1-3% % % Total 18,735 16,813 11% ,507 3,630-3% % AUM Cash Flow Turnover Products Deutsche Bank AG/London Page 39

40 Figure 75: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Current Month AUM Cash Flow Turnover End of 2014 Diff. Current Month Prev. Month YTD Current Month Prev. Month Diff. Current Month End of 2014 Diff. BlackRock 203, ,556 16% ,845 29,040 25,734 13% % Deutsche AWM 55,255 46,369 19% ,925 7,085 5,942 19% % Lyxor 47,214 37,823 25% ,630 13,060 10,131 29% % UBS 23,177 17,073 36% ,124 2,020 2,012 0% % Amundi 18,370 15,386 19% ,589 3,427 3,305 4% % Source 16,501 14,212 16% ,160 2,055 1,825 13% % Vanguard 15,406 12,538 23% ,663 2,121 1,766 20% % ETF Securities 12,771 11,738 9% ,960 2,930 1% % State Street 11,886 9,274 28% ,909 1,555 1,188 31% % ComStage 7,102 5,391 32% , % % Deka Investment GmbH 6,598 6,433 3% ,638 2,054 28% % Zuercher Kantonalbank 6,313 6,032 5% % 4 4 0% HSBC 5,426 5,363 1% % % BNP Paribas 4,505 3,756 20% % % Xact Fonder AB 2,651 2,379 11% ,357 1,073 27% % Julius Baer Inv 2,125 2,060 3% % 8 8 0% Deutsche Borse Commodities GmbH 1,701 1,572 8% % 1 1 0% PowerShares 1,690 1,465 15% % % Ossiam 1,662 1,574 6% % % ThinkCapital ETFs N.V ,030-3% % % Royal Bank of Scotland plc % % % BBVA Gestion SA SGIIC % % 2 2 0% Nomura Asset Management NA % 3 0 NA WisdomTree % % % Boost % % % Seligson & Co Fund Man % % 1 1 0% Raiffeisen Schweiz Genossenschaft % % 3 3 0% DnB Kapitalforvaltning % % 1 1 0% Fundlogic Global Solutions plc % % 1 1 0% Borse Stuttgart Securities GmbH % % 1 1 0% First Trust % % 4 4 0% SEB Investment Management AB % % 3 3 0% Van Eck Funds 88 0 NA % 2 0 NA Commerzbank AG % % % UniCredit Bank 41 0 NA % 1 0 NA FinEx Fund Plc % % 2 2 0% Alpha Asset Management % % 1 1 0% NBG Asset Management MFMC 6 6-5% % 2 2 0% Alpcot Capital Management % % 1 1 0% Swedbank Robur % % % NCB Stockbrokers % NA % PDR Services LLC 0 0 NA % 0 0 NA Nordea Investment Funds 0 0 NA % 2 2 0% Landsbankinn 0 0 NA % 1 1 0% Total 447, ,006 18% 1, ,870 70,708 60,906 16% 1,889 1,868 1% *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Products Page 40 Deutsche Bank AG/London

41 Figure 76: European ETP Providers tier market share ETPs Europe Jun-15 Q1 15 Q4 14 Q3 14 Q % 65% 70% 75% 80% 85% 90% 95% 100% Q2 14 Q3 14 Q4 14 Q1 15 Jun-15 Tier % 68.9% 68.6% 68.7% 68.3% Tier % 26.9% 27.3% 27.2% 27.6% Tier 3 5.3% 4.2% 4.2% 4.0% 4.1% Deutsche Bank AG/London Page 41

42 European Provider Rankings by Asset Class Figure 77: European ETF Providers (All) Assets, Flows, Products, Turnover ETFs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF YTD CF BlackRock 139,023 62,073 1, , % , ,650 Deutsche AWM 39,611 12, , % 232 6, ,565 Lyxor 37,466 8,592 1, , % , ,630 UBS 19,867 1,415 1, , % 125 2, ,124 Amundi 14,434 3, , % 101 3, ,589 Vanguard 15, , % 13 2, ,663 Source 9,459 4, , % 78 1, ,032 State Street 7,873 3, , % 65 1, ,909 ComStage 4,496 2, , % ,295 Deka Investment GmbH 4,469 2, , % 44 2, Zuercher Kantonalbank 0 0 6, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv , , % PowerShares 1, , % Ossiam 1, , % ThinkCapital ETFs N.V % ETF Securities % BBVA Gestion SA SGIIC % Royal Bank of Scotland plc % Nomura Asset Management % WisdomTree % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % DnB Kapitalforvaltning % Fundlogic Global Solutions plc % First Trust % SEB Investment Management AB % Van Eck Funds % Commerzbank AG % UniCredit Bank % FinEx Fund Plc % Alpha Asset Management % NBG Asset Management MFMC % Boost % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 310, ,352 14,600 1, , % 1,451 67,201 1,898 34,885 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Page 42 Deutsche Bank AG/London

43 Figure 78: European ETC Providers (All) Assets, Flows, Products, Turnover ETCs Europe All figures in million except products Issuer Commodity Currency Total AUM Mkt Share % Nu. Current TO Current CF YTD CF ETF Securities 11, , % 298 2, Deutsche AWM 2, , % Source 1, , % Deutsche Borse Commodities GmbH 1, , % BlackRock % Royal Bank of Scotland plc % Boost % Borse Stuttgart Securities GmbH % Commerzbank AG % Total 18, , % 438 3, Deutsche Bank AG/London Page 43

44 Figure 79: European ETP Providers (All) Assets, Flows, Products, Turnover ETPs Europe All figures in million except products Issuer Equity Fixed Income Commodity Others Total AUM Mkt Share % Nu. Current TO Current CF BlackRock 139,023 62,073 1, , % , ,845 Deutsche AWM 39,611 12,012 2, , % 260 7, ,925 Lyxor 37,466 8,592 1, , % , ,630 UBS 19,867 1,415 1, , % 125 2, ,124 Amundi 14,434 3, , % 101 3, ,589 Source 9,459 4,992 2, , % 82 2, ,160 Vanguard 15, , % 13 2, ,663 ETF Securities , , % 315 2, State Street 7,873 3, , % 65 1, ,909 ComStage 4,496 2, , % ,295 Deka Investment GmbH 4,469 2, , % 44 2, Zuercher Kantonalbank 0 0 6, , % HSBC 5, , % BNP Paribas 4, , % Xact Fonder AB 2, , % 10 1, Julius Baer Inv , , % Deutsche Borse Commodities GmbH 0 0 1, , % PowerShares 1, , % Ossiam 1, , % ThinkCapital ETFs N.V % Royal Bank of Scotland plc % BBVA Gestion SA SGIIC % Nomura Asset Management % WisdomTree % Boost % Seligson & Co Fund Man % Raiffeisen Schweiz Genossenschaft % DnB Kapitalforvaltning % Fundlogic Global Solutions plc % Borse Stuttgart Securities GmbH % First Trust % SEB Investment Management AB % Van Eck Funds % Commerzbank AG % UniCredit Bank % FinEx Fund Plc % Alpha Asset Management % NBG Asset Management MFMC % Alpcot Capital Management % Swedbank Robur % NCB Stockbrokers % Nordea Investment Funds % Landsbankinn % PDR Services LLC % Total 310, ,352 32,965 1, , % 1,889 70,708 1,590 35,870 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. YTD CF Page 44 Deutsche Bank AG/London

45 European Provider Analysis by Replication Method Figure 80: European ETF Providers list by replication All figures in million except products European Providers ETFs Europe Replication AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) ETFs AUM ( ) AUM (%) ETFs Method Equity Fixed Income Commodity Other Total BlackRock Physical 138, , ,845 99% 263 Synthetic ,052 1% 4 Deutsche AWM Physical 24, ,592 46% 55 Synthetic 15, , ,496 54% 177 Lyxor Physical , ,576 10% 29 Synthetic 36, , , ,638 90% 193 UBS Physical 17, , , ,891 86% 95 Synthetic 2, ,286 14% 30 Amundi Physical % 6 Synthetic 13, , ,423 95% 95 Vanguard Physical 15, , % 13 Source Physical 1, , ,169 42% 25 Synthetic 8, ,554 58% 53 State Street Physical 7, , , % 65 ComStage Physical % 2 Synthetic 4, , ,002 99% 100 Deka Investment GmbH Physical 4, , , % 43 Synthetic % 1 Zuercher Kantonalbank Physical , , % 4 HSBC Physical 5, , % 28 BNP Paribas Physical 2, ,006 45% 17 Synthetic 2, ,499 55% 21 Xact Fonder AB Physical 2, ,247 85% 4 Synthetic % 6 Julius Baer Inv Physical , , % 8 PowerShares Physical 1, ,650 98% 17 Synthetic % 4 Ossiam Physical % 1 Synthetic 1, ,617 97% 7 ThinkCapital ETFs N.V. Physical % 11 ETF Securities Synthetic % 12 Physical % 5 BBVA Gestion SA Physical % 2 RBS plc Synthetic % 12 Nomura Asset Management Physical % 3 WisdomTree Physical % 10 Seligson & Co Fund Mgmt. Physical % 1 Raiffeisen Schweiz Physical % 3 Genossenschaft DnB Kapitalforvaltning Physical % 1 Fundlogic Global Solutions plc Synthetic % 1 First Trust Physical % 4 SEB Investment Management AB Synthetic % 3 Van Eck Funds Physical % 2 Commerzbank AG Synthetic % 1 Physical % 1 UniCredit Bank Synthetic % 1 FinEx Fund Plc Physical % 1 Synthetic % 1 Alpha Asset Mgmt. Physical % 1 NBG Asset Mgmt. Physical % 1 Synthetic % 1 Boost Synthetic % 3 Alpcot Capital Mgmt Physical % 1 Landsbankinn Physical NA 1 Nordea Investment Funds Synthetic NA 2 Total 310,333 1, , , , ,893 1,451 *New entrant in 2015 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. Deutsche Bank AG/London Page 45

46 6. Trading Perspective ETP Monthly Turnover Analysis by Asset Class, by Instrument Figure 81: Turnover by asset class and instrument ( million) ETPs Europe Jun-15 May YTD Asset Class Beta Beta+ Alpha Total Total ETFs Equity 47,349 6, ,550 39,672 4, ,402 31,090 4, , ,199 Fixed income 12, ,952 11, ,194 7, ,364 79,822 Commodity ,622 Currency Multi Asset Alternative Total 60,193 6, ,201 51,873 5, ,276 39,072 4, , ,540 ETCs Commodity 1,919 1, ,221 2,115 1, ,326 1, ,130 24,012 Currency ,847 Total 1,938 1, ,507 2,144 1, ,630 1, ,248 25,859 Total ETPs 62,131 8, ,708 54,017 6, ,906 40,800 5, , ,399 Asset Class Analysis Figure 82: European Equity ETF Turnover Summary ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Developed Markets 35, ,615 28, ,720 21, , ,143 Emerging Markets 4, ,347 4, ,353 4, ,108 31,012 Global Markets 1, ,059 1, , ,310 Sector 3, ,264 2, ,747 2, ,166 19,098 Capitalization ,402 Strategy 548 6, , , , , ,846 33,822 Style 1, ,573 1, ,510 1, ,179 10,829 Thematic ,583 Total Equities 47,349 6, ,550 39,672 4, ,402 31,090 4, , ,199 Jun-15 May Page 46 Deutsche Bank AG/London

47 Figure 82A: European Equity ETF Turnover Summary A ( million) ETFs Europe Equity Turnover Beta Beta+ YTD Alpha Total Total Sector 3, ,264 2, ,747 2, ,166 19,098 Consumer discretionary Consumer staples Energy Financials , , ,668 Healthcare Industrials Information Technology Materials Telecommunications Utilities Capitalization ,402 Large Cap Mid Cap Small Cap ,303 Strategy 548 6, , , , , ,846 33,822 Fundamental Leveraged Long 0 3, , , , , ,254 16,505 Leveraged Short 0 2, , , , , ,736 9,232 Options Strategy Quantitative Short ,698 Style 1, ,573 1, ,510 1, ,179 10,829 Dividend 1, ,448 1, ,412 1, ,079 9,866 Growth Value Thematic ,583 Commodities Cyclical Faith Other Theme Sustainability Total 6,336 6, ,529 5,580 4, ,295 4,520 4, ,067 70,734 Jun-15 May Deutsche Bank AG/London Page 47

48 Figure 82B: European Equity ETF Turnover Summary B ( million) ETFs Europe Equity Turnover Beta Beta+ Developed Markets YTD Alpha Total Total Europe 24, ,564 18, ,220 13, , ,823 Austria Belgium Finland France ,041 Germany 6, ,653 4, ,312 3, ,368 30,620 Greece Ireland Italy ,349 Netherlands ,323 Norway Portugal Iceland Spain ,304 Sweden ,000 Switzerland ,731 UK 3, ,069 3, ,015 2, ,125 17,315 Europe broad 11, ,270 7, ,887 5, ,400 56,057 Americas 5, ,169 4, ,911 4, ,151 37,319 US 4, ,981 4, ,712 3, ,862 35,682 Canada North America ,082 Asia 2, ,817 3, ,184 2, ,217 20,165 Australia Hong Kong Japan 2, ,531 2, ,787 1, ,966 18,097 Singapore Asia Pacific broad ,129 Global 3, ,065 2, ,406 1, ,638 15,837 Broad indices 3, ,065 2, ,406 1, ,638 15,837 DM Total 35, ,615 28, ,720 21, , ,143 Jun-15 May Page 48 Deutsche Bank AG/London

49 Figure 82C: European Equity ETF Turnover Summary C ( million) ETFs Europe Equity Turnover Beta Beta+ Emerging Markets YTD Alpha Total Total BRIC 1, ,964 1, ,534 1, ,320 12,761 Brazil ,116 Russia ,699 India ,598 China 1, , ,348 Latin America Chile Mexico LATAM broad Asia ,511 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea ,095 Taiwan Thailand Vietnam Asia Pacific broad ,827 EMEA ,470 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 1, ,385 1, ,771 1, ,833 11,487 Global 1, ,385 1, ,771 1, ,833 11,487 EM Total 4, ,347 4, ,353 4, ,108 31,012 Total (EM + DM) 39, ,962 33, ,073 25, , ,155 Jun-15 May Figure 83: European Fixed Income ETF Turnover ( million) ETFs Europe Fixed Income Turnover Beta Beta+ YTD Alpha Total Total Overall ,744 Corporates 4, ,996 3, ,950 2, ,496 27,953 Covered Bonds Credit Exposure Sovereign 6, ,759 6, ,221 4, ,201 44,881 Money Market ,148 Total Fixed Income 12, ,952 11, ,194 7, ,364 79,822 Jun-15 May Deutsche Bank AG/London Page 49

50 Figure 84: European Commodity ETP Turnover summary ( million) ETPs Europe Commodity Turnover Beta Beta+ YTD Alpha Total Total Overall ,779 Overall Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture ,364 Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 498 1, , , ,913 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals ,165 Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 1, ,581 1, ,439 1, ,874 13,072 Overall Gold , , , Palladium Platinum Rhodium Silver Livestock Overall Cattle Lean Hogs Total 2,492 1, ,798 2,651 1, ,865 2, ,927 28,327 Jun-15 May Page 50 Deutsche Bank AG/London

51 Product Rankings Figure 85: Top 20 Equity ETFs by Turnover ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 2, , ,401.5 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 1, , ,639.3 Deka DAX UCITS ETF ETFDAX GR Deka Investment GmbH Beta 1, , ,060.8 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 1, ,798.3 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 1, , ,819.7 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 1, ,091.7 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 1, ,319.2 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 1, ,366.7 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 1, ,312.5 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta ,766.3 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta ,019.5 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta , ,000.1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta ,529.7 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta ,382.5 Vanguard FTSE 100 ETF VUKE LN Vanguard Beta ,164.0 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta ,114.9 Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Beta ,859.6 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta ,150.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta ,587.7 ishares MSCI Europe ex-uk UCITS ETF IEUX LN BlackRock Beta ,583.1 YTD TO Figure 86: Top 20 Fixed Income ETFs by Turnover ( million) ETFs Europe ETF Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 1, ,914.8 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta ,116.3 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta ,355.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta ,481.2 Lyxor UCITS ETF Euro Cash CSH FP Lyxor Beta ,142.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta ,587.9 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta ,584.7 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta ,732.6 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM Beta ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor Beta ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta ,661.5 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta ,324.7 Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta ,549.4 Lyxor ETF iboxx Liquid High Yield 30 Ex-Financial YIEL FP Lyxor Beta ishares UK Gilts 0-5yr UCITS ETF IGLS LN BlackRock Beta ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta ,127.0 Lyxor ETF Daily Double Short BTP BTPS FP Lyxor Beta YTD TO Deutsche Bank AG/London Page 51

52 Figure 87: Top 20 Commodity ETPs by Turnover ( million) ETPs Europe ETP Name BBG Code Issuer Invest. Strategy Current Month TO Prev. Month TO ETFS Physical Gold PHAU LN ETF Securities Beta ,996.0 Boost Wti Oil 3X Leverage Daily ETP 3OIL LN Boost Beta ,447.5 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Beta ,443.2 ETFS WTI Crude Oil CRUD LN ETF Securities Beta ,615.3 Gold Bullion Securities GBS LN ETF Securities Beta ,711.8 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta ,497.8 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta ,343.0 Boost Natural Gas 3X Leverage Daily ETP 3NGL LN Boost Beta XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta Boost Wti Oil 3X Short Daily ETP 3OIS LN Boost Beta Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost Beta ETFS Natural Gas NGAS LN ETF Securities Beta ETFS Brent 1mnth Oil OILB LN ETF Securities Beta ETFS Physical Silver PHAG LN ETF Securities Beta ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Beta Lyxor ETF Commodities CRB CRB FP Lyxor Beta ETFS Daily Short WTI Crude Oil SOIL LN ETF Securities Beta Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ETFS All Commodities AIGC LN ETF Securities Beta YTD TO Figure 88: Top 10 ETPs by Turnover ( million) Deutsche Borse ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 2, Deka Deutsche Borse EUROGOV Germany 10+ UCITS ETF ETFGS10 GR Deka DAX UCITS ETF ETFDAX GR 1, Deka Deutsche Borse EUROGOV Germany 5-10 UCITS ETF ETFGS51 GR ishares Euro STOXX 50 (DE) SX5EEX GR 1, db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR db x-trackers DAX UCITS ETF (DR) 1C XDAX GR db x-trackers II EONIA TR Index UCITS ETF XEON GR ishares STOXX 600 (DE) SXXPIEX GR db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR UBS-ETF Markit iboxx EUR Germany 5-10 A UEFN GY ishares Euro STOXX Banks (DE) SX7EEX GR ishares eb.rexx Jumbo Pfandbriefe (DE) R1JKEX GR db x-trackers ShortDAX UCITS ETF XSDX GR db x-trackers II EUR Liquid Corporate 100 Total Return Index UCITS ETF XBLC GR Deka EURO STOXX 50 UCITS ETF ETFSX5E GR ishares Markit iboxx Euro High Yield EUNW GR Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR ishares eb.rexx Government Germany (DE) RXP5EX GR Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR ETFS Physical Gold VZLD GR db x-trackers Portfolio TR Index UCITS ETF XQUI GR db Physical Gold Euro Hedged ETC XAD1 GR db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR ETFS Short USD Long EUR XBJQ GR ETFS WTI Crude Oil OD7F GR ETFS 5X Long USD Short EUR 5CH5 GY db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR ETFS 5X Short USD Long EUR 5CH6 GY ETFS Brent Oil OESA GR ishares S&P Listed Private Equity Fund IQQL GR Gold Bullion Securities GG9B GR ETFS Long USD Short EUR XBJP GR db Physical Gold ETC (EUR) XAD5 GR Portfolio Income UCITS ETF 1D XS7W GR ETFS Physical Silver VZLC GR UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.83 Page 52 Deutsche Bank AG/London

53 Figure 89: Top 10 ETPs by Turnover ( million) London SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares FTSE 100 UCITS ETF (Inc) ISF LN 1, ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN Vanguard S&P 500 ETF VUSD LN ishares Euro Corporate Bond UCITS ETF IEAC LN Vanguard FTSE 100 ETF VUKE LN ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN ishares MSCI World UCITS ETF (Inc) IWRD LN ishares $ High Yield Corporate Bond UCITS ETF IHYU LN ishares MSCI Europe ex-uk UCITS ETF IEUX LN ishares Corporate Bond UCITS ETF SLXX LN ishares Core S&P 500 UCITS ETF CSPX LN ishares UK Gilts UCITS ETF IGLT LN SPDR FTSE UK All Share ETF FTAL LN ishares $ Corporate Bond UCITS ETF LQDE LN ishares S&P 500 UCITS ETF (Inc) IUSA LN ishares Euro Corporate Bond 1-5yr UCITS ETF IE15 LN ishares EURO STOXX 50 UCITS ETF (Inc) EUE LN ishares UK Gilts 0-5yr UCITS ETF IGLS LN Source S&P 500 UCITS ETF SPXS LN Lyxor UCITS ETF Euro Cash CSHD LN Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF MAGI LN Source Physical Gold ETC (P-ETC) SGLD LN ETFS 3x Short EUR Long USD SEU3 LN Gold Bullion Securities GBS LN db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN ETFS WTI Crude Oil CRUD LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN ETFS Daily Leveraged Crude Oil LOIL LN SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF GIN LN ETFS All Commodities AIGC LN J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN ETFS Brent 1mnth Oil OILB LN db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN ETFS Physical Silver PHAG LN ishares Listed Private Equity UCITS ETF IPRV LN ETFS Physical Platinum PHPT LN ETFS 3x Short JPY Long USD SJP3 LN ETFS Daily Short Wheat SWEA LN ETFS 3x Long GBP Short USD LGB3 LN 2.35 Figure 90: Top 10 ETPs by Turnover ( million) Swiss SE ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares SMI CH CSSMI SW ishares CHF Corporate Bond (CH) CHCORP SW UBS-ETF MSCI EMU EMUEUA SW ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW UBS ETF - MSCI EMU 100% hedged to USD UCITS ETF A-acc EUUSBH SW ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW ishares S&P 500 UCITS ETF (Inc) IUSA SW ishares $ TIPS UCITS ETF ITPS SW ishares MSCI World UCITS ETF (Inc) IWRD SW ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW ishares Core S&P 500 UCITS ETF CSSPX SW ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW ishares MSCI AC Far East ex-japan UCITS ETF IFFF SW ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW ishares MSCI EMU UCITS ETF CSEMU SW ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW UBS ETF (CH) - SMI (CHF) A-dis SMICHA SW ishares $ Corporate Bond UCITS ETF LQDE SW ishares Developed Markets Property Yield UCITS ETF IWDP SW Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) LYMTX SW Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF ZGLD SW J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW ZKB Gold ETF-A USD ZGLDUS SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW ZKB Gold ETF-H (CHF) ZGLDHC SW db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW ZKB Gold ETF-A EUR ZGLDEU SW ishares Listed Private Equity UCITS ETF IPRV SW UBS ETF (CH) Gold (USD) I-dis AUUSI SW db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (GBP) A-acc HFGBAS SW Source Physical Gold ETC (P-ETC) SGLD SW db x-trackers db Equity Strategies Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFH SW UBS ETFs plc - CMCI Composite SF EUR-A CCEUAS SW db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW ZKB Silver ETF ZSIL SW UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.02 Deutsche Bank AG/London Page 53

54 Figure 91: Top 10 ETPs by Turnover ( million) Euronext Paris ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor UCITS ETF Euro STOXX 50 MSE FP 1, Lyxor ETF SGI Daily Double Short Bund ETF DSB FP Lyxor ETF Leverage CAC 40 LVC FP Lyxor UCITS ETF Euro Cash CSH FP Amundi ETF Euro STOXX 50 UCITS ETF C50 FP Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Lyxor ETF XBear CAC 40 BX4 FP Lyxor UCITS ETF EuroMTS 15+Y IG (DR) MTF FP Lyxor UCITS ETF MSCI Europe MEU FP Lyxor ETF Daily Leveraged Bund DLB FP Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor ETF Daily Double Short BTP BTPS FP Lyxor UCITS ETF DAX (DR) DAX FP Lyxor UCITS ETF EuroMTS All-Maturity IG (DR) MTX FP Lyxor UCITS ETF STOXX Europe 600 Banks BNK FP Lyxor ETF Daily Leveraged BTP BTPL FP Lyxor ETF Leveraged Euro STOXX 50 LVE FP Amundi ETF Euro Corporates UCITS ETF CC4 FP Lyxor ETF XBear Euro STOXX 50 BXX FP Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF AFRN FP Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Lyxor ETF Commodities CRB Non-Energy CRN FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP Lyxor ETF Commodities CRB CRB FP Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP Gold Bullion Securities GBS FP Lyxor ETF Privex PVX FP ETFS WTI Crude Oil CRUDP FP PowerShares Global Listed Private Equity UCITS ETF PSP FP ETFS Brent 1mnth Oil OILBP FP ishares Listed Private Equity UCITS ETF PRV FP - 6 ETFS WTI 2mth Oil OILWP FP ETFS Gold BULLP FP ETFS All Commodities AIGCP FP ETFS Wheat WEATP FP ETFS Agriculture AIGAP FP 1.02 Figure 92: Top 10 ETPs by Turnover ( million) Borsa Italiana ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor ETF Daily Double Short BTP BTP2S IM Lyxor UCITS ETF FTSE MIB ETFMIB IM Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor UCITS ETF Euro Cash LEONIA IM Lyxor UCITS ETF Euro STOXX 50 MSE IM ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM Lyxor UCITS ETF DAX (DR) DAXX IM ishares Euro Corporate Bond UCITS ETF IEAC IM ishares FTSE MIB UCITS ETF (Inc) IMIB IM Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G IM ishares STOXX 600 (DE) SXXPIEX IM ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM ishares S&P 500 UCITS ETF (Inc) IUSA IM db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM ishares Emerging Markets Local Government Bond UCITS ETF SEML IM Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM ETFS 3X Long USD Short EUR EUS3 IM ETFS Daily Leveraged Crude Oil LOIL IM ETFS 5X Long USD Short EUR EUS5 IM Boost Natural Gas 3X Leverage Daily ETP 3NGL IM ETFS 3X Short USD Long EUR USE3 IM ETFS WTI Crude Oil CRUD IM ETFS 5X Short USD Long EUR USE5 IM Boost Wti Oil 3X Short Daily ETP 3OIS IM Boost Long USD Short EUR 5x Daily ETP 5USE IM Boost Natural Gas 3x Short Daily 3NGS IM Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM ETFS Natural Gas NGAS IM ETFS 3X Short JPY Long EUR JPE3 IM ETFS Daily Leveraged Natural Gas LNGA IM ETFS 3X Long GBP Short EUR EGB3 IM ETFS Daily Leveraged Wheat LWEA IM ETFS 5X Long GBP Short EUR EGB5 IM ETFS Daily Leveraged Coffee LCFE IM ETFS Long USD Short EUR EUUS IM 1.71 Page 54 Deutsche Bank AG/London

55 Figure 93: Top 10 ETPs by Turnover ( million) Stockholmborsen & Euronext Amsterdam ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT OMXS30 XACTOMX SS No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS XACT Bear 2 XABEAR2 SS XACT Bear XACBEAR SS XACT Bull XACBULL SS XACT OMXSB XACTSBX SS XACT Nordic 30 XACTVINX SS db x-trackers DAX UCITS ETF (DR) 1C XDAX SS db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC SS db x-trackers MSCI Pacific ex-japan INDEX UCITS ETF XPXJ SS 2.72 Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI World UCITS ETF (Inc) IWRD NA ishares Euro Corporate Bond UCITS ETF IEAC NA ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA ishares Euro Aggregate Bond UCITS ETF IEAG NA ishares Core MSCI World UCITS ETF (Acc) IWDA NA ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA ishares MSCI Europe UCITS ETF (Inc) IMEU NA ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA ishares AEX UCITS ETF IAEX NA ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA ishares S&P 500 UCITS ETF (Inc) IUSA NA ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA Vanguard S&P 500 ETF VUSA NA ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA ishares European Property Yield UCITS ETF IPRP NA ishares $ Treasury Bond 1-3yr UCITS ETF IBTS NA ishares MSCI Emerging Markets UCITS ETF (Inc) IEMM NA ishares $ Corporate Bond UCITS ETF LQDA NA 7.82 Deutsche Bank AG/London Page 55

56 7. European ETF Exchanges Figure 94: European on-exchange ETF trading ranking by exchange ( million) ETFs Europe Summary Feb-15 Market Share % Mar-15 Market Share % Apr-15 Market Share % May-15 Market Share % Jun-15 Market Share % Deutche Boerse Deutsche Borse 14, % 17, % 15, % 14, % 18, % LSE London SE 18, % 27, % 22, % 18, % 21, % Borsa Italiana 6, % 8, % 7, % 6, % 6, % 25, % 35, % 30, % 25, % 28, % Euronext Paris 8, % 9, % 9, % 7, % 10, % Amsterdam 2, % 3, % 2, % 2, % 2, % Lisbon % % % % % Brussels 3 0.0% 6 0.0% 3 0.0% 3 0.0% 3 0.0% 10, % 12, % 12, % 10, % 12, % Swiss SE 6, % 7, % 5, % 4, % 5, % Stockholmborsen % 1, % % % 1, % Oslo Bors % % % % % BME % % % % % Others % % % % % Total 58, % 75, % 65, % 57, % 67, % Figure 95: European on-exchange ETC trading ranking by exchange ( million) ETCs Europe Summary Feb-15 Market Share % Mar-15 Market Share % Apr-15 Market Share % May-15 Market Share % Jun-15 Market Share % LSE London SE 2, % 2, % 1, % 1, % 1, % Borsa Italiana 1, % 1, % 1, % 1, % 1, % 4, % 4, % 3, % 3, % 3, % Deutche Boerse Deutsche Borse % % % % % Euronext Amsterdam % % % % % Brussels 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% % % % % % Others % % % % % Total 4, % 4, % 4, % 3, % 3, % Page 56 Deutsche Bank AG/London

57 Figure 96: Total ETP on-exchange Turnover by asset class and by exchange ETPs Europe Deutsche Borse London SE Euronext Paris Borsa Italiana Euronext Amsterdam Swiss SE Stockholm Borsen Total Total Turnover ( million) Turnover* Mkt Share % Equity Developed Markets 60, , , , , , , , % Emerging Markets 5, , , , , , , % Global Markets , , % Sector 7, , , , , % Capitalization 1, , , % Style 2, , , % Strategy 5, , , , , , % Thematic , , % Total 85,047 81,501 50,804 33,251 13,724 32,802 5, , % Fixed Income Overall , , % Corporates 2, , , , , % Covered Bonds % Credit Exposure % Sovereign 8, , , , , , , % Money Market , % Total 12,910 47,298 3,918 9,610 2,834 3,226-79, % Commodity 0.0% Overall , % Agriculture , % Energy 1, , , , % Industrial Metals , % Precious Metals 1, , , , , % Livestock % Total 3,253 12, , ,541-28, % Other 0.0% Alternative % Currency , , % Multi Asset % Total , , % Grand Total 101, ,892 55,184 53,155 16,758 39,687 5, , % * Total turnover year to date (not daily average) Deutsche Bank AG/London Page 57

58 8. Assets ETP Monthly AUM Analysis by Asset Class Figure 97: AUM by asset class and instrument ( million) ETPs Europe Jun-15 May-15 End of 2014 Asset Class Beta Beta+ Alpha Total ETFs Equity 301,882 4,579 3, , ,595 4,499 3, , ,157 3,613 2, ,220 Fixed income 96,572 1, , ,352 99,664 1, , ,526 81,498 1, ,408 86,151 Commodity 14, ,600 14, ,941 13, ,412 Currency Multi Asset Alternative , , ,097 Total 413,704 6,377 3,676 5, , ,815 6,383 3,940 5, , ,483 4,859 3,120 4, ,193 ETCs Commodity 17, ,364 18, ,281 15, ,423 Currency Total 17, ,735 18,659 1, ,701 15, ,813 Total ETPs 431,447 7,367 3,676 5, , ,475 7,424 3,940 5, , ,407 5,748 3,120 4, ,006 Asset Class Analysis Figure 98: European Equity ETF AUM summary ( million) ETFs Europe Jun-15 May-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets 220, , , , , ,922 Emerging Markets 27, ,561 29, ,155 25, ,192 Global Markets 5, ,647 6, ,354 5, ,244 Sector 18, ,088 18, ,898 15, ,443 Capitalization 6, ,550 6, ,364 4, ,485 Strategy 4,300 4,579 3, ,569 4,376 4,499 3, ,834 2,849 3,613 2, ,571 Style 15, ,442 16, ,116 13, ,549 Thematic 3, ,530 3, ,793 2, ,814 Total Equities 301,882 4,579 3, , ,595 4,499 3, , ,157 3,613 2, ,220 Page 58 Deutsche Bank AG/London

59 Figure 98A: European Equity ETF AUM summary - A ( million) ETFs Europe Jun-15 May-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Sector 18, ,088 18, ,898 15, ,443 Consumer discretionary Consumer staples Energy 1, ,199 1, ,354 1, ,102 Financials 9, ,488 9, ,811 7, ,996 Healthcare 2, ,092 2, ,234 1, ,855 Industrials Information Technology 1, ,112 1, ,133 1, ,027 Materials Telecommunications Utilities Capitalization 6, ,550 6, ,364 4, ,485 Large Cap Mid Cap 2, ,239 2, ,163 1, ,497 Small Cap 3, ,906 3, ,768 2, ,579 Strategy 4,300 4,579 3, ,569 4,376 4,499 3, ,834 2,849 3,613 2, ,571 Fundamental 1, , ,653 1, , ,766 1, ,893 Leveraged Long 0 1, , , , , ,583 Leveraged Short 0 1, , , , Options Strategy Quantitative 2, , ,304 2, , ,537 1, , ,065 Short 33 1, , , , , ,241 Style 15, ,442 16, ,116 13, ,549 Dividend 14, ,144 14, ,707 12, ,456 Growth Value , , Thematic 3, ,530 3, ,793 2, ,814 Commodities Cyclical Faith Other Theme Sustainability 1, ,747 1, ,841 1, ,285 Total 47,911 4,579 3, ,180 49,548 4,499 3, ,005 39,140 3,613 2, ,863 Deutsche Bank AG/London Page 59

60 Figure 98B: European Equity ETF AUM summary - B ( million) ETFs Europe Jun-15 May-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Developed Markets Europe 121, , , ,538 96, ,347 Austria Belgium Finland France 4, ,529 4, ,785 3, ,756 Germany 18, ,865 18, ,512 16, ,129 Greece Ireland Italy 2, ,731 2, ,832 2, ,271 Netherlands Norway Portugal Spain 2, ,176 2, ,260 1, ,792 Sweden 1, ,473 1, ,607 1, ,342 Switzerland 9, ,641 9, ,999 8, ,743 UK 13, ,754 14, ,090 12, ,023 Europe broad 66, ,001 68, ,767 48, ,806 Americas 57, ,185 59, ,335 54, ,952 US 53, ,737 55, ,674 51, ,463 Canada North America 2, ,545 2, ,691 2, ,582 Asia 23, ,017 24, ,074 16, ,812 Australia Hong Kong Japan 20, ,695 21, ,469 14, ,404 Singapore Asia Pacific broad 1, ,586 1, ,812 1, ,564 Global 18, ,947 19, ,781 16, ,812 Broad indices 18, ,947 19, ,781 16, ,812 DM Total 220, , , , , ,922 Page 60 Deutsche Bank AG/London

61 Figure 98C: European Equity ETF AUM summary - C ( million) ETFs Europe Jun-15 May-15 End of 2014 Equity AUM Beta Beta+ Alpha Total Emerging Markets BRIC 8, ,347 8, ,975 7, ,842 Brazil Russia 1, ,073 1, , India 2, ,404 2, ,201 1, ,588 China 4, ,061 4, ,925 4, ,693 Latin America Chile Mexico LATAM broad Asia 4, ,683 4, ,819 3, ,566 Bangladesh Indonesia Malaysia Pakistan Philippines South Korea 1, ,253 1, , Taiwan Thailand Vietnam Asia Pacific broad 1, ,828 1, ,861 1, ,216 EMEA 1, ,167 1, ,202 1, ,138 Kuwait Poland South Africa Turkey Europe broad Middle East & Africa Global Markets 12, ,736 13, ,478 11, ,960 Global 12, ,736 13, ,478 11, ,960 EM Total 27, ,561 29, ,155 25, ,192 Total (EM + DM) 248, , , , , ,113 Figure 99: European Fixed Income ETF AUM summary ( million) ETFs Europe Jun-15 May-15 End of 2014 Fixed Income AUM Beta Beta+ Alpha Total Overall 3, ,265 6,860 3, ,240 6,972 3, ,763 5,983 Corporates 38, ,513 39, ,844 29, ,672 Covered Bonds 2, ,154 2, ,238 3, ,488 Credit Exposure Sovereign 49,051 1, ,890 51,072 1, ,004 43,658 1, ,049 Money Market 2, ,533 2, ,016 1, ,714 Total Fixed Income 96,572 1, , ,352 99,664 1, , ,526 81,498 1, ,408 86,151 Deutsche Bank AG/London Page 61

62 Figure 100: European Commodity ETP AUM summary ( million) ETPs Europe Jun-15 May-15 End of 2014 Commodity AUM Beta Beta+ Alpha Total Overall 4, ,440 4, ,319 3, ,580 Overall , , ,327 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall Cocoa Coffee Corn Cotton Grains Softs Soybean Oil Soybeans Sugar Wheat Energy 1, ,304 2, , ,078 Overall Carbon Crude Oil , , Gasoline Heating Oil Natural Gas Electricity Uranium Industrial Metals Overall Aluminium Copper Lead Nickel Tin Zinc Precious Metals 24, ,567 25, ,798 23, ,555 Overall Gold , , ,503 Palladium Platinum Rhodium Silver , , ,026 Livestock Overall Cattle Lean Hogs Total 32, ,965 33, ,222 29, ,835 Page 62 Deutsche Bank AG/London

63 Product Rankings Figure 101: Top 20 Products by AUM Equity ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock Beta 10, , ,461.6 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 10, , ,301.8 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock Beta 9, , ,426.2 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock Beta 8, , ,650.4 Lyxor UCITS ETF Euro STOXX 50 MSE FP Lyxor Beta 7, , ,949.9 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 7, , ,193.6 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock Beta 6, , ,153.8 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock Beta 6, , ,516.2 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock Beta 4, , ,927.9 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock Beta 4, , ,923.6 ishares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 4, , ,681.6 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM Beta 4, , ,972.9 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM Beta 4, , ,879.5 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock Beta 4, , ,185.3 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock Beta 4, , ,566.5 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock Beta 3, , ,072.6 Lyxor UCITS ETF CAC 40 (DR) -D-EUR CAC FP Lyxor Beta 3, , ,541.6 ishares SMI CH CSSMI SW BlackRock Beta 2, , ,640.1 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU GR Deutsche AWM Beta 2, , ,927.1 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock Beta 2, , , AUM Figure 102: Top 20 Products by AUM Fixed Income ETFs ( million) ETFs Europe ETF Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock Beta 5, , ,912.4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock Beta 3, , ,743.6 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock Beta 3, , ,653.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock Beta 3, , ,066.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock Beta 2, , ,758.5 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock Beta 2, , ,003.3 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM Beta 2, , ,730.0 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock Beta 2, , ,260.1 ishares Corporate Bond UCITS ETF SLXX LN BlackRock Beta 2, , ,612.8 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock Beta 1, , ,084.6 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source Alpha 1, , ,612.1 ishares UK Gilts UCITS ETF IGLT LN BlackRock Beta 1, , ,306.5 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock Beta 1, , ,641.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock Beta 1, , ,563.8 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock Beta 1, , ,088.3 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock Beta 1, , ,133.0 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock Beta 1, , ,311.3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi Beta 1, , ,582.3 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock Beta 1, , ,300.1 ishares Euro Government Bond UCITS ETF IEGA LN BlackRock Beta 1, , , AUM Deutsche Bank AG/London Page 63

64 Figure 103: Top 20 Products by AUM Commodity ETPs ( million) ETPs Europe ETP Name BBG Ticker Issuer Invest. Strategy Current Month AUM Prev. Month AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 4, , ,550.0 ETFS Physical Gold PHAU LN ETF Securities Beta 3, , ,896.5 Gold Bullion Securities GBS LN ETF Securities Beta 2, , ,684.6 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1, , ,571.8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv Beta 1, , ,607.6 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 1, , ,382.3 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1, , ,033.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta ETFS Physical Silver PHAG LN ETF Securities Beta UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta db Physical Gold ETC XGLD LN Deutsche AWM Beta ETFS WTI Crude Oil CRUD LN ETF Securities Beta db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM Beta UBS ETFs plc CMCI Composite SF UCITS ETF (USD) A-acc CCUSAS SW UBS Beta db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM Beta db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM Beta ishares Physical Gold ETC SGLN LN Blackrock Beta ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage Beta ishares Gold CH CSGOLD SW BlackRock Beta AUM Page 64 Deutsche Bank AG/London

65 Deutsche Bank AG/London Page ETF Broker rankings US ETP Broker Rankings Figure 104: Top 20 US ETF Brokers ETFs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Jun-15 YTD Jun-15 YTD 1 (MLCO) MERRILL LYNCH 264, % 47,510 1,732, % 279,153 (MLCO) MERRILL LYNCH 3, % 47,554 21, % 279,212 2 (KCG) KCG HOLDINGS, INC. 134, % 229, , % 1,220,625 (KCG) KCG HOLDINGS, INC. 2, % 229,121 13, % 1,220,656 3 (UBS) UBS INVESTMENT BANK 91, % 41, , % 240,681 (UBS) UBS INVESTMENT BANK 1, % 41,629 8, % 240,684 4 (CSFB) CREDIT SUISSE 81, % 22, , % 125,743 (CSFB) CREDIT SUISSE 1, % 22,409 8, % 126,240 5 (CITI) CITIGROUP GLOBAL MARKE 52, % 18, , % 113,511 (CITI) CITIGROUP GLOBAL MARKE % 18,885 5, % 113,513 6 (DBAB) DEUTSCHE BANK SECURITI 48, % 19, , % 114,441 (DBAB) DEUTSCHE BANK SECURITI % 19,911 3, % 114,442 7 (JPM) JP MORGAN 40, % 7, , % 49,282 (FCM) FIDELITY CAPITAL MARKET % 41,826 3, % 262,078 8 (MSCO) MORGAN STANLEY 33, % 14, , % 86,997 (JPM) JP MORGAN % 7,235 2, % 49,283 9 (GSHT) GOLDMAN, SACHS & CO. 33, % 71, , % 437,234 (GSHT) GOLDMAN, SACHS & CO % 71,515 3, % 437, (LIME) LIME BROKERAGE LLC 32, % 12,600 92, % 85,155 (MSCO) MORGAN STANLEY % 14,263 2, % 86, (GSLT) GOLDMAN SACHS ELECTRON 30, % 142, , % 842,437 (LIME) LIME BROKERAGE LLC % 12,600 1, % 85, (FCM) FIDELITY CAPITAL MARKET 30, % 41, , % 262,078 (GSLT) GOLDMAN SACHS ELECTRON % 142,084 2, % 842, (INCA) INSTINET 20, % 13, , % 77,890 (BCAP) BARCLAYS CAPITAL % 15,016 2, % 100, (BCAP) BARCLAYS CAPITAL 19, % 15, , % 100,146 (CANT) CANTOR FITZGERALD L.P % 9,042 1, % 51, (BCET) BARCLAYS CAPITAL ELEC 18, % 31,473 97, % 179,006 (BCET) BARCLAYS CAPITAL ELEC % 31,473 1, % 179, (JEFF) JEFFERIES & CO., INC. 17, % 18,977 80, % 75,183 (INCA) INSTINET % 13,220 1, % 77, (CANT) CANTOR FITZGERALD L.P. 14, % 9,041 81, % 51,535 (CVGX) CONVERGEX % 23,089 1, % 126, (CVGX) CONVERGEX 12, % 23,089 74, % 126,116 (JEFF) JEFFERIES & CO., INC % 18, % 75, (BNPP) BNP PARIBAS SECURITIES 7, % 4,450 54, % 39,616 (BNPP) BNP PARIBAS SECURITIES % 4,450 1, % 39, (WBET) WALLACHBETH CAPITAL LL 4, % , % 2,421 (WBET) WALLACHBETH CAPITAL LL % % 2,421 Other 45, % 137, , % 865,699 Other % 138,058 5, % 865,844 Total 1,033, % 922,348 6,490, % 5,374,949 Total 14, % 922,567 93, % 5,375,723 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

66 Page 66 Deutsche Bank AG/London Figure 105: Top 20 US ETV Brokers ETVs US Rank Broker Value Trade Summary Advertised value ($ million) Market Share Advertised Trades Advertised value ($ million) Market Share Advertised Trades Broker Volume Trade Summary Jun-15 YTD Jun-15 YTD 1 (KCG) KCG HOLDINGS, INC. 6, % 19,310 44, % 113,363 (KCG) KCG HOLDINGS, INC % 19,310 1, % 113,363 2 (MLCO) MERRILL LYNCH 6, % 2,320 43, % 15,594 (MLCO) MERRILL LYNCH % 2,321 1, % 15,595 3 (UBS) UBS INVESTMENT BANK 3, % 2,303 27, % 14,045 (UBS) UBS INVESTMENT BANK % 2,303 1, % 14,045 4 (CITI) CITIGROUP GLOBAL MARKE 2, % 1,045 20, % 6,490 (CITI) CITIGROUP GLOBAL MARKE % 1, % 6,490 5 (CSFB) CREDIT SUISSE 2, % 1,109 18, % 6,487 (CSFB) CREDIT SUISSE % 1, % 6,502 6 (FCM) FIDELITY CAPITAL MARKET 1, % 3,710 12, % 29,724 (FCM) FIDELITY CAPITAL MARKET % 3, % 29,724 7 (LIME) LIME BROKERAGE LLC 1, % 639 2, % 4,597 (LIME) LIME BROKERAGE LLC % % 4,597 8 (GSLT) GOLDMAN SACHS ELECTRON % 9,046 7, % 61,490 (DBAB) DEUTSCHE BANK SECURITI % % 4,801 9 (JPM) JP MORGAN % 385 4, % 2,602 (GSLT) GOLDMAN SACHS ELECTRON % 9, % 61, (DBAB) DEUTSCHE BANK SECURITI % 853 4, % 4,801 (BCET) BARCLAYS CAPITAL ELEC % 2, % 16, (BCET) BARCLAYS CAPITAL ELEC % 2,572 3, % 16,222 (JPM) JP MORGAN % % 2, (INCA) INSTINET % 560 3, % 4,531 (GSHT) GOLDMAN, SACHS & CO % 2, % 19, (GSHT) GOLDMAN, SACHS & CO % 2,728 4, % 19,803 (MSCO) MORGAN STANLEY % % 5, (MSCO) MORGAN STANLEY % 652 4, % 5,732 (INCA) INSTINET % % 4, (CVGX) CONVERGEX % 1,057 2, % 6,275 (CVGX) CONVERGEX % 1, % 6, (BCAP) BARCLAYS CAPITAL % 623 2, % 5,952 (BCAP) BARCLAYS CAPITAL % % 5, (BNPP) BNP PARIBAS SECURITIES % 246 1, % 2,991 (JEFF) JEFFERIES & CO., INC % % 4, (RBC) ROYAL BANK OF CANADA % 1,338 1, % 6,752 (CANT) CANTOR FITZGERALD L.P % % 2, (JEFF) JEFFERIES & CO., INC % 721 1, % 4,092 (BNPP) BNP PARIBAS SECURITIES % % 2, (CANT) CANTOR FITZGERALD L.P % % 2,147 (RBC) ROYAL BANK OF CANADA % 1, % 6,757 Other % 3,803 8, % 35,852 Other % 3, % 35,855 Total 31, % 55, , % 369,542 Total % 55,296 8, % 369,566 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETV broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

67 Deutsche Bank AG/London Page 67 European ETP Broker Rankings Figure 106: Top 20 European ETF brokers ETFs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Jun-15 YTD Jun-15 YTD 1 (CBK) COMMERZBANK 14, % 21,390 81, % 121,580 (CBK) COMMERZBANK % 21,393 2, % 123,052 2 (SIS) SUSQUEHANNA INTERNATION 8, % 3,148 45, % 18,854 (SIS) SUSQUEHANNA INTERNATION % 3,149 1, % 18,879 3 (FLOW) FLOW TRADERS 6, % 4,032 38, % 24,870 (FLOW) FLOW TRADERS % 4,103 1, % 25,285 4 (CITI) CITIGROUP GLOBAL MARKE 6, % 3,256 35, % 17,382 (CITI) CITIGROUP GLOBAL MARKE % 3, % 17,382 5 (BNPP) BNP PARIBAS SECURITIES 5, % 4,325 34, % 27,955 (KCG) KCG HOLDINGS, INC % 5, % 28,349 6 (JPMH) JPMORGAN CHASE BANK, N 5, % 2,838 28, % 16,387 (DBK) DEUTSCHE BANK AG % 1, % 9,767 7 (DBK) DEUTSCHE BANK AG 4, % 1,409 31, % 9,758 (BCAP) BARCLAYS CAPITAL % 2, % 14,926 8 (CSFB) CREDIT SUISSE 3, % 2,954 21, % 17,839 (SG) SG SECURITIES % 9, % 67,797 9 (BCAP) BARCLAYS CAPITAL 3, % 2,477 20, % 14,917 (JPMH) JPMORGAN CHASE BANK, N % 2, % 16, (SG) SG SECURITIES 3, % 9,068 26, % 67,777 (UBS) UBS INVESTMENT BANK % 1, % 5, (UBS) UBS INVESTMENT BANK 3, % 1,173 19, % 5,014 (CSFB) CREDIT SUISSE % 3, % 18, (MSCO) MORGAN STANLEY 3, % 1,912 19, % 11,500 (MLCE) BANK OF AMERICA MERRIL % 2, % 15, (UNIC) UNICREDIT 2, % 1,029 18, % 6,071 (CANT) CANTOR FITZGERALD L.P % 2, % 12, (CANT) CANTOR FITZGERALD L.P. 2, % 2,149 11, % 12,638 (WINS) WINTERFLOOD SECURITIES % 6, % 36, (GSHT) GOLDMAN, SACHS & CO. 2, % 3,593 16, % 33,499 (MSCO) MORGAN STANLEY % 1, % 11, (KCG) KCG HOLDINGS, INC. 2, % 5,905 10, % 28,344 (BNPP) BNP PARIBAS SECURITIES % 4, % 28, (WINS) WINTERFLOOD SECURITIES 1, % 6,285 11, % 36,867 (UNIC) UNICREDIT % 1, % 6, (MLCE) BANK OF AMERICA MERRIL 1, % 2,877 7, % 15,183 (GSHT) GOLDMAN, SACHS & CO % 3, % 33, (BFIN) BLUEFIN EUROPE LLP 1, % 207 9, % 1,023 (KEPL) KEPLER CAPITAL MARKETS % 2, % 16, (MLCO) MERRILL LYNCH 1, % 787 7, % 4,308 (MLCO) MERRILL LYNCH % % 4,308 Other 9, % 25,939 53, % 151,851 Other % 23,739 1, % 136,473 Total 94, % 106, , % 643,617 Total 2, % 107,023 15, % 646,348 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

68 Page 68 Deutsche Bank AG/London Figure 107: Top 20 European ETC brokers ETCs Europe Rank Broker Value Trade Summary Advertised value ( million) Market Share Advertised Trades Advertised value ( million) Market Share Advertised Trades Broker Volume Trade Summary Jun-15 YTD Jun-15 YTD 1 (DBK) DEUTSCHE BANK AG % 23 1, % 257 (WINS) WINTERFLOOD SECURITIES % 1, % 10,463 2 (WINS) WINTERFLOOD SECURITIES % 1,681 1, % 10,463 (CANT) CANTOR FITZGERALD L.P % % 2,216 3 (MSCO) MORGAN STANLEY % 229 1, % 1,570 (UBS) UBS INVESTMENT BANK % % (UBS) UBS INVESTMENT BANK % % 699 (MLCO) MERRILL LYNCH % % (HSBC) HSBC GROUP PLC % % 1,114 (CITI) CITIGROUP GLOBAL MARKE % % 2,009 6 (CBK) COMMERZBANK % % 4,525 (MLCE) BANK OF AMERICA MERRIL % % 2,310 7 (FLOW) FLOW TRADERS % % 1,092 (KEPL) KEPLER CAPITAL MARKETS % % 1,608 8 (MACQ) MACQUARIE SECURITIES % 25 1, % 256 (DBKE) DEUTSCHE BANK AG, AUTO % % 2,711 9 (MLCO) MERRILL LYNCH % % 211 (PEEL) PEEL HUNT LLP % % 2, (CITI) CITIGROUP GLOBAL MARKE % % 2,009 (CBK) COMMERZBANK % % 4, (ITGE) ITG EUROPE % % 24 (INCA) INSTINET % % (CSFB) CREDIT SUISSE % % 957 (FLOW) FLOW TRADERS % % 1, (KCG) KCG HOLDINGS, INC % % 2,306 (CSFB) CREDIT SUISSE % % (BNPP) BNP PARIBAS SECURITIES % % 180 (MACQ) MACQUARIE SECURITIES % % (BFIN) BLUEFIN EUROPE LLP % % 331 (BFIN) BLUEFIN EUROPE LLP % % (CANT) CANTOR FITZGERALD L.P % % 2,216 (BNPP) BNP PARIBAS SECURITIES % % (PEEL) PEEL HUNT LLP % % 2,467 (DBK) DEUTSCHE BANK AG % % (MLCE) BANK OF AMERICA MERRIL % % 2,309 (KCG) KCG HOLDINGS, INC % % 2, (SG) SG SECURITIES % % 600 (MED) MEDIOBANCA SPA % % 5, (INCA) INSTINET % % 604 (EQUI) EQUITA SIM SPA % % 618 Other % 2,108 2, % 15,987 Other % 1, % 8,836 Total 1, % 7,544 16, % 50,177 Total % 7,551 2, % 50,254 Advertised volume (million) Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades Note: ETC broker statistics represent advertised volume as reported by brokers to Bloomberg. These numbers may be different from actual volume traded. Source: Deutsche Bank, Bloomberg Finance LP

69 Appendix A: 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, $56.7bn) in the US. Figure 108: ETP Coverage Universe Summary ETPs ETFs ETC/Vs Region Products US$ 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, % , % 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. Deutsche Bank AG/London Page 69

70 Appendix B: The road from beta to alpha The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market access). Moving anti-clockwise from beta, the potential for return increases, together with the potential risk. Figure 109: The Roadmap From Beta (β) to Alpha (α) Beta Beta Key Characteristics: - Diversification rules apply - Long only exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Match very closely index return profile Risk profile: Match very closely index risk profile Alpha Alpha Key Characteristics: - Diversification rules do not typically apply - Long, short and/or leveraged exposure - Weighting not based on market capitalization - Composition not based on pre-determined rules - Not Representative of a pre-defined market segment Return profile: Aims to generate positive returns Risk profile: Dependent on investment decisions Beta Alpha Beta+ (leveraged, long/short) Key Characteristics: - Diversification rules apply - Long, short and/or leveraged exposure - Weighting based on market capitalization - Composition based on pre-determined rules - Representative of a pre-defined market segment Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Semi-active: Key Characteristics: - Diversification rules might apply - Long only exposure - Weighting not based on market capitalization - Composition based on pre-determined rules - Representative of a market segment per se Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Source: Deutsche Bank Beta Multiplied Beta Adjusted The performance of beta products is measured against an index; a manager is most successful when they manage to match the return of a product to its stated benchmark. The performance of alpha products, or rather the performance of an alpha product s manager, is measured by the risk adjusted return it generates. The highest the return and the lowest the risk [typically measured by the standard deviation of a product s returns] the more successful a product is deemed to be. There is however a whole host of products that fall between beta and alpha, we have sought to create a classification system that classifies these products, taking into consideration a number of variables, ranging from diversification to what constitutes a market segment. Page 70 Deutsche Bank AG/London

71 The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Deutsche Bank AG/London Page 71

72 Appendix 1 Important Disclosures Additional information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ari Rajendra 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 % 45 % 58 % 38 % Buy Hold Sell Companies Covered European Universe 5 % 42 % Cos. w/ Banking Relationship Page 72 Deutsche Bank AG/London

73 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 https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2. Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at Deutsche Bank AG/London Page 73

74 Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this research report. Others within Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment banking revenues. Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Target prices are inherently imprecise and a product of the analyst s judgment. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties. Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates these are common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs from the currency in which coupons are denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to the risks related to rates movements. Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar Page 74 Deutsche Bank AG/London

75 to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options, at If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document. Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not be subject to FINRA regulations concerning communications with subject company, public appearances and securities held by the analysts. Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany s Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our authorisation and regulation are available on request. Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch. Korea: Distributed by Deutsche Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles Quay #18-00 South Tower Singapore , ), which may be contacted in respect of any matters arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and regulations), they accept legal responsibility to such person for its contents. Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge commissions and fees for certain categories of investment advice, products and services. Recommended investment strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. Deutsche Bank AG/London Page 75

76 "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank may engage in transactions in a manner inconsistent with the views discussed herein. Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no ) is regulated by the Qatar Financial Centre Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre Regulatory Authority. Russia: This information, interpretation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no ) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya District, P.O. Box , Faisaliah Tower - 17th Floor, Riyadh, Saudi Arabia. United Arab Emirates: Deutsche Bank AG in the Dubai International Financial Centre (registered no ) is regulated by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai International Financial Centre, The Gate Village, Building 5, PO Box , Dubai, U.A.E. This information has been distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as defined by the Dubai Financial Services Authority. Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please refer to Australian specific research disclosures and related information at https://australia.db.com/australia/content/research-information.html Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively. Additional information relative to securities, other financial products or issuers discussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written consent. Please cite source when quoting. Copyright 2015 Deutsche Bank AG Page 76 Deutsche Bank AG/London

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

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