European Weekly ETF Market Review

Deutsche Bank Research Europe Synthetic Equity & Index Strategy Date 18 November 2014 European ly ETF Market Review 46 Data in this report is as of 14 November 2014. Contributors Ari Rajendra Strategist (+44) 20 754-52282 ari.rajendra@db.com Sebastian Mercado Strategist (+1) 212 250-8690 sebastian.mercado@db.com Shan Lan Strategist (+852) 22036716 shan.lan@db.com Deutsche Bank AG/London Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1.MCI (P) 148/04/2014.

Table Of Contents Market Snapshot... 3 Global ETF industry evolution... 3 Global ETF industry cash flows... 3 European ETP industry evolution... 4 1. Provider Rankings... 6 Assets - ETFs... 6 Assets - ETCs... 7 Cash and turnover - ETFs... 8 Cash and turnover - ETCs... 9 2. Cash Flow Winners & Laggards... 10 Top ten inflows by product... 10 Top ten outflows by product... 11 3. ETF Liquidity Monitor... 12 Deutsche Borse... 12 London Stock Exchange... 12w Euronext Paris... 13 SIX Swiss Stock Exchange... 13 Borsa Italiana... 14 Stockholmborsen and Euronext Amsterdam... 14 4. s Largest Products... 15 Equity ETFs... 15 Fixed income ETFs... 15 Commodity ETPs... 16 Appendix A: How we define ETPs... 17 Page 2 Deutsche Bank AG/London

$ billion Number of ETFs 18 November 2014 Market Snapshot Global ETF industry evolution Figure 1: Global ETF assets by region ETFs Global 3,000 3,500 2,500 2,000 1,500 1,000 500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Asia Pacific ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.6 186.8 Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 440.4 US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,868.7 US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,178.2 2,495.9 Europe ( ) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 352.9 Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,234 2,701 2,973 3,183 3,427 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Global ETF industry cash flows Figure 2: Global ETF cash flows by region and by asset class ETFs Global All figures in $ million except where otherwise stated Current YTD Asset Class US EU Asia Total US EU Asia Total Equity 11,176 371-2,206 9,341 124,579 35,189 14,272 174,040 Fixed income 762 570 78 1,410 51,336 24,142 1,696 77,175 Commodity 0-139 2-136 264-1,567-3 -1,305 Currency 9-8 -4-3 -533-24 70-487 Multi Asset 48 0 0 48 1,286 141-4 1,423 Alternative 21 7 11 39 671-225 61 507 Total 12,015 802-2,119 10,698 177,603 57,656 16,092 251,352 Deutsche Bank AG/London Page 3

million Number of ETPs million Number of ETFs 18 November 2014 European ETP industry evolution Figure 3: European ETF asset by asset class ETFs Europe 400,000 350,000 300,000 250,000 1,600 1,400 1,200 1,000 200,000 150,000 100,000 50,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Other - - - - 96 168 1,078 1,995 1,549 1,620 1,516 1,429 Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,514 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 83,017 Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,599 147,534 139,723 171,522 210,359 254,974 Total 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,832 352,935 Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,319 1,350 1,409 800 600 400 200 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Figure 4: European Commodity ETP (ETF & ETC) assets by commodity segment ETPs Europe 60,000 450 50,000 40,000 30,000 20,000 360 270 180 10,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** Livestock - - 1 21 63 49 67 59 40 17 22 Industrial Metals - - 4 44 99 413 828 734 1,063 713 820 Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 865 Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,397 1,207 Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,909 Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 22,482 Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,614 29,304 Number of ETPs* 1 3 40 76 144 185 249 326 423 416 398 90 - *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Page 4 Deutsche Bank AG/London

million Number of ETPs 18 November 2014 Figure 5: European ETP (ETF & ETC) assets by instrument ETPs Europe 400,000 350,000 300,000 2,000 1,600 250,000 1,200 200,000 150,000 100,000 50,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014** ETCs - 491 1,077 1,512 3,161 5,121 11,847 19,514 21,587 26,581 15,415 16,176 ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,832 352,935 Total 16,332 24,340 43,326 69,313 90,091 104,210 170,009 230,890 229,640 280,067 302,246 369,111 Number of ETPs* 100 115 165 299 476 738 995 1,332 1,565 1,757 1,794 1,865 800 400 0 *Number of ETPs at the end of the year is net of delistings for the period. ** As of last week Deutsche Bank AG/London Page 5

1. Provider Rankings Assets - ETFs Figure 6: European ETF Providers Ranking ETFs Europe All figures in million except products Issuer Equity Fixed Income Current Commodity Others Total AUM Mkt Share % Nu. AUM Mkt Share % Nu. Mkt Share change (%) BlackRock 119,220 49,493 1,551 319 170,583 48.3% 256 145,010 50.6% 260-2.2% Deutsche AWM 31,991 10,155 711 781 43,639 12.4% 248 35,940 12.5% 229-0.2% Lyxor 30,509 6,697 990 62 38,258 10.8% 212 32,002 11.2% 180-0.3% UBS 13,789 687 1,251 150 15,876 4.5% 123 11,416 4.0% 126 0.5% Amundi 11,034 3,477 21 0 14,531 4.1% 97 11,352 4.0% 100 0.2% Source 8,215 4,218 175 93 12,702 3.6% 73 9,730 3.4% 65 0.2% Vanguard 10,906 44 0 0 10,950 3.1% 13 3,083 1.1% 9 2.0% State Street 5,820 3,034 0 0 8,854 2.5% 60 6,089 2.1% 54 0.4% Deka Investment GmbH 3,757 2,724 0 0 6,481 1.8% 42 5,456 1.9% 41-0.1% Zuercher Kantonalbank 0 0 5,904 0 5,904 1.7% 4 6,566 2.3% 4-0.6% ComStage 4,371 1,176 252 0 5,800 1.6% 98 5,038 1.8% 95-0.1% HSBC 5,061 0 0 0 5,061 1.4% 28 2,550 0.9% 26 0.5% BNP Paribas 2,898 169 252 0 3,320 0.9% 38 2,529 0.9% 37 0.1% Xact Fonder AB 2,429 0 0 0 2,429 0.7% 10 3,020 1.1% 22-0.4% Julius Baer Inv 67 0 1,926 0 1,994 0.6% 8 2,380 0.8% 8-0.3% Ossiam 1,474 0 52 0 1,526 0.4% 7 841 0.3% 7 0.1% ThinkCapital ETFs N.V. 373 1,033 0 9 1,415 0.4% 11 684 0.2% 10 0.2% PowerShares 1,332 75 0 4 1,410 0.4% 19 1,277 0.4% 19 0.0% BBVA Gestion SA SGIIC 478 0 0 0 478 0.1% 2 379 0.1% 3 0.0% ETF Securities Ltd 373 0 73 12 458 0.1% 14 329 0.1% 16 0.0% Royal Bank of Scotland plc 188 0 229 0 417 0.1% 12 468 0.2% 13 0.0% Seligson & Co Fund Man 139 0 0 0 139 0.0% 1 147 0.1% 1 0.0% DnB Kapitalforvaltning 125 0 0 0 125 0.0% 1 113 0.0% 1 0.0% Raiffeisen Schweiz Genossenschaft 0 0 124 0 124 0.0% 3 131 0.0% 2 0.0% SEB Investment Management AB 100 0 0 0 100 0.0% 3 93 0.0% 3 0.0% Fundlogic Global Solutions plc 100 0 0 0 100 0.0% 1 0 0.0% 0 0.0% ABN AMRO Investment Management 52 0 0 0 52 0.0% 2 0 0.0% 0 0.0% Commerzbank AG 47 0 0 0 47 0.0% 1 42 0.0% 1 0.0% First Trust 45 0 0 0 45 0.0% 4 12 0.0% 3 0.0% FinEx Fund Plc 0 34 3 0 37 0.0% 2 36 0.0% 2 0.0% NCB Stockbrokers 28 0 0 0 28 0.0% 1 26 0.0% 1 0.0% Swedbank Robur 19 0 0 0 19 0.0% 3 18 0.0% 3 0.0% Alpha Asset Management 17 0 0 0 17 0.0% 1 22 0.0% 1 0.0% WisdomTree 8 0 0 0 8 0.0% 4 0 0.0% 0 0.0% NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 7 0.0% 2 0.0% Alpcot Capital Management 1 0 0 0 1 0.0% 1 1 0.0% 1 0.0% Avana Investment AG 0 0 0 0 0 0.0% 1 7 0.0% 1 0.0% Nordea Investment Funds 0 0 0 0 0 0.0% 2 0 0.0% 2 0.0% Landsbankinn 0 0 0 0 0 0.0% 1 0 0.0% 1 0.0% ESAF 0 0 0 0 0 0.0% 0 36 0.0% 1 0.0% Total 254,974 83,017 13,514 1,429 352,935 100.0% 1,409 286,832 100.0% 1,350 *Number of ETFs at the end of the year is net of delistings for the period. *New entrant in 2014 is highlighted in light grey. *Blackrock s acquisition of Credit Suisse s ETF business completed on 1-Jul-2013. We have added historical AUM of Credit Suisse ETFs to Blackrock ETFs. 2013 Year end Page 6 Deutsche Bank AG/London

Assets - ETCs Figure 7: European ETC Providers Ranking ETCs Europe All figures in million except products Current Issuer Commodity Currency Total AUM Mkt Share % Nu. AUM 2013 Year end Mkt Share % Nu. Mkt Share change (%) ETF Securities Ltd 10,293 387 10,680 66.0% 306 10,173 66.0% 291 0.0% Deutsche AWM 1,897 0 1,897 11.7% 39 1,837 11.9% 39-0.2% Deutsche Borse Commodities GmbH 1,519 0 1,519 9.4% 1 1,409 9.1% 1 0.2% Source 1,497 0 1,497 9.3% 11 1,307 8.5% 11 0.8% Royal Bank of Scotland plc 293 0 293 1.8% 7 494 3.2% 10-1.4% BlackRock 169 0 169 1.0% 4 125 0.8% 4 0.2% Borse Stuttgart Securities GmbH 83 0 83 0.5% 1 58 0.4% 1 0.1% Boost 37 0 37 0.2% 19 11 0.1% 19 0.2% Commerzbank AG 1 0 1 0.0% 68 1 0.0% 68 0.0% Total 15,790 387 16,176 100.0% 456 15,415 100.0% 444 *Number of ETCs at the end of the year is net of delistings for the period. Deutsche Bank AG/London Page 7

Cash and turnover - ETFs Figure 8: European ETF Providers Ranking ETFs Europe All figures in million except products Issuer Equity Fixed Income Others Curr. Prev. YTD Equity Fixed Income Commodity Commodity Deutsche AWM 345-27 33-1 349 504 4,591 836 206 5 14 1,061 1,135 Vanguard 237 0 0 0 237 279 6,805 668 1 0 0 669 430 Amundi 49 69 1 0 119 120 2,063 310 99 0 0 409 511 UBS 37 54-1 0 90 20 3,275 254 24 20 3 301 432 State Street 24 57 0 0 82 33 2,003 146 43 0 0 189 187 BlackRock -298 377-4 0 74 449 14,090 3,595 1,271 10 3 4,879 6,180 ThinkCapital ETFs N.V. 0 36 0 0 35-60 667 8 2 0 0 10 18 Ossiam 28 0 0 0 28 73 504 11 0 0 0 11 10 Xact Fonder AB 26 0 0 0 26 40-726 277 0 0 0 277 413 HSBC 8 0 0 0 8 27 2,002 72 0 0 0 72 78 ETF Securities Ltd 5 0-3 0 2-2 137 79 0 9 0 88 71 Alpcot Capital Management 0 0 0 0 0 0 0 0 0 0 0 0 0 First Trust 0 0 0 0 0 0 30 3 0 0 0 3 1 BBVA Gestion SA SGIIC 0 0 0 0 0 0 98 4 0 0 0 4 5 Fundlogic Global Solutions plc 0 0 0 0 0 0 92 0 0 0 0 0 0 FinEx Fund Plc 0 0 0 0 0 0 1 0 0 0 0 0 0 Raiffeisen Schweiz Genossenschaft 0 0 0 0 0 0-8 0 0 1 0 1 1 Commerzbank AG 0 0 0 0 0 0 3 0 0 0 0 0 0 ABN AMRO Investment Management 0 0 0 0 0 0 50 1 0 0 0 1 1 Alpha Asset Management 0 0 0 0 0 0 0 0 0 0 0 0 0 Swedbank Robur 0 0 0 0 0 0 0 0 0 0 0 0 0 NCB Stockbrokers 0 0 0 0 0 0 0 0 0 0 0 0 0 ESAF 0 0 0 0 0 0-39 0 0 0 0 0 0 PDR Services LLC 0 0 0 0 0 0 0 0 0 0 0 0 0 NBG Asset Management MFMC 0 0 0 0 0 0 0 0 0 0 0 0 0 C-QUADRAT 0 0 0 0 0 0 0 0 0 0 0 0 0 JP Morgan 0 0 0 0 0 0 0 0 0 0 0 0 0 Landsbankinn 0 0 0 0 0 0 0 0 0 0 0 0 0 Nordea Investment Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 DnB Kapitalforvaltning 0 0 0 0 0 0 3 7 0 0 0 7 1 SEB Investment Management AB 0 0 0 0 0 0 1 0 0 0 0 0 1 Seligson & Co Fund Man 0 0 0 0 0 0-12 2 0 0 0 2 1 WisdomTree 0 0 0 0 0 0 7 1 0 0 0 1 1 Avana Investment AG 0 0 0 0 0 0-8 0 0 0 0 0 0 Royal Bank of Scotland plc -2 0 0 0-2 0-54 5 0 1 0 7 17 BNP Paribas -13 4-1 0-10 -21 596 11 4 1 0 16 52 PowerShares -12-5 0 0-17 -6-127 37 1 0 0 38 56 Zuercher Kantonalbank 0 0-24 0-24 -34-891 0 0 46 0 46 99 Julius Baer Inv -8 0-18 0-27 -15-395 0 0 20 0 20 46 Deka Investment GmbH -34-15 0 0-49 6 959 269 14 0 0 283 540 ComStage 26-25 -75 0-74 0 426 72 11 2 0 85 191 Lyxor 17-80 -20 0-83 185 4,668 1,525 141 9 1 1,676 2,185 Source -136 13 1 0-122 155 2,038 243 24 0 11 278 288 Total 298 458-111 -1 643 1,755 42,847 8,437 1,841 126 33 10,436 12,956 *New entrant in 2014 is highlighted in light grey. Cash Turnover Others ly Total Prev. Page 8 Deutsche Bank AG/London

Cash and turnover - ETCs Figure 9: European ETC Providers Ranking ETCs Europe All figures in million except products Issuer Commodity Currency Curr. Prev. YTD Commodity Currency Borse Stuttgart Securities GmbH 1 0 1 1 21 1 0 1 1 Commerzbank AG 0 0 0 0 0 1 0 1 0 Deutsche Borse Commodities GmbH 0 0 0 0 0 15 0 15 26 Royal Bank of Scotland plc 0 0 0 0-201 5 0 5 0 Boost -1 0-1 -6 23 39 0 39 50 BlackRock -3 0-3 1 38 6 0 6 13 Source -13 0-13 -3 115 39 0 39 61 ETF Securities Ltd -38 10-28 95 113 283 30 313 586 Deutsche AWM -62 0-62 -27 60 29 0 29 67 Total -115 10-105 61 170 418 30 449 806 Cash Turnover Curr. Prev. Deutsche Bank AG/London Page 9

2. Cash Flow Winners & Laggards Top ten inflows by product Figure 10: Top 10 equity ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer Vanguard S&P 500 ETF VUSA LN Vanguard 235.2 166.3 4,304.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 124.6 96.8 11.0 ishares MSCI World Minimum Volatility UCITS ETF MVOL LN BlackRock 115.3 20.7 178.5 db x-trackers MSCI AC World Index UCITS ETF (DR) XMAW GY Deutsche AWM 94.0 31.2 238.4 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock 74.6 85.5 4,268.1 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 52.6-28.9 19.7 ishares Core MSCI World UCITS ETF (Acc) SWDA LN BlackRock 46.7 85.8 911.8 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 45.8 223.1-952.2 db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM 44.8 0.0-100.2 ishares MSCI Europe UCITS ETF (Acc) SMEA LN BlackRock 39.7 0.0 115.7 Source: Deutsche Bank, Bloomberg Finance LP, Reuters Current Prev. YTD Figure 11: Top 10 fixed income ETF inflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock 132.9 203.6 1,397.9 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock 118.2 54.9 670.4 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 61.7 146.3 1,659.2 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock 49.9-9.9 483.2 UBS ETF - Barclays US Liquid Corporates UCITS ETF UEF9 GY UBS 41.5-39.2 96.9 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 39.2 30.1 107.6 Amundi ETF Government Bond EuroMTS Broad 7-10 UCITS ETF C73 FP Amundi 38.3 59.3 152.9 Lyxor ETF EuroMTS 10-15Y MTE FP Lyxor 37.5 14.9 71.0 Think iboxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.V. 35.5-47.2 262.7 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 30.4-15.2 477.9 Current Prev. YTD Figure 12: Top 10 commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM 32.7 2.4-104.4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS 7.0 0.0-65.7 ETFS Daily Leveraged Silver LSIL LN ETF Securities Ltd 6.7 4.8 17.2 db Physical Palladium Euro Hedged ETC XAD4 GR Deutsche AWM 5.0 0.0 9.5 ETFS Physical Gold PHAU LN ETF Securities Ltd 3.6-41.1 144.1 ETFS Cotton COTN LN ETF Securities Ltd 3.1 1.5 12.2 JB Physical Platinum-A USD JBPLUA SW Julius Baer Inv 1.8 0.0 1.2 Amundi ETF Commodities S&P GSCI Metals UCITS ETF CME FP Amundi 1.4 1.9-11.2 ETFS Physical Silver PHAG LN ETF Securities Ltd 1.2 16.1 60.8 Boost Natural Gas 3X Short Daily ETP 3NGS LN Boost 1.2 2.1 2.2 Current Prev. YTD Page 10 Deutsche Bank AG/London

Top ten outflows by product Figure 13: Top 10 equity ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares Core DAX UCITS ETF DE DAXEX GR BlackRock -773.2-589.3-4,923.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock -81.2-299.0-1,230.0 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock -77.7-7.8 101.0 Source EURO STOXX 50 UCITS ETF - A EUR Accumulating SDJE50 GR Source -36.1-2.0-389.4 Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor -35.1-1.3 254.9 Source STOXX Europe 600 UCITS ETF SDJ600 GR Source -34.9 10.9-192.1 ishares FTSE MIB UCITS ETF (Inc) IMIB LN BlackRock -33.8-17.4 72.8 UBS-ETF Euro STOXX 50 E50EUA SW UBS -29.5 0.0-91.2 ishares MSCI Japan - B UCITS ETF CSJP SW BlackRock -25.5 2.3-218.4 FTSE 100 Source ETF S100 LN Source -24.3-7.3 45.3 Current Prev. YTD Figure 14: Top 10 fixed income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock -157.4-6.4 579.5 Lyxor ETF EuroMTS 5-7Y MTC FP Lyxor -76.2 48.7 64.4 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock -59.2 50.2 894.4 db x-trackers II iboxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR Deutsche AWM -53.4 31.1 73.2 db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche AWM -34.2 11.9-148.4 ishares Euro Government Bond 7-10yr UCITS ETF IEGM LN BlackRock -27.6-7.8 97.4 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source -25.2 1.5-119.6 ComStage ETF iboxx Euro Liquid Sovereigns Div 3m-1 TR CBOXES3M GR ComStage -24.9 0.0-39.9 ishares Euro Government Bond 5-7yr UCITS ETF IEGY LN BlackRock -17.9 59.7 53.7 ishares eb.rexx Government Germany 10.5+ (DE) RXPXEX GR BlackRock -17.2 0.0 59.7 Current Prev. YTD Figure 15: Top 10 commodity ETP outflows ( million) ETP Name BBG Ticker Issuer ETPs Europe ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR ComStage -75.1 0.0 131.0 db Physical Palladium ETC XPAL LN Deutsche AWM -26.5 0.0-27.3 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank -21.3-28.9-789.2 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv -19.4-14.5-351.9 db Physical Platinum ETC XPLA LN Deutsche AWM -18.9 0.0 27.2 Gold Bullion Securities GBS LN ETF Securities Ltd -18.4-31.6-331.9 Lyxor ETF Commodities CRB CRB FP Lyxor -16.0 0.0 61.7 db Physical Rhodium ETC XRH0 LN Deutsche AWM -14.1 0.0 2.3 Source Physical Gold ETC (P-ETC) SGLD LN Source -11.6 2.9 154.1 ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd -8.0-19.3-23.9 Current Prev. YTD Deutsche Bank AG/London Page 11

3. ETF Liquidity Monitor Deutsche Borse Figure 16: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares Core DAX UCITS ETF DE DAXEX GR 241.44 1 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR 24.68 2 Deka DAX UCITS ETF ETFDAX GR 202.93 2 db x-trackers II EONIA TR Index UCITS ETF XEON GR 20.94 3 ishares Euro STOXX 50 (DE) SX5EEX GR 107.39 3 db x-trackers II iboxx Euro Sovereigns Eurozone 5-7 TR Index UCITS ETF X57E GR 13.42 4 db x-trackers MSCI World Index UCITS ETF 1C XMWO GR 84.22 4 ishares eb.rexx Government Germany 1.5-2.5 (DE) RXP1EX GR 12.62 5 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR 64.01 5 ishares Euro Covered Bond IUS6 GR 10.87 6 ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 55.63 6 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 10.24 7 ishares STOXX 600 (DE) SXXPIEX GR 52.93 7 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 8.70 8 ishares MSCI Japan Monthly EUR Hedged IBCG GR 50.28 8 ishares Barclays Euro Corporate Bond EUN5 GR 8.52 9 ishares Euro STOXX Banks (DE) SX7EEX GR 47.99 9 db x-trackers II iboxx Euro Germany 1 3 Total Return Index UCITS ETF 1D XB13 GR 7.83 10 ishares Core S&P 500 UCITS ETF SXR8 GR 31.39 10 db x-trackers II iboxx Euro Germany Total Return Index UCITS ETF 1D XBTR GR 6.89 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR 15.19 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 2.83 2 Gold Bullion Securities GG9B GR 8.30 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 2.68 3 db Physical Gold Euro Hedged ETC XAD1 GR 4.97 3 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 2.58 4 RICI Enhanced Brent Crude Oil TR Index ETC 9J6M GR 4.87 4 ETFS Short USD Long EUR XBJQ GR 2.00 5 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 3.25 5 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 1.25 6 ETFS Daily Leveraged Crude Oil 4RT6 GR 2.26 6 ETFS Short JPY Long EUR SJPL GR 0.60 7 ETFS Physical Gold VZLD GR 2.03 7 ETFS 5X Long USD Short EUR 5CH5 GY 0.41 8 db ETC Brent Crude Oil Euro Hedged ETC XETC GR 1.82 8 ishares S&P Listed Private Equity Fund IQQL GR 0.38 9 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 1.78 9 db x-trackers Currency Returns UCITS ETF 1C EUR - Hedged XCCR GR 0.31 10 db x-trackers db Commodity Booster UCITS ETF 2C EUR - Hedged XCBE GR 1.46 10 ETFS Long SEK Short EUR XBJD GR 0.25 London Stock Exchange Figure 17: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Vanguard S&P 500 ETF VUSD LN 459.49 1 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 125.36 2 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN 189.14 2 ishares $ High Yield Corporate Bond UCITS ETF IHYU LN 67.25 3 ishares FTSE 100 UCITS ETF (Inc) ISF LN 162.20 3 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 64.25 4 Vanguard FTSE 100 ETF VUKE LN 116.01 4 ishares UK Gilts UCITS ETF IGLT LN 50.88 5 ishares EURO STOXX 50 UCITS ETF (Inc) EUE LN 109.88 5 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 50.45 6 ishares S&P 500 UCITS ETF (Inc) IUSA LN 76.51 6 ishares Corporate Bond UCITS ETF SLXX LN 46.79 7 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN 67.09 7 ishares UK Gilts 0-5yr UCITS ETF IGLS LN 46.44 8 ishares MSCI AC Far East ex-japan UCITS ETF IFFF LN 66.99 8 ishares Euro Corporate Bond UCITS ETF IEAC LN 44.72 9 ishares MSCI Japan UCITS ETF (Inc) IJPN LN 61.56 9 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF IEX5 LN 36.18 10 ishares MSCI World Minimum Volatility UCITS ETF MVOL LN 53.92 10 ishares $ Corporate Bond UCITS ETF LQDE LN 29.59 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN 31.69 1 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 4.29 2 Source Physical Gold ETC (P-ETC) SGLD LN 29.15 2 ETFS 3x Short JPY Long USD SJP3 LN 2.88 3 Gold Bullion Securities GBS LN 27.07 3 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 1.96 4 ETFS Copper COPA LN 18.29 4 J.P.Morgan Macro Hedge US TR Source ETF MHUE LN 1.78 5 ETFS WTI Crude Oil CRUD LN 12.99 5 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 1.59 6 ETFS Physical Gold GBP PHGP LN 11.44 6 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 1.53 7 ETFS Longer Dated All Commodities GO UCITS ETF COMF LN 8.95 7 ETFS 3x Short EUR Long USD SEU3 LN 1.25 8 Source Physical Gold ETC (P-ETC) SGLP LN 7.49 8 ETFS Short JPY Long USD SJPY LN 1.02 9 Gold Bullion Securities GBSS LN 6.77 9 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 1.01 10 db WTI Crude Oil Booster USD Index XCT9 LN 6.34 10 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 0.78 Page 12 Deutsche Bank AG/London

Euronext Paris Figure 18: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF Euro STOXX 50 MSE FP 162.33 1 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 33.57 2 Lyxor ETF Leverage CAC 40 LVC FP 76.94 2 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 13.22 3 Lyxor ETF XBear CAC 40 BX4 FP 64.27 3 Lyxor ETF EuroMTS 1-3Y MTA FP 9.71 4 Lyxor ETF MSCI Europe MEU FP 56.81 4 Lyxor ETF Euro Cash CSH FP 9.16 5 Amundi ETF Topix Eur Hedged Daily UCITS ETF TPXH FP 47.08 5 Lyxor ETF EuroMTS Global MTX FP 8.41 6 Lyxor ETF MSCI All Country World ACWI FP 39.04 6 Lyxor ETF EuroMTS AAA Macro-Weighted Government Bond MAA FP 6.63 7 Lyxor ETF DAX DAX FP 38.14 7 Lyxor ETF EuroMTS 10-15Y MTE FP 6.48 8 Lyxor ETF Japan Topix JPN FP 30.46 8 Lyxor ETF EuroMTS AAA Macro-Weighted Government 3-5Y MA35 FP 6.23 9 Lyxor ETF CAC 40 CAC FP 29.47 9 Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 FP 5.05 10 Lyxor ETF MSCI Emerging Markets - A LEM FP 22.96 10 Easy ETF iboxx Liquid Sovereigns Global ISM FP 4.50 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP 2.40 1 Lyxor ETF Privex PVX FP 0.27 2 Lyxor ETF Commodities CRB Non-Energy CRN FP 1.40 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.04 3 Lyxor ETF Commodities CRB CRB FP 0.60 3 ishares Listed Private Equity UCITS ETF PRV FP - 4 ETFS All Commodities AIGCP FP 0.31 4 PowerShares Global Listed Private Equity UCITS ETF PSP FP - 5 ETFS WTI Crude Oil CRUDP FP 0.26 5 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP - 6 ETFS Brent 1mnth Oil OILBP FP 0.18 7 ETFS Wheat WEATP FP 0.06 8 ETFS Agriculture AIGAP FP 0.06 9 ETFS Natural Gas NGASP FP 0.04 10 ETFS Copper COPAP FP 0.03 SIX Swiss Stock Exchange Figure 19: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares SMI CH CSSMI SW 119.06 1 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 9.00 2 ishares S&P 500 UCITS ETF (Inc) IUSA SW 48.99 2 ishares CHF Corporate Bond (CH) CHCORP SW 6.43 3 ishares Core S&P 500 UCITS ETF CSSPX SW 41.82 3 ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 2.96 4 ishares MSCI Japan - B UCITS ETF CSJP SW 37.19 4 ishares $ TIPS UCITS ETF ITPS SW 2.87 5 ishares MSCI EMU UCITS ETF CSEMU SW 30.67 5 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 2.62 6 ishares MSCI Japan CHF Hedged UCITS ETF IJPC SW 29.75 6 Lyxor ETF iboxx Liquid High Yield 30 Ex-Financial LYYIEL SW 2.50 7 ishares NASDAQ 100 UCITS ETF CSNDX SW 25.52 7 UBS-ETF Barclays Capital US 3-5 Year Treasury Bond A UT3USA SW 2.45 8 ishares Nikkei 225 UCITS ETF CSNKY SW 23.73 8 Amundi ETF Short US Treasury 7-10 Daily UCITS ETF SU7 SW 2.36 9 ishares SMIM CH CSSMIM SW 20.50 9 ishares Swiss Domestic Government Bond 1-3 CH CSBGC3 SW 1.92 10 UBS-ETF MSCI EMU EMUEUA SW 20.09 10 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G SW 1.59 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ZKB Gold ETF ZGLD SW 12.21 1 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 1.97 2 ZKB Gold ETF-A USD ZGLDUS SW 9.14 2 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 1.54 3 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW 7.77 3 db x-trackers db Equity Strategies Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFH SW 0.17 4 ZKB Gold ETF-H (CHF) ZGLDHC SW 7.35 4 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 0.12 5 JB Physical Platinum-AX USD JBPLUX SW 6.08 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.08 6 ishares Gold CH CSGOLD SW 5.02 6 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD SW 0.05 7 ZKB Gold ETF-H (EUR) ZGLDHE SW 4.76 7 ishares Listed Private Equity UCITS ETF IPRV SW 0.04 8 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 4.41 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.03 9 ZKB Gold ETF-A EUR ZGLDEU SW 4.37 9 db x-trackers DB Equity Strategies Hedge Fund Index UCITS ETF XHFH SW - 10 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 3.75 10 Nomura Voltage Mid-Term Source ETF VOLT SW - Deutsche Bank AG/London Page 13

Borsa Italiana Figure 20: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 Lyxor ETF XBear FTSE/MIB XBRMIB IM 138.85 1 db x-trackers II EONIA TR Index UCITS ETF XEON IM 16.70 2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 92.33 2 ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM 15.02 3 Lyxor ETF FTSE/MIB ETFMIB IM 84.17 3 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 12.94 4 ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM 39.36 4 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 12.53 5 ishares S&P 500 UCITS ETF (Inc) IUSA IM 30.33 5 ishares Euro Corporate Bond UCITS ETF IEAC IM 10.14 6 ishares MSCI Europe UCITS ETF (Inc) IMEU IM 28.23 6 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 8.89 7 ishares MSCI World UCITS ETF (Inc) IWRD IM 24.51 7 Lyxor ETF Euro Corporate Bond CRPE IM 8.24 8 Lyxor ETF Euro STOXX 50 MSE IM 18.32 8 Amundi ETF Government Bond EuroMTS Broad 1-3 UCITS ETF C13 IM 7.91 9 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM IM 17.09 9 Lyxor ETF Daily Double Short BTP BTP2S IM 7.09 10 ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM 14.56 10 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX IM 6.55 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Daily Leveraged Natural Gas LNGA IM 19.14 1 ETFS 3X Long USD Short EUR EUS3 IM 10.58 2 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 15.01 2 ETFS 3X Short JPY Long EUR JPE3 IM 2.26 3 Boost Natural Gas 3x Short Daily 3NGS IM 12.70 3 ETFS 3X Short CHF Long EUR CHE3 IM 1.03 4 ETFS Daily Leveraged Crude Oil LOIL IM 9.36 4 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS IM 0.66 5 ETFS Physical Gold PHAU IM 8.18 5 ETFS 3X Short USD Long EUR USE3 IM 0.53 6 ETFS WTI Crude Oil CRUD IM 5.31 6 ishares Listed Private Equity UCITS ETF IPRV IM 0.40 7 ETFS Daily Leveraged Wheat LWEA IM 5.11 7 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO IM 0.34 8 Gold Bullion Securities GBS IM 4.54 8 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 0.25 9 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 3.29 9 ETFS 3X Long JPY Short EUR EJP3 IM 0.22 10 db Physical Gold Euro Hedged ETC XAD1 IM 3.01 10 ETFS 3X Long CAD Short EUR ECA3 IM 0.12 Stockholmborsen and Euronext Amsterdam Figure 21: Top 10 products by asset class by weekly on-exchange turnover ( million) ETPs Europe Stockholmborsen Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 XACT Bull 2 XABULL2 SS 103.27 No Fixed Income ETFs 2 XACT Bear 2 XABEAR2 SS 40.17 3 XACT OMXS30 XACTOMX SS 23.64 4 XACT Bear XACBEAR SS 17.13 5 XACT Bull XACBULL SS 8.35 6 XACT Nordic 30 XACTVINX SS 8.13 7 db x-trackers MSCI Japan Index UCITS ETF 1C XMJP SS 1.72 8 XACT OMXSB XACTSBX SS 1.59 9 db x-trackers S&P 500 UCITS ETF 1C XSPX SS 0.54 10 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU SS 0.37 NYSE Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares MSCI Europe UCITS ETF (Inc) IMEU NA 48.16 1 ishares Euro Aggregate Bond UCITS ETF IEAG NA 19.73 2 ishares MSCI World UCITS ETF (Inc) IWRD NA 43.11 2 ishares Euro Corporate Bond UCITS ETF IEAC NA 17.97 3 ishares S&P 500 UCITS ETF (Inc) IUSA NA 33.11 3 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 7.71 4 ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 32.51 4 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 4.42 5 Vanguard S&P 500 ETF VUSA NA 21.59 5 ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA 4.20 6 ishares MSCI AC Far East ex-japan UCITS ETF IFFF NA 20.98 6 ishares Euro Covered Bond UCITS ETF ICOV NA 3.99 7 ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA 20.47 7 ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 3.66 8 ishares Developed Markets Property Yield UCITS ETF IWDP NA 14.61 8 ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA 3.07 9 ishares Core MSCI World UCITS ETF (Acc) IWDA NA 12.33 9 ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 1.71 10 ishares AEX UCITS ETF IAEX NA 10.60 10 ishares Euro Government Bond 10-15yr UCITS ETF IEGZ NA 1.67 Page 14 Deutsche Bank AG/London

4. s Largest Products Equity ETFs Figure 22: Top 20 equity ETFs by assets ( million) ETF Name BBG Ticker Issuer Current AUM ETFs Europe Prev. AUM ishares Core DAX UCITS ETF DE DAXEX GR BlackRock 11,299.8 12,121.4 16,720.5 ishares S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 11,082.6 11,047.6 9,927.2 Vanguard S&P 500 ETF VUSA LN Vanguard 7,092.2 6,863.4 1,851.6 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock 7,050.0 6,981.9 1,057.0 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 6,154.3 6,093.3 5,293.9 Lyxor ETF Euro STOXX 50 MSE FP Lyxor 5,525.6 5,549.0 4,619.6 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 4,915.7 5,001.3 6,139.4 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 4,888.2 4,905.0 5,173.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 4,709.5 4,719.0 3,873.7 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 4,596.7 4,613.7 4,921.7 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 3,733.4 3,728.9 2,466.4 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3,368.2 3,160.9 3,145.8 ishares STOXX 600 (DE) SXXPIEX GR BlackRock 3,304.1 3,299.2 3,153.6 Lyxor ETF CAC 40 CAC FP Lyxor 2,984.6 2,974.3 2,984.6 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM 2,841.8 2,845.0 2,565.1 ishares SMI CH CSSMI SW BlackRock 2,667.8 2,629.8 2,831.9 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM 2,659.5 2,634.2 2,278.1 ishares MSCI North America UCITS ETF INAA LN BlackRock 2,540.0 2,521.7 1,965.8 db x-trackers MSCI World Index UCITS ETF 1C XMWO GR Deutsche AWM 2,263.1 2,224.5 2,477.5 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AWM 2,230.6 2,238.3 2,114.9 2013 AUM Fixed income ETFs Figure 23: Top 20 fixed income ETFs by assets ( million) ETF Name BBG Ticker Issuer Current AUM ETFs Europe Prev. AUM ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 4,546.2 4,476.4 2,681.6 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock 4,265.0 4,125.9 2,688.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 3,302.1 3,380.1 1,975.1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2,541.2 2,518.0 2,504.8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 2,451.5 2,622.7 1,635.3 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 1,990.4 1,946.7 1,764.7 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source 1,730.0 1,700.1 879.2 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock 1,726.7 1,618.5 881.1 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock 1,598.9 1,582.1 736.7 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM 1,567.1 1,556.1 1,157.5 ishares Corporate Bond UCITS ETF SLXX LN BlackRock 1,508.5 1,515.0 1,151.6 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi 1,485.9 1,475.1 954.3 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 1,442.6 1,408.5 878.2 ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock 1,292.9 1,286.6 948.7 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street 1,169.6 1,175.1 659.9 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1,146.2 1,129.1 1,683.4 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM 1,141.4 1,128.2 746.4 ishares UK Gilts UCITS ETF IGLT LN BlackRock 1,130.2 1,133.2 886.4 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock 1,116.6 1,124.6 936.8 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock 1,058.9 1,058.3 641.0 2013 AUM Deutsche Bank AG/London Page 15

Commodity ETPs Figure 24: Top 20 commodity ETP s by assets ( million) ETPs Europe ETP Name BBG Ticker Issuer Current AUM Prev. AUM ZKB Gold ETF ZGLD SW Zuercher Kantonalbank 4,418.2 4,402.6 4,904.9 ETFS Physical Gold PHAU LN ETF Securities Ltd 3,333.7 3,270.6 2,993.6 Gold Bullion Securities GBS LN ETF Securities Ltd 2,590.6 2,562.6 2,727.4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv 1,574.5 1,577.5 1,888.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH 1,518.6 1,514.0 1,409.1 Source Physical Gold ETC (P-ETC) SGLD LN Source 1,283.8 1,286.1 1,065.7 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1,049.1 1,021.3 1,197.1 Lyxor ETF Commodities CRB CRB FP Lyxor 716.7 747.3 637.0 ishares Gold CH CSGOLD SW BlackRock 650.9 649.9 485.4 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM 593.5 566.0 767.2 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock 528.2 535.0 405.6 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM 504.3 498.1 479.4 db Physical Gold ETC XGLD LN Deutsche AWM 502.1 498.5 388.3 ETFS Physical Silver PHAG LN ETF Securities Ltd 445.4 445.8 472.3 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS 428.0 415.0 485.0 db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM 336.3 333.9 293.1 ETFS Agriculture AIGA LN ETF Securities Ltd 323.3 322.2 303.3 ETFS Physical Platinum PHPT LN ETF Securities Ltd 322.2 330.8 320.3 UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS 318.1 322.0 301.7 ishares Gold CHF Hedged CH CSGLDC SW BlackRock 302.7 298.5 338.4 2013 AUM Page 16 Deutsche Bank AG/London

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 exchange-traded 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 2013. The vast majority of instruments are ETFs (96.2%, 3,581 products, $2,233.2bn) with the remainder being ETCs (0.9%, 446 products, $21.2bn) in Europe and ETVs (2.7%, 71 products, $63.5bn) in the US. Figure 25: ETP Coverage Universe Summary ETPs ETFs ETCs (Europe), ETVs (US) Region Products US$ Mil. % Products US$ Mil. % Products US$ Mil. % US 1,332 1,677,878 72.3% 1,261 1,614,367 69.5% 71 63,511 2.7% Europe 1,806 397,209 17.1% 1,360 376,028 16.2% 446 21,181 0.9% Asia Pacific 585 167,898 7.2% 570 167,445 7.2% 15 453 0.0% RoW 392 78,231 3.4% 390 75,388 3.2% 2 2,843 0.1% Global 4,115 2,321,215 100.0% 3,581 2,233,227 96.2% 534 87,988 3.8% Exchange-Traded Funds (ETFs, 96%) US (70%): 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 1940. 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 (4%) 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. Physicallybacked 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 11 2010 titled The race for assets in the European Exchange-Traded Products Market. Exchange-traded vehicles (ETVs, 3%) 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 17

The authors of this report wish to acknowledge the contribution made by Vibhor Mahalwala and Varun Sachdeva, employees of Evalueserve, a third party provider to Deutsche Bank of offshore research support services. Page 18 Deutsche Bank AG/London

Appendix 1 Important Disclosures Additional information available upon request For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/disclosuredirectory.eqsr 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/Sebastian Mercado/Shan Lan Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ), we recommend that investors buy the stock. Sell: Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity rating dispersion and banking relationships 400 350 300 250 200 150 100 50 0 55 % 39 % 47 % 36 % 6 % 26 % Buy Hold Sell Companies Covered Cos. w/ Banking Relationship European Universe Deutsche Bank AG/London Page 19

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 1-877-369-4617 or by visiting www.dbxus.com. 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 http://gm.db.com. 3. Country-Specific Disclosures 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. Brazil: The views expressed above accurately reflect personal views of the authors about the subject company(ies) and its(their) securities, including in relation to Deutsche Bank. The compensation of the equity research analyst(s) is indirectly affected by revenues deriving from the business and financial transactions of Deutsche Bank. In cases where at least one Brazil based analyst (identified by a phone number starting with +55 country code) has taken part in the preparation of this research report, the Brazil based analyst whose name appears first assumes primary responsibility for its content from a Brazilian regulatory perspective and for its compliance with CVM Instruction # 483. EU countries: Disclosures relating to our obligations under MiFiD can be found at http://www.globalmarkets.db.com/riskdisclosures. Japan: Disclosures under the Financial Instruments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, 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. "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 Deutsche Securities Inc. (DSI) are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI. 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