MSCI Derivatives at Eurex Exchange

MSCI Derivatives at Eurex Exchange Optimizing index investments with futures and options April 2016

Content Growing success of MSCI indexes Eurex Exchange s MSCI futures and options MSCI products development MSCI index derivatives typical use Advantages of Eurex Exchange s offering Comparing MSCI instruments Trade Entry Service & Flexible Contracts Orderbook liquidity in MSCI futures Fees Appendix MSCI index family & structure MSCI futures & options contract specs & U.S. approvals Main MSCI Indexes Index types Market Makers Broker list Contacts 2

In summary Eurex has been building its MSCI derivative franchise since 2013 and lists the majority of benchmarks used by fund managers worldwide: A total of 59 futures and 15 options Over 3 million futures and 1 million option contracts have been traded and cleared in this time Trading takes place via both order books and Eurex Trade Entry Services such as block trading The broad based index futures are approved for use by U.S. investors (21 futures) The variety of developed and emerging market products allow for precise strategic allocations Clients can tailor make their futures and option trades with flexible term structures Institutional client base includes unit trusts, pensions and sovereign wealth funds This adaptability, allied with the ability to use flexible trade terms, offers an exchange cleared surrogate for OTC total return swaps. To demonstrate the tradability, widespread use and adoption of Eurex MSCI derivatives, this presentation contains the latest trading facts and developments of listed futures and options based on MSCI indexes. 3

Growing success of MSCI indexes Development in three major steps Historically, MSCI has been the index provider of choice for the buy-side (fund managers, insurances, pension plans, endowments) seeking broad and reliable benchmarks to compare with their own performance and looking for tools to analyse risk and returns. 1. The growing success of indexation via ETFs and index swaps has brought MSCI further to the forefront of asset allocation, not only on the investment side, but also in trading. Globally, 40% of the ETF assets in equity ETFs are based on MSCI indexes. 2. With more providers of MSCI related ETFs, swaps and additional structures and a growing competition on pricing these, an increased need for cheap and efficient hedging tools (futures & options) arises. 3. MSCI estimates that about USD 9.5tn are benchmarked against their indexes 1. Around USD 440 bn are invested in equity ETFs based 2. on MSCI indexes In 2015 more than 48mn MSCI 2. Futures traded, equivalent to USD 1.9tn 4

A global approach with a focus on emerging markets Regional and country indexes listed at Eurex Exchange The world divided by development status: MSCI World = all Developed Markets MSCI EM = all Emerging Markets MSCI FM = all Frontier Markets Emerging Markets divided by region: MSCI EM Latin America MSCI EM EMEA MSCI EM Asia MSCI EM single countries* Developed Markets by region: MSCI Europe MSCI Asia Pacific ex Japan MSCI DM single countries* MSCI DM factor indexes* * details see following slides 5

Eurex in the competitive environment Major developments in 2015 In 2015, the turnover in Eurex's MSCI segment more than doubled with almost 1.6 mn contracts (compared to 765,000 contracts in 2014), whereas the underlying value of these transactions almost tripled to EUR 40 bn (from EUR 15 bn). Most heavily traded futures contracts in 2015 (versus 2014) Most heavily traded options contracts in 2015 (versus 2014) MSCI Europe (FMEU): 450,000 contracts (2014: 232,000) MSCI Emerging Market (OMEM): 83,000 contracts (2014: 75,000) MSCI World in EUR (FMWN): 437,000 contracts (2014: 28,000) MSCI World Options in USD (OMWO): 52,000 contracts (2014: 25,000) MSCI World in USD (FMWO): 256,000 contracts (2014: 142,000) In 2015, Eurex launched twelve additional futures on MSCI Indexes, bringing the total on offer to 59 futures and 15 options. This expanded offering further cements our position as the leading global provider of listed and centrally cleared MSCI Derivatives. Globally, Eurex market share in open interest in all MSCI based listed derivatives* peaked at over 20%** (October 2015). Eurex also captured almost the entire traded volume and open interest in two benchmark futures: namely MSCI Europe NTR (FMEU) and MSCI World NTR EUR (FMWN). In the European marketplace, Eurex's share in open interest is about 45 %** (versus 20% in 2014) with almost a third of the volume traded via the order book (versus mostly cleared-only volume on ICE Europe). Eurex remains the only exchange to have an extensive offer of both futures and options on MSCI benchmark indexes, and is constantly working on building liquid order books and increasing transparency in the market. * incl. SGX, ICE US, ICE Europe ** data source: Bloomberg *** incl. open interest in Flexible Products 6

MSCI product portfolio Eurex Exchange now covers a total of 59 MSCI futures and 15 MSCI options Launch date Products # Futures (Total) # Options (Total) Dec 2015 MSCI ACWI ex US, Europe in USD & ex CH, EMU, (Asia) Pacific & Factor 59* 15 Nov 2014 MSCI World Midcap, Kokusai, Pac ex Japan + DM & EM countries (F) 47 15 Mar 2014 MSCI Europe, EM, World (Price) & EM, World (in EUR) (F&O) 33 15 Oct 2013 MSCI Europe Value & Growth (F&O) 28 10 Jul 2013 MSCI EM + subregions (each F&O) + EM countries (F) 26 8 Mar 2013 MSCI World, Europe, AC Asia Pac ex Japan (each F&O), Frontier (F) 6 4 Oct 2009 MSCI Japan (NTR) (F) 2 1 Jun 2008 MSCI Russia (Price) (F&O) 1 1 *MSCI Greece Index Futures has been set on hold, with a formal delisting to follow 7

Contract specifications overview* MSCI index derivatives MSCI Index Futures MSCI Index Options Contract value 1, 10, 50, 100 or 1000 EUR, USD or GBP per index point Contract terms Up to 36 months (4 quarterly maturities + 4 semi-annual) Up to 5 years (for Europe, EM & World) Up to 2 years (for others) Minimum price change between 0.01 and 10 index points 0.01 or 0.1 index points Tick value 5, 10 or 25 1, 5 or 10 Settlement Final settlement price Final settlement day Last trading day Cash settlement Based on the closing index level on the last trading day of the maturity/expiration month Next Eurex trading day following the last trading day (to cover all index close levels) Third Friday of the maturity/expiration month** Continuous trading 08:00 22:00 CET 09:00 17:30 CET Eurex Trade Entry Service (TES) 08:00 22:00 CET 09:00 19:00 CET Eurex TES Flexible Contracts Eurex TES Minimum Block Trade size Trading calendar Available Differs per contract MSCI products will be tradable on each Eurex exchange day * See back-up for detailed contract specs ** Last trading has to be an exchange day at Eurex & home market (for country indices). As Egypt, Qatar & UAE are closed on Fridays, the last trading day for MSCI Egypt, Qatar & UAE is the Thursday before the third Friday 8

Monthly Contract Volume Open Interest MSCI Derivatives Optimizing index investments with futures and options April 2016 MSCI products volume and open interest Traded contracts in Q1 2016 more than doubled against the last quarter of 2015 Over 550,000 Eurex MSCI futures traded alongside 270,000 options in March, with over 1.15 million contracts traded so far this year. 900,000 800,000 700,000 600,000 500,000 400,000 300,000 TES Orderbook Open Interest 400,000 350,000 300,000 250,000 200,000 150,000 200,000 100,000 100,000 50,000 0 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 0 2013 2014 2015 2016 * excluding Flexible Trades Flexible Options open interest: 190,000 contracts (Mar 2016) 9

MSCI products consistent volume growth FMWN & FMEU rank 5 and 7 in the top 10 MSCI index derivatives worldwide 40,000 35,000 30,000 25,000 20,000 Average daily volume (double counted) Options World Options Europe Options EM Futures World Futures Others Futures Europe Futures EM 15,000 10,000 5,000 0 H1 H2 H1 H2 Q1 2014 2015 2016 10

MSCI products trading details Q1 2016 Eurex MSCI Products Volumes & OI Products Currency Index Type ID 2013-Q2 2013-Q3 2013-Q4 2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 Open interest Futures on MSCI ACWI USD NTR FMAC - - - - - - - 885 2,470 2,532 4,403 4,154 1,301 Futures on MSCI Asia-Pacific ex Japan USD NTR FMAS 86 5 445 287 132 2,011 1,264 1,040 1,774 2,164 6,996 4,948 2,473 Futures on MSCI Australia USD NTR FMAU - - - - - - - - 30 - - 121 - Futures on MSCI Chile USD NTR FMCL - - - - 82 84-84 1,502 1,460 820 848 456 Futures on MSCI China Free USD NTR FMCN - - - - 111 37-1,470 2,645 1,460 1,660 13,800 11,068 Futures on MSCI Colombia USD NTR FMCO - - - - 33 22 25 29 649 327 294 415 194 Futures on MSCI Czech Republic USD NTR FMCZ - - - - - - - - - 21 - - - Futures on MSCI Emerging Markets Asia USD NTR FMEA - - - 112 - - 252 277 1,711 1,751 945 5,314 2,092 Futures on MSCI Europe USD NTR FMED - - - - - - - - - - - 74 10 Futures on MSCI Emerging Markets EMEA USD NTR FMEE - - - 14 - - - - 432 379 1,765 534 254 Futures on MSCI Emerging Markets Ma USD Price FMEF - - - - - - - - 729 711 1,202 561 112 Futures on MSCI Emerging Markets Lat. America USD NTR FMEL - - 14 38 50 2 1 45 579 1,261 703 1,735 121 Futures on MSCI Emerging Markets USD NTR FMEM - - 8,151 7,020 147 507 116 118 988 5,951 1,963 4,009 1,264 Futures on MSCI Emerging Markets EUR NTR FMEN - - - - - - - - 1,259 11,413 6,383 7,467 3,040 Futures on MSCI Europe EUR Price FMEP - - - - - - - 25 780 553 34,058 34,261 16,909 Futures on MSCI Europe EUR NTR FMEU 21,200 76,631 14,165 8,394 72,441 31,359 120,411 68,787 48,855 158,152 174,274 325,487 71,137 Futures on MSCI Egypt USD NTR FMEY - - - - - 84 135 55 - - - 41 15 Futures on MSCI Greece EUR NTR FMGR - - - - - - - - 15 - - - - Futures on MSCI Hong Kong USD NTR FMHK - - - - - - - - 92 30 12 24 80 Futures on MSCI Hungary USD NTR FMHU - - - - - - - - - 60 45 - - Futures on MSCI Indonesia USD NTR FMID - - - - - - - 179 - - 824 2,247 3,047 Futures on MSCI India USD NTR FMIN - - 40 74 - - - - 33 106-18 - Futures on MSCI Japan USD NTR FMJP 3,051 954 44 235 80 4 121 100 331 325 152 454 142 Futures on MSCI Kokusai USD GTR FMKG - - - - - - - - 120-100 110 10 Futures on MSCI Kokusai USD NTR FMKN - - - - - - - 11 33 88 84 170 52 Futures on MSCI Mexico USD NTR FMMX - - 84 170 167 80 85 67 34 122 101 855 426 Futures on MSCI Malaysia USD NTR FMMY - - 35 13 146 113 73 558 1,129 64 261 1,637 1,514 Futures on MSCI New Zealand USD NTR FMNZ - - - - - - - - 30 20 75 30 - Futures on MSCI Pacific USD NTR FMPA - - - - - - - - - - - 40 - Futures on MSCI Philippines USD NTR FMPH - - 20-66 22-66 69 439 380 510 1,128 Futures on MSCI Poland USD NTR FMPL - - - - 120 80 84 113 385 116 137 72 - Futures on MSCI Pacific ex J. USD NTR FMPX - - - - - - - - 132-49 255 33 Futures on MSCI Qatar USD NTR FMQA - - - - - - 495 330 639 688 660 699 295 Futures on MSCI Russia USD NTR FMRS - - 824 2,472 1,648 1,648 1,700 1,852 2,717 2,152 165 259 86 Futures on MSCI Russia USD Price FMRU 10,072 6,403 5,318 54,191 16,079 15,703 19,301 19,166 20,171 8,727 1,441 4,780 1,110 Futures on MSCI Thailand USD NTR FMTH - - 100 15 150 102 101 51 65 58 55-55 Futures on MSCI UAE USD NTR FMUA - - - - - - 129 86 86 152 280 230 115 Futures on MSCI UK GBP NTR FMUK - - - - - - - 4,661 1,117-1,955 1,137 271 Futures on MSCI USA USD NTR FMUS - - - - - - - - 192-10 204 70 Futures on MSCI USA Equal Weighted USD NTR FMUE - - - - - - - - - - - 4 4 Futures on MSCI USA Momentum USD NTR FMUM - - - - - - - - - - - 6 6 Futures on MSCI USA Quality USD NTR FMUQ - - - - - - - - - - - 550 192 Futures on MSCI USA Value Weighted USD NTR FMUV - - - - - - - - - - - 14 14 Futures on MSCI World Midcap USD NTR FMWM - - - - - - 3,090 3,140 2,780 2,891 2,558 2,558 1,279 Futures on MSCI World EUR NTR FMWN - - - - 379 7,068 21,290 46,324 62,728 122,627 206,060 335,640 56,640 Futures on MSCI World USD NTR FMWO 7,517 10,263 6,681 12,215 17,861 33,369 79,298 75,229 48,260 73,026 60,040 65,375 7,867 Futures on MSCI World USD Price FMWP - - - - - - - 35 30 260 375 70 30 Futures on MSCI South Africa USD NTR FMZA - - - - 36 36 49 164 99 19 23 92 22 Options on MSCI Emerging Markets Asia USD NTR OMEA - - - - - - - - 3,704 451-609 1,892 Options on MSCI Emerging Markets EMEA USD NTR OMEE - - - - - - - - - - 4,890 - - Options on MSCI Em. Markets USD Price OMEF - - - - - - - - - 1,865 23,134 49,356 49,356 Options on MSCI Em. Markets USD NTR OMEM - 1,914 19,767 34,396 22,667 7,122 11,631 17,732 6,284 35,526 24,302 20,347 24,964 Options on MSCI Em.Markets EUR NTR OMEN - - - - 1 4,550-34,459 - - - 21,574 4,232 Options on MSCI Europe EUR Price OMEP - - - - - - 88,116 9,018 - - - 164,600 - Options on MSCI Europe EUR NTR OMEU - 11,000 119,128 7,002 10,864 8,500 8,500 10,250 3,500 500 5,250 52,170 66,670 Options on MSCI World EUR NTR OMWN - - - - - - - 1,350 2,700 1,350 675 - - Options on MSCI World USD NTR OMWO 2,522 7,632 5,000 12,645 6,415 1,720 4,950 25,030 17,500 4,600 5,400 26,166 27,515 Options on MSCI Europe Growth EUR NTR OMEG - - 4,000 - - - - - - - - - - Grand total 44,448 114,802 183,816 139,293 149,675 114,223 361,217 322,786 239,378 444,397 574,959 1,156,631 359,563 11

MSCI index derivatives typical use Hedging Sale of futures/buying of puts or collars to protect portfolio value. Portfolio beta / duration adjustment Region / country overlay Purchase/sale of equity index futures to adjust portfolio beta/duration. Purchase/sale of regional/country equity index futures to increase/decrease exposure to a region/country within the equity portfolio. Stock picking Sale of index futures against purchase of cash equity to isolate or mitigate market risk Cash equitization Transition management / tactical asset allocation Portfolio yield enhancement Reinvestment of coupon and dividend income and investment of new flows or funds generated via asset sales by purchasing equity index futures Sale of equity index and simultaneous purchase of bond futures to assist in the reallocation of funds from equities to bonds (or vice versa). 1. Sale of out-of-the-money (OTM) index calls, anticipating limited market upside. 2. Sale of OTM index puts anticipating limited market downside. 3. Sale of OTM index/bond calls and puts, anticipating range bound market conditions. 12

Advantages of Eurex Exchange s offering Trading Combination of orderbook and off-book trading Strong support from on-screen Market Makers (banks as well as prop houses) CFTC approval for 21 broad-based indexes, with more to come Asian, European & U.S. trading hours Transparent via Bloomberg, Reuters etc. Trading in and out with different market participants Harmonized & low trading & clearing fees MSCI futures and options Multilateral Trade Registration (MTR) Service allows processing of multilateral Block Trades Clearing Flexible Contracts & Trade Entry Services Flexible Minimum Block Trade Sizes Migration of counterparty risk into CCPs Cross margining of MSCI Europe and World with DAX and EURO STOXX 50 Index contracts Collateral optimization (based on portfolio margining with introduction of Eurex Clearing Prisma) Trade at Index Close possible via late trade entry or early next morning Non-disclosure possible for very large trades, which will be reflected only in next days figures No paperwork as with total return swaps 13

Comparing delta one instruments Eurex Exchange s NTR futures as simple and efficient tools to get long or short market exposure with leverage and improved liquidity vs ETFs and no paperwork or counterparty risk vs TRS Delta 1 product summary Listed/OTC Counterparty risk Leverage Benefit from borrow Dividend risk Eurex Exchange s NTR Futures Listed Low Yes Yes No Forwards OTC Medium Yes Yes Yes Total return swaps OTC Medium Yes No No CFDs OTC Medium No No No Cash Listed Low No No No ETFs Listed Low No No No Certificates Listed High No No No Source: Bennett & Gil (2012) Volatility Trading 14

Flexible Futures contracts, an alternative to TRS Flexible Futures trades can be customized regarding: Maturity day*: choose any exchange trading day between the first trading day after the trade date and the last expiration date of the standardized futures series (for MSCI futures this can be out to 3 years) Flexible Options trades can be customized regarding: Exercise price: the selected exercise price can be defined above the highest exercise price of the corresponding regular options series or may be the lowest exercise price of an option (e.g. LEPOs). Maximum strikes for Flexible Options are limited to 2.5-times the highest available standard strike and up to 3 decimal places. Expiration day*: choose any exchange day between the first trading day after the trade date and the last expiration date of the standardized option series Exercise style: select American or European *Since the publication of "official" closing prices from MSCI takes place after Eurex Exchange s market close, MSCI futures & options Flexible Contracts functionality requires that the expiration date is in fact defined as the next business day following the original expiration day agreed between counterparties, e.g. if counterparties would like to reference the 15 March closing price, then the following business day, 16 March should be used. 15

Other Eurex Trade Entry Services Exchange for Physicals (Index) Admitted underlying instruments (reporting transaction) Equity basket Exchange-traded index fund share Eurex futures (transaction creating a position) Eurex equity index futures Eurex equity index futures Exchange for Swaps the cash leg in EFS trades are equity index swaps these swaps are subject to certain Eurex clearing conditions such as: - swap payments have to be in an OECD currency - the swap must be subject to ISDA Master Agreement rules Vola Trade allows simultaneous "delta hedge" between parties involved in an option "volatility" strategy (locking volatility level of the trade), when the amount of "delta" generated by this strategy is smaller than the minimum block trade size Trade at Index Close whenever the next official closing price of the underlying index is available (or early next day, if index comes late) indicate that the trade is a Trade at Index Close and the basis agreed upon between two counterparties 16

Basis points Basis points MSCI Derivatives Optimizing index investments with futures and options April 2016 MSCI futures order book trading (1/3) Order book liquidity in MSCI futures with the support of Designated Market Makers Futures Market Makers: Barak Capital, BNP Paribas, Credit Suisse, DRW, Flow Traders, HSBC, Optiver, SocGen, Susquehanna Price picture in EM: Price picture in EM contracts has improved considerably since April 2015 when the new EM focused market making scheme was introduced. The impact of a 1mn EUR order would be less than 25bps. Price picture in Europe & World: Even though the futures on STOXX Europe 600 (FXXP) has much more trades compared to MSCI Europe, the impact of a 5mn EUR order would be sometimes even less in MSCI Europe than in STOXX Europe 600 Futures. 250 200 150 100 50 0 35 30 25 Eurex Liquidity Measure (Volume Class EUR 1 Million) 1 2 3 4 5 6 7 8 9 10 11 12 2015 MSCI Emerging Markets (NTR / EUR) MSCI Emerging Markets (NTR / USD) MSCI Emerging Markets (Price / USD) MSCI Europe (NTR / EUR) MSCI World (NTR / EUR) MSCI World (NTR / USD) STOXX Europe 600 Eurex Liquidity Measure (Volume Class EUR 5 Million) MSCI Europe (NTR / EUR) MSCI World (NTR / USD) STOXX Europe 600 The MSCI World Futures has become more liquid from an orderbook perspective in the last couple of months. Since April 2014, one was able to trade a 5mn EUR order through the book on average with a cost between 10 and 15bps. 20 15 10 5 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2014 2015 17

MSCI futures order book trading (2/3) Order book notional FMEU and FMWO: Dec 2015 MSCI Europe EUR (FMEU) Notional Volume Bid Offer Volume Notional 6,129,810 311 197.1 197.2 275 5,423,000 4,945,955 251 197.05 197.25 315 6,213,375 5,929,700 301 197 197.3 150 2,959,500 12,329,070 626 196.95 197.35 361 7,124,335 11,144,540 566 196.9 197.4 251 4,954,740 984,250 50 196.85 197.45 251 4,955,995 MSCI World EUR (FMWN) Notional Volume Bid Offer Volume Notional 9,696,550 445 217.9 218.2 220 4,800,400 6,969,600 320 217.8 218.3 345 7,531,350 6,966,400 320 217.7 218.4 220 4,804,800 4,352,000 200 217.6 218.5 100 2,185,000 108,700 5 217.4 219.5 5 109,750 4,318,000 200 215.9 220.4 200 4,408,000 MSCI World USD (FMWO) Notional Volume Bid Offer Volume Notional 45,670 1 4567 4569 150 6,853,500 91,320 2 4566 4570 211 9,642,700 2,784,650 61 4565 4571 286 13,073,060 3,651,200 80 4564 4572 211 9,646,920 10,768,680 236 4563 4573 231 10,563,630 10,766,320 236 4562 4574 151 6,906,740 The two products with broadest on-screen Market Making support at Eurex Exchange are the benchmark MSCI Europe and MSCI World Futures The spreads differ during the day, especially for MSCI World, which is normally tightest during U.S. hours 5-7 Market Makers are active Spread in MSCI Europe front contract typically 2-4 ticks wide (5-10 bps) 4-5 Market Makers are active Spread in MSCI World front contract typically 3-5 ticks wide (6-10 bps) 18

MSCI futures order book trading (3/3) Order book prices in the 38 selected MSCI Futures: Mar 2016 19

Fees Order book Trade Entry Service Threshold # of contracts Denomination Standard Reduced Standard Reduced A or P account USD 0.5-0.75 - - MSCI Futures EUR 0.5-0.75 - - GBP 0.5-0.75 - - MSCI Options USD 0.5 0.25 0.5 0.25 2,000 EUR 0.5 0.25 0.5 0.25 2,000 20

Appendix 21

MSCI global index family Country coverage Based on the countries covered, MSCI is successfully offering a number of regional / markets indexes, like MSCI World, MSCI EM, MSCI Asia Pacific Americas Europe, Africa, Middle East Asia / Pacific Developed Markets Emerging Markets Canada U.S. Brazil, Chile, Colombia, Mexico, Peru Austria, Belgium, Danmark, Finland, France, Germany, Ireland, Israel, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, UAE Frontier Markets Argentina Bulgaria, Croatia, Estonia, Morocco, Lithuania, Kazakhstan, Romania, Serbia, Slovenia, Ukraine, Kenya, Mauritius, Nigeria, Tunesia, Bahrain, Jordan, Kuwait, Lebanon, Oman Australia, Hong Kong, Japan, New Zealand, Singapore China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand Bangladesh, Pakistan, Sri Lanka, Vietnam 22

MSCI indexes structure MSCI All Countries World Index NDUEACWF <Index> China Free MSCNXNUS<Index> India NDEUSIA <Index> Indonesia NDEUINF <Index> MSCI Emerging Market Index NDUEEGF <Index> MSCI EM Asia Index NDUEEGFA <Index> MSCI EM Latin America Index NDUEEGFL <Index> MSCI World Index NDDUWI <Index> MSCI Europe Index NDDUE15 <Index> MSCI North America Index NDDUNA <Index> Australia NDDUAS <Index> New Zealand NDDUNZ <Index> Hong Kong NDDUHK <Index> Malaysia NDDUMAF <Index> MSCI EM EMEA Index NDDUEMEA <Index> MSCI Pacific Index NDDUP <Index> Japan NDDUJN <Index> Philippines NDEUPHF <Index> Thailand NDEUTHF <Index> Emerging Markets Developed Markets 23

Contract specifications Regional, Country & Factor indexes (1) Eurex Eurex Tick US Tick Initial Curren Index Index Code Code Multiplier Tick Value approv Tick Value Margin Market * Index name cy Type ** (realtime) Index (end of day) (Fut) (Opt) (F&O) (Fut) (Fut) ed (F) (Opt) (Opt) %*** DM MSCI Europe EUR NTR M7EU MSDEE15N Index FMEU OMEU 100 0.05 5 0.01 1 6.43 DM MSCI Europe EUR Price MXEU MSEREURP Index FMEP OMEP 100 0.05 5 0.01 1 6.40 DM MSCI Europe USD NTR M1EU NDDUE15 Index FMED 10 1 10 4.11 DM MSCI Europe Growth EUR NTR M7EU000G MSGEUNTR Index FMEG OMEG 100 0.05 5 0.01 1 5.57 DM MSCI Europe Value EUR NTR M7EU000V MSVEUNTR Index FMEV OMEV 100 0.05 5 0.01 1 6.53 DM MSCI Europe ex CH EUR NTR M7EUC MSDEEXZN Index FMXS 100 0.05 5 1.38 DM MSCI EMU EUR NTR M7EM MSDEEMUN Index FMMU 100 0.05 5 1.25 DM MSCI World USD NTR M1WO NDDUWI Index FMWO OMWO 10 1 10 0.1 1 5.09 DM MSCI World USD Price MXWO MSDUWI Index FMWP OMWP 10 0.5 5 0.1 1 5.08 DM MSCI World EUR NTR MBWO MSDEWIN Index FMWN OMWN 100 0.1 10 0.1 10 5.54 DM MSCI World Midcap USD NTR M1WOMC MMDUWORN Index FMWM 50 0.5 25 5.72 DM MSCI Kokusai USD NTR M1KO NDDUKOK Index FMKN 10 1 10 5.54 DM MSCI Kokusai USD GTR M2KO GDDUKOK Index FMKG 10 1 10 5.52 EM MSCI EM USD NTR M1EF NDUEEGF Index FMEM OMEM 100 0.1 10 0.1 10 6.27 EM MSCI EM USD Price MXEF MSEUEGF Index FMEF OMEF 50 0.5 25 0.1 5 6.27 EM MSCI EM EUR NTR MBEF MSDEEEMN Index FMEN OMEN 100 0.1 10 0.1 10 5.97 EM MSCI EM Asia USD NTR M1MS NDUEEGFA Index FMEA OMEA 100 0.1 10 0.1 10 6.02 EM MSCI EM EMEA USD NTR M1EE NDDUEMEA Index FMEE OMEE 100 0.1 10 0.1 10 7.41 EM MSCI EM LatAm USD NTR M1LA NDUEEGFL Index FMEL OMEL 100 0.1 10 0.1 10 8.23 FM MSCI Frontier USD NTR MX1FM MSEUFMSN Index FMFM 10 0.5 5 4.79 * DM = Developed Markets / EM = Emerging Markets / FM = Frontier Markets ** NTR = Net total return / GTR = Gross total return / Price = Price return *** Initial margins calculated from market close 16 January 2015 All MSCI product information in one file 24

Contract specifications Regional, Country & Factor indexes (2) Eurex Eurex Tick US Tick Initial Curren Index Index Code Code Multiplier Tick Value approv Tick Value Margin Market * Index name cy Type ** (realtime) Index (end of day) (Fut) (Opt) (F&O) (Fut) (Fut) ed (F) (Opt) (Opt) %*** DM MSCI Japan USD NTR M1JP NDDUJN Index FMJP 10 1 10 7.51 DM MSCI Japan USD GTR M2JP GDDUJN Index FMJG 10 1 10 4.35 DM&EM MSCI AC Asia Pacific USD NTR M1AP NDUEACAP Index FMAP 1.48 DM&EM MSCI AC Asia P ex Jp USD NTR M1APJ NDUECAPF Index FMAS OMAS 100 0.1 10 0.1 10 5.86 DM MSCI Pacific USD NTR M1PC NDDUP Index FMPA 3.73 DM MSCI Pacific USD GTR M2PC GDDUP Index FMPG 4.34 DM MSCI Pacific ex Japan USD NTR M1PCJ NDDUPXJ Index FMPX 10 1 10 6.62 DM&EM MSCI ACWI USD NTR M1WD NDUEACWF Index FMAC 100 0.05 5 5.13 DM&EM MSCI ACWI ex USA USD NTR M1WDU NDUEACWZ Index FMXU 1.35 DM MSCI USA USD NTR M1US NDDUUS Index FMUS 10 1 10 5.44 DM MSCI USA Equal W USD NTR M1USEWR M1USEW Index FMUE 10 1 10 2.42 DM MSCI USA Value W USD NTR M1USVWGT M1USVWG Index FMUV 10 1 10 1.32 DM MSCI USA Momentum USD NTR M1US000$ M1USMMT Index FMUM 10 1 10 1.23 DM MSCI USA Quality USD NTR M1USQU M1NAUSQL Index FMUQ 10 1 10 1.24 DM MSCI UK GBP NTR M7GB M1GB Index FMUK 10 1 10 5.04 EM MSCI Czech Rep USD NTR M1CZ NDEUSCZ Index FMCZ 50 0.5 25 7.56 EM MSCI Hungary USD NTR M1HU NDEUSHG Index FMHU 100 0.1 10 8.67 EM MSCI Poland USD NTR M1PL NDEUSPO Index FMPL 100 0.1 10 8.36 EM MSCI Russia USD NTR M1RU NDEUSRU Index FMRS 50 0.5 25 15.60 EM MSCI Russia USD Price MXRU MSEUSRUS Index FMRU OMRU 10 0.5 5 0.1 1 15.92 * DM = Developed Markets / EM = Emerging Markets / FM = Frontier Markets ** NTR = Net total return / GTR = Gross total return / Price = Price return *** Initial margins calculated from market close 16 January 2015 All MSCI product information in one file 25

Contract specifications Regional, Country & Factor indexes (3) Eurex Eurex Tick US Tick Initial Curren Index Index Code Code Multiplier Tick Value approv Tick Value Margin Market * Index name cy Type ** (realtime) Index (end of day) (Fut) (Opt) (F&O) (Fut) (Fut) ed (F) (Opt) (Opt) %*** EM MSCI Chile USD NTR M1CL NDEUSCH Index FMCL 50 0.5 25 7.61 EM MSCI Colombia USD NTR M1CO NDEUSCO Index FMCO 10 1 10 9.11 EM MSCI Peru USD NTR M1PE NDEUSPR Index FMPE 10 0.5 5 7.48 EM MSCI Mexico USD NTR M1MX NDEUMXF Index FMMX 50 0.5 25 7.50 DM MSCI Hong Kong USD NTR M1HK NDDUHK Index FMHK 1 10 10 7.56 DM MSCI Australia USD NTR MBAU NDDUAS Index FMAU 10 1 10 7.90 DM MSCI New Zealand USD NTR MBNZ NDDUNZ Index FMNZ 100 0.1 10 5.95 EM MSCI Qatar USD NTR M7QAR MGCUQAN Index FMQA 10 0.5 5 8.03 EM MSCI UAE USD NTR M7AER MGCUAEN Index FMUA 50 0.1 5 14.83 EM MSCI China Free USD NTR M1CNX MSCNXNUS Index FMCN 50 0.5 25 7.51 EM MSCI India USD NTR M1IN NDEUSIA Index FMIN 100 0.1 10 7.50 EM MSCI Malaysia USD NTR M1MY NDDUMAF Index FMMY 100 0.1 10 7.51 EM MSCI Philippines USD NTR M1PH NDEUPHF Index FMPH 50 0.5 25 7.51 EM MSCI Indonesia USD NTR M0ID NDEUINF Index FMID 10 0.5 5 8.17 EM MSCI Thailand USD NTR M1TH NDEUTHF Index FMTH 10 0.5 5 7.53 EM MSCI South Africa USD NTR M1ZA NDEUSSA Index FMZA 100 0.1 10 7.73 EM MSCI Egypt USD NTR M1EG NDEUSEG Index FMEY 50 0.5 25 7.66 FM MSCI Morocco USD NTR M1MA NDEUSMO Index FMMA 100 0.1 10 4.13 * DM = Developed Markets / EM = Emerging Markets / FM = Frontier Markets ** NTR = Net total return / GTR = Gross total return / Price = Price return *** Initial margins calculated from market close 16 January 2015 All MSCI product information in one file 26

MSCI main indexes cumulative index performance* 200 180 160 140 120 100 80 60 Index Risk and Return Characteristics MSCI Frontier Markets MSCI Frontier Markets MSCI World MSCI Emerging Markets MSCI Europe Annualized std deviation (%) Sharpe ratio 30day 240day 360day 1y 3y 5y Annual performance (%) Year MSCI Frontier Markets MSCI World MSCI Emerging Markets 2000-13.18-30.83 2001-16.82-2.61 MSCI Europe 2002-19.89-6.17-30.74 2003 43.45 33.11 55.82 15.26 2004 22.58 14.72 25.55 12.18 2005 72.68 9.49 34.00 26.09 2006-8.91 20.07 32.14 19.61 2007 41.94 9.04 39.42 2.69 2008-54.15-40.71-53.33-43.65 2009 11.61 29.99 78.51 31.60 2010 23.75 11.76 18.88 11.10 2011-18.73-5.54-18.42-8.08 2012 8.85 15.83 18.22 17.29 2013 25.89 26.68-2.60 19.82 2014 6.84 4.94-2.19 6.84 Index characteristics 8.56 10.66 9.97-0.40 0.95 0.46 # comp 314 1322 42 30 MSCI World 8.99 9.45 9.51 0.94 1.21 0.78 MSCI Emerging Markets 11.36 11.43 11.41 0.74 0.09 0.19 Mrk cap (billions) 2,641 30,446 137.24 MSCI Europe 12.51 14.00 13.54 1.76 1.77 0.99 Source: Bloomberg and own calculations MSCI Frontier Markets MSCI World MSCI Emerging Markets * as of April 15 MSCI Europe 105.40 27

Index types MSCI offers three different types of indexes MSCI calculates most of it s indexes in three different versions, depending on the way dividends are reinvested. 1) Price return indexes are not re-investing dividends 2) Net total return (NTR) indexes are reinvesting dividends, but subtracting national withholding taxes 3) Gross total return (GTR) indexes are reinvesting gross dividends, so ignoring tax reductions The community of MSCI index users is divided into two main groups: Buy-side clients use NTR indexes as their benchmarks and therefore prefer this index type for swap or futures transactions. This is clearly the bigger part of the market. The options community use price indexes, which is generally the common index version in derivatives markets. Price indexes include the dividend risk, which makes them more interesting from a trading perspective Listing either futures on NTR and options on price indexes (or in parallel even a second future on the price index as a hedging tool) will potentially split liquidity, confuse clients and create mistrades. Therefore, in the first step Eurex Exchange focused on NTR indexes, for both futures and options 28

Europe World Asia Pac. ex Jp Japan Regional Countries Regional MSCI Derivatives Optimizing index investments with futures and options April 2016 MSCI derivatives orderbook trading List of Designated Market Makers in MSCI futures at Eurex Exchange Developed Emerging Fronti er Member Contact Tel Barak Capital Uri Peles +972-747100 657 BNP Paribas BNP Trading +44-20 7595 1844 Credit Suisse Andre Lamazouade +44-20 7888 3029 DRW Investments (UK) Ltd. Steven Hamilton +44-20 7282 1005 Flow Traders Sjoerd Rietberg +31-20 799 6771 HSBC Bank plc Stephane Labidurie +44-20 7991 1374 Optiver Maarten Botman +31-20 708 7367 Societe Generale Mathieu Besnard +33-142 13 46 79 Susquehanna Dara Hayes +353-1-802-80 00 29

MSCI derivatives off-book trading Broker list See the complete Eurex MSCI derivatives Broker list 30

Further information Contact us Global Product R&D Sales UK Sales Switzerland & Italy Ralf Huesmann T: +49 (0)69 2 11-1 54 43 ralf.huesmann@eurexchange.com Nicolae Raulet T: +49 (0)69 2 11-1 72 62 nicolae.raulet@eurexchange.com James Brown T: +44 (0)207 8 62 72-12 james.brown@eurexchange.com Murat Baygeldi T: +44 (0)207 8 62-72 30 murat.baygeldi@eurexchange.com Vincenzo Zinnà T: +41 (0)43 43 0-71 25 F: +41 (0)43 43 0-72 90 vincenzo.zinna@eurexchange.com Sales Germany Sales Americas Sales France Lothar Kloster T: +49 (0)69 2 11-1 72 89 F: +49 (0)69 2 11-61 52 38 lothar.kloster@eurexchange.com Vassilis Vergotis T: +1 312 5 44-10 58 F: +1 312 5 44-15 58 vassilis.vergotis@eurexchange.com Nicolas Kageneck T: +33 (0)155 2 76-7 76 F: +33 (0)155 2 76-7 50 nicolas.kageneck@eurexchange.com Sales Asia & Middle East Stefan Morgenstern T: +852 25 30-78 08 F: +852 25 30-78 88 stefan.morgenstern@eurexchange.com 31

Further information MSCI page: http:///exchange-en/products/idx/msc/ MSCI contract specs and vendor codes: All MSCI product information in one file Eurex Trade Entry Services: http:///exchange-en/products/eurex-trade-entry-services/ Eurex Clearing: http://www.eurexclearing.com/clearing-en 32

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