European Weekly ETF Market Review

Deutsche Bank Research Europe Synthetic Equity & Index Strategy Date 24 December 2014 European ly ETF Market Review 51 Data in this report is as of 19 December 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... 12 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 24 December 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 ($) 34.8 39.9 42.8 48.4 60.3 53.1 65.1 84.9 90.7 135.2 168.3 198.5 Europe ($) 20.5 32.3 50.0 89.4 127.1 137.7 226.9 283.6 270.1 334.2 395.2 438.2 US ($) 144.1 217.4 292.0 404.5 548.8 516.3 706.3 893.3 939.3 1,214.2 1,614.4 1,906.1 US, Europe & Asia Pacific ($) 199.5 289.7 384.8 542.3 736.2 707.2 998.4 1,261.8 1,300.1 1,683.6 2,177.9 2,542.8 Europe ( ) 16.3 23.8 42.2 67.8 86.9 99.1 158.2 211.4 208.1 253.5 286.8 357.3 Number of ETFs* 257 310 415 677 1,116 1,481 1,803 2,233 2,700 2,973 3,183 3,456 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 7,805 605 4,723 13,133 156,636 32,462 13,820 202,917 Fixed income 5,351 423 992 6,766 57,111 26,928 3,483 87,522 Commodity 1-27 29 4 261-1,810 49-1,500 Currency 31 0 51 82-454 -24 140-338 Multi Asset 7 0-2 5 1,519 154-7 1,667 Alternative 3-25 -49-70 807-307 54 554 Total 13,198 976 5,745 19,919 215,880 57,403 17,538 290,821 Deutsche Bank AG/London Page 3

million Number of ETPs million Number of ETFs 24 December 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 1,386 Commodity - - 340 1,402 2,314 3,591 10,570 19,310 23,057 26,152 14,512 13,376 Fixed Income 801 2,034 4,002 9,370 13,743 29,857 35,915 42,538 43,725 54,193 60,444 85,568 Equity 15,532 21,815 37,907 57,029 70,776 65,473 110,599 147,534 139,723 171,522 210,359 257,003 Total 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,832 357,334 Number of ETFs* 100 114 163 267 419 614 819 1,053 1,215 1,319 1,350 1,418 800 600 400 200 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 21 Industrial Metals - - 4 44 99 413 828 734 1,063 713 788 Agriculture - - 58 799 507 1,553 1,825 1,356 1,093 895 860 Energy - 50 153 174 349 1,918 2,056 1,494 1,547 1,396 1,060 Overall - - 1,103 1,444 981 3,531 5,580 4,439 4,846 3,779 3,639 Precious Metals 520 886 1,595 2,993 6,713 14,930 28,256 36,334 43,887 22,813 23,066 Total 520 936 2,914 5,475 8,712 22,395 38,612 44,417 52,475 29,613 29,434 Number of ETPs* 1 3 40 76 144 185 249 326 423 416 391 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 24 December 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 15,414 16,469 ETFs 16,332 23,849 42,249 67,801 86,930 99,089 158,162 211,376 208,054 253,487 286,832 357,334 Total 16,332 24,340 43,326 69,313 90,091 104,210 170,009 230,890 229,640 280,067 302,245 373,803 Number of ETPs* 100 115 165 299 476 738 995 1,332 1,565 1,757 1,794 1,869 800 400 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 119,117 51,226 1,532 285 172,161 48.2% 256 145,010 50.6% 260-2.4% Deutsche AWM 32,235 10,797 644 798 44,474 12.4% 248 35,940 12.5% 229-0.1% Lyxor 30,173 7,184 908 64 38,329 10.7% 213 32,002 11.2% 180-0.4% UBS 14,221 785 1,238 136 16,381 4.6% 124 11,416 4.0% 126 0.6% Amundi 11,445 3,629 22 0 15,096 4.2% 98 11,352 4.0% 100 0.3% Source 8,372 4,073 177 76 12,699 3.6% 76 9,730 3.4% 65 0.2% Vanguard 11,946 81 0 0 12,027 3.4% 13 3,083 1.1% 9 2.3% State Street 6,060 3,138 0 0 9,198 2.6% 61 6,089 2.1% 54 0.5% Deka Investment GmbH 3,754 2,666 0 0 6,420 1.8% 42 5,456 1.9% 41-0.1% Zuercher Kantonalbank 0 0 5,976 0 5,976 1.7% 4 6,566 2.3% 4-0.6% ComStage 3,990 1,097 223 0 5,310 1.5% 98 5,038 1.8% 95-0.3% HSBC 5,260 0 0 0 5,260 1.5% 28 2,550 0.9% 26 0.6% BNP Paribas 3,098 173 235 0 3,506 1.0% 38 2,529 0.9% 37 0.1% Xact Fonder AB 2,380 0 0 0 2,380 0.7% 10 3,020 1.1% 22-0.4% Julius Baer Inv 73 0 1,980 0 2,053 0.6% 8 2,380 0.8% 8-0.3% Ossiam 1,515 0 38 0 1,553 0.4% 7 841 0.3% 7 0.1% PowerShares 1,367 81 0 4 1,451 0.4% 19 1,277 0.4% 19 0.0% ThinkCapital ETFs N.V. 392 605 0 9 1,006 0.3% 11 684 0.2% 10 0.0% ETF Securities Ltd 368 0 72 14 454 0.1% 14 329 0.1% 16 0.0% BBVA Gestion SA SGIIC 436 0 0 0 436 0.1% 2 379 0.1% 3 0.0% Royal Bank of Scotland plc 182 0 197 0 378 0.1% 12 468 0.2% 13-0.1% Seligson & Co Fund Man 144 0 0 0 144 0.0% 1 147 0.1% 1 0.0% Raiffeisen Schweiz Genossenschaft 0 0 130 0 130 0.0% 3 131 0.0% 2 0.0% DnB Kapitalforvaltning 113 0 0 0 113 0.0% 1 113 0.0% 1 0.0% Fundlogic Global Solutions plc 102 0 0 0 102 0.0% 1 0 0.0% 0 0.0% SEB Investment Management AB 82 0 0 0 82 0.0% 3 93 0.0% 3 0.0% First Trust 52 0 0 0 52 0.0% 4 12 0.0% 3 0.0% Commerzbank AG 49 0 0 0 49 0.0% 1 42 0.0% 1 0.0% FinEx Fund Plc 0 33 3 0 36 0.0% 2 36 0.0% 2 0.0% NCB Stockbrokers 23 0 0 0 23 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 16 0 0 0 16 0.0% 1 22 0.0% 1 0.0% WisdomTree 13 0 0 0 13 0.0% 6 0 0.0% 0 0.0% NBG Asset Management MFMC 6 0 0 0 6 0.0% 2 7 0.0% 2 0.0% Boost 1 0 0 0 1 0.0% 2 0 0.0% 0 0.0% Avana Investment AG 0 0 0 0 0 0.0% 1 7 0.0% 1 0.0% Alpcot Capital Management 0 0 0 0 0 0.0% 1 1 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 257,003 85,568 13,376 1,386 357,334 100.0% 1,418 286,832 100.0% 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 10,557 411 10,967 66.6% 306 10,172 66.0% 291 0.6% Deutsche AWM 1,788 0 1,788 10.9% 39 1,837 11.9% 39-1.1% Deutsche Borse Commodities GmbH 1,581 0 1,581 9.6% 1 1,409 9.1% 1 0.5% Source 1,561 0 1,561 9.5% 4 1,307 8.5% 11 1.0% Royal Bank of Scotland plc 254 0 254 1.5% 7 494 3.2% 10-1.7% BlackRock 176 0 176 1.1% 4 125 0.8% 4 0.3% Borse Stuttgart Securities GmbH 88 0 88 0.5% 1 58 0.4% 1 0.2% Boost 52 1 52 0.3% 21 11 0.1% 19 0.2% Commerzbank AG 1 0 1 0.0% 68 1 0.0% 68 0.0% Total 16,058 411 16,469 100.0% 451 15,414 100.0% 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 Vanguard 379 1 0 0 380 99 7,671 853 2 0 0 855 521 Lyxor 59 192 0 0 251-463 4,575 2,901 317 29 3 3,249 2,685 HSBC 179 0 0 0 179 28 2,123 305 0 0 0 305 125 Amundi 116-14 0 0 102 14 2,445 774 76 0 0 849 539 Deka Investment GmbH 23 65 0 0 87-114 750 1,287 35 0 0 1,323 560 UBS 116-37 -4 0 75 167 3,619 645 45 37 2 729 581 BNP Paribas 67 0 2 0 70-31 741 54 0 3 0 57 31 State Street 29 30 0 0 59 52 2,234 395 83 0 0 478 271 ThinkCapital ETFs N.V. 26 7 0 0 33-106 253 47 2 0 0 49 25 PowerShares 20 0 0 0 20 8-123 56 1 0 1 59 45 ComStage 11 5 0 0 16-436 -168 279 20 5 0 303 158 Ossiam -2 0 12 0 10-10 508 22 0 1 0 24 14 Xact Fonder AB 7 0 0 0 7-13 -745 450 0 0 0 450 294 First Trust 5 0 0 0 5 0 35 3 0 0 0 3 1 Julius Baer Inv 3 0 2 0 5 2-395 3 0 35 0 39 20 Raiffeisen Schweiz Genossenschaft 0 0 3 0 3 0-5 0 0 1 0 1 1 Seligson & Co Fund Man 2 0 0 0 2 0-10 4 0 0 0 4 1 Alpha Asset Management 0 0 0 0 0 0 0 0 0 0 0 0 0 Royal Bank of Scotland plc 7 0-7 0 0 6-76 10 0 2 0 12 17 WisdomTree 0 0 0 0 0 0 13 2 0 0 0 2 2 FinEx Fund Plc 0 0 0 0 0 0 4 0 1 0 0 1 0 Alpcot Capital Management 0 0 0 0 0 0 0 0 0 0 0 0 0 Fundlogic Global Solutions plc 0 0 0 0 0 0 92 0 0 0 0 0 0 Commerzbank AG 0 0 0 0 0 0 3 0 0 0 0 0 0 Swedbank Robur 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 1 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 9 0 0 0 9 3 Avana Investment AG 0 0 0 0 0 0-8 0 0 0 0 0 0 BBVA Gestion SA SGIIC 0 0 0 0 0 0 44 18 0 0 0 18 11 SEB Investment Management AB 0 0 0 0 0 0-18 4 0 0 0 4 8 NCB Stockbrokers 0 0 0 0 0-7 -7 0 0 0 0 0 0 Boost 0 0 0 0 0 1 1 0 0 0 0 0 0 ETF Securities Ltd -7 0 1 0-6 -7 136 152 0 2 1 154 89 Zuercher Kantonalbank 0 0-25 0-25 -39-995 0 0 56 0 56 104 Source -48 5 0-6 -49-161 1,810 348 60 0 8 416 350 ABN AMRO Investment Management -50 0 0 0-50 0-1 0 0 0 0 0 0 BlackRock 61-126 -5-7 -77-628 13,506 6,436 2,079 24 4 8,542 5,476 Deutsche AWM -506 221 0-8 -293 30 4,665 1,883 283 3 20 2,189 1,402 Total 496 348-22 -20 802-1,606 42,643 16,941 3,005 198 38 20,182 13,332 *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 ETF Securities Ltd 38 7 45-17 287 556 47 603 404 Deutsche AWM 24 0 24 17-96 43 0 43 37 Boost 5 0 5 5 50 46 0 46 43 Borse Stuttgart Securities GmbH 1 0 1 0 23 1 0 1 1 Commerzbank AG 0 0 0 0 0 1 0 1 1 Deutsche Borse Commodities GmbH 0 0 0 0 0 25 0 25 33 Royal Bank of Scotland plc 0 0 0 0-201 1 0 1 0 BlackRock -1 0-1 -1 38 4 0 4 5 Source -7 0-7 -14 118 68 0 68 57 Total 60 7 67-10 219 746 47 793 582 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 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 510.2 8.0 222.5 Vanguard S&P 500 ETF VUSA LN Vanguard 306.0 85.6 4,917.1 HSBC S&P 500 ETF HSPX LN HSBC 236.0 23.7 564.2 Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF-A EUR SMRT FP Amundi 171.2 0.0 252.3 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock 161.1 88.0 5,140.2 Lyxor ETF DAX LYXDAX GR Lyxor 88.3-51.5 236.2 S&P 500 THEAM Easy UCITS ETF ESE FP BNP Paribas 58.0 8.4 259.6 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock 52.7-964.6-8,354.5 Source Goldman Sachs Equity Factor Index World UCITS ETF EFIW LN Source 51.5 0.0 271.3 UBS ETF MSCI Switzerland 20/35 100% hedged to GBP UCITS ETF A-acc UC69 LN UBS 49.6 2.0 54.6 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 Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 165.2 19.8-457.5 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock 132.9 0.0 640.6 Lyxor ETF Euro Cash CSH FP Lyxor 112.9 21.4 32.3 ishares Euro Corporate Bond UCITS ETF IEBC LN BlackRock 107.7 51.3 2,010.8 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM 105.9 20.7 453.2 Deka iboxx EUR Liquid Sovereign Diversified 5-7 UCITS ETF ETFES57 GR Deka Investment GmbH 66.0 0.0 75.6 ishares $ Treasury Bond 7-10yr UCITS ETF IDTM LN BlackRock 63.8 15.8 505.3 Lyxor ETF EuroMTS Global MTX FP Lyxor 45.6 8.4 124.0 db x-trackers II iboxx Eur Liquid Covered Index UCITS ETF XLIQ GY Deutsche AWM 42.3 0.0 64.0 ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock 38.9 0.0 358.0 Current Prev. YTD Figure 12: Top 10 commodity ETP inflows ( million) ETPs Europe ETP Name BBG Ticker Issuer ETFS Physical Gold PHAU LN ETF Securities Ltd 19.8-7.3 275.7 ETFS WTI Crude Oil CRUD LN ETF Securities Ltd 16.6 18.0 123.7 db Physical Gold ETC (EUR) XAD5 GR Deutsche AWM 14.4 0.0-47.4 Ossiam Risk Weighted Enhanced Commodity Ex Grains UCITS ETF (EUR) OSXC GY Ossiam 11.5 0.0 15.0 ETFS All Commodities AIGC LN ETF Securities Ltd 9.5 6.0 23.7 ETFS Daily Leveraged Crude Oil LOIL LN ETF Securities Ltd 6.7 3.2 47.2 ETFS Copper COPA LN ETF Securities Ltd 5.3-2.5 3.4 db Physical Silver ETC (EUR) XAD6 GR Deutsche AWM 5.3 0.0-20.3 Gold Bullion Securities GBS LN ETF Securities Ltd 3.5-6.2-385.5 ETFS Physical Palladium PHPD LN ETF Securities Ltd 3.4 1.3 13.4 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 MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock -309.1-121.7 9.0 ishares MSCI North America UCITS ETF INAA LN BlackRock -260.0-6.1-150.7 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock -111.4 13.1 1,332.9 Lyxor ETF MSCI Emerging Markets - A LEM FP Lyxor -90.3-71.0 80.2 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche AWM -82.5 0.0-179.5 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock -81.6 0.0-20.2 db x-trackers CSI300 Index UCITS ETF 1C XCHA LN Deutsche AWM -76.9-16.2-197.5 db x-trackers IBEX 35 UCITS ETF (DR) - 1C DXIBX SM Deutsche AWM -64.8-95.7 65.3 db x-trackers MSCI Europe Small Cap Index UCITS ETF (DR) - 1C XXSC GR Deutsche AWM -61.4 0.0-168.4 Source STOXX Europe 600 Optimised Banks UCITS ETF X7PS GR Source -55.7-72.3-305.4 Current Prev. YTD Figure 14: Top 10 fixed income ETF outflows ( million) ETFs Europe ETF Name BBG Ticker Issuer ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock -250.4 13.4 642.7 ishares Spain Government Bond UCITS ETF SESP LN BlackRock -110.9 4.7 207.5 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock -110.6-18.2 683.1 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN BlackRock -110.0 0.4-4.0 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock -64.0-5.1 91.5 ishares Italy Government Bond UCITS ETF SITB LN BlackRock -58.3 30.8 48.6 ishares Index-Linked Gilts UCITS ETF INXG LN BlackRock -56.5-9.5-51.0 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock -34.4 265.1 1,830.0 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock -32.0-24.1 796.0 db x-trackers II iboxx Euro Sovereigns Eurozone 1-3 TR Index UCITS ETF X13E GR Deutsche AWM -30.3 0.0-73.7 Current Prev. YTD Figure 15: Top 10 commodity ETP outflows ( million) ETP Name BBG Ticker Issuer ETPs Europe ZKB Gold ETF ZGLD SW Zuercher Kantonalbank -24.9-39.3-889.7 ETFS Daily Leveraged Wheat LWEA LN ETF Securities Ltd -8.4-0.5 9.3 Source Physical Gold ETC (P-ETC) SGLD LN Source -6.3-2.6 173.2 ETFS Agriculture AIGA LN ETF Securities Ltd -5.9-13.3-10.4 ishares Gold CH CSGOLD SW BlackRock -5.8-1.9 115.3 ETFS Physical Silver PHAG LN ETF Securities Ltd -5.8-2.5 44.0 ETFS EUR Daily Hedged WTI Crude Oil 00XM GY ETF Securities Ltd -5.8 0.0 8.1 UBS ETF (CH) Gold (USD) I-dis AUUSI SW UBS -4.8 0.0 157.3 Market Access RICI-Agriculture Index Fund M9SB GR Royal Bank of Scotland plc -3.5 3.0 1.0 Market Access ABN Amro RICI M9SA GR Royal Bank of Scotland plc -3.0 0.0-31.1 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 Deka DAX UCITS ETF ETFDAX GR 902.00 1 ishares Barclays Capital Emerging Market Local Govt Bond IUSP GY 37.22 2 ishares Core DAX UCITS ETF DE DAXEX GR 462.28 2 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR 26.57 3 ishares Euro STOXX 50 (DE) SX5EEX GR 300.29 3 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 GY 17.82 4 ishares STOXX 600 (DE) SXXPIEX GR 160.88 4 ishares eb.rexx Government Germany 10.5+ (DE) RXPXEX GR 17.64 5 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR 155.43 5 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR 17.24 6 Deka DAX (ausschüttend) UCITS ETF ETFDAXK GR 150.09 6 ishares JPMorgan USD Emerging Markets Bond IUS7 GR 17.24 7 Deka EURO STOXX 50 UCITS ETF ETFSX5E GR 134.28 7 db x-trackers II EONIA TR Index UCITS ETF XEON GR 17.14 8 ComStage ETF DAX TR UCITS ETF CBDAX GR 121.15 8 ishares Barclays Euro Corporate Bond EUN5 GR 16.09 9 ishares EURO STOXX 50 UCITS ETF (Inc) EUN2 GR 94.05 9 ishares Barclays Euro Aggregate Bond EUN4 GR 15.48 10 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1C XESC GR 77.31 10 Deka Deutsche Borse EUROGOV Germany Money Market UCITS ETF ETFGSMM GR 14.05 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 XETRA-Gold XAUEUR 25.46 1 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 4.38 2 db Physical Gold Euro Hedged ETC XAD1 GR 12.31 2 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI GR 3.42 3 ETFS Brent Oil OESA GR 8.57 3 ETFS Short USD Long EUR XBJQ GR 2.03 4 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR 5.97 4 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE GR 1.88 5 ETFS WTI Crude Oil OD7F GR 4.89 5 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc UEQ1 GY 0.61 6 ComStage ETF Commerzbank Commodity EW Index TR CBCOMM GR 4.51 6 db x-trackers Currency Returns UCITS ETF 1C EUR - Hedged XCCR GR 0.55 7 ETFS Wheat OD7S GR 4.33 7 UBS ETFs plc - HFRX Global Hedge Fund Index SF UIQC GR 0.40 8 ETFS Physical Gold VZLD GR 4.20 8 ETFX Bofaml IVSTOXX ETF VHTX GR 0.39 9 Lyxor ETF Commodities CRB LYXCRB GR 3.17 9 db x-trackers Stiftungs-UCITS ETF Stabilitat XSBT GR 0.24 10 db Physical Silver ETC (EUR) XAD6 GR 2.27 10 ETFS Long USD Short EUR XBJP GR 0.15 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 ishares FTSE 100 UCITS ETF (Inc) ISF LN 489.29 1 ishares Index-Linked Gilts UCITS ETF INXG LN 160.67 2 Vanguard S&P 500 ETF VUSD LN 387.40 2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB LN 151.22 3 Vanguard FTSE 100 ETF VUKE LN 207.32 3 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN 136.71 4 ishares S&P 500 UCITS ETF (Inc) IUSA LN 124.58 4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX LN 112.81 5 ishares MSCI World UCITS ETF (Inc) IDWR LN 118.00 5 ishares $ High Yield Corporate Bond UCITS ETF IHYU LN 80.32 6 ishares MSCI World UCITS ETF (Inc) IWRD LN 113.47 6 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF IEX5 LN 55.15 7 ishares Core S&P 500 UCITS ETF CSPX LN 109.39 7 ishares $ Corporate Bond UCITS ETF LQDE LN 54.75 8 HSBC Worldwide Equity UCITS ETF HWWD LN 88.90 8 ishares Euro Corporate Bond UCITS ETF IEAC LN 40.72 9 ishares S&P 500 UCITS ETF (Inc) IDUS LN 83.82 9 ishares $ High Yield Corporate Bond UCITS ETF SHYU LN 38.06 10 SPDR S&P 500 UCITS ETF SPY5 LN 71.69 10 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN 36.98 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS Physical Gold PHAU LN 82.08 1 ETFS 3x Short EUR Long USD SEU3 LN 2.07 2 ETFS Brent Crude BRNT LN 70.70 2 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE LN 1.88 3 ETFS WTI Crude Oil CRUD LN 50.34 3 ishares Listed Private Equity UCITS ETF IPRV LN 1.74 4 Source Physical Gold ETC (P-ETC) SGLD LN 41.42 4 ETFS Short JPY Long USD SJPY LN 1.49 5 Gold Bullion Securities GBS LN 30.28 5 db x-trackers - db Hedge Fund Index UCITS ETF 2C USD - Hedged XHFD LN 1.24 6 ETFS Physical Gold GBP PHGP LN 17.05 6 J.P.Morgan Macro Hedge US TR Source ETF MHUE LN 1.23 7 ETFS Agriculture AIGA LN 16.80 7 db x-trackers - db Hedge Fund Index UCITS ETF 3C GBP - Hedged XHFG LN 1.09 8 ETFS Copper COPA LN 14.22 8 PowerShares Global Listed Private Equity UCITS ETF PSSP LN 1.01 9 Source Physical Silver P-ETC SSLV LN 11.20 9 S&P 500 VIX Source ETF VIXS LN 0.99 10 ETFS Brent 1mnth Oil OILB LN 9.41 10 J.P.Morgan Macro Hedge US TR Source ETF MHUU LN 0.96 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 197.62 1 Lyxor ETF Euro Cash CSH FP 58.53 2 Lyxor ETF Leverage CAC 40 LVC FP 185.50 2 Lyxor ETF EuroMTS Global MTX FP 22.50 3 Lyxor ETF XBear CAC 40 BX4 FP 134.73 3 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP 14.81 4 Lyxor ETF CAC 40 CAC FP 112.58 4 Lyxor ETF EuroMTS 1-3Y MTA FP 10.79 5 Lyxor ETF MSCI Emerging Markets - A LEM FP 86.11 5 Lyxor ETF EuroMTS 7-10Y MTD FP 9.01 6 Lyxor ETF DAX DAX FP 77.96 6 Amundi ETF Govt Bond Lowest Rated EuroMTS IG Capped 1-3 X13G FP 7.15 7 Lyxor ETF MSCI Europe MEU FP 71.94 7 Lyxor ETF EuroMTS AAA Macro-Weighted Government 3-5Y MA35 FP 6.90 8 Lyxor ETF Leveraged Euro STOXX 50 LVE FP 71.73 8 Lyxor ETF EuroMTS AAA Macro-Weighted Government Bond MAA FP 5.98 9 Amundi ETF MSCI EMU UCITS ETF CMU FP 62.05 9 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 5.50 10 Lyxor ETF Russia (Dow Jones Rus Index Titans 10) (EUR) RUS FP 51.55 10 Amundi ETF AAA Government Bond EuroMTS UCITS ETF AM3A FP 5.23 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 Gold Bullion Securities GBS FP 7.05 1 Lyxor ETF Privex PVX FP 0.30 2 Lyxor ETF Commodities CRB CRB FP 6.19 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 0.10 3 Lyxor ETF Commodities CRB Non-Energy CRN FP 1.71 3 PowerShares Global Listed Private Equity UCITS ETF PSP FP 0.00 4 ETFS WTI Crude Oil CRUDP FP 0.93 4 ishares Listed Private Equity UCITS ETF PRV FP - 5 ETFS Wheat WEATP FP 0.83 5 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVX FP - 6 ETFS Brent 1mnth Oil OILBP FP 0.71 7 ETFS All Commodities AIGCP FP 0.23 8 ETFS Natural Gas NGASP FP 0.13 9 ETFS WTI 2mth Oil OILWP FP 0.11 10 ETFS Silver SLVRP FP 0.08 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 181.68 1 ishares $ Treasury Bond 7-10yr UCITS ETF IBTM SW 13.61 2 ishares S&P 500 UCITS ETF (Inc) IUSA SW 111.02 2 ishares CHF Corporate Bond (CH) CHCORP SW 13.40 3 ishares Core S&P 500 UCITS ETF CSSPX SW 103.38 3 ishares Euro Government Bond 1-3yr UCITS ETF IBGS SW 12.86 4 UBS-ETF SMI SMICHA SW 65.62 4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS SW 12.36 5 ishares MSCI EMU UCITS ETF CSEMU SW 61.02 5 ishares Swiss Domestic Government Bond 3-7 CH CSBGC7 SW 9.24 6 UBS ETF MSCI Switzerland 20/35 100% hedged to GBP UCITS ETF A-dis S2GBAH SW 54.65 6 UBS-Index Solutions- SBI Domestic 3-7 ETF A SB3CHA SW 7.02 7 ishares SMIM CH CSSMIM SW 51.59 7 ishares Euro Government Bond 5-7yr UCITS ETF IEGY SW 5.01 8 ishares MSCI Japan CHF Hedged UCITS ETF IJPC SW 45.37 8 ishares Swiss Domestic Government Bond 7+ CH CSBGC0 SW 4.58 9 ishares MSCI Japan UCITS ETF (Acc) SJPA SW 39.14 9 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB SW 4.53 10 ishares MSCI World UCITS ETF (Inc) IWRD SW 38.19 10 ishares USD Government Bond 3-7 UCITS ETF CSBGU7 SW 4.17 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 UBS ETF (CH) Gold (USD) I-dis AUUSI SW 14.26 1 db x-trackers - db Hedge Fund Index UCITS ETF 5C CHF - Hedged XHFC SW 4.31 2 ZKB Gold ETF-A USD ZGLDUS SW 13.93 2 J.P.Morgan Macro Hedge US TR Source ETF MHUU SW 1.78 3 ishares Gold CH CSGOLD SW 13.21 3 J.P.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 1.38 4 ZKB Gold ETF ZGLD SW 11.16 4 ishares Listed Private Equity UCITS ETF IPRV SW 0.66 5 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW 10.74 5 UBS ETFs plc - HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.13 6 ZKB Gold ETF-H (CHF) ZGLDHC SW 7.68 6 UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-acc M7USAS SW 0.12 7 ZKB Gold ETF-A EUR ZGLDEU SW 7.16 7 db x-trackers - db Hedge Fund Index UCITS ETF 1C EUR - Hedged XHFI SW 0.11 8 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 5.25 8 UBS ETFs plc - HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0.06 9 UBS-IS CMCI Oil ETF (USD) A OILUSA SW 5.20 9 db x-trackers DB Equity Strategies Hedge Fund Index UCITS ETF XHFH SW - 10 ZKB Platinum ETF ZPLA SW 4.36 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 158.22 1 Lyxor ETF Euro Cash LEONIA IM 29.17 2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 131.08 2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF IEMB IM 27.23 3 Lyxor ETF FTSE/MIB ETFMIB IM 123.94 3 Lyxor ETF EuroMTS 3-5Y EM35 IM 16.78 4 ishares EURO STOXX 50 UCITS ETF (Inc) EUE IM 72.67 4 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS IM 13.62 5 db x-trackers MSCI Europe Index UCITS ETF (DR) XMEU IM 67.75 5 ishares Euro Corporate Bond UCITS ETF IEAC IM 13.05 6 ishares S&P 500 UCITS ETF (Inc) IUSA IM 64.91 6 ishares Euro Aggregate Bond UCITS ETF IEAG IM 13.01 7 ishares MSCI Europe UCITS ETF (Inc) IMEU IM 49.39 7 ishares Euro High Yield Corporate Bond UCITS ETF IHYG IM 11.46 8 ishares MSCI World UCITS ETF (Inc) IWRD IM 40.23 8 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFFE IM 10.96 9 ishares MSCI Japan EUR Hedged UCITS ETF IJPE IM 31.82 9 Lyxor ETF SGI Daily Double Short Bund ETF BUND2S IM 10.69 10 ishares Core S&P 500 UCITS ETF CSSPX IM 31.47 10 db X-trackers II IBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF XYP1 IM 10.50 Commodity ETPs BBG Ticker Turnover Other BBG Ticker Turnover 1 ETFS WTI Crude Oil CRUD IM 17.88 1 ETFS 3X Long USD Short EUR EUS3 IM 25.98 2 ETFS Daily Leveraged Crude Oil LOIL IM 15.73 2 ETFS 3X Short USD Long EUR USE3 IM 1.89 3 ETFS Daily Leveraged Natural Gas LNGA IM 14.71 3 ETFS 3X Short AUD Long EUR AUE3 IM 1.61 4 ETFS Daily Leveraged Wheat LWEA IM 13.40 4 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 1.20 5 Boost Natural Gas 3X Leverage Daily ETP 3NGL IM 12.18 5 ETFS 3X Long AUD Short EUR EAU3 IM 1.01 6 Lyxor ETF Commodities CRB CRB IM 10.57 6 Lyxor ETF Dynamic Long VIX Futures Index - EUR DLVO IM 0.66 7 Boost Wti Oil 3X Short Daily ETP 3OIS IM 9.43 7 ishares Listed Private Equity UCITS ETF IPRV IM 0.52 8 ETFS Daily Short WTI Crude Oil SOIL IM 8.94 8 ETFS 5X Long USD Short EUR EUS5 IM 0.51 9 Boost Wti Oil 3X Leverage Daily ETP 3OIL IM 6.80 9 ETFS 3X Short JPY Long EUR JPE3 IM 0.42 10 ETFS Physical Gold PHAU IM 6.19 10 db x-trackers LPX Major Market Private Equity UCITS ETF XLPE IM 0.39 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 OMXS30 XACTOMX SS 96.07 No Fixed Income ETFs 2 XACT Bull 2 XABULL2 SS 94.11 3 XACT Bear 2 XABEAR2 SS 62.96 4 XACT Bear XACBEAR SS 48.42 5 XACT Bull XACBULL SS 13.61 6 XACT OMXSB XACTSBX SS 8.87 7 XACT Nordic 30 XACTVINX SS 7.97 8 SpotR OMXS30 SPOTROMX SS 2.42 9 db x-trackers MSCI World Index UCITS ETF 1C XMWO SS 2.38 10 SpotR Bear OMXS30 SPBEAOMX SS 1.29 NYSE Euronext Amsterdam Equity ETFs BBG Ticker Turnover Fixed Income ETFs BBG Ticker Turnover 1 ishares EURO STOXX 50 UCITS ETF (Inc) EUEA NA 113.85 1 ishares Euro Aggregate Bond UCITS ETF IEAG NA 20.47 2 ishares S&P 500 UCITS ETF (Inc) IUSA NA 95.51 2 ishares Euro Corporate Bond UCITS ETF IEAC NA 17.31 3 Vanguard S&P 500 ETF VUSA NA 94.96 3 ishares Euro Government Bond 1-3yr UCITS ETF IBGS NA 12.32 4 ishares MSCI World UCITS ETF (Inc) IWRD NA 59.46 4 ishares Euro Corporate Bond Large Cap UCITS ETF IBCX NA 9.49 5 ishares MSCI Europe UCITS ETF (Inc) IMEU NA 45.25 5 ishares Euro Government Bond 7-10yr UCITS ETF IBGM NA 9.44 6 ishares MSCI North America UCITS ETF INAA NA 44.77 6 ishares Euro Government Bond 3-5yr UCITS ETF IBGX NA 8.16 7 ishares AEX UCITS ETF IAEX NA 40.96 7 ishares Euro Covered Bond UCITS ETF ICOV NA 6.12 8 Think AEX Tracker TDT NA 37.23 8 ishares Euro Government Bond 15-30yr UCITS ETF IBGL NA 4.97 9 ishares MSCI Japan EUR Hedged UCITS ETF IJPE NA 29.50 9 ishares Euro Inflation Linked Government Bond UCITS ETF IBCI NA 4.88 10 ishares Core MSCI World UCITS ETF (Acc) IWDA NA 26.96 10 ishares France Government Bond UCITS ETF IFRB NA 3.66 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 S&P 500 UCITS ETF (Inc) IUSA LN BlackRock 11,298.4 10,721.2 9,927.2 ishares Core DAX UCITS ETF DE DAXEX GR BlackRock 8,521.3 8,302.8 16,720.5 ishares Core S&P 500 UCITS ETF CSSPX SW BlackRock 8,185.0 7,633.2 1,057.0 Vanguard S&P 500 ETF VUSA LN Vanguard 7,933.3 7,281.0 1,851.6 ishares MSCI World UCITS ETF (Inc) IWRD LN BlackRock 6,201.3 6,031.9 5,293.9 Lyxor ETF Euro STOXX 50 MSE FP Lyxor 5,663.0 5,478.2 4,619.6 ishares Euro STOXX 50 (DE) SX5EEX GR BlackRock 5,212.9 4,594.4 4,921.7 ishares EURO STOXX 50 UCITS ETF (Inc) EUNE SW BlackRock 4,972.8 4,837.4 6,139.4 ishares FTSE 100 UCITS ETF (Inc) ISF LN BlackRock 4,860.3 4,622.5 5,173.1 ishares MSCI Emerging Markets UCITS ETF (Inc) IEEM LN BlackRock 4,063.4 4,279.8 3,873.7 ishares MSCI Europe UCITS ETF (Inc) IMEU LN BlackRock 3,885.7 3,883.3 2,466.4 ishares STOXX 600 (DE) SXXPIEX GR BlackRock 3,514.4 3,398.5 3,153.6 ishares MSCI Japan EUR Hedged UCITS ETF IJPE LN Blackrock 3,490.3 3,419.9 3,145.8 db x-trackers DAX UCITS ETF (DR) 1C XDAX GR Deutsche AWM 2,986.4 2,942.0 2,278.1 db x-trackers Euro Stoxx 50 UCITS ETF (DR) - 1D XESX GR Deutsche AWM 2,847.3 2,763.5 2,565.1 Lyxor ETF CAC 40 CAC FP Lyxor 2,826.8 2,717.5 2,984.6 ishares SMI CH CSSMI SW BlackRock 2,640.6 2,619.6 2,831.9 ishares MSCI North America UCITS ETF INAA LN BlackRock 2,321.5 2,470.6 1,965.8 ishares Developed Markets Property Yield UCITS ETF IWDP LN BlackRock 2,303.1 2,199.0 1,639.2 Vanguard FTSE 100 ETF VUKE LN Vanguard 2,178.3 2,071.1 850.8 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 4,868.8 4,803.3 2,681.6 ishares Euro Corporate Bond Large Cap UCITS ETF IBCS GR BlackRock 4,685.5 4,713.6 2,688.2 ishares J.P. Morgan $ Emerging Markets Bond UCITS ETF SEMB LN BlackRock 3,060.8 3,087.7 1,975.1 ishares Euro High Yield Corporate Bond UCITS ETF IHYG LN BlackRock 2,558.0 2,627.2 2,504.8 ishares $ Treasury Bond 1-3yr UCITS ETF IBTS LN BlackRock 2,341.3 2,305.7 1,635.3 ishares Euro Corporate Bond ex-financials UCITS ETF EEXF LN BlackRock 2,055.6 2,089.6 1,764.7 ishares $ Corporate Bond UCITS ETF LQDE LN BlackRock 1,726.9 1,955.6 881.1 db x-trackers II iboxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche AWM 1,709.0 1,696.5 1,157.5 PIMCO Euro Short Maturity Source UCITS ETF PJS1 GR Source 1,638.8 1,628.6 879.2 ishares Euro Aggregate Bond UCITS ETF SEAG LN BlackRock 1,602.9 1,618.8 878.2 ishares Corporate Bond UCITS ETF SLXX LN BlackRock 1,576.6 1,566.5 1,151.6 Amundi Govt Bond EuroMTS Investment Grade UCITS ETF X1G FP Amundi 1,574.7 1,583.5 954.3 ishares Emerging Markets Local Government Bond UCITS ETF SEML LN Blackrock 1,494.5 1,559.1 736.7 ishares Euro Covered Bond UCITS ETF SCOV LN BlackRock 1,363.7 1,334.2 948.7 db x-trackers II iboxx Euro Sovereigns Eurozone UCITS ETF XGLE GR Deutsche AWM 1,311.7 1,202.2 746.4 ishares Euro Government Bond 3-5yr UCITS ETF IEGX LN BlackRock 1,304.6 1,136.5 1,683.4 ishares Euro Corporate Bond ex-financials 1-5yr UCITS ETF EEX5 LN BlackRock 1,293.4 1,167.9 641.0 ishares UK Gilts UCITS ETF IGLT LN BlackRock 1,274.8 1,259.2 886.4 ishares Euro Corporate Bond 1-5yr UCITS ETF SE15 LN BlackRock 1,121.3 1,106.1 478.4 SPDR Barclays Capital Emerging Market Local Bond ETF SYBM GY State Street 1,098.3 1,093.1 659.9 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 4,478.4 4,526.7 4,904.9 ETFS Physical Gold PHAU LN ETF Securities Ltd 3,601.1 3,587.9 2,993.6 Gold Bullion Securities GBS LN ETF Securities Ltd 2,641.0 2,642.3 2,727.4 Julius Baer Physical Gold Fund - A (USD listing) JBGOUA SW Julius Baer Inv 1,599.2 1,618.4 1,888.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH 1,580.8 1,583.3 1,409.1 Source Physical Gold ETC (P-ETC) SGLD LN Source 1,355.3 1,364.2 1,065.7 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank 1,049.5 1,094.9 1,197.1 ishares Gold CH CSGOLD SW BlackRock 659.6 666.6 485.4 Lyxor ETF Commodities CRB CRB FP Lyxor 638.3 637.2 637.0 db x-trackers DBLCI - OY Balanced UCITS ETF 1C EUR - Hedged XDBC GR Deutsche AWM 532.0 534.3 767.2 db Physical Gold ETC XGLD LN Deutsche AWM 503.1 504.0 388.3 ishares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock 493.5 494.3 405.6 ETFS Physical Silver PHAG LN ETF Securities Ltd 452.2 484.8 472.3 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche AWM 444.9 452.9 479.4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS 431.8 442.9 485.0 ETFS Physical Platinum PHPT LN ETF Securities Ltd 330.5 336.7 320.3 UBS ETFs plc - CMCI Composite SF A acc USD CCUSAS SW UBS 317.4 319.3 301.7 ETFS Physical Palladium PHPD LN ETF Securities Ltd 309.9 310.4 229.6 ishares Gold CHF Hedged CH CSGLDC SW BlackRock 308.7 315.0 338.4 ETFS Agriculture AIGA LN ETF Securities Ltd 306.8 306.7 303.3 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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