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Deutsche Bank

Markets Research
Europe

Synthetic Equity & Index Strategy

Europe Monthly ETF
Market Review
DM equity assets advance while EM
lags
Data in this report is as of 31st May 2013

Global Summary
„

Global ETP industry assets increased by 9.2% YTD and closed the month
above $2 trillion while the European ETP industry ended the month at
€290.7bn. The month of May was marked by cash inflows into equity
(+$22.9bn) and fixed income ETFs (+$5bn), and cash outflows from
commodity ETPs (-$6.4bn), notably gold products.

Regional cash flow summary
Equities and fixed income outshine commodities in Europe
„

In contrast to the previous month when cash flows went into negative
territory, European domiciled ETFs received positive cash flows of close to
+€700mn during the month of May. Previously, European domiciled ETFs
had recorded cash flows of +€4.5bn, +€1.7bn, +€0.2bn and -€0.3bn in the
months of Jan’13, Feb’13, Mar’13 and Apr’13 respectively.

„

Equity ETFs had the largest share contributing +€1bn towards the monthly
cash flows. ETFs benchmarked to fixed income indices also added
+€0.6bn to the total cash flows. Commodity ETPs witnessed record
monthly outflows totalling -€1.9bn primarily driven by outflows from gold
ETPs (-€1.9bn) over May.

„

Among equity segments, developed market (DM) benchmarked ETFs
brought in +€1.2bn of cash flows while emerging (EM) benchmarked
equity ETFs recorded continuing monthly outflows of -€825mn during
May. Style and sector ETFs also contributed towards equity ETFs’ positive
run and received cash inflows of +€345mn and +€251mn respectively.

Date

10 June 2013

Contributors
Sascha Levitt
Strategist
(+44) 20 754-52198
sascha.levitt@db.com

Sebastian Mercado
Strategist
(+1) 212 250-8690
sebastian.mercado@db.com

Shan Lan
Strategist
(+852) 22036716
shan.lan@db.com

Equity continues to dominate cash flows in the US; fixed income inflows
continue, while commodities witness further outflows
„

US ETFs experienced inflows of +$22bn during May vs. +$17.8bn the
previous month. Equity ETFs had the lion’s share of the monthly cash
flows contributing +$17.8bn, with fixed income ETFs adding +$3.9bn.
Commodity ETPs witnessed monthly outflows totalling -$3.9bn primarily
driven by outflows from gold ETPs (-$3.4bn) over May.

„

Within equities, ETFs focused on large caps, Japan, financial sector,
dividends and IT sector were the biggest gainers collecting monthly cash
inflows of +$5.4bn, +$3.7bn, +$2.8bn, +$2bn and +$1.5bn respectively.

________________________________________________________________________________________________________________
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. MICA(P) 054/04/2013.

10 June 2013
Europe Monthly ETF Market Review

ETFs benchmarked to broad emerging markets and leveraged long strategy
experienced cash outflows of -$2.1bn and -$1.2bn respectively in May.
„

Fixed income ETFs received strong cash flows of +$3.9bn over the month of May.
Corporates continued to attract healthy flows; +$1.8bn in monthly flows taking the
total to +$9.7bn YTD. Sovereign and broad fixed income benchmarked ETFs
received inflows of +$1.4bn and +$0.7bn respectively, over the same period.

DM equities record inflows in Asia, EM outflows continue
„

During the month of May, Asia-Pacific ETP market experienced monthly cash
inflows of +$4.2bn setting the YTD monthly flows average at +$1.2bn (+$6bn YTD
in total cash flows). Developed market equity ETFs recorded inflows of +$4.3bn
while emerging market equity ETFs registered outflows of -$0.8bn.

„

ETFs focused on Japan and short strategy ETFs recorded inflows of +$4.4bn and
+$0.2bn respectively while China, Taiwan and Hong Kong focused ETF experienced
outflows of -$719mn, -$168mn and -$121mn. Fixed income ETFs gained traction
with inflows of +$385mn over the same period.

Page 2

Deutsche Bank AG/London

10 June 2013
Europe Monthly ETF Market Review

Table Of Contents
Global Summary ................................................................................................................. 1
Regional cash flow summary ............................................................................................. 1

1.

Top ETF investment trends for the month ............................ 4

ETF Comparatives: Mutual Funds, cash equity turnover ................................................... 4
Product Launch Activity ..................................................................................................... 5

2.

Investment Trends ................................................................ 6

Cross-Asset Class ETPs ...................................................................................................... 6
Equity ETFs ......................................................................................................................... 6
Fixed Income ETFs ............................................................................................................. 9
Commodity ETPs ................................................................................................................ 9

3.

Market Metrics.................................................................... 11

ETF Industry Asset Evolution ........................................................................................... 11
ETFs vs. Cash Equities ...................................................................................................... 14
ETFs vs. Unlisted Mutual Funds ....................................................................................... 16
European ETF Industry Replication Structure Composition (Synthetic vs. Physical) ...... 18
Industry Growth Analysis ................................................................................................. 20

4.

Cash Flow Analysis ............................................................. 22

Regional Cash Flow Analysis ........................................................................................... 22
Asset Class Cash Flow Analysis ....................................................................................... 22
Product Rankings ............................................................................................................. 27

5.

Product Review ................................................................... 29

New Products Launched in the Month ............................................................................ 29
Average TERs ................................................................................................................... 32

6.

Provider Rankings ............................................................... 34

Global Provider Rankings ................................................................................................. 34
European Provider Rankings – General ............................................................................ 36
European Provider Rankings – by Asset Class ................................................................. 40
European Provider Analysis by Replication Method ........................................................ 43

7.

Trading Perspective ............................................................ 44

ETP Monthly Turnover Analysis by Asset Class, by Instrument ...................................... 44
Asset Class Analysis ......................................................................................................... 44
Product Rankings ............................................................................................................. 49

8.

European ETF Exchanges ...................................................... 54

9.

Assets ................................................................................. 56

ETP Monthly AUM Analysis by Asset Class..................................................................... 56
Asset Class Analysis ......................................................................................................... 56
Product Rankings ............................................................................................................. 61

10.

ETF Broker rankings ............................................................ 63

US ETP Broker Rankings .................................................................................................. 63
European ETP Broker Rankings........................................................................................ 65

Appendix A: How we define ETPs................................................ 67
Appendix B: The road from beta to alpha .................................... 68

Deutsche Bank AG/London

Page 3

Sovereigns led the tally recording inflows of +€738mn with broad benchmarked ETFs registering +€273mn of inflows. „ US ETFs comprised 10% of the mutual fund industry as of the end of April 2013. cash equity turnover „ European ETF turnover as a percentage of the region’s cash equities turnover .9% of the continent’s mutual fund industry as of March 2013.4bn over the same period. US domiciled ETFs registered inflows of +$17.38%]. „ European ETFs comprised 2. and European developed markets (€339mn) ETFs. according to mutual fund industry data published by the European Fund and Asset Management Association [EFAMA]. leveraged long strategy (-€356mn). -€812mn in Mar’13 and -€858mn in Feb’13). „ Equity ETFs experienced cash inflows of +€1bn during May and took the YTD total to +€5bn. European domiciled ETFs registered inflows of +€0. Page 4 Deutsche Bank AG/London . FTSE 100 [+2.9bn of cash flows during May (-€957mn in Apr’13.13%]. This was primarily contributed by outflows from gold (-€1.4bn). corporate bonds benchmarked ETFs took a back seat experiencing outflows of -€30mn in May. as reported by Bloomberg.7% in Apr’13]. while US mutual funds registered inflows of +$28. according to mutual fund industry data published by the Investment Company Institute [ICI].3bn) and financial sector (+€0. „ Equity cash flows were partially offset by outflows from global emerging markets (€927mn). and Euro Stoxx 50 [2.9bn) ETPs.1bn). Top ETF investment trends for the month Equities register inflows „ Major European equity indices ended the month of May’13 in positive territory: DAX [+5. Unlike previous months. while UCITS mutual funds registered inflows totaling +€40. US (+€0. global developed markets (+€0. Outflows from Gold continue „ Cash outflows continue from commodity ETPs for the fourth consecutive month with -€1.38%].4bn).10 June 2013 Europe Monthly ETF Market Review 1. ETF Comparatives: Mutual Funds. Investors continue to withdraw from money market ETFs which experienced outflows of €330mn. Equities’ healthy run was primarily contributed by Japan (+€1.8bn in April 2013. excludes over the counter turnover figures as they are not currently consistently reported across Europe.2bn) focused ETFs. 1 2 1 On exchange turnover.2bn through March 2013.8bn in the same period. dividends (+€0.5%]. CAC [+2.1% in Apr’13] as of the end of May 2013. 2 Cash equities turnover represents total on-exchange euro value of all traded security types in Europe. Cash inflows into fixed income ETFs „ Fixed income ETFs keep on adding positive cash flows this year with +€580mn in monthly cash flows during May.7% [from 8. The equivalent number for the US market decreased to 25% for the same period [from 25. decreased to 7.

„ Blackrock listed one fixed income ETF tracking the performance of the Barclays Euro Aggregate Financial Index. „ For additional information on new product launches and listings please refer to Figures 60 to 62. Developed Asia-Pacific ex Japan and Developed Europe indices respectively. „ Lyxor listed one actively managed ETF providing exposure to S&P 500 VIX Futures Enhanced Roll Index. This ETF was listed on the London Stock Exchange. „ Source launched one equity ETF focused on US energy infrastructure MLPs. This ETF was listed on the NYSE Euronext Paris. This ETF was listed on the London Stock Exchange. „ State Street Global Advisors listed two equity ETFs over the last month. Both ETFs were listed on the Deutsche Borse. All-World High Dividend Yield. This ETF was listed on the SIX Swiss Exchange. There was no new ETC launch in the same period. ETF launches: Equities were the flavour of the month „ Vanguard launched four new equity ETFs during May.10 June 2013 Europe Monthly ETF Market Review Product Launch Activity ETP launch calendar in May: Ten new products „ The European ETP industry registered ten new ETF launches during May 2013. These ETFs provide exposure to high dividend yielding equities listed globally and in the Asia Pacific region respectively. Deutsche Bank AG/London Page 5 . These ETFs are benchmarked to FTSE’s Japan. „ UBS listed one equity ETF tracking the performance of the MSCI AC Asia ex Japan Infrastructure index. All the ETFs were listed on the London Stock Exchange.

Bloomberg Finance LP.000 1. Bloomberg Finance LP.500 1.500 2. Investment trends as expressed by cumulative monthly and year-to-date (YTD) cash flows Page 6 Deutsche Bank AG/London .000 € millions € millions 4.000 1. Reuters.10 June 2013 Europe Monthly ETF Market Review 2.000 3.000 0 500 0 -500 -1.000 1.000) (2.000 -2.000 -1.000 -2.000 3. 3 Emerging Markets Developed Markets Emerging Markets Style Source: Deutsche Bank.000 € millions € millions 6.500 -4.000) Developed Markets Style Source: Deutsche Bank. Equity Commodity Fixed Income Others Source: Deutsche Bank.000 2. Reuters. Bloomberg Finance LP.000 8.000 -2. Bloomberg Finance LP.000 2. Investment Trends 3 Cross-Asset Class ETPs Figure 1: Cash flows by asset class – YTD | ETPs | Europe | Figure 2: Cash flows by asset class – Month | ETPs | Europe | 12.000 10.500 1.000 -6.000 500 - (500) (1. Reuters.000) (1.000 4.000 2.500 Equity Commodity Fixed Income Others Source: Deutsche Bank. Equity ETFs Figure 3: Top 3 aggregate equity segments – YTD | ETFs | Europe | Figure 4: Top 3 aggregate equity segments – Month | ETFs | Europe | 6.000 5. Reuters.000 2.

000 1.000 -400 Japan US France Japan Source: Deutsche Bank.000) (300) (2.000 € millions € millions 2. Reuters.000 300 500 200 € millions 500 1. Bloomberg Finance LP.500 1. Figure 9: Top 3 EM countries – YTD | ETFs | Europe | Figure 10: Top 3 EM countries – Month | ETFs | Europe | 150 300 200 100 100 50 € millions € millions 0 -100 -200 0 -50 -300 -100 -400 -500 -150 China Russia Source: Deutsche Bank.500 1. Deutsche Bank AG/London India China Russia Poland Source: Deutsche Bank. Reuters.500) (200) (2.000 Europe US Source: Deutsche Bank.500 1. Bloomberg Finance LP. | ETFs | Europe | 100 (1. Bloomberg Finance LP.000 800 600 400 200 500 0 0 -500 -200 -1. Reuters. Reuters.600 4.200 3.10 June 2013 Europe Monthly ETF Market Review Figure 5: Top 3 DM countries – YTD | ETFs | Europe | Figure 6: Top 3 DM countries – Month 4.400 3.500) (400) Asia Pacific Europe Source: Deutsche Bank.000) Global France Figure 8: Top 3 DM regions – Month 2.500 2. Reuters. Reuters. | ETFs | Europe | 400 1. Page 7 . Bloomberg Finance LP.500 (500) (100) (1. Bloomberg Finance LP.000 1. Figure 7: Top 3 DM regions – YTD € millions | ETFs | Europe | Global Asia Pacific Source: Deutsche Bank.000 1. Bloomberg Finance LP.

Bloomberg Finance LP. Reuters. Reuters. 400 300 150 100 50 200 - 100 (50) (100) (100) Financials Healthcare Industrials Financials Consumer Staples Healthcare Source: Deutsche Bank. Reuters. Figure 15: Top 3 strategy segments – YTD | ETFs | Europe | Figure 16: Top 3 strategy segments – Month | ETFs | Europe | 800 300 600 200 400 100 € millions € millions 200 (200) (100) (200) (400) (600) (300) (800) (400) Leveraged Long Quantitative Source: Deutsche Bank.000) (1.000 | ETFs | Europe | 200 - 500 (400) € millions € millions (200) - (600) (500) (800) (1. Bloomberg Finance LP. Reuters. Figure 13: Top 3 sectors – YTD | ETFs | Europe | Europe Figure 14: Top 3 sectors – Month 900 | ETFs | Europe | 300 800 250 700 200 600 500 € millions € millions Asia Pacific Source: Deutsche Bank.200) Global Europe Asia Pacific Global Source: Deutsche Bank. Source: Deutsche Bank. Reuters.10 June 2013 Europe Monthly ETF Market Review Figure 11: Top 3 EM regions – YTD | ETFs | Europe| Figure 12: Top 3 EM regions – Month 1. Bloomberg Finance LP. Bloomberg Finance LP. Page 8 Leveraged Short Leveraged Long Leveraged Short Quantitative Source: Deutsche Bank. Bloomberg Finance LP. Reuters.000) (1. Deutsche Bank AG/London . Bloomberg Finance LP.500) (1.

Bloomberg Finance LP.000 -500 € millions 500 € millions 1.000 1.000 400 200 0 0 -200 -1.200 5. Bloomberg Finance LP.000 -1.000 -2.500 Precious Metals Overall Source: Deutsche Bank.000 2. Reuters.500 -4.000 -5. Deutsche Bank AG/London Agriculture Precious Metals Overall Energy Source: Deutsche Bank.000 1.000 € millions € millions 4. Commodity ETPs Figure 19: Top 3 aggregate commodity segments – YTD | ETPs | Europe | Figure 20: Top 3 aggregate commodity segments – Month | ETPs | Europe | 0 0 -1. Page 9 .000 -3.10 June 2013 Europe Monthly ETF Market Review Fixed Income ETFs Figure 17: Top 3 aggregate fixed income segments – YTD | ETFs | Europe | Figure 18: Top 3 aggregate fixed income segments – Month | ETFs | Europe | 6. Reuters.000 -1.000 -2. Bloomberg Finance LP. Sovereign Money Market Overall Source: Deutsche Bank.000 -2. Bloomberg Finance LP.000 800 600 3.000 -400 Sovereign Corporates Overall Source: Deutsche Bank. Reuters.000 1. Reuters.

10 June 2013 Europe Monthly ETF Market Review Figure 21: Top 5 commodity sub-segments – YTD | ETPs | Europe | Figure 22: Top 5 commodity sub-segments – Month | ETPs | Europe | 1.000 -1.000 -6.000 -2.000 -2.000 € millions € millions -1. Reuters.000 -1.500 -4. Reuters.000 500 0 0 -500 -2. Page 10 Crude Oil Natural Gas Gold Crude Oil Commodity Overall Agriculture Overall Palladium Source: Deutsche Bank.500 Gold Commodity Overall Silver Source: Deutsche Bank. Bloomberg Finance LP.000 -5.000 -3. Bloomberg Finance LP. Deutsche Bank AG/London .

597 - Source: Deutsche Bank. ** As of last month Deutsche Bank AG/London Page 11 .007.3 583.000 1.000 500 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013** Asia Pacific ($) 34.9 8.8 400.510 3.9 42.0 ETFs 199.8 1.0 51.8 1.5 1.9 225. Reuters.8 309.500 2.000 1.8 28.3 Europe (€) 16.0 148.500 Number of ETPs 3.213 1.046.591 3.3 763.683.500 3.1 107.1 104.3 997.2 432 737 1.3 43.9 84.7 75.3 376.500 2.134 3.3 134.9 229.838.5 1.042 2011 2012 2013** 28.388.7 Number of ETPs* 269 324 432 737 1.8 8.591 3.3 84.894.2 558.000 3.4 1.134 3.500 $ billion 3.213 1.4 60.435.9 1.4 400.6 542. *Number of ETPs at the end of the year is net of delistings for the period.1 570.5 289. Bloomberg Finance LP.8 US ($) 149.2 91.3 136.5 33.090.5 1.8 2.2 101. Reuters.7 384.500 2.2 1.1 119.0 429.8 39.042 2.0 92.10 June 2013 Europe Monthly ETF Market Review 3.0 781.8 369.2 1.3 763.8 1. *Number of ETPs at the end of the year is net of delistings for the period.7 1.000 2.5 64.3 298.6 52.3 92.9 306.3 ETVs 5.500 Number of ETPs $ billion 2.3 41.1 230.7 297.388.3 1.668 2.3 298.000 1.0 778.435.3 24.4 Europe ($) 20.597 0 Source: Deutsche Bank.668 2. Bloomberg Finance LP.5 994.4 170.260.5 1.000 1.000 2.8 24.0 15.ETV & ETC) asset growth | ETPs | Global | 2.000 1.5 1.8 269 324 Number of ETPs* 2005 2006 2007 2008 2009 2010 2.4 280.1 290.007.1 US.3 70.8 48.500 1. Europe & Asia Pacific ($) 205.9 706.482.000 2. ** As of last month Figure 24: Global ETPs (ETF.000 500 500 0 2003 2004 ETCs - 0.510 3.090.2 35.3 735.2 2.6 26.0 243.3 2.838.6 17.500 1.000 1.5 14.1 570.300.500 4.0 778.8 Total 205. Market Metrics ETF Industry Asset Evolution Figure 23: Global ETP regional asset growth | ETPs | Global | 4.9 34.333.2 1.5 1.5 153.

0 404.000 1.220 1.538 43. Reuters.3 1.2 1.9 42.3 706.1 137.483 23.214.771 65.10 June 2013 Europe Monthly ETF Market Review Figure 25: Global ETF regional asset growth | ETFs | Global | 3. *Number of ETPs at the end of the year is net of delistings for the period.3 211.000 300 50.803 2010 2011 2012 2013** 83.6 270.8 997.8 1.3 Europe (€) 16.029 70.489 110.8 283.9 706.370 13. Reuters.725 54.300.500 250.706 2.116 1.3 334.8 39.907 57.3 Europe ($) 20.4 1.002 9.034 4. Bloomberg Finance LP.800 2.4 292.000 1.195 253.743 29.451 100 114 163 267 419 615 819 1.8 158.4 208.5 548.000 0 Source: Deutsche Bank.242 2.815 37.0 52.901 1.000 600 100.2 1. ** As of last month Page 12 Deutsche Bank AG/London .147 Total 16.596 10.9 99.8 48.987 1.193 58.871 42.5 32.361 208.152 20.532 21.8 42.249 67.332 Number of ETFs* Number of ETFs 200.930 99.5 1.000 1.023 Fixed Income 2005 2006 2007 2008 2009 2010 2011 2012 2013** 801 2.7 135.8 542.1 Number of ETFs* 257 310 415 677 1.038 0 Source: Deutsche Bank.000 0 2003 2004 Other - - - - 96 168 1.600 2003 2004 2005 2006 2007 2008 2009 Asia Pacific ($) 34.500 $ billion 1.1 217.4 60.5 90.062 Equity 15.270 211.2 67.2 64.8 US ($) 144. Europe & Asia Pacific ($) 199.683.849 42.320 3.578 269.2 893.200 € million 900 150.402 2. Bloomberg Finance LP.000 400 500 200 0 Number of ETFs 3. *Number of ETPs at the end of the year is net of delistings for the period.664 19.8 86.000 1.2 253.218 Commodity - - 340 1.894.353 139.2 147.000 1.6 269.3 US.483 1.8 226.944 190.5 2.3 50.219 26.327 1.397.350 171.110 158.260.500 800 600 1.332 23.5 289.857 35.0 89.000 1.200 2.657 147.801 86.8 516.500 2.289 1.078 1.400 1.061 1.981 3.3 23.3 349.4 127.3 939.7 384.3 735. ** As of last month Figure 26: European ETF asset growth by asset class | ETFs | Europe | 300.

494 1.683 22.451 Total 16.257 ETFs 16.849 42.000 400 50.916 5.000 350.000 180 20.492 38.332 23.850 19.801 86.10 June 2013 Europe Monthly ETF Market Review | ETPs | Europe | 60. *Number of ETPs at the end of the year is net of delistings for the period.692 15.000 300.531 5.610 52.195 253.914 2.000 100.000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013** Livestock - - 1 21 63 49 67 59 40 23 Industrial Metals - - 4 44 99 413 828 734 1.600 1.358 Precious Metals 520 886 1.000 800 Number of ETPs € million 250.136 104.418 170.000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013** ETCs - 491 1.309 11.000 360 € million 40.370 280. Reuters.120 230. *Number of ETPs at the end of the year is net of delistings for the period. Reuters.846 4.244 5.077 2.882 229.876 32.792 44.553 1.249 67.063 1.326 70.527 43.547 1.578 269.356 1.708 100 115 165 299 476 739 995 1.464 41.207 5.002 6.000 1.032 28.439 4.270 211.005 1 3 40 76 144 185 248 321 418 440 Number of ETPs* - Source: Deutsche Bank.765 1. ** As of last month Deutsche Bank AG/London Page 13 .596 3.000 450 50.093 Energy - 50 154 174 348 1.340 1.103 1.332 24.200 200.570 1. Bloomberg Finance LP.000 Number of ETPs Figure 27: European Commodity ETP (ETF & ETC) asset growth by segment 270 30.361 208.930 99.022 1.487 8.587 Overall - - 1.825 1.340 43.000 150.580 4. Bloomberg Finance LP.175 26.114 Agriculture - - 58 800 505 1.570 21.467 36.110 158.148 290.000 90 10.025 1. ** As of last month Figure 28: European ETPs (ETF & ETC) asset growth | ETPs | Europe | 2.521 21.901 Total 520 936 2.045 92.800 Number of ETPs - Source: Deutsche Bank.446 977 3.

0% 4.0% 700 7.0% 0 0.0% 300 3.000 ETFs vs Cash Equities (right axis) Source: Deutsche Bank .0% 7.0% Cash Equities ETF Turnover ETFs vs cash equities €billion 1.0% 200 2. Bloomberg Finance LP.0% 100 1.000 35.000 1.000 5.000 ETFs vs cash equities 30. Cash Equities Figure 29: ETFs vs. cash equities turnover – US market | ETFs | US | 9.000 15.0% $ billion 6. Reuters Figure 30: ETFs vs.0% 2. Bloomberg Finance LP.10 June 2013 Europe Monthly ETF Market Review ETFs vs.000 40. cash equities turnover – European market | ETFs | Europe | 10.0% 500 5.0% 0 0.0% Cash Equities ETF Turnover ETFs vs Cash Equities (right axis) Source: Deutsche Bank .000 25.0% 800 8.0% 3.000 20.0% 5.0% 600 6.0% 8.0% 900 9. Reuters Page 14 Deutsche Bank AG/London .0% 400 4.000 10.

223 625. Bloomberg Finance LP.186 4.052 7. Reuters Deutsche Bank AG/London Page 15 .1x Mar-12 40.325.337 949.7x 25.840 4.333.029.223 24.264.532 8.239 27.1x 6.0% 3.568.982 23.7x 8.1% 1.562.5x 36.521 545.8% 1.2x Mar-09 38.623 6.844 28.0x 31.771.201.121 5.3x 10.246 516.5x Jul-11 49.575 6.0% 3.804 4.1x 6.9% 1.4% 3.9x Oct-12 33.610 849.7% 5.1x 26.4% 1.338 8.155 5.4% 1.6% 4.2x 7.867 7.3x 35.7x Oct-11 47.290 6.551.495 23.5% 3.510.0x 49.575 4.7% 1.942 29.4x Jan-13 41.512 9.035.9% 3.1% 4.3% 1.2x Jul-10 35.3x 31.282.079.778 678.3% 4.757 6.781.3x 9.5x 27.4x May-13 41.2x 7.9% 4.990 388.0% 1.946 4.8x 7.6% 1.417 23.111.694 5.3% 1.631 32.2x 9.9x Sep-12 35.433 4.1x 29.6% 5.4x 33.065 438.8x 9.527 29.2% 4.831 4.556 547.848.690 5.4% 4.6x 34.050.112 622.637 544.826.0x 7.6x Aug-10 33.539 496.0x 29.915.3x 9.7x 9.916.877 29.168.6x Aug-11 78.222.047 7.8x 26.238.9x Mar-11 56.852 28.3x Nov-12 31.534 7.235 35.8% 4.295 7.511.342 6.799 6.608.533 25.2x 35.156 4.103.1x 8.3x 28.109 24.338 4.290.202 23.547 6.5x 7.142 9.371.379.3% 2.2% 3.696 5.318 692.8x 9.645 4.0% 4.3% 1.430 23.9% 4.224.8% 5.8% 3.574.446.1x 6.525 29.911 59.545 517.521.141. 3 On-exchange turnover comparision between ETFs and Cash Equities.684 570.4x Jul-12 34.870 6.9% 1.474 27.3x May-10 60.721 4.220 23.7x 29.9% 3.0% 5.991 4.9% 4.404.958 25.228.8x Apr-13 43.6% 3.901 4.2x Jun-10 40.448 7.403 637.003 6.8x 25.0x Jul-09 40.9% 938.319 5.866 31.588 5.1% 3.588 6.9% 3.274 562.8% 16.912 5.4x 8.1x Feb-12 38.8x 7.078 26.115.0x 36.207. 2 As reported by Bloomberg.075.1x 35.804 4.709 516.668 6.394 6.8% 1.416.881.019 7.956 6.812 24.7x 7.778 5.799 4.7x Oct-09 55.481 7.2% 3.802 532.550.008.622 741.192 4.2x 6.7% 3.317 5.7% 1.329 28.4x 34.7% 3.451 30.587 603.5x 7.1x Apr-12 35.8x Feb-09 31.386 32.163.635.682 4.3x 38.757 24.7x Sep-09 44.6% 5.445 8.518.3% 3.5x Jun-11 40. Cash equities | ETFs | Global | Turnover Region: Europe (€ million) Statistic: ETFs Date (A) USA ($ million) Cash Equities1 ETFs vs CEs3 (B) A/B ETFs (C) Cash Equities2 ETFs vs CEs3 (D) US vs Europe comparatives ETFs vs CEs ETFs CEs C/D Jan-09 32.042 31.9x 31.4% 18.1x 1 As reported by Bloomberg.896 6.570 6.127.277.5% 905.341 7.0% 4.4x 27.699 515.460 6.4x Mar-13 37.049 537.580.4% 1.599 4.364 26.651.5% 1.274 7.101.7% 3.4% 3.8% 3.4% 4.8x Jan-12 38.871 7.936 5.240.734.7x 33.320.885 27.5x Source: Deutsche Bank .458 4.4% 2.6x 8.937 5.6x 8.505 4.289.139.0% 1.7% 1.015.645.688.9x 8.6% 3.477 593.1% 1.6% 1.283 6.705 24.306.071 6.276 26.043.534.771 6.568 4.052 27.201.5x 8.0x Total 2010 467.0% 1.2x 30.5x 28.786 5.5% 1.5x May-09 39.031 678.098.588.0% 4.779 4.8x 7.671.2% 1.9x 30.047.073 28.6% 1.6x 8.744.7x 8.2x 10.5x 30.7% 4.0x Jun-12 34.1x 34.028.118 7.005.253 664.290 6.1x 32.8x 8.224 63.6% 1.495 55.3% 3.421.775 31.1x 28.4x 35.9% 13.2x 38.255 5.591 8.9% 5.6% 1.246 8.004.920 622.1x 7.0x Aug-12 33.335 533.7x 34.950 25.208.6x 34.743.5x Apr-09 37.355.4x 37.0% 1.2x 36.662 25.965 26.487.4% 1.3% 3.6% 3.7x 28.294 8.770 470.4x Jan-11 44.281 619.The figure equals total dollar value of all traded security types on every US Exchange.0% 5.882 5.3% 3.2x Nov-09 49.9x 8.5x 37.6x Total 2013 201.9x 8.7% 1.0% 2.761 4.178 683.4x Apr-10 38.253 629.192 567.4x 37.823 28.225 32.0% 3.6x Jun-09 39.201 6.025.571.4% 4.635 4.644.213 5.830.908.300.343.7x 8.2x 37.257 621.5x 7.817.569 4.2x 37.190.512 728.0% 3.569 52.1x 8.534.988.5% 3.005 31.1% 5.1x 7.895 25.388.7x 6.0x 7.323.114 4.9x Oct-10 35.126.852.168 4.5x 8.6x 7.5x Nov-10 45.7x Nov-11 48.638.893 28.5% 1.333.486 7.164.4x Total 2011 584.3x Apr-11 37.4% 1. 50.888 5.731.411 23.058.558 5.2% 3.501 25.659.687 23.370 4.4% 4.2% 3.8% 5.5% 1.230.The figure equals total on-exchange euro value of all traded security types in Europe.076 24.642 36.665.273.056 6.422 6.450 6.3x 7.775.891.5x Feb-10 38.1x 40.7% 1.7x 8.3% 1.262 689.819 4.055 7.6x 30.684 28.610 254.262 4.444.603 3.7% 1.465 562.635 524.914 4.014 6.7x 8.677 4.339 5.513 23.110 24.7% 1.5x 8.107 29.047 5.127.2x 28.8x 31.4x Sep-11 60.8x 7.3x Period 2.626.6x Mar-10 34.731 677.2% 3.4x Dec-12 29.528 36.8x 9.8x Feb-13 38.894 545.1% 1.1x Total 2009 489.537 25.7% 1.8x 24.8x 41.8% 70.151 565.9x 8.2x Feb-11 39.0x Sep-10 34.2x 9.3x 30.6% 3.977 27.7x 8.5x 8.8x 29.9% 1.3x Dec-11 37.868.0x May-11 43.953.2% 1.906 7.7% 1.2x May-12 40.1x Total 2012 426.9x 30.1% 3.1% 1.1% 1.9x Dec-10 36.256 4.624 6.177 522.865 457.0% 17.273.9x 8.766.616 4.5x 9.5% 4.658 800.680.014.3x 36.495 611.239.1x 7.995 23.926 4.7% 5.077.3x 7.109.4% 1.3% 1.225 681.979 7.587 7.971 29.1x 27.2x 8.085 549.852 4.698 28.996 7.8x Dec-09 40.927 685.1x Aug-09 39.10 June 2013 Europe Monthly ETF Market Review Figure 31: Turnover Comparatives – ETF vs.211.005.306.4x 26.1% 1.8x 25.4% 1.675 6.291.554 4.663.7x Jan-10 35.209.5x 29.748 6.287 30.6x 8.3x 53.200 7.840 585.1% 1.912 4.368 520.111.762 545.208 31.183.442 5.3x 6.294 25.253 579.306 586.614 7.3% 1.824 2.1% 4.8x 27.060.

27 -1.47 ETFs 6.47 1.80 17.40 -9.331 21.7% *As of 28.4% 2.659 11.65 ETPs vs mutual funds 2.27 0.000 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 ETCs 9.80 0.37 2.88 1.90 8.0% 3.90 1.000 2.7% 250.05 -0.050 22.9% 100.56 221.000 1.0% 3.26 1.25 -2.5% 200.7% 2.3% 2.60 53.44 253.1% 3.89 158.58 0. Unlisted Mutual Funds Figure 32: European ETP vs mutual fund assets | ETPs | Europe | 350.90 31.850 12.2% 2.30 40. Bloomberg Finance LP Page 16 Deutsche Bank AG/London .0% 3.80 Mutual funds 11.568 25.9% 1.816 26.000 2.30 -28.000 3.61 Source: Deutsche Bank.262 19.43 0. European Fund Management Association (EFAMA).8% 2.8% 2.10 -0.01 0.401 21.55 2.15 -0.30 0.10 June 2013 Europe Monthly ETF Market Review ETFs vs.50 213.7% 2.20 38.90 13.6% 2.9% 150.1% 300.77 1.1% 3.42 267.1% ETFs vs mutual funds 1.06 5.30 -19. Reuters. Reuters.95 241.43 0.1% 2.0% 3.30 4.90 -7. Bloomberg Finance LP Figure 33: European ETP vs mutual fund cash flows | ETPs | Europe | 80 60 Cash Flows (€ billion) 40 20 0 -20 -40 -60 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 ETCs 0.3% 3.618 23.41 -0.27 172.2% 3.27 -0. European Fund Management Association (EFAMA).07 217.7% 2.265 16.43 2.6% 2.30 -53.4% 2.514 19.9% 2.32 222.16 -1.39 0.39 0.17 0.10 0.932 27.9% 3.8% 2.50 40.526 19.30 8.5% 2.4% 2.1% ETP vs mutual funds ETP AUM (€ million) 2.00 34.20 -0.31 0.56 1.10 200.26 187.09 -0.88 2.000 2.22 18.95 1.13 -3.3% 2.1% 3.7% 2.04 176.February 2013 Source: Deutsche Bank.65 0.15 0.550 16.80 12.41 0.9% 2.00 24.19 227.565 ETFs 131.54 2.00 -37.85 208.10 34.8% 2.

47 2.7% 6.6% 10.00 2. Bloomberg Finance LP.9% 6.80 -1.40 0.98 -4.5% 10.90 37.80 Mutual funds -22.24 -0.44 3.9% 8.96 0.09 1.45 -16.158 1.73 28.92 10.6% 8.96 28.3% 9.25 1. ICI Figure 35: US ETP vs mutual fund cash flows | ETPs | US | 120 100 Cash flows ($ billion) 80 60 40 20 0 -20 -40 -60 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 ETVs 3.78 14.0% 9.84 17.4% 8.19 11.60 35.71 -3.000 3.6% 7.96 -0.214 1.9% 8.53 27.35 2.7% 1.28 -1.73 -1.43 Source: Deutsche Bank.51 30.7% 8.7% 200 2.71 4.83 17.16 9.8% 1.98 -1.6% 6.66 -0.19 ETFs 9.7% 10.43 23.7% 400 ETP vs mutual funds ETP AUM ($ billion) 8.33 42.19 -4.4% 6.21 6.85 19.3% 10.12 80.04 -23.44 3.50 18.56 10.380 ETPs vs mutual funds 6.0% Source: Deutsche Bank.7% 800 5.36 -0.200 7.70 -1.34 1.52 0.7% 1.340 1.6% 9.37 4.7% 1.2% 7.6% ETFs vs mutual funds 5.70 21.4% 7.7% 9.10 -0.7% 8.24 2.1% 8.64 1.600 11.98 -2.10 June 2013 Europe Monthly ETF Market Review Figure 34: US ETP vs mutual fund assets | ETPs | US | 1.97 44.38 10.53 12.70 18.75 -8. ICI Deutsche Bank AG/London Page 17 .2% 10.39 34. Bloomberg Finance LP.7% 0 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13* ETVs 63 75 72 84 89 102 108 108 111 107 116 108 125 119 109 92 ETFs 635 706 738 694 800 893 954 976 848 939 1.0% 7.51 28.36 19.42 -2.5% 9.400 9.63 19.5% 9.7% 10.6% 7.0% 7.4% 7.054 1.1% 7.08 9.26 -36.8% 8.7% 600 4.077 1.

065 4.765 -148 18.178 4. Bloomberg Finance LP.199 93.397 4.401 -374 506 468 3.796 21.441 14.475 74.986 46 3. Physical) Figure 36: Historical Composition by ETF Structure | ETFs | Europe | 900 300 800 250 700 200 500 150 400 300 AUM (€ billion) Number of ETFs 600 100 200 50 100 0 - Physical-AUM Synthetic-AUM Physical-funds Synthetic -funds Source: Deutsche Bank.866 19 175.793 701 -756 0 1. Reuters.660 18.10 June 2013 Europe Monthly ETF Market Review European ETF Industry Replication Structure Composition (Synthetic vs. Figure 37: European AUM ETF market historical asset class analysis by replication technique | ETFs | Europe | Physical AUM (€ million) Equity Fixed Income Commodity Others Total ETFs (number of products) Equity Fixed Income Commodity Others Total Cash Flows (€ million) Equity Fixed Income Commodity Others Total Synthetic 2011 Physical Synthetic 2012 Physical Synthetic May-13 80.349 8.706 43. Page 18 Deutsche Bank AG/London .284 14.157 1.876 29.884 15.796 70. Reuters.001 1.782 115.321 59.146 79.660 39.830 1.724 -217 -310 -381 -333 -1.044 Source: Deutsche Bank.738 -776 -121 -122 -24 -1.436 1.779 -87 16.456 14.621 163 129.482 2.976 318 110 21 6 455 575 135 36 19 765 350 147 21 6 524 576 156 45 26 803 368 148 21 6 543 566 157 37 29 789 12.242 8.516 1.271 90.321 19 162.103 101. Bloomberg Finance LP.

884 €14. Page 19 . Deutsche Bank AG/London €14.621 €4.940 €90.976 -€1.660 0% 20% 40% Physical Source: Deutsche Bank.284 2011 455 765 2011 €80.724 50% 100% Synthetic Source: Deutsche Bank.782 2012 2011 €129. Reuters. Bloomberg Finance LP.660 €70.242 -50% 0% Physical Synthetic €3.10 June 2013 Europe Monthly ETF Market Review Figure 38: European ETF AUM by replication method | ETFs | Europe | May-13 €175. Reuters. Figure 42: European Fixed Income ETFs AUM by replication method | ETFs | Europe | Figure 43: European Commodity ETFs AUM by replication method | ETFs | Europe | May-13 €43. Figure 40: European ETFs product count by replication method | ETFs | Europe | Figure 41: European Equity ETFs AUM by replication method | ETFs | Europe | May-13 543 789 May-13 €115.796 €14. Bloomberg Finance LP.178 May-13 €15.044 -€1.876 €59. Source: Deutsche Bank. Bloomberg Finance LP.157 2012 €39.796 €1. Reuters.830 2011 €18.001 €16.441 2012 524 803 2012 €101. Bloomberg Finance LP.475 Figure 39: European ETF flows by replication method | ETFs | Europe | May-13 €93. Reuters.482 2011 100% -€1.436 2011 €29.123 2013 2012 €162.866 €4. Source: Deutsche Bank.065 60% 80% Synthetic 100% 0% 20% 40% Physical 60% 80% 100% Synthetic Source: Deutsche Bank.397 2012 €21. Reuters.706 €74.321 €4. Bloomberg Finance LP.456 0% 20% 40% Physical 60% 80% 100% 0% 20% Synthetic 40% 60% Physical 80% 100% Synthetic Source: Deutsche Bank. Reuters.738 €7.321 0% 20% 40% Physical €79.103 60% 80% €18. Bloomberg Finance LP.

0% 0.0% 0.6% 0.0% 0.0% 0.3% Equity flows 0.1% -5.2% 0.0% 0.7% -2.0% 0.0% 0.2% -0.0% 0.8% 0.3% 2.8% -8.0% 10.1% 0.0% 1.5% 0.0% ETF cash flow growth contribution (Bars) 2.1% 4.6% 1.0% 2.0% Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Other flows 0.5% -0.6% 3.4% 0.4% -0.6% 0.0% -5.0% 0.4% 2.3% 0.4% -0.0% 0.5% 3.0% Fixed Income flows 0.0% 11.8% 1.9% -2.1% 0.0% 0.5% 0.9% 2.0% 0.2% 1.2% 2.1% -0.1% 0.4% 0.5% 0.4% 0.6% 5.0% 1.2% -2.1% -0.1% 0.4% -8.5% -1.1% -0. Reuters.0% 0.8% 0.9% 9.4% -0.0% -0.0% -0.3% 0.9% 1.4% 1.9% 0.0% 0.1% 0.3% Source: Deutsche Bank.0% 8.3% 3.1% 0.0% -10.8% -0.6% 0. Bloomberg Finance LP.6% -6.0% Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Other flows 0.4% 0.9% 0.5% -1.0% 1.6% 3.2% 0.4% 2.6% -0.0% 0.9% 0.0% 0.6% 3.0% 0.4% 0.0% 0.0% 0.3% Equity flows 1.0% ETF asset price growth contribution (line) 15.4% 5.0% 0.5% 2.8% 0.4% 0.3% 2.1% 2.6% 0.0% 0.3% -0.2% 1.0% -0.7% 1.0% -5.2% 0.4% 0.0% 5.5% 0.0% 3.0% 2.7% 1.1% 0.0% -0.1% 2.6% 0.7% 1.3% 1.1% 0.0% 0.0% 0.0% 0.5% 0.0% 0.6% 0.0% 0.6% 0.0% 1.0% 0.4% -0.0% 0.9% -0.8% 1.8% 2.2% -8.3% 0.3% 4.10 June 2013 Europe Monthly ETF Market Review Industry Growth Analysis Figure 44: Global ETF Industry growth attribution | ETFs | Global | 3.0% 0.1% 0.0% -6.2% 2.4% 4.0% 0.3% Price growth -1.8% 1.5% 0.8% 0.1% 4.0% 2.0% -10.0% 0.0% ETF asset price growth contribution (Line) 15.4% 0.3% 1.0% 0.0% 0.4% 0.4% 1.1% 0.0% 0.0% 0.9% 3.1% -2.0% 0.5% 0.2% -5.0% 0.5% ETF cash flows growth contribution (Bars) 3.2% 0.0% 2.4% -0.4% -0. Reuters.9% 0.7% -0.0% 0.0% 0.8% 2.5% 1.2% 2.4% -0.0% 0.4% 11.2% 2.1% 1.9% -5.2% 0.0% 0.0% 5.2% Price growth -1.3% Source: Deutsche Bank.3% 0.1% -0.4% 0.7% 0.8% 2.5% 0.2% 0.5% 1.0% 8.4% 0.3% -0.9% 0.0% 0.7% 1.8% 5.6% 3.7% -0.1% 2.0% 1.5% 0.7% -8. Figure 45: US ETF Industry growth attribution | ETFs | US | 3.5% 10.2% 0.9% 1.7% 1.4% 0.7% -0.0% 0.3% 5.3% 0.9% 0.6% Total growth 0.4% 0.2% 3. Page 20 Deutsche Bank AG/London .4% 0.5% 10.0% 0.8% -5.7% 0.3% Total growth -0.6% -1.5% 0.5% 0.5% 0.2% -0.1% 0.0% 0.5% 0.1% -5.8% -6.0% 0.5% 0.0% 0. Bloomberg Finance LP.0% Fixed Income flows 0.4% 0.4% 0.1% 1.5% 5.1% 3.5% 4.7% 1.

9% 0.1% Fixed Income flows 0.0% 4.8% -2.2% 0.0% 6.0% 0.0% 3.6% 0.5% 0. Reuters.1% 0. | ETCs | Europe | 6.3% 0.0% -2.7% 1.3% 0.1% 7.0% 15.6% 0.4% Price growth -0.2% 0.4% 0.4% 0.1% 0.8% 0.0% 0.7% 1.7% 1.0% 0.1% 0.0% 0.8% 0.1% -0.6% -0.9% -0.5% -1. Reuters.7% -6.2% 0.6% 0.5% 0.3% 0.5% 1.1% 2.2% 0.3% -4.1% 0.0% 6.7% 2.8% Source: Deutsche Bank.2% 2.3% -0.3% 0.0% -2.3% 0.0% -0.1% -0.2% -1.0% -1.6% 1.2% 0.5% 0.1% 0.4% 0.1% 0.1% -5.0% -0.3% 2.0% -2.2% 1.6% -0.3% 0.1% Commodity Flows 3.6% Source: Deutsche Bank.9% 0.6% 5.4% 0.0% 4.2% -5.3% 5.2% -0.4% -4.0% 0.4% 0.4% Price growth 7.7% -1.3% 0.9% -1.7% -3.4% 1.8% -4.1% 0.4% 0.2% Total growth 0.5% 1.0% ETC asset price growth contribution (line) ETC cash flows growth contribution (Bars) Figure 47: European ETC Industry growth attribution -15.0% 3.5% 1.8% 0. Deutsche Bank AG/London Page 21 .5% -0.1% 1.9% 0.0% 0.1% -1.3% 1.9% 0.9% 3.8% 0.0% -0.0% 0.0% -0.9% -4.2% -0.7% -4.6% 5.4% 1. Bloomberg Finance LP.0% 0.3% 0.6% 0.3% 0.9% -4.1% -0.4% 1.0% -10.0% 0.1% 0.6% -7.1% 0.1% 1.0% 0.1% 0.3% 10.4% 2.0% 3.3% 0.0% 5.0% 0.5% 0.0% 0.6% 0.1% 0.7% 2.4% -0.1% 0.0% -3.6% -0.0% 2.2% 1.9% 1.1% Equity flows 2.2% 9.2% 0.10 June 2013 Europe Monthly ETF Market Review | ETFs | Europe | 4.4% -6.0% 0.5% 0.0% -0.0% -4.0% 10.3% -1.0% -2.0% 0.1% 0.0% 0.1% 0.3% -0.2% -0.7% -0.1% 0.1% -0.0% ETF asset price growth contribution (Line) ETF cash flows growth contribution (Bars) Figure 46: European ETF Industry growth attribution -8.5% Total growth 2. Bloomberg Finance LP.0% -10.0% 2.6% 8.0% 1.0% 0.2% 0.0% Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Currency Flows -0.3% 0.8% -1.6% 2.0% -4.8% -4.6% -0.5% 1.0% -1.5% 5.3% -3.4% 0.0% 1.1% -7.0% 0.5% 3.5% 6.1% 4.7% 0.0% -6.5% 3.0% -0.1% -0.0% 2.5% 0.6% -0.8% 5.6% 1.3% 0.7% 1.0% -5.8% -7.2% 7.0% -3.1% -0.7% 0.4% -0.2% 1.9% -0.3% 0.0% 0.2% -0.1% 2.5% 0.4% 0.0% 8.1% -9.0% Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Other flows 0.2% -0.0% -6.1% 0.7% 9.1% 4.7% 0.0% 5.0% -2.0% -5.2% 0.9% 2.2% 0.0% 0.0% 0.8% -2.

204 100.387 -14 0 -134 -113 7 6 0 -105 0 0 -35 643 0 0 0 643 -272 -208 0 -8.265 6.002 -24.163 17.540 19.131 91.246 -1.002 -30 -20.008 -30 -21.115 -151 52 1 Source: Deutsche Bank.713 -4.281 -18.018 -34 -5.758 -2.228 -2.481 -3.023 Emerging Markets -825 0 0 0 -825 -997 0 0 0 -997 -1.476 Global Markets 28 0 0 0 28 -99 0 0 0 -99 385 0 0 0 385 251 0 0 0 251 12 0 0 0 12 651 0 0 0 651 Capitalization 64 0 0 0 64 64 0 0 0 64 455 0 0 0 455 Strategy 22 -151 52 5 -72 77 -6 140 8 218 167 -378 227 17 32 345 0 0 0 345 522 0 0 0 522 1.773 22.330 1.038 -1.161 2.167 1. Page 22 Deutsche Bank AG/London .883 21 22 0 0 0 22 38 0 0 0 38 1.047 7.541 5.321 -1.773 22.028 385 5.580 4.799 1.901 Total US EU ($) EU (€) Asia Total ETFs Equity Fixed income Multi Asset Alternative 10.291 79.276 -8.273 881 26.341 -6 140 24 -1.818 0 -8.991 5.033 901 694 -3.387 -10 Currency -54 32 25 23 0 -109 -18 -14 -8 -136 -80 13 10 10 -58 Multi Asset 273 6 5 0 279 276 3 2 0 279 1.149 17 13 -8 1.131 91.290 -994 -34 -5.547 -1.184 -407 8. Cash Flow Analysis Regional Cash Flow Analysis Figure 48: Global ETP cash flows by region and asset class | ETPs | Global | All figures in $ million except where otherwise stated May-13 Asset Class Apr-13 US EU ($) EU (€) 17.632 4.063 115.468 -1.991 Sector Style Thematic Total equities 21 0 0 0 1.547 -1.205 -942 0 0 16 -926 3.124 6. Reuters. Bloomberg Finance LP.111 0 -995 -764 5 -990 0 -3.198 -8.209 0 0 -4 1.159 12 125 77 -23 -17 -4 50 1.265 6.291 -18.423 ETCs/ETVs Commodity Total ETPs Equity 17.416 4.246 -1.664 212 9.599 -2.188 3.460 -18.901 Total 364 -113 -85 17.912 750 580 Commodity 0 -1.024 0 0 -1 3.921 -2.291 79.379 20 -3.038 -253 -193 Currency -47 31 24 0 -16 -115 -19 Alternative 94 0 0 0 94 -35 0 -3.167 1.159 -389 -300 Source: Deutsche Bank.850 6.094 1 23 17 6 1 1 -8 -2 33 5 4 10 48 5 0 279 276 3 2 0 279 1.159 12 31 112 -23 -17 -4 86 29 280 4.580 4.016 -1.127 -378 227 16 4.184 -407 8.573 Alternative Total 151 -38 -29 18. Bloomberg Finance LP.613 -667 -505 -201 8.896 3 -6.148 Currency -7 1 273 6 Asia YTD Total US EU ($) EU (€) Asia 3.540 19.047 7.352 9.664 212 9.008 6.991 5.10 June 2013 Europe Monthly ETF Market Review 4.387 -8.330 1. Asset Class Cash Flow Analysis Figure 49: European Equity ETF cash flow summary (€ million) All figures in € million | ETFs | Europe | May-13 Equity Cash Flows Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive YTD Alpha Total Beta Beta+ Semiactive Alpha Total Developed Markets 1.196 21.184 5.874 -1.033 94.248 -957 6 -9.007 -113 -85 29 922 4.273 881 26.632 4.816 6.883 0 0 0 1.114 -2.016 Fixed income 3.912 750 580 Commodity 10.230 27.161 2.149 17 13 -8 1.016 3.477 0 0 0 -1.799 1.002 -878 37 -1. Reuters.744 82.592 -2.541 5.801 -395 -298 -202 57 -38 -29 22.966 9.921 -1.758 -5.028 385 5.

10 June 2013
Europe Monthly ETF Market Review

Figure 49A: European Equity ETF cash flow summary - A (€ Million)
May-13

Equity Cash Flows
All figures in € million

Beta

Sector

Beta+

251

0

Semiactive

| ETFs | Europe |

Apr-13
Alpha

0

0

Total

Beta

Beta+

Semiactive

YTD
Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

251

12

0

0

0

12

651

0

0

0

651
-36

Consumer discretionary

40

0

0

0

40

-39

0

0

0

-39

-36

0

0

0

Consumer staples

-66

0

0

0

-66

70

0

0

0

70

54

0

0

0

54

Energy

34

0

0

0

34

-11

0

0

0

-11

-70

0

0

0

-70

Financials

224

0

0

0

224

-32

0

0

0

-32

379

0

0

0

379

Healthcare

56

0

0

0

56

120

0

0

0

120

323

0

0

0

323

Industrials

13

0

0

0

13

-12

0

0

0

-12

108

0

0

0

108

Information Technology

-2

0

0

0

-2

-29

0

0

0

-29

-3

0

0

0

-3

Materials

1

0

0

0

1

-62

0

0

0

-62

-87

0

0

0

-87
-87

Telecommunications

-36

0

0

0

-36

-90

0

0

0

-90

-87

0

0

0

Utilities

-12

0

0

0

-12

97

0

0

0

97

70

0

0

0

70

Capitalization

64

0

0

64

64

0

0

0

64

455

0

0

0

455

Large Cap

-15

0

0

0

-15

-4

0

0

0

-4

-45

0

0

0

-45

1

0

0

0

1

-21

0

0

0

-21

98

0

0

0

98

78

0

0

0

78

88

0

0

0

88

402

0

0

0

402

Mid Cap
Small Cap
Strategy

-

22

-151

52

5

-72

77

-6

140

8

218

167

-378

227

17

32

Fundamental

0

0

25

0

25

7

0

27

0

34

7

0

53

0

60

Leveraged Long

0

-356

0

0

-356

0

16

0

0

16

0

-599

0

0

-599

Leveraged Short

0

168

0

0

168

0

-10

0

0

-10

0

221

0

0

221

Options Strategy

0

0

0

1

1

0

0

0

-1

-1

0

0

0

-4

-4

22

0

27

4

53

70

0

113

8

191

159

0

175

21

355

Quantitative
Short

0

37

0

0

37

0

-12

0

0

-12

0

0

0

0

0

345

0

0

0

345

522

0

0

0

522

1,883

0

0

0

1,883

Dividend

446

0

0

0

446

483

0

0

0

483

1,786

0

0

0

1,786

Growth

-152

0

0

0 -

152

2

0

0

0

2

-116

0

0

0 -

116

Style

Value

51

0

0

0

51

37

0

0

0

37

213

0

0

0

213

Thematic

21

0

0

0

21

22

0

0

0

22

38

0

0

0

38

Commodities

9

0

0

0

9

-2

0

0

0 -

2

4

0

0

0

Faith

-7

0

0

0 -

7

5

0

0

0

5

-14

0

0

0 -

14
11

4

Other Theme

3

0

0

0

3

16

0

0

0

16

11

0

0

0

Sustainability

16

0

0

0

16

2

0

0

0

2

37

0

0

0

37

703

-151

52

5

609

697

-6

140

8

838

3,195

-378

227

17

3,060

Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 23

10 June 2013
Europe Monthly ETF Market Review

Figure 49B: European Equity ETF cash flow summary – B (€ million)
May-13

Equity Cash Flows
All figures in € million

Beta

Beta+

Semiactive

| ETFs | Europe |
Apr-13

Alpha

Total

Beta

Beta+

Semiactive

YTD
Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Developed Markets
Europe

-542

0

0

-4

0

0

-2,363

0

0

-1

-2,365

Austria

0

0

0

0

0

-10

0

0

0

-10

-4

0

0

0

-4

Belgium

0

0

0

0

0

-2

0

0

0

-2

-5

0

0

0

-5

Finland

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

France

-189

0

0

0

-189

4

0

0

0

4

-329

0

0

0

-329

Germany

179

0

0

0

179

-635

0

0

0

-635

-318

0

0

0

-318

Greece

33

0

0

0

33

1

0

0

0

1

50

0

0

0

50

Ireland

0

0

0

0

0

0

0

0

0

0

2

0

0

0

2

Italy

3

0

0

0

3

7

0

0

0

7

122

0

0

0

122

5

0

0

0

5

8

0

0

0

8

34

0

0

0

34

-14

0

0

0

-14

-4

0

0

0

-4

-42

0

0

0

-42

Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
UK
Europe broad
Americas

-545 -1,309

16 -1,294

1

0

0

0

1

0

0

0

0

0

1

0

0

0

1

-80

0

0

0

-80

4

0

0

0

4

43

0

0

0

43

6

0

0

0

6

0

0

0

0

0

230

0

0

0

230
-172

-128

0

0

0

-128

28

0

0

0

28

-172

0

0

0

-22

0

0

0

-22

-49

0

0

0

-49

-77

0

0

0

-77

-336

0

0

-4

-339

-662

0

0

16

-646

-1,899

0

0

-1

-1,900

329

0

0

0

329

30

0

0

0

30

1,911

0

0

0

1,911

US

370

0

0

0

370

98

0

0

0

98

1,932

0

0

0

1,932

Canada

-26

0

0

0

-26

-28

0

0

0

-28

-79

0

0

0

-79

North America

-15

0

0

0

-15

-40

0

0

0

-40

57

0

0

0

57

1,118

0

0

0

1,118

189

0

0

0

189

2,495

0

0

0

2,495

-17

0

0

0

-17

-12

0

0

0

-12

4

0

0

0

4

4

0

0

0

4

-7

0

0

0

-7

-20

0

0

0

-20

1,084

0

0

0

1,084

231

0

0

0

231

2,198

0

0

0

2,198

1

0

0

0

1

1

0

0

0

1

3

0

0

0

3

46

0

0

0

46

-24

0

0

0

-24

309

0

0

0

309

303

0

0

0

303

148

0

0

0

148

981

0

0

0

981

303

0

0

0

303

148

0

0

0

148

981

0

0

0

981

1,209

0

0

-4

1,205

-942

0

0

16

-926

3,024

0

0

-1

3,023

Asia
Australia
Hong Kong
Japan
Singapore
Asia Pacific broad
Global
Broad indices
DM Total

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Page 24

Deutsche Bank AG/London

10 June 2013
Europe Monthly ETF Market Review

Figure 49C: European Equity ETF cash flow summary – C (€ million)
May-13

Equity Cash Flows
All figures in € million

Beta

Semiactive

Beta+

| ETFs | Europe |

Apr-13
Alpha

Total

Beta

YTD

Semiactive

Beta+

Alpha

Total

Beta

Semiactive

Beta+

Alpha

Total

Emerging Markets
BRIC

-53

0

0

0

-53

-376

0

0

0

-376

-376

0

0

0

Brazil

-22

0

0

0

-22

-94

0

0

0

-94

24

0

0

0

24

Russia

59

0

0

0

59

-102

0

0

0

-102

-102

0

0

0

-101

India
China
Latin America

-376

17

0

0

0

17

5

0

0

0

5

-77

0

0

0

-77

-106

0

0

0

-106

-185

0

0

0

-185

-221

0

0

0

-221
16

-23

0

0

0

-23

22

0

0

0

22

16

0

0

0

Chile

0

0

0

0

0

1

0

0

0

1

-1

0

0

0

-1

Mexico

-6

0

0

0

-6

17

0

0

0

17

33

0

0

0

33

LATAM broad

-17

0

0

0

-17

4

0

0

0

4

-16

0

0

0

-16

139

0

0

0

139

-129

0

0

0

-129

95

0

0

0

95

Bangladesh

1

0

0

0

1

1

0

0

0

1

6

0

0

0

6

Indonesia

5

0

0

0

5

1

0

0

0

1

0

0

0

0

0

Malaysia

1

0

0

0

1

9

0

0

0

9

16

0

0

0

16

Asia

Pakistan

1

0

0

0

1

-1

0

0

0

-1

3

0

0

0

3

Philippines

11

0

0

0

11

4

0

0

0

4

23

0

0

0

23

South Korea

30

0

0

0

30

-52

0

0

0

-52

2

0

0

0

2

Taiwan

39

0

0

0

39

0

0

0

0

0

22

0

0

0

22

Thailand

4

0

0

0

4

2

0

0

0

2

12

0

0

0

12

Vietnam
Asia Pacific broad
EMEA

1

0

0

0

1

-15

0

0

0

-15

50

0

0

0

50

46

0

0

0

46

-78

0

0

0

-78

-40

0

0

0

-40
-141

37

0

0

0

37

-87

0

0

0

-87

-141

0

0

0

Kuwait

3

0

0

0

3

1

0

0

0

1

3

0

0

0

3

Poland

58

0

0

0

58

2

0

0

0

2

65

0

0

0

65

2

0

0

0

2

-23

0

0

0

-23

-60

0

0

0

-60

South Africa
Turkey
Europe broad
Middle East & Africa
Global Markets

4

0

0

0

4

6

0

0

0

6

8

0

0

0

8

-24

0

0

0

-24

-72

0

0

0

-72

-143

0

0

0

-143

-5

0

0

0

-5

1

0

0

0

1

-14

0

0

0

-14

-927

0

0

0

-927

-427

0

0

0

-427

-1,071

0

0

0

-1,071

Global

-927

0

0

0

-927

-427

0

0

0

-427

-1,071

0

0

0

-1,071

EM Total

-825

0

0

0

-825

-997

0

0

0

-997

-1,477

0

0

0

-1,476

Total (EM + DM)

383

0

0

-4

380 -1,938

0

0

16 -1,923

1,547

0

0

-1

1,546

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Figure 50: European Fixed Income ETF cash flows (€ million)

All figures in € million

| ETFs | Europe |

May-13

Fixed Income Cash Flows
Beta

Beta+

Semiactive

Apr-13
Alpha

Total

Beta

Beta+

Semiactive

YTD
Alpha

Total

Beta

Beta+

Semiactive

Alpha

Total

Overall

45

0

0

228

273

97

0

0

265

362

209

0

0

1,018

1,227

Corporates

-30

0

0

0

-30

413

0

0

0

413

1,266

0

0

0

1,266

Covered Bonds

27

0

0

0

27

135

0

0

0

135

248

0

0

0

248

Credit Exposure

-18

-79

0

0

-97

0

0

0

0

0

-28

-18

0

0

-46

Sovereign

701

-2

0

38

738

881

14

0

47

942

2,211

216

0

164

2,591

Money Market

-330

0

0

0

-330

-187

0

0

0

0

0

Total Fixed Income

395

-81

0

266

580

1,339

14

0

312

198

0

-187 -1,013
1,664

2,892

0 -1,013
1,182

4,273

Source: Deutsche Bank, Bloomberg Finance LP, Reuters.

Deutsche Bank AG/London

Page 25

398 11 0 0 -4.271 Precious Metals Overall -17 0 0 0 -17 -16 -1 0 0 -17 -56 -2 0 0 -57 -1.962 -865 24 0 0 -840 -4.386 Total Source: Deutsche Bank.469 32 0 0 -4.342 71 0 0 -4. Reuters.437 Palladium 19 0 0 0 19 -1 0 0 0 -1 86 0 0 0 86 Platinum -16 0 0 0 -16 9 0 0 0 9 -20 -1 0 0 -21 Rhodium 0 0 0 0 0 9 0 0 0 9 20 0 0 0 20 Gold Silver -19 17 0 0 -3 25 14 0 0 39 96 42 0 0 138 Livestock -2 0 0 0 -2 0 1 0 0 0 -14 0 0 0 -15 Overall 0 0 0 0 0 0 0 0 0 0 -12 0 0 0 -12 Cattle -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1 Lean Hogs -1 0 0 0 -1 0 0 0 0 0 -2 0 0 0 -2 -1. Page 26 Deutsche Bank AG/London .10 June 2013 Europe Monthly ETF Market Review Figure 51: European Commodity ETP cash flow summary (€ million) May-13 Commodity Cash Flows All figures in € million Beta Beta+ Semiactive | ETPs | Europe | Apr-13 Alpha Total Beta Beta+ Semiactive YTD Alpha Total Beta Beta+ Semiactive Alpha Total Overall -139 0 0 0 -139 -72 -10 0 0 -82 -200 -24 0 0 -225 Overall -135 0 0 0 -135 -72 -10 0 0 -82 -196 -24 0 0 -221 Overall ex Energy -4 0 0 0 -4 0 0 0 0 0 16 0 0 0 16 Overall Light Energy 0 0 0 0 0 0 0 0 0 0 -20 0 0 0 -20 Overall Ultra Light Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Agriculture 65 5 0 0 70 -7 -3 0 0 -10 56 10 0 0 66 Overall 59 0 0 0 59 3 0 0 0 4 6 -1 0 0 5 Cocoa -1 -2 0 0 -3 0 -2 0 0 -2 1 0 0 0 1 Coffee -1 3 0 0 3 1 1 0 0 2 20 11 0 0 31 Corn 9 0 0 0 8 -2 -3 0 0 -5 15 -5 0 0 10 Cotton -1 0 0 0 -1 -2 -2 0 0 -4 -2 -3 0 0 -4 Grains -4 0 0 0 -4 21 0 0 0 21 46 -1 0 0 44 Softs -1 0 0 0 -1 0 0 0 0 0 -1 0 0 0 -1 Soybean Oil 0 0 0 0 0 0 0 0 0 0 -1 -1 0 0 -1 Soybeans 1 0 0 0 1 -21 -1 0 0 -22 -31 -1 0 0 -32 Sugar 2 0 0 0 2 -6 0 0 0 -6 -2 3 0 0 1 Wheat 1 4 0 0 5 -2 4 0 0 2 5 8 0 0 12 Energy 143 -26 0 0 117 71 2 0 0 74 128 -116 0 0 13 Overall -18 0 0 0 -18 21 0 0 0 22 1 0 0 0 1 Carbon 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Crude Oil 170 -22 0 0 148 75 13 0 0 88 172 -56 0 0 116 Gasoline -1 0 0 0 -1 1 0 0 0 1 -1 -1 0 0 -2 Heating Oil -1 0 0 0 -1 -1 0 0 0 0 -2 0 0 0 -2 Natural Gas -7 -4 0 0 -11 -26 -11 0 0 -36 -42 -59 0 0 -102 Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Uranium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Industrial Metals -5 25 0 0 19 -90 -8 0 0 -98 -25 70 0 0 45 Overall 10 0 0 0 10 -2 -1 0 0 -3 8 -1 0 0 7 1 0 0 0 1 5 0 0 0 5 5 1 0 0 7 Aluminium Copper -17 34 0 0 18 -98 -3 0 0 -101 -29 68 0 0 39 Lead 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nickel 0 -13 0 0 -13 2 -5 0 0 -3 6 -2 0 0 4 -14 Tin 0 0 0 0 0 0 0 0 0 0 -14 0 0 0 Zinc 0 3 0 0 3 3 0 0 0 3 -2 3 0 0 2 -2. Bloomberg Finance LP.950 54 0 0 -1.012 50 0 0 -1.979 33 0 0 -1.945 -891 11 0 0 -880 -4.896 -962 6 0 0 -957 -4.

2 12.8 46.0 28.3 Beta 8.7 -61.0 iShares S&P 500 Monthly EUR Hedged IUSE LN Blackrock Beta 114. Reuters.3 -5.9 iShares Markit iBoxx $ High Yield Capped Bond SHYU LN BlackRock Beta 57.1 Source Physical Platinum P-ETC SPPT LN Source Beta 57.6 286.9 480.9 617.4 272.6 0.9 23.V.5 Invest.0 db x-trackers MSCI Japan EUR Hedged TRN Index UCITS ETF XMK9 IM Deutsche Bank AG Beta 106.3 -82. Strategy Current Month Flows Prev.1 Vanguard S&P 500 ETF VUSA LN Vanguard Beta 113.0 -542. Figure 54: Top 10 monthly Commodity ETP inflows (€ million) | ETPs | Europe | Prev.2 74.9 UBS-ETF MSCI Japan "A" JPNCHA SW UBS Beta 153. Deutsche Bank AG/London Page 27 .0 99.8 RICI Enhanced WTI Crude Oil TR Index ETC 9J6N GR Royal Bank of Scotland plc Beta 88.3 -6.2 18.2 590.8 291.2 157. Month Flows YTD Flows ETP Name BBG Ticker Issuer RICI Enhanced Brent Crude Oil TR Index ETC 9J6M GR Royal Bank of Scotland plc Beta 99.1 RICI Enhanced Agriculture Index ETC 9J6J GR Royal Bank of Scotland plc Beta 65.4 Think iBoxx AAA-AA Government Bond Tracker TAT NA ThinkCapital ETFs N.4 iShares Global Inflation-Linked Bond (GBP listing) SGIL LN BlackRock Beta 46.6 ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ 48.2 206.6 164. Reuters.1 -0.7 PIMCO Euro Enhanced Short Maturity Source ETF PJS1 GR Source Alpha 97.7 iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund IWDP LN BlackRock Beta 123.8 -46. Strategy Current Month Flows Source: Deutsche Bank.4 1.1 106.1 77.0 iShares DAX (DE) DAXEX GR BlackRock Beta 280.0 29.1 iShares Barclays Euro Corporate Bond 1-5 (GBP) SE15 LN BlackRock Beta 52.2 22.7 Beta 29.8 378.4 iShares FTSE All Stocks Gilt IGLT LN BlackRock Beta 69.2 254.5 218.6 0. Bloomberg Finance LP. Month Flows YTD Flows db x-trackers II iBoxx Euro Sovereigns Eurozone Yield Plus Index UCITS ETF XY4P GR Deutsche Bank AG Beta 189.6 Beta+ 10.9 Lyxor ETF Euro Corporate Bond CRP FP Lyxor Beta 76.9 2.5 54.0 -353. Bloomberg Finance LP.8 117.2 iShares S&P 500 Index Fund (IUSA) IUSA LN BlackRock Beta 253.3 -14.4 19.4 Invest.2 208. Bloomberg Finance LP.10 June 2013 Europe Monthly ETF Market Review Product Rankings Figure 52: Top 10 monthly Equity ETF inflows (€ million) | ETFs | Europe | Invest.8 110.3 iShares MSCI World IWRD LN BlackRock Beta 213.9 iShares USD Treasury Bond 1-3 IBTS LN BlackRock Beta 104.5 23.3 30.1 528.6 0.5 -76.5 139. Strategy Current Month Flows Source: Deutsche Bank.6 Beta+ 34.2 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 119.9 CS ETF (IE) on MSCI Japan CSJP SW Credit Suisse AM Beta 177. Beta 184.9 164. Figure 53: Top 10 monthly Fixed Income ETF inflows (€ million) ETF Name BBG Ticker Issuer | ETFs | Europe | Prev.7 68. Reuters.6 Source: Deutsche Bank.9 52.0 42.6 190.4 -10.8 0.0 64.0 444.0 57. Month Flows YTD Flows ETF Name BBG Ticker Issuer iShares MSCI Japan Monthly EUR Hedged IJPE LN Blackrock Beta 311.7 -60.3 41.3 ETFS Daily Short Copper SCOP LN ETF Securities Ltd Source Physical Palladium P-ETC SPAL LN Source JB Physical Palladium-A USD JBPAUA SW Julius Baer Inv ETFS Daily Short Silver SSIL LN ETF Securities Ltd EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta 11.6 1.

3 22.182.4 -214.0 -55.1 Invest. Month Flows YTD Flows -462.2 27.4 -26.9 -330.8 -85.8 -115.9 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta -301.8 Source: Deutsche Bank.1 ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta -366.0 16.7 S&P 500 Source ETF SPXS LN Source Beta -139.8 -246.2 iShares eb.0 MSCI USA Source ETF SMSUSA GR Source Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta -118. Figure 56: Top 10 monthly Fixed Income ETF outflows (€ million) ETF Name BBG Ticker Issuer | ETFs | Europe | db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG Beta -224.1 -32.0 CS ETF II (CH) on Gold CSGOLD SW Credit Suisse AM Beta -145.5 10.5 -98.4 -1.0 50.V.3 -4.9 MSCI Europe Source ETF SMSEUR GR Source Beta -119.3 -176.1 -6.6 -594.1 CS ETF (CH) on SMI CSSMI SW EasyETF Euro STOXX 50 ETB FP Credit Suisse AM Beta -111.7 Lyxor ETF EuroMTS 5-7Y MTC FP Lyxor Beta -40.9 Think iBoxx Government Bond Tracker TGBT NA ThinkCapital ETFs N.8 -794.rexx Money Market (DE) EBMMEX GR BlackRock Beta -31.4 -113. Reuters.A (USD listing) JBGOUA SW Julius Baer Inv Beta -185. Reuters. Bloomberg Finance LP.0 5.1 iShares Markit iBoxx £ Corporate Bond 1-5 IS15 LN Blackrock Beta -170.4 -28.10 June 2013 Europe Monthly ETF Market Review Figure 55: Top 10 monthly Equity ETF outflows (€ million) ETF Name BBG Ticker | ETFs | Europe | Issuer Invest.0 -71. Figure 57: Top 10 monthly Commodity ETP outflows (€ million) | ETPs | Europe | ETP Name BBG Ticker Issuer ETFS Physical Gold PHAU LN ETF Securities Ltd Beta -540.8 ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta -74.1 UBS ETFs plc . Beta -31.MSCI Emerging Markets TRN Index SF USD-I EGUSIS SW UBS Beta -276.9 19.2 -168. Strategy Current Month Flows Prev.1 UBS ETFs MSCI USA Growth TRN Index SF (USD) A-acc UIQ3 GY UBS Beta -149.9 -195.2 -128.1 iShares Citigroup Global Government Bond SGLO LN BlackRock Beta -46.6 515.6 -568.2 41.2 Invest.8 -234. Reuters.8 iShares Euro Corporate Bond IBCS GR BlackRock Beta -60.7 33.4 -1.071.0 -2.6 -15.4 -183.4 Julius Baer Physical Gold Fund .8 db x-trackers DBLCI . Month Flows YTD Flows iShares MSCI Emerging Markets IEEM LN BlackRock Beta -464. Bloomberg Finance LP.6 -3.1 -161.3 29.9 Source: Deutsche Bank.2 Amundi ETF Government Bond EuroMTS Broad 1-3 C13 FP Amundi Beta -34.2 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche Bank AG Beta -57.5 -418.8 Beta+ -112. Page 28 Deutsche Bank AG/London .5 -74.0 Lyxor ETF Euro Cash CSH FP Lyxor Beta -127.5 -187. Bloomberg Finance LP.7 iShares Barclays Euro Corporate Bond IEBC LN BlackRock Beta -43. Month Flows YTD Flows Source: Deutsche Bank.5 2.8 Gold Bullion Securities GBS LN ETF Securities Ltd Beta -265.OY Balanced UCITS ETF XDBC GR Deutsche Bank AG Beta -36.2 -406.2 -163.9 -360.6 17. Strategy Current Month Flows Prev.0 -178.3 3.3 29.8 -35.6 88.4 16.7 -283.1 5.3 -20.0 BNP Paribas Beta -109.2 -142. Strategy Current Month Flows Prev.1 Lyxor ETF Commodities CRB CRB FP Lyxor Beta -69.7 8.1 EasyETF CAC 40 E40 FP BNP Paribas Beta -172.

4% 446 - 12.9% 106 (2) 3.2% 3.0% 3.3% 46 1 1. Nu.6% 555 7 15. YTD Change Nu.333 (1) -0.0% Source: Deutsche Bank.332 74.765 35 2.3% 49 (3) 1. % Nu.9% Asset Class ETFs Equity Total ETC/Vs Equity - Commodity 446 Currency Alternative Total Total ETPs 0. % ETFs Equity 934 51.9% 1 2.3% 46 - 1.0% 1.1% 926 8 0.0% Source: Deutsche Bank.9% 29 11.5% Fixed income 305 16.020 18 84.0% - 0.0% 438 30 1.2% 1.1% 66 (8) -0.3% 10 - 0. % 2.0% 8 - 0. Reuters.0% Alternative 23 1.8% 2.5% 18 1 0.597 100.2% 382 - 0.5% 543 19 15.800 100.0% 0 12.0% 4 - 0.801 -0. Bloomberg Finance LP. Nu.0% Multi Asset 8 0.327 5 0.6% 529 30 15.7% 0.5% 559 3. Bloomberg Finance LP.8% 86 - 0. Figure 59: Number of ETPs by Asset Class May-13 Asset Class Nu.1% 20 3 0.9% 935 (1) -0.10 June 2013 Europe Monthly ETF Market Review 5.579 18 - 0. % Nu.9% 304 1 0.038 84.5% 417 103 2.0% 352 86 4.3% 15.981 57 84.3% 42 5 1.2% 4 - 0.0% 1. Reuters.2% 60 (2) -0.0% 86 468 26. Mkt Share % Nu. | ETPs | Europe | MoM Change Apr-13 End of 2012 Mkt Share % Nu.1% 100. Nu.5% 19 - 0.3% 382 21.9% 103 - 2.1% 303 2 0.0% 468 - 0.4% 8 - 0.8% 2.5% Commodity 104 2. Product Review New Products Launched in the Month Figure 58: Number of ETPs by Asset Class May-13 Apr-13 | ETPs | Global | MoM Change End of 2012 YTD Change Nu.217 43 63. Deutsche Bank AG/London Page 29 .7% 1.2% Fixed income 562 15.510 87 100.4% 2.1% 58 3.3% 22 1 0.260 62.4% Alternative 47 1.248 12 62.2% Currency 19 0.3% 10 - 559 15.1% 1.5% 3.9% 102 10 0.5% Commodity Currency 4 0.1% 1.0% Total ETCs Commodity Currency Total Total ETPs (1) 30 - 1.0% 3.0% 0 - 0.5% Multi Asset 46 1.0% 112 (8) 3.

20% Borsa Italiana 14-May-13 ASICHA SW ASICHA.Issuer ETF Name | ETFs | Europe | Invest.50% Borsa Italiana 2-May-13 EURO IM EURO.S UBS UBS-ETF MSCI AC Asia ex Japan Infrastructure A Equity Beta Other Theme Overall MSCI AC Asia ex Japan Infrastructure 1L 0.L Vanguard Vanguard FTSE All-World High Dividend Yield UCITS ETF Equity Beta Dividend Overall FTSE All-World High Dividend Yield Index 1L 0. SPDR S&P Global Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Global Dividend Aristocrats Index 1L 0.MI Deutsche Bank AG db x-trackers II Australian Dollar Cash UCITS ETF Fixed Income Beta Overall DM DB Australia Overnight Money Market TR Index 1L 0.45% Deutsche Borse 16-May-13 ZPRA GY ZPRA.20% London SE 0. Reuters.MI State Street GA SPDR S&P 500 Low Volatility ETF Equity Semi Active Quantitative DM S&P 500 Low Volatility Index 1L 0.L BlackRock iShares Euro Corporate Bond Financials UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Financial Index 1L 0.20% Swiss SE 2-May-13 ISAG SW ISAG.S BlackRock iShares S&P 500 Minimum Volatility Equity Beta Quantitative DM S&P 500 Minimum Volatility Index 1L 0.50% London SE 22-May-13 ULVX FP ULVX.50% Borsa Italiana Cross-Listings & share classes 2-May-13 LOWV IM LOWV.S BlackRock iShares MSCI Europe Minimum Volatility Equity Beta Quantitative DM MSCI Europe Minimum Volatility (Eur) 1L 0.30% Borsa Italiana 2-May-13 ABND IM ABND.60% Swiss SE 14-May-13 ASIUSI SW ASIUSI.40% NYSE Euronext Paris 22-May-13 VJPN LN VJPN.40% Borsa Italiana 2-May-13 IGEA SW IGEA.55% Deutsche Borse 21-May-13 MLPS LN MLPS.MI State Street GA SPDR MSCI EMU UCITS ETF Equity Beta Eurozone DM MSCI Daily Net TR EMU Euro 1L 0.25% Swiss SE 2-May-13 MVOL SW MVOL.29% London SE 22-May-13 VDPX LN VDPX.L Vanguard Vanguard FTSE Developed Europe UCITS ETF Equity Beta Europe DM FTSE Developed Europe Index 1L 0.20% Deutsche Borse 1L 7-May-13 NDXH IM NDXH.22% London SE 22-May-13 VEUR LN VEUR.DE State Street GA Source: Deutsche Bank.L Vanguard Vanguard FTSE Japan UCITS ETF Equity Beta Developed non-Europe DM FTSE Japan Index 1L 0.S BlackRock iShares Global High Yield Bond Fixed Income Beta European DM Markit iBoxx Global Dev High Yield Capped Index 1L 0.43% Swiss SE 17-May-13 GBDV LN GBDV.S BlackRock iShares S&P Commodity Producers Agribusiness Equity Beta Commodities Overall S&P Commodity Producers Agribusiness Index 1L 0.S UBS UBS-ETF MSCI AC Asia ex Japan Infrastructure I Equity Beta Other Theme Overall MSCI AC Asia ex Japan Infrastructure 1L 0.L Source Source Morningstar US Energy Infrastructure MLP UCITS ETF A Equity Beta Other Sector DM Morningstar MLP Composite IndexSM (TR) 1L 0.S BlackRock iShares Barclays Capital EM Asia Local Govt Capped Bond Fixed Income Beta Overall EM Barclays Capital EM Asia Local Currency Govt Country Capped Index 1L 0.15% London SE 2-May-13 EMCO IM EMCO.S BlackRock iShares MSCI World Minimum Volatility Equity Beta Quantitative DM MSCI World Minimum Volatility Daily Net TR USD 1L 0.DE Deutsche Bank AG db x-trackers II Australian Dollar Cash UCITS ETF Fixed Income Beta Overall DM DB Australia Overnight Money Market TR Index 0.DE State Street GA SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Pan Asia Dividend Aristocrats Index 1L 0.19% London SE 22-May-13 VHYD LN VHYD.S UBS UBS-ETF MSCI AC Asia ex Japan Infrastructure A Equity Beta Other Theme Overall MSCI AC Asia ex Japan Infrastructure 1L 0.DE State Street GA SPDR S&P Global Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Global Dividend Aristocrats Index 1L 0.45% London SE 10 June 2013 Launch/ Reuters cross listing BBG Ticker Code date Europe Monthly ETF Market Review Page 30 Figure 60: New ETF launches & cross listings Deutsche Bank AG/London .50% Swiss SE 2-May-13 HYLD SW HYLD. Asset class Strategy Focus Market Benchmark flag Long /Short/ TER Leverage Exchange Listed New Launches EUCF.MI State Street GA SPDR BofA Merrill Lynch EM Corporate Bond UCITS ETF Fixed Income Beta Overall EM BofA Merrill Lynch EM Diversified Corporate ex-144A Index 1L 0.55% Swiss SE 2-May-13 IOGP SW IOGP.L Vanguard Vanguard FTSE Developed Asia-Pacific ex Japan UCITS ETF Equity Beta Asia Pacific DM FTSE Developed Asia-Pacific ex Japan Index 1L 0.S BlackRock iShares S&P Commodity Producers Oil and Gas Equity Beta Commodities Overall S&P Commodity Producers Oil and Gas Exploration & Production Index 1L 0.60% Swiss SE 16-May-13 ZPRG GY ZPRG.55% Swiss SE 2-May-13 IAUP SW IAUP.MI State Street GA SPDR Dow Jones Global Real Estate ETF Equity Beta Global DM Dow Jones Global Select Real Estate Securities Index 1L 0.55% Swiss SE 3-May-13 XCSD GR XCSD. Bloomberg Finance LP.MI Amundi Amundi ETF Nasdaq-100 Eur Hedged Daily Equity Beta Developed non-Europe DM NASDAQ-100 Currency Hedged EUR 1L 0.S BlackRock iShares MSCI Emerging Markets Minimum Volatility Equity Beta Quantitative EM MSCI Emerging Markets Minimum Volatility Index 1L 0.S BlackRock iShares Morningstar $ EM Corp Bond ETF Fixed Income Beta Overall EM Morningstar EM Corp Bond Index 1L 0.20% London SE 8-May-13 XCSD IM XCSD.S BlackRock iShares S&P Commodity Producers Gold Equity Beta Commodities Overall S&P Commodity Producers Gold Index 1L 0.50% Swiss SE 2-May-13 EMMV SW EMMV.50% Swiss SE 2-May-13 EMCR SW EMCR.45% London SE 17-May-13 GLDV LN GLDV.35% Borsa Italiana 8-May-13 IECF LN IECF.30% Swiss SE 2-May-13 SPMV SW SPMV.L BlackRock iShares Euro Corporate Bond Financials UCITS ETF Fixed Income Beta Overall DM Barclays Euro Aggregate Financial Index 1L 14-May-13 ASIUSA SW 8-May-13 EUCF LN ASIUSA.MI State Street GA SPDR Citi Asia Local Government Bond ETF Fixed Income Beta Overall Overall Citi Asian Government Bond Investable Index 1L 0.DE State Street GA SPDR S&P Global Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Global Dividend Aristocrats Index 1L 0.35% Borsa Italiana 2-May-13 GLRE IM GLRE.40% Swiss SE 2-May-13 MVEU SW MVEU.PA Lyxor Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll Alternative Alpha Equity DM S&P 500 VIX Futures Enhanced Roll Index TR 1L 0.

Cross-Listings & share classes 17-May-13 GBSE IM GBSE.22% London SE 24-May-13 CCEUAS IM CCEUAS.DE UBS UBS ETFs plc .40% Deutsche Borse 22-May-13 ULVO FP ULVO.L Lyxor Lyxor EM Local Currency Bond (DR) UCITS ETF Fixed Income Beta Overall EM JPMorgan GBI-EM Global Diversified Composite 1L 22-May-13 EMBL LN EMBL.L Vanguard Vanguard FTSE Developed Asia-Pacific ex Japan UCITS ETF Equity Beta Asia Pacific DM FTSE Developed Asia-Pacific ex Japan Index 1L 0. Strategy Focus Benchmark Long /Short/ TER Leverag ETF Securities Ltd ETFS EUR Daily Hedged Physical Gold Commodity Beta Gold Commodity .MI BlackRock iShares Barclays Euro CORP BD EX-FINANCE (GBP) Fixed Income Beta Overall DM Barclays Capital Euro Corporate ex-Financials Bond Index 1L 0. Strategy Focus Market Benchmark flag Long /Short/ TER Leverage Exchange Listed 17-May-13 PADV LN PADV.MI UBS UBS ETFs plc .62% Deutsche Borse 24-May-13 UIQK GY UIQK.PA Lyxor Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll Alternative Alpha Equity DM S&P 500 VIX Futures Enhanced Roll Index TR 1L 0. 0.MI Lyxor Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll Alternative Alpha Equity DM S&P 500 VIX Futures Enhanced Roll Index TR 1L 0.MI BlackRock iShares Morningstar $ EM Corp Bond ETF Fixed Income Beta Overall EM Morningstar EM Corp Bond Index 1L 0.40% NYSE Euronext Paris 0.DE State Street GA SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Pan Asia Dividend Aristocrats Index 1L 17-May-13 ASDV LN ASDV.MI BlackRock iShares Markit iBoxx $ High Yield Capped Bond Fixed Income Beta Overall DM Markit iBoxx USD Liquid High Yield Capped Index 1L 0.55% London SE 20-May-13 CORP IM CORP.MI BlackRock iShares Global Corporate Bond Fixed Income Beta Overall Overall Barclays Global Aggregate Corporate Bond Index 1L 0.CMCI Composite SF I acc USD Commodity Beta Overall DM UBS Bloomberg CMCI Composite USD TR 1L 0.20% Borsa Italiana 20-May-13 EMCR IM EMCR.62% Borsa Italiana 24-May-13 CCEUIS IM CCEUIS.L Lyxor Lyxor EM Local Currency Bond (DR) UCITS ETF Fixed Income Beta Overall EM JPMorgan GBI-EM Global Diversified Composite 1L 0.DE Lyxor Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll Alternative Alpha Equity DM S&P 500 VIX Futures Enhanced Roll Index TR 1L 0.CMCI Composite SF EUR-A Commodity Beta Overall DM UBS Bloomberg CMCI Composite TR 1L 0.CMCI Composite SF EUR-I Commodity Beta Overall DM UBS Bloomberg CMCI Composite TR 1L 0.50% Borsa Italiana 21-May-13 MLPD LN MLPD. Page 31 .45% Borsa Italiana 24-May-13 UIQJ GY UIQJ. Bloomberg Finance LP.L Vanguard Vanguard FTSE All-World High Dividend Yield UCITS ETF Equity Beta Dividend Overall FTSE All-World High Dividend Yield Index 1L 0.29% London SE 22-May-13 VAPX LN VAPX.55% London SE 22-May-13 EMBD LN EMBD. Figure 62: New ETC launches & cross listings Launch/ Reuters cross listing BBG Ticker Code date | ETCs | Europe | Issuer ETC Name Asset class Invest.55% London SE 0. Reuters.55% London SE 22-May-13 VDJP LN VDJP.50% Borsa Italiana 20-May-13 IEXF IM IEXF. Bloomberg Finance LP.20% Borsa Italiana 20-May-13 IHYU IM IHYU. Reuters.39% Borsa Italiana 10 June 2013 Launch/ Reuters cross listing BBG Ticker Code date Europe Monthly ETF Market Review Deutsche Bank AG/London Figure 61: New ETF launches & cross listings – Contd.DE State Street GA SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF Equity Beta Dividend Overall S&P Pan Asia Dividend Aristocrats Index 1L 0.DE UBS Source: Deutsche Bank.MI Source: Deutsche Bank.50% London SE 22-May-13 ULVO IM ULVO.| ETFs | Europe | Issuer ETF Name Asset class Invest.L Vanguard Vanguard FTSE Japan UCITS ETF Equity Beta Developed non-Europe DM FTSE Japan Index 1L 0.MI UBS UBS ETFs plc .Gold 1L Exchange Listed New Launches No new listing in the last month.CMCI Composite SF A acc USD Commodity Beta Overall DM UBS Bloomberg CMCI Composite USD TR 1L 0.40% Borsa Italiana 22-May-13 ULX1 GR ULX1.45% Deutsche Borse UBS ETFs plc .L Source Source Morningstar US Energy Infrastructure MLP UCITS ETF B Equity Beta Other Sector DM Morningstar MLP Composite IndexSM (TR) 1L 0.19% London SE 22-May-13 VHYL LN VHYL.

75% Precious Metals Beta Currency Total TER Industrial Metals Beta Livestock Synthetic 0.45% 21 0.21% 305 Alpha NA NA 0.66% 382 Beta NA NA 0.25% 1 0.91% 49 0.32% 4 NA NA 0.45% 35 0.53% 3 0.44% Alpha 0.22% 148 0.49% 19 0. Page 32 Deutsche Bank AG/London .68% 11 Beta+ NA NA 0.43% 57 NA NA 0.22% 143 0.39% 5 Beta 0.41% 789 0. Figure 64: ETC TERs using simple average | ETCs | Europe | Physical Asset Class Segment Commodity Agriculture Energy Strategy Nu.44% 566 0.57% 11 23 Beta NA NA 0.69% 7 0.57% 11 0.32% 4 0.51% 37 0.51% 51 0.91% 29 2.04% 23 1.24% 38 0.49% 6 Beta+ NA NA 0.58% 86 0.91% 29 0.39% 38 Beta+ NA NA 0.98% 6 Beta NA NA 0.332 Source: Deutsche Bank.58% 25 934 0. Alpha 0.43% 472 0.32% 4 0.43% 819 Beta+ 0.68% 336 0.19% 157 0.49% 80 Semi Active 0.73% 48 0.48% 77 0.45% 368 0.98% 6 0.73% 48 NA NA 0. NA NA 0.48% 58 NA NA 0.77% 8 0.25% 1 Semi Active NA NA 0.70% 6 0.05% 2 0. TER Nu. Beta NA NA 0. TER Nu.89% 37 0.49% 6 0.91% 49 9 0.49% 59 0.54% 40 Beta+ NA NA 1.63% 0.18% 119 0.68% 11 0.51% 37 0.97% 2 0.20% 262 NA NA 0.32% 4 0.39% 38 0.89% 37 0.04% 23 Beta NA NA 0. Reuters.63% 10 0.45% 21 0.48% 58 Beta+ Currency Nu.52% 61 Beta Beta+ Overall Nu.97% 2 0.62% 14 0.63% 23 0.77% 8 0.42% 3 0.40% 543 0. Total Beta Beta+ Alternative Synthetic Beta Alpha Total NA NA 0.49% 31 0.51% 11 0.45% 22 0.10 June 2013 Europe Monthly ETF Market Review Average TERs Figure 63: ETF TERs using simple average | ETFs | Europe | Physical Asset class Equity Fixed Income Strategy TER Commodity Multi Asset TER Nu.58% 86 Currency Source: Deutsche Bank.58% 46 0.35% NA 0. Bloomberg Finance LP.39% 5 NA NA 0.44% 347 0.70% 6 0.98% 4 0.40% 1.47% 19 Beta+ NA NA 0. Bloomberg Finance LP.98% 4 Beta+ Commodity Currency TER 0.24% 38 0. Reuters.50% 51 Beta+ NA NA 0.35% NA 0.

98% 4 0.23% 262 NA NA 0.42% 3 0.19% 157 0.53% 2 0.94% 49 0.25% 1 0.74% 7 0.48% 37 0.19% 119 0.37% 5 Beta 0.68% 11 Beta+ NA NA 0.37% 472 0.43% 58 NA NA 0.60% 11 0.51% 77 0.40% 347 0.43% 58 NA NA 0.98% 29 0.51% 80 Semi Active 0.60% 11 23 Beta NA NA 0. Total Asset class Fixed Income TER | ETFs | Europe | Synthetic Beta Alpha Total Source: Deutsche Bank.32% 4 0.96% 37 0.64% 86 Currency Source: Deutsche Bank.49% 19 Beta+ Precious Metals Beta Beta+ Commodity Currency | ETCs | Europe | Synthetic Currency NA NA 0.44% 382 Beta NA NA 0.57% 51 NA NA 0.25% 1 Semi Active NA NA 0. TER Nu.32% 4 0.98% 6 Overall Beta NA NA 0.64% 86 0.37% 5 NA NA 0.35% NA 0.36% 543 0.49% 6 0.87% 48 NA NA 0.55% 59 0.25% 148 0.37% 22 0.75% 8 0.39% 38 0.46% 11 0.61% 14 0.98% 29 3.32% 4 NA NA 0.98% 6 0.56% 61 NA NA 0.49% 6 Beta+ NA NA 0.24% 38 0.75% 6 0. TER Nu.32% 4 0. 0.79% 9 0.35% NA 0.75% 6 0.75% 8 0.332 Beta+ Currency TER Alpha Beta+ Alternative Nu.38% 566 0.49% 31 0. Deutsche Bank AG/London Page 33 .98% 23 Livestock Beta NA NA 0. NA NA 0.96% 37 0.49% 19 0. Bloomberg Finance LP.57% 51 0.24% 143 0.50% 3 0.40% 35 0.23% 305 Alpha NA NA 0.66% 0.42% 21 0.75% 2 0.36% 1.10 June 2013 Europe Monthly ETF Market Review Figure 65: ETF TERs using AUM weighted average Physical Strategy Equity Alpha 0.36% 789 0.40% 368 0. Reuters.54% 336 0.66% 23 0.40% 46 0.39% 38 Beta+ NA NA 0.40% 57 NA NA 0.98% 4 0. TER Nu.38% 819 Beta+ 0.75% 2 0.48% 37 0.50% 40 Beta+ NA NA 0.24% 38 0.57% 25 934 Commodity Multi Asset Nu.39% 0.68% 11 0.42% 21 0.94% 49 0.87% 48 0.98% 23 0. Figure 66: ETC TERs using AUM weighted average Physical Asset Class Segment Strategy Commodity Agriculture Beta Beta+ Energy Beta Beta+ Industrial Metals Beta Total TER Nu. Bloomberg Finance LP. Reuters.72% 10 Beta 0.

5% 154.0% 240.628.555 3 Vanguard 289.745 2. Current Current Month Month CF TO YTD CF 1 State Street GA 45.870 10.179 80.025 16.6% 684.5% 569 0.110 29.850 Source: Deutsche Bank.894.904 1.242 12.5% 137 1.248 -117 10 Royal Bank of Scotland plc Total Top 10 Others Global Total 620 0.616 86.038 27.6% 4.840 -198 5 ProShares 3.646 7 WisdomTree 30.7% 23 -278 838 -707 7 United States Commodity Funds 2.149 341 10 ProShares 21.996 1. Figure 68: Global Top 10 ETC/V Providers ($ million) Rank Issuer | ETCs/Vs | Global | Current AUM Mkt. Share 2012 AUM 2012 Mkt.239 46.236 2.359 1.919 14.063 1.286 39. Current Current Month Month CF TO YTD CF 1 BlackRock 751.378 85.2% 15.6% 427 0.453 100.6% 467 -5.286 1.0% 1.1% 19 205 12. Reuters.3% 246.683.941 15.241 2.8% 8 -748 9.270 632.7% 48.475 99.3% 1.217 2.4% 72.608 21.353 402.2% 9 -103 4.068 13.8% 59.452 50.425 3.694 3.064 266.491 4 Deutsche Bank AG 13.1% 122 221 58.9% 252 322 5.230 9.565 1.839 8 Nomura Asset Management 28.911 1.670 16.129 114.2% 27.975 95.418 -1.175 -16.5% 1.1% 48 3.044 100.032 9 Van Eck Funds 23.7% 1 0 244 0 9 Guggenheim Investments 1.7% 1.2% 3.751 100.6% 52 73 27.4% 175 -546 10.423 Total Top 10 Others Global Total 31.5% 40 414 12.3% 12 329 1 225 111. Page 34 Deutsche Bank AG/London . Share 2012 AUM 2012 Mkt.554 -2.946 99.897 2.7% 517 3.711 3.0% 28.0% 3.0% 1.946 38.376 Source: Deutsche Bank.6% 82 5.461 18.8% 70 -265 2.374 14.464 2.078 3 BlackRock 16.430 6.9% 275.3% 183 7.932 2.400 1.539 -20.164 7.535 -781 8 Deutsche Borse Commodities GmbH 2.450 2.272.685 662 6 Source 2.343 2 ETF Securities Ltd 22.0% 2.250 2.692 -20.770 -1. Share Nu.541 20.0% 3.963 1.316 4.0% 155.404 40.0% 12 -60 7.189 906 6 Lyxor 39.666 1. Bloomberg Finance LP.364 5 Deutsche Bank AG 51.5% 24.035 1.163 1.0% 559 -5.584 20.183 14.408 59.714 15.1% 40.6% 18.10 June 2013 Europe Monthly ETF Market Review 6.645 1.1% 22.559 115.4% 92 -18 153 -21 112.742 40.6% 1 -2.601 3. Provider Rankings Global Provider Rankings Figure 67: Global Top 10 ETF Providers ($ million) Rank Issuer Current AUM | ETFs | Global | Mkt.799 100. Bloomberg Finance LP.248 1.4% 312 -1.125 14.235 4 PowerShares 72.198 80.917 2 State Street GA 319.678 1.140 2.387.1% 17.828 507 0.681 1.443. Share Nu. Reuters.689 12.

4% 24.286 3.252 100.724 10 Van Eck Funds 23.235 4 PowerShares 72.324 670.9% 281.5% 525 2.075 85.468.963 1.2% 21.007.673 1.250 94.789 3 Vanguard 289.793 15.745 2.645 1.452 50.032 9 ProShares 24.029 709 6 Lyxor 39.706 17.3% 707.885 2 State Street GA 365.264 18.905 3.6% 59.2% 175 -546 10.282 1.0% 3.711 3.565 1.5% 18.164 7.870 10.4% 82 5.770 -1.661 38.4% 246.093 77.891 4.796 100.149 341 1.879 2.606 412.996 1.0% 40.3% 1.708.966 1.074 18.068 13.597 21.839 8 Nomura Asset Management 28.5% 52 73 27. Current Current Month Month CF TO YTD CF 1 BlackRock 768.364 5 Deutsche Bank AG 64.9% 184 4.557. Deutsche Bank AG/London Page 35 .408 59.2% 347.714 14.400 1. Share Nu. Bloomberg Finance LP.646 7 WisdomTree 30.666 1.573 Source: Deutsche Bank.127 3.3% 40 414 12.147 1.0% 48 3.0% 1.838.694 3.335 29.7% 1. Reuters.2% 141 426 71.177 14.1% 1.286 1.227 38.157 16. Share 2012 AUM 2012 Mkt.110 29.336.684 132.10 June 2013 Europe Monthly ETF Market Review Figure 69: Global Top 10 ETP Providers ($ million) Rank Issuer | ETPs | Global | Current AUM Mkt.2% 137 1.125 13.5% 322 58 8.450 2.694 Total Top 10 Others Global Total 299.417 -3.002 84.2% 64.2% 27.

451 253. Flows.898 9.327 0% Alpcot Capital Management Total - - *New entrant in 2013 is highlighted in light grey.184 -11% 103 103 0% UBS 9.705 4.069 794 1.648 5.219 -12% -288 -82 -567 236 256 -8% 38 45 -16% HSBC 2.844 3.309 -39% 4 4 0% Source 8.264 8.V. Page 36 Deutsche Bank AG/London .982 6% Deutsche Bank AG | ETFs | Europe | Turnover Products Prev.260 7% -283 118 326 960 1.120 1.195 -30% -174 -364 -746 419 883 -53% 8 8 0% Xact Fonder AB 3.185 54% 320 198 1.779 1.006 2.344 -4% -281 -63 -1.681 0% -423 -191 -1.489 605 556 9% 48 44 9% ETFlab Investment GmbH 4.526 17% 58 58 0% Amundi 9. 456 114 301% 158 74 334 47 36 31% 10 10 0% BBVA Gestion SA SGIIC 262 266 -1% -11 1 -14 12 11 13% 3 3 0% Raiffeisen Schweiz Genossenschaft 162 208 -22% 3 -1 -14 12 48 -75% 2 2 0% Seligson & Co Fund Man 146 138 6% 0 0 0 8 8 -9% 1 1 0% DnB Kapitalforvaltning 137 165 -17% -18 3 -38 62 51 21% 3 3 0% SEB Investment Management AB 131 124 5% -8 0 -8 40 43 -8% 3 3 0% ESAF 30 29 6% 0 0 0 1 0 190% 1 1 0% C-QUADRAT 29 28 4% 0 0 0 0 0 409% 1 1 0% NCB Stockbrokers 24 19 28% 0 0 2 7 0 1866% 1 1 0% Alpha Asset Management 19 17 11% 0 0 0 0 1 -67% 1 1 0% First Trust Ad.580 10% 204 203 0% 165 -518 555 3.923 8.578 6% 694 -298 6.668 30.301 6. Current Month End of 2012 1.087 842 29% 13 68 135 108 177 -39% 19 19 0% Vanguard 878 210 317% 176 47 615 304 174 74% 9 5 80% Ossiam 671 469 43% 21 102 148 102 25 317% 8 8 0% Royal Bank of Scotland plc 576 776 -26% 16 -44 -140 107 124 -14% 18 29 -38% ETF Securities Ltd 470 491 -4% 3 1 23 464 487 -5% 18 18 0% ThinkCapital ETFs N.353 17. Reuters.980 -7% 242 241 0% Diff.274 36. Source: Deutsche Bank.186 -19% 175 171 2% Credit Suisse AM 12.284 2.253 10.901 11% 39. Month Diff. Month YTD Current Month Prev. Current Month BlackRock 117.829 13.043 -8% 88 82 7% Zuercher Kantonalbank 9.557 19.536 19% -48 49 243 1.294 -25% -380 -295 -1.10 June 2013 Europe Monthly ETF Market Review European Provider Rankings – General Figure 70: European ETF Providers (All) – Assets.309 9% 38 48 253 954 770 24% 40 40 0% Julius Baer Inv 3.073 4. 10 0 NA 0 11 11 1 1 -17% 3 0 NA Swedbank Robur 10 10 7% 0 0 0 7 1 466% 3 3 0% 0% Goldman Sachs 7 7 0% 0 0 0 NA 1 1 FinEx Fund Plc 7 0 NA 0 0 7 0 0 8% 1 0 NA NBG Asset Management MFMC 7 6 9% 0 0 0 0 0 -55% 2 2 0% 1 1 20% 0 0 0 0 0 614% 1 1 0% 269.891 3.174 12. Products.087 1.058 1.816 105.879 4% 1 -5 -160 373 294 27% 97 96 1% State Street GA 4.703 3. Turnover All figures in € million except products AUM Cash Flow Issuer Current Month End of 2012 Diff. Bloomberg Finance LP.335 -3% 1332 1.429 -24% 22 24 -8% BNP Paribas 2.894 43.818 41. Lyxor 30.842 21% -22 238 973 624 552 13% 71 71 0% ComStage 5.820 146 6.130 7% 8 79 -18 415 600 -31% 25 25 0% PowerShares 1.903 11% -113 82 304 1.

Current Month Prev.071 -34% 290 260 12% Deutsche Bank AG 2.667 4. Products.941 -21% -960 -479 -1.262 3. Reuters.895 5. Turnover All figures in € million except products AUM | ETCs | Europe | Cash Flow Turnover Products Current Month End of 2012 Diff.032 -15% 0 0 0 188 274 -31% 1 1 0% Royal Bank of Scotland plc 478 324 48% 253 48 172 1 6 -89% 12 12 0% BlackRock 167 265 -37% -16 2 -66 52 65 -20% 4 4 0% Boost 1 2 -13% 0 -1 0 1 2 -60% 10 10 0% Commerzbank AG 1 1 -10% 0 0 0 2 2 13% 68 68 0% Borse Stuttgart Securities GmbH 0 0 NA 0 0 0 4 14 -71% 1 1 0% 21. Month YTD Current Month Prev. Bloomberg Finance LP.10 June 2013 Europe Monthly ETF Market Review Figure 71: European ETC Providers (All) – Assets. Deutsche Bank AG/London Page 37 . ETF Securities Ltd 14.002 3.257 26.570 -20% -994 -208 -2.661 2. Current Month End of 2012 Diff.788 -11% -58 175 94 332 578 -43% 59 59 0% Source 2.617 -31% 468 438 7% Issuer Total Source: Deutsche Bank.125 17.486 2.217 -30% -213 47 -540 648 606 7% 23 23 0% Deutsche Borse Commodities GmbH 1. Month Diff. Flows.736 2.

804 148 6.058 5% -235 285 433 1.344 -4% -281 -63 -1. Source: Deutsche Bank. 456 114 301% 158 74 334 47 36 31% 10 10 0% BBVA Gestion SA SGIIC 262 266 -1% -11 1 -14 12 11 13% 3 3 0% Raiffeisen Schweiz Genossenschaft 162 208 -22% 3 -1 -14 12 48 -75% 2 2 0% Seligson & Co Fund Man 146 138 6% 0 0 0 8 8 -9% 1 1 0% DnB Kapitalforvaltning 137 165 -17% -18 3 -38 62 51 21% 3 3 0% SEB Investment Management AB 131 124 5% -8 0 -8 40 43 -8% 3 3 0% 30 29 6% 0 0 0 1 0 190% 1 1 0% ESAF C-QUADRAT 29 28 4% 0 0 0 0 0 409% 1 1 0% NCB Stockbrokers 24 19 28% 0 0 2 7 0 1866% 1 1 0% Alpha Asset Management 19 17 11% 0 0 0 0 1 -67% 1 1 0% First Trust Ad.879 4% 1 -5 -160 373 294 27% 97 96 1% State Street GA 4. Current Month End of 2012 117.558 -11% 301 300 0% Diff.903 11% -113 82 304 1.120 1. Month YTD Current Month Prev.829 13.309 9% 38 48 253 954 770 24% 40 40 0% Julius Baer Inv 3.271 1.595 18.800 1.638 3.309 -39% 4 4 0% ComStage 5.765 2% Total *New entrant in 2013 is highlighted in light grey. Turnover All figures in € million except products Issuer BlackRock Deutsche Bank AG AUM | ETPs | Europe | Cash Flow Turnover Products Current Month End of 2012 Diff.100 -4% 269 4 32 107 131 -18% 30 41 -27% Vanguard 878 210 317% 176 47 615 304 174 74% 9 5 80% Ossiam 671 469 43% 21 102 148 102 25 317% 8 8 0% ThinkCapital ETFs N.705 4.759 39.536 19% -48 49 243 1.648 5.891 3.668 30.736 2. Bloomberg Finance LP.V.489 605 556 9% 48 44 9% ETFlab Investment GmbH 4.253 10. 10 0 NA 0 11 11 1 1 -17% 3 0 NA Swedbank Robur 10 10 7% 0 0 0 7 1 466% 3 3 0% Goldman Sachs 7 7 0% 0 0 0 0 0 NA 1 1 0% FinEx Fund Plc 7 0 NA 0 0 7 0 0 8% 1 0 NA NBG Asset Management MFMC 7 6 9% 0 0 0 0 0 -55% 2 2 0% Boost 1 2 -13% 0 -1 0 1 2 -60% 10 10 0% Alpcot Capital Management 1 1 20% 0 0 0 0 0 614% 1 1 0% Commerzbank AG 1 1 -10% 0 0 0 2 2 13% 68 68 0% Borse Stuttgart Securities GmbH 0 0 NA 0 0 0 4 14 -71% 1 1 0% 290.219 -12% -288 -82 -567 236 256 -8% 38 45 -16% HSBC 2.405 17.006 2.708 280.429 -24% 22 24 -8% BNP Paribas 2.10 June 2013 Europe Monthly ETF Market Review Figure 72: European ETP Providers (All) – Assets.681 0% -423 -191 -1.195 -30% -174 -364 -746 419 883 -53% 8 8 0% Xact Fonder AB 3.563 10.058 1.148 4% -300 -505 4.952 -6% 1. Flows.131 4.087 1.185 54% 320 198 1.526 17% 58 58 0% Source 10.491 19. Current Month Prev.816 45.844 3.264 8.923 8.157 10% 94 94 0% Amundi 9. Lyxor 30. Month Diff.645 10% 208 207 0% 41. Products.983 106.073 4.069 794 1.035 4. Page 38 Deutsche Bank AG/London .284 2.186 -19% 175 171 2% ETF Securities Ltd 14.779 1.130 7% 8 79 -18 415 600 -31% 25 25 0% Deutsche Borse Commodities GmbH 1.898 9.174 12. Reuters.294 -25% -380 -295 -1.166 11% 1.087 842 29% 13 68 135 108 177 -39% 19 19 0% Royal Bank of Scotland plc 1.043 -8% 88 82 7% Zuercher Kantonalbank 9.770 5% 107 -343 649 4.032 -15% 0 0 0 188 274 -31% 1 1 0% PowerShares 1.558 -31% 308 278 11% Credit Suisse AM 12.789 48.260 7% -283 118 326 960 1.184 -11% 103 103 0% UBS 9.432 -21% -957 -478 -1.054 1.

Reuters.9% May-13 70.4% 4.7% 27.8% Q4 12 69.6% 26.7% Q1 13 69.1% 3.1% 22.4% 2.7% 3.8% Q3 12 73.10 June 2013 Europe Monthly ETF Market Review Figure 73: European ETP Providers tier market share Tier | ETPs | Europe | Tier 1 Tier 2 Tier 3 4 11 25 Q2 12 74.1% Providers May-13 Q1 13 Q4 12 Q3 12 Q2 12 60% 65% 70% Tier 1 75% 80% Tier 2 85% 90% 95% 100% Tier 3 Source: Deutsche Bank.7% 21. Deutsche Bank AG/London Page 39 .3% 3.5% 26. Bloomberg Finance LP.

703 165 555 Lyxor 24.7% 103 1.284 0 0 0 2.820 6.852 198 1.7% 88 960 -283 326 0 0 9. 10 0 0 0 10 0.0% 1 1 0 0 C-QUADRAT 29 0 0 0 29 0.040 47 0 0 1.1% 22 1.0% 1 0 0 0 FinEx Fund Plc 0 7 0 0 7 0.923 3.377 1.274 14.023 *New entrant in 2013 is highlighted in light grey.037 123 30.4% 19 108 13 135 Vanguard 873 5 0 0 878 0.1% 1 8 0 0 DnB Kapitalforvaltning 137 0 0 0 137 0.409 8.0% 1 0 0 0 NCB Stockbrokers 24 0 0 0 24 0.1% 71 624 -22 973 Zuercher Kantonalbank Source 0 117.353 1.0% 1. Source: Deutsche Bank.4% 4 794 -380 -1.898 3.10 June 2013 Europe Monthly ETF Market Review European Provider Rankings – by Asset Class Figure 74: European ETF Providers (All) – Assets.1% 3 12 -11 -14 -14 Raiffeisen Schweiz Genossenschaft 0 0 162 0 162 0.9% 97 373 1 -160 State Street GA 3.272 2.332 41. ComStage 3. Reuters.284 0.489 ETFlab Investment GmbH 2.467 33. Page 40 Deutsche Bank AG/London . Flows.668 11.0% 1 7 0 2 Alpha Asset Management 19 0 0 0 19 0.311 119 273 8.253 -423 -1. Bloomberg Finance LP.598 2.817 91 98 0 3.057 733 39.564 0 12.7% 204 19.174 3.8% 25 415 8 -18 PowerShares 1. 129 322 0 4 456 0.557 Deutsche Bank AG 29.2% 18 107 16 -140 ETF Securities Ltd 402 0 41 27 470 0.514 0 0 4.0% 3 40 -8 -8 ESAF 30 0 0 0 30 0.840 508 43.798 50 9.0% 2 0 0 0 0 1 0.321 944 1.264 Credit Suisse AM 10.147 58.062 20.166 5.894 694 6.058 -113 304 UBS 7.451 100.7% 40 954 38 253 75 0 3.433 0 0 4.6% 242 3.1% 38 236 -288 -567 HSBC 2.074 1.891 1.1% 2 12 3 Seligson & Co Fund Man 146 0 0 0 146 0.V.818 Alpcot Capital Management Total 1 0 0 190.218 269.2% 8 102 21 148 Royal Bank of Scotland plc 278 0 298 0 576 0.087 0.087 -48 243 BNP Paribas 2.844 1.8% 58 1.0% 1 0 0 0 1. Products.2% 10 47 158 334 BBVA Gestion SA SGIIC 260 3 0 0 262 0.983 982 109 0 5.4% 8 419 -174 -746 Julius Baer Inv Xact Fonder AB 2. Turnover | ETFs | Europe | All figures in € million except products Issuer Fixed Income Equity Commodity Others Total AUM Mkt Share % Current TO Current CF YTD CF BlackRock 83.816 Nu.779 -281 -1.094 1.0% 1 0 0 0 First Trust Ad.006 1.174 0 9.8% 48 605 320 1.073 1.342 1.572 0 3.2% 18 464 3 23 ThinkCapital ETFs N.120 Amundi 8.1% 3 62 -18 -38 SEB Investment Management AB 131 0 0 0 131 0.648 1.829 4.3% 9 304 176 615 Ossiam 671 0 0 0 671 0.301 3.4% 175 8.781 48 0 9.237 169 438 0 2.0% 3 1 0 11 Swedbank Robur 10 0 0 0 10 0.0% 1 0 0 7 NBG Asset Management MFMC 7 0 0 0 7 0.0% 3 7 0 0 Goldman Sachs 0 0 0 7 7 0.069 5.705 1.

262 10.0% 10 1 0 0 Commerzbank AG 1 0 1 0.3% 12 1 253 172 BlackRock 167 0 167 0.257 100.6% 23 648 -213 -540 Deutsche Borse Commodities GmbH 1.849 275 Mkt Share % Total AUM 14. Turnover | ETCs | Europe | All figures in € million except products Issuer ETF Securities Ltd Commodity Currency 13.667 -960 -1661 Deutsche Bank AG 2. Products.262 0 2.4% Nu.0% 468 3.486 11.125 66.736 8. Flows.982 275 21.0% 1 4 0 0 20.736 0 1. Current TO Current CF YTD CF 290 2.486 0 2. Deutsche Bank AG/London Page 41 .002 Source: Deutsche Bank.10 June 2013 Europe Monthly ETF Market Review Figure 75: European ETC Providers (All) – Assets.2% 1 188 0 0 Royal Bank of Scotland plc 478 0 478 2.0% 68 2 0 0 Borse Stuttgart Securities GmbH Total 0 0 0 0.895 -994 -2. Bloomberg Finance LP.8% 4 52 -16 -66 Boost 1 0 1 0.7% 59 332 -58 94 Source 2. Reuters.

129 322 0 4 456 0.800 45.0% 1 0 0 0 NCB Stockbrokers 24 0 0 0 24 0.514 0 0 4.058 -113 304 UBS 7.4% 19 108 13 Royal Bank of Scotland plc 278 0 777 0 1.708 100.705 1.491 BlackRock 83.844 1.595 5.035 107 649 Lyxor 24.2% 4 794 -380 -1.891 1.736 0.736 0 1.3% 8 419 -174 Xact Fonder AB 2.040 47 0 0 1.272 2.6% 94 1.0% 3 40 -8 -8 ESAF 30 0 0 0 30 0.382 273 10.253 -423 -1.2% 8 102 21 148 ThinkCapital ETFs N.840 675 0 117.852 198 1.342 1.779 -281 -1.120 Source 5.489 ETFlab Investment GmbH 2.789 -300 4.237 169 438 0 2.0% 1 0 0 0 First Trust Ad.564 0 12.409 8. Bloomberg Finance LP.V. Current TO Current CF YTD CF 6.467 33.1% 2 12 3 -14 Seligson & Co Fund Man 146 0 0 0 146 0.0% 1 0 0 7 NBG Asset Management MFMC 7 0 0 0 7 0.781 48 0 9.898 3.0% 1 0 0 0 Raiffeisen Schweiz Genossenschaft Goldman Sachs FinEx Fund Plc 0 7 0 0 7 0.284 0 0 0 2.983 40.638 Credit Suisse AM 10.543 733 41.4% 103 1.166 5.0% 3 1 0 11 Swedbank Robur 10 0 0 0 10 0.0% 1 0 0 0 Commerzbank AG 0 0 1 0 1 0.817 91 98 0 3.0% 3 7 0 0 0 0 0 7 7 0.3% 9 304 176 615 Ossiam 671 0 0 0 671 0.405 1.493 290.147 58.284 0.759 14.816 *New entrant in 2013 is highlighted in light grey.4% 30 107 269 32 Vanguard 873 5 0 0 878 0. Turnover | ETPs | Europe | All figures in € million except products Issuer Fixed Income Equity Total AUM Commodity Others Mkt Share % Nu.923 3.6% 40 954 38 253 -746 Julius Baer Inv 75 0 3.174 0 9.6% 1 188 0 0 135 Deutsche Borse Commodities GmbH PowerShares 1. Page 42 Deutsche Bank AG/London .0% 3 62 -18 -38 SEB Investment Management AB 131 0 0 0 131 0.069 3.131 -957 -1.0% 1.1% 3 12 -11 -14 0 0 162 0 162 0.073 1.5% 175 8.087 -48 243 BNP Paribas 2.0% 1 1 0 0 C-QUADRAT 29 0 0 0 29 0.0% 68 2 0 0 Borse Stuttgart Securities GmbH Total 0 0 0 0 0 0.668 10.0% 308 3.0% 38 236 -288 -567 HSBC 2.804 Deutsche Bank AG 29.174 3.087 0.4% 301 4.054 0.983 982 109 0 5.0% 22 1. Flows.10 June 2013 Europe Monthly ETF Market Review Figure 76: European ETP Providers (All) – Assets.8% 25 415 8 -18 0 0 1.798 50 9.264 ETF Securities Ltd 402 0 13.006 1. Reuters.037 123 30.062 41.2% 10 47 158 334 BBVA Gestion SA SGIIC 260 3 0 0 262 0.7% 97 373 1 -160 Zuercher Kantonalbank ComStage State Street GA 3.271 -235 433 Amundi 8. Source: Deutsche Bank.4% 58 1.433 0 0 4.074 3.377 1.0% 2 0 0 0 Boost 0 0 1 0 1 0.4% 88 960 -283 326 0 0 9.311 2.0% 1 7 0 2 Alpha Asset Management 19 0 0 0 19 0.0% 1 4 0 0 190.563 3. 10 0 0 0 10 0.0% 10 1 0 0 Alpcot Capital Management 1 0 0 0 1 0.829 4.005 1.1% 1 8 0 0 DnB Kapitalforvaltning 137 0 0 0 137 0.094 1.572 0 3.6% 208 19.598 2.321 944 1.890 303 14.7% 48 605 320 1.648 1. Products.

848 56 - - 119 1 273 6 5.685 100% 39 Synthetic 20 1 - - - - - - 20 0% 1 Julius Baer Inv Physical 75 4 - - 3.060 37% 8 4.158 139 8. Physical 3 1 - - - - - - 3 46% 1 Synthetic 4 1 - - - - - - 4 54% 1 Physical 1 1 - - - - - - 1 100% 190.994 4 91 2 - - - - 2.023 58 1.152 12% 6 Synthetic 6.284 100% 25 PowerShares Physical 1.560 55% 17 677 18 169 1 438 2 - - 1.451 Alpcot Capital Mgmt Total 1 1.769 78% 56 Synthetic 1.193 95% 47 626 9 9 2 - - - - 635 5% 11 Amundi Physical 1.179 12 - - - - 2.183 100% 15 Credit Suisse AM Physical 9.218 35 269.284 25 - - - - - - 2.062 305 20.240 63% 63 Synthetic ComStage 67 2 - - - - - - 67 1% 2 Synthetic Physical 3.147 934 58.648 100% 8 BNP Paribas Physical 1.695 33 934 11 1.018 15 47 1 - - - - 1.067 80 1.674 16 - - 405 11 50 5 2.245 100% Synthetic 63 2 - - 508 5 - - 571 0% 7 Physical 252 7 7 1 - - 15 3 273 1% 11 Synthetic 29.377 32 1.174 100% Source Physical 750 1 2.404 137 33.514 16 - - - - 4.037 6 123 7 28.252 20 2.152 6 - - - - - - 1.007 99% 95 State Street GA Physical 3.178 34 198 14 1.485 100% 160 Physical 3 3 2.311 7 - - - - 3. Deutsche Bank AG/London Page 43 . Physical 129 4 322 3 - - 4 3 456 100% 10 BBVA Gestion SA Physical 260 2 3 1 - - - - 262 100% 3 Raiffeisen Schweiz Physical - - - - 162 2 - - 162 100% 2 Seligson & Co Fund Mgmt.941 66 1.916 70 982 24 109 1 - - 5. Physical 146 1 - - - - - - 146 100% 1 DnB Kapitalforvaltning Physical 121 1 - - - - - - 121 89% 1 Synthetic 15 2 - - - - - - 15 11% 2 SEB Investment Synthetic 131 3 - - - - - - 131 100% 3 ESAF Physical 30 1 - - - - - - 30 100% 1 C-QUADRAT Synthetic 29 1 - - - - - - 29 100% 1 NCB Stockbrokers Physical 24 1 - - - - - - 24 100% 1 Alpha Asset Mgmt.174 4 - - 9. Bloomberg Finance LP. Physical 10 3 - - - - - - 10 295% 3 Swedbank Robur Physical 10 3 - - - - - - 10 290% 3 Goldman Sachs Synthetic - - - - - - 7 1 7 705% 1 FinEx Fund Plc Synthetic - - 7 1 - - - - 7 747% 1 NBG Asset Mgmt. Reuters.572 4 - - 3.771 88% 97 Physical 6.332 *New entrant in 2013 is highlighted in light grey.433 19 - - - - 4.086 69% 6 822 15 - - 98 1 - - 920 31% 16 Synthetic Xact Fonder AB Physical Synthetic HSBC Physical 2.064 98% 16 Synthetic 23 3 - - - - - - 23 2% 3 Vanguard Physical 873 8 5 1 - - - - 878 8541% 9 Ossiam Physical 18 1 - - - - - - 18 3% 1 Synthetic 653 7 - - - - - - 653 97% 7 RBS plc Synthetic 278 15 - - 298 3 - - 576 100% 18 ETF Securities Ltd Synthetic 402 16 - - 41 1 27 1 470 100% 18 ThinkCapital ETFs N.840 60 - - - - 117.163 126 3.057 3 719 9 39. Source: Deutsche Bank.393 8 - - 7.000 99% 231 Synthetic 24.162 21 1.285 45% 21 1.781 28 48 3 - - 8.891 100% 48 ETFlab Investment GmbH Physical 2.129 22% 32 4 Deutsche Bank AG Lyxor Synthetic UBS 197 Zuercher Kantonalbank Physical - - - - 9. Physical 19 1 - - - - - - 19 100% 1 First Trust Ad.V.564 3 - - 12.560 17 - - - - - - 1.10 June 2013 Europe Monthly ETF Market Review European Provider Analysis by Replication Method Figure 77: European ETF Providers list by replication | ETFs | Europe| All figures in € million except products European Providers ETFs Replication AUM (€) Method Equity BlackRock Physical AUM (€) ETFs Fixed Income AUM (€) ETFs Commodity AUM (€) ETFs Other AUM (€) Aum (%) Total ETFs 83.

918 Fixed income Equity 5.937 30 84 0 0 114 25 73 0 0 98 444 682 0 0 1.676 4.419 109 119 48.953 392.659 66 14 34.467 346 127 336.523 393 0 0 0 393 416 0 0 0 416 3.248 Commodity 1.918 161.321 252 0 0 0 252 308 0 0 0 308 2.315 28.984 4.781 4.984 634 0 0 5.959 561 0 0 5.776 0 0 Total Beta 10 19.766 0 0 4.909 Beta Beta+ Alpha 19.596 0 0 0 8.465 1.603 20.982 2.467 346 127 336.375 170 274 45.901 1.294 601 0 0 3.519 10.658 149 5 4.033 5.839 0 0 0 4.037 5.327 59.895 4.776 Beta+ YTD Alpha Total Total 0 0 65 181.438 24.978 66.508 11 0 0 24.549 545 0 0 0 545 580 0 0 0 580 4.239 2.426 0 0 45.789 42.978 66.859 6.658 149 30 33.188 Source: Deutsche Bank.956 0 0 0 17.559 1.863 1. Page 44 Deutsche Bank AG/London .901 0 0 0 2.095 0 0 0 3.467 346 60 66.658 149 30 33.520 37.910 0 0 0 1.910 3. Reuters.197 0 427 62.863 1.10 June 2013 Europe Monthly ETF Market Review 7.181 98 4.549 0 0 0 1.785 109 119 43.908 0 0 Global Markets Sector Capitalization Strategy Style Thematic Total Equities | ETFs | Europe | May-13 Total 24 19.188 0 0 21 75 96 0 0 43 85 128 0 2 1.772 269.910 104 5.306 6.303 7.956 8.322 5.606 29.996 0 4.356 223.598 17.438 631 36.484 8.758 1.522 426.095 24.775 170 274 41.335 354.833 15 66. Bloomberg Finance LP.970 5.436 0 0 2 51.060 91.744 0 0 44. by Instrument Figure 78: Turnover by asset class and instrument (€ million) Asset Class Beta Beta+ | ETPs | Europe | May-13 Apr-13 2012 Semiactive Semiactive Semiactive Alpha Total Beta Beta+ Alpha Total Beta Beta+ YTD Alpha Total Total ETFs 28.729 21.758 0 0 0 1.839 2.761 117 0 159 6.549 1.598 0 0 0 1. Reuters.518 918 2.187 126 0 13 5.659 66 14 34.820 29.824 3.484 0 0 0 1.102 1. Bloomberg Finance LP.984 4.522 472.265 517 0 0 3.596 6.239 0 0 0 3.480 0 0 Emerging Markets 4.777 180.868 76.894 37.820 29.504 0 4.888 24.033 5. Trading Perspective ETP Monthly Turnover Analysis by Asset Class.274 51.617 38.126 575 3.659 66 3 5.512 39.336 ETCs Commodity Currency Total Total ETPs Source: Deutsche Bank.772 269.677 1.665 Currency 21 0 0 0 21 7 0 0 0 7 96 0 0 0 96 54 0 0 0 10 10 0 0 0 7 7 0 0 0 50 50 39 Multi Asset Alternative Total 161.626 201. Asset Class Analysis Figure 79: European Equity ETF Turnover Summary (€ million) Equity Turnover Beta Apr-13 2012 Semiactive Semiactive Semiactive Beta+ Alpha Developed Markets 19.564 68.

888 Fundamental 0 0 38 0 38 1 0 35 0 36 0 0 225 0 225 147 Leveraged Long 0 2.910 104 5.523 63 0 0 0 63 68 0 0 0 68 698 0 0 0 698 320 141 0 0 0 141 132 0 0 0 132 1.596 6.484 8.524 0 28.901 1.624 Quantitative Short 0 435 0 0 435 0 659 0 0 659 0 10794 0 0 10.900 Leveraged Short 0 1.947 5.658 149 5 8.252 0 0 2.476 0 27.464 10. Bloomberg Finance LP.050 4.956 0 0 0 17.971 0 0 1.659 66 3 5.596 0 0 0 8.524 0 0 2.239 2.464 0 0 28.179 613 Industrials 61 0 0 0 61 61 0 0 0 61 550 0 0 0 550 311 Information Technology 44 0 0 0 44 64 0 0 0 64 584 0 0 0 584 238 150 0 0 0 150 217 0 0 0 217 2.581 42.460 1378 0 0 0 1.476 0 0 2.252 0 2.685 0 0 0 2.598 17.320 0 0 0 1.971 0 2.833 15 66.805 Style Dividend Total Source: Deutsche Bank.259 Options Strategy 0 0 0 4 4 0 0 0 1 1 0 0 0 50 50 13 98 0 111 1 210 104 0 31 2 137 15 0 120 10 145 523 2. Reuters.209 10.467 346 60 99.10 June 2013 Europe Monthly ETF Market Review Figure 79A: European Equity ETF Turnover Summary – A (€ million) May-13 Equity Turnover Sector Beta Semiactive Beta+ | ETFs | Europe | Apr-13 Alpha Total Beta Semiactive Beta+ 2012 Alpha Total Beta Semiactive Beta+ YTD Alpha Total Total 1.255 24.708 66. Deutsche Bank AG/London Page 45 .685 999 Telecommunications 62 0 0 0 62 63 0 0 0 63 639 0 0 0 639 381 Utilities 63 0 0 0 63 83 0 0 0 83 503 0 0 0 503 252 Capitalization 393 0 0 0 393 416 0 0 0 416 3.549 1.549 0 0 0 1.901 0 0 0 2.794 1.659 66 3 9.758 0 0 0 1.598 0 0 0 1.911 5.321 1460 0 0 0 1.113 0 0 0 8.862 3.315 Commodities 81 0 0 0 81 164 0 0 0 164 1185 0 0 0 1.658 149 5 4.686 0 0 0 1.465 Consumer discretionary Consumer staples Energy Materials Mid Cap Small Cap Strategy 98 4.181 Large Cap 111 0 0 0 111 80 0 0 0 80 958 0 0 0 958 389 78 0 0 0 78 70 0 0 0 70 672 0 0 0 672 537 204 0 0 0 204 266 0 0 0 266 1610 0 0 0 1.956 8.113 4.320 412 Financials 915 0 0 0 915 731 0 0 0 731 8.185 574 Faith 17 0 0 0 17 18 0 0 0 18 354 0 0 0 354 115 Other Theme 69 0 0 0 69 52 0 0 0 52 581 0 0 0 581 296 Sustainability 86 0 0 0 86 74 0 0 0 74 782 0 0 0 782 330 4.378 7947 0 0 0 7.484 0 0 0 1.686 557 99 0 0 0 99 68 0 0 0 68 1.239 0 0 0 3.209 0 0 27.467 346 60 66.703 Growth 38 0 0 0 38 42 0 0 0 42 275 0 0 0 275 192 Value 51 0 0 0 51 64 0 0 0 64 374 0 0 0 374 426 Thematic 252 0 0 0 252 308 0 0 0 308 2.640 32.439 Healthcare 161 0 0 0 161 112 0 0 0 112 1.179 0 0 0 1.758 1.610 1.

865 0 0 0 14.755 14.766 0 0 10 19.203 0 0 10 5.999 Italy Netherlands 63 0 0 0 63 79 0 0 0 79 1.251 2.782 0 0 0 2.468 27.256 13.912 15.733 0 0 65 44.639 0 0 0 4.480 0 0 24 19.289 0 0 0 1.768 1.086 0 0 24 4.865 7.844 2.312 13.179 1. Bloomberg Finance LP.447 912 3.251 0 0 0 3.768 0 0 0 1.979 16 142 0 0 0 142 58.896 0 0 0 10.628 3.731 0 0 0 38.628 0 0 0 4.755 0 0 0 1.743 1.578 Greece Germany 64 0 0 0 64 22 0 0 0 22 132 0 0 0 132 153 Ireland 7 0 0 0 7 0 0 0 0 0 5 0 0 0 5 9 780 0 0 0 780 748 0 0 0 748 4.104 123.755 0 0 0 1.927 8.093 0 0 10 0 0 65 124.777 180.110 5.056 1.994 Europe broad 4.927 0 0 0 1.525 289 Norway 65 0 0 0 65 54 0 0 0 54 547 0 0 0 547 264 Portugal Spain 2 0 0 0 2 3 0 0 0 3 17 0 0 0 17 24 53 0 0 0 53 44 0 0 0 44 856 0 0 0 856 350 Sweden 344 0 0 0 344 452 0 0 0 452 4.611 87 0 0 0 87 125 0 0 0 125 880 0 0 0 880 447 180 0 0 0 180 190 0 0 0 190 2.929 12.748 0 0 0 8.179 19.844 0 0 0 5.341 2.289 694 1.912 0 0 0 1.173 2.924 97 Belgium 2 0 0 0 2 3 0 0 0 3 28 0 0 0 28 16 Finland 8 0 0 0 8 8 0 0 0 8 295 0 0 0 295 47 France 489 0 0 0 489 870 0 0 0 870 5.909 0 0 0 2.056 0 0 0 3.768 1.896 11.201 Australia 38 0 0 0 38 38 0 0 0 38 344 0 0 0 344 185 Hong Kong 39 0 0 0 39 34 0 0 0 34 513 0 0 0 513 197 3.797 24.274 Source: Deutsche Bank.909 38.617 Americas US Canada North America Asia 3.044 Austria 15 0 0 0 15 16 0 0 0 13.102 Switzerland 697 0 0 0 697 771 0 0 0 771 6.447 0 0 0 2.639 2. Page 46 Deutsche Bank AG/London .768 0 0 0 1.748 10.166 7.504 19.214 44.060 91.743 0 0 0 1.173 0 0 0 3.045 UK 1.907 0 0 0 2.929 0 0 0 27. Reuters.10 June 2013 Europe Monthly ETF Market Review Figure 79B: European Equity ETF Turnover Summary – B (€ million) May-13 Equity Turnover Beta Semiactive Beta+ | ETFs | Europe | Apr-13 Alpha Total Beta Semiactive Beta+ 2012 Alpha Total Beta Semiactive Beta+ YTD Alpha Total Total Developed Markets Europe 11.288 0 0 24 11.907 2.782 31.136 10.468 0 0 0 2.996 0 0 65 181.865 7.136 0 0 0 2.871 0 0 0 2.755 14.970 2.865 0 0 0 14.525 0 0 0 1.731 12.256 0 0 0 31.871 2.692 0 0 0 6.166 0 0 0 15.692 4.123 Japan Singapore Asia Pacific broad Global Broad indices DM Total 1 0 0 0 1 0 0 0 0 0 2 0 0 0 2 2 117 0 0 0 117 136 0 0 0 136 1.

670 11.027 359 Thailand 36 0 0 0 36 30 0 0 0 30 162 0 0 0 162 138 Vietnam Asia Pacific broad EMEA 25 0 0 0 25 54 0 0 0 54 247 0 0 0 247 253 137 0 0 0 137 206 0 0 0 206 1.609 1.142 0 0 0 1.621 0 0 0 1.552 232.984 0 0 0 1.027 0 0 0 1.380 259 0 0 0 259 408 0 0 0 408 5.327 59.519 108 0 36 3.763 0 0 0 5.142 752 Credit Exposure 13 9 0 0 22 23 10 0 0 33 306 86 0 0 392 160 3.780 1.466 1.498 115.506 15.823 Global Markets Total (EM + DM) Source: Deutsche Bank.10 June 2013 Europe Monthly ETF Market Review Figure 79C: European Equity ETF Turnover Summary – C (€ million) May-13 Equity Turnover Beta Semiactive Beta+ | ETFs | Europe | Apr-13 Alpha Total Beta Semiactive Beta+ 2012 Alpha Total Beta Semiactive Beta+ YTD Alpha Total Total Emerging Markets BRIC 1.248 Corporates Sovereign Money Market Total Fixed Income Source: Deutsche Bank.908 0 0 0 4.596 0 0 0 2.645 Taiwan South Korea 71 0 0 0 71 88 0 0 0 88 1. Reuters. Bloomberg Finance LP.982 2.776 51.801 8.154 192 0 0 0 192 215 0 0 0 215 2. Deutsche Bank AG/London Page 47 .549 24. Figure 80: European Fixed Income ETF Turnover (€ million) | ETFs | Europe | May-13 Fixed Income Turnover Overall Beta Semiactive Beta+ Apr-13 Alpha Total Beta Semiactive Beta+ 2012 Alpha Total Beta Semiactive Beta+ YTD Alpha Total Total 154 0 0 123 277 100 0 0 12 112 681 0 0 391 1.288 2.532 782 1. Bloomberg Finance LP.492 Brazil 301 0 0 0 301 274 0 0 0 274 4.388 0 0 24 24.200 1.499 Kuwait 4 0 0 0 4 3 0 0 0 3 12 0 0 0 12 10 Poland 11 0 0 0 11 23 0 0 0 23 123 0 0 0 123 71 225 South Africa 33 0 0 0 33 38 0 0 0 38 618 0 0 0 618 Turkey 199 0 0 0 199 130 0 0 0 130 950 0 0 0 950 805 Europe broad 126 0 0 0 126 236 0 0 0 236 1.425 6.970 396 0 0 0 396 446 0 0 0 446 3.069 115 0 1 3.711 0 0 0 1.232 973 6 0 0 0 6 8 0 0 0 8 96 0 0 0 96 37 65 0 0 0 65 59 0 0 0 59 425 0 0 0 425 298 Latin America Chile Mexico LATAM broad Asia 87 0 0 0 87 105 0 0 0 105 1.670 11.441 0 0 0 1.776 0 0 0 4.435 17.670 0 0 0 23.670 0 0 0 23.463 0 0 2 3.200 0 0 0 1.110 0 36 36.574 Covered Bonds 174 0 0 0 174 146 0 0 0 146 1.700 EM Total 4.642 1.761 117 0 159 6.565 Russia 293 0 0 0 294 331 0 0 0 331 3.037 5.436 0 0 2 51.532 0 0 0 1.489 0 0 2 15.197 0 427 62.005 2.700 Global 2.186 34.609 1.663 3.642 0 0 0 1.412 24.801 0 0 0 17.545 3.909 4.609 0 0 0 2.621 779 Middle East & Africa 23 0 0 0 23 16 0 0 0 16 174 0 0 0 174 81 2.984 23.545 0 0 0 6.126 1 0 0 0 1 1 0 0 0 1 2 0 0 0 2 5 Indonesia Bangladesh 35 0 0 0 35 33 0 0 0 33 433 0 0 0 433 189 176 Malaysia 38 0 0 0 38 30 0 0 0 30 448 0 0 0 448 Pakistan 2 0 0 0 2 1 0 0 0 1 3 0 0 0 3 4 Philippines 8 0 0 0 8 9 0 0 0 9 48 0 0 0 48 66 1.425 0 0 0 4.438 24.596 5.499 0 0 0 3. Reuters.645 0 0 0 2.506 0 0 0 1.870 158 0 0 0 158 173 0 0 0 173 2.609 0 0 0 2.072 786 1.711 638 545 0 0 0 545 668 0 0 0 668 6.763 1.984 0 0 0 1.187 126 0 13 5.596 985 China 397 0 0 0 397 686 0 0 0 686 5.984 23.005 0 0 0 5.606 29.432 0 0 67 232.232 0 0 0 2.542 0 0 10 24.360 India 208 0 0 0 208 215 0 0 0 215 2.441 17.

Page 48 Deutsche Bank AG/London .647 1.797 5874 131 0 0 6.034 50. Reuters.031 Overall 290 32 0 0 323 452 22 0 0 474 3900 683 0 0 4.806 977 1 0 0 0 1 2 0 0 0 2 18 0 0 0 18 11 235 88 0 0 323 535 119 0 0 654 4829 1052 0 0 5.755 0 0 69.005 42986 662 0 0 43.692 8.213 276 Crude Oil Industrial Metals Overall 47 2 0 0 49 46 1 0 0 47 505 252 0 0 757 7 1 0 0 8 7 2 0 0 9 87 22 0 0 109 45 56 48 0 0 104 209 23 0 0 232 900 450 0 0 1.350 796 Lead 0 0 0 0 0 0 0 0 0 0 5 7 0 0 12 3 Nickel 5 1 0 0 6 8 2 0 0 11 80 20 0 0 99 42 Tin 0 0 0 0 1 0 0 0 0 0 13 10 0 0 23 21 Zinc 2 7 0 0 9 6 0 0 0 7 55 9 0 0 65 30 4.669 710 Electricity 0 0 0 0 - 0 0 0 0 0 0 0 0 0 0 0 Uranium 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 117 60 0 0 177 277 29 0 0 306 1.788 0 0 52.421 191 0 0 4.367 6.810 2.583 1920 19 0 0 0 19 15 0 0 0 15 187 1 0 0 188 93 Overall Light Energy 6 0 0 0 6 1 0 0 0 1 38 0 0 0 38 18 Overall Ultra Light Energy 0 0 0 0 - 0 0 0 0 - 0 0 0 0 0 0 147 62 0 0 209 266 63 0 0 328 2.914 1.363 1168 Gasoline 2 0 0 0 2 6 3 0 0 9 43 17 0 0 59 23 Heating Oil 0 1 0 0 1 2 2 0 0 4 24 2 0 0 26 9 Natural Gas 29 86 0 0 115 54 86 0 0 141 420 1249 0 0 1.396 Overall 54 0 0 0 55 131 3 0 0 134 908 29 0 0 937 560 Cocoa 1 4 0 0 5 3 3 0 0 6 18 57 0 0 75 32 Coffee 19 21 0 0 40 10 16 0 0 26 76 60 0 0 136 148 Corn 113 Overall ex Energy Agriculture 32 2 0 0 34 25 5 0 0 31 201 76 0 0 277 Cotton 7 3 0 0 9 4 2 0 0 6 56 32 0 0 88 53 Grains 13 0 0 0 13 47 1 0 0 48 240 12 0 0 251 148 Softs 0 0 0 0 0 1 0 0 0 1 23 2 0 0 25 6 Soybean Oil 0 0 0 0 1 1 2 0 0 3 20 12 0 0 33 11 Soybeans 4 2 0 0 6 21 2 0 0 23 189 43 0 0 231 87 Sugar 7 4 0 0 11 16 6 0 0 22 110 105 0 0 215 93 Wheat 8 26 0 0 34 7 21 0 0 28 270 375 0 0 645 146 Energy 171 170 0 0 342 261 190 0 0 451 3.718 2.645 770 0 0 2. Bloomberg Finance LP.112 802 0 0 2.122 31.036 Overall 37 0 0 0 37 32 0 0 0 32 223 61 0 0 284 122 Carbon 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 3 103 84 0 0 186 167 98 0 0 265 3006 1357 0 0 4.403 2.648 20463 Palladium 162 0 0 0 162 168 0 0 0 168 707 1 0 0 708 761 Platinum 291 1 0 0 292 160 3 0 0 163 1761 45 0 0 1.414 1.779 255 0 0 7.435 24.10 June 2013 Europe Monthly ETF Market Review Figure 81: European Commodity ETP Turnover summary (€ million) May-13 Commodity Turnover Beta Semiactive Beta+ | ETPs | Europe | Apr-13 Alpha Total Beta Semiactive Beta+ 2012 Alpha Total Beta Semiactive Beta+ YTD Alpha Total Total Overall 315 32 0 0 348 468 22 0 0 490 4.545 Aluminium Copper Precious Metals Overall 36 1 0 0 37 41 2 0 0 43 345 29 0 0 374 181 3697 100 0 0 3.054 561 0 0 8.175 517 0 0 5.241 Total Source: Deutsche Bank.615 62.126 684 0 0 4.612 6.881 2154 Gold Rhodium Silver Livestock 3 2 0 0 5 3 2 0 0 5 120 26 0 0 146 20 Overall 0 0 0 0 0 0 0 0 0 0 62 4 0 0 66 4 Cattle 2 1 0 0 2 1 1 0 0 2 22 6 0 0 28 8 Lean Hogs 1 1 0 0 2 1 1 0 0 3 37 15 0 0 52 8 5.685 0 0 6.

7 iShares Barclays Euro Corporate Bond IEBC LN BlackRock Beta 222.2 7.371.456.4 iShares MSCI Japan IJPN LN BlackRock Beta 579.9 501.7 232.3 518.6 138.6 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 106.3 623.4 iShares Barclays Capital Euro Corporate Bond Interest Rate Hedged IRCP LN BlackRock Beta 139.474.5 1.1 242.0 2.4 814. Reuters.7 Lyxor ETF Euro STOXX 50 MSE FP Lyxor Beta 524.3 903.A LEM FP Lyxor Beta 355.0 Lyxor ETF FTSE/MIB ETFMIB IM Lyxor Beta 553.109.6 db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG Beta 96. Figure 83: Top 20 Fixed Income ETFs by Turnover (€ million) | ETFs | Europe | Invest.8 122.0 110.0 2.9 iShares USD Treasury Bond 1-3 IBTS LN BlackRock Beta 229.7 1.0 iShares USD Treasury Bond 7-10 IDTM LN BlackRock Beta 123.994.9 iShares Euro Corporate Bond IBCS GR BlackRock Beta 162.7 Lyxor ETF MSCI Emerging Markets .393.768.2 2.0 3.0 iShares S&P 500 Index Fund (IUSA) IUSA LN BlackRock Beta 1.454.4 494.932.3 iShares MSCI Japan Monthly EUR Hedged IJPE LN Blackrock Beta 741.8 iShares FTSE All Stocks Gilt IGLT LN BlackRock Beta 216.2 735.9 767. Bloomberg Finance LP.216.9 1.1 5.6 234.7 338.151.3 2. Strategy Current Month TO Prev.5 603.8 iShares Global Inflation-Linked Bond (GBP listing) SGIL LN BlackRock Beta 164.0 5.9 5.9 229.0 3.5 108.043.7 Source: Deutsche Bank.6 iShares FTSE GILTS UK 0-5 IGLS LN BlackRock Beta 151.1 476.415.058.2 243.2 374.2 390.7 510.6 4. Bloomberg Finance LP.7 Lyxor ETF Leverage CAC 40 LVC FP Lyxor Beta+ 354.569.0 455.9 119.9 1.3 1.189.5 107.8 5.10 June 2013 Europe Monthly ETF Market Review Product Rankings Figure 82: Top 20 Equity ETFs by Turnover (€ million) ETF Name BBG Ticker | ETFs | Europe | Issuer Invest.3 Source: Deutsche Bank.3 87.349.694.5 107.5-10.736. Deutsche Bank AG/London Page 49 .2 1.8 iShares MSCI World IWRD LN BlackRock Beta 1.9 1.5 iShares GBP Corporate Bond SLXX LN BlackRock Beta 132.2 iShares FTSE 100 ISF LN BlackRock Beta 1.1 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM Lyxor Beta+ 545.4 445.103. Month TO YTD TO iShares DAX (DE) DAXEX GR BlackRock Beta 1. Strategy Current Month TO Prev.9 757.510.4 iShares eb.3 1.5 589.8 iShares MSCI Emerging Markets IEEM LN BlackRock Beta 1.0 3.2 1.5 iShares Markit iBoxx Euro High Yield IHYG LN BlackRock Beta 283.6 148.2 698.5 iShares S&P 500 Monthly EUR Hedged IUSE LN Blackrock Beta 347.2 iShares Barclays Euro Aggregate Bond SEAG LN BlackRock Beta 127.711.5 1.7 901.2 iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund IWDP LN BlackRock Beta 354.0 1.4 466.0 iShares Barclays Capital Emerging Market Local Govt Bond SEML LN Blackrock Beta 139.314.3 493.954.9 366. Reuters.4 ETFlab DAX ETFDAX GR ETFlab Investment GmbH Beta 405.1 111.3 779.0 139.9 27.9 953.0 Lyxor ETF Euro Cash CSH FP Lyxor Beta 96.8 Lyxor ETF CAC 40 CAC FP Lyxor Beta 402.082. Month TO YTD TO ETF Name BBG Code Issuer iShares JPMorgan USD Emerging Markets Bond SEMB LN BlackRock Beta 312.434.2 335.2 946.2 532.1 iShares USD Corporate Bond LQDE LN BlackRock Beta 167.402.1 1.7 iShares Euro STOXX 50 EUNE SW BlackRock Beta 960.8 224.7 iShares GBP Index-Linked Gilts INXG LN BlackRock Beta 138.1 1.6 Lyxor ETF LevDAX LYXLEDAX GR Lyxor Beta+ 388.5 (DE) RXP5EX GR BlackRock Beta 115.025.4 Lyxor ETF XBear FTSE/MIB XBRMIB IM Lyxor Beta+ 857.060.6 171.568.5 73.9 128.0 1.rexx Government Germany 5.828.4 957.2 iShares Markit iBoxx $ High Yield Capped Bond SHYU LN BlackRock Beta 126.680.4 54.8 765.1 5.9 iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 588.

84 9 ETFS Daily Short Gold 9GA9 GR 11.9 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 552.rexx Money Market (DE) EBMMEX GR 35. Reuters.8 58.43 EUN2 GR 506.30 8 ETFS Short CHF Long EUR SCHE GR 1.6 Source: Deutsche Bank.94 IBCG GR 217.7 2.75 SXXPIEX GR 144.7 3.048.14 XSDX GR 177.62 5 db x-trackers DBLCI .33 ETFDAX GR 405.2 416.57 10 iShares eb.728.6 767.0 437.9 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 98.8 ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 60.5 Julius Baer Physical Gold Fund .2 636.4 3.90 8 Market Access RICI-Metals Index Fund M9SC GR 11.6 898.7 ETFS Daily Short Gold SBUL LN ETF Securities Ltd Beta+ 73.16 10 db Physical Silver ETC (EUR) Turnover 17.84 8 iShares eb.37 Turnover Commodity ETPs BBG Ticker Other BBG Ticker 1 XETRA-Gold XAUEUR 188.94 6 iShares Euro Corporate Bond IBCS GR 58.8 db Physical Gold ETC (EUR) XAD5 GR Deutsche Bank AG Beta 86.74 4 iShares eb. Figure 85: Top 10 ETPs by Turnover (€ million) – Deutsche Borse Equity ETFs BBG Ticker 1 iShares DAX (DE) DAXEX GR 2 iShares Euro STOXX 50 (DE) 3 iShares Euro STOXX 50 4 ETFlab DAX 5 db x-trackers DAX UCITS ETF 6 iShares MSCI Japan Monthly EUR Hedged 7 ETFlab Euro STOXX 50 8 db x-trackers ShortDAX UCITS ETF 9 iShares MDAX (DE) 10 iShares STOXX 600 (DE) Turnover Fixed Income ETFs | ETPs | Europe | BBG Ticker Turnover 1.020.13 1 db x-trackers .24 2 db x-trackers II EONIA TR Index UCITS ETF XEON GR 84.1 140. Month TO YTD TO ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 665.43 2 db x-trackers Portfolio TR Index UCITS ETF XQUI GR 9.rexx Government Germany 5.5 (DE) RXP5EX GR 115.464.6 438. Reuters.8 586.92 9 iShares Euro Covered Bond IUS6 GR 36.5 (DE) RXP1EX GR 60.6 265. Bloomberg Finance LP.4 2.3 527.51 XDAX GR 309.64 6 db x-trackers DB Currency Momentum UCITS ETF XMOM GR 2.3 959.23 3 db Physical Gold ETC (EUR) XAD5 GR 76.184.27 3 ETFlab Deutsche Borse EUROGOV Germany 5-10 ETFGS51 GR 64.3 db x-trackers DBLCI .28 10 ETFS Short JPY Long EUR SJPL GR 1.5-10.8 1.6 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 68.2 CS ETF II (CH) on Gold CSGOLD SW Credit Suisse AM Beta 225.89 5 db x-trackers DB Currency Valuation UCITS ETF XVAL GR 3.1 ETFS Daily Leveraged Silver LSIL LN ETF Securities Ltd Beta+ 63.71 Source: Deutsche Bank.7 ETFS Daily Leveraged Natural Gas LNGA LN ETF Securities Ltd Beta+ 61.26 SX5EEX GR 586.68 7 Gold Bullion Securities GG9B GR 19.32 6 ETFS Physical Silver VZLC GR 19.1 60. Strategy Current Month TO Prev. Bloomberg Finance LP.A (USD listing) JBGOUA SW Julius Baer Inv Beta 333.5 96.3 67.3 158.OY Balanced UCITS ETF XDBC GR Deutsche Bank AG Beta 105.28 1 iShares eb.51 ETFSX5E GR 185.1 3. Page 50 Deutsche Bank AG/London .2 Source Physical Platinum P-ETC SPPT LN Source Beta 60.4 129.6 Gold Bullion Securities GBS LN ETF Securities Ltd Beta 547.7 db Physical Gold ETC XGLD LN Deutsche Bank AG Beta 76.38 3 db x-trackers DB Currency Carry UCITS ETF XCCC GR 6.46 4 db x-trackers Currency Returns UCITS ETF XCCR GR 3.8 614.rexx Jumbo Pfandbriefe (DE) R1JKEX GR 58.db Hedge Fund UCITS ETF XHFI GR 2 db Physical Gold Euro Hedged ETC XAD1 GR 86.5-2.5 325.3 ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta 185.590.39 7 iShares Markit iBoxx Euro High Yield EUNW GR 53.OY Balanced UCITS ETF XDBC GR 30.rexx Government Germany (DE) RXRGEX GR 49.8 128.54 7 ETFX Bofaml IVSTOXX ETF VHTX GR 1.4 ETFS Physical Palladium PHPD LN ETF Securities Ltd Beta 78.407.4 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche Bank AG Beta 116.4 109.3 210.6 38.0 955.1 274.43 XAD6 GR 10.6 492.3 675.1 353.04 9 Nomura Voltage Mid-Term Source ETF NVLT GY 1.96 4 ETFS Physical Gold VZLD GR 35.0 1.68 5 iShares eb.3 109.2 0.4 369.24 MDAXEX GR 152.4 78.374.6 ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 636.rexx Government Germany 1.7 98.3 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 188.10 June 2013 Europe Monthly ETF Market Review Figure 84: Top 20 Commodity ETPs by Turnover (€ million) ETP Name BBG Code | ETPs | Europe | Issuer Invest.

95 3 iShares Markit iBoxx Euro High Yield IHYG LN 172.31 3 CS ETF (CH) on Swiss Bond Index Domestic Government 1-3 CSBGC3 SW 16.25 8 J. Reuters.64 IJPC SW 131.Morgan Macro Hedge US TR Source ETF MHUU SW 2.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU LN 4 ETFS Physical Platinum PHPT LN 176.93 5 ZKB Gold ETF-A EUR ZGLDEU SW 103.60 8 Source Physical Platinum P-ETC SPPT LN 60.36 3 ZKB Gold ETF-A USD ZGLDUS SW 201.89 3 ETFS Physical Gold PHAU LN 405.22 5 ETFS 3x Short AUD Long USD SAU3 LN 5.49 Turnover 10 iShares MSCI Japan Turnover Commodity ETPs BBG Ticker Other BBG Ticker 1 Source Physical Gold ETC (P-ETC) SGLD LN 521.54 2 iShares S&P 500 Index Fund (IUSA) IUSA SW 3 CS ETF (IE) on MSCI Japan 4 iShares MSCI Japan 5 iShares MSCI Emerging Markets 6 iShares MSCI Japan Monthly CHF Hedged 7 CS ETF on SMIM 8 iShares MSCI World 9 iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund IWDP SW CSUK SW 10 CS ETF (IE) on MSCI UK Commodity ETPs | ETPs | Europe | Fixed Income ETFs BBG Ticker Turnover 1 iShares USD Corporate Bond LQDE SW 25.67 7 Julius Baer Physical Gold Fund (EUR) A JBGOEA SW 79.11 2 db x-trackers .54 2 iShares JPMorgan USD Emerging Markets Bond IEMB LN 203.db Hedge Fund UCITS ETF XHFI SW 0.97 4 CS ETF on SBI Domestic Government 3-7 CSBGC7 SW 15.3C XHFG LN 2.57 Other BBG Ticker Turnover 1 CS ETF II (CH) on Gold CSGOLD SW 225.22 7 iShares MSCI Japan Monthly EUR Hedged IJPE LN 223.87 6 db Physical Gold ETC XGLD LN 74.16 2 Gold Bullion Securities GBS LN 411.52 9 ETFS Copper COPA LN 45.46 7 CS ETF (IE) on iBoxx EUR Government 3-7 CSBGE7 SW 9.79 92.P.74 3 J.07 3 J.01 10 UBS-IS Gold (CHF) Hedged ETF A Source: Deutsche Bank.94 7 ETFS Physical Palladium PHPD LN 67.37 8 Julius Baer Physical Gold Fund (USD) AX JBGOUX SW 74.07 5 iShares GBP Index-Linked Gilts INXG LN 138. Deutsche Bank AG/London Page 51 .P.32 10 CS ETF (IE) on iBoxx USD Government 3-7 BBG Ticker Turnover CSBGU7 SW 7.Morgan Macro Hedge Dual Enchanced TR Source ETF MHDX LN 4.92 CSSMIM SW 99.48 IEEM LN 770.57 6 ETFS 3x Short GBP Long USD SGB3 LN 4.79 88.10 June 2013 Europe Monthly ETF Market Review Figure 86: Top 10 ETPs by Turnover (€ million) – London SE Equity ETFs BBG Ticker 1 iShares FTSE 100 ISF LN 2 iShares MSCI Emerging Markets 3 | ETPs | Europe | BBG Ticker Turnover 1.68 4 iShares S&P 500 Index Fund (IUSA) IUSA LN 327.02 6 iShares S&P 500 Index Fund (IUSA) IDUS LN 252. Bloomberg Finance LP.43 8 iShares JPMorgan USD Emerging Markets Bond IEMB SW 7.76 5 ETFS Physical Gold GBP PHGP LN 135.12 5 iShares S&P 500 Monthly EUR Hedged IUSE LN 255.Morgan Macro Hedge US TR Source ETF MHUU LN 17.26 10 db x-trackers .75 CSJP SW 245.73 7 UBS ETFs plc .40 CRUD LN 37.60 6 iShares USD TIPS ITPS SW 12.96 2 ETFS 3x Short JPY Long USD SJP3 LN 11.79 IJPN LN 169.P.2C XHFD SW 2.98 9 Nomura Voltage Mid-Term Source ETF VOLT SW 0.01 AUCHAH SW 55.78 1 J.95 iShares MSCI World IWRD LN 444.85 1 iShares FTSE All Stocks Gilt IGLT LN 212.11 5 UBS ETFs plc .Morgan Macro Hedge Dual Enchanced TR Source ETF MHDU SW 3. Figure 87: Top 10 ETPs by Turnover (€ million) – Swiss SE Equity ETFs BBG Ticker Turnover 1 CS ETF (CH) on SMI CSSMI SW 323.29 IEEM SW 150.HFRX Global Hedge Fund Index SF (CHF) A-acc HFEUAS SW 0. Reuters.95 276.85 9 iShares Markit iBoxx $ High Yield Capped Bond IHYU LN 113.P.25 IWRD SW 94.97 10 ETFS Crude Oil Turnover Fixed Income ETFs 9.74 10 db x-trackers DB Equity Strategies Hedge Fund Index UCITS ETF XHFH SW 0.22 4 ZKB Gold ETF-H (CHF) ZGLDHC SW 115.046.62 7 iShares GBP Corporate Bond SLXX LN 132.P.39 7 J.db Hedge Fund Index UCITS ETF .57 IJPN SW 171.db Hedge Fund Index UCITS ETF .P.90 2 ZKB Gold ETF ZGLD SW 201.71 5 CS ETF on SBI Domestic Government 7-15 CSBGC0 SW 13.52 4 ETFS Short AUD Long USD SAUD LN 7.10 8 db x-trackers .97 6 Julius Baer Physical Gold Fund (CHF) A JBGOCA SW 79.57 6 iShares Barclays Capital Euro Corporate Bond Interest Rate Hedged IRCP LN 134.28 9 iShares USD Treasury Bond 1-3 IBTS SW 7.db Hedge Fund Index 5C UCITS ETF XHFC SW 1.10 4 iShares FTSE GILTS UK 0-5 IGLS LN 151.93 9 iShares FTSE 250 MIDD LN 190.A (USD listing) JBGOUA SW 70.81 10 iShares USD Treasury Bond 1-3 IBTS LN 111. Bloomberg Finance LP.17 Source: Deutsche Bank.38 1 J.HFRX Global Hedge Fund Index SF (EUR) A-acc HFCHAS SW 0.Morgan Macro Hedge US TR Source ETF MHUE LN 4.52 8 iShares MSCI Japan Monthly GBP Hedged IJPH LN 210.73 4 db x-trackers .69 9 ETFS Short JPY Long USD SJPY LN 4.81 2 iShares USD Treasury Bond 7-10 IBTM SW 18.HFRX Global Hedge Fund Index SF (USD) A-acc HFUSAS SW 0.91 6 UBS ETFs plc .02 9 Julius Baer Physical Gold Fund .81 8 iShares Barclays Euro Corporate Bond (EUR) IEAC LN 115.

51 LVC FP 354.74 3 Lyxor ETF S&P 500 VIX Futures Enhanced Roll USD LVIX FP 0.15 2 Lyxor ETF Leveraged FTSE/MIB LEVMIB IM 3 Lyxor ETF FTSE/MIB 4 5 | ETPs | Europe | Fixed Income ETFs BBG Ticker 1 iShares Barclays Euro Aggregate Bond IEAG IM 545.18 402. Figure 89: Top 10 ETPs by Turnover (€ million) – Borsa Italiana Equity ETFs BBG Ticker Turnover 1 Lyxor ETF XBear FTSE/MIB XBRMIB IM 857.50 30.94 5 Lyxor ETF EuroMTS 5-7Y EM57 IM 49.12 6 ETFS All Commodities Dow Jones UBSCI SM AIGCP FP 0.20 ETFS Daily Short Natural Gas SNGA IM 17.99 Commodity ETPs BBG Ticker 1 Gold Bullion Securities GBS FP 63.46 9 Lyxor ETF MSCI Emerging Markets .38 2 Lyxor ETF Euro Cash LEONIA IM 68.04 79.34 4 Lyxor ETF EuroMTS Inflation Linked MTI FP 15.24 4 iShares Euro Corporate Bond IBCX IM 53.79 38.31 8 Lyxor ETF LevDAX DAXLEV IM 110.91 2 ETFS 3X Short JPY Long EUR JPE3 IM 10.16 4 Lyxor ETF T-REX TRX FP - 5 ETFS Coffee COFFP FP 3.50 7 iShares MSCI Emerging Markets IEEM IM 112.12 4 Lyxor ETF S&P 500 VIX FUTURE VIX IM 6.45 9 ETFS Silver SLVRP FP 0.23 10 iShares Euro Government Bond 1-3 10 iShares FTSE/MIB Commodity ETPs BBG Ticker 1 ETFS Daily Leveraged Natural Gas LNGA IM 51.56 8 ETFS Brent 1mnth Oil OILBP FP 0.40 COPAP FP 0.32 XAD1 IM 29.15 4 EasyETF S&P GSCI Ultra-Light Energy CUE FP 5.A LEM FP 218.71 8 Lyxor ETF Japan Topix JPN FP 126. Reuters.25 3 ETFS 3X Short USD Long EUR USE3 IM 9.37 3 iShares USD Treasury Bond 1-3 IBTS IM 67.12 5 Lyxor ETF MSCI Emerging Markets .37 AUE3 IM 1.57 31.78 2 Lyxor ETF CAC 40 CAC FP 3 Lyxor ETF Leverage CAC 40 4 | ETPs | Europe | Fixed Income ETFs BBG Ticker 1 Lyxor ETF Euro Cash CSH FP 22.21 5 ETFS 3X Long JPY Short EUR EJP3 IM 4.03 3 Lyxor ETF Commodities CRB Non-Energy CRN FP 8.40 10 ETFS Copper Turnover Turnover Turnover Source: Deutsche Bank.87 10 Amundi ETF Global Emerging Bond Markit iBoxx 10 Amundi ETF Euro STOXX 50 C50 FP Turnover Other AGEB FP BBG Ticker 5.04 6 Lyxor ETF Euro Corporate Bond CRP FP 13.12 9 Amundi ETF Topix Eur Hedged Daily TPXH FP 88.90 28.99 7 iShares Barclays Capital Emerging Market Local Govt Bond SEML IM 39.24 9 Lyxor ETF Daily Double Short BTP BTP2S IM 28. Bloomberg Finance LP.59 iShares Euro STOXX 50 EUE IM 171.28 8 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO IM 2.91 7 ETFS Gold BULLP FP 0.03 6 Lyxor ETF LevDAX LVD FP 151.32 Source: Deutsche Bank.34 2 ETFS Physical Gold PHAU IM 51.61 Lyxor ETF XBear CAC 40 BX4 FP 326.79 1 Lyxor ETF S&P 500 VIX FUTURE LVOL FP 1.83 6 ETFS 3X Short CHF Long EUR CHE3 IM 4.94 3 Lyxor ETF SGI Daily Double Short Bund ETF DSB FP 16.91 2 Lyxor ETF Commodities CRB CRB FP 13.58 IMIB IM 88.63 8 iShares JPMorgan USD Emerging Markets Bond Fund IEMB IM 30.95 6 iShares S&P 500 Index Fund (IUSA) IUSA IM 130. Page 52 Deutsche Bank AG/London .01 iShares MSCI Japan Monthly EUR Hedged IJPE IM 206.89 40.21 Other BBG Ticker 1 ETFS 3X Long USD Short EUR EUS3 IM 17.74 9 db x-trackers Currency Returns UCITS ETF LCFE IM 17.A EMKT IM 93.81 2 db x-trackers II Fed Funds Effective Rate TR Index UCITS ETF XFF FP 18.17 ETFS Daily Leveraged Wheat LWEA IM 22.74 2 Lyxor ETF Unleveraged S&P 500 Vix Fut Enhanced Roll ULVO FP 1.28 9 Lyxor ETF EuroMTS Global MTX FP 7. Bloomberg Finance LP.79 7 Lyxor ETF S&P 500 VIX Futures Enhanced Roll D-EUR LVO IM 3.16 3 ETFS Daily Short Gold SBUL IM 4 ETFS Daily Leveraged Silver LSIL IM 5 ETFS Daily Leveraged Crude Oil LOIL IM 6 Gold Bullion Securities GBS IM 7 db Physical Gold Euro Hedged ETC 8 9 69.45 8 Amundi ETF Government Bond EuroMTS Broad CB3 FP 7.10 June 2013 Europe Monthly ETF Market Review Figure 88: Top 10 ETPs by Turnover (€ million) – NYSE Euronext Paris Equity ETFs BBG Ticker 1 Lyxor ETF Euro STOXX 50 MSE FP 434.71 7 Amundi ETF Euro Corporates CC4 FP 7. Reuters.47 10 ETFS 3X Short AUD Long EUR 10 ETFS Daily Leveraged Coffee Turnover IBGS IM Turnover Turnover XCCR IM 1.16 6 iShares Markit iBoxx Euro High Yield IHYG IM 49.31 7 Lyxor ETF DAX DAX FP 141.00 ETFMIB IM 507.27 5 Lyxor ETF EuroMTS 7-10Y MTD FP 14.

63 1 XACT Sweden REPO XACTREPO SS 3.73 6 XACT OMXSB XACTSBX SS 36.87 1 iShares Barclays Euro Corporate Bond IEAC NA 67.39 7 iShares Euro Government Bond 15-30 IBGL NA 9. Reuters.10 June 2013 Europe Monthly ETF Market Review Figure 90: Top 10 ETPs by Turnover (€ million) – Stockholmborsen & NYSE Euronext Amsterdam | ETPs | Europe | Stockholmborsen Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker 1 XACT OMXS30 XACTOMX SS 273.80 8 iShares AEX Tracker IAEX NA 36.91 7 iShares MSCI AC Far East ex-Japan IFFF NA 43.63 3 iShares Euro Corporate Bond IBCX NA 26.57 3 iShares MSCI Emerging Markets IEMM NA 94.59 4 iShares Barclays Euro Aggregate Bond IEAG NA 26. Deutsche Bank AG/London Page 53 .11 6 iShares Euro Covered Bond ICOV NA 13.11 4 XACT Bear XACBEAR SS 57.33 9 iShares FTSE EPRA European Property Index Fund IPRP NA 36.69 8 iShares Euro Government Bond 7-10 IBGM NA 9.13 5 iShares Euro Inflation Linked Bond IBCI NA 13.71 2 XACT Sweden All Bond XACTOBLI SS 1.44 10 iShares Barclays Government Bond 5-7 IEGY NA 5.21 9 iShares Euro Government Bond 1-3 IBGS NA 8.38 2 iShares Euro STOXX 50 EUEA NA 110.94 6 iShares MSCI Japan IJPN NA 75.57 9 SpotR Bull OMXS30 SPBULOMX SS 11.22 5 XACT Bull XACBULL SS 54.54 2 XACT Bull 2 XABULL2 SS 234.87 2 iShares Euro Government Bond 3-5 IBGX NA 29. Bloomberg Finance LP.93 4 iShares S&P 500 Index Fund (IUSA) IUSA NA 91.90 7 SpotR OMXS30 SPOTROMX SS 27.19 8 XACT VINX30 XACTVINX SS 11.50 XACTNORD SS 8.44 3 XACT Bear 2 XABEAR2 SS 148.87 IWDP NA 34.88 10 iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund Turnover Turnover Source: Deutsche Bank.50 5 iShares MSCI Europe IMEU NA 88.49 10 XACT Nordic 120 Turnover Turnover NYSE Euronext Amsterdam Equity ETFs BBG Ticker Fixed Income ETFs BBG Ticker 1 iShares MSCI World IWRD NA 150.

9% 0.0% 11 0.6% 851 2.0% 0 140 0.4% 137 0. Bloomberg Finance LP.5% 1.469 8.100 16.4% 5. Reuters.187 24. Figure 92: European on-exchange ETC trading ranking by exchange (€ million) Summary | ETCs | Europe | Market Share % May-13 3.0% 7.0% Jan-13 Market Share % Feb-13 Market Share % Mar-13 Market Share % Apr-13 2.0% 41.403 15.894 100.543 38.0% 37.1% 0.752 11.8% 10.617 13.3% 4.876 15.627 15.2% 5.0% 5.933 13.9% 6.0% 21 0.235 3.1% 1.876 7.8% 6.0% 0.1% 2.2% Amsterdam 1.736 614 1.3% 77 0.9% 387 0.2% 3.8% 5.035 26.231 24.1% 15.585 40. Bloomberg Finance LP.7% 0.061 15.0% 5 0.6% 5.5% 742 1.9% 4.7% 6.159 3.4% 4.689 14.0% 3 0.3% 85 0.5% 4.0% 6.0% 0 0.4% 3.406 10.895 9.3% 667 1.3% 6.10 June 2013 Europe Monthly ETF Market Review 8.3% Source: Deutsche Bank.806 13.0% 0.4% 114 0.335 100.316 3.0% 3 0.1% 16.0% 3.8% 312 0.0% 11 0.2% 1.7% 899 2.1% 472 1.366 3.244 7.1% BME 126 0.051 2.0% 3 0.883 26.491 13.821 12.5% 11.079 14.2% 0.1% 19 0.0% 3 0.3% 3.952 7.8% 318 0.4% 3.969 18.1% 37 0.3% 5.059 14.7% 593 1.548 13.6% 4.3% -1.3% 9.3% 111 Market Share % YTD growth LSE London SE Borsa Italiana Deutche Boerse Deutsche Borse NYSE Euronext Amsterdam NYSE Euronext Brussels Others Total 19 0.1% 14 0. Page 54 Deutsche Bank AG/London .243 10.922 22.3% 1.916 28.4% 2.049 100.0% 15 0.1% 0.3% 0.4% 529 1.3% 160 0.657 25.739 8.0% 6.533 12. European ETF Exchanges Figure 91: European on-exchange ETF trading ranking by exchange (€ million) Summary | ETFs | Europe | Jan-13 Market Share % Feb-13 Market Share % Mar-13 Market Share % Apr-13 Market Share % May-13 Market Share % YTD growth 11.7% -0.1% 40 0.0% 41.0% 13 0.1% 16.2% 11.1% 37 0.3% -0.1% 13 0.0% 2 0.0% 2.1% 14.991 42.5% 554 1.336 3.0% 0.9% Paris 4. Reuters.6% 2.1% 1.1% -0.0% 0.1% 34 0.264 6.9% 5.4% 0.1% 4.2% 0.091 12.150 2.0% 43.398 14.1% 21 0.8% 1.0% Borsa Italiana NYSE Euronext Lisbon Brussels Swiss SE 6 0.2% -1.1% Stockholmborsen 764 1.3% 9.932 28.5% Deutche Boerse Deutsche Borse LSE London SE 10.594 42.4% 0.9% 10.197 27.0% 2 0.9% 9.368 100.3% -0.906 39.0% 2 0.1% 10.0% 5 0.4% 539 1.0% 0.0% 17.690 6.5% 1.5% -0.177 100.5% 7.9% 312 0.702 13.356 14.373 26.393 9.0% 38.3% 124 0.0% Others Total Source: Deutsche Bank.4% 547 1.365 11.4% 6.1% Oslo Bors 336 0.0% 0.491 9.2% 121 0.0% 0.2% 5.0% 0.309 3.2% 1.9% 21 0 0.0% 5.0% 0 0.0% 0 0.

1 80.6 110.8 556.244.0 488.2 0.5 127.474.9 392.3% 354.0 1.1 1.0 11.7 23.3% Livestock 5.466 28.3% Currency 75.055.984.6 5.928 158.0 0.142 13.0 11.2 15.1% 393.8 71.920.185 69 29.0 395.2 41.3 293.9 0.4 3.2 69.2 8.9 855.0 0.784.9 39.3 108.8 2.0 0.0 0.0 38.115 17.861 4.099.499.1 56.9% Commodity 0.6 0.4 0.879 100% Total Other 0.0 398.299.2 3.9% Global Markets Sector Capitalization 609.0 0.7 10.521.8 1.262.3 2.5 346.5 67.4 146.5 11.1 1.339.560.6 0.8 198.0 0.8 2.5 419.0 0.5 0.1 2.1 0.572.0 0.8 76.0 1.7 3.1 7.0 0.3 5.872 6.1 0.9 21.1 0.6 479.246 1.358.0 786.7 2.545 552 2.2% 561.9% Strategy 3.1 0.748.519.5 0.0 631.2 961.5 40.662 119 9.0 0.0 21.448.0% Style 1.3 1.3% 115.4% 1.585 33 31.5 1.7 0.5 0.1 660.6 2.3 8.6 196.7 2.538.9 1.071 14.2 0.7 13.914.319.0 24.9% Thematic Total Fixed Income Overall 125.3 0.9 72.3 4.0 110.7 0.7 2.719.6% Energy 212.7% Total 7.595.6 31.8 117.7 0.4 304.8 1.6 0.9% Covered Bonds 546.3% Credit Exposure 126.0 1.5% Precious Metals 3.526 5.4 108.0 752.1 0.871.9 872.9 1.1 0.4 179.7 44.3 10.4 1.7 728.015. Reuters.0 1.5 1.6 269.558.0 629.0 198.0 20.8 6.402.648 30.5 0.244 68.1% 4.5 2.8 895.6 2.5 0.205.212.0 22.5 0. Deutsche Bank AG/London Page 55 .1 0.2 353.0 14.0% 4.882.035.7 205.2 0.1 3.0 22.9% Industrial Metals 110.1 127.379.0% Alternative Grand Total * Total turnover year to date (not daily average) Source: Deutsche Bank.8 11.395 24.100.8 641.0% Overall Agriculture 126.4 8.567.737.6 71.5 90.6 335.9 0.7 11.512.180.0 2.9 519.8 5.7 9.617.685 4.315.169.558.5 177.2% 3.768.6 15.869.031.7 90.230 1.030 220.0 9.395.646 5.3 5. Bloomberg Finance LP.8 0.7 457.5 13.1 10.8 8.6% 55.0 6.1 0.795.4 0.7 32.512 1.0% Total 226 642 39 317 2 72 - 1.0 30.0 2.2 924.966.034.4 0.805 39.417.4 14.319.9% Corporates Sovereign Money Market 624.8 807.195 23.378.0 0.8 0.8 103.0 159.7 93.9 6.094 26.0% Emerging Markets 4.0 1.0 1.8 686.502.749.937.4 24.2 0.9 3.2 7.0 0.0 17.6 0.9 0.10 June 2013 Europe Monthly ETF Market Review Figure 93: Total ETP on-exchange Turnover by asset class and by exchange Deutsche Borse London SE NYSE Euronext Paris NYSE Euronext Amsterdam Borsa Italiana | ETPs | Europe | Swiss SE Stockholm Borsen Total Turnover (€ million) Total Turnover* Mkt Share % Equity Developed Markets 28.0 260.8 2.3 9.4 1.6% 43.0 11.3% Multi Asset 35.7 11.691.

034 755 802 Fixed income Equity 54.962 5.604 5.147 180.515 798 0 0 26.330 928 0 0 21.645 0 0 0 2.944 110 0 0 0 110 110 0 0 0 110 106 0 0 0 Multi Asset 0 0 0 148 148 0 0 0 144 144 0 0 0 129 129 Alternative 0 6 198 756 960 0 6 190 789 986 0 6 209 839 1.884 25.964 964 2.062 55. Reuters.895 1.890 184.533 4.982 21.068 887 190.800 0 0 737 125.862 1.266 3.645 206 3.011 867 186.820 Global Markets Sector Capitalization Strategy 690 114.159 166.600 3.688 1.600 3.037 964 2.890 0 0 0 1.147 1.040 58.125 3.578 20.293 2.159 166.532 5.767 58.869 1. Bloomberg Finance LP.831 290.034 755 111 4.147 180. Reuters.761 26.148 Total ETCs Commodity Currency Total Total ETPs Source: Deutsche Bank.257 22.895 0 0 0 1.593 1.229 0 0 0 3.135 0 0 750 129.875 0 0 0 1.911 0 0 0 6.660 3.568 267.126 52.055 259.088 35 4. Bloomberg Finance LP.389 28.593 4.10 June 2013 Europe Monthly ETF Market Review 9.229 11.287 244.152 106 Currency 171.568 290.021 2 0 0 20.520 3.280 9.922 5.756 5 0 0 21.660 0 0 0 3.217 0 0 0 11.217 10.640 25.880 760 0 0 22.068 887 190.124 0 0 1 3.160 0 2.101 0 0 0 9. Assets ETP Monthly AUM Analysis by Asset Class Figure 94: AUM by asset class and instrument (€ million) | ETPs | Europe | May-13 Asset Class Beta Apr-13 Semiactive Beta+ Alpha Total Beta End of 2012 Semiactive Beta+ Alpha Total Beta Semiactive Beta+ Alpha Total ETFs 184.593 1.615 280.570 279.936 Style 9.884 124.593 1.985 1.795 0 0 0 10.000 884 0 0 22.708 279.795 9.133 18 0 0 26.201 3.266 3.761 1.280 0 0 0 9.831 269.631 0 0 0 3.068 135 5.875 1.170 270.198 783 0 0 20.353 4.353 4.944 Total Equities Source: Deutsche Bank.445 0 0 0 3.700 0 0 Emerging Markets 25.839 28.293 0 0 0 3.193 Commodity 20.764 26.911 Thematic 1.201 3.023 21.520 3.762 1.011 867 186.451 257.370 978 0 845 54. Page 56 Deutsche Bank AG/London .212 0 1. Asset Class Analysis Figure 95: European Equity ETF AUM summary (€ million) | ETFs | Europe | May-13 Equity AUM Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Beta+ Semiactive Alpha Total Developed Markets 129.820 0 0 0 9.838 0 0 1 26.445 3.615 253.631 3.101 6.537 113.034 755 802 171.002 186 3.762 1.313 131 144 0 0 275 119 124 0 0 244 127 130 0 0 257 20.642 927 0 0 26.762 1.763 0 0 1 25.011 130 5.

A (€ million) | ETFs | Europe | May-13 Equity AUM Beta Sector Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Beta+ Semiactive Alpha Total 11.217 0 0 0 11.068 135 5.593 1.286 0 0 9.152 21.167 Growth 273 0 0 0 273 406 0 0 0 406 337 0 0 0 337 Value 654 0 0 0 654 583 0 0 0 583 407 0 0 0 407 Thematic 1.071 0 0 0 2.101 6.354 0 0 0 8.014 35 0 530 72 637 1.890 0 0 0 1.043 3. Reuters.943 1.217 10.293 2.911 0 0 0 6.034 755 111 26.080 0 0 1.080 0 986 0 0 986 0 1.078 Options Strategy 0 0 0 37 37 0 0 0 35 35 0 0 0 39 39 200 0 765 98 1.895 1.670 0 0 1.445 3.361 0 0 1.616 0 1.280 0 0 0 9.875 1.645 Large Cap 563 0 0 0 563 564 0 0 0 564 553 0 0 0 553 Mid Cap 810 0 0 0 810 787 0 0 0 787 626 0 0 0 626 2.071 1.466 4.250 3.593 1.011 130 5.875 0 0 0 1.201 Source: Deutsche Bank.690 0 0 0 5. Deutsche Bank AG/London Page 57 .879 0 0 0 4.943 0 0 0 1.820 0 0 0 9.068 135 30.088 35 4.160 0 1.293 0 0 0 3.670 Leveraged Short 0 1.616 0 0 1.795 0 0 0 10.645 0 0 0 2.145 0 0 0 1.354 8.936 Capitalization Small Cap Strategy 206 3.300 4.10 June 2013 Europe Monthly ETF Market Review Figure 95A: European Equity ETF AUM summary . Bloomberg Finance LP.152 0 1.361 0 1.112 6.839 25.690 5.112 0 0 0 8.820 Consumer discretionary 423 0 0 0 423 358 0 0 0 358 411 0 0 0 411 Consumer staples 909 0 0 0 909 988 0 0 0 988 787 0 0 0 787 Energy 628 0 0 0 628 581 0 0 0 581 679 0 0 0 679 Financials 5.167 0 0 0 6.890 Commodities 438 0 0 0 438 432 0 0 0 432 591 0 0 0 591 Faith 130 0 0 0 130 135 0 0 0 135 134 0 0 0 134 Other Theme 603 0 0 0 603 620 0 0 0 620 561 0 0 0 561 Sustainability Total 725 0 0 0 725 688 0 0 0 688 604 0 0 0 604 26.101 0 0 0 9.286 Quantitative Short Style Dividend 0 1.160 0 0 1.063 179 0 740 94 1.911 8.002 186 3.152 0 0 1.879 Healthcare 1.366 0 0 0 5.466 0 0 0 1.210 0 0 0 1.034 755 111 Fundamental 6 0 303 0 309 6 0 271 0 277 0 0 226 0 226 Leveraged Long 0 1.011 130 30.895 0 0 0 1.366 4.762 1.078 0 0 1.210 1.445 0 0 0 3.795 9.145 743 0 0 0 743 Industrials 478 0 0 0 478 446 0 0 0 446 329 0 0 0 329 Information Technology 430 0 0 0 430 420 0 0 0 420 388 0 0 0 388 Materials 755 0 0 0 755 737 0 0 0 737 929 0 0 0 929 Telecommunications 305 0 0 0 305 346 0 0 0 346 367 0 0 0 367 Utilities 390 0 0 0 390 408 0 0 0 408 306 0 0 0 306 3.280 9.762 1.

454 0 0 0 1.579 0 0 0 25.760 0 0 0 1.711 0 0 0 23.045 0 0 737 33.379 UK 8.799 0 0 0 9.991 7.646 26. Page 58 Deutsche Bank AG/London .125 0 0 0 9.089 2.135 0 0 750 129.660 1.089 0 0 0 2.034 4.800 0 0 737 125.053 3.191 0 0 0 24.711 Greece 119 0 0 0 119 82 0 0 0 82 64 0 0 0 64 Ireland 24 0 0 0 24 23 0 0 0 23 19 0 0 0 19 1.659 Austria 115 0 0 0 115 114 0 0 0 114 117 0 0 0 117 Belgium 30 0 0 0 30 29 0 0 0 29 32 0 0 0 32 Finland 146 0 0 0 146 150 0 0 0 150 138 0 0 0 138 France 4.039 0 0 0 10.252 Switzerland 5.B (€ million) | ETFs | Europe | May-13 Equity AUM Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Beta+ Semiactive Alpha Total Developed Markets Europe 82.191 23.643 1.489 0 0 0 10.402 0 0 0 8.042 23.179 33.660 0 0 0 1.945 0 0 0 3.042 0 0 0 21.402 0 0 0 8.159 0 0 0 1.286 0 0 0 6.179 0 0 0 8.657 8.038 0 0 0 2.213 0 0 0 7.358 0 0 0 1.034 0 0 0 4.489 0 0 0 10.657 0 0 0 8.969 0 0 690 78.039 0 0 0 10.286 Australia 242 0 0 0 242 288 0 0 0 288 235 0 0 0 235 Hong Kong 167 0 0 0 167 162 0 0 0 162 185 0 0 0 185 7.574 18.643 0 0 0 1.038 1.579 0 0 0 8.829 22.945 25.574 0 0 0 22.390 1.252 0 0 0 1.423 0 0 750 83.213 4.159 Netherlands 476 0 0 0 476 459 0 0 0 459 418 0 0 0 418 Norway 208 0 0 0 208 218 0 0 0 218 234 0 0 0 234 Portugal 27 0 0 0 27 26 0 0 0 26 23 0 0 0 23 397 0 0 0 397 480 0 0 0 480 343 0 0 0 343 Germany Italy Spain Sweden 1.454 1.489 10.057 10.10 June 2013 Europe Monthly ETF Market Review Figure 95B: European Equity ETF AUM summary .799 9. Bloomberg Finance LP.695 0 0 0 18.039 8.108 0 0 0 6.804 Japan Singapore Asia Pacific broad Global Broad indices DM Total 9 0 0 0 9 8 0 0 0 8 6 0 0 0 6 1.829 0 0 0 23.884 124.537 113.298 0 0 0 1.991 0 0 0 7.804 0 0 0 4.173 80.402 129.136 21.379 0 0 0 5.057 0 0 0 1.235 77.358 1.423 25.489 10.956 0 0 690 33.760 Europe broad Americas US Canada North America Asia 9.390 0 0 0 1.782 32.390 33.389 Source: Deutsche Bank. Reuters.402 10.700 0 0 690 114.298 1.579 8.108 5.053 0 0 0 4.136 0 0 0 25.039 8.579 24.423 0 0 0 26.955 0 0 0 5.499 0 0 737 81.695 505 0 0 0 505 524 0 0 0 524 588 0 0 0 588 2.955 6.640 0 0 750 34.125 6.

051 11 0 0 0 11 8 0 0 0 8 5 0 0 0 5 Indonesia Bangladesh 145 0 0 0 145 143 0 0 0 143 128 0 0 0 128 Malaysia 114 0 0 0 114 108 0 0 0 108 89 0 0 0 89 Pakistan 15 0 0 0 15 13 0 0 0 13 9 0 0 0 9 Philippines 58 0 0 0 58 49 0 0 0 49 30 0 0 0 30 South Korea 759 0 0 0 759 714 0 0 0 714 801 0 0 0 801 Taiwan 470 0 0 0 470 425 0 0 0 425 429 0 0 0 429 Thailand 61 0 0 0 61 60 0 0 0 60 44 0 0 0 44 Vietnam 289 0 0 0 289 254 0 0 0 254 192 0 0 0 192 1.360 0 0 0 1.794 0 0 1 1.795 India 1.660 17. Reuters.329 0 0 0 Credit Exposure 265 164 0 0 429 284 243 0 0 527 281 184 0 0 465 29.520 0 0 1.253 Brazil 1.040 58.477 7.124 0 0 1 28.496 1. Bloomberg Finance LP.051 0 0 0 3.553 0 0 0 2.633 0 0 0 13.126 52.838 0 0 1 26.660 0 0 0 18.224 0 0 0 2.363 1.553 3.310 2.376 141.238 0 0 0 3.213 3.555 0 0 0 12.410 1.479 18.070 1.897 0 0 751 155.310 0 0 0 17.281 0 0 0 1.054 Global 12.281 1.054 0 0 0 14.324 1.461 0 0 0 1.151 3.555 13.658 Kuwait 16 0 0 0 16 13 0 0 0 13 12 0 0 0 12 Poland 98 0 0 0 98 37 0 0 0 37 34 0 0 0 34 111 0 0 0 111 110 0 0 0 110 187 0 0 0 187 Asia Pacific broad EMEA South Africa Turkey 532 0 0 0 532 542 0 0 0 542 493 0 0 0 493 Europe broad 586 0 0 0 586 599 0 0 0 599 788 0 0 0 788 Middle East & Africa 117 0 0 0 117 120 0 0 0 120 144 0 0 0 144 12.202 0 0 0 3.554 0 0 1 1.522 Russia 1.864 3.129 18.767 58.441 China 3.582 0 0 0 2. Bloomberg Finance LP.633 0 0 0 13.002 0 0 0 3.125 154.384 1.228 1.10 June 2013 Europe Monthly ETF Market Review Figure 95C: European Equity ETF AUM summary .839 28.054 0 0 0 14.054 EM Total 25.153 1.147 1.862 1.630 0 0 1 7.514 Global Markets Total (EM + DM) Source: Deutsche Bank.193 Source: Deutsche Bank.224 2.421 1.153 0 0 0 1.109 0 0 0 1.584 969 0 145 30. Figure 96: European Fixed Income ETF AUM summary (€ million) | ETFs | Europe | May-13 Fixed Income AUM Overall Corporates Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Beta+ Semiactive Alpha Total 1.555 13.324 0 0 0 1.329 Covered Bonds 2.410 0 0 0 1.070 0 0 0 1.562 2.649 151.002 3. Deutsche Bank AG/London Page 59 .582 2.562 0 0 0 2.504 0 0 1.441 0 0 0 1.721 Sovereign Money Market 2.212 0 1.623 3.160 0 2.202 3.965 29.475 0 0 1 7.062 55.461 1.127 1.C (€ million) | ETFs | Europe | May-13 Equity AUM Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Semiactive Beta+ Alpha Total Emerging Markets BRIC 7.633 14.421 0 0 0 1.658 0 0 0 1.213 0 0 0 3. Reuters.633 14.638 0 0 738 152.479 0 0 0 18.496 0 0 0 3.109 37 0 0 0 37 39 0 0 0 39 40 0 0 0 40 160 0 0 0 160 173 0 0 0 173 130 0 0 0 130 Latin America Chile Mexico LATAM broad Asia 873 0 0 0 873 941 0 0 0 941 939 0 0 0 939 3.252 0 0 1 8.539 1.238 Total Fixed Income 54.631 8.912 794 0 16 28.360 1.515 1.363 0 0 0 1.555 1.514 0 0 1 1.763 0 0 1 25.539 0 0 0 1.370 978 0 845 54.823 0 0 691 142.522 0 0 0 1.228 0 0 0 1.151 0 0 0 3.697 27.301 0 0 829 2.555 0 0 0 12.793 996 0 176 30.764 26.

093 715 6 0 0 721 648 6 0 0 653 729 7 0 0 736 Cocoa 6 5 0 0 11 7 7 0 0 14 5 4 0 0 10 Coffee 37 21 0 0 58 39 19 0 0 58 22 15 0 0 37 Overall ex Energy Overall Light Energy Overall Ultra Light Energy Agriculture Overall 89 Corn 40 4 0 0 44 30 4 0 0 34 25 9 0 0 34 Cotton 20 4 0 0 23 22 4 0 0 26 20 6 0 0 27 Grains 89 1 0 0 90 90 1 0 0 90 43 2 0 0 45 Softs 9 0 0 0 10 10 0 0 0 11 11 1 0 0 12 Soybean Oil 3 1 0 0 4 3 1 0 0 4 4 1 0 0 5 22 3 0 0 25 19 3 0 0 22 50 4 0 0 54 49 Soybeans Sugar 26 17 0 0 43 25 17 0 0 42 32 16 0 0 Wheat 56 31 0 0 87 56 28 0 0 84 58 26 0 0 84 Energy 1.464 Total Source: Deutsche Bank.005 43.923 31046 119 0 0 31.202 1234 6 0 0 1.403 184 0 0 1.025 14 Crude Oil 11 1 0 0 11 12 1 0 0 12 12 2 0 0 Heating Oil Gasoline 5 1 0 0 6 6 1 0 0 7 7 1 0 0 8 Natural Gas 131 91 0 0 222 150 108 0 0 258 151 119 0 0 271 1 Electricity 1 0 0 0 1 1 0 0 0 1 1 0 0 0 Uranium 6 0 0 0 6 6 0 0 0 6 6 0 0 0 6 Industrial Metals 800 223 0 0 1.922 3372 132 0 0 3.339 43.067 4211 11 0 0 4.063 Overall 408 29 0 0 437 386 29 0 0 415 446 27 0 0 473 39 7 0 0 45 37 6 0 0 43 37 6 0 0 43 287 174 0 0 461 290 141 0 0 431 361 92 0 0 454 Aluminium Copper Lead 1 1 0 0 3 1 1 0 0 3 1 2 0 0 3 Nickel 43 4 0 0 46 44 16 0 0 60 43 3 0 0 46 20 Tin 4 2 0 0 6 4 2 0 0 5 18 2 0 0 Zinc 18 6 0 0 25 18 3 0 0 21 21 3 0 0 24 32.10 June 2013 Europe Monthly ETF Market Review Figure 97: European Commodity ETP AUM summary (€ million) | ETPs | Europe | May-13 Commodity AUM Beta Beta+ Semiactive Apr-13 Alpha Total Beta Beta+ Semiactive End of 2012 Alpha Total Beta Beta+ Semiactive Alpha Total Overall 4.116 860 112 0 0 972 884 141 0 0 1.712 2809 113 0 0 2.222 4497 35 0 0 4.505 20 3 0 0 23 22 3 0 0 25 37 3 0 0 40 8 0 0 0 8 8 0 0 0 8 21 1 0 0 21 Cattle 4 0 0 0 5 5 1 0 0 6 5 1 0 0 6 Lean Hogs 8 2 0 0 10 9 2 0 0 10 11 2 0 0 12 40.022 779 199 0 0 978 927 136 0 0 1. Reuters.636 764 0 0 44.846 Overall 4057 11 0 0 4.240 1257 7 0 0 1. Bloomberg Finance LP.506 11 0 0 4.901 36. Page 60 Deutsche Bank AG/London .165 37961 141 0 0 38.546 Overall 223 1 0 0 224 247 1 0 0 248 219 1 0 0 221 Carbon 1 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1026 90 0 0 1.517 4.347 11 0 0 4.219 785 0 0 41.586 1.358 4.102 Palladium 797 0 0 0 797 720 0 0 0 720 658 0 0 0 658 Platinum 1197 5 0 0 1.627 274 0 0 32.504 1.591 284 0 0 43.100 239 0 0 36.023 91 0 0 1.876 Precious Metals Overall Gold 203 1 0 0 204 227 1 0 0 228 300 4 0 0 305 27774 149 0 0 27.001 92 0 0 1.039 1.648 815 0 0 52.532 227 0 0 0 227 231 0 0 0 231 225 0 0 0 225 64 0 0 0 64 63 0 0 0 63 89 0 0 0 0 0 0 0 - 0 0 0 0 - 0 0 0 0 - 1.264 Rhodium Silver Livestock Overall 62 0 0 0 62 65 0 0 0 65 43 0 0 0 43 2593 118 0 0 2.401 51.282 264 0 0 1.114 949 90 0 0 1.810 36 0 0 4.282 222 0 0 1.

669.6 2.651.3 1.588.7 980.871.647. Deutsche Bank AG/London Page 61 .1 1.3 PIMCO US Dollar Enhanced Short Maturity Source ETF MINT LN Source Alpha 956.9 3.9 3.102.8 db x-trackers DAX UCITS ETF XDAX GR Deutsche Bank AG Beta 7.8 795.8 iShares S&P 500 Index Fund (IUSA) IUSA LN BlackRock Beta 9.7 1.031.8 985.852.341.095.5 835.680.863.464.017. Month AUM 2012 AUM ETF Name BBG Ticker Issuer iShares DAX (DE) DAXEX GR BlackRock Beta 14.4 1.594.5 db x-trackers Euro STOXX 50 UCITS ETF 1D XESX GR Deutsche Bank AG Beta 2.1 iShares FTSE GILTS UK 0-5 IGLS LN BlackRock Beta 941.046.412.200.373.875.153.252.136.1 2.8 1.3 3.2 iShares Barclays Capital Emerging Market Local Govt Bond SEML LN Blackrock Beta 814.815.6 456.852.0 1.063.018.5 iShares GBP Index-Linked Gilts INXG LN BlackRock Beta 1.7 2.0 721.810.8 2.2 db x-trackers II iBoxx Global Inflation-Linked TR Index UCITS ETF XGIN GR Deutsche Bank AG Beta 845.147.rexx Jumbo Pfandbriefe (DE) R1JKEX GR BlackRock Beta 1.476.827.801.10 June 2013 Europe Monthly ETF Market Review Product Rankings Figure 98: Top 20 Products by AUM – Equity ETFs (€ million) | ETFs | Europe | Invest.212.1 1.743.8 2.126.5 822.9 2.9 iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund IWDP LN BlackRock Beta 2.3 2.8 Lyxor ETF Euro STOXX 50 MSE FP Lyxor Beta 4.9 1.5 4.7 db x-trackers MSCI World TRN Index UCITS ETF XMWO GR Deutsche Bank AG Beta 2.2 2. Bloomberg Finance LP.215.0 1.659. Bloomberg Finance LP.015.017.599.1 Source: Deutsche Bank.7 1.8 CS ETF (CH) on SMI CSSMI SW Credit Suisse AM Beta 2.0 5.4 492.2 iShares GBP Corporate Bond SLXX LN BlackRock Beta 1.074.7 734.5 (DE) RXP1EX GR BlackRock Beta 963. Strategy Current Month AUM Prev.6 301.7 8.793.0 1.3 iShares STOXX 600 (DE) SXXPIEX GR BlackRock Beta 2.8 1.792.4 924.9 2.4 1.315.2 Lyxor ETF CAC 40 CAC FP Lyxor Beta 2.467.348.2 iShares Euro Government Bond 3-5 IEGX LN BlackRock Beta 1.3 1.6 iShares Euro Government Bond 1-3 IBGS LN BlackRock Beta 824.4 iShares Barclays Euro CORP BD EX-FINANCE (EUR) EEXF LN BlackRock Beta 1.047.0 871.270.427.4 iShares MSCI Emerging Markets IEEM LN BlackRock Beta 4.6 1.5 1.3 1. Strategy Current Month AUM Prev.857.1 iShares FTSE 100 ISF LN BlackRock Beta 4.7 4.2 db x-trackers II EONIA TR Index UCITS ETF XEON GR Deutsche Bank AG Beta 1.8 1.776.461.219. Figure 99: Top 20 Products by AUM – Fixed Income ETFs (€ million) | ETFs | Europe | Invest.4 iShares USD Treasury Bond 1-3 IBTS LN BlackRock Beta 1.2 iShares MSCI Japan IJPN LN BlackRock Beta 2.4 1.9 iShares Euro STOXX 50 (DE) SX5EEX GR BlackRock Beta 3.5 iShares MSCI World IWRD LN BlackRock Beta 4.827.661.057.8 2.319.5 4.968.1 1.8 1.739.539.5 iShares FTSE All Stocks Gilt IGLT LN BlackRock Beta 909.510.752.9 887.718.5 1.6 iShares Markit iBoxx Euro High Yield IHYG LN BlackRock Beta 2.6 1.089.0 iShares eb.7 1.rexx Government Germany 1.7 1.9 4.4 973.0 2.7 db x-trackers MSCI Emerging Markets TRN Index UCITS ETF XMEM GR Deutsche Bank AG Beta 2.056.325.8 iShares MSCI North America INAA LN BlackRock Beta 1.135.0 13.233.7 4. Reuters.3 3.2 iShares eb.7 13. Month AUM 2012 AUM ETF Name BBG Ticker Issuer iShares Euro Corporate Bond IBCS GR BlackRock Beta 3.4 iShares MSCI Europe IMEU LN BlackRock Beta 1.9 871.954.7 4.3 1.968.271.189.692.311.949.6 795.114.418.159.255.0 2.652.746.6 iShares MSCI AC Far East ex-Japan IFFF LN BlackRock Beta 1.6 iShares Euro STOXX 50 EUNE SW BlackRock Beta 4.056. Reuters.308.5 1.6 iShares JPMorgan USD Emerging Markets Bond SEMB LN BlackRock Beta 1.862.0 Source: Deutsche Bank.3 2.711.0 5.534.2 4.0 9.5-2.9 iShares Barclays Euro Corporate Bond IEBC LN BlackRock Beta 2.3 2.133.393.619.768.3 1.184.3 1.8 7.558.2 536.0 iShares USD Corporate Bond LQDE LN BlackRock Beta 1.4 3.6 6.273.661.2 PIMCO Euro Enhanced Short Maturity Source ETF PJS1 GR Source Alpha 831.104.

7 Source: Deutsche Bank. Page 62 Deutsche Bank AG/London .8 5.0 1.412.8 Gold Bullion Securities GBS LN ETF Securities Ltd Beta 4.064.8 690.224.074.4 3.5 2.6 UBS-IS Gold ETF (USD) A AUUSA SW UBS Beta 410.035.7 2.669. Strategy Current Month AUM Prev.7 497.031.6 2.620.011.5 499.9 EasyETF S&P GSCI Capped Commodity 35/20 GSCIEUR GR BNP Paribas Beta 394.OY Balanced UCITS ETF XDBC GR Deutsche Bank AG Beta 951.544.2 CS ETF II (CH) on Gold CSGOLD SW Credit Suisse AM Beta 914.6 1.4 402.5 935.8 1.841.097.3 598.3 951.6 5.5 ETFS Physical Platinum PHPT LN ETF Securities Ltd Beta 428.5 474.9 481.2 CS ETF II (CH) on Gold .8 db Physical Gold ETC XGLD LN Deutsche Bank AG Beta 387.646.6 518. Month AUM 2012 AUM ETP Name BBG Ticker Issuer ZKB Gold ETF ZGLD SW Zuercher Kantonalbank Beta 7.8 428.6 ZKB Silver ETF ZSIL SW Zuercher Kantonalbank Beta 1. Reuters.1 XETRA-Gold XAUEUR Deutsche Borse Commodities GmbH Beta 1.7 db x-trackers DBLCI .9 2.2 4.10 June 2013 Europe Monthly ETF Market Review Figure 100: Top 20 Products by AUM – Commodity ETPs (€ million) | ETPs | Europe | Invest.6 600.0 Lyxor ETF Commodities CRB CRB FP Lyxor Beta 769.4 412.397.9 1.8 746.3 iShares Dow Jones UBS Commodity Swap (DE) DJCOMEX GR BlackRock Beta 461.361.120.Hedged CHF CSGLDC SW Credit Suisse AM Beta 464.6 ETFS Physical Gold PHAU LN ETF Securities Ltd Beta 4.9 386.A (USD listing) JBGOUA SW Julius Baer Inv Beta 3.4 523.050.407.3 Source Physical Gold ETC (P-ETC) SGLD LN Source Beta 2.0 db Physical Gold Euro Hedged ETC XAD1 GR Deutsche Bank AG Beta 847.798.6 Julius Baer Physical Gold Fund .8 6.0 4.543.736.4 UBS-IS Gold (CHF) Hedged ETF A AUCHAH SW UBS Beta 630.0 535.213.779.1 310.983.3 841.6 996.4 ZKB Platinum ETF ZPLA SW Zuercher Kantonalbank Beta 395. Bloomberg Finance LP.4 1.0 7.446.1 508.0 1.5 9.8 ETFS Physical Silver PHAG LN ETF Securities Ltd Beta 460.2 401.

283 6.03% 214.93% 17.625 209.680 0.246 9.97% 17.040 3.144 17.44% 10.334 2.42% 440.54% 2.033 (NITE) KNIGHT SECURITIES.089 6 (MSCO) MORGAN STANLEY 50.15% 16.567 10. Source: Deutsche Bank.98% 192.20% 15.363 (CANT) CANTOR FITZGERALD L.22% 664.85% 15.52% 1. INC. These numbers may be different from actual volume traded.86% 66. L.074 0.69% 142.270 12 (JPM) JP MORGAN 26.110 17. 71.621 5 (GSHT) GOLDMAN.657 0.32% 640 144 0.88% 15.27% Total 893.970.411 13 (SUSQ) SUSQUEHANNA INTERNATIO 19.227 10. SACHS & CO.881 10.621 (UBS) UBS INVESTMENT BANK 1.683 Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg.67% 8.68% 64.22% 2.33% 192.078 0.837 3.39% 47.568 694.P 1.48% 2.990 12.270 (INCA) INSTINET 427 2.383 10 (INCA) INSTINET 27.232 Total 677 4.75% 57.625 3.676 11.P. L.665 203 0.60% 714 514 0.78% 328.15% 15.67% 70.282 2. 87 0.46% 11.089 (GSHT) GOLDMAN.02% 79.685 (BTIG) BTIG LLC 47 0.370 (WBET) WALLACHBETH CAPITAL LL 88 0. SACHS & CO.149 183.79% 49.42% 57.525 1.P 108.348 7.84% 20.74% 837.383 (DBAB) DEUTSCHE BANK SECURITI 564 3.838 4 (UBS) UBS INVESTMENT BANK 92.457. 80 0. Page 63 .519 1.068 12.41% 19 (GFIG) GFI GROUP INC.252 3.408 3 (CSFB) CREDIT SUISSE 107.40% 5.32% 43.110 319 0.61% 102.418 20 (BTIG) BTIG LLC 3..162 239.751 3.211 12.39% 16.183 0.09% 20.032 6.995 3.48% 202.655 9 (DBAB) DEUTSCHE BANK SECURITI 34.786 8.149 123.099 8 (CITI) CITIGROUP GLOBAL MARKE 37.655 (CITI) CITIGROUP GLOBAL MARKE 645 4.57% 3.524 87.01% 20.131 4.751 100.553 18.23% 49.24% 65.326 0.793 336.432 148.370 17 (CANT) CANTOR FITZGERALD L.74% 47.746 14 (BNPP) BNP PARIBAS SECURITIES 15.50% 714 22.72% 3.462 0.48% 10.32% 70.818 26.818 443 0.25% 42 0.00% 784.03% 38.520 8.867 65.467 16 (WBET) WALLACHBETH CAPITAL LL 4.571 5.819 4.411 (FCM) FIDELITY CAPITAL MARKET 509 3.282 145.91% 79.P.159 2.228 1.29% 11.838 (CSFB) CREDIT SUISSE 1.363 28.107 2.083 0.31% 49.238 1. 4.00% 2.954 2.696 14.077 7.62% 14.910 100.304 12.398 16.685 Other 39.786 485.780 2.793 5.532 2.322 3.76% 3.519 89.101 7.162 3.00% 3.00% 784.865 12.652 15 (JEFF) JEFFERIES & CO.553 271 0.US ETP Broker Rankings Figure 101: Top 20 US ETF Brokers | ETFs | US | Value Trade Summary Volume Trade Summary May-13 Rank Broker Advertised value ($ million) Market Share YTD Advertised Trades Advertised value ($ million) Market Share May-13 Advertised Trades Broker Advertised volume (million) YTD Market Share Advertised Trades Advertised volume (million) Market Share Advertised Trades 202.604 3.677 1 (MLCO) MERRILL LYNCH 168.46% 87.193 5.299 199.46% 38. 4.457. 4.256 2.70% 65.83% 87.426 3.86% 43.254 1.755 3.886 12.254 90.90% 20.29% 66.692 100.336 0.75% 2 (NITE) KNIGHT SECURITIES.61% 214.19% 664.337 1.698 5.89% 15.47% 5.78% 3.19% 142.185 0.68% 183.66% 8. INC.697 13.159 148.893 5.445 7 (BCAP) BARCLAYS CAPITAL 42.37% 640 10.416 469.44% 328.650 (BNPP) BNP PARIBAS SECURITIES 258 1.665 20.432 2.127 5.652 4.418 (GFIG) GFI GROUP INC.467 (JEFF) JEFFERIES & CO.149 (BOOK) BLOOMBERG TRADEBOOK 59 0.149 2.745 (SUSQ) SUSQUEHANNA INTERNATIO 418 2.234 3.59% 1.380 15.68% 64..44% 14.278 0. 1.445 (MSCO) MORGAN STANLEY 799 5.52% 49.066 (BCAP) BARCLAYS CAPITAL 768 5.255 8.552 5. Bloomberg Finance LP 10 June 2013 ETF Broker rankings Europe Monthly ETF Market Review Deutsche Bank AG/London 10.745 100. 440.814 0.241 11 (FCM) FIDELITY CAPITAL MARKET 27.303 3.84% 15.929 3.47% 837.241 (JPM) JP MORGAN 18 (BOOK) BLOOMBERG TRADEBOOK 4.12% 430 2.650 (MLCO) MERRILL LYNCH 2.283 388.575 10.44% 102.575 18.427 3.46% 28.683 Other 3.

012 1.232 8 (CITI) CITIGROUP GLOBAL MARKE 1. Source: Deutsche Bank.46% 579 14 (BNPP) BNP PARIBAS SECURITIES 660 1.47% 1.96% 3.Volume Trade Summary May-13 Rank Broker Advertised value ($ million) Market Share YTD Advertised Trades Advertised value ($ million) Market Share May-13 Advertised Trades Broker Advertised volume (million) Market Share YTD Advertised Trades Advertised volume (million) Market Share Advertised Trades 69.96% 1.813 (SUSQ) SUSQUEHANNA INTERNATIO 26 2.30% 2.984 1 (NITE) KNIGHT SECURITIES.40% 411 2.577 12.54% 960 4.48% 21 35 0.19% 16 (JEFF) JEFFERIES & CO.055 3 (UBS) UBS INVESTMENT BANK 5.10% 13.36% 5.796 20.58% 126 905 0.290 23.251 92.083 0. SACHS & CO.893 4.272 22.99% 4.35% 18.54% 126 24 0.148 2.50% 6.00% 68.00% 68.295 495 8.465 100.70% 9 467 0.987 1.74% 31.253 14.46% 955 20 159 0.301 5.94% 960 74 1.050 0.365 5.046 3.717 8.022 882 15.. INC.43% 6 0.357 241.34% 53 651 0.935 13 (DBAB) DEUTSCHE BANK SECURITI 955 2.25% 2.811 11.208 100.703 275 4.P.232 (BCAP) BARCLAYS CAPITAL 43 3.654 3.430 Total 4 0.232 6 (FCM) FIDELITY CAPITAL MARKET 2.930 5.798 92.60% 4.486 3.813 12 (SUSQ) SUSQUEHANNA INTERNATIO 1.118 (RBC) ROYAL BANK OF CANADA 282 (RAJA) RAYMOND JAMES & ASSOCI 35.134 4.P.98% 6. 272 0.30% 999 14 0.327 825 14.042 2.093 (INCA) INSTINET 24 1.51% 912 93 1.11% 411 35 0.811 20.85% 5 (GSHT) GOLDMAN.993 5.353 1.09% 23. These numbers may be different from actual volume traded.25% 5.046 95 1.689 8 0.51% Total 47.030 4.346 9. 7 0.P 237 19.15% 1.857 2.54% 5.62% 125 10.703 9.093 1.717 118 2.37% 559 (WBET) WALLACHBETH CAPITAL LL 6 0.400 2.834 12.055 (MLCO) MERRILL LYNCH 181 14.119 11 (JPM) JP MORGAN 1.52% 5.75% 13.09% 1.893 10.46% 21. SACHS & CO.61% 129 1.63% 3.286 37 2.63% 4. L.97% 904 3.43% 1.935 (JPM) JP MORGAN 18 1.93% 24.15% 15 19 (HSBC) HSBC GROUP PLC 265 0.235 0.07% 1.74% 18.811 357 6.86% 15 (ICAP) ICAP 329 0.774 (CSFB) CREDIT SUISSE 4 (CSFB) CREDIT SUISSE 4.717 (MSCO) MORGAN STANLEY 31 2.51% 955 (ICAP) ICAP 6 0.701 12.119 (DBAB) DEUTSCHE BANK SECURITI 19 1.41% 559 17 (CANT) CANTOR FITZGERALD L.45% 237 27 0.670 (BNPP) BNP PARIBAS SECURITIES 14 1.963 53.80% 3.66% 129 27 0.00% 317.064 14.. Bloomberg Finance LP 10 June 2013 | ETVs | US | Value Trade Summary Europe Monthly ETF Market Review Page 64 Figure 102: Top 20 US ETV Brokers Deutsche Bank AG/London .20% 24.201 2.P 9.804 100.04% 6.299 22.66% 4.27% 3.446 0.52% 3.984 (NITE) KNIGHT SECURITIES.57% 5.717 10 (INCA) INSTINET 1. 289 0.57% 237 1.828 1.577 442 7.21% 21.60% 1.498 Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg.022 28.176 217 3.239 100.48% 904 76 1.02% 912 5.251 (GSHT) GOLDMAN.27% Other 1.020 11.60% 85 18 (RBC) ROYAL BANK OF CANADA 271 0.496 3.37% 2 (MLCO) MERRILL LYNCH 7. 1.789 9. INC.59% 4. 4.51% 3.326 34. 80 6.67% 5.46% 9 8 0.121 9 (MSCO) MORGAN STANLEY 1.201 4.43% 4.232 (FCM) FIDELITY CAPITAL MARKET 87 6.00% (BTIG) BTIG LLC 15 (JEFF) JEFFERIES & CO.990 (UBS) UBS INVESTMENT BANK 205 16.020 387 6.06% 69.61% 23.958 Other 317.21% 15.15% 7 (BCAP) BARCLAYS CAPITAL 2.60% 579 (CANT) CANTOR FITZGERALD L.56% 250 1.19% 15.099 (CITI) CITIGROUP GLOBAL MARKE 77 6.21% 1. L.25% 1.963 1.804 8.52% 6.

54% Total 46.95% 324 4.581 7 (CITI) CITIGROUP GLOBAL MARKE 2.00% 58.240 451 5.748 13 (WINS) WINTERFLOOD SECURITIES 1.64% 26.576 0.06% 508 7.264 5.862 215.267 1.773 25.420 898 10.754 Other 272.34% 5.15% 4 (DBK) DEUTSCHE BANK AG 4.651 2.558 Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg.056 11.P 19 1.748 (BNPP) BNP PARIBAS SECURITIES 53 3.075 4.655 11.987 6.307 9.381 2.| ETFs | Europe | Value Trade Summary Volume Trade Summary May-13 Rank Broker Advertised value (€ million) Market Share YTD Advertised Trades Advertised value (€ million) Market Share 1 (SG) SG SECURITIES 7.841 3.240 (UNIC) UNICREDIT 21.98% 5.94% 2 (SIS) SUSQUEHANNA INTERNATION 4.76% 1.997 8.89% 1.819 10.790 (JPM) JP MORGAN 561 (HSBC) HSBC GROUP PLC 52.62% 2.709 (BFIN) BLUEFIN EUROPE LLP 23 1.578 (NITE) KNIGHT SECURITIES.27% 2.049 7.70% 5 (MSCO) MORGAN STANLEY 3.13% 1.43% 1.086 1.800 5.38% 56 3.04% 437 274 3.240 9.48% 17 (BFIN) BLUEFIN EUROPE LLP 633 1.51% 2.052 3.725 100.67% 561 2.12% 21.534 1.20% 3. Bloomberg Finance LP 10 June 2013 Figure 103: Top 20 European ETF brokers Europe Monthly ETF Market Review Deutsche Bank AG/London European ETP Broker Rankings Page 65 .233 180 2.474 29.47% 3.85% 19 (UBS) UBS INVESTMENT BANK 534 1.679 5.777 18.96% 3.207 13.11% 9.64% 1.233 3.178 15.25% 1.268 (SG) SG SECURITIES 184 10.12% 4.47% 4.987 (CSFB) CREDIT SUISSE 45 2.920 Total 176 10.599 24.969 8.89% 18 (INCA) INSTINET 545 1.745 3.76% 2.35% 103 4.679 342 4.00% 58.415 11.26% 9.040 (SHB) SVENSKA HANDELSBANKEN A 34 2.44% 5.017 8 (UNIC) UNICREDIT 2.48% 9.017 341 4.197 4.288 100.320 15.601 586 7. L.09% 3 (CBK) COMMERZBANK 4.645 369 4.24% 11.940 10 (MLCO) MERRILL LYNCH 1.81% Other 3.64% 16 (PEEL) PEEL HUNT LLP 685 1.46% 3.758 11.117 1.198 1.37% 1.34% 1.69% 5.52% 1.006 (PEEL) PEEL HUNT LLP 41 2.88% 11 (GSHT) GOLDMAN.372 8.06% 927 (GSHT) GOLDMAN.00% 11.647 (MLCO) MERRILL LYNCH 91 5.840 (MSCO) MORGAN STANLEY 93 5.331 322 3.799 (HAN) SVENSKA HANDELSBANKEN 41 2.92% 49.061 (DBK) DEUTSCHE BANK AG 143 8.645 7.12% 525 3.56% 1. 46 2.48% 9.680 371 4.00% 273.14% 352 4.83% 2.915 (CBK) COMMERZBANK 122 7.988 4.408 78 0.28% 1.775 799 9.158 2.49% 3.17% 1.47% 6.799 13.94% 6.240 14.225 6.761 3.002 6.374 223 2.832 0.576 3.748 1.30% 3.650 (SIS) SUSQUEHANNA INTERNATION 218 12.17% 11.70% 508 217 2.34% 2.54% 9.96% 5.00% 932 12 (BNPP) BNP PARIBAS SECURITIES 1.802 100.43% 2. 1.713 10.795 14 (CSFB) CREDIT SUISSE 965 2.936 (BCAP) BARCLAYS CAPITAL 70 4.582 38 2.283 14.777 657 7.420 19.62% 44 2.918 18.27% 15 (HSBC) HSBC GROUP PLC 705 1.46% 11.35% 103 139 1.34% 2.049 (WINS) WINTERFLOOD SECURITIES 69 4.84% 14.07% 11.681 100. SACHS & CO.05% 20 (HAN) SVENSKA HANDELSBANKEN 523 1.73% 1.44% 527 318 3.011 1.680 May-13 Advertised Trades Broker Advertised volume (million) Market Share YTD Advertised Trades Advertised volume (million) Market Share Advertised Trades 26.32% 13.609 9.415 (CITI) CITIGROUP GLOBAL MARKE 73 4.899 1.081 1.301 3.330 9 (BCAP) BARCLAYS CAPITAL 1.444 2.19% 1.13% 328 165 2.675 52.029 4. SACHS & CO.433 2.004 4. These numbers may be different from actual volume traded. Source: Deutsche Bank.059 3.31% 2.021 3.49% 6 (JPM) JP MORGAN 2.052 192 2.59% 9.469 2.93% 18.748 46 0.07% 52.763 8.

L.03% 977 520 17.50% 8.142 683 23.81% 38 500 2.26% 1.69% 81 107 3.18% 3 (MLCO) MERRILL LYNCH 333 8.00% 153 2.09% 73 20 (NITE) KNIGHT SECURITIES.27% 1.30% 431 49 1.347 7.14% 31 267 9.67% 6 (DBK) DEUTSCHE BANK AG 241 6.40% 9 (PEEL) PEEL HUNT LLP 163 4.796 421 107 3. Bloomberg Finance LP 10 June 2013 | ETCs | Europe | Value Trade Summary Europe Monthly ETF Market Review Page 66 Figure 104: Top 20 European ETC brokers Deutsche Bank AG/London .992 Note: ETF broker statistics represent advertised volume as reported by brokers to Bloomberg.11% 10 (SG) SG SECURITIES 157 4.28% 5 (GSHT) GOLDMAN.10% 94 794 4.80% 6 5 0.38% 559 (SG) SG SECURITIES 4 1.288 (BCAP) BARCLAYS CAPITAL 13 (BFIN) BLUEFIN EUROPE LLP 95 2.69% 50 3 0. These numbers may be different from actual volume traded.16% 20 18 (CHEV) CREDIT AGRICOLE CHEUVR 52 1.06% (CSFB) CREDIT SUISSE 353 9.205 18.796 (INCA) INSTINET 38 9.984 18 4.67% 48 287 1.00% 4.206 2.04% 1. Source: Deutsche Bank.83% 62 32 1.014 10.49% 198 362 1.54% 808 310 (CANA) CANACCORD GENUITY LIMI 1.566 1.30% 421 1.566 457 15.42% 525 15 (SIS) SUSQUEHANNA INTERNATION 69 1.307 205 (WINS) WINTERFLOOD SECURITIES 72 18.142 770 4.48% 31 391 2.54% 102 34 1.93% 12 (CITI) CITIGROUP GLOBAL MARKE 112 2.16% 559 Other Total 152 3.96% 4 (HSBC) HSBC GROUP PLC 331 8.00% 30.03% 305 (BTIG) BTIG LLC 3 0.301 1.72% 149 449 2.62% 305 2.60% 774 14 (JPM) JP MORGAN 95 2.19% 5.44% 774 (KEPL) KEPLER CAPITAL MARKETS 3 0.447 13.729 100.67% 284 (CSFB) CREDIT SUISSE 4 0.301 (CITI) CITIGROUP GLOBAL MARKE 2 7 (WINS) WINTERFLOOD SECURITIES 218 5.822 100.19% 8 (MACQ) MACQUARIE SECURITIES 186 4.491 7.05% 166 365 296 10.31% 73 (MLCO) MERRILL LYNCH 26 6.926 10. 245 6.23% 45 595 3.97% 673 525 (HSBC) HSBC GROUP PLC 9 2. 3 0. SACHS & CO.65% 73 3 0.290 (BFIN) BLUEFIN EUROPE LLP 32 8.385 7.71% 365 1.22% 50 57 0.086 390 100.00% 6.94% 238 1.30% 102 (GSHT) GOLDMAN.75% 3.642 8.03% 1.64% 1.05% 153 58 1.67% 2.52% 46 58 1.96% 45 9 0.66% 5.32% 205 16 (UBS) UBS INVESTMENT BANK 64 1.21% 48 28 0.290 808 (UBS) UBS INVESTMENT BANK 9 2.96% 201 5.57% 81 193 1.76% 1.36% 77 458 2.70% 1.273 Other 30.87% 62 1. SACHS & CO.40% 734 (JPM) JP MORGAN 2 0.24% 11 (BCAP) BARCLAYS CAPITAL 134 3.307 (MSCO) MORGAN STANLEY 12 3.946 100.120 5.58% 238 96 3.09% 94 42 1.58% 8.975 Total 12 3.13% 77 77 2.288 18 4.41% 73 245 1.P 28 0.984 (DBK) DEUTSCHE BANK AG 22 5.11% 102 19 (KEPL) KEPLER CAPITAL MARKETS 47 1.37% 1.Volume Trade Summary May-13 Rank Broker 1 (MSCO) MORGAN STANLEY Advertised value (€ million) Market Share YTD Advertised Trades Advertised value (€ million) Market Share May-13 Advertised Trades Broker Advertised volume (million) Market Share 688 18.09% 166 (CHEV) CREDIT AGRICOLE CHEUVR 4 1.00% 6.16% 198 16 0.67% 431 1.95% 218 5 1.53% 218 (MACQ) MACQUARIE SECURITIES 3 0.98% 841 2.98% YTD Advertised Trades Advertised volume (million) Market Share Advertised Trades 673 (PEEL) PEEL HUNT LLP 94 24.48% 102 259 1.09% 311 17 (INCA) INSTINET 60 1.

Both forms utilize offshore domiciles.1% 491 135. % Products US$ Mil. 429 products.322 333.8% Asia Pacific 506 136.8% 2 2.10 June 2013 Europe Monthly ETF Market Review Appendix A: How we define ETPs Exchange-Traded Products (ETPs) We define an exchange-traded product (ETP) as a secure (funded or collateralized) open-ended delta-one exchangetraded equity or debt instrument with no embedded optionality and market-wide appeal to investors.5% 76 119.163 1.7% 1. 92%) US (63%): Fund structures that issue shares that are traded on an exchange much the same way as equities.9% 353 71.755. Figure 105: ETP Coverage Universe Summary ETPs Region Products ETFs US$ Mil. $119.430 0.485 69.8%. 3.751 368. % US 1.798 3.214. Bloomberg Finance LP. 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. 76 products. $1.1% 15 736 0. exchange-traded products that track single commodity profiles are issued under the EU Prospectus Directive in two structures that have become widely known as exchange-traded commodities (ETCs). Asia (7%): Both European and US ETFs are cross sold into the Asian market.263 91. and report under 34 Corporate Act.271 19.727 7. ETVs (US) % Products US$ Mil.8%. please refer to our research report issued on March 11 2010 titled ‘The race for assets in the European Exchange-Traded Products Market”. They differ from ETFs in that they are registered under the Securities Act of 1933 and not the investment Company Act of 1940. Only physical index replication techniques are permissible by this legislation while synthetic replication is not allowed.268 17. exchange-traded commodities (Europe) and exchange-traded vehicles (US). 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. Reuters.851 1. $35 billion) in Europe and ETVs (6.333.279 6.206 63.2% Global Source: Deutsche Bank. In the vast majority of cases.991 7. Both physical and synthetic index replication is permissible by UCITS and funds are allowed to track equity. Deutsche Bank AG/London Page 67 .2%.755. Figure below gives a summary of our current coverage universe by region and structure type as on 31 December 2012. both types of ETCs are fully collateralized with secure assets such as money market instruments. For more information.0% RoW 355 74. This includes exchange traded funds. Exchange-Traded Funds (ETFs. and are classed as debt instruments.239 1. The vast majorities of European ETFs are UCITS III compliant and are primarily domiciled in Dublin and Luxemburg.0% 3.228 3.329 products. and funds targeting alternative index returns are formed under the Commodities Exchange Act and are listed under the 33 Securities Act.711 100. ETCs can either be physically backed or they can be issued through a bankruptcy remote special purpose vehicle (SPV). more often known as pools. Physically-backed ETCs are fully backed with securities that closely resemble the composition of a product’s benchmark index.8% 522 157. The vast majority of instruments are ETFs (91. 2%) In Europe as UCITS III does not permit the creation of funds tracking non diversified commodity indices (for example wheat or oil). Exchange-traded vehicles (ETVs. Exchange-Traded Collateralized Instruments (8%) Exchange-Traded Commodities (ETCs.3 billion) in the US.4% 429 35. ETFs indexed to equity and fixed income benchmarks are registered under the investment company act of 1940. ETCs (Europe).3% 1. Vehicles that replicate commodity benchmarks. These instruments track primarily commodity benchmarks. government bonds and gold.003 1.329 1.447 8.3 billion) with the remainder being ETCs (1. Europe (17%): Fund structures that issue units or shares that are traded on an exchange much the same way as equities. such as Jersey.912. 6%) This terminology typically refers to grantor trusts that exist in the US market.2% Europe 1. hence they are not classed as funds.1% 3. fixed income as well as diversified commodity indices.

short and/or leveraged exposure . Page 68 Deutsche Bank AG/London .Weighting not based on market capitalization .Representative of a pre-defined market segment Return profile: Match very closely index return profile Risk profile: Match very closely index risk profile Alpha Alpha Key Characteristics: .Weighting not based on market capitalization .Representative of a pre-defined market segment Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Beta Multiplied Semi-active: Key Characteristics: . taking into consideration a number of variables.Composition based on pre-determined rules .Composition based on pre-determined rules .Long only exposure .Diversification rules do not typically apply . the potential for return increases.Long. short and/or leveraged exposure . we have sought to create a classification system that classifies these products.Representative of a market segment per se Return profile: Aims to generate superior returns Risk profile: Not consistent with a diversified index risk profile Beta Adjusted Source: Deutsche Bank The performance of beta products is measured against an index.Weighting based on market capitalization . together with the potential risk. The highest the return and the lowest the risk [typically measured by the standard deviation of a product’s returns] the more successful a product is deemed to be.Long only exposure . a manager is most successful when they manage to match the return of a product to its stated benchmark.Diversification rules apply .Diversification rules apply .10 June 2013 Europe Monthly ETF Market Review Appendix B: The road from beta to alpha The figure below illustrates the road from beta (diversified rule based market access) to alpha (discretionary market access).Composition not based on pre-determined rules .Not Representative of a pre-defined market segment Return profile: Aims to generate positive returns Risk profile: Dependent on investment decisions Beta Alpha Beta+ (leveraged. ranging from diversification to what constitutes a market segment. The performance of alpha products.Weighting based on market capitalization .Long. There is however a whole host of products that fall between beta and alpha.Composition based on pre-determined rules . Figure 106: The Roadmap From Beta (β) to Alpha (α) Beta Beta Key Characteristics: . Moving anti-clockwise from beta. or rather the performance of an alpha product’s manager. long/short) Key Characteristics: . is measured by the risk adjusted return it generates.Diversification rules might apply .

10 June 2013 Europe Monthly ETF Market Review The authors of this report wish to acknowledge the contribution made by Lalatendu Khandagiri and Vibhor Mahalwala. employees of Evalueserve. a third party provider to Deutsche Bank of offshore research support services. Deutsche Bank AG/London Page 69 .

do not recommend either a Buy or Sell. w/ Banking Relationship European Universe 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 12month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 70 Deutsche Bank AG/London .db. 2007 were: Equity rating dispersion and banking relationships 400 350 300 250 200 150 100 53 % 39 % 46 % 38 % 8 %4 6 % 50 0 Buy Hold Companies Covered Sell Cos. Notes: 1. based on this time horizon. Newly issued research recommendations and target prices always supersede previously published research. we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and. 2.eqsr Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s).com/ger/disclosure/DisclosureDirectory.10 June 2013 Europe Monthly ETF Market Review 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. In addition. we recommend that investors buy the stock. please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm. the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ratings definitions prior to 27 January.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 ) . Sell: Based on a current 12-month view of total shareholder return. Sascha Levitt/Sebastian Mercado/Shan Lan Equity rating key Buy: Based on a current 12.

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