EUROPEAN LANDSCAPE: A HIGHLY CONCENTRATED MARKET Thousands of indices are calculated… % Passive (vs. active) in mutual funds and mandates still growing  Multitude of assets: equities, bonds, commodities, FX, multi-assets,… 30% 26%  Multitude of universes: geographical, sectorial, 20% 13% thematic, strategy,… 10% 8%  Multiple of calculation: price, total return, FX 0% hedged, volume control,… 2007 2013 2020* … but a limited number of them is widely used by clients AUM on European blue chips indices in $bn 2015 100  Highly concentrated AUM in Europe 80 60  Limited number of successful index providers 40 20 0 * Source: PwC AGILITY FOR GROWTH 87