ETFS REPRESENT A GROWING EUROPEAN MARKET OPPORTUNITY In $ tn +18% ETF/ETP AUM growth p.a. Total AUM is expected to keep growing at evolution 0.4 1,5 3.0 forecast in a pace of 18% p.a. in average for at least (global) Europe the next 3 years 2005 2010 2015 ETF/ETP In thousands Enduring global success of the UCITS listing > 6,900 ETF brand continues to spur investment evolution 0.5 4,3 6.1 listed to date optimism amongst asset managers in 1 (global) in Europe Europe 2005 2010 2015 2015 % share of ETF 2015 % ETF securities US vs. on mutual funds lending on loan Strong growth Structural upside market potential should European 4% 11% 5% 30% potential in offer opportunity to capture incremental market share Europe flow Europe US Europe US AGILITY FOR GROWTH 1. Cross listed 82 Source: ETFGI, “EY Global ETF Survey 2015” , “DB ETF Annual review & Outlook” & Euroclear