EXCHANGE TRADED FUNDS IN EUROPE – A MARKET OVERVIEW

(ALL DATA AS OF JUNE, 30 2013)

ASSETS UNDER MANAGEMENT

Assets Under Management in €billion (10/2005 – 06/2013)

160

180

200

220

240

260

280

300

Equity Bond Real Estate Other Commodities Money Market

Source: Lipper

0

20

40

60

80

100

120

140

ETFs - Assets Under Management (06/2012 – 06/2013)

200

250

300Equity Bond Real Estate Other Commodities Money Market

Source: Lipper

0

50

100

150

Assets Under Management

�Assets under management grew by 34.84 billion euro or 15.23% over the last twelve month (30.06.2012 –30.06.2013) up to 263.57 billion euro.

Source: Lipper

�In the first six month of 2013 the assets under management grew by 1.95% or 5.04 billion euro.

Largest ETFs by Assets Under Management (30/06/13)

1 ISIN Code Lipper Global TNA Value (Euro Millions)iShares DAX® (DE) DE0005933931 Equity Germany 13,950.70 iShares S&P 500 UCITS ETF (Inc) IE0031442068 Equity US 10,316.98 SPDR Dow Jones Industrial Average ETF Trust US78467X1090 Equity US 9,669.20 db x-trackers DAX UCITS ETF LU0274211480 Equity Germany 6,947.46 iShares FTSE 100 UCITS ETF (Inc) IE0005042456 Equity UK 4,463.87 iShares MSCI World UCITS ETF (Inc) IE00B0M62Q58 Equity Global 4,331.13 iShares EURO STOXX 50 UCITS ETF (Inc) IE0008471009 Equity EuroZone 4,288.47

Source: Lipper

iShares EURO STOXX 50 UCITS ETF (Inc) IE0008471009 Equity EuroZone 4,288.47 Lyxor ETF Euro Stoxx 50 D-EUR FR0007054358 Equity EuroZone 4,025.73 iShares MSCI Emerging Markets UCITS ETF (Inc) IE00B0M63177 Equity Emerging Mkts Global 3,975.78

Summary Assets Under Management

� The European ETF market is highly concentrated

� Only 41 of the 1743 ETFs hold assets above 1 billion EUR

� 28 equity funds

Source: Lipper

� 28 equity funds� 11 bond funds� 2 commodity (gold) funds

Summary Assets Under Management

�The largest ETF (iShares DAX) holds 5.29% of overall AuM

�Top 10 ETFs account for 24.96% of overall AuM

Source: Lipper

�Top 41 ETFs account for 44.55% of overall AuM

MARKET STRUCTURE

ETFs in Europe by Fund Domiciles (30.06.2013)Total Bond Equity Commodities Real Estate Money Market O ther

Germany 115 30 78 1 3 2 1

France 361 44 258 8 8 2 41

Ire land 557 121 375 26 10 5 20

Luxembourg 568 78 341 28 10 17 94

O ther 142 16 42 66 5 - 13

# 1743 289 1094 129 36 26 169

Germany7%

Other8%

Source: Lipper

France21%

Ireland32%

Luxembourg32%

ETFs in Europe – by Fund Type (30.06.2013)

800

1000

1200

1400 1284

Source: Lipper

0

200

400

600

Primaries

Non-Primaries

459

Market Share per Asset Type 30.06.2013

by Assets under Managementby Number of Funds

Bond17%

Other10%

Money Market1% Commodities

7% Real Estate2%

Bond19%

Real Estate2% Other

3% Money Market1%

Commodities6%

Source: Lipper

Equity63%

Equity69%

Summary Market Structure

�Luxembourg and Ireland are the dominat domiciles for ETFs followed by France.

�Opposite to other UCITS products, the number of convenience share classes is low in the ETF segment.

Source: Lipper

convenience share classes is low in the ETF segment.

�Physical replication is the preferred replication method.

�The product mix by AuM follows the number of funds (exception „other“ funds).

ETF FUND FLOWS H1-2013

ETFs – Net Flows 2013 (in €m)

1000.00

2000.00

3000.00

4000.00

5000.00

Source: Lipper

-3000.00

-2000.00

-1000.00

0.00

1000.00

ETFs – Net Flows 2013 (in €m)

1,000.0

2,000.0

3,000.0

4,000.0

5,000.0

Other Money Market Equity Commodity Bond

Source: Lipper

-3,000.0

-2,000.0

-1,000.0

0.0

1,000.0

NEW FUND LAUNCHES H1-2013

Monthly ETF Launches (01.01.2007 - 30.06.2013)

800

1000

1200

1400

1600

40

50

60

70

80

Su

m o

f N

ew F

un

ds

New

Fu

nd

s p

er M

on

thNew Funds per Month Sum of New Funds

Source: Lipper

0

200

400

600

0

10

20

30 Su

m o

f N

ew F

un

ds

New

Fu

nd

s p

er M

on

th

ETFs in Europe – New Launches per Quarter

60

80

100

120

Source: Lipper

0

20

40

60

Promoter Who Launched New ETFs in H1-2013Amundi

1 ComStage3

State Street3

Think Capital1

UBS5

Source: Lipper

db x-trackers14

First Trust3

iShares2

Lyxor5

Ossiam1

ETF Launches by Asset Type

6

8

10

12

Bond Commodities Equity Money Market Other Real Estate

Source: Lipper

0

2

4

6

New ETFs – Assets under Management (in Billion Euro)

0.6

0.8

1Equity Bond Real Estate Other Commodities Money Market

Source: Lipper

0

0.2

0.4

New ETFs - Market Share per Asset Type 30.06.2013

by Assets under Managementby Number of Funds

Bond11%

Other11%Commodities

0%

Real Estate3%

Bond15%

Real Estate0% Other

8%Money Market

0%

Commodities0%

Source: Lipper

Equity76%

Money Market0%

Equity77%

Summary Fund Launches

� The number of new launched ETFs in 2013 so far is rather small compared with the launching activity of fund promoters over the last five years …

� … but as the number of fund launches has come down

Source: Lipper

� … but as the number of fund launches has come down since Q3 – 2012 the launch pattern might have changed in general.

� A reason for this can be seen in the high number of asset classes which are already covered by ETFs.

PROMOTER ACTIVITY H1-2013 IN DETAIL

ETFs in Europe – Quarterly Promoter Activity

40

60

80

100

120

140

Launches Closures

Source: Lipper

-60

-40

-20

0

20

Promoter Activity H1-2013

30

40

50

60

Source: Lipper

38

56

0

10

20

30

Launches Closures

Promoter Activity H1-2013

0

5

10

15

Launches Closures

Source: Lipper

-25

-20

-15

-10

-5

Promoter Activity H1-2013

0

5

10

15

20

25

30

Launches Closures

Source: Lipper

-30

-25

-20

-15

-10

-5

0

Summary Promoter Activity

� The number of available products shrunk during the first six month of the year 2013. This was the first time since the introduction of the ETF segment in Europe, that the market faced a lower number of available products over a six month period …

Source: Lipper

month period …

� … which is a sign of a matured industry.

� As the ETF segment is a dynamic growing market, the number of funds will further grow in the future.

CLOSING REMARKS – ETF IN EUROPE

Closing Remarks – ETFs in Europe�The European ETF market is highly concentrated and

will not change this pattern in the foreseeable future.

�AuM in the European ETF sector will continue to grow � growth rate will be lower than in the past� impact from market movements will increase

Source: Lipper

�Number of funds will also grow further� not all markets have already covered by ETFs� strategy ETFs may become more important

�ETFs on bond markets and investment strategies might become the key driver for future growth

Closing Remarks – ETFs in Europe�The overall ETF landscape in Europe might change:

� new/different ETF promoter will enter the market

� established promoter will leave the market

� fund launches, as well as closures and mergers will

Source: Lipper

� fund launches, as well as closures and mergers will change the product ranges with a trend to more granularity.

� new distribution models might be introduced

� new regulations on all levels, might be a driver for innovation/cgange within the industry

DISCLAIMER

© Thomson Reuters 2012 All Rights Reserved.

This presentation is for informational purposes only, and do not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction.

No guarantee is made that the information in this presentation is accurate or complete and no warranties are made with regard to the results to

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warranties are made with regard to the results to be obtained from its use.

In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates.