The European ETF Market 2014 - Nasdaq, Inc....Deutsche AWM Passive ²EUR 100.75bn Assets under Management in total ²db X-trackers ETFs: EUR 39.22bn AuM; 237 ETFs ²US ETPs: EUR 8.09bn

Deutsche Asset

& Wealth Management

This document is for professional use only and is not for onward

distribution to, or for use by, retail clients or the general public.

db X-trackers ETF days 2014

Trends in passive asset management and the ETF market

Deutsche Asset & Wealth Management

The European ETF Market 2014 Trends in Passive Asset Management

and the ETF Market

Confidential. For professional clients only (MiFID Directive 2004/39/EC Annex II) only. Not for public distribution.

MARKETING MATERIAL

Past performance is not a suitable indicator of future results. An investment in mutual funds/ETF’s can rise or fall in value and there is no guarantee

that the investor will get back all capital invested. Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors

should note that most mutual funds/ETF’s are not capital protected or capital guaranteed. Investors in mutual funds/ETF’s should be aware of the

possibility, and financially able, to lose part or all of the invested capital. An investment in mutual funds/ETF’s is associated with risks, for a

presentation of the risks related to investments in these funds, please refer to respective Funds/ETF’s Fact Sheet and/or Key Investor Information

Document (“KIID”s) and/or fund Prospectus.

Deutsche Asset

& Wealth Management






1

Institutions Retail / Distributors Core WM UHNW

Wealth Management Global Client Group Key Client

Partners

Investment selection Platforms

Active Alternative

Real Assets

Loans &

Deposits

Alternative

Fund Solutions Passive

Wealth Mgmt.

Products

Americas Germany APAC EMEA

Trading

(1) Company data as at 30 June, 2014

(2) Deutsche AWM analysis on Towers Watson’s World’s 500 Largest Asset Managers, as of 2013; Excluding pure asset managers (e.g. BlackRock, Vanguard)

— A unified fiduciary

business

— EUR 955bn

Invested Assets(1)

— Top 10 Global

bank-owned AWM

player(2)

— Over 6,000 FTEs

globally and ~900

investment

professionals

— A single global

brand identity

— A core pillar of

Deutsche Bank


Overview

Deutsche Asset

& Wealth Management





Deutsche AWM Passive

— EUR 100.75bn Assets under Management in total

— db X-trackers ETFs: EUR 39.22bn AuM; 237 ETFs

— US ETPs: EUR 8.09bn AuM; 33 ETPs (33 ETFs), ETFs since 2011

— db-X ETCs: EUR 2.11bn AuM; 41 ETCs

— Warrants, certificates & notes: EUR 23.92bn AuM; ~147‘167 warrants & certificates

— Systematic Funds: EUR 8.72bn AuM, 59 DB Platinum Funds

— Passive Institutional Mandates: EUR 18.69bn; 95 Mandates

— 4th largest Passive Asset Manager in Europe based on AuM

— 2nd largest ETF provider in Europe and No 5 globally based on AuM

Overview

2

Source: Deutsche Asset and Wealth management as of September 2014

Deutsche Asset

& Wealth Management





146 218 319

428 598 581 772 1,156

1,483 1,525 2,050

2,400 2,100

3,100

4,000 4,500

5,500 6,000

4,200

7,500

8,000 7,900

8,900

9,980

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

0

2000

4000

6000

8000

10000

Passive Asset Management

3

(1) Compound Annual Growth Rate

Passive Asset Management – Global AuM (in USD trillion)

CAGR(1) since

2002: 12.8%

Funds +

Insti-

tutional

Mandates

ETFs

12.8%

12.3%

-1.4% 8.7%

62.0%

-25.4%

16.0%

21.7%

9.7% 23.5%

37.9%

-2.4%

A MegaTrend

Source: Deutsche Asset and Wealth management as of September 2014

Deutsche Asset

& Wealth Management





Change in AUM between investment segments by 2020

4

11%

10%

79%

Passive Alternative Active

7,3

6,4

22%

13%

65%

Passive Alternative Active

66,0

22,7

13,0

50,2

Worldwide AUM (in trillion US-Dollar; per cent respectively)

The proportion of passive investments as part of total AUM is likely to double by

2020.

+15 trillion USD

Source: PwC Asset Management 2020: A Brave New World. 2014.

2012

2020

....which will continue

Deutsche Asset

& Wealth Management





2012 was the best year for ETFs on record

5

Source: BlackRock as of December 2013

Global ETP Cumulative Net Flows (US$ bn) Europe to follow success of ETFs in the US

Assets in European

ETFs comprised 2.9%

of the continent’s

mutual fund industry at

the end of 2012

Assets in ETFs

comprised 9.3% of the

mutual fund industry

ETFs accounted for

8.5% of all inflows in

European ETFs and

mutual funds (vs.

2.9% of assets)

47% of all inflows in

US ETFs and mutual

funds went into US

ETFs

ETFs accounted for

7.5% of the overall

turnover

ETFs accounted for

23% of the overall

stock exchange

turnover

Europe (in 2012) US (in 2012)

2014 on track to become the next record year for ETFs

-20

20

60

100

140

180

220

260

June Dec

2012 Record

262.7 bn

2014 2013

Jan

Deutsche Asset

& Wealth Management




Trends in passive asset management and the ETF market Deutsche Asset

& Wealth Management

Mega Trend Passive Asset Management

6

1 Institutional investors will continue to use ETFs in the future

2 Futures will face competition from ETFs

5 Retail Distribution Review to significantly change retail landscape in Europe

(UK, NL, CH, Sweden). ETFs´ Saving Plans for asset accumulation

4 Strategic beta is one of the next trends in passive

3 Fixed Income the next asset class to watch in ETFland

Five trends to watch

Deutsche Asset

& Wealth Management





— 18% of institutional funds now employ

ETFs in their portfolios, up from 14% in

2012 in the US

— 47% of US endowments use ETFs, as

do nearly a quarter of corporate and

public pension funds with more than $5

billion in assets under management

— US Fund of Fund Managers increased

their ETF usage by 100% within the

last two years

1) Professional investors are likely to continue to use ETFs in the future

7

ETF managed portfolio assets (US$ bn)

Note: Based on 166 responses: 56 institutional funds, 19 investments consultants, 18 insurance companies, 63 RIAs, and 10 asset managers in 2013.

Source: Greenwich Associates 2013U.S. ETF Study

33.6 38.3

46.2 49.6

63.0

96.0

09-2011 12-2011 03-2012

06-2012

12-2012

12-2013

Source: Morningstar Inc. as of December 2013.

Institutionals driving the growth

Deutsche Asset

& Wealth Management





& Wealth Management

1) Professional investors are likely to continue to use ETFs in the future

8

db X-trackers booth for Fund of ETF Managers

(Picture for illustrative purposes only)

Deutsche Asset

& Wealth Management





& Wealth Management

9

Source: Credit Suisse as of September 2014

2) Futures could face competition from ETFs

ETFs become more and more liquid and cheaper

ETFs vs the basket of their underlying db X-trackers Core ETF Range

ETF TER AUM

MSCI USA 0,07% €650 Mio.

DAX® 0,09% €2.426 Mio.

DAX® 0,09% €134 Mio.

FTSE 100 0,09% €18 Mio.

EuroStoxx 50® 0,09% €2.822 Mio.

EuroStoxx 50® 0,09% €2.822 Mio.

MSCI World 0,19% €350 Mio.

Nikkei 0,09% €12 Mio.

0

5

10

15

20

25

30

SPY IWM EEM EWJ XLF EFA VNQ DXJ

Sp

read

(B

ps)

ETF Spread Basket Spread

Deutsche Asset

& Wealth Management





& Wealth Management 10

Source: JPM Global Index Futures Roll Monthly Chartbook (as of end of Sept 2014)

2) Futures will face competition from ETFs

Because of low interest rate and balance sheet costs Futures could become

unattractive

Region Index Futures

Ticker

Roll

Frequency

Upcoming Roll

Last Trading Day

Roll Cost (Annualized)

Last Past 1Y

Avg

Avg since

2007* Percentile*

Eu

rop

e

Euro Stoxx 50 VG Quarterly 19-Dec-14 0.18% 0.40% 0.19% 43%

FTSE 100 Z Quarterly 19-Dec-14 0.19% 0.27% -0.08% 73%

DAX GX Quarterly 19-Dec-14 0.17% 0.28% 0.10% 60%

SMI SM Quarterly 19-Dec-14 0.05% 0.04% -0.05% 67%

FTSE MIB ST Quarterly 19-Dec-14 0.27% 0.36% 0.20% 60%

CAC CF Monthly 17-Oct-14 0.12% 0.18% -0.01% 76%

OMX QC Monthly 17-Oct-14 0.20% 0.37% 0.14% 62%

AEX EO Monthly 17-Oct-14 0.29% 0.31% 0.19% 72%

IBEX IB Monthly 17-Oct-14 -0.02% 0.40% -0.14% 54%

Am

erica

s

S&P 500 ES Quarterly 19-Dec-14 0.25% 0.30% 0.11% 75%

S&P Mid 400 FA Quarterly 19-Dec-14 0.03% 0.19% 0.01% 48%

Russell 2000 RTA Quarterly 19-Dec-14 -0.78% -0.50% -0.59% 29%

NASDAQ 100 NQ Quarterly 19-Dec-14 0.23% 0.34% 0.15% 62%

Dow Jones Industrial Avg DM Quarterly 19-Dec-14 0.21% 0.34% 0.18% 71%

S&P/TSX 60 PT Quarterly 19-Dec-14 -0.05% -0.05% -0.18% 78%

MSCI EM Mini MES Quarterly 19-Dec-14 0.30% 0.10% 0.57% 25%

*Average of roll cost and percentile of the latest roll cost based on the data since 2007 (since Jun-09 for US listed futures, since Sep-11 for MSCI EM

and since 2010 for S&P/TSX 60)

Deutsche Asset

& Wealth Management






Source: Credit Suisse as of September 2011.

2) Futures could face competition from ETFs

ETFs catch up in US trading volume

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ma

r 0

0

se

p 0

0

ma

r 0

1

se

p 0

1

ma

r 0

2

se

p 0

2

ma

r 0

3

se

p 0

3

ma

r 0

4

se

p 0

4

mar

05

se

p 0

5

ma

r 0

6

se

p 0

6

ma

r 0

7

se

p 0

7

ma

r 0

8

se

p 0

8

ma

r 0

9

se

p 0

9

ma

r 1

0

se

p 1

0

ma

r 1

1

sep 1

1

Future ETFs All stocks

Stocks ~43%

ETPs ~15%

Futures~42%

Deutsche Asset

& Wealth Management





& Wealth Management

— With US$ 309 billion of assets, the Fixed

Income ETP market accounts for less

than 1% of the US$ 98 trillion global bond

market

— Mutual funds hold about 5% of the Bond

assets while individual bonds and other

public and private investment vehicles

account for the vast majority of holdings

— This leaves ample room for ETF growth.

ETPs currently represent 2.2% of the

global equitiy market vs. a mere of 0.3%

of the bond market. Even a seemingly

modest 1% penetration rate would boost

Fixed Income ETF assets to US$ 1 trillion

3) Fixed Income the next asset class to watch Especially if Fixed Income ETFs get more liquid

12

Source: BlackRock as of December 2011

Market Penetration (Year-end 2011)

Mutual Funds

$5 tn or 5%

ETPs

$0.3 tn or 0.3%

Global Bond

Market Size

$98 tn

Key Observations

Deutsche Asset

& Wealth Management





& Wealth Management

4) Strategic beta is one of the next trends in passive

13

S&P

500

Source: Bloomberg, Data as of 09th Nov 2013

Apple 3%

Exxon 2,5%

Google 1,8%

Traditional indices provide high capacity, high liquidity and low turnover, but do

have concentration risks.

The top 20% of shares comprise for about 60% of the index (e.g. S&P500).

A&F 0,02%

234 stocks

< 0,1%

Benchmarks are quite concentrated in a limited number of stocks

Deutsche Asset

& Wealth Management






-100%

0%

100%

200%

300%

400%

500%

600%

Nov- 08 Nov- 09 Nov- 10 Nov- 11 Nov- 12

Apple S&P 500

Source: Bloomberg, Data as of 09th Nov 2013. Past performance is no indicator for future performance.

1,2%

4,8%

3%

4) Smart beta is one of the next trends in passive The impact of market-cap weighting on single stocks

Deutsche Asset

& Wealth Management






S&P

500

Source: Bloomberg, Data as of 09th Nov 2013

Equal weighting of stocks lead to

- reduced concentration risk as the same weight for each stock applies

- potential liquidity risk for smaller stocks

- introduce biases / factors exposures like “Size“

500 stocks - 0,2% each

4) Strategic beta is one of the next trends in passive Equal weighting as one alternative to market-cap weighting

Deutsche Asset

& Wealth Management






Source: Bloomberg, Data as of 09th Nov 2013. Past performance is no indicator for future performance.

-10%

0%

10%

20%

30%

40%

50%

Jan- 12 Jan- 13

db-x trackers S&P500 Equal Weight UCITS ETFS&P 500

4) Strategic beta is one of the next trends in passive One simple alternative to traditional benchmarks

Deutsche Asset

& Wealth Management






4) Strategic beta is one of the next trends in passive Another MegaTrend in Strategic Beta. Currency hedging

EU

RU

SD

Currency Hedged ETFs outperform non-hedged equivalent on EUR fall

1,15

1,2

1,25

1,3

1,35

1,4

1,45

1,5

0,90

0,92

0,94

0,96

0,98

1,00

1,02

1,04

1,06

1,08

okt-

13

nov-1

3

dec-1

3

jan

-14

feb

-14

mar-

14

apr-

14

ma

j-1

4

jun

-14

jul-

14

aug

-14

sep

-14

okt-

14

Rela

tive P

erf

orm

an

ce

MSCI Europe $ Hedged (DBEU)/MSCI Europe TR USD EURUSD

Deutsche Asset

& Wealth Management






4) Strategic beta is one of the next trends in passive Overview US Market

Secondary Attribute # of ETPs Assets ($) % of Assets

Dividend Screened/Weighted 85 108,590,201,949 30.19

Growth 33 83,998,669,298 23.35

Value 37 83,585,361,377 23.24

Multifactor 72 21,778,583,497 6.05

Equal-Weighted 19 13,727,068,329 3.82

Low/Minimum Volatility/Variance 14 11,819,883,577 3.29

Nontraditional Commodity 35 9,180,759,524 2.55

Fundamentally Weighted 15 6,546,492,411 1.82

Nontraditional Fixed Income 9 5,627,371,754 1.56

Momentum 18 4,297,245,672 1.19

Buyback/Shareholder Yield 3 3,032,789,608 0.84

Earnings-Weighted 6 2,904,315,046 0.81

Quality 10 1,667,511,545 0.46

Multiasset 4 1,549,221,012 0.43

Revenue-Weighted 6 804,707,255 0.22

Expected Returns 3 318,478,265 0.09

Low/High Beta 4 289,431,603 0.08

Risk-Weighted 1 8,553,462 —

Exhibit 8 Ranking of Strategic-Beta ETPs by Secondary Attribute

Source: Morningstar Direct, Morningstar Research. Data as of June 30, 2014

Deutsche Asset

& Wealth Management






4) Strategic beta is one of the next trends in passive Overview EU Market

Secondary Attribute # of ETPs AUM $ % of Assets

Dividend Screened/Weighted 37 15,961,230,166 61.34

Low/Minimum Volatility/Variance 12 2,225,476,951 8.55

Nontraditional Commodity 29 2,028,769,659 7.80

Value 9 1,600,418,589 6.15

Expected Returns 3 1,024,093,723 3.94

Equal-Weighted 8 979,573,830 3.76

Multifactor 8 807,033,145 3.10

Fundamentally Weighted 14 605,018,110 2.33

Nontraditional Fixed Income 5 464,174,783 1.78

Growth 7 193,531,043 0.74

Risk-Weighted 4 118,843,073 0.46

Momentum 3 13,073,563 0.05

Exhibit 30 Ranking of Strategic-Beta ETPs by Secondary Attribute

Source: Morningstar Direct, Morningstar Research. Data as of June 30, 2014

x

Deutsche Asset

& Wealth Management





— RDR = Direct fee model + ban on retrocessions: Investment firms will only be paid

directly by investors and may no longer receive indirect payments from third parties

— RDR was “born” in the UK as part of FCA’s (Financial Conduct Authority)

consumer protection strategy:

— to improve clarity for investors,

— raise professional standards, and

— reduce conflict of interest in the advice process by removing commission bias

— The RDR aims to ensure that consumers:

— are offered a transparent and fair charging system for the advice they receive

— are clear about the service they receive; and

— receive advice from highly respected professionals.

— UK: Effective 31 December 2012; applies to all advisers in the retail investment

market (banks, product providers, IFAs, wealth managers, stockbrokers)

— Netherlands: Effective 1 January 2014; applies to all investment firms (banks,

investment advisers, investment managers)

20

Source: FCA.gov.uk

5) RDR – Retail Distribution Review What is it?

Deutsche Asset

& Wealth Management





21

― Know how much advice costs

― Pay directly for advice

― Know what you are paying for

― Get improved professional

standards

― Full transparency about cost

(advice + product)

Consumer Retail investment advisors

― Advisory firms to explicitly disclose

and separately charge clients for

their services

― Advisory firms to clearly describe

their services as either independent

or restricted; and

― Individual advisers to adhere to

consistent professional standards,

including a code of ethics.

― Set own charging structure and

disclose charges to clients upfront

using some form of price list or tariff

Source: www.fca.gov.uk; www.afm.nl

5) RDR – Retail Distribution Review Financial advice has changed

http://www.fca.gov.uk/

Deutsche Asset

& Wealth Management





— Landscape divides into two worlds:

— Advised clients: Drive to discretionary wealth managers (DFMs) / DPM

which see big inflows

— Unadvised clients: Drive towards self-directed execution (via online banks)

due to the fact that clients are reluctant to pay for advice and IFAs have to

segment/cut clients

— Banning of cash rebates led to introduction of clean share classes for (active) funds

— Drive to passive investment products (i.e. ETFs) and solutions (e.g. model portfolios)

for cost reasons

— UK-based financial advisers want more ETFs on platforms (Source: Dunstan Thomas, Sep 2014)

22

RDR and fee-based advice to kick-start ETF growth – likewise in the US

5) RDR – Retail Distribution Review Impact

Deutsche Asset

& Wealth Management




Trends in passive asset management and the ETF market 23

iShares recorded assets of £1.05bn held on nine wrap

platforms - 7IM, Ascentric, AXA Wealth Elevate, Fidelity

FundsNetwork, Novia, Nucleus, Raymond James, Standard

Life and Transact - as of the end of the September 2013, a

growth of 23% compared with the end of 2012.

iShares head of intermediary sales UK Pollyanna Harper said:

"Financial advisers are becoming much more comfortable with

how ETFs work and how they can be used in client portfolios.

"This trend is partly due to the changes brought about by the

Retail Distribution Review, but equally there is much more

information available now to investors and advisers alike.

"As a natural consequence, we're seeing more advisers pick

ETFs as a cost-efficient way of allocating to asset classes and

wrap platforms are an ideal and highly effective way of

accessing them." (excerpt)

Nearly all advisers surveyed by Vanguard Asset Management

plan to maintain or increase their Exchange Traded Funds

(ETFs) allocation over the next 12 to 24 months.

In the survey taken at its June Investment Symposium, 50% of

the 220 advisers polled said they would increase their usage

of Exchange Traded Funds (ETFs).

Advisers also said that they believed lower costs and better

availability of on UK platforms are the most likely reason to

increase passive investing through ETFs.

In an even split, 32% of advisers polled believed that that lower

costs were driving ETF usage, while 32% believed better

availability was key.

“We are seeing increased appetite for ETFs as many more

advisers are recommending them for clients’ portfolios,” Nick

Blake, head of retail for Europe, said.

In a recent report, BlackRock announced it was closing in on

$1trn in iShares. The firm expects the global ETF industry to

grow to $3.6trn by 2017, up from $2.5trn currently. (excerpt)

5) RDR – Retail Distribution Review Industry tangibles

Deutsche Asset

& Wealth Management





— Sweden:

— According to Finansinspektionen (FI) – the Swedish Financial Supervisory

Authority – a ban of commissions and up-front fees will come to protect

investors and to avoid any conflict of interest.

— However, no confirmed date yet to introduce RDR

— Swedish government has decided to extend FI‘s consumer protection unit by

85 new employees effective April 1, 2014

— In May 2014, Skandia voluntarily decided to waive up-front fees

Source: morningstar.vk.se, Jonas Lindmark, 22 May 2014

— Switzerland:

— Court decision re kickbacks on 30 Oct 2012

— Banks must pass on the commissions for holding mutual funds or other

financial products as part of Wealth Management mandates to clients

Source: www.law-news.ch

24

4) RDR – Retail Distribution Review Who is next?

Deutsche Asset

& Wealth Management






“My advice to the trustee could not be more simple: put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.”

Warren Buffett

Deutsche Asset

& Wealth Management





Issued and approved by Deutsche Bank AG Frankfurt(UK) of Winchester House, 1 Great Winchester Street, London EC2N 2DB. Authorised and regulated by the Financial Conduct Authority ("FCA“).

This document is a “non-retail communication” within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA’s client categorisation criteria for an eligible counterparty or a

professional client. This document is not intended for and should not be relied upon by a retail client.

Deutsche Asset & Wealth Management is the brand name for the asset and wealth management arm of Deutsche Bank AG.

This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates (“DB”).This material was not produced,

reviewed or edited by the Research Department, except where specific documents produced by the Research Department have been referenced and reproduced above. Without limitation, this

document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation

(including the most recent Key Investor Information Document, which is available in English and certain other relevant languages on www.etf.db.com) relating to the transaction and not the summary

contained herein. These documents are available free of charge from Deutsche Bank, London Branch. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this

proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you

fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible

risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you

do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete,

or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are

based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. This

material was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research

Department. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have

proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. DB may make a market in the

instruments (or related derivatives) discussed herein. Investors should be aware that DB may from time to time own interests in any individual sub-fund of db X-trackers which may represent a

significant investment or proportion of the overall investor holdings in the relevant sub-fund. Investors should consider what possible impact such holdings or any disposal thereof by DB may have on

them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part,

without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS

OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR

TIMELINESS THEREOF.

Any individual intending to invest in any investment described in this document should consult his/her professional adviser and ensure that he/she fully understands the risks associated with making

such an investment and has sufficient financial resources to sustain any loss that may arise from it. db x-trackers and db x-trackers II (the "Luxembourg Companes") are registered with the

Luxembourg Trade and Companies’ Register under numbers B-119 899 and B-124 284. DB Platinum Advisors acts as the management company. Registered office of the Luxembourg

Compan[y][ies]: 49, avenue J.F Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. The Luxembourg Companies are registered in the Grand-Duchy of Luxembourg as undertakings for

collective investment pursuant to Part I of the law of 20 December 2002 relating to undertakings for collective investment, as amended. The Luxembourg Companies qualify as undertakings for

collective investment in transferable Securities under article 1(2) of the Council Directive 85/611/EEC of 20 December 1985. DB is authorised under German Banking Law (competent authority: BaFin

– Federal Financial Supervising Authority) and DB AG London Branch is regulated by the Financial Conduct Authority for the conduct of UK business. © Deutsche Bank AG 2014. All rights reserved.

Important Information (1/2)

26

Deutsche Asset

& Wealth Management





Where Deutsche Bank AG Stockholm branch is acting in a marketing/origination capacity.

Deutsche Bank AG is authorized under German Banking Law (ID:100003, competent authority: BaFin - Federal Financial Supervisory Authority). Deutsche Bank AG Stockholm branch ("DBS",

Bolagsverket nr. 516401-9985) is authorised and supervised by BaFIN and supervised by Finansinspektionen for the adherence to Swedish Laws and Regulations. Deutsche Bank branches operate

within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area (“EEA”). Reference is made to European Union Regulatory Background and

Corporate and Regulatory Disclosures at https://www.db.com/en/content/eu_disclosures_uk.htm. Details about the extent of our authorisation and regulation by BaFIN and respective Nordic Region

Financial Supervisory Authority are available from us on request.

Without limitation, this document and any attachment does not constitute an offer or a recommendation to enter into any transaction with DBS. This material and attachments is for information

purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for DBS to enter

into or arrange any type of transaction as a consequence of any information contained herein. The implicit or explicit views and recommendations expressed in marketing or other financial

presentation material as well as any financial proposals are solely those of the issuer of such material, and forwarded to you on behalf of the contracting party.

The views set out in this presentation are those of the author and may not necessarily the views of any other division within Deutsche Bank, including the Sales and Trading functions of the Corporate

and Investment Bank or the Global Client Group of Deutsche Asset and Wealth Management: all services provided by these the Sales and Trading functions of the Corporate and Investment Bank

are purely on a non-advised, execution-only basis. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or

related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed

herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. You may not distribute this document, in whole or in part, without our express

written permission.

DBS is solely acting in an agency/agency similar capacity (“the agent”) for and on behalf of Deutsche Bank AG and/or affiliates and potential investors should be aware that if they, you, decide to

enter into a transaction with Deutsche Bank AG or affiliates (these acting as “the principal” or “contractual party”) will any and all contractual and commercial agreements be as entered into with that

contracting party under the contractual laws, unless re-negotiated, and financial laws and regulations of the country where the contracting party is licensed.

Unless DBS is entering into a separate and explicit contractual relationship with you for the provision of investment services is neither obliged to categorise you in accordance to MiFID nor perform

MiFID Suitability and/or Appropriateness assessment (as enacted into Swedish laws and regulations). The investments or services mentioned in this material or an attachment thereto may not be

appropriate for all investors and before entering into a transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the

appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking

advice from your own advisers in making this assessment. If you decide to enter into a transaction with a contracting party you do so in reliance on your own judgment. For general information

regarding the nature and risks and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures.

Past performance is not a suitable indicator of future results. An investment in mutual funds/ETF’s can rise or fall in value and there is no guarantee that the investor will get back all capital invested.

Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors should note that most mutual funds/ETF’s are not capital protected or capital guaranteed. Investors in

mutual funds/ETF’s should be aware of the possibility, and financially able, to lose part or all of the invested capital. An investment in mutual funds/ETF’s is associated with risks, for a presentation of

the risks related to investments in these funds, please refer to respective Funds/ETF’s Fact Sheet and/or Key Investor Information Document (“KIID”s) and/or fund Prospectus.

DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR

ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.

Important Information (2/2)

27

Deutsche Asset

& Wealth Management





& Wealth Management

• Investors should note that the db X-trackers UCITS ETFs are not capital protected or guaranteed and investors in each db X-trackers UCITS ETF should be prepared and able to sustain losses of

the capital invested up to a total loss.

• The value of an investment in a db X-trackers UCITS ETF may go down as well as up and past performance is not a guide to the future.

• Investment in db X-trackers UCITS ETFs involve numerous risks including among others, general market risks relating to the relevant index, credit risks on the provider of index swaps utilised in the

db X-trackers UCITS ETFs, exchange rate risks, interest rate risks, inflationary risks, liquidity risks and legal and regulatory risks.

• Not all db X-trackers UCITS ETFs may be suitable for all investors so please consult your financial advisor before you invest in a db X-trackers UCITS ETF

• db X-trackers UCITS ETFs following a direct replication investment policy, may engage in securities lending. In these instances the db X-trackers UCITS ETFs face the risk of the borrower not

returning the securities lent by the db X-trackers UCITS ETF due to e.g. a default situation and the risk that collateral received by the db X-trackers UCITS ETFs may be liquidated at a value lower

than the value of the securities lent out by the db X-trackers UCITS ETFs.

• db X-trackers UCITS ETFs employing an indirect investment policy will use OTC derivative transactions. There are appropriate arrangements in place to reduce the exposure of the db X-trackers

UCITS ETF to the counterparty, in some cases up to 100%, but there is no guarantee that such arrangements will be perfect and the counterparty may lose up to 100% of its investment if the

counterparty defaults.

• db X-trackers UCITS ETFs may be unable to replicate precisely the performance of an index.

• An investment in a db X-trackers UCITS ETFs is dependent on the performance of the underlying index less costs, but an investment is not expected to match that performance precisely. There may

be a tracking difference between the performance of the db X-trackers UCITS ETFs and the underlying index e.g. due to the impact of fund management fees and administrative costs among other

things. The returns on the db X-trackers UCITS ETFs may not be directly comparable to the returns achieved by direct investment in the underlying assets of the db X-trackers UCITS ETFs or the

underlying index. Investors' income is not fixed and may fluctuate.

• db X-trackers UCITS ETFs shares may be denominated in a currency different to that of the traded currency on the stock exchange in which case exchange rate fluctuations may have a negative

effect on the returns of the fund.

• The value of any investment involving exposure to foreign currencies can be affected by exchange rate movements.

• Tax treatment of the db X-trackers UCITS ETFs depends on the individual circumstances of each investor. The levels and bases of, and any applicable relief from, taxation can change.

• DB Affiliates significant holdings: Investors should be aware that Deutsche Bank or its affiliates (“DB Affiliates”) may from time to time own interests in any individual db X-trackers UCITS ETF which

may represent a significant amount or proportion of the overall investor holdings in the relevant db X-trackers UCITS ETF. Investors should consider what possible impact such holdings by DB

Affiliates may have on them. For example, DB Affiliates may like any other Shareholder ask for the redemption of all or part of their Shares of any Class of the relevant db X-trackers UCITS ETF in

accordance with the provisions of this Prospectus which could result in (a) a reduction in the Net Asset Value of the relevant db X-trackers UCITS ETF to below the Minimum Net Asset Value which

might result in the Board of Directors deciding to close the db X-trackers UCITS ETF and compulsorily redeem all the Shares relating to the db X-trackers UCITS ETF or (b) an increase in the holding

proportion of the other Shareholders in the db X-trackers UCITS ETF beyond those allowed by laws or internal guidelines applicable to such Shareholder.

• db X-trackers shares purchased on the secondary market cannot usually be sold directly back to the db X-trackers ETFs. Investors must buy and sell shares on a secondary market with the

assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying shares and may receive less

than the current net asset value when selling them.

Investment risks relating to db X-trackers UCITS ETFs and db-X ETCs (1/2)

28

Deutsche Asset

& Wealth Management





& Wealth Management

•ETFs Disclaimer:

All db X-trackers UCITS ETFs are sub-funds of one of the following platforms: db x-trackers, db x-trackers II or Concept Fund Solutions plc. Details on any db X-trackers UCITS

ETF can be found in the key investor information document or full prospectus, supplemented by the most recent audited annual report and the respective semi-annual report, if a

more recent one is available than the last annual report, of db x-trackers, db x-trackers II or Concept Fund Solutions plc. These documents can be obtained free of charge at the

following website: www.etf.db.com and are available free of charge in printed form from your advisor or the location specified in the relevant additional information for investors.

They constitute the only binding basis for purchase of shares of the db X-trackers UCITS ETFs. The db X-trackers UCITS ETFs described in this presentation track the

performance of the index included in the relevant db X-trackers UCITS ETF name.

•Due to their composition/the techniques employed by fund management, the db X-trackers UCITS ETFs may exhibit increased volatilities.

•Some of the db X-trackers UCITS ETFs described here invest primarily in derivatives.

•The registered office of db X-trackers (RCS No.: B-119.899) and db x-trackers II (RCS No.: B-124.284), each a company registered in Luxembourg, is 49, avenue J.F. Kennedy,

L-1855 Luxembourg. db X-trackers is a registered trademark of Deutsche Bank AG. The registered office of Concept Funds Solutions plc (RCS NR.: 393802), a company

registered in Ireland, is 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. As explained in the relevant prospectus, distribution of db X-trackers UCITS ETFs is subject to restrictions

in certain jurisdictions. The db X-trackers UCITS ETFs described herein may neither be offered for sale nor sold in the USA, nor to, or for the account of US Persons or persons

residing in the USA.

•ETCs Disclaimer:

Further Details on the ETCs, in particular on the Conditions of the Securities, as well as details on the Issuer of ETCs are set out in the respective Prospectus; the Prospectus and

any supplements can be obtained free of charge at Deutsche Bank AG, CIB GME db ETC, Grosse Gallusstrasse 10–14, 60311 Frankfurt am Main. telephone number: +49 (0)69 /

910 82800, fax: +49 (0)69 / 910 38673 or downloaded on www.etc.db.com, and constitute the only binding basis for purchase of the Securities. The Issuers of the ETCs are

registered public limited companies in accordance with the Companies (Jersey) Law 1991 with registration number 103783 (for DB ETC Index plc), 103781 (for DB ETC plc).

•Deutsche Bank Liquid Commodity Index™- Optimum Yield balanced is a registered trademark of Deutsche Bank AG. The sponsor of the index listed here makes no guarantees

or representations concerning the results obtained by using its index levels on any given day, or in any other respect whatsoever. The index sponsor is not liable for any errors in

its index and is not obliged to provide information of such errors.

•Deutsche Bank Liquid Commodity Index™- Optimum Yield balanced is a registered trademark of Deutsche Bank AG. The sponsor of the index listed here makes no guarantees

or representations concerning the results obtained by using its index levels on any given day, or in any other respect whatsoever. The index sponsor is not liable for any errors in

its index and is not obliged to provide information of such errors.

Investment risks relating to db X-trackers UCITS ETFs and db-X ETCs (2/2)

29

Deutsche Asset

& Wealth Management





Important information (1/3)

30

Clarification on All-in Fee

Funds with direct replication structure

Investors should be aware that in addition to the All-In Fee, the relevant db X-trackers UCITS ETF may incur other costs which may negatively impact the performance of their investment relative to

the underlying index

Examples include: Brokerage and other transaction costs, financial transaction taxes or stamp duties as well as potential differences in taxation of either capital gains or dividend assumed in the

relevant underlying index, and actual taxation of either capital gains or dividends in the relevant db X-trackers UCITS ETF.

The precise impact of these costs cannot be estimated reliably in advance as it depends on a variety of non-static factors. Investors are encouraged to consult the audited annual- and un-audited

semi-annual reports for details.

Funds with indirect replication structure

Investors should note that the All-In Fee does not cover any OTC Swap Transaction Costs, which are embedded in the OTC Swap Transaction of the relevant db X-trackers UCITS ETF.

OTC Swap Transaction Costs are index replication costs incurred by the Swap Counterparty and may impact the performance of the relevant db X-trackers UCITS ETF negatively relative to the

underlying index. Index replication costs can be broken down into various categories depending on the nature of the underlying index (long, short or leveraged). A detailed description of each

scenario is available in the Prospectus under the heading "Investment Objectives and Policies - Sub-Funds with an Indirect Investment Policy" .

Investors can access www.etf.db.com for information regarding the applicable scenario and an indication for the latest OTC Swap Transaction Costs.

MorningStar Rating

© 2014 Morningstar Inc. All rights reserved. The information contained herein (a) is protected by copyright for Morningstar and/or its content providers; (b) may not be duplicated or distributed; and

(c) no guarantee of its accuracy, completeness or timeliness is given. Neither Morningstar nor its content providers are responsible for any loss or damage arising from the use of this information.

© Deutsche Bank AG 2014 As at: 31 July 2014, unless stated otherwise herein.

This document is for professional investors only

The presentation is intended for institutional investors only and was produced purely for information purposes and does not create any legally binding obligations on the part of Deutsche Bank AG

and/or its affiliates (”DB“). Without limitation, this presentation does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction in respect of the Securities and/or

Sub-Funds. When making an investment decision, you should rely solely on the final documentation relating to the Securities and/or Sub-Funds and not the summary contained herein.

The information contained in this presentation does not constitute investment advice but instead merely provides a summarized description of the Securities’ and Sub-Fund’s key features.

All statements of opinion reflect the current assessment of Deutsche Bank AG and are subject to change without notice. Deutsche Bank AG does not guarantee the accuracy, completeness or

adequacy of any information contained in this presentation that may have been obtained from third party sources, even though it only uses sources it deems reliable.

All prices are provided for informational purposes only and do not serve as an indication of trading prices.

Past performance is not a reliable indication of future performance.

No direct or indirect recommendations are given in relation to any Securities and/or Sub-Funds mentioned in this document, meaning that the provisions of section 34b of the German Securities

Trading Act (Wertpapierhandelsgesetz – WpHG), concerning the analysis of financial instruments, do not apply. The information contained in this document does not constitute a financial analysis

but qualifies as marketing material which is not subject to the legal provisions ensuring the impartiality of financial analysis or to any prohibition on trading prior to the publication of financial

analyses.

For further information and risk warnings on the benchmark indices referenced in this presentation, investors should also consult the provisions set out in the prospectus.

MSCI

The MSCI indexes are the exclusive property of MSCI Inc. (MSCI) and may not be reproduced or extracted and used for any other purpose without MSCI’s consent. The Fund is not sponsored,

endorsed, or promoted by MSCI, and MSCI bears no liability with respect to the Fund or any index on which such Fund is based. The MSCI indexes are provided without any warranties of any

kind.

STOXX

The STOXX Indices and the trademarks used in the indices names are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The STOXX Indices are used under

license from STOXX. The relevant Sub-Funds are in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with

respect thereto.

Deutsche Asset

& Wealth Management






31

FTSE

“FTSE" is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under licence. The relevant Sub-Funds are licensed

by FTSE to redistribute the Indices. All rights in and to the FTSE Indices vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be

responsible for any error or omission in the FTSE Indices.

HENG SENG INDEXES

The mark and name Hang Seng Equal Weighted Index is proprietary to Hang Seng Data Services Limited (HSDS) which has licensed its compilation and publication to Hang Seng Indexes

Company Limited (HSIL). HSIL and HSDS have agreed to the use of, and reference to, the Hang Seng Equal Weighted Index by Deutsche Bank in connection with the db x-trackers Hang Seng

Equal Weighted Index UCITS ETF (the "Product"). The Product is not sponsored, endorsed, sold or promoted by HSDS and HSIL and please refer to the prospectus for the full disclaimer relating

to Hang Seng China Enterprises Equal Weighted Index.

CHINA SECURITIES INDEX

The CSI300 Indices and the trademarks used in the Indices name are the intellectual property of CSI. The Indices are used under license from CSI. The relevant Sub-Funds based on the Indices

are in no way sponsored, endorsed, sold or promoted by CSI and CSI shall not have any liability with respect thereto.

Markit/CDX Indices:

The Markit CDX Indices and the trademarks used in the Index names referenced herein are the intellectual property of Markit North America Inc. (Markit). The Indices are used under license from

Markit. The relevant Sub-Funds are based on the relevant Indices and are in no way sponsored, endorsed, sold or promoted by Markit and Markit shall not have any liability with respect thereto.

Markit makes no express or implied warranties or representations with respect to the accuracy or fitness for a particular purpose or the results obtained by the use of the Indices.

Markit/iBoxx Indices:

The Markit iBoxx Indices and the trademarks used in the Indices names referenced herein are the intellectual property of Markit Indices Limited (Markit). The Indices are used under license from

Markit. The Sub-Funds are based on the relevant Index and is in no way sponsored, endorsed, sold or promoted by Markit and Markit shall not have any liability with respect thereto. Markit makes

no express or implied warranties or representations with respect to the accuracy or fitness for a particular purpose or the results obtained by the use of the Indices.

Markit/iTraxx Indices:

The iTraxx® Indices and the trademarks used in the Indices names referenced herein are the intellectual property of Markit Indices Limited and/or its licensors (Markit). The Indices are used under

license from Markit. Each relevant Sub-Fund is based on the relevant Index and is no way sponsored, endorsed, sold or promoted by Markit and Markit shall not have any liability with respect

thereto. Markit makes no express or implied warranties or representations with respect to the accuracy or fitness for a particular purpose or the results obtained by the use of the Indices.

EuroMTS Indices:

The MTS Italy Ex-Bank of Italy Indices are trademarks of EuroMTS Ltd which are calculated by EuroMTS Ltd and marketed and distributed by MTSNext Ltd. The relevant Sub-Funds are not

sponsored, endorsed, sold or promoted by either of EuroMTS Ltd or MTSNext Ltd, and neither shall be liable for any loss or damage whatsoever (including, without limitation, investment losses)

arising wholly or partly in connection with the relevant Sub-Fund or the licence to Deutsche Bank.

The indices are registered trademarks of their respective licensors.

The Securities and Sub-Funds described in this document are not sponsored, endorsed, sold or promoted in any way by the index sponsor(s) of the indices listed here (with the exception of

Deutsche Bank AG). The sponsors of the indices listed here (including Deutsche Bank AG) make no guarantees or representations concerning the results obtained by using their indices and/or

index levels on any given day, or in any other respect whatsoever. The index sponsors are not liable for errors in their indices and are not obliged to provide information of such errors.

This presentation and the information contained herein may only be distributed and published in jurisdictions in which such distribution and publication is permissible in accordance with applicable

law in those jurisdictions. Direct or indirect distribution of this presentation is prohibited in the United States, the United Kingdom, Canada and Japan as well as to US persons and persons residing

in the USA.

Additional information for investors in the Federal Republic of Germany

For DB Platinum and DB Platinum IV sub-funds as well as db X-trackers UCITS ETFs the prospectus, key investor information documents, articles of association, annual and semi-annual reports

are all available in German language in electronic form free of charge from Deutsche Bank AG, TSS/Global Equity Services, Taunusanlage 12, 60325 Frankfurt am Main (Germany).

Deutsche Asset

& Wealth Management






32

Barclays Global Aggregate Index

The Barclays Global Aggregate Bond Index is a trademark of Barclays Bank PLC or its affiliates (“Barclays”) and has been licensed for use in connection with the issuance and

distribution of the db x-trackers BARCLAYS GLOBAL AGGREGATE BOND UCITS ETF. db x-trackers BARCLAYS GLOBAL AGGREGATE BOND UCITS ETF is not

sponsored by, endorsed, sold or promoted by Barclays, and Barclays makes no representation regarding the advisability of investing in it.

Additional information for investors in the Federal Republic of Germany

For DB Platinum and DB Platinum IV sub-funds as well as db X-trackers UCITS ETFs the prospectus, key investor information documents, articles of association, annual and

semi-annual reports are all available in German language in electronic form free of charge from Deutsche Bank AG, TSS/Global Equity Services, Taunusanlage 12, 60325

Frankfurt am Main (Germany).

Documents

The European ETF Market 2014 - Nasdaq, Inc....Deutsche AWM Passive ²EUR 100.75bn Assets under Management in total ²db X-trackers ETFs: EUR 39.22bn AuM; 237 ETFs ²US ETPs: EUR 8.09bn