BVI INVESTMENTSTATISTIK: 31.7.2017

General market overview of investment products and investment focus

Assets and sales for the German sales market in total of providers and fund domiciles

Net assets (EUR millions) 31.7.2017 30.6.2017 31.7.2016 31.7.2015 31.7.2014

Open-ended retail funds Equity funds (A) 370,271.6 367,895.4 322,558.4 330,338.0 275,603.4 Bond funds (R) 203,064.3 203,243.8 198,941.3 196,666.2 180,288.2 Balanced funds (M) 251,802.9 250,777.6 218,260.3 212,978.2 162,082.8 Capital protected funds (W) 21,558.6 21,694.3 25,028.3 28,589.2 28,503.1 Money market funds (G) 9,911.6 11,096.4 10,673.6 11,949.4 9,451.1 Other securities funds (S) 3,010.6 3,026.8 2,722.1 1,825.6 3,370.8 Target funds (Z) 11,282.9 11,208.8 11,190.6 10,851.7 6,870.3 Life cycle funds (C) 2,671.0 2,589.6 2,478.1 2,268.1 1,890.3 Hybrid funds (Y) 6,430.5 6,326.4 6,432.8 8,104.8 7,309.6 Alternative investment funds (X) 7,062.7 6,804.3 8,046.3 6,115.2 5,514.7 Real estate funds (P) 87,998.6 87,794.5 87,077.6 82,199.6 80,091.8

Total open-ended retail funds 975,065.3 972,457.9 893,409.4 891,886.0 760,976.1

whereof Property funds 87,998.6 87,794.5 87,077.6 82,199.6 80,091.8 ETFs 121,714.5 119,906.1 106,233.6 104,428.3 88,909.5 Funds of funds 84,905.9 85,578.2 81,086.5 78,577.4 67,457.9 Feeder funds 2,037.1 2,132.8 2,181.1 1,639.4 1,670.3 Open-ended Spezialfonds Securities and Private Equity funds 1,479,736.7 1,475,414.0 1,400,422.6 1,283,923.3 1,121,287.6 Real asset funds 72,150.9 71,547.4 59,154.3 50,549.9 44,061.0

Total open-ended Spezialfonds 1,551,887.6 1,546,961.4 1,459,576.9 1,334,473.2 1,165,348.6

whereof Property funds 72,150.9 71,547.4 59,154.3 50,549.9 44,061.0 Funds of funds 82,967.2 82,419.1 64,941.0 53,437.9 44,457.8 Feeder funds 15,586.9 15,475.8 14,816.2 13,441.6 10,622.1

Total open-ended funds 2,526,952.9 2,519,419.3 2,352,986.3 2,226,359.2 1,926,324.7

Closed-ended retail funds

Alternative funds (X) 354.3 354.2 - - -

Real asset funds (P) 1,584.4 1,460.7 466.3 - -

Total closed-ended retail funds 1,938.7 1,814.9 466.3 - -

whereof Property funds 1,584.4 1,460.7 466.3 - - Closed-ended Spezialfonds

10.0Securities and Private Equity funds 1,963.0 1,806.2 55.5 - -

20.0Real asset funds 1,309.8 1,300.8 670.8 - -

Total closed-ended Spezialfonds 3,272.8 3,107.0 726.3 - -

whereof Property funds 1,309.8 1,300.8 670.8 - -

Total closed-ended funds 5,211.5 4,921.9 1,192.6 - -

Total discretionary mandates 384,694.4 389,563.8 417,583.3 383,857.4 329,597.9

Total 2,916,858.8 2,913,905.0 2,771,762.2 2,610,216.6 2,255,922.6

Investment products: Investment funds under the German Capital Investment Code (Kapitalanlagegesetzbuch, KAGB) and discretionary mandates (individual portfolio management restricted to portfolios that do not constitute investment funds). Investment funds with the legal form of a company (Investment-AG, Investment-KG) are deemed to be funds. Distinction between retail funds and Spezialfonds is made in accordance with the KAGB.

Investment focus: For retail funds, the focus is based on the BVI fund categorisation scheme; for Spezialfonds, the focus is based on the Deutsche Bundesbank systematics.

Providers: Fund companies under the KAGB (investment fund management companies, EU management companies and foreign AIF management companies), financial services providers (asset managers) in accordance with the requirements of the BVI's Articles of Association. The group of participants covered in the statistics includes BVI members as well as companies without BVI membership (affiliated group companies and voluntary participants).

Figures reflect net assets and net sales in the amount attributable to private, semi-professional or professional investors in Germany. Details for reference periods may differ from earlier publications if providers report existing portfolios at a later stage.

The figures in this total overview originate from the "German sales market" category under the "Overview by providers". They are derived from the "Administration" reference basis, which means that an allocation by issuing companies that are subject to a reporting requirement will prevail.

Last update: 13.9.2017 BVI INVESTMENTSTATISTIK: 31.7.2017

General market overview of investment products and investment focus

Assets and sales for the German sales market in total of providers and fund domiciles

Net sales YTD (year to date) 2017 2016 2015 2014 2013 (EUR millions) January - July Open-ended retail funds Equity funds (A) 10,294.6 -638.4 10,837.0 -493.1 -1,032.6 Bond funds (R) 10,207.9 717.8 8,232.0 10,744.3 8,587.5 Balanced funds (M) 20,883.8 3,856.9 28,061.4 12,844.6 12,817.3 Capital protected funds (W) -935.9 -1,400.9 -515.2 -782.9 -1,210.1 Money market funds (G) -1,246.5 -1,058.8 1,161.4 -473.8 -1,818.9 Other securities funds (S) 308.8 233.1 243.7 170.0 215.6 Target funds (Z) 121.7 -526.2 818.4 490.8 -419.0 Life cycle funds (C) 106.9 149.2 105.8 24.2 -281.6 Hybrid funds (Y) -164.8 -1,180.0 413.3 1,218.1 -61.9 Alternative investment funds (X) 273.1 1,157.4 542.6 7.5 790.7 Real estate funds (P) 3,102.2 3,921.6 1,633.1 300.1 3,153.1

Total open-ended retail funds 42,951.8 5,231.7 51,533.5 24,049.8 20,740.1

whereof Property funds 3,102.2 3,921.6 1,633.1 300.1 3,153.1 ETFs 8,777.5 -3,106.0 8,669.0 3,365.9 339.6 Funds of funds 1,601.6 1,748.2 6,543.4 1,637.2 1,884.8 Feeder funds -301.0 31.5 -56.6 -172.3 -600.1 Open-ended Spezialfonds

Securities and Private Equity funds 46,632.7 49,723.5 73,101.2 38,770.4 41,347.3

Real asset funds 5,006.6 3,247.4 1,870.3 2,795.8 2,286.4

Total open-ended Spezialfonds 51,639.3 52,970.9 74,971.5 41,566.2 43,633.7

whereof Property funds 5,006.6 3,247.4 1,870.3 2,795.8 2,286.4 Funds of funds 11,092.4 4,452.5 3,967.7 2,259.3 1,696.0 Feeder funds -299.4 550.0 3,039.1 0.0 63.3

Total open-ended funds 94,591.1 58,202.6 126,505.0 65,616.0 64,373.8

Closed-ended retail funds Alternative funds (X) 0.0 - - - - Real asset funds (P) 197.8 -2.1 - - -

Total closed-ended retail funds 197.8 -2.1 - - -

whereof Property funds 197.8 -2.1 - - - Closed-ended Spezialfonds

Securities and Private Equity funds 1,642.2 26.7 - - -

Real asset funds 348.0 177.7 - - -

Total closed-ended Spezialfonds 1,990.2 204.4 - - -

whereof Property funds 348.0 177.7 - - -

Total closed-ended funds 2,188.0 202.3 - - -

Total discretionary mandates -11,714.7 -2,488.6 -4,298.3 -9,148.4 872.1

Total 85,064.4 55,916.3 122,206.7 56,467.6 65,245.9

(A) Of which EUR million 32.0 result from liquidations of fixed maturity funds. (C) Of which EUR million 51.7 result from liquidations of fixed maturity funds. (R) Of which EUR million 109.1 result from liquidations of fixed maturity funds. (W) Of which EUR million 288.7 result from liquidations of fixed maturity funds.

The figures in this total overview originate from the "German sales market" category under the "Overview by providers". They are derived from the "Administration" reference basis, which means that an allocation by issuing companies that are subject to a reporting requirement will prevail.

Last update: 13.9.2017 BVI INVESTMENTSTATISTIK: 31.7.2017

General market overview of investment products and investment focus

Assets and sales for the German sales market in total of providers and fund domiciles

Net sales monthly (EUR millions) Jul 17 Jun 17 Jul 16 Jul 15 Jul 14 Open-ended retail funds Equity funds (A) 4,533.9 923.7 713.4 3,427.6 1,138.0 Bond funds (R) 349.6 1,710.3 729.4 328.0 3,563.1 Balanced funds (M) 2,067.6 2,818.6 -1,062.8 3,158.5 1,961.2 Capital protected funds (W) -89.7 -294.0 -227.6 -310.9 -31.2 Money market funds (G) -1,100.6 32.1 -496.8 -69.8 243.3 Other securities funds (S) -18.3 10.0 -28.2 50.9 -8.2 Target funds (Z) 69.0 -85.3 -145.8 200.0 97.1 Life cycle funds (C) 91.8 -42.4 108.9 4.4 3.2 Hybrid funds (Y) 91.9 -123.1 -157.4 39.8 96.7 Alternative investment funds (X) 193.9 -99.7 896.3 -47.7 -16.3 Real estate funds (P) 322.6 425.3 -335.3 -283.3 -598.1

Total open-ended retail funds 6,511.7 5,275.5 -5.9 6,497.5 6,448.8

whereof Property funds 322.6 425.3 -335.3 -283.3 -598.1 ETFs 2,366.7 664.5 -370.5 2,903.3 1,190.6 Funds of funds -336.7 71.3 440.8 174.9 378.3 Feeder funds -118.1 -7.9 -7.3 -21.4 -7.4 Open-ended Spezialfonds

Securities and Private Equity funds 2,121.2 586.7 5,974.3 4,819.7 6,500.5

Real asset funds 278.1 701.4 323.4 -198.5 424.0

Total open-ended Spezialfonds 2,399.3 1,288.1 6,297.7 4,621.2 6,924.5

whereof Property funds 278.1 701.4 323.4 -198.5 424.0 Funds of funds 388.5 572.0 625.9 483.4 640.4 Feeder funds 0.0 0.0 0.0 0.0 0.0

Total open-ended funds 8,911.0 6,563.6 6,291.8 11,118.7 13,373.3

Closed-ended retail funds Alternative funds (X) 0.0 0.0 - - - Real asset funds (P) 6.1 12.8 0.0 - -

Total closed-ended retail funds 6.1 12.8 0.0 - -

whereof Property funds 6.1 12.8 0.0 - - Closed-ended Spezialfonds

Securities and Private Equity funds 155.5 37.6 9.5 - -

Real asset funds 1.7 192.3 -23.4 - -

Total closed-ended Spezialfonds 157.2 229.9 -13.9 - -

whereof Property funds 1.7 192.3 -23.4 - -

Total closed-ended funds 163.3 242.7 -13.9 - -

Total discretionary mandates -3,167.6 -215.5 -1,377.5 276.7 -2,848.5

Total 5,906.7 6,590.8 4,900.4 11,395.4 10,524.8

(W) Of which EUR million 21.4 result from liquidations of fixed maturity funds.

The figures in this total overview originate from the "German sales market" category under the "Overview by providers". They are derived from the "Administration" reference basis, which means that an allocation by issuing companies that are subject to a reporting requirement will prevail.

Last update: 13.9.2017 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 887,066.7 100.0 381,623.2 754,144.0 6,188.9 4,233.4 2,701.6 39,849.6 16,353.4 35,625.5 Asset manager or asset manager group Aberdeen Asset Management Gruppe 2,847.8 0.3 0.0 0.0 18.1 0.0 0.0 138.8 0.0 0.0 Aberdeen Global Services S.A. LU 2,847.8 0.3 - - 18.1 - - 138.8 - - Allianz Asset Management Gruppe 132,687.2 15.0 28,921.9 157,352.2 1,186.2 -119.7 773.7 8,640.8 -753.6 14,053.3 Allianz Global Investors 132,687.2 15.0 28,921.9 149,689.5 1,186.2 -119.7 757.6 8,640.8 -753.6 13,340.5 PIMCO Deutschland GmbH DE 0.0 0.0 0.0 7,662.7 0.0 0.0 16.1 0.0 0.0 712.8 ALTE LEIPZIGER Trust Investment-Gesellschaft mbH DE 694.9 0.1 694.9 694.9 198.4 198.4 198.4 216.0 216.0 216.0 Ampega Investment GmbH DE 5,495.6 0.6 4,328.4 2,586.9 10.2 14.1 3.3 136.0 138.0 43.5 Amundi Gruppe 13,139.6 1.5 7,682.8 18,300.2 -100.6 -46.6 119.8 22.0 53.5 542.5 Pioneer Investments Kapitalanlagegesellschaft mbH DE 7,682.8 0.9 7,682.8 18,300.2 -46.6 -46.6 119.8 53.5 53.5 542.5 Pioneer Asset Management S.A. LU 5,217.0 0.6 - - -51.6 - - -14.0 - - Pioneer Investment Management Inc. US 105.6 0.0 - - -1.0 - - -6.7 - - Pioneer Investments Austria GmbH AT 134.2 0.0 - - -1.4 - - -10.8 - - Pioneer Investments Management Ltd. IE 0.0 0.0 - - 0.0 - - 0.0 - - Pioneer Investment Management SGR pA IT 0.0 0.0 - - 0.0 - - 0.0 - - AVANA Invest GmbH DE 32.7 0.0 32.7 0.0 -0.1 -0.1 0.0 -11.6 -11.6 0.0 AXA-IM Gruppe 6,919.3 0.8 2,081.1 0.0 -1,326.4 4.2 0.0 -1,271.1 16.9 0.0 AXA Investment Managers Deutschland GmbH DE 2,081.1 0.2 2,081.1 0.0 4.2 4.2 0.0 16.9 16.9 0.0 AXA Fund Management S.A. Luxemburg LU 3,556.8 0.4 - - -55.0 - - 409.3 - - AXA Rosenberg IE 1,158.4 0.1 - - 2.2 - - -506.2 - - AXA IM Paris FR 122.9 0.0 - - -1,277.9 - - -1,191.1 - - AXA Investment Managers UK Limited GB 0.1 0.0 - - 0.0 - - 0.0 - - BayernInvest Gruppe 1,010.2 0.1 560.5 819.4 -9.9 -19.6 -7.5 -25.4 0.6 -24.8 BayernInvest Kapitalverwaltungsgesellschaft mbH DE 560.5 0.1 560.5 819.4 -19.6 -19.6 -7.5 0.6 0.6 -24.8 BayernInvest Luxembourg S.A. LU 449.8 0.1 - - 9.7 - - -26.0 - - BlackRock Asset Management Deutschland AG (iShares) 1) 2) DE 44,208.6 5.0 44,208.6 44,208.6 1,376.3 1,376.3 1,376.3 2,515.4 2,515.4 2,515.4 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNY Mellon Service Kapitalanlage-Gesellschaft mbH DE 3,656.5 0.4 3,656.5 0.0 -584.5 -584.5 0.0 -409.0 -409.0 -24.7 Commerz Funds Solutions S.A. LU 10,482.8 1.2 680.3 - -149.4 21.9 - 633.1 137.9 - DekaBank Gruppe 121,211.8 13.7 67,741.0 124,429.9 710.6 884.7 721.0 1,134.9 2,596.6 1,516.7 DekaBank Deutsche Girozentrale DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -6,265.7 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 1 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 887,066.7 100.0 381,623.2 754,144.0 6,188.9 4,233.4 2,701.6 39,849.6 16,353.4 35,625.5 Asset manager or asset manager group Deka Investment GmbH DE 62,153.7 7.0 62,153.7 120,455.7 608.4 608.4 461.3 1,682.1 1,682.1 6,665.0 Landesbank Berlin Investment GmbH DE 5,587.3 0.6 5,587.3 3,974.2 276.4 276.4 259.7 914.5 914.5 1,117.4 Deka Immobilien Luxembourg S.A. LU 9.9 0.0 - - 0.0 - - -21.9 - - Deka International S.A. LU 45,617.8 5.1 - - -145.7 - - -1,348.9 - - International Fund Management S.A. LU 7,843.1 0.9 - - -28.4 - - -90.9 - - Deutsche AM Gruppe 234,167.7 26.4 72,034.9 178,566.9 1,710.3 469.8 -2,287.7 10,579.7 -287.2 4,301.6 Deutsche Asset Management International GmbH DE 0.0 0.0 0.0 15,196.4 0.0 0.0 -2,872.7 0.0 0.0 -2,723.4 Deutsche Asset Management Investment GmbH DE 72,680.9 8.2 72,034.9 163,370.4 616.5 469.8 585.0 295.4 -287.2 7,025.0 Deutsche Asset Management S.A. LU 158,453.4 17.9 - - 1,130.9 - - 10,315.7 - - Oppenheim Asset Management Services S.à r.l. LU 2,944.6 0.3 - - -36.5 - - -28.3 - - PHARMA/wHEALTH Management Company S.A. LU 88.9 0.0 - - -0.6 - - -3.1 - - DJE Gruppe 4,279.7 0.5 0.0 6,052.7 57.1 0.0 0.0 294.1 0.0 0.0 DJE Kapital AG DE 0.0 0.0 0.0 6,052.7 0.0 0.0 0.0 0.0 0.0 0.0 DJE Investment S.A. LU 4,279.7 0.5 - - 57.1 - - 294.1 - - ETHENEA Independent Investors S.A. LU 4,187.0 0.5 - - -40.3 - - -158.3 - - Fidelity International Gruppe 14,321.2 1.6 0.0 0.0 71.9 0.0 0.0 36.4 0.0 0.0 FIL Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL (Luxembourg) S.A. LU 14,321.2 1.6 - - 71.9 - - 36.4 - - Flossbach von Storch Gruppe 21,376.8 2.4 0.0 21,985.7 331.7 0.0 331.8 3,440.4 0.0 3,413.0 Flossbach von Storch AG DE 0.0 0.0 0.0 21,985.7 0.0 0.0 331.8 0.0 0.0 3,413.0 Flossbach von Storch Invest S.A. LU 21,376.8 2.4 - - 331.7 - - 3,440.4 - - FPM Frankfurt Performance Management AG DE 0.0 0.0 0.0 196.1 0.0 0.0 10.4 0.0 0.0 5.2 FRANKFURT-TRUST Gruppe 8,042.6 0.9 6,219.4 4,323.2 -254.6 -230.3 -229.4 -62.0 59.5 -6.0 FRANKFURT-TRUST Investment-Gesellschaft mbH DE 6,219.4 0.7 6,219.4 4,323.2 -230.3 -230.3 -229.4 59.5 59.5 -6.0 FRANKFURT-TRUST Invest Luxemburg AG LU 1,823.1 0.2 - - -24.3 - - -121.5 - - Franklin Templeton Gruppe 20,107.7 2.3 0.0 0.0 75.5 0.0 0.0 43.1 0.0 0.0 Franklin Templeton Investment Funds LU 17,552.7 2.0 - - 87.4 - - 151.8 - - Templeton Growth Fund, Inc. US 2,555.0 0.3 - - -11.9 - - -108.7 - - Generali Investments Gruppe 3,354.8 0.4 325.1 0.0 -23.1 10.2 0.0 414.8 44.6 0.0 Generali Investments Luxembourg S.A. LU 3,211.2 0.4 181.4 - -32.5 0.7 - 374.0 3.8 - Generali Investments Europe S.p.A. IT 143.6 0.0 143.6 - 9.4 9.4 - 40.8 40.8 - HANSAINVEST Hanseatische Investment-GmbH DE 8,352.3 0.9 8,352.3 0.0 96.8 96.8 0.0 1,200.7 1,200.7 0.0

BVI INVESTMENTSTATISTIK 2 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 887,066.7 100.0 381,623.2 754,144.0 6,188.9 4,233.4 2,701.6 39,849.6 16,353.4 35,625.5 Asset manager or asset manager group HANSAINVEST LUX S.A. LU 192.0 0.0 - - -0.7 - - -26.5 - - Helaba Invest Kapitalanlagegesellschaft mbH DE 3,867.8 0.4 3,867.8 2,845.2 80.2 80.2 3.5 306.8 306.8 246.9 HSBC Trinkaus & Burkhardt Gruppe 7,051.0 0.8 7,051.0 9,663.0 65.9 65.9 445.5 458.7 458.7 34.1 HSBC Global Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 9,663.0 0.0 0.0 445.5 0.0 0.0 34.1 Internationale Kapitalanlagegesellschaft mbH DE 7,051.0 0.8 7,051.0 0.0 65.9 65.9 0.0 458.7 458.7 0.0 INVESCO Gruppe 4,097.0 0.5 0.0 10,704.0 16.5 0.0 0.0 133.2 0.0 0.0 Invesco Asset Management Deutschland GmbH DE 0.0 0.0 0.0 10,704.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Asset Management S.A. LU 3,330.1 0.4 - - 25.1 - - 172.8 - - INVESCO Asset Management Ireland Ltd IE 766.9 0.1 - - -8.7 - - -39.7 - - Lazard Asset Management (Deutschland) GmbH DE 133.1 0.0 133.1 176.3 0.1 0.1 2.7 -2.1 -2.1 3.1 LBBW Asset Management Investmentgesellschaft mbH DE 5,198.9 0.6 5,198.9 6,023.8 30.3 30.3 17.0 770.1 770.1 757.1 Lingohr & Partner Asset Management GmbH DE 0.0 0.0 0.0 1,392.0 0.0 0.0 -5.3 0.0 0.0 -58.3 LRI Invest S.A. Luxembourg LU 1,731.9 0.2 - - 0.3 - - 43.3 - - M&G International Investments Ltd. GB 4,935.2 0.6 - - 46.6 - - 360.5 - - MainFirst SICAV Luxembourg LU 2,075.1 0.2 - - 41.3 - - 190.3 - - MEAG Gruppe 4,603.1 0.5 4,093.9 4,603.3 26.8 25.2 27.0 174.9 160.9 174.9 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 4,093.9 0.5 4,093.9 4,603.3 25.2 25.2 27.0 160.9 160.9 174.9 MEAG Luxembourg S.à.r.l. LU 509.2 0.1 - - 1.7 - - 14.0 - - METZLER Gruppe 4,759.5 0.5 2,789.5 4,847.3 7.6 8.6 -34.8 -70.8 -53.9 -88.7 Metzler Asset Management GmbH DE 2,789.5 0.3 2,789.5 4,847.3 8.6 8.6 -34.8 -53.9 -53.9 -88.7 Metzler Ireland Limited IE 1,970.0 0.2 - - -1.0 - - -16.9 - - Monega Kapitalanlagegesellschaft mbH DE 2,707.8 0.3 2,707.8 1,775.6 10.8 10.8 -11.7 439.8 439.8 268.5 Nomura Asset Management Deutschland KAG mbH DE 913.8 0.1 913.8 970.3 9.3 9.3 9.0 29.0 29.0 33.5 NORD/LB Asset Management AG DE 1,228.2 0.1 1,228.2 1,228.2 15.4 15.4 15.4 58.3 58.3 27.6 ODDO BHF Asset Management GmbH DE 172.6 0.0 172.6 4,549.9 -56.4 -56.4 1.9 -80.5 -80.5 678.2 Pictet Asset Management Limited Niederlassung Deutschland LU 3,961.0 0.4 - - -73.8 - - 89.3 - - SANTANDER ASSET MANAGEMENT Luxembourg S.A. LU 1,245.7 0.1 - - 55.4 - - 119.9 - - Sauren Finanzdienstleistungen GmbH & Co. KG DE 0.0 0.0 0.0 2,586.7 0.0 0.0 -20.6 0.0 0.0 -316.3 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -22.4 -22.4 0.0 SEB Asset Management S.A. LU 1,050.7 0.1 - - 0.1 - - 81.9 - - Siemens Fonds Invest GmbH DE 1,807.2 0.2 1,807.2 1,316.8 15.4 15.4 15.4 41.2 41.2 0.1 Société Générale Securities Services GmbH DE 1,467.3 0.2 1,467.3 0.0 -8.0 -8.0 0.0 -130.6 -130.6 0.0

BVI INVESTMENTSTATISTIK 3 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 887,066.7 100.0 381,623.2 754,144.0 6,188.9 4,233.4 2,701.6 39,849.6 16,353.4 35,625.5 Asset manager or asset manager group UBS Gruppe 6,276.1 0.7 1,339.4 1,339.4 101.3 -13.7 -13.7 97.8 -111.4 -111.4 UBS Asset Management (Deutschland) GmbH DE 1,339.4 0.2 1,339.4 1,339.4 -13.7 -13.7 -13.7 -111.4 -111.4 -111.4 UBS (Luxemburg) LU 4,746.4 0.5 - - 102.2 - - 179.5 - - UBS Fund Management (Switzerland) AG CH 105.7 0.0 - - -0.2 - - -0.3 - - UBS Asset Management (UK) Ltd. GB 84.7 0.0 - - 13.1 - - 30.0 - - Union Investment Gruppe 136,434.2 15.4 76,452.9 138,396.8 1,501.8 1,138.2 1,210.5 6,989.2 6,625.0 7,299.5 Union Investment Institutional GmbH DE 125.1 0.0 125.1 49,458.1 4.5 4.5 -167.3 21.9 21.9 2,569.6 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 710.9 0.0 0.0 0.0 0.0 0.0 24.7 Union Investment Privatfonds GmbH DE 76,283.0 8.6 76,283.0 83,930.5 1,118.5 1,118.5 1,270.4 6,569.6 6,569.6 4,272.0 Quoniam Asset Management GmbH DE 0.0 0.0 0.0 4,297.3 0.0 0.0 107.4 0.0 0.0 433.2 IPConcept (Luxemburg) S.A. LU 10,097.1 1.1 44.8 - 4.5 15.3 - 27.2 33.6 - Union Investment Luxembourg S.A. LU 49,752.4 5.6 - - 376.0 - - 387.0 - - IPConcept (Schweiz) AG CH 176.6 0.0 - - -1.7 - - -16.5 - - Universal-Investment Gruppe 25,199.9 2.8 20,757.1 0.0 311.2 209.5 0.0 1,434.5 1,441.8 0.0 Universal-Investment-Gesellschaft mbH DE 20,757.1 2.3 20,757.1 0.0 209.5 209.5 0.0 1,441.8 1,441.8 0.0 Universal-Investment-Luxembourg S.A. LU 4,442.8 0.5 - - 101.7 - - -7.4 - - Veritas Investment GmbH DE 614.8 0.1 614.8 607.3 -0.9 -0.9 -0.9 -12.7 -12.7 -10.8 WARBURG INVEST Gruppe 4,544.2 0.5 3,285.7 1,379.9 638.4 628.0 30.8 867.8 916.8 135.8 WARBURG INVEST KAPITALANLAGEGESELLSCHAFT mbH DE 3,275.7 0.4 3,275.7 1,379.9 628.0 628.0 30.8 906.9 906.9 135.8 WARBURG INVEST LUXEMBOURG S.A. LU 1,088.8 0.1 10.0 - 7.3 - - -38.1 9.9 - NESTOR Investment Management S.A. LU 137.7 0.0 - - 2.3 - - -1.9 - - Quint:Essence Capital S.A. LU 42.0 0.0 - - 0.7 - - 0.9 - - Securities and Private Equity funds in liquidation by depositaries 221.6 0.0 221.6 221.6 0.0 - -0.1 0.0 - -0.1

Total A. Securities and Private Equity funds 887,066.7 100.0 381,623.2 754,144.0 6,188.9 4,233.4 2,701.6 39,849.6 16,353.4 35,625.5 (without Real asset funds)

BVI INVESTMENTSTATISTIK 4 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds (Property funds)

(without Securities and Private Equity funds) Total 87,998.6 100.0 87,998.6 88,503.9 322.6 322.6 215.3 3,102.2 3,102.2 2,985.4 Asset manager or asset manager group AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH DE 1,887.3 2.1 1,887.3 1,887.3 -0.5 -0.5 -0.5 6.2 6.2 6.2 Aberdeen Asset Management Gruppe 0.0 0.0 0.0 199.5 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Deutschland AG DE 0.0 0.0 0.0 199.5 0.0 0.0 0.0 0.0 0.0 0.0 aik Immobilien-Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Art-Invest Real Estate Funds GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 262.6 0.3 262.6 262.6 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 262.6 0.3 262.6 262.6 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 171.1 0.2 171.1 171.1 -1.3 -1.3 -1.3 -12.8 -12.8 -12.8 BNP Paribas Real Estate Investment Management Germany GmbH DE 171.1 0.2 171.1 171.1 -1.3 -1.3 -1.3 -12.8 -12.8 -12.8 BNP Paribas Real Estate Investment Management Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Commerz Real Investmentgesellschaft mbH DE 12,585.1 14.3 12,585.1 12,585.1 73.6 73.6 73.6 755.5 755.5 755.5 CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -647.9 -647.9 -647.9 DekaBank Gruppe 27,828.0 31.6 27,828.0 27,828.0 84.4 84.4 84.4 1,392.3 1,392.3 1,392.3 Deka Immobilien Investment GmbH DE 19,264.2 21.9 19,264.2 19,264.2 7.1 7.1 7.1 972.2 972.2 972.2 WestInvest Gesellschaft für Investmentfonds mbH DE 8,563.7 9.7 8,563.7 8,563.7 77.3 77.3 77.3 420.2 420.2 420.2 Deutsche AM Gruppe 8,946.1 10.2 8,946.1 8,946.0 135.0 135.0 135.0 311.8 311.8 331.9 RREEF Investment GmbH DE 8,946.1 10.2 8,946.1 8,946.0 135.0 135.0 135.0 311.8 311.8 331.9 RREEF Spezial Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Hamburg Trust REIM Real Estate Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HANSAINVEST Hanseatische Investment-GmbH DE 1.1 0.0 1.1 0.0 0.5 0.5 0.0 1.1 1.1 0.0 Internos Spezialfondsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH DE 114.9 0.1 114.9 0.0 16.9 16.9 0.0 53.1 53.1 0.0 JAMESTOWN US-Immobilien GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Gruppe 170.4 0.2 170.4 170.4 4.3 4.3 4.3 63.6 63.6 63.6 KanAm Grund Kapitalverwaltungsgesellschaft mbH DE 170.4 0.2 170.4 170.4 4.3 4.3 4.3 63.6 63.6 63.6 KanAm Grund Institutional Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA GewerbeInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 5 BVI Investmentstatistik Open-ended retail funds

Breakdown by asset managers - Part 1: Open-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended retail funds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (open-ended retail in-vestment funds: UCITS and open-ended retail AIFs [alternative investment funds] under the German Capital Investment Code [KAGB]; including ETFs) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds (Property funds)

(without Securities and Private Equity funds) Total 87,998.6 100.0 87,998.6 88,503.9 322.6 322.6 215.3 3,102.2 3,102.2 2,985.4 Asset manager or asset manager group PATRIZIA WohnInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pramerica Property Investment GmbH DE 330.2 0.4 330.2 0.0 -0.1 -0.1 0.0 -5.3 -5.3 0.0 Quantum Immobilien Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 3.1 0.0 3.1 3.1 0.0 0.0 0.0 0.0 0.0 -19.4 Schroder Real Estate Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.6 -3.6 0.0 TRIUVA Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.6 -3.6 0.0 TRIUVA Luxemburg S.à.r.l LU 0.0 0.0 - - 0.0 - - 0.0 - - UBS Gruppe 940.4 1.1 940.4 981.6 -0.1 -0.1 -0.1 -2.4 -2.4 -2.4 UBS Real Estate GmbH DE 940.4 1.1 940.4 981.6 -0.1 -0.1 -0.1 -2.4 -2.4 -2.4 Union Investment Gruppe 30,798.1 35.0 30,798.1 31,509.0 10.0 10.0 6.6 1,218.9 1,218.9 1,233.3 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 4,400.3 0.0 0.0 -3.4 0.0 0.0 210.7 Union Investment Real Estate GmbH DE 30,798.1 35.0 30,798.1 27,108.7 10.0 10.0 10.0 1,218.9 1,218.9 1,022.5 Union Investment Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Universal-Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Warburg-HIH Invest Real Estate GmbH DE 21.3 0.0 21.3 21.3 0.0 0.0 0.0 0.0 0.0 0.0 ZBI Fondsmanagement AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Real asset funds in liquidation by depositaries 3,939.0 4.5 3,939.0 3,939.0 0.0 - -86.7 -28.3 -28.3 -115.0

Total B. Real asset funds (Property funds) 87,998.6 100.0 87,998.6 88,503.9 322.6 322.6 215.3 3,102.2 3,102.2 2,985.4

(without Securities and Private Equity funds)

C. Total open-ended retail funds (A. + B.) 975,065.3 469,621.8 842,647.8 6,511.5 4,556.1 2,916.9 42,951.8 19,455.6 38,611.0

1) For ETFs net assets and flows can be attributed to the German market with limited accuracy only. 2) ETFs of the iShares brand, as far as they domiciled in Germany. The sales of IShares ETFs in Germany that were incepted in Ireland or the US are not included in BVI statistics.

Due to rounding differences, these figures may differ slightly from those in the general overviews. Last update: 13.9.2017

BVI INVESTMENTSTATISTIK 6 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,479,736.6 100.0 1,435,526.6 943,951.5 2,121.3 3,110.9 3,928.9 46,632.6 39,931.8 17,574.6 Asset manager or asset manager group Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Global Services S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Allianz Asset Management Gruppe 281,661.0 19.0 281,517.2 236,239.6 770.2 770.2 857.5 8,632.3 8,632.3 2,551.4 Allianz Global Investors 281,661.0 19.0 281,517.2 83,690.0 770.2 770.2 85.8 8,632.3 8,632.3 993.4 PIMCO Deutschland GmbH DE 0.0 0.0 0.0 152,549.6 0.0 0.0 771.7 0.0 0.0 1,557.9 ALTE LEIPZIGER Trust Investment-Gesellschaft mbH DE 2,172.0 0.1 2,172.0 2,172.0 0.0 0.0 0.0 98.0 98.0 98.0 Ampega Investment GmbH DE 9,669.5 0.7 9,669.5 7,380.8 128.7 128.7 128.7 471.9 471.9 444.9 Amundi Gruppe 4,089.5 0.3 4,089.5 6,606.1 52.7 52.7 0.0 50.0 50.0 159.9 Pioneer Investments Kapitalanlagegesellschaft mbH DE 4,089.5 0.3 4,089.5 6,606.1 52.7 52.7 0.0 50.0 50.0 159.9 Pioneer Asset Management S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Pioneer Investment Management Inc. US 0.0 0.0 - - 0.0 - - 0.0 - - Pioneer Investments Austria GmbH AT 0.0 0.0 - - 0.0 - - 0.0 - - Pioneer Investments Management Ltd. IE 0.0 0.0 - - 0.0 - - 0.0 - - Pioneer Investment Management SGR pA IT 0.0 0.0 - - 0.0 - - 0.0 - - AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 27,719.4 1.9 27,719.4 6,819.6 -148.0 -148.0 0.0 -779.5 -779.5 -738.9 AXA Investment Managers Deutschland GmbH DE 27,719.4 1.9 27,719.4 6,819.6 -148.0 -148.0 0.0 -779.5 -779.5 -738.9 AXA Fund Management S.A. Luxemburg LU 0.0 0.0 - - 0.0 - - 0.0 - - AXA Rosenberg IE 0.0 0.0 - - 0.0 - - 0.0 - - AXA IM Paris FR 0.0 0.0 - - 0.0 - - 0.0 - - AXA Investment Managers UK Limited GB 0.0 0.0 - - 0.0 - - 0.0 - - BayernInvest Gruppe 61,278.4 4.1 61,278.4 56,041.9 328.6 328.6 247.9 5,147.8 5,147.8 3,686.7 BayernInvest Kapitalverwaltungsgesellschaft mbH DE 61,278.4 4.1 61,278.4 56,041.9 328.6 328.6 247.9 5,147.8 5,147.8 3,686.7 BayernInvest Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - BlackRock Asset Management Deutschland AG (iShares) DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 166.4 0.0 166.4 166.4 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 166.4 0.0 166.4 166.4 0.0 0.0 0.0 0.0 0.0 0.0 BNY Mellon Service Kapitalanlage-Gesellschaft mbH DE 2,695.3 0.2 2,695.3 0.0 -1.8 -1.8 0.0 -49.1 -49.1 -216.9 Commerz Funds Solutions S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - DekaBank Gruppe 94,156.6 6.4 93,385.2 76,390.1 648.2 635.7 -90.3 5,347.0 5,282.5 1,973.8 DekaBank Deutsche Girozentrale DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 1,541.6 0.1 1,541.6 1,541.6 0.0 0.0 0.0 -23.0 -23.0 -23.0

BVI INVESTMENTSTATISTIK 7 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,479,736.6 100.0 1,435,526.6 943,951.5 2,121.3 3,110.9 3,928.9 46,632.6 39,931.8 17,574.6 Asset manager or asset manager group Deka Investment GmbH DE 86,474.3 5.8 86,474.3 72,227.2 627.2 627.2 -66.9 5,250.7 5,250.7 1,906.4 Landesbank Berlin Investment GmbH DE 5,369.4 0.4 5,369.4 2,621.3 8.5 8.5 -23.4 54.8 54.8 90.4 Deka Immobilien Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Deka International S.A. LU 574.9 0.0 - - 12.5 - - 64.6 - - International Fund Management S.A. LU 196.5 0.0 - - 0.0 - - 0.0 - - Deutsche AM Gruppe 69,101.3 4.7 55,214.4 76,147.1 -907.8 247.7 204.3 5,292.0 -1,245.8 -2,595.0 Deutsche Asset Management International GmbH DE 0.0 0.0 0.0 36,335.3 0.0 0.0 2.6 0.0 0.0 -708.8 Deutsche Asset Management Investment GmbH DE 55,214.4 3.7 55,214.4 39,811.8 247.7 247.7 201.7 -1,245.8 -1,245.8 -1,886.1 Deutsche Asset Management S.A. LU 13,887.0 0.9 - - -1,155.5 - - 6,537.8 - - Oppenheim Asset Management Services S.à r.l. LU 0.0 0.0 - - 0.0 - - 0.0 - - PHARMA/wHEALTH Management Company S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - DJE Gruppe 0.0 0.0 0.0 2,181.6 0.0 0.0 0.0 0.0 0.0 0.0 DJE Kapital AG DE 0.0 0.0 0.0 2,181.6 0.0 0.0 0.0 0.0 0.0 0.0 DJE Investment S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - ETHENEA Independent Investors S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Fidelity International Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL (Luxembourg) S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Flossbach von Storch Gruppe 0.0 0.0 0.0 7,955.3 0.0 0.0 66.7 0.0 0.0 788.1 Flossbach von Storch AG DE 0.0 0.0 0.0 7,955.3 0.0 0.0 66.7 0.0 0.0 788.1 Flossbach von Storch Invest S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - FPM Frankfurt Performance Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Gruppe 3,971.7 0.3 1,218.1 3,018.9 5.4 15.0 -17.1 183.8 32.1 -162.2 FRANKFURT-TRUST Investment-Gesellschaft mbH DE 1,218.1 0.1 1,218.1 3,018.9 15.0 15.0 -17.1 32.1 32.1 -162.2 FRANKFURT-TRUST Invest Luxemburg AG LU 2,753.7 0.2 - - -9.6 - - 151.8 - - Franklin Templeton Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Franklin Templeton Investment Funds LU 0.0 0.0 - - 0.0 - - 0.0 - - Templeton Growth Fund, Inc. US 0.0 0.0 - - 0.0 - - 0.0 - - Generali Investments Gruppe 38,555.6 2.6 35,736.2 0.0 -310.0 -359.3 0.0 3,703.2 5,159.4 0.0 Generali Investments Luxembourg S.A. LU 2,819.4 0.2 - - 49.3 - - -1,456.2 - - Generali Investments Europe S.p.A. IT 35,736.2 2.4 35,736.2 - -359.3 -359.3 - 5,159.4 5,159.4 - HANSAINVEST Hanseatische Investment-GmbH DE 14,227.5 1.0 14,227.5 25.4 15.0 15.0 0.0 706.6 706.6 0.0

BVI INVESTMENTSTATISTIK 8 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,479,736.6 100.0 1,435,526.6 943,951.5 2,121.3 3,110.9 3,928.9 46,632.6 39,931.8 17,574.6 Asset manager or asset manager group HANSAINVEST LUX S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Helaba Invest Kapitalanlagegesellschaft mbH DE 113,465.0 7.7 113,465.0 35,981.1 -1,941.5 -1,941.5 349.6 -3,400.8 -3,400.8 786.6 HSBC Trinkaus & Burkhardt Gruppe 191,207.0 12.9 191,207.0 92,057.1 -220.9 -220.9 416.3 5,732.7 5,732.7 2,654.8 HSBC Global Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 37,333.0 0.0 0.0 172.0 0.0 0.0 1,560.1 Internationale Kapitalanlagegesellschaft mbH DE 191,207.0 12.9 191,207.0 54,724.1 -220.9 -220.9 244.3 5,732.7 5,732.7 1,094.8 INVESCO Gruppe 0.0 0.0 0.0 9,362.0 0.0 0.0 0.0 0.0 0.0 0.0 Invesco Asset Management Deutschland GmbH DE 0.0 0.0 0.0 9,362.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Asset Management S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - INVESCO Asset Management Ireland Ltd IE 0.0 0.0 - - 0.0 - - 0.0 - - Lazard Asset Management (Deutschland) GmbH DE 1,353.4 0.1 1,353.4 5,537.9 10.1 10.1 -14.6 -417.5 -417.5 -54.5 LBBW Asset Management Investmentgesellschaft mbH DE 32,485.9 2.2 32,485.9 36,644.0 58.4 58.4 34.1 113.3 113.3 605.2 Lingohr & Partner Asset Management GmbH DE 0.0 0.0 0.0 1,522.0 0.0 0.0 0.0 0.0 0.0 -313.2 LRI Invest S.A. Luxembourg LU 0.0 0.0 - - 0.0 - - 0.0 - - M&G International Investments Ltd. GB 0.0 0.0 - - 0.0 - - 0.0 - - MainFirst SICAV Luxembourg LU 0.0 0.0 - - 0.0 - - 0.0 - - MEAG Gruppe 43,977.0 3.0 43,977.0 38,846.4 67.2 67.2 34.2 136.5 136.5 210.1 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 43,977.0 3.0 43,977.0 38,846.4 67.2 67.2 34.2 136.5 136.5 210.1 MEAG Luxembourg S.à.r.l. LU 0.0 0.0 - - 0.0 - - 0.0 - - METZLER Gruppe 52,178.6 3.5 52,178.6 29,938.1 -129.5 -129.5 -146.3 -2,109.1 -2,109.1 -303.9 Metzler Asset Management GmbH DE 52,178.6 3.5 52,178.6 29,938.1 -129.5 -129.5 -146.3 -2,109.1 -2,109.1 -303.9 Metzler Ireland Limited IE 0.0 0.0 - - 0.0 - - 0.0 - - Monega Kapitalanlagegesellschaft mbH DE 2,534.2 0.2 2,534.2 2,323.9 0.0 0.0 0.0 -67.0 -67.0 -62.0 Nomura Asset Management Deutschland KAG mbH DE 603.5 0.0 603.5 1,612.3 0.0 0.0 0.7 0.0 0.0 39.9 NORD/LB Asset Management AG DE 26,741.0 1.8 26,741.0 18,739.3 -141.8 -141.8 126.3 2,936.5 2,936.5 489.5 ODDO BHF Asset Management GmbH DE 12,726.8 0.9 12,726.8 19,969.3 35.0 35.0 217.2 292.9 292.9 -514.2 Pictet Asset Management Limited Niederlassung Deutschland LU 0.0 0.0 - - 0.0 - - 0.0 - - SANTANDER ASSET MANAGEMENT Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Sauren Finanzdienstleistungen GmbH & Co. KG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SEB Asset Management S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Siemens Fonds Invest GmbH DE 12,198.9 0.8 12,198.9 9,922.3 12.1 12.1 -7.9 -94.8 -94.8 -168.6 Société Générale Securities Services GmbH DE 57,269.8 3.9 57,269.8 0.0 556.0 556.0 0.0 562.1 562.1 0.0

BVI INVESTMENTSTATISTIK 9 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,479,736.6 100.0 1,435,526.6 943,951.5 2,121.3 3,110.9 3,928.9 46,632.6 39,931.8 17,574.6 Asset manager or asset manager group UBS Gruppe 1,814.4 0.1 1,157.7 2,921.1 -2.6 1.4 1.4 123.2 71.5 -236.9 UBS Asset Management (Deutschland) GmbH DE 1,157.7 0.1 1,157.7 2,921.1 1.4 1.4 1.4 71.5 71.5 -236.9 UBS (Luxemburg) LU 655.6 0.0 - - -4.0 - - 51.2 - - UBS Fund Management (Switzerland) AG CH 1.2 0.0 - - 0.0 - - 0.6 - - UBS Asset Management (UK) Ltd. GB 0.0 0.0 - - 0.0 - - 0.0 - - Union Investment Gruppe 89,470.9 6.0 88,143.4 124,431.7 1,134.6 1,089.6 1,153.2 4,557.5 4,393.5 6,215.7 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 341.6 0.0 0.0 0.0 0.0 0.0 85.3 Union Investment Institutional GmbH DE 84,848.4 5.7 84,848.4 75,496.1 994.6 994.6 844.0 4,336.4 4,336.4 4,031.1 Union Investment Privatfonds GmbH DE 3,295.0 0.2 3,295.0 28,128.1 95.0 95.0 176.8 57.1 57.1 1,381.9 Quoniam Asset Management GmbH DE 0.0 0.0 0.0 20,465.8 0.0 0.0 132.5 0.0 0.0 717.4 IPConcept (Luxemburg) S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Union Investment Luxembourg S.A. LU 1,327.6 0.1 - - 45.0 - - 164.0 - - IPConcept (Schweiz) AG CH 0.0 0.0 - - 0.0 - - 0.0 - - Universal-Investment Gruppe 228,584.3 15.4 206,733.9 29,595.1 2,103.1 2,030.5 367.5 9,463.8 8,276.7 2,230.9 Universal-Investment-Gesellschaft mbH DE 206,733.9 14.0 206,733.9 29,595.1 2,030.5 2,030.5 367.5 8,276.7 8,276.7 2,230.9 Universal-Investment-Luxembourg S.A. LU 21,850.4 1.5 - - 72.6 - - 1,187.2 - - Veritas Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST Gruppe 3,661.7 0.2 3,661.7 3,403.3 -0.3 -0.3 -0.3 -0.9 -0.9 5.3 WARBURG INVEST KAPITALANLAGEGESELLSCHAFT mbH DE 3,661.7 0.2 3,661.7 3,403.3 -0.3 -0.3 -0.3 -0.9 -0.9 5.3 WARBURG INVEST LUXEMBOURG S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - NESTOR Investment Management S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Quint:Essence Capital S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Securities and Private Equity funds in liquidation by depositaries 0.0 0.0 - - 0.0 - - 0.0 - -

Total A. Securities and Private Equity funds 1,479,736.6 100.0 1,435,526.6 943,951.5 2,121.3 3,110.9 3,928.9 46,632.6 39,931.8 17,574.6

(without Real asset funds)

BVI INVESTMENTSTATISTIK 10 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds) Total 72,150.8 100.0 69,844.6 54,641.2 278.1 225.1 327.0 5,006.6 4,124.6 1,531.8 Asset manager or asset manager group AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH DE 3,507.1 4.9 3,507.1 3,507.1 11.5 11.5 11.5 46.7 46.7 46.7 Aberdeen Asset Management Gruppe 2,322.6 3.2 2,322.6 2,808.7 19.7 19.7 22.2 163.9 163.9 255.0 Aberdeen Asset Management Deutschland AG DE 2,322.6 3.2 2,322.6 2,808.7 19.7 19.7 22.2 163.9 163.9 255.0 aik Immobilien-Investmentgesellschaft mbH DE 2,085.0 2.9 2,085.0 2.1 0.0 0.0 0.0 6.4 6.4 25.8 Ampega Investment GmbH DE 407.2 0.6 407.2 407.2 0.0 0.0 0.0 2.8 2.8 2.8 Art-Invest Real Estate Funds GmbH DE 2,205.8 3.1 2,205.8 2,205.8 3.2 3.2 3.2 1.9 1.9 1.9 AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 1,804.1 2.5 1,804.1 1,615.0 0.0 0.0 0.0 42.3 42.3 15.8 AXA Investment Managers Deutschland GmbH DE 1,804.1 2.5 1,804.1 1,615.0 0.0 0.0 0.0 42.3 42.3 15.8 BNP Paribas Real Estate Gruppe 3,645.4 5.1 3,174.1 3,539.7 73.0 20.0 20.0 99.7 46.7 5.1 BNP Paribas Real Estate Investment Management Germany GmbH DE 3,174.1 4.4 3,174.1 3,539.7 20.0 20.0 20.0 46.7 46.7 5.1 BNP Paribas Real Estate Investment Management Luxembourg S.A. LU 471.2 0.7 - - 53.0 - - 53.0 - - Commerz Real Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH DE 47.7 0.1 47.7 47.7 0.0 0.0 0.0 0.0 0.0 0.0 DekaBank Gruppe 2,998.7 4.2 2,998.7 2,998.7 20.7 20.7 20.7 11.6 11.6 11.6 Deka Immobilien Investment GmbH DE 1,933.5 2.7 1,933.5 1,933.5 -29.3 -29.3 -29.3 -65.3 -65.3 -65.3 WestInvest Gesellschaft für Investmentfonds mbH DE 1,065.2 1.5 1,065.2 1,065.2 50.0 50.0 50.0 76.8 76.8 76.8 Deutsche AM Gruppe 4,282.6 5.9 4,282.6 5,164.0 1.9 1.9 1.9 210.2 210.2 248.1 RREEF Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Spezial Invest GmbH DE 4,282.6 5.9 4,282.6 5,164.0 1.9 1.9 1.9 210.2 210.2 248.1 Hamburg Trust REIM Real Estate Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HANSAINVEST Hanseatische Investment-GmbH DE 4,256.7 5.9 4,256.7 2,577.1 7.6 7.6 0.0 471.5 471.5 46.0 Internos Spezialfondsgesellschaft mbH DE 839.3 1.2 839.3 839.3 0.0 0.0 0.0 -31.5 -31.5 0.0 IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH DE 7,034.6 9.7 7,034.6 0.0 76.8 76.8 0.0 854.9 854.9 0.0 JAMESTOWN US-Immobilien GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Institutional Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Gruppe 1,410.7 2.0 1,410.7 1,410.7 5.3 5.3 5.3 34.3 34.3 41.4 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 1,410.7 2.0 1,410.7 1,410.7 5.3 5.3 5.3 34.3 34.3 41.4 PATRIZIA Gruppe 6,715.0 9.3 6,715.0 7,194.3 163.3 163.3 163.3 280.6 280.6 280.6 PATRIZIA GewerbeInvest KVG mbH DE 5,731.1 7.9 5,731.1 5,731.2 85.0 85.0 85.0 127.6 127.6 127.6

BVI INVESTMENTSTATISTIK 11 BVI Investmentstatistik Open-ended Spezialfonds

Breakdown by asset managers - Part 2: Open-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Open-ended Spezialfonds: Investment funds, incepted in or outside Germany, that repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that may only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (open-ended Spezialfonds / open-ended special AIFs [alternative investment funds]) - net fund assets: sum of all assets minus loans and other liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to professional or semi-professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany or managed in Germany as part of a cross-border arrangement - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold domiciled managed sold domiciled managed sold domiciled managed

net fund assets net sales net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds) Total 72,150.8 100.0 69,844.6 54,641.2 278.1 225.1 327.0 5,006.6 4,124.6 1,531.8 Asset manager or asset manager group PATRIZIA WohnInvest KVG mbH DE 983.8 1.4 983.8 1,463.1 78.3 78.3 78.2 153.0 153.0 153.0 Pramerica Property Investment GmbH DE 1,059.2 1.5 1,059.2 1,059.2 0.0 0.0 0.0 -81.2 -81.2 -81.2 Quantum Immobilien Kapitalverwaltungsgesellschaft mbH DE 1,592.7 2.2 1,592.7 1,592.7 0.0 0.0 0.0 48.4 48.4 48.4 Savills Fund Management GmbH DE 2,064.7 2.9 2,064.7 2,064.7 0.0 0.0 0.0 131.2 131.2 41.2 Schroder Real Estate Kapitalverwaltungsgesellschaft mbH DE 816.3 1.1 816.3 816.3 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Gruppe 6,041.0 8.4 5,636.9 5,550.9 -35.8 -35.8 -35.8 -224.3 -224.3 -224.3 TRIUVA Kapitalverwaltungsgesellschaft mbH DE 5,661.6 7.8 5,636.9 5,550.9 -35.8 -35.8 -35.8 -224.3 -224.3 -224.3 TRIUVA Luxemburg S.à.r.l LU 379.3 0.5 - - 0.0 - - 0.0 - - UBS Gruppe 344.1 0.5 344.1 344.1 0.0 0.0 0.0 18.0 18.0 0.0 UBS Real Estate GmbH DE 344.1 0.5 344.1 344.1 0.0 0.0 0.0 18.0 18.0 0.0 Union Investment Gruppe 4,372.5 6.1 4,372.5 4,699.7 52.0 52.0 60.0 489.5 489.5 375.6 Union Investment Institutional Property GmbH DE 4,113.5 5.7 4,113.5 4,699.7 52.0 52.0 60.0 464.5 464.5 375.6 Union Investment Real Estate GmbH DE 259.0 0.4 259.0 0.0 0.0 0.0 0.0 25.0 25.0 0.0 Union Investment Luxembourg S.A. LU 0.0 0.0 - - 0.0 - - 0.0 - - Universal-Investment Gruppe 7,881.0 10.9 6,450.0 0.0 -172.2 -172.2 0.0 2,039.3 1,210.3 0.0 Universal-Investment-Gesellschaft mbH DE 6,450.0 8.9 6,450.0 0.0 -172.2 -172.2 0.0 1,210.3 1,210.3 0.0 Universal-Investment-Luxembourg S.A. LU 1,431.0 2.0 - - 0.0 - - 829.0 - - Warburg-HIH Invest Real Estate GmbH DE 4,298.1 6.0 4,298.1 4,077.3 23.6 23.6 27.2 330.8 330.8 331.9 ZBI Fondsmanagement AG DE 118.9 0.2 118.9 118.9 27.4 27.4 27.4 59.4 59.4 59.4 Real asset funds in liquidation by depositaries 0.0 0.0 - - 0.0 - - 0.0 - -

Total B. Real asset funds 72,150.8 100.0 69,844.6 54,641.2 278.1 225.1 327.0 5,006.6 4,124.6 1,531.8

(without Securities and Private Equity funds)

C. Total open-ended Spezialfonds (A. + B.) 1,551,887.5 1,505,371.2 998,592.7 2,399.4 3,336.1 4,255.9 51,639.2 44,056.4 19,106.5

Due to rounding differences, these figures may differ slightly from those in the general overviews. Last update: 13.9.2017

BVI INVESTMENTSTATISTIK 12 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Global Services S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Allianz Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Allianz Global Investors 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - PIMCO Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ALTE LEIPZIGER Trust Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Amundi Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pioneer Investments Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pioneer Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investment Management Inc. US 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investments Austria GmbH AT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investments Management Ltd. IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investment Management SGR pA IT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Fund Management S.A. Luxemburg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA Rosenberg IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA IM Paris FR 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA Investment Managers UK Limited GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - BayernInvest Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BayernInvest Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BayernInvest Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - BlackRock Asset Management Deutschland AG (iShares) DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNY Mellon Service Kapitalanlage-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commerz Funds Solutions S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - DekaBank Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DekaBank Deutsche Girozentrale DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 13 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group Deka Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Landesbank Berlin Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Deka International S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - International Fund Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Deutsche AM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management International GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Oppenheim Asset Management Services S.à r.l. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - PHARMA/wHEALTH Management Company S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - DJE Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DJE Kapital AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DJE Investment S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - ETHENEA Independent Investors S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Fidelity International Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL (Luxembourg) S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Flossbach von Storch Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Flossbach von Storch AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Flossbach von Storch Invest S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - FPM Frankfurt Performance Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Invest Luxemburg AG LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Franklin Templeton Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Franklin Templeton Investment Funds LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Templeton Growth Fund, Inc. US 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Generali Investments Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Generali Investments Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Generali Investments Europe S.p.A. IT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - HANSAINVEST Hanseatische Investment-GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 14 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group HANSAINVEST LUX S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Helaba Invest Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HSBC Trinkaus & Burkhardt Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HSBC Global Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Internationale Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Invesco Asset Management Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - INVESCO Asset Management Ireland Ltd IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Lazard Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LBBW Asset Management Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lingohr & Partner Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LRI Invest S.A. Luxembourg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - M&G International Investments Ltd. GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - MainFirst SICAV Luxembourg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Luxembourg S.à.r.l. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - METZLER Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Metzler Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Metzler Ireland Limited IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Monega Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Nomura Asset Management Deutschland KAG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NORD/LB Asset Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ODDO BHF Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pictet Asset Management Limited Niederlassung Deutschland LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - SANTANDER ASSET MANAGEMENT Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Sauren Finanzdienstleistungen GmbH & Co. KG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SEB Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Siemens Fonds Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Société Générale Securities Services GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 15 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group UBS Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS (Luxemburg) LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Fund Management (Switzerland) AG CH 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Asset Management (UK) Ltd. GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Union Investment Gruppe 354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional GmbH DE 0.0 0.0 0.0 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Privatfonds GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Quoniam Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IPConcept (Luxemburg) S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Union Investment Luxembourg S.A. LU 354.3 100.0 354.3 - 0.0 0.0 - 0.0 0.0 - IPConcept (Schweiz) AG CH 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Universal-Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Veritas Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST KAPITALANLAGEGESELLSCHAFT mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST LUXEMBOURG S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - NESTOR Investment Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Quint:Essence Capital S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Securities and Private Equity funds in liquidation by depositaries 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 -

354.3 100.0 354.3 361.3 0.0 0.0 0.0 0.0 0.0 0.0 Total A. Securities and Private Equity funds

(without Real asset funds)

BVI INVESTMENTSTATISTIK 16 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds) Total 1,584.4 100.0 2,025.0 1,280.1 6.1 6.1 14.2 197.8 260.3 144.7 Asset manager or asset manager group AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Deutschland AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 aik Immobilien-Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Art-Invest Real Estate Funds GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AVANA Invest GmbH DE 218.3 13.8 218.6 0.0 0.0 0.0 0.0 1.9 1.9 0.0 AXA-IM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Commerz Real Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DekaBank Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WestInvest Gesellschaft für Investmentfonds mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche AM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Spezial Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Hamburg Trust REIM Real Estate Investment Management GmbH DE 26.2 1.7 26.2 26.2 0.0 0.0 0.0 0.0 0.0 0.0 HANSAINVEST Hanseatische Investment-GmbH DE 148.3 9.4 158.2 118.3 -0.3 0.0 7.8 -43.6 18.9 98.9 Internos Spezialfondsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH DE 56.1 3.5 93.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 JAMESTOWN US-Immobilien GmbH DE 688.7 43.5 1,034.8 688.7 6.3 6.3 6.3 239.5 239.5 45.8 KanAm Grund Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Institutional Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA GewerbeInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 17 BVI Investmentstatistik Closed-ended retail funds

Breakdown by asset managers - Part 3: Closed-ended retail funds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended retail funds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that are generally available for purchase by all investor groups (closed-ended domestic retail AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross in-flows - sold: sales without excluding certain investor groups or distribution channels in Germany and independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds) Total 1,584.4 100.0 2,025.0 1,280.1 6.1 6.1 14.2 197.8 260.3 144.7 Asset manager or asset manager group PATRIZIA WohnInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pramerica Property Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Quantum Immobilien Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Schroder Real Estate Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Luxemburg S.à.r.l LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Universal-Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Warburg-HIH Invest Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ZBI Fondsmanagement AG DE 446.9 28.2 493.4 446.9 0.0 0.0 0.0 0.0 0.0 0.0 Real asset funds in liquidation by depositaries 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 -

Total B. Real asset funds 1,584.4 100.0 2,025.0 1,280.1 6.1 6.1 14.2 197.8 260.3 144.7

(without Securities and Private Equity funds)

C. Total closed-ended retail funds (A. + B.) 1,938.7 2,379.3 1,641.5 6.1 6.3 14.2 197.8 260.3 144.7

Due to rounding differences, these figures may differ slightly from those in the general overviews. Specifications on closed-end funds listed in statistics reflect their latest status. They might be older than the current statistic data. Closed-end funds are obliged to determine a net asset value at least once per year. Last update: 13.9.2017

BVI INVESTMENTSTATISTIK 18 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,963.1 100.0 1,990.0 178.1 155.5 155.5 5.0 1,642.2 1,643.2 30.5 Asset manager or asset manager group Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Global Services S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Allianz Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Allianz Global Investors 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - PIMCO Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ALTE LEIPZIGER Trust Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Amundi Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pioneer Investments Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pioneer Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investment Management Inc. US 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investments Austria GmbH AT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investments Management Ltd. IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Pioneer Investment Management SGR pA IT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AVANA Invest GmbH DE 0.9 0.0 0.9 0.0 0.0 0.0 0.0 2.3 2.3 0.0 AXA-IM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Fund Management S.A. Luxemburg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA Rosenberg IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA IM Paris FR 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - AXA Investment Managers UK Limited GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - BayernInvest Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BayernInvest Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BayernInvest Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - BlackRock Asset Management Deutschland AG (iShares) DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNY Mellon Service Kapitalanlage-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commerz Funds Solutions S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - DekaBank Gruppe 178.1 9.1 178.2 178.1 5.0 5.0 5.0 30.5 31.5 30.5 DekaBank Deutsche Girozentrale DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 19 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,963.1 100.0 1,990.0 178.1 155.5 155.5 5.0 1,642.2 1,643.2 30.5 Asset manager or asset manager group Deka Investment GmbH DE 0.0 0.0 0.0 178.1 0.0 0.0 5.0 0.0 0.0 30.5 Landesbank Berlin Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Deka International S.A. LU 178.1 9.1 178.2 - 5.0 5.0 - 30.5 31.5 - International Fund Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Deutsche AM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management International GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Oppenheim Asset Management Services S.à r.l. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - PHARMA/wHEALTH Management Company S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - DJE Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DJE Kapital AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DJE Investment S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - ETHENEA Independent Investors S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Fidelity International Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL (Luxembourg) S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Flossbach von Storch Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Flossbach von Storch AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Flossbach von Storch Invest S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - FPM Frankfurt Performance Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Invest Luxemburg AG LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Franklin Templeton Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Franklin Templeton Investment Funds LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Templeton Growth Fund, Inc. US 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Generali Investments Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Generali Investments Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Generali Investments Europe S.p.A. IT 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - HANSAINVEST Hanseatische Investment-GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 20 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,963.1 100.0 1,990.0 178.1 155.5 155.5 5.0 1,642.2 1,643.2 30.5 Asset manager or asset manager group HANSAINVEST LUX S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Helaba Invest Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HSBC Trinkaus & Burkhardt Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HSBC Global Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Internationale Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Invesco Asset Management Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - INVESCO Asset Management Ireland Ltd IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Lazard Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LBBW Asset Management Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Lingohr & Partner Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LRI Invest S.A. Luxembourg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - M&G International Investments Ltd. GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - MainFirst SICAV Luxembourg LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Luxembourg S.à.r.l. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - METZLER Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Metzler Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Metzler Ireland Limited IE 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Monega Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Nomura Asset Management Deutschland KAG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NORD/LB Asset Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ODDO BHF Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pictet Asset Management Limited Niederlassung Deutschland LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - SANTANDER ASSET MANAGEMENT Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Sauren Finanzdienstleistungen GmbH & Co. KG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SEB Asset Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Siemens Fonds Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Société Générale Securities Services GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 21 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

A. Securities and Private Equity funds

(without Real asset funds) Total 1,963.1 100.0 1,990.0 178.1 155.5 155.5 5.0 1,642.2 1,643.2 30.5 Asset manager or asset manager group UBS Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS Asset Management (Deutschland) GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS (Luxemburg) LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Fund Management (Switzerland) AG CH 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Asset Management (UK) Ltd. GB 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Union Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Privatfonds GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Quoniam Asset Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IPConcept (Luxemburg) S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Union Investment Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - IPConcept (Schweiz) AG CH 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Universal-Investment Gruppe 1,784.0 90.9 1,810.8 0.0 150.5 150.5 0.0 1,609.3 1,609.3 0.0 Universal-Investment-Gesellschaft mbH DE 7.8 0.4 7.8 0.0 8.0 8.0 0.0 8.0 8.0 0.0 Universal-Investment-Luxembourg S.A. LU 1,776.2 90.5 1,803.0 - 142.5 142.5 - 1,601.3 1,601.3 - Veritas Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST KAPITALANLAGEGESELLSCHAFT mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST LUXEMBOURG S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - NESTOR Investment Management S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Quint:Essence Capital S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Securities and Private Equity funds in liquidation by depositaries 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 -

1,963.1 100.0 1,990.0 178.1 155.5 155.5 5.0 1,642.2 1,643.2 30.5 Total A. Securities and Private Equity funds

(without Real asset funds)

BVI INVESTMENTSTATISTIK 22 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds)

Total 1,309.8 100.0 1,738.2 909.4 1.7 1.7 1.7 348.0 348.3 44.3 Asset manager or asset manager group AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Gruppe 164.3 12.5 189.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Deutschland AG DE 164.3 12.5 189.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 aik Immobilien-Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Art-Invest Real Estate Funds GmbH DE 157.4 12.0 157.6 157.4 0.0 0.0 0.0 0.0 0.0 0.0 AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Commerz Real Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DekaBank Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WestInvest Gesellschaft für Investmentfonds mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche AM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Spezial Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Hamburg Trust REIM Real Estate Investment Management GmbH DE 0.0 0.0 0.0 42.5 0.0 0.0 0.0 0.0 0.0 0.0 HANSAINVEST Hanseatische Investment-GmbH DE 44.5 3.4 44.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Internos Spezialfondsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH DE 267.6 20.4 314.9 0.0 0.0 0.0 0.0 207.3 207.3 0.0 JAMESTOWN US-Immobilien GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Institutional Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA GewerbeInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 23 BVI Investmentstatistik Closed-ended Spezialfonds

Breakdown by asset managers - Part 4: Closed-ended Spezialfonds Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD 1.1.2017 - 31.7.2017

Closed-ended Spezialfonds: Investment funds, incepted in or outside Germany, that do not repurchase or redeem their units prior to the commencement of their liquidation or wind-up phase and that can only be purchased by professional or semi-professional investors within the meaning of the German Capital Investment Code [KAGB] (closed- ended domestic special AIFs under the German Capital Investment Code, or comparable non-domestic products) - net fund assets: sum of all assets minus loans and other liabilities - book assets: sum of all assets (equates to gross fund assets) - net sales: balance of gross inflows and gross outflows - equity capital placements: equates to gross inflows - sold: sales to semi-professional or professional investors in Germany, independent of the inception location - incepted: funds incepted under German law (KAGB), i.e. funds incepted in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

equity capital equity capital net fund assets book assets net fund assets net sales placements net sales net sales placements net sales

EUR market EUR EUR EUR EUR EUR EUR EUR EUR domicile millions share in % millions millions millions millions millions millions millions millions

B. Real asset funds

(without Securities and Private Equity funds)

Total 1,309.8 100.0 1,738.2 909.4 1.7 1.7 1.7 348.0 348.3 44.3 Asset manager or asset manager group PATRIZIA WohnInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pramerica Property Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Quantum Immobilien Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Schroder Real Estate Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Luxemburg S.à.r.l LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - UBS Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Gruppe 0.0 0.0 0.0 133.2 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 133.2 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Luxembourg S.A. LU 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 - Universal-Investment Gruppe 99.8 7.6 99.8 0.0 0.0 0.0 0.0 94.0 94.0 0.0 Universal-Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Luxembourg S.A. LU 99.8 7.6 99.8 - 0.0 0.0 - 94.0 94.0 - Warburg-HIH Invest Real Estate GmbH DE 576.2 44.0 931.5 576.2 1.7 1.7 1.7 46.7 47.0 44.3 ZBI Fondsmanagement AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Real asset funds in liquidation by depositaries 0.0 0.0 0.0 - 0.0 0.0 - 0.0 0.0 -

Total B. Real asset funds 1,309.8 100.0 1,738.2 909.4 1.7 1.7 1.7 348.0 348.3 44.3

(without Securities and Private Equity funds)

C. Total closed-ended Spezialfonds (A. + B.) 3,272.8 3,728.2 1,087.5 157.2 157.2 6.7 1,990.2 1,991.5 74.8

Due to rounding differences, these figures may differ slightly from those in the general overviews. Specifications on closed-end funds listed in statistics reflect their latest status. They might be older than the current statistic data. Closed-end funds are obliged to determine a net asset value at least once per year. Last update: 13.9.2017

BVI INVESTMENTSTATISTIK 24 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

A. Securities and Private Equity portfolios

(without Real asset portfolios) Total 384,444.1 319,770.0 100.0 -3,167.6 -3,400.9 -11,714.7 -10,456.4 Asset manager or asset manager group Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Global Services S.A. LU 0.0 - 0.0 0.0 - 0.0 - Allianz Asset Management Gruppe 155,804.5 155,804.5 48.7 -2,239.1 -2,239.1 -7,904.9 -7,904.9 Allianz Global Investors 36,885.5 36,885.5 11.5 -877.4 -877.4 -2,560.7 -2,560.7 PIMCO Deutschland GmbH DE 118,919.0 118,919.0 37.2 -1,361.8 -1,361.8 -5,344.1 -5,344.1 ALTE LEIPZIGER Trust Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 5,389.0 5,389.0 1.7 28.9 28.9 1,016.7 1,016.7 Amundi Gruppe 0.0 442.5 0.1 0.0 0.0 0.0 -73.6 Pioneer Investments Kapitalanlagegesellschaft mbH DE 0.0 442.5 0.1 0.0 0.0 0.0 -73.6 Pioneer Asset Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - Pioneer Investment Management Inc. US 0.0 - 0.0 0.0 - 0.0 - Pioneer Investments Austria GmbH AT 0.0 - 0.0 0.0 - 0.0 - Pioneer Investments Management Ltd. IE 0.0 - 0.0 0.0 - 0.0 - Pioneer Investment Management SGR pA IT 0.0 - 0.0 0.0 - 0.0 - AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 33,884.7 33,884.7 10.6 283.7 283.7 293.7 293.7 AXA Investment Managers Deutschland GmbH DE 33,884.7 33,884.7 10.6 283.7 283.7 293.7 293.7 AXA Fund Management S.A. Luxemburg LU 0.0 - 0.0 0.0 - 0.0 - AXA Rosenberg IE 0.0 - 0.0 0.0 - 0.0 - AXA IM Paris FR 0.0 - 0.0 0.0 - 0.0 - AXA Investment Managers UK Limited GB 0.0 - 0.0 0.0 - 0.0 - BayernInvest Gruppe 7,296.2 2,027.7 0.6 23.4 -16.9 52.3 45.9 BayernInvest Kapitalverwaltungsgesellschaft mbH DE 7,296.2 2,027.7 0.6 23.4 -16.9 52.3 45.9 BayernInvest Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - BlackRock Asset Management Deutschland AG (iShares) DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNY Mellon Service Kapitalanlage-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commerz Funds Solutions S.A. LU 0.0 - 0.0 0.0 - 0.0 - DekaBank Gruppe 1,396.0 16,028.1 5.0 -464.9 -427.5 -413.3 -567.0 DekaBank Deutsche Girozentrale DE 0.0 14,390.6 4.5 0.0 29.9 0.0 -196.9 Deka Immobilien Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 25 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

A. Securities and Private Equity portfolios

(without Real asset portfolios) Total 384,444.1 319,770.0 100.0 -3,167.6 -3,400.9 -11,714.7 -10,456.4 Asset manager or asset manager group Deka Investment GmbH DE 1,396.0 1,166.9 0.4 -464.9 -464.7 -399.1 -400.2 Landesbank Berlin Investment GmbH DE 0.0 470.6 0.1 0.0 7.3 -14.2 30.0 Deka Immobilien Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Deka International S.A. LU 0.0 - 0.0 0.0 - 0.0 - International Fund Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - Deutsche AM Gruppe 49,149.1 49,149.1 15.4 -996.2 -996.2 -3,373.2 -3,373.2 Deutsche Asset Management International GmbH DE 49,149.1 49,149.1 15.4 -996.2 -996.2 -3,373.2 -3,373.2 Deutsche Asset Management Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche Asset Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - Oppenheim Asset Management Services S.à r.l. LU 0.0 - 0.0 0.0 - 0.0 - PHARMA/wHEALTH Management Company S.A. LU 0.0 - 0.0 0.0 - 0.0 - DJE Gruppe 1,161.8 1,537.8 0.5 0.0 0.0 0.0 0.0 DJE Kapital AG DE 1,161.8 1,537.8 0.5 0.0 0.0 0.0 0.0 DJE Investment S.A. LU 0.0 - 0.0 0.0 - 0.0 - ETHENEA Independent Investors S.A. LU 0.0 - 0.0 0.0 - 0.0 - Fidelity International Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 FIL (Luxembourg) S.A. LU 0.0 - 0.0 0.0 - 0.0 - Flossbach von Storch Gruppe 3,477.0 3,477.0 1.1 0.9 0.9 -975.2 -975.2 Flossbach von Storch AG DE 3,477.0 3,477.0 1.1 0.9 0.9 -975.2 -975.2 Flossbach von Storch Invest S.A. LU 0.0 - 0.0 0.0 - 0.0 - FPM Frankfurt Performance Management AG DE 327.3 411.4 0.1 0.0 0.0 0.0 0.0 FRANKFURT-TRUST Gruppe 0.0 1,002.4 0.3 0.0 0.0 0.0 -4.6 FRANKFURT-TRUST Investment-Gesellschaft mbH DE 0.0 1,002.4 0.3 0.0 0.0 0.0 -4.6 FRANKFURT-TRUST Invest Luxemburg AG LU 0.0 - 0.0 0.0 - 0.0 - Franklin Templeton Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Franklin Templeton Investment Funds LU 0.0 - 0.0 0.0 - 0.0 - Templeton Growth Fund, Inc. US 0.0 - 0.0 0.0 - 0.0 - Generali Investments Gruppe 105,235.0 0.0 0.0 165.3 0.0 186.6 0.0 Generali Investments Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Generali Investments Europe S.p.A. IT 105,235.0 - 0.0 165.3 - 186.6 - HANSAINVEST Hanseatische Investment-GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 26 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

A. Securities and Private Equity portfolios

(without Real asset portfolios) Total 384,444.1 319,770.0 100.0 -3,167.6 -3,400.9 -11,714.7 -10,456.4 Asset manager or asset manager group HANSAINVEST LUX S.A. LU 0.0 - 0.0 0.0 - 0.0 - Helaba Invest Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HSBC Trinkaus & Burkhardt Gruppe 9,702.0 9,702.0 3.0 3.0 3.0 3.0 3.0 HSBC Global Asset Management (Deutschland) GmbH DE 9,702.0 9,702.0 3.0 3.0 3.0 3.0 3.0 Internationale Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INVESCO Gruppe 3,345.5 3,345.5 1.0 0.0 0.0 0.0 0.0 Invesco Asset Management Deutschland GmbH 1) DE 3,345.5 3,345.5 1.0 0.0 0.0 0.0 0.0 INVESCO Asset Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - INVESCO Asset Management Ireland Ltd IE 0.0 - 0.0 0.0 - 0.0 - Lazard Asset Management (Deutschland) GmbH DE 110.2 110.2 0.0 4.9 4.9 15.7 15.7 LBBW Asset Management Investmentgesellschaft mbH DE 0.0 21,448.3 6.7 0.0 6.5 0.0 -190.1 Lingohr & Partner Asset Management GmbH DE 988.0 988.0 0.3 3.8 3.8 3.8 3.8 LRI Invest S.A. Luxembourg LU 0.0 - 0.0 0.0 - 0.0 - M&G International Investments Ltd. GB 0.0 - 0.0 0.0 - 0.0 - MainFirst SICAV Luxembourg LU 0.0 - 0.0 0.0 - 0.0 - MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Luxembourg S.à.r.l. LU 0.0 - 0.0 0.0 - 0.0 - METZLER Gruppe 0.0 1,098.1 0.3 0.0 -146.9 0.0 -168.8 Metzler Asset Management GmbH DE 0.0 1,098.1 0.3 0.0 -146.9 0.0 -168.8 Metzler Ireland Limited IE 0.0 - 0.0 0.0 - 0.0 - Monega Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Nomura Asset Management Deutschland KAG mbH DE 0.0 83.8 0.0 0.0 0.0 0.0 0.0 NORD/LB Asset Management AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ODDO BHF Asset Management GmbH DE 108.4 43.5 0.0 -1.1 0.0 -29.7 -25.5 Pictet Asset Management Limited Niederlassung Deutschland LU 0.0 - 0.0 0.0 - 0.0 - SANTANDER ASSET MANAGEMENT Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Sauren Finanzdienstleistungen GmbH & Co. KG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 241.7 0.1 0.0 0.0 0.0 68.0 SEB Asset Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - Siemens Fonds Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Société Générale Securities Services GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 27 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

A. Securities and Private Equity portfolios

(without Real asset portfolios) Total 384,444.1 319,770.0 100.0 -3,167.6 -3,400.9 -11,714.7 -10,456.4 Asset manager or asset manager group UBS Gruppe 171.2 0.0 0.0 0.0 0.0 8.2 0.0 UBS Asset Management (Deutschland) GmbH DE 171.2 0.0 0.0 0.0 0.0 8.2 0.0 UBS (Luxemburg) LU 0.0 - 0.0 0.0 - 0.0 - UBS Fund Management (Switzerland) AG CH 0.0 - 0.0 0.0 - 0.0 - UBS Asset Management (UK) Ltd. GB 0.0 - 0.0 0.0 - 0.0 - Union Investment Gruppe 3,739.0 13,554.7 4.2 8.0 94.0 -509.8 1,379.7 Union Investment Institutional GmbH DE 0.0 2,788.4 0.9 0.0 0.0 0.0 1.4 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Privatfonds GmbH DE 0.0 7,027.2 2.2 0.0 86.0 0.0 1,888.0 Quoniam Asset Management GmbH DE 3,739.0 3,739.0 1.2 8.0 8.0 -509.8 -509.8 IPConcept (Luxemburg) S.A. LU 0.0 - 0.0 0.0 - 0.0 - Union Investment Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - IPConcept (Schweiz) AG CH 0.0 - 0.0 0.0 - 0.0 - Universal-Investment Gruppe 3,159.3 0.0 0.0 11.7 0.0 -88.6 0.0 Universal-Investment-Gesellschaft mbH DE 3,159.3 0.0 0.0 11.7 0.0 -88.6 0.0 Universal-Investment-Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Veritas Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST KAPITALANLAGEGESELLSCHAFT mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WARBURG INVEST LUXEMBOURG S.A. LU 0.0 - 0.0 0.0 - 0.0 - NESTOR Investment Management S.A. LU 0.0 - 0.0 0.0 - 0.0 - Quint:Essence Capital S.A. LU 0.0 - 0.0 0.0 - 0.0 - Securities portfolios in liquidation by depositaries 0.0 - 0.0 0.0 - 0.0 -

Total A. Securities and Private Equity portfolios 384,444.1 319,770.0 100.0 -3,167.6 -3,400.9 -11,714.7 -10,456.4

(without Real asset portfolios)

BVI INVESTMENTSTATISTIK 28 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

B. Real asset portfolios

(without Securities and Private Equity funds) Total 250.3 250.3 100.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Aberdeen Asset Management Deutschland AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 aik Immobilien-Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ampega Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Art-Invest Real Estate Funds GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AVANA Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA-IM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 AXA Investment Managers Deutschland GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Germany GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 BNP Paribas Real Estate Investment Management Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Commerz Real Investmentgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CREDIT SUISSE ASSET MANAGEMENT Immobilien Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DekaBank Gruppe 250.1 250.1 99.9 0.0 0.0 0.0 0.0 Deka Immobilien Investment GmbH DE 250.1 250.1 99.9 0.0 0.0 0.0 0.0 WestInvest Gesellschaft für Investmentfonds mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Deutsche AM Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 RREEF Spezial Invest GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Hamburg Trust REIM Real Estate Investment Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HANSAINVEST Hanseatische Investment-GmbH DE 0.2 0.2 0.1 0.0 0.0 0.0 0.0 Internos Spezialfondsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 JAMESTOWN US-Immobilien GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 KanAm Grund Institutional Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PATRIZIA GewerbeInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0

BVI INVESTMENTSTATISTIK 29 BVI Investmentstatistik Discretionary mandates

Breakdown by asset managers - Teil 5: Discretionary mandates Net assets Net sales

as of 31.7.2017 within the month of July 2017 YTD

1.1.2017 - 31.7.2017

Discretionary mandates: Vehicle for the collective management of assets held in trust that are comparable to Spezialfonds (special AIFs) in terms of their portfolio composition and risk control. Capital investment companies or asset managers provide administration and portfolio management services for these portfolios in a form that is comparable to investment funds, but with a different legal structure. - net assets: sum of all assets minus loans and liabilities - net sales: balance of gross inflows and gross outflows - sold: sales to investors in Germany - managed: day-to-day investment decision-making takes place in Germany without transfer (outsourcing) of portfolio management to third parties

in Germany:

sold managed sold managed sold managed

net assets net sales net sales

domicile EUR millions EUR millions market share in % EUR millions EUR millions EUR millions EUR millions

B. Real asset portfolios

(without Securities and Private Equity funds) Total 250.3 250.3 100.0 0.0 0.0 0.0 0.0 Asset manager or asset manager group PATRIZIA WohnInvest KVG mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pramerica Property Investment GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Quantum Immobilien Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Savills Fund Management GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Schroder Real Estate Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Kapitalverwaltungsgesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TRIUVA Luxemburg S.à.r.l LU 0.0 - 0.0 0.0 - 0.0 - UBS Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UBS Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Institutional Property GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Union Investment Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Universal-Investment Gruppe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Gesellschaft mbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Universal-Investment-Luxembourg S.A. LU 0.0 - 0.0 0.0 - 0.0 - Warburg-HIH Invest Real Estate GmbH DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ZBI Fondsmanagement AG DE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Property portfolios in liquidation by depositaries 0.0 - 0.0 0.0 - 0.0 -

Total B. Real asset portfolios 250.3 250.3 100.0 0.0 0.0 0.0 0.0

(without Securities and Private Equity funds)

C. Total portfolios (A. + B.) 384,694.4 320,020.3 -3,167.6 -3,400.9 -11,714.7 -10,456.4

1) Net sales for discretionary mandates are not available.

Due to rounding differences, these figures may differ slightly from those in the general overviews. Last update: 13.9.2017

BVI INVESTMENTSTATISTIK 30