eutsche Bank AG or its affiliates or subsidiaries. except third party tracemarks or service marks, which are the properly of their respective owners. The Global Industry Classification Standard ("GIGS') was covelopeo and is the exclusive property and a service mark of Morgan Stanley Caporal International Inc ("MSCI'l and S&P. No party involv

o Deutsche Bank AG or its elf doles or subsecianes, except thirdparty trademarks or service marks, which are the properly of their respective owners. The Global Industry Classification Standard ("GICS") was developed and is the exclusive property and a service mark of Morgan Stanley Capital Irtemational Inc CMSCI') and S&P. No party involved

Deutsche Bank AG or its affiliates or subsdranas, except third party trademarks or service marks, which are the property of their respective owners. The Global Industry Classification Standard (- GICS-1 was developed and is the exclusive property and a service mark of Morgan Stanley Capital International Inc (-MSCI-) and S&P. No party invol

01352039 AG or its affiliates or subsidiaries, except third-party trademarks or service marks, which are the property of their respective owners. The Global Industry Classification Standard ("GICS") was developed and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and S&P. No party inv

sche Bank AG or its affiliates or subsidiaries, except third-party trademarks or service marks, which are the property of their respective owners. The Global Industry Classification Standard ("GICS") was developed and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and S&P. No party inv

CIO Insights -August 2016 Glossary 19 Global Industry Classification Standard The Global Industry Classification Standard was developed by Standard and Poor's and Morgan Stanley Capital International (MSCI) to define equities sectors. Liquidity Liquidity refers to th