Caught in the EU FINREG WAKE

Citi Custody & Fund Services – Caught in the EU FinReg Wake 17 16 Source: EFAMA (As of 31 December 2017) Source: ICI (As of 31 December 2017) UCITS & AIFMD ASSETS UNDER MANAGEMENT KEY CROSS-BORDER DOMICILES NET ASSETS NUMBER OF FUNDS AVERAGE FUND SIZE = 5,000 funds US Europe US Europe $22 T $17 T US $2,300 M Europe $323M Ireland Luxembourg ¤3.49T AUM 2017 Net Sales ¤281B UCITS of European Market 36% ¤673B AUM 2017 Net Sales ¤27B AIFMD of European Market 11% ¤1.83T AUM 2017 Net Sales ¤242B of European Market 19% ¤566B AUM 2017 Net Sales ¤56B of European Market UCITS AIFMD 10% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Trillions EUR 1853 6056 4477 5199 5919 5556 6246 6799 7190 8238 8675 9714 1637 1861 2189 2324 2661 2935 4138 5146 5516 5909 The European Fund Market at a Glance US vs Europe Open-Ended Fund Market