Influence of the growing ETF industry on active investor relations work Answer to question 26 what are your motivations for your view on the development of the ETF industry form an IR perspective Tasks become more complex and therefore more exciting Active index targeting as an opportunity to attract more investors Neutral from IR point of view rather skeptical from investor point of view ETFs promote interest in equity investments ETFs account for just 10 of open end mutual funds in Germany I still believe in the advantage of active investment vehicles No tendency at the moment One has to adapt to the changes and derive the right conclusions for one s own fields of action Too much focus on large liquid indices and correspondingly on large liquid issuers The pressure for M A and growth is artificially increased Impact on IR 94 List of annexes

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