Global Fixed-Income Viewpoints from Retail Investors and Financial Advisors Survey Results

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1 Methodology Global Fixed-Income Viewpoints from and Survey Results Brunswick Insight conducted the Global Fixed-Income Viewpoints study on behalf of BNY Mellon Investment Management. The survey was conducted online between November 24 and December 1, 2015 among 356 U.S. retail investors who are active in their personal and have over $100,000 in investable assets, and among 201 U.S. financial advisors. Notes on Interpreting the Data Not all questions were asked of both audiences and not all question wording was the same between (R) and (F). The audience for each question is designated in parentheses after the table number and also in the header of each table. A dash represents a value of zero and percentages may not always add up to 100% because of computer rounding or the acceptance of multiple answers from respondents. Investor Screener Table 1. ( ) Do you make any that are not part of a retirement fund, 401(k), or personal real estate? These may include stocks, mutual funds, bonds, ETFs, separately managed accounts, etc. Yes 100% No - Table 2. ( ) How active are you in making decisions about your personal? Very active I make all of the decisions myself 47% Somewhat active I make most of the decisions myself and let my financial advisor or family members make 53% some decisions Not too active I make very few decisions about my - Not at all active I let my financial advisor or family - members make all of my investment decisions

2 Table 3. ( ) Do you have a financial advisor that helps you with your investment decisions? Yes 62% No 38% Table 4. ( ) What is the approximate value of the total amount of investable assets held by you and other members of your household? Investable assets include any held in cash, checking and/or savings accounts, money market accounts, CDs, employer-sponsored retirement accounts, IRAs, annuities, stocks, bonds, mutual funds, alternatives, etc. Please DO NOT include the value of your primary residence. Less than $49,999 - $50,000 - $99,999 - $100,000 - $249,999 19% $250,000 - $499,999 26% $500,000 - $999,999 25% $1,000,000 - $2,499,999 22% $2,500,000 - $4,999,999 7% $5,000,000 - $9,999,999 1% $10,000,000 or greater - 2

3 Asset Allocation Table 5R. ( ) Approximately what percentage of your investable assets are currently allocated to each of the following? Please insert a percentage in each text box. The total must equal 100%. Even if you are not sure, please give your best estimate. Base=Total Sample None (respondent entered 0%) Some (respondent entered a value of 1% or more) As a reminder, investable assets include any held in cash, checking and/or savings accounts, money market accounts, CDs, employer-sponsored retirement accounts, IRAs, annuities, stocks, bonds, mutual funds, alternatives, etc. Please DO NOT include your primary residence. 5F. ( ) Recognizing that clients have different investment styles, goals, and objectives, on average, approximately what percentage of investable assets do you recommend your clients allocate to each of the following? Please insert a percentage in each text box. The total must equal 100%. Investable assets include any held in cash, checking and/or savings accounts, money market accounts, CDs, employer-sponsored retirement accounts, IRAs, annuities, stocks, bonds, mutual funds, alternatives, etc. Please DO NOT include primary residences. Cash and cash Fixedincome Individual Mutual stocks or funds equities ETFs Alternative % 40% 20% 23% 82% 76% 75% 90% 59% 80% 77% 18% 24% 25% Refused - 1% Base=Total Sample None (respondent entered 0%) Some (respondent entered a value of 1% or more) Cash and cash Fixedincome Individual stocks or Mutual equities funds ETFs Alternative % 24% 29% 16% 46% 58% 66% 80% 75% 71% 84% 54% 42% 34% Refused - 1%

4 Table 6R. ( ) Thinking about your investment allocation in 2016, in terms of geographic allocation, will your become 6F. ( ) Thinking about what you will recommend to your clients in 2016, in terms of geographic allocation, will your recommend that your clients become 201 More globally diversified 9% 44% Less globally diversified 10% 14% No change 81% 41% Now, please think specifically about your in fixed-income, also known as bonds, and held either as individual bonds or as part of mutual funds/etfs. Table 7R. ( with fixed-income or mutual funds in portfolio) How important is it to you that your portfolio includes some fixed incomes, or bonds, from outside the U.S.? 7F. ( ) How important is it to you that your clients portfolios include some fixed income, or bonds, from outside the U.S.? with an Advisor without an Advisor Base TOTAL IMPORTANT 38% 44% 26% 63% TOTAL NOT IMPORTANT 62% 56% 74% 37% Very important 6% 7% 3% 23% Somewhat important 32% 37% 23% 40% Not very important 43% 40% 48% 29% Not at all important 19% 16% 26% 8% 4

5 Table 8R. ( ) Approximately what percent of your fixed-income security are allocated to the following? Please enter a percentage into each text box. Your total must equal 100. U.S. Global Holds no fixed income or mutual funds in overall portfolio 12% 12% 12% None (respondent entered 0% of fixed-income portfolio) 36% 57% 63% Some (respondent entered 1% or more of fixed-income portfolio) 51% 30% 24% Unsure/Refused 1% 1% 1% with an Advisor U.S. Global Base=Has Advisor Holds no fixed income or mutual funds in overall portfolio 9% 9% 9% None (respondent entered 0% of fixed-income portfolio) 36% 51% 61% Some (respondent entered 1% or more of fixed-income portfolio) 53% 38% 28% Unsure/Refused 2% 2% 2% without an Advisor U.S. Global Base=Does Not Have an Advisor Holds no fixed income or mutual funds in overall portfolio 16% 16% 16% None (respondent entered 0% of fixed-income portfolio) 35% 67% 66% Some (respondent entered 1% or more of fixed-income portfolio) 49% 16% 17% Unsure/Refused 0% 0% 0% 5

6 Table 8F. ( ) When advising clients on fixed-income, approximately what percent of these do you recommend they allocate to the following? Please enter a percentage into each text box. Your total must equal 100. Base=Total Sample None (respondent entered 0% of portfolio) Some (respondent entered 1% or more of fixed-income portfolio) Domestic Treasury High-yield, Investmentgradinvestment- non- corporate grade bonds bonds Floating rate notes Domestic municipal bonds Global % 21% 37% 61% 41% 44% 92% 56% 79% 63% 39% 59% 56% 8% Policy and Bond Market Outlook Table 9. ( & ) What action do you believe the Fed will take with regard to U.S. interest rates? 201 TOTAL INCREASE 91% 94% TOTAL NO ACTION/DECREASE 9% 6% Increase rates by the end of % 49% Increase rates at some point in % 45% Take no action in 2015 or % 5% Decrease rates in 2015 or % - Table 10. ( ) To the best of your knowledge, when interest rates go up, do bond prices typically Increase 19% Decrease 60% Stay about the same 9% Unsure 12% 6

7 Table 11. ( & ) And, to the best of your knowledge, what percent of all bonds issued globally are outside the U.S.? 201 Less than 25% 8% 10% 25% - 49% 15% 30% 50% - 74% 14% 31% 75% or more 6% 9% Unsure 56% 19% Table 12R. If the Fed were to increase rates, what impact would this have on your fixed income, or bond, allocation in 2016, in terms of geographic allocation? 12F. If the Fed were to increase rates, would you recommend that your clients fixed income allocation in 2016, in terms of geographic allocation become 201 More globally diversified 12% 35% No change 78% 57% Less globally diversified 10% 7% 7

8 Global Fixed-Income Advice Table 13R. ( with a financial advisor) In the past year, what advice has your financial advisor given you about global fixed-income /bonds? 13F. ( ) In the past year, what advice have you given MOST OFTEN to your clients about global fixed-income /bonds? Base TOTAL BUILD/INCREASE 14% 33% Encouraged me/them to build or establish an allocation 4% 19% Encouraged me/them to increase my allocation 10% 14% Encouraged me/them to keep my current allocation 37% 40% Encouraged me/them to decrease my allocation 5% 10% My advisor has not given me advice on global fixed-income / I have not given my clients advice on global fixed-income 44% 16% 8

9 Investor Demographics Table 14. Age % % % Table 15. Gender Male 52% Female 48% Table 16. Region Northeast 24% Midwest 22% South 26% West 28% Table 17. Household Income $25,000 - $49,999 6% $50,000 - $74,999 20% $75,000 - $99,999 20% $100,000 - $149,999 29% $150,000 - $199,999 13% $200,000 - $249,999 4% $250,000 - $499,999 4% $1,000,000 - $2,499,999 1% $2,500,000 - $4,999,999 1% Decline to answer 1% 9

10 Table 18. Type of Advisor Base=Has Advisor 222 National, full service brokerage 55% Independent or regional broker dealer 26% Registered investment advisor 13% Bank/Bank trust 4% Private bank 4% An automated online investment service, or robo-advisor - 6% Advisor Demographics Table 19. Type of Advisor Base=Total Sample 201 Independent or regional broker dealer 44% Registered investment advisor 26% National, full service brokerage 18% Private bank 6% Bank/Bank trust 5% Table 20. Approximate Value of Assets Managed Base=Total Sample 201 $10 million - $49 million 32% $50 million - $99 million 13% $100 million - $249 million 17% $250 million - $499 million 4% $500 million - $999 million 3% $1 billion - $2 billion 3% Over $2 billion - 10

11 Table 21. Median Amount of Investable Assets of Client Base Base= Total Sample 201 Less than $250,000 20% $250,000 - $499,999 33% $500,000 - $999,999 19% $1,000,000 - $2,499,999 10% $2,500,000 - $4,999,999 3% $5,000,000 - $9,999,999 6% $10,000,000 or greater 6% Table 22. Region Where Advisor Primarily Conducts Business Where Clients Are Located 201 Northeast 22% 34% Midwest 29% 36% South 24% 41% West 24% 37% Table 23. Years as Advisor Base=Total Sample years or less 13% 6-10 years 21% years 19% years 14% years 13% 26 years or more 18% 2016 The Bank of New York Mellon Corporation. All rights reserved. 11

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