... EXTEL/UKSIF SRI & SUSTAINABILITY SURVEY 2015 JULY

Transcription

1 ... EXTEL/UKSIF SRI & SUSTAINABILITY SURVEY 2015 JULY

2 CONTENTS 1 EXECUTIVE SUMMARY 3 2 MARKET TRENDS 5 3 RESULTS 9 4 METHODOLOGY 15 5 EXTEL WECONVENE 20 6 CONTACTS 21 EXTEL - SRI

3 1. EXECUTIVE SUMMARY The 2015 Extel/UKSIF SRI & Sustainability Survey marks the thirteenth consecutive edition of this study, from commencement in We will pay allegiance to superstition by hoping that 13 is not an unlucky number. We can do more than that, by sheltering under the impenetrable arch of the market s appetite to recognize and identify excellence. The depth and quality of response, with over 340 buyside participants, from asset managers internationally, including virtually all major buyside firms, remains a powerful indicator of the continuing interest in sustainability, as a material factor in the investment decision process, and in the value attached to a stock. It is the first report generated with Extel as part of WeConvene, and we believe the WeConvene platform - offering as it does significant efficiencies in targeting and conducting meetings and interaction across all three sides of the community - can play an especial role in widening the reach of sustainability analysis, ideas & insights. This is truly pertinent given both the regulatory changes, those already in place and what will come in MiFiD2, and the increasing appetite on the buyside for differentiated and thematic ideas. This report covers primarily the views, and votes, of the buyside for research and advisory from brokerage firms and analysts on SRI, ESG, renewables and associated areas; it also include data and rankings on both the buyside themselves, and the corporate community, reflecting the three sides of the investment community. The core challenge for SRI & sustainability, whether approaching it as an institutional investor; as a research provider, either mainstream or specialist; or from the perspective of a corporate, is not about the importance of the topics, insights and issues that make SRI & sustainability. The potential impacts and effects of environmental change, of transparency and fair governance, of a positive and enlightened attitude to employees, suppliers and customers, are well documented and hard to deny. It is instead that these issues, these impacts, are by their very essence, long term and tough to ascribe directly. So we end up with a paradox, and one that the investment community itself has to resolve, in order for sustainability to be an essential, everyday part of the investment and valuation process. On one hand, it all really matters in the long run. On the other hand, as Maynard Keynes said, in the long run we are all dead, and does SRI, ESG, whatever it is called, matter now? The average lifespan as it were of a CEO, is less than five years in post; even the most far-sighted asset manager is not going to buy and hold a stock for ten or fifteen years, and blithely ignore fluctuations in valuation during that time; and no sellside analyst is going to earn commissions and payments for research insights that may take a decade or more to come to fruition. In short, where is the materiality? EXTEL - SRI

4 A question with no easy answer. But not with no answer at all. The solution must lie in the investment industry on all three sides evolving a mindset that places those longer term factors as important now in stock valuations, and market assessments. Of course, governments and public pressure must form part of this, and it is no coincidence that the strength of the French financial community in SRI & ESG (admittedly perhaps with more focus in the S than the E or the G ), is at least part explained by regulations that bring a more direct materiality to the table. It is our belief that, even if unintentionally, the upcoming changes governing research & advisory payments that will come into force with MiFiDII in January 2017, will aid this further. However funded (and at the time of publication, this remains an open question), asset managers will become - indeed, already are - more selective on the services they take, from whom, and on what stocks and sectors. The imperative for the active equity buyside to demonstrate differentials, fresh thinking and compelling ideas, has never been greater, and under MiFiDII, this can only increase. Sustainabilty, espoused by companies and sellside alike, and by the buyside in appealing to their own clients, should and can be a vital part of that differentiation. has passed it now can be the case that SRI/ESG factors can play a material part, and in such cases, the appetite for understanding, communication and engagement has never been more apparent. Extel would like to formally recognize and thank UKSIF for all their ongoing help, support and encouragement in the SRI & Sustainability survey. UKSIF has been truly instrumental in the embracing of SRI by the investment community over the last 20 years and more, and we are proud to be able to work with UKSIF. Finally, of course, can we formally thank all participants in the 2015 Extel SRI study their contribution is greatly appreciated, and quite obviously the essential component in delivering this report. Steve Kelly Managing Director Extel July 2015 Along with the summary rankings in this report, we are grateful as before that we can include additional exclusive data from Nasdaq on the direction and extent of SRI/ESG-related fund flows; and a sample of some of the key attributes of service that the buyside value the most. Together, they serve to emphasize again a picture where the debate over niche/mainstream EXTEL - SRI

5 2. MARKET TRENDS We capture a range of views from across asset managers on the important elements of SRI/ESG; both as provided by the sellside or other research providers; and their views on the corporate community. The tables show the findings for the last three years overall, and with comparative breakouts for the North American buyside and the hedge fund community. All this data comes from the Extel Market Trends online service, offering an extensive range of customization and functionality. ALL BUYSIDE What do you value in sustainability analysis? All numbers in % All Buyside All Buyside All Buyside Thematic Pieces Stock specific analysis Integrated into all research and advisory services Depth of coverage Climate change/green issues Number of responses What is your view on Corporates and SRI? All numbers in % All Buyside All Buyside All Buyside CSR reports are valuable Companies take sustainability seriously Sustainability issues impact stock values Number of responses NORTH AMERICAN BUYSIDE What do you value in sustainability analysis? All numbers in % North American Buyside North American Buyside North American Buyside Thematic Pieces Stock specific analysis Integrated into all research and advisory services Depth of coverage Climate change/green issues EXTEL - SRI

6 What is your view on Corporates and SRI? All numbers in % North American Buyside North American Buyside North American Buyside CSR reports are valuable Companies take sustainability seriously Sustainability issues impact stock values HEDGE FUND COMMUNITY What do you value in sustainability analysis? All numbers in % Hedge Funds Hedge Funds Hedge Funds Thematic Pieces Stock specific analysis Integrated into all research and advisory services Depth of coverage Climate change/green issues What is your view on Corporates & SRI? All numbers in % Hedge Funds Hedge Funds Hedge Funds CSR reports are valuable Companies take sustainability seriously Sustainability issues impact stock values Extel. All numbers in percentage. SRI & Sustainability - The Numbers of Firms & Individuals SRI & SUSTAINABILITY Buyside Firms voting Buyside Broker Firms Individuals Nominated voting Broker Individuals Nominated Total Analysts Average Team Size (top 10 firms) Average Team Size (all firms) Corporate Governance Integrated Climate Change SRI Research EXTEL - SRI

7 Lipper SRI Equity Funds: Net Sales Top 10 European Firms SRI funds by net sales - 12M to May 2015 ( m) Investment Manager Country Net Sales 1 Santander Asset Management SA SGIIC Spain 1, Etica S.G.R. / Anima S.G.R. Italy Zürcher Kantonalbank Morgan Stanley (Ireland) United Kingdom BNP Paribas Asset Management () Pictet Asset Management BlackRock Ireland La Banque Postale SEB Asset Management S.A. Sweden Triodos Fonds Management BV Netherlands Top 10 SRI Equity Funds: Firm Net Sales All SRI Equity Funds: Firm Net Sales 4, , Top 10 European SRI Equity Funds by net sales - 12M to May 2015 ( m) Fund Name Investment Manager SRI Focus Country Net Sales 1 Santander Responsabilidad Santander Asset Management Mixed Assets Conservative Spain Conservador, FI SA SGIIC 2 ZKB-IPF World ex CH Index Zürcher Kantonalbank Equities Global Responsible 3 FundLogic - MSCI Emerging Morgan Stanley (Ireland) Equities Emerging Markets United Kingdom Markets ESG Equity Fund 4 Etica Obbligazionario Misto Etica S.G.R. / Anima S.G.R. Mixed Assets Conservative Italy BNP Paribas Developpement BNP Paribas Asset Equities Health Care Humain Management () 6 SEB Fund 3 - SEB Ethical SEB Asset Management S.A. Equities Global Sweden Global Fund 7 Etica Bilanciato Etica S.G.R. / Anima S.G.R. Mixed Assets Balanced Italy AL Invest, Udenlandske BankInvest Equities Global Denmark Aktier, Etisk 9 NN Global Sustainable Equity NN Investment Partners Equities Global Netherlands KBC Select Investors SRI Defensive Flexible Allocation Top 10 Total SRI Equity Funds All SRI Equity Funds Estimated Net Sales KBC Asset Management Asset Allocation Belgium EXTEL - SRI

8 Lipper SRI Equity Funds: Assets under Management Top 10 European Firms managing SRI funds by net assets: May 2015 ( m) Investment Manager Country SRI Assets 1 Amundi () 4, Pictet Asset Management 4, BNP Paribas Asset Management () 3, CCLA Investment Management Limited United Kingdom 3, Santander Asset Management SA SGIIC Spain 2, RobecoSAM Sustainable Asset Management AG 2, SEB Asset Management S.A. Sweden 2, Swedbank Robur Kapitalforvaltning AB Sweden 2, Alliance Trust Asset Management United Kingdom 1, Vanguard Group (Ireland) Limited Ireland 1,887.5 Top 10 Total SRI Equity Funds AuM All Firms Total SRI Equity Funds AuM Top 10 European SRI Equity Funds by net assets: May 2015 ( m) Fund Name Investment Manager SRI Focus Country SRI Assets 1 Pictet - Water Pictet Asset Management Equities Water (Lux) 2 Santander Responsabilidad Santander Asset Management Mixed Assets Conservative Spain Conservador, FI SA SGIIC 3 SEB Fund 3 - SEB Ethical SEB Asset Management S.A. Equities Global Sweden Global Fund 4 COIF Charities Investment CCLA Investment Mixed Assets Dynamic United Kingdom Management Limited 5 Handelsbanken Funds Global Svenska Handelsbanken Equities Global Sweden Criteria 6 CBF Church of CCLA Investment Equities United Kingdom United Kingdom Investment Management Limited 7 Pioneer Funds - Global Pioneer Investment Equities Environmental Ireland Ecology Management S.A. /Ecological 8 Impact ES Actions Europe Natixis Asset Management Equities Europe BNP Paribas Developpement Humain BNP Paribas Asset Management () 10 BNP Paribas Aqua BNP Paribas Asset Management () Top 10 SRI Equity Funds Total All SRI Equity Funds Assets under Management Equities Health Care Equities Water Top 10 European countries by SRI funds: May 2015 ( m) Geographical Base SRI Assets United Kingdom Sweden Netherlands Norway Italy Ireland Belgium Top 10 Countries Total SRI Equity Funds All Countries Total SRI Equity Funds AuM EXTEL - SRI

9 3. RESULTS BROKERAGE Leading Pan-European Brokerage Firm - SRI & Sustainability (Based on Commissions Paid) by Key FMs Position PrevPos Firm Name % Momentum 1 2 Société Générale 13.1 p 2 1 Kepler Cheuvreux 12.1 q 3 4 Exane BNP Paribas 10.6 p 4 3 Bank of America Merrill Lynch 9.0 q 5 11 Morgan Stanley 8.9 p 6 6 UBS 7.7 p 7 5 Natixis 7.2 q 8 7 HSBC 6.3 p 9 10 Credit Suisse 4.5 p 10 9 Oddo Securities 4.4 q CLSA 3.0 p Citi 2.0 q Kempen & Co. 1.9 q 14 8 Goldman Sachs 1.7 q Didas Research 0.8 p Sustainalytics 0.7 q MSCI ESG Research 0.7 p Deutsche Bank 0.7 q ESN Partnership 0.6 q Sanford C. Bernstein Mirabaud Securities LLP DZ BANK 0.4 q 23 N/A Ceres Trucost 0.3 q Manifest 0.2 Momentum indicates change in percentage of total weighted vote received in Extel 2015 compared with Extel As such, a firm/individual may have an increase in momentum, whilst the ranking position remains static or declines; or a decrease in momentum, whilst the ranking position remains static or improves. EXTEL - SRI

10 SRI RESEARCH All Brokerage Firms - SRI & Sustainability (Commissions Paid) by Key FMs - SRI Research Position PrevPos Firm Name % Momentum 1 1 Société Générale 14.0 p 2 8 Morgan Stanley 13.4 p 3 2 Kepler Cheuvreux 11.0 q 4 6 Exane BNP Paribas 10.2 p 5 3 Bank of America Merrill Lynch 9.9 q All Investment Individuals - SRI & Sustainability (Based on Commissions Paid) by Key FMs - SRI Research Position PrevPos First Name Last Name Firm Name % Momentum 1 2 Carole Crozat Societe Generale 5.4 p 2 17 Jessica Alsford Morgan Stanley 5.2 p 3 3 Yannick Ouaknine Societe Generale 5.1 p 4 4 Niamh Whooley Societe Generale 4.8 q 5 1 Sarbjit Nahal Bank of America Merrill Lynch 4.6 q SRI Research - Brokerage Firms based on UK Asset Managers' views Position Firm Name % 1 Morgan Stanley Societe Generale Kepler Cheuvreux Bank of America Merrill Lynch Exane BNP Paribas 9.0 SRI Research - Individual Analysts based on UK Asset Managers' views Position First Name Last Name Firm Name % 1 Jessica Alsford Morgan Stanley Carole Crozat Societe Generale Sarbjit Nahal Bank of America Merrill Lynch Yannick Ouaknine Societe Generale Yohann Terry Exane BNP Paribas 4.9 Momentum indicates change in percentage of total weighted vote received in Extel 2015 compared with Extel As such, a firm/individual may have an increase in momentum, whilst the ranking position remains static or declines; or a decrease in momentum, whilst the ranking position remains static or improves. EXTEL - SRI

11 INTEGRATED CLIMATE CHANGE All Brokerage Firms - SRI & Sustainability (Commissions Paid) by Key FMs - Integrated Climate Change Position PrevPos Firm Name % Momentum 1 1 HSBC 12.2 q 2 4 Exane BNP Paribas 11.0 p 3 5 Société Générale 10.5 p 4 2 Kepler Cheuvreux 9.8 q 5 3 Bank of America Merrill Lynch 8.5 q All Investment Individuals - SRI & Sustainability (Based on Commissions Paid) by Key FMs - Integrated Climate Change Position PrevPos First Name Last Name Firm Name % Momentum 1 1 Zoe Knight HSBC 7.1 q 2 3 Wai-Shin Chan HSBC 4.6 q 3 4 Erwan Créhalet Exane BNP Paribas 4.6 q 4 13 Carole Crozat Societe Generale 4.3 p 5 5 Mark Lewis Kepler Cheuvreux 4.1 q CORPORATE GOVERNANCE All Brokerage Firms - SRI & Sustainability (Commissions Paid) by Key FMs - Corporate Governance Position PrevPos Firm Name Points % Momentum 1 1 Kepler Cheuvreux 2, q 2 2 Société Générale 1, p 3 5 Exane BNP Paribas 1, p 4 3 Natixis 1, q 5 6 Bank of America Merrill Lynch q All Investment Individuals - SRI & Sustainability (Based on Commissions Paid) by Key FMs - Corporate Governance Position PrevPos First Name Last Name Firm Name % Momentum 1 1 Robert Walker Kepler Cheuvreux 7.3 q 2 4 Yohann Terry Exane BNP Paribas 6.2 q 3 5 Sudip Hazra Kepler Cheuvreux 5.9 p 4 2 Yannick Ouaknine Societe Generale 5.3 q 5 6 Carole Crozat Societe Generale 5.1 q Momentum indicates change in percentage of total weighted vote received in Extel 2015 compared with Extel As such, a firm/individual may have an increase in momentum, whilst the ranking position remains static or declines; or a decrease in momentum, whilst the ranking position remains static or improves. EXTEL - SRI

12 ASSET MANAGERS Asset Management firms best for engaging for long-term value Position Company Name Percentage 1 Norges Bank Investment Management Fidelity Worldwide Investment BlackRock Investment Management (UK) Capital International JPMorgan Asset Management Wellington Management Allianz Global Investors Capital Research Global Investors Fidelity Management & Research Deutsche Asset & Wealth Management MFS Investment Management Amundi Asset Management Schroder Investment Management Capital World Investors Artisan Partners Harris Associates Invesco Perpetual T. Rowe Price International GIC Northern Cross asset management firms received qualifying nominations Asset Management firms best for SRI/ESG Position Company Name Percentage 1 Amundi Asset Management Natixis Asset Management Norges Bank Investment Management BNP Paribas Investment Partners APG Asset Management Generali Investments Exane Asset Management RobecoSAM Union Investment Robeco Standard Life Investments (UK) SG Corporate & Investment Banking Deutsche Asset & Wealth Management Oddo Asset Management Groupama Asset Management Financière de l Echiquier Allianz Global Investors Mirova Fidelity Worldwide Investment Legal & General Investment Management asset management firms received qualifying nominations EXTEL - SRI

13 UK Asset Management firms best for SRI/ESG Position Company Name Percentage 1 Standard Life Investments (UK) Fidelity Worldwide Investment Legal & General Investment Management BlackRock Investment Management (UK) Schroder Investment Management Newton Investment Management Baillie Gifford Aberdeen Asset Management Aviva Global Investors Alliance Trust Generation Investment Management F&C Asset Management Columbia Threadneedle Investments WHEB Asset Management Jupiter Asset Management Royal London Asset Management Hermes Fund Managers Walter Scott & Partners Invesco Perpetual Henderson Global Investors 0.29 EXTEL - SRI

14 CORPORATES Corporates best for overall ESG & Sustainability Position Firm Name Percentage 1 Royal Dutch Shell plc Kingfisher plc Unilever Marks and Spencer BT Group plc Repsol BMW Group Novo Nordisk AS TOTAL Microsoft Corporation corporates received qualifying nominations Corporates best for Corporate Governance Position Firm Name Percentage 1 Royal Dutch Shell plc BHP Billiton Marks and Spencer Air Liquide Repsol BT Group plc Royal DSM British American Tobacco plc Kingfisher plc Novo Nordisk AS corporates received qualfyinmg nominations Corporates best for Sustainability Position Firm Name Percentage 1 Unilever Alcoa Inc UBS AG Antofagasta Good Energy Group BMW Group BT Group plc Novo Nordisk AS SunEdison Repsol corporates received qualifying nominations EXTEL - SRI

15 4. METHODOLOGY The Extel/UKSIF SRI & Sustainability Survey 2015 took place between March 23 and May 18, 2015 Responses were sought from buyside firms across Europe, involved in the SRI and broader extra-financial market. In total we received responses from 343 individuals at 174 buyside firms. In the questionnaire, respondents were either asked to rate firms/individuals 1-5; or score attributes/concerns on a 1-5 scale. Following Fund Management firms took part in the Survey. In both cases 5 equated to 5 points, down to a rating of 1 equalling 1 point. When voting for firms, voters could score a maximum of two firms with the same rating, and give the same rating value to up to a maximum of four individual team members at any broker firm. All points received were then aggregated, and % based tables constructed. In the case of rating on attributes, using a 1-5 comparative scale, an average rating (mathematically obliged to be between 1-5) was calculated. This enables comparative benchmarks to be provided. Across the SRI survey, we also received participation from professionals on the sellside and from IR teams at corporates. As this is now the 13th annual Survey the comparative and trend data delivers considerable value and interest. In particular we continue to receive a number of thoughtful comments on how to construct and develop this Survey going forward to enable it to even better match and align with market practice, and address key issues. We have sought to respond to these in 2015, and will continue to do so for EXTEL - SRI

16 PARICIPATING BUYSIDE FIRMS Buyside Firm Aberdeen Asset Management Accessible Clean Energy Addenda Capital AG2R-AGICAM Alliance Trust Allianz Global Investors AMF Pensionsförsäkring Amundi Alternative Investments Amundi Asset Management Amundi Investment Solutions AP-1 Arabesque Values Based Asset Management Arjuna Capital Management Atlantide Asset Management Australian Ethical Investment Aviva Global Investors Aviva Investors AXA Investment Managers Azimut Group Baillie Gifford Bank J. Safra Sarasin AG Banque Privee Edmond de Rothschild () BAWAG Bayern Invest BlackRock Asset Management Deutschland BlackRock Investment Management (UK) BlackRock Investment Management (US) BlueBay Asset Management BNP Paribas Investment Partners Brown Advisory BTA Caisse des Dépôts et Consignations California Public Employees' Retirement System Candriam Capital International Capricorn Venture Partners CBIS Central Finance Board of the Methodist Church CF Global Trading CF Partners Church of (CofE) Citadel Investment CM-CIC Gestion Comgest Concordia Versicherungsgruppe CPP Investment Board CPR Asset Management Credit Suisse Asset Management (Europe) Credit Suisse Asset Management (UK) Cygnus Asset Management DEKA Investment Delta Lloyd Asset Management Deutsche Asset & Wealth Management DnB NOR Kapitalforvaltning DNCA Finance Country In Canada Scotland Sweden Sweden Australia Italy Scotland Austria Latvia USA (West Coast) Belgium Belgium USA (Central) Canada Spain Netherlands Norway EXTEL - SRI

17 Buyside Firm Ecclesiastical Investment Management Ecofin Edmond de Rothschild Asset Management ERAFP Eurizon Capital F&C Asset Management Federal Finance Fédéris Gestion d'actifs Fidelity Worldwide Investment Folketrygdfondet Fonds de Garantie Fonds de Reserve Franklin Templeton Investments Fulcrum Capital Generali Investments Generation Investment Management GLG Partners Henderson Global Investors Hermes Fund Managers HSBC Global Asset Management () HSBC Global Asset Management (UK) HSBC Trinkaus & Burkhardt Ibercaja IFP Fund Management Impax Asset Management Inter Expansion JPMorgan Asset Management Jupiter Asset Management Kairos Partners Kames Capital KBC Asset Management Kempen Capital Management Kleinwort Benson Investors La Banque Postale Asset Management La Francaise Asset Management Lazard Asset Management LBBW Asset Management Le Crédit Lyonnais Private Banking Legal & General Investment Management LGT Capital Management Lombard Odier Darier Hentsch & Cie Lyxor Asset Management MAIF (Mutuelle Assurance des Instituteurs de Franc) Mandarine Gestion Meeschaert Asset Management Meriten Invesmtent Management MFS Investment Management Mirova Mn Services Montpensier Finance Moore Capital Management Natixis Asset Management Nelson Capital Management Neuberger Berman Newton Investment Management Nippon Life Insurance Company Nissay Asset Management NLI Investments Europe Country In Italy Norway USA (West Coast) Italy Spain Italy Scotland Belgium Netherlands Ireland Netherlands USA (West Coast) Japan EXTEL - SRI

18 Buyside Firm NN Investment Partners (ex. ING Investment Management) Nordea Investment Management Northern Trust Global Investments Noster Capital Nykredit Portefølje Bank Oddo Asset Management OFI Asset Management Palatine Asset Management Pax World Management Petercam PGGM Vermogensbeheer Pictet & Cie Pictet Asset Management (UK) Pioneer Investments PRO BTP Finance Promepar Gestion Rathbone Greenbank Investments RBR Capital River & Mercantile Asset Management Robeco RobecoSAM Rockefeller & Co Rollo Capital Management Rothschild & Cie Gestion Rothschild Bank Ruffer Sarasin & Partners Schroder Investment Management Schroders Private Banking SEB Asset Management Seven Investment Management SG Private Banking State Street Global Advisors Storebrand Kapitalforvaltning Sustainable Insight Capital Management Swedbank Robur Swisscanto Asset Management Sycomore Asset Management Talanx Asset Management TD Asset Management Temporis Capital Trillium Asset Management Two Sigma Investments UBS Global AM UBS Wealth Management Union Investment Universities Superannuation Scheme Wellington Management WHEB Asset Management Zürcher Kantonalbank Country In Netherlands Sweden USA (Central) Denmark Belgium Netherlands Ireland Netherlands Sweden Norway Sweden Canada EXTEL - SRI

19 BUYSIDE VOTING BREAKOUT Market % Of Vote Italian 1.8 Swiss 7.5 German 9.0 English 34.2 Scottish 2.0 French 27.7 Nordic 2.3 Iberia 0.4 Benelux USA (Central) 0.4 All other 2.2 EXTEL - SRI

20 5. EXTEL WECONVENE Extel conducts market studies across all three sides of the investment community throughout Europe and Asia, delivering a comprehensive range of rankings, market trends and sentiment insights. Extel Europe is the largest study of its kind worldwide, with over 18,000 participants from 80 countries casting more than 800,000 individual votes. All rankings in Extel are based purely on weighted votes from the investment community. The scope and branding of Extel is widely recognized by brokerage firms, asset managers and corporates alike. WeConvene WeConvene is a global corporate access platform for the sell and buy side community. It offers clients a complete web-based solution that makes organising, managing, tracking and valuing corporate access more efficient and effective. The platform supports the full spectrum of corporate access, including analyst marketing, roadshows, corporate days, conferences, fieldtrips and other investor interactions. WeConvene was founded in 2012 and is headquartered in Hong Kong with offices in London. For more information, go to EXTEL - SRI

21 6. CONTACTS Steve Kelly T. +44 (0) GENERAL CONTACT T. +44 (0) F. +44 (0) BY POST WeConvene Extel Limited Lloyds Avenue House 6 Lloyds Avenue 3/F London EC3N 3AX EXTEL - SRI