PAN-EUROPEAN SURVEY 2014

Transcription

1 Natalia Khazanova THOMSON REUTERS EXTEL PAN-EUROPEAN SURVEY 2014 HEADLINE RESULTS & BRIEFING

2 WeConvene announces global launch of corporate access platform and acquisition of Extel. [London, ]: Today sees the launch of WeConvene, a global web-based platform designed to enhance corporate access for the global investment community, making it simpler, efficient, targeted, track-able and ultimately more useful. Simultaneously to the launch, WeConvene has announced that it has signed a definitive agreement to acquire Extel from Thomson Reuters. The transfer of the complete Extel business to WeConvene is scheduled to close and be completed by the end of June. The Extel business, rates and ranks excellence and interactions across the equity community, and is one of the most high profile and visible brands in this market. The WeConvene platform creates value for both buy and sell side customers. For the buy side it allows clients to quickly and easily find, book, track and rate important interactions with analysts and corporates leaving them more time to focus on maximising the value of the interaction for their investment process. The efficiencies not only give buy-side clients much more time to manage investments, but will also help them comply with recent UK Financial Conduct Authority (FCA) regulation requiring buy and sell-side customers to track, manage and value analyst and corporate interactions in an efficient and transparent manner. The intuitive preferencedriven technology behind the platform also has the ability to identify and propose corporate access offerings which might otherwise be missed. For the sell side, WeConvene makes corporate access execution, management and targeting much more efficient in a way that has not been done by any other vendor. By moving away from based distribution and management of analyst marketing and corporate roadshows, sell-side customers could finally have real-time engagement with customers around other valuable services other than trading. Founded in 2012 and based in Hong Kong, WeConvene was developed to combat the inefficiencies of the manual processes currently associated with corporate access. The specially combined experience of the founding team, board and advisory board spans the buy-side, sell-side, corporates and corporate access specialists, while the development and technology leadership has more than 40 years experience in financial services. The acquisition of Extel provides a unique opportunity to merge two highly complementary businesses within the corporate access arena. The Extel team, headed by Steve Kelly, will remain in place and the annual awards will continue under the Extel name, in partnership with Thomson Reuters. All Extel award winner data will also be integrated into Thomson Reuters Eikon and WeConvene will continue as a key service provider and partner to Thomson Reuters. Radek Barnert, CEO and founder of WeConvene, commented:: The concept behind WeConvene originated from our own personal frustrations with inefficiencies inherent in the traditional processes. The team brings not only extensive and highly relevant industry expertise but also a passion for creating beautiful and intuitive web based applications. Excitement has been growing tangibly among investors and we are increasingly receiving incoming requests about the platform, so the appetite for WeConvene s solution is definitely there. Moreover, we truly believe that our acquisition of Extel is greater than the sum of the parts; the businesses are wholly complementary and the deal will unleash the potential inherent in both businesses. Ultimately the combination of the two businesses will mean a more valuable, integrated and truly end to end experience for clients. Steve Kelly, head of Extel at Thomson Reuters, commented: We are delighted to be entering a new chapter for Extel, one in which we believe will be hugely beneficial for the Extel brand; as a specialist firm whose very essence is the corporate access market, WeConvene is a great partner to further develop the Extel brand. The Extel footprint already growing on a global basis will benefit further from the fresh ideas and investment offered by WeConvene, and all parties are very much looking forward to the forthcoming Extel annual awards on 17th June. David Craig, President, Financial & Risk at Thomson Reuters, added: We are pleased with the new partnership with WeConvene, which will see them continue as a key service provider and partner to Thomson Reuters. As a well-funded, ambitious provider with strong credentials in the investment community, WeConvene will continue to expand the comprehensive range of Extel rankings and insights, which our clients will continue to receive through Thomson Reuters Eikon. We are pleased to bring these new investments, along with other developments, to our clients through this partnership. ABOUT WECONVENE WeConvene is a global corporate access platform for the sell and buy side community. It offers clients a complete webbased 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. ABOUT EXTEL 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 16,000 participants from 75 countries casting more than 700,000 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.

3 CONTENTS Executive Summary Rankings Extel 2014 Contacts

4 EXECUTIVE SUMMARY Extel is now through its 40th year and 17th June marks its 41st annual awards. The survey is far from settling down for middle aged life, though; instead it continues to evolve and transform, at the same time developing and deepening our insights, as well as its participation levels. The latter hit record numbers once again, providing an unrivalled depth of data to rate the players in the equity community and serves to give real insight into trends across the market. Extel s 41st year also marks a new dawn as it leaves its parent, Thomson Reuters to join an exciting new venture with WeConvene, owner of the global corporate access platform. WeConvene Extel will combine all the innovation and energy of a new company with the benefit of knowledge and maturity of a long-established, market-leading brand. In ,000 investment professionals from 2,603 buyside firms cast their votes for 9,276 sellside analysts and salespersons at 532 brokerage houses, as well as for 3,850 IR professionals at 881 corporates. The sellside and corporates were also eager voters, leading to 2,267 sellside individuals from 281 brokerage houses giving their opinion as well as 1,200 IR professionals at 876 corporates, participating. In the headline results, 2014 was a year of consolidation, rather than revolution, with Bank of America Merrill Lynch holding on to the top spot on the brokerage side. Specifically, the rankings in equity research cemented this consolidation with no turnover at all amongst the top 11 players. When considering the leading individual equity analysts, Andrew Wood of Sanford C. Bernstein has now spent an impressive eight successive years at the top of the tree and the last decade has have hardly been a sea of tranquility. His tenure throughout the heady peaks and the tumultuous troughs is remarkable. Turning to the corporates, Germany continues to demonstrate excellence in investor relations; Deutsche Telekom claims 1st place in 2014, up from 7th in 2013, while on an individual level, Jean- Michel Bonamy of Vivendi claims the crown for leading investor relations professional in Europe. Like many individuals working in IR, Jean-Michel was a seasoned sellside analyst before moving across to the corporate side: an ever increasing trend in the market, making the IR role an increasingly professionalized one. Arguably, this is something of a necessity given the IR has to juggle the growing demands from the market with their role as ambassador for their employer and with ever more complex regulation. We again saw growth in the number of people on the buyside receiving votes. While the buyside rankings may not have carry the cache or direct relevance that the sellside and corporate results do, they serve as an increasingly useful guide to market sentiment and areas of interest, with JPMorgan Asset Management leading the fore. 4

5 Perhaps key issue in the equity research market at present, certainly in the UK, and given London s global influence, more internationally too, is regulatory interest in use of client commissions, and the FCA application of the term substantive research. There is more chance of Miley Cyrus joining a nunnery than of anyone will be able to predict correctly exactly what this change will mean. Changes they obviously will be, but the intrinsic value of intelligent, well- thought through, and rigorous research, giving a fresh perspective, will always find a ready market. That is what Extel tells us down the years, and the strength & depth of participation in Extel today just underlines this. Our most significant vote of thanks must go, as always, to those who have contributed in their many thousands with genuine seriousness and care in Extel in Despite reiterating it every year, it does not make us, here at Extel, any less grateful. As we re fond of saying, when we open for voting every March, we start with nothing. By the time voting closed this year, we had collected over 700,000 votes and that is down to the contribution of every single person who voted and allows us to do what we do. Thank you. Steve Kelly Managing Director, Thomson Reuters Extel June

6 AGGREGATES LEADING PAN-EUROPEAN BROKERAGE FIRM FOR EQUITY & EQUITY- LINKED RESEARCH (BASED ON COMMISSIONS PAID) BY KEY FMS POSITION PREVIOUS FIRM NAME 1 1 Bank of America Merrill Lynch 2 2 UBS 3 3 Morgan Stanley 4 5 J.P.Morgan 5 4 Citi 6 6 Deutsche Bank 7 7 Exane BNP Paribas 8 8 HSBC 9 9 Credit Suisse Société Générale Barclays Goldman Sachs Kepler Cheuvreux Sanford C. Bernstein Nomura Securities Berenberg Redburn Natixis Oddo Securities Jefferies International Commerzbank Corporates & Markets MainFirst Bank Macquarie Securities Group RBC Capital Markets Santander Investment Bolsa LEADING PAN-EUROPEAN BROKERAGE FIRM FOR EQUITY SECTORS RESEARCH (BASED ON COMMISSIONS PAID) BY KEY FMs POSITION PREVIOUS FIRM NAME 1 1 Bank of America Merrill Lynch 2 2 Morgan Stanley 3 3 UBS 4 4 Exane BNP Paribas 5 5 J.P.Morgan 6 6 Citi 7 7 Deutsche Bank 8 8 Credit Suisse 9 9 HSBC Barclays Sanford C. Bernstein Société Générale Goldman Sachs Nomura Securities Kepler Cheuvreux Redburn Berenberg Natixis Jefferies International RBC Capital Markets Oddo Securities Macquarie Securities Group MainFirst Bank Autonomous Research Santander Investment Bolsa LEADING PAN-EUROPEAN BROKERAGE FIRM EQUITY SALES (BASED ON COMMISSIONS PAID) BY KEY FMs POSITION PREVIOUS FIRM NAME 1 2 UBS 2 6 J.P.Morgan 3 1 Citi 4 4 Bank of America Merrill Lynch 5 3 Morgan Stanley 6 7 Deutsche Bank 7 5 Credit Suisse 8 9 HSBC 9 10 Exane BNP Paribas 10 8 Barclays Goldman Sachs Kepler Cheuvreux Berenberg Sanford C. Bernstein Redburn Société Générale Nomura Securities Jefferies International MainFirst Bank Macquarie Securities Group Natixis RBC Capital Markets Aviate Global Oddo Securities Liberum LEADING PAN-EUROPEAN BROKERAGE FIRM EQUITY TRADING & EXECUTION SERVICE (BASED ON COMMISSIONS PAID) BY KEY FMs POSITION PREVIOUS FIRM NAME 1 1 UBS 2 2 Morgan Stanley 3 6 J.P.Morgan 4 5 Bank of America Merrill Lynch 5 3 Credit Suisse 6 4 Citi 7 7 Deutsche Bank 8 8 Goldman Sachs 9 10 Kepler Cheuvreux 10 9 HSBC Barclays Société Générale Exane BNP Paribas Berenberg Sanford C. Bernstein Redburn ITG Europe Commerzbank Corporates & Markets Oddo Securities Instinet Nomura Securities ABG Sundal Collier MainFirst Bank Kempen & Co Natixis 6

7 LEADING PAN-EUROPEAN BROKERAGE FIRM (BASED ON CORPORATE NOMINATIONS) POSITION PREVIOUS FIRM NAME 1 1 Deutsche Bank 2 2 J.P.Morgan 3 3 Morgan Stanley 4 6 Barclays 5 7 UBS 6 9 Citi 7 4 Bank of America Merrill Lynch 8 8 Exane BNP Paribas 9 5 Kepler Cheuvreux HSBC Goldman Sachs Credit Suisse Nomura Securities Berenberg Société Générale Commerzbank Corporates & Markets MainFirst Bank Sanford C. Bernstein Autonomous Research Natixis Jefferies International Redburn ESN Partnership RBC Capital Markets M.M.Warburg TOP 10 PAN-EUROPEAN FUND MANAGEMENT INDIVIDUALS POSITION PREVIOUS FIRM NAME 1 2 Peter Lawrence, JPMorgan Asset Management 2 1 Philip Guest, UBS Global AM 3 12 Niels Pécriaux, GLG Partners 4 28 Helmut Bartsch, LBBW Asset Management 5 4 Alejandro Vigil, Cygnus Asset Management 6 6 Chris Birney, JPMorgan Asset Management 7 7 Bilquis Ahmed, JPMorgan Asset Management 8 N/A Markus Zeiss, LBBW Asset Management 9 N/A Antoine Chabanne, BNP Paribas CIB UK (Arbitrage) Frédéric Labia, Amundi Asset Management TOP TEN PAN-EUROPEAN FUND MANAGEMENT FIRMS (BASED ON CORPORATES VOTES) POSITION PREVIOUS FIRM NAME 1 1 JPMorgan Asset Management 2 5 Wellington Management 3 4 Fidelity Worldwide Investment 4 2 Fidelity Management & Research 5 9 Amundi Asset Management 6 3 BlackRock Investment Management (UK) 7 7 Allianz Global Investors 8 8 Norges Bank Investment Management 9 12 Capital World Investors 10 6 Capital Research Global Investors TOP 10 PAN-EUROPEAN IR PROFESSIONALS (BASED ON ALL VOTES) POSITION PREVIOUS FIRM NAME 1 21 Jean-Michel Bonamy, Vivendi 2 4 Oliver Schmidt, Allianz SE 3 5 Karl Mahler, Roche 4 1 Christian Becker-Hussong, Munich Re 5 25 Eric Schuh, Swiss Re Ltd 6 6 Peregrine Riviere, Vodafone 7 9 Alexander Rosar, Bayer AG 8 2 Stephan Eger, Deutsche Telekom AG 9 23 Damien Maltarp, BT Group plc Juergen Beunink, Bayer AG TOP 10 PAN-EUROPEAN CEO (BASED ON ALL VOTES) POSITION PREVIOUS FIRM NAME 1 N/A Maurice Lévy, Publicis Groupe 2 22 Nikolaus von Bomhard, Munich Re 3 N/A Tim Hottges, Deutsche Telekom AG 4 82 Mario Greco, Assicurazioni Generali SpA 5 23 Severin Schwan, Roche 6 N/A Pascal Soriot, AstraZeneca 7 4 Vittorio Colao, Vodafone 8 47 Ulf Schneider, Fresenius SE 9 5 Zeinal Bava, Portugal Telecom Jean-Charles Decaux, JCDecaux TOP 10 PAN-EUROPEAN CFO (BASED ON ALL VOTES) POSITION PREVIOUS FIRM NAME 1 49 Joerg Schneider, Munich Re 2 76 Alan Hippe, Roche 3 70 Stephan Sturm, Fresenius SE 4 12 Angel Vila, Telefónica 5 4 Robin Freestone, Pearson plc 6 13 David Mathers, Credit Suisse Group AG 7 N/A Alberto Minali, Assicurazioni Generali SpA 8 9 Jérôme Contamine, Sanofi 9 N/A Miguel Martinez San Martin, Repsol Nic Nicandrou, Prudential plc TOP 10 PAN-EUROPEAN CORPORATES FOR IR (BASED ON ALL VOTES) POSITION PREVIOUS FIRM NAME 1 7 Deutsche Telekom AG 2 6 Roche 3 36 Vivendi 4 1 Allianz SE 5 56 BT Group plc 6 2 Vodafone 7 13 BBVA 8 4 Bayer AG 9 8 Nestlé SA Continental AG 7

8 COMPANY & EXPERT MEETINGS CONFERENCES NAME % FIRM Morgan Stanley INDUSTRY EXPERTS NAME % FIRM UBS NON-DEAL ROADSHOWS NAME % FIRM UBS 9.44 REVERSE ROADSHOWS/FIELD TRIPS NAME % FIRM UBS

9 COUNTRIES (INC. SMALL & MID CAPS) BENELUX NAME % FIRM ING Financial Markets FRANCE NAME % FIRM Exane BNP Paribas GERMANY NAME % FIRM Commerzbank Corporates & Markets GREECE NAME % FIRM Eurobank Equities IRELAND NAME % FIRM Goodbody Stockbrokers ITALY NAME % FIRM Equita SIM NORDIC COUNTRIES NAME % FIRM ABG Sundal Collier RUSSIA NAME % FIRM Sberbank Investment Research SPAIN & PORTUGAL NAME % FIRM Santander Investment Bolsa SWITZERLAND NAME % FIRM Vontobel

10 DERIVATIVES & CONVERTIBLES CONVERTIBLES: RESEARCH NAME % FIRM Barclays INDIVIDUAL Stéphane Renaud, Exane Derivatives CONVERTIBLES: SALES NAME % FIRM Deutsche Bank INDIVIDUAL Vincent Fromentin, Credit Agricole CIB 4.45 CONVERTIBLES: TRADING/EXECUTION NAME % FIRM Deutsche Bank DERIVATIVES: RESEARCH NAME % FIRM BBVA INDIVIDUAL Juan Antonio Rodriguez Gomez, BBVA 9.74 DERIVATIVES: SALES NAME % FIRM BBVA INDIVIDUAL Samir Kops, HSBC 2.24 DERIVATIVES: TRADING/EXECUTION NAME % FIRM J.P.Morgan

11 ECONOMICS & STRATEGY EQUITY TECHNICAL ANALYSIS & CHARTING NAME % FIRM UBS ANALYST Michael Riesner, UBS SPECIALIST SALES PERSON Jason Perl, UBS GEM ECONOMICS & MACRO NAME % FIRM UBS ANALYST Frederic Neumann, HSBC 4.64 GEM STRATEGY NAME % FIRM UBS ANALYST John Lomax, HSBC 9.72 GLOBAL ECONOMICS NAME % FIRM Société Générale 8.41 ANALYST Stephen King, HSBC 4.76 SPECIALIST SALES PERSON Sarah Franks, Absolute Strategy Research GLOBAL STRATEGY NAME % FIRM Société Générale ANALYST Albert Edwards, Société Générale 9.75 SPECIALIST SALES PERSON Paul Meyer, Société Générale INDEX ANALYSIS NAME % FIRM Société Générale ANALYST John Carson, Société Générale SPECIALIST SALES PERSON Peter McIntyre, Citi MULTI ASSET RESEARCH NAME % FIRM Société Générale ANALYST Alain Bokobza, Société Générale SPECIALIST SALES PERSON Stuart Ferguson, HSBC PAN-EUROPEAN ECONOMICS & MACRO NAME % FIRM UBS 9.16 ANALYST Holger Schmieding, Berenberg 5.01 SPECIALIST SALES PERSON Paul Meyer, Société Générale PAN-EUROPEAN EQUITY MARKET STRATEGY NAME % FIRM J.P.Morgan ANALYST Mislav Matejka, J.P.Morgan 6.66 SPECIALIST SALES PERSON Verity Hunt, Absolute Strategy Research QUANTITATIVE/DATABASE ANALYSIS NAME % FIRM Société Générale ANALYST Andrew Lapthorne, Société Générale SPECIALIST SALES PERSON Sarah McCarthy, Nomura Securities VALUATIONS & ACCOUNTING NAME % FIRM Citi ANALYST Sarah Deans, Citi

12 EMERGING EMEA CENTRAL/EASTERN EUROPE NAME % FIRM Wood & Company INDIVIDUAL Iuliana Mocanu, Raiffeisen Centrobank 5.17 EMERGING EMEA: CHEMICALS/INDUSTRIALS NAME % FIRM Bank of America Merrill Lynch INDIVIDUAL Sriharsha Pappu, HSBC EMERGING EMEA: COMPANY & EXPERT MEETINGS NAME % FIRM Bank of America Merrill Lynch EMERGING EMEA: CONSUMER NAME % FIRM Deutsche Bank INDIVIDUAL Nicholas Ashworth, Morgan Stanley 6.18 EMERGING EMEA: EQUITY SALES NAME % TEAM Morgan Stanley 9.27 INDIVIDUAL Marina Zavolock, Morgan Stanley 2.14 EMERGING EMEA: FINANCIALS NAME % FIRM UBS INDIVIDUAL Jaap Meijer, Arqaam Capital 4.93 EMERGING EMEA: METALS & MINING NAME % FIRM J.P.Morgan INDIVIDUAL Dmitry Kolomytsyn, Morgan Stanley 8.81 EMERGING EMEA: OIL & GAS NAME % FIRM Citi INDIVIDUAL Igor Kuzmin, Morgan Stanley 7.26 EMERGING EMEA: REAL ESTATE NAME % FIRM Deutsche Bank INDIVIDUAL Athmane Benzerroug, Deutsche Bank EMERGING EMEA: TELECOMMUNICATIONS NAME % FIRM Citi INDIVIDUAL Dalibor Vavruska, Citi EMERGING EMEA: TRADING & EXECUTION NAME % FIRM Citi INDIVIDUAL Alex Ford, Morgan Stanley 6.44 FRONTIER MARKETS NAME % FIRM Visor Capital INDIVIDUAL Maria Gratsova, Citi MIDDLE EAST & NORTH AFRICA NAME % FIRM HSBC INDIVIDUAL Aybek Islamov, HSBC 5.70 RUSSIA: BANKS & OTHER FINANCIALS NAME % FIRM Sberbank Investment Research INDIVIDUAL Andrew Keeley, Sberbank Investment Research RUSSIA: CONSUMER/RETAIL NAME % FIRM Credit Suisse INDIVIDUAL Svetlana Sukhanova, UBS

13 RUSSIA: ECONOMICS & MACRO NAME % FIRM Sberbank Investment Research INDIVIDUAL Evgeny Gavrilenkov, Sberbank Investment Research RUSSIA: EQUITY SALES NAME % FIRM VTB Capital INDIVIDUAL Glenn Coltart, VTB Capital RUSSIA: EQUITY STRATEGY NAME % FIRM Sberbank Investment Research INDIVIDUAL Kingsmill Bond, Sberbank Investment Research RUSSIA: FIXED INCOME RESEARCH NAME % FIRM VTB Capital INDIVIDUAL Mikhail Galkin, VTB Capital RUSSIA: METALS & MINING NAME % FIRM Morgan Stanley INDIVIDUAL Dmitry Kolomytsyn, Morgan Stanley RUSSIA: OIL & GAS NAME % FIRM Sberbank Investment Research INDIVIDUAL Alex Fak, Sberbank Investment Research RUSSIA: TELECOMMUNICATIONS NAME % FIRM Citi INDIVIDUAL Dalibor Vavruska, Citi RUSSIA: TRADING & EXECUTION NAME % FIRM VTB Capital INDIVIDUAL Farhan Kazmi, Credit Suisse RUSSIA: UTILITIES NAME % FIRM Morgan Stanley INDIVIDUAL Dmytro Konovalov, HSBC SOUTH AFRICA: COUNTRY RESEARCH NAME % FIRM UBS INDIVIDUAL Dhersan Chetty, UBS 5.69 TURKEY: COUNTRY RESEARCH NAME % FIRM BNP Paribas INDIVIDUAL Cem Çiloglu, Ak Yatirim

14 EQUITY SALES Global Equity Sales NAME % FIRM Citi SALESPERSON Frank Ducomble, Morgan Stanley 2.67 Pan European: Equity Sales NAME % FIRM J.P.Morgan 6.21 SALESPERSON Hugo Anaya, J.P.Morgan 0.70 UK: Equity Sales NAME % FIRM Deutsche Bank 9.05 SALESPERSON Simon Bond, Redburn

15 EQUITY SECTORS AEROSPACE & DEFENCE NAME % TEAM Bank of America Merrill Lynch ANALYST Celine Fornaro, Bank of America Merrill Lynch SPECIALIST SALES Andy Gibson, Deutsche Bank BUYSIDE FIRM JPMorgan Asset Management CORPORATES Airbus Group IR PROFESSIONAL Andy Wrathall, BAE Systems plc CEO Thomas Enders, Airbus Group CFO Harald Wilhelm, Airbus Group AUTOS & AUTOMOTIVE COMPONENTS NAME % TEAM Sanford C. Bernstein 9.33 ANALYST Max Warburton, Sanford C. Bernstein 7.11 SPECIALIST SALES Vikash Patel, Exane BNP Paribas BUYSIDE FIRM Amundi Asset Management 8.45 CORPORATES Continental AG IR PROFESSIONAL Rolf Woller, Continental AG 6.84 CEO Jacques Aschenbroich, Valeo CFO Wolfgang Schaefer, Continental AG BANKS NAME % TEAM Morgan Stanley 7.62 ANALYST Huw van Steenis, Morgan Stanley 2.63 SPECIALIST SALES Ghislaine (Gigi) O'Neill, Bank of America Merrill Lynch 6.63 BUYSIDE FIRM JPMorgan Asset Management 6.56 CORPORATES BBVA 6.20 IR PROFESSIONAL Richard O'Connor, RBS 2.32 CEO Jean-Laurent Bonnafé, BNP Paribas 6.57 CFO David Mathers, Credit Suisse Group AG 6.60 BEVERAGES NAME % TEAM UBS ANALYST Trevor Stirling, Sanford C. Bernstein 8.57 SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch BUYSIDE FIRM Tresides Asset Management 5.38 CORPORATES Anheuser-Busch InBev IR PROFESSIONAL Catherine James, Diageo 9.98 CEO Alexandre Ricard, Pernod Ricard CFO Jørn P. Jensen, Carlsberg CAPITAL GOODS (INC. ENG & MACH) NAME % TEAM J.P.Morgan ANALYST Andreas Willi, J.P.Morgan 6.29 SPECIALIST SALES Timm Schulze-Melander, J.P.Morgan BUYSIDE FIRM JPMorgan Asset Management CORPORATES Siemens AG 8.85 IR PROFESSIONAL Mariel von Drathen, Siemens AG 5.18 CEO Joe Kaeser, Siemens AG CFO Eric Elzvik, ABB Ltd CHEMICALS NAME % TEAM Bank of America Merrill Lynch ANALYST Andrew Stott, Bank of America Merrill Lynch 6.45 SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch BUYSIDE FIRM JPMorgan Asset Management 5.91 CORPORATES Bayer AG IR PROFESSIONAL Alexander Rosar, Bayer AG 7.60 CEO Kurt Bock, BASF SE CFO Werner Baumann, Bayer AG

16 CONSTRUCTION & BUILDING MATERIALS NAME % TEAM Exane BNP Paribas ANALYST Paul Roger, Exane BNP Paribas 8.12 SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch BUYSIDE FIRM JPMorgan Asset Management 5.12 CORPORATES VINCI 8.61 IR PROFESSIONAL Ozan Kacar, HeidelbergCement AG 5.55 CEO Xavier Huillard, VINCI CFO Christian Labeyrie, VINCI FOOD MANUFACTURERS NAME % TEAM Sanford C. Bernstein ANALYST Andrew Wood, Sanford C. Bernstein 9.10 SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch BUYSIDE FIRM Schroder Investment Management 6.54 CORPORATES Nestlé SA IR PROFESSIONAL Roddy Child-Villiers, Nestlé SA CEO Paul Polman, Unilever CFO Wan Ling Martello, Nestlé SA FORESTRY, PAPER & PACKAGING NAME % TEAM Bank of America Merrill Lynch ANALYST Kartik Swaminathan, Bank of America Merrill Lynch SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch BUYSIDE FIRM JPMorgan Asset Management CORPORATES UPM IR PROFESSIONAL Mika Mikkola, UPM CEO Jussi Pesonen, UPM CFO Tapio Korpeinen, UPM

17 HOUSEHOLD PRODUCTS & PERSONAL CARE NAME % TEAM Sanford C. Bernstein ANALYST Andrew Wood, Sanford C. Bernstein SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch BUYSIDE FIRM Tresides Asset Management 6.59 CORPORATES L'Oréal IR PROFESSIONAL Richard Joyce, Reckitt Benckiser Group plc CEO Jean-Paul Agon, L'Oréal CFO Christian Mulliez, L'Oréal INSURANCE NAME % TEAM Morgan Stanley ANALYST Jon Hocking, Morgan Stanley 4.62 SPECIALIST SALES Nadine van der Meulen, Morgan Stanley BUYSIDE FIRM JPMorgan Asset Management 6.78 CORPORATES Allianz SE IR PROFESSIONAL Oliver Schmidt, Allianz SE 5.19 CEO Nikolaus von Bomhard, Munich Re CFO Joerg Schneider, Munich Re LEISURE, ENTERTAINMENT & HOTELS NAME % TEAM Morgan Stanley ANALYST Jamie Rollo, Morgan Stanley 7.81 SPECIALIST SALES Matt Smith, Morgan Stanley BUYSIDE FIRM JPMorgan Asset Management CORPORATES William Hill plc IR PROFESSIONAL Catherine Dolton, InterContinental Hotels Group 9.89 CEO Ralph Topping, William Hill plc CFO Nicholas Cadbury, Whitbread LUXURY GOODS NAME % TEAM HSBC ANALYST Thomas Chauvet, Citi 8.38 SPECIALIST SALES Mark Wallis, Bank of America Merrill Lynch BUYSIDE FIRM JPMorgan Asset Management 5.83 CORPORATES LVMH IR PROFESSIONAL Chris Hollis, LVMH 8.30 CEO Andrea Guerra, Luxottica CFO Jean-Jacques Guiony, LVMH MEDIA NAME % TEAM Morgan Stanley 8.91 ANALYST Patrick Wellington, Morgan Stanley 4.83 SPECIALIST SALES Neil Shelton, Morgan Stanley BUYSIDE FIRM Amundi Asset Management 6.38 CORPORATES Vivendi IR PROFESSIONAL Jean-Michel Bonamy, Vivendi CEO Maurice Lévy, Publicis Groupe CFO Robin Freestone, Pearson plc

18 MEDTECH & SERVICES NAME % TEAM Morgan Stanley ANALYST Michael Jungling, Morgan Stanley 9.16 SPECIALIST SALES Jamie Douglas, Morgan Stanley BUYSIDE FIRM JPMorgan Asset Management CORPORATES Fresenius Medical Care AG & Co. KGaA IR PROFESSIONAL Oliver Maier, Fresenius Medical Care AG & Co. KGaA 8.54 CEO Ulf Schneider, Fresenius SE CFO Stephan Sturm, Fresenius SE METALS & MINING NAME % TEAM Citi ANALYST Heath Jansen, Citi 5.77 SPECIALIST SALES David Prowse, Morgan Stanley BUYSIDE FIRM Sberbank Asset Management 7.52 CORPORATES BHP Billiton IR PROFESSIONAL Christian Schulte, ThyssenKrupp AG 6.24 CEO Heinrich Hiesinger, ThyssenKrupp AG CFO Giacomo Baizini, Evraz plc OIL & GAS NAME % TEAM Morgan Stanley 8.80 ANALYST Martijn Rats, Morgan Stanley 4.09 SPECIALIST SALES James Cartwright, Morgan Stanley BUYSIDE FIRM JPMorgan Asset Management 4.73 CORPORATES Repsol 8.94 IR PROFESSIONAL Chris Perry, Tullow Oil plc 5.28 CEO Bob Dudley, BP plc 9.70 CFO Miguel Martinez San Martin, Repsol OIL SERVICES NAME % TEAM Nomura Securities ANALYST Christyan Malek, Nomura Securities 8.77 SPECIALIST SALES James Cartwright, Morgan Stanley BUYSIDE FIRM Cygnus Asset Management 5.35 CORPORATES Technip IR PROFESSIONAL Kimberly Stewart, Technip CEO Thierry Pilenko, Technip CFO Julian Waldron, Technip PHARMACEUTICALS & BIOTECH NAME % TEAM Citi 9.70 ANALYST Andrew Baum, Citi 5.29 SPECIALIST SALES Marjan Daeipour, J.P.Morgan BUYSIDE FIRM JPMorgan Asset Management 9.16 CORPORATES Roche IR PROFESSIONAL Karl Mahler, Roche 7.97 CEO Severin Schwan, Roche CFO Alan Hippe, Roche REAL ESTATE NAME % TEAM Exane BNP Paribas 9.73 ANALYST Bart Gysens, Morgan Stanley 5.56 SPECIALIST SALES Vishal Lakhani, Exane BNP Paribas BUYSIDE FIRM JPMorgan Asset Management 7.36 CORPORATES Land Securities Group plc 8.24 IR PROFESSIONAL Edward Thacker, Land Securities Group plc 6.26 CEO Robert Noel, Land Securities Group plc 6.77 CFO Lucinda Bell, The British Land Company plc

19 RETAILERS (FOOD) NAME % TEAM J.P.Morgan ANALYST Jaime Vázquez, J.P.Morgan SPECIALIST SALES Sophie Warrick, J.P.Morgan BUYSIDE FIRM JPMorgan Asset Management 8.59 CORPORATES Carrefour IR PROFESSIONAL Chris Griffith, Tesco plc 6.70 CEO Georges Plassat, Carrefour CFO Pierre-Jean Sivignon, Carrefour RETAILERS (NON FOOD) NAME % TEAM Exane BNP Paribas ANALYST Richard Chamberlain, Bank of America Merrill Lynch 6.80 SPECIALIST SALES Mark Wallis, Bank of America Merrill Lynch BUYSIDE FIRM JPMorgan Asset Management 9.76 CORPORATES Kingfisher plc IR PROFESSIONAL Sarah Levy, Kingfisher plc CEO Ian Cheshire, Kingfisher plc CFO David Keens, Next plc SEMICONDUCTORS NAME % TEAM J.P.Morgan ANALYST Sandeep Deshpande, J.P.Morgan 8.50 SPECIALIST SALES James Dawson, Morgan Stanley BUYSIDE FIRM LBBW Asset Management CORPORATES ASML IR PROFESSIONAL Ian Thornton, ARM Holdings plc CEO Jalal Bagherli, Dialog Semiconductor CFO Tim Score, ARM Holdings plc SOFTWARE & IT SERVICES NAME % TEAM UBS ANALYST Adam Wood, Morgan Stanley 7.09 SPECIALIST SALES James Dawson, Morgan Stanley BUYSIDE FIRM LBBW Asset Management 7.84 CORPORATES Atos IR PROFESSIONAL Walter Vejdovsky, Capgemini CEO Paul Hermelin, Capgemini CFO Michel-Alain Proch, Atos SPECIALITY & OTHER FINANCE NAME % TEAM Morgan Stanley ANALYST Bruce Hamilton, Morgan Stanley 9.17 SPECIALIST SALES James Rogers, Morgan Stanley BUYSIDE FIRM JPMorgan Asset Management 8.07 CORPORATES Aberdeen Asset Management plc IR PROFESSIONAL Shelley Fishwick, Aberdeen Asset Management plc 9.22 CEO Patrick Sayer, Eurazeo CFO Philippe Audouin, Eurazeo SUPPORT & BUSINESS SERVICES NAME % TEAM UBS 9.65 ANALYST Charles Wilson, Goldman Sachs 5.94 SPECIALIST SALES Myfanwy Parratt, Credit Suisse BUYSIDE FIRM JPMorgan Asset Management CORPORATES Hays plc IR PROFESSIONAL David Walker, Hays plc CEO Alistair Cox, Hays plc CFO Paul Venables, Hays plc

20 TELECOMMUNICATIONS SERVICES NAME % TEAM HSBC ANALYST Robin Bienenstock, Sanford C. Bernstein 4.60 SPECIALIST SALES Keval Patel, Citi BUYSIDE FIRM Norges Bank Investment Management 4.50 CORPORATES Deutsche Telekom AG IR PROFESSIONAL Peregrine Riviere, Vodafone 4.72 CEO Tim Hottges, Deutsche Telekom AG CFO Angel Vila, Telefónica TELECOMS. EQUIP./IT HARDWARE NAME % TEAM UBS ANALYST Gareth Jenkins, UBS 8.64 SPECIALIST SALES Kirsten Parker, UBS BUYSIDE FIRM LBBW Asset Management 9.69 CORPORATES Ericsson IR PROFESSIONAL Sherief Bakr, Nokia CEO Hans Vestberg, Ericsson CFO Jan Frykhammar, Ericsson TOBACCO NAME % TEAM Citi ANALYST Adam Spielman, Citi SPECIALIST SALES Mark Howden, Nomura Securities BUYSIDE FIRM LBBW Asset Management CORPORATES British American Tobacco plc IR PROFESSIONAL Mike Nightingale, British American Tobacco plc CEO Nicandro Durante, British American Tobacco plc CFO Ben Stevens, British American Tobacco plc TRANSPORT NAME % TEAM Bank of America Merrill Lynch ANALYST Mark Manduca, Bank of America Merrill Lynch 8.34 SPECIALIST SALES Rebecca Langley, Nomura Securities BUYSIDE FIRM JPMorgan Asset Management 6.05 CORPORATES Abertis Infraestructuras SA IR PROFESSIONAL Steven Fernández, Abertis Infraestructuras SA 6.70 CEO Nils Smedegaard Andersen, A.P. Moller - Maersk 9.81 CFO José Aljaro, Abertis Infraestructuras SA UTILITIES NAME % TEAM UBS ANALYST Alberto Gandolfi, UBS 5.06 SPECIALIST SALES/ Ian Mitchell, J.P.Morgan BUYSIDE FIRM Cygnus Asset Management 6.72 CORPORATES RWE IR PROFESSIONAL Carine de Boissezon, EDF SA 5.64 CEO António Mexia, EDP - Energias de Portugal CFO Thomas Piquemal, EDF SA

21 EQUITY TRADING & EXECUTION DELTA ONE & ETF SERVICE NAME % FIRM UBS ELECTRONIC TRADING NAME % FIRM UBS PORTFOLIO TRADING NAME % FIRM UBS SALES TRADING NAME % FIRM UBS 9.74 SALES TRADER Markus Maier, UBS

22 GLOBAL EQUITY SECTORS BANKS & FINANCIALS NAME % FIRM Citi ENERGY NAME % FIRM Credit Suisse LONG TERM THEMATIC RESEARCH NAME % FIRM Citi PHARMACEUTICALS NAME % FIRM Citi TECHNOLOGY NAME % FIRM UBS

23 SPECIALISMS ALTERNATIVE INVESTMENT FUNDS: RESEARCH NAME % FIRM J.P.Morgan ANALYST Alan Brierley, Canaccord Genuity 8.16 ALTERNATIVE INVESTMENT FUNDS: SALES NAME % FIRM Liberum SPECIALIST SALES James Bouverat, Liberum INVESTMENT TRUSTS: RESEARCH NAME % FIRM J.P.Morgan ANALYST Alan Brierley, Canaccord Genuity INVESTMENT TRUSTS: SALES NAME % FIRM Canaccord Genuity SPECIALIST SALES Angus Wilton, J.P.Morgan 6.17 SPECIAL SITUATIONS: RESEARCH NAME % FIRM United First Partners INDIVIDUAL Stephane Mardel, United First Partners SPECIAL SITUATIONS: SALES NAME % FIRM J.P.Morgan SPECIALIST SALES Li Dunlop, J.P.Morgan

24 SRI & SUSTAINABILITY CORPORATE GOVERNANCE NAME % FIRM Kepler Cheuvreux ANALYST Robert Walker, Kepler Cheuvreux INTEGRATED CLIMATE CHANGE NAME % FIRM HSBC ANALYST Zoe Knight, HSBC 8.35 SRI RESEARCH NAME % FIRM Société Générale ANALYST Sarbjit Nahal, Bank of America Merrill Lynch

25 UK SMALL CAPS & MID CAPS UK SMALL & MID CAPS: CAPITAL GOODS NAME % FIRM Investec Securities INDIVIDUAL Harry Philips, Canaccord Genuity UK SMALL & MID CAPS: CHEMICALS NAME % FIRM Liberum INDIVIDUAL Sophie Jourdier, Liberum UK SMALL & MID CAPS: CONSTRUCTION NAME % FIRM Numis Securities INDIVIDUAL Howard Seymour, Numis Securities UK SMALL & MID CAPS: CONSUMER GOODS NAME % FIRM Panmure Gordon & Co INDIVIDUAL Graham Jones, Panmure Gordon & Co UK SMALL & MID CAPS: CORPORATE BROKING NAME % FIRM Numis Securities UK SMALL & MID CAPS: FINANCIALS NAME % FIRM Numis Securities INDIVIDUAL James Hamilton, Numis Securities UK SMALL & MID CAPS: HEALTHCARE NAME % FIRM Peel Hunt INDIVIDUAL Ceri Morgan, Peel Hunt UK SMALL & MID CAPS: INSURANCE NAME % FIRM Peel Hunt INDIVIDUAL Mark Williamson, Peel Hunt UK SMALL & MID CAPS: LEISURE & GAMING NAME % FIRM Numis Securities INDIVIDUAL Douglas Jack, Numis Securities 9.93 UK SMALL & MID CAPS: MEDIA NAME % FIRM Numis Securities INDIVIDUAL Paul Richards, Numis Securities UK SMALL & MID CAPS: METALS & MINING NAME % FIRM Numis Securities INDIVIDUAL Cailey Barker, Numis Securities 7.27 UK SMALL & MID CAPS: NEW ENERGY & CLEAN TECHNOLOGY NAME % FIRM Arden Partners INDIVIDUAL Adam Forsyth, Arden Partners

26 UK SMALL & MID CAPS: OIL & GAS NAME % FIRM Liberum INDIVIDUAL Nathan Piper, RBC Capital Markets 7.60 UK SMALL & MID CAPS: REAL ESTATE NAME % FIRM Oriel Securities INDIVIDUAL Miranda Cockburn, Oriel Securities UK SMALL & MID CAPS: RETAIL NAME % FIRM Oriel Securities INDIVIDUAL Clive Black, Shore Capital UK SMALL & MID CAPS: SALES NAME % FIRM Numis Securities INDIVIDUAL Adam Bidwell, Investec Securities 3.43 UK SMALL & MID CAPS: SUPPORT SERVICES NAME % FIRM Liberum INDIVIDUAL Joe Brent, Liberum UK SMALL & MID CAPS: TECHNOLOGY NAME % FIRM Numis Securities INDIVIDUAL David Toms, Numis Securities UK SMALL & MID CAPS: TRADING/EXECUTION NAME % FIRM Investec Securities INDIVIDUAL Harry Preece, Liberum 9.98 UK SMALL & MID CAPS: TRANSPORT & LOGISTICS NAME % FIRM Panmure Gordon & Co INDIVIDUAL Gert Zonneveld, Panmure Gordon & Co UK: COUNTRY STRATEGY NAME % FIRM Citi INDIVIDUAL Ian Williams, Peel Hunt

27 EXTEL 2014 WITH NEW RECORD LEVELS OF PARTICIPATION OVER 750,000 VOTES FROM 16,000 INVESTMENT PROFESSIONALS IN 75 COUNTRIES WORLDWIDE THE UNIQUE DEPTH AND QUALITY OF EXTEL DATA SETS THE BENCHMARK FOR EXCELLENCE IN CASH EQUITIES ACROSS EUROPE. Extel recognizes the best brokerage firms and analysts; the leading buyside firms, analysts and PMs; and the brightest and the best in the evermore influential investor relations community. Therein lies the enduring appeal of Extel it is you in the industry yourselves who set the parameters and judge the success and skills of the market. BROKERAGE FIRMS BROKER SCORECARD SERVICE Full firm and individual rankings; all comments on your services; peer comparisons, momentum analysis and much more. All in Excel and PDF. BROKERAGE FIRMS MARKET TRENDS Full analysis of what the buyside wants on research, sales & trading. Breakouts by service attributes, by asset management styles and locations, with customized peer analysis. CORPORATES IR BENCHMARKS SERVICE Full IR rankings for your sector & country, plus complete trends and insights on IR budgets, roadshow programmes, conferences, IR outreach and new developments like social media. BUYSIDE FIRMS All buyside participants in Extel have complete, free access to all buyside and brokerage rankings, plus access to the Extel IBR broker vote service. Full results, rankings and analysis all available to view at CONTACT THOMSON REUTERS EXTEL TO SUBSCRIBE +44 (0)

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