... EXTEL EUROPE 2016 WEIGHT BANDS OF VOTES FROM THE BUYSIDE AND SELLSIDE ...

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1 EXTEL EUROPE 2016 WEIGHT BANDS OF VOTES FROM THE BUYSIDE AND SELLSIDE

2 CONTENTS BUYSIDE WEIGHT BANDS 4 SELLSIDE WEIGHT BANDS 38 Aerospace & Defence 38 Autos & Automotive Components 39 Banks 40 Beverages 41 Capital Goods (inc. Eng & Mach) 42 Chemicals 43 Construction & Building Materials 44 Food Manufacturers 45 Forestry, Paper & Packaging 46 Household Products & Personal Care 47 Insurance 48 Leisure, Entertainment & Hotels 49 Luxury Goods 51 Media 52 MedTech & Services 53 Metals & Mining 54 Oil & Gas 55 Oil Services 56 Pharmaceuticals & Biotech 57 Real Estate 58 Retailers (Food) 59 Retailers (Non Food) 60 Software & IT Services 61 Speciality & Other Finance 62 Support & Business Services 63 Telcos. Equip./IT Hardware & Semis 65 Telecommunications Services 66 Tobacco 67 Transport 68 Utilities 69 CONTACTING EXTEL 71 2

3 This report lists out the weight bands we will apply for Extel 2016 to the votes received from the buyside and sellside for quality of Investor Relations services and capabilities provided by corporates the IR teams, individual IR professionals, and CEO & CFO. There are quite a few rankings of IR teams and professionals only Extel can be considered proper and professional. The Extel IR rankings are the only ones that Consolidate votes from different individuals at the same firm to produce a single vote from the firm. Other surveys let multiple votes from the same firm all count Weight buyside votes based on the AUM of those firms, so the major investors (your key targets & stockholders) count for more Weight sellside votes based on their Extel rankings in your sector, so the truly influential brokers carry the weight they deserve Gather votes & views from over 5,000 buyside and sellside professionals; hugely in excess of any other pan-european study Has the support of national IR associations across Europe, as our official partners None of these makes our data & results perfect. We are always striving to improve further. But all of these are compelling, intelligent and professional things to do. As IR itself has become both a profession, and central to the investment community, then proper rankings, done properly, are the only ones you can take seriously. Extel 2016 will be conducted from 21 st March to 29 th April, with results released on 8 th June,

4 BUYSIDE WEIGHT BANDS Votes from the Buyside are weighted by European Equity Assets Under Management (AUM). The list of fund managers who are likely to vote in the Extel Europe 2016 is below. Asset Management Firm Weight Band Weighting BlackRock Investment Management (EU) BlackRock Investment Management (Global) BlackRock Investment Management (UK) BNP Paribas Investment Partners Capital Research Global Investors Capital World Investors Deutsche Asset & Wealth Management Fidelity Management & Research Fidelity Worldwide Investment JPMorgan Asset Management Norges Bank Investment Management Standard Life Investments (UK) UBS Global AM Wellington Management Allianz Global Investors 9 24 Amundi Asset Management 9 24 APG Asset Management 9 24 AXA Investment Managers 9 24 Capital International 9 24 Columbia Threadneedle Investments 9 24 Credit Suisse Asset Management (UK) 9 24 GIC 9 24 Henderson Global Investors 9 24 Invesco Perpetual 9 24 M&G Investment Management 9 24 MFS Investment Management 9 24 Schroder Investment Management 9 24 UBS Wealth Management 9 24 AllianceBernstein 8 18 Aviva Global Investors 8 18 Credit Suisse Asset Management (Europe) 8 18 DEKA Investment 8 18 Franklin Templeton Investments 8 18 Harris Associates 8 18 HSBC Global Asset Management (UK)

5 Asset Management Firm Weight Band Weighting Insight Investment 8 18 Investec Asset Management 8 18 Jupiter Asset Management 8 18 Kames Capital 8 18 Natixis Asset Management 8 18 Putnam Investment Management 8 18 Robeco 8 18 T. Rowe Price International 8 18 TIAA-CREF Investment Management 8 18 Union Investment 8 18 Aberdeen Asset Management 7 14 Anima SGR 7 14 Artemis Investment Management 7 14 Artisan Partners 7 14 BBVA Asset Management 7 14 BlackRock Investment Management (US) 7 14 Carmignac Gestion 7 14 Exane Asset Management 7 14 F&C Asset Management 7 14 Franklin Mutual Advisers 7 14 Groupama Asset Management 7 14 Kuwait Investment Office 7 14 Legal & General Investment Management 7 14 Newton Investment Management 7 14 Nordea Investment Management 7 14 Pioneer Investments 7 14 Principal Global Investors 7 14 Qatar Holding 7 14 RBC Global Asset Management 7 14 Royal London Asset Management 7 14 SAFE Investment Company 7 14 Santander Asset Management 7 14 Swedbank Robur 7 14 Vanguard Group 7 14 Viking Global Investors 7 14 Abu Dhabi Investment Authority 6 10 AEGON Asset Management (Europe) 6 10 Alecta 6 10 Baillie Gifford 6 10 Baring Asset Management

6 Asset Management Firm Weight Band Weighting BlackRock Asset Management Deutschland 6 10 Boussard & Gavaudan Asset Management 6 10 Caisse des Dépôts et Consignations 6 10 Colonial First State Global Asset Management 6 10 Comgest 6 10 Covéa Finance 6 10 Credit Mutuel CIC Asset Management 6 10 Credit Suisse Private Banking 6 10 Edmond de Rothschild Asset Management 6 10 GE Asset Management 6 10 GMO (Grantham, Mayo, Van Otterloo & Co.) 6 10 HSBC Global Asset Management (France) 6 10 Investor AB Asset Management 6 10 La Banque Postale Asset Management 6 10 Lazard Asset Management 6 10 Millennium Management 6 10 Mirabaud Asset Management 6 10 NN Investment Partners (ex. ING Investment Management) 6 10 Northern Cross 6 10 Oddo Asset Management 6 10 Ontario Teachers' Pension Plan 6 10 OppenheimerFunds 6 10 Petercam 6 10 Pictet & Cie 6 10 Pictet Asset Management (UK) 6 10 Pyramis Global Advisors 6 10 Rothschild & Cie Gestion 6 10 Teacher Retirement System of Texas 6 10 Temasek 6 10 Universities Superannuation Scheme 6 10 Veritas Asset Management 6 10 Zurich Life Assurance 6 10 Aberforth Partners 5 7 AMF Pensionsförsäkring 5 7 AP Aviva Investors France 5 7 AXA Rosenberg IM (UK) 5 7 Banca Aletti 5 7 Bank Julius Bär & Co. 5 7 BlueBay Asset Management 5 7 6

7 Asset Management Firm Weight Band Weighting BNP Paribas Assurance 5 7 BP Investment Management 5 7 Brewin Dolphin 5 7 Carnegie Asset Management 5 7 Commerzbank FM 5 7 CPP Investment Board 5 7 Delta Lloyd Asset Management 5 7 DIAM 5 7 DnB NOR Kapitalforvaltning 5 7 Dodge & Cox 5 7 Ecofi Investissements 5 7 Farallon Capital Management 5 7 Federal Finance 5 7 Federated Investors 5 7 First Manhattan 5 7 FRANKFURT-TRUST 5 7 GAM (UK) 5 7 GLG Partners 5 7 Global Thematic Partners 5 7 Handelsbanken Asset Management 5 7 Hermes Investment Management 5 7 HSBC Private Bank 5 7 Ilmarinen Mutual Pension Insurance Company 5 7 InverCaixa Gestión 5 7 JO Hambro Capital Management 5 7 Kempen Capital Management 5 7 KLP Fondsforvaltning 5 7 La Francaise Asset Management 5 7 Lansdowne Partners 5 7 Lazard Freres Gestion 5 7 Magnetar Capital 5 7 Marshall Wace 5 7 Martin Currie Investment Management 5 7 MEAG Munich ERGO 5 7 Metzler Asset Management 5 7 Mondrian Investment Partners 5 7 Morgan Stanley Investment Management 5 7 Neuberger Berman 5 7 Nomura Asset Management 5 7 Northern Trust Global Investments 5 7 7

8 Asset Management Firm Weight Band Weighting Odey Asset Management 5 7 Old Mutual Investment 5 7 PGGM Vermogensbeheer 5 7 PIMCO 5 7 Pohjola Asset Management 5 7 Polygon Investment Partners 5 7 Schroders Private Banking 5 7 SEB Asset Management 5 7 State Street Global Advisors 5 7 Sumitomo Mitsui Asset Management 5 7 Swisscanto Asset Management 5 7 Varma Mutual Pension Insurance 5 7 Walter Scott & Partners 5 7 Zürcher Kantonalbank 5 7 AG Insurance 4 5 Alfred Berg Fondkommission 4 5 Alliance Trust 4 5 American Century 4 5 Ariel Investments 4 5 AZ Fund Management SA 4 5 Azimut Group 4 5 Bestinver Gestión 4 5 BHF Trust Management 4 5 Brandes Investment Partners 4 5 BTG Pactual Asset Management 4 5 CamGestion 4 5 CapeView Capital 4 5 Cevian Capital 4 5 Citadel Investment 4 5 ClearBridge Advisors 4 5 Credit Agricole Indosuez Private Banking 4 5 Crédit Agricole Private Equity 4 5 Danske Capital 4 5 DBS Bank 4 5 Deutsche Bank Wealth Management 4 5 Driehaus Capital Management 4 5 Employees Retirement System of Texas 4 5 Eurizon Capital 4 5 Fideuram Investimenti 4 5 First Eagle Investment Management 4 5 8

9 Asset Management Firm Weight Band Weighting Generali Investments 4 5 Generali Investments CEE 4 5 Goldman Sachs Asset Management International 4 5 Highbridge Capital Management 4 5 Janus Capital Management 4 5 Jennison Associates 4 5 KBC Asset Management 4 5 LBBW Asset Management 4 5 LGT Capital Management 4 5 Lord Abbett & Co 4 5 MainFirst Asset Management 4 5 Majedie Asset Management 4 5 Manning & Napier Advisors 4 5 Marathon Asset Management 4 5 Moon Capital Management 4 5 Nikko Asset Management 4 5 NWQ Investment Management 4 5 Old Mutual Global Investors 4 5 Orbis Investment Management 4 5 Pelham Capital Management 4 5 Philadelphia International Advisors 4 5 Rathbone Investment Management 4 5 Russell Investments 4 5 Sarasin Sustainable Investment 4 5 SKAGEN Fondene 4 5 Smith & Williamson Investment Management Limited 4 5 Sumitomo Trust & Banking 4 5 SVM Asset Management 4 5 Swiss & Global Asset Management 4 5 Templeton Investment Counsel 4 5 The Boston Company Asset Management 4 5 United Nations Joint Staff Pension Fund 4 5 Vontobel Asset Management 4 5 Waddell & Reed Investment Management 4 5 York Capital Management 4 5 Acadian Asset Management 3 3 Adage Capital Management 3 3 Ahorro Corporación Gestión 3 3 Alken Asset Management 3 3 Amundi Alternative Investments 3 3 9

10 Asset Management Firm Weight Band Weighting BAE Systems Pension Funds Investment Management 3 3 Balyasny Asset Management 3 3 Banco Sabadell Inversion 3 3 Bank J. Safra Sarasin AG 3 3 Banque de Luxembourg Investments 3 3 Banque Degroof 3 3 British Airways Pension Investment Management 3 3 Broadwalk Asset Management 3 3 Brummer & Partners 3 3 BT Investment Management 3 3 Caixa Gestão de Activos 3 3 Candriam 3 3 Caxton Associates 3 3 Cedar Rock Capital 3 3 Cheyne Capital Management 3 3 Children's Investment Fund Foundation 3 3 China Investment Corporation 3 3 CI Investments 3 3 Cohen & Steers Capital Management 3 3 Covalis Capital 3 3 CPR Asset Management 3 3 D. E. Shaw & Co. 3 3 Delta Lloyd Bank 3 3 Deutsche Apotheker- und Ärzte Bank 3 3 Dimensional Fund Advisors 3 3 Discovery Capital Management 3 3 DNCA Finance 3 3 Eaton Vance Management 3 3 Ecclesiastical Investment Management 3 3 Everest Capital 3 3 Financière de l Echiquier 3 3 Fortress Investment 3 3 Generation Investment Management 3 3 Goldman Sachs Investment Partners 3 3 HSBC Trinkaus & Burkhardt 3 3 Intesa San Paolo AM 3 3 Jarislowsky Fraser 3 3 JM Finn & Company 3 3 JPMorgan Private Bank 3 3 Kuntien Elakevakuutus

11 Asset Management Firm Weight Band Weighting Mackay Shields 3 3 Mackenzie Investments 3 3 Magellan Asset Management 3 3 Mason Capital Management 3 3 Maverick Capital 3 3 Merrill Lynch Portfolio Managers 3 3 Mitsubishi UFJ Asset Management 3 3 Montanaro Asset Management 3 3 NewSmith Capital Partners 3 3 NJ Division of Investment 3 3 Oddo et Cie Gestion Privée 3 3 Oriel Asset Management 3 3 Parvus Asset Management 3 3 Point State Capital 3 3 Polar Capital Partners 3 3 Premier Asset Management 3 3 Principal Real Estate Investors 3 3 Pzena Investment Management 3 3 Ruffer 3 3 RWC Partners 3 3 Santander Global Banking & Markets 3 3 Sarasin & Partners 3 3 SG Private Banking 3 3 Taube Hodson Stonex Partners 3 3 The Carlyle Group 3 3 TPG Capital 3 3 Trilogy Global Advisors 3 3 Two Sigma Investments 3 3 Van Eck Global 3 3 Visium Asset Management 3 3 Waverton Investment Management 3 3 Abingworth Management 2 2 Aerion Fund Management 2 2 AG2R-AGICAM 2 2 AGF Management 2 2 AKO Capital 2 2 Aletti Gestielle 2 2 Allan Gray 2 2 Altrinsic Global Advisors 2 2 Amber Capital Investment Management

12 Asset Management Firm Weight Band Weighting AP Arbat Capital Management 2 2 Arca SGR 2 2 Arrowgrass Capital Partners 2 2 ASR Nederland 2 2 Asset Value Investors (AVI) 2 2 Axiom International Investors 2 2 Bankinter Gestion de Activos 2 2 Banque SYZ & CO 2 2 Barclays Wealth 2 2 BAWAG 2 2 Bayern Invest 2 2 Bestinvest 2 2 Black River Asset Management 2 2 Blue Ridge Capital 2 2 BPI Gestão de Activos 2 2 British Steel Pension Scheme 2 2 BSI 2 2 Canada Life 2 2 Capfi Delen Asset Management 2 2 CCLA Investment Management 2 2 Central Finance Board of the Methodist Church 2 2 Challenger Managed Investments 2 2 Close Brothers Asset Management 2 2 Columbia Management Investment Advisers 2 2 Columbus Circle Investors 2 2 Coutts & Co 2 2 Crédit Agricole Luxembourg Private Bank 2 2 CVC Capital Partners 2 2 Dabroes Management 2 2 Derbyshire County Council Pension Fund 2 2 DJE Kapital 2 2 DuPont Capital Management 2 2 Eagle Global Advisors 2 2 Edinburgh Partners 2 2 Egerton Capital 2 2 EII Capital Management 2 2 Elliott Management 2 2 Elm Ridge Capital Management 2 2 Eminence Capital

13 Asset Management Firm Weight Band Weighting Epoch Investment Partners 2 2 ESAF 2 2 Étoile Gestion 2 2 FIM Asset Management 2 2 First State Investments 2 2 Forum Partners Investment Management 2 2 GMO UK 2 2 GoldenTree Asset Management 2 2 Grosvenor Fund Management 2 2 Hargreave Hale 2 2 HBM Partners 2 2 Hexavest 2 2 Highfields Capital Management 2 2 International Petroleum Investment Company 2 2 International Value Advisers 2 2 Investec Wealth & Investment 2 2 Jana Partners 2 2 Janchor Partners 2 2 KBL Richelieu Banque Privée 2 2 KBL Richelieu Gestion 2 2 Korea Investment Corporation 2 2 Laxey Partners 2 2 Liontrust Asset Management 2 2 Lombard Odier Darier Hentsch & Cie 2 2 London Pensions Fund Authority 2 2 Lyxor Asset Management 2 2 Mandarine Gestion 2 2 Marble Bar Asset Management 2 2 Martin Maurel Gestion 2 2 Mawer Investment Management 2 2 McKinley Capital Management 2 2 Mediolanum Gestione Fondi 2 2 Mn Services 2 2 Mornay Multi Gestions 2 2 Munder Capital Management 2 2 New Star Institutional Managers 2 2 Nippon Life Insurance Company 2 2 Nykredit Portefølje Bank 2 2 Och-Ziff Capital Management 2 2 OFI Asset Management

14 Asset Management Firm Weight Band Weighting Omega Capital 2 2 Palatine Asset Management 2 2 Paulson & Co 2 2 Platinum Asset Management 2 2 Popular Banca Privada 2 2 PRO BTP Finance 2 2 RAB Capital 2 2 Raiffeisen Capital Management 2 2 Reed Elsevier Pension Investment Management 2 2 River & Mercantile Asset Management 2 2 S. W. Mitchell Capital 2 2 Sanderson Asset Management 2 2 Sanlam Investment Management 2 2 Schafer Cullen Capital Management 2 2 Sector Asset Management 2 2 SMA Gestion 2 2 Soros Fund Management 2 2 South Yorkshire Pensions Authority 2 2 Storebrand Kapitalforvaltning 2 2 Swiss Life Asset Management 2 2 Taconic Capital Advisors 2 2 Tesco Pension Investment 2 2 Thames River Capital 2 2 The Bank of New York 2 2 Thomas Miller Investment 2 2 Tocqueville Finance 2 2 Tradewinds Global Investors 2 2 Turner Investments 2 2 U.S. Steel & Carnegie Pension Fund 2 2 UBI Pramerica 2 2 Valartis Asset Management 2 2 Verrazzano Capital 2 2 Victory Capital Management 2 2 VTB Capital Investment Management 2 2 Wells Capital Management 2 2 Wells Fargo Advisors 2 2 WHEB Asset Management 2 2 William Blair Asset Management Value Advisors

15 Asset Management Firm Weight Band Weighting 2CG Asset Managers Hixance AM Corners Infrastructure 1 1 AA Capital 1 1 Abaco Asset Management 1 1 Abberton Capital 1 1 ABN AMRO MeesPierson 1 1 Abraaj Capital 1 1 Abu Dhabi Islamic Bank 1 1 Accessible Clean Energy 1 1 Adam & Company Investment Management 1 1 Adamant Ventures 1 1 Adelante Capital Management 1 1 Adelphi Capital 1 1 Adi Capital Management LLC 1 1 ADVAM Partners 1 1 Advent Capital Management 1 1 Aedos Advisers 1 1 Aeris Capital 1 1 AEW Global 1 1 AFA Försäkring 1 1 AFH Wealth Management 1 1 Aflac 1 1 AIG Asset Management (Europe) 1 1 AIG Asset Management (US) 1 1 AJ Rahastoyhtiö Oy 1 1 Aktia Asset Management 1 1 Alberta Investment Management Corporation (AIMCo) 1 1 Algebris Investments 1 1 Allianz Popular Asset Management 1 1 Allianz Real Estate 1 1 Alpha Asset Management 1 1 Alpha Goal International 1 1 Alpha Investment Management 1 1 Alpine Woods Investments 1 1 Alsback Förvaltning 1 1 Alta Rocca AM 1 1 Altan Capital 1 1 Altimeo Asset Management

16 Asset Management Firm Weight Band Weighting Alto Invest 1 1 Altus Capital Limited 1 1 Alura Capital Partners 1 1 Alvine Capital 1 1 Amagis Capital 1 1 AMF Capital AG 1 1 Amilton Asset Management 1 1 Amiral Gestion 1 1 Amiya Capital 1 1 AMP Capital Brookfield 1 1 AMP Capital Investors 1 1 AMPLÉGEST 1 1 Amundi Investment Solutions 1 1 Amwal 1 1 Anavon Capital 1 1 Anaxis Asset Management 1 1 Anchorage Advisors 1 1 Andbank 1 1 Anglo Pacific 1 1 Anoa Capital S.A. 1 1 Antaurus Capital Management 1 1 AO Asset Management 1 1 AP AP APO Asset Management 1 1 Apollo Investment Management 1 1 Apus Capital 1 1 Aquila Capital 1 1 Aramea Asset Management 1 1 ARGA Investment Management 1 1 Argenta Fund 1 1 Aristotle Capital Management 1 1 Arlon Opportunities Investors 1 1 Arqaam Capital 1 1 Arrowstreet Capital 1 1 Asahi Life Asset Management 1 1 ASCA 1 1 Ascend Capital 1 1 Ash Park Capital 1 1 Ashburton Investments

17 Asset Management Firm Weight Band Weighting Ashcourt Rowan Group 1 1 Ashmore Asset Management (Turkey) 1 1 Assurances du Crédit Mutuel Vie 1 1 Astellon Capital Partners 1 1 Aston Hill Financial 1 1 Atlantic Investment Management 1 1 Atlantide Asset Management 1 1 Atom Capital 1 1 Audi Capital 1 1 Auris Gestion Privée 1 1 Aurum Funds 1 1 Australian Ethical Investment 1 1 Avenir Finance Investment Managers 1 1 Aventicum Capital Management 1 1 Avenue Capital 1 1 Axiom Investment Management 1 1 Axion Bank 1 1 Ayora Capital Management 1 1 Azentus Capital Management 1 1 B1 Capital 1 1 Baker Steel Capital Managers 1 1 Banca Albertini Syz & Co 1 1 Banca Intermobiliare 1 1 Banca Leonardo 1 1 Banca Popolare Di Sondrio Asset Management 1 1 Banca Popolare di Vicenza 1 1 Banco di Desio e della Brianza 1 1 Banco Mare Nostrum 1 1 Banif Banco de Investimento 1 1 Bank Austria Private Banking 1 1 Bank of Ireland Global Markets 1 1 Bankhaus Ellwanger & Geiger 1 1 Bankia 1 1 Bankia Fondos 1 1 BankInvest 1 1 BankM 1 1 BANOR SIM 1 1 Banque Cantonale de Genève 1 1 Banque Internationale a Luxembourg - Private Banking 1 1 Banque Leonardo

18 Asset Management Firm Weight Band Weighting Banque Privee Edmond de Rothschild (Switzerland) 1 1 Banque Transatlantique 1 1 Barclays Asset Management Europe 1 1 Barclays Capital (IM) 1 1 Basinvest 1 1 Basler Kantonalbank 1 1 Baupost 1 1 BBR Rogier 1 1 BBVA Patrimonios 1 1 BCEE Asset Management 1 1 BDF Gestion 1 1 BDL Capital Management 1 1 BEA Union Investment Management 1 1 Beagle Partners 1 1 Beaufort Securities 1 1 Beaufort Wealth 1 1 Belfius Bank 1 1 Belgravia Capital 1 1 Bell Asset Management 1 1 Bell Rock Capital Management 1 1 Bellecapital 1 1 Bellevue Asset Management 1 1 Berenberg Capital Management 1 1 Berger, van Berchem & Cie 1 1 Bethmann Bank 1 1 Beutel Goodman & Company 1 1 BFT Gestion 1 1 BG SGR 1 1 Bishop Rock Capital 1 1 BlackRock Investment Management (Asia) 1 1 Blackwall Capital Investment AG 1 1 Blankstone Sington 1 1 Blue Planet Investment Management 1 1 BlueCrest Capital Management 1 1 BlueMountain Capital Management 1 1 Bluewater Energy 1 1 BNP Paribas CIB 1 1 BNP Paribas CIB UK (Arbitrage) 1 1 BNP Paribas Wealth Management 1 1 Bocage Capital

19 Asset Management Firm Weight Band Weighting Bordier & Cie 1 1 Borletti Group 1 1 Boston Common Asset Management 1 1 Bouwinvest Real Estate Investment Management 1 1 BPH TFI Asset Management 1 1 BPI Asset Management 1 1 Bradshaw Asset Management 1 1 BRI Asset Management 1 1 British Insurance 1 1 Brookfield Investment Management 1 1 Brooks Macdonald Asset Management 1 1 Brookside Capital Investors 1 1 Brown Brothers Harriman & Company 1 1 Brown Capital Management 1 1 Brown Shipley & Co 1 1 BTA 1 1 Burnt Ridge Group 1 1 BZ WBK AIB Asset Management 1 1 CA IB Investment Bank 1 1 Caisse de Depot et Placement du Quebec 1 1 Caixa Geral de Depósitos 1 1 Calamos Advisors 1 1 Calculus Capital 1 1 Caledonia Investments 1 1 Calypso Capital Management 1 1 Canaccord Genuity Wealth Management 1 1 Canaras Capital Management 1 1 Cantor Fitzgerald Investment Advisors 1 1 Canyon Capital Advisors 1 1 Capital Returns Advisors 1 1 Capricorn Venture Partners 1 1 Capstone Investment Advisors 1 1 Carige Asset Management 1 1 Carlson Capital 1 1 Carnegie Kapitalförvaltning 1 1 Carrhae Capital 1 1 Cartesian Capital Partners 1 1 Cartesio Inversiones 1 1 Carthesio Wealth Management 1 1 Carve Capital

20 Asset Management Firm Weight Band Weighting Cassa Lombarda 1 1 Catalyst Fund Managers 1 1 Cathay Securities Investment Trust 1 1 Causeway Capital Management 1 1 Cavendish Asset Management 1 1 Caygan Capital 1 1 CBC Banque 1 1 CBC Pension Fund 1 1 CBRE Clarion Securities 1 1 CCR Asset Management 1 1 Centerbridge Partners 1 1 CenterSquare Investment Management 1 1 Cerno Capital 1 1 Certium Asset Management 1 1 CF Global Trading 1 1 CF Partners 1 1 CFO SIM 1 1 Charlemagne Capital 1 1 Charles Stanley Fund Management 1 1 Chenavari Investment Managers 1 1 Chesapeake Partners Management 1 1 Chilton Investment Company 1 1 Citi Global Wealth Management 1 1 Claren Road Asset Management 1 1 Claresco Gestion 1 1 Classis Capital 1 1 Clearance Capital 1 1 CM International 1 1 CM-CIC Gestion 1 1 Coeli Asset Management 1 1 Cogefi Gestion 1 1 Cologny Advisors 1 1 Coltrane Asset Management 1 1 Compagnie de Gestion prive Monegascque 1 1 Compass Asset Management 1 1 Conatus Capital Management 1 1 Conseq Investment Management 1 1 Constance Associes 1 1 Consulta 1 1 Continental Investment Partners

21 Asset Management Firm Weight Band Weighting Contour Asset Management 1 1 Convictions Asset Management 1 1 Convoy Asset Management 1 1 Copeland Capital Management 1 1 Copperstone Capital 1 1 Cornerstone Capital Partners 1 1 Cornerstone Real Estate Advisers 1 1 Corporation Financière Européennne 1 1 CQS 1 1 Cramer Rosenthal McGlynn 1 1 Crédit Agricole (Suisse) Private Bank 1 1 Credit Suisse Asset Management (Asia) 1 1 Credit Suisse Prop Trading 1 1 Credo Capital 1 1 Crossinvest 1 1 Cube Capital 1 1 Cumberland Private Wealth Management 1 1 Cygnus Asset Management 1 1 CZ Capital 1 1 Dafofin One 1 1 Daiwa Asset Management 1 1 Dalton Strategic Partnership 1 1 DAMMA Holdings 1 1 Davide Leone and Partners Investment Company 1 1 Davidson Kempner Capital Partners 1 1 Davy Fund Management 1 1 del Rey Global Investors 1 1 Delaware Investment Advisers 1 1 Delen Capfi Private Bank 1 1 Delubac Asset Management 1 1 DenizPortfolio Management 1 1 Denjoy Capital Partners 1 1 Deutsche Bank Global Markets 1 1 Deutsche Investment Management Americas 1 1 Deutsche Oppenheim Family Office 1 1 Deutsche Pfandbriefbank 1 1 Development Capital Partners 1 1 Devet Capital 1 1 Dexia Privatbank 1 1 Didner & Gerge Fonder

22 Asset Management Firm Weight Band Weighting Discover Capital 1 1 Dorval Finance 1 1 DSAM Partners 1 1 DSM Pension Services 1 1 Duet Asset Management 1 1 Duff & Phelps Investment Management 1 1 Dunross & Co. 1 1 Dynamo Capital 1 1 Dynapartners 1 1 DZ Privatbank 1 1 Earth Resource Investment 1 1 ECM Asset Management 1 1 Ecofin 1 1 EDM Gestión 1 1 EEA Fund Management 1 1 EFG Asset Management AEDAK 1 1 EFG Bank 1 1 EIC Partners 1 1 Eiffel Investment Group 1 1 EJF Capital 1 1 El Oro 1 1 ELANA Fund Management 1 1 Electron Capital Partners 1 1 Element Investment Managers 1 1 Elementum Management 1 1 Eleva Capital 1 1 Elo Mutual Pension Insurance Company 1 1 ENA Investment Capital 1 1 Enexpans 1 1 EOS Partners 1 1 EPO 1 1 Equilibria Capital Management 1 1 Equinox Partners 1 1 Erasmus Management 1 1 Ersel Asset Management 1 1 Erste Sparinvest Kapitalanlage 1 1 Espalier Global Management 1 1 Espírito Santo IB Asset Management 1 1 Ethenea Independent Investors SA 1 1 Ethias Assurance

23 Asset Management Firm Weight Band Weighting Eton Park Capital Management 1 1 European Value Partners Advisors 1 1 Everpoint Asset Management 1 1 Eyck Capital Management 1 1 F. van Lanschot Bankiers 1 1 Fairtree Capital 1 1 Family Finance First 1 1 Faraday Reinsurance Company 1 1 Fayez Sarofim & Company 1 1 Federale Assurance 1 1 Fédéris Gestion d'actifs 1 1 Ferox Capital Management 1 1 Feuerstein Schelling & Partner 1 1 Financière Arbevel 1 1 Financière d'uzés 1 1 Financière Mermod 1 1 Financière Tiepolo 1 1 FINNEOS 1 1 Finpromotion Société de Promotion Financière 1 1 Fintech Advisory 1 1 First Private Investment Management 1 1 Fisher Investments 1 1 Fitzgerald Brennan 1 1 Flinvest 1 1 Florac 1 1 Floyd Associates 1 1 FM Capital Partners 1 1 Focam 1 1 Folketrygdfondet 1 1 Fonditel Pensiones 1 1 Fonds de Garantie 1 1 Foord Asset Management 1 1 Formic Management 1 1 Fortis Investment Management (India) 1 1 Forward Management 1 1 Fosun Group 1 1 Four Capital Partners 1 1 FOURPOINTS IM 1 1 Fourton Rahastoyhtiö 1 1 FPS Vermoegensverwaltung

24 Asset Management Firm Weight Band Weighting Fred Alger Management 1 1 Friends Life Investments 1 1 Fukoku Capital Management 1 1 Fukoku Life International (UK) 1 1 Gabelli Asset Management 1 1 GAM Investment Management Lugano 1 1 GAMCO Investors 1 1 Garanti Asset Management 1 1 Gazprombank Moscow 1 1 GCP Capital Partners 1 1 GEFIP 1 1 Genthod Global Wealth Management 1 1 George Weiss Associates 1 1 Gerald Group 1 1 Gesconsult 1 1 Gestion NV 1 1 GFG Groupe Financier de Gestion 1 1 GGB wealthcare 1 1 GIIC Fineco 1 1 Global Alpha 1 1 Global Portföy Yönetimi 1 1 GMT Capital Corporation 1 1 GNB Gestao de Ativos 1 1 GO Investment Partners 1 1 Goldman Sachs Asset Management (Korea) 1 1 Goodbody Private Clients 1 1 Goodbody Stockbrokers Portfolio Management 1 1 Greencoat Capital 1 1 Greywolf Capital Management 1 1 Groupe Bruxelles Lambert 1 1 Groupe MACSF 1 1 Grove International Partners 1 1 Gruss Asset Management 1 1 Gryphon International Investment 1 1 GSA Capital 1 1 GSO Capital Partners 1 1 Guinness Atkinson Asset Management 1 1 GVC Gaesco Gestión 1 1 GVO Asset Management 1 1 Halkin Capital

25 Asset Management Firm Weight Band Weighting Halkin Investments LLP 1 1 Hampstead Capital 1 1 Hanoverian Capital 1 1 Hartbridge Capital 1 1 Hauck & Aufhäuser Privatbankiers 1 1 Hawkwood Capital 1 1 HBK Investments 1 1 Helaba Invest 1 1 Hengistbury Investment Partners 1 1 Hermes SourceCap 1 1 Highclere International Investors 1 1 HighMark Capital Management 1 1 Hinde Capital 1 1 HMG Finance 1 1 HOOPP Investment Management 1 1 Hoplite Capital Management 1 1 Horizon Asset Management 1 1 HS Management 1 1 HSBC Global Asset Management (Canada) 1 1 HSBC Private Bank (Singapore) 1 1 HSE Capital Management 1 1 Humanis Gestion d'actifs 1 1 I.G. Investment Management 1 1 IAM Independent Asset Management 1 1 Ibercaja 1 1 ID Consultancy Group 1 1 IDC 1 1 IFAG 1 1 Imara Asset Management 1 1 Impala Asset Management 1 1 Impax Asset Management 1 1 InCentive Asset Management 1 1 Indaba Capital Management, L.P. 1 1 Infinity Capital Markets 1 1 Inflection Point Investments LLP 1 1 Infusive 1 1 ING Powszechne Towarzystwo Emerytalne 1 1 ING Private Banking 1 1 Ingot Capital Management 1 1 Insinger de Beaufort BNP Paribas Wealth Management

26 Asset Management Firm Weight Band Weighting Institutional Capital 1 1 InSync Capital 1 1 Insync Funds Management 1 1 Inter Ikea Finance 1 1 Intermede Investment Partners 1 1 Intermoney Valores 1 1 Inverseguros Gestion 1 1 Invesco Advisers 1 1 Invesco Asset Managemet (Japan) 1 1 Invesco Capital Management 1 1 Invesco Real Estate 1 1 Investor Gestion 1 1 Investors Group 1 1 Ion Asset Management 1 1 Iris Finance 1 1 Irish Public Bodies Insurance 1 1 ISIS Equity Partners 1 1 Ivaldi Capital 1 1 Ivanhoé Cambridge 1 1 Ivory Investment Management 1 1 J. Goldman & Co. 1 1 J. Stern & Co. Services 1 1 JAB Holding Company 1 1 Jabre Capital Partners 1 1 James Hambro and Partners 1 1 Jane Street Capital 1 1 JB Management 1 1 JHL Capital Group 1 1 John W. Bristol & Co. 1 1 Jones Lang LaSalle 1 1 JPMorgan Trust Bank 1 1 Jub Capital 1 1 Jud & Partner Strukturierte Produkte 1 1 Julius Baer SIM 1 1 Jyske Invest Fund Management 1 1 K2 Asset Management 1 1 Kagiso Asset Management 1 1 Kairos Partners 1 1 Kaizen Asset Management 1 1 Kalliste Biotech

27 Asset Management Firm Weight Band Weighting Kennedy Wilson Europe 1 1 Key Group Holdings 1 1 Key Private Bank 1 1 KfW Bankengruppe 1 1 Khaner Capital Management 1 1 Kieger 1 1 Kildare Partners 1 1 Kingdon Capital Management, L.L.C. 1 1 Kinyan Capital Management 1 1 Kirix Vermoegensverwaltung AG 1 1 Kleinwort Benson Investors 1 1 Kola Capital 1 1 Kornitzer Capital Management 1 1 Korys 1 1 La Banque Postale Gestion Privée 1 1 La Caixa Banca Privada 1 1 La Financiere Tiepolo 1 1 Lampe Asset Management 1 1 Lancelot Asset Management 1 1 LaSalle Investment Management 1 1 LB-P Asset Management 1 1 LBV Asset Management 1 1 LCL Banque Privee 1 1 Le Conservateur 1 1 Leader Asset Management 1 1 Ledbury Partners 1 1 Leo Fund Managers 1 1 LGT Bank (Switzerland) 1 1 Life Sciences Partners 1 1 LK Advisers 1 1 LLB Asset Management 1 1 Lofoten Asset Management 1 1 Loomis, Sayles & Company 1 1 Lothian Pension Fund 1 1 LRV Capital Management 1 1 Luminus Management 1 1 Lupus Alpha Asset Management 1 1 Luxor Capital 1 1 LV M&G Valores

28 Asset Management Firm Weight Band Weighting Macquarie Investment Management 1 1 Madrague Capital Partners 1 1 Maerki Baumann 1 1 Mako Global 1 1 Mansartis 1 1 Manulife Asset Management 1 1 Mapfre Inversion 1 1 Maple Rock Capital Partners 1 1 Maple-Brown Abbott 1 1 March Gestión de Fondos 1 1 Marmite Capital 1 1 Marylebone Partners 1 1 Maven Trading 1 1 Maver Capital 1 1 MDM Financial Group 1 1 Medical Strategy 1 1 Mediterranean Bank 1 1 Meeschaert Asset Management 1 1 Meiji Yasuda Asset Management 1 1 Melanion Capital 1 1 Melles & Partners Asset Management 1 1 Mellon Capital Management 1 1 Merck Finck & Co. 1 1 Meriten Invesmtent Management 1 1 Merlin Partners 1 1 METAGESTIÓN 1 1 Metisq Capital 1 1 Metropole Gestion 1 1 Metzler Private Bank 1 1 Midas Investment Management 1 1 Migdal Group 1 1 Minot Deblois Advisors 1 1 Mirae Asset Global Investments (USA) 1 1 Mirova 1 1 Miton Asset Management 1 1 Mittel 1 1 Miura Global Management 1 1 Mizuho Asset Management 1 1 MNS International 1 1 Mojna Capital Partners

29 Asset Management Firm Weight Band Weighting Momentum Asset Management 1 1 Moneta Asset Management 1 1 Monex Europe 1 1 Monte Paschi Invest 1 1 Montefiore Investment 1 1 Montepio Gestão de Activos 1 1 Montepio Loreto 1 1 Montpensier Finance 1 1 Moore Capital Management 1 1 Mora Private Banking 1 1 Mount Kellett Capital Management 1 1 MSK Capital Partners 1 1 MSS Real Estate 1 1 Multifund 1 1 Mundane Asset Management 1 1 Murray Asset Management 1 1 Mutuactivos 1 1 MV Invest 1 1 NAVITAS Capital 1 1 Naya Management 1 1 NBK Capital 1 1 Ned Goodman Investment Counsel 1 1 Neon Liberty Capital Management 1 1 Neptune Investment Management 1 1 Nestlé Pension Fund 1 1 Neue Aargauer Bank 1 1 Neue Helvetische Bank AG 1 1 Neuflize OBC Investissement 1 1 Nevsky Capital 1 1 New Peak Capital Partners 1 1 NexStep Advisory 1 1 NFU Mutual Insurance 1 1 Nissay Asset Management 1 1 NLI Investments Europe 1 1 Nordea PTE 1 1 North of South Capital 1 1 North Row Capital 1 1 North Shore Partners 1 1 Northcape Capital 1 1 NorthStar Capital Funds

30 Asset Management Firm Weight Band Weighting Northwood Securities 1 1 Noster Capital 1 1 Notenstein 1 1 Novo Banco 1 1 NPJ Asset Management 1 1 Nubuke Investments 1 1 Nuveen Asset Management 1 1 NuVerse Advisors 1 1 Nyenburgh Beheer 1 1 Oakley Capital 1 1 Oberweis Asset Management 1 1 Observatory Capital Management 1 1 Oceanwood Capital Management 1 1 ODIN Forvaltning 1 1 Oechsle International Advisors 1 1 OHV Asset Management 1 1 Olayan Financing Company 1 1 Oldfield Partners 1 1 OLIM 1 1 Omega Advisors 1 1 Omega Fund Management 1 1 Oslo Asset Management 1 1 Otus Capital Management 1 1 Oudart Gestion 1 1 OutSET Global 1 1 Ovalto Investissement 1 1 Overberg Asset Management 1 1 P&V Assurances 1 1 P. Schoenfeld Asset Management 1 1 Pacific Life Insurance 1 1 Pagliaro Capital Management 1 1 Pairstech Capital Management 1 1 Pamplona Capital Management 1 1 Pangea Advisors 1 1 Panthera Investment 1 1 PAR Capital Management 1 1 PARTNERS VermögensManagement 1 1 Parus Capital 1 1 Patris Gestão de Activos 1 1 Paul Geissbuhler & Partner

31 Asset Management Firm Weight Band Weighting Peak 6 Capital Management 1 1 Pemberton Capital Advisors 1 1 Pengana Capital 1 1 PenSam 1 1 Pensato Capital 1 1 Pentagram Asset Management 1 1 Pentwater Capital Management 1 1 Peregrine Capital 1 1 Perpetua (Pty) 1 1 Perpetual Investments 1 1 Petrarca Capital Management 1 1 Petrus Advisers 1 1 Pharos Asset Management 1 1 Pharus Management 1 1 Phoenix Insurance 1 1 Pine River Capital 1 1 PineBridge Investments 1 1 Pinnacle Associates 1 1 Pinnacle International Equities 1 1 Piraeus Asset Management 1 1 PKO TFI 1 1 Plurimi Capital 1 1 Plutos Vermögensverwaltung 1 1 PM Capital 1 1 Point72 Asset Management 1 1 Polunin Capital Partners 1 1 Portfolio Management Corporation 1 1 Portland Investment Counsel 1 1 Portzamparc Gestion 1 1 Poste Italiane 1 1 Praktikertjänst AB Pensionsstiftelse 1 1 Pramerica Investment Managers 1 1 Presima 1 1 Pricoa Capital Group 1 1 PrimeStone Capital 1 1 Prince Street Capital Management 1 1 Profim Wealth Advisors 1 1 Promepar Gestion 1 1 Promofinan Fiduciaria SIM 1 1 Provinzial NordWest

32 Asset Management Firm Weight Band Weighting Prudential Real Estate Investors 1 1 Psigma Investment Management 1 1 PSP Investments 1 1 PSquared Asset Management 1 1 Public Investment Corporation 1 1 Puilaetco Dewaay Private Bankers 1 1 Puma Investments 1 1 Pure Capital Asset Management 1 1 Pyrford International 1 1 Pyrrho Capital Management 1 1 Qatar Insurance Company 1 1 Qatar National Bank 1 1 QIC 1 1 Quadra Capital Partners 1 1 Quadrature Investment Management 1 1 Quaestio Capital Management 1 1 Quantum Pacific Capital 1 1 Quilter Cheviot 1 1 QVT Financial 1 1 R+V Versicherung 1 1 Rahn & Bodmer Banquiers 1 1 Rainier 1 1 RAM Active Investments 1 1 RARE Infrastructure 1 1 Raymond James Asset Management International 1 1 RB Metalloyd 1 1 RBR Capital 1 1 Real Estate Management Services Group (REMS Group) 1 1 Red Merchant Bank 1 1 Reitway Global 1 1 Reliance Mutual Insurance 1 1 Renaissance Asset Management 1 1 Renta 4 Gestora 1 1 Resolution Capital 1 1 Resona Group 1 1 Revera Asset Management 1 1 Reyl & Cie 1 1 Rhodium Capital Management 1 1 Ringturm Kapitalanlagegesellschaft 1 1 RIT Capital Partners

33 Asset Management Firm Weight Band Weighting RobecoSAM 1 1 Rockefeller & Co 1 1 RockHill Global 1 1 Rollo Capital Management 1 1 Rosemount Asset Management 1 1 Rossie House Investment Management 1 1 Rothschild Asset Management (US) 1 1 Rothschild Bank 1 1 Rothschild Private Management 1 1 Route One Investment Company 1 1 RP Investment Advisors 1 1 RS Investments 1 1 R-Squared Capital Management 1 1 Rudiarius Capital Management 1 1 Runte, Stadtmüller & Mönkediek 1 1 S&T Asset Management LLP 1 1 Saemor Capital 1 1 Sal. Oppenheim jr. & Cie 1 1 Samlyn Capital 1 1 Samparca SA 1 1 Sankaty Advisors 1 1 Santander Strategic Investments 1 1 Saracen Fund Managers 1 1 Sberbank 1 1 Sberbank Asset Management 1 1 Schelcher Prince Gestion 1 1 Scopus Asset Management 1 1 Sealight Capital 1 1 Seatown Holdings 1 1 Sentinel Asset Management 1 1 Sentio Capital Management 1 1 Sentry Investments 1 1 Serengeti Asset Management 1 1 Setanta Asset Management 1 1 Seven Harbour Global 1 1 Seven Investment Management 1 1 SG Bank & Trust 1 1 SG Corporate & Investment Banking 1 1 SG Gestion 1 1 SG Hambros

34 Asset Management Firm Weight Band Weighting SG Tourmaline/Ivory 1 1 Shannon River Fund Management 1 1 Siitnedif 1 1 Silvaris Capital Management 1 1 Silver Point Capital 1 1 Simgest 1 1 Sio Capital Management 1 1 Siparex 1 1 SIR Capital Management 1 1 SKARBIEC Asset Management 1 1 Skyline Capital Management 1 1 Slater Investments 1 1 Sloane Robinson 1 1 Società Cattolica di Assicurazione 1 1 Société Générale Securities Services (SGSS) 1 1 Société Privée de Gestion de Patrimoine 1 1 Socratic Capital 1 1 Söderberg & Partners UK Ltd 1 1 Sofidy 1 1 Solsten 1 1 Somerset Capital Management 1 1 Sompo Japan Asset Management 1 1 South Shore Capital Advisors 1 1 SpareBank 1 Forsikring AS 1 1 Sparkasse Hannover 1 1 Sparkassen Versicherung 1 1 SPARTA Invest 1 1 SPGP 1 1 Sphera Funds Management 1 1 Spiekermann & Co 1 1 Spinnaker Capital 1 1 SPPI Finance 1 1 Sprott Asset Management 1 1 SSE Capital 1 1 Stanbic IBTC Bank 1 1 Standard Bank 1 1 Standard Pacific Capital 1 1 Stanhill Capital Partners 1 1 Statoil Kapitalforvaltning 1 1 Stellex Capital Management

35 Asset Management Firm Weight Band Weighting Stena Metall 1 1 STG Asset Management 1 1 Strategic Value Partners 1 1 Strenuus Capital 1 1 STT Capital AG 1 1 Sumitomo Mitsui Trust Asset Management 1 1 Summerhill Capital Management 1 1 Sun Valley Gold 1 1 Surveyor Capital Management 1 1 Susa Fund Management 1 1 Susquehanna International 1 1 Sustainable Insight Capital Management 1 1 SV Life Sciences Advisers 1 1 Swiss Asia Capital (Singapore) 1 1 Swiss Finance & Property 1 1 SwissLife Gestion Privee 1 1 Sycomore Asset Management 1 1 Symphonia 1 1 Syntrus Achmea Vermogensbeheer 1 1 Talanx Asset Management 1 1 Tantalum Capital 1 1 TCS Capital Management 1 1 TD Asset Management 1 1 Teb Asset Management 1 1 Temporis Capital 1 1 Tenax Capital 1 1 The Blackstone Group 1 1 The Brack Capital Group 1 1 The Mitchell Group 1 1 Thiriet Gestion 1 1 Three Bridges Capital 1 1 Thurgauer Kantonalbank 1 1 Tiberius Capital Management 1 1 Tiger Asset Management 1 1 Tiger Veda Management 1 1 Tikehau Capital Advisors 1 1 Timbercreek Asset Management 1 1 TimesSquare Capital Management 1 1 TKB BNP Paribas Investment Partners 1 1 Tokio Marine Asset Management

36 Asset Management Firm Weight Band Weighting Torreal Investments 1 1 Toscafund 1 1 Tower Capital Management 1 1 Tower House Partners 1 1 TPG-Axon Capital Management 1 1 Trafelet & Company 1 1 Transatlantique Gestion 1 1 Trea Capital Partners 1 1 Trecento Asset Management 1 1 Tresides Asset Management 1 1 Tribe Capital Management 1 1 Trient Asset Management 1 1 TRITON ASSET MANAGEMENT AEDAK 1 1 Triumph Asset Management 1 1 Troy Asset Management 1 1 Truffle Asset Management 1 1 Trusteam Finance 1 1 Tudor Capital 1 1 Tufton Oceanic 1 1 Turenne Capital 1 1 Turgot Asset Management 1 1 Turiya Advisors Asia 1 1 Türk Eximbank 1 1 Tusker Capital 1 1 Tweedy, Browne 1 1 Twelve Capital 1 1 Two Ocean Capital 1 1 Tybourne Capital Management 1 1 Tyrus Capital 1 1 UBI Banca International 1 1 UBS Gestión 1 1 UBS O'Connor 1 1 UniCredit Bank 1 1 Union Bancaire Privée (UBP) 1 1 UnipolSai Assicurazioni 1 1 UniSuper Management 1 1 United Bankers Finland 1 1 UOB Asset Management 1 1 Urquijo Gestión 1 1 US Trust

37 Asset Management Firm Weight Band Weighting USAA Investment Management 1 1 Vega Capital Management 1 1 Vega Investment Managers 1 1 Verno Capital 1 1 Vestathena 1 1 Vestra Wealth 1 1 Vetiva Capital Management 1 1 Vinci Zafferano Capital (UK) 1 1 VM Vermögens-Management 1 1 Volksbank Invest 1 1 Voya Investment Management 1 1 Vunani Fund Managers 1 1 Wafra Investment Advisory 1 1 Walter Capital Partners 1 1 Warburg Invest Kapitalanlagegesellschaft 1 1 Waypoint Asset Management 1 1 Wesleyan Assurance Society 1 1 Whitebox Advisors 1 1 Wilson King Investment Management 1 1 Wingate Asset Management 1 1 Witan Investments 1 1 Yapi Kredi Portfoy 1 1 Zadig Asset Management 1 1 zcapital 1 1 Zebedee Capital 1 1 Zenit Asset Management 1 1 Zenit SGR

38 SELLSIDE WEIGHT BANDS Votes from the sellside are weighted by the firm s ranking in the relevant sectors in Extel Europe Aerospace & Defence Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Deutsche Bank 5 20 Exane BNP Paribas 5 20 J.P.Morgan 5 20 UBS 5 20 Jefferies International 4 16 Kepler Cheuvreux 4 16 Oddo Securities 4 16 Redburn 4 16 Société Générale 4 16 Agency Partners 3 12 Barclays 3 12 Berenberg 3 12 Citi 3 12 Credit Suisse 3 12 Goldman Sachs 3 12 Morgan Stanley 3 12 Natixis 3 12 RBC Capital Markets 3 12 Sanford C. Bernstein 3 12 AlphaValue 2 7 Banca IMI 2 7 BESI (ex Espirito Santo Investment Bank) 2 7 Canaccord Genuity 2 7 Carnegie Investment Bank AB 2 7 Equita SIM 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Guidepoint Global (Vista) 2 7 HSBC 2 7 Intermonte SIM 2 7 International Strategy & Investment (ISI) 2 7 Investec Securities 2 7 Jyske Bank

39 Liberum 2 7 Macquarie Securities Group 2 7 MainFirst Bank 2 7 Nomura Securities 2 7 Peel Hunt 2 7 Stockcube Research 2 7 All the rest 1 3 Autos & Automotive Components Sector Sellside Firm Weight Band Weighting Deutsche Bank 5 20 Exane BNP Paribas 5 20 HSBC 5 20 Redburn 5 20 Sanford C. Bernstein 5 20 Bank of America Merrill Lynch 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 Morgan Stanley 4 16 UBS 4 16 Barclays 3 12 Berenberg 3 12 Citi 3 12 Commerzbank Corporates & Markets 3 12 Credit Suisse 3 12 Goldman Sachs 3 12 International Strategy & Investment (ISI) 3 12 MainFirst Bank 3 12 Natixis 3 12 Société Générale 3 12 Banca Aletti 2 7 Bankhaus Lampe KG 2 7 Canaccord Genuity 2 7 CLSA 2 7 Creative Global Investments 2 7 DZ BANK 2 7 Equita SIM 2 7 ESN Partnership 2 7 Evercore Partners 2 7 Goodbody Stockbrokers 2 7 Handelsbanken Capital Markets

40 Hauck & Aufhäuser Institutional Research 2 7 Jefferies International 2 7 M.M.Warburg 2 7 Macquarie Securities Group 2 7 Mediobanca 2 7 Metzler Equities 2 7 Nomura Securities 2 7 Oddo Securities 2 7 Robert W. Baird & Co. 2 7 All the rest 1 3 Banks Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Citi 5 20 Exane BNP Paribas 5 20 HSBC 5 20 Morgan Stanley 5 20 Autonomous Research 4 16 Deutsche Bank 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 UBS 4 16 Barclays 3 12 Berenberg 3 12 Credit Suisse 3 12 Goldman Sachs 3 12 Keefe, Bruyette & Woods 3 12 Mediobanca 3 12 Nomura Securities 3 12 RBC Capital Markets 3 12 Sanford C. Bernstein 3 12 Société Générale 3 12 ABG Sundal Collier 2 7 BBVA 2 7 Carnegie Investment Bank AB 2 7 CLSA 2 7 Danske Markets Equities 2 7 Equita SIM 2 7 ESN Partnership 2 7 Eurobank Equities

41 Fidentiis Equities SV S.A. 2 7 Goodbody Stockbrokers 2 7 Jefferies International 2 7 Macquarie Securities Group 2 7 MainFirst Bank 2 7 N+1 Equities 2 7 Natixis 2 7 Numis Securities 2 7 Oddo Securities 2 7 Redburn 2 7 Santander Investment Bolsa 2 7 Sberbank Investment Research 2 7 All the rest 1 3 Beverages Sector Sellside Firm Weight Band Weighting Citi 5 20 Nomura Securities 5 20 Redburn 5 20 Sanford C. Bernstein 5 20 Société Générale 5 20 Barclays 4 16 Deutsche Bank 4 16 Exane BNP Paribas 4 16 J.P.Morgan 4 16 UBS 4 16 Bank of America Merrill Lynch 3 12 Berenberg 3 12 Credit Suisse 3 12 Goldman Sachs 3 12 HSBC 3 12 Kepler Cheuvreux 3 12 Morgan Stanley 3 12 Natixis 3 12 RBC Capital Markets 3 12 Santander Investment Bolsa 3 12 ABG Sundal Collier 2 7 ABN AMRO Bank (Netherlands) 2 7 Banca Aletti 2 7 Bryan, Garnier & Co. 2 7 Canaccord Genuity

42 CLSA 2 7 Consumer Equity Research 2 7 Edison Investment Research 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 ING Financial Markets 2 7 International Strategy & Investment (ISI) 2 7 Jefferies International 2 7 KBC Securities 2 7 Kepler Partners 2 7 Langton Capital 2 7 Mirabaud Securities LLP 2 7 Nordea Markets 2 7 Numis Securities 2 7 Rabobank International 2 7 Raymond James 2 7 SEB Equities 2 7 All the rest 1 3 Capital Goods (inc. Eng & Mach) Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Credit Suisse 5 20 HSBC 5 20 J.P.Morgan 5 20 Morgan Stanley 5 20 Barclays 4 16 Exane BNP Paribas 4 16 Redburn 4 16 Société Générale 4 16 UBS 4 16 Berenberg 3 12 Canaccord Genuity 3 12 Citi 3 12 Deutsche Bank 3 12 Goldman Sachs 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Natixis 3 12 Nomura Securities 3 12 Oddo Securities

43 ABG Sundal Collier 2 7 Atlantic Equities 2 7 BESI (ex Espirito Santo Investment Bank) 2 7 Carnegie Investment Bank AB 2 7 Commerzbank Corporates & Markets 2 7 Danske Markets Equities 2 7 DnB Markets 2 7 ESN Partnership 2 7 International Strategy & Investment (ISI) 2 7 Investec Securities 2 7 Liberum 2 7 M.M.Warburg 2 7 Macquarie Securities Group 2 7 MainFirst Bank 2 7 Mediobanca 2 7 Nordea Markets 2 7 Numis Securities 2 7 RBC Capital Markets 2 7 Sanford C. Bernstein 2 7 SEB Equities 2 7 All the rest 1 3 Chemicals Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Deutsche Bank 5 20 Exane BNP Paribas 5 20 Morgan Stanley 5 20 UBS 5 20 Credit Suisse 4 16 HSBC 4 16 J.P.Morgan 4 16 Redburn 4 16 Sanford C. Bernstein 4 16 Baader/Helvea 3 12 Barclays 3 12 Berenberg 3 12 Citi 3 12 Goldman Sachs 3 12 Kepler Cheuvreux 3 12 Liberum

44 MainFirst Bank 3 12 Nomura Securities 3 12 Société Générale 3 12 ABN AMRO Bank (Netherlands) 2 7 Carnegie Investment Bank AB 2 7 CLSA 2 7 Commerzbank Corporates & Markets 2 7 Equita SIM 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Jefferies International 2 7 KBC Securities 2 7 M.M.Warburg 2 7 Macquarie Securities Group 2 7 Metzler Equities 2 7 Mirabaud Securities LLP 2 7 Numis Securities 2 7 Rabobank International 2 7 Sberbank Investment Research 2 7 Scotiabank 2 7 SEB Equities 2 7 Vontobel 2 7 VTB Capital 2 7 All the rest 1 3 Construction & Building Materials Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Exane BNP Paribas 5 20 HSBC 5 20 Morgan Stanley 5 20 UBS 5 20 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 Redburn 4 16 Sanford C. Bernstein 4 16 Société Générale 4 16 Berenberg 3 12 Citi 3 12 Credit Suisse 3 12 Davy

45 Deutsche Bank 3 12 Goldman Sachs 3 12 Jefferies International 3 12 MainFirst Bank 3 12 Natixis 3 12 Numis Securities 3 12 Barclays 2 7 Carnegie Investment Bank AB 2 7 Cenkos Securities 2 7 CI Capital Markets 2 7 Commerzbank Corporates & Markets 2 7 Equita SIM 2 7 ESN Partnership 2 7 Gerson Lehrman Group (TGR) 2 7 Goodbody Stockbrokers 2 7 International Strategy & Investment (ISI) 2 7 JB Capital Markets 2 7 Kepler Partners 2 7 Liberum 2 7 Nordea Markets 2 7 Oddo Securities 2 7 Peel Hunt 2 7 Raymond James 2 7 RBC Capital Markets 2 7 Santander Investment Bolsa 2 7 Westhouse Securities 2 7 All the rest 1 3 Food Manufacturers Sector Sellside Firm Weight Band Weighting Credit Suisse 5 20 Exane BNP Paribas 5 20 Sanford C. Bernstein 5 20 Société Générale 5 20 UBS 5 20 Bank of America Merrill Lynch 4 16 Deutsche Bank 4 16 J.P.Morgan 4 16 Morgan Stanley 4 16 Nomura Securities 4 16 Barclays

46 Berenberg 3 12 Citi 3 12 Davy 3 12 Goldman Sachs 3 12 HSBC 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 RBC Capital Markets 3 12 Redburn 3 12 ABG Sundal Collier 2 7 BBVA 2 7 Coleman Research Group 2 7 Danske Markets Equities 2 7 DnB Markets 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Handelsbanken Capital Markets 2 7 ING Financial Markets 2 7 Investec Securities 2 7 MainFirst Bank 2 7 Mirabaud Securities LLP 2 7 Natixis 2 7 Nordea Markets 2 7 Oddo Securities 2 7 Peel Hunt 2 7 Rabobank International 2 7 Shore Capital 2 7 Vontobel 2 7 VTB Capital 2 7 All the rest 1 3 Foresty, Paper & Packaging Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Credit Suisse 5 20 Davy 5 20 Jefferies International 5 20 Kepler Cheuvreux 5 20 ABG Sundal Collier 4 16 Deutsche Bank 4 16 Goodbody Stockbrokers

47 SEB Equities 4 16 UBS 4 16 Barclays 3 12 Carnegie Investment Bank AB 3 12 Danske Markets Equities 3 12 Exane BNP Paribas 3 12 Goldman Sachs 3 12 Investec Securities 3 12 J.P.Morgan 3 12 Liberum 3 12 Nordea Markets 3 12 Redburn 3 12 Vertical Research Partners 3 12 Ahorro Corporación 2 7 BMO Capital Markets 2 7 Canaccord Genuity 2 7 CIBC World Markets 2 7 Citi 2 7 CLSA 2 7 DnB Markets 2 7 ESN Partnership 2 7 Handelsbanken Capital Markets 2 7 JB Capital Markets 2 7 Morgan Stanley 2 7 Nomura Securities 2 7 RBC Capital Markets 2 7 Société Générale 2 7 Stifel (formerly Oriel Securities) 2 7 TD Securities 2 7 VSA Capital 2 7 Household Products & Personal Care Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Deutsche Bank 5 20 Exane BNP Paribas 5 20 J.P.Morgan 5 20 Sanford C. Bernstein 5 20 Credit Suisse 4 16 Morgan Stanley 4 16 Nomura Securities

48 Société Générale 4 16 UBS 4 16 Barclays 3 12 Berenberg 3 12 Citi 3 12 Goldman Sachs 3 12 HSBC 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Raymond James 3 12 RBC Capital Markets 3 12 Redburn 3 12 Banca Generali 2 7 Bankhaus Lampe KG 2 7 BESI (ex Espirito Santo Investment Bank) 2 7 BMO Capital Markets 2 7 Bryan, Garnier & Co. 2 7 Commerzbank Corporates & Markets 2 7 DZ BANK 2 7 Goodbody Stockbrokers 2 7 Kempen & Co. 2 7 Liberum 2 7 MainFirst Bank 2 7 Mirabaud Securities LLP 2 7 Natixis 2 7 Oddo Securities 2 7 Peel Hunt 2 7 SEB Equities 2 7 Societe Generale Splitska Banka 2 7 Stifel Nicolaus 2 7 Wells Fargo Securities 2 7 William Blair & Co. 2 7 All the rest 1 3 Insurance Sector Sellside Firm Weight Band Weighting Autonomous Research 5 20 Bank of America Merrill Lynch 5 20 Barclays 5 20 HSBC 5 20 Morgan Stanley

49 Credit Suisse 4 16 Deutsche Bank 4 16 Exane BNP Paribas 4 16 J.P.Morgan 4 16 Keefe, Bruyette & Woods 4 16 Berenberg 3 12 Citi 3 12 Goldman Sachs 3 12 MainFirst Bank 3 12 Natixis 3 12 RBC Capital Markets 3 12 Redburn 3 12 Sanford C. Bernstein 3 12 Société Générale 3 12 UBS 3 12 Baader/Helvea 2 7 BBVA 2 7 Bryan, Garnier & Co. 2 7 Canaccord Genuity 2 7 Carnegie Investment Bank AB 2 7 Commerzbank Corporates & Markets 2 7 Danske Markets Equities 2 7 Equita SIM 2 7 ESN Partnership 2 7 ING Financial Markets 2 7 Jefferies International 2 7 Kepler Cheuvreux 2 7 Mediobanca 2 7 Metzler Equities 2 7 Nomura Securities 2 7 Numis Securities 2 7 Oddo Securities 2 7 Shore Capital 2 7 Vontobel 2 7 Westhouse Securities 2 7 All the rest 1 3 Leisure, Entertainment & Hotels Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Barclays

50 Credit Suisse 5 20 Deutsche Bank 5 20 Morgan Stanley 5 20 Citi 4 16 Exane BNP Paribas 4 16 HSBC 4 16 Nomura Securities 4 16 UBS 4 16 Davy 3 12 Goldman Sachs 3 12 Goodbody Stockbrokers 3 12 J.P.Morgan 3 12 Kepler Cheuvreux 3 12 Natixis 3 12 Numis Securities 3 12 Raymond James 3 12 Redburn 3 12 Société Générale 3 12 ABG Sundal Collier 2 7 AlphaValue 2 7 Berenberg 2 7 Bryan, Garnier & Co. 2 7 Carnegie Investment Bank AB 2 7 Cenkos Securities 2 7 Danske Markets Equities 2 7 Investec Securities 2 7 Jefferies International 2 7 Langton Capital 2 7 Liberum 2 7 MainFirst Bank 2 7 Mirabaud Securities LLP 2 7 Oddo Securities 2 7 Panmure Gordon & Co 2 7 Robert W. Baird & Co. 2 7 Sanford C. Bernstein 2 7 SEB Equities 2 7 Shore Capital 2 7 Stifel (formerly Oriel Securities) 2 7 All the rest

51 Luxury Goods Sector Sellside Firm Weight Band Weighting Barclays 5 20 Citi 5 20 Exane BNP Paribas 5 20 HSBC 5 20 J.P.Morgan 5 20 Bank of America Merrill Lynch 4 16 Kepler Cheuvreux 4 16 Morgan Stanley 4 16 Sanford C. Bernstein 4 16 Société Générale 4 16 Berenberg 3 12 Bryan, Garnier & Co Credit Suisse 3 12 Deutsche Bank 3 12 Goldman Sachs 3 12 Nomura Securities 3 12 Oddo Securities 3 12 RBC Capital Markets 3 12 Redburn 3 12 UBS 3 12 Aurel BGC 2 7 Aviate Global 2 7 Bank AM Bellevue 2 7 BNP Paribas 2 7 Carnegie Investment Bank AB 2 7 CLSA 2 7 Danske Markets Equities 2 7 Equita SIM 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Intermonte SIM 2 7 International Strategy & Investment (ISI) 2 7 Jefferies International 2 7 Kepler Partners 2 7 MainFirst Bank 2 7 Mediobanca 2 7 Mirabaud Securities LLP 2 7 Natixis 2 7 Raymond James

52 Telsey Advisory Group 2 7 Vontobel 2 7 All the rest 1 3 Media Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Barclays 5 20 Citi 5 20 Exane BNP Paribas 5 20 Morgan Stanley 5 20 Berenberg 4 16 Credit Suisse 4 16 Nomura Securities 4 16 Société Générale 4 16 UBS 4 16 Deutsche Bank 3 12 Goldman Sachs 3 12 HSBC 3 12 J.P.Morgan 3 12 Kepler Cheuvreux 3 12 Macquarie Securities Group 3 12 Natixis 3 12 Oddo Securities 3 12 Redburn 3 12 Sanford C. Bernstein 3 12 Commerzbank Corporates & Markets 2 7 Equita SIM 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 ING Financial Markets 2 7 Investec Securities 2 7 Jefferies International 2 7 Liberum 2 7 M.M.Warburg 2 7 MainFirst Bank 2 7 Mediobanca 2 7 Numis Securities 2 7 Pacific Crest Securities 2 7 Panmure Gordon & Co 2 7 Peel Hunt

53 Piper Jaffray & Co. 2 7 RBC Capital Markets 2 7 Santander Investment Bolsa 2 7 SEB Equities 2 7 Westhouse Securities 2 7 All the rest 1 3 MedTech & Services Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Berenberg 5 20 Exane BNP Paribas 5 20 Morgan Stanley 5 20 Sanford C. Bernstein 5 20 Credit Suisse 4 16 Deutsche Bank 4 16 Goldman Sachs 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 Barclays 3 12 Carnegie Investment Bank AB 3 12 Citi 3 12 HSBC 3 12 Investec Securities 3 12 Jefferies International 3 12 MainFirst Bank 3 12 Oddo Securities 3 12 Société Générale 3 12 UBS 3 12 ABG Sundal Collier 2 7 Bryan, Garnier & Co. 2 7 Commerzbank Corporates & Markets 2 7 Danske Markets Equities 2 7 Druganalyst Equity Research 2 7 ESN Partnership 2 7 FinnCap 2 7 Goodbody Stockbrokers 2 7 Handelsbanken Capital Markets 2 7 Liberum 2 7 M.M.Warburg 2 7 N+1 Singer

54 Natixis 2 7 New Street Research 2 7 Numis Securities 2 7 Panmure Gordon & Co 2 7 Peel Hunt 2 7 Redburn 2 7 Robert W. Baird & Co. 2 7 Vontobel 2 7 All the rest 1 3 Metals & Mining Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Citi 5 20 Credit Suisse 5 20 Morgan Stanley 5 20 UBS 5 20 Barclays 4 16 Deutsche Bank 4 16 Exane BNP Paribas 4 16 Goldman Sachs 4 16 HSBC 4 16 J.P.Morgan 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Liberum 3 12 Macquarie Securities Group 3 12 Nomura Securities 3 12 RBC Capital Markets 3 12 Redburn 3 12 Sanford C. Bernstein 3 12 Société Générale 3 12 ABG Sundal Collier 4 7 Alembic Global Advisors 4 7 Arctic Securities 4 7 Bank of Ireland 4 7 BESI (ex Espirito Santo Investment Bank) 4 7 BMO Capital Markets 4 7 Charles Stanley Securities 4 7 Commerzbank Corporates & Markets 4 7 Danske Markets Equities

55 DnB Markets 4 7 Equita SIM 4 7 GMP Securities 4 7 Goodbody Stockbrokers 4 7 Investec Securities 4 7 MainFirst Bank 4 7 Natixis 4 7 Numis Securities 4 7 Oddo Securities 4 7 Renaissance Capital 4 7 Standard Bank (SBG Securities) 4 7 All the rest 1 3 Oil & Gas Sector Sellside Firm Weight Band Weighting Deutsche Bank 5 20 Morgan Stanley 5 20 Nomura Securities 5 20 Sanford C. Bernstein 5 20 UBS 5 20 Barclays 4 16 Citi 4 16 Goldman Sachs 4 16 J.P.Morgan 4 16 Société Générale 4 16 Bank of America Merrill Lynch 3 12 Credit Suisse 3 12 Exane BNP Paribas 3 12 HSBC 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Natixis 3 12 Raymond James 3 12 RBC Capital Markets 3 12 Redburn 3 12 ABG Sundal Collier 2 7 AlphaValue 2 7 BBVA 2 7 BMO Capital Markets 2 7 Canaccord Genuity 2 7 Cantor Fitzgerald

56 DnB Markets 2 7 Equita SIM 2 7 ESN Partnership 2 7 GMP Securities 2 7 Investec Securities 2 7 Liberum 2 7 Macquarie Securities Group 2 7 Mediobanca 2 7 Numis Securities 2 7 Oddo Securities 2 7 Peel Hunt 2 7 Santander Investment Bolsa 2 7 Simmons & Company International 2 7 Tudor, Pickering, Holt & Co 2 7 All the rest 1 3 Oil Services Sector Sellside Firm Weight Band Weighting Barclays 5 20 Morgan Stanley 5 20 Nomura Securities 5 20 Société Générale 5 20 UBS 5 20 Citi 4 16 Deutsche Bank 4 16 Goldman Sachs 4 16 HSBC 4 16 Sanford C. Bernstein 4 16 ABG Sundal Collier 3 12 Bank of America Merrill Lynch 3 12 Carnegie Investment Bank AB 3 12 Credit Suisse 3 12 DnB Markets 3 12 Exane BNP Paribas 3 12 J.P.Morgan 3 12 Natixis 3 12 Raymond James 3 12 SEB Equities 3 12 ABN AMRO Bank (Netherlands) 2 7 BMO Capital Markets 2 7 Canaccord Genuity

57 CLSA 2 7 Equita SIM 2 7 Fearnley Securities 2 7 Goodbody Stockbrokers 2 7 ING Financial Markets 2 7 Jefferies International 2 7 Kepler Cheuvreux 2 7 Macquarie Securities Group 2 7 Mediobanca 2 7 Nordea Markets 2 7 Numis Securities 2 7 Oddo Securities 2 7 Pareto Securities 2 7 Redburn 2 7 SpareBank 1 Markets 2 7 Swedbank Large Corporates & Institutions 2 7 Tudor, Pickering, Holt & Co 2 7 All the rest 1 3 Pharmaceuticals & Biotech Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Citi 5 20 Credit Suisse 5 20 J.P.Morgan 5 20 UBS 5 20 Barclays 4 16 Deutsche Bank 4 16 Exane BNP Paribas 4 16 Goldman Sachs 4 16 Morgan Stanley 4 16 Berenberg 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Liberum 3 12 MainFirst Bank 3 12 Natixis 3 12 New Street Research 3 12 Redburn 3 12 Sanford C. Bernstein 3 12 Société Générale

58 Baader/Helvea 2 7 Bryan, Garnier & Co. 2 7 Cowen & Co. 2 7 Danske Markets Equities 2 7 Druganalyst Equity Research 2 7 ESN Partnership 2 7 Gilbert Dupont 2 7 HSBC 2 7 International Strategy & Investment (ISI) 2 7 Investec Securities 2 7 KBC Securities 2 7 Kempen & Co. 2 7 Nordea Markets 2 7 Numis Securities 2 7 Oddo Securities 2 7 Panmure Gordon & Co 2 7 Peel Hunt 2 7 Raymond James 2 7 SEB Equities 2 7 Shore Capital 2 7 All the rest 1 3 Real Estate Sector Sellside Firm Weight Band Weighting Exane BNP Paribas 5 20 J.P.Morgan 5 20 Kempen & Co Morgan Stanley 5 20 Société Générale 5 20 Bank of America Merrill Lynch 4 16 Berenberg 4 16 Green Street Advisors 4 16 HSBC 4 16 UBS 4 16 Citi 3 12 Commerzbank Corporates & Markets 3 12 Deutsche Bank 3 12 Goldman Sachs 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Liberum

59 Numis Securities 3 12 Peel Hunt 3 12 Stifel (formerly Oriel Securities) 3 12 ABG Sundal Collier 2 7 Arqaam Capital 2 7 Barclays 2 7 BBVA 2 7 Carnegie Investment Bank AB 2 7 Davy 2 7 Erste Bank 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Invest Securities 2 7 Investec Securities 2 7 Metzler Equities 2 7 Natixis 2 7 Oddo Securities 2 7 Petercam 2 7 RBC Capital Markets 2 7 Redburn 2 7 The Lazarus Partnership 2 7 Vontobel 2 7 William Blair & Co. 2 7 All the rest 1 3 Retailers (Food) Sector Sellside Firm Weight Band Weighting Barclays 5 20 Exane BNP Paribas 5 20 HSBC 5 20 Morgan Stanley 5 20 Sanford C. Bernstein 5 20 Bank of America Merrill Lynch 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 Nomura Securities 4 16 Redburn 4 16 Citi 3 12 Deutsche Bank 3 12 Goldman Sachs 3 12 Jefferies International

60 Macquarie Securities Group 3 12 Natixis 3 12 Oddo Securities 3 12 Shore Capital 3 12 Société Générale 3 12 UBS 3 12 ABG Sundal Collier 2 7 Berenberg 2 7 BESI (ex Espirito Santo Investment Bank) 2 7 BNP Paribas 2 7 Bryan, Garnier & Co. 2 7 Cantor Fitzgerald 2 7 Commerzbank Corporates & Markets 2 7 Credit Suisse 2 7 Davy 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Kepler Partners 2 7 Langton Capital 2 7 Raymond James 2 7 RBC Capital Markets 2 7 Santander Investment Bolsa 2 7 Stifel (formerly Oriel Securities) 2 7 The Lazarus Partnership 2 7 Tradition Securities and Futures 2 7 William Blair & Co. 2 7 All the rest 1 3 Retailers (Non Food) Sector Sellside Firm Weight Band Weighting Citi 5 20 Deutsche Bank 5 20 Exane BNP Paribas 5 20 Morgan Stanley 5 20 UBS 5 20 HSBC 4 16 Nomura Securities 4 16 Redburn 4 16 Santander Investment Bolsa 4 16 Société Générale 4 16 Bank of America Merrill Lynch

61 Barclays 3 12 Carnegie Investment Bank AB 3 12 Credit Suisse 3 12 Goldman Sachs 3 12 J.P.Morgan 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 RBC Capital Markets 3 12 Sanford C. Bernstein 3 12 ABG Sundal Collier 2 7 Atlantic Equities 2 7 BESI (ex Espirito Santo Investment Bank) 2 7 Cenkos Securities 2 7 Eurobank Equities 2 7 Goodbody Stockbrokers 2 7 International Strategy & Investment (ISI) 2 7 Investec Securities 2 7 Liberum 2 7 MainFirst Bank 2 7 Mediobanca 2 7 Mirabaud Securities LLP 2 7 N+1 Singer 2 7 Natixis 2 7 Nordea Markets 2 7 Numis Securities 2 7 Peel Hunt 2 7 ResearchGreece 2 7 SEB Equities 2 7 Stifel Nicolaus 2 7 Wolfe Trahan & Co. 2 7 All the rest 1 3 Software & IT Services Sector Sellside Firm Weight Band Weighting Barclays 5 20 Exane BNP Paribas 5 20 Kepler Cheuvreux 5 20 Morgan Stanley 5 20 UBS 5 20 Bank of America Merrill Lynch 4 16 Berenberg

62 Goldman Sachs 4 16 Redburn 4 16 Société Générale 4 16 Arete Research 3 12 Credit Suisse 3 12 Deutsche Bank 3 12 HSBC 3 12 J.P.Morgan 3 12 Jefferies International 3 12 MainFirst Bank 3 12 Natixis 3 12 Numis Securities 3 12 Sanford C. Bernstein 3 12 Baader/Helvea 2 7 Bryan, Garnier & Co. 2 7 Canaccord Genuity 2 7 Citi 2 7 Commerzbank Corporates & Markets 2 7 Cowen & Co. 2 7 ESN Partnership 2 7 Gerson Lehrman Group (TGR) 2 7 Goodbody Stockbrokers 2 7 Hauck & Aufhäuser Institutional Research 2 7 Investec Securities 2 7 Kaupthing Bank 2 7 Liberum 2 7 M.M.Warburg 2 7 N+1 Singer 2 7 Nomura Securities 2 7 Oddo Securities 2 7 Pacific Crest Securities 2 7 Panmure Gordon & Co 2 7 William Blair & Co. 2 7 All the rest 1 3 Speciality & Other Finance Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Barclays 5 20 Citi 5 20 HSBC

63 Morgan Stanley 5 20 Autonomous Research 4 16 Berenberg 4 16 Goldman Sachs 4 16 RBC Capital Markets 4 16 UBS 4 16 Cenkos Securities 3 12 Credit Suisse 3 12 Exane BNP Paribas 3 12 J.P.Morgan 3 12 Jefferies International 3 12 Keefe, Bruyette & Woods 3 12 Kepler Cheuvreux 3 12 Macquarie Securities Group 3 12 Numis Securities 3 12 Société Générale 3 12 ABG Sundal Collier 2 7 ABN AMRO Bank (Netherlands) 2 7 Canaccord Genuity 2 7 CLSA 2 7 Davy 2 7 Deutsche Bank 2 7 Equita SIM 2 7 Goodbody Stockbrokers 2 7 Handelsbanken Capital Markets 2 7 ING Financial Markets 2 7 Liberum 2 7 MainFirst Bank 2 7 Market Securities 2 7 Mediobanca 2 7 Natixis 2 7 Redburn 2 7 Stifel (formerly Oriel Securities) 2 7 The Lazarus Partnership 2 7 Whitman Howard 2 7 William Blair & Co. 2 7 All the rest 1 3 Support & Business Services Sector Sellside Firm Weight Band Weighting Citi

64 Credit Suisse 5 20 Exane BNP Paribas 5 20 HSBC 5 20 Morgan Stanley 5 20 Barclays 4 16 Deutsche Bank 4 16 J.P.Morgan 4 16 Redburn 4 16 UBS 4 16 Bank of America Merrill Lynch 3 12 Berenberg 3 12 Goldman Sachs 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 Liberum 3 12 Natixis 3 12 Numis Securities 3 12 RBC Capital Markets 3 12 Stifel (formerly Oriel Securities) 3 12 ABN AMRO Bank (Netherlands) 2 7 Canaccord Genuity 2 7 Charles Stanley Securities 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 ING Financial Markets 2 7 Investec Securities 2 7 Kempen & Co. 2 7 Kepler Partners 2 7 Nomura Securities 2 7 Nordea Markets 2 7 Oddo Securities 2 7 Peel Hunt 2 7 Rabobank International 2 7 Raymond James 2 7 Shore Capital 2 7 Société Générale 2 7 Vontobel 2 7 Wells Fargo Securities 2 7 William Blair & Co. 2 7 All the rest

65 Telcos. Equip./IT Hardware & Semis Sector Sellside Firm Weight Band Weighting Exane BNP Paribas 5 20 J.P.Morgan 5 20 Morgan Stanley 5 20 Sanford C. Bernstein 5 20 UBS 5 20 Bank of America Merrill Lynch 4 16 Barclays 4 16 Berenberg 4 16 Credit Suisse 4 16 Kepler Cheuvreux 4 16 Arete Research 3 12 Citi 3 12 Deutsche Bank 3 12 Goldman Sachs 3 12 HSBC 3 12 Liberum 3 12 Natixis 3 12 Oddo Securities 3 12 Redburn 3 12 Société Générale 3 12 ABG Sundal Collier 2 7 Baader/Helvea 2 7 Bankhaus Lampe KG 2 7 Coleman Research Group 2 7 Danske Markets Equities 2 7 DZ BANK 2 7 ESN Partnership 2 7 Gerson Lehrman Group (TGR) 2 7 Goodbody Stockbrokers 2 7 Guidepoint Global (Vista) 2 7 Hauck & Aufhäuser Institutional Research 2 7 Investec Securities 2 7 Jefferies International 2 7 Kepler Partners 2 7 Macquarie Securities Group 2 7 MainFirst Bank 2 7 Mirabaud Securities LLP 2 7 Nomura Securities 2 7 Nordea Markets

66 Numis Securities 2 7 Peel Hunt 2 7 RBC Capital Markets 2 7 Santander Investment Bolsa 2 7 William Blair & Co. 2 7 All the rest 1 3 Telecommunications Services Sector Sellside Firm Weight Band Weighting Citi 5 20 Credit Suisse 5 20 HSBC 5 20 Morgan Stanley 5 20 UBS 5 20 Bank of America Merrill Lynch 4 16 Barclays 4 16 Berenberg 4 16 J.P.Morgan 4 16 Redburn 4 16 Deutsche Bank 3 12 Exane BNP Paribas 3 12 Goldman Sachs 3 12 Jefferies International 3 12 Kepler Cheuvreux 3 12 New Street Research 3 12 Nomura Securities 3 12 Oddo Securities 3 12 RBC Capital Markets 3 12 Société Générale 3 12 Arete Research 2 7 Banca IMI 2 7 BBVA 2 7 BPI - Banco Português de Investimento 2 7 Commerzbank Corporates & Markets 2 7 Daiwa Securities Capital Markets 2 7 DZ BANK 2 7 Equita SIM 2 7 ESN Partnership 2 7 Gerson Lehrman Group (TGR) 2 7 Goodbody Stockbrokers 2 7 ING Financial Markets

67 Macquarie Securities Group 2 7 MainFirst Bank 2 7 Mediobanca 2 7 Natixis 2 7 Peel Hunt 2 7 Piper Jaffray & Co. 2 7 Raymond James 2 7 Sanford C. Bernstein 2 7 Santander Investment Bolsa 2 7 SEB Equities 2 7 Stifel (formerly Oriel Securities) 2 7 William Blair & Co. 2 7 All the rest 1 3 Tobacco Sector Sellside Firm Weight Band Weighting Berenberg 5 20 Citi 5 20 Deutsche Bank 5 20 Exane BNP Paribas 5 20 Nomura Securities 5 20 Bank of America Merrill Lynch 4 16 Goldman Sachs 4 16 Redburn 4 16 Société Générale 4 16 UBS 4 16 ABG Sundal Collier 3 12 Barclays 3 12 Cenkos Securities 3 12 Credit Suisse 3 12 J.P.Morgan 3 12 Jefferies International 3 12 Morgan Stanley 3 12 Panmure Gordon & Co 3 12 RBC Capital Markets 3 12 Renaissance Capital 3 12 Canaccord Genuity 2 7 CLSA 2 7 Danske Markets Equities 2 7 Goodbody Stockbrokers 2 7 HSBC

68 Kepler Cheuvreux 2 7 Liberum 2 7 MainFirst Bank 2 7 Mirabaud Securities LLP 2 7 Natixis 2 7 Sanford C. Bernstein 2 7 SEB Equities 2 7 Stifel (formerly Oriel Securities) 2 7 Wells Fargo Securities 2 7 Transport Sector Sellside Firm Weight Band Weighting Bank of America Merrill Lynch 5 20 Credit Suisse 5 20 HSBC 5 20 Morgan Stanley 5 20 UBS 5 20 Barclays 4 16 Deutsche Bank 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 RBC Capital Markets 4 16 Citi 3 12 Davy 3 12 Exane BNP Paribas 3 12 Goldman Sachs 3 12 Goodbody Stockbrokers 3 12 Insight Investment Research 3 12 MainFirst Bank 3 12 Nomura Securities 3 12 Oddo Securities 3 12 Redburn 3 12 ABG Sundal Collier 2 7 Arctic Securities 2 7 Berenberg 2 7 Cantor Fitzgerald 2 7 Carnegie Investment Bank AB 2 7 Danske Markets Equities 2 7 DnB Markets 2 7 Investec Securities 2 7 Jefferies International

69 Liberum 2 7 M.M.Warburg 2 7 Macquarie Securities Group 2 7 Mediobanca 2 7 Natixis 2 7 Nordea Markets 2 7 Santander Investment Bolsa 2 7 SEB Equities 2 7 Société Générale 2 7 Swedbank Large Corporates & Institutions 2 7 The Lazarus Partnership 2 7 All the rest 1 3 Utilities Sector Sellside Firm Weight Band Weighting Citi 5 20 Credit Suisse 5 20 Exane BNP Paribas 5 20 Morgan Stanley 5 20 UBS 5 20 Deutsche Bank 4 16 HSBC 4 16 J.P.Morgan 4 16 Kepler Cheuvreux 4 16 Société Générale 4 16 Bank of America Merrill Lynch 3 12 Barclays 3 12 Berenberg 3 12 Goldman Sachs 3 12 Macquarie Securities Group 3 12 Mediobanca 3 12 Natixis 3 12 RBC Capital Markets 3 12 Redburn 3 12 Sanford C. Bernstein 3 12 Agency Partners 2 7 BBVA 2 7 Bryan, Garnier & Co. 2 7 Cantor Fitzgerald 2 7 CLSA 2 7 Commerzbank Corporates & Markets

70 Credit Agricole CIB 2 7 Equita SIM 2 7 ESN Partnership 2 7 Goodbody Stockbrokers 2 7 Investec Securities 2 7 Jefferies International 2 7 Liberum 2 7 MainFirst Bank 2 7 Nomura Securities 2 7 Piraeus Securities 2 7 Raiffeisen Centrobank 2 7 Raymond James 2 7 Santander Investment Bolsa 2 7 The Lazarus Partnership 2 7 All the rest

71 CONTACTING EXTEL CORPORATE SERVICES MANAGER Mariola Mandla T. +44 (0) MANAGING DIRECTOR EXTEL Steve Kelly T. +44 (0) GENERAL CONTACT T. +44 (0) F. +44 (0)