PAN-EUROPEAN SURVEY 2014

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

WeConvene announces global launch of corporate access platform and acquisition of Extel. [London, 16.06.14]: 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 email 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. www.weconvene.com 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. www.extelsurveys.com

CONTENTS Executive Summary Rankings Extel 2014 Contacts 04 06 27 28 3

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 2014 12,000 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

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 2014. 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 2014 5

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 10 10 Société Générale 11 11 Barclays 12 13 Goldman Sachs 13 12 Kepler Cheuvreux 14 14 Sanford C. Bernstein 15 15 Nomura Securities 16 18 Berenberg 17 16 Redburn 18 17 Natixis 19 20 Oddo Securities 20 19 Jefferies International 21 21 Commerzbank Corporates & Markets 22 23 MainFirst Bank 23 22 Macquarie Securities Group 24 24 RBC Capital Markets 25 25 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 10 10 Barclays 11 11 Sanford C. Bernstein 12 13 Société Générale 13 12 Goldman Sachs 14 15 Nomura Securities 15 14 Kepler Cheuvreux 16 16 Redburn 17 17 Berenberg 18 18 Natixis 19 19 Jefferies International 20 21 RBC Capital Markets 21 22 Oddo Securities 22 20 Macquarie Securities Group 23 23 MainFirst Bank 24 24 Autonomous Research 25 25 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 11 11 Goldman Sachs 12 14 Kepler Cheuvreux 13 12 Berenberg 14 13 Sanford C. Bernstein 15 16 Redburn 16 15 Société Générale 17 17 Nomura Securities 18 20 Jefferies International 19 22 MainFirst Bank 20 18 Macquarie Securities Group 21 21 Natixis 22 19 RBC Capital Markets 23 23 Aviate Global 24 27 Oddo Securities 25 70 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 11 12 Barclays 12 11 Société Générale 13 13 Exane BNP Paribas 14 48 Berenberg 15 19 Sanford C. Bernstein 16 29 Redburn 17 16 ITG Europe 18 20 Commerzbank Corporates & Markets 19 15 Oddo Securities 20 18 Instinet 21 14 Nomura Securities 22 27 ABG Sundal Collier 23 21 MainFirst Bank 24 32 Kempen & Co. 25 23 Natixis 6

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 10 11 HSBC 11 12 Goldman Sachs 12 10 Credit Suisse 13 17 Nomura Securities 14 14 Berenberg 15 13 Société Générale 16 16 Commerzbank Corporates & Markets 17 15 MainFirst Bank 18 23 Sanford C. Bernstein 19 26 Autonomous Research 20 19 Natixis 21 21 Jefferies International 22 25 Redburn 23 20 ESN Partnership 24 24 RBC Capital Markets 25 29 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) 10 15 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 10 31 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 10 63 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 10 64 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 10 17 Continental AG 7

COMPANY & EXPERT MEETINGS CONFERENCES NAME % FIRM Morgan Stanley 12.75 INDUSTRY EXPERTS NAME % FIRM UBS 13.53 NON-DEAL ROADSHOWS NAME % FIRM UBS 9.44 REVERSE ROADSHOWS/FIELD TRIPS NAME % FIRM UBS 12.55 8

COUNTRIES (INC. SMALL & MID CAPS) BENELUX NAME % FIRM ING Financial Markets 17.39 FRANCE NAME % FIRM Exane BNP Paribas 15.68 GERMANY NAME % FIRM Commerzbank Corporates & Markets 12.31 GREECE NAME % FIRM Eurobank Equities 20.06 IRELAND NAME % FIRM Goodbody Stockbrokers 47.89 ITALY NAME % FIRM Equita SIM 21.53 NORDIC COUNTRIES NAME % FIRM ABG Sundal Collier 16.40 RUSSIA NAME % FIRM Sberbank Investment Research 15.94 SPAIN & PORTUGAL NAME % FIRM Santander Investment Bolsa 17.09 SWITZERLAND NAME % FIRM Vontobel 23.14 9

DERIVATIVES & CONVERTIBLES CONVERTIBLES: RESEARCH NAME % FIRM Barclays 16.36 INDIVIDUAL Stéphane Renaud, Exane Derivatives 15.66 CONVERTIBLES: SALES NAME % FIRM Deutsche Bank 13.30 INDIVIDUAL Vincent Fromentin, Credit Agricole CIB 4.45 CONVERTIBLES: TRADING/EXECUTION NAME % FIRM Deutsche Bank 12.68 DERIVATIVES: RESEARCH NAME % FIRM BBVA 13.22 INDIVIDUAL Juan Antonio Rodriguez Gomez, BBVA 9.74 DERIVATIVES: SALES NAME % FIRM BBVA 10.65 INDIVIDUAL Samir Kops, HSBC 2.24 DERIVATIVES: TRADING/EXECUTION NAME % FIRM J.P.Morgan 10.94 10

ECONOMICS & STRATEGY EQUITY TECHNICAL ANALYSIS & CHARTING NAME % FIRM UBS 18.78 ANALYST Michael Riesner, UBS 12.58 SPECIALIST SALES PERSON Jason Perl, UBS 51.89 GEM ECONOMICS & MACRO NAME % FIRM UBS 12.49 ANALYST Frederic Neumann, HSBC 4.64 GEM STRATEGY NAME % FIRM UBS 16.22 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 17.77 GLOBAL STRATEGY NAME % FIRM Société Générale 13.14 ANALYST Albert Edwards, Société Générale 9.75 SPECIALIST SALES PERSON Paul Meyer, Société Générale 18.62 INDEX ANALYSIS NAME % FIRM Société Générale 14.88 ANALYST John Carson, Société Générale 11.01 SPECIALIST SALES PERSON Peter McIntyre, Citi 17.99 MULTI ASSET RESEARCH NAME % FIRM Société Générale 15.41 ANALYST Alain Bokobza, Société Générale 10.33 SPECIALIST SALES PERSON Stuart Ferguson, HSBC 16.17 PAN-EUROPEAN ECONOMICS & MACRO NAME % FIRM UBS 9.16 ANALYST Holger Schmieding, Berenberg 5.01 SPECIALIST SALES PERSON Paul Meyer, Société Générale 22.31 PAN-EUROPEAN EQUITY MARKET STRATEGY NAME % FIRM J.P.Morgan 10.96 ANALYST Mislav Matejka, J.P.Morgan 6.66 SPECIALIST SALES PERSON Verity Hunt, Absolute Strategy Research 11.45 QUANTITATIVE/DATABASE ANALYSIS NAME % FIRM Société Générale 14.76 ANALYST Andrew Lapthorne, Société Générale 10.03 SPECIALIST SALES PERSON Sarah McCarthy, Nomura Securities 27.21 VALUATIONS & ACCOUNTING NAME % FIRM Citi 34.20 ANALYST Sarah Deans, Citi 39.14 11

EMERGING EMEA CENTRAL/EASTERN EUROPE NAME % FIRM Wood & Company 14.28 INDIVIDUAL Iuliana Mocanu, Raiffeisen Centrobank 5.17 EMERGING EMEA: CHEMICALS/INDUSTRIALS NAME % FIRM Bank of America Merrill Lynch 16.47 INDIVIDUAL Sriharsha Pappu, HSBC 11.78 EMERGING EMEA: COMPANY & EXPERT MEETINGS NAME % FIRM Bank of America Merrill Lynch 19.02 EMERGING EMEA: CONSUMER NAME % FIRM Deutsche Bank 12.89 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 10.52 INDIVIDUAL Jaap Meijer, Arqaam Capital 4.93 EMERGING EMEA: METALS & MINING NAME % FIRM J.P.Morgan 11.70 INDIVIDUAL Dmitry Kolomytsyn, Morgan Stanley 8.81 EMERGING EMEA: OIL & GAS NAME % FIRM Citi 17.62 INDIVIDUAL Igor Kuzmin, Morgan Stanley 7.26 EMERGING EMEA: REAL ESTATE NAME % FIRM Deutsche Bank 18.77 INDIVIDUAL Athmane Benzerroug, Deutsche Bank 22.32 EMERGING EMEA: TELECOMMUNICATIONS NAME % FIRM Citi 19.05 INDIVIDUAL Dalibor Vavruska, Citi 11.99 EMERGING EMEA: TRADING & EXECUTION NAME % FIRM Citi 13.94 INDIVIDUAL Alex Ford, Morgan Stanley 6.44 FRONTIER MARKETS NAME % FIRM Visor Capital 15.69 INDIVIDUAL Maria Gratsova, Citi 12.08 MIDDLE EAST & NORTH AFRICA NAME % FIRM HSBC 21.34 INDIVIDUAL Aybek Islamov, HSBC 5.70 RUSSIA: BANKS & OTHER FINANCIALS NAME % FIRM Sberbank Investment Research 17.73 INDIVIDUAL Andrew Keeley, Sberbank Investment Research 14.93 RUSSIA: CONSUMER/RETAIL NAME % FIRM Credit Suisse 14.61 INDIVIDUAL Svetlana Sukhanova, UBS 9.55 12

RUSSIA: ECONOMICS & MACRO NAME % FIRM Sberbank Investment Research 15.64 INDIVIDUAL Evgeny Gavrilenkov, Sberbank Investment Research 11.35 RUSSIA: EQUITY SALES NAME % FIRM VTB Capital 28.45 INDIVIDUAL Glenn Coltart, VTB Capital 14.09 RUSSIA: EQUITY STRATEGY NAME % FIRM Sberbank Investment Research 24.67 INDIVIDUAL Kingsmill Bond, Sberbank Investment Research 17.67 RUSSIA: FIXED INCOME RESEARCH NAME % FIRM VTB Capital 33.85 INDIVIDUAL Mikhail Galkin, VTB Capital 16.75 RUSSIA: METALS & MINING NAME % FIRM Morgan Stanley 24.66 INDIVIDUAL Dmitry Kolomytsyn, Morgan Stanley 21.97 RUSSIA: OIL & GAS NAME % FIRM Sberbank Investment Research 20.68 INDIVIDUAL Alex Fak, Sberbank Investment Research 10.97 RUSSIA: TELECOMMUNICATIONS NAME % FIRM Citi 18.90 INDIVIDUAL Dalibor Vavruska, Citi 20.02 RUSSIA: TRADING & EXECUTION NAME % FIRM VTB Capital 21.76 INDIVIDUAL Farhan Kazmi, Credit Suisse 11.26 RUSSIA: UTILITIES NAME % FIRM Morgan Stanley 20.47 INDIVIDUAL Dmytro Konovalov, HSBC 20.42 SOUTH AFRICA: COUNTRY RESEARCH NAME % FIRM UBS 16.45 INDIVIDUAL Dhersan Chetty, UBS 5.69 TURKEY: COUNTRY RESEARCH NAME % FIRM BNP Paribas 10.21 INDIVIDUAL Cem Çiloglu, Ak Yatirim 3.41 13

EQUITY SALES Global Equity Sales NAME % FIRM Citi 11.73 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 2.66 14

EQUITY SECTORS AEROSPACE & DEFENCE NAME % TEAM Bank of America Merrill Lynch 14.35 ANALYST Celine Fornaro, Bank of America Merrill Lynch 11.37 SPECIALIST SALES Andy Gibson, Deutsche Bank 18.29 BUYSIDE FIRM JPMorgan Asset Management 15.60 CORPORATES Airbus Group 21.50 IR PROFESSIONAL Andy Wrathall, BAE Systems plc 14.41 CEO Thomas Enders, Airbus Group 32.99 CFO Harald Wilhelm, Airbus Group 29.54 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 20.69 BUYSIDE FIRM Amundi Asset Management 8.45 CORPORATES Continental AG 17.24 IR PROFESSIONAL Rolf Woller, Continental AG 6.84 CEO Jacques Aschenbroich, Valeo 15.84 CFO Wolfgang Schaefer, Continental AG 13.81 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 12.69 ANALYST Trevor Stirling, Sanford C. Bernstein 8.57 SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch 18.56 BUYSIDE FIRM Tresides Asset Management 5.38 CORPORATES Anheuser-Busch InBev 18.16 IR PROFESSIONAL Catherine James, Diageo 9.98 CEO Alexandre Ricard, Pernod Ricard 13.43 CFO Jørn P. Jensen, Carlsberg 18.59 CAPITAL GOODS (INC. ENG & MACH) NAME % TEAM J.P.Morgan 11.00 ANALYST Andreas Willi, J.P.Morgan 6.29 SPECIALIST SALES Timm Schulze-Melander, J.P.Morgan 14.82 BUYSIDE FIRM JPMorgan Asset Management 10.56 CORPORATES Siemens AG 8.85 IR PROFESSIONAL Mariel von Drathen, Siemens AG 5.18 CEO Joe Kaeser, Siemens AG 12.52 CFO Eric Elzvik, ABB Ltd 10.47 CHEMICALS NAME % TEAM Bank of America Merrill Lynch 12.38 ANALYST Andrew Stott, Bank of America Merrill Lynch 6.45 SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch 34.14 BUYSIDE FIRM JPMorgan Asset Management 5.91 CORPORATES Bayer AG 14.63 IR PROFESSIONAL Alexander Rosar, Bayer AG 7.60 CEO Kurt Bock, BASF SE 14.64 CFO Werner Baumann, Bayer AG 11.40 15

CONSTRUCTION & BUILDING MATERIALS NAME % TEAM Exane BNP Paribas 11.95 ANALYST Paul Roger, Exane BNP Paribas 8.12 SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch 25.91 BUYSIDE FIRM JPMorgan Asset Management 5.12 CORPORATES VINCI 8.61 IR PROFESSIONAL Ozan Kacar, HeidelbergCement AG 5.55 CEO Xavier Huillard, VINCI 12.96 CFO Christian Labeyrie, VINCI 14.17 FOOD MANUFACTURERS NAME % TEAM Sanford C. Bernstein 11.65 ANALYST Andrew Wood, Sanford C. Bernstein 9.10 SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch 14.73 BUYSIDE FIRM Schroder Investment Management 6.54 CORPORATES Nestlé SA 20.93 IR PROFESSIONAL Roddy Child-Villiers, Nestlé SA 12.87 CEO Paul Polman, Unilever 23.74 CFO Wan Ling Martello, Nestlé SA 18.81 FORESTRY, PAPER & PACKAGING NAME % TEAM Bank of America Merrill Lynch 16.90 ANALYST Kartik Swaminathan, Bank of America Merrill Lynch 15.90 SPECIALIST SALES Judith Shaw, Bank of America Merrill Lynch 58.46 BUYSIDE FIRM JPMorgan Asset Management 18.69 CORPORATES UPM 18.79 IR PROFESSIONAL Mika Mikkola, UPM 16.93 CEO Jussi Pesonen, UPM 29.41 CFO Tapio Korpeinen, UPM 28.57 16

HOUSEHOLD PRODUCTS & PERSONAL CARE NAME % TEAM Sanford C. Bernstein 12.11 ANALYST Andrew Wood, Sanford C. Bernstein 10.15 SPECIALIST SALES Gerard Zaffran, Bank of America Merrill Lynch 18.08 BUYSIDE FIRM Tresides Asset Management 6.59 CORPORATES L'Oréal 19.47 IR PROFESSIONAL Richard Joyce, Reckitt Benckiser Group plc 16.63 CEO Jean-Paul Agon, L'Oréal 24.93 CFO Christian Mulliez, L'Oréal 29.62 INSURANCE NAME % TEAM Morgan Stanley 10.68 ANALYST Jon Hocking, Morgan Stanley 4.62 SPECIALIST SALES Nadine van der Meulen, Morgan Stanley 13.63 BUYSIDE FIRM JPMorgan Asset Management 6.78 CORPORATES Allianz SE 11.86 IR PROFESSIONAL Oliver Schmidt, Allianz SE 5.19 CEO Nikolaus von Bomhard, Munich Re 10.44 CFO Joerg Schneider, Munich Re 12.20 LEISURE, ENTERTAINMENT & HOTELS NAME % TEAM Morgan Stanley 13.09 ANALYST Jamie Rollo, Morgan Stanley 7.81 SPECIALIST SALES Matt Smith, Morgan Stanley 31.68 BUYSIDE FIRM JPMorgan Asset Management 10.16 CORPORATES William Hill plc 15.43 IR PROFESSIONAL Catherine Dolton, InterContinental Hotels Group 9.89 CEO Ralph Topping, William Hill plc 22.51 CFO Nicholas Cadbury, Whitbread 16.23 LUXURY GOODS NAME % TEAM HSBC 13.39 ANALYST Thomas Chauvet, Citi 8.38 SPECIALIST SALES Mark Wallis, Bank of America Merrill Lynch 16.33 BUYSIDE FIRM JPMorgan Asset Management 5.83 CORPORATES LVMH 18.33 IR PROFESSIONAL Chris Hollis, LVMH 8.30 CEO Andrea Guerra, Luxottica 15.34 CFO Jean-Jacques Guiony, LVMH 15.68 MEDIA NAME % TEAM Morgan Stanley 8.91 ANALYST Patrick Wellington, Morgan Stanley 4.83 SPECIALIST SALES Neil Shelton, Morgan Stanley 19.56 BUYSIDE FIRM Amundi Asset Management 6.38 CORPORATES Vivendi 14.32 IR PROFESSIONAL Jean-Michel Bonamy, Vivendi 12.14 CEO Maurice Lévy, Publicis Groupe 15.52 CFO Robin Freestone, Pearson plc 12.36 17

MEDTECH & SERVICES NAME % TEAM Morgan Stanley 13.30 ANALYST Michael Jungling, Morgan Stanley 9.16 SPECIALIST SALES Jamie Douglas, Morgan Stanley 14.31 BUYSIDE FIRM JPMorgan Asset Management 13.60 CORPORATES Fresenius Medical Care AG & Co. KGaA 11.78 IR PROFESSIONAL Oliver Maier, Fresenius Medical Care AG & Co. KGaA 8.54 CEO Ulf Schneider, Fresenius SE 14.36 CFO Stephan Sturm, Fresenius SE 16.87 METALS & MINING NAME % TEAM Citi 10.80 ANALYST Heath Jansen, Citi 5.77 SPECIALIST SALES David Prowse, Morgan Stanley 19.13 BUYSIDE FIRM Sberbank Asset Management 7.52 CORPORATES BHP Billiton 11.86 IR PROFESSIONAL Christian Schulte, ThyssenKrupp AG 6.24 CEO Heinrich Hiesinger, ThyssenKrupp AG 12.83 CFO Giacomo Baizini, Evraz plc 11.64 OIL & GAS NAME % TEAM Morgan Stanley 8.80 ANALYST Martijn Rats, Morgan Stanley 4.09 SPECIALIST SALES James Cartwright, Morgan Stanley 15.92 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 12.21 OIL SERVICES NAME % TEAM Nomura Securities 11.70 ANALYST Christyan Malek, Nomura Securities 8.77 SPECIALIST SALES James Cartwright, Morgan Stanley 18.51 BUYSIDE FIRM Cygnus Asset Management 5.35 CORPORATES Technip 18.55 IR PROFESSIONAL Kimberly Stewart, Technip 16.65 CEO Thierry Pilenko, Technip 16.47 CFO Julian Waldron, Technip 15.80 PHARMACEUTICALS & BIOTECH NAME % TEAM Citi 9.70 ANALYST Andrew Baum, Citi 5.29 SPECIALIST SALES Marjan Daeipour, J.P.Morgan 14.13 BUYSIDE FIRM JPMorgan Asset Management 9.16 CORPORATES Roche 17.82 IR PROFESSIONAL Karl Mahler, Roche 7.97 CEO Severin Schwan, Roche 12.45 CFO Alan Hippe, Roche 13.56 REAL ESTATE NAME % TEAM Exane BNP Paribas 9.73 ANALYST Bart Gysens, Morgan Stanley 5.56 SPECIALIST SALES Vishal Lakhani, Exane BNP Paribas 16.81 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 8.85 18

RETAILERS (FOOD) NAME % TEAM J.P.Morgan 12.91 ANALYST Jaime Vázquez, J.P.Morgan 10.89 SPECIALIST SALES Sophie Warrick, J.P.Morgan 17.34 BUYSIDE FIRM JPMorgan Asset Management 8.59 CORPORATES Carrefour 11.31 IR PROFESSIONAL Chris Griffith, Tesco plc 6.70 CEO Georges Plassat, Carrefour 14.19 CFO Pierre-Jean Sivignon, Carrefour 14.78 RETAILERS (NON FOOD) NAME % TEAM Exane BNP Paribas 10.20 ANALYST Richard Chamberlain, Bank of America Merrill Lynch 6.80 SPECIALIST SALES Mark Wallis, Bank of America Merrill Lynch 19.65 BUYSIDE FIRM JPMorgan Asset Management 9.76 CORPORATES Kingfisher plc 14.30 IR PROFESSIONAL Sarah Levy, Kingfisher plc 10.50 CEO Ian Cheshire, Kingfisher plc 10.82 CFO David Keens, Next plc 11.81 SEMICONDUCTORS NAME % TEAM J.P.Morgan 10.63 ANALYST Sandeep Deshpande, J.P.Morgan 8.50 SPECIALIST SALES James Dawson, Morgan Stanley 19.34 BUYSIDE FIRM LBBW Asset Management 11.00 CORPORATES ASML 20.16 IR PROFESSIONAL Ian Thornton, ARM Holdings plc 12.85 CEO Jalal Bagherli, Dialog Semiconductor 30.97 CFO Tim Score, ARM Holdings plc 20.50 SOFTWARE & IT SERVICES NAME % TEAM UBS 10.15 ANALYST Adam Wood, Morgan Stanley 7.09 SPECIALIST SALES James Dawson, Morgan Stanley 19.92 BUYSIDE FIRM LBBW Asset Management 7.84 CORPORATES Atos 14.48 IR PROFESSIONAL Walter Vejdovsky, Capgemini 12.48 CEO Paul Hermelin, Capgemini 18.75 CFO Michel-Alain Proch, Atos 15.52 SPECIALITY & OTHER FINANCE NAME % TEAM Morgan Stanley 12.85 ANALYST Bruce Hamilton, Morgan Stanley 9.17 SPECIALIST SALES James Rogers, Morgan Stanley 11.20 BUYSIDE FIRM JPMorgan Asset Management 8.07 CORPORATES Aberdeen Asset Management plc 10.01 IR PROFESSIONAL Shelley Fishwick, Aberdeen Asset Management plc 9.22 CEO Patrick Sayer, Eurazeo 11.36 CFO Philippe Audouin, Eurazeo 14.95 SUPPORT & BUSINESS SERVICES NAME % TEAM UBS 9.65 ANALYST Charles Wilson, Goldman Sachs 5.94 SPECIALIST SALES Myfanwy Parratt, Credit Suisse 34.40 BUYSIDE FIRM JPMorgan Asset Management 11.19 CORPORATES Hays plc 15.09 IR PROFESSIONAL David Walker, Hays plc 10.92 CEO Alistair Cox, Hays plc 20.65 CFO Paul Venables, Hays plc 16.42 19

TELECOMMUNICATIONS SERVICES NAME % TEAM HSBC 10.78 ANALYST Robin Bienenstock, Sanford C. Bernstein 4.60 SPECIALIST SALES Keval Patel, Citi 12.34 BUYSIDE FIRM Norges Bank Investment Management 4.50 CORPORATES Deutsche Telekom AG 13.28 IR PROFESSIONAL Peregrine Riviere, Vodafone 4.72 CEO Tim Hottges, Deutsche Telekom AG 12.12 CFO Angel Vila, Telefónica 10.23 TELECOMS. EQUIP./IT HARDWARE NAME % TEAM UBS 10.65 ANALYST Gareth Jenkins, UBS 8.64 SPECIALIST SALES Kirsten Parker, UBS 17.01 BUYSIDE FIRM LBBW Asset Management 9.69 CORPORATES Ericsson 18.04 IR PROFESSIONAL Sherief Bakr, Nokia 17.19 CEO Hans Vestberg, Ericsson 24.45 CFO Jan Frykhammar, Ericsson 21.67 TOBACCO NAME % TEAM Citi 16.05 ANALYST Adam Spielman, Citi 13.59 SPECIALIST SALES Mark Howden, Nomura Securities 19.98 BUYSIDE FIRM LBBW Asset Management 10.07 CORPORATES British American Tobacco plc 29.79 IR PROFESSIONAL Mike Nightingale, British American Tobacco plc 20.42 CEO Nicandro Durante, British American Tobacco plc 31.70 CFO Ben Stevens, British American Tobacco plc 41.41 TRANSPORT NAME % TEAM Bank of America Merrill Lynch 12.26 ANALYST Mark Manduca, Bank of America Merrill Lynch 8.34 SPECIALIST SALES Rebecca Langley, Nomura Securities 30.62 BUYSIDE FIRM JPMorgan Asset Management 6.05 CORPORATES Abertis Infraestructuras SA 10.87 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 15.20 UTILITIES NAME % TEAM UBS 11.43 ANALYST Alberto Gandolfi, UBS 5.06 SPECIALIST SALES/ Ian Mitchell, J.P.Morgan 19.41 BUYSIDE FIRM Cygnus Asset Management 6.72 CORPORATES RWE 10.66 IR PROFESSIONAL Carine de Boissezon, EDF SA 5.64 CEO António Mexia, EDP - Energias de Portugal 11.31 CFO Thomas Piquemal, EDF SA 10.67 20

EQUITY TRADING & EXECUTION DELTA ONE & ETF SERVICE NAME % FIRM UBS 11.66 ELECTRONIC TRADING NAME % FIRM UBS 13.46 PORTFOLIO TRADING NAME % FIRM UBS 13.78 SALES TRADING NAME % FIRM UBS 9.74 SALES TRADER Markus Maier, UBS 1.71 21

GLOBAL EQUITY SECTORS BANKS & FINANCIALS NAME % FIRM Citi 20.58 ENERGY NAME % FIRM Credit Suisse 12.83 LONG TERM THEMATIC RESEARCH NAME % FIRM Citi 13.44 PHARMACEUTICALS NAME % FIRM Citi 18.35 TECHNOLOGY NAME % FIRM UBS 13.08 22

SPECIALISMS ALTERNATIVE INVESTMENT FUNDS: RESEARCH NAME % FIRM J.P.Morgan 15.63 ANALYST Alan Brierley, Canaccord Genuity 8.16 ALTERNATIVE INVESTMENT FUNDS: SALES NAME % FIRM Liberum 23.31 SPECIALIST SALES James Bouverat, Liberum 11.32 INVESTMENT TRUSTS: RESEARCH NAME % FIRM J.P.Morgan 19.79 ANALYST Alan Brierley, Canaccord Genuity 12.74 INVESTMENT TRUSTS: SALES NAME % FIRM Canaccord Genuity 17.07 SPECIALIST SALES Angus Wilton, J.P.Morgan 6.17 SPECIAL SITUATIONS: RESEARCH NAME % FIRM United First Partners 27.95 INDIVIDUAL Stephane Mardel, United First Partners 33.61 SPECIAL SITUATIONS: SALES NAME % FIRM J.P.Morgan 19.11 SPECIALIST SALES Li Dunlop, J.P.Morgan 7.31 23

SRI & SUSTAINABILITY CORPORATE GOVERNANCE NAME % FIRM Kepler Cheuvreux 18.20 ANALYST Robert Walker, Kepler Cheuvreux 11.46 INTEGRATED CLIMATE CHANGE NAME % FIRM HSBC 15.81 ANALYST Zoe Knight, HSBC 8.35 SRI RESEARCH NAME % FIRM Société Générale 13.82 ANALYST Sarbjit Nahal, Bank of America Merrill Lynch 5.77 24

UK SMALL CAPS & MID CAPS UK SMALL & MID CAPS: CAPITAL GOODS NAME % FIRM Investec Securities 16.28 INDIVIDUAL Harry Philips, Canaccord Genuity 11.96 UK SMALL & MID CAPS: CHEMICALS NAME % FIRM Liberum 26.74 INDIVIDUAL Sophie Jourdier, Liberum 33.17 UK SMALL & MID CAPS: CONSTRUCTION NAME % FIRM Numis Securities 22.58 INDIVIDUAL Howard Seymour, Numis Securities 15.62 UK SMALL & MID CAPS: CONSUMER GOODS NAME % FIRM Panmure Gordon & Co 14.92 INDIVIDUAL Graham Jones, Panmure Gordon & Co 14.72 UK SMALL & MID CAPS: CORPORATE BROKING NAME % FIRM Numis Securities 17.63 UK SMALL & MID CAPS: FINANCIALS NAME % FIRM Numis Securities 19.38 INDIVIDUAL James Hamilton, Numis Securities 15.39 UK SMALL & MID CAPS: HEALTHCARE NAME % FIRM Peel Hunt 17.94 INDIVIDUAL Ceri Morgan, Peel Hunt 11.64 UK SMALL & MID CAPS: INSURANCE NAME % FIRM Peel Hunt 14.23 INDIVIDUAL Mark Williamson, Peel Hunt 16.17 UK SMALL & MID CAPS: LEISURE & GAMING NAME % FIRM Numis Securities 16.91 INDIVIDUAL Douglas Jack, Numis Securities 9.93 UK SMALL & MID CAPS: MEDIA NAME % FIRM Numis Securities 26.90 INDIVIDUAL Paul Richards, Numis Securities 20.31 UK SMALL & MID CAPS: METALS & MINING NAME % FIRM Numis Securities 14.82 INDIVIDUAL Cailey Barker, Numis Securities 7.27 UK SMALL & MID CAPS: NEW ENERGY & CLEAN TECHNOLOGY NAME % FIRM Arden Partners 18.44 INDIVIDUAL Adam Forsyth, Arden Partners 51.35 25

UK SMALL & MID CAPS: OIL & GAS NAME % FIRM Liberum 16.76 INDIVIDUAL Nathan Piper, RBC Capital Markets 7.60 UK SMALL & MID CAPS: REAL ESTATE NAME % FIRM Oriel Securities 30.64 INDIVIDUAL Miranda Cockburn, Oriel Securities 15.28 UK SMALL & MID CAPS: RETAIL NAME % FIRM Oriel Securities 16.50 INDIVIDUAL Clive Black, Shore Capital 15.05 UK SMALL & MID CAPS: SALES NAME % FIRM Numis Securities 11.97 INDIVIDUAL Adam Bidwell, Investec Securities 3.43 UK SMALL & MID CAPS: SUPPORT SERVICES NAME % FIRM Liberum 21.06 INDIVIDUAL Joe Brent, Liberum 10.24 UK SMALL & MID CAPS: TECHNOLOGY NAME % FIRM Numis Securities 19.33 INDIVIDUAL David Toms, Numis Securities 12.95 UK SMALL & MID CAPS: TRADING/EXECUTION NAME % FIRM Investec Securities 17.06 INDIVIDUAL Harry Preece, Liberum 9.98 UK SMALL & MID CAPS: TRANSPORT & LOGISTICS NAME % FIRM Panmure Gordon & Co 19.91 INDIVIDUAL Gert Zonneveld, Panmure Gordon & Co 26.67 UK: COUNTRY STRATEGY NAME % FIRM Citi 13.13 INDIVIDUAL Ian Williams, Peel Hunt 17.17 26

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 www.extelsurveys.com CONTACT THOMSON REUTERS EXTEL TO SUBSCRIBE +44 (0)20 7542 7700 www.extelsurveys.com 27

CONTACTS extelsurveys.com Thomson Reuters Extel The Thomson Reuters Building 7th Floor, 30 South Colonnade Canary Wharf London E14 5EP United Kingdom T. +44 (0)20 7542 7700 F. +44 (0)20 7542 7704 extelsurveys@thomsonreuters.com Thomson Reuters 2014. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. 48004021 001245 0612.