INVESTOR TARGETING DECEMBER 2015

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1 INVESTOR TARGETING DECEMBER 2015

2 RECENT BUY-SIDE TRENDS IN EUROPE Continued growth in low cost ETFs; ETF AUM has surpassed $3tn in the first half of 2015 Vanguard attracted $30bn in inflows in Q3 (Lipper) and ranks as top buyer across Nasdaq s EMEA clients (+$5.2bn). Also one of top buyers across German clients. Mellon Capital Management among top buyers in Europe and in Germany Harris Associates L.P. and Amundi Asset Management rank as largest active buyers across Nasdaq s European clients (+$2.1bn and +$1.8bn); both rank as top buyers across our German clients YTD Northern Cross and Capital Research are among top sellers across our German clients YTD. Both investors experienced fund redemptions in Q3 15 2

3 SWF TRENDS INCREASING GLOBAL EQUITY EXPOSURE China / $547 B Kuala Lumpur / $148 B Korea / $84 B Norges remains the largest holder across Nasdaq s German clients Hong Kong-based SAFE Investment Company still buying Europe (+$829M in Q3) and is the second largest buyer across Nasdaq s German clients YTD SWFs increasing global equity exposure - e.g Korea Investment Corporation and Employees Provident Fund. Abu Dhabi Investment Authority appointed new U.S. head of investments SWFs withdraw from external asset managers to manage more in-house 3

4 OTHER TRENDS WE ARE WATCHING INVESTOR ACTIVISM Activists increasingly targeting European companies include Cevian Capital, Knight Vinke, Elliott and Trian 63% of North American and European IROs report senior management is not very concerned about being targeted by activists (Source: Rivel Research) Tech, Financials, Basic Materials, Energy and Industrials amongst the most targeted sectors in Europe In Europe, 45 activist campaigns launched YTD, compared with 44 in 2014 (Source: Activist Insight). 305 activist campaigns launched YTD in the U.S. set to be the highest on record Activists increasingly partnering with large mutual funds, like Franklin Templeton and the Capital Group for support 4

5 INVESTMENT TRENDS IN GERMAN COMPANIES International investors make up 86.3% of the free float shares across German companies On average, Europe ex-germany and US investors continue to have a strong presence across German Equities There was a slight decline in US-based investment since March 15, although this could be temporary Some major investors experienced fund outflows YTD and have shown selling momentum across our German client base Macro view on Europe and Germany. Recently, strategists at Goldman Sachs have estimated that US flows into Europe have slowed since the surge in buying in the spring/early summer and US investors are roughly neutrally positioned in terms of European ownership. Average % Free Float by Geography for Nasdaq s German clients 35% 30% Dec 13 Jun 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 13 Jun 14 Dec 14 Mar 15 Jun 15 Sep 15 25% 20% 15% 10% Dec 13 Jun 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 13 Jun 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 13 Jun 14 Dec 14 Mar 15 Jun 15 Sep 15 5% 0% United States United Kingdom Germany Rest of Europe Rest of World * Based on Aggregated Shareholder Analysis YTD across Nasdaq s German clients 5

6 GERMAN COMPANIES 25% OF IR BUDGET ALLOCATED TO ROADSHOWS/ INVESTOR MEETINGS Down from 29% in 2014 US 97% US East Coast Roadshows 72% US West Coast Roadshows 66% > 50 one-on-one CEO/CFO meetings Down from 75% in % >50 CEO/CFO Group Discussions Down from 35% in 2014 ASIA Up from 96% in 2014 Down from 75% in % Asia Roadshows Up from 48% in % > 50 IR hosted one-on-one meetings Down from 86% in 2014 * Source: Extel WeConvene Survey

7 MARKET SIZE HOW DO YOU TARGET? $32 TOTAL EQUITY ASSETS held by global investment managers 22% ACTIVE ASSETS held by Euro institutions TRILLION 59% ACTIVE ASSETS held by U.S. institutions $24.8 TRILLION ACTIVE ASSETS managed globally 8,500 FIRMS that make up the institutional universe 30,000 MUTUAL FUNDS we follow around the globe 141,000 BUYSIDE CONTACTS tracked in our contact management system 7 Market Size

8 BUILDING A BALANCED TARGETING PLAN

9 ASSETS HIGHLY CONCENTRATED Concentrated at the top the top 100 funds account for half the actively managed assets of the largest 1,000 funds Opportunity within the tranche targeting these funds opens up another 30% of assets. Halo effect particularly for small-mid cap companies Top 1,000 Active Institutions in Descending Order by EAuM 9 TARGETING INTERNATIONAL INVESTORS

10 NORTH AMERICAN METROS BY TIER Note: EAuM based on active funds, excluding index and broker-dealers. 10 TARGETING INTERNATIONAL INVESTORS

11 HOW TO IDENTIFY KEY INVESTORS/PROSPECTS? Invested in direct sector peers Attracted to company s fundamentals sector agnostic Runs a global sector/regional fund with significant PP Bullish trends sector, geographical, regional, peers, fund inflows Tier 2 pool of assets, Halo effect and Small Cap targeting Uncover decision makers 11

12 LARGE PLAYERS IN SECONDARY MARKETS Large asset managers outside the main investment centers Solid anchors to a Tier 2 roadshow Sometimes an underweighted broker priority based on commission flow and not necessarily invested in your peers Institution Location Equity Assets ($B) Investment Style Turnover (%) Barrow Hanley Dallas, TX $50 Income Value 13% PNC Wealth Mgmt Philadelphia, PA $43 Core Growth 11% Marsico Capital Management Denver, CO $22 Core Growth 73% Chicago, Nuveen Asset Management IL/Minneapolis $13 Core Value 50% Favourable valuation and above market shareholder yield 12 TARGETING INTERNATIONAL INVESTORS

13 TARGET FRAMEWORK A target framework should cover both key holders to maintain and qualified target funds. Understand your current shareholders and consider both Risks and Opportunities. Prospects aligned with current and future strategy Holders to Maintain Targets to Develop Recommended Access Rank Description # Firms Description # Firms Description Core shareholders exhibiting risk e.g. top 50 holders 16 Highest impact and fit targets and holders with significant upside 38 1x1 meetings Warrant 1:1 management access Overinvest time and resources Medium to large holders with moderate risk or upside e.g High quality firms with medium compatibility/impact 69 1x1 or Small Group meetings Group or IR to proactively communicate with and warrant management access where appropriate Small or transient holders with moderate to no upside e.g. fast-money in top Good firms with low compatibility and impact 95 Small or Large Group meetings Pipeline builders, itinerary fillers, resource for market intelligence Top holder that is index/quant/passive - Do not meet Passive, Index, Quant, IR-immune TOTAL: TOTAL TARGETING INTERNATIONAL INVESTORS

14 CONSISTENT MEASUREMENT OUTCOME Jan 20XX - Mar 20XX Outcome measures the extent to which targeted investors bought or sold our stock versus our peers. YTD SHARE CHANGE (in millions) met not met Rank Shares Sold Net YTD Shares Bought ALL Tracking Conversion TOP BUYERS MET (in millions shares) TOP SELLERS NOT MET (in millions shares) Name Rank YTD Name Rank YTD Peer ($M) Barrow, Hanley, Mewhinney & Strauss, LLC 6.8 BlackRock Investment Management, LLC Goldman Sachs Asset Management (US) 6.0 TIAA-CREF Mitsubishi UFJ Trust and Banking Corporation 0.7 ING Investment Management (Netherlands) Adage Capital Management, L.P. 0.6 Principal Global Investors (Equity) Robeco Institutional Asset Management B.V. 0.5 BlackRock Investment Management (UK) Ltd. 0.5 UBS Global Asset Management (Switzerland) 0.2 Sumitomo Mitsui Trust Bank, Limited TARGETING INTERNATIONAL INVESTORS

15 KEY TAKEAWAYS - Pressures on the active management buy side and growth of passive investment mean the need for companies to be efficient and targeted in their dealings with investors is only going to grow. - An effective targeting plan strikes a balance of household names and tier 2 investors focus on those that may not show up on broker roadshow lists due to location or lower turnover and AuM. - Re-emergence of stock pickers is good news for investor relations teams work to define additional competitors and criteria for capital outside core industry peers to validate existing targets and uncover new opportunities. - Lay out a framework by priority and assign an appropriate level of access Think both Risks and Opportunities. This will make measuring the impact of your targeting efforts much easier. 15 TARGETING INTERNATIONAL INVESTORS

16 QUESTIONS? Disclaimer: "The opinions expressed in this (article/presentation) are those of the author and don t necessarily reflect those of Nasdaq." 16 TARGETING INTERNATIONAL INVESTORS

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