Global Equity Assets Report

Global Equity Assets Report GEAR Q3 2016 New York Raleigh London Paris Vienna Frankfurt Hong Kong Tokyo Cape Town www.ipreo.com

Introduction The Global Equity Assets Report (GEAR) is a global view of institutional asset flows within and across the world s major equity markets. The top-down view of asset flows can be used to inform investor relations strategy and help explain regional institutional ownership shifts in your own company and sector. Table of Contents Global Equity Asset Overview... 4 Geographic Investment Summary by Region... 5 Geographic Drill-Down:... 6 Geographic Investment Summary by Sector... 7 Sector Drill-Down: Global Basic Materials... 8 Global Consumer Goods... 9 Global Consumer Services... 10 Global Energy... 11 Global Financials... 12 Global Healthcare... 13 Global Industrials... 14 Global Technology... 15 Global Utilities... 16 2 All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 2017 Ipreo. All rights reserved.

Q3 Overview As global markets bounced back from the Brexit vote shock, the third quarter posted modest gains amid better than expected corporate earnings and steady economic data. Towards the latter end of the quarter, focus shifted back to interest rates (once again) as expectations of a hike from the Federal Reserve were bolstered by improving economic conditions. Additionally, the upcoming U.S. Presidential election continued to make its presence known and helped temper overall investor sentiment. Ownership Highlights Institutional assets, in USD terms, increased in all regions with seeing the largest jump (+6.7%) on a percentage basis amid a strong yen. Overall, total reported institutional assets increased by 3.8% sequentially. -based institutions controlled 52.7% of reported equity assets at the end of the third quarter, down slightly from 53.0% at the end of the second quarter. Seven of the nine sectors posted net inflows during the quarter, with Financials and Healthcare seeing the only outflows. Financials saw a net outflow of $7.9B during the quarter, reversing course from the $46.2B inflow seen in the prior quarter. Healthcare posted a withdrawal of $9.1B, building upon the $24.6B outflow seen in Q2 as Pharmaceuticals continues to face pressure on pricing. Ipreo will produce GEAR on a quarterly basis. We look forward to your feedback on the report and plan to make modifications to the report to ensure its usefulness in your investor relations and other corporate activities. If you would Institutions like additional that invest information passively on using the flow indexing of assets as specifically for your company, let us know. Please send any requests for more information and your feedback to capitalmarkets@ipreo.com 3 All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein. 2017 Ipreo. All rights reserved.

Global Equity Asset Overview Historical Trends in Reported Equities GEAR Q3 2016 Q3 Tot. Val. D: 4.0% Q3 Tot. Val. D: 3.3% Asia/ Pacific Ex. Q3 Tot. Val. D: 4.5% Q3 Tot. Val. D: 6.7% Middle East/ Africa Q3 Tot. Val. D: 3.0% Latin America Q3 Tot. Val D: 5.1% Historical Change in Reported Equity Assets by Region Total Reported Equity Assets Sequential Change in Total Reported Equity Assets (%) 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 24,462,912.3 23,689,509.8 23,443,710.7 23,738,132.8 22,915,635.1 3.26% 1.05% -1.24% 3.59% -9.58% 10,071,489.3 9,687,293.7 9,940,422.2 10,016,047.2 9,767,596.9 3.97% -2.55% -0.76% 2.54% -10.11% Asia/Pac. Ex. 7,494,531.9 7,169,212.6 7,147,833.3 7,489,714.9 6,852,682.9 Asia/Pac. Ex. 4.54% 0.30% -4.56% 9.30% -19.88% 2,432,032.3 2,279,786.9 2,217,005.3 2,295,936.7 1,991,835.6 6.68% 2.83% -3.44% 15.27% -8.50% Latin America 827,119.1 786,904.9 759,980.1 706,576.3 714,583.2 Latin America 5.11% 3.54% 7.56% -1.12% -16.92% Middle East/Africa 1,114,103.4 1,081,766.7 1,075,827.5 1,065,136.8 1,087,718.6 Middle East/Africa 2.99% 0.55% 1.00% -2.08% -12.15% Total: 46,402,188.3 44,694,474.5 44,584,779.1 45,311,544.6 43,330,052.3 Total: 3.82% 0.25% -1.60% 4.57% -11.64% The Ipreo global historical dataset includes some investor types not included throughout the remainder of the report. Aggregate figures presented above are to be interpreted as "all known equity assets," acknowledging that disclosure lags are more prevalent amongst some of the included entities. Performance and sequential change figures may appear understated relative to other data presented through the remainder of the report. Page 4

Geographic Investment Summary by Region Global Reported Investor Activity by Region GEAR Q3 2016 Net Buy & Sell Activity by Region Summary Points Security Domicile Region North America Asia/Pac. Ex. Middle East/Africa Latin America Asia/Pac. Ex. Middle East/Africa Latin America Total The third quarter saw continued buying momentum from the prior quarter as five of the six security regions recorded net capit al inflows. Latin America took the top spot in equity flows on a percentage basis after realizing a 1.1% increase during the quarter. Conversely, Europ e witnessed the only outflow, posting a loss of 0.5%, and changing direction from the 0.2% inflow seen in the prior quarter. also ch anged course this quarter, seeing an inflow of 0.4% following a 0.1% decline in the second quarter. Meanwhile, showed continued strength, posting a 0.8% inflow for the quarter following a 1.0% uptick in the second quarter. Meanwhile, posted the largest increase in dollar value invested (+8.1%) as the APAC ex. region trailed close behi nd with an increase of 7.6% in the third quarter. Additionally APAC ex. reported the greatest increase in portfolio allocation (+0.35%), while realized the largest drop with a 0.36% decrease. Notably, and Latin America were the only other two regions to record an increase in portfolio allocation by region, posting a 0.14% and 0.03% increase, respectively. Finally, noticed a decrease of 0.09% while the Middle East/Africa recorded a drop of 0.06%. 6.0% Security Domicile Region North Asia/Pac. Middle Latin America Ex. East/Africa America 0.2% -0.9% 2.3% 0.1% -0.7% 0.5% 1.4% -0.3% 3.3% -3.8% 3.7% 3.2% Asia/Pac. Ex. 2.9% -1.2% -0.1% 3.1% 0.5% 0.3% 2.3% -0.8% 2.2% 4.7% 5.0% -1.1% Middle East/Africa 4.6% -0.7% -1.1% -3.1% 0.2% -0.8% Latin America -12.1% 24.2% -2.4% -9.9% -11.5% 0.6% Total 0.4% -0.5% 1.0% 0.8% 0.4% 1.1% Measures only the actual buying/selling activity of institutions (excluding changes in the price of the underlying security). Arrows in the top table reflect the directionality of percent net buying or selling, and are intended to serve as a quick reference. Change in Dollar Value Invested by Region (%) 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Domicile Region Asia/Pac. Ex. Middle East/Africa Latin America Security Domicile Region North Asia/Pac. Middle Latin America Ex. East/Africa America 3.8% 3.1% 12.1% 7.4% 0.5% 4.7% 4.1% 4.5% 12.2% 3.3% 5.7% 8.8% Asia/Pac. Ex. 8.1% 2.8% 4.3% 9.9% 4.7% 21.5% 4.7% 1.9% 10.7% 12.1% 4.6% 4.6% Middle East/Africa 13.7% 8.4% 7.9% 1.1% -0.5% 17.2% Latin America 0.5% 29.6% 48.4% 1.0% -17.7% 9.2% Total 3.9% 4.0% 7.6% 8.1% 0.4% 7.1% Measures the overall change in dollar value (incorporating the changes in prices in underlying securities). Metric reflects a combination of price effect, overall equity allocation, and net activity. Change in Dollar Value (%) 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Domicile Region Asia/Pac. Ex. Middle East/Africa Latin America Portfolio Allocation Change by Region Security Domicile Region North Asia/Pac. Middle Latin America Ex. East/Africa America -0.29% -0.11% 0.34% 0.07% -0.02% 0.00% -0.28% -0.27% 0.58% -0.08% 0.00% 0.05% Asia/Pac. Ex. 0.26% -0.07% -0.30% 0.06% 0.00% 0.05% -1.34% -0.31% 0.04% 1.62% 0.00% -0.01% Middle East/Africa 0.60% 0.92% 0.34% 0.00% -1.95% 0.10% Latin America -0.93% 0.46% 0.41% 0.00% 0.00% 0.06% Total -0.36% -0.09% 0.35% 0.14% -0.06% 0.03% Measures the allocation adjustments between regions/sectors from the portfolio manager s standpoint (incorporating the changes in prices in underlying securities). Allocation Change (%) 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% -2.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Domicile Region Asia/Pac. Ex. Middle East/Africa Latin America Page 5

Geographic Drill-Down: Global Reported Investor Activity in n Equities GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 1,660,070.9 43,322.2 * BlackRock Fund Advisors 1,114,883.2 25,366.2 Millennium Management, LLC 49,704.7 10,494.8 * Geode Capital Management, LLC 192,860.9 8,058.8 Wells Fargo Bank N.A. (Asset Management) 68,195.4 8,004.9 Sub Total 3,085,715.1 95,246.9 * State Street Global Advisors, LTD 30,460.7 9,750.0 Natixis Asset Management 9,796.2 3,000.3 Nordea Investment Management (Denmark) 36,484.1 2,534.3 Royal London Asset Management, LTD 6,875.8 2,151.1 APG Asset Management N.V. 55,224.6 2,047.3 Sub Total 138,841.4 19,483.0 Korea Investment Corporation 17,840.5 1,243.4 Sumitomo Mitsui Asset Management Co., LTD 4,492.2 1,150.5 * Vanguard Investments Australia, LTD 15,594.3 1,041.4 Mitsubishi UFJ Trust & Banking Corporation 45,674.7 977.8 Mizuho Asset Management Company, LTD 15,164.4 886.0 Investors Sub Total 98,766.1 5,299.1 Fidelity Management & Research Company 653,421.8-14,350.5 J.P. Morgan Private Bank 76,950.5-5,773.9 Grantham Mayo Van Otterloo & Co., LLC 18,652.4-4,129.1 Jennison Associates, LLC 85,607.1-3,046.5 Harris Associates, L.P. 44,410.6-2,893.8 Sub Total 879,042.4-30,193.8 AEGON Asset Management N.V. (Netherlands) 4,783.1-3,803.6 AP 1/Första AP-Fonden 1,982.3-2,729.9 Banque Lombard Odier & Cie S.A. 5,484.5-1,769.7 Deutsche Asset Management (UK), LTD 751.9-1,552.4 Goldman Sachs Asset Mgmt. Int'l, LTD (U.K.) 4,610.5-1,190.1 Legend Sub Total 17,612.2-11,045.7 BlackRock Investment Mgmt., LTD (Australia) 6,829.7-415.3 * BlackRock Asset Management North Asia, LTD 501.8-248.6 Platinum Asset Management 3,071.4-180.9 DIAM Company, LTD 9,979.2-174.8 Tybourne Capital Management (Hong Kong), LTD 2,004.9-170.9 Sub Total 22,387.0-1,190.5 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in n Equities Country $180,000 Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change $161,082.5 United States 16,512,689.2 38,245.5 Sweden 102,353.4-2,209.6 United States 16,512,689.2 38,245.5 2.6% $160,000 United Kingdom 1,002,775.8 18,025.0 Bahamas 13,350.0-1,367.0 United Kingdom 1,002,775.8 18,025.0 5.0% 258,222.0 5,737.0 Chile 3,989.6-1,353.9 258,222.0 5,737.0 4.7% $140,000 Germany 106,068.2 3,109.2 Netherlands 124,738.6-903.7 Germany 106,068.2 3,109.2 5.8% France 97,574.0 2,382.8 Canada 906,964.1-236.8 France 97,574.0 2,382.8 6.8% $120,000 Denmark 63,240.8 2,331.7 Brazil 2,484.5-196.1 Norway 212,107.9 345.3 0.4% $100,000 South Korea 33,214.5 2,293.5 Guernsey 997.4-104.7 Singapore 27,732.3 332.0 9.5% Australia 92,683.5 1,731.7 Luxembourg 13,066.1-95.1 Canada 906,964.1-236.8 2.0% $80,000 $74,715.3 n Summary Notes Switzerland 204,326.4 903.1 Jersey 223.7-58.0 Netherlands 124,738.6-903.7 1.5% United Arab Emirates 4,356.6 855.4 Isle of Man 87.1-31.9 Sweden 102,353.4-2,209.6 0.9% $60,000 $40,000 Equity investment in increased considerably during Q3, reporting an inflow of $74.7B, and reversing course from the prior quarter s $15.5B outflow. Geographically, shareholders in the United States were the top net buyers, adding $38.2B to its holdings, including large investments by The Vanguard Group, Inc. and BlackRock Fund Advisors who contributed $43.3B and $25.4B $20,000 to the region, respectively. Separately, State Street Global Advisors, LTD rotated in $9.8B and led the an region, while s Korea Investment Corporation rotated $1.2B into $1,749.5 n securities. Meanwhile, Sweden s $2.2B sell-off took the top spot as the largest withdrawal during the quarter. From that region, AP 1/Första AP-Fonden witnessed a $2.7B decrease in n holdings. Elsewhere, AEGON Asset Management N.V. (Netherlands) also contributed to an outflow of $3.8B. Lastly, BlackRock Investment Mgmt., LTD (Australia) and BlackRock Asset Management North Asia, LTD shed $415.3M and $248.6M in n securities, respectively, during the quarter, making them the top two largest sell ers from the region. -$20,000 -$40,000 -$14,833.9 -$15,453.1 Page 6

Geographic Investment Summary by Sector Global Reported Investor Activity by Sector GEAR Q3 2016 Net Buy & Sell Activity by Sector Security Sector Basic Consumer Consumer Materials Goods Services Energy Financials Healthcare Indust. Tech. Utilities Asia/Pac. Ex. Middle East/Africa Latin America Total Summary Points Capital flows continued to remain mixed in Q3, as all sectors experienced a combination of inflows and outflows across invest or regions. was the most bullish region as it posted inflows in eight of the nine sectors. Conversely,, Asia/Pac. Ex., and th e Middle East/Africa investors expressed bearish sentiment with outflows seen across five of the nine sectors. On a sector-by-sector basis, Financials and Healthcare saw net outflows, with Healthcare s 0.2% outflow being the largest. The remaining sectors experienced inflows with Energy seeing the largest ju mp with a 0.7% increase. Meanwhile, the dollar value invested jumped substantially in eight of the nine sectors, and improved from the previous quarte r. The dollar value invested by sector increased an average of 3.36% this quarter, compared to the 1.31% average increase seen in Q2. The steepest gain wa s realized in the Technology sector as it climbed 6.9%, while Utilities saw the only decline as it dipped 3.6%. Finally, four of the nine secto rs observed net increases in portfolio allocation, led by Technology s 0.47% gain and Financials 0.17% increase. Healthcare and Utilities saw the largest declines in allocation during the quarter, with losses of 0.40% and 0.28%, respectively. Basic Materials Consumer Goods Security Sector Consumer Services Energy Financials Healthcare Indust. Tech. Utilities -0.2% 0.4% -0.4% 1.1% -0.3% -0.4% 0.0% 0.7% 1.2% 0.8% 0.3% 0.6% 0.1% -0.4% 0.1% 0.3% 0.2% -0.6% Asia/Pac. Ex. -0.2% -0.2% 0.4% -0.3% 0.1% -0.5% 0.4% -0.1% 0.4% 2.1% 0.9% 2.3% 2.2% 1.7% 0.8% 0.1% 2.0% -0.9% Middle East/Africa -1.4% -0.7% 1.0% 0.4% 1.3% -1.0% -0.5% -0.1% 0.1% Latin America 3.6% 0.2% -1.2% 0.3% 0.6% 0.3% 1.0% -2.3% 1.0% Total 0.1% 0.3% 0.0% 0.7% -0.1% -0.2% 0.1% 0.6% 0.5% Measures only the actual buying/selling activity of institutions (excluding changes in the price of the underlying security). Arrows in the top table reflect the directionality of percent net buying or selling, and are intended to serve as a quick reference. (%) 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Sector Basic Materials Consumer Goods Consumer Services Energy Financials Healthcare Indust. Tech. Utilities Change in Dollar Value Invested by Sector Basic Materials Consumer Goods Security Sector Consumer Services Energy Financials Healthcare Indust. Tech. Utilities 4.1% 1.0% 2.0% 3.2% 3.3% 0.2% 4.6% 8.2% -6.8% 11.5% 3.2% 5.1% 0.6% 6.4% 0.1% 7.5% 4.9% -2.2% Asia/Pac. Ex. 5.6% 6.0% 5.8% 5.0% 6.6% 3.3% 4.3% 3.7% 2.0% 18.4% 11.9% 6.1% 5.7% 7.2% -0.8% 10.5% 5.6% -0.2% Middle East/Africa 0.3% 4.6% 12.6% 3.6% 3.3% -3.9% 3.4% 8.8% -7.3% Latin America 34.5% 16.7% 2.5% 31.1% 10.8% 5.2% 2.9% 1.1% 4.8% Total 6.7% 3.2% 3.2% 3.3% 4.8% 0.3% 5.5% 6.9% -3.6% Measures the overall change in dollar value (incorporating the changes in prices in underlying securities). Metric reflects a combination of price effect, overall equity allocation, and net activity. Change in Dollar Value (%) 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Sector Basic Materials Consumer Goods Consumer Services Energy Financials Healthcare Indust. Tech. Utilities Portfolio Allocation Change by Sector Basic Materials Consumer Goods Security Sector Consumer Services Energy Financials Healthcare Indust. Tech. Utilities 0.03% -0.23% -0.15% 0.01% 0.04% -0.39% 0.15% 0.85% -0.31% 0.30% -0.16% 0.08% -0.28% 0.41% -0.44% 0.33% 0.08% -0.30% Asia/Pac. Ex. 0.03% 0.08% 0.04% -0.02% 0.41% -0.07% -0.10% -0.20% -0.16% 0.49% 0.77% -0.22% -0.04% -0.14% -0.63% 0.29% -0.39% -0.13% Middle East/Africa -0.57% 0.03% 0.56% -0.02% -0.27% -0.15% -0.04% 0.99% -0.53% Latin America 0.71% 0.25% -0.49% 2.58% -0.59% -0.15% -0.61% -0.26% -1.45% Total 0.11% -0.09% -0.09% -0.05% 0.17% -0.40% 0.16% 0.47% -0.28% Measures the allocation adjustments between regions/sectors from the portfolio manager s standpoint (incorporating the changes in prices in underlying securities). Allocation Change (%) 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% -2.0% Asia/Pac. Ex. Middle East/Africa Latin America Security Sector Basic Materials Consumer Goods Consumer Services Energy Financials Healthcare Indust. Tech. Utilities Page 7

Sector Drill-Down: Global Basic Materials Global Reported Investor Activity in the Basic Materials Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 75,965.0 2,837.5 Van Eck Associates Corporation 19,103.1 2,265.9 * BlackRock Fund Advisors 49,082.6 1,298.7 Wellington Management Company, LLP 9,961.3 638.1 Highfields Capital Management, L.P. 1,132.9 403.2 Sub Total 155,244.8 7,443.4 * BlackRock Advisors (U.K.), LTD 7,625.0 484.4 BlackRock Investment Management (U.K.), LTD 24,004.7 385.9 Flossbach von Storch AG 600.1 295.2 Amundi Asset Management S.A. 3,624.3 286.0 SEB Investment Management AB 1,187.3 275.8 Sub Total 37,041.4 1,727.3 Daiwa SB Investments, LTD () 740.8 377.3 Nikko Asset Management Company, LTD 3,823.2 376.3 Tianhong Asset Management Company, LTD 372.4 226.3 Sumitomo Mitsui Trust Bank, LTD 4,015.4 217.7 Sumitomo Mitsui Trust Asset Mgmt. Company, LTD 2,471.7 193.7 Investors Sub Total 11,423.4 1,391.3 T. Rowe Price Associates, Inc. 12,050.9-1,213.7 Glenview Capital Management, LLC 1,014.9-1,037.0 Pershing Square Capital Management, L.P. 951.7-537.6 Fidelity Management & Research Company 22,943.6-523.8 Orbis Investment Management, LTD 1,863.0-515.0 Sub Total 38,824.1-3,827.1 * Lyxor Asset Management S.A. 2,433.0-451.4 Norges Bank Investment Management (Norway) 26,199.6-395.9 Bpifrance Participations S.A. 393.7-270.5 Silchester International Investors, LLP 1,609.0-182.3 Schroder Investment Management, LTD 5,787.5-176.5 Legend Sub Total 36,422.7-1,476.6 Colonial First State Global Asset Management 2,484.4-630.3 Schroder Investment Management (Australia), LTD 1,252.6-125.9 Yuanta Security Investment Trust Company 210.2-118.4 Lombarda China Fund Management Company, LTD 464.1-80.1 Platinum Asset Management 422.1-76.1 Sub Total 4,833.5-1,030.7 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change 107,100.9 2,243.8 South Africa 18,323.1-1,392.8 107,100.9 2,243.8 18.4% United Kingdom 171,885.2 1,636.0 United States 681,157.2-944.7 United Kingdom 171,885.2 1,636.0 11.5% Sweden 13,995.4 778.4 South Korea 31,586.8-799.7 Sweden 13,995.4 778.4 16.3% China 169,213.8 771.3 France 25,239.7-577.7 Germany 34,537.4 711.5 14.1% Germany 34,537.4 711.5 Norway 36,544.0-507.9 Singapore 10,211.9 332.3 16.6% Singapore 10,211.9 332.3 Bermuda 1,909.4-507.4 Netherlands 12,697.5 121.0 9.6% Brazil 8,046.1 276.9 Bahamas 2,192.3-319.6 Canada 63,446.6-195.5 0.4% Spain 4,867.4 184.5 India 31,837.9-314.5 Norway 36,544.0-507.9 9.9% Finland 4,068.2 146.4 Australia 20,398.6-256.6 France 25,239.7-577.7 7.5% Luxembourg 4,074.9 143.3 Canada 63,446.6-195.5 United States 681,157.2-944.7 4.6% Sub Total 528,001.1 7,224.4 Sub Total 912,635.6-5,816.5 $15,000 $10,000 $5,000 -$5,000 -$10,000 -$15,000 $9,818.1 -$9,040.3 $366.8 $9,405.1 $1,528.1 Page 8

Sector Drill-Down: Global Consumer Goods Global Reported Investor Activity in the Consumer Goods Sector GEAR Q3 2016 n Investors an Investors Top Institutional Millennium Management, LLC 10,758.7 7,375.6 * The Vanguard Group, Inc. 235,674.3 5,351.9 * BlackRock Fund Advisors 151,515.2 3,416.4 MFS Investment Management 35,687.5 1,656.4 Oaktree Capital Management, L.P. 1,598.3 1,212.8 Sub Total 435,234.0 19,013.1 Genesis Investment Management, LLP 7,006.2 1,713.3 Robeco Institutional Asset Management B.V. 5,744.1 1,159.6 APG Asset Management N.V. 18,783.2 732.1 Bluecrest Capital Management (Switzerland) 816.3 666.9 Flossbach von Storch AG 4,390.5 601.0 Sub Total 36,740.4 4,872.9 Nomura Asset Management Company, LTD 22,041.9 1,150.9 Daiwa Asset Management Company, LTD 9,992.2 859.3 Nikko Asset Management Company, LTD 10,534.0 734.9 Sunshine Insurance Group Corp., LTD (Investment) 1,299.4 468.8 Sumitomo Mitsui Trust Bank, LTD 14,946.7 372.0 Investors Sub Total 58,814.2 3,585.9 Fidelity Management & Research Company 81,429.2-3,697.9 Capital World Investors (U.S.) 72,330.0-2,499.0 BlackRock Advisors, LLC 25,538.5-1,678.6 Harris Associates, L.P. 14,430.4-1,611.0 Grantham Mayo Van Otterloo & Co., LLC 7,708.6-1,358.2 Sub Total 201,436.8-10,844.8 BlackRock Investment Management (U.K.), LTD 35,760.9-1,608.8 INVESCO Asset Management, LTD (U.K.) 9,008.0-712.4 SEB Investment Management AB 3,480.1-485.0 AEGON Asset Management N.V. (Netherlands) 1,315.4-382.8 * Assenagon GmbH 2,622.2-371.4 Legend Sub Total 52,186.6-3,560.5 CDH Investments Management (Hong Kong), LTD 3,848.4-1,250.9 Samsung Asset Management Company, LTD 3,168.6-196.3 Yuanta Security Investment Trust Company 567.7-186.0 Korea Value Asset Management 797.2-185.8 Mirae Asset Global Investments Company, LTD 2,907.8-182.3 Sub Total 11,289.7-2,001.2 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change United States 2,178,024.6 8,988.2 South Korea 169,785.5-2,812.1 United States 2,178,024.6 8,988.2 0.9% 424,791.7 3,830.0 Hong Kong 54,028.2-1,351.4 424,791.7 3,830.0 11.9% China 135,822.8 2,118.0 Canada 90,803.0-893.0 Netherlands 43,718.5 1,503.2 6.3% Netherlands 43,718.5 1,503.2 Sweden 60,983.2-666.8 France 94,993.1 775.4 6.4% Switzerland 113,272.6 808.1 United Kingdom 518,521.5-602.3 Germany 71,387.4 653.4 5.7% France 94,993.1 775.4 Bahamas 4,866.1-433.9 Singapore 38,986.5 448.7 9.2% India 57,658.1 687.5 South Africa 15,000.6-227.3 Norway 86,318.7 56.2 5.9% Germany 71,387.4 653.4 Taiwan 13,429.0-210.4 United Kingdom 518,521.5-602.3 1.3% Denmark 18,683.8 449.0 Mexico 1,999.8-148.4 Sweden 60,983.2-666.8 4.6% Singapore 38,986.5 448.7 Australia 14,801.3-102.0 Canada 90,803.0-893.0 2.6% Sub Total 3,177,339.1 20,261.5 Sub Total 944,218.1-7,447.8 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 -$10,000 $53,625.0 $12,452.7 -$2,726.8 $8,150.0 $13,971.5 Page 9

Sector Drill-Down: Global Consumer Services Global Reported Investor Activity in the Consumer Services Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 266,637.6 7,036.0 * BlackRock Fund Advisors 176,621.1 6,156.7 T. Rowe Price Associates, Inc. 101,363.2 2,248.3 Lone Pine Capital, LLC (U.S.) 8,678.9 2,197.9 Barrow Hanley Mewhinney & Strauss, LLC 7,243.4 1,694.1 Sub Total 560,544.2 19,332.9 Nordea Investment Management (Denmark) 8,946.0 1,399.6 Genesis Investment Management, LLP 3,611.0 1,270.3 HSBC Global Asset Management (U.K.), LTD 8,606.7 1,167.9 * State Street Global Advisors, LTD 13,093.0 1,126.2 Natixis Asset Management 4,576.9 656.4 Sub Total 38,833.6 5,620.4 Nomura Asset Management Company, LTD 17,302.8 1,673.1 Sumitomo Mitsui Trust Bank, LTD 8,156.8 1,018.1 * BlackRock Company, LTD 7,807.6 863.2 Nikko Asset Management Company, LTD 7,990.1 812.2 Daiwa Asset Management Company, LTD 8,023.2 807.2 Investors Sub Total 49,280.6 5,173.9 Fidelity Management & Research Company 122,785.1-3,989.9 Capital World Investors (U.S.) 95,608.4-2,909.5 Jennison Associates, LLC 21,246.3-2,056.9 Russell Investment Management Company 6,617.3-1,062.8 J.P. Morgan Investment Management, Inc. 35,812.3-1,062.8 Sub Total 282,069.3-11,081.9 BlackRock Investment Management (U.K.), LTD 39,007.1-1,700.3 Newton Investment Management, LTD 7,870.3-814.0 J.P. Morgan Asset Management (UK), LTD 14,519.8-658.0 AEGON Asset Management N.V. (Netherlands) 1,089.6-580.7 * Lyxor Asset Management S.A. 3,691.9-565.9 Legend Sub Total 66,178.8-4,318.9 Temasek Holdings Pte., LTD 11,324.1-1,503.2 Fidelity Management & Research (Hong Kong), LTD 1,533.6-308.9 Hillhouse Capital Management, LTD 3,429.5-285.6 J.P. Morgan Asset Management (), LTD 1,219.1-261.9 Tybourne Capital Management (Hong Kong), LTD 1,480.8-194.1 Sub Total 18,987.2-2,553.7 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change 248,018.9 5,543.1 United States 2,827,600.2-12,318.4 248,018.9 5,543.1 6.1% United Kingdom 479,954.7 3,161.9 Singapore 35,268.4-878.6 United Kingdom 479,954.7 3,161.9 5.6% China 118,260.8 1,607.0 Germany 37,563.7-357.9 Canada 115,564.1 1,265.8 3.8% Denmark 18,201.4 1,527.7 Brazil 5,705.6-332.1 Norway 72,579.8 603.9 3.6% Canada 115,564.1 1,265.8 Luxembourg 5,690.6-304.3 France 62,159.2 157.1 5.5% Australia 47,354.0 1,093.9 Hong Kong 36,302.9-271.8 Sweden 55,661.4 6.2 4.5% Qatar 8,503.4 604.9 South Korea 25,850.0-234.0 Netherlands 32,274.5-36.8 3.3% Norway 72,579.8 603.9 Poland 2,645.4-221.3 Germany 37,563.7-357.9 3.1% Mexico 4,683.5 325.6 Kuwait 3,721.2-210.7 Singapore 35,268.4-878.6 2.2% Switzerland 46,746.4 305.9 Bahamas 3,315.7-122.9 United States 2,827,600.2-12,318.4 2.0% Sub Total 1,159,866.9 16,039.8 Sub Total 2,983,663.8-15,252.0 $20,000 $15,000 $10,000 $5,000 -$5,000 -$10,000 -$15,000 -$20,000 -$25,000 -$30,000 -$35,000 -$4,527.5 $15,499.1 -$28,446.3 -$2,872.6 $1,415.5 Page 10

Sector Drill-Down: Global Energy Global Reported Investor Activity in the Energy Sector GEAR Q3 2016 n Investors an Investors Top Institutional Capital World Investors (U.S.) 50,006.2 4,940.9 * The Vanguard Group, Inc. 141,068.7 3,905.6 * BlackRock Fund Advisors 86,828.9 2,730.8 Citadel Advisors, LLC 3,319.2 1,297.5 Deutsche Investment Management Americas, Inc. 1,939.9 872.5 Sub Total 283,162.8 13,747.3 Natixis Asset Management 4,226.2 460.8 * Vanguard Asset Management, LTD 1,668.2 438.6 Schroder Investment Management, LTD 7,567.9 434.1 * State Street Global Advisors, LTD 7,718.5 395.6 APG Asset Management N.V. 8,210.0 368.1 Sub Total 29,390.7 2,097.1 Sumitomo Mitsui Trust Asset Mgmt. Company, LTD 5,476.4 346.0 BT Investment Management 424.5 335.1 AMP Capital Investors, LTD 1,707.6 264.1 Nikko Asset Management Company, LTD 1,006.7 180.8 RARE Infrastructure, LTD 635.3 157.3 Investors Sub Total 9,250.4 1,283.2 RREEF America, LLC 2,081.4-864.0 Templeton Global Advisors, LTD 5,423.3-736.3 Corvex Management, L.P. 600.9-703.5 Zimmer Partners, L.P. 1,743.9-703.2 J.P. Morgan Private Bank 3,622.8-694.1 Sub Total 13,472.3-3,701.2 BlackRock Investment Management (U.K.), LTD 23,932.8-3,036.3 Henderson Global Investors, LTD (U.K.) 2,689.4-360.8 AEGON Asset Management N.V. (Netherlands) 598.9-336.6 Swedbank Robur Fonder AB 1,628.3-268.0 Gulf International Bank (U.K.), LTD 757.4-246.0 Legend Sub Total 29,606.8-4,247.7 Perpetual Investment Management, LTD 974.4-105.7 * Hang Seng Investment Management, LTD 1,165.1-86.8 E Fund Management Company, LTD 663.1-80.8 Birla Sun Life Asset Management Company, LTD 468.4-69.9 Life Insurance Corporation of India 13,276.9-69.4 Sub Total 16,547.9-412.5 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change United States 1,459,640.2 17,293.9 United Kingdom 210,148.3-3,593.7 United States 1,459,640.2 17,293.9 3.2% Russian Federation 94,320.5 1,876.6 Hong Kong 20,802.5-1,524.6 France 41,497.9 1,324.0 3.1% France 41,497.9 1,324.0 Bahamas 5,611.9-732.5 Canada 141,361.7 1,248.0 3.5% Canada 141,361.7 1,248.0 China 255,500.0-554.3 34,755.5 758.5 5.7% 34,755.5 758.5 India 102,698.0-419.3 Norway 76,748.4 611.1 0.1% Australia 17,186.9 657.6 Sweden 10,397.1-396.5 Singapore 9,989.3 164.7 5.5% Norway 76,748.4 611.1 Malaysia 5,931.8-93.2 Germany 16,380.2 149.3 1.2% South Korea 14,046.3 290.2 Finland 1,979.1-60.9 Netherlands 17,560.8 23.7 2.2% Italy 19,805.9 210.3 Spain 7,260.0-58.3 Sweden 10,397.1-396.5-2.9% Switzerland 25,180.7 207.2 Greece 581.7-54.7 United Kingdom 210,148.3-3,593.7-1.6% Sub Total 1,924,544.1 24,477.5 Sub Total 620,910.3-7,487.9 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $15,516.4 $9,255.3 $28,723.2 $17,475.5 $17,852.5 Page 11

Sector Drill-Down: Global Financials Global Reported Investor Activity in the Financials Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 475,608.6 11,726.8 * BlackRock Fund Advisors 313,871.6 9,970.5 * Geode Capital Management, LLC 42,670.5 1,866.3 * Invesco PowerShares Capital Management, LLC 14,661.2 1,414.7 Principal Global Investors, LLC 27,705.3 1,235.6 Sub Total 874,517.2 26,213.9 * BlackRock Advisors (U.K.), LTD 36,474.7 4,706.9 Standard Life Investments, LTD (U.K.) 19,326.7 1,657.7 Genesis Investment Management, LLP 8,268.8 1,603.2 APG Asset Management N.V. 39,109.3 941.9 Tikehau Investment Management 853.4 790.7 Sub Total 104,033.0 9,700.5 Mizuho Asset Management Company, LTD 17,098.6 1,222.3 Perpetual Investment Management, LTD 5,593.4 918.0 Nomura Asset Management Company, LTD 15,720.6 795.8 DIAM Company, LTD 17,203.0 588.2 Daiwa Asset Management Company, LTD 23,078.0 524.8 Investors Sub Total 78,693.6 4,049.2 PIMCO - Pacific Investment Management Company 4,958.0-6,625.6 Russell Investment Management Company 13,296.9-2,370.7 Loomis Sayles & Company, L.P. 5,263.5-1,846.4 Fidelity Management & Research Company 147,683.8-1,371.6 Harris Associates, L.P. 29,610.1-1,231.1 Sub Total 200,812.3-13,445.4 INVESCO Asset Management, LTD (U.K.) 29,879.3-5,714.8 BlackRock Investment Management (U.K.), LTD 61,148.2-2,165.7 * Lyxor Asset Management S.A. 10,059.0-1,003.5 * State Street Global Advisors, LTD 23,167.3-903.0 AP 1/Första AP-Fonden 2,444.6-888.0 Legend Sub Total 126,698.3-10,675.0 * Hang Seng Investment Management, LTD 8,180.4-549.1 Life Insurance Corporation of India 16,458.1-461.4 HDFC Asset Management Company, LTD 3,437.3-416.3 * BlackRock Company, LTD 9,523.0-402.4 Aberdeen Asset Management Asia, LTD 6,684.5-360.8 Sub Total 44,283.3-2,190.0 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change 373,852.8 6,074.7 United States 3,954,831.6-12,275.9 373,852.8 6,074.7 7.2% China 837,946.3 2,845.8 Germany 82,295.5-5,022.6 Sweden 106,076.7 1,125.5 10.5% South Africa 57,911.8 1,322.3 Hong Kong 172,264.1-1,932.5 United Kingdom 740,501.5 590.4 6.9% Sweden 106,076.7 1,125.5 Spain 77,945.9-1,908.1 Singapore 111,405.4 167.6 6.0% United Arab Emirates 44,553.7 887.2 Canada 350,339.0-1,443.0 Netherlands 88,144.3-368.6 5.6% Denmark 27,877.7 833.2 France 149,429.5-973.8 Norway 150,729.4-425.4 5.5% Qatar 47,115.7 695.2 Norway 150,729.4-425.4 France 149,429.5-973.8 9.7% United Kingdom 740,501.5 590.4 Netherlands 88,144.3-368.6 Canada 350,339.0-1,443.0 1.4% India 112,969.6 477.3 Philippines 25,940.6-307.8 Germany 82,295.5-5,022.6-1.0% Australia 101,303.5 467.6 Kuwait 11,968.0-243.0 United States 3,954,831.6-12,275.9 3.4% Sub Total 2,450,109.2 15,319.3 Sub Total 5,063,887.9-24,900.8 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 -$10,000 -$20,000 -$30,000 $48,967.8 $18,906.3 -$20,727.7 $46,227.5 -$7,901.4 Page 12

Sector Drill-Down: Global Healthcare Global Reported Investor Activity in the Healthcare Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 255,758.1 6,515.9 * BlackRock Fund Advisors 176,304.4 4,519.9 * Geode Capital Management, LLC 29,972.7 1,397.6 Deutsche Bank Trust Company Americas 7,721.1 857.9 Delaware Investments 8,152.4 691.9 Sub Total 477,908.6 13,983.2 Baillie Gifford & Company, LTD 13,883.0 1,069.3 * State Street Global Advisors, LTD 13,378.2 982.5 Nordea Investment Management (Denmark) 12,351.0 705.3 APG Asset Management N.V. 12,941.6 699.8 Robeco Institutional Asset Management B.V. 2,520.2 420.5 Sub Total 55,074.1 3,877.6 Nomura Asset Management Company, LTD 8,843.0 454.7 Daiwa Asset Management Company, LTD 4,004.4 341.5 * BlackRock Company, LTD 5,856.8 234.9 * Vanguard Investments Australia, LTD 3,268.6 202.2 Korea Investment Corporation 2,107.6 170.0 Investors Sub Total 24,080.5 1,403.3 Fidelity Management & Research Company 125,944.3-5,222.0 T. Rowe Price Associates, Inc. 97,626.2-2,378.9 Viking Global Investors, L.P. 3,365.0-1,604.5 Wellington Management Company, LLP 113,656.7-1,465.0 J.P. Morgan Private Bank 5,618.3-1,417.7 Sub Total 346,210.4-12,088.1 Henderson Global Investors, LTD (U.K.) 7,054.4-969.3 Fidelity Int'l Limited - FIL Investment Svcs. (U.K.), LTD 10,473.5-815.6 BlackRock Investment Management (U.K.), LTD 37,483.9-565.0 AEGON Asset Management N.V. (Netherlands) 1,031.6-545.8 Artemis Fund Managers, LTD 2,226.1-483.6 Legend Sub Total 58,269.5-3,379.3 GIC Asset Management Pte., LTD 2,370.1-742.6 Colonial First State Global Asset Management 3,028.4-467.9 Nikko Asset Management (Asia), LTD 374.6-319.1 J.P. Morgan Asset Management (), LTD 1,222.5-308.9 Kunwu Jiuding Capital Co. Ltd. 395.5-135.8 Sub Total 7,391.0-1,974.3 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change Germany 53,086.9 1,104.5 United States 2,704,243.2-10,694.0 Germany 53,086.9 1,104.5 3.2% 138,229.8 1,081.9 United Kingdom 356,846.0-2,870.0 138,229.8 1,081.9-0.8% Switzerland 97,423.4 870.7 Sweden 41,698.2-968.1 Netherlands 28,377.2 767.8 4.0% Netherlands 28,377.2 767.8 Singapore 13,921.4-729.9 Canada 77,963.8 526.1 0.2% Denmark 31,286.6 610.4 Hong Kong 16,302.3-383.1 France 70,304.0 494.7 2.3% Canada 77,963.8 526.1 Australia 22,121.2-336.2 Norway 67,251.2 308.7-0.4% France 70,304.0 494.7 Luxembourg 5,254.3-197.5 Singapore 13,921.4-729.9-3.5% India 10,251.0 487.3 Israel 2,837.4-180.7 Sweden 41,698.2-968.1-2.0% Norway 67,251.2 308.7 South Korea 16,460.3-174.2 United Kingdom 356,846.0-2,870.0-0.3% Ireland 6,142.7 290.6 Thailand 1,812.9-115.2 United States 2,704,243.2-10,694.0 0.2% Sub Total 580,316.7 6,542.7 Sub Total 3,181,497.2-16,648.8 $50,000 $40,000 $30,000 $20,000 $10,000 -$10,000 -$20,000 -$30,000 $39,581.9 $4,295.1 -$4,951.4 -$9,084.6 -$24,574.2 Page 13

Sector Drill-Down: Global Industrials Global Reported Investor Activity in the Industrials Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 220,975.4 5,977.6 * BlackRock Fund Advisors 147,225.1 3,478.6 Fidelity Management & Research Company 65,821.5 1,254.5 Deutsche Bank Trust Company Americas 5,974.3 978.6 * Geode Capital Management, LLC 22,102.0 960.3 Sub Total 462,098.2 12,649.6 MFS International (U.K.), LTD 8,217.3 679.9 Nordea Investment Management (Denmark) 4,265.0 518.9 Amundi Asset Management S.A. 9,792.6 488.8 AMF Fonder AB 2,974.7 427.1 Cevian Capital AB 5,137.2 423.2 Sub Total 30,386.8 2,537.9 Nomura Asset Management Company, LTD 18,402.0 763.3 Daiwa Asset Management Company, LTD 8,120.4 648.1 Nikko Asset Management Company, LTD 9,061.9 475.5 Mitsubishi UFJ Kokusai Asset Management Co., LTD 4,897.7 280.8 * Vanguard Investments Australia, LTD 3,338.8 275.1 Investors Sub Total 43,820.8 2,442.8 Capital Research Global Investors (U.S.) 36,850.6-2,096.9 Harris Associates, L.P. 14,711.7-1,335.8 Russell Investment Management Company 5,106.3-1,083.8 Barrow Hanley Mewhinney & Strauss, LLC 8,411.8-979.6 J.P. Morgan Private Bank 3,868.5-870.7 Sub Total 68,949.0-6,366.9 * State Street Global Advisors, LTD 11,954.9-892.8 Schroder Investment Management, LTD 11,174.0-496.3 INVESCO Asset Management, LTD (U.K.) 7,870.6-483.7 AEGON Asset Management N.V. (Netherlands) 882.6-379.1 AP 1/Första AP-Fonden 1,414.4-340.0 Legend Sub Total 33,296.5-2,591.8 BBL Asset Management Company, LTD 383.9-369.0 Aberdeen Asset Management Asia, LTD 3,770.0-265.2 RARE Infrastructure, LTD 1,442.8-219.5 Perpetual Investment Management, LTD 1,740.9-168.1 Nalanda Capital Pte., LTD 908.7-137.7 Sub Total 8,246.4-1,159.5 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change China 301,904.3 2,064.7 Canada 104,661.0-828.7 Sweden 81,129.7 702.1 13.0% Switzerland 66,683.9 2,060.7 United Kingdom 333,005.8-537.6 Norway 70,625.9 502.3 8.2% Sweden 81,129.7 702.1 Thailand 21,242.5-449.9 246,505.4 329.8 10.5% Hong Kong 86,063.6 646.6 South Africa 8,528.3-413.6 Singapore 30,325.1 210.0 5.9% Norway 70,625.9 502.3 Spain 33,546.5-358.8 France 100,467.9 133.0 1.7% Denmark 13,553.6 435.4 Finland 15,292.0-229.6 United States 2,092,181.0-14.7 4.5% 246,505.4 329.8 Bahamas 2,962.3-220.7 Netherlands 23,942.6-104.6 6.0% Luxembourg 4,871.4 227.3 Greece 369.5-177.8 Germany 66,575.7-110.1 8.0% Australia 39,192.6 225.2 Malaysia 16,095.3-131.0 United Kingdom 333,005.8-537.6 6.6% Singapore 30,325.1 210.0 Philippines 35.6-120.8 Canada 104,661.0-828.7 6.3% Sub Total 940,855.5 7,404.1 Sub Total 535,738.7-3,468.5 $10,000 $5,000 -$5,000 -$10,000 -$15,000 -$20,000 -$2,044.0 -$4,979.2 -$14,807.7 $1,878.9 $4,801.1 Page 14

Sector Drill-Down: Global Technology Global Reported Investor Activity in the Technology Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 380,207.8 9,586.9 * BlackRock Fund Advisors 252,130.0 7,026.4 Wells Fargo Bank N.A. (Asset Management) 10,447.3 2,971.3 T. Rowe Price Associates, Inc. 108,048.6 2,416.4 * Geode Capital Management, LLC 45,332.6 1,940.7 Sub Total 796,166.2 23,941.7 * State Street Global Advisors, LTD 16,876.5 1,837.6 Genesis Investment Management, LLP 4,352.1 958.6 Amundi Asset Management S.A. 10,241.5 932.5 Nordea Investment Management (Denmark) 14,709.7 853.2 Newton Investment Management, LTD 10,818.9 751.7 Sub Total 56,998.8 5,333.5 Sumitomo Mitsui Trust Bank, LTD 4,613.2 2,213.5 Sumitomo Mitsui Asset Management Company, LTD 2,719.7 846.4 Nikko Asset Management Company, LTD 6,616.0 702.0 Nomura Asset Management Company, LTD 13,598.6 635.8 Daiwa Asset Management Company, LTD 7,004.7 499.0 Investors Sub Total 34,552.2 4,896.8 Harris Associates, L.P. 8,935.7-2,190.1 Dodge & Cox 26,533.8-1,812.5 J.P. Morgan Private Bank 9,069.1-1,608.6 Sands Capital Management, LLC 11,542.6-1,597.4 Primecap Management Company 33,233.5-1,562.9 Sub Total 89,314.7-8,771.5 BlackRock Investment Management (U.K.), LTD 46,358.8-1,865.8 Banque Lombard Odier & Cie S.A. 2,117.2-857.1 AEGON Asset Management N.V. (Netherlands) 1,488.8-839.9 Schroder Investment Management, LTD 16,623.5-601.8 Veritas Asset Management, LLP 3,818.2-589.0 Legend Sub Total 70,406.4-4,753.6 Platinum Asset Management 3,010.8-315.8 Caledonia (Private) Investments Pty., LTD 1,760.2-216.3 Advance Asset Management, LTD 705.8-212.1 KB Asset Management 946.4-182.2 State Street Global Advisors Asia, LTD 2,117.8-165.9 Sub Total 8,541.0-1,092.3 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change United States 3,736,479.4 27,419.7 Taiwan 43,801.9-1,149.5 United States 3,736,479.4 27,419.7 8.3% 336,781.9 6,645.7 Switzerland 70,341.5-725.8 336,781.9 6,645.7 5.6% United Kingdom 500,859.3 1,750.3 Spain 32,966.6-674.7 United Kingdom 500,859.3 1,750.3 4.6% Canada 163,273.0 944.0 Bermuda 5,970.7-516.4 Canada 163,273.0 944.0 6.3% Denmark 23,380.7 849.0 France 96,434.2-469.7 Singapore 68,285.5 611.9 0.1% Singapore 68,285.5 611.9 South Korea 51,068.7-361.2 Norway 98,561.7 585.0 4.1% Norway 98,561.7 585.0 Australia 41,531.7-353.1 Netherlands 44,264.7-84.7 6.9% Italy 8,281.0 491.2 Portugal 840.7-279.5 Sweden 67,335.6-115.0 3.5% India 73,467.3 418.3 Brazil 3,591.4-241.3 Germany 122,750.2-157.8 6.0% China 301,748.3 412.4 United Arab Emirates 6,444.0-211.0 France 96,434.2-469.7 4.8% Sub Total 5,311,118.1 40,127.5 Sub Total 352,991.3-4,982.1 $60,000 $40,000 $20,000 -$20,000 -$40,000 -$60,000 -$80,000 $3,950.8 $19,044.9 -$15,314.3 $35,408.9 -$68,939.9 Page 15

Sector Drill-Down: Global Utilities Global Reported Investor Activity in the Utilities Sector GEAR Q3 2016 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 74,639.8 2,469.1 * BlackRock Fund Advisors 56,589.5 2,054.8 T. Rowe Price Associates, Inc. 14,648.8 1,028.3 Franklin Advisers, Inc. 11,525.9 971.0 Capital Research Global Investors (U.S.) 18,931.7 742.2 Sub Total 176,335.7 7,265.4 * Lyxor Asset Management S.A. 2,179.6 786.3 * BlackRock Advisors (U.K.), LTD 5,267.4 660.1 Amundi Asset Management S.A. 3,193.2 576.3 * State Street Global Advisors, LTD 4,549.8 502.3 J.P. Morgan Asset Management (UK), LTD 4,420.3 496.1 Sub Total 19,610.2 3,021.0 Caitong Fund Management Company, LTD 392.8 162.5 RARE Infrastructure, LTD 1,991.3 150.3 Nomura Asset Management Company, LTD 1,322.6 129.3 Maple-Brown Abbott, LTD 199.2 77.4 Magellan Asset Management, LTD 856.2 74.2 Investors Sub Total 4,762.0 593.8 RREEF America, LLC 2,862.7-1,503.2 Arrowstreet Capital, L.P. 1,755.6-1,186.8 1832 Asset Management, L.P. 1,652.0-681.4 LSV Asset Management 2,719.9-510.2 Fidelity Management & Research Company 12,187.0-491.6 Sub Total 21,177.2-4,373.3 Caisse des Dépôts et Consignations 1,310.0-518.3 HSBC Global Asset Management (U.K.), LTD 1,523.3-443.8 INVESCO Asset Management, LTD (U.K.) 2,518.0-427.6 BlackRock Investment Management (U.K.), LTD 9,948.9-382.9 Old Mutual Global Investors (UK), LTD 208.1-339.4 Legend Sub Total 15,508.2-2,112.0 Mitsubishi UFJ Trust & Banking Corporation 2,121.0-264.9 Lazard Asset Management Pacific Company 1,356.5-69.5 DIAM Company, LTD 439.5-66.2 Aberdeen Asset Management Asia, LTD 210.3-45.8 * BlackRock Company, LTD 1,927.4-38.9 Sub Total 6,054.7-485.3 Top Net Top Net Porfolio Dollar Value Change (by Top Countries) Global Historical in Energy Equities Country Chg. (M$) Country Chg. (M$) Country Chg. (M$) Change United States 577,783.5 8,018.9 United Kingdom 96,119.2-2,060.3 United States 577,783.5 8,018.9-6.8% France 60,847.1 1,782.1 Spain 24,619.7-1,915.4 France 60,847.1 1,782.1 0.9% Brazil 21,608.9 652.9 Germany 22,055.2-456.9 Sweden 5,786.0 220.3-0.4% China 95,305.1 525.8 Canada 36,683.9-377.4 Singapore 7,159.5 168.7 1.3% Australia 12,675.9 372.9 Chile 13,890.9-345.5 Norway 18,344.5-23.4-1.2% Denmark 5,482.4 360.5 Netherlands 11,134.8-333.3 30,718.1-275.3-0.2% Portugal 2,011.1 288.0 Malaysia 16,868.3-283.1 Netherlands 11,134.8-333.3-7.1% Sweden 5,786.0 220.3 30,718.1-275.3 Canada 36,683.9-377.4-7.1% India 44,901.9 195.6 Hong Kong 26,906.7-93.9 Germany 22,055.2-456.9 4.3% Singapore 7,159.5 168.7 Luxembourg 1,527.2-66.4 United Kingdom 96,119.2-2,060.3-5.9% Sub Total 833,561.5 12,585.7 Sub Total 280,524.1-6,207.6 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $14,327.8 $8,091.0 $6,650.2 $10,366.1 $6,731.4 Page 16

Methodology GEAR Q3 2016 Throughout the report, Ipreo uses the following metrics to capture institutional investment across global money centers, countries, regions, and sectors: Net Buy & Sell Activity: Measures only the actual buying/selling activity of institutions (excluding changes in the price of the underlying security). Throughout the report, Net Buy/Sell Activity may be displayed directionally (up or down arrows) as well on a percent change basis (current quarter net activity divided by prior period total). Equation: ( All Shares Bought Over Period X End-of-Period Security Price) - ( All Shares Sold Over Period X End-of-Period Security Price) Change in Dollar Value Invested: Measures the overall change in value (incorporating the changes in prices in underlying securities and changes in total allocation to equities) Equation: ( All Shares Owned as of Current Period X End-of-Period Price) - ( All Shares Owned as of Prior Period End X End-of-Prior-Period Price) Portfolio Allocation Change: Measures the allocation adjustments between regions/sectors from the portfolio manager s standpoint (incorporating the changes in prices in underlying securities). Equation: [( All Shares Owned in Region/Sector as of Current Period x End-of-Period Price) / ( All Shares Owned Globally as of Current Period x End-of-Period Price)] - [( All Shares Owned in Region/Sector as of Prior Period x End-of-Prior-Period Price) / ( All Shares Owned Globally as of Prior Period x End-of-Prior-Period Price)] Ipreo s institutional ownership data is based on publicly-disclosed information, collected from such sources as regulatory ownership filings (including SEC forms 13F/D/G), disclosures made by mutual funds / pension funds to their beneficiaries, registration statements, news releases, and other sources. It should be noted that regulatory filings and other ownership sources vary widely country-by-country as to their completeness and timeliness. When an institutional investor s complete ownership is not disclosed by requirement, Ipreo aggregates and sums the publicly-filed portfolio information from the investor to arrive at a disclosed total equity figure. Data for the beginning and end of Q3 2016 can be considered a snapshot of the most current positions beginning 6/30/2016 and up to 9/30/2016, as were available as of 12/5/16. Page 14

To request more information, please contact: Robert Graham Lead Analyst Capital Markets Services Raleigh, NC 919.615.4516 robert.graham@ipreo.com