Global Equity Assets Report

Global Equity Assets Report GEAR Q3 2017 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 Ipreo produces GEAR on a quarterly basis. We appreciate any feedback on the report to make modifications to the report to ensure its usefulness in your activities. If you would like additional information on the flow of assets specifically for your company, let us know. Please send any requests for more information and your feedback to capitalmarkets@ipreo.com 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 Global markets continued to surge following third-quarter GDP growth in every region worldwide. The U.S. economy registered a GDP increase of 3.2%, increasing slightly from the prior-quarter s 3.1% GDP increase and besting the 2.8% increase seen in the prior-year period. The GDP gains are especially impressive, as they come subsequent to the massive devastation incurred by the U.S. economy from Hurricanes Harvey and Irma. The two storms were cited by the labor department as a major factor in the U.S. economy, causing a loss of 33,000 jobs in September, which is the first time in seven years that the economy had recorded a monthly fall in employment. Corporate Profits surged 5.7% in the third quarter with President Trump s new tax plan looming large, suggesting that companies are anticipating the benefits of tax cuts. Elsewhere, German politics are in dire straits as several political parties jockey for power following the re-election of Angela Merkel as chancellor. On the heels of her party s worst electoral performance since 1949, Chancellor Merkel of the centre-right CDU party is tasked with bringing the centre-left SPD leaders into the fold in order to form a stable government. Ownership Highlights Equity assets increased in all regions of the world in Q3. In the U.S., equity assets registered an increase of 5.0%, picking up steam from the prior-quarter s 3.0% increase and beating the 4.3% increase seen in the third quarter of 2016. The most impressive region by a wide margin was Latin America, which logged a staggering 10.4% increase in equity assets; this double-digit asset growth for Q3 comes right after the region recorded a 2.8% equity asset decrease in the second quarter. In terms of investor activity in n equities, The Vanguard Group, Inc. and BlackRock Fund Advisors dominated buying activity, purchasing $36.2B and $21.4B in equity assets, respectively. In contrast, the largest sellers of n equities were Fidelity Management & Research Company ($15.4B) and State Street Global Advisors (SSgA) ($15.3B). Observing all regions of the world in aggregate, the market realized net inflows in all nine sectors for the third quarter. Notably, the Technology and Utility sectors led all other sectors, growing 1.7% and 1.4%, respectively. During the third quarter, Latin America saw a significant decline in its dollar-value investment for Basic Materials, Energy, Financials, and Utilities, which all fell by double-digit percentages. Conversely, the region increased its dollar-value investment in the Healthcare and Technology sectors drastically, as sector investment climbed by 20.6% and 18.3%, respectively. As a whole, the Healthcare sector recorded the largest dollar-value investment change, rising by 9.4% in the third quarter. 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 2017 Q3 Tot. Val. D: 8.5% Q3 Tot. Val. D: 5.0% Asia/ Pacific Ex. Q3 Tot. Val. D: 5.1% Q3 Tot. Val. D: 3.7% Middle East/ Africa Q3 Tot. Val. D: 2.5% Latin America Q3 Tot. Val D: 10.4% Historical Change in Reported Equity Assets by Region Total Reported Equity Assets Sequential Change in Total Reported Equity Assets (%) 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016 28,908,329.8 27,536,584.6 26,748,116.9 25,229,399.8 24,680,295.9 4.98% 2.95% 6.02% 2.22% 4.30% 12,342,084.4 11,377,867.5 10,773,658.3 10,185,115.9 10,113,232.0 8.47% 5.61% 5.78% 0.71% 5.22% Asia/Pac. Ex. 9,001,031.7 8,567,206.6 8,237,686.6 7,482,792.8 7,582,287.2 Asia/Pac. Ex. 5.06% 4.00% 10.09% -1.31% 5.21% 2,860,737.1 2,758,655.8 2,626,015.9 2,512,796.9 2,461,708.8 3.70% 5.05% 4.51% 2.08% 7.75% Latin America 987,243.5 893,970.3 924,089.3 854,524.6 848,895.5 Latin America 10.43% -3.26% 8.14% 0.66% 6.16% Middle East/Africa 1,272,062.5 1,241,133.6 1,206,954.5 1,153,748.7 1,112,291.7 Middle East/Africa 2.49% 2.83% 4.61% 3.73% 2.15% Total: 55,371,488.9 52,375,418.4 50,516,521.5 47,418,378.7 46,798,711.0 Total: 5.72% 3.68% 6.53% 1.32% 4.80% 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 2017 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 Buying activity largely maintained course as compared to the prior quarter, as Q3 saw five of six geographical regions recorded net capital inflows. The only region to realize outflows during the quarter was the Middle East/Africa which noticed a 1.4% decrease in equity holdings amongst global institutional investors. Conversely, Latin America saw the greatest inflow as the region gained 2.0% during the third quarter. The region to see the second greatest third-quarter inflow was APAC ex. with a 1.1% quarterly gain, nearly doubling the 0.6% inflow seen in the second quarter. Meanwhile, noticed the smallest inflow with a 0.4% uptick, maintaining pace from the second quarter. Taking a look at change in dollar value invested on a regional basis, Latin America by far and away had the largest uptick, growing 16.6% during the third quarter, maintaining the blistering pace seen in the second quarter (+14.5%). The very distant runner up was APAC ex. which saw a healthy 6.9% jump in dollar value invested, significantly less than its 11.5% surge in Q2. In terms of portfolio allocation, three of six regions recorded increases, led by ex. (+0.21%) and trailed by Latin America (+0.12%). Elsewhere, saw the largest decrease in portfolio allocation with a 0.24% decline, with the Middle East/Africa not far behind recording a 0.14% decrease. 15.0% Security Domicile Region North Asia/Pac. Middle Latin America Ex. East/Africa America 1.0% 0.9% 1.5% -0.2% -6.5% 0.9% 0.8% 0.0% 0.6% 0.1% -1.2% 3.2% Asia/Pac. Ex. 1.9% 1.7% 1.0% 1.7% -2.2% 0.6% 0.7% 0.6% 2.7% 2.4% -9.8% 1.8% Middle East/Africa -6.9% -0.1% -0.9% 0.5% 0.1% -2.9% Latin America 18.3% 1.4% 1.5% -18.9% 21.1% 4.1% Total 1.0% 0.4% 1.1% 1.0% -1.4% 2.0% 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 (%) 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 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 4.8% 5.6% 7.9% 3.1% -10.9% 13.9% 4.1% 5.4% 5.6% 3.0% -2.3% 15.7% Asia/Pac. Ex. 4.1% 7.6% 6.9% -1.6% -2.0% 26.2% 4.5% 3.7% 3.5% 6.4% -23.3% 13.6% Middle East/Africa -3.0% 6.8% 1.1% 10.8% -1.6% 16.2% Latin America 23.4% 4.5% 33.4% -13.3% -53.2% 24.6% Total 4.7% 5.5% 6.9% 4.4% -3.6% 16.6% 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% -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 -0.17% 0.07% 0.15% -0.04% -0.08% 0.08% -0.25% 0.21% 0.05% -0.09% -0.06% 0.13% Asia/Pac. Ex. -0.19% 0.04% 0.22% -0.10% -0.01% 0.05% -0.30% -0.06% -0.05% 0.43% -0.02% 0.01% Middle East/Africa -0.16% 1.12% 0.06% 0.03% -1.17% 0.13% Latin America -0.03% -0.61% 0.09% -0.01% 0.00% 0.55% Total -0.24% 0.08% 0.21% -0.03% -0.14% 0.12% Allocation Change (%) 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% Security Domicile Region Asia/Pac. Ex. Middle East/Africa Measures the allocation adjustments between regions/sectors from the portfolio manager s standpoint (incorporating the changes in prices in underlying securities). -1.5% Asia/Pac. Ex. Middle East/Africa Latin America Latin America Page 5

Geographic Drill-Down: Global Reported Investor Activity in n Equities GEAR Q3 2017 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 2,076,588.5 36,163.0 * BlackRock Fund Advisors 1,393,875.1 21,378.8 Berkshire Hathaway, Inc. 176,646.3 14,981.8 Janus Capital Management, LLC 140,608.7 14,333.5 * Northern Trust Investments, Inc. 324,964.8 12,521.1 Sub Total 4,112,683.3 99,378.2 * Assenagon GmbH 6,296.5 4,801.6 HSBC Global Asset Management (U.K.), LTD 38,554.5 3,904.7 * Legal & General Investment Management, LTD 127,140.0 3,767.9 BlackRock Investment Management (U.K.), LTD 206,716.7 2,951.4 Danske Capital (Denmark) 7,455.7 2,425.8 Sub Total 386,163.4 17,851.4 * Vanguard Investments Australia, LTD 15,736.6 1,496.9 Advance Asset Management, LTD 3,648.9 1,496.5 Magellan Asset Management, LTD 26,963.1 1,474.3 Asset Management One Company, LTD 45,758.1 1,462.1 Temasek Holdings Pte., LTD 11,585.6 732.2 Investors Sub Total 103,692.3 6,662.1 Fidelity Management & Research Company 714,152.6-15,433.1 * State Street Global Advisors (SSgA) 1,114,943.1-15,236.3 Capital World Investors (U.S.) 397,894.3-5,875.3 Invesco Advisers, Inc. 138,445.9-4,580.2 Brown Advisory, LLC 29,119.2-3,821.2 Sub Total 2,394,555.1-44,946.1 * State Street Global Advisors France S.A. 8,254.1-4,747.5 Standard Life Investments, LTD (U.K.) 11,819.4-3,353.5 GAM Investment Management (Switzerland) AG 2,272.8-2,733.9 Kames Capital PLC 3,582.2-2,583.4 CA Indosuez Wealth (Asset Management) S.A. 779.1-2,485.2 Legend Sub Total 26,707.7-15,903.6 BT Funds Management, LTD 572.8-1,708.4 Daiwa Asset Management Company, LTD 14,234.8-925.1 Tybourne Capital Management (Hong Kong), LTD 1,149.0-727.4 Perpetual Investment Management, LTD 970.5-492.9 Manulife Asset Management (Hong Kong), LTD 2,253.4-352.2 Sub Total 19,180.5-4,206.0 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in n Equities Val. Val. Value Q2 % $250,000 Country Chg. (M$) Country Chg. (M$) Country Change Mitsubishi UFJ Kokusai Asset Management Co., LTD United States 19,252,336.5 179,869.8 Luxembourg 12,864.6-1,917.8 United States 19,252,336.5 18,396,701.3 4.7% $222,548.1 Canada 1,042,014.2 18,951.0 Israel 16,319.4-1,785.8 United Kingdom 1,147,960.6 1,108,006.7 3.6% Germany 142,789.2 10,340.6 Hong Kong 25,833.7-966.3 Canada 1,042,014.2 972,891.0 7.1% $200,000 Netherlands 139,667.7 5,754.7 France 87,636.6-945.3 268,692.1 257,098.9 4.5% Australia 111,136.6 4,892.4 Switzerland 243,333.6-875.6 Norway 246,242.9 244,161.5 0.9% $150,665.4 Denmark 67,393.4 4,353.5 Bermuda 13,550.0-871.1 Switzerland 243,333.6 235,951.2 3.1% $150,000 $149,488.3 268,692.1 1,783.8 Bahamas 15,195.2-550.9 Germany 142,789.2 127,862.8 11.7% Mexico 7,963.0 1,589.0 United Kingdom 1,147,960.6-503.2 Netherlands 139,667.7 130,100.2 7.4% Singapore 34,726.2 678.6 Qatar 1,853.1-403.8 Sweden 116,753.6 111,566.5 4.6% $100,000 Spain 13,988.7 622.5 New Zealand 5,082.0-224.9 Australia 111,136.6 102,875.3 8.0% $74,715.3 n Summary Notes saw a net inflow of $222.5B in the third quarter of 2017, far outpacing the $149.5B inflow in the prior -quarter, and marking the greatest inflow of the year. The United States led $50,000 all n buyers, increasing holdings by $179.9B, nearly 10 times larger than the next closest player, Canada, with $18.9B. Luxembourg shed the most North-American exposure of any nation, selling $1.9B, followed closely by Israel and Hong Kong, with respective decreases of $1.8B and $966.3M. Taking a look at portfolio dollar value change, the United States led the way jumping 4.7% in the third quarter, followed by the United Kingdom which grew by 3.6%. The top active institutional buyers and sellers remain unchanged from the second quarter. The Vanguard Group, Inc. bought $36.2B in the third quarter and Fidelity Management and Research Company sold off $15.4B in n equities. Meanwhile, Blackrock Fund -$1,397.1 Advisors held its spot as second in terms of n equity investment with an inflow of $21.4B although decreasing pace from i ts second-quarter net purchasing activity of $29.4B. Additionally, State Street Global Advisors (SSgA) took over as the second-largest net seller of n equity, lowering its position by $15.2B. -$50,000 Page 6

Geographic Investment Summary by Sector Global Reported Investor Activity by Sector GEAR Q3 2017 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 All nine sectors witnessed net capital inflows globally during Q3, pushing slightly ahead of the eight sectors that saw net inflows in Q2, and marking the first quarter to witness net increases across the board since Q2 2015. As the revamping of American tax codes and strong corporate earnings spurred investors to push world markets to record highs, the Technology sector saw the largest uptick with an overall 1.7% global increase. Despite all sectors producing positive total inflows during the quarter, no one sector produced inflows across all regions. Three sectors, however, did see outflows from only one region, as Consumer Services increased everywhere but Latin America, Healthcare increased everywhere but, and Technology rose everywhere but. The nine sectors were nearly split down the middle in terms of dollar value invested, as four saw increases and five saw decreases. For the second quarter in a row the largest increase came from the Healthcare sector, which posted a 9.4% increase in terms of dollar value invested, followed by Financials, which realized an increase of 5.2%. Conversely, the Utilities and Basic Materials sectors posted the largest decreases in terms of dollar value invested, as they saw decreases of 6.1% and 4.0%, respectively. Portfolio allocation saw a more one sided result, as seven sectors saw a decrease during the quarter, with only two posting an increase. Financials, which posted an increase of 0.82%, saw an increase across every region except Latin America, opposite of Technology, which saw a decrease in every region except Latin America. Basic Materials Consumer Goods Security Sector Consumer Services Energy Financials Healthcare Indust. Tech. Utilities -1.3% -0.2% 0.3% 1.0% 0.1% -0.2% -0.8% 0.3% 1.1% 1.2% 0.7% 2.1% -0.1% 0.6% 0.9% 1.3% 1.8% 2.1% Asia/Pac. Ex. 1.5% 2.7% 3.3% 0.7% 0.1% 0.8% 4.0% 2.1% 1.9% -0.2% -0.1% 1.0% -2.9% -2.5% 1.3% 0.3% -1.0% -0.2% Middle East/Africa 1.3% 0.0% 4.7% -3.7% 0.4% 4.4% -3.3% 22.4% -0.3% Latin America 0.5% -0.5% -1.0% -0.2% -4.7% 4.1% -0.3% 3.1% 0.8% Total 0.1% 0.4% 1.0% 0.6% 0.0% 0.2% 0.5% 1.7% 1.4% (%) 5.0% 3.0% 1.0% -1.0% -3.0% Security Sector Basic Materials Consumer Goods Consumer Services Energy Financials Healthcare Indust. 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. -5.0% Asia/Pac. Ex. Middle East/Africa Latin America Tech. Utilities Change in Dollar Value Invested by Sector Basic Materials Consumer Goods Security Sector Consumer Services Energy Financials Healthcare Indust. Tech. Utilities -7.5% -2.7% 0.4% -3.6% 4.5% 10.7% -1.1% -1.3% -12.0% -6.8% 0.1% 0.1% -8.1% 7.0% 7.9% -1.4% -1.8% -2.8% Asia/Pac. Ex. 2.9% 0.9% 6.1% 2.8% 6.3% 10.5% 10.6% 2.8% 3.9% 8.3% 5.6% -1.4% 2.6% 8.2% -2.1% 4.1% -3.0% -0.1% Middle East/Africa -3.4% -4.8% -4.5% -7.4% 1.4% -22.5% 1.3% -2.7% -0.7% Latin America -19.7% -2.7% 8.8% -20.5% -16.7% 20.6% 0.2% 18.3% -12.5% Total -4.0% -0.8% 0.7% -3.6% 5.2% 9.4% 1.1% -1.1% -6.1% 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 (%) 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% 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 -0.27% -0.39% -0.07% -0.30% 0.72% 1.27% -0.20% -0.39% -0.38% -0.34% -0.11% -0.09% -0.64% 1.33% 0.69% -0.27% -0.38% -0.17% Asia/Pac. Ex. -0.14% -0.43% 0.06% -0.24% 0.29% 0.18% 0.67% -0.33% -0.07% 0.27% 0.56% -0.59% -0.01% 0.97% -0.37% 0.14% -0.93% -0.05% Middle East/Africa -0.13% -0.18% -0.15% -0.17% 1.02% -0.44% 0.18% -0.18% 0.05% Latin America -0.40% 0.89% 1.12% -1.82% -2.00% 0.58% 1.08% 0.83% -0.28% Total -0.23% -0.26% -0.10% -0.35% 0.82% 0.83% -0.04% -0.42% -0.27% Allocation Change (%) 2.5% 1.5% 0.5% -0.5% -1.5% Security Sector Basic Materials Consumer Goods Consumer Services Energy Financials Healthcare Indust. Measures the allocation adjustments between regions/sectors from the portfolio manager s standpoint (incorporating the changes in prices in underlying securities). -2.5% Asia/Pac. Ex. Middle East/Africa Latin America Tech. Utilities Page 7

Sector Drill-Down: Global Basic Materials Global Reported Investor Activity in the Basic Materials Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 38,919.3 1,057.3 Capital World Investors (U.S.) 16,137.8 944.7 MFS Investment Management 10,911.1 690.2 Goldman Sachs & Co. LLC 2,221.8 630.2 * The Vanguard Group, Inc. 52,504.7 613.6 Sub Total 120,694.7 3,936.0 * BlackRock Advisors (U.K.), LTD 6,464.7 486.0 MFS International (U.K.), LTD 2,190.7 422.4 Silchester International Investors, LLP 1,238.6 399.9 Majedie Asset Management, LTD 867.3 239.8 Towarzystwo Funduszy Inwestycyjnych PZU S.A. 224.5 220.2 Sub Total 10,985.8 1,768.2 China Asset Management Corporation, LTD 1,624.7 553.2 E Fund Management Company, LTD 1,605.2 420.5 China International Fund Management Company, LTD 737.5 346.8 Sumitomo Mitsui Trust Bank, LTD 2,943.6 294.9 Great Wall Fund Management Company, LTD 303.0 202.8 Investors Sub Total 7,214.0 1,818.1 Franklin Advisers, Inc. 7,004.8-2,334.9 Millennium Management, LLC 1,580.6-2,050.0 D.E. Shaw & Company, L.P. 2,018.7-831.5 OZ Management, L.P. 874.9-716.3 Citadel Advisors, LLC 1,355.0-622.5 Sub Total 12,834.1-6,555.3 Standard Life Investments, LTD (U.K.) 3,720.0-910.0 * ComStage ETF (Germany) 559.3-837.8 Aberdeen Asset Managers, LTD (U.K.) 6,166.5-748.4 BlackRock Investment Management (U.K.), LTD 15,961.7-579.0 Kames Capital PLC 633.2-234.2 Legend Sub Total 27,040.7-3,309.4 CITIC Trust Company, LTD (Invt Mgmt) 117.6-526.7 Guotai Asset Management Company, LTD 631.0-331.7 Daiwa Asset Management Company, LTD 2,274.0-311.9 Fullgoal Fund Management Company, LTD 1,420.1-289.4 CITIC Prudential Asset Management, LTD 114.1-203.1 Sub Total 4,556.8-1,662.9 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Basic Materials Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change China 173,040.3 2,126.4 United States 565,715.5-8,372.8 United States 565,715.5 605,260.5-6.5% Switzerland 22,356.3 2,050.5 United Kingdom 132,965.6-910.5 China 173,040.3 152,961.7 13.1% Norway 35,638.1 1,920.0 Hong Kong 9,361.8-358.0 United Kingdom 132,965.6 146,603.1-9.3% South Korea 32,868.2 1,914.0 Germany 37,981.1-277.4 109,240.8 100,912.9 8.3% Saudi Arabia 66,393.3 1,087.4 109,240.8-240.9 Saudi Arabia 66,393.3 63,778.2 4.1% Poland 5,063.6 476.4 Netherlands 10,514.9-214.9 Canada 46,424.0 55,669.7-16.6% India 33,627.8 450.7 Finland 2,834.1-148.7 Germany 37,981.1 37,999.6 0.0% Spain 4,247.6 352.9 Malaysia 12,983.0-142.1 Norway 35,638.1 36,216.3-1.6% Bermuda 1,122.0 220.6 Canada 46,424.0-129.6 India 33,627.8 36,082.4-6.8% Singapore 8,788.1 198.3 Bahamas 1,530.9-121.7 South Korea 32,868.2 35,799.3-8.2% Sub Total 383,145.4 10,797.2 Sub Total 929,551.9-10,916.7 $20,000 $15,000 $10,000 $5,000 -$5,000 -$10,000 -$15,000 $1,528.1 $14,314.2 $1,726.6 -$8,753.0 $991.5 Page 8

Sector Drill-Down: Global Consumer Goods Global Reported Investor Activity in the Consumer Goods Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 140,889.4 4,544.8 Fidelity Management & Research Company 79,890.2 2,267.4 Invesco Advisers, Inc. 18,525.7 1,897.6 Goldman Sachs & Co. LLC 8,004.6 1,599.0 * The Vanguard Group, Inc. 190,114.0 1,562.4 Sub Total 437,423.9 11,871.1 Genesis Investment Management, LLP 4,717.5 1,373.9 Ethenea Independent Investors S.A. 1,200.6 996.4 * State Street Global Advisors, LTD 16,101.8 980.1 BlackRock International, LTD 4,001.1 912.5 Société Générale Gestion 1,675.5 716.6 Sub Total 27,696.5 4,979.6 Harvest Fund Management Company, LTD 3,798.7 1,077.3 China Southern Asset Management Company, LTD 2,604.2 1,047.9 Shinyoung Asset Management Company, LTD 3,438.6 1,028.6 E Fund Management Company, LTD 3,772.9 944.7 Nissay Asset Management Corporation 2,165.1 771.5 Investors Sub Total 15,779.6 4,870.1 * Mellon Capital Management Corporation 26,747.7-1,950.7 T. Rowe Price Associates, Inc. 31,909.8-1,737.1 Dodge & Cox 10,709.3-1,635.4 Yacktman Asset Management Company 5,383.8-1,194.3 Waddell & Reed Investment Management Company 7,461.2-1,133.2 Sub Total 82,211.8-7,650.6 Aberdeen Asset Managers, LTD (U.K.) 14,277.9-1,245.8 Lyxor Asset Management SAS 9,360.4-1,179.2 Schroder Investment Management, LTD 11,156.8-961.7 Flossbach von Storch AG 3,548.7-954.8 * Northern Trust Global Investments, LTD 5,798.6-816.8 Legend Sub Total 44,142.4-5,158.3 UBS SDIC Fund Management Company, LTD 514.9-573.5 Nomura Asset Management Company, LTD 18,971.2-386.2 Changsheng Fund Management Company, LTD 520.8-358.8 Aberdeen Asset Management Asia, LTD 3,924.9-326.2 Guotai Asset Management Company, LTD 1,227.5-288.6 Sub Total 25,159.3-1,933.3 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Consumer Goods Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change China 154,344.9 9,223.7 Netherlands 67,455.4-2,789.5 United States 2,099,821.2 2,156,598.7-2.6% United Kingdom 488,618.4 4,964.4 United States 2,099,821.2-2,617.0 United Kingdom 488,618.4 481,421.5 1.5% Switzerland 105,283.9 3,132.5 Canada 81,853.3-1,558.6 450,590.8 426,867.7 5.6% South Korea 158,608.4 2,937.0 450,590.8-643.9 South Korea 158,608.4 165,914.4-4.4% Germany 108,934.5 897.6 Finland 6,339.8-511.1 China 154,344.9 136,955.4 12.7% Poland 3,805.2 852.8 Bermuda 1,568.8-473.3 France 113,837.4 110,136.6 3.4% Luxembourg 9,162.8 815.5 Norway 81,657.8-438.5 Germany 108,934.5 107,266.8 1.6% Singapore 33,760.9 682.6 Brazil 15,886.2-304.1 Switzerland 105,283.9 107,926.3-2.4% Denmark 18,003.1 441.7 France 113,837.4-275.1 Canada 81,853.3 85,525.7-4.3% Sweden 49,998.8 409.6 Guernsey 1,153.9-224.2 Norway 81,657.8 82,343.5-0.8% Sub Total 1,130,521.0 24,357.5 Sub Total 2,920,164.8-9,835.2 $30,000 $20,000 $10,000 -$10,000 -$20,000 -$30,000 -$40,000 $13,971.5 -$27,747.2 $20,866.9 $12,811.0 $16,089.4 Page 9

Sector Drill-Down: Global Consumer Services Global Reported Investor Activity in the Consumer Services Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 166,715.4 6,731.0 * The Vanguard Group, Inc. 235,408.6 5,031.9 Goldman Sachs & Co. LLC 16,001.8 3,107.0 ClearBridge Investments, LLC 15,538.8 2,801.2 * State Street Global Advisors (SSgA) 131,916.5 2,134.0 Sub Total 565,581.0 19,805.1 Nordea Investment Management AB (Sweden) 2,555.9 1,166.5 BlackRock Investment Management (U.K.), LTD 41,641.6 1,154.0 AMF Fonder AB 2,508.2 812.4 Schroder Investment Management, LTD 14,457.3 799.2 SEB Investment Management AB 4,451.3 788.9 Sub Total 65,614.2 4,721.0 ABC-CA Fund Management Company, LTD 1,356.6 1,078.6 E Fund Management Company, LTD 2,685.8 796.9 Nissay Asset Management Corporation 1,483.9 660.4 Fidelity Management & Research (Hong Kong), LTD 1,464.7 600.2 Temasek Holdings Pte., LTD 10,202.2 600.1 Investors Sub Total 17,193.3 3,736.2 OZ Management, L.P. 4,598.9-3,120.5 T. Rowe Price Associates, Inc. 89,599.4-1,982.0 Winslow Capital Management, LLC 6,388.5-1,645.6 Citadel Advisors, LLC 9,314.1-1,452.0 Oaktree Capital Management, L.P. 1,012.4-1,426.7 Sub Total 110,913.2-9,626.8 HSBC Global Asset Management (U.K.), LTD 7,955.8-875.0 * Northern Trust Global Investments, LTD 7,083.6-833.4 Walter Scott & Partners, LTD 4,702.2-806.6 Standard Life Investments, LTD (U.K.) 12,870.9-582.7 Egerton Capital (U.K.), LLP 3,392.9-553.6 Legend Sub Total 36,005.5-3,651.1 Daiwa Asset Management Company, LTD 6,601.3-816.7 Hillhouse (Beijing) Advisory, LTD 4,809.7-446.9 Tybourne Capital Management (Hong Kong), LTD 1,093.5-359.4 Fullgoal Fund Management Company, LTD 1,875.6-331.0 Templeton Asset Management, LTD 1,658.4-219.8 Sub Total 16,038.6-2,173.9 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Consumer Services Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change United States 2,866,703.4 9,174.9 Bermuda 22,539.6-486.5 United States 2,866,703.4 2,847,398.7 0.7% China 168,055.1 5,496.6 Italy 8,252.5-195.7 United Kingdom 486,637.5 484,127.0 0.5% Norway 74,800.6 4,490.9 Brazil 6,283.1-143.9 265,411.0 269,143.1-1.4% Sweden 55,251.7 3,581.9 United Kingdom 486,637.5-69.6 China 168,055.1 142,515.4 17.9% France 60,106.9 3,515.8 Netherlands 36,038.6-43.5 Canada 101,772.6 107,022.2-4.9% 265,411.0 2,668.7 Greece 275.7-10.7 Norway 74,800.6 73,391.8 1.9% Singapore 42,529.1 2,147.3 Malta 389.6-6.7 France 60,106.9 59,529.8 1.0% Germany 38,583.5 2,050.1 Argentina 10.8-6.6 Sweden 55,251.7 52,818.0 4.6% South Africa 35,898.1 2,041.7 Guernsey 318.3-6.0 Switzerland 43,980.8 46,105.5-4.6% Australia 42,969.9 1,534.7 Iceland 298.3-5.6 Australia 42,969.9 45,139.0-4.8% Sub Total 3,650,309.4 36,702.5 Sub Total 561,044.0-974.9 $50,000 $40,000 $30,000 $20,000 $10,000 -$10,000 -$20,000 -$30,000 $1,415.5 $15,181.2 $3,270.0 $43,731.6 -$24,302.3 Page 10

Sector Drill-Down: Global Energy Global Reported Investor Activity in the Energy Sector GEAR Q3 2017 n Investors an Investors Top Institutional Capital World Investors (U.S.) 31,818.5 3,797.8 Capital Research Global Investors (U.S.) 27,466.4 3,226.0 * State Street Global Advisors (SSgA) 68,099.3 2,326.6 * The Vanguard Group, Inc. 107,372.3 2,215.9 Fidelity Management & Research Company 33,198.8 1,800.0 Sub Total 267,955.4 13,366.4 J.P. Morgan Asset Management (UK), LTD 5,136.3 680.5 Henderson Global Investors, LTD (U.K.) 2,104.5 510.9 ING Bank N.V. (Broker) 1,329.8 503.1 PZU PTE, S.A. 497.0 468.7 Fidelity International Limited - FIL Investment Services (U 4,710.5 388.2 Sub Total 13,778.2 2,551.4 CSC Financial Co., Ltd. 4,359.2 2,553.7 J O Hambro Capital Management (Singapore) Pte., LTD 351.1 173.0 UniSuper, LTD 834.6 162.9 ICBC Credit Suisse Asset Management Company, LTD 468.3 152.6 Fortune SGAM Fund Management Company, LTD 559.9 151.7 Investors Sub Total 6,573.1 3,193.9 D.E. Shaw & Company, L.P. 5,281.7-2,376.1 T. Rowe Price Associates, Inc. 17,506.2-1,282.3 Franklin Advisers, Inc. 13,457.8-815.9 ValueAct Capital Management, L.P. 1,634.6-702.8 BNP Paribas Arbitrage S.A. (U.S.) 958.0-659.1 Sub Total 38,838.4-5,836.1 Deutsche Asset Management Investment GmbH 3,257.3-1,862.9 Aberdeen Asset Managers, LTD (U.K.) 6,229.6-831.7 * Northern Trust Global Investments, LTD 3,490.7-510.1 AXA Investment Managers (U.K.), LTD 2,060.4-489.8 Bluecrest Capital Management (Switzerland) 137.5-485.3 Legend Sub Total 15,175.5-4,179.9 Nomura Asset Management Company, LTD 1,519.6-479.8 Franklin Templeton Asset Management (India) Pvt., LTD 277.6-170.0 Templeton Asset Management, LTD 1,513.8-137.5 HSBC Global Asset Management (Hong Kong), LTD 851.4-122.3 Perpetual Investment Management, LTD 1,068.9-109.3 Sub Total 5,231.2-1,018.8 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Energy Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change United States 1,248,300.1 12,742.7 Germany 15,941.3-1,418.8 United States 1,248,300.1 1,284,594.2-2.8% United Kingdom 188,970.5 3,312.2 Switzerland 19,785.9-1,385.0 China 289,214.8 273,155.7 5.9% Hong Kong 20,421.8 2,311.8 31,819.5-933.9 United Kingdom 188,970.5 204,151.8-7.4% Canada 103,875.8 825.9 Norway 66,913.7-775.6 Canada 103,875.8 118,146.8-12.1% India 95,688.2 682.5 Qatar 4,263.4-560.2 India 95,688.2 84,399.4 13.4% France 35,418.7 433.0 Italy 22,209.4-558.4 Russian Federation 69,483.9 85,126.0-18.4% Poland 12,331.3 404.6 Belgium 5,363.8-470.1 Norway 66,913.7 73,899.9-9.5% China 289,214.8 399.3 United Arab Emirates 4,273.7-389.7 France 35,418.7 36,440.0-2.8% Denmark 4,511.0 381.1 Finland 1,671.3-271.6 31,819.5 31,013.9 2.6% Luxembourg 2,162.6 322.4 Sweden 9,517.9-170.2 Thailand 22,747.1 26,181.0-13.1% Sub Total 2,000,894.8 21,815.5 Sub Total 181,759.9-6,933.5 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $17,852.5 $8,456.9 $33,829.1 $16,156.0 $14,631.4 Page 11

Sector Drill-Down: Global Financials Global Reported Investor Activity in the Financials Sector GEAR Q3 2017 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 405,412.5 11,480.5 * BlackRock Fund Advisors 300,531.5 10,673.4 RREEF America, LLC 7,200.8 6,523.9 Grantham Mayo Van Otterloo & Co., LLC 8,507.8 2,590.0 Icahn Associates, LLC 2,617.9 2,533.5 Sub Total 724,270.4 33,801.3 INVESCO Asset Management, LTD (U.K.) 30,407.3 2,433.1 PZU PTE, S.A. 1,589.6 1,449.0 Danske Capital (Denmark) 6,865.8 1,092.7 AMF Fonder AB 5,429.2 889.7 Fidelity International Limited - FIL Investment Services (U 19,424.5 787.7 Sub Total 63,716.4 6,652.2 Sino Life Insurance Company, LTD 13,629.9 4,171.8 China Southern Asset Management Company, LTD 3,945.7 1,434.6 ABC-CA Fund Management Company, LTD 1,509.6 1,301.5 Asset Management One Company, LTD 24,407.8 1,187.5 China Asset Management Corporation, LTD 6,767.5 1,001.4 Investors Sub Total 50,260.6 9,096.8 * State Street Global Advisors (SSgA) 202,679.0-17,848.6 Citadel Advisors, LLC 8,382.7-2,420.1 Berkshire Hathaway, Inc. 50,127.0-1,913.8 CIBC World Markets, Inc. 9,339.8-1,888.4 * Mellon Capital Management Corporation 31,461.9-1,794.1 Sub Total 301,990.4-25,865.1 Deutsche Asset Management Investment GmbH 18,077.1-5,753.6 * Northern Trust Global Investments, LTD 11,276.2-1,250.6 Robeco Institutional Asset Management BV 6,043.7-1,210.6 HSBC Global Asset Management (U.K.), LTD 11,910.8-928.2 Schroder Investment Management, LTD 24,518.4-911.6 Legend Sub Total 71,826.3-10,054.6 China Resources SZITIC Trust Company, LTD 1,413.4-5,015.3 Penghua Fund Management Company, LTD 4,437.9-1,920.1 CITIC Prudential Asset Management, LTD 562.6-1,149.5 Fullgoal Fund Management Company, LTD 2,015.2-1,045.2 Templeton Asset Management, LTD 1,790.4-871.1 Sub Total 10,219.5-10,001.2 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Financials Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change United Kingdom 807,611.8 6,016.5 395,234.1-10,260.9 United States 3,965,420.3 3,773,793.1 5.1% United States 3,965,420.3 5,614.3 Netherlands 92,667.7-5,264.3 China 868,024.7 789,499.2 9.9% Norway 154,476.8 2,538.2 Germany 93,526.7-5,220.6 United Kingdom 807,611.8 743,463.1 8.6% Poland 18,193.5 2,421.2 Hong Kong 199,714.4-3,430.1 395,234.1 365,201.1 8.2% Greece 8,716.3 2,211.5 Peru 4,293.1-3,017.9 Canada 327,367.9 337,692.8-3.1% Switzerland 93,470.1 1,912.8 China 868,024.7-1,724.5 Hong Kong 199,714.4 181,016.3 10.3% Sweden 111,064.4 1,900.5 Saudi Arabia 49,425.9-1,585.9 France 160,154.6 151,769.6 5.5% Denmark 28,730.0 1,828.4 Finland 25,048.5-918.2 Norway 154,476.8 146,276.0 5.6% India 95,758.1 1,728.8 Canada 327,367.9-804.6 Sweden 111,064.4 105,845.8 4.9% South Africa 65,102.5 1,611.6 Bermuda 12,988.5-389.7 Singapore 110,943.5 110,039.8 0.8% Sub Total 5,348,543.9 27,783.7 Sub Total 2,068,291.5-32,616.6 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 -$10,000 -$20,000 -$7,901.4 $48,329.3 $62,541.8 $33,957.0 $3,776.6 Page 12

Sector Drill-Down: Global Healthcare Global Reported Investor Activity in the Healthcare Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 173,985.0 4,651.8 Goldman Sachs & Co. LLC 15,912.9 4,117.4 * The Vanguard Group, Inc. 227,716.8 4,108.1 T. Rowe Price Associates, Inc. 112,908.0 2,394.0 UBS Financial Services, Inc. (Investment Advisor) 10,415.0 1,479.6 Sub Total 540,937.8 16,750.9 * Legal & General Investment Management, LTD 28,039.6 1,026.2 Baillie Gifford & Company, LTD 11,827.0 848.8 Woodford Investment Management, LTD 5,032.8 755.8 Longview Partners, LLP 3,502.4 606.6 * ComStage ETF (Germany) 927.1 598.9 Sub Total 49,328.8 3,836.3 China Southern Asset Management Company, LTD 3,513.4 2,590.6 Harvest Fund Management Company, LTD 2,630.5 626.5 * BlackRock Company, LTD 6,654.1 540.1 E Fund Management Company, LTD 3,267.8 536.3 Nikko Asset Management (Asia), LTD 715.9 436.5 Investors Sub Total 16,781.6 4,730.0 Capital World Investors (U.S.) 70,644.0-3,782.6 OZ Management, L.P. 1,297.5-2,705.1 Fidelity Management & Research Company 146,919.4-2,444.9 Lone Pine Capital, LLC (U.S.) 1,621.4-1,768.6 Grantham Mayo Van Otterloo & Co., LLC 6,706.0-1,714.1 Sub Total 227,188.4-12,415.3 * Northern Trust Global Investments, LTD 7,102.5-1,181.1 Robeco Institutional Asset Management BV 2,343.6-533.4 Fidelity International Limited - FIL Investment Services (U 12,346.8-503.7 MFS International (U.K.), LTD 4,932.3-475.9 GLG Partners, L.P. 1,390.6-462.4 Legend Sub Total 28,115.8-3,156.5 J O Hambro Capital Management (Singapore) Pte., LTD 569.9-948.9 China International Fund Management Company, LTD 370.0-740.3 Fullgoal Fund Management Company, LTD 1,364.7-372.6 UBS SDIC Fund Management Company, LTD 333.3-368.9 Bosera Asset Management Company, LTD 1,084.6-349.2 Sub Total 3,722.6-2,779.9 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Healthcare Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change 139,786.9 1,737.3 Canada 79,272.2-2,077.3 United States 2,878,579.2 2,601,221.3 10.7% United Kingdom 363,311.3 1,713.5 United States 2,878,579.2-1,904.2 United Kingdom 363,311.3 338,488.2 7.3% China 97,939.3 1,693.5 Netherlands 25,330.1-1,147.2 139,786.9 142,849.2-2.1% Sweden 42,917.1 1,531.3 Hong Kong 18,137.1-826.3 Switzerland 129,643.5 116,686.8 11.1% Denmark 39,436.8 1,401.6 Bahamas 8,060.4-654.6 China 97,939.3 79,950.8 22.5% Germany 52,585.1 1,290.7 Belgium 8,095.6-320.6 Canada 79,272.2 72,493.4 9.4% France 72,642.7 914.6 Singapore 15,321.0-262.3 France 72,642.7 63,625.5 14.2% Israel 4,652.9 654.3 Finland 4,700.8-160.0 Norway 67,937.0 62,942.7 7.9% Norway 67,937.0 600.2 Monaco 143.9-106.5 Germany 52,585.1 50,329.0 4.5% Luxembourg 6,319.6 566.2 Kuwait 1,235.1-88.2 Sweden 42,917.1 39,223.7 9.4% Sub Total 887,528.6 12,103.1 Sub Total 3,038,875.4-7,547.2 $15,000 $10,000 $5,000 -$5,000 -$10,000 -$15,000 -$20,000 -$25,000 -$9,084.6 -$21,241.6 -$2,464.0 $10,670.5 $7,031.9 Page 13

Sector Drill-Down: Global Industrials Global Reported Investor Activity in the Industrials Sector GEAR Q3 2017 n Investors an Investors Top Institutional * The Vanguard Group, Inc. 183,171.2 4,229.3 * BlackRock Fund Advisors 134,036.5 3,807.9 Goldman Sachs & Co. LLC 9,059.6 1,409.8 Wellington Management Company, LLP 43,395.7 1,151.2 Dimensional Fund Advisors, L.P. (U.S.) 41,085.1 1,087.4 Sub Total 410,748.1 11,685.6 MFS International (U.K.), LTD 6,421.6 912.8 BlackRock Investment Management (U.K.), LTD 26,996.6 766.0 Amundi Asset Management S.A. 12,186.0 647.5 ACS Actividades de Construccion y Servicios, S.A. 4,647.2 551.0 AMF Fonder AB 2,833.9 520.1 Sub Total 53,085.3 3,397.4 CRRC Corporation Limited 29,281.9 13,622.7 ABC-CA Fund Management Company, LTD 2,656.2 2,003.7 China Southern Asset Management Company, LTD 3,617.9 1,273.6 Harvest Fund Management Company, LTD 4,803.6 1,193.4 E Fund Management Company, LTD 4,665.2 1,087.6 Investors Sub Total 45,024.9 19,181.0 Capital World Investors (U.S.) 56,136.3-3,898.3 * Mellon Capital Management Corporation 20,625.6-1,663.3 Franklin Advisers, Inc. 11,856.7-1,645.1 T. Rowe Price Associates, Inc. 51,152.6-1,507.9 BlackRock Advisors, LLC 21,966.5-1,449.7 Sub Total 161,737.7-10,164.3 * Northern Trust Global Investments, LTD 4,308.9-785.0 Lyxor Asset Management SAS 5,728.8-501.3 Henderson Global Investors, LTD (U.K.) 6,490.3-499.6 Compagnie de Saint-Gobain SA 1,142.4-424.1 Carmignac Gestion 860.1-407.7 Legend Sub Total 18,530.5-2,617.8 Daiwa Asset Management Company, LTD 6,316.1-1,873.7 SWS MU Fund Management Company, LTD 1,334.3-508.7 China International Fund Management Company, LTD 1,283.5-417.0 HuaShang Fund Management Company, LTD 1,581.8-291.6 UBS SDIC Fund Management Company, LTD 677.6-279.9 Sub Total 11,193.4-3,370.9 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Industrials Equities Val. Val. Value Q2 % $25,000 Country Chg. (M$) Country Chg. (M$) Country Change $20,450.2 China 402,145.7 25,144.5 United States 2,012,138.7-16,818.3 United States 2,012,138.7 2,029,879.5-0.9% $20,000 Norway 73,144.4 6,631.4 Canada 95,055.9-2,141.2 China 402,145.7 325,884.1 23.4% Sweden 85,796.5 1,863.5 France 109,938.1-1,901.6 United Kingdom 324,898.4 322,917.0 0.6% Germany 74,684.7 1,448.2 Qatar 19,310.2-1,236.2 251,922.7 242,116.0 4.1% $15,000 Spain 30,536.8 1,414.1 Netherlands 30,697.0-1,043.2 France 109,938.1 112,638.3-2.4% South Korea 51,887.7 1,010.2 Hong Kong 93,070.6-239.5 Canada 95,055.9 96,958.2-2.0% $10,000 United Kingdom 324,898.4 903.0 Kuwait 2,892.1-222.0 Hong Kong 93,070.6 92,081.5 1.1% $5,671.2 $5,965.4 India 49,178.6 839.7 Finland 21,448.0-138.0 Sweden 85,796.5 88,487.0-3.0% $4,801.1 Bermuda 23,420.3 806.7 Switzerland 62,283.5-83.9 Germany 74,684.7 75,357.6-0.9% $5,000 251,922.7 765.6 Brazil 8,600.6-63.2 Norway 73,144.4 73,122.0 0.0% $282.8 Sub Total 1,367,615.8 40,826.7 Sub Total 2,455,434.8-23,887.2 Page 14

Sector Drill-Down: Global Technology Global Reported Investor Activity in the Technology Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 220,414.7 7,694.1 * The Vanguard Group, Inc. 306,278.2 3,641.4 Morgan Stanley & Company, LLC 26,438.3 3,046.6 * State Street Global Advisors (SSgA) 172,171.2 3,037.2 Arrowstreet Capital, L.P. 7,442.4 2,732.2 Sub Total 732,744.7 20,151.5 Lansdowne Partners (UK) LLP 4,180.4 2,073.6 Lyxor Asset Management SAS 6,569.1 1,664.8 Allianz Global Investors GmbH 12,003.7 1,341.4 Fidelity International Limited - FIL Investment Services (U 14,710.4 1,233.8 Henderson Global Investors, LTD (U.K.) 9,599.4 1,022.1 Sub Total 47,063.0 7,335.7 E Fund Management Company, LTD 5,924.3 2,397.8 Sumitomo Mitsui Trust Asset Management Company, LT 12,283.0 1,559.0 Fullgoal Fund Management Company, LTD 5,515.4 1,504.9 China Post and Capital Fund Management Company, LT 3,687.3 1,105.0 Harvest Fund Management Company, LTD 4,074.4 734.3 Investors Sub Total 31,484.3 7,301.0 Capital Research Global Investors (U.S.) 75,996.5-7,170.3 Carlyle Investment Management, LLC 2,684.8-4,914.3 Wellington Management Company, LLP 60,247.8-3,203.0 Capital World Investors (U.S.) 91,861.0-2,194.3 Harris Associates, L.P. 11,590.5-1,902.9 Sub Total 242,380.5-19,384.7 Schroder Investment Management, LTD 15,957.9-1,394.6 HSBC Global Asset Management (U.K.), LTD 7,531.6-982.5 Alken Asset Management, LTD 1,694.0-536.6 Walter Scott & Partners, LTD 7,774.1-511.8 Deutsche Telekom AG 25,173.8-482.0 Legend Sub Total 58,131.4-3,907.5 China International Fund Management Company, LTD 1,571.8-601.0 Bank of China Investment Management Company, LTD 744.7-457.0 TD Securities (USA), LLC (Singapore Branch) 323.3-341.2 J O Hambro Capital Management (Singapore) Pte., LTD 1,226.0-313.0 Rongtong Fund Management Company, LTD 1,118.3-262.9 Sub Total 4,983.9-1,975.1 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Technology Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change United States 3,473,762.0 13,060.3 300,483.2-2,997.6 United States 3,473,762.0 3,508,052.4-1.0% China 341,606.8 9,765.2 Canada 140,583.7-1,250.2 United Kingdom 483,137.5 481,802.3 0.3% United Kingdom 483,137.5 5,990.9 Netherlands 37,454.2-1,097.4 China 341,606.8 307,998.2 10.9% France 92,626.8 4,183.7 Spain 34,740.0-327.1 300,483.2 309,775.2-3.0% Germany 120,624.8 2,726.8 Russian Federation 6,472.2-292.6 Egypt 175,889.1 182,437.6-3.6% Norway 101,959.7 2,078.0 Finland 7,764.8-282.0 Canada 140,583.7 155,959.2-9.9% Switzerland 60,361.6 1,977.7 Bahamas 6,264.2-237.5 Germany 120,624.8 120,538.1 0.1% Hong Kong 51,416.3 1,343.6 Thailand 1,467.5-192.2 Norway 101,959.7 103,074.2-1.1% South Korea 49,014.9 1,254.2 Singapore 63,857.9-161.0 France 92,626.8 95,015.5-2.5% Luxembourg 5,811.3 1,076.8 Bermuda 6,429.6-118.6 India 78,239.7 78,997.1-1.0% Sub Total 4,780,321.7 43,457.2 Sub Total 605,517.4-6,956.2 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 -$20,000 -$40,000 $35,408.9 -$18,467.8 $40,430.2 $17,316.8 $99,427.4 Page 15

Sector Drill-Down: Global Utilities Global Reported Investor Activity in the Utilities Sector GEAR Q3 2017 n Investors an Investors Top Institutional * BlackRock Fund Advisors 47,788.9 1,533.9 RREEF America, LLC 2,455.3 1,513.6 Capital Research Global Investors (U.S.) 16,570.1 863.7 Wellington Management Company, LLP 10,638.5 602.9 * Invesco PowerShares Capital Management, LLC 2,124.4 566.8 Sub Total 79,577.1 5,080.9 Deutsche Asset Management Investment GmbH 6,552.3 2,108.7 BNP Paribas Asset Management France 2,417.2 2,031.2 BlackRock Investment Management (U.K.), LTD 8,899.1 798.4 Pictet Asset Management S.A. 7,675.7 739.2 CNP Assurances (Insurance) 2,239.0 328.6 Sub Total 27,783.3 6,006.2 RARE Infrastructure, LTD 1,702.0 416.8 Permodalan Nasional Bhd. 2,437.7 271.3 CCB Principal Asset Management Company, LTD 390.8 266.2 E Fund Management Company, LTD 548.7 239.0 Sumitomo Mitsui Trust Bank, LTD 443.8 226.5 Investors Sub Total 5,523.0 1,419.8 Franklin Advisers, Inc. 13,311.0-2,561.1 Capital World Investors (U.S.) 7,455.6-846.5 T. Rowe Price Associates, Inc. 13,030.2-489.5 * State Street Global Advisors (SSgA) 34,153.3-450.0 INTECH Investment Management, LLC 1,314.4-400.8 Sub Total 69,264.3-4,747.9 ENI S.p.A. 410.4-1,114.1 Lyxor Asset Management SAS 2,489.5-642.9 * BlackRock Advisors (U.K.), LTD 4,685.3-465.0 UBS Asset Management (U.K.), LTD 2,319.8-438.7 * ComStage ETF (Germany) 130.7-282.0 Legend Sub Total 10,035.8-2,942.8 Daiwa Asset Management Company, LTD 474.6-337.4 Nippon Gas Company, LTD 138.3-197.7 Nomura Asset Management Company, LTD 1,320.1-126.7 HSBC Global Asset Management (Hong Kong), LTD 637.0-113.2 Fullgoal Fund Management Company, LTD 449.1-91.8 Sub Total 3,019.1-866.8 Top Net Top Net Porfolio Dollar Value Change (Top Countries by Value Held) Global Historical in Utilities Equities Val. Val. Value Q2 % Country Chg. (M$) Country Chg. (M$) Country Change United States 507,959.5 4,040.6 Italy 39,089.2-964.5 United States 507,959.5 576,468.5-11.9% China 108,962.7 3,399.0 Netherlands 9,713.4-319.0 China 108,962.7 94,056.1 15.8% France 69,672.1 2,703.6 Hong Kong 26,395.6-241.8 United Kingdom 92,142.9 99,858.6-7.7% Germany 24,917.2 2,258.9 Greece 362.4-202.5 France 69,672.1 62,283.0 11.9% United Kingdom 92,142.9 1,821.9 Saudi Arabia 14,652.6-187.8 India 42,367.3 39,667.7 6.8% Canada 26,301.9 1,613.6 Russian Federation 7,483.2-153.8 Italy 39,089.2 39,797.0-1.8% Switzerland 17,721.5 1,145.5 Ireland 1,861.4-100.0 Spain 38,481.4 41,258.3-6.7% Australia 9,898.4 619.3 Bermuda 342.2-87.8 32,300.5 32,319.3-0.1% Poland 6,919.2 395.6 32,300.5-75.3 Hong Kong 26,395.6 26,119.3 1.1% Malaysia 15,551.7 377.8 Philippines 4,227.6-58.9 Canada 26,301.9 30,642.3-14.2% Sub Total 880,047.2 18,375.7 Sub Total 136,428.1-2,391.5 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $6,731.4 $18,472.8 $6,613.8 $15,426.0 $17,619.5 Page 16

Methodology GEAR Q3 2017 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 2017 can be considered a snapshot of the most current positions beginning 6/30/2017 and up to 9/30/2017, as were available as of 12/30/2017. Page 17

To request more information, please contact: Matthew Hubbard Senior Analyst Capital Markets Services 919.615.4474 matthew.hubbard@ipreo.com