2012 Brunswick Investor Use of Digital and Social Media Survey

1. 2012 ANALYST AND INVESTOR SURVEY: Trends in the use of Digital & Social Media by the investment community

2. EXECUTIVE SUMMARY 1 Investors’ interaction with digital & social media is INCREASING substantially 52% +5 30% +19 24% +7 Read Blogs Use Twitter Use Social Networks 2 Deeper online engagement is increasingly driving investment ACTION 28% +17 24% +6 12% +8 Investigated an issue Made an investment Made an investment based on something decision after reading decision after reading seen on Twitter a blog Twitter © BRUNSWICK | DECEMBER 2012 | 2

3. EXECUTIVE SUMMARY 3 Digital and social media REPLACING traditional media sources As fewer investors rely primarily on traditional media outlets ( e.g. importance of company news releases -13, traditional business media online -14), use of social media is rapidly expanding to fill the void 4 Investors in ASIA are leading the charge on digital & social media engagement 2x as likely to Most likely to believe role of digital information is 2x as likely to rely on direct increasing take action based interaction with companies on digital info through digital channels © BRUNSWICK | DECEMBER 2012 | 3

4. SOURCES OF INFORMATION

5. INFORMATION SOURCES Top three information sources Information direct 85% from companies 73% 84% 1 2012 Percent saying each is among their 60% 2010 top three influential media sources Analyst research* 45% 45% 15 2009 Real time subscription 54% information services 64% 59% 10 Primary market 50% Analyst research saw the research 49% 55% 1 largest gains in 2012 Traditional business 22% jumping 15 points and media - Online 36% 33% 14 rising to the #2 spot Traditional business 16% media – Print, Radio, TV 16% 24% Reliance on digital media 14% doubled since 2010 Digital Media 6% 11% 8 Q2. Please rank the following information sources by how much they influence your © BRUNSWICK | DECEMBER 2012 | 5 investment decisions or recommendations? * Indicates sell side and industry analyst research for buy-side analysts; indicates industry analyst research for sell-side analysts

6. INFORMATION FROM COMPANIES Within this category, face time with management is by far the most important factor. Direct interaction with 76% Direct interaction with 76% Percent ranking each source among the most influential management 73% management 73% 80% Conference calls, 57% Conference calls, 56% webcasts 62% webcasts 62% 51% Europe 54% 53% Regulatory filings Regulatory filings 57% 52% 49% U.S. Investor / corporate 43% Investor / corporate 49% Asia presentation 50% presentation 42% 32% Company news 37% Company news 41% releases 50% releases 35% 35% Company website 14% 9% Company website 11% 12% 29% Direct digital Company Digital 7% 2012 Company Digital 6% Media presence 1% Media presence 8% channels are more 2010 10% 5% 4% important in Asia Company wiki page* Company wiki page* 5% 8% Q3. Regarding information direct from companies, please rank the following by how © BRUNSWICK | DECEMBER 2012 | 6 much they influence your investment decisions or recommendations? * Not asked in 2010

7. CHANGING IMPORTANCE OF INFORMATION SOURCES 86 percent of investors say online sources have become more year, with investors in Asia leading the charge. important this Real time subscription Traditional business information services media - Online Blogs Social Networks Percent saying each technology has become Europe U.S. Asia 45% 50% 66% 47% 40% 66% 24% 27% 17% 18% 16% 25% “more important” this year Micro-blogging services and Traditional business media – message boards Print, Radio, TV Other Digital Media Europe U.S. Asia 13% 17% 16% 23% 8% 21% 3% 8% 3% Q4. {MULTIPLE RESPONSE] Which, if any, of the following information sources have © BRUNSWICK | DECEMBER 2012 | 7 become more important to you in your job in the past year? * “Blogs” and “Micro-blogging services and message boards” were combined in 2010 and 2009.

8. FRACTURED DIGITAL SOURCES 12% 18% Source 48% Type 22% While Bloomberg is the single most valuable digital information source, more Digital investors are relying on a fractured online Syndicated media environment rather than syndicated Traditional services. Social Q7. (OPEN-ENDED) Please list which Digital Media sources provide you with the most © BRUNSWICK | DECEMBER 2012 | 8 valuable information for your work

9. IMPACT OF DIGITAL & SOCIAL MEDIA

10. MOST INVESTORS SEE THE ROLE OF DIGITAL INCREASING The role of Digital & Social Media such as blogs, micro-blogging services or social networking sites in the investment decision process is: Unsure, 24% “Increasing” Decreasing, Increasing, U.S. Europe Asia 6% 56% 52% 56% 61% Staying the same, 15% Q11. Which option below best describes your opinion? The role of Digital Media such © BRUNSWICK | DECEMBER 2012 | 10 as blogs, micro-blogging services or social networking sites in the investment decision process is:

11. A NEW TWO-WAY DIALOGUE EMERGING Read Business Information Postings Post Investment Information 52% 2012 11% Blogs 47% 2010 8% 43% 2009 5% Not only is the consumption of 30% 2012 8% digital business Micro-blogging services* 11%2010 5% information on the 2009 rise, but investors are increasingly 29% 2012 4% contributing Message boards 27% 2010 2% investment 30% 2009 5% information on social media platforms 24% 2012 10% Social networking sites 17% 2010 5% 13% 2009 4% Q5. Do you read postings on the following for company or business information? © BRUNSWICK | DECEMBER 2012 | 11 Q6. Do you post business or investment information in any of the following ways? * Not asked in 2009

12. DIGITAL MEDIA DRIVING INVESTMENT DECISIONS Have you ever read any information posted on____ that has prompted you to investigate an issue further for your work? U.S. Europe Asia 57% Blogs 52% 61% 54% 55% 47% Investors in Asia are much more 29% likely to be Message boards 31% prompted by 39% 33% 19% 37% online information to Micro-blogging 28% further services* 11% 22% 25% 44% investigate investment- 2012 related 23% 2010 Social networking sites 14% information 11% 2009 14% 21% 44% Q8. Have you ever read any information posted on a blog, micro-blogging service or social networking site that has prompted you to investigate an issue further for your work? © BRUNSWICK | DECEMBER 2012 | 12

13. DIGITAL MEDIA DRIVING INVESTMENT DECISIONS Have you ever made an investment decision or a recommendation after initially sourcing information from ______ ? U.S. Europe Asia 24% Blogs 18% 20% 24% 22% 28% Investors in Asia 12% are much more Micro-blogging services* 4% 4% 14% 24% likely to take action based on information 10% they have Message boards 5% 14% 7% 9% 19% encountered through digital 2012 channels 9% 2010 Social networking sites 2% 5% 2009 4% 7% 21% Q9. Have you ever made an investment decision or a recommendation after initially sourcing information from a blog, micro-blogging service or social networking site, which then lead you to conduct additional © BRUNSWICK | DECEMBER 2012 | 13 research?

14. APPENDIX: APPROACH AND PARTICIPANTS’ PROFILES

15. SURVEY METHODOLOGY OVERVIEW Who •2012: 476 investment professionals (230 buy-side investors and 246 sell-side analysts) •2010: 401 investment professionals •2009: 448 investment professionals Where •2012: United States, Europe, and Asia •2010: United States, and Europe •2009: United States, and Europe How • Online survey When • Data collected between October 10th and November 4th, 2012 Margin of error • ± 4.5% at the 95% confidence interval © BRUNSWICK | DECEMBER 2012 | 15

16. JOB ROLE AND TYPE OF INVESTMENTS 52% Sell side 48% Buy side 19% Mutual fund Analyst / Researcher 40% Hedge fund Investment advisor / Pension fund Manager 13% Other sell-side Insurance company 4% Other buy-side 11% 9% 1% 2% Q1. Which of the following best describes your role and the type of investments you © BRUNSWICK | DECEMBER 2012 | 16 are responsible for?

17. INDUSTRY SECTOR Technology / Media / Telecoms 16% Consumer Manufacturing / Industry 35% Financial 9% Energy Healthcare 7% Utilities 7% Other sector 8% 4% Specific geography 7% 6% Generalist 1% Q12. What is the primary industry sector you cover? © BRUNSWICK | DECEMBER 2012 | 17

18. VALUE OF ASSETS 2% 11% Micro Cap - Up to $250m 31% Small Cap - $250m up to $2bn Mid Cap - $2bn up to $10bn 29% Large Cap - $10bn up to $100bn 3% Mega Cap - Over $100bn Not specified 24% Q13. What is your market cap focus? Please indicate which currency. © BRUNSWICK | DECEMBER 2012 | 18

20. AGE 1% 12% 18% 20 - 29 30 - 39 40 - 49 28% 50+ Refused 41% Q15. Which age band do you fit into? © BRUNSWICK | DECEMBER 2012 | 20

21. FOR MORE INFORMATION PLEASE CONTACT: Jason Golz, Director Sparky Zivin, Director Rachelle Spero, Partner jgolz@brunswickgroup.com szivin@brunswickgroup.com rspero@brunswickgroup.com +1 415 671 7676 +1 202 393 7337 +1 212 333 3810

2012 Brunswick Investor Use of Digital and Social Media Survey

2012 Brunswick Investor Use of Digital and Social Media Survey

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2012 Brunswick Investor Use of Digital and Social Media Survey