This is the methodology document for the Extel 2019 Survey. If you would like the high quality pdf version, please send us an email at extel@institutionalinvestor.com.

1. EXTEL SURVEY
METHODOLOGY
2019www.extelsurveys.com

2. P A G E 1
E X T E L 2 0 1 9
3 P r o c e s s / P a r t i c i p a t i o n
2 I n t r o d u c t i o n
4
5
7
9
11
I n t e g r i t y / S c o r e c a r d
B u y - s i d e b r i e f i n g
S e l l - s i d e b r i e f i n g
C o r p o r a t e b r i e f i n g
D e t a i l e d m e t h o d o l o g y
18 C o n t a c t s
19 C o p y r i g h t
TABLE OF
CONTENTS

3. INTRODUCTION
Extel is a long-standing survey of the European Equities Business that
gathers opinions from the three sides of the equities community: Sell-
side, Buy-side and Corporates.
Geographically, the survey scope includes sell-side institutions
covering, and companies listed in Developed and Emerging Europe,
plus MENA (inc. South Africa), but receives contributions from
institutional investors globally.
The Extel and Institutional Investor survey rankings are widely
recognised as the most comprehensive and independent validation of
value in the equities business with robust methodology and high data
integrity. Aggregate rankings and awards are available for public
distribution, but details, analysis and breakdowns are available to
subscribing customers only. Please contact Extel for details.
EXTEL 2019 DATES
Voting opens 11th March 2019
12th April 2019
3rd June 2019
Voting closes
Results published
Pre-results under moratorium (only for subscribing sell-side clients) on 27th May 2019
P A G E 2
E X T E L 2 0 1 9

4. PROCESS
Statistics from Extel 2018
PARTICIPATION
P A G E 3
1,970Sell-side participants
8,214
1,617Corporate participants
Buy-side participants
Sell-side
Buy-side
Corporate
Firms Countries
239 55
2,717 81
1,094 53
E X T E L 2 0 1 9
● All voting is online at
www.extelsurveys.com. Interactive
PDF on request (Corporates only).
● Voters can register using
company email address, role,
company name and a password.
● Centralised voting from buy-side
institutions are gathered where
available.
● Extel will publish a full list of
institutions invited to vote with
weightings and vote type.

5. INTEGRITY
● All contributions are treated with complete confidentiality.
● Only votes from registered voters at verified institutions will be
included in results.
● For voters, name, email address, firm and role must all be verified.
● Voters must vote for at least two institutions in each category.*
SCORE GUIDE
*Votes by a firm for a single sell-side firm across multiple categories may be included, for
example where the sector is specialised
5
4
3
2
1
Score Rating
Excellent
Very Good
Good
Above Average
Average
P A G E 4
E X T E L 2 0 1 9

6. BUY-SIDEBRIEFING Buy-side can...
receive votes from Sell-side and Corporates.
vote for both Sell-side and Corporates.
Voting from Corporates and Sell-side is by equity sectors (30) and ESG/SRI for firms and individuals.
Sell-side can also vote in the following categories:
■ General Equities/Strategy ■ Block Trading Desk * ■ Electronic Trading Desk
E X T E L 2 0 1 9
Buy-side receiving Votes
Buy-side voting for Sell-side Buy-side voting for Corporates
Voting is across eleven voting areas for firms and
individuals:
1. Equity Research Sectors
2. UK Small & Mid-caps
3. Equity Sales
4. Equity Trading & Execution
5. Emerging EMEA
6. Economics & Strategy
7. Countries
8. Company & Expert Meetings
9. Global Equity Sectors
10. Derivatives & Convertibles
11. SRI & Sustainability
Votes are submitted in one of four ways:
Broker Review (BR): Full or partial buy-side broker
or research evaluation process.
Centralised (C): Coordination of investment
professionals (IP) in a buy-side firm.
Specific Group (SG): Individual contributions from
a specified list of IPs.
Individual (I): IPs vote on an individual basis.
○ Buy-side voters can nominate up to seven sell-
side firms in each category (see below).
○ Buy-side voters can nominate up to six
individuals for each firm in each sector.
○ Buy-side voters can provide comments, which
are anonymous. Names can be mentioned.
5
4
3
2
1
Rating Number of Firms
2
2
1
1
1
Voting for corporates is across sectors for firms
and individuals (CEO, CFO & IR).
Additional voting across seven IR activities.
■ Business Knowledge/Insights
■ Most Improved Service (quality of service)
■ Pro-activity of Senior Executives
■ Quality of Annual Reports/Formal Disclosure
■ Quality of Non-Deal roadshows/Visits
■ Quality of One-To-One Meetings
■ Quality of Website/Webcasting.
○ Buy-side voters can nominate up to ten
corporates in each sector.
○ Buy-side voters can nominate up to six
individuals for each corporate in each sector.
5
4
3
2
1
Rating Number of Firms
2
2
2
2
2
Individuals
6
6
6
6
6
Industry Trends
Voting:
Voters are requested to complete a few brief
questions on market trends. This report will be
available to buy-side and sell-side firms that vote
in the survey.
* (Block Trading Desk) Firm sector votes only, no individual votes
P A G E 5

7. Results:
E X T E L 2 0 1 9
Buy-side Results
○ Compiled from corporate & sell-side votes, and are consolidated to provide:
■ Overall aggregates of sectors and categories
■ Sector by sector rankings of firms
■ Sector rankings of individuals
○ Buy-side firms taking part receive the full results.
○ Votes from sell-side firms are weighted according to the ranking of the firm in Extel 2018. **
○ Votes from Corporates are weighted according to the company’s average market cap in 2018. **
** See weighting tables (pg 16)
BUY-SIDE BRIEFING
Buy-side Awards
○ The Awards published are:
Sell-side Results
○ Sell-side results are compiled from votes from the Buy-side and Corporates.
○ Buy-side firms have access to the winners in each category.
○ All other rankings are available to buy-side firms (if the firm has voted in that category).
○ Votes are weighted according to the relevance of the buy-side firm:
■ UK Small & Mid-caps. AUM in UK Small & Mid-caps
■ Investment Trusts. AUM in Investment Trusts
■ Emerging EMEA. Equity commission paid in 2018 in Emerging EMEA
■ All other categories. Bundled commission in pan-European equities in 2018
○ Multiple individual votes from a firm are collated & weighted as a single vote in each sector.
Corporate Results
○ Corporate results are compiled from votes submitted by the Buy-side and Sell-side.
○ Buy-side firms have access to:
■ The public winners in each category
■ Detailed rankings in the sectors to which they voted
○ All other results are on request from Extel in each country or sector.
○ Votes are weighted according to the relevance of the buy-side firm: **
■ AUM in pan-European equities.
** See weighting tables (pg 16)
P A G E 6
(Cont...)
Best Fund Management IndividualBest Hedge FundBest Fund Management Firm

8. SELL-SIDEBRIEFING Sell-side can...
vote for both Buy-side and Corporates.
receive votes from both Buy-side and Corporates.
○ Voting is across eleven voting areas for sell-side firms and individuals:
■ Equity Research Sectors
■ Economics & Strategy
■ Emerging EMEA
■ UK Small & Mid-caps
○ Votes are submitted in one of four ways:
■ Broker Review (BR): Full or partial buy-side broker or research evaluation process.
■ Centralised (C): Coordination of investment professionals (IP) in a buy-side firm.
■ Specific Group (SG): Individual contributions from a specified list of IPs.
■ Individual (I): Investment professionals vote on an individual basis.
● Buy-side voters can nominate up to seven sell-side firms in each category (see below).
● Buy-side voters can nominate up to six individuals for each firm in each sector.
● Buy-side voters can provide comments, which are anonymous. Names can be mentioned.
E X T E L 2 0 1 9
Sell-side receiving Votes
5
4
3
2
1
Rating Number of Firms
2
2
2
2
2
Individuals
6
6
6
6
6
Voting:
Sell-side voting for Buy-side Sell-side voting for Corporates
○ Voting is by equity sector for firms and
individuals, plus:
■ General Equities/Strategy
■ Block Trading Desk *
■ Electronic Trading Desk
○ Votes are weighted according to the ranking of
the sell-side firms in Extel 2018.
○ Sell-side voters can nominate up to ten buy-
side firms in each sector.
○ Sell-side voters can nominate up to six
individuals for each buy-side firms in each
sector.
* (Block Trading Desk) Firm sector votes only, no individual votes
○ Voting for corporates is by equity sector for firms and
individuals (CEO, CFO & IR teams).
○ Votes are weighted according to the ranking of the
sell-side firm in Extel 2018. ***
○ Additional voting is invited across seven IR activities:
■ Business Knowledge/Insights
■ Most Improved Service (quality of service)
■ Pro-activity Of Senior Executives
■ Quality Of Annual Reports/Formal Disclosure
■ Quality Of Non-Deal roadshows/Visits
■ Quality Of One-To-One Meetings
■ Quality Of Website/Webcasting
*** Except for the Middle East, where the ranking in the overall Middle East sector in the previous year is used
Industry Trends
Voters are requested to complete a few brief
questions on market trends.
P A G E 7
■ Equity Sales
■ Derivatives & Convertibles
■ Global Equity Sectors
■ SRI & Sustainability
■ Equity Trading & Execution
■ Countries
■ Company & Expert Meetings
5
4
3
2
1
Rating Number of Firms
2
2
2
2
2
Individuals
6
6
6
6
6
5
4
3
2
1
Rating Number of Firms
2
2
2
2
2
Individuals
6
6
6
6
6

9. Results:
E X T E L 2 0 1 9
Sell-side Results
Sell-side results are compiled from votes cast by the Buy-side and Corporates. Combined and separate
rankings are available, although for the awards, only buy-side votes are considered. Aggregate
rankings in the main categories are available on the public web site. Detailed sector and category results
at firm and individual level are available on subscription. Only the Top 3 ranked in each category are
available for public consumption.
○ Multiple individual votes from a firm are collated & weighted as a single vote in each sector.
○ Votes are calculated to form a single submission from the firm.
○ Results are available for eleven voting areas and multiple sub-categories.
○ Votes are weighted according to the relevance of the buy-side firm, (full details here):
■ UK Small & Mid-caps: AUM in UK Small & Mid caps
■ Investment Trusts: AUM in Investment Trusts
■ Emerging EMEA: Equity commission paid in 2018 in Emerging EMEA
■ All other categories: Bundled commission in pan-European equities paid in 2018
○ For certain categories, only buy-side firms in Bands 4 - 10 will be included (Key buy-side):
SELL-SIDE BRIEFING
Corporate Results
Corporate results are compiled from votes cast by the Buy-side and Sell-side. Sell-side firms have access
to the public winners in each category. All other results in each country or sector are available on request
from Extel.
Buy-side Results
Buy-side results are compiled on a combined and separate basis for votes from Corporates and Sell-side.
Sell-side firms have access to the public winners in both categories for each sector.
Equity Research sectors
Economics & Strategy
Equity Sales
Global Equity Sectors
Company & Expert Meetings
Key Buy-side only All Votes
UK Small & Mid-caps
Countries
Derivatives & Convertibles
Emerging EMEA
SRI & Sustainability
Equity Trading & Execution
P A G E 8
(Cont...)

10. CORPORATEBRIEFING Corporates can...
vote for both Buy-side and Sell-side.
receive votes from both Buy-side and Sell-side.
○ Corporate voting is spread across several categories for Buy-side and Sell-side.
○ Voting for corporates is by equity sector for firms and individuals (CEO, CFO & IR).
○ Additional voting is invited across seven IR activities:
■ Business Knowledge/Insights
■ Most Improved Service (quality of service)
■ Pro-activity Of Senior Executives
■ Quality Of Annual Reports/Formal Disclosure
■ Quality Of Non-Deal roadshows/Visits
■ Quality Of One-To-One Meetings
■ Quality Of Website/Webcasting
○ Votes are weighted according to the ranking of the sell-side firm in Extel 2018 **** or the AUM of the
buy-side firm.
E X T E L 2 0 1 9
Voting: Corporates receiving Votes
Corporates voting for Sell-side
○ Voting within the industry sector of your company
across two categories:
■ Equities. Voting for firms and individuals.
■ ESG/SRI. Voting for firms and individuals.
Corporates voting for Buy-side
○ Voting within the industry sector of your company
across two categories:
■ Equities. Voting for firms and individuals.
■ ESG/SRI. Voting for firms and individuals.
Corporates voting for Corporate
Access & Conferences
○ Conferences. Voting for broker conferences.
○ Corporate Access & Roadshows. Corporates
are requested to identify the brokers that they use in
specific geographical regions:
■ North America
■ Asia Pacific
■ UK
■ France
■ Germany
■ Nordics
■ Switzerland
■ Benelux
■ Southern Europe
Industry Trends
○ A series of questions on Investor Relations
Activities:
■ Interaction with the Buy-side
■ IR & Management activities
■ Budgets & Salaries
■ General industry trends
■ Interaction with the Sell-side
■ Industry best practices
**** Minimum requirement is voting for two firms and completing the trend questionnaire
P A G E 9

11. Results:
E X T E L 2 0 1 9
Corporate Results
Corporate results are compiled from votes from Buy-side and Sell-side. Corporates have access to the
public winners in each category and their own ranking in their country and sector, provided they
participated fully in voting ****. This includes ranks for CEO, CFO and IR Team. All other results are on
request from Extel in each country or sector.
Corporates may subscribe to IR Benchmarks service which includes aggregated results from the above
trend questions, with the company results presented within the context of the wider sector and market.
This service is available on a subscription basis.
CORPORATE BRIEFING
Buy-side Results
Buy-side results are compiled on a combined and separate basis for votes from Corporates and Sell-side.
Corporates have access to the public winners in each category for each sector, and the full buy-side
results for their particular sector for clients of Extel.
Sell-side Results
Sell-side results are compiled from votes from Buy-side and Corporates. Corporates have access to the
headline rankings for aggregate results and headline awards and the winners for each category. Further
details are available on a subscription basis.
P A G E 1 0
**** Minimum requirement is voting for two firms and completing the trend questionnaire
(Cont...)

12. DETAILEDMETHODOLOGY
All firms that vote are categorised into bands and weighted according to their importance to the firms they
vote. Detailed weighting tables are covered below. ** For the sell-side specifically, MiFID II will change the
dynamics and payment wallet from bundled to unbundled and specifically payment for advisory services.
Comprehensive data is not yet available for Extel 2019 but it is anticipated that greater transparency will
emerge during the course of 2019 and allow a more accurate categorisation.
E X T E L 2 0 1 9
Client Categorisation
Bands
Bands 4 - 10 (currently those institutions with a commission wallet of US $1m+) are considered the most
relevant institutions to the sell side and are classified as “Key buy-side”. A number of the aggregates and
awards are based only on this list, which is distributed to participants prior to the commencement of voting
and is available throughout. Sell-side are invited to suggest changes to the bands and these comments will
be reviewed and verified where required.
Key Buy-side
Vote Type
● Broker Review (BR): A direct feed from a buy-side
broker review. Buy-side individuals are not proactively
invited to vote although they may log into the Extel web
site and submit a vote. Votes received outside of this list
will be verified directly with the firm for a decision
whether to include.
● Specified Group (SG): A named list of individuals
from the buy-side firm have been agreed and identified
with the broker liaison or equivalent. Voters outside of
this list will be verified directly with the firm for inclusion.
● Centralised (C): The contribution to Extel may be
coordinated by one individual at the buy-side firm,
usually the broker liaison or equivalent. Voters outside of
this list will be verified directly with the firm for inclusion.
● Individual (I): Voting in Extel is open to all individuals
at the firm and all votes are included. These are
aggregated. Multiple individual responses from a firm are
collated and weighted as a single vote in each category
or sector.
Band
10
Band
9
Band
8
Band
7
Band
6
Band
5
Band
4
Band
3
Band
2
Band
1
60%
40%
20%
0%
Coordinated Voting firms in Extel 2018
P A G E 1 1
** See weighting tables (pg 16)
Extel aims to maximise votes from the Buy-side through a centralised vote process to ensure that the results
most accurately reflect the perceived market value of the Sell-side. Extel can accept votes in four ways:

13. E X T E L 2 0 1 9
Voting Categories
Equity Research Sectors (30)
■ Aerospace & Defence
■ Autos & Automotive components
■ Banks
■ Beverages
■ Capital goods (inc. Eng & Mach)
■ Chemicals
■ Construction & Building Materials
■ Food Manufacturers
■ Forestry, Paper & Packaging
■ Household Products & Personal Care
■ Insurance
■ Leisure, Entertainment & Hotels
■ Luxury Goods
■ Media
■ Medtech & Services
■ Metals & Mining
■ Oil & Gas
■ Oil Services
■ Pharmaceuticals & Biotech
■ Real Esate
■ Retailers (Food)
■ Retailers (Non-food)
■ Software & IT Services
■ Specialty & other Finance
■ Support & Business Services
■ Telcos. Equip./IT Hardware & Semis
■ Telecommunications Services
■ Tobacco
■ Transport
■ Utilities
Company & Expert Meetings (4)
■ Conferences
■ Industry Experts
■ Non-deal Roadshows
■ Reverse Roadshows/Fieldtrips
DETAILED METHODOLOGY
P A G E 1 2
(Cont...)

14. E X T E L 2 0 1 9
UK Small & Mid-Caps (24)
DETAILED METHODOLOGY
■ Strategy
■ Capital Goods
■ Chemicals
■ Construction
■ Consumer Goods
■ Financials
■ Healthcare
■ Insurance
■ Leisure & Gaming
■ Media
■ Metals & Mining
■ Oil & Gas
* Separate weightings for buy-side participants, based only on Investment Trusts AUM
Countries (48)
Benelux:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings
France:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
■ Small & Mid-cap Research
■ Small & Mid-cap Sales
■ Small & Mid-cap Trading/Execution
Germany:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
■ Small & Mid-cap Research
■ Small & Mid-cap Sales
■ Small & Mid-cap Trading/Execution
Ireland:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
Greece:
■ Country Research
■ Equity Sales
Italy:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
Nordic Countries:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
** (Company & Expert Meetings) Firm sector votes only, no individual votes
■ Real Estate
■ Retail
■ Support Services
■ Technology
■ Transport & Logistics
■ Sales
■ Investment Trusts: Sales *
■ Investment Trusts: Research *
■ Alternative Investment Funds: Sales *
■ Alternative Investment Funds: Research *
■ Corporate Broking
■ Trading/Execution
Pan-European:
■ Small & Mid-cap Research
■ Small & Mid-cap Sales
■ Trading/Execution
■ Company & Expert Meetings **
Spain/Portugal:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
Switzerland:
■ Country Research
■ Equity Sales
■ Trading/Execution
■ Company & Expert Meetings **
■ Small & Mid-cap Research
■ Small & Mid-cap Sales
Austria:
■ Country Research
Israel:
■ Country Research
P A G E 1 3
(Cont...)

15. E X T E L 2 0 1 9
Economics & Strategy (10)
DETAILED METHODOLOGY
■ Global Economics
■ Global Strategy
■ Pan-European Economics & Macro
■ Pan-European Strategy
■ Equity Technical Analysis & Charting
■ Index Analysis
■ Quantitative & Database Analysis
■ Multi-asset Research
■ Special Situations Research
■ Valuations & Accounting
Emerging EMEA (33)
Emerging EMEA:
■ Chemicals/Industrials
■ Construction & Real Estate
■ Consumer
■ Financials
■ Healthcare & Pharmaceuticals
■ Metals & Mining
■ Oil & Gas
■ Technology, Media & Telecommunications
■ Transportation
■ Utilities
■ Central/Eastern Europe ***
■ Company & Expert Meetings **
■ Equity Sales
■ Trading & Execution
■ Ukraine Country Research
■ Turkey Country Research
■ Economics
■ Strategy
** Firm sector votes only, no individual votes
Russia:
■ Country Research ****
■ Small & Mid-cap Research
■ Banks & Other Financials
■ Consumer/Retail
■ Metals & Mining
■ Oil & Gas
■ Telecoms & Media
■ Fixed Income Research
■ Equity Strategy
■ Economics & Macro
■ Equity Sales
■ Trading & Execution
Other:
■ South Africa Country Research
■ Middle East & North Africa
■ Frontier Markets
*** (Central/Eastern Europe) Consists of: Czech Republic, Hungary, Poland, Romania and Slovakia
**** (Russia) Russia: Country Research is the only category that will feature in the II Global Leaders' Table
Global Equity Sectors (6) **
■ Banks & Financials
■ Consumer Staples
■ Energy
■ Industrials/Chemicals
■ Pharma & Healthcare
■ TMT
P A G E 1 4
(Cont...)

16. E X T E L 2 0 1 9
Derivatives & Convertibles (6)
DETAILED METHODOLOGY
■ Convertibles Research
■ Convertibles Sales
■ Convertibles Trading/Execution
■ Derivatives Research
■ Derivatives Sales
■ Derivatives Trading/Execution
** Firm sector votes only, no individual votes
Equity Sales (5)
■ Electronic alphacapture **
■ Global Equity Sales
■ Special Situations: Sales
■ Pan-European Equity Sales
■ UK: Equity Sales
Equity Trading & Execution (4)
■ Delta One/ETFs
■ Electronic Trading
■ High-touch Sales-Trading
■ Portfolio Trading
SRI & Sustainability (3)
■ Corporate Governance
■ SRI Research
■ Integrated Climate Change
Verification
Extel conducts extensive verification checks prior to voting and after closure of the polls to ensure robust
results with high data integrity:
● Firms are verified to ensure they are registered institutions.
● Individuals are verified to ensure that they are currently employed as industry professionals.
● No Gmail, Hotmail or other personal email addresses are permitted.
● Votes that we suggest an attempt to game the system will be excluded.
Awards
Aggregated results published in Extel Europe 2019 will be based on a compilation of weighted votes
received in the team/firm voting areas.
Leading Broker
Name of the Award Constituents (weighted Points)
Awards based on Key Buy-side votes only
All categories
Leading Equity Sector Research
Leading Research
Leading Equity Sales
Leading Equity Trading & Execution
Leading Research Analyst
Leading Salesperson
Leading Sales-Trader
Leading Firm-Corporate Access
Leading Firm: Equity &
Equity- Linked Sales
Leading Firm: SRI & Sustainability
Awards based on All Buy-side votes only
Leading Brokerage Firm - Countries
All research sectors and categories
All equity research sectors
All equity sales sectors
All equity trading & execution sectors
All equity research sectors (indiv)
All equity sales sectors (indiv)
All equity trading & execution sectors (indiv)
All equity trading & execution sectors (indiv)
All sales sectors and categories
All SRI & Sustainability sectors
All sectors in Country categories
Leading Firm: Derivatives
& Convertibles
Name of the Award Constituents (weighted Points)
All sectors in Derivatives
& Convertibles category
Leading Firm: Emerging EMEA
Leading Independent
Research Provider
Leading IRP (Equity)
Leading IRP (Macro)
Leading Firm: UK
Small & Mid-caps
Leading UK SMID Individual
Best Conference
All sectors in Emerging EMEA category
All research sectors for firms registered
as IRPs
All equity research sectors for
registered IRPs
All macro research sectors for
registered IRPs
Weighted points across all UK SMID sectors
All UK SMID sectors (individual)
All conferences
P A G E 1 5
(Cont...)

17. E X T E L 2 0 1 9
SRI & Sustainability
DETAILED METHODOLOGY (CONT)
Votes in SRI & Sustainability are gathered from:
Buy-side on Sell-side:
○ Corporate Governance
○ Integrated Climate Change
○ SRI Research
Buy-side on Corporates. Within the market trends section of the buy-side survey, there is a voting section
for buy-side to nominate their Top 5 corporates for Corporate Social Responsibility (CSR) and Environmental
Social Governance (ESG).
Corporates on Buy-side and Sell-side. Within the corporate voting section there is an opportunity to vote
on Buy-side and Sell-side:
○ ESG/SRI
Weighting Tables
Corporate
US$ 0 - 1bn
US$ 1 - 3bn
US$ 3 - 5bn
US$ 5 - 10bn
US$ 10 - 20bn
European Equity AUM Weighting
x 1
x 2
x 3
x 5
US$ 20 - 40bn
US$ 40 - 60bn
1st to 5th
6th to 10th
11th to 20th
21st to 40th
41st upwards
2018 Firm Ranking in Sector Weighting
x 20
x 16
x 12
x 7
Buy-side to Corporate
US$ 60 - 80bn
US$ 80 - 100bn
US$ 100bn+
Sell-side to Corporate
x 7
x 10
x 14
x 18
x 24
x 30
x 3
P A G E 1 6
Buy-side
Corporate to Buy-side Sell-side to Buy-side
US$ 0 – 500m
US$ 500m – 1bn
US$ 1 – 2bn
US$ 2 – 3bn
US$ 3 – 4bn
European Equity AUM Weighting
x 1
x 2
x 3
x 5
US$ 4 – 5bn
US$ 5 – 10bn
US$ 10 – 40bn
US$ 40 – 70bn
US$ 70 +
x 7
x 10
x 14
x 18
x 24
x 30
1st to 5th
6th to 10th
11th to 20th
21st to 40th
41st upwards
2018 Firm Ranking in Sector Weighting
x 20
x 16
x 12
x 7
x 3

18. E X T E L 2 0 1 9
DETAILED METHODOLOGY (CONT)
Sell-side
US$ 0 – 250k
US$ 250k – 500k
US$ 500k - 1m
US$ 1m - 2m
US$ 2m - 5m
European Equity Commission Weighting
x 1
x 2
x 3
x 5
US$ 5m - 10m
US$ 10m - 15m
Buy-side to Sell-side
US$ 15m - 20m
US$ 20m - 30m
US$ 30m+
x 7
x 10
x 14
x 18
x 24
x 30
All categories except UK SMID, Investment
Trusts and Emerging EMEA
UK Small & Mid-caps
Band
1
2
3
4
5
6
7
8
9
10
US$ 0 – 100m
US$ 100 – 250m
US$ 250 – 500m
US$ 500 – 750m
US$ 750m – 1bn
UK SMID AUM Weighting
x 1
x 2
x 3
x 5
US$ 1-2bn
US$ 2-3bn
US$ 3-4bn
US$ 4-5bn
US$ 5bn+
x 7
x 10
x 14
x 18
x 24
x 30
Band
1
2
3
4
5
6
7
8
9
10
US$ 0-150k
US$ 150k - 300k
US$ 300k – 500k
US$ 500k – 1m
US$ 1m – 2m
Commission Weighting
x 1
x 2
x 3
x 5
US$ 2m – 3m
US$ 3m – 4m
US$ 4m – 7m
US$ 7m – 10m
US$ 10m+
x 7
x 10
x 14
x 18
x 24
x 30
Emerging EMEA Investment Trusts
Band
1
2
3
4
5
6
7
8
9
10
< US$ 25m
US$ 25m - 50m
US$ 50m – 75m
US$ 75m - 100m
US$ 100m - 150m
IT FUM Weighting
x 1
x 2
x 3
x 5
US$ 150m – 250m
US$ 250m - 500m
US$ 500m - 1bn
US$ 1bn - 1.5bn
US$ 1.5bn+
x 7
x 10
x 14
x 18
x 24
x 30
Band
1
2
3
4
5
6
7
8
9
10
Corporates to Sell-side *
US$ 0 – 500m
US$ 500m – 1bn
US$ 1 – 2bn
US$ 2 – 3bn
US$ 3 – 4bn
Market Cap. Weighting
x 1
x 2
x 3
x 5
US$ 4 – 5bn
US$ 5 – 10bn
US$ 10 – 40bn
US$ 40 – 70bn
US$ 70bn +
x 7
x 10
x 14
x 18
x 24
x 30
All categories except UK SMID UK Small & Mid-caps
Band
1
2
3
4
5
6
7
8
9
10
US$ 0 – 100m
US$ 100 – 250m
US$ 250 – 500m
US$ 500 – 750m
US$ 750m – 1bn
Market Cap. Weighting
x 1
x 2
x 3
x 5
US$ 1-2bn
US$ 2-3bn
US$ 3-4bn
US$ 4-5bn
US$ 5bn+
x 7
x 10
x 14
x 18
x 24
x 30
Band
1
2
3
4
5
6
7
8
9
10
* Source: Factset
P A G E 1 7

19. E X T E L 2 0 1 9
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