Brunswick is pleased to announce the release of our fourth annual survey on digital media usage by the investment community. Key findings from the survey include: • 70% of investors believe that the role of digital media will play an increasing role in future investment decisions • 29% of investors are proactively following up on leads initially found on micro-blogging services, such as Twitter • Twitter influence continues to expand, but its growing influence may be under-reported due to recent inclusion on other platforms, like Bloomberg • In ranking their top sources, investors gave information direct from companies an average rating of 1.9, higher than any other source • 35% of investors listed real-time subscription services, like Bloomberg, as becoming more valuable for their work, compared to 22% on our last survey

1. 2014 Analyst and Investor Survey:
Trends in the Use of Digital & Social Media by the Investment
Community
Abu Dhabi
Beijing
Berlin
Brussels
Dallas
Dubai
Frankfurt
Hong Kong
Johannesburg
London
Milan
Munich
New York
Paris
Rome
San Francisco
Sao Paulo
Shanghai
Singapore
Stockholm
Vienna
Washington, D.C.

2. Executive summary
1
Investors’ consumption of digital media for investment research continues to rise
59%
26%
+7
Read blogs for work
2
Use social networks for work
Use micro-blogging services for work
Online engagement is increasingly driving investment decisions
58%
27%
+1
Investigated an issue
after reading a blog…
3
30%
+2
+3
…then made an investment decision based
on a mosaic constructed around that blog post
Twitter influence continues to expand, but its growth may be under-reported due to
recent inclusion on other platforms, like Bloomberg, which also jumped in importance
1 in 7
36%
Investors made an investment decision based
on a mosaic constructed around a tweet
Investors in US who said real-time subscription
services became more important this year
© BRUNSWICK | 2014 | 1

3. Ranking of various information sources

4. Importance of information sources
Information direct from companies remained the highest ranked resource for investment
decisions
(based on a scale from 1 to 7)
Top information sources
Top Information Sources in
2014
Average Rank
Information direct from
companies
1.9
Real time subscription
information sources
Trends by year*
3.3
1.0
2.0
2.0
1.9
Information direct from
companies
2.0
Real time subscription
information sources
3.0
3.4
3.0
3.3
Analyst research*
3.5
4.0
Primary market research
3.9
3.7
3.9
3.5
3.9
3.6
Analyst research*
Primary market research
4.1
4.5
4.5
Online business media
5.0
Online business media
4.5
Print business media
5.3
Digital media
5.8
5.0
6.0
5.1
5.3
5.8
5.8
2012
2014
Print business media
Digital media
6.1
7.0
2010
Q4. Please rank the following information sources by how much they influence your investment decisions or
recommendations?
* Indicates sell side and industry analyst research for buy-side analysts; indicates industry analyst research for sell-side
analysts
Reported by mean of rankings
© BRUNSWICK | 2014 | 3

5. Importance of information sources
(Average rank, lower figures mean they are more influential)
USA
Information direct from
companies
Europe
2.0
2.0
2.0
1.8
2.1
2.1
Real time subscription
information sources
Primary market research
3.4
3.4
3.3
Online business media
Print business media
3.5
4.0
4.7
4.1
4.1
3.8
3.5
4.0
3.3
3.3
3.3
3.4
3.8
4.4
4.4
4.3
3.0
3.3
4.2
4.6
4.0
5.5
5.3
5.2
2014
Digital media
1.8
2.1
3.0
3.1
3.0
3.3
3.4
3.0
Analyst research*
Asia
5.8
5.8
6.0
2012
2010
5.1
4.6
5.0
5.0
4.9
5.9
5.8
6.3
5.5
5.0
2014
2012
2010
2014
5.9
5.7
2012
Reported by mean of rankings
Q4. Please rank the following information sources by how much they influence your investment decisions or
recommendations?
* Indicates sell side and industry analyst research for buy-side analysts; indicates industry analyst research for sell-side
analysts
© BRUNSWICK | 2014 | 4

6. Information from companies
Face time with management remained the highest ranked resource made
available by companies themselves (Based on a scale from 1 to 7)
Top direct from company information sources
Top Company Information
Sources in 2014
Direct interaction with
management
Average Rank
Trends by year*
1
2
2.4
2.4
2.5
2.4
Direct interaction with
management
Conference calls, webcasts
Conference calls, webcasts
3.4
3
3.2
3.5
3.4
Regulatory filings
3.4
3.5
3.8
4
3.4
3.5
Regulatory filings
3.8
Company news releases
5.4
Investor / corporate
presentation
4.1
Company news releases
3.5
Investor / corporate
presentation
5
5.3
5.4
Company website
3.8
6
6.5
Company website
6.7
5.4
Company digital/social media
presence
6.9
Company digital media
presence
7
6.5
2010
2012
2014
Reported by mean of rankings
Q5. Regarding information direct from companies, please rank the following by how much they influence your investment
decisions or recommendations?
© BRUNSWICK | 2014 | 5

7. Rating information from companies
(Average rank, lower figures mean they are more influential)
USA
Direct interaction with
management
Europe
Asia
2.6
2.4
2.3
2.6
2.7
2.5
1.6
2.5
Conference calls, webcasts
3.3
3.2
2.9
3.5
3.6
3.5
3.3
3.8
Regulatory filings
3.4
3.3
3.2
3.4
3.6
3.6
3.6
3.6
Company news releases
3.5
4
3.7
3.4
4
3.2
3.7
4.2
Investor / corporate
presentation
3.9
3.7
3.5
3.5
3.6
3.5
4
4.3
Company website
Company digital media
presence
5.5
5.6
5.5
6.3
7.1
6.6
5.2
5.4
5.2
2014
2012
2010
5.7
5.1
6.7
7
6.7
2014
2012
2010
6.6
6.5
2014
2012
Reported by mean of rankings
Q5. Regarding information direct from companies, please rank the following by how much they influence your
investment decisions or recommendations?
© BRUNSWICK | 2014 | 6

8. Changing importance of information sources
Real-time subscription services and blogs are the media platforms that
grew the most in importance according to investors
Percent saying each technology has become more important this year
Real time subscription services
Blogs
Traditional business media - Online
53%
42%
Europe
40%
36%
USA
28%
Asia
Europe
20%
USA
USA
40%
29%
Asia
Europe
20%
USA
Asia
Traditional business media – Print, Radio, TV
Social Networks
13%
Europe
29%
21%
11%
Asia
6%
11%
Europe
USA
Asia
Q6. {MULTIPLE RESPONSE] Which, if any, of the following information sources have become more important to
you in your job in the past year?
© BRUNSWICK | 2014 | 7

9. Syndicated services see a rise in value
Online-only Outlets
(Seeking
Alpha, Re/code, etc.)
40%
48%
Syndicated Subscription
Services
(Bloomberg, Reuters, etc.)
35%
22%
Traditional Media's Online
Properties
(WSJ.com, NYTimes.com,
etc.)
Social Media
(LinkedIn, Facebook, Twitt
er, etc.)
16%
18%
9%
12%
2014
2012
Q9. (OPEN-ENDED) Please list which digital media sources provide you with the most valuable
information for your work? Please list these in order of importance to you.
© BRUNSWICK | 2014 | 8

10. Impact of digital media

11. Most investors see the role of digital media increasing
Nearly three in four investors believe that the role of digital media will play
an increasing role in future investment decisions; Investors in Asia believe
this most strongly
4%
6%
23%
Yes, definitely
Yes, probably
No, probably not
No, definitely not
Unsure
70% Increasing Role
Europe
Asia
64%
21%
USA
70%
79%
47%
Q12. Do you think that digital media such as blogs, micro-blogging services or social networking sites will play an
increasingly important role in investment decisions in the future?
© BRUNSWICK | 2014 | 10

12. Digital media driving issue investigation
Digital media sources remain a key information source, as investors are
proactively following up on leads initially found online
Information source prompting further investigation
Information source by year
Information source in 2014 by region
70%
USA
+1
40%
10%
14%
29%
29%
28%
20%
28%
25%
23%
52%
54%
2014
62%
54%
55%
2012
29%
26%
35%
22%
Blogs
Blogs
50%
30%
Asia
25%
44%
30%
21%
39%
19%
37%
26%
25%
25%
14%
21%
44%
58%
52%
31%
67%
33%
57%
60%
Europe
+1
-1
+2
Microblogging
services
Message
boards
Micro-blogging services
Message boards
11%
Social
networking sites
0%
2010
2012
2014
Q10. 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 | 2014 | 11

13. Digital media driving investment decisions
Nearly one-quarter of Asian investors made an investment decision after
consulting a micro-blog, doubling the frequency of other regions
Information source prompting investment decision
Information source by year
30%
Information source in 2014 by region
27%
USA
+3
24%
25%
Blogs
Blogs
20%
Asia
28%
25%
28%
2014
24%
22%
28%
2012
10%
12%
23%
4%
14%
24%
9%
9%
20%
7%
9%
19%
4%
7%
4%
7%
15%
21%
18%
14%
15%
12%
11%
10%
10%
5%
Europe
5%
4%
9%
7%
2%
-2
Message boards
Social
networking sites
Message boards
Social
networking sites
0%
2010
+2
+1
Micro-blogging
Micro-blogging services
services
2012
2014
Q11. 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 led you to conduct additional
research?
© BRUNSWICK | 2014 | 12

14. Appendix: approach and participants’
profiles

15. Digital media and investment decisions

Quantitative research with buy-side investors and sell-side analysts across the U.S., Europe and
Asia, designed to understand usage of digital media in the investment process.

Online data collected between October 15 and November 1, 2013.

Invitations were sent to individuals from a subscription database, in USA, Europe or Asia. The
following job titles were invited:
― Buy side: Analyst, Portfolio Manager, Portfolio Manager / Analyst, Director of Research, Research
Associate
― Sell side: Analyst, Director of Equity Research, Research Associate

Data presented in the 2014, 2012 and 2010 surveys have been weighted by country to allow
accurate comparison.

The survey included a sample size of 472 investors and had a margin of error of 4.5%.
© BRUNSWICK | 2014 | 14

16. Job role and type of investments
48% Sell-side
52% Buy-side
21%
Analyst / Researcher
Investment advisor /
Manager
Mutual fund
48%
11%
Other sell-side
Hedge fund
5%
11%
2%
1%1%
Q2. Do you describe yourself as a buy-side investor or a sell-side analyst?
Q3. Which of the following best describes your role and the type of investments you are responsible
for?
Pension fund
Insurance company
Other buy-side
© BRUNSWICK | 2014 | 15

17. Industry sector
Technology / Media /
Telecoms
Consumer
18%
Financial
33%
13%
Energy
Manufacturing / Industry
4%
8%
8%
2% 4% 4%
Healthcare
5%
Q13. What is the primary industry sector you cover?
Utilities
© BRUNSWICK | 2014 | 16

18. Market cap focus
13%
24%
Small Cap - $250m up to $2bn
Mid Cap - $2bn up to $10bn
7%
30%
Large Cap - $10bn up to $100bn
Other currency
Not specified
27%
Q14. What is your market cap focus? Please indicate which currency.
© BRUNSWICK | 2014 | 17

19. Region
20%
40%
US
EU
Asia
40%
Q1. Where is your usual place of work?
© BRUNSWICK | 2014 | 18

20. Age
3%
21%
20%
27%
Q15. Which age band do you fit into?
29%
20-29
30-39
40-49
50+
Refused
© BRUNSWICK | 2014 | 19

21. For more information please contact:
Jason Golz
Partner
jgolz@brunswickgroup.co
m
+1 415 671 7676
Sparky Zivin
Director
szivin@brunswickgroup.co
m
+1 202 393 7337