In our push to uncover more insight within the Extel database. The attached provides interesting reading from our 2017 survey and some comparisons to 2007. How times have changed.

1. CHANGING TIMES
MOVING FORWARD INTO A NEW ERA
xtel has a pedigree of partnership within the
equities industry, stretching back to the first
Extel Survey in 1999. Our partners have provided
privileged insight over the years and as the
industry has evolved, so has Extel.
Change is constant in the financial services
industry, and the dual catalysts of regulation and
structural changes on the immediate horizon
will require continual remodelling of resource
allocation and practices across the equities
industry. Listed companies, service providers and
equity owners will have to adjust their established
working practices to comply and remain relevant.
At Extel, we are embracing the new world; with
change brings opportunity and we are excited
about the challenges that are presented in helping
our clients adapt to their new environment. Over
the coming months you will see a significant
evolution in Extel’s approach; still delivering high
value content with intellectual rigour, but
uncovering incremental data not reported
previously. New analytical insights and a focus on
providing value throughout the year will allow
Extel to be the single best view of the competitive
landscape within equities.
We work with the Sell-side, Buy-side and
Corporates to provide insight into value, strategy
and structure. An internationally recognized
standard in quality, we have significant experience
in leveraging information, driving change and
building effective campaigns focused on the
communication of value. We will evolve with our
clients, providing independence, transparency
and collaboration, delivering proof of concept and
collecting feedback on achievement.
We look forward to working with you.
David Enticknap
Head of Extel
Extel is the largest market study of the financial community, globally.
Our data is the backbone of what we do, but data on its own is not enough.
We unlock the intelligence you value to drive business transformation.
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extelsurveys.com
+44 203 567 0980
WHY EXTEL? WANT TO LEARN MORE?
490
Corporates
2007 VOTES
5,000
Individuals
1,500
Analysts
128
Sell-side
Global 11%
Regional 17%
Local 70%
IRP 2%
1,449
Buy-side
Long 72%
Hedge 26%
Other 2%
1,100
Corporates
2017 VOTES
2007 WINNERS
INDIVIDUALS
2017 WINNERS
11,500
Individuals
3,050
Analysts
270
Sell-side
Global 9%
Regional 14%
Local 71%
IRP 6%
3,200
Buy-side
Long 75%
Hedge 21%
Other 4%
40 of the Top 100 Buy-side firms fell out of the Top 100.
Many disappearing altogether
Of the 1,500 analysts voted for in the top 25 in 2007 only 11 appeared
in the 2017 complete list; only 4 are still at the same firm.
UBS
CITIGROUP
MERRIL LYNCH
DEUTSCHE
MORGAN STANLEY
CREDIT SUISSE
SOC GEN
DRESDNER
EXANE BNP PARIBAS
JP MORGAN
1
2
3
4
5
6
7
8
9
10
Andrew Wood – BERNSTEIN
Gael de Bray – DB (SOC GEN)
Jamie Rollo – MS
Jonathan Leinster – BERENBERG (UBS)
Matthias Desmarais – ODDO BHF (SOC GEN)
Max Warburton – BERNSTEIN (UBS)
Michael Jungling – MS (ML)
Philip Middleton – BAML (ML)
Stephen Howard – HSBC
Stuart Graham – AUTONOMOUS (ML)
Sylvian Brunet – EXANE BNP PARIBAS
EXANE BNP PARIBAS
UBS
MORGAN STANLEY
BAML
JP MORGAN
SOC GEN
DEUTSCHE
KEPLER CHEUVREUX
HSBC
CITIGROUP
1
2
3
4
5
6
7
8
9
10
E

2. Leveraging our unrivalled data, Extel unlocks actionable
insights to achieve a sustainable competitive advantage.
Extel is the largest market study of the financial community, globally.
Our data is the backbone of what we do, but data on its own is not enough.
We unlock the intelligence you value to drive business transformation.
• Optimize team structure & focus
• Understand best practices &
measures of success
SELL-SIDE
PERFORMANCE
• Focus on addressable wallet
• Independent validation of value
BUY-SIDE
ENGAGEMENT• Strategic partner engagement
• Understand corporate demands
CORPORATE
INTERACTIONS
UK SMALL & MID-CAP SELL-SIDE1
1: As voted for by fund managers and corporates
Note*: Tier 10 represents the largest fund managers by commissions paid
Numis
Securities
Liberum
Peel Hunt
1
2
3
COMPANY & EXPERT MEETINGS1
Conferences
Non-deal roadshows
Reverse roadshows 1
2
7
3
9
2
3
1
1
Kepler
Cheuvreux
UBS
Exane BNP
Paribas
1
2
3
BEST OVERALL SELL-SIDE1
Equity research rank
Company meetings rank
Corporate vote only rank 2
3
3
3
2
7
2
1
1
Exane BNP
Paribas
Morgan Stanley
UBS
1
2
3
SELECTED EXTEL TITLES FROM 2017SELECTED EXTEL TITLES FROM 2017 SELL-SIDE PERFORMANCE HIGHLIGHTSSELL-SIDE PERFORMANCE HIGHLIGHTS
Top 3 Top 10 Top 25
ANALYSTS RANKED
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2014 2015 2016 2017
165
112
69
151
123
74
156
128
72
142
126
68
BUY-SIDE OPINION ON SERVICE
WHAT IS MOST IMPORTANT?
RELATIVELY MORE IMPORTANT FOR THE TOP TIER FUND MANAGERS
Research
1. Company meetings
& conferences
2. Trade ideas to
generate alpha
3. Direct analyst contact
Expert panels /
networks
Independent ideasAccess to capital &
risk pricing
1. Ideas generation
2. Overall account
management
3. Market knowledge
& feel
1. Access to unique
liquidity
2. High touch service
3. Market impact /
quality of execution
Sales Trading
COMPETITOR ANALYSIS
FRANCE COVERAGE
ODDO BHF (1st
)
Exane BNP Paribas (2nd
)
Natixis (3rd
)
Kepler Cheuvreux (4th
)
Société Générale (5th
)
Component positions shown behind
make up of overall France coverage
1
2
3
4
5
6
Country research
Equity
sales
Small &
mid cap
Trading &
execution
Company &
expert meetings
Buy-side tiers 8 to 10 Buy-side tiers 5 to 7 Buy-side tiers 4 & below Total vote
score
CLIENT SEGMENTATION BY COMMISSION TIER*
100%0% 50%
Top 3
Top 10
Top 25
111k
71k
28k
SELL-SIDE
MARKET INTELLIGENCE
1,100
Companies
+250
Sell-side firms
+3,000
Buy-side firms
WE HELP SELL-SIDE:WE HELP SELL-SIDE:

3. Leveraging our unrivalled data, Extel enables you to unlock intelligence to
assess and compare which sell side firms you are using and understand
who is providing the most value to the street.
Extel is the largest market study of the financial community, globally.
Our data is the backbone of what we do, but data on its own is not enough.
We unlock the intelligence you value to drive business transformation.
• Understand research
consumption versus value
• MiFID II audit - value vs. payment
BUY-SIDE
PERFORMANCE
• IR perception
• How IR judges the Buy-side
CORPORATE
ENGAGEMENT
• Identify the leading providers
• Identify alternative substantive
providers
SELL-SIDE
INTERACTIONS
PAN-EUROPEAN FUND
MANAGEMENT FIRM2
2: Based on corporate nominations
J.P. Morgan
Asset Management
Allianz Global
Investors
Amundi Asset
Management
1
2
3
COMPANY & EXPERT MEETINGS1
Conferences
Non-deal roadshows
Reverse roadshows 1
2
7
3
9
2
3
1
1
Kepler
Cheuvreux
UBS
Exane BNP
Paribas
1
2
3
BEST OVERALL SELL-SIDE1
Equity research rank
Company meetings rank
Corporate vote only rank 2
3
3
3
2
7
2
1
1
Exane BNP
Paribas
Morgan Stanley
UBS
1
2
3
SELECTED EXTEL TITLES FROM 2017SELECTED EXTEL TITLES FROM 2017
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+44 203 567 0980
WHY EXTEL? WANT TO LEARN MORE?
1: As voted for by corporates
and fund managers
Social media impact
Value creation / profitabilityRegulatory changes
Buy-side trends Direct access to investors
Decrease in Sell-side coverage
Corporate access evolution
Technology / digitalization
IR Team impact ESG / SRI
Shareholder activism
Market liquidity
M&A / consolidationBrexit
MiFID II
CORPORATE IR THEMES OF FUTURE FOCUSCORPORATE IR THEMES OF FUTURE FOCUS
SEGMENTATION & PARTICIPATION HIGHLIGHTSSEGMENTATION & PARTICIPATION HIGHLIGHTS
Top 3 Sell-side Top 10 Sell-side Top 25 Sell-side All other Sell-side
BUY-SIDE SEGMENTATION VS. SELL-SIDE RANKS
100%0% 50%
Tiers 8 to 10
Tiers 5 to 7
Tiers 4 &
below
SELL-SIDE
BY CATEGORY
BUY-SIDE
BY TYPE
Global Regional
Local IRPs
Long Hedge
Other
MARKET COMPOSITION
SELL-SIDE ANALYST
NO. CORPORATES
BY LOCATION
RoW
Turkey
Netherlands
Russia
Switzerland
Spain
Italy
France
Germany
UK
1,100
900
600
300
0
LARGEST 5 SECTORS
Banks
403
Oil & Gas
273
Capital
Goods
258
Pharma &
Biotech
215
Metals &
Mining
201
622
LARGEST OTHER COVERAGE
France Germany
499
Nordics
388
Switzerland
253
Economics
& Strategy
1,903
BUY-SIDE
MARKET INTELLIGENCE
1,100
Companies
+250
Sell-side firms
+3,000
Buy-side firms
WE HELP BUY-SIDE:WE HELP BUY-SIDE:

4. INVESTOR RELATIONS
MARKET INTELLIGENCE
Extel delivers unrivalled, actionable insights to enable
better interaction with investors and advisors.
Extel is the largest market study of the financial community, globally.
Our data is the backbone of what we do, but data on its own is not enough.
We unlock the intelligence you value to drive business transformation.
1,100
Companies
+250
Sell-side firms
+3,000
Buy-side firms
• Optimize team structure & focus
• Understand best practices &
measures of success
INVESTOR RELATIONS
PERFORMANCE
• Focus resources with
relevant partners
• Identify the best brokers / IRPs
SELL-SIDE
ENGAGEMENT
• Understand investor needs
• Target investors intelligently
BUY-SIDE
INTERACTIONS
IR – OVERALL FIRM1
1: As voted for by both sell-side
and fund managers
BEST BUY-SIDE3
3: Based on corporate nominations
CEO rank
CFO rank
IR prof. rank
1
1
2
6
21
31
11
1 3
Deutsche
Telekom AG
BT Group plc
Munich Re
1
2
3
J.P. Morgan
Asset Management
Allianz Global
Investors
Amundi Asset
Management
1
2
3
BEST OVERALL SELL-SIDE2
Equity research rank
Company meetings rank
Corporate vote only rank
2: As voted for by corporates
and fund managers
2
3
3
3
2
7
2
1
1
Exane BNP
Paribas
Morgan Stanley
UBS
1
2
3
Social media impact
Value creation / profitabilityRegulatory changes
Buy-side trends Direct access to investors
Decrease in Sell-side coverage
Corporate access evolution
Technology / digitalization
IR Team impact ESG / SRI
Shareholder activism
Market liquidity
M&A / consolidationBrexit
MiFID II
SELECTED EXTEL TITLES FROM 2017SELECTED EXTEL TITLES FROM 2017 IR TEAM KEY THEMES OF FUTURE FOCUSIR TEAM KEY THEMES OF FUTURE FOCUS
WE HELP CORPORATES:WE HELP CORPORATES:
IR TEAM INSIGHT HIGHLIGHTSIR TEAM INSIGHT HIGHLIGHTS
IR TEAM REMIT
All firms Top 10 Top 3
SIZE OF INVESTOR RELATIONS TEAM
1 to 2 heads 3 to 4 heads 5 to 6 heads +7 heads
50%
100%
81%
<$250k <$500k <$1m <$2m +$2m
INVESTOR RELATIONS TEAM BUDGET
100%0% 50%
Top 3
Top 10
All Firms
BUDGET BREAKDOWN VS. TOP CORPORATES
Roadshows / investor meetings
Analyst / investor days
IR website
AGM
Annual report / disclosure
External IR service
Top 10* Top 3*
Top functions across all firms (incl. Top 10)
• Peer benchmarking
• Financial reporting
• Website / digital comms.
The top 10 firms assign
greater importance to:
• Debt IR & ratings agencies
• Competitive business intel.
• Sustainability reporting
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Note*: Arrow represents whether the top firms allocate
more [ up arrow] or less to each activity vs broader market