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

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
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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
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SOURCES OF INFORMATION

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
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investment decisions or recommendations?
* Indicates sell side and industry analyst research for buy-side analysts; indicates industry
analyst research for sell-side analysts

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
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much they influence your investment decisions or recommendations?
* Not asked in 2010

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
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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.

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
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valuable information for your work

IMPACT OF DIGITAL & SOCIAL MEDIA

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
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as blogs, micro-blogging services or social networking sites in the investment decision
process is:

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?
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Q6. Do you post business or investment information in any of the following ways?
* Not asked in 2009

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

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?

APPENDIX: APPROACH AND PARTICIPANTS’ PROFILES

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
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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
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are responsible for?

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?
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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.
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REGION
20%
40% U.S.
EU
Asia
40%
Q14. Where is your usual place of work?
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AGE
1%
12% 18%
20 - 29
30 - 39
40 - 49
28%
50+
Refused
41%
Q15. Which age band do you fit into?
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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