.........................................................................

THOMSON REUTERS EXTEL/UKSIF

SRI & SUSTAINABILITY SURVEY 2010

SEPTEMBER 2010
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www.extelsurveys.com
CONTENTS
1 EXECUTIVE SUMMARY 3

2 MARKET COMMENTARY & ANALYSIS 5

3 MARKET TRENDS 7

4 RESULTS 24

BROKERAGE FIRMS RANKINGS 24

INDEPENDENT PROVIDERS & QUOTED COMPANY RANKINGS 58

ASSET MANAGERS RANKINGS 60

5 METHODOLOGY 61

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 2

1. EXECUTIVE SUMMARY
The 2010 Thomson Reuters Extel/UKSIF SRI & Sustainability
Survey is the eighth annual study, running unbroken back to 2003.
Participation continues to increase, as it has every year since the
inception of the Survey. With 253 buyside firms taking part, from 20
countries, involvement from the fund management community has
more than trebled since the debut SRI study of 2003.
These numbers are ample demonstration of the allied to concerns around reputational risk, fund
long-term growth of broker research & advisory management firms increasingly look upon SRI &
services around sustainability, and of the appetite sustainability as an integral element of stock and
on the buyside for greater understanding of how market analysis. Additionally there continues to be
sustainability issues impact and influence stock growth in funds flow, from ultimate asset holders,
performance. Yet numbers alone are not the full towards ‘ethical’ and ‘sustainable’ investment
story. Asset managers are placing more emphasis opportunities. So the market is there for research
on SRI & Sustainability, and looking for companies analysis – exploiting it further comes back to
to go beyond the provision of a CSR report towards demonstrating and identifying specific implications
genuine engagement and interaction, yet it is often (good or bad) for companies’ financial performance.
not clear to brokers how directly their services here
are valued by the buyside. • This report also contains rankings of companies for
the quality of their interaction with sustainability
• The Extel SRI report 2009 was framed against investors, and we are seeing a growing interest
the background of the market dislocation and among the corporate community to better
dysfunctionality in late 2008/2009, with one understand, and to meet with, such investors.
impact being the decline in research coverage This must be encouraging on all sides, but the
of SRI issues by a number of leading investment comparative lack of knowledge within companies
banks. Whilst markets have recovered an indicates there is still much to be done here. More
equilibrium, and in fact equity research has been evidence of this interest is that our colleagues at
buoyant – in terms of hiring and new entrants, the Asset4 – now part of Thomson Reuters of course –
number of sellside analysts across Europe that are also seeing an increased focus from companies
cover the SRI space is virtually unchanged from on the bespoke sustainability & governance metrics
a year ago (181 now compared with 180 in 2009). that Asset4 provides.
This suggests brokers may be struggling at times
to perceive direct value from the buyside, as we Thomson Reuters Extel Surveys would like to formally
mention above. recognise and thank UKSIF for all their ongoing
help, support and encouragement in the SRI &
• With the ongoing focus on climate change, Sustainability Survey, as well as of course thanking all
energy use and the environment in general, participants whose contribution is obviously crucial.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 3

As in 2009, and reflecting our standard practice, we
have reflected the importance of SRI by including
the key overall aggregates within the main Pan-
European results released in June 2010. This report,
with added commentary and analysis pulls together
all the data and responses from the separate SRI &
Sustainability Survey, to provide a comprehensive
picture of the industry.

Steve Kelly
Managing Director Thomson Reuters Extel
September 2010

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 4

2. MARKET COMMENTARY & ANALYSIS
Alongside the rankings in the Extel SRI Survey, we have, from 2003,
collected data and views, primarily from the buyside, on some of the
major trends and influences for this part of the investment community.
Covering largely the same core topics, this data now offers a
substantial trend analysis capability. We explore some of these below.
In doing so, and across this report, we use the term ‘SRI’ to stand for
the various terms and approaches that are in use in this arena.
Over 88% of asset managers are expecting their 70% of the buyside state that SRI research services
involvement and investment in the SRI market to are explicitly flagged in the broker review process,
increase over the next year – about the highest level which is at odds with broker feedback that is can
we have recorded over the years since 2003, and be tricky to ascertain this. With over 80% of asset
notably up on 2009. Alongside this, over 34% of managers using brokers for both SRI and ‘usual’
investors allocate at least 5% of research and advisory research & advisory, there is scope for lack of clarity,
commissions for SRI-related services, with two-thirds and we do believe the more the buyside can ensure
of fund managers expecting their commissions rate explicitness is communicated, the better, in ensuring
for SRI services to remain unchanged in 2011. continuation of SRI services.

The UNPRI is gaining increasing traction. Nearly 9
out of ten respondents agreed/strongly agreed the
initiative was supplementing the importance of SRI
issues in the investment decision process. From our
extensive studies of IR best practice in companies,
IR directors tell us that increasingly they have an
‘SRI brief’ as part of their investor outreach, and that
more of their one-on-ones feature climate change or
related topics.
Writing this report each year since 2003 is both
genuinely enjoyable, and hopefully gives us some
historic perspective. Yet it’s not all fun. It has been
wearying to refer again and again to the ‘niche vs.
mainstream’ debate. The trouble is – it just won’t go
away. That is because it is a sterile distinction – the
buyside wants both. Nearly 90% value standalone
SRI research – and just as many value it integrated
into all research. Of course, what really matters is
the intrinsic quality, depth, rigour and relevance of
the research, and ‘twas ever so.
.............................................................................
For the rankings of brokerage firms and research
providers, in total 40 separate firms received
qualifying nominations, and it is noteworthy that
French-based houses continue to perform strongly.
CA Cheuvreux move up from 2nd in 2009 to be the
top-ranked broker for overall SRI & Sustainability
research services, in the key aggregate result
across the five component sectors – Corporate
Governance, Integrated Climate Change, Thematics,
Renewables and SRI Research itself. Interestingly,
CA Cheuvreux is not ranked first in any one of those
categories, thus demonstrating the broad appeal
and quality of its ‘SRI’ offering, rather than it being
based on excellence in one or two areas alone.
For those distinct categories, honours are shared
across three firms, with Oddo Securities coming
top in Governance research, and Societe Generale
and HSBC sharing the other four categories
between them, with both firms holding on to their
top positions in SRI research and Climate Change
research respectively. With the move, since the

THOMSON REUTERS EXTEL SURVEYS – SRI 2010 5

Survey was conducted, of part of the Societe For the ranking of asset managers, the data over the
Generale team to Bank of America Merrill Lynch, years has shown a real consistency. Threadneedle
and the continued excellence of houses such as AM, fourth in 2009, are top in 2010, with eight of
Goldman Sachs, UBS and Citi, it is likely the market last years top ten appearing at the head of the table
will remain extremely competitive going forward. again this year. There are a number of major asset
For asset managers, that is encouraging, as it managers, primarily long only funds, who have
should generate a strong diversity and scope of dedicated time, resources and expertise over the
research advice and assessment. years to SRI – and the consistency of the rankings
clearly shows this is well recognized.
SRI has long been an area of the market that has
stimulated and recognized independent research
providers, and 2010 is no exception to that.
RiskMetrics is placed first, up from third in 2009.
One feature across the community is the drive from
the buyside for alternative sources of research, and
this is a drive we see evidenced in the SRI area, as
much as in the market generally. An element of
interest in this context is that our discussions with
the buyside would indicate there is no one generally
accepted ‘norm’ on which SRI criteria are applied
to companies; indeed some buyside firms are
questioning of the ‘black boxes’ that inform such
calculations, and look more to develop and apply
their own criteria, relevant of course to their own
portfolios and investment horizons.

In the rankings of quoted companies, Royal Dutch

Shell comes first, with Anglo American (the 2009
winner) still doing well, and placing in the top five.
As we discussed, there is evermore interaction
between companies and the buyside – on all topics,
not just SRI – and to help further encourage that,
we have, for the first time this year, included a list,
based on fund managers perspectives, of those
companies that could improve the most in terms of
communication and involvement in SRI issues with
the buyside.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 6

 3. MARKET TRENDS
BUYSIDE PERSPECTIVES

WHAT PERCENTAGE OF THE TOTAL ASSETS MANAGED BY YOUR COMPANY IS

MANAGED UPON AN SRI BASIS?
2010 %
0-2% 31.58
2-5% 13.68
5-10% 1.05
OVER 10% 53.68

PERCENTAGE OF RESPONSES
0 5 10 15 20 25 30 35 40 45 50 55

0-2%

2-5%

5-10%

OVER 10%

2010 RESULTS
2009 RESULTS
2008 RESULTS
2007 RESULTS
2006 RESULTS
2005 RESULTS

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 7

PERCENTAGE OF RESPONSES
 2010 RESULTS
2009 RESULTS
2008 RESULTS
2007 RESULTS
2006 RESULTS
2005 RESULTS

DO YOU EXPECT YOUR INVOLVEMENT IN THE SRI MARKET TO:

2010 %
INCREASE 88.39
STAY THE SAME 10.71
DECREASE 0.89

PERCENTAGE OF RESPONSES
0 10 20 30 40 50 60 70 80 90 100

INCREASE

STAY THE SAME

DECREASE

2010 RESULTS
2009 RESULTS
2008 RESULTS
2007 RESULTS
2006 RESULTS
2005 RESULTS

PERCENTAGE OF RESPONSES
0 5 10 15 20 25 30 35 40 45 50 55 60

NONE

0-2%

2-5%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 8

OVER 5%
 DECREASE

2010 RESULTS

WHAT PERCENTAGE OF YOUR TOTAL BROKER COMMISSION IS DEVOTED TO SRI?

2009 RESULTS
2008 RESULTS
2007 RESULTS 2010 %
NONE 0.00
2006 RESULTS
0-2% 19.75
2005 RESULTS
2-5% 45.68
OVER 5% 34.57

PERCENTAGE OF RESPONSES
0 5 10 15 20 25 30 35 40 45 50 55 60

NONE

0-2%

2-5%

OVER 5%

2010 RESULTS
2009 RESULTS
2008 RESULTS
2007 RESULTS
2006 RESULTS
2005 RESULTS

PERCENTAGE OF RESPONSES
0 10 20 30 40 50 60 70 80 90 100

INCREASE

. STAY
. . .THE
. .SAME
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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 9

 OVER 5%

IN THE COMING YEAR IS THIS PERCENTAGE LIKELY TO:

2010 RESULTS
2009 RESULTS 2010 %
INCREASE 34.36
2008 RESULTS
STAY THE SAME 2007 RESULTS 64.40
2006 RESULTS
DECREASE 1.24
2005 RESULTS

PERCENTAGE OF RESPONSES
0 10 20 30 40 50 60 70 80 90 100

INCREASE

STAY THE SAME

DECREASE

2010 RESULTS
2009 RESULTS
2008 RESULTS
2007 RESULTS
2006 RESULTS
2005 RESULTS

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 10

 SRI & SUSTAINABILITY - UNITED NATIONS PRI INITIATIVE EFFECT ON MAKING SRI AND EXTRA-FINANCIAL FACTORS IN INVESTMENT DECI

1 Strongly Disagree 0.00%

2 0.89%

3 11.61%

4 40.18%

5 Strongly Agree 47.32%

SRI & SUSTAINABILITY - IMPORTANCE OF SRI TYPE REPORTS AND MAINSTREAM RESEARCH INCORPORATING EXTRA-FINANCIAL RESEARCH
SRI & SUSTAINABILITY - IMPORTANCE OF SRI TYPE REPORTS AND MAINSTREAM RESEARCH INCORPORATING EXTRA-FINANCIAL RESEARCH

Specific Stand Alone SRI Type Reports

Specific Stand Alone SRI Type Reports

1 Not Important 0.00%

1 Not Important 0.00%
2 0.89%
2 0.89%
3 11.61%
3 11.61%

4 4 73.21%
73.21%

5 5 Very Important
Very Important
14.29%
14.29%

Mainstream Research
Mainstream That
Research ThatIncorporates
IncorporatesExtra-Financial
Extra-Financial Research

1 1 NotNot
Important
Important 0.00%
0.00%

2 2 0.90%
0.90%

3 3 10.81%
10.81%

4 4 27.03%
27.03%

5 5 Very
Very Important
Important
61.26%
61.26%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 11

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 SRI & SUSTAINABILITY - IMPORTANCE OF CORPORATE GOVERNANCE ISSUES

Executive Remuneration

1 Not Important 0.00%

2 11.61%

3 27.68%

4 13.39%

5 Very Important 47.32%

Board Responsibilties

1 Not Important 0.00%

2 0.89%

3 14.29%

4 12.50%

5 Very Important 72.32%

Composition Of Remuneration Committee

1 Not Important 0.00%

2 15.18%

3 48.21%

4 35.71%

5 Very Important 0.89%

Division Of CEO/Chairman Responsibilties

1 Not Important 0.00%

2 1.41%

3 21.13%

4 60.56%

5 Very Important 16.90%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 12

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 Board Independence

1 Not Important 0.00%

2 11.61%

3 14.29%

4 38.39%

5 Very Important 35.71%

Shareholders Rights

1 Not Important 0.00%

2 0.00%

3 14.29%

4 15.18%

5 Very Important 70.54%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 13

 SRI & SUSTAINABILITY - VALUE OF RESEARCH SERVICE ATTRIBUTES

Timeliness

1 Not Important 0.00%

2 0.00%

3 0.00%

4 41.07%

5 Very Important 58.93%

Breadth Of Coverage

1 Not Important 0.00%

2 0.89%

3 23.21%

4 61.61%

5 Very Important 14.29%

Depth Of Coverage

1 Not Important 0.00%

2 0.00%

3 1.79%

4 62.50%

5 Very Important 35.71%

Relevance

1 Not Important 0.00%

2 0.00%

3 15.18%

4 26.79%

5 Very Important 58.04%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 14

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 Trade Ideas

1 Not Important 0.00%

2 2.68%

3 46.43%

4 36.61%

5 Very Important 14.29%

Integration Of SRI/Extra-Financial With Mainstream Issues

1 Not Important 0.89%

2 0.89%

3 27.68%

4 11.61%

5 Very Important 58.93%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 15

 SRI & SUSTAINABILITY - SPEND ON EXTRA-FINANCIAL DATA SOURCES OVER NEXT 12 MONTHS

1 Yes 47.32%

2 No 1.79%

3 Stay The Same 36.61%

4 Don't Know 14.29%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 16

 SRI & SUSTAINABILITY - SRI OR EXTRA-FINANCIAL ISSUES IN LAST 12 MONTHS AFFECTING STOCK OR SECTOR VALUATIONS

1 Environmental Regulations 30.93%

2 Environmental Impact 2.06%

3 Human Capital Policy 15.46%

4 Social Policy 0.00%

5 Corporate Governance 25.77%

6 Other (Specify) 25.77%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 17

 SRI & SUSTAINABILITY - ALLOCATION OF COMMISSION FOR SRI/SUSTAINABILITY/ESG RESEARCH

1 Explicitly Flagged In Broker Review Process 70.00%

2 Bundled Into An Overall Service Vote 24.29%

3 Commission Via Directed Trades 2.86%

4 Not A Contributor To Commission Allocation 2.86%

SRI & SUSTAINABILITY - BROKERS USED FOR BOTH FINANCIAL RESEARCH AND SRI OR EXTRA-FINANCIAL ANALYSIS

1 Always 0.89%

2 Often 83.04%

3 Occasionally 15.18%

4 Hardly Ever 0.89%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 18

 SRI & SUSTAINABILITY - IMPORTANT AREAS OF INTEGRATION OF SRI WITH MAINSTREAM

Commentary on extra-financials in the context of single company reports

1 Not Important 0.00%

2 0.90%

3 24.32%

4 36.94%

5 Very Important 37.84%

Thematic pieces contributing to an understanding of how extra financials become ""financial""

1 Not Important 10.81%

2 11.71%

3 0.90%

4 37.84%

5 Very Important 38.74%

Quant models incorporating extra financial drivers

1 Not Important 0.00%

2 28.28%

3 42.42%

4 14.14%

5 Very Important 15.15%

Single company valuation models incorporating extra financial drivers

1 Not Important 10.81%

2 1.80%

3 1.80%

4 58.56%

5 Very Important 27.03%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 19

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 Identification of SRI relevant research in the "Mainstream"

1 Not Important 1.01%

2 0.00%

3 0.00%

4 31.31%

5 Very Important 67.68%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 20

 SRI & SUSTAINABILITY - SECTORS WITH MOST NEED OF MORE INTEGRATED CLIMATE CHANGE ANALYSIS

Autos & Automotive Components

1 Not Important 0.00%

2 1.67%

3 3.33%

4 65.00%

5 Very Important 30.00%

Utilities

1 Not Important 0.00%

2 0.00%

3 13.59%

4 27.18%

5 Very Important 59.22%

Other

1 Not Important 0.00%

2 0.00%

3 0.00%

4 0.00%

5 Very Important 100.00%

Chemicals

1 Not Important 0.00%

2 0.87%

3 11.30%

4 60.87%

5 Very Important 26.96%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 21

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 Construction & Building Materials

1 Not Important 0.00%

2 0.00%

3 1.74%

4 60.00%

5 Very Important 38.26%

Capital Goods

1 Not Important 0.00%

2 0.00%

3 14.00%

4 85.00%

5 Very Important 1.00%

Consumer Goods

1 Not Important 0.00%

2 0.97%

3 63.11%

4 31.07%

5 Very Important 4.85%

Mining

1 Not Important 0.00%

2 1.94%

3 39.81%

4 27.18%

5 Very Important 31.07%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 22

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.
 Oil & Gas

1 Not Important 0.00%

2 1.94%

3 0.00%

4 27.18%

5 Very Important 70.87%

Steel & Metals

1 Not Important 0.89%

2 0.89%

3 0.89%

4 38.39%

5 Very Important 58.93%

Transport

1 Not Important 0.00%

2 0.00%

3 2.00%

4 54.00%

5 Very Important 44.00%

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 23

4. RESULTS
BROKERAGE FIRMS RANKINGS

LEADING PAN-EUROPEAN BROKERAGE FIRM - SRI AND SUSTAINABILITY (BASED ON COMMISSIONS PAID)

1 CA Cheuvreux

2 Société Générale

3 UBS

4 HSBC

5 Goldman Sachs

6 Citi

7 Oddo Securities

8 Macquarie Equities

9 Natixis

10 Barclays Capital

11 Bank of America Securities - Merrill Lynch

12 CLSA Asia-Pacific Markets

13 Deutsche Bank

14 CM-CIC Securities (ESN Partnership)

15 Credit Suisse Securities

16 Commerzbank Corporates & Markets

17 WestLB

18 Morgan Stanley

19 Nomura Securities

20 Landesbank Baden-Württemberg (LBBW)

21 UniCredit

22 Jefferies International

23 J.P. Morgan Cazenove

24 Banco Português de Investimento (BPI)

25 ING Financial Markets

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 24

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Corporate Governance Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Oddo Securities 0 0 1 14 14 1434 18.07%

Jean-Philippe Desmartin
Léa Sombret
Sébastien Thévoux Chabuel

2 (-) UBS 1 0 2 7 15 1375 17.33%

Claire Jones
Daniel Stillit
Dilyara Khabrieva
Howard Lesser
Julie Hudson
Peter Hickson
Quentin Freeman
Shirley Morgan-Knott
Stephan Puetter
Stephen Swanton

3 (-) CA Cheuvreux 0 2 9 9 6 1220 15.37%

Cécile Lamotte
Corinne Gagné
Erwan Créhalet
Robert Walker
Stéphane Voisin

4 (-) Société Générale 1 2 4 10 11 1209 15.24%

Sarj Nahal
Valery Lucas-Leclin
Yannick Ouaknine

5 (-) CM-CIC Securities (ESN Partnership) 0 1 3 8 2 636 8.01%

Agnès Blazy

6 (-) Goldman Sachs 3 0 1 4 2 511 6.44%

Andrew Howard
Marc Fox
Melissa Epperly
Sara Finan
Sarah Forrest

7 (-) HSBC 0 0 0 3 3 388 4.89%

Mark van Lonkhuyzen

Nick Robins
Roshan Padamadan
Stuart Ferguson

8 (-) Natixis 0 1 3 3 2 315 3.96%

Julie Dolle
Orith Azoulay

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 25

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Corporate Governance Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

9 (-) J.P. Morgan Cazenove 0 0 0 0 1 90 1.13%

9 (-) Morgan Stanley 0 0 0 0 1 90 1.13%

Nick Anderson

9 (-) Piper Jaffray 0 0 0 0 1 90 1.13%

12 (-) WestLB 0 0 1 1 0 82 1.03%

Claudia Volk
Hendrik Garz

13 (-) Vigeo 0 0 0 1 0 60 0.76%

14 (-) Bank of America Securities - Merrill Lynch 0 0 1 0 0 54 0.68%

14 (-) CLSA Asia-Pacific Markets 0 0 1 0 0 54 0.68%

16 (-) Commerzbank Corporates & Markets 0 0 1 1 0 51 0.64%

17 (-) UniCredit 0 1 0 0 0 50 0.63%

Patrick Berger

18 (-) Citi 0 0 0 1 0 48 0.61%

Gareth Williams
Henry Hall

19 (-) Deutsche Bank 0 1 0 0 0 36 0.45%

19 (-) Gilbert Dupont 0 0 0 1 0 36 0.45%

19 (-) Nomura Securities 0 0 1 0 0 36 0.45%

19 (-) Redburn Partners 0 1 0 0 0 36 0.45%

23 (-) MainFirst Bank 0 0 1 0 0 27 0.34%

24 (-) Alor 1 0 0 0 0 9 0.11%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 26

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Corporate Governance Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Jean-Philippe Desmartin, Oddo Securities 0 0 6 13 19 1602 10.76%

2 (-) Léa Sombret, Oddo Securities 0 1 2 12 19 1375 9.23%

3 (-) Sarj Nahal, Société Générale 0 0 2 8 26 1311 8.80%

4 (-) Yannick Ouaknine, Société Générale 0 2 4 11 17 1150 7.72%

5 (-) Robert Walker, CA Cheuvreux 0 1 2 8 11 1117 7.50%

6 (-) Valery Lucas-Leclin, Société Générale 0 0 2 10 21 1100 7.38%

7 (-) Julie Hudson, UBS 0 0 1 5 12 982 6.59%

8 (-) Sébastien Thévoux Chabuel, Oddo Securities 1 0 3 10 8 840 5.64%

9 (-) Agnès Blazy, CM-CIC Securities (ESN Partnership) 0 0 3 8 9 618 4.15%

10 (-) Stéphane Voisin, CA Cheuvreux 0 0 2 4 5 480 3.22%

11 (-) Sara Finan, Goldman Sachs 0 0 0 2 4 413 2.77%

12 (-) Shirley Morgan-Knott, UBS 0 0 0 3 3 410 2.75%

13 (-) Marc Fox, Goldman Sachs 0 1 2 2 3 393 2.64%

14 (-) Orith Azoulay, Natixis 0 0 2 4 5 370 2.48%

15 (-) Melissa Epperly, Goldman Sachs 0 1 0 3 2 355 2.38%

16 (-) Andrew Howard, Goldman Sachs 0 0 0 2 2 350 2.35%

17 (-) Cécile Lamotte, CA Cheuvreux 0 0 3 3 2 284 1.91%

18 (-) Julie Dolle, Natixis 0 0 2 2 3 264 1.77%

19 (-) Nick Robins, HSBC 0 0 0 0 2 215 1.44%

20 (-) Erwan Créhalet, CA Cheuvreux 0 0 1 1 2 151 1.01%

21 (-) Quentin Freeman, UBS 0 0 0 0 1 125 0.84%

21 (-) Stephan Puetter, UBS 0 0 0 0 1 125 0.84%

21 (-) Stephen Swanton, UBS 0 0 0 0 1 125 0.84%

24 (-) Jason Channell, Goldman Sachs 0 0 0 0 1 90 0.60%

24 (-) Mariano Alarco, Goldman Sachs 0 0 0 0 1 90 0.60%

24 (-) Roshan Padamadan, HSBC 0 0 0 0 1 90 0.60%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 27

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Corporate Governance Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

24 (-) Stephen Benson, Goldman Sachs 0 0 0 0 1 90 0.60%

28 (-) Hendrik Garz, WestLB 0 0 1 1 0 82 0.55%

29 (-) Corinne Gagné, CA Cheuvreux 0 0 1 0 1 52 0.35%

30 (-) Patrick Berger, UniCredit 0 1 0 0 0 50 0.34%

30 (-) Sarah Forrest, Goldman Sachs 0 0 0 0 2 50 0.34%

32 (-) Alberto Gandolfi, UBS 0 0 0 0 1 35 0.24%

32 (-) Jörn Iffert, UBS 0 0 0 0 1 35 0.24%

32 (-) Patrick Hummel, UBS 0 0 0 0 1 35 0.24%

35 (-) Claudia Volk, WestLB 0 0 0 1 0 28 0.19%

36 (-) Daniel Fermon, Société Générale 0 0 0 0 1 5 0.03%

36 (-) Henry Hall, Citi 0 0 0 0 1 5 0.03%

38 (-) Burkhard Weiss, HSBC 0 0 0 1 0 4 0.03%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 28

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Société Générale 1 1 8 10 14 1677 14.35%

Sarj Nahal
Valery Lucas-Leclin
Véronique Riches-Flores
Yannick Ouaknine

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 29

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

2 (-) UBS 1 2 3 11 18 1632 13.97%

Alan Erskine
Alastair Ryan
Alberto Gandolfi
Alex Hugh
Alexander Wright
Alexei Morozov
Andrew Hughes
Anish Kapadia
Avi Hoddes
Bosco Ojeda
Christel Monot
Daniel Stillit
Darren Shaw
David Jessop
Dennis Jullens
Dmitry Vinogradov
Dominic Edridge
Eva Quiroga
Fredric Stahl
Gbola Amusa
Harald Brandl
Ignacio Carvajal Cebrian
Jaime Brandwood
Jarrod Castle
Jason de Rise
Joe Dewhurst
John Slettevold
John-Paul Crutchley
Jon Rigby
Jonathan Leinster
Julie Hudson
Karen Olney
Kim Wright
Laura Janssens (Mills)
Laurent Favre
Marc Thiele
Mark Shepperd
Mark Stockdale
Martin Wales
Matthew Taylor
Melissa Earlam
Michael Briest
Myles Allsop
Neil Cherry
Nick Nelson
Olivia Ker
Olof Cederholm
Patrick Hummel
Per Lekander
Philippe Houchois
Polo Tang
Quentin Freeman
Saud Masud
Shirley Morgan-Knott
Stephen Swanton
Sven Weier
Thomas Gilbert

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 30

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

3 (-) CA Cheuvreux 0 0 7 12 16 1632 13.97%

Cécile Lamotte
Corinne Gagné
Erwan Créhalet
Stéphane Voisin

4 (-) Goldman Sachs 1 0 6 8 8 1509 12.92%

Andrew Howard
Jason Channell
Marc Fox
Mariano Alarco
Melissa Epperly
Sara Finan
Sarah Forrest
Sarah Martin
Stephen Benson

5 (-) HSBC 1 0 7 4 10 1050 8.98%

Adam Dickens
Barry O'Leary
Burkhard Weiss
Charanjit Singh
Christian Rath
Colin Gibson
Gary Murphy
Gordon Morrison
Horst Schneider
James Magness
Joaquim De Lima
Kevin Bourne
Mark van Lonkhuyzen
Matt Williams
Nick Robins
Niels Fehre
Paul Spedding
Pierre Bosset
Robert Clover
Roshan Padamadan
Shishir Singh
Sonja Kimmeskamp
Stuart Ferguson
Verity Mitchell
Vijay Sumon

6 (-) Citi 1 0 2 5 3 787 6.74%

Gareth Williams
Meg Brown

7 (-) Oddo Securities 0 1 5 9 1 625 5.35%

Jean-Philippe Desmartin
Léa Sombret
Sébastien Thévoux Chabuel

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 31

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

8 (-) Credit Suisse Securities 0 1 1 6 0 529 4.53%

Mary Curtis

9 (-) CLSA Asia-Pacific Markets 0 0 2 0 4 470 4.02%

10 (-) Natixis 0 2 1 4 2 330 2.83%

Julie Dolle
Orith Azoulay

11 (-) Sanford C. Bernstein 0 0 2 0 1 198 1.70%

12 (-) Nomura Securities 0 1 0 2 1 159 1.36%

13 (-) Deutsche Bank 0 0 1 1 0 114 0.98%

Daniel Brebner

14 (-) Jefferies International 0 0 1 0 1 96 0.82%

15 (-) Rabo Securities 0 0 1 0 1 80 0.69%

16 (-) Bank of America Securities - Merrill Lynch 1 1 0 0 0 75 0.64%

16 (-) ING Financial Markets 0 0 0 0 1 75 0.64%

18 (-) Barclays Capital 0 0 0 0 1 60 0.51%

Arindam Basu
Julien Roques
Michael Mitchell
Rupesh Madlani

18 (-) Buckingham Research Group 0 0 0 0 1 60 0.51%

18 (-) Nomura Code Securities 0 0 0 1 0 60 0.51%

18 (-) Vigeo 0 0 0 1 0 60 0.51%

22 (-) 13D Research 0 0 1 0 0 54 0.46%

22 (-) Liberum Capital 0 0 2 0 0 54 0.46%

22 (-) UniCredit 0 0 1 0 0 54 0.46%

Patrick Berger

25 (-) Canaccord Genuity 0 0 0 0 1 45 0.39%

25 (-) CM-CIC Securities (ESN Partnership) 0 0 1 0 0 45 0.39%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 32

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

25 (-) WestLB 0 0 1 0 0 45 0.39%

Claudia Volk
Hendrik Garz

28 (-) Macquarie Equities 0 0 1 0 0 36 0.31%

29 (-) Landesbank Baden-Württemberg (LBBW) 0 0 1 0 0 27 0.23%

30 (-) Berenberg Bank 1 0 0 0 0 18 0.15%

30 (-) Kepler Capital Markets 0 1 0 0 0 18 0.15%

32 (-) Arkeon Finance 1 0 0 0 0 9 0.08%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 33

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Sarj Nahal, Société Générale 0 0 3 13 30 1575 6.91%

2 (-) Julie Hudson, UBS 0 1 0 8 12 1312 5.75%

3 (-) Stéphane Voisin, CA Cheuvreux 0 0 2 11 15 1298 5.69%

4 (-) Valery Lucas-Leclin, Société Générale 0 0 5 11 22 1273 5.58%

5 (-) Andrew Howard, Goldman Sachs 0 0 1 9 8 1225 5.37%

6 (-) Yannick Ouaknine, Société Générale 0 3 4 9 15 1000 4.39%

7 (-) Sara Finan, Goldman Sachs 0 1 3 4 8 976 4.28%

8 (-) Erwan Créhalet, CA Cheuvreux 0 0 2 10 12 961 4.21%

9 (-) Cécile Lamotte, CA Cheuvreux 0 2 3 11 9 937 4.11%

10 (-) Shirley Morgan-Knott, UBS 0 0 1 7 5 907 3.98%

11 (-) Meg Brown, Citi 1 0 2 5 9 795 3.48%

12 (-) Nick Robins, HSBC 0 0 0 3 10 693 3.04%

13 (-) Jean-Philippe Desmartin, Oddo Securities 0 0 2 9 10 629 2.76%

14 (-) Corinne Gagné, CA Cheuvreux 0 1 1 6 10 629 2.76%

15 (-) Véronique Riches-Flores, Société Générale 0 0 6 6 9 559 2.45%

16 (-) Marc Fox, Goldman Sachs 0 0 3 8 2 556 2.44%

17 (-) Robert Clover, HSBC 1 0 0 2 7 489 2.15%

18 (-) Sarah Forrest, Goldman Sachs 0 0 2 4 4 478 2.10%

19 (-) Patrick Hummel, UBS 0 0 0 3 5 444 1.95%

20 (-) Joaquim De Lima, HSBC 0 0 1 1 5 431 1.89%

21 (-) Sébastien Thévoux Chabuel, Oddo Securities 0 1 2 4 6 429 1.88%

22 (-) Léa Sombret, Oddo Securities 1 0 1 4 7 408 1.79%

23 (-) Burkhard Weiss, HSBC 0 0 0 0 8 390 1.71%

24 (-) Melissa Epperly, Goldman Sachs 0 0 0 5 1 345 1.51%

25 (-) Mary Curtis, Credit Suisse Securities 0 0 0 2 1 309 1.36%

26 (-) Orith Azoulay, Natixis 0 0 2 6 6 296 1.30%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 34

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

27 (-) Julie Dolle, Natixis 0 0 2 7 3 283 1.24%

28 (-) Christian Rath, HSBC 0 1 1 1 2 276 1.21%

29 (-) Per Lekander, UBS 0 0 0 1 2 232 1.02%

30 (-) Jason Channell, Goldman Sachs 0 0 0 2 3 222 0.97%

31 (-) Barry O'Leary, HSBC 0 0 1 0 1 165 0.72%

31 (-) Vijay Sumon, HSBC 0 0 0 0 3 165 0.72%

33 (-) Paul Galloway, Sanford C. Bernstein 0 0 0 1 1 159 0.70%

34 (-) Alberto Gandolfi, UBS 0 0 0 1 2 148 0.65%

35 (-) Roshan Padamadan, HSBC 0 0 0 1 1 138 0.61%

36 (-) Mariano Alarco, Goldman Sachs 0 0 1 1 1 130 0.57%

37 (-) Alan Erskine, UBS 0 0 0 0 1 125 0.55%

37 (-) Daniel Stillit, UBS 0 0 0 0 1 125 0.55%

37 (-) David Jessop, UBS 0 0 0 0 1 125 0.55%

37 (-) Gbola Amusa, UBS 0 0 0 0 1 125 0.55%

41 (-) Simon Powell, CLSA Asia-Pacific Markets 0 0 2 0 0 111 0.49%

42 (-) Colin Gibson, HSBC 0 0 0 0 1 105 0.46%

43 (-) Robert Walker, CA Cheuvreux 1 0 0 1 0 97 0.43%

44 (-) Adam Dickens, HSBC 0 0 0 0 1 90 0.40%

44 (-) Peter Elwin, J.P. Morgan Cazenove 0 0 0 0 1 90 0.40%

46 (-) Claudia Volk, WestLB 0 0 0 1 0 60 0.26%

46 (-) Hendrik Garz, WestLB 0 0 0 1 0 60 0.26%

46 (-) Mark Freshney, Credit Suisse Securities 0 0 0 1 0 60 0.26%

49 (-) Nick Walker, Liberum Capital 0 0 2 0 0 54 0.24%

49 (-) Patrick Berger, UniCredit 0 0 1 0 0 54 0.24%

51 (-) Matt Williams, HSBC 0 0 0 1 0 48 0.21%

51 (-) Niels Fehre, HSBC 0 0 0 1 0 48 0.21%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 35

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Thematic Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

53 (-) Jonathan Leinster, UBS 0 0 1 0 0 45 0.20%

54 (-) Dirk Verbiesen, Kempen & Co 0 0 0 0 1 35 0.15%

55 (-) Horst Schneider, HSBC 0 0 0 1 0 20 0.09%

56 (-) Brian Chin, Citi 0 0 0 0 1 15 0.07%

56 (-) Timothy Arcuri, Citi 0 0 0 0 1 15 0.07%

58 (-) Rod Lache, Deutsche Bank 0 0 1 0 0 9 0.04%

59 (-) Daniel Fermon, Société Générale 0 0 0 0 1 5 0.02%

59 (-) Elaine Prior, Citi 0 0 0 0 1 5 0.02%

59 (-) Nick Edwards, Mirabaud Securities 0 0 0 0 1 5 0.02%

59 (-) Rupesh Madlani, Barclays Capital 0 0 0 0 2 5 0.02%

63 (-) Sarah Martin, Goldman Sachs 0 0 0 1 0 4 0.02%

63 (-) Stephen Benson, Goldman Sachs 0 0 0 1 0 4 0.02%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 36

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Société Générale 1 8 6 23 27 2550 15.61%

Daniel Fermon
Didier Laurens
Sarj Nahal
Valery Lucas-Leclin
Yannick Ouaknine

2 (-) CA Cheuvreux 1 2 17 25 18 2472 15.14%

Cécile Lamotte
Corinne Gagné
Dagma Molden
Erwan Créhalet
Robert Walker
Stéphane Voisin

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 37

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

3 (-) UBS 5 4 14 10 21 2215 13.56%

Ajay Patel
Alan Erskine
Alastair Reid
Alberto Gandolfi
Alex Brooks
Alex Hugh
Andrew Hughes
Andrew Snowdowne
Anish Kapadia
Argiro (Iro) Papadopoulou
Daniel Stillit
Dilyara Khabrieva
Eva Quiroga
Fredric Stahl
Gareth Jenkins
Gbola Amusa
Harald Brandl
Ignacio Carvajal Cebrian
Jeffrey Palma
Jennifer Delaney
Jon Rigby
Jonathan Leinster
Jörn Iffert
Julie Hudson
Keval Khiroya
Kim Wright
Laura Janssens (Mills)
Marc Thiele
Mark Shepperd
Mark Stockdale
Martin Wales
Myles Allsop
Nick Nelson
Nik Modi
Olof Cederholm
Patrick Hummel
Per Lekander
Peter Crampton
Peter Hickson
Philip Finch
Polo Tang
Quentin Freeman
Shirley Morgan-Knott
Stephen Swanton
Sven Weier
Thomas Gilbert
Trevor McDonough

4 (-) Goldman Sachs 0 1 10 12 18 1960 12.00%

Andrew Howard
Jason Channell
Marc Fox
Melissa Epperly
Sara Finan
Sarah Forrest

5 (-) Citi 1 4 8 10 5 1307 8.00%

Gareth Williams
Meg Brown

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 38

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

6 (-) Oddo Securities 1 1 16 13 9 1306 8.00%

Jean-Philippe Desmartin
Léa Sombret
Sébastien Thévoux Chabuel

7 (-) HSBC 0 1 6 6 12 1224 7.50%

Adam Dickens
Barry O'Leary
Burkhard Weiss
Charanjit Singh
Christian Rath
Colin Gibson
Gary Murphy
Gordon Morrison
Horst Schneider
James Magness
Joaquim De Lima
Kevin Bourne
Laurent Kieffer
Mark van Lonkhuyzen
Matt Williams
Nick Robins
Niels Fehre
Paul Spedding
Pierre Bosset
Robert Clover
Roshan Padamadan
Shishir Singh
Sonja Kimmeskamp
Stuart Ferguson
Verity Mitchell
Vijay Sumon

8 (-) Natixis 1 2 8 7 12 952 5.83%

Julie Dolle
Orith Azoulay

9 (-) Bank of America Securities - Merrill Lynch 0 2 3 2 2 342 2.09%

John King

10 (-) WestLB 0 5 0 3 2 299 1.83%

Claudia Volk
Hendrik Garz

11 (-) CM-CIC Securities (ESN Partnership) 5 2 1 2 0 222 1.36%

Agnès Blazy

12 (-) CLSA Asia-Pacific Markets 0 0 0 1 1 190 1.16%

12 (-) Macquarie Equities 0 0 0 1 1 190 1.16%

14 (-) Commerzbank Corporates & Markets 0 0 2 1 0 153 0.94%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 39

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

15 (-) Landesbank Baden-Württemberg (LBBW) 0 0 0 0 1 125 0.77%

16 (-) Barclays Capital 0 0 0 0 1 105 0.64%

Arindam Basu
Julien Roques
Michael Mitchell
Rupesh Madlani

17 (-) Liberum Capital 0 0 0 1 0 84 0.51%

18 (-) ING Financial Markets 0 0 0 0 1 75 0.46%

18 (-) UniCredit 0 0 2 0 0 75 0.46%

Patrick Berger

20 (-) Morgan Stanley 0 0 0 1 0 72 0.44%

Kader Hidra
Nick Anderson

21 (-) Carnegie Securities 0 1 0 0 0 50 0.31%

22 (-) Banco Português de Investimento (BPI) 0 0 0 1 0 48 0.29%

23 (-) RiskMetrics Group 0 0 0 0 1 45 0.28%

24 (-) Arete Research 0 0 0 1 0 36 0.22%

24 (-) Deutsche Bank 0 1 0 0 0 36 0.22%

24 (-) Piper Jaffray 0 0 0 1 0 36 0.22%

27 (-) J.P. Morgan Cazenove 0 1 0 0 0 30 0.18%

28 (-) ABG Sundal Collier 0 0 0 1 0 28 0.17%

29 (-) Canaccord Genuity 0 0 1 0 0 27 0.17%

Bob Liao

30 (-) Atek Invest 1 0 0 0 0 25 0.15%

31 (-) Exane BNP Paribas 0 1 0 0 0 24 0.15%

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - SRI Research
32 (-) Danske Markets Equities (ESN Partnership) 1 0 0 0 0 12 0.07%

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

33 (-) AFS Research 1 0 0 0 0 9 0.06%
Average Excellent

33 (-) Gilbert Dupont 1 0 0 0 0 9 0.06%

Denise Bouchet
Françoise Delva

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 40

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Sarj Nahal, Société Générale 0 4 2 23 50 2600 7.82%

2 (-) Valery Lucas-Leclin, Société Générale 1 3 4 24 36 2078 6.25%

3 (-) Julie Hudson, UBS 2 0 7 8 21 1746 5.25%

4 (-) Jean-Philippe Desmartin, Oddo Securities 0 1 5 15 31 1601 4.82%

5 (-) Meg Brown, Citi 0 0 3 10 17 1417 4.26%

6 (-) Cécile Lamotte, CA Cheuvreux 0 4 7 20 15 1413 4.25%

7 (-) Stéphane Voisin, CA Cheuvreux 2 2 7 15 17 1395 4.20%

8 (-) Yannick Ouaknine, Société Générale 0 3 8 15 22 1324 3.98%

9 (-) Andrew Howard, Goldman Sachs 0 0 4 8 14 1321 3.98%

10 (-) Shirley Morgan-Knott, UBS 1 1 5 9 11 1276 3.84%

11 (-) Sara Finan, Goldman Sachs 0 1 5 11 8 1186 3.57%

12 (-) Erwan Créhalet, CA Cheuvreux 0 1 5 13 19 1183 3.56%

13 (-) Melissa Epperly, Goldman Sachs 0 1 3 8 8 1102 3.32%

14 (-) Léa Sombret, Oddo Securities 0 2 9 6 18 1008 3.03%

15 (-) Sébastien Thévoux Chabuel, Oddo Securities 0 1 6 8 19 962 2.90%

16 (-) Orith Azoulay, Natixis 1 1 4 15 17 880 2.65%

17 (-) Sarah Forrest, Goldman Sachs 0 0 2 8 11 860 2.59%

18 (-) Robert Walker, CA Cheuvreux 0 4 6 3 8 813 2.45%

19 (-) Julie Dolle, Natixis 0 1 9 12 11 779 2.34%

20 (-) Corinne Gagné, CA Cheuvreux 0 0 2 9 5 677 2.04%

21 (-) Robert Clover, HSBC 0 0 0 6 9 675 2.03%

22 (-) Daniel Fermon, Société Générale 0 1 4 5 8 581 1.75%

23 (-) Burkhard Weiss, HSBC 0 0 1 3 13 566 1.70%

24 (-) Patrick Hummel, UBS 0 0 1 4 5 531 1.60%

25 (-) Didier Laurens, Société Générale 0 1 2 6 11 521 1.57%

26 (-) Jason Channell, Goldman Sachs 0 0 4 5 2 515 1.55%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 41

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

27 (-) Marc Fox, Goldman Sachs 0 0 1 2 9 444 1.34%

28 (-) Nick Robins, HSBC 0 0 3 1 7 430 1.29%

29 (-) Christian Rath, HSBC 0 0 1 3 3 291 0.88%

30 (-) Agnès Blazy, CM-CIC Securities (ESN Partnership) 1 1 5 5 3 239 0.72%

30 (-) Joaquim De Lima, HSBC 0 0 2 0 4 239 0.72%

32 (-) Hendrik Garz, WestLB 0 2 1 3 3 223 0.67%

33 (-) Claudia Volk, WestLB 0 0 2 2 3 183 0.55%

34 (-) Barry O'Leary, HSBC 0 0 0 0 2 165 0.50%

35 (-) Per Lekander, UBS 0 0 0 2 0 144 0.43%

36 (-) Roshan Padamadan, HSBC 0 0 0 1 1 138 0.42%

37 (-) Ajay Patel, UBS 0 0 0 0 1 125 0.38%

37 (-) Gareth Jenkins, UBS 0 0 0 0 1 125 0.38%

37 (-) Ignacio Carvajal Cebrian, UBS 0 0 0 0 1 125 0.38%

37 (-) Jon Rigby, UBS 0 0 0 0 1 125 0.38%

41 (-) Vijay Sumon, HSBC 0 0 0 0 2 120 0.36%

42 (-) Niels Fehre, HSBC 0 0 0 1 2 116 0.35%

43 (-) Rupesh Madlani, Barclays Capital 0 0 0 0 2 110 0.33%

44 (-) Nick Walker, Liberum Capital 0 0 0 0 1 105 0.32%

45 (-) Patrick Berger, UniCredit 0 0 0 2 0 100 0.30%

46 (-) Adam Dickens, HSBC 0 0 0 0 2 95 0.29%

47 (-) Ben Kluftinger, Macquarie Equities 0 0 0 0 1 90 0.27%

48 (-) Horst Schneider, HSBC 0 0 0 1 1 85 0.26%

49 (-) Sven Weier, UBS 0 0 0 1 0 84 0.25%

50 (-) Alberto Gandolfi, UBS 0 0 2 0 1 74 0.22%

51 (-) Dagma Molden, CA Cheuvreux 0 0 2 0 0 54 0.16%

52 (-) James Magness, HSBC 0 0 2 1 1 39 0.12%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

.............................................................................

THOMSON REUTERS EXTEL SURVEYS – SRI 2010 42

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - SRI Research

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

53 (-) Alastair Bishop, Piper Jaffray 0 0 0 1 0 36 0.11%

53 (-) Colin Gibson, HSBC 0 0 1 0 0 36 0.11%

53 (-) Verity Mitchell, HSBC 0 0 0 1 0 36 0.11%

56 (-) Sebastian Zank, WestLB 0 0 1 0 0 21 0.06%

57 (-) Françoise Delva, Gilbert Dupont 1 0 0 0 0 9 0.03%

58 (-) Elaine Prior, Citi 0 0 0 0 1 5 0.02%

58 (-) Paul Spedding, HSBC 0 0 0 0 1 5 0.02%

60 (-) Arindam Basu, Barclays Capital 0 0 0 1 0 4 0.01%

60 (-) Charles-Louis Planade, Arkeon Finance 0 0 0 1 0 4 0.01%

62 (-) Julien Roques, Barclays Capital 0 0 1 0 0 3 0.01%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 43

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) HSBC 0 2 6 12 22 1963 11.56%

Burkhard Weiss
Charanjit Singh
Christian Rath
Gordon Morrison
James Magness
Joaquim De Lima
Kevin Bourne
Laurent Kieffer
Mark van Lonkhuyzen
Nick Robins
Robert Clover
Shishir Singh
Siobhan Smyth
Sonja Kimmeskamp
Stuart Ferguson

2 (-) CA Cheuvreux 1 1 8 19 5 1566 9.22%

Cécile Lamotte
Corinne Gagné
Craig Abbott
Daniel Ovin
Erwan Créhalet
Fernando Lafuente
Phlippe Bumm
Robert Walker
Stéphane Voisin

3 (-) UBS 0 1 2 13 14 1427 8.40%

Alberto Gandolfi
Harald Brandl
Ignacio Carvajal Cebrian
James Lloyd
Jörn Iffert
Julie Hudson
Laurent Favre
Olof Cederholm
Patrick Hummel
Per Lekander
Roni Biron
Shirley Morgan-Knott
Sven Weier
Thomas Gilbert
Torsten Wyss

4 (-) Société Générale 0 2 7 9 14 1418 8.35%

Didier Laurens
Sarj Nahal
Valery Lucas-Leclin
Yannick Ouaknine

5 (-) Macquarie Equities 1 1 4 6 10 1307 7.70%

Ben Kluftinger
Kasper Larsen
Shai Hill

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 44

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

6 (-) Piper Jaffray 0 1 4 7 5 897 5.28%

Alastair Bishop
Sean McLoughlin

7 (-) Barclays Capital 0 1 5 3 6 861 5.07%

Arindam Basu
Julien Roques
Michael Mitchell
Rupesh Madlani

8 (-) Goldman Sachs 0 1 7 8 0 854 5.03%

Andrew Howard
Jason Channell
Marc Fox
Mariano Alarco
Melissa Epperly
Sara Finan
Sarah Forrest
Sarah Martin
Stephen Benson

9 (-) Citi 0 0 4 5 4 759 4.47%

Andrew Benson
Gareth Williams
Manuel Palomo
Mark Fielding
Meg Brown
Vidya Anant

10 (-) Deutsche Bank 1 1 3 6 3 613 3.61%

Alexander Karnick
Hermann Spellmann

11 (-) Banc of America Securities - Merrill Lynch 1 1 1 5 6 590 3.47%

Matthew Yates

12 (-) Morgan Stanley 1 1 7 0 3 508 2.99%

Allen Wells
Andrew Humphrey
Kader Hidra
Nick Anderson
Sunil Gupta

13 (-) Commerzbank Corporates & Markets 0 0 4 2 7 483 2.84%

Lauren Licuanan
Nicole Schillinger
Robert Schramm

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 45

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

14 (-) Credit Suisse Securities 1 3 0 5 1 380 2.24%

15 (-) Landesbank Baden-Württemberg (LBBW) 0 3 4 1 1 340 2.00%

Anja-Katharina Bohlen
Bernhard Jeggle
Erkan Aycicek
Walter Schneider
Wolfgang Seeliger

16 (-) Nomura Securities 0 0 3 2 1 318 1.87%

Catharina Saponar
Roger Reynolds

17 (-) CLSA Asia-Pacific Markets 1 0 2 2 0 219 1.29%

18 (-) Equinet (ESN Partnership) 0 2 2 1 0 191 1.13%

19 (-) Banco Português de Investimento (BPI) 0 1 1 1 1 180 1.06%

Flora Trindade

20 (-) UniCredit 0 0 1 0 3 177 1.04%

Javier Suárez
Michael Tappeiner
Roberto Larotonda
Sergio Molisani

21 (-) Fondsfinans 0 0 1 2 0 175 1.03%

Håkon Levy

22 (-) BHF Bank 1 0 0 2 0 161 0.95%

Götz Fischbeck
Nils Machemehl

23 (-) Redburn Partners 0 2 1 1 0 159 0.94%

Archie Fraser
Lucinda Male

24 (-) Jefferies International 1 2 1 0 1 150 0.88%

Alex Barnett
James Harris
Michael McNamara

25 (-) Arete Research 0 1 0 0 2 115 0.68%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 46

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

26 (-) WestLB 0 1 1 2 0 111 0.65%

Claudia Volk
Hendrik Garz

27 (-) Bloomberg New Energy Finance 0 0 0 1 0 100 0.59%

28 (-) Mirabaud Securities 0 0 1 1 0 90 0.53%

Agustin Hochschild
Julian Lakin
Nick Edwards

29 (-) Exane BNP Paribas 1 0 1 1 0 86 0.51%

Jonathan Mirrlees-Black

30 (-) Matrix Corporate Capital 0 0 0 1 0 84 0.50%

31 (-) Washington Analysis 0 0 0 1 0 72 0.42%

32 (-) Natixis 1 0 1 0 0 63 0.37%

Antoine Azar
Céline Chérubin

32 (-) Oddo Securities 1 0 0 1 0 63 0.37%

Jean-Philippe Desmartin
Léa Sombret
Sébastien Thévoux Chabuel

32 (-) Raymond James Euro Equities 0 0 1 0 0 63 0.37%

35 (-) RBC Capital Markets 0 0 2 0 0 54 0.32%

Nick Hyslop

36 (-) CM-CIC Securities (ESN Partnership) 0 0 0 1 0 48 0.28%

37 (-) Berenberg Bank 0 2 0 0 0 42 0.25%

38 (-) Close Brothers Seydler 0 0 0 1 0 36 0.21%

39 (-) M.M.Warburg/SES Research 0 0 0 0 1 35 0.21%

40 (-) Arkeon Finance 0 1 1 0 0 30 0.18%

Alexandre Koller
Charles-Louis Planade
Mathieu Jasmin

41 (-) Danske Markets Equities (ESN Partnership) 0 0 1 0 0 27 0.16%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 47

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

41 (-) ESN North America 0 0 1 0 0 27 0.16%

43 (-) MainFirst Bank 0 1 0 0 0 24 0.14%

Andreas Thielen

44 (-) SEB Enskilda Equities 0 0 1 0 0 21 0.12%

45 (-) Société de Bourse Portzamparc 0 0 0 1 0 20 0.12%

46 (-) DnB NOR Markets 0 1 0 0 0 18 0.11%

Einar Kilde Evensen

47 (-) Carnegie Securities 0 0 1 0 0 15 0.09%

Carl-Henrik Frejborg
Claus Almer
Frederik Lunde
Joakim Höglund
Joakim Kindahl
Kenneth Toll Johansson
Lars Topholm
Preben Rasch-Olsen

48 (-) RBS Global Banking & Markets 3 0 0 0 0 12 0.07%

Thomas Deitz

49 (-) J.P. Morgan Cazenove 0 1 0 0 0 10 0.06%

49 (-) Kepler Capital Markets 0 1 0 0 0 10 0.06%

Ingo Queiser
Julie Arav
Victor Acitores

51 (-) Alor 1 0 0 0 0 9 0.05%

52 (-) Santander GBM 1 0 0 0 0 5 0.03%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 48

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Patrick Hummel, UBS 0 1 1 6 19 1253 4.48%

2 (-) Shai Hill, Macquarie Equities 1 1 2 3 15 1232 4.40%

3 (-) Didier Laurens, Société Générale 0 2 3 14 22 1224 4.37%

4 (-) Phlippe Bumm, CA Cheuvreux 0 1 3 8 8 1053 3.76%

5 (-) Robert Clover, HSBC 0 1 2 5 15 1001 3.58%

6 (-) Erwan Créhalet, CA Cheuvreux 0 0 4 11 9 974 3.48%

7 (-) Burkhard Weiss, HSBC 0 1 2 6 20 895 3.20%

8 (-) Nick Robins, HSBC 0 0 1 5 11 878 3.14%

9 (-) Alastair Bishop, Piper Jaffray 0 0 0 9 8 843 3.01%

10 (-) Ben Kluftinger, Macquarie Equities 0 1 2 4 5 818 2.92%

11 (-) Sarj Nahal, Société Générale 0 0 2 10 16 771 2.75%

12 (-) Valery Lucas-Leclin, Société Générale 0 0 3 9 15 750 2.68%

13 (-) Rupesh Madlani, Barclays Capital 0 0 2 5 10 742 2.65%

14 (-) Yannick Ouaknine, Société Générale 0 0 3 7 13 680 2.43%

15 (-) Meg Brown, Citi 0 0 1 11 5 664 2.37%

16 (-) Jason Channell, Goldman Sachs 0 0 2 3 8 663 2.37%

17 (-) Kasper Larsen, Macquarie Equities 0 1 2 3 4 641 2.29%

18 (-) Stéphane Voisin, CA Cheuvreux 0 0 2 7 6 593 2.12%

19 (-) Alexander Karnick, Deutsche Bank 0 1 1 7 3 535 1.91%

20 (-) Hermann Spellmann, Deutsche Bank 0 1 1 5 4 530 1.89%

21 (-) Matthew Yates, Banc of America Securities - Merrill Lynch 1 0 2 4 4 510 1.82%

22 (-) Robert Schramm, Commerzbank Corporates & Markets 0 0 0 2 12 507 1.81%

23 (-) Stephen Benson, Goldman Sachs 0 0 3 6 2 506 1.81%

24 (-) Corinne Gagné, CA Cheuvreux 0 0 0 5 7 449 1.60%

25 (-) Alberto Gandolfi, UBS 0 0 0 4 4 442 1.58%

26 (-) Andrew Humphrey, Morgan Stanley 0 0 0 4 6 418 1.49%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 49

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

27 (-) Christian Rath, HSBC 0 2 0 4 4 379 1.35%

28 (-) Julie Hudson, UBS 0 0 1 1 5 374 1.34%

29 (-) Erkan Aycicek, Landesbank Baden-Württemberg (LBBW) 1 0 0 2 2 347 1.24%

30 (-) Cécile Lamotte, CA Cheuvreux 0 1 1 6 4 346 1.24%

31 (-) Wolfgang Seeliger, Landesbank Baden-Württemberg (LBBW) 0 0 0 3 2 291 1.04%

32 (-) Per Lekander, UBS 0 0 0 3 2 274 0.98%

33 (-) Allen Wells, Morgan Stanley 0 1 0 3 3 268 0.96%

34 (-) Joaquim De Lima, HSBC 0 0 0 2 2 264 0.94%

35 (-) Flora Trindade, Banco Português de Investimento (BPI) 0 0 0 0 4 260 0.93%

36 (-) Mariano Alarco, Goldman Sachs 0 0 2 1 2 249 0.89%

37 (-) Sebastian Growe, Equinet (ESN Partnership) 0 0 0 4 0 244 0.87%

38 (-) Sunil Gupta, Morgan Stanley 0 1 0 0 3 239 0.85%

39 (-) Michael McNamara, Jefferies International 0 0 1 2 2 224 0.80%

40 (-) Vishal Shah, Barclays Capital 0 0 0 2 1 220 0.79%

41 (-) Håkon Levy, Fondsfinans 0 0 0 2 1 193 0.69%

42 (-) Catharina Saponar, Nomura Securities 0 0 1 3 1 192 0.69%

43 (-) Shirley Morgan-Knott, UBS 0 0 2 1 1 175 0.63%

44 (-) Julien Roques, Barclays Capital 0 0 1 2 0 163 0.58%

45 (-) Sarah Martin, Goldman Sachs 0 0 2 0 2 160 0.57%

46 (-) Ignacio Carvajal Cebrian, UBS 0 0 0 0 2 130 0.46%

47 (-) Charanjit Singh, HSBC 0 0 0 1 1 126 0.45%

48 (-) Torsten Wyss, UBS 0 0 0 0 1 125 0.45%

49 (-) Daniel Gandoy Lopez, Deutsche Bank 0 0 0 1 2 123 0.44%

49 (-) Jean-Philippe Desmartin, Oddo Securities 0 0 0 1 1 123 0.44%

49 (-) Léa Sombret, Oddo Securities 0 0 0 1 1 123 0.44%

52 (-) Fernando Lafuente, CA Cheuvreux 0 0 0 2 1 121 0.43%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 50

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

53 (-) Archie Fraser, Redburn Partners 0 2 1 0 0 111 0.40%

53 (-) Michael Tappeiner, UniCredit 0 0 0 1 2 111 0.40%

55 (-) Javier Suárez, UniCredit 0 0 0 0 2 110 0.39%

56 (-) Adam Forsyth, Matrix Corporate Capital 0 0 0 0 1 105 0.38%

57 (-) Götz Fischbeck, BHF Bank 0 1 0 0 2 100 0.36%

58 (-) Andrew Howard, Goldman Sachs 0 0 0 2 1 98 0.35%

59 (-) Manuel Palomo, Citi 0 0 0 1 3 95 0.34%

60 (-) Marc Fox, Goldman Sachs 0 0 0 1 1 94 0.34%

61 (-) Jim Fontanelli, Arete Research 0 0 0 0 2 85 0.30%

61 (-) Joel Silverman, Arete Research 0 0 0 0 2 85 0.30%

63 (-) Arindam Basu, Barclays Capital 0 0 1 1 0 79 0.28%

64 (-) Craig Abbott, CA Cheuvreux 0 0 0 1 1 77 0.28%

65 (-) Ingo Queiser, Kepler Capital Markets 0 0 0 0 3 75 0.27%

65 (-) Mark Fielding, Citi 0 0 0 0 3 75 0.27%

65 (-) Sébastien Thévoux Chabuel, Oddo Securities 0 0 0 0 1 75 0.27%

65 (-) Vidya Anant, Citi 0 0 0 0 1 75 0.27%

69 (-) Nick Hyslop, RBC Capital Markets 0 0 0 2 0 72 0.26%

70 (-) Karsten Iltgen, Credit Suisse Securities 0 0 1 1 1 61 0.22%

71 (-) Andrew Benson, Citi 0 0 0 0 2 60 0.21%

71 (-) Robert Walker, CA Cheuvreux 0 0 0 1 0 60 0.21%

73 (-) Sebastian Zank, WestLB 0 0 0 2 0 56 0.20%

73 (-) Steve Babureck, Exane BNP Paribas 0 0 0 2 0 56 0.20%

75 (-) Bernhard Jeggle, Landesbank Baden-Württemberg (LBBW) 0 0 1 0 0 54 0.19%

75 (-) Nick Edwards, Mirabaud Securities 0 0 1 0 0 54 0.19%

77 (-) Sara Finan, Goldman Sachs 0 0 0 1 1 53 0.19%

78 (-) Hendrik Garz, WestLB 0 0 1 1 0 49 0.18%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 51

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

79 (-) Lucinda Male, Redburn Partners 0 0 0 1 0 48 0.17%

79 (-) Mathieu Jasmin, Arkeon Finance 0 0 1 0 1 48 0.17%

81 (-) Charles-Louis Planade, Arkeon Finance 0 0 1 2 0 46 0.16%

82 (-) Walter Schneider, Landesbank Baden-Württemberg (LBBW) 0 0 0 0 1 45 0.16%

83 (-) Alexandre Koller, Arkeon Finance 0 0 1 1 0 42 0.15%

84 (-) Sean McLoughlin, Piper Jaffray 0 0 0 1 1 41 0.15%

85 (-) Yohann Terry, Exane BNP Paribas 0 0 0 1 0 36 0.13%

86 (-) Katharina Cholewa, WestLB 0 0 0 1 0 28 0.10%

86 (-) Peter Wirtz, WestLB 0 0 0 1 0 28 0.10%

88 (-) Einar Kilde Evensen, DnB NOR Markets 0 0 1 0 0 27 0.10%

89 (-) James Harris, Jefferies International 0 0 1 0 1 26 0.09%

89 (-) James Magness, HSBC 0 0 0 4 2 26 0.09%

91 (-) Daniel Ovin, CA Cheuvreux 0 0 0 0 1 25 0.09%

91 (-) Nils Machemehl, BHF Bank 1 0 0 0 0 25 0.09%

91 (-) Shishir Singh, HSBC 0 0 0 0 1 25 0.09%

94 (-) Andreas Thielen, MainFirst Bank 0 1 0 0 0 24 0.09%

95 (-) Claudia Volk, WestLB 0 0 1 0 0 21 0.08%

96 (-) Rod Lache, Deutsche Bank 0 0 0 0 1 15 0.05%

97 (-) Marta Gómez, Banesto Bolsa 0 1 0 0 0 14 0.05%

98 (-) Brian Chin, Citi 0 0 0 1 0 12 0.04%

98 (-) Timothy Arcuri, Citi 0 0 0 1 0 12 0.04%

100 (-) Ben Lynch, Bryan, Garnier & Co. 0 0 0 1 1 9 0.03%

100 (-) Sarah Forrest, Goldman Sachs 0 0 0 1 1 9 0.03%

100 (-) Stephen Flynn, Macquarie Equities 0 0 1 0 0 9 0.03%

103 (-) Céline Chérubin, Natixis 0 0 3 0 0 6 0.02%

104 (-) Alex Barnett, Jefferies International 0 0 0 0 1 5 0.02%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 52

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Renewable Energy

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

104 (-) Claus Almer, Carnegie Securities 0 0 0 0 1 5 0.02%

104 (-) Lars Dannenberg, Berenberg Bank 0 0 0 0 1 5 0.02%

104 (-) Melissa Epperly, Goldman Sachs 0 0 0 0 1 5 0.02%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 53

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Integrated Climate Change

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) HSBC 0 1 4 9 24 2309 22.62%

Barry O'Leary
Burkhard Weiss
Charanjit Singh
Christian Rath
Gordon Morrison
James Magness
Joaquim De Lima
Kevin Bourne
Laurent Kieffer
Mark van Lonkhuyzen
Nick Robins
Robert Clover
Roshan Padamadan
Shishir Singh
Sonja Kimmeskamp
Stuart Ferguson
Vijay Sumon

2 (-) Citi 0 2 6 9 21 1984 19.44%

Gareth Williams
Meg Brown

3 (-) UBS 0 2 7 14 3 1141 11.17%

Harald Brandl
Julie Hudson
Shirley Morgan-Knott

4 (-) CA Cheuvreux 0 3 1 12 9 1066 10.44%

Robert Walker
Stéphane Voisin

5 (-) Société Générale 1 1 3 4 11 919 9.00%

Sarj Nahal
Yannick Ouaknine

6 (-) Goldman Sachs 1 1 4 7 2 664 6.51%

Andrew Howard
Jason Channell
Marc Fox
Sara Finan
Sarah Forrest
Sarah Martin
Stephen Benson

7 (-) Macquarie Equities 0 0 1 1 3 456 4.47%

Ben Kluftinger
Shai Hill

8 (-) Oddo Securities 0 1 0 2 0 202 1.98%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 54

 All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Integrated Climate Change

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

9 (-) WestLB 0 0 3 0 1 186 1.82%

Claudia Volk
Hendrik Garz

10 (-) Barclays Capital 0 0 0 2 0 184 1.80%

11 (-) Deutsche Bank 2 0 0 1 1 167 1.64%

12 (-) CLSA Asia-Pacific Markets 0 0 2 1 0 138 1.35%

13 (-) Natixis 2 0 0 1 0 88 0.86%

14 (-) Commerzbank Corporates & Markets 0 0 2 0 0 69 0.68%

15 (-) Bank of America Securities - Merrill Lynch 0 0 0 1 0 60 0.59%

15 (-) Credit Suisse Securities 0 0 0 1 0 60 0.59%

15 (-) ING Financial Markets 0 0 0 1 0 60 0.59%

15 (-) Jefferies International 0 0 0 1 0 60 0.59%

19 (-) Mirabaud Securities 0 0 2 0 0 54 0.53%

19 (-) Trucost 0 0 1 0 0 54 0.53%

Mark Trevitt

21 (-) UniCredit 0 0 1 0 0 45 0.44%

Patrick Berger

22 (-) Carnegie Securities 0 0 2 0 0 42 0.41%

23 (-) Nomura Code Securities 0 0 1 0 0 36 0.35%

23 (-) RiskMetrics Group 0 0 0 1 0 36 0.35%

25 (-) Canaccord Genuity 0 0 1 0 0 27 0.27%

26 (-) Alembic Global Advisors 1 0 0 0 0 25 0.25%

27 (-) Morgan Stanley 0 1 0 0 0 24 0.24%

Kader Hidra
Nick Anderson

All Brokerage Firms - SRI And Sustainability (Commissions Paid) - Integrated Climate Change
27 (-) NCB Stockbrokers (ESN Partnership) 0 1 0 0 0 24 0.24%

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

29 (-) Berenberg Bank 1 0 0 0 0 18 0.18%
Average Excellent

30 (-) Art Capital 1 0 0 0 0 9 0.09%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 55

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Integrated Climate Change

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

1 (-) Meg Brown, Citi 0 1 3 13 24 1983 15.42%

2 (-) Nick Robins, HSBC 0 0 2 5 21 1463 11.38%

3 (-) Robert Clover, HSBC 0 1 1 6 11 1098 8.54%

4 (-) Julie Hudson, UBS 0 1 3 5 8 864 6.72%

5 (-) Joaquim De Lima, HSBC 0 0 0 6 7 707 5.50%

6 (-) Erwan Créhalet, CA Cheuvreux 0 0 0 2 9 630 4.90%

7 (-) Shirley Morgan-Knott, UBS 0 1 4 4 3 572 4.45%

8 (-) Sara Finan, Goldman Sachs 0 1 0 3 6 538 4.18%

9 (-) Burkhard Weiss, HSBC 0 0 0 2 8 482 3.75%

10 (-) Andrew Howard, Goldman Sachs 0 0 0 5 6 462 3.59%

11 (-) Vijay Sumon, HSBC 0 0 0 1 4 434 3.38%

12 (-) Shai Hill, Macquarie Equities 0 0 0 2 3 432 3.36%

13 (-) Ben Kluftinger, Macquarie Equities 0 0 1 0 3 395 3.07%

14 (-) Christian Rath, HSBC 0 0 1 2 3 387 3.01%

15 (-) Robert Walker, CA Cheuvreux 0 0 2 7 3 333 2.59%

16 (-) Roshan Padamadan, HSBC 0 0 0 3 3 282 2.19%

17 (-) Marc Fox, Goldman Sachs 0 1 0 5 1 174 1.35%

18 (-) Jason Channell, Goldman Sachs 0 0 1 3 1 162 1.26%

19 (-) Claudia Volk, WestLB 0 0 1 1 1 146 1.14%

19 (-) Hendrik Garz, WestLB 0 0 1 1 1 146 1.14%

21 (-) Barry O'Leary, HSBC 0 0 0 1 1 138 1.07%

22 (-) Sarj Nahal, Société Générale 0 0 0 1 2 131 1.02%

23 (-) Stéphane Voisin, CA Cheuvreux 0 0 0 2 0 120 0.93%

24 (-) Rupesh Madlani, Barclays Capital 0 0 0 1 1 117 0.91%

25 (-) Stephen Benson, Goldman Sachs 0 0 0 0 2 110 0.86%

26 (-) Valery Lucas-Leclin, Société Générale 0 0 0 0 2 95 0.74%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 56

 All Investment Analysts - SRI And Sustainability (Based on Commissions Paid) - Integrated Climate Change

POS. PREV POS. FIRM NAME SCALE 1 TO 5 POINTS %

Average Excellent

27 (-) Charanjit Singh, HSBC 0 0 0 0 1 90 0.70%

28 (-) Nick Edwards, Mirabaud Securities 0 0 0 2 0 72 0.56%

29 (-) Sarah Forrest, Goldman Sachs 0 0 0 2 1 65 0.51%

30 (-) Mark Trevitt, Trucost 0 0 1 0 0 54 0.42%

31 (-) Patrick Hummel, UBS 0 0 0 0 2 40 0.31%

32 (-) Nick Anderson, Morgan Stanley 0 0 1 0 0 36 0.28%

33 (-) Alberto Gandolfi, UBS 0 0 0 0 1 35 0.27%

34 (-) Brian Chin, Citi 0 0 0 0 1 15 0.12%

34 (-) Timothy Arcuri, Citi 0 0 0 0 1 15 0.12%

36 (-) Stephen Flynn, Macquarie Equities 0 0 0 1 0 12 0.09%

37 (-) Rod Lache, Deutsche Bank 0 0 1 0 0 9 0.07%

38 (-) Sarah Martin, Goldman Sachs 0 0 0 0 1 5 0.04%

38 (-) Yannick Ouaknine, Société Générale 0 0 0 0 1 5 0.04%

Extel Pan-Europe 2010 Thomson Extel Surveys 2010. All rights reserved.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 57

INDEPENDENT PROVIDERS & QUOTED COMPANY RANKINGS

TOP 10 INDEPENDENT RESEARCH PROVIDERS FOR SRI & SUSTAINABILITY RESEARCH SERVICES
RANK FIRM NAME 2010 %
1ST RISKMETRICS GROUP 18.4
2ND INNOVEST STRATEGIC VALUE ADVISORS 15.9
3RD EIRIS 12.5
4TH GLASS LEWIS 10.8
5TH VIGEO 9.2
6TH TRUCOST 7.6
7TH ABI (VIS) 7.3
8TH GMI RATINGS 5.4
9TH KLD RESEARCH & ANALYTICS 4.2
10TH MANIFEST 3.4

TOP 20 QUOTED COMPANIES FOR INVESTOR RELATIONS WITH SRI & SUSTAINABILITY INVESTORS
RANK FIRM NAME 2010 %
1ST ROYAL DUTCH SHELL 8.3
2ND TESCO PLC 7.8
3RD NOVO NORDISK 7.6
4TH BARCLAYS PLC 7.2
5TH ANGLO AMERICAN PLC 6.5
6TH NESTLE SA 6.4
7TH BHP BILLITON 5.8
8TH GLAXOSMITHKLINE PLC 5.3
9TH H&M HENNES & MAURTIZ AB 4.4
10TH BMW GROUP 3.7
11TH BT GROUP PLC 3.5
12TH ABB 3.1
13TH UNILEVER 2.9
14TH RBS 2.8
15TH SANTANDER 2.5
16TH KINGFISHER PLC 2.4
17TH TOTAL SA 2.2
18TH XSTRATA PLC 1.8
19TH SANOFI-AVENTIS 1.6
20TH ALLIANZ SE 1.5

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 58

QUOTED COMPANIES POOREST FOR INVESTOR RELATIONS WITH SRI & SUSTAINABILITY INVESTORS
RANK FIRM NAME 2010 %
1ST VEOLIA ENVIRONNEMENT 14.4
2ND SINOPEC SHANGHAI PETROCHEMICAL 12.1
3RD VEDANTA RESOURCES PLC 9.7
4TH BP PLC 9.2
5TH RIO TINTO PLC 7.7
6TH BAE SYSTEMS 5.2
7TH KAZAKHMYS PLC 4.8
8TH COOKSON GROUP PLC 3.8
9TH ABERCROMBIE & FITCH CO 3.6
10TH ALSTOM 3.1

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 59

ASSET MANAGEMENT RANKINGS

TOP 20 ASSET MANAGEMENT FIRMS IN UNDERSTANDING OF SRI & SUSTAINABILITY INVESTORS

RANK FIRM NAME 2010 %
1ST THREADNEEDLE ASSET MANAGEMENT 9.1
2ND AVIVA GLOBAL INVESTORS 8.7
3RD BLACKROCK INVESTMENT MANAGEMENT 8.4
4TH ALLIANZ GLOBAL INVESTORS (RCM AND AGI FRANCE)  7.5
5TH SCHRODER INVESTMENT MANAGEMENT 6.3
6TH HENDERSON GLOBAL INVESTORS 6.1
7TH FIDELITY INTERNATIONAL 5.8
8TH UBS GLOBAL ASSET MANAGEMENT 5.4
9TH SAM SUSTAINABLE AM 5.3
10TH F&C ASSET MANAGEMENT 4.9
11TH AXA INVESTMENT MANAGERS 4.3
12TH BNP PARIBAS ASSET MANAGEMENT 4.1
13TH AMUNDI 3.1
14TH JP MORGAN ASSET MANAGEMENT 2.8
15TH GLG PARTNERS 2.7
16TH CITADEL INVESTMENT 2.5
17TH UBS WEALTH MANAGEMENT 1.9
18TH GARTMORE INVESTMENT MANAGEMENT 1.7
19TH CAZENOVE CAPITAL MANAGEMENT 1.6
20TH ECOFI INVESTISSEMENTS 1.4

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 60

5. METHODOLOGY
The Thomson Reuters Extel/UKSIF SRI & Sustainability Survey
2010 took place between March 15 and June 02, 2010.
Responses were sought from both buyside and
sellside firms across Europe, involved in the SRI
and broader Extra-Financial market.
In total we received responses from over 350
individuals at 253 buyside firms and 20 sellside firms
(in 2009 the equivalent numbers were 215 and 20).
In the questionnaire, respondents were either asked
to rate firms/individuals 1-5; or score attributes/
concerns on a 1-5 scale.
As this is now the 8th annual Survey the comparative
and trend data delivers considerable value and
interest. In particular we continue to receive a
number of thoughtful comments on how to construct
and develop this Survey going forward to enable it
to even better match and align with market practice,
and address key issues. We have sought to respond
to these in 2010, and will continue to do so for 2011.

In both cases 5 equated to 5 points, down to a rating

of 1 equalling 1 point. When voting for firms, voters
could score a maximum of two firms with the same
rating, and give the same rating value to up to a
maximum of four individual team members at any
broker firm. All points received were then aggregated,
and % based tables constructed.

In the case of rating on attributes, using a

1-5 comparative scale, an average rating
(mathematically obliged to be between 1-5) was
calculated. This enables comparative benchmarks to
be provided. In many cases in the report we display
also output from 2005-2009.

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THOMSON REUTERS EXTEL SURVEYS – SRI 2010 61