Mid Year Report 2020

Top Institutional Holders of DRs 1 Investment Style and Investor Type as defined by Ipreo. Data as of June 30, 2020. 2 GARP Funds: Growth at a Reasonable Price (GARP) investors hold securities that are trading at a discount to the market, but are expected to grow at a higher than the market or industry average. These companies are typically out of favor systematically or temporarily. This is a more conservative investment style compared to an outright growth-oriented strategy. Dividend yield is generally not a concern of GARP investors. 75 % 6 % 8 % 3 % 2 % 2 % 3 % MUTUAL FUND HEDGE FUND INVESTMENT MANAGER BROKER SOVEREIGN WEALTH FUND PENSION FUND-STATE/GOVERNMENT OTHERS Institutional DR Ownership (cont.) By Investor Type 1 By Investment Style 1,2 1,628 DR Program 33 % 24 % 12 % 11 % 9 % 3 % 3 % 2 % GROWTH VALUE INDEX GARP ALTERNATIVE AGGRESSIVE GROWTH OTHERS EXTERNALLY MANAGED DEEP VALUE BROKER YIELD Total Value of DRs Held: $950.2bn Total Value of DRs Held: $950.2bn 28