Mid-Year Report

Top Institutional Holders of DRs 1 Investment Style and Investor Type as defined by Ipreo. Data as of July 1, 2019. 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. 76 % 6 % 8 % 3 % INVESTMENT MANAGER-MUTUAL FUND HEDGE FUND INVESTMENT MANAGER BROKER CORPORATE PENSION FUND-STATE/GOVERNMENT SOVEREIGN WEALTH FUND INSURANCE OTHER Institutional DR Ownership (cont.) By Investor Type 1 By Investment Style 1,2 1,628 DR Program 31 % 25 % 11 % 11 % 8 % 3 % 3 % GROWTH VALUE GARP INDEX ALTERNATIVE AGGRESSIVE GROWTH OTHER EXTERNALLY MANAGED DEEP VALUE BROKER SPECIALITY Total Value of DRs Held: $1,088.6bn Total Value of DRs Held: $1,088.6bn 28