Organizing for Africa and the Middle East A Review of Regional Headquarters for the MEA region

Second edition January 2017 Objectives and context

Our accurate and up-to-date data enables companies to make informed decisions, facilitating investment in the region, and in turn, helping create economic opportunities and jobs.

In order to address our prospects where decision making is happening, we needed to understand how they are organized with in the region.

We focused our research and analysis on the following key trends: • The regional footprint of top multinationals in the MEA region • The most commonly chosen cities as a base for Infomineo regional activities • Indications about the path that MNCs follow to is a specialist enter into the Middle East and Africa in business Our findings have been shared externally with both research within clients and third parties. Africa and the Middle East Methodology note

Methodology

Our research covers the top global companies taken from the Fortune 500 ranking.

We examined three (3) axis for each company: • General data: type of industry, revenue, and global workforce • Location of the regional headquarters in MEA (when they had one) • Location of the sub-regional headquarters in Africa and the Middle East

Sources

Given that the organizational aspects covered are often poorly documented, we used multiple data sources: • Companies annual reports, mainly 2015 • Companies websites • Press search • LinkedIn • Others

This research was conducted at a large scale, and various sources were leveraged. As a result the Infomineo team made judgment calls. While we are confident that the general trends are accurate, we do not guarantee than every data point is exact at a company level. Our approach

Analyzing Company Footprints

Identify companies with: • No presence in the region • Presence but no RHQ • RHQ outside the region • Presence in Africa exclusively • Presence in the Middle East exclusively • Presence in both Africa and the Middle East

Analyzing the Strength of Cities

Identify city attractiveness as: • High attractiveness • Medium attractiveness • Low attractiveness The Fortune 500 companies – Numbers per country of origin

2016 2015

Country #Companies Country #Companies U.S. 135 U.S. 131 103 China 99 Japan 52 Japan 57 France 29 France 31 Germany 28 U.K. 29 U.K. 25 Germany 28 South Korea 15 South Korea 17 Switzerland 15 Switzerland 12 Netherlands 12 Netherlands 11 Canada 11 Canada 10 Other* 75 Other* 75 Total 500 Total 500

* Italy, Spain, Australia, Brazil, India, Taiwan, Russia, Singapore, Sweden, etc. Executive Summary (1/2)

Most Attractive Middle Overview Eastern Destination

Overall, global Fortune 500 companies have recently Dubai is by far the leading destination for Regional HQs begun to establish a footprint in the MEA region with a total of 138 companies, up from 127 in 2015: • 196 companies have a dedicated entity covering the • As a Middle East RHQ, 107 companies have chosen Dubai region, up from 167 in 2015 • As a MEA RHQ, 31 companies have chosen Dubai • 305 companies do not have a dedicated entity covering the region, and for 226 of them, no significant business in the region was identified

Most Attractive Outside coverage African Destination

Johannesburg remains the prime destination in Africa Over 36 companies chose to cover MEA from outside of the with a total of 58 up from 46 in 2015: region, up from 22: • As an Africa RHQ, 29 companies have chosen • 14 companies have an Africa RHQ outside of MEA (from Johannesburg Europe mainly). • As a Sub RHQ in Southern Africa, 27 companies have • 22 companies have a MEA RHQ outside of the region, chosen Johannesburg mostly in London, Brussels and Paris • As a MEA RHQ, 2 companies have chosen Johannesburg Executive Summary (2/2)

African Sub-Regions Casablanca rising

The four African sub-regions are each led by one Casablanca has witnessed a surge of popularity: destination: • 33 companies chose Casablanca for North Africa Sub • Southern Africa is almost exclusively covered from RHQ compared to 13 in 2015 Johannesburg (27) • 5 companies established RHQs in Casablanca (mostly • Eastern Africa is mostly covered from Nairobi (26) Africa RHQs) • Western Africa is usually served from Lagos (12) • Northern Africa is mostly covered from Casablanca (33)

London gaining popularity Industry preference

London gained “market share”: Chosen destinations for specific industries: • 15 companies chose London as RHQ, up from 4 in 2015 • The financial industry is mostly basing its MEA coverage • London’s popularity is mostly coming from Finance and in London Energy companies’ growing interest in the region • Technology companies focus on Casablanca and Lagos Rising interest for the MEA region

(2016) (2015)

225 companies do not have a 45% 286 (57,2%) No presence presence in Africa or the Middle of the of the East Global 500 Global 500

Presence but companies operate in the 47 77 15,4% no RHQ region, but do not have RHQs (9,4%)

Presence from companies cover MEA from 22 38 7,6% outsidet outside the region (4,4%)

Presence solely companies only have an 9 12 2,4% in Africa African RHQ (1,8%)

Presence solely companies only have a Middle 54 47 9,4% in the Middle East East RHQ (10,8%)

95 companies have a presence Presence in both in the Middle East and in Africa, 81 Africa and the 19% (16,2%) Middle East among them 42 companies have a combined MEA RHQ (35 in 2015)

Note that for many of the companies at hand, the decision making process for the MEA region is held both at a regional (RHQ) and global (Global HQ) level depending on the nature of the industry and the governance guidelines of the organization. Excluding 2 companies with their global HQ in MEA (0,4%) 17% more Companies have a MEA presence compared with 2015

17% increase in the number of companies in MEA, making it 39.2% of the 500 compared with 33.4% in 2015

Number of 196 companies 167

2016 2015

Persistence of China’s subpar USA still in the lead coverage

While China’s coverage for MEA is still low compared to American companies are still leading in terms of numbers other countries, it has shown some improvement with 13 with a 26% increase, growing from 50 to 63 companies companies present in the region, up from 10 companies in between 2015 and 2016 2015 (30% increase)

Germany presence Japan is losing momentum gradually growing

German companies have been slowly but consistently Japanese companies have shown a decrease in MEA growing their presence in MEA, with 18 current companies, presence, with a total of 25 companies in region, down from up from 16 in 2015 (13% increase) 28 companies in 2015 (10% decrease). Germany and France leading in terms of coverage rate China with the lowest presence rate

(135) (103) (52) (28) (29) (25)

53 77 21 7 5 8 No presence (39%) (74%) (40%) (25%) (17%) (32%)

Presence solely 5 1 1 1 1 0 in Africa (3%) (1%) (2%) (3%) (4%)

Presence solely 15 4 6 5 8 2 in the Middle East (11%) (4%) (11%) (17%) (27%) (8%)

Presence in both 25 6 12 10 6 5 Africa and the (18%) (6%) (23%) (35%) (20%) (20%) Middle East

Percentages represent the category’s share per country The Finance Industry is still a leader in company count The Energy industry with the highest growth rate in MEA

Number of Companies with MEA organization per industry

Finance industry 34 (36% increase) (29% of finance companies have RHQs compared to 33% in 2015) 25

Energy industry 29 (61% increase) (32% vs 33% in 2015) 18

Auto industry 23 (27% increase) (67% vs 62% in 2015) 18

Technology industry 22 (10% increase) (66% vs 66% in 2015) 20

Healthcare industry 15 (36% increase) (56% vs 39% in 2015) 11

11 (57% increase) Food and Beverage (69% vs 50% in 2015) 7

2016 2015

Due to an emerging middle class, there is a growing interest in the African market by Financial players. “Provided that a portfolio is representing the performing part of an economy, financial players will naturally outperform the GDP of those [African] countries…this is a major trend because those countries are growing.” - Francois Marchal The Technology and Automotive Industries rank above average in coverage Finance far below average in coverage

(33) (89) (34) (113) (23) (500) 11 45 4 66 9 225 No presence (24%) (49%) (12%) (58%) (39%) (45%)

Presence but 3 15 7 13 1 77 no RHQ (9%) (16%) (20%) (12%) (4%) (15%)

Presence from 5 10 2 6 2 37 outsidet (15%) (11%) (6%) (5%) (8%) (7%)

Presence solely 1 1 4 1 12 0 in Africa (1%) (2%) (3%) (8%) (2.4%)

Presence solely 10 6 11 1 47 0 in the Middle East (11%) (17%) (10%) (4%) (9%)

Presence in both 17 7 14 13 10 95 Africa and the (51%) (8%) (41%) (11%) (43%) (19%) Middle East

Technology Energy Automotive Finance Healthcare Global

Percentages represent the categories share in each industry Dubai and Johannesburg: Leading Destinations in MEA 2016 2015

138 Top Destinations in the MEA 127

London 58 46 37 28 25 Paris 13

Dubai Johannesburg Casablanca Nairobi Dubai Casablanca Algiers High Attractiveness (+8%) (+26%) (+184%) (+12%) Cairo

15 12 12 12 Abu Dhabi 10

Lagos 4 Nairobi

London Lagos Abu Dhabi (+275%) (+0%) (-16%) Medium Attractiveness

7 Cape Town Johannesburg 6 6 5 5

2 2 Dubai and Johannesburg constitute the 1 most desirable hubs in the region, followed by Casablanca and Nairobi. Cairo Paris Algiers Cape Town Low Attractiveness (+250%) (+0%) (+400%) (+150%) Casablanca and London gained the highest “Market Share”

Split of RHQ 2016 Split of RHQ 2015

37% 20% 23% 2% 43% 1% 3% 2% 4% 4%

4% 8%

7% 10%

16% 16%

“Market Share” of destinations out of 359 RHQs and Sub-RHQS “Market Share” of destinations out of 298 RHQs and Sub-RHQS

Dubai Johannesburg Casablanca Nairobi London Lagos Paris Other

*Other destinations: Abu Dhabi (10), Cairo (7), Algiers (5), Cape Town (5), Accra (3), etc. Casablanca and London driving the growth

Casablanca becoming a major hub in North Africa

Casablanca more than doubled its Sub-RHQ count, particularly in the North African region: • The Auto-industry is showing strong growth in Casablanca with 3 new companies. • The Technology industry is also increasing its presence with 3 new companies. • Swiss companies represent a sizable number of newcomers, with more than 5 companies choosing Casablanca as their hub of operations. • Morocco’s stability, growth, and internal market are the likely factors driving companies to the city.

London’s growing role as a MEA RHQ

London tripled its number of RHQs within the region, particularly as an MEA hub: • The largest growth in London appears to come from Japanese companies with 5 new companies. • London also profits from the increased interest for Energy and Financial companies from North America. • London’s surging popularity stems from an increased interest in the MEA region as a whole. • London plays the role of a first step into the MEA region, given the proximity and the talent pool in the city. Dubai and European Cities Dominate MEA RHQ

Destinations for MEA RHQ Top 5 cities for MEA RHQ 2016 2015 London

Brusels Paris Dubai Casablanca* 31 Cairo* 29

11

Johannesburg

3 3 Dubai hosts a significant number of MEA 2 2 2 2 RHQs, but the share of MEA RHQs in 0 Europe is increasing. Dubai London Brussels Paris Johannesburg

*Casablanca : 1 RHQ; Cairo 1 RHQ Dubai Monopolizes Middle East RHQs

Destinations for ME RHQ Top 5 cities in the Middle East Region 2016 2015

Cairo

Manama Dubai

107 98

Riyadh

Abu Dhabi

Dubai currently hosts a large majority of 9 9 2 1 1 1 1 companies targeting the Middle East and is 0 continuing to grow. Dubai Abu Dhabi Riyadh Manama Cairo Johannesburg leads the way for Africa RHQ

Destinations for Africa RHQ Top 5 cities for Africa RHQ

London 2016 2015

Paris

Casablanca*

29

Nairobi Luanda*

12 Pretoria Cape Town Johannesburg

4 4 4 4 3 Johannesburg has seen a sizable increase 1 1 1 in its attractiveness, hosting the majority of African RHQs. Johannesburg London Paris Casablanca Cape Town

*Casablanca : 1 RHQ; Nairobi 1 RHQ, Luanda: 1 Casablanca, Lagos, Nairobi, and Johannesburg dominate Africa Sub-RHQ

2016 2015 Destinations for Africa Sub-RHQ

33 21 Casablanca Dubai North 13 10 5 5 Africa 1 1 Casablanca Dubai Algiers Cairo

12 13

West 4 5 2 2 Lagos Africa 2 1 Nairobi Lagos Abidjan Accra Luanda

26 24 East Johannesburg Africa 1 0 1 1 0 1 Nairobi Brazzaville Dar Es Salaam Luanda

27 27 Each of the four regions is led by one hub, Casablanca for North Africa, Lagos for Southern 2 2 Western Africa, Nairobi for East Africa, and Africa 0 1 1 0 Johannesburg for Southern Africa. Johannesburg Cape Town Luanda Mauritius Observations

While certain cities and countries are more popular than others, the specific cities selected depend on a variety of factors such as:

• Local market potential • Maturity of the industry • Existing competitors • Company culture • Political stability • Laws and regulations • Business language used • Quality of the employment market • Local resources and infrastructures

“The key risk for Fortune 500 companies in Africa is to go there without a long-term plan. Growth in Africa is not very regular when you are examining country by country. When settling in Africa, it is important to diversify your presence because you will always have one country that is performing better than the another. The diversification in Africa and regional coverage gives you a balanced and secured approach to settling there.”

Francois Marchal General Manager at Société General, Ghana Appendix Backup slide 1/5: Fortune 500 companies by country of origin

Country Country Country Country Company Company Company Company of origin of origin of origin of origin Industrial & Commercial Australia BHP Billiton Britain J. Sainsbury China China Bank of Communications of China Australia Wesfarmers Britain Rio Tinto Group China CITIC Group China China Construction Bank Australia Woolworths Britain Royal Bank of Scotland Group China Beijing Automotive Group China China State Construction Engineering Australia Commonwealth Bank of Australia Britain BT Group China Shandong Weiqiao Pioneering Group China Agricultural Bank of China Australia National Australia Bank Britain Compass Group China China Merchants Bank China Bank of China Australia Westpac Banking Britain BAE Systems China Amer International Group China Ping An Insurance Australia & New Zealand Banking Britain International Airlines Group Australia China Industrial Bank Group China China Mobile Communications Britain AstraZeneca Australia Telstra China PowerChina China SAIC Motor Britain Wm. Morrison Supermarkets Austria OMV Group China China China Life Insurance Britain National Grid Belgium Anheuser-Busch InBev China Lenovo Group China China Railway Engineering Britain Greenergy Fuels Holdings Belgium Delhaize Group China Sinopharm China China Railway Construction Britain China United Network Communica- Brazil Petrobras China China Dongfeng Motor Group tions Britain Rolls-Royce Holdings Brazil Banco do Brasil China China Resources National China China Huaneng Group Britain Old Mutual Brazil Itaú Unibanco Holding China China Southern Power Grid China China Minsheng Banking Britain/ Unilever Brazil JBS Netherlands China Pacific Construction Group China Pudong Development Bank Brazil Banco Bradesco Canada George Weston China China South Industries Group China CEFC China Energy Brazil Vale Canada Royal Bank of Canada China China Post Group China ChemChina Brazil Ultrapar Holdings Canada Alimentation Couche-Tard China China National Offshore Oil China China Pacific Insurance (Group) Britain BP Canada Magna International China China Communications Construction China Aluminum Corp. of China Britain HSBC Holdings Canada Toronto-Dominion Bank China Noble Group China CRRC Britain Tesco Canada Power Corp. of Canada China People’s Insurance Co. of China China Jizhong Energy Group Britain Prudential Canada Manulife Financial China COFCO China Shenhua Group Britain Vodafone Group Canada Enbridge China Tewoo Group China Jardine Matheson Britain Barclays Canada Bank of Nova Scotia China Huawei Investment & Holding China Baosteel Group Britain Lloyds Banking Group Canada Suncor Energy China China FAW Group China China Shipbuilding Industry Britain SSE Canada Onex China China Telecommunications China China Metallurgical Group Britain Centrica China State Grid China China North Industries Group China Sinomach Britain GlaxoSmithKline China China National Petroleum Guangzhou Automobile Industry China Group China Britain Aviva China Group Group China Aviation Industry Corp. of China Backup slide 2/5: Fortune 500 companies by country of origin

Country Country Country Country Company Company Company Company of origin of origin of origin of origin China Nonferrous Metal Mining China China Energy Engineering Group China France CNP Assurances Germany (Group) China Greenland Holding Group France Saint-Gobain Germany RWE China China Poly Group China China Everbright Group France Orange Germany ThyssenKrupp China China Datang China Jiangsu France Vinci Germany Deutsche Bahn China China Electronics Technology Group China Xinxing Cathay International Group France Christian Dior Germany Continental China Zhejiang Geely Holding Group China Datong Coal Mine Group France Sanofi Germany Lufthansa Group China Shandong Energy Group China China Minmetals France Bouygues Germany Talanx China New China Life Insurance China Shaanxi Yanchang Petroleum (Group) France SNCF Mobilités Germany ZF Friedrichshafen China AIA Group China National Building Materials France Schneider Electric Germany Edeka Zentrale China Group China China COSCO Shipping France Air France-KLM Group Germany DZ Bank China Jiangxi Copper China CK Hutchison Holdings France L’Oréal Germany Fresenius China China Electronics China France Veolia Environnement Germany Phoenix Pharmahandel China China Huadian China China National Aviation Fuel Group France La Poste Germany Energie Baden-Württemberg China Shanxi Coking Coal Group China France Danone Germany SAP China State Power Investment China WH Group France Michelin Germany TUI China Aerospace Science & Tech- China China Evergrande Real Estate Group nology France Sodexo India Indian Oil Denmark Maersk Group China China Guodian Germany Volkswagen India Reliance Industries France Total China Shaanxi Coal & Chemical Industry Germany Daimler India Tata Motors France AXA China China State Shipbuilding Germany E.ON India State Bank of India France BNP Paribas China HNA Group Germany Allianz India Bharat Petroleum France Société Générale China China Germany BMW India Hindustan Petroleum France Carrefour China Wuchan Zhongda Group Germany Siemens India Rajesh Exports France Crédit Agricole China JD.com Germany Robert Bosch Indonesia Pertamina France Électricité de France China Shanxi LuAn Mining Group Germany BASF Ireland Accenture France Engie China Yangquan Coal Industry Group Germany Deutsche Telekom Ireland CRH France Peugeot China China Aerospace Science & Industry Germany Metro Italy EXOR Group France Auchan Holding China China General Technology Germany Munich Re Group Italy Assicurazioni Generali Shanxi Jincheng Anthracite Coal France Groupe BPCE China Mining Group Germany Deutsche Post Italy ENI France Finatis China Dalian Wanda Group Germany Bayer Italy Enel France Renault Backup slide 3/5: Fortune 500 companies by country of origin

Country Country Country Country Company Company Company Company of origin of origin of origin of origin

Italy Intesa Sanpaolo Japan Fujitsu Malaysia Petronas South Korea POSCO

Italy UniCredit Group Japan Tokio Marine Holdings Mexico Pemex South Korea LG Electronics

Italy Poste Italiane Japan Denso Mexico América Móvil South Korea Kia Motors

Italy Telecom Italia Japan KDDI Netherlands South Korea Hyundai Heavy Industries

Italy Unipol Group Japan Mitsubishi Electric Netherlands Airbus Group South Korea Hanwha

Japan Toyota Motor Japan Meiji Yasuda Life Insurance Netherlands ING Group South Korea SK Holdings

Japan Honda Motor Japan Mitsubishi Heavy Industries Netherlands Louis Dreyfus South Korea Hyundai Mobis

Japan Japan Post Holdings Japan Sumitomo Netherlands Royal Ahold South Korea Lotte Shopping

Japan Nissan Motor Japan Mitsubishi Chemical Holdings Netherlands Aegon South Korea LG Display

Japan Nippon Telegraph & Telephone Japan Canon Netherlands LyondellBasell Industries South Korea GS Caltex

Japan Hitachi Japan Bridgestone Netherlands Royal Philips South Korea Samsung Life Insurance

Japan SoftBank Group Japan Sumitomo Life Insurance Netherlands Achmea South Korea Korea Gas

Japan AEON Japan JFE Holdings Netherlands Rabobank Group Spain

Japan Sony Japan Mazda Motor Netherlands Heineken Holding Spain Telefónica

Japan Nippon Life Insurance Japan Sompo Japan Nipponkoa Holdings Netherlands Randstad Holding Spain Banco Bilbao Vizcaya Argentaria

Japan Panasonic Japan Kansai Electric Power Norway Statoil Spain Repsol

Japan JX Holdings Japan Aisin Seiki Poland PKN ORLEN Group Spain ACS

Japan Dai-ichi Life Insurance Japan Fuji Heavy Industries Russia Gazprom Spain Iberdrola

Japan Marubeni Japan Mizuho Financial Group Russia Lukoil Spain Gas Natural Fenosa

Japan Mitsubishi Japan Daiwa House Industry Russia Oil Spain Mapfre Group

Japan Toshiba Japan Suzuki Motor Russia Sberbank Spain Inditex

Japan Tokyo Electric Power Japan Idemitsu Kosan Russia VTB Bank Sweden Volvo

Japan Seven & I Holdings Japan Medipal Holdings Saudi Arabia SABIC Sweden LM Ericsson

Japan Mitsubishi UFJ Financial Group Japan Sumitomo Electric Industries Singapore Trafigura Group Sweden H & M Hennes & Mauritz

Japan Itochu Japan East Japan Railway Singapore Wilmar International Switzerland Glencore

Japan MS&AD Insurance Group Holdings Japan Chubu Electric Power Singapore Flextronics International Switzerland Nestlé

Japan Nippon & Sumitomo Metal Japan NEC South Korea Samsung Electronics Switzerland Zurich Insurance Group

Japan Sumitomo Mitsui Financial Group Japan Alfresa Holdings South Korea Hyundai Motor Switzerland Roche Group

Japan Mitsui Luxembourg ArcelorMittal South Korea Korea Electric Power Switzerland Novartis Backup slide 4/5: Fortune 500 companies by country of origin

Country Country Country Country Company Company Company Company of origin of origin of origin of origin

Switzerland UBS Group U.S. AT&T U.S. Target U.S. Energy Transfer Equity

Switzerland Swiss Re U.S. General Electric U.S. Johnson & Johnson U.S. Tyson Foods

Switzerland ABB U.S. AmerisourceBergen U.S. MetLife U.S. American Airlines Group

Switzerland Group U.S. Verizon U.S. U.S. Postal Service U.S. Delta Air Lines

Switzerland Migros Group U.S. Chevron 2 U.S. Archer Daniels Midland U.S. Nationwide

Switzerland Coop Group U.S. Chevron U.S. Marathon Petroleum U.S. Johnson Controls

Switzerland LafargeHolcim U.S. Costco U.S. Freddie Mac U.S. Best Buy

Switzerland Adecco Group U.S. Fannie Mae U.S. PepsiCo U.S. Merck

Switzerland Wolseley U.S. Kroger U.S. United Technologies U.S. Liberty Mutual Insurance Group

Switzerland Swiss Life U.S. Amazon.com U.S. Aetna U.S. Group

Taiwan Hon Hai Precision Industry U.S. Walgreens Boots Alliance U.S. Lowe’s U.S. Honeywell International

Taiwan Pegatron U.S. HP U.S. UPS U.S. Massachusetts Mutual Life Insurance Taiwan Quanta Computer U.S. Cardinal Health U.S. AIG U.S. Oracle Taiwan Compal Electronics U.S. Express Scripts Holding U.S. Prudential Financial U.S. U.S. J.P. Morgan Chase U.S. Intel Taiwan Taiwan Semiconductor Manufacturing U.S. Cigna U.S. Boeing U.S. Humana Taiwan CPC U.S. United Continental Holdings U.S. Microsoft U.S. Disney Taiwan Cathay Life Insurance U.S. Allstate U.S. Bank of America Corp. U.S. Cisco Systems Thailand PTT U.S. Schlumberger U.S. U.S. Pfizer Turkey Koç Holding U.S. TIAA U.S. Home Depot U.S. Dow Chemical U.A.E. Emirates Group U.S. INTL FCStone U.S. U.S. Sysco U.S. Walmart U.S. CHS U.S. Phillips 66 U.S. FedEx U.S. Exxon Mobil U.S. American Express U.S. IBM U.S. Caterpillar U.S. Apple U.S. Gilead Sciences U.S. Valero Energy U.S. Lockheed Martin U.S. Berkshire Hathaway U.S. Publix Super Markets U.S. Anthem U.S. New York Life Insurance U.S. McKesson U.S. General Dynamics U.S. Procter & Gamble U.S. Coca-Cola U.S. UnitedHealth Group U.S. TJX U.S. State Farm Insurance Cos. U.S. HCA Holdings U.S. CVS Health U.S. ConocoPhillips U.S. Alphabet U.S. Bunge U.S. General Motors U.S. Rite Aid U.S. Comcast U.S. Ingram Micro U.S. Ford Motor U.S. Nike Backup slide 5/5: Fortune 500 companies by country of origin

Country Country Company Company of origin of origin

U.S. World Fuel Services U.S. AbbVie

U.S. 3M U.S. Centene

U.S. Mondelez International U.S. Community Health Systems

U.S. Exelon U.S. Alcoa

U.S. Twenty-First Century Fox U.S. International Paper

U.S. Deere U.S. Emerson Electric

U.S. Tesoro U.S. Union Pacific

U.S. Time Warner U.S. Amgen

U.S. Northwestern Mutual U.S. U.S. Bancorp

U.S. DuPont U.S. Staples

U.S. Avnet

U.S. Macy’s

U.S. Enterprise Products Partners

U.S. Travelers Cos.

U.S. Philip Morris International

U.S. Tech Data

U.S. McDonald’s

U.S. Qualcomm

U.S. Sears Holdings

U.S. Capital One Financial

U.S. EMC

U.S. USAA

U.S. Duke Energy

U.S. Halliburton

U.S. Northrop Grumman

U.S. Arrow Electronics

U.S. Raytheon

U.S. Plains GP Holdings

U.S. US Foods Holding Follow us and visit our website www.infomineo.com