March 2014

European Corporate Survey

Next is ESG Communication

SUPER IRO HAS SUSTAINABLE PLANS

IMPORTANT. Please refer to the last page of this report for “Important disclosures” and analyst certification(s) keplercheuvreux.com IRO Survey No2

About Kepler Cheuvreux Kepler Cheuvreux is a leading independent European financial services company specialised in advisory services and intermediation. The company has four business lines: equities, debt & credit, investment solutions and corporate finance. Headquartered in , the group employs around 500 staff. This multi-local company is also present in Amsterdam, Boston, , Geneva, London, Madrid, Milan, New York, San Francisco, Stockholm, Vienna and Zurich. www.keplercheuvreux.com About our investor access services Our ambition as ’s leading local broker is to satisfy both investor and corporate needs by developing a full range of access products and services. Our salespeople, analysts and corporate access teams work together to provide solutions that best meet all requirements. Kepler Cheuvreux has a strong track record in organising ESG meetings and events between European corporates and investors. Our unique PRI sell-side commitment translates into more than 8,000 ESG OoOs completed over the last seven years, building up a unique experience in ensuring an integrated dialogue between investors and corporates.

About the Author Bénédicte Thibord has been Head of Corporate Access and Client Management at CA Cheuvreux since 2008 and Group Head of Corporate Access & Marketing at Kepler Cheuvreux since 2013, in charge of corporate/expert access, roadshows and conference activities. Previously, she worked for ten years at PricewaterhouseCoopers as a banks/insurance auditor, then as a capital markets consultant. She holds a master's in banking, finance and insurance from the

University of Paris Dauphine, as well as a Certified European Financial Analyst diploma from the French Society of Financial Analysts (SFAF). She taught a course in financial communication at French business school HEC for 10 years.

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Contents

About Kepler Cheuvreux ...... 2 About our investor access services 2 About the Author 2

Executive summary ...... 4 Saving CSR/ESG communications 4

Best practice sharing ...... 5 CSR/ESG communications 5

Survey sample ...... 6 Saving CSR/ESG communications...... 8 Is CSR/ESG communication perceived as strategic? 8 Which priorities for the IR department? 10 What does your ESG strategy favour? 11 Communicating on corporate governance 12 How many mainstream RS days did you set up in 2013? 13 ESG roadshow plans in 2014 14 Mainstream communications and ESG 15 Integrated reporting and communications 16

Appendix ...... 17 List of companies that participated in the survey 17

Your Access Team* ...... 21 Legal and disclosure information ...... 23 ......

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Executive summary According to our IRO Survey No1, extra-financial communication is a major topic for investor relations teams in Europe.

Kepler Cheuvreux carried out this survey in partnership with AERI (Spain), AIR (Italy), BIRA (), CLIFF (), DIRK (), FIRS (Finland), irclub (Germany), IR Club () and NEVIR (), with the participation of 237 IROs across Europe.

Saving CSR/ESG communications CSR/ESG communication: seen as a strategic priority by most companies surveyed:  According to the IROs surveyed, 50% of CEOs perceive CSR/ESG communications to be strategic.  More than half wish to increase the proportion of ESG long-term investors in their shareholder base.  50% of IROs surveyed said they include ESG in their corporate strategy communications.

IROs fairly comfortable with current practice:  Nearly 50% of IROs surveyed consider their approach to corporate governance communications to be proactive.  More than half respond to investors’ SRI conference call/one-on-one requests.  Close to 50% said that they are comfortable with integrated reporting.

But considerable efforts still needed to optimise ESG communication:  Less than 10% of companies surveyed have a dedicated ESG IRO. Only 20% of CSR departments communicate with ESG investors.  Only one-third of IROs (35%) also stated that inclusion in an ESG index was a priority. Less than one-quarter of the companies surveyed aim to increase the readability of their CSR reports for investors.  Less than 15% of the companies surveyed establish an SRI/ESG roadshow plan in advance and 5% hold an ESG/SRI investor day. More than two-thirds of responding companies put the number of days spent on SRI roadshows at less than five. Only a handful of IROs organise carbon-free roadshows (via conference call/webinar).  Less than one-third of companies include ESG data in their financial presentations, while the majority of IROs underline that "mainstream" investors show little interest in such issues.  Few companies communicate with the market on corporate governance issues: less than one in ten companies have already held a corporate governance roadshow with either management or a board member. Less than 10% plan to do so.

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Best practice sharing CSR/ESG communications  Proactive communication once a year, following the publication of your sustainability and/or CSR report.  Prioritising your critical ESG issues and testing them (e.g. with Kepler Cheuvreux ESG team) to better meet investor expectations.  Including a few slides on the key ESG & sustainability points in your mainstream IR and management presentations.  Embedding sustainability into your long-term strategic view and value-creation drivers: it pays.  Providing investor access to the board via the chairman, or the leading independent director if the chairman is also CEO.

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Survey sample

Kepler Cheuvreux carried out this survey in partnership with AERI (Spain), AIR (Italy), BIRA (Belgium), CLIFF (France), DIRK (Germany), FIRS (Finland), irclub (Germany), IR Club (Switzerland) and NEVIR (Switzerland). 237 IROs across Europe participated in the survey.

Sample breakdown by region

UK 1% Benelux Switzerland 9% Spain/ 8% Portugal 10% France Other 21% 5%

Nordic countries 9%

Italy 9% Germany 28%

Benelux: Belgium, and the Netherlands Nordics: , Denmark, Finland and . Source: Kepler Cheuvreux

Most European countries were represented in the sample: primarily Germany (28%), France (21%), Spain/Portugal (10%), the Nordics (9%), Benelux (9%), Italy (9%) and Switzerland (8%).

Sample breakdown by market cap

Large Caps Mid Caps Small Caps

30% 39%

31%

Source: Kepler Cheuvreux

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The companies in our sample were very diverse in terms of market cap: 39% were large caps (>EUR6bn), 31% mid caps (EUR2–6bn) and 30% small caps (

Sample breakdown by sector

Banks Auto & Aerospace & 6% auto parts defence Building materials & 4% Utilities 1% construction 5% 7% Transportation 6% Capital goods 8% Telecom services 6% Chemicals Tech equipment 5% 3% Food & Pharmaceuticals beverage 2% 4%

Insurance Other 6% 11% IT software & services Oil & oil 2% Luxury goods Metals & services Media Medtech mining 4% 2% 7% 3% 4%

Source: Kepler Cheuvreux

Looking at the above chart, we observe that the following sectors were represented the most in our sample: capital goods (8%), media (7%), building materials & construction (7%), transportation (6%), banks (6%), insurance (6%), telecom services (6%) and utilities (5%).

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Saving CSR/ESG communications

The following questionnaire was drawn up in collaboration with Kepler Cheuvreux’s ESG research team and SRI Connect.com Is CSR/ESG communication perceived as strategic?

CSR/SRI communication perceived as strategic (% companies per market cap)

CEO CFO Board of Directors 64% 59% 53% 56% 56% 49% 51% 39% 41% 32% 33% 28%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

According to 56% of the IROs surveyed, their CEOs perceive CSR/SRI communication to be strategic. Likewise, 51% of the IROs surveyed feel that their boards of directors are conscious of the strategic ramifications of ESG communication. However, only one-third of the CFOs surveyed share this view.

Note that, according to the IROs surveyed, a higher proportion of CEOs and board members at mid cap companies is convinced of the strategic importance of CSR/ESG communication than their large cap peers (59% and 64%, respectively vs. 53% and 49%).

Stéphane Voisin, Head of Sustainability Research & Responsible Investment, Kepler Cheuvreux “We see a larger endorsement of sustainability issues and communication at corporate strategic levels.”

Mike Tyrrell, CEO, SRI Connect “The IRO survey usefully charts current and emerging ‘best’ practice in how companies communicate their sustainability performance and corporate governance practices to investors.”

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Internal resources employed in communication on sustainability

CSR Dpt responds to CSR agencies' questionnaires CSR Coms is a fair and increasing portion of IR team's time CSR Dpt involved in ESG communications

59% 62% 53% 44% 37% 37% 36% 24% 28% 18% 17% 20%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

IRO dedicated to CSR/ESG communications (% companies per market cap)

Dedicated IRO IRO allocated part time

22% 18% 18%

12% 10% 10% 9% 7%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

Few IR teams in Europe address the issue of ESG communication:  The large majority of CSR departments (53%) answer social and environmental rating agency questionnaires. In contrast, just 20% communicate with ESG investors.  One in three companies surveyed (36%) agreed that CSR/ESG issues take up an increasing portion of their time. This trend is more pronounced among small cap companies than among mid and large caps.  Fewer than 10% of companies surveyed have a dedicated ESG IRO. Less than one in five designates an IR team member to this task on a part-time basis.

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Which priorities for the IR department?

CSR/SEG priorities (% companies per market cap)

Be included in the SRI indices Leverage visibility on CSR report for investors Extend share ownership to SRI long term investors To prepare investors ahead of shareholders' meetings

54% 52% 49% 51% 51% 46%

35% 24% 26% 24% 22% 23% 24% 22% 17% 7%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

52% of the companies wish to increase the proportion of ESG long-term investors in their shareholder base – this was the main goal expressed by the IROs surveyed. However, less than one-quarter of the companies surveyed (24%) aim to increase the readability of their CSR reports. Only one-third of IROs (35%) also stated that inclusion in an SRI index was a priority. There is therefore a considerable gap between the goal shared by most IROs (increasing the proportion of SRI long-term investors in their shareholder base) and the means implemented to achieve this goal (inclusion in SRI indices, improvements to CSR report, etc.).

Note the difference in perception of how important it is to be included in SRI indices between large caps (close to 50% convinced) and small caps (only 7%).

Mike Tyrrell, CEO, SRI Connect “Long-term investors will be very encouraged to see IROs starting to take an active role in the communication of sustainability and corporate governance performance to investors.” Investor, anonymous source “SRI is the paramilitary wing of long-term investment; get your SRI communications right and a stable base of strategic and responsible investors will follow.”

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What does your ESG strategy favour?

ESG communications strategy (% companies per market cap)

Carbon Free RS (Conf call/Webinar) Annual SRI roadshow SRI Capital markets day OoO/conf calls with investors only

67% 59% 59% 49%

24%

13% 8% 8% 6% 5% 5% 5% 4% 5% 0% 0%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

The vast majority of IROs in our sample (59%) respond to investors’ SRI conference calls/one-on-ones requests, while only 13% set up an SRI/ESG roadshow plan, and 5% set up an SRI capital markets day. Carbon-free roadshows (via conference call/webinar) remain uncommon (4%).

Large caps are relatively more advanced in these practices than mid and small caps, although the difference is not particularly significant.

Stéphane Voisin, Head of Sustainability Research & Responsible Investment, Kepler Cheuvreux “Increasing momentum on ESG communication but still a large gap to fill in order to meet investors’ increasing expectations.” Mike Tyrrell, CEO, SRI Connect “Investor interest in sustainability and corporate governance is growing steadily and IR communications is responding. This survey shows that ‘best practice’ in this is emerging but is not yet widespread.”

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Communicating on corporate governance

Communication plan on corporate governance (% companies per market cap)

Corp. Gov. RS with board member (Project) Corp. Gov. RS with management (Done) Corp. Gov. RS with management (Project) Corp. Gov. RS with board member (Done)

14% 14% 12%

10% 10% 9% 8% 7% 7% 5% 5%

3% 2% 0% 0% 0%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

Few companies communicate with the market on corporate governance issues: less than one in ten companies have already been on a corporate governance roadshow with management (7%) or plan to do so (7%). A minority of IROs has already done such a roadshow with a board member (5%) or plans to do so (9%). Note that this practice is virtually non-existent among small caps.

Is your communication on corporate governance proactive?

47% 41% 42% 36%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

However, nearly half the companies surveyed (42%) consider their approach to corporate governance communication to be proactive. There is therefore a considerable mismatch between how companies perceive their efforts in terms of communication and market expectations.

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How many mainstream RS days did you set up in 2013?

Number of roadshow days – equity investors (% companies by market cap)

1-5 6-10 11-15 16-20 21-25 26-30 31-40 41-60 >60

24% 24%

19% 19%19% 18% 16% 16% 15% 14% 14% 13% 12% 12% 12%12% 12% 12% 13% 12% 10% 9% 10% 8% 8% 7% 7% 6% 5% 5% 5% 5% 4% 4% 2% 0%

Large Caps Mid Caps Small Caps Grand Total

Source: Kepler Cheuvreux

The average number of equity roadshow days works out at 26, with sharp disparities by market cap: 31 for large cap companies, 28 for mid caps and 24 for small caps.

A more refined analysis of our sample also reveals highly diverging practices within each market cap bracket: 61% of the large cap companies surveyed spend more than 25 days on roadshows each year and close to one-quarter more than 40 days. Conversely, 12% go on fewer than 15 days of roadshows. 53% of the mid cap companies surveyed spend more than 25 days on roadshows each year and close to one-fifth more than 40. In contrast, 22% reported more than 15 roadshow days. One-third of the small cap companies surveyed spend more than 25 days on roadshows and 44% fewer than 15 days.

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ESG roadshow plans in 2014

Destinations for ESG roadshows in 2014 (number of companies per market cap)

US France Benelux Nordics Germany Switzerland UK

27

20

14 13 10 8 8 7 7 7 6 6 6 5 5 4 4 3 2 2 1 1 1 1 1 1

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

The majority of ESG roadshow plans for 2014 concern France and the UK followed by Switzerland, Germany and Benelux, although to a lesser extent. The US and Nordics are the countries least likely to be a venue for this type of roadshow.

More than two-thirds of responding companies put the number of ESG roadshow days at less than five. The few companies that stood out as proactive were large caps from the oil services, chemicals and autos sectors.

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Mainstream communications and ESG

Mainstream communications and SRI (% companies per market cap)

ESG issues are integrated in the main presentations More financial questions during SRI roadshows More SRI questions during Mainstream roadshows

44%

31% 29% 24% 22% 22% 23% 20% 21% 15% 15% 15%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

One in five companies said that they receive more questions on ESG issues during mainstream roadshows or financial questions during ESG roadshows. Less than one-third of companies include ESG data in their financial presentations.

Note that more mid caps than large and small caps include ESG issues in their general presentations (44% vs. 22% and 24% respectively).

Mainstream communications and SRI (% companies per market cap)

Some risks are associated with transparency on SRI issues Intangible assets are an aspect of the Equity Story ESG is part of our Corporate strategy message Better knowledge of ESG issues can change analysts' views 55% 56% 53% 46% 41% 34% 34% 29% 26% 22% 18% 20% 4% 3% 5% 4%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

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Less than one-quarter believe that better knowledge of ESG issues can help investors to understand a company. SRI issues are associated with an element of risk by IR teams at less than one in 20 of the companies surveyed.

Nonetheless, and in contradiction with the above, more than half of the IROs surveyed see ESG issues as an integral part of their message on corporate strategy (53%).

Carina Wollmann, Investor Relations, BMW “The content requested by investors varies by country. For example, in France the focus is on social issues, whilst in the UK there is more interest in corporate governance issues. Whereas in the past meetings took place with specialists for sustainable investments, nowadays we are observing a trend towards large mainstream investors also having sustainability analysts, and in addition to the ESG analysts, portfolio managers are also joining the meetings. Besides the sustainability of products and production processes, hot topics include sustainability in the supply chain and human rights.”

Integrated reporting and communications

Integrated reporting (% companies per market cap)

Comfortable with integrated reporting Integrated reporting planned for 2014 or 2015

53%

42%

36% 34%

20% 17% 16% 10%

Large Caps Mid Caps Small Caps Grand Total

.Source: Kepler Cheuvreux

42% companies said that they are comfortable with integrated reporting, while only 16% plan to implement integrated reporting in 2014-2015.

Stéphane Voisin, Head of Sustainability Research & Responsible Investment, Kepler Cheuvreux “The EU regulation momentum on extra-financial reporting is clearly pushing the corporate agenda further on ESG and SRI communication.”

Mike Tyrrell, CEO, SRI Connect “IROs are an essential link in the chain between their companies’ fundamental strategy and the interest of specialist SRI funds and mainstream funds with long-term investment horizons.”

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Appendix List of companies that participated in the survey

Abertis Ferrovial Prosegur Acciona Fielmann AG Nobel Biocare Aegon FLSmidth Rautaruukki Oyj Aéroports de Paris Fluidra RCS Mediagroup Affine Gagfah S.A. Recticel Air Liquide GEA Renault SE Generali Repsol S.A. Alstom Georg Fischer AG Roche Aperam Gerresheimer AG ROFIN-SINAR Technologies Inc. Arcadis NV Gerry Weber International AG Royal Imtech Atlas Copco Grifols (Sector: Healthcare) RWE AG Atos Grontmij NV Saint Gobain Atresmedia Groupe SEB Sandvik AB AXA Grupo Catalana Occidente Sanofi Banco Popular Gruppo Editoriale L'Espresso S.p.A. Sartorius AG BASF GTECH Schneider Electric Bayer AG Havas SCOR BBVA HeidelbergCement Securitas AB Beni Stabili HHLA SGL Group SE Hochtief Aktiengesellschaft Siemens AG BMW Group Holcim Sika Bourbon Hugo Boss AG Sky Deutschland AG Bouygues Informa Solvay BREMBO Ingenico Sonova Holding AG Caixabank Jazztel Sopra Group Carmat AG Steria Celesio AG Julius Baer Group Suez Environnement Centrica K+S Aktiengesellschaft Symrise AG CFAO KBC CHR. HANSEN KBC Group nv Technip Cofinimmo KPN TELECOM ITALIA Comdirect bank AG Kuoni Travel Holding Ltd Credit Suisse Lenzing AG Teleperformance Dassault Systèmes Lonza Group Ltd. TF1 Delta Lloyd LVMH Thales Deutsche Post DHL Maire Tecnimont Tryg Diasorin Mediaset UCB DPDHL Mersen Dufry AG Metro AG UniCredit Dürr AG Munich Re AG E.ON SE Neopost Vienna Insurance Group AG Ebro Foods Neste Oil Vilmorin & Cie Edenred Vinci EDF Nobel Biocare Vivendi EDP - Energias de Portugal, S.A. Norsk Hydro Vocento Elisa OC Oerlikon Management AG AG Enel Green Power Panalpina SE Engineering Ingegneria Informatica SPA Pernod Ricard YIT Corporation

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The Spanish Association for Investor Relations (AERI) was established in 1991 as a non-profit institution whose main aim is supporting its members in the promotion and improvement of investor relations at Spanish corporates. This is done by promoting activities mainly focused on the training of its members, organising conferences and seminars, implementing and developing international best practice, etc. The Association also serves its members as a forum for the exchange of experiences and knowledge in investor relations, and by reaching several agreements with other important institutions in the market. The Association currently has 43 members, which are public Spanish companies, representing around 90% of total market capitalisation.

www.aeri.es

AIR is a professional association that represents investor relations officers in Italy. The Association's goal is to enhance the expertise and promote the professional stature of its members, while also increasing the awareness of the role played by investor relations officers with the different financial market entities as well as with the top management of listed companies.

www.associazioneir.it

BIRA is a professional association of investor relations executives responsible for financial communication among corporate management, the investing public and the financial community. Its members represent many of the publicly held corporations listed on Brussels, from small caps to blue chips. With more than 30 active member companies, BIRA aims to set the highest standards in education to advance the practice of investor relations and meet the growing professional development needs of those engaged in the field. BIRA is dedicated to advancing the practice of investor relations and professional competency and stature of its members. www.belgian-ir.be

Cercle Investor Relations Austria (CIRA) was launched as a voluntary community of interests and representation of listed companies in 1991. Members are primarily represented by investor relations managers, but also by CFOs and CEOs. Currently, CIRA comprises a total of 61 regular and 22 associate members. Member companies account for about 85% of total capitalisation and about 90% of the total turnover of the Vienna Stock Exchange. CIRA sees itself as a reform movement and recognised lobby, supported in a self-help approach by individual member companies, with the goals of continuous improvement, internationalisation and professionalisation of the investor relations discipline. www.cira.at

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CLIFF is open to all financial communications and investor relations professionals who work for French listed companies or on their own, and to individuals in related fields whose knowledge and skills would enrich its work. CLIFF is recognised in France and abroad as a voice for the

profession and a contact point for various financial market participants and regulators. Created as an association under Act 1901, CLIFF celebrated its 25th anniversary in 2012. www.cliff.asso.fr

DIRK – the German Investor Relations Association – is the German professional association for investor relations and representatives of publicly traded companies. As the mouthpiece of IR professionals, DIRK represents the interests of its members in active dialogue with stakeholders and institutions of the capital markets, the political sphere and the general public. It offers its members professional support and promotes regular exchange between them and with IR professionals from around the world. It also promotes the

development of the profession and, with over 300 members, sets quality standards for financial communication. The range of companies encompassed by DIRK ranges from almost all the DAX and the bulk of companies listed on the MDAX, SDAX and Nasdaq market to companies with small market capitalisation and those who are preparing for an IPO or issuing debt instruments. www.dirk.org

The Finnish Investor Relations Society (FIRS), which was founded in 1990, strives to actively develop the IR practices and ethics of its members, and promote their professional development. The Society also seeks to promote interaction between IR professionals, the financial community and the media. The Society has approximately 200 members. FIRS regularly arranges presentations, panel discussions, workshops and education on topical IR issues. www.firs.fi

IR Club represents the merging of investor relations and social media: the online community for IR specialists. One of the main objectives of the IR Club is the promotion of networking, communication, exchange and transfer of knowledge among investor relations professionals. IR Club has around 900 members and is one of the largest IR associations in Europe. www.irclub.de

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The IR club Schweiz is the network for investor relations professionals in Switzerland, a forum for exchanging ideas, tackling key IR issues and developing best practice. The IR club Schweiz also aims to establish and promote contacts between club members and investors, asset managers and financial analysts both in Switzerland and abroad. Its website is the place to find information relating to the practice of investor relations in Switzerland. www.irclub.ch

The Dutch Association of Investor Relations (NEVIR) represents its members - investor relations officers of listed companies and consultants - as a profession to the outside world, as far as advocacy is concerned. NEVIR’s mission is to create optimal access for Dutch companies to the (international) capital markets. The Association represents more than 95% of the AEX, nearly 60% of the Midcap Index and about 25% of the Smallcap Index. Representation and support for members’ activities is also provided on all aspects of investor relations.

www.nevir.nl

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The IR club Schweiz is the network for investor relations professionals in Switzerland, a forum for exchanging ideas, tackling key IR issues and developing best practices. The IR club Schweiz also aims to establish and promote contacts between club members and investors, asset managers and financial analysts both in Switzerland and abroad. This website is the place to find information relating to the practice of investor relations in Switzerland. www.irclub.ch

The Dutch Association of Investor Relations (NEVIR) represents its members - investor relations officers of listed companies and consultants - as a profession outside where the interests are concerned. The mission is to create NEVIR Dutch companies on the (international) capital. Optimal access More than 95% of the AEX, nearly 60% of the Midcap and Smallcap about 25% of the index is represented by NEVIR. Represent and support the activities of the members will also take place on all aspects that have to do with the Investor Relations section. www.nevir.nl

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Your Access Team*

*per Kepler Cheuvreux’s office

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Legal and disclosure information Other disclosures This product is not for retail clients or private individuals.

The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not been independently verified by KEPLER CHEUVREUX. KEPLER CHEUVREUX does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.

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Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is a "major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein, or engage in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should contact a registered representative of KCM, Inc.

KCM, Inc. is a broker-dealer registered with the Securities and Exchange Commission (“SEC”) under the U.S. Securities Exchange Act of 1934, as amended, Member of the Financial Industry Regulatory Authority (“FINRA”) and Member of the Securities Investor Protection Corporation (“SIPC”). Pursuant to SEC Rule 15a-6, you must contact a Registered Representative of KCM, Inc. if you are seeking to execute a transaction in the securities discussed in this report. You can reach KCM, Inc. at 600 Lexington Avenue, New York, NY 10022, Compliance Department (212) 710-7625; Operations Department (212) 710-7606; Trading Desk (212) 710-7602. Further information is also available at www.keplercapitalmarkets.com. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website: http://www.sipc.org/

KCM, Inc. is a wholly owned subsidiary of Kepler Capital Markets SA. Kepler Capital Markets SA, registered on the Paris Register of Companies with the number 413 064 841 (1997 B 10253), whose registered office is located at 112 avenue Kléber, 75016 Paris, is authorised and regulated by both Autorité de Contrôle Prudentiel (ACP) and Autorité des Marchés Financiers (AMF).

Nothing herein excludes or restricts any duty or liability to a customer that KCM, Inc. may have under applicable law. Investment products provided by or through KCM, Inc. are not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution, may lose value and are not guaranteed by the entity that published the research as disclosed on the front page and are not guaranteed by KCM, Inc.

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IRO Survey No2

Investing in non-U.S. Securities may entail certain risks. The securities referred to in this report and non-U.S. issuers may not be registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not be subject to U.S. reporting and/or other requirements. Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional Buyers within the meaning of Rule 144A under the Securities Act. The information available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies. Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies. Securities discussed herein may be rated below investment grade and should therefore only be considered for inclusion in accounts qualified for speculative investment.

Analysts employed by Kepler Capital Markets SA, a non-U.S. broker-dealer, are not required to take the FINRA analyst exam. The information contained in this report is intended solely for certain "major U.S. institutional investors" and may not be used or relied upon by any other person for any purpose. Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other U.S. federal or state securities laws, rules or regulations. The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance and financial position.

In jurisdictions where KCM, Inc. is not registered or licensed to trade in securities, or other financial products, transactions may be executed only in accordance with applicable law and legislation, which may vary from jurisdiction to jurisdiction and which may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements.

The information in this publication is based on sources believed to be reliable, but KCM, Inc. does not make any representation with respect to its completeness or accuracy. All opinions expressed herein reflect the author's judgment at the original time of publication, without regard to the date on which you may receive such information, and are subject to change without notice.

KCM, Inc. and/or its affiliates may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. These publications reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is provided in relation to future performance.

KCM, Inc. and any company affiliated with it may, with respect to any securities discussed herein: (a) take a long or short position and buy or sell such securities; (b) act as investment and/or commercial bankers for issuers of such securities; (c) act as market makers for such securities; (d) serve on the board of any issuer of such securities; and (e) act as paid consultant or advisor to any issuer. The information contained herein may include forward-looking statements within the meaning of U.S. federal securities laws that are subject to risks and uncertainties. Factors that could cause a company's actual results and financial condition to differ from expectations include, without limitation: political uncertainty, changes in general economic conditions that adversely affect the level of demand for the company's products or services, changes in foreign exchange markets, changes in international and domestic financial markets and in the competitive environment, and other factors relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement.

France: This publication is issued and distributed in accordance with Articles L.544-1 and seq and R. 621-30-1 of the Code Monétaire et Financier and with Articles 313-25 to 313-27 and 315-1 and seq of the General Regulation of the Autorité des Marchés Financiers (AMF).

Germany: This report must not be distributed to persons who are retail clients in the meaning of Sec. 31a para. 3 of the German Securities Trading Act (Wertpapierhandelsgesetz – “WpHG”). This report may be amended, supplemented or updated in such manner and as frequently as the author deems.

Italy: This document is issued by Kepler Capital Markets, Milan branch and Crédit Agricole Cheuvreux S.A., branch di Milano, authorised in France by the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel (ACP) and registered in Italy by the Commissione Nazionale per le Società e la Borsa (CONSOB) and is distributed by Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.), authorised in France by the AMF and the ACP and registered in Italy by CONSOB. This document is for Eligible Counterparties or Professional Clients only as defined by the CONSOB Regulation 16190/2007 (art. 26 and art. 58).Other classes of persons should not rely on this document. Reports on issuers of financial instruments listed by Article 180, paragraph 1, letter a) of the Italian Consolidated Act on Financial Services (Legislative Decree No. 58 of 24/2/1998, as amended from time to time) must comply with the requirements envisaged by articles 69 to 69-novies of CONSOB Regulation 11971/1999. According to these provisions Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.)warns on the significant interests of Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.)indicated in Annex 1 hereof, confirms that there are not significant financial interests of Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.)in relation to the securities object of this report as well as other circumstance or relationship with the issuer of the securities object of this report (including but not limited to conflict of interest, significant shareholdings held in or by the issuer and other significant interests held by Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.)or other entities controlling or subject to control by Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.)in relation to the issuer) which may affect the impartiality of this document]. Equities discussed herein are covered on a continuous basis with regular reports at results release. Reports are released on the date shown on cover and distributed via print and email. Kepler Capital Markets, Milan branch and Crédit Agricole Cheuvreux S.A., branch di Milano analysts are not affiliated with any professional groups or organisations. All estimates are by Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.) unless otherwise stated.

Spain: This document is only intended for persons who are Eligible Counterparties or Professional Clients within the meaning of Article 78bis and Article 78ter of the Spanish Securities Market Act. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This report has been issued by Kepler Capital Markets, Sucursal en España and Crédit Agricole Cheuvreux España S.V, registered in Spain by the Comisión Nacional del Mercado de Valores (CNMV) in the foreign investments firms registry and it has been distributed in Spain by it or by Kepler Capital Markets S.A and Crédit Agricole Cheuvreux, Société Anonyme (S.A.) authorised and regulated by both Autorité de Contrôle Prudentiel and Autorité des Marchés Financiers. There is no obligation to register neither file any report and any supplemental documentation or information with the CNMV. Neither verification nor authorisation or compliance revision by the CNMV regarding this document and related documentation or information needs to be fulfilled in accordance with the Spanish Securities Market Law (Ley del Mercado de Valores).

Switzerland: This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.

Canada: The information provided in this publication is not intended to be distributed or circulated in any manner in Canada and therefore should not be construed as any kind of financial recommendation or advice provided within the meaning of Canadian securities laws.

Other countries: Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly.

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Local insight, European scale

Amsterdam Kepler Cheuvreux Benelux Johannes Vermeerstraat 9 1071 DK Amsterdam +31 20 573 06 66

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Vienna 1010 New York +43 1 537 124 147 Kepler Capital Markets, Inc. 600 Lexington Avenue, Floor 28 Zurich 10022 New York, NY USA Kepler Cheuvreux Switzerland Stadelhoferstrasse 22 +1 212-710-7600 Postfach 8024 Zurich +41 433336666