GOAL & METHODOLOGY Understand perceptions of 200+ primarily publically-traded companies

Initially introduced exclusively as an IR tool, this study has since evolved into an annual study of major companies across several key attributes

Conducted annually for 18 years In 2014, moved methodology online In 2015, re-categorized a number of companies into different industries, and cut list of measured companies from 550 to 212

Fielded September 28–November 2, 2015 by Ipsos MediaCT.

Respondents: WSJ readers via online reader panel WSJ Opinion Leaders, all of whom have read WSJ content in last week. Each respondent evaluated no more than 46 companies. Respondents were asked to evaluate different industries vs. last year. 2015 study was weighted to 2014 WSJ reader demos.

Non-reader respondents were recruited from independent databases by Ipsos MediaCT, weighted to reader sample, and have not read WSJ content in last month.

1 RESPONDENT PROFILE

WSJ Readers Non-Readers # OF RESPONDENTS 3,178 3,002

DEMOGRAPHICS Male/Female 79/21 66/35 Average Age 54 49 Average HHI $ $306K $250K Value of Stock Owned by HH $383K $145K

BUSINESS INFLUENTIALS Employed (full/part-time) 72% 69% Top Management/Professionals 67% 30%

INSTITUTIONAL INVESTORS Manage/Influence Flow Of Funds For Own Company/Another Organization 53% 18%

AFFLUENT PRIVATE INVESTORS Avg. # of Purchases Annually New Stocks 4x 2x Avg. # of Purchased Annually Increased Investment In Stocks Already Own 4x 2x

WSJ Readers are defined as have read WSJ print or visited any of the WSJ digital properties in the past week (e.g. WSJ.com, MarketWatch, online, via apps, etc.); Non-Readers are defined as not having read WSJ print or visited any of the WSJ digital properties in the past month (e.g. WSJ.com, MarketWatch, apps, etc.) 2 METRICS MEASURED

1. Familiarity % Very/Somewhat Top 2 Box

2. Reputation 4. Composite Index % Excellent/Good Single calculated number reflects all three metrics Top 2 Box In 2015, index ranged from a low of 22 to a high of 95

3. Investment Potential % Excellent/Good Top 2 Box

NEW: Would Recommend % Excellent/Good Top 2 Box

3 INFLUENCES ON BRAND/CORPORATE PERCEPTION

Economic/Market Conditions & Competitive Pressures, Product Quality/Mix, Pricing

Earned Media Owned Media Paid Media PR (Good and Bad) Content Marketing Advertising | Print Social/Viral Corporate Website Digital | TV | Outdoor Stock Performance Sponsorships

4 WSJ READERS MORE LIKELY TO ENGAGE WITH CORPORATE ADVERTISING

% Have Read Corporate Advertising

95% vs. 79% WSJ Readers Non-Readers

2014 Corporate Perceptions Study; Base: WSJ Readers: 4975; Non-Readers: 5016 Corporate Advertising is defined as communications that enhance a company’s image or reputation among its customers, investors, employees, supplies, etc. Columns may add to more than 100% due to multiple responses. Q: Which of the following do you consider to be attributes of successful advertising? 5 KEY MESSAGES FOR CORPORATE ADVERTISING.

WSJ Readers % Agree

Shows a commitment to quality products or services 75%

Demonstrates that it understands its customers' needs 70%

Positions itself as an innovative company 62%

Positions itself as a leader compared to its competitors 57%

Communicates its goals and plans 55%

Reports its financial performance 43%

2014 Corporate Perceptions Study; Base: WSJ Readers: 4975 Corporate Advertising is defined as communications that enhance a company’s image or reputation among its customers, investors, employees, supplies, etc. Columns may add to more than 100% due to multiple responses. Q: Which of the following do you consider to be attributes of successful advertising? 6 WSJ READERS TRUST THE ADVERTISING IN THE WALL STREET JOURNAL

WSJ Readers Companies That Advertise in The Wall Street Journal % Agree

Are trustworthy 74%

Are more trustworthy than others in their respective category 66%

Have prompted me to take action or look for additional information 63%

Give me insights I cannot find anywhere else 52%

2014 Corporate Perceptions Study; Base: WSJ Readers: 4246; Definitely/Tend to Agree Q: For each of the following statements about advertising in the printed Wall Street Journal newspaper, please select the box that indicates the extent to which you agree or disagree with that statement. 7 KEY VARIABLES WHEN SELECTING A STOCK Leadership virtually as important as earning history/outlook

WSJ READERS RANKED BY VERY IMPORTANT

EARNING HISTORY/OUTLOOK 64% 32%

LEADERSHIP 57% 35%

PRICE TO EARNINGS RATIO/PRICE MULTIPLE 45% 44%

PROFITABILITY 44% 49%

INDUSTRY 44% 29%

COMPETITORS 40% 49%

DEBT 36% 48%

10-K,10-Q ANNUAL REPORT 22% 47%

R&D INVESTMENT 20% 58%

VERY IMPORTANT SOMEWHAT IMPORTANT

Base: WSJ Readers n=3178 Q: How important are the following to you when considering the purchase of an individual stock? 8 IN GENERAL, WSJ READERS MORE BULLISH ON STOCK PRICE GROWTH Belief in stock price growth, by industry, next 12 months

WSJ READERS–TOP 2 BOX (EXCELLENT/GOOD) NON-READERS–TOP 2 BOX (EXCELLENT/GOOD)

Technology 81% Technology 67%

Software 70% Software 56%

Logistics 58% Telecommunication 49%

Business Services 58% Utilities 45%

Credit/Charge Card 52% Credit/Charge Card 44%

Aerospace & Defense 52% Aerospace & Defense 43%

Telecommunication 51% Logistics 42%

Residential Real Estate 50% Residential Real Estate 41% Investment Services 48% Consumer/Retail 40% Insurance 47% Business Services 40% Consumer/Retail 47% Investment Services 39% Banks 46% Oil & Gas 39% Conglomerates 43% Insurance 38% Utilities 41% Banks 37% Oil & Gas 31% Conglomerates 37% Media 31% Satellite/Cable Broadcasting 36% Satellite/Cable Broadcasting 30% Media 35% Steel 13% Steel 24%

9 Base: WSJ Readers: n=3178; Non-Readers: n=3002; Q: How would you rate your level of confidence in the stock price growth for each of the following industries in the next 12 months? Excellent/Good INDUSTRY OVERVIEW-COMPOSITE INDEX WSJ Readers

Composite Index

95 95 91 91 89 88 86 85 84 85 82 81 83 75 80 72 71 69 68 73 71 66 66 65 61 59 65 65 57 56 61 58 58 57 55 54 54 53 55 51 49 47 49 49 47 48 41 41

30 29 29 25 23 22

High Low Average

Composite Index was calculated by taking an average of the three metrics (familiarity, reputation and investment potential) Base: WSJ Readers, base sizes vary; Q: How familiar are you with each company listed? Base: Among those familiar, base sizes vary; Q. How would you rate each company you are familiar with on its reputation? Q. How would you rate each company you are familiar with on its investment potential? 10 TOP 10–TOP BOX ONLY WSJ Readers

Familiarity Reputation Investment Potential Recommend

Visa – 88% Apple – 85% Berkshire Hathaway – 64% Apple – 65%

American Express – 85% Berkshire Hathaway – 81% Apple – 50% Amazon – 54%

Apple – 83% Dow Jones –77% Alphabet (formerly Google) – 38% Berkshire Hathaway – 53%

Microsoft – 81% FedEx – 76% Goldman Sachs – 35% FedEx – 46%

Amazon – 80% Amazon –69% Boeing – 34% Dow Jones – 45%

McDonald’s – 80% American Express – 67% Amazon – 33% Alphabet (formerly Google) – 43%

AT&T – 77% Intel – 66% BlackRock – 33% UPS – 42%

MasterCard –76% UPS – 65% FireEye – 30% American Express – 42%

Starbucks – 74% Alphabet (formerly Google) – 62% Wells Fargo – 30% Intel –37%

FedEx – 74% Boeing – 61% FedEx – 27% Well Fargo – 36%

Base: WSJ Readers, base sizes vary; Q: How familiar are you with each company listed? Base: Among those familiar; Q. How would you rate each company you are familiar with on its reputation? Q. How would you rate each company you are familiar with on its investment potential? How likely are you to recommend those companies you are familiar with? 11 TREND: 2015 VS. 2014 WSJ READERS & NON-READERS Familiarity: Nearly ½ of measured companies down YoY among readers, 88% among Non-Readers Reputation and Investment Potential: Flat YoY among both WSJ Readers and Non-Readers

WSJ Readers & Non-Readers Familiarity Top 2 Boxes

59% 58%

37%

29%

2014 2015

WSJ READER NON-READERS

Base: 2015: WSJ Readers & Non-readers, base sizes vary among versions of study; How familiar are you with each company listed? 12 DOW JONES LEADS AMONG MEDIA COMPANIES In familiarity & reputation; ranks #1 in investment potential as well.

100% Dow Jones 90% Thomson Scripps Reuters McGraw Hill 80% Nikkei LinkedIn Gannett 70% New York Times

Facebook Time Inc. 60%

Twitter 50% % Reputation (Top 2 Box: Excellent/Good )

40% 20% 30% 40% 50% 60% 70% 80% 90% 100%

% Familiarity (Top 2 Box: Very/Somewhat)

Base: WSJ Readers: n=727 Q: How familiar are you with each company listed? Base: Among those familiar base sizes vary; Q: How would you rate each company you are familiar with on its reputation? 13 MEASURED COMPANIES Aerospace & Defense Banks (cont.) Business Services Airbus S.A.S (France) BNP Paribas S.A. (France) Accenture PLC

BAE Systems PLC (U.K.) Citigroup Inc. Canon Inc. (Japan)

Boeing Co. Commerzbank AG (Germany) CBRE Group Inc.

Bombardier Inc. (Canada) Credit Suisse Group (Switzerland) Christie Group PLC (U.K.)

Dassault Aviation S.A. (France) Deutsche Bank AG (Germany) Colliers International Group

General Dynamics Corp. HSBC Holdings PLC (U.K.) JLL (formerly Jones Lang LaSalle)

Honeywell International Inc. Itaú Unibanco Holding S.A. (Brazil) Marcus & Millichap Inc.

L-3 Communications Holdings Inc. JPMorgan Chase & Co. Pitney Bowes Inc.

Lockheed Martin Corp. M&T Bank Corp. Robert Half International Inc.

Northrop Grumman Corp. Mizuho Financial Group Inc. (Japan) CoStar Group

Raytheon Co. Northern Trust Corp. Korn/Ferry International

Textron Inc. PNC Financial Services Group PageGroup (Michael Page International) (U.K.) Banks Regions Financial Corp. Heidrick & Struggles International Inc. Ally Financial Inc. Royal Bank of Canada (RBC Financial Group) (Canada) Xerox Corp. Banco Bilbao Vizcaya Argentaria S.A. (Spain) Royal Bank of Scotland Group PLC (RBS) (U.K.) Conglomerate Banco Santander S.A. (Spain) SunTrust Banks Inc. Abengoa S.A. (Spain)

Bank of America Corp. UBS Group AG (Switzerland) Berkshire Hathaway Inc.

Bank of Montreal (BMO Financial Group) (Canada) U.S. Bancorp General Electric Co.

Barclays PLC (U.K.) Wells Fargo & Co. Mitsui & Co. Ltd. (Japan)

Sumitomo Corp. (Japan)

14 MEASURED COMPANIES

Consumer/Retail Insurance (cont.) Investment Services (cont.) Chipotle Mexican Grill Inc. Chubb Corp. Franklin Resources Inc. (Franklin Templeton Investments)

CVS Caremark Corp. (CVS Health) Cincinnati Financial Corp. Goldman Sachs Group Inc.

Dunkin' Brands Group Inc. CNA Financial Corp. Interactive Brokers Group Corp.

McDonald's Corp. Express Scripts Holding Co. Invesco Ltd.

Panera Bread Co. Hartford Financial Services Group Inc. Janus Capital Group Inc.

Rite-Air Corp. MetLife Inc. Jefferies LLC

Starbucks Corp. Progressive Corp. Macquarie Group Ltd.

Walgreens Boots Alliance Inc. Prudential Financial Inc. Morgan Stanley

Whole Foods Market Inc. Sun Life Financial Inc. (Canada) Nomura Holdings Inc. (Japan) Credit/Charge Card The Travelers Companies Inc. Oppenheimer Holdings Inc. American Express Co. Zurich Financial Services (Switzerland) Principal Financial Group Inc.

Capital One Financial Corp. Investment Services Raymond James Financial Inc. MasterCard Incorporated Aberdeen Asset Management PLC Scottrade Inc.

Visa Inc. Ameriprise Financial Inc. State Street Corp. Insurance AXA S.A. (France) T. Rowe Price Group Inc. ACE Ltd. Brookfield Asset Management (Canada) TD Ameritrade Holding Corp.

Aetna Inc. Bank of New York Mellon Corp.

Allianz SE (Germany) BlackRock Inc.

Allstate Corp. Charles Schwab Corp.

American International Group Inc. (AIG) E*TRADE Financial Corp. 15 MEASURED COMPANIES

Logistics Oil & Gas Software Canadian National Railway Co. (Canada) BP PLC (British Petrolium) Adobe Systems Inc. Canadian Pacific Railway Ltd. (Canada) Chevron Corp. CA Inc. (CA Technologies) C.H. Robinson Worldwide, Inc. ConocoPhillips Co. Citrix Systems Inc. Deutsche Post AG ( DHL) (Germany) Exxon Mobil Corp. Concur Technologies Inc. FedEx Corp. Occidental Petroleum Corp. FireEye Inc.

Norfolk Southern Corp. Royal Dutch Shell PLC (Netherlands) Fortinet Inc. Ryder System Inc. Residential Real Estate/Builders Infor Global Solutions Inc. Union Pacific Corp. D.R. Horton Inc. Intuit Inc. United Parcel Service Inc. (UPS) Hovnanian Enterprises Inc. (K. Hovnanian) Microsoft Corp. Media Lennar Corp. NetSuite Inc. Dow Jones & Co. Pulte Homes Inc. Oracle Corp. E. W. Scripps Co. RE/MAX Holdings Inc. Salesforce.com Facebook Inc. NVR Inc. (Ryan Homes) SAP AG (Germany) Gannett Co. Inc. Ryland Group Inc. (Ryland Homes) Splunk Corp.

LinkedIn Corp. Sotheby’s International Realty Affiliates LLC Symantec Corp. McGraw Hill Financial Inc. Standard Pacific Corp (Standard Pacific Homes) VMware Inc. New York Times Co. Toll Brothers Inc. Workday Inc. Nikkei Inc. (Japan) Satellite/Cable Broadcasting Thomson Reuters Co. Comcast Corp. Time Inc Dish Network Corp. Twitter Inc.

16 MEASURED COMPANIES

Steel Technology (cont.) Telecommunications AK Steel Holding Corp. Hewlett-Packard Co. Alcatel-Lucent S.A. (France)

ArcelorMittal S.A. (Luxembourg) Hitachi Ltd. (Japan) AT&T Inc.

Nippon Steel & Sumitomo Metal Corp. Huawei Investment Holding Co. Ltd. (China) CenturyLink Inc.

Nucor Corp. Intel Corp. NTT (Nippon Telephone & Telegraph) (Japan)

ThyssenKrupp AG (Germany) International Business Machines Corp. (IBM) NTT DoCoMo Inc. (Japan)

United States Steel Corp. Juniper Networks Inc. Sprint Corp.

Vale S.A. (Brazil) Lenovo Group Ltd. (China) TMobile U.S., Inc. Technology Level 3 Communications Inc. Verizon Communications Inc. ABB Ltd.(Switzerland) Mitsubishi Electric Corp. (Japan) Vodafone Group PLC (U.K.) Acer Inc. (Taiwan) Nokia Corp. (Finland) Utilities Amazon.com Inc. Palo Alto Networks Inc. American Electric Power Company Inc. (AEP)

Apple Inc. Panasonic Corp. (Japan) Consolidated Edison Inc.

Arista Networks Inc. Philips Electronics N.V. (Netherlands) Duke Energy Corp. Broadcom Corp. Qualcomm Inc. FirstEnergy Corp.

Brocade Communications Systems Inc. Samsung Electronics Co. Ltd. (Korea) PG&E Corp. (Pacific Gas & Electric Co.)

Cisco Systems Inc. Seagate Technology PLC Southern Co.

Dell Inc. Sony Corp. (Japan)

Emerson Electric Co. Toshiba Corp. (Japan)

Fujitsu Ltd. (Japan)

Alphabet Inc. (Formerly Google Inc.)

17