2016 all-america executive team

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2016 ALL-AMERICA EXECUTIVE TEAM Best CEOs, CFOs, IR Professionals, IR Programs and Best Analyst Days

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Page 1: 2016 ALL-AMERICA EXECUTIVE TEAM

2016 ALL-AMERICAEXECUTIVE TEAM Best CEOs, CFOs, IR Professionals,IR Programs and Best Analyst Days

Page 2: 2016 ALL-AMERICA EXECUTIVE TEAM

For more information on sponsoringthese awards, please contact:

Doug Campbell, 212-224-3299,[email protected]

America’s Most Honored Companies Awards celebrates the U.S. companies who rank at the top of the All-America Executive Team ranking for their corporate leadership and investor relations expertise as voted on by the buy- and sell-side analyst community.

144 U.S. companies achieved the honor for 2015 and will be awarded at our dinner and ceremony on March 3, 2016 at the Mandarin Oriental Hotel, NYC.

For more information on the underlying research or attending these awards, please contact:Ursula Kizy, 212-224-3124,[email protected]

America’sMost HonoredCompanies

Awards Dinner & Ceremony

#iimosthonored

Thursday, March 3, 2016 Mandarin Oriental, New York

Page 3: 2016 ALL-AMERICA EXECUTIVE TEAM

1© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

OVERVIEW

Who participates in the study?Institutional Investor is the industry’s most trusted source for research and rankings among top analysts and portfolio managers. For the 2016 ranking, we collected the opinions of 1,221 portfolio managers and buy-side analysts and 912 sell-side analysts.

When is the polling conducted?Polling is conducted from May through July 2015.

How are the results tabulated?Voters rank the top-four companies that they believe demonstrate excellence in each of eight IR characteristics or performance attributes. Their votes are then weighted by the rank they have assigned each company and aggregated to produce buy-side, sell-side and combined buy- and sell-side rankings for each sector.

How are the results disseminated?The top-three places in each of our IR rankings are announced in December on our website, which enjoys a global audience of more than 115,000 senior-level executives. The first-place winners are published in the December/January edition of the print magazine. In both, the rankings presented include Best IR Program, as well as Best CEO, CFO, IR Professional and Best Analyst Days, across 45 sectors.

Best Investor Relations attributes Buy- and sell-side voters separately evaluate the following attributes of IR programs:

• The IR department is empowered to speak authoritatively on the company’s behalf• The IR team is credible, candid and well informed• The company hosts conference calls with ample time for Q&A• The company website is well maintained and up to date• Senior executives are accessible• Investors are proactively informed of material events or shifts in strategy• The company provides an appropriate level of financial disclosure and transparency• The company responds quickly and thoroughly to requests

ABOUT USFor more than 40 years, Institutional Investor has been the undisputed leader in survey-based rankings. Our Research Team rankings identify the top analysts covering the Asian, European, Japanese, Latin American, Russian, and U.S. equity markets. For the past 10 years, Institutional Investor has provided independent analyses of companies’ investor-relations programs, in conjunction with our Executive Team rankings.

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AMERICA’SBEST INVESTOR RELATIONS

Top-Ranked CEOs, CFOs, IR Professionals and Best Analyst Days

The commentary herein is intended to highlight results, trends, and patterns. In no event, however, should this text be construed to constitute any type of managerial or organizational recommendation from Institutional Investor. In the course of gathering information for these surveys, Institutional Investor seeks the opinions of senior executives in corpora-tions, fund management groups, and securities firms to develop rankings and evaluations of individual teams and firms. These rankings measure qualitative performance based on voters’ expressed opinions on research, sales, trading, investment banking, and investor relations. While every care has been taken in researching and compiling the information contained in this publication, the publishers and directors of Institutional Investor accept no responsibility for any errors or omissions howsoever arising to the maxi-mum permitted by law.

© 2016 Institutional Investor LLC. All rights reserved. All text, design, and content of this survey are the exclusive property of II. No part of this publication may be reproduced, in whole or in part, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recorded, or otherwise, without the prior written permission of Institutional Investor. For reprint permission, please contact Ursula Kizy at +1 212.224.3124.

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

Institutional Investor225 Park Avenue South, 8th Fl.New York, NY 10003www.institutionalinvestor.com/Investor-Relations

URSULA KIZYAccount Development Manager, IR [email protected]+1 (212) 224-3124 Fax: +1 (212) 224-3719

FOR ADDITIONAL INFORMATION, CONTACT:

2016 ALL-AMERICAEXECUTIVE TEAM Best CEOs, CFOs, IR Professionals,IR Programs and Best Analyst Days

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December 2015/January 2016 / institutionalinvestor.com IllustratIon by Maxwell Holyoke-HIrscH

Deere & Co. may be most

famous for its iconic green and yellow tractors, but those

vehicles — along with the rest of the company’s large agricultural, con-struction and forestry equipment — now boast advanced communications systems that enable farmers to capture data for agronomic decision-making and allow different pieces of machin-ery to talk to each other.

this development has gained sig-nificant traction under the leadership of samuel allen, who became Deere’s chief executive officer in 2009.

“It’s the ability for the farmer to not only optimize his equipment and his whole logistics, but also to get the data off the piece of equipment and put it into a system that’s able to analyze and tweak what we call his prescription of what he’s going to do next year to improve yields,” he says. “Farmers do see 5 to 10 percent year-over-year yield improvements by doing this.”

allen, 62, notes that the moline, Illinois–based manufacturer employs about 2,400 software developers. “a lot of people don’t appreciate that we have that much going on in our intelli-gent solutions group and that level of sophistication,” he believes. “take one of our flagship tractors, the 8r row crop tractor. It will have more lines of soft-ware code in it than the first microsoft operating system had, and it will have more computing power than the first space shuttle.”

another major accomplishment of allen’s tenure has been the company’s growing presence in markets outside the U.s., exemplified by the opening of three facilities in China, two in brazil and one each in India and russia. at these cen-ters Deere makes construction machin-ery, farm tractors and seeding and tillage equipment for use locally, to meet customer needs and reduce the costs of shipping products from other areas.

and, despite suppressed crop prices and a projected drop in total equipment

The 2016 All-America Executive Team

Balancing Actstaying on top of emerging trends while maintaining a focus on day-to-day operations can be daunting. Money managers and sell-side researchers identify the corporate leaders who are up to the challenge. By Carolyn Koo

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$7.1The amount, in trillions, of U.S. equity assets managed by firms that par-ticipated in this year’s survey.

sales amid a sluggish global economy, Deere has been spending a record amount on research and development — more than $1.4 billion in each of the past three fiscal years — and is maintaining that commitment, according to allen.

“We’ve chosen to stay at that high level, to continue to bring out a suite of new products over the next couple of years to help mitigate some of the down-turn,” he explains, pointing to the com-pany’s first four-track tractor, as well as a hybrid wheel loader that achieves a 40 percent improvement in fuel economy over conventional models.

“even though it hasn’t paid off yet in the way we think it will — globalizing the company, seven new plants, com-pletely expanding the product line in support of that — I feel good that that positions the company for the next decade plus,” he explains.

the widespread use of telematics and the expansion of its geographic footprint are examples of innovations at Deere, which posted its two high-est-net-income years in fiscal 2012 ($3.54 billion) and 2013 ($3.16 billion), and they underscore how the most heralded Ceos are able to set their com-panies apart from the competition and prepare them for the future.

Portfolio managers and sell-side ana-lysts who participate in the all-america executive team, Institutional Investor’s annual ranking of the nation’s best cor-porate leaders, are impressed. Deere is the across-the-board winner in machin-ery, with allen named the sector’s best Ceo. survey results reflect the opinions of nearly 2,040 investment professionals at close to 680 financial services firms. respondents from the buy side work at firms that collectively manage an esti-mated $7.1 trillion in U.s. equities.

the table on page 76 lists the U.s. businesses that received the highest scores in each of 45 industry sectors. a roster of the top-ranked Ceos can be found on page 77; the leading CFos, on page 78; and the most highly regarded investor relations professionals, on page 79. (executives are cited in the positions they held on august 7, 2015, when poll-ing concluded.) Deeper data, including

Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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photographer credit december 2015/January 2016 / institutionalinvestor.com

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s

Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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how these individuals and companies fared in the eyes of the buy side only, or the sell side exclusively, can be found online at iim.ag/aaet.

another company that dominates its category — in this instance, retailing/Food & Drug Chains — is CVs Health Corp. Larry merlo, who became Ceo in 2011, set the bar high for corporate inno-vation in 2014 when the company boldly eliminated tobacco products from its 7,800 outlets. He describes the move as “the right decision for our brand, our busi-ness and for the health of the country.”

For instance, the move has helped to validate the Woonsocket, rhode

Island–based company’s role in the health care marketplace.

“If we wanted CVs Health to be cred-ibly viewed as a setting where health care is delivered, then the sale of tobacco had no place in our business model,” explains merlo, 59. “second, the fact that companies and consumers are now seeing us as a convenient and affordable point of access for quality care creates longer-term growth opportunities for our business.”

In addition, he reports that smokers in states where CVs had at least a 15 per-cent share of the retail pharmacy market purchased 95 million fewer packs of

cigarettes in the eight months following the company’s cessation of tobacco sales and, at the same time, those mar-kets saw a 4 percent increase in nicotine patch purchases. “I think a decade from now we’ll look back on our exit from tobacco as a truly seminal moment in our company’s history, evolution and continued success,” he declares.

acquisitions have also been key to CVs’s drive to expand its core business and broaden its base of operations. In august it completed its $12.7 billion takeover of Cincinnati-based pharmacy services provider omnicare, allowing the company to serve a growing senior

AerospACe + DefenseeleCtroniCs

United Technologies Corp.connectIcut

Airfreight + surfACe trAnsportAtion

CSX Corp.FlorIda

Airlines

Delta Air LinesGeorGIa

AlternAtive energy

SunEdisonMIssourI

Autos + Auto pArts

Delphi AutomotiveMIcHIGan

BAnKs/lArge-CAp

JPMorgan Chase + Co.new york

BAnKs/MiDCAp

Webster Financial Corp.connectIcut

BeverAge, householD + personAl CAre proDuCts

Colgate-Palmolive Co.new york

BioteChnology

Gilead SciencescalIFornIa

BroKers, Asset MAnAgers + exChAnges

Goldman Sachs Groupnew york

Business, eDuCAtion + professionAl serviCes

Nielsennew york

CheMiCAls

Sherwin-Williams Co.oHIo

CoMputer serviCes + it Consulting

Cognizant Technology Solutions Corp.new Jersey

ConsuMer finAnCe

Discover Financial ServicesIllInoIs

eleCtriC utilities

NextEra EnergyFlorIda

eleCtriCAl equipMent + Multi-inDustry

Danaher Corp.wasHInGton, d.c.

engineering + ConstruCtion

Quanta Servicestexas

fooD*

Mead Johnson Nutrition Co.IllInoIs

WhiteWave Foods Co.colorado

gAMing + loDging

Marriott InternationalMaryland

heAlth CAre fACilities+ MAnAgeD CAre

UnitedHealth GroupMInnesota

heAlth CAre teChnology + DistriBution

Cerner Corp.MIssourI

hoMeBuilDers + BuilDing proDuCts

Lennar Corp.FlorIda

insurAnCe

MetLifenew york

integrAteD oil

ConocoPhillipstexas

internet

LinkedIn Corp.calIFornIa

it hArDwAre + eleCtroniCs MAnufACturing serviCes

Western Digital Corp.calIFornIa

leisure

Carnival Corp.FlorIda

life sCienCe + DiAgnostiC tools + MeDiCAl supplies + DeviCes

IlluminacalIFornIa

MAChinery

Deere + Co.IllInoIs

MeDiA

Comcast Corp.pennsylvanIa

MetAls + Mining

Freeport-McMoRanarIzona

nAturAl gAs + MAsterliMiteD pArtnerships

Enterprise Products Partnerstexas

oil + gAs explorAtion + proDuCtion

Anadarko Petroleum Corp.texas

oil serviCes + equipMent

Schlumbergertexas

pAper + pACKAging

Sealed Air Corp.nortH carolIna

phArMACeutiCAls

Allergannew Jersey

reits

General Growth PropertiesIllInoIs

restAurAnts

Starbucks Corp.wasHInGton

retAiling/BroADlines + hArDlines

Home DepotGeorGIa

retAiling/DepArtMent stores + speCiAlty softlines

L BrandsoHIo

retAiling/fooD + Drug ChAins

CVS Health Corp.rHode Island

seMiConDuCtors

Texas Instrumentstexas

shipping

Kirby Corp.texas

softwAre

salesforce.comcalIFornIa

teleCoMMuniCAtions*

T-Mobile USwasHInGton

Verizon Communicationsnew york

*Tie.

Industry Champions

Listed below are the companies that earn the highest weighted scores in each of 45 sectors. Texas is represented most often, with seven winners.

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Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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Research + Rankings

patient population by dispensing prescriptions in assisted-living and long-term-care facilities. It is also in the midst of a $1.9 billion purchase of more than 1,600 target Corp. pharmacies and 80 walk-in clinics that it will add to its network of more than 1,000 retail minute Clinic locations (which offer routine care for common ailments and

such wellness services as flu shots); merlo expects the deal to clear regula-tory review by late December.

meanwhile, the Patient Protection and affordable Care act has led to more opportunities for the company as con-sumers play “an increasing role in their health care decisions,” he observes. “as a result, we see people taking more financial responsibility for their health care choices and costs, and CVs Health is now in the consideration set because our reach and unique suite of offerings provide more convenient access to high-quality, affordable care with improved health outcomes.”

Discover Financial services, which sweeps the Consumer Finance category, has taken a different tack, harnessing technology in its drive toward innovation.

“If we have the goal of being the leading direct bank, obviously tech-

nology is something that we embrace — and we have to be a leader to be successful,” asserts David Nelms, who became Ceo of the riverwoods, Illinois–based outfit in 2004.

DFs partnered with online payment services providers PayPal and Google Wallet back in 2012 and apple Pay in september 2015 and tasks its technology staff with creating advanced credit card tools such as Freeze It. this security feature allows users to turn off new activity on a card temporarily if it has been misplaced and turn it back on when it has been found, instead of going through the hassle of canceling the card and getting a new one issued.

“We have a history of innovation,” says Nelms, 54. “If you go way back, we were the first no-fee card, the first reward card, the first 24-hour customer service card, and today we’re the only people that

“We spend a lot of time understanding what customers want and what is possible with technology.”DAviD nelMs discover Financial services

Best Ceos

AerospACe + Defense eleCtroniCs

W. Nicholas Howleytransdigm Group

Airfreight + surfACe trAnsportAtion

Frederick Smith / Fedex corp.

Airlines

Richard Anderson / delta air lines

AlternAtive energy

Ahmad Chatila / sunedison

Autos + Auto pArts

Kevin Clark / delphi automotive

BAnKs/lArge-CAp

James DimonJpMorgan chase + co.

BAnKs/MiDCAp

James Herbert IIFirst republic bank

BeverAge, householD + personAl CAre proDuCts

Ian Cook / colgate-palmolive co.

BioteChnology

John Martin / Gilead sciences

BroKers, Asset MAnAgers + exChAnges

Lloyd BlankfeinGoldman sachs Group

Business, eDuCAtion + professionAl serviCes

Michael Kneelandunited rentals

CheMiCAls

Seifi Ghasemiair products and chemicals

CoMputer serviCes + it Consulting

Ajay Banga / Mastercard

ConsuMer finAnCe

David Nelms

discover Financial services

eleCtriC utilities

James Robo / nextera energy

eleCtriCAl equipMent + Multi-inDustry

David CoteHoneywell International

engineering + ConstruCtion*

James O’Neil III / Quanta servicesDavid Seaton / Fluor corp.

fooDIrwin Simon / Hain celestial Group

gAMing + loDging

Christopher NassettaHilton worldwide Holdings

heAlth CAre fACilities + MAnAgeD CAre

Stephen HemsleyunitedHealth Group

heAlth CAre teChnology + DistriBution

John HammergrenMckesson corp.

hoMeBuilDers + BuilDing proDuCts

Stuart Miller / lennar corp.

insurAnCe

Jay Fishman / travelers cos.

integrAteD oil

Rex Tillerson / exxon Mobil corp.

internet

Mark Zuckerberg / Facebook

it hArDwAre + eleCtroniCs MAnufACturing serviCes

Timothy Cook / apple

leisure

Frank Del Rionorwegian cruise line Holdings

life sCienCe + DiAgnostiC tools + MeDiCAl supplies + DeviCes

Marc Casperthermo Fisher scientific

MAChinery

Samuel Allen / deere + co.

MeDiA

Robert Iger / walt disney co.

MetAls + Mining

Mark Millett / steel dynamics

nAturAl gAs + MAster liMiteD pArtnerships

Greg Armstrongplains all american pipeline

oil + gAs explorAtion + proDuCtion

William Thomas / eoG resources

oil serviCes + equipMent

Paal Kibsgaard / schlumberger

pAper + pACKAging

Jerome Peribere / sealed air corp.

phArMACeutiCAls*

J. Michael Pearsonvaleant pharmaceuticals International

Brenton Saunders / allergan

reits

David Simonsimon property Group

restAurAnts

Howard Schultzstarbucks corp.

retAiling/BroADlines + hArDlines

Gregory Hensleeo’reilly automotive

retAiling/DepArtMent stores + speCiAlty softlines

Carol Meyrowitz / tJx cos.

retAiling/fooD + Drug ChAins

Larry Merlocvs Health corp.

seMiConDuCtors

Hock Tan / avago technologies

shipping

David Grzebinski / kirby corp.

softwAre

Marc Benioff / salesforce.com

teleCoMMuniCAtions

John Legere / t-Mobile us

*Tie.

Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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Research + Rankings

AerospACe + Defense eleCtroniCs

Akhil Johriunited technologies corp.

Airfreight + surfACe trAnsportAtion

Robert Knight Jr.union pacific corp.

Airlines

Paul Jacobson / delta air lines

AlternAtive energy

Brian Wuebbels / sunedison

Autos + Auto pArts

Robert Shanks / Ford Motor co.

BAnKs/lArge-CAp

Marianne LakeJpMorgan chase + co.

BAnKs/MiDCAp

Glenn MacInneswebster Financial corp.

BeverAge, householD + personAl CAre proDuCts

Matthew Farrellchurch + dwight co.

BioteChnology

Paul Clancy / biogen

BroKers, Asset MAnAgers + exChAnges

Harvey SchwartzGoldman sachs Group

Business, eDuCAtion + professionAl serviCes

Michael Van HandelManpowerGroup

CheMiCAls

Sean Hennessysherwin-williams co.

CoMputer serviCes + it Consulting

David Rowland / accenture

ConsuMer finAnCe

R. Mark Grafdiscover Financial services

eleCtriC utilities

Moray Dewhurst / nextera energy

eleCtriCAl equipMent + Multi-inDustry

Daniel Comas / danaher corp.

engineering + ConstruCtion

Biggs Porter / Fluor corp.

fooD

Kelly Haeckerwhitewave Foods co.

gAMing + loDging

Carl BerquistMarriott International

heAlth CAre fACilities + MAnAgeD CAre

David WichmannunitedHealth Group

heAlth CAre teChnology + DistriBution

Marc Naughton / cerner corp.

hoMeBuilDers + BuilDing proDuCts

Bruce Gross / lennar corp.

insurAnCe

Randal Freitaglincoln national corp.

integrAteD oil

Jeffrey Sheets / conocophillips

internet

David Wehner / Facebook

it hArDwAre + eleCtroniCs MAnufACturing serviCes

Luca Maestri / apple

leisure

Wendy Becknorwegian cruise line Holdings

life sCienCe + DiAgnostiC tools + MeDiCAl supplies + DeviCes

Daniel Beckboston scientific corp.

MAChinery

Rajesh Kalathur / deere + co.

MeDiA

Christopher Winfreycharter communications

MetAls + Mining

Kathleen QuirkFreeport-McMoran

nAturAl gAs + MAster liMiteD pArtnerships

Benjamin Finkwestern Gas partners

oil + gAs explorAtion + proDuCtion

Robert Gwinanadarko petroleum corp.

oil serviCes + equipMent

Simon Ayat / schlumberger

pAper + pACKAging

Carol RobertsInternational paper co.

phArMACeutiCAls

Judy Brown / perrigo co.

reits

Michael LaBelle / boston properties

restAurAnts

John Hartungchipotle Mexican Grill

retAiling/BroADlines + hArDlines

Carol Tomé / Home depot

retAiling/DepArtMent stores + speCiAlty softlines

Karen Hoguet / Macy’s

retAiling/fooD + Drug ChAins

David Denton / cvs Health corp.

seMiConDuCtors

Kevin March / texas Instruments

shipping

C. Andrew Smith / kirby corp.

softwAre

Michael Scarpelli / servicenow

teleCoMMuniCAtions

Francis Shammoverizon communications

Best Cfos

have 100 percent U.s.-based customer service representatives. We spend a lot of time understanding what customers want and what is possible with technol-ogy — and then implementing that.”

DFs launched a state-of-the-art banking system in 2014. “If our strategy is one of differentiation and building for the future, we felt like we really couldn’t be on the same technology platforms that others were on,” says Nelms. “We had to be on a better one.” the firm’s entire deposit base has been converted to the new system, he adds, while customers with personal loans will be migrated in early 2016 and those with student loans later in the year.

although Discover Financial doesn’t disclose information about customer numbers, Nelms does say that it aver-aged about 5 percent loan growth in each of the past three years, versus the

industry’s being flat to down during the same period.

“David has been very thoughtful and deliberate during his time at Dis-cover,” says sanjay sakhrani of New york–based Keefe, bruyette & Woods, now in his fourth straight year at No. 1 in Consumer Finance on the all-america research team. “When DFs was spun

out of morgan stanley [in 2007], a lot of investors were skeptical of the ability of the company to succeed in a pretty com-petitive environment. David has been able to accomplish a lot more than the company was given credit for when it became a stand-alone public company.”

although David Grzebinski has held the top job at Houston’s Kirby Corp. for less than two years — he was promoted from CFo to president and Coo in Jan-uary 2014 and then to Ceo in april of that year — he sails into first place in the shipping sector. the majority of Kirby’s business is composed of transporting oil and petroleum products in small barges with 10,000- to 30,000-barrel capacities inland along the continental U.s. river system. However, in 2011 and 2012, the company spent more than $1 billion on east brunswick, New Jersey–based K-sea transportation

“When business gets a little tougher and there’s some downward pressure, that’s typically when we invest.”DAviD grzeBinsKi, kirby corp.

Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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AerospACe + Defense eleCtroniCs

Douglas Wilburne / textron

Airfreight + surfACe trAnsportAtion

David Baggs / csx corp.

Airlines

Jonathan Irelandunited continental Holdings

AlternAtive energy

Aaron Chew / solarcity corp.

Autos + Auto pArts

Jessica Holscottdelphi automotive

BAnKs/lArge-CAp

William Callihanpnc Financial services Group

BAnKs/MiDCAp

Terrence Manganwebster Financial corp.

BeverAge, householD + personAl CAre proDuCts

Bina Thompsoncolgate-palmolive co.

BioteChnology

Patrick O’Brien / Gilead sciences

BroKers, Asset MAnAgers + exChAnges

Dane HolmesGoldman sachs Group

Business, eDuCAtion + professionAl serviCes

Kathryn White Vanek / nielsen

CheMiCAls

Douglas Pikelyondellbasell Industries

CoMputer serviCes + it Consulting

David Nelsoncognizant technology solutions corp.

ConsuMer finAnCe

William Franklindiscover Financial services

eleCtriC utilities

Jeffrey Kotkineversource energy

eleCtriCAl equipMent + Multi-inDustry*

Donald Bullock Jr. / eaton corp.Matthew Gugino / danaher corp.

engineering + ConstruCtion

Kip Rupp / Quanta services

fooD

Kathy MacDonaldMead Johnson nutrition co.

gAMing + loDging

Laura PaughMarriott International

heAlth CAre fACilities + MAnAgeD CAre

John PenshornunitedHealth Group

heAlth CAre teChnology + DistriBution

Sally Curley / cardinal Health

hoMeBuilDers + BuilDing proDuCts

James Zeumer / pulteGroup

insurAnCe

Sabra PurtillHartford Financial services Group

integrAteD oil

Vladimir dela Cruzconocophillips

internet

Matt Sonefeldt / linkedIn corp.

it hArDwAre + eleCtroniCs MAnufACturing serviCes

Robert Blair / western digital corp.

leisure

Richard Edwardspolaris Industries

life sCienCe + DiAgnostiC tools + MeDiCAl supplies + DeviCes

Joshua Zablesirona dental systems

MAChinery

Tony Huegel / deere + co.

MeDiA

Jason Armstrong / comcast corp.

MetAls + Mining

Dan Lesnak / u.s. steel corp.

nAturAl gAs + MAster liMiteD pArtnerships

John (Randy) Burkhalterenterprise products partners

oil + gAs explorAtion + proDuCtion

John Colglazieranadarko petroleum corp.

oil serviCes + equipMent

Kelly Youngblood / Halliburton co.

pAper + pACKAging

Ann Scott / ball corp.

phArMACeutiCAls

John Elickerbristol-Myers squibb co.

reits

Kevin BerryGeneral Growth properties

restAurAnts

Carol DiRaimo / Jack in the box

retAiling/BroADlines + hArDlines

Mary Winn Pilkingtondollar General corp.

retAiling/DepArtMent stores + speCiAlty softlines

Lance Allega / v.F. corp.

retAiling/fooD + Drug ChAins

Nancy Christal / cvs Health corp.

seMiConDuCtors

Kipp Bedard / Micron technology

shipping

Sterling Adlakha / kirby corp.

softwAre

John Cummings / salesforce.com

teleCoMMuniCAtions

Nils Paellmann / t-Mobile us

*Tie.

Best ir professionAls

r+r

Partners and three other acquisitions to get into the business of delivering prod-uct in nearly 200,000-barrel barges along the east, West and Gulf coasts, up to alaska and around Hawaii.

“It added a lot of breadth to our com-pany and, if you think about what we move and the customers that we move for, principally we did it on the inland rivers,” says Grzebinski, 54. “Now we’re doing it all over the U.s. for the same customer group. We were moving petroleum products inland, and they were moving it coastwise, so it’s a great expansion of our service.” Kirby’s oper-ating income margins were 1 to 2 percent when the K-sea deal was struck; today they are in the mid-teens, he reports.

Not all the news is positive, however. oil prices have dropped precipitously during Grzebinski’s tenure, from more than $100 per barrel of brent crude in the summer of 2014 to roughly $44 in November 2015. moreover, the resulting curtailing of hydraulic fracturing, or fracking, of shale rock has affected

Kirby’s diesel engine operations, which repair and supply the equipment that supports shale activity.

“Unfortunately, we’re losing a little bit of money in that land-based diesel engine business,” he affirms. earlier this year, in a bid to reduce operating costs and increase efficiency, Kirby consoli-dated the five facilities where it repaired and manufactured fracking units into a new factory, in oklahoma City.

also, as the price of oil has been declining, crude production has been falling, resulting in far fewer barges needed to transport supply. “the uncertainty of what’s happening to the crude market has made our customers a little more cautious with looking at their barge needs,” Grzebinski notes.

on the other hand, lower crude prices are beneficial for refined products, such as gasoline and jet fuel, which are enjoy-ing an ensuing boost in demand, he adds.

another bright spot is the U.s. chem-icals industry’s anticipated investment of more than $100 billion to expand

infrastructure, mostly along the Gulf Coast, since fracking has produced an oversupply of ethane, a key chemical feedstock. although it probably won’t come to fruition until 2017 or 2018, “there should be more barge moves because chemical volumes from these new plants will start to emerge,” he explains. “Given that 50 percent of what we move, both coastal and inland, is chemicals, it’s very important.”

also essential: positioning the company for additional growth. Kirby is spending close to $300 million on new offshore equipment and is actively look-ing for m&a opportunities, Grzebinski says: “When business gets a little tougher and there’s some downward pressure, that’s typically when we invest countercyclically and use our balance sheet appropriately.” •

Online For more, go toiim.ag/aaet.

Reprinted from the December 2015/January 2016 Edition of Institutional Investor.

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Page 10: 2016 ALL-AMERICA EXECUTIVE TEAM

MOST HONORED COMPANIES

COMPANY

Accenture

Adobe Systems

Aetna

Alaska Air Group

Allergan

American Airlines Group

American Express Co.

AmerisourceBergen Corp.

Amgen

Anadarko Petroleum Corp.

Apple

Ball Corp.

Biogen

BlackRock

Blackstone Group

Boeing Co.

BorgWarner

Bristol-Myers Squibb Co.

Cardinal Health

Carnival Corp.

Caterpillar

CBS Corp.

Celgene Corp.

Cerner Corp.

Charter Communications

Chipotle Mexican Grill

Church & Dwight Co.

ClubCorp Holdings

Cognizant Technology Solutions Corp.

Colgate-Palmolive Co.

Comcast Corp.

ConocoPhillips

CSX Corp.

Cummins

CVS Health Corp.

D.R. Horton

COMPANY

Danaher Corp.

Deere & Co.

Delphi Automotive

Delta Air Lines

Discover Financial Services

Dollar General Corp.

Eli Lilly and Co.

EMC Corp.

Enterprise Products Partners

EOG Resources

Exxon Mobil Corp.

Facebook

FedEx Corp.

First Republic Bank

Fluor Corp.

Ford Motor Co.

Freeport-McMoRan

General Electric Co.

General Growth Properties

General Mills

Gilead Sciences

Goldman Sachs Group

Hain Celestial Group

Halliburton Co.

Hartford Financial Services Group

HCA Holdings

Hewlett-Packard Co.

Hilton Worldwide Holdings

Home Depot

Honeywell International

IBM Corp.

Illumina

Intel Corp.

International Paper Co.

Jack in the Box

JPMorgan Chase & Co.

COMPANY

Kinder Morgan

Kirby Corp.

Kroger Co.

L Brands

Lam Research Corp.

Las Vegas Sands Corp.

Lennar Corp.

LinkedIn Corp.

Lockheed Martin Corp.

LyondellBasell Industries

Macy's

Marriott International

MasTec

MasterCard

Matson

McDonald's Corp.

Mead Johnson Nutrition Co.

MetLife

Microsoft Corp.

National Oilwell Varco

Newmont Mining Corp.

NextEra Energy

Nielsen

Norwegian Cruise Line Holdings

Pandora Media

Pebblebrook Hotel Trust

Pfizer

Plains All American Pipeline

Polaris Industries

PPG Industries

Procter & Gamble Co.

PulteGroup

Quanta Services

Royal Caribbean Cruises

salesforce.com

Schlumberger

COMPANY

Sealed Air Corp.

Sempra Energy

Sherwin-Williams Co.

Simon Property Group

Sirona Dental Systems

SolarCity Corp.

Starbucks Corp.

Steel Dynamics

SunEdison

SunPower Corp.

Synchrony Financial

T-Mobile US

TerraForm Power

Tesla Motors

Texas Instruments

Thermo Fisher Scientific

TJX Cos.

Travelers Cos.

U.S. Steel Corp.

Union Pacific Corp.

United Continental Holdings

United Rentals

United Technologies Corp.

UnitedHealth Group

V.F. Corp.

Verizon Communications

Visa

W.W. Grainger

Wal-Mart Stores

Walgreens Boots Alliance

Webster Financial Corp.

Wells Fargo & Co.

Western Digital Corp.

WhiteWave Foods Co.

Yum! Brands

Zions Bancorp.

8© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

2016 ALL-AMERICA EXECUTIVE TEAM A total of 1,930 companies in the United States received votes in this year’s All-America Executive Team survey. Of those companies, 273 received a first-, second-, or third-place ranking in one or more of the following categories: Best CEO, CFO, IR Professional and IR Program. One hundred and forty-four companies were distinguished as “Most Honored” for receiving a total of three or more ranked positions in two or more categories, while also achieving a weighted score of at least six points based on three points for each first-place position, two for each second, and one for each third.

The following “Most Honored” companies ranked at the top of the All-America Executive Team for their corporate leadership and investor relations expertise.

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

Page 11: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

BASIC MATERIALSCHEMICALS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Seifi Ghasemi, Air Products and Chemicals 1 Seifi Ghasemi, Air Products and Chemicals 1 Seifi Ghasemi, Air Products and Chemicals*Charles Bunch, PPG Industries*Christopher Connor, Sherwin-Williams Co.*

2 Christopher Connor, Sherwin-Williams Co. 2 Christopher Connor, Sherwin-Williams Co. – –

3 Charles Bunch, PPG Industries 3 Charles Bunch, PPG Industries – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Sean Hennessy, Sherwin-Williams Co. 1 Sean Hennessy, Sherwin-Williams Co. 1 Sean Hennessy, Sherwin-Williams Co.

2 M. Steven Bender, Westlake Chemical Corp. 2 M. Steven Bender, Westlake Chemical Corp. – –

3 Jeffrey Rutherford, Ferro Corp. 3 Howard Ungerleider, Dow Chemical Co.*Jeffrey Rutherford, Ferro Corp.*

– –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Douglas Pike, LyondellBasell Industries 1 Douglas Pike, LyondellBasell Industries 1 Michael Monahan, Ecolab

2 Vincent Morales, PPG Industries 2 Vincent Morales, PPG Industries 2 Douglas Pike, LyondellBasell Industries

3 Robert Wells, Sherwin-Williams Co. 3 Gregory Riddle, Eastman Chemical Co. 3 Robert Wells, Sherwin-Williams Co.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 LyondellBasell Industries 1 LyondellBasell Industries 1 Sherwin-Williams Co.

2 PPG Industries 2 PPG Industries 2 LyondellBasell Industries

3 Sherwin-Williams Co. 3 Praxair*Sherwin-Williams Co.*

3 Ecolab

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 LyondellBasell Industries Only available by subscribing to the IR Perception Study

Only available by subscribing to the IR Perception Study2 Dow Chemical Co.

3 Monsanto Co.

45 Chemicals companies nominated. Don’t see your company? Contact II to get your rankings for each category.

METALS & MINING

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Mark Millett, Steel Dynamics 1 Mark Millett, Steel Dynamics 1 Gary Goldberg, Newmont Mining Corp.

2 Mario Longhi, U.S. Steel Corp. 2 Mario Longhi, U.S. Steel Corp. – –

3 Gary Goldberg, Newmont Mining Corp. 3 Klaus Kleinfeld, Alcoa – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Kathleen Quirk, Freeport-McMoRan 1 Kathleen Quirk, Freeport-McMoRan 1 Stefan Wenger, Royal Gold

2 Karla Lewis, Reliance Steel & Aluminum Co. 2 Theresa Wagler, Steel Dynamics – –

3 Theresa Wagler, Steel Dynamics 3 Karla Lewis, Reliance Steel & Aluminum Co. – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Dan Lesnak, U.S. Steel Corp. 1 Dan Lesnak, U.S. Steel Corp. 1 Meredith Bandy, Newmont Mining Corp.

2 David Joint, Freeport-McMoRan 2 David Joint, Freeport-McMoRan – –

3 Meredith Bandy, Newmont Mining Corp. – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Freeport-McMoRan 1 Freeport-McMoRan 1 Royal Gold

2 U.S. Steel Corp. 2 U.S. Steel Corp. 2 Freeport-McMoRan

3 Alcoa 3 Steel Dynamics – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Freeport-McMoRanOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Alcoa

– –

30 Metals & Mining companies nominated. Don’t see your company? Contact II to get your rankings for each category.

9© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 12: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

PAPER & PACKAGING

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Jerome Peribere, Sealed Air Corp. 1 Jerome Peribere, Sealed Air Corp. 1 Jerome Peribere, Sealed Air Corp.

2 John Hayes, Ball Corp. 2 John Hayes, Ball Corp. 2 John Hayes, Ball Corp.

3 David Scheible, Graphic Packaging Holding Co. 3 David Scheible, Graphic Packaging Holding Co. 3 Mark Sutton, International Paper Co.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Carol Roberts, International Paper Co. 1 Carol Roberts, International Paper Co. 1 Carol Roberts, International Paper Co.

2 Carol Lowe, Sealed Air Corp. 2 Carol Lowe, Sealed Air Corp. 2 Carol Lowe, Sealed Air Corp.

3 Scott Morrison, Ball Corp. 3 Scott Morrison, Ball Corp. 3 Scott Morrison, Ball Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Ann Scott, Ball Corp. 1 Ann Scott, Ball Corp.*Lori Chaitman, Sealed Air Corp.*

1 Ann Scott, Ball Corp.

2 Lori Chaitman, Sealed Air Corp. – – 2 Jay Royalty, International Paper Co.

3 Jay Royalty, International Paper Co. 3 John Hobbs, Plum Creek Timber Co. 3 Michele Vargas, International Paper Co.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 International Paper Co. 1 Sealed Air Corp. 1 International Paper Co.

2 Sealed Air Corp. 2 International Paper Co. 2 Ball Corp.

3 Ball Corp. – – 3 Sealed Air Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Sealed Air Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Weyerhaeuser Co.

3 International Paper Co.

24 Paper & Packaging companies nominated. Don’t see your company? Contact II to get your rankings for each category.

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*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

D on’t see your company? Contact us for details about your rankings.Ursula Kizy

[email protected]+1 (212) 224-3124

Institutional Investor Research’s Perception Study offers the most comprehensive analysis of your company’s IR program in the industry. Your own investors and sell-side analysts answer qualitative and quantitative questions specifically regarding your IR communications.

The Perception Study results are divided by sector. You will receive immediately actionable intelligence on your company, as well as every company nominated within your sector, for a fully comparative evaluation of your investor relations strategy.

The Best CEO, CFO, IR Professional, IR Program and Analyst Days: United States/Europe/Asia/Japan/Latin America

Institutional Investor’s Investor Relations Perception Studies

Page 13: 2016 ALL-AMERICA EXECUTIVE TEAM

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OVERALL BUY-SIDE SELL-SIDE

CAPITAL GOODS/INDUSTRIALS

AEROSPACE & DEFENSE ELECTRONICS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 W. Nicholas Howley, TransDigm Group 1 W. Nicholas Howley, TransDigm Group 1 Gregory Hayes, United Technologies Corp.

2 Gregory Hayes, United Technologies Corp. 2 Gregory Hayes, United Technologies Corp. 2 Wesley Bush, Northrop Grumman Corp.

3 Wesley Bush, Northrop Grumman Corp. 3 Wesley Bush, Northrop Grumman Corp. 3 Larry Lawson, Spirit AeroSystems Holdings

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Akhil Johri, United Technologies Corp. 1 Bruce Tanner, Lockheed Martin Corp. 1 Akhil Johri, United Technologies Corp.

2 Bruce Tanner, Lockheed Martin Corp. 2 Akhil Johri, United Technologies Corp. 2 Bruce Tanner, Lockheed Martin Corp.

3 Gregory Smith, Boeing Co. 3 Sanjay Kapoor, Spirit AeroSystems Holdings 3 Gregory Smith, Boeing Co.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Douglas Wilburne, Textron 1 Douglas Wilburne, Textron 1 Jerome Kircher III, Lockheed Martin Corp.

2 Jerome Kircher III, Lockheed Martin Corp. 2 Jerome Kircher III, Lockheed Martin Corp. 2 Ryan Miller, Rockwell Collins

3 Todd Ernst, Raytheon Co. 3 Todd Ernst, Raytheon Co. 3 Jay Khetani, Precision Castparts Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 United Technologies Corp. 1 Boeing Co. 1 United Technologies Corp.

2 Boeing Co. 2 United Technologies Corp. 2 Lockheed Martin Corp.

3 Lockheed Martin Corp. 3 Lockheed Martin Corp. 3 Boeing Co.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Boeing Co.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 United Technologies Corp.

3 Lockheed Martin Corp.

32 Aerospace & Defense Electronics companies nominated. Don’t see your company? Contact II to get your rankings for each category.

AIRFREIGHT & SURFACE TRANSPORTATION

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Frederick Smith, FedEx Corp. 1 Lance Fritz, Union Pacific Corp. 1 Frederick Smith, FedEx Corp.

2 Bradley Jacobs, XPO Logistics 2 Bradley Jacobs, XPO Logistics 2 David Jackson, Knight Transportation*Bradley Jacobs, XPO Logistics*

3 Lance Fritz, Union Pacific Corp. 3 Frederick Smith, FedEx Corp. – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Robert Knight Jr., Union Pacific Corp. 1 Robert Knight Jr., Union Pacific Corp. 1 Fredrik Eliasson, CSX Corp.

2 Fredrik Eliasson, CSX Corp. 2 J. Wes Frye, Old Dominion Freight Line 2 Robert Knight Jr., Union Pacific Corp.

3 Alan Graf Jr., FedEx Corp. 3 Alan Graf Jr., FedEx Corp.*David Mee, J.B. Hunt Transport Services*

3 Alan Graf Jr., FedEx Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 David Baggs, CSX Corp. 1 David Baggs, CSX Corp. 1 David Baggs, CSX Corp.

2 Patrick Fossenier, Con-way 2 Mickey Foster, FedEx Corp. 2 Robert Brunn, Ryder System

3 Mike Jones, United Parcel Service 3 Joe Wilkins, United Parcel Service 3 Patrick Fossenier, Con-way

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 CSX Corp. 1 Union Pacific Corp. 1 CSX Corp.

2 FedEx Corp. 2 FedEx Corp. 2 FedEx Corp.

3 Union Pacific Corp. 3 United Parcel Service 3 United Parcel Service

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Union Pacific Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 United Parcel Service

3 FedEx Corp.

35 Airfreight & Surface Transportation companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 14: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

BUSINESS, EDUCATION & PROFESSIONAL SERVICES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Michael Kneeland, United Rentals 1 Michael Kneeland, United Rentals 1 Scott Stephenson, Verisk Analytics

2 Mitch Barns, Nielsen 2 Mitch Barns, Nielsen*Harold (Max) Messmer Jr., Robert Half International*

2 Mitch Barns, Nielsen*John Haley, Towers Watson & Co.*Michael Kneeland, United Rentals*

3 Scott Stephenson, Verisk Analytics – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Michael Van Handel, ManpowerGroup 1 Daniel Florness, Fastenal Co. 1 Michael Van Handel, ManpowerGroup

2 Daniel Florness, Fastenal Co.*Worthing Jackman, Waste Connections*

2 Linda Huber, Moody's Corp. 2 William Plummer, United Rentals*Worthing Jackman, Waste Connections*

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kathryn White Vanek, Nielsen 1 Robert (Chip) Merritt, McGraw Hill Financial*Kathryn White Vanek, Nielsen*

1 Kathryn White Vanek, Nielsen

2 Jeffrey Dodge, Equifax – – 2 Jeffrey Dodge, Equifax

3 Fred Bratman, United Rentals*William Chapman, W.W. Grainger*

– – 3 Fred Bratman, United Rentals

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Nielsen 1 Nielsen 1 Nielsen

2 United Rentals 2 ManpowerGroup*Verisk Analytics*

2 United Rentals

3 W.W. Grainger – – 3 W.W. Grainger

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 NielsenOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Verisk Analytics

3 W.W. Grainger

87 Business, Education & Professional Services companies nominated. Don’t see your company? Contact II to get your rankings for each category.

ELECTRICAL EQUIPMENT & MULTI-INDUSTRY

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 David Cote, Honeywell International 1 David Cote, Honeywell International 1 David Cote, Honeywell International

2 Inge Thulin, 3M Co. 2 Inge Thulin, 3M Co. 2 Michael Lamach, Ingersoll-Rand

3 Thomas Joyce Jr., Danaher Corp. 3 Thomas Joyce Jr., Danaher Corp. 3 Inge Thulin, 3M Co.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Daniel Comas, Danaher Corp. 1 Daniel Comas, Danaher Corp. 1 Daniel Comas, Danaher Corp.

2 Jeffrey Bornstein, General Electric Co. 2 Jeffrey Bornstein, General Electric Co. 2 Jeffrey Bornstein, General Electric Co.

3 Thomas Szlosek, Honeywell International 3 Thomas Szlosek, Honeywell International 3 Richard Fearon, Eaton Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Matthew Gugino, Danaher Corp.*Donald Bullock Jr., Eaton Corp.*

1 Matthew Ginter, 3M Co.*Matthew Gugino, Danaher Corp.*

1 Gregory Waybright, Stanley Black & Decker

– – – – 2 Matthew Cribbins, General Electric Co.* Antonella Franzen, Tyco International*

3 Matthew Cribbins, General Electric Co. 3 Donald Bullock Jr., Eaton Corp. – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Honeywell International 1 Honeywell International 1 Honeywell International

2 General Electric Co. 2 Danaher Corp. 2 General Electric Co.

3 Danaher Corp. 3 General Electric Co. 3 Stanley Black & Decker

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Honeywell InternationalOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Danaher Corp.

3 General Electric Co.

53 Electrical Equipment & Multi-Industry companies nominated. Don’t see your company? Contact II to get your rankings for each category.

12© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

ENGINEERING & CONSTRUCTION

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 David Seaton, Fluor Corp.*James O'Neil III, Quanta Services*

1 James O'Neil III, Quanta Services 1 David Seaton, Fluor Corp.

– – 2 David Seaton, Fluor Corp. 2 James O'Neil III, Quanta Services

3 José Mas, MasTec 3 José Mas, MasTec – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Biggs Porter, Fluor Corp. 1 Biggs Porter, Fluor Corp.*Derrick Jensen, Quanta Services*

– –

2 Derrick Jensen, Quanta Services – – – –

3 Brian Ferraioli, KBR 3 Brian Ferraioli, KBR – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kip Rupp, Quanta Services 1 Kip Rupp, Quanta Services 1 Kip Rupp, Quanta Services

2 J. Marc Lewis, MasTec 2 J. Marc Lewis, MasTec 2 Jason Landkamer, Fluor Corp.

3 Jason Landkamer, Fluor Corp. 3 Geoff Telfer, Fluor Corp. – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Quanta Services 1 Quanta Services 1 Fluor Corp.

2 Fluor Corp. 2 Fluor Corp. 2 Quanta Services

3 MasTec 3 MasTec 3 Jacobs Engineering Group

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Fluor Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Chicago Bridge & Iron Co.

3 Quanta Services

18 Engineering & Construction companies nominated. Don’t see your company? Contact II to get your rankings for each category.

MACHINERY

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Samuel Allen, Deere & Co. 1 Samuel Allen, Deere & Co. 1 Samuel Allen, Deere & Co.

2 N. Thomas Linebarger, Cummins 2 Douglas Oberhelman, Caterpillar 2 N. Thomas Linebarger, Cummins

3 Douglas Oberhelman, Caterpillar 3 N. Thomas Linebarger, Cummins 3 Edward Doheny II, Joy Global

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Rajesh Kalathur, Deere & Co. 1 Bradley Halverson, Caterpillar 1 Patrick Ward, Cummins

2 David Graziosi, Allison Transmission Holdings 2 Rajesh Kalathur, Deere & Co. 2 James Sullivan, Joy Global

3 Bradley Halverson, Caterpillar*Patrick Ward, Cummins*

3 David Graziosi, Allison Transmission Holdings 3 David Graziosi, Allison Transmission Holdings

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Tony Huegel, Deere & Co. 1 Tony Huegel, Deere & Co. 1 Mark Smith, Cummins

2 Mark Smith, Cummins 2 Richard Moore, Caterpillar 2 Tony Huegel, Deere & Co.

3 Patrick Davidson, Oshkosh Corp. 3 Patrick Davidson, Oshkosh Corp. 3 Patrick Davidson, Oshkosh Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Deere & Co. 1 Deere & Co. 1 Cummins

2 Caterpillar 2 Caterpillar 2 Deere & Co.

3 Cummins 3 Oshkosh Corp. 3 Caterpillar

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Caterpillar

Only available by subscribing to the IR Perception Study

Only available by subscribing to the IR Perception Study

2 Cummins*Deere & Co.*

– –

26 Machinery companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 16: 2016 ALL-AMERICA EXECUTIVE TEAM

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14

OVERALL BUY-SIDE SELL-SIDE

SHIPPING

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 David Grzebinski, Kirby Corp. – – 1 David Grzebinski, Kirby Corp.

– – – – – –

– – – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 C. Andrew Smith, Kirby Corp. – – 1 C. Andrew Smith, Kirby Corp.

2 Joel Wine, Matson – – 2 Joel Wine, Matson

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Sterling Adlakha, Kirby Corp. – – 1 Sterling Adlakha, Kirby Corp.

2 Jerome Holland, Matson – – 2 Jerome Holland, Matson

– – – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Kirby Corp. – – 1 Kirby Corp.

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

– –Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study– –

– –

7 Shipping companies nominated. Don’t see your company? Contact II to get your rankings for each category.

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

All angles, one Perception Study

CORPORATE

SELL SIDE

BUY SIDE

Our IR Perception Study offers authoritative perspectives from the buy side, the sell side, and corporates.

Strengthening relationships with your investors — and attracting new ones— has never been easier.

INSTITUTIONAL INVESTOR’S IR PERCEPTION STUDIESU.S./EUROPE/ASIA/JAPAN/ LATIN AMERICA

Contact:

Ursula Kizy [email protected] l www.institutionalinvestor.com

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OVERALL BUY-SIDE SELL-SIDE

CONSUMER

AIRLINES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Richard Anderson, Delta Air Lines 1 Richard Anderson, Delta Air Lines 1 Richard Anderson, Delta Air Lines

2 W. Douglas Parker, American Airlines Group 2 W. Douglas Parker, American Airlines Group 2 Bradley Tilden, Alaska Air Group

3 Bradley Tilden, Alaska Air Group 3 Gary Kelly, Southwest Airlines Co. 3 W. Douglas Parker, American Airlines Group

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Paul Jacobson, Delta Air Lines 1 Paul Jacobson, Delta Air Lines 1 Paul Jacobson, Delta Air Lines

2 Derek Kerr, American Airlines Group 2 Brandon Pedersen, Alaska Air Group 2 Derek Kerr, American Airlines Group

3 Brandon Pedersen, Alaska Air Group 3 Tammy Romo, Southwest Airlines Co. 3 Brandon Pedersen, Alaska Air Group

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Jonathan Ireland, United Continental Holdings 1 Jonathan Ireland, United Continental Holdings 1 Daniel Cravens, American Airlines Group

2 Daniel Cravens, American Airlines Group 2 Jill Greer, Delta Air Lines 2 Jonathan Ireland, United Continental Holdings

3 Jill Greer, Delta Air Lines 3 Daniel Cravens, American Airlines Group 3 DeAnne Gabel, Spirit Airlines

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Delta Air Lines 1 Delta Air Lines 1 Delta Air Lines

2 Alaska Air Group 2 United Continental Holdings 2 Alaska Air Group

3 United Continental Holdings 3 Alaska Air Group 3 United Continental Holdings

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Delta Air LinesOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Alaska Air Group

3 Southwest Airlines Co.

11 Airlines companies nominated. Don’t see your company? Contact II to get your rankings for each category.

AUTOS & AUTO PARTS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Kevin Clark, Delphi Automotive 1 Kevin Clark, Delphi Automotive 1 Kevin Clark, Delphi Automotive

2 Elon Musk, Tesla Motors 2 Elon Musk, Tesla Motors 2 Jacques Esculier, Wabco Holdings

3 Jacques Esculier, Wabco Holdings 3 James Verrier, BorgWarner 3 Elon Musk, Tesla Motors

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Robert Shanks, Ford Motor Co. 1 Mark Murphy, Delphi Automotive 1 Robert Shanks, Ford Motor Co.

2 Mark Murphy, Delphi Automotive 2 William Quigley III, Dana Holding Corp. 2 Ronald Hundzinski, BorgWarner*Mark Murphy, Delphi Automotive*

3 Ronald Hundzinski, BorgWarner – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Jessica Holscott, Delphi Automotive 1 Jessica Holscott, Delphi Automotive 1 Jessica Holscott, Delphi Automotive

2 Jeffrey Evanson, Tesla Motors 2 Kenneth Lamb II, BorgWarner 2 Jeffrey Evanson, Tesla Motors

3 Kenneth Lamb II, BorgWarner 3 Jeffrey Evanson, Tesla Motors 3 Glen Ponczak, Johnson Controls*Christian Fife, Wabco Holdings*

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Delphi Automotive 1 Delphi Automotive 1 Delphi Automotive

2 BorgWarner 2 BorgWarner 2 Ford Motor Co.

3 Ford Motor Co. 3 Ford Motor Co. 3 General Motors Co.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Delphi AutomotiveOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Ford Motor Co.

3 General Motors Co.

25 Autos & Auto Parts companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 18: 2016 ALL-AMERICA EXECUTIVE TEAM

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OVERALL BUY-SIDE SELL-SIDE

BEVERAGE, HOUSEHOLD & PERSONAL CARE PRODUCTS (INCLUDING COSMETICS)

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Ian Cook, Colgate-Palmolive Co. 1 Ian Cook, Colgate-Palmolive Co. 1 James Lillie, Jarden Corp.

2 Fabrizio Freda, Estée Lauder Cos. 2 Fabrizio Freda, Estée Lauder Cos. – –

3 James Craigie, Church & Dwight Co. 3 James Craigie, Church & Dwight Co. – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Matthew Farrell, Church & Dwight Co. 1 Jon Moeller, Procter & Gamble Co. 1 Stephen Robb, Clorox Co.

2 Jon Moeller, Procter & Gamble Co. 2 Matthew Farrell, Church & Dwight Co. – –

3 Stephen Robb, Clorox Co. 3 Kathy Waller, Coca-Cola Co.*Tracey Travis, Estée Lauder Cos.*

– –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Bina Thompson, Colgate-Palmolive Co. 1 Bina Thompson, Colgate-Palmolive Co. 1 Rachel Wilson, Jarden Corp.

2 John Chevalier, Procter & Gamble Co. 2 John Chevalier, Procter & Gamble Co. 2 Nancy O'Donnell, Newell Rubbermaid*John Chevalier, Procter & Gamble Co.*

3 Patty Yahn-Urlaub, Constellation Brands 3 Patty Yahn-Urlaub, Constellation Brands – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Colgate-Palmolive Co. 1 Colgate-Palmolive Co. – –

2 Procter & Gamble Co. 2 Procter & Gamble Co. – –

3 Coca-Cola Co. 3 Coca-Cola Co. – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Procter & Gamble Co.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Coca-Cola Co.

3 Church & Dwight Co.

32 Beverage, Household & Personal Care Products companies nominated. Don’t see your company? Contact II to get your rankings for each category.

FOOD

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Irwin Simon, Hain Celestial Group 1 Irwin Simon, Hain Celestial Group – –

2 Gregg Engles, WhiteWave Foods Co. 2 Robert Gamgort, Pinnacle Foods – –

3 John Bryant, Kellogg Co.*Robert Gamgort, Pinnacle Foods*

3 Irene Rosenfeld, Mondelēz International – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Kelly Haecker, WhiteWave Foods Co. 1 Ray Young, Archer-Daniels-Midland Co. – –

2 Ray Young, Archer-Daniels-Midland Co.*Donal Mulligan, General Mills*

2 Kelly Haecker, WhiteWave Foods Co. – –

– – 3 Donal Mulligan, General Mills – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kathy MacDonald, Mead Johnson Nutrition Co.

1 Kathy MacDonald, Mead Johnson Nutrition Co. 1 Joyce Brooks, McCormick & Co.

2 Joyce Brooks, McCormick & Co. 2 Kristen Wenker, General Mills*Mary Celeste Anthes, Hain Celestial Group*

2 Kathy MacDonald, Mead Johnson Nutrition Co.

3 Mary Celeste Anthes, Hain Celestial Group – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Mondelēz International 1 Mondelēz International 1 Kellogg Co.

2 Mead Johnson Nutrition Co. 2 Archer-Daniels-Midland Co. – –

3 General Mills 3 General Mills – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Mondelēz InternationalOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Kellogg Co.

3 Mead Johnson Nutrition Co.

31 Food companies nominated. Don’t see your company? Contact II to get your rankings for each category.*Tie

© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

GAMING & LODGING

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Christopher Nassetta, Hilton Worldwide Holdings

1 Christopher Nassetta, Hilton Worldwide Holdings

1 Christopher Nassetta, Hilton Worldwide Holdings

2 Arne Sorenson, Marriott International 2 Arne Sorenson, Marriott International 2 Arne Sorenson, Marriott International

3 Stephen Wynn, Wynn Resorts 3 Stephen Wynn, Wynn Resorts 3 Stephen Wynn, Wynn Resorts

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Carl Berquist, Marriott International 1 Carl Berquist, Marriott International 1 Kevin Jacobs, Hilton Worldwide Holdings

2 Kevin Jacobs, Hilton Worldwide Holdings 2 Kevin Jacobs, Hilton Worldwide Holdings 2 Carl Berquist, Marriott International

3 Thomas Conforti, Wyndham Worldwide Corp. 3 Thomas Conforti, Wyndham Worldwide Corp. 3 Daniel D'Arrigo, MGM Resorts International

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Laura Paugh, Marriott International 1 Laura Paugh, Marriott International 1 Laura Paugh, Marriott International

2 Christian Charnaux, Hilton Worldwide Holdings 2 Daniel Briggs, Las Vegas Sands Corp. 2 Christian Charnaux, Hilton Worldwide Holdings

3 Daniel Briggs, Las Vegas Sands Corp. 3 Christian Charnaux, Hilton Worldwide Holdings

3 Daniel Briggs, Las Vegas Sands Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Marriott International 1 Marriott International 1 Marriott International

2 Hilton Worldwide Holdings 2 Las Vegas Sands Corp. 2 Hilton Worldwide Holdings

3 Las Vegas Sands Corp. 3 Hilton Worldwide Holdings 3 Las Vegas Sands Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Marriott InternationalOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Hilton Worldwide Holdings

3 Starwood Hotels & Resorts Worldwide

21 Gaming & Lodging companies nominated. Don’t see your company? Contact II to get your rankings for each category.

HOMEBUILDERS & BUILDING PRODUCTS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Stuart Miller, Lennar Corp. 1 Stuart Miller, Lennar Corp. 1 Stuart Miller, Lennar Corp.

2 Jeffrey Lorberbaum, Mohawk Industries 2 David Auld, D.R. Horton*Jeffrey Lorberbaum, Mohawk Industries*

2 C. Howard Nye, Martin Marietta Materials

3 David Auld, D.R. Horton – – 3 Jeffrey Lorberbaum, Mohawk Industries

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Bruce Gross, Lennar Corp. 1 Bruce Gross, Lennar Corp. 1 Jeff McCall, Standard Pacific Corp.

2 Bill Wheat, D.R. Horton 2 Bill Wheat, D.R. Horton 2 Bruce Gross, Lennar Corp.

3 Jeff McCall, Standard Pacific Corp. 3 Robert O’Shaughnessy, PulteGroup 3 Bill Wheat, D.R. Horton*John McPherson, Vulcan Materials Co.*

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 James Zeumer, PulteGroup 1 James Zeumer, PulteGroup 1 James Zeumer, PulteGroup

2 Thierry Denis, Owens Corning*Mark Warren, Vulcan Materials Co.*

2 Frederick Cooper, Toll Brothers 2 Brent Anderson, Meritage Homes Corp.

– – – – 3 Thierry Denis, Owens Corning

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 PulteGroup 1 PulteGroup 1 Owens Corning

2 Toll Brothers 2 Lennar Corp. 2 PulteGroup

3 Lennar Corp. 3 Toll Brothers 3 USG Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 PulteGroupOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Lennar Corp.

3 Masco Corp.

31 Homebuilders & Building Products companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 20: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

LEISURE

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Frank Del Rio, Norwegian Cruise Line Holdings 1 Frank Del Rio, Norwegian Cruise Line Holdings 1 Eric Affeldt, ClubCorp Holdings

2 Arnold Donald, Carnival Corp.*Scott Wine, Polaris Industries*

2 Arnold Donald, Carnival Corp. – –

– – 3 Scott Wine, Polaris Industries – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Wendy Beck, Norwegian Cruise Line Holdings 1 Wendy Beck, Norwegian Cruise Line Holdings – –

2 Michael Barkin, Vail Resorts 2 David Bernstein, Carnival Corp. – –

3 David Bernstein, Carnival Corp. – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Richard Edwards, Polaris Industries 1 Beth Roberts, Carnival Corp. 1 Richard Edwards, Polaris Industries

2 Beth Roberts, Carnival Corp. 2 Laura Hodges, Royal Caribbean Cruises – –

3 Frank Molina, ClubCorp Holdings*Laura Hodges, Royal Caribbean Cruises*

– – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Carnival Corp. 1 Carnival Corp. – –

2 ClubCorp Holdings 2 Royal Caribbean Cruises – –

3 Royal Caribbean Cruises 3 Norwegian Cruise Line Holdings – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Carnival Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Polaris Industries

3 ClubCorp Holdings

25 Leisure companies nominated. Don’t see your company? Contact II to get your rankings for each category.

RESTAURANTS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Howard Schultz, Starbucks Corp. 1 Howard Schultz, Starbucks Corp. 1 Howard Schultz, Starbucks Corp.

2 Steve Ells, Montgomery Moran, Chipotle Mexican Grill

2 Steve Ells, Montgomery Moran, Chipotle Mexican Grill

2 Leonard Comma, Jack in the Box

3 Leonard Comma, Jack in the Box 3 Stephen Easterbrook, McDonald's Corp. 3 Steve Ells, Montgomery Moran, Chipotle Mexican Grill

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 John Hartung, Chipotle Mexican Grill 1 John Hartung, Chipotle Mexican Grill 1 Scott Maw, Starbucks Corp.

2 Scott Maw, Starbucks Corp. 2 Scott Maw, Starbucks Corp. 2 John Hartung, Chipotle Mexican Grill

3 Jerry Rebel, Jack in the Box 3 Jerry Rebel, Jack in the Box 3 Lawrence Hyatt, Cracker Barrel Old Country Store

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Carol DiRaimo, Jack in the Box 1 Carol DiRaimo, Jack in the Box 1 Carol DiRaimo, Jack in the Box

2 Steve Schmitt, Yum! Brands 2 Steve Schmitt, Yum! Brands 2 Chris Stent, McDonald's Corp.

3 Chris Stent, McDonald's Corp. 3 JoAnn DeGrande, Starbucks Corp. 3 Stacey Caravella, Dunkin' Brands Group*Steve Schmitt, Yum! Brands*

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Starbucks Corp. 1 Starbucks Corp. 1 Starbucks Corp.

2 McDonald's Corp. 2 McDonald's Corp. 2 Jack in the Box

3 Yum! Brands 3 Yum! Brands 3 Cheesecake Factory

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Starbucks Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Yum! Brands

3 McDonald's Corp.

37 Restaurants companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

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THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

RETAILING/BROADLINES & HARDLINES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Gregory Henslee, O'Reilly Automotive 1 Brian Cornell, Target Corp. 1 Gregory Sandfort, Tractor Supply Co.

2 Brian Cornell, Target Corp. 2 Bob Sasser, Dollar Tree 2 Gregory Henslee, O'Reilly Automotive

3 Gregory Sandfort, Tractor Supply Co. 3 William Rhodes III, AutoZone 3 Hubert Joly, Best Buy Co.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Carol Tomé, Home Depot 1 Carol Tomé, Home Depot 1 Carol Tomé, Home Depot

2 Sharon McCollam, Best Buy Co. 2 Sharon McCollam, Best Buy Co.*Richard Galanti, Costco Wholesale Corp.*

2 Sharon McCollam, Best Buy Co.

3 Richard Galanti, Costco Wholesale Corp. – – 3 Anthony Crudele, Tractor Supply Co.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Mary Winn Pilkington, Dollar General Corp. 1 Mary Winn Pilkington, Dollar General Corp. 1 Mary Winn Pilkington, Dollar General Corp.

2 Brian Campbell, AutoZone 2 Randy Guiler, Dollar Tree 2 Brian Campbell, AutoZone

3 Carol Schumacher, Wal-Mart Stores 3 Katharine Kenny, CarMax*Carol Schumacher, Wal-Mart Stores*

3 Carol Schumacher, Wal-Mart Stores

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Home Depot 1 Home Depot 1 Home Depot

2 Wal-Mart Stores 2 Dollar General Corp. 2 Tractor Supply Co.

3 Dollar General Corp. 3 Costco Wholesale Corp. 3 Wal-Mart Stores

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Home DepotOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Wal-Mart Stores

3 Target Corp.

44 Retailing/Broadlines & Hardlines companies nominated. Don’t see your company? Contact II to get your rankings for each category.

RETAILING/DEPARTMENT STORES & SPECIALTY SOFTLINES (INCLUDING APPAREL, FOOTWEAR, JEWELRY AND TEXTILES)

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Carol Meyrowitz, TJX Cos. 1 Carol Meyrowitz, TJX Cos. 1 Leslie Wexner, L Brands

2 Mark Parker, Nike 2 Mark Parker, Nike 2 Carol Meyrowitz, TJX Cos.

3 Leslie Wexner, L Brands 3 Terry Lundgren, Macy's 3 Eric Wiseman, V.F. Corp.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Karen Hoguet, Macy's 1 Karen Hoguet, Macy's 1 Stuart Burgdoerfer, L Brands

2 Stuart Burgdoerfer, L Brands 2 Scott Goldenberg, TJX Cos. 2 Karen Hoguet, Macy's

3 Scott Goldenberg, TJX Cos. 3 Stuart Burgdoerfer, L Brands 3 Sabrina Simmons, Gap

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Lance Allega, V.F. Corp. 1 Lance Allega, V.F. Corp. 1 Amie Preston, L Brands

2 Amie Preston, L Brands 2 Andrea Shaw Resnick, Coach 2 Lance Allega, V.F. Corp.

3 Andrea Shaw Resnick, Coach 3 James Grant, Signet Jewelers 3 Andrea Shaw Resnick, Coach

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 V.F. Corp. 1 V.F. Corp. 1 L Brands

2 L Brands 2 Macy's 2 V.F. Corp.

3 Macy's 3 Nike 3 PVH Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 V.F. Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 L Brands

3 Nike

62 Retailing/Department Stores & Specialty Softlines companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

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THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 22: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

RETAILING/FOOD & DRUG CHAINS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Larry Merlo, CVS Health Corp. 1 Larry Merlo, CVS Health Corp. 1 Larry Merlo, CVS Health Corp.

2 W. Rodney McMullen, Kroger Co. 2 W. Rodney McMullen, Kroger Co. 2 John Mackey, Walter Robb, Whole Foods Market

3 Stefano Pessina, Walgreens Boots Alliance 3 Stefano Pessina, Walgreens Boots Alliance 3 W. Rodney McMullen, Kroger Co.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 David Denton, CVS Health Corp. 1 David Denton, CVS Health Corp. 1 David Denton, CVS Health Corp.

2 J. Michael Schlotman, Kroger Co. 2 George Fairweather, Walgreens Boots Alliance 2 Mark Shamber, United Natural Foods

3 George Fairweather, Walgreens Boots Alliance 3 J. Michael Schlotman, Kroger Co. 3 J. Michael Schlotman, Kroger Co.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Nancy Christal, CVS Health Corp. 1 Nancy Christal, CVS Health Corp. 1 Nancy Christal, CVS Health Corp.

2 Gerald Gradwell, Walgreens Boots Alliance 2 Gerald Gradwell, Walgreens Boots Alliance – –

3 Cindy Holmes, Kroger Co.*Ashish Kohli, Walgreens Boots Alliance*

3 Cindy Holmes, Kroger Co. – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 CVS Health Corp. 1 CVS Health Corp. 1 CVS Health Corp.

2 Walgreens Boots Alliance 2 Walgreens Boots Alliance 2 Sprouts Farmers Market

3 Kroger Co.*Sprouts Farmers Market*

3 Kroger Co. 3 United Natural Foods

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 CVS Health Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Kroger Co.

3 Walgreens Boots Alliance

17 Retailing/Food & Drug Chains companies nominated. Don’t see your company? Contact II to get your rankings for each category.

20© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

*Tie

D on’t see your company? Contact us for details about your rankings.Ursula Kizy

[email protected]+1 (212) 224-3124

Institutional Investor Research’s Perception Study offers the most comprehensive analysis of your company’s IR program in the industry. Your own investors and sell-side analysts answer qualitative and quantitative questions specifically regarding your IR communications.

The Perception Study results are divided by sector. You will receive immediately actionable intelligence on your company, as well as every company nominated within your sector, for a fully comparative evaluation of your investor relations strategy.

The Best CEO, CFO, IR Professional, IR Program and Analyst Days: United States/Europe/Asia/Japan/Latin America

Institutional Investor’s Investor Relations Perception Studies

Page 23: 2016 ALL-AMERICA EXECUTIVE TEAM

21

OVERALL BUY-SIDE SELL-SIDE

ENERGY

ALTERNATIVE ENERGY

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Ahmad Chatila, SunEdison 1 Ahmad Chatila, SunEdison 1 Lyndon Rive, SolarCity Corp.

2 Thomas Werner, SunPower Corp. 2 Thomas Werner, SunPower Corp. – –

3 Lyndon Rive, SolarCity Corp. 3 Todd Becker, Green Plains – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Brian Wuebbels, SunEdison 1 Brian Wuebbels, SunEdison – –

2 Alejandro Hernandez, TerraForm Power 2 Alejandro Hernandez, TerraForm Power – –

3 Brad Buss, SolarCity Corp. 3 Brad Buss, SolarCity Corp. – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Aaron Chew, SolarCity Corp. 1 Brett Prior, TerraForm Power 1 Aaron Chew, SolarCity Corp.

2 Brett Prior, TerraForm Power 2 Aaron Chew, SolarCity Corp. – –

3 Robert Okunski, SunPower Corp. 3 Robert Okunski, SunPower Corp. – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 SunEdison 1 SunEdison 1 SolarCity Corp.

2 SolarCity Corp. 2 TerraForm Power – –

3 TerraForm Power 3 SolarCity Corp. – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 SunEdison Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 SunPower Corp.

3 First Solar

16 Alternative Energy companies nominated. Don’t see your company? Contact II to get your rankings for each category.

ELECTRIC UTILITIES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 James Robo, NextEra Energy 1 James Robo, NextEra Energy 1 James Robo, NextEra Energy

2 Debra Reed, Sempra Energy 2 Debra Reed, Sempra Energy 2 Debra Reed, Sempra Energy

3 Gale Klappa, WEC Energy Group 3 Gale Klappa, WEC Energy Group 3 Gale Klappa, WEC Energy Group

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Moray Dewhurst, NextEra Energy 1 Moray Dewhurst, NextEra Energy 1 Thomas Webb, CMS Energy Corp.

2 Thomas Webb, CMS Energy Corp. 2 Thomas Webb, CMS Energy Corp. 2 Moray Dewhurst, NextEra Energy

3 Joseph Householder, Sempra Energy 3 Kirkland Andrews, NRG Energy 3 Joseph Householder, Sempra Energy

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Jeffrey Kotkin, Eversource Energy 1 Jeffrey Kotkin, Eversource Energy 1 Jeffrey Kotkin, Eversource Energy

2 Scott Cunningham, Edison International 2 Scott Cunningham, Edison International 2 Richard Vaccari, Sempra Energy

3 Randy Hulen, NiSource 3 Randy Hulen, NiSource 3 Scott Cunningham, Edison International

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 NextEra Energy 1 NextEra Energy 1 Sempra Energy

2 Southern Co. 2 Southern Co. 2 Southern Co.

3 Sempra Energy 3 CMS Energy Corp. 3 Dominion Resources

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 NextEra EnergyOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Sempra Energy

3 Dominion Resources

45 Electric Utilities companies nominated. Don’t see your company? Contact II to get your rankings for each category.

21© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 24: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

INTEGRATED OIL

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Rex Tillerson, Exxon Mobil Corp. 1 Rex Tillerson, Exxon Mobil Corp. 1 Ryan Lance, ConocoPhillips

2 Ryan Lance, ConocoPhillips 2 Ryan Lance, ConocoPhillips 2 Joseph Gorder, Valero Energy Corp.

3 Gregory Goff, Tesoro Corp. 3 John Watson, Chevron Corp.*Gregory Goff, Tesoro Corp.*

3 Gregory Goff, Tesoro Corp.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Jeffrey Sheets, ConocoPhillips 1 Andrew Swiger, Exxon Mobil Corp. 1 Jeffrey Sheets, ConocoPhillips

2 Andrew Swiger, Exxon Mobil Corp. – – 2 Erik Young, PBF Energy

3 Erik Young, PBF Energy*Michael Ciskowski, Valero Energy Corp.*

– – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Vladimir dela Cruz, ConocoPhillips 1 Vladimir dela Cruz, ConocoPhillips 1 Vladimir dela Cruz, ConocoPhillips

2 Ellen DeSanctis, ConocoPhillips 2 Jay Wilson, Hess Corp. 2 Ellen DeSanctis, ConocoPhillips

3 Jay Wilson, Hess Corp. – – 3 John Locke, Valero Energy Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 ConocoPhillips 1 Exxon Mobil Corp. 1 ConocoPhillips

2 Exxon Mobil Corp. 2 ConocoPhillips 2 Valero Energy Corp.

3 Chevron Corp. 3 Chevron Corp. 3 Tesoro Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Chevron Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 ConocoPhillips

3 Exxon Mobil Corp.

13 Integrated Oil companies nominated. Don’t see your company? Contact II to get your rankings for each category.

NATURAL GAS & MASTER LIMITED PARTNERSHIPS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Greg Armstrong, Plains All American Pipeline 1 Greg Armstrong, Plains All American Pipeline 1 Greg Armstrong, Plains All American Pipeline

2 Michael Creel, Enterprise Products Partners 2 Michael Creel, Enterprise Products Partners 2 Michael Creel, Enterprise Products Partners

3 Michael Mears, Magellan Midstream Partners 3 Michael Mears, Magellan Midstream Partners 3 Michael Mears, Magellan Midstream Partners

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Benjamin Fink, Western Gas Partners 1 Benjamin Fink, Western Gas Partners 1 Benjamin Fink, Western Gas Partners

2 Kimberly Dang, Kinder Morgan 2 Kimberly Dang, Kinder Morgan 2 Kimberly Dang, Kinder Morgan

3 Al Swanson, Plains All American Pipeline 3 Al Swanson, Plains All American Pipeline 3 Al Swanson, Plains All American Pipeline

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 John (Randy) Burkhalter, Enterprise Products Partners

1 John (Randy) Burkhalter, Enterprise Products Partners

1 John (Randy) Burkhalter, Enterprise Products Partners

2 Sanjay Lad, Enbridge Energy Partners 2 Sanjay Lad, Enbridge Energy Partners 2 Ryan Smith, Plains All American Pipeline

3 Ryan Smith, Plains All American Pipeline 3 Ryan Smith, Plains All American Pipeline 3 Sanjay Lad, Enbridge Energy Partners

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Enterprise Products Partners 1 Enterprise Products Partners 1 Enterprise Products Partners

2 Plains All American Pipeline 2 Plains All American Pipeline 2 Plains All American Pipeline

3 Kinder Morgan 3 Kinder Morgan 3 Kinder Morgan

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Enterprise Products PartnersOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Plains All American Pipeline

3 Kinder Morgan

70 Natural Gas & Master Limited Partnerships companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

22© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

OIL & GAS EXPLORATION & PRODUCTION

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 William Thomas, EOG Resources 1 William Thomas, EOG Resources 1 R.A. Walker, Anadarko Petroleum Corp.* Thomas Jorden, Cimarex Energy Co.*

2 R.A. Walker, Anadarko Petroleum Corp. 2 R.A. Walker, Anadarko Petroleum Corp. – –

3 Thomas Jorden, Cimarex Energy Co. 3 Timothy Leach, Concho Resources 3 S.P. Johnson IV, Carrizo Oil & Gas*Jeffrey Ventura, Range Resources Corp.*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Robert Gwin, Anadarko Petroleum Corp. 1 Robert Gwin, Anadarko Petroleum Corp. 1 Robert Gwin, Anadarko Petroleum Corp.

2 Timothy Driggers, EOG Resources 2 Timothy Driggers, EOG Resources 2 Paul Korus, Cimarex Energy Co.

3 Scott Schroeder, Cabot Oil & Gas Corp. 3 Scott Schroeder, Cabot Oil & Gas Corp. 3 Joseph Gatto Jr., Callon Petroleum Co.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 John Colglazier, Anadarko Petroleum Corp. 1 John Colglazier, Anadarko Petroleum Corp. 1 Jeffrey Hayden, Carrizo Oil & Gas

2 Jeffrey Hayden, Carrizo Oil & Gas 2 Stephen Campbell, Newfield Exploration Co. 2 John Colglazier, Anadarko Petroleum Corp.

3 Stephen Campbell, Newfield Exploration Co. 3 Rodney Waller, Range Resources Corp. 3 Howard Thill, Devon Energy Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Anadarko Petroleum Corp. 1 Anadarko Petroleum Corp. 1 Anadarko Petroleum Corp.

2 Range Resources Corp. 2 Range Resources Corp. 2 Carrizo Oil & Gas

3 Devon Energy Corp. 3 Occidental Petroleum Corp. 3 Range Resources Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Anadarko Petroleum Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Carrizo Oil & Gas

3 EOG Resources

57 Oil & Gas Exploration & Production companies nominated. Don’t see your company? Contact II to get your rankings for each category.

OIL SERVICES & EQUIPMENT

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Paal Kibsgaard, Schlumberger 1 Paal Kibsgaard, Schlumberger 1 Paal Kibsgaard, Schlumberger

2 David Lesar, Halliburton Co. 2 David Lesar, Halliburton Co. 2 David Lesar, Halliburton Co.

3 Clay Williams, National Oilwell Varco 3 Clay Williams, National Oilwell Varco 3 Clay Williams, National Oilwell Varco

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Simon Ayat, Schlumberger 1 Richard Bergmark, Core Laboratories 1 Simon Ayat, Schlumberger

2 Christian Garcia, Halliburton Co. 2 Simon Ayat, Schlumberger 2 Christian Garcia, Halliburton Co.

3 Richard Bergmark, Core Laboratories* Juan Pablo Tardio, Helmerich & Payne* Krishna Shivram, Weatherford International*

3 Christian Garcia, Halliburton Co. 3 Krishna Shivram, Weatherford International

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kelly Youngblood, Halliburton Co. 1 Kelly Youngblood, Halliburton Co. 1 Kelly Youngblood, Halliburton Co.

2 Simon Farrant, Schlumberger 2 Simon Farrant, Schlumberger 2 Simon Farrant, Schlumberger

3 Jeffrey Chastain, Noble Corp. 3 Loren Singletary, National Oilwell Varco 3 Jeffrey Chastain, Noble Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Schlumberger 1 Halliburton Co. 1 Schlumberger

2 Halliburton Co. 2 Schlumberger 2 Halliburton Co.

3 National Oilwell Varco 3 FMC Technologies 3 National Oilwell Varco

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 SchlumbergerOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Halliburton Co.

3 National Oilwell Varco

45 Oil Services & Equipment companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

23© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

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OVERALL BUY-SIDE SELL-SIDE

FINANCIAL INSTITUTIONS

BANKS/LARGE-CAP

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 James Dimon, JPMorgan Chase & Co. 1 James Dimon, JPMorgan Chase & Co. 1 James Dimon, JPMorgan Chase & Co.

2 John Stumpf, Wells Fargo & Co. 2 John Stumpf, Wells Fargo & Co. 2 Richard Davis, U.S. Bancorp

3 Richard Davis, U.S. Bancorp 3 Richard Davis, U.S. Bancorp 3 William Demchak, PNC Financial Services Group

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Marianne Lake, JPMorgan Chase & Co. 1 Marianne Lake, JPMorgan Chase & Co. 1 Marianne Lake, JPMorgan Chase & Co.

2 Daryl Bible, BB&T Corp.* John Shrewsberry, Wells Fargo & Co.*

2 John Gerspach, Citigroup 2 Daryl Bible, BB&T Corp.* John Shrewsberry, Wells Fargo & Co.*

– – 3 Daryl Bible, BB&T Corp.*John Shrewsberry, Wells Fargo & Co.*

– –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 William Callihan, PNC Financial Services Group 1 William Callihan, PNC Financial Services Group 1 William Callihan, PNC Financial Services Group

2 Sarah Youngwood, JPMorgan Chase & Co. 2 Lee McEntire, Bank of America Corp.* Sarah Youngwood, JPMorgan Chase & Co.*

2 Susan Kendall, Citigroup

3 Ankur Vyas, SunTrust Banks – – 3 Sarah Youngwood, JPMorgan Chase & Co.*Ankur Vyas, SunTrust Banks*

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 JPMorgan Chase & Co. 1 JPMorgan Chase & Co. 1 JPMorgan Chase & Co.

2 Wells Fargo & Co. 2 Wells Fargo & Co. 2 Citigroup

3 Citigroup 3 U.S. Bancorp 3 Wells Fargo & Co.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 JPMorgan Chase & Co.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Wells Fargo & Co.

3 U.S. Bancorp

15 Large-Cap Banks nominated. Don’t see your company? Contact II to get your rankings for each category.

BANKS/MIDCAP

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 James Herbert II, First Republic Bank 1 George Gleason II, Bank of the Ozarks 1 Joseph DePaolo, Signature Bank

2 Joseph DePaolo, Signature Bank 2 John Kanas, BankUnited 2 James Herbert II, First Republic Bank

3 John Kanas, BankUnited 3 James Herbert II, First Republic Bank 3 John Kanas, BankUnited

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Glenn MacInnes, Webster Financial Corp. 1 Dale Gibbons, Western Alliance Bancorp. 1 Glenn MacInnes, Webster Financial Corp.

2 Michael Descheneaux, SVB Financial Group*Dale Gibbons, Western Alliance Bancorp.*

– – 2 Michael Descheneaux, SVB Financial Group

– – – – 3 Michael Roffler, First Republic Bank

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Terrence Mangan, Webster Financial Corp. 1 Aarti Bowman, First Horizon National Corp. 1 Terrence Mangan, Webster Financial Corp.

2 James Abbott, Zions Bancorp. 2 James Abbott, Zions Bancorp. 2 James Abbott, Zions Bancorp.

3 Joseph Crivelli, BOK Financial Corp.*Aarti Bowman, First Horizon National Corp.*

3 Joseph Crivelli, BOK Financial Corp. 3 Joseph Crivelli, BOK Financial Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Webster Financial Corp. 1 First Horizon National Corp. 1 Webster Financial Corp.

2 Zions Bancorp. 2 Zions Bancorp. 2 Zions Bancorp.

3 First Republic Bank – – 3 First Republic Bank

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Webster Financial Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Zions Bancorp.

3 BOK Financial Corp.

109 Midcap Banks nominated. Don’t see your company? Contact II to get your rankings for each category.*Tie24

© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

BROKERS, ASSET MANAGERS & EXCHANGES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Lloyd Blankfein, Goldman Sachs Group 1 Laurence Fink, BlackRock 1 Lloyd Blankfein, Goldman Sachs Group

2 James Gorman, Morgan Stanley 2 Stephen Schwarzman, Blackstone Group 2 James Gorman, Morgan Stanley

3 Laurence Fink, BlackRock 3 Lloyd Blankfein, Goldman Sachs Group* James Gorman, Morgan Stanley*

3 Jeffrey Sprecher, Intercontinental Exchange

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Harvey Schwartz, Goldman Sachs Group 1 Harvey Schwartz, Goldman Sachs Group 1 Harvey Schwartz, Goldman Sachs Group

2 Scott Hill, Intercontinental Exchange 2 Jay Horgen, Affiliated Managers Group – –

3 Loren Starr, Invesco – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Dane Holmes, Goldman Sachs Group 1 Weston Tucker, Blackstone Group 1 Dane Holmes, Goldman Sachs Group

2 Weston Tucker, Blackstone Group 2 Tom Wojcik, BlackRock 2 Weston Tucker, Blackstone Group

3 Tom Wojcik, BlackRock – – 3 Jared Miller, Goldman Sachs Group

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 BlackRock 1 BlackRock 1 Goldman Sachs Group

2 Blackstone Group 2 Blackstone Group 2 Nasdaq

3 Goldman Sachs Group 3 Apollo Global Management 3 State Street Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Blackstone GroupOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 BlackRock

3 State Street Corp.

50 Brokers, Asset Managers & Exchanges companies nominated. Don’t see your company? Contact II to get your rankings for each category.

CONSUMER FINANCE

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 David Nelms, Discover Financial Services 1 David Nelms, Discover Financial Services 1 Kenneth Chenault, American Express Co.

2 Kenneth Chenault, American Express Co. 2 Kenneth Chenault, American Express Co. 2 Margaret Keane, Synchrony Financial

3 Margaret Keane, Synchrony Financial 3 Richard Fairbank, Capital One Financial Corp. 3 Jay Levine, Springleaf Holdings

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 R. Mark Graf, Discover Financial Services 1 R. Mark Graf, Discover Financial Services 1 R. Mark Graf, Discover Financial Services

2 Jeffrey Campbell, American Express Co. – – 2 Jeffrey Campbell, American Express Co.

3 Stephen Crawford, Capital One Financial Corp.* Brian Doubles, Synchrony Financial*

– – 3 Brian Doubles, Synchrony Financial

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 William Franklin, Discover Financial Services 1 William Franklin, Discover Financial Services 1 William Franklin, Discover Financial Services

2 Greg Ketron, Synchrony Financial – – 2 Greg Ketron, Synchrony Financial

– – – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Discover Financial Services 1 Discover Financial Services 1 Discover Financial Services

2 American Express Co. 2 American Express Co. 2 American Express Co.

3 Santander Consumer USA Holdings 3 Capital One Financial Corp. 3 Santander Consumer USA Holdings

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Discover Financial ServicesOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 American Express Co.

3 Santander Consumer USA Holdings

16 Consumer Finance companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

25© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

Page 28: 2016 ALL-AMERICA EXECUTIVE TEAM

OVERALL BUY-SIDE SELL-SIDE

INSURANCE

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Jay Fishman, Travelers Cos. 1 Steven Kandarian, MetLife 1 Jay Fishman, Travelers Cos.

2 Evan Greenberg, Ace* Steven Kandarian, MetLife*

2 Evan Greenberg, Ace 2 Evan Greenberg, Ace*Dennis Glass, Lincoln National Corp.*

– – 3 Jay Fishman, Travelers Cos. – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Randal Freitag, Lincoln National Corp. 1 John Hele, MetLife 1 Randal Freitag, Lincoln National Corp.

2 Jay Benet, Travelers Cos. 2 Walter Berman, Ameriprise Financial 2 Mark Lyons, Arch Capital Group

3 John Hele, MetLife 3 Peter Porrino, XL Group 3 Jay Benet, Travelers Cos.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Sabra Purtill, Hartford Financial Services Group 1 Edward Spehar, MetLife 1 Sabra Purtill, Hartford Financial Services Group

2 Keith Walsh, Marsh & McLennan Cos. 2 Sabra Purtill, Hartford Financial Services Group 2 Donald Watson, Arch Capital Group

3 Edward Spehar, MetLife 3 Keith Walsh, Marsh & McLennan Cos. 3 Keith Walsh, Marsh & McLennan Cos.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Hartford Financial Services Group 1 MetLife 1 Voya Financial

2 MetLife 2 American International Group 2 Hartford Financial Services Group

3 Voya Financial 3 Allstate Corp. 3 Arch Capital Group

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 MetLifeOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Travelers Cos.

3 Hartford Financial Services Group

56 Insurance companies nominated. Don’t see your company? Contact II to get your rankings for each category.

REITs

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 David Simon, Simon Property Group 1 David Simon, Simon Property Group 1 David Simon, Simon Property Group

2 Michael Schall, Essex Property Trust 2 Michael Schall, Essex Property Trust 2 Michael Schall, Essex Property Trust

3 Jon Bortz, Pebblebrook Hotel Trust 3 Jon Bortz, Pebblebrook Hotel Trust 3 Owen Thomas, Boston Properties*David Neithercut, Equity Residential*Thomas DeRosa, Welltower*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Michael LaBelle, Boston Properties 1 Michael LaBelle, Boston Properties 1 Michael LaBelle, Boston Properties

2 James Taylor Jr., Federal Realty Investment Trust 2 James Taylor Jr., Federal Realty Investment Trust 2 Thomas Herzog, UDR

3 Thomas Olinger, Prologis 3 Thomas Olinger, Prologis 3 James Taylor Jr., Federal Realty Investment Trust

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kevin Berry, General Growth Properties 1 Kevin Berry, General Growth Properties 1 Kevin Berry, General Growth Properties

2 Kimberly Callahan, Camden Property Trust 2 Kimberly Callahan, Camden Property Trust 2 Stacy Slater, Brixmor Property Group

3 Stacy Slater, Brixmor Property Group 3 Catherine Creswell, Vornado Realty Trust 3 Tabitha Zane, Highwoods Properties

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 General Growth Properties 1 Boston Properties 1 Pebblebrook Hotel Trust

2 Pebblebrook Hotel Trust 2 General Growth Properties* Vornado Realty Trust*

2 Simon Property Group

3 Simon Property Group – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 SL Green Realty Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Boston Properties

3 Welltower

130 REITs companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

26© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

HEALTH CARE

BIOTECHNOLOGY

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 John Martin, Gilead Sciences 1 John Martin, Gilead Sciences 1 John Martin, Gilead Sciences

2 George Scangos, Biogen 2 George Scangos, Biogen 2 George Scangos, Biogen

3 Robert Hugin, Celgene Corp. 3 Robert Hugin, Celgene Corp. 3 John Maraganore, Alnylam Pharmaceuticals

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Paul Clancy, Biogen 1 Robin Washington, Gilead Sciences 1 Vikas Sinha, Alexion Pharmaceuticals

2 Robin Washington, Gilead Sciences 2 Paul Clancy, Biogen 2 Paul Clancy, Biogen

3 Vikas Sinha, Alexion Pharmaceuticals 3 Vikas Sinha, Alexion Pharmaceuticals 3 Peter Kellogg, Celgene Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Patrick O'Brien, Gilead Sciences 1 Patrick O'Brien, Gilead Sciences 1 Patrick O'Brien, Gilead Sciences

2 Arvind Sood, Amgen 2 Arvind Sood, Amgen 2 Senthil Sundaram, Intercept Pharmaceuticals

3 Patrick Flanigan III, Celgene Corp. 3 Patrick Flanigan III, Celgene Corp. 3 Patrick Flanigan III, Celgene Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Gilead Sciences 1 Gilead Sciences 1 Amgen

2 Celgene Corp. 2 Celgene Corp. 2 Celgene Corp.

3 Amgen 3 Biogen 3 Intercept Pharmaceuticals

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Celgene Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Amgen

3 Biogen

96 Biotechnology companies nominated. Don’t see your company? Contact II to get your rankings for each category.

HEALTH CARE FACILITIES & MANAGED CARE

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Stephen Hemsley, UnitedHealth Group 1 Stephen Hemsley, UnitedHealth Group 1 Stephen Hemsley, UnitedHealth Group

2 R. Milton Johnson, HCA Holdings 2 R. Milton Johnson, HCA Holdings 2 R. Milton Johnson, HCA Holdings

3 Mark Bertolini, Aetna 3 Mark Bertolini, Aetna*David Cordani, Cigna Corp.*

3 Mark Bertolini, Aetna

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 David Wichmann, UnitedHealth Group 1 David Wichmann, UnitedHealth Group 1 W. Larry Cash, Community Health Systems

2 Steve Filton, Universal Health Services 2 William Rutherford, HCA Holdings 2 Shawn Guertin, Aetna

3 William Rutherford, HCA Holdings 3 Wayne DeVeydt, Anthem*Steve Filton, Universal Health Services*

3 Steve Filton, Universal Health Services

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 John Penshorn, UnitedHealth Group 1 John Penshorn, UnitedHealth Group 1 Regina Nethery, Humana

2 Regina Nethery, Humana 2 Mark Kimbrough, HCA Holdings 2 Michael Culotta, Community Health Systems* Mary Ann Arico, HealthSouth Corp.*

3 Edmund Kroll Jr., Centene Corp. 3 Edmund Kroll Jr., Centene Corp. – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 UnitedHealth Group 1 UnitedHealth Group 1 UnitedHealth Group

2 HCA Holdings 2 HCA Holdings 2 HCA Holdings

3 Aetna 3 Aetna 3 Aetna

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 UnitedHealth GroupOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Aetna

3 Centene Corp.

41 Health Care Facilities & Managed Care companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

27© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

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OVERALL BUY-SIDE SELL-SIDE

HEALTH CARE TECHNOLOGY & DISTRIBUTION

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 John Hammergren, McKesson Corp. 1 John Hammergren, McKesson Corp. 1 John Hammergren, McKesson Corp.

2 Steven Collis, AmerisourceBergen Corp. 2 Steven Collis, AmerisourceBergen Corp. 2 Stanley Bergman, Henry Schein

3 Neal Patterson, Cerner Corp. 3 Neal Patterson, Cerner Corp. 3 George Paz, Express Scripts Holding Co.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Marc Naughton, Cerner Corp. 1 Tim Guttman, AmerisourceBergen Corp. 1 Marc Naughton, Cerner Corp.

2 Tim Guttman, AmerisourceBergen Corp. 2 Marc Naughton, Cerner Corp. 2 Steven Paladino, Henry Schein

3 Steven Paladino, Henry Schein 3 Michael Kaufmann, Cardinal Health 3 James Beer, McKesson Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Sally Curley, Cardinal Health 1 Sally Curley, Cardinal Health 1 Dana Quattrochi, athenahealth

2 Dana Quattrochi, athenahealth 2 Allan Kells, Cerner Corp. 2 Sally Curley, Cardinal Health

3 Allan Kells, Cerner Corp. 3 Barbara Brungess, AmerisourceBergen Corp. 3 Allan Kells, Cerner Corp.*Carolynne Borders, Henry Schein*

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Cardinal Health 1 Cardinal Health 1 athenahealth

2 Cerner Corp. 2 AmerisourceBergen Corp. 2 Henry Schein

3 AmerisourceBergen Corp. 3 McKesson Corp. 3 Cardinal Health

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Cerner Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 McKesson Corp.

3 athenahealth

29 Health Care Technology & Distribution companies nominated. Don’t see your company? Contact II to get your rankings for each category.

LIFE SCIENCE & DIAGNOSTIC TOOLS & MEDICAL SUPPLIES & DEVICES

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Marc Casper, Thermo Fisher Scientific 1 Marc Casper, Thermo Fisher Scientific 1 Jeffrey Slovin, Sirona Dental Systems

2 Jay Flatley, Illumina 2 Jay Flatley, Illumina 2 Michael Mahoney, Boston Scientific Corp.

3 Jeffrey Slovin, Sirona Dental Systems 3 Omar Ishrak, Medtronic 3 Marc Casper, Thermo Fisher Scientific

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Daniel Brennan, Boston Scientific Corp. 1 Daniel Brennan, Boston Scientific Corp. 1 Daniel Brennan, Boston Scientific Corp.* Dominic Caruso, Johnson & Johnson* William Donnelly, Mettler-Toledo International*

2 Dominic Caruso, Johnson & Johnson 2 Dominic Caruso, Johnson & Johnson – –

3 William Donnelly, Mettler-Toledo International 3 Marc Stapley, Illumina – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Joshua Zable, Sirona Dental Systems 1 Rebecca Chambers, Illumina 1 Joshua Zable, Sirona Dental Systems

2 Rebecca Chambers, Illumina 2 Joshua Zable, Sirona Dental Systems 2 Rebecca Chambers, Illumina

3 Kenneth Apicerno, Thermo Fisher Scientific 3 Kenneth Apicerno, Thermo Fisher Scientific 3 Jacquie Ross, Cepheid

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Illumina 1 Illumina 1 Sirona Dental Systems

2 Sirona Dental Systems 2 Thermo Fisher Scientific 2 Stryker Corp.

3 Thermo Fisher Scientific 3 Sirona Dental Systems 3 Abbott Laboratories

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Thermo Fisher Scientific

Only available by subscribing to the IR Perception Study

Only available by subscribing to the IR Perception Study

2 Boston Scientific Corp.*St. Jude Medical*

– –

94 Life Science & Diagnostic Tools & Medical Supplies & Devices companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

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THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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All angles, one Perception Study

CORPORATE

SELL SIDE

BUY SIDE

Our IR Perception Study offers authoritative perspectives from the buy side, the sell side, and corporates.

Strengthening relationships with your investors — and attracting new ones— has never been easier.

INSTITUTIONAL INVESTOR’S IR PERCEPTION STUDIESU.S./EUROPE/ASIA/JAPAN/ LATIN AMERICA

Contact:

Ursula Kizy [email protected] l www.institutionalinvestor.com

OVERALL BUY-SIDE SELL-SIDE

PHARMACEUTICALS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Brenton Saunders, Allergan *J. Michael Pearson, Valeant Pharmaceuticals International*

1 J. Michael Pearson, Valeant Pharmaceuticals International

1 Brenton Saunders, Allergan

– – 2 Brenton Saunders, Allergan 2 J. Michael Pearson, Valeant Pharmaceuticals International

3 Ian Read, Pfizer 3 Ian Read, Pfizer 3 Rajiv De Silva, Endo International

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Judy Brown, Perrigo Co. 1 Judy Brown, Perrigo Co. 1 Judy Brown, Perrigo Co.

2 Frank D'Amelio, Pfizer 2 Frank D'Amelio, Pfizer 2 Derica Rice , Eli Lilly and Co.

3 Derica Rice , Eli Lilly and Co. 3 Charles Bancroft, Bristol-Myers Squibb Co. 3 Frank D'Amelio, Pfizer

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 John Elicker, Bristol-Myers Squibb Co. 1 John Elicker, Bristol-Myers Squibb Co. 1 Lisa DeFrancesco, Allergan

2 Lisa DeFrancesco, Allergan 2 Laurie Little, Valeant Pharmaceuticals International

2 Philip Johnson, Eli Lilly and Co.

3 Philip Johnson, Eli Lilly and Co. 3 Lisa DeFrancesco, Allergan 3 Jonathan Neely, Endo International

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Allergan 1 Bristol-Myers Squibb Co. 1 Allergan

2 Bristol-Myers Squibb Co. 2 Pfizer 2 Endo International

3 Pfizer 3 Merck & Co. – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 AllerganOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Merck & Co.

3 Bristol-Myers Squibb Co.

31 Pharmaceuticals companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

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THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

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OVERALL BUY-SIDE SELL-SIDE

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

COMPUTER SERVICES & IT CONSULTING

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Ajay Banga, MasterCard 1 Francisco D’Souza, Cognizant Technology Solutions Corp.

1 Ajay Banga, MasterCard

2 Francisco D’Souza, Cognizant Technology Solutions Corp.

2 Pierre Nanterme, Accenture 2 Edward Heffernan, Alliance Data Systems Corp.

3 Pierre Nanterme, Accenture 3 Ajay Banga, MasterCard 3 Pierre Nanterme, Accenture*Charles Scharf, Visa*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 David Rowland, Accenture 1 David Rowland, Accenture 1 Charles Horn, Alliance Data Systems Corp.

2 Karen McLoughlin, Cognizant Technology Solutions Corp.

2 Karen McLoughlin, Cognizant Technology Solutions Corp.

2 Martina Hund-Mejean, MasterCard

3 Martina Hund-Mejean, MasterCard 3 Martina Hund-Mejean, MasterCard 3 David Rowland, Accenture

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 David Nelson, Cognizant Technology Solutions Corp.

1 David Nelson, Cognizant Technology Solutions Corp.

1 Jack Carsky, Visa

2 Jack Carsky, Visa 2 David Straube, Accenture 2 Barbara Gasper, MasterCard

3 Barbara Gasper, MasterCard 3 Jack Carsky, Visa 3 David Nelson, Cognizant Technology Solutions Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Cognizant Technology Solutions Corp. 1 Cognizant Technology Solutions Corp. 1 MasterCard

2 Accenture 2 Accenture 2 Visa

3 Visa 3 Visa 3 Automatic Data Processing

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 AccentureOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 MasterCard

3 Cognizant Technology Solutions Corp.

33 Computer Services & IT Consulting companies nominated. Don’t see your company? Contact II to get your rankings for each category.

INTERNET

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Mark Zuckerberg, Facebook 1 Mark Zuckerberg, Facebook 1 Mark Zuckerberg, Facebook

2 Jeffrey Bezos, Amazon.com 2 Jeffrey Bezos, Amazon.com 2 Jeffrey Bezos, Amazon.com

3 Reed Hastings, Netflix 3 Reed Hastings, Netflix – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 David Wehner, Facebook 1 David Wehner, Facebook 1 Steven Sordello, LinkedIn Corp.

2 Steven Sordello, LinkedIn Corp. 2 Daniel Finnegan, Priceline Group 2 Mark Okerstrom, Expedia

3 Daniel Finnegan, Priceline Group 3 Steven Sordello, LinkedIn Corp. 3 Michael Herring, Pandora Media

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Matt Sonefeldt, LinkedIn Corp. 1 Matt Sonefeldt, LinkedIn Corp. 1 Matt Sonefeldt, LinkedIn Corp.

2 Dominic Paschel, Pandora Media 2 Dominic Paschel, Pandora Media 2 Dominic Paschel, Pandora Media

3 Matthew Danziger, LinkedIn Corp. 3 Matthew Tynan, Priceline Group 3 Matthew Danziger, LinkedIn Corp.

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 LinkedIn Corp. 1 LinkedIn Corp. 1 Pandora Media

2 Pandora Media 2 Facebook 2 Twitter

3 Facebook 3 Google 3 eBay

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 TwitterOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Facebook

3 Google

30 Internet companies nominated. Don’t see your company? Contact II to get your rankings for each category.*Tie

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THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

IT HARDWARE & ELECTRONICS MANUFACTURING SERVICES (INCLUDING TECHNOLOGY SUPPLY CHAIN)

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Timothy Cook, Apple 1 Timothy Cook, Apple 1 Timothy Cook, Apple

2 Stephen Milligan, Western Digital Corp. 2 Stephen Milligan, Western Digital Corp. 2 Joseph Tucci, EMC Corp.

3 Joseph Tucci, EMC Corp. 3 Joseph Tucci, EMC Corp. 3 Stephen Luczo, Seagate Technology*Stephen Milligan, Western Digital Corp.*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Luca Maestri, Apple 1 Luca Maestri, Apple 1 Olivier Leonetti, Western Digital Corp.

2 Catherine Lesjak, Hewlett-Packard Co. 2 Catherine Lesjak, Hewlett-Packard Co. – –

3 Olivier Leonetti, Western Digital Corp. – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Robert Blair, Western Digital Corp. 1 Beth Walters, Jabil Circuit 1 Robert Blair, Western Digital Corp.

2 Patricia Murphy, IBM Corp. – – 2 Patricia Murphy, IBM Corp.

3 Anthony Takazawa, EMC Corp.– –

– –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 IBM Corp. 1 IBM Corp. 1 Hewlett-Packard Co.

2 Hewlett-Packard Co. 2 EMC Corp. 2 EMC Corp.

3 EMC Corp. 3 Apple 3 Seagate Technology

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 EMC Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 IBM Corp.

3 Hewlett-Packard Co.

37 IT Hardware & Electronics Manufacturing Services companies nominated. Don’t see your company? Contact II to get your rankings for each category.

MEDIA

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Robert Iger, Walt Disney Co. 1 Robert Iger, Walt Disney Co. 1 Leslie Moonves, CBS Corp.

2 Brian Roberts, Comcast Corp. 2 Brian Roberts, Comcast Corp. 2 Thomas Rutledge, Charter Communications*Robert Iger, Walt Disney Co.*

3 Thomas Rutledge, Charter Communications 3 Thomas Rutledge, Charter Communications – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Christopher Winfrey, Charter Communications 1 Christopher Winfrey, Charter Communications 1 Joseph Ianniello, CBS Corp.

2 Joseph Ianniello, CBS Corp. 2 Joseph Ianniello, CBS Corp. 2 Christopher Winfrey, Charter Communications

3 John Nallen, Twenty-First Century Fox 3 John Nallen, Twenty-First Century Fox 3 Frank Mergenthaler, Interpublic Group of Cos.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Jason Armstrong, Comcast Corp. 1 Jason Armstrong, Comcast Corp. 1 Adam Townsend, CBS Corp.

2 Adam Townsend, CBS Corp. 2 Adam Townsend, CBS Corp. 2 Jerome (Jerry) Leshne, Interpublic Group of Cos.

3 Stefan Anninger, Charter Communications 3 Stefan Anninger, Charter Communications 3 Shub Mukherjee, Omnicom Group*Thomas Robey, Time Warner Cable*

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Comcast Corp. 1 Comcast Corp. 1 Time Warner

2 Charter Communications 2 Charter Communications 2 Time Warner Cable

3 Time Warner 3 CBS Corp. 3 Charter Communications

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Time WarnerOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Walt Disney Co.

3 Comcast Corp.

53 Media companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

31© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

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OVERALL BUY-SIDE SELL-SIDE

SEMICONDUCTORS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Hock Tan, Avago Technologies 1 Hock Tan, Avago Technologies 1 Brian Krzanich, Intel Corp.

2 Martin Anstice, Lam Research Corp. 2 Martin Anstice, Lam Research Corp. 2 Richard Templeton, Texas Instruments

3 Richard Templeton, Texas Instruments 3 Richard Templeton, Texas Instruments 3 Martin Anstice, Lam Research Corp.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Kevin March, Texas Instruments 1 Douglas Bettinger, Lam Research Corp. 1 Kevin March, Texas Instruments

2 Douglas Bettinger, Lam Research Corp. 2 Robert Halliday, Applied Materials 2 Stacy Smith, Intel Corp.

3 Eric Brandt, Broadcom Corp. 3 Kevin March, Texas Instruments 3 Eric Brandt, Broadcom Corp.

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Kipp Bedard, Micron Technology 1 Kipp Bedard, Micron Technology 1 Mark Henninger, Intel Corp.

2 Mark Henninger, Intel Corp. 2 Ali Husain, Analog Devices 2 Dave Pahl, Texas Instruments

3 Dave Pahl, Texas Instruments 3 Dave Pahl, Texas Instruments 3 Kipp Bedard, Micron Technology

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Intel Corp. 1 Intel Corp. 1 Intel Corp.

2 Texas Instruments 2 Analog Devices 2 Texas Instruments

3 Analog Devices 3 Texas Instruments 3 Skyworks Solutions

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Intel Corp.Only available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Lam Research Corp.

3 Applied Materials

61 Semiconductors companies nominated. Don’t see your company? Contact II to get your rankings for each category.

SOFTWARE

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Marc Benioff, salesforce.com 1 Marc Benioff, salesforce.com 1 Marc Benioff, salesforce.com

2 Satya Nadella, Microsoft Corp. 2 Satya Nadella, Microsoft Corp. 2 Mark McLaughlin, Palo Alto Networks

3 Mark McLaughlin, Palo Alto Networks 3 Aneel Bhusri, Workday 3 Satya Nadella, Microsoft Corp.

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Michael Scarpelli, ServiceNow 1 Michael Scarpelli, ServiceNow 1 Mark Garrett, Adobe Systems*Steffan Tomlinson, Palo Alto Networks*

2 Mark Hawkins, salesforce.com 2 Mark Hawkins, salesforce.com – –

3 Amy Hood, Microsoft Corp. 3 Amy Hood, Microsoft Corp. 3 Michael Scarpelli, ServiceNow

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 John Cummings, salesforce.com 1 John Cummings, salesforce.com 1 John Cummings, salesforce.com

2 Mike Saviage, Adobe Systems*Eduardo Fleites, Citrix Systems*

2 Eduardo Fleites, Citrix Systems 2 Kate Patterson, FireEye

– – 3 Mike Saviage, Adobe Systems*Michael Haase, Workday*

3 Kelsey Turcotte, Palo Alto Networks

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 salesforce.com 1 salesforce.com 1 salesforce.com

2 Microsoft Corp. 2 Microsoft Corp. 2 Adobe Systems

3 Adobe Systems 3 Adobe Systems 3 Microsoft Corp.

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 salesforce.comOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Microsoft Corp.

3 ServiceNow

76 Software companies nominated. Don’t see your company? Contact II to get your rankings for each category.

*Tie

32© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

THE 2016 ALL-AMERICA EXECUTIVE TEAM: THE LEADERS

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OVERALL BUY-SIDE SELL-SIDE

TELECOMMUNICATIONS

RANK BEST CEO RANK BEST CEO RANK BEST CEO

1 John Legere, T-Mobile US 1 John Legere, T-Mobile US * Lowell McAdam, Verizon Communications*

1 John Legere, T-Mobile US

2 Lowell McAdam, Verizon Communications – – 2 Gary Smith, Ciena Corp.

3 Jeff Storey, Level 3 Communications 3 Jeff Storey, Level 3 Communications 3 David Schaeffer, Cogent Communications Holdings*Marvin (Eddie) Edwards Jr., CommScope Holding Co.*Lowell McAdam, Verizon Communications*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Francis Shammo, Verizon Communications 1 Francis Shammo, Verizon Communications 1 Francis Shammo, Verizon Communications

2 J. Braxton Carter, T-Mobile US 2 Thomas Bartlett, American Tower Corp.*J. Braxton Carter, T-Mobile US*

2 Keith Taylor, Equinix

3 Thomas Bartlett, American Tower Corp. – – 3 John Stephens, AT&T

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Nils Paellmann, T-Mobile US 1 Nils Paellmann, T-Mobile US 1 Gregg Lampf, Ciena Corp.

2 Michael Stefanski, Verizon Communications 2 Michael Stefanski, Verizon Communications 2 Christopher Womack, AT&T*Marilyn Mora, Cisco Systems*Nils Paellmann, T-Mobile US*

3 Gregg Lampf, Ciena Corp. 3 Christopher Womack, AT&T*Son Nguyen, Crown Castle International Corp.*

– –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Verizon Communications 1 Verizon Communications 1 AT&T

2 T-Mobile US 2 T-Mobile US 2 T-Mobile US

3 AT&T 3 AT&T 3 Verizon Communications

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 AT&TOnly available by subscribing

to the IR Perception StudyOnly available by subscribing

to the IR Perception Study2 Cisco Systems

3 Verizon Communications

54 Telecommunications companies nominated. Don’t see your company? Contact II to get your rankings for each category.

33© 2 0 1 6 I N S T I T U T I O N A L I N V E S TO R L L C . A L L R I G H T S R E S E RV E D

THE LEADERS: AMERICA’S BEST CEO, CFO, IR PROFESSIONAL, INVESTOR RELATIONS PROGRAM AND ANALYST DAYSMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, Investor Relations Program and Analyst Days

*Tie

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GLOBAL CIRCULATIONOver 115,000 individuals from corporations, financial institutions, fund management, insurance companies, government and other areas of business read Institutional Investor.

For more information, contact:URSULA KIZYAccount Development Manager, IR [email protected]+1 (212) 224-3124

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Our IR Perception Study offers authoritative perspectives from the buy side, the sell side, and corporates. Strengthening relationships with your investors — and attracting new ones— has never been easier.

INSTITUTIONAL INVESTOR’S IR PERCEPTION STUDIES

U.S./EUROPE/ASIA/JAPAN/ LATIN AMERICA

Contact: Ursula Kizy [email protected]

All angles, one Perception

Study

SELL SIDE

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