Investor Feedback on Important Information in Companies’ Form 10-Qs HOT TOPIC SUMMARY REPORT Investor Feedback on Important Information in Companies’ Form 10-Qs Ipreo by IHS Markit asked select buy-side analysts and portfolio managers “When you review a company’s Form 10-Qs, what are the three most important items you gather that are not in the earnings release?” 50% of the respondents mentioned that they look at 10-Qs when an earnings release does not have enough information. A portfolio manager at a $20.5B value-based investment manager stated, “Not every company provides as much information in their quarterly earnings release as their 10-Q due to statutory reasons.” Additionally, another participant, a portfolio manager at a $1.9M GARP investment manager, went into detail noting that they look at, “the underlying discussion of debt, discussion of competitive factors, and more detailed financials.” Furthermore, an analyst at a $32.1B growth-based investment manager noted that they look for, “capital deployment, M&A appetite, and appetite to divest assets that could create value for shareholders.” Sector Coverage: Financials Portfolio Manager at a $3.8B (EAUM) Alternative Hedge Fund “No idea. I don’t lean on them very much if at all. I really get what I need from the earnings releases. There is a good amount of disclosure there.” Sector Coverage: Healthcare Portfolio Manager at a $1.1B (EAUM) Alternative Hedge Fund “It's varies with each company but we typically look for further details on a topic that was not discussed in depth in other documents. I don't think there is a specific section we are going to every time, but we look at items to better understand the landscape, competition, and company analysis."

Investor Feedback on Important Information in Companies’ Form 10-Qs HOT TOPIC SUMMARY REPORT Investor Feedback on Important Information in Companies’ Form 10-Qs Portfolio Manager at a $1.9B (EAUM) GARP Investment Manager “When looking at a company’s Form 10Q, I look at the underlying discussion of debt, discussion of competitive factors, and more detailed financials." Portfolio Manager at a $2.5B (EAUM) Value-Based Investment Manager “I personally do not have a comment on that but I know it tends to be different for everyone.” Analyst at a $32.1B (EAUM) Growth-Based Investment Manager “In a company’s Form 10Q, I typically look for capital deployment, M&A appetite, and appetite to divest assets that could create value for shareholders." Analyst at a $66.1B (EAUM) Growth-Based Investment Manager “One item that I look for is the cash flow statement because that is not common to see in the earnings release. Then other items would depend on each company. I’m looking for things that may not be in the earnings release. Sometimes companies don’t disclose operating margins per segment in the release and I have to go into the 10Q to get that - segment stuff that’s not disclosed more granularly.”

Investor Feedback on Important Information in Companies’ Form 10-Qs HOT TOPIC SUMMARY REPORT Investor Feedback on Important Information in Companies’ Form 10-Qs Sector Coverage: Industrials Analyst at an Alternative Hedge Fund “I do not typically look in the Form 10Q when I am trying to find information. Most of what I need is in the earnings release, 8-K, or I just call the IR dept." Analyst at a $32.8B (EAUM) Value-Based Investment Manager “One thing that we look for that is not in the earnings release are the balance sheet metrics. That is one that I would call on which we spend a lot of time focusing.” Sector Coverage: Technology Analyst at a $8.7B (EAUM) Alternative Hedge Fund “The earnings releases are good enough for us. We only look at Form 10-Q just to compare and see what is missing.” Portfolio Manager at a $20.5B (EAUM) Value-Based Investment Manager “It depends on the company. Not every company provides as much information in their quarterly earnings release as their 10-Q due to statutory reasons. But for the companies that we follow, the companies provide sufficient detail for us and we really haven’t had a problem regarding this issue. So historically we haven’t really had to go to 10-Qs that much.”