TAILIEUCHUNG - ISS AN MSCI BRAND: 2012-2013 Policy Survey Summary of Results

Across the four investment categories, the F DR among the worst funds is always inferior to 50 percent and increases slowly as the significant level rises. It means that the majority of worst funds truly yield negative alphas and that the latter are largely spread in the left tail of the alpha distribution. The F DR among the best funds is generally much higher than the F DR among the worst funds. For All and G funds, the F DR is always higher than 50 percent, while it amounts to 100 percent for the GI funds. The only exception comes from the AG funds. Its low F. | An MSCI Brand 2012-2013 Policy Survey Summary of Results September 2012 Copyright 2012 by ISS All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical including photocopy recording or any information storage and retrieval system without permission in writing from the publisher. Requests for permission to make copies of any part of this work should be sent to ISS Marketing Department 702 King Farm Boulevard Suite 400 Rockville MD 20850 or marketing@. rnance .com An MSCI Brand About the Survey For the past nine years ISS has sought feedback on emerging corporate governance issues as a critical component of its annual policy formulation process. ISS seeks input from both its institutional investor clients and the corporate issuer community in order to get a better understanding of the breadth of financial market views on a range of topics including boards of directors shareholder rights and executive compensation remuneration. This year s survey was conducted from July 24 2012 through Aug. 31 2012. ISS institutional investor clients as well as a broad global contact list of corporate issuers were invited to participate in an online survey covering corporate governance developments worldwide. Issuers and investors completed the same survey. More than 370 total responses were received. A total of 97 institutional investors responded. Approximately 71 percent of investor respondents were located in the United States with the remainder divided between . Europe Canada and Asia-Pacific. 273 corporate issuers responded with 79 percent of them located in the United States and the remainder divided between . Europe and Canada. Institutions-Category Alternative asset management 1 Commercial or investment bank 4 Foundation endowment 2 Government- or state-sponsored pension fund 8 Insurance company 3 Investment manager or asset manager 62 Investor industry group 1 .

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