Volatility remains the number one challenge for investors, while issuers rank it similarly to political instability and regulation. The survey was undertaken before the widespread outbreak of the COVID-19 coronavirus and its extreme impact on the global economy and ifnancial markets. Volatility already ranked as the top challenge for investors and we expect this has likely increased for both investors and issuers. For issuers, regulatory issues, such as the ETF rule and the structure of the ETF market, also ranked highly. What are the main challenges for you in 2020? 60 50 48% 44% 40 38% 38% 35% 30 24% 20 17% 17% 17% 10 8% 0 Market Political Regulation Low Interest Emerging Volatility Instability Rate Markets Issuer Investor 8