To explore the impact of MiFID II, we asked had an impact on them. This was possibly access teams. This was reported by higher respondents’ views on changes to sell-side related to changes in sell-side research percentages of small- and micro-cap issuers services in the past 12 months. Globally, coverage as described on the next page. At the (17.3%) and emerging markets issuers (16.4%) respondents reported that a decrease in same time, 14.3% globally said they perceived and could be due to the sell side’s focus on geographic presence (25.0%) of the sell side an increase in the quality of sell-side corporate areas where they can differentiate themselves from their peers. In your view, what have been the changes to each of the following sell-side services in the past 12 months? DECREASED GLOBAL MEGA & MID-CAP SMALL & DEVELOPED EMERGING LARGE-CAP MICRO-CAP MARKETS MARKETS Geographic presence 25.0% 23.8% 19.8% 29.3% 20.1% 26.9% Equity sales capabilities 24.5% 21.1% 23.4% 24.0% 26.2% 18.7% Broker’s investor client universe 21.8% 27.9% 17.1% 18.7% 25.6% 18.7% Quality of investor targeting provided by broker 21.5% 23.1% 16.2% 22.7% 24.4% 17.0% Quality of formal post-meeting feedback 19.2% 17.0% 16.2% 17.3% 18.3% 15.2% Corporate access team 19.0% 21.1% 18.9% 20.0% 17.7% 22.2% Financial coverage of logistics 17.9% 17.7% 18.9% 18.7% 18.3% 18.1% Insight on current investor demand 17.6% 17.7% 12.6% 13.3% 18.3% 11.7% Management of logistics 13.0% 12.2% 9.0% 14.7% 11.6% 11.7% Investment banking relationship 9.5% 9.5% 8.1% 16.0% 6.7% 14.0% INCREASED Corporate access team 14.3% 13.6% 9.0% 17.3% 9.1% 16.4% Insight on current investor demand 12.4% 10.9% 13.5% 10.7% 7.9% 15.8% Investment banking relationship 10.8% 6.8% 9.0% 14.7% 6.1% 12.9% Quality of investor targeting provided by broker 9.5% 8.8% 9.9% 14.7% 7.3% 13.5% Quality of formal post-meeting feedback 9.3% 8.2% 7.2% 9.3% 6.1% 10.5% Geographic presence 8.1% 10.2% 8.1% 4.0% 3.7% 12.3% Equity sales capabilities 6.2% 7.5% 4.5% 9.3% 2.4% 11.1% Broker’s investor client universe 4.9% 5.4% 6.3% 1.3% 3.0% 6.4% Management of logistics 4.7% 6.1% 4.5% 1.3% 2.4% 6.4% Financial coverage of logistics 2.3% 1.4% 3.6% 1.3% 0.6% 3.5% 30