Impact of Evolving Sell-Side Structure on Investor Relations Teams We continued to monitor how investor relations teams react to changes in their markets, including changes in the sell and buy sides. We asked specific questions about the impact of the European Union’s MiFID II legislation on IR teams’ workflows. As of 2019, while a majority of respondents reported no effect or were uncertain, a significant minority did see a negative impact to their day-to-day workflow resulting from this legislation. The majority of respondents globally, One change observed that may be due to 63.6%, cited no change or were uncertain new regulation was that 62.5% of respondents if there were changes in their IR activities globally have seen an increase in direct related to MiFID II. As expected, the impact corporate access requests from investors, has been felt primarily in the markets of most prominently in Western Europe (74.2%) Western Europe (38.7% negative) and North and North America (69.0%). America (33.3% negative, 2.4% positive). Of all respondents in Western Europe, not one reported a positive impact. RESPONDENTS SAY DIRECT CORPORATE ACCESS REQUESTS FROM INVESTORS ARE INCREASING GLOBAL 62.5% WESTERN EUROPE 74.2% NORTH AMERICA 69.0% 28