| BROKER RANKINGS |
| Ranked by difference in cost/savings against the Elkins/McSherry Arrival Price universe, based on the top 50 brokers in each category by U.S. dollar volume. Rolling four-quarter data as of March 31, 2014. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Credit Lyonnais | -34.01 | | 2 | Morgan Stanley | -19.16 | | 3 | Deutsche Bank | -16.44 | | 4 | Instinet | -11.37 | | 5 | UBS | -11.26 | | 6 | CSFB | -9.85 | | 7 | J.P. Morgan | -7.25 | | 8 | BoA - Merrill Lynch | -6.6 | | 9 | Russell Impl. Svcs. | -5.96 | | 10 | Barclays Capital | -0.89 |
| | | U.S. brokers | |
| 1 | Stifel Nicolaus | -23.39 | | 2 | BTIG | -21.4 | | 3 | William Blair | -19.18 | | 4 | Morgan Stanley | -5.55 | | 5 | Russell Impl. Svcs. | -4.53 | | 6 | Bloomberg Tradebook | -4.21 | | 7 | Weeden & Co. | -3.54 | | 8 | UBS | -1.62 | | 9 | Deutsche Bank | -1.45 | | 10 | Wells Fargo Prime Svcs. | -1.12 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | William Blair | -25.47 | | 2 | RBC Capital Markets | -20.15 | | 3 | Sanders Morris Harris | -13.99 | | 4 | Russell Impl. Svcs. | -6.66 | | 5 | Weeden & Co. | -4.32 | | 6 | Deutsche Bank | -3.2 | | 7 | Citigroup | -3.04 | | 8 | Instinet | -1.42 | | 9 | Bloomberg Tradebook | -1.03 | | 10 | Janney Montgomery | 2.7 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | BTIG | -12.88 | | 2 | William Blair | -8.61 | | 3 | Morgan Stanley | -7.85 | | 4 | Bloomberg Tradebook | -7.34 | | 5 | Russell Impl. Svcs. | -2.81 | | 6 | Robert W. Baird | -2.5 | | 7 | Wells Fargo Prime Svcs. | -2.07 | | 8 | ITG | -1.76 | | 9 | UBS | -1.55 | | 10 | Weeden & Co. | -1.23 |
| | | Small orders: 10,000 shares or less | |
| 1 | Morgan Stanley | -20.96 | | 2 | BTIG | -20.87 | | 3 | Instinet | -13.89 | | 4 | UBS | -11.98 | | 5 | Robert W. Baird | -11.28 | | 6 | Wells Fargo Prime Svcs. | -7.46 | | 7 | Bloomberg Tradebook | -6.7 | | 8 | Weeden & Co. | -5.52 | | 9 | BoA - Merrill Lynch | -5.06 | | 10 | Russell Impl. Svcs. | -3.8 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Stifel Nicolaus | -25.09 | | 2 | William Blair | -19.45 | | 3 | Oppenheimer & Co. | -15.96 | | 4 | Morgan Stanley | -6.98 | | 5 | Sanders Morris Harris | -6.74 | | 6 | Russell Impl. Svcs. | -4.16 | | 7 | Bloomberg Tradebook | -3.82 | | 8 | Weeden & Co. | -3.21 | | 9 | Instinet | -3.11 | | 10 | UBS | -2.3 |
| | | 20% - 50% of daily volume | |
| 1 | Russell Impl. Svcs. | -21.45 | | 2 | Deutsche Bank | -17.16 | | 3 | Sterne Agee | -16.61 | | 4 | BoA - Merrill Lynch | -10.08 | | 5 | Bloomberg Tradebook | -7.91 | | 6 | Barclays Capital | -7.03 | | 7 | ITG | -3.22 | | 8 | Weeden & Co. | -0.69 | | 9 | Instinet | 0.31 | | 10 | Jefferies & Co. | 0.43 |
| | | 50%+ of daily volume | |
| 1 | J.P. Morgan | -27.39 | | 2 | Susquehanna | -23.74 | | 3 | Deutsche Bank | -16.75 | | 4 | CSFB | -13.6 | | 5 | Wells Fargo Prime Svcs. | -6.63 | | 6 | BoA - Merrill Lynch | -5.9 | | 7 | Knight Capital Group | -5.57 | | 8 | Jefferies & Co. | -5.51 | | 9 | Weeden & Co. | -5.46 | | 10 | BTIG | -5.01 |
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| Trades by market cap |
| Giant cap | |
| 1 | Oppenheimer & Co. | -35.22 | | 2 | William Blair | -25.4 | | 3 | Sanders Morris Harris | -14.74 | | 4 | Jefferies & Co. | -7.69 | | 5 | Themis Trading | -7.48 | | 6 | UBS | -6.9 | | 7 | Weeden & Co. | -2.88 | | 8 | J.P. Morgan | -2.78 | | 9 | Russell Impl. Svcs. | -1.97 | | 10 | Wells Fargo Prime Svcs. | -1.84 |
| | | Large cap | |
| 1 | BTIG | -19.65 | | 2 | Instinet | -16.7 | | 3 | Robert W. Baird | -10.83 | | 4 | Morgan Stanley | -10.65 | | 5 | Citigroup | -8.55 | | 6 | Liquidnet | -6.7 | | 7 | Bloomberg Tradebook | -5.84 | | 8 | Wells Fargo Prime Svcs. | -2.78 | | 9 | Weeden & Co. | -2.35 | | 10 | Themis Trading | -2.3 |
| | | Midcap | |
| 1 | Deutsche Bank | -30.58 | | 2 | William Blair | -18.16 | | 3 | Bloomberg Tradebook | -18.11 | | 4 | Liquidnet | -16.88 | | 5 | Russell Impl. Svcs. | -13.93 | | 6 | ITG | -11.78 | | 7 | Weeden & Co. | -6.58 | | 8 | Morgan Stanley | -4.98 | | 9 | Wells Fargo Prime Svcs. | -1.35 | | 10 | Jefferies & Co. | -1.15 |
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| Small cap | |
| 1 | Citigroup | -28.29 | | 2 | RBC Capital Mkts. | -17.68 | | 3 | Morgan Stanley | -12.78 | | 4 | ITG | -7.93 | | 5 | Instinet | -4.97 | | 6 | Bloomberg Tradebook | -1.91 | | 7 | Russell Impl. Svcs. | -0.79 | | 8 | WallachBeth Capital | 1.62 | | 9 | CSFB | 3.17 | | 10 | Wells Fargo Prime Svcs. | 3.24 |
| | | Microcap | |
| 1 | Themis Trading | -26.61 | | 2 | Stifel Nicolaus | -23.98 | | 3 | Liquidnet | -16.93 | | 4 | Deutsche Bank | -15.84 | | 5 | Barclays Capital | -13.56 | | 6 | Wells Fargo Prime Svcs. | -10.02 | | 7 | Bloomberg Tradebook | -1.78 | | 8 | Weeden & Co. | -1.21 | | 9 | Cowen & Co. | 5.98 | | 10 | CSFB | 6.37 |
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| TRADING ANALYTICS |
| Commissions and implementation shortfall based on ITG’s peer group*. Volatility annualized is the 60-day historical volatility for the S&P 500 index. Data are as of March 31, 2014. Source: Investment Technology Group. |
| U.S. trading costs: Commissions and implementation shortfall |
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| Average spread and annualized volatility of S&P 500 constituents |
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*1Q 2014 peer data are preliminary. |