Copyright 2013 Group Five. All rights reserved.

No part of this publicaon may be reproduced or transmied in any form or

by any means without permission from Group Five. No adversing or other promoonal use can be made of the informaon
in this report without the express prior wrien consent of Group Five.
GROUP FIVE
2013 SHAREHOLDER SERVICES
INDUSTRY REPORT
OCTOBER 2013
E
ighthundredtwoissuersparticipatedinGroup
Fives2013BenchmarkingStudyofSatisfactionwith
ShareholderServices.Thepurposeofthestudy,which
hasbeenconductedannuallyfortwentythreeyears,is
toprovideindependentandunbiasedinformationon
thesatisfactionofcorporate
clientswiththeservices
providedbytransferagents,
proxysolicitors,andlost
shareholdersearchrms.This
reportisasummaryofthe
studyresults.Additionaldetails
andreportsareavailablefrom
GroupFive.
F
ortransferagentservices,
Computershare,thelargest
transferagencyintheworld,
completedtheconversionofformerBNYMellon
accountstotheComputershareplatforminMay2013,
makingComputershare,forthersttime,thelargest
provideroftransferagentservicesintheUnitedStates.
TheTransferAgentMarketSharetableshows
approximatecurrent
marketsharefortransfer
agentservicesinthe
UnitedStates.Never
beforehastherebeena
singletransferagent
operationaslargeas
Computersharesisinthe
UnitedStates.
I
ssuersatisfactionwith
transferagentservices
*Theguresshowninthetablerepresentapproximately97%oftheUSregisteredshareholdermarket.
**Afavorablerangisarangof4or5onavepointscalewith5beingcompletely sased and1beingnot at all sased.
isunchangedfromlastyearat87%favorable.**
However,clientloyalty,measuredaswillingnessto
recommendyourtransferagent,declinedsignicantly
fromlastyearto77%favorable.Thegapbetween
loyaltyandsatisfactionhasneverbeengreater.
C
lientsatisfactionisan
indicationofhowwell
thetransferagentservices
aremeetingclientsneeds
andexpectations,whichis
abasicbusiness
requirement.Clientloyalty,
ontheotherhand,ismore
ameasureofaclients
emotionalconnectionto
theirtransferagentwhich
comesfromwithinandis
moreofafeelingabouttherelationshipingeneral.
The4pointdeclineinindustryloyaltywhileindustry
satisfactionremainsunchangedispartlyaresultof
theComputershareacquisitionoftheBNYMellon
business.Ashappensineverymerger,BNYMellon
clientsemotional
connectiontotheir
transferagentwas
disruptedandmustbe
rebuilt.Thisisreectedin
therelativelyhigh
numberofneutralloyalty
ratingsfor
Computershareclients.
Thegoodnewsisthat
issuersatisfaction
remainsrelativelyhigh.
TA Clients Accounts
Market
share*
Accounts
per client
Computershare 6,100 26,345,340 61% 4,319
WellsFargo 910 8,484,280 20% 9,323
AST 4,004 3,498,564 8% 929
Broadridge 315 2,079,913 5% 6,603
CST 1,415 1,697,305 4% 1,200
R&T 1,736 796,867 2% 459
US TnnNsrrn AcrNt Mnnxrt Snnnr
87 87
89
85
81 81
84
90
77
81
82
83
82
76
80
79
2006 2007 2008 2009 2010 2011 2012 2013
TnnNsrrn AcrNt Srnvcrs Ovrnntt SntsrnctoN nNb Lovnttv
P
e
r
c
e
n
t

F
a
v
o
r
a
b
l
e

Sasfacon
Loyalty
Copyright 2013 Group Five. All rights reserved. No part of this publicaon may be reproduced or transmied in any form or
by any means without permission from Group Five. No adversing or other promoonal use can be made of the informaon
in this report without the express prior wrien consent of Group Five.
2013 SHAREHOLDER SERVICES INDUSTRY SATISFACTION REPORT
S
hareholderservicesareacriticalelementofevery
transferagentsserviceoeringandfailureto
providesatisfactoryshareholderserviceseventually
leadstoadeclineinloyalty.Thechartbelowshows
clientloyaltyandclientsatisfactionwithshareholder
services.Overthelastthreeyearstherehasbeena
statisticallysignicantdeclineinsatisfactionwith
shareholderservicesalongwiththedeclineinclient
loyalty.
s
tudyrespondentswereaskediftheymeasure
shareholdersatisfactionwiththeservicesprovided
bytheirtransferagent.Thepiechartbelowshowsthat
only25%ofrespondentssaidthattheydomeasure
shareholdersatisfaction.Theaccompanyingbarchart
showsthatthoseclientswhodomeasureshareholder
satisfactionaresignicantlymoreloyalthanarethose
whodonot.Thedierenceisthatmeasuring
shareholdersatisfactionbuildstrustintherelationship,
whichinturnbuildstheemotionalconnectionwiththe
client.JackSundayexplains,Thesimplefactisthat
thoseclientswhomeasureshareholdersatisfactionget
betterservicethanthosethatdonot.
T
hetableonthenextpageshowsasummaryofthe
2013transferagentclientratingsforthefour
largestdomestictransferagentsreceivingover20
responsestothestudy.Notshowninthetablearethe
ratingsforBroadridgeandContinentalStockTransfer,
bothofwhichhavelessthan20responses.
W
ellsFargoShareownerServiceshasthehighest
loyaltyratingforlargetransferagentsat83%
favorable,whichissignicantlyabovetheindustry
average.Registrar&Transferhasthehighestclient
loyaltyamongmidsizetransferagentsat96%
favorable.TheloyaltyofComputershareslegacy
clientsisalsohighlyratedat81%favorable,however
theloyaltyoflegacyBNYMellonclients,whoarenow
withComputershare,issignicantlylowerat64%
favorable.Buildingloyaltyofclientsacquiredthrougha
mergertakestime.
C
ommentsfromafewWellsFargoclients
demonstratetheemotionalconnectionbehind
Wellshighloyaltyratings.OneclientsaidTheteam
dedicatedtoservicingourcorporateaccountisvery
experienced,accessibleandresponsive.Anothersaid
Ouraccountcontactsareterric.Theyarealways
accessible,alwaysresponsive,andvery
knowledgeable.
S
imilarly,commentsfromComputershareclients
emphasizedthepeoplesideofthebusiness.Its
allaboutyouraccountteam...wehaveanawesome
onewhowillkeepuswithComputershareformany
yearstocome,saidoneclient.AnothersaidWehave
verygoodservicefromouraccountmanagerandhe
takesverygoodcareofus.Wewillreallymisshimifhe
everleavesorretires.Heisalwaysquicktorespond
andknowshisjobverywell.
O
verallsatisfactionforthe27issuerswhorated
Registrar&Transferis100%favorableandloyalty
is96%.Asoneclientstated,R&Tisagreattransfer
agentouraccountmanagerismostknowledgeable
andalwaysavailabletous.
T
hetableonthenextpageshowsthenumberof
responsesandpercentfavorableratingsfor
selectedelementsofthe2013studyforeachtransfer
agentandforeachmarketsegment.Themarketis
segmentedbythesizeoftheregisteredshareholder
baseasshown.Additionalinformationcanbe
obtainedbycontactingGroupFive.
Yes
25%
No
75%
Do You Mrnsunr Snnnrnotbrn SntsrnctoN?
TnnNsrrn AcrNt CtrNt Lovnttv
Issuerswhodo
measureshareholder
sasfacon
Issuerswhodo not
measureshareholder
sasfacon
81%
75%
Percent
of
Respondents
Percentfavorableresponses
77
81
82
83
82
79
76
80
87
89
90
89
80
75
74
77
2006 2007 2008 2009 2010 2011 2012 2013
TnnNsrrn AcrNt Srnvcrs Snnnrnotbrn Srnvcrs nNb Lovnttv
P
e
r
c
e
n
t

F
a
v
o
r
a
b
l
e

Shareholder Services
Loyalty
2
Copyright 2013 Group Five. All rights reserved. No part of this publicaon may be reproduced or transmied in any form or
by any means without permission from Group Five. No adversing or other promoonal use can be made of the informaon
in this report without the express prior wrien consent of Group Five.
2013 TnnNsrrn AcrNt CtrNt SntsrnctoN RntNcs
Industry
American
Stock Transfer
Computershare*
Registrar &
Transfer
Wells
Fargo
CPU LCPU LBNYM
AllIssuers
Responses 802 138 477 313 164 26 126
Loyalty 77 74 75 81 64 96 83
AnnualMeeng 96 90 97 99 93 100 96
Fees 82 83 79 81 75 96 86
Escheatment 86 82 87 88 86 100 83
Lessthan
1,000
accounts
Responses 407 74 257 189 68 17 39
Loyalty 78 74 77 81 68
Lessthan
20responses
87
AnnualMeeng 97 91 98 99 95 94
Fees 83 83 81 80 81 94
Escheatment 88 84 88 88 89 86
1,000to
5,000
accounts
Responses 191 41 104 61 43 7 34
Loyalty 77 68 78 82 71
Lessthan
20responses
79
AnnualMeeng 92 86 94 100 84 95
Fees 82 85 82 84 79 75
Escheatment 87 78 90 86 97 88
5,000to
25,000
accounts
Responses 105 11 57 26 31 2 32
Loyalty 76
Lessthan
20responses
68 88 52
Lessthan
20responses
78
AnnualMeeng 98 96 100 94 100
Fees 79 74 86 64 83
Escheatment 87 89 95 83 79
Morethan
25,000
accounts
Responses 95 12 59 37 22 0 21
Loyalty 71
Lessthan
20responses
67 76 52
Lessthan
20responses
86
AnnualMeeng 100 100 100 100 100
Fees 79 74 78 67 95
Escheatment 79 79 84 68 78

*ComputersharerangsareshownforallComputershareclients(CPU),legacyComputershareclients(LCPU),andlegacyBNYMellonclients(LBNYM).
2013 SHAREHOLDER SERVICES INDUSTRY SATISFACTION REPORT
3
Copyright 2013 Group Five. All rights reserved. No part of this publicaon may be reproduced or transmied in any form or
by any means without permission from Group Five. No adversing or other promoonal use can be made of the informaon
in this report without the express prior wrien consent of Group Five.
2013 SHAREHOLDER SERVICES INDUSTRY SATISFACTION REPORT
Aboutthestudy...
The Group Five study of corporate opinions of shareholder services
providers is based on survey responses received from June through
September2013.
The sample of companies was taken from Group Fives databases and
public sources. All clients of the major domesc transfer agents were
targeted for the survey. At each company, the survey was to be
completed by the person most familiar with the performance of the
transfer agent. Job tles of parcipants included Investor Relaons
Director and Manager, Shareholder Relaons Manager, Corporate
Secretary, CFO, President, etc. The completed study included 802
responses from U.S. companies represenng from 100 to over one
million registered shareholders, for a total of over 29 million
shareholders. Each issuer response received equal weighng regardless
ofthesizeoftheshareholderbase.
In theory, in 95 cases out of 100, overall results based on such samples
will dier by no more than three percentage points in either direcon
from what would have been obtained by asking all companies using
commercial transfer agent services. The potenal sampling error for
smallersubgroupsislarger.
Inaddiontosamplingerror,thepraccaldierencesofconducngany
survey can introduce other sources of error. Dierences in wording and
the order of quesons, for instance, can lead to somewhat varying
results.
Theinformaoninthisreportshouldnotbeconsideredanendorsement
ofanycompanybyGroupFive.
GroupFive,85BolinasRoadSuite5,Fairfax,CA94930
415.578.2388;info@groupveinc.com
L
ostshareholdersearchservicesandassetrecovery
andreunicationservicesareanimportant
elementofshareholderservices,andarebecoming
moreimportanteveryday.Thestudyalsoasked
corporateissuerstoratetheirsatisfactionwithand
theirwillingnesstorecommendpostmergercleanup
(PMC),lostshareholdersearch,andassetrecoveryand
reunicationserviceproviders.Threeserviceproviders
receivedratingsinthestudyandforthefourth
consecutiveyearKeanehasthehighestratings.The
chartbelowshowstheoverallsatisfactionandloyalty
ratingsforKeaneandtheindustryasawhole.
C
orporateactionscanbeachallengeforissuersas
wellasserviceproviderssinceeachoneisunique
andoftenaretimecritical.Inthisyearssurvey178
issuersratedtheirsatisfactionwiththeirtransfer
agentscorporateactionservicewith80%ofissuers
providingafavorableratingforoverallsatisfactionand
72%providingafavorableratingfortheirwillingnessto
recommendtheirserviceprovider.Thechartbelow
showstheoverallsatisfactionandloyaltyforcorporate
actionsaswellastransferagentandlostshareholder
services.
T
hetransferagentratingsfrom802issuersare
relativelyhighwhencomparedwithratingsfor
otherrelatedandunrelatedservices.Thespecicareas
inwhichissuersratetransferagentshighestare:
datasecurityandprotection97%,
proxyandannualmeetingmaterials
distribution95%,
proxytabulation95%,
recordkeepingaccuracy93%,
accountsupportresponsiveness92%,
accountsupportaccessibility92%.
Theareasinwhichissuersratetransferagentslowest
include:
telephoneservicetoshareholders80%,
reportaccessibilityonissuerwebsite80%,
functionalityofissuerwebsite82%,
functionalityofshareholderwebsite82%,
clarityofshareholderformsandletters83%,
shareholderfees84%.
78
80
93
63
Industry
Keane Sasfacon
PercentFavorable
Keane
PMC/Lost Snnnrnotbrn/Assrt Rrcovrnv Srnvcrs
Industry
Sasfacon
Loyalty
Loyalty
63
77
72
80
87
80
Comrnnntvr SntsrnctoN nNb Lovnttv
Corporate
Acons
Transfer
Agent
Lost
Accounts
PercentFavorable
Sasfacon
Loyalty
Sasfacon
Loyalty
Sasfacon
Loyalty
4