HOUSE_OVERSIGHT_026679 --- PAGE BREAK --- Important information This document is intended only for Professional Clients and Financial Advisers in Continental Europe (as defined in the important information); for Qualified Investors in Switzerland; for Professional Clients in, Dubai, Jersey, Guernsey, Isle of Man,

s. Data is not weighted by AUM. Sample: 2016=55, 2017=57. HOUSE_OVERSIGHT_026697 --- PAGE BREAK --- Positivity towards Germany amidst concerns for Continental Europe Brexit has raised awareness of the related threat of wider EU disbandment, although this has had a relatively small effect on Continental European al

lization (large caps) over ones with a small one (small caps) in the current very challenging economic environment. Small caps generate more sales in Continental Europe than large caps. Thus, they are more negatively affected by weak domestic demand. Small caps also have a more cyclical earnings exposure than large c