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Order Size (AP) Brokers

Order Size: Large Orders - 50,000 Shares or More
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Bloomberg Tradebook-51.23
2Sanford C. Bernstein Limited-34.58
3Capital Institutional Services (CAPIS)-33.06
4State Street Global Markets (SSGM)-31.26
5Brockhouse & Cooper-30.43
6Cantor Fitzgerald -27.68
7Barclays-21.38
8Investment Technology Group (ITG)-20.03
9Russell Implementation Svcs.-15.93
10CIBC World Market (CIBC)-13.19

U.S. Equity Broker
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Fox River Execution Technology, LLC-32.45
2Agency Trading Group Inc-21.63
3State Street Global Markets (SSGM)-18.46
4Stifel, Nicolaus & Company-16.77
5Susquehanna International Group, LLC-15.55
6Source Trading Inc-14.55
7Knight-12.75
8Liquidnet-9.46
9Russell Implementation Svcs.-9.24
10BNY COnvergEx Group-5.94

Order Size: Medium Orders - 10,000 to 50,000 Shares
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Bloomberg Tradebook-46.38
2Brockhouse & Cooper-36.17
3Sanford C. Bernstein Limited-32.69
4CIBC WOrld Markets (CIBC)-29.87
5Investment Technology Group (ITG)-22.89
6Bank of America - Merrill Lynch-19.70
7Exane-19.09
8Cheuvreux-18.76
9Russell Implementation-15.38
10Instinet-14.59

U.S. Equity Broker
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 Brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Fox River Execution Technology, LLC-36.94
2BNY COnvergEx Group-20.31
3Knight-18.33
4CL King & Associates-17.03
5Brockhouse & Cooper-16.20
6State Street Global Markets (SSGM)-15.89
7Agency Trading Group Inc-15.43
8Source Trading Inc-14.79
9Nomura Holdings, Inc-14.08
10Guzman & Company-13.66

Ofer Size: Small Orders - 10,000 Shares or Less
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Bloomberg Tradebook-43.14
2Brockhouse & Cooper-37.87
3BMO Capital Markets-30.96
4Investment Technology Group (ITG)-30.76
5Bank of America - Merrill Lynch-28.78
6Cantor Fitzgerald-27.40
7Goldman Sachs-26.93
8Russell Implementation Svcs.-25.58
9Sanford C. Bernstein Limited-25.20
10Redbern Partners LLP-16.84

U.S. Equity Brokers
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Fox River Execution Technology, LLC-34.74
2Agency Trading Group Inc-27.19
3Knight-21.93
4CL King & Associates-21.75
5Sanford C. Bernstein Limited-21.47
6Source Trading Inc.-19.24
7Guzman & Company-19.05
8Brockhouse & Cooper-18.95
9Cantor Fitzgerald-18.83
10BNY ConvergEx Group-18.23

Arrival Price: Calculated by comparing the stock price from the time received to the actual execution price (Price to Price)
Total Cost Universe International Trading: Commissions + Fees + Market Impact [Arrival Price]
Total Cost Universe U.S. Trading: Commissions + Market Impact [Arrival Price]
Savings vs. Universe: = (-)