GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. Reuters / Luke MacGregor

Transcription

1 GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Reuters / Luke MacGregor Full Year 1

2 Full Year 1 Equity Capital Markets Managing Underwriters Equity Capital Markets Review Table of Contents Global Equity Latin America Equity Australia & New Zealand Equity Global Deals Intelligence 1 Latin America Equity & Equity Related (C1f) 8 Australian Equity & Equity-related (AK1) 1 Leading Underwriters for Fourth Quarter 1 Latin America Proceeds by Country & Sector 8 Australian Common Stock (AK) 1 Global Scorecard EMEA Equity New Zealand Common Stock 1 Global Debt, Equity & Equity Related (A1) EMEA Deals Intelligence 9 Japan Equity Global Equity & Equity-Related (C1) EMEA Equity & Equity-related (C1d) 9 Japan Equity & Equity-Related (C1e) 1 Global Common Stock (C) EMEA Common Stock (Cc) Japan Common Stock (Cd) 1 Global Convertibles (C9) EMEA IPOs (Cc) Japan IPOs (Cd) 1 Global IPOs (C) EMEA Rights Offerings (C8fr) Japan Secondary Offerings (C8d) 1 Global Equity Rankings - Last Ten Years EMEA Convertibles (C9d) Japan Convertible Offerings (C9e) 1 US Equity Asia Equity Criteria Summary US Deals Intelligence Asia Equity & Equity-Related, inc Chinese A-shares (C1b) 11 Equity Capital Markets Criteria Summary 1 US Equity & Equity-Related (C1a) Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) 11 Regional Contacts 1 US IPOs (C) US Secondary Offerings (C8a) Asia Common Stock, inc Chinese A-shares (Ca) Asia IPOs, inc Chinese A-shares (Ca) 1 1 Thomson Reuters Solutions for the Deal Making Community 1 US Common Stock (C) Asia Secondary Offerings, inc Chinese A-shares (C8c) 1 US Block Trades Asia Convertibles, inc Chinese A-shares (C9b) 1 US Convertibles (C9a) Banking Composite of Top US Equity s

3 Full Year 1 EQUITY CAPITAL MARKETS REVIEW Global Equity Capital Markets Up 11% Over 1 l IPO Activity Up 1% l Follow-On Offerings at -Year High I Goldman Sachs Tops Global ECM l ECM Fees Climb % Global Deals Intelligence GLOBAL ECM ACTIVITY UP 11% - Equity capital markets activity totaled US$89. billion during full year 1, an 11% increase compared to full year 1 and the strongest annual period for global equity capital markets issuance since. Fourth quarter equity capital markets issuance decreased 8% compared to the third quarter of the year. IPOs UP 1% FROM 1; ASIA PACIFIC ISSUERS ACCOUNT FOR % - Initial public offering activity during full year 1 totaled US$9. billion, an increase of 1% from last year and the strongest annual period for global IPOs since. Issuers in China, the United States and United Kingdom accounted for 8% of all activity during full year 1, up from a combined 1% a year ago. Bolstered by four of the world's top five listings this year including Alibaba Group's record-breaking $. billion IPO, Asia Pacific IPOs totaled $. billion during full year 1, the strongest annual period since. FOLLOW-ON OFFERINGS HIT -YEAR HIGH, UP 1% FROM 1- Global follow-on offerings totaled US$.8 billion during full year 1, an increase of 1% compared to a year ago and the strongest annual period for follow-on offerings since 9. Offerings from European companies accounted for % of global follow-on issuance, up from % during full year 1. Strong year-over-year gains in Italy and Germany bolstered European volumes, while issuance from companies in the United States fell 1%. UNITED STATES ISSUERS ACCOUNT FOR 9% - Issuers from the United States raised US$.9 billion in the global equity capital markets during full year 1, down 9% compared to 1. Issuers from China and United Kingdom accounted for 1% and %, respectively, e of overall equity capital markets activity ty during full year 1. FIVE SECTORS ACCOUNT FOR 8% OF ACTIVITY - Led by Financial issuers (%), the overall volume of equity capital markets activity remained highly concentrated among five main sectors including Energy and Power (1%), Technology (1%) and Industrials and Real Estate (11%). GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital markets underwriters during full year 1, with US$. billion in proceeds from 98 issues, despite a loss of. market share points compared to 1., which gained 1. market share points for the top spot in global IPO underwriting this year, moved into second place from third in overal ECM during full year 1. ECM FEES UP % - According to estimates from Thomson Reuters/Freeman Consulting, fees from equity capital markets transactions during full year 1 totaled US$1. billion, an % increase from full year 1. Global Equity & Equity-Related Volume by Domicile Region Global Initial Public Offerings $1 Global IPOs (US$bil) Asia Pacific as % of Global IPOs $1 Proceeds (US$b) $ $8 $ $ $ $ Global Equity & Equity-Related Volume $ Proceeds (US$b) # of Issues $ $ Proceeds (US$b) $ $ $ $ $ $ ,8 1, 1, 1, 1, 8 % of Proceeds from Asia Pacific # of Issues % 9% 8% % % % % % % % % Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas 1

4 Full Year 1 Equity Capital Markets Managing Underwriters Global Equity Capital Markets Leading Underwriters for the Fourth Quarter of 1 Oct 1 - Dec 1 Global Scorecard 1/1/1-1/1/1 1/1/1-1/1/1 Current Qtr Mkt. Share Chg. Consecutive Proceeds No. Proceeds No. % Change Market Sector No. 1 Manager Market Sh. (%) from Last Qtr (%) Quarters No. 1 US$m Deals US$m Deals in Proceeds Global Global Equity & Equity-Related (C1) 89,.,8 8,.,.8% Global Debt, Equity & Equity-Related (A1).. 1 United States (C1a) 8,89. 1,8 8,. 1, -8.% Global Disclosed Fees (A) Asia Pacific ex Australia (C1b),9.1 1,1 1,.9 1, 1.% Global Equity & Equity-related (C1) 9.8. Australia (C1c),.,..8% Global Common Stock (C) EMEA - Europe, Middle East & Africa (C1d) 8,9.9 1,8,9. 99.% Global IPOs (C) Japan (C1e) 9,.1 8 9,1. -.% Global Convertibles (C9) 1.. Latin America (C1f) 1,9.,. -.8% Global Common Stock (C) 8,81.,1 9,.1, 1.9% US United States (C) 1, , % US Equity & Equity-Related (C1a) Asia Pacific ex Australia (Ca) 1,. 1, 1,. 1,8.% US Common Stock (C) Australia (Cb),9. 1,..% US IPOs (C) EMEA - Europe, Middle East & Africa (Cc) 8,. 1,1, % US Convertibles (C9a) Japan (Cd),81.8,. -.% Latin America (Ce) 1,9.,. -.8% Europe, Middle East & Africa (EMEA) Global IPOs (C) 9,19. 1, 1, % EMEA Equity & Equity-Related (C1d) United States (C),1.9,.1 -.% EMEA Common Stock (Cc) HSBC Holdings PLC Asia Pacific ex Australia (Ca) 8,8. 1,98. 1.% EMEA IPOs (Cc) HSBC Holdings PLC Australia (Cb) 1,. 9,. 1.9% EMEA Convertibles (C9d) EMEA - Europe, Middle East & Africa (Cc),9. 8 8, % Japan (Cd) 11, ,9. 1.% Asia-Pacific ex. Japan ex. Australia Latin America (Ce) 1,. 1, % Asia-Pacific Common Stock (Ca) 1..1 Global Secondary Offerings (C8),.,9 1,8.9, 1.1% Asia-Pacific Convertibles (C9b) CITIC United States (C8a) 1,81.1,.8-1.1% Asia Pacific ex Australia (C8c) 1,19.8 1, 9,9. 91.% Japan Australia (C8b),. 1,81. 8.% Japan Equity & Equity-Related (C1e) 9.. EMEA - Europe, Middle East & Africa (C8f) 1, ,. 1.% Japan Common Stock (Cd) Japan (C8d) 19,.9 1, % Japan IPOs (Cd). 1.8 Latin America (C8e) 1, , % Japan Convertibles (C9e) 8.8 Global Convertible Offerings (C9),81.,1. -.9% United States (C9a),8. 11,. 1.8% Asia Pacific ex Australia (C9b),. 1,.9 -.1% Australia (C9c) % EMEA - Europe, Middle East & Africa (C9d) 8,9., % Japan (C9e) 8,11. 1,9.8.% Global Debt, Equity & Equity-Related (A1) Global Equity & Equity-Related (C1) 1 1 9, ,. -, , , , , 8. -1, , , , , , , , Barclays 8, ,1. + 1, , , , , , , , , , 8. -, , , ,. -,.. -., HSBC Holdings PLC 8 9 9, ,8. + 1, , , ,9. +9, Barclays 9 9, BNP Paribas SA 19, HSBC Holdings PLC 1 1, Wells Fargo & Co , , , RBC Capital Markets 1 1 1, ,.. +. RBC Capital Markets 1 1 1, , , Wells Fargo & Co , RBS 1 11, Jefferies LLC 1 1 9, , Macquarie Group 1 1 8, Societe Generale , CITIC 1 8, Credit Agricole CIB 1 1, Societe Generale 1, UniCredit 88, BNP Paribas SA, TD Securities Inc 19, China Securities Co Ltd 19 1, Mizuho Financial Group 19, BMO Capital Markets 9, ,,. 1. 9,..8, ,.8.,9, ,81 +1,8.. 89,..,8 + 1,...%.9% -1.1% -1.% 9.% -.%.8% 9.% -8.%.1%.% -.1%

5 Full Year 1 Equity Capital Markets Managing Underwriters Global Equity Capital Markets Global Common Stock (C) Global Convertibles (C9) 1 1, , , , ,.. -., , , , , ,.. +.1, , , , , , , , , , Barclays 9 9, Barclays 9 9, HSBC Holdings PLC 1 1, , RBC Capital Markets , RBC Capital Markets 11, , BNP Paribas SA 1 11, Wells Fargo & Co 1 11, HSBC Holdings PLC 1, Jefferies LLC 1 1 8, Societe Generale 1 1, Macquarie Group 1 1 8, Wells Fargo & Co 1 1, CITIC 1, Daiwa Securities Group Inc 1 1 1, China Securities Co Ltd 1 9, CITIC 1 1, BMO Capital Markets, Credit Agricole CIB Sumitomo Mitsui Finl Grp Inc 19 1, Jefferies LLC Societe Generale 1, Sumitomo Mitsui Finl Grp Inc , ,9.. 8, , ,81.., ,.., , % -.% 9% 9.%.% 19.% -1.% -.9% %.% 8% 8.% -.% -.% -8.% Global IPOs (C) Global Equity & Equity-Related Imputed Fees 1, , , ,.1 1, ,8. 11, , Barclays 9 9, HSBC Holdings PLC 1, , Macquarie Group 1 1, Wells Fargo & Co 1 11, Jefferies LLC 1 1, China Merchants Securities Co 1, CITIC 1, Bank of China Ltd 1, GF Securities 1*, RBC Capital Markets 19 1, ING 8 1, ,88..8,98.. 9,19.. 1, +,9.8..% 9.%.9%.% 9.%.% US$Bil $ $9 $8 $ $ $ $ $ $ $1 $ Fees (US$bn) # of Issues , 1,8 1, 1, 1, 1, 8 # of Issues

6 Full Year 1 Equity Capital Markets Managing Underwriters Global Equity Capital Markets: Ten Years of Rankings 1 Rank 8 9 Barclays HSBC Holdings PLC Note: League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter-end in each calendar year.

7 nc 9% Decrease in Volume Highest Convertible Proceeds since 8 Highest Number of IPOs since Full Year 1 Equity Capital Markets Managing Underwriters US Equity Capital Markets US Deals Intelligence US Equity & Equity-Related proceeds totaled US$8. billion from 1,8 deals in the full year 1, an 8.% decrease in volume from 1. Fees totaled $8. billion, a.8% decrease from 1, according to estimates by Thomson Reuters/Freeman Consulting. 1 saw a volume decrease of.% for US IPOs, 1.1% for Secondary Oferings, and 1.% for Block trades. 1 had the highest number of US IPOs issued since, with deals. The William Cos Follow-On and zens IPO (both $. billion) were the largest deals of 1. Full year 1 registered the highest issuance of convertibles since 8, a.8% increase from 1 with proceeds of $. billion from 11 deals. Convertibles represented 1% of all ECM issuances, while IPOs and Follow- Ons were % and 1%, respectively. US Equity & Equity-Related (C1a) US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil) 1 1 9, , , , , Barclays, , , Wells Fargo & Co 9 9 1, RBC Capital Markets 1, , Jefferies LLC 1 11, Stifel/KBW 1 1, BMO Capital Markets 1 1, Raymond James Financial Inc 1 1, Piper Jaffray Cos 1 1 1, Cowen & Co , Leerink Partners LLC 1, Robert W Baird & Co Inc , KeyBanc Capital Markets Inc ,.8 9.1, ,89.. 1,8-8, %.8% -.1%.% -.8% 1.% $1.8 % $. 8% $. 1% $9. $.8 $. 1% $. % 1% % $.8 1% Energy and Power Healthcare Real Estate Consumer Products and Services $1.8 1% $. 1% Financials High Technology Industrials Others $1.8 1% IPO Follow-On Convertible US IPOs (C) US IPOs Full Year 1 1, , , , , Barclays, , , Wells Fargo & Co 9 9, RBC Capital Markets ,. 1, Jefferies LLC , Stifel/KBW 1 1 1, BMO Capital Markets Piper Jaffray Cos Leerink Partners LLC Raymond James Financial Inc RBS Cowen & Co William Blair & Co ,.8 9., , ,8.. -.% 1.9% -.%.%.%.9% Proceeds US$ Billions $. $. $. $. $. $. $. $- $. $. $.8 $. $. $. $. $ $. 11 $ Proceeds # of Issues # of Issues

8 Full Year 1 Equity Capital Markets Managing Underwriters US Equity Capital Markets US Secondary Offerings (C8a) US Common Stock (C) 1, , , Barclays 1, , , , , Wells Fargo & Co 9 9, RBC Capital Markets 11, , Jefferies LLC 1 1, Raymond James Financial Inc 1 1 1, Stifel/KBW 1 1 1, BMO Capital Markets 1 1 1, Cowen & Co Leerink Partners LLC Robert W Baird & Co Inc KeyBanc Capital Markets Inc RS Platou Markets AS ,9. 9., , ,.1. 1, , , Barclays 1, , , , , Wells Fargo & Co 9 9, RBC Capital Markets 1, , Jefferies LLC 1 11, Stifel/KBW BMO Capital Markets Raymond James Financial Inc ,1.,9. 1, Piper Jaffray Cos Leerink Partners LLC Cowen & Co ,. 1,8. 1, Robert W Baird & Co Inc , KeyBanc Capital Markets Inc ,. 9.8, , , % 1% -9.% -.% 8.8% -.%.1% -11.% 1.% -.%.% -.%.% US Block Trades US Convertibles (C9a) , Barclays, , , , , , , , Wells Fargo & Co RBC Capital Markets Jefferies LLC Raymond James Financial Inc BMO Capital Markets Robert W Baird & Co Inc Ladenburg Thalmann & Co JMP Securities LLC ,89...8, ,111., , , , RBC Capital Markets 11, , , Barclays 9, Wells Fargo & Co 8, Jefferies LLC HSBC Holdings PLC Piper Jaffray Cos Kohlberg Kravis Roberts & Co BNP Paribas SA BMO Capital Markets Stifel/KBW Raymond James Financial Inc , , , %.1%.%.% - ** Rankings exclude self-funded proceeds, per Standard Criteria -.1%.1%.8% -.8%.8% -.% -1.9% -.%

9 Full Year 1 Equity Capital Markets Managing Underwriters US Equity Capital Markets Top Ten US Equity & Equity-Related Deals (US$bil) Full Year 1 $. $. $1. $1. $. $. $. $. $. The Williams Cos Inc $. zens Financial Group Inc $. Synchrony Financial $. Paramount Group Inc $. Hilton Worldwide Holdings Inc $. Ally Financial Inc $. Hilton Worldwide Holdings Inc $. Santander Consumer USA Hldgs $. Exelon Corp $. Golar LNG Ltd $1.9 Issue Date Issuer/Sector US$bil Issue Type s /1/1 The Williams Cos Inc $. FO group Barclays Energy and Power 9//1 zens Financial $. IPO Goldman Sachs Barclays group RBS Wells Fargo Financials //1 Synchrony Financial $. IPO Goldman Sachs group Barclays Financials 11//1 Paramount Group Inc $. IPO Merrill Lynch, Pierce, Fenner Wells Fargo Real Estate 11//1 Hilton Worldwide $. FO Goldman Sachs Merrill Lynch, Pierce, Fenner group Wells Fargo Media & Entertainment /9/1 Ally Financial Inc $. IPO group Goldman Sachs Barclays Financials //1 Hilton Worldwide $. FO group Wells Fargo Media & Entertainment 1//1 Santander Consumer $. IPO group Santander Barclays Goldman Sachs Financials RBC BMO Wells Fargo /11/1 Exelon Corp $. FO Barclays Goldman Sachs Energy and Power 9//1 Golar LNG Ltd $1.9 FO Goldman Sachs RS Platou Markets AS Industrials US Equity & Equity-Related Industry Composition for Top s Full Year 1 % Total Proceeds % 9% 8% % % % % 1.%.%.% 8.%.%.% 1.% %.% %.%.% %.%.%.%.%.%.8%.8%.% 1.% 8.% 19.% 1.% 11.%.%.8%.%.%.%.8%.%.%.%.%.%.%.%.%.8%.%.% 1.1% 1.%.%.% 9.8% 8.% 8.% 8.%.%.9%.1% 1.% 1.9% 9.%.%.9%.% 8.% 9.% 1.% 1.%.%.%.8%.% 1.1% 1.%.% 8.1%.%.1%.% 8.% Tl Telecommunications Consumer Staples Retail Real Estate Media and Entertainment Materials Industrials High Technology % % % %.8%.% 1.% 11.% 19.%.9% 19.% 1.%.%.%.9%.%.9%.%.%.%.%.9% Goldman Sachs & Co Bank of America Merrill Lynch.% 11.%.% 1.1% 1.%.%.% Barclays Wells Fargo & Co RBC Capital Markets Healthcare Government and Agencies Financials Energy and Power Consumer Products and Services

10 Full Year 1 Equity Capital Markets Managing Underwriters Latin America Equity Capital Markets % Decrease in Volume Fees down 1% 8% of Latin America Issuance from Brazil and Mexico Latin America Equity & Equity Related (C1f) Latin America ECM Volume by Year Itau Unibanco 1 1, , , Banco BTG Pactual SA 1 1, , HSBC Holdings PLC 19 1, , Santander BBVA Banco Bradesco SA 1* Banco do Brasil SA 1* Barclays 1* Caixa Geral de Depositos 1* Banco Espirito Santo SA 1* Corporacion Actinver Sab de CV LarrainVial SA Grupo Financiero Banorte-Ixe Evercore Partners * * , , % -.% -.8% -.% -.% -.% Proceeds US$ Billions $ $ $ $ $ $ $ $. $. 11 $. $1. $8. $. $.8 $1. $1. $ Proceeds # of Issues # of Issues Latin America Eq & Eq Related Proceeds (US$Bil) by Country Full Year 1 Latin America Eq & Eq Related Proceeds (US$Bil) by Sector Full Year 1 Telecommunications $1.9 11% $1. % % Brazil $.8 % Mexico $1. 9% $1. 8% $. % Real Estate Financials Retail Industrials $. % Chile Colombia $. 1% $. % Consumer Products and Services Media and Entertainment Materials Energy and Power Argentina Healthcare 8

11 EMEA Fees Reach US$ billion l IPO Issuance Volume up 99% Year-on-Year l Financials Remain Dominant Full Year 1 Equity Capital Markets Managing Underwriters EMEA Equity Capital Markets EMEA Deals Intelligence ranked first in EMEA ECM issuance in 1, with a 9.% market share. 1 was a strong year for EMEA ECM fees, which exceeded 1 totals by.9% from last year and marked the highest volume since 9, according to estimates by Thomson Reuters/Freeman Consulting. Momentum slowed in the fourth quarter due to market volatilty. Rights Issues and Convertibles were down 9.8% and.% respectively, in Q from Q. Financials remained the strongest industry group. Seven out of the ten largest deals in 1 were bank capital raisings. 1 recorded the largest EMEA IPO volume since, despite ten IPOs withdrawn or postponed in October. UK IPOs totaled $1.8 billion, up.% from 1 and the highest volume on record since 198. UK IPOs accounted for 8.% of this year s European IPO total proceeds. EMEA Equity & Equity-Related (C1d) EMEA ECM Proceeds Raised by Industry (US$Bil) 1 1 Rank 1 Rank Market Proceeds Sh. (%) Market Share Ch. # of Market Deals Sh. (%) Change in # of Deals Manager Market Fees Sh. (%) Market Share Ch. 1, , , , , , , , HSBC Holdings PLC 9 1, Barclays 9 9, Societe Generale 11, BNP Paribas SA 1 11, Mediobanca 1 1, Jefferies LLC 1 1, ING 1, UniCredit 1 1, Commerzbank AG 1, Banca IMI (Intesa Sanpaolo), Santander 19, Nordea, ,8..1,.. 8,9.9. 1,8 +11,81.8..% 1.%.9%.% 9.8% -11.% $9. % $. % $9.8 % $11.8 % $1. % $1. % $. 1% $1. % $. % $1.9 % $1.8 % $. 9% Financials Industrials Real Estate Energy and Power Media and Entertainment Retail Consumer Products and Services High Technology Materials Healthcare Telecommunications Consumer Staples EMEA IPOs by Nation of Primary Listing (US$m) 1 Top EMEA Equity and Equity-Related Deals (US$Mil) 1 $, 1 AG //1 $11,.8 Proceeds (US$m) $, $1, $, $, $1,11.9 $,. $,. $,1. $,999. $,989. $,99.1 $,9. $,98. 8 # of Issues Lloyds Banking Group PLC Monte dei Paschi di Siena National Commercial Bank SJSC Numericable Group SA Telefonica Deutschland Holding Endesa SA //1 //1 11//1 11/1/1 9//1 11/1/1 $,9. $,8. $,. $,88. $,. $,88. $ United Kingdom United States of America Netherlands Spain France Saudi Arabia Germany Sweden Italy Proceeds (US$m) # of Issues RBI National Bank of Greece SA 1//1 /9/1 $,. $,. Banco Comercial Portugues SA //1 $,. 9

12 Full Year 1 Equity Capital Markets Managing Underwriters EMEA Equity Capital Markets EMEA Common Stock (Cc) EMEA IPOs (Cc) # of Deals per Imputed Fees (US$m) Market Market # of Market Change in Manager Market Market 1, , , , , , , , , , , , , HSBC Holdings PLC 1, , , HSBC Holdings PLC 9 1 9, , Barclays 9, ING 1, Societe Generale 11, Barclays 11 1, Mediobanca 1, Jefferies LLC 1 1, Jefferies LLC 1 1, GIB Capital 1-1, BNP Paribas SA 1 1, Global M&A 1 1 1, ING Commerzbank AG 1 1 1,., Carnegie Numis ,1.8 1, UniCredit 1 11, BNP Paribas SA 1 1, Nordea Banca IMI (Intesa Sanpaolo) 19,99., Cenkos Securities PLC Nordea , Santander, Canaccord Genuity ,1..,. 9.,.. 1, ,.. 1,1 +1,.., , % 1.%.% 98.9% 9%.8% 9.% 1.% -9.9%.% 19.% 1.% -1.% EMEA Rights Offerings (C8fr) EMEA Convertibles (C9d) # of Deals per Imputed Fees (US$m) 1, , HSBC Holdings PLC 11, , , , Barclays 1,98.1, BNP Paribas SA,., , Societe Generale 1, Mediobanca 1*, , , Barclays 8 1, , , , , Societe Generale 11 8, HSBC Holdings PLC BNP Paribas SA 1 1, Credit Agricole CIB , Commerzbank AG 1 1, RBS UniCredit 1 1 1, UniCredit Banca IMI (Intesa Sanpaolo) 1 1, Natixis Santander 1 1 1, Banca IMI (Intesa Sanpaolo) ING Commerzbank AG Berenberg Bank Credit Agricole CIB Santander , ,. 81.9, , ,1.. 8, % -9.8% ** Rankings exclude self-funded proceeds, per Standard Criteria.% 9.9% -.% -.% -.1% -.% 1.% -.% -.% -.9%

13 Full Year 1 Equity Capital Markets Managing Underwriters Asia (ex-japan, ex-australia) Equity Capital Markets Asia ECM Proceeds - Largest Since l Dalian Wanda Commercial Property Deal - Contributes to Record High in Asian REIT Issues Asia Deal Intelligence Asian ECM 1 proceeds registered US$. billion, a 1.% increase from 1 and the largest volume since. Issuers from the High Technology, Financials and Industrials sectors captured.% of the market, with US$.8 billion, US$1. billion and US$. billion in proceeds, respectively. According to Thomson Reuters/Freeman Consulting, estimated fees earned on Asian Equity & Equity-Related deals in the full year of 1 totaled US$.1 billion from 1,1 deals, a.% increase from total fees earned throughout 1. Asian IPO proceeds in 1 more than doubled from 1 totals to US$8. billion from the US$ billion raised a year ago. China and Hong Kong IPOs totaled US$.8 billion this year, capturing 8.9% of the Asian market. Asia Equity & Equity-Related, inc Chinese A-shares (C1b) Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$m) 1 1, , , , , , , CITIC 8 8, , China Securities Co Ltd 1, HSBC Holdings PLC 11 11, Haitong Securities Co Ltd 1, GF Securities 1, China International Capital Co 1, China Merchants Securities Co 1, Bank of China Ltd 1 19, Guosen Securities Co Ltd 1, Guotai Junan Securities 1, Southwest Securities Co Ltd 19 1, China Construction Bank, ,8..,9..,9.1. 1,1 +9, %.8%.% -1.% 1.% -.8% $, $, $, $, $, $, $, $, $, $1, $1, $ $ China Hong Kong Singapore South Korea Malaysia India Thailand Rest of Asia Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) Top Asia Equity & Equity-Related Deals (US$m) Full Year 1 1 1, , , , , , , , HSBC Holdings PLC 9 8, CITIC 1, Bank of China Ltd 11 1, China International Capital Co 1 1, China Construction Bank 1, CIMB Group Sdn Bhd 1, Standard Chartered PLC DBS Group Holdings ,1.9 1, Malayan Banking Bhd 1 1 1, Industrial & Comm Bank China Woori Invest & Sec Co Ltd ,8. 1, China Merchants Securities Co 1, ,1.8. 1,8.. 1,1.. 1, +,8...8% 1.9% -.% -1.%.% -.1% 11 Alibaba Group Holding Ltd CITIC Pacific Ltd BOE Technology Group Co Ltd Ping An Insurance(Grp)Co of Dalian Wanda Coml Ppty Co Ltd CGN Power HK Electric Investments Ltd Oversea-Chinese Bkg Corp Ltd WH Group Ltd JD.com Inc 9//1 8//1 $,8.1 //1 $, //1 $,9. 1/1/1 $,1. $,8. $,9.9 $,. $,. $,. 1//1 1//1 9/1/1 //1 /1/1 $,.

14 Full Year 1 Equity Capital Markets Managing Underwriters Asia (ex-japan, ex-australia) Equity Capital Markets Asia Common Stock, inc Chinese A-shares (Ca) Asia IPOs, inc Chinese A-shares (Ca) 1 Rank 1 1, , , , , , , China Merchants Securities Co CITIC 8 8, CITIC , Bank of China Ltd 9 China Securities Co Ltd 1, GF Securities Haitong Securities Co Ltd 11 19, HSBC Holdings PLC 11 GF Securities 1, HSBC Holdings PLC 1, China International Capital Co 1 China Merchants Securities Co 1, Bank of China Ltd 1 1, China Construction Bank 1 China International Capital Co 1, DBS Group Holdings 1 Guosen Securities Co Ltd 1, Haitong Securities Co Ltd 1 Guotai Junan Securities 1, Guotai Junan Securities Southwest Securities Co Ltd 19 1, Guosen Securities Co Ltd 19 China Construction Bank 1, Industrial & Comm Bank China 1,.1., ,.. 1, +91,.. 1 Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch., , , , , , , , , , , , , , , , , , , ,.1.8 1,9.. 8, ,...% -.%.%.%.% -.% 1.% -.%.8%.% 1.% -1.% Asia Secondary Offerings, inc Chinese A-shares (C8c) Asia Convertibles, inc Chinese A-shares (C9b) 1 9, , , , , , China Securities Co Ltd, CITIC 1, , , , , , HSBC Holdings PLC 1 1, , CITIC 9, Partners Capital International Haitong Securities Co Ltd 1, KGI Financial Services Group , China International Capital Co 11 * Southwest Securities Co Ltd 1, GF Securities 1, Standard Chartered PLC China International Capital Co 1, HSBC Holdings PLC 1 1, Concord Securities Co Ltd Guosen Securities Co Ltd , China Securities Co Ltd Guotai Junan Securities 1 9 1, China Merchants Securities Co Huatai Securities Co Ltd 1, Barclays Changjiang Securities Co Ltd 19 1, Industrial Securities Co Ltd China Galaxy Securities Co 1, Phatra Securities Co Ltd , , , , +1 1,.8., % -.1% 1.% 19.%.% 11.% -.1% 8.9% -.% -1.% -.%.% 1

15 Australian Common Stock Volume Up % l Healthcare Equity Proceeds - Record High l Medibank Private - Largest Australian IPO Since the Telstra Privatization Australia Deal Intelligence Full Year 1 Equity Capital Markets Managing Underwriters Australia & New Zealand Equity Capital Markets Australian ECM closed with an annual volume of AU$. billion, a.% increase from the 1 industry total. Issuance from Healthcare, Energy & Power and Financials sectors captured.% of the market, with combined proceeds of AU$ billion. Total fees earned in Australian ECM this year totaled AU$819. million from deals, a % increase from fees earned in the full year of 1, according to estimates by Thomson Reuters/Freeman Consulting. The top fee earning bookrunner,, captured 1% of total wallet share. Australian IPO proceeds totaled AU$1. billion from 9 transactions in 1, with fourth quarter 1 industry total at US$8. billion from 8 deals - the highest quarterly volume since the last three months of 199, when the Telstra Corp AU$1. billion IPO was issued. Australian Equity & Equity-Related (AK1) New Zealand Common Stock Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) 1, Macquarie Group, , , , , , Morgans Financial Ltd CIMB Group Sdn Bhd Commonwealth Bank of Australia Canaccord Genuity Patersons Securities Ltd Bell Financial Group Ltd Evans and Partners Petra Capital Pty Ltd Moelis & Co Taylor Collison Ltd Hartleys Ltd , , /First NZ Capital Macquarie Group First NZ Capital Forsyth Barr Craigs Investment Partners Ltd Taylor Collison Ltd Top Ten Total 1, , % -.% % %.% -8.9%.% -.8%.%.%.1% -1.%.% -11.% Australian Common Stock (AK) Top Australian Equity & Equity-Related Deals (AU$m) Full Year 1 Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) 1, Macquarie Group, ,1.,.,.,9.9 1, Morgans Financial Ltd CIMB Group Sdn Bhd Commonwealth Bank of Australia Canaccord Genuity Patersons Securities Ltd Bell Financial Group Ltd Petra Capital Pty Ltd Moelis & Co Taylor Collison Ltd Hartleys Ltd Evans and Partners , , Medibank Private Ltd Woodside Petroleum Ltd Transurban Group Healthscope Ltd AGL Energy Ltd Spotless Group Holdings Ltd QBE Insurance Group Ltd Australand Property Group National Australia Bank Ltd Arrium Ltd 11//1 /1/1 /9/1 //1 9/1/1 /1/1 8//1 /19/1 1//1 9/1/1 $1,1.8 $99. $8. $88.8 $8. $.1 $,. $,.1 $,. $,..1%.%.8%.8% -1.1% -1.9% 1

16 Japanese Equity & Equity-Related Proceeds Down % Strong IPO Activity in Q Equity-Related Activity Highest Since Full Year 1 Equity Capital Markets Managing Underwriters Japan Equity Capital Markets Japan Deals Intelligence Japanese ECM volume totaled US$9. billion from 8 deals during full year 1, a % decline from full year 1 due to weaker secondary market activity. According to Thomson Reuters/Freeman Consulting, estimated fees from Japanese ECM activity totaled US$1. billion, a.9% decline from 1. IPO activity totaled US$11. billion from 8 deals during full year 1, up 1% compared to last year, with the largest deal count since 8. Fourth quarter IPO activity posted signficant gains, with totals more than five times the third quarter proceeds. Equity-related activity continued its upward trend, yielding US$8. billion in proceeds from 1 deals, the second highest proceed in the last years, surpassed only by s US$. billion worth of proceeds. Equity-related activity accounted for % of total Japanese ECM activity for the year. Japan Equity & Equity-Related (C1e) Japan Equity & Equity-Related Volume by Issue Type Full Year , Sumitomo Mitsui Finl Grp Inc, Daiwa Securities Group Inc, Mitsubishi UFJ, Mizuho Financial Group, , , Ichiyoshi Securities Co Ltd SBI Holdings Inc Tokai Tokyo Financial Holdings Okasan Securities Group Inc Top Fifteen Total 9,.1. 1, , ,.. -.% 9.% -8.1% -.9% 81.%.9% Proceeds (US$billions) # of Issues IPO Follow-On Convertible # of Issues Japan Common Stock (Cd) Top Japan Equity & Equity-Related Deals (US$m) Full Year , Sumitomo Mitsui Finl Grp Inc, Mitsubishi UFJ, Mizuho Financial Group, Daiwa Securities Group Inc 1,8.8 1, Ichiyoshi Securities Co Ltd SBI Holdings Inc Tokai Tokyo Financial Holdings Okasan Securities Group Inc Top Fifteen Total, ,.1 99., ,.. -.% 8.1% -11.% 9.% -.% 1.1% Mitsui Fudosan Co Ltd Japan Display Inc The Dai-ichi Life Insurance Mitsubishi Motors Corp Recruit Holdings Co Ltd Yamada Denki Co Ltd Kobe Steel Ltd Hitachi Maxell Ltd Skylark Co Ltd Hulic Reit Inc /1/1 //1 /1/1 1//1 //1 //1 /19/1 //1 9/9/1 1/9/1 $1,9. $8.1 $1.8 $88. $8. $1,9. $,. $,8. $,89. $,1. 1

17 Full Year 1 Equity Capital Markets Managing Underwriters Japan Equity Capital Markets Japan IPOs (Cd) Japan Equity & Equity-Related Proceeds by Industry (US$Mil) Full Year 1 1 1, Mitsubishi UFJ, Sumitomo Mitsui Finl Grp Inc 1, Mizuho Financial Group 1, Daiwa Securities Group Inc Ichiyoshi Securities Co Ltd SBI Holdings Inc Tokai Tokyo Financial Holdings Yuanta Financial Hldg Co Ltd Top Fifteen Total 11, , $11, 8% $1, % $1, % $,98 1% $,1 % $, 8% $, 1% $,8 9% $, % Real Estate High Technology Industrials Financials Consumer Products and Services Retail Healthcare Materials Consumer Staples 1.% 1.9%.9% 1.%.% 8.% Media and Entertainment Energy and Power Japan Secondary Offerings (C8d) Telecommunications 1 1, Sumitomo Mitsui Finl Grp Inc, Daiwa Securities Group Inc, Mizuho Financial Group, Mitsubishi UFJ 1, , Ichiyoshi Securities Co Ltd SBI Holdings Inc Okasan Securities Group Inc Tokai Tokyo Financial Holdings Top Fifteen Total 19, , % -.9% Japan Convertible Offerings (C9e) Japan IPO Quarterly Volume and Deal Count -.%.% -1.% -.1% 1, Daiwa Securities Group Inc 1 1, Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Mizuho Financial Group Top Six Total 8, , Proceeds (US$billions) Q Q Q Q # of Issues # of Issues.%.8%.% 1.1%.% 19.% 1

18 Full Year 1 Equity Capital Markets Managing Underwriters Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: Americas Ranie Guo Tel: ranie.guo@thomsonreuters.com EMEA Rebecca Cox Tel: rebecca.cox@thomsonreuters.com Asia-Pacific Michelle Abuzo Tel: michelle.abuzo@thomsonreuters.com Japan Aki Sato Tel: aki.sato@thomsonreuters.com - All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters databases as of 9:am EST on December 1, 1. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. - Transactions must be received within business days of pricing. (Rule 1a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. - Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds. - Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. - Convertible Bonds with a minimum life of less than days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. - Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing. League table volumes for Mitsubishi UFJ Financial Group and, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ - Securities and () MUFG Securities. Credit for the newly established joint ventures rolls up to. For Japanese involvement league tables will be represented as "Mitsubishi UFJ. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 1 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 1

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