REUTERS / Mike Segar GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS

Transcription

1 REUTERS / Mike Segar GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Half

2 Equity Capital Markets Review Table of Contents Global Equity Latin America Equity Australia & New Zealand Equity Global Deals Intelligence Latin America Equity & Equity Related (Cf) 8 Australian Equity & Equity-related (AK) 3 Leading Underwriters for Second Quarter Latin America Proceeds by Country & Sector 8 Australian Common Stock (AK) 3 Global Scorecard EMEA Equity New Zealand Common Stock 3 Global Debt, Equity & Equity Related (A) EMEA Deals Intelligence Japan Equity Global Equity & Equity-Related (C) EMEA Equity & Equity-related (Cd) Japan Equity & Equity-Related (Ce) 4 Global Common Stock (C) 3 EMEA Common Stock (C4c) Japan Common Stock (C4d) 4 Global Convertibles (C) 3 EMEA IPOs (C7c) Japan IPOs (C7d) Global IPOs (C) 3 EMEA Rights Offerings (C8fr) Japan Secondary Offerings (C8d) Global Equity Rankings - Last Ten Years 4 EMEA Convertibles (Cd) Japan Convertible Offerings (Ce) US Equity Asia Equity Criteria Summary US Deals Intelligence Asia Equity & Equity-Related, inc Chinese A-shares (Cb) Equity Capital Markets Criteria Summary US Equity & Equity-Related (Ca) Asia Equity & Equity-Related, ex Chinese A-shares (Cba) Regional Contacts US IPOs (C) US Secondary Offerings (C8a) Asia Common Stock, inc Chinese A-shares (C4a) Asia IPOs, inc Chinese A-shares (C7a) Thomson Reuters Solutions for the Deal Making Community 7 US Common Stock (C3) Asia Secondary Offerings, inc Chinese A-shares (C8c) US Block Trades Asia Convertibles, inc Chinese A-shares (Cb) US Convertibles (Ca) Banking Composite of Top US Equity s 7

3 First Half EQUITY CAPITAL MARKETS REVIEW Global Equity Capital Markets Up % Over 4 l IPO Activity Falls % l China ECM Offerings Set All-Time First Half Record I Goldman Sachs Tops Global ECM l ECM Fees Down % Global Deals Intelligence Global Initial Public Offerings GLOBAL ECM ACTIVITY UP % WITH RECORD FIRST HALF - Equity capital markets activity totaled US$.8 billion during the first half of, a % increase compared to the first half of 4 and the strongest opening sixmonth period for global equity capital markets issuance since records began in 8. Second quarter equity capital markets issuance increased 8% compared to the first quarter of this year. FOLLOW-ON OFFERINGS SET FIRST HALF RECORD, UP % FROM 4 - Global follow-on offerings totaled US$3. billion during the first half of, an increase of % compared to a year ago and the strongest first half for follow-on offerings since records began in 8. Offerings from companies in the United States accounted for 3% of global follow-on issuance, up from % during first six months of 4. Follow-on offerings from banks, pharmaceutical companies and REITs accounted for 8% of first half capital raising. IPOs FALL %; US ISSUERS DOWN 3%, ASIA PACIFIC AT 4-YEAR HIGH - Initial public offering activity during the first six months of totaled US$. billion, a decrease of % from last year and the slowest first half for global IPOs in two years. Issuers in China, United States, Spain and United Kingdom accounted for 4% of all activity during the first half of. Proceeds (US$b) $4 $ $ $8 $ $4 $ $ Global IPOs (US$bil) US as % of Global IPOs % of Proceeds from US Global Equity & Equity-Related Volume CHINA ISSUERS ACCOUNT FOR RECORD 7% OF GLOBAL ECM - Issuers from the China raised US$88. billion in the global equity capital markets during the first half of, up % compared to a year ago and the $4 Proceeds (US$b) # of Issues,8 highest percentage of global ECM since records began in 8. Issuers s from United States, which accounted for $3, % of first half ECM activity, saw an increase of % compared to a year ago. $3,4 FIVE SECTORS ACCOUNT FOR TWO-THIRDS OF ACTIVITY - Led by Financial issuers (3%), the overall $, volume of equity capital markets activity remained highly concentrated among five main sectors including, Healthcare (%), Energy and Power (%),and Industrials and Technology (%). $ 8 $ GOLDMAN SACHS TOPS GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital markets underwriters during the first half of, with US$47. billion in proceeds from issues, despite a loss of.3 $ 4 market share points compared to a year ago. moved into second place, and, which gained.4 market share points during the first half, moved into third place from fourth in overall ECM during the $ first six months of 4. $ ECM FEES DECLINE % - According to estimates from Thomson Reuters/Freeman Consulting, fees from equity capital markets transactions during the first half of totaled US$.4 billion, down % compared to levels seen during the first half of 4. Global Equity & Equity-Related Volume by Domicile Region Proceeds (US$b) # of Issues % % 8% 7% % % 4% 3% % % % Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas

4 Global Equity Capital Markets Leading Underwriters for the First Quarter of Jan - Jun 3 Global Scorecard // - /3/ //4 - /3/4 Current Qtr Mkt. Share Chg. Consecutive Proceeds No. Proceeds No. % Change Market Sector No. Manager Market Sh. (%) from Last Qtr (%) Quarters No. US$m Deals US$m Deals in Proceeds Global Global Equity & Equity-Related (C),.,7 47,.,47 8.% Global Debt, Equity & Equity-Related (A) United States (Ca) 4, ,7. 74.% Global Disclosed Fees (A) Asia Pacific ex Australia (Cb) 4, , % Global Equity & Equity-related (C) Australia (Cc),44. 7,. 47.3% Global Common Stock (C) EMEA - Europe, Middle East & Africa (Cd) 3,7. 4 8, % Global IPOs (C) Japan (Ce) 7,3. 3, % Global Convertibles (C).3 4. Latin America (Cf),87.4,. -.4% Global Common Stock (C) 473,., 4,.,7.3% US United States (C3) 3,3.8 43,.3 3.% US Equity & Equity-Related (Ca) Asia Pacific ex Australia (C4a) 3, , % US Common Stock (C3). -3. Australia (C4b),.8 73, % US IPOs (C).. EMEA - Europe, Middle East & Africa (C4c) 4,.8 8 8, % US Convertibles (Ca).8.7 Japan (C4d) 3,3. 7 8, % Latin America (C4e),7., % Europe, Middle East & Africa (EMEA) Global IPOs (C),. 48 8, % EMEA Equity & Equity-Related (Cd)..7 United States (C) 7,. 84 7,. -34.% EMEA Common Stock (C4c).. Asia Pacific ex Australia (C7a) 3, , % EMEA IPOs (C7c) HSBC Holdings PLC. -. Australia (C7b),4. 3 4,. -4.% EMEA Convertibles (Cd) Societe Generale 3..8 EMEA - Europe, Middle East & Africa (C7c) 4,4. 3,8. -.% Japan (C7d),.7, % Asia-Pacific ex. Japan ex. Australia Latin America (C7e) Asia-Pacific Common Stock (C4a) Global Secondary Offerings (C8) 37,.3,87 3,4.3, 3.3% Asia-Pacific Convertibles (Cb) United States (C8a) 3, , % Asia Pacific ex Australia (C8c), , % Japan Australia (C8b),.3 4,.7 4.% Japan Equity & Equity-Related (Ce) Mitsubishi UFJ EMEA - Europe, Middle East & Africa (C8f), , % Japan Common Stock (C4d) Mitsubishi UFJ Japan (C8d),.4 7, % Japan IPOs (C7d) Nomura Latin America (C8e),37.3 7,. -4.% Japan Convertibles (Ce) Mizuho Financial Group. Global Convertible Offerings (C) 47,8. 4 8,4. -8.% United States (Ca) 3,43. 4, % Asia Pacific ex Australia (Cb),. 33 8, % Australia (Cc) % EMEA - Europe, Middle East & Africa (Cd),7. 7, % Japan (Ce) 3,7.4 4, % Global Debt, Equity & Equity-Related (A) Global Equity & Equity-Related (C) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) 7, ,. -, , , , , , , , Barclays 4 4 7, , , , , , , , , , , HSBC Holdings PLC 8 8 4, , , Barclays, Wells Fargo & Co 3, RBC Capital Markets, BNP Paribas SA, Wells Fargo & Co 3, , HSBC Holdings PLC 7, RBC Capital Markets 3 83, Nomura 3 7, Nomura 4 7 8, CITIC 4 4, Societe Generale, Macquarie Group, Credit Agricole CIB 8, Jefferies LLC 4, Mizuho Financial Group 7 4, Societe Generale 7, TD Securities Inc 8 44, BNP Paribas SA 8 7, RBS 4, Ping An Securities Ltd 4 3, UniCredit 8 3, BMO Capital Markets 3, ,, ,.4. 34,74..,8..7 3,,.., -3 3,3..,..,7 +78,4.. -.% -.% -.8% -7.% -7.%.% 8.% 7.% 4.% 8.3% 7.3%.7%

5 Global Equity Capital Markets Global Common Stock (C) Global Convertibles (C) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) 4, , , , , Barclays 3 3, , Wells Fargo & Co 4 3, , , , , , , , , Barclays, Nomura 7, RBC Capital Markets 8, BNP Paribas SA, CITIC 4, , HSBC Holdings PLC, Mizuho Financial Group 7, Wells Fargo & Co 3 3, Societe Generale 3 4, Macquarie Group 4, RBC Capital Markets 4, Nomura, HSBC Holdings PLC, Jefferies LLC 4, Societe Generale 7 4, Jefferies LLC BNP Paribas SA 8 3, BMO Capital Markets Ping An Securities Ltd 33 3, RBS China International Capital Co 3 3, China Securities Co Ltd , , , ,.., +4, , %.8%.8% -3.3% 3%.%.% -8.% % -.% -3.% -.7% -.4% -4.4% Global IPOs (C) Global Equity & Equity-Related Imputed Fees # of Deals per Imputed Fees (US$m) 3, , , , , , , HSBC Holdings PLC 8 3, , CITIC, Barclays, Everbright Securities Co Ltd 7*, Ping An Securities Ltd 3 44, Huatai Securities Co Ltd 4 7, Santander, Guosen Securities Co Ltd 8, BNP Paribas SA 7 8, China Merchants Securities Co 8, Jefferies LLC, Close Brothers Group PLC -, , , , , %.% 3.% 43.%.7% 8.% US$Bil $ $ $8 $7 $ $ $4 $3 $ $ $ Fees (US$bn) # of Issues ,,8,,4,, 8 4 # of Issues 3

6 Global Equity Capital Markets: Ten Years of Rankings 3 4 Rank 7 8 Barclays RBC Capital Markets Note: League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter-end in each calendar year. 4

7 nc ECM volumes up % IPO Fees at Year Low Highest First-Half Secondary Offering Volume on Record First Half Equity Capital Markets Managing Underwriters US Equity Capital Markets US Deals Intelligence First Half US Equity & Equity-Related volumes were up.% year on year to US$4. billion from 38 deals. According to estimates by Thomson Reuters/Freeman Consulting, first half fees declined by.% to US$4. billion, with the top banks taking 8% of the wallet. First half proceeds for US IPOs declined by 34.3% year on year to US$7. billion, the lowest first half volume since. According to Thomson Reuters/Freeman Consulting, US IPO fees in the period also recorded the lowest volume in years, at US$. billion. US Secondary offerings reached a first half record high, with US$3. billion in proceeds from 4 deals. Actavis PLC issued the largest secondary offering in the period, which at US$ 4. billion was the largest US secondary offering price since. US Equity & Equity-Related (Ca) US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil) # of Deals per Imputed Fees (US$m) 4, , , , , Barclays 3, , Wells Fargo & Co 8 8, , RBC Capital Markets 4, Jefferies LLC 3, , Cowen & Co 3 8, Mizuho Financial Group 4 -, Leerink Partners LLC 7, Piper Jaffray Cos, KeyBanc Capital Markets Inc 7, Stifel/KBW SunTrust Banks Raymond James Financial Inc , , , ,34.8..% -3.% -.3% -.% -.% -7.3% $. % $. 7% $8. % $. % $3. % $8. % $38.4 % $.7 % Healthcare Energy and Power Real Estate High Technology Financials Telecommunications Retail Others $3.4 % $3. 73% $7. % IPO Follow-On Convertible US IPOs (C) US IPOs First Half # of Deals per Imputed Fees (US$m), , , , , Barclays 4, , , Wells Fargo & Co RBC Capital Markets Jefferies LLC SunTrust Banks Leerink Partners LLC Cowen & Co Evercore Partners 34* Piper Jaffray Cos Stifel/KBW Raymond James Financial Inc BMO Capital Markets , , , % -3.8% -.% 34.7%.%.% Proceeds US$ Billions $3. $. $. $. $. $. $- 4 $.7 4 $3. $7. $.3 $ $3. 8 $.8 $ $8. $ Proceeds # of Issues # of Issues

8 US Equity Capital Markets US Secondary Offerings (C8a) US Common Stock (C3) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m), , , , , , Barclays ,883.,738.,7.,84. 7, Barclays ,.7,3.,8.4,7. 8, Wells Fargo & Co RBC Capital Markets 4,777., Wells Fargo & Co RBC Capital Markets, , Jefferies LLC, Jefferies LLC 3, , , Cowen & Co 3 8, Cowen & Co 3 8, Leerink Partners LLC 4, Leerink Partners LLC 4, KeyBanc Capital Markets Inc KeyBanc Capital Markets Inc Stifel/KBW Stifel/KBW Piper Jaffray Cos Piper Jaffray Cos Raymond James Financial Inc SunTrust Banks Mizuho Financial Group Raymond James Financial Inc SunTrust Banks Mizuho Financial Group ,4. 4., ,43.. 3, , ,.. 3, ,.. 7.% %.%.% -3.7% -.% -.3% 3.% -.4% -3.% -.% -.4% -.8% US Block Trades US Convertibles (Ca) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) 4 7, , Barclays, Wells Fargo & Co 3, , , , , , , , Barclays 7, , , , RBC Capital Markets Wells Fargo & Co Mizuho Financial Group BTIG LLC BNP Paribas SA RBC Capital Markets Jefferies LLC Jefferies LLC RBS 3* Raymond James Financial Inc TD Securities Inc 3* Piper Jaffray Cos Macquarie Group Piper Jaffray Cos BBVA 8* KeyBanc Capital Markets Inc 8* BMO Capital Markets Top Fifteen Total 3, , , , %.% -34.% -.% ** Rankings exclude self-funded proceeds, per Standard Criteria 8.7% -4.% -8.8% -3.8%.4% -4.% 4.% -34.7%

9 US Equity Capital Markets Top Ten US Equity & Equity-Related Deals (US$bil) First Half Actavis PLC $. $. $. $3. $4. $. $. $. Issue Date Issuer/Sector US$bil Issue Type s // Actavis PLC $. CVT l Mizuho l Wells Fargo l l Barclays l Actavis PLC $4. // Actavis PLC $4. FO l Mizuho l Wells Fargo l l Barclays l zens Financial Group Inc $3.7 3// zens Financial Group Inc $3.7 FO l Goldman Sachs l l l l l RBS l l Wells Fargo Hilton Worldwide Holdings Inc American Tower Corp $.7 $. // // Hilton Worldwide Holdings Inc American Tower Corp $.7 $. FO FO l l Goldman Sachs l l Barclays l l Endo International PLC $.3 /4/ Endo International PLC $.3 FO Goldman Sachs l l Barclays l l RBC Mylan NV Frontier Communications Corp Envision Healthcare Holdings Southwestern Energy Co $. $. $.8 $.7 3/3/ /4/ 3// /4/ Mylan NV Frontier Communications Corp Envision Healthcare Holdings Southwestern Energy Co $. $. $.8 $.7 FO CVT FO CVT l Goldman Sachs l l Barclays l l l Wells Fargo l BNP Paribas US Equity & Equity-Related Industry Composition for Top s First Half % Total Proceeds % % 8% 7% % % 4% 3% % % 4.%.3% 3.%.% 7.%.3% 4.% 3.% 4.%.%.4% 3.%.%.3%.%.% 7.%.3%.%.%.7% 3.%.8%.% 3.%.% 4.% 4.7% 4.% 8.%.%.4%.% 4.%.% 7.%.% 4.3%.% 3.% 3.%.%.8% 7.% 3.%.% 8.%.%.% 4.%.%.%.% 3.7%.8%.3%.% 3.%.% 3.%.7%.8% 3.8% 33.%.4% 7.% 4.% 8.3%.7%.4% 7.7%.4% 8.%.%.% 34.%.%.% 4.%.%.% 4.8%.%.3%.%.% 3.%.8%.4%.% 44.% Tl Telecommunications Consumer Staples Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power %.% 4.4% 3.%.7%.%.% 3.% 3.%.7% Bank of America Merrill Lynch Barclays Wells Fargo & Co RBC Capital Markets Consumer Products and Services 7

10 Latin America Equity Capital Markets % Decrease in Volume Telecomms capture over % of the market Latin America Equity & Equity Related (Cf) Latin America ECM Volume First Half # of Deals per Imputed Fees (US$m) Barclays * *, *, Banco BTG Pactual SA 3 3, Santander Itau Unibanco * Banco Bradesco SA 7* * * * * HSBC Holdings PLC Scotiabank Corporacion Actinver Sab de CV * * 3* 3* * * 4 7 8* Grupo Financiero Banorte-Ixe * Top Fifteen Total, , % -33.3% -.%.3%.% % 4.% Proceeds US$ Billions $ $ $ $ $ $ 3 $. $.7 $8.4 $ $.7 7 $. $. 7 $. $. 8 $ Proceeds # of Issues 4 3 # of Issues Latin America Eq & Eq Related Proceeds (US$Bil) by Country 4- Latin America Eq & Eq Related Proceeds (US$Bil) by Sector 4- $.4 3% $.3 8% % $.3 % $4. % Brazil Mexico Chile $.7 % $. 7% $.7 % $. 3% Telecommunications Real Estate Financials Industrials Retail Energy and Power Colombia $4. 7% Materials Consumer Products and Services Argentina Media and Entertainment Healthcare 8

11 EMEA Equity Capital Markets EMEA ECM Proceeds Down 8% l IPO fees down 4% l BMDP Largest Rights Issue EMEA Deals Intelligence EMEA Equity & Equity-related markets totaled US$3.3 billion in proceeds from 4 deals in the first half of. Activity showed a market decline against the same period last year, with a 7.8% decrease in volume. According to Thomson Reuters/Freeman Consulting, estimated ECM fees declined by.4% year on year. First half EMEA IPO volumes reached US$4.4 billion, a decrease of.% when compared year on year. According to Thomson Reuters/Freeman Consulting, fees declined 3.% year on year, totaling US$7. million. The top s claimed.% of the wallet. Financials led EMEA ECM sector rankings for the 4th consecutive quarter. Rights Issue volumes in Q increased tenfold on last quarter; however, overall activity year on year decreased by 4%. Banca Monte dei Paschi's US$3. billion deal was the largest Rights Issue in the first half. EMEA Equity & Equity-Related (Cd) EMEA ECM Proceeds Raised by Industry (US$Bil) # of Deals per Imputed Fees (US$m) Rank 4 Rank Market Proceeds Sh. (%) Market Share Ch. # of Market Deals Sh. (%) Change in # of Deals Manager Market Fees Sh. (%) Market Share Ch., , , , , , , Societe Generale 8 4, BNP Paribas SA 3 4, HSBC Holdings PLC 4, , Barclays 3, Cenkos Securities PLC 3, Santander 4, Jefferies LLC 4, UniCredit, Davy 7 4, Berenberg Bank 8 33, Mediobanca, Nomura 3, ,. 77.,7.. 3, , % -.% -.4% -3.%.% 4.% $43. 8% $. 3% $. 4% $.8 4% $.8 4% $7.4 % $7.4 % $. % $8.7 % $. 7% $. 7% $. 7% Financials Industrials Telecommunications Real Estate High Technology Retail Consumer Products and Services Healthcare Materials Energy and Power Media and Entertainment Consumer Staples EMEA IPOs by Nation of Primary Listing (US$m) Top EMEA Equity and Equity-Related Deals (US$Mil) Proceeds (US$m) $, $, $8, $, $4, $, $,4.4 $,3. $3,4.4 $3,443. $,4. $,43.3 $,8.8 $,4.8 $, # of Issues Banco Santander SA Aena SA AerCap Holdings NV Monte dei Paschi di Siena Telefonica SA Sunrise Commun Grp AG Enel SpA /8/ // /3/ // 4// // // $3,488. $3,3.8 $3,3. $,4. $,448. $4,8. $8,844.3 $ United Kingdom Spain France Sweden Switzerland Netherlands Italy Germany Saudi Arabia Proceeds (US$m) # of Issues Dufry AG Cellnex Telecom SA // // $,38. $,3.4 Auto Trader Group Plc 3// $,38.

12 EMEA Equity Capital Markets EMEA Common Stock (C4c) EMEA IPOs (C7c) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) Market Market # of Market Change in Manager Market Market, , , , , HSBC Holdings PLC 3, , , , , , , , , , Santander 8 44, HSBC Holdings PLC 3, , Societe Generale 3, Close Brothers Group PLC -, BNP Paribas SA 4, BNP Paribas SA 7, Barclays Cenkos Securities PLC 3 3,4.7, Societe Generale BBVA Santander 4 4, Berenberg Bank Jefferies LLC Davy 3 48,774., VTB Capital Mediobanca 7, Barclays Berenberg Bank 8 3, SEB Nomura 3, Carnegie UniCredit, ABG Sundal Collier ,. 77.,44.3.3, , ,.8. 4, % 8%.8% -8.% -.% -7.% -.7%.%.4% -7.%.% -3.% % 3.8% EMEA Rights Offerings (C8fr) EMEA Convertibles (Cd) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m) *, Societe Generale, , BNP Paribas SA, , Barclays , , BNP Paribas SA HSBC Holdings PLC Societe Generale Barclays * * UniCredit Commerzbank AG * * Natixis Mediobanca * Credit Agricole CIB Rand Merchant Bank Santander Banca IMI (Intesa Sanpaolo) Cenkos Securities PLC Canaccord Genuity RBS HSBC Holdings PLC Jefferies LLC CaixaBank SA * Raymond James Financial Inc BBVA * Guggenheim Securities LLC * , , , , % 7.% ** Rankings exclude self-funded proceeds, per Standard Criteria.8% -4.% 4.% 8.7% -4.4% -37.% -43.% -4.% -8.8% -38.7%

13 Asia (ex-japan, ex-australia) Equity Capital Markets Asian ECM H Proceeds - Record High l China Captures 3% of the Global IPO Proceeds l Financials Sector At All-Time High for H Proceeds Asia Deal Intelligence Asian ECM registered record-high proceeds of US$4. billion in the first half of, a 7.% increase from total proceeds in the same period last year. Issuers from the Financials, Industrials and Materials sectors captured 37.7%, 3.% and.8% of the market, respectively. According to Thomson Reuters/Freeman Consulting, estimated fees earned on Asian Equity & Equity-Related deals in the first six months of totaled US$. billion from 4 deals, a 3.8% increase from total fees earned in the same period a year ago. Asian Follow-On offerings to date reached US$. billion from 74 deals, more than doubling first-half 4 totals. Asian IPO and Convertible issuance captured % and 4% of Asian equity market share in the first six months of, respectively. Asia Equity & Equity-Related, inc Chinese A-shares (Cb) Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$m) First Half # of Deals per Market Market # of Market Change in Rank Rank Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals, , , , CITIC, , Ping An Securities Ltd 7 4 3, China International Capital Co 8 3,43.7 3, China Merchants Securities Co 8 3, Guosen Securities Co Ltd 3, HSBC Holdings PLC 4, Huatai Securities Co Ltd 3, Haitong Securities Co Ltd 4 4, China Securities Co Ltd 3, , , Guotai Junan Securities 8, Everbright Securities Co Ltd, GF Securities 3, ,8.7. 4, % 4.% 73.% 4.% Imputed Fees (US$m) Manager Market Market Fees Sh. (%) Share Ch ,34.., %.% $, $, $, $, $ $ China Hong Kong India Malaysia South Korea Rest of Asia Asia Equity & Equity-Related, ex Chinese A-shares (Cba) Top Asia Equity & Equity-Related Deals (US$m) First Half # of Deals per Imputed Fees (US$m) 8, , , , , , HSBC Holdings PLC 7 3, , China International Capital Co, , CITIC, China Construction Bank, Haitong Securities Co Ltd 3 3, China Merchants Securities Co 4 4, NH Investment & Sec Co Ltd -, Kingston Securities Limited 3, China Merchants Bank 7, Nomura Macquarie Group 8 4 4,., JM Financial Group, , , ,.. 8.%.% -.4%.7% 4.3%.% Huatai Securities Co Ltd Guotai Junan Securities Co Ltd Haitong Securities Co Ltd GF Securities Co Ltd Coal India Ltd CITIC Securities Co Ltd Sun Pharmaceutical Inds Ltd China Galaxy Securities Co Ltd Industrial Bank Co Ltd China National Nuclear Power // // // 3/3/ // // 4// 4/7/ // // $,. $4,84.4 $4,48. $4,38.3 $3,. $3,4.7 $3,8. $3,4. $,77.3 $,8.

14 Asia (ex-japan, ex-australia) Equity Capital Markets Asia Common Stock, inc Chinese A-shares (C4a) Asia IPOs, inc Chinese A-shares (C7a) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m), , , CITIC 3, CITIC 3, Everbright Securities Co Ltd 3 7, , Ping An Securities Ltd 4 4, , Huatai Securities Co Ltd 3, , , Ping An Securities Ltd 7 3, Guosen Securities Co Ltd 7, , China Merchants Securities Co 8 4, China International Capital Co 3, Southwest Securities Co Ltd 34, China Merchants Securities Co 8 3, China International Capital Co, Guosen Securities Co Ltd 3, China Galaxy Securities Co Huatai Securities Co Ltd 4, Chinalion Securities Co Ltd Haitong Securities Co Ltd 3 4, Huarong Securities Co Ltd , Haitong Securities Co Ltd HSBC Holdings PLC, Sinolink Securities Co Ltd China Securities Co Ltd, Bank of China Ltd Guotai Junan Securities 7, GF Securities Everbright Securities Co Ltd 8 7, , Guotai Junan Securities GF Securities, ,8.4., , , , , , % 7.7% 3.% 38.7% 47.%.3% 43.%.% 3.% 4.3% 38.%.3% Asia Secondary Offerings, inc Chinese A-shares (C8c) Asia Convertibles, inc Chinese A-shares (Cb) # of Deals per Imputed Fees (US$m) # of Deals per Imputed Fees (US$m), , , , , HSBC Holdings PLC , China Securities Co Ltd , CITIC 7 4, , Shinyoung Securities Co, Ltd , Hong Leong Financial Group Bhd China International Capital Co, * HSBC Holdings PLC, Standard Chartered PLC * China Securities Co Ltd, Barclays Haitong Securities Co Ltd, China Merchants Securities Co * , China Construction Bank * China Merchants Securities Co 4, DBS Group Holdings * Ping An Securities Ltd 4*, Guosen Securities Co Ltd, Newpont Securities Ltd China Construction Bank 7, KGI Financial Services Group Guotai Junan Securities 8, Mega Financial Holding Co NH Investment & Sec Co Ltd -, CIMB Group Sdn Bhd Industrial Securities Co Ltd 47, Concord Securities Co Ltd , , , ,4.4., %.%.% 8.8% 33.% 3.% -34.8% -4.% 8.% 3.% -44.% 33.%

15 Australia & New Zealand Equity Capital Markets Largest Opening Half for Australian Common Stock Since l NAB: AU$. Billion - Fifth Largest Australian ECM Issue On Record Australia Deal Intelligence Australian ECM proceeds in the first half of reached AU$4. billion, a 4.8% increase over the same period in 4. Issuance from Financials, Energy & Power and Media & Entertainment sectors captured 34.8%,.3% and 7.8% of Australian ECM market share, respectively. Total fees earned in Australian ECM in the period totaled AU$44. million from 8 deals, a 8.3% increase from fees earned in the first six months of 4, according to estimates by Thomson Reuters/Freeman Consulting. The top fee earning bookrunner, Goldman Sachs, captured 3.% of the total wallet share. Australian IPO proceeds totaled AU$3.3 billion from 3 transactions in the half, a 4.3% decline from IPO volume in the first half of 4. Follow-On offerings raised AU$.3 billion from 4 deals, capturing an 8.3% share of Australian Equity & Equity-related issuance. Australian Equity & Equity-Related (AK) New Zealand Common Stock Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m), Macquarie Group 4 4, , , , Taylor Collison Ltd Canaccord Genuity Morgans Financial Ltd Foster Stockbroking Pty Ltd Bell Financial Group Ltd APP Securities Baillieu Holst Ltd Commonwealth Bank of Australia Wilson HTM Patersons Securities Ltd Moelis & Co , , # of Deals per Imputed Fees (US$m) First NZ Capital /First NZ Capital Forsyth Barr Top Ten Total % -.% % -7.%.%.7%.% 4.8% 4.3% 4.%.% 8.3% -.7% Australian Common Stock (AK) Top Australian Equity & Equity-Related Deals (US$m) First Half Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m), Macquarie Group 4 4, , , , Taylor Collison Ltd Canaccord Genuity Morgans Financial Ltd Foster Stockbroking Pty Ltd Bell Financial Group Ltd APP Securities Baillieu Holst Ltd Commonwealth Bank of Australia Wilson HTM Patersons Securities Ltd Moelis & Co , , National Australia Bank Ltd Caltex Australia Ltd APA Group Slater & Gordon Ltd MYOB Group Ltd BT Investment Management Ltd Macquarie Group Ltd Seven West Media Ltd DEXUS Property Group Veda Group Ltd $8. $833.3 $7.4 $7. $. $477.8 $38.3 $,838. $4,7. $,. 3.4%.4%.% 8.% 3.%.4% 3

16 Japanese ECM Down % IPO Deal Count Up, Volume Down Real Estate Leads+ Equity & Equity Related First Half Equity Capital Markets Managing Underwriters Japan Equity Capital Markets Japan Deals Intelligence During the first half of, Japanese Equity & Equity-Related proceeds totaled US$7.3 billion, a 4.% decline from the same period last year. Total estimated fees were US$7. million, a.% decline from the same period in 4, according to Thomson Reuters/Freeman Consulting. There were Japanese IPOs in the first half of, the highest IPO deal count since 8 and a.7% increase over the same period in 4. Despite the increase in number, the proceeds dropped by 74.%, to US$. billion from the US$.4 billion in 4. Deals from the real estate sector led Japanese Equity & Equity-Related issuance, registering a 3% market share. Seven out of the top deals were from the real estate industry. Hulic s US$7. million follow-on issued April was the largest deal registered from the sector. Japan Equity & Equity-Related (Ce) Japan Equity & Equity-Related Volume by Issue Type First Half # of Deals per Imputed Fees (US$m) Nomura 4, Mitsubishi UFJ 4, Sumitomo Mitsui Finl Grp Inc 3, Daiwa Securities Group Inc 4 3, Mizuho Financial Group, * SBI Holdings Inc Macquarie Group Shenwan Hongyuan Securities Co Tokai Tokyo Financial Holdings Okasan Securities Group Inc Top Fifteen Total 7, , %.4% -.%.3% -3.7% 4.% Proceeds (US$billions) IPO Follow-On Convertible # of Issues # of Issues Japan Common Stock (C4d) Top Japan Equity & Equity-Related Deals (US$m) First Half # of Deals per Imputed Fees (US$m) Nomura, Mitsubishi UFJ 3, Sumitomo Mitsui Finl Grp Inc 3, Daiwa Securities Group Inc 4 4, Mizuho Financial Group, * SBI Holdings Inc Macquarie Group Shenwan Hongyuan Securities Co Tokai Tokyo Financial Holdings Okasan Securities Group Inc Ichiyoshi Securities Co Ltd Top Fifteen Total 3, , % 73.7% 4.%.7% -.3% 48.% Rakuten Inc SUMCO Corp Electric Power Development Seibu Holdings Inc Hulic Co Ltd Skylark Co Ltd Olympus Corp LIXIL Group Corp LIXIL Group Corp Kenedix Retail REIT Corp /3/ 4// 3/3/ // 4// // 4// // // // $8.8 $7. $.8 $8. $. $. $8. $,4. $,. $,3.3 4

17 Japan Equity Capital Markets Japan IPOs (C7d) Japan Equity & Equity-Related Proceeds by Industry (US$Mil) First Half Market Market Rank Rank Proceeds Sh. (%) Share Ch. Nomura Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Mizuho Financial Group SBI Holdings Inc Shenwan Hongyuan Securities Co Mitsubishi UFJ Tokai Tokyo Financial Holdings.. +. Okasan Securities Group Inc # of Deals per Imputed Fees (US$m) # of Market Change in Manager Market Market Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch $,3 3% $3,87 8% $, % Real Estate High Technology Energy and Power Industrials Consumer Products and Services Retail $,73 % Financials Top Ten Total Japan Secondary Offerings (C8d),.7,.7-74.% -3.% % -8.7% 8.3% -7.% $8 % $88 4% $, % $,4 8% $,48 8% Healthcare Consumer Staples Media and Entertainment Materials Telecommunications # of Deals per Imputed Fees (US$m) Mitsubishi UFJ 4, Nomura, Sumitomo Mitsui Finl Grp Inc 3, Daiwa Securities Group Inc 4 3, Mizuho Financial Group Macquarie Group Tokai Tokyo Financial Holdings Ichiyoshi Securities Co Ltd Japan IPO Quarterly Volume and Deal Count 7 Top Twelve Total.4%.3% Japan Convertible Offerings (Ce),.4, % -.% # of Deals per Imputed Fees (US$m) Nomura, Mizuho Financial Group Daiwa Securities Group Inc Mitsubishi UFJ Sumitomo Mitsui Finl Grp Inc Top Seven Total 3, , % 74.%.3. Proceeds (US$billions) Q Q 3Q 4Q # of Issues 7 - # of Issues -.%.% -.% -7.7% -73.3% -7.7%

18 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 Salvatore Reres Tel: salvatore.reres@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 :am EDT on June 3,. 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 44a 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 3 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: () 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. 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.

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