DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. REUTERS / Carlo Allegri

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1 DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS / Carlo Allegri First Quarter

2 First Quarter Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence EMEA Deals Intelligence Asia Deals Intelligence Global Debt, Equity & Equity Related (A) All International Bonds (J) Asian G3 Currency Bonds (ex-japan, ex-australia) (AR) Global Debt and Syndicated Loans (DL) All International Securitizations (Jc) All Asian Currencies (ex-japan, ex-australia) (AS) Global Scorecard All Bonds in Euros (N) Dim Sum Bonds (ASa) Leading Underwriters for First Quarter High Yield Debt All Asian Currencies (ex-japan, ex-australia, ex-china) (ASa) Global Debt (B) Global High Yield Deals Intelligence Australian Debt Global Investment Grade Corporate Debt (B7) 3 Global High Yield Debt (B) Australia Deals Intelligence Global Debt and Syndicated Loans Islamic Finance (DL) 3 Global High Yield Debt - US Dollar Denominated (B) All Australian Debt (ex self-funded) funded) (AJ3a) Global Mortgage-Backed Securities (B) 3 Global High Yield Debt - Non-US Dollar Denominated (B6) Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) Global Asset-Backed Securities (B) & (B3) 3 Emerging Market Debt All Australian International Bonds (AJ7) Banking Composite of Top Global Debt s All International Emerging Market Bonds (L) Japan Debt Global Debt Rankings - Last Ten Years EMEA Emerging Market Bonds (L) Japan Deals Intelligence 6 US Debt Latin America Emerging Market Bonds (L3) All Bonds in Yen (AP) 6 US Debt (F) 6 Asia-Pacific Emerging Market Bonds (L) Samurai Bonds (AP) 6 US High Yield Corporate Debt (F8) 6 Middle East Emerging Market Bonds (L) Japanese Securitizations (AP) 6 US Investment Grade Corporate Debt (F9) 6 Emerging Market Debt - Latin America Japanese Corporate Debt (AP3) 7 All Federal Credit Agency Debt (H) 6 All Brazilian Debt (BR) 3 Bonds Targeted in Japan (AP) 7 US Asset-Backed Securities (F) 7 Brazilian Domestic Debt (BR) 3 Criteria Summary US Mortgage-Backed Securities (F) 7 Global Debt by Mexican Issuers (MX) 3 Debt Capital Markets Criteria Summary 8 US Securitizations ex.cmbs, Agency CMO, CDO & Self-Funded(Fa) Banking Composite of Top US Debt s 7 8 Global Debt in Mexican Pesos (MX) 3 Domestic Mexican Debt (MX3) 3 Thomson Reuters Solutions for the Deal Making Community 9 IFR Markets Supplement 9

3 First Quarter DEBT CAPITAL MARKETS REVIEW Global Debt Activity Down % l High Yield Corporate Volume Up 8% l Record Quarter for US Investment Grade Debt l Tops Underwriting, Fee Rankings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS % - Overall global debt capital markets activity totaled US$.6 trillion during the first quarter of, a % downtick compared to the first quarter of and the slowest opening period for global debt capital markets activity since 8. First quarter global debt activity increased 3% compared to the fourth quarter of, which marked the slowest quarter for global debt offerings in three years. US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME QUARTERLY RECORD - High Grade corporate debt offerings targeted to the US marketplace totaled US$3.9 billion during the first quarter of, an increase of 8% compared to a year ago and the strongest three-month period for the asset class since records began in 98. Companies based in the United States accounted for 68% of issuance, up from 6% during the first quarter of. Issuers based in the United Kingdom, Japan and Germany accounted for % of US marketplace issuance during the first quarter of. GLOBAL HIGH YIELD VOLUME UP 8% - The volume of global high yield corporate debt reached US$. billion during the first quarter of, an 8% increase compared to the first quarter of and the strongest first quarter for global high yield issuance in two years. First quarter high yield issuance increased 6% compared to the fourth quarter of last year (US$7.6 billion). HEALTHCARE DEBT OFFERINGS DOUBLE Debt capital markets activity in the Healthcare sector totaled US$68.6 billion during the first quarter of, more than doubling year ago levels. Technology and Retail activity saw strong year-over-year growth, each registering an increase of nearly % over a year ago. Average deal size in the Healthcare sector led all industries this year, with the average deal totaling US$. billion. Real Estate and Telecom offerings registered the steepest first quarter declines, down nearly 37%. EMERGING MARKETS CORPORATE DEBT DOWN 9% - New corporate debt from emerging markets issuers totaled US$9. billion during the first quarter of, a 9% decrease from last year. Just over % of all emerging markets corporate debt during the quarter was raised by issuers in India, Mexico and Malaysia. Issuance from corporations in Brazil and Russia fell 9% and 66%, respectively, compared to the first quarter of. JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - maintained the top spot for global debt underwriting during the first quarter of, with total proceeds of US$.9 billion and an increase of. market share points. maintained the second position, while moved to third place from fourth. OVERALL DEBT UNDERWRITING FEES UP % - According to Thomson Reuters/Freeman Consulting, estimated fees from DCM activity totaled US$6. billion during the first quarter of, an increase of % year-on-year. Fees from high grade debt totaled US$3. billion (a 9% share), while fees from high yield debt totaled $.6 billion (a 6% share). High yield fees increased % compared to a year ago, while global investment grade fees increased %. Global High Yield Corporate Debt- Quarterly Proceeds ($bil) $8 $6 $ $ $ Global Debt Capital Markets by Asset Class Proceeds (US$t) $. $. $. $.8 $.6 $. $. $. $.8 $.6 $. $. $. $8 $6 $ $ $ Global High Yield Debt ($bil) Number of Offerings Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign ABS High Yield Corporate Emerging Market Corporate 3 Global Debt, Equity & Equity-related (A) Global Debt and Syndicated Loans (DL) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m), , , Bank of America Merrill Lynch 7, , , , , Bank of America Merrill Lynch 6 3, , Morgan Stanley , Morgan Stanley , Goldman Sachs & Co 7 3 9, HSBC Holdings PLC 7 7 9, HSBC Holdings PLC , Wells Fargo & Co 8 8, Credit Suisse 9 9 7, Goldman Sachs & Co 9 6 8, BNP Paribas SA, BNP Paribas SA 7, ,..3 -.,.. +.3,, , ,8,86.3.,9 +67,97.3.,3,6..,67-7 8, %.%.% 3.9%.% 6.7% -9.% -.% -9.3% 3.% -3.7% -6.6%

4 First Quarter Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B) Jan - Mar 3 Jan - Mar 3 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds No. Proceeds No. % Change $USm Deals $USm Deals in Proceeds All US Debt (F), US Long-term Debt (F) 76,8.,78 7,988., +.7% 9, US Long-term Straight ex MBS, ABS & Munis (F3) US Federal Credit Agency Debt (F7) 8,7.3, , , % +8.7% 3 3 7, , US High Yield Corporate Debt (F8) US Investment Grade (F9) 8,79. 3, ,9.8 36, % +7.9% Bank of America Merrill Lynch Morgan Stanley ,7. 76, Agency, Sovereign & Supranational Debt (F),8.8 63, % HSBC Holdings PLC 7 6 7, US Mortgage-backed Securities (F) 79, , % Goldman Sachs & Co , US Asset-backed Securities (F) 8,7. 7, % Credit Suisse 9 9, US Taxable Municipal Debt (F) 3, , % BNP Paribas SA 9, US Short-term Debt - including MBS, ABS (F6), , % Wells Fargo & Co RBC Capital Markets 6 3 7,77., All Global Debt (B) Credit Agricole CIB 3 38, Global Long-term Debt (B),6,36.3 3,8,6,3.9 3,36 -.% Societe Generale 3, Global Long-term Debt ex MBS, ABS & Munis (B3),3,.3,7,388,86.,79 -.% Nomura 7 3, Global High Yield Corporate Debt (B),37. 6, % UBS 6 3, Global Investment Grade Corporate Debt (B7) 78,6.,97 798,.7,8 -.8% RBS 7 3, US Federal Credit Agency Debt (B8), , % TD Securities Inc 8, Global Agency, Sovereign & Supranational Debt (B9) 3, , % UniCredit 9 8, Global Mortgage-backed Securities (B) 98,36. 9, % Mizuho Financial Group 9, Global Asset-backed Securities (B) 3,7.9, % Natixis 9 9, Global Short-term Debt (B) 7, , % Mitsubishi UFJ Financial Group 8 6, Global Emerging Markets Corporate Debt (B) 9, , % Santander 3, Commerzbank AG, Leading Underwriters for First Quarter BBVA 6, Top Twenty Five Total 8, , Current Qtr,79, , ,9.. Market Share Mkt. Share Chg. Consecutive Market Sector No. Manager (%) from Last Qtr (%) Quarters No. -.8%.%.6% Stocks and Bonds 33.9% 6.9% 9.8% Global Debt, Equity & Equity-related (A) Global Disclosed Fees (A) U.S. Debt, Equity & Equity-related (E). -. U.S. Disclosed Fees (E) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B) Global High Yield Corporate Debt (B) Global Investment Grade (B7) Global ABS (B) US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F) U.S. LT Debt inc MBS,ABS &Tax Munis(F) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F) U.S. Asset-backed Securities (F) International Bonds All International Bonds (J) All Bonds in Euro (N) All International Securitizations (Jc) Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR) All Asian Currencies ex CDs (AS) Credit Suisse HSBC Holdings PLC HSBC Holdings PLC Global Debt Capital Markets % Change by Asset Class % % -% -% -.8% Investment Grade Corporate Agency, Supranational, Sovereign -8.% 7.7% High Yield Corporate -.9% ABS MBS Emerging Market Corporate -.8% vs..% Federal Credit Agency Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ) National Australia Bank National Australia Bank % -8.7%

5 First Quarter Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt First Quarter Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 63, , , Bank of America Merrill Lynch, , Morgan Stanley 6 9, HSBC Holdings PLC 7, Goldman Sachs & Co 8 3 3, BNP Paribas SA Credit Suisse 9 8 6,6.7,3. 3, , ,6.., , % -.% 8.% 9.%.8%.8% Fees (US$m) $3, $3, $, $, $, $, $ $,97,6,777,67,83,733,8,97,69,8,.6,836.,.,3.,383.,73.3 3,3. 3,6.6, , Global Investment Grade Fees (US$m) Number of Offerings,,,, Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL) Global Mortgage-Backed Securities (B) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CIMB Group Sdn Bhd, RHB 9, * HSBC Holdings PLC Natl Comml Bank Saudi Arabia * * Riyadh Bank Ltd * Alinma Bank * Al Hilal Islamic Bank 8 * * National Bank of Abu Dhabi * , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse, , , Bank of America Merrill Lynch 8, Morgan Stanley 8 7, Wells Fargo & Co 6 7, Goldman Sachs & Co 7 6 6, , , Nomura 3, , , % -7.% -8.% -.8% -.8% -39.% -8.%.% -7.% -.%.8% -.6% Global Asset-Backed Securities (B) Global Asset-Backed Securities ex-cdos (B3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3, , Bank of America Merrill Lynch 3 7, , , Credit Suisse 6, Wells Fargo & Co 7, Morgan Stanley 8 7, RBC Capital Markets 9 9, Mizuho Financial Group 3 3, , , Bank of America Merrill Lynch Credit Suisse RBC Capital Markets Wells Fargo & Co Mizuho Financial Group Mitsubishi UFJ Financial Group Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 9, , , , , , , , , , , , * tie -.9%.%.3% -.% -.6% -6.%.6% 9.6%.% -.% 8.6% 3.% 3

6 First Quarter Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s % 3.6%.8%.6%.8%.3%.% 3.7%.%.% 7.% 9% 8% 6.% 7.9%.9%.8% 7% 7.7%.% 6.7%.7%.7% 8.9% 6% % Total Proceeds % %.6%.%.%.% 3%.% 7.% 3.8%.%.%.%.7% 7.% 9.%.% 7.% 3.%.7%.3% % 3.%.8%.%.% 6.6% 3.8% 3.6%.%.%.% 7.7% 3.%.%.% %.9% 8.9%.9%.3%.% 3.% 3.% %.3% 3.% 3.7% 6.%.% Bank of America Merrill Lynch.%.%.8%.9% Morgan Stanley HSBC Holdings PLC Goldman Sachs & Co Credit Suisse BNP Paribas SA.% ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS

7 First Quarter Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years 3 Bank of America Merrill Lynch Rank 6 Morgan Stanley 7 HSBC Holdings PLC 8 Goldman Sachs & Co 9 Credit Suisse BNP Paribas SA *Global Debt League Table (B) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year.

8 Highest Quarterly Volume on Record for US Investment Grade l Overall US Debt Up 6% l US High Yield Debt Up % First Quarter Debt Capital Markets Managing Underwriters US Debt US Deals Intelligence US Investment Grade Corporate Debt (F9) US Investment Grade debt increased 7.9% compared to the first quarter of and ranked as the largest quarterly volume on record. The US$3.9 billion raised from issues surpassed the US$3.3 billion raised during the second quarter of, as issuers continued to take advantage of low interest rates. First quarter volume was bolstered by March's Actavis Funding, which ranked as the second largest bond issue on record. The US$ billion transaction was used to fund its US$66 billion takeover of Botox maker Allergan. US ABS totaled US$8.7 billion from transactions, representing the largest opening quarter since 7 and representing a 7.% increase over the proceeds raised in the first quarter of. ABS strength was largely attributed to the auto sector which totaled US$3.9 billion and accounted for 38% of ABS volume in the quarter. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the US ABS market totaled US$38.8 million, a decrease of 3.% from the total fees paid in the first quarter a year ago. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 9, , Bank of America Merrill Lynch 3 33, Morgan Stanley 6, Wells Fargo & Co 9 3, Goldman Sachs & Co 6 3, , , HSBC Holdings PLC 9 8 6, Credit Suisse, Mitsubishi UFJ Financial Group RBC Capital Markets 8,89.6 8,76.8 8, US Bancorp 8 6 3, BBVA 9 7, Sumitomo Mitsui Finl Grp Inc 6, Societe Generale 9, TD Securities Inc 7, SunTrust Banks 3, Scotiabank 3, ANZ Banking Group 3, CIMB Group Sdn Bhd Commonwealth Bank of Australia DNB ASA ING Bank of New York Mellon Corp Top Thirty Total 33, , , ,6.9. US High Yield corporate debt volume in the first quarter of increased % from the proceeds raised in the first quarter a year ago. The US$8.7 billion raised represented the sixth largest quarterly volume on record, bolstered by UBS Mizuho Financial Group 3 7 7, RBS 6, the US$. billion Valeant Pharmaceuticals issue in March (of which US$8. billion was denominated in USD) the BNP Paribas SA 6 3, second largest High-Yield financing on record. Credit Agricole CIB 7, US Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 9, , Bank of America Merrill Lynch 3 67, , Morgan Stanley 7 3, , Goldman Sachs & Co 7, Wells Fargo & Co 8, Credit Suisse 9 8, HSBC Holdings PLC 9 8, , , ,8.., , % 9.% 9.%.% 3.8%.6%.7% 9.% 6.7% 9.8%.6%.% US High Yield Corporate Debt (F8) All Federal Credit Agency Debt (H) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 8, , , Morgan Stanley 6 7, , Bank of America Merrill Lynch 6 6, Credit Suisse 7, Goldman Sachs & Co 8, RBC Capital Markets 9, Wells Fargo & Co 9, , , ,.9. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 8, , Wells Fargo & Co 3 8 8, , Nomura 6, Morgan Stanley 6, TD Securities Inc 7 7, First Horizon National Corp 8, HSBC Holdings PLC 9, , , ,37.., % 3.% 6.8% 3.% 6.8% 33.%.6%.% 7.% 37.%.%.7% 6

9 First Quarter Debt Capital Markets Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) US Asset-Backed Securities (F) $8.8 % $3. % $. 8% $3.9 38% $. 9% Proceeds per (US$m) # of Deals per Imputed Fees (US$m), , Bank of America Merrill Lynch 3 3 7, Credit Suisse, , Wells Fargo & Co 6 9, , Morgan Stanley 8 6, RBC Capital Markets 9, Guggenheim Securities LLC -, , , CDO Credit Card Student Loan Auto Other 7.%.7% 6.9% 3.%.8% 9.6% US Asset-Backed Securities excluding Self-Funded (Fa) US Mortgage-Backed Securities (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m), , Bank of America Merrill Lynch 3, Credit Suisse, Wells Fargo & Co 9, , , Morgan Stanley 8 6, RBC Capital Markets 9 3, Guggenheim Securities LLC -, , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse, , , Wells Fargo & Co 7, Bank of America Merrill Lynch 6 6, Goldman Sachs & Co 6 6, Morgan Stanley 7 9, , , Mischler Financial Group Inc 3, , , % 9.%.% 7.% 7.%.% 6.%.7%.9% 3.6% 7.6% 9.% Quarterly Residential ABS, MBS & CDO Volume US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (Fa) Proceeds (US$b) $6 $ $ $3 $ $ Proceeds (US$b) # of Issues # of Issues Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 8, , , Bank of America Merrill Lynch 6, Wells Fargo & Co 9, , RBC Capital Markets 7 8 3, , Guggenheim Securities LLC 9 -, Mizuho Financial Group 6, , , $ % 9.7% Rankings reflect new securitizations criteria implemented September (See back page).% 9.% 9.% 8.%

10 First Quarter Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F) DCM Industry Composition (Ex Financials) (F).7%.% % 9% 8% 3.%.7% 3.6% 33.% 39.%.9% 9.6% 38.%.8%.9% 37.3%.%.8% 3.6%.6%.%.%.% % 9% 8%.%.7% 3.6%.8% 3.3%.%.%.3% 3.%.8%.%.8%.% 3.% 6.7%.%.%.8% 3.3%.%.%.% 8.% 9.3%.8%.%.%.%.6%.9%.%.9%.% 8.%.9% 3.3%.7%.6%.8%.%.% 8.6% 8.7% 3.9% 8.%.%.6%.%.7%.6%.%.7%.%.7%.%.%.3% 3.% 6.%.%.9%.3%.%.%.8%.%.7%.3%.%.% 7%.%.%.9% 3.%.%.6%.6%.%.3%.%.3%.%.6% 3.% 9.9%.7% 6%.%.6%.%.7% 7.%.%.%.7%.%.3%.%.%.%.% 3.7%.%.9%.%.%.9% 6.%.% 8.% 6.% %.%.%.%.% % 7.%.7%.7%.6% 7.% 6.% 6.%.%.%.%.% 9.8%.%.8%.7% 3.% 6.% 7.%.% % 6.% 7.% 9.3% 3.% 3.9% 7.7% 3.% 9.3% 3.9% 9.8% 9.% 3%.3%.8%.7% 3.%.6%.6% % of Industry Proceeds Proceeds % of Industry 7% 6% % % 3%.9%.6% 6.3%.7%.6%.9%.% 8.6%.% 8.8%.% %.6%.9%.3%.6%.9% 6.9%.% 3.9% 7.%.8% 7.7%.7%.% 7.%.3% 6.%.8%.%.6%.%.6% % % %.%.% 3.% 3.%.7% 3.3% 6.% 9.6%.9% 7.%.3%.7%.% 8.8%.8%.% 9.8% JPM BoA DB MS Barc WF GS HSBC CS.6% 7.9%.6%.%.8% 3.7%.9% % % % 8.7%.%.9% 3.7% 3.3%.9%.3%.9% 8.%.%.8%.% 6.7%.% 9.6%.3% 6.9%.9%.%.% JPM BoA DB MS Barc WF GS HSBC CS.% Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Financials 8

11 IFR Markets US Debt Issuance Surges l New Record for High-Grade Debt IFR Markets Intelligence US HIGH-GRADE: Volumes soared to new heights in the first quarter of, the biggest quarter of high-grade issuance ever. Despite headline risk and oil price worries, borrowers flooded the market with deals to finance M&A, share buybacks and dividend payments. New issue concessions have been largely subdued. Top Deals US Investment Grade Debt Transactions Issue Date 3/3/ Issuer Actavis Funding Deal Size (US$m), Total Book Size (US$m) 9,3 Book to Cover Ratio.3x Weighted Average New Issue Concession (bps). HUGE DEALS: Deal sizes were exceptionally large, with the top trades accounting for close to % of the year-todate investment-grade tally. Among them were a US$ billion bond from Actavis the second-largest corporate bond ever - and chunky trades from Valeant (US$. billion-equivalent), Microsoft (US$.7 billion) and Apple (US$6. billion). /9/ // 3/3/ Microsoft Corp Merck & Co Inc ExxonMobil Corp,7 8, 8, 33, 3,, 3.x 3.9x.x US HIGH-YIELD: High-yield also saw a 3% increase over a year ago, as investors hunted for better returns in the low-rates environment. Junk-rated issuers peppered the primary market with jumbo M&A trades and pushed volumes to a new quarter record. But issuance was less consistent than in high grade, as sentiment on the asset class toggled between risk-on and risk-off. 3// // // Zimmer Holdings Apple Inc JPMorgan Chase &Co 7,6 6, 6, 3,6 9, N/A 3.x 3.x N/A.3 N/A US ABS: Issuance in the US asset-backed securities market was up over the first quarter of last year, to US$8.3 billion from US$3. billion at this point in. Prime and subprime auto, along with auto leases, have accounted for the bulk of new trades. There has been uptick in sub-sectors like consumer loans, which saw US$.9 billion of new issuance in the quarter versus roughly double that for all of last year. Estimated ABS volume for is $ billion - US$ billion, up from US$ billion in. // // // PEMEX Chevron Corp Morgan Stanley 6, 6,, 6,,,7.7x.x.9x US Monthly Investment Grade Debt vs Fund Flows Weekly US Investment Grade Debt vs New Issue Concession Level Lipper Flow Change (US$b) Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) J F M A M J J A S O N D J F M Monthly IG Proceeds (US$b) Proceeds (US$m) /3/ // /7/ // /3/ /7/ // // /8/ // // /9/ /6/ Proceeds (US$m) Average New Issue Concession // /9/ /6/ /3/ /3/ /6/ /3/ // /7/ 3/6/ 3/3/ 3// 3/7/ Average New Issue Concession Level US Monthly High Yield Debt vs Fund Flows US Auto ABS Collateral Type (US$m) Lipper Flow Change (US$b) Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) J F M A M J J A S O N D J F M 3 3 Monthly HY Proceeds (US$b) $8,83. 9% $,. % $3,. % $6,7.9 % $9,77.9 3% -8-9 Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan

12 International Bonds Down % l US Borrower Surge l Corporate Borrowing on the Rise First Quarter Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence International bonds volume in the first quarter of was down narrowly - by.8% year on year. US issuance in particular had a strong first quarter, rising.6%, while European nations saw an overall decline of 8.7% from last year. Notable falls were Germany (down 9. %) and France (down 9.6%) Particularly notable was the absence of any first quarter Russian Federation issuance in the international bonds market - the first time since. Issuance from the international corporate sector was strong with a.8% increase over. Among the industry sectors, Healthcare was up 6.%, including Actavis Funding s raising of US$.9 billion towards its acquisition of Allergan and Merck s US$7.9 billion six tranche offering towards its purchase of Cubist. Retail was up by 8.9%, featuring Family Tree's US$3. billion and Pet Smart's US$.9 billion deals. Media and Entertainment was up by 7.%, including GA Worldwide's US$.9 billion offering and Altice Financing at US$.6 billion. These increases were counterbalanced by falls in the Telecom and Government & Agency sectors, which fell by.% and.%, respectively. According to Thomson Reuters and Freeman Consulting the top fee earners in the international bonds market in the first quarter were with US6. million from 36 transactions, with nearly a third of its clients drawn from the financials sector. led the All Bonds in Euros fees with 98.3 million raised from 9 deals. All International Bonds (J) Proceeds per (US$m) # of Deals per Imputed Fees (US$m), , , , Bank of America Merrill Lynch 7 68, HSBC Holdings PLC , Morgan Stanley 7 9 6, Goldman Sachs & Co 8 6 9, BNP Paribas SA 9 8 6, Credit Suisse, , , ,7,36.., -6,97...8% -9.% 3.%.% 8.9% 38.6% All International Bonds by Issue Type All International Securitizations (Jc) Proceeds ( b),, Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q ABS & MBS Emerging Market Corporate Federal Credit Agency High Yield Corporate Agency, Supranational, Sovereign Investment Grade Corporate Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 9, , , Credit Suisse 3, Wells Fargo & Co 8, Bank of America Merrill Lynch 6, , Goldman Sachs & Co 8 3, Morgan Stanley 9 9, Lloyds Bank, , , % 9.9% -8.% -7.8%.3% -.% European Financial and Corporate Inv Grade By Domicile Nation First Quarter All Bonds in Euros (N) Proceeds ( b) 6 3 Proceeds per ( m) # of Deals per Imputed Fees ( m) 3,99.3 8, Credit Agricole CIB 3 6 6, HSBC Holdings PLC 6, BNP Paribas SA 6, Societe Generale 6 3 3, , UniCredit 8 8 6, , Natixis, , , ,7...% -.3% 7.8% 9.8%.6% 9.8%

13 Global Volumes up 8% l High Acquisition Finance Activity l Top Fee Earner First Quarter Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield Debt (B) Global High Yield volumes in the first quarter rose by 7.7% compared to first quarter. Borrowing from US issuers increased 3.% - to US$68. billion, while international first quarter issuance from European borrowers was down 7.8%, in spite of issuance representing second strongest start on record for that region, at US$.9 billion. Key global deals in the quarter were focused on raising acquisition finance. United States pharmaceutical company Valeant s US$. billion equivalent four-tranche deal for its acquisition of Salix was the second largest High Yield deal on record. Altice priced a US$.3 billion equivalent transaction for its planned purchase of Portugal Telecom. Italian commercial lottery operator and gaming company GTECH priced a five tranche US$.9 billion transaction backing its acquisition of US gaming firm IGT. The leading fee earner in the global High Yield market, according to Thomson Reuters and Freeman Consulting, was with US$39.6 million from 76 deals. also led the way in the US Dollar market, with US$. million earned via 7 deals. Leading the non Dollar sector was with 33.6 million accrued from 3 transactions. Proceeds per (US$m) # of Deals per Imputed Fees (US$m), , , , Morgan Stanley 7 8, Credit Suisse 6 6 8, Bank of America Merrill Lynch 7 7, Goldman Sachs & Co 8 7, RBC Capital Markets 9, Wells Fargo & Co, , , , , % -7.%.6% 6.7% 36.7% 7.% Average Quarterly Spread to Benchmark* Basis Points 9 8 Spread to Benchmark -Quarter Moving Average (Spread to Benchmark) Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q Q Q3 Q Q 9 3 *Spreads based on fixed rate issues where spread information is available Monthly High Yield Volume Proceeds (US$b) $7 $6 $ Proceeds (US$) # of Issues 8 $ 6 $3 $ $ $ JFMAMJ JASONDJFMAMJJASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFM 9 3 # of Issues Global High Yield Debt - US Dollar Denominated (B) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 8, , Morgan Stanley 3 6 7, , , Bank of America Merrill Lynch 6 6, Credit Suisse 7 3, Goldman Sachs & Co 8, RBC Capital Markets 9, Wells Fargo & Co, , , , % -8.8%.% 3.%.%.% Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m), Credit Suisse 3, , BNP Paribas SA, , UniCredit 6 8, , Goldman Sachs & Co 8 3, HSBC Holdings PLC 9 9, Morgan Stanley , , %.8%.8% 6.%.%.8%

14 First Quarter Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Debt Down % l EMEA Emerging Market Debt Down 38% l Latin America Emerging Market Debt Down % All International Emerging Market Bonds (L) EMEA Emerging Market Bonds (L) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 3 HSBC Holdings PLC, , , Societe Generale 8, , , , BNP Paribas SA 3, Morgan Stanley 7, , Bank of America Merrill Lynch 6 7, UniCredit 6 7, , , BNP Paribas SA 8 6, Erste Group 8, Standard Chartered PLC 9, HSBC Holdings PLC 9, Credit Suisse 9 3, KBC Group NV ,8.7 6, , ,77. 9, % Change from Same Period Last Year -.8% % Change from Last Quarter -.% -3.% -.% 38.% -7.% % Change from Same Period Last Year % Change from Last Quarter -37.8% 8.% -.3%.% -3.6% 8.% Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market Bonds (L) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 3 Morgan Stanley 6 3, HSBC Holdings PLC 6, Bank of America Merrill Lynch 3, , HSBC Holdings PLC 3 3, , , , , Bank of America Merrill Lynch 3, , Standard Chartered PLC 6 6 3, BBVA 7 9, Morgan Stanley 7 9, Credit Suisse 8 3, BNP Paribas SA 8 8, , , Santander, Bank of China Ltd, , , , , % Change from Same Period Last Year -39.7% -6.% 33.7% % Change from Same Period Last Year -.3% -.9% 38.% % Change from Last Quarter.9% -.% -3.% % Change from Last Quarter -7.% -.7% -39.% Middle East Emerging Market Bonds (L) All International Emerging Market Bond Volume by Industry (US$b) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 HSBC Holdings PLC, BNP Paribas SA National Bank of Abu Dhabi Standard Chartered PLC Morgan Stanley ING 7 9* Emirates NBD PJSC 8 * * , , % Change from Same Period Last Year -7.7% 3.% 69.8% % Change from Last Quarter 3.9%.% - -8.% *tie $.3 % $. $.% $. % % $ % $.6 3% $3.8 % $.7 % $.6 % $36. 3% $.3 % Financials Government and Agencies Energy and Power Real Estate Industrials High Technology Materials Healthcare Consumer Staples Tl Telecommunications Retail

15 First Quarter Debt Capital Markets Managing Underwriters Emerging Markets - Latin America Global Brazilian Debt Volume Down 96% l Fees for Global Brazilian Debt Down 89% l Domestic Brazilian Debt Up % l Domestic Mexican Debt Up 33% All Global Debt by Brazilian Issuers (BR) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 Banco Bradesco SA * Rabobank NV * Credit Suisse * Itau Unibanco Santander Banco Modal Banco Votorantim Banco BTG Pactual SA , , % Change from Same Period Last Year -9.7% -8.% % Change from Last Quarter -9.% -77.3% -88.6% -3.6% Domestic Brazilian Debt in Reals (BR) Global Brazilian Debt Volume by Sector Proceeds (US$b) $ $ $ $ $ $ Securitized Debt Junk Rated Debt Investment Grade Corporate Agency, Supranational, Sovereign # of Issues Global Debt by Mexican Issuers (MX) First Quarter 6 3 # of Issues Proceeds per (R$m) # of Deals per Imputed Fees (US$m) 3 SD Indeval SA de CV -, Banco Bradesco SA, Itau Unibanco 3, Casas de Bolsa Bital, S.A. * -, * -, Santander 6 7, BBVA 7 -, Banco Galicia y Buenos Aires 8* Macro Securities SA 8* Banco BTG Pactual SA , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 Morgan Stanley, , BBVA 3 9, HSBC Holdings PLC 3, Bank of America Merrill Lynch, Santander 6 6, Credit Suisse 7, Casas de Bolsa Bital, S.A , , % Change from Same Period Last Year.8% -3.% -7.6% % Change from Last Quarter -.7% -.3% -8.% % Change from Same Period Last Year % Change from Last Quarter.% 3.% -.% -.% -.% -9.3% Global Debt in Mexican Pesos (MX) Domestic Mexican Debt (MX3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 3 Casas de Bolsa Bital, S.A Casas de Bolsa Bital, S.A SD Indeval SA de CV BBVA BBVA Santander 3* Corporacion Actinver Sab de CV 3* Santander * 7* Corporacion Actinver Sab de CV * Casa de Bolsa Inverlat 6* * Bank of America Merrill Lynch 6* Credit Suisse 7* Grupo Financiero Banorte-Ixe 6* HSBC Holdings PLC 7* * Morgan Stanley 7* 7* , , % Change from Same Period Last Year 86.8% % Change from Last Quarter -9.% 8.% 9.% % Change from Same Period Last Year 33.% -6.7% 87.% -.% -68.3% % Change from Last Quarter -79.% -76.% -78.3% 3

16 First Quarter Debt Capital Markets Managing Underwriters Asia Debt Strongest Start for Asian G3 Debt on Record l High Technology G3 Proceeds - Record High l Local Currency Bond Volume Drops 3% Asia Deals Intelligence Asian G3 Currency Bonds (ex-japan ex-australia) (AR ) Asian G3 (US$, Euro, Yen) bond offerings registered a record-high first quarter, with proceeds of US$.6 billion from 73 deals, a.7% increase in proceeds from the first three months of. China-domiciled issuers raised US$. billion from 9 transactions to date, capturing 8.% of the Asian G3 market. The Internet giant, Tencent Holdings, issued the largest Chinese G3 bond offering in the first quarter, contributing meaningfully to the strongest start for High Technology G3 bond volumes, on record. The Financials and Government & Agencies sectors accounted for 7.% and 7.6% of total market share, respectively. Asian currency bond offerings to date totaled US$83.3 billion from 887 deals, a 3.7% drop from the total proceeds of US$. billion raised in the first three months of. Transactions denominated in Chinese Yuan, Korean Won and Indian Rupee captured.%,.7% and.% of the Asian local currency bond market, respectively. Offshore Chinese Yuan bond proceeds this year fell significantly to CNY63.3 billion from its record high quarterly proceeds in the first three months of (CNY33.7 billion). According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market this year totaled US$9.6 million, a 9.% increase from total fees paid in the first quarter of. Underwriting fees on Asian currency bonds (ex. Japan, Australia) to date dropped to US$.6 million from the US$96. million earned in the same period last year. Asian Corporate Bonds Imputed Fees (US$m) $8 $7 $6 $ $ $3 $ $ $ First Quarter U.S. Dollar Chinese Yuan All Other Currencies Proceeds per (US$m) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC, , , Bank of America Merrill Lynch 3, , Morgan Stanley 6 8 3, Standard Chartered PLC 7 7 3, Goldman Sachs & Co 8, Bank of China Ltd 9, Credit Suisse, , , t Includes Asian Development Bank issuance All Asian Currencies (ex-japan ex-australia) (AS**) **Includes CDs and CPs.7% -.% 9.% -3.3% -7.% -6.9% Proceeds per (US$m) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC 6, Standard Chartered PLC, CITIC 3 3, KB Financial Group Inc 8, Woori Invest & Sec Co Ltd, Korea Investment Holdings Co 6, Axis Bank Ltd 7 9, Daewoo Securities Co Ltd 8 38, China International Capital Co 9, BNP Paribas SA 7, , , % 7.6% -.8% 6.% -8.8% -6.% Offshore Chinese Yuan Issued & Settled Bonds (ex self-funded) (ASa) Asian G3 Currency High Yield Bonds (ex-japan ex-australia) Proceeds per (CNYm) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC 6, BNP Paribas SA, Standard Chartered PLC 3, * 3, DBS Group Holdings 3, , Mega Financial Holding Co 7 -, Bank of China Ltd 8 *, , KGI Financial Services Group -, , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse Standard Chartered PLC HSBC Holdings PLC Goldman Sachs & Co CITIC Morgan Stanley UBS China Merchants Bank , , % -33.% -67.%.6% -6.7% -.%.%.% -9.%.% 7.7% -.8% * tie **Includes CDs and CPs

17 Australian Dollar Bond Q Volume - A Record High l Australian International Debt - A Slow Start First Quarter Debt Capital Markets Managing Underwriters Australia Debt Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a) Australian international debt offerings in the first quarter of totaled US$8. billion from 6 deals, a % decline from proceeds raised in the same period last year. US Dollar remained the top currency, with total proceeds of US$. billion from deals, while EURO and Australian Dollar denominated debt captured 33.% and.3% of the Australian international debt market, respectively. Australian Dollar bond (excluding self-funded) proceeds to date reached AU$3.3 billion from 86 deals, registering the all-time largest quarterly proceeds. Issuance from the Financials sector totaled AU$3. billion from 38 deals, a 6.9% increase from its total raisings in the first three months of. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian Dollar (excluding self-funded) bonds to date reached AU$. million, a 3% increase from the total of AU$7.7 million earned in the first quarter of. Estimated fees from Australian international bond offerings this year registered a.% decline to US$68.8 million from the US$8. million earned in the same period last year. Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank 6 7, Commonwealth Bank of Australia 7, ANZ Banking Group 3, Westpac Banking, , UBS 6, RBC Capital Markets 7 9, TD Securities Inc 8 8, Nomura 9, , , , % -.3% 3.%.6% 38.7% 7.% All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b) First Quarter $ $ $3 $3 $ $ $ $ $ $ Agency, Supranational, Sovereign Investment Grade Corporate MBS Federal Credit Agency ABS Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6).% 7.% Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank 6, Commonwealth Bank of Australia 9 3, ANZ Banking Group 3 3, Westpac Banking 3, , UBS 6 3, RBC Capital Markets 7 8, TD Securities Inc 8 7, Nomura 9, , , , %.9% 8.3% 3.% All Australian International Bonds (AJ7) All Australian Securitization (ex-cdos) (AJ) Proceeds per (US$m) # of Deals per Imputed Fees (US$m), HSBC Holdings PLC, , National Australia Bank 9, , Westpac Banking 6, UBS 7, RBS 8, ANZ Banking Group 9 7, Credit Suisse 7, , , Proceeds per (AU$m) # of Deals per Imputed Fees (AU$m) National Australia Bank, Commonwealth Bank of Australia *, Westpac Banking 3, ANZ Banking Group, Macquarie Group * RBS , , %.6% -.7% 3.% -.% 99.% 6.%.9% 3.% -8.6% 79.8%.8%

18 Japanese Debt Activity Down 7% l Financial Lowest in Ten Years l Corporate Debt Up % First Quarter Debt Capital Markets Managing Underwriters Japan Debt Japan Deals Intelligence Yen denominated bond issuance totaled JPY3.6 trillion from deals during the first quarter of, representing a 6.7% decline compared to the same period last year and the second lowest first quarter volume in the past ten years. Japanese activity during the period was driven by the Government & Agency sector, with 8% market share, from proceeds worth JPY983 billion. Financials was the second largest sector, registering a total of JPY86 billion in proceeds, a decline of nearly % compared to the same period last year, and the lowest quarterly proceeds in the past ten years. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from all bonds in Yen during the first quarter of recorded a 6% increase and totaled JPY8. billion. Japanese corporate bond issuance posted a.% increase, totaling JPY.8 trillion and the only Japanese Bond segment that registered an increase in proceeds during the first quarter of. Softbank s JPY billion retail bond deal and the three series Panasonic deals worth an accumulated JPY billion led the sector and accounted for nearly half of Japanese corporate bond issuances during the period. Samurai bond volume totaled JPY73.3 billion from 6 deals during the first quarter of, the third lowest Samurai bond proceeds in the last ten years, with 3 registering the lowest followed by 7. Proceeds from European and Asia Pacific issuers decreased by 7% and 6% respectively. No bonds from American issuers were priced. All Bonds in Yen (AP) Proceeds per ( m) # of Deals per Imputed Fees ( m) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 76, , Mitsubishi UFJ Morgan Stanley Nomura 3 63,78. 98, ,7.9 3, Daiwa Securities Group Inc 3, , Sumitomo Mitsui Finl Grp Inc 3, , Mitsubishi UFJ Financial Group 6 7, Sumitomo Mitsui Trust Holdings 7 6 9, , Bank of America Merrill Lynch 9 7 7, Goldman Sachs & Co 8 7, ,, , ,83, , % -8.6% -.% -3.%.9% -.8% Samurai Bonds Issuer Domicile Analysis First Quarter Samurai Bonds (AP) Billion Europe Asia-Pacific (ex Central Asia) Americas # of Issues 3 3 # of Issues Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Sumitomo Mitsui Finl Grp Inc * 3 6, Daiwa Securities Group Inc * 6, Mitsubishi UFJ Morgan Stanley Nomura 3 36, , Natixis * - 9, Bank of America Merrill Lynch * - 9, , ,3.. 73, % -76.3% *tie % -76.% -6.% -73.% +. Japanese Corporate Debt Volume by Industry ( Billion) Japanese Securitizations (AP). % 7. 3% 3. %. %. 3% 78. % 8. % 3.3 3%. % 3. 7%. % Telecommunications Industrials High Technology Energy and Power Financials Consumer Products and Services Real Estate Media and Entertainment Materials Retail Consumer Staples 6 Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Mizuho Financial Group 93, Mitsubishi UFJ Morgan Stanley, Mitsubishi UFJ Financial Group 3, Sumitomo Mitsui Trust Holdings 3 9, Nomura 76, Bank of America Merrill Lynch 6, Sumitomo Mitsui Finl Grp Inc , Daiwa Securities Group Inc 8 6 3, , Norinchukin Bank, ,9.3 88, ,7., % -.8% -.7% -.% 9.6% -8.%

19 First Quarter Debt Capital Markets Managing Underwriters Japan Debt Japanese Corporate Debt (AP3) Bonds Targeted in Japan (AP) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds per ( mil) # of Deals per Imputed Fees ( mil) Proceeds Proceeds Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Lead Manager Rank Rank mil Sh (%) Share Ch. Deals Sh (%) # of Deals Fees mil Sh (%) Share Ch. Nomura 38, , Mizuho Financial Group 76, , Mizuho Financial Group 378, , Mitsubishi UFJ Morgan Stanley 63, , Daiwa Securities Group Inc 3 3, , Nomura 3 98, , Sumitomo Mitsui Finl Grp Inc 3 3, , Daiwa Securities Group Inc 6, , Mitsubishi UFJ Morgan Stanley 3, , Sumitomo Mitsui Finl Grp Inc 3 8, , Goldman Sachs & Co 6 6 6, Mitsubishi UFJ Financial Group 6 7, , Sumitomo Mitsui Trust Holdings 7 6 9, Bank of America Merrill Lynch 8, Bank of America Merrill Lynch 8 7, Credit Suisse 9 -, Goldman Sachs & Co 9 8 7, Okasan Securities Group Inc - 9, , ,87, , ,38, , ,83, ,9.7. 3,87, ,986...%.9% -.% -6.% 7.%.% -6.% -.% -.6%.8% -.6% -.6% 7

20 First Quarter Debt 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: United States Salvatore Reres Tel: salvatore.reres@thomsonreuters.com Europe Ian Willmott Tel: ian.willmott@thomsonreuters.com Asia-Pacific Michelle Abuzo Tel: michelle.abuzo@thomsonreuters.com Japan Aki Sato Tel: aki.sato@thomsonreuters.com - Database coverage includes all US public, Euro public and Rule a fee-eligible global debt transactions (including Global bonds, Euro/a transactions, Yankee Bonds, Eurobonds, Foreign Bonds and preferred stock) as well as MBS, ABS & Taxable Munis. - Transactions must be received within business days of pricing for league table accreditation. (Rule a 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. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:am EDT on March 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. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. - Long-term league tables exclude deals with a minimum life of less than. years (or 8 months), except for Asian local currency denominated bonds and all securitized tranches, which require a minimum life of more than 36 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. - US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/a bond and preferred stock transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/a bond and preferred stock transactions issued in any currency. - Imputed fees are calculated using Freeman Consulting. proprietary algorithm for transactions for which 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 Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicate members. League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Morgan Stanley Securities and () Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley." As concluded following our DCM Roundtable in Tokyo, Thomson Reuters will begin publishing domestic Japanese rankings on an "Anbun Hoshiki" (Proportional) basis beginning with Japanese Fiscal Year - after April st,. Please note that the Samurai Bonds ranking (AP) will be consistent with all other international bonds rankings and will remain on the "Equal-to-Each" allocation basis Following our mid-year League Table Inquiry, all US mortgage-related securitizations have been classified as mortgage backed regardless of risk category or deal structure. 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. 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