League Tables Fy 2018 Fy 2018

TAIWAN CAPITAL MARKETS LEAGUE TABLES FY 2018 FY 2018

MANAGER RANKINGS TAIWAN CAPITAL MARKETS

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Equities Irene Huang +86 21 6104 3057 [email protected]

Fixed Income Sheng Chiu +886 2 7719 1467 [email protected]

Loans Jewel Ho +852 2293 1498 [email protected]

Taiwan Bonds: Industry Breakdown

Taiwan Bonds 10% 6% FY 2018 FY 2017 7% 46% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 13% Yuanta Financial Holding Co Ltd 1 18.504 81,310 75 1 22.292 -3.788 Masterlink Securities 2 11.901 52,295 57 3 9.097 2.804 17% KGI Securities 3 9.990 43,900 65 2 12.018 -2.028 HSBC 4 6.895 30,300 5 - - 6.895 Fubon Securities 5 5.798 25,480 40 5 5.242 0.556 Financials 46% Capital Securities Corp 6 5.396 23,710 45 4 7.624 -2.228 Materials 17% Taiwan Cooperative Securities Co 7 4.761 20,920 33 8 4.035 0.726 Utilities 13% Ltd Consumer Discretionary 7% E.Sun Commercial Bank 8 3.846 16,900 19 20 0.701 3.145 Technology 6% CTBC Bank 9 3.561 15,650 9 10 2.983 0.578 Others 10% Mega Financial Holding 10 3.539 15,550 31 14 2.310 1.229 Hua Nan Financial Holdings Co Ltd 11 3.311 14,550 14 12 2.743 0.568 SinoPac Financial Holdings 12 3.114 13,685 33 7 4.232 -1.118 Taiwan Bonds: Manager Rankings History Taishin Financial Holding Co Ltd 13 2.901 12,750 15 16 2.058 0.843 Jih Sun Securities Co Ltd 14 2.396 10,530 28 17 1.813 0.583 2018 2017 2016 25 President Securities 15 1.811 7,960 22 15 2.148 -0.337

Fubon Financial Holding 16 1.654 7,270 11 13 2.641 -0.987 20 ) % (

Hua Nan Securities 17 1.572 6,910 8 9 3.631 -2.059 e

r 15 a h

First Securities Inc 18 1.252 5,500 12 22 0.647 0.605 S

t e

k 10 r

Shanghai Commercial & Savings 19 1.211 5,320 19 18 1.716 -0.505 a M Bank Ltd 5 Cathay United Bank 20 1.138 5,000 4 6 4.976 -3.838 0 TOTAL 100% 439,430 139 100% d s s s p t e e C e r L ti ti B ti o o ri ri S ri C C u u H u s c c c e g e e e ti in S S S ri d I u l k n c o in G o e H rl K b S l e u l This table consists of debt securities denominated in Taiwanese Dollars, with market type "Domestic" or "Domestic MTN". This excludes asset- ia t F a c s it n a p a M a backed securities, bonds with warrants, convertible securities, and credit-linked notes. There is a minimum threshold of 12 months for maturities, in C F ta n a call or put periods and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. u Y

Bloomberg League Table Reports Page 1 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan International Bonds: Industry Breakdown

Taiwan International Bonds 8%

FY 2018 FY 2017 26% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 66% Standard Chartered Bank 1 18.702 6,326 16 5 8.312 10.390 Deutsche Bank 2 15.234 5,153 7 1 13.625 1.609 KGI Securities 3 9.807 3,317 31 3 10.015 -0.208 HSBC 4 7.047 2,384 14 8 6.149 0.898 E.Sun Commercial Bank 5 5.878 1,988 35 2 13.324 -7.446 Financials 66% Cathay United Bank 6 5.148 1,741 26 6 6.381 -1.233 Government 26% Credit Agricole CIB 7 5.004 1,693 12 15 1.971 3.033 Others 8% Yuanta Financial Holding Co 8 4.984 1,686 23 7 6.152 -1.168 Ltd BNP Paribas 9 4.777 1,616 10 4 8.428 -3.651 Taiwan International Bonds: Manager Rankings History SinoPac Financial Holdings 10 4.163 1,408 18 10 4.960 -0.797 Fubon Financial Holding 11 2.615 884 12 9 5.076 -2.461 2018 2017 2016 20 Societe Generale 12 2.506 848 9 20 0.381 2.125

Bank of Taiwan 13 2.154 729 5 14 2.311 -0.157 15 ) % ( KGI Bank 14 1.776 601 7 19 0.450 1.326 e r a h

S 10

Mega Financial Holding 15 1.633 553 6 - - 1.633 t e k r Goldman Sachs Asia 16 1.484 502 2 - - 1.484 a M LLC/Taipei 5 CTBC Bank 17 1.436 486 7 11 3.113 -1.677 0 k k s k k Masterlink Securities 18 1.410 477 8 12 2.969 -1.559 n n e C n n a a ti B a a B B ri S B B u H l d e c a d re h e i te e c S rc i ANZ Banking Group 19 1.287 436 3 16 1.689 -0.402 rt ts I e n a u G U h e m y C D K m a o h rd C t Capital Securities Corp 20 1.060 359 7 18 0.734 0.326 a a d n C n u ta .S TOTAL 100% 33,826 133 100% S E

This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 2 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan International Bonds (TSA): Industry Breakdown

Taiwan International Bonds (TSA Disclosed Amounts) 8%

FY 2018 FY 2017 26% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 66% Deutsche Bank 1 20.724 6,989 7 2 13.525 7.199 Standard Chartered Bank 2 11.887 4,009 16 4 6.778 5.109 E.Sun Commercial Bank 3 9.252 3,120 59 1 16.721 -7.469 KGI Securities 4 9.175 3,094 41 3 8.778 0.397 Yuanta Financial Holding Co 5 5.586 1,884 34 6 6.553 -0.967 Financials 66% Ltd Government 26% HSBC 6 5.453 1,839 14 9 5.680 -0.227 Others 8% Cathay United Bank 7 5.257 1,773 35 7 6.057 -0.800 SinoPac Financial Holdings 8 4.624 1,559 29 10 5.348 -0.724 BNP Paribas 9 4.422 1,491 10 5 6.761 -2.339 Taiwan International Bonds (TSA): Manager Rankings KGI Bank 10 3.120 1,052 15 19 0.536 2.584 History Fubon Financial Holding 11 2.682 905 18 8 5.706 -3.024 Bank of Taiwan 12 2.597 876 11 14 2.468 0.129 2018 2017 2016 25 Mega Financial Holding 13 2.109 711 15 21 0.225 1.884 Capital Securities Corp 14 1.864 629 20 17 1.141 0.723 20 ) % ( CTBC Bank 15 1.863 628 15 11 3.619 -1.756 e

r 15 a h S

Fubon Securities 16 1.749 590 12 15 1.305 0.444 t e

k 10 r

Societe Generale 17 1.602 540 10 23 0.086 1.516 a M

Masterlink Securities 18 1.545 521 11 12 3.325 -1.780 5 Credit Agricole CIB 19 1.426 481 13 16 1.275 0.151 0 k k k s d n n n e t C ANZ Banking Group 20 1.009 340 3 18 0.738 0.271 a a a ti L B B B B ri o S l u C H e d a c h re i e g c e rc S in TOTAL 100% 33,726 133 100% ts rt e I d u a l e h m G o m K H D C o l rd C ia a c d n n n u a ta .S in S E F This table consists of debt & preferred securities denominated in non-Taiwanese Dollar and listed on the Taipei exchange. This excludes asset- ta n a u backed securities, bonds with warrants, convertible securities, and structured notes. There is a minimum threshold of 12 months for maturities, Y call or put periods, and USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 3 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan Equity & Equity Linked: Industry Breakdown

Taiwan Equity & Equity Linked 10% 7% 32% FY 2018 FY 2017

Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 15% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Yuanta Financial Holding Co Ltd 1 21.048 22,017 17 2 17.567 3.481 16% 21% Fubon Securities 2 18.473 19,325 19 3 16.372 2.101 Taishin Financial Holding Co Ltd 3 11.310 11,831 22 5 6.122 5.188 BNP Paribas 4 11.150 11,664 1 - - 11.150 KGI Securities 5 10.221 10,692 25 1 23.916 -13.695 Technology 32% Grand Fortune Securities Co 6 4.413 4,617 11 8 3.142 1.271 Financials 21% SinoPac Financial Holdings 7 3.817 3,993 13 4 9.963 -6.146 Industrials 16% Mega Financial Holding 8 3.031 3,171 9 17 0.611 2.420 Consumer Discretionary 15% President Securities 9 2.546 2,663 5 11 1.297 1.249 Materials 7% Waterland Securities Co Ltd 10 1.916 2,005 8 14 0.855 1.061 Others 10% First Securities Inc 11 1.756 1,837 9 18 0.508 1.248 Morgan Stanley 12 1.729 1,809 1 9 2.958 -1.229 Concord Securities 13 1.619 1,694 5 19 0.501 1.118 Taiwan Equity & Equity Linked: Manager Rankings History Masterlink Securities 14 1.309 1,370 6 6 5.600 -4.291 Cathay Securities Co Ltd 15 1.266 1,325 5 10 1.530 -0.264 2018 2017 2016 25 Capital Securities Corp 16 1.143 1,195 6 16 0.794 0.349 Taiwan Cooperative Securities Co 17 0.859 899 4 12 1.213 -0.354 20 ) % (

Ltd e

r 15 a h

Hua Nan Securities 18 0.688 720 2 25 0.011 0.677 S

t e

k 10 r

Friendly Securities Co Ltd 19 0.574 600 1 - - 0.574 a M

Jih Sun Securities Co Ltd 20 0.463 485 5 22 0.109 0.354 5 TOTAL 100% 104,608 181 100% 0 d s d s s o t e t a e L ti L b ti C o ri o ri ri s u a u e C c C c ti g e g P e ri This table consists of equity & equity-linked securities issued by Taiwanese issuers. This excludes bonds with warrants, credit linked notes, best in S in P S u d d N I c l n l B G e o o o S H b H K e efforts, local market share sales, private placements, and self-led offerings. There is a minimum threshold of 12 month minimum call, put & maturity l u l n ia F ia u c c rt n n o a a F periods. Please see League Table Standards and Guidelines for further details. in in d F F n a ta in r n h G a is u a Y T

Bloomberg League Table Reports Page 4 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan Equity IPO: Industry Breakdown

Taiwan Equity IPO 9%

10% 26% FY 2018 FY 2017 Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

23% KGI Securities 1 16.910 3,026 9 1 25.503 -8.593 21% Fubon Securities 2 13.701 2,452 3 6 6.350 7.351 Yuanta Financial Holding Co 3 11.415 2,043 3 5 7.552 3.863 Ltd SinoPac Financial Holdings 4 10.174 1,821 6 2 17.536 -7.362 Technology 26% First Securities Inc 5 8.532 1,527 5 10 2.689 5.843 Industrials 23% Grand Fortune Securities Co 6 6.899 1,235 4 12 1.701 5.198 Consumer Discretionary 21% Cathay Securities Co Ltd 7 6.320 1,131 3 11 1.781 4.539 Health Care 11% Taishin Financial Holding Co 8 6.012 1,076 5 4 9.372 -3.360 Materials 10% Ltd Others 9% Concord Securities 9 4.627 828 1 7 3.795 0.832 Hua Nan Securities 10 4.023 720 2 - - 4.023 Mega Financial Holding 11 3.656 654 4 - - 3.656 Taiwan Equity IPO: Manager Rankings History Masterlink Securities 12 2.737 490 2 3 15.624 -12.887

CTBC Financial Holding 13 1.773 317 1 14 0.539 1.234 2018 2017 2016 Jih Sun Securities Co Ltd 14 1.540 276 2 13 0.558 0.982 40 Horizon Securities Co Ltd 15 1.099 197 2 9 3.149 -2.050 30 ) %

President Securities 16 0.582 104 1 - - 0.582 (

e r a

------h

S 20

t e k ------r a M ------10 ------0 TOTAL 100% 17,896 53 100% s s d s c o e e t g n ti ti L n I C ri ri o i s s u u C ld e ie c c o ti it e e g H ri r S S in l u u I d a c c G n l i e e o o c S S K b H n t e u l a s n This table consists of initial public offerings issued by Taiwanese issuers. This excludes best efforts, local market share sales, private placements, F ia in ir u c F F rt n c o a a F rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. in P d F o n n a ta i r n S G a u Y

Bloomberg League Table Reports Page 5 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan Equity Offerings: Industry Breakdown

6% Taiwan Equity Offerings 7%

FY 2018 FY 2017 10% 35% Mkt Volume (TWD Deal Prev Prev Mkt Mkt Share 10% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Yuanta Financial Holding Co 1 26.726 13,367 12 1 29.524 -2.798 Ltd 32% BNP Paribas 2 23.320 11,664 1 - - 23.320 KGI Securities 3 10.481 5,242 18 2 19.442 -8.961 Fubon Securities 4 5.647 2,825 9 5 6.884 -1.237 Technology 35% President Securities 5 4.725 2,363 4 11 1.176 3.549 Financials 32% SinoPac Financial Holdings 6 4.485 2,243 9 4 7.023 -2.538 Industrials 10% Morgan Stanley 7 3.617 1,809 1 6 6.174 -2.557 Consumer Discretionary 10% Taishin Financial Holding Co 8 3.460 1,731 15 9 3.265 0.195 Materials 7% Ltd Others 6% First Securities Inc 9 3.272 1,637 8 13 1.061 2.211 Grand Fortune Securities Co 10 2.832 1,417 8 8 4.517 -1.685 Cathay Securities Co Ltd 11 2.648 1,325 5 16 0.899 1.749 Taiwan Equity Offerings: Manager Rankings History Concord Securities 12 2.087 1,044 3 14 1.045 1.042

Hua Nan Securities 13 1.439 720 2 22 0.023 1.416 2018 2017 2016 Mega Financial Holding 14 1.341 671 5 - - 1.341 30 Masterlink Securities 15 1.139 570 4 7 4.802 -3.663 )

% 20

Jih Sun Securities Co Ltd 16 0.669 335 4 18 0.227 0.442 (

e r a

CTBC Financial Holding 17 0.665 333 2 10 2.392 -1.727 h S

t e k Horizon Securities Co Ltd 18 0.657 329 3 15 0.911 -0.254 r a 10 M Capital Securities Corp 19 0.390 195 4 12 1.148 -0.758 Waterland Securities Co Ltd 20 0.309 155 4 - - 0.309 0 TOTAL 100% 50,016 124 100% td s s s s s L a ie ie ie g ib it it it in o r r r r d C a u u u l g P c c c o n e e e H i P S S S l ld N I n t ia o B G o n c K b e n H u id a This table consists of equity offerings issued by Taiwanese issuers. This excludes best efforts, local market share sales, private placements, l F s n ia e i c r F n P c a a rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. in P F o n ta i n S a u Y

Bloomberg League Table Reports Page 6 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan Borrower Loans (Bookrunner): Industry Breakdown Taiwan Borrower Loans (Bookrunner)

10% FY 2018 FY 2017 7%

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 41% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 12% Bank of Taiwan 1 18.005 5,656 55 1 48.542 -30.537 Mega Financial Holding 2 14.711 4,621 47 2 8.302 6.409 13% Taiwan Cooperative Financial Holding 3 8.606 2,703 38 3 8.210 0.396 18% Co Ltd Land Bank of Taiwan 4 7.962 2,501 41 4 5.970 1.992 Technology 41% Fubon Financial Holding 5 6.329 1,988 20 5 3.260 3.069 Financials 18% Taishin Financial Holding Co Ltd 6 4.661 1,464 19 6 3.024 1.637 Materials 13% CTBC Bank 7 4.412 1,386 22 12 2.224 2.188 Industrials 12% Chang Hwa Commercial Bank 8 3.763 1,182 19 7 2.758 1.005 Consumer Discretionary 7% Hua Nan Financial Holdings Co Ltd 9 3.413 1,072 19 10 2.573 0.840 Others 10% First Commercial Bank 10 3.135 985 24 13 2.088 1.047 DBS Group 11 2.331 732 9 21 0.170 2.161 Sumitomo Mitsui Financial 12 2.171 682 4 - - 2.171 Taiwan Borrower Loans: Bookrunner Rankings History Bank of China 13 1.980 622 4 - - 1.980 Taiwan Business Bank 14 1.829 574 12 11 2.259 -0.430 2018 2017 2016 50 SinoPac Financial Holdings 15 1.443 453 7 24 0.163 1.280

E.Sun Commercial Bank 16 1.398 439 12 16 1.004 0.394 40 Yuanta Financial Holding Co Ltd 17 1.382 434 11 9 2.680 -1.298 30 Cathay United Bank 18 1.231 387 8 15 1.016 0.215 China Development Bank 19 1.126 354 1 - - 1.126 20 Market Share (%)

Citi 20 0.918 288 3 28 0.024 0.894 10 TOTAL 100% 31,411 156 100% 0

This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further Bank of Taiwan Land Bank of Taiwan Mega Financial Holding details. Fubon Financial Holding

Taishin Financial Holding Co Ltd

Taiwan Cooperative Financial Holding Co Ltd Taiw

Bloomberg League Table Reports Page 7 Bloomberg Taiwan Capital Markets | FY 2018

Taiwan Borrower Loans (Mandated Lead Arranger): Industry Breakdown Taiwan Borrower Loans (Mandated Lead Arranger)

10% FY 2018 FY 2017 7%

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 41% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 12% Land Bank of Taiwan 1 11.035 3,582 57 3 7.611 3.424 Mega Financial Holding 2 10.863 3,526 56 2 8.427 2.436 13% Bank of Taiwan 3 8.826 2,865 57 1 43.377 -34.551 18% Taiwan Cooperative Financial Holding 4 8.026 2,605 61 4 7.321 0.705 Co Ltd Technology 41% Hua Nan Financial Holdings Co Ltd 5 5.656 1,836 45 5 3.206 2.450 Financials 18% Taishin Financial Holding Co Ltd 6 5.300 1,720 28 11 2.604 2.696 Materials 13% Chang Hwa Commercial Bank 7 4.155 1,349 38 10 2.657 1.498 Industrials 12% Fubon Financial Holding 8 3.927 1,275 29 8 2.727 1.200 Consumer Discretionary 7% CTBC Bank 9 3.778 1,226 26 13 2.059 1.719 Others 10% First Commercial Bank 10 3.516 1,141 37 12 2.147 1.369 Cathay United Bank 11 2.995 972 22 18 0.649 2.346 DBS Group 12 2.776 901 14 17 0.682 2.094 Taiwan Borrower Loans: Mandated Lead Arranger E.Sun Commercial Bank 13 2.440 792 22 15 1.095 1.345 Rankings History Yuanta Financial Holding Co Ltd 14 2.403 780 21 7 2.954 -0.551

SinoPac Financial Holdings 15 2.389 775 20 20 0.493 1.896 2018 2017 2016 Taiwan Business Bank 16 2.307 749 21 6 3.020 -0.713 45 40 Bank of China 17 2.124 689 6 32 0.145 1.979

KGI Bank 18 1.622 526 13 22 0.371 1.251 30 Entie Commercial Bank 19 1.245 404 8 25 0.261 0.984 20 Shanghai Commercial & Savings Bank 20 1.123 365 11 29 0.155 0.968 Market Share (%) Ltd 10 TOTAL 100% 32,459 160 100% 0

This table consists of loans with borrowers that have a country of risk as Taiwan and with a market of syndication in the APAC region. This

excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further Bank of Taiwan

details. Land Bank of Taiwan Mega Financial Holding

Taishin Financial Holding Co Ltd Hua Nan Financial Holdings Co Ltd

TaiwanTaiwan Cooperative Financial Holding Co Ltd

Bloomberg League Table Reports Page 8 Bloomberg – League Tables Criteria

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self- led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. Bloomberg – League Tables Criteria

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG.