CHINA CAPITAL MARKETS LEAGUE TABLES FY 2018 FY 2018

MANAGER RANKINGS CHINA CAPITAL MARKETS

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DATA SUBMISSIONS AND QUERIES

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

Fixed Income Huixuan Qu +86 21 6055 3406 [email protected]

Loans Jewel Ho +852 2293 1498 [email protected]

© 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg China Capital Markets | FY 2018

China Bonds: Industry Breakdown

6% China Bonds 5% 7% FY 2018 FY 2017 8% 42% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% Bank of China 1 7.173 579,834 516 4 5.383 1.790 Industrial & Comm Bank of China 2 6.587 532,477 485 1 6.872 -0.285 22% Industrial Bank 3 5.824 470,737 650 3 5.417 0.407 China Construction Bank 4 5.501 444,689 609 2 6.552 -1.051 China Merchants Bank 5 5.477 442,685 552 9 4.318 1.159 Financials 42% Agricultural Bank of China 6 5.211 421,225 386 5 4.763 0.448 Industrials 22% CITIC Securities 7 5.019 405,670 379 6 4.583 0.436 Utilities 10% China Securities 8 4.797 387,727 523 8 4.322 0.475 Materials 8% Shanghai Pudong Development 9 4.318 349,028 490 7 4.495 -0.177 Energy 7% Bank Consumer Discretionary 5% China Citic Bank 10 4.312 348,522 444 10 4.015 0.297 Others 6% China Minsheng Banking Corp 11 2.998 242,325 396 16 2.544 0.454 Bank of Communications 12 2.902 234,600 318 14 2.611 0.291 China Development Bank 13 2.887 233,381 269 11 3.471 -0.584 China Bonds: Manager Rankings History Ping An Insurance Group 14 2.840 229,545 231 18 2.228 0.612

China Everbright Bank 15 2.700 218,224 275 13 2.885 -0.185 2018 2017 2016 China International Capital Corp 16 2.453 198,246 171 15 2.547 -0.094 10

Haitong Securities 17 2.078 167,951 259 17 2.336 -0.258 8 ) %

China Merchants Securities 18 1.963 158,713 150 19 2.020 -0.057 (

e

r 6 a Guotai Junan Securities 19 1.836 148,442 193 12 3.340 -1.504 h S

t e

k 4 r

Bank of Beijing 20 1.774 143,420 202 20 1.612 0.162 a M

TOTAL 100% 8,083,209 6,131 100% 2

0 This table consists of non-sovereign Chinese debt securities that are denominated and settled in Chinese Renmimbi, with a market type of a a k k k a in in n n n in h h a a a h C C B B B C f f l n s f "Domestic" or "Domestic MTN". This excludes bonds with warrants and convertible securities. There is a minimum threshold of USD 50MM for o o ia o t o tr ti n k k s c a k n n u u h n a a d tr rc a self-led securities. Please see League Table Standards and Guidelines for further details. B B n s e B I n l m o M ra m C a u o n lt a i u C in h c & h C ri l C g ia A tr s u d In

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

China Corporate & Debenture Bonds: Industry Breakdown

China Corporate & Debenture Bonds 10% 7% FY 2018 FY 2017 36% 10% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% China Securities 1 11.081 146,191 225 1 8.594 2.487 CITIC Securities 2 10.030 132,335 169 4 4.395 5.635 27% Haitong Securities 3 6.376 84,115 130 2 5.759 0.617 Guotai Junan Securities 4 4.740 62,540 109 5 3.980 0.760 GF Securities 5 4.686 61,830 93 3 4.877 -0.191 Financials 36% China Merchants Securities 6 4.372 57,678 83 11 3.043 1.329 Industrials 27% Ping An Insurance Group 7 4.191 55,292 94 12 2.885 1.306 Utilities 10% China International Capital 8 3.847 50,757 82 10 3.127 0.720 Consumer Discretionary 10% Corp Materials 7% Guosen Securities 9 3.427 45,219 59 7 3.643 -0.216 Others 10% Industrial Securities 10 2.935 38,727 54 13 2.607 0.328 China Development Bank 11 2.838 37,444 46 15 2.381 0.457 Everbright Securities 12 2.819 37,198 55 6 3.706 -0.887 China Corporate & Debenture Bonds: Manager Rankings Huatai Securities 13 2.786 36,755 65 8 3.238 -0.452 History China Galaxy Financial 14 1.817 23,976 37 20 1.786 0.031

Holdings 2018 2017 2016 Kaiyuan Securities 15 1.703 22,470 23 19 1.804 -0.101 15 Zhongtai Securities 16 1.464 19,309 39 24 1.195 0.269 )

Shenwan Hongyuan Group 17 1.310 17,283 23 16 1.974 -0.664 % 10 (

e r a

UBS 18 1.220 16,100 28 37 0.680 0.540 h S

t e k Citi 19 1.197 15,790 11 14 2.527 -1.330 r a 5 Zhongshan Securities 20 1.181 15,581 27 26 1.182 -0.001 M TOTAL 100% 1,319,336 1,104 100% 0 s s s s s s e e e e e e ti ti ti ti ti ti ri ri ri ri ri ri u u u u u u c c c c c c This table consists of Chinese domestic corporate bonds & debentures regulated by National Development and Reform Commission (NDRC) and e e e e e e S S S S S S a g n F s n IC n a t i T o n G n China Securities Regulatory Commission (CSRC) respectively. This excludes bonds with warrants, convertible securities and credit-linked notes. h I it u a C C a J h H i rc ta e There is a minimum threshold of CNY 300MM for self-led securities. Please see League Table Standards and Guidelines for further details. o M u a G in h C

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

China NAFMII Bonds: Industry Breakdown

7% China NAFMII Bonds 6% 29% FY 2018 FY 2017 10%

Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Industrial Bank 1 9.151 460,298 627 2 8.760 0.391 14% 24% China Construction Bank 2 7.810 392,860 575 1 10.197 -2.387 Bank of China 3 7.450 374,750 391 6 6.213 1.237 Industrial & Comm Bank of China 4 7.355 369,962 374 3 8.579 -1.224 China Merchants Bank 5 6.821 343,100 478 7 6.180 0.641 Financials 29% China Citic Bank 6 6.781 341,103 429 5 6.748 0.033 Industrials 24% Agricultural Bank of China 7 6.650 334,525 315 8 5.659 0.991 Utilities 14% Shanghai Pudong Development 8 6.377 320,783 469 4 7.463 -1.086 Materials 11% Bank Energy 10% China Minsheng Banking Corp 9 4.742 238,525 393 11 4.208 0.534 Consumer Discretionary 6% China Everbright Bank 10 4.306 216,599 273 9 4.931 -0.625 Others 7% Bank of Communications 11 4.013 201,880 274 12 3.744 0.269 Ping An Insurance Group 12 3.058 153,800 118 14 2.624 0.434 China Development Bank 13 3.033 152,570 194 10 4.257 -1.224 China NAFMII Bonds: Manager Rankings History Bank of Beijing 14 2.824 142,070 201 13 2.755 0.069

China Zheshang Bank 15 2.180 109,672 165 16 2.001 0.179 2018 2017 2016 Huaxia Bank 16 1.854 93,263 124 15 2.156 -0.302 15 Postal Savings Bank of China 17 1.729 86,990 117 23 0.690 1.039 )

% 10 China Securities 18 1.693 85,145 165 21 0.859 0.834 (

e r a Bank of Shanghai 19 1.537 77,335 89 18 1.415 0.122 h S

t e k r

Bank of Nanjing 20 1.282 64,475 112 19 1.267 0.015 a 5 M TOTAL 100% 5,030,125 4,589 100%

0 This table consists of domestic Chinese debt securities regulated by National Association of Financial Market Institutional Investors (NAFMII) that k k a a k k n n in in n n a a h h a a B B C C B B l n f f s c are denominated in Chinese Renmimbi and listed on China Interbank. This excludes asset-backed securities, bonds with warrants, convertible ia o o o t ti tr ti n i s c k k a C u u n n h d tr a a rc a securities and credit-linked notes. There is a minimum threshold of CNY 300MM for self-led securities. Please see League Table Standards and n s B B e in I n h o m M C C m a Guidelines for further details. a o in in C h h & C C l ia tr s u d In

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

Offshore CNY Bonds: Industry Breakdown

Offshore CNY Bonds 6%

FY 2018 FY 2017 21%

Firm Rank Mkt Share(%) Volume (CNY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 23.282 29,698 89 1 28.234 -4.952 Standard Chartered Bank 2 19.492 24,864 63 3 12.789 6.703 73% Credit Agricole CIB 3 13.432 17,134 74 2 15.389 -1.957 BNP Paribas 4 3.393 4,329 16 5 4.234 -0.841 ANZ Banking Group 5 3.280 4,184 12 31 0.251 3.029 DBS Group 6 3.136 4,000 11 9 2.934 0.202 Financials 73% Scotiabank 7 2.889 3,685 15 8 3.028 -0.139 Government 21% Bank of China 8 2.863 3,652 13 12 1.702 1.161 Others 6% Societe Generale 9 2.861 3,650 6 13 1.445 1.416 Citi 10 2.310 2,947 9 18 1.005 1.305 Mizuho Financial 11 2.038 2,600 14 6 3.720 -1.682 Offshore CNY Bonds: Manager Rankings History JP Morgan 12 1.943 2,479 11 10 2.328 -0.385 2018 2017 2016 KGI Securities 13 1.629 2,078 4 27 0.377 1.252 30 Ping An Insurance Group 14 1.490 1,900 1 - - 1.490 Goldman Sachs 15 1.313 1,675 3 24 0.440 0.873 )

% 20 (

e

Deutsche Bank 16 1.047 1,335 6 15 1.297 -0.250 r a h S

TD Securities 17 0.931 1,187 7 21 0.754 0.177 t e k r a 10 Nomura 18 0.893 1,139 6 4 5.315 -4.422 M NatWest Markets 19 0.811 1,035 4 - - 0.811

Barclays 20 0.745 950 3 7 3.587 -2.842 0 k s p p C n IB a u u B a C b o o TOTAL 100% 127,559 358 100% S B ri r r H le a G G d o P g re c n S e ri P i B rt g N k D a A n h t B a C i B d Z rd re a C N d A This table consists of Dim Sum & Formosa securities denominated in Chinese Renmimbi. This excludes asset-backed securities and convertible n ta securities. There is a minimum threshold of 12 months for maturities, call or put periods, and CNY 300MM minimum amount for self-led securities. S Please see League Table Standards and Guidelines for further details.

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

Offshore China Bonds: Industry Breakdown

Offshore China Bonds 13%

FY 2018 FY 2017 6% 6% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 6% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 61% 8% Bank of China 1 6.652 11,075 200 1 7.504 -0.852 HSBC 2 5.974 9,946 170 2 6.003 -0.029 Bank of Communications 3 3.733 6,216 101 11 2.965 0.768 Haitong Securities 4 3.669 6,109 119 8 3.595 0.074 Industrial & Comm Bank of 5 3.650 6,077 128 4 4.060 -0.410 Financials 61% China Industrials 8% Standard Chartered Bank 6 3.643 6,065 113 3 4.384 -0.741 Technology 6% Goldman Sachs 7 3.513 5,849 61 10 3.230 0.283 Materials 6% China Citic Bank 8 2.934 4,884 96 14 2.633 0.301 Government 6% Guotai Junan Securities 9 2.797 4,657 113 21 1.728 1.069 Others 13% Credit Suisse 10 2.698 4,491 53 9 3.250 -0.552 JP Morgan 11 2.582 4,298 51 12 2.922 -0.340 Industrial Bank 12 2.508 4,176 84 29 1.303 1.205 Offshore China Bonds: Manager Rankings History China Everbright Bank 13 2.496 4,155 96 33 0.929 1.567 UBS 14 2.430 4,046 68 16 2.574 -0.144 2018 2017 2016 10 China Construction Bank 15 2.420 4,029 94 6 3.704 -1.284

Mizuho Financial 16 2.349 3,911 72 30 1.136 1.213 8 ) % (

BNP Paribas 17 2.311 3,847 66 18 2.344 -0.033 e

r 6 a h

Morgan Stanley 18 2.248 3,743 64 5 3.915 -1.667 S

t e

k 4 r

Citi 19 2.217 3,691 70 7 3.699 -1.482 a M

Credit Agricole CIB 20 2.140 3,563 53 22 1.702 0.438 2 TOTAL 100% 166,492 447 100% 0 a s s a k n C n e n n i B o ti i a h S ti ri h C H a u C B f c c f d o i e o re This table consists of debt & preferred securities issued by Chinese issuers in all currencies except CNY. This excludes asset-backed securities, k n S k e n u n rt a m g a a B m n B h o to C bonds with warrants, certificates of deposit, convertible securities, and credit-linked notes. There is a minimum threshold of 18 months for i m C a rd f H m a o o d k C n maturities and USD 100MM minimum amount issued. Please see League Table Standards and Guidelines for further details. n a a & t B l S ia tr s u d In

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

China Commercial Paper: Industry Breakdown

5%

China Commercial Paper 7%

FY 2018 FY 2017 9% 32%

Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Industrial Bank 1 10.679 50,855 70 1 12.014 -1.335 17% 19% China Construction Bank 2 8.310 39,575 51 2 9.227 -0.917 Bank of China 3 7.047 33,560 32 3 8.617 -1.570 Industrial & Comm Bank of China 4 6.840 32,575 32 10 4.578 2.262 Bank of Communications 5 6.825 32,505 38 8 5.543 1.282 Financials 32% China Merchants Bank 6 6.100 29,050 37 5 6.312 -0.212 Industrials 19% China Citic Bank 7 5.601 26,675 36 7 5.844 -0.243 Energy 17% China Everbright Bank 8 5.549 26,425 34 9 5.416 0.133 Materials 11% China Development Bank 9 5.260 25,050 19 11 4.445 0.815 Utilities 9% China Minsheng Banking Corp 10 5.113 24,350 44 6 5.994 -0.881 Consumer Discretionary 7% Agricultural Bank of China 11 4.903 23,350 23 14 2.946 1.957 Others 5% Shanghai Pudong Development 12 4.140 19,715 29 4 6.713 -2.573 Bank China Zheshang Bank 13 4.075 19,405 28 12 3.810 0.265 China Commercial Paper: Manager Rankings History Bank of Beijing 14 2.504 11,925 18 13 3.511 -1.007

Huaxia Bank 15 2.081 9,910 16 15 2.781 -0.700 2018 2017 2016 Ping An Insurance Group 16 1.984 9,450 9 18 1.270 0.714 15 China International Capital Corp 17 1.890 9,000 4 - - 1.890 )

% 10 Postal Savings Bank of China 18 1.365 6,500 7 21 0.762 0.603 (

e r a CITIC Securities 19 1.260 6,000 4 17 1.511 -0.251 h S

t e k r

China Securities 20 1.197 5,700 11 24 0.565 0.632 a 5 M TOTAL 100% 476,230 427 100%

0 This table consists of Chinese commercial papers, denominated in Chinese Renmimbi. This excludes asset-backed securities, bonds with k k a a s k n n in in n n a a h h io a B B C C t B l n f f a s warrants and convertible securities. There is a CNY 300MM minimum amount for self-led securities. Please see League Table Standards and ia o o o ic t tr ti n n s c k k u a u u n n h Guidelines for further details. d tr a a m rc In s B B m e n o M o m C C m f a a o o in n C k h i n C h & a C l B ia tr s u d In

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

China Domestic MTN: Industry Breakdown

China Domestic MTN 9% 9% FY 2018 FY 2017 33% 10% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 10% China Construction Bank 1 10.381 175,850 246 1 12.642 -2.261 Industrial Bank 2 7.751 131,300 170 2 7.994 -0.243 29% Agricultural Bank of China 3 6.821 115,550 116 8 5.206 1.615 Industrial & Comm Bank of China 4 6.811 115,370 126 6 5.929 0.882 Bank of China 5 6.738 114,140 124 9 4.806 1.932 Financials 33% China Merchants Bank 6 6.519 110,425 157 5 6.266 0.253 Industrials 29% China Minsheng Banking Corp 7 6.005 101,715 160 7 5.875 0.130 Materials 10% Shanghai Pudong Development 8 5.644 95,613 144 4 6.535 -0.891 Utilities 10% Bank Energy 9% China Citic Bank 9 5.598 94,820 141 3 6.713 -1.115 Others 9% Bank of Communications 10 4.719 79,940 105 12 3.574 1.145 China Development Bank 11 3.953 66,970 86 10 4.692 -0.739 China Everbright Bank 12 3.647 61,783 80 11 4.687 -1.040 China Domestic MTN: Manager Rankings History China Securities 13 2.646 44,830 70 24 0.820 1.826 Haitong Securities 14 2.270 38,450 60 22 0.877 1.393 2018 2017 2016 15 Bank of Beijing 15 2.218 37,575 59 15 2.404 -0.186 Huaxia Bank 16 2.004 33,950 47 17 2.072 -0.068 )

% 10 (

CITIC Securities 17 1.682 28,490 39 13 2.910 -1.228 e r a h

China Zheshang Bank 18 1.468 24,870 45 16 2.157 -0.689 S

t e k r

Bank of Shanghai 19 1.432 24,250 27 18 1.338 0.094 a 5 M Ping An Insurance Group 20 1.313 22,250 23 14 2.622 -1.309 TOTAL 100% 1,693,965 1,412 100% 0 k k a a a k n n in in in n a a h h h a B B C C C B n l f f f s o ia o o o t This table consists of debt securities, denominated in Chinese Renmimbi, with market type "Domestic MTN". This excludes asset-backed ti tr n c s k k k a u u n n n h tr d a a a rc s n B B B e securities, bonds with warrants, convertible securities and credit-linked notes. There is a minimum threshold of 18 months for maturities, call or put n I l o ra m M C u m a lt o n a u i in c C h periods, and CNY 300MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. h ri & C C g l A ia tr s u d In

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

China Equity, Equity Linked & Rights: Industry Breakdown

6% China Equity, Equity Linked & Rights 5% 8% FY 2018 FY 2017 33% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 10% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 11% China Securities 1 15.240 82,559 36 3 8.688 6.552 15% China International Capital 2 12.567 68,079 20 1 11.970 0.597 13% Corp CITIC Securities 3 10.120 54,820 30 2 10.634 -0.514 Huatai Securities 4 9.822 53,206 26 5 4.545 5.277 Financials 33% Guotai Junan Securities 5 8.127 44,028 22 4 7.380 0.747 Industrials 15% Bank of China 6 4.475 24,241 4 16 1.811 2.664 Consumer Discretionary 13% Guosen Securities 7 3.732 20,216 14 6 4.197 -0.465 Technology 11% Goldman Sachs 8 2.926 15,850 13 12 2.309 0.617 Materials 10% GF Securities 9 2.654 14,375 24 8 3.266 -0.612 Energy 8% China Merchants Securities 10 2.605 14,109 16 10 2.507 0.098 Health Care 5% Minsheng Securities 11 1.894 10,261 15 30 0.803 1.091 Others 6% Sinolink Securities 12 1.634 8,853 13 13 2.216 -0.582 Industrial Securities 13 1.487 8,055 9 9 3.096 -1.609 Dongxing Securities 14 1.379 7,470 14 20 1.309 0.070 China Equity, Equity Linked & Rights: Manager Rankings Huafu Securities 15 1.326 7,184 1 36 0.497 0.829 History Citi 16 1.295 7,013 7 17 1.760 -0.465

Shenwan Hongyuan Group 17 1.274 6,904 3 15 1.876 -0.602 2018 2017 2016 Haitong Securities 18 1.253 6,787 15 7 3.717 -2.464 20 Ping An Insurance Group 19 1.196 6,477 9 39 0.450 0.746 15 )

Changjiang Securities 20 1.154 6,252 7 40 0.424 0.730 % (

e r a

TOTAL 100% 541,719 331 100% h

S 10

t e k r a M This table consists of equity & equity linked offerings, issued by Chinese issuers, denominated in Chinese Renmimbi. This excludes bonds with 5 warrants, credit-linked notes, reverse convertibles and self-led transactions. There is a minimum threshold of 12 months for maturities, call or put

periods. Please see League Table Standards and Guidelines for further details. 0 s rp s s s a ie o ie ie ie in it C it it it h r l r r r C u a u u u f c it c c c o e p e e e S a S S S k a C C i n n n l I ta a a i a IT a n B h n u u C o C H J ti i a ta rn o te u n G I a in h C

Bloomberg League Table Reports Page 8 Bloomberg China Capital Markets | FY 2018

China Equity Offerings: Industry Breakdown

China Equity Offerings 9% 5%

FY 2018 FY 2017 37% 11% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 12% China International Capital 1 13.526 57,538 14 1 11.937 1.589 Corp 13% 13% China Securities 2 13.409 57,041 21 2 9.513 3.896 CITIC Securities 3 12.090 51,430 28 3 9.327 2.763 Huatai Securities 4 11.038 46,956 23 5 4.740 6.298 Financials 37% Guotai Junan Securities 5 9.170 39,006 18 4 7.959 1.211 Industrials 13% Bank of China 6 4.616 19,634 2 16 1.967 2.649 Technology 13% Guosen Securities 7 3.596 15,298 10 7 3.907 -0.311 Consumer Discretionary 12% GF Securities 8 2.596 11,042 18 9 2.893 -0.297 Materials 11% China Merchants Securities 9 2.562 10,896 14 10 2.641 -0.079 Health Care 5% Goldman Sachs 10 2.431 10,339 10 14 2.025 0.406 Others 9% Huafu Securities 11 1.689 7,184 1 35 0.588 1.101 Citi 12 1.649 7,013 7 15 2.023 -0.374 Dongxing Securities 13 1.545 6,571 12 22 1.178 0.367 China Equity Offerings: Manager Rankings History Industrial Securities 14 1.498 6,371 6 8 3.182 -1.684

UBS 15 1.383 5,884 3 18 1.479 -0.096 2018 2017 2016 Sinolink Securities 16 1.293 5,502 10 11 2.361 -1.068 15 Haitong Securities 17 1.239 5,268 12 6 4.401 -3.162 )

% 10 Changjiang Securities 18 1.157 4,923 5 39 0.503 0.654 (

e r a Shenwan Hongyuan Group 19 1.117 4,751 2 13 2.154 -1.037 h S

t e k r

Deutsche Bank 20 0.854 3,632 5 17 1.634 -0.780 a 5 M TOTAL 100% 425,382 252 100%

0 This table consists of equity offerings issued by Chinese issuers. This excludes rights offerings and self-led offerings. Please see League Table rp s s s s a o ie ie ie ie in C it it it it h l r r r r C a u u u u f Standards and Guidelines for further details. it c c c c o p e e e e a S S S S k C a C i n n l n I ta a a a i IT a n B n h u u o C C H J ti i a ta rn o te u n G I a in h C

Bloomberg League Table Reports Page 9 Bloomberg China Capital Markets | FY 2018

China Equity IPO: Industry Breakdown

5%

China Equity IPO 6% 6% 31% FY 2018 FY 2017 7% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 8% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

China International Capital 1 24.073 33,529 8 8 4.415 19.658 13% Corp 25% Huatai Securities 2 10.371 14,444 9 11 3.288 7.083 CITIC Securities 3 10.224 14,240 12 1 8.438 1.786 China Securities 4 6.320 8,803 8 3 7.821 -1.501 Technology 31% China Merchants Securities 5 5.341 7,439 9 9 4.301 1.040 Financials 25% Guosen Securities 6 3.855 5,369 2 4 6.513 -2.658 Industrials 13% Industrial Securities 7 3.074 4,281 4 14 2.357 0.717 Health Care 8% Goldman Sachs 8 2.871 3,998 3 - - 2.871 Consumer Discretionary 7% GF Securities 9 2.725 3,795 7 2 7.826 -5.101 Energy 6% Guotai Junan Securities 10 2.706 3,769 4 7 4.734 -2.028 Materials 6% Sinolink Securities 11 2.206 3,072 5 6 5.419 -3.213 Others 5% Bank of China 12 2.130 2,967 1 12 2.602 -0.472 Haitong Securities 13 2.034 2,833 6 5 5.632 -3.598 Zheshang Securities 14 1.919 2,673 2 25 1.042 0.877 China Equity IPO: Manager Rankings History Essence Securities 15 1.437 2,002 2 10 4.114 -2.677

Citi 16 1.353 1,884 3 18 1.841 -0.488 2018 2017 2016 Soochow Securities 17 1.285 1,790 3 17 1.907 -0.622 25

Guoyuan Securities 18 1.091 1,519 1 23 1.280 -0.189 20 ) %

Changjiang Securities 19 1.040 1,448 3 44 0.284 0.756 (

e

r 15 a

Central China Securities 20 0.989 1,377 1 - - 0.989 h S

t e

k 10 TOTAL 100% 139,281 104 100% r a M

5 This table consists of Initial Public Offerings issued by Chinese issuers. This excludes additional offering, rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. 0 rp s s s s s o ie ie ie ie ie C it it it it it l r r r r r a u u u u u it c c c c c p e e e e e a S S S S S C i C a s n l ta I n t e a a IT i n s n u h a o o H C C h u ti rc G a e rn M te a n in I h a C in h C

Bloomberg League Table Reports Page 10 Bloomberg China Capital Markets | FY 2018

China Borrower Loans (Bookrunner): Industry Breakdown

5%

China Borrower Loans (Bookrunner) 6%

8% FY 2018 FY 2017 39%

Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 12% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Bank of China 1 34.607 266,136 218 1 47.468 -12.861 13% China Development Bank 2 12.937 99,489 5 36 0.256 12.681 16% China Construction Bank 3 5.914 45,478 22 7 2.777 3.137 Agricultural Bank of China 4 5.058 38,894 16 4 3.970 1.088 China Citic Bank 5 4.624 35,562 8 26 0.413 4.211 Financials 39% HSBC 6 3.772 29,004 28 6 3.334 0.438 Industrials 16% Industrial & Comm Bank of 7 3.699 28,448 12 10 2.143 1.556 Energy 13% China Materials 12% Standard Chartered Bank 8 2.315 17,806 23 3 4.676 -2.361 Consumer Discretionary 8% China Merchants Bank 9 2.250 17,306 6 5 3.541 -1.291 Technology 6% China Zheshang Bank 10 1.951 15,000 1 - - 1.951 Others 5% DBS Group 11 1.621 12,466 20 11 1.857 -0.236 Natixis 12 1.442 11,090 7 17 0.774 0.668 Credit Suisse 13 1.307 10,048 7 18 0.764 0.543 China Borrower Loans: Bookrunner Rankings History Deutsche Bank 14 1.251 9,624 5 13 1.597 -0.346

First Abu Dhabi Bank PJSC 15 1.023 7,865 9 38 0.220 0.803 2018 2017 2016 BNP Paribas 16 0.978 7,521 7 23 0.582 0.396 50

Credit Agricole CIB 17 0.886 6,814 7 51 0.133 0.753 40 ) %

ANZ Banking Group 18 0.880 6,765 7 9 2.267 -1.387 (

e

r 30 a Mitsubishi UFJ Financial Group 19 0.864 6,647 8 15 1.165 -0.301 h S

t e

k 20 Inc r a Fubon Financial Holding 20 0.768 5,903 9 28 0.372 0.396 M 10 TOTAL 100% 769,027 347 100% 0 a k k a k C in n n in n B h a a h a S C B B C B f t n f c H This table consists of loans with borrowers that have a country of risk as China and with a market of syndication in the APAC region. This o n o o ti e ti i k m c k C n p u n a o tr a a B l s B in excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further e n l h v o ra C e C u D lt a a u details. n in c i h ri h C g C A

Bloomberg League Table Reports Page 11 Bloomberg China Capital Markets | FY 2018

China Borrower Loans (Mandated Lead Arranger): Industry Breakdown

China Borrower Loans (Mandated Lead Arranger) 5%

FY 2018 FY 2017 6% 8% Mkt Volume (CNY Deal Prev Prev Mkt Mkt Share 39%

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 12% Bank of China 1 32.565 325,039 265 1 38.719 -6.154

China Development Bank 2 10.616 105,960 10 3 4.259 6.357 13% Industrial & Comm Bank of 3 6.686 66,735 44 4 3.777 2.909 16% China China Citic Bank 4 4.168 41,603 13 13 1.491 2.677 Financials 39% Agricultural Bank of China 5 4.070 40,626 35 7 3.215 0.855 Industrials 16% China Construction Bank 6 3.335 33,290 35 5 3.394 -0.059 Energy 13% China Merchants Bank 7 2.818 28,126 24 8 2.920 -0.102 Materials 12% Export-Import Bank of China 8 2.300 22,961 6 25 0.673 1.627 Consumer Discretionary 8% HSBC 9 2.283 22,789 46 6 3.327 -1.044 Technology 6% DBS Group 10 1.862 18,585 39 9 2.756 -0.894 Others 5% China Zheshang Bank 11 1.714 17,112 3 - - 1.714 Standard Chartered Bank 12 1.555 15,525 31 11 2.320 -0.765 China Minsheng Banking Corp 13 1.277 12,749 18 14 1.265 0.012 China Borrower Loans: Mandated Lead Arranger Credit Suisse 14 1.222 12,201 8 22 0.836 0.386 Rankings History Bank of Communications 15 1.126 11,239 20 10 2.664 -1.538

Natixis 16 1.112 11,098 8 37 0.306 0.806 2018 2017 2016 Bank of East Asia 17 1.076 10,735 19 24 0.817 0.259 40 First Abu Dhabi Bank PJSC 18 1.012 10,105 15 40 0.291 0.721 30 ) %

Mitsubishi UFJ Financial Group 19 0.915 9,137 14 17 1.121 -0.206 (

e r a

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S 20

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ANZ Banking Group 20 0.875 8,730 14 12 1.697 -0.822 r a M TOTAL 100% 998,136 411 100% 10

This table consists of loans with borrowers that have a country of risk as China and with a market of syndication in the APAC region. This 0 a k a k a k in n in n in n h a h a h a C B C B C B excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further f t f c f n o n o ti o o e i ti k m k C k c n p n n u details. a o a a a tr B l B in B s e h l n v m C ra o e m u C D o lt a u a n C c in i & ri h h l g C C ia A tr s u d In

Bloomberg League Table Reports Page 12 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.

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.