LEAGUE TABLES FY 2018 the Picture Can't Be Displayed

KOREA CAPITAL MARKETS LEAGUE TABLES FY 2018 The picture can't be displayed.

FY 2018

MANAGER RANKINGS KOREA CAPITAL MARKETS

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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Equities Yeali Park / Joo Jeon +82 2 6360 1726/ +82 2 6360 1773 [email protected]

Fixed Income Jin Ye Kim / June Park +82 2 6360 1763 / +82 2 3702 1632 [email protected]

Loans Young Choi / Yoonjung Park +82 2 3702 1629 / +65 6499 2987 [email protected]

South Korea Bonds: Industry Breakdown

South Korea Bonds 16%

FY 2018 FY 2017 43% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) KB Securities Co Ltd 1 20.939 12,551,948 301 1 21.809 -0.870 41% NH Investment & Securities Co Ltd 2 17.130 10,268,247 171 2 14.041 3.089 Korea Investment & Securities Co 3 13.619 8,163,987 273 3 13.101 0.518 Mirae Asset Daewoo Co Ltd 4 11.397 6,831,921 168 4 11.357 0.040 SK Securities 5 7.926 4,751,084 233 5 7.641 0.285 Financials 43% Shinhan Financial Group Co Ltd 6 5.355 3,210,123 151 6 4.855 0.500 Government 41% Hana Financial Group Inc 7 3.753 2,249,506 107 8 2.486 1.267 Others 16% Kiwoom Securities Co Ltd 8 2.760 1,654,265 63 15 1.445 1.315 Industrial Bank of Korea 9 2.175 1,304,068 91 11 2.107 0.068 Samsung Securities Co Ltd 10 2.028 1,215,805 18 9 2.335 -0.307 South Korea Bonds: Manager Rankings History HI Investment & Securities Co Ltd 11 1.864 1,117,458 95 14 1.620 0.244 Korea Development Bank 12 1.740 1,042,820 41 7 2.690 -0.950 2018 2017 2016 25 Kyobo Securities 13 1.335 800,271 19 16 1.333 0.002 Hanwha Investment & Securities 14 1.306 782,718 58 12 1.714 -0.408 20 (%) Co Ltd 15 Share

Hyundai Motor Securities Co Ltd 15 1.257 753,444 37 10 2.280 -1.023 Meritz Securities Co Ltd 16 1.004 601,961 7 21 0.783 0.221 10 Market

Yuanta Financial Holding Co Ltd 17 0.896 536,853 29 18 1.151 -0.255 5 Shinyoung Securities Co Ltd 18 0.852 510,454 18 19 1.010 -0.158 0

Eugene Investment & Securities Co 19 0.763 457,281 20 23 0.460 0.303 Ltd Ltd Co Ltd Ltd Co Co Co Co Ltd Securities Securities SK Group Daewoo & Securities Securities DB Financial Investment Co Ltd 20 0.596 357,000 18 17 1.188 -0.592 & KB Asset Financial

TOTAL 100% 59,944,503 1,346 100% Investment Mirae Investment Shinhan NH Korea This table consists of debt securities syndicated in South Korea with market type "Domestic" or "Domestic MTN". This excludes bonds with warrants, convertible securities, and credit-linked securities. There is a USD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 1 Bloomberg South Korea Capital Markets | FY 2018

South Korea Corporate Domestic Bonds: Industry Breakdown South Korea Corporate Domestic Bonds

FY 2018 FY 2017 17% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share 44% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) KB Securities Co Ltd 1 24.545 10,754,248 179 1 24.485 0.060 NH Investment & Securities Co Ltd 2 22.274 9,759,247 145 2 19.342 2.932 40% Korea Investment & Securities Co 3 15.539 6,808,540 127 3 15.812 -0.273 Mirae Asset Daewoo Co Ltd 4 12.928 5,664,514 98 4 12.820 0.108 Shinhan Financial Group Co Ltd 5 3.985 1,746,123 39 5 4.461 -0.476 Government 44% SK Securities 6 3.767 1,650,584 23 6 4.101 -0.334 Financials 40% Kiwoom Securities Co Ltd 7 3.137 1,374,515 32 13 1.249 1.888 Others 17% Hana Financial Group Inc 8 2.620 1,148,018 16 22 0.292 2.328 Samsung Securities Co Ltd 9 2.615 1,145,805 14 7 2.409 0.206 Industrial Bank of Korea 10 1.579 691,823 28 11 1.671 -0.092 South Korea Corporate Domestic Bonds: Manager Kyobo Securities 11 1.559 683,039 8 9 1.824 -0.265 Rankings History Meritz Securities Co Ltd 12 1.203 526,961 6 14 1.132 0.071 Shinyoung Securities Co Ltd 13 0.909 398,214 10 17 0.872 0.037 2018 2017 2016 25 Hyundai Motor Securities Co Ltd 14 0.840 367,922 7 12 1.549 -0.709 DB Financial Investment Co Ltd 15 0.587 257,000 6 10 1.718 -1.131 20 (%) Yuanta Financial Holding Co Ltd 16 0.566 248,078 9 16 0.959 -0.393 15 Share Hanwha Investment & Securities 17 0.467 204,460 5 15 1.032 -0.565 Co Ltd 10 Market

HI Investment & Securities Co Ltd 18 0.198 86,545 4 19 0.499 -0.301 5 Heungkuk Securities Co Ltd 19 0.160 70,000 2 - - 0.160 0

KTB Investment & Securities Co Ltd 20 0.151 66,000 3 25 0.119 0.032 Ltd Ltd Co Ltd Ltd Co Co Co Co TOTAL 100% 43,815,000 397 100% Securities Securities Group SK Daewoo & Securities Securities & KB Asset Financial

This table consists of debt securities syndicated in South Korea with market type "Domestic" or "Domestic MTN". This excludes bonds with Investment Mirae warrants, convertible securities, and credit-linked securities. There is a minimum threshold of 12 months for maturities, call or put periods, and Investment Shinhan NH Korea KRW 55MMM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 2 Bloomberg South Korea Capital Markets | FY 2018

South Korea Corporate Domestic Bonds (Issuer): Industry Breakdown South Korea Corporate Domestic Bonds (Issuer)

FY 2018 FY 2017 17% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share 44% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Korea Development Bank/The 1 17.194 49,978,548 295 1 17.701 -0.507 Industrial Bank of Korea 2 9.887 28,740,000 159 5 5.192 4.695 40% Shinhan Financial Group Co Ltd 3 7.926 23,040,000 273 4 5.866 2.060 KB Financial Group Inc 4 5.601 16,280,000 238 2 6.514 -0.913 Hana Financial Group Inc 5 4.891 14,218,000 201 7 4.988 -0.097 Government 44% Republic of Korea 6 4.690 13,633,894 47 3 6.008 -1.318 Financials 40% Export-Import Bank of Korea 7 4.426 12,865,000 64 6 5.147 -0.721 Others 17% National Agricultural Cooperative 8 4.047 11,764,000 111 8 4.902 -0.855 Federation Korea Electric Power Corp 9 3.657 10,630,000 91 10 3.022 0.635 South Korea Corporate Domestic Bonds: Issuer Rankings Woori Bank 10 2.343 6,810,000 74 9 3.821 -1.478 History Hyundai Motor Co 11 1.696 4,930,000 144 13 1.487 0.209 Small & Medium Business Corp 12 1.421 4,130,000 40 14 1.279 0.142 2018 2017 2016 20 Samsung Life Insurance Co Ltd 13 1.128 3,280,000 71 16 1.105 0.023

Meritz Securities Co Ltd 14 1.029 2,990,000 57 27 0.698 0.331 15 (%) SK Innovation Co Ltd 15 0.943 2,740,000 18 80 0.112 0.831

Share 10

BNK Financial Group Inc 16 0.881 2,560,000 74 15 1.206 -0.325 Well to Sea Investment 17 0.875 2,542,000 50 31 0.505 0.370 Market National Federation Of Fisheries 18 0.874 2,540,000 27 12 1.569 -0.695 5 Cooperatives 0 Korea Rail Network Authority 19 0.867 2,520,000 16 23 0.788 0.079 Ltd Inc Inc Korea Korea Co of of DGB Financial Group Inc 20 0.850 2,470,000 43 28 0.596 0.254 Bank/The Group Group Group Bank TOTAL 100% 290,678,186 3,410 100% Republic Financial Financial Financial Development Industrial KB Hana

Korea This table consists of debt securities syndicated in South Korea with market type "Domestic" or "Domestic MTN". This excludes bonds with Shinhan warrants, convertible securities, and credit-linked securities. There is a minimum threshold of 12 months for maturities, call or put periods, and KRW 55MMM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 3 Bloomberg South Korea Capital Markets | FY 2018

South Korea Local Securities: Industry Breakdown

South Korea Local Securities

FY 2018 FY 2017 Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) SK Securities 1 19.223 3,100,500 210 2 15.580 3.643 KB Securities Co Ltd 2 11.145 1,797,700 122 1 15.806 -4.661 100% Shinhan Financial Group Co Ltd 3 9.077 1,464,000 112 7 5.738 3.339 Korea Investment & Securities Co 4 8.404 1,355,447 146 6 7.020 1.384 Mirae Asset Daewoo Co Ltd 5 7.238 1,167,407 70 4 8.075 -0.837 Financials 100% Hana Financial Group Inc 6 6.829 1,101,488 91 5 7.407 -0.578 Korea Development Bank 7 6.465 1,042,820 41 3 8.542 -2.077 HI Investment & Securities Co Ltd 8 6.391 1,030,912 91 8 4.135 2.256 South Korea Local Securities: Manager Rankings History Industrial Bank of Korea 9 3.796 612,245 63 11 3.083 0.713 2018 2017 2016 Hanwha Investment & Securities Co 10 3.585 578,258 53 10 3.242 0.343 20 Ltd

NH Investment & Securities Co Ltd 11 3.156 509,000 26 14 2.151 1.005 15 (%) Eugene Investment & Securities Co 12 2.835 457,281 20 17 1.492 1.343

Share 10

Ltd Hyundai Motor Securities Co Ltd 13 2.390 385,522 30 9 3.919 -1.529 Market Yuanta Financial Holding Co Ltd 14 1.790 288,775 20 16 1.581 0.209 5 Kiwoom Securities Co Ltd 15 1.734 279,750 31 15 1.882 -0.148 0

Korea Asset Investment Securities 16 1.420 229,095 19 19 1.458 -0.038 Ltd Ltd Co Ltd Inc Co Co Co Group Co Ltd Securities SK Group Securities Daewoo & Securities BNK Financial Group 17 0.898 144,833 22 18 1.466 -0.568 Financial KB Asset Financial Hana Kyobo Securities 18 0.727 117,232 11 22 0.233 0.494 Investment Mirae Shinhan Shinyoung Securities Co Ltd 19 0.696 112,239 8 20 1.318 -0.622 Korea Bookook Securities 20 0.682 110,000 7 12 2.798 -2.116 TOTAL 100% 16,129,503 949 100%

This table consists of asset-backed debt securities syndicated in South Korea denominated in South Korean Won with market type "Domestic" or "Domestic MTN". There is a minimum threshold of KRW 55MMM for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 4 Bloomberg South Korea Capital Markets | FY 2018

South Korea International Bonds: Industry Breakdown

South Korea International Bonds 16%

FY 2018 FY 2017 7% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 55% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 23% HSBC 1 12.838 4,489 48 2 8.568 4.270 Citi 2 8.892 3,109 32 1 11.709 -2.817 Credit Agricole CIB 3 8.519 2,979 30 4 7.135 1.384 BNP Paribas 4 8.420 2,944 27 5 7.092 1.328 UBS 5 8.070 2,822 18 8 5.536 2.534 Government 55% Societe Generale 6 7.313 2,557 28 11 4.038 3.275 Financials 23% Bank of America Merrill 7 7.168 2,506 23 3 7.931 -0.763 Utilities 7% Lynch Others 16% JP Morgan 8 5.867 2,052 25 7 5.734 0.133 Standard Chartered Bank 9 3.970 1,388 15 6 7.005 -3.035 Mizuho Financial 10 3.839 1,343 16 23 0.962 2.877 South Korea International Bonds: Manager Rankings Nomura 11 2.760 965 7 9 4.645 -1.885 History Korea Development Bank 12 2.741 958 10 15 1.828 0.913 ANZ Banking Group 13 2.674 935 7 14 1.924 0.750 2018 2017 2016 15 ING Groep 14 2.100 734 6 17 1.516 0.584 Morgan Stanley 15 2.078 727 7 19 1.294 0.784

10 (%)

Daiwa Securities 16 2.013 704 7 18 1.441 0.572

Credit Suisse 17 1.845 645 6 25 0.914 0.931 Share

Commerzbank 18 1.649 577 7 16 1.720 -0.071 5 Market Deutsche Bank 19 1.611 563 3 13 2.121 -0.510 TD Securities 20 1.119 391 5 21 1.057 0.062 0 TOTAL 100% 34,968 165 100% Citi CIB UBS HSBC Paribas Generale Agricole BNP Societe This table consists of debt securities denominated in non-South Korean Won that are issued by South Korean issuers. This excludes asset Credit backed securities, bonds with warrants, certificates of deposits, convertible securities, Korea kimchi bonds, Loan style FRN and Supranationals. There is a minimum threshold of 12 months for maturities, call or put periods. A minimum of USD 45MM amount issued or USD 50MM minimum amount for self-led securities is required. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 5 Bloomberg South Korea Capital Markets | FY 2018

South Korea International Bonds (Issuer): Industry Breakdown South Korea International Bonds (Issuer)

FY 2018 FY 2017 16%

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 7% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 55% Export-Import Bank of Korea 1 24.319 8,557 41 1 24.440 -0.121 23% Korea Development Bank/The 2 15.280 5,376 36 2 15.022 0.258 Shinhan Financial Group Co Ltd 3 6.416 2,257 12 5 4.314 2.102 Korea Electric Power Corp 4 5.714 2,011 5 6 3.653 2.061 Hana Financial Group Inc 5 3.994 1,405 13 10 2.586 1.408 Government 55% Korea National Oil Corp 6 3.829 1,347 4 4 6.038 -2.209 Financials 23% Hanwha Life Insurance Co Ltd 7 2.842 1,000 1 - - 2.842 Utilities 7% KB Financial Group Inc 7 2.842 1,000 8 7 3.498 -0.656 Others 16% Republic of Korea 7 2.842 1,000 2 8 3.042 -0.200 Hyundai Motor Co 10 2.742 965 4 3 6.813 -4.071 SK Telecom Co Ltd 11 2.274 800 2 - - 2.274 South Korea International Bonds: Issuer Rankings History Woori Bank 12 2.132 750 5 16 1.673 0.459 Korea Expressway Corp 13 1.728 608 3 11 2.462 -0.734 2018 2017 2016 35 Korea Housing Finance Corp 14 1.619 570 1 17 1.521 0.098 30 Korea Water Resources Corp 15 1.425 501 2 24 1.065 0.360 ) % (

Industrial Bank of Korea 16 1.421 500 1 13 1.825 -0.404 e r

a 20 h S

Korea Resources Corp 16 1.421 500 1 21 1.293 0.128 t e k r National Agricultural Cooperative 16 1.421 500 1 17 1.521 -0.100 a M 10 Federation POSCO 16 1.421 500 1 30 0.378 1.043 0 a e td rp c rp SK Innovation Co Ltd 16 1.421 500 1 - - 1.421 re h L o In o o /T C C K k o r p l f n C e u i o a p ro O B u w G l k t o o l a Korea Railroad Corp 21 1.209 425 4 28 0.780 0.429 n n r P a n a e G c i io B l ri c t rt m ia t n a o p c c a N p lo n le in TOTAL 100% 35,185 167 100% e a E F a Im v n re t- e i a a o r D F re n K o n o a p a a H x re h K E o in K h This table consists of debt securities denominated in non-South Korean Won that are issued by South Korean issuers. This excludes asset S backed securities, bonds with warrants, certificates of deposits, convertible securities, Korea kimchi bonds, Loan style FRN and Supranationals. There is a minimum threshold of 12 months for maturities, call or put periods. A minimum of USD 45MM amount issued or USD 50MM minimum amount for self-led securities is required. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 6 Bloomberg South Korea Capital Markets | FY 2018

South Korea Equity Offerings: Industry Breakdown

South Korea Equity Offerings 9% 8% 25% FY 2018 FY 2017 10% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 13% 18% Citi 1 22.932 3,185,424 13 5 7.008 15.924 Goldman Sachs 2 14.682 2,039,412 5 7 5.092 9.590 16% Daishin Securities 3 10.178 1,413,826 15 15 2.119 8.059 Korea Investment & Securities Co 4 8.828 1,226,207 16 3 7.970 0.858 NH Investment & Securities Co Ltd 5 8.775 1,218,865 15 1 23.675 -14.900 Health Care 25% Credit Suisse 6 7.809 1,084,771 4 13 2.232 5.577 Consumer Discretionary 18% JP Morgan 7 4.738 658,125 1 6 5.371 -0.633 Industrials 16% Mirae Asset Daewoo Co Ltd 8 4.109 570,774 15 2 11.758 -7.649 Technology 13% UBS 9 2.889 401,280 1 11 3.044 -0.155 Consumer Staples 10% KB Securities Co Ltd 10 2.865 397,928 8 8 4.272 -1.407 Communications 8% Morgan Stanley 11 2.230 309,770 1 4 7.108 -4.878 Others 9% Shinhan Financial Group Co Ltd 12 1.733 240,681 4 19 0.956 0.777 Kiwoom Securities Co Ltd 13 1.483 205,927 9 22 0.433 1.050 Samsung Securities Co Ltd 14 1.204 167,250 5 10 3.937 -2.733 South Korea Equity Offerings: Manager Ranking History BNP Paribas 15 1.022 141,900 1 17 1.324 -0.302 DB Financial Investment Co Ltd 16 0.711 98,710 5 29 0.048 0.663 2018 2017 2016 25 Hana Financial Group Inc 17 0.703 97,625 7 21 0.468 0.235 Eugene Investment & Securities Co Ltd 18 0.587 81,563 4 26 0.168 0.419 20 (%)

Shinyoung Securities Co Ltd 19 0.501 69,650 4 25 0.179 0.322 15

Golden Bridge Investment & Securities 20 0.468 65,029 3 - - 0.468 Share

Co Ltd 10 Market

TOTAL 100% 13,890,468 131 100% 5

Citi Co Ltd Sachs Co Suisse Securities Securities Credit Goldman & Securities Daishin &

Investment Investment Korea NH

Bloomberg League Table Reports Page 7 Bloomberg South Korea Capital Markets | FY 2018

South Korea Equity IPO - Syndication: Industry Breakdown

South Korea Equity IPO - Syndication 5% 29% FY 2018 FY 2017 12% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 15%

Mirae Asset Daewoo Co Ltd 1 17.463 517,114 13 1 21.225 -3.762 18% Daishin Securities 2 14.062 416,417 13 12 1.385 12.677 15% Korea Investment & Securities Co 3 12.392 366,950 14 2 16.559 -4.167 NH Investment & Securities Co Ltd 4 9.580 283,684 10 3 14.207 -4.627 KB Securities Co Ltd 5 8.990 266,213 6 4 8.876 0.114 Health Care 29% Shinhan Financial Group Co Ltd 6 8.128 240,681 4 11 2.653 5.475 Consumer Discretionary 18% Kiwoom Securities Co Ltd 7 6.954 205,927 9 14 0.900 6.054 Financials 15% Samsung Securities Co Ltd 8 5.802 171,812 5 8 3.194 2.608 Technology 15% DB Financial Investment Co Ltd 9 3.333 98,710 5 18 0.100 3.233 Consumer Staples 12% Hana Financial Group Inc 10 3.297 97,625 7 13 0.972 2.325 Industrials 5% Shinyoung Securities Co Ltd 11 2.352 69,650 4 16 0.371 1.981 Others 5% Industrial Bank of Korea 12 1.959 58,000 4 15 0.474 1.485 SK Securities 13 1.851 54,800 2 18 0.100 1.751 Eugene Investment & Securities Co Ltd 14 1.748 51,763 2 - - 1.748 South Korea Equity IPO - Syndication: Manager Rankings Yuanta Financial Holding Co Ltd 15 1.103 32,650 2 - - 1.103 History Kyobo Securities 16 0.584 17,288 2 20 0.095 0.489 Golden Bridge Investment & Securities 17 0.287 8,500 1 - - 0.287 2018 2017 2016 Co Ltd 25

Hanwha Investment & Securities Co Ltd 18 0.118 3,484 1 17 0.248 -0.130 20

------(%) 15 ------Share

TOTAL 100% 2,961,267 99 100% 10 Market

5 This table consists of initial public offerings to Korea exchanges(KOSPI,KODAQ,KONEX) based on their market of syndication. This excludes local market share sales, private placements, rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for 0 further details. Ltd Co Ltd Ltd Ltd Co Co Co Co Securities Securities Group Daewoo & Securities Securities Daishin & KB Asset Financial

Mirae Investment Investment Shinhan Korea NH

Bloomberg League Table Reports Page 8 Bloomberg South Korea Capital Markets | FY 2018

South Korea Equity IPO - Risk: Industry Breakdown

6% South Korea Equity IPO - Risk 8% 29% FY 2018 FY 2017 11% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 11% Citi 1 13.647 535,195 1 5 8.621 5.026 22% 11% Goldman Sachs 1 13.647 535,195 1 9 2.865 10.782 Mirae Asset Daewoo Co Ltd 3 13.186 517,114 13 1 21.928 -8.742 Daishin Securities 4 10.618 416,417 13 12 1.431 9.187 Korea Investment & Securities Co 5 9.357 366,950 14 2 17.107 -7.750 Communications 29% NH Investment & Securities Co Ltd 6 7.234 283,684 10 3 12.054 -4.820 Health Care 22% KB Securities Co Ltd 7 6.788 266,213 6 4 9.170 -2.382 Financials 11% Shinhan Financial Group Co Ltd 8 6.137 240,681 4 11 2.052 4.085 Consumer Discretionary 11% Kiwoom Securities Co Ltd 9 5.251 205,927 9 14 0.930 4.321 Technology 11% DB Financial Investment Co Ltd 10 2.517 98,710 5 18 0.104 2.413 Consumer Staples 8% Hana Financial Group Inc 11 2.489 97,625 7 13 1.005 1.484 Others 6% Samsung Securities Co Ltd 12 2.098 82,270 4 8 3.300 -1.202 Shinyoung Securities Co Ltd 13 1.776 69,650 4 16 0.383 1.393 Industrial Bank of Korea 14 1.479 58,000 4 15 0.490 0.989 South Korea Equity IPO - Risk: Manager Rankings History SK Securities 15 1.397 54,800 2 18 0.104 1.293 Yuanta Financial Holding Co Ltd 16 0.833 32,650 2 - - 0.833 2018 2017 2016 25 Eugene Investment & Securities Co Ltd 17 0.800 31,363 1 - - 0.800 Kyobo Securities 18 0.441 17,288 2 20 0.098 0.343 20 (%)

Golden Bridge Investment & Securities 19 0.217 8,500 1 - - 0.217 15 Co Ltd Share

Hanwha Investment & Securities Co Ltd 20 0.089 3,484 1 17 0.257 -0.168 10 Market

TOTAL 100% 3,921,715 98 100% 5

This table consists of initial public offerings issued by South Korean issuers based on their country of risk. This excludes local market share sales, 0 Citi Ltd Co Ltd private placements, rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. Sachs Co Co Securities Securities Goldman Daewoo & Securities Daishin & Asset

Mirae Investment Investment Korea NH

Bloomberg League Table Reports Page 9 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Loans (Mandated Lead Arranger): Industry Breakdown South Korea Borrower Loans (Mandated Lead Arranger)

12% FY 2018 FY 2017 8% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 49% 14% KB Financial Group Inc 1 19.550 9,310 36 1 26.299 -6.749 Shinhan Financial Group Co Ltd 2 17.727 8,442 65 3 10.452 7.275 18% Korea Development Bank 3 16.531 7,873 56 2 25.550 -9.019 Woori Bank 4 4.814 2,293 13 10 1.986 2.828 Hana Financial Group Inc 5 4.185 1,993 16 4 4.755 -0.570 Financials 49% Industrial Bank of Korea 6 3.979 1,895 5 9 2.208 1.771 Utilities 18% Mirae Asset Daewoo Co Ltd 7 3.979 1,895 8 6 3.564 0.415 Industrials 14% KB Securities Co Ltd 8 3.323 1,583 12 14 0.994 2.329 Consumer Discretionary 8% NH Investment & Securities Co Ltd 9 2.845 1,355 9 5 4.513 -1.668 Others 12% Korea Investment & Securities Co 10 2.406 1,146 10 13 1.290 1.116 Samsung Securities Co Ltd 11 2.228 1,061 5 8 2.468 -0.240 National Agricultural Cooperative 12 1.847 880 6 7 2.559 -0.712 South Korea Borrower Loans: Mandated Lead Arranger Federation Rankings History Kyobo Life Insurance Co Ltd 13 1.372 653 4 11 1.584 -0.212 Samsung Fire & Marine Insurance Co 14 1.164 554 2 - - 1.164 2018 2017 2016 Ltd 30 Hanwha Life Insurance Co Ltd 15 1.117 532 3 12 1.395 -0.278

Export-Import Bank of Korea 16 1.105 526 7 - - 1.105 (%)

Mitsubishi UFJ Financial Group Inc 17 0.755 360 3 50 0.015 0.740 Share

Credit Agricole CIB 18 0.726 346 5 22 0.513 0.213 10 Market Meritz Securities Co Ltd 19 0.688 328 4 23 0.443 0.245 Mizuho Financial 20 0.650 310 4 33 0.168 0.482 TOTAL 100% 47,623 201 100% 0 Inc Ltd Inc Bank Bank Korea Co of Group Group Woori Group This table consists of loans with borrowers that have a country of risk as South Korea and with a market of syndication in the APAC region. This Bank Financial Development Financial Financial excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further KB Industrial Korea Hana details. Shinhan

Bloomberg League Table Reports Page 10 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Loans (Bookrunner): Industry Breakdown South Korea Borrower Loans (Bookrunner)

12% FY 2018 FY 2017 8% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 49% 14% KB Financial Group Inc 1 24.036 9,150 30 1 31.243 -7.207 Korea Development Bank 2 22.326 8,499 38 2 22.749 -0.423 18% Shinhan Financial Group Co Ltd 3 19.037 7,247 55 3 12.034 7.003 Woori Bank 4 5.561 2,117 12 9 2.480 3.081 Mirae Asset Daewoo Co Ltd 5 4.147 1,579 7 5 3.574 0.573 Financials 49% KB Securities Co Ltd 6 3.593 1,368 10 15 1.027 2.566 Utilities 18% Industrial Bank of Korea 7 2.940 1,119 1 7 2.602 0.338 Industrials 14% Hana Financial Group Inc 8 2.772 1,055 8 4 5.098 -2.326 Consumer Discretionary 8% NH Investment & Securities Co Ltd 9 2.350 894 6 6 3.062 -0.712 Others 12% Korea Investment & Securities Co 10 2.114 805 6 13 1.547 0.567 Samsung Securities Co Ltd 11 1.468 559 2 10 2.263 -0.795 CAPE Investment & Securities Co 12 1.314 500 2 - - 1.314 South Korea Borrower Loans: Bookrunner Rankings National Agricultural Cooperative 13 0.909 346 3 8 2.496 -1.587 History Federation Mitsubishi UFJ Financial Group Inc 14 0.788 300 1 - - 0.788 2018 2017 2016 35 Mizuho Financial 14 0.788 300 2 14 1.329 -0.541 30 Samsung Fire & Marine Insurance Co 16 0.729 278 1 - - 0.729

Ltd (%)

Daiwa Securities 17 0.649 247 1 - - 0.649 20 Share

Export-Import Bank of Korea 18 0.513 195 2 - - 0.513 Market Standard Chartered Bank 19 0.425 162 2 16 0.704 -0.279 10 Kyobo Life Insurance Co Ltd 20 0.386 147 1 11 1.790 -1.404 TOTAL 100% 38,066 150 100% 0 Inc Ltd Ltd Ltd Bank Bank Co Co Co Group Woori Group Daewoo This table consists of loans with borrowers that have a country of risk as South Korea and with a market of syndication in the APAC region. This Securities Financial Development KB Asset excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further KB Financial Korea details. Mirae Shinhan

Bloomberg League Table Reports Page 11 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Local Currency Loans (Mandated Lead Arranger): Industry Breakdown South Korea Borrower Local Currency Loans (Mandated Lead Arranger)

10% FY 2018 FY 2017 8% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 52% KB Financial Group Inc 1 21.083 10,079,292 35 1 29.017 -7.934

Shinhan Financial Group Co Ltd 2 19.377 9,263,446 64 3 11.675 7.702 19% Korea Development Bank 3 16.527 7,901,237 40 2 26.461 -9.934 Woori Bank 4 5.185 2,478,778 13 10 2.231 2.954 Hana Financial Group Inc 5 4.562 2,181,087 16 4 5.345 -0.783 Financials 52% Mirae Asset Daewoo Co Ltd 6 4.362 2,085,390 8 6 4.023 0.339 Utilities 19% Industrial Bank of Korea 7 4.295 2,053,155 5 9 2.485 1.810 Industrials 11% KB Securities Co Ltd 8 3.613 1,727,417 12 14 1.106 2.507 Consumer Discretionary 8% NH Investment & Securities Co Ltd 9 3.124 1,493,500 9 5 5.083 -1.959 Others 10% Korea Investment & Securities Co 10 2.614 1,249,783 10 13 1.472 1.142 Samsung Securities Co Ltd 11 2.466 1,178,833 5 8 2.792 -0.326 National Agricultural Cooperative 12 2.023 967,155 6 7 2.858 -0.835 South Korea Borrower Local Currency Loans: Mandated Federation Lead Arranger Rankings History Kyobo Life Insurance Co Ltd 13 1.490 712,405 4 11 1.792 -0.302 Samsung Fire & Marine Insurance Co 14 1.269 606,555 2 - - 1.269 2018 2017 2016 Ltd 30 Hanwha Life Insurance Co Ltd 15 1.211 578,955 3 12 1.560 -0.349 )

% 20

Meritz Securities Co Ltd 16 0.745 356,000 4 16 0.495 0.250 (

e r a

Export-Import Bank of Korea 17 0.694 331,667 2 - - 0.694 h S

t e k CAPE Investment & Securities Co 18 0.677 323,500 2 - - 0.677 r a 10 M DB Insurance Co Ltd 19 0.621 296,655 1 - - 0.621 Samsung Life Insurance Co Ltd 19 0.621 296,655 1 - - 0.621 0 BNK Financial Group 21 0.620 296,500 2 - - 0.620 c d k k c d n t n n n t I L a a I L p o B B p o u C t i u C o n r o r p e o r o TOTAL 100% 47,807,524 178 100% G u o G o l ro m W l w ia G p ia e c l lo c a n ia e n D a c v a t in n e in e F a D F s n a s B i e a A K F r n e n o a a This table consists of loans denominated in KRW with borrowers that have a country of risk as South Korea. This excludes bilateral loans. There is a K H ir h M in h a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. S

Bloomberg League Table Reports Page 12 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Local Currency Loans (Bookrunner): Industry Breakdown South Korea Borrower Local Currency Loans (Bookrunner)

10% FY 2018 FY 2017 8% Mkt Volume (KRW Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 52% KB Financial Group Inc 1 24.967 9,957,959 30 1 33.083 -8.116

Korea Development Bank 2 22.773 9,083,047 34 2 23.227 -0.454 19% Shinhan Financial Group Co Ltd 3 20.072 8,005,648 55 3 12.885 7.187 Woori Bank 4 5.759 2,296,932 12 10 2.311 3.448 Mirae Asset Daewoo Co Ltd 5 4.341 1,731,490 7 5 3.871 0.470 Financials 52% KB Securities Co Ltd 6 3.742 1,492,417 10 14 1.099 2.643 Utilities 19% Industrial Bank of Korea 7 3.009 1,200,000 1 7 2.806 0.203 Industrials 11% Hana Financial Group Inc 8 2.937 1,171,333 8 4 5.040 -2.103 Consumer Discretionary 8% NH Investment & Securities Co Ltd 9 2.451 977,500 6 6 3.323 -0.872 Others 10% Korea Investment & Securities Co 10 2.209 881,175 6 13 1.688 0.521 Samsung Securities Co Ltd 11 1.548 617,500 2 9 2.473 -0.925 CAPE Investment & Securities Co 12 1.394 556,000 2 - - 1.394 South Korea Borrower Local Currency Loans: Bookrunner National Agricultural Cooperative 13 0.958 382,167 3 8 2.677 -1.719 Rankings History Federation Samsung Fire & Marine Insurance Co 14 0.777 309,900 1 - - 0.777 2018 2017 2016 Ltd 35 Daiwa Securities 15 0.669 266,667 1 - - 0.669 30

Kyobo Life Insurance Co Ltd 16 0.398 158,750 1 11 1.941 -1.543 (%)

Export-Import Bank of Korea 17 0.359 143,333 1 - - 0.359 20 Share

Hanwha Life Insurance Co Ltd 18 0.301 120,000 1 12 1.690 -1.389 Market Hanwha Investment & Securities Co 19 0.283 113,000 1 19 0.099 0.184 10 Ltd National Federation of Fisheries 20 0.280 111,667 3 - - 0.280 0 Inc Ltd Ltd Ltd Bank Bank Cooperative Co Co Co Group Woori Group TOTAL 100% 39,884,484 142 100% Daewoo Securities Financial Development KB Asset KB Financial Korea Mirae This table consists of loans denominated in KRW with borrowers that have a country of risk as South Korea. This excludes bilateral loans. There is Shinhan a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 13 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Foreign Currency Loans (Mandated Lead Arranger): Industry Breakdown

South Korea Borrower Foreign Currency Loans (Mandated Lead Arranger) 5%

FY 2018 FY 2017 9%

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 10% 43% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Korea Development Bank 1 19.259 787 16 1 16.923 2.336 12% Mitsubishi UFJ Financial Group 2 8.804 360 3 32 0.144 8.660 Inc 20% Credit Agricole CIB 3 8.459 346 5 8 5.013 3.446 Mizuho Financial 4 7.581 310 4 16 1.642 5.939 Industrials 43% Bank of America Merrill Lynch 5 6.122 250 6 21 1.532 4.590 Financials 20% Export-Import Bank of Korea 6 5.598 229 5 - - 5.598 Government 12% Citi 7 5.495 225 3 3 7.663 -2.168 Consumer Staples 10% BNP Paribas 8 5.398 221 4 12 3.074 2.324 Materials 9% Societe Generale 9 4.951 202 3 14 1.829 3.122 Consumer Discretionary 5% Standard Chartered Bank 10 3.784 155 4 4 6.803 -3.019 Others 1% Commerzbank 11 3.671 150 2 24 0.963 2.708 DBS Group 12 3.263 133 1 6 5.268 -2.005 ANZ Banking Group 13 2.879 118 2 9 3.723 -0.844 South Korea Borrower Foreign Currency Loans: ING Groep 14 2.447 100 1 9 3.723 -1.276 Mandated Lead Arranger Rankings History ABN Amro Bank NV 15 2.013 82 1 22 1.050 0.963

National Australia Bank 16 1.696 69 2 - - 1.696 2018 2017 2016 Credit Mutuel-CIC 17 1.640 67 1 22 1.050 0.590 25

Sumitomo Mitsui Financial 18 1.463 60 2 2 8.203 -6.740 20 ) %

KB Financial Group Inc 19 1.286 53 1 - - 1.286 (

r 15 a

Shinhan Financial Group Co Ltd 19 1.286 53 1 - - 1.286 h S

t e

k 10 China Construction Bank 21 1.224 50 1 7 5.233 -4.009 r a M TOTAL 100% 4,086 23 100% 5

0 This table consists of loans denominated in Non-KRW with borrowers that have a country of risk as South Korea. This excludes bilateral loans. k c l h a n n IB ia c e a I C c n r B p n y o t u le a L K There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. n o o n l f e r c i il o G ri F rr k m l g o e n p ia A h a lo c t u M e n i z a B v a d i c rt e n re M ri o D i C e p F m m a J -I re F A rt o U f o i o p K h k x is n E b a u B s it M

Bloomberg League Table Reports Page 14 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Foreign Currency Loans (Bookrunner): Industry Breakdown

South Korea Borrower Foreign Currency Loans (Bookrunner) 5%

FY 2018 FY 2017 9%

Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 10% 43% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Mitsubishi UFJ Financial Group 1 17.877 300 1 - - 17.877 12% Inc Mizuho Financial 1 17.877 300 2 1 20.934 -3.057 20% Korea Development Bank 3 14.893 250 4 2 14.301 0.592 Bank of America Merrill Lynch 4 5.959 100 1 - - 5.959 Industrials 43% BNP Paribas 4 5.959 100 1 - - 5.959 Financials 20% Commerzbank 4 5.959 100 1 - - 5.959 Government 12% Credit Agricole CIB 4 5.959 100 1 - - 5.959 Consumer Staples 10% ING Groep 4 5.959 100 1 5 6.781 -0.822 Materials 9% Societe Generale 4 5.959 100 1 11 1.657 4.302 Consumer Discretionary 5% Standard Chartered Bank 4 5.959 100 1 3 11.084 -5.125 Others 1% Export-Import Bank of Korea 11 4.064 68 1 - - 4.064 Citi 12 3.575 60 1 5 6.781 -3.206 ------South Korea Borrower Foreign Currency Loans: ------Bookrunner Rankings History ------

------2018 2017 2016 ------25

------20

------(%) 15 ------Share

TOTAL 100% 1,678 8 100% 10 Market

5 This table consists of loans denominated in Non-KRW with borrowers that have a country of risk as South Korea. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. 0

Inc CIB Bank Bank Groep Lynch Paribas Generale Group Financial ING Agricole BNP Merrill Commerzbank Chartered Mizuho Societe Financial DevelopmentCredit America UFJ of Korea Standard

Bank

Mitsubishi

Bloomberg League Table Reports Page 15 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Loans (Legal Adviser - Borrower): Industry Breakdown South Korea Borrower Loans (Legal Adviser - Borrower)

12% FY 2018 FY 2017 8% Mkt Volume (USD Deal Firm Rank Share(%) Mln) Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 49% 14% Kim & Chang 1 43.832 13,659 23 5 8.541 35.291 Lee & Ko 2 21.066 6,565 9 1 26.456 -5.390 18% CH Partners 3 5.709 1,779 12 8 2.910 2.799 Shin & Kim 4 5.121 1,596 7 3 15.031 -9.910 HYUN Law 5 5.005 1,560 9 7 4.076 0.929 Financials 49% Bae Kim & Lee 6 4.214 1,313 6 4 9.016 -4.802 Utilities 18% First Attorneys at Law 7 4.080 1,271 4 - - 4.080 Industrials 14% Yujun Law 8 1.366 426 5 - - 1.366 Consumer Discretionary 8% Jeong Se Law Firm 9 1.331 415 1 - - 1.331 Others 12% Jipyong 10 1.194 372 3 - - 1.194 Daeryook & AJU 11 1.081 337 3 - - 1.081 Simpson Thacher & 12 1.064 332 2 - - 1.064 South Korea Borrower Loans: Legal Adviser - Borrower Bartlett Rankings History Lee Kim & Partners 13 1.048 327 3 12 0.991 0.057 Nexus Law Group 14 0.891 278 1 16 0.294 0.597 2018 2017 2016 50 Yulchon 15 0.539 168 1 11 1.427 -0.888

First Lawfirm 16 0.454 142 1 2 17.891 -17.437 40 (%)

Law Group Ingang 17 0.387 120 1 - - 0.387 30

Lawfirm Taehwan 18 0.362 113 1 - - 0.362 Share

Minju Law Group 19 0.360 112 2 6 5.823 -5.463 20 Market

Barun Law 20 0.253 79 1 - - 0.253 10 TOTAL 100% 31,162 100 100% 0

Ko Kim Law Lee & & Chang & This table consists of loans with borrowers that have a country of risk as South Korea and with a market of syndication in the APAC region. This & Lee Partners HYUN Kim CH Shin Kim excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further Bae details.

Bloomberg League Table Reports Page 16 Bloomberg South Korea Capital Markets | FY 2018

South Korea Borrower Loans (Legal Adviser - Lender): Industry Breakdown South Korea Borrower Loans (Legal Adviser - Lender)

12% FY 2018 FY 2017 8% Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 49% Lee & Ko 1 47.860 19,639 54 1 52.957 -5.097 14% Kim & Chang 2 11.739 4,817 8 2 23.118 -11.379 Shin & Kim 3 11.250 4,616 13 4 4.933 6.317 18% HYUN Law 4 4.627 1,899 10 6 2.336 2.291 CH Partners 5 4.336 1,779 12 8 1.667 2.669 Bae Kim & Lee 6 3.245 1,332 8 3 5.110 -1.865 Financials 49% Yulchon 7 2.314 950 4 - - 2.314 Utilities 18% Yujun Law 8 1.825 749 6 - - 1.825 Industrials 14% Baker McKenzie 9 1.462 600 2 - - 1.462 Consumer Discretionary 8% First Lawfirm 10 1.299 533 4 7 1.790 -0.491 Others 12% Kim Shin & Yu 11 1.192 489 2 - - 1.192 Daeryook & AJU 12 1.063 436 4 - - 1.063 Jeong Se Law Firm 13 1.011 415 1 - - 1.011 South Korea Borrower Loans: Legal Adviser - Lender Lee Kim & Partners 14 0.796 327 3 10 0.660 0.136 Rankings History Kyungsung 15 0.759 311 1 - - 0.759 First Attorneys at Law 16 0.701 288 3 - - 0.701 2018 2017 2016 55 Nexus Law Group 17 0.677 278 1 17 0.169 0.508 Watson Farley & Williams 18 0.510 209 3 - - 0.510 40 (%) Jipyong 19 0.501 205 2 16 0.278 0.223 Share Hwahyun Law 20 0.310 127 1 - - 0.310 TOTAL 100% 41,033 155 100% 20 Market

This table consists of loans with borrowers that have a country of risk as South Korea and with a market of syndication in the APAC region. This 0 excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further Ko Kim Law Lee & & details. Chang & Lee & Partners HYUN Kim Shin CH Kim Bae

Bloomberg League Table Reports Page 17 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.