League Tables Fy 2019 Fy 2019

JAPAN CAPITAL MARKETS LEAGUE TABLES FY 2019 FY 2019

MANAGER RANKINGS JAPAN 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 Shinnosuke Taguchi +81 3 3201 3302 [email protected]

Fixed Income Mufei Gao +81 3 3201 8815 [email protected]

Loans Soomi Oh +65 6231 3428 [email protected]

Japan Domestic Corporate Bonds (Fiscal Year): Industry Breakdown Japan Domestic Corporate Bonds (Fiscal Year)

12% FY 2019 FY 2018 29% 9% Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 9% Mizuho Financial 1 22.936 3,580,473 436 1 25.597 -2.661 Morgan Stanley 2 19.632 3,064,638 380 4 17.063 2.569 13% 15% Sumitomo Mitsui Financial 3 18.654 2,912,057 438 5 16.839 1.815 13% Daiwa Securities 4 17.932 2,799,323 408 3 17.379 0.553 Nomura 5 16.863 2,632,411 343 2 19.955 -3.092 Financials 29% SBI Holdings Inc/Japan 6 0.876 136,757 9 7 0.552 0.324 Consumer Discretionary 15% Shinkin Central Bank 7 0.845 131,955 40 6 0.929 -0.084 Utilities 13% Goldman Sachs 8 0.768 119,900 26 9 0.336 0.432 Industrials 13% Tokai Tokyo Securities Co 9 0.672 104,867 40 8 0.449 0.223 Materials 9% Ltd Communications 9% Okasan Securities Group Inc 10 0.237 36,944 21 11 0.186 0.051 Others 12% BofA Securities 11 0.232 36,144 11 10 0.216 0.016 Shinsei Bank Ltd 12 0.173 27,000 6 14 0.107 0.066 Aozora Bank Ltd 13 0.075 11,667 3 12 0.163 -0.088 Japan Domestic Corporate Bonds (Fiscal Year): Manager JP Morgan 14 0.064 10,000 2 - - 0.064 Rankings History Citi 15 0.031 4,865 4 13 0.153 -0.122

BNP Paribas 16 0.010 1,500 1 16 0.032 -0.022 2019 2018 2017 ------30 ------)

% 20

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e r a

------h S

t e k TOTAL 100% 15,610,500 662 100% r a 10 M

This table consists of debt & preferred securities that are denominated in Japanese Yen, with a market type of "Domestic". This excludes asset- backed securities, bonds with warrants, government issuers, structured notes, Zaito bonds and convertible securities. There is a minimum 0 l l a y a s ra n i le i ie u a c n c it p threshold of 12 months for maturities, call or put periods and JPY 6MMM minimum amount for self-led securities. Please see League Table n a n r m a a t a u o /J in S in c N c F F e n n i S I Standards and Guidelines for further details. o a u s h rg s a g u o it iw n iz a i M M ld M o D o m H o I it B m S u S

Bloomberg League Table Reports Page 1 Bloomberg Japan Capital Markets | FY 2019

Japanese Zaito Agency Bonds (Fiscal Year): Industry Breakdown Japanese Zaito Agency Bonds (Fiscal Year)

FY 2019 FY 2018 Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Morgan Stanley 1 22.654 541,215 78 5 17.396 5.258 Sumitomo Mitsui Financial 2 20.355 486,289 85 4 18.814 1.541 Mizuho Financial 3 19.104 456,400 79 1 21.750 -2.646 99% Nomura 4 18.931 452,266 85 2 20.766 -1.835 Daiwa Securities 5 18.088 432,114 72 3 19.443 -1.355 Government 99% Tokai Tokyo Securities Co 6 0.293 7,000 2 7 0.368 -0.075 Others 1% Ltd Shinkin Central Bank 7 0.186 4,444 2 6 1.116 -0.930 BNP Paribas 8 0.179 4,270 1 - - 0.179 Japanese Zaito Agency Bonds (Fiscal Year): Manager Goldman Sachs 9 0.126 3,000 1 8 0.348 -0.222 Rankings History Okasan Securities Group Inc 10 0.084 2,000 1 - - 0.084 ------2019 2018 2017 25 ------20 ) % ( ------e

r 15 a h S

------t e

k 10 r ------a M

------5 ------0 y l l a s d e ia ia r e t ------l c c u ti L n n n m ri o ta a a o u C S in in N c F F e s n i S ie ------a u o it rg s h a r o it u iw u iz a c M M e o M D S o TOTAL 100% 2,389,000 131 100% m y to k i o m T u i a S k o T This table consists of Zaito agency debt & preferred securities issued by Japanese issuers and denominated in Japanese Yen. This excludes bonds with warrants, convertible securities, credit-linked notes and structured notes. There is a minimum threshold of 12 months for maturities, call or put periods and JPY 6MMM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 2 Bloomberg Japan Capital Markets | FY 2019

Japan Municipal Bonds (Fiscal Year): Industry Breakdown

Japan Municipal Bonds (Fiscal Year)

FY 2019 FY 2018

Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Nomura 1 21.694 510,885 104 1 22.138 -0.444 Sumitomo Mitsui Financial 2 17.595 414,356 86 4 17.168 0.427 100% Daiwa Securities 3 17.389 409,514 83 2 19.144 -1.755 Mizuho Financial 4 14.733 346,974 74 3 17.833 -3.100 Morgan Stanley 5 12.955 305,085 58 5 11.023 1.932 Government 100% Tokai Tokyo Securities Co 6 6.537 153,957 36 6 7.136 -0.599 Ltd Goldman Sachs 7 4.675 110,103 20 7 2.774 1.901 Japan Municipal Bonds (Fiscal Year): Manager Rankings Shinkin Central Bank 8 1.330 31,326 9 8 1.278 0.052 History Okasan Securities Group Inc 9 1.210 28,500 8 10 0.438 0.772 BNP Paribas 10 1.002 23,600 5 12 0.088 0.914 2019 2018 2017 25 Barclays 11 0.879 20,700 5 9 0.652 0.227 ------20 ) % (

------e

r 15 a h S

------t e

k 10 r ------a M

------5 ------0 a l s l y d r ia e ia e t ------u c ti c l L m n ri n n o o a u a ta C N in c in S F e F s i S n ie ------u o a it s a h rg r it iw u o u a iz c M M e o D M S o ------m y to k i o m T u i a S k TOTAL 100% 2,355,000 163 100% o T

This table consists of syndicated securities issued by Japanese local governments, denominated in Japanese Yen, with a "Domestic" market type. This excludes privately placed and citizen participatory-type securities. Only securities fully issued through a syndication process are eligible for LEAG credit, therefore joint local government securities are excluded. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 3 Bloomberg Japan Capital Markets | FY 2019

Japan Samurai Bonds (Fiscal Year): Industry Breakdown

Japan Samurai Bonds (Fiscal Year) 5%

FY 2019 FY 2018

Firm Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 51% 44% Sumitomo Mitsui Financial 1 26.711 291,733 36 2 18.998 7.713 Mizuho Financial 2 22.661 247,500 34 1 21.471 1.190 Nomura 3 21.611 236,040 30 5 12.045 9.566 Daiwa Securities 4 16.288 177,893 25 3 17.902 -1.614 Morgan Stanley 5 6.362 69,490 16 4 14.968 -8.606 HSBC 6 2.102 22,960 4 6 4.060 -1.958 Financials 51% Citi 7 1.373 15,000 2 8 1.897 -0.524 Government 44% Natixis 8 1.340 14,640 4 7 2.467 -1.127 Others 5% BNP Paribas 9 1.003 10,960 3 15 0.285 0.718 Credit Agricole CIB 10 0.548 5,983 2 14 0.552 -0.004 ------Japan Samurai Bonds (Fiscal Year): Manager Rankings ------History ------2019 2018 2017 ------30 ------)

% 20 (

------r a h S

------t e k r a 10 ------M ------TOTAL 100% 1,092,200 40 100% 0 l l a s y ia ia r e e C c c u ti l B n n m ri n S a a o u ta H in in N c S F F e i S n u o a This table consists of globally syndicated, samurai debt securities. This excludes asset-backed securities, bonds with warrants and structured s h a rg it u iw o iz a M M o M D notes. There is a minimum threshold of 12 months for maturities, call or put periods and JPY 6MMM minimum amount for self-led securities. Please m o it m see League Table Standards and Guidelines for further details. u S

Bloomberg League Table Reports Page 4 Bloomberg Japan Capital Markets | FY 2019

Uridashi Bonds (Fiscal Year) (Manager): Industry Breakdown Uridashi Bonds (Fiscal Year) (Manager)

FY 2019 FY 2018 16% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 51%

Nomura 1 16.727 1,916 70 2 17.661 -0.934 34% Sumitomo Mitsui Financial 2 14.584 1,671 21 1 21.415 -6.831 BNP Paribas 3 14.159 1,622 134 5 7.340 6.819 Mizuho Financial 4 13.960 1,599 52 3 17.476 -3.516 Mitsubishi UFJ Financial Group 5 10.309 1,181 19 4 16.032 -5.723 Financials 51% Inc Government 34% HSBC 6 5.902 676 76 7 4.063 1.839 Consumer Discretionary 16% Credit Agricole CIB 7 4.416 506 58 12 1.209 3.207 SBI Holdings Inc/Japan 8 4.129 473 48 9 2.150 1.979 Credit Suisse 9 4.085 468 59 8 2.648 1.437 Uridashi Bonds (Fiscal Year): Manager Rankings History Daiwa Securities 10 3.335 382 12 6 4.151 -0.816 Tokai Tokyo Securities Co Ltd 11 2.968 340 43 10 1.902 1.066 2019 2018 2017 25 Barclays 12 2.206 253 39 13 0.734 1.472 Morgan Stanley 13 1.359 156 19 11 1.611 -0.252 20 ) % ( TD Securities 14 1.022 117 6 - - 1.022 e

r 15 a h S

JP Morgan 15 0.348 40 2 15 0.461 -0.113 t e

k 10 r Leonteq Securities AG 16 0.242 28 1 - - 0.242 a M

Goldman Sachs 17 0.201 23 2 19 0.023 0.178 5 Deutsche Bank 18 0.024 3 1 18 0.117 -0.093 0 a l s l c r ia a ia n C Shinsei Bank Ltd 19 0.024 3 1 16 0.207 -0.183 u c b c I B m n ri n p S o a a a u H N in P in ro F F i P G ------u N o l s B h ia it u c iz n M a o M in TOTAL 100% 11,455 651 100% m F o J it F m U u i S h is b u s it This table consists of Uridashi debt securities issued in Japanese Fiscal Year. This excludes bonds with warrants. Please see League Table M Standards and Guidelines for further details.

Bloomberg League Table Reports Page 5 Bloomberg Japan Capital Markets | FY 2019

Uridashi Bonds (Fiscal Year) (Uridashi Agent): Industry Breakdown Uridashi Bonds (Fiscal Year) (Uridashi Agent)

FY 2019 FY 2018 16% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share

Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 51%

Sumitomo Mitsui Financial 1 10.140 2,085 29 2 9.487 0.653 34% Nomura 2 8.438 1,735 59 3 8.914 -0.476 Mizuho Financial 3 8.125 1,671 55 4 7.046 1.079 Tokai Tokyo Securities Co 4 7.993 1,643 163 5 6.743 1.250 Ltd Financials 51% Hachijuni Bank Ltd 5 5.612 1,154 51 10 2.808 2.804 Government 34% Aozora Bank Ltd 6 5.115 1,052 44 13 1.839 3.276 Consumer Discretionary 16% SBI Holdings Inc/Japan 7 5.080 1,045 138 11 2.767 2.313 Okasan Securities Group Inc 8 4.523 930 110 7 4.436 0.087 Morgan Stanley 9 4.451 915 109 6 4.743 -0.292 Uridashi Bonds (Fiscal Year): Uridashi Agent Rankings Daiwa Securities 10 4.078 838 37 9 3.429 0.649 History Hyakugo Securities 11 3.843 790 89 8 4.051 -0.208 Nara Securities 12 2.866 589 61 - - 2.866 2019 2018 2017 15 Hirogin Securities Co Ltd 13 2.667 548 56 14 1.611 1.056 Iyo Bank 14 2.339 481 72 16 1.508 0.831 )

% 10 ( Kyogin Securities Co Ltd 15 2.230 459 37 19 1.317 0.913 e r a h S

Okigin Securities Ltd 16 2.098 431 31 20 0.931 1.167 t e k r Shinsei Bank Ltd 17 1.982 408 27 24 0.602 1.380 a 5 M Shizugin TM Securities Co 18 1.955 402 36 15 1.594 0.361 Daishi Securities Co Ltd 19 1.786 367 51 18 1.454 0.332 0 l a l d d d ia r ia t t t North Pacific Securities Co 20 1.739 358 53 - - 1.739 c u c L L L n m n o k k a o a C n n in N in a a F F s B B Ltd i ie i u o it n ra s h r u o it u u ij z iz c h o M e c A o M S a TOTAL 100% 20,561 1,074 100% o H m y to k i o m T u i a S k o T This table consists of Uridashi debt securities issued in Japanese Fiscal Year. This excludes bonds with warrants. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 6 Bloomberg Japan Capital Markets | FY 2019

Japan Equity & Equity Linked (Fiscal Year): Industry Breakdown Japan Equity & Equity Linked (Fiscal Year)

11% FY 2019 FY 2018 5% Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share 12% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 46% Sumitomo Mitsui Financial 1 19.904 441,363 62 2 15.519 4.385 Nomura 2 18.463 409,415 54 1 19.200 -0.737 26% Mizuho Financial 3 16.335 362,207 54 4 12.964 3.371 Daiwa Securities 4 12.601 279,423 42 3 13.639 -1.038 Morgan Stanley 5 12.551 278,304 24 5 12.954 -0.403 Financials 46% Goldman Sachs 6 6.914 153,310 7 8 5.142 1.772 Consumer Discretionary 26% BofA Securities 7 5.716 126,741 6 9 2.403 3.313 Technology 12% JP Morgan 8 3.660 81,148 1 7 6.405 -2.745 Industrials 5% Citi 9 1.206 26,735 4 10 1.494 -0.288 Others 11% SBI Holdings Inc/Japan 10 0.821 18,200 11 6 6.977 -6.156 NH Investment & Securities Co 11 0.751 16,642 1 - - 0.751 Ltd Japan Equity & Equity Linked (Fiscal Year): Manager Credit Suisse 12 0.604 13,389 3 11 1.230 -0.626 Rankings History Ichiyoshi Securities Co Ltd 13 0.238 5,268 3 17 0.036 0.202 Okasan Securities Group Inc 14 0.097 2,148 3 18 0.027 0.070 2019 2018 2017 25 Tokai Tokyo Securities Co Ltd 15 0.092 2,048 3 16 0.103 -0.011

HS Securities Co Ltd 16 0.043 951 2 - - 0.043 20 ) % (

Aizawa Securities Co Ltd 17 0.006 139 1 20 0.001 0.005 e

r 15 a h

------S

t e

k 10 r

------a M

------5 TOTAL 100% 2,217,432 186 100% 0 l a l s y s ia r ia e e h c u c ti l c n m n ri n a a o a u ta S in N in c S F F e n This table consists of equity & equity-linked securities issued in Japanese Fiscal Year by Japanese issuers. This excludes bonds with warrants, i S n a u o a m s h a rg d it u iw o l iz a o credit linked notes, reverse convertibles, rights offerings, and self-led transactions. There is a minimum thresholds of 12 month minimum call, put & M M G o M D m o maturity periods. Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details. it m u S

Bloomberg League Table Reports Page 7 Bloomberg Japan Capital Markets | FY 2019

Japan Equity Offerings (Fiscal Year): Industry Breakdown

Japan Equity Offerings (Fiscal Year) 14%

FY 2019 FY 2018 10% Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share 49% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%)

Sumitomo Mitsui Financial 1 19.965 416,363 60 2 16.170 3.795 26% Nomura 2 17.978 374,915 51 1 17.961 0.017 Mizuho Financial 3 16.186 337,541 49 3 13.134 3.052 Morgan Stanley 4 13.265 276,637 23 5 12.624 0.641 Daiwa Securities 5 12.743 265,756 40 4 13.069 -0.326 Financials 49% Goldman Sachs 6 6.273 130,810 5 8 5.350 0.923 Consumer Discretionary 26% BofA Securities 7 6.077 126,741 6 9 2.637 3.440 Technology 10% JP Morgan 8 3.891 81,148 1 7 6.736 -2.845 Others 14% Citi 9 1.282 26,735 4 11 1.040 0.242 SBI Holdings Inc/Japan 10 0.873 18,200 11 6 7.656 -6.783 NH Investment & Securities Co 11 0.798 16,642 1 - - 0.798 Japan Equity Offerings (Fiscal Year): Manager Rankings Ltd History Ichiyoshi Securities Co Ltd 12 0.253 5,268 3 17 0.039 0.214 Credit Suisse 13 0.163 3,389 1 10 1.350 -1.187 2019 2018 2017 20 Okasan Securities Group Inc 14 0.103 2,148 3 18 0.029 0.074 Tokai Tokyo Securities Co Ltd 15 0.098 2,048 3 16 0.113 -0.015 15 ) % (

HS Securities Co Ltd 16 0.046 951 2 - - 0.046 e r a h

Aizawa Securities Co Ltd 17 0.007 139 1 20 0.002 0.005 S 10

t e k r

------a M ------5 ------0 l a l y s s TOTAL 100% 2,085,432 175 100% ia r ia e e h c u c l ti c n m n n ri a a o a ta u S in N in S c F F e n i n S a u o a m s h rg a d it u o iw l iz a o M M G This table consists of equity offerings issued in Japanese Fiscal Year by Japanese issuers. This excludes rights offerings and self-led offerings. o M D m o it m Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details. u S

Bloomberg League Table Reports Page 8 Bloomberg Japan Capital Markets | FY 2019

Japan Equity IPO (Fiscal Year): Industry Breakdown

Japan Equity IPO (Fiscal Year) 6% 6% FY 2019 FY 2018 10% 40% Mkt Volume (JPY Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 17% Nomura 1 25.048 102,079 18 1 17.415 7.633 Daiwa Securities 2 21.094 85,965 20 5 15.251 5.843 18% Sumitomo Mitsui Financial 3 19.775 80,590 19 2 16.288 3.487 Mizuho Financial 4 15.061 61,378 20 4 15.528 -0.467 Morgan Stanley 5 6.010 24,492 5 3 15.787 -9.777 Technology 40% NH Investment & Securities Co 6 4.084 16,642 1 - - 4.084 Financials 18% Ltd Consumer Discretionary 17% BofA Securities 7 3.037 12,377 1 7 1.147 1.890 Communications 10% SBI Holdings Inc/Japan 8 2.965 12,084 9 6 12.490 -9.525 Health Care 6% Ichiyoshi Securities Co Ltd 9 1.293 5,268 3 16 0.066 1.227 Industrials 6% Credit Suisse 10 0.832 3,389 1 10 0.743 0.089 Others 2% Tokai Tokyo Securities Co Ltd 11 0.466 1,898 2 15 0.130 0.336 HS Securities Co Ltd 12 0.233 951 2 - - 0.233 Okasan Securities Group Inc 13 0.069 281 1 17 0.023 0.046 Japan Equity IPO (Fiscal Year): Manager Rankings Aizawa Securities Co Ltd 14 0.034 139 1 18 0.003 0.031 History ------

------2019 2018 2017 ------30 ------)

% 20

------(

e r a

------h S

t e k TOTAL 100% 407,532 94 100% r a 10 M

This table consists of initial public offerings issued in Japanese Fiscal Year by Japanese issuers. This excludes self-led offerings. Note: Issuer country is determined by country of risk. Please see League Table Standards and Guidelines for further details. 0 a s l l y d r e ia ia e t u ti c c l L m ri n n n o o u a a ta C N c in in S e F F s S i n ie u o a it a s h rg r iw it u o u a iz c M M e D o M S m & o t it n m e u tm S s e v n I H N

Bloomberg League Table Reports Page 9 Bloomberg Japan Capital Markets | FY 2019

Japan Equity Linked (Fiscal Year): Industry Breakdown

Japan Equity Linked (Fiscal Year) 8%

14% 30% FY 2019 FY 2018 Firm Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

Nomura 1 26.136 34,500 3 1 31.947 -5.811 19% Sumitomo Mitsui Financial 2 18.939 25,000 2 5 8.827 10.112 28% Mizuho Financial 3 18.687 24,667 5 4 11.214 7.473 Goldman Sachs 4 17.045 22,500 2 7 3.004 14.041 Daiwa Securities 5 10.354 13,667 2 2 19.501 -9.147 Credit Suisse 6 7.576 10,000 2 - - 7.576 Technology 30% Morgan Stanley 7 1.263 1,667 1 3 16.346 -15.083 Consumer Discretionary 28% ------Consumer Staples 19% ------Industrials 14% ------Others 8% ------Japan Equity Linked (Fiscal Year): Manager Rankings ------History ------2019 2018 2017 60 ------)

% 40 (

------e r a h S

------t e k r TOTAL 100% 132,000 11 100% a 20 M

This table consists of equity-linked securities issued in Japanese Fiscal Year by Japanese issuers. This excludes bonds with warrants, credit 0 linked notes, reverse convertibles, self-led transactions, and synthetic convertibles. There is a minimum threshold of 12 month minimum call, put & a l l s s e r ia ia h e s u c c c ti s m n n a ri i o a a S u u maturity periods. Please see League Table Standards and Guidelines for further details. N in in c S F F n e it i a S d u o m e s h d a r it u l iw C iz o a M G o M D m o it m u S

Bloomberg League Table Reports Page 10 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.