GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES

2014 2014

MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS

CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors 1. Global market review and 500 legal advisors. 2. U.S. market review 3. Canada market review LEAG for a full range of league tables 4. Latin America market review 5. EMEA market review NI LEAG CRL or www.bloomberg.com for a full range of market-specific league table publications 6. Asia market review 7. Table criteria IPO for Bloomberg’s equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Elizabeth Entrup +1 212 617 3694 [email protected] Irina Arefyeva +1 212 617 7377 [email protected] EMEA Karan Aswani +44 20 3525 4331 [email protected] Asia Pacific Felishya Yusa +65 6499 2679 [email protected]

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Global Equity, Equity LinkedRights Snapshot & 3. CIBC 2. RBC 1. USD40 billion ( Scotiabank CANADA 3. BAML 2. CreditSuisse 1. USD 17.9 billionUSD( Banco Banco Itau BBA +48% 12.4% 16.1% 17.8% LATIN AMERICA LATIN 3. Goldman Sachs3. Goldman 2. JP Morgan 1. ) USD 258.2 billionUSD( Citi - 44.6% U.S 10.5% 12.0% . 9.2% ) - 8.5% 10.8% 11.1% 11.5% ) 3. UBS Sachs2. Goldman 1. USD 266.6 billionUSD( JP JP Morgan 3. Barclays 2. 1. USD 5.7 billionUSD( EMEA Citi SUB - SAHARAN AFRICASAHARAN +31.2% 8.6% 8.7% 9.9 % 1. JP 1. JP Morgan 1. GIB 1. USD 12.8 billionUSD( ) +112.9% HSBC 10.0% 16.8% 19.9% ) MENA +301.7% 29.3% 34.6% 4.8% ) 3. Deutsche 3. Deutsche Sachs2. Goldman 1. USD245.4 billion ( Morgan Stanley ASIA 3. Macquarie 2. UBS 1. USD 36.3 billionUSD( AUSTRALIA/NZEALAND - PAC +19.8% 5.9% 9.2% 9.6% ) +42.4% 16.4% 16.4% 17.4% )

Global Equity Review | FY 2014 Avg Deal size (USD Mln) Volume (USD Mln) Number deals of Avg Deal size (USD Mln) Volume (USD Mln) Number deals of ten deals that priced in 2014including Alibaba Group Holding the Ltd, largest in IPO history. • Goldman Sachs ranks &Co asthe top global equity underwriter the for second year inThe bank arow. underwrote the five of top compared with last year. • The rights market sawan increase USD into 68.4billion 67.5% volume of and growth in a48.4% issuance 227offerings to steady deals. at2,278 • Activity in the additional offerings segment decreased year-on-year 9.2% USD to 399.0billion. At the same time, issuance remained issuance• IPO increased by 319deals compared 2013and to volume USD grew to 249.6billion. 51.5% 2013. • In 2014global equity volume increased USD to 817.4billion, 8.5% while issuance offerings 4,155 grew to 11.2% compared with Global Equity Review USD Bln $100 $150 $200 $250 $300 $50 $0 TOP UNDERWRITERTOP 2009 Q4 SUMMARY Goldman Sachs &Co GLOBAL EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014 HIGHLIGHTS RIGHTS: & LINKED EQUITY EQUITY, GLOBAL GLOBAL EQUITY & EQUITY LINKED: QUARTERLY VOLUME QUARTERLY LINKED: EQUITY & EQUITY GLOBAL 2010 817,387 Q4 74,861 4,155 Eqty Lkd (Bln) 194 385 197 Underwriters: Underwriters: Underwriters: Underwriters: 09/06/2014 26/03/2014 06/06/2014 18/09/2014 DATE 2011 Q4 Add'l (Bln) Monte deiMonte Paschi di Siena BAML, JPM, MS, UBS Lloyds BankingPLC Group UNICRD ABN, BARCS, COBA, BBVA, DB*, CITI, BSSA, JPM, GS,ING, MEDBCA, SG,UBS, INTES, Bank AG Deutsche DB, CS, GS,JPM, MS CITI, Alibaba Holding Group Ltd BAML, BARCS, CITI, COBA,BAML, GS,JPM, BARCS, MEDBCA, CITI, MS,SG,UBS ISSUER 2012 Q4 IPO(Bln) Rights Addl Rights IPO DEAL TYPE Total Deals 2013 Q4 Financial Financial Financial Communications INDUSTRY 2014 Q4 (USD MLN) AMOUNT 0 200 400 600 800 1000 1200 1400 1600 25,032.3 *Self-led 6,422.7 6,955.3 8,784.2

Deal Count GLOBAL EQTY, EQL & RIGHTS: INDUSTRY BREAKDOWN INDUSTRY RIGHTS: & EQL EQTY, GLOBAL Equity linked Additional offering OFFERINGTYPE Diversified Basic Materials Technology Utilities Industrial Energy Communications Consumer, Cyclical Consumer, Non-cyclical Financial GLOBAL EQUITY & EQL: OFFERING TYPE BREAKDOWN TYPE EQL:& OFFERING EQUITY GLOBAL Total IPO Communications Industrial 8% INDUSTRY 11% Energy 10% Consumer, Cyclical Consumer, 12% Other 13% (USD MLN) (USD MLN) AMOUNT AMOUNT 748,883 100,272 398,990 249,620 120,543 253,172 24,934 34,953 39,531 68,926 83,585 89,283 93,909 8,214 Non Consumer, Financial 15% - cyclical 31% % OF TOTAL% OF TOTAL% 100.0% 13.3% 52.9% 33.1% 10.2% 10.9% 11.5% 14.8% 31.0% 1.0% 3.1% 4.3% 4.8% 8.4% CHANGE CHANGE % YOY YOY % YOY % -32.3% -10.5% -11.7% 51.5% 33.8% 35.0% 20.5% 22.8% 21.6% 16.3% -9.2% -0.1% 4.1% 2.8%

Global Equity Review | FY 2014 HSBC Bank PLCHSBC Nomura Holdings Inc CapitalRBC Markets Barclays UBS Morgan Stanley Co Goldman & Sachs TOTAL Sumitomo Mitsui Financial Group Inc CapitalBMO Markets Generale Societe BNP Paribas SA Ltd LLC Jefferies Co & Fargo Wells Nomura Holdings Inc Bank PLCHSBC CapitalRBC Markets Barclays UBS AG Citi AmericaMerrillBank of Lynch Morgan JP Morgan Stanley Co Goldman & Sachs Scotiabank CapitalBMO Markets Macquarie Group Ltd LLC Jefferies Co & Fargo Wells Credit Suisse Deutsche Bank AG Morgan JP AmericaMerrillBank of Lynch Citi TD SecuritiesTD Sumitomo Mitsui Financial Group Inc CIBC TOTAL Global Equity Offerings Equity Global &Rights Linked Equity Equity, Global FIRM FIRM RANK RANK 100% 100% 13 12 10 18 16 15 14 11 20 19 18 17 16 15 14 13 12 11 10 19 17 20 9 8 2 1 9 8 7 6 5 4 3 2 1 7 6 5 4 3 MKT SHARE MKT SHARE 0.8 0.9 1.1 1.6 1.6 1.7 4.4 5.7 8.7 9.2 0.7 0.7 0.8 0.9 0.9 0.9 1.6 2.1 2.1 4.4 5.3 5.5 6.4 7.4 7.5 8.3 8.8 9.2 5.7 6.9 7.6 7.8 8.1 0.6 0.8 0.6 2014 2014 2 1 2 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 817,387 648,610 10,513 10,637 11,089 13,265 28,577 37,043 56,641 59,689 13,139 15,979 16,956 17,145 35,641 43,707 44,831 52,397 60,586 61,443 67,807 71,757 74,861 37,131 44,490 49,575 50,317 52,217 5,093 6,074 6,782 7,139 5,534 6,089 6,563 7,017 7,331 7,762 8,474 3,706 5,284 3,687 COUNT COUNT DEAL DEAL 4,155 3,456 375 413 470 434 385 131 159 175 251 269 305 272 362 352 323 361 317 139 173 128 199 295 354 303 326 41 94 29 83 60 24 59 90 47 63 69 73 31 50 34 RANK RANK 753,647 604,095 13 15 11 10 12 37 16 19 21 17 18 14 10 11 13 12 25 18 16 27 17 39 2013 2013 9 6 8 7 3 4 5 2 1 9 8 6 7 5 4 2 3 1 MKT SHARE MKT SHARE 100% 100% 11.7 11.5 6.6 7.5 8.8 8.2 1.2 1.7 5.2 6.7 5.4 5.7 8.4 7.8 6.9 8.6 0.3 0.9 0.8 0.7 0.9 0.8 1.1 1.9 1.8 1.2 1.6 4.9 5.2 6.3 5.9 0.4 0.9 0.4 0.9 0.3 1 2 2 1 MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -0.4 -0.3 -2.3 -0.5 -2.5 -0.1 -0.8 -0.8 -0.2 -0.1 -0.3 -0.5 -0.8 -0.1 0.8 0.6 0.6 0.3 0.3 1.2 1.2 0.1 0.4 0.2 0.1 0.2 0.9 0.5 0.1 0.5 0.4 0.2 0.3 -1 ------Nomura Holdings Inc Macquarie Group Ltd Co Goldman & Sachs Citi AmericaMerrillBank of Lynch Morgan JP Morgan Stanley Co Goldman & Sachs Jefferies LLC Jefferies Co & Fargo Wells Bank PLCHSBC Barclays AmericaMerrillBank of Lynch UBS Citi Credit Suisse Morgan JP Deutsche Bank AG Morgan Stanley TOTAL Scotiabank Inc BNP Paribas SA Sumitomo Mitsui Financial Group Inc CapitalBMO Markets Macquarie Group Ltd LLC Jefferies Bank PLCHSBC Co & Fargo Wells Nomura Holdings Inc CapitalRBC Markets Barclays UBS Credit Suisse Deutsche Bank AG Gulf International Bank BSC CITIC Securities LtdCITIC Co CapitalRBC Markets Bank of ChinaBank of Merchants Securities Ltd Co GF SecuritiesGF TOTAL Global Equity & Equity Linked & Equity Equity Global Global Equity Offerings (IPO) Offerings Equity Global FIRM FIRM RANK RANK 100% 100% 12 11 15 14 13 10 20 19 18 17 16 15 14 13 12 11 10 18 16 19 17 20 1 9 8 7 6 5 4 3 2 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 1.7 1.8 8.7 2.9 4.2 4.5 6.1 6.6 7.2 7.3 8.6 0.7 0.7 0.7 0.8 0.9 0.9 1.1 1.7 1.8 2.2 4.4 5.5 5.6 6.6 7.7 7.8 8.1 8.9 9.4 1.2 1.4 1.6 2.9 1.1 1.1 1.1 2014 2014 2 1 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 748,984 249,620 21,632 10,583 11,339 15,183 16,460 17,974 18,112 21,404 13,069 13,139 15,207 16,748 32,840 40,920 41,984 49,249 57,357 58,108 60,342 66,878 70,703 4,243 4,375 7,227 3,011 3,443 3,895 7,227 5,203 5,378 5,462 6,089 6,563 7,028 7,887 2,668 2,819 2,553 2,785 2,524 COUNT COUNT DEAL DEAL 3,936 1,178 111 136 173 123 198 285 289 344 313 359 404 437 419 373 101 114 125 128 33 23 25 75 88 84 97 32 72 45 59 90 63 56 54 43 22 16 42 16 22 2 RANK RANK 712,809 164,721 179 10 12 51 28 14 21 16 18 17 13 15 10 11 12 13 11 14 30 15 20 2013 2013 1 9 5 8 4 6 7 3 2 9 6 8 7 5 4 2 3 1 - MKT SHARE MKT SHARE 100% 100% 11.7 2.4 1.9 8.2 4.2 6.9 4.5 7.1 0.3 0.4 1.1 0.7 0.9 0.8 0.9 1.2 1.9 1.6 5.1 6.4 5.4 5.8 6.7 7.8 8.9 8.6 6.1 5.9 7.2 7.4 1.8 2.1 1.7 0.5 1.3 0.8 1 2 - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -0.7 -0.1 -0.4 -0.1 -0.1 -0.2 -0.7 -0.9 -0.8 -2.3 -1.3 -2.7 -0.4 -0.5 -0.2 0.5 0.2 0.8 0.7 1.2 0.3 0.1 0.7 0.1 0.6 0.2 0.8 0.3 1.2 0.6 0.2 1 1 ------Global Equity Review | FY 2014 CITIC Securities LtdCITIC Co Daiwa Securities Group Inc Co & Fargo Wells Generale Societe Bank PLCHSBC BNP Paribas SA CapitalRBC Markets UBS Barclays Nomura Holdings Inc Deutsche Bank AG Credit Suisse Citi AmericaMerrillBank of Lynch Morgan Stanley Morgan JP Goldman Sachs & Co Goldman & Sachs Credit Agricole CIB KGI Securities LtdKGI Co TOTAL China International Capital Corp Global Equity Linked Equity Global FIRM RANK 100% 17 16 15 14 13 12 11 10 18 19 20 9 8 7 6 5 4 3 2 1 MKT SHARE 10.2 10.7 1.1 1.7 2.1 2.5 2.7 3.5 3.9 4.3 4.6 4.7 4.8 5.1 7.8 0.8 0.9 11 2014 2 1 USD (Mln) USD VOLUME 100,272 10,238 10,767 11,014 1,125 1,729 2,050 2,075 2,556 2,658 3,483 3,877 4,263 4,570 4,759 4,853 5,140 7,791 963 810 871 COUNT DEAL 476 14 14 14 15 22 23 20 34 29 41 39 36 52 58 75 56 11 24 4 3 RANK 108,552 39 14 11 19 22 10 15 12 16 25 23 2013 8 9 5 7 6 4 3 2 1 MKT SHARE 100% 11.7 5.1 4.7 6.5 5.3 5.8 7.7 8.6 1.5 1.9 0.9 0.9 2.7 1.4 1.5 0.3 1.2 0.8 0.8 13 MKT SHARE MKT SHARE CHG (%) CHG -1.2 -0.4 -1.8 -0.5 -0.7 -0.2 0.1 1.6 0.2 0.1 1.2 1.6 2.1 3.1 0.8 0.1 -1 -2 - -

Global Equity Review | FY 2014 Avg Deal size (USD Mln) Volume (USD Mln) Number deals of Avg Deal size (USD Mln) Volume (USD Mln) Number deals of US exchange record, on second The theGoldman to of Sachs 1999IPO Group USD Incfor 3.7billion. • Citizens Financial Group had the largest USD 3.5billion year-to-date,atotalof IPO for making it the second largest bank a on IPO billion. in an additional offering help to stock of finance the acquisition Access of Midstream Partnersat avalue approximately LP of USD 6 • The top equity issuer in pipelines 2014was and energy infrastructure The company, Williams Companies raising Inc, USD 3.5billion compared 2013. down 12.6% to • The financial industry continued lead to all other sectors 2014, raising for USD 65.1billion 240issues, for although volume was 218issues.of Goldman Sachs held the top position last year. • In 2014Citi the was top underwriter U.S. for equity and equity linked league tables, with USD 29.6billion in league credit atotal for raised decreased USD to 258.2billion 8.5% USD from 282.2billion. activity• inU.S. Total 2014for equity and equity linked deals fell compared 2013.Deal to count decreased and 5.0% the amount U.S. EquityU.S. Review

USD Bln $100 $20 $40 $60 $80 $0 TOP UNDERWRITERTOP 2009 SUMMARY Q4 U.S. EQUITY & EQUITY LINKED: QUARTERLY VOLUME QUARTERLY LINKED: EQUITY & EQUITY U.S. 258,217 U.S. EQUITY & EQUITY LINKED: HIGHLIGHTS of 2014 HIGHLIGHTS LINKED: EQUITY & EQUITY U.S. 29,601 2010 1,016 Q4 136 218 254 Citi Eqty Lkd (Bln) Underwriters: Underwriters: Underwriters: Underwriters: Underwriters: 03/11/2014 18/11/2014 30/07/2014 23/09/2014 17/06/2014 DATE 2011 Q4 BAML, DB, MS,WFC Inc Group Paramount DB, CS, BAML, GS,JPM, MS BARCS, CITI, FinancialSynchrony DB, GS,JPM,BARCS, CITI, MS,RBS*, WFC Citizens Financial Inc Group UBS BARCS, CITI, Williams Cos Inc/The BAML, CITI, CS, DB, CS, GS,JPM,BAML, MS,WFC CITI, Hilton Worldwide Holdings Inc Add'l (Bln) ISSUER 2012 Q4 IPO(Bln) Addl IPO IPO IPO Addl DEAL TYPE Total Deals 2013 Q4 Cons, Cyclical Financial Financial Financial Energy INDUSTRY 2014 Q4 (USD MLN) AMOUNT *Self-led 0 50 100 150 200 250 300 350 2,587.5 2,636.4 2,955.4 3,461.5 3,474.2

Deal count Equity linked Additional offering Diversified Basic Materials Utilities Industrial Technology Communications Consumer, Cyclical Energy Consumer, Non-cyclical Financial Total IPO Consumer, Cyclical Consumer, Communications U.S. EQUITY & EQL OFFERING TYPE: BREAKDOWN TYPE: OFFERING EQL & EQUITY U.S. Technology OFFERINGTYPE U.S. EQUITY & EQL INDUSTRY: BREAKDOWN INDUSTRY: EQL & EQUITY U.S. 8% 6% 11% INDUSTRY Other 12% Energy 18% (USD MLN) (USD MLN) AMOUNT AMOUNT 258,217 158,342 43,067 56,808 10,064 13,646 14,960 20,557 26,984 47,265 51,737 65,139 2,123 4,525 Non Financial Consumer, 25% 20% - cyclical % OF TOTAL% OF TOTAL% 16.7% 61.3% 22.0% 10.5% 18.4% 20.1% 25.3% 100% 0.8% 1.8% 3.9% 5.3% 5.8% 8.0% CHANGE CHANGE % YOY YOY % YOY % 131.0% -57.8% -10.2% -21.3% -35.0% -12.4% -12.6% -12.9% 45.0% -8.9% -1.7% 0.4% 7.5% 7.1%

o Global Equity Review | FY 2014 RBC CapitalRBC Markets Deutsche Bank AG Credit Suisse Morgan Stanley Co Goldman & Sachs Barclays Morgan JP AmericaMerrillBank of Lynch Citi TOTAL CapitalKeyBanc Markets Robert W Co & Leerink Partners LLC Piper Co & Jaffray Cowen Co & Inc Associates Raymond & James CapitalBMO Markets LLC Jefferies UBS CapitalRBC Markets Co & Fargo Wells Deutsche Bank AG Credit Suisse Barclays Morgan Stanley AmericaMerrillBank of Lynch Co Goldman & Sachs Morgan JP Citi Robert Baird W Co & UBS Co & Fargo Wells Piper Co & Jaffray LLC Jefferies TOTAL CapitalKeyBanc Markets Stifel Raymond James & Associates Inc Associates Raymond & James CapitalBMO Markets Cowen Co & Leerink Partners LLC U.S. Equity Offerings Equity U.S. Linked & Equity Equity U.S. FIRM FIRM RANK RANK 100% 100% 10 18 11 20 19 18 17 16 15 14 13 12 11 10 19 12 20 13 15 14 16 17 8 7 6 5 4 3 2 1 9 8 7 6 5 4 3 2 1 9 MKT SHARE MKT SHARE 10.2 10.9 12.5 10.4 10.7 10.8 11.1 11.5 0.6 3.4 3.6 6.3 7.5 9.6 9.7 9.7 0.3 0.5 0.5 0.5 0.6 0.8 0.9 1.6 2.9 4.3 6.1 8.9 0.4 0.4 1.6 1.1 0.9 0.7 0.6 2014 2014 1 5 7 5 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 258,217 215,150 13,582 16,139 20,680 20,840 20,945 21,936 23,379 26,897 11,048 12,804 15,628 18,070 22,961 26,980 27,745 27,814 28,761 29,601 10,753 1,219 7,328 7,739 1,219 1,354 1,364 1,541 2,186 2,377 2,577 4,242 7,480 3,493 2,352 2,105 2,027 1,467 1,354 902 902 933 COUNT COUNT DEAL DEAL 1,016 237 269 215 265 218 126 150 152 159 204 179 193 220 235 197 144 164 172 177 209 899 36 94 15 36 28 29 44 58 41 65 86 96 15 27 81 38 63 55 43 28 RANK RANK 282,240 239,336 12 21 15 17 18 19 13 16 14 11 10 12 15 10 22 18 11 16 13 14 19 17 2013 2013 9 8 7 6 1 5 2 4 3 9 8 7 5 6 4 1 2 3 MKT SHARE MKT SHARE 100% 100% 10.7 11.9 13.8 10.1 11.6 10.3 11.5 9.6 2.1 6.7 9.1 0.3 0.5 0.4 0.4 0.3 0.7 0.5 0.6 2.1 2.5 5.8 6.4 9.8 0.6 2.8 0.3 0.4 2.1 0.5 0.7 0.7 0.4 0.4 15 11 5 2 5 6 MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -4.1 -0.4 -1.4 -4.2 -0.8 -0.5 -0.9 -0.5 0.8 0.5 1.5 0.8 0.5 0.6 0.1 0.1 0.3 0.1 0.4 0.4 0.4 2.3 0.3 0.6 0.3 0.6 0.1 0.5 0.4 0.2 0.3 0.2 1 ------Credit Suisse Morgan JP Deutsche Bank AG Citi Morgan Stanley CapitalRBC Markets AmericaMerrillBank of Lynch Morgan Stanley Morgan JP Co Goldman & Sachs RBC CapitalRBC Markets AmericaMerrillBank of Lynch Barclays Co Goldman & Sachs TOTAL BNP Paribas SA Stifel Nomura Holdings Inc CapitalBMO Markets Temasek Holdings Pte Ltd SeaTown Lionfish Pte Ltd Capital Ltd II RRJ Piper Co & Jaffray Bank PLCHSBC LLC Jefferies Credit Suisse Barclays Deutsche Bank AG Co & Fargo Wells Citi & Co & Fargo Wells Robert Baird W Co & UBS William LLC Blair Co & Cowen Co & TOTAL Jefferies LLC Jefferies BMO CapitalBMO Markets Stifel Raymond James & Associates Inc Associates Raymond & James Piper Co & Jaffray Leerink Partners LLC U.S. Equity Linked Equity U.S. U.S. Equity Offerings (IPO) Offerings Equity U.S. FIRM FIRM RANK RANK 100% 100% 10 20 19 18 17 14 14 14 13 12 11 10 18 11 20 19 12 14 13 15 16 17 9 5 4 3 1 7 6 2 8 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 11.8 10.1 10.1 14.6 15.8 16.2 6.2 8.9 9.3 9.3 7.7 8.3 0.4 0.5 0.6 0.6 0.8 0.8 0.8 1.7 4.5 4.7 4.8 4.8 6.3 7.7 3.3 6.5 0.7 2.9 0.6 0.7 2.1 1.7 2.1 0.9 2014 2014 1 1 1 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 43,067 56,808 3,507 5,031 5,282 5,306 6,720 4,378 4,737 5,721 1,885 3,691 1,931 2,016 2,046 2,050 2,703 3,308 4,366 6,300 6,826 6,975 1,644 1,210 1,201 167 224 242 272 333 333 333 431 434 749 387 358 377 948 571 558 490 COUNT COUNT DEAL DEAL 117 241 49 64 50 56 69 13 48 53 62 18 16 20 14 21 18 34 33 45 36 34 38 15 25 10 10 28 15 31 16 17 1 2 4 3 1 1 1 2 3 5 RANK RANK 42,903 57,786 14 14 24 28 19 23 10 11 12 17 10 25 22 11 20 13 21 19 2013 2013 8 3 7 4 6 1 5 2 9 9 5 7 8 6 3 4 2 1 - - - - MKT SHARE MKT SHARE 100% 100% 10.5 12.1 11.2 12.7 12.2 13.6 21.3 7.2 8.2 9.5 8.5 8.5 0.8 0.7 0.1 0.3 0.1 1.9 4.7 8.3 5.2 4.7 8.2 1.4 5.9 1.8 0.5 3.5 0.4 0.5 2.6 0.5 0.5 0.5 1 - - - - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -1.6 -0.2 -0.3 -0.2 -0.2 -3.6 -0.4 -1.9 -2.6 -5.1 -4.4 -0.2 -1.1 -0.6 -0.5 1.1 3.3 0.1 0.6 0.4 0.6 0.3 0.9 0.1 6.3 2.4 2.2 1.5 0.2 0.2 0.2 1.2 1.1 0.5 0.5 -1 - - - - Global Equity Review | FY 2014 Cormark Securities Inc Ltd Co Peters & National Bank Financial Inc GenuityCanaccord Corp SecuritiesGMP SecuritiesTD CIBC CapitalBMO Markets TOTAL CapitalRBC Markets Scotiabank TOTAL Cormark Securities Inc Ltd Co Peters & GenuityCanaccord Corp National Bank Financial Inc SecuritiesGMP CapitalBMO Markets CIBC SecuritiesTD CapitalRBC Markets Scotiabank equity offering on record on aCanadian exchange for the financial industry on record. • The largest equity offering in an 2014was follow-on secondary share offering by CIFinancial 2.4billion. Corp for USD the This was largest 7.1billionUSD in credit for 54issues in the latter table. • Scotiabank the was top underwriter on both the Canadian equity and Canadian equity, equity linked, & preferred tables in receiving 2014, Canada Equity Offerings CanadaEquity Self-led ex &Pfd Linked Equity CanadaEquity, Canada Equity Review FIRM FIRM RANK RANK 100% 100% 10 10 9 8 7 6 5 4 3 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 11.4 11.6 12.6 14.6 11.6 12.4 12.4 16.1 17.8 15.5 2.2 2.7 4.6 5.3 7.3 1.8 2.2 4.3 4.6 6.2 2014 2014 VOLUME USD VOLUME USD (Mln) (Mln) 32,117 39,950 1,462 1,705 2,357 3,649 3,728 4,061 4,684 4,981 1,705 1,855 2,478 4,622 4,935 4,949 6,450 7,127 711 882 737 882 DEAL COUNT DEAL COUNT 385 437 30 36 57 39 34 36 47 39 29 31 57 47 43 57 60 58 64 54 8 8 RANK RANK 28,234 38,134 19 10 11 18 11 10 9 4 6 7 2 1 5 9 6 2 5 4 1 3 2013 2013 MKT SHARE MKT SHARE 100% 100% 14.8 15.1 13.5 10.4 17.9 11.7 3.2 3.8 7.5 6.9 2.6 7.7 0.8 2.5 2.8 2.6 6.2 8.8 1 8 MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -2.2 -0.5 -0.7 -0.5 -0.3 -1.9 -1.8 1.2 1.5 3.9 4.7 1.5 3.6 7.8 6.1 2 1 2 2 - 10% 15% 20% 25% CANADA EQUITY, EQL & PFD: INDUSTRY BREAKDOWN PFD: & INDUSTRY EQL EQUITY, CANADA 0% 5% USD Mlns VOLUME PFD: & QUARTERLY EQL EQUITY, CANADA $10 $12 $14 $16 $18 $0 $2 $4 $6 $8 CANADA EQUITY, EQL & PFD: MARKET SHARE PFD: & MARKET EQL EQUITY, CANADA Scotiabank 8% 5% 2009 Q4 5% 4% 6% 35% 2010 Q4 RBC Capital Markets Amount 2011 37% Q4 TD Securities 2012 Q4 Deal Count 2013 Q4 CIBC Other 6% Utilities 4% Industrial 5% Consumer, Cyclical 5% Basic Materials 8% Energy 35% Financial 37% 2014 2014 2013 Q4 BMO Capital Markets 0 50 100 150 200 250 300 350 400 2012 Deal Count

Global Equity Review | FY 2014 TOTAL BBS Securities Inc BBS InternationalPacific Securities Inc Jordan Capital Markets Inc PartnersM Inc Jacob & Co Securities Co & Inc Jacob Euro Capital Pacific Inc Salman Partners Inc Inc Associates Raymond & James LtdRichardson GMP Co & Fargo Wells GenuityCanaccord Corp SecuritiesTD CIBC Jefferies LLC Jefferies National Bank Financial Inc Scotiabank CapitalBMO Markets Ltd Co Peters & Credit Suisse CapitalRBC Markets Canadian Equity Offerings (IPO) Offerings Equity Canadian FIRM RANK 100% 20 19 18 17 15 15 14 13 12 10 10 3 2 1 9 8 7 5 5 4 MKT SHARE 11.5 24.6 27.2 0.1 0.6 0.6 1.5 3.3 7.7 7.7 11 2014 0 0 0 0 0 0 0 0 4 USD (Mln) USD VOLUME 3,601 397 415 888 979 119 145 278 278 21 21 52 1 1 1 1 1 1 2 2 2 COUNT DEAL 30 1 2 1 1 1 1 1 3 5 1 1 2 8 2 3 1 1 2 1 1 RANK 3,062 22 27 15 20 13 2013 1 7 4 2 6 3 ------MKT SHARE 100% 30.2 24.4 16.5 0.1 0.4 0.1 0.7 3.2 3.2 5.1 ------MKT SHARE MKT SHARE CHG (%) CHG -19.2 -12.5 19.5 -0.1 -0.4 -0.1 -0.7 -1.7 8.3 2.8 ------TOTAL Raymond James & Associates Inc Associates Raymond & James National Bank Financial Inc Scotiabank CapitalRBC Markets CIBC GMP SecuritiesGMP CapitalBMO Markets SecuritiesTD Canaccord GenuityCanaccord Corp Canadian Retail Structured Products Structured Retail Canadian FIRM RANK 100% 7 4 3 2 1 7 6 5 7 MKT SHARE 10.2 16.5 27.5 29.5 0.1 0.1 7.5 8.6 0.1 2014 USD (Mln) USD VOLUME 2,465 252 406 677 728 184 212 2 2 2 COUNT DEAL 52 15 24 32 37 13 1 1 8 1 RANK 3,229 11 2013 5 3 2 1 8 6 4 7 MKT SHARE 100% 11.9 29.8 32.7 11.2 5.8 0.1 4.7 1.9 1 MKT SHARE MKT SHARE CHG (%) CHG -2.3 -3.2 -0.9 -3.7 -1.8 4.4 4.6 3.9 - Global Equity Review | FY 2014 Caixa Banco de InvestimentoCaixa Banco SA InvestimentoBES SA Barclays SantanderBanco SA do Brasil SA Banco SA BBI Bradesco TOTAL Pactual BTG SA Banco AmericaMerrillBank of Lynch Credit Suisse SA Itau BBA Banco TOTAL Morgan JP SantanderBanco SA Bank PLCHSBC Pactual BTG SA Banco Co Goldman & Sachs Morgan Stanley Citi AmericaMerrillBank of Lynch Credit Suisse SA Itau BBA Banco market, and with market 18.8% 15.1% share respectively. second and received USD 1.9billion in credit. Itau and Banco Credit Suisse similarly ranked first and second in the Brazilian equity Itau• ranked Banco first with USD 2.1billion in credit across 13deals. This is fewer four deals than Credit Suisse, which ranked • Equity The Latam market volume declined significantly year-on-year USD to 17.9billion, 2013. from down44.6% Brazil Equity Brazil Offerings Equity America Latin Latin America Equity Review FIRM FIRM RANK RANK 100% 100% 10 9 8 7 6 5 4 3 2 1 7 7 7 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 15.1 10.5 18.8 4.9 4.9 4.9 4.9 5.3 5.4 5.9 8.4 4.5 4.9 5.2 5.9 6.2 7.8 7.8 9.2 12 2014 2014 VOLUME USD VOLUME USD (Mln) (Mln) 17,878 8,319 1,253 1,565 1,052 1,108 1,390 1,401 1,640 1,875 2,136 404 404 404 404 441 447 490 699 809 871 921 DEAL COUNT DEAL COUNT 25 13 48 11 11 17 13 2 2 2 2 3 4 4 4 7 6 6 6 6 7 9 RANK RANK 14,527 32,279 17 12 11 13 11 5 3 2 4 1 4 5 1 9 7 6 2 3 - - 2013 2013 MKT SHARE MKT SHARE 100% 100% 15.3 21.6 13.6 10.5 10.5 6.9 9.5 0.3 2.6 3.8 9.3 7.8 6.3 2.5 4.4 5.5 6 4 - - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -1.6 -4.1 -9.4 -3.3 -1.4 -7.7 -2.8 4.6 2.3 4.6 5.8 2.7 1.8 2.3 1.8 5.2 1.5 - - 10% 12% 14% 0% 2% 4% 6% 8%

LATIN AMERICA EQUITY: INDUSTRY BREAKDOWN INDUSTRY EQUITY: AMERICA LATIN USD Mln $12 $18 $24 $30 $36 LATIN AMERICA EQUITY: QUARTERLY VOLUME QUARTERLY EQUITY: AMERICA LATIN 10% $0 $6 Banco Itau Banco BBAItau 2009 LATIN AMERICA EQUITY: MARKETSHARE EQUITY: AMERICA LATIN 6% Q4 SA 5% 3% 31% 2010 4% Q4 Credit SuisseCredit Amount 41% 2011 Q4 Bank America of Lynch 2012 Q4 Deal Count Other 4% Basic Materials 3% Consumer, Cyclical 4% Industrial 6% Consumer, Non-cyclical 10% Communications 31% Financial 41% 2013 Citi Q4 2014 Morgan StanleyMorgan 2014 2013 Q4 0 5 10 15 20 25 30 2012 Deal Count

Global Equity Review | FY 2014 Avg Deal size (USD Mln) Volume (USD Mln) Number deals of Avg Deal size (USD Mln) Volume (USD Mln) Number deals of Merrill rounding Lynch (8.1%) the out top five. that it held the top spot. Goldman Sachs ranked second Deutsche with with UBS 8.7%, (8.6%), and America Bank (8.4%) of • Morgan JP the moved to the top of tables fourth from position last year, market with 9.9% share. This the was first time since 2009 billion. and non-cyclical industries. Offering volume in the basic material industry decreased significantly year-on-year by 55.3% USD to 6.4 • The financial industry remained the top industry representing the of totalamount 41.5% raised, by followed the consumer cyclical by NN Group NVand AA offerings PLC's atUSD 2.4billion and USD 2.3billion, respectively. • The largest National was IPO Commercial Bank's USD 6billion offering, also the largest on record in Middle & East Africa. Followed 2013. Deal count rose driven by 22.6%, increases by major in &rights IPO’s offerings. • The aggregate valueequity, EMEA of equity linked and rights deals this year increased USD to by 266.6billion 31.2% compared to EMEA EquityEMEA Review USD Bln $100 $120 $20 $40 $60 $80 $0 TOP UNDERWRITERTOP 2009 Q4 SUMMARY EMEA EQUITY, EQUITY LINKED & RIGHTS: QUARTERLY VOLUME QUARTERLY RIGHTS: & LINKED EQUITY EMEA EQUITY, EMEA EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014 HIGHLIGHTS RIGHTS: & LINKED EQUITY EMEA EQUITY, Eqty Lkd (Bln) JP MorganJP 2010 266,589 Q4 26,321 367 726 201 131 Underwriters: Underwriters: Underwriters: Underwriters: Underwriters: DATE 29/04/2014 02/11/2014 09/06/2014 26/03/2014 06/06/2014 Add'l (Bln) 2011 Q4 ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS, UNICRD GIB, HSBCL National Commercial Bank COBA,BAML, GS,JPM, BARCS,MEDBCA, CITI, MS,SG,UBS deiMonte Paschi di Siena BAML, JPM, MS,UBS Lloyds BankingPLC Group Bank AG Deutsche BAML, BARCS, BNPPAR, CITI, CS, DB,BAML, CS, HSBCL, JPM, BARCS, MEDBCA, BNPPAR, UBS CITI, SA Ergasias Eurobank ISSUER IPO(Bln) 2012 Q4 Rights (Bln) Addl IPO Rights Addl Rights DEAL TYPE 2013 Q4 Total Deals Financial Financial Financial Financial Financial INDUSTRY 2014 Q4 (USD MLN) AMOUNT 0 50 100 150 200 250 300 *Self-led 3,955.8 5,997.4 6,422.7 6,955.3 8,784.2 Deal Count EMEA EQUITY, EQL & RIGHTS: INDUSTRY BREAKDOWN INDUSTRY RIGHTS: & EQL EMEA EQUITY, Equity linked Rights issue Additional offering IPO Diversified Basic Materials Technology Energy Utilities Communications Industrial Consumer, Non-cyclical Consumer, Cyclical Financial Denmark Netherlands Greece France Italy Spain Germany Britain EMEA EQUITY, EQL & RIGHTS: COUNTRY BREAKDOWN COUNTRY RIGHTS: & EQL EMEA EQUITY, Total COUNTRY EMEA EQUITY, EQL & RIGHTS: OFFERING TYPES OFFERING RIGHTS: & EQL EMEA EQUITY, INDUSTRY TYPE (USD MLN) (USD MLN) (USD MLN) AMOUNT AMOUNT AMOUNT 110,745.0 13,027.0 22,403.0 26,010.0 30,346.0 35,693.0 11,641.7 12,453.1 20,993.5 21,182.5 29,348.3 35,143.1 55,129.7 266,589 117,732 4,601.0 6,395.0 8,537.0 8,833.0 8,079.5 28,461 47,863 72,626 % CHNG DEAL % OF TOTAL% TOTAL COUNT % OF % -10.1% 25.5% 79.5% 82.4% 11.4% 13.4% 41.5% 10.7% 12.8% 20.1% 6.4% 1.7% 2.4% 3.2% 3.3% 4.9% 8.4% 9.8% 2.9% 4.2% 4.5% 7.6% 7.7% CHANGE CHANGE VOLUME % CHNG % YOY YOY % YOY % 106.5% 122.3% 101.1% 218.6% 313.5% 140.4% -55.3% -16.0% -21.1% -20.2% -27.9% -10.7% 31.3% 89.7% 21.2% 65.2% 49.9% 67.8% 68.8% 29.7% 21.4% 2.0% 7.7%

Global Equity Review | FY 2014 HSBC Bank PLCHSBC Morgan Stanley UBS Deutsche Bank AG Credit Suisse Citi AmericaMerrillBank of Lynch Co Goldman & Sachs Barclays Morgan JP TOTAL SantanderBanco SA Cenkos Securities SanpaoloSpAIntesa Commerzbank AG LLC Jefferies Gulf International Bank BSC Mediobanca BNP Paribas SA Generale Societe Bank PLCHSBC Barclays Credit Suisse Citi Morgan Stanley AmericaMerrillBank of Lynch Deutsche Bank AG UBS Co Goldman & Sachs Morgan JP Intesa Sanpaolo SpAIntesa Mediobanca Banco SantanderBanco SA Generale Societe Nordea Gulf International Bank BSC BNP Paribas SA TOTAL LLC Jefferies Commerzbank AG Cenkos Securities EMEA Equity & Rights Offerings & Rights Equity EMEA Offerings & Rights Linked Equity Equity, EMEA FIRM FIRM RANK RANK 100% 100% 10 18 11 20 19 18 17 16 15 14 13 12 11 10 19 12 20 13 14 15 16 17 9 6 4 3 8 7 5 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 3.8 7.3 8.3 8.7 4.1 7.9 0.9 2.3 3.6 0.9 0.9 0.9 1.1 1.3 1.4 2.1 2.3 2.6 3.7 3.9 5.8 7.5 8.1 8.4 8.6 8.7 9.9 0.9 2.1 0.9 1.6 1.6 1.4 1.1 10 2014 2014 6 9 1 4 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 266,589 237,942 17,444 19,757 20,760 14,349 18,783 21,530 23,715 10,520 10,691 15,416 19,891 21,675 22,303 22,820 23,320 26,321 8,947 9,762 2,165 5,420 8,528 2,311 2,416 2,500 2,790 2,923 3,517 3,757 5,534 6,022 7,017 9,874 2,138 4,942 2,134 3,722 3,757 3,306 2,654 2,416 COUNT COUNT DEAL DEAL 112 131 726 644 68 70 75 31 65 72 69 71 81 86 83 80 18 22 47 13 23 23 15 42 24 49 47 36 60 70 79 83 12 33 14 30 41 12 5 3 3 5 RANK RANK 203,216 169,841 11 26 47 35 14 22 16 98 15 11 10 12 41 21 28 10 93 29 14 15 42 25 2013 2013 7 8 3 2 6 4 1 5 9 9 8 7 5 3 2 6 1 4 MKT SHARE MKT SHARE 100% 100% 10.1 11.7 4.5 4.4 9.3 8.8 9.3 9.6 9.7 8.4 9.4 3.2 1.8 0.5 0.2 0.3 1.7 0.7 1.1 2.4 2.5 1.7 3.2 4.4 4.4 9.2 0.2 0.9 0.5 2.4 0.5 1.4 1.2 0.2 0.6 11 9 1 - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -2.2 -2.7 -0.4 -0.5 -0.6 -1.5 -1.3 -2.3 -0.7 -0.1 -0.4 -1.7 -0.3 1.6 0.2 0.5 0.4 0.4 0.7 0.6 0.4 0.3 1.4 0.1 0.7 1.4 0.7 1.4 0.4 1.6 0.4 0.2 0.2 0.8 0.5 -2 1 2 1 2 JP Morgan JP AmericaMerrillBank of Lynch Goldman Sachs & Co Goldman & Sachs Barclays Generale Societe BNP Paribas SA Morgan Stanley UBS Bank of AmericaMerrillBank of Lynch UBS Morgan JP Deutsche Bank AG Co Goldman & Sachs Citi Deutsche Bank AG TOTAL SEB Carnegie Berenberg Nordea Cenkos Securities LLC Jefferies Gulf International Bank BSC Mediobanca BNP Paribas SA Generale Societe Bank PLCHSBC Barclays Credit Suisse Citi Morgan Stanley Commerzbank AG Credit Suisse ABG SundalABG Collier Asa Bank PLCHSBC Credit Agricole CIB ANOA Capital SA UniCredit TOTAL RBS Intesa Sanpaolo SpAIntesa EMEA Equity & Equity Linked & Equity Equity EMEA EMEA Equity Linked Equity EMEA FIRM FIRM RANK RANK 100% 100% 10 20 19 18 17 16 15 14 13 12 11 10 18 11 19 12 13 20 14 15 17 16 5 2 8 7 6 4 3 1 9 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.2 10.8 8.4 6.3 7.3 8.5 8.6 5.4 0.7 0.8 0.8 0.9 1.1 1.3 1.4 1.4 2.3 3.5 3.5 4.2 5.9 7.8 8.9 9.1 9.2 9.3 9.7 3.7 0.9 3.3 0.8 3.3 3.1 0.8 2.6 2.4 1.2 1.7 2014 2014 7 2 USD (Mln) USD (Mln) USD VOLUME VOLUME 218,568 12,792 16,979 19,486 19,969 20,136 20,230 21,144 28,460 2,390 2,892 1,790 1,992 2,075 2,424 2,446 3,063 1,543 1,067 1,427 1,655 1,673 2,013 2,416 2,930 3,011 3,089 4,406 5,063 7,718 7,719 9,148 269 929 225 927 883 221 732 673 336 497 COUNT COUNT DEAL DEAL 661 105 17 12 13 14 20 15 13 11 29 20 12 39 13 33 38 26 50 62 67 73 75 75 77 76 10 80 9 5 9 5 2 7 3 5 2 5 2 7 7 6 RANK RANK 180,070 31,881 10 12 22 19 16 20 25 44 15 18 11 10 14 18 21 16 11 14 17 15 2013 2013 2 6 5 4 3 7 1 8 9 7 8 3 2 5 6 4 1 9 - - MKT SHARE MKT SHARE 100% 100% 11.5 12.3 10.1 11.6 7.4 7.5 8.1 8.6 7.1 3.5 3.2 0.9 1.1 0.8 0.4 0.2 1.1 0.9 2.7 1.5 3.4 4.3 9.9 9.4 9.2 9.4 0.7 4.9 3.8 1.1 0.8 1.8 3.2 2.4 1.8 2.2 2 4 - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -3.1 -1.2 -0.2 -0.3 -0.4 -0.1 -2.1 -1.2 -0.3 -0.1 -1.9 -6.9 -1.2 -0.5 -0.2 -0.1 -0.5 2.8 0.4 3.7 3.5 4.1 0.5 0.5 0.9 0.2 0.5 0.1 1.9 1.5 0.2 0.6 2 ------Global Equity Review | FY 2014 Mediobanca HSBC Bank PLCHSBC Co Goldman & Sachs AmericaMerrillBank of Lynch Citi Barclays UBS Morgan Stanley ABN Amro BankABN NV Generale Societe Morgan JP TOTAL SEB Berenberg Carnegie Nordea BNP Paribas SA Cenkos Securities LLC Jefferies Mediobanca Generale Societe Gulf International Bank BSC Barclays Bank PLCHSBC Credit Suisse Citi Morgan Stanley AmericaMerrillBank of Lynch UBS Morgan JP Deutsche Bank AG Co Goldman & Sachs TOTAL Nomura Holdings Inc GroepNVING SantanderBanco SA SanpaoloSpAIntesa UniCredit BNP Paribas SA Credit Suisse Commerzbank AG Deutsche Bank AG EMEA Rights Offerings Rights EMEA Offerings Equity EMEA FIRM FIRM RANK RANK 100% 100% 20 11 19 18 17 16 15 14 13 12 10 20 19 18 17 16 15 14 13 12 11 10 6 9 8 7 5 4 3 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 12.9 10.2 5.1 4.5 4.5 4.6 5.5 5.9 6.1 1.6 1.6 2.1 2.3 2.7 2.9 3.1 3.2 3.3 4.1 4.3 0.7 0.8 0.9 1.1 1.1 1.3 1.5 1.6 1.6 1.6 3.6 4.3 6.2 7.6 8.7 8.9 9.3 9.8 2014 2014 6 3 USD (Mln) USD (Mln) USD VOLUME VOLUME 190,358 11,725 14,532 16,594 16,906 17,746 18,687 19,354 47,863 2,446 2,851 2,157 2,176 2,188 2,624 2,801 2,912 6,185 1,012 1,092 1,311 1,383 1,490 1,543 1,592 1,955 2,073 1,427 1,488 1,655 2,013 2,107 2,416 2,930 2,974 2,987 3,011 5,727 6,791 8,219 764 772 COUNT COUNT DEAL DEAL 582 10 11 12 10 10 27 63 62 88 66 67 70 15 10 17 29 12 14 39 11 24 37 21 57 60 58 8 4 7 2 5 6 5 8 8 8 5 9 9 5 2 RANK RANK 148,188 23,179 20 10 13 17 11 13 26 30 21 28 17 18 14 25 21 38 15 23 10 12 2013 2013 3 2 4 7 9 6 5 8 1 9 7 8 3 2 4 6 5 1 - - MKT SHARE MKT SHARE 100% 100% 10.7 10.7 12.4 11.9 10.2 7.6 1.2 6.5 5.6 2.8 2.1 3.4 9.9 8.7 8.8 4.7 5.6 2.8 0.7 0.3 5.8 4.8 1.1 0.5 1.1 0.9 1.3 0.5 0.7 0.3 1.3 0.6 2.6 3.4 1.4 4.5 3.8 4 - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -2.1 -7.6 -2.2 -3.1 -3.5 -0.5 -2.7 -1.6 -0.4 -0.1 -0.4 -0.4 -0.2 -2.6 4.8 2.2 2.3 3.8 2.7 0.6 2.6 2.2 3.6 0.5 0.6 0.4 0.2 2.2 2.4 -2 -1 -2 -1 -1 1 2 1 1 - - Deutsche Bank AG UBS Morgan JP Credit Suisse Citi Morgan Stanley AmericaMerrillBank of Lynch Co Goldman & Sachs Banco SantanderBanco SA Generale Societe Co Goldman & Sachs Morgan Stanley Deutsche Bank AG Credit Suisse Morgan JP Nordea Cenkos Securities Sanpaolo SpAIntesa UniCredit Commerzbank AG LLC Jefferies Bank PLCHSBC BNP Paribas SA Mediobanca Barclays TOTAL GenuityCanaccord Corp Swedbank Nordea BNP Paribas SA Numis Corp PLC SEB Carnegie LLC Jefferies Barclays Cenkos Securities Gulf International Bank BSC Citi AmericaMerrillBank of Lynch UBS Bank PLCHSBC TOTAL EMEA Equity Offerings (IPO) Offerings Equity EMEA Western Europe Equity, Equity Linked &Rights Linked Equity Equity, Europe Western FIRM FIRM RANK RANK 100% 100% 19 10 20 18 17 16 15 14 13 12 11 20 19 18 17 16 15 14 13 12 11 10 5 3 1 8 7 6 4 2 9 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.5 8.7 9.3 4.2 5.5 7.8 8.9 9.3 0.9 2.7 3.9 0.9 1.3 1.3 1.4 1.5 1.7 2.2 2.3 3.2 4.1 4.5 4.9 6.3 6.6 6.7 6.9 7.5 9.1 0.9 1.1 1.2 1.4 2.1 2.3 2.3 2014 2014 1 7 1 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 236,433 24,733 20,599 21,912 13,049 18,537 21,007 22,097 72,626 9,921 2,219 6,450 9,181 2,134 2,416 2,462 2,637 2,769 3,218 4,989 5,359 5,534 1,041 1,101 1,241 1,632 1,657 2,327 3,011 3,290 3,587 4,570 4,824 4,895 5,028 5,095 5,423 6,597 677 713 962 975 COUNT COUNT DEAL DEAL 118 197 589 70 75 60 56 73 74 70 10 42 22 44 11 18 15 24 20 21 13 24 27 25 33 37 14 20 13 34 26 44 24 8 4 6 8 6 5 1 2 5 RANK RANK 178,929 32,665 25 11 32 25 65 14 38 17 24 19 10 46 12 13 30 53 14 22 16 13 10 15 2013 2013 2 6 3 7 8 5 4 1 9 6 3 7 5 4 1 8 2 - MKT SHARE MKT SHARE 100% 100% 10.1 11.6 12.5 8.7 9.9 4.6 3.9 9.7 9.7 0.6 2.7 3.3 0.3 0.7 0.1 1.3 0.4 1.1 0.7 0.9 3.4 5.6 0.3 2.8 7.5 4.6 2.5 7.2 7.3 4.2 8.9 0.4 0.1 1.4 0.8 1.2 1.8 2.7 1.3 - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -1.4 -0.4 -1.9 -0.8 -2.3 -1.2 -3.3 -2.6 -0.5 -0.4 -5.5 -0.3 -0.4 0.6 0.6 1.6 0.3 0.6 0.7 0.2 0.9 0.9 0.3 0.8 0.8 2.9 1.7 1.7 4.1 3.3 0.2 0.5 0.9 0.4 0.2 0.3 1 - - - Global Equity Review | FY 2014 RBC CapitalRBC Markets PLCInvestec Bank PLCHSBC Standard South Bank of Africa Barclays Morgan Stanley Citi TOTAL Sberbank CJSC CIB Trigon Maklerski Dom SA Ipopema Securities SA SantanderBanco SA InvestimentoBES SA PKO Bank Polski SA UniCredit Barclays GroepNVING Bank PLCHSBC Bank InternationalRaiffeisen Group Morgan JP Gazprombank Co Goldman & Sachs Credit Suisse UBS CapitalVTB Citi Generale Societe Deutsche Bank AG TOTAL Standard Investment Bank BlairDyer & Investment Bank CapitalRenaissance Holdings Ltd Commerzbank AG CapitalJava JP Morgan JP BNP Paribas SA Deutsche Bank AG Firstrand Bank Ltd Sub-Sahara Equity, Equity Linked &Rights Linked Equity Sub-SaharaEquity, &Rights Linked Equity Equity, Europe Eastern FIRM FIRM RANK RANK 100% 100% 14 12 10 15 15 13 10 20 19 18 17 16 15 14 13 12 11 10 4 3 2 1 9 8 7 6 5 4 3 2 1 5 7 6 9 8 MKT SHARE MKT SHARE 16.8 19.9 0.1 0.1 1.9 2.5 2.5 2.6 2.6 8.6 1.3 1.4 1.5 1.5 1.9 2.3 2.5 2.7 2.9 3.9 4.2 4.5 5.1 5.8 5.9 6.4 7.2 8.5 9.5 8.3 7.1 8.2 3.1 10 14 2014 2014 6 USD (Mln) USD (Mln) USD VOLUME VOLUME 1,129 5,681 5,998 108 142 145 145 145 486 566 952 113 140 153 161 175 234 249 273 304 349 354 386 432 512 567 839 471 402 466 175 341 78 83 90 92 4 4 COUNT COUNT DEAL DEAL 27 10 39 5 4 3 9 5 8 1 1 1 2 1 1 1 3 4 6 1 4 2 3 3 2 3 1 2 2 3 2 2 3 2 2 3 1 5 - - - RANK RANK 16,271 2,668 27 18 40 16 22 14 24 21 15 12 10 20 11 12 2013 2013 4 5 6 3 6 8 5 7 9 2 4 6 ------MKT SHARE MKT SHARE 100% 100% 10.8 15.6 4.4 4.4 8.7 1.3 7.1 4.9 4.9 5.5 0.8 1.8 0.1 1.2 2.6 0.8 1.2 5.8 2.1 5.4 3.7 1.6 0.5 13 2 5 ------MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -8.3 -0.2 -2.4 -1.8 -4.2 -0.3 -0.1 -2.5 -1.3 6.9 2.8 8.2 6.9 0.6 1.4 1.1 0.1 2.1 0.4 2.2 6.7 5.5 -7 2 3 3 ------Zeus Capital Mirabaud Securities Oriel Securities Ltd Peel Hunt LLP GenuityCanaccord Corp Cenkos Securities EFG-Hermes Emirates PJSC NBD Morgan JP Gulf International Bank BSC Bank PLCHSBC Stifel IrelandWH Ltd LLC Jefferies Charles Stanley Ltd Co & Morgan JP N+1 FinnCap Liberum Capital Ltd TOTAL Saudi Hollandi Bank Riyad Bank Barclays Shuaa Capital PSC Samba Capital Bank Muscat Credit Suisse Banque Saudi Fransi National Abu Bank of Dhabi Morgan Stanley UBS Citi Co Goldman & Sachs AmericaMerrillBank of Lynch Deutsche Bank AG Hume Capital Securities PLC Barclays Numis Corp PLC TOTAL Panmure Gordon Shore Capital Group Ltd PLCInvestec MENA Equity, Equity Linked & Rights Offerings & Rights Linked Equity Equity, MENA AIM Equity Offerings Equity AIM FIRM FIRM RANK RANK 100% 100% 13 11 10 20 19 18 17 16 15 14 12 20 19 18 17 16 15 14 13 11 11 1 3 2 9 4 9 9 8 7 6 5 4 3 2 1 5 7 6 8 MKT SHARE MKT SHARE 22.6 29.3 34.6 1.9 2.1 2.4 9.3 2.4 8.6 0.5 0.6 0.8 0.8 1.3 1.3 1.5 1.7 1.8 1.8 2.5 2.6 3.5 3.9 4.8 0.8 0.9 1.1 1.2 1.5 1.7 1.9 1.9 5.2 4.5 4.9 3.2 2014 2014 9 2 2 2 EUR(Mln) (Mln) USD VOLUME VOLUME 12,819 1,215 3,757 4,435 5,379 102 115 126 485 501 129 460 101 168 170 187 220 226 226 250 250 253 325 330 452 498 617 100 104 280 241 264 171 45 47 57 65 81 93 59 73 99 COUNT COUNT DEAL DEAL 324 17 11 10 12 19 16 23 20 13 11 11 10 5 9 1 1 1 1 1 3 1 1 1 1 1 1 2 2 2 3 3 4 3 6 1 1 3 7 1 8 7 - - - RANK RANK 3,191 2,731 17 23 28 16 14 10 10 14 48 42 12 15 27 20 2013 2013 2 3 1 7 6 6 4 5 9 6 2 6 3 5 8 9 ------MKT SHARE MKT SHARE 100% 100% 14.4 1.8 7.3 5.8 1.3 3.9 5.9 3.7 3.9 9.6 3.9 1.7 4.5 4.7 0.2 0.3 2.6 1.1 1.6 4.1 3.7 1 2 2 7 8 2 2 2 5 ------MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG 20.8 27.6 26.6 -5.4 -1.4 -3.1 -0.7 -5.3 -3.9 -1.7 -1.4 -5.1 -0.9 -1.1 -0.1 -0.5 3.2 0.8 1.4 4.1 0.4 0.9 0.6 0.9 0.8 0.2 3.3 0.4 -3 -7 ------Global Equity Review | FY 2014 Avg Deal size (USD Mln) Volume (USD Mln) Number deals of Avg Deal size (USD Mln) Volume (USD Mln) Number deals of joint underwriter. • Morgan Stanley ranked asthe top underwriter with market 9.6% share by participating in three the of top deals the for period asa increase in volume during the period with USD amount atotal of 82.5billion. Conversely, additional offerings volume fell USD byto 49.3billion. 10% The China equity domestic market had asubstantial 68% • Asia ex-Japan offerings IPO grew USD byto 84.9billion 119% with adeal compared the 540, count to of same period last year. with increase.cyclical a57% • Consequently, activity in the communications sector grew the USD by to most 41.6billion 213% this year, by followed consumer, Bank, Goldman Sachs, Morgan JP and Morgan Stanley. • The top issuer the for year wasAlibaba Group Holdings Ltd with its USD 25billion underwritten IPO, by Citi, Credit Suisse, Deutsche compared the to same period last year. • Activity APAC equity, for equity linked and rights grew byand respectively, 20% 24%, USD to 245.4billion and deals 2,093 in 2014 Asia Equity Review Utilities 6% Utilities Cyclical 12%Cyclical Consumer, TOP UNDERWRITERTOP SUMMARY Industrial 11% ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: INDUSTRY BREAKDOWN INDUSTRY RIGHTS: & LINKED EQUITY EQUITY, ASIA-PACIFIC ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014 HIGHLIGHTS RIGHTS: & LINKED EQUITY EQUITY, ASIA-PACIFIC Other 14% Morgan Stanley Non Consumer, 14% - cyclical cyclical 245,425 23,472 Financial 2,093 26% 226 104 117 Underwriters: Underwriters: Underwriters: Underwriters: Communications 16/12/2014 08/12/2014 25/11/2014 18/09/2014 DATE 17% Dalian Wanda Commercial Proper MS Co Group of Insurance Ping An DB, GS,MQB LtdMedibank Pvt DB, CS, GS,JPM, MS CITI, Alibaba Holding Group Ltd HSBCL, ICBKC, MS,NOMURA, ICBKC, HSBCL, ORIENT, UBS DB, CS, DBS,AGRIBK, CMS, GS,HAITON, BAML, CITI, CINDA, BARCS, BOC, CICC, CCB, Technology Energy Utilities Industrial Consumer, Cyclical Consumer, Non-cyclical Communications Financial INDUSTRY ISSUER IPO Addl IPO IPO (USD MLN) DEAL TYPE RAISED 10,756.0 12,223.0 15,045.0 26,204.0 29,762.0 34,916.0 41,581.0 63,707.0 Financial Financial Financial Communications INDUSTRY % TOTAL% 10.7% 12.1% 14.2% 16.9% 26.0% 4.4% 5.0% 6.1% (USD MLN) AMOUNT % YOY % 25,032.3 213.0% -17.0% 3,714.1 4,751.7 4,839.4 44.2% 49.8% 57.1% 8.8% 3.6% 1.9% CHINA DOMESTIC EQUITY, EQUITY LINKED & RIGHTS & LINKED EQUITY EQUITY, DOMESTIC CHINA

CNY Mln USD Bln USD Bln$100 $150 $100 $150 $200 $250 AUSTRALIA/NZ EQUITY, EQUITY LINKED & RIGHTS & LINKED EQUITY EQUITY, AUSTRALIA/NZ RIGHTS & LINKED EQUITY EQUITY, EX-JAPAN ASIA $50

USD Bln $10 $15 $20 $50 $0 $0 $1 $1 $2 $2 $3 $0 $5 $0 2009 2009 2009 Q4 2009 Q4 Q4 Q4 JAPAN EQUITY & EQUITY LINKED EQUITY & EQUITY JAPAN 2010 2010 2010 2010 Q4 Q4 Q4 Q4 Amount Amount Amount Amount 2011 2011 2011 2011 Q4 Q4 Q4 Q4 2012 2012 2012 2012 Q4 Q4 Q4 Q4 Deal Count Deal Count Deal Count Deal Count 2013 2013 2013 2013 Q4 Q4 Q4 Q4 2014 2014 2014 2014 Q4 Q4 Q4 Q4 0 20 40 60 80 100 0 50 100 150 0 50 100 150 200 250 300 0 200 400 600

Deal Count Deal Count Deal Count Deal Count

Global Equity Review | FY 2014 Bank of AmericaMerrillBank of Lynch Citi Credit Suisse Morgan Stanley TOTAL Ltd Co Maybank CIMB Ltd Co Bank Group HoldingsDBS Ltd ChinaBank of SecuritiesGF China Merchants Securities Ltd Co China International Capital Corp Securities LtdCITIC Co Bank PLCHSBC AmericaMerrillBank of Lynch UBS Deutsche Bank AG Citi Credit Suisse Morgan JP Co Goldman & Sachs Morgan Stanley ChinaBank of Bank PLCHSBC Securities LtdCITIC Co UBS Deutsche Bank AG Morgan JP Co Goldman & Sachs Daewoo Securities Ltd Co Daewoo Group HoldingsDBS Ltd Barclays China International Capital Corp TOTAL China Merchants Securities Ltd Co CIMB Maybank Woori InvestmentWoori Securities & Ltd Co Asia ex-Japan Equity ex-China A Shrs A ex-China ex-JapanEquity Asia &Rights Linked Equity ex-JapanEquity, Asia FIRM FIRM RANK RANK 100% 100% 18 11 10 20 19 18 17 16 15 14 13 12 11 10 19 12 20 13 14 15 16 17 8 4 3 1 9 8 7 6 5 4 3 2 1 9 7 6 5 2 MKT SHARE MKT SHARE 12.1 1.1 1.9 2.4 4.6 7.4 7.5 1.1 1.2 1.2 1.2 1.5 1.8 1.9 1.9 2.1 3.2 3.5 4.5 5.7 6.4 6.7 6.8 8.1 9.5 2.6 6.8 7.2 9.3 0.9 1.9 0.9 1.8 1.4 1.3 1.2 1.2 2014 1 4 5 USD (Mln) USD VOLUME USD (Mln) USD VOLUME 171,217 125,551 15,162 10,932 11,491 11,645 13,829 16,186 11,653 1,438 2,389 3,075 5,749 6,321 9,311 9,426 1,787 1,804 1,977 2,094 2,096 2,650 3,125 3,322 3,331 3,573 5,487 6,000 6,862 7,661 9,798 3,204 8,540 9,047 1,155 2,364 1,071 2,242 1,731 1,580 1,566 1,474 COUNT DEAL COUNT 1,528 1,064 DEAL 2014 56 59 78 59 56 61 26 17 15 34 30 58 35 42 48 61 46 25 28 31 28 27 30 23 27 29 27 44 29 36 67 47 14 27 14 20 16 28 25 15 RANK 132,556 94,880 RANK 15 19 11 17 12 14 16 78 32 13 10 31 12 11 29 14 38 17 34 10 15 16 2013 9 8 1 7 4 5 6 2 3 7 8 2 9 6 5 3 1 4 MKT SHARE MKT SHARE 100% 100% 2013 10.6 10.3 4.4 5.1 6.2 5.5 3.6 2.3 3.7 3.8 5.2 5.2 4.9 9.9 1.9 1.2 2.5 1.5 2.1 1.6 0.1 0.6 3.7 2.1 3.5 3.1 9.6 3.3 0.6 2.2 0.7 2.2 0.5 1.6 0.6 2.8 1.7 1.7 2 7 MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -5.3 -2.5 -1.2 -0.6 -0.9 -0.1 -1.3 -0.3 -0.9 -0.5 -1.6 -5.1 -0.3 -0.3 -1.5 -0.5 -0.5 1.6 0.6 0.3 0.9 2.2 2.6 0.2 1.8 1.3 1.1 0.9 2.4 5.1 0.5 0.2 0.4 0.2 0.8 2 4 3 2 - Deutsche Bank AG Citi Credit Suisse Morgan JP Co Goldman & Sachs Morgan Stanley China International Capital Corp Morgan Stanley Securities LtdKGI Co Securities LtdCITIC Co Bank PLCHSBC Citi Morgan JP Co Goldman & Sachs TOTAL Barclays China Construction Bank InvestmentWoori Securities & Ltd Co Maybank China Merchants Securities Ltd Co CIMB Standard Chartered Bank China International Capital Corp Group HoldingsDBS Ltd ChinaBank of Securities LtdCITIC Co Bank PLCHSBC AmericaMerrillBank of Lynch UBS Deutsche Bank AG Credit Suisse Industrial Securities Ltd Co UBS Phatra Securities PCL AmericaMerrillBank of Lynch Taishin Financial Holding Ltd Co Standard Chartered Bank TOTAL China Securities Ltd Co Haitong Securities Ltd Co China Merchants Securities Ltd Co Barclays Asia ex-JP Eqty, Eqty-Lnk, Rights ex-CH A Shares A ex-CH Rights Eqty-Lnk, Eqty, ex-JP Asia Asia ex-Japan Equity Linked ex-JapanEquity Asia FIRM FIRM RANK RANK 100% 100% 10 20 19 18 17 16 15 14 13 12 11 10 18 11 19 12 20 13 14 15 16 17 7 9 8 6 5 4 3 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.4 10.3 4.5 4.6 6.3 6.9 7.6 9.1 0.9 1.2 1.2 1.3 1.4 1.6 1.8 1.8 2.2 4.6 4.7 6.5 7.2 7.4 7.6 8.8 4.3 1.3 3.5 1.2 2.5 1.1 1.7 1.5 1.4 1.4 2014 2014 5 6 1 1 4 2 USD (Mln) USD (Mln) USD VOLUME VOLUME 149,730 10,836 11,060 11,430 13,158 15,642 18,820 1,125 1,195 1,304 1,435 1,706 1,943 1,327 1,438 1,515 1,804 1,837 1,977 2,096 2,414 2,650 2,768 3,332 6,000 6,862 6,997 9,669 933 854 871 810 249 662 223 467 205 375 326 274 266 255 COUNT COUNT DEAL DEAL 1,372 213 11 19 26 16 28 17 31 27 22 30 20 36 29 36 64 45 58 76 58 54 60 24 15 8 4 7 7 6 5 4 3 2 5 2 5 7 4 2 2 1 RANK RANK 114,941 21,746 18 14 10 32 11 43 38 15 17 34 10 11 16 12 14 13 12 24 17 13 2013 2013 9 1 4 8 6 3 7 9 1 8 6 5 4 2 3 2 5 - - - MKT SHARE MKT SHARE 100% 100% 14.2 11.7 3.4 9.5 1.4 1.6 3.4 0.5 0.5 1.6 1.4 0.6 2.9 2.4 1.5 2.3 1.8 2.1 3.6 9.6 3.8 5.1 6.2 9.4 6.2 0.3 3.1 3.9 9.8 2.5 0.6 1.5 7.4 4 5 4 2 - - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -0.6 -0.2 -1.6 -0.5 -4.9 -0.6 -6.6 -0.4 -8.2 -0.3 -5.9 1.6 4.6 4.7 3.5 1.1 1.4 0.4 0.6 0.5 0.4 0.5 0.6 0.1 0.1 2.7 2.2 2.3 1.4 4.2 0.5 0.5 -1 1 ------Global Equity Review | FY 2014 Credit Suisse Bank of ChinaBank of Securities LtdCITIC Co China Merchants Securities Ltd Co Deutsche Bank AG Morgan JP Citi Morgan Stanley Goldman Sachs & Co Goldman & Sachs TOTAL Horizon Securities Ltd Co Daiwa Securities Group Inc CIMB Grand Fortune Securities Co Macquarie Group Ltd BNP Paribas SA Taishin Financial Holding Ltd Co Phatra Securities PCL Barclays Morgan Stanley Standard Chartered Bank UBS AmericaMerrillBank of Lynch Securities LtdKGI Co Deutsche Bank AG Co Goldman & Sachs Bank PLCHSBC Morgan JP Citi Credit Suisse Guotai Junan Securities Ltd Co SecuritiesGF Guosen SecuritiesGuosen Ltd Co Bank PLCHSBC Industrial Comm China & Bank of Group HoldingsDBS Ltd UBS TOTAL China International Capital Corp Bank of AmericaMerrillBank of Lynch China Construction Bank Haitong Securities Ltd Co Asia ex-Japan Equity Offerings (IPO) Offerings ex-JapanEquity Asia Exchanges ex-China Linked ex-JapanEquity Asia FIRM FIRM RANK RANK 100% 100% 18 10 20 19 18 17 16 15 14 13 12 11 10 19 11 20 13 12 14 15 16 17 3 9 8 7 6 5 4 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 11.4 7.2 3.2 3.3 6.3 6.8 6.9 1.3 1.2 1.2 1.3 1.4 1.4 1.4 1.5 1.7 1.9 2.3 2.8 3.4 3.5 6.6 7.8 9.2 9.8 1.3 2.4 2.7 2.8 1.8 1.5 1.5 1.4 2014 2014 3 8 9 7 9 3 1 USD (Mln) USD (Mln) USD VOLUME VOLUME 13,255 84,857 2,553 6,113 6,781 2,702 2,818 5,332 5,776 5,885 7,665 1,129 2,524 1,034 1,195 1,220 1,304 1,512 1,063 2,039 2,249 2,410 1,534 1,282 1,298 1,165 155 163 167 185 188 192 205 223 255 310 375 446 467 871 933 876 COUNT COUNT DEAL DEAL 200 540 16 16 25 15 17 16 24 17 17 10 13 14 22 11 24 10 14 20 18 18 20 11 18 4 7 7 5 2 1 2 2 7 2 5 3 4 4 5 8 8 RANK RANK 13,077 38,963 11 17 27 12 31 21 12 37 30 26 20 25 14 11 34 86 25 10 15 22 23 2013 2013 6 8 2 4 3 9 4 8 5 6 3 1 7 2 1 5 7 - - MKT SHARE MKT SHARE 100% 100% 15.5 4.4 3.8 5.1 4.5 4.8 2.3 1.1 2.7 8.7 2.7 5.6 9.7 3.2 0.4 2.7 0.2 0.4 0.6 0.6 3.7 2.5 7.1 4.2 6.7 5.7 0.7 0.1 6.7 4.4 1.2 3.6 2.3 3.9 1.5 1.4 1 1 - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -0.9 -6.3 -0.2 -1.4 -1.4 -3.7 -0.7 -0.1 -1.6 -0.2 -1.2 -0.5 -2.4 1.9 3.1 2.1 3.5 4.2 0.9 2.2 4.1 6.3 4.2 1.7 0.8 0.2 1.2 0.8 0.5 1.3 0.3 1.3 0.6 2.9 -4 1 - - - - Nomura Holdings Inc UBS Deutsche Bank AG Co Goldman & Sachs Morgan Stanley JP Morgan JP Credit Suisse Citi JP Morgan JP Citi Credit Suisse Co Goldman & Sachs Morgan Stanley Bank of AmericaMerrillBank of Lynch TOTAL China Construction Bank InvestmentWoori Securities & Ltd Co Guotai Junan Securities Ltd Co Maybank CIMB Group HoldingsDBS Ltd SecuritiesGF China International Capital Corp ChinaBank of China Merchants Securities Ltd Co Bank PLCHSBC Securities LtdCITIC Co AmericaMerrillBank of Lynch UBS Deutsche Bank AG GF SecuritiesGF Macquarie Group Ltd HSBC Bank PLCHSBC Sumitomo Mitsui Financial Group Inc TOTAL ChinaBank of DBS Group HoldingsDBS Ltd Securities LtdCITIC Co Daiwa Securities Group Inc Mizuho Financial Group Inc China International Capital Corp China Merchants Securities Ltd Co Asia ex-Japan Equity Offerings ex-JapanEquity Asia Asia-Pacific Equity, Equity Linked &Rights Linked Equity Equity, Asia-Pacific FIRM FIRM RANK RANK 100% 100% 20 19 18 17 16 15 14 13 12 11 10 18 10 19 12 11 20 13 14 15 16 17 6 4 3 2 1 8 7 5 9 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.9 5.7 5.8 5.9 9.2 9.6 5.1 5.8 4.3 1.1 1.1 1.1 1.1 1.7 1.8 1.9 2.1 2.2 4.1 4.9 6.2 6.5 6.8 6.8 8.4 1.4 2.9 1.3 2.4 2.5 1.1 2.2 2.2 1.5 1.5 1.4 2014 2014 5 1 2 3 USD (Mln) USD (Mln) USD VOLUME VOLUME 139,288 245,425 13,916 14,356 14,359 22,635 23,472 12,252 12,517 14,303 10,536 11,653 15,162 1,438 1,474 1,510 1,566 1,580 2,364 2,558 2,641 2,746 2,959 3,075 4,235 5,749 6,769 8,669 9,047 9,407 9,426 3,322 7,059 3,125 6,000 6,056 2,650 5,400 5,378 3,636 3,573 3,331 COUNT COUNT DEAL DEAL 1,194 2,093 111 121 104 64 84 68 88 69 29 50 26 15 24 25 28 27 24 23 20 27 15 38 30 60 37 42 49 61 46 56 27 52 23 29 58 30 43 72 44 27 RANK RANK 204,898 95,859 111 36 13 32 16 44 15 10 14 17 12 31 11 87 12 21 15 10 19 18 11 14 2013 2013 9 2 4 1 3 5 6 8 9 8 1 7 4 5 6 2 3 7 MKT SHARE MKT SHARE 100% 100% 10.4 10.9 10.2 3.5 5.6 6.8 5.4 4.2 3.7 0.4 2.6 0.6 1.7 0.3 1.7 2.8 2.1 0.1 1.6 2.2 0.7 3.6 2.3 3.7 3.7 5.2 5.1 4.8 9.9 6.9 0.1 2.6 2.2 1.3 1.3 3.9 2.7 2.4 1 3 MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -1.2 -5.1 -0.4 -0.6 -0.6 -1.7 -0.4 -0.2 -1.4 -5.3 -1.5 -0.5 -0.2 -1.7 -1.2 -0.9 2.4 0.1 2.8 0.9 2.1 1.7 0.4 0.8 1.7 0.3 1.4 0.7 0.4 2.5 1.3 1.7 1.3 0.3 0.3 0.2 0.9 1 2 4

Global Equity Review | FY 2014 Deutsche Bank AG UBS Citi Morgan Stanley Co Goldman & Sachs TOTAL Maybank Guotai Junan Securities Ltd Co Standard Chartered Bank CIMB Group HoldingsDBS Ltd ChinaBank of SecuritiesGF China Merchants Securities Ltd Co China International Capital Corp Securities LtdCITIC Co Bank PLCHSBC Macquarie Group Ltd AmericaMerrillBank of Lynch Morgan JP Credit Suisse Deutsche Bank AG UBS Citi Morgan Stanley Co Goldman & Sachs Maybank Securities LtdCITIC Co Macquarie Group Ltd AmericaMerrillBank of Lynch Morgan JP Credit Suisse Haitong Securities Ltd Co Bank PLCHSBC Woori InvestmentWoori Securities & Ltd Co China International Capital Corp TOTAL China Merchants Securities Ltd Co Bank of ChinaBank of GF SecuritiesGF DBS Group HoldingsDBS Ltd CIMB Asia-Pacific ex-Japan Equity & Equity-Linked ex-JapanEquity Asia-Pacific &Rights Equity-Linked ex-JapanEquity, Asia-Pac FIRM FIRM RANK RANK 100% 100% 18 10 20 19 18 17 16 15 14 13 12 11 10 19 11 20 12 13 14 15 16 17 5 4 3 2 1 9 8 7 6 5 4 3 2 1 9 8 7 6 MKT SHARE MKT SHARE 0.8 2.8 6.6 6.7 7.3 9.2 9.7 0.9 1.2 1.3 1.5 1.6 1.6 1.7 2.7 2.9 3.4 4.2 5.8 6.1 6.5 6.6 6.8 9.3 9.7 3.4 5.7 6.6 0.8 2.3 0.8 1.9 1.7 1.5 1.4 1.3 1.2 2014 2014 1 1 4 USD (Mln) USD (Mln) USD VOLUME VOLUME 206,732 186,356 12,342 12,559 13,555 17,174 18,154 11,976 12,552 13,418 13,619 14,159 19,177 20,137 10,696 12,338 1,566 5,272 7,440 1,804 2,094 2,096 2,544 2,650 3,125 3,322 3,331 3,573 5,487 6,000 7,059 8,587 6,324 1,561 4,270 1,515 3,451 3,225 2,821 2,558 2,444 2,294 COUNT COUNT DEAL DEAL 1,848 1,696 112 106 55 62 71 65 59 66 77 73 25 41 46 38 58 86 28 28 27 39 30 23 27 29 27 44 29 52 41 65 89 24 22 16 26 28 21 24 28 36 RANK RANK 157,732 139,886 131 20 18 13 12 15 17 85 32 14 11 10 19 12 13 10 18 15 34 17 16 11 2013 2013 8 9 4 3 7 1 6 5 2 9 8 3 4 7 1 6 5 2 MKT SHARE MKT SHARE 100% 100% 13.3 10.9 13.9 10.1 4.1 5.1 3.8 3.3 6.1 6.1 4.5 4.5 5.6 1.3 1.8 2.4 1.7 1.3 0.1 0.5 3.1 1.7 2.9 3.4 5.6 5.4 1.2 1.8 1.8 2.7 1.3 1.7 0.5 1.5 1.6 2.5 4 1 3 - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -7.2 -0.4 -6.7 -1.2 -0.4 -0.4 -0.1 -0.3 -0.8 -1.2 -0.4 -1.4 -0.4 -0.4 -0.5 -0.3 -1.3 2.5 2.7 4.2 0.7 0.5 2.1 2.8 3.6 0.2 1.5 1.1 1.2 0.2 0.7 0.2 1.2 1.4 -1 1 1 - - - Citi Credit Suisse UBS Deutsche Bank AG Citi Morgan Stanley Co Goldman & Sachs Morgan Stanley Securities LtdKGI Co Deutsche Bank AG Securities LtdCITIC Co Bank PLCHSBC Morgan JP Co Goldman & Sachs TOTAL China Construction Bank InvestmentWoori Securities & Ltd Co Maybank China Merchants Securities Ltd Co Standard Chartered Bank China International Capital Corp CIMB Group HoldingsDBS Ltd ChinaBank of Securities LtdCITIC Co Bank PLCHSBC Macquarie Group Ltd AmericaMerrillBank of Lynch Morgan JP Credit Suisse Industrial Securities Ltd Co China International Capital Corp Phatra Securities PCL UBS Taishin Financial Holding Ltd Co AmericaMerrillBank of Lynch TOTAL Standard Chartered Bank China Securities Ltd Co Haitong Securities Ltd Co China Merchants Securities Ltd Co Barclays Asia-Pac ex-JP Eqty, Eqty-lnk, Rights ex-CH A Shr A ex-CH Rights Eqty-lnk, Eqty, ex-JP Asia-Pac Asia-Pacific ex-Japan Equity Linked ex-JapanEquity Asia-Pacific FIRM FIRM RANK RANK 100% 100% 20 19 18 17 16 15 14 13 12 11 10 18 10 19 11 20 12 13 14 15 16 17 4 1 9 8 7 6 5 3 2 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.3 10.5 6.9 4.5 4.6 6.3 7.6 9.1 0.8 0.8 1.1 1.3 1.4 1.4 1.5 1.8 3.2 3.8 4.6 6.3 6.5 7.2 7.6 1.3 4.3 1.2 3.5 1.1 2.5 1.7 1.5 1.4 1.4 10 2014 2014 5 6 1 1 7 2 USD (Mln) USD (Mln) USD VOLUME VOLUME 185,525 11,761 12,121 12,954 13,354 14,063 18,633 19,466 18,841 1,304 1,943 1,125 1,195 1,435 1,706 1,438 1,515 1,804 1,837 2,096 2,414 2,544 2,650 2,768 3,332 6,000 7,059 8,587 933 854 871 249 810 223 662 205 467 375 326 274 266 255 COUNT COUNT DEAL DEAL 1,695 109 215 15 11 26 16 28 17 27 22 39 30 20 36 29 52 41 64 87 58 65 76 71 24 7 8 4 7 6 5 4 2 3 2 5 7 5 4 2 2 1 RANK RANK 140,288 22,071 10 18 14 32 11 38 16 18 34 12 17 11 13 15 14 10 24 12 17 13 2013 2013 3 9 1 4 6 8 9 4 5 1 7 6 3 2 8 2 5 - - - MKT SHARE MKT SHARE 100% 100% 10.5 13.8 11.5 3.3 3.4 1.3 1.6 0.4 1.3 1.2 0.5 1.2 2.7 1.9 1.5 1.7 3.3 3.8 3.4 5.5 5.5 4.5 4.6 5.6 9.9 0.3 3.1 3.9 0.6 2.5 1.5 1.9 7.3 14 10 2 4 - - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -0.2 -0.5 -0.2 -0.9 -1.3 -0.5 -0.1 -6.8 -6.4 -0.9 -0.2 -5.8 3.6 1.6 4.7 4.7 1.1 1.4 0.6 0.4 0.5 0.1 0.1 1.2 0.8 2.7 4.4 0.6 0.4 0.5 0.5 -8 1 3 ------Global Equity Review | FY 2014 Bank of AmericaMerrillBank of Lynch Morgan Stanley Citi Deutsche Bank AG Credit Suisse Macquarie Group Ltd Morgans UBS CIMB Co Goldman & Sachs TOTAL InvestmentWoori Securities & Ltd Co Guotai Junan Securities Ltd Co Maybank CIMB Group HoldingsDBS Ltd SecuritiesGF China International Capital Corp ChinaBank of China Merchants Securities Ltd Co Bank PLCHSBC Securities LtdCITIC Co Macquarie Group Ltd AmericaMerrillBank of Lynch Morgan JP Credit Suisse Deutsche Bank AG UBS Citi Morgan Stanley Co Goldman & Sachs TOTAL RBS Forsyth BarrLtd First NZ Capital Ltd Taylor Collison Ltd Bell Potter Securities Limited Evans Partner & Pty Ltd Co & Moelis Morgan JP Commonwealth Bank Australia GenuityCanaccord Corp Australia/NZ Equity, Equity Linked &Rights Linked Equity Equity, Australia/NZ Offerings ex-JapanEquity Asia-Pacific FIRM FIRM RANK RANK 100% 100% 10 20 19 18 17 16 15 14 13 12 11 20 19 18 17 16 15 14 13 12 11 10 7 6 5 4 8 3 9 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.2 16.4 16.4 17.4 4.8 8.4 8.9 2.9 1.6 0.4 0.4 0.4 0.7 0.7 0.9 0.9 0.9 1.4 1.4 1.6 0.9 0.9 0.9 1.3 1.4 1.5 1.6 1.6 1.8 1.8 2.5 3.7 4.2 5.5 6.2 6.8 7.1 7.3 9.7 9.8 2014 2014 USD (Mln) USD (Mln) USD VOLUME VOLUME 167,516 10,395 11,409 11,897 12,251 16,321 16,449 36,250 1,725 3,032 3,227 3,685 5,940 1,061 5,958 6,308 1,474 1,510 1,566 2,127 2,364 2,558 2,641 2,746 2,959 3,075 4,147 6,137 6,973 9,261 579 127 142 152 252 269 316 320 331 500 512 568 COUNT COUNT DEAL DEAL 1,482 101 325 17 13 36 21 11 45 17 14 23 11 26 47 55 67 59 15 24 25 35 27 24 23 20 27 15 37 44 33 47 71 5 7 7 3 3 7 9 6 8 RANK RANK 117,815 25,459 121 27 13 17 14 43 15 21 11 12 16 10 17 46 16 11 15 18 13 31 10 12 2013 2013 6 4 2 8 7 5 1 3 9 8 9 7 4 6 1 5 3 2 MKT SHARE MKT SHARE 100% 100% 14.9 32.4 14.4 10.1 3.2 7.9 2.6 2.7 4.7 4.7 6.1 1.2 0.7 1.2 1.1 0.4 1.8 2.5 1.6 0.8 1.9 0.1 1.3 0.3 1.4 2.7 1.7 1.3 1.8 0.5 2.9 1.9 4.5 3.5 4.6 5.3 12 7 - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -4.1 -7.3 -0.3 -0.8 -0.3 -0.8 -0.4 -0.9 -1.6 -0.2 -0.3 -0.4 -0.5 -1.4 -0.3 -0.2 -1.1 -0.8 -16 5.2 2.3 1.5 2.2 6.2 5.4 2.1 2.6 3.6 0.7 0.5 0.6 1.5 0.6 1.5 0.3 1.3 0.6 0.7 0.9 0.9 Citi Morgan Stanley Macquarie Group Ltd Commonwealth Bank Australia Deutsche Bank AG UBS Bank of AmericaMerrillBank of Lynch Co Goldman & Sachs Citi Credit Suisse Morgan Stanley Deutsche Bank AG Co Goldman & Sachs Bell Potter Securities Limited Co & Moelis RBS Evans Partner & Pty Ltd GenuityCanaccord Corp CIMB National Australia Bank Ltd Morgans Morgan JP BankingWestpac ANZ Banking Group Credit Suisse TOTAL Guotai Junan Securities Ltd Co Haitong Securities Ltd Co CIMB China Construction Bank China International Capital Corp AmericaMerrillBank of Lynch Group HoldingsDBS Ltd Bank PLCHSBC SecuritiesGF ChinaBank of Securities LtdCITIC Co China Merchants Securities Ltd Co Macquarie Group Ltd UBS Morgan JP TOTAL Asia-Pacific ex-Japan Equity Offerings (IPO) Offerings ex-JapanEquity Asia-Pacific Australia/New Zealand Equity, Equity-Linked &Pfd Equity-Linked Equity, Zealand Australia/New FIRM FIRM RANK RANK 100% 100% 20 19 18 17 16 15 14 13 12 11 10 20 19 18 17 16 15 14 13 12 11 10 6 4 3 7 5 2 8 1 9 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 10.5 13.4 14.8 15.8 7.3 5.4 9.3 3.9 2.4 1.1 1.2 1.2 1.3 1.5 1.8 2.4 2.5 2.5 2.7 2.8 4.2 4.6 5.9 6.3 6.8 7.5 7.5 9.8 0.6 0.7 0.7 0.9 1.1 1.3 1.4 1.4 1.5 1.7 1.9 2014 2014 2 USD (Mln) USD (Mln) USD VOLUME VOLUME 101,068 44,750 3,276 4,695 5,989 2,435 4,172 6,619 1,725 7,060 1,061 1,129 1,165 1,167 1,282 1,534 1,858 2,039 2,410 2,524 2,553 2,702 2,818 4,253 4,682 5,912 6,398 6,884 7,573 7,576 9,953 269 320 335 422 512 568 620 627 671 780 842 COUNT COUNT DEAL DEAL 607 332 20 37 14 14 48 20 11 14 18 18 20 18 13 20 22 16 16 25 21 34 19 18 28 23 21 22 23 26 22 8 5 9 8 9 8 8 3 9 3 5 RANK RANK 48,017 31,667 13 14 34 23 10 22 16 11 90 13 18 27 12 19 16 11 20 15 10 17 21 12 2013 2013 9 6 2 8 4 1 3 5 7 9 7 4 2 8 3 6 5 1 MKT SHARE MKT SHARE 100% 100% 12.9 27.4 2.9 3.4 8.5 9.7 2.1 5.7 0.6 1.1 3.1 1.2 1.9 3.2 2.9 3.6 0.1 2.6 1.8 0.9 6.3 7.4 2.9 3.4 7.1 4.8 5.1 7.5 2.1 3.5 0.9 1.5 2.5 0.7 1.6 2.6 0.7 2.3 4 1 MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -12.6 -1.9 -0.4 -1.4 -0.9 -1.2 -0.1 -2.1 -2.8 -0.3 -3.3 -1.2 -0.3 -0.8 -1.8 -0.3 -1.2 -0.4 4.4 6.5 0.5 0.8 6.1 1.8 0.5 0.1 0.1 2.4 0.9 1.9 2.9 2.7 2.4 2.3 0.4 0.4 -2 2 3 1

Global Equity Review | FY 2014 Bank of AmericaMerrillBank of Lynch Goldman Sachs & Co Goldman & Sachs Deutsche Bank AG China International Capital Corp ChinaBank of Bank PLCHSBC UBS Morgan Stanley TOTAL RBS Forsyth BarrLtd First NZ Capital Ltd Taylor Collison Ltd Bell Potter Securities Limited Evans Partner & Pty Ltd Co & Moelis Morgan JP Commonwealth Bank Australia GenuityCanaccord Corp CIMB Morgans Credit Suisse AmericaMerrillBank of Lynch Morgan Stanley Citi Deutsche Bank AG Macquarie Group Ltd UBS Co Goldman & Sachs TOTAL Agricultural China Bank of Ltd Group HoldingsDBS Ltd Kingston Securities China Construction Bank China Merchants Securities Ltd Co Securities LtdCITIC Co Credit Suisse Citi Industrial Comm China & Bank of Haitong Securities Ltd Co JP Morgan JP Guotai Junan Securities Ltd Co HKSE Equity Offerings Equity HKSE Offerings & Rights Equity Zealand Australia/New FIRM FIRM RANK RANK 100% 100% 10 20 19 18 11 20 19 18 17 16 15 14 13 12 11 10 12 13 15 14 17 16 3 2 7 6 5 4 1 9 8 7 6 5 4 3 2 1 9 8 MKT SHARE MKT SHARE 18.8 10.2 16.4 16.4 17.4 7.1 9.2 1.2 1.3 1.4 2.8 3.3 4.4 4.7 5.1 6.3 0.4 0.4 0.4 0.7 0.7 0.9 0.9 0.9 1.4 1.4 1.6 1.6 2.9 4.8 8.4 8.9 3.3 3.9 2.2 2.3 1.7 1.8 1.9 2014 2014 2 USD (Mln) USD (Mln) USD VOLUME VOLUME 36,229 50,881 3,604 4,662 9,586 1,438 1,658 2,242 2,389 2,571 3,209 1,061 1,725 3,032 3,227 3,685 5,940 5,958 6,308 1,677 1,962 1,126 1,191 1,010 635 658 689 127 142 152 252 269 316 320 331 500 512 568 579 877 915 992 COUNT COUNT DEAL DEAL 370 323 15 21 35 11 51 13 36 45 17 26 14 15 17 20 17 10 29 14 23 11 26 21 11 17 19 14 11 10 19 12 7 7 7 3 3 7 9 6 8 5 RANK RANK 25,134 39,978 13 16 27 30 13 17 14 43 15 21 11 12 16 10 27 18 20 15 11 10 28 21 2013 2013 1 3 6 9 7 5 4 2 9 5 8 6 7 4 2 1 3 8 MKT SHARE MKT SHARE 100% 100% 17.3 15.1 32.8 11.7 2.6 2.7 2.1 0.9 0.7 3.8 1.3 3.3 3.7 5.3 5.6 9.3 1.2 0.7 1.2 1.1 0.4 1.9 2.5 1.6 0.8 0.1 6.3 2.6 3.2 1.5 3.5 2.1 2.8 2.9 0.8 1.3 8 8 2 - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG -16.4 10.8 -8.1 -0.9 -0.5 -0.6 -0.5 -0.8 -0.3 -0.8 -0.4 -1.6 -0.2 -0.4 -3.4 -1.2 -0.1 -0.6 -1.2 4.5 6.2 2.2 1.3 5.7 0.4 0.7 0.6 0.7 0.7 0.5 0.6 1.5 2.2 5.2 1.3 0.6 -3 -1 2 1 Goldman Sachs & Co Goldman & Sachs Morgan Stanley Bank of AmericaMerrillBank of Lynch China Securities Ltd Co Securities LtdCITIC Co SecuritiesGuosen Ltd Co China Merchants Securities Ltd Co SecuritiesGF BNP Paribas SA Guotai Junan Securities Ltd Co Standard Chartered Bank China Merchants Securities Ltd Co Deutsche Bank AG Securities LtdCITIC Co China International Capital Corp ChinaBank of UBS Bank PLCHSBC TOTAL Sinolink Securities Ltd Co Southwest Securities Ltd Co China Cinda Management Asset Ltd Co Qilu Securities Ltd Co Guoyuan Securities Ltd Co Donghai Securities Ltd Co Minsheng Securities Ltd Co Ltd Co Haitong Securities Ltd Co ChinaBank of China International Capital Corp Securities LtdUBS Co Ltd Co New Times Securities Ltd Co Guotai Junan Securities Ltd Co TOTAL China Construction Bank Citi Credit Suisse Morgan JP Kingston Securities Industrial Comm China & Bank of Haitong Securities Ltd Co China Domestic Equity (IPO) Equity Domestic China HKSE Equity & Rights Offerings & Rights Equity HKSE FIRM FIRM RANK RANK 100% 100% 20 19 18 10 20 19 18 17 16 15 14 13 12 11 10 11 12 14 13 17 16 15 2 1 3 9 8 7 6 5 4 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 17.2 17.3 8.9 6.4 3.3 3.7 4.2 4.8 5.7 6.3 1.4 1.4 1.5 1.6 1.8 1.8 1.8 1.9 2.2 2.6 2.9 3.3 3.7 4.2 7.4 7.6 8.9 1.6 1.7 1.7 3.2 2.5 2.3 2.1 2.3 1.7 1.8 1.8 2014 2014 4 5 USD (Mln) USD CNY (Mln) VOLUME VOLUME 54,705 14,571 43,069 5,037 9,756 3,604 1,854 2,068 2,364 2,693 3,209 3,589 1,783 1,204 1,207 1,240 1,382 1,485 1,499 1,552 1,604 1,866 2,165 2,433 2,759 3,146 3,354 3,529 4,232 6,252 6,396 7,519 1,438 1,321 1,191 1,273 1,010 897 961 966 979 992 COUNT COUNT DEAL DEAL 442 24 36 15 71 16 18 21 19 29 15 93 12 11 14 21 16 26 16 11 13 12 19 4 2 2 4 4 2 5 2 4 3 3 2 5 2 4 7 4 9 9 RANK RANK 43,069 13 25 17 29 11 18 20 10 12 21 14 2013 2013 1 3 7 9 6 5 2 4 8 ------MKT SHARE MKT SHARE 100% 100% 16.6 7.4 2.4 3.6 3.1 4.9 9.5 6.8 1.7 0.8 2.9 1.6 1.4 2.9 3.2 2.7 1.2 2.2 4 1 ------MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -7.7 -0.3 -0.1 -3.8 -0.5 -0.1 -1.2 -0.6 -1.1 -0.4 -0.4 9.8 0.6 0.2 0.7 0.9 1.6 1.1 0.6 4 ------Global Equity Review | FY 2014 TOTAL Toyo SecuritiesToyo Ltd Co HS SecuritiesHS Ltd Co Tokai Tokyo Securities Ltd Co Mitsubishi Morgan Stanley UFJ Securities Mizuho Financial Group Inc Daiwa Securities Group Inc Sumitomo Mitsui Financial Group Inc Nomura Holdings Inc TOTAL Motilal Oswal Investment Advisors State India Bank of CapitalIDFC Ltd Ambit Corporate Finance Ltd Edelweiss Financial Ltd Services Credit Suisse Morgan Stanley ICICI Standard Chartered Bank Bank PLCHSBC Co Goldman & Sachs UBS AmericaMerrillBank of Lynch FinancialJM Ltd BankAxis Ltd Kotak Mahindra Bank Ltd Securities LtdCITIC Co Citi Morgan JP Deutsche Bank AG Goldman Sachs & Co Goldman & Sachs Bank of AmericaMerrillBank of Lynch Ichiyoshi Securities Ltd Co Securities Ltd Co SBI Citi Morgan JP UBS Deutsche Bank AG Japanese Equity & Equity Linked & Equity Japanese Equity Offerings Equity Domestic India FIRM FIRM RANK RANK 100% 100% 16 15 14 20 19 18 17 16 15 14 13 12 11 10 13 12 11 10 1 9 8 7 6 5 4 3 2 1 6 5 4 3 2 7 9 8 MKT SHARE MKT SHARE 14.9 16.8 35.4 11.5 11.6 7.7 9.7 0.8 0.9 1.1 1.1 1.2 1.6 1.9 2.9 3.1 3.4 3.9 4.2 4.7 4.9 5.4 6.9 6.1 0.2 0.3 0.5 1.4 3.3 1.8 1.8 19 2014 2014 0 0 0 6 VOLUME VOLUME INR (Bln) INR JPY (Bln) JPY 2,812 217 273 419 471 997 591 112 171 10 11 17 18 20 23 25 28 29 32 36 41 68 69 15 39 93 49 51 1 1 1 5 5 6 7 7 4 9 COUNT COUNT DEAL DEAL 181 11 19 29 56 41 74 97 12 11 1 2 3 6 9 7 6 1 3 5 5 7 4 3 5 3 4 4 4 5 9 2 7 3 4 7 7 3 RANK RANK 4,352 488 19 15 15 20 12 14 11 10 13 16 17 14 16 11 10 2013 2013 2 5 4 3 1 3 4 9 5 6 2 1 8 7 6 7 8 9 - - - MKT SHARE MKT SHARE 100% 100% 15.3 16.3 10.1 15.3 0.2 1.1 6.5 9.9 8.7 0.4 3.1 7.9 5.6 3.1 7.5 5.4 2.2 1.3 6.7 5.3 0.3 0.1 1.4 2.5 3.3 3.2 2.6 11 28 6 2 2 - - - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG 12.5 -0.2 -3.8 -8.6 -0.2 -7.8 -0.9 -1.5 -2.7 -3.6 -1.2 -1.3 -0.1 -0.9 -1.1 -1.4 -0.8 5.8 5.6 4.8 1.5 7.4 0.8 1.1 0.3 2.5 3.6 0.8 0.2 -5 -6 - - - - - TOTAL SecuritiesToyo Ltd Co HS SecuritiesHS Ltd Co Tokai Tokyo Securities Ltd Co Ciptadana Sekuritas Credit Suisse Co Goldman & Sachs Morgan JP SekuritasDanareksa PT Mitsubishi Morgan Stanley UFJ Securities Mizuho Financial Group Inc Daiwa Securities Group Inc Sumitomo Mitsui Financial Group Inc Nomura Holdings Inc TOTAL Kresna Graha Sekurindo PT Indo Premier Securities Valbury Securities/Indonesia Asia Standard Chartered Bank Deutsche Bank AG Citi RHB Sinarmas Securities PT Sucorinvest Central Gani Securities LtdCITIC Co UBS Bahana Securities AmericaMerrillBank of Lynch Mandiri Sekuritas PT CIMB Goldman Sachs & Co Goldman & Sachs Ichiyoshi Securities Ltd Co Securities Ltd Co SBI Citi Deutsche Bank AG AmericaMerrillBank of Lynch JP Morgan JP UBS Indonesia Equity & Rights Offerings & Rights Equity Indonesia Japanese Equity Offerings Japanese Equity FIRM FIRM RANK RANK 100% 100% 16 15 14 20 19 18 15 15 15 14 13 12 11 10 13 12 11 10 5 4 3 2 1 9 8 7 6 5 4 3 2 1 6 7 9 8 MKT SHARE MKT SHARE 11.9 13.1 18.8 30.2 10.6 11.1 13.5 20.1 0.1 0.1 0.8 0.9 1.1 1.1 1.1 1.1 1.6 1.9 2.4 3.6 3.9 4.5 4.6 7.5 8.4 5.8 4.5 0.2 0.5 0.7 1.5 1.9 2.4 2014 2014 0 2 4 VOLUME VOLUME IDR (Bln) IDR JPY (Bln) JPY 34,782 2,072 1,265 1,363 1,391 1,581 1,600 2,607 3,689 3,858 4,690 6,995 247 272 389 626 289 322 370 399 399 399 564 654 696 849 174 119 93 15 31 39 49 1 1 1 4 9 COUNT COUNT DEAL DEAL 150 26 46 33 56 34 15 1 2 3 2 2 2 1 1 1 3 3 3 2 2 4 1 4 2 4 4 2 1 7 5 7 3 2 2 7 4 7 RANK RANK 52,251 3,596 17 14 16 10 22 14 11 15 17 12 10 13 15 2013 2013 4 5 3 1 9 2 1 4 5 7 6 8 2 6 7 9 8 ------MKT SHARE MKT SHARE 100% 100% 16.9 28.2 13.9 14.5 11.5 17.1 0.3 8.7 8.2 0.9 2.5 0.6 1.7 2.4 1.4 9.3 4.7 6.1 0.9 4.6 5.4 0.8 2.6 0.4 0.1 3.2 4 4 3 ------MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -10.3 -10.6 10.2 15.5 -0.2 -0.1 -1.6 -0.6 -1.3 -1.6 -4.7 -0.2 -8.7 -0.1 -1.1 -1.1 -0.8 3.2 4.9 1.9 0.5 0.2 2.8 4.5 0.4 0.5 0.4 -7 2 ------Global Equity Review | FY 2014 Affin Hwang Capital UBS AmInvestment Bank Bhd AmericaMerrillBank of Lynch Hong Leong Investment Bank Bhd RHB Credit Suisse Maybank CIMB TOTAL SecuritiesToyo Ltd Co SecuritiesHS Ltd Co Tokai Tokyo Securities Ltd Co Citi Ichiyoshi Securities Ltd Co Securities Ltd Co SBI Morgan JP UBS Co Goldman & Sachs AmericaMerrillBank of Lynch Daiwa Securities Group Inc Mizuho Financial Group Inc Sumitomo Mitsui Financial Group Inc Mitsubishi Morgan Stanley UFJ Securities Nomura Holdings Inc TOTAL Alliance Investment Bank Bhd SecuritiesTA Holdings Bhd SecuritiesInter- LtdCITIC Co InvestmentKAF Bank Bhd Public Bank Berhad Bank Berhad IslamMalaysia Securities SdnM&A Bhd BNP Paribas SA Morgan JP Kenanga Investment Bank Bhd Malaysia Domestic Equity Offerings MalaysiaEquity Domestic (IPO) Offerings Japanese Equity FIRM FIRM RANK RANK 100% 100% 20 19 17 17 16 15 14 13 12 11 10 15 14 13 12 11 10 1 9 8 7 6 5 4 3 2 1 9 8 7 6 5 4 3 2 MKT SHARE MKT SHARE 13.7 17.3 17.3 13.2 14.4 16.3 36.5 0.3 0.6 0.6 0.6 0.7 0.8 1.2 1.3 1.6 2.9 3.3 4.8 5.2 5.6 6.0 7.1 8.6 0.1 0.1 0.2 0.4 0.5 0.5 0.9 1.7 3.7 4.8 6.7 2014 2014 MYR (Mln) MYR VOLUME VOLUME JPY (Bln) JPY 19,576 1,015 1,089 1,183 1,389 1,693 2,678 3,385 3,388 122 122 122 130 158 238 248 315 568 654 940 716 103 117 261 68 12 27 35 48 95 1 1 1 3 4 4 6 COUNT COUNT DEAL DEAL 135 28 14 12 22 23 10 12 33 11 14 68 7 8 6 1 1 1 5 3 1 2 6 5 4 1 8 1 1 3 1 1 5 2 1 2 3 RANK RANK 14,952 1,143 12 21 28 14 30 25 29 22 17 24 10 11 13 12 2013 2013 6 9 4 3 2 1 8 7 9 4 9 6 5 3 2 1 - - - - - MKT SHARE MKT SHARE 100% 100% 16.8 18.9 31.8 20.7 21.3 8.7 1.8 0.8 0.2 1.4 0.1 0.4 0.1 0.7 0.8 0.6 6.1 3.8 2.5 2.0 7.3 7.5 2.3 0.3 0.3 2.8 1.7 9.9 1.7 3 - - - - - MKT SHARE MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG CHG (%) CHG (1.5) (0.2) (0.8) (2.8) (3.4) (4.0) -2.4 -2.6 0.4 0.6 0.4 1.1 0.6 0.8 2.3 1.8 3.5 5.1 1.3 6.2 -1.9 -1.9 -6.2 3.7 4.5 4.7 0.2 0.2 3.1 ------Credit Suisse Morgan JP Securities Ltd Co Daewoo InvestmentWoori Securities & Ltd Co Citi Barclays LLC Jefferies UBS Deutsche Bank AG Morgan Stanley RHB United Overseas Bank CIMB UOB Kay Hian PrimePartners Corporate Finance Pte Ltd Oversea-Chinese Banking Corp Co Goldman & Sachs Daiwa Securities Group Inc Credit Suisse Standard Chartered Bank Bank PLCHSBC AmericaMerrillBank of Lynch Citi Group HoldingsDBS Ltd Morgan JP TOTAL Kiwoom Securities Ltd Co KTB Investment Securities & Ltd Co InvestmentHI Securities & Ltd Co Hyundai Securities Nomura Holdings Inc Morgan Stanley InvestmentKB Securities & Ltd Co Macquarie Group Ltd SecuritiesMirae Asset AmericaMerrillBank of Lynch UBS Co Goldman & Sachs Hana Financial Group Inc InvestmentKorea Securities & Co Samsung Securities Ltd Co TOTAL Korea Domestic Equity Offerings Equity Domestic Korea SGX Equity & Rights Offerings & Rights Equity SGX FIRM FIRM RANK RANK 100% 100% 20 19 18 17 16 15 14 13 12 11 10 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 9 8 7 6 5 4 3 2 1 MKT SHARE MKT SHARE 11.1 11.2 11.5 12.2 10.2 14.1 14.5 2.6 3.7 4.6 4.6 5.1 0.4 0.4 0.5 0.6 0.7 0.8 0.8 1.1 1.3 1.5 3.7 8.7 8.8 0.9 1.1 1.2 1.2 1.3 1.4 1.4 1.7 16 11 2014 2014 6 6 7 1 2 USD (Mln) USD KRW (Bln) KRW VOLUME VOLUME 11,245 6,671 1,069 1,150 1,241 1,582 1,627 176 248 306 307 337 738 749 769 811 128 141 169 418 672 674 782 982 991 110 135 63 64 73 78 80 85 94 97 40 41 52 68 75 89 94 COUNT COUNT DEAL DEAL 15 94 14 10 14 15 10 60 3 2 1 4 6 2 2 5 4 1 3 1 4 1 1 5 3 2 2 4 2 7 7 5 1 1 2 1 1 4 4 4 7 8 RANK RANK 11,150 8,321 26 11 14 14 19 22 13 26 12 18 16 20 11 16 10 19 10 15 18 16 13 20 2013 2013 6 9 8 4 7 5 3 1 2 9 2 3 6 4 1 5 - - MKT SHARE MKT SHARE 100% 100% 17.7 16.5 16.6 12.3 21.3 5.2 6.9 0.2 3.6 5.3 5.7 2.2 7.3 1.3 0.8 1.5 1.9 0.2 1.5 1.1 1.2 0.8 1.8 5.5 1.2 1.8 8.6 8.4 5.5 4.2 1.1 3.7 1.9 1.2 1.6 2.4 0.6 1 - - MKT SHARE MKT SHARE MKT SHARE CHG (%) CHG (%) CHG -15.1 -2.6 -3.2 -0.2 -5.5 -0.5 -0.9 -0.5 -0.2 -0.8 -1.1 -0.4 -6.3 -7.2 -4.1 -2.5 -0.2 -2.6 -0.7 -0.3 4.4 5.4 4.2 0.6 0.2 2.5 5.2 5.2 3.2 7.6 8.4 2.4 6.1 1.4 -1 1 9 - - - Global Equity Review | FY 2014 Concord SecuritiesConcord Cathay Securities Ltd Co Morgan Stanley UBS TOTAL First Securities Inc Securities LtdMega Co Grand Fortune Securities Co Co Goldman & Sachs Capital Securities Corp Fubon Financial Holding Ltd Co Securities LtdKGI Co Sinopac Securities Corp Barclays Citi Morgan JP Yuanta Securities Ltd Co AmericaMerrillBank of Lynch CTBC FinancialCTBC Holding Ltd Co Horizon Securities Ltd Co Taishin Financial Holding Ltd Co Taiwan Domestic Equity Offerings Equity Domestic Taiwan FIRM RANK 100% 19 10 20 18 11 12 14 13 17 16 15 2 1 3 5 4 6 9 8 7 MKT SHARE 12.6 20.8 12.3 0.4 0.7 0.8 2.6 2.7 2.4 8.1 8.7 6.3 1.1 1.3 1.3 1.4 3.9 4.2 5.8 2014 1 TWD (Mln) TWD VOLUME 11,358 18,775 90,421 11,123 2,360 2,457 2,195 7,364 7,855 5,668 1,151 1,202 1,297 3,563 3,838 5,258 334 647 749 965 889 COUNT DEAL 140 13 11 22 2 3 6 6 6 2 4 7 8 5 6 1 1 2 9 1 4 RANK 80,138 21 17 20 18 23 14 19 15 11 2013 4 6 9 7 1 5 8 2 3 - - MKT SHARE 100% 17.1 10.5 0.9 1.5 1.4 7.5 0.4 4.9 5.2 2.1 7.3 2.1 5.1 3.8 1 7 1 8 - - MKT SHARE MKT SHARE CHG (%) CHG 13.8 -0.2 -0.5 -0.8 -8.4 -9.1 -0.8 -3.8 -3.8 -2.8 1.3 5.1 2.2 7.4 2.9 0.3 0.1 -1 - - Trinity Securities Ltd Co Credit Suisse Apple Wealth Securities Ltd Co Securities LtdCITIC Co KT Securities ZMICO Ltd Co Siam Commercial Bank PCL Group HoldingsDBS Ltd TOTAL Capital PCL Bangkok Bank PCL Maybank Kasikornbank PCL Macquarie Group Ltd Finansia Syrus Securities PCL Asia PlusAsia Securities CIMB RHB SecuritiesAEC PCL Standard Chartered Bank Citi Ayudhya Securities PCL Thailand Domestic Equity Offerings Equity Domestic Thailand FIRM RANK 100% 18 20 19 10 11 13 12 16 15 14 17 8 2 1 3 4 5 6 7 8 MKT SHARE 14.4 25.3 14.3 3.1 0.7 2.3 2.2 6.5 4.2 1.8 4.1 3.1 1.2 1.3 1.3 1.1 2014 1 1 7 2 THB (Mln) VOLUME 117,704 16,967 29,825 16,776 1,141 3,625 1,126 2,665 2,640 8,266 7,620 4,924 2,163 2,311 4,800 3,625 1,376 1,560 1,565 1,300 877 COUNT DEAL 52 1 1 6 2 1 2 2 5 8 5 7 3 7 2 1 2 1 3 1 1 - - - RANK 256,267 19 16 18 15 10 2013 5 4 3 7 9 ------MKT SHARE 100% 10.7 11.2 11.3 0.3 0.7 0.7 5.8 0.9 3.4 2.4 ------MKT SHARE MKT SHARE CHG (%) CHG -7.6 -0.6 3.2 1.5 6.3 0.7 3.3 0.7 2 3 ------Global Equity Review | FY 2014 Bloomberg Equity & Equity Linked - League Tables Criteria

Credit is based on the total amount of the offering sold to the public, including exercised over-allotment. Full credit is awarded to sole book-running manager or split equally among joint book-running managers.

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 hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

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 calls, provisional calls, and provisional puts are exempt 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 hierarch titles, i.e. Jr Bookrunner.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{IDOC 2016701 }: Equity {IDOC 2027097 }: Equity Linked {IDOC 2061504 }: Structured Note {IDOC 2016703 }: Fixed Income {IDOC 2065648 }: Syndicated Loans {IDOC 2027014 }: Legal Adviser Fixed Income {IDOC 2021549 }: Legal Adviser Equity

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.