League Tables

GLOBAL FIXED INCOME LEAGUE TABLES

First 3Q 2017 2 October 2017 FIRST 3Q 2017 MANAGER RANKINGS GLOBAL FIXED INCOME

CONTENTS Bloomberg’s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or 1. Global market review retired bonds, covering over 24,000 unique issuers across more than 130 countries and 100 different currencies. 2. US market review 3. Canada market review LEAG for a full range of league tables 4. Latin America market review NIM for Bloomberg’s new issue monitor 5. EMEA market review 6. Asia market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release 7. Table criteria and data found on the Bloomberg Professional Service.

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Dean Psomaras +1 609 279 3449 [email protected] EMEA Dimitris Gogos +44 20 35258149 [email protected] Asia Pacific Shaili Mehta +91 22 61203770 [email protected]

Global Corporate Leveraged Finance: Quarterly Volume

Corporate High Yield Bonds

Global Fixed Income Review Global Sponsor-Led Loans 500 1st 3Q 2017 credited Corporate & Financial Bonds volume increased 0.46% to USD 3.4 Trln while deal count decreased 2.75% to 12,129 offerings year-on-year. Corporate Bonds volume decreased 0.26% year-on-year to USD 1.7 Trln while the 400 n n

deal count increased 2.85% to 5,019. Financial Bonds volume increased 1.16% year-on-year to USD 1.7 Trln over 7,110 l l B B

deals. D D S S

U U 200 JP Morgan ranked as the top Corporate & Financial Bonds underwriter for 1st 3Q 2017 with 6.09% market share. The bank underwrote 1,340 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 5.65% and

5.49% market share, respectively. 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ

Corporate & Financial Bonds: Highlights of 1st 3Q 2017 Quarters

Top Underwriter Volume (USD Corporate & Financial Bonds: Industry Breakdown Issuer Industry Mln) Date JP Morgan Postal Savings Bank of China Co Ltd Financials 7,250 09/21/2017 Number of deals 1,340 China CITIC Bank Corp Ltd Financials 7,240 04/10/2017 Financials 53% Volume (USD Mln) 205,925 AT&T Inc Communications 5,000 07/27/2017 Avg Deal size (USD Mln) 153.7 AT&T Inc Communications 5,000 07/27/2017 20% Consumer Discretionary 9% Broadcom Corp / Broadcom Cayman Finance Technology 4,800 01/11/2017 Market Summary Ltd Industrials 7% China Evergrande Group Financials 4,680 06/21/2017 5% Number of deals 12,129 Utilities 5% Bank of China Ltd Financials 4,569 09/21/2017 53% 5% Volume (USD Mln) 3,379,523 AT&T Inc Communications 4,500 07/27/2017 Communications 5% Avg Deal size (USD Mln) 278.6 Huaxia Bank Co Ltd Financials 4,370 05/19/2017 7% Others 20% China Minsheng Banking Corp Ltd Financials 4,355 03/02/2017 9%

Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade 1,400 6,000

1,200 Corporate & Financial Bonds: Spread to Benchmark 5,000

1,000 High Yield 4,000 D D Investment Grade e e n n a a l l 800 l l

B B 700

C C 700

D D 3,000 o o u u S S

n n 600 U U 600 600 600 t t s s

2,000 t t n n 400 i i o o 400 p p

s s i i

1,000 s s 200 a a B B 200

0 0 22 33 44 55 66 77 11 11 11 11 11 11 00 00 00 00 00 00 0 22 22 22 22 22 22 0 33 33 33 33 33 33 22 33 44 55 66 77 Q Q Q Q Q Q 11 11 11 11 11 11 00 00 00 00 00 00 22 22 22 22 22 22 33 33 33 33 33 33 Quarters Q Q Q Q Q Q Quarters

Bloomberg League Table Reports Page 1 Bloomberg Global Fixed Income | 1st 3Q 2017

Corporate Bonds Financial Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 7.511 124,444 842 2 6.443 1.068 Morgan Stanley 1 5.376 92,618 519 4 4.049 1.327 Bank of America Merrill Lynch 2 6.626 109,787 772 1 6.634 -0.008 Citi 2 4.913 84,641 520 3 4.625 0.288 Citi 3 6.093 100,957 765 3 5.954 0.139 JP Morgan 3 4.730 81,481 498 1 5.338 -0.608 Goldman Sachs 4 4.958 82,153 556 6 4.548 0.410 Bank of America Merrill Lynch 4 4.711 81,154 394 6 3.731 0.980 Barclays 5 4.926 81,608 599 4 4.898 0.028 Goldman Sachs 5 4.683 80,677 384 5 3.862 0.821 Morgan Stanley 6 4.650 77,051 620 7 4.044 0.606 HSBC 6 4.152 71,517 509 2 4.895 -0.743 Deutsche Bank 7 4.627 76,667 508 5 4.876 -0.249 Barclays 7 3.318 57,158 342 7 2.912 0.406 HSBC 8 3.404 56,406 416 8 3.439 -0.035 UBS 8 3.134 53,987 298 8 2.807 0.327 BNP Paribas 9 3.132 51,895 389 9 3.023 0.109 Deutsche Bank 9 2.598 44,756 302 9 2.802 -0.204 Wells Fargo 10 2.909 48,199 387 11 2.767 0.142 Credit Suisse 10 2.474 42,618 269 10 2.771 -0.297 Mizuho Financial 11 2.898 48,016 499 10 2.943 -0.045 Wells Fargo 11 2.207 38,011 210 11 2.648 -0.441 Credit Suisse 12 2.834 46,952 365 12 2.351 0.483 BNP Paribas 12 2.045 35,222 233 14 1.859 0.186 RBC Capital Markets 13 2.410 39,925 311 13 2.209 0.201 Credit Agricole CIB 13 1.866 32,138 212 12 2.098 -0.232 Mitsubishi UFJ Financial Group Inc 14 2.304 38,176 305 14 1.874 0.430 RBC Capital Markets 14 1.527 26,313 194 16 1.467 0.060 Societe Generale 15 1.744 28,888 242 15 1.581 0.163 CITIC Securities Co Ltd 15 1.366 23,527 106 17 1.433 -0.067 Banco Santander 16 1.501 24,876 198 18 1.343 0.158 Societe Generale 16 1.219 20,999 153 19 1.257 -0.038 Sumitomo Mitsui Financial 17 1.419 23,509 303 16 1.580 -0.161 Mizuho Financial 17 1.156 19,920 230 21 1.044 0.112 Credit Agricole CIB 18 1.311 21,728 192 20 1.258 0.053 Bank of China 18 0.959 16,529 147 36 0.661 0.298 TD Securities 19 1.187 19,675 148 29 0.693 0.494 China Securities Co Ltd 19 0.898 15,476 96 13 1.927 -1.029 UBS 20 0.960 15,907 153 19 1.293 -0.333 Intesa Sanpaolo 20 0.895 15,415 56 24 0.989 -0.094 TOTAL 100% 1,656,845 5,019 100% TOTAL 100% 1,722,677 7,110 100%

Syndicated Government Bonds International Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 7.924 98,031 410 2 7.014 0.910 JP Morgan 1 8.024 257,566 1,582 1 8.153 -0.129 JP Morgan 2 6.799 84,115 507 3 6.967 -0.168 Citi 2 7.109 228,206 1,329 2 7.220 -0.111 HSBC 3 6.694 82,819 391 4 6.907 -0.213 Bank of America Merrill Lynch 3 6.641 213,190 1,144 5 6.415 0.226 Barclays 4 5.883 72,782 330 1 9.312 -3.429 HSBC 4 5.934 190,485 1,125 4 6.606 -0.672 Bank of America Merrill Lynch 5 5.215 64,515 305 6 4.909 0.306 Barclays 5 5.882 188,806 1,053 3 7.021 -1.139 Deutsche Bank 6 4.807 59,467 285 5 5.501 -0.694 Goldman Sachs 6 5.813 186,604 900 6 5.597 0.216 Goldman Sachs 7 4.617 57,124 177 8 4.592 0.025 Deutsche Bank 7 4.979 159,822 904 7 5.203 -0.224 TD Securities 8 4.123 51,015 491 7 4.877 -0.754 Morgan Stanley 8 4.336 139,183 726 9 3.734 0.602 BNP Paribas 9 4.105 50,789 228 10 3.833 0.272 BNP Paribas 9 4.081 130,996 793 8 4.003 0.078 Nomura 10 3.563 44,076 340 9 3.970 -0.407 Credit Suisse 10 2.459 78,951 549 11 2.551 -0.092 Morgan Stanley 11 2.469 30,542 421 11 2.501 -0.032 Societe Generale 11 2.385 76,576 467 13 2.217 0.168 UniCredit 12 2.454 30,356 107 14 1.980 0.474 Credit Agricole CIB 12 2.332 74,852 514 10 2.640 -0.308 Societe Generale 13 2.443 30,225 99 15 1.956 0.487 RBC Capital Markets 13 1.946 62,464 407 14 1.983 -0.037 RBC Capital Markets 14 2.427 30,024 212 13 2.228 0.199 Wells Fargo 14 1.936 62,164 460 12 2.374 -0.438 Credit Agricole CIB 15 1.996 24,699 140 12 2.308 -0.312 UniCredit 15 1.813 58,196 319 15 1.968 -0.155 BMO Capital Markets 16 1.586 19,626 74 20 1.345 0.241 UBS 16 1.791 57,498 334 16 1.835 -0.044 Commerzbank 17 1.475 18,253 72 24 0.962 0.513 TD Securities 17 1.552 49,833 291 17 1.796 -0.244 NatWest Markets 18 1.440 17,821 74 - - 1.440 Mizuho Financial 18 1.526 48,998 453 18 1.562 -0.036 Mizuho Financial 19 1.427 17,654 249 26 0.874 0.553 Mitsubishi UFJ Financial Group Inc 19 1.431 45,932 345 22 1.239 0.192 Wells Fargo 20 1.324 16,385 310 16 1.737 -0.413 NatWest Markets 20 1.372 44,032 250 - - 1.372 TOTAL 100% 1,237,204 5,182 100% TOTAL 100% 3,210,129 7,747 100%

Bloomberg League Table Reports Page 2 Bloomberg Global Fixed Income | 1st 3Q 2017

Global Bonds Corporate High Yield Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 11.444 99,832 478 1 11.294 0.150 JP Morgan 1 8.136 35,398 312 5 6.344 1.792 Bank of America Merrill Lynch 2 10.590 92,376 431 2 9.275 1.315 Goldman Sachs 2 6.502 28,287 224 4 6.443 0.059 Citi 3 9.790 85,403 384 3 9.217 0.573 Morgan Stanley 3 6.490 28,235 205 9 3.566 2.924 Goldman Sachs 4 8.160 71,183 296 5 6.942 1.218 Bank of America Merrill Lynch 4 6.323 27,511 260 1 7.040 -0.717 Morgan Stanley 5 7.100 61,931 239 7 5.707 1.393 Barclays 5 6.172 26,852 216 6 5.649 0.523 Barclays 6 6.645 57,963 277 4 8.896 -2.251 Credit Suisse 6 5.563 24,203 201 7 4.824 0.739 Deutsche Bank 7 4.568 39,844 183 9 4.847 -0.279 Citi 7 5.443 23,683 249 3 6.626 -1.183 HSBC 8 4.477 39,052 130 6 6.330 -1.853 Deutsche Bank 8 4.854 21,119 208 2 6.654 -1.800 Wells Fargo 9 4.263 37,184 253 8 5.044 -0.781 Wells Fargo 9 3.277 14,257 141 11 2.654 0.623 TD Securities 10 3.745 32,666 120 10 3.676 0.069 RBC Capital Markets 10 2.615 11,376 113 15 2.042 0.573 RBC Capital Markets 11 3.315 28,914 140 11 3.184 0.131 HSBC 11 2.607 11,343 124 13 2.505 0.102 Mitsubishi UFJ Financial Group Inc 12 2.437 21,257 137 16 1.604 0.833 UBS 12 1.977 8,603 87 12 2.608 -0.631 BNP Paribas 13 2.356 20,555 129 12 3.120 -0.764 BNP Paribas 13 1.748 7,605 81 16 1.557 0.191 Mizuho Financial 14 2.136 18,629 134 13 2.492 -0.356 Jefferies 14 1.624 7,067 45 28 0.860 0.764 Nomura 15 2.001 17,457 40 14 2.194 -0.193 CITIC Securities Co Ltd 15 1.556 6,768 14 14 2.348 -0.792 Credit Suisse 16 1.964 17,129 116 15 1.614 0.350 Sberbank CIB CJSC 16 1.467 6,384 30 55 0.277 1.190 BMO Capital Markets 17 1.407 12,277 35 18 1.000 0.407 Credit Agricole CIB 17 1.438 6,256 59 17 1.495 -0.057 US Bancorp 18 1.234 10,768 89 17 1.020 0.214 Societe Generale 18 1.265 5,506 65 22 1.005 0.260 Scotiabank 19 1.026 8,948 43 21 0.942 0.084 Haitong Securities Co Ltd 19 1.021 4,441 47 26 0.891 0.130 UBS 20 0.756 6,596 52 19 0.974 -0.218 BMO Capital Markets 20 0.991 4,313 47 44 0.423 0.568 TOTAL 100% 872,314 1,175 100% TOTAL 100% 435,064 1,090 100%

Global Green Bonds - Corporate & Government International Sukuk 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 6.519 5,102 37 8 3.951 2.568 HSBC 1 15.142 4,041 16 4 8.844 6.298 Credit Agricole CIB 2 6.294 4,926 33 2 6.566 -0.272 Standard Chartered Bank 2 9.296 2,481 14 1 17.712 -8.416 JP Morgan 3 6.016 4,709 38 3 6.275 -0.259 Citi 3 8.541 2,279 7 9 3.975 4.566 Bank of America Merrill Lynch 4 5.265 4,121 26 1 9.583 -4.318 Deutsche Bank 4 8.137 2,171 5 6 5.287 2.850 Citi 5 4.899 3,834 23 18 2.317 2.582 JP Morgan 5 8.072 2,154 6 8 4.652 3.420 BNP Paribas 6 4.662 3,649 26 17 2.335 2.327 First Abu Dhabi Bank PJSC 6 6.503 1,735 9 - - 6.503 Societe Generale 7 4.071 3,187 12 21 1.406 2.665 BNP Paribas 7 6.258 1,670 3 - - 6.258 Barclays 8 3.862 3,023 14 12 2.909 0.953 National Commercial Bank 8 5.621 1,500 2 - - 5.621 Natixis 9 3.775 2,954 17 51 0.281 3.494 Dubai Islamic Bank 9 5.543 1,479 10 2 10.433 -4.890 Morgan Stanley 10 3.243 2,538 13 31 0.680 2.563 Emirates NBD PJSC 10 4.660 1,244 13 5 7.579 -2.919 SEB 11 3.220 2,521 21 4 4.310 -1.090 Gulf International Bank BSC 11 2.879 768 4 17 1.232 1.647 CITIC Securities Co Ltd 12 2.880 2,254 20 11 3.073 -0.193 Mandiri Sekuritas PT 12 2.248 600 2 - - 2.248 Goldman Sachs 13 2.473 1,935 9 22 1.309 1.164 Maybank 13 1.587 424 3 10 3.014 -1.427 Banco Santander 14 2.258 1,767 11 27 1.083 1.175 Natixis 14 1.439 384 3 17 1.232 0.207 TD Securities 15 1.812 1,418 12 15 2.444 -0.632 Noor Bank 15 1.356 362 5 12 2.143 -0.787 Banco Bilbao Vizcaya Argentaria 16 1.807 1,415 7 28 1.027 0.780 QInvest LLC 16 1.218 325 4 24 0.731 0.487 Deutsche Bank 17 1.720 1,346 14 16 2.379 -0.659 alizz Islamic Bank SAOG 17 1.071 286 1 - - 1.071 RBC Capital Markets 18 1.711 1,339 10 49 0.338 1.373 Kuwait Finance House 18 0.995 265 4 22 0.776 0.219 Haitong Securities Co Ltd 19 1.677 1,312 9 9 3.891 -2.214 CIMB 19 0.937 250 1 3 10.186 -9.249 China Securities Co Ltd 20 1.653 1,294 11 20 1.679 -0.026 Goldman Sachs 20 0.853 228 2 - - 0.853 TOTAL 100% 78,267 222 100% TOTAL 100% 26,685 31 100%

Bloomberg League Table Reports Page 3 Bloomberg Global Fixed Income | 1st 3Q 2017

US Leveraged Finance: Quarterly Volume

US Leveraged Loans

US Fixed Income Review US High Yield Corporate Bonds 600 1st 3Q 2017 credited US Corporate Bonds volume increased 6.25% to USD 1.4 Trln while deal count increased 20.62% to 2,281 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 2.61% year-on-year to USD 1.1 400 n n

Trln while the deal count increased 15.96% to 1,700. US High Yield Corporate Bonds volume increased 23.86% year-on-year l l B B

to USD 235.8 Bln over 493 deals. D D S S U U JP Morgan ranked as the top US Corporate Bonds underwriter for 1st 3Q 2017 with 11.47% market share. The bank 200 underwrote 969 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 10.62% and

9.71% market share, respectively. 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ

US Corporate Bonds: Highlights of 1st 3Q 2017 Quarters

Top Underwriter Volume (USD US Corporate Bonds: Industry Breakdown Issuer Industry Mln) Date JP Morgan AT&T Inc Communications 5,000 07/27/2017 Number of deals 969 AT&T Inc Communications 5,000 07/27/2017 5% Financials 40% Volume (USD Mln) 161,032 Broadcom Corp / Broadcom Cayman Technology 4,800 01/11/2017 5% Avg Deal size (USD Mln) 166.2 Finance Ltd 5% Consumer Discretionary 10% AT&T Inc Communications 4,500 07/27/2017 6% Energy 8% Market Summary Microsoft Corp Technology 4,000 01/30/2017 40% Wells Fargo & Co Financials 3,750 01/17/2017 Number of deals 2,281 6% Communications 8% Wells Fargo & Co Financials 3,750 07/17/2017 Volume (USD Mln) 1,403,581 BAT Capital Corp Consumer Staples 3,500 08/08/2017 8% Technology 8% Avg Deal size (USD Mln) 615.3 Amazon.com Inc Consumer 3,500 08/15/2017 Consumer Staples 6% Discretionary 8% 10% Broadcom Corp / Broadcom Cayman Technology 3,500 01/11/2017 8% Utilities 6% Finance Ltd Health Care 5% Industrials 5% US Domestic Bonds: Quarterly Volume Materials 5%

Deal Count Other High Yield

Investment Grade 800 1,800 US Domestic Bonds: Spread to Benchmark

1,500 High Yield

600 Investment Grade 700 D D e e n n

a a 600

l l 600

1,000 l l B B C C

D D 400 o o s s u u t t S S n n n n U U i i t t

o o 400 p p

s s i i s s

500 a a

200 B B 200

0 2 3 4 5 6 7 0 0 1 2 1 3 1 4 1 5 1 6 1 7 0 1 0 1 0 1 0 1 0 1 0 1 22 33 44 55 66 77 2 0 2 0 2 0 2 0 2 0 2 0 11 11 11 11 11 11 2 2 2 2 2 2 00 00 00 00 00 00 33 33 33 33 33 33 22 22 22 22 22 22 Q Q Q Q Q Q 33 33 33 33 33 33 Q Q Q Q Q Q Quarters Quarters

Bloomberg League Table Reports Page 4 Bloomberg Global Fixed Income | 1st 3Q 2017

US Domestic Bonds US Agency Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 10.817 203,710 1,097 1 10.805 0.012 Barclays 1 10.483 26,025 149 1 12.161 -1.678 Citi 2 10.393 195,735 1,047 2 9.594 0.799 Citi 2 10.020 24,875 188 4 7.181 2.839 Bank of America Merrill Lynch 3 9.561 180,064 1,075 3 9.253 0.308 Nomura 3 9.421 23,389 211 3 7.300 2.121 Goldman Sachs 4 7.649 144,061 732 5 7.221 0.428 Wells Fargo 4 8.230 20,433 548 2 7.487 0.743 Morgan Stanley 5 6.818 128,399 929 9 5.613 1.205 TD Securities 5 7.115 17,663 203 5 6.810 0.305 Barclays 6 5.855 110,277 646 4 8.004 -2.149 JP Morgan 6 4.795 11,905 122 8 4.583 0.212 Wells Fargo 7 5.163 97,243 861 7 5.709 -0.546 HSBC 7 3.952 9,810 95 13 3.010 0.942 HSBC 8 4.479 84,354 418 8 5.671 -1.192 Jefferies 8 3.865 9,594 205 15 2.260 1.605 Deutsche Bank 9 4.109 77,380 470 6 5.771 -1.662 Morgan Stanley 9 3.470 8,613 453 11 3.389 0.081 RBC Capital Markets 10 2.936 55,292 362 12 2.662 0.274 Bank of America Merrill Lynch 10 3.054 7,582 171 10 3.598 -0.544 Credit Suisse 11 2.702 50,890 339 11 2.674 0.028 Daiwa Securities 11 2.961 7,351 170 14 2.410 0.551 TD Securities 12 2.337 44,014 263 10 2.749 -0.412 Mizuho Financial 12 2.912 7,230 134 28 0.684 2.228 BNP Paribas 13 2.327 43,829 244 13 2.609 -0.282 FTN Financial 13 2.767 6,869 334 7 5.236 -2.469 Mizuho Financial 14 2.221 41,833 376 15 2.106 0.115 INTL FCStone Inc 14 2.629 6,528 266 19 1.634 0.995 Mitsubishi UFJ Financial Group Inc 15 1.960 36,907 262 17 1.598 0.362 Incapital 15 2.564 6,365 424 12 3.085 -0.521 UBS 16 1.887 35,533 198 16 1.626 0.261 Bank of New York Mellon 16 2.552 6,336 248 23 1.179 1.373 Nomura 17 1.714 32,286 189 14 2.138 -0.424 Goldman Sachs 17 2.525 6,268 87 9 4.021 -1.496 US Bancorp 18 1.066 20,068 180 18 0.889 0.177 Stifel 18 1.792 4,450 298 16 2.065 -0.273 BMO Capital Markets 19 0.957 18,028 126 24 0.633 0.324 Loop Capital Markets LLC 19 1.629 4,043 44 29 0.658 0.971 Jefferies 20 0.808 15,212 144 30 0.368 0.440 Deutsche Bank 20 1.467 3,642 68 6 6.199 -4.732 TOTAL 100% 1,883,317 4,350 100% TOTAL 100% 248,256 3,622 100%

US Corporate Bonds US Dollar Foreign Issuer Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 11.473 161,032 969 1 11.764 -0.291 Citi 1 9.085 100,202 538 3 8.927 0.158 Bank of America Merrill Lynch 2 10.622 149,091 890 2 10.024 0.598 JP Morgan 2 8.929 98,482 499 1 9.476 -0.547 Citi 3 9.709 136,268 827 3 9.704 0.005 HSBC 3 8.053 88,824 471 2 9.114 -1.061 Goldman Sachs 4 8.477 118,982 650 4 7.835 0.642 Bank of America Merrill Lynch 4 6.672 73,596 382 4 7.714 -1.042 Morgan Stanley 5 8.120 113,964 623 5 6.756 1.364 Goldman Sachs 5 5.765 63,587 312 6 5.627 0.138 Wells Fargo 6 5.759 80,828 549 6 6.490 -0.731 Deutsche Bank 6 4.766 52,570 256 7 4.943 -0.177 Barclays 7 5.471 76,797 519 7 6.200 -0.729 Morgan Stanley 7 4.738 52,256 290 8 4.313 0.425 Deutsche Bank 8 3.951 55,454 379 8 5.233 -1.282 Barclays 8 4.407 48,605 242 5 5.827 -1.420 Credit Suisse 9 3.548 49,793 332 10 3.530 0.018 BNP Paribas 9 3.491 38,507 215 9 3.839 -0.348 HSBC 10 3.502 49,155 259 9 4.905 -1.403 UBS 10 2.778 30,642 166 13 2.389 0.389 RBC Capital Markets 11 3.271 45,905 339 11 2.884 0.387 Credit Suisse 11 2.589 28,556 186 10 2.926 -0.337 UBS 12 2.415 33,895 179 15 2.044 0.371 RBC Capital Markets 12 2.502 27,598 123 12 2.565 -0.063 Mitsubishi UFJ Financial Group Inc 13 2.407 33,782 256 14 2.136 0.271 TD Securities 13 2.263 24,958 79 11 2.883 -0.620 Mizuho Financial 14 2.258 31,694 261 12 2.596 -0.338 Standard Chartered Bank 14 2.190 24,153 196 15 1.764 0.426 BNP Paribas 15 1.970 27,655 200 13 2.294 -0.324 Nomura 15 1.606 17,715 89 14 1.911 -0.305 US Bancorp 16 1.430 20,068 180 16 1.254 0.176 Mizuho Financial 16 1.462 16,128 136 16 1.687 -0.225 TD Securities 17 1.191 16,710 121 19 0.946 0.245 Credit Agricole CIB 17 1.424 15,708 125 19 1.070 0.354 Societe Generale 18 0.924 12,972 106 21 0.836 0.088 Wells Fargo 18 1.396 15,397 118 21 1.022 0.374 Sumitomo Mitsui Financial 19 0.887 12,448 105 17 1.059 -0.172 BMO Capital Markets 19 1.366 15,063 75 22 1.022 0.344 SunTrust Robinson Humphrey 20 0.854 11,982 127 22 0.766 0.088 Mitsubishi UFJ Financial Group Inc 20 1.302 14,364 103 17 1.498 -0.196 TOTAL 100% 1,403,580 2,281 100% TOTAL 100% 1,102,971 2,301 100%

Bloomberg League Table Reports Page 5 Bloomberg Global Fixed Income | 1st 3Q 2017

US Investment Grade Corporate Bonds US High Yield Corporate Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 11.770 133,425 725 1 11.972 -0.202 JP Morgan 1 10.579 24,949 220 4 9.355 1.224 Bank of America Merrill Lynch 2 11.163 126,553 675 3 9.872 1.291 Bank of America Merrill Lynch 2 9.064 21,377 204 1 10.353 -1.289 Citi 3 10.168 115,262 630 2 9.876 0.292 Goldman Sachs 3 8.019 18,913 149 2 9.551 -1.532 Goldman Sachs 4 8.826 100,052 501 4 7.747 1.079 Barclays 4 7.585 17,889 149 5 8.692 -1.107 Morgan Stanley 5 8.224 93,224 466 5 7.132 1.092 Morgan Stanley 5 7.548 17,802 131 8 5.096 2.452 Wells Fargo 6 5.947 67,416 415 6 6.921 -0.974 Citi 6 7.333 17,294 177 3 9.499 -2.166 Barclays 7 5.153 58,421 370 7 5.882 -0.729 Credit Suisse 7 5.951 14,035 123 7 6.667 -0.716 Deutsche Bank 8 3.982 45,142 270 9 4.787 -0.805 Wells Fargo 8 5.671 13,374 134 9 4.592 1.079 HSBC 9 3.812 43,209 208 8 5.384 -1.572 RBC Capital Markets 9 4.431 10,450 98 10 3.467 0.964 Credit Suisse 10 3.102 35,161 207 10 3.080 0.022 Deutsche Bank 10 4.405 10,390 110 6 8.583 -4.178 RBC Capital Markets 11 3.080 34,913 233 12 2.831 0.249 Jefferies 11 2.663 6,280 34 16 1.462 1.201 Mitsubishi UFJ Financial Group Inc 12 2.772 31,428 226 14 2.365 0.407 BMO Capital Markets 12 1.724 4,066 43 20 0.740 0.984 Mizuho Financial 13 2.631 29,826 234 11 2.947 -0.316 UBS 13 1.696 3,999 36 11 2.217 -0.521 UBS 14 2.566 29,094 128 15 2.021 0.545 HSBC 14 1.627 3,838 40 12 2.155 -0.528 BNP Paribas 15 2.156 24,443 166 13 2.464 -0.308 SunTrust Robinson Humphrey 15 1.625 3,832 47 14 1.891 -0.266 US Bancorp 16 1.606 18,211 152 16 1.415 0.191 BNP Paribas 16 1.285 3,030 32 15 1.624 -0.339 TD Securities 17 1.334 15,120 102 18 1.071 0.263 Credit Agricole CIB 17 1.134 2,674 27 13 2.117 -0.983 Sumitomo Mitsui Financial 18 1.009 11,437 91 17 1.172 -0.163 Scotiabank 18 1.051 2,480 35 25 0.496 0.555 Societe Generale 19 0.956 10,839 82 19 0.926 0.030 Mitsubishi UFJ Financial Group Inc 19 0.956 2,254 29 17 1.106 -0.150 Banco Santander 20 0.912 10,344 53 20 0.795 0.117 Societe Generale 20 0.785 1,850 21 27 0.424 0.361 TOTAL 100% 1,133,630 1,700 100% TOTAL 100% 235,845 493 100%

US Dollar Preferreds 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 23.784 3,413 39 3 16.118 7.666 Wells Fargo 2 15.025 2,156 24 1 25.565 -10.540 Bank of America Merrill Lynch 3 12.794 1,836 27 2 24.797 -12.003 UBS 4 11.428 1,640 28 4 9.568 1.860 Stifel 5 8.352 1,198 25 9 1.886 6.466 RBC Capital Markets 6 7.583 1,088 17 7 2.951 4.632 JP Morgan 7 6.666 956 16 6 4.122 2.544 Citi 8 2.837 407 7 5 5.646 -2.809 BMO Capital Markets 9 1.721 247 5 23 0.182 1.539 Raymond James & Associates 10 1.604 230 5 10 1.239 0.365 Ladenburg Thalmann & Co 11 0.949 136 8 29 0.058 0.891 Sandler O'Neill & Partners 12 0.892 128 2 19 0.251 0.641 Jefferies 13 0.865 124 3 - - 0.865 Janney Montgomery Scott LLC 14 0.853 122 6 12 0.587 0.266 FBR Capital Markets Corp 15 0.768 110 5 14 0.499 0.269 Goldman Sachs 16 0.718 103 1 8 2.934 -2.216 Credit Suisse 16 0.718 103 1 11 0.633 0.085 William Blair & Co LLC 18 0.461 66 5 - - 0.461 BB&T 19 0.412 59 4 16 0.269 0.143 KeyBanc Capital Markets 20 0.261 38 1 - - 0.261 TOTAL 100% 14,348 81 100%

Bloomberg League Table Reports Page 6 Bloomberg Global Fixed Income | 1st 3Q 2017

Canada Corporate Bonds: Quarterly Volume

Deal Count Amount Canada Fixed Income Review 40 90 80 1st 3Q 2017 credited Canada Corporate Bonds volume increased 20.42% to CAD 83.0 Bln while deal count increased 30

28.24% to 168 offerings year-on-year. Canada Corporate Bonds - Bonus volume increased 20.42% year-on-year to CAD 60 D D e e n n a a l l l l B B

83.0 Bln while the deal count increased 28.24% to 168. Canada Government Bonds volume decreased 5.19% year-on-year C C

D D 20 o o u u S S 40 n n

to CAD 80.7 Bln over 382 deals. U U t t

TD Securities ranked as the top Canada Corporate Bonds underwriter for 1st 3Q 2017 with 20.15% market share. The bank 10 10 20 underwrote 78 deals over the period. RBC Capital Markets and CIBC ranked second and third with 20.08% and 17.00%

market share, respectively. 0 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ

Quarters

Canada Corporate Bonds Canada Corporate Bonds: Industry Breakdown 1st 3Q 2017 1st 3Q 2016 3% Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 5% Financials 45%

TD Securities 1 20.150 16,720 78 2 22.023 -1.873 5% Energy 16% RBC Capital Markets 2 20.085 16,665 88 1 26.288 -6.203 6% Consumer Discretionary 11% CIBC 3 16.996 14,103 70 3 18.126 -1.130 45% BMO Capital Markets 4 16.953 14,067 61 4 17.071 -0.118 9% Utilities 9% Scotiabank 5 11.325 9,397 44 5 7.152 4.173 Communications 6% National Bank Financial Inc 6 3.555 2,950 16 6 4.139 -0.584 11% HSBC 7 2.998 2,488 6 11 0.484 2.514 Consumer Staples 5% Bank of America Merrill Lynch 8 2.872 2,383 9 7 1.862 1.010 16% Industrials 5% Desjardins Capital Markets 9 1.406 1,167 5 10 0.544 0.862 Laurentian Bank of Canada 10 1.226 1,017 4 8 0.726 0.500 Others 3% TOTAL 100% 82,975 168 100%

Canada Government Bonds Canada Corporate Bonds: Manager Rankings History

1st 3Q 2017 1st 3Q 2016 2017 2016 2015 30 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

National Bank Financial Inc 1 23.865 19,269 85 1 24.370 -0.505 % ( 20 e r

TD Securities 2 20.896 16,872 165 2 17.057 3.839 a h S

RBC Capital Markets 3 17.962 14,502 80 3 15.670 2.292 t e k r 10 BMO Capital Markets 4 13.547 10,938 18 5 13.124 0.423 a M CIBC 5 13.118 10,592 54 6 12.935 0.183

Scotiabank 6 8.793 7,100 16 4 15.033 -6.240 0 s s s k c e t C t n n Desjardins Capital Markets 7 0.518 418 7 7 0.826 -0.308 ti e IB e a I ri rk rk b l u a C a a ia c ti c e M M o n HSBC 8 0.504 407 3 10 0.176 0.328 l l c a S ta ta n D i i S i T p p F a a k Bank of America Merrill Lynch 9 0.454 367 2 10 0.176 0.278 C C n a C O B B M l R B a Laurentian Bank of Canada 10 0.257 207 21 8 0.359 -0.102 n o ti a TOTAL 100% 80,741 382 100% N

Bloomberg League Table Reports Page 7 Bloomberg Global Fixed Income | 1st 3Q 2017

Latin American Bonds: Quarterly Volume

Deal Count Amount Latin America Fixed Income Review 80 400 1st 3Q 2017 credited Latin American Bonds volume increased 10.76% to USD 131.0 Bln while deal count increased 44.81% 60 300

to 488 offerings year-on-year. Latin American Local Currency Bonds volume increased 69.02% year-on-year to USD 40.7 D D e e n n a a l l l l B B

Bln while the deal count increased 54.19% to 589. Brazilian Domestic Bonds volume increased 72.97% year-on-year to BRL C C

D D 40 200 o o u u S S n n

47.4 Bln over 168 deals. U U t t Citi ranked as the top Latin American Bonds underwriter for 1st 3Q 2017 with 12.77% market share. The bank underwrote 71 20 100 deals over the period. JP Morgan and HSBC ranked second and third with 11.21% and 10.88% market share, respectively.

0 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ

Quarters

Latin American Bonds Latin American Bonds: Industry Breakdown 1st 3Q 2017 1st 3Q 2016 6% Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Government 39% Citi 1 12.775 16,733 71 2 10.157 2.618 6% Energy 18% JP Morgan 2 11.210 14,684 59 1 11.913 -0.703 6% Financials 12% 39% HSBC 3 10.876 14,246 57 5 8.285 2.591 6% Banco Santander 4 7.994 10,471 96 3 9.889 -1.895 Materials 7% Banco Itau BBA 5 7.083 9,277 77 14 1.978 5.105 7% Consumer Discretionary 6% Bank of America Merrill Lynch 6 6.812 8,922 37 4 9.365 -2.553 Banco Bilbao Vizcaya Argentaria 7 5.512 7,220 64 6 7.281 -1.769 12% Industrials 6% Morgan Stanley 8 4.818 6,311 30 11 3.315 1.503 18% Utilities 6% Bradesco BBI SA 9 4.192 5,490 48 9 3.945 0.247 Deutsche Bank 10 4.028 5,276 15 7 5.563 -1.535 Others 6% TOTAL 100% 130,983 488 100%

Latin American Local Currency Bonds Latin American Bonds: Manager Rankings History

1st 3Q 2017 1st 3Q 2016 2017 2016 2015 15 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

Banco Itau BBA 1 14.526 5,909 58 5 5.003 9.523 % ( 10 e r

Banco Santander 2 11.132 4,528 67 2 10.071 1.061 a h S

Bradesco BBI SA 3 8.269 3,364 37 1 15.618 -7.349 t e k r 5 Banco Bilbao Vizcaya Argentaria 4 7.068 2,875 51 3 8.148 -1.080 a M Citi 5 6.449 2,623 49 7 3.880 2.569

HSBC 6 5.933 2,413 38 11 2.642 3.291 0 i r it n C e A h a B d B c Scotiabank 7 4.349 1,769 21 23 1.461 2.888 C rg n n o S a B y H t u L M n ta ll P a I ri JP Morgan 8 4.253 1,730 78 4 5.850 -1.597 J S o r o c e c n M n a a Actinver Casa de Bolsa SA de CV 9 3.134 1,275 27 8 3.464 -0.330 a B c B ri e m A Bank of America Merrill Lynch 10 3.090 1,257 4 10 2.969 0.121 f o k n TOTAL 100% 40,678 589 100% a B

Bloomberg League Table Reports Page 8 Bloomberg Global Fixed Income | 1st 3Q 2017

EMEA Fixed Income Review 1st 3Q 2017 credited European Corporate & Financial Bonds volume increased 1.83% to EUR 933.6 Bln while deal count increased 5.58% to 3,819 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume increased 3.85% year-on-year to EUR 275.3 Bln while the deal count increased 6.32% to 572. $TABLE3 volume $VOLUME_CHANGE_DIR3 $VOLUME_CHANGE_PERC3 year-on-year to $VOLUME_CURRENT3 over $DEAL_COUNT_CURRENT3 deals. HSBC ranked as the top European Corporate & Financial Bonds underwriter for 1st 3Q 2017 with 5.95% market share. The bank underwrote 376 deals over the period. Barclays and Deutsche Bank ranked second and third with 5.95% and 5.41% market share, respectively.

European Corporate & Financial Bonds: Highlights of 1st 3Q 2017

Top Underwriter Volume (EUR European Corporate & Financial Bonds: Industry Breakdown Issuer Industry Mln) Date HSBC Banca Monte dei Paschi di Siena SpA Financials 4,268 03/10/2017 Number of deals 376 BAT Capital Corp Consumer Staples 3,500 08/08/2017 Financials 63% Volume (EUR Mln) 55,586 HSBC Holdings PLC Financials 3,000 05/15/2017 Avg Deal size (EUR Mln) 147.8 Rosneft Oil Co PJSC Energy 2,949 07/26/2017 18% Consumer Discretionary 9% Volkswagen International Finance NV Consumer 2,695 03/23/2017 Discretionary Industrials 5% Market Summary 5% Volkswagen International Finance NV Consumer 2,695 03/23/2017 Consumer Staples 5% Number of deals 3,819 Discretionary 5% Volume (EUR Mln) 933,620 BAT Capital Corp Consumer Staples 2,500 08/08/2017 63% Others 18% 9% Avg Deal size (EUR Mln) 244.5 BAT Capital Corp Consumer Staples 2,500 08/08/2017 BAT Capital Corp Consumer Staples 2,500 08/08/2017 Reckitt Benckiser Treasury Services Consumer Staples 2,500 06/21/2017 PLC

European Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade 600 2,500 European Corporate & Financial Bonds: Spread to Benchmark

500 High Yield 2,000 Investment Grade 400 800 D D

1,500 e e n n a a l l l l B B C C 600 R R 300 o o s s u u t t U U n n n n E E i i t t

1,000 o o p p 400 s s

200 i i s s a a B B 500 200 100

Bloomberg League Table Reports Page 9 Bloomberg Global Fixed Income | 1st 3Q 2017

European Bonds Western European Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 6.345 87,525 488 1 7.338 -0.993 HSBC 1 6.454 85,838 477 1 7.289 -0.835 Barclays 2 6.169 85,092 450 2 6.624 -0.455 Barclays 2 6.266 83,338 437 2 6.671 -0.405 BNP Paribas 3 5.190 71,592 401 4 5.236 -0.046 BNP Paribas 3 5.503 73,192 394 3 5.591 -0.088 Deutsche Bank 4 5.102 70,380 446 3 5.258 -0.156 Deutsche Bank 4 5.066 67,386 427 4 5.227 -0.161 Citi 5 4.662 64,306 380 6 4.491 0.171 Citi 5 4.547 60,474 352 5 4.302 0.245 JP Morgan 6 4.564 62,957 407 5 4.550 0.014 JP Morgan 6 4.332 57,623 372 6 4.273 0.059 Goldman Sachs 7 4.025 55,522 284 7 3.970 0.055 Goldman Sachs 7 3.990 53,065 269 9 3.899 0.091 Societe Generale 8 3.822 52,721 339 10 3.527 0.295 Bank of America Merrill Lynch 8 3.841 51,090 279 11 3.055 0.786 Bank of America Merrill Lynch 9 3.716 51,260 281 11 3.043 0.673 Societe Generale 9 3.731 49,629 303 10 3.321 0.410 Credit Agricole CIB 10 3.480 48,005 297 8 3.962 -0.482 Credit Agricole CIB 10 3.587 47,702 294 8 3.972 -0.385 UniCredit 11 3.263 45,005 314 9 3.668 -0.405 UniCredit 11 3.482 46,314 280 7 4.073 -0.591 Credit Suisse 12 2.676 36,914 261 12 2.824 -0.148 Credit Suisse 12 2.734 36,361 254 13 2.834 -0.100 UBS 13 2.588 35,698 199 14 2.464 0.124 NatWest Markets 13 2.658 35,347 222 - - 2.658 NatWest Markets 14 2.563 35,347 222 - - 2.563 UBS 14 2.595 34,515 187 14 2.541 0.054 Morgan Stanley 15 2.376 32,770 207 13 2.504 -0.128 Morgan Stanley 15 2.436 32,403 204 15 2.525 -0.089 Banco Santander 16 2.078 28,668 199 16 2.151 -0.073 Banco Santander 16 2.188 29,101 194 12 2.842 -0.654 Commerzbank 17 1.925 26,555 203 18 1.928 -0.003 Commerzbank 17 1.933 25,708 191 18 1.916 0.017 Natixis 18 1.732 23,891 183 17 2.134 -0.402 Intesa Sanpaolo 18 1.841 24,480 99 19 1.885 -0.044 Intesa Sanpaolo 19 1.715 23,658 104 21 1.656 0.059 Natixis 19 1.796 23,891 183 17 2.115 -0.319 Nordea 20 1.484 20,472 301 27 1.075 0.409 Nordea 20 1.539 20,472 301 27 1.084 0.455 TOTAL 100% 1,379,325 5,069 100% TOTAL 100% 1,330,030 4,804 100%

Eastern European Bonds Western European Corporate High Yield Bonds - Risk 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) VTB Capital 1 11.803 9,238 59 1 19.349 -7.546 JP Morgan 1 9.173 5,907 62 7 4.828 4.345 Sberbank CIB CJSC 2 11.762 9,206 48 7 4.850 6.912 Goldman Sachs 2 7.093 4,568 45 3 8.166 -1.073 Gazprombank 3 7.969 6,237 47 5 6.102 1.867 Barclays 3 6.627 4,268 42 4 7.272 -0.645 JP Morgan 4 7.585 5,937 34 2 8.601 -1.016 Credit Suisse 4 6.599 4,250 47 8 4.773 1.826 Raiffeisen Bank International Group 5 5.037 3,943 35 8 4.230 0.807 Deutsche Bank 5 6.114 3,937 50 2 10.971 -4.857 BNP Paribas 6 4.496 3,519 15 13 2.633 1.863 Citi 6 5.414 3,487 38 1 12.604 -7.190 Societe Generale 7 4.296 3,362 36 3 6.359 -2.063 Morgan Stanley 7 5.129 3,303 26 12 2.459 2.670 UniCredit 8 3.779 2,957 41 4 6.230 -2.451 BNP Paribas 8 4.946 3,185 39 9 4.763 0.183 Citi 9 3.742 2,928 20 6 6.082 -2.340 HSBC 9 4.668 3,006 38 6 5.223 -0.555 Goldman Sachs 10 3.566 2,791 15 12 2.915 0.651 Bank of America Merrill Lynch 10 3.634 2,340 23 5 5.593 -1.959 Deutsche Bank 11 3.221 2,521 15 10 3.032 0.189 Credit Agricole CIB 11 3.327 2,143 24 11 2.930 0.397 ING Groep 12 2.691 2,107 18 14 2.321 0.370 Societe Generale 12 3.139 2,021 27 14 2.302 0.837 Barclays 13 2.433 1,905 13 9 3.960 -1.527 NatWest Markets 13 2.937 1,891 27 - - 2.937 HSBC 14 2.334 1,827 11 11 2.942 -0.608 UBS 14 2.573 1,657 18 23 0.836 1.737 Sovcombank ICB JSC 15 2.139 1,674 30 17 1.807 0.332 ING Groep 15 2.558 1,647 22 10 3.673 -1.115 Otkritie Financial Corp JSC 16 2.017 1,578 12 21 0.791 1.226 UniCredit 16 2.338 1,506 21 13 2.433 -0.095 Erste Group Bank 17 1.836 1,437 18 15 2.315 -0.479 Banco Santander 17 1.482 955 14 22 0.943 0.539 PKO Bank Polski SA 18 1.601 1,253 10 23 0.750 0.851 Nordea 18 1.431 921 11 18 1.257 0.174 Commerzbank 19 1.191 932 12 22 0.781 0.410 Intesa Sanpaolo 19 1.330 857 10 17 1.853 -0.523 Rosselkhozbank OJSC 20 1.091 854 9 43 0.137 0.954 Lloyds Bank 20 1.133 730 13 26 0.773 0.360 TOTAL 100% 78,267 284 100% TOTAL 100% 64,399 175 100%

Bloomberg League Table Reports Page 10 Bloomberg Global Fixed Income | 1st 3Q 2017

EMEA Corporate Investment Grade Bonds (inc EM) EMEA Corporate High Yield Bonds (inc EM) - Risk 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays 1 8.077 22,237 160 3 6.494 1.583 JP Morgan 1 8.075 7,056 72 4 6.204 1.871 BNP Paribas 2 8.030 22,108 154 1 7.637 0.393 Morgan Stanley 2 6.301 5,506 31 14 2.456 3.845 HSBC 3 6.701 18,448 148 4 6.172 0.529 Sberbank CIB CJSC 3 6.209 5,426 27 20 1.235 4.974 Deutsche Bank 4 6.688 18,413 118 2 7.174 -0.486 Goldman Sachs 4 6.028 5,268 52 3 6.698 -0.670 Citi 5 5.262 14,487 115 6 5.540 -0.278 Deutsche Bank 5 5.194 4,539 56 2 8.653 -3.459 Societe Generale 6 4.976 13,700 109 7 4.978 -0.002 Credit Suisse 6 5.098 4,455 50 9 3.857 1.241 JP Morgan 7 4.659 12,826 102 8 4.398 0.261 Barclays 7 4.974 4,347 43 5 6.006 -1.032 Bank of America Merrill Lynch 8 4.339 11,945 97 5 5.907 -1.568 Citi 8 4.615 4,033 45 1 11.240 -6.625 Goldman Sachs 9 4.335 11,935 81 11 3.201 1.134 HSBC 9 3.950 3,452 43 7 4.451 -0.501 UniCredit 10 3.709 10,212 75 9 3.808 -0.099 BNP Paribas 10 3.741 3,269 40 8 4.152 -0.411 Credit Agricole CIB 11 3.359 9,249 75 10 3.607 -0.248 Societe Generale 11 3.125 2,731 42 12 2.964 0.161 Banco Santander 12 3.334 9,180 78 12 3.133 0.201 Bank of America Merrill Lynch 12 2.933 2,563 25 6 4.806 -1.873 NatWest Markets 13 2.657 7,316 71 - - 2.657 ING Groep 13 2.866 2,504 29 11 3.537 -0.671 Mizuho Financial 14 2.572 7,080 69 20 1.653 0.919 UBS 14 2.603 2,275 23 25 0.826 1.777 Mitsubishi UFJ Financial Group Inc 15 2.477 6,819 60 16 2.547 -0.070 Credit Agricole CIB 15 2.501 2,186 25 15 2.311 0.190 Morgan Stanley 16 2.468 6,794 51 15 2.886 -0.418 UniCredit 16 2.222 1,942 31 10 3.582 -1.360 Commerzbank 17 2.457 6,765 62 17 2.228 0.229 NatWest Markets 17 2.164 1,891 27 - - 2.164 Credit Suisse 18 2.171 5,976 37 18 2.193 -0.022 VTB Capital 18 2.096 1,832 30 13 2.905 -0.809 Natixis 19 1.817 5,003 45 26 0.869 0.948 Gazprombank 19 2.007 1,754 25 16 2.100 -0.093 Banco Bilbao Vizcaya Argentaria 20 1.803 4,964 40 24 1.275 0.528 Nordea 20 1.154 1,009 12 22 0.992 0.162 TOTAL 100% 275,305 572 100% TOTAL 100% 87,387 269 100%

Euro Currency Bonds Euro & Sterling Corporate & Financial Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas 1 6.644 69,212 361 1 6.103 0.541 Barclays 1 6.624 50,107 334 3 5.455 1.169 Barclays 2 5.906 61,526 317 2 6.075 -0.169 BNP Paribas 2 6.493 49,116 325 1 6.083 0.410 HSBC 3 5.814 60,567 335 3 6.070 -0.256 Deutsche Bank 3 5.694 43,071 295 4 5.410 0.284 Deutsche Bank 4 5.563 57,954 341 5 5.318 0.245 HSBC 4 5.674 42,920 331 2 5.824 -0.150 Societe Generale 5 5.179 53,958 296 8 4.899 0.280 Credit Agricole CIB 5 4.228 31,978 217 6 4.781 -0.553 Goldman Sachs 6 5.138 53,525 237 10 4.128 1.010 Societe Generale 6 4.009 30,327 228 7 3.942 0.067 UniCredit 7 4.810 50,105 291 6 5.073 -0.263 Goldman Sachs 7 3.932 29,746 183 12 3.307 0.625 JP Morgan 8 4.792 49,918 279 7 4.908 -0.116 JP Morgan 8 3.811 28,829 239 9 3.716 0.095 Credit Agricole CIB 9 4.665 48,595 274 4 5.707 -1.042 UniCredit 9 3.753 28,387 206 5 5.033 -1.280 Bank of America Merrill Lynch 10 4.416 46,007 213 11 3.570 0.846 Bank of America Merrill Lynch 10 3.697 27,963 175 11 3.595 0.102 Citi 11 4.279 44,574 242 9 4.202 0.077 Citi 11 3.131 23,685 212 10 3.658 -0.527 Commerzbank 12 2.925 30,472 205 13 2.807 0.118 NatWest Markets 12 2.711 20,509 172 - - 2.711 Morgan Stanley 13 2.508 26,125 128 16 2.113 0.395 Morgan Stanley 13 2.682 20,288 124 21 1.918 0.764 Natixis 14 2.413 25,137 176 12 2.934 -0.521 Banco Santander 14 2.674 20,226 158 8 3.843 -1.169 Landesbank Baden-Wuerttemberg 15 2.198 22,895 166 14 2.609 -0.411 Credit Suisse 15 2.450 18,530 125 14 2.688 -0.238 NatWest Markets 16 2.149 22,385 123 - - 2.149 Natixis 16 2.332 17,642 142 15 2.650 -0.318 Banco Santander 17 2.057 21,433 144 15 2.239 -0.182 Intesa Sanpaolo 17 2.272 17,185 88 13 2.917 -0.645 Intesa Sanpaolo 18 2.032 21,167 89 20 1.833 0.199 Commerzbank 18 2.155 16,304 156 16 2.545 -0.390 ING Groep 19 1.952 20,332 147 18 1.961 -0.009 ING Groep 19 2.015 15,243 131 19 2.304 -0.289 Banco Bilbao Vizcaya Argentaria 20 1.449 15,096 88 24 1.316 0.133 UBS 20 1.875 14,182 93 17 2.407 -0.532 TOTAL 100% 1,041,788 2,623 100% TOTAL 100% 756,417 2,140 100%

Bloomberg League Table Reports Page 11 Bloomberg Global Fixed Income | 1st 3Q 2017

Sterling Bonds Swiss Franc Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CHF Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays 1 15.498 16,408 118 2 15.202 0.296 Credit Suisse 1 26.371 10,988 105 1 28.545 -2.174 HSBC 2 13.222 13,998 116 1 15.886 -2.664 UBS 2 21.735 9,057 87 2 21.970 -0.235 NatWest Markets 3 9.656 10,223 93 - - 9.656 Schweizerische Kantonalbanken 3 12.661 5,276 22 3 11.513 1.148 RBC Capital Markets 4 6.054 6,410 55 5 5.730 0.324 Zuercher Kantonalbank 4 9.215 3,840 43 4 9.179 0.036 Deutsche Bank 5 5.789 6,129 42 7 4.408 1.381 Raiffeisen Switzerland 5 5.923 2,468 33 5 9.088 -3.165 Citi 6 4.874 5,160 48 4 5.766 -0.892 BNP Paribas 6 4.789 1,995 21 7 2.694 2.095 JP Morgan 7 4.570 4,838 47 11 3.752 0.818 Deutsche Bank 7 4.020 1,675 15 6 3.588 0.432 Lloyds Bank 8 4.376 4,633 55 8 4.013 0.363 HSBC 8 1.980 825 5 13 0.741 1.239 Bank of America Merrill Lynch 9 4.326 4,580 38 6 4.920 -0.594 Basler Kantonalbank 9 1.894 789 7 15 0.621 1.273 Banco Santander 10 4.006 4,242 31 10 3.760 0.246 Aargauische Kantonalbank 10 1.296 540 3 9 1.676 -0.380 Credit Suisse 11 3.875 4,102 36 16 2.301 1.574 Citi 11 1.140 475 1 22 0.258 0.882 Morgan Stanley 12 3.244 3,435 17 13 3.126 0.118 Commerzbank 12 0.988 412 5 8 1.837 -0.849 Nomura 13 2.587 2,738 20 9 3.911 -1.324 Luzerner Kantonalbank 13 0.960 400 1 11 1.134 -0.174 Goldman Sachs 14 2.546 2,696 23 15 2.659 -0.113 Vontobel Holding AG 14 0.880 367 6 20 0.412 0.468 TD Securities 15 2.118 2,243 26 12 3.269 -1.151 Thurgauer Kantonalbank 15 0.720 300 2 14 0.644 0.076 BNP Paribas 16 2.040 2,160 31 14 2.864 -0.824 Cie Financiere Tradition SA 16 0.678 283 35 29 0.165 0.513 Scotiabank 17 1.361 1,441 11 19 1.040 0.321 JP Morgan 17 0.660 275 2 16 0.516 0.144 UBS 18 1.208 1,279 9 17 1.625 -0.417 VTB Capital 17 0.660 275 2 - - 0.660 Mitsubishi UFJ Financial Group Inc 19 0.789 835 11 41 0.086 0.703 St Galler Kantonalbank 19 0.612 255 1 - - 0.612 Commerzbank 20 0.625 662 8 21 0.449 0.176 Banque Cantonale de Fribourg 20 0.480 200 1 18 0.438 0.042 TOTAL 100% 105,872 338 100% TOTAL 100% 41,668 254 100%

Swedish Krona Bonds Sub-Sahara Africa Currency Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (SEK Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Nordea 1 20.614 56,561 111 1 21.843 -1.229 Standard Bank of South Africa 1 34.695 3,687 75 4 10.897 23.798 Danske Bank 2 20.265 55,605 117 4 15.864 4.401 Barclays 2 18.050 1,918 32 8 5.406 12.644 SEB 3 17.651 48,432 85 2 20.228 -2.577 FirstRand Ltd 3 15.293 1,625 36 2 12.541 2.752 Swedbank 4 13.954 38,286 88 3 17.719 -3.765 Nedbank Ltd 4 7.886 838 23 1 16.262 -8.376 Svenska Handelsbanken 5 9.437 25,895 67 5 14.499 -5.062 Strategic African Securities Ltd 5 6.448 685 6 - - 6.448 DNB ASA 6 5.273 14,469 28 6 4.171 1.102 Investec 6 5.202 553 11 7 5.547 -0.345 ABG Sundal Collier Asa 7 1.496 4,105 11 8 0.857 0.639 JP Morgan 7 2.047 217 10 3 11.905 -9.858 HSBC 8 1.276 3,500 4 - - 1.276 Daiwa Securities 8 1.421 151 5 5 7.735 -6.314 Carnegie 9 1.175 3,225 11 9 0.835 0.340 RBC Capital Markets 9 1.305 139 6 10 2.411 -1.106 JP Morgan 10 0.975 2,675 8 10 0.771 0.204 Steinhoff Services Ltd 10 0.990 105 2 - - 0.990 Pareto Securities 11 0.916 2,514 8 7 1.208 -0.292 Telkom SA SOC Ltd 11 0.723 77 4 - - 0.723 Barclays 12 0.885 2,429 3 - - 0.885 BNP Paribas 12 0.678 72 6 17 0.920 -0.242 Credit Agricole CIB 13 0.849 2,330 4 13 0.381 0.468 FBN Holdings PLC 13 0.507 54 2 - - 0.507 Goldman Sachs 14 0.823 2,259 5 - - 0.823 Unity Bank PLC 14 0.373 40 1 - - 0.373 Bank of America Merrill Lynch 15 0.790 2,169 5 - - 0.790 Guaranty Trust Bank 14 0.373 40 1 - - 0.373 Arctic Securities 16 0.726 1,992 8 14 0.300 0.426 Zenith Bank Plc 14 0.373 40 1 - - 0.373 Citi 17 0.642 1,762 3 - - 0.642 Jaiz Bank PLC 14 0.373 40 1 - - 0.373 BNP Paribas 18 0.521 1,429 4 - - 0.521 Sterling Bank PLC 14 0.373 40 1 - - 0.373 Nomura 19 0.445 1,220 4 - - 0.445 Goldman Sachs 19 0.370 39 1 - - 0.370 Daiwa Securities 20 0.401 1,100 3 - - 0.401 Deutsche Bank 20 0.364 39 1 19 0.841 -0.477 TOTAL 100% 274,384 456 100% TOTAL 100% 10,626 218 100%

Bloomberg League Table Reports Page 12 Bloomberg Global Fixed Income | 1st 3Q 2017

CEEMEA Bonds MENA Bonds & Sukuk 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 9.278 20,178 91 2 7.291 1.987 JP Morgan 1 15.163 11,779 40 1 9.160 6.003 Citi 2 8.547 18,589 86 1 7.548 0.999 HSBC 2 12.248 9,514 41 2 8.496 3.752 HSBC 3 6.776 14,737 71 4 5.979 0.797 Citi 3 9.970 7,745 29 4 7.592 2.378 BNP Paribas 4 4.681 10,180 46 7 3.280 1.401 Standard Chartered Bank 4 6.358 4,939 28 3 8.116 -1.758 VTB Capital 5 4.503 9,794 62 3 6.528 -2.025 BNP Paribas 5 5.543 4,306 19 18 1.648 3.895 Sberbank CIB CJSC 6 4.233 9,206 48 17 1.651 2.582 Deutsche Bank 6 4.973 3,863 9 11 3.173 1.800 Deutsche Bank 7 3.958 8,609 34 11 2.490 1.468 Gulf International Bank BSC 7 4.451 3,457 8 19 1.608 2.843 Standard Chartered Bank 8 3.854 8,381 48 8 2.969 0.885 Goldman Sachs 8 3.659 2,842 8 35 0.427 3.232 Goldman Sachs 9 3.760 8,178 34 16 1.868 1.892 Mitsubishi UFJ Financial Group Inc 9 3.614 2,807 10 7 4.691 -1.077 Barclays 10 3.211 6,983 57 5 5.002 -1.791 Natixis 10 3.087 2,398 11 17 1.754 1.333 Gazprombank 11 2.868 6,237 47 13 2.077 0.791 Morgan Stanley 11 2.961 2,300 3 23 0.740 2.221 Societe Generale 12 2.203 4,792 50 10 2.699 -0.496 First Abu Dhabi Bank PJSC 12 2.679 2,081 18 - - 2.679 Raiffeisen Bank International Group 13 1.928 4,193 36 20 1.440 0.488 National Commercial Bank 13 2.106 1,636 3 41 0.292 1.814 UniCredit 14 1.824 3,968 45 9 2.932 -1.108 NBK Capital 14 1.949 1,514 4 - - 1.949 Mitsubishi UFJ Financial Group Inc 15 1.738 3,780 16 18 1.580 0.158 Barclays 15 1.846 1,434 16 9 3.495 -1.649 Gulf International Bank BSC 16 1.590 3,457 8 44 0.466 1.124 Emirates NBD PJSC 16 1.813 1,408 15 8 3.793 -1.980 Standard Bank of South Africa 17 1.431 3,113 56 35 0.641 0.790 Qatar National Bank 17 1.395 1,083 2 12 2.963 -1.568 Natixis 18 1.421 3,091 15 27 0.928 0.493 Credit Agricole CIB 18 1.290 1,002 15 14 2.256 -0.966 ING Groep 19 1.346 2,927 25 25 1.044 0.302 E.Sun Financial Holding Co Ltd 19 1.184 920 4 69 0.017 1.167 Bank of America Merrill Lynch 20 1.314 2,858 21 6 3.984 -2.670 Dubai Islamic Bank 20 1.167 906 8 13 2.732 -1.565 TOTAL 100% 217,489 784 100% TOTAL 100% 77,677 156 100%

Africa Bonds 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 14.349 4,880 20 7 6.683 7.666 Standard Bank of South Africa 2 11.278 3,835 77 3 11.475 -0.197 JP Morgan 3 9.377 3,189 14 6 7.462 1.915 Natixis 4 7.827 2,661 10 - - 7.827 Barclays 5 7.614 2,589 31 4 10.426 -2.812 BNP Paribas 6 7.565 2,572 11 14 1.063 6.502 Standard Chartered Bank 7 6.300 2,142 10 9 3.729 2.571 Nedbank Ltd 8 4.915 1,671 25 1 17.775 -12.860 FirstRand Ltd 9 4.519 1,537 35 2 11.531 -7.012 HSBC 10 3.477 1,182 6 5 8.070 -4.593 Qatar National Bank 11 2.941 1,000 1 - - 2.941 Deutsche Bank 12 2.324 790 4 14 1.063 1.261 Strategic African Securities Ltd 13 2.015 685 6 - - 2.015 Investec 14 2.002 681 13 10 3.672 -1.670 Bank of America Merrill Lynch 15 1.923 654 5 11 2.336 -0.413 Societe Generale 16 1.330 452 3 - - 1.330 RBC Capital Markets 17 1.320 449 3 - - 1.320 Credit Suisse 18 1.300 442 4 - - 1.300 Industrial & Comm Bank of China 19 1.127 383 2 - - 1.127 Goldman Sachs 20 1.015 345 2 - - 1.015 TOTAL 100% 34,005 205 100%

Bloomberg League Table Reports Page 13 Bloomberg Global Fixed Income | 1st 3Q 2017

Spain Bonds Spain Corporates 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria 1 9.972 9,285 45 1 11.940 -1.968 Morgan Stanley 1 7.958 1,748 10 6 5.731 2.227 Banco Santander 2 9.562 8,903 41 2 10.897 -1.335 Banco Bilbao Vizcaya Argentaria 2 6.845 1,503 13 3 8.173 -1.328 Barclays 3 7.970 7,421 24 3 7.907 0.063 Banco Santander 3 6.801 1,494 14 2 9.272 -2.471 HSBC 4 7.420 6,908 31 12 3.683 3.737 Societe Generale 4 6.593 1,448 15 5 6.110 0.483 Citi 5 6.934 6,456 22 5 6.651 0.283 Citi 5 6.304 1,384 10 12 3.310 2.994 La Caixa 6 5.915 5,508 25 4 7.400 -1.485 La Caixa 6 5.636 1,238 13 1 9.999 -4.363 BNP Paribas 7 5.489 5,110 22 7 4.595 0.894 Barclays 7 5.529 1,214 8 10 4.216 1.313 Goldman Sachs 8 4.699 4,375 20 10 3.781 0.918 JP Morgan 8 5.495 1,207 8 9 4.252 1.243 Societe Generale 9 4.435 4,129 28 6 5.459 -1.024 BNP Paribas 9 4.944 1,086 11 8 4.303 0.641 Morgan Stanley 10 3.784 3,523 19 11 3.736 0.048 HSBC 10 4.653 1,022 8 26 0.845 3.808 JP Morgan 11 3.542 3,298 17 9 4.027 -0.485 NatWest Markets 11 3.594 789 6 - - 3.594 Credit Agricole CIB 12 3.449 3,211 22 8 4.554 -1.105 Mizuho Financial 12 3.125 686 6 16 2.682 0.443 Bank of America Merrill Lynch 13 2.493 2,321 16 18 1.404 1.089 Deutsche Bank 13 3.044 668 7 4 7.087 -4.043 NatWest Markets 14 2.299 2,141 12 - - 2.299 Goldman Sachs 14 2.680 589 6 22 1.331 1.349 Credit Suisse 15 2.203 2,052 14 20 1.244 0.959 ING Groep 15 2.676 588 7 18 2.286 0.390 UniCredit 16 2.097 1,953 15 17 1.788 0.309 Credit Agricole CIB 16 2.501 549 7 11 3.800 -1.299 Cajamar 17 1.718 1,600 3 - - 1.718 Credit Suisse 17 2.327 511 5 20 1.464 0.863 Banco Sabadell 18 1.700 1,583 13 14 2.412 -0.712 Mediobanca 18 2.175 478 5 21 1.369 0.806 Natixis 19 1.617 1,506 9 16 1.959 -0.342 UniCredit 19 1.971 433 6 13 3.172 -1.201 Deutsche Bank 20 1.498 1,395 13 13 3.222 -1.724 Commerzbank 20 1.715 377 3 19 1.505 0.210 TOTAL 100% 93,108 200 100% TOTAL 100% 21,961 64 100%

Spain Financials Spain Government & Agencies 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander 1 6.806 2,323 15 1 12.917 -6.111 Banco Bilbao Vizcaya Argentaria 1 16.054 5,943 20 1 16.276 -0.222 Barclays 2 6.740 2,300 11 3 8.371 -1.631 Banco Santander 2 13.739 5,086 12 3 10.178 3.561 Goldman Sachs 3 6.066 2,070 10 5 5.485 0.581 HSBC 3 10.673 3,951 11 8 5.679 4.994 Bank of America Merrill Lynch 4 6.011 2,051 13 16 2.015 3.996 Barclays 4 10.552 3,907 5 5 9.730 0.822 HSBC 5 5.670 1,935 12 12 3.334 2.336 Citi 5 9.904 3,667 3 4 9.951 -0.047 Banco Bilbao Vizcaya Argentaria 6 5.387 1,838 12 2 9.464 -4.077 La Caixa 6 7.009 2,595 4 2 10.887 -3.878 La Caixa 7 4.908 1,675 8 19 1.384 3.524 BNP Paribas 7 6.708 2,483 3 6 6.634 0.074 Cajamar 8 4.689 1,600 3 - - 4.689 Goldman Sachs 8 4.637 1,717 4 12 3.820 0.817 Credit Agricole CIB 9 4.557 1,555 9 8 4.921 -0.364 Societe Generale 9 3.628 1,343 4 9 5.525 -1.897 BNP Paribas 10 4.517 1,541 8 15 2.373 2.144 JP Morgan 10 3.376 1,250 3 7 6.573 -3.197 Credit Suisse 11 4.486 1,531 8 13 2.570 1.916 Credit Agricole CIB 11 2.989 1,107 6 11 4.699 -1.710 Citi 12 4.117 1,405 9 7 5.104 -0.987 Morgan Stanley 12 2.251 833 1 10 4.976 -2.725 Societe Generale 13 3.920 1,338 9 9 4.916 -0.996 NatWest Markets 12 2.251 833 1 - - 2.251 Banco Sabadell 14 3.492 1,192 4 6 5.207 -1.715 UniCredit 14 1.891 700 3 13 2.156 -0.265 Natixis 15 3.297 1,125 5 10 4.863 -1.566 CECABANK SA 15 0.648 240 4 - - 0.648 Morgan Stanley 16 2.760 942 8 26 0.831 1.929 Bankia 16 0.631 234 3 16 0.826 -0.195 Nomura 17 2.740 935 9 14 2.439 0.301 Norbolsa 17 0.608 225 2 15 0.829 -0.221 UBS 18 2.637 900 5 4 5.920 -3.283 Nomura 18 0.473 175 2 - - 0.473 JP Morgan 19 2.466 842 6 27 0.829 1.637 Beka Finance SV SA 19 0.450 167 1 17 0.249 0.201 UniCredit 20 2.403 820 6 33 0.360 2.043 Abanca Corporacion Bancaria SA 20 0.405 150 1 - - 0.405 TOTAL 100% 34,124 87 100% TOTAL 100% 37,023 49 100%

Bloomberg League Table Reports Page 14 Bloomberg Global Fixed Income | 1st 3Q 2017

Asia ex-Japan G3 Currency Bonds: Quarterly Volume

Deal Count

Asia ex-Japan Fixed Income Review Other 1st 3Q 2017 credited Asia ex-Japan G3 Currency Bonds volume increased 58.73% to USD 235.4 Bln while deal count High Yield increased 49.04% to 468 offerings year-on-year. Asia ex-Japan G3 Investment Grade Bonds volume increased 37.40% Investment Grade 90 160 year-on-year to USD 158.4 Bln while the deal count increased 26.70% to 280. Asia ex-Japan G3 Corporate High Yield Bonds D D e e n n a a

volume increased 270.33% year-on-year to USD 40.1 Bln over 107 deals. l l

100 l l B B 50 C C HSBC ranked as the top Asia ex-Japan G3 Currency Bonds underwriter for 1st 3Q 2017 with 8.63% market share. The D D o o u u S S n n U U bank underwrote 206 deals over the period. Citi and Standard Chartered Bank ranked second and third with 6.35% and t t

5.78% market share, respectively. 0 0 122 133 144 155 166 177 001 001 001 001 001 001 22 22 22 22 22 22 33 33 33 33 33 33 QQ QQ QQ QQ QQ QQ

Quarters

Asia ex-Japan G3 Currency Bonds: Highlights of 1st 3Q 2017 Asia ex-Japan G3 Currency Bonds: Industry Breakdown Issuer Industry Volume (USD Mln) Date Postal Savings Bank of China Co Ltd Financials 7,250 09/21/2017 Financials 53% China Evergrande Group Financials 4,680 06/21/2017 14% Government 14% State Grid Overseas Investment 2016 Ltd Utilities 2,350 04/26/2017 China Zheshang Bank Co Ltd Financials 2,175 03/22/2017 6% Utilities 8% Kaisa Group Holdings Ltd Financials 2,120 06/22/2017 6% Energy 6% Philippine Government International Bond Government 2,000 01/18/2017 53% CNAC HK Synbridge Co Ltd Materials 2,000 05/03/2017 8% Materials 6% Perusahaan Penerbit SBSN Indonesia III Government 2,000 03/22/2017 Others 14% China Development Bank Government 1,605 01/17/2017 14% Huarong Finance 2017 Co Ltd Financials 1,500 01/18/2017

Asia ex-Japan G3 Currency Bonds: Largest Deals by Country

Issuer Volume (USD Mln) Date Country Asia ex-Japan G3 Currency Bonds: Manager Rankings History Postal Savings Bank of China Co Ltd 7,250 09/21/2017 China Radiant Access Ltd 1,500 05/11/2017 Hong Kong 2017 2016 2015 Vedanta Resources PLC 1,000 01/24/2017 India 15 Perusahaan Penerbit SBSN Indonesia III 2,000 03/22/2017 Indonesia ) % ( Gohl Capital Ltd 1,000 01/17/2017 Malaysia 10 e r a

Philippine Government International Bond 2,000 01/18/2017 Philippines h S

DBS Bank Ltd 795 01/16/2017 Singapore e k r 5 a

Korea International Bond 1,000 01/12/2017 South Korea M Sri Lanka Government International Bond 1,500 05/04/2017 Sri Lanka Bank of Taiwan 500 03/21/2017 Taiwan 0 i C it k a k n B C n in n a S a h a rg PTTEP Treasury Center Co Ltd 500 07/12/2017 Thailand H B C B o d f e M re o h e k c P rt n ts J a a u h B e C D rd a d n ta S

Bloomberg League Table Reports Page 15 Bloomberg Global Fixed Income | 1st 3Q 2017

Asia ex-Japan Issuer G3 Currency Bonds APAC ex-Japan Issuer G3 Currency Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 8.628 20,311 206 1 11.381 -2.753 HSBC 1 8.599 25,677 236 1 10.808 -2.209 Citi 2 6.351 14,950 148 2 8.026 -1.675 Citi 2 7.009 20,928 183 2 9.788 -2.779 Standard Chartered Bank 3 5.783 13,613 132 4 6.070 -0.287 JP Morgan 3 5.962 17,802 135 4 6.913 -0.951 Bank of China 4 5.195 12,230 158 5 6.021 -0.826 Standard Chartered Bank 4 4.559 13,613 132 6 4.227 0.332 Deutsche Bank 5 4.393 10,340 100 7 4.238 0.155 Morgan Stanley 5 4.227 12,621 101 11 3.360 0.867 JP Morgan 6 4.101 9,653 91 6 5.077 -0.976 Deutsche Bank 6 4.103 12,250 109 9 3.844 0.259 Morgan Stanley 7 3.507 8,256 75 17 2.035 1.472 Bank of China 7 4.096 12,230 158 7 4.192 -0.096 UBS 8 3.430 8,073 94 11 3.175 0.255 Bank of America Merrill Lynch 8 3.971 11,858 97 3 7.145 -3.174 DBS Group 9 3.335 7,850 94 13 2.982 0.353 Goldman Sachs 9 3.439 10,268 86 5 4.320 -0.881 Goldman Sachs 10 3.226 7,593 71 9 3.303 -0.077 UBS 10 3.326 9,932 105 10 3.434 -0.108 BNP Paribas 11 3.162 7,443 79 14 2.916 0.246 BNP Paribas 11 3.242 9,680 90 13 2.635 0.607 Bank of America Merrill Lynch 12 2.940 6,920 76 3 6.082 -3.142 Credit Suisse 12 2.698 8,055 75 8 4.123 -1.425 Credit Suisse 13 2.820 6,639 69 10 3.196 -0.376 DBS Group 13 2.629 7,850 94 16 2.123 0.506 Industrial & Comm Bank of China 14 2.743 6,456 93 8 3.515 -0.772 Industrial & Comm Bank of China 14 2.162 6,456 93 15 2.448 -0.286 Haitong Securities Co Ltd 15 2.475 5,826 65 24 1.046 1.429 Barclays 15 2.125 6,345 58 14 2.474 -0.349 China Construction Bank 16 2.223 5,233 81 19 1.569 0.654 ANZ Banking Group 16 2.064 6,162 66 12 3.052 -0.988 Barclays 17 2.137 5,030 50 12 3.041 -0.904 Haitong Securities Co Ltd 17 1.951 5,826 65 28 0.729 1.222 Credit Agricole CIB 18 2.015 4,743 50 15 2.269 -0.254 China Construction Bank 18 1.752 5,233 81 21 1.092 0.660 Bank of Communications 19 1.868 4,398 66 16 2.043 -0.175 Credit Agricole CIB 19 1.714 5,117 54 17 1.864 -0.150 ANZ Banking Group 20 1.576 3,709 52 18 1.799 -0.223 Mizuho Financial 20 1.495 4,464 46 23 0.977 0.518 TOTAL 100% 235,398 468 100% TOTAL 100% 298,596 589 100%

Asia ex-Japan G3 Investment Grade Bonds Asia ex-Japan G3 Corporate High Yield Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 9.487 15,022 152 1 11.530 -2.043 Haitong Securities Co Ltd 1 8.849 3,547 36 11 3.750 5.099 Citi 2 7.708 12,205 115 2 9.283 -1.575 Credit Suisse 2 8.049 3,226 26 2 10.118 -2.069 Standard Chartered Bank 3 6.187 9,797 96 4 6.200 -0.013 HSBC 3 6.033 2,418 30 1 10.158 -4.125 Bank of China 4 5.072 8,032 111 3 6.322 -1.250 Deutsche Bank 4 5.805 2,327 31 5 7.385 -1.580 Deutsche Bank 5 4.013 6,355 57 7 4.172 -0.159 China Citic Bank 5 5.188 2,079 11 - - 5.188 JP Morgan 6 3.951 6,257 62 6 4.963 -1.012 JP Morgan 6 4.944 1,982 20 6 6.897 -1.953 Goldman Sachs 7 3.840 6,081 61 10 3.388 0.452 Morgan Stanley 7 4.477 1,795 18 16 1.478 2.999 BNP Paribas 8 3.629 5,747 62 9 3.464 0.165 DBS Group 8 3.992 1,600 11 10 4.451 -0.459 Morgan Stanley 9 3.589 5,683 50 15 2.372 1.217 Citi 9 3.853 1,545 21 12 3.320 0.533 UBS 10 3.426 5,425 58 13 2.759 0.667 Bank of China 10 3.669 1,471 22 15 1.509 2.160 Bank of America Merrill Lynch 11 3.377 5,348 55 5 5.372 -1.995 Barclays 11 3.527 1,414 13 13 3.049 0.478 Industrial & Comm Bank of China 12 3.173 5,024 77 8 4.149 -0.976 Standard Chartered Bank 12 3.455 1,385 13 7 5.659 -2.204 Credit Agricole CIB 13 2.602 4,120 44 12 2.865 -0.263 China Merchants Securities 13 3.254 1,304 12 28 0.694 2.560 China Construction Bank 14 2.591 4,102 65 18 1.872 0.719 Guotai Junan Securities Co Ltd 14 2.927 1,173 17 8 4.958 -2.031 DBS Group 15 2.576 4,079 56 16 2.191 0.385 UBS 15 2.612 1,047 21 3 8.011 -5.399 Bank of Communications 16 2.389 3,783 58 14 2.494 -0.105 Goldman Sachs 16 2.571 1,031 8 9 4.896 -2.325 Mizuho Financial 17 2.119 3,355 36 20 1.652 0.467 Bank of America Merrill Lynch 17 1.983 795 14 4 7.857 -5.874 Barclays 18 2.090 3,309 30 11 2.995 -0.905 BNP Paribas 18 1.757 704 7 22 1.201 0.556 ANZ Banking Group 19 1.662 2,632 39 21 1.603 0.059 ANZ Banking Group 19 1.572 630 6 20 1.293 0.279 Mitsubishi UFJ Financial Group Inc 20 1.641 2,598 33 27 0.923 0.718 Industrial & Comm Bank of China 20 1.492 598 8 - - 1.492 TOTAL 100% 158,350 280 100% TOTAL 100% 40,084 107 100%

Bloomberg League Table Reports Page 16 Bloomberg Global Fixed Income | 1st 3Q 2017

APAC USD & EUR Currency Bonds Asia Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 7.926 28,932 223 1 10.267 -2.341 Morgan Stanley 1 4.151 40,545 484 3 3.417 0.734 JP Morgan 2 7.366 26,888 179 3 8.415 -1.049 Mizuho Financial 2 3.297 32,203 447 6 2.924 0.373 HSBC 3 7.351 26,833 242 2 9.707 -2.356 Citi 3 3.143 30,701 278 9 2.438 0.705 Bank of America Merrill Lynch 4 5.511 20,116 133 4 7.726 -2.215 CITIC Securities Co Ltd 4 3.104 30,312 170 4 3.161 -0.057 Goldman Sachs 5 5.073 18,520 128 5 5.175 -0.102 Bank of China 5 2.914 28,462 259 5 3.015 -0.101 Morgan Stanley 6 4.962 18,115 124 6 4.557 0.405 HSBC 6 2.679 26,168 299 10 2.391 0.288 Deutsche Bank 7 3.751 13,692 117 11 3.248 0.503 China Construction Bank 7 2.569 25,087 227 8 2.551 0.018 Standard Chartered Bank 8 3.729 13,613 132 8 3.368 0.361 Nomura 8 2.558 24,980 409 13 1.872 0.686 Bank of China 9 3.350 12,230 158 9 3.341 0.009 China Securities Co Ltd 9 2.549 24,894 182 1 5.303 -2.754 BNP Paribas 10 3.282 11,981 105 13 2.565 0.717 Industrial & Comm Bank of China 10 2.375 23,193 204 7 2.672 -0.297 UBS 11 2.871 10,481 109 12 2.737 0.134 Guotai Junan Securities Co Ltd 11 2.258 22,055 177 2 3.994 -1.736 Barclays 12 2.516 9,184 74 7 3.717 -1.201 JP Morgan 12 2.129 20,793 157 15 1.760 0.369 Credit Suisse 13 2.383 8,698 77 10 3.286 -0.903 Sumitomo Mitsui Financial 13 2.116 20,669 347 14 1.780 0.336 Mizuho Financial 14 2.273 8,298 64 16 2.104 0.169 Haitong Securities Co Ltd 14 2.064 20,154 159 11 2.329 -0.265 DBS Group 15 2.150 7,850 94 19 1.692 0.458 Daiwa Securities 15 2.004 19,568 337 25 1.282 0.722 Industrial & Comm Bank of China 16 1.769 6,456 93 17 1.951 -0.182 Goldman Sachs 16 1.849 18,059 146 26 1.216 0.633 Mitsubishi UFJ Financial Group Inc 17 1.714 6,258 52 15 2.278 -0.564 Standard Chartered Bank 17 1.814 17,714 206 28 1.148 0.666 ANZ Banking Group 18 1.688 6,162 66 14 2.433 -0.745 Agricultural Bank of China Ltd 18 1.807 17,652 132 12 1.969 -0.162 Credit Agricole CIB 19 1.674 6,112 59 20 1.563 0.111 China International Capital Corp 19 1.774 17,322 84 16 1.658 0.116 Haitong Securities Co Ltd 20 1.596 5,826 65 30 0.581 1.015 Industrial Bank Co Ltd 20 1.668 16,287 149 19 1.591 0.077 TOTAL 100% 365,042 670 100% TOTAL 100% 976,673 5,404 100%

Asia ex-Japan Bonds ASEAN Local Currency Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) CITIC Securities Co Ltd 1 3.792 30,312 170 3 3.709 0.083 CIMB 1 13.774 7,935 217 1 13.162 0.612 Bank of China 2 3.560 28,462 259 4 3.537 0.023 DBS Group 2 7.306 4,209 125 3 7.847 -0.541 China Construction Bank 3 3.138 25,087 227 6 2.993 0.145 Maybank 3 6.758 3,893 119 2 8.280 -1.522 China Securities Co Ltd 4 3.114 24,894 182 1 6.222 -3.108 AmInvestment Bank Bhd 4 4.863 2,801 60 7 5.156 -0.293 HSBC 5 3.097 24,758 286 8 2.460 0.637 Kasikornbank PCL 5 4.747 2,735 70 9 4.502 0.245 Industrial & Comm Bank of China 6 2.901 23,193 204 5 3.135 -0.234 Krung Thai Bank 6 4.719 2,719 65 4 6.152 -1.433 Guotai Junan Securities Co Ltd 7 2.759 22,055 177 2 4.686 -1.927 Oversea-Chinese Banking Corp 7 4.670 2,690 52 10 4.484 0.186 Citi 8 2.759 22,054 226 10 2.064 0.695 RHB 8 4.668 2,689 87 5 6.019 -1.351 Haitong Securities Co Ltd 9 2.521 20,154 159 7 2.733 -0.212 Siam Commercial Bank PCL 9 4.561 2,627 66 6 5.525 -0.964 Agricultural Bank of China Ltd 10 2.208 17,652 132 9 2.310 -0.102 Bangkok Bank PCL 10 4.511 2,599 70 8 4.559 -0.048 Standard Chartered Bank 11 2.192 17,521 205 20 1.339 0.853 Bank of Ayudhya PCL 11 3.877 2,234 38 12 3.061 0.816 China International Capital Corp 12 2.167 17,322 84 11 1.945 0.222 United Overseas Bank 12 3.001 1,729 39 11 3.780 -0.779 Industrial Bank Co Ltd 13 2.037 16,287 149 14 1.867 0.170 HSBC 13 2.567 1,479 23 22 0.852 1.715 China Merchants Securities 14 1.895 15,148 112 13 1.870 0.025 Standard Chartered Bank 14 2.334 1,344 27 13 2.753 -0.419 China Merchants Bank 15 1.814 14,502 136 16 1.738 0.076 Danareksa Sekuritas PT 15 2.113 1,217 84 16 1.887 0.226 China Citic Bank 16 1.713 13,694 136 33 0.900 0.813 Mandiri Sekuritas PT 16 1.883 1,085 89 15 1.935 -0.052 Shanghai Pudong Development Bank Co Ltd 17 1.698 13,577 165 18 1.586 0.112 Indo Premier Securities 17 1.777 1,023 100 14 2.119 -0.342 DBS Group 18 1.677 13,407 230 28 1.098 0.579 Bahana Securities 18 1.708 984 57 17 1.363 0.345 UBS 19 1.653 13,212 120 23 1.290 0.363 BCA Sekuritas PT 19 1.518 874 61 20 0.942 0.576 Bank of Communications 20 1.627 13,009 147 21 1.329 0.298 Affin Hwang Capital 20 1.494 861 40 25 0.713 0.781 TOTAL 100% 799,466 4,598 100% TOTAL 100% 57,608 818 100%

Bloomberg League Table Reports Page 17 Bloomberg Global Fixed Income | 1st 3Q 2017

Australia/New Zealand International Bonds Australia Kangaroo Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (AUD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 11.601 8,149 44 2 10.296 1.305 TD Securities 1 16.773 4,718 67 1 19.680 -2.907 HSBC 2 9.690 6,807 38 3 9.947 -0.257 Deutsche Bank 2 14.495 4,078 43 2 13.301 1.194 Citi 3 9.063 6,367 37 1 13.032 -3.969 Nomura 3 11.465 3,225 41 4 10.851 0.614 Bank of America Merrill Lynch 4 7.030 4,938 21 4 8.733 -1.703 ANZ Banking Group 4 11.180 3,145 40 3 13.031 -1.851 Morgan Stanley 5 6.356 4,465 27 7 6.010 0.346 RBC Capital Markets 5 10.232 2,878 49 5 9.275 0.957 RBC Capital Markets 6 5.807 4,079 25 12 2.789 3.018 JP Morgan 6 9.341 2,628 22 6 6.318 3.023 National Australia Bank Ltd 7 5.380 3,780 24 9 5.176 0.204 National Australia Bank Ltd 7 4.082 1,148 15 12 2.596 1.486 Commonwealth Bank Australia 8 4.264 2,996 18 11 3.720 0.544 Mizuho Financial 8 3.875 1,090 19 15 1.688 2.187 UBS 9 3.820 2,684 16 10 4.475 -0.655 HSBC 9 3.306 930 12 8 3.463 -0.157 Goldman Sachs 10 3.594 2,525 14 6 6.162 -2.568 Daiwa Securities 10 3.185 896 20 10 2.675 0.510 Wells Fargo 11 3.581 2,515 16 20 0.874 2.707 Westpac Banking 11 2.527 711 13 7 3.658 -1.131 ANZ Banking Group 12 3.541 2,488 15 8 5.679 -2.138 Commonwealth Bank Australia 12 2.266 637 9 11 2.626 -0.360 BNP Paribas 13 3.334 2,342 12 14 1.863 1.471 Citi 13 1.816 511 10 9 3.088 -1.272 Deutsche Bank 14 3.075 2,160 11 13 2.724 0.351 Goldman Sachs 14 1.718 483 4 14 2.139 -0.421 Westpac Banking 15 2.636 1,852 10 24 0.689 1.947 UBS 15 1.369 385 7 13 2.345 -0.976 Credit Suisse 16 2.538 1,783 9 5 6.720 -4.182 Standard Chartered Bank 16 0.948 267 2 - - 0.948 Barclays 17 2.460 1,728 11 17 1.062 1.398 DBS Group 17 0.640 180 2 18 0.675 -0.035 TD Securities 18 2.302 1,617 8 16 1.259 1.043 BMO Capital Markets 18 0.569 160 2 - - 0.569 Nomura 19 2.247 1,578 11 15 1.662 0.585 Scotiabank 19 0.213 60 2 19 0.338 -0.125 Mizuho Financial 20 1.247 876 5 21 0.866 0.381 ------TOTAL 100% 70,249 149 100% TOTAL 100% 28,130 206 100%

South Korea International Bonds Japanese Yen Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (JPY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 11.002 2,842 34 2 10.834 0.168 Mizuho Financial 1 22.775 2,924,227 387 2 22.963 -0.188 HSBC 2 9.020 2,330 26 1 11.403 -2.383 Morgan Stanley 2 19.571 2,512,856 368 1 23.176 -3.605 Bank of America Merrill Lynch 3 7.613 1,967 23 3 10.180 -2.567 Nomura 3 17.406 2,234,809 356 4 14.731 2.675 UBS 4 7.034 1,817 25 8 5.075 1.959 Sumitomo Mitsui Financial 4 16.871 2,166,202 349 3 16.197 0.674 Standard Chartered Bank 5 6.481 1,674 11 14 2.934 3.547 Daiwa Securities 5 14.483 1,859,560 315 5 12.832 1.651 Credit Agricole CIB 6 6.022 1,556 19 6 6.614 -0.592 Goldman Sachs 6 1.725 221,438 33 6 1.841 -0.116 BNP Paribas 7 5.849 1,511 17 5 7.049 -1.200 Shinkin Central Bank 7 1.234 158,500 36 9 0.926 0.308 JP Morgan 8 5.750 1,486 19 9 4.288 1.462 Bank of America Merrill Lynch 8 0.968 124,333 13 7 1.747 -0.779 Goldman Sachs 9 4.684 1,210 15 12 3.483 1.201 Mitsubishi UFJ Financial Group Inc 9 0.762 97,833 8 12 0.611 0.151 Societe Generale 10 4.529 1,170 16 7 5.708 -1.179 Tokai Tokyo Securities Co Ltd 10 0.745 95,667 25 10 0.720 0.025 Nomura 11 3.964 1,024 12 4 7.197 -3.233 SBI Holdings Inc/Japan 11 0.714 91,667 4 14 0.308 0.406 Mitsubishi UFJ Financial Group Inc 12 3.415 882 12 22 0.725 2.690 Credit Agricole CIB 12 0.452 57,983 7 18 0.244 0.208 Deutsche Bank 13 2.695 696 8 20 0.799 1.896 Natixis 13 0.313 40,160 7 22 0.100 0.213 ANZ Banking Group 14 2.445 632 12 10 4.271 -1.826 Okasan Securities Group Inc 14 0.307 39,417 10 20 0.155 0.152 Korea Development Bank 15 2.322 600 8 11 3.926 -1.604 Citi 15 0.293 37,667 8 8 1.053 -0.760 Commerzbank 16 2.186 565 8 18 1.711 0.475 HSBC 16 0.221 28,333 3 11 0.653 -0.432 Morgan Stanley 17 1.644 425 7 17 1.913 -0.269 Wells Fargo 16 0.221 28,333 3 - - 0.221 ING Groep 18 1.442 373 4 - - 1.442 JP Morgan 18 0.187 24,000 2 15 0.304 -0.117 Daiwa Securities 19 1.355 350 4 - - 1.355 Societe Generale 19 0.140 18,000 3 13 0.339 -0.199 TD Securities 20 1.343 347 6 25 0.406 0.937 Deutsche Bank 20 0.136 17,488 3 21 0.123 0.013 TOTAL 100% 25,835 119 100% TOTAL 100% 12,839,640 691 100%

Bloomberg League Table Reports Page 18 Bloomberg Global Fixed Income | 1st 3Q 2017

Hong Kong Dollar Bonds Offshore CNY Bonds 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (HKD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CNY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 22.900 38,810 124 1 20.811 2.089 HSBC 1 28.060 14,599 46 1 19.134 8.926 Standard Chartered Bank 2 14.967 25,364 57 3 11.214 3.753 Credit Agricole CIB 2 13.364 6,953 27 2 16.793 -3.429 Citi 3 9.541 16,169 41 4 8.556 0.985 Standard Chartered Bank 3 10.671 5,552 22 3 9.273 1.398 Credit Agricole CIB 4 5.875 9,956 33 6 5.506 0.369 Nomura 4 5.879 3,059 20 5 5.675 0.204 Mizuho Financial 5 5.328 9,029 23 17 1.452 3.876 Barclays 5 4.978 2,590 9 14 1.465 3.513 Bank of China 6 4.364 7,395 17 7 5.276 -0.912 Mizuho Financial 6 4.148 2,158 13 18 1.069 3.079 Scotiabank 7 3.603 6,106 25 20 1.201 2.402 JP Morgan 7 3.560 1,852 4 26 0.660 2.900 National Australia Bank Ltd 8 3.591 6,085 15 14 1.736 1.855 DBS Group 8 3.142 1,635 9 8 3.574 -0.432 Commonwealth Bank Australia 9 2.882 4,885 19 19 1.246 1.636 Bank of Communications 9 3.075 1,600 4 20 0.965 2.110 Nomura 10 2.747 4,655 9 33 0.115 2.632 BNP Paribas 10 2.727 1,419 6 7 3.668 -0.941 Societe Generale 11 2.481 4,204 12 8 3.730 -1.249 Scotiabank 11 2.488 1,295 10 16 1.088 1.400 DBS Group 12 2.448 4,149 7 9 3.620 -1.172 Industrial & Comm Bank of China 12 2.114 1,100 2 12 1.621 0.493 ANZ Banking Group 13 2.187 3,706 12 10 2.368 -0.181 Deutsche Bank 13 1.984 1,032 1 - - 1.984 China Construction Bank 14 1.886 3,196 4 5 5.542 -3.656 Bank of China 14 1.579 822 5 9 3.166 -1.587 Barclays 15 1.520 2,576 7 16 1.645 -0.125 DZ Bank 15 1.551 807 4 34 0.332 1.219 Goldman Sachs 16 1.425 2,415 2 12 2.017 -0.592 Citi 16 1.538 800 2 4 8.138 -6.600 Oversea-Chinese Banking Corp 17 1.382 2,342 7 18 1.324 0.058 ING Groep 17 1.326 690 2 28 0.554 0.772 Mitsubishi UFJ Financial Group Inc 18 1.311 2,222 7 22 0.595 0.716 TD Securities 18 1.153 600 4 43 0.116 1.037 JP Morgan 19 1.036 1,755 5 24 0.384 0.652 Mitsubishi UFJ Financial Group Inc 19 1.115 580 4 - - 1.115 Bank of Communications 20 0.977 1,655 4 2 12.367 -11.390 Societe Generale 20 0.865 450 2 11 1.799 -0.934 TOTAL 100% 169,471 473 100% TOTAL 100% 52,026 208 100%

Singapore Dollar Bonds Uridashi Bonds (Manager) 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (SGD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) DBS Group 1 32.992 6,046 50 1 42.282 -9.290 Nomura 1 18.552 2,653 47 1 16.986 1.566 Oversea-Chinese Banking Corp 2 21.005 3,849 34 2 16.553 4.452 Sumitomo Mitsui Financial 2 17.543 2,509 36 2 16.374 1.169 HSBC 3 15.516 2,843 15 5 4.243 11.273 Mizuho Financial 3 16.914 2,419 37 4 15.198 1.716 United Overseas Bank 4 9.849 1,805 17 4 6.787 3.062 Mitsubishi UFJ Financial Group Inc 4 15.635 2,236 22 3 15.981 -0.346 Standard Chartered Bank 5 9.527 1,746 17 3 9.065 0.462 HSBC 5 5.890 842 77 8 4.116 1.774 RHB 6 2.019 370 2 10 1.583 0.436 Credit Suisse 6 4.829 691 46 11 2.073 2.756 Credit Suisse 7 1.796 329 3 11 1.113 0.683 BNP Paribas 7 4.466 639 77 7 4.540 -0.074 CIMB 8 1.637 300 5 7 3.613 -1.976 Daiwa Securities 8 3.991 571 16 6 6.685 -2.694 ANZ Banking Group 9 1.509 277 3 9 2.868 -1.359 Tokai Tokyo Securities Co Ltd 9 3.633 520 51 10 2.682 0.951 Bank of China 10 0.982 180 1 - - 0.982 Credit Agricole CIB 10 2.271 325 49 9 2.714 -0.443 BNP Paribas 11 0.887 163 2 - - 0.887 Morgan Stanley 11 1.767 253 10 5 6.968 -5.201 Mitsubishi UFJ Financial Group Inc 12 0.819 150 1 18 0.254 0.565 Deutsche Bank 12 1.044 149 18 12 1.503 -0.459 Commerzbank 13 0.682 125 1 - - 0.682 SBI Holdings Inc/Japan 13 0.868 124 10 13 1.309 -0.441 JP Morgan 14 0.327 60 1 16 0.368 -0.041 JP Morgan 14 0.801 115 10 14 1.142 -0.341 Nomura 15 0.158 29 2 20 0.089 0.069 Barclays 15 0.610 87 19 15 0.814 -0.204 ING Groep 16 0.109 20 1 20 0.089 0.020 Goldman Sachs 16 0.605 86 7 - - 0.605 National Australia Bank Ltd 16 0.109 20 1 12 1.009 -0.900 Natixis 17 0.211 30 3 - - 0.211 Goldman Sachs 18 0.076 14 1 20 0.089 -0.013 Shinkin Central Bank 18 0.191 27 1 - - 0.191 ------Shinsei Bank Ltd 19 0.103 15 5 18 0.041 0.062 ------Societe Generale 20 0.076 11 1 - - 0.076 TOTAL 100% 18,325 93 100% TOTAL 100% 14,302 533 100%

Bloomberg League Table Reports Page 19 Bloomberg Global Fixed Income | 1st 3Q 2017

Uridashi Bonds (Uridashi Agent) Offshore China Bonds (Manager) 1st 3Q 2017 1st 3Q 2016 1st 3Q 2017 1st 3Q 2016

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 16.585 3,497 70 1 22.796 -6.211 Bank of China 1 7.548 10,526 134 1 9.750 -2.202 Mizuho Financial 2 11.957 2,521 36 4 11.082 0.875 HSBC 2 6.838 9,536 123 2 9.067 -2.229 Sumitomo Mitsui Financial 3 11.532 2,431 37 2 13.858 -2.326 Standard Chartered Bank 3 4.947 6,898 83 4 6.204 -1.257 Nomura 4 9.603 2,025 37 3 13.180 -3.577 Haitong Securities Co Ltd 4 4.091 5,705 61 22 1.693 2.398 Tokai Tokyo Securities Co Ltd 5 8.987 1,895 164 5 9.941 -0.954 Industrial & Comm Bank of China 5 4.024 5,612 81 6 6.037 -2.013 Daiwa Securities 6 5.451 1,149 40 6 8.319 -2.868 Morgan Stanley 6 3.631 5,063 44 16 1.950 1.681 Okasan Securities Group Inc 7 4.568 963 122 7 5.318 -0.750 China Construction Bank 7 3.606 5,029 74 11 2.676 0.930 Hachijuni Bank Ltd 8 3.663 772 23 13 0.882 2.781 Citi 8 3.458 4,822 74 3 6.463 -3.005 Aozora Bank Ltd 9 2.830 597 23 11 1.302 1.528 DBS Group 9 3.274 4,566 54 14 2.260 1.014 77 Bank Ltd 10 2.356 497 27 - - 2.356 Credit Suisse 10 3.137 4,374 44 10 3.245 -0.108 Hyakugo Securities 11 2.307 486 25 - - 2.307 JP Morgan 11 3.080 4,296 43 12 2.665 0.415 Shizugin TM Securities Co 12 2.141 451 26 - - 2.141 Goldman Sachs 12 3.048 4,251 44 8 3.661 -0.613 Daishi Securities Co Ltd 13 2.039 430 33 22 0.263 1.776 UBS 13 2.994 4,176 58 9 3.516 -0.522 SBI Holdings Inc/Japan 14 2.019 426 96 8 2.696 -0.677 Bank of Communications 14 2.976 4,151 60 7 3.699 -0.723 Chugoku Bank Ltd 15 1.683 355 37 10 1.439 0.244 Deutsche Bank 15 2.829 3,945 55 18 1.816 1.013 Iwai Cosmo Holdings Inc 16 1.470 310 33 9 1.726 -0.256 China Citic Bank 16 2.393 3,337 37 39 0.351 2.042 Kyogin Securities Co Ltd 17 1.331 281 11 - - 1.331 BNP Paribas 17 2.272 3,169 38 13 2.383 -0.111 Hirogin Utsumiya Securities Co Ltd 18 0.958 202 13 - - 0.958 Bank of America Merrill Lynch 18 1.952 2,722 36 5 6.098 -4.146 Shinsei Bank Ltd 19 0.869 183 16 12 0.905 -0.036 China Merchants Securities 19 1.752 2,443 25 36 0.397 1.355 Imamura Securities Co 20 0.771 162 16 17 0.644 0.127 Barclays 20 1.723 2,402 28 19 1.809 -0.086 TOTAL 100% 21,082 933 100% TOTAL 100% 139,451 272 100%

Bloomberg League Table Reports Page 20 Bloomberg Fixed Income - League Tables Criteria

General Guidelines

Credit is based on the total amount of the offering. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless a full, explicit breakdown of bookrunning is provided by an involved party.

Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price.

Regional and local tables are identified based on factors such as currency, market of issue, market of syndication and/or country of risk. To view the criteria for a particular table – click on the information symbol to the right of the table heading.

All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. 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.

New money portions of exchange offers are eligible for credit.

Investment grade and high yield transactions are based on official, expected, and provisional ratings by Fitch, Moody’s and S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in the relevant high yield table.

Self-led transactions are included.

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.

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

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