GLOBAL FIXED INCOME LEAGUE TABLES

FY 2016 FY 2016

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 3525 8149 [email protected] Asia Pacific Shaili Mehta +91 22 61203770 [email protected]

© 2016 Bloomberg Finance L.P. All rights reserved. Bloomberg Global Fixed Income | FY 2016

Global Corporate Leveraged Finance: Quarterly Volume

Corporate High Yield Bonds

Global Fixed Income Review Global Sponsor-Led Loans 400 FY 2016 credited Corporate & Financial Bonds volume increased 2.08% to USD 4.1 Trln while deal count decreased 0.35% to 15,732 offerings year-on-year. Corporate Bonds volume increased 6.11% year-on-year to USD 2.1 Trln while the deal n n

count decreased 4.38% to 6,270. Financial Bonds volume decreased 1.61% year-on-year to USD 2.1 Trln over 9,462 deals. l l B B

JP Morgan ranked as the top Corporate & Financial Bonds underwriter for FY 2016 with 5.73% market share. The D D 200 S S underwrote 1,364 deals over the period. Citi and Bank of America Lynch ranked second and third with 5.27% and U U 5.17% market share, respectively.

0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

Corporate & Financial Bonds: Highlights of FY 2016 Quarters

Top Underwriter Issuer Industry Volume (USD Mln) Date Corporate & Financial Bonds: Industry Breakdown Anheuser-Busch InBev Finance Inc Consumer Staples 11,000 01/13/2016 JP Morgan Anheuser-Busch InBev Finance Inc Consumer Staples 11,000 01/13/2016 Number of deals 1,364 Rosneft Oil Co PJSC Energy 9,417 12/07/2016 Financials 52% Volume (USD Mln) 237,182 Anheuser-Busch InBev Finance Inc Consumer Staples 7,500 01/13/2016 Avg Deal size (USD Mln) 173.9 Bank of Communications Co Ltd Financials 6,737 09/02/2016 21% Industrials 9% Anheuser-Busch InBev Finance Inc Consumer Staples 6,000 01/13/2016 Consumer Discretionary 7% Market Summary Anheuser-Busch InBev Finance Inc Consumer Staples 6,000 01/13/2016 Bank Austria AG Financials 5,582 09/16/2016 5% Energy 6% Number of deals 15,732 52% SFR Group SA Communications 5,190 04/06/2016 Volume (USD Mln) 4,139,956 6% Utilities 5% Petrobras Global Finance BV Energy 5,000 05/17/2016 Avg Deal size (USD Mln) 263.2 7% Others 21% 9%

Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade 1,400 6,000

1,200 1,200 5,000 5,000 Corporate & Financial Bonds: Spread to Benchmark 1,000 4,000 D D

e e High Yield n n a a l l 800 l l B B C C Investment Grade

D D 3,000 o o u u S S n n

U U 600 700 600 t t

2,000 600 400 s s t t n n i i

1,000 o o 400 200 p p 200 s s i i s s a a 0 0 B B 200 11 22 33 44 55 66 11 11 11 11 11 11 00 00 00 00 00 00 22 22 22 22 22 22 44 44 44 44 44 44 Q Q Q Q Q Q 0 11 22 33 44 55 66 Quarters 11 11 11 11 11 11 Quarters 00 00 00 00 00 00 22 22 22 22 22 22 44 44 44 44 44 44 Q Q Q Q Q Q

Quarters

Bloomberg League Table Reports Page 1 Bloomberg Global Fixed Income | FY 2016

Corporate Bonds Financial Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) Bank of America Merrill Lynch 1 6.569 135,229 860 2 7.261 -0.692 JP Morgan 1 5.092 105,987 539 1 5.495 -0.403 JP Morgan 2 6.373 131,195 825 1 7.644 -1.271 HSBC 2 4.601 95,767 555 4 3.796 0.805 Citi 3 5.975 122,998 804 3 5.596 0.379 Citi 3 4.580 95,331 537 2 4.961 -0.381 Barclays 4 4.730 97,361 639 7 4.990 -0.260 4 4.315 89,806 470 6 3.704 0.611 5 4.689 96,531 586 4 5.409 -0.720 5 3.962 82,457 437 3 4.216 -0.254 Goldman Sachs 6 4.352 89,590 555 6 5.050 -0.698 Bank of America Merrill Lynch 6 3.796 79,008 450 5 3.794 0.002 Morgan Stanley 7 4.174 85,916 677 5 5.127 -0.953 7 2.955 61,500 240 12 2.200 0.755 HSBC 8 3.375 69,472 499 8 3.870 -0.495 Deutsche Bank 8 2.892 60,200 332 9 3.297 -0.405 BNP Paribas 9 3.110 64,021 474 11 2.866 0.244 UBS 9 2.841 59,139 347 7 3.469 -0.628 Mizuho Financial 10 3.028 62,332 596 12 2.188 0.840 Barclays 10 2.730 56,828 346 10 3.036 -0.306 Wells Fargo 11 2.640 54,339 399 9 3.243 -0.603 11 2.544 52,942 312 8 3.425 -0.881 Credit Suisse 12 2.406 49,523 357 10 2.997 -0.591 Credit Agricole CIB 12 2.087 43,433 243 15 1.777 0.310 RBC Capital Markets 13 2.146 44,175 333 13 1.964 0.182 BNP Paribas 13 1.830 38,091 244 11 2.216 -0.386 Mitsubishi UFJ Financial Group Inc 14 1.913 39,382 331 15 1.629 0.284 China Securities Co Ltd 14 1.752 36,476 207 17 1.396 0.356 Societe Generale 15 1.549 31,892 248 14 1.672 -0.123 Co Ltd 15 1.647 34,286 168 21 1.007 0.640 Sumitomo Mitsui Financial 16 1.490 30,670 324 23 0.766 0.724 RBC Capital Markets 16 1.452 30,230 201 14 1.822 -0.370 China Securities Co Ltd 17 1.373 28,264 195 45 0.422 0.951 CITIC Securities Co Ltd 17 1.345 27,996 108 13 2.079 -0.734 UBS 18 1.259 25,919 213 16 1.457 -0.198 Societe Generale 18 1.216 25,304 167 16 1.501 -0.285 19 1.254 25,821 181 28 0.666 0.588 UniCredit 19 1.140 23,730 136 19 1.314 -0.174 Bank of China 20 1.211 24,921 165 17 1.390 -0.179 20 1.103 22,964 124 18 1.357 -0.254 TOTAL 100% 2,058,519 6,270 100% TOTAL 100% 2,081,436 9,462 100%

Syndicated Government Bonds International Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) Barclays 1 9.040 134,320 400 1 9.583 -0.543 JP Morgan 1 7.838 299,552 1,688 1 8.013 -0.175 HSBC 2 7.151 106,250 517 2 7.343 -0.192 Citi 2 7.215 275,744 1,452 3 6.511 0.704 Citi 3 6.748 100,270 391 5 5.345 1.403 Barclays 3 6.797 259,772 1,160 2 7.015 -0.218 JP Morgan 4 6.401 95,112 584 3 5.569 0.832 HSBC 4 6.584 251,631 1,371 5 6.197 0.387 Deutsche Bank 5 5.102 75,802 311 4 5.561 -0.459 Bank of America Merrill Lynch 5 6.358 242,996 1,308 4 6.377 -0.019 Bank of America Merrill Lynch 6 4.840 71,917 321 6 5.004 -0.164 Goldman Sachs 6 5.659 216,281 1,005 7 5.588 0.071 TD Securities 7 4.830 71,772 402 7 4.406 0.424 Deutsche Bank 7 5.089 194,505 985 6 5.889 -0.800 Goldman Sachs 8 4.689 69,676 237 8 4.083 0.606 BNP Paribas 8 3.982 152,193 886 9 3.915 0.067 Nomura 9 4.155 61,735 375 10 3.386 0.769 Morgan Stanley 9 3.887 148,567 774 8 4.535 -0.648 BNP Paribas 10 3.610 53,640 213 9 3.760 -0.150 Credit Agricole CIB 10 2.587 98,868 618 11 2.523 0.064 Morgan Stanley 11 2.596 38,578 304 11 3.108 -0.512 Credit Suisse 11 2.519 96,268 605 10 3.626 -1.107 RBC Capital Markets 12 2.207 32,799 178 13 2.520 -0.313 Wells Fargo 12 2.348 89,750 480 12 2.410 -0.062 Credit Agricole CIB 13 2.164 32,153 185 14 2.364 -0.200 Societe Generale 13 2.170 82,943 529 13 2.331 -0.161 UniCredit 14 1.922 28,552 128 12 2.546 -0.624 RBC Capital Markets 14 1.902 72,694 468 16 1.898 0.004 Societe Generale 15 1.846 27,431 126 16 1.741 0.105 UniCredit 15 1.862 71,145 388 15 1.926 -0.064 Wells Fargo 16 1.808 26,864 362 15 2.079 -0.271 UBS 16 1.801 68,846 407 14 2.280 -0.479 Daiwa Securities 17 1.589 23,606 317 20 1.363 0.226 TD Securities 17 1.709 65,301 319 20 1.279 0.430 National Bank Financial Inc 18 1.475 21,915 149 18 1.665 -0.190 Mizuho Financial 18 1.655 63,255 565 22 1.138 0.517 Scotiabank 19 1.437 21,351 66 23 1.153 0.284 Nomura 19 1.594 60,903 387 19 1.359 0.235 BMO Capital Markets 20 1.420 21,095 88 21 1.357 0.063 Mitsubishi UFJ Financial Group Inc 20 1.350 51,593 401 24 0.970 0.380 TOTAL 100% 1,485,848 5,630 100% TOTAL 100% 3,821,790 9,548 100%

Bloomberg League Table Reports Page 2 Bloomberg Global Fixed Income | FY 2016

Global Bonds Corporate High Yield Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 10.944 146,181 641 1 11.426 -0.482 JP Morgan 1 6.588 29,363 274 1 7.431 -0.843 Bank of America Merrill Lynch 2 9.598 128,196 577 3 9.809 -0.211 Bank of America Merrill Lynch 2 6.539 29,145 247 4 6.929 -0.390 Citi 3 9.237 123,378 491 4 9.202 0.035 Goldman Sachs 3 6.534 29,123 216 3 6.954 -0.420 Barclays 4 8.784 117,328 361 2 9.976 -1.192 Deutsche Bank 4 6.366 28,373 214 5 6.236 0.130 Goldman Sachs 5 7.112 94,992 338 5 8.091 -0.979 Citi 5 6.169 27,496 210 2 7.171 -1.002 HSBC 6 6.225 83,149 243 9 5.237 0.988 Barclays 6 5.673 25,285 206 7 5.496 0.177 Morgan Stanley 7 5.878 78,512 312 6 7.490 -1.612 Credit Suisse 7 4.750 21,173 181 8 5.002 -0.252 Wells Fargo 8 5.073 67,752 290 7 5.958 -0.885 Morgan Stanley 8 3.663 16,326 144 6 5.657 -1.994 Deutsche Bank 9 4.688 62,613 248 8 5.864 -1.176 Guotai Junan Securities Co Ltd 9 3.198 14,256 51 39 0.391 2.807 TD Securities 10 3.637 48,573 150 11 2.973 0.664 Wells Fargo 10 2.951 13,152 128 10 2.944 0.007 BNP Paribas 11 3.177 42,429 209 13 2.389 0.788 VTB Capital 11 2.713 12,092 46 53 0.270 2.443 RBC Capital Markets 12 3.051 40,749 184 12 2.807 0.244 UBS 12 2.682 11,954 80 9 3.167 -0.485 Mizuho Financial 13 2.569 34,318 236 15 1.666 0.903 China Securities Co Ltd 13 2.424 10,805 41 19 1.215 1.209 Nomura 14 2.329 31,111 61 17 1.330 0.999 HSBC 14 2.383 10,621 105 12 2.484 -0.101 Credit Suisse 15 1.726 23,047 120 10 2.993 -1.267 RBC Capital Markets 15 2.281 10,168 105 11 2.832 -0.551 Mitsubishi UFJ Financial Group Inc 16 1.642 21,932 141 16 1.416 0.226 CITIC Securities Co Ltd 16 1.784 7,952 18 16 1.409 0.375 BMO Capital Markets 17 1.079 14,416 48 18 0.908 0.171 BNP Paribas 17 1.617 7,207 86 13 1.811 -0.194 US Bancorp 18 0.995 13,287 103 20 0.843 0.152 Credit Agricole CIB 18 1.303 5,810 51 15 1.480 -0.175 Scotiabank 19 0.983 13,127 60 19 0.860 0.123 Banca Monte Dei Paschi di Siena SpA 19 1.267 5,647 9 - - - Societe Generale 20 0.948 12,659 66 23 0.638 0.310 Industrial & Comm Bank of China 20 1.128 5,030 13 24 0.799 0.329 TOTAL 100% 1,335,671 1,596 100% TOTAL 100% 445,714 1,101 100%

Global Green Bonds - Corporate & Government International Sukuk FY 2016 FY 2015 FY 2016 FY 2015

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(%) Bank of America Merrill Lynch 1 9.686 7,508 38 1 12.172 -2.486 Bank 1 15.622 3,791 22 2 11.495 4.127 Credit Agricole CIB 2 5.879 4,557 32 3 9.299 -3.420 Dubai Islamic Bank 2 10.862 2,636 18 4 8.314 2.548 JP Morgan 3 5.113 3,963 27 7 5.123 -0.010 HSBC 3 8.142 1,976 16 1 14.148 -6.006 SEB 4 4.562 3,536 39 4 7.584 -3.022 CIMB 4 8.073 1,959 11 3 11.362 -3.289 HSBC 5 4.391 3,404 28 2 9.735 -5.344 National Bank of Abu Dhabi 5 6.031 1,464 10 5 7.544 -1.513 Bank of China 6 4.165 3,228 15 45 0.280 3.885 JP Morgan 6 5.761 1,398 8 6 6.402 -0.641 Guotai Junan Securities Co Ltd 7 3.965 3,074 11 - - - Emirates NBD PJSC 7 5.727 1,390 15 8 4.244 1.483 Industrial & Comm Bank of China 8 3.027 2,347 7 - - - Citi 8 4.720 1,146 7 7 4.407 0.313 China International Capital Corp 9 2.933 2,274 7 - - - Deutsche Bank 9 4.613 1,120 6 12 2.748 1.865 China Construction Bank 10 2.746 2,129 11 - - - Bank ABC 10 2.732 663 8 - - - Co Ltd 11 2.706 2,098 6 - - - Noor Bank 11 2.655 644 8 10 3.020 -0.365 Barclays 12 2.576 1,997 15 6 5.296 -2.720 First Gulf Bank PJSC 12 2.265 550 5 15 1.596 0.669 China Merchants Bank 13 2.558 1,983 2 - - - Maybank 13 2.160 524 4 13 2.206 -0.046 Co Ltd 14 2.544 1,972 5 - - - National Bank of Kuwait 14 1.853 450 4 - - - CITIC Securities Co Ltd 15 2.449 1,899 8 - - - BNP Paribas 15 1.597 388 2 32 0.128 1.469 Agricultural Bank of China Ltd 16 2.400 1,860 3 42 0.310 2.090 Abu Dhabi Islamic Bank 16 1.554 377 3 14 1.766 -0.212 BNP Paribas 17 2.128 1,649 19 15 1.815 0.313 Gulf International Bank BSC 17 1.455 353 2 26 0.709 0.746 Citi 18 2.014 1,561 14 8 4.874 -2.860 Natixis 17 1.455 353 2 11 2.851 -1.396 Goldman Sachs 19 1.956 1,516 6 11 2.083 -0.127 Credit Suisse 19 1.099 267 2 - - - TD Securities 20 1.846 1,431 10 36 0.401 1.445 RHB 20 1.086 264 4 21 1.284 -0.198 TOTAL 100% 77,514 202 100% TOTAL 100% 24,269 49 100%

Bloomberg League Table Reports Page 3 Bloomberg Global Fixed Income | FY 2016

US Leveraged Finance: Quarterly Volume

US Leveraged Loans

US Fixed Income Review US High Yield Corporate Bonds 500 FY 2016 credited US Corporate Bonds volume increased 0.56% to USD 1.6 Trln while deal count decreased 16.21% to 2,357 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 1.94% year-on-year to USD 1.3 400 n n

Trln while the deal count decreased 14.00% to 1,806. US High Yield Corporate Bonds volume decreased 13.14% year-on- l l B B

year to USD 241.1 Bln over 458 deals. D D S S

U U 200 JP Morgan ranked as the top US Corporate Bonds underwriter for FY 2016 with 11.56% market share. The bank underwrote 974 deals over the period. Bank of America Merrill Lynch and Citi ranked second and third with 10.44% and 9.74% market

share, respectively. 0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

US Corporate Bonds: Highlights of FY 2016 Quarters

Top Underwriter Volume (USD US Corporate Bonds: Industry Breakdown Issuer Industry Mln) Date JP Morgan Anheuser-Busch InBev Finance Inc Consumer 11,000 01/13/2016 Number of deals 974 Staples 8% Volume (USD Mln) 185,129 Anheuser-Busch InBev Finance Inc Consumer 11,000 01/13/2016 Financials 38% Staples Avg Deal size (USD Mln) 190.1 6% Health Care 9% Anheuser-Busch InBev Finance Inc Consumer 7,500 01/13/2016 6% Market Summary Staples 38% Energy 9% Anheuser-Busch InBev Finance Inc Consumer 6,000 01/13/2016 8% Number of deals 2,357 Staples Consumer Discretionary 9% Volume (USD Mln) 1,601,780 Anheuser-Busch InBev Finance Inc Consumer 6,000 01/13/2016 Technology 9% Staples 9% Avg Deal size (USD Mln) 679.6 9% SFR Group SA Communications 5,190 04/06/2016 Consumer Staples 8% Petrobras Global Finance BV Energy 5,000 05/17/2016 9% 9% Communications 6% Microsoft Corp Technology 4,500 08/01/2016 Diamond 1 Finance Corp / Diamond 2 Finance Technology 4,500 05/17/2016 Utilities 6% Corp Diamond 1 Finance Corp / Diamond 2 Finance Technology 4,500 05/17/2016 Others 8% Corp

US Domestic Bonds: Quarterly Volume US Domestic Bonds: Spread to Benchmark

Deal Count Other High Yield High Yield Investment Grade 700 1,800 Investment Grade 700 600 1,500 600 s s t t n n i i

o o 400 p p

D D s s i i e e n n s s a a l l 400 a a 1,000 l l B B

C C B B D D o o 200 u u S S n n U U t t

0 200 500 11 22 33 44 55 66 11 11 11 11 11 11 00 00 00 00 00 00 22 22 22 22 22 22 44 44 44 44 44 44 Q Q Q Q Q Q

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

Quarters

Bloomberg League Table Reports Page 4 Bloomberg Global Fixed Income | FY 2016

US Domestic Bonds US Agency Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 10.510 239,640 1,161 1 11.373 -0.863 Barclays 1 12.279 71,276 246 1 14.349 -2.070 Citi 2 9.583 218,510 1,036 3 9.382 0.201 Nomura 2 7.591 44,064 242 3 6.423 1.168 Bank of America Merrill Lynch 3 9.547 217,670 1,191 2 10.702 -1.155 Wells Fargo 3 7.493 43,496 932 2 9.118 -1.625 Barclays 4 7.757 176,858 743 4 8.062 -0.305 TD Securities 4 6.843 39,721 244 6 5.066 1.777 Goldman Sachs 5 7.296 166,367 818 5 7.446 -0.150 Citi 5 6.519 37,841 326 9 3.280 3.239 Wells Fargo 6 5.973 136,194 955 7 6.284 -0.311 Deutsche Bank 6 5.549 32,212 151 5 5.774 -0.225 Morgan Stanley 7 5.717 130,351 778 6 6.769 -1.052 FTN Financial 7 4.925 28,586 1,020 8 4.723 0.202 Deutsche Bank 8 5.633 128,433 562 8 6.049 -0.416 JP Morgan 8 4.757 27,613 272 4 5.881 -1.124 HSBC 9 5.551 126,565 536 9 4.518 1.033 Bank of America Merrill Lynch 9 3.941 22,876 513 11 2.930 1.011 Credit Suisse 10 2.645 60,310 337 10 3.820 -1.175 Goldman Sachs 10 3.768 21,873 173 22 1.194 2.574 TD Securities 11 2.638 60,144 264 14 1.925 0.713 Morgan Stanley 11 3.232 18,758 610 7 5.032 -1.800 BNP Paribas 12 2.624 59,837 316 12 2.392 0.232 Incapital 12 3.143 18,245 1,093 10 2.951 0.192 RBC Capital Markets 13 2.555 58,246 356 11 2.503 0.052 HSBC 13 3.139 18,223 124 13 2.433 0.706 Mizuho Financial 14 2.288 52,173 381 15 1.711 0.577 Daiwa Securities 14 2.874 16,684 345 17 1.861 1.013 Nomura 15 2.101 47,908 192 17 1.283 0.818 Jefferies 15 2.478 14,386 428 12 2.501 -0.023 Mitsubishi UFJ Financial Group Inc 16 1.724 39,300 282 16 1.388 0.336 16 2.090 12,133 842 14 2.372 -0.282 UBS 17 1.509 34,411 215 13 2.048 -0.539 Vining Sparks 17 1.893 10,989 943 15 2.352 -0.459 US Bancorp 18 0.859 19,594 177 20 0.825 0.034 INTL FCStone Inc 18 1.883 10,927 473 26 0.925 0.958 Banco Santander 19 0.766 17,468 86 31 0.240 0.526 SunTrust Robinson Humphrey 19 1.609 9,338 766 19 1.725 -0.116 Sumitomo Mitsui Financial 20 0.761 17,354 124 28 0.349 0.412 Raymond James & Associates 20 1.461 8,480 528 16 1.943 -0.482 TOTAL 100% 2,280,091 4,613 100% TOTAL 100% 580,462 7,201 100%

US Corporate Bonds US Dollar Foreign Issuer Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 11.558 185,129 974 1 12.784 -1.226 HSBC 1 9.157 113,963 494 4 7.804 1.353 Bank of America Merrill Lynch 2 10.436 167,161 974 2 11.336 -0.900 Citi 2 9.033 112,416 564 1 9.390 -0.357 Citi 3 9.736 155,953 832 3 9.883 -0.147 JP Morgan 3 8.911 110,895 523 3 8.168 0.743 Goldman Sachs 4 7.956 127,433 690 4 8.167 -0.211 Bank of America Merrill Lynch 4 7.596 94,526 462 2 8.861 -1.265 Morgan Stanley 5 6.926 110,943 610 5 7.408 -0.482 Goldman Sachs 5 5.682 70,707 312 5 6.321 -0.639 Wells Fargo 6 6.832 109,430 594 6 6.569 0.263 Barclays 6 5.476 68,151 302 7 5.927 -0.451 Barclays 7 5.980 95,787 573 7 5.948 0.032 Deutsche Bank 7 4.917 61,190 233 6 6.267 -1.350 Deutsche Bank 8 5.310 85,051 453 8 5.611 -0.301 Morgan Stanley 8 4.152 51,674 269 8 5.331 -1.179 HSBC 9 4.551 72,894 323 10 3.772 0.779 BNP Paribas 9 3.904 48,586 218 10 3.591 0.313 Credit Suisse 10 3.517 56,328 323 9 4.463 -0.946 Credit Suisse 10 2.642 32,881 184 9 4.555 -1.913 RBC Capital Markets 11 2.869 45,962 325 11 2.785 0.084 TD Securities 11 2.577 32,064 106 13 2.474 0.103 Mizuho Financial 12 2.805 44,934 326 13 2.092 0.713 RBC Capital Markets 12 2.327 28,965 121 12 2.657 -0.330 BNP Paribas 13 2.308 36,963 252 14 1.917 0.391 UBS 13 2.313 28,787 153 11 3.522 -1.209 Mitsubishi UFJ Financial Group Inc 14 2.223 35,600 269 15 1.790 0.433 Standard Chartered Bank 14 2.051 25,520 189 14 1.695 0.356 UBS 15 1.885 30,199 189 12 2.602 -0.717 Nomura 15 1.835 22,841 134 16 1.434 0.401 US Bancorp 16 1.216 19,474 176 16 1.075 0.141 Mizuho Financial 16 1.728 21,502 178 18 1.044 0.684 Sumitomo Mitsui Financial 17 1.027 16,454 121 24 0.448 0.579 Mitsubishi UFJ Financial Group Inc 17 1.648 20,507 124 21 0.779 0.869 Banco Santander 18 0.892 14,290 76 28 0.288 0.604 Bank of China 18 1.254 15,612 131 25 0.685 0.569 TD Securities 19 0.879 14,076 99 22 0.625 0.254 Banco Santander 19 1.183 14,728 63 33 0.342 0.841 Societe Generale 20 0.840 13,461 87 18 0.903 -0.063 Credit Agricole CIB 20 1.174 14,606 121 17 1.315 -0.141 TOTAL 100% 1,601,780 2,357 100% TOTAL 100% 1,244,480 2,653 100%

Bloomberg League Table Reports Page 5 Bloomberg Global Fixed Income | FY 2016

US Investment Grade Corporate Bonds US High Yield Corporate Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 11.744 156,465 753 1 13.474 -1.730 JP Morgan 1 9.775 23,612 209 3 9.632 0.143 Bank of America Merrill Lynch 2 10.509 140,016 762 2 11.501 -0.992 Bank of America Merrill Lynch 2 9.673 23,365 196 1 10.415 -0.742 Citi 3 9.986 133,041 670 3 9.847 0.139 Goldman Sachs 3 9.590 23,165 163 4 8.585 1.005 Goldman Sachs 4 7.816 104,136 528 4 8.141 -0.325 Citi 4 9.004 21,749 160 2 10.092 -1.088 Morgan Stanley 5 7.337 97,748 488 5 7.529 -0.192 Barclays 5 8.675 20,954 155 7 6.787 1.888 Wells Fargo 6 7.238 96,428 465 6 6.967 0.271 Deutsche Bank 6 8.083 19,525 136 5 7.419 0.664 Barclays 7 5.587 74,432 417 7 5.796 -0.209 Credit Suisse 7 6.712 16,214 121 8 6.079 0.633 HSBC 8 5.009 66,737 270 9 4.288 0.721 Wells Fargo 8 5.144 12,426 120 9 4.967 0.177 Deutsche Bank 9 4.919 65,533 317 8 5.232 -0.313 Morgan Stanley 9 5.110 12,343 111 6 6.879 -1.769 Mizuho Financial 10 3.193 42,546 302 13 2.328 0.865 RBC Capital Markets 10 3.897 9,412 91 10 4.437 -0.540 Credit Suisse 11 3.023 40,273 202 10 4.119 -1.096 UBS 11 2.333 5,636 42 13 1.711 0.622 RBC Capital Markets 12 2.728 36,346 235 12 2.470 0.258 HSBC 12 2.052 4,957 45 16 1.329 0.723 BNP Paribas 13 2.501 33,323 215 14 2.046 0.455 SunTrust Robinson Humphrey 13 1.894 4,574 48 11 2.351 -0.457 Mitsubishi UFJ Financial Group Inc 14 2.461 32,792 237 15 1.972 0.489 Credit Agricole CIB 14 1.830 4,419 34 14 1.391 0.439 UBS 15 1.786 23,801 134 11 2.766 -0.980 BNP Paribas 15 1.513 3,654 38 15 1.363 0.150 US Bancorp 16 1.382 18,415 156 16 1.122 0.260 Jefferies 16 1.483 3,582 26 12 2.170 -0.687 Sumitomo Mitsui Financial 17 1.149 15,312 109 23 0.510 0.639 Mitsubishi UFJ Financial Group Inc 17 1.145 2,766 32 18 0.978 0.167 TD Securities 18 0.991 13,197 86 20 0.677 0.313 Mizuho Financial 18 0.971 2,346 24 17 0.984 -0.013 Societe Generale 19 0.930 12,394 80 17 0.947 -0.017 ING Groep 19 0.803 1,940 22 27 0.474 0.329 Banco Santander 20 0.761 10,141 58 26 0.322 0.439 Scotiabank 20 0.673 1,625 20 20 0.827 -0.154 TOTAL 100% 1,332,297 1,805 100% TOTAL 100% 241,558 459 100%

US Dollar Preferreds FY 2016 FY 2015

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Wells Fargo 1 25.489 7,287 63 3 16.374 9.115 Bank of America Merrill Lynch 2 23.907 6,834 64 2 17.656 6.251 Morgan Stanley 3 16.432 4,697 60 4 13.014 3.418 UBS 4 10.426 2,981 39 5 9.919 0.507 Citi 5 4.969 1,420 9 8 0.841 4.128 JP Morgan 6 4.627 1,323 16 1 29.963 -25.336 Goldman Sachs 7 3.006 859 4 16 0.350 2.656 RBC Capital Markets 8 2.678 766 13 7 2.183 0.495 Stifel 9 2.098 600 15 6 3.931 -1.833 Raymond James & Associates 10 1.063 304 8 22 0.151 0.912 Janney Montgomery Scott LLC 11 0.578 165 7 9 0.820 -0.242 Credit Suisse 12 0.547 156 2 18 0.272 0.275 FBR Capital Markets Corp 13 0.483 138 8 - - - Barclays 14 0.455 130 2 17 0.336 0.119 HSBC 15 0.350 100 1 - - - BB&T 16 0.297 85 2 20 0.228 0.069 Compass Point Research & Trading LLC 17 0.283 81 5 21 0.173 0.110 KeyBanc Capital Markets 18 0.250 71 1 - - - Wunderlich Securities Inc 19 0.248 71 5 19 0.250 -0.002 Incapital 20 0.238 68 5 10 0.660 -0.422 TOTAL 100% 28,586 111 100%

Bloomberg League Table Reports Page 6 Bloomberg Global Fixed Income | FY 2016

Canadian Corporate Domestic Bonds: Quarterly Volume

Deal Count Amount Canadian Fixed Income Review 40 90 80 FY 2016 credited Canadian Corporate Bonds volume decreased 5.68% to CAD 89.1 Bln while deal count decreased 18.89% 30

to 176 offerings year-on-year. Canadian Corporate Bonds - Bonus volume decreased 5.57% year-on-year to CAD 89.1 Bln 60 D D e e n n a a l l l l B B

while the deal count decreased 18.22% to 175. Canadian Government Bonds volume increased 7.90% year-on-year to CAD C C

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

113.2 Bln over 341 deals. U U t t

RBC Capital Markets ranked as the top Canadian Corporate Bonds underwriter for FY 2016 with 25.45% market share. The 10 10 20 bank underwrote 81 deals over the period. BMO Capital Markets and TD Securities ranked second and third with 19.48%

and 19.08% market share, respectively. 0 0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

Quarters

Canadian Corporate Domestic Bonds Canadian Corporate Domestic Bonds: Industry Breakdown FY 2016 FY 2015

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Financials 61% 9% RBC Capital Markets 1 25.445 22,680 81 1 22.345 3.100 8% Energy 13% BMO Capital Markets 2 19.475 17,359 69 5 12.467 7.008 Utilities 9% TD Securities 3 19.083 17,009 69 4 15.036 4.047 9% CIBC 4 16.008 14,268 57 3 17.221 -1.213 Consumer Discretionary 8% Scotiabank 5 10.363 9,236 38 2 18.293 -7.930 61% Others 9% National Bank Financial Inc 6 4.107 3,661 14 6 5.428 -1.321 13% HSBC 7 1.496 1,333 3 7 4.527 -3.031 Bank of America Merrill Lynch 8 1.440 1,283 9 9 1.323 0.117 Wells Fargo 9 0.841 750 3 11 0.265 0.576 Laurentian Bank of Canada 10 0.561 500 2 10 0.746 -0.185 TOTAL 100% 89,132 176 100%

Canadian Government Bonds Canadian Corporate Domestic Bonds: Manager Rankings History

FY 2016 FY 2015 2016 2015 2014 30 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

National Bank Financial Inc 1 25.342 28,692 147 1 24.502 0.840 % ( 20 e r

TD Securities 2 16.476 18,655 46 4 17.248 -0.772 a h S

RBC Capital Markets 3 16.172 18,310 58 3 17.350 -1.178 t e k r 10 BMO Capital Markets 4 13.707 15,519 40 5 12.232 1.475 a M CIBC 5 13.571 15,365 78 2 18.152 -4.581

Scotiabank 6 13.147 14,886 26 6 9.864 3.283 0 s s s k c t t e C n n Desjardins Capital Markets 7 0.634 718 10 7 0.347 0.287 e e ti IB a I rk rk ri b l a a u C a ia c ti c M M e o n Casgrain & Co 8 0.310 351 6 9 0.030 0.280 l l c a ta ta S n i i D S i p p T F a a k Laurentian Bank of Canada 9 0.292 331 13 8 0.274 0.018 C C n a C O B B M l R B a HSBC 10 0.177 200 2 - - - n o ti a TOTAL 100% 113,222 341 100% N

Bloomberg League Table Reports Page 7 Bloomberg Global Fixed Income | FY 2016

Latin American Bonds: Quarterly Volume

Deal Count Amount Latin America Fixed Income Review 80 400 FY 2016 credited Latin American Bonds volume increased 37.20% to USD 144.6 Bln while deal count decreased 35.75% to 60 300

399 offerings year-on-year. Latin American Local Currency Bonds volume decreased 30.85% year-on-year to USD 29.7 Bln D D e e n n a a l l l l B B

while the deal count decreased 31.35% to 484. Brazilian Domestic Bonds volume decreased 15.38% year-on-year to BRL C C

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

48.7 Bln over 153 deals. U U t t JP Morgan ranked as the top Latin American Bonds underwriter for FY 2016 with 10.62% market share. The bank 20 100 underwrote 52 deals over the period. Citi and Bank of America Merrill Lynch ranked second and third with 10.56% and 9.02%

market share, respectively. 0 0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

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Latin American Bonds Latin American Bonds: Industry Breakdown FY 2016 FY 2015

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Government 49% JP Morgan 1 10.618 15,350 52 4 6.974 3.644 18% Energy 20% Citi 2 10.556 15,260 70 3 9.666 0.890 Financials 12% Bank of America Merrill Lynch 3 9.021 13,042 50 1 11.335 -2.314 Banco Santander 4 8.858 12,805 84 5 6.824 2.034 12% 49% Others 18% HSBC 5 7.440 10,756 59 2 9.719 -2.279 Banco Bilbao Vizcaya Argentaria 6 7.129 10,305 66 7 5.919 1.210 Bradesco BBI SA 7 5.647 8,164 34 12 3.461 2.186 20% Deutsche Bank 8 4.799 6,938 29 8 5.778 -0.979 Credit Suisse 9 4.467 6,458 26 10 4.681 -0.214 Morgan Stanley 10 3.685 5,328 23 6 6.328 -2.643 TOTAL 100% 144,566 399 100%

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

FY 2016 FY 2015 2016 2015 2014 15 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

Bradesco BBI SA 1 24.683 7,320 31 2 8.917 15.766 % ( 10 e r

Banco Santander 2 8.672 2,572 51 1 10.589 -1.917 a h S

Banco Itau BBA 3 8.399 2,491 41 3 8.643 -0.244 t e k r 5 Banco Bilbao Vizcaya Argentaria 4 6.613 1,961 45 5 8.547 -1.934 a M JP Morgan 5 4.859 1,441 66 8 4.304 0.555

Actinver Casa de Bolsa SA de CV 6 3.698 1,097 28 9 3.552 0.146 0 i r n it h e C ia a c d B r Nomura 7 3.672 1,089 15 24 0.790 2.882 rg C n n ta o y a S n L t H e M ll n g P ri a r Mizuho Financial 8 3.188 945 12 20 1.042 2.146 J r S A e o a M c y a n a Banco do Brasil SA 9 3.114 924 10 4 8.642 -5.528 c a c ri B z e i V m o HSBC 10 2.663 790 28 6 6.677 -4.014 A a f b o il k B TOTAL 100% 29,657 484 100% n o a c B n a B

Bloomberg League Table Reports Page 8 Bloomberg Global Fixed Income | FY 2016

EMEA Leveraged Finance: Quarterly Volume

EMEA Corporate High Yield Bonds (inc EM)

EMEA Fixed Income Review EMEA Sponsor-led Leveraged Loans 90 FY 2016 credited European Corporate & Financial Bonds volume decreased 2.80% to EUR 1.1 Trln while deal count decreased 9.12% to 4,614 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume increased n n

24.22% year-on-year to EUR 333.1 Bln while the deal count increased 10.71% to 682. Western European Corporate High l l

B B 50

50

Yield Bonds volume decreased 1.43% year-on-year to EUR 69.9 Bln over 170 deals. R R U U HSBC ranked as the top European Corporate & Financial Bonds underwriter for FY 2016 with 6.81% market share. The bank E E underwrote 379 deals over the period. Deutsche Bank and Barclays ranked second and third with 5.47% and 5.28% market

share, respectively. 0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

European Corporate & Financial Bonds: Highlights of FY 2016 Quarters

Top Underwriter Issuer Industry Volume (EUR Mln) Date European Corporate & Financial Bonds: Industry Breakdown Anheuser-Busch InBev Finance Inc Consumer Staples 11,000 01/13/2016 HSBC Anheuser-Busch InBev Finance Inc Consumer Staples 11,000 01/13/2016 Number of deals 379 Rosneft Oil Co PJSC Energy 9,417 12/07/2016 Financials 63% Volume (EUR Mln) 75,349 Anheuser-Busch InBev Finance Inc Consumer Staples 7,500 01/13/2016 18% Avg Deal size (EUR Mln) 198.8 Anheuser-Busch InBev Finance Inc Consumer Staples 6,000 01/13/2016 Consumer Staples 7% Anheuser-Busch InBev Finance Inc Consumer Staples 6,000 01/13/2016 Consumer Discretionary 7% Market Summary UniCredit Bank Austria AG Financials 5,582 09/16/2016 5% Number of deals 4,614 SFR Group SA Communications 5,190 04/06/2016 Communications 5% Anheuser-Busch InBev Finance Inc Consumer Staples 4,000 01/13/2016 7% Volume (EUR Mln) 1,106,776 Others 18% Cooperatieve UA Financials 3,539 01/08/2016 63% Avg Deal size (EUR Mln) 239.9 7%

European Corporate & Financial Bonds: Quarterly Volume

Deal Count Other High Yield

Investment Grade 600 3,000

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

400 2,000 D D

e e High Yield n n a a l l l l B B C C Investment Grade

R R 300 1,500 o o u u U U n n

E E 800 t t

200 1,000 600 s s t t n n i i

100 500 o o p p 400 s s i i s s a a

0 0 B B 11 22 33 44 55 66 200 11 11 11 11 11 11 00 00 00 00 00 00 22 22 22 22 22 22 44 44 44 44 44 44 Q Q Q Q Q Q 0 11 22 33 44 55 66 Quarters 11 11 11 11 11 11 Quarters 00 00 00 00 00 00 22 22 22 22 22 22 44 44 44 44 44 44 Q Q Q Q Q Q

Quarters

Bloomberg League Table Reports Page 9 Bloomberg Global Fixed Income | FY 2016

European Bonds Western European Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 7.257 116,174 560 1 6.173 1.084 HSBC 1 7.202 114,001 543 1 6.219 0.983 Barclays 2 6.426 102,860 493 2 5.777 0.649 Barclays 2 6.442 101,963 482 2 5.786 0.656 Deutsche Bank 3 5.164 82,662 463 3 5.070 0.094 Deutsche Bank 3 5.662 89,619 452 3 5.127 0.535 BNP Paribas 4 5.000 80,036 474 4 4.780 0.220 BNP Paribas 4 5.284 83,633 468 4 4.835 0.449 Citi 5 4.398 70,397 409 7 3.962 0.436 Citi 5 4.190 66,318 382 8 3.824 0.366 JP Morgan 6 4.217 67,511 409 5 4.403 -0.186 Credit Agricole CIB 6 3.978 62,964 334 7 3.951 0.027 Goldman Sachs 7 3.997 63,991 311 11 3.518 0.479 Goldman Sachs 7 3.934 62,274 301 12 3.578 0.356 Credit Agricole CIB 8 3.954 63,289 336 8 3.848 0.106 JP Morgan 8 3.908 61,859 376 6 4.300 -0.392 UniCredit 9 3.501 56,036 371 9 3.737 -0.236 UniCredit 9 3.827 60,569 336 11 3.583 0.244 Societe Generale 10 3.476 55,650 375 10 3.690 -0.214 Societe Generale 10 3.257 51,559 324 9 3.757 -0.500 Bank of America Merrill Lynch 11 3.043 48,710 282 13 3.261 -0.218 Bank of America Merrill Lynch 11 3.065 48,523 281 13 3.365 -0.300 Credit Suisse 12 2.643 42,305 289 6 4.218 -1.575 Credit Suisse 12 2.661 42,117 287 5 4.340 -1.679 RBS 13 2.472 39,563 238 16 2.208 0.264 Banco Santander 13 2.622 41,510 201 18 1.634 0.988 UBS 14 2.462 39,414 246 12 3.410 -0.948 UBS 14 2.502 39,600 241 10 3.588 -1.086 Morgan Stanley 15 2.396 38,360 215 14 2.702 -0.306 RBS 15 2.499 39,563 238 16 2.279 0.220 Natixis 16 2.167 34,683 242 15 2.408 -0.241 Morgan Stanley 16 2.423 38,360 215 14 2.773 -0.350 Banco Santander 17 2.053 32,868 201 18 1.638 0.415 Natixis 17 2.160 34,187 240 15 2.477 -0.317 Commerzbank 18 1.897 30,373 242 17 1.965 -0.068 Commerzbank 18 1.876 29,693 228 17 1.974 -0.098 Landesbank Baden-Wuerttemberg 19 1.674 26,796 222 20 1.516 0.158 Intesa Sanpaolo 19 1.875 29,675 127 26 1.281 0.594 ING Groep 20 1.611 25,786 190 23 1.312 0.299 Landesbank Baden-Wuerttemberg 20 1.687 26,696 221 20 1.565 0.122 TOTAL 100% 1,600,775 6,187 100% TOTAL 100% 1,582,886 5,846 100%

Eastern European Bonds Western European Corporate High Yield Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 23.565 18,462 84 3 6.915 16.650 Deutsche Bank 1 10.256 7,172 63 2 8.502 1.754 JP Morgan 2 7.917 6,203 32 10 4.111 3.806 Citi 2 9.713 6,793 36 8 4.561 5.152 Gazprombank 3 6.917 5,419 61 6 5.274 1.643 Goldman Sachs 3 7.668 5,362 47 1 9.993 -2.325 Societe Generale 4 5.682 4,451 50 2 8.800 -3.118 Barclays 4 7.093 4,961 47 5 6.195 0.898 Citi 5 5.653 4,429 26 9 4.757 0.896 Bank of America Merrill Lynch 5 6.121 4,281 41 11 3.600 2.521 UniCredit 6 4.805 3,765 42 1 9.163 -4.358 JP Morgan 6 6.074 4,248 48 3 7.739 -1.665 Sberbank CIB CJSC 7 4.621 3,620 52 5 5.427 -0.806 HSBC 7 5.432 3,799 43 4 6.520 -1.088 Barclays 8 3.753 2,940 13 4 5.707 -1.954 BNP Paribas 8 4.966 3,473 46 7 5.407 -0.441 Raiffeisen Bank International Group 9 2.957 2,316 38 8 4.947 -1.990 Credit Suisse 9 4.798 3,355 43 6 6.108 -1.310 HSBC 10 2.954 2,314 16 7 4.981 -2.027 Morgan Stanley 10 3.373 2,359 24 9 4.407 -1.034 Deutsche Bank 11 2.800 2,194 12 12 3.417 -0.617 Credit Agricole CIB 11 2.855 1,997 19 10 4.013 -1.158 BNP Paribas 12 2.489 1,950 11 13 3.276 -0.787 ING Groep 12 2.789 1,951 24 16 2.227 0.562 Goldman Sachs 13 2.447 1,917 10 19 1.729 0.718 UniCredit 13 2.709 1,894 25 12 3.092 -0.383 ING Groep 14 2.121 1,662 16 22 1.102 1.019 Societe Generale 14 2.425 1,696 25 13 2.965 -0.540 Erste Group Bank 15 2.070 1,622 23 11 3.734 -1.664 RBS 15 2.019 1,412 21 15 2.497 -0.478 Sovcombank ICB JSC 16 2.058 1,612 37 15 2.085 -0.027 Intesa Sanpaolo 16 1.874 1,311 17 24 1.107 0.767 Intesa Sanpaolo 17 1.362 1,067 7 14 2.549 -1.187 Nordea 17 1.810 1,266 17 32 0.352 1.458 Alfa Bank 18 1.317 1,032 17 24 1.021 0.296 Commerzbank 18 1.466 1,026 13 17 1.706 -0.240 REGION Investment Co 19 1.211 949 21 20 1.582 -0.371 Lloyds Bank 19 1.303 912 16 21 1.194 0.109 UBS 20 1.127 883 6 29 0.763 0.364 RBC Capital Markets 20 1.173 820 10 19 1.455 -0.282 TOTAL 100% 78,344 376 100% TOTAL 100% 69,934 170 100%

Bloomberg League Table Reports Page 10 Bloomberg Global Fixed Income | FY 2016

EMEA Corporate Investment Grade Bonds (inc EM) EMEA Corporate High Yield Bonds (inc EM) FY 2016 FY 2015 FY 2016 FY 2015

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 8.184 27,263 206 4 7.618 0.566 VTB Capital 1 11.109 11,013 43 25 1.031 10.078 Deutsche Bank 2 6.428 21,415 146 3 7.905 -1.477 Citi 2 7.662 7,595 44 9 4.073 3.589 Barclays 3 6.402 21,326 157 1 8.744 -2.342 Deutsche Bank 3 7.605 7,539 68 2 7.598 0.007 HSBC 4 6.143 20,463 162 2 8.093 -1.950 Goldman Sachs 4 6.094 6,042 52 1 8.688 -2.594 Citi 5 6.107 20,346 166 7 4.705 1.402 JP Morgan 5 5.704 5,654 63 3 7.480 -1.776 Bank of America Merrill Lynch 6 5.684 18,934 137 8 4.651 1.033 Barclays 6 5.223 5,177 50 6 5.236 -0.013 JP Morgan 7 4.791 15,959 120 6 4.839 -0.048 Bank of America Merrill Lynch 7 4.858 4,816 44 11 3.270 1.588 Societe Generale 8 4.773 15,900 130 5 5.388 -0.615 HSBC 8 4.141 4,106 46 4 5.813 -1.672 UniCredit 9 3.637 12,116 94 9 3.332 0.305 Credit Suisse 9 4.074 4,038 50 5 5.322 -1.248 Credit Agricole CIB 10 3.416 11,381 92 12 3.199 0.217 BNP Paribas 10 3.900 3,866 50 7 4.886 -0.986 ING Groep 11 3.133 10,437 86 15 2.308 0.825 Morgan Stanley 11 2.924 2,899 29 8 4.198 -1.274 Banco Santander 12 3.007 10,017 86 16 2.269 0.738 UniCredit 12 2.629 2,606 41 13 2.988 -0.359 RBS 13 2.991 9,964 92 10 3.273 -0.282 ING Groep 13 2.593 2,570 33 16 1.867 0.726 Morgan Stanley 14 2.975 9,911 78 14 2.945 0.030 Societe Generale 14 2.591 2,569 41 12 3.151 -0.560 Goldman Sachs 15 2.942 9,800 63 11 3.246 -0.304 Gazprombank 15 2.348 2,328 36 19 1.473 0.875 Mitsubishi UFJ Financial Group Inc 16 2.898 9,653 89 17 2.147 0.751 Credit Agricole CIB 16 2.159 2,141 21 10 3.717 -1.558 Commerzbank 17 1.919 6,392 52 18 1.987 -0.068 Intesa Sanpaolo 17 1.721 1,706 19 27 0.959 0.762 Credit Suisse 18 1.863 6,207 47 13 3.018 -1.155 RBS 18 1.713 1,699 24 15 2.117 -0.404 UBS 19 1.700 5,664 36 20 1.699 0.001 Nordea 19 1.277 1,266 17 34 0.407 0.870 Sumitomo Mitsui Financial 20 1.664 5,544 50 33 0.419 1.245 UBS 20 1.246 1,235 17 18 1.569 -0.323 TOTAL 100% 333,133 682 100% TOTAL 100% 99,133 300 100%

Euro Currency Bonds Euro & Sterling Corporate & Financial Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 6.121 73,402 425 1 6.444 -0.323 Deutsche Bank 1 6.119 56,219 313 3 5.914 0.205 BNP Paribas 2 6.039 72,426 435 2 6.141 -0.102 BNP Paribas 2 6.104 56,072 370 1 6.052 0.052 Barclays 3 5.924 71,047 356 3 5.849 0.075 HSBC 3 5.594 51,395 353 2 6.022 -0.428 Credit Agricole CIB 4 5.557 66,637 306 6 4.870 0.687 Barclays 4 5.226 48,009 301 4 5.528 -0.302 Deutsche Bank 5 5.154 61,803 371 4 5.509 -0.355 Credit Agricole CIB 5 4.685 43,041 223 7 3.980 0.705 UniCredit 6 4.920 59,001 356 5 5.158 -0.238 UniCredit 6 4.576 42,036 245 9 3.794 0.782 Societe Generale 7 4.766 57,155 338 8 4.406 0.360 Citi 7 3.906 35,879 250 11 3.089 0.817 JP Morgan 8 4.682 56,142 308 7 4.680 0.002 Societe Generale 8 3.868 35,534 247 5 4.550 -0.682 Citi 9 4.378 52,499 300 10 3.473 0.905 JP Morgan 9 3.616 33,220 245 6 4.520 -0.904 Goldman Sachs 10 4.259 51,071 255 9 4.315 -0.056 Banco Santander 10 3.445 31,652 170 18 2.171 1.274 Bank of America Merrill Lynch 11 3.381 40,548 239 13 2.784 0.597 Bank of America Merrill Lynch 11 3.404 31,272 206 14 2.941 0.463 Natixis 12 2.904 34,821 239 11 3.186 -0.282 Goldman Sachs 12 3.146 28,901 182 8 3.896 -0.750 Commerzbank 13 2.765 33,164 238 14 2.760 0.005 Intesa Sanpaolo 13 2.809 25,806 118 24 1.447 1.362 Landesbank Baden-Wuerttemberg 14 2.527 30,302 234 16 2.049 0.478 Natixis 14 2.583 23,725 157 12 3.079 -0.496 Morgan Stanley 15 2.432 29,168 145 15 2.354 0.078 UBS 15 2.532 23,266 124 13 2.962 -0.430 Banco Santander 16 2.192 26,287 167 19 1.830 0.362 Credit Suisse 16 2.491 22,883 136 10 3.302 -0.811 RBS 17 2.008 24,076 143 18 1.891 0.117 Morgan Stanley 17 2.438 22,402 144 16 2.492 -0.054 ING Groep 18 1.971 23,635 172 20 1.655 0.316 Commerzbank 18 2.329 21,396 166 15 2.635 -0.306 UBS 19 1.905 22,851 128 17 2.049 -0.144 RBS 19 2.306 21,184 179 17 2.236 0.070 Credit Suisse 20 1.806 21,656 120 12 2.838 -1.032 ING Groep 20 2.236 20,540 152 20 1.981 0.255 TOTAL 100% 1,199,212 3,380 100% TOTAL 100% 918,682 2,681 100%

Bloomberg League Table Reports Page 11 Bloomberg Global Fixed Income | FY 2016

Sterling Bonds Swiss Franc Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 14.807 13,887 89 2 12.174 2.633 Credit Suisse 1 26.978 13,636 135 1 29.702 -2.724 HSBC 2 14.232 13,347 101 1 13.872 0.360 UBS 2 19.966 10,092 119 2 18.985 0.981 RBS 3 9.824 9,213 81 3 9.215 0.609 Schweizerische Kantonalbanken 3 14.512 7,335 24 3 13.141 1.371 RBC Capital Markets 4 5.383 5,049 62 4 6.318 -0.935 Zuercher Kantonalbank 4 9.669 4,887 51 4 9.301 0.368 Citi 5 5.264 4,937 33 11 3.569 1.695 Raiffeisen Switzerland 5 8.277 4,183 52 5 7.895 0.382 Lloyds Bank 6 4.919 4,614 40 7 5.618 -0.699 BNP Paribas 6 3.147 1,591 15 7 2.328 0.819 Bank of America Merrill Lynch 7 4.916 4,611 28 9 4.099 0.817 Deutsche Bank 7 3.001 1,517 15 6 3.801 -0.800 Nomura 8 4.449 4,172 24 8 5.181 -0.732 Commerzbank 8 1.972 997 11 21 0.452 1.520 Deutsche Bank 9 4.447 4,171 34 5 5.909 -1.462 Aargauische Kantonalbank 9 1.286 650 4 9 1.308 -0.022 Morgan Stanley 10 4.306 4,039 25 14 2.565 1.741 Goldman Sachs 10 1.171 592 5 10 1.291 -0.120 JP Morgan 11 3.263 3,060 26 6 5.663 -2.400 HSBC 11 1.152 583 7 12 0.887 0.265 Banco Santander 12 3.116 2,922 19 10 3.955 -0.839 Basler Kantonalbank 12 1.070 541 8 8 1.618 -0.548 Credit Suisse 13 3.053 2,863 26 15 2.481 0.572 Luzerner Kantonalbank 13 0.871 440 2 14 0.689 0.182 TD Securities 14 2.826 2,650 23 18 1.519 1.307 Banque Cantonale Vaudoise 14 0.594 300 2 - - - BNP Paribas 15 2.531 2,374 17 13 2.572 -0.041 Kantonalbank Schwyz 14 0.594 300 2 19 0.516 0.078 FMS Wertmanagement 16 2.399 2,250 2 21 0.636 1.763 Gazprombank 16 0.577 292 2 - - - Goldman Sachs 17 2.134 2,001 11 17 2.013 0.121 Credit Agricole CIB 17 0.495 250 1 27 0.232 0.263 UBS 18 1.483 1,391 7 12 2.924 -1.441 Thurgauer Kantonalbank 17 0.495 250 1 17 0.551 -0.056 Scotiabank 19 1.416 1,328 9 16 2.178 -0.762 Vontobel Holding AG 19 0.415 210 3 36 0.069 0.346 Commonwealth Bank Australia 20 0.511 479 7 30 0.247 0.264 JP Morgan 20 0.396 200 2 15 0.631 -0.235 TOTAL 100% 93,784 294 100% TOTAL 100% 50,544 290 100%

Swedish Krona Bonds Sub-Saharan African Currency Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 22.927 60,487 121 2 19.565 3.362 Nedbank Ltd 1 16.288 1,569 48 2 15.356 0.932 SEB 2 20.302 53,561 104 4 17.901 2.401 FirstRand Ltd 2 13.387 1,290 43 4 12.083 1.304 Swedbank 3 17.704 46,706 114 1 22.218 -4.514 of South Africa 3 11.123 1,072 36 1 17.089 -5.966 Danske Bank 4 15.018 39,620 123 3 18.411 -3.393 JP Morgan 4 10.077 971 53 6 6.187 3.890 Svenska Handelsbanken 5 13.147 34,684 92 5 12.144 1.003 Daiwa Securities 5 7.651 737 24 9 2.168 5.483 DNB ASA 6 4.861 12,825 26 6 4.222 0.639 Barclays 6 6.354 612 22 5 11.439 -5.085 Pareto Securities 7 1.694 4,469 19 9 0.640 1.054 Eskom Holdings Ltd 7 5.294 510 2 3 15.321 -10.027 ABG Sundal Collier Asa 8 0.987 2,604 10 8 0.868 0.119 8 4.968 479 21 7 3.935 1.033 Nykredit Bank A/S 9 0.644 1,700 3 - - - Central Bank of Kenya 9 3.073 296 1 - - - Carnegie 10 0.625 1,650 8 21 0.074 0.551 Islamic Development Bank 10 2.592 250 1 10 1.846 0.746 JP Morgan 11 0.575 1,517 5 10 0.386 0.189 RBC Capital Markets 11 2.374 229 22 8 2.714 -0.340 RBS 12 0.379 1,000 1 - - - HSBC 12 2.062 199 14 12 1.017 1.045 Credit Agricole CIB 13 0.284 750 1 17 0.165 0.119 Industrial & Comm Bank of China 13 1.249 120 6 - - - Nykredit Realkredit A/S 13 0.284 750 1 - - - TD Securities 14 1.203 116 8 14 0.850 0.353 Arctic Securities 15 0.224 590 3 - - - Chapel Hill Advisory Partners Ltd 15 1.043 100 3 - - - Citi 16 0.190 500 2 16 0.166 0.024 Standard Chartered Bank 15 1.043 100 2 - - - Daiwa Securities 17 0.095 250 1 - - - Citi 17 1.012 97 5 28 0.326 0.686 Deutsche Bank 18 0.032 83 1 12 0.331 -0.299 Mizuho Financial 18 0.910 88 6 33 0.153 0.757 AGL Transaction Services AB 19 0.028 75 1 - - - BNP Paribas 19 0.821 79 5 42 0.031 0.790 ------Java Capital 20 0.749 72 3 24 0.360 0.389 TOTAL 100% 263,821 479 100% TOTAL 100% 9,636 346 100%

Bloomberg League Table Reports Page 12 Bloomberg Global Fixed Income | FY 2016

CEEMEA Bonds MENA Bonds & Sukuk FY 2016 FY 2015 FY 2016 FY 2015

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(%) VTB Capital 1 8.431 18,371 82 10 2.621 5.810 JP Morgan 1 10.059 7,444 35 3 8.626 1.433 Citi 2 7.663 16,697 87 1 7.228 0.435 HSBC 2 9.267 6,858 47 1 13.862 -4.595 JP Morgan 3 7.648 16,664 80 3 6.257 1.391 Citi 3 8.442 6,248 27 2 12.032 -3.590 HSBC 4 6.293 13,711 89 2 6.314 -0.021 Standard Chartered Bank 4 6.226 4,608 37 4 6.501 -0.275 Barclays 5 4.224 9,203 66 4 5.106 -0.882 National Bank of Abu Dhabi 5 6.015 4,451 29 5 5.900 0.115 BNP Paribas 6 3.603 7,850 44 8 3.395 0.208 Mitsubishi UFJ Financial Group Inc 6 5.901 4,367 21 54 0.161 5.740 Bank of America Merrill Lynch 7 3.046 6,637 31 42 0.622 2.424 Deutsche Bank 7 4.320 3,197 12 15 1.598 2.722 Deutsche Bank 8 2.863 6,238 28 5 4.222 -1.359 BNP Paribas 8 3.921 2,902 16 7 3.417 0.504 Standard Chartered Bank 9 2.808 6,118 50 9 2.625 0.183 Bank of America Merrill Lynch 9 3.869 2,863 10 40 0.408 3.461 Societe Generale 10 2.599 5,664 63 6 3.809 -1.210 Morgan Stanley 10 2.821 2,088 8 6 4.644 -1.823 Gazprombank 11 2.487 5,419 61 13 1.999 0.488 Mizuho Financial 11 2.675 1,980 22 36 0.463 2.212 Goldman Sachs 12 2.471 5,383 24 11 2.117 0.354 Goldman Sachs 12 2.628 1,945 7 22 1.157 1.471 Mitsubishi UFJ Financial Group Inc 13 2.256 4,916 27 136 0.040 2.216 National Commercial Bank 13 2.545 1,883 4 48 0.247 2.298 UniCredit 14 2.161 4,708 50 7 3.523 -1.362 Dubai Islamic Bank 14 2.427 1,796 12 20 1.319 1.108 National Bank of Abu Dhabi 15 2.131 4,643 31 16 1.524 0.607 Bank of China 15 2.365 1,750 3 - - - Mizuho Financial 16 2.006 4,371 38 54 0.388 1.618 Emirates NBD PJSC 16 2.337 1,730 24 12 2.479 -0.142 Morgan Stanley 17 1.895 4,129 20 15 1.636 0.259 Barclays 17 2.154 1,594 13 11 2.628 -0.474 Sberbank CIB CJSC 18 1.661 3,620 52 12 2.065 -0.404 Credit Agricole CIB 18 1.950 1,443 16 19 1.385 0.565 Sumitomo Mitsui Financial 19 1.550 3,378 19 128 0.051 1.499 Qatar National Bank 19 1.826 1,351 7 37 0.463 1.363 Credit Suisse 20 1.247 2,718 17 74 0.220 1.027 Sumitomo Mitsui Financial 20 1.596 1,181 5 - - - TOTAL 100% 217,891 983 100% TOTAL 100% 74,004 220 100%

African Bonds Sub-Saharan African Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) Nedbank Ltd 1 15.096 2,136 46 6 6.503 8.593 Nedbank Ltd 1 15.096 2,136 46 6 7.953 7.143 Standard Bank of South Africa 2 12.082 1,709 39 2 9.407 2.675 Standard Bank of South Africa 2 12.082 1,709 39 2 11.504 0.578 Barclays 3 11.784 1,667 25 1 12.158 -0.374 Barclays 3 11.784 1,667 25 1 12.758 -0.974 FirstRand Ltd 4 10.746 1,520 41 5 6.999 3.747 FirstRand Ltd 4 10.746 1,520 41 5 8.559 2.187 Citi 5 9.415 1,332 7 7 5.641 3.774 Citi 5 9.415 1,332 7 10 2.958 6.457 JP Morgan 6 6.352 899 4 9 4.867 1.485 JP Morgan 6 6.352 899 4 14 2.011 4.341 HSBC 7 6.106 864 3 22 0.526 5.580 HSBC 7 6.106 864 3 20 0.644 5.462 Standard Chartered Bank 8 4.706 666 5 12 3.659 1.047 Standard Chartered Bank 8 4.706 666 5 8 4.474 0.232 Eskom Holdings Ltd 9 3.606 510 2 4 7.087 -3.481 Eskom Holdings Ltd 9 3.606 510 2 4 8.667 -5.061 Bank of America Merrill Lynch 10 3.534 500 3 17 1.467 2.067 Bank of America Merrill Lynch 10 3.534 500 3 15 1.795 1.739 Investec 11 3.023 428 20 14 2.346 0.677 Investec 11 3.023 428 20 11 2.869 0.154 Central Bank of Kenya 12 2.093 296 1 - - - Central Bank of Kenya 12 2.093 296 1 - - - Goldman Sachs 13 1.885 267 1 15 2.208 -0.323 Goldman Sachs 13 1.885 267 1 12 2.700 -0.815 Islamic Development Bank 14 1.765 250 1 21 0.854 0.911 Islamic Development Bank 14 1.765 250 1 19 1.044 0.721 UniCredit 15 1.148 162 2 34 0.206 0.942 UniCredit 15 1.148 162 2 31 0.252 0.896 BNP Paribas 16 0.804 114 1 10 4.690 -3.886 BNP Paribas 16 0.804 114 1 9 3.202 -2.398 Commerzbank 16 0.804 114 1 - - - Commerzbank 16 0.804 114 1 - - - Deutsche Bank 16 0.804 114 1 3 8.200 -7.396 Deutsche Bank 16 0.804 114 1 3 10.028 -9.224 Chapel Hill Advisory Partners Ltd 19 0.710 100 3 - - - Chapel Hill Advisory Partners Ltd 19 0.710 100 3 - - - Java Capital 20 0.510 72 3 42 0.167 0.343 Java Capital 20 0.510 72 3 39 0.204 0.306 TOTAL 100% 14,147 182 100% TOTAL 100% 14,147 182 100%

Bloomberg League Table Reports Page 13 Bloomberg Global Fixed Income | FY 2016

Spain Bonds Spain Corporates FY 2016 FY 2015 FY 2016 FY 2015

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 10.421 9,106 60 1 9.541 0.880 La Caixa 1 9.234 2,260 22 2 7.324 1.910 Banco Bilbao Vizcaya Argentaria 2 10.156 8,875 59 2 9.297 0.859 Banco Bilbao Vizcaya Argentaria 2 8.299 2,031 22 1 8.671 -0.372 Barclays 3 7.776 6,795 34 5 7.087 0.689 Banco Santander 3 7.649 1,872 20 4 6.900 0.749 La Caixa 4 7.095 6,200 34 3 8.451 -1.356 Barclays 4 5.940 1,454 16 14 3.136 2.804 Citi 5 5.767 5,040 20 7 6.384 -0.617 Deutsche Bank 5 5.791 1,417 14 8 4.768 1.023 Societe Generale 6 5.060 4,422 29 9 4.294 0.766 BNP Paribas 6 5.752 1,408 18 6 5.406 0.346 BNP Paribas 7 4.586 4,008 23 10 3.748 0.838 Morgan Stanley 7 5.227 1,279 9 3 7.152 -1.925 Credit Agricole CIB 8 4.527 3,956 30 4 7.409 -2.882 Societe Generale 8 5.132 1,256 16 11 3.743 1.389 Banco Sabadell 9 3.860 3,373 15 12 3.539 0.321 Intesa Sanpaolo 9 3.964 970 11 31 0.311 3.653 Goldman Sachs 10 3.589 3,136 18 8 4.308 -0.719 JP Morgan 10 3.696 905 12 7 4.848 -1.152 JP Morgan 11 3.571 3,121 18 15 2.402 1.169 Credit Agricole CIB 11 3.548 868 11 5 6.347 -2.799 HSBC 12 3.569 3,118 22 6 6.391 -2.822 Bank of America Merrill Lynch 12 3.274 801 8 23 1.382 1.892 Deutsche Bank 13 3.524 3,080 22 11 3.555 -0.031 Citi 13 3.062 749 9 18 2.662 0.400 Morgan Stanley 14 3.421 2,989 13 14 2.941 0.480 UniCredit 14 2.781 681 7 9 4.081 -1.300 Natixis 15 2.189 1,913 15 13 3.130 -0.941 Mitsubishi UFJ Financial Group Inc 15 2.765 677 7 33 0.259 2.506 UniCredit 16 2.046 1,788 14 17 1.899 0.147 ING Groep 16 2.558 626 9 19 2.427 0.131 UBS 17 1.920 1,677 10 23 1.195 0.725 Mizuho Financial 17 2.167 530 5 24 1.216 0.951 Bank of America Merrill Lynch 18 1.500 1,311 12 18 1.675 -0.175 RBS 18 2.108 516 7 10 3.749 -1.641 RBS 19 1.269 1,109 12 21 1.315 -0.046 HSBC 19 1.792 438 4 13 3.318 -1.526 Commerzbank 20 1.233 1,077 10 16 1.939 -0.706 20 1.752 429 7 17 2.800 -1.048 TOTAL 100% 87,385 229 100% TOTAL 100% 24,471 72 100%

Spain Financials Spain Government & Agencies FY 2016 FY 2015 FY 2016 FY 2015

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Mkt Volume (EUR Firm Rank Share(%) Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander 1 11.780 3,702 28 1 9.942 1.838 Banco Sabadell 2 9.281 2,917 9 4 6.529 2.752 Banco Bilbao Vizcaya Argentaria 1 16.354 5,150 26 3 11.857 4.497 Barclays 3 7.664 2,408 14 10 4.703 2.961 La Caixa 2 11.401 3,590 10 6 9.629 1.772 Banco Bilbao Vizcaya Argentaria 4 5.392 1,695 11 3 7.595 -2.203 Banco Santander 3 11.218 3,533 12 5 10.257 0.961 Deutsche Bank 5 5.290 1,663 8 5 5.797 -0.507 Citi 4 9.527 3,000 3 1 12.973 -3.446 Credit Agricole CIB 6 5.184 1,629 14 7 5.334 -0.150 Barclays 5 9.315 2,933 4 2 12.126 -2.811 UBS 7 5.059 1,590 9 21 1.521 3.538 BNP Paribas 6 6.351 2,000 2 8 6.328 0.023 Goldman Sachs 8 5.050 1,587 8 6 5.743 -0.693 JP Morgan 7 6.293 1,982 3 11 2.452 3.841 Natixis 9 4.841 1,521 8 9 4.979 -0.138 Societe Generale 8 5.472 1,723 7 9 5.592 -0.120 Societe Generale 10 4.591 1,443 6 12 3.513 1.078 HSBC 9 5.437 1,712 13 7 9.510 -4.073 Citi 11 4.107 1,291 8 15 2.754 1.353 Morgan Stanley 10 4.764 1,500 1 11 2.452 2.312 HSBC 12 3.080 968 5 8 5.140 -2.060 Credit Agricole CIB 11 4.633 1,459 5 4 10.671 -6.038 Commerzbank 13 2.562 805 7 11 3.873 -1.311 Goldman Sachs 12 3.658 1,152 4 10 3.041 0.617 Nomura 14 2.284 718 8 13 3.435 -1.151 UniCredit 13 2.064 650 3 13 0.736 1.328 Credit Suisse 15 2.195 690 5 20 1.604 0.591 Norbolsa 14 1.175 370 2 14 0.662 0.513 BNP Paribas 16 1.909 600 3 25 1.217 0.692 Banco Sabadell 15 0.921 290 2 18 0.327 0.594 RBS 17 1.888 593 5 23 1.439 0.449 Bankia 16 0.910 287 7 15 0.491 0.419 Banco Popular Espanol SA 18 1.750 550 2 16 2.600 -0.850 Beka Finance SV SA 17 0.238 75 1 17 0.334 -0.096 Bank of America Merrill Lynch 19 1.621 510 4 14 3.038 -1.417 Confederacion Espanola de Cajas de 18 0.159 50 1 - - - UniCredit 20 1.456 458 4 18 1.997 -0.541 Ahorros TOTAL 100% 31,424 98 100% Banco Cooperativo 19 0.062 20 1 - - - Natixis 20 0.048 15 1 16 0.474 -0.426 TOTAL 100% 31,489 59 100%

Bloomberg League Table Reports Page 14 Bloomberg Global Fixed Income | FY 2016

Asia ex-Japan G3 Currency Bonds: Quarterly Volume

Deal Count

Asia ex-Japan Fixed Income Review Other FY 2016 credited Asia ex-Japan G3 Currency Bonds volume increased 16.75% to USD 201.3 Bln while deal count increased High Yield 33.43% to 447 offerings year-on-year. Asia ex-Japan G3 Investment Grade Bonds volume increased 8.53% year-on-year to Investment Grade 70 140 USD 154.4 Bln while the deal count increased 16.22% to 301. Asia ex-Japan G3 Corporate High Yield Bonds volume D D

50 100 e e n n a a

increased 69.45% year-on-year to USD 17.6 Bln over 63 deals. l l l l B B C C

HSBC ranked as the top Asia ex-Japan G3 Currency Bonds underwriter for FY 2016 with 10.88% market share. The bank D D o o u u S S n n U U underwrote 188 deals over the period. Citi and Standard Chartered Bank ranked second and third with 7.46% and 6.44% t t

market share, respectively. 0 0 111 122 133 144 155 166 001 001 001 001 001 001 22 22 22 22 22 22 44 44 44 44 44 44 QQ QQ QQ QQ QQ QQ

Quarters

Asia ex-Japan G3 Currency Bonds: Highlights of FY 2016 Asia ex-Japan G3 Currency Bonds: Industry Breakdown Issuer Industry Volume (USD Mln) Date China Cinda Asset Management Co Ltd Financials 3,200 09/23/2016 Financials 45% Proven Honour Capital Ltd Technology 2,000 04/28/2016 19% Government 24% Philippine Government International Bond Government 2,000 02/17/2016 Perusahaan Penerbit SBSN Indonesia III Government 1,750 03/21/2016 Industrials 7% 6% Indonesia Government International Bond Government 1,702 06/07/2016 45% Utilities 6% Indonesia Government International Bond Government 1,702 06/07/2016 7% CK Hutchison Finance 16 Ltd Consumer Staples 1,538 04/05/2016 Others 19% Indonesia Government International Bond Government 1,500 12/01/2016

China Minsheng Banking Corp Ltd Financials 1,439 12/07/2016 24% Huarong Finance II Co Ltd Financials 1,350 11/15/2016

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 China Cinda Asset Management Co Ltd 3,200 09/23/2016 China CK Hutchison Finance 16 Ltd 1,538 04/05/2016 Hong Kong 2016 2015 2014 Export-Import Bank of India 1,000 07/28/2016 India 15 Perusahaan Penerbit SBSN Indonesia III 1,750 03/21/2016 Indonesia ) % ( Malaysia Sukuk Global Bhd 1,000 04/20/2016 Malaysia 10 e r a

Philippine Government International Bond 2,000 02/17/2016 Philippines h S

t

BOC Aviation Ltd 750 04/14/2016 Singapore e k r 5 a

Export-Import Bank of Korea 1,000 05/18/2016 South Korea M Sri Lanka Government International Bond 1,000 07/11/2016 Sri Lanka Foxconn Far East Ltd 600 09/14/2016 Taiwan 0 ti k a h n C i n n c a B C a i n g S h y r Kasikornbank PCL/Hong Kong 400 09/29/2016 Thailand H B C L o d f l M re o il e k rr P rt n e J a a M h B C a ic rd r a e d m n A ta f S o k n a B

Bloomberg League Table Reports Page 15 Bloomberg Global Fixed Income | FY 2016

Asia ex-Japan Issuer G3 Currency Bonds APAC ex-Japan Issuer G3 Currency Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 10.883 21,912 188 1 11.603 -0.720 HSBC 1 10.725 30,044 223 1 10.714 0.011 Citi 2 7.463 15,027 133 2 8.642 -1.179 Citi 2 8.775 24,582 179 2 10.023 -1.248 Standard Chartered Bank 3 6.444 12,975 104 4 6.277 0.167 JP Morgan 3 6.640 18,599 129 3 8.598 -1.958 Bank of China 4 5.947 11,975 117 7 4.325 1.622 Bank of America Merrill Lynch 4 6.604 18,500 129 5 4.692 1.912 Bank of America Merrill Lynch 5 5.625 11,325 96 6 4.837 0.788 Standard Chartered Bank 5 4.632 12,975 104 7 4.458 0.174 JP Morgan 6 4.664 9,391 84 5 5.481 -0.817 Bank of China 6 4.275 11,975 117 11 3.072 1.203 Deutsche Bank 7 3.964 7,981 54 3 6.677 -2.713 Goldman Sachs 7 4.230 11,848 90 6 4.659 -0.429 Industrial & Comm Bank of China 8 3.477 7,002 79 11 3.424 0.053 UBS 8 3.708 10,386 97 10 3.294 0.414 UBS 9 3.403 6,851 80 12 2.921 0.482 Deutsche Bank 9 3.613 10,120 65 4 5.972 -2.359 BNP Paribas 10 3.195 6,432 59 10 3.431 -0.236 Credit Suisse 10 3.544 9,927 66 15 2.267 1.277 Goldman Sachs 11 2.908 5,856 58 9 3.501 -0.593 Morgan Stanley 11 3.320 9,300 80 8 3.722 -0.402 Barclays 12 2.895 5,828 45 16 2.403 0.492 ANZ Banking Group 12 3.136 8,786 73 13 2.840 0.296 Credit Suisse 13 2.854 5,747 54 15 2.561 0.293 BNP Paribas 13 3.025 8,474 70 9 3.396 -0.371 DBS Group 14 2.644 5,323 56 13 2.878 -0.234 Industrial & Comm Bank of China 14 2.500 7,002 79 14 2.432 0.068 Morgan Stanley 15 2.204 4,437 56 8 3.546 -1.342 Barclays 15 2.352 6,587 49 12 2.979 -0.627 Credit Agricole CIB 16 2.094 4,216 40 35 0.392 1.702 DBS Group 16 1.936 5,423 57 16 2.106 -0.170 Bank of Communications 17 2.090 4,207 52 20 1.695 0.395 Credit Agricole CIB 17 1.721 4,821 44 32 0.542 1.179 ANZ Banking Group 18 1.987 4,001 49 14 2.565 -0.578 Bank of Communications 18 1.502 4,207 52 21 1.204 0.298 China Construction Bank 19 1.788 3,599 67 17 2.120 -0.332 National Australia Bank Ltd 19 1.306 3,658 19 22 1.024 0.282 China Merchants Bank 20 1.460 2,940 37 24 1.121 0.339 China Construction Bank 20 1.285 3,599 67 17 1.506 -0.221 TOTAL 100% 201,342 447 100% TOTAL 100% 280,118 581 100%

Asia ex-Japan G3 Investment Grade Bonds Asia ex-Japan G3 Corporate High Yield Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 11.559 17,844 151 1 11.743 -0.184 Deutsche Bank 1 11.732 2,069 16 6 7.029 4.703 Citi 2 8.512 13,140 112 2 9.004 -0.492 HSBC 2 7.454 1,315 16 3 9.273 -1.819 Standard Chartered Bank 3 6.516 10,059 85 5 5.463 1.053 UBS 3 7.225 1,274 16 5 7.243 -0.018 Bank of China 4 6.212 9,589 94 7 4.860 1.352 Credit Suisse 4 6.891 1,215 15 2 9.836 -2.945 Bank of America Merrill Lynch 5 5.348 8,256 75 6 5.097 0.251 Bank of America Merrill Lynch 5 6.185 1,091 11 14 2.460 3.725 JP Morgan 6 4.897 7,561 65 4 5.681 -0.784 Standard Chartered Bank 6 5.816 1,026 5 1 10.611 -4.795 Industrial & Comm Bank of China 7 4.133 6,380 68 8 4.068 0.065 Guotai Junan Securities Co Ltd 7 5.541 977 14 20 1.769 3.772 BNP Paribas 8 3.534 5,455 49 11 3.319 0.215 Goldman Sachs 8 5.341 942 6 9 3.260 2.081 Deutsche Bank 9 3.193 4,929 31 3 6.401 -3.208 Haitong Securities Co Ltd 9 4.527 799 11 19 1.809 2.718 UBS 10 3.059 4,722 52 16 2.112 0.947 JP Morgan 10 4.356 768 9 4 8.853 -4.497 Barclays 11 2.892 4,464 33 13 2.558 0.334 DBS Group 11 3.809 672 7 10 3.061 0.748 Goldman Sachs 12 2.883 4,451 50 10 3.814 -0.931 Citi 12 3.651 644 8 11 2.898 0.753 Credit Agricole CIB 13 2.690 4,153 39 33 0.417 2.273 Bank of China 13 3.615 638 10 12 2.806 0.809 Bank of Communications 14 2.531 3,907 45 22 1.521 1.010 Barclays 14 3.227 569 7 16 2.001 1.226 Morgan Stanley 15 2.383 3,678 47 9 3.903 -1.520 Morgan Stanley 15 3.052 538 5 8 4.236 -1.184 China Construction Bank 16 2.069 3,194 60 19 1.864 0.205 BNP Paribas 16 2.601 459 4 13 2.660 -0.059 ANZ Banking Group 17 1.983 3,061 40 14 2.333 -0.350 China International Capital Corp 17 2.166 382 2 - - - DBS Group 18 1.954 3,017 35 12 2.853 -0.899 China Merchants Bank 18 1.784 315 4 21 1.499 0.285 Credit Suisse 19 1.922 2,967 26 15 2.250 -0.328 CITIC Securities Co Ltd 19 1.372 242 3 7 5.005 -3.633 Societe Generale 20 1.771 2,735 25 18 1.876 -0.105 China Securities Co Ltd 20 0.953 168 2 23 0.961 -0.008 TOTAL 100% 154,376 301 100% TOTAL 100% 17,637 63 100%

Bloomberg League Table Reports Page 16 Bloomberg Global Fixed Income | FY 2016

APAC USD & EUR Currency Bonds Asian Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 9.545 32,841 237 2 9.716 -0.171 China Securities Co Ltd 1 4.824 64,740 402 5 3.291 1.533 Citi 2 9.414 32,391 219 1 9.981 -0.567 Guotai Junan Securities Co Ltd 2 4.007 53,775 303 8 2.644 1.363 JP Morgan 3 8.038 27,658 167 3 9.059 -1.021 Morgan Stanley 3 3.446 46,240 462 4 3.471 -0.025 Bank of America Merrill Lynch 4 7.560 26,013 165 5 5.623 1.937 CITIC Securities Co Ltd 4 3.182 42,697 183 1 4.808 -1.626 Goldman Sachs 5 5.084 17,495 118 6 5.339 -0.255 Bank of China 5 3.171 42,557 306 3 3.653 -0.482 Morgan Stanley 6 4.118 14,169 91 7 4.296 -0.178 Industrial & Comm Bank of China 6 2.842 38,139 254 2 3.838 -0.996 Standard Chartered Bank 7 3.771 12,975 104 8 3.813 -0.042 Mizuho Financial 7 2.790 37,436 512 17 1.767 1.023 Bank of China 8 3.480 11,975 117 12 2.627 0.853 China Construction Bank 8 2.611 35,037 282 6 3.206 -0.595 Barclays 9 3.345 11,510 76 9 3.809 -0.464 Citi 9 2.371 31,819 251 9 2.469 -0.098 Deutsche Bank 10 3.084 10,612 68 4 5.821 -2.737 HSBC 10 2.358 31,641 330 7 2.742 -0.384 UBS 11 3.018 10,386 97 11 2.817 0.201 Haitong Securities Co Ltd 11 2.300 30,860 189 15 1.792 0.508 Credit Suisse 12 2.885 9,927 66 15 1.939 0.946 Agricultural Bank of China Ltd 12 2.017 27,067 174 10 2.372 -0.355 BNP Paribas 13 2.824 9,716 75 10 3.755 -0.931 Nomura 13 1.920 25,762 420 19 1.670 0.250 ANZ Banking Group 14 2.553 8,786 73 13 2.429 0.124 China Merchants Bank 14 1.821 24,443 193 16 1.775 0.046 Mizuho Financial 15 2.155 7,417 58 17 1.671 0.484 Sumitomo Mitsui Financial 15 1.742 23,378 359 24 1.506 0.236 Mitsubishi UFJ Financial Group Inc 16 2.090 7,190 46 18 1.421 0.669 JP Morgan 16 1.738 23,330 146 23 1.511 0.227 Industrial & Comm Bank of China 17 2.035 7,002 79 14 2.080 -0.045 China International Capital Corp 17 1.691 22,698 134 14 1.838 -0.147 Nomura 18 1.786 6,147 40 19 1.358 0.428 GF Securities 18 1.689 22,662 117 42 0.719 0.970 DBS Group 19 1.576 5,423 57 16 1.801 -0.225 China Development Bank 19 1.675 22,485 153 12 1.903 -0.228 Credit Agricole CIB 20 1.462 5,029 46 31 0.688 0.774 Industrial Bank Co Ltd 20 1.666 22,362 175 11 1.903 -0.237 TOTAL 100% 344,082 657 100% TOTAL 100% 1,341,972 7,738 100%

Asia ex-Japan Bonds ASEAN Local Currency Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) China Securities Co Ltd 1 5.641 64,740 402 4 3.710 1.931 CIMB 1 13.253 8,747 268 1 13.974 -0.721 Guotai Junan Securities Co Ltd 2 4.685 53,775 303 6 2.980 1.705 Maybank 2 7.621 5,030 136 4 7.129 0.492 CITIC Securities Co Ltd 3 3.720 42,697 183 1 5.419 -1.699 DBS Group 3 6.701 4,423 113 2 8.730 -2.029 Bank of China 4 3.708 42,557 306 3 4.117 -0.409 Siam Commercial Bank PCL 4 5.799 3,827 87 13 3.133 2.666 Industrial & Comm Bank of China 5 3.323 38,139 254 2 4.326 -1.003 Krung Thai Bank 5 5.736 3,786 95 10 3.675 2.061 China Construction Bank 6 3.053 35,037 282 5 3.613 -0.560 Kasikornbank PCL 6 5.472 3,612 108 8 4.611 0.861 Haitong Securities Co Ltd 7 2.689 30,860 189 14 2.020 0.669 Bangkok Bank PCL 7 5.250 3,465 69 11 3.375 1.875 HSBC 8 2.491 28,595 312 7 2.882 -0.391 RHB 8 5.152 3,400 156 3 7.553 -2.401 Agricultural Bank of China Ltd 9 2.358 27,067 174 8 2.673 -0.315 AmInvestment Bank Bhd 9 5.119 3,378 86 5 6.297 -1.178 China Merchants Bank 10 2.130 24,443 193 15 2.001 0.129 Bank of Ayudhya PCL 10 3.926 2,591 50 9 3.803 0.123 Citi 11 2.031 23,306 202 9 2.271 -0.240 Oversea-Chinese Banking Corp 11 3.289 2,171 56 7 5.644 -2.355 China International Capital Corp 12 1.978 22,698 134 13 2.072 -0.094 United Overseas Bank 12 2.897 1,912 62 14 2.834 0.063 GF Securities 13 1.975 22,662 117 36 0.810 1.165 Standard Chartered Bank 13 2.328 1,536 31 12 3.294 -0.966 China Development Bank 14 1.959 22,485 153 11 2.145 -0.186 Indo Premier Securities 14 2.230 1,472 116 20 1.005 1.225 Industrial Bank Co Ltd 15 1.948 22,362 175 10 2.145 -0.197 Danareksa Sekuritas PT 15 1.999 1,319 99 24 0.776 1.223 Shanghai Pudong Development Bank Co Ltd 16 1.768 20,298 234 12 2.080 -0.312 Mandiri Sekuritas PT 16 1.886 1,245 94 18 1.138 0.748 China Merchants Securities 17 1.579 18,128 140 16 1.779 -0.200 HSBC 17 1.783 1,177 30 6 5.683 -3.900 Standard Chartered Bank 18 1.471 16,880 186 20 1.637 -0.166 Bahana Securities 18 1.503 992 61 27 0.680 0.823 Huatai Securities Co Ltd 19 1.427 16,376 82 33 0.897 0.530 BCA Sekuritas PT 19 1.151 760 70 31 0.505 0.646 UBS 20 1.416 16,251 130 22 1.456 -0.040 China Banking Capital Corp 20 1.120 739 14 23 0.829 0.291 TOTAL 100% 1,147,738 6,885 100% TOTAL 100% 66,002 1,075 100%

Bloomberg League Table Reports Page 17 Bloomberg Global Fixed Income | FY 2016

Australian/New Zealand International Bonds Australian Kangaroo Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) Citi 1 11.457 9,928 49 2 12.129 -0.672 TD Securities 1 19.993 4,823 72 1 15.273 4.720 JP Morgan 2 10.819 9,375 47 1 14.603 -3.784 ANZ Banking Group 2 13.019 3,141 38 6 6.463 6.556 HSBC 3 10.709 9,280 46 3 9.369 1.340 Deutsche Bank 3 12.712 3,067 38 2 13.072 -0.360 Bank of America Merrill Lynch 4 8.331 7,219 34 7 4.159 4.172 Nomura 4 11.575 2,793 34 3 12.845 -1.270 Goldman Sachs 5 7.032 6,094 33 4 6.799 0.233 RBC Capital Markets 5 9.565 2,308 33 4 11.269 -1.704 Credit Suisse 6 5.920 5,130 18 15 2.584 3.336 JP Morgan 6 6.491 1,566 29 7 5.193 1.298 Morgan Stanley 7 5.796 5,022 25 9 3.684 2.112 Westpac Banking 7 3.368 812 9 8 4.952 -1.584 ANZ Banking Group 8 5.784 5,012 26 13 3.432 2.352 HSBC 8 3.188 769 10 12 3.430 -0.242 UBS 9 4.973 4,309 22 5 4.521 0.452 Daiwa Securities 9 2.971 717 28 14 2.025 0.946 National Australia Bank Ltd 10 4.935 4,277 24 10 3.609 1.326 Citi 10 2.843 686 9 9 4.915 -2.072 Commonwealth Bank Australia 11 3.519 3,050 17 14 2.684 0.835 National Australia Bank Ltd 11 2.667 643 6 11 3.886 -1.219 RBC Capital Markets 12 2.839 2,460 15 12 3.444 -0.605 UBS 12 2.435 587 6 10 3.959 -1.524 Deutsche Bank 13 2.520 2,184 12 8 3.888 -1.368 Commonwealth Bank Australia 13 2.418 583 8 5 7.353 -4.935 BNP Paribas 14 2.408 2,087 12 11 3.487 -1.079 Goldman Sachs 14 1.969 475 3 13 2.740 -0.771 Nomura 15 1.790 1,551 10 18 1.674 0.116 Mizuho Financial 15 1.782 430 11 18 0.341 1.441 Wells Fargo 16 1.587 1,375 9 20 1.164 0.423 Bank of America Merrill Lynch 16 1.036 250 2 - - - TD Securities 17 1.327 1,150 4 27 0.468 0.859 Barclays 16 1.036 250 2 - - - Westpac Banking 18 1.046 906 6 17 2.277 -1.231 DBS Group 18 0.622 150 1 - - - Barclays 19 0.876 760 4 6 4.292 -3.416 Scotiabank 19 0.311 75 2 16 0.653 -0.342 Sumitomo Mitsui Financial 20 0.747 647 3 24 0.723 0.024 ------TOTAL 100% 86,657 168 100% TOTAL 100% 24,124 207 100%

Korean International Bonds Japanese Yen Bonds FY 2016 FY 2015 FY 2016 FY 2015

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(%) HSBC 1 10.755 3,076 32 2 9.861 0.894 Morgan Stanley 1 24.015 3,657,302 376 1 20.325 3.690 Bank of America Merrill Lynch 2 9.621 2,752 30 3 8.366 1.255 Mizuho Financial 2 21.927 3,339,224 452 4 15.663 6.264 Citi 3 9.487 2,714 31 1 11.635 -2.148 Sumitomo Mitsui Financial 3 15.701 2,391,171 349 2 17.123 -1.422 Credit Agricole CIB 4 7.146 2,044 23 10 4.678 2.468 Nomura 4 15.245 2,321,726 387 3 15.957 -0.712 UBS 5 6.787 1,942 22 19 1.813 4.974 Daiwa Securities 5 13.633 2,076,206 329 5 15.123 -1.490 Societe Generale 6 6.269 1,793 25 7 5.120 1.149 Goldman Sachs 6 1.687 256,976 28 6 2.140 -0.453 Nomura 7 6.209 1,776 17 13 3.015 3.194 Bank of America Merrill Lynch 7 1.396 212,560 20 7 1.921 -0.525 BNP Paribas 8 5.886 1,684 16 4 6.856 -0.970 Shinkin Central Bank 8 1.018 155,000 42 16 0.699 0.319 ANZ Banking Group 9 4.600 1,316 17 11 4.655 -0.055 Citi 9 0.858 130,625 14 8 1.712 -0.854 Standard Chartered Bank 10 4.214 1,205 12 8 4.804 -0.590 Tokai Tokyo Securities Co Ltd 10 0.802 122,083 34 12 0.817 -0.015 Goldman Sachs 11 3.802 1,087 11 12 3.175 0.627 HSBC 11 0.555 84,450 7 13 0.786 -0.231 Korea Development Bank 12 3.773 1,079 11 21 1.377 2.396 BNP Paribas 12 0.517 78,767 9 20 0.370 0.147 JP Morgan 13 3.557 1,017 14 9 4.718 -1.161 Mitsubishi UFJ Financial Group Inc 13 0.488 74,316 6 9 1.483 -0.995 Mizuho Financial 14 3.154 902 9 14 2.419 0.735 SBI Holdings Inc/Japan 14 0.312 47,500 7 - - - Morgan Stanley 15 2.930 838 11 16 2.279 0.651 Societe Generale 15 0.271 41,300 8 19 0.416 -0.145 Credit Suisse 16 2.195 628 6 17 2.156 0.039 Okasan Securities Group Inc 16 0.246 37,417 11 21 0.207 0.039 Commerzbank 17 1.825 522 6 15 2.329 -0.504 JP Morgan 17 0.243 37,000 5 11 1.079 -0.836 Barclays 18 1.467 420 5 5 6.015 -4.548 Barclays 18 0.227 34,500 6 14 0.749 -0.522 TD Securities 19 0.993 284 3 23 0.701 0.292 Credit Suisse 19 0.224 34,133 5 17 0.588 -0.364 Westpac Banking 20 0.986 282 4 29 0.298 0.688 Credit Agricole CIB 20 0.195 29,683 7 15 0.727 -0.532 TOTAL 100% 28,605 129 100% TOTAL 100% 15,229,123 805 100%

Bloomberg League Table Reports Page 18 Bloomberg Global Fixed Income | FY 2016

Hong Kong Dollar Bonds Offshore CNY Bonds FY 2016 FY 2015 FY 2016 FY 2015

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 20.016 47,848 145 1 21.097 -1.081 HSBC 1 18.732 30,812 86 1 14.981 3.751 Standard Chartered Bank 2 12.275 29,343 86 3 7.990 4.285 Credit Agricole CIB 2 15.377 25,294 99 4 7.642 7.735 Bank of Communications 3 11.190 26,750 13 4 7.687 3.503 Standard Chartered Bank 3 10.297 16,937 64 2 11.256 -0.959 Citi 4 8.837 21,126 56 7 5.439 3.398 Citi 4 7.167 11,789 33 6 4.908 2.259 Credit Agricole CIB 5 5.778 13,811 48 8 5.152 0.626 Nomura 5 4.575 7,525 22 25 1.057 3.518 China Construction Bank 6 4.686 11,203 11 17 0.924 3.762 BNP Paribas 6 4.152 6,830 29 3 8.201 -4.049 Bank of China 7 4.567 10,917 11 2 9.091 -4.524 Goldman Sachs 7 4.110 6,760 13 27 0.910 3.200 DBS Group 8 4.285 10,243 14 11 3.392 0.893 Bank of China 8 3.871 6,368 19 5 5.276 -1.405 Societe Generale 9 3.673 8,781 34 10 4.216 -0.543 UBS 9 3.049 5,015 33 11 2.424 0.625 National Australia Bank Ltd 10 2.433 5,817 19 6 6.436 -4.003 DBS Group 10 2.936 4,829 18 7 3.639 -0.703 ANZ Banking Group 11 2.003 4,788 17 12 2.809 -0.806 Scotiabank 11 2.827 4,651 21 10 2.450 0.377 BNP Paribas 12 1.983 4,740 15 15 1.223 0.760 Industrial & Comm Bank of China 12 2.058 3,386 8 16 1.904 0.154 Agricultural Bank of China Ltd 13 1.893 4,525 4 21 0.620 1.273 Mizuho Financial 13 1.734 2,852 19 52 0.121 1.613 Goldman Sachs 14 1.852 4,428 10 13 2.085 -0.233 Bank of Communications 14 1.706 2,806 9 14 2.029 -0.323 Barclays 15 1.745 4,171 18 5 7.485 -5.740 Agricultural Bank of China Ltd 15 1.602 2,636 6 13 2.269 -0.667 UBS 16 1.606 3,840 5 19 0.793 0.813 Societe Generale 16 1.588 2,611 11 15 1.937 -0.349 Mizuho Financial 17 1.416 3,386 14 20 0.765 0.651 KGI Securities Co Ltd 17 1.308 2,152 6 18 1.501 -0.193 Commonwealth Bank Australia 18 1.400 3,348 19 16 1.060 0.340 China Construction Bank 18 1.287 2,117 7 12 2.294 -1.007 Scotiabank 19 1.224 2,927 13 14 1.316 -0.092 Barclays 19 1.153 1,897 11 9 2.721 -1.568 Oversea-Chinese Banking Corp 20 1.120 2,677 6 9 5.048 -3.928 ANZ Banking Group 20 0.821 1,350 7 17 1.796 -0.975 TOTAL 100% 239,047 644 100% TOTAL 100% 164,487 537 100%

Singapore Dollar Bonds Uridashi Bonds (Manager) FY 2016 FY 2015 FY 2016 FY 2015

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 43.242 8,348 54 1 40.481 2.761 Nomura 1 22.633 4,373 46 6 8.910 13.723 Oversea-Chinese Banking Corp 2 14.448 2,789 23 2 22.581 -8.133 Sumitomo Mitsui Financial 2 17.304 3,344 46 2 15.518 1.786 Standard Chartered Bank 3 9.155 1,767 13 3 6.298 2.857 Mizuho Financial 3 14.371 2,777 36 1 17.531 -3.160 United Overseas Bank 4 5.924 1,144 14 5 5.096 0.828 Mitsubishi UFJ Financial Group Inc 4 13.357 2,581 35 3 13.293 0.064 CIMB 5 4.086 789 10 8 1.795 2.291 Daiwa Securities 5 6.008 1,161 28 5 9.204 -3.196 Deutsche Bank 6 3.971 767 4 17 0.502 3.469 Morgan Stanley 6 5.511 1,065 19 4 10.805 -5.294 HSBC 7 3.911 755 9 4 5.616 -1.705 HSBC 7 4.411 852 106 8 3.797 0.614 ANZ Banking Group 8 3.436 663 3 6 3.587 -0.151 BNP Paribas 8 4.286 828 102 7 4.683 -0.397 Industrial & Comm Bank of China 9 2.720 525 3 16 0.655 2.065 Tokai Tokyo Securities Co Ltd 9 2.524 488 43 12 2.188 0.336 Maybank 10 1.658 320 2 9 1.669 -0.011 Credit Suisse 10 2.327 450 51 9 3.760 -1.433 RHB 11 1.381 267 3 7 2.130 -0.749 Credit Agricole CIB 11 2.201 425 73 11 2.197 0.004 Credit Suisse 12 0.971 188 1 10 1.573 -0.602 SBI Holdings Inc/Japan 12 1.461 282 7 - - - BNP Paribas 13 0.932 180 1 14 0.750 0.182 Deutsche Bank 13 1.237 239 34 10 2.362 -1.125 National Australia Bank Ltd 14 0.881 170 2 - - - JP Morgan 14 1.179 228 24 13 2.096 -0.917 Societe Generale 15 0.734 142 1 22 0.319 0.415 Barclays 15 0.677 131 18 14 1.291 -0.614 Mizuho Financial 16 0.662 128 4 27 0.175 0.487 Citi 16 0.477 92 22 15 0.981 -0.504 Citi 17 0.561 108 1 11 1.273 -0.712 Shinsei Bank Ltd 17 0.036 7 6 18 0.135 -0.099 JP Morgan 18 0.321 62 3 25 0.267 0.054 ------UBS 19 0.305 59 3 12 1.101 -0.796 ------Mitsubishi UFJ Financial Group Inc 20 0.299 58 2 21 0.326 -0.027 ------TOTAL 100% 19,304 100 100% TOTAL 100% 19,322 687 100%

Bloomberg League Table Reports Page 19 Bloomberg Global Fixed Income | FY 2016

Uridashi Bonds (Uridashi Agent) FY 2016 FY 2015

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 20.946 5,490 80 1 22.775 -1.829 Nomura 2 14.810 3,882 39 7 4.671 10.139 Sumitomo Mitsui Financial 3 12.719 3,334 63 3 12.600 0.119 Tokai Tokyo Securities Co Ltd 4 10.317 2,704 197 5 10.291 0.026 Mizuho Financial 5 9.587 2,513 37 2 14.674 -5.087 Daiwa Securities 6 7.192 1,885 50 4 11.104 -3.912 Okasan Securities Group Inc 7 4.857 1,273 161 6 5.189 -0.332 Goldman Sachs 8 4.668 1,224 11 - - - SBI Holdings Inc/Japan 9 2.847 746 99 8 3.247 -0.400 Aozora Bank Ltd 10 1.622 425 26 9 2.172 -0.550 Iwai Cosmo Holdings Inc 11 1.554 407 28 10 2.151 -0.597 Chugoku Bank Ltd 12 1.321 346 43 11 1.263 0.058 Hachijuni Bank Ltd 13 0.912 239 11 12 1.230 -0.318 Mito Securities Co Ltd 14 0.824 216 21 18 0.439 0.385 Shinsei Bank Ltd 15 0.798 209 19 14 0.778 0.020 Imamura Securities Co 16 0.610 160 19 16 0.614 -0.004 ANDO Securities Co Ltd 17 0.563 148 25 26 0.220 0.343 Musashi Securities Co 18 0.377 99 10 24 0.308 0.069 Aizawa Securities Co Ltd 19 0.351 92 18 37 0.064 0.287 Toyo Securities Co Ltd 20 0.301 79 5 28 0.186 0.115 TOTAL 100% 26,211 1,121 100%

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.