EMEA CAPITAL MARKETS LEAGUE TABLES FY 2018

FY 2018

MANAGER RANKINGS EMEA CAPITAL MARKETS

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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Americas Paul Bandong +1 609 279 5187 [email protected]

EMEA Dimitris Gogos +44 20 3525 8149 [email protected]

Asia-Pacific Xin Yu Chen +65 6212 1123 [email protected]

© 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg EMEA Capital Markets | FY 2018

European Bonds: Industry Breakdown EMEA Fixed Income 18%

7% 47% European Bonds

FY 2018 FY 2017 28% Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) HSBC 1 6.498 104,008 597 1 5.984 0.514 Barclays 2 5.583 89,359 469 2 5.716 -0.133 Financials 47% Deutsche Bank 3 5.032 80,539 511 4 5.071 -0.039 Government 28% JP Morgan 4 4.821 77,171 499 5 4.562 0.259 Consumer Discretionary 7% BNP Paribas 5 4.778 76,478 475 3 5.228 -0.450 Others 18% Citi 6 3.999 64,002 460 6 4.340 -0.341 Societe Generale 7 3.584 57,359 393 8 3.698 -0.114 Credit Agricole CIB 8 3.415 54,654 406 10 3.506 -0.091 European Bonds: Manager Rankings History Goldman Sachs 9 3.403 54,470 321 7 3.741 -0.338 2018 2017 2016 Bank of America Merrill Lynch 10 3.197 51,175 346 9 3.507 -0.310 10 UniCredit 11 2.952 47,253 383 11 3.389 -0.437 NatWest Markets 12 2.733 43,745 257 14 2.517 0.216 8 ) % (

e

Credit Suisse 13 2.647 42,363 347 13 2.540 0.107 r 6 a h S

Morgan Stanley 14 2.378 38,068 272 15 2.287 0.091 t e

k 4 r a

UBS 15 2.201 35,229 268 12 2.659 -0.458 M Commerzbank 16 2.089 33,437 262 17 1.796 0.293 2 Natixis 17 2.018 32,296 264 18 1.716 0.302 0 i C s k n s it B y n a a C Banco Santander 18 1.988 31,823 212 16 2.196 -0.208 S la a rg ib c B o r H r e a a h M P B c P P ts J N Landesbank Hessen-Thuringen 19 1.746 27,948 300 20 1.592 0.154 u e B D Girozentrale Danske Bank 20 1.674 26,801 363 25 1.198 0.476 TOTAL 100% 1,600,598 6,737 100%

This table consists of debt securities issued by European issuers. This excludes bonds with warrants, convertible securities, credit-linked securities and structured notes. There is a minimum threshold of 18 months for maturities, call or put periods, and EUR 35MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 1 Bloomberg EMEA Capital Markets | FY 2018

Western European Bonds Eastern European Bonds FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (EUR 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 6.537 102,633 586 1 6.043 0.494 VTB Capital 1 12.542 9,048 63 1 11.872 0.670 Barclays 2 5.626 88,334 462 2 5.755 -0.129 JP Morgan 2 6.338 4,572 33 3 7.682 -1.344 BNP Paribas 3 5.034 79,030 467 3 5.609 -0.575 Gazprombank 3 5.736 4,138 51 2 8.492 -2.756 Deutsche Bank 4 4.956 77,803 492 4 5.007 -0.051 UniCredit 4 5.565 4,015 55 9 3.408 2.157 JP Morgan 5 4.633 72,738 461 5 4.281 0.352 Citi 5 5.496 3,965 23 6 4.439 1.057 Citi 6 3.786 59,441 427 6 4.165 -0.379 Sberbank CIB CJSC 6 5.470 3,946 56 4 7.173 -1.703 Credit Agricole CIB 7 3.481 54,654 406 10 3.589 -0.108 Erste Group Bank 7 5.344 3,855 35 17 2.395 2.949 Societe Generale 8 3.473 54,521 365 11 3.579 -0.106 Deutsche Bank 8 4.298 3,100 17 10 3.406 0.892 Goldman Sachs 9 3.410 53,530 315 7 3.697 -0.287 Societe Generale 9 3.744 2,701 25 7 4.354 -0.610 UniCredit 10 3.285 51,573 339 8 3.674 -0.389 Raiffeisen Bank International Group 10 3.299 2,380 27 5 4.545 -1.246 Bank of America Merrill Lynch 11 3.257 51,134 345 9 3.604 -0.347 REGION Investment Co 11 3.031 2,186 28 24 1.045 1.986 NatWest Markets 12 2.914 45,745 258 13 2.596 0.318 Rosselkhozbank OJSC 12 2.801 2,020 19 18 1.588 1.213 Credit Suisse 13 2.669 41,895 338 14 2.574 0.095 ING Groep 13 2.384 1,720 12 13 2.885 -0.501 UBS 14 2.512 39,433 258 12 2.644 -0.132 BNP Paribas 14 2.355 1,699 10 8 3.833 -1.478 Morgan Stanley 15 2.404 37,748 266 15 2.332 0.072 Sovcombank ICB JSC 15 2.270 1,638 30 14 2.637 -0.367 Commerzbank 16 2.138 33,565 250 17 1.770 0.368 HSBC 16 2.267 1,636 11 16 2.400 -0.133 Natixis 17 2.019 31,702 258 18 1.755 0.264 Alfa Bank 17 1.830 1,320 17 25 1.013 0.817 Banco Santander 18 1.978 31,053 207 16 2.285 -0.307 Barclays 18 1.724 1,244 7 12 2.971 -1.247 Landesbank Hessen-Thuringen 19 1.780 27,948 300 20 1.642 0.138 Intesa Sanpaolo 19 1.706 1,231 8 15 2.414 -0.708 Girozentrale PKO Bank Polski SA 20 1.695 1,223 10 22 1.350 0.345 Danske Bank 20 1.700 26,688 362 25 1.235 0.465 TOTAL 100% 72,139 327 100% TOTAL 100% 1,569,958 6,429 100%

Western European Corporate High Yield Bonds - Risk Euro & Sterling Corporate & Financial Bonds FY 2018 FY 2017 FY 2018 FY 2017

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(%) Goldman Sachs 1 8.996 5,307 51 2 7.520 1.476 BNP Paribas 1 6.399 59,988 409 1 6.435 -0.036 Credit Suisse 2 7.939 4,684 55 3 6.580 1.359 Deutsche Bank 2 6.331 59,351 358 4 5.518 0.813 JP Morgan 3 6.827 4,028 50 1 8.514 -1.687 HSBC 3 6.012 56,366 401 3 5.645 0.367 Deutsche Bank 4 6.729 3,970 55 5 6.073 0.656 Societe Generale 4 4.473 41,939 288 7 3.908 0.565 BNP Paribas 5 6.307 3,721 56 4 6.201 0.106 Barclays 5 4.248 39,826 285 2 6.112 -1.864 Barclays 6 5.374 3,170 41 6 5.694 -0.320 UniCredit 6 4.038 37,857 272 5 4.344 -0.306 Citi 7 4.125 2,433 33 9 4.337 -0.212 Credit Agricole CIB 7 3.901 36,576 281 6 4.058 -0.157 HSBC 8 4.005 2,362 39 8 5.108 -1.103 JP Morgan 8 3.525 33,045 270 8 3.775 -0.250 Credit Agricole CIB 9 3.651 2,154 32 11 3.530 0.121 Goldman Sachs 9 3.292 30,859 194 9 3.461 -0.169 Bank of America Merrill Lynch 10 3.306 1,950 25 12 3.515 -0.209 NatWest Markets 10 2.997 28,097 207 15 2.611 0.386 Morgan Stanley 11 3.290 1,941 23 7 5.432 -2.142 Natixis 11 2.914 27,317 209 17 2.209 0.705 Societe Generale 12 2.833 1,671 30 10 3.634 -0.801 UBS 12 2.821 26,451 116 21 1.740 1.081 UniCredit 13 2.673 1,577 26 13 3.223 -0.550 Landesbank Hessen-Thuringen Girozentrale 13 2.796 26,212 268 14 2.655 0.141 ING Groep 14 2.512 1,482 24 14 2.877 -0.365 Bank of America Merrill Lynch 14 2.656 24,901 176 10 3.322 -0.666 Natixis 15 2.004 1,182 19 17 1.680 0.324 Commerzbank 15 2.548 23,885 198 20 1.975 0.573 UBS 16 1.695 1,000 16 16 1.937 -0.242 Citi 16 2.496 23,404 235 11 3.071 -0.575 Nordea 17 1.665 982 17 19 1.335 0.330 Banco Santander 17 2.436 22,836 172 12 2.934 -0.498 Danske Bank 18 1.554 917 14 30 0.621 0.933 ING Groep 18 2.418 22,666 187 19 2.026 0.392 NatWest Markets 19 1.511 891 15 15 2.384 -0.873 Morgan Stanley 19 2.136 20,024 151 13 2.837 -0.701 Intesa Sanpaolo 20 1.170 691 11 18 1.616 -0.446 Credit Suisse 20 1.865 17,486 159 16 2.304 -0.439 TOTAL 100% 58,993 182 100% TOTAL 100% 937,526 3,011 100%

Bloomberg League Table Reports Page 2 Bloomberg EMEA Capital Markets | FY 2018

EMEA Corporate High Yield Bonds (inc EM) - Risk EMEA Corporate Investment Grade Bonds (inc EM) FY 2018 FY 2017 FY 2018 FY 2017

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(%) Goldman Sachs 1 6.851 5,537 55 2 6.546 0.305 BNP Paribas 1 7.930 21,555 173 2 7.746 0.184 Credit Suisse 2 6.717 5,429 65 5 5.231 1.486 Societe Generale 2 6.461 17,562 130 5 5.300 1.161 JP Morgan 3 6.396 5,169 65 1 8.499 -2.103 Deutsche Bank 3 6.064 16,482 105 3 6.616 -0.552 Deutsche Bank 4 6.073 4,908 63 4 6.053 0.020 HSBC 4 5.658 15,378 138 4 6.530 -0.872 BNP Paribas 5 5.962 4,818 71 6 4.956 1.006 UniCredit 5 4.660 12,666 95 9 3.898 0.762 Citi 6 5.051 4,082 50 9 4.400 0.651 Barclays 6 4.615 12,544 106 1 7.794 -3.179 Barclays 7 4.869 3,935 49 8 4.446 0.423 Credit Agricole CIB 7 4.555 12,379 105 12 3.375 1.180 HSBC 8 4.711 3,807 58 7 4.677 0.034 JP Morgan 8 4.039 10,977 96 7 4.401 -0.362 Morgan Stanley 9 3.177 2,567 30 3 6.220 -3.043 Mitsubishi UFJ Financial Group Inc 9 3.859 10,489 95 13 3.021 0.838 Credit Agricole CIB 10 3.018 2,439 35 14 2.913 0.105 ING Groep 10 3.826 10,398 85 19 1.865 1.961 Bank of America Merrill Lynch 11 2.820 2,279 29 12 3.120 -0.300 Goldman Sachs 11 3.581 9,732 48 10 3.791 -0.210 UniCredit 12 2.815 2,275 35 11 3.352 -0.537 Citi 12 3.496 9,503 99 6 5.078 -1.582 Societe Generale 13 2.695 2,178 38 10 3.453 -0.758 Bank of America Merrill Lynch 13 3.247 8,826 74 8 3.941 -0.694 ING Groep 14 2.591 2,094 29 13 2.917 -0.326 Banco Santander 14 3.169 8,614 70 11 3.540 -0.371 Natixis 15 2.261 1,827 25 21 1.293 0.968 NatWest Markets 15 2.836 7,707 74 15 2.591 0.245 UBS 16 1.570 1,269 19 15 2.216 -0.646 Commerzbank 16 2.622 7,127 68 16 2.271 0.351 RBC Capital Markets 17 1.433 1,158 17 35 0.490 0.943 RBC Capital Markets 17 2.241 6,090 48 23 1.347 0.894 Danske Bank 18 1.370 1,107 16 37 0.478 0.892 Credit Suisse 18 2.185 5,938 57 17 2.230 -0.045 NatWest Markets 19 1.356 1,096 17 16 1.834 -0.478 Morgan Stanley 19 1.987 5,401 57 18 2.220 -0.233 Nordea 20 1.287 1,040 21 22 1.099 0.188 Mizuho Financial 20 1.905 5,177 50 14 2.670 -0.765 TOTAL 100% 80,818 270 100% TOTAL 100% 271,794 621 100%

International Bonds International Sukuk FY 2018 FY 2017 FY 2018 FY 2017

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 7.249 262,826 1,621 1 8.002 -0.753 HSBC 1 13.544 3,394 20 1 14.354 -0.810 HSBC 2 6.286 227,905 1,388 4 5.687 0.599 Standard Chartered Bank 2 12.667 3,174 29 2 9.789 2.878 Citi 3 6.173 223,819 1,408 2 7.113 -0.940 Citi 3 9.605 2,407 15 4 8.374 1.231 Bank of America Merrill Lynch 4 5.728 207,701 1,208 3 6.436 -0.708 Dubai Islamic Bank 4 7.132 1,787 15 7 5.978 1.154 Barclays 5 5.450 197,614 1,079 5 5.638 -0.188 JP Morgan 5 5.721 1,434 10 3 9.088 -3.367 Goldman Sachs 6 4.813 174,500 887 6 5.617 -0.804 CIMB 6 5.055 1,267 6 21 0.856 4.199 Deutsche Bank 7 4.646 168,443 954 7 4.893 -0.247 First Abu Dhabi Bank PJSC 7 4.255 1,066 12 6 6.186 -1.931 BNP Paribas 8 4.072 147,645 957 9 4.005 0.067 Abu Dhabi Islamic Bank 8 4.155 1,041 8 - - 4.155 Morgan Stanley 9 3.644 132,141 832 8 4.143 -0.499 Emirates NBD PJSC 9 3.788 949 13 10 4.845 -1.057 Credit Agricole CIB 10 2.688 97,463 788 11 2.333 0.355 Gulf International Bank BSC 10 3.267 819 4 11 2.630 0.637 Societe Generale 11 2.556 92,676 577 12 2.273 0.283 BNP Paribas 11 3.116 781 4 8 5.718 -2.602 Credit Suisse 12 2.426 87,960 650 10 2.521 -0.095 Natixis 12 3.003 752 5 15 1.315 1.688 RBC Capital Markets 13 2.369 85,884 525 16 1.847 0.522 Sharjah Islamic Bank 13 2.348 588 5 23 0.609 1.739 Wells Fargo 14 2.030 73,606 472 13 1.944 0.086 Mizuho Financial 14 2.328 583 3 35 0.190 2.138 UniCredit 15 1.821 66,010 401 15 1.858 -0.037 Kuwait Finance House 15 2.215 555 3 16 1.154 1.061 Mizuho Financial 16 1.802 65,351 692 17 1.555 0.247 Landesbank Baden-Wuerttemberg 16 1.781 446 3 - - 1.781 TD Securities 17 1.801 65,315 417 18 1.502 0.299 Sumitomo Mitsui Financial 17 1.621 406 3 35 0.190 1.431 NatWest Markets 18 1.721 62,405 315 22 1.336 0.385 Noor Bank 18 1.347 337 6 13 1.810 -0.463 UBS 19 1.582 57,357 377 14 1.859 -0.277 Samba Capital 19 1.330 333 1 - - 1.330 Mitsubishi UFJ Financial Group Inc 20 1.547 56,092 480 20 1.442 0.105 Bedford Row Capital Advisers Ltd 20 1.260 316 2 - - 1.260 TOTAL 100% 3,625,772 9,938 100% TOTAL 100% 25,058 43 100%

Bloomberg League Table Reports Page 3 Bloomberg EMEA Capital Markets | FY 2018

Euro Currency Bonds Sterling Bonds FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas 1 6.229 75,143 463 1 6.587 -0.358 HSBC 1 13.876 16,662 113 2 13.236 0.640 Deutsche Bank 2 6.118 73,799 422 4 5.361 0.757 NatWest Markets 2 11.982 14,388 109 3 9.093 2.889 HSBC 3 5.876 70,879 458 3 5.590 0.286 Barclays 3 10.709 12,859 92 1 14.278 -3.569 Societe Generale 4 5.127 61,841 368 5 4.961 0.166 RBC Capital Markets 4 8.859 10,638 93 4 6.016 2.843 JP Morgan 5 4.891 59,000 352 9 4.562 0.329 Lloyds Bank 5 6.692 8,036 56 5 5.436 1.256 Barclays 6 4.700 56,701 294 2 5.754 -1.054 Nomura 6 5.206 6,252 42 15 2.333 2.873 Credit Agricole CIB 7 4.692 56,599 373 7 4.640 0.052 JP Morgan 7 4.760 5,716 32 7 4.319 0.441 UniCredit 8 4.275 51,570 356 6 4.940 -0.665 TD Securities 8 4.307 5,171 43 16 1.776 2.531 Goldman Sachs 9 3.754 45,290 229 8 4.631 -0.877 Bank of America Merrill Lynch 9 3.872 4,650 35 11 4.092 -0.220 Citi 10 3.537 42,669 297 10 4.138 -0.601 Deutsche Bank 10 3.841 4,612 27 6 5.036 -1.195 Commerzbank 11 3.357 40,492 269 12 2.682 0.675 Banco Santander 11 3.363 4,038 28 10 4.212 -0.849 Bank of America Merrill Lynch 12 3.033 36,583 241 11 3.968 -0.935 Credit Suisse 12 2.984 3,584 35 12 3.482 -0.498 Natixis 13 2.869 34,609 255 14 2.403 0.466 Citi 13 2.970 3,566 30 9 4.232 -1.262 NatWest Markets 14 2.634 31,773 159 18 2.031 0.603 Goldman Sachs 14 2.497 2,998 17 13 2.722 -0.225 Landesbank Hessen-Thuringen 15 2.309 27,859 298 17 2.111 0.198 BNP Paribas 15 2.253 2,705 20 14 2.637 -0.384 Girozentrale Morgan Stanley 16 1.936 2,325 14 8 4.284 -2.348 DZ Bank 16 2.275 27,448 287 22 1.445 0.830 UBS 17 1.622 1,948 4 17 1.592 0.030 ING Groep 17 2.230 26,902 210 19 1.997 0.233 Monsas Ltd 18 1.249 1,500 1 - - 1.249 Morgan Stanley 18 2.128 25,670 164 13 2.466 -0.338 FMS Wertmanagement 19 0.999 1,200 1 19 1.208 -0.209 Banco Santander 19 2.111 25,464 161 15 2.276 -0.165 ING Groep 20 0.588 707 7 32 0.214 0.374 Landesbank Baden-Wuerttemberg 20 2.098 25,314 274 16 2.163 -0.065 TOTAL 100% 120,079 386 100% TOTAL 100% 1,206,293 3,775 100%

Swiss Franc Bonds Swedish Krona Bonds FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (CHF Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (SEK Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Credit Suisse 1 26.076 14,914 152 1 26.294 -0.218 Nordea 1 21.510 82,363 176 1 20.908 0.602 UBS 2 23.214 13,277 134 2 22.768 0.446 Danske Bank 2 20.080 76,887 181 2 20.233 -0.153 Schweizerische Kantonalbanken 3 11.424 6,534 33 3 13.437 -2.013 SEB 3 18.047 69,101 137 3 17.734 0.313 Zuercher Kantonalbank 4 9.691 5,543 62 4 9.420 0.271 Swedbank 4 17.056 65,308 137 4 13.004 4.052 Raiffeisen Switzerland 5 7.598 4,346 48 5 6.530 1.068 Svenska Handelsbanken 5 10.335 39,572 97 5 10.919 -0.584 BNP Paribas 6 3.248 1,858 17 6 4.039 -0.791 DNB ASA 6 5.330 20,408 51 6 5.464 -0.134 Deutsche Bank 7 3.190 1,825 17 7 3.556 -0.366 Deutsche Bank 7 1.510 5,783 6 21 0.248 1.262 Basler Kantonalbank 8 1.733 991 10 8 1.811 -0.078 JP Morgan 8 0.648 2,483 8 10 0.970 -0.322 HSBC 9 1.630 933 7 9 1.762 -0.132 ABG Sundal Collier Asa 9 0.592 2,266 8 7 1.337 -0.745 Commerzbank 10 1.569 898 11 10 1.070 0.499 Credit Agricole CIB 10 0.575 2,200 9 12 0.770 -0.195 Basellandchafliche Kantonalbank 11 1.428 817 7 24 0.349 1.079 Pareto Securities 11 0.556 2,130 8 9 1.002 -0.446 Luzerner Kantonalbank 12 1.180 675 2 13 0.762 0.418 TD Securities 12 0.525 2,010 5 - - 0.525 Vontobel Holding AG 13 1.088 622 8 14 0.698 0.390 Citi 13 0.466 1,783 4 18 0.495 -0.029 Aargauische Kantonalbank 14 1.049 600 5 11 1.029 0.020 HSBC 14 0.454 1,740 6 8 1.110 -0.656 Graubundner Kantonalbank 15 0.874 500 2 - - 0.874 Goldman Sachs 15 0.348 1,333 6 15 0.712 -0.364 Thurgauer Kantonalbank 16 0.717 410 2 17 0.571 0.146 Nomura 16 0.253 968 6 14 0.727 -0.474 Scotiabank 17 0.415 238 2 - - 0.415 Carnegie 17 0.248 950 5 11 0.907 -0.659 Banque Cantonale de Fribourg 18 0.350 200 1 22 0.476 -0.126 Bank of America Merrill Lynch 18 0.206 790 3 16 0.687 -0.481 Cie Financiere Tradition SA 19 0.336 192 21 16 0.600 -0.264 BNP Paribas 19 0.152 583 2 19 0.402 -0.250 Gazprombank 20 0.328 188 1 25 0.238 0.090 Arctic Securities 20 0.148 565 2 17 0.560 -0.412 TOTAL 100% 57,192 345 100% TOTAL 100% 382,897 668 100%

Bloomberg League Table Reports Page 4 Bloomberg EMEA Capital Markets | FY 2018

Spain Bonds Spain Corporates FY 2018 FY 2017 FY 2018 FY 2017

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 12.626 11,221 48 1 11.066 1.560 Goldman Sachs 1 6.502 1,202 8 13 2.597 3.905 Banco Bilbao Vizcaya Argentaria 2 10.578 9,401 31 2 10.728 -0.150 Banco Santander 2 6.321 1,169 17 2 7.262 -0.941 HSBC 3 8.359 7,429 29 4 6.741 1.618 Citi 3 6.069 1,122 10 8 5.240 0.829 Barclays 4 8.002 7,112 28 3 7.277 0.725 BNP Paribas 4 5.812 1,074 14 10 4.621 1.191 Citi 5 6.446 5,729 23 5 6.581 -0.135 Banco Bilbao Vizcaya Argentaria 5 5.187 959 11 3 6.430 -1.243 JP Morgan 6 4.247 3,775 18 11 3.889 0.358 La Caixa 6 5.031 930 14 7 5.358 -0.327 BNP Paribas 7 4.188 3,722 21 7 4.949 -0.761 Barclays 7 4.665 863 11 4 6.358 -1.693 Societe Generale 8 4.077 3,624 18 10 3.950 0.127 Societe Generale 8 4.333 801 9 5 5.862 -1.529 Caja Rural de Navarra 9 3.376 3,000 1 - - 3.376 Credit Suisse 9 4.233 783 7 23 1.648 2.585 Goldman Sachs 10 3.337 2,965 16 9 4.046 -0.709 UniCredit 10 3.854 713 9 15 2.466 1.388 NatWest Markets 11 3.299 2,932 14 15 2.072 1.227 HSBC 11 3.809 704 8 9 4.954 -1.145 Credit Agricole CIB 12 3.143 2,794 21 12 3.525 -0.382 Deutsche Bank 12 3.802 703 9 19 1.863 1.939 La Caixa 13 2.594 2,305 22 6 5.673 -3.079 JP Morgan 13 3.488 645 8 6 5.738 -2.250 UniCredit 14 2.593 2,304 17 16 1.967 0.626 Credit Agricole CIB 14 3.166 585 9 11 3.545 -0.379 Credit Suisse 15 2.418 2,149 17 17 1.961 0.457 NatWest Markets 15 3.137 580 8 12 3.501 -0.364 Morgan Stanley 16 2.204 1,959 10 8 4.113 -1.909 Bank of America Merrill Lynch 16 2.857 528 7 22 1.681 1.176 Natixis 17 2.198 1,953 14 18 1.683 0.515 Intesa Sanpaolo 17 2.760 510 5 20 1.853 0.907 Deutsche Bank 18 2.177 1,935 19 19 1.550 0.627 Mitsubishi UFJ Financial Group Inc 18 2.701 499 6 17 2.114 0.587 Bank of America Merrill Lynch 19 1.917 1,704 13 13 2.442 -0.525 Mizuho Financial 19 2.393 442 5 14 2.475 -0.082 Banco Sabadell 20 1.858 1,652 8 14 2.438 -0.580 Morgan Stanley 20 2.123 393 5 1 8.320 -6.197 TOTAL 100% 88,875 171 100% TOTAL 100% 18,487 64 100%

Spain Financials Spain Government & Agencies FY 2018 FY 2017 FY 2018 FY 2017

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 14.067 5,149 22 1 11.206 2.861 Banco Bilbao Vizcaya Argentaria 1 17.083 5,771 13 1 16.220 0.863 Caja Rural de Navarra 2 8.196 3,000 1 - - 8.196 HSBC 2 15.417 5,208 11 3 10.656 4.761 Banco Bilbao Vizcaya Argentaria 3 7.296 2,671 7 2 8.792 -1.496 Banco Santander 3 14.514 4,903 9 2 13.668 0.846 Barclays 4 5.043 1,846 11 3 5.366 -0.323 Barclays 4 13.034 4,403 6 4 10.276 2.758 Natixis 5 4.378 1,603 9 16 3.077 1.301 Citi 5 9.004 3,042 3 5 9.644 -0.640 UniCredit 6 4.348 1,592 8 22 1.770 2.578 JP Morgan 6 5.797 1,958 3 11 3.288 2.509 Citi 7 4.277 1,566 10 6 4.870 -0.593 BNP Paribas 7 5.427 1,833 2 7 6.532 -1.105 HSBC 8 4.143 1,517 10 8 4.596 -0.453 Societe Generale 8 5.377 1,817 3 9 3.849 1.528 La Caixa 9 3.756 1,375 8 4 4.917 -1.161 NatWest Markets 9 4.933 1,667 1 12 2.192 2.741 Credit Suisse 10 3.733 1,366 10 11 3.737 -0.004 Credit Agricole CIB 10 3.735 1,262 5 10 3.556 0.179 Banco Sabadell 11 3.597 1,317 3 7 4.709 -1.112 Goldman Sachs 11 1.973 667 1 8 4.515 -2.542 UBS 12 3.483 1,275 11 19 2.213 1.270 Morgan Stanley 11 1.973 667 1 12 2.192 -0.219 Deutsche Bank 13 3.365 1,232 10 18 2.613 0.752 ING Groep 13 0.592 200 1 22 0.368 0.224 Bank of America Merrill Lynch 14 3.211 1,176 6 5 4.901 -1.690 Banco Sabadell 14 0.444 150 1 25 0.132 0.312 JP Morgan 15 3.200 1,171 7 13 3.277 -0.077 Banco Cooperativo 15 0.298 101 1 21 0.385 -0.087 Goldman Sachs 16 2.996 1,097 7 9 4.529 -1.533 Norbolsa Sociedad de Valores SA/Spain 16 0.296 100 1 17 0.592 -0.296 Societe Generale 17 2.749 1,006 6 17 2.888 -0.139 Natixis 17 0.102 34 2 22 0.368 -0.266 Credit Agricole CIB 18 2.586 947 7 12 3.487 -0.901 ------Morgan Stanley 19 2.459 900 4 14 3.173 -0.714 ------Nomura 20 2.408 881 6 15 3.127 -0.719 ------TOTAL 100% 36,604 87 100% TOTAL 100% 33,783 20 100%

Bloomberg League Table Reports Page 5 Bloomberg EMEA Capital Markets | FY 2018

CEEMEA Bonds Russia Bonds inc-Retained Deals FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (RUB Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 8.716 20,178 99 2 9.037 -0.321 VTB Capital 1 27.113 555,125 65 2 17.168 9.945 Standard Chartered Bank 2 8.227 19,047 102 5 3.965 4.262 Gazprombank 2 13.019 266,563 55 4 12.443 0.576 JP Morgan 3 6.668 15,438 90 1 9.450 -2.782 Sberbank CIB CJSC 3 12.460 255,113 60 3 16.824 -4.364 Deutsche Bank 4 6.043 13,990 50 7 3.615 2.428 REGION Investment Co 4 7.019 143,707 30 10 1.618 5.401 HSBC 5 5.848 13,539 81 3 6.993 -1.145 Rosselkhozbank OJSC 5 6.153 125,985 19 9 2.294 3.859 VTB Capital 6 4.027 9,324 66 4 4.426 -0.399 Sovcombank ICB JSC 6 5.223 106,939 32 5 4.062 1.161 BNP Paribas 7 3.023 6,999 43 6 3.932 -0.909 Alfa Bank 7 3.943 80,731 17 13 1.457 2.486 Societe Generale 8 2.693 6,235 48 12 2.411 0.282 JP Morgan 8 3.662 74,979 10 6 3.633 0.029 Goldman Sachs 9 2.671 6,184 23 8 3.062 -0.391 Credit Bank of Moscow 9 3.165 64,795 18 27 0.372 2.793 Barclays 10 2.346 5,431 44 10 2.865 -0.519 UniCredit 10 2.878 58,924 12 12 1.589 1.289 Bank of America Merrill Lynch 11 1.927 4,462 22 15 1.784 0.143 Raiffeisen Bank International Group 11 2.406 49,257 15 14 1.450 0.956 UniCredit 12 1.839 4,256 58 14 1.785 0.054 Renaissance Capital Pty Ltd 12 2.236 45,774 9 16 1.182 1.054 Gazprombank 13 1.787 4,138 51 9 3.024 -1.237 UBS 13 1.578 32,319 4 19 0.837 0.741 Sberbank CIB CJSC 14 1.684 3,899 55 11 2.554 -0.870 Societe Generale 14 1.229 25,163 8 8 2.512 -1.283 Erste Group Bank 15 1.645 3,809 34 22 1.027 0.618 B&N Bank 15 0.741 15,167 5 29 0.336 0.405 Mitsubishi UFJ Financial Group Inc 16 1.541 3,567 24 13 1.793 -0.252 Promsvyaz Bank 16 0.733 15,000 2 17 1.121 -0.388 Sumitomo Mitsui Financial 17 1.477 3,419 27 56 0.310 1.167 BCS Financial Group 17 0.715 14,633 8 20 0.780 -0.065 ING Groep 18 1.365 3,159 24 20 1.335 0.030 Otkritie Holding JSC 18 0.591 12,100 9 7 2.550 -1.959 First Abu Dhabi Bank PJSC 19 1.334 3,087 28 16 1.779 -0.445 Credit Suisse 19 0.571 11,699 3 21 0.771 -0.200 Credit Suisse 20 1.315 3,044 21 38 0.554 0.761 Deutsche Bank 20 0.518 10,610 1 18 1.044 -0.526 TOTAL 100% 231,513 893 100% TOTAL 100% 2,047,484 171 100%

MENA Bonds & Sukuk GCC Bonds & Sukuk FY 2018 FY 2017 FY 2018 FY 2017

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(%) Standard Chartered Bank 1 16.459 14,239 79 4 5.276 11.183 Standard Chartered Bank 1 17.216 13,373 76 4 6.172 11.044 HSBC 2 9.844 8,516 54 2 13.297 -3.453 HSBC 2 9.934 7,716 51 1 15.554 -5.620 Citi 3 8.274 7,158 39 3 10.620 -2.346 Citi 3 7.487 5,816 33 3 9.084 -1.597 JP Morgan 4 6.719 5,813 32 1 15.569 -8.850 JP Morgan 4 5.948 4,620 27 2 13.634 -7.686 Deutsche Bank 5 6.241 5,400 15 8 3.892 2.349 Deutsche Bank 5 5.460 4,241 10 8 4.160 1.300 Bank of America Merrill Lynch 6 3.552 3,073 12 11 2.642 0.910 Bank of America Merrill Lynch 6 3.956 3,073 12 11 3.091 0.865 First Abu Dhabi Bank PJSC 7 3.443 2,979 27 5 5.008 -1.565 Credit Agricole CIB 7 3.107 2,413 16 16 1.273 1.834 BNP Paribas 8 2.856 2,471 15 6 4.506 -1.650 Barclays 8 2.867 2,227 18 21 0.953 1.914 Credit Agricole CIB 9 2.790 2,413 16 20 1.089 1.701 First Abu Dhabi Bank PJSC 9 2.805 2,179 24 5 5.857 -3.052 Barclays 10 2.574 2,227 18 18 1.570 1.004 Sumitomo Mitsui Financial 10 2.619 2,034 14 33 0.454 2.165 Morgan Stanley 11 2.524 2,183 9 13 2.317 0.207 Mitsubishi UFJ Financial Group Inc 11 2.470 1,919 11 7 4.229 -1.759 Sumitomo Mitsui Financial 12 2.352 2,034 14 36 0.388 1.964 BNP Paribas 12 2.388 1,855 13 10 3.208 -0.820 Mitsubishi UFJ Financial Group Inc 13 2.218 1,919 11 9 3.615 -1.397 Gulf International Bank BSC 13 2.360 1,833 7 6 4.775 -2.415 Gulf International Bank BSC 14 2.119 1,833 7 7 4.082 -1.963 Credit Suisse 14 2.304 1,790 8 47 0.141 2.163 Credit Suisse 15 2.069 1,790 8 50 0.121 1.948 Goldman Sachs 15 1.808 1,405 7 9 3.349 -1.541 Goldman Sachs 16 1.624 1,405 7 10 2.863 -1.239 Morgan Stanley 16 1.781 1,383 6 12 2.710 -0.929 Industrial & Comm Bank of China 17 1.577 1,364 5 26 0.630 0.947 Industrial & Comm Bank of China 17 1.756 1,364 5 23 0.737 1.019 Mizuho Financial 18 1.520 1,315 18 30 0.458 1.062 Mizuho Financial 18 1.693 1,315 18 27 0.536 1.157 Bank of China 19 1.504 1,302 4 - - 1.504 Bank of China 19 1.676 1,302 4 - - 1.676 Qatar National Bank 20 1.232 1,065 4 19 1.091 0.141 Qatar National Bank 20 1.372 1,065 4 51 0.098 1.274 TOTAL 100% 86,513 228 100% TOTAL 100% 77,680 220 100%

Bloomberg League Table Reports Page 6 Bloomberg EMEA Capital Markets | FY 2018

Africa Bonds Sub-Sahara Africa Bonds FY 2018 FY 2017 FY 2018 FY 2017

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 13.665 5,983 22 1 14.149 -0.484 Citi 1 13.716 5,041 18 2 12.821 0.895 Standard Chartered Bank 2 11.685 5,116 21 3 9.529 2.156 Standard Chartered Bank 2 12.246 4,500 19 3 11.827 0.419 Deutsche Bank 3 8.366 3,663 14 10 3.088 5.278 Standard Bank of South Africa 3 7.990 2,936 49 1 14.212 -6.222 JP Morgan 4 8.288 3,629 19 4 7.054 1.234 Deutsche Bank 4 7.904 2,905 11 7 3.833 4.071 Standard Bank of South Africa 5 6.706 2,936 49 2 11.450 -4.744 JP Morgan 5 7.310 2,687 15 8 3.200 4.110 FirstRand Ltd 6 4.978 2,180 57 8 4.234 0.744 FirstRand Ltd 6 5.931 2,180 57 5 5.255 0.676 Nedbank Ltd 7 4.495 1,968 39 9 4.140 0.355 Nedbank Ltd 7 5.355 1,968 39 6 5.138 0.217 BNP Paribas 8 4.411 1,931 10 5 6.371 -1.960 Absa Group Ltd 8 4.299 1,580 25 - - 4.299 Absa Group Ltd 9 3.609 1,580 25 - - 3.609 Goldman Sachs 9 3.982 1,463 4 21 1.235 2.747 Goldman Sachs 10 3.342 1,463 4 23 0.995 2.347 BNP Paribas 10 3.579 1,315 8 9 3.168 0.411 HSBC 11 2.983 1,306 7 11 2.292 0.691 Industrial & Comm Bank of China 11 3.515 1,292 4 23 1.038 2.477 Industrial & Comm Bank of China 12 2.950 1,292 4 25 0.837 2.113 Societe Generale 12 3.239 1,190 7 19 1.432 1.807 Societe Generale 13 2.718 1,190 7 21 1.154 1.564 Barclays 13 3.023 1,111 13 4 5.966 -2.943 Barclays 14 2.538 1,111 13 7 4.806 -2.268 Bank of America Merrill Lynch 14 2.126 781 4 13 1.979 0.147 Morgan Stanley 15 2.124 930 4 35 0.242 1.882 HSBC 15 1.378 506 4 10 2.845 -1.467 First Abu Dhabi Bank PJSC 16 1.827 800 3 - - 1.827 Natixis 16 1.373 505 4 16 1.860 -0.487 Bank of America Merrill Lynch 17 1.784 781 4 15 1.594 0.190 Credit Suisse 17 0.983 361 3 17 1.499 -0.516 Natixis 18 1.478 647 5 6 5.975 -4.497 Fidelity Bank Ltd 18 0.939 345 8 18 1.497 -0.558 Intesa Sanpaolo 19 1.407 616 2 - - 1.407 Sumitomo Mitsui Financial 19 0.933 343 3 34 0.301 0.632 Credit Suisse 20 0.825 361 3 19 1.208 -0.383 Investec 20 0.885 325 14 12 2.334 -1.449 TOTAL 100% 43,784 217 100% TOTAL 100% 36,751 211 100%

South Africa Bonds Sub-Sahara Africa Currency Bonds FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (ZAR 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 28.205 29,758 55 3 17.954 10.251 Nedbank Ltd 1 18.397 1,873 42 3 9.343 9.054 FirstRand Ltd 2 22.712 23,963 63 2 23.404 -0.692 Standard Bank of South Africa 2 17.349 1,767 44 1 30.884 -13.535 Standard Bank of South Africa 3 17.916 18,903 35 1 37.350 -19.434 FirstRand Ltd 3 16.454 1,675 54 2 13.927 2.527 Absa Group Ltd 4 13.706 14,461 24 - - 13.706 Absa Group Ltd 4 9.744 992 22 - - 9.744 Investec 5 8.872 9,361 21 5 5.870 3.002 JP Morgan 5 5.558 566 8 11 2.261 3.297 First Rand Bank 6 2.147 2,265 1 - - 2.147 Investec 6 5.232 533 17 7 4.298 0.934 Eskom Holdings Ltd 7 1.812 1,912 4 8 0.144 1.668 Fidelity Bank Ltd 7 3.388 345 8 10 3.660 -0.272 Basis Points Capital 8 1.054 1,112 3 - - 1.054 Barclays 8 3.083 314 8 4 6.114 -3.031 Liberty Group Ltd 9 0.948 1,000 1 - - 0.948 Databank Financial Services Ltd 9 2.901 295 8 35 0.041 2.860 Macquarie 10 0.868 916 2 - - 0.868 IC Securities Ghana Ltd 10 2.881 293 7 - - 2.881 Growthpoint Properties Ltd 11 0.663 700 2 - - 0.663 First Rand Bank 11 1.592 162 2 - - 1.592 Land & Agricultural Bank 12 0.474 500 1 - - 0.474 Eskom Holdings Ltd 12 1.300 132 3 - - 1.300 One Capital 13 0.427 450 1 - - 0.427 BNP Paribas 13 0.818 83 5 15 0.959 -0.141 Inguza Investments Pty Ltd 14 0.196 207 1 - - 0.196 Basis Points Capital 14 0.809 82 3 - - 0.809 ------Goldman Sachs 15 0.759 77 4 28 0.260 0.499 ------TD Securities 16 0.746 76 3 16 0.753 -0.007 ------FBN Holdings PLC 17 0.676 69 1 19 0.449 0.227 ------Liberty Group Ltd 18 0.659 67 1 - - 0.659 ------Standard Chartered Bank 19 0.640 65 3 9 3.680 -3.040 ------NatWest Markets 20 0.605 62 5 - - 0.605 TOTAL 100% 105,507 199 100% TOTAL 100% 10,182 237 100%

Bloomberg League Table Reports Page 7 Bloomberg EMEA Capital Markets | FY 2018

EMEA Equity, Equity Linked & Rights - Risk: Industry EMEA Equity Breakdown

13%

5% 32% EMEA Equity, Equity Linked & Rights - Risk 10% FY 2018 FY 2017 11% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share 15% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) 14% JP Morgan 1 10.047 14,547 66 1 9.027 1.020 Goldman Sachs 2 8.135 11,778 60 5 6.305 1.830 Financials 32% Citi 3 6.881 9,962 59 4 7.050 -0.169 Health Care 15% Morgan Stanley 4 6.071 8,790 59 2 8.064 -1.993 Industrials 14% UBS 5 5.503 7,967 35 3 7.187 -1.684 Consumer Discretionary 11% Deutsche Bank 6 5.115 7,405 48 6 5.463 -0.348 Materials 10% Bank of America Merrill Lynch 7 4.620 6,690 35 7 5.281 -0.661 Consumer Staples 5% Credit Suisse 8 4.399 6,370 39 9 3.913 0.486 Others 13% Barclays 9 3.547 5,136 48 10 3.799 -0.252 Societe Generale 10 3.181 4,606 38 11 3.184 -0.003 BNP Paribas 11 2.628 3,805 32 8 4.008 -1.380 EMEA Equity, Equity Linked & Rights - Risk: Manager Joh Berenberg Gossler & Co 12 2.276 3,295 34 14 1.595 0.681 Rankings History KG HSBC 13 2.140 3,098 25 12 2.425 -0.285 2018 2017 2016 15 Jefferies 14 1.568 2,270 31 13 1.737 -0.169 Investec 15 1.563 2,263 18 38 0.394 1.169 )

% 10 (

UniCredit 16 1.561 2,260 13 17 1.228 0.333 e r a h

Numis 17 1.548 2,241 30 19 1.137 0.411 S

t e k r

Carnegie 18 1.276 1,848 41 18 1.208 0.068 a 5 M Credit Agricole CIB 19 1.171 1,695 12 15 1.382 -0.211 Nordea 20 0.980 1,419 19 24 0.938 0.042 0 i TOTAL 100% 144,783 763 100% n s it y S k a h C le B n rg c n U a o a a B S t e M n S h P a n c J a s m g t ld r u o o e This table consists of equity, equity-linked & rights offerings, issued by EMEA issuers. This excludes bonds with warrants, closed-end fund or G M D investment trust issuers, credit linked notes, local market share sales, qualified investor placements (QIP), reverse convertibles, self-led transactions. The thresholds include 12 month minimum call, put & maturity periods. Please see League Table Standards and Guidelines for further details.

Bloomberg League Table Reports Page 8 Bloomberg EMEA Capital Markets | FY 2018

EMEA Equity & Equity Linked - Risk EMEA Equity & Equity Linked - Syndication FY 2018 FY 2017 FY 2018 FY 2017

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 9.868 12,068 57 1 9.837 0.031 JP Morgan 1 10.239 12,526 57 1 10.090 0.149 Goldman Sachs 2 8.581 10,494 56 5 6.587 1.994 Goldman Sachs 2 8.194 10,023 50 5 6.622 1.572 Citi 3 7.204 8,810 54 4 7.668 -0.464 Morgan Stanley 3 6.934 8,482 52 3 7.856 -0.922 Morgan Stanley 4 6.739 8,241 54 2 8.836 -2.097 Citi 4 6.796 8,314 46 4 7.851 -1.055 UBS 5 6.340 7,754 31 3 8.158 -1.818 UBS 5 6.340 7,755 31 2 8.360 -2.020 Deutsche Bank 6 5.727 7,004 45 6 5.541 0.186 Deutsche Bank 6 5.896 7,213 45 6 5.869 0.027 Bank of America Merrill Lynch 7 4.730 5,785 30 7 5.463 -0.733 Bank of America Merrill Lynch 7 4.491 5,494 27 7 5.277 -0.786 Credit Suisse 8 4.717 5,768 35 10 3.455 1.262 Credit Suisse 8 4.490 5,493 31 10 3.219 1.271 Societe Generale 9 3.391 4,146 34 11 2.835 0.556 Societe Generale 9 3.331 4,075 33 11 2.807 0.524 Barclays 10 2.671 3,267 40 9 3.672 -1.001 Joh Berenberg Gossler & Co KG 10 2.792 3,416 34 12 1.970 0.822 Joh Berenberg Gossler & Co KG 11 2.658 3,250 32 12 1.989 0.669 BNP Paribas 11 2.413 2,952 25 8 3.763 -1.350 BNP Paribas 12 2.524 3,086 27 8 3.800 -1.276 Barclays 12 2.366 2,894 33 9 3.262 -0.896 Jefferies 13 1.836 2,245 30 14 1.679 0.157 Numis 13 1.579 1,931 26 17 1.339 0.240 UniCredit 14 1.562 1,910 12 18 1.133 0.429 Jefferies 14 1.528 1,869 22 16 1.503 0.025 Carnegie 15 1.503 1,837 37 15 1.534 -0.031 UniCredit 15 1.503 1,839 11 19 1.122 0.381 Numis 16 1.423 1,740 23 16 1.352 0.071 Carnegie 16 1.502 1,837 37 15 1.519 -0.017 Investec 17 1.122 1,373 16 32 0.498 0.624 Nomura 17 1.206 1,475 11 13 1.855 -0.649 HSBC 18 1.092 1,335 18 13 1.813 -0.721 Investec 18 1.143 1,398 17 34 0.493 0.650 Nordea 19 1.085 1,327 17 17 1.148 -0.063 Nordea 19 1.114 1,363 18 18 1.136 -0.022 Pareto Securities 20 0.857 1,049 24 37 0.397 0.460 HSBC 20 1.054 1,289 18 14 1.795 -0.741 TOTAL 100% 122,291 681 100% TOTAL 100% 122,328 661 100%

EMEA Equity Linked - Risk EMEA Equity Linked - Syndication FY 2018 FY 2017 FY 2018 FY 2017

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(%) UBS 1 16.205 2,047 4 8 3.588 12.617 JP Morgan 1 12.383 2,060 11 1 22.265 -9.882 Deutsche Bank 2 11.430 1,444 8 2 10.850 0.580 UBS 2 12.308 2,047 4 11 2.801 9.507 JP Morgan 3 11.331 1,431 8 1 26.793 -15.462 Deutsche Bank 3 9.898 1,646 8 2 11.697 -1.799 Societe Generale 4 9.331 1,179 9 4 7.339 1.992 Nomura 4 8.871 1,475 11 3 10.621 -1.750 Citi 5 9.125 1,153 9 6 5.352 3.773 Citi 5 7.394 1,230 7 8 3.861 3.533 BNP Paribas 6 6.600 834 9 3 9.510 -2.910 Societe Generale 6 6.654 1,107 8 5 5.730 0.924 HSBC 7 5.010 633 7 13 2.483 2.527 Morgan Stanley 7 5.149 856 7 6 5.667 -0.518 Goldman Sachs 8 4.745 599 5 9 3.531 1.214 Daiwa Securities 8 4.894 814 5 20 0.592 4.302 Bank of America Merrill Lynch 9 4.027 509 4 15 1.758 2.269 Goldman Sachs 9 4.394 731 7 7 4.420 -0.026 Barclays 10 3.475 439 5 12 2.768 0.707 BNP Paribas 10 4.205 699 7 4 7.425 -3.220 Credit Agricole CIB 11 2.460 311 4 7 4.626 -2.166 HSBC 11 3.373 561 6 15 1.938 1.435 Morgan Stanley 12 2.140 270 3 5 6.695 -4.555 Mizuho Financial 12 2.984 496 4 10 2.899 0.085 Natixis 13 2.007 254 3 11 2.935 -0.928 Sumitomo Mitsui Financial 13 2.849 474 3 18 0.727 2.122 Credit Suisse 14 1.900 240 3 14 1.792 0.108 Barclays 14 2.207 367 4 13 2.382 -0.175 Joh Berenberg Gossler & Co KG 15 1.556 197 3 16 0.931 0.625 Bank of America Merrill Lynch 15 1.901 316 3 17 1.593 0.308 UniCredit 16 1.489 188 2 10 3.243 -1.754 Credit Suisse 16 1.443 240 3 16 1.620 -0.177 Jefferies 17 1.417 179 3 26 0.249 1.168 Credit Agricole CIB 17 1.436 239 3 9 3.611 -2.175 Vontobel Holding AG 18 0.805 102 1 - - 0.805 Joh Berenberg Gossler & Co KG 18 1.182 197 3 19 0.727 0.455 Clarksons Platou Securities 19 0.693 88 1 - - 0.693 Natixis 19 1.092 182 2 14 2.291 -1.199 DNB ASA 19 0.693 88 1 - - 0.693 Jefferies 20 0.748 124 2 30 0.194 0.554 TOTAL 100% 12,632 41 100% TOTAL 100% 16,632 61 100%

Bloomberg League Table Reports Page 9 Bloomberg EMEA Capital Markets | FY 2018

EMEA Equity, Equity Linked & Rights - Syndication EMEA Equity Offerings FY 2018 FY 2017 FY 2018 FY 2017

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 10.374 15,004 66 1 9.235 1.139 JP Morgan 1 9.700 10,637 49 4 7.343 2.357 Goldman Sachs 2 7.818 11,307 54 5 6.337 1.481 Goldman Sachs 2 9.023 9,894 51 5 7.038 1.985 Citi 3 6.545 9,466 51 4 7.201 -0.656 Morgan Stanley 3 7.269 7,971 51 1 9.134 -1.865 Morgan Stanley 4 6.218 8,994 56 3 7.300 -1.082 Citi 4 6.983 7,657 45 3 8.011 -1.028 UBS 5 5.484 7,931 34 2 7.356 -1.872 UBS 5 5.204 5,707 27 2 8.832 -3.628 Deutsche Bank 6 5.265 7,615 48 6 5.723 -0.458 Deutsche Bank 6 5.070 5,560 37 7 4.761 0.309 Bank of America Merrill Lynch 7 4.424 6,398 32 7 5.137 -0.713 Credit Suisse 7 5.041 5,528 32 9 3.700 1.341 Credit Suisse 8 4.214 6,095 35 9 3.725 0.489 Bank of America Merrill Lynch 8 4.811 5,276 26 6 6.010 -1.199 Barclays 9 3.293 4,763 41 10 3.475 -0.182 Joh Berenberg Gossler & Co KG 9 2.785 3,054 29 12 2.145 0.640 Societe Generale 10 3.135 4,534 37 11 3.160 -0.025 Societe Generale 10 2.706 2,968 25 11 2.172 0.534 BNP Paribas 11 2.538 3,670 30 8 3.978 -1.440 Barclays 11 2.579 2,828 35 8 3.806 -1.227 Joh Berenberg Gossler & Co KG 12 2.393 3,461 36 14 1.583 0.810 BNP Paribas 12 2.054 2,252 18 10 2.960 -0.906 HSBC 13 2.110 3,052 25 12 2.407 -0.297 Jefferies 13 1.884 2,066 27 13 1.890 -0.006 Numis 14 1.682 2,433 33 20 1.128 0.554 Carnegie 14 1.676 1,837 37 14 1.760 -0.084 Investec 15 1.582 2,288 19 40 0.391 1.191 Numis 15 1.587 1,740 23 16 1.551 0.036 UniCredit 16 1.513 2,188 12 18 1.219 0.294 UniCredit 16 1.571 1,722 10 23 0.823 0.748 Jefferies 17 1.309 1,894 23 13 1.599 -0.290 Investec 17 1.252 1,373 16 31 0.572 0.680 Carnegie 18 1.277 1,848 41 19 1.199 0.078 Nordea 18 1.210 1,327 17 18 1.264 -0.054 Credit Agricole CIB 19 1.122 1,623 11 16 1.371 -0.249 Pareto Securities 19 0.956 1,049 24 35 0.448 0.508 Nomura 20 1.020 1,475 11 15 1.460 -0.440 Danske Bank 20 0.916 1,005 16 25 0.766 0.150 TOTAL 100% 144,629 740 100% TOTAL 100% 109,659 640 100%

EMEA Equity IPO EMEA Rights Offerings FY 2018 FY 2017 FY 2018 FY 2017

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 9.034 3,817 21 1 7.162 1.872 JP Morgan 1 11.020 2,479 9 1 6.060 4.960 Citi 2 7.236 3,058 21 2 7.140 0.096 Barclays 2 8.310 1,869 8 11 4.261 4.049 Deutsche Bank 3 6.912 2,921 15 8 3.595 3.317 HSBC 3 7.837 1,763 7 8 4.667 3.170 Morgan Stanley 4 6.322 2,671 16 4 5.906 0.416 Goldman Sachs 4 5.707 1,284 4 3 5.273 0.434 Goldman Sachs 5 5.903 2,494 16 6 5.204 0.699 Citi 5 5.123 1,152 5 6 4.786 0.337 UBS 6 5.468 2,310 8 3 7.113 -1.645 Bank of America Merrill Lynch 6 4.022 905 5 9 4.612 -0.590 Bank of America Merrill Lynch 7 4.746 2,005 10 7 4.916 -0.170 Investec 7 3.957 890 2 63 0.013 3.944 Credit Suisse 8 4.151 1,754 15 5 5.360 -1.209 Banco Santander 8 3.905 878 5 18 2.955 0.950 Joh Berenberg Gossler & Co KG 9 3.881 1,640 9 17 1.707 2.174 Credit Agricole CIB 9 3.273 736 3 13 3.827 -0.554 BNP Paribas 10 3.384 1,430 10 13 2.340 1.044 BNP Paribas 10 3.195 719 5 7 4.767 -1.572 UniCredit 11 2.968 1,254 6 15 1.982 0.986 Credit Suisse 11 2.675 602 4 2 5.589 -2.914 Jefferies 12 2.052 867 8 11 2.566 -0.514 Morgan Stanley 12 2.439 549 5 4 5.236 -2.797 Barclays 13 1.904 805 5 10 2.677 -0.773 ING Groep 13 2.395 539 6 19 2.463 -0.068 Qatar National Bank 14 1.786 755 1 - - 1.786 Numis 14 2.229 501 7 31 0.349 1.880 Commerzbank 15 1.785 754 4 52 0.339 1.446 Commerzbank 15 2.180 490 3 20 2.269 -0.089 Carnegie 16 1.782 753 11 12 2.344 -0.562 Mizuho Financial 16 2.058 463 2 - - 2.058 Numis 17 1.681 710 4 18 1.703 -0.022 Societe Generale 17 2.042 459 4 10 4.462 -2.420 Societe Generale 18 1.616 683 11 32 0.736 0.880 Deutsche Bank 18 1.786 402 3 5 5.175 -3.389 Nordea 19 1.165 492 4 34 0.693 0.472 Emirates NBD PJSC 19 1.785 402 3 - - 1.785 HSBC 20 1.121 473 4 9 3.124 -2.003 Alinma Bank 20 1.775 399 1 - - 1.775 TOTAL 100% 42,256 180 100% TOTAL 100% 22,491 82 100%

Bloomberg League Table Reports Page 10 Bloomberg EMEA Capital Markets | FY 2018

AIM Equity Offerings Western Europe Equity, Equity Linked & Rights FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (GBP 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(%) Stifel 1 10.623 595 15 15 2.188 8.435 JP Morgan 1 9.925 10,480 54 1 9.274 0.651 Liberum Capital Ltd 2 9.568 536 12 8 4.407 5.161 Goldman Sachs 2 8.856 9,351 54 5 6.390 2.466 Numis 3 9.410 527 21 3 6.384 3.026 Morgan Stanley 3 6.843 7,225 57 2 7.682 -0.839 Cenkos Securities 4 6.727 377 22 1 11.514 -4.787 Citi 4 6.665 7,038 48 4 6.474 0.191 Joh Berenberg Gossler & Co KG 5 6.620 371 12 2 6.873 -0.253 UBS 5 5.771 6,093 33 3 7.497 -1.726 Equita SIM SpA 6 5.371 301 2 30 0.870 4.501 Deutsche Bank 6 5.304 5,601 43 6 5.376 -0.072 Mirabaud Securities 7 3.736 209 6 26 0.934 2.802 Credit Suisse 7 4.654 4,914 34 9 4.398 0.256 Investec 8 3.728 209 8 24 1.302 2.426 Bank of America Merrill Lynch 8 4.596 4,853 25 7 5.350 -0.754 Credit Suisse 9 3.139 176 1 - - 3.139 Barclays 9 3.814 4,027 41 10 3.825 -0.011 Intesa Sanpaolo 9 3.139 176 1 7 4.783 -1.644 Societe Generale 10 3.572 3,772 37 11 3.635 -0.063 FinnCap 11 2.336 131 30 10 3.554 -1.218 BNP Paribas 11 2.906 3,068 31 8 4.680 -1.774 Zeus Capital 12 2.180 122 5 4 6.221 -4.041 Joh Berenberg Gossler & Co KG 12 2.614 2,760 34 14 1.813 0.801 Peel Hunt LLP 13 2.088 117 6 6 5.031 -2.943 HSBC 13 2.336 2,466 23 12 2.354 -0.018 Canaccord Genuity 14 1.932 108 9 14 2.280 -0.348 Numis 14 1.799 1,900 30 19 1.313 0.486 Nplus1 Singer Ltd 15 1.789 100 7 19 1.837 -0.048 UniCredit 15 1.732 1,828 11 18 1.360 0.372 Macquarie 16 1.662 93 4 20 1.537 0.125 Jefferies 16 1.725 1,821 28 13 2.016 -0.291 UniCredit 17 1.564 88 2 - - 1.564 Carnegie 17 1.436 1,517 40 17 1.401 0.035 Banco BPM SpA 18 1.562 88 1 13 2.309 -0.747 Credit Agricole CIB 18 1.336 1,411 12 15 1.647 -0.311 Shore Capital Group Ltd 19 1.530 86 11 25 0.988 0.542 Investec 19 1.231 1,300 13 45 0.256 0.975 Arden Partners Ltd 20 1.324 74 11 23 1.320 0.004 Nordea 20 1.124 1,186 19 24 1.105 0.019 TOTAL 100% 5,602 358 100% TOTAL 100% 105,588 623 100%

Eastern Europe Equity, Equity Linked & Rights MENA Equity, Equity Linked & Rights FY 2018 FY 2017 FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (EUR 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 11.826 483 5 7 5.883 5.943 JP Morgan 1 14.704 985 3 - - 14.704 Citi 2 9.695 396 5 1 14.097 -4.402 EFG-Hermes 2 14.611 979 5 1 12.199 2.412 Deutsche Bank 3 9.486 387 4 8 5.299 4.187 Qatar National Bank 3 11.259 755 1 - - 11.259 Bank of America Merrill Lynch 4 5.993 245 4 3 8.755 -2.762 Alinma Bank 4 6.940 465 2 - - 6.940 Goldman Sachs 5 4.647 190 3 2 9.143 -4.496 Emirates NBD PJSC 5 5.991 402 3 9 5.849 0.142 Akbank TAS 6 4.159 170 3 - - 4.159 Goldman Sachs 6 4.551 305 2 5 7.131 -2.580 VTB Capital 7 4.104 168 2 4 8.416 -4.312 DNB ASA 7 3.815 256 5 2 8.910 -5.095 Turkiye Garanti Bankasi AS 8 3.896 159 2 - - 3.896 Citi 8 3.725 250 3 10 5.630 -1.905 Credit Suisse 9 3.212 131 2 13 2.141 1.071 Clarksons Platou Securities 9 3.485 234 3 7 6.819 -3.334 HSBC 10 3.111 127 2 24 0.783 2.328 Samba Capital 10 3.251 218 1 - - 3.251 Unlu Menkul Degerler AS 11 2.719 111 2 20 1.254 1.465 NBK Capital 11 3.165 212 1 - - 3.165 Halyk Savings Bank of Kazakhstan JSC 12 2.668 109 2 - - 2.668 Bank Albilad 12 3.018 202 2 - - 3.018 UniCredit 13 2.380 97 2 23 0.861 1.519 National Commercial Bank 13 2.586 173 1 - - 2.586 Trigon Dom Maklerski SA 14 2.340 96 3 29 0.518 1.822 BNP Paribas 14 2.032 136 1 - - 2.032 TC Ziraat Bankasi 15 2.274 93 1 - - 2.274 Credit Suisse 14 2.032 136 1 - - 2.032 Turkiye IS Bankasi 15 2.274 93 1 27 0.647 1.627 FirstRand Ltd 14 2.032 136 1 - - 2.032 Vakif Yatirim Menkul Degerler AS 15 2.274 93 1 - - 2.274 Standard Bank of South Africa 14 2.032 136 1 - - 2.032 Yapi ve Kredi Bankasi AS 15 2.274 93 1 - - 2.274 Banque Saudi Fransi 18 1.592 107 1 21 1.136 0.456 Sberbank CIB CJSC 19 2.198 90 2 11 2.753 -0.555 Pareto Securities 19 1.444 97 2 18 1.520 -0.076 Banco Santander 20 2.023 83 4 14 2.038 -0.015 Ubhar Capital SAOC 20 1.001 67 1 27 0.193 0.808 TOTAL 100% 4,081 36 100% TOTAL 100% 6,701 38 100%

Bloomberg League Table Reports Page 11 Bloomberg EMEA Capital Markets | FY 2018

Africa Equity, Equity Linked & Rights FY 2018 FY 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Standard Bank of South Africa 1 16.887 954 6 15 1.536 15.351 Investec 2 12.071 682 5 9 3.289 8.782 JP Morgan 3 9.227 521 4 2 9.689 -0.462 PSG Group Ltd 4 5.929 335 3 21 0.843 5.086 Java Capital 5 4.825 273 5 5 8.287 -3.462 Barclays 6 4.620 261 4 7 7.312 -2.692 Citi 7 4.357 246 2 3 9.263 -4.906 IC Securities Ghana Ltd 8 4.345 246 1 - - 4.345 Deutsche Bank 9 4.288 242 1 8 6.028 -1.740 Bank of America Merrill Lynch 10 4.142 234 3 - - 4.142 EFG-Hermes 11 3.654 206 3 16 1.388 2.266 FirstRand Ltd 12 3.405 192 2 6 7.355 -3.950 Morgan Stanley 13 3.274 185 2 1 18.919 -15.645 Absa Group Ltd 14 2.645 149 2 - - 2.645 BNP Paribas 15 2.410 136 1 - - 2.410 Credit Suisse 15 2.410 136 1 - - 2.410 Societe Generale 17 1.947 110 1 - - 1.947 Goldman Sachs 18 1.794 101 1 14 1.775 0.019 BMO Capital Markets 19 1.327 75 3 17 1.198 0.129 RBC Capital Markets 20 1.016 57 2 22 0.778 0.238 TOTAL 100% 5,650 39 100%

Bloomberg League Table Reports Page 12 Bloomberg EMEA Capital Markets | FY 2018

EMEA Loans: Industry Breakdown

EMEA Loans 6% 7% 17% 7%

7% EMEA Loans (Bookrunner) 17% 7%

FY 2018 FY 2017 10% 12% Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share 11% Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) BNP Paribas 1 6.992 51,676 288 2 5.648 1.344 Credit Agricole CIB 2 5.267 38,928 247 10 4.038 1.229 Financials 17% UniCredit 3 5.120 37,837 221 7 4.176 0.944 Industrials 17% HSBC 4 4.534 33,508 207 1 6.519 -1.985 Consumer Discretionary 12% Societe Generale 5 4.442 32,832 189 4 4.871 -0.429 Energy 11% JP Morgan 6 4.332 32,014 126 9 4.039 0.293 Materials 10% ING Groep 7 4.182 30,910 220 8 4.106 0.076 Communications 7% Citi 8 3.962 29,285 133 12 2.879 1.083 Consumer Staples 7% Deutsche Bank 9 3.926 29,015 133 3 5.199 -1.273 Utilities 7% Commerzbank 10 3.066 22,659 164 11 3.044 0.022 Health Care 7% Natixis 11 3.042 22,484 133 13 2.552 0.490 Others 6% Sumitomo Mitsui Financial 12 2.879 21,281 104 19 1.777 1.102 Banco Santander 13 2.671 19,741 144 16 2.033 0.638 Barclays 14 2.623 19,389 116 6 4.262 -1.639 EMEA Loans: Bookrunner Rankings History Mitsubishi UFJ Financial Group 15 2.622 19,378 93 17 2.031 0.591

Inc 2018 2017 2016 Bank of America Merrill Lynch 16 2.573 19,012 102 5 4.290 -1.717 10

Goldman Sachs 17 2.288 16,912 79 15 2.138 0.150 8 ) %

Mizuho Financial 18 1.874 13,848 83 18 1.803 0.071 (

e

r 6 a

NatWest Markets 19 1.709 12,629 86 20 1.714 -0.005 h S

t e

k 4 Credit Suisse 20 1.568 11,591 70 14 2.513 -0.945 r a M TOTAL 100% 739,059 1,232 100% 2

0 This table consists of loans with a market of syndication in the EMEA region. This excludes bilateral loans. There is a minimum threshold of 3 s it e n a IB d C l a b C e B ra g ri r S e r a le C H n o months for maturities. Please see League Table Standards and Guidelines for further details. o i e M P c n P ri U G P N g te J B A ie it c d o re S C

Bloomberg League Table Reports Page 13 Bloomberg EMEA Capital Markets | FY 2018

EMEA Loans (Mandated Lead Arranger) EMEA Loans (Administrative Agent) FY 2018 FY 2017 FY 2018 FY 2017

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 6.091 53,537 469 2 5.053 1.038 JP Morgan 1 8.686 72,684 43 7 4.362 4.324 Credit Agricole CIB 2 4.472 39,309 378 7 3.613 0.859 BNP Paribas 2 6.801 56,910 82 3 5.073 1.728 HSBC 3 4.387 38,563 333 1 5.470 -1.083 Deutsche Bank 3 6.746 56,450 56 8 4.093 2.653 UniCredit 4 4.022 35,347 315 8 3.367 0.655 UniCredit 4 5.695 47,655 106 2 6.750 -1.055 ING Groep 5 3.879 34,092 358 3 4.123 -0.244 Commerzbank 5 4.521 37,834 80 9 3.291 1.230 Deutsche Bank 6 3.688 32,418 204 4 3.881 -0.193 HSBC 6 4.401 36,830 53 1 9.388 -4.987 Societe Generale 7 3.627 31,879 301 5 3.726 -0.099 Credit Agricole CIB 7 4.249 35,554 90 4 5.021 -0.772 JP Morgan 8 3.212 28,235 174 6 3.652 -0.440 ING Groep 8 4.144 34,675 82 6 4.557 -0.413 Citi 9 2.993 26,303 197 12 2.734 0.259 Societe Generale 9 3.676 30,763 42 11 2.635 1.041 Commerzbank 10 2.959 26,009 264 10 2.887 0.072 Mizuho Financial 10 3.649 30,535 16 15 2.210 1.439 Barclays 11 2.499 21,963 181 9 3.084 -0.585 Natixis 11 3.496 29,254 48 10 2.731 0.765 Sumitomo Mitsui Financial 12 2.496 21,939 161 20 1.894 0.602 NatWest Markets 12 2.794 23,385 40 19 1.662 1.132 Natixis 13 2.411 21,195 195 14 2.472 -0.061 Barclays 13 2.746 22,981 37 5 4.665 -1.919 Mitsubishi UFJ Financial Group Inc 14 2.330 20,479 154 15 2.261 0.069 Citi 14 2.462 20,605 16 17 2.032 0.430 Banco Santander 15 2.293 20,151 231 13 2.505 -0.212 Banco Santander 15 2.424 20,287 79 18 1.783 0.641 Bank of America Merrill Lynch 16 2.181 19,173 154 11 2.743 -0.562 Credit Suisse 16 2.410 20,171 23 16 2.127 0.283 NatWest Markets 17 2.061 18,117 164 16 2.159 -0.098 First Abu Dhabi Bank PJSC 17 2.321 19,423 33 24 1.234 1.087 Mizuho Financial 18 2.015 17,707 130 19 1.924 0.091 Lloyds Bank 18 2.040 17,070 32 22 1.375 0.665 Goldman Sachs 19 1.886 16,576 103 18 1.973 -0.087 Bank of America Merrill Lynch 19 1.954 16,348 19 12 2.584 -0.630 Intesa Sanpaolo 20 1.813 15,934 125 22 1.489 0.324 Intesa Sanpaolo 20 1.804 15,100 25 27 1.068 0.736 TOTAL 100% 878,936 1,651 100% TOTAL 100% 836,835 1,604 100%

EMEA Leveraged Loans (Bookrunner) EMEA Leveraged Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) JP Morgan 1 7.614 9,975 59 1 8.707 -1.093 JP Morgan 1 7.046 10,004 63 1 8.241 -1.195 Goldman Sachs 2 7.480 9,799 57 3 6.937 0.543 BNP Paribas 2 6.644 9,433 97 5 5.487 1.157 Deutsche Bank 3 7.003 9,174 55 2 7.426 -0.423 Deutsche Bank 3 6.542 9,289 62 2 7.069 -0.527 BNP Paribas 4 6.609 8,657 66 5 5.737 0.872 Goldman Sachs 4 6.141 8,719 61 3 6.405 -0.264 HSBC 5 5.419 7,099 53 6 5.311 0.108 HSBC 5 5.361 7,612 65 6 5.283 0.078 Barclays 6 5.246 6,872 52 8 4.707 0.539 Barclays 6 4.824 6,849 61 7 4.561 0.263 Credit Suisse 7 4.729 6,195 43 4 6.203 -1.474 Credit Suisse 7 4.454 6,324 48 4 6.102 -1.648 Credit Agricole CIB 8 3.873 5,074 45 12 3.374 0.499 Bank of America Merrill Lynch 8 3.571 5,070 42 8 4.457 -0.886 Bank of America Merrill Lynch 9 3.830 5,017 38 7 4.770 -0.940 Credit Agricole CIB 9 3.497 4,965 69 10 3.483 0.014 Societe Generale 10 3.513 4,602 40 16 2.667 0.846 ING Groep 10 3.439 4,883 69 11 3.480 -0.041 Natixis 11 3.431 4,494 40 14 3.029 0.402 Societe Generale 11 3.321 4,715 55 16 2.631 0.690 Morgan Stanley 12 3.215 4,212 32 13 3.219 -0.004 Natixis 12 3.192 4,532 52 15 2.771 0.421 UniCredit 13 3.185 4,173 42 11 3.388 -0.203 UniCredit 13 3.179 4,514 56 13 3.036 0.143 ING Groep 14 3.026 3,964 48 10 3.664 -0.638 Citi 14 2.763 3,923 34 17 1.863 0.900 Citi 15 2.726 3,571 28 17 1.824 0.902 Morgan Stanley 15 2.280 3,237 33 12 3.054 -0.774 RBC Capital Markets 16 2.603 3,409 30 18 1.784 0.819 RBC Capital Markets 16 2.267 3,219 34 19 1.688 0.579 UBS 17 2.100 2,751 22 15 2.936 -0.836 Sumitomo Mitsui Financial 17 2.211 3,139 36 30 0.723 1.488 Sumitomo Mitsui Financial 18 2.084 2,730 24 28 0.793 1.291 UBS 18 1.917 2,722 22 14 2.897 -0.980 DNB ASA 19 1.997 2,616 8 31 0.529 1.468 NatWest Markets 19 1.895 2,691 31 18 1.752 0.143 NatWest Markets 20 1.756 2,300 23 20 1.636 0.120 Rabobank 20 1.676 2,379 25 20 1.611 0.065 TOTAL 100% 130,998 288 100% TOTAL 100% 141,979 348 100%

Bloomberg League Table Reports Page 14 Bloomberg EMEA Capital Markets | FY 2018

EMEA Sponsor-led Leveraged Loans (Bookrunner) EMEA Sponsor-led Leveraged Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) JP Morgan 1 7.319 8,058 45 1 7.361 -0.042 JP Morgan 1 6.838 8,226 48 1 6.946 -0.108 BNP Paribas 2 7.146 7,868 57 3 6.321 0.825 BNP Paribas 2 6.794 8,173 79 3 6.027 0.767 Goldman Sachs 3 7.039 7,750 48 4 6.102 0.937 Deutsche Bank 3 6.695 8,053 49 2 6.890 -0.195 Deutsche Bank 4 6.912 7,610 43 2 7.271 -0.359 Goldman Sachs 4 6.201 7,459 52 5 5.452 0.749 HSBC 5 5.196 5,721 45 7 4.766 0.430 HSBC 5 5.070 6,098 54 6 4.656 0.414 Barclays 6 4.880 5,373 41 9 3.955 0.925 Barclays 6 4.418 5,314 49 9 3.881 0.537 Credit Suisse 7 4.669 5,141 32 5 5.872 -1.203 Credit Suisse 7 4.387 5,277 36 4 5.800 -1.413 Natixis 8 3.878 4,270 37 15 3.485 0.393 ING Groep 8 3.544 4,263 65 11 3.623 -0.079 Societe Generale 9 3.676 4,047 37 16 2.946 0.730 Natixis 9 3.411 4,103 46 15 3.171 0.240 Bank of America Merrill Lynch 10 3.578 3,939 27 13 3.556 0.022 Credit Agricole CIB 10 3.292 3,960 63 8 4.030 -0.738 ING Groep 11 3.234 3,560 45 11 3.801 -0.567 UniCredit 11 3.204 3,854 50 10 3.709 -0.505 UniCredit 12 3.191 3,514 38 8 4.178 -0.987 Bank of America Merrill Lynch 12 3.182 3,827 29 14 3.192 -0.010 Credit Agricole CIB 13 3.131 3,447 40 10 3.913 -0.782 Societe Generale 13 3.175 3,820 49 16 2.836 0.339 RBC Capital Markets 14 2.819 3,103 28 17 1.924 0.895 Sumitomo Mitsui Financial 14 2.579 3,102 35 29 0.841 1.738 Morgan Stanley 15 2.612 2,876 26 12 3.796 -1.184 Citi 15 2.572 3,094 26 18 1.779 0.793 UBS 16 2.499 2,751 22 14 3.515 -1.016 RBC Capital Markets 16 2.422 2,913 32 17 1.826 0.596 Citi 17 2.496 2,748 21 18 1.828 0.668 UBS 17 2.263 2,722 22 13 3.474 -1.211 Sumitomo Mitsui Financial 18 2.446 2,693 23 26 0.929 1.517 Morgan Stanley 18 2.061 2,479 27 12 3.592 -1.531 DNB ASA 19 2.376 2,616 8 33 0.527 1.849 NatWest Markets 19 2.000 2,406 27 20 1.639 0.361 NatWest Markets 20 1.923 2,117 21 22 1.490 0.433 Rabobank 20 1.873 2,253 22 19 1.682 0.191 TOTAL 100% 110,099 247 100% TOTAL 100% 120,289 297 100%

Europe Corporate Loans (Bookrunner) Europe Corporate Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 8.543 33,882 170 2 6.118 2.425 BNP Paribas 1 7.145 31,736 265 2 5.468 1.677 Credit Agricole CIB 2 5.864 23,255 145 10 3.927 1.937 Credit Agricole CIB 2 4.741 21,061 200 7 3.645 1.096 UniCredit 3 5.739 22,761 128 6 5.125 0.614 UniCredit 3 4.732 21,018 178 6 3.937 0.795 Societe Generale 4 4.772 18,924 101 3 5.708 -0.936 HSBC 4 4.417 19,622 189 1 5.840 -1.423 ING Groep 5 4.492 17,815 93 9 4.287 0.205 Commerzbank 5 4.111 18,261 193 5 4.013 0.098 Commerzbank 6 4.471 17,731 131 8 4.297 0.174 Societe Generale 6 3.927 17,444 148 4 4.144 -0.217 JP Morgan 7 4.442 17,618 42 14 2.673 1.769 ING Groep 7 3.649 16,209 147 3 4.210 -0.561 HSBC 8 4.227 16,764 110 1 7.546 -3.319 Banco Santander 8 3.028 13,452 152 8 3.600 -0.572 Citi 9 3.848 15,260 55 13 2.754 1.094 JP Morgan 9 3.002 13,333 72 14 2.862 0.140 Banco Santander 10 3.416 13,550 97 11 3.172 0.244 Deutsche Bank 10 2.741 12,176 102 12 2.953 -0.212 Deutsche Bank 11 3.080 12,214 58 7 4.481 -1.401 NatWest Markets 11 2.658 11,808 98 10 3.170 -0.512 Natixis 12 2.980 11,819 68 23 1.264 1.716 Barclays 12 2.571 11,420 90 9 3.482 -0.911 Mitsubishi UFJ Financial Group Inc 13 2.755 10,925 46 12 2.893 -0.138 Citi 13 2.531 11,243 85 15 2.671 -0.140 Barclays 14 2.716 10,772 49 4 5.279 -2.563 Bank of America Merrill Lynch 14 2.506 11,132 81 13 2.911 -0.405 Sumitomo Mitsui Financial 15 2.518 9,988 36 19 1.614 0.904 Mitsubishi UFJ Financial Group Inc 15 2.465 10,949 76 11 3.141 -0.676 Bank of America Merrill Lynch 16 2.436 9,662 46 5 5.250 -2.814 Intesa Sanpaolo 16 2.418 10,739 73 19 1.833 0.585 NatWest Markets 17 2.275 9,024 49 16 2.268 0.007 Sumitomo Mitsui Financial 17 2.374 10,547 54 18 1.989 0.385 Intesa Sanpaolo 18 2.135 8,467 43 17 2.038 0.097 Natixis 18 2.365 10,504 96 20 1.788 0.577 Banco Bilbao Vizcaya Argentaria 19 1.729 6,858 45 18 1.749 -0.020 Banco Bilbao Vizcaya Argentaria 19 2.084 9,257 90 17 2.370 -0.286 Goldman Sachs 20 1.679 6,660 18 37 0.616 1.063 Mizuho Financial 20 2.065 9,172 59 16 2.513 -0.448 TOTAL 100% 396,600 548 100% TOTAL 100% 444,203 694 100%

Bloomberg League Table Reports Page 15 Bloomberg EMEA Capital Markets | FY 2018

Western Europe Loans (Bookrunner) Western Europe Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 7.514 50,956 284 2 5.971 1.543 BNP Paribas 1 6.631 52,427 456 2 5.459 1.172 Credit Agricole CIB 2 5.450 36,959 234 7 4.249 1.201 Credit Agricole CIB 2 4.757 37,610 359 7 3.874 0.883 UniCredit 3 5.190 35,196 203 9 4.191 0.999 HSBC 3 4.416 34,912 302 1 5.622 -1.206 JP Morgan 4 4.644 31,492 121 8 4.241 0.403 UniCredit 4 4.159 32,884 290 8 3.473 0.686 Societe Generale 5 4.565 30,958 174 4 5.070 -0.505 Deutsche Bank 5 4.028 31,843 196 4 4.206 -0.178 HSBC 6 4.459 30,240 191 1 6.638 -2.179 ING Groep 6 3.948 31,212 326 3 4.209 -0.261 ING Groep 7 4.388 29,760 204 10 4.098 0.290 Societe Generale 7 3.753 29,668 272 5 3.929 -0.176 Deutsche Bank 8 4.233 28,704 128 3 5.559 -1.326 JP Morgan 8 3.537 27,964 169 6 3.908 -0.371 Citi 9 4.077 27,647 121 12 2.710 1.367 Commerzbank 9 3.155 24,943 249 10 3.039 0.116 Commerzbank 10 3.276 22,219 160 11 3.137 0.139 Citi 10 3.041 24,046 177 12 2.678 0.363 Natixis 11 3.255 22,071 130 13 2.671 0.584 Barclays 11 2.740 21,659 177 9 3.340 -0.600 Banco Santander 12 2.907 19,711 143 16 2.145 0.762 Sumitomo Mitsui Financial 12 2.555 20,199 150 20 2.008 0.547 Barclays 13 2.813 19,073 113 6 4.529 -1.716 Natixis 13 2.545 20,123 187 14 2.570 -0.025 Bank of America Merrill Lynch 14 2.788 18,907 100 5 4.544 -1.756 Banco Santander 14 2.492 19,704 226 13 2.642 -0.150 Sumitomo Mitsui Financial 15 2.787 18,902 94 20 1.835 0.952 Bank of America Merrill Lynch 15 2.396 18,947 150 11 2.942 -0.546 Mitsubishi UFJ Financial Group Inc 16 2.580 17,495 86 17 2.116 0.464 Mitsubishi UFJ Financial Group Inc 16 2.329 18,411 140 15 2.413 -0.084 Goldman Sachs 17 2.485 16,855 78 15 2.293 0.192 NatWest Markets 17 2.292 18,117 164 16 2.361 -0.069 Mizuho Financial 18 1.863 12,636 78 18 1.902 -0.039 Goldman Sachs 18 2.067 16,342 100 18 2.157 -0.090 NatWest Markets 19 1.862 12,629 86 19 1.838 0.024 Mizuho Financial 19 2.054 16,236 122 19 2.075 -0.021 Credit Suisse 20 1.675 11,356 67 14 2.644 -0.969 Credit Suisse 20 1.837 14,521 91 17 2.206 -0.369 TOTAL 100% 678,142 1,077 100% TOTAL 100% 790,619 1,414 100%

Central & Eastern European Borrower Loans (Bookrunner) Central & Eastern European Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) UniCredit 1 11.739 2,931 29 2 9.150 2.589 ING Groep 1 10.107 3,909 49 1 8.571 1.536 ING Groep 2 8.632 2,155 27 1 11.839 -3.207 UniCredit 2 8.528 3,298 40 2 5.803 2.725 Mitsubishi UFJ Financial Group Inc 3 6.823 1,703 11 7 3.623 3.200 Deutsche Bank 3 6.287 2,431 18 17 1.897 4.390 Deutsche Bank 4 6.670 1,665 11 10 2.752 3.918 Societe Generale 4 5.499 2,127 34 3 4.885 0.614 Societe Generale 5 5.790 1,445 21 3 6.084 -0.294 Intesa Sanpaolo 5 3.658 1,415 10 16 1.935 1.723 Intesa Sanpaolo 6 5.383 1,344 6 62 0.081 5.302 Commerzbank 6 3.626 1,402 20 5 4.046 -0.420 Credit Agricole CIB 7 5.289 1,320 10 12 2.580 2.709 Citi 7 3.244 1,254 19 4 4.536 -1.292 Commerzbank 8 4.327 1,080 11 4 5.127 -0.800 Mitsubishi UFJ Financial Group Inc 8 3.045 1,178 15 12 2.351 0.694 Standard Chartered Bank 9 3.644 910 13 13 2.579 1.065 BNP Paribas 9 3.026 1,170 18 10 2.419 0.607 BNP Paribas 10 3.414 852 10 9 2.894 0.520 Industrial & Comm Bank of China 10 2.569 994 14 11 2.408 0.161 Sumitomo Mitsui Financial 11 3.390 846 11 11 2.666 0.724 Raiffeisen Bank International Group 11 2.410 932 19 7 2.859 -0.449 Citi 12 2.614 653 12 5 4.975 -2.361 Standard Chartered Bank 12 2.378 920 16 9 2.554 -0.176 Emirates NBD PJSC 13 2.259 564 10 17 1.974 0.285 Credit Agricole CIB 13 2.349 908 12 15 1.980 0.369 Mizuho Financial 14 2.223 555 9 6 4.094 -1.871 Turkiye Garanti Bankasi AS 14 2.193 848 14 20 1.703 0.490 Goldman Sachs 15 2.141 534 3 35 0.749 1.392 Erste Group Bank 15 2.086 807 12 18 1.773 0.313 Industrial & Comm Bank of China 16 1.698 424 6 21 1.668 0.030 HSBC 16 2.075 803 11 6 3.260 -1.185 Bank of China 17 1.682 420 3 15 2.540 -0.858 Goldman Sachs 17 1.998 773 6 40 0.784 1.214 HSBC 18 1.585 396 6 14 2.574 -0.989 Sumitomo Mitsui Financial 18 1.986 768 12 8 2.643 -0.657 Bank of America Merrill Lynch 19 1.417 354 5 8 3.523 -2.106 Mizuho Financial 19 1.722 666 11 14 2.142 -0.420 Natixis 20 1.406 351 3 25 1.187 0.219 Bank of China 20 1.570 607 6 23 1.555 0.015 TOTAL 100% 24,965 65 100% TOTAL 100% 38,673 106 100%

Bloomberg League Table Reports Page 16 Bloomberg EMEA Capital Markets | FY 2018

Nordic Loans (Bookrunner) Nordic Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) Nordea 1 16.023 6,432 53 2 10.863 5.160 Nordea 1 14.819 8,867 90 1 12.586 2.233 DNB ASA 2 11.307 4,539 22 5 6.491 4.816 SEB 2 10.312 6,171 59 3 9.070 1.242 SEB 3 8.623 3,461 29 4 7.587 1.036 Danske Bank 3 10.121 6,056 66 2 10.043 0.078 Danske Bank 4 6.569 2,637 26 3 8.167 -1.598 DNB ASA 4 6.535 3,911 40 4 6.554 -0.019 Barclays 5 4.697 1,885 7 1 21.685 -16.988 BNP Paribas 5 4.091 2,448 19 5 4.263 -0.172 Citi 6 4.693 1,884 8 21 1.257 3.436 HSBC 6 4.040 2,418 9 15 2.128 1.912 BNP Paribas 7 4.198 1,685 11 6 4.317 -0.119 Barclays 7 3.655 2,187 9 8 3.502 0.153 HSBC 8 4.097 1,645 5 13 1.667 2.430 JP Morgan 8 3.498 2,093 12 18 1.925 1.573 JP Morgan 9 4.010 1,610 10 12 1.963 2.047 Citi 9 3.369 2,016 12 17 1.945 1.424 Swedbank 10 3.052 1,225 9 14 1.646 1.406 Swedbank 10 3.316 1,984 26 7 3.776 -0.460 ING Groep 11 2.889 1,160 13 15 1.637 1.252 ING Groep 11 2.690 1,610 20 14 2.130 0.560 Svenska Handelsbanken 12 2.485 998 9 10 2.346 0.139 Deutsche Bank 12 2.370 1,418 9 13 2.327 0.043 Goldman Sachs 13 1.934 777 5 16 1.568 0.366 Svenska Handelsbanken 13 2.294 1,373 18 6 3.927 -1.633 Deutsche Bank 14 1.897 762 5 7 3.915 -2.018 Nykredit Bank A/S 14 2.274 1,361 11 24 1.233 1.041 OP Cooperative 15 1.786 717 8 17 1.404 0.382 NatWest Markets 15 1.834 1,098 12 9 2.983 -1.149 Bank of China 16 1.693 680 5 42 0.132 1.561 Sumitomo Mitsui Financial 16 1.818 1,088 11 32 0.553 1.265 Macquarie 17 1.379 554 1 - - 1.379 Credit Agricole CIB 17 1.732 1,037 14 22 1.423 0.309 Sumitomo Mitsui Financial 18 1.252 502 4 32 0.490 0.762 OP Cooperative 18 1.458 872 15 19 1.744 -0.286 ABN Amro Bank NV 19 1.078 433 3 27 0.843 0.235 Goldman Sachs 19 1.298 777 5 25 1.159 0.139 Credit Suisse 20 1.024 411 5 24 0.894 0.130 UniCredit 20 1.228 735 8 10 2.850 -1.622 TOTAL 100% 40,139 92 100% TOTAL 100% 59,839 144 100%

Russia & CIS Borrower Loans (Bookrunner) Russia & CIS Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) ING Groep 1 16.089 1,470 13 1 15.738 0.351 Deutsche Bank 1 16.567 1,709 7 25 1.415 15.152 Deutsche Bank 2 12.772 1,167 3 10 3.045 9.727 ING Groep 2 13.798 1,423 18 1 11.043 2.755 UniCredit 3 9.456 864 8 2 11.411 -1.955 UniCredit 3 11.723 1,209 14 2 8.574 3.149 Credit Agricole CIB 4 9.218 842 5 5 7.643 1.575 Societe Generale 4 9.083 937 13 5 5.378 3.705 Societe Generale 5 9.078 829 10 3 9.102 -0.024 Credit Agricole CIB 5 5.611 579 6 6 4.816 0.795 Mitsubishi UFJ Financial Group Inc 6 8.814 805 3 14 2.220 6.594 Mitsubishi UFJ Financial Group Inc 6 5.110 527 5 24 1.504 3.606 Commerzbank 7 5.109 467 2 4 7.681 -2.572 Natixis 7 4.584 473 5 12 3.120 1.464 Natixis 8 4.565 417 3 12 2.936 1.629 Commerzbank 8 3.720 384 4 4 5.414 -1.694 Bank of China 9 3.649 333 1 11 2.946 0.703 Citi 9 2.763 285 4 9 4.286 -1.523 Intesa Sanpaolo 9 3.649 333 1 - - 3.649 Raiffeisen Bank International Group 10 2.655 274 6 7 4.607 -1.952 Sberbank CIB CJSC 11 3.316 303 3 7 4.397 -1.081 Alfa Bank 11 2.478 256 4 33 0.498 1.980 Alfa Bank 12 3.028 277 4 23 0.642 2.386 Bank of China 12 2.395 247 2 15 2.717 -0.322 Sumitomo Mitsui Financial 13 2.463 225 1 14 2.220 0.243 Industrial & Comm Bank of China 12 2.395 247 2 13 2.957 -0.562 Nordea 14 1.713 156 3 6 5.763 -4.050 Intesa Sanpaolo 14 2.240 231 3 3 5.517 -3.277 Citi 15 1.476 135 3 13 2.855 -1.379 Holding Group Almex JSC 15 1.939 200 1 - - 1.939 HSBC 16 1.173 107 1 22 1.256 -0.083 Nordea 16 1.925 198 4 10 4.206 -2.281 Raiffeisen Bank International Group 17 0.644 59 1 24 0.634 0.010 Sberbank CIB CJSC 17 1.796 185 4 8 4.528 -2.732 European Bank for Reconstruct & Dev 18 0.625 57 2 9 3.108 -2.483 Banco Santander 18 1.456 150 1 - - 1.456 DZ Bank 19 0.578 53 1 - - 0.578 Rabobank 19 1.188 122 3 27 1.081 0.107 ABN Amro Bank NV 20 0.460 42 1 - - 0.460 BNP Paribas 20 1.138 117 3 21 1.586 -0.448 TOTAL 100% 9,133 24 100% TOTAL 100% 10,313 29 100%

Bloomberg League Table Reports Page 17 Bloomberg EMEA Capital Markets | FY 2018

Benelux Borrower Loans (Bookrunner) Benelux Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) Deutsche Bank 1 10.958 11,113 27 1 9.644 1.314 Deutsche Bank 1 9.957 11,716 41 1 8.508 1.449 BNP Paribas 2 8.191 8,307 47 4 6.443 1.748 BNP Paribas 2 7.269 8,554 70 4 5.985 1.284 ING Groep 3 8.175 8,291 61 2 7.470 0.705 ING Groep 3 6.133 7,216 85 3 6.099 0.034 JP Morgan 4 5.607 5,687 24 3 7.187 -1.580 JP Morgan 4 5.051 5,943 29 2 6.884 -1.833 HSBC 5 5.606 5,685 29 5 5.815 -0.209 HSBC 5 4.437 5,221 41 6 4.590 -0.153 Rabobank 6 4.240 4,300 34 8 4.596 -0.356 Rabobank 6 4.112 4,838 52 9 3.714 0.398 Bank of America Merrill Lynch 7 3.816 3,870 15 10 3.758 0.058 Bank of China 7 4.081 4,803 10 14 2.793 1.288 Credit Suisse 8 3.777 3,831 18 6 5.108 -1.331 Goldman Sachs 8 3.685 4,336 31 8 3.861 -0.176 Goldman Sachs 9 3.761 3,814 26 7 4.698 -0.937 Credit Suisse 9 3.431 4,037 22 5 5.006 -1.575 Societe Generale 10 3.683 3,735 20 15 3.008 0.675 ABN Amro Bank NV 10 3.426 4,031 45 11 3.249 0.177 Credit Agricole CIB 11 3.651 3,703 21 17 2.578 1.073 Bank of America Merrill Lynch 11 2.822 3,321 24 10 3.448 -0.626 ABN Amro Bank NV 12 3.511 3,561 25 9 3.788 -0.277 Credit Agricole CIB 12 2.786 3,279 34 17 2.361 0.425 Citi 13 3.048 3,091 21 12 3.213 -0.165 Citi 13 2.668 3,140 29 7 3.883 -1.215 Barclays 14 2.868 2,908 15 13 3.039 -0.171 Societe Generale 14 2.631 3,096 30 16 2.659 -0.028 UniCredit 15 2.457 2,492 15 26 0.785 1.672 NatWest Markets 15 2.484 2,923 29 31 0.816 1.668 Natixis 16 2.154 2,184 14 22 1.075 1.079 Barclays 16 2.302 2,709 20 13 2.906 -0.604 NatWest Markets 17 2.143 2,173 18 35 0.507 1.636 UniCredit 17 2.106 2,478 22 28 0.860 1.246 RBC Capital Markets 18 2.020 2,048 11 18 1.863 0.157 Natixis 18 1.936 2,278 17 21 1.541 0.395 Mizuho Financial 19 1.881 1,908 9 25 0.820 1.061 Commerzbank 19 1.615 1,900 21 23 1.257 0.358 KBC Group 20 1.594 1,616 11 27 0.774 0.820 RBC Capital Markets 20 1.438 1,692 14 19 1.642 -0.204 TOTAL 100% 101,416 144 100% TOTAL 100% 117,667 185 100%

German Borrower Loans (Bookrunner) German Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) Commerzbank 1 12.025 14,457 85 1 12.330 -0.305 Commerzbank 1 10.367 13,165 117 1 9.054 1.313 UniCredit 2 9.874 11,871 63 2 9.896 -0.022 UniCredit 2 8.141 10,338 83 2 7.221 0.920 BNP Paribas 3 8.953 10,764 25 13 2.912 6.041 Deutsche Bank 3 5.501 6,985 57 4 6.803 -1.302 JP Morgan 4 5.907 7,102 11 3 9.131 -3.224 Landesbank Baden-Wuerttemberg 4 4.855 6,165 58 5 4.311 0.544 Deutsche Bank 5 5.302 6,374 40 4 7.154 -1.852 BNP Paribas 5 4.655 5,912 39 9 3.234 1.421 Landesbank Baden-Wuerttemberg 6 5.004 6,016 34 10 3.464 1.540 ING Groep 6 4.009 5,092 27 6 3.573 0.436 HSBC 7 3.429 4,122 17 7 4.598 -1.169 JP Morgan 7 3.556 4,515 14 3 6.972 -3.416 Citi 8 3.323 3,995 11 6 4.660 -1.337 HSBC 8 3.367 4,276 32 12 3.062 0.305 Credit Agricole CIB 9 3.145 3,781 10 17 1.865 1.280 Citi 9 3.130 3,974 14 8 3.348 -0.218 ING Groep 10 2.788 3,352 14 12 3.037 -0.249 Credit Agricole CIB 10 3.039 3,859 15 14 2.428 0.611 Bank of America Merrill Lynch 11 2.239 2,692 8 11 3.143 -0.904 Societe Generale 11 3.010 3,823 16 11 3.075 -0.065 Barclays 12 1.989 2,391 9 19 1.657 0.332 DZ Bank 12 2.876 3,652 44 18 2.037 0.839 Societe Generale 13 1.916 2,304 9 5 4.828 -2.912 BayernLB 13 2.729 3,466 36 13 3.000 -0.271 BayernLB 14 1.833 2,203 15 14 2.618 -0.785 Bank of America Merrill Lynch 14 2.669 3,389 12 10 3.127 -0.458 Mizuho Financial 15 1.731 2,081 7 8 3.769 -2.038 Barclays 15 2.208 2,804 12 15 2.423 -0.215 Sumitomo Mitsui Financial 16 1.720 2,068 7 21 1.463 0.257 Sumitomo Mitsui Financial 16 2.117 2,688 11 21 1.899 0.218 Credit Suisse 17 1.713 2,060 7 22 1.333 0.380 NatWest Markets 17 1.770 2,248 8 17 2.258 -0.488 Banco Santander 18 1.567 1,884 6 34 0.362 1.205 SEB 18 1.694 2,151 15 26 1.254 0.440 Goldman Sachs 19 1.533 1,843 7 9 3.728 -2.195 Landesbank Hessen-Thuringen Girozentrale 19 1.679 2,133 16 16 2.375 -0.696 ABN Amro Bank NV 20 1.475 1,773 6 37 0.271 1.204 Mizuho Financial 20 1.674 2,126 9 20 1.905 -0.231 TOTAL 100% 120,225 162 100% TOTAL 100% 126,989 177 100%

Bloomberg League Table Reports Page 18 Bloomberg EMEA Capital Markets | FY 2018

MENA Borrower Loans (Bookrunner) MENA Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) First Abu Dhabi Bank PJSC 1 8.850 8,095 35 1 10.522 -1.672 HSBC 1 6.470 7,579 34 1 6.432 0.038 HSBC 2 7.158 6,548 20 2 7.674 -0.516 Standard Chartered Bank 2 6.081 7,123 33 2 5.176 0.905 Standard Chartered Bank 3 6.906 6,317 24 3 4.701 2.205 Mizuho Financial 3 5.175 6,062 21 6 3.084 2.091 Citi 4 6.492 5,938 19 4 4.674 1.818 Citi 4 4.836 5,665 25 5 3.356 1.480 Sumitomo Mitsui Financial 5 6.267 5,733 12 5 4.205 2.062 Sumitomo Mitsui Financial 5 4.731 5,542 15 8 2.935 1.796 Mitsubishi UFJ Financial Group Inc 6 5.786 5,292 11 8 3.637 2.149 First Abu Dhabi Bank PJSC 6 4.697 5,502 46 3 5.138 -0.441 Mizuho Financial 7 5.759 5,267 14 22 1.603 4.156 Mitsubishi UFJ Financial Group Inc 7 4.523 5,299 17 4 3.495 1.028 Credit Agricole CIB 8 4.772 4,365 11 47 0.283 4.489 Credit Agricole CIB 8 3.563 4,174 17 27 1.249 2.314 JP Morgan 9 4.213 3,854 9 9 3.518 0.695 BNP Paribas 9 3.252 3,810 11 20 1.690 1.562 Emirates NBD PJSC 10 3.237 2,961 17 25 1.478 1.759 JP Morgan 10 2.689 3,151 10 19 1.715 0.974 Societe Generale 11 3.143 2,875 8 17 2.315 0.828 Bank of China 11 2.571 3,012 7 40 0.747 1.824 BNP Paribas 12 2.608 2,386 5 56 0.139 2.469 Societe Generale 12 2.468 2,891 14 15 1.894 0.574 Mashreqbank PSC 13 2.579 2,359 13 19 1.888 0.691 Industrial & Comm Bank of China 13 2.253 2,639 11 7 3.048 -0.795 Industrial & Comm Bank of China 14 2.329 2,130 5 6 3.931 -1.602 Goldman Sachs 14 2.050 2,401 5 49 0.587 1.463 Dubai Islamic Bank 15 2.102 1,923 7 15 2.596 -0.494 Emirates NBD PJSC 15 2.023 2,369 23 18 1.767 0.256 Banque Misr SAE 16 1.996 1,826 18 11 2.977 -0.981 Samba Capital 16 1.940 2,273 12 10 2.507 -0.567 Bank of China 17 1.964 1,797 3 36 0.548 1.416 Mashreqbank PSC 17 1.880 2,202 25 37 0.922 0.958 National Bank of Egypt 18 1.898 1,736 18 12 2.841 -0.943 Abu Dhabi Commercial Bank 18 1.850 2,167 18 9 2.687 -0.837 Abu Dhabi Commercial Bank 19 1.467 1,342 8 7 3.747 -2.280 National Bank of Kuwait 19 1.830 2,144 11 53 0.461 1.369 Commercial International Bank of Egypt 20 1.200 1,097 9 18 1.989 -0.789 Dubai Islamic Bank 20 1.750 2,050 11 16 1.878 -0.128 TOTAL 100% 91,471 114 100% TOTAL 100% 117,146 147 100%

GCC Borrower Loans (Bookrunner) GCC Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) First Abu Dhabi Bank PJSC 1 9.261 7,443 29 1 11.415 -2.154 HSBC 1 6.729 7,078 28 1 7.237 -0.508 Standard Chartered Bank 2 7.767 6,242 23 3 5.390 2.377 Standard Chartered Bank 2 6.715 7,063 32 2 5.824 0.891 Sumitomo Mitsui Financial 3 7.008 5,633 11 5 4.714 2.294 Mizuho Financial 3 5.763 6,062 21 5 3.470 2.293 Citi 4 6.910 5,553 15 4 5.301 1.609 Sumitomo Mitsui Financial 4 5.174 5,442 14 9 2.889 2.285 HSBC 5 6.643 5,339 16 2 8.798 -2.155 Citi 5 5.080 5,344 21 6 3.452 1.628 Mizuho Financial 6 6.554 5,267 14 18 1.838 4.716 Mitsubishi UFJ Financial Group Inc 6 4.943 5,199 16 4 3.590 1.353 Mitsubishi UFJ Financial Group Inc 7 6.461 5,192 10 8 4.170 2.291 First Abu Dhabi Bank PJSC 7 4.758 5,005 39 3 5.378 -0.620 Credit Agricole CIB 8 5.273 4,238 9 40 0.324 4.949 Credit Agricole CIB 8 3.689 3,880 14 25 1.392 2.297 JP Morgan 9 4.795 3,854 9 9 4.033 0.762 BNP Paribas 9 3.622 3,810 11 17 1.902 1.720 Societe Generale 10 3.577 2,875 8 14 2.654 0.923 JP Morgan 10 2.995 3,151 10 16 1.930 1.065 Emirates NBD PJSC 11 3.330 2,676 14 21 1.695 1.635 Bank of China 11 2.863 3,012 7 34 0.840 2.023 BNP Paribas 12 2.968 2,386 5 50 0.160 2.808 Societe Generale 12 2.590 2,725 13 13 2.131 0.459 Industrial & Comm Bank of China 13 2.650 2,130 5 6 4.506 -1.856 Industrial & Comm Bank of China 13 2.509 2,639 11 7 3.430 -0.921 Dubai Islamic Bank 14 2.393 1,923 7 13 2.976 -0.583 Goldman Sachs 14 2.283 2,401 5 44 0.660 1.623 Bank of China 15 2.236 1,797 3 31 0.628 1.608 Samba Capital 15 2.161 2,273 12 10 2.821 -0.660 Mashreqbank PSC 16 2.196 1,765 8 15 2.164 0.032 Abu Dhabi Commercial Bank 16 2.060 2,167 18 8 2.891 -0.831 Abu Dhabi Commercial Bank 17 1.669 1,342 8 7 4.296 -2.627 Emirates NBD PJSC 17 2.013 2,117 19 19 1.724 0.289 Samba Capital 18 1.356 1,090 5 33 0.483 0.873 Dubai Islamic Bank 18 1.949 2,050 11 14 2.113 -0.164 National Bank of Kuwait 19 1.042 837 2 38 0.372 0.670 National Bank of Kuwait 19 1.901 1,999 9 47 0.519 1.382 Natixis 20 0.948 762 4 20 1.752 -0.804 Mashreqbank PSC 20 1.781 1,873 20 32 1.038 0.743 TOTAL 100% 80,368 82 100% TOTAL 100% 105,185 110 100%

Bloomberg League Table Reports Page 19 Bloomberg EMEA Capital Markets | FY 2018

Africa Borrower Loans (Bookrunner) Africa Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Standard Bank of South Africa 1 5.665 2,447 21 1 4.920 0.745 Standard Chartered Bank 1 5.991 2,183 15 2 7.487 -1.496 African Export-Import Bank 2 4.618 1,995 8 33 1.199 3.419 African Export-Import Bank 2 5.473 1,995 8 25 1.210 4.263 Standard Chartered Bank 3 4.451 1,922 19 2 4.834 -0.383 Banque Misr SAE 3 5.009 1,826 18 3 5.481 -0.472 Absa Group Ltd 4 4.031 1,741 16 - - 4.031 National Bank of Egypt 4 4.763 1,736 18 4 5.291 -0.528 Banque Misr SAE 5 3.539 1,529 20 5 3.446 0.093 FirstRand Ltd 5 4.760 1,735 3 16 2.518 2.242 National Bank of Egypt 6 3.452 1,491 19 6 3.367 0.085 Citi 6 4.517 1,646 13 28 1.071 3.446 FirstRand Ltd 7 3.421 1,478 8 3 4.291 -0.870 HSBC 7 4.018 1,464 7 22 1.418 2.600 Nedbank Ltd 8 3.230 1,395 12 27 1.487 1.743 Commercial International Bank of Egypt 8 3.011 1,097 9 10 3.704 -0.693 Citi 9 3.191 1,378 14 10 2.799 0.392 Bank of America Merrill Lynch 9 2.675 975 5 17 2.421 0.254 Commercial International Bank of Egypt 10 2.541 1,098 13 20 2.002 0.539 BNP Paribas 10 2.488 907 6 8 4.314 -1.826 Bank of America Merrill Lynch 11 2.323 1,003 7 31 1.410 0.913 First Abu Dhabi Bank PJSC 11 2.466 899 10 19 2.117 0.349 JP Morgan 12 2.243 969 10 23 1.768 0.475 Mitsubishi UFJ Financial Group Inc 12 2.452 894 7 15 2.694 -0.242 HSBC 13 2.156 931 11 18 2.063 0.093 Mashreqbank PSC 13 2.409 878 9 35 0.691 1.718 Mizuho Financial 14 1.935 836 9 17 2.109 -0.174 Eastern and Southern African Trade and 14 2.321 846 2 21 1.569 0.752 Societe Generale 15 1.888 815 6 8 3.050 -1.162 Devel BNP Paribas 16 1.832 791 6 4 3.883 -2.051 Standard Bank of South Africa 15 2.273 828 4 12 2.821 -0.548 Industrial & Comm Bank of China 17 1.736 750 10 15 2.483 -0.747 Nedbank Ltd 16 2.271 828 3 32 0.778 1.493 Natixis 18 1.659 717 3 21 1.873 -0.214 JP Morgan 17 2.237 815 7 46 0.288 1.949 Mitsubishi UFJ Financial Group Inc 19 1.591 687 8 9 2.976 -1.385 Industrial & Comm Bank of China 18 2.232 814 7 7 4.463 -2.231 Commerzbank 20 1.585 684 9 30 1.444 0.141 Bank of China 19 2.117 772 5 11 3.142 -1.025 TOTAL 100% 43,192 103 100% Mizuho Financial 20 1.904 694 7 37 0.626 1.278 TOTAL 100% 36,446 69 100%

Sub-Sahara Africa Borrower Loans (Bookrunner) Sub-Sahara Africa Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

Mkt Volume (USD Deal Prev Prev Mkt Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Share(%) Mln) Count Rank Share(%) Mkt Share Chg(%) Standard Bank of South Africa 1 7.683 2,447 21 1 6.009 1.674 Standard Chartered Bank 1 8.158 2,108 14 2 9.824 -1.666 African Export-Import Bank 2 5.949 1,895 7 27 1.465 4.484 African Export-Import Bank 2 7.331 1,895 7 19 1.588 5.743 Standard Chartered Bank 3 5.848 1,862 18 2 5.905 -0.057 FirstRand Ltd 3 6.713 1,735 3 12 3.303 3.410 Absa Group Ltd 4 5.468 1,741 16 - - 5.468 Citi 4 5.268 1,361 10 24 1.284 3.984 FirstRand Ltd 5 4.639 1,478 8 3 5.240 -0.601 Bank of America Merrill Lynch 5 3.772 975 5 13 3.177 0.595 Nedbank Ltd 6 4.380 1,395 12 22 1.816 2.564 BNP Paribas 6 3.509 907 6 5 5.661 -2.152 Citi 7 3.633 1,157 11 12 2.812 0.821 Mitsubishi UFJ Financial Group Inc 7 3.458 894 7 11 3.534 -0.076 JP Morgan 8 3.042 969 10 18 2.160 0.882 Eastern and Southern African Trade and 8 3.274 846 2 15 2.059 1.215 Mizuho Financial 9 2.625 836 9 14 2.576 0.049 Devel BNP Paribas 10 2.485 791 6 4 4.743 -2.258 Standard Bank of South Africa 9 3.206 828 4 8 3.702 -0.496 Bank of America Merrill Lynch 11 2.444 778 6 25 1.722 0.722 Nedbank Ltd 10 3.203 828 3 27 1.020 2.183 Industrial & Comm Bank of China 12 2.355 750 10 11 3.033 -0.678 JP Morgan 11 3.155 815 7 40 0.378 2.777 Mitsubishi UFJ Financial Group Inc 13 2.158 687 8 7 3.635 -1.477 Industrial & Comm Bank of China 12 3.148 814 7 4 5.856 -2.708 Sumitomo Mitsui Financial 14 2.043 651 6 5 3.913 -1.870 Bank of China 13 2.986 772 5 7 4.123 -1.137 Societe Generale 15 2.037 649 5 6 3.725 -1.688 Mizuho Financial 14 2.684 694 7 32 0.822 1.862 Commerzbank 16 1.957 623 8 24 1.763 0.194 Sumitomo Mitsui Financial 15 2.325 601 4 1 10.072 -7.747 Bank of China 17 1.757 559 7 10 3.241 -1.484 ABN Amro Bank NV 16 1.983 513 2 - - 1.983 Intesa Sanpaolo 18 1.739 554 4 26 1.570 0.169 Barclays 17 1.921 496 3 23 1.319 0.602 Natixis 19 1.727 550 2 17 2.287 -0.560 Absa Group Ltd 18 1.852 479 3 - - 1.852 Barclays 20 1.577 502 4 8 3.293 -1.716 UniCredit 19 1.745 451 3 34 0.673 1.072 TOTAL 100% 31,847 68 100% ING Groep 20 1.502 388 5 46 0.151 1.351 TOTAL 100% 25,843 38 100%

Bloomberg League Table Reports Page 20 Bloomberg EMEA Capital Markets | FY 2018

EMEA Islamic Financing (Bookrunner) EMEA Islamic Financing (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) Dubai Islamic Bank 1 10.941 2,141 10 1 14.626 -3.685 Dubai Islamic Bank 1 8.518 2,222 14 3 8.070 0.448 Credit Agricole CIB 2 6.798 1,330 3 - - 6.798 HSBC 2 4.842 1,263 8 4 5.657 -0.815 Mashreqbank PSC 3 6.582 1,288 10 7 3.537 3.045 Kuwait Finance House 3 4.437 1,158 7 46 0.199 4.238 First Abu Dhabi Bank PJSC 4 6.460 1,264 12 4 8.107 -1.647 Standard Chartered Bank 4 4.295 1,121 12 11 3.203 1.092 Standard Chartered Bank 5 5.546 1,085 8 6 5.667 -0.121 Credit Agricole CIB 5 4.171 1,088 5 65 0.047 4.124 Mitsubishi UFJ Financial Group Inc 6 4.884 956 3 30 0.108 4.776 BNP Paribas 6 3.493 911 4 - - 3.493 Mizuho Financial 6 4.884 956 3 - - 4.884 Mashreqbank PSC 7 3.437 897 14 16 1.992 1.445 Citi 8 4.701 920 5 11 2.480 2.221 Mitsubishi UFJ Financial Group Inc 8 3.343 872 5 64 0.054 3.289 HSBC 9 4.322 846 3 14 2.114 2.208 Al-Rajhi Banking & Investment Corp 9 3.093 807 7 9 3.853 -0.760 JP Morgan 10 4.169 816 2 21 1.136 3.033 First Abu Dhabi Bank PJSC 10 3.041 793 12 20 1.411 1.630 Industrial & Comm Bank of China 11 4.062 795 2 11 2.480 1.582 Mizuho Financial 11 2.946 769 3 57 0.084 2.862 Sumitomo Mitsui Financial 12 4.005 784 2 - - 4.005 Citi 12 2.728 712 4 23 0.955 1.773 Bank of China 13 3.909 765 1 21 1.136 2.773 Industrial & Comm Bank of China 13 2.702 705 4 23 0.955 1.747 Noor Bank 14 3.043 596 7 3 11.610 -8.567 Emirates NBD PJSC 14 2.665 695 13 13 2.977 -0.312 Kuwait Finance House 15 2.959 579 2 - - 2.959 JP Morgan 15 2.581 673 2 18 1.473 1.108 Emirates NBD PJSC 16 2.551 499 11 8 3.355 -0.804 Sumitomo Mitsui Financial 16 2.565 669 2 - - 2.565 Abu Dhabi Islamic Bank 17 2.437 477 3 2 14.536 -12.099 Noor Bank 17 2.491 650 11 6 5.619 -3.128 Al-Rajhi Banking & Investment Corp 18 2.251 440 1 - - 2.251 Bank of China 18 2.465 643 2 33 0.570 1.895 Arab National Bank 18 2.251 440 1 17 1.321 0.930 Goldman Sachs 19 2.444 638 1 - - 2.444 Banque Saudi Fransi 18 2.251 440 1 - - 2.251 Arab National Bank 20 2.224 580 5 10 3.541 -1.317 TOTAL 100% 19,570 41 100% TOTAL 100% 26,089 57 100%

Spain Borrower Loans (Bookrunner) Spain Borrower Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 18.284 9,210 87 1 17.339 0.945 Banco Santander 1 11.572 6,660 119 1 12.351 -0.779 La Caixa 2 9.309 4,689 40 3 10.276 -0.967 La Caixa 2 8.157 4,695 92 3 9.665 -1.508 Banco Bilbao Vizcaya Argentaria 3 8.783 4,424 45 2 10.851 -2.068 Banco Bilbao Vizcaya Argentaria 3 7.322 4,214 77 2 9.820 -2.498 Societe Generale 4 5.008 2,523 15 11 3.601 1.407 Banco Sabadell 4 5.036 2,899 63 5 5.276 -0.240 BNP Paribas 5 4.760 2,398 16 12 3.204 1.556 Bankia 5 4.949 2,849 72 4 6.092 -1.143 Credit Agricole CIB 6 4.456 2,245 17 10 3.637 0.819 Credit Agricole CIB 6 4.744 2,731 32 7 4.330 0.414 Bank of America Merrill Lynch 7 3.379 1,702 7 6 4.307 -0.928 Societe Generale 7 4.368 2,514 25 14 2.670 1.698 Banco Sabadell 8 2.628 1,324 19 9 3.653 -1.025 BNP Paribas 8 4.343 2,500 27 8 4.067 0.276 Bankia 9 2.589 1,304 19 4 5.617 -3.028 Bank of America Merrill Lynch 9 3.383 1,947 12 10 3.684 -0.301 NatWest Markets 10 2.426 1,222 5 18 1.201 1.225 Deutsche Bank 10 2.517 1,449 12 22 1.191 1.326 ING Groep 11 2.396 1,207 12 15 1.922 0.474 Barclays 11 2.293 1,320 13 20 1.300 0.993 Deutsche Bank 12 2.389 1,203 4 19 1.171 1.218 Mizuho Financial 12 2.152 1,238 8 25 0.806 1.346 Citi 13 2.346 1,182 6 16 1.752 0.594 Citi 13 2.065 1,189 8 17 1.593 0.472 Mizuho Financial 14 2.231 1,124 5 25 0.573 1.658 Intesa Sanpaolo 14 2.055 1,183 8 21 1.264 0.791 UniCredit 15 2.042 1,029 4 32 0.415 1.627 ING Groep 15 1.987 1,143 19 13 2.979 -0.992 Goldman Sachs 16 1.925 970 4 7 4.191 -2.266 Commerzbank 16 1.982 1,141 8 26 0.658 1.324 Barclays 17 1.883 949 6 22 0.815 1.068 HSBC 17 1.941 1,117 13 6 4.591 -2.650 JP Morgan 18 1.883 948 5 17 1.485 0.398 NatWest Markets 18 1.836 1,057 9 19 1.390 0.446 Mitsubishi UFJ Financial Group Inc 19 1.832 923 5 35 0.240 1.592 Credit Suisse 19 1.821 1,048 5 33 0.392 1.429 HSBC 20 1.827 920 5 5 5.179 -3.352 UniCredit 20 1.750 1,007 6 24 0.887 0.863 TOTAL 100% 50,371 144 100% TOTAL 100% 57,554 183 100%

Bloomberg League Table Reports Page 21 Bloomberg EMEA Capital Markets | FY 2018

EMEA Green Loans (Bookrunner) EMEA Green Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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(%) BNP Paribas 1 12.846 1,203 5 10 3.659 9.187 ING Groep 1 6.435 1,581 14 5 4.747 1.688 Banco Santander 2 10.530 986 7 1 13.678 -3.148 BNP Paribas 2 5.866 1,441 14 3 6.428 -0.562 ING Groep 3 7.130 668 4 - - 7.130 Credit Agricole CIB 3 5.648 1,387 11 7 3.632 2.016 Credit Agricole CIB 4 6.170 578 4 3 8.232 -2.062 Sumitomo Mitsui Financial 4 5.119 1,257 9 2 6.942 -1.823 Banco Bilbao Vizcaya Argentaria 5 5.083 476 5 12 3.309 1.774 Societe Generale 5 5.032 1,236 10 8 2.955 2.077 La Caixa 6 4.720 442 5 9 5.299 -0.579 Banco Santander 6 4.830 1,186 14 1 8.568 -3.738 Natixis 7 4.588 430 2 22 0.430 4.158 Absa Group Ltd 7 4.403 1,082 6 - - 4.403 Societe Generale 8 4.229 396 3 6 6.019 -1.790 Mitsubishi UFJ Financial Group Inc 8 3.556 873 7 4 4.765 -1.209 Cassa Depositi e Prestiti SpA 9 3.759 352 2 - - 3.759 Natixis 9 3.451 848 8 6 3.805 -0.354 Intesa Sanpaolo 9 3.759 352 2 10 3.659 0.100 La Caixa 10 2.863 703 9 9 2.729 0.134 UniCredit 11 3.275 307 3 22 0.430 2.845 Rabobank 11 2.473 608 4 10 2.410 0.063 Sumitomo Mitsui Financial 12 2.773 260 2 - - 2.773 Nedbank Ltd 12 2.423 595 3 - - 2.423 Commerzbank 13 2.217 208 1 - - 2.217 Kreditanstalt fuer Wiederaufbau 13 2.312 568 4 15 2.169 0.143 Industrial & Comm Bank of China 13 2.217 208 1 - - 2.217 Landesbank Hessen-Thuringen Girozentrale 14 2.060 506 3 18 1.755 0.305 Landesbank Hessen-Thuringen 13 2.217 208 1 17 2.176 0.041 Banco Bilbao Vizcaya Argentaria 15 1.873 460 5 20 1.619 0.254 Girozentrale Landesbank Baden-Wuerttemberg 16 1.860 457 3 - - 1.860 Mitsubishi UFJ Financial Group Inc 13 2.217 208 1 17 2.176 0.041 Commerzbank 17 1.857 456 3 30 0.996 0.861 Mizuho Financial 13 2.217 208 1 - - 2.217 Mizuho Financial 18 1.839 452 3 - - 1.839 National Australia Bank 13 2.217 208 1 13 2.702 -0.485 UniCredit 19 1.763 433 6 21 1.617 0.146 Norinchukin Bank 13 2.217 208 1 - - 2.217 ABN Amro Bank NV 20 1.708 419 4 23 1.405 0.303 Sumitomo Mitsui Trust Holdings Inc 13 2.217 208 1 - - 2.217 TOTAL 100% 24,563 54 100% TOTAL 100% 9,364 21 100%

EMEA Acquisition Loans (Bookrunner) EMEA Acquisition Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 9.520 18,166 76 3 7.539 1.981 BNP Paribas 1 8.188 17,064 123 2 5.474 2.714 JP Morgan 2 7.684 14,661 38 7 3.899 3.785 JP Morgan 2 4.935 10,283 46 6 3.686 1.249 Barclays 3 5.133 9,795 40 2 7.911 -2.778 HSBC 3 4.926 10,264 70 1 6.528 -1.602 UniCredit 4 4.597 8,771 46 10 3.450 1.147 Barclays 4 4.557 9,497 58 5 4.052 0.505 Goldman Sachs 5 4.472 8,533 36 18 1.721 2.751 UniCredit 5 4.194 8,740 67 10 3.287 0.907 Citi 6 4.393 8,382 22 15 2.115 2.278 Credit Agricole CIB 6 3.857 8,037 83 8 3.435 0.422 Deutsche Bank 7 4.278 8,162 38 6 6.549 -2.271 Credit Suisse 7 3.851 8,025 41 18 2.328 1.523 Credit Agricole CIB 8 4.078 7,780 50 8 3.555 0.523 Societe Generale 8 3.721 7,753 58 3 4.364 -0.643 HSBC 9 4.013 7,657 49 1 8.996 -4.983 Deutsche Bank 9 3.614 7,532 49 7 3.478 0.136 Societe Generale 10 3.899 7,439 37 5 6.842 -2.943 ING Groep 10 3.484 7,259 71 4 4.267 -0.783 Bank of America Merrill Lynch 11 3.787 7,227 27 4 6.886 -3.099 Bank of America Merrill Lynch 11 3.239 6,749 36 12 2.995 0.244 RBC Capital Markets 12 3.161 6,032 23 37 0.501 2.660 Citi 12 2.882 6,005 36 14 2.824 0.058 Natixis 13 2.895 5,523 36 14 2.176 0.719 NatWest Markets 13 2.694 5,614 44 13 2.867 -0.173 ING Groep 14 2.635 5,027 44 12 2.469 0.166 Natixis 14 2.667 5,558 53 19 2.209 0.458 Credit Suisse 15 2.572 4,909 31 9 3.504 -0.932 Goldman Sachs 15 2.571 5,358 41 22 1.904 0.667 Lloyds Bank 16 2.265 4,323 14 22 1.273 0.992 Morgan Stanley 16 2.415 5,032 29 27 1.314 1.101 Morgan Stanley 17 2.177 4,155 22 21 1.421 0.756 Banco Santander 17 2.343 4,883 35 15 2.575 -0.232 Banco Santander 18 2.132 4,069 25 24 1.193 0.939 Commerzbank 18 2.216 4,617 29 11 3.208 -0.992 NatWest Markets 19 1.887 3,600 26 19 1.664 0.223 Mitsubishi UFJ Financial Group Inc 19 2.059 4,290 20 9 3.325 -1.266 Commerzbank 20 1.808 3,450 9 11 2.869 -1.061 RBC Capital Markets 20 1.989 4,146 30 25 1.455 0.534 TOTAL 100% 190,811 259 100% TOTAL 100% 208,387 318 100%

Bloomberg League Table Reports Page 22 Bloomberg EMEA Capital Markets | FY 2018

EMEA Leveraged Acquisition Loans (Bookrunner) EMEA Leveraged Acquisition Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 6.202 4,696 46 1 7.984 -1.782 BNP Paribas 1 6.505 5,493 67 1 6.871 -0.366 Deutsche Bank 2 6.133 4,643 34 2 6.734 -0.601 Deutsche Bank 2 5.802 4,900 39 2 6.267 -0.465 Goldman Sachs 3 5.776 4,373 31 8 4.897 0.879 HSBC 3 5.318 4,491 41 3 5.923 -0.605 Barclays 4 5.693 4,310 32 6 4.960 0.733 Barclays 4 5.101 4,308 38 7 4.627 0.474 HSBC 5 5.199 3,936 35 4 5.982 -0.783 Credit Agricole CIB 5 4.406 3,721 50 10 3.303 1.103 Credit Agricole CIB 6 5.096 3,858 31 14 3.022 2.074 Goldman Sachs 6 4.194 3,542 34 6 4.638 -0.444 Societe Generale 7 4.675 3,540 26 13 3.208 1.467 Credit Suisse 7 4.194 3,542 30 4 5.789 -1.595 JP Morgan 8 4.625 3,502 27 7 4.944 -0.319 Societe Generale 8 4.086 3,451 35 11 3.302 0.784 Credit Suisse 9 4.513 3,417 27 3 6.044 -1.531 JP Morgan 9 4.081 3,447 29 8 4.005 0.076 Bank of America Merrill Lynch 10 3.532 2,674 20 12 3.221 0.311 ING Groep 10 3.808 3,216 45 9 3.431 0.377 ING Groep 11 3.425 2,594 31 9 3.930 -0.505 Bank of America Merrill Lynch 11 3.157 2,666 22 12 3.088 0.069 Morgan Stanley 12 3.309 2,505 20 15 2.748 0.561 Natixis 12 3.086 2,606 33 13 3.028 0.058 RBC Capital Markets 13 3.275 2,479 20 22 1.358 1.917 UniCredit 13 2.994 2,529 36 14 2.698 0.296 Natixis 14 3.262 2,470 25 10 3.795 -0.533 Citi 14 2.983 2,519 19 17 2.115 0.868 UniCredit 15 3.061 2,318 25 11 3.357 -0.296 RBC Capital Markets 15 2.677 2,261 23 23 1.302 1.375 UBS 16 2.841 2,151 16 18 2.189 0.652 UBS 16 2.513 2,123 16 18 2.031 0.482 Citi 17 2.779 2,104 13 17 2.410 0.369 NatWest Markets 17 2.472 2,088 24 19 1.691 0.781 Banco Santander 18 2.356 1,784 14 31 0.784 1.572 Morgan Stanley 18 2.180 1,841 20 15 2.502 -0.322 NatWest Markets 19 2.297 1,739 18 20 1.828 0.469 Rabobank 19 2.003 1,692 20 21 1.539 0.464 Mizuho Financial 20 1.692 1,281 11 33 0.548 1.144 Banco Santander 20 1.871 1,580 17 33 0.788 1.083 TOTAL 100% 75,712 169 100% TOTAL 100% 84,451 203 100%

EMEA Investment Grade Acquisition Loans (Bookrunner) EMEA Investment Grade Acquisition Loans (Mandated Lead Arranger) FY 2018 FY 2017 FY 2018 FY 2017

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 12.536 9,548 9 9 3.784 8.752 BNP Paribas 1 10.490 8,131 23 11 3.936 6.554 JP Morgan 2 12.261 9,338 6 11 3.304 8.957 JP Morgan 2 5.824 4,514 8 12 3.782 2.042 Citi 3 7.726 5,884 6 14 2.206 5.520 UniCredit 3 5.803 4,498 21 5 4.183 1.620 Barclays 4 6.392 4,868 5 1 12.378 -5.986 Barclays 4 4.986 3,865 13 7 4.065 0.921 UniCredit 5 6.124 4,665 14 7 4.073 2.051 Bank of America Merrill Lynch 5 4.324 3,352 9 16 3.129 1.195 Bank of America Merrill Lynch 6 5.336 4,064 4 5 7.187 -1.851 HSBC 6 4.180 3,240 13 1 6.434 -2.254 Goldman Sachs 7 4.937 3,760 3 42 0.121 4.816 Mitsubishi UFJ Financial Group Inc 7 3.951 3,063 9 2 4.992 -1.041 Deutsche Bank 8 4.575 3,484 3 4 8.334 -3.759 Morgan Stanley 8 3.789 2,937 5 30 1.170 2.619 Commerzbank 9 3.422 2,607 5 6 4.493 -1.071 Societe Generale 9 3.646 2,826 8 3 4.489 -0.843 Societe Generale 10 3.116 2,373 4 3 8.815 -5.699 Citi 10 3.537 2,742 10 15 3.248 0.289 Mitsubishi UFJ Financial Group Inc 11 2.820 2,148 5 10 3.753 -0.933 ING Groep 11 3.116 2,415 10 6 4.159 -1.043 Intesa Sanpaolo 12 2.803 2,135 5 13 2.771 0.032 Commerzbank 12 3.067 2,377 11 4 4.207 -1.140 Credit Agricole CIB 13 2.216 1,688 5 15 1.906 0.310 Intesa Sanpaolo 13 2.980 2,310 9 21 1.844 1.136 Morgan Stanley 14 2.166 1,650 2 24 1.199 0.967 Credit Agricole CIB 14 2.826 2,190 9 17 2.768 0.058 Natixis 15 1.792 1,365 4 - - 1.792 Mizuho Financial 15 2.688 2,083 5 8 4.064 -1.376 Mediobanca 16 1.685 1,283 3 49 0.002 1.683 Deutsche Bank 16 2.673 2,072 5 18 2.440 0.233 Banco Santander 17 1.533 1,168 4 17 1.763 -0.230 Credit Suisse 17 2.598 2,014 5 31 0.977 1.621 Credit Suisse 18 1.508 1,148 3 12 3.019 -1.511 Banco Santander 18 2.419 1,875 9 10 3.969 -1.550 HSBC 19 1.455 1,108 3 2 12.071 -10.616 Banco Bilbao Vizcaya Argentaria 19 2.400 1,860 4 13 3.593 -1.193 NatWest Markets 19 1.455 1,108 3 18 1.601 -0.146 NatWest Markets 20 2.264 1,755 7 9 4.055 -1.791 TOTAL 100% 76,164 29 100% TOTAL 100% 77,512 33 100%

Bloomberg League Table Reports Page 23 Bloomberg – League Tables Criteria

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self- led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

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

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

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

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.