AMERICAS CAPITAL MARKETS LEAGUE TABLES Q1 2020 Q1 2020

MANAGER RANKINGS AMERICAS CAPITAL MARKETS

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards.

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DATA SUBMISSIONS AND QUERIES

Contact Phone Email Equities Larisa Bykova +1 646 324 2355 [email protected]

Fixed Income Andrea Niper +1 609 279 3880 [email protected]

Loans Ceres Ribeiro +1 609 279 3137 [email protected]

© 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Americas Capital Markets | Q1 2020

US Equity & Equity Linked: Industry Breakdown

US Equity Review 4% Health Care 34% 7% Q1 2020 credited US Equity & Equity Linked volume decreased 3.85% to USD 41.3 Bln while deal count decreased 10.53% Financials 27% 7% to 170 offerings year-on-year. US Equity IPO volume increased 23.55% year-on-year to USD 9.5 Bln while the deal count 34% Technology 12% increased 10.34% to 32. US Equity Linked volume increased 22.90% year-on-year to USD 11.8 Bln over 22 deals. 9% Consumer Discretionary 9% ranked as the top US Equity & Equity Linked underwriter for Q1 2020 with 15.31% market share. The underwrote 39 deals over the period. BofA Securities and JP Morgan ranked second and third with 14.16% and 11.26% Consumer Staples 7% 12% market share, respectively. Utilities 7% 27% Others 4%

US Equity & Equity Linked: Highlights of Q1 2020

Top Underwriter Issuer Industry Volume (USD Mln) Date NextEra Energy Inc Utilities 2,500 02/19/2020 Goldman Sachs Tesla Inc Consumer Discretionary 2,337 02/14/2020 Number of deals 39 PPD Inc Health Care 1,863 02/05/2020 Volume (USD Mln) 6,314 Reynolds Consumer Products Inc Consumer Staples 1,410 01/30/2020 US Equity & Equity Linked: Industry Breakdown Avg Deal size (USD Mln) 161.9 Exact Sciences Corp Health Care 1,150 02/25/2020 Market Summary MongoDB Inc Technology 1,150 01/10/2020 Industry Volume (USD Mln) % Of Total % YOY Change Churchill Capital Corp III Financials 1,100 02/13/2020 Health Care 14,319 34.1% 15.1% Number of deals 170 Keurig Dr Pepper Inc Consumer Staples 1,090 03/04/2020 Financials 11,135 26.5% -29.3% Volume (USD Mln) 41,251 Alexandria Real Estate Equities Inc Financials 1,070 01/06/2020 Technology 5,024 12.0% 7.8% Avg Deal size (USD Mln) 242.7 RingCentral Inc Technology 1,000 02/28/2020 Consumer Discretionary 3,765 9.0% 58.2% Consumer Staples 3,044 7.2% 213.7% Utilities 2,912 6.9% 261.8% Materials 880 2.1% 2413.2% US Equity & Equity Linked: Quarterly Volume Industrials 509 1.2% -83.5% Energy 411 1.0% -37.6%

Deal Count Add'l IPO Equity-Linked Communications 12 0.0% -99.6% 100 400

80 300 US Equity & Equity Linked: Offering Breakdown

60 D D

60 e e n n a a l l l l

B B Offering Type Volume (USD Mln) % Of Total % YOY Change C C

o o D D 200 u u S S

n n Additional Offerings 20,289 48.3% -23.4% U U 40 t t 40 Equity-Linked 12,219 29.1% 23.4% IPO 9,504 22.6% 23.5% 100 20

0 0 55 66 77 88 99 00 11 11 11 11 11 22 00 00 00 00 00 00 22 22 22 22 22 22 11 11 11 11 11 11 Q Q Q Q Q Q

Quarters

Bloomberg League Table Reports Page 1 Bloomberg Americas Capital Markets | Q1 2020

US Equity & Equity Linked US Equity Offerings Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) Goldman Sachs 1 15.305 6,314 39 1 13.179 2.126 Goldman Sachs 1 12.685 3,732 29 1 15.353 -2.668 BofA Securities 2 14.161 5,842 36 3 11.259 2.902 2 10.875 3,199 25 3 11.473 -0.598 JP Morgan 3 11.259 4,644 39 4 10.182 1.077 JP Morgan 3 9.574 2,817 31 2 11.664 -2.090 Morgan Stanley 4 10.653 4,394 33 2 11.422 -0.769 BofA Securities 4 9.436 2,776 26 4 8.099 1.337 Citi 5 7.326 3,022 24 7 4.766 2.560 Citi 5 8.456 2,488 20 7 4.431 4.025 6 4.956 2,044 18 8 3.129 1.827 Barclays 6 4.351 1,280 14 6 7.159 -2.808 Barclays 7 4.663 1,923 18 5 8.537 -3.874 Jefferies 7 4.316 1,270 22 11 2.451 1.865 Jefferies 8 3.718 1,534 24 12 2.456 1.262 8 4.105 1,208 7 8 3.793 0.312 Deutsche Bank 9 3.130 1,291 8 9 2.942 0.188 Wells Fargo 9 4.008 1,179 16 12 2.180 1.828 10 2.797 1,154 11 6 6.766 -3.969 Credit Suisse 10 3.921 1,154 11 5 7.286 -3.365 Cowen & Co 11 2.713 1,119 18 13 2.247 0.466 Cowen & Co 11 3.804 1,119 18 10 2.776 1.028 UBS 12 2.645 1,091 14 17 1.180 1.465 UBS 12 3.709 1,091 14 16 1.521 2.188 Partners Inc 13 1.779 734 8 16 1.422 0.357 Evercore Partners Inc 13 2.494 734 8 15 1.610 0.884 RBC Capital Markets 14 1.681 693 11 10 2.723 -1.042 RBC Capital Markets 14 1.847 543 10 9 2.906 -1.059 SVB Leerink LLC 15 1.316 543 8 18 1.110 0.206 SVB Leerink LLC 15 1.846 543 8 17 1.431 0.415 16 1.034 426 10 15 1.526 -0.492 Stifel 16 1.449 426 10 14 1.968 -0.519 HSBC 17 1.002 413 4 11 2.601 -1.599 HSBC 17 1.297 382 3 18 1.376 -0.079 Mizuho Financial 18 0.897 370 6 32 0.244 0.653 Guggenheim Capital 18 1.034 304 8 30 0.286 0.748 Truist Financial Corp 19 0.771 318 9 - - 0.771 BTIG LLC 19 0.954 281 2 23 0.541 0.413 Piper Sandler & Co 20 0.747 308 7 - - 0.747 EarlyBirdCapital Inc 20 0.821 242 1 20 0.829 -0.008 TOTAL 100% 41,251 170 100% TOTAL 100% 29,419 148 100%

US Equity IPO US Equity Linked Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) Goldman Sachs 1 15.635 1,486 8 4 7.390 8.245 BofA Securities 1 25.910 3,066 10 1 22.179 3.731 Citi 2 9.876 939 6 20 1.157 8.719 Goldman Sachs 2 21.821 2,582 10 7 5.664 16.157 Deutsche Bank 3 8.180 777 4 1 10.349 -2.169 JP Morgan 3 15.447 1,828 8 8 5.059 10.388 JP Morgan 4 7.973 758 7 3 7.461 0.512 Morgan Stanley 4 10.101 1,195 8 3 11.244 -1.143 Morgan Stanley 5 6.233 592 6 13 3.784 2.449 Wells Fargo 5 7.312 865 2 5 6.410 0.902 Credit Suisse 6 6.120 582 4 2 8.336 -2.216 Barclays 6 5.437 643 4 2 13.301 -7.864 Jefferies 7 4.595 437 6 8 5.560 -0.965 Citi 7 4.516 534 4 6 5.926 -1.410 UBS 8 4.309 410 5 9 5.355 -1.046 Jefferies 8 2.229 264 2 11 2.476 -0.247 Barclays 9 4.089 389 3 14 3.747 0.342 RBC Capital Markets 9 1.268 150 1 13 2.090 -0.822 HSBC 10 4.016 382 3 - - 4.016 Truist Financial Corp 10 1.241 147 2 - - 1.241 Evercore Partners Inc 11 3.363 320 2 12 3.896 -0.533 Mizuho Financial 11 1.199 142 2 - - 1.199 Cowen & Co 12 3.045 289 4 19 1.723 1.322 Kohlberg Kravis Roberts & Co 12 0.930 110 1 - - 0.930 EarlyBirdCapital Inc 13 2.541 242 1 15 3.588 -1.047 Piper Sandler & Co 12 0.930 110 1 - - 0.930 BofA Securities 14 2.251 214 3 7 5.939 -3.688 Deutsche Bank 14 0.704 83 1 - - 0.704 RBC Capital Markets 15 1.855 176 1 10 4.345 -2.490 HSBC 15 0.269 32 1 4 6.834 -6.565 Imperial Capital LLC 16 1.578 150 1 - - 1.578 Mitsubishi UFJ Financial Group Inc 15 0.269 32 1 12 2.240 -1.971 Mizuho Financial 17 1.508 143 1 - - 1.508 Scotiabank 15 0.269 32 1 14 1.866 -1.597 Guggenheim Capital 18 1.495 142 3 - - 1.495 BMO Capital Markets 18 0.149 18 1 - - 0.149 I-Bankers Securities Inc 19 1.263 120 1 - - 1.263 Ladenburg Thalmann & Co 19 0.000 0.01 1 25 0.104 -0.104 Canaccord Genuity 20 1.184 112 1 24 0.362 0.822 ------TOTAL 100% 9,504 32 100% TOTAL 100% 11,832 22 100%

Bloomberg League Table Reports Page 2 Bloomberg Americas Capital Markets | Q1 2020

US High Yield Corporate Bonds: Quarterly Volume

US High Yield Corporate Bonds

US Fixed Income Review US Leveraged Loans 600 Q1 2020 credited US Corporate Bonds volume increased 45.67% to USD 618.1 Bln while deal count increased 43.82% to 919 offerings year-on-year. US Investment Grade Corporate Bonds volume increased 52.01% year-on-year to USD 525.4 400 n n

Bln while the deal count increased 44.90% to 710. US High Yield Corporate Bonds volume increased 22.19% year-on-year to l l B B

USD 81.9 Bln over 130 deals. D D S S U U JP Morgan ranked as the top US Corporate Bonds underwriter for Q1 2020 with 13.18% market share. The bank underwrote 200 466 deals over the period. BofA Securities and Citi ranked second and third with 12.95% and 9.47% market share,

respectively. 0 155 166 177 188 199 200 001 001 001 001 001 002 22 22 22 22 22 22 11 11 11 11 11 11 QQ QQ QQ QQ QQ QQ

US Corporate Bonds: Highlights of Q1 2020 Quarters

Top Underwriter Issuer Industry Volume (USD Mln) Date US Corporate Bonds (Manager): Industry Breakdown Oracle Corp Technology 4,500 03/30/2020 JP Morgan Inc Financials 4,000 03/24/2020 Number of deals 466 Goldman Sachs Group Inc/The Financials 3,500 03/26/2020 3% Financials 38% Volume (USD Mln) 81,440 Oracle Corp Technology 3,500 03/30/2020 6% Avg Deal size (USD Mln) 174.8 Oracle Corp Technology 3,500 03/30/2020 6% Consumer Discretionary 11% Morgan Stanley Financials 3,500 01/16/2020 6% 38% Energy 9% Market Summary Bank of America Corp Financials 3,500 02/10/2020 Number of deals 919 Wells Fargo & Co Financials 3,500 03/23/2020 7% Technology 8% Oracle Corp Technology 3,250 03/30/2020 Volume (USD Mln) 618,071 Industrials 7% Morgan Stanley Financials 3,000 03/26/2020 7% Avg Deal size (USD Mln) 672.5 8% Consumer Staples 7% 11% 9% Health Care 6% US Domestic Bonds: Quarterly Volume Communications 6% Utilities 6% Deal Count High Yield Other Others 3% Investment Grade 900 1,800

800 1,500 1,500 US Domestic Bonds: Spread to Benchmark

600 D D

e e High Yield n n a a l l

1,000 l l B B C C Investment Grade D D o o u u S S

400 n n U U 400 600 t t

500 s s 200 t t 400 n n i i o o p p

s s i i s s a a

B B 200 0 0 200 55 66 77 88 99 00 11 11 11 11 11 22 00 00 00 00 00 00 22 22 22 22 22 22 11 11 11 11 11 11 Q Q Q Q Q Q 0 55 66 77 88 99 00 Quarters 11 11 11 11 11 22 Quarters 00 00 00 00 00 00 22 22 22 22 22 22 11 11 11 11 11 11 Q Q Q Q Q Q

Quarters

Bloomberg League Table Reports Page 3 Bloomberg Americas Capital Markets | Q1 2020

US Domestic Bonds US Agency Bonds Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 12.203 99,983 532 2 10.007 2.196 Nomura 1 12.159 23,484 78 4 8.566 3.593 BofA Securities 2 11.348 92,977 465 3 8.732 2.616 Barclays 2 11.442 22,100 59 1 13.378 -1.936 Citi 3 9.322 76,376 401 1 10.216 -0.894 Wells Fargo 3 10.603 20,478 227 2 9.905 0.698 Wells Fargo 4 7.949 65,126 349 7 5.157 2.792 JP Morgan 4 8.343 16,114 115 3 9.905 -1.562 Goldman Sachs 5 7.503 61,476 284 5 6.337 1.166 Citi 5 8.058 15,564 101 5 7.092 0.966 Morgan Stanley 6 6.706 54,945 291 6 5.646 1.060 TD Securities 6 6.438 12,435 76 6 6.737 -0.299 Barclays 7 6.251 51,218 243 4 7.510 -1.259 FHN Financial 7 4.377 8,455 189 8 3.674 0.703 RBC Capital Markets 8 3.187 26,116 185 11 3.287 -0.100 Deutsche Bank 8 3.236 6,250 23 12 2.545 0.691 TD Securities 9 3.035 24,868 152 14 2.236 0.799 Morgan Stanley 9 3.081 5,950 168 16 1.899 1.182 HSBC 10 2.736 22,421 141 9 3.505 -0.769 BofA Securities 10 2.655 5,127 28 35 0.247 2.408 Deutsche Bank 11 2.665 21,834 152 8 4.622 -1.957 Jefferies 11 2.376 4,589 56 7 3.751 -1.375 Nomura 12 2.325 19,052 56 23 0.842 1.483 Daiwa Securities 12 2.235 4,318 107 9 3.194 -0.959 Credit Suisse 13 2.177 17,838 93 13 2.621 -0.444 RBC Capital Markets 13 1.930 3,727 97 17 1.890 0.040 BNP Paribas 14 1.833 15,021 87 10 3.422 -1.589 Incapital 14 1.913 3,694 165 15 2.085 -0.172 Mizuho Financial 15 1.762 14,436 160 12 2.820 -1.058 INTL FCStone Inc 15 1.874 3,619 148 11 2.554 -0.680 US Bancorp 16 1.659 13,591 114 24 0.772 0.887 Stifel 16 1.727 3,335 131 14 2.110 -0.383 Mitsubishi UFJ Financial Group Inc 17 1.577 12,923 117 15 2.224 -0.647 Mizuho Financial 17 1.672 3,229 88 24 0.971 0.701 BMO Capital Markets 18 1.480 12,125 58 19 1.239 0.241 Vining Sparks 18 1.550 2,993 162 19 1.222 0.328 Scotiabank 19 0.989 8,107 68 18 1.265 -0.276 Bank of New York Mellon 19 1.489 2,876 80 13 2.164 -0.675 Sumitomo Mitsui Financial 20 0.944 7,736 78 17 1.389 -0.445 Truist Financial Corp 20 1.468 2,835 158 - - 1.468 TOTAL 100% 819,331 1,467 100% TOTAL 100% 193,144 1,399 100%

US Corporate Bonds US Dollar Foreign Issuer Bonds Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 13.176 81,440 466 2 10.254 2.922 Citi 1 8.711 31,499 150 1 8.897 -0.186 BofA Securities 2 12.954 80,063 416 1 10.431 2.523 JP Morgan 2 7.606 27,504 130 2 8.001 -0.395 Citi 3 9.472 58,541 334 3 10.097 -0.625 BofA Securities 3 6.634 23,991 124 5 5.570 1.064 Goldman Sachs 4 8.411 51,988 250 4 7.081 1.330 HSBC 4 5.722 20,691 126 3 6.878 -1.156 Wells Fargo 5 8.157 50,414 246 7 5.323 2.834 Morgan Stanley 5 5.503 19,898 78 9 3.728 1.775 Morgan Stanley 6 7.696 47,569 210 5 6.868 0.828 Goldman Sachs 6 5.261 19,025 86 6 4.733 0.528 Barclays 7 4.073 25,177 181 6 6.108 -2.035 Barclays 7 3.758 13,590 86 4 5.744 -1.986 RBC Capital Markets 8 3.282 20,287 159 12 3.097 0.185 RBC Capital Markets 8 3.747 13,549 52 12 2.660 1.087 Deutsche Bank 9 2.966 18,333 135 8 4.541 -1.575 Credit Suisse 9 3.623 13,101 66 17 1.870 1.753 Credit Suisse 10 2.595 16,037 90 10 3.331 -0.736 BNP Paribas 10 3.501 12,660 62 7 4.687 -1.186 HSBC 11 2.401 14,837 99 14 2.479 -0.078 Bank 11 3.482 12,591 86 10 3.516 -0.034 US Bancorp 12 2.184 13,496 111 21 1.066 1.118 TD Securities 12 3.157 11,416 37 14 2.068 1.089 Mizuho Financial 13 2.035 12,577 122 9 3.489 -1.454 Deutsche Bank 13 2.994 10,825 59 8 4.637 -1.643 Mitsubishi UFJ Financial Group Inc 14 2.032 12,556 114 13 3.050 -1.018 BMO Capital Markets 14 2.918 10,550 33 15 2.043 0.875 BNP Paribas 15 1.878 11,607 77 11 3.263 -1.385 Credit Agricole CIB 15 2.135 7,720 51 11 3.209 -1.074 TD Securities 16 1.816 11,226 93 18 1.415 0.401 UBS 16 1.961 7,092 54 13 2.586 -0.625 Sumitomo Mitsui Financial 17 1.252 7,736 78 15 1.837 -0.585 Scotiabank 17 1.473 5,326 33 24 0.807 0.666 Scotiabank 18 1.030 6,368 63 16 1.589 -0.559 Nomura 18 1.431 5,176 23 25 0.782 0.649 Truist Financial Corp 19 1.004 6,208 60 - - 1.004 Mitsubishi UFJ Financial Group Inc 19 1.357 4,908 32 18 1.598 -0.241 Bank of New York Mellon 20 0.952 5,882 16 34 0.291 0.661 Wells Fargo 20 1.277 4,618 27 19 1.228 0.049 TOTAL 100% 618,071 919 100% TOTAL 100% 361,619 699 100%

Bloomberg League Table Reports Page 4 Bloomberg Americas Capital Markets | Q1 2020

US Investment Grade Corporate Bonds US High Yield Corporate Bonds Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) BofA Securities 1 13.885 72,098 336 1 11.180 2.705 Citi 1 9.820 8,045 67 1 9.852 -0.032 JP Morgan 2 13.842 71,876 383 2 10.537 3.305 JP Morgan 2 9.724 7,966 73 2 9.528 0.196 Citi 3 9.528 49,474 260 3 10.049 -0.521 BofA Securities 3 8.283 6,785 72 4 7.598 0.685 Goldman Sachs 4 8.887 46,145 195 4 7.335 1.552 Barclays 4 7.832 6,416 45 3 9.210 -1.378 Wells Fargo 5 8.858 45,996 200 6 5.883 2.975 Deutsche Bank 5 7.508 6,151 45 7 5.949 1.559 Morgan Stanley 6 8.211 42,633 171 5 7.122 1.089 Goldman Sachs 6 6.098 4,996 50 8 5.802 0.296 Barclays 7 3.626 18,826 137 7 5.785 -2.159 Morgan Stanley 7 5.865 4,804 36 5 6.688 -0.823 RBC Capital Markets 8 3.000 15,579 117 13 2.655 0.345 Wells Fargo 8 5.284 4,329 44 10 3.484 1.800 HSBC 9 2.544 13,207 84 14 2.533 0.011 RBC Capital Markets 9 4.825 3,953 37 9 5.230 -0.405 US Bancorp 10 2.494 12,949 104 19 1.281 1.213 Credit Suisse 10 4.598 3,767 30 6 6.537 -1.939 Deutsche Bank 11 2.388 12,401 88 8 4.418 -2.030 Jefferies 11 2.988 2,447 10 23 0.791 2.197 Credit Suisse 12 2.211 11,478 57 12 2.848 -0.637 Mitsubishi UFJ Financial Group Inc 12 2.539 2,080 24 14 1.892 0.647 Mizuho Financial 13 2.146 11,145 105 9 3.820 -1.674 TD Securities 13 2.294 1,879 17 16 1.423 0.871 Mitsubishi UFJ Financial Group Inc 14 2.027 10,526 91 10 3.339 -1.312 BMO Capital Markets 14 1.808 1,481 16 19 1.051 0.757 BNP Paribas 15 1.936 10,051 58 11 3.146 -1.210 Mizuho Financial 15 1.749 1,433 17 13 2.063 -0.314 TD Securities 16 1.617 8,396 74 18 1.324 0.293 Truist Financial Corp 16 1.746 1,431 14 - - 1.746 Sumitomo Mitsui Financial 17 1.322 6,866 67 15 2.047 -0.725 BNP Paribas 17 1.558 1,277 17 11 2.959 -1.401 Bank of New York Mellon 18 1.133 5,882 16 30 0.359 0.774 Societe Generale 18 1.054 863 12 21 0.883 0.171 Scotiabank 19 1.019 5,292 49 17 1.581 -0.562 Scotiabank 19 0.925 758 12 17 1.258 -0.333 Truist Financial Corp 20 0.969 5,033 47 - - 0.969 Sumitomo Mitsui Financial 20 0.910 746 9 28 0.695 0.215 TOTAL 100% 519,242 705 100% TOTAL 100% 81,920 130 100%

US Dollar Preferreds Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Wells Fargo 1 30.507 2,932 8 4 17.076 13.431 JP Morgan 2 11.287 1,085 10 1 26.526 -15.239 BofA Securities 3 10.792 1,037 9 2 18.254 -7.462 Morgan Stanley 4 10.030 964 8 3 17.648 -7.618 RBC Capital Markets 5 9.466 910 10 5 8.145 1.321 UBS 6 8.989 864 8 6 6.032 2.957 Stifel 7 3.692 355 6 7 3.030 0.662 Goldman Sachs 8 3.179 306 4 - - 3.179 Citi 9 2.566 247 3 10 0.492 2.074 Bank of New York Mellon 10 1.655 159 1 - - 1.655 Barclays 10 1.655 159 1 - - 1.655 TD Securities 10 1.655 159 1 - - 1.655 Raymond James & Associates 13 1.431 137 2 - - 1.431 Piper Sandler & Co 14 1.041 100 1 - - 1.041 Ladenburg Thalmann & Co 15 0.806 78 3 11 0.430 0.376 Truist Financial Corp 16 0.455 44 1 - - 0.455 B Riley & Co 17 0.195 19 1 15 0.108 0.087 Janney Montgomery Scott LLC 17 0.195 19 1 - - 0.195 William Blair & Co LLC 17 0.195 19 1 - - 0.195 Incapital 20 0.156 15 1 14 0.169 -0.013 TOTAL 100% 9,610 19 100%

Bloomberg League Table Reports Page 5 Bloomberg Americas Capital Markets | Q1 2020

Municipal Industry Distribution US Municipals Review 20%

35%

US Municipal Long Term (Left Lead) 15%

Q1 2020 Q1 2019 5% 9% 10% 6% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) Citi 1 13.625 11,936 60 2 14.263 -0.638 BofA Securities 2 13.311 11,660 63 1 17.163 -3.852 General Obligation 20% Jefferies 3 8.698 7,620 12 15 1.377 7.321 SCD 15% JP Morgan 4 8.238 7,216 49 3 8.951 -0.713 HGR 10% Morgan Stanley 5 6.749 5,913 56 5 5.925 0.824 HOSP 9% Barclays 6 6.347 5,560 16 7 5.165 1.182 Tobacco 6% RBC Capital Markets 7 6.002 5,258 107 4 8.144 -2.142 TOLL 5% Goldman Sachs 8 4.525 3,964 15 6 5.399 -0.874 Others 35% Wells Fargo 9 4.397 3,852 38 8 5.121 -0.724 Piper Sandler & Co 10 3.868 3,388 114 - - 3.868 Stifel 11 3.693 3,235 148 9 4.053 -0.360 Market Share Change Raymond James & Associates 12 3.379 2,960 117 12 2.598 0.781 Robert W & Co 13 3.285 2,878 194 10 3.116 0.169 2020 2019 2018 25 Siebert Williams Shank & Co 14 1.473 1,290 9 - - 1.473 LLC 20 ) % (

UBS 15 1.087 953 11 14 1.383 -0.296 e

r 15 a h

DA Davidson 16 0.983 861 106 16 1.017 -0.034 S

t e

k 10 r

FHN Financial 17 0.796 697 34 28 0.393 0.403 a M

PNC Financial Services Group 18 0.739 647 29 23 0.502 0.237 5 Inc 0 ti s n y s s Mesirow Financial Inc 19 0.711 623 17 22 0.510 0.201 i e a e e t C ti g l ri e ri r n e rk u o ta ff a c M S e M e J l Janney Montgomery Scott LLC 20 0.533 467 30 26 0.473 0.060 S P n a J a it fA rg p o o a B M C TOTAL 100% 87,602 1,823 100% C B R

This table consists of all long-term issuance (fixed rate & adjustable rate) for the US Municipal Market in US Dollars. Remarketed deals, commercial paper, derivatives, and private placements are not included.

Bloomberg League Table Reports Page 6 Bloomberg Americas Capital Markets | Q1 2020

US Municipal Long Term (Economic Credit) US Municipal Long Term Negotiated (Economic Credit) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 15.797 13,839 66 2 12.678 3.119 Citi 1 17.584 12,108 44 2 13.072 4.512 BofA Securities 2 12.520 10,968 66 1 18.490 -5.970 BofA Securities 2 9.936 6,841 37 1 16.779 -6.843 JP Morgan 3 10.062 8,814 61 4 7.786 2.276 JP Morgan 3 9.198 6,333 37 9 5.265 3.933 Morgan Stanley 4 6.863 6,012 60 5 6.709 0.154 Jefferies 4 7.941 5,468 16 21 0.535 7.406 Jefferies 5 6.242 5,468 16 15 1.305 4.937 RBC Capital Markets 5 6.939 4,778 100 3 10.343 -3.404 RBC Capital Markets 6 5.733 5,022 109 3 8.063 -2.330 Barclays 6 6.900 4,751 18 5 6.726 0.174 Barclays 7 5.424 4,751 18 8 5.622 -0.198 Morgan Stanley 7 5.388 3,710 36 7 5.388 0.000 Wells Fargo 8 4.481 3,925 41 7 5.662 -1.181 Goldman Sachs 8 5.312 3,657 17 4 8.184 -2.872 Goldman Sachs 9 4.289 3,757 18 6 5.888 -1.599 Stifel 9 4.723 3,252 138 8 5.352 -0.629 Piper Sandler & Co 10 3.904 3,420 115 - - 3.904 Piper Sandler & Co 10 4.693 3,231 96 - - 4.693 Stifel 11 3.765 3,298 150 9 3.868 -0.103 Wells Fargo 11 3.820 2,630 28 6 5.985 -2.165 Raymond James & Associates 12 3.428 3,003 119 11 2.714 0.714 Raymond James & Associates 12 3.444 2,371 75 11 2.733 0.711 Robert W Baird & Co 13 3.203 2,806 194 10 3.134 0.069 Siebert Williams Shank & Co LLC 13 1.813 1,248 9 - - 1.813 Siebert Williams Shank & Co LLC 14 1.425 1,248 9 - - 1.425 DA Davidson 14 1.244 857 103 13 1.418 -0.174 UBS 15 1.154 1,011 12 14 1.364 -0.210 Robert W Baird & Co 15 1.142 787 51 15 1.100 0.042 DA Davidson 16 0.983 861 106 16 1.017 -0.034 PNC Financial Services Group Inc 16 0.877 604 28 20 0.558 0.319 FHN Financial 17 0.837 733 35 28 0.429 0.408 Samuel A Ramirez & Co Inc 17 0.661 455 8 16 1.086 -0.425 Mesirow Financial Inc 18 0.711 623 17 21 0.510 0.201 UBS 18 0.660 454 4 14 1.404 -0.744 PNC Financial Services Group Inc 19 0.707 619 29 24 0.478 0.229 FHN Financial 19 0.597 411 10 27 0.302 0.295 Janney Montgomery Scott LLC 20 0.533 467 30 23 0.487 0.046 Frazer Lanier Co 20 0.592 408 17 37 0.157 0.435 TOTAL 100% 87,602 1,823 100% TOTAL 100% 68,857 1,160 100%

US Municipal Long Term Competitive (Economic Credit) US Municipal Long Term Fixed Rate (Economic Credit) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) BofA Securities 1 22.014 4,127 29 1 22.652 -0.638 Citi 1 15.942 13,333 64 2 12.411 3.531 JP Morgan 2 13.235 2,481 24 2 13.915 -0.680 BofA Securities 2 13.084 10,943 66 1 18.602 -5.518 Morgan Stanley 3 12.283 2,302 24 4 9.921 2.362 JP Morgan 3 8.952 7,487 57 3 8.097 0.855 Robert W Baird & Co 4 10.771 2,019 144 5 8.081 2.690 Morgan Stanley 4 6.530 5,461 56 5 6.230 0.300 Citi 5 9.235 1,731 22 3 11.720 -2.485 Jefferies 5 6.119 5,118 15 15 1.316 4.803 Wells Fargo 6 6.909 1,295 13 6 4.875 2.034 RBC Capital Markets 6 5.923 4,953 107 4 7.440 -1.517 Raymond James & Associates 7 3.371 632 44 9 2.669 0.702 Barclays 7 5.531 4,626 17 7 5.542 -0.011 UBS 8 2.970 557 8 16 1.266 1.704 Wells Fargo 8 4.599 3,847 39 8 5.471 -0.872 Mesirow Financial Inc 9 2.210 414 9 15 1.445 0.765 Piper Sandler & Co 9 4.089 3,420 115 - - 4.089 Janney Montgomery Scott LLC 10 1.823 342 24 17 1.161 0.662 Stifel 10 3.864 3,232 147 9 4.045 -0.181 FHN Financial 11 1.718 322 25 18 0.738 0.980 Goldman Sachs 11 3.759 3,144 18 6 6.024 -2.265 RBC Capital Markets 12 1.303 244 9 10 2.520 -1.217 Raymond James & Associates 12 3.591 3,003 119 11 2.839 0.752 Fidelity Capital Markets 13 1.245 233 20 12 1.632 -0.387 Robert W Baird & Co 13 3.336 2,790 193 10 3.290 0.046 Bank of New York Mellon 14 1.072 201 27 19 0.732 0.340 Siebert Williams Shank & Co LLC 14 1.492 1,248 9 - - 1.492 Baker Group LP 15 1.023 192 33 24 0.411 0.612 UBS 15 1.209 1,011 12 14 1.431 -0.222 Piper Sandler & Co 16 1.004 188 19 - - 1.004 DA Davidson 16 1.029 861 106 16 1.067 -0.038 Roosevelt & Cross Inc 17 0.933 175 24 13 1.598 -0.665 FHN Financial 17 0.858 718 35 28 0.395 0.463 Hutchinson Shockey Erley & Co 18 0.916 172 10 14 1.465 -0.549 PNC Financial Services Group Inc 18 0.688 575 28 27 0.451 0.237 BOK Financial Corp 19 0.862 162 29 20 0.685 0.177 Mesirow Financial Inc 19 0.633 530 15 21 0.535 0.098 Goldman Sachs 20 0.533 100 1 25 0.304 0.229 Janney Montgomery Scott LLC 20 0.558 467 30 23 0.511 0.047 TOTAL 100% 18,745 667 100% TOTAL 100% 83,636 1,801 100%

Bloomberg League Table Reports Page 7 Bloomberg Americas Capital Markets | Q1 2020

US Municipal Short Term Notes (Economic Credit) US Municipal Long & Short Term (Economic Credit) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 27.857 1,111 15 1 24.808 3.049 Citi 1 15.328 14,039 69 2 12.040 3.288 BofA Securities 2 10.690 426 6 7 4.190 6.500 BofA Securities 2 12.440 11,394 72 1 17.612 -5.172 TD Securities 3 10.326 412 39 3 10.896 -0.570 JP Morgan 3 10.837 9,925 76 3 8.831 2.006 Jefferies 4 8.917 356 24 4 10.432 -1.515 Morgan Stanley 4 6.879 6,300 66 5 7.317 -0.438 Oppenheimer & Co 5 7.968 318 48 5 5.774 2.194 Jefferies 5 6.359 5,824 40 13 1.865 4.494 Morgan Stanley 6 7.222 288 6 2 16.613 -9.391 RBC Capital Markets 6 5.484 5,022 109 4 7.571 -2.087 Citi 7 5.026 200 3 8 2.275 2.751 Barclays 7 5.188 4,751 18 8 5.403 -0.215 UBS 8 4.996 199 2 18 1.016 3.980 Wells Fargo 8 4.395 4,025 42 6 5.658 -1.263 Bank of New York Mellon 9 3.911 156 28 17 1.058 2.853 Goldman Sachs 9 4.102 3,757 18 7 5.651 -1.549 Raymond James & Associates 10 3.358 134 3 20 1.015 2.343 Piper Sandler & Co 10 3.787 3,468 132 - - 3.787 Wells Fargo 11 2.508 100 1 6 5.598 -3.090 Stifel 11 3.660 3,352 158 9 3.712 -0.052 Stifel 12 1.358 54 8 14 1.329 0.029 Raymond James & Associates 12 3.425 3,137 122 12 2.610 0.815 KeyBanc Capital Markets 13 1.308 52 11 16 1.067 0.241 Robert W Baird & Co 13 3.066 2,808 195 10 3.040 0.026 Piper Sandler & Co 14 1.224 49 17 - - 1.224 Siebert Williams Shank & Co LLC 14 1.363 1,248 9 - - 1.363 Fifth Third Bancorp 15 0.837 33 10 21 0.730 0.107 UBS 15 1.321 1,210 14 15 1.342 -0.021 Dougherty & Co LLC 16 0.564 22 1 - - 0.564 DA Davidson 16 0.943 863 107 16 0.954 -0.011 Hilltop Holdings Inc 17 0.492 20 2 22 0.714 -0.222 FHN Financial 17 0.800 733 35 30 0.403 0.397 PNC Financial Services Group Inc 18 0.485 19 3 24 0.196 0.289 PNC Financial Services Group Inc 18 0.697 639 32 25 0.460 0.237 Roosevelt & Cross Inc 19 0.461 18 9 23 0.241 0.220 Mesirow Financial Inc 19 0.680 623 17 22 0.479 0.201 NW Capital Markets Inc 20 0.125 5 1 - - 0.125 Oppenheimer & Co 20 0.651 596 57 24 0.468 0.183 TOTAL 100% 3,987 236 100% TOTAL 100% 91,590 2,034 100%

Bloomberg League Table Reports Page 8 Bloomberg Americas Capital Markets | Q1 2020

US Leveraged Loans: Quarterly Volume

US Leveraged Loans

US Loans Review US High Yield Corporate Bonds 600 Q1 2020 credited bookrunner US Loans volume increased 9.94% to USD 541.1 Bln while the number of deals remained consistent at 698 deals year-on-year. US Leveraged Loans volume increased 46.10% year-on-year to USD 277.8 Bln 400 while the number of deals decreased 3.88% to 421. JP Morgan ranked as the top bookrunner US Loans underwriter for Q1 2020 with 15.17% market share. The bank acted as USD BlnUSD Bln bookrunner on 249 deals over the period. BofA Securities and Citi ranked second and third with 15.00% and 8.48% market 200 share, respectively. 0

Q1 2015Q1 2015 Q1 2016Q1 2016 Q1 2017Q1 2017 Q1 2018Q1 2018 Q1 2019Q1 2019 Q1 2020Q1 2020

US Loans (Bookrunner) Quarters

Q1 2020 Q1 2019 US Loans: Industry Breakdown Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) JP Morgan 1 15.168 82,076 249 1 15.868 -0.700 Financials 18% BofA Securities 2 14.997 81,150 276 2 12.543 2.454 Consumer Discretionary 18% Citi 3 8.481 45,892 139 4 7.260 1.221 10% 18% Wells Fargo 4 7.733 41,842 173 3 8.439 -0.706 6% Industrials 17% Goldman Sachs 5 3.836 20,759 106 8 4.346 -0.510 6% Communications 11% Morgan Stanley 6 3.628 19,633 65 7 5.447 -1.819 7% Barclays 7 3.242 17,542 99 6 5.604 -2.362 18% Technology 9% RBC Capital Markets 8 3.000 16,233 83 14 1.900 1.100 Health Care 7% Credit Suisse 9 2.763 14,951 81 13 2.053 0.710 9% Deutsche Bank 10 2.706 14,641 74 10 2.267 0.439 Energy 6% TOTAL 100% 541,113 698 100% 11% 17% Utilities 6% Others 10% US Loans: Quarterly Volume

Deal Count Amount 1,000 1,400

1,200 US Loans: Industry Breakdown 800

1,000 Industry Volume (USD Mln) % Of Total % YOY Change

600 Deal Count Deal Count Financials 100,027 17.6% -17.2% 800 Consumer Discretionary 99,597 17.5% 64.8% Industrials 95,557 16.8% 85.6% USD BlnUSD Bln 600 400 Communications 61,657 10.8% -6.3% Technology 52,007 9.1% 46.6% 400 Health Care 38,716 6.8% -51.1% 200 Energy 33,551 5.9% 8.2% 200 Utilities 33,014 5.8% 24.8% Materials 27,637 4.9% -33.1% 0 0 Consumer Staples 27,129 4.8% 22.3%

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020

Quarters

Bloomberg League Table Reports Page 9 Bloomberg Americas Capital Markets | Q1 2020

US Loans (Bookrunner) US Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 15.168 82,076 249 1 15.868 -0.700 JP Morgan 1 13.990 77,809 252 1 14.554 -0.564 BofA Securities 2 14.997 81,150 276 2 12.543 2.454 BofA Securities 2 13.845 77,006 283 2 11.820 2.025 Citi 3 8.481 45,892 139 4 7.260 1.221 Citi 3 8.320 46,272 147 4 6.262 2.058 Wells Fargo 4 7.733 41,842 173 3 8.439 -0.706 Wells Fargo 4 7.624 42,406 176 3 8.206 -0.582 Goldman Sachs 5 3.836 20,759 106 8 4.346 -0.510 Goldman Sachs 5 3.846 21,389 110 8 4.009 -0.163 Morgan Stanley 6 3.628 19,633 65 7 5.447 -1.819 Morgan Stanley 6 3.651 20,308 68 7 5.332 -1.681 Barclays 7 3.242 17,542 99 6 5.604 -2.362 Barclays 7 3.189 17,735 102 6 5.587 -2.398 RBC Capital Markets 8 3.000 16,233 83 14 1.900 1.100 RBC Capital Markets 8 3.057 17,002 81 9 2.545 0.512 Credit Suisse 9 2.763 14,951 81 13 2.053 0.710 Credit Suisse 9 2.627 14,612 81 14 2.004 0.623 Deutsche Bank 10 2.706 14,641 74 10 2.267 0.439 Deutsche Bank 10 2.565 14,268 73 10 2.310 0.255 Truist Financial Corp 11 2.452 13,270 69 - - 2.452 Truist Financial Corp 11 2.327 12,941 79 - - 2.327 Mitsubishi UFJ Financial Group Inc 12 2.155 11,662 57 5 6.159 -4.004 Mitsubishi UFJ Financial Group Inc 12 2.282 12,694 68 5 6.007 -3.725 Mizuho Financial 13 1.919 10,383 51 11 2.126 -0.207 KeyBanc Capital Markets 13 2.241 12,462 52 20 1.015 1.226 BNP Paribas 14 1.873 10,135 44 18 1.057 0.816 Mizuho Financial 14 2.000 11,126 57 12 2.192 -0.192 BMO Capital Markets 15 1.814 9,815 67 15 1.791 0.023 BNP Paribas 15 1.995 11,098 52 18 1.619 0.376 HSBC 16 1.805 9,768 49 16 1.742 0.063 BMO Capital Markets 16 1.987 11,053 81 16 1.874 0.113 PNC Financial Services Group Inc 17 1.602 8,666 52 12 2.086 -0.484 PNC Financial Services Group Inc 17 1.781 9,906 65 15 1.936 -0.155 US Bancorp 18 1.595 8,631 53 9 2.303 -0.708 US Bancorp 18 1.730 9,619 64 13 2.172 -0.442 Jefferies 19 1.327 7,181 42 20 0.948 0.379 HSBC 19 1.666 9,265 53 11 2.246 -0.580 Kohlberg Kravis Roberts & Co 20 1.251 6,768 29 26 0.682 0.569 Jefferies 20 1.291 7,181 42 23 0.943 0.348 TOTAL 100% 541,113 698 100% TOTAL 100% 556,185 729 100%

US Investment Grade Loans (Bookrunner) US Investment Grade Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 21.498 49,685 110 1 19.210 2.288 JP Morgan 1 19.654 46,286 111 1 17.503 2.151 BofA Securities 2 20.422 47,198 110 2 12.914 7.508 BofA Securities 2 19.002 44,749 114 2 12.201 6.801 Citi 3 11.567 26,734 58 3 9.836 1.731 Citi 3 11.864 27,939 63 4 8.315 3.549 Wells Fargo 4 9.731 22,490 81 5 8.490 1.241 Wells Fargo 4 9.833 23,157 84 5 8.284 1.549 Mizuho Financial 5 3.263 7,540 33 9 2.978 0.285 Mizuho Financial 5 3.483 8,202 35 10 3.089 0.394 Mitsubishi UFJ Financial Group Inc 6 3.111 7,189 27 4 9.108 -5.997 Mitsubishi UFJ Financial Group Inc 6 3.270 7,701 30 3 9.052 -5.782 US Bancorp 7 2.745 6,344 29 11 1.808 0.937 BNP Paribas 7 2.973 7,001 20 13 1.711 1.262 BNP Paribas 8 2.611 6,035 16 18 0.959 1.652 US Bancorp 8 2.897 6,822 37 12 1.942 0.955 Truist Financial Corp 9 2.445 5,652 21 - - 2.445 PNC Financial Services Group Inc 9 2.282 5,374 38 15 1.623 0.659 PNC Financial Services Group Inc 10 1.973 4,559 31 12 1.608 0.365 Truist Financial Corp 10 2.243 5,281 29 - - 2.243 Sumitomo Mitsui Financial 11 1.932 4,465 18 27 0.367 1.565 Sumitomo Mitsui Financial 11 2.148 5,057 19 27 0.372 1.776 Deutsche Bank 12 1.909 4,413 11 14 1.349 0.560 RBC Capital Markets 12 2.102 4,950 13 11 2.267 -0.165 Scotiabank 13 1.885 4,356 22 15 1.198 0.687 Barclays 13 2.021 4,760 21 7 7.248 -5.227 RBC Capital Markets 14 1.873 4,330 14 17 1.038 0.835 Deutsche Bank 14 1.874 4,413 11 17 1.360 0.514 Barclays 15 1.830 4,230 19 7 7.144 -5.314 Scotiabank 15 1.779 4,190 24 14 1.680 0.099 HSBC 16 1.364 3,153 12 10 2.046 -0.682 HSBC 16 1.364 3,213 13 9 3.155 -1.791 Morgan Stanley 17 1.149 2,656 11 6 7.737 -6.588 Morgan Stanley 17 1.340 3,156 12 6 7.708 -6.368 Credit Suisse 18 1.062 2,455 9 13 1.393 -0.331 Goldman Sachs 18 1.116 2,628 13 8 3.308 -2.192 Goldman Sachs 19 0.921 2,128 12 8 3.285 -2.364 Credit Suisse 19 1.035 2,439 9 16 1.402 -0.367 Bank of China 20 0.873 2,017 6 23 0.421 0.452 BMO Capital Markets 20 1.006 2,369 15 20 0.655 0.351 TOTAL 100% 231,112 204 100% TOTAL 100% 235,497 211 100%

Bloomberg League Table Reports Page 10 Bloomberg Americas Capital Markets | Q1 2020

US Leveraged Loans (Bookrunner) US Leveraged Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) BofA Securities 1 10.412 28,928 149 1 11.664 -1.252 BofA Securities 1 9.513 27,196 151 1 10.996 -1.483 JP Morgan 2 9.816 27,271 122 2 11.449 -1.633 JP Morgan 2 9.259 26,468 124 2 10.892 -1.633 Goldman Sachs 3 6.478 17,999 90 4 6.431 0.047 Goldman Sachs 3 6.342 18,129 93 4 5.564 0.778 Citi 4 6.213 17,261 72 5 4.150 2.063 Morgan Stanley 4 5.868 16,775 54 12 2.822 3.046 Morgan Stanley 5 5.975 16,600 52 11 2.895 3.080 Citi 5 5.742 16,416 74 7 3.839 1.903 Wells Fargo 6 5.155 14,323 75 3 7.766 -2.611 Wells Fargo 6 4.992 14,271 73 3 7.809 -2.817 Barclays 7 4.771 13,255 79 6 4.134 0.637 Barclays 7 4.519 12,918 80 5 4.108 0.411 Credit Suisse 8 4.477 12,439 71 9 3.296 1.181 Credit Suisse 8 4.238 12,116 71 9 3.165 1.073 RBC Capital Markets 9 4.154 11,542 66 8 3.383 0.771 RBC Capital Markets 9 4.136 11,824 65 8 3.303 0.833 Deutsche Bank 10 3.661 10,171 63 7 3.857 -0.196 Deutsche Bank 10 3.428 9,799 62 6 3.950 -0.522 BMO Capital Markets 11 2.628 7,301 54 10 3.119 -0.491 KeyBanc Capital Markets 11 3.412 9,754 30 22 1.420 1.992 Jefferies 12 2.585 7,181 42 14 2.455 0.130 BMO Capital Markets 12 2.776 7,935 62 10 3.023 -0.247 Truist Financial Corp 13 2.457 6,828 40 - - 2.457 Jefferies 13 2.512 7,181 42 14 2.415 0.097 Kohlberg Kravis Roberts & Co 14 2.396 6,656 28 19 1.665 0.731 Truist Financial Corp 14 2.395 6,846 40 - - 2.395 HSBC 15 2.344 6,512 33 22 1.148 1.196 Kohlberg Kravis Roberts & Co 15 2.181 6,236 28 20 1.624 0.557 Citizens Financial Group Inc 16 1.653 4,593 39 20 1.586 0.067 HSBC 16 1.996 5,706 32 24 1.158 0.838 BNP Paribas 17 1.418 3,940 26 24 1.118 0.300 Citizens Financial Group Inc 17 1.660 4,746 42 19 1.824 -0.164 Mitsubishi UFJ Financial Group Inc 18 1.399 3,887 24 17 2.130 -0.731 Bank of China 18 1.627 4,652 4 - - 1.627 TD Securities 19 1.236 3,435 19 34 0.462 0.774 Nomura 19 1.400 4,002 14 52 0.154 1.246 Credit Agricole CIB 20 1.234 3,429 16 27 0.924 0.310 Credit Agricole CIB 20 1.375 3,931 19 28 0.967 0.408 TOTAL 100% 277,834 421 100% TOTAL 100% 285,877 432 100%

US Institutional Loans (Bookrunner) US Institutional Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 8.356 16,991 73 2 7.796 0.560 JP Morgan 1 8.017 16,758 75 1 7.447 0.570 Goldman Sachs 2 7.528 15,307 75 1 8.377 -0.849 Goldman Sachs 2 7.502 15,681 77 2 6.776 0.726 BofA Securities 3 7.244 14,730 81 3 5.814 1.430 Morgan Stanley 3 6.806 14,227 47 10 4.169 2.637 Morgan Stanley 4 7.219 14,679 48 11 4.199 3.020 BofA Securities 4 6.549 13,689 81 3 5.871 0.678 Citi 5 6.320 12,851 54 10 4.598 1.722 Citi 5 5.836 12,199 54 11 3.686 2.150 Credit Suisse 6 5.489 11,161 59 6 4.914 0.575 Credit Suisse 6 5.201 10,870 60 8 4.634 0.567 Barclays 7 5.460 11,103 61 4 5.725 -0.265 Barclays 7 5.188 10,844 63 4 5.781 -0.593 RBC Capital Markets 8 4.917 9,999 48 7 4.859 0.058 RBC Capital Markets 8 4.607 9,630 46 7 4.773 -0.166 Deutsche Bank 9 4.517 9,184 50 8 4.745 -0.228 Deutsche Bank 9 4.231 8,844 50 6 4.830 -0.599 Wells Fargo 10 3.418 6,950 30 9 4.626 -1.208 Jefferies 10 3.261 6,816 36 5 5.026 -1.765 Jefferies 11 3.352 6,816 36 5 5.113 -1.761 KeyBanc Capital Markets 11 3.237 6,767 15 20 1.387 1.850 Kohlberg Kravis Roberts & Co 12 3.183 6,472 26 13 3.475 -0.292 Wells Fargo 12 3.198 6,684 27 9 4.593 -1.395 HSBC 13 2.479 5,040 24 19 1.351 1.128 Kohlberg Kravis Roberts & Co 13 2.896 6,052 26 13 3.416 -0.520 BMO Capital Markets 14 2.389 4,858 40 14 2.912 -0.523 BMO Capital Markets 14 2.494 5,212 45 15 2.948 -0.454 Truist Financial Corp 15 2.265 4,605 29 - - 2.265 Truist Financial Corp 15 2.190 4,578 30 - - 2.190 Citizens Financial Group Inc 16 1.792 3,644 28 17 1.496 0.296 HSBC 16 2.160 4,514 22 24 1.167 0.993 Mitsubishi UFJ Financial Group Inc 17 1.534 3,119 22 23 1.133 0.401 Bank of China 17 2.049 4,284 2 - - 2.049 Credit Agricole CIB 18 1.393 2,833 13 21 1.214 0.179 Nomura 18 1.859 3,885 14 48 0.245 1.614 Antares Capital LP 19 1.332 2,708 36 12 3.718 -2.386 Citizens Financial Group Inc 19 1.771 3,702 30 19 1.471 0.300 BNP Paribas 20 1.302 2,648 21 27 0.934 0.368 Mitsubishi UFJ Financial Group Inc 20 1.403 2,932 22 25 1.114 0.289 TOTAL 100% 203,339 276 100% TOTAL 100% 209,020 282 100%

Bloomberg League Table Reports Page 11 Bloomberg Americas Capital Markets | Q1 2020

US LBO Loans (Bookrunner) US LBO Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) Credit Suisse 1 7.156 2,617 19 6 5.129 2.027 Credit Suisse 1 6.981 2,636 20 7 5.071 1.910 Morgan Stanley 2 6.816 2,493 10 18 2.004 4.812 Morgan Stanley 2 6.389 2,413 11 18 2.101 4.288 Barclays 3 6.018 2,201 20 5 5.535 0.483 Barclays 3 6.017 2,272 21 5 5.542 0.475 Goldman Sachs 4 6.011 2,199 18 11 3.374 2.637 Goldman Sachs 4 5.906 2,230 20 11 3.417 2.489 Golub Capital LLC 5 5.475 2,002 4 24 0.915 4.560 BMO Capital Markets 5 5.314 2,007 23 10 3.981 1.333 Citi 6 5.129 1,876 10 8 4.433 0.696 Citi 6 4.968 1,876 10 8 4.446 0.522 Deutsche Bank 7 4.894 1,790 10 3 6.982 -2.088 Deutsche Bank 7 4.830 1,824 12 3 6.864 -2.034 BMO Capital Markets 8 4.652 1,702 20 10 4.035 0.617 BofA Securities 8 3.657 1,381 19 4 6.274 -2.617 Kohlberg Kravis Roberts & Co 9 3.956 1,447 7 1 7.683 -3.727 JP Morgan 9 3.232 1,220 10 9 4.069 -0.837 BofA Securities 10 3.665 1,340 17 4 6.430 -2.765 Antares Capital LP 10 3.113 1,175 18 6 5.122 -2.009 JP Morgan 11 3.336 1,220 10 9 4.100 -0.764 HSBC 11 2.932 1,107 7 32 0.600 2.332 HSBC 12 3.298 1,206 7 32 0.610 2.688 RBC Capital Markets 12 2.890 1,091 17 14 2.983 -0.093 RBC Capital Markets 13 2.891 1,057 15 14 3.005 -0.114 Truist Financial Corp 13 2.734 1,032 5 - - 2.734 Truist Financial Corp 14 2.823 1,032 5 - - 2.823 Kohlberg Kravis Roberts & Co 14 2.722 1,028 7 1 7.553 -4.831 Jefferies 15 2.657 972 14 2 7.516 -4.859 Jefferies 15 2.574 972 14 2 7.446 -4.872 TD Securities 16 2.546 931 2 - - 2.546 TD Securities 16 2.506 946 3 - - 2.506 Antares Capital LP 17 2.476 905 15 7 4.807 -2.331 Golub Capital LLC 17 2.165 817 4 25 0.957 1.208 BNP Paribas 18 2.343 857 6 28 0.729 1.614 ING Groep 18 2.134 806 7 45 0.136 1.998 ING Groep 19 2.203 806 7 45 0.138 2.065 BNP Paribas 19 2.007 758 6 29 0.717 1.290 Citizens Financial Group Inc 20 1.926 705 7 17 2.514 -0.588 Citizens Financial Group Inc 20 1.899 717 8 17 2.472 -0.573 TOTAL 100% 36,577 80 100% TOTAL 100% 37,760 88 100%

US Acquisition Loans (Bookrunner) US Acquisition Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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(%) BofA Securities 1 10.998 9,300 47 7 4.692 6.306 JP Morgan 1 10.745 9,093 35 1 15.171 -4.426 JP Morgan 2 10.705 9,052 33 1 17.739 -7.034 BofA Securities 2 10.631 8,997 47 6 4.617 6.014 Citi 3 5.972 5,050 22 5 6.789 -0.817 Citi 3 5.987 5,067 23 9 3.805 2.182 Goldman Sachs 4 5.109 4,320 33 6 5.550 -0.441 Goldman Sachs 4 5.047 4,271 33 5 4.889 0.158 Credit Suisse 5 4.632 3,916 31 9 2.404 2.228 Credit Suisse 5 4.570 3,868 31 10 2.301 2.269 Wells Fargo 6 4.264 3,605 17 8 4.355 -0.091 Wells Fargo 6 4.290 3,630 18 7 4.258 0.032 BMO Capital Markets 7 4.023 3,402 30 13 1.601 2.422 BMO Capital Markets 7 4.043 3,422 33 16 1.623 2.420 Barclays 8 3.938 3,330 30 4 10.183 -6.245 Barclays 8 4.038 3,417 32 4 10.146 -6.108 Truist Financial Corp 9 3.621 3,061 18 - - 3.621 Morgan Stanley 9 3.575 3,026 19 2 11.240 -7.665 Morgan Stanley 10 3.618 3,059 18 2 11.281 -7.663 Truist Financial Corp 10 3.360 2,844 18 - - 3.360 Kohlberg Kravis Roberts & Co 11 3.573 3,021 13 15 1.439 2.134 RBC Capital Markets 11 3.274 2,771 26 8 3.972 -0.698 Deutsche Bank 12 3.285 2,778 23 11 1.986 1.299 Deutsche Bank 12 3.225 2,729 23 12 2.122 1.103 RBC Capital Markets 13 3.277 2,771 26 10 2.373 0.904 Kohlberg Kravis Roberts & Co 13 3.075 2,602 13 17 1.434 1.641 Golub Capital LLC 14 2.809 2,375 6 23 0.686 2.123 HSBC 14 2.159 1,827 13 11 2.282 -0.123 HSBC 15 2.593 2,193 13 21 0.767 1.826 Citizens Financial Group Inc 15 2.058 1,742 15 21 0.994 1.064 Citizens Financial Group Inc 16 1.932 1,633 12 19 0.974 0.958 Antares Capital LP 16 1.956 1,655 31 18 1.425 0.531 Jefferies 17 1.853 1,567 18 12 1.929 -0.076 Jefferies 17 1.852 1,567 18 14 1.923 -0.071 Antares Capital LP 18 1.698 1,436 29 16 1.358 0.340 PNC Financial Services Group Inc 18 1.509 1,277 8 22 0.886 0.623 PNC Financial Services Group Inc 19 1.454 1,230 7 20 0.786 0.668 Golub Capital LLC 19 1.406 1,190 6 24 0.684 0.722 TD Securities 20 1.349 1,141 5 32 0.243 1.106 TD Securities 20 1.348 1,141 5 33 0.239 1.109 TOTAL 100% 84,558 162 100% TOTAL 100% 84,633 163 100%

Bloomberg League Table Reports Page 12 Bloomberg Americas Capital Markets | Q1 2020

US Green UoP Loans (Bookrunner) US Green UoP Loans (Mandated Lead Arranger) Q1 2020 Q1 2019 Q1 2020 Q1 2019

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 16.667 58 1 - - 16.667 Mitsubishi UFJ Financial Group Inc 1 30.274 350 1 8 1.154 29.120 Credit Agricole CIB 1 16.667 58 1 7 2.838 13.829 Mizuho Financial 2 14.380 166 3 - - 14.380 Federal Farm Credit Bank 1 16.667 58 1 - - 16.667 Sumitomo Mitsui Financial 2 14.380 166 3 - - 14.380 Landesbank Hessen-Thuringen 1 16.667 58 1 - - 16.667 CIBC 4 13.293 154 2 - - 13.293 Girozentrale HSBC 4 13.293 154 2 - - 13.293 Mitsubishi UFJ Financial Group Inc 1 16.667 58 1 7 2.838 13.829 Rabobank 4 13.293 154 2 - - 13.293 Mizuho Financial 1 16.667 58 1 - - 16.667 KeyBanc Capital Markets 7 1.087 13 1 1 65.165 -64.078 ------TOTAL 100% 1,156 4 100% TOTAL 100% 350 1 100%

Bloomberg League Table Reports Page 13 Bloomberg Americas Capital Markets | Q1 2020

Canada Equity, Equity Linked & Preferred: Quarterly Volume

Deal Count Amount Canada Equity Review 20 180 Q1 2020 credited Canada Equity, Equity Linked & Preferred volume increased 48.79% to CAD 7.8 Bln while deal count 150 15

decreased 17.05% to 73 offerings year-on-year. Canada Equity IPO volume increased 600.48% year-on-year to CAD 2.7 D D e e n n a a l l l l

B B 100 Bln while the deal count decreased 28.00% to 18. Canada Equity Offerings volume increased 69.65% year-on-year to CAD C C

D D 10 o o u u A A n n

6.4 Bln over 68 deals. C C t t BMO Capital Markets ranked as the top Canada Equity, Equity Linked & Preferred underwriter for Q1 2020 with 12.14% 50 5 50 market share. The bank underwrote 9 deals over the period. TD Securities and RBC Capital Markets ranked second and

third with 11.41% and 10.42% market share, respectively. 0 0 155 166 177 188 199 200 001 001 001 001 001 002 22 22 22 22 22 22 11 11 11 11 11 11 QQ QQ QQ QQ QQ QQ

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Canada Equity, Equity Linked & Preferred Canada Equity, Equity Linked & Preferred: Industry Breakdown Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Industrials 42% 10% BMO Capital Markets 1 12.141 941 9 3 15.277 -3.136 Communications 19% TD Securities 2 11.409 884 7 4 6.931 4.478 10% Financials 19% RBC Capital Markets 3 10.422 808 8 2 21.448 -11.026 42% Scotiabank 4 8.435 654 6 8 2.531 5.904 Health Care 10% Stifel 5 6.302 488 5 - - 6.302 19% Others 10% JP Morgan 6 5.599 434 4 9 1.766 3.833 CIBC 7 5.341 414 7 1 26.388 -21.047 Canaccord Genuity 8 4.564 354 16 7 2.540 2.024 19% Raymond James & Associates 9 3.960 307 5 23 0.400 3.560 Barclays 10 3.795 294 2 - - 3.795 TOTAL 100% 7,751 73 100%

Canada Equity & Equity Linked Canada Equity, Equity Linked & Preferred: Manager Rankings History

Q1 2020 Q1 2019 2020 2019 2018 25 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

) 20

BMO Capital Markets 1 12.241 782 6 3 15.147 -2.906 % (

e r

TD Securities 2 11.353 726 4 4 6.424 4.929 a h S

RBC Capital Markets 3 10.067 643 4 2 21.597 -11.530 t e 10 k r

Scotiabank 4 7.658 490 2 9 1.826 5.832 a M Stifel 5 6.021 385 4 - - 6.021

Canaccord Genuity 6 5.535 354 16 7 2.655 2.880 0 l ts s ts k e n e ie e n if a CIBC 7 5.527 353 4 1 26.760 -21.233 k it k a t rg r r r b S o a u a ia M c M t M l e l o JP Morgan 8 5.168 330 3 8 1.846 3.322 a S a c P it it S J p D p a T a Raymond James & Associates 9 3.181 203 4 23 0.419 2.762 C C O C M B Cowen & Co 10 3.146 201 2 5 4.727 -1.581 B R TOTAL 100% 6,392 69 100%

Bloomberg League Table Reports Page 14 Bloomberg Americas Capital Markets | Q1 2020

Canada Equity Offerings Canada Equity IPO Q1 2020 Q1 2019 Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BMO Capital Markets 1 12.299 782 6 3 9.025 3.274 Canaccord Genuity 1 11.507 307 7 4 9.746 1.761 TD Securities 2 11.406 726 4 4 7.235 4.171 JP Morgan 2 9.033 241 2 1 24.123 -15.090 RBC Capital Markets 3 10.114 643 4 2 23.314 -13.200 RBC Capital Markets 2 9.033 241 2 - - 9.033 Scotiabank 4 7.694 490 2 7 2.250 5.444 Barclays 4 7.131 191 1 - - 7.131 Stifel 5 6.049 385 4 - - 6.049 BC Partners 4 7.131 191 1 - - 7.131 Canaccord Genuity 6 5.561 354 16 8 2.161 3.400 BMO Capital Markets 4 7.131 191 1 1 24.123 -16.992 CIBC 7 5.553 353 4 1 33.880 -28.327 Goldman Sachs 4 7.131 191 1 - - 7.131 JP Morgan 8 5.193 330 3 6 2.453 2.740 Raymond James & Associates 4 7.131 191 1 8 1.608 5.523 Raymond James & Associates 9 3.196 203 4 20 0.556 2.640 Scotiabank 4 7.131 191 1 - - 7.131 Cowen & Co 10 3.161 201 2 25 0.184 2.977 Stifel 4 7.131 191 1 - - 7.131 Barclays 11 2.995 191 1 - - 2.995 TD Securities 4 7.131 191 1 - - 7.131 BC Partners 11 2.995 191 1 - - 2.995 Echelon Wealth Management Inc 12 5.486 147 1 - - 5.486 Goldman Sachs 11 2.995 191 1 9 2.044 0.951 BofA Securities 13 1.902 51 1 - - 1.902 Desjardins Capital Markets 14 2.800 178 4 11 1.576 1.224 Credit Suisse 13 1.902 51 1 - - 1.902 Echelon Wealth Management Inc 15 2.397 153 3 - - 2.397 Morgan Stanley 13 1.902 51 1 - - 1.902 National Bank Financial Inc 16 2.262 144 1 5 2.799 -0.537 UBS 13 1.902 51 1 - - 1.902 Citi 17 1.400 89 1 - - 1.400 Pacific International Securities Inc 17 0.142 4 3 7 1.915 -1.773 Wells Fargo 17 1.400 89 1 23 0.393 1.007 Leede Jones Gable Inc 18 0.066 2 3 13 0.079 -0.013 Cormark Securities Inc 19 1.382 88 7 17 0.834 0.548 Haywood Securities Inc/Vancouver 19 0.044 1 4 6 3.635 -3.591 AGP / Alliance Global Partners Corp 20 0.830 53 3 31 0.068 0.762 Mackie Research Capital Corp 20 0.017 0.44 1 13 0.079 -0.062 TOTAL 100% 6,362 68 100% TOTAL 100% 2,672 18 100%

Canadian Retail Structured Products Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Scotiabank 1 15.938 60 6 1 32.204 -16.266 CIBC 2 12.477 47 6 2 28.907 -16.430 RBC Capital Markets 2 12.477 47 6 4 13.967 -1.490 National Bank Financial Inc 4 10.316 39 5 3 24.922 -14.606 BMO Capital Markets 5 5.718 21 2 - - 5.718 Canaccord Genuity 5 5.718 21 2 - - 5.718 Industrial Alliance Insurance & Financial 5 5.718 21 2 - - 5.718 Raymond James & Associates 5 5.718 21 2 - - 5.718 Stifel 5 5.718 21 2 - - 5.718 TD Securities 5 5.718 21 2 - - 5.718 Desjardins Capital Markets 11 4.194 16 1 - - 4.194 Laurentian Bank of Canada 11 4.194 16 1 - - 4.194 Echelon Wealth Management Inc 13 1.524 6 1 - - 1.524 Mackie Research Capital Corp 13 1.524 6 1 - - 1.524 Manulife Financial Corp 13 1.524 6 1 - - 1.524 Middlefield Capital Corp 13 1.524 6 1 - - 1.524 ------TOTAL 100% 375 7 100%

Bloomberg League Table Reports Page 15 Bloomberg Americas Capital Markets | Q1 2020

Canadian Corporate Bonds: Quarterly Volume

Deal Count Amount Canadian Fixed Income Review 80 90 80 Q1 2020 credited Canadian Government BondsCanadian Corporate Bonds volume increased 117.87% to CAD 51.9 Bln 60

while deal count increased 20.83% to 58 offerings year-on-year. Canadian Government Bonds volume increased 16.75% 60 D D e e n n a a l l l l B B

year-on-year to CAD 34.4 Bln while the deal count decreased 13.16% to 66. C C

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

Scotiabank ranked as the top Canadian Corporate Bonds underwriter for Q1 2020 with 22.27% market share. The bank U U t t

underwrote 24 deals over the period. RBC Capital Markets and CIBC ranked second and third with 20.90% and 17.18% 20 20 20 market share, respectively.

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Canadian Corporate Bonds Canadian Corporate Bonds: Quarterly Volume Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Financials 85% 9% Scotiabank 1 22.274 11,564 24 5 15.884 6.390 6% Communications 6% RBC Capital Markets 2 20.902 10,851 28 2 20.554 0.348 Others 9% CIBC 3 17.178 8,918 27 3 18.960 -1.782 BMO Capital Markets 4 12.426 6,451 19 1 21.795 -9.369 TD Securities 5 11.440 5,939 27 4 18.350 -6.910 National Bank Financial Inc 6 6.879 3,571 10 6 2.464 4.415 Desjardins Capital Markets 7 5.490 2,850 3 - - 5.490 BofA Securities 8 1.453 754 4 - - 1.453 85% HSBC 9 0.835 433 1 - - 0.835 Wells Fargo 10 0.562 292 2 7 1.049 -0.487 TOTAL 100% 51,915 58 100%

Canadian Government Bonds Canadian Corporate Bonds: Manager Rankings History

Q1 2020 Q1 2019 2020 2019 2018 25 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

) 20

National Bank Financial Inc 1 32.496 11,188 33 1 24.489 8.007 % (

e r

RBC Capital Markets 2 19.348 6,662 15 3 16.107 3.241 a h S

Scotiabank 3 17.281 5,950 10 4 15.386 1.895 t e 10 k r

TD Securities 4 12.504 4,305 15 2 18.913 -6.409 a M BMO Capital Markets 5 9.294 3,200 6 5 12.766 -3.472

CIBC 6 7.624 2,625 7 6 7.939 -0.315 0 k s s s c n t C t e n Desjardins Capital Markets 7 0.992 342 2 7 2.187 -1.195 a e IB e ti I b rk rk ri l a a C a u ia ti c c o M M e n HSBC 8 0.363 125 1 8 1.322 -0.959 c l l a ta ta S n S i i D i p p T F a a k Laurentian Bank of Canada 9 0.097 33 5 11 0.119 -0.022 C C n a C O B B M l R B a ------n o ti a TOTAL 100% 34,430 66 100% N

Bloomberg League Table Reports Page 16 Bloomberg Americas Capital Markets | Q1 2020

Canada Loans: Quarterly Volume

Deal Count Amount Canada Loans Review 140 400 Q1 2020 credited bookrunner Canada Loans volume decreased 17.10% to CAD 60.4 Bln while the number of deals 300 100 decreased 30.16% to 88 offerings year-on-year. Canada Loans - New Money volume increased 1.97% year-on-year to CAD D D e e n n a a l l l l B B

20.5 Bln while the number of tranches decreased 34.12% to 56. C C

D D 200 o o u u A A n n

Scotiabank ranked as the top Canada Loans bookrunner for Q1 2020 with 19.43% market share. The bank acted as C C 50 t t bookrunner on 32 deals over the period. CIBC and BMO Capital Markets ranked second and third with 17.40% and 17.30% 100 market share, respectively.

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Canada Loans (Bookrunner) Canada Loans: Industry Breakdown Q1 2020 Q1 2019 5% Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Energy 20% 5% Scotiabank 1 19.433 11,739 32 5 10.390 9.043 20% Government 18% 5% CIBC 2 17.403 10,512 27 1 20.472 -3.069 Materials 17% BMO Capital Markets 3 17.303 10,452 27 2 20.214 -2.911 7% RBC Capital Markets 4 12.870 7,774 25 4 11.731 1.139 Consumer Discretionary 11% TD Securities 5 11.406 6,890 18 3 17.089 -5.683 11% 18% Financials 11% National Bank Financial Inc 6 8.365 5,053 19 6 9.909 -1.544 Industrials 7% HSBC 7 2.915 1,761 6 9 1.545 1.370 11% JP Morgan 8 1.654 999 3 7 3.138 -1.484 17% Utilities 5% BofA Securities 9 1.611 973 4 10 1.261 0.350 Citi 10 1.176 710 3 8 2.059 -0.883 Technology 5% TOTAL 100% 60,405 88 100% Others 5%

Canada Loans - New Money (Bookrunner) Canada Loans: Bookrunner Rankings History

Q1 2020 Q1 2019 2020 2019 2018 25 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

) 20

Scotiabank 1 25.331 5,191 22 4 12.773 12.558 % (

e r

RBC Capital Markets 2 13.130 2,691 14 6 8.264 4.866 a h S

CIBC 3 12.793 2,622 14 3 13.022 -0.229 t e 10 k r

National Bank Financial Inc 4 10.894 2,233 14 2 21.821 -10.927 a M BMO Capital Markets 5 10.166 2,083 17 1 22.632 -12.466

TD Securities 6 9.979 2,045 9 5 12.063 -2.084 0 k s s s c n C t t e n HSBC 7 3.666 751 3 8 1.251 2.415 a IB e e ti I b rk rk ri l a C a a u ia ti c c o M M e n Export Development Canada 8 2.413 494 1 - - 2.413 c l l a ta ta S n S i i D i p p T F a a k National Bank of Kuwait 8 2.413 494 1 - - 2.413 C C n a O C B M B l B R a Desjardins Capital Markets 10 1.342 275 2 11 0.816 0.526 n o ti a TOTAL 100% 20,493 56 100% N

Bloomberg League Table Reports Page 17 Bloomberg Americas Capital Markets | Q1 2020

Canada Loans (Mandated Lead Arranger) Canada Loans - New Money (Bookrunner) Q1 2020 Q1 2019 Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Scotiabank 1 17.863 10,807 32 5 10.605 7.258 Scotiabank 1 25.331 5,191 22 4 12.773 12.558 CIBC 2 16.615 10,052 30 2 17.949 -1.334 RBC Capital Markets 2 13.130 2,691 14 6 8.264 4.866 BMO Capital Markets 3 16.590 10,037 30 1 19.224 -2.634 CIBC 3 12.793 2,622 14 3 13.022 -0.229 RBC Capital Markets 4 13.961 8,446 26 4 13.693 0.268 National Bank Financial Inc 4 10.894 2,233 14 2 21.821 -10.927 TD Securities 5 12.819 7,756 23 3 16.903 -4.084 BMO Capital Markets 5 10.166 2,083 17 1 22.632 -12.466 National Bank Financial Inc 6 8.052 4,871 19 6 8.682 -0.630 TD Securities 6 9.979 2,045 9 5 12.063 -2.084 HSBC 7 4.710 2,850 6 7 3.337 1.373 HSBC 7 3.666 751 3 8 1.251 2.415 BofA Securities 8 1.840 1,113 5 9 2.000 -0.160 Export Development Canada 8 2.413 494 1 - - 2.413 Export Development Canada 9 0.986 597 2 - - 0.986 National Bank of Kuwait 8 2.413 494 1 - - 2.413 JP Morgan 10 0.925 560 3 8 2.711 -1.786 Desjardins Capital Markets 10 1.342 275 2 11 0.816 0.526 National Bank of Kuwait 11 0.883 534 1 - - 0.883 BofA Securities 11 1.295 265 1 16 0.262 1.033 BNP Paribas 12 0.711 430 1 - - 0.711 Mizuho Financial 11 1.295 265 1 - - 1.295 Mizuho Financial 13 0.625 378 2 16 0.191 0.434 Sumitomo Mitsui Financial 11 1.295 265 1 - - 1.295 Sumitomo Mitsui Financial 13 0.625 378 2 - - 0.625 Citi 14 1.213 248 1 7 2.073 -0.860 Desjardins Capital Markets 15 0.593 359 4 12 0.554 0.039 JP Morgan 15 0.672 138 1 9 1.094 -0.422 Citi 16 0.569 345 2 10 1.773 -1.204 ING Groep 16 0.622 127 1 12 0.814 -0.192 Deutsche Bank 17 0.549 332 1 17 0.181 0.368 Societe Generale 16 0.622 127 1 - - 0.622 ING Groep 18 0.285 172 1 14 0.225 0.060 ATB Financial 18 0.569 117 1 - - 0.569 Societe Generale 18 0.285 172 1 - - 0.285 Barclays 19 0.204 42 1 - - 0.204 ATB Financial 20 0.248 150 1 13 0.323 -0.075 BNP Paribas 20 0.085 17 1 - - 0.085 TOTAL 100% 60,500 89 100% TOTAL 100% 20,493 56 100%

Canada Loans - New Money (Mandated Lead Arranger) Canada Loans (Administrative Agent) Q1 2020 Q1 2019 Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Scotiabank 1 20.961 4,296 21 4 12.467 8.494 CIBC 1 24.009 14,525 14 1 24.357 -0.348 CIBC 2 15.207 3,116 17 3 13.394 1.813 Scotiabank 2 23.662 14,315 22 6 10.472 13.190 RBC Capital Markets 3 12.862 2,636 14 6 8.062 4.800 RBC Capital Markets 3 14.568 8,813 12 4 12.766 1.802 TD Securities 4 12.335 2,528 12 5 11.293 1.042 TD Securities 4 14.050 8,500 10 2 21.930 -7.880 BMO Capital Markets 5 10.664 2,185 19 1 22.776 -12.112 National Bank Financial Inc 5 10.166 6,150 15 5 11.032 -0.866 National Bank Financial Inc 6 10.253 2,101 14 2 21.405 -11.152 BMO Capital Markets 6 9.318 5,637 10 3 16.339 -7.021 HSBC 7 3.666 751 3 9 1.251 2.415 Mizuho Financial 7 2.194 1,327 1 - - 2.194 Export Development Canada 8 2.911 597 2 - - 2.911 HSBC 8 1.363 824 2 8 0.949 0.414 National Bank of Kuwait 9 2.608 534 1 - - 2.608 Citi 9 0.411 248 1 - - 0.411 Desjardins Capital Markets 10 1.568 321 3 11 0.816 0.752 JP Morgan 10 0.228 138 1 - - 0.228 BofA Securities 11 1.295 265 1 18 0.262 1.033 BofA Securities 11 0.033 20 1 7 1.297 -1.264 Mizuho Financial 11 1.295 265 1 - - 1.295 ------Sumitomo Mitsui Financial 11 1.295 265 1 - - 1.295 ------JP Morgan 14 0.672 138 1 10 1.094 -0.422 ------ING Groep 15 0.622 127 1 12 0.814 -0.192 ------Societe Generale 15 0.622 127 1 - - 0.622 ------ATB Financial 17 0.569 117 1 15 0.547 0.022 ------Citi 18 0.303 62 1 7 1.638 -1.335 ------Barclays 19 0.204 42 1 - - 0.204 ------BNP Paribas 20 0.085 17 1 - - 0.085 ------TOTAL 100% 20,493 56 100% TOTAL 100% 60,500 89 100%

Bloomberg League Table Reports Page 18 Bloomberg Americas Capital Markets | Q1 2020

Latin America Equity Offerings: Quarterly Volume

Deal Count Amount Latin America Equity Review 20 30 Q1 2020 credited Latin America Equity Offerings volume increased 123.07% to USD 8.1 Bln while deal count decreased 15

0.00% to 13 offerings year-on-year. 20 D D e e n n a a l l l l B B

Morgan Stanley ranked as the top Latin America Equity Offerings underwriter for Q1 2020 with 13.47% market share. The C C

D D 10 o o u u S S n n

bank underwrote 6 deals over the period. Bradesco BBI SA and BofA Securities ranked second and third with 12.48% and U U t t 11.58% market share, respectively. 10 5

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Latin America Equity Offerings Latin America Equity Offerings: Industry Breakdown Q1 2020 Q1 2019 6% Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Energy 63% Morgan Stanley 1 13.468 1,091 6 1 22.908 -9.440 6% Consumer Discretionary 15% Bradesco BBI SA 2 12.477 1,011 8 9 3.688 8.789 10% Consumer Staples 10% BofA Securities 3 11.581 938 4 3 11.082 0.499 XP Investimentos CCTVM SA 4 10.484 849 6 - - 10.484 Financials 6% Credit Suisse 5 10.110 819 5 - - 10.110 15% Others 6% Goldman Sachs 6 9.506 770 5 4 10.558 -1.052 63% Banco do Brasil SA 7 9.275 751 4 8 3.867 5.408 Citi 8 7.916 641 2 6 7.311 0.605 Banco Itau BBA 9 5.596 453 7 5 8.779 -3.183 Banco BTG Pactual 10 3.655 296 5 7 6.230 -2.575 TOTAL 100% 8,099 13 100%

Brazil Equity Offerings Latin America Equity Offerings: Manager Rankings History

Q1 2020 Q1 2019 2020 2019 2018 25 Firm Rank Mkt Share(%) Volume (BRL Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%)

) 20

Morgan Stanley 1 13.472 4,635 6 1 23.367 -9.895 % (

e r

Bradesco BBI SA 2 12.618 4,342 8 6 6.862 5.756 a h S

BofA Securities 3 11.560 3,978 4 2 20.632 -9.072 t e 10 k r

XP Investimentos CCTVM SA 4 10.608 3,650 6 - - 10.608 a M Credit Suisse 5 10.267 3,533 5 - - 10.267

Goldman Sachs 6 9.414 3,239 4 - - 9.414 0 y s e s e A e A s h Banco do Brasil SA 7 9.395 3,233 4 5 7.206 2.189 l S ti S s c n I ri i a ta B u M u S S B c V S e T it n Citi 8 8.035 2,765 2 - - 8.035 n o S C d a a c C e m rg s A r d o e f s C l d o to o Banco Itau BBA 9 5.620 1,934 7 3 16.318 -10.698 M ra B n G B e m ti s Banco BTG Pactual 10 3.671 1,263 5 4 9.799 -6.128 e v n I TOTAL 100% 34,407 12 100% P X

Bloomberg League Table Reports Page 19 Bloomberg Americas Capital Markets | Q1 2020

Latin American Bonds: Quarterly Volume

Deal Count Amount Latin America Fixed Income Review 120 600 Q1 2020 credited Latin American Bonds volume increased 75.71% to USD 50.8 Bln while deal count increased 19.05% to 100

150 offerings year-on-year. Latin American Local Currency Bonds volume decreased 52.58% year-on-year to USD 5.5 Bln 400 D D e e n n a a l l l l B B

while the deal count decreased 40.46% to 103. Brazilian Domestic Bonds volume decreased 61.44% year-on-year to BRL C C D D o o u u S S

50 n n 11.2 Bln over 41 deals. U U 50 t t JP Morgan ranked as the top Latin American Bonds underwriter for Q1 2020 with 13.92% market share. The bank 200 underwrote 28 deals over the period. Goldman Sachs and Citi ranked second and third with 9.11% and 7.61% market share,

respectively. 0 0 155 166 177 188 199 200 001 001 001 001 001 002 22 22 22 22 22 22 11 11 11 11 11 11 QQ QQ QQ QQ QQ QQ

Quarters

Latin American Bonds Latin American Bonds: Quarterly Volume Q1 2020 Q1 2019 7% Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Government 40%

JP Morgan 1 13.921 7,069 28 4 6.748 7.173 6% Financials 21% Goldman Sachs 2 9.109 4,625 20 12 4.037 5.072 7% Energy 10% Citi 3 7.609 3,864 23 3 7.708 -0.099 40% BofA Securities 4 7.545 3,831 22 2 8.261 -0.716 9% Consumer Staples 9% BNP Paribas 5 7.538 3,827 15 6 6.072 1.466 Utilities 7% Banco Bilbao Vizcaya Argentaria 6 6.363 3,231 17 24 0.669 5.694 10% 7 6.208 3,152 30 8 5.630 0.578 Materials 6% HSBC 8 5.150 2,615 12 11 4.084 1.066 21% Others 7% Scotiabank 9 5.052 2,565 17 9 5.550 -0.498 Credit Suisse 10 4.854 2,465 8 17 1.635 3.219 TOTAL 100% 50,776 150 100%

Latin American Bonds Latin American Bonds: Manager Rankings History

Q1 2020 Q1 2019 2020 2019 2018 20 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

JP Morgan 1 13.921 7,069 28 4 6.748 7.173 % (

e r

Goldman Sachs 2 9.109 4,625 20 12 4.037 5.072 a h

S 10

Citi 3 7.609 3,864 23 3 7.708 -0.099 t e k r

BofA Securities 4 7.545 3,831 22 2 8.261 -0.716 a M BNP Paribas 5 7.538 3,827 15 6 6.072 1.466

Banco Bilbao Vizcaya Argentaria 6 6.363 3,231 17 24 0.669 5.694 0 i n s it s s ia a h ie a r Banco Santander 7 6.208 3,152 30 8 5.630 0.578 rg c C it ib ta o a r r n S u a e M n c P g P a e r HSBC 8 5.150 2,615 12 11 4.084 1.066 J S P A m N a ld fA B y o o a Scotiabank 9 5.052 2,565 17 9 5.550 -0.498 G B c iz V o Credit Suisse 10 4.854 2,465 8 17 1.635 3.219 a b il B TOTAL 100% 50,776 150 100% o c n a B

Bloomberg League Table Reports Page 20 Bloomberg Americas Capital Markets | Q1 2020

Latin American Local Currency Bonds Brazilian Domestic Bonds Q1 2020 Q1 2019 Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (BRL Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Bradesco BBI SA 1 27.299 1,495 11 5 5.706 21.593 Bradesco BBI SA 1 57.357 6,447 11 5 8.473 48.884 Banco Bilbao Vizcaya Argentaria 2 16.782 919 7 16 1.627 15.155 Banco Itau BBA 2 10.701 1,203 7 1 34.531 -23.830 Citi 3 6.377 349 16 6 5.486 0.891 Banco Votorantim SA 3 8.897 1,000 1 14 0.274 8.623 Banco Santander 4 5.554 304 5 4 7.687 -2.133 Banco Santander 4 7.740 870 2 4 8.919 -1.179 Banco Itau BBA 5 5.201 285 9 1 24.246 -19.045 Citi 5 5.750 646 8 6 5.145 0.605 Scotiabank 6 4.557 250 6 9 2.348 2.209 BNP Paribas 6 3.781 425 2 - - 3.781 HSBC 7 4.318 237 4 15 1.670 2.648 Banco BTG Pactual 7 2.713 305 1 3 12.948 -10.235 Banco Votorantim SA 8 4.199 230 1 34 0.187 4.012 Terra Investimentos DTVM LTDA 8 1.299 146 4 - - 1.299 Banco Davivienda SA 9 2.894 159 10 - - 2.894 Intesa Sanpaolo 9 0.667 75 1 - - 0.667 JP Morgan 10 2.839 155 10 7 5.393 -2.554 Banco Modal SA 10 0.649 73 2 - - 0.649 BNP Paribas 11 2.118 116 4 17 1.443 0.675 Fram Capital Distribuidora de Titulos e Valo 11 0.445 50 2 10 1.542 -1.097 Banco BTG Pactual 12 2.065 113 7 3 8.680 -6.615 ------Larrain Vial Investment Inc 13 1.337 73 1 - - 1.337 ------Grupo Aval Acciones y Valores 14 1.142 63 6 - - 1.142 ------Serfinco SA Comisionistas de Bolsa 15 1.021 56 7 - - 1.021 ------Banco Inbursa 16 0.972 53 1 - - 0.972 ------Deutsche Bank 17 0.866 47 2 37 0.113 0.753 ------Barclays 18 0.819 45 3 30 0.333 0.486 ------Credicorp Capital 19 0.758 42 6 32 0.259 0.499 ------Nomura 20 0.754 41 5 31 0.291 0.463 ------TOTAL 100% 5,477 103 100% TOTAL 100% 11,240 41 100%

Mexican Domestic Bonds Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (MXN Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria 1 63.540 15,790 5 5 10.789 52.751 Scotiabank 2 15.547 3,864 4 6 8.466 7.081 Citi 3 11.523 2,864 3 8 6.543 4.980 Banco Inbursa 4 4.695 1,167 1 - - 4.695 Banco Santander 4 4.695 1,167 1 7 6.640 -1.945 ------TOTAL 100% 24,850 8 100%

Bloomberg League Table Reports Page 21 Bloomberg Americas Capital Markets | Q1 2020

Latin America Borrower Loans: Quarterly Volume

Deal Count Amount Latin America Loans Review 30 50

Q1 2020 credited bookrunner Latin America Borrower Loans volume decreased 60.41% to USD 5.5 Bln while the number of 40

deals decreased 56.52% to 10 offerings year-on-year. 20 D D e e n n a a l l 30 l l B B

Banco Bilbao Vizcaya Argentaria ranked as the top Latin America Borrower Loans lead arranger for Q1 2020 with 17.09% C C D D o o u u S S n n

market share. The bank acted as lead arranger 4 deals over the period. JP Morgan and Citi ranked second and third with U U 20 20 t t 7.69% and 6.78% market share, respectively. 10 10

0 0 155 166 177 188 199 200 001 001 001 001 001 002 22 22 22 22 22 22 11 11 11 11 11 11 QQ QQ QQ QQ QQ QQ

Quarters

Latin America Borrower Loans (Bookrunner) Latin America Borrower Loans: Industry Breakdown Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Communications 36% 9% Banco Bilbao Vizcaya Argentaria 1 17.087 942 4 8 4.733 12.354 Materials 23% 8% JP Morgan 2 7.688 424 3 5 9.579 -1.891 36% Industrials 12% Citi 3 6.781 374 2 3 10.959 -4.178 BNP Paribas 4 6.251 345 3 11 3.536 2.715 11% Health Care 11% Scotiabank 4 6.251 345 3 2 11.740 -5.489 Consumer Discretionary 8% Grupo Financiero Banorte 6 5.629 310 1 12 2.639 2.990 12% BofA Securities 7 4.437 245 2 9 4.732 -0.295 Others 9% Goldman Sachs 7 4.437 245 2 - - 4.437 23% Banco Santander 9 3.628 200 1 6 6.613 -2.985 Credit Suisse 10 3.152 174 1 - - 3.152 TOTAL 100% 5,512 10 100%

Latin America Borrower Loans (Mandated Lead Arranger) Latin America Borrower Loans: Bookrunner Rankings History

Q1 2020 Q1 2019 2020 2019 2018 20 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) )

Banco Bilbao Vizcaya Argentaria 1 8.527 470 1 11 4.108 4.419 % (

e r

JP Morgan 2 7.895 435 3 1 8.892 -0.997 a h

S 10

Citi 3 6.988 385 2 7 5.409 1.579 t e k r

BNP Paribas 4 6.459 356 3 13 3.677 2.782 a M Banco Santander 5 6.010 331 3 4 6.209 -0.199

BofA Securities 6 4.645 256 2 2 8.710 -4.065 0 a n ti s k e ri a i a n rt Goldman Sachs 6 4.645 256 2 8 5.354 -0.709 ta rg C ib a o n o r b n e a ia a g M P t B r P o o Scotiabank 8 4.518 249 4 9 5.180 -0.662 A J P c r a N S ie y B c a n Banco Sabadell 9 3.753 207 1 27 0.443 3.310 c a iz in V F o o Bancomext 9 3.753 207 1 26 0.768 2.985 a p lb ru i G B TOTAL 100% 5,512 10 100% o c n a B

Bloomberg League Table Reports Page 22 Bloomberg Americas Capital Markets | Q1 2020

Latin America Borrower Loans (Bookrunner) Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria 1 17.087 942 4 8 4.733 12.354 JP Morgan 2 7.688 424 3 5 9.579 -1.891 Citi 3 6.781 374 2 3 10.959 -4.178 BNP Paribas 4 6.251 345 3 11 3.536 2.715 Scotiabank 4 6.251 345 3 2 11.740 -5.489 Grupo Financiero Banorte 6 5.629 310 1 12 2.639 2.990 BofA Securities 7 4.437 245 2 9 4.732 -0.295 Goldman Sachs 7 4.437 245 2 - - 4.437 Banco Santander 9 3.628 200 1 6 6.613 -2.985 Credit Suisse 10 3.152 174 1 - - 3.152 Deutsche Bank 10 3.152 174 1 23 0.239 2.913 First Caribbean International Bank Ltd 10 3.152 174 1 - - 3.152 ING Groep 10 3.152 174 1 12 2.639 0.513 RBC Capital Markets 10 3.152 174 1 - - 3.152 Societe Generale 10 3.152 174 1 20 0.510 2.642 Export Development Canada 16 3.099 171 2 15 1.257 1.842 Kreditanstalt fuer Wiederaufbau 16 3.099 171 2 - - 3.099 Sumitomo Mitsui Financial 16 3.099 171 2 10 3.760 -0.661 Mitsubishi UFJ Financial Group Inc 19 2.419 133 2 18 1.077 1.342 Mizuho Financial 19 2.419 133 2 1 12.385 -9.966 TOTAL 100% 5,512 10 100%

Latin America Borrower Loans (Mandated Lead Arranger) Q1 2020 Q1 2019

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria 1 8.527 470 1 11 4.108 4.419 JP Morgan 2 7.895 435 3 1 8.892 -0.997 Citi 3 6.988 385 2 7 5.409 1.579 BNP Paribas 4 6.459 356 3 13 3.677 2.782 Banco Santander 5 6.010 331 3 4 6.209 -0.199 BofA Securities 6 4.645 256 2 2 8.710 -4.065 Goldman Sachs 6 4.645 256 2 8 5.354 -0.709 Scotiabank 8 4.518 249 4 9 5.180 -0.662 Banco Sabadell 9 3.753 207 1 27 0.443 3.310 Bancomext 9 3.753 207 1 26 0.768 2.985 HSBC 9 3.753 207 1 5 6.148 -2.395 Credit Suisse 12 3.360 185 1 19 1.871 1.489 Deutsche Bank 12 3.360 185 1 32 0.211 3.149 ING Groep 12 3.360 185 1 16 2.326 1.034 RBC Capital Markets 12 3.360 185 1 - - 3.360 Societe Generale 12 3.360 185 1 29 0.300 3.060 Export Development Canada 17 3.099 171 2 10 4.591 -1.492 Kreditanstalt fuer Wiederaufbau 17 3.099 171 2 - - 3.099 Sumitomo Mitsui Financial 17 3.099 171 2 17 2.320 0.779 First Caribbean International Bank Ltd 20 2.490 137 1 - - 2.490 TOTAL 100% 5,512 10 100%

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 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.