GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES Q1 2018

Q1 2018 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS

CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors 1. Global market review and 500 legal advisors. 2. US market review LEAG for a full range of league tables

3. Canada market review IPO for Bloomberg’s equity offerings product 4. Latin America market review

5. EMEA market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and 6. Asia market review data found on the Bloomberg Professional Service. 7. Table criteria

DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Irina Arefyeva +1 646 324 4663 [email protected]

EMEA Karan Aswani +44 20 3525 4331 [email protected]

Asia-Pacific Zhen Hao Toh +65 6499 2931 [email protected]

© 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg Global Equity | Q1 2018

Global Equity, Equity Linked & Rights: Industry Breakdown

Global Equity Review Financials 29% 9% Q1 2018 credited Global Equity, Equity Linked & Rights volume increased 6.88% to USD 194.1 Bln while deal count 5% Technology 13% 29% decreased 3.10% to 1,157 offerings year-on-year. Global Equity IPO volume increased 33.43% year-on-year to USD 49.6 6% Health Care 12% Bln while the deal count decreased 6.68% to 363. Global Equity Linked volume increased 14.34% year-on-year to USD 7% Consumer Discretionary 10% 33.4 Bln over 112 deals. Industrials 8% ranked as the top Global Equity, Equity Linked & Rights underwriter for Q1 2018 with 10.72% market 8% share. The underwrote 106 deals over the period. and Citi ranked second and third with 9.77% and 13% Materials 7% 7.95%market share, respectively. 10% 12% Energy 6% Communications 5% Global Equity, Equity Linked & Rights: Highlights of Q1 2018 Others 9%

Top Underwriter Volume (USD Issuer Industry Mln) Date Morgan Stanley Tencent Holdings Ltd Technology 9,807 03/23/2018 Number of deals 106 Siemens Healthineers AG Health Care 4,505 03/15/2018 Volume (USD Mln) 20,800 National Petroleum Corp Energy 3,174 02/01/2018 Global Equity, Equity Linked & Rights: Industry Breakdown Avg Deal size (USD Mln) 196.2 Pagseguro Digital Ltd Financials 2,606 01/23/2018 Sempra Energy Utilities 2,500 01/04/2018 Industry Volume (USD Mln) % Of Total % YOY Change Market Summary Cineworld Group PLC Consumer 2,411 02/19/2018 Financials 60,843 29.4% -15.2% Discretionary Number of deals 1,157 Technology 26,087 12.6% 78.8% China Oceanwide International Financial Financials 2,330 03/05/2018 Volume (USD Mln) 206,508 Health Care 25,172 12.2% 125.7% Ltd

Avg Deal size (USD Mln) 178.5 Consumer Discretionary 21,163 10.2% -1.9% China Evergrande Group Financials 2,302 01/30/2018 Industrials 16,760 8.1% 23.1% iQIYI Inc Communications 2,250 03/29/2018 Materials 13,542 6.5% 3.5% Covestro AG Materials 2,180 01/11/2018 Energy 13,324 6.4% -41.8% Communications 10,740 5.2% 3.4% Consumer Staples 9,878 4.8% 37.8% Global Equity, Equity Linked & Rights: Quarterly Volume Utilities 9,173 4.4% -11.8%

Deal Count Rights Equity-Linked IPO

Add'l 400 1,800 Global Equity, Equity Linked & Rights: Offering Breakdown

1,500 Offering Type Volume (USD Mln) % Of Total % YOY Change 300 Additional Offerings 99,655 51.3% 7.3% Deal Deal IPO 51,565 26.6% 36.1% 1,000

Bln Bln Equity-Linked 36,326 18.7% 6.0% Count Count

200 Rights Offerings 6,488 3.3% -77.5% USD USD

500 100

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Bloomberg League Table Reports Page 1 Bloomberg Global Equity | Q1 2018

Global Equity, Equity Linked & Rights Global Equity & Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 10.716 20,800 106 5 6.179 4.537 Morgan Stanley 1 10.829 19,650 104 5 6.432 4.397 Goldman Sachs 2 9.774 18,972 95 2 8.598 1.176 Goldman Sachs 2 10.455 18,972 95 2 8.992 1.463 Citi 3 7.952 15,435 78 4 6.423 1.529 Citi 3 8.462 15,355 77 4 6.659 1.803 JP Morgan 4 6.461 12,541 95 1 9.038 -2.577 JP Morgan 4 6.803 12,344 94 1 9.539 -2.736 Bank of America Lynch 5 6.291 12,210 69 3 6.695 -0.404 Bank of America Merrill Lynch 5 6.729 12,210 69 3 6.724 0.005 6 4.361 8,464 55 6 4.691 -0.330 Deutsche Bank 6 4.556 8,267 54 6 4.424 0.132 UBS 7 4.039 7,840 47 7 4.567 -0.528 7 4.126 7,488 54 9 3.742 0.384 Credit Suisse 8 3.898 7,567 55 8 3.909 -0.011 UBS 8 3.718 6,747 44 7 4.396 -0.678 Barclays 9 3.820 7,414 49 9 3.863 -0.043 Barclays 9 3.564 6,468 46 8 3.867 -0.303 RBC Capital Markets 10 1.897 3,682 37 10 2.475 -0.578 RBC Capital Markets 10 2.029 3,682 37 10 2.801 -0.772 BNP Paribas 11 1.411 2,738 18 12 1.425 -0.014 BNP Paribas 11 1.473 2,673 17 18 0.973 0.500 China Securities Co Ltd CITIC 12 1.329 2,580 8 29 0.557 0.772 CITIC Securities Co Ltd 12 1.400 2,541 11 17 1.031 0.369 Securities Co Ltd Societe 13 1.309 2,541 11 21 0.911 0.398 Societe Generale 13 1.142 2,073 12 20 0.850 0.292 Generale 14 1.109 2,152 13 17 1.275 -0.166 China Securities Co Ltd 14 1.072 1,945 7 24 0.631 0.441 HSBC 15 1.067 2,071 15 18 1.230 -0.163 Nomura 15 1.037 1,881 36 15 1.451 -0.414 Nomura 16 0.969 1,881 36 16 1.282 -0.313 Sumitomo Mitsui Financial 16 1.027 1,864 25 13 1.558 -0.531 Sumitomo Mitsui Financial 17 0.960 1,864 25 14 1.376 -0.416 17 0.977 1,773 23 11 2.425 -1.448 Wells Fargo 18 0.913 1,773 23 11 2.143 -1.230 Cowen & Co 18 0.907 1,645 28 48 0.295 0.612 Cowen & Co 19 0.847 1,645 28 52 0.261 0.586 Jefferies 19 0.870 1,578 33 16 1.052 -0.182 Jefferies 20 0.813 1,578 33 19 1.110 -0.297 Mizuho Financial 20 0.856 1,554 21 14 1.456 -0.600 TOTAL 100% 194,101 1,157 100% TOTAL 100% 181,463 1,104 100%

Global Equity Offerings Global Equity IPO Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 11.619 17,205 86 5 6.065 5.554 Bank of America Merrill Lynch 1 8.519 4,225 28 10 2.195 6.324 Goldman Sachs 2 9.765 14,459 77 1 8.591 1.174 Goldman Sachs 2 8.422 4,177 24 2 5.905 2.517 Citi 3 9.596 14,209 68 3 7.406 2.190 Citi 3 6.829 3,387 23 6 4.524 2.305 JP Morgan 4 7.083 10,489 76 2 7.756 -0.673 Morgan Stanley 4 5.586 2,770 25 5 4.875 0.711 Bank of America Merrill Lynch 5 6.618 9,800 55 4 6.936 -0.318 Credit Suisse 5 5.241 2,600 17 4 5.393 -0.152 Deutsche Bank 6 4.314 6,388 46 7 4.265 0.049 JP Morgan 6 5.117 2,538 18 1 6.668 -1.551 Credit Suisse 7 4.265 6,315 46 9 3.931 0.334 Deutsche Bank 7 5.063 2,511 16 3 5.754 -0.691 UBS 8 4.130 6,116 39 6 4.280 -0.150 UBS 8 2.592 1,286 9 22 1.120 1.472 Barclays 9 3.735 5,531 39 8 4.180 -0.445 CITIC Securities Co Ltd 9 2.353 1,167 7 11 1.971 0.382 RBC Capital Markets 10 1.770 2,621 29 10 3.194 -1.424 Barclays 10 2.004 994 11 7 3.235 -1.231 CITIC Securities Co Ltd 11 1.072 1,588 9 23 0.708 0.364 RBC Capital Markets 11 1.961 972 9 15 1.657 0.304 Cowen & Co 12 1.020 1,511 27 46 0.361 0.659 Co Ltd 12 1.945 965 6 50 0.417 1.528 Sumitomo Mitsui Financial 13 1.006 1,490 23 12 1.884 -0.878 BNP Paribas 13 1.940 962 5 38 0.594 1.346 Joh Berenberg Gossler & Co KG 14 1.001 1,482 13 26 0.699 0.302 Guosen Securities Co Ltd 14 1.350 670 1 25 0.977 0.373 Nomura 15 0.992 1,470 32 15 0.970 0.022 Joh Berenberg Gossler & Co KG 15 1.206 598 3 54 0.402 0.804 Societe Generale 16 0.990 1,466 7 27 0.644 0.346 China Merchants Securities 16 1.173 582 5 28 0.874 0.299 BNP Paribas 17 0.925 1,370 9 21 0.726 0.199 Axis Bank Ltd 17 1.048 520 4 95 0.155 0.893 Jefferies 18 0.899 1,331 30 16 0.968 -0.069 State Bank of India 18 1.042 517 5 95 0.155 0.887 Mizuho Financial 19 0.862 1,277 19 14 1.143 -0.281 China Securities Co Ltd 19 0.997 494 3 12 1.895 -0.898 Daishin Securities 20 0.775 1,147 7 303 0.006 0.769 Co Ltd 20 0.978 485 6 9 2.306 -1.328 TOTAL 100% 148,077 992 100% TOTAL 100% 49,595 363 100%

Bloomberg League Table Reports Page 2 Bloomberg Global Equity | Q1 2018

Global Equity Linked Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 13.516 4,512 18 2 10.792 2.724 Morgan Stanley 2 7.323 2,445 18 3 8.080 -0.757 Bank of America Merrill Lynch 3 7.217 2,409 14 4 5.774 1.443 Deutsche Bank 4 5.628 1,879 8 5 5.139 0.489 JP Morgan 5 5.558 1,856 18 1 17.554 -11.996 China Securities Co Ltd 6 4.345 1,451 4 - - 4.345 BNP Paribas 7 3.904 1,303 8 18 2.086 1.818 Credit Suisse 8 3.512 1,173 8 10 2.895 0.617 Citi 9 3.432 1,146 9 9 3.303 0.129 RBC Capital Markets 10 3.178 1,061 8 24 1.036 2.142 CITIC Securities Co Ltd 11 2.856 953 2 13 2.482 0.374 Barclays 12 2.808 937 7 16 2.460 0.348 Wells Fargo 13 1.938 647 7 8 3.513 -1.575 HSBC 14 1.935 646 6 17 2.318 -0.383 UBS 15 1.890 631 5 6 4.917 -3.027 Societe Generale 16 1.820 608 5 19 1.777 0.043 Haitong Securities Co Ltd 17 1.791 598 3 - - 1.791 Daiwa Securities 18 1.512 505 3 33 0.298 1.214 China Galaxy Financial Holdings Co Ltd 19 1.358 453 1 - - 1.358 Bank of China 19 1.358 453 1 - - 1.358 TOTAL 100% 33,385 112 100%

Bloomberg League Table Reports Page 3 Bloomberg Global Equity | Q1 2018

US Equity & Equity Linked: Industry Breakdown

US Equity Review 7% Financials 21% Q1 2018 credited US Equity & Equity Linked volume decreased 7.85% to USD 60.0 Bln while deal count decreased 8.17% to 8% 21% Health Care 20%

236 offerings year-on-year. US Equity IPO volume decreased 14.25% year-on-year to USD 10.9 Bln while the deal count 8% Consumer Discretionary 14% increased 26.67% to 38. US Equity Linked volume decreased 4.71% year-on-year to USD 11.2 Bln over 33 deals. Technology 14% Morgan Stanley ranked as the top US Equity & Equity Linked underwriter for Q1 2018 with 16.53% market share. The bank 9% underwrote 55 deals over the period. JP Morgan and Goldman Sachs ranked second and third with 11.21% and 11.17% 20% Utilities 9% market share, respectively. 14% Energy 8% 14% Industrials 8% Others 7% US Equity & Equity Linked: Highlights of Q1 2018

Top Underwriter Issuer Industry Volume (USD Mln) Date Sempra Energy Utilities 2,500 01/04/2018 Morgan Stanley Duke Energy Corp Utilities 1,596 03/06/2018 Number of deals 55 General Motors Co Consumer Discretionary 1,592 02/27/2018 Volume (USD Mln) 9,926 ADT Inc Industrials 1,470 01/18/2018 US Equity & Equity Linked: Industry Breakdown Avg Deal size (USD Mln) 180.5 VICI Properties Inc Financials 1,392 01/31/2018 Market Summary Dominion Energy Inc Utilities 1,357 03/27/2018 Industry Volume (USD Mln) % Of Total % YOY Change TransUnion Technology 1,150 03/05/2018 Financials 12,735 20.6% -38.9% Number of deals 236 Western Digital Corp Technology 1,100 01/31/2018 Health Care 12,406 20.1% 150.6% Volume (USD Mln) 60,036 Norwegian Cruise Line Holdings Ltd Consumer Discretionary 1,092 02/27/2018 Avg Deal size (USD Mln) 254.4 ONEOK Inc Energy 1,036 01/04/2018 Consumer Discretionary 8,608 13.9% 27.9%

Technology 8,391 13.6% -6.2%

Utilities 5,546 9.0% US Equity & Equity Linked: Quarterly Volume

Deal Count Equity-Linked Add'l IPO 100 400

80 300 US Equity & Equity Linked: Offering Breakdown Deal Deal Offering Type Volume (USD Mln) % Of Total % YOY Change 60

Bln Bln Additional Offerings 38,566 62.4% -5.8% Count Count

200 Equity-Linked 12,277 19.9% -11.3% USD USD 40 IPO 10,938 17.7% -14.3%

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Bloomberg League Table Reports Page 4 Bloomberg Global Equity | Q1 2018

US Equity & Equity Linked US Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 16.534 9,926 55 5 7.905 8.629 Morgan Stanley 1 16.321 7,975 41 5 7.909 8.412 JP Morgan 2 11.210 6,730 60 2 11.017 0.193 JP Morgan 2 11.050 5,400 47 1 10.593 0.457 Goldman Sachs 3 11.167 6,704 50 1 11.100 0.067 Goldman Sachs 3 10.964 5,357 39 3 10.470 0.494 Barclays 4 9.171 5,506 32 6 7.241 1.930 Barclays 4 9.779 4,778 27 6 7.566 2.213 Bank of America Merrill Lynch 5 8.376 5,029 45 3 10.090 -1.714 Citi 5 8.505 4,156 32 2 10.567 -2.062 Citi 6 7.301 4,383 35 4 9.335 -2.034 Bank of America Merrill Lynch 6 6.480 3,167 34 4 9.336 -2.856 RBC Capital Markets 7 5.120 3,074 25 10 2.874 2.246 Deutsche Bank 7 5.850 2,858 21 9 5.280 0.570 Deutsche Bank 8 5.010 3,008 23 9 4.778 0.232 Credit Suisse 8 4.475 2,187 24 7 7.501 -3.026 Credit Suisse 9 4.195 2,519 26 7 7.176 -2.981 RBC Capital Markets 9 4.262 2,083 19 10 3.219 1.043 Wells Fargo 10 2.932 1,760 22 8 5.913 -2.981 Cowen & Co 10 2.636 1,288 25 20 0.886 1.750 Cowen & Co 11 2.369 1,422 26 22 0.727 1.642 UBS 11 2.595 1,268 13 11 2.712 -0.117 Jefferies 12 2.287 1,373 25 13 2.026 0.261 Jefferies 12 2.305 1,126 22 12 1.690 0.615 UBS 13 2.249 1,350 15 11 2.302 -0.053 Wells Fargo 13 2.278 1,113 15 8 5.290 -3.012 Leerink Partners LLC 14 1.870 1,123 18 29 0.388 1.482 Leerink Partners LLC 14 1.647 805 15 26 0.473 1.174 Cantor Fitzgerald 15 1.298 779 12 14 1.266 0.032 Cantor Fitzgerald 15 1.349 659 11 13 1.543 -0.194 Piper Jaffray & Co 16 0.892 536 14 23 0.726 0.166 Piper Jaffray & Co 16 1.096 536 14 21 0.885 0.211 Partners Inc 17 0.850 510 14 31 0.297 0.553 Evercore Partners Inc 17 1.044 510 14 28 0.362 0.682 18 0.698 419 12 15 1.061 -0.363 Stifel 18 0.701 342 11 16 1.172 -0.471 BTIG LLC 19 0.558 335 7 45 0.077 0.481 B Riley & Co 19 0.597 292 4 38 0.127 0.470 Mizuho Financial 20 0.512 307 3 18 0.941 -0.429 Ladenburg Thalmann & Co 20 0.534 261 6 44 0.072 0.462 TOTAL 100% 60,036 236 100% TOTAL 100% 48,865 203 100%

US Equity IPO US Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Bank of America Merrill Lynch 1 13.970 1,528 16 10 3.972 9.998 Morgan Stanley 1 17.465 1,951 14 5 7.886 9.579 Goldman Sachs 2 10.411 1,139 12 4 12.040 -1.629 Bank of America Merrill Lynch 2 16.669 1,862 11 2 13.522 3.147 Deutsche Bank 3 9.159 1,002 8 1 13.702 -4.543 Goldman Sachs 3 12.057 1,347 11 1 13.972 -1.915 Citi 4 8.302 908 10 7 6.497 1.805 JP Morgan 4 11.912 1,331 13 3 12.953 -1.041 Morgan Stanley 5 7.483 819 9 5 9.055 -1.572 RBC Capital Markets 5 8.871 991 6 15 1.301 7.570 RBC Capital Markets 6 7.297 798 6 9 4.010 3.287 Barclays 6 6.511 727 5 7 5.760 0.751 Credit Suisse 7 6.502 711 8 2 12.591 -6.089 Wells Fargo 7 5.793 647 7 4 8.751 -2.958 Barclays 8 6.386 698 8 6 7.217 -0.831 Credit Suisse 8 2.973 332 2 8 5.698 -2.725 JP Morgan 9 6.035 660 8 3 12.198 -6.163 Leerink Partners LLC 9 2.844 318 3 - - 2.844 Cantor Fitzgerald 10 2.862 313 3 11 3.920 -1.058 Mizuho Financial 10 2.481 277 2 14 1.546 0.935 UBS 11 2.301 252 4 25 0.182 2.119 Jefferies 11 2.208 247 3 12 3.556 -1.348 Wells Fargo 12 2.237 245 5 12 3.646 -1.409 Citi 12 2.033 227 3 11 3.718 -1.685 Jefferies 13 1.992 218 4 13 0.917 1.075 Deutsche Bank 13 1.335 149 2 13 2.492 -1.157 Evercore Partners Inc 14 1.878 205 5 21 0.257 1.621 Cowen & Co 14 1.201 134 1 - - 1.201 Leerink Partners LLC 15 1.547 169 4 - - 1.547 Cantor Fitzgerald 15 1.074 120 1 - - 1.074 Piper Jaffray & Co 16 1.483 162 3 - - 1.483 BTIG LLC 16 0.951 106 3 - - 0.951 Macquarie 17 1.185 130 2 18 0.480 0.705 UBS 17 0.735 82 2 20 0.433 0.302 Ladenburg Thalmann & Co 18 1.176 129 2 - - 1.176 Stifel 18 0.686 77 1 19 0.554 0.132 B Riley & Co 19 1.143 125 1 - - 1.143 SunTrust Robinson Humphrey 19 0.643 72 1 17 0.858 -0.215 Allen & Co 20 0.994 109 1 8 4.711 -3.717 Credit Agricole CIB 20 0.512 57 1 21 0.320 0.192 TOTAL 100% 10,938 38 100% TOTAL 100% 11,170 33 100%

Bloomberg League Table Reports Page 5 Bloomberg Global Equity | Q1 2018

Canada Equity, Equity Linked & Preferred: Quarterly Volume

Deal Count Amount Canada Equity Review 20 180 Q1 2018 credited Canada Equity, Equity Linked & Preferred volume decreased 46.98% to CAD 7.7 Bln while deal count 150 15 Deal decreased 14.84% to 132 offerings year-on-year. Canada Equity IPO volume decreased 69.08% year-on-year to CAD 224.5 Deal

Bln Bln 100 Count Count Mln while the deal count increased 53.33% to 23. Canada Equity Offerings volume decreased 55.00% year-on-year to CAD 10

5.9 Bln over 116 deals. CAD CAD Toronto Dominion Bank ranked as the top Canada Equity, Equity Linked & Preferred underwriter for Q1 2018 with 14.06% 50 5 50 market share. The bank underwrote 18 deals over the period. Canaccord Genuity and BMO Capital Markets ranked second

and third with 10.27% and 9.00% market share, respectively. 0 0

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Canada Equity, Equity Linked & Preferred Canada Equity, Equity Linked & Preferred: Industry Breakdown Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Health Care 24% 12% Toronto Dominion Bank 1 14.064 1,080 18 4 11.786 2.278 24% Financials 22% Canaccord Genuity 2 10.272 789 31 7 2.570 7.702 9% Materials 21% BMO Capital Markets 3 8.999 691 15 3 13.874 -4.875 Credit Suisse 4 8.806 676 3 27 0.270 8.536 Communications 13% RBC Capital Markets 5 8.540 656 13 1 24.584 -16.044 13% Industrials 9% GMP Securities 6 7.773 597 12 8 2.168 5.605 22% Morgan Stanley 7 7.003 538 2 27 0.270 6.733 Others 12% National Bank Financial Inc 8 6.697 514 13 9 1.919 4.778 21% Scotiabank 9 5.107 392 9 6 4.106 1.001 CIBC 10 4.364 335 10 5 5.260 -0.896 TOTAL 100% 7,677 132 100%

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

Q1 2018 Q1 2017 2018 2017 2016 30 Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Toronto Dominion Bank 1 13.248 932 14 4 12.040 1.208 (%) 20 Canaccord Genuity 2 11.190 787 30 6 2.735 8.455 Share Credit Suisse 3 9.614 676 3 25 0.287 9.327 BMO Capital Markets 4 9.496 668 13 3 14.216 -4.720 10 Market GMP Securities 5 8.462 595 11 8 2.307 6.155

Morgan Stanley 6 7.646 538 2 25 0.287 7.359 0 RBC Capital Markets 7 7.218 508 9 1 25.145 -17.927 Bank Suisse Genuity Markets Markets National Bank Financial Inc 8 6.747 475 10 14 1.097 5.650 Securities Credit CIBC 9 4.200 295 7 5 4.467 -0.267 Dominion Capital Capital GMP Canaccord Eight Capital 10 3.719 262 9 22 0.380 3.339 BMO RBC Toronto TOTAL 100% 7,032 126 100%

Bloomberg League Table Reports Page 6 Bloomberg Global Equity | Q1 2018

Canada Equity Offerings Canada Equity IPO Q1 2018 Q1 2017 Q1 2018 Q1 2017

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(%) Toronto Dominion Bank 1 13.189 782 11 4 12.254 0.935 CIBC 1 19.215 43 1 1 12.185 7.030 Credit Suisse 2 11.401 676 3 24 0.297 11.104 RBC Capital Markets 1 19.215 43 1 1 12.185 7.030 GMP Securities 3 9.388 557 10 8 2.382 7.006 Scotiabank 1 19.215 43 1 14 1.834 17.381 Canaccord Genuity 4 9.251 549 28 7 2.672 6.579 BMO Capital Markets 1 19.215 43 1 3 7.220 11.995 BMO Capital Markets 5 9.091 539 10 3 14.178 -5.087 Haywood Securities 5 6.563 15 9 21 0.551 6.012 Morgan Stanley 6 9.067 538 2 24 0.297 8.770 Mackie Research Capital Corp 6 5.110 11 2 24 0.172 4.938 National Bank Financial Inc 7 6.199 368 7 17 0.806 5.393 Canaccord Genuity 7 5.032 11 5 23 0.425 4.607 RBC Capital Markets 8 5.393 320 6 1 24.464 -19.071 Eight Capital 8 4.320 10 1 - - 4.320 Eight Capital 9 4.410 262 9 21 0.392 4.018 Pacific International Securities Inc 9 1.470 3 4 - - 1.470 CIBC 10 3.295 195 5 5 4.611 -1.316 GMP Securities 10 0.356 0.80 1 13 4.576 -4.220 UBS 11 2.691 160 1 18 0.781 1.910 Jones Gable & Co Ltd 11 0.111 0.25 1 - - 0.111 Goldman Sachs 12 1.834 109 1 24 0.297 1.537 Industrial Alliance Insurance & Financial 12 0.089 0.20 1 25 0.138 -0.049 Pacific International Securities Inc 13 1.692 100 13 45 0.094 1.598 Chippingham Financial Group Ltd 12 0.089 0.20 1 - - 0.089 Haywood Securities 14 1.642 97 18 32 0.217 1.425 ------Clarus Securities 15 1.478 88 5 12 1.304 0.174 ------GMP FirstEnergy 16 1.012 60 1 - - 1.012 ------Paradigm Capital Inc 17 0.875 52 3 22 0.345 0.530 ------Desjardins Capital Markets 18 0.825 49 1 - - 0.825 ------Cormark Securities Inc 19 0.792 47 4 14 0.963 -0.171 ------Scotiabank 20 0.727 43 1 6 2.809 -2.082 ------TOTAL 100% 5,930 116 100% TOTAL 100% 224 23 100%

Canadian Retail Structured Products Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Scotiabank 1 33.225 134 8 1 36.211 -2.986 RBC Capital Markets 2 28.021 113 8 2 30.320 -2.299 CIBC 3 23.566 95 8 3 18.408 5.158 National Bank Financial Inc 4 11.430 46 6 4 12.981 -1.551 Canaccord Genuity 5 0.418 2 1 - - 0.418 Raymond James & Associates 5 0.418 2 1 - - 0.418 Echelon Wealth Management Inc 5 0.418 2 1 - - 0.418 Industrial Alliance Insurance & Financial 5 0.418 2 1 - - 0.418 GMP Securities 5 0.418 2 1 - - 0.418 Mackie Research Capital Corp 5 0.418 2 1 - - 0.418 Desjardins Capital Markets 5 0.418 2 1 - - 0.418 BMO Capital Markets 5 0.418 2 1 5 2.080 -1.662 Toronto Dominion Bank 5 0.418 2 1 - - 0.418 ------TOTAL 100% 403 11 100%

Bloomberg League Table Reports Page 7 Bloomberg Global Equity | Q1 2018

Latin America Equity Offerings: Quarterly Volume

Deal Count Amount Latin America Equity Review 20 30 Q1 2018 credited Latin America Equity Offerings volume increased 50.87% to USD 6.7 Bln while deal count decreased 15

25.00% to 12 offerings year-on-year. 20 Deal Deal

Bln Bln Count Count JP Morgan ranked as the top Latin America Equity Offerings underwriter for Q1 2018 with 12.08% market share. The bank 10

underwrote 5 deals over the period. Bank of America Merrill Lynch and Goldman Sachs ranked second and third with USD USD 10.35% and 8.52% market share, respectively. 10 5

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Latin America Equity Offerings Latin America Equity Offerings: Industry Breakdown Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Financials 55% 6% JP Morgan 1 12.083 815 5 1 15.907 -3.824 10% Industrials 29% Bank of America Merrill Lynch 2 10.350 698 4 5 9.697 0.653 Consumer Staples 10% Goldman Sachs 3 8.517 574 3 - - 8.517 Morgan Stanley 4 8.196 553 3 8 6.750 1.446 Utilities 6% Credit Suisse 5 7.957 536 2 9 6.525 1.432 55% 29% 6 5.011 338 2 2 12.852 -7.841 Banco Bilbao Vizcaya Argentaria 6 5.011 338 2 16 0.241 4.770 Citi 8 4.927 332 2 - - 4.927 Banco Itau BBA 9 4.831 326 1 3 11.290 -6.459 Bradesco BBI SA 9 4.831 326 1 6 8.308 -3.477 TOTAL 100% 6,742 12 100%

Brazil Equity Offerings Latin America Equity Offerings: Manager Rankings History

Q1 2018 Q1 2017 2018 2017 2016 45 Firm Rank Mkt Share(%) Volume (BRL Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) 40 JP Morgan 1 16.874 1,499 2 4 12.045 4.829 (%)

Morgan Stanley 2 11.875 1,055 1 9 2.622 9.253 Share Banco Itau BBA 2 11.875 1,055 1 1 15.230 -3.355 20 Bradesco BBI SA 2 11.875 1,055 1 3 12.974 -1.099 Market Goldman Sachs 2 11.875 1,055 1 - - 11.875

Bank of America Merrill Lynch 2 11.875 1,055 1 2 15.087 -3.212 0 Credit Suisse 2 11.875 1,055 1 8 7.269 4.606 Lynch Sachs Suisse Morgan Stanley Deutsche Bank 2 11.875 1,055 1 - - 11.875 JP Santander Argentaria Merrill Credit ------Goldman Morgan Banco Vizcaya ------America of TOTAL 100% 8,886 2 100% Bilbao Bank Banco

Bloomberg League Table Reports Page 8 Bloomberg Global Equity | Q1 2018

EMEA Equity, Equity Linked & Rights - Risk: Largest Deals by Country EMEA Equity Review of Q1 2018 Issuer Volume (USD Mln) Date Country Q1 2018 credited EMEA Equity, Equity Linked & Rights - Risk volume decreased 20.50% to USD 46.4 Bln while deal count Ubisoft Entertainment SA 1,083 03/20/2018 France decreased 18.45% to 221 offerings year-on-year. EMEA Equity IPO volume increased 129.84% year-on-year to USD 14.3 Siemens Healthineers AG 4,505 03/15/2018 Germany Terna Energy SA 64 01/18/2018 Greece Bln while the deal count decreased 6.25% to 45. EMEA Equity Linked - Risk volume decreased 40.26% year-on-year to USD Credito Valtellinese SpA 862 03/08/2018 Italy 4.8 Bln over 15 deals. Philips Lighting NV 638 02/27/2018 Netherlands Goldman Sachs ranked as the top EMEA Equity, Equity Linked & Rights - Risk underwriter for Q1 2018 with 10.35% market PSG Group Ltd 585 01/22/2018 South Africa share. The bank underwrote 23 deals over the period. Citi and Deutsche Bank ranked second and third with 8.27% and Metrovacesa SA 805 02/02/2018 Spain 7.88% market share, respectively. Glencore Funding LLC 500 03/20/2018 Switzerland Borr Drilling Ltd 193 03/22/2018 United Arab Emirates Cineworld Group PLC 2,411 02/19/2018 United Kingdom EMEA Equity, Equity Linked & Rights - Risk: Highlights of Q1 2018

Issuer Industry Volume (USD Mln) Date Siemens Healthineers AG Health Care 4,505 03/15/2018 Cineworld Group PLC Consumer Discretionary 2,411 02/19/2018 EMEA Equity, Equity Linked & Rights - Risk: Industry Breakdown Covestro AG Materials 2,180 01/11/2018 DWS Group GmbH & Co KGaA Financials 1,599 03/22/2018 Industry Volume (USD Mln) % Of Total % YOY Change Umicore SA Materials 1,092 02/08/2018 Financials 16,830 32.8% -47.7% Ubisoft Entertainment SA Technology 1,083 03/20/2018 Materials 6,962 13.6% 36.8% Credito Valtellinese SpA Financials 862 03/08/2018 Health Care 6,852 13.3% 52.0% Elkem ASA Materials 831 03/22/2018 Consumer Discretionary 5,978 11.6% 26.5% Tesco PLC Consumer Staples 828 03/15/2018 Industrials 4,018 7.8% -6.4% Metrovacesa SA Financials 805 02/02/2018 Consumer Staples 2,971 5.8% 131.1% Technology 2,677 5.2% 180.7% Communications 2,508 4.9% 92.1% Utilities 1,359 2.6% -84.2% EMEA Equity, Equity Linked & Rights - Risk Energy 1,198 2.3% -58.9%

Deal Count Rights Equity-Linked IPO

Add'l 140 400 140 400 EMEA Equity, Equity Linked & Rights - Risk: Offering Breakdown

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

300 Additional Offerings 23,559 45.9% -11.4% 100 IPO 15,617 30.4% 140.2% Rights Offerings 6,969 13.6% -71.3% Deal Deal 80 Equity-Linked 5,211 10.1% -38.5%

Bln Bln Count Count 200

USD USD 60

40 100

20

0 0

20132013 20142014 20152015 20162016 20172017 20182018 Q1 Q1 Q1 Q1 Q1 Q1

Quarters

Bloomberg League Table Reports Page 9 Bloomberg Global Equity | Q1 2018

EMEA Equity, Equity Linked & Rights - Risk EMEA Equity, Equity Linked & Rights - Syndication Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Goldman Sachs 1 10.351 4,798 23 4 6.862 3.489 Goldman Sachs 1 10.077 4,587 20 4 7.244 2.833 Citi 2 8.268 3,832 20 6 6.689 1.579 Deutsche Bank 2 8.585 3,908 21 2 7.824 0.761 Deutsche Bank 3 7.877 3,651 21 2 8.110 -0.233 Citi 3 7.979 3,632 19 6 6.042 1.937 JP Morgan 4 7.663 3,552 17 1 10.730 -3.067 JP Morgan 4 7.448 3,391 16 1 11.039 -3.591 UBS 5 5.109 2,368 9 3 7.489 -2.380 UBS 5 4.872 2,218 8 3 7.550 -2.678 Societe Generale 6 4.644 2,152 13 8 3.971 0.673 Societe Generale 6 4.728 2,152 13 8 3.879 0.849 Credit Suisse 7 4.394 2,037 11 10 3.262 1.132 Morgan Stanley 7 4.075 1,855 17 7 4.816 -0.741 Morgan Stanley 8 4.362 2,022 19 7 4.635 -0.273 Credit Suisse 8 3.955 1,801 9 10 3.033 0.922 BNP Paribas 9 3.794 1,758 11 9 3.902 -0.108 BNP Paribas 9 3.643 1,658 10 9 3.811 -0.168 Barclays 10 3.762 1,744 15 11 3.257 0.505 Barclays 10 3.477 1,583 12 11 2.875 0.602 Bank of America Merrill Lynch 11 3.160 1,465 9 5 6.733 -3.573 Joh Berenberg Gossler & Co KG 11 3.256 1,482 13 19 1.541 1.715 HSBC 12 3.074 1,425 9 14 2.091 0.983 12 3.067 1,396 8 41 0.253 2.814 Joh Berenberg Gossler & Co KG 13 3.020 1,400 12 19 1.578 1.442 HSBC 13 2.910 1,325 8 14 2.042 0.868 Investec 14 2.958 1,371 7 41 0.259 2.699 Bank of America Merrill Lynch 14 2.480 1,129 6 5 6.577 -4.097 Credit Agricole CIB 15 1.707 791 4 12 2.627 -0.920 Credit Agricole CIB 15 1.738 791 4 12 2.566 -0.828 of South Africa 16 1.367 634 3 55 0.179 1.188 Numis 16 1.559 710 8 30 0.569 0.990 Numis 17 1.353 627 7 28 0.583 0.770 Pareto Securities 17 1.407 641 11 52 0.183 1.224 Pareto Securities 18 1.304 605 10 54 0.187 1.117 Standard Bank of South Africa 18 1.392 634 3 54 0.175 1.217 Carnegie 19 1.237 573 12 22 1.110 0.127 Nordea 19 1.270 578 7 18 1.552 -0.282 Stifel 20 1.175 545 6 51 0.212 0.963 Carnegie 20 1.259 573 12 24 1.084 0.175 TOTAL 100% 46,350 221 100% TOTAL 100% 45,525 214 100%

EMEA Equity & Equity Linked - Risk EMEA Equity & Equity Linked - Syndication Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Goldman Sachs 1 11.407 4,798 23 5 7.592 3.815 Goldman Sachs 1 11.125 4,587 20 3 8.123 3.002 Citi 2 8.923 3,753 19 4 7.858 1.065 Deutsche Bank 2 9.478 3,908 21 4 7.902 1.576 Deutsche Bank 3 8.680 3,651 21 3 8.325 0.355 Citi 3 8.616 3,553 18 5 6.880 1.736 JP Morgan 4 8.445 3,552 17 1 12.960 -4.515 JP Morgan 4 8.223 3,391 16 1 13.334 -5.111 UBS 5 5.630 2,368 9 2 8.376 -2.746 UBS 5 5.379 2,218 8 2 8.434 -3.055 Societe Generale 6 4.929 2,073 12 8 3.432 1.497 Societe Generale 6 5.027 2,073 12 8 3.317 1.710 Credit Suisse 7 4.653 1,957 10 11 2.538 2.115 Credit Suisse 7 4.174 1,721 8 12 2.230 1.944 Morgan Stanley 8 4.427 1,862 18 7 4.536 -0.109 Morgan Stanley 8 4.111 1,695 16 7 4.803 -0.692 BNP Paribas 9 4.181 1,758 11 9 3.144 1.037 BNP Paribas 9 4.022 1,658 10 9 3.038 0.984 Bank of America Merrill Lynch 10 3.483 1,465 9 6 6.439 -2.956 Joh Berenberg Gossler & Co KG 10 3.595 1,482 13 10 2.231 1.364 Joh Berenberg Gossler & Co KG 11 3.328 1,400 12 12 2.309 1.019 Bank of America Merrill Lynch 11 2.737 1,129 6 6 6.222 -3.485 Barclays 12 1.896 798 12 10 2.743 -0.847 Credit Agricole CIB 12 1.919 791 4 17 1.411 0.508 Credit Agricole CIB 13 1.881 791 4 15 1.460 0.421 Numis 13 1.713 707 7 24 0.826 0.887 Investec 14 1.553 653 6 38 0.378 1.175 Investec 14 1.645 678 7 38 0.365 1.280 Standard Bank of South Africa 15 1.507 634 3 51 0.263 1.244 Barclays 15 1.545 637 9 13 2.206 -0.661 Numis 16 1.484 624 6 22 0.855 0.629 Standard Bank of South Africa 16 1.537 634 3 50 0.254 1.283 Pareto Securities 17 1.413 594 8 50 0.274 1.139 Pareto Securities 17 1.528 630 9 48 0.265 1.263 Carnegie 18 1.353 569 10 14 1.629 -0.276 Nordea 18 1.387 572 6 14 2.047 -0.660 HSBC 19 1.327 558 7 20 0.903 0.424 Carnegie 19 1.380 569 10 16 1.574 -0.194 Nordea 20 1.274 536 5 13 2.118 -0.844 Daiwa Securities 20 1.224 505 3 54 0.212 1.012 TOTAL 100% 42,061 199 100% TOTAL 100% 41,236 192 100%

Bloomberg League Table Reports Page 10 Bloomberg Global Equity | Q1 2018

EMEA Equity Linked - Risk EMEA Equity Linked - Syndication Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Deutsche Bank 1 19.381 922 3 2 15.176 4.205 Deutsche Bank 1 22.782 1,196 4 2 11.355 11.427 Societe Generale 2 12.773 608 5 4 6.517 6.256 Societe Generale 2 11.570 608 5 7 4.876 6.694 BNP Paribas 3 12.689 604 5 3 7.178 5.511 Daiwa Securities 3 9.613 505 3 16 0.819 8.794 Citi 4 7.437 354 3 8 4.203 3.234 BNP Paribas 4 9.590 504 4 6 5.370 4.220 HSBC 5 7.359 350 3 11 1.520 5.839 Citi 5 6.737 354 3 11 2.244 4.493 JP Morgan 6 7.008 333 3 1 39.828 -32.820 HSBC 6 4.761 250 2 13 1.137 3.624 Goldman Sachs 7 5.125 244 2 7 4.427 0.698 Goldman Sachs 7 4.642 244 2 4 7.411 -2.769 Barclays 8 4.415 210 2 - - 4.415 JP Morgan 8 4.444 233 2 1 32.999 -28.555 Credit Agricole CIB 9 4.284 204 2 6 5.732 -1.448 Credit Agricole CIB 9 3.881 204 2 10 4.289 -0.408 10 3.819 182 2 12 1.413 2.406 Natixis 10 3.460 182 2 14 1.057 2.403 Morgan Stanley 11 3.022 144 1 10 1.779 1.243 Morgan Stanley 11 2.738 144 1 9 4.529 -1.791 UBS 12 2.138 102 1 5 6.201 -4.063 Sumitomo Mitsui Financial 12 2.660 140 1 - - 2.660 Vontobel Holding AG 12 2.138 102 1 - - 2.138 Barclays 13 2.095 110 1 - - 2.095 Credit Suisse 12 2.138 102 1 9 2.226 -0.088 UBS 14 1.937 102 1 8 4.639 -2.702 Bank of America Merrill Lynch 15 2.103 100 1 - - 2.103 Vontobel Holding AG 14 1.937 102 1 - - 1.937 Sberbank CIB CJSC 16 1.752 83 1 - - 1.752 Credit Suisse 14 1.937 102 1 12 1.665 0.272 Menora Underwriters & Management Ltd 17 0.334 16 2 - - 0.334 Sberbank CIB CJSC 17 1.587 83 1 - - 1.587 Invest Securities AS 18 0.261 12 1 - - 0.261 Nomura 18 1.438 76 1 3 8.618 -7.180 Octo Finances 18 0.261 12 1 - - 0.261 Menora Underwriters & Management Ltd 19 0.302 16 2 - - 0.302 ICF BANK AG 20 0.261 12 1 - - 0.261 Octo Finances 20 0.237 12 1 - - 0.237 TOTAL 100% 4,756 15 100% TOTAL 100% 5,250 19 100%

EMEA Equity IPO EMEA Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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 10.617 1,520 8 3 7.401 3.216 Goldman Sachs 1 12.208 4,554 21 3 8.393 3.815 Deutsche Bank 2 7.850 1,124 6 8 2.958 4.892 Citi 2 9.112 3,399 16 2 8.783 0.329 Goldman Sachs 3 6.996 1,002 4 1 10.114 -3.118 JP Morgan 3 8.628 3,219 14 6 6.232 2.396 Morgan Stanley 4 6.718 962 8 26 1.040 5.678 Deutsche Bank 4 7.316 2,729 18 5 6.615 0.701 JP Morgan 5 6.661 954 4 2 9.731 -3.070 UBS 5 6.075 2,266 8 1 8.929 -2.854 Bank of America Merrill Lynch 6 6.638 950 4 - - 6.638 Credit Suisse 6 4.974 1,856 9 12 2.619 2.355 UBS 7 6.473 927 3 26 1.040 5.433 Morgan Stanley 7 4.606 1,718 17 7 5.132 -0.526 BNP Paribas 8 6.100 873 3 12 2.668 3.432 Societe Generale 8 3.928 1,466 7 10 2.662 1.266 Joh Berenberg Gossler & Co KG 9 4.179 598 3 14 2.397 1.782 Joh Berenberg Gossler & Co KG 9 3.753 1,400 12 9 2.890 0.863 Credit Suisse 10 3.600 515 4 5 5.499 -1.899 Bank of America Merrill Lynch 10 3.659 1,365 8 4 8.061 -4.402 Pareto Securities 11 2.914 417 2 - - 2.914 BNP Paribas 11 3.096 1,155 6 13 2.135 0.961 Carnegie 12 2.208 316 3 15 2.247 -0.039 Investec 12 1.751 653 6 35 0.473 1.278 ING Groep 13 2.139 306 4 36 0.621 1.518 Standard Bank of South Africa 13 1.699 634 3 49 0.329 1.370 Nordea 14 1.808 259 2 24 1.388 0.420 Numis 14 1.673 624 6 20 1.071 0.602 Peel Hunt LLP 15 1.728 247 1 11 2.766 -1.038 Pareto Securities 15 1.593 594 8 48 0.343 1.250 ABG Sundal Collier Asa 16 1.709 245 2 23 1.421 0.288 Barclays 16 1.575 588 10 8 3.434 -1.859 Canaccord Genuity 17 1.678 240 1 - - 1.678 Credit Agricole CIB 17 1.575 587 2 45 0.390 1.185 Societe Generale 18 1.636 234 2 53 0.211 1.425 Carnegie 18 1.526 569 10 14 2.039 -0.513 19 1.604 230 2 46 0.326 1.278 Nordea 19 1.437 536 5 11 2.652 -1.215 ABN Amro Bank NV 20 1.409 202 3 - - 1.409 Canaccord Genuity 20 1.077 402 5 41 0.406 0.671 TOTAL 100% 14,315 45 100% TOTAL 100% 37,305 184 100%

Bloomberg League Table Reports Page 11 Bloomberg Global Equity | Q1 2018

EMEA Rights Offerings Western Europe Equity, Equity Linked & Rights Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays 1 22.055 946 3 13 4.356 17.699 Goldman Sachs 1 11.091 3,716 20 3 7.429 3.662 HSBC 2 20.204 866 2 12 4.632 15.572 Citi 2 9.101 3,049 19 6 6.112 2.989 Investec 3 16.737 718 1 39 0.005 16.732 Deutsche Bank 3 7.768 2,603 17 4 7.407 0.361 Emirates NBD PJSC 4 6.698 287 2 - - 6.698 JP Morgan 4 7.649 2,563 14 1 11.513 -3.864 Banco Santander 5 5.584 239 2 16 3.698 1.886 Societe Generale 5 5.235 1,754 13 9 4.270 0.965 Morgan Stanley 6 3.732 160 1 10 4.846 -1.114 Credit Suisse 6 5.007 1,677 11 10 3.386 1.621 Stifel 7 3.460 148 2 - - 3.460 Morgan Stanley 7 4.735 1,586 18 7 4.624 0.111 Oddo BHF SCA 8 3.263 140 1 30 0.083 3.180 BNP Paribas 8 4.289 1,437 11 8 4.300 -0.011 9 1.852 79 1 6 5.301 -3.449 Barclays 9 4.215 1,412 15 12 2.749 1.466 Citi 9 1.852 79 1 15 4.188 -2.336 UBS 10 4.054 1,358 8 2 8.121 -4.067 Credit Suisse 9 1.852 79 1 11 4.811 -2.959 Joh Berenberg Gossler & Co KG 11 3.395 1,138 12 19 1.618 1.777 Banca Popolare di Milano 9 1.852 79 1 - - 1.852 HSBC 12 3.066 1,027 7 15 2.096 0.970 Societe Generale 9 1.852 79 1 8 5.122 -3.270 Bank of America Merrill Lynch 13 2.551 855 5 5 7.257 -4.706 Equita SIM SpA 9 1.852 79 1 - - 1.852 Investec 14 2.474 829 4 37 0.284 2.190 Commerzbank 9 1.852 79 1 16 3.698 -1.846 Credit Agricole CIB 15 1.927 645 4 11 2.901 -0.974 Vontobel Holding AG 16 1.528 66 1 - - 1.528 Numis 16 1.523 510 7 25 0.641 0.882 Banque Degroof Petercam 17 0.785 34 2 - - 0.785 Pareto Securities 17 1.400 469 9 47 0.205 1.195 KBC Group 18 0.518 22 1 24 0.365 0.153 Carnegie 18 1.384 464 12 22 1.226 0.158 Belfius Bank SA/NV 18 0.518 22 1 - - 0.518 Stifel 19 1.316 441 6 45 0.231 1.085 Zeus Capital 20 0.284 12 1 - - 0.284 Nordea 20 1.313 440 6 18 1.743 -0.430 TOTAL 100% 4,288 22 100% TOTAL 100% 33,505 184 100%

Eastern Europe Equity, Equity Linked & Rights AIM Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Bank of America Merrill Lynch 1 14.885 182 3 13 2.717 12.168 Stifel 1 18.313 368 4 - - 18.313 Deutsche Bank 2 13.407 164 3 3 9.785 3.622 Equita SIM SpA 2 14.968 301 2 - - 14.968 JP Morgan 3 10.495 128 2 14 2.693 7.802 Intesa Sanpaolo 3 8.749 176 1 2 10.972 -2.223 HSBC 4 10.376 127 2 7 4.784 5.592 Credit Suisse 3 8.749 176 1 - - 8.749 Goldman Sachs 5 9.437 115 2 11 2.780 6.657 Investec 5 5.973 120 3 13 2.647 3.326 Sberbank CIB CJSC 6 7.332 90 2 6 5.497 1.835 Banca Popolare di Milano 6 4.354 88 1 - - 4.354 Akbank TAS 7 6.287 77 2 - - 6.287 Macquarie 7 3.851 77 2 - - 3.851 Citi 8 5.448 67 1 1 21.319 -15.871 Nplus1 Singer Ltd 8 3.231 65 2 6 6.464 -3.233 Morgan Stanley 9 4.952 61 1 8 4.661 0.291 Joh Berenberg Gossler & Co KG 9 2.751 55 2 1 12.251 -9.500 Banco Santander 10 4.299 53 2 16 2.521 1.778 Jefferies 10 2.388 48 1 - - 2.388 PKO Bank Polski SA 11 3.589 44 2 - - 3.589 FinnCap 11 2.238 45 8 9 3.947 -1.709 VTB Capital 12 2.392 29 1 2 9.830 -7.438 Mirabaud Securities 12 2.207 44 1 16 1.920 0.287 Raiffeisen Bank International Group 13 1.632 20 1 - - 1.632 Smith & Williamson 12 2.207 44 1 16 1.920 0.287 Swiss Capital Group 13 1.632 20 1 - - 1.632 Mediobanca 14 2.181 44 1 - - 2.181 Dom Inwestycyjny Investors 15 1.314 16 1 - - 1.314 RBS 14 2.181 44 1 - - 2.181 Gedik Yatirim Menkul Degerler AS 16 0.925 11 1 - - 0.925 Canaccord Genuity 16 1.757 35 3 11 3.095 -1.338 Swedbank 17 0.604 7 1 - - 0.604 Zeus Capital 17 1.629 33 2 5 7.297 -5.668 Trigon Dom Maklerski SA 17 0.604 7 1 20 0.538 0.066 Numis 18 1.507 30 5 4 9.834 -8.327 Meksa Yatirim Menkul Degerler AS 19 0.391 5 1 - - 0.391 Cenkos Securities 19 1.473 30 4 3 10.368 -8.895 ------Northland Capital Partners Ltd 20 1.157 23 6 24 0.488 0.669 TOTAL 100% 1,223 13 100% TOTAL 100% 2,010 93 100%

Bloomberg League Table Reports Page 12 Bloomberg Global Equity | Q1 2018

Africa Equity, Equity Linked & Rights Sub-Sahara Equity, Equity Linked & Rights Q1 2018 Q1 2017 Q1 2018 Q1 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 Bank of South Africa 1 31.067 634 3 4 11.945 19.122 Standard Bank of South Africa 1 31.067 634 3 4 12.545 18.522 Investec 2 16.757 342 3 - - 16.757 Investec 2 16.757 342 3 - - 16.757 PSG Group Ltd 3 14.345 293 1 10 1.048 13.297 PSG Group Ltd 3 14.345 293 1 9 1.101 13.244 JP Morgan 4 11.878 242 1 - - 11.878 JP Morgan 4 11.878 242 1 - - 11.878 Deutsche Bank 4 11.878 242 1 - - 11.878 Deutsche Bank 4 11.878 242 1 - - 11.878 Bank of America Merrill Lynch 6 9.106 186 1 - - 9.106 Bank of America Merrill Lynch 6 9.106 186 1 - - 9.106 Goldman Sachs 7 4.969 101 1 - - 4.969 Goldman Sachs 7 4.969 101 1 - - 4.969 ------TOTAL 100% 2,039 7 100% TOTAL 100% 2,039 7 100%

MENA Equity, Equity Linked & Rights Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Emirates NBD PJSC 1 54.303 287 2 5 4.545 49.758 DNB ASA 2 9.389 50 3 1 24.723 -15.334 ABG Sundal Collier Asa 2 9.389 50 3 7 3.410 5.979 CLARKSONS PLATOU SECURITIES AS 4 5.206 28 1 1 24.723 -19.517 Pareto Securities 4 5.206 28 1 - - 5.206 Fearnley Securities AS 4 5.206 28 1 1 24.723 -19.517 Danske Bank 4 5.206 28 1 - - 5.206 SEB 4 5.206 28 1 - - 5.206 Bank Muscat 9 0.886 5 1 - - 0.886 ------TOTAL 100% 528 6 100%

Bloomberg League Table Reports Page 13 Bloomberg Global Equity | Q1 2018

Asia ex-Japan Equity, Equity Linked & Rights

Deal Count Rights IPO Asia Pacific Equity Review Add'l 80 800 Q1 2018 credited APAC ex-Japan Equity, Equity Linked & Rights volume increased 111.67% to USD 59 Bln while deal DealDeal count increased 7.62% to 537 offerings year-on-year. APAC ex-Japan Equity IPO volume increased 5.44% year-on-year 50 500

Bln Bln CountCount

to USD 17.3 Bln while the deal count decreased 15.21% to 223. APAC ex-Japan Equity Linked volume increased 189.05% USD USD year-on-year to USD 15.7 Bln over 48 deals.

Morgan Stanley ranked as the top APAC ex-Japan Equity, Equity Linked & Rights underwriter for Q1 2018 with 10.68% 0 0

market share. The bank underwrote 19 deals over the period. Citi and Bank of America Merrill Lynch ranked second and 20132013 20142014 20152015 20162016 20172017 20182018 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 third with 9.573% and 9.566% market share, respectively. Quarters Australia/New Zealand Equity, EQL & Rights APAC Equity, Equity Linked & Rights: Highlights of Q1 2018 Deal Count Rights IPO

Issuer Industry Volume (USD Mln) Date Add'l Tencent Holdings Ltd Technology 9,807 03/23/2018 20 400 China National Petroleum Corp Energy 3,174 02/01/2018 DealDeal China Oceanwide International Financial Ltd Financials 2,330 03/05/2018

Bln Bln CountCount 10 200 China Evergrande Group Financials 2,302 01/30/2018 10 200 USD USD iQIYI Inc Communications 2,250 03/29/2018 Smart Insight International Ltd Financials 1,994 01/16/2018 0 0 Woodside Petroleum Ltd Energy 1,980 02/23/2018 20132013 20142014 20152015 20162016 20172017 20182018 Tata Consultancy Services Ltd Technology 1,388 03/13/2018 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Yakult Honsha Co Ltd Consumer Staples 1,319 03/05/2018 Quarters Tata Steel Ltd Materials 1,214 03/19/2018 China Equity, Equity Linked & Rights

Deal Count Rights IPO

APAC Equity, Equity Linked & Rights: Industry Breakdown Add'l 400 400 DealDeal 5% Industry Volume (USD Mln) % Of Total % YOY Change

Bln Bln CountCount

Financials 27,076 32.7% 70.3% 200 200 6% USD USD Technology 15,034 18.1% 220.3% 6% 33% Energy 6,875 8.3% 759.0% 0 0 Consumer Discretionary 6,305 7.6% -21.7% 7% 20132013 20142014 20152015 20162016 20172017 20182018 Communications 6,028 7.3% 115.2% Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Materials 5,601 6.8% 13.9% 7% Quarters Industrials 5,370 6.5% 11.3% 8% Health Care 4,940 6.0% 301.2% Japan Equity & Equity Linked 18% 8% Consumer Staples 4,408 5.3% 58.1%

Utilities 1,238 1.5% -27.5% Deal Count Rights IPO

Add'l

1,800 110 DealDeal

Bln Bln CountCount 1,000 50 USD USD

0 0

20132013 20142014 20152015 20162016 20172017 20182018 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1 Q1Q1

Quarters

Bloomberg League Table Reports Page 14 Bloomberg Global Equity | Q1 2018

Asia ex-Japan Equity, Equity Linked & Rights Asia ex-Japan Equity, EQL & Rights ex-CH A Shares Q1 2018 Q1 2017 Q1 2018 Q1 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(%)

Goldman Sachs 1 10.109 6,460 15 1 8.947 1.162 Citi 1 12.906 6,400 18 2 6.323 6.583 Citi 2 10.015 6,400 18 5 4.440 5.575 Morgan Stanley 2 12.860 6,377 18 4 4.500 8.360 Morgan Stanley 3 9.979 6,377 18 3 4.987 4.992 Goldman Sachs 3 11.041 5,475 12 1 11.799 -0.758 Bank of America Merrill Lynch 4 8.203 5,242 10 11 2.767 5.436 Bank of America Merrill Lynch 4 10.571 5,242 10 3 4.938 5.633 CITIC Securities Co Ltd 5 4.042 2,583 12 2 5.333 -1.291 UBS 5 4.130 2,048 12 5 3.372 0.758 China Securities Co Ltd 6 4.037 2,580 8 8 3.262 0.775 Credit Suisse 6 3.951 1,959 15 21 1.158 2.793 UBS 7 3.205 2,048 12 6 4.226 -1.021 Haitong Securities Co Ltd 7 2.614 1,296 9 6 3.061 -0.447 Credit Suisse 8 3.066 1,959 15 35 0.649 2.417 Daishin Securities 8 2.313 1,147 7 141 0.045 2.268 Haitong Securities Co Ltd 9 2.466 1,576 12 7 3.839 -1.373 CITIC Securities Co Ltd 9 2.184 1,083 6 27 0.902 1.282 Huatai Securities Co Ltd 10 2.001 1,279 7 43 0.500 1.501 State Bank of India 10 1.996 990 8 10 2.337 -0.341 China Merchants Securities 11 1.829 1,169 7 18 1.405 0.424 JP Morgan 11 1.954 969 7 71 0.239 1.715 Daishin Securities 12 1.795 1,147 7 167 0.025 1.770 Axis Bank Ltd 12 1.820 952 7 26 0.962 0.958 Guosen Securities Co Ltd 13 1.731 1,106 2 15 1.529 0.202 Deutsche Bank 13 1.861 923 7 16 1.535 0.326 14 1.640 1,048 10 12 2.541 -0.901 BNP Paribas 14 1.859 922 6 48 0.542 1.317 State Bank of India 15 1.549 990 8 20 1.309 0.240 Kotak Mahindra Bank Ltd 15 1.809 897 5 56 0.392 1.417 JP Morgan 16 1.516 969 7 95 0.134 1.382 ICICI 16 1.373 681 8 7 2.879 -1.506 Axis Bank Ltd 17 1.490 952 7 40 0.539 0.951 Guotai Junan Securities 17 1.319 654 9 28 0.868 0.451 Deutsche Bank 18 1.444 923 7 19 1.392 0.052 HSBC 18 1.303 646 6 8 2.603 -1.300 BNP Paribas 19 1.443 922 6 60 0.304 1.139 China Merchants Bank 19 1.145 568 5 34 0.804 0.341 Kotak Mahindra Bank Ltd 20 1.404 897 5 72 0.228 1.176 Bank of Philippine Islands 20 0.966 479 2 - - 0.966 TOTAL 100% 63,903 425 100% TOTAL 100% 49,588 370 100%

Asia ex-Japan Equity & Equity Linked Asia ex-Japan Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Goldman Sachs 1 10.989 6,460 15 1 8.993 1.996 Goldman Sachs 1 17.400 2,631 3 2 13.362 4.038 Citi 2 10.887 6,400 18 5 4.109 6.778 China Securities Co Ltd 2 9.594 1,451 4 - - 9.594 Morgan Stanley 3 10.847 6,377 18 3 5.404 5.443 CITIC Securities Co Ltd 3 6.307 953 2 2 13.362 -7.055 Bank of America Merrill Lynch 4 8.917 5,242 10 11 2.998 5.919 BNP Paribas 4 4.250 643 2 - - 4.250 CITIC Securities Co Ltd 5 4.393 2,583 12 2 5.779 -1.386 Haitong Securities Co Ltd 5 3.956 598 3 - - 3.956 UBS 6 3.483 2,048 12 6 3.877 -0.394 Credit Suisse 6 3.745 566 3 - - 3.745 Credit Suisse 7 3.332 1,959 15 - - 3.332 Citi 7 3.530 534 2 12 0.795 2.735 China Securities Co Ltd 8 3.308 1,945 7 7 3.535 -0.227 Deutsche Bank 7 3.530 534 2 - - 3.530 Haitong Securities Co Ltd 9 2.185 1,284 11 8 3.383 -1.198 China Galaxy Financial Holdings Co Ltd 9 3.000 453 1 - - 3.000 Huatai Securities Co Ltd 10 2.175 1,279 7 41 0.542 1.633 Bank of China 9 3.000 453 1 - - 3.000 China Merchants Securities 11 1.988 1,169 7 17 1.523 0.465 China Merchants Securities 9 3.000 453 1 - - 3.000 Daishin Securities 12 1.951 1,147 7 152 0.027 1.924 China International Capital Corp 9 3.000 453 1 2 13.362 -10.362 JP Morgan 13 1.648 969 7 88 0.145 1.503 UBS 13 2.958 447 2 1 16.436 -13.478 Deutsche Bank 14 1.569 923 7 18 1.508 0.061 Bank of America Merrill Lynch 13 2.958 447 2 - - 2.958 BNP Paribas 15 1.459 858 5 56 0.329 1.130 Co Ltd 15 2.612 395 1 - - 2.612 Guotai Junan Securities 16 1.287 757 9 12 2.734 -1.447 Guotai Junan Securities 15 2.612 395 1 - - 2.612 China International Capital Corp 17 1.257 739 4 4 4.954 -3.697 Minsheng Securities Co Ltd 17 2.523 382 1 - - 2.523 Guosen Securities Co Ltd 18 1.139 670 1 15 1.657 -0.518 Zhongtai Securities Co Ltd 18 2.296 347 1 - - 2.296 HSBC 19 1.099 646 6 30 0.812 0.287 Morgan Stanley 19 2.110 319 2 2 13.362 -11.252 State Bank of India 20 1.023 601 7 29 0.814 0.209 Essence Securities Co Ltd 20 2.094 317 1 - - 2.094 TOTAL 100% 58,789 404 100% TOTAL 100% 15,118 46 100%

Bloomberg League Table Reports Page 15 Bloomberg Global Equity | Q1 2018

Asia ex-Japan Equity Linked ex-China Exchanges Asia ex-Japan Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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(%)

Goldman Sachs 1 25.158 1,994 1 - - 25.158 Citi 1 10.898 6,672 20 8 3.089 7.809 BNP Paribas 2 8.107 643 2 - - 8.107 Morgan Stanley 2 9.895 6,058 16 14 1.850 8.045 Credit Suisse 3 7.144 566 3 - - 7.144 Bank of America Merrill Lynch 3 7.832 4,795 8 17 1.479 6.353 Citi 4 6.733 534 2 6 4.442 2.291 China Securities Co Ltd 4 6.556 4,014 11 4 6.239 0.317 Deutsche Bank 4 6.733 534 2 - - 6.733 Goldman Sachs 5 6.453 3,951 13 6 4.935 1.518 Haitong Securities Co Ltd 6 6.341 503 2 - - 6.341 Huatai Securities Co Ltd 6 4.987 3,053 11 7 4.633 0.354 CITIC Securities Co Ltd 7 6.308 500 1 - - 6.308 CITIC Securities Co Ltd 7 3.729 2,283 16 1 9.754 -6.025 UBS 8 5.643 447 2 3 17.165 -11.522 UBS 8 2.795 1,711 11 10 2.836 -0.041 Bank of America Merrill Lynch 8 5.643 447 2 - - 5.643 Guotai Junan Securities 9 2.757 1,688 15 3 7.176 -4.419 Morgan Stanley 10 4.024 319 2 - - 4.024 Credit Suisse 10 2.455 1,503 13 35 0.572 1.883 HSBC 11 3.736 296 3 - - 3.736 Guosen Securities Co Ltd 11 2.051 1,256 4 11 2.621 -0.570 Taishin Financial Holding Co Ltd 12 2.588 205 1 10 2.419 0.169 Daishin Securities 12 1.873 1,147 7 167 0.014 1.859 Yuanta Securities Co Ltd 13 2.359 187 3 1 21.553 -19.194 Haitong Securities Co Ltd 13 1.645 1,007 11 5 5.887 -4.242 Nomura 14 2.347 186 2 - - 2.347 State Bank of India 14 1.617 990 8 30 0.700 0.917 JP Morgan 15 2.024 160 1 - - 2.024 Axis Bank Ltd 15 1.555 952 7 53 0.288 1.267 CIMB 15 2.024 160 1 - - 2.024 Kotak Mahindra Bank Ltd 16 1.465 897 5 80 0.117 1.348 Grand Fortune Securities Co 17 1.072 85 2 9 2.541 -1.469 JP Morgan 17 1.321 809 6 96 0.072 1.249 Mega Financial Holding Co Ltd 18 0.649 51 1 - - 0.649 China Merchants Securities 18 1.269 777 8 22 0.953 0.316 KGI Securities Co Ltd 19 0.433 34 1 2 21.072 -20.639 Deutsche Bank 19 1.220 747 7 12 2.365 -1.145 Fubon Securities Co 20 0.302 24 2 - - 0.302 ICICI 20 1.112 680 8 24 0.86 0.252 TOTAL 100% 7,926 31 100% TOTAL 100% 61,225 438 100%

Asia ex-Japan Equity IPO Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 8.537 1,462 5 36 0.680 7.857 CITIC Securities Co Ltd 2 6.813 1,167 7 4 5.693 1.120 Bank of America Merrill Lynch 3 6.124 1,049 4 21 1.212 4.912 Huatai Securities Co Ltd 4 5.631 965 6 29 0.950 4.681 Credit Suisse 5 4.884 836 3 - - 4.884 Guosen Securities Co Ltd 6 3.909 670 1 8 2.906 1.003 Citi 7 3.660 627 3 10 2.339 1.321 China Merchants Securities 8 3.397 582 5 9 2.671 0.726 Axis Bank Ltd 9 3.034 520 4 58 0.354 2.680 State Bank of India 10 3.016 517 5 58 0.354 2.662 China Securities Co Ltd 11 2.886 494 3 1 6.199 -3.313 Haitong Securities Co Ltd 12 2.831 485 6 2 5.931 -3.100 Zheshang Securities Co Ltd 13 2.193 376 1 16 1.685 0.508 China Construction Bank 14 2.065 354 3 15 1.882 0.183 JP Morgan 15 2.031 348 3 71 0.255 1.776 Guotai Junan Securities 16 2.010 344 5 5 4.794 -2.784 Morgan Stanley 17 1.949 334 4 103 0.095 1.854 GF Securities 18 1.942 333 4 3 5.710 -3.768 Guoyuan Securities Co Ltd 19 1.377 236 1 52 0.468 0.909 Daishin Securities 20 1.285 220 5 121 0.048 1.237 TOTAL 100% 17,129 205 100%

Bloomberg League Table Reports Page 16 Bloomberg Global Equity | Q1 2018

APAC Equity, Equity Linked & Rights APAC Equity & Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 10.169 7,816 25 2 6.714 3.455 Citi 1 10.439 7,206 23 9 3.244 7.195 Citi 2 9.375 7,206 23 8 3.512 5.863 Morgan Stanley 2 9.889 6,826 24 2 7.136 2.753 Goldman Sachs 3 8.861 6,811 18 1 9.753 -0.892 Goldman Sachs 3 9.867 6,811 18 1 9.877 -0.010 Bank of America Merrill Lynch 4 6.849 5,264 11 11 2.534 4.315 Bank of America Merrill Lynch 4 7.626 5,264 11 10 2.694 4.932 UBS 5 5.172 3,975 21 5 4.933 0.239 UBS 5 4.175 2,882 18 5 4.754 -0.579 CITIC Securities Co Ltd 6 3.361 2,583 12 7 3.782 -0.421 CITIC Securities Co Ltd 6 3.742 2,583 12 7 4.020 -0.278 China Securities Co Ltd 7 3.357 2,580 8 12 2.314 1.043 Credit Suisse 7 3.042 2,100 16 - - 3.042 Credit Suisse 8 2.732 2,100 16 41 0.460 2.272 China Securities Co Ltd 8 2.818 1,945 7 11 2.459 0.359 Sumitomo Mitsui Financial 9 2.425 1,864 25 3 5.716 -3.291 Sumitomo Mitsui Financial 9 2.700 1,864 25 3 6.075 -3.375 Nomura 10 2.420 1,860 35 4 5.000 -2.580 Nomura 10 2.695 1,860 35 4 5.314 -2.619 Haitong Securities Co Ltd 11 2.050 1,576 12 10 2.723 -0.673 Haitong Securities Co Ltd 11 1.861 1,284 11 12 2.353 -0.492 Deutsche Bank 12 1.924 1,479 10 17 1.549 0.375 Deutsche Bank 12 1.858 1,282 9 17 1.647 0.211 JP Morgan 13 1.775 1,364 10 20 1.093 0.682 Huatai Securities Co Ltd 13 1.852 1,279 7 47 0.377 1.475 Huatai Securities Co Ltd 14 1.664 1,279 7 49 0.354 1.310 Mizuho Financial 14 1.806 1,247 18 6 4.187 -2.381 Mizuho Financial 15 1.622 1,247 18 6 3.939 -2.317 Daiwa Securities 15 1.771 1,222 12 16 1.647 0.124 Daiwa Securities 16 1.590 1,222 12 16 1.550 0.040 China Merchants Securities 16 1.693 1,169 7 23 1.059 0.634 China Merchants Securities 17 1.521 1,169 7 24 0.997 0.524 JP Morgan 17 1.690 1,167 9 20 1.161 0.529 Daishin Securities 18 1.492 1,147 7 188 0.018 1.474 Daishin Securities 18 1.662 1,147 7 172 0.019 1.643 Guosen Securities Co Ltd 19 1.439 1,106 2 21 1.085 0.354 BNP Paribas 19 1.243 858 5 60 0.229 1.014 Guotai Junan Securities 20 1.364 1,048 10 15 1.800 -0.436 Guotai Junan Securities 20 1.096 757 9 15 1.902 -0.806 TOTAL 100% 76,862 604 100% TOTAL 100% 69,026 573 100%

APAC Equity Offerings APAC Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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 12.710 6,672 21 4 3.946 8.764 Goldman Sachs 1 17.671 2,922 5 1 13.793 3.878 Morgan Stanley 2 12.397 6,507 22 3 5.424 6.973 China Securities Co Ltd 2 8.773 1,451 4 - - 8.773 Bank of America Merrill Lynch 3 9.176 4,817 9 6 3.387 5.789 CITIC Securities Co Ltd 3 5.767 953 2 5 8.610 -2.843 Goldman Sachs 4 7.409 3,889 13 1 8.870 -1.461 Deutsche Bank 4 4.887 808 3 - - 4.887 UBS 5 4.638 2,435 16 8 3.253 1.385 Credit Suisse 5 4.279 707 4 - - 4.279 CITIC Securities Co Ltd 6 3.104 1,629 10 12 2.839 0.265 BNP Paribas 6 3.886 643 2 - - 3.886 Sumitomo Mitsui Financial 7 2.838 1,490 23 2 7.557 -4.719 Haitong Securities Co Ltd 7 3.617 598 3 - - 3.617 Nomura 8 2.760 1,449 31 5 3.878 -1.118 Citi 8 3.228 534 2 16 0.512 2.716 Credit Suisse 9 2.653 1,393 12 - - 2.653 Daiwa Securities 9 3.053 505 3 14 1.035 2.018 Mizuho Financial 10 2.375 1,247 18 7 3.265 -0.890 China Galaxy Financial Holdings Co Ltd 10 2.743 453 1 - - 2.743 Daishin Securities 11 2.185 1,147 7 167 0.024 2.161 Bank of China 10 2.743 453 1 - - 2.743 JP Morgan 12 1.917 1,006 8 91 0.127 1.790 China Merchants Securities 10 2.743 453 1 - - 2.743 Huatai Securities Co Ltd 13 1.838 965 6 44 0.474 1.364 China International Capital Corp 10 2.743 453 1 5 8.610 -5.867 Daiwa Securities 14 1.367 718 9 16 1.804 -0.437 UBS 14 2.705 447 2 4 10.591 -7.886 China Merchants Securities 15 1.363 715 6 21 1.332 0.031 Bank of America Merrill Lynch 14 2.705 447 2 - - 2.705 Haitong Securities Co Ltd 16 1.307 686 8 10 2.958 -1.651 Nomura 16 2.489 412 4 3 10.897 -8.408 Guosen Securities Co Ltd 17 1.275 670 1 19 1.449 -0.174 Guotai Junan Securities 17 2.388 395 1 - - 2.388 State Bank of India 18 1.146 601 7 31 0.711 0.435 Minsheng Securities Co Ltd 18 2.307 382 1 - - 2.307 China Merchants Bank 19 1.082 568 5 48 0.427 0.655 Sumitomo Mitsui Financial 19 2.261 374 2 18 0.311 1.950 Axis Bank Ltd 20 1.073 563 6 40 0.488 0.585 Zhongtai Securities Co Ltd 20 2.099 347 1 - - 2.099 TOTAL 100% 52,491 519 100% TOTAL 100% 16,534 54 100%

Bloomberg League Table Reports Page 17 Bloomberg Global Equity | Q1 2018

APAC ex-Japan Equity, Equity Linked & Rights APAC ex-Japan Equity & Equity Linked Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 10.675 7,367 19 3 4.742 5.933 Citi 1 10.799 6,607 20 5 4.360 6.439 Citi 2 9.573 6,607 20 4 4.631 4.942 Goldman Sachs 2 10.791 6,602 16 1 9.579 1.212 Goldman Sachs 3 9.566 6,602 16 1 9.436 0.130 Morgan Stanley 3 10.423 6,377 18 3 5.150 5.273 Bank of America Merrill Lynch 4 7.596 5,242 10 11 2.631 4.965 Bank of America Merrill Lynch 4 8.568 5,242 10 11 2.857 5.711 UBS 5 5.402 3,728 19 6 4.342 1.060 UBS 5 4.307 2,635 16 6 4.046 0.261 CITIC Securities Co Ltd 6 3.743 2,583 12 2 5.070 -1.327 CITIC Securities Co Ltd 6 4.222 2,583 12 2 5.507 -1.285 China Securities Co Ltd 7 3.738 2,580 8 8 3.102 0.636 Credit Suisse 7 3.433 2,100 16 - - 3.433 Credit Suisse 8 3.043 2,100 16 36 0.617 2.426 China Securities Co Ltd 8 3.179 1,945 7 7 3.369 -0.190 Haitong Securities Co Ltd 9 2.284 1,576 12 7 3.650 -1.366 Haitong Securities Co Ltd 9 2.099 1,284 11 8 3.224 -1.125 Deutsche Bank 10 2.020 1,394 9 15 1.497 0.523 Huatai Securities Co Ltd 10 2.090 1,279 7 42 0.516 1.574 Huatai Securities Co Ltd 11 1.853 1,279 7 44 0.475 1.378 Deutsche Bank 11 1.957 1,197 8 15 1.626 0.331 China Merchants Securities 12 1.694 1,169 7 19 1.336 0.358 China Merchants Securities 12 1.910 1,169 7 18 1.451 0.459 JP Morgan 13 1.690 1,166 8 102 0.127 1.563 Daishin Securities 13 1.875 1,147 7 168 0.026 1.849 Daishin Securities 14 1.662 1,147 7 184 0.024 1.638 JP Morgan 14 1.584 969 7 94 0.138 1.446 Guosen Securities Co Ltd 15 1.603 1,106 2 16 1.454 0.149 BNP Paribas 15 1.402 858 5 57 0.314 1.088 Guotai Junan Securities State 16 1.519 1,048 10 12 2.416 -0.897 Guotai Junan Securities 16 1.237 757 9 12 2.605 -1.368 Bank of India 17 1.434 990 8 20 1.245 0.189 China International Capital Corp 17 1.208 739 4 4 4.721 -3.513 Axis Bank Ltd 18 1.379 952 7 41 0.512 0.867 Guosen Securities Co Ltd 18 1.094 670 1 16 1.579 -0.485 BNP Paribas 19 1.336 922 6 63 0.289 1.047 HSBC 19 1.056 646 6 31 0.774 0.282 Kotak Mahindra Bank Ltd 20 0.099 68 2 76 0.210 -0.111 State Bank of India 20 0.983 601 7 30 0.775 0.208 TOTAL 100% 69,014 537 100% TOTAL 100% 61,178 506 100%

APAC ex-Japan Equity Offerings APAC ex-Japan Equity IPO Q1 2018 Q1 2017 Q1 2018 Q1 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 13.232 6,073 18 2 5.145 8.087 Goldman Sachs 1 8.459 1,462 5 36 0.677 7.782 Morgan Stanley 2 13.198 6,058 16 8 3.340 9.858 CITIC Securities Co Ltd 2 6.751 1,167 7 4 5.668 1.083 Bank of America Merrill Lynch 3 10.447 4,795 8 7 3.487 6.960 Bank of America Merrill Lynch 3 6.068 1,049 4 21 1.207 4.861 Goldman Sachs 4 8.344 3,830 12 1 8.745 -0.401 Huatai Securities Co Ltd 4 5.580 965 6 29 0.945 4.635 UBS 5 4.766 2,188 14 20 1.316 3.450 Credit Suisse 5 4.839 836 3 - - 4.839 CITIC Securities Co Ltd 6 3.550 1,629 10 6 3.776 -0.226 Guosen Securities Co Ltd 6 3.873 670 1 8 2.893 0.980 Credit Suisse 7 3.034 1,393 12 - - 3.034 Citi 7 3.627 627 3 10 2.328 1.299 Daishin Securities 8 2.499 1,147 7 163 0.032 2.467 China Merchants Securities 8 3.366 582 5 9 2.659 0.707 Huatai Securities Co Ltd 9 2.102 965 6 40 0.630 1.472 Axis Bank Ltd 9 3.006 520 4 58 0.353 2.653 JP Morgan 10 1.762 809 6 89 0.169 1.593 State Bank of India 10 2.989 517 5 58 0.353 2.636 China Merchants Securities 11 1.558 715 6 16 1.771 -0.213 China Securities Co Ltd 11 2.860 494 3 1 6.171 -3.311 Haitong Securities Co Ltd 12 1.495 686 8 4 3.934 -2.439 Haitong Securities Co Ltd 12 2.806 485 6 2 5.905 -3.099 Guosen Securities Co Ltd 13 1.459 670 1 14 1.927 -0.468 Zheshang Securities Co Ltd 13 2.174 376 1 16 1.678 0.496 State Bank of India 14 1.310 601 7 27 0.946 0.364 China Construction Bank 14 2.046 354 3 15 1.874 0.172 China Merchants Bank 15 1.237 568 5 45 0.568 0.669 JP Morgan 15 2.013 348 3 71 0.254 1.759 Axis Bank Ltd 16 1.227 563 6 36 0.649 0.578 Guotai Junan Securities 16 1.992 344 5 5 4.773 -2.781 China Securities Co Ltd 17 1.077 494 3 3 4.111 -3.034 Morgan Stanley 17 1.932 334 4 103 0.095 1.837 China Construction Bank 18 1.002 460 5 21 1.248 -0.246 GF Securities 18 1.925 333 4 3 5.684 -3.759 Bangkok Bank PCL 19 0.971 445 6 - - 0.971 Guoyuan Securities Co Ltd 19 1.365 236 1 52 0.465 0.900 Deutsche Bank 20 0.848 389 5 13 1.984 -1.136 Daishin Securities 20 1.273 220 5 123 0.048 1.225 TOTAL 100% 45,898 458 100% TOTAL 100% 17,285 223 100%

Bloomberg League Table Reports Page 18 Bloomberg Global Equity | Q1 2018

APAC ex-Japan Equity Linked APAC ex-Japan Equity, EQL & Rights ex-CH A Shrs Q1 2018 Q1 2017 Q1 2018 Q1 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(%)

Goldman Sachs 1 17.682 2,772 4 2 13.362 4.320 Morgan Stanley 1 13.468 7,367 19 4 4.120 9.348 China Securities Co Ltd 2 9.253 1,451 4 - - 9.253 Citi 2 12.079 6,607 20 2 6.492 5.587 CITIC Securities Co Ltd 3 6.083 953 2 2 13.362 -7.279 Goldman Sachs 3 10.267 5,616 13 1 12.397 -2.130 Deutsche Bank 4 5.155 808 3 - - 5.155 Bank of America Merrill Lynch 4 9.583 5,242 10 3 4.520 5.063 Credit Suisse 5 4.513 707 4 - - 4.513 UBS 5 6.815 3,728 19 5 3.644 3.171 BNP Paribas 6 4.099 643 2 - - 4.099 Credit Suisse 6 3.839 2,100 16 22 1.060 2.779 Haitong Securities Co Ltd 7 3.815 598 3 - - 3.815 Deutsche Bank 7 2.548 1,394 9 14 1.703 0.845 Citi 8 3.405 534 2 12 0.795 2.610 Haitong Securities Co Ltd 8 2.369 1,296 9 6 2.803 -0.434 China Galaxy Financial Holdings Co Ltd 9 2.893 453 1 - - 2.893 JP Morgan 9 2.132 1,166 8 78 0.219 1.913 Bank of China 9 2.893 453 1 - - 2.893 Daishin Securities 10 2.097 1,147 7 158 0.041 2.056 China Merchants Securities 9 2.893 453 1 - - 2.893 CITIC Securities Co Ltd 11 1.980 1,083 6 28 0.826 1.154 China International Capital Corp 9 2.893 453 1 2 13.362 -10.469 State Bank of India 12 1.810 990 8 10 2.140 -0.330 UBS 13 2.853 447 2 1 16.436 -13.583 Axis Bank Ltd 13 1.74 952 7 27 0.881 0.859 Bank of America Merrill Lynch 13 2.853 447 2 - - 2.853 BNP Paribas 14 1.686 922 6 51 0.496 1.190 Changjiang Securities Co Ltd 15 2.519 395 1 - - 2.519 Kotak Mahindra Bank Ltd 15 1.640 897 5 60 0.359 0.281 Guotai Junan Securities 15 2.519 395 1 - - 2.519 ICICI 16 1.245 681 8 7 2.636 -1.391 Minsheng Securities Co Ltd 17 2.434 382 1 - - 2.434 Guotai Junan Securities 17 1.196 654 9 29 0.795 0.401 Zhongtai Securities Co Ltd 18 2.214 347 1 - - 2.214 HSBC 18 1.181 646 6 8 2.383 -1.202 Morgan Stanley 19 2.035 319 2 2 13.362 -11.327 China Merchants Bank 19 1.038 568 5 35 0.736 0.302 Essence Securities Co Ltd 20 2.019 317 1 - - 2.019 Bank of Philippine Islands 20 0.876 479 2 - - 0.876 TOTAL 100% 15,675 48 100% TOTAL 100% 54,700 482 100%

Bloomberg League Table Reports Page 19 Bloomberg Global Equity | Q1 2018

Australia/New Zealand Equity, EQL & Rights Australia/New Zealand Equity & Rights Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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 32.861 1,680 7 6 6.481 26.380 UBS 1 36.879 1,680 7 6 6.481 30.398 Morgan Stanley 2 19.366 990 1 - - 19.366 Morgan Stanley 2 21.733 990 1 - - 21.733 Deutsche Bank 3 9.220 471 2 9 3.469 5.751 Macquarie 3 5.012 228 3 2 11.724 -6.712 Macquarie 4 4.466 228 3 2 11.724 -7.258 Citi 4 4.536 207 2 3 8.186 -3.650 Citi 5 4.042 207 2 3 8.186 -4.144 JP Morgan 5 4.323 197 1 - - 4.323 JP Morgan 6 3.852 197 1 - - 3.852 Deutsche Bank 5 4.323 197 1 9 3.469 0.854 Goldman Sachs 7 2.763 141 1 1 18.575 -15.812 Morgans 7 3.083 140 9 4 7.947 -4.864 Credit Suisse 7 2.763 141 1 - - 2.763 Bell Potter Securities Ltd 8 1.900 87 9 11 2.828 -0.928 Morgans 9 2.747 140 9 4 7.947 -5.200 Veritas Securities Ltd 9 1.698 77 2 10 2.900 -1.202 Bell Potter Securities Ltd 10 1.693 87 9 11 2.828 -1.135 Shaw and Partners Ltd 10 1.358 62 4 44 0.139 1.219 Veritas Securities Ltd 11 1.513 77 2 10 2.900 -1.387 Patersons Securities Ltd 11 1.338 61 15 21 0.581 0.757 Shaw and Partners Ltd 12 1.210 62 4 44 0.139 1.071 Moelis & Co 12 1.241 57 2 5 7.591 -6.350 Patersons Securities Ltd 13 1.192 61 15 21 0.581 0.611 D2MX Pty Ltd 13 1.186 54 1 - - 1.186 Moelis & Co 14 1.106 57 2 5 7.591 -6.485 Hartleys Ltd 14 1.110 51 6 8 4.948 -3.838 D2MX Pty Ltd 15 1.057 54 1 - - 1.057 Euroz Securities 15 1.040 47 3 14 2.099 -1.059 Hartleys Ltd 16 0.989 51 6 8 4.948 -3.959 Petra Capital Pty Ltd 16 1.017 46 1 13 2.206 -1.189 Euroz Securities 17 0.927 47 3 14 2.099 -1.172 RFC Ambrian Ltd 17 0.863 39 2 45 0.102 0.761 Petra Capital Pty Ltd 18 0.906 46 1 13 2.206 -1.300 Numis 17 0.863 39 2 - - 0.863 RFC Ambrian Ltd 19 0.769 39 2 45 0.102 0.667 RBC Capital Markets 19 0.636 29 1 - - 0.636 Numis 19 0.769 39 2 - - 0.769 Ord Minnett Ltd 20 0.576 26 1 20 0.696 -0.120 TOTAL 100% 5,111 112 100% TOTAL 100% 4,555 110 100%

China Equity, Equity Linked & Rights China Equity IPO Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (CNY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (CNY Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) China Securities Co Ltd 1 20.412 34,134 14 4 7.624 12.788 CITIC Securities Co Ltd 1 17.893 6,688 5 3 8.448 9.445 Huatai Securities Co Ltd 2 12.136 20,295 9 6 5.799 6.337 Huatai Securities Co Ltd 2 13.359 4,993 3 21 1.523 11.836 CITIC Securities Co Ltd 3 8.185 13,687 12 1 13.541 -5.356 Guosen Securities Co Ltd 3 11.333 4,236 1 8 3.968 7.365 Guotai Junan Securities 4 5.412 9,050 7 3 8.709 -3.297 China Merchants Securities 4 7.581 2,834 3 9 3.213 4.368 Guosen Securities Co Ltd 5 4.769 7,975 4 10 3.066 1.703 China Securities Co Ltd 5 7.209 2,695 2 2 9.854 -2.645 Goldman Sachs 6 4.182 6,993 4 8 3.335 0.847 Zheshang Securities Co Ltd 6 6.360 2,377 1 11 3.005 3.355 China Merchants Securities 7 3.640 6,086 6 26 0.892 2.748 GF Securities 7 5.614 2,098 4 1 9.990 -4.376 China International Capital Corp 8 3.152 5,272 4 2 10.544 -7.392 Guoyuan Securities Co Ltd 8 4.064 1,519 1 28 0.643 3.421 Citi 9 3.067 5,129 4 17 1.597 1.470 China International Capital Corp 9 3.784 1,415 2 6 6.381 -2.597 Shenwan Hongyuan Group Co Ltd 10 2.392 4,000 1 21 1.208 1.184 Haitong Securities Co Ltd 10 3.188 1,192 2 4 7.216 -4.028 Changjiang Securities Co Ltd 11 2.271 3,797 3 33 0.541 1.730 Lian Chu Securities Co Ltd 11 2.874 1,074 1 - - 2.874 GF Securities 12 2.245 3,755 8 11 2.664 -0.419 China Dragon Securities Co Ltd 11 2.874 1,074 1 - - 2.874 Minsheng Securities Co Ltd 13 2.137 3,574 4 24 0.967 1.170 Dongxing Securities Co Ltd 13 2.236 836 1 30 0.533 1.703 China Galaxy Financial Holdings Co Ltd 14 2.078 3,474 2 - - 2.078 ZTF Securities Co Ltd 14 2.107 788 1 - - 2.107 Dongxing Securities Co Ltd 15 1.775 2,968 5 31 0.606 1.169 China Galaxy Financial Holdings Co Ltd 15 1.651 617 1 - - 1.651 Guoyuan Securities Co Ltd 16 1.767 2,954 2 22 1.091 0.676 Ping An Insurance Group Co 16 1.489 557 1 13 2.544 -1.055 Zheshang Securities Co Ltd 17 1.748 2,924 2 19 1.375 0.373 Dongguan Securities Ltd 17 1.388 519 1 - - 1.388 Bank of China 18 1.709 2,857 1 9 3.218 -1.509 Essence Securities Co Ltd 18 1.334 499 1 16 1.858 -0.524 Essence Securities Co Ltd 19 1.494 2,499 2 37 0.432 1.062 Chinalin Securities Co Ltd 19 0.886 331 1 26 0.860 0.026 Deutsche Bank 20 1.345 2,250 2 12 2.391 -1.046 Changjiang Securities Co Ltd 20 0.863 322 1 40 0.301 0.562 TOTAL 100% 167,224 114 100% TOTAL 100% 37,378 34 100%

Bloomberg League Table Reports Page 20 Bloomberg Global Equity | Q1 2018

Hong Kong Equity & Rights Offerings Equity Offerings Q1 2018 Q1 2017 Q1 2018 Q1 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(%) Morgan Stanley 1 22.371 4,694 9 21 1.385 20.987 Morgan Stanley 1 23.267 4,694 9 19 1.539 21.728 Citi 2 16.057 3,369 2 28 1.288 14.769 Citi 2 16.701 3,369 2 26 1.431 15.270 Bank of America Merrill Lynch 3 15.580 3,269 1 2 9.408 6.172 Bank of America Merrill Lynch 3 16.205 3,269 1 2 10.454 5.751 UBS 4 6.391 1,341 7 22 1.382 5.009 UBS 4 6.647 1,341 7 20 1.535 5.112 Goldman Sachs 5 5.819 1,221 2 1 22.372 -16.553 Goldman Sachs 5 6.051 1,221 2 1 24.859 -18.808 Haitong Securities Co Ltd 6 3.779 793 7 3 6.197 -2.418 China Merchants Bank 6 2.815 568 5 13 1.931 0.884 Guotai Junan Securities 7 3.117 654 9 8 1.878 1.239 Haitong Securities Co Ltd 7 2.484 501 6 4 3.810 -1.326 China Merchants Bank 8 2.707 568 5 13 1.738 0.969 China Construction Bank 8 2.279 460 5 3 4.378 -2.099 China Construction Bank 9 2.192 460 5 4 3.940 -1.748 CITIC Securities Co Ltd 9 2.235 451 3 29 0.955 1.280 CITIC Securities Co Ltd 10 2.149 451 3 31 0.859 1.290 Guotai Junan Securities 10 1.793 362 8 9 2.008 -0.215 JP Morgan 11 1.673 351 2 - - 1.673 JP Morgan 11 1.741 351 2 - - 1.741 HSBC 12 1.668 350 3 9 1.827 -0.159 HSBC 12 1.734 350 3 8 2.030 -0.296 China Merchants Securities 13 1.315 276 3 11 1.765 -0.450 China Merchants Securities 13 1.370 276 3 11 1.962 -0.592 Agricultural Bank of China Ltd 14 1.049 220 5 5 2.933 -1.844 Agricultural Bank of China Ltd 14 1.088 220 5 5 3.259 -2.171 Zhongtai Securities Co Ltd 15 0.920 193 5 10 1.797 -0.877 Zhongtai Securities Co Ltd 15 0.954 193 5 10 1.997 -1.043 Huatai Securities Co Ltd 16 0.815 171 3 62 0.194 0.621 Huatai Securities Co Ltd 16 0.849 171 3 51 0.215 0.634 Deutsche Bank 17 0.801 168 2 - - 0.801 Deutsche Bank 17 0.833 168 2 - - 0.833 Industrial & Comm Bank of China 18 0.777 163 2 17 1.447 -0.670 Industrial & Comm Bank of China 18 0.807 163 2 16 1.608 -0.801 Industrial Securities Co Ltd 19 0.767 161 3 72 0.137 0.630 Industrial Securities Co Ltd 19 0.799 161 3 62 0.153 0.646 Get Nice Holdings Ltd 20 0.655 137 3 41 0.500 0.346 Credit Suisse 20 0.589 119 1 - - 0.589 TOTAL 100% 20,982 126 100% TOTAL 100% 20,172 120 100%

India Equity & Rights Offering Indonesia Equity & Rights Offering Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (INR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (IDR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi 1 14.506 77,582 6 1 22.257 -7.751 Sinarmas Securities PT 1 83.079 1,319,717 1 - - 83.079 State Bank of India 2 12.042 64,403 8 3 11.804 0.238 Mirae Asset Daewoo Co Ltd 2 5.118 81,300 1 - - 5.118 Axis Bank Ltd 3 11.613 62,112 7 7 4.896 6.717 Bank Mega Tbk PT 3 5.036 80,000 1 - - 5.036 Kotak Mahindra Bank Ltd 4 10.933 58,474 5 11 1.979 8.954 Victoria Sekuritas PT 3 5.036 80,000 1 - - 5.036 Morgan Stanley 5 8.404 44,947 1 4 9.877 -1.473 UOB Kay Hian Pvt Ltd 5 1.731 27,500 1 - - 1.731 ICICI 6 8.242 44,081 8 2 14.829 -6.587 ------HDFC Bank 7 5.432 29,051 3 12 1.650 3.782 ------Bank of America Merrill Lynch 8 4.367 23,356 2 9 2.968 1.399 ------Edelweiss Ltd 9 3.888 20,792 6 5 7.445 -3.557 ------JM Financial Ltd 10 3.723 19,912 6 8 3.888 -0.165 ------Goldman Sachs 11 1.978 10,580 2 - - 1.978 ------IIFL Holdings Ltd 12 1.835 9,817 4 25 0.332 1.503 ------JP Morgan 13 1.673 8,946 1 - - 1.673 ------CITIC Securities Co Ltd 14 1.602 8,567 2 - - 1.602 ------Credit Suisse 15 1.301 6,959 3 - - 1.301 ------Motilal Oswal Investment Advisors 16 1.223 6,542 3 10 1.989 -0.766 ------IDFC Bank Ltd 17 1.153 6,165 3 19 0.509 0.644 ------Yes Bank 18 0.904 4,837 2 23 0.383 0.521 ------Centrum Capital Ltd 19 0.736 3,934 1 18 0.743 -0.007 ------SPA Capital Advisors Ltd 19 0.736 3,934 1 - - 0.736 ------TOTAL 100% 534,837 79 100% TOTAL 100% 1,588,517 4 100%

Bloomberg League Table Reports Page 21 Bloomberg Global Equity | Q1 2018

Malaysia Equity & Rights Offering Singapore Equity & Rights Offering Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (MYR 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(%) Maybank 1 29.123 758 3 2 15.612 13.511 Citi 1 42.907 538 2 - - 42.907 RHB 2 27.598 719 4 5 12.058 15.540 Goldman Sachs 2 39.886 500 1 - - 39.886 BNP Paribas 3 19.158 499 1 - - 19.158 DBS Group 3 7.692 96 3 3 9.203 -1.511 UOB Kay Hian Pvt Ltd 4 6.785 177 2 2 15.612 -8.827 Bank of America Merrill Lynch 4 3.045 38 1 - - 3.045 AmInvestment Bank Bhd 5 5.952 155 1 - - 5.952 UOB Kay Hian Pvt Ltd 5 2.468 31 2 2 17.975 -15.507 Kenanga Investment Bank Bhd 6 3.700 96 4 7 2.688 1.012 Maybank 6 1.625 20 1 7 5.087 -3.462 Alliance Bank Malaysia Bhd 7 2.450 64 2 - - 2.450 Credit Suisse 6 1.625 20 1 - - 1.625 M&A Securities Sdn Bhd 8 1.985 52 3 10 0.252 1.733 PrimePartners Corporate Finance Pte Ltd 8 0.752 9 1 - - 0.752 TA Securities Holdings Bhd 9 1.739 45 8 9 0.403 1.336 ------Inter- 10 0.463 12 4 - - 0.463 ------Public Bank Berhad 11 0.417 11 1 - - 0.417 ------Affin Hwang Capital 12 0.207 5 1 6 8.788 -8.581 ------Mercury Securities Sdn Bhd 13 0.177 5 1 8 0.898 -0.721 ------KAF Investment Bank Bhd 14 0.130 3 1 - - 0.130 ------MainStreet Advisers Sdn Bhd 15 0.118 3 1 - - 0.118 ------TOTAL 100% 2,604 34 100% TOTAL 100% 1,253 7 100%

Taiwan Equity & Equity Linked Thailand Equity & Rights Offering Q1 2018 Q1 2017 Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (TWD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (THB Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Taishin Financial Holding Co Ltd 1 26.688 6,808 6 4 6.420 20.268 Bangkok Bank PCL 1 30.952 14,037 6 - - 30.952 Yuanta Securities Co Ltd 2 19.215 4,902 5 1 32.441 -13.226 Phatra Securities PCL 2 17.542 7,956 2 - - 17.542 KGI Securities Co Ltd 3 10.531 2,687 6 2 26.016 -15.485 Siam Commercial Bank PCL 3 13.609 6,172 2 4 10.854 2.755 Grand Fortune Securities Co 4 9.800 2,500 2 5 5.450 4.350 Bank of America Merrill Lynch 4 11.739 5,324 1 - - 11.739 Morgan Stanley 5 7.091 1,809 1 - - 7.091 Credit Suisse 5 11.169 5,065 1 - - 11.169 Mega Financial Holding Co Ltd 6 5.880 1,500 1 - - 5.880 Morgan Stanley 6 9.720 4,408 1 - - 9.720 Fubon Securities Co 7 4.391 1,120 7 - - 4.391 Nomura 7 2.050 930 1 7 2.388 -0.338 Cathay Securities Co Ltd 8 3.650 931 3 9 2.076 1.574 Tisco Bank PCL 8 2.032 922 1 2 21.019 -18.987 SinoPac Financial Holdings Co Ltd 9 3.613 922 4 18 0.048 3.565 AEC Securities PCL 9 0.889 403 1 - - 0.889 Concord Securities 10 3.246 828 1 - - 3.246 KGI Securities Co Ltd 10 0.298 135 1 - - 0.298 Masterlink Securities 11 1.920 490 2 14 0.558 1.362 ------President Securities 12 1.715 437 3 11 1.942 -0.227 ------First Securities Inc 13 0.982 250 2 12 1.463 -0.481 ------Jih Sun Securities Co Ltd 14 0.588 150 1 15 0.391 0.197 ------Mega Securities Co Ltd 15 0.456 116 2 7 3.244 -2.788 ------Horizon Securities Co Ltd 16 0.236 60 1 8 2.207 -1.971 ------TOTAL 100% 25,511 47 100% TOTAL 100% 45,350 15 100%

Bloomberg League Table Reports Page 22 Bloomberg Global Equity | Q1 2018

South Korea Equity Offerings Q1 2018 Q1 2017

Firm Rank Mkt Share(%) Volume (KRW Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Daishin Securities 1 32.627 1,232,068 7 12 0.701 31.926 Citi 2 29.617 1,118,397 4 - - 29.617 Goldman Sachs 3 28.332 1,069,847 3 - - 28.332 Korea Investment & Securities Co 4 1.830 69,120 2 4 8.510 -6.680 KB Securities Co Ltd 5 1.238 46,735 1 10 1.140 0.098 Credit Suisse 5 1.238 46,735 1 - - 1.238 NH Investment & Securities Co Ltd 7 0.877 33,106 1 2 17.185 -16.308 Kiwoom Securities Co Ltd 8 0.830 31,327 2 11 1.091 -0.261 Industrial Bank of Korea 9 0.747 28,200 1 - - 0.747 Mirae Asset Daewoo Co Ltd 10 0.679 25,650 1 3 10.528 -9.849 Yuanta Financial Holding Co Ltd 10 0.679 25,650 1 - - 0.679 Hana Financial Group Inc 12 0.669 25,245 2 - - 0.669 Shinhan Financial Group Co Ltd 13 0.546 20,608 1 9 2.712 -2.166 Hanwha Investment & Securities Co Ltd 14 0.092 3,484 1 - - 0.092 ------TOTAL 100% 3,776,172 22 100%

Bloomberg League Table Reports Page 23 Bloomberg Equity & Equity Linked - League Tables Criteria

General Guidelines

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

Equities

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

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

Equities-Linked

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

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

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.