Global Equity Capital Markets Review

FULL YEAR 2019 | MANAGING UNDERWRITERS Global Equity Capital Markets Review Full Year 2019 | Managing Underwriters

Global Deals Intelligence Global Initial Public Offerings

GLOBAL EQUITY CAPITAL MARKETS ACTIVITY HITS THREE-YEAR LOW $300 1,800 Equity capital markets activity totaled US$677.1 billion during full year 2019, a 3% decline compared to a year ago and the slowest annual period for global equity capital markets activity since 2016. By number 1,600 of issues, 4,577 ECM offerings were brought to market during the year, an 8% decrease compared to a $250 year ago and a six-year low. Compared to the third quarter of this year, fourth quarter 2019 ECM volume 1,400 increased 28%, marking the strongest fourth quarter for global equity capital markets activity since 2015. $200 1,200 GLOBAL IPOs FALL 15%, LOWEST YEAR SINCE 2016; FOURTH QUARTER IPOS UP 75% Global initial public offering activity during full year 2019 totaled US$171.3 billion, a 15% decrease 1,000 compared to last year and the slowest annual period for global IPOs since 2016. IPOs on US exchanges $150 fell 41% during the fourth quarter of 2019, pulling full year 2019 proceeds to US$48.7 billion, a 4% 800 decrease compared to a year ago. IPO activity in EMEA increased 12% compared to a year ago, while Asia Pacific IPO activity fell 17%. Powered by the record US$25.6 billion initial public offering of Saudi $100 600 Arabian Oil Co, global IPO activity increased 75%, by proceeds, compared to the third quarter of this

year. 400 $50 CONVERTIBLE OFFERINGS INCREASE 32%, REACHING 12-YEAR HIGH 200 Global convertible offerings totaled US$125.6 billion during full year 2019, accounting for 19% of global equity capital markets activity. Convertible offerings reached the highest levels for a full year period since $0 0 2007. Convertible offerings from companies in the Technology, Financials and Energy and Power 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 sectors accounted for 57% of overall issuance during full year 2019, up from 53% a year ago. Proceeds (US$bil) # of Issues

UNITED STATES ISSUERS ACCOUNT FOR 31% OF GLOBAL ECM Global Equity & Equity-Related Volume Issuers from the United States raised US$207.5 billion in the global equity capital markets during full year $300 2,000 2019, a decrease of 2% compared with levels seen a year ago. As a percentage of global ECM, the United States accounted for 31% of overall issuance, a slight uptick from the levels recorded during full 1,800 year 2018, and the highest annual percentage since 2013. $250 1,600 FIVE SECTORS ACCOUNT FOR 68% OF ACTIVITY 1,400 Led by Financial issuance (17%), the overall volume of equity capital markets activity remained highly $200 concentrated among five main sectors including Technology (15%), Energy and Power (13%), Real 1,200 Estate (13%) and Healthcare (10%). $150 1,000 ASIA PACIFIC EQUITY CAPITAL MARKETS INCREASES 8% 800 Equity capital markets offerings from issuers in Asia Pacific (ex Australia) totaled US$216.3 billion during $100 full year 2019, an 8% increase compared to full year 2018. Offerings by -domiciled issuers, which 600 accounted for 22% of full year 2019 ECM activity, increased 11% compared to a year ago. ECM offerings from the Financials sector registered a 29% increase compared to a year ago and accounted for 23% of 400 $50 overall Asia Pacific activity during full year 2019. 200

JAPAN ECM HITS 11-YEAR LOW $0 0 Japanese ECM offerings totaled US$21.6 billion during full year 2019, a 61% decline compared to a year 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ago and the slowest annual period in Japan since 2008. IPO activity in Japan declined 86% during the 2014 2015 2016 2017 2018 2019 full year 2019 and fell below US$5 billion for the first time since 2011. Proceeds (US$bil) # of Issues

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Global Equity Rankings by Proceeds - Last Ten Years Global Scorecard 1/1/2019 - 12/31/2019 1/1/2018 - 12/31/2018 YoY % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Domicile Nation/Region Proceeds ($mil) # of Deals Proceeds ($mil) # of Deals Chg. ($) 1 & Co Global Equity& Equity-Related (C1) 677,129 4,577 698,461 4,969 -3% ▼ United States (C1a) 207,476 805 212,693 907 -2% ▼ 2 Morgan Asia Pacific ex Australia (C1b) 216,300 1,445 199,719 1,585 8% ▲ Stanley Australia (C1c) 23,150 748 27,427 695 -16% ▼ EMEA - , & Africa (C1d) 151,479 931 159,672 1,008 -5% ▼ 3 JP Morgan Japan (C1e) 21,625 171 55,110 244 -61% ▼ Latin America (C1f) 34,515 67 16,924 37 104% ▲ Global Common (C2) 551,565 4,187 603,417 4,590 -9% ▼ 4 Citi United States (C3) 158,224 694 171,138 792 -8% ▼ Asia Pacific ex Australia (C4a) 162,013 1,272 169,774 1,444 -5% ▼ 5 of Australia (C4b) 22,779 736 26,800 683 -15% ▼ America EMEA - Europe, Middle East & Africa (C4c) 133,470 890 146,945 968 -9% ▼ Lynch Japan (C4d) 20,615 163 49,277 219 -58% ▼ 6 Credit Global IPOs (C5) 171,324 1,123 200,880 1,395 -15% ▼ Suisse United States (C6) 41,790 122 34,226 156 22% ▲ Asia Pacific ex Australia (C7a) 66,106 670 75,880 742 -13% ▼ 7 UBS Australia (C7b) 1,379 41 5,343 65 -74% ▼ EMEA - Europe, Middle East & Africa (C7c) 51,011 124 45,351 198 12% ▲ Japan (C7d) 4,025 91 28,791 97 -86% ▼ 8 Barclays Latin America (C7e) 6,078 9 9,764 15 -38% ▼ Global Convertible Offerings (C9) 125,564 390 95,044 379 32% ▲ 9 CITIC United States (C9a) 49,252 111 41,555 115 19% ▲ Asia Pacific ex Australia (C9b) 54,287 173 29,945 141 81% ▲ Australia (C9c) 371 12 627 12 -41% ▼ 10 China EMEA - Europe, Middle East & Africa (C9d) 18,009 41 12,727 40 41% ▲ International *League Table positions reflect consolidation within the banking sector. Capital Co Japan (C9e) 1,010 8 5,833 25 -83% ▼ Rankings are as of the current quarter end in each calendar year. Global Block Trade Volumes Global Equity Capital Markets - Issue Type Composition

$300 1000

900 $250 $125.6 800 390

700 $200 600 1,123 Follow-On $150 500 IPO 400 $100 $171.3 300 Convertible

200 $50 3,063 $379.6 100

$0 0 Outer Ring: Proceeds (US$bil) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Inner Ring: # Deals Proceeds (US$bil) # of Issues

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Global Equity & Equity-Related (C1) YoY Change ($) -3% QoQ Change ($) 28% Global Common Stock (C2) YoY Change ($) -9% QoQ Change ($) 37% Global IPOs (C5) YoY Change ($) -15% QoQ Change ($) 75% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Goldman Sachs & Co 1 2 66,349 9.8 0.6 354 1 1 53,357 9.7 0.5 300 Morgan Stanley 1 1 9,905 5.8 -1.5 80 Morgan Stanley 2 1 61,429 9.1 -0.1 350 Goldman Sachs & Co 2 2 53,016 9.6 0.9 299 JP Morgan 2 4 9,555 5.6 0.4 78 JP Morgan 3 3 54,588 8.1 0.1 394 JP Morgan 3 3 45,085 8.2 0.8 332 Goldman Sachs & Co 3 2 9,108 5.3 -0.5 74 Citi 4 4 39,481 5.8 -0.2 288 Citi 4 4 32,671 5.9 -0.3 246 Bank of America Merrill Lynch 4 3 8,834 5.2 -0.3 69 Bank of America Merrill Lynch 5 5 39,148 5.8 0.3 268 Bank of America Merrill Lynch 5 5 30,000 5.4 0.3 219 Citi 5 5 7,917 4.6 0.4 61 6 6 27,398 4.1 0.2 211 Credit Suisse 6 6 21,252 3.9 -0.2 180 Credit Suisse 6 6 6,341 3.7 -0.1 58 UBS 7 7 22,210 3.3 -0.6 158 UBS 7 7 19,708 3.6 -0.4 148 UBS 7 9 4,929 2.9 -0.1 38 Barclays 8 9 18,894 2.8 0.0 157 Barclays 8 8 14,146 2.6 -0.2 123 CITIC 8 17 4,739 2.8 1.4 40 CITIC 9 17 15,981 2.4 1.2 81 RBC Capital Markets 9 11 10,987 2.0 0.5 108 China International Capital Co 9 8 4,692 2.7 -0.8 47 China International Capital Co 10 10 14,961 2.2 0.5 71 China International Capital Co 10 10 10,980 2.0 0.4 64 Barclays 10 16 4,665 2.7 1.3 39 RBC Capital Markets 11 12 12,478 1.8 0.3 124 CITIC 11 17 9,462 1.7 0.6 63 11 7 4,452 2.6 -0.9 25 HSBC Holdings PLC 12 21 12,306 1.8 0.8 60 HSBC Holdings PLC 12 22 9,078 1.7 0.8 41 HSBC Holdings PLC 12 22 3,772 2.2 1.1 17 Jefferies LLC 13 13 9,974 1.5 0.1 144 Jefferies LLC 13 14 8,919 1.6 0.2 130 RBC Capital Markets 13 20 3,545 2.1 1.0 22 Deutsche Bank 14 8 9,812 1.5 -1.3 84 Deutsche Bank 14 9 8,555 1.6 -1.1 70 BNP Paribas SA 14 15 3,384 2.0 0.5 16 BNP Paribas SA 15 20 9,697 1.4 0.3 64 BNP Paribas SA 15 20 5,990 1.1 0.1 37 China Merchants Securities Co 15 18 2,449 1.4 0.1 20 & Co 16 14 8,391 1.2 -0.2 90 Nomura 16 13 5,600 1.0 -0.5 65 Jefferies LLC 16 21 2,378 1.4 0.3 33 China Securities Co Ltd 17 19 7,473 1.1 0.0 57 Wells Fargo & Co 17 16 5,577 1.0 -0.3 68 China Securities Co Ltd 17 24 2,107 1.2 0.2 27 Co Ltd 18 22 6,361 0.9 0.0 37 Sumitomo Mitsui Finl Grp Inc 18 12 4,627 0.8 -0.7 55 Sumitomo Mitsui Finl Grp Inc 18 11 1,831 1.1 -1.3 23 Nomura 19 11 6,157 0.9 -0.6 72 Mizuho Financial Group 19 15 4,407 0.8 -0.6 49 Co Ltd 19 26 1,698 1.0 0.0 52 20 24 5,553 0.80.1 51 /KBW 20 24 4,074 0.7 -0.1 85 Credit Agricole CIB 20 64 1,698 1.0 0.8 5 Haitong Securities Co Ltd 21 35 5,293 0.8 0.3 69 Banco BTG Pactual SA 21 47 4,001 0.7 0.4 36 Societe Generale 21 41 1,576 0.9 0.5 6 Sumitomo Mitsui Finl Grp Inc 22 15 5,043 0.7 -0.7 58 China Securities Co Ltd 22 19 3,936 0.7 -0.4 39 Mizuho Financial Group 22 12 1,569 0.9 -1.5 17 Mizuho Financial Group 23 16 4,947 0.7 -0.7 55 Cowen & Co 23 26 3,834 0.7 0.0 86 GF Securities 23 60 1,466 0.9 0.6 19 China Merchants Securities Co 24 27 4,600 0.7 0.0 31 Itau Unibanco 24 90 3,527 0.6 0.5 36 Guotai Junan Securities 24 31 1,448 0.9 0.2 34 Stifel/KBW 25 25 4,513 0.7 0.0 91 China Merchants Securities Co 25 29 3,351 0.6 0.0 25 Ltd 25 30 1,417 0.8 0.1 16 Industry Total 677,129 100.0 4,577 Industry Total 551,565 100.0 4,187 Industry Total 171,324 100.0 1,123

Latin America Equity & Global Secondary Offerings (C8) YoY Change ($) -6% QoQ Change ($) 22% Global Convertibles (C9) YoY Change ($) 32% QoQ Change ($) -8% Equity Related (C1f) YoY Change ($) 104% QoQ Change ($) -16% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 US$mil Share Sh. Chg # of Deals Goldman Sachs & Co 1 2 43,908 11.6 1.5 225 Goldman Sachs & Co 1 1 13,333 10.6 -2.0 55 Banco BTG Pactual SA 1 3 4,067 11.8 0.9 39 Morgan Stanley 2 1 43,452 11.4 1.3 220 JP Morgan 2 2 9,503 7.6 -4.4 62 Morgan Stanley 2 4 4,009 11.6 1.7 22 JP Morgan 3 3 35,531 9.3 0.8 254 Bank of America Merrill Lynch 3 4 9,148 7.3 -0.7 49 JP Morgan 3 5 3,723 10.8 1.1 19 Citi 4 4 24,754 6.5 -0.7 185 Morgan Stanley 4 3 8,072 6.4 -3.2 50 Itau Unibanco 4 8 3,527 10.2 5.2 36 Bank of America Merrill Lynch 5521,167 5.6 0.7 150 Citi 5 5 6,811 5.4 0.6 42 Bank of America Merrill Lynch 5 2 3,133 9.1 -2.6 24 Credit Suisse 6 7 14,911 3.9 -0.3 122 CITIC 6 13 6,520 5.2 3.5 18 Citi 6 6 2,079 6.0 0.4 13 UBS 7 6 14,780 3.9 -0.7 110 Credit Suisse 7 8 6,146 4.9 2.1 31 Banco Bradesco SA 7 9 1,975 5.7 1.1 25 Barclays 8 8 9,482 2.5 -1.0 84 Barclays 8 9 4,748 3.8 1.1 34 Santander Corp & Invest Bkg 8 13 1,735 5.0 2.7 19 RBC Capital Markets 9 11 7,443 2.0 0.4 86 China International Capital Co 9 12 3,981 3.2 1.2 7 Credit Suisse 9 7 1,704 4.9 -0.6 13 Jefferies LLC 10 12 6,542 1.7 0.1 97 Huatai Securities Co Ltd 10 20 3,811 3.0 1.8 13 XP Investimentos 10 - 1,401 4.1 4.1 13 China International Capital Co 11 25 6,288 1.7 1.0 17 BNP Paribas SA 11 15 3,707 3.0 1.4 27 Goldman Sachs & Co 11 1 1,396 4.0 -10.3 12 HSBC Holdings PLC 12 20 5,306 1.4 0.6 24 China Securities Co Ltd 12 18 3,537 2.8 1.4 18 UBS 12 23 1,317 3.8 3.2 7 Wells Fargo & Co 13 10 4,875 1.3 -0.4 56 HSBC Holdings PLC 13 14 3,228 2.6 1.0 19 Banco do Brasil SA 13 22 1,304 3.8 3.1 13 CITIC 14 16 4,722 1.2 0.2 23 Wells Fargo & Co 14 10 2,815 2.2 -0.1 22 Caixa Economica Federal 14 - 1,103 3.2 3.2 8 Nomura 15 19 4,261 1.1 0.2 37 Guotai Junan Securities 15 22 2,730 2.2 1.1 8 Banco International del Peru 15 - 366 1.1 1.1 1 Deutsche Bank 16 9 4,103 1.1 -1.2 45 UBS 16 7 2,502 2.0 -0.910 Banchile Corredores de Bolsa 16 11 261 0.8 -2.0 2 Banco BTG Pactual SA 17 62 3,826 1.0 0.8 32 Bank of China Ltd 17 29 2,443 2.0 1.2 4 LarrainVial SA 17 18 255 0.7 -0.3 2 Stifel/KBW 18 14 3,169 0.8 -0.3 69 Haitong Securities Co Ltd 18 35 2,388 1.9 1.4 8 Banco de Credito e Inversiones 18 - 211 0.6 0.6 1 Itau Unibanco 19 137 3,010 0.8 0.7 31 Ping An Securities Ltd 19 65 1,592 1.3 1.2 4 HSBC Holdings PLC 19 - 162 0.5 0.5 1 BMO Capital Markets 20 32 2,866 0.8 0.3 57 RBC Capital Markets 20 16 1,491 1.2 -0.3 16 XP Securities LLC 20 - 105 0.3 0.3 1 Mizuho Financial Group 21 18 2,838 0.8 -0.1 32 Deutsche Bank 21 6 1,257 1.0 -2.5 14 Credicorp 21 - 84 0.2 0.2 2 Sumitomo Mitsui Finl Grp Inc 22 17 2,796 0.7 -0.3 32 China Merchants Securities Co 22 26 1,249 1.0 0.1 6 Banco J Safra SA 22 - 74 0.2 0.2 2 Cowen & Co 2326 2,623 0.7 0.0 64 Societe Generale 23 21 1,127 0.9 -0.3 10 Plural Capital 23 - 69 0.2 0.2 1 BNP Paribas SA 24 22 2,606 0.7 0.0 21 Jefferies LLC 24 19 1,055 0.8 -0.5 14 Jefferies LLC 24 -510.20.2 1 25 13 2,438 0.6 -0.6 26 BMO Capital Markets 25 28 978 0.8 0.0 10 BNP Paribas SA 25 - 38 0.1 0.1 1 Industry Total 380,241 100.0 3,064 Industry Total 125,564 100.0 390 Industry Total 34,515 100.0 67 *Indicates a Tie

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Top 10 Equity Bookrunners by Proceeds - Macro Industry Composition Top United States Equity & Equity-Related Deals Domicile Proceeds 100% Issue Date Issuer Name Nation (US$mil) Issue Type Macro Sector

90% 05/09/19 Uber Technologies Inc United States 8,100.0 IPO High Technology

05/16/19 Avantor Inc United States 3,332.7 IPO Materials 80% 03/28/19 Lyft Inc United States 2,555.8 IPO High Technology 70% 06/25/19 VICI Properties Inc United States 2,472.5 FO Real Estate 60% 07/30/19 Edison International Corp United States 1,918.0 FO Energy and Power 50% 05/01/19 Westinghouse Air Brake Tech United States 1,859.6 FO Industrials

40% 05/02/19 Tesla Inc United States 1,840.0 CVT Industrials

30% 08/13/19 Southern Co United States 1,725.0 CVT Energy and Power

20% 02/26/19 Danaher Corp United States 1,650.0 CVT Industrials

04/17/19 Pinterest Inc United States 1,638.8 IPO High Technology 10% 04/16/19 Americold Realty Trust United States 1,496.8 FO Real Estate 0% Goldman Morgan JP Morgan Bank of Citi Barclays Credit Suisse Wells Fargo RBC Capital Jefferies LLC Sachs & Co Stanley America & Co Markets 02/26/19 Danaher Corp United States 1,488.3 FO Industrials Merrill Lynch 08/07/19 Westinghouse Air Brake Tech United States 1,485.2 FO Industrials High Technology Real Estate Energy and Power Healthcare Industrials Other

United States Initial Public Offerings United States Equity Capital Markets - Macro Industry Composition

$70 250

$60 $47.5 $48.1 200 119 173 $50

High Technology 150 $40 Healthcare

$30 71 Real Estate 100 $16.7

$20 Energy and Power 47 304 $36.0 50 $10 $25.0 91

$0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Outer Ring: Proceeds (US$bil) $34.2 Inner Ring: # Deals Proceeds (US$bil) # of Issues

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US Equity & Equity-Related (C1a) YoY Change ($) -2% QoQ Change ($) -33% US IPOs (C6) YoY Change ($) 22% QoQ Change ($) -66% US Secondary Offerings (C8a) YoY Change ($) -15% QoQ Change ($) 2% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Goldman Sachs & Co 1 2 35,826 17.3 4.4 198 Goldman Sachs & Co 1 2 4,839 11.6 1.9 45 Goldman Sachs & Co 1 2 23,896 20.5 7.4 118 Morgan Stanley 2 1 24,482 11.8 -2.7 167 JP Morgan 2 3 4,590 11.0 1.4 48 Morgan Stanley 2 1 15,120 13.0 -1.7 104 JP Morgan 3 3 24,316 11.7 -0.3 216 Bank of America Merrill Lynch 3 1 4,092 9.8 -1.7 42 JP Morgan 3 3 13,497 11.6 0.0 129 Bank of America Merrill Lynch 4 4 21,425 10.3 1.0 171 Morgan Stanley 4 4 3,528 8.4 -1.0 31 Citi 4 4 11,258 9.7 0.0 81 Citi 5 5 17,880 8.6 -0.1 131 Barclays 572,735 6.6 1.2 25 Bank of America Merrill Lynch 5 6 10,556 9.1 2.3 92 Barclays 6 6 13,902 6.7 0.3 115 Citi 6 5 2,600 6.2 -0.6 22 Barclays 6 5 7,189 6.2 -0.9 63 Credit Suisse 7 8 8,508 4.1 -0.3 90 Credit Suisse 7 6 2,297 5.5 -0.4 23 Wells Fargo & Co 7 7 4,664 4.0 -0.9 52 Wells Fargo & Co 8 7 8,181 3.9 -0.6 86 RBC Capital Markets 8 8 2,288 5.5 0.9 16 Credit Suisse 8 8 3,757 3.2 -1.3 50 RBC Capital Markets 9 10 6,179 3.0 -0.1 58 Jefferies LLC 910 1,947 4.7 1.2 24 Jefferies LLC 9 9 2,659 2.3 -1.2 48 Jefferies LLC 10 9 5,441 2.6 -0.7 84 UBS 10 13 1,462 3.5 1.6 12 RBC Capital Markets 10 10 2,649 2.3 -0.7 32 Cowen & Co 11 13 3,645 1.8 0.2 80 Deutsche Bank 11 9 1,413 3.4 -0.7 7 Cowen & Co 11 13 2,363 2.0 0.4 54 Deutsche Bank 12 11 3,350 1.6 -1.5 32 Allen & Co Inc 12 19 1,172 2.8 1.5 4 Stifel/KBW 12 14 1,588 1.4 0.0 45 Stifel/KBW 13 14 2,690 1.3 0.1 62 Cowen & Co 13 11 1,151 2.8 -0.2 20 SVB Leerink LLC 13 - 1,435 1.2 1.2 28 HSBC Holdings PLC 14 31 2,377 1.2 1.0 8 SunTrust 14 21 891 2.1 1.0 3 Deutsche Bank 14 11 1,406 1.2 -1.7 20 Partners 15 19 2,270 1.1 0.4 32 Evercore Partners 15 15 856 2.1 0.5 12 Piper Jaffray Cos 15 17 1,287 1.1 0.1 31 UBS 16 12 2,244 1.1 -1.0 32 HSBC Holdings PLC 16 23 810 1.9 1.0 1 Evercore Partners 16 19 1,043 0.9 0.2 16 BNP Paribas SA 17 27 2,136 1.0 0.7 12 Stifel/KBW 17 18 795 1.9 0.4 13 Inc 17 25 888 0.8 0.3 24 Piper Jaffray Cos 18 17 1,811 0.9 -0.1 40 Wells Fargo & Co 18 12 702 1.7 -0.6 12 Cantor Fitzgerald LP 18 18 740 0.6 -0.3 21 SVB Leerink LLC 19 - 1,642 0.8 - 35 KeyBanc Capital Markets Inc 19 36 465 1.1 0.8 3 BNP Paribas SA 19 - 740 0.6 0.6 3 BMO Capital Markets 20 18 1,616 0.80.0 28 Piper Jaffray Cos 20 16 418 1.0 -0.6 6 BMO Capital Markets 20 20 714 0.6 -0.1 15 SunTrust Banks 21 16 1,615 0.8 -0.2 17 Guggenheim Securities LLC 21 39 365 0.9 0.7 4 UBS 21 12 696 0.6 -1.9 19 Allen & Co Inc 22 32 1,213 0.6 0.4 5 BMO Capital Markets 22 14 246 0.6 -1.0 9 HSBC Holdings PLC 22 38 544 0.5 0.4 3 Raymond James Financial Inc 23 22 1,153 0.6 0.1 28 Leerink Partners LLC 23 17 240 0.6 -0.9 5 William Blair & Co 23 22 538 0.5 0.0 20 Guggenheim Securities LLC 24 29 1,020 0.5 0.3 19 Raymond James Financial Inc 24 22 225 0.5 -0.4 3 Guggenheim Securities LLC 24 29 464 0.4 0.1 13 Scotiabank 25 62* 1,013 0.5 0.5 8 William Blair & Co 25 34 212 0.5 0.1 5 JMP Securities LLC 25 37 457 0.4 0.3 10 Industry Total 207,476 100.0 805 Industry Total 41,790 100.0 122 Industry Total 116,434 100.0 572

US Common Stock (C3) YoY Change ($) -8% QoQ Change ($) -14% US Block Trades YoY Change ($) 13% QoQ Change ($) 25% US Convertibles (C9a) YoY Change ($) 19% QoQ Change ($) -66% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Goldman Sachs & Co 1 2 28,735 18.2 5.8 163 Goldman Sachs & Co 1 1 15,299 27.0 8.2 54 Goldman Sachs & Co 1 4 7,090 14.4 -0.9 35 Morgan Stanley 2 1 18,649 11.8 -1.9 135 Morgan Stanley 2 2 9,015 15.9 -1.6 53 Bank of America Merrill Lynch 2 2 6,776 13.8 -1.9 37 JP Morgan 3 3 18,087 11.4 0.2 177 JP Morgan 3 4 5,464 9.7 -1.5 48 JP Morgan 3 3 6,229 12.7 -2.7 39 Bank of America Merrill Lynch 4 5 14,649 9.3 1.6 134 Citi 4 3 5,221 9.2 -2.7 33 Morgan Stanley 4 1 5,833 11.8 -6.0 32 Citi 5 4 13,858 8.8 -0.3 103 Barclays 5 6 5,061 9.0 1.4 37 Citi 5 5 4,023 8.2 1.1 28 Barclays 6 6 9,925 6.3 -0.5 88 Bank of America Merrill Lynch 6 5 4,562 8.1 0.0 36 Barclays 6 7 3,978 8.1 3.2 27 Credit Suisse 7 7 6,054 3.8 -1.0 73 Wells Fargo & Co 7 9 2,779 4.9 1.4 28 Wells Fargo & Co 7 6 2,815 5.7 0.4 22 Wells Fargo & Co 8 8 5,366 3.4 -1.0 64 Credit Suisse 871,627 2.9 -2.7 26 Credit Suisse 8 9 2,454 5.0 2.3 17 RBC Capital Markets 9 10 4,937 3.1 -0.2 48 RBC Capital Markets 9 11 1,130 2.0 0.6 12 BNP Paribas SA 9 16 1,397 2.8 2.2 9 Jefferies LLC 10 9 4,605 2.9 -0.6 72 Jefferies LLC 10 10 815 1.4 -1.9 17 RBC Capital Markets 10 11 1,242 2.5 0.2 10 Cowen & Co 11 13 3,513 2.2 0.3 74 SVB Leerink LLC 11 - 739 1.3 1.3 13 HSBC Holdings PLC 11 - 1,023 2.1 2.1 4 Deutsche Bank 12 11 2,818 1.8 -1.3 27 Cowen & Co 12 17 634 1.1 0.7 15 Jefferies LLC 12 10 835 1.7 -0.9 12 Stifel/KBW 13 14 2,383 1.5 0.1 58 Raymond James Financial Inc 13 24 526 0.9 0.7 9 BMO Capital Markets 13 20 656 1.3 0.9 4 UBS 14 12 2,158 1.4 -1.0 31 Stifel/KBW 14 13 422 0.8 -0.1 18 Scotiabank 14 - 588 1.2 1.2 3 Evercore Partners 15 18 1,899 1.2 0.3 28 BMO Capital Markets 15 14 407 0.7 -0.1 6 Deutsche Bank 15 8 531 1.1 -1.9 5 Piper Jaffray Cos 16 16 1,705 1.1 0.0 37 Deutsche Bank 16 12 389 0.7 -0.37 SunTrust Banks 16 17 445 0.9 0.3 5 SVB Leerink LLC 17 - 1,642 1.0 1.0 35 Cantor Fitzgerald LP 17 16 335 0.6 0.0 5 Evercore Partners 17 - 371 0.8 0.8 4 HSBC Holdings PLC 18 30 1,354 0.9 0.6 4 UBS 18 8 285 0.5 -3.1 9 Mizuho Financial Group 18 14 348 0.7 -0.1 3 Allen & Co Inc 19 31 1,213 0.8 0.5 5 Evercore Partners 19 33 272 0.5 0.4 5 Stifel/KBW 19 18 307 0.6 0.2 4 SunTrust Banks 20 17 1,170 0.7 -0.4 12 JMP Securities LLC 20 20 265 0.5 0.2 6 Mitsubishi UFJ Financial Group 20 - 216 0.4 0.4 2 Raymond James Financial Inc 21 21 1,113 0.7 0.1 27 Piper Jaffray Cos 21 21 225 0.4 0.1 8 JMP Securities LLC 21 24 205 0.4 0.2 3 BMO Capital Markets 22 19 960 0.6 -0.3 24 Guggenheim Securities LLC 22 30 205 0.4 0.3 6 Cantor Fitzgerald LP 22 23 204 0.4 0.2 2 Guggenheim Securities LLC 23 27 828 0.5 0.2 17 Scotiabank 23 - 134 0.2 0.2 1 Guggenheim Securities LLC 23 - 192 0.4 0.4 2 KeyBanc Capital Markets Inc 24 35 765 0.5 0.3 13 Stephens Inc 24 23 123 0.2 0.0 1 Sumitomo Mitsui Finl Grp Inc 24 - 180 0.4 0.4 1 Cantor Fitzgerald LP 25 20 759 0.5 -0.3 22 KeyBanc Capital Markets Inc 25 27* 107 0.2 0.1 5 Cowen & Co 25 21 132 0.3 0.0 6 Industry Total 158,224 100.0 694 Industry Total 56,574 100.0 181 Industry Total 49,252 100.0 111 *Indicates a Tie

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$350 40%

35% $300 $33.3 91 30% $250 $50.2

25% Energy and Power 353 152 $200 Financials 20% High Technology $150 Real Estate 15% Healthcare $24.8 Other $100 137 10%

$50 5% $11.5 115 83

Outer Ring: Proceeds (US$bil) $0 0% $12.5 $19.2 Inner Ring: # Deals 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ECM Proceeds (US$bil) IPOs Proceeds %

EMEA Equity Capital Markets Volume - Domicile Nation Top EMEA Equity & Equity-Related Deals Domicile Proceeds $35 350 Issue Date Issuer Name Nation (US$mil) Issue Type Macro Sector 12/05/19 Saudi Arabian Oil Co 25,601.4 IPO Energy and Power $30 300 03/05/19 Vodafone Group PLC 4,532.2 Convertible Telecommunications

$25 250 03/29/19 AstraZeneca PLC United Kingdom 3,499.3 Follow-On Healthcare

10/25/19 Cellnex Telecom SA Spain 2,769.4 Follow-On Telecommunications $20 200 04/12/19 Nexi SpA Italy 2,323.2 IPO Financials

$15 150 09/24/19 TeamViewer AG Germany 2,169.2 IPO High Technology

11/20/19 FDJ France 2,021.7 IPO Media and Entertainment $10 100 06/18/19 Infineon Technologies AG Germany 1,729.0 Follow-On High Technology

03/12/19 Adyen Netherlands 1,692.9 Follow-On High Technology $5 50

04/10/19 Network Intl Holdings PLC United Kingdom 1,594.0 IPO Financials $0 0 United Saudi Germany France Switzerland Netherlands Spain Italy Sweden Norway 06/27/19 TRATON SE Germany 1,576.9 IPO Retail Kingdom Arabia Proceeds (US$bil) # of Deals 04/12/19 Stadler Rail AG Switzerland 1,526.1 IPO Industrials

www.refinitiv.com/dealsintelligence EMEA Rankings Full Year 2019 | Equity Capital Markets | Managing Underwriters

EMEA ECM (C1d) YoY Change ($) -5% QoQ Change ($) 126% EMEA IPOs (C7c) YoY Change ($) 12% QoQ Change ($) 621% EMEA Rights Offers (C8fr) YoY Change ($) -65% QoQ Change ($) 217% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh Chg Deals Bookrunner 2019 2018 US$mil Share Sh Chg Deals Bookrunner 2019 2018 US$mil Share Sh Chg Deals JP Morgan 1 1 13,262 8.8 -0.9 87 Goldman Sachs & Co 1 5 3,004 5.9 0.2 15 Morgan Stanley 1 16 1,036 10.8 8.7 4 Goldman Sachs & Co 2 2 12,246 8.1 -0.3 67 Citi 2 2 2,871 5.6 -1.2 14 BNP Paribas SA 2 10 627 6.5 3.7 9 Morgan Stanley 3 4 12,163 8.0 2.4 56 Morgan Stanley 3 4 2,868 5.6 -0.6 12 JP Morgan 3 1 577 6.0 -3.1 6 Citi 4 3 8,566 5.7 0.1 67 JP Morgan 4 1 2,669 5.2 -3.1 15 Goldman Sachs & Co 4 4 376 3.9 -1.6 4 Credit Suisse 5 7 7,733 5.1 0.6 38 Bank of America Merrill Lynch 5 7 2,313 4.5 -0.2 11 Societe Federale de Participat 5 45 341 3.6 3.2 5 Bank of America Merrill Lynch 6 8 6,480 4.3 -0.1 31 BNP Paribas SA 6 10 2,251 4.4 1.0 8 CaixaBank SA 6 39 322 3.4 2.8 2 UBS 7 5 6,152 4.1 -1.2 35 UBS 7 6 2,225 4.4 -0.8 10 ING 7 20 315 3.3 1.6 4 BNP Paribas SA 8 11 5,503 3.6 1.1 36 Credit Suisse 8 9 1,992 3.9 -0.2 8 Baader Bank AG 832 285 3.0 2.2 3 Barclays 9 9 4,393 2.9 -0.4 36 Barclays 9 15 1,849 3.6 1.7 12 Group Ltd 9 46 275 2.9 2.5 2 Societe Generale 10 10 3,922 2.6 -0.2 29 HSBC Holdings PLC 10 22 1,582 3.1 2.0 7 Piraeus Bank SA 10* - 241 2.5 - 1 HSBC Holdings PLC 11 15 3,605 2.4 0.3 22 Societe Generale 11 19 1,549 3.0 1.6 5 EFG Group 10* - 241 2.5 - 1 Jefferies LLC 12 16 3,507 2.3 0.7 46 Credit Agricole CIB 12 108 1,513 3.0 3.0 3 Axia Ventures Group 10* - 241 2.5 - 1 Deutsche Bank 13 6 3,193 2.1 -2.6 21 Deutsche Bank 13 3 1,420 2.8 -3.6 4 Citi 13 5 233 2.4 -1.6 3 Credit Agricole CIB 14 20 2,793 1.8 0.8 14 EFG Hermes 14 43 1,336 2.6 2.2 5 KBC Group NV 14 49 223 2.3 2.0 3 RBC Capital Markets 15 30 2,354 1.6 1.0 15 Sambacapital 15 40 1,304 2.6 2.1 3 Santander Corp & Invest Bkg 15 8 213 2.2 -1.1 2 Berenberg 16 12 2,304 1.5 -0.9 29 RBC Capital Markets 16 24 1,160 2.3 1.4 3 HSBC Holdings PLC 16 3 206 2.2 -4.6 2 Numis 17 14 2,076 1.4 -0.8 31 Santander Corp & Invest Bkg 17 - 1,150 2.3 - 2 DNB ASA 17 33 206 2.2 1.4 9 Stifel/KBW 18 17 1,815 1.2 -0.3 28 Natl Comml Bank Saudi Arabia 18 89* 1,097 2.2 2.1 2 Danske Bank 18 30 179 1.9 0.9 6 Carnegie 19 19 1,716 1.1 -0.1 50 Banque Saudi Fransi 19 89* 1,082 2.1 2.0 2 19* 26 176 1.8 0.5 2 Santander Corp & Invest Bkg 20 29 1,628 1.1 0.4 8 Bank of China Ltd 20 - 1,053 2.1 - 2 19* 24 176 1.8 0.5 2 UniCredit 21 18 1,510 1.0 -0.4 12 Riyadh Bank Ltd 21* 89* 1,024 2.0 1.9 1 Deutsche Bank 21 23 174 1.8 0.4 2 EFG Hermes 22 25 1,476 1.0 0.2 7 Mizuho Financial Group 21* 63 1,024 2.0 1.8 1 Credit Agricole CIB 22 11 169 1.8 -1.0 3 Peel Hunt LLP 23 26 1,448 1.0 0.2 24 Sumitomo Mitsui Finl Grp Inc 21* - 1,024 2.0 - 1 Berenberg 23 65 163 1.7 1.5 1 24 47 1,345 0.9 0.6 22 Al Rajhi Capital 21* 89* 1,024 2.0 1.9 1 Banca IMI (Intesa Sanpaolo) 24 14 148 1.5 -0.8 1 Nordea 25 27 1,309 0.9 0.1 17 GIB Capital 21* - 1,024 2.0 - 1 Chapel Hill Denham Group 25 - 146 1.5 -1 Industry Total 151,479 100.0 931 Industry Total 51,011 100.0 124 Industry Total 9,589 100.0 99

EMEA Common Stock (C4c) YoY Change ($) -9% QoQ Change ($) 184% EMEA Convertibles (C9d) YoY Change ($) 41% QoQ Change ($) -53% EMEA Secondary Offerings (C8f) YoY Change ($) -19% QoQ Change ($) 51% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh Chg Deals Bookrunner 2019 2018 US$mil Share Sh Chg Deals Bookrunner 2019 2018 US$mil Share Sh Chg Deals JP Morgan 1 1 11,411 8.6 -1.1 74 BNP Paribas SA 1 7 1,977 11.0 5.1 14 JP Morgan 1 1 8,742 10.6 0.3 59 Goldman Sachs & Co 2 2 11,268 8.4 -0.1 61 JP Morgan 2 3 1,851 10.3 -0.3 13 Morgan Stanley 2 3 8,363 10.1 4.5 38 Morgan Stanley 3 3 11,231 8.4 2.6 50 HSBC Holdings PLC 3 8 1,704 9.5 4.0 11 Goldman Sachs & Co 3 2 8,264 10.0 0.2 46 Citi 4 4 7,476 5.6 0.1 63 Credit Suisse 4 12 1,566 8.7 6.6 3 Citi 4 5 4,605 5.6 0.7 49 Credit Suisse 5 5 6,167 4.6 -0.1 35 Societe Generale 5 4 1,127 6.3 -2.4 10 Credit Suisse 5 4 4,175 5.1 0.1 27 Bank of America Merrill Lynch 6 6 5,718 4.3 -0.1 28 Citi 6 6 1,090 6.1 -1.1 4 Bank of America Merrill Lynch 6 6 3,405 4.1 -0.2 17 UBS 7 7 5,388 4.0 -0.4 32 Goldman Sachs & Co 7 5 979 5.4 -1.9 6 Jefferies LLC 7 17 3,244 3.9 2.4 41 Barclays 8 9 3,986 3.0 -0.2 31 Morgan Stanley 8 11 932 5.2 2.1 6 UBS 8 7 3,163 3.8 -0.2 22 BNP Paribas SA 9 14 3,525 2.6 0.4 22 Credit Agricole CIB 9 13 817 4.5 2.6 6 Barclays 9 8 2,137 2.6 -1.2 19 Jefferies LLC 10 16 3,507 2.6 1.0 46 UBS 10 1 764 4.2 -11.9 3 Berenberg 10 16 1,872 2.3 0.7 22 Deutsche Bank 11 8 2,823 2.1 -2.0 17 Bank of America Merrill Lynch 11 9 762 4.2 -0.6 3 Stifel/KBW 11 13 1,573 1.9 -0.3 23 Societe Generale 12 13 2,795 2.1 -0.2 19 Natixis 12 15 623 3.5 2.1 6 Numis 12 11 1,472 1.8 -0.6 26 RBC Capital Markets 13 30 2,354 1.8 1.1 15 UniCredit 13 19 475 2.6 1.6 3 Deutsche Bank 13 9 1,403 1.7 -1.4 13 Berenberg 14 11 2,270 1.7 -0.8 28 Barclays 14 10 407 2.3 -1.6 5 Carnegie 14 20 1,384 1.7 0.5 43 Numis 15 12 2,076 1.6 -0.8 31 Deutsche Bank 15 2 370 2.1 -9.6 4 BNP Paribas SA 15 15 1,275 1.6 0.0 14 Credit Agricole CIB 16 22 1,976 1.5 0.5 8 DNB ASA 16* 21* 150 0.8 0.1 1 Societe Generale 16 10 1,246 1.5 -1.2 14 HSBC Holdings PLC 17 15 1,901 1.4 -0.4 11 Clarksons Platou Securities AS 16* 21* 150 0.8 0.1 1 RBC Capital Markets 17 36 1,195 1.5 0.9 12 Carnegie 18 19 1,716 1.3 0.0 50Stifel/KBW 18 - 132 0.7 - 2 Liberum Capital 18 24 979 1.2 0.3 15 Stifel/KBW 19 17 1,683 1.3 -0.3 26Nomura 19 - 119 0.7 - 1 Peel Hunt LLP 19 25 935 1.1 0.2 22 Santander Corp & Invest Bkg 20 29 1,540 1.2 0.5 7 Istituto Per il Cred Sportivo 20- 112 0.6 - 1 Nordea 20 30 916 1.1 0.3 14 EFG Hermes 21 25 1,476 1.1 0.2 7-Mizuho Financial Group 21 111 0.6 - 1 21 12 898 1.1 -1.2 14 Peel Hunt LLP 22 26 1,448 1.1 0.2 24 Caisse Federale Credit Mutuel 22 - 96 0.5 - 1 ABG Sundal Collier 22 37 891 1.1 0.5 28 Sambacapital 23 71 1,304 1.0 0.8 3-CaixaBank SA 23* 88 0.5 - 1 ABN AMRO Bank 23 44 856 1.0 0.6 7 Nordea 24 27 1,249 0.9 0.0 16 Banco de Sabadell 23* - 88 0.5 - 1 DNB ASA 24 27 794 1.0 0.2 29 SEB 25 20 1,114 0.8 -0.3 17 Mediobanca 23* - 88 0.5 - 1 ING 25 39 664 0.8 0.3 9 Industry Total 133,470 100.0 890 Industry Total 18,009 100.0 41 Industry Total 82,459 100.0 766 *Indicates a Tie

www.refinitiv.com/dealsintelligence Asia ex Japan Insights Full Year 2019 | Equity Capital Markets | Managing Underwriters

Asia ex Japan Equity Capital Markets Issuance Top Asia ex Japan Equity & Equity-Related Deals Domicile Proceeds $350 2,500 Issue Date Issuer Name Nation (US$mil) Issue Type Macro Sector 11/20/19 Alibaba Group Holding Ltd China 12,933.8 Follow-On Retail $300 10/24/19 Shanghai Pudong Dvlp Bk China 7,073.8 Convertible Financials 2,000 02/27/19 China CITIC Bank Corp Ltd China 5,986.0 Convertible Financials $250 09/24/19 Budweiser Brewing Co APAC Ltd Hong Kong 5,749.4 IPO Consumer Staples

1,500 $200 11/05/19 Postal Svgs Bk of China Co China 4,668.0 Follow-On Financials

01/16/19 Ping An Bank Co Ltd China 3,850.0 Convertible Financials

$150 04/24/19 Vodafone Idea Ltd India 3,574.0 Follow-On Telecommunications 1,000

05/17/19 Bharti Airtel Ltd India 3,548.6 Follow-On Telecommunications $100 03/11/19 Bank of Jiangsu Co Ltd China 2,975.5 Convertible Financials 500 04/02/19 China Three Gorges Corp China 2,975.2 Convertible Energy and Power $50 10/26/19 ESR Cayman Ltd Hong Kong 1,794.6 IPO Real Estate

$0 0 08/08/19 CGN Power Co Ltd China 1,785.1 Follow-On Energy and Power 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Proceeds (US$bil) # of Issues 10/22/19 China Zheshang Bank Co Ltd China 1,780.2 Follow-On Financials

Asia ex Japan Equity Capital Markets - Issue Type Composition (US$bil) Asia ex Japan Equity Capital Markets - Macro Industry Composition

$180

$160 $50.5 $140 129

$120 $83.3 Financials 253 $100 High Technology

$80 689 Real Estate Industrials $60 97 Retail $26.1 $40 Other

$20 231 46 $0 $19.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $17.3 $19.4 Outer Ring: Proceeds (US$ bil) Convertibles Follow-On IPO Inner Ring: # Issues

www.refinitiv.com/dealsintelligence Asia-Pacific Rankings Full Year 2019 | Equity Capital Markets | Managing Underwriters Asia Equity & Equity-Related Asia Equity & Equity-Related Asia IPOs Including Chinese A-shares (C1b) YoY Change ($) 8% QoQ Change ($) 84% Excluding Chinese A-shares (C1ba) YoY Change ($) -11% QoQ Change ($) 66% Including Chinese A-Shares (C7a) YoY Change ($) -13% QoQ Change ($) 1% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh. Chg Issues Bookrunner 2019 2018 US$mil Share Sh. Chg Issues Bookrunner 2019 2018 US$mil Share Sh. Chg Issues CITIC 1 5 15,910 7.4 3.2 79 Morgan Stanley 1 2 12,889 10.0 1.7 65 China International Capital Co 1 1 4,692 9.0 -1.9 47 China International Capital Co 2314,939 6.9 1.2 70 Goldman Sachs & Co 2 1 11,526 8.9 -0.8 48 CITIC 254,668 3.7 3.4 38 Goldman Sachs & Co 3114,371 6.6 -1.3 55 JP Morgan 3 5 8,917 6.9 1.6 37 Morgan Stanley 3 3 2,555 4.3-0.4 26 Morgan Stanley 4 2 13,484 6.2 0.2 69 Credit Suisse 4 4 7,434 5.8 0.5 55 China Merchants Securities Co 4 7 2,449 3.4 0.3 20 JP Morgan 5 6 9,016 4.2 0.1 39 Citi 5 3 6,830 5.3 -1.6 50 China Securities Co Ltd 5 11 2,078 2.8 0.3 26 Citi 6 4 8,523 3.9 -1.5 59 Bank of America Merrill Lynch 6 6 6,499 5.0 -0.2 31 Citi 6 12 1,967 2.7 0.3 22 Credit Suisse 7 7 8,183 3.8 -0.1 57 HSBC Holdings PLC 7 12 6,025 4.7 2.8 28 Haitong Securities Co Ltd 7 13 1,647 2.5 0.0 51 China Securities Co Ltd 8 8 7,444 3.4 -0.5 56 China International Capital Co 8 8 5,597 4.3 0.7 43 Bank of America Merrill Lynch 83.94 1,553 -1.5 10 Bank of America Merrill Lynch 9 9 6,499 3.0 -0.8 31 UBS 9 7 3,997 3.1 -1.1 35 Deutsche Bank 9 18 1,544 2.2 0.1 13 Huatai Securities Co Ltd 10 11 6,361 2.9 -0.2 37 DBS Group Holdings 10 27 2,724 2.1 1.2 24 Credit Suisse 10 6 1,468 3.5 -1.3 22 UBS 11 10 6,334 2.9 -0.4 40 Industrial & Comm Bank China 11 19 2,623 2.0 0.7 20 GF Securities 11 30 1,466 0.7 1.5 19 HSBC Holdings PLC 12 16 6,162 2.9 1.4 29 CIMB Group Holdings Bhd 12 56 2,383 1.9 1.7 20 Guotai Junan Securities 12 21 1,448 1.8 0.4 34 Guotai Junan Securities 13 12 5,553 2.6 0.0 51 Deutsche Bank 13 10 2,348 1.8 -0.3 19 JP Morgan 13 9 1,309 3.2 -1.2 8 Haitong Securities Co Ltd14 15 5,242 2.4 0.8 68 CITIC 14 9 2,281 1.8 -0.6 28 14 10 1,249 2.8 -0.9 27 China Merchants Securities Co 15 13 4,600 2.1 -0.2 31 Haitong Securities Co Ltd 15 15 2,164 1.7 0.1 54 HSBC Holdings PLC 15 20 1,218 1.8 0.0 8 GF Securities 16 21 3,180 1.5 0.5 34 BNP Paribas SA 16 13 2,020 1.6 -0.3 15 Huatai Securities Co Ltd 16 8 1,185 3.4 -1.6 16 Bank of China Ltd 17 19 3,148 1.5 0.3 21 ICICI Bank Ltd 17 31 1,708 1.3 0.6 13 BNP Paribas SA 17 22 1,133 1.3 0.4 8 Deutsche Bank 18 14 2,728 1.3 -0.3 24 China Merchants Bank 18 14 1,566 1.2 -0.6 30 Co Ltd 18 46 1,082 0.3 1.3 13 DBS Group Holdings 19 34 2,724 1.3 0.7 24 Axis Bank Ltd 19 20 1,540 1.2 0.0 15 Changjiang Securities Co Ltd 19 53 1,061 0.3 1.3 8 Industrial & Comm Bank China20 25 2,623 1.2 0.3 20 Kotak Mahindra Bank Ltd 20 26 1,383 1.1 0.2 10 Agricultural Bank of China 20 14 1,025 2.5 -0.9 33 CIMB Group Holdings Bhd21 72 2,383 1.1 0.9 20 Huatai Securities Co Ltd 21 40 1,145 0.9 0.5 13 Trinity Securities Group 21 - 1,018 - 1.5 1 Essence Securities Co Ltd 22 46 2,209 1.0 0.6 19 Agricultural Bank of China 22 17 1,095 0.9 -0.5 35 Dongxing Securities 22 67 986 0.2 1.3 12 Guosen Securities Co Ltd 23 20 2,181 1.0 -0.1 22 State Bank of India 23 28 1,092 0.9 0.1 5 UBS 23 15 911 2.4 -1.0 13 BNP Paribas SA 24 17 2,020 0.9 -0.5 15 NH Investment & Securities Co 24 24 1,035 0.8 -0.2 22 24 16 897 2.4 -1.0 22 Dongxing Securities 25 39 1,752 0.8 0.3 23 Trinity Securities Group 25 - 1,018 0.8 0.8 1 DBS Group Holdings 25 56* 880 0.3 1.0 9 Industry Total 216,300 100.0 1,445 Industry Total 128,993 100.0 1,021 Industry Total 66,106 100.0 670

Asia Secondary Offerings Asia Convertibles Australian Including Chinese A-Shares (C8c) YoY Change ($) 2% QoQ Change ($) 126% Including Chinese A-Shares (C9b) YoY Change ($) 81% QoQ Change ($) 435% Equity & Equity Related (AK1) YoY Change ($) -9% QoQ Change ($) 84% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner 2019 2018 US$mil Share Sh. Chg Issues Bookrunner 2019 2018 US$mil Share Sh. Chg Issues Bookrunner 2019 2018 AU$mil Share Sh. Chg Issues Morgan Stanley 1 1 9,673 10.1 1.2 34 CITIC 146,520 12.0 6.7 18UBS 11 8,425 25.1 0.0 40 Goldman Sachs & Co 2 3 8,531 8.9 0.4 34 Goldman Sachs & Co 2 1 5,046 9.3 -3.1 12 JP Morgan 2 4 4,270 12.7 0.5 26 JP Morgan 3 11 6,502 6.8 4.1 23 China International Capital Co 3 3 3,981 7.3 1.1 7 Macquarie Group 3 2 3,441 10.3 6.6 26 China International Capital Co 4 10 6,266 6.5 3.6 16 Huatai Securities Co Ltd 463,811 7.0 3.2 13 Citi 453,150 9.4 -3.9 12 Citi 5 2 4,959 5.2 -3.7 28 China Securities Co Ltd 5 5 3,537 6.5 2.0 18 Bell Financial Group Ltd 5 8 1,770 5.3 3.8 76 CITIC 6 8 4,722 4.9 0.6 23 Guotai Junan Securities 682,730 5.0 1.6 8 Morgan Stanley 6 34.31.81,448 8 Credit Suisse 7 7 4,628 4.8 0.5 25 Bank of China Ltd 7 13 2,443 4.5 2.1 4 Goldman Sachs & Co 7 6 1,255 3.7 -6.0 9 HSBC Holdings PLC 8 27 4,444 4.6 3.8 17 Haitong Securities Co Ltd 818 2,388 4.4 2.7 8 Canaccord Financial Inc 8 12 1,112 3.3 -0.8 93 UBS 9 4 3,773 3.9 -0.9 21 Credit Suisse 9 7 2,087 3.9 0.2 10 Bank of America Merrill Lynch 9 10 808 2.4 1.5 4 Bank of America Merrill Lynch 10 5 3,472 3.6 -1.0 15 UBS 10 29 1,651 3.0 2.1 6 RBC Capital Markets 10 27 761 2.3 0.0 7 CIMB Group Holdings Bhd 11 93 2,126 2.2 2.1 12 Citi 11 24 1,597 2.9 1.6 9 Moelis & Co 11 20 735 2.2 2.1 16 Industrial & Comm Bank China 12 78* 1,909 2.0 1.9 2 Ping An Securities Ltd 12 41 1,592 2.9 2.5 4Shaw & Partners Ltd 12 22 622 1.9 1.5 26 China Securities Co Ltd 13 6 1,829 1.9 -2.6 12 Bank of America Merrill Lynch 13 28 1,474 2.7 1.6 6 Credit Suisse 13 16 588 1.8 1.3 6 DBS Group Holdings 14 23 1,710 1.8 0.7 14 Morgan Stanley 14 22 1,256 2.3 0.8 9 Morgans Financial Ltd 14 9 564 1.7 0.6 44 ICICI Bank Ltd 15 29 1,574 1.6 0.8 9 China Merchants Securities Co 15 12 1,249 2.3 -0.5 6 Deutsche Bank 15 7 540 1.6 -1.0 2 Guotai Junan Securities 16 9 1,375 1.4 -1.6 9 JP Morgan 16 2 1,205 2.2 -8.1 8 Ord Minnett Ltd 16 14 356 1.1 -2.8 13 Huatai Securities Co Ltd 17 12 1,365 1.4 -1.2 8 GF Securities 17 20 944 1.7 0.1 8 Petra Capital Pty Ltd 17 21 329 1.0 -0.5 16 Axis Bank Ltd 18 19 1,279 1.3 0.1 9 Huarong Securities Co Ltd 18 - 747 1.4 1.4 5 Euroz Securities Ltd 18 15 241 0.7 0.3 20 Kotak Mahindra Bank Ltd 19 24 1,214 1.3 0.3 6 Co Ltd 19 48 652 1.2 0.9 2 Taylor Collison Ltd 19 11 229 0.7 -0.8 37 Essence Securities Co Ltd 20 70 1,208 1.3 1.1 2 Shenwan Hongyuan Securities Co 20 31 622 1.2 0.5 4 Hartleys Ltd 20 13 210 0.6 -1.6 37 Haitong Securities Co Ltd 21 25 1,207 1.3 0.4 9 Dongxing Securities 21 39 568 1.1 0.6 7 Argonaut Ltd 21 24 205 0.6 -1.0 15 State Bank of India 22 31 1,041 1.1 0.4 4 Co 22 19 521 1.0 -0.7 1 EverBlu Capital Pty Ltd 22 61 189 0.60.2 12 Guoyuan Securities Co Ltd 23 - 946 1.0 1.0 8 HSBC Holdings PLC 23 11 501 0.9 -1.9 4 Wilsons Ltd 23 17 175 0.5 0.5 7 Guosen Securities Co Ltd 24 13 908 1.0 -1.0 6 Guoyuan Securities Co Ltd 24 26 453 0.8 -0.4 2 Evans Dixon Pty Ltd 24 18 155 0.5 -0.6 5 China Merchants Securities Co 25 21 903 0.9 -0.3 5 Sinolink Securities Co Ltd 25 21 439 0.8 -0.8 1 CPS Capital Group 25 26 109 0.3 -0.5 35 Industry Total 95,908 100.0 602 Industry Total 54,287 100.0 173 Industry Total 33,537 100.0 749 *Indicates a Tie

www.refinitiv.com/dealsintelligence Japan Rankings Full Year 2019 | Equity Capital Markets | Managing Underwriters

Japan Equity & Equity-Related (C1e) YoY Change ($) -61% QoQ Change ($) -43% Japan IPOs (C7d) YoY Change ($) -86% QoQ Change ($) 209% Top Japan Equity & Equity-Related Deals Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Proceeds Issue Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Issue Date Issuer Name (US$mil) Type Macro Industry Nomura 1 1 4,951 22.9 5.3 53 Inc 1 5 974 24.2 9.2 24 Consumer Products 9/10/19 Recruit Holdings Co Ltd 3,479.1 FO Sumitomo Mitsui Finl Grp Inc 2 2 3,840 17.8 1.2 56 Nomura 2 1 867 21.6 3.8 18 and Services Mizuho Financial Group 3 4 3,183 14.7 0.6 43 Sumitomo Mitsui Finl Grp Inc 3 2 807 20.0 3.0 22 4/15/19 Japan Post Co Ltd 3,188.4 FO Financials Mitsubishi UFJ Morgan Stanley 4 5 2,833 13.1 0.5 24 Mizuho Financial Group 43 501 12.4 -3.5 15 Daiwa Securities Group Inc 5 3 2,804 13.0 -1.7 46 Mitsubishi UFJ Morgan Stanley 54 463 11.5 -3.8 6 Consumer Products 3/4/19 Nintendo Co Ltd 737.0 FO Goldman Sachs & Co 6 8 1,270 5.9 1.0 7 SBI Holdings Inc 6 6 117 2.9 -9.3 7 and Services Bank of America Merrill Lynch 7 9 940 4.4 2.5 5 Bank of America Merrill Lynch 7 7* 85 2.1 1.0 1 8/20/19 Shinsei Bank Ltd 595.6 FO Financials JP Morgan 8 7 797 3.7 -2.2 1 NH Investment & Securities Co 8* - 74 1.9 1.9 1 Credit Suisse 9 12 278 1.3 0.6 2 Mirae Asset Daewoo Co Ltd 8* - 74 1.9 1.9 1 9/19/19 Yamato Holdings Co Ltd 490.3 FO Industrials Citi 10 10 190 0.9 -0.9 4 Tokai Tokyo Financial Holdings 10 17 40 1.0 1.0 4 SBI Holdings Inc 11 6 163 0.8 -6.0 8 Ichiyoshi Securities Co Ltd 11 16 13 0.3 0.2 1 12/2/19 SOSiLA Logistics REIT Inc 483.3 IPO Real Estate UBS 12 11 147 0.7 -0.3 2 HS Securities Co Ltd 12 -90.2 0.2 2 Mirae Asset Daewoo Co Ltd 13* - 74 0.3 0.3 1 Aizawa Securities 13 23 1 0.0 0.0 1 12/4/19 Air Water Inc 452.1 FO Materials NH Investment & Securities Co 13* -740.30.31 Tokai Tokyo Financial Holdings 15 16 40 0.2 0.1 4 6/26/19 Sushiro Global Holdings Ltd 409.2 FO Retail Industry Total 21,625 100.0 171 Industry Total 4,025 100.0 91 11/19/19 Rohm Co Ltd 387.0 CVT High Technology

6/3/19 Sekisui House Reit Inc 373.0 FO Real Estate

Japan Secondary Offerings (C8d) YoY Change ($) -19% QoQ Change ($) -75% Japan Convertible (C9e)YoY Change ($) -83% QoQ Change ($) 1202% Japan Equity & Equity-Related Volume - Issue Type Composition

Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of $70 300 Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Bookrunner 2019 2018 US$mil Share Sh. Chg Deals Nomura 1 2 3,755 22.6 8.5 32 Nomura 1 1 328 32.5 3.8 3 Sumitomo Mitsui Finl Grp Inc 2 1 2,796 16.9 0.0 32 Sumitomo Mitsui Finl Grp Inc 2 3 237 23.5 9.7 2 $60 Mizuho Financial Group 3 4 2,601 15.7 2.5 26 Goldman Sachs & Co 3 6217 21.5 16.6 2 250 Mitsubishi UFJ Morgan Stanley 4 7 2,354 14.2 5.4 17 Daiwa Securities Group Inc 4 2 130 12.9 -11.4 2 Daiwa Securities Group Inc 5 5 1,700 10.3 -1.4 20 Mizuho Financial Group 5 5 81 8.1 -0.6 2 $50 Goldman Sachs & Co 6 6 1,052 6.3 -4.5 5 Mitsubishi UFJ Morgan Stanley 6 4 16 1.6 -11.0 1 200 Bank of America Merrill Lynch 7 8 855 5.2 1.5 4 JP Morgan 83 797 4.8 -9.0 1 $40 Credit Suisse 9 12 278 1.7 0.8 2 150 Citi 10 9 190 1.2 -1.4 4 UBS 11 10 147 0.9 -0.4 2 $30 SBI Holdings Inc 1211 46 0.3 -1.0 1 100 Okasan Securities Group Inc 13 16 18 0.1 0.1 2 $20

50 Industry Total 16,590 100.0 72 Industry Total 1,010 100.0 8 $10

$0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Follow-On (US$bil) IPO (US$bil) Convertible (US$bil) Total # of ECM Deals

*Indicates a Tie

www.refinitiv.com/dealsintelligence Equity Capital Markets Criteria Full Year 2019 | Managing Underwriters

If you would like to participate in the All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the submission process, receive periods shown are as reflected in Refinitiv databases as of 9:00am EST on December 31st, 2019. Full credit is given to the bookrunner, equal if joint books. In quarterly press releases, or have cases of underwriter consolidation, credit is given to the surviving/parent firm. questions about our full league table criteria please contact: Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are AMERICAS entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. Sam Boehle Tel: +1 646 223 7378 Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This [email protected] includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

EMEA Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest Becca Cox maturity date or first call/put option. Tel: +44 207 542 7376 [email protected] Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

ASIA PACIFIC League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly Antoinette Reyes established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established Tel: +632 459 1647 joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley". [email protected] While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither JAPAN Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, Aki Sato nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or Tel: +813 6441 1120 completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not [email protected] appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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