Financial Services Public Companies

APC Securities Pty Ltd. Financial Services Public Level 10 32 Martin Place Companies November Sydney2017 NSW 2000 Australia

Phone: +61 2 8222 6198 Fax: +61 2 8222 1880 Financial Services Public www.apcsecurities.com.au Companies

Dow Jones US Financials Public Financial Services companies make up approximately 10% of the 600 503 568 439 overall value of the global public equity markets. 399 448 400

The 12 exchanges covered in this report make up approximately 80% of the 200 overall value of global public equity markets. The 12 exchanges covered had a total of 552 public financial services companies. 0 31.12.13 31.12.14 31.12.15 31.12.16 02.11.17

The overall market outperformed public financial services indexes in the three months between the end of July 2017 and the beginning of November 2017, gaining 8.56% as compared to an average 4.04% gain for the public Dow Jones Industrial Average 23,435 financial services indexes. 25000 19,762 17,823 17,425 20000 16,576 In 2017 as a whole (up to the beginning of November 2017), public financial 15000 services indexes increased by an average of 10.61% while principle all-share 10000 indexes increased by a higher 14.25%. 5000 0 31.12.13 31.12.14 31.12.15 31.12.16 02.11.17 There are currently over 50,000 public companies and 24,000 listed investment funds on major exchanges globally. FTSE 350 Financial Services 10,810 The NYSE and NASDAQ currently account just over 35% of global public 12000 9,451 9,302 equity markets. 10000 8,529 7,817 8000 Leading Domestic Equity markets by Value as at 30.09.17 6000

25 4000 2000 21.2 0 20 31.12.13 31.12.14 31.12.15 31.12.16 02.11.17

15 FTSE 100 Index

7,142 7,497 8000 6,748 6,566 6,242 10 9.2 6000 5.7 4.9 4000 4.3 4.2 5 4.02 3.6 2.3 2.1 2000 0 31.12.13 31.12.14 31.12.15 31.12.16 02.11.17 0 NYSE NASDAQ Japan Ex. Shanghai Euronext LSE HKEX Shenzen TMX DAX Group SE

This report has been prepared by APC Securities Pty Ltd. APC Securities does and seeks to do business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Contents

Section 1 Overview of Public Financial Services Companies ...... 3 Overview ...... 4 Specialist Financial Indexes & Exchanges ...... 6 Global Capital Markets (as at end September 2017) ...... 7 Top 50 Public Financial Services Companies by Value ...... 9

Section 2 Public Financial Services Companies by Region ...... 11 NYSE & NASDAQ Top 40 ...... 12 LSE Top 40 ...... 15 TSX Top 40 ...... 18 Shanghai & Shenzhen Top 40 ...... 21 Euronext Top 40 ...... 24 Japan Top 40 ...... 27 HKEX Top 40 ...... 30 ASX Top 40 ...... 33 Swiss Top 40 ...... 36 Deutsche Börse Top 20 ...... 39

Section 3 Public Financial Services Companies by Sector ...... 42 Top 50 Asset Managers by Value ...... 43 Top 50 Banks by Value ...... 46 Top 50 Investment Banks and Brokers by Value ...... 49 Top 50 Investment Companies by Value ...... 52 Top 50 Specialist Financial Services Companies by Value ...... 55

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Section 1: Overview – Public Financial Services Companies

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Overview

Leading Financial Services Companies by Sector

The top 50 financial services companies have a combined market value of $4.74 trillion dollars, trade on an average PE of 14.21 and have an average price to book of 1.42 (as of 2nd November 2017).

In this report, public financial service companies have been broken down into the following categories: asset managers, banks, investment banks & brokers, investment companies, and specialist financial services companies.

Of the five categories within the sector, leading banks make up approximately 53.43% of overall value, leading investment banks and brokers 15.46%, leading asset managers 13.46%, leading specialists 12.62%, and leading investment companies 5.03%.

Where specified, leading asset managers trade on an average PE of 17.19, banks a PE of 12.56, investment banks and brokers a PE of 28.51, investment companies a PE of 16.72, and specialists a PE of 13.83, giving an average PE for the financial sector of 17.76.

Leading asset managers traded at an average price to book (PTB) of 3.72, banks a PTB of 1.29, investment banks and brokers a PTB of 3.67, investment companies a PTB of 2.60, and specialists a PTB of 1.79, giving an average PTB for the sector of 2.61.

Financial Service Companies by Sector (2nd November 2017 market value, US$ billion)

5,000.00 4,736.57 4,500.00 4,000.00 3,500.00 3,283.31 3,000.00 2,500.00 2,000.00 1,500.00 950.12 1,000.00 827.07 775.82 500.00 308.83 0.00 Top 50 All Sectors Top 50 Asset Top 50 Banks Top 50 Investment Top 50 Investment Top 50 Specialist Managers Banks & Brokers Companies Companies *specialist financial services and all share indexes covered on page 6

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Financial Services Companies by Exchange

The US NYSE and NASDAQ exchanges accounted for approximately 25.5% of the overall value of the leading financial services companies in the exchanges covered, and the leading financial services companies made up approximately 6.5% of the combined overall market value of the NYSE and NASDAQ. The leading financial services companies listed on the NYSE and NASDAQ exchanges traded on an average PE of 19.12 and an average price to book (PTB) of 4.66. The Shanghai and Shenzhen exchanges accounted for approximately 20.2% of the overall value, and the leading financial services companies made up approximately 18.5% of the overall value of the Shanghai and Shenzhen exchanges combined. The leading financial services companies listed on the Shanghai and Shenzhen exchanges traded on an average PE of 23.88 and an average PTB of 1.40. The Hong Kong Stock Exchange accounted for approximately 19.0% of the overall value of the leading financial services companies in the exchanges covered, and the financial services companies made up approximately 36.9% of the overall value of the Hong Kong Stock Exchange. The leading financial services companies listed on the HKSE traded on an average PE of 12.90 and an average PTB of 1.56. The London Stock Exchange accounted for approximately 10.3% of the overall value of the leading financial services companies covered, and the leading financial services companies made up approximately 18.8% of the value of the London Stock Exchange. The leading financial service companies listed on the London Stock Exchange traded on an average PE of 20.20 and an average PTB of 2.71.

For the remaining six exchanges covered, the leading financial services companies covered made up approximately 27.3% of the total value of the Toronto Stock Exchange and traded on an average PE of 14.52 and an average PTB of 1.51. The leading financial services companies made up approximately 30.0% of the total value of the Australian Stock Exchange and traded on an average PE of 19.09 and an average PTB of 3.06. The leading financial services companies made up approximately 5.4% of the total value of the Japan Stock Exchange and traded on an average PE of 17.07 and an average PTB of 1.57. The leading financial services companies made up approximately 10.5% of the total value of companies on the Deutsche Börse and traded on an average PE of 22.88 and an average PTB of 1.84. The leading financial services companies made up approximately 12.5% of the total value of companies on the Swiss Stock Exchange and traded on an average PE of 17.63 and an average PTB of 1.55. Finally, the leading financial services companies covered made up approximately 3.3% of the total value of the Euronext and traded on an average PE 13.56 and an average PTB of 1.43.

Financial Services Companies Value by Exchange (2nd November 2017 market value, US$ billion)

$1,991.86 2,000.00 $1,578.46 $1,483.73 1,500.00

1,000.00 $803.36 $645.76 $420.83 500.00 $307.52 $144.39 $210.47 $228.82 0.00 Top 40 Top 40 Top 40 Top 40 Top 40 Top 40 Top 40 Top 40 Top 40 Top 20 NYSE & LSE & AIM TSX Shanghai & Euronext Japan SE HKSE ASX Swiss Deutsche NASDAQ Shenzhen Borse

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Specialist Financial Indexes

The overall market outperformed public financial services indexes in the three months between the end of July 2017 and the beginning of November 2017. The specialist financial indexes gained an average of 4.04% in the quarter against an average 8.56% increase for the principle all-share indexes.

Previously, in the three months between the end of April 2017 and the end of July 2017, the specialist financial indexes gained an average of 3.62% against a 2.95% gain for the principle all-share indexes.

In 2017 to date, the principle all-share indexes have also outperformed the specialist financial indexes, gaining an average 14.25% against an average gain of 10.61% for the specialist financial indexes.

Index Symbol: % % All Time % Country Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 Date of ATH 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference High Difference AUSTRALIA ASX S&P AUST. 200 BANKS XBAJ:ASX AUD 8,590.32 8,607.28 -0.20 9,391.38/7,580.40 8,707.08 -1.34 10,412.88 01/03/2015 -17.50 7,858.77 9,382.21 8,300.26 AUSTRALIA ASX S&P AUST. INDEX 200 FINANCIAL XFJ:ASX AUD 6,586.09 6,543.42 0.65 7,046.10/5,562.90 6,557.41 0.44 7,556.90 01/11/2007 -12.85 5,828.70 6,540.86 5,642.87 AUSTRALIA ASX S&P AUST. 200 DIVERSIFIED FINANCIAL XDFJA:ASX AUD 97,019.23 89,901.63 7.92 97,019.23/74,573.67 85,345.86 13.68 97,019.23 02/11/2017 0.00 73,926.39 63,623.56 54,287.44 AUSTRALIA ASX S&P AUST. INDEX 300 FINANCIAL XFK:ASX AUD 6,549.25 6,500.48 0.75 6,994.57/5,646.35 6,508.62 0.62 7,379.60 01/05/2007 -11.25 5,778.31 6,478.41 5,591.82 CANADA TSX S&P TSX CAPPED FINANCIALS TTFS:TOR CAD 305.98 283.52 7.92 307.53/255.64 281.91 8.54 307.53 31/10/2017 -0.50 236.13 253.30 233.18 CANADA TSX S&P TSX DIVERSIFIED BANKS TXDE:TOR CAD 336.38 310.52 8.33 337.78/275.99 308.86 8.91 337.78 01/11/2017 -0.41 245.10 270.91 245.77 CHINA NS FTSE CHINA A 600 BANKS FTXIN48350:FSI CNY 14,482.49 14,630.32 -1.01 15,151.57/12,446.51 12,877.58 12.46 20,962.47 01/11/2007 -30.91 13,473.74 12,238.94 8,008.04 CHINA NS FTSE CHINA A 600 FINANCIALS FTXIN48000:FSI CNY 14,127.09 13,789.88 2.45 14,488.19/11,859.27 12,283.03 15.01 21,698.10 01/11/2007 -34.89 13,870.67 12,962.46 7,412.80 CHINA NS FTSE CHINA A 600 FINANCIAL SERVICES FTXIN48770:FSI CNY 12,424.30 12,758.20 -2.62 14,719.53/11,522.40 12,829.95 -3.16 32,102.66 01/11/2007 -61.30 15,580.35 18,216.03 8,556.18 EUROPE BRU BELGIUM FINANCIALS NET RETURN BEFIN:BRU EUR 946.69 915.99 3.35 950.78/720.98 796.45 18.86 1,367.06 01/05/2007 -30.75 738.31 633.65 564.63 EUROPE PAR CAC FINANCIALS FRFIN:PAR EUR 996.08 976.66 1.99 1,007.52/746.43 872.92 14.11 1,461.38 01/05/2007 -31.84 826.96 769.78 745.30 EUROPE AEX AEX FINANCIALS NLFIN:AEX EUR 718.27 708.04 1.44 728.83/582.49 661.77 8.54 1,392.84 01/04/2007 -48.43 652.41 628.31 525.63 GERMANY XETRA DAX BANKS CXPB:GER EUR 126.17 129.70 -2.72 137.28/84.27 113.54 11.12 702.57 01/05/2007 -82.04 144.50 158.36 187.10 GERMANY XETRA DAX FINANCIAL SERVICES CXPV:GER EUR 1,855.04 1,733.96 6.98 1,879.93/1,407.21 1,494.81 24.10 1,879.93 19/10/2017 -1.32 1,430.22 1,107.37 883.95 HONG KONG HANG SENG HANG SENG CHINA H FINANCIAL HSHFIDV:HKG HKD 26,819.58 24,717.74 8.50 26,993.01/20,038.17 20,592.59 30.24 29,669.14 01/05/2015 -9.60 20,674.85 22,931.95 16,975.25 HONG KONG HANG SENG HSI FINANCE HSNFDV:HKG HKD 120,085.71 113,532.26 5.77 121,526.62/88,647.43 90,513.79 32.67 121,526.62 18/10/2017 -1.19 86,755.26 92,605.40 78,487.11 JAPAN NIKKEI N500 OTHER FINANCIAL NFIN:NIK JPY 3,260.23 3,066.23 6.33 3,269.50/2,453.18 2,879.35 13.23 6,618.50 01/04/2006 -50.74 2,971.06 2,417.66 2,782.85 JAPAN NIKKEI N500 BANKS NBKS:NIK JPY 1,675.09 1,595.27 5.00 1,690.94/1,270.13 1,579.26 6.07 4,814.40 01/08/1993 -65.21 1,539.83 1,704.18 1,384.59 JAPAN NIKKEI N500 SECURITIES NSEC:NIK JPY 2,801.20 2,616.73 7.05 3,006.95/2,084.27 2,802.06 -0.03 6,718.37 01/06/1994 -58.31 2,795.61 3,217.51 3,493.28 JAPAN TOKYO BANKS INDEX BANK17:TYO JPY 127.33 117.79 8.10 130.19/91.76 122.00 4.37 630.53 01/08/1993 -79.81 133.09 121.52 126.44 JAPAN TOKYO FINANCIALS INDEX FNCL17:TYO JPY 138.75 130.40 6.40 139.67/100.03 129.18 7.41 280.22 01/04/2006 -50.49 120.50 112.77 110.58 JAPAN TOKYO BANKING & INSURANCE IBNKS:TYO JPY 198.00 183.16 8.10 202.44/142.68 189.70 4.38 1,477.24 01/12/1989 -86.60 206.95 188.96 196.62 JAPAN TOKYO OTHER FINANCIAL IFINS:TYO JPY 698.10 643.53 8.48 700.50/518.52 618.48 12.87 1,824.55 01/09/1989 -61.74 645.43 547.73 623.02 JAPAN TOKYO SECURITIES ISECU:TYO JPY 420.25 397.57 5.70 460.24/303.47 417.02 0.77 3,549.94 10/04/1987 -88.16 421.93 452.90 527.02 SWITZERLAND SWISS SWISS INVESTMENT COMPANIES IGSP:SWX CHF 161.11 151.90 6.06 166.74/118.89 138.41 16.40 166.74 17/10/2017 -3.38 143.63 123.51 84.10 UK LSE FTSE 350 BANKS FTNMX8350:FSI GBP 4,421.67 4,533.12 -2.46 4,638.61/3,658.32 4,138.13 6.85 5,308.74 13/09/2009 -16.71 3,817.97 4,374.68 4,832.99 UK LSE FTSE 350 EQUITY INV. INSTRUMENTS FTNMX8980:FSI GBP 9,595.28 9,358.37 2.53 9,617.50/8,077.85 8,493.70 12.97 9,617.50 01/11/2017 -0.23 7,461.09 7,246.15 6,773.83 UK LSE FTSE 350 GENERAL FINANCIAL SERVICES FTNMX8770:FSI GBP 10,810.71 10,708.52 0.95 11,004.17/8,883.23 9,302.24 16.22 11,004.17 04/08/2017 -1.76 9,451.28 8,529.49 7,817.82 US NYSE DOW JONES US FINANCIAL DJUSFN:DJI USD 568.93 540.24 5.31 572.28/436.78 503.34 13.03 613.56 01/02/2007 -7.27 439.37 448.56 399.52 US NYSE NYSE FINANCIAL INDEX NYK.ID:PSE USD 7,937.89 7,615.67 4.23 7,983.41/6,127.12 6,961.55 14.02 9,988.19 01/06/2007 -20.53 6,305.68 6,707.16 6,353.68 US NASDAQ NASDAQ BANK (IXBK) BANK:NAS USD 3,915.58 3,740.69 4.68 4,012.94/2,973.04 3,852.47 1.64 4,012.94 27/10/2017 -2.43 2,880.20 2,707.40 2,603.56 US NASDAQ NASDAQ FINANCIAL 100 IXF:NAS USD 4,355.26 4,195.00 3.82 4,417.10/3,334.71 3,997.48 8.95 4,417.10 20/10/2017 -1.40 3,264.22 3,183.20 3,066.04 US NASDAQ NASDAQ OTHER FINANCE OFIN:NAS USD 7,521.93 7,276.93 3.37 7,635.63/5,648.43 6,468.24 16.29 7,635.63 12/10/2017 -1.49 5,582.55 5,672.17 5,703.16 AVERAGE 4.04 10.61 -29.43

Principle All-Share Indexes

Notes: List of all financial/all-share indexes principally obtained from uk.investing.com (plus general internet research). Financial information principally obtained from ft.com (plus bloomberg.com, finance.yahoo.com and uk.investing.com).

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Global Capital Markets (latest available information as at end September 2017)

The total value of major global equity markets as at the end of September 2017 was just over $81.35 trillion, with the US NYSE and NASDAQ markets having a combined value of $30.48 trillion or 37.5% of the major global equity markets. There are currently 209 recognised stock exchanges globally in 127 countries.

The top ten exchanges that are in nine countries account for around two thirds of global volume.

Regional and total WFE domestic equity market capitalisation as at end Sept. 2017 and end Sept. 2016

USD bn USD bn Time Zone % change (in USD) Sept. 2017 Sept. 2016

Americas 34,871 30,090 15.9

Asia-Pacific 27,119 23,340 16.2 Europe-Africa-Middle 19,362 16,140 19.9 East Total WFE 81,352 69,571 16.9

Largest Domestic Equity Markets by Value as at end Sept. 2017 and end Sept. 2016

USD bn USD bn Exchange % change (in USD) Sept. 2017 Sept. 2016 1 NYSE Euronext (US) 21,221 18,860 12.5 2 NASDAQ (US) 9,261 7,637 21.3 3 Japan Exchange Group 5,715 5,011 14.0 4 Shanghai SE 4,924 3,985 23.6 5 NYSE Euronext (Europe) 4,344 3,465 25.4 6 London Stock Exchange Group 4,264 3,581 19.1 7 Hong Kong Exchanges & Clearing 4,022 3,301 21.8 8 Shenzhen Stock Exchange 3,627 3,288 10.3 9 TMX Group 2,369 1,964 20.6 10 Deutsche Borse AG 2,181 1,696 28.6

Regional and total value of share trading (Electronic Order Book/EOB only) in Q1-Q3 2017, 2016 and 2015

USD bn USD bn USD bn % change end 2016 Time Zone end Sept. 2017 end 2016 end 2015 to end 2015

Americas 29,760 42,919 46,065 -6.8

Asia-Pacific 22,192 30,846 53,729 -42.6 Europe-Africa-Middle 9,066 11,640 13,980 -16.7 East Total 61,018 85,405 113,774 -24.9

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Regional and total WFE bond trading value in Q1-Q3 2017, 2016 and 2015

USD bn USD bn USD bn % change in USD end Time Zone end Sept. 2017 end 2016 end 2015 2016 to end 2015

Americas 504 694 719 -3.5

Asia-Pacific 2,381 3,617 2,381 51.9 Europe-Africa- 15,748 21,369 14,722 45.2 Middle East Total WFE 18,633 25,680 17,822 44.1

Number of Listed Public Companies as at end Sept. 2017 - 51,990*

Americas Asia-Pacific Europe-Africa-Middle East Number of Number of Number of Exchange Exchange Exchange Companies Companies Companies TMX Group 3,398 NSE of India Ltd. 5,652 BME (Spain) 3,210 (Canada) NASDAQ (US) 2,935 JSE (Japan) 3,568 LSE Group 2,487 NYSE (US) 2,285 ASX (Australia) 2,122 Euronext ** 1,258 BM&FBOVESPA S.A. Korex Exchange NASDAQ Nordic 343 2,103 952 (Brazil) (South Korea) Exchanges Others 1,052 Others 13,899 Others 6,726 TOTAL 10,013 TOTAL 27,344 TOTAL 14,633

* World Federation of Exchange Members . ** Euronext is a pan European exchange based in Amsterdam, Brussels, Lisbon, London and Paris

Number of Listed Investment Funds as at end Sept. 2017 – 24,371 *

Americas Asia-Pacific Europe-Africa-Middle East Number of Number of Number of Exchange Exchange Exchange Funds Funds Funds Bolsa Mexicana de 686 NSE of India Ltd. 3,562 Luxembourg SE 5,348 Valores (Mexico) Bolsa de Comercio de 590 Shenzhen (China) 479 Irish SE 5,221 Santiago (Chile) NYSE (US) 445 JSE (Japan) 63 BME (Spain) 3,041 BM&FBOVESPA S.A. Dhaka SE Deutsche Borse AG 132 35 2,918 (Brazil) (Bangladesh) (Germany) Others 201 Others 64 Others 1,586 TOTAL 2,054 TOTAL 4,203 TOTAL 18,114

* World Federation of Exchange Members.

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Top 50 Public Financial Services Companies by Value (as at 2nd November 2017)

Average Total 52W Shares Mkt. Cap. Daily Equity/Net Company Name Symbol Exchange Price HIGH/ Outstanding P/E (USD Area Volume Assets (USD LOW (million) million) (million) million) Investment JPMorgan Chase 102.42/ 1 JPM NYQ USD 100.95 11.07 3,520.00 14.47 355,130.00 254,190 banking/ & Co. 67.64 management Industrial and Commercial 6.40/ 2 601398 SHH CNY 6.08 234.30 356,410.00 7.69 323,820.00 303,736 Bank Bank of China 4.35 Ltd. Bank of America 27.98/ 3 BAC NYQ USD 27.59 0.06 10,430.00 15.97 287,150.00 266,840 Banking Corp. 16.28

Wells Fargo & 59.99/ Financial 4 WFC NYQ USD 56.03 16.68 4,930.00 14.54 277,000.00 199,581 Co. 44.49 services China 7.29/ 5 Construction 601939 SHH CNY 7.06 77.29 250,160.00 7.39 245,178.00 243,096 Bank 5.21 Bank Corp. Bank of China 4.37/ 6 601988 SHH CNY 3.89 190.97 294,790.00 6.57 212,796.00 217,681 Bank Ltd. 3.34

76.14/ Financial 7 Citigroup Inc. C NYQ USD 74.14 12.94 2,640.00 14.27 195,740.00 225,120 47.70 services

HSBC Holdings 772.00/ 8 HSBA LSE 735.40p 27.72 20,010.00 35.30 193,919.61 175,386 Bank PLC 588.30 Bank of 6.79/ 9 Communications 601328 SHH CNY 6.17 78.90 74,840.00 6.64 124,215.81 97,014 Bank 5.56 Co. Ltd. Royal Bank of 102.15/ 10 RY TOR CAD 101.32 2.03 1,490.00 13.84 115,620.65 55,308 Bank Canada (RBC) 81.82

Banco Santander 532.10/ 11 BNC LSE 517.50p 0.13 16,040.00 NS 109,586.67 105,906 Bank SA 346.70

China Merchants 28.14/ 12 600036 SHH CNY 27.02 60.23 25,270.00 9.87 108,610.77 62,042 Bank Bank Co. Ltd. 17.39

Toronto- 73.69/ 13 TD TOR CAD 73.42 2.48 1,850.00 13.89 105,729.89 56,513 Bank Dominion Bank 59.60 Commonwealth 87.74/ 14 Bank of CBA ASX AUD 77.41 2.23 1,750.00 13.89 104,860.94 48,660 Bank 69.64 Australia Mitsubishi UFJ 794.80/ 15 Financial Group 8306 TYO JPY 773.80 95.12 14,030.00 10.14 94,776.00 134,470 Banking 492.00 Inc. Investment Goldman Sachs 255.15/ 16 GS NYQ USD 246.96 2.43 386.88 12.69 94,500.00 86,893 banking/ Group Inc. 174.73 management Investment 51.52/ 17 Morgan Stanley MS NYQ USD 49.97 8.74 1,840.00 13.71 91,150.00 76,050 banking/ 32.56 management Westpac 35.39/ 18 WBC ASX AUD 33.00 4.64 3,390.00 14.94 86,805.11 44,770 Bank Banking Corp. 28.92

Sberbank of 14.88/ 19 SBER LSE USD 14.35 2.67 5,400.00 NS 78,172.00 NS Bank Russia 8.87 Bank of Nova 83.85/ 20 Scotia BNS TOR CAD 83.65 1.54 1,200.00 13.03 78,082.49 43,808 Bank 69.20 (Scotiabank) 489.79/ Investment 21 BlackRock Inc. BLK NYQ USD 473.95 0.47 160.98 21.97 75,550.00 29,098 337.43 management Australia and New Zealand 32.95/ 22 ANZ ASX AUD 29.83 4.97 2,940.00 14.23 68,063.71 45,416 Bank Banking Group 25.78 Ltd. National 34.09/ 23 Australia Bank NAB ASX AUD 31.95 4.43 2,690.00 15.10 68,017.49 39,510 Bank 25.14 Ltd. Lloyds Banking 73.58/ 24 LLOY LSE 67.64p 162.63 71,960.00 15.84 65,323.21 63,981 Bank Group PLC 53.64

17.73/ Asset 25 UBS Group AG UBSG VTX CHF 17.12 10.47 3,850.00 16.06 65,264.73 53,690 12.97 management

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Companies 26-50

Average Total 52W Shares Mkt. Cap. Daily Equity/Net Company Name Symbol Exchange Price HIGH/ Outstanding P/E (USD Area Volume Assets (USD LOW (million) million) (million) million) Charles Schwab 46.21/ Financial 26 SCHW NYQ USD 44.33 6.18 1,340.00 28.31 59,240.00 16,421 Corp. 30.66 services Banco Bilbao 7.87/ Asset 27 Vizcaya BVA LSE EUR 7.45 6.58 6,670.00 NS 57,813.07 55,160 5.75 Management Argentaria SA Japan Post Bank 1483.00/ 28 7182 TYO JPY 1,440.00 1.79 4,500.00 16.11 56,760.00 103,664 Banking Co. Ltd. 1160.00 Sumitomo 4768.00/ 29 Mitsui Financial 8316 TYO JPY 4,567.00 8.24 1,410.00 8.23 56,584.00 85,668 Banking 3293.00 Group Inc. Industrial Bank 18.52/ 30 601166 SHH CNY 17.25 76.55 20,770.00 6.44 55,257.57 53,990 Bank Co. Ltd. 14.99 China Mingsheng 9.99/ 31 600016 SHH CNY 8.22 71.60 36,560.00 6.16 51,751.06 52,827 Banking Banking Corp. 7.58 Ltd. BOC Hong Kong 40.40/ Investment 32 2388 HKG HKD 36.95 10.40 10,570.00 14.60 50,556.95 28,801 Holdings Ltd. 25.74 company Bank of 104.15/ 33 BMO TOR CAD 99.12 1.20 647.74 12.19 49,998.96 55,308 Bank Montreal (BMO) 83.58 Mizuho Financial 225.30/ 34 8411 TYO JPY 207.20 161.79 25,390.00 8.90 46,200.00 75,011 Banking Group Inc. 163.50 Hang Seng Bank 195.30/ 35 11 HKG HKD 184.30 0.80 1,910.00 20.05 45,490.49 18,028 Bank Ltd. 136.20 Royal Bank of 290.50/ 36 Scotland Group RBS LSE 280.80p 17.46 11,960.00 NS 45,008.08 64,290 Bank 180.00 PLC 18.02/ Asset 37 UniCredit SpA CRIHX GER EUR 18.02 0.00 2,230.00 NS 43,952.00 45,811 8.09 management 12.70/ Investment 38 CITIC Ltd. 267 HKG HKD 11.40 5.53 29,090.00 8.34 42,888.03 62,899 10.66 company China CITIC Bank 7.52/ 39 601998 SHH CNY 6.13 28.17 48,930.00 7.20 42,199.91 58,476 Bank Corp. Ltd. 5.79 244.40/ 40 Barclays PLC BARC LSE 184.60p 71.85 17,040.00 16.13 41,503.19 85,801 Bank 175.46 Brookfield Asset 54.43/ Asset 41 Management BAM.A TOR CAD 55.31 0.62 989.15 32.35 41,066.12 26,453 43.03 management Inc. Manulife 26.70/ 42 MFC TOR CAD 26.52 3.53 1,980.00 14.45 40,863.64 32,772 Insurance Financial Corp. 18.96 Credit Suisse 16.44/ Asset 43 CSGN VTX CHF 16.32 11.61 2,560.00 NS 40,031.97 41,951 Group AG 11.59 management Blackstone 35.09/ Asset 44 BX NYQ USD 32.74 5.07 1,200.00 14.20 39,440.00 6,461 Group LP 23.33 management Intercontinental 71.24/ Financial 45 ICE NYQ USD 68.25 5.08 588.49 24.49 38,970.00 15,717 Exchange Inc. 52.52 services Canadian 120.83/ 46 Imperial Bank Of CM TOR CAD 113.72 1.04 439.63 10.34 38,940.00 18,280 Bank 97.52 Commerce Deutsche Bank 17.82/ Investment 47 DBKX.N GER EUR 14.52 15.81 2,070.00 NS 34,111.13 75,120 AG 10.71 banking Securities/ CITIC Securities 18.76/ 48 600030 SHH CNY 17.25 59.63 12,120.00 20.34 31,351.94 22,004 broking Co. Limited 15.25 company China Cinda Asset 3.52/ Asset 49 1359 HKG HKD 3.04 43.20 38,320.00 5.90 30,794.92 21,467 Management 2.58 Management Co. Ltd. Standard 860.00/ 50 STAN LSE 715.00p 9.25 3,300.00 NS 30,737.22 48,337 Bank Chartered PLC 609.60 TOTAL/ 14.21 4,736,573.35 4,099,478 AVERAGE

All data as at 2nd Nov. 2017

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Section 2: Overview – Public Financial Services Companies by Region

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NYSE and NASDAQ Top 40

“The US is the leading region for listed financial service companies, with the top 40 financial services companies listed on the NYSE and the NASDAQ valued at $1.99 trillion”

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New York Stock Exchange (NYSE)

Introduction

Located in New York City and originally established in 1792, the New York Stock Exchange (NYSE) is, by some distance, the world’s largest stock exchange by market capitalisation of its listed companies. Listings on NYSE include around 90% of the Dow Jones Industrial Average and over 75% of the S&P 500. The NYSE is owned by Intercontinental Exchange Inc., an American holding company with a portfolio of exchanges, including the NYSE, ICE Futures, Liffe and Euronext. In February 2014, the company also completed the acquisition of Singapore Mercantile Exchange.

Size

As of the end of September 2017, there were a total of 2,285 companies listed on the NYSE. Of these, 1,796 companies categorised as domestic companies and the remaining 489 as foreign companies. Also as of the end of September 2017, total domestic market capitalization of the NYSE was US$21,220,679 million. This figure represents an increase of 12.5% in comparison to the end of September 2016 in US$ terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference NYSE DOW JONES US FINANCIAL DJUSFN:DJI USD 568.93 540.24 5.31 572.28/436.78 503.34 13.03 439.37 448.56 399.52 NYSE NYSE FINANCIAL INDEX NYK.ID:PSE USD 7,937.89 7,615.67 4.23 7,983.41/6,127.12 6,961.55 14.02 6,305.68 6,707.16 6,353.68

Main Market Index

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference NYSE DOW JONES INDUSTRIAL AVERAGE DJI:DJI USD 23,435.01 21,796.55 11.69 23,517.71/17,883.56 19,762.60 18.58 17,425.03 17,823.07 16,576.66 NYSE/NASDAQ S&P 500 INDEX INX:IOM USD 2,579.36 2,475.42 7.98 2,588.40/2,083.79 2,238.83 15.21 2,043.94 1,994.99 1,782.59

NASDAQ Introduction

While the NYSE started operating in 1792, NASDAQ only started up in 1971. NASDAQ has no physical trading floor and is 100% electronic. Also located in New York, the NASDAQ Stock Market (commonly known as the NASDAQ) is, in terms of market share and volume traded, the largest stock exchange in the United States. The exchange platform is owned by the NASDAQ OMX Group. Main listing markets are the NASDAQ Stock Market and the exchanges that comprise NASDAQ Nordic and NASDAQ Baltic.

Size As of the end of September 2017, there were a total of 2,935 companies listed on the US NASDAQ. Of these, 2,539 companies categorised as domestic companies and the remaining 396 as foreign companies. Also as of the end of September 2017, total domestic market capitalization of US$9,261,474 million. This figure represents an increase of 21.3% in comparison to the end of September 2016 in US$ terms. Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference NASDAQ NASDAQ BANK (IXBK) BANK:NAS USD 3,915.58 3,740.69 4.68 4,012.94/2,973.04 3,852.47 1.64 2,880.20 2,707.40 2,603.56 NASDAQ NASDAQ FINANCIAL 100 IXF:NAS USD 4,355.26 4,195.00 3.82 4,417.10/3,334.71 3,997.48 8.95 3,264.22 3,183.20 3,066.04 NASDAQ NASDAQ OTHER FINANCE OFIN:NAS USD 7,521.93 7,276.93 3.37 7,635.63/5,648.43 6,468.24 16.29 5,582.55 5,672.17 5,703.16 Main Market Index

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference NYSE/NASDAQ S&P 500 INDEX INX:IOM USD 2,579.36 2,475.42 7.98 2,588.40/2,083.79 2,238.83 15.21 2,043.94 1,994.99 1,782.59 13 | P a g e

Leading 40 NYSE/NASDAQ Listed Financial Companies by Market Cap. Total Average Shares Equity/Net Share Price Daily Outstand Mkt.Cap. Company Name Symbol 52W HIGH/LOW P/E Assets Area (USD) Volume -ing (USD million) (USD (millions) (millions) million) Investment JPMorgan Chase & Co. JPM USD 100.95 102.42/67.64 11.07 3,520.00 14.47 355,130.00 254,190 banking/management Bank of America Corp. BAC USD 27.59 27.98/16.28 0.06 10,430.00 15.97 287,150.00 266,840 Banking

Wells Fargo & Co. WFC USD 56.03 59.99/44.49 16.68 4,930.00 14.54 277,000.00 199,581 Financial services

Citigroup Inc. C USD 74.14 76.14/47.70 12.94 2,640.00 14.27 195,740.00 225,120 Financial services Investment Goldman Sachs Group Inc. GS USD 246.96 255.15/174.73 2.43 386.88 12.69 94,500.00 86,893 banking/management Investment Morgan Stanley MS USD 49.97 51.52/32.56 8.74 1,840.00 13.71 91,150.00 76,050 banking/management BlackRock Inc. BLK USD 473.95 489.79/337.43 0.47 160.98 21.97 75,550.00 29,098 Investment management

UBS Group AG UBS USD 17.15 18.31/13.38 1.69 3,850.00 16.00 64,980.00 53,690 Financial services

Charles Schwab Corp. SCHW USD 44.33 46.21/30.66 6.18 1,340.00 28.31 59,240.00 16,421 Financial services

Mizhuo Financial Group Inc. MFG USD 3.64 3.87/3.26 0.17 12,690.00 9.00 45,950.00 NS Financial services

Credit Suisse Group AG CS USD 16.37 16.46/11.90 3.18 2,560.00 NS 39,850.00 41,951 Financial services

Blackstone Group LP BX USD 32.74 35.09/23.33 5.07 1,200.00 14.20 39,440.00 6,461 Asset management

Intercontinental Exchange Inc. ICE USD 68.25 71.24/52.52 5.08 588.49 24.49 38,970.00 15,717 Financial services

Deutsche Bank AG DB USD 16.93 19.48/11.89 4.53 2,070.00 NS 34,100.00 75,120 Investment bank

Franklin Resources Inc. BEN USD 42.78 47.65/33.02 2.54 557.70 13.81 23,650.00 11,936 Investment management

Ameriprise Financial Inc. AMP USD 159.11 163.04/86.25 0.93 149.94 14.69 23,600.00 6,292 Asset management

T. Rowe Price Group Inc. TROW USD 94.32 97.35/62.97 1.58 242.31 15.15 22,430.00 5,009 Financial services

Interactive Brokers Group Inc. IBKR USD 54.73 54.77/31.97 0.82 412.91 46.26 22,240.00 974 Brokerage

Nomura Holdings Inc. NMR USD 5.69 6.80/4.83 0.83 3,820.00 9.84 21,870.00 24,551 Financial services

Principal Financial Group Inc. PFG USD 69.04 69.26/52.67 1.11 288.96 11 19,400.00 10,227 Asset management

KKR & Co. LP KKR USD 20.03 20.77/13.58 2.48 816.46 10.02 16,260.00 5,940 Investment management

Invesco Ltd. IVZ USD 36.02 37.75/27.46 2.45 407.08 15.49 14,560.00 7,504 Investment management

CBRE Group Inc. CBG USD 39.19 40.35/25.40 1.60 337.94 19.19 13,260.00 3,014 Investment company

Raymond James Financial Inc. RJF USD 84.85 87.22/58.66 0.85 144.19 19.41 12,080.00 4,914 Financial services

Affiliated Managers Group Inc. AMG USD 185.07 198.40/130.48 0.31 55.96 20.14 10,410.00 3,620 Asset management

SEI Investments Co. SEIC USD 64.60 65.30/43.65 0.66 157.47 28.12 10,140.00 1,303 Investment management

Leucadia National Corp. LUK USD 25.23 27.34/17.87 1.21 358.64 16.36 9,080.00 10,128 Investment management

Carlyle Group LP CG USD 22.35 24.85/14.45 0.90 332.90 12.16 7,360.00 308 Asset management

Oaktree Capital Group LLC OAK USD 45.65 48.50/36.95 0.21 156.22 10.56 7,180.00 806 Asset management

Janus Henderson Group PLC JHG USD 34.57 36.25/30.24 0.31 200.41 27.92 6,920.00 1,630 Investment management

Marketaxess Holdings Inc. MKTX USD 176.50 211.06/145.10 0.34 37.54 45.18 6,600.00 468 Trading

Lazard Ltd. LAZ USD 47.13 48.86/35.77 0.83 129.77 13.23 6,150.00 1,236 Asset management

Apollo Global Management LLC APO USD 32.23 33.37/17.65 0.85 193.91 12.43 6,130.00 835 Private equity/asset man.

Jones Lang LaSalle Inc. JLL USD 130.03 134.76/86.62 0.24 45.34 19.75 5,930.00 2,790 Asset management

Eaton Vance Corp. EV USD 50.80 52.36/34.44 0.44 116.61 22.06 5,910.00 704 Investment management

Synovus Financial Corp. SNV USD 46.65 47.67/32.21 0.75 119.57 18.81 5,580.00 2,928 Financial services

LPL Financial Holdings Inc. LPLA USD 49.71 53.92/30.77 1.12 90.85 20.94 4,490.00 821 Brokerage

BGC Partners Inc. BGCP USD 15.15 16.51/8.36 1.71 286.37 36.61 4,310.00 842 Brokerage

Ares Management LP ARES USD 18.62 23.25/14.75 0.07 212.55 25.79 3,930.00 592 Asset management Financial/investment Morningstar Inc. MORN USD 86.10 89.45/67.74 0.06 42.53 21.93 3,640.00 697 research

TOTAL/AVERAGE 19.12 1,991,860 1,457,202

All data as at 2nd Nov. 2017 14 | P a g e

LSE Top 40

“The UK is the fourth largest region for listed financial service companies, with the top 40 financial service companies listed on the LSE valued at $803.36 billion”

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London Stock Exchange (LSE/AIM)

Introduction

Located in the City of London, the London Stock Exchange (LSE) was originally founded in 1801 and remains one of the largest stock exchanges in the world and the largest stock exchange in Europe. There are two main markets on which companies trade on the LSE – the Main Market and the Alternative Investment Market (AIM). The Main Market is home to some of the most well-established, largest and recognised companies in the world, and AIM is the LSE’s international market for smaller growing companies, with a wide range of businesses including early- stage, venture capital backed and more established companies joining AIM seeking access to growth capital. Size

As of the end of September 2017, there were a total of 2,487 companies listed on the London Stock Exchange, with 2,057 of these companies categorised as domestic companies and the remaining 430 companies categorised as foreign companies. Also as at the end of September 2017, the LSE Group had a total domestic market capitalization of US$4,264,000 million, making it the second largest exchange by market capitalization in the Europe-Africa-Middle East region (just behind Euronext). This figure represents an increase of 19.1% in comparison to the end of September 2016 in US$ terms, and an increase of 13.2% in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference LSE FTSE 350 BANKS FTNMX8350:FSI GBP 4,421.67 4,533.12 -2.46 4,638.61/3,658.32 4,138.13 6.85 3,817.97 4,374.68 4,832.99 LSE FTSE 350 EQUITY INV. INSTRUMENTS FTNMX8980:FSI GBP 9,595.28 9,358.37 2.53 9,617.50/8,077.85 8,493.70 12.97 7,461.09 7,246.15 6,773.83 LSE FTSE 350 GENERAL FINANCIAL SERVICES FTNMX8770:FSI GBP 10,810.71 10,708.52 0.95 11,004.17/8,883.23 9,302.24 16.22 9,451.28 8,529.49 7,817.82

Main Market Index

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference LSE FTSE 100 INDEX FTSE:FSI GBP 7,497.57 7,392.00 3.82 7,598.99/6,676.56 7,142.83 4.97 6,242.32 6,566.09 6,749.09

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Leading 40 LSE/AIM Listed Financial Companies by Market Cap.

Average Total Shares Daily Mkt.Cap. (USD Equity/Net Company Name Symbol Share Price 52W HIGH/LOW Outstanding P/E Area Volume million) Assets (USD (millions) (millions) million) HSBC Holdings PLC HSBA 735.40p 772.00/588.30 27.72 20,010.00 35.30 193,919.61 175,386 Bank

Banco Santander SA BNC 517.50p 532.10/346.70 0.13 16,040.00 NS 109,586.67 105,906 Bank

Sberbank of Russia SBER USD 14.35 14.88/8.87 2.67 5,400.00 NS 78,172.00 NS Bank

Lloyds Banking Group PLC LLOY 67.64p 73.58/53.64 162.63 71,960.00 15.84 65,323.21 63,981 Bank Banco Bilbao Vizcaya BVA EUR 7.45 7.87/5.75 6.58 6,670.00 NS 57,813.07 55,160 Asset Management Argentaria SA Royal Bank of Scotland Group RBS 280.80p 290.50/180.00 17.46 11,960.00 NS 45,008.08 64,290 Bank PLC Barclays PLC BARC 184.60p 244.40/175.46 71.85 17,040.00 16.13 41,503.19 85,801 Bank

Standard Chartered PLC STAN 715.00p 860.00/609.60 9.25 3,300.00 NS 30,737.22 48,337 Bank

Commerzbank AG CZB EUR 11.83 12.18/5.91 3.34 1,250.00 NS 17,253.55 33,323 Bank

Standard Life Aberdeen PLC SLA 433.49p 448.60/322.76 6.42 2,980.00 19.72 17,048.31 5,749 Asset Management

Turkiye Garanti Bankasi TGBD USD 3.50 3.65/3.50 NS 4,200.00 NS 14,700.00 NS Bank

Bank VTB PAO VTBR USD 2.06 2.45/1.92 0.11 6,480.00 NS 13,447.00 NS Bank Private equity 3i Group PLC III 971.50p 975.00/599.50 1.53 972.86 NS 12,366.31 7,719 company Schroders PLC SDR 3,477.00p 3535.00/2712.42 0.34 282.53 18.14 12,247.28 4,150 Asset Management Investment Hargreaves Lansdown PLC HL. 1,562.00p 1593.00/1122.00 1.01 474.32 35.16 9,826.92 406 company Bank of Ireland Group PLC BIRG EUR 6.77 8.03/5.70 0.23 1,080.00 NS 8,580.77 10,948 Bank

St. James's Place PLC STJ 1,196.00p 1245.00/896.00 1.56 529.03 49.62 8,266.25 1,423 Asset Management

Investec PLC INVP 531.00p 630.50/477.90 1.84 1,020.00 11.84 6,970.10 5,507 Asset Management

Man Group PLC EMG 194.40p 195.10/111.90 5.73 1,650.00 NS 4,245.55 1,674 Asset Management

Metro Bank PLC MTRO 3,568.00p 3872.00/2618.00 0.12 88.43 NS 4,166.19 1,065 Bank Investment RIT Capital Partners PLC RCP 1,970.00p 1985.97/1720.00 0.10 155.35 NS 4,033.93 3,560 company TP ICAP PLC (ex. Tullett Investment/broking TCAP 534.50p 547.50/349.22 1.44 554.13 34.08 3,941.35 2,510 Prebon PLC) company Intermediate Capital Group ICP 965.50p 1011.00/584.86 0.61 290.18 12.97 3,703.28 1,551 Asset Management PLC CYBG PLC CYBG 302.90p 317.00/257.10 0.84 883.61 NS 3,690.05 4,247 Bank

Ashmore Group PLC ASHM 376.10p 392.20/269.00 0.93 707.37 16.37 3,637.15 958 Asset Management Jupiter Fund Management JUP 599.50p 605.00/377.52 0.86 457.70 19.25 3,623.92 807 Asset Management PLC Investment Burford Capital Ltd. BUR 1,236.30p 1258.00/270.00 0.43 208.24 17.63 3,346.18 596 company Investment/broking IG Group Holdings PLC IGG 653.00p 853.00/441.70 0.79 367.89 14.21 3,174.24 972 company Close Bros Group CBG 1,395.00p 1715.00/1222.00 0.59 151.77 10.76 2,751.01 1,636 Asset Management

Halyk Bank AO HSBK USD 9.70 10.45/5.21 0.00 274.89 NS 2,642.00 NS Bank

Zenith Bank ZENB 2.90p 2.90/2.90 NS 627.93 NS 2,408.45 NS Bank

United Bank Ltd. UBLS USD 6.93 7.00/6.75 NS 306.04 NS 2,121.00 NS Bank

IP Group PLC IPO 149.20p 200.50/109.10 0.45 1,040.00 24.44 2,050.03 1,016 Asset Management

BGEO Group PLC BGEO 3,566.00p 3781.00/2724.00 0.06 39.38 10.99 1,838.41 910 Bank Investment Rathbone Brothers PLC RAT 2,553.00p 2842.00/1745.00 0.03 51.26 30.46 1,732.61 430 company Virgin Money Holdings PLC VM. 293.70p 353.30/256.20 1.14 444.94 9.04 1,732.61 2,210 Bank

TCS Group Holding PLC TCS USD 17.90 18.55/8.02 0.19 90.49 13.43 1,640.00 505 Bank

John Laing Group PLC JLG 287.40p 322.20/248.86 0.25 366.96 8.79 1,388.73 1,345 Asset Management Harbourvest Global Private Private equity HVPE 1,291.94p 1310.00/1052.37 0.02 79.86 NS 1,362.28 1,475 Equity Ltd. company Private equity Pantheon International PLC PIN 1,899.94p 1929.00/1600.80 0.03 54.30 NS 1,362.28 1,836 company TOTAL/AVERAGE 20.20 803,360.79 697,389.72

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TSX Top 40

“Canada is the fifth largest region for listed financial service companies, with the top 40 financial service companies listed on the Toronto Stock Exchange valued at $645.76 billion”

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Toronto Stock Exchange

Introduction

The Toronto Stock Exchange (TSX, formerly TSE) is the largest stock exchange in Canada and the third largest in North America. Based in Toronto, the TSX is owned and operated as a subsidiary of the TMX Group for the trading of senior equities. In 2001 the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was subsequently renamed the TSX Venture Exchange in 2002. A broad range of businesses from both Canada and abroad are represented on the Toronto Stock Exchange. The TSX is the world leader in terms of the financial and oil and gas sector, with more financial and oil and gas companies listed than on any other stock exchange. It is also the third largest exchange in the world by the total number of listed companies (as at the end of September 2017).

Source: World Federation of Exchanges (www.world-exchanges.org)

Size

There were 3,398 companies listed on the TSX and TSX.V as at the end of September 2017. Of these, 3,349 companies categorised as domestic companies and the remaining 49 as foreign companies. Also as at the end of September 2017, the TSX and the TSX.V had a total domestic market capitalization of US$2,368,620 million. This figure represents an increase of 20.6% in comparison to the end of September 2016 in US$ terms, and an increase of 14.7% in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference S&P TSX CAPPED FINANCIALS TTFS:TOR CAD 305.98 283.52 7.92 307.53/255.64 281.91 8.54 236.13 253.30 233.18 S&P TSX DIVERSIFIED BANKS TXDE:TOR CAD 336.38 310.52 8.33 337.78/275.99 308.86 8.91 245.10 270.91 245.77

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference S&P/TSX COMPOSITE INDEX TSEA:TOR CAD 16,029.33 15,191.36 3.37 16,105.88/14,481.59 15,287.59 4.85 13,009.95 14,632.44 13,621.55

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Leading 40 x TSX Listed Financial Companies by Market Cap.

Average Total Shares Share Price 52W Daily Mkt.Cap. Equity/Net Company Name Symbol Outstanding P/E Area (CAD) HIGH/LOW Volume (USD million) Assets (USD (millions) (millions) million)

Royal Bank of Canada (RBC) RY CAD 101.32 102.15/81.82 2.03 1,490.00 13.84 115,620.65 55,308 Bank

Toronto-Dominion Bank TD CAD 73.42 73.69/59.60 2.48 1,850.00 13.89 105,729.89 56,513 Bank Bank of Nova Scotia BNS CAD 83.65 83.85/69.20 1.54 1,200.00 13.03 78,082.49 43,808 Bank (Scotiabank) Bank of Montreal (BMO) BMO CAD 99.12 104.15/83.58 1.20 647.74 12.19 49,998.96 55,308 Bank Brookfield Asset Management BAM.A CAD 55.31 54.43/43.03 0.62 989.15 32.35 41,066.12 26,453 Asset management Inc. Manulife Financial Corp. MFC CAD 26.52 26.70/18.96 3.53 1,980.00 14.45 40,863.64 32,772 Insurance Canadian Imperial Bank Of CM CAD 113.72 120.83/97.52 1.04 439.63 10.34 38,940.00 18,280 Bank Commerce Great-West Lifeco Inc. GWO CAD 35.97 37.79/32.50 0.24 989.57 14.64 27,717.49 17,135 Asset management

Sun Life Financial Inc. SLF CAD 50.17 53.75/43.51 0.93 611.94 11.94 23,909.16 17,099 Asset management Investment Power Financial Corp. PWF CAD 36.37 36.46/31.08 0.27 713.49 11.91 20,209.86 15,172 company National Bank of Canada NA CAD 63.07 63.22/46.71 0.90 341.45 13.21 16,767.56 8,794 Bank Fairfax Financial Holdings FFH CAD 595.15 707.65/547.95 0.06 34.10 NS 15,334.57 9,820 Insurance Limited Intact Financial Corp. IFC CAD 106.23 106.85/90.00 0.20 139.19 20.89 11,518.45 4,741 Insurance Investment Power Corporation Of Canada POW CAD 33.27 33.38/28.17 0.56 415.14 11.31 10,755.23 10,797 company Investment IGM Financial Inc. IGM CAD 44.94 45.82/35.16 0.22 240.59 13.80 8,418.83 3,697 company Onex Corp. ONEX CAD 96.43 106.05/85.30 0.11 101.71 NS 7,640.03 -490 Private equity

CI Financial Corp. CIX CAD 28.30 29.94/23.52 0.34 276.44 15.41 6,090.22 1,359 Asset management Industrial Alliance Insurance Investment IAG CAD 58.96 59.41/48.74 0.11 106.55 11.56 4,890.86 3,704 and Financial Services Inc. company Genworth MI Canada Inc. MIC CAD 40.50 40.76/27.39 0.22 90.94 7.54 2,865.98 2,842 Mortgages Investment E.L. Financial Corp. Ltd. ELF CAD 848.00 877.16/687.00 0.00 4.02 5.69 2,655.71 3,898 company Canadian Western Bank CWB CAD 35.35 37.36/23.68 0.43 88.36 15.52 2,429.86 1,824 Bank

Laurentian Bank of Canada LB CAD 60.00 61.67/49.05 0.08 38.85 13.58 1,814.60 1,538 Bank

First National Financial Corp. FN CAD 29.72 30.02/22.18 0.03 59.97 7.72 1,386.26 407 Mortgages

ECN Capital Corp. ECN CAD 4.24 4.40/2.60 1.35 385.65 NS 1,277.23 1,423 Commercial finance

Tricon Capital Group Inc. TCN CAD 10.87 12.05/8.26 0.16 134.17 61.69 1,137.05 730 Asset management Investment United Corporations Ltd. UNC CAD 98.65 102.11/91.25 0.00 12.19 7.40 942.35 1,262 company Home Capital Group Inc. HCG CAD 13.83 32.26/5.06 0.33 80.25 14.18 864.47 1,259 Mortgages Investment Equitable Group Inc. EQB CAD 61.00 74.66/36.15 0.02 16.48 6.40 786.59 761 company Investment Fiera Capital Corp. FSZ CAD 13.79 15.20/11.56 0.08 63.20 NS 678.75 441 company Guardian Capital Group Ltd. GCG CAD 25.50 29.50/21.05 0.00 30.02 9.25 598.83 452 Asset management Investment Alaris Royalty Corp. AD CAD 20.08 24.39/17.80 0.12 36.44 12.04 569.93 510 company Investment Timbercreek Financial Corp. TF CAD 9.47 9.75/8.07 0.06 74.17 14.24 547.01 504 company Investment Cymbria Corp. CYB CAD 47.50 49.47/34.20 0.01 14.42 4.97 533.29 644 company Investment Senvest Capital Inc. SEC CAD 244.76 247.99/148.00 0.00 2.76 3.01 525.92 657 company AGF Management Ltd. AGF.B CAD 8.40 8.47/4.96 0.16 79.65 13.78 521.05 706 Asset management

Clairvest Group Inc. CVG CAD 36.53 37.71/28.78 0.00 15.24 11.80 433.64 428 Private equity Investment Callidus Capital Corp. CBL CAD 10.91 20.89/9.30 0.05 50.65 NS 430.36 340 company Sprott Inc. SII CAD 2.15 2.69/1.92 0.13 243.78 28.98 408.18 280 Asset management Investment Canaccord Genuity Group Inc. CF CAD 4.55 6.68/3.47 0.07 113.51 23.94 402.23 596 company Gluskin Sheff and Associates Inc. GS CAD 16.21 19.03/13.74 0.08 31.23 11.67 394.31 105 Asset management

TOTAL/AVERAGE 14.52 645,757.61 401,879

All data as at 2nd Nov. 2017

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Shanghai and Shenzhen Top 40

“China is the second largest region for listed financial service companies, with the top 40 financial service companies listed on the Shanghai and Shenzhen exchanges valued at $1.58 trillion”

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Shanghai Stock Exchange

Introduction

The Shanghai Stock Exchange is one of the two stock exchanges operating independently in the People’s Republic of China (the other being the Shenzhen Stock Exchange). Unlike the Hong Kong Stock Exchange, however, the Shanghai Stock Exchange is still not entirely open to foreign investors because of tight capital account controls exercised by the Chinese mainland authorities. With the current exchange founded in 1990, the SSE is a non-profit organisation directly administered by the China Securities Regulatory Commission. After several years in operation, the Shanghai Stock Exchange has become the most pre-eminent stock market in mainland China in terms of number of shares listed, total market value, tradeable market value, securities turnover in value, stock turnover in value and the T-bond turnover in value. Size

As of the end of September 2017, there were a total of 1,355 companies listed on the Shanghai Stock Exchange. Of these, all 1,355 companies were domestic companies. Also as of the end September 2017, total domestic market capitalization was US$4,923,986 million. This figure represents an increase of 23.6% in comparison to the end of September 2016 in US$ terms, and an increase of 23.4% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference FTSE CHINA A 600 BANKS FTXIN48350:FSI CNY 14,482.49 14,630.32 -1.01 15,151.57/12,446.51 12,877.58 12.46 13,473.74 12,238.94 8,008.04 FTSE CHINA A 600 FINANCIALS FTXIN48000:FSI CNY 14,127.09 13,789.88 2.45 14,488.19/11,859.27 12,283.03 15.01 13,870.67 12,962.46 7,412.80 FTSE CHINA A 600 FINANCIAL SERVICES FTXIN48770:FSI CNY 12,424.30 12,758.20 -2.62 14,719.53/11,522.40 12,829.95 -3.16 15,580.35 18,216.03 8,556.18

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference SHANGHAI S.E. COMPOSITE INDEX SHI:SHH CNY 3,383.14 3,254.13 7.25 3,421.10/3,016.53 3,103.64 9.01 3,539.18 3,234.68 2,101.25 Shenzhen Stock Exchange

Introduction

The Shenzhen Stock Exchange, unofficially founded in 1987 and formally opened in July 1991, is based in the Futian district of Shenzhen, Guandong. In terms of the number of listed companies, it is the sixth largest stock exchange in the Asia-Pacific region, ahead of the Shanghai Stock Exchange which is in eighth place. Size

As of the end of September 2017, there were a total of 2,044 companies listed on the Shenzhen Stock Exchange. Of these, all 2,044 companies were domestic companies. Also as of the end September 2017, total domestic market capitalization of the Shenzhen Stock Exchange was US$3,627,415 million. This figure represents an increase of 10.3% in comparison to the end of September 2016 in US$ terms, and an increase of 10.1% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference SHENZHEN S.E. COMPONENT INDEX SICOM:IND CNY 11,292.42 10,437.94 10.34 11,509.02/9,482.84 10,177.14 10.96 12,664.89 11,014.63 8,028.33

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Leading 40 x SHH and SHENZHEN Listed Financial Companies by Market Cap.

Average Total Shares Mkt. Cap. 52W Daily Equity/Net Company Name Symbol Price Outstanding P/E (USD Area HIGH/LOW Volume Assets (USD (million) million) (million) million) Industrial and Commercial Bank 601398 CNY 6.08 6.40/4.35 234.30 356,410.00 7.69 323,820.00 303,736 Bank of China Ltd. China Construction Bank Corp. 601939 CNY 7.06 7.29/5.21 77.29 250,160.00 7.39 245,178.00 243,096 Bank Bank of China Ltd. 601988 CNY 3.89 4.37/3.34 190.97 294,790.00 6.57 212,796.00 217,681 Bank Bank of Communications Co. 601328 CNY 6.17 6.79/5.56 78.90 74,840.00 6.64 124,215.81 97,014 Bank Ltd. China Merchants Bank Co. Ltd. 600036 CNY 27.02 28.14/17.39 60.23 25,270.00 9.87 108,610.77 62,042 Bank Industrial Bank Co. Ltd. 601166 CNY 17.25 18.52/14.99 76.55 20,770.00 6.44 55,257.57 53,990 Bank China Mingsheng Banking Corp. 600016 CNY 8.22 9.99/7.58 71.60 36,560.00 6.16 51,751.06 52,827 Banking Ltd. China CITIC Bank Corp. Ltd. 601998 CNY 6.13 7.52/5.79 28.17 48,930.00 7.20 42,199.91 58,476 Bank Securities/broking CITIC Securities Co. Limited 600030 CNY 17.25 18.76/15.25 59.63 12,120.00 20.34 31,351.94 22,004 company Ping An Bank Co. Ltd. 000001 CNY 11.54 11.94/8.54 60.43 17,170.00 8.98 30,554.27 N/A Banking Securities/broking Guotai Junan Securities Co. Ltd. 601211 CNY 19.86 22.23/17.45 20.82 8,710.00 17.89 25,865.51 15,414 company Securities/broking Haitong Securities Co. Ltd. 600837 CNY 14.44 17.39/14.20 23.44 11,500.00 21.29 23,463.07 16,982 company Bank of Shanghai Co. Ltd. 601229 CNY 17.42 23.82/16.40 6.36 7,810.00 8.95 21,003.58 17,852 Bank Bank of Beijing Co. Ltd. 601169 CNY 7.36 8.75/6.96 35.79 18,250.00 7.63 20,681.30 21,915 Bank

GF Securities Co. Ltd. 000776 CNY 17.82 20.18/15.43 41.51 5,920.00 16.56 19,952.09 N/A Securities Securities/broking Huatai Securities Co. Ltd. 601688 CNY 19.31 23.78/16.12 46.76 7,160.00 22.25 19,914.93 13,008 company China Merchants Securities Co. Securities/broking 600999 CNY 18.43 22.35/15.57 20.85 6,700.00 22.51 17,870.24 9,225 Ltd. company Hua Xia Bank Co. Ltd. 600015 CNY 9.00 10.64/8.36 33.43 12,820.00 6.28 17,854.82 23,467 Bank Shenwan Hongyuan Group Co. 000166 CNY 5.65 7.19/5.31 34.13 20,060.00 21.60 17,473.94 N/A Financial Ltd. Guosen Securities Co. Ltd. 002736 CNY 13.06 18.80/12.39 7.66 8,200.00 26.00 16,513.59 N/A Securities Bank of Jiangsu Co. Ltd. 600919 CNY 8.01 11.55/7.99 25.88 11,540.00 8.14 14,437.75 12,747 Bank Bank of Ningbo Co. Ltd. 002142 CNY 17.12 17.50/12.40 25.57 5,070.00 10.12 13,383.63 N/A Banking Securities/broking Orient Securities Co. Ltd. 600958 CNY 15.34 17.19/13.36 22.75 6,220.00 30.60 13,213.40 6,242 company Bank of Nanjing Co. Ltd. 601009 CNY 7.87 8.94/7.10 35.41 8,480.00 7.19 10,359.16 9,548 Bank Securities/broking Founder Securities Co. Ltd. 601901 CNY 8.29 10.14/7.25 15.28 8,230.00 52.54 10,002.95 5,463 company Securities/broking Everbright Securities Co. Ltd. 601788 CNY 14.86 18.48/14.30 10.76 4,610.00 23.65 9,939.73 7,278 company Securities/broking Industrial Securities Co. Ltd. 601377 CNY 7.78 9.09/7.09 36.77 6,700.00 25.95 7,992.19 4,887 company Changjiang Securities Co. Ltd. 000783 CNY 9.04 13.30/8.41 18.98 5,530.00 25.43 7,707.84 N/A Securities

Western Securities Co. Ltd. 002673 CNY 14.04 22.78/12.61 27.72 3,500.00 50.46 7,581.40 N/A Securities Bank of Hangzhou Co. Ltd. 600926 CNY 13.07 21.64/12.71 10.89 3,660.00 10.89 7,322.96 5,946 Banking Securities/broking Dongxing Securities Co. Ltd. 601198 CNY 16.80 24.98/15.90 5.10 2,760.00 39.01 7,114.79 2,825 company Guoyuan Securities Co. Ltd. 000728 CNY 12.67 17.45/10.45 30.87 3,370.00 29.29 6,575.09 N/A Securities

First Capital Securities Co. Ltd. 002797 CNY 11.28 28.43/8.04 125.18 3,500.00 76.73 6,091.98 N/A Securities Securities/broking Soochow Securities Co. Ltd. 601555 CNY 10.92 16.11/10.54 18.08 3,000.00 30.86 5,023.84 2,550 company Securities/broking Sinolink Securities Co. Ltd. 600109 CNY 10.75 15.17/10.55 21.89 3,020.00 27.83 4,994.54 2,698 company Securities/broking Southwest Securities Co. Ltd. 600369 CNY 5.46 8.02/5.23 12.25 5,650.00 68.13 4,744.73 10,948 company Shanxi Securities Co. Ltd. 002500 CNY 10.07 15.28/8.61 31.46 2,830.00 54.51 4,392.39 N/A Securities Securities/broking Pacific Securities Co. Ltd. 601099 CNY 3.98 6.58/3.82 45.11 6,820.00 57.90 4,161.86 1,822 company Sealand Securities Co. Ltd. 000750 CNY 5.51 8.22/5.02 20.14 4,220.00 38.93 3,581.76 N/A Securities

Northeast Securities Co. Ltd. 000686 CNY 9.72 14.73/9.20 13.83 2,340.00 28.87 3,507.90 N/A Securities

TOTAL/AVERAGE 23.88 1,578,458.28 1,301,684.85

All data as at 2nd Nov. 2017

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Euronext Top 40

“The top 40 financial services companies listed on the Euronext have a value of $144.39 billion, making it the 12th largest individual exchange by value”

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Euronext NV Stock Exchange

Introduction

Located in the Netherlands, the Euronext Stock Exchange was formed in September 2000 following a merger of the Amsterdam Stock Exchange, Brussels Stock Exchange, and Paris Bourse, to take advantage of the harmonization of the financial markets of the European Union. Euronext NV is the largest European Stock Exchange by market capitalization of the companies listed, just ahead of the London Stock Exchange. Euronext merged with NYSE Group Inc. in April 2007 to form NYSE Euronext. In November 2013, Intercontinental Exchange completed the acquisition of NYSE Euronext, before Euronext completed an IPO in June 2014 to make it a standalone company again. The exchange is seated in Amsterdam, Brussels, London, Lisbon and Paris. Size

As of the end of September 2017, there were a total of 1,258 companies listed on the Euronext, with 1,092 of these companies categorised as domestic companies and the remaining 166 companies categorised as foreign companies. Also as at the end of September 2017, the Euronext Exchange had a total domestic market capitalization of US$4,343,944 million, making it the largest exchange by market capitalization in the Europe-Africa-Middle East region. This figure represents an increase of 25.4% in comparison to the end of September 2016 in US$ terms, and an increase of 19.2% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference BRU BELGIUM FINANCIALS NET RETURN BEFIN:BRU EUR 946.69 915.99 3.35 950.78/720.98 796.45 18.86 738.31 633.65 564.63 PAR CAC FINANCIALS FRFIN:PAR EUR 996.08 976.66 1.99 1,007.52/746.43 872.92 14.11 826.96 769.78 745.30 AEX AEX FINANCIALS NLFIN:AEX EUR 718.27 708.04 1.44 728.83/582.49 661.77 8.54 652.41 628.31 525.63

Main Market Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference EURONEXT EURONEXT 100 INDEX N100:PAR EUR 1,070.53 999.12 5.90 1,074.85/848.59 933.89 14.63 906.33 839.52 809.95 EURONEXT AEX AMSTERDAM INDEX AEX:AEX EUR 553.72 524.88 6.22 557.35/436.28 483.17 14.60 441.82 450.39 386.85

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Leading 40 x Euronext Listed Financial Companies by Market Cap.

Average Total Shares Mkt.Cap. Share Price Daily Equity/Net Company Name Symbol 52W HIGH/LOW Outstanding P/E (USD Area (EUR) Volume Assets (USD (millions) million) (millions) million) Brookfield Asset BAMA EUR 19.14 19.14/18.88 NS 988.68 NS 38,130.00 26,453 Asset management Management Inc. Amundi SA AMUN EUR 72.50 74.29/41.77 0.17 201.51 21.09 17,410.77 7,738 Asset management Groep Brussel Lambert GBLB EUR 92.60 92.83/73.25 0.12 161.36 16.02 17,399.12 17,314 Investment company NV HAL Trust HAL EUR 159.79 186.11/155.10 0.01 80.12 18.64 14,837.00 8,880 Investment company

NN Group NV NN EUR 35.83 36.91/26.30 0.92 340.75 NS 14,219.77 27,579 Investment company

Wendel SE MF EUR 146.00 146.35/99.75 0.06 47.20 NS 7,965.86 2,630 Asset management

Eurazeo SA RF EUR 79.85 80.41/47.63 0.11 72.29 9.73 6,743.03 5,226 Investment company

Sofina SA SOF EUR 130.15 135.15/121.05 0.02 34.25 12.90 5,159.18 6,135 Investment company

FFP SA FFP EUR 103.95 108.40/61.05 0.01 25.07 7.36 3,062.90 3,575 Investment company

Rothschild & Co. SCA ROTH EUR 30.84 32.70/20.50 0.03 77.18 11.92 2,771.75 2,130 Asset management

Tikehau Capital SC TKO EUR 22.27 25.79/20.46 0.00 102.80 8.64 2,678.58 1,316 Investment company

Rolinco NV ROLA EUR 39.24 39.24/30.64 0.00 54.61 9.49 2,480.60 728 Investment company

AP Alternative Assets LP AAA USD 30.90 44.73/27.71 0.02 76.33 2.45 2,340.00 3,098 Investment company

Gimv NV GIMB EUR 51.40 56.95/47.20 0.02 25.43 10.07 1,548.92 1,436 Private equity

Intertrust NV INTER EUR 13.00 19.56/12.61 0.09 92.00 17.48 1,397.52 883 Investment company EUR Financiere Moncey SA MONC 6,000.0/4,700.0 NS 0.18 NS 1,187.89 1,275 Investment company 5,600.00 NB Private Equity NBPE USD 13.25 14.50/11.30 0.00 54.21 5.59 718.28 777 Private equity Partners Ltd. Altamir SCA LTA EUR 15.60 17.50/11.01 0.01 36.51 5.11 657.82 920 Private equity Union Financiere de UFF EUR 32.33 33.40/22.17 0.00 16.23 16.52 614.42 119 Asset management France Banque SA Primecity Investment PLC ALPCI EUR 3.66 3.67/2.41 0.00 142.90 10.85 609.10 576 Investment company

Viel et Compagnie SA VIL EUR 5.14 6.05/3.37 0.00 77.15 12.88 478.90 419 Investment banking

ABC Arbitrage SA ABCA EUR 6.21 7.75/5.73 0.04 58.05 14.62 419.16 184 Arbitrage strategies

IDI SCA IDIP EUR 41.99 41.99/25.80 0.01 7.22 2.81 339.77 380 Investment company

Volta Finance Ltd. VTA EUR 7.34 7.99/6.79 0.00 35.85 6.93 306.88 356 Investment banking

Sonae Capital SGPS SA SONC EUR 0.85 1.02/0.65 0.22 250.00 44.89 246.60 361 Investment company KAS Bank NV KA EUR 9.94 11.45/8.00 0.03 15.70 6.61 182.41 262 Bank Bourse Direct et Bourse BSD EUR 1.78 1.96/1.25 0.00 55.96 36.75 115.99 66 Brokerage Discount SA Sabeton SA SABE EUR 24.00 24.80/15.68 0.00 3.36 22.62 96.92 72 Investment company Bever Holding NV BEVER EUR 4.30 4.50/2.80 0.00 17.06 7.09 80.45 109 Investment company Mopoli NV MOP EUR 289.00 297.00/289.00 0.00 0.10 NS 56.59 62 Investment company Value8 NV VALUE EUR 5.18 6.74/5.00 0.01 7.90 NS 47.38 71 Investment company Source Group NV HFS EUR 2.49 2.80/1.81 0.00 8.94 NS 26.56 -3 Investment company Advenis SA ADV EUR 1.87 3.40/1.55 0.00 7.88 NS 16.97 19 Financial services AS SA ML350 EUR 0.60 6.15/0.50 0.00 2.65 NS 16.19 NS Investment company Candela Invest SA CAND EUR 7.05 7.50/7.05 0.00 1.08 NS 8.84 2 Investment company Verneuil Participations SA VRNL EUR 1.39 5.00/0.40 0.01 1.10 NS 4.54 -15 Investment company Methorios Capital SpA ALMTH EUR 0.04 0.10/0.03 NS 133.44 NS 3.89 28 Investment company MTD Finance SA MLMTD EUR 5.88 NS NS 0.59 NS 3.84 1 Investment company Global Investment ALGIS EUR 0.24 NS NS 13.35 NS 3.48 63 Investment company Services SA Protektus AG MLPRO EUR 0.13 NS NS 9.03 NS 1.32 10 Investment company TOTAL/AVERAGE 13.56 144,389.20 121,235.52

All data as at 2nd Nov. 2017 26 | P a g e

Japan Top 40

“Japan is the seventh largest region for listed financial service companies, with the top 40 financial service companies listed on the Tokyo Stock Exchange valued at $307.52 billion”

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Tokyo Stock Exchange

Introduction

The Tokyo Stock Exchange is called the Tōshō or TSE for short. Originally founded in 1878 as Tokyo Kabushiki Torihikijo, and in May 1949 as the Tokyo Stock Exchange. In July 2012, a planned merger with Osaka Securities Exchange was approved by the Japan Fair Trade Commission with the resulting entity, the Japan Exchange Group, launched on the 1st January 2013. In terms of the number of companies listed, the Japan Exchange Group is the second largest exchange in the Asia- Pacific region (behind BSE India Limited) but the largest in the region in terms of total market capitalization of all listed companies. Size

As of the end of September 2017, there were a total of 3,568 companies listed on the Tokyo Stock Exchange, of which 3,562 companies categorised as domestic companies and just 6 companies categorised as foreign companies. Also as at the end of September 2017, the exchange had a total domestic market capitalization of US$5,715,147 million. This figure represents an increase of 14.0% in comparison to the end of September 2016 in US$ terms, and an annual increase of 26.7% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference NIKKEI N500 OTHER FINANCIAL NFIN:NIK JPY 3,260.23 3,066.23 6.33 3,269.50/2,453.18 2,879.35 13.23 2,971.06 2,417.66 2,782.85 NIKKEI N500 BANKS NBKS:NIK JPY 1,675.09 1,595.27 5.00 1,690.94/1,270.13 1,579.26 6.07 1,539.83 1,704.18 1,384.59 NIKKEI N500 SECURITIES NSEC:NIK JPY 2,801.20 2,616.73 7.05 3,006.95/2,084.27 2,802.06 -0.03 2,795.61 3,217.51 3,493.28 TOKYO BANKS INDEX BANK17:TYO JPY 127.33 117.79 8.10 130.19/91.76 122.00 4.37 133.09 121.52 126.44 TOKYO FINANCIALS INDEX FNCL17:TYO JPY 138.75 130.40 6.40 139.67/100.03 129.18 7.41 120.50 112.77 110.58 TOKYO BANKING & INSURANCE IBNKS:TYO JPY 198.00 183.16 8.10 202.44/142.68 189.70 4.38 206.95 188.96 196.62 TOKYO OTHER FINANCIAL IFINS:TYO JPY 698.10 643.53 8.48 700.50/518.52 618.48 12.87 645.43 547.73 623.02 TOKYO SECURITIES ISECU:TYO JPY 420.25 397.57 5.70 460.24/303.47 417.02 0.77 421.93 452.90 527.02

Main Market Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference TOKYO NIKKEI 225 INDEX N225:NIK JPY 22,539.12 19,959.84 17.41 22,540.25/16,111.81 19,114.37 17.92 19,033.71 17,450.77 16,291.31 TOKYO TOKYO S.E. PRICE INDEX TPX:IND JPY 1,794.08 1,621.22 17.12 1,794.38/1,287.39 1,518.61 18.14 1,547.30 1,407.51 1,302.29

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Leading 40 Japan Exchange Group Listed Financial Companies by Market Cap.

Average Total Shares Share Price Daily Mkt.Cap. Equity/Net Company Name Symbol 52W HIGH/LOW Outstanding P/E Area (JPY) Volume (USD million) Assets (USD (millions) (millions) million) Mitsubishi UFJ Financial 8306 JPY 773.80 794.80/492.00 95.12 14,030.00 10.14 94,776.00 134,470 Banking Group Inc. Japan Post Bank Co. Ltd. 7182 JPY 1,440.00 1483.00/1160.00 1.79 4,500.00 16.11 56,760.00 103,664 Banking Sumitomo Mitsui 8316 JPY 4,567.00 4768.00/3293.00 8.24 1,410.00 8.23 56,584.00 85,668 Banking Financial Group Inc. Mizuho Financial Group 8411 JPY 207.20 225.30/163.50 161.79 25,390.00 8.90 46,200.00 75,011 Banking Inc. Nomura Holdings Inc. 8604 JPY 650.80 784.00/471.90 28.11 3,820.00 9.82 22,000.00 24,551 Financial services Daiwa Securities Group 8601 JPY 712.80 785.00/556.80 11.65 1,700.00 11.77 10,472.00 11,085 Securities Inc. SBI Holdings Inc. 8473 JPY 1,770.00 1822.00/1158.00 1.62 224.56 10.22 3,515.60 3,326 Asset management

Matsui Securities Co. Ltd. 8628 JPY 966.00 1040.00/775.00 1.17 259.26 22.12 2,192.52 834 Securities Tokai Tokyo Financial 8616 JPY 737.00 752.00/481.00 1.63 280.58 7.79 1,809.90 1,371 Securities Holdings Inc. JAFCO Co. Ltd. 8595 JPY 5,750.00 5840.00/3185.00 0.41 32.55 8.53 1,641.29 1,829 Private equity Okasan Securities Group 8609 JPY 706.00 775.00/508.00 1.23 208.22 19.65 1,280.75 1,381 Securities Inc. Financial Products Group 7148 JPY 1,369.00 1409.00/774.00 1.06 94.62 13.27 1,172.42 215 Brokerage Co. Ltd. Monex Group Inc. 8698 JPY 359.00 370.00/222.00 2.50 280.59 41.61 891.35 716 Securities

GMO Click Holdings Inc. 7177 JPY 750.00 909.00/686.00 0.05 119.18 14.84 786.63 245 Securities Japan Investment 7172 JPY 2,728.00 2875.00/1207.50 0.20 27.14 34.49 657.80 59 Investment company Adviser Co. Ltd. Marusan Securities Co. 8613 JPY 1,038.00 1068.00/795.00 0.46 67.40 51.83 617.41 425 Securities Ltd. SPARX Group Co. Ltd. 8739 JPY 288.00 294.00/165.00 1.26 209.56 17.93 540.32 138 Asset management Ichiyoshi Securities Co. 8624 JPY 1,342.00 1361.00/708.00 0.46 44.43 17.86 523.16 291 Securities Ltd. Kyokuto Securities Co. 8706 JPY 1,665.00 1851.00/1355.00 0.19 32.78 21.39 483.74 402 Securities Ltd. Sawada Holdings Co. Ltd. 8699 JPY 1,065.00 1088.00/860.00 0.02 40.95 7.35 364.32 423 Securities

Aizawa Securities Co. Ltd. 8708 JPY 819.00 839.00/513.00 0.08 49.53 24.24 357.37 492 Investment company

Mie Bank Ltd. 8374 JPY 2,713.00 2756.00/1920.00 0.02 13.48 9.57 321.64 1,064 Banking Financial IwaiCosmo Holdings Inc. 8707 JPY 1,480.00 1506.00/815.00 0.16 25.01 7.13 320.50 380 instruments Tsukuba Bank Ltd. 8338 JPY 411.00 417.00/281.00 0.18 82.55 18.85 299.29 930 Banking

Kita-Nippon Bank Ltd. 8551 JPY 3,535.00 3550.00/2825.00 0.01 8.79 11.83 272.80 615 Banking

Mito Securities Co. Ltd. 8622 JPY 399.00 407.00/205.00 0.39 75.69 15.47 271.13 335 Securities

Toyo Securities Co. Ltd. 8614 JPY 316.00 320.00/162.00 0.59 87.36 10.92 245.96 362 Securities

Taiko Bank Ltd. 8537 JPY 2,639.00 2740.00/2150.00 0.01 9.67 7.58 223.70 708 Banking

Bank of Toyama Ltd. 8365 JPY 4,515.00 4685.00/3740.00 0.01 5.44 19.15 213.66 290 Banking

Daito Bank Ltd. 8563 JPY 1,699.00 1800.00/1520.00 0.02 12.70 13.79 189.38 338 Banking Mercuria Investment Co. 7190 JPY 1,549.00 2259.00/532.00 0.05 13.72 15.21 184.89 44 Investment company Ltd. Fukushima Bank Ltd. 8562 JPY 913.00 1010.00/860.00 0.06 23.00 34.45 184.18 278 Banking

DSB Co. Ltd. 8692 JPY 761.00 854.00/466.00 0.07 25.66 11.46 173.36 196 Securities

Nagano Bank Ltd. 8521 JPY 1,988.00 2064.00/1874.00 0.01 9.26 8.64 161.66 495 Banking

Tottori Bank Ltd. 8383 JPY 1,833.00 1969.00/1632.00 0.01 9.62 14.98 154.79 438 Banking

Kosei Securities Co. Ltd. 8617 JPY 1,685.00 2180.00/1140.00 0.05 9.49 36.71 140.62 148 Securities Money Partners Group Foreign exchange 8732 JPY 457.00 626.00/423.00 0.27 33.78 26.83 138.25 110 Co. Ltd. trading Oak Capital Corp. 3113 JPY 281.00 312.00/143.00 0.70 53.68 8.42 136.49 71 Investment banking

Tohoku Bank Ltd. 8349 JPY 1,569.00 1639.00/1400.00 0.02 9.51 16.49 132.09 335 Banking Future Venture Capital 8462 JPY 1,623.00 3075.00/1061.00 0.25 8.90 NS 126.81 28 Investment company Co. Ltd. TOTAL/AVERAGE 17.07 307,517.76 453,761

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Hong Kong Stock Exchange Top 40

“Hong Kong is the third largest region for listed financial service companies, with the top 40 financial service companies listed on the HKSE valued at $1.48 trillion”

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Hong Kong Stock Exchange (HKSE)

Introduction

Originally founded in 1891, the Hong Kong Stock Exchange (HKEx) is the Asia-Pacific region’s third largest stock exchange in terms of market capitalisation behind the Tokyo Stock Exchange and Shanghai Stock Exchange (as at end March 2017). HKEx is a leading global operator of exchanges and clearing houses and is the frontline regulator of listed companies in Hong Kong. It also owns the London Metal Exchange (LME) in the UK, the world’s leading base metals market. HKEx is also an equal joint-venture partner with the Shanghai Stock Exchange and Shenzhen Stock Exchange in China Exchanges Services Company (CESC), which is registered and incorporated in Hong Kong. Size

As of the end of September 2017, there were a total of 2,069 companies listed on the HKSE. Of these companies, 1,950 categorised as domestic companies and the remaining 119 as foreign companies. Also as of the end of September 2017, total domestic market capitalization amounted to US$4,021,714 million. This figure represented an increase of 21.8% in comparison to the end of September 2016 in US$ terms, and an increase of 22.7% in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference HANG SENG CHINA H FINANCIAL HSHFIDV:HKG HKD 26,819.58 24,717.74 8.50 26,993.01/20,038.17 20,592.59 30.24 20,674.85 22,931.95 16,975.25 HSI FINANCE HSNFDV:HKG HKD 120,085.71 113,532.26 5.77 121,526.62/88,647.43 90,513.79 32.67 86,755.26 92,605.40 78,487.11

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference HANG SENG HSI:HKG HKD 28,518.64 26,979.39 15.86 28,798.78/21,488.82 22,000.56 29.63 21,914.40 23,605.04 23,306.39

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Leading 40 x HKSE Listed Financial Companies by Market Cap.

Total Average Shares Mkt. Cap. Equity/Net 52W Daily Company Name Symbol Price Outstanding P/E (USD Assets Area HIGH/LOW Volume (million) million) (USD (million) million) Industrial and Commercial Bank of 1398 HKD 6.23 6.48/4.43 327.36 356,410.00 6.83 316,654.00 303,736 Banking China Ltd. China Construction Bank Corp. 939 HKD 6.88 7.12/5.42 284.88 250,160.00 6.24 239,734.00 243,096 Bank

Bank of China Ltd. 3988 HKD 3.85 4.18/3.32 408.55 294,790.00 5.86 207,684.00 217,681 Bank

HSBC Holdings PLC 5 HKD 75.85 79.65/56.60 18.49 20,020.00 35.75 193,582.00 175,386 Bank

Bank of Communications Co. Ltd. 3328 HKD 5.82 6.44/5.40 33.26 74,840.00 5.59 121,457.96 97,014 Bank

BOC Hong Kong Holdings Ltd. 2388 HKD 36.95 40.40/25.74 10.40 10,570.00 14.60 50,556.95 28,801 Investment company

Hang Seng Bank Ltd. 11 HKD 184.30 195.30/136.20 0.80 1,910.00 20.05 45,490.49 18,028 Bank

CITIC Ltd. 267 HKD 11.40 12.70/10.66 5.53 29,090.00 8.34 42,888.03 62,899 Investment company

China Citic Bank Corp. Ltd. 998 HKD 5.04 5.50/4.69 46.20 48,930.00 5.22 41,262.45 58,476 Bank China Cinda Asset Management Co. 1359 HKD 3.04 3.52/2.58 43.20 38,320.00 5.90 30,794.92 21,467 Asset Management Ltd. CITIC Securities Co. Ltd. 6030 HKD 17.46 18.74/15.36 12.23 12,120.00 17.88 30,656.47 22,004 Securities

Haitong Securities Co. Ltd. 6837 HKD 12.24 15.24/12.22 12.11 11,500.00 15.56 22,942.67 16,982 Securities

Fosun International Ltd. 656 HKD 18.72 19.96/10.72 18.16 8,580.00 11.85 20,863.27 14,243 Asset Management

Huatei Securities Co. Ltd. 6886 HKD 17.02 18.98/14.04 7.84 7,160.00 16.10 19,472.30 13,008 Securities

GF Securities Co. Ltd. 1776 HKD 16.58 18.56/15.34 4.19 7,620.00 12.96 19,427.43 12,109 Securities China Huarong Asset Management Co. 2799 HKD 3.72 3.94/2.49 39.87 39,070.00 5.66 18,632.59 20,088 Asset Management Ltd. China Galaxy Securities Co. Ltd. 6881 HKD 6.79 8.14/6.65 14.86 10,140.00 11.27 15,692.96 8,942 Broker

Bank of East Asia Ltd. 23 HKD 34.15 36.00/29.05 0.91 2,770.00 30.18 12,195.67 10,698 Bank

China International Capital Corp. Ltd. 3908 HKD 16.64 19.08/10.42 4.56 3,990.00 15.23 8,174.03 2,845 Investment banking

CSC Financial Co. Ltd. 6066 HKD 7.15 7.60/6.47 1.55 7,250.00 10.03 6,642.04 6,332 Securities

Central China Securities Co. Ltd. 1375 HKD 3.60 4.98/3.52 2.21 3,920.00 19.12 3,913.95 1,632 Securities

Dah Sing Banking Group Ltd. 2356 HKD 17.38 17.94/13.54 0.93 1,400.00 10.38 3,146.03 2,947 Banking

Bank of Chongqing Co. Ltd. 1963 HKD 6.37 7.02/5.91 1.65 3,130.00 4.44 2,557.59 3,672 Bank

Value Partners Group Ltd. 806 HKD 8.13 8.75/5.98 7.29 1,850.00 42.46 1,942.23 474 Asset Management

Chong Hing Bank Ltd. 1111 HKD 15.98 17.44/14.38 0.04 652.50 8.79 1,338.41 2,040 Bank Huarong International Financial Investment/broking 993 HKD 2.62 3.49/1.86 0.62 3,590.00 10.01 1,210.21 165 Holdings Ltd. company China Investment Fund International 612 HKD 5.55 5.80/0.48 5.94 1,220.00 NS 879.45 10 Investment company Holdings Ltd. Mason Financial Holdings Ltd. 273 HKD 0.13 0.18/0.10 31.21 44,620.00 25.93 720.48 417 Investment company

Liu Chong Hing Investment Ltd. 194 HKD 13.44 14.24/10.16 0.20 378.58 8.91 644.85 1,400 Investment company Investment/broking Emperor Capital Group Ltd. 717 HKD 0.67 0.86/0.60 8.69 6,740.00 6.91 570.49 545 company OP Financial Investments Ltd. 1140 HKD 2.20 2.95/1.47 1.59 1,900.00 21.89 537.16 374 Investment company China Financial International 721 HKD 0.23 0.52/0.19 12.92 10,970.00 NS 330.76 202 Investment company Investments Ltd. China Merchants China Direct 133 HKD 13.36 14.12/10.80 0.20 152.33 3.12 260.25 561 Investment company Investments Ltd. Nanyang Holdings Ltd. 212 HKD 45.70 46.50/39.54 0.00 35.11 6.23 205.12 454 Investment company

First Shanghai Investments Ltd. 227 HKD 1.07 1.48/1.00 1.65 1,420.00 21.35 194.86 348 Investment company Investment/broking Sheng Yuan Holdings Ltd. 851 HKD 0.28 0.46/0.22 4.35 3,560.00 NS 127.88 19 company China Development Bank International 1062 HKD 0.29 0.31/0.25 1.83 2,900.00 3.53 104.18 168 Investment company Investment Ltd. China Assets Holdings Ltd. 170 HKD 6.75 6.75/3.60 0.34 107.46 3.92 92.99 205 Investment company

SHK Hong Kong Industries Ltd. 666 HKD 0.17 0.22/0.15 1.47 4,110.00 6.45 89.61 148 Investment company

China Innovation Investment Ltd. 1217 HKD 0.04 0.05/0.02 49.48 12,800.00 NS 62.36 82 Investment company

TOTAL/AVERAGE 12.90 1,483,733.1 1,369,698

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Australia Securities Exchange (ASX) Top 40

“Australia is the sixth largest region for listed financial service companies, with the top 40 financial service companies listed on the ASX valued at $420.83 billion”

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Australian Securities Exchange (ASX)

Introduction

The Australian Securities Exchange (ASX) is one of the world’s leading financial market exchanges and is a world leader in capital-raising, consistently ranking among the top five exchanges globally. The ASX is operated by ASX Limited, part of the ASX Group which was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006: today the ASX Group is one of the world’s leading listed exchange groups in terms of market capitalisation. Size

As of the end of September 2017, there were a total of 2,122 companies listed on the ASX. Of these, 1,989 companies categorised as domestic companies and the remaining 133 as foreign companies. Also as at the end of September 2017, the ASX had a total domestic market capitalization of US$1,402,441 million. This figure represents an increase of 7.8% in comparison to the end of September 2016 in US$ terms, and an increase of 5.5% in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference S&P AUST. 200 BANKS XBAJ:ASX AUD 8,590.32 8,607.28 -0.20 9,391.38/7,580.40 8,707.08 -1.34 7,858.77 9,382.21 8,300.26 S&P AUST. INDEX 200 FINANCIAL XFJ:ASX AUD 6,586.09 6,543.42 0.65 7,046.10/5,562.90 6,557.41 0.44 5,828.70 6,540.86 5,642.87 S&P AUST. 200 DIVERSIFIED FINANCIAL XDFJA:ASX AUD 97,019.23 89,901.63 7.92 97,019.23/74,573.67 85,345.86 13.68 73,926.39 63,623.56 54,287.44 S&P AUST. INDEX 300 FINANCIAL XFK:ASX AUD 6,549.25 6,500.48 0.75 6,994.57/5,646.35 6,508.62 0.62 5,778.31 6,478.41 5,591.82

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference S&P/ASX 100 INDEX XTO:ASX AUD 4,892.49 4,729.45 -0.66 4,953.60/4,173.10 4,695.84 4.19 4,395.30 4,512.98 4,445.25

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Leading 40 ASX Listed Financials Companies by Market Cap.

Average Total Shares 52W Daily Mkt. Cap. Equity/Net Company Name Symbol Price Outstanding P/E Area HIGH/LOW Volume (USD million) Assets (USD (million) (million) million) Commonwealth Bank of CBA AUD 77.41 87.74/69.64 2.23 1,750.00 13.89 104,860.94 48,660 Bank Australia Westpac Banking Corp. WBC AUD 33.00 35.39/28.92 4.64 3,390.00 14.94 86,805.11 44,770 Bank Australia and New Zealand ANZ AUD 29.83 32.95/25.78 4.97 2,940.00 14.23 68,063.71 45,416 Bank Banking Group Ltd. National Australia Bank Ltd. NAB AUD 31.95 34.09/25.14 4.43 2,690.00 15.10 68,017.49 39,510 Bank

Macquarie Group Ltd. MQG AUD 99.39 99.39/71.74 1.03 340.36 14.10 25,781.94 11,967 Asset Management

AMP Ltd. (AMP Capital) AMP AUD 5.02 5.49/4.39 4.80 2,920.00 NS 11,238.68 5,748 Wealth management

Lendlease Group LLC AUD 16.18 18.74/12.53 2.66 583.98 12.45 7,317.85 4,670 Asset Management

GPT Group GPT AUD 5.07 5.42/4.38 3.36 1,800.00 6.99 7,094.46 6,380 Fund management company

Challenger Ltd. CGF AUD 13.38 13.82/9.73 1.40 610.58 20.45 6,254.84 2,225 Investment management Bendigo and Adelaide Bank BEN AUD 10.98 13.39/10.27 1.59 482.10 13.48 4,151.92 4,180 Bank Ltd. Bank of Queensland Ltd. BOQ AUD 12.46 13.46/9.64 2.00 391.74 15.15 3,997.86 2,918 Bank

CYBG PLC CYB AUD 5.25 5.45/5.23 6.72 883.61 NS 3,573.42 4,247 Banking holding company Platinum Investment PTM AUD 7.26 7.46/4.23 1.25 586.68 22.93 3,289.18 258 Asset Management Management Ltd. Magellan Financial Group MFG AUD 24.40 29.50/19.76 0.38 172.28 21.51 3,258.37 345 Asset Management Ltd. BT Investment BTT AUD 10.77 13.26/8.83 0.94 315.00 20.42 2,665.24 573 Investment management Management Ltd. Milton Corp. Ltd. MLT AUD 4.55 4.65/4.14 0.20 657.19 24.16 2,295.49 2,006 Investment company

Charter Hall Group CHC AUD 5.85 5.98/4.24 1.83 465.78 9.57 2,095.22 1,326 Property investment company

Abacus Property Group ABP AUD 3.90 3.92/2.67 1.23 577.50 7.74 1,717.77 1,360 Real estate investment company

Cromwell Property Group CMW AUD 1.01 1.05/0.89 3.63 1,770.00 6.42 1,371.13 1,263 Real estate investment company Australian United AUI AUD 8.41 8.61/7.10 0.02 123.87 23.63 801.11 710 Investment company Investment Co. Ltd. BKI Investment Co. Ltd. BKI AUD 1.65 1.72/1.56 0.20 620.43 21.72 785.71 724 Investment company Blue Sky Alternative BLA AUD 14.18 14.99/6.65 0.16 68.72 47.05 754.35 109 Alternative Asset Manager Investments Ltd. Carlton Investments Ltd. CIN AUD 33.05 33.50/30.51 0.01 26.47 21.77 665.03 619 Investment company Pinnacle Investment PNI AUD 3.35 3.45/2.00 0.09 160.93 45.96 414.04 59 Investment company Management Gp. Ltd. Platinum Capital Ltd. PMC AUD 1.92 1.95/1.49 0.34 285.12 9.38 412.90 344 Investment company

HFA Holdings Ltd. HFA AUD 3.02 3.17/1.90 0.17 162.15 22.04 392.19 252 Investment company

MyState Ltd. MYS AUD 4.77 5.25/3.80 0.06 89.97 14.10 332.66 240 Banking Mirrabooka Investments MIR AUD 2.60 3.12/2.45 0.08 157.78 51.61 316.00 257 Investment company Ltd. Australian Finance Group AFG AUD 1.64 1.74/1.15 0.33 214.81 9.07 272.20 82 Broking company Ltd. Pacific Current Group Ltd. PAC AUD 6.70 8.40/3.48 0.10 47.64 21.35 253.96 212 Asset Management Pengana Capital Group Ltd. PCG AUD 2.99 3.68/2.05 0.03 101.48 10.38 226.68 22 Investment company (ex. Hunter Hall Int'l Ltd.) Perpetual Equity PIC AUD 1.11 1.14/0.94 0.37 253.85 8.74 215.09 214 Investment company Investment Co. Ltd. CVC Ltd. CVC AUD 2.30 2.42/1.46 0.00 119.57 11.54 211.85 153 Investment company

Auswide Bank Ltd. ABA AUD 5.49 5.60/5.00 0.01 42.13 14.65 177.51 171 Bank

AMCIL Ltd. AMH AUD 0.89 0.95/0.89 0.12 261.50 42.11 177.26 176 Investment company Investment company/broking Bell Financial Group Ltd. BFG AUD 0.71 0.79/0.60 0.19 267.29 11.36 145.16 146 company Fiducian Group Ltd. FID AUD 5.59 5.59/2.99 0.02 31.26 22.92 132.45 22 Financial services company Consolidated Operations COG AUD 0.13 0.19/0.10 0.68 1,310.00 33.88 125.90 139 Investment company Gp. Ltd. (ex. Armidale Inv.) ASF Group Ltd. AFA AUD 0.17 0.21/0.13 0.01 678.27 NS 88.82 5 Investment company

8I Holdings Ltd. 8IH AUD 0.27 0.79/0.27 0.12 361.98 9.48 79.46 44 Investment holding company

TOTAL/AVERAGE 19.09 420,830.94 232,523

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Swiss Stock Exchange Top 40

“Switzerland is the ninth largest region for listed financial service companies, with the top 40 financial service companies listed on the Swiss Stock Exchange valued at $210.47 billion”

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Swiss Stock Exchange (SIX)

Introduction

Headquartered in Zurich, the SIX Swiss Exchange (formerly SWX Swiss Exchange) is Switzerland’s principle stock exchange (the other being the Berne Exchange). The SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives. The SIX Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is controlled by an association of 55 banks. Each of these banks has equal voting rights in the matter of decision making concerning the management and regulation of the exchange. Size

As of the end of September 2017, there were a total of 265 companies listed on the SIX Swiss Exchange. Of this figure, 229 companies were categorised as domestic companies and the remaining 36 companies were categorised as foreign companies. Also as at the end of September 2017, the SIX Swiss Exchange had a total domestic market capitalization of US$1,680,914 million, making it the fourth largest exchange by market capitalization in the Europe-Africa-Middle East region after Euronext, LSE and Deutsche Börse. This figure represents an increase of 15.1% in comparison to the end of September 2016 in both US$ terms and in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference SWISS INVESTMENT COMPANIES IGSP:SWX CHF 161.11 151.90 6.06 166.74/118.89 138.41 16.40 143.63 123.51 84.10

Main Market Index

Index Symbol: % % Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference SMI INDEX SMI:SWX CHF 9,263.72 9,006.17 4.93 9,318.04/7,585.56 8,219.87 12.70 8,818.09 8,983.37 8,202.98

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Leading 40 Swiss Exchange Listed Financial Companies by Market Cap.

Average Total Shares Share Price Daily Mkt.Cap. Equity/Net Company Name Symbol 52W HIGH/LOW Outstanding P/E Area (CHF) Volume (USD million) Assets (USD (millions) (millions) million) UBS Group AG UBSG CHF 17.12 17.73/12.97 10.47 3,850.00 16.06 65,264.73 53,690 Asset management

Credit Suisse Group AG CSGN CHF 16.32 16.44/11.59 11.61 2,560.00 NS 40,031.97 41,951 Asset management Partners Group Holding PGHN CHF 670.50 677.50/468.75 0.05 26.70 27.10 17,983.35 1,543 Investment company AG Commerzbank AG COM CHF 13.70 14.35/6.38 0.02 1,250.00 NS 17,147.26 33,323 Bank

Julius Baer Gruppe AG BAER CHF 59.15 59.85/37.91 0.89 223.81 20.99 13,237.19 5,337 Bank

Baloise Holding Ltd. BALN CHF 157.80 159.60/117.70 0.14 48.80 12.61 7,790.11 5,748 Investment company

Pargesa Holding SA PARG CHF 84.05 84.25/61.80 0.06 77.21 12.22 6,488.42 7,873 Investment company Banque Cantonale BCVN CHF 718.50 723.50/616.50 0.00 8.61 19.64 6,218.07 3,424 Bank Vaudoise Vontobel Holding AG VONN CHF 61.85 66.35/47.00 0.06 56.88 13.89 3,554.62 1,516 Bank

VZ Holding AG VZN CHF 346.00 349.75/263.75 0.00 8.00 31.50 2,773.60 421 Investment company

Cembra Money Bank AG CMBN CHF 88.30 92.80/72.15 0.07 30.00 17.74 2,673.47 849 Bank

EFG International AG EFGN CHF 9.16 9.31/4.69 0.32 289.52 10.03 2,613.39 2,237 Investment company

St Galler Kantonalbank AG SGKN CHF 453.25 457.00/370.00 0.00 5.57 17.01 2,553.32 2,151 Bank

GAM Holding AG GAM CHF 15.80 16.25/8.96 0.47 159.68 16.83 2,533.29 1,846 Asset management

Berner Kantonalbank AG BEKN CHF 182.10 195.00/179.00 0.00 9.32 12.93 1,702.21 2,400 Bank

Valiant Holding AG VATN CHF 105.80 120.50/92.90 0.01 15.79 13.49 1,592.07 2,131 Bank Liechtensteinische LLBN CHF 49.85 55.75/39.00 0.02 30.80 14.74 1,552.02 1,698 Bank Landesbank AG Zuger Kantonalbank ZG CHF 5,300.00 5,500.0/4,900.0 0.00 0.29 24.90 1,531.99 1,264 Bank Banque Cantonale du WKBN CHF 95.35 98.50/74.50 0.00 15.80 19.55 1,511.96 1,264 Bank Valais Banque Cantonale de BCGE CHF 162.50 162.90/143.25 0.00 7.20 13.78 1,161.51 1,388 Bank Geneve Graubuendner GRKP CHF 1,510.00 1,566.0/1,271.0 0.00 0.75 21.43 1,121.46 2,432 Bank Kantonalbank Leonteq AG LEON CHF 64.45 73.50/25.55 0.32 15.94 NS 1,021.33 386 Investment company Edmond de Rothschild RLD CHF 18,400.00 19,500.0/13,605.0 0.00 0.05 29.18 923.70 1,225 Bank Suisse SA HBM Healthcare HBMN CHF 127.00 127.00/97.10 0.01 7.04 7.66 890.31 1,097 Investment company Investments AG VP Bank AG VPBN CHF 136.50 141.90/97.70 0.01 6.02 14.55 842.59 938 Bank Bank Cler AG (ex. Bank BC CHF 43.05 48.00/41.10 0.00 16.88 17.59 737.55 775 Bank Coop AG) Compagnie Financiere Investment/broking CFT CHF 95.95 104.90/73.80 0.00 7.18 14.28 689.72 365 Tradition SA company Basellandschaftliche BLKB CHF 901.50 930.00/894.00 0.00 0.57 NS 515.95 2,198 Bank Kantonalbank Castle Private Equity AG CPEN CHF 17.55 17.60/14.90 0.01 26.32 12.44 459.95 458 Private equity company

Bank Linth LLB AG LINN CHF 511.50 563.50/480.00 0.00 0.81 19.91 416.93 454 Bank

Basler Kantonalbank BSKP CHF 69.45 73.54/63.15 0.00 5.90 11.94 413.54 3,430 Bank Schweizerische SNBN CHF 4,079.00 4,724.0/1,471.0 0.00 0.10 NS 403.42 84,637 Bank Nationalbank Thurgauer Kantonalbank TKBP CHF 98.40 103.00/85.00 0.00 4.00 3.01 395.51 2,023 Bank

Glarner Kantonalbank GLKBN CHF 30.85 32.85/22.15 0.01 11.50 18.57 351.21 304 Bank Hypothekarbank Lenzburg HBLN CHF 4,465.00 4,650.0/4,200.0 0.00 0.07 15.42 321.90 451 Bank AG Bellevue Group AG BBN CHF 24.00 24.85/14.35 0.02 13.46 56.62 321.48 159 Asset management

Private Equity Holding AG PEHN CHF 76.80 80.50/67.10 0.00 2.75 16.61 211.33 250 Private equity company

Alpine Select AG ALPN CHF 16.50 17.30/14.15 0.01 11.20 6.77 183.97 183 Investment company Banque Cantonale du Jura BCJ CHF 60.00 60.85/51.75 0.00 3.00 18.55 180.23 231 Bank SA Spice Private Equity AG SPCE USD 28.65 30.25/25.00 0.00 5.36 NS 153.67 226 Investment company

TOTAL/AVERAGE 17.63 210,470.29 274,277

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Deutsche Börse Top 20

“Germany is the eighth largest region for listed financial service companies, with the top 20 financial service companies listed on the Deutsche Börse valued at $228.82 billion”

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Deutsche Börse Stock Exchange

Introduction

Headquartered in Frankfurt in Germany, Deutsche Börse is a diversified exchange organisation. Deutsche Börse Group’s products and services cover the entire chain in the financial sector: its business areas range from the admission of securities to listing, through trading, clearing and settlement, down to custody of securities and other financial instruments as well as collateral management. Additionally, Deutsche Börse provides IT services, indices and market data for its trading platforms worldwide. Size

As of the end of September 2017, there were a total of 499 companies listed on the Deutsche Börse, with 451 of these companies categorised as domestic companies and the remaining 48 companies categorised as foreign companies. Also as at the end of September 2017, the Deutsche Börse Group had a total domestic market cap. of US$2,180,975 million, making it the third largest exchange in Europe in terms of market capitalization behind Euronext and the LSE Group. This figure represents an increase of 28.6% in comparison to the end of September 2016 in US$ terms, and an increase of 22.3% in local currency terms.

Source: World Federation of Exchanges (www.world-exchanges.org)

Specialist Financial Indexes

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference XETRA DAX BANKS CXPB:GER EUR 126.17 129.70 -2.72 137.28/84.27 113.54 11.12 144.50 158.36 187.10 XETRA DAX FINANCIAL SERVICES CXPV:GER EUR 1,855.04 1,733.96 6.98 1,879.93/1,407.21 1,494.81 24.10 1,430.22 1,107.37 883.95

Main Market Index

Index Symbol: % % Exchange Index Currency 02/11/2017 31/07/2017 52W H/L 31/12/2016 31/12/2015 31/12/2014 31/12/2013 Exchange Difference Difference DEUTSCHE B. DAX GDAXID40:GER EUR 1,235.16 1,126.72 6.11 1,239.74/968.16 1,086.60 13.67 1,059.09 1,089.86 987.22

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Leading 20 Deutsche Börse Listed Financial Companies by Market Cap.

Total Average Shares Mkt.Cap. Equity/Net Share Price 52W Daily Company Name Symbol Outstanding P/E (USD Assets Area (EUR) HIGH/LOW Volume (millions) million) (USD (millions) million) Goldman Sachs 241.90/139.1 GOSX EUR 187.90 0.00 393.63 11.63 87,180.00 86,893 Investment banking Group Inc. 0

UniCredit SpA CRIHX EUR 18.02 18.02/8.09 0.00 2,230.00 NS 43,952.00 45,811 Asset management

Deutsche Bank AG DBKX.N EUR 14.52 17.82/10.71 15.81 2,070.00 NS 34,111.13 75,120 Investment banking

Groupe Bruxelles GBLB EUR 92.58 92.83/73.25 0.11 161.36 16.46 17,395.63 17,314 Investment company Lambert SA

Commerzbank AG CBKX EUR 11.98 12.41/5.88 12.38 1,250.00 NS 17,352.54 33,323 Bank

Turkiye Garanti GARAN EUR 3.02 NS 0.00 4,200.00 8.04 12,746.37 10,097 Bank Bankasi AS Cpi Property Group O5GX EUR 0.67 0.75/0.63 0.00 8,310.00 2.95 6,486.82 2,631 Investment company SA Wuestenrot & WUWX. Wuerttembergisch EUR 23.35 23.56/16.89 0.05 93.75 8.15 2,538.83 4,416 Investment company N e AG

Comdirect Bank AG COMX EUR 11.94 12.17/9.04 0.03 141.22 25.39 1,979.82 731 Bank

Hamborner Reit AG HAB EUR 9.03 10.00/8.20 0.10 79.72 35.51 842.98 653 Investment company

DIC Asset AG DICX.N EUR 10.26 10.38/8.22 0.21 68.58 NS 818.62 877 Asset management

Deutsche Private equity DBAX.N EUR 43.94 46.76/29.46 0.03 15.04 6.35 771.85 431 Beteiligungs AG company

MLP AG MLPX EUR 5.92 6.50/3.48 0.13 109.33 33.00 754.44 447 Investment company

WCM Beteiligungs und Grundbesitz WCMKX EUR 3.78 3.79/2.41 0.11 136.80 33.28 597.45 354 Investment company AG

OVB Holding AG O4BX EUR 19.45 22.56/15.50 0.00 14.25 22.88 317.83 102 Asset management

Kap Beteiligungs- Private equity IUR EUR 35.58 40.00/18.29 NS 6.62 8.45 274.50 169 AG company C-Quadrat C8I EUR 53.44 64.02/48.01 0.00 4.36 50.45 270.28 47 Investment company Investment AG MPC Muenchmeyer MPCKX EUR 6.46 6.88/5.11 0.00 30.43 28.80 233.02 105 Asset management Petersen Capital AG

Baader Bank AG BWBX EUR 2.04 2.10/1.50 0.02 45.91 54.40 110.14 111 Investment banking

Albis Leasing AG ALGX EUR 3.77 4.27/2.33 0.02 18.55 20.29 82.94 17 Investment company

TOTAL/AVERAGE 22.88 228,817.21 279,649

All data as at 2nd Nov. 2017

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Section 3: Overview – Public Financial Services Companies By Sector

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Top 50 Asset Managers by Value

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Top 50 Asset Managers by Value

Average Total Shares Daily Mkt. Cap. Equity/Net Company Name Symbol Price 52W HIGH/LOW Outstanding P/E Area Volume (USD million) Assets (USD (million) (million) million)

USD Investment 1 BlackRock Inc. BLK 489.79/337.43 0.47 160.98 21.97 75,550.00 29,098 473.95 management

CHF 2 UBS Group AG UBSG 17.73/12.97 10.47 3,850.00 16.06 65,264.73 53,690 Asset management 17.12

Banco Bilbao Vizcaya 3 BVA EUR 7.45 7.87/5.75 6.58 6,670.00 NS 57,813.07 55,160 Asset Management Argentaria SA

EUR 4 UniCredit SpA CRIHX 18.02/8.09 0.00 2,230.00 NS 43,952.00 45,811 Asset management 18.02

Brookfield Asset CAD 5 BAM.A 54.43/43.03 0.62 989.15 32.35 41,066.12 26,453 Asset management Management Inc. 55.31

Credit Suisse Group CHF 6 CSGN 16.44/11.59 11.61 2,560.00 NS 40,031.97 41,951 Asset management AG 16.32

USD 7 Blackstone Group LP BX 35.09/23.33 5.07 1,200.00 14.20 39,440.00 6,461 Asset management 32.74 China Cinda Asset 8 Management Co. 1359 HKD 3.04 3.52/2.58 43.20 38,320.00 5.90 30,794.92 21,467 Asset Management Ltd. Great-West Lifeco CAD 9 GWO 37.79/32.50 0.24 989.57 14.64 27,717.49 17,135 Asset management Inc. 35.97

Macquarie Group AUD 10 MQG 99.39/71.74 1.03 340.36 14.10 25,781.94 11,967 Asset Management Ltd. 99.39

Sun Life Financial CAD 11 SLF 53.75/43.51 0.93 611.94 11.94 23,909.16 17,099 Asset management Inc. 50.17

Franklin Resources USD Investment 12 BEN 47.65/33.02 2.54 557.70 13.81 23,650.00 11,936 Inc. 42.78 management

Ameriprise Financial USD 13 AMP 163.04/86.25 0.93 149.94 14.69 23,600.00 6,292 Asset management Inc. 159.11

Fosun International HKD 14 656 19.96/10.72 18.16 8,580.00 11.85 20,863.27 14,243 Asset Management Ltd. 18.72

Principal Financial USD 15 PFG 69.26/52.67 1.11 288.96 11 19,400.00 10,227 Asset management Group Inc. 69.04 China Huarong Asset 16 Management Co. 2799 HKD 3.72 3.94/2.49 39.87 39,070.00 5.66 18,632.59 20,088 Asset Management Ltd. EUR 17 Amundi SA AMUN 74.29/41.77 0.17 201.51 21.09 17,410.77 7,738 Asset management 72.50

Standard Life 18 SLA 433.49p 448.60/322.76 6.42 2,980.00 19.72 17,048.31 5,749 Asset Management Aberdeen PLC

USD Investment 19 KKR & Co. LP KKR 20.77/13.58 2.48 816.46 10.02 16,260.00 5,940 20.03 management

USD Investment 20 Invesco Ltd. IVZ 37.75/27.46 2.45 407.08 15.49 14,560.00 7,504 36.02 management

3535.00/ 21 Schroders PLC SDR 3,477.00p 0.34 282.53 18.14 12,247.28 4,150 Asset Management 2712.42

AMP Ltd. (AMP 22 AMP AUD 5.02 5.49/4.39 4.80 2,920.00 NS 11,238.68 5,748 Wealth management Capital)

Affiliated Managers USD 23 AMG 198.40/130.48 0.31 55.96 20.14 10,410.00 3,620 Asset management Group Inc. 185.07

USD Investment 24 SEI Investments Co. SEIC 65.30/43.65 0.66 157.47 28.12 10,140.00 1,303 64.60 management

Leucadia National USD Investment 25 LUK 27.34/17.87 1.21 358.64 16.36 9,080.00 10,128 Corp. 25.23 management

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Companies 26-50

Average Total Shares 52W Daily Mkt. Cap. Equity/Net Company Name Symbol Price Outstanding P/E Area HIGH/LOW Volume (USD million) Assets (USD (million) (million) million)

St. James's Place 1245.00/ 26 STJ 1,196.00p 1.56 529.03 49.62 8,266.25 1,423 Asset Management PLC 896.00 EUR 27 Wendel SE MF 146.35/99.75 0.06 47.20 NS 7,965.86 2,630 Asset management 146.00 USD 28 Carlyle Group LP CG 24.85/14.45 0.90 332.90 12.16 7,360.00 308 Asset management 22.35 AUD 29 Lendlease Group LLC 18.74/12.53 2.66 583.98 12.45 7,317.85 4,670 Asset Management 16.18 Oaktree Capital USD 30 OAK 48.50/36.95 0.21 156.22 10.56 7,180.00 806 Asset management Group LLC 45.65 Fund management 31 GPT Group GPT AUD 5.07 5.42/4.38 3.36 1,800.00 6.99 7,094.46 6,380 company

32 Investec PLC INVP 531.00p 630.50/477.90 1.84 1,020.00 11.84 6,970.10 5,507 Asset Management

Janus Henderson USD Investment 33 JHG 36.25/30.24 0.31 200.41 27.92 6,920.00 1,630 Group PLC 34.57 management AUD Investment 34 Challenger Ltd. CGF 13.82/9.73 1.40 610.58 20.45 6,254.84 2,225 13.38 management USD 35 Lazard Ltd. LAZ 48.86/35.77 0.83 129.77 13.23 6,150.00 1,236 Asset management 47.13 CAD 36 CI Financial Corp. CIX 29.94/23.52 0.34 276.44 15.41 6,090.22 1,359 Asset management 28.30 Jones Lang LaSalle USD 37 JLL 134.76/86.62 0.24 45.34 19.75 5,930.00 2,790 Asset management Inc. 130.03 USD Investment 38 Eaton Vance Corp. EV 52.36/34.44 0.44 116.61 22.06 5,910.00 704 50.80 management

39 Man Group PLC EMG 194.40p 195.10/111.90 5.73 1,650.00 NS 4,245.55 1,674 Asset Management

Ares Management USD 40 ARES 23.25/14.75 0.07 212.55 25.79 3,930.00 592 Asset management LP 18.62 Intermediate 1011.00/ 41 ICP 965.50p 0.61 290.18 12.97 3,703.28 1,551 Asset Management Capital Group PLC 584.86 Ashmore Group 42 ASHM 376.10p 392.20/269.00 0.93 707.37 16.37 3,637.15 958 Asset Management PLC Jupiter Fund 43 JUP 599.50p 605.00/377.52 0.86 457.70 19.25 3,623.92 807 Asset Management Management PLC USD 44 Legg Mason Inc. LM 42.08/28.10 1.09 93.60 15.94 3,610.00 3,983 Asset management 38.80 JPY 1822.00/ 45 SBI Holdings Inc. 8473 1.62 224.56 10.22 3,515.60 3,326 Asset management 1,770.00 1158.00 Platinum 46 Investment PTM AUD 7.26 7.46/4.23 1.25 586.68 22.93 3,289.18 258 Asset Management Management Ltd. Magellan Financial AUD 47 MFG 29.50/19.76 0.38 172.28 21.51 3,258.37 345 Asset Management Group Ltd. 24.40 Federated USD Investment 48 FII 31.81/24.52 0.97 100.90 14.71 3,150.00 595 Investors Inc. 31.47 management Fortress Investment 49 Investment Group FIG USD 7.88 8.05/4.50 4.03 388.58 24.84 3,060.00 564 management LLC Rothschild & Co. EUR 50 ROTH 32.70/20.50 0.03 77.18 11.92 2,771.75 2,130 Asset management SCA 30.84

TOTAL/AVERAGE 17.19 827,066.70 489,410

All data as at 2nd Nov. 2017

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Top 50 Banks by Value

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Top 50 Banks by Value

Average Total Shares Mkt. Cap. 52W Daily Equity/Net Company Name Symbol Exchange Price Outstanding P/E (USD HIGH/LOW Volume Assets (USD (million) million) (million) million)

Industrial and 1 Commercial Bank 601398 SHH CNY 6.08 6.40/4.35 234.30 356,410.00 7.69 323,820.00 303,736 of China Ltd. Bank of America 2 BAC NYQ USD 27.59 27.98/16.28 0.06 10,430.00 15.97 287,150.00 266,840 Corp. China 3 Construction Bank 601939 SHH CNY 7.06 7.29/5.21 77.29 250,160.00 7.39 245,178.00 243,096 Corp.

4 Bank of China Ltd. 601988 SHH CNY 3.89 4.37/3.34 190.97 294,790.00 6.57 212,796.00 217,681

HSBC Holdings 5 HSBA LSE 735.40p 772.00/588.30 27.72 20,010.00 35.30 193,919.61 175,386 PLC Bank of 6 Communications 601328 SHH CNY 6.17 6.79/5.56 78.90 74,840.00 6.64 124,215.81 97,014 Co. Ltd. Royal Bank of 7 RY TOR CAD 101.32 102.15/81.82 2.03 1,490.00 13.84 115,620.65 55,308 Canada (RBC)

Banco Santander 8 BNC LSE 517.50p 532.10/346.70 0.13 16,040.00 NS 109,586.67 105,906 SA

China Merchants 9 600036 SHH CNY 27.02 28.14/17.39 60.23 25,270.00 9.87 108,610.77 62,042 Bank Co. Ltd.

Toronto- 10 TD TOR CAD 73.42 73.69/59.60 2.48 1,850.00 13.89 105,729.89 56,513 Dominion Bank

Commonwealth 11 CBA ASX AUD 77.41 87.74/69.64 2.23 1,750.00 13.89 104,860.94 48,660 Bank of Australia Mitsubishi UFJ 12 Financial Group 8306 TYO JPY 773.80 794.80/492.00 95.12 14,030.00 10.14 94,776.00 134,470 Inc. Westpac Banking 13 WBC ASX AUD 33.00 35.39/28.92 4.64 3,390.00 14.94 86,805.11 44,770 Corp.

Sberbank of 14 SBER LSE USD 14.35 14.88/8.87 2.67 5,400.00 NS 78,172.00 NS Russia Bank of Nova 15 Scotia BNS TOR CAD 83.65 83.85/69.20 1.54 1,200.00 13.03 78,082.49 43,808 (Scotiabank) Australia and New 16 Zealand Banking ANZ ASX AUD 29.83 32.95/25.78 4.97 2,940.00 14.23 68,063.71 45,416 Group Ltd. National Australia 17 NAB ASX AUD 31.95 34.09/25.14 4.43 2,690.00 15.10 68,017.49 39,510 Bank Ltd.

Lloyds Banking 18 LLOY LSE 67.64p 73.58/53.64 162.63 71,960.00 15.84 65,323.21 63,981 Group PLC

Japan Post Bank 1483.00/ 19 7182 TYO JPY 1,440.00 1.79 4,500.00 16.11 56,760.00 103,664 Co. Ltd. 1160.00 Sumitomo Mitsui 4768.00/ 20 Financial Group 8316 TYO JPY 4,567.00 8.24 1,410.00 8.23 56,584.00 85,668 3293.00 Inc. Industrial Bank 21 601166 SHH CNY 17.25 18.52/14.99 76.55 20,770.00 6.44 55,257.57 53,990 Co. Ltd.

China Mingsheng 22 600016 SHH CNY 8.22 9.99/7.58 71.60 36,560.00 6.16 51,751.06 52,827 Banking Corp. Ltd.

Bank of Montreal 23 BMO TOR CAD 99.12 104.15/83.58 1.20 647.74 12.19 49,998.96 55,308 (BMO)

Mizuho Financial 24 8411 TYO JPY 207.20 225.30/163.50 161.79 25,390.00 8.90 46,200.00 75,011 Group Inc.

Hang Seng Bank 25 11 HKG HKD 184.30 195.30/136.20 0.80 1,910.00 20.05 45,490.49 18,028 Ltd.

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Companies 26-50

Average Total Shares 52W Daily Mkt. Cap. Equity/Net Company Name Symbol Exchange Price Outstanding P/E HIGH/LOW Volume (USD million) Assets (USD (million) (million) million) Royal Bank of 26 RBS LSE 280.80p 290.50/180.00 17.46 11,960.00 NS 45,008.08 64,290 Scotland Group PLC China CITIC Bank 27 601998 SHH CNY 6.13 7.52/5.79 28.17 48,930.00 7.20 42,199.91 58,476 Corp. Ltd.

28 Barclays PLC BARC LSE 184.60p 244.40/175.46 71.85 17,040.00 16.13 41,503.19 85,801

Canadian Imperial 29 CM TOR CAD 113.72 120.83/97.52 1.04 439.63 10.34 38,940.00 18,280 Bank Of Commerce Standard Chartered 30 STAN LSE 715.00p 860.00/609.60 9.25 3,300.00 NS 30,737.22 48,337 PLC

31 Ping An Bank Co. Ltd. 000001 SHZ CNY 11.54 11.94/8.54 60.43 17,170.00 8.98 30,554.27 N/A

Bank of Shanghai Co. 32 601229 SHH CNY 17.42 23.82/16.40 6.36 7,810.00 8.95 21,003.58 17,852 Ltd. Bank of Beijing Co. 33 601169 SHH CNY 7.36 8.75/6.96 35.79 18,250.00 7.63 20,681.30 21,915 Ltd.

34 Hua Xia Bank Co. Ltd. 600015 SHH CNY 9.00 10.64/8.36 33.43 12,820.00 6.28 17,854.82 23,467

35 Commerzbank AG CBKX GER EUR 11.98 12.41/5.88 12.38 1,250.00 NS 17,352.54 33,323

National Bank of 36 NA TOR CAD 63.07 63.22/46.71 0.90 341.45 13.21 16,767.56 8,794 Canada Bank of Jiangsu Co. 37 600919 SHH CNY 8.01 11.55/7.99 25.88 11,540.00 8.14 14,437.75 12,747 Ltd.

38 Bank VTB PAO VTBR LSE USD 2.06 2.45/1.92 0.11 6,480.00 NS 13,447.00 NS

Bank of Ningbo Co. 39 002142 SHZ CNY 17.12 17.50/12.40 25.57 5,070.00 10.12 13,383.63 N/A Ltd. Julius Baer Gruppe 40 BAER VTX CHF 59.15 59.85/37.91 0.89 223.81 20.99 13,237.19 5,337 AG Turkiye Garanti 41 GARAN DEU EUR 3.02 NS 0.00 4,200.00 8.04 12,746.37 10,097 Bankasi AS

42 Bank of East Asia Ltd. 23 HKG HKD 34.15 36.00/29.05 0.91 2,770.00 30.18 12,195.67 10,698

Bank of Nanjing Co. 43 601009 SHH CNY 7.87 8.94/7.10 35.41 8,480.00 7.19 10,359.16 9,548 Ltd. Bank of Ireland 44 BIRG LSE EUR 6.77 8.03/5.70 0.23 1,080.00 NS 8,580.77 10,948 Group PLC Bank of Hangzhou 45 600926 SHH CNY 13.07 21.64/12.71 10.89 3,660.00 10.89 7,322.96 5,946 Co. Ltd. Banque Cantonale 46 BCVN SWX CHF 718.50 723.50/616.50 0.00 8.61 19.64 6,218.07 3,424 Vaudoise 3872.00/ 47 Metro Bank PLC MTRO LSE 3,568.00p 0.12 88.43 NS 4,166.19 1,065 2618.00 Bendigo and 48 BEN ASX AUD 10.98 13.39/10.27 1.59 482.10 13.48 4,151.92 4,180 Adelaide Bank Ltd. Bank of Queensland 49 BOQ ASX AUD 12.46 13.46/9.64 2.00 391.74 15.15 3,997.86 2,918 Ltd.

50 CYBG PLC CYBG LSE 302.90p 317.00/257.10 0.84 883.61 NS 3,690.05 4,247

TOTAL/AVERAGE 12.56 3,283,307.48 2,910,325

All data as at 2nd Nov. 2017

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Top 50 Investment Banks and Brokers by Value

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Top 50 Investment Banks and Brokers by Value

Average Total Shares Mkt. Cap. 52W Daily Equity/Net Company Name Symbol Price Outstanding P/E (USD Area HIGH/LOW Volume Assets (USD (million) million) (million) million)

JPMorgan Chase & Investment 1 JPM USD 100.95 102.42/67.64 11.07 3,520.00 14.47 355,130.00 254,190 Co. banking/management

Goldman Sachs Investment 2 GS USD 246.96 255.15/174.73 2.43 386.88 12.69 94,500.00 86,893 Group Inc. banking/management

Investment 3 Morgan Stanley MS USD 49.97 51.52/32.56 8.74 1,840.00 13.71 91,150.00 76,050 banking/management

4 Deutsche Bank AG DBKX.N EUR 14.52 17.82/10.71 15.81 2,070.00 NS 34,111.13 75,120 Investment banking

CITIC Securities Co. Securities/broking 6 600030 CNY 17.25 18.76/15.25 59.63 12,120.00 20.34 31,351.94 22,004 Limited company

Guotai Junan Securities/broking 5 601211 CNY 19.86 22.23/17.45 20.82 8,710.00 17.89 25,865.51 15,414 Securities Co. Ltd. company

Haitong Securities Securities/broking 7 600837 CNY 14.44 17.39/14.20 23.44 11,500.00 21.29 23,463.07 16,982 Co. Ltd. company

Interactive Brokers 8 IBKR USD 54.73 54.77/31.97 0.82 412.91 46.26 22,240.00 974 Brokerage Group Inc.

Huatai Securities Securities/broking 9 601688 CNY 19.31 23.78/16.12 46.76 7,160.00 22.25 19,914.93 13,008 Co. Ltd. company

GF Securities Co. 10 1776 HKD 16.58 18.56/15.34 4.19 7,620.00 12.96 19,427.43 12,109 Securities Ltd.

China Merchants Securities/broking 11 600999 CNY 18.43 22.35/15.57 20.85 6,700.00 22.51 17,870.24 9,225 Securities Co. Ltd. company

Guosen Securities 12 002736 CNY 13.06 18.80/12.39 7.66 8,200.00 26.00 16,513.59 N/A Securities Co. Ltd.

China Galaxy 13 6881 HKD 6.79 8.14/6.65 14.86 10,140.00 11.27 15,692.96 8,942 Broker Securities Co. Ltd.

Orient Securities Co. Securities/broking 14 600958 CNY 15.34 17.19/13.36 22.75 6,220.00 30.60 13,213.40 6,242 Ltd. company

Daiwa Securities 15 8601 JPY 712.80 785.00/556.80 11.65 1,700.00 11.77 10,472.00 11,085 Securities Group Inc.

Founder Securities Securities/broking 16 601901 CNY 8.29 10.14/7.25 15.28 8,230.00 52.54 10,002.95 5,463 Co. Ltd. company

Everbright Securities/broking 17 601788 CNY 14.86 18.48/14.30 10.76 4,610.00 23.65 9,939.73 7,278 Securities Co. Ltd. company

China International 18 3908 HKD 16.64 19.08/10.42 4.56 3,990.00 15.23 8,174.03 2,845 Investment banking Capital Corp. Ltd.

Industrial Securities Securities/broking 19 601377 CNY 7.78 9.09/7.09 36.77 6,700.00 25.95 7,992.19 4,887 Co. Ltd. company

Changjiang 20 000783 CNY 9.04 13.30/8.41 18.98 5,530.00 25.43 7,707.84 N/A Securities Securities Co. Ltd.

Western Securities 21 002673 CNY 14.04 22.78/12.61 27.72 3,500.00 50.46 7,581.40 N/A Securities Co. Ltd.

Dongxing Securities Securities/broking 22 601198 CNY 16.80 24.98/15.90 5.10 2,760.00 39.01 7,114.79 2,825 Co. Ltd. company

CSC Financial Co. 23 6066 HKD 7.15 7.60/6.47 1.55 7,250.00 10.03 6,642.04 6,332 Securities Ltd.

Marketaxess 24 MKTX USD 176.50 211.06/145.10 0.34 37.54 45.18 6,600.00 468 Trading Holdings Inc.

Guoyuan Securities 25 000728 CNY 12.67 17.45/10.45 30.87 3,370.00 29.29 6,575.09 N/A Securities Co. Ltd.

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Companies 26-50

Average Total Shares Mkt. Cap. 52W Daily Equity/Net Company Name Symbol Price Outstanding P/E (USD Area HIGH/LOW Volume Assets (USD (million) million) (million) million) First Capital 26 002797 CNY 11.28 28.43/8.04 125.18 3,500.00 76.73 6,091.98 N/A Securities Securities Co. Ltd. Soochow Securities Securities/broking 27 601555 CNY 10.92 16.11/10.54 18.08 3,000.00 30.86 5,023.84 2,550 Co. Ltd. company Sinolink Securities Securities/broking 28 600109 CNY 10.75 15.17/10.55 21.89 3,020.00 27.83 4,994.54 2,698 Co. Ltd. company Southwest Securities/broking 29 600369 CNY 5.46 8.02/5.23 12.25 5,650.00 68.13 4,744.73 10,948 Securities Co. Ltd. company LPL Financial 30 LPLA USD 49.71 53.92/30.77 1.12 90.85 20.94 4,490.00 821 Brokerage Holdings Inc. Shanxi Securities 31 002500 CNY 10.07 15.28/8.61 31.46 2,830.00 54.51 4,392.39 N/A Securities Co. Ltd.

32 BGC Partners Inc. BGCP USD 15.15 16.51/8.36 1.71 286.37 36.61 4,310.00 842 Brokerage

Pacific Securities Co. Securities/broking 33 601099 CNY 3.98 6.58/3.82 45.11 6,820.00 57.90 4,161.86 1,822 Ltd. company TP ICAP PLC (ex. Investment/broking 34 TCAP 534.50p 547.50/349.22 1.44 554.13 34.08 3,941.35 2,510 Tullett Prebon PLC) company Central China 35 1375 HKD 3.60 4.98/3.52 2.21 3,920.00 19.12 3,913.95 1,632 Securities Securities Co. Ltd.

36 Stifel Financial Corp. SF USD 53.15 56.62/36.71 0.40 68.31 20.91 3,590.00 2,738 Investment banking

Sealand Securities 37 000750 CNY 5.51 8.22/5.02 20.14 4,220.00 38.93 3,581.76 N/A Securities Co. Ltd. Northeast Securities 38 000686 CNY 9.72 14.73/9.20 13.83 2,340.00 28.87 3,507.90 N/A Securities Co. Ltd. Evercore Partners Investment 39 EVR USD 77.80 83.30/52.65 0.41 43.54 18.74 3,410.00 527 Inc. banking/management IG Group Holdings Investment/broking 40 IGG 653.00p 853.00/441.70 0.79 367.89 14.21 3,174.24 972 PLC company

41 Houlihan Lokey Inc. HLI USD 41.62 44.15/23.19 0.52 66.67 19.78 2,790.00 727 Investment bank

42 Virtu Financial Inc. VIRT USD 13.95 19.07/12.35 0.74 185.47 29.87 2,630.00 146 Securities

43 Moelis & Co. MC USD 42.75 45.50/22.84 0.45 53.25 20.41 2,270.00 212 Investment banking

Matsui Securities 1040.00/ 44 8628 JPY 966.00 1.17 259.26 22.12 2,192.52 834 Securities Co. Ltd. 775.00 Tokai Tokyo 45 Financial Holdings 8616 JPY 737.00 752.00/481.00 1.63 280.58 7.79 1,809.90 1,371 Securities Inc.

46 PJT Partners Inc. PJT USD 39.04 45.38/26.55 0.10 34.36 63.23 1,300.00 -9 Investment bank

Okasan Securities 47 8609 JPY 706.00 775.00/508.00 1.23 208.22 19.65 1,280.75 1,381 Securities Group Inc. Huarong International Investment/broking 48 993 HKD 2.62 3.49/1.86 0.62 3,590.00 10.01 1,210.21 165 Financial Holdings company Ltd. Financial Products JPY 1409.00/ 49 7148 1.06 94.62 13.27 1,172.42 215 Brokerage Group Co. Ltd. 1,369.00 774.00

50 Monex Group Inc. 8698 JPY 359.00 370.00/222.00 2.50 280.59 41.61 891.35 716 Securities

TOTAL/AVERAGE 28.51 950,121.93 672,155

All data as at 2nd Nov. 2017

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Top 50 Investment Companies by Value

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Top 50 Investment Companies by Value

Average Total Shares Mkt. Cap. Daily Equity/Net Company Name Symbol Exchange Price 52W HIGH/LOW Outstanding P/E (USD Volume Assets (USD (million) million) (million) million)

BOC Hong Kong Holdings 1 2388 HKG HKD 36.95 40.40/25.74 10.40 10,570.00 14.60 50,556.95 28,801 Ltd.

2 CITIC Ltd. 267 HKG HKD 11.40 12.70/10.66 5.53 29,090.00 8.34 42,888.03 62,899

3 Power Financial Corp. PWF TOR CAD 36.37 36.46/31.08 0.27 713.49 11.91 20,209.86 15,172

CHF 4 Partners Group Holding AG PGHN VTX 677.50/468.75 0.05 26.70 27.10 17,983.35 1,543 670.50

5 Groep Brussel Lambert NV GBLB BRU EUR 92.60 92.83/73.25 0.12 161.36 16.02 17,399.12 17,314

EUR 6 HAL Trust HAL AEX 186.11/155.10 0.01 80.12 18.64 14,837.00 8,880 159.79

7 NN Group NV NN AEX EUR 35.83 36.91/26.30 0.92 340.75 NS 14,219.77 27,579

8 CBRE Group Inc. CBG NYQ USD 39.19 40.35/25.40 1.60 337.94 19.19 13,260.00 3,014

Power Corporation Of 9 POW TOR CAD 33.27 33.38/28.17 0.56 415.14 11.31 10,755.23 10,797 Canada

10 Hargreaves Lansdown PLC HL. LSE 1,562.00p 1593.00/1122.00 1.01 474.32 35.16 9,826.92 406

11 IGM Financial Inc. IGM TOR CAD 44.94 45.82/35.16 0.22 240.59 13.80 8,418.83 3,697

CHF 12 Baloise Holding Ltd. BALN VTX 159.60/117.70 0.14 48.80 12.61 7,790.11 5,748 157.80

13 Eurazeo SA RF PAR EUR 79.85 80.41/47.63 0.11 72.29 9.73 6,743.03 5,226

14 Pargesa Holding SA PARG SWX CHF 84.05 84.25/61.80 0.06 77.21 12.22 6,488.42 7,873

15 Cpi Property Group SA O5GX GER EUR 0.67 0.75/0.63 0.00 8,310.00 2.95 6,486.82 2,631

EUR 16 Sofina SA SOF BRU 135.15/121.05 0.02 34.25 12.90 5,159.18 6,135 130.15 Industrial Alliance 17 Insurance and Financial IAG TOR CAD 58.96 59.41/48.74 0.11 106.55 11.56 4,890.86 3,704 Services Inc.

18 RIT Capital Partners PLC RCP LSE 1,970.00p 1985.97/1720.00 0.10 155.35 NS 4,033.93 3,560

19 Burford Capital Ltd. BUR LSE 1,236.30p 1258.00/270.00 0.43 208.24 17.63 3,346.18 596

EUR 20 FFP SA FFP PAR 108.40/61.05 0.01 25.07 7.36 3,062.90 3,575 103.95

CHF 21 VZ Holding AG VZN SWX 349.75/263.75 0.00 8.00 31.50 2,773.60 421 346.00

22 Tikehau Capital SC TKO PAR EUR 22.27 25.79/20.46 0.00 102.80 8.64 2,678.58 1,316

CAD 23 E.L. Financial Corp. Ltd. ELF TOR 877.16/687.00 0.00 4.02 5.69 2,655.71 3,898 848.00

24 EFG International AG EFGN SWX CHF 9.16 9.31/4.69 0.32 289.52 10.03 2,613.39 2,237

Wuestenrot & 25 WUWX.N GER EUR 23.35 23.56/16.89 0.05 93.75 8.15 2,538.83 4,416 Wuerttembergische AG

26 Rolinco NV ROLA AEX EUR 39.24 39.24/30.64 0.00 54.61 9.49 2,480.60 728

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Companies 27-50

Average Total Shares Mkt. Cap. Daily Equity/Net Company Name Symbol Exchange Price 52W HIGH/LOW Outstanding P/E (USD Volume Assets (USD (million) million) (million) million)

27 AP Alternative Assets LP AAA AEX USD 30.90 44.73/27.71 0.02 76.33 2.45 2,340.00 3,098

28 Milton Corp. Ltd. MLT ASX AUD 4.55 4.65/4.14 0.20 657.19 24.16 2,295.49 2,006

Kunwu Jiuding Investment 29 600053 SHH CNY 28.71 51.30/27.08 1.49 433.54 20.64 1,885.87 260 Holdings Co. Ltd.

30 Rathbone Brothers PLC RAT LSE 2,553.00p 2842.00/1745.00 0.03 51.26 30.46 1,732.61 430

31 Intertrust NV INTER AEX EUR 13.00 19.56/12.61 0.09 92.00 17.48 1,397.52 883

EUR 32 Financiere Moncey SA MONC PAR 6,000.0/4,700.0 NS 0.18 NS 1,187.89 1,275 5,600.00

33 Leonteq AG LEON SWX CHF 64.45 73.50/25.55 0.32 15.94 NS 1,021.33 386

34 United Corporations Ltd. UNC TOR CAD 98.65 102.11/91.25 0.00 12.19 7.40 942.35 1,262

HBM Healthcare CHF 35 HBMN SWX 127.00/97.10 0.01 7.04 7.66 890.31 1,097 Investments AG 127.00 China Investment Fund 36 612 HKG HKD 5.55 5.80/0.48 5.94 1,220.00 NS 879.45 10 International Holdings Ltd.

37 HgCapital Trust PLC HGT LSE 1,750.00p 1754.00/1354.77 0.02 37.32 NS 859.95 815

38 Hamborner Reit AG HAB GER EUR 9.03 10.00/8.20 0.10 79.72 35.51 842.98 653

Australian United 39 AUI ASX AUD 8.41 8.61/7.10 0.02 123.87 23.63 801.11 710 Investment Co. Ltd.

40 Equitable Group Inc. EQB TOR CAD 61.00 74.66/36.15 0.02 16.48 6.40 786.59 761

41 BKI Investment Co. Ltd. BKI ASX AUD 1.65 1.72/1.56 0.20 620.43 21.72 785.71 724

ICG (ex. Graphite) 42 ICGT LSE 839.00p 839.00/624.00 0.03 69.35 NS 759.83 811 Enterprise Trust PLC

43 MLP AG MLPX GER EUR 5.92 6.50/3.48 0.13 109.33 33.00 754.44 447

Mason Financial Holdings 44 273 HKG HKD 0.13 0.18/0.10 31.21 44,620.00 25.93 720.48 417 Ltd.

45 Fiera Capital Corp. FSZ TOR CAD 13.79 15.20/11.56 0.08 63.20 NS 678.75 441

46 Carlton Investments Ltd. CIN ASX AUD 33.05 33.50/30.51 0.01 26.47 21.77 665.03 619

Japan Investment Adviser JPY 47 7172 TYO 2875.00/1207.50 0.20 27.14 34.49 657.80 59 Co. Ltd. 2,728.00 Liu Chong Hing Investment 48 194 HKG HKD 13.44 14.24/10.16 0.20 378.58 8.91 644.85 1,400 Ltd.

49 Primecity Investment PLC ALPCI PAR EUR 3.66 3.67/2.41 0.00 142.90 10.85 609.10 576

WCM Beteiligungs und 50 WCMKX GER EUR 3.78 3.79/2.41 0.11 136.80 33.28 597.45 354 Grundbesitz AG

TOTAL/AVERAGE 16.72 308,834.09 251,662

All data as at 2nd Nov. 2017

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Top 50 Specialist Financial Services Companies by Value

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Top 50 Specialist (Private Equity, Financial Services) Companies by Value

Total Average Shares Mkt. Cap. Equity/Net Daily Company Name Symbol Price 52W HIGH/LOW Outstandin P/E (USD Assets Area Volume g (million) million) (USD (million) million) Wells Fargo & 1 WFC USD 56.03 59.99/44.49 16.68 4,930.00 14.54 277,000.00 199,581 Financial services Co.

2 Citigroup Inc. C USD 74.14 76.14/47.70 12.94 2,640.00 14.27 195,740.00 225,120 Financial services

Charles Schwab 3 SCHW USD 44.33 46.21/30.66 6.18 1,340.00 28.31 59,240.00 16,421 Financial services Corp. Manulife 4 MFC CAD 26.52 26.70/18.96 3.53 1,980.00 14.45 40,863.64 32,772 Insurance Financial Corp. Intercontinental 5 ICE USD 68.25 71.24/52.52 5.08 588.49 24.49 38,970.00 15,717 Financial services Exchange Inc. T. Rowe Price 6 TROW USD 94.32 97.35/62.97 1.58 242.31 15.15 22,430.00 5,009 Financial services Group Inc. Nomura 7 8604 JPY 650.80 784.00/471.90 28.11 3,820.00 9.82 22,000.00 24,551 Financial services Holdings Inc. Shenwan 8 Hongyuan 000166 CNY 5.65 7.19/5.31 34.13 20,060.00 21.60 17,473.94 N/A Financial Group Co. Ltd. Fairfax Financial 9 Holdings FFH CAD 595.15 707.65/547.95 0.06 34.10 NS 15,334.57 9,820 Insurance Limited Private equity 10 3i Group PLC III 971.50p 975.00/599.50 1.53 972.86 NS 12,366.31 7,719 company Raymond James 11 RJF USD 84.85 87.22/58.66 0.85 144.19 19.41 12,080.00 4,914 Financial services Financial Inc. Intact Financial 12 IFC CAD 106.23 106.85/90.00 0.20 139.19 20.89 11,518.45 4,741 Insurance Corp.

13 Onex Corp. ONEX CAD 96.43 106.05/85.30 0.11 101.71 NS 7,640.03 -490 Private equity

Apollo Global Private equity/asset 14 Management APO USD 32.23 33.37/17.65 0.85 193.91 12.43 6,130.00 835 man. LLC Synovus 15 SNV USD 46.65 47.67/32.21 0.75 119.57 18.81 5,580.00 2,928 Financial services Financial Corp. Morningstar Financial/investmen 16 MORN USD 86.10 89.45/67.74 0.06 42.53 21.93 3,640.00 697 Inc. t research Genworth MI 17 MIC CAD 40.50 40.76/27.39 0.22 90.94 7.54 2,865.98 2,842 Mortgages Canada Inc. Charter Hall Property investment 18 CHC AUD 5.85 5.98/4.24 1.83 465.78 9.57 2,095.22 1,326 Group company Real estate Abacus 19 ABP AUD 3.90 3.92/2.67 1.23 577.50 7.74 1,717.77 1,360 investment Property Group company JPY 20 JAFCO Co. Ltd. 8595 5840.00/3185.00 0.41 32.55 8.53 1,641.29 1,829 Private equity 5,750.00

21 Gimv NV GIMB EUR 51.40 56.95/47.20 0.02 25.43 10.07 1,548.92 1,436 Private equity

First National 22 FN CAD 29.72 30.02/22.18 0.03 59.97 7.72 1,386.26 407 Mortgages Financial Corp. Real estate Cromwell 23 CMW AUD 1.01 1.05/0.89 3.63 1,770.00 6.42 1,371.13 1,263 investment Property Group company Harbourvest Private equity 24 Global Private HVPE 1,291.94p 1310.00/1052.37 0.02 79.86 NS 1,362.28 1,475 company Equity Ltd. Pantheon Private equity 25 International PIN 1,899.94p 1929.00/1600.80 0.03 54.30 NS 1,362.28 1,836 company PLC ECN Capital 26 ECN CAD 4.24 4.40/2.60 1.35 385.65 NS 1,277.23 1,423 Commercial finance Corp.

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Companies 27-50

Average Total Shares Mkt. Cap. Daily Equity/Net Company Name Symbol Price 52W HIGH/LOW Outstanding P/E (USD Area Volume Assets (USD (million) million) (million) million)

Electra Private Private equity 27 ELTA 972.00p 3548.03/955.00 0.16 38.28 NS 945.26 2,743 Equity PLC company Home Capital 28 HCG CAD 13.83 32.26/5.06 0.33 80.25 14.18 864.47 1,259 Mortgages Group Inc. Princess Private Private equity 29 Equity Holding PEY EUR 10.28 10.74/8.30 0.04 NS NS 825.93 819 company Ltd. INTL FCStone 30 INTL USD 42.31 44.71/33.11 0.09 18.72 16.99 782.85 434 Financial services Inc. Deutsche Private equity 31 DBAX.N EUR 43.94 46.76/29.46 0.03 15.04 6.35 771.85 431 Beteiligungs AG company NB Private 32 Equity Partners NBPE USD 13.25 14.50/11.30 0.00 54.21 5.59 718.28 777 Private equity Ltd. Standard Life Private equity 33 European PE SEP 347.88p 353.95/263.31 0.10 153.75 NS 709.71 705 company Trust PLC

34 Altamir SCA LTA EUR 15.60 17.50/11.01 0.01 36.51 5.11 657.82 920 Private equity

Mingsheng 35 000416 CNY 7.31 12.67/7.24 3.63 531.87 NS 599.53 N/A Financial Holdings Co. Ltd. Castle Private Private equity 36 CPEN CHF 17.55 17.60/14.90 0.01 26.32 12.44 459.95 458 Equity AG company Franklin 37 Financial FSB USD 34.10 44.30/30.03 0.08 13.21 NS 451.75 270 Financial services Network Inc. Clairvest Group 38 CVG CAD 36.53 37.71/28.78 0.00 15.24 11.80 433.64 428 Private equity Inc. ABC Arbitrage 39 ABCA EUR 6.21 7.75/5.73 0.04 58.05 14.62 419.16 184 Arbitrage strategies SA

40 OFG Bancorp OFG USD 8.45 14.48/8.10 0.25 43.95 10.62 373.55 920 Financial services

JPEL Private Private equity 41 Equity (JP JPEL USD 1.36 1.60/1.24 0.09 263.61 NS 358.00 428 company Morgan PE) F&C Private Private equity 42 FPEO 357.00p 366.00/282.50 0.03 73.94 NS 349.56 344 Equity Trust PLC company IwaiCosmo Financial 43 8707 JPY 1,480.00 1506.00/815.00 0.16 25.01 7.13 320.50 380 Holdings Inc. instruments Kap Private equity 44 IUR EUR 35.58 40.00/18.29 NS 6.62 8.45 274.50 169 Beteiligungs-AG company Private Equity Private equity 45 PEHN CHF 76.80 80.50/67.10 0.00 2.75 16.61 211.33 250 Holding AG company Money Partners Foreign exchange 46 8732 JPY 457.00 626.00/423.00 0.27 33.78 26.83 138.25 110 Group Co. Ltd. trading

47 Dundee Corp. DC.A CAD 3.14 6.86/2.58 0.04 55.70 NS 135.58 673 Private equity

Fiducian Group Financial services 48 FID AUD 5.59 5.59/2.99 0.02 31.26 22.92 132.45 22 Ltd. company Traders Holdings 49 8704 JPY 167.00 365.00/115.00 4.17 86.32 NS 125.31 24 Financial services Co. Ltd. Echelon 50 Financial EFH CAD 13.21 14.00/10.87 0.01 11.87 10.86 122.16 107 Insurance Holdings Inc. TOTAL/ 13.83 775,816.70 578,387 AVERAGE

All data as at 2nd Nov. 2017

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