GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 1. Global market review 500 financial advisors and 500 legal advisors. 2. US market review LEAG<GO> for a full range of league tables 3. Canada market review IPO<GO> for Bloomberg’s equity offerings product 4. Latin America market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between 5. EMEA market review this release and data found on the Bloomberg Professional Service. 6. Asia market review 7. Table criteria DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Larisa Bykova +1 646 324 2355 [email protected] EMEA Dimitri Quemard +44 20 3525 0253 [email protected] Asia-Pacific Zhen Hao Toh +65 6499 2931 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Global Equity | Q1 2020 Global Equity, Equity Linked & Rights: Industry Breakdown Global Equity Review 8% Financials 22% Q1 2020 credited Global Equity, Equity Linked & Rights volume decreased 3.11% to USD 128.6 Bln while deal count 5% 22% Health Care 18% decreased 8.94% to 906 offerings year-on-year. Global Equity IPO volume increased 73.37% year-on-year to USD 32.2 Bln 6% Consumer Discretionary 16% while the deal count decreased 0.40% to 247. Global Equity Linked volume decreased 28.36% year-on-year to USD 25.7 Bln 6% Technology 11% over 97 deals. 9% Morgan Stanley ranked as the top Global Equity, Equity Linked & Rights underwriter for Q1 2020 with 9.76% market share. 18% Communications 9% The bank underwrote 75 deals over the period. Goldman Sachs and BofA Securities ranked second and third with 8.84% and Consumer Staples 6% 11% 7.48% market share, respectively. 16% Industrials 6% Energy 5% Global Equity, Equity Linked & Rights: Highlights of Q1 2020 Others 8% Top Underwriter Volume (USD Issuer Industry Mln) Date Morgan Stanley Beijing-Shanghai High Speed Railway Co Consumer 4,403 01/03/2020 Number of deals 75 Ltd Discretionary Volume (USD Mln) 12,552 Petroleo Brasileiro SA Energy 3,938 02/07/2020 Global Equity, Equity Linked & Rights: Industry Breakdown Avg Deal size (USD Mln) 167.4 NextEra Energy Inc Utilities 2,500 02/19/2020 SGS SA Consumer 2,401 02/04/2020 Industry Volume (USD Mln) % Of Total % YOY Change Market Summary Discretionary Tesla Inc Consumer 2,337 02/14/2020 Financials 30,042 21.9% -40.0% Number of deals 906 Discretionary Health Care 24,310 17.8% 14.3% Volume (USD Mln) 128,647 Central Retail Corp PCL Consumer 2,281 02/06/2020 Consumer Discretionary 21,398 15.6% 55.6% Avg Deal size (USD Mln) 142.0 Discretionary Technology 14,422 10.5% 2.8% Bharti Airtel Ltd Communications 2,027 01/20/2020 Communications 12,425 9.1% 2.9% PPD Inc Health Care 1,863 02/05/2020 Consumer Staples 8,270 6.0% 60.3% ZTE Corp Technology 1,657 01/07/2020 Industrials 7,812 5.7% -27.7% Prosus NV Communications 1,646 01/22/2020 Energy 7,118 5.2% 67.9% Materials 5,921 4.3% -3.7% Utilities 5,036 3.7% 81.4% Global Equity, Equity Linked & Rights: Quarterly Volume Deal Count Add'l IPO Rights Equity-Linked Global Equity, Equity Linked & Rights: Offering Breakdown 400 2,500 Offering Type Volume (USD Mln) % Of Total % YOY Change Additional Offerings 73,104 53.4% -4.6% 2,000 300 IPO 32,732 23.9% 75.6% Equity-Linked 27,272 19.9% -32.4% D D 1,500 e e Rights Offerings 3,781 2.8% -19.8% n n a a l l l l B B C C D D 200 o o u u S S n n U U 1,000 t t 100 500 0 0 55 66 77 88 99 00 11 11 11 11 11 22 00 00 00 00 00 00 22 22 22 22 22 22 11 11 11 11 11 11 Q Q Q Q Q Q Quarters Bloomberg League Table Reports Page 1 Bloomberg Preliminary Global Equity | Q1 2020 Global Equity, Equity Linked & Rights Global Equity & Equity Linked Q1 2020 Q1 2019 Q1 2020 Q1 2019 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 9.757 12,552 75 1 10.130 -0.373 Morgan Stanley 1 9.887 12,552 75 1 10.271 -0.384 Goldman Sachs 2 8.843 11,377 73 2 8.450 0.393 Goldman Sachs 2 8.961 11,377 73 2 8.567 0.394 BofA Securities 3 7.475 9,617 58 3 6.755 0.720 BofA Securities 3 7.575 9,617 58 3 6.849 0.726 JP Morgan 4 6.557 8,435 73 5 5.720 0.837 JP Morgan 4 6.645 8,435 73 5 5.800 0.845 Citi 5 5.478 7,047 52 4 6.069 -0.591 Citi 5 5.551 7,047 52 4 6.073 -0.522 Credit Suisse 6 4.986 6,415 35 7 3.831 1.155 Credit Suisse 6 5.053 6,415 35 7 3.884 1.169 China International Capital Corp 7 3.594 4,624 25 13 2.168 1.426 China International Capital Corp 7 3.642 4,624 25 13 2.198 1.444 UBS 8 3.272 4,210 35 6 4.034 -0.762 UBS 8 3.316 4,210 35 6 4.090 -0.774 Barclays 9 3.240 4,168 34 8 3.756 -0.516 Barclays 9 3.283 4,168 34 8 3.808 -0.525 CITIC Securities 10 3.125 4,020 16 9 3.502 -0.377 China Securities 10 3.115 3,954 9 10 2.737 0.378 China Securities 11 3.124 4,019 10 10 2.699 0.425 CITIC Securities 11 3.068 3,895 15 9 3.551 -0.483 HSBC 12 2.014 2,591 23 11 2.485 -0.471 HSBC 12 2.028 2,575 22 11 2.519 -0.491 Wells Fargo 13 1.573 2,023 17 19 1.097 0.476 Wells Fargo 13 1.594 2,023 17 19 1.112 0.482 Jefferies 14 1.426 1,835 32 21 0.939 0.487 Jefferies 14 1.445 1,835 32 27 0.654 0.791 Deutsche Bank 15 1.367 1,758 15 14 1.732 -0.365 Deutsche Bank 15 1.385 1,758 15 14 1.756 -0.371 Guotai Junan Securities 16 1.246 1,603 14 20 1.043 0.203 BNP Paribas 16 1.234 1,566 11 17 1.511 -0.277 BNP Paribas 17 1.217 1,566 11 17 1.491 -0.274 RBC Capital Markets 17 1.095 1,390 18 15 1.641 -0.546 Industrial Securities 18 1.131 1,455 12 152 0.036 1.095 Guotai Junan Securities 18 1.024 1,300 12 20 1.057 -0.033 RBC Capital Markets 19 1.080 1,390 18 15 1.619 -0.539 Cowen & Co 19 1.016 1,289 21 22 0.838 0.178 Cowen & Co 20 1.002 1,289 21 24 0.826 0.176 BMO Capital Markets 20 0.808 1,025 14 30 0.588 0.220 TOTAL 100% 128,647 906 100% TOTAL 100% 126,951 890 100% Global Equity Offerings Global Equity IPO Q1 2020 Q1 2019 Q1 2020 Q1 2019 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Morgan Stanley 1 9.989 10,118 61 1 12.097 -2.108 China International Capital Corp 1 10.247 3,301 16 22 1.391 8.856 Goldman Sachs 2 8.031 8,134 59 2 9.359 -1.328 CITIC Securities 2 7.332 2,362 4 3 4.857 2.475 BofA Securities 3 6.101 6,180 47 4 5.948 0.153 China Securities 3 6.497 2,093 5 29 1.048 5.449 Credit Suisse 4 5.833 5,909 30 6 4.411 1.422 Goldman Sachs 4 5.643 1,818 12 4 4.464 1.179 Citi 5 5.459 5,530 43 5 5.401 0.058 Credit Suisse 5 4.576 1,474 11 10 2.335 2.241 JP Morgan 6 5.399 5,469 57 3 6.425 -1.026 Morgan Stanley 6 3.842 1,238 12 2 5.659 -1.817 China International Capital Corp 7 3.869 3,919 22 16 1.426 2.443 Citi 7 3.339 1,076 10 9 2.403 0.936 China Securities 8 3.702 3,750 6 12 1.948 1.754 JP Morgan 8 3.048 982 10 15 1.888 1.160 UBS 9 3.597 3,643 32 8 3.570 0.027 UBS 9 2.851 919 9 11 2.144 0.707 CITIC Securities 10 3.437 3,481 12 9 2.563 0.874 Sinolink Securities 10 2.458 792 4 49 0.579 1.879 Barclays 11 2.963 3,002 26 7 3.803 -0.840 Deutsche Bank 11 2.413 777 4 1 6.015 -3.602 HSBC 12 2.012 2,038 17 14 1.592 0.420 HSBC 12 2.132 687 5 - - 2.132 Deutsche Bank 13 1.633 1,655 13 10 2.218 -0.585 Barclays 13 1.874 604 5 16 1.746 0.128 Jefferies 14 1.551 1,571 30 31 0.631 0.920 Jefferies 14 1.738 560 8 42 0.685 1.053 Cowen & Co 15 1.273 1,289 21 20 0.921 0.352 BofA Securities 15 1.505 485 5 7 3.290 -1.785 RBC Capital Markets 16 1.148 1,162 16 13 1.928 -0.780 GF Securities 16 1.374 443 7 41 0.706 0.668 Wells Fargo 17 1.143 1,158 15 22 0.813 0.330 Nomura 17 1.313 423 6 12 2.119 -0.806 Guotai Junan Securities 18 1.078 1,092 10 15 1.491 -0.413 Everbright Securities 18 1.266 408 8 37 0.926 0.340 Bradesco BBI SA 19 0.998 1,011 8 79 0.164 0.834 Bangkok Bank PCL 19 1.180 380 1 - - 1.180 BMO Capital Markets 20 0.918 930 12 34 0.477 0.441 Kasikornbank PCL 19 1.180 380 1 79 0.216 0.964 TOTAL 100% 101,294 793 100% TOTAL 100% 32,217 247 100% Bloomberg League Table Reports Page 2 Bloomberg Preliminary Global Equity | Q1 2020 Global Equity Linked Q1 2020 Q1 2019 Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BofA Securities 1 13.396 3,437 11 1 9.045 4.351 Goldman Sachs 2 12.637 3,242 14 3 6.638 5.999 JP Morgan 3 11.561 2,966 16 10 4.276 7.285 Morgan Stanley 4 9.485 2,434 14 5 5.823 3.662 Citi 5 5.915 1,518 9 2 7.711 -1.796 Barclays 6 4.546 1,166 8 12 3.819 0.727 Wells Fargo 7 3.372 865 2 16 1.840 1.532 China International Capital Corp 8 2.746 704 3 11 4.078 -1.332 BNP Paribas 9 2.607 669 4 13 3.583 -0.976 Huatai Securities 10 2.360 606 3 15 2.218 0.142 UBS 11 2.207 566 3 6 5.358 -3.151 HSBC 12 2.093 537 5 8 4.779 -2.686 Credit Suisse 13 1.972 506 5 14 2.601 -0.629 CITIC Securities 14 1.613 414 3 4 5.958 -4.345 Shenwan Hongyuan Group 15 1.472 378 2 18 1.214 0.258 China Merchants Securities 16 1.209 310 2 19 1.207 0.002 Mizuho Financial 17 1.119 287 5 - - 1.119 Dongya Qianhai Securities Co Ltd 18 1.098 282 1 - - 1.098 UniCredit 19 1.087 279 2 - - 1.087 Jefferies 20 1.028 264 2 25 0.711 0.317 TOTAL 100% 25,657 97 100% Bloomberg League Table Reports Page 3 Bloomberg Preliminary Global Equity | Q1 2020 US Equity & Equity Linked: Industry Breakdown US Equity Review 4% Health Care 34% 7% Q1 2020 credited US Equity & Equity Linked volume decreased 4.48% to USD 41.0 Bln while deal count decreased 12.11% Financials 26% 7% to 167 offerings year-on-year.