2014 League Tables Global Equity Capital Market

GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES

2014

CONTENTS

1. Global market review

2. U.S. market review

3. Canada market review

4. Latin America market review

5. EMEA market review

6. Asia market review

7. Table criteria

DATA SUBMISSIONS AND QUERIES

Contact Phone Email

North America Elizabeth Entrup

Irina Arefyeva

+1 212 617 3694

+1 212 617 7377

[email protected]

[email protected]

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

Asia Pacific Felishya Yusa +65 6499 2679 [email protected]

Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors and 500 legal advisors.

LEAG<GO> for a full range of league tables

NI LEAG CRL<GO> or www.bloomberg.com for a full range of market-specific league

table publications

IPO<GO> for Bloomberg’s equity offerings product

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

2014

MANAGER RANKINGS

GLOBAL EQUITY, EQUITY LINKED & RIGHTS

© 2014 Bloomberg Finance L.P. All rights reserved.

http://www.bloomberg.com/

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Global Equity, Equity Linked & Rights Snapshot

U.S.USD 258.2 billion (-8.5%)

1. Citi 11.5%2. JP Morgan 11.1%3. Goldman Sachs 10.8%

EMEAUSD 266.6 billion (+31.2%)

1. JP Morgan 9.9%2. Goldman Sachs 8.7%3. UBS 8.6%

CANADAUSD 40 billion (+48%)

1. Scotiabank 17.8%2. RBC 16.1%3. CIBC 12.4%

ASIA-PAC USD 245.4 billion (+19.8%)

1. Morgan Stanley 9.6%2. Goldman Sachs 9.2%3. Deutsche Bank 5.9%

MENAUSD 12.8 billion (+301.7%)

1. HSBC 34.6%1. GIB 29.3%1. JP Morgan 4.8%

LATIN AMERICAUSD 17.9 billion (-44.6%)

1. Banco Itau BBA 12.0%2. Credit Suisse 10.5%3. BAML 9.2%

SUB-SAHARAN AFRICAUSD 5.7 billion (+112.9%)

1. Citi 19.9%2. Morgan Stanley 16.8%3. Barclays 10.0%

AUSTRALIA/N ZEALANDUSD 36.3 billion (+42.4%)

1. Goldman Sachs 17.4%2. UBS 16.4%3. Macquarie 16.4%

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DATE DEAL TYPE INDUSTRY

AMOUNT

(USD MLN)

AMOUNT

(USD MLN) % OF TOTAL

% YOY

CHANGE

Number of deals 4,155 18/09/2014 IPO Communications 25,032.3 253,172 31.0% 2.8%

Volume (USD Mln) 817,387 Underwriters: 120,543 14.8% 16.3%

Avg Deal size (USD Mln) 197 06/06/2014 Rights Financial 8,784.2 93,909 11.5% 21.6%

89,283 10.9% 22.8%

83,585 10.2% 20.5%

Goldman Sachs & Co 26/03/2014 Lloyds Banking Group PLC Addl Financial 6,955.3 68,926 8.4% -10.5%

Number of deals 385 Underwriters: BAML, JPM, MS, UBS 39,531 4.8% 35.0%

Volume (USD Mln) 74,861 09/06/2014 Rights Financial 6,422.7 34,953 4.3% -0.1%

Avg Deal size (USD Mln) 194 24,934 3.1% -32.3%

8,214 1.0% 33.8%

*Self-led

AMOUNT


% YOY

CHANGE

IPO 249,620 33.1% 51.5%

Additional offering 398,990 52.9% -11.7%

Equity linked 100,272 13.3% -9.2%

Total 748,883 100.0% 4.1%

Energy

Industrial

Monte dei Paschi di Siena

Utilities

BAML, BARCS, CITI, COBA, GS, JPM, MEDBCA, MS, SG, UBS

Global Equity Review GLOBAL EQTY, EQL & RIGHTS: INDUSTRY BREAKDOWN

GLOBAL EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014

SUMMARY ISSUER INDUSTRY

Alibaba Group Holding Ltd Financial

Consumer, Non-cyclicalCITI, CS, DB, GS, JPM, MS

• In 2014 global equity volume increased 8.5% to USD 817.4 billion, while issuance grew 11.2% to 4,155 offerings compared with

2013.

• IPO issuance increased by 319 deals compared to 2013 and volume grew 51.5% to USD 249.6 billion.

• Activity in the additional offerings segment decreased 9.2% year-on-year to USD 399.0 billion. At the same time, issuance remained

steady at 2,278 deals.

• The rights market saw an increase in volume of 67.5% to USD 68.4 billion and a 48.4% growth in issuance to 227 offerings

compared with last year.

• Goldman Sachs & Co ranks as the top global equity underwriter for the second year in a row. The bank underwrote five of the top

ten deals that priced in 2014 including Alibaba Group Holding Ltd, the largest IPO in history.

Deutsche Bank AG Consumer, Cyclical

TOP UNDERWRITER

Diversified

GLOBAL EQUITY & EQUITY LINKED: QUARTERLY VOLUME

Underwriters:

Technology

Basic Materials

ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS,

UNICRDUnderwriters:

Communications

GLOBAL EQUITY & EQL: OFFERING TYPE BREAKDOWN

OFFERING TYPE

0

200

400

600

800

1000

1200

1400

1600

$0

$50

$100

$150

$200

$250

$300

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

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Bln

Eqty Lkd (Bln) Add'l (Bln) IPO (Bln) Total Deals

Financial31%

Consumer, Non-cyclical

15%

Consumer, Cyclical12%

Communications11%

Energy10%

Industrial8%

Other13%

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Global Equity, Equity Linked & Rights Global Equity & Equity Linked

Goldman Sachs & Co 1 9.2 74,861 385 1 11.7 -2.5 Goldman Sachs & Co 1 9.4 70,703 373 1 11.7 -2.3

Morgan Stanley 2 8.8 71,757 434 3 8.2 0.6 Morgan Stanley 2 8.9 66,878 419 3 8.6 0.3

JP Morgan 3 8.3 67,807 470 2 8.8 -0.5 JP Morgan 3 8.1 60,342 437 2 8.9 -0.8

Bank of America Merrill Lynch 4 7.5 61,443 413 4 7.5 - Bank of America Merrill Lynch 4 7.8 58,108 404 4 7.8 -

Citi 5 7.4 60,586 375 5 6.6 0.8 Citi 5 7.7 57,357 359 5 6.7 1

Deutsche Bank AG 6 6.4 52,397 326 7 5.9 0.5 Deutsche Bank AG 6 6.6 49,249 313 7 5.8 0.8

UBS 7 5.5 44,831 303 6 6.3 -0.8 Credit Suisse 7 5.6 41,984 344 8 5.4 0.2

Credit Suisse 8 5.3 43,707 354 8 5.2 0.1 UBS 8 5.5 40,920 289 6 6.4 -0.9

Barclays 9 4.4 35,641 295 9 4.9 -0.5 Barclays 9 4.4 32,840 285 9 5.1 -0.7

RBC Capital Markets 10 2.1 17,145 199 12 1.6 0.5 RBC Capital Markets 10 2.2 16,748 198 12 1.6 0.6

HSBC Bank PLC 11 2.1 16,956 73 13 1.2 0.9 Nomura Holdings Inc 11 2 15,207 123 11 1.9 0.1

Nomura Holdings Inc 12 2 15,979 128 11 1.8 0.2 Wells Fargo & Co 12 1.8 13,139 173 10 2 -0.2

Wells Fargo & Co 13 1.6 13,139 173 10 1.9 -0.3 HSBC Bank PLC 13 1.7 13,069 56 15 1 0.7

Jefferies LLC 14 1 8,474 139 14 1.1 -0.1 Jefferies LLC 14 1.1 7,887 136 13 1.2 -0.1

Macquarie Group Ltd 15 0.9 7,762 69 18 0.8 0.1 Macquarie Group Ltd 15 0.9 7,028 63 17 0.9 -

BNP Paribas SA 16 0.9 7,331 63 17 0.9 - BMO Capital Markets 16 0.9 6,563 90 18 0.8 0.1

Societe Generale 17 0.9 7,017 47 21 0.7 0.2 Sumitomo Mitsui Financial Group Inc 17 0.8 6,089 59 16 0.9 -0.1

BMO Capital Markets 18 0.8 6,563 90 19 0.8 - BNP Paribas SA 18 0.7 5,462 45 21 0.7 -

Sumitomo Mitsui Financial Group Inc 19 0.7 6,089 59 16 0.9 -0.2 Daiwa Securities Group Inc 19 0.7 5,378 72 14 1.1 -0.4

Mediobanca 20 0.7 5,534 24 37 0.3 0.4 Scotiabank 20 0.7 5,203 32 28 0.4 0.3

TOTAL 100% 817,387 4,155 753,647 100% TOTAL 100% 748,984 3,936 712,809 100%

Global Equity Offerings Global Equity Offerings (IPO)

Goldman Sachs & Co 1 9.2 59,689 317 1 11.5 -2.3 Goldman Sachs & Co 1 8.7 21,632 111 1 8.2 0.5

Morgan Stanley 2 8.7 56,641 361 2 8.6 0.1 Morgan Stanley 2 8.6 21,404 128 2 7.4 1.2

Citi 3 8.1 52,217 323 5 6.9 1.2 Deutsche Bank AG 3 7.3 18,112 97 4 7.1 0.2

Bank of America Merrill Lynch 4 7.8 50,317 352 4 7.8 - JP Morgan 4 7.2 17,974 125 3 7.2 -

JP Morgan 5 7.6 49,575 362 3 8.4 -0.8 Credit Suisse 5 6.6 16,460 114 7 5.9 0.7

Deutsche Bank AG 6 6.9 44,490 272 7 5.7 1.2 Citi 6 6.1 15,183 101 6 6.1 -

Credit Suisse 7 5.7 37,131 305 8 5.4 0.3 UBS 7 4.5 11,339 84 8 4.5 -

UBS 8 5.7 37,043 269 6 6.7 -1 Bank of America Merrill Lynch 8 4.2 10,583 88 5 6.9 -2.7

Barclays 9 4.4 28,577 251 9 5.2 -0.8 Barclays 9 2.9 7,227 75 9 4.2 -1.3

RBC Capital Markets 10 2 13,265 175 12 1.7 0.3 HSBC Bank PLC 10 2.9 7,227 22 14 1.7 1.2

Wells Fargo & Co 11 1.7 11,089 159 10 2 -0.3 Macquarie Group Ltd 11 1.8 4,375 23 12 1.9 -0.1

Nomura Holdings Inc 12 1.6 10,637 94 11 2 -0.4 Nomura Holdings Inc 12 1.7 4,243 33 10 2.4 -0.7

HSBC Bank PLC 13 1.6 10,513 41 15 1 0.6 Wells Fargo & Co 13 1.6 3,895 43 11 2.1 -0.5

Jefferies LLC 14 1.1 7,139 131 13 1.2 -0.1 Jefferies LLC 14 1.4 3,443 54 13 1.8 -0.4

Macquarie Group Ltd 15 1 6,782 60 16 1 - Gulf International Bank BSC 15 1.2 3,011 2 - - -

BMO Capital Markets 16 0.9 6,074 83 18 0.9 - RBC Capital Markets 16 1.1 2,819 42 15 1.3 -0.2

Sumitomo Mitsui Financial Group Inc 17 0.8 5,284 50 17 0.9 -0.1 China Merchants Securities Co Ltd 17 1.1 2,785 25 51 0.3 0.8

Scotiabank 18 0.8 5,093 29 25 0.4 0.4 CITIC Securities Co Ltd 18 1.1 2,668 16 30 0.5 0.6

TD Securities 19 0.6 3,706 31 27 0.4 0.2 Bank of China 19 1 2,553 16 20 0.8 0.2

CIBC 20 0.6 3,687 34 39 0.3 0.3 GF Securities 20 1 2,524 22 179 - 1

TOTAL 100% 648,610 3,456 604,095 100% TOTAL 100% 249,620 1,178 164,721 100%

FIRM

2014 2013

MKT SHARE

CHG (%) FIRM

2014 2013

DEAL

COUNT

FIRM

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE RANK MKT SHARE

VOLUME

USD (Mln) RANK MKT SHARE

2013

MKT SHARE

CHG (%)RANK MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE RANK

2014 2013

MKT SHARE

CHG (%) FIRM

2014

MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHARE

MKT SHARE

CHG (%)

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Global Equity Linked

Goldman Sachs & Co 1 11 11,014 56 1 13 -2

JP Morgan 2 10.7 10,767 75 2 11.7 -1

Morgan Stanley 3 10.2 10,238 58 3 8.6 1.6

Bank of America Merrill Lynch 4 7.8 7,791 52 4 7.7 0.1

Citi 5 5.1 5,140 36 6 5.8 -0.7

Credit Suisse 6 4.8 4,853 39 7 5.3 -0.5

Deutsche Bank AG 7 4.7 4,759 41 5 6.5 -1.8

Nomura Holdings Inc 8 4.6 4,570 29 12 1.5 3.1

Barclays 9 4.3 4,263 34 9 4.7 -0.4

UBS 10 3.9 3,877 20 8 5.1 -1.2

RBC Capital Markets 11 3.5 3,483 23 15 1.4 2.1

BNP Paribas SA 12 2.7 2,658 22 10 2.7 -

HSBC Bank PLC 13 2.5 2,556 15 22 0.9 1.6

Societe Generale 14 2.1 2,075 14 19 0.9 1.2

Wells Fargo & Co 15 2 2,050 14 11 1.9 0.1

Daiwa Securities Group Inc 16 1.7 1,729 14 14 1.5 0.2

CITIC Securities Co Ltd 17 1.1 1,125 4 39 0.3 0.8

Credit Agricole CIB 18 1 963 11 16 1.2 -0.2

KGI Securities Co Ltd 19 0.9 871 24 23 0.8 0.1

China International Capital Corp 20 0.8 810 3 25 0.8 -

TOTAL 100% 100,272 476 108,552 100%

RANK MKT SHARE

VOLUME

USD (Mln)

DEAL

COUNT RANK MKT SHAREFIRM

2014 2013

MKT SHARE

CHG (%)

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o


AMOUNT

(USD MLN)

AMOUNT


% YOY

CHANGE

Number of deals 1,016 17/06/2014 Addl Energy 3,474.2 65,139 25.3% -12.6%


Avg Deal size (USD Mln) 254 23/09/2014 IPO Financial 3,461.5 47,265 18.4% 7.5%

Underwriters: 26,984 10.5% -12.4%

30/07/2014 IPO Financial 2,955.4 20,557 8.0% -35.0%

Citi Underwriters: 14,960 5.8% -21.3%

Number of deals 218 18/11/2014 IPO Financial 2,636.4 13,646 5.3% -10.2%


Avg Deal size (USD Mln) 136 03/11/2014 Addl Cons, Cyclical 2,587.5 4,525 1.8% -57.8%

Underwriters: 2,123 0.8% 131.0%

*Self-led

AMOUNT


% YOY

CHANGE

IPO 56,808 22.0% -1.7%

Additional offering 158,342 61.3% -12.9%

Equity linked 43,067 16.7% 0.4%

Total 258,217 100% -8.9%

U.S. EQUITY & EQL INDUSTRY: BREAKDOWN

Hilton Worldwide Holdings Inc

Paramount Group Inc

TechnologyBAML, BARCS, CITI, CS, DB, GS, JPM, MS

Communications

Citizens Financial Group Inc Energy

Consumer, Cyclical

OFFERING TYPE

Industrial

Synchrony Financial

BARCS, CITI, DB, GS, JPM, MS, RBS*, WFC

BAML, DB, MS, WFC

U.S. EQUITY & EQUITY LINKED: QUARTERLY VOLUME

TOP UNDERWRITER

BAML, CITI, CS, DB, GS, JPM, MS, WFC

U.S. EQUITY & EQL OFFERING TYPE: BREAKDOWN

Utilities

Basic Materials

Diversified

SUMMARY

Williams Cos Inc/The

INDUSTRY

Financial


U.S. EQUITY & EQUITY LINKED: HIGHLIGHTS of 2014

• Total activity in 2014 for U.S. equity and equity linked deals fell compared to 2013. Deal count decreased 5.0% and the amount

raised decreased 8.5% to USD 258.2 billion from USD 282.2 billion.

• In 2014 Citi was the top underwriter for U.S. equity and equity linked league tables, with USD 29.6 billion in league credit for a total

of 218 issues. Goldman Sachs held the top position last year.

• The financial industry continued to lead all other sectors for 2014, raising USD 65.1 billion for 240 issues, although volume was

down 12.6% compared to 2013.

• The top equity issuer in 2014 was pipelines and energy infrastructure company, The Williams Companies Inc, raising USD 3.5 billion

in an additional offering of stock to help finance the acquisition of Access Midstream Partners LP at a value of approximately USD 6

billion.

• Citizens Financial Group had the largest IPO year-to-date, for a total of USD 3.5 billion making it the second largest bank IPO on a

US exchange on record, second to the 1999 IPO of The Goldman Sachs Group Inc for USD 3.7 billion.

BARCS, CITI, UBS

U.S. Equity Review

ISSUER

0

50

100

150

200

250

300

350

$0

$20

$40

$60

$80

$100

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

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USD

Bln

Eqty Lkd (Bln) Add'l (Bln) IPO (Bln) Total Deals

Financial25%


20%Energy18%

Consumer, Cyclical11%

Communications8%

Technology6%

Other12%

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U.S. Equity & Equity Linked U.S. Equity Linked

Citi 1 11.5 29,601 218 3 11 0.5 Goldman Sachs & Co 1 16.2 6,975 36 1 21.3 -5.1

JP Morgan 2 11.1 28,761 265 2 11.9 -0.8 JP Morgan 2 15.8 6,826 45 2 13.6 2.2

Goldman Sachs & Co 3 10.8 27,814 215 1 15 -4.2 Morgan Stanley 3 14.6 6,300 33 4 12.2 2.4

Bank of America Merrill Lynch 4 10.7 27,745 269 4 10.7 - Bank of America Merrill Lynch 4 10.1 4,366 34 3 12.7 -2.6

Morgan Stanley 5 10.4 26,980 237 6 9.6 0.8 RBC Capital Markets 5 7.7 3,308 18 11 1.4 6.3

Barclays 6 8.9 22,961 209 5 9.8 -0.9 Citi 6 6.3 2,703 21 6 8.2 -1.9

Credit Suisse 7 7 18,070 177 7 6.4 0.6 Wells Fargo & Co 7 4.8 2,050 14 8 4.7 0.1

Deutsche Bank AG 8 6.1 15,628 172 8 5.8 0.3 Deutsche Bank AG 8 4.8 2,046 20 7 5.2 -0.4

Wells Fargo & Co 9 5 12,804 164 9 5 - Barclays 9 4.7 2,016 16 5 8.3 -3.6

RBC Capital Markets 10 4.3 11,048 144 12 2 2.3 Credit Suisse 10 4.5 1,931 18 9 4.7 -0.2

UBS 11 2.9 7,480 96 10 2.5 0.4 Jefferies LLC 11 1.7 749 5 10 1.9 -0.2

Jefferies LLC 12 1.6 4,242 86 11 2.1 -0.5 HSBC Bank PLC 12 1 434 3 - - -

Stifel 13 1 2,577 65 14 0.6 0.4 Piper Jaffray & Co 13 1 431 2 23 0.1 0.9

BMO Capital Markets 14 0.9 2,377 41 16 0.5 0.4 RRJ Capital II Ltd 14 0.8 333 1 - - -

Raymond James & Associates Inc 15 0.8 2,186 58 13 0.7 0.1 SeaTown Lionfish Pte Ltd 14 0.8 333 1 - - -

Cowen & Co 16 0.6 1,541 44 19 0.3 0.3 Temasek Holdings Pte Ltd 14 0.8 333 1 - - -

Piper Jaffray & Co 17 0.5 1,364 29 18 0.4 0.1 BMO Capital Markets 17 0.6 272 3 19 0.3 0.3

Leerink Partners LLC 18 0.5 1,354 28 17 0.4 0.1 Nomura Holdings Inc 18 0.6 242 4 28 - 0.6

Robert W Baird & Co 19 0.5 1,219 36 15 0.5 - Stifel 19 0.5 224 2 24 0.1 0.4

KeyBanc Capital Markets 20 0.3 902 15 21 0.3 - BNP Paribas SA 20 0.4 167 1 14 0.7 -0.3

TOTAL 100% 258,217 1,016 282,240 100% TOTAL 100% 43,067 117 42,903 100%

U.S. Equity Offerings U.S. Equity Offerings (IPO)

Citi 1 12.5 26,897 197 3 11.5 1 Morgan Stanley 1 11.8 6,720 69 6 8.5 3.3

Bank of America Merrill Lynch 2 10.9 23,379 235 4 10.3 0.6 Goldman Sachs & Co 2 10.1 5,721 62 2 11.2 -1.1

JP Morgan 3 10.2 21,936 220 2 11.6 -1.4 Citi 3 9.3 5,306 56 4 9.5 -0.2

Barclays 4 9.7 20,945 193 5 10.1 -0.4 Deutsche Bank AG 4 9.3 5,282 50 7 8.2 1.1

Goldman Sachs & Co 5 9.7 20,840 179 1 13.8 -4.1 JP Morgan 5 8.9 5,031 64 3 10.5 -1.6

Morgan Stanley 6 9.6 20,680 204 6 9.1 0.5 Barclays 6 8.3 4,737 53 5 8.5 -0.2

Credit Suisse 7 7.5 16,139 159 7 6.7 0.8 Bank of America Merrill Lynch 7 7.7 4,378 48 1 12.1 -4.4

Deutsche Bank AG 8 6.3 13,582 152 8 6 0.3 Wells Fargo & Co 8 6.5 3,691 38 9 5.9 0.6

Wells Fargo & Co 9 5 10,753 150 9 5 - Credit Suisse 9 6.2 3,507 49 8 7.2 -1

RBC Capital Markets 10 3.6 7,739 126 12 2.1 1.5 RBC Capital Markets 10 3.3 1,885 34 12 1.8 1.5

UBS 11 3.4 7,328 94 10 2.8 0.6 UBS 11 2.9 1,644 25 10 3.5 -0.6

Jefferies LLC 12 1.6 3,493 81 11 2.1 -0.5 Jefferies LLC 12 2.1 1,210 28 11 2.6 -0.5

Stifel 13 1.1 2,352 63 13 0.7 0.4 Stifel 13 2.1 1,201 31 13 1 1.1

BMO Capital Markets 14 1 2,105 38 16 0.5 0.5 BMO Capital Markets 14 1.7 948 15 20 0.5 1.2

Raymond James & Associates Inc 15 0.9 2,027 55 14 0.7 0.2 Raymond James & Associates Inc 15 1 571 16 21 0.5 0.5

Cowen & Co 16 0.7 1,467 43 19 0.4 0.3 Piper Jaffray & Co 16 1 558 17 19 0.5 0.5

Leerink Partners LLC 17 0.6 1,354 28 17 0.4 0.2 Leerink Partners LLC 17 0.9 490 13 14 0.8 0.1

Robert W Baird & Co 18 0.6 1,219 36 15 0.6 - Robert W Baird & Co 18 0.7 387 15 17 0.5 0.2

Piper Jaffray & Co 19 0.4 933 27 18 0.4 - Cowen & Co 19 0.7 377 10 22 0.5 0.2

KeyBanc Capital Markets 20 0.4 902 15 22 0.3 0.1 William Blair & Co LLC 20 0.6 358 10 25 0.4 0.2

TOTAL 100% 215,150 899 239,336 100% TOTAL 100% 56,808 241 57,786 100%

MKT SHARE

CHG (%) FIRM

2014 2013

MKT SHARE


VOLUME

USD (Mln)

DEAL


VOLUME

USD (Mln)

DEAL


FIRM

2014 2013

MKT SHARE

CHG (%) FIRM

2014 2013

MKT SHARE


VOLUME

USD (Mln)

DEAL


VOLUME

USD (Mln)

DEAL


FIRM

2014 2013

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Canada Equity, Equity Linked & Pfd ex Self-led

Scotiabank 17.8 7,127 54 3 11.7 6.1

RBC Capital Markets 16.1 6,450 64 1 17.9 -1.8

TD Securities 12.4 4,949 58 4 10.4 2

CIBC 12.4 4,935 60 5 8.8 3.6

BMO Capital Markets 11.6 4,622 57 2 13.5 -1.9

GMP Securities 6.2 2,478 43 6 6.2 -

National Bank Financial Inc 4.6 1,855 47 10 2.6 2

Canaccord Genuity Corp 4.3 1,705 57 9 2.8 1.5

Peters & Co Ltd 2.2 882 8 11 2.5 -0.3

Cormark Securities Inc 1.8 737 31 18 0.8 1

39,950 437 38,134 100%

Canada Equity Offerings

Scotiabank 15.5 4,981 29 5 7.7 7.8

RBC Capital Markets 14.6 4,684 39 1 15.1 -0.5

BMO Capital Markets 12.6 4,061 47 2 14.8 -2.2

CIBC 11.6 3,728 36 7 6.9 4.7

TD Securities 11.4 3,649 34 6 7.5 3.9

GMP Securities 7.3 2,357 39 4 8 -0.7

Canaccord Genuity Corp 5.3 1,705 57 9 3.8 1.5

National Bank Financial Inc 4.6 1,462 36 11 2.6 2

Peters & Co Ltd 2.7 882 8 10 3.2 -0.5

Cormark Securities Inc 2.2 711 30 19 1 1.2

32,117 385 28,234 100%

CANADA EQUITY, EQL & PFD: INDUSTRY BREAKDOWN

3

4

Canada Equity Review CANADA EQUITY, EQL & PFD: QUARTERLY VOLUME

FIRM

2014 2013

MKT SHARE


VOLUME USD

(Mln) DEAL COUNT RANK MKT SHARE

1

2

TOTAL 100%

FIRM

2014

5

6

7

8

9

2013

MKT SHARE


VOLUME USD


10

• Scotiabank was the top underwriter on both the Canadian equity and Canadian equity, equity linked, & preferred tables in 2014, receiving

USD 7.1 billion in credit for 54 issues in the latter table.

• The largest equity offering in 2014 was an follow-on secondary share offering by CI Financial Corp for USD 2.4 billion. This was the largest

equity offering on record on a Canadian exchange for the financial industry on record.

TOTAL 100%

5

6

7

8

9

10

CANADA EQUITY, EQL & PFD: MARKET SHARE

1

2

3

4

0

50

100

150

200

250

300

350

400

$0$2$4$6$8

$10$12$14$16$18

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Dea

l Co

un

t

USD

Mln

s

Amount Deal Count

37%

35%

8%

5%

5%4%

6%

Financial 37%

Energy 35%

Basic Materials 8%

Consumer, Cyclical 5%

Industrial 5%

Utilities 4%

Other 6%

0%

5%

10%

15%

20%

25%

Scotiabank RBC CapitalMarkets

TD Securities CIBC BMO CapitalMarkets

2014 2013 2012

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20

14

Canadian Equity Offerings (IPO) Canadian Retail Structured Products

CIBC 1 27.2 979 3 2 24.4 2.8 CIBC 1 29.5 728 37 1 32.7 -3.2

TD Securities 2 24.6 888 2 4 5.1 19.5 RBC Capital Markets 2 27.5 677 32 2 29.8 -2.3

Canaccord Genuity Corp 3 11.5 415 8 7 3.2 8.3 Scotiabank 3 16.5 406 24 3 11.9 4.6

RBC Capital Markets 4 11 397 2 1 30.2 -19.2 National Bank Financial Inc 4 10.2 252 15 5 5.8 4.4

Credit Suisse 5 7.7 278 1 - - - TD Securities 5 8.6 212 8 6 4.7 3.9

Peters & Co Ltd 5 7.7 278 1 - - - BMO Capital Markets 6 7.5 184 13 4 11.2 -3.7

BMO Capital Markets 7 4 145 2 3 16.5 -12.5 Canaccord Genuity Corp 7 0.1 2 1 7 1.9 -1.8

Scotiabank 8 3.3 119 1 - - - GMP Securities 7 0.1 2 1 8 1 -0.9

National Bank Financial Inc 9 1.5 52 1 6 3.2 -1.7 Raymond James & Associates Inc 7 0.1 2 1 11 0.1 -

Jefferies LLC 10 0.6 21 1 - - -

Wells Fargo & Co 10 0.6 21 1 - - -

Richardson GMP Ltd 12 0.1 2 5 - - -

Raymond James & Associates Inc 13 0 2 3 13 0.7 -0.7

Salman Partners Inc 14 0 2 1 - - -

Euro Pacific Capital Inc 15 0 1 1 20 0.1 -0.1

Jacob & Co Securities Inc 15 0 1 1 - - -

M Partners Inc 17 0 1 1 15 0.4 -0.4

Jordan Capital Markets Inc 18 0 1 1 27 - -

Pacific International Securities Inc 19 0 1 2 22 0.1 -0.1

BBS Securities Inc 20 0 1 1 - - -

TOTAL 100% 3,601 30 3,062 100% TOTAL 100% 2,465 52 3,229 100%

FIRM

2014 2013

MKT SHARE

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2014 2013

MKT SHARE


VOLUME

USD (Mln)

DEAL


VOLUME

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Latin America Equity Offerings

Banco Itau BBA SA 12 2,136 13 3 10.5 1.5

Credit Suisse 10.5 1,875 17 2 10.5 -

Bank of America Merrill Lynch 9.2 1,640 11 11 4 5.2

Citi 7.8 1,401 9 6 6 1.8

Morgan Stanley 7.8 1,390 7 7 5.5 2.3

Goldman Sachs & Co 6.2 1,108 6 9 4.4 1.8

Banco BTG Pactual SA 5.9 1,052 11 1 13.6 -7.7

HSBC Bank PLC 5.2 921 6 13 2.5 2.7

Banco Santander SA 4.9 871 6 5 6.3 -1.4

JP Morgan 4.5 809 6 4 7.8 -3.3

17,878 48 32,279 100%

Brazil Equity

Banco Itau BBA SA 18.8 1,565 7 1 21.6 -2.8

Credit Suisse 15.1 1,253 13 4 9.3 5.8

Bank of America Merrill Lynch 8.4 699 4 11 3.8 4.6

Banco BTG Pactual SA 5.9 490 4 2 15.3 -9.4

Bradesco BBI SA 5.4 447 4 3 9.5 -4.1

Banco do Brasil SA 5.3 441 3 5 6.9 -1.6

Banco Santander SA 4.9 404 2 12 2.6 2.3

Barclays 4.9 404 2 - - -

BES Investimento SA 4.9 404 2 17 0.3 4.6

Caixa Banco de Investimento SA 4.9 404 2 - - -

8,319 25 14,527 100%

LATIN AMERICA EQUITY: MARKET SHARE

1

2

3

4

2013

MKT SHARE


VOLUME USD


2014

7

TOTAL 100%

5

6

7

7

7

10

TOTAL 100%

FIRM

9

• The Latam Equity market volume declined significantly year-on-year to USD 17.9 billion, down 44.6% from 2013.

• Banco Itau ranked first with USD 2.1 billion in credit across 13 deals. This is four fewer deals than Credit Suisse, which ranked

second and received USD 1.9 billion in credit. Banco Itau and Credit Suisse similarly ranked first and second in the Brazilian equity

market, with 18.8% and 15.1% market share respectively.

Latin America Equity Review LATIN AMERICA EQUITY: QUARTERLY VOLUME

LATIN AMERICA EQUITY: INDUSTRY BREAKDOWN

3

4

FIRM

5

6

7

8

2014 2013

MKT SHARE


VOLUME USD


1

2

0

5

10

15

20

25

30

$0

$6

$12

$18

$24

$30

$36

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Dea

l Co

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t

USD

Mln

Amount Deal Count

41%

31%

10%

6%

5%

3%

4% Financial 41%

Communications 31%

Consumer, Non-cyclical 10%

Industrial 6%

Consumer, Cyclical 4%

Basic Materials 3%

Other 4%

0%

2%

4%

6%

8%

10%

12%

14%

Banco Itau BBASA

Credit Suisse Bank of AmericaMerrill Lynch

Citi Morgan Stanley

2014 2013 2012

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14

Britain 55,129.7 20.1% 21.4%

Germany 35,143.1 12.8% 29.7%

Spain 29,348.3 10.7% 140.4%

Italy 21,182.5 7.7% 68.8%

France 20,993.5 7.6% -27.9%

Greece 12,453.1 4.5% 313.5%

Netherlands 11,641.7 4.2% -20.2%

Denmark 8,079.5 2.9% 67.8%


AMOUNT

(USD MLN)

AMOUNT


% YOY

CHANGE

Number of deals 726 06/06/2014 Rights Financial 8,784.2 110,745.0 41.5% 49.9%

Volume (USD Mln) 266,589 Underwriters: 35,693.0 13.4% 65.2%

Avg Deal size (USD Mln) 367 26/03/2014 Addl Financial 6,955.3 30,346.0 11.4% 218.6%

Underwriters: 26,010.0 9.8% -21.1%

09/06/2014 Rights Financial 6,422.7 22,403.0 8.4% -16.0%

JP Morgan Underwriters: Utilities 13,027.0 4.9% 101.1%

Number of deals 131 02/11/2014 IPO Financial 5,997.4 Energy 8,833.0 3.3% 21.2%

Volume (USD Mln) 26,321 Underwriters: Technology 8,537.0 3.2% 7.7%

Avg Deal size (USD Mln) 201 29/04/2014 Addl Financial 3,955.8 Basic Materials 6,395.0 2.4% -55.3%

Underwriters: Diversified 4,601.0 1.7% 89.7%

*Self-led

AMOUNT

(USD MLN)% CHNG DEAL

COUNT

% CHNG

VOLUME

IPO 72,626 82.4% 122.3%

Additional offering 117,732 6.4% 2.0%

Rights issue 47,863 79.5% 106.5%

Equity linked 28,461 -10.1% -10.7%

Total 266,589 25.5% 31.3%

Eurobank Ergasias SA

National Commercial Bank

EMEA Equity Review

SUMMARY

TOP UNDERWRITER

ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS, UNICRD

BAML, JPM, MS, UBS

GIB, HSBCL

INDUSTRY

BAML, BARCS, BNPPAR, CITI, CS, DB, HSBCL, JPM, MEDBCA, UBS

BAML, BARCS, CITI, COBA, GS, JPM, MEDBCA, MS, SG, UBS

ISSUER

Communications

Financial

Consumer, Cyclical

EMEA EQUITY, EQL & RIGHTS: COUNTRY BREAKDOWN

AMOUNT

(USD MLN)

% OF

TOTAL

% YOY

CHANGE

Monte dei Paschi di Siena

Deutsche Bank AG

Industrial


COUNTRY

EMEA EQUITY, EQL & RIGHTS: INDUSTRY BREAKDOWNEMEA EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014

• The aggregate value of EMEA equity, equity linked and rights deals this year increased by 31.2% to USD 266.6 billion compared to

2013. Deal count rose by 22.6%, driven by major increases in IPO’s & rights offerings.

• The largest IPO was National Commercial Bank's USD 6 billion offering, also the largest on record in Middle East & Africa. Followed

by NN Group NV and AA PLC's offerings at USD 2.4 billion and USD 2.3 billion, respectively.

• The financial industry remained the top industry representing 41.5% of the total amount raised, followed by the consumer cyclical

and non-cyclical industries. Offering volume in the basic material industry decreased significantly by 55.3% year-on-year to USD 6.4

billion.

• JP Morgan moved to the top of the tables from fourth position last year, with 9.9% market share. This was the first time since 2009

that it held the top spot. Goldman Sachs ranked second with 8.7%, with UBS (8.6%), Deutsche Bank (8.4%) and Bank of America

Merrill Lynch (8.1%) rounding out the top five.

Lloyds Banking Group PLC

EMEA EQUITY, EQUITY LINKED & RIGHTS: QUARTERLY VOLUME

EMEA EQUITY, EQL & RIGHTS: OFFERING TYPES

TYPE

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Dea

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Bln

Eqty Lkd (Bln) Add'l (Bln) IPO (Bln) Rights (Bln) Total Deals

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EMEA Equity, Equity Linked & Rights Offerings EMEA Equity & Equity Linked

JP Morgan 1 9.9 26,321 131 4 9.4 0.5 Goldman Sachs & Co 1 9.7 21,144 76 1 11.6 -1.9

Goldman Sachs & Co 2 8.7 23,320 80 1 11 -2.3 Deutsche Bank AG 2 9.3 20,230 77 4 9.4 -0.1

UBS 3 8.6 22,820 83 6 8.4 0.2 JP Morgan 3 9.2 20,136 105 6 9.2 -

Deutsche Bank AG 4 8.4 22,303 86 2 9.7 -1.3 UBS 4 9.1 19,969 75 5 9.4 -0.3

Bank of America Merrill Lynch 5 8.1 21,675 81 3 9.6 -1.5 Bank of America Merrill Lynch 5 8.9 19,486 75 2 10.1 -1.2

Morgan Stanley 6 7.5 19,891 83 5 9.2 -1.7 Morgan Stanley 6 7.8 16,979 73 3 9.9 -2.1

Citi 7 5.8 15,416 79 7 4.4 1.4 Citi 7 5.9 12,792 67 8 4 1.9

Credit Suisse 8 4 10,691 70 8 4.4 -0.4 Credit Suisse 8 4.2 9,148 62 7 4.3 -0.1

Barclays 9 3.9 10,520 60 9 3.2 0.7 Barclays 9 3.5 7,719 50 9 3.4 0.1

HSBC Bank PLC 10 3.7 9,874 36 12 1.7 2 HSBC Bank PLC 10 3.5 7,718 26 14 1.5 2

Societe Generale 11 2.6 7,017 47 10 2.5 0.1 Societe Generale 11 2.3 5,063 38 10 2.7 -0.4

BNP Paribas SA 12 2.3 6,022 49 11 2.4 -0.1 BNP Paribas SA 12 2 4,406 33 11 2 -

Mediobanca 13 2.1 5,534 24 15 1.1 1 Mediobanca 13 1.4 3,089 13 18 0.9 0.5

Gulf International Bank BSC 14 1.4 3,757 3 98 - 1.4 Gulf International Bank BSC 14 1.4 3,011 2 - - -

Jefferies LLC 15 1.3 3,517 42 16 1 0.3 Jefferies LLC 15 1.3 2,930 39 15 1.1 0.2

Commerzbank AG 16 1.1 2,923 15 22 0.7 0.4 Cenkos Securities 16 1.1 2,416 5 44 0.2 0.9

UniCredit 17 1 2,790 23 14 1.7 -0.7 Nordea 17 0.9 2,013 12 25 0.4 0.5

Intesa Sanpaolo SpA 18 0.9 2,500 23 35 0.3 0.6 Berenberg 18 0.8 1,673 20 20 0.8 -

Cenkos Securities 19 0.9 2,416 5 47 0.2 0.7 Carnegie 19 0.8 1,655 29 16 1.1 -0.3

Banco Santander SA 20 0.9 2,311 13 26 0.5 0.4 SEB 20 0.7 1,427 9 19 0.9 -0.2

TOTAL 100% 266,589 726 203,216 100% TOTAL 100% 218,568 661 180,070 100%

EMEA Equity & Rights Offerings EMEA Equity Linked

JP Morgan 1 10 23,715 112 5 9 1 UBS 1 10.8 3,063 13 7 7.1 3.7

Goldman Sachs & Co 2 9 21,530 71 1 11.7 -2.7 Bank of America Merrill Lynch 2 10.2 2,892 12 6 7.4 2.8

Deutsche Bank AG 3 8.7 20,760 75 4 9.3 -0.6 Morgan Stanley 3 8.6 2,446 15 3 8.6 -

UBS 4 8.3 19,757 70 6 8.8 -0.5 BNP Paribas SA 4 8.5 2,424 20 4 8.1 0.4

Bank of America Merrill Lynch 5 7.9 18,783 69 2 10.1 -2.2 JP Morgan 5 8.4 2,390 17 2 11.5 -3.1

Morgan Stanley 6 7.3 17,444 68 3 9.3 -2 Societe Generale 6 7.3 2,075 14 12 3.2 4.1

Citi 7 6 14,349 72 8 4.4 1.6 Barclays 7 7 1,992 13 10 3.5 3.5

Credit Suisse 8 4.1 9,762 65 7 4.5 -0.4 Goldman Sachs & Co 8 6.3 1,790 9 5 7.5 -1.2

HSBC Bank PLC 9 3.8 8,947 31 11 1.8 2 Deutsche Bank AG 9 5.4 1,543 11 1 12.3 -6.9

Barclays 10 3.6 8,528 47 9 3.2 0.4 Citi 10 3.7 1,067 7 8 4.9 -1.2

Mediobanca 11 2.3 5,420 22 21 0.9 1.4 Credit Suisse 11 3.3 929 5 9 3.8 -0.5

Societe Generale 12 2.1 4,942 33 10 2.4 -0.3 HSBC Bank PLC 12 3.3 927 5 16 1.8 1.5

Gulf International Bank BSC 13 1.6 3,757 3 93 - 1.6 Credit Agricole CIB 13 3.1 883 10 11 3.2 -0.1

BNP Paribas SA 14 1.6 3,722 30 14 1.4 0.2 UniCredit 14 2.6 732 7 14 2.4 0.2

Jefferies LLC 15 1.4 3,306 41 15 1.2 0.2 RBS 15 2.4 673 7 17 1.8 0.6

Commerzbank AG 16 1.1 2,654 12 25 0.6 0.5 Natixis 16 1.7 497 6 15 2.2 -0.5

Cenkos Securities 17 1 2,416 5 42 0.2 0.8 Intesa Sanpaolo SpA 17 1.2 336 5 22 0.7 0.5

Intesa Sanpaolo SpA 18 0.9 2,165 18 41 0.2 0.7 Commerzbank AG 18 0.9 269 3 18 1.1 -0.2

Banco Santander SA 19 0.9 2,138 12 28 0.5 0.4 ABG Sundal Collier Asa 19 0.8 225 2 21 0.8 -

Nordea 20 0.9 2,134 14 29 0.5 0.4 ANOA Capital SA 20 0.8 221 2 - - -

TOTAL 100% 237,942 644 169,841 100% TOTAL 100% 28,460 80 31,881 100%

FIRM

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2013

MKT SHARE


VOLUME

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DEAL


2014 2013

MKT SHARE

CHG (%) FIRM

2014

VOLUME

USD (Mln)

DEAL


RANK MKT SHARE

VOLUME

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DEAL


VOLUME

USD (Mln)

DEAL

COUNTFIRM

2014 2013

MKT SHARE

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2014 2013

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EMEA Equity Offerings EMEA Equity Offerings (IPO)

Goldman Sachs & Co 1 10.2 19,354 67 1 12.4 -2.2 JP Morgan 1 9.1 6,597 37 2 8.9 0.2

Deutsche Bank AG 2 9.8 18,687 66 5 8.8 1 Credit Suisse 2 7.5 5,423 33 8 4.2 3.3

JP Morgan 3 9.3 17,746 88 6 8.7 0.6 Deutsche Bank AG 3 7 5,095 25 1 12.5 -5.5

UBS 4 8.9 16,906 62 4 9.9 -1 Morgan Stanley 4 6.9 5,028 27 4 7.3 -0.4

Bank of America Merrill Lynch 5 8.7 16,594 63 2 10.7 -2 Goldman Sachs & Co 5 6.7 4,895 24 5 7.2 -0.5

Morgan Stanley 6 7.6 14,532 58 3 10.2 -2.6 HSBC Bank PLC 6 6.6 4,824 13 13 2.5 4.1

Citi 7 6.2 11,725 60 8 3.8 2.4 UBS 7 6.3 4,570 21 7 4.6 1.7

Credit Suisse 8 4.3 8,219 57 7 4.5 -0.2 Bank of America Merrill Lynch 8 4.9 3,587 20 3 7.5 -2.6

HSBC Bank PLC 9 3.6 6,791 21 12 1.4 2.2 Citi 9 4.5 3,290 24 12 2.8 1.7

Barclays 10 3 5,727 37 9 3.4 -0.4 Gulf International Bank BSC 10 4.1 3,011 2 - - -

Gulf International Bank BSC 11 1.6 3,011 2 - - - Cenkos Securities 11 3.2 2,327 1 46 0.3 2.9

Societe Generale 12 1.6 2,987 24 10 2.6 -1 Barclays 12 2.3 1,657 15 6 5.6 -3.3

Mediobanca 13 1.6 2,974 11 23 0.6 1 Jefferies LLC 13 2.2 1,632 18 10 3.4 -1.2

Jefferies LLC 14 1.5 2,930 39 15 1.3 0.2 Carnegie 14 1.7 1,241 11 19 0.9 0.8

Cenkos Securities 15 1.3 2,416 5 38 0.3 1 SEB 15 1.5 1,101 5 24 0.7 0.8

BNP Paribas SA 16 1.1 2,107 14 21 0.7 0.4 Numis Corp PLC 16 1.4 1,041 6 17 1.1 0.3

Nordea 17 1.1 2,013 12 25 0.5 0.6 BNP Paribas SA 17 1.3 975 8 38 0.4 0.9

Carnegie 18 0.9 1,655 29 14 1.3 -0.4 Nordea 18 1.3 962 6 14 1.3 -

Berenberg 19 0.8 1,488 17 18 0.9 -0.1 Swedbank 19 1 713 4 65 0.1 0.9

SEB 20 0.7 1,427 9 17 1.1 -0.4 Canaccord Genuity Corp 20 0.9 677 8 25 0.7 0.2

TOTAL 100% 190,358 582 148,188 100% TOTAL 100% 72,626 197 32,665 100%

EMEA Rights Offerings Western Europe Equity, Equity Linked & Rights

JP Morgan 1 12.9 6,185 27 2 10.7 2.2 JP Morgan 1 10.5 24,733 118 3 9.9 0.6

Morgan Stanley 2 6.1 2,912 10 11 3.4 2.7 Goldman Sachs & Co 2 9.3 22,097 70 1 11.6 -2.3

UBS 3 6 2,851 8 20 1.2 4.8 UBS 3 9.3 21,912 75 6 8.7 0.6

Barclays 4 5.9 2,801 10 17 2.1 3.8 Bank of America Merrill Lynch 4 8.9 21,007 74 4 9.7 -0.8

Citi 5 5.5 2,624 12 3 7.6 -2.1 Deutsche Bank AG 5 8.7 20,599 70 2 10.1 -1.4

Mediobanca 6 5.1 2,446 11 13 2.8 2.3 Morgan Stanley 6 7.8 18,537 73 5 9.7 -1.9

Bank of America Merrill Lynch 7 4.6 2,188 7 7 5.6 -1 Citi 7 5.5 13,049 56 8 3.9 1.6

Goldman Sachs & Co 8 4.5 2,176 4 4 6.5 -2 Credit Suisse 8 4.2 9,921 60 7 4.6 -0.4

HSBC Bank PLC 9 4.5 2,157 10 10 4 0.5 Barclays 9 3.9 9,181 44 9 3.3 0.6

Deutsche Bank AG 10 4.3 2,073 10 1 11.9 -7.6 Societe Generale 10 2.7 6,450 42 11 2.7 -

Societe Generale 11 4.1 1,955 9 28 0.5 3.6 Mediobanca 11 2.3 5,534 24 15 1.3 1

Commerzbank AG 12 3.3 1,592 5 21 1.1 2.2 BNP Paribas SA 12 2.3 5,359 44 10 2.7 -0.4

Credit Suisse 13 3.2 1,543 8 8 4.8 -1.6 HSBC Bank PLC 13 2.1 4,989 26 13 1.8 0.3

BNP Paribas SA 14 3.1 1,490 15 5 5.8 -2.7 Jefferies LLC 14 1.4 3,218 34 16 1.2 0.2

UniCredit 15 2.9 1,383 8 30 0.3 2.6 Commerzbank AG 15 1.2 2,769 13 22 0.8 0.4

Intesa Sanpaolo SpA 16 2.7 1,311 8 26 0.7 2 UniCredit 16 1.1 2,637 20 14 1.4 -0.3

Banco Santander SA 17 2.3 1,092 5 13 2.8 -0.5 Intesa Sanpaolo SpA 17 1 2,462 22 32 0.3 0.7

ING Groep NV 18 2.1 1,012 6 6 5.6 -3.5 Cenkos Securities 18 1 2,416 5 53 0.1 0.9

Nomura Holdings Inc 19 1.6 772 5 - - - Banco Santander SA 19 0.9 2,219 10 25 0.6 0.3

ABN Amro Bank NV 20 1.6 764 2 9 4.7 -3.1 Nordea 20 0.9 2,134 14 30 0.4 0.5

TOTAL 100% 47,863 70 23,179 100% TOTAL 100% 236,433 589 178,929 100%

FIRM

2014 2013

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2014 2013

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VOLUME

USD (Mln)

DEAL


VOLUME

USD (Mln)

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Eastern Europe Equity, Equity Linked & Rights MENA Equity, Equity Linked & Rights Offerings

Deutsche Bank AG 1 14 839 8 4 7.1 6.9 HSBC Bank PLC 1 34.6 4,435 6 3 8 26.6

Societe Generale 2 9.5 567 5 20 1.3 8.2 Gulf International Bank BSC 2 29.3 3,757 3 14 1.7 27.6

Citi 3 8.5 512 9 2 8.7 -0.2 JP Morgan 3 4.8 617 4 6 3.9 0.9

VTB Capital 4 7.2 432 3 10 4.4 2.8 Emirates NBD PJSC 4 3.9 498 3 - - -

UBS 5 6.4 386 4 9 4.4 2 EFG-Hermes 5 3.5 452 3 - - -

Credit Suisse 6 5.9 354 2 12 3.7 2.2 Deutsche Bank AG 6 2.6 330 2 2 9.6 -7

Goldman Sachs & Co 7 5.8 349 3 7 5.4 0.4 Bank of America Merrill Lynch 7 2.5 325 2 6 3.9 -1.4

Gazprombank 8 5.1 304 2 15 2.1 3 Goldman Sachs & Co 8 2 253 2 9 3.7 -1.7

JP Morgan 9 4.5 273 2 5 5.8 -1.3 Citi 9 2 250 1 5 5.9 -3.9

Raiffeisen Bank International Group 10 4.2 249 3 21 1.2 3 UBS 9 2 250 1 - - -

HSBC Bank PLC 11 3.9 234 2 - - - Morgan Stanley 11 1.8 226 1 - - -

ING Groep NV 12 2.9 175 2 24 0.8 2.1 National Bank of Abu Dhabi 11 1.8 226 1 - - -

Barclays 13 2.7 161 1 14 2.6 0.1 Banque Saudi Fransi 13 1.7 220 1 4 7 -5.3

UniCredit 14 2.5 153 3 8 5 -2.5 Credit Suisse 14 1.5 187 1 - - -

PKO Bank Polski SA 15 2.3 140 2 22 1.2 1.1 Bank Muscat 15 1.3 170 3 - - -

BES Investimento SA 16 1.9 113 3 16 2 -0.1 Samba Capital 16 1.3 168 1 10 2 -0.7

Banco Santander SA 17 1.5 92 3 40 0.1 1.4 Shuaa Capital PSC 17 0.8 101 1 - - -

Ipopema Securities SA 18 1.5 90 2 18 1.8 -0.3 Barclays 18 0.8 99 1 6 3.9 -3.1

Trigon Dom Maklerski SA 19 1.4 83 4 27 0.8 0.6 Riyad Bank 19 0.6 73 1 10 2 -1.4

Sberbank CIB CJSC 20 1.3 78 1 6 5.5 -4.2 Saudi Hollandi Bank 20 0.5 59 1 - - -

TOTAL 100% 5,998 39 16,271 100% TOTAL 100% 12,819 23 3,191 100%

Sub-Sahara Equity, Equity Linked & Rights AIM Equity Offerings

Citi 1 19.9 1,129 5 4 13 6.9 Zeus Capital 1 22.6 1,215 17 17 1.8 20.8

Morgan Stanley 2 16.8 952 6 - - - Cenkos Securities 2 9.3 501 19 1 14.4 -5.1

Barclays 3 10 566 4 - - - Canaccord Genuity Corp 3 9 485 12 3 5.8 3.2

Standard Bank of South Africa 4 8.6 486 3 3 15.6 -7 Liberum Capital Ltd 4 8.6 460 9 7 4.5 4.1

Java Capital 5 8.3 471 10 11 1.6 6.7 Numis Corp PLC 5 5.2 280 11 5 5 0.2

BNP Paribas SA 6 8.2 466 3 - - - Shore Capital Group Ltd 6 4.9 264 10 20 1.6 3.3

JP Morgan 7 7.1 402 2 - - - Panmure Gordon 7 4.5 241 11 8 4.1 0.4

Firstrand Bank Ltd 8 6 341 5 12 0.5 5.5 Investec PLC 8 3.2 171 7 9 3.7 -0.5

Deutsche Bank AG 9 3.1 175 1 6 4.9 -1.8 FinnCap 9 2.4 129 20 14 2 0.4

Commerzbank AG 10 2.6 145 1 - - - Peel Hunt LLP 10 2.4 126 10 28 1 1.4

HSBC Bank PLC 10 2.6 145 1 - - - Oriel Securities Ltd 11 2.1 115 5 23 1.3 0.8

Investec PLC 12 2.5 145 1 6 4.9 -2.4 N+1 12 1.9 104 8 27 1.1 0.8

Renaissance Capital Holdings Ltd 13 2.5 142 2 5 10.8 -8.3 Mirabaud Securities 13 1.9 102 11 2 7.3 -5.4

RBC Capital Markets 14 1.9 108 1 - - - JP Morgan 14 1.9 100 1 15 2 -0.1

Dyer & Blair Investment Bank 15 0.1 4 1 - - - Charles Stanley & Co Ltd 15 1.7 93 7 6 4.7 -3

Standard Investment Bank 15 0.1 4 1 - - - Jefferies LLC 16 1.5 81 3 12 2.6 -1.1

Barclays 17 1.2 65 1 42 0.3 0.9

WH Ireland Ltd 18 1.1 57 16 16 2 -0.9

Stifel 19 0.9 47 1 - - -

Hume Capital Securities PLC 20 0.8 45 13 48 0.2 0.6

TOTAL 100% 5,681 27 2,668 100% TOTAL 100% 5,379 324 2,731 100%

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2014 2013

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AMOUNT

(USD MLN)

Number of deals 2,093 18/09/2014 Alibaba Group Holding Ltd IPO Communications 25,032.3

Volume (USD Mln) 245,425 Underwriters: CITI, CS, DB, GS, JPM, MS

Avg Deal size (USD Mln) 117 25/11/2014 Medibank Pvt Ltd IPO Financial 4,839.4

Underwriters: DB, GS, MQB

08/12/2014 Ping An Insurance Group Co of Addl Financial 4,751.7

Morgan Stanley Underwriters: MS

Number of deals 104 16/12/2014 Dalian Wanda Commercial ProperIPO Financial 3,714.1

Volume (USD Mln) 23,472

Avg Deal size (USD Mln) 226

RAISED

(USD MLN) % TOTAL % YOY

Financial 63,707.0 26.0% -17.0%

Communications 41,581.0 16.9% 213.0%

Consumer, Non-cyclical 34,916.0 14.2% 1.9%

Consumer, Cyclical 29,762.0 12.1% 57.1%

Industrial 26,204.0 10.7% 3.6%

Utilities 15,045.0 6.1% 49.8%

Energy 12,223.0 5.0% 8.8%

Technology 10,756.0 4.4% 44.2%

JAPAN EQUITY & EQUITY LINKED

ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014

ASIA-PACIFIC EQUITY, EQUITY LINKED & RIGHTS: INDUSTRY BREAKDOWN

ASIA EX-JAPAN EQUITY, EQUITY LINKED & RIGHTS

AUSTRALIA/NZ EQUITY, EQUITY LINKED & RIGHTS

CHINA DOMESTIC EQUITY, EQUITY LINKED & RIGHTS

TOP UNDERWRITER

Asia Equity Review

SUMMARY

• Activity for APAC equity, equity linked and rights grew by 20% and 24%, respectively, to USD 245.4 billion and 2,093 deals in 2014

compared to the same period last year.

• The top issuer for the year was Alibaba Group Holdings Ltd with its USD 25 billion IPO, underwritten by Citi, Credit Suisse, Deutsche

Bank, Goldman Sachs, JP Morgan and Morgan Stanley.

• Consequently, activity in the communications sector grew the most by 213% to USD 41.6 billion this year, followed by consumer,

cyclical with a 57% increase.

• Asia ex-Japan IPO offerings grew by 119% to USD 84.9 billion with a deal count of 540, compared to the same period last year.

Conversely, additional offerings volume fell by 10% to USD 49.3 billion. The China equity domestic market had a substantial 68%

increase in volume during the period with a total amount of USD 82.5 billion.

• Morgan Stanley ranked as the top underwriter with 9.6% market share by participating in three of the top deals for the period as a

joint underwriter.

INDUSTRY

ISSUER

Underwriters:AGRIBK, BAML, BARCS, BOC, CCB, CICC, CINDA, CITI, CMS, CS, DB, DBS, GS, HAITON,

HSBCL, ICBKC, MS, NOMURA, ORIENT, UBS

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Financial 26%

Communications 17%


14%Consumer,

Cyclical 12%

Industrial 11%

Utilities 6%Other 14%

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Asia ex-Japan Equity, Equity Linked & Rights Asia ex-JP Eqty, Eqty-Lnk, Rights ex-CH A Shares

Morgan Stanley 1 9.5 16,186 61 4 5.5 4 Morgan Stanley 1 10.4 15,642 60 3 6.2 4.2



Credit Suisse 4 6.7 11,491 78 5 5.1 1.6 Credit Suisse 4 7.4 11,060 76 5 5.1 2.3

Citi 5 6.4 10,932 59 6 4.4 2 Citi 5 7.2 10,836 58 6 5 2.2

Deutsche Bank AG 6 5.7 9,798 47 9 3.3 2.4 Deutsche Bank AG 6 6.5 9,669 45 8 3.8 2.7

UBS 7 4.5 7,661 67 2 9.6 -5.1 UBS 7 4.7 6,997 64 1 9.6 -4.9

Bank of America Merrill Lynch 8 4 6,862 36 10 3.1 0.9 Bank of America Merrill Lynch 8 4.6 6,862 36 9 3.6 1

HSBC Bank PLC 9 3.5 6,000 29 8 3.5 - HSBC Bank PLC 9 4 6,000 29 7 4 -

CITIC Securities Co Ltd 10 3.2 5,487 44 13 2.1 1.1 CITIC Securities Co Ltd 10 2.2 3,332 36 13 2.1 0.1

China International Capital Corp 11 2.1 3,573 27 7 3.7 -1.6 Bank of China 11 1.8 2,768 20 14 1.8 -

China Merchants Securities Co Ltd 12 1.9 3,331 29 32 0.6 1.3 DBS Group Holdings Ltd 12 1.8 2,650 30 12 2.3 -0.5

GF Securities 13 1.9 3,322 27 78 0.1 1.8 China International Capital Corp 13 1.6 2,414 22 16 1.5 0.1

Bank of China 14 1.8 3,125 23 16 1.6 0.2 Standard Chartered Bank 14 1.4 2,096 27 11 2.4 -1

DBS Group Holdings Ltd 15 1.5 2,650 30 14 2 -0.5 CIMB 15 1.3 1,977 31 10 2.9 -1.6

Standard Chartered Bank 16 1.2 2,096 27 12 2.1 -0.9 China Merchants Securities Co Ltd 16 1.2 1,837 17 34 0.6 0.6

Guotai Junan Securities Co Ltd 17 1.2 2,094 28 17 1.5 -0.3 Maybank 17 1.2 1,804 28 17 1.4 -0.2

CIMB 18 1.2 1,977 31 11 2.5 -1.3 Woori Investment & Securities Co Ltd 18 1 1,515 16 15 1.6 -0.6

Maybank 19 1.1 1,804 28 19 1.2 -0.1 China Construction Bank 19 1 1,438 26 38 0.5 0.5

Haitong Securities Co Ltd 20 1 1,787 25 15 1.9 -0.9 Barclays 20 0.9 1,327 19 43 0.5 0.4

TOTAL 100% 171,217 1,528 132,556 100% TOTAL 100% 149,730 1,372 114,941 100%

Asia ex-Japan Equity ex-China A Shrs Asia ex-Japan Equity Linked

Morgan Stanley 1 12.1 15,162 56 3 7 5.1 Credit Suisse 1 10.3 1,943 15 3 9.8 0.5


Credit Suisse 3 7.5 9,426 61 6 4.9 2.6 JP Morgan 3 7.6 1,435 11 1 14.2 -6.6

Citi 4 7.4 9,311 48 5 5.2 2.2 Citi 4 6.9 1,304 7 10 3.4 3.5

JP Morgan 5 7.2 9,047 42 4 5.2 2 HSBC Bank PLC 5 6.3 1,195 7 14 1.6 4.7

Deutsche Bank AG 6 6.8 8,540 35 7 3.8 3 CITIC Securities Co Ltd 6 6 1,125 4 18 1.4 4.6

UBS 7 5 6,321 58 1 10.3 -5.3 Deutsche Bank AG 7 5 933 8 9 3.4 1.6

Bank of America Merrill Lynch 8 4.6 5,749 30 8 3.7 0.9 KGI Securities Co Ltd 8 4.6 871 24 6 4 0.6

CITIC Securities Co Ltd 9 2.6 3,204 34 11 2.3 0.3 Morgan Stanley 9 4.5 854 4 11 3.1 1.4

HSBC Bank PLC 10 2.4 3,075 15 9 3.6 -1.2 China International Capital Corp 10 4.3 810 3 8 3.9 0.4

Bank of China 11 1.9 2,389 17 12 2.2 -0.3 UBS 11 3.5 662 5 2 11.7 -8.2

DBS Group Holdings Ltd 12 1.9 2,364 27 14 2.2 -0.3 Bank of America Merrill Lynch 12 2.5 467 5 12 2.5 -

China International Capital Corp 13 1.8 2,242 20 17 1.6 0.2 Standard Chartered Bank 13 2 375 4 17 1.5 0.5

China Merchants Securities Co Ltd 14 1.4 1,731 16 34 0.6 0.8 China Securities Co Ltd 14 1.7 326 2 13 2 -0.3

CIMB 15 1.3 1,580 28 10 2.8 -1.5 Haitong Securities Co Ltd 15 1.5 274 2 5 7.4 -5.9

Maybank 16 1.2 1,566 25 15 1.7 -0.5 China Merchants Securities Co Ltd 16 1.4 266 1 - - -

Woori Investment & Securities Co Ltd 17 1.2 1,474 15 16 1.7 -0.5 Barclays 17 1.4 255 5 32 0.3 1.1

China Construction Bank 18 1.1 1,438 26 31 0.6 0.5 Industrial Securities Co Ltd 18 1.3 249 2 - - -

Daewoo Securities Co Ltd 19 0.9 1,155 14 29 0.7 0.2 Phatra Securities PCL 19 1.2 223 2 - - -

Barclays 20 0.9 1,071 14 38 0.5 0.4 Taishin Financial Holding Co Ltd 20 1.1 205 7 24 0.6 0.5

TOTAL 100% 125,551 1,064 94,880 100% TOTAL 100% 18,820 213 21,746 100%

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Asia ex-Japan Equity Linked ex-China Exchanges Asia ex-Japan Equity Offerings

Credit Suisse 1 11.4 1,512 13 2 9.7 1.7 Morgan Stanley 1 10.9 15,162 56 3 6.9 4

Citi 2 9.8 1,304 7 7 5.6 4.2 Goldman Sachs & Co 2 8.4 11,653 46 2 9.9 -1.5

JP Morgan 3 9.2 1,220 10 1 15.5 -6.3 Credit Suisse 3 6.8 9,426 61 6 4.8 2

HSBC Bank PLC 4 9 1,195 7 11 2.7 6.3 Citi 4 6.8 9,407 49 5 5.1 1.7

Goldman Sachs & Co 5 7.8 1,034 4 3 8.7 -0.9 JP Morgan 5 6.5 9,047 42 4 5.2 1.3

Deutsche Bank AG 6 7 933 8 6 5.7 1.3 Deutsche Bank AG 6 6.2 8,669 37 7 3.7 2.5

KGI Securities Co Ltd 7 6.6 871 24 5 6.7 -0.1 UBS 7 4.9 6,769 60 1 10.2 -5.3

Bank of America Merrill Lynch 8 3.5 467 5 8 4.2 -0.7 Bank of America Merrill Lynch 8 4.1 5,749 30 8 3.7 0.4

UBS 9 3.4 446 4 4 7.1 -3.7 CITIC Securities Co Ltd 9 3 4,235 38 11 2.3 0.7

Standard Chartered Bank 10 2.8 375 4 14 2.5 0.3 HSBC Bank PLC 10 2.2 3,075 15 9 3.6 -1.4

Morgan Stanley 11 2.3 310 3 9 3.7 -1.4 China Merchants Securities Co Ltd 11 2.1 2,959 27 31 0.7 1.4

Barclays 12 1.9 255 5 25 0.6 1.3 Bank of China 12 2 2,746 20 12 2.2 -0.2

Phatra Securities PCL 13 1.7 223 2 - - - China International Capital Corp 13 1.9 2,641 23 17 1.6 0.3

Taishin Financial Holding Co Ltd 14 1.5 205 7 20 1 0.5 GF Securities 14 1.8 2,558 24 111 0.1 1.7

BNP Paribas SA 15 1.4 192 2 26 0.6 0.8 DBS Group Holdings Ltd 15 1.7 2,364 27 14 2.1 -0.4

Macquarie Group Ltd 16 1.4 188 2 30 0.4 1 CIMB 16 1.1 1,580 28 10 2.8 -1.7

Grand Fortune Securities Co 17 1.4 185 11 37 0.2 1.2 Maybank 17 1.1 1,566 25 15 1.7 -0.6

CIMB 18 1.3 167 1 12 2.7 -1.4 Guotai Junan Securities Co Ltd 18 1.1 1,510 24 44 0.3 0.8

Daiwa Securities Group Inc 19 1.2 163 2 21 1 0.2 Woori Investment & Securities Co Ltd 19 1.1 1,474 15 16 1.7 -0.6

Horizon Securities Co Ltd 20 1.2 155 5 31 0.4 0.8 China Construction Bank 20 1 1,438 26 32 0.6 0.4

TOTAL 100% 13,255 200 13,077 100% TOTAL 100% 139,288 1,194 95,859 100%

Asia ex-Japan Equity Offerings (IPO) Asia-Pacific Equity, Equity Linked & Rights

Goldman Sachs & Co 1 9 7,665 17 3 4.8 4.2 Morgan Stanley 1 9.6 23,472 104 3 6.8 2.8

Morgan Stanley 2 8 6,781 17 4 4.5 3.5 Goldman Sachs & Co 2 9.2 22,635 84 2 10.4 -1.2

Credit Suisse 3 7.2 6,113 24 2 5.1 2.1 Deutsche Bank AG 3 5.9 14,359 64 9 3.5 2.4

Citi 4 6.9 5,885 16 8 3.8 3.1 UBS 4 5.8 14,356 121 1 10.9 -5.1

JP Morgan 5 6.8 5,776 17 12 2.7 4.1 Citi 5 5.8 14,303 69 8 3.7 2.1

Deutsche Bank AG 6 6.3 5,332 15 6 4.4 1.9 Nomura Holdings Inc 6 5.7 13,916 111 4 5.6 0.1

China Merchants Securities Co Ltd 7 3.3 2,818 25 27 1.1 2.2 Credit Suisse 7 5.1 12,517 88 6 4.2 0.9

CITIC Securities Co Ltd 8 3.2 2,702 16 17 2.3 0.9 JP Morgan 8 5 12,252 68 5 5.4 -0.4

Bank of China 9 3 2,553 16 11 3.2 -0.2 Bank of America Merrill Lynch 9 4.3 10,536 50 13 2.6 1.7

GF Securities 10 3 2,524 22 86 0.1 2.9 Macquarie Group Ltd 10 2.9 7,059 52 12 2.6 0.3

HSBC Bank PLC 11 2.8 2,410 8 5 4.4 -1.6 Sumitomo Mitsui Financial Group Inc 11 2.5 6,056 58 10 3 -0.5

UBS 12 2.7 2,249 18 1 6.7 -4 HSBC Bank PLC 12 2.4 6,000 29 15 2.2 0.2

DBS Group Holdings Ltd 13 2.4 2,039 20 10 3.6 -1.2 CITIC Securities Co Ltd 13 2.2 5,400 43 18 1.3 0.9

China International Capital Corp 14 1.8 1,534 18 15 2.3 -0.5 Daiwa Securities Group Inc 14 2.2 5,378 72 7 3.9 -1.7

Bank of America Merrill Lynch 15 1.5 1,298 11 7 3.9 -2.4 Mizuho Financial Group Inc 15 1.5 3,636 44 11 2.7 -1.2

China Construction Bank 16 1.5 1,282 20 22 1.5 - China International Capital Corp 16 1.5 3,573 27 14 2.4 -0.9

Haitong Securities Co Ltd 17 1.4 1,165 18 23 1.4 - China Merchants Securities Co Ltd 17 1.4 3,331 29 36 0.4 1

Guotai Junan Securities Co Ltd 18 1.3 1,129 14 34 0.7 0.6 GF Securities 18 1.4 3,322 27 87 0.1 1.3

Guosen Securities Co Ltd 19 1.3 1,063 14 - - - Bank of China 19 1.3 3,125 23 21 1 0.3

Industrial & Comm Bank of China 20 1 876 10 25 1.2 -0.2 DBS Group Holdings Ltd 20 1.1 2,650 30 19 1.3 -0.2

TOTAL 100% 84,857 540 38,963 100% TOTAL 100% 245,425 2,093 204,898 100%

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Asia-Pac ex-Japan Equity, Equity-Linked & Rights Asia-Pac ex-JP Eqty, Eqty-lnk, Rights ex-CH A Shr


Morgan Stanley 2 9.3 19,177 77 5 5.1 4.2 Morgan Stanley 2 10 18,633 76 3 5.6 4.4

Citi 3 6.8 14,159 66 6 4.1 2.7 Citi 3 7.6 14,063 65 6 4.6 3

UBS 4 6.6 13,619 112 1 13.3 -6.7 Deutsche Bank AG 4 7.2 13,354 58 7 4.5 2.7

Deutsche Bank AG 5 6.5 13,418 59 7 4 2.5 UBS 5 7 12,954 109 1 13.8 -6.8

Credit Suisse 6 6.1 12,552 89 4 5.4 0.7 Credit Suisse 6 6.5 12,121 87 5 5.5 1


Bank of America Merrill Lynch 8 4.2 8,587 41 10 3 1.2 Bank of America Merrill Lynch 8 4.6 8,587 41 9 3.4 1.2

Macquarie Group Ltd 9 3.4 7,059 52 8 3.4 - Macquarie Group Ltd 9 3.8 7,059 52 8 3.8 -

HSBC Bank PLC 10 2.9 6,000 29 11 2.9 - HSBC Bank PLC 10 3.2 6,000 29 10 3.3 -0.1

CITIC Securities Co Ltd 11 2.7 5,487 44 14 1.7 1 CITIC Securities Co Ltd 11 1.8 3,332 36 14 1.7 0.1

China International Capital Corp 12 1.7 3,573 27 9 3.1 -1.4 Bank of China 12 1.5 2,768 20 15 1.5 -

China Merchants Securities Co Ltd 13 1.6 3,331 29 32 0.5 1.1 DBS Group Holdings Ltd 13 1.4 2,650 30 13 1.9 -0.5

GF Securities 14 1.6 3,322 27 85 0.1 1.5 CIMB 14 1.4 2,544 39 11 2.7 -1.3

Bank of China 15 1.5 3,125 23 17 1.3 0.2 China International Capital Corp 15 1.3 2,414 22 17 1.2 0.1

DBS Group Holdings Ltd 16 1.3 2,650 30 15 1.7 -0.4 Standard Chartered Bank 16 1.1 2,096 27 12 2 -0.9

CIMB 17 1.2 2,544 39 12 2.4 -1.2 China Merchants Securities Co Ltd 17 1 1,837 17 34 0.5 0.5

Standard Chartered Bank 18 1 2,096 27 13 1.8 -0.8 Maybank 18 1 1,804 28 18 1.2 -0.2

Guotai Junan Securities Co Ltd 19 1 2,094 28 18 1.3 -0.3 Woori Investment & Securities Co Ltd 19 0.8 1,515 16 16 1.3 -0.5

Maybank 20 0.9 1,804 28 20 1 -0.1 China Construction Bank 20 0.8 1,438 26 38 0.4 0.4

TOTAL 100% 206,732 1,848 157,732 100% TOTAL 100% 185,525 1,695 140,288 100%

Asia-Pacific ex-Japan Equity & Equity-Linked Asia-Pacific ex-Japan Equity Linked

Goldman Sachs & Co 1 9.7 18,154 65 2 10.1 -0.4 Credit Suisse 1 10.3 1,943 15 3 10.5 -0.2

Morgan Stanley 2 9.2 17,174 71 5 5.6 3.6 Goldman Sachs & Co 2 9.1 1,706 6 4 10 -0.9

Citi 3 7.3 13,555 62 6 4.5 2.8 JP Morgan 3 7.6 1,435 11 1 14 -6.4

UBS 4 6.7 12,559 106 1 13.9 -7.2 Citi 4 6.9 1,304 7 10 3.3 3.6

Deutsche Bank AG 5 6.6 12,342 55 7 4.5 2.1 HSBC Bank PLC 5 6.3 1,195 7 14 1.6 4.7

Credit Suisse 6 6.6 12,338 86 3 6.1 0.5 CITIC Securities Co Ltd 6 6 1,125 4 18 1.3 4.7

JP Morgan 7 5.7 10,696 58 4 6.1 -0.4 Deutsche Bank AG 7 5 933 8 9 3.4 1.6

Bank of America Merrill Lynch 8 4 7,440 38 9 3.3 0.7 KGI Securities Co Ltd 8 4.6 871 24 6 4 0.6

Macquarie Group Ltd 9 3.4 6,324 46 8 3.8 -0.4 Morgan Stanley 9 4.5 854 4 11 3.1 1.4

CITIC Securities Co Ltd 10 2.8 5,272 41 12 1.8 1 China International Capital Corp 10 4.3 810 3 8 3.9 0.4

HSBC Bank PLC 11 2.3 4,270 22 10 2.7 -0.4 UBS 11 3.5 662 5 2 11.5 -8

China International Capital Corp 12 1.9 3,451 26 15 1.7 0.2 Bank of America Merrill Lynch 12 2.5 467 5 12 2.5 -

China Merchants Securities Co Ltd 13 1.7 3,225 28 34 0.5 1.2 Standard Chartered Bank 13 2 375 4 17 1.5 0.5

Bank of China 14 1.5 2,821 21 17 1.5 - China Securities Co Ltd 14 1.7 326 2 13 1.9 -0.2

GF Securities 15 1.4 2,558 24 131 - 1.4 Haitong Securities Co Ltd 15 1.5 274 2 5 7.3 -5.8

DBS Group Holdings Ltd 16 1.3 2,444 28 16 1.6 -0.3 China Merchants Securities Co Ltd 16 1.4 266 1 - - -

CIMB 17 1.2 2,294 36 11 2.5 -1.3 Barclays 17 1.4 255 5 32 0.3 1.1

Maybank 18 0.8 1,566 25 19 1.2 -0.4 Industrial Securities Co Ltd 18 1.3 249 2 - - -

Haitong Securities Co Ltd 19 0.8 1,561 24 13 1.8 -1 Phatra Securities PCL 19 1.2 223 2 - - -

Woori Investment & Securities Co Ltd 20 0.8 1,515 16 18 1.3 -0.5 Taishin Financial Holding Co Ltd 20 1.1 205 7 24 0.6 0.5

TOTAL 100% 186,356 1,696 139,886 100% TOTAL 100% 18,841 215 22,071 100%

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Asia-Pacific ex-Japan Equity Offerings Asia-Pacific ex-Japan Equity Offerings (IPO)


Morgan Stanley 2 9.7 16,321 67 3 6.1 3.6 Deutsche Bank AG 2 7.5 7,576 21 5 5.1 2.4

Citi 3 7.3 12,251 55 5 4.7 2.6 Morgan Stanley 3 7.5 7,573 23 6 4.8 2.7

UBS 4 7.1 11,897 101 1 14.4 -7.3 Credit Suisse 4 6.8 6,884 28 3 7.1 -0.3

Deutsche Bank AG 5 6.8 11,409 47 6 4.7 2.1 Citi 5 6.3 6,398 18 8 3.4 2.9

Credit Suisse 6 6.2 10,395 71 4 5.3 0.9 JP Morgan 6 5.9 5,912 19 12 2.9 3

JP Morgan 7 5.5 9,261 47 7 4.6 0.9 UBS 7 4.6 4,682 34 2 7.4 -2.8

Bank of America Merrill Lynch 8 4.2 6,973 33 9 3.5 0.7 Macquarie Group Ltd 8 4.2 4,253 21 4 6.3 -2.1

Macquarie Group Ltd 9 3.7 6,137 44 8 4.5 -0.8 China Merchants Securities Co Ltd 9 2.8 2,818 25 27 0.9 1.9


HSBC Bank PLC 11 1.8 3,075 15 10 2.9 -1.1 Bank of China 11 2.5 2,553 16 13 2.6 -0.1

China Merchants Securities Co Ltd 12 1.8 2,959 27 31 0.5 1.3 GF Securities 12 2.5 2,524 22 90 0.1 2.4

Bank of China 13 1.6 2,746 20 13 1.8 -0.2 HSBC Bank PLC 13 2.4 2,410 8 7 3.6 -1.2

China International Capital Corp 14 1.6 2,641 23 18 1.3 0.3 DBS Group Holdings Ltd 14 2 2,039 20 11 2.9 -0.9

GF Securities 15 1.5 2,558 24 121 - 1.5 Bank of America Merrill Lynch 15 1.8 1,858 13 9 3.2 -1.4

DBS Group Holdings Ltd 16 1.4 2,364 27 15 1.7 -0.3 China International Capital Corp 16 1.5 1,534 18 16 1.9 -0.4

CIMB 17 1.3 2,127 35 11 2.7 -1.4 China Construction Bank 17 1.3 1,282 20 22 1.2 0.1

Maybank 18 0.9 1,566 25 16 1.4 -0.5 CIMB 18 1.2 1,167 18 10 3.1 -1.9

Guotai Junan Securities Co Ltd 19 0.9 1,510 24 46 0.3 0.6 Haitong Securities Co Ltd 19 1.2 1,165 18 23 1.1 0.1

Woori Investment & Securities Co Ltd 20 0.9 1,474 15 17 1.3 -0.4 Guotai Junan Securities Co Ltd 20 1.1 1,129 14 34 0.6 0.5

TOTAL 100% 167,516 1,482 117,815 100% TOTAL 100% 101,068 607 48,017 100%

Australia/NZ Equity, Equity Linked & Rights Australia/New Zealand Equity, Equity-Linked & Pfd

Goldman Sachs & Co 1 17.4 6,308 17 3 12 5.4 Goldman Sachs & Co 1 15.8 7,060 20 3 9.7 6.1

UBS 2 16.4 5,958 45 1 32.4 -16 UBS 2 14.8 6,619 48 1 27.4 -12.6

Macquarie Group Ltd 3 16.4 5,940 36 2 14.9 1.5 Macquarie Group Ltd 3 13.4 5,989 37 2 12.9 0.5

Deutsche Bank AG 4 10.2 3,685 13 4 7.9 2.3 Morgan Stanley 4 10.5 4,695 20 6 4 6.5

Citi 5 8.9 3,227 7 7 2.7 6.2 Deutsche Bank AG 5 9.3 4,172 14 4 8.5 0.8

Morgan Stanley 6 8.4 3,032 17 6 3.2 5.2 Citi 6 7.3 3,276 8 9 2.9 4.4

Bank of America Merrill Lynch 7 4.8 1,725 5 8 2.6 2.2 Commonwealth Bank Australia 7 5.4 2,435 14 8 3.4 2

Credit Suisse 8 2.9 1,061 11 5 7 -4.1 Bank of America Merrill Lynch 8 3.9 1,725 5 13 2.1 1.8

Morgans 9 1.6 579 21 27 0.1 1.5 Credit Suisse 9 2.4 1,061 11 5 5.7 -3.3

CIMB 10 1.6 568 8 10 1.9 -0.3 ANZ Banking Group 10 1.9 842 5 12 2.3 -0.4

Canaccord Genuity Corp 11 1.4 512 26 16 0.8 0.6 Westpac Banking 11 1.7 780 3 21 0.7 1

Commonwealth Bank Australia 12 1.4 500 11 12 1.6 -0.2 JP Morgan 12 1.5 671 9 7 3.5 -2

JP Morgan 13 0.9 331 6 9 2.5 -1.6 Morgans 13 1.4 627 22 17 1 0.4

Moelis & Co 14 0.9 320 9 11 1.8 -0.9 National Australia Bank Ltd 14 1.4 620 3 10 2.6 -1.2

Evans & Partner Pty Ltd 15 0.9 316 7 21 0.4 0.5 CIMB 15 1.3 568 8 15 1.6 -0.3

Bell Potter Securities Limited 16 0.7 269 23 15 1.1 -0.4 Canaccord Genuity Corp 16 1.1 512 26 20 0.7 0.4

Taylor Collison Ltd 17 0.7 252 14 43 - 0.7 Evans & Partner Pty Ltd 17 0.9 422 9 14 2.1 -1.2

First NZ Capital Ltd 18 0.4 152 3 14 1.2 -0.8 RBS 18 0.7 335 8 11 2.5 -1.8

Forsyth Barr Ltd 19 0.4 142 3 17 0.7 -0.3 Moelis & Co 19 0.7 320 9 16 1.5 -0.8

RBS 20 0.4 127 7 13 1.2 -0.8 Bell Potter Securities Limited 20 0.6 269 23 19 0.9 -0.3

TOTAL 100% 36,250 325 25,459 100% TOTAL 100% 44,750 332 31,667 100%

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Australia/New Zealand Equity & Rights Offerings China Domestic Equity (IPO)

Goldman Sachs & Co 1 17.4 6,308 17 3 11.7 5.7 GF Securities 1 17.3 14,571 14 - - -

UBS 2 16.4 5,958 45 1 32.8 -16.4 China Merchants Securities Co Ltd 2 8.9 7,519 11 - - -

Macquarie Group Ltd 3 16.4 5,940 36 2 15.1 1.3 Guosen Securities Co Ltd 3 7.6 6,396 12 - - -

Deutsche Bank AG 4 10.2 3,685 13 4 8 2.2 CITIC Securities Co Ltd 4 7.4 6,252 4 - - -

Citi 5 8.9 3,227 7 7 2.7 6.2 China Securities Co Ltd 5 5 4,232 7 - - -

Morgan Stanley 6 8.4 3,032 17 6 3.2 5.2 Guotai Junan Securities Co Ltd 6 4.2 3,529 4 - - -

Bank of America Merrill Lynch 7 4.8 1,725 5 8 2.6 2.2 New Times Securities Co Ltd 7 4 3,354 2 - - -

Credit Suisse 8 2.9 1,061 11 5 6.3 -3.4 Huatai Securities Co Ltd 8 3.7 3,146 5 - - -

Morgans 9 1.6 579 21 27 0.1 1.5 UBS Securities Co Ltd 9 3.3 2,759 2 - - -

CIMB 10 1.6 568 8 10 2 -0.4 China International Capital Corp 10 2.9 2,433 3 - - -

Canaccord Genuity Corp 11 1.4 512 26 16 0.8 0.6 Bank of China 11 2.6 2,165 3 - - -

Commonwealth Bank Australia 12 1.4 500 11 12 1.6 -0.2 Haitong Securities Co Ltd 12 2.2 1,866 4 - - -

JP Morgan 13 0.9 331 6 9 2.5 -1.6 China Galaxy Securities Co Ltd 13 1.9 1,604 2 - - -

Moelis & Co 14 0.9 320 9 11 1.9 -1 Minsheng Securities Co Ltd 14 1.8 1,552 5 - - -

Evans & Partner Pty Ltd 15 0.9 316 7 21 0.4 0.5 Donghai Securities Co Ltd 15 1.8 1,499 2 - - -

Bell Potter Securities Limited 16 0.7 269 23 15 1.1 -0.4 Guoyuan Securities Co Ltd 16 1.8 1,485 4 - - -

Taylor Collison Ltd 17 0.7 252 14 43 - 0.7 Qilu Securities Co Ltd 17 1.6 1,382 4 - - -

First NZ Capital Ltd 18 0.4 152 3 14 1.2 -0.8 China Cinda Asset Management Co Ltd 18 1.5 1,240 2 - - -

Forsyth Barr Ltd 19 0.4 142 3 17 0.7 -0.3 Southwest Securities Co Ltd 19 1.4 1,207 2 - - -

RBS 20 0.4 127 7 13 1.2 -0.8 Sinolink Securities Co Ltd 20 1.4 1,204 4 - - -

TOTAL 100% 36,229 323 25,134 100% TOTAL 100% 54,705 93 - 100%

HKSE Equity Offerings HKSE Equity & Rights Offerings

Morgan Stanley 1 18.8 9,586 35 3 8 10.8 Morgan Stanley 1 17.2 9,756 36 3 7.4 9.8


Bank of America Merrill Lynch 3 7.1 3,604 15 13 2.6 4.5 Bank of America Merrill Lynch 3 6.4 3,604 15 13 2.4 4

UBS 4 6.3 3,209 29 2 9.3 -3 HSBC Bank PLC 4 6.3 3,589 15 4 6.8 -0.5

HSBC Bank PLC 5 5.1 2,571 10 4 5.6 -0.5 UBS 5 5.7 3,209 29 2 9.5 -3.8

Bank of China 6 4.7 2,389 17 5 5.3 -0.6 Bank of China 6 4.8 2,693 19 5 4.9 -0.1

China International Capital Corp 7 4.4 2,242 20 7 3.7 0.7 China International Capital Corp 7 4.2 2,364 21 6 4 0.2


China Merchants Securities Co Ltd 9 3.3 1,677 15 20 1.3 2 Deutsche Bank AG 9 3.3 1,854 16 7 3.6 -0.3

Deutsche Bank AG 10 3.3 1,658 14 6 3.8 -0.5 China Merchants Securities Co Ltd 10 3.2 1,783 16 18 1.6 1.6

China Construction Bank 11 2.8 1,438 26 18 1.5 1.3 China Construction Bank 11 2.5 1,438 26 20 1.4 1.1

Credit Suisse 12 2.3 1,191 11 8 3.5 -1.2 Citi 12 2.3 1,321 16 10 2.9 -0.6

Citi 13 2.2 1,126 14 11 2.8 -0.6 JP Morgan 13 2.3 1,273 13 12 2.7 -0.4

Haitong Securities Co Ltd 14 2 1,010 19 15 2.1 -0.1 Credit Suisse 14 2.1 1,191 11 8 3.2 -1.1

Industrial & Comm Bank of China 15 1.9 992 12 21 1.3 0.6 Haitong Securities Co Ltd 15 1.8 1,010 19 14 2.2 -0.4

Guotai Junan Securities Co Ltd 16 1.8 915 19 28 0.8 1 Industrial & Comm Bank of China 16 1.8 992 12 21 1.2 0.6

JP Morgan 17 1.7 877 10 10 2.9 -1.2 Kingston Securities 17 1.7 979 71 25 1 0.7

Kingston Securities 18 1.4 689 51 30 0.7 0.7 Standard Chartered Bank 18 1.7 966 9 11 2.9 -1.2

DBS Group Holdings Ltd 19 1.3 658 11 27 0.9 0.4 Guotai Junan Securities Co Ltd 19 1.7 961 21 29 0.8 0.9

Agricultural Bank of China Ltd 20 1.2 635 7 16 2.1 -0.9 BNP Paribas SA 20 1.6 897 9 17 1.7 -0.1

TOTAL 100% 50,881 370 39,978 100% TOTAL 100% 43,069 442 43,069 100%

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India Domestic Equity Offerings Indonesia Equity & Rights Offerings

Deutsche Bank AG 1 19 112 6 7 6.5 12.5 Danareksa Sekuritas PT 1 20.1 6,995 7 8 4.6 15.5

JP Morgan 2 11.6 69 7 8 6 5.6 JP Morgan 2 13.5 4,690 1 - - -

Citi 3 11.5 68 9 1 15.3 -3.8 Goldman Sachs & Co 3 11.1 3,858 2 17 0.9 10.2

CITIC Securities Co Ltd 4 6.9 41 6 17 1.1 5.8 Credit Suisse 4 10.6 3,689 4 6 6.1 4.5

Kotak Mahindra Bank Ltd 5 6 36 11 2 11 -5 Ciptadana Sekuritas 5 7.5 2,607 4 7 4.7 2.8

Axis Bank Ltd 6 5.4 32 11 6 6.7 -1.3 CIMB 6 4.6 1,600 2 5 9.3 -4.7

JM Financial Ltd 7 4.9 29 5 16 1.3 3.6 Mandiri Sekuritas PT 7 4.5 1,581 4 4 11.5 -7

Bank of America Merrill Lynch 8 4.7 28 4 13 2.2 2.5 Bank of America Merrill Lynch 8 4 1,391 1 - - -

UBS 9 4.2 25 4 10 5.4 -1.2 Bahana Securities 9 3.9 1,363 4 1 14.5 -10.6

Goldman Sachs & Co 10 3.9 23 4 5 7.5 -3.6 UBS 10 3.6 1,265 2 2 13.9 -10.3

HSBC Bank PLC 11 3.4 20 3 11 3.1 0.3 CITIC Securities Co Ltd 11 2.4 849 2 9 4 -1.6

Standard Chartered Bank 12 3.1 18 5 14 2 1.1 Sucorinvest Central Gani 12 2 696 3 - - -

ICICI 13 2.9 17 12 9 5.6 -2.7 Sinarmas Securities PT 13 1.9 654 3 - - -

Morgan Stanley 14 1.9 11 3 4 7.9 -6 RHB 14 1.6 564 3 15 1.4 0.2

Credit Suisse 15 1.6 10 4 12 3.1 -1.5 Citi 15 1.1 399 1 11 2.4 -1.3

Edelweiss Financial Services Ltd 16 1.2 7 7 20 0.4 0.8 Deutsche Bank AG 15 1.1 399 1 14 1.7 -0.6

Ambit Corporate Finance Ltd 17 1.1 7 5 - - - Standard Chartered Bank 15 1.1 399 1 - - -

IDFC Capital Ltd 18 1.1 6 5 15 2 -0.9 Valbury Asia Securities/Indonesia 18 1.1 370 2 22 0.6 0.5

State Bank of India 19 0.9 5 3 3 8.7 -7.8 Indo Premier Securities 19 0.9 322 2 10 2.5 -1.6

Motilal Oswal Investment Advisors 20 0.8 5 1 - - - Kresna Graha Sekurindo PT 20 0.8 289 2 16 0.9 -0.1

TOTAL 100% 591 97 488 100% TOTAL 100% 34,782 34 52,251 100%

Japanese Equity & Equity Linked Japanese Equity Offerings

Nomura Holdings Inc 1 35.4 997 74 1 28 7.4 Nomura Holdings Inc 1 30.2 626 56 1 28.2 2

Sumitomo Mitsui Financial Group Inc 2 16.8 471 41 3 15.3 1.5 Sumitomo Mitsui Financial Group Inc 2 18.8 389 33 3 16.9 1.9

Daiwa Securities Group Inc 3 14.9 419 56 4 10.1 4.8 Daiwa Securities Group Inc 3 13.1 272 46 5 8.2 4.9

Mizuho Financial Group Inc 4 9.7 273 29 5 9.9 -0.2 Mizuho Financial Group Inc 4 11.9 247 26 4 8.7 3.2

Mitsubishi UFJ Morgan Stanley Securities 5 7.7 217 19 2 16.3 -8.6 Mitsubishi UFJ Morgan Stanley Securities 5 8.4 174 15 2 17.1 -8.7

Goldman Sachs & Co 6 6.1 171 9 6 5.3 0.8 Goldman Sachs & Co 6 5.8 119 5 6 5.4 0.4

Bank of America Merrill Lynch 7 3.3 93 7 7 3.3 - Bank of America Merrill Lynch 7 4.5 93 7 7 4 0.5

Deutsche Bank AG 8 1.8 51 3 9 2.6 -0.8 UBS 8 2.4 49 7 8 3.2 -0.8

UBS 9 1.8 49 7 8 3.2 -1.4 JP Morgan 9 1.9 39 4 9 3 -1.1

JP Morgan 10 1.4 39 4 10 2.5 -1.1 Deutsche Bank AG 10 1.5 31 2 10 2.6 -1.1

Citi 11 0.5 15 3 11 1.4 -0.9 Citi 11 0.7 15 3 12 0.8 -0.1

SBI Securities Co Ltd 12 0.3 9 7 16 0.1 0.2 SBI Securities Co Ltd 12 0.5 9 7 15 0.1 0.4

Ichiyoshi Securities Co Ltd 13 0.2 4 2 14 0.3 -0.1 Ichiyoshi Securities Co Ltd 13 0.2 4 2 13 0.4 -0.2

Tokai Tokyo Securities Co Ltd 14 0 1 3 15 0.2 -0.2 Tokai Tokyo Securities Co Ltd 14 0.1 1 3 14 0.3 -0.2

HS Securities Co Ltd 15 0 1 2 - - - HS Securities Co Ltd 15 0.1 1 2 - - -

Toyo Securities Co Ltd 16 0 1 1 19 - - Toyo Securities Co Ltd 16 0 1 1 17 - -

TOTAL 100% 2,812 181 4,352 100% TOTAL 100% 2,072 150 3,596 100%

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Japanese Equity Offerings (IPO) Korea Domestic Equity Offerings

Nomura Holdings Inc 1 36.5 261 23 1 31.8 4.7 Citi 1 14.5 1,627 10 5 8.4 6.1

Mitsubishi UFJ Morgan Stanley Securities 2 16.3 117 6 2 18.9 -2.6 Woori Investment & Securities Co Ltd 2 14.1 1,582 15 1 21.3 -7.2

Sumitomo Mitsui Financial Group Inc 3 14.4 103 8 3 16.8 -2.4 Daewoo Securities Co Ltd 3 11 1,241 14 4 8.6 2.4

Mizuho Financial Group Inc 4 13.2 95 7 5 8.7 4.5 JP Morgan 4 10.2 1,150 5 10 1.8 8.4

Daiwa Securities Group Inc 5 6.7 48 22 6 3 3.7 Credit Suisse 5 8.8 991 7 16 1.2 7.6

Bank of America Merrill Lynch 6 4.8 35 3 9 1.7 3.1 Samsung Securities Co Ltd 6 8.7 982 10 6 5.5 3.2

Goldman Sachs & Co 7 3.7 27 2 4 9.9 -6.2 Korea Investment & Securities Co 7 7 782 14 11 1.8 5.2

UBS 8 1.7 12 1 9 1.7 - Hana Financial Group Inc 8 6 674 7 20 0.8 5.2

JP Morgan 9 0.9 6 2 7 2.8 -1.9 Goldman Sachs & Co 9 6 672 2 3 12.3 -6.3

SBI Securities Co Ltd 10 0.5 4 5 12 0.3 0.2 UBS 10 3.7 418 4 16 1.2 2.5

Ichiyoshi Securities Co Ltd 11 0.5 4 1 13 0.3 0.2 Bank of America Merrill Lynch 11 1.5 169 2 2 16.6 -15.1

Citi 12 0.4 3 1 8 2.3 -1.9 Mirae Asset Securities 12 1.3 141 2 18 1.1 0.2

Tokai Tokyo Securities Co Ltd 13 0.2 1 3 - - - Macquarie Group Ltd 13 1.1 128 3 12 1.5 -0.4

HS Securities Co Ltd 14 0.1 1 1 - - - KB Investment & Securities Co Ltd 14 0.8 94 5 26 0.2 0.6

Toyo Securities Co Ltd 15 0.1 1 1 - - - Morgan Stanley 15 0.8 89 1 9 1.9 -1.1

Nomura Holdings Inc 16 0.7 75 1 13 1.5 -0.8

Hyundai Securities 17 0.6 68 4 22 0.8 -0.2

HI Investment & Securities Co Ltd 18 0.5 52 1 19 1 -0.5

KTB Investment & Securities Co Ltd 19 0.4 41 3 - - -

Kiwoom Securities Co Ltd 20 0.4 40 1 14 1.3 -0.9

TOTAL 100% 716 68 1,143 100% TOTAL 100% 11,245 94 8,321 100%

Malaysia Domestic Equity Offerings SGX Equity & Rights Offerings

CIMB 1 17.3 3,388 14 1 21.3 (4.0) JP Morgan 1 16 1,069 4 2 16.5 -0.5

Maybank 2 17.3 3,385 11 2 20.7 (3.4) DBS Group Holdings Ltd 2 12.2 811 15 1 17.7 -5.5

Credit Suisse 3 13.7 2,678 8 3 7.5 6.2 Citi 3 11.5 769 5 3 7.3 4.2

RHB 4 8.6 1,693 33 4 7.3 1.3 Bank of America Merrill Lynch 4 11.2 749 2 14 2.2 9

Hong Leong Investment Bank Bhd 5 7.1 1,389 12 11 2.0 5.1 HSBC Bank PLC 5 11.1 738 2 5 5.7 5.4

Bank of America Merrill Lynch 6 6.0 1,183 1 10 2.5 3.5 Standard Chartered Bank 6 5.1 337 6 7 5.3 -0.2

AmInvestment Bank Bhd 7 5.6 1,089 10 9 3.8 1.8 Credit Suisse 7 4.6 307 4 11 3.6 1

UBS 8 5.2 1,015 4 - - - Daiwa Securities Group Inc 8 4.6 306 1 26 0.2 4.4

Affin Hwang Capital 9 4.8 940 5 - - - Goldman Sachs & Co 9 3.7 248 2 4 6.9 -3.2

Kenanga Investment Bank Bhd 10 3.3 654 6 6 6.1 (2.8) Oversea-Chinese Banking Corp 10 2.6 176 3 8 5.2 -2.6

JP Morgan 11 2.9 568 2 24 0.6 2.3 PrimePartners Corporate Finance Pte Ltd 11 2 135 8 20 0.6 1.4

BNP Paribas SA 12 1.6 315 1 17 0.8 0.8 UOB Kay Hian 12 1.7 110 7 9 4.2 -2.5

M&A Securities Sdn Bhd 13 1.3 248 12 22 0.7 0.6 CIMB 13 1.4 97 4 6 5.5 -4.1

Bank Islam Malaysia Berhad 14 1.2 238 3 29 0.1 1.1 United Overseas Bank 14 1.4 94 4 13 2.4 -1

Public Bank Berhad 15 0.8 158 5 25 0.4 0.4 RHB 15 1.3 85 4 16 1.6 -0.3

KAF Investment Bank Bhd 16 0.7 130 14 30 0.1 0.6 Morgan Stanley 16 1.2 80 1 18 1.2 -

CITIC Securities Co Ltd 17 0.6 122 1 14 1.4 (0.8) Deutsche Bank AG 17 1.2 78 1 15 1.9 -0.7

Inter-Pacific Securities 17 0.6 122 1 28 0.2 0.4 UBS 18 1.1 73 2 10 3.7 -2.6

TA Securities Holdings Bhd 19 0.6 122 28 21 0.8 (0.2) Jefferies LLC 19 1 64 1 - - -

Alliance Investment Bank Bhd 20 0.3 68 1 12 1.8 (1.5) Barclays 20 0.9 63 1 19 1.1 -0.2

TOTAL 100% 19,576 135 14,952 100% TOTAL 100% 6,671 60 11,150 100%

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Taiwan Domestic Equity Offerings Thailand Domestic Equity Offerings

UBS 1 20.8 18,775 2 6 7 13.8 DBS Group Holdings Ltd 1 25.3 29,825 2 - - -

Morgan Stanley 2 12.6 11,358 6 4 7.5 5.1 Siam Commercial Bank PCL 2 14.4 16,967 6 4 11.2 3.2

Goldman Sachs & Co 3 12.3 11,123 4 9 4.9 7.4 Bangkok Bank PCL 3 14.3 16,776 8 3 11.3 3

KGI Securities Co Ltd 4 8.7 7,855 22 1 17.1 -8.4 Maybank 4 7 8,266 7 18 0.7 6.3

Fubon Financial Holding Co Ltd 5 8.1 7,364 7 7 5.2 2.9 Kasikornbank PCL 5 6.5 7,620 3 7 5.8 0.7

Sinopac Securities Corp 6 6.3 5,668 8 5 7.3 -1 Finansia Syrus Securities PCL 6 4.2 4,924 7 15 0.9 3.3

Bank of America Merrill Lynch 7 5.8 5,258 1 - - - CIMB 7 4.1 4,800 2 9 3.4 0.7

Yuanta Securities Co Ltd 8 4.2 3,838 9 3 8 -3.8 Citi 8 3.1 3,625 1 - - -

JP Morgan 9 3.9 3,563 2 - - - Credit Suisse 8 3.1 3,625 1 5 10.7 -7.6

Cathay Securities Co Ltd 10 2.7 2,457 6 18 1.4 1.3 KT ZMICO Securities Co Ltd 10 2.3 2,665 5 19 0.3 2

Grand Fortune Securities Co 11 2.6 2,360 13 23 0.4 2.2 Capital Nomura Securities PCL 11 2.2 2,640 5 16 0.7 1.5

Capital Securities Corp 12 2.4 2,195 11 14 2.1 0.3 Macquarie Group Ltd 12 2 2,311 1 - - -

Citi 13 1.4 1,297 1 2 10.5 -9.1 Asia Plus Securities 13 1.8 2,163 2 10 2.4 -0.6

Barclays 14 1.3 1,202 1 8 5.1 -3.8 Standard Chartered Bank 14 1.3 1,565 1 - - -

Taishin Financial Holding Co Ltd 15 1.3 1,151 6 15 2.1 -0.8 AEC Securities PCL 15 1.3 1,560 1 - - -

Horizon Securities Co Ltd 16 1.1 965 5 19 1 0.1 RHB 16 1.2 1,376 3 - - -

CTBC Financial Holding Co Ltd 17 1 889 4 11 3.8 -2.8 Ayudhya Securities PCL 17 1.1 1,300 1 - - -

Mega Securities Co Ltd 18 0.8 749 6 20 1 -0.2 Trinity Securities Co Ltd 18 1 1,141 1 - - -

Concord Securities 19 0.7 647 3 17 1.5 -0.8 CITIC Securities Co Ltd 19 1 1,126 2 - - -

First Securities Inc 20 0.4 334 2 21 0.9 -0.5 Apple Wealth Securities Co Ltd 20 0.7 877 2 - - -

TOTAL 100% 90,421 140 80,138 100% TOTAL 100% 117,704 52 256,267 100%

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Bloomberg Equity & Equity Linked - League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

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

Equities

Equity market transactions: initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarch titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional table.

Equities- Linked

Equity-linked transactions: convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole calls, provisional calls, and provisional puts are exempt from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarch titles, i.e. Jr Bookrunner.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {IDOC 2016701 <GO>}: Equity {IDOC 2027097 <GO>}: Equity Linked {IDOC 2061504 <GO>}: Structured Note {IDOC 2016703 <GO>}: Fixed Income {IDOC 2065648 <GO>}: Syndicated Loans {IDOC 2027014 <GO>}: Legal Adviser Fixed Income {IDOC 2021549 <GO>}: Legal Adviser Equity

Documents

2014 League Tables Global Equity Capital Market