debt capital markets review - Thomson Reuters Deal Making Intelligence [PDF]

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Dec 31, 2012 - 39.2. 1. 5.9. △. △. 44.7. 11.9. △. △. 11.0. RBS. +4.9. +4.0 △. # of Deals per Bookrunner. -1.4. 7.7. Share Ch. Bank of America Merrill Lynch.
DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2012

Full Year 2012 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets Review Table of Contents Global Debt

International Debt

Asia Debt

Global Deals Intelligence

1

EMEA Deals Intelligence

9

Asia Deals Intelligence

13

Global Debt, Equity & Equity Related (A1)

1

All International Bonds (J1)

9

Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

13

Global Debt and Syndicated Loans

1

All International Securitizations (J10c)

9

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

13

Global Scorecard

2

All Bonds in Euros (N1)

9

Dim Sum Bonds (AS24a)

13

Leading Underwriters for Fourth Quarter 2012

2

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

13

Global Debt (B1)

2

Global High Yield Deals Intelligence

10

Global Investment Grade Corporate Debt (B7)

3

Global High Yield Debt (B4)

10

Australia Deals Intelligence

14

Global Debt and Syndicated Loans Islamic Finance

3

Global High Yield Debt - US Dollar Denominated (B5)

10

funded) (AJ3a) All Australian Debt (ex self self-funded)

14

Global Mortgage-Backed Securities (B10)

3

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

14

Global Asset-Backed Securities (B11) & (B13)

3

All Australian International Bonds (AJ7)

14

Banking Composite of Top Global Debt Bookrunners

4

All International Emerging Market Bonds (L1)

11

Global Debt Rankings - Last Ten Years

5

EMEA Emerging Market Bonds (L2)

11

Japan Deals Intelligence

15

Latin America Emerging Market Bonds (L3)

11

All Bonds in Yen (AP5)

15

US Debt

High Yield Debt

Emerging Market Debt

Australian Debt

Japan Debt

US Debt (F1)

6

Asia-Pacific Emerging Market Bonds (L4)

11

Samurai Bonds (AP1)

15

US High Yield Corporate Debt (F8)

6

Middle East Emerging Market Bonds (L5)

11

Japanese Securitizations (AP2)

15

US Investment Grade Corporate Debt (F9)

6

Japanese Corporate Debt (AP3)

16

All Federal Credit Agency Debt (H1)

6

All Brazilian Debt (BR1)

12

Bonds Targeted in Japan (AP4)

16

US Asset-Backed Securities (F14)

7

Brazilian Domestic Debt (BR2)

12

US Mortgage-Backed Securities (F11)

7

Global Debt by Mexican Issuers (MX1)

12

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

7

Global Debt in Mexican Pesos (MX2)

12

Banking Composite of Top US Debt Bookrunners

8

Domestic Mexican Debt (MX3)

12

Emerging Market Debt - Latin America

Criteria Summary Debt Capital Markets Criteria Summary

Thomson Reuters Solutions for the Deal Making Community

17

18

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Full Year 2012

DEBT CAPITAL MARKETS REVIEW Global Debt Activity Up 10% from 2011 l Corporate Debt Volume Breaks All-Time Annual Records l JP Morgan Tops Underwriting, Fee Rankings Global High Yield Corporate Debt- Quarterly $120

Proceeds ($bil)

$100

STRONGEST YEAR FOR GLOBAL HIGH YIELD, INVESTMENT GRADE DEBT ON RECORD - The volume of global high yield corporate debt reached US$389.0 billion during full year 2012, a 38% increase compared to full year 2011 and the strongest annual period for high yield debt activity since records began in 1980. High yield issuance during the fourth quarter of 2012 totaled US$113.2 billion, narrowly surpassing the third quarter of 2012 and setting an all-time quarterly record. Issuers in the United States accounted for 72% of overall volume, up 49% from a year ago. The average coupon for fixed rate global high yield new issues during full year 2012 fell to 7.725%, ranking as lowest annual percentage on record. Global investment grade corporate debt totaled US$2.7 trillion during full year 2012, a 15% increase compared to 2011 and an all-time annual record.

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

9.4% ▲ ­4.8% ▼

18,526 0.8% ▲ -7.0% ▼

+6,634

100 $40 50

2007

2008

2009

2010

2011

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q3

Q2

Q1

Q4

2006

2012

Global Debt Capital Markets by Asset Class $2.4 $2.2 $2.0

Proceeds (US$t)

$1.8 $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

$0.0

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Investment Grade Corporate

MBS

Agency, Supranational, Sovereign

Federal Credit Agency

ABS

High Yield Corporate

Emerging Market Corporate

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 2054 11.1 +591 ▲ 1776 9.6 +275 ▲ 1458 7.9 +287 ▲ 1646 8.9 +502 ▲ 1611 8.7 +307 ▲ 1522 8.2 +333 ▲ 1032 5.6 +216 ▲ 1162 6.3 +182 ▲ 6.7 +339 ▲ 1235 1199 6.5 +188 ▲

150 $60

2005

JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLES - Bolstered by strength in global investment grade and high yield corporate debt underwriting, JP Morgan took the top spot for full year 2012 debt underwriting with total proceeds of $438.6 billion and an increase of 1.0 market share point. Deutsche Bank moved into the number two spot during full year 2012, with 6.7% market share, while Barclays fell to third place with a 0.5 market share decline compared to full year 2011. Based on underwriting fees for full year 2012, JP Morgan topped all other underwriters with an estimated $1.9 billion, or 8.6% of overall fees this year. 28% INCREASE FOR DEBT UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimated fees from debt capital markets activity totaled US$21.7 billion during full year 2012, up 28% from full year 2011. Fees from investment grade debt underwriting totaled US$10.4 billion, or 48% of the overall total, while fees from high yield debt totaled $6.1 billion or 28% of overall DCM fees. High yield underwriting fees increased 37% compared to full year 2011.

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 1 488,611.9 7.9 +1.0 ▲ 2 2 409,654.5 6.6 0.1 ▼ 6.2 -0.3 ▼ 3 3 384,649.5 4 5 373,597.3 6.0 +0.5 ▲ 5 4 339,112.0 5.5 -0.3 ▼ 330,553.8 6 6 5.3 +0.4 ▲ 7 292,579.7 4.7 -0.1 ▼ 7 8 -0.1 ▼ 8 252,709.1 4.1 9 11 240,661.6 3.9 +0.2 ▲ 10 3.4 -0.6 ▼ 9 211,077.8 +0.6 ▲ 3,323,207.2 53.6 6,191,660.7 100.0

200

$80

$0

EMERGING MARKETS CORPORATE DEBT UP 32%, SETTING ALL-TIME RECORD - New issuance of corporate debt from emerging markets issuers totaled US$305.9 billion during full year 2012, a 32% increase from full year 2011 and the strongest annual period for emerging markets corporate debt since records began in 1980. Activity was led by issuers from Russia, India and Brazil which account for 52% of all emerging markets corporate debt this year.

Bookrunner JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co Credit Suisse HSBC Holdings PLC UBS Top Ten Total Industry Total

Number of Offerings

$20

FINANCIALS ACCOUNT FOR 50% OF 2012 DCM ACTIVITY – Debt capital markets activity in the financials sector totaled US$2.8 trillion during full year 2012, accounting for 50% of all new issues this year. Consumer products and real estate debt capital markets activity saw the strongest year-over-year growth, registering increases of 64% and 62%, respectively, over full year 2011, while new issues in the high technology sector saw year-over-year declines of 7%. Average deal size in the healthcare sector led all industries during full year 2012, with the average deal totaling US$957.4 million.

Global Debt, Equity & Equity-related (A1)

250 Global High Yield Debt ($bil)

Number of Offerings

Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS UP 10% FROM 2011 - Overall global debt capital markets activity totaled US$5.6 trillion during full year 2012, a 10% increase from the comparable period in 2011 and the strongest annual period for global debt capital markets activity since 2009. Fourth quarter global debt activity totaled US$1.3 trillion, a 5% decrease compared to the third quarter of 2012 but a 28% increase from the fourth quarter of 2011.

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 2,853.2 +0.8 ▲ 8.1 1,913.5 5.4 -0.1 ▼ 1,662.9 4.7 +0.3 ▲ 2,122.1 6.0 +1.0 ▲ +0.1 ▲ 2,476.4 7.0 6.0 +0.1 ▲ 2,103.9 +0.5 ▲ 5.7 1,987.8 4.6 -0.4 ▼ 1,624.0 +0.5 ▲ 2.6 901.4 1,295.0 3.7 +0.3 ▲ 18,940.2 +3.1 ▲ 53.8 35,205.7 100.0

Bookrunner JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse BNP Paribas SA Top Ten Total Industry Total

5.3% ▲ 2.0% ▲

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 455,884.0 1 1 5.3 -1.0 ▼ 2 393,157.6 2 4.6 0.4 ▼ 3 3 377,565.6 4.4 -0.4 ▼ 4 340,631.4 3.9 -0.4 ▼ 4 5 -0.2 ▼ 3.5 5 304,008.1 6 302,464.7 3.5 -0.6 ▼ 6 7 8 241,344.6 2.8 -0.3 ▼ 8 11 2.7 235,766.9 -0.4 ▼ 222,102.2 2.6 -0.2 ▼ 9 10 7 202,757.9 2.4 +0.3 ▲ 10 3,075,683.0 35.7 -3.6 ▼ 8,635,848.7 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

-3.7% ▼ 11.2% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1871 7.4 +439 ▲ 6.8 +167 ▲ 1699 5.3 +170 ▲ 1333 1472 5.9 +365 ▲ 1420 5.6 +199 ▲ 1463 5.8 +304 ▲ 832 3.3 +157 ▲ 1216 4.8 +307 ▲ ▼ 1077 4.3 -23 ▼ 902 3.6 -66 25,160

-1,949

-7.2% ▼ -10.2% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 3,171.2 8.8 +8.8 ▲ +5.1 ▲ 1,817.6 5.1 1,768.7 4.9 +4.9 ▲ 2,153.7 +6.0 ▲ 6.0 2,832.4 7.9 +7.9 ▲ 1,581.2 4.4 +4.4 ▲ 1,518.3 +4.2 ▲ 4.2 944.3 2.6 +2.6 ▲ 1,642.0 4.6 +4.6 ▲ 723.0 2.0 +2.0 ▲ 50.5 +50.5 ▲ 18,152.4 35,948.4 100.0 10.9% ▲ 11.2% ▲

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

Global Debt Global Debt (B1)

Global Scorecard Jan 1 2012 - Dec 31 2012 Proceeds No. Deals $USm

Jan 1 2011 - Dec 31 2011 No. Proceeds Deals $USm

% Change in Proceeds

All US Debt (F1) US Long-term Debt (F2) US Long-term Straight ex MBS, ABS & Munis (F3) US Federal Credit Agency Debt (F7) US High Yield Corporate Debt (F8) US Investment Grade (F9) Agency, Sovereign & Supranational Debt (F10) US Mortgage-backed Securities (F11) US Asset-backed Securities (F14) US Taxable Municipal Debt (F15) US Short-term Debt - including MBS, ABS (F16)

2,507,180.3 1,887,817.2 244,499.7 326,194.2 999,541.0 229,958.3 380,757.3 238,605.8 16,897.6 232,015.5

4,981 3,913 1,341 613 1,129 701 643 425 543 1,677

2,095,478.6 1,525,194.9 241,447.7 225,803.7 763,140.5 222,115.2 420,615.7 137,361.6 23,332.9 223,250.0

4,248 3,283 1,161 442 802 773 575 266 733 2,117

+19.6% +23.8% +1.3% +44.5% +31.0% +3.5% -9.5% +73.7% -27.6% +3.9%

▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▲

All Global Debt (B1) Global Long-term Debt (B2) Global Long-term Debt ex MBS, ABS & Munis (B3) Global High Yield Corporate Debt (B4) Global Investment Grade Corporate Debt (B7) US Federal Credit Agency Debt (B8) Global Agency, Sovereign & Supranational Debt (B9) Global Mortgage-backed Securities (B10) Global Asset-backed Securities (B11) Global Short-term Debt (B14)

5,276,258.2 4,493,229.1 388,972.2 2,655,329.2 257,138.2 1,139,533.2 461,999.6 321 029 5 321,029.5 308,466.3

12,590 11,022 743 6,126 1,397 2,624 733 836 2,272

4,764,642.3 3,998,912.7 282,426.9 2,317,921.8 249,361.2 1,109,448.8 530,076.1 223 347 1 223,347.1 291,032.0

11,767 10,317 540 5,806 1,197 2,673 683 643 2,727

+10.7% +12.4% +37.7% +14.6% +3.1% +2.7% -12.8% +43 7% +43.7% +6.0%

▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲

Bookrunner JP Morgan Deutsche Bank Barclays Citi Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse BNP Paribas SA UBS RBS RBC Capital Markets Wells Fargo & Co Nomura Credit Agricole CIB UniCredit Societe Generale Mizuho Financial Group Natixis Daiwa Securities Group Inc TD Securities Inc Standard Chartered PLC Santander Commerzbank AG Top Twenty Five Total Industry Total

Leading Underwriters for Fourth Quarter 2012 Current Qtr Market Share (%)

Mkt. Share Chg. from Last Qtr (%)

Consecutive Quarters No. 1

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 438,560.9 +1.0 ▲ 7.9 -0.1 ▼ 6.7 3 369,651.5 2 3 2 352,894.1 6.4 -0.5 ▼ 4 5 322,098.5 5.8 +0.3 ▲ 5 4 293,056.9 5.3 -0.4 ▼ 278,364.8 6 +0.4 ▲ 6 5.0 235,251.0 -0.1 ▼ 7 4.2 7 9 +0.3 ▲ 231,902.5 8 4.2 10 212,126.0 -0.1 ▼ 3.8 9 3.4 10 8 189,706.7 -0.7 ▼ 11 174,787.5 3.2 -0.6 ▼ 11 12 12 174,693.5 -0.4 ▼ 3.1 13 13 132,200.8 +0.2 ▲ 2.4 14 17 121,987.3 +0.8 ▲ 2.2 15 14 108,364.7 2.0 0 89,761.8 1.6 0 16 15 17 86,787.4 20 1.6 +0.5 ▲ 16 82,446.7 1.5 0 18 1.5 82,423.7 19 18 +0.3 ▲ 64,982.3 1.2 20 19 0 46 678 4 08 -0 2 ▼ 21 21 46,678.4 0.8 -0.2 46,614.7 22 22 0.8 -0.1 ▼ 30 0.8 23 44,166.1 +0.2 ▲ 24 40,047.5 23 0.7 -0.1 ▼ 25 28 0.6 33,057.8 0 2,923,612.9 +0.1 ▲ 52.7 100.0 5,557,241.1

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A1)

No. 1 Manager JP Morgan

8.5

+0.4



4

Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E1) U.S. Disclosed Fees (E2)

Barclays JP Morgan Barclays

10.0 13.0 10.3

+5.6 +1.0 +3.5

▲ ▲ ▲

1 3 1

Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B1) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B11)

JP Morgan Bank of America Merrill Lynch JP Morgan JP Morgan

8.5 9.7 8.9 12.0

+0.2 -0.4 +0.8 -0.6

▲ ▼ ▲ ▼

3 1 2 3

US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F1) U.S. LT Debt inc MBS,ABS &Tax Munis(F2) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H1) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F11) U.S. Asset-backed Securities (F14)

JP Morgan JP Morgan JP Morgan Bank of America Merrill Lynch Deutsche Bank Deutsche Bank Barclays JP Morgan

13.3 13.5 16.8 10.9 12.6 15.6 14.2 14.2

+1.1 +0.9 +1.3 -0.7 +6.3 +11.3 +8.7 -1.4

▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼

3 3 10 1 1 1 1 5

International Bonds All International Bonds (J1) All Bonds in Euro (N1) All International Securitizations (J10c)

JP Morgan UniCredit JP Morgan

9.2 9.5 10.6

-0.4 +2.7 +10.6

▼ ▲ ▲

2 1 2

Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS1)

HSBC Holdings PLC CITIC

15.3 12.0

+5.2 +6.4

▲ ▲

1 3

-10%

Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5)

ANZ Banking Group National Australia Bank

22 37

+7.4 +11.0

▲ ▲

1 2

-20%

10.3% ▲ -5.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 11.7 +533 ▲ 1738 1514 10.2 +218 ▲ 1259 8.5 +240 ▲ 1352 9.1 +421 ▲ 1314 8.8 +252 ▲ 1253 8.4 +324 ▲ 5.2 +154 ▲ 768 1183 8.0 +327 ▲ 906 6.1 +111 ▲ 5.3 +17 790 ▲ 930 6.3 +106 ▲ ▲ 772 5.2 +73 724 4.9 +184 ▲ 4.8 +215 ▲ 708 485 3.3 +83 ▲ ▲ 342 2.3 +83 1.8 +86 ▲ 268 2.0 +71 ▲ 302 ▲ 604 4.1 +86 ▲ 235 1.6 +18 21 313 2.1 -3 ▼ 286 ▲ 1.9 +40 ▲ 427 2.9 +82 151 ▲ 1.0 +17 130 0.9 +38 ▲ 14,870

+358

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1,876.9 8.6 +0.4 ▲ -0.7 ▼ 1,255.6 5.8 1,160.7 5.3 0 1,435.8 6.6 +0.8 ▲ 7.3 -0.3 ▼ 1,594.1 1,197.7 5.5 +0.2 ▲ 1,101.0 5.1 +0.2 ▲ 3.4 +0.4 ▲ 737.8 1,020.0 4.7 -0.5 ▼ 485.1 2.2 -0.8 ▼ 730.4 3.4 +0.3 ▲ -0.4 ▼ 636.6 2.9 610.9 2.8 +0.4 ▲ 794.8 3.7 +1.4 ▲ 210.2 1.0 -0.2 ▼ +0.1 ▲ 264.4 1.2 157.6 0 0.7 0.9 203.5 -0.1 ▼ 291.5 1.3 -0.3 ▼ 0 145.6 0.7 128 7 06 -0 2 ▼ 128.7 0.6 -0.2 222.9 1.0 -0.2 ▼ 0 147.7 0.7 119.7 0.6 -0.1 ▼ 88.5 0.4 0 11,864.7 54.5 -0.3 ▼ 21,734.9 100.0

2.5% ▲ -12.2% ▼

28.2% ▲ -3.5% ▼

Global Debt Capital Markets % Change by Asset Class

2012 vs. 2011

50%

43.7% 38.7%

40%

31.9% 30%

20%

14.6% 10%

2.7%

3.1% -12.8%

0%

Investment Grade Agency, Corporate Supranational, Sovereign

MBS

High Yield Corporate

ABS

Emerging Market Corporate

Federal Credit Agency

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

Global Debt

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

14.6% ▲ -6.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 742 12.1 +291 ▲ 10.2 +207 ▲ 627 566 9.2 +138 ▲ 542 8.8 +132 ▲ 595 9.7 +157 ▲ 9.7 +86 ▲ 592 11.3 +198 ▲ 695 ▲ 411 6.7 +52 336 ▲ 5.5 +94 ▲ 380 6.2 +70 6,126

+320

Global Imputed Fees

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 824.1 7.9 +0.5 ▲ 5.7 594.1 +0.9 ▲ 0 639.3 6.2 5.6 580.0 +0.4 ▲ 461.5 4.4 0 449.7 -0.2 ▼ 4.3 3.9 409.5 +0.6 ▲ 291.9 -0.7 ▼ 2.8 403.1 3.9 0 299.1 2.9 -0.3 ▼ 4,952.3 47.6 +1.2 ▲ 10,398.3 100.0

8,000 6,875 6,399

$10,000

6,366

6,472

6,387

Bookrunner CIMB Group Sdn Bhd HSBC Holdings PLC Malayan Banking Bhd Standard Chartered PLC Deutsche Bank AMMB Holdings Bhd RHB National Bank of Abu Dhabi QInvest LLC Dubai Islamic Bank Ltd Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 1 5,268.0 13.4 +26.0 ▲ 2 2 4,878.6 12.4 -3.5 ▼ 3 3 4,039.7 10.3 -1.8 ▼ 4 4 2,829.9 7.2 -1.8 ▼ 5 9 2,707.8 6.9 -4.9 ▼ 6 5.4 -0.6 ▼ 5 2,129.3 7 7 2,054.4 5.2 -2.6 ▼ 8 24* 2.7 -2.5 ▼ 1,054.5 9 987.5 2.5 - 10 967.9 2.5 - 26,917.6 68.5 +8.3 ▲ 39,292.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

4.3% ▲ -39.3% ▼

99

+23

30.3% ▲ -19.4% ▼

5,000 4,000 3,000 2,000

$2,000 $0

1,000 5,454.3

6,896.4

6,029.6

6,258.5

8,442.3

8,906.2

7,849.2

9,206.8

8,120.5

2002

2003

2004

2005

2006

2007

2008

2009

2010

Bookrunner JP Morgan Bank of America Merrill Lynch Barclays Citi RBS RBC Capital Markets Deutsche Bank Credit Suisse Mizuho Financial Group Wells Fargo & Co Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank +2.8 ▲ 38,855.4 12.1 2 1 2 1 32,005.4 10.0 +0.7 ▲ 9.0 +1.5 ▲ 3 4 28,797.7 3 8.7 4 +0.9 ▲ 28,015.1 7.7 5 +0.4 ▲ 5 24,567.4 5.5 +2.5 ▲ 6 11 17,754.1 -1.4 ▼ 7 6 17,521.5 5.5 8 7 5.2 +1.0 ▲ 16,816.2 4.0 +0.3 ▲ 12,763.0 9 8 3.4 +1.1 ▲ 10,796.4 10 13 227,892.2 71.1 +9.8 ▲ 321,029.5 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

43.7% ▲ 14.6% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 14.9 12.9 -2.0 ▼ 11.3 9.9 +9.9 ▲ 13.3 11.5 +11.5 ▲ +5.5 ▲ 6.3 5.5 +3.1 ▲ 3.6 3.1 6.3 5.5 +5.5 ▲ +4.9 ▲ 5.7 4.9 +1.6 ▲ 1.8 1.6 3.1 +3.1 ▲ 3.6 +4.0 ▲ 4.6 4.0 62.0 +47.1 ▲ 71.4 115.1 100.0

Bookrunner Deutsche Bank Barclays Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Credit Suisse Citi Wells Fargo & Co Morgan Stanley Nomura Top Ten Total Industry Total

836 30.0% ▲ 0.9% ▲

+193

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 11.6 1 4 53,542.5 +3.4 ▲ 2 2 46,497.8 10.1 +0.1 ▲ 3 6 39,368.3 8.5 +0.8 ▲ 4 3 39,040.2 8.5 +0.1 ▲ 5 1 7.9 -3.6 ▼ 36,318.0 6 5 33,722.0 7.3 -0.9 ▼ 7 7 31,865.0 6.9 +0.1 ▲ 8 11 26,274.8 5.7 +3.2 ▲ 9 8 26,213.8 5.7 -0.5 ▼ +0.9 ▲ 10 10 24,487.5 5.3 357,329.9 77.5 +3.6 ▲ 461,999.6 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 108 12.9 +38 ▲ ▲ 100 12.0 +25 11.0 +37 ▲ 92 87 10.4 +36 ▲ ▲ 12.6 +30 105 7.4 +33 ▲ 62 68 8.1 -3 ▼ 63 7.5 +22 ▲ 200 23.9 +30 ▲ 6.7 +25 ▲ 56

7,881.7 10,398.3

-12.8% ▼ -15.3% ▼

Bookrunner JP Morgan Barclays Bank of America Merrill Lynch RBS Citi RBC Capital Markets Deutsche Bank Credit Suisse Mizuho Financial Group Wells Fargo & Co Top Ten Total Industry Total

92.3% ▲ 16.0% ▲

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank +3.8 ▲ 13.5 37,695.1 1 1 +2.3 ▲ 3 28,433.0 2 10.2 3 2 24,166.7 8.7 +0.2 ▲ 4 5 21,963.7 7.9 +0.2 ▲ 4 5 20,474.2 7.3 -0.6 ▼ 6 6.4 +3.2 ▲ 11 17,754.1 -1.3 ▼ 7 6 16,264.7 5.8 8 7 15,995.5 5.7 +1.3 ▲ 9 4.6 +0.7 ▲ 8 12,763.0 14 10 8,019.7 2.9 +0.7 ▲ 203,529.7 73.0 +10.5 ▲ 279,304.0 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

32.4% ▲ 12.2% ▲

0

2012

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 65 8.9 +5 ▲ 76 10.4 +13 ▲ ▲ 44 6.0 +1 81 11.1 +14 ▲ 69 9.4 -10 ▼ 67 9.1 +6 ▲ ▲ 53 7.2 +5 60 8.2 +23 ▲ 46 6.3 0 42 5.7 +14 ▲ 733

+50

7.3% ▲ -6.1% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 106.3 10.4 +2.1 ▲ 97.1 9.5 +2.3 ▲ 90.7 8.9 +1.9 ▲ 79.3 7.8 +0.2 ▲ 80.2 7.8 -3.5 ▼ -4.5 ▼ 62.8 6.1 65.7 6.4 -0.4 ▼ 70.9 6.9 +4.0 ▲ 65.4 6.4 +0.6 ▲ 30.0 2.9 -0.1 ▼ +2.6 ▲ 748.4 73.1 100.0 1,022.7 -10.3% ▼ -20.1% ▼

Global Asset-Backed Securities ex-CDOs (B13)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 7.6 +0.5 ▲ 88.3 +1.0 ▲ 138.5 11.9 6.0 +1.2 ▲ 70.4 128.0 11.0 +4.1 ▲ 79.6 6.8 +2.0 ▲ 3.4 +0.9 ▲ 39.2 49.1 4.2 -1.6 ▼ 4.1 +0.2 ▲ 48.0 45.7 3.9 -1.0 ▼ 43.9 3.8 +1.2 ▲ 730.7 62.7 +8.5 ▲ 1,168.9 100.0

2011

Number of Offerings

Global Mortgage-Backed Securities (B10)

20.8% ▲ -57.8% ▼

Global Asset-Backed Securities (B11)

6,000

$4,000

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 34 34.3 +4 ▲ 26 26.3 +12 ▲ 29 29.3 +9 ▲ 18 18.2 +6 ▲ 8 8.1 +5 ▲ 23 23.2 +8 ▲ 20 20.2 +15 ▲ 8 ▲ 8.1 +7 2 2.0 8 8.1 -

6,127

$6,000

Global Investment Grade Fees (US$m)

Global Debt and Syndicated Loans Islamic Finance

5,806

5,416

4,896

$8,000

7,000

6,232

5,682

31.9% ▲ -9.9% ▼

5.5% ▲ -11.2% ▼

Jan 1 - Dec 31

$12,000

Number of Offerings

Bookrunner JP Morgan Citi Bank of America Merrill Lynch Morgan Stanley Barclays Deutsche Bank HSBC Holdings PLC BNP Paribas SA Goldman Sachs & Co RBS Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 1 207,259.6 7.8 +1.3 ▲ 2 5 148,656.2 5.6 +0.6 ▲ 3 2 139,720.7 5.3 0 4 6 133,060.8 5.0 +0.3 ▲ 5 4 5.0 132,633.1 0 6 3 131,573.3 5.0 0 7 122,230.5 4.6 +0.2 ▲ 7 8 8 97,315.2 3.7 -0.4 ▼ -0.2 ▼ 96,874.4 3.7 9 9 10 10 80,870.1 3.1 -0.2 ▼ 1,290,193.9 48.8 +1.6 ▲ 100.0 2,655,329.2

Jan 1 - Dec 31

Fees (US$m)

Global Investment Grade Corporate Debt (B7)

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 106 15.5 +38 ▲ 91 13.3 +36 ▲ 84 12.3 +14 ▲ ▲ 14.5 +24 99 ▲ 69 10.1 +20 ▲ 62 9.1 +33 62 9.1 -8 ▼ 8.8 +21 ▲ 60 200 29.2 +32 ▲ 49 7.2 +20 ▲ 685

+80

13.2% ▲ 9.9% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 11.5 76.7 +3.2 ▲ 10.0 66.8 +3.8 ▲ 51.3 0 7.7 51.6 7.7 +1.5 ▲ 44.7 6.7 -0.5 ▼ 39.2 5.9 +2.7 ▲ 33.2 5.0 -1.8 ▼ 38.6 5.8 +1.1 ▲ 45.7 6.9 +0.7 ▲ 16.6 2.5 +0.1 ▲ 464.4 69.7 +10.8 ▲ 666.3 100.0 41.4% ▲ 4.9% ▲

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

Banking Composite: Global Debt Issue Type Composition for the Top Global Debt Bookrunners

Jan 1 - Dec 31 2012

100%

4.6%

5.9%

4.6%

4.2%

5.6%

5.8%

4.2%

0.1% 5.1%

6.5%

90%

80%

70%

53.6%

48.6%

52.8%

40.6%

43.8% 49.5%

53.2%

56.0%

55.9%

58.7%

% Total Proceeds

60%

50%

4.9%

13.8% 21.8% 40%

1.6%

12.0% 13.7%

13.9% 4.8%

30%

15.0%

9.6% 5.1%

2.7% 2.9% 2.5%

7.9%

5.4%

0.9%

20%

9.7%

3.7%

18.3%

4.5%

3.4%

17.6%

4.4%

2.4%

1.2% 1.8%

2.8%

3.7%

3.6%

12.9%

28.3%

25.2%

17.8% 9.5%

13.1%

20.6%

10%

6.4%

6.2%

7.1%

ABS

Deutsche Bank

Barclays

Agency, Supranational, Sovereign

16.5%

9.3% 5.2%

6.1%

3.4%

0%

JP Morgan

14.3%

17.1%

Citi

Bank of America Merrill Lynch

Emerging Market Corporate

1.1%

2.2%

Morgan Stanley

Goldman Sachs & Co

Federal Credit Agency

High Yield Corporate

2.5% HSBC Holdings PLC

Credit Suisse

Investment Grade Corporate

BNP Paribas SA MBS

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

Global Debt Rankings* - Last Ten Years

1

JP Morgan

2

2

Deutsche Bank

3

3

Barclays

4

4

Citi

5

5

Bank of America Merrill Lynch

6

6

Morgan Stanley

7

7

Goldman Sachs & Co

8

8

HSBC Holdings PLC

9

9

Credit Suisse

10

BNP Paribas SA

Rank

1

10

2003

2004

2005

2006

2007

2008

2009

*Global Debt League Table (B1) positions reflect consolidation within the banking sector Rankings shown are as of the current quarter end in each calendar year.

2010

2011

2012

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

US Debt US Investment Grade & High Yield Debt Reach Highest Annual Totals on Record l US Debt Up 20% Overall l US ABS Up 74% US Deals Intelligence

US Investment Grade Corporate Debt (F9)

With interest rates hovering around historic lows, US Investment grade proceeds surpassed all previous annual totals. Proceeds raised in 2012 increased 31% over 2011 and at US$999.5 billion, just supassed the previous record of US$994.8 billion set in 2007. The US$294.2 billion raised through March 31st represented the second largest quarterly volume of all time, while the US$264.4 billion registered in the fourth quarter and the US$251 billion priced in the third quarter ranked as the sixth and eight largest on record, respectively.

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co Barclays Deutsche Bank Wells Fargo & Co RBS HSBC Holdings PLC Credit Suisse UBS BNP Paribas SA RBC Capital Markets Mitsubishi UFJ Financial Group US Bancorp Mizuho Financial Group Societe Generale Santander Scotiabank Credit Agricole CIB Standard Chartered PLC VTB Capital Itau Unibanco Banco do Brasil SA BBVA SunTrust Banks Jefferies & Co Inc Bank of New York Mellon Corp DNB ASA Top Thirty Total Industry Total

Fueled by increased demand from investors seeking a larger yield, US High Yield debt proceeds registered the largest annual totals on record, as well. The US$326.2 billion issued in 2012 represented a 44.5% increase over 2011 and a 23.7% increase over the previous record set in 2010. The fourth, third and first quarters represented the three largest quarterly volumes on record, reaching US$93.9 billion, US$93.6 billion and US$90.6 billion, respectively. According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt increased 44.4% compared to a year ago, driven largely by the increases in fees paid by issuers in the US ABS (primarily due to activity in the Auto sector), US Investment Grade and US High Yield markets, which were up 135.8%, 53.7% and 42.4%, respectively.

US Debt (F1)

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Barclays Deutsche Bank Goldman Sachs & Co Morgan Stanley Credit Suisse Wells Fargo & Co RBS Top Ten Total Industry Total

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 315,885.9 12.6 +0.3 ▲ 2 2 241,793.8 9.6 -1.7 ▼ 3 4 234,309.8 9.4 +0.6 ▲ 4 3 228,077.3 9.1 -1.8 ▼ 5 5 204,466.7 8.2 +0.7 ▲ 6 6 164,167.3 6.6 -0.4 ▼ 7 7 162,397.1 6.5 +0.1 ▲ 8 8 133,282.1 5.3 -0.3 ▼ 9 12 117,973.2 4.7 +1.7 ▲ 10 10 89,835.4 3.6 -0.5 ▼ 1,892,188.6 75.6 -1.3 ▼ 2,507,180.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

19.6% ▲ ­1.8% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1161 23.3 +385 ▲ 1027 20.6 +206 ▲ 890 17.9 +328 ▲ 705 14.2 +188 ▲ 704 14.1 +215 ▲ 521 10.5 +165 ▲ 631 12.7 +182 ▲ 533 10.7 +137 ▲ 628 12.6 +234 ▲ 383 7.7 +64 ▲ 4,981

+733

17.3% ▲ ­2.9% ▼

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 38,585.2 11.8 -1.1 ▼ 2 2 36,825.2 11.3 -0.6 ▼ 3 4 30,585.1 9.4 +0.3 ▲ 4 3 29,032.8 8.9 -0.3 ▼ 5 5 28,143.5 8.6 0 6 6 27,767.2 8.5 +0.9 ▲ 7 8 23,400.7 7.2 +0.1 ▲ 8 9 21,851.5 6.7 +2.1 ▲ 9 7 20,558.9 6.3 -1.0 ▼ 10 12 12,057.0 3.7 +1.3 ▲ 268,807.1 82.4 +1.7 ▲ 326,194.2 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 280 45.7 +118 ▲ 281 45.8 +103 ▲ 206 33.6 +90 ▲ 202 33.0 +92 ▲ 206 33.6 +106 ▲ ▲ 167 27.2 +72 ▲ 174 28.4 +74 185 30.2 +96 ▲ 142 23.2 +52 ▲ 107 17.5 +64 ▲ 613

31.0% ▲ 5.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 485 43.0 +165 ▲ 36.8 +110 ▲ 416 34.2 +139 ▲ 386 272 24.1 +87 ▲ 223 19.8 +74 ▲ 251 22.2 +74 ▲ 207 18.3 +57 ▲ 239 21.2 +88 ▲ 150 13.3 +27 ▲ 124 11.0 +51 ▲ ▲ 108 9.6 +16 ▲ 162 14.3 +74 ▲ 100 8.9 +26 ▲ 84 7.4 +50 ▲ 6.2 +36 70 ▲ 4.4 +19 50 3.4 +20 38 ▲ 30 2.7 +14 ▲ 22 ▲ 1.9 +11 -1 27 24 2.4 1 ▼ 26 ▲ 2.3 +13 21 ▲ 1.9 +14 ▲ 11 1.0 +9 ▲ 1.2 +10 14 1.2 +10 ▲ 14 13 1.2 +6 ▲ 22 1.9 -8 ▼ 19 1.7 +13 ▲ 1.2 +2 ▲ 13 9 0.8 +7 ▲ 1,129

+327

40.8% ▲ ­15.0% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 668.8 12.8 -1.3 ▼ 563.8 10.8 -0.8 ▼ 473.7 9.0 +0.4 ▲ 417.8 8.0 +0.8 ▲ 318.8 6.1 -1.1 ▼ 305.2 5.8 -0.4 ▼ 227.6 4.3 -0.4 ▼ 318.3 6.1 +1.3 ▲ 172.1 3.3 -0.9 ▼ 159.6 3.0 +0.1 ▲ 2.8 -0.4 ▼ 145.5 4.4 +1.1 ▲ 230.4 2.0 -0.7 ▼ 105.7 2.1 +0.7 ▲ 107.9 +0.1 ▲ 100.6 1.9 +0.2 ▲ 77.8 1.5 +0.2 ▲ 62.1 1.2 0 35.1 0.7 32.4 0.6 0 38 8 38.8 07 0.7 01 ▼ -0.1 28.9 0.6 +0.1 ▲ 26.7 0.5 +0.1 ▲ +0.2 ▲ 10.7 0.2 12.9 0.3 +0.1 ▲ 16.3 0.3 +0.3 ▲ 12.4 0.2 -0.3 ▼ 32.3 0.6 -0.4 ▼ 15.6 0.3 0 0.6 29.6 +0.1 ▲ 19.8 +0.1 ▲ 0.4 4,657.5 89.0 -0.4 ▼ 5,241.3 100.0 53.7% ▲ ­3.8% ▼

44.4% ▲ 2.9% ▲

US High Yield Corporate Debt (F8)

Bookrunner JP Morgan Bank of America Merrill Lynch Credit Suisse Deutsche Bank Citi Goldman Sachs & Co Barclays Wells Fargo & Co Morgan Stanley RBC Capital Markets Top Ten Total Industry Total

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1,539.0 11.4 -0.6 ▼ 1,455.7 -1.2 ▼ 10.8 1,207.6 9.0 +0.6 ▲ 867.3 6.4 -0.5 ▼ 830.2 6.2 -0.7 ▼ 917.2 6.8 +0.1 ▲ 895.3 6.6 +0.1 ▲ 817.7 6.1 -0.7 ▼ 785.1 5.8 +1.7 ▲ 406.5 3.0 -0.7 ▼ 9,721.6 72.1 -1.9 ▼ 13,489.5 100.0

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 149,613.0 15.0 0 1 2 2 11.1 -1.3 ▼ 110,772.3 3 3 104,647.0 10.5 +0.5 ▲ 4 5 80,674.9 8.1 -0.1 ▼ 5 4 70,733.0 7.1 -1.3 ▼ 6 6 68,613.9 6.9 -0.6 ▼ 54,946.5 5.5 -0.1 ▼ 7 7 54,807.0 5.5 +1.4 ▲ 9 8 4.0 -0.5 ▼ 9 8 39,851.5 10 10 39,239.5 3.9 -0.2 ▼ -0.7 ▼ 2.9 11 11 28,978.9 +0.1 ▲ 2.8 12 28,051.1 13 -0.5 ▼ 2.4 24,013.6 13 12 +0.3 ▲ 1.6 15,542.5 14 14 +0.6 ▲ 1.4 15 15 13,791.6 +0.3 ▲ 1.0 16 18 10,192.3 +0.6 ▲ 21 1.0 17 9,956.3 +0.2 ▲ 18 17 8,891.1 0.9 0 0.6 19 5,771.4 19 20 20 4 701 8 4,701.8 05 0.5 0 4,651.7 21 22 0.5 +0.1 ▲ 22 23 4,612.2 0.5 +0.2 ▲ 23 45 4,248.9 0.4 +0.3 ▲ 24 3,918.7 0.4 +0.2 ▲ 29 0.4 25 43 3,879.9 +0.3 ▲ 24 26 2,678.4 +0.1 ▲ 0.3 27 16 2,621.0 0.3 -0.4 ▼ 28 26 2,493.8 0.3 +0.1 ▲ 29 25 2,383.3 0.2 0 50 30 +0.1 ▲ 0.2 2,267.2 957,544.3 94.9 -0.2 ▼ 999,541.0 100.0

Jan 1 - Dec 31

+171

All Federal Credit Agency Debt (H1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 587.5 11.3 -0.6 ▼ 581.1 11.2 -0.9 ▼ 506.0 9.7 +0.4 ▲ 379.4 7.3 -1.1 ▼ 413.4 7.9 +0.5 ▲ 401.2 7.7 +0.7 ▲ 342.1 6.6 -0.1 ▼ 318.6 6.1 +1.9 ▲ 306.3 5.9 -1.1 ▼ 193.5 3.7 +1.3 ▲ 4,029.1 77.4 +1.0 ▲ 5,209.9 100.0

44.5% ▲

38.7% ▲

42.4% ▲

0.3% ▲

12.8% ▲

0.9% ▲

Bookrunner Barclays Morgan Stanley Deutsche Bank JP Morgan UBS BNP Paribas SA Citi Credit Suisse Nomura Goldman Sachs & Co Top Ten Total Industry Total

6

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 77,311.6 11.3 +0.8 ▲ 2 7 58,232.5 8.5 +3.1 ▲ 3 4 56,513.0 8.3 +0.2 ▲ 4 5 54,878.9 8.0 +0.2 ▲ 5 2 47,227.3 6.9 -3.6 ▼ 6 3 43,725.4 6.4 -1.9 ▼ 7 6 42,930.8 6.3 -1.4 ▼ 8 9 28,334.9 4.1 +0.4 ▲ 9 17 22,212.9 3.3 +1.9 ▲ 10 10 21,475.1 3.1 0 66.2 -0.3 ▼ 452,842.4 683,678.9 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 177 3.2 -110 ▼ 434 8.0 +64 ▲ 345 6.3 -41 ▼ 348 6.4 -42 ▼ 511 9.4 -254 ▼ 257 4.7 -122 ▼ 264 4.8 -34 ▼ 306 5.6 -153 ▼ 118 2.2 +56 ▲ 125 2.3 -10 ▼ 5,456

-2,071

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 21.1 3.7 -2.2 ▼ 37.1 6.5 +3.2 ▲ 29.3 5.1 +0.8 ▲ 36.2 6.4 +1.1 ▲ 29.0 5.1 -3.1 ▼ 23.4 4.1 -0.4 ▼ 30.2 5.3 +0.7 ▲ 23.9 4.2 +0.8 ▲ 8.3 1.5 +1.0 ▲ 20.7 3.6 +1.6 ▲ 259.2 45.5 +3.5 ▲ 569.7 100.0

Industry % Change from Same Period Last Year

­18.8% ▼

­27.5% ▼

­21.0% ▼

Industry % Change from Last Quarter

­31.1% ▼

­26.7% ▼

­41.5% ▼

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US Securitizations US ABS Collateral Volume Breakout (US$b)

Jan 1 - Dec 31 2012

US Asset-Backed Securities (F14)

$87.6 33% Bookrunner JP Morgan Bank of America Merrill Lynch Citi Barclays RBS Credit Suisse RBC Capital Markets Deutsche Bank Wells Fargo & Co Morgan Stanley Top Ten Total Industry Total

$25.3 10% $39.1 15%

$70.8 27%

$39.9 15%

CDO

Credit Card

Student Loan

Auto

73.7% ▲ ­0.9% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 102 24.0 +39 ▲ 94 22.1 +21 ▲ 83 19.5 +41 ▲ 18.6 +30 79 ▲ 80 18.8 +22 ▲ 61 14.4 +21 ▲ 50 11.8 +34 ▲ 61 14.4 +9 ▲ 56 13.2 +26 ▲ 24 5.6 +8 ▲ 425

+159

59.8% ▲

900

$600

Proceeds (US$b)

Bookrunner Deutsche Bank Barclays Goldman Sachs & Co Bank of America Merrill Lynch Credit Suisse JP Morgan Citi Wells Fargo & Co Morgan Stanley Nomura Top Ten Total Industry Total

800

# of Issues $500 700

600

$400

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 48,458.1 12.7 +3.6 ▲ 1 4 2 10.9 -1.2 ▼ 2 41,509.2 6 3 35,806.5 9.4 +0.8 ▲ 4 1 35,590.1 9.4 -4.9 ▼ 5 3 32,489.4 8.5 -1.6 ▼ 5 31,021.1 6 8.2 -0.5 ▼ 7 7 29,242.0 7.7 -0.3 ▼ 8 11 26,274.8 6.9 +3.7 ▲ 19,230.1 5.1 9 8 -0.3 ▼ 4.8 +1.5 ▲ 10 10 18,234.3 317,855.6 83.6 +0.8 ▲ 380,757.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

­9.5% ▼ ­13.3% ▼

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 84.1 9.3 -0.6 ▼ 135.9 15.1 -2.1 ▼ 126.4 14.0 +3.8 ▲ 60.1 6.7 -0.2 ▼ 6.9 +0.4 ▲ 62.5 46.3 5.1 -1.0 ▼ 35.0 3.9 +1.4 ▲ 45.6 5.1 -1.3 ▼ 43.9 4.9 +0.9 ▲ 39.0 4.3 -0.3 ▼ 678.8 75.3 +1.0 ▲ 902.1 100.0 135.8% ▲ 18.5% ▲

­6.7% ▼

US Mortgage-Backed Securities (F11)

Quarterly Residential ABS, MBS & CDO Volume

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 51 7.9 +4 ▲ 66 10.3 +6 ▲ 41 6.4 +1 ▲ 67 10.4 -11 ▼ 63 9.8 +4 ▲ 71 11.0 +16 ▲ ▲ 50 7.8 +7 60 9.3 +23 ▲ 5.9 +1 ▲ 38 ▲ 40 6.2 +15 +68

643 11.8% ▲ ­5.1% ▼

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 88.9 11.0 +2.1 ▲ 82.1 10.2 +1.2 ▲ 84.0 10.4 +2.4 ▲ 75.9 9.4 -4.6 ▼ 56.3 7.0 -6.3 ▼ 62.9 7.8 -0.2 ▼ 7.5 60.5 -0.6 ▼ 70.9 8.8 +5.2 ▲ 43.4 5.4 +0.3 ▲ 2.5 20.4 +0.3 ▲ 80.0 645.3 -0.2 ▼ 808.4 100.0 ­7.8% ▼ ­18.3% ▼

500 $300 400

# of Issues

Proceeds (US$b)

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 2 36,933.5 15.5 +1.4 ▲ 2 -2.1 ▼ 1 30,602.7 12.8 3 26,970.7 11.3 +0.1 ▲ 3 +0.6 ▲ 4 25,560.1 10.7 4 7.6 -1.6 ▼ 5 18,027.1 5 6 7 16,395.5 6.9 0 7 10 16,081.2 6.7 +4.0 ▲ 8 6 15,827.1 6.6 -1.7 ▼ 9 9 10,796.4 4.5 +0.9 ▲ 10 8 6,710.2 2.8 -1.0 ▼ 203,904.5 85.4 +0.6 ▲ 238,605.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Other

Jan 1 - Dec 31

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

Bookrunner Deutsche Bank Barclays Goldman Sachs & Co Bank of America Merrill Lynch Credit Suisse Citi JP Morgan Wells Fargo & Co Nomura Morgan Stanley Top Ten Total Industry Total

300

$200

200 $100 100

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 5 43,483.7 13.6 +4.2 ▲ 2 3 36,636.9 11.5 +1.2 ▲ +0.1 ▲ 4 3 30,939.6 9.7 4 1 30,840.4 9.7 -6.3 ▼ -1.6 ▼ 5 2 30,696.5 9.6 6 6 25,039.5 7.9 -0.8 ▼ 7 7 22,041.3 6.9 -0.2 ▼ 8 12 20,617.9 6.5 +3.9 ▲ 9 10 +1.7 ▲ 18,234.3 5.7 10 8 16,378.3 5.1 -0.1 ▼ 274,908.4 86.2 +2.1 ▲ 318,887.3 100.0

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 36 6.8 0 ▲ 51 9.7 +6 32 6.1 -3 ▼ 9.1 -14 48 ▼ 57 10.8 +7 ▲ 39 7.4 +4 ▲ 43 8.2 +7 ▲ 40 7.6 +17 ▲ 40 7.6 +15 ▲ 29 5.5 -1 ▼ 526

+26

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. +2.8 ▲ 72.4 11.7 70.6 11.5 +3.8 ▲ 70.7 11.5 +2.6 ▲ 64.7 10.5 -5.2 ▼ 49.6 8.0 -6.5 ▼ 50.3 8.2 -0.4 ▼ 40.2 6.5 -0.5 ▼ 46.8 7.6 +4.9 ▲ 19.5 3.2 +0.6 ▲ 36.1 5.9 +1.0 ▲ 520.9 84.6 +3.1 ▲ 616.4 100.0

0

$0

Industry % Change from Same Period Last Year

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2003

2004

2005

2006

2007

2008

2009

2010

2011

Industry % Change from Last Quarter

2012

7

­9.2% ▼ ­14.8% ▼

5.2% ▲ ­4.2% ▼

­13.6% ▼ ­19.8% ▼

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Banking Composite: US DCM DCM Bookrunner Industry Composition (F1)

Jan 1 - Dec 31 2012

DCM Bookrunner Industry Composition (Ex Financials) (F1)

100%

100% 2.9%

90%

90%

5.2%

37.9% 44.1%

39.5%

47.4%

37.5% 41.3%

42.8%

80% 44.3%

2.9%

3.3%

3.9%

4.2%

1.5%

4.0%

3.8%

4.4%

3.3%

3.4%

5.4%

4.7%

4.3%

2.0% 2.1%

3.0% 4.2%

4.2%

0.8% 0.9%

7.0%

0.8%

1.3%

70%

6.0%

3.0%

50%

2.7% 1.7%

3.3%

3.8%

2.9%

4.2%

2.8%

3 9% 3.9%

4 0% 4.0%

2.1%

1.5%

4.2%

3.0%

4.3%

7.0%

0.8% 0.9% 2.4%

6.0% 5.5%

3.0% 6.5%

30%

3.4% 2.0% 6.1%

3.3%

7.0%

7.2%

6.5% 3.5%

4.9%

2.5%

4.2%

4.8%

5.1%

3.5%

9.1%

1.2% 0.8%

4.7%

8.7% 1.2% 1.7% 6.1%

6.3% 6.5%

7.6% 1.5%

9.5%

6.1%

0 0% 0.0% 2.0%

4.1%

3.7%

2.0% 0.9%

7.3% 5.7%

1.8% 2.6%

6.5%

7.6%

1.5%

3.5%

7.1% 4.0%

4.0%

1.7%

6.0%

3.8%

1.7%

9.5%

6.1%

3.8%

6.0%

3.2%

7.1% 5.0% 30%

6.2%

9.1%

9.3%

4.7%

8.4%

15.2%

7.0%

3.2% 2.6%

8.2% 20%

8.4%

7.1%

6.2%

9.3%

8.4%

7.0%

0.0%

2.6%

8.4% 1.6%

7.1%

8.2%

8.8%

5.7% 4.9%

4 7% 4.7%

1 7% 1.7%

4.4% 4.9%

1.6% 4.9%

2 0% 2.0% 3.4%

5.0%

5.8% 4.5%

6.5%

7.3%

1.7%

4.4%

4.1%

5.5%

50%

1.2%

3.5%

40%

4.4%

5.8% 2.6%

1.2% 2.4%

2.4%

4.5%

8.8% 20%

5.4%

1.3%

1.8% 4.4%

3.3% 3.4%

4 1% 4.1%

6.0% 4.2%

40%

4.4%

% of Industry Proceeds

% of Industry P Proceeds

5.2%

60%

3.7%

6.1%

2.5% 3.4%

1.2% 1.7%

5.1%

7.0% 2.9%

6.1%

6.5%

7.2%

60%

8.7%

6.3%

2.4% 4.8%

70%

2.4% 0.0%

2.4% 0.9%

6.0%

4.2%

3.4%

2.8%

2.0%

1.7%

44.6%

40.9%

1.2%

3.3%

4.1% 2.7%

80%

Jan 1 - Dec 31 2012

18.6%

0.0%

15.2%

13.6% 11.5%

11.7%

10.4% 10.8%

9.2%

18.3%

10.1%

18.6% 10% 11.5%

13.6%

10.8%

10.4%

9.2%

10%

11.7%

7.4%

18.3%

10.1% 7.4%

0%

2.6%

JPM

2.2%

BoA

4.5%

Barc

1.6%

Citi

3.7%

MS

2.7%

GS

2.1%

DB

3.8%

CS

2.7%

RBS

2.6%

2.2%

JPM

BoA

4.5%

1.6%

3.7%

3.8%

2.7%

2.1%

GS

DB

2.7%

0%

UBS

0.0%

Barc

Citi

MS

CS

RBS

UBS

0.0%

Consumer Products and Services

Energy and Power

Government and Agencies

Consumer Products and Services

Energy and Power

Government and Agencies

Healthcare

High Technology

Industrials

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Materials

Media and Entertainment

Real Estate

Retail

Consumer Staples

Telecommunications

Retail

Consumer Staples

Telecommunications

Financials

8

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

International Debt Euro Denominated Corporate Debt Up by 69.5% l EMEA Financials decline by 12.2% l BNP Paribas top Euro Fee Earner EMEA Deals Intelligence

All International Bonds (J1)

Euro-denominated international corporate debt increased 69.5% over last year, making 2012 issuance the second largest on record behind the all-time peak recorded in 2009. Continued strength in investor demand for European corporate bonds has enabled companies to borrow at record lows, with 2012's average coupon of 4.1% marking the lowest average annual rate on record.

Bookrunner JP Morgan Deutsche Bank Barclays Citi HSBC Holdings PLC Bank of America Merrill Lynch Goldman Sachs & Co BNP Paribas SA Morgan Stanley Credit Suisse Top Ten Total Industry Total

Several EMEA industry sectors demonstrated large year on year growth. The Energy and Power sector was up by 62.7%, Materials increased by 90.4% and Consumer Products and Services grew 124.3%. In contrast, issuance in the EMEA international financial sector declined by 12.2%, whilst government and agency debt saw only a modest increase of 3.3% in activity. According to Thomson Reuters and Freeman Consulting, the biggest fee earner on Euro denominated deals in 2012 was BNP Paribas, with €163.1 million, due in part to its leading share in the financials and corporate sectors. The top fee earner in the Euro corporate sector was also BNP Paribas, with €93.7 billion.

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 3 301,886.2 8.6 +0.8 ▲ 2 2 269,666.3 7.7 -0.3 ▼ 3 1 251,867.1 -1.1 ▼ 7.2 4 4 220,921.9 6.3 +0.7 ▲ 5 5 193,267.6 5.5 -0.1 ▼ 6 7 192,562.0 5.5 +0.1 ▲ 4.6 +0.1 ▲ 7 9 159,918.4 4.5 -1.1 ▼ 8 6 159,177.2 9 10 150,859.6 +0.3 ▲ 4.3 10 12 133,101.2 3.8 +0.3 ▲ 58.0 -0.3 ▼ 2,033,227.5 3,515,995.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

All International Bonds by Issue Type ABS & MBS

€ 900

Proceeds (€b)

€ 800

Bookrunner JP Morgan Barclays RBS Deutsche Bank Lloyds Bank Citi

Emerging Market Corporate

€ 700 € 600

Federal Credit Agency

€ 500 € 400

€ 200

Agency, Supranational, Sovereign

€ 100 €-

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010

2011

Investment Grade Corporate

2012

All International Bonds Proceeds - Macro Industry Volume Analysis (US$b)

Jan 1 - Dec 31 2012

8,650.0 7,874.8 6,149.0 5,671.1 111,967.4 166,390.7

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

5.7% ▲ 25.9% ▲

Bookrunner BNP Paribas SA UniCredit Deutsche Bank Credit Agricole CIB Societe Generale Barclays HSBC Holdings PLC JP Morgan Natixis Citi Top Ten Total Industry Total

Energy and Power $931.5 28%

Industrials Materials

$75.4 2% $91.6 $70.4 3% 2%

$242.7 8%

$298.2 9%

Consumer Staples Telecommunications Media and Entertainment

$55.3 2%

$143.4 4%

32.7% ▲ -8.0% ▼

5.2 4.7 3.7 3.4 67.2 100.0

+2.4 +3.2 +1.0 +1.9 +8.2

▲ ▲ ▲ ▲ ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 16.3 +12 ▲ 47 60 20.8 +30 ▲ 53 18.4 +14 ▲ 41 14.2 -4 ▼ 28 9.7 +3 ▲ 36 12.5 +17 ▲ 35 29 10 22

12.2 10.1 3.5 7.6

+20 +15 +1 +10

▲ ▲ ▲ ▲

+79

288

Healthcare

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. +0.8 ▲ 48.3 11.9 11.5 46.4 +4.8 ▲ 39.5 9.8 -1.8 ▼ 33.2 8.2 -1.4 ▼ 26.4 6.5 -1.6 ▼ 21.2 5.3 +0.8 ▲ 16.0 12.9 8.6 13.9 266.4 404.8

4.0 3.2 2.1 3.4 65.9 100.0

+1.1 +2.1 +0.1 +2.5 +7.4

▲ ▲ ▲ ▲ ▲

36.7% ▲ 3.5% ▲

37.8% ▲ 15.5% ▲

All Bonds in Euros (N1)

Government and Agencies $1,282.6 39%

7 8 9 10

11 18 12 17

Financials

$104.1 3%

+828

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 1,474.1 9.6 +0.2 ▲ 1,021.3 6.7 -0.9 ▼ 902.7 5.9 -0.2 ▼ 1,082.2 7.1 +0.9 ▲ 641.6 4.2 +0.5 ▲ 1,177.2 7.7 -0.5 ▼ 849.9 5.6 +0.2 ▲ 430.1 -1.0 ▼ 2.8 766.6 5.0 0 836.4 5.5 -0.1 ▼ 60.1 -0.9 ▼ 9,182.1 15,291.0 100.0

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 11.6 -0.5 ▼ 1 19,312.7 1 2 2 11.4 +1.9 ▲ 18,979.4 7.5 3 3 12,473.9 -1.5 ▼ -0.6 ▼ 7.1 4 5 11,826.6 6.3 5 4 10,552.6 -2.6 ▼ 6.3 +3.0 ▲ 6 8 10,477.3

Bank of America Merrill Lynch RBC Capital Markets Rabobank NV Credit Suisse Top Ten Total Industry Total

High Yield Corporate

€ 300

2009

5,783 16.7% ▲ -11.7% ▼

14.8% ▲ ­10.1% ▼

All International Securitizations (J10c)

€ 1,000

2008

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1185 20.5 +430 ▲ 1116 19.3 +192 ▲ 859 14.9 +216 ▲ 867 15.0 +347 ▲ 847 14.6 +270 ▲ 827 14.3 +228 ▲ 9.5 +157 ▲ 551 586 10.1 +65 ▲ 10.0 +158 ▲ 578 563 9.7 +135 ▲

Jan 1 - Dec 31 Proceeds per Bookrunner (€m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 69,045.9 7.2 -1.0 ▼ 2 7 65,799.2 6.8 +2.3 ▲ 3 2 65,316.5 6.8 -1.3 ▼ 4 5 +0.4 ▲ 57,094.1 5.9 5 6 51,365.3 5.3 -0.1 ▼ 6 4 51,135.3 5.3 -0.7 ▼ 7 3 50,483.8 5.2 -1.1 ▼ 8 9 49,351.1 5.1 +1.2 ▲ 9 8 45,575.8 4.7 +0.3 ▲ 10 10 32,594.1 3.4 -0.4 ▼ 537,761.1 55.7 -0.4 ▼ 963,084.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 292 17.0 +26 ▲ 257 14.9 +78 ▲ 280 16.3 +5 ▲ 241 14.0 +54 ▲ 230 13.4 +47 ▲ 13.3 +35 229 ▲ 236 13.7 +51 ▲ 208 12.1 +82 ▲ 210 12.2 +4 ▲ 155 9.0 +39 ▲ +235

1,722

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 163.1 7.4 -1.3 ▼ 109.8 5.0 +1.2 ▲ -1.3 ▼ 159.4 7.2 117.8 5.3 +0.4 ▲ 103.9 4.7 -0.3 ▼ 112.0 5.1 -0.1 ▼ 106.6 4.8 +0.5 ▲ 119.0 5.4 +0.5 ▲ 80.5 3.7 -0.2 ▼ 86.4 3.9 -0.1 ▼ 1,158.5 52.5 -0.7 ▼ 2,205.3 100.0

Industry % Change from Same Period Last Year

7.5% ▲

15.8% ▲

16.7% ▲

Industry % Change from Last Quarter

-9.9% ▼

1.9% ▲

-17.4% ▼

Retail

9

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

High Yield Debt Global High Yield Volume Up 38% l Largest Annual Volume On Record l Largest Quarterly Volume On Record Global High Yield Deals Intelligence

Global High Yield Debt (B4)

With issuers taking advantage of historically low interest rates, Global High Yield debt proceeds set an all-time annual record in 2012, totaling US$389 billion from 743 transactions, a 37.7% increase over the proceeds raised in 2011 and a 20.6% increase over the previous full-year record set in 2010.

Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank Credit Suisse Citi Goldman Sachs & Co Barclays Morgan Stanley Wells Fargo & Co UBS Top Ten Total Industry Total

Unlike the second half of 2011, when global uncertainty and market volitility led to the lowest quarterly volumes since the first quarter of 2009, the fourth and third quarter of 2012 registered the largest and second largest quarterly volumes on record, raising US$113.1 billion and US$113.1 in proceeds, respectively. According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt rose 36.7% compared to 2011, to US$6.1 billion on 203 more transactions priced compared to last year. Full-year 2012 average spread to benchmark widened by 41.3 basis points compared to the levels in 2011, to 508.7 basis points; however, average quarterly spread to benchmark tightened in the third and fourth quarters, falling to the lowest quarterly average since the second quarter of 2011, to 466.4 basis points.

1,200 Bookrunner JP Morgan Bank of America Merrill Lynch Credit Suisse Deutsche Bank Citi Goldman Sachs & Co Barclays Wells Fargo & Co Morgan Stanley UBS Top Ten Total Industry Total

Basis Points

1,000 800 600 400 200 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008

37.7% ▲ 0.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 307 41.3 +134 ▲ 295 39.7 +106 ▲ 249 33.5 +105 ▲ 223 30.0 +87 ▲ 234 31.5 +112 ▲ 186 25.0 +69 ▲ 195 26.2 +83 ▲ 165 22.2 +61 ▲ 185 24.9 +96 ▲ 115 15.5 +53 ▲ 743

+203

37.6% ▲ 4.2% ▲

2009

2010

2011

2012

Spread to Benchmark 4-Quarter Moving Average (Spread to Benchmark)

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 39,114.0 11.6 -1.1 ▼ 2 2 37,078.6 11.0 -0.8 ▼ 3 4 30,585.1 9.1 +0.1 ▲ 4 3 30,382.8 9.0 -0.1 ▼ 5 5 28,793.7 8.6 -0.1 ▼ 6 6 28,017.2 8.3 +0.6 ▲ 7 8 23,812.9 7.1 +0.1 ▲ 8 9 21,851.5 6.5 +1.9 ▲ 9 7 20,918.9 6.2 -1.2 ▼ 10 10 12,477.0 3.7 +0.3 ▲ 273,031.7 81.1 -0.3 ▼ 336,644.6 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

47.3% ▲ 1.8% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 653.8 10.6 -0.2 ▼ 605.4 9.9 -0.8 ▼ 466.4 7.6 -1.4 ▼ 548.5 8.9 -0.4 ▼ 473.0 7.7 +0.1 ▲ 448.4 7.3 -0.1 ▼ 408.5 6.7 +0.3 ▲ 346.3 5.6 -0.8 ▼ 319.2 5.2 +1.8 ▲ 199.1 -0.4 ▼ 3.2 4,468.6 72.7 -1.9 ▼ 6,142.7 100.0 36.7% ▲ -0.1% ▼

Global High Yield Debt - US Dollar Denominated (B5)

1,400

2007

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 42,276.8 10.9 -0.4 ▼ 2 2 38,642.0 9.9 -0.4 ▼ 3 3 34,762.0 8.9 -0.5 ▼ 8.4 -0.4 ▼ 4 4 32,692.5 5 5 31,800.1 8.2 -0.3 ▼ 6 6 30,816.0 7.9 0 7 7 27,283.2 7.0 +0.3 ▲ 8 8 23,399.5 6.0 -0.5 ▼ 9 10 21,891.0 5.6 +1.9 ▲ 10 11 14,063.0 3.6 +0.2 ▲ 297,626.1 76.4 -0.1 ▼ 388,972.2 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Average Quarterly Spread to Benchmark*

Jan 1 - Dec 31

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 285 44.5 +123 ▲ 285 44.5 +107 ▲ 206 32.2 +89 ▲ 215 33.6 +105 ▲ 211 33.0 +107 ▲ 169 26.4 +71 ▲ 177 27.7 +77 ▲ 185 28.9 +96 ▲ 145 22.7 +52 ▲ 105 16.4 +54 ▲ 640

+189

41.9% ▲ 13.3% ▲

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 593.0 11.1 -0.7 ▼ 586.4 11.0 -1.0 ▼ 506.0 9.5 +0.3 ▲ 399.4 7.5 -0.8 ▼ 426.9 8.0 +0.5 ▲ 403.6 7.5 +0.5 ▲ 347.2 6.5 -0.2 ▼ 318.6 6.0 +1.8 ▲ 311.1 5.8 -1.3 ▼ 181.8 3.4 -0.3 ▼ 4,074.0 76.3 -1.2 ▼ 5,357.4 100.0 44.7% ▲ 0.8% ▲

*Spreads based on fixed rate issues where spread information is available

Monthly High Yield Volume

Global High Yield Debt - Non-US Dollar Denominated (B6) 120

$40

Bookrunner Deutsche Bank Barclays JP Morgan Citi Goldman Sachs & Co BNP Paribas SA HSBC Holdings PLC Morgan Stanley Credit Agricole CIB Credit Suisse Top Ten Total Industry Total

100

Proceeds (US$) # of Issues

80

$30

60

$20

# of Issues

Proceeds (US$b)

$50

40

$10

20

$0

0

J FMAM J J A SOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J A SOND 2009

2010

2011

2012

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 4,379.2 8.4 -2.3 ▼ 2 6 3,470.4 6.6 +1.5 ▲ 3 7 3,162.8 6.0 +0.9 ▲ 4 4 3,006.5 -1.7 ▼ 5.8 5 2 2,798.9 5.4 -3.4 ▼ 6 8 2,792.9 5.3 +0.2 ▲ 7 16 2,665.6 5.1 +3.1 ▲ 8 13 2,480.5 4.7 +1.9 ▲ 9 9 2,350.1 4.5 -0.3 ▼ 10 3 2,107.5 4.0 -3.9 ▼ 29,214.4 55.8 -4.0 ▼ 52,327.6 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

10

-2.9% ▼ -9.5% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 43 35.5 +6 ▲ 25 20.7 +11 ▲ 30 24.8 +14 ▲ 29 24.0 +6 ▲ 22 18.2 +1 ▲ 27 22.3 +6 ▲ 23 19.0 +12 ▲ 24 19.8 +11 ▲ 25 20.7 +6 ▲ 22 18.2 -3 ▼ 121

+20

19.8% ▲ -16.7% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 67.0 8.5 -4.0 ▼ 61.3 7.8 +2.7 ▲ 60.8 7.7 +1.7 ▲ 46.1 5.9 -2.2 ▼ 44.9 5.7 -3.4 ▼ 40.7 5.2 +1.0 ▲ 33.6 4.3 +1.3 ▲ 35.2 4.5 +1.5 ▲ 32.5 4.1 +0.9 ▲ 42.4 5.4 -4.3 ▼ 464.5 59.1 -4.8 ▼ 785.4 100.0 -0.6% ▼ -6.0% ▼

https://www.thomsonone.com

Full Year 2012 | Debt Capital Markets | Managing Underwriters

Emerging Markets All International Emerging Market Debt Up 42% l EMEA Emerging Market Debt Up 90% l Asia-Pacific Emerging Market Debt Up 77% All International Emerging Market Bonds (L1)

Bookrunner Citi JP Morgan HSBC Holdings PLC Deutsche Bank Barclays Morgan Stanley Bank of America Merrill Lynch Standard Chartered PLC VTB Capital Goldman Sachs & Co Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank +1.8 ▲ 1 3 35,290.8 11.9 -0.3 ▼ 2 2 30,092.0 10.1 3 4 27,900.0 9.4 +0.1 ▲ 4 1 23,478.6 7.9 -3.3 ▼ 5 6 15,732.9 5.3 -0.3 ▼ 6 12 13,988.2 4.7 +1.7 ▲ 7 5 12,765.5 4.3 -1.3 ▼ 8 11 12,708.5 4.3 +1.3 ▲ 9 15 11,636.5 3.9 +1.8 ▲ 10 8 10,878.1 3.7 -0.5 ▼ 194,471.1 +1.0 ▲ 65.5 297,141.3 100.0

% Change from Same Period Last Year % Change from Last Quarter

41.5% ▲ 3.5% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 139 30.3 +65 ▲ 125 27.3 +48 ▲ 126 27.5 +41 ▲ 97 21.2 +13 ▲ 68 14.8 +23 ▲ 51 11.1 +22 ▲ 70 15.3 +18 ▲ 79 17.2 +39 ▲ 35 7.6 +12 ▲ ▲ 10.9 +19 50 458

+136

42.2% ▲

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 13.9 +2.7 ▲ 1 2 15,555.5 2 3 12,291.6 +0.9 ▲ 11.0 3 5 12,182.8 10.9 +1.7 ▲ 4 1 -4.0 ▼ 10,825.5 9.7 +3.9 ▲ 5 11 6,880.4 6.1 6 4 6,657.3 5.9 -3.6 ▼ 7 10 5,959.3 5.3 +2.6 ▲ 8 7 4,601.5 4.1 -2.0 ▼ 9 14 4,174.6 3.7 +1.8 ▲ 10 6 4,155.3 3.7 -4.7 ▼ 83,283.8 74.3 -0.7 ▼ 112,239.8 100.0

% Change from Same Period Last Year % Change from Last Quarter

13.9% ▲ -21.0% ▼

0.0% -

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 48 27.1 +18 ▲ 50 28.2 +13 ▲ 46 26.0 +9 ▲ 42 23.7 +4 ▲ 24 13.6 +10 ▲ ▼ 37 20.9 -3 26 14.7 +19 ▲ 20 11.3 0 18 10.2 +8 ▲ ▲ 19 10.7 +4 177

+24

15.7% ▲ -9.8% ▼

Bookrunner HSBC Holdings PLC Standard Chartered PLC Deutsche Bank National Bank of Abu Dhabi JP Morgan Citi BNP Paribas SA Barclays Morgan Stanley RBS Top Ten Total Industry Total

% Change from Same Period Last Year % Change from Last Quarter *ti *tie

33.4% ▲ 94.0% ▲

% Change from Same Period Last Year % Change from Last Quarter

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 66.6 11.0 -1.2 ▼ 60.3 -3.3 ▼ 10.0 57.5 9.5 +1.6 ▲ -0.4 ▼ 47.5 7.9 21.3 +1.1 ▲ 3.5 40.1 6.7 -4.3 ▼ 25.7 +2.3 ▲ 4.3 20.7 3.4 -2.0 ▼ 20.1 3.3 +1.6 ▲ 29.2 4.8 -1.6 ▼ 389.0 64.4 -6.2 ▼ 602.9 100.0

102.6% ▲ 76.9% ▲

+39

+46

130 54.8% ▲ 7.5% ▲

% Change from Same Period Last Year % Change from Last Quarter

78.6% ▲ 94.9% ▲

77.1% ▲ -21.2% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 42.9 +16 36 ▲ 34 40.5 +13 ▲ 27 32.1 +14 ▲ 23 27.4 +12 ▲ ▲ 18 21.4 +9 25 29.8 +10 ▲ 17 20.2 +12 ▲ 6 7.1 +4 ▲ 11 13.1 +6 ▲ ▼ 5 6.0 -2 +35

84 71.4% ▲ -34.6% ▼

$2.0 $7.4 $1.6 1%$4.5 2% 0%2%

$138.5 48%

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 14.9 10.3 -11.6 ▼ 16.8 11.6 -6.3 ▼ 15.7 10.9 +4.7 ▲ 13.5 9.3 +2.2 ▲ 18.5 12.8 +10.4 ▲ 8.1 5.6 +0.5 ▲ 10.6 7.3 +5.6 ▲ 6.5 4.5 +3.6 ▲ 14.4 9.9 +3.0 ▲ 1.8 -5.6 ▼ 1.3 120.8 83.5 +6.5 ▲ 144.7 100.0 32.8% ▲ -41.8% ▼

All International Emerging Market Bond Volume by Industry (US$b)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 11.7 9.4 +0.7 ▲ 8.7 7.0 +1.5 ▲ 7.5 6.1 -5.9 ▼ +2.4 ▲ 4.3 3.5 7.3 5.9 +0.4 ▲ 4.2 -3.8 ▼ 5.2 6.1 4.9 -2.8 ▼ 7.8 +2.6 ▲ 9.6 5.2 4.2 +0.3 ▲ +2.5 ▲ 5.6 4.5 71.2 57.5 -2.1 ▼ 123.8 100.0

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 37.2 9.0 +3.1 ▲ 48.4 11.7 +3.2 ▲ 48.7 11.8 +1.2 ▲ 22.1 5.4 -4.1 ▼ 20.7 5.0 -3.1 ▼ 18.3 4.4 +3.9 ▲ 17.6 4.3 -2.8 ▼ +1.5 ▲ 12.6 3.1 19.3 4.7 -4.1 ▼ 21.8 5.3 +3.0 ▲ 266.7 64.7 +1.8 ▲ 412.5 100.0

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 1 5,822.6 13.5 -1.1 ▼ 2 2 5,614.0 13.0 -1.0 ▼ 3 9 11.7 5,061.8 +6.2 ▲ 4 4 4,968.4 11.5 +1.9 ▲ 5 6 4,133.7 9.6 +2.3 ▲ 6 3 3,462.5 8.0 -2.9 ▼ 7 12 2,275.7 5.3 +2.7 ▲ 8 18 1,822.2 4.2 +3.4 ▲ 9 10 1,426.0 3.3 -0.2 ▼ 10 8 1,412.7 3.3 -2.2 ▼ 35,999.6 83.4 +9.1 ▲ 43,205.7 100.0

Bookrunner Citi HSBC Holdings PLC Standard Chartered PLC Barclays JP Morgan Deutsche Bank Bank of America Merrill Lynch Morgan Stanley Credit Suisse Goldman Sachs & Co Top Ten Total Industry Total

Jan 1 - Dec 31

77

90.1% ▲ 7.5% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 26.9 +12 35 ▲ 41 ▲ 31.5 +27 34.6 +19 ▲ 45 20.0 +8 ▲ 26 -4 17 13.1 ▼ ▲ 14 10.8 +11 ▲ 19 14.6 +7 17 13.1 +8 ▲ 15 ▲ 11.5 +6 13 10.0 +8 ▲

Asia-Pacific Emerging Market Bonds (L4)

31.0% ▲ 4.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 35 45.5 +16 ▲ 32 41.6 +18 ▲ 15 19.5 +5 ▲ 18 23.4 +14 ▲ 16 ▲ 20.8 +11 19 24.7 +9 ▲ 12 15.6 +4 ▲ 11 14.3 +7 ▲ 6 7.8 +2 ▲ 8 10.4 +3 ▲

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 4 11,636.5 12.2 +3.6 ▲ 2 5 11,441.8 12.0 +5.7 ▲ 3 1 11,032.3 11.6 -3.4 ▼ 4 3 6,082.0 6.4 -2.7 ▼ 5 2 5,722.5 6.0 -4.0 ▼ 5.0 25 4,793.0 +4.4 ▲ 6 8 4,763.9 5.0 7 +0.1 ▲ 3,947.5 4.1 -0.4 ▼ 8 9 6 4.0 -1.9 ▼ 9 3,834.3 12 3,113.4 3.3 +0.7 ▲ 10 69.6 +2.1 ▲ 66,367.2 95,461.3 100.0

Bookrunner VTB Capital Citi JP Morgan Barclays Deutsche Bank Sberbank CIB BNP Paribas SA HSBC Holdings PLC Morgan Stanley Bank of America Merrill Lynch Top Ten Total Industry Total

Jan 1 - Dec 31

Middle East Emerging Market Bonds (L5) Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 6,648.6 13.4 +0.3 ▲ 2 3 4,723.5 9.5 +0.5 ▲ 3 6 3,696.2 7.5 +1.0 ▲ 4 19 2,993.3 6.1 +4.6 ▲ 5 5 2,977.5 6.0 -0.7 ▼ 6 2 2,897.1 5.9 -3.3 ▼ 7 4 2,506.8 5.1 -1.7 ▼ 8 9 2,249.4 4.5 0 9 11 1,451.3 2.9 0 10 13 1,238.6 2.5 +0.3 ▲ 31,382.3 63.4 +1.0 ▲ 49,509.8 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 134.5 10.5 -1.5 ▼ 134.3 10.5 0 97.9 7.7 +0.1 ▲ 83.6 6.5 -1.8 ▼ 64.8 5.1 -0.2 ▼ 4.1 52.3 0 73.8 5.8 -0.8 ▼ 42.6 3.3 +1.2 ▲ 2.9 37.2 +1.4 ▲ 0 4.0 50.6 -1.6 ▼ 771.6 60.4 1,279.7 100.0 43.2% ▲ 38.5% ▲

Latin America Emerging Market Bonds (L3)

Bookrunner Citi JP Morgan HSBC Holdings PLC Deutsche Bank Morgan Stanley Bank of America Merrill Lynch Goldman Sachs & Co Santander Banco do Brasil SA Credit Suisse Top Ten Total Industry Total

EMEA Emerging Market Bonds (L2)

Jan 1 - Dec 31 2012

$56.5 20%

$10.6 4%

$16.3 6% $49.0 17%

30.3% ▲ 124.4% ▲

Financials Materials Consumer Staples

11

Government and Agencies Telecommunications Retail

Energy and Power Industrials Real Estate

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Emerging Markets - Latin America All Brazilian Debt Volume Up 37% l Fees for All Brazilian Debt Up 67% l Domestic Brazilian Debt Up 40% l Domestic Mexican Debt Down 25%

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 3 6,022.2 11.8 +4.2 ▲ 2 8 5,587.1 11.0 +4.8 ▲ 3 1 5,125.4 10.1 -1.3 ▼ 4 2 4,555.1 8.9 -2.1 ▼ 5 7 4,307.2 8.5 +2.2 ▲ 6 4 3,843.4 7.6 +0.8 ▲ 7 6 3,215.2 6.3 -0.3 ▼ 8 9 2,817.7 5.5 -0.7 ▼ 9 10 2,409.8 4.7 -1.1 ▼ 10 14 2,263.8 +2.0 ▲ 4.4 40,146.9 78.8 +8.5 ▲ 50,933.3 100.0

% Change from Same Period Last Year % Change from Last Quarter

36.6% ▲ -42.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 31 30.1 +18 ▲ 24 23.3 +12 ▲ 10 9.7 -5 ▼ 22 21.4 +2 ▲ 15 14.6 +6 ▲ 15 14.6 +7 ▲ 23 22.3 +6 ▲ 13 12.6 0 13 12.6 +2 ▲ 8.7 +2 ▲ 9 103

+27

35.5% ▲ 0.0% -

All Brazilian Debt Volume by Industry $100

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 27.7 11.1 +2.3 ▲ 23.7 9.5 +3.5 ▲ 11.6 4.7 -0.6 ▼ 21.8 8.7 -0.7 ▼ 16.5 6.6 -1.1 ▼ 16.9 6.8 +0.4 ▲ 16.2 6.5 0 11.8 4.7 -3.3 ▼ 17.8 7.1 -6.2 ▼ 9.5 3.8 +3.1 ▲ 173.5 69.5 -2.6 ▼ 249.6 100.0

$90 $80 $70

79 69

% Change from Same Period Last Year % Change from Last Quarter

39.6% ▲ -26.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 55 30.1 +26 ▲ 50 27.3 +11 ▲ 23 12.6 +6 ▲ 14 7.7 -2 ▼ 11 6.0 -12 ▼ 14 7.7 -5 ▼ 10 5.5 +9 ▲ 13 7.1 +8 ▲ 1 0.5 0 3 1.6 +1 ▲ 183

+28

18.1% ▲ -11.4% ▼

59 60

$40 $30

38 30

0

$0

Bookrunner Citi BBVA HSBC Holdings PLC Santander Grupo Financiero Banorte-Ixe Scotiabank Grupo Financiero Inbursa SA Corporacion Actinver Sab de CV Bank of America Merrill Lynch Nomura Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 21.9 +8.4 ▲ 1 3 3,553.2 2 4 3,151.3 19.4 +7.7 ▲ 1 2,327.3 14.4 -5.2 ▼ 3 4 2 1,571.2 9.7 -5.3 ▼ 7.9 5 5 1,279.6 -1.0 ▼ 6 11 874.5 5.4 +4.1 ▲ 13 532.6 3.3 7 +2.3 ▲ 6 356.9 2.2 -2.3 ▼ 8 9 8 339.6 2.1 -0.2 ▼ 1.5 +1.5 ▲ 10 245.9 14,232.1 87.8 +10.0 ▲ 16,214.9 100.0

% Change from Same Period Last Year % Change from Last Quarter

-0.7% ▼ 130.2% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 19.3 22.1 +8.1 ▲ 23.1 26.5 +5.1 ▲ 14.4 16.5 +3.7 ▲ 5.7 6.6 -9.5 ▼ 8.7 10.0 -3.0 ▼ 5.2 5.9 -4.9 ▼ 5.0 5.8 +0.6 ▲ 3.0 3.5 +2.3 ▲ .7 0.8 +0.7 ▲ .5 0.6 +0.1 ▲ 87.2 100.0 +3.2 ▲ 87.2 100.0

Bookrunner Citi HSBC Holdings PLC BBVA Deutsche Bank Santander Morgan Stanley Goldman Sachs & Co Bank of America Merrill Lynch JP Morgan Grupo Financiero Banorte-Ixe Top Ten Total Industry Total

80 0.0% 77.8% ▲

0

2004

2005

2006

2007

2008

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 7,161.2 17.5 +5.2 ▲ 2 3 5,532.2 13.5 +3.3 ▲ 3 2 4,422.7 10.8 -0.7 ▼ 4 5 3,829.4 9.4 +1.7 ▲ 5 6 3,092.8 7.6 +0.6 ▲ 6 12 3,084.9 7.5 +5.4 ▲ 7 9 2,881.1 7.0 +2.5 ▲ 8 4 -4.5 ▼ 1,710.6 4.2 9 8 1,606.5 3.9 -2.2 ▼ 10 11 1,279.6 3.1 -0.4 ▼ 34,601.0 84.5 +10.9 ▲ 40,957.1 100.0

% Change from Same Period Last Year % Change from Last Quarter

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 35 43.8 +15 ▲ ▲ 33 41.3 +11 21 26.3 -7 ▼ 10 12.5 -5 ▼ 16 20.0 +3 ▲ 6 7.5 +1 ▲ 5 6.3 +4 ▲ 5 6.3 -2 ▼ 5 6.3 0 ▲ 3 3.8 +3

2003

2009

2010

Global Debt by Mexican Issuers (MX1)

24.6% ▲ 0.9% ▲

Global Debt in Mexican Pesos (MX2)

90

76

69

$10

Jan 1 - Dec 31

Proceeds per Bookrunner (R$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 2 16,787.2 24.4 +8.6 ▲ 2 1 14,345.7 20.9 +0.7 ▲ 3 3 11,705.9 17.0 +2.0 ▲ 4 5 7,292.3 10.6 -2.5 ▼ 5 4 6,167.5 9.0 -4.7 ▼ 6 6 4,402.1 6.4 -4.1 ▼ 7 7 3,580.0 5.2 +0.4 ▲ 8 9 2,140.0 3.1 +1.9 ▲ 9 20 611.7 0.9 +0.8 ▲ 10 15 546.0 0.8 +0.4 ▲ 67,578.4 98.3 +3.5 ▲ 68,774.0 100.0

76 79

$50

2002

Bookrunner Banco Bradesco SA Itau Unibanco Banco do Brasil SA Santander HSBC Holdings PLC Banco BTG Pactual SA Caixa Economica Federal Banco Votorantim Banco Fator Citi Top Ten Total Industry Total

120

92

92

$60

150

$20

67.2% ▲ 22.0% ▲

Brazilian Domestic Debt (BR2)

Full Year 142

Securitized Debt Junk Rated Debt Investment Grade Corporate Agency, Supranational, Sovereign # of Issues

# of Issues

Bookrunner Itau Unibanco Banco do Brasil SA Santander HSBC Holdings PLC JP Morgan Citi Banco Bradesco SA Deutsche Bank Banco BTG Pactual SA Morgan Stanley Top Ten Total Industry Total

Jan 1 - Dec 31

Proceeds (US$b)

All Brazilian Debt (BR1)

-2.4% ▼ -18.9% ▼

Bookrunner Citi BBVA HSBC Holdings PLC Santander Grupo Financiero Banorte-Ixe Scotiabank Grupo Financiero Inbursa SA Corporacion Actinver Sab de CV Bank of America Merrill Lynch ING Top Ten Total Industry Total

16.6% ▲ 57.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 47 46.5 +25 ▲ 26 25.7 -4 ▼ 41 40.6 +18 ▲ 8 7.9 +2 ▲ 18 17.8 +1 ▲ 7 6.9 +2 ▲ 10 ▲ 9.9 +6 10 9.9 -5 ▼ 8 7.9 +1 ▲ 16 15.8 +3 ▲ +7

101 7.4% ▲ -3.6% ▼

12

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 23.4 16.2 +3.7 ▲ 14.8 10.2 +2.2 ▲ 14.0 9.7 +0.3 ▲ 14.1 9.7 +4.4 ▲ 15.7 10.8 +3.7 ▲ 7.8 5.4 +1.2 ▲ 9.9 6.8 +2.6 ▲ 5.4 7.9 -7.3 ▼ 8.6 6.0 -1.3 ▼ 2.9 2.0 +0.4 ▲ 119.1 82.2 +9.9 ▲ 144.8 100.0 -5.9% ▼ -31.0% ▼

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 3,692.9 24.9 +2.2 ▲ 2 2 3,290.9 22.2 +1.1 ▲ 3 3 2,327.3 15.7 +1.9 ▲ +0.6 ▲ 4 5 1,637.9 11.0 5 6 1,279.6 8.6 +1.3 ▲ 874.5 5.9 +4.8 ▲ 6 10 7 12 532.6 3.6 +2.8 ▲ 8 7 356.9 2.4 -1.3 ▼ 9 9 339.6 2.3 +0.4 ▲ 10* 4 0.9 -12.3 ▼ 130.3 14,462.5 97.5 +1.5 ▲ 14,849.1 100.0

% Change from Same Period Last Year % Change from Last Quarter

2012

Jan 1 - Dec 31

Domestic Mexican Debt (MX3)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 7.8 19.1 +8.9 ▲ 8.5 20.9 +8.7 ▲ 5.3 13.0 -6.9 ▼ 5.7 13.9 -1.6 ▼ 2.9 7.2 0 1.1 +1.8 ▲ 2.8 1.6 4.0 +3.4 ▲ 2.6 -1.1 ▼ 1.0 .4 0.9 -1.8 ▼ .3 0.6 +0.6 ▲ 40.7 85.0 +12.0 ▲ 40.7 100.0

2011

-25.3% ▼ 86.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 37 53.6 +17 ▲ 35 50.7 +12 ▲ 21 30.4 -3 ▼ 15.9 -2 ▼ 11 23.2 +3 16 ▲ 6 8.7 +1 ▲ 5 7.2 +4 ▲ 5 7.2 -2 ▼ 5 7.2 0 1 1.4 ▼ -2 +1

69 1.5% ▲ 50.0% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 8.1 22.1 +1.5 ▲ 8.8 24.1 +2.0 ▲ +0.2 ▲ 5.2 14.1 5.9 16.1 +5.8 ▲ 2.9 8.0 +1.4 ▲ 1.1 3.1 +2.2 ▲ 1.6 4.5 +4.0 ▲ 1.0 2.8 -0.6 ▼ .4 1.0 -1.5 ▼ .4 1.0 -12.0 ▼ 96.8 +3.0 ▲ 36.6 36.6 100.0 -4.2% ▼ 18.5% ▲

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Asia Debt Asian G3 Reaches Record High l Asian Local Currency Bond Borrowings Dip l Dimsum Bond Volume Down Slightly Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†)

Asia Deals Intelligence

Proceeds per Bookrunner (US$m) Market Market

Asian G3 currency (US$, Euro, Yen) debt proceeds for the full year of 2012 totaled US$133.8 billion from 252 deals, registering the highest levels on record both in proceeds and number of deals. Transactions from the Financials, Energy & Power and Government & Agencies sectors accounted for 80.2% of the Asian G3 debt market.

Bookrunner HSBC Holdings PLC JP Morgan Citi Deutsche Bank Standard Chartered PLC Goldman Sachs & Co Barclays Morgan Stanley Bank of America Merrill Lynch UBS Top Ten Total Industry Total

Asian-currency-denominated bond offerings this year reached US$440.5 billion from 2,758 deals, 2% short of the record volume set in 2011. Issuance in Chinese Yuan, Korean Won and Indian Rupee captured 46.6%, 17.3% and 11.7% of the market, respectively. Chinese Yuan-issued and settled bonds targeted offshore, or Dimsum Bonds, volume decreased slightly by 0.1% in 2012, with proceeds of CNY148.5 million from 331 issues. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market this year reached US$609 million, a 43.1% increase from last year. Total fees on Asian local currency bond issuance (ex. Japan, Australia) registered a 7.3% increase, to US$1.4 billion compared to the total fees of US$1.3 billion in 2011.

2012 2011 Rank Rank 1 1 2 8 3 2 4 3 4 5 6 6 7 9 8 11 9 7 10 5

Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes Asian Development Bank issuance

Asian International Bond Proceeds by Currency (US$m)

U.S. Dollar Bookrunner CITIC HSBC Holdings PLC Standard Chartered PLC China International Capital Co Bank of China Ltd China Construction Bank UBS Industrial & Comm Bank China CIMB Group Sdn Bhd DBS Group Holdings Top Ten Total Industry Total

Chinese Yuan Singapore Dollar Australian Dollar

$5,420.7 3%

$5,752.0 $6,619.2 4% 4%

$9,967.0 6%

Japanese Yen Swiss Franc EURO Hong Kong Dollar

$2,791.5 $2,070.1 2% $2,612.4 $1,357.7 1% 2% 1%

Bookrunner HSBC Holdings PLC Standard Chartered PLC BNP Paribas SA Bank of China Ltd Deutsche Bank Barclays RBS Industrial & Comm Bank China ANZ Banking Group Oversea-Chinese Banking Top Ten Total Industry Total

Proceeds per Bookrunner (CNYm) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank +4.6 ▲ 27.8 1 1 41,332.8 2 2 19,738.5 13.3 -0.6 ▼ 3 7 16,886.3 11.4 +7.2 ▲ 4 4 10,321.3 7.0 +0.5 ▲ 5 3 6,988.5 4.7 -2.1 ▼ 6 22 6,811.7 4.6 +4.0 ▲ 7 5 4,883.5 3.3 -2.2 ▼ 8 6 3,477.1 2.3 -3.0 ▼ 9 33* 3,159.7 2.1 +1.9 ▲ 10 2,279.0 1.5 +1.5 ▲ 115,878.4 78.0 +11.8 ▲ 148,516.6 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

­0.1% ▼ ­12.7% ▼

331 51.8% ▲ 0.0% -

+113

Deals Sh (%) # of Deals 102 40.5 +45 ▲ 73 29.0 +48 ▲ 79 31.3 +36 ▲ 75 29.8 +41 ▲ 66 26.2 +24 ▲ 36 14.3 +9 ▲ 37 14.7 +6 ▲ 45 17.9 +21 ▲ 58 23.0 +28 ▲ 45 17.9 +14 ▲ 252

+68

37.0% ▲

­2.0% ▼ ­14.9% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 35.4 38.5 +19.2 ▲ 5.4 5.9 -4.3 ▼ 4.2 4.6 +1.4 ▲ 16.6 18.1 +10.4 ▲ 2.3 2.5 -4.6 ▼ 6.2 6.8 +6.6 ▲ 2.0 -0.9 ▼ 2.2 1.5 1.7 -4.3 ▼ 3.7 4.0 +3.9 ▲ .5 +0.6 ▲ 0.6 77.8 84.9 +28.0 ▲ 92.1 100.0

Bookrunner Standard Chartered PLC HSBC Holdings PLC CIMB Group Sdn Bhd Korea Investment Holdings Co Hana Financial Group Inc DBS Group Holdings Axis Bank Ltd ICICI Bank Ltd Woori Invest & Sec Co Ltd KB Financial Group Inc Top Ten Total Industry Total

­12.5% ▼ ­52.4% ▼

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 18,868.4 8.0 +1.7 ▲ 1 3 2 16,428.8 7.0 +0.7 ▲ 2 8,100.7 3.4 -3.8 ▼ 3 1 3.4 +0.4 ▲ 4 9 8,035.0 5 5 8,022.1 3.4 -0.3 ▼ 6 12 7,985.7 3.4 +1.0 ▲ 10 7,459.0 +0.6 ▲ 7 3.2 8 6 6,942.3 3.0 -0.6 ▼ 9 7 6,619.2 2.8 -0.7 ▼ 4 10 5,615.4 2.4 -1.4 ▼ -2.4 ▼ 94,076.6 40.0 235,527.0 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes CDs and CPs

13

2.5% ▲ ­28.4% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 13.4 81.7 +1.8 ▲ 60.3 9.9 +5.6 ▲ 51.2 8.4 -2.7 ▼ 59.0 9.7 +0.7 ▲ 55.8 9.2 -0.6 ▼ 36.3 6.0 -1.1 ▼ 29.3 4.8 +0.8 ▲ 26.7 4.4 +0.8 ▲ 36.6 6.0 -1.1 ▼ 50.1 -0.1 ▼ 8.2 +4.1 ▲ 487.0 80.0 609.0 100.0 43.1% ▲ 50.5% ▲

­20.0% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 57 2.1 +16 ▲ 430 15.6 +123 ▲ 386 14.0 +54 ▲ 29 1.1 +1 ▲ 46 ▼ 1.7 -15 32 1.2 +1 ▲ 24 0.9 -11 ▼ 34 1.2 -16 ▼ 81 2.9 +11 ▲ 76 2.8 +20 ▲ 2,758

-243

­8.1% ▼ ­24.3% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 95.3 7.0 +2.8 ▲ 69.3 5.1 +1.3 ▲ 43.2 3.2 +0.2 ▲ 62.9 4.6 +1.1 ▲ 63.6 4.7 -1.3 ▼ 61.8 4.5 +1.6 ▲ +0.3 ▲ 24.7 1.8 38.8 2.8 -2.2 ▼ 21.9 1.6 +0.3 ▲ 1.7 23.1 -0.3 ▼ 504.6 37.0 +3.8 ▲ 1,367.5 100.0 7.3% ▲ ­32.2% ▼

All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1at)

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 129 39.0 +56 ▲ 76 23.0 +24 ▲ 61 18.4 +46 ▲ 15 4.5 -2 ▼ 27 8.2 +7 ▲ 15 4.5 +8 ▲ 15 4.5 -8 ▼ 13 3.9 -2 ▼ 8 2.4 +5 ▲ 6 1.8 +6 ▲

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 6.5 +1.1 ▲ 28,714.1 1 3 22,981.1 +0.7 ▲ 2 5.2 3 5 5.0 +1.0 ▲ 22,183.8 4 4.9 +0.5 ▲ 4 21,501.9 2 5 13,631.2 3.1 -1.7 ▼ 6 9 12,893.6 2.9 +0.3 ▲ 7 11 8,859.0 2.0 +0.1 ▲ 8 8,632.2 2.0 -1.5 ▼ 7 9 8,153.4 1.9 -1.8 ▼ 6 10 21 8,149.6 1.9 +0.6 ▲ 35.4 155,699.9 -0.7 ▼ 440,464.6 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes CDs and CPs

Malaysian Ringgit

Dim Sum Bonds (ex self-funded) (AS24a)

75.3% ▲ ­7.5% ▼

# of Deals per Bookrunner # of Market Change in

All Asian Currencies (ex-Japan ex-Australia) (AS1t)

Jan 1 - Dec 31 2012

$125,773.7 77%

Proceeds Sh (%) Share Ch. 18,509.2 +1.0 ▲ 13.8 13,759.0 10.3 +4.6 ▲ 9.7 +0.8 ▲ 12,992.9 9.0 +1.2 ▲ 12,057.7 11,017.3 8.2 +1.0 ▲ 9,756.7 7.3 +0.5 ▲ 6.5 8,646.9 +0.9 ▲ 7,623.7 +2.4 ▲ 5.7 7,429.7 5.6 -0.2 ▼ 6,691.3 5.0 -1.9 ▼ 108,484.4 81.1 +10.3 ▲ 133,806.8 100.0

Jan 1 - Dec 31

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 308 13.7 +29 ▲ 301 13.4 +69 ▲ 80 3.6 +12 ▲ 46 2.0 -40 ▼ ▼ 1.9 -24 42 3.2 +25 ▲ 72 167 ▲ 7.4 +27 177 7.9 +19 ▲ 34 ▼ 1.5 -47 36 ▼ 1.6 -37 -198

2,246 ­8.1% ▼ ­27.9% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 36.6 6.9 +1.3 ▲ 33.3 6.2 +0.5 ▲ +0.2 ▲ 21.9 4.1 10.1 1.9 -0.1 ▼ 3.1 16.5 -0.2 ▼ 22.8 -0.5 ▼ 4.3 15.9 3.0 +0.5 ▲ 16.1 -1.5 ▼ 3.0 8.1 1.5 -1.1 ▼ 7.8 1.5 -0.7 ▼ 189.1 -1.6 ▼ 35.5 533.8 100.0 26.0% ▲ ­38.7% ▼

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Australia Debt Australian Debt Proceeds Up 8% l Australian International Bond Volume Highest Since 2009 | Bank Borrowings Dominate The Australian Bond Market Australia Deals Intelligence

All Australian Debt (ex self-funded) (AJ3a)

Australian dollar bond (excluding self-funded) offerings in 2012 reached AU$94.5 billion from 220 deals, a 7.8% increase from last year. Issuers from the Financials sector captured 50.3% of the market, with total proceeds of AU$47.1 billion from 98 deals. Transactions from Bank Issuers totaled AU$21.6 billion, capturing 22% of the Australian dollar debt market.

Bookrunner ANZ Banking Group National Australia Bank Westpac Banking Commonwealth Bank of Australia UBS Deutsche Bank TD Securities Inc Citi RBS JP Morgan Top Ten Total Industry Total

Australian international debt to date totalled US$100.5 billion from 178 deals, a 67.5% increase in the total proceeds raised in 2011. Australian covered bonds captured 34.5% of the market, with total proceeds of US$34.7 billion from 32 transactions. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian dollar (excluding self-funded) bonds in 2012 reached AU$352.9 million, a 12.9% increase from total fees of AU$312.7 million raised last year. Estimated fees from Australian international bond offerings to date registered a 44.2% increase, to US$298 million from US$206.6 million earned in 2011.

Proceeds per Bookrunner (AU$m) Market Market 2012 2011 Proceeds Sh (%) Share Ch. Rank Rank 1 2 +0.7 ▲ 15,185.4 16.1 2 4 13,300.5 14.1 +3.2 ▲ 3 1 11,753.4 12.4 -6.5 ▼ 3 10.7 4 10,074.3 -1.2 ▼ 8,052.0 5 5 +0.2 ▲ 8.5 7,268.6 6 6 7.7 +1.1 ▲ 5.6 7 5,276.7 +1.9 ▲ 8 8 14 4,390.9 4.7 +3.3 ▲ 12 9 4,082.7 4.3 +2.0 ▲ 10 3,413.2 3.6 10 +0.9 ▲ 82,797.7 87.7 +5.6 ▲ 94,523.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

All Australian Debt (ex self-funded) by Industry (AU$m)

Jan 1 - Dec 31 2012

Gov & Agencies

Bookrunner ANZ Banking Group National Australia Bank Commonwealth Bank of Australia Westpac Banking UBS Deutsche Bank TD Securities Inc Citi JP Morgan RBC Capital Markets Top Ten Total Industry Total

Energy & Power $37,681.6 40%

Materials Retail Media & Ent

$3,677.3 4%

Real Estate Telecommunications Industrials

$278.4 $298.6 $402.8 $819.6 $840.1 $969.7 $987.4 $990.6 0% 0% 1% 1% 1% 1% 1%

Bookrunner JP Morgan Deutsche Bank Citi Morgan Stanley HSBC Holdings PLC Commonwealth Bank of Australia UBS RBS Barclays ANZ Banking Group Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 2 10,480.6 10.4 +0.6 ▲ 6.8 +1.2 ▲ 2 5 6,837.6 3 3 6,504.4 6.5 -2.7 ▼ +2.2 ▲ 4 12 5,843.3 5.8 5,619.9 5.6 +2.4 ▲ 5 16 6 19 5,054.1 5.0 +2.7 ▲ 7 11 4,893.0 4.9 +1.2 ▲ 8 8 4,766.1 4.7 +0.6 ▲ 9 4 4,579.9 4.6 -2.7 ▼ 10 17 4,456.1 4.4 +1.7 ▲ 59,035.0 58.7 +7.2 ▲ 100,504.2 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

67.5% ▲ ­67.6% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 31 17.4 +14 ▲ 26 14.6 +10 ▲ -3 ▼ 17 9.6 13.5 +8 ▲ 24 11.8 +10 ▲ 21 12 6.7 +10 ▲ 16 9.0 +6 ▲ 22 12.4 +13 ▲ 19 10.7 +5 ▲ 14 7.9 +9 ▲ 178 18.7% ▲ ­55.2% ▼

+28

220

+48

27.9% ▲ ­26.8% ▼

7.8% ▲ ­2.3% ▼

Proceeds per Bookrunner (AU$m) Market Market 2012 2011 Rank Rank Proceeds Sh (%) Share Ch. 1 1 13,154.1 16.5 -1.8 ▼ 2 6 9,836.2 12.3 +3.8 ▲ 3 4 9,508.5 11.9 +1.8 ▲ 4 2 8,580.6 10.8 -4.0 ▼ 5 3 8,052.0 10.1 -1.1 ▼ 6 7 6,270.0 7.9 +1.1 ▲ 7 8 5,276.7 6.6 +1.6 ▲ 8 14 4,228.4 5.3 +4.4 ▲ 9 10 2,994.5 3.8 +0.5 ▲ 5 2,838.1 3.6 -5.1 ▼ 10 70,739.1 88.8 +1.2 ▲ 79,768.2 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Consumer Staples

All Australian International Bonds (AJ7)

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 38.6 +26 ▲ 85 27.3 +28 60 ▲ 58 26.4 +3 ▲ 45 20.5 +7 ▲ 41 18.6 +13 ▲ 50 ▲ 22.7 +29 37 16.8 +16 ▲ 18 ▲ 8.2 +13 17 7.7 +7 ▲ 5.5 +2 ▲ 12

Jan 1 - Dec 31

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 74 38.5 +23 ▲ 44 22.9 +24 ▲ 41 21.4 +9 ▲ ▲ 51 26.6 +12 21.4 +13 41 ▲ ▲ 45 23.4 +30 37 19.3 +16 ▲ 17 8.9 +13 ▲ 9 4.7 +1 ▲ 9.9 -11 19 ▼ 192

+153

41.2% ▲ ­25.0% ▼

23.1% ▲ 0.0% ▲

Australian International Bond Proceeds by Currency (US$m)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 30.7 10.3 -4.7 ▼ 23.0 7.7 +0.3 ▲ 18.7 6.3 -0.4 ▼ 15.2 5.1 +2.3 ▲ 15.4 5.2 +2.6 ▲ 10.5 3.5 +2.5 ▲ 16.5 5.6 +2.5 ▲ 13.6 4.6 -0.2 ▼ 12.0 4.0 -1.5 ▼ 10.7 3.6 +1.7 ▲ 55.9 +5.1 ▲ 166.3 298.0 100.0

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 49.2 -2.5 ▼ 14.0 61.1 +3.2 ▲ 17.3 42.4 12.0 -2.2 ▼ 10.4 36.6 +0.3 ▲ 24.6 7.0 +1.5 ▲ +0.7 ▲ 17.8 5.0 3.4 -1.4 ▼ 11.8 14.7 4.2 +3.0 ▲ 14.0 4.0 -1.7 ▼ -1.5 ▼ 12.1 3.4 284.3 80.7 -0.6 ▼ 352.9 100.0 12.9% ▲ ­22.9% ▼

Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6)

Financials

$47,068.1 50%

Jan 1 - Dec 31

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 45.2 14.0 -3.7 ▼ 54.4 16.8 +2.4 ▲ 35.7 11.0 +2.3 ▲ 36.1 11.2 +0.1 ▲ 24.6 7.6 +1.2 ▲ 15.8 4.9 +1.0 ▲ 11.8 3.7 -1.9 ▼ 14.4 4.5 +3.4 ▲ 11.2 3.5 -1.9 ▼ 12.3 3.8 -3.8 ▼ 261.5 81.0 -0.9 ▼ 323.8 100.0 19.6% ▲ ­24.0% ▼

Jan 1 - Dec 31 2012 U.S. Dollar $22,659.7 23%

$46,119.0 47%

EURO Australian Dollar

$4,565.4 5%

$4,990.1 5%

$8,056.2 8%

$11,145.8 11%

British Pound Japanese Yen Swiss Franc

44.2% ▲ ­49.7% ▼

$950.3 1%

14

Norwegian Krone

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Full Year 2012 | Debt Capital Markets | Managing Underwriters

Japan Debt Yen Denominated Bonds Down 1% l European Issuers still dominate Samurai Market l Japanese Corporate Bonds Continue Declining Trend Japan Deals Intelligence

All Bonds in Yen (AP5)

Yen-denominated bond offerings in 2012 reached JP¥19.0 trillion, a 0.9% decrease in value compared to full-year 2011 but a 2.3% increase in number of deals.

Bookrunner Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Tokai Tokyo Financial Holdings BNP Paribas SA Top Ten Total Industry Total

According to Thomson Reuters/Freeman Consulting, estimated fees for Japanese bonds reached a total of JP¥59.4 billion in 2012, a 9.4% decline from last year. Samurai bond volume for full-year 2012 was down 4.6% compared to 2011, with 63 offerings yielding JP¥1.9 trillion in proceeds, and a 21.3% decline in number of deals. European issuers continued to dominate the Samurai market, with 30 issuances worth JP¥889.4 billion followed by Asia Pacific-based issuers with 27 deals worth JP¥671.9 billion. The Japanese corporate bond market extended its four-year decline with 2012 proceeds totaling JP¥8.5 trillion, a 2.8% decrease compared to 2011. The financial sector continued its dominance of the Japanese corporate debt market, with 36% of total activity, followed by the industrial sector, with a 22% market share.

Jan 1 - Dec 31 Proceeds per Bookrunner (¥m) Market Proceeds Market 2012 2011 ¥mil Sh (%) Share Ch. Rank Rank 25.5 +5.6 ▲ 1 3 4,841,072.1 2 1 3,853,697.3 20.3 -1.1 ▼ 3,561,636.5 3 2 18.7 -1.7 ▼ 4 2,416,726.0 12.7 +0.2 ▲ 4 5 1,901,266.7 10.0 -1.2 ▼ 5 6 460,433.3 2.4 -1.1 ▼ 6 10 449,840.0 2.4 +1.7 ▲ 7 8 9 180,446.7 1.0 +0.1 ▲ 9 14 168,481.5 0.9 +0.4 ▲ 10 13 165,549.4 0.9 +0.4 ▲ 94.8 +3.3 ▲ 17,999,149.5 19,018,442.7 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Samurai Bonds Issuer Domicile Analysis

Jan 1 - Dec 31

2,500

80 58 63

65

Bookrunner Nomura Mizuho Financial Group Daiwa Securities Group Inc JP Morgan Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Bank of America Merrill Lynch Citi Deutsche Bank Natixis Top Ten Total Industry Total

75

63

47 39

34

39 1,000

45

29 23

# of Issues

¥ Billion

60 1,500

30

21

500

15 0

0

2001

2002

Americas

2003

Europe

2004

2005

2006

2007

Asia-Pacific (ex Central Asia)

2008

2009

2010

2011

Africa/Middle East/Central Asia

Japanese Corporate Debt Volume by Industry (¥ Billion)

2012 # of Issues

Jan 1 - Dec 31 2012

Bookrunner Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Daiwa Securities Group Inc Goldman Sachs & Co Sumitomo Mitsui Trust Holdings Sumitomo Mitsui Finl Grp Inc ORIX Corp Mitsubishi UFJ Financial Group Shinsei Bank Top Ten Total Industry Total

Energy and Power Materials ¥878.0 10%

¥280.0 3%

¥325.0 4%

¥375.0 4%

¥478.0 6%

¥764.0 9%

Real Estate Consumer Products and Services Consumer Staples Healthcare High Technology

¥160.0 2% ¥119.0 % 1% ¥10.0 ¥239.0 3% 0%

-9.4% ▼ 1.6% ▲

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2012 2011 Rank Rank ¥mil Sh (%) Share Ch. 1 4 387,966.7 +5.4 ▲ 20.3 +0.2 ▲ 2 381,240.0 19.9 2 1 290,840.0 15.2 3 -5.6 ▼ 14.5 4 6 +8.3 ▲ 278,200.0 +4.0 ▲ 193,856.7 10.1 5 7 178,066.7 6 3 9.3 -6.5 ▼ 66,340.0 10 3.5 +2.5 ▲ 7 45,166.7 2.4 -4.5 ▼ 5 8 25,000.0 9 +0.9 ▲ 1.3 14 22,433.3 1.2 +1.2 ▲ 10 +5.9 ▲ 1,869,110.1 97.7 1,912,800.0 100.0 -4.6% ▼ 144.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 61.9 +2 39 ▲ 43 68.3 ▼ -5 47.6 -16 ▼ 30 ▲ 25.4 +10 16 -7 16 ▼ 25.4 18 28.6 -11 ▼ 23.8 +12 15 ▲ 12.7 ▼ -8 8 4 6.3 +1 ▲ ▲ 3 4.8 +3 63

-17

-21.3% ▼ 58.3% ▲

Telecommunications

Industry % Change from Last Quarter

Media and Entertainment

15

Jan 1 - Dec 31

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2012 2011 ¥mil Sh (%) Share Ch. Rank Rank 1 1,377,384.9 36.0 +14.0 ▲ 1 0 2 17.5 668,581.0 3 498,900.0 3 13.0 -6.2 ▼ 2 445,400.0 11.6 7 +5.8 ▲ 4 5 272,600.0 -1.2 ▼ 5 7.1 105,990.8 -0.1 ▼ 6 8 2.8 -4.7 ▼ 7 6 2.6 100,506.0 +0.7 ▲ 8 11 1.8 70,500.0 10 +0.7 ▲ 9 66,960.0 1.8 10 -7.7 ▼ 4 45,400.0 1.2 3,652,222.7 95.4 +1.3 ▲ 3,824,858.6 100.0

Industry % Change from Same Period Last Year

Retail

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 19.9 986.7 +6.1 ▲ 983.5 19.8 +1.7 ▲ 13.6 678.0 -6.8 ▼ 804.3 16.2 +8.6 ▲ +4.1 ▲ 501.8 10.1 10.1 501.4 -5.0 ▼ 193.3 3.9 +2.6 ▲ 120.0 2.4 -4.3 ▼ 34.6 0.7 +0.2 ▲ +1.0 ▲ 51.0 1.0 4,854.6 97.7 +8.2 ▲ 4,971.8 100.0 -7.3% ▼ 81.7% ▲

Japanese Securitizations (AP2)

Industrials

¥1,846.1 22%

2.3% ▲ 11.5% ▲

Imputed Fees (¥m) Manager Market Market Fees ¥mil Sh (%) Share Ch. +0.6 ▲ 24.4 14,489.4 11,585.7 19.5 +1.9 ▲ 8,410.2 14.2 +0.2 ▲ 8,210.4 +1.1 ▲ 13.8 6,410.4 10.8 -0.3 ▼ 1,631.9 2.8 -0.8 ▼ 2.3 1,336.0 +1.5 ▲ -0.3 ▼ 1,050.9 1.8 738.9 +0.5 ▲ 1.2 468.5 0.8 +0.4 ▲ 54,332.3 +4.8 ▲ 91.6 59,439.8 100.0

Jan 1 - Dec 31

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

Financials ¥3,029.4 36%

+24

1,076

Samurai Bonds (AP1)

90

2,000

-0.9% ▼ 8.4% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 447 41.5 +56 ▲ 269 25.0 +23 ▲ ▲ 230 21.4 +11 189 17.6 -7 ▼ 148 13.8 -4 ▼ 2.2 -14 ▼ 24 28 2.6 +19 ▲ ▲ 32 3.0 +11 36 3.3 +18 ▲ 14 1.3 0 -

-11.0% ▼ -16.0% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 78.2 +32 ▲ 205 4.2 +1 ▲ 11 ▼ 2 -5 0.8 1.5 -3 ▼ 4 0.8 -4 2 ▼ 2.7 +1 ▲ 7 1.1 3 -3 ▼ -2 3 1.1 ▼ 14 5.3 -11 ▼ 0.8 -3 ▼ 2 262

-13

-4.7% ▼ 1.5% ▲

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 37.6 +13.4 ▲ 4,616.0 16.3 2,002.7 +4.6 ▲ 773.6 6.3 -3.6 ▼ 1,080.1 8.8 +1.2 ▲ -0.9 ▼ 509.7 4.2 3.2 -0.2 ▼ 393.9 -0.6 ▼ 747.8 6.1 246.8 2.0 +0.9 ▲ 234.4 1.9 +0.8 ▲ 1.7 -8.0 ▼ 202.6 +7.6 ▲ 10,807.6 88.1 12,279.3 100.0 -14.3% ▼ -17.5% ▼

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Japan Debt Japanese Corporate Debt (AP3)

Bookrunner Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co Citi Bank of America Merrill Lynch Tokai Tokyo Financial Holdings JP Morgan Top Ten Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2012 2011 Rank Rank ¥mil Sh (%) Share Ch. 2,206,151.7 25.9 3 +3.7 ▲ 1 1 23.4 +0.2 ▲ 2 1,986,333.3 +0.1 ▲ 2 1,931,900.0 22.7 3 5 1,106,216.7 13.0 -0.5 ▼ 4 5 4 999,688.7 11.8 -3.1 ▼ -0.4 ▼ 6 6 62,500.0 0.7 7 7 60,333.3 0.7 -0.3 ▼ 8 8 52,833.3 0.6 +0.2 ▲ 9 10 42,000.0 +0.1 ▲ 0.5 10 11 22,500.0 0.3 +0.2 ▲ +0.2 ▲ 8,470,457.0 99.6 8,503,457.0 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

-2.8% ▼ 3.7% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 120 27.9 0 29.8 +12 128 ▲ 27.9 +11 ▲ 120 0 91 21.2 17.2 -4 ▼ 74 1.2 -3 ▼ 5 1.2 5 -1 ▼ 7 ▲ 1.6 +3 6 ▲ 1.4 +1 3 0.7 0 430 3.9% ▲ 21.9% ▲

+16

Bonds Targeted in Japan (AP4)

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 23.4 6,666.6 -4.4 ▼ 6,145.6 21.6 +3.0 ▲ 4,865.5 17.1 +2.1 ▲ 4,852.5 17.1 +4.0 ▲ 12.2 3,477.3 -1.7 ▼ 1.4 -0.8 ▼ 391.4 413.3 1.5 +0.5 ▲ 0.8 222.2 -0.2 ▼ +0.5 ▲ 1.3 364.7 0.5 +0.1 ▲ 142.5 27,541.6 96.9 +3.1 ▲ 28,437.2 100.0

Bookrunner Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Tokai Tokyo Financial Holdings Citi Top Ten Total Industry Total

-18.6% ▼ -2.1% ▼

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2012 2011 ¥mil Sh (%) Share Ch. Rank Rank 2 4,681,825.4 +5.3 ▲ 1 26.1 21.1 -1.3 ▼ 3,778,697.3 2 1 3 3,420,038.9 -1.7 ▼ 19.1 3 4 4 2,371,092.7 13.2 +0.5 ▲ 5 1,784,989.2 10.0 -1.1 ▼ 5 6 6 460,433.3 2.6 -0.7 ▼ 7 9 320,700.0 1.8 +1.1 ▲ 8 172,506.7 +0.5 ▲ 12 1.0 9 168,481.5 13 0.9 +0.4 ▲ 10 8 115,500.0 -0.7 ▼ 0.6 17,274,265.0 96.4 +2.3 ▲ 17,934,570.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

16

Jan 1 - Dec 31

-2.2% ▼ 6.7% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 439 43.2 +48 26.0 +18 ▲ 264 21.8 +12 ▲ 221 18.4 -6 187 ▼ 138 13.6 -2 ▼ 24 2.4 -9 ▼ 2.0 +11 ▲ 20 3.0 +18 ▲ 30 3.5 +18 36 ▲ -9 ▼ 15 1.5 +48

1,016 5.0% ▲ 13.3% ▲

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 14,123.9 24.9 +0.3 ▲ 20.0 +1.9 ▲ 11,348.4 8,154.4 14.4 +0.1 ▲ 8,092.9 14.3 +1.4 ▲ 10.8 -0.3 ▼ 6,097.6 1,631.9 2.9 -0.7 ▼ 1.8 +0.9 ▲ 1,000.7 1.8 0 1,029.0 738.9 1.3 +0.6 ▲ -0.2 ▼ 578.4 1.0 52,796.1 93.2 +4.0 ▲ 56,746.2 100.0 -10.7% ▼ 0.3% ▲

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Ranking Criteria Summary - Database coverage includes all US public, Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds, Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bonds

If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: United States Salvatore Reres Tel: +1 646 223 8455 E-mail: [email protected] Europe Ian Willmott Tel: +44 207 542 4376 E-mail: [email protected] Asia-Pacific Michelle Abuzo Tel: +632 858 7201 E-mail: [email protected] Japan Aki Sato Tel: +813 6441 1120 E-mail: aki [email protected] sato@thomsonreuters com

and preferred stock) as well as MBS, ABS & Taxable Munis. - Transactions must be received within 5 business days of pricing for league table accreditation. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all

Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year. - All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated; and current data and previous year's data is as of 9:00am EST on December 31,

2012. - Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US dollar denominated transactions are converted to the

US dollar equivalent at the time of announcement. - Long-term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency denominated bonds and all securitized tranches, which require a

minimum life of more than 360 days. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. -

US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/144a bond and preferred stock transactions issued in any currency.

-

Imputed fees are calculated using Freeman Consulting. Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed. disclosed Deal fees are on a gross basis before all expenses. expenses Each underwriter or advisor is allocated its share of deal fees using Freeman Consulting. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicate members.

-

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley."

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2012 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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