debt capital markets review - Thomson Reuters Deal Making Intelligence

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Mar 28, 2013 - Global Debt in Mexican Pesos (MX2) ... was led by issuers from India, Russia and Brazil, which accounted
DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Quarter 2013

First Quarter 2013 | 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 (DL1)

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 First Quarter 2013

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 (DL2)

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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First Quarter 2013

DEBT CAPITAL MARKETS REVIEW Global Debt Activity Falls 14% from 2012 l Best Annual Start for Global High Yield; ABS Up 26% l JP Morgan Tops Underwriting, Fee Rankings Global High Yield Corporate Debt- Quarterly 300

$140 Global High Yield Debt ($bil)

Proceeds ($bil)

$120

STRONGEST ANNUAL START FOR GLOBAL HIGH YIELD ON RECORD - The volume of global high yield corporate debt reached US$132.0 billion during the first quarter of 2013, a 22% increase compared to first quarter 2012 and the strongest annual start for high yield debt activity since records began in 1980. High yield issuance from issuers in the United States accounted for 60% of first quarter activity, compared to 71% during the first quarter of 2012. Issuance from European issuers increased 58% compared to the same time last year.

Number of Offerings

250

$100

200

$80 150 $60 100

$40

50

$20

GLOBAL ABS UP 26%; CDO/CLO ACTIVITY ACCOUNTS FOR 24% - Global asset-backed securities totaled US$90.8 billion during the first quarter of 2012, a 26% increase compared the same time last year and the best annual start for global ABS since 2007. Collateralized debt and loan obligations totaled US$21.8 billion during the first quarter, more than triple issuance during the first quarter of 2012 and accounted for 24% of the quarterly ABS total.

Number of Offerings

Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS FALLS 14% FROM 2012 - Overall global debt capital markets activity totaled US$1.5 trillion during the first quarter of 2013, a 14% decrease from the comparable period in 2012 and the slowest first quarter for global debt capital markets activity since 2008. Registering a decline of 28% compared to last year, European issuers contributed 40% to the quarterly tally, down from 46% during the first quarter of 2012.

2005

FINANCIALS ACCOUNT FOR 47% OF 2013 DCM ACTIVITY – Debt capital markets activity in the financials sector totaled US$715 billion during the first quarter of 2013, accounting for 47% of all new issues this year. Telecom and Consumer Staples debt capital markets activity saw increases of 85% and 78%, respectively, over first quarter 2012, 44% Average deal size in the Media sector led all while new issues in the Retail sector saw year-over-year declines of 44%. industries during first quarter 2013, with the average deal totaling US$670.3 million.

2006

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$0 13

Global Debt Capital Markets by Asset Class $2.4 $2.2 $2.0 $1.8

Proceeds (US$t)

EMERGING MARKETS CORPORATE DEBT DOWN 7% - New issuance of corporate debt from emerging markets issuers totaled US$119.3 billion during the first quarter of 2013, a 7% decrease from the first quarter of 2012. Activity was led by issuers from India, Russia and Brazil, which accounted for 39% of all emerging markets corporate debt during the quarter. 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 the first quarter 2013 debt underwriting with total proceeds of $126.7 billion and an increase of 0.7 market share points. Deutsche Bank retained the number two spot during the first quarter of 2013, with a 7.2% market share. The composition of the top five global debt underwriters remained unchanged from the first quarter of 2012.

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

2004

SLIGHT INCREASE FOR DEBT UNDERWRITING FEES - According to Thomson Reuters/Freeman Consulting, estimated fees from debt capital markets activity totaled US$6.4 billion during the first quarter of 2013, up 0.8% from the first quarter of 2012. Fees from investment grade debt underwriting totaled US$2.8 billion, or 44% of the overall total, while fees from high yield debt totaled $1.9 billion, or 30% of overall DCM fees.

Global Debt, Equity & Equity-related (A1)

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

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 139,585.0 8.2 +0.5 ▲ 2 2 119,868.5 7.0 0.1 ▲ 6.6 +0.1 ▲ 3 3 112,789.6 4 7 107,833.6 6.3 +1.8 ▲ 5 4 103,541.4 6.1 +0.3 ▲ 6 5 99,782.2 5.9 +0.9 ▲ 7 6 88,435.7 +0.5 ▲ 5.2 0 8 8 73,505.0 4.3 9 64,174.5 -0.4 ▼ 9 3.8 10 10 3.3 -0.6 ▼ 56,699.0 966,214.5 56.7 +3.2 ▲ 100.0 1,706,620.2

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

­10.9% ▼ 11.7% ▲

Investment Grade Corporate

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 559 12.3 -18 ▼ -3 516 11.4 ▼ 428 9.4 -10 ▼ 328 7.2 +48 ▲ 440 9.7 -6 ▼ 461 10.1 +29 ▲ -5 ▼ 396 8.7 370 8.1 +21 ▲ 313 ▼ 6.9 -13 232 5.1 -45 ▼ 4,543 -13.5% ▼ -2.0% ▼

+1,064

2005

MBS

2006

2007

Agency, Supranational, Sovereign

2008

2009

Federal Credit Agency

2010

ABS

High Yield Corporate

Global Debt and Syndicated Loans (DL1)

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 849.9 0 8.3 589.0 5.7 +0.1 ▲ 500.9 4.9 +0.4 ▲ 706.7 6.9 +1.8 ▲ +1.0 ▲ 679.2 6.6 760.8 7.4 +0.5 ▲ 656.5 6.4 +1.5 ▲ 274.5 2.7 -0.2 ▼ 453.0 -0.6 ▼ 4.4 190.2 1.9 -0.3 ▼ 55.2 5,660.7 +4.2 ▲ 10,254.7 100.0

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

3.4% ▲ 7.4% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 129,562.2 5.6 0 1 1 2 112,123.3 4.9 0.3 ▲ 2 106,877.0 4.7 +0.2 ▲ 3 3 92,103.0 +0.1 ▲ 4.0 4 4 -0.3 ▼ 3.9 5 5 88,764.0 3.7 -0.7 ▼ 6 84,158.1 10 7 6 81,778.4 3.6 -0.3 ▼ 8 7 71,755.3 3.1 +0.2 ▲ 9 8 57,921.6 2.5 +0.6 ▲ 9 56,326.3 2.5 +0.5 ▲ 10 881,369.2 38.5 +0.6 ▲ 2,297,906.0 100.0

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

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-7.9% ▼ -1.4% ▼

2011

1Q 2Q 3Q 4Q 1Q

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

2012

13

Emerging Market Corporate

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 484 8.6 -44 ▼ 468 8.3 -46 ▼ 365 ▼ 6.5 -47 ▼ 356 6.3 -44 381 ▼ 6.8 -22 243 4.3 +8 ▲ ▼ 350 6.2 -32 6.5 +16 364 ▲ 244 4.4 -56 ▼ ▼ 258 4.6 -68 -1,590

5,607 -22.1% ▼ -6.8% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 963.5 9.1 +9.1 ▲ 678.9 6.4 +6.4 ▲ 564.1 5.3 +5.3 ▲ 6.3 675.4 +6.3 ▲ 971.4 9.1 +9.1 ▲ 5.2 +5.2 ▲ 551.8 499.5 +4.7 ▲ 4.7 2.6 +2.6 ▲ 280.5 228.2 2.1 +2.1 ▲ 488.9 4.6 +4.6 ▲ 55.4 +55.4 ▲ 5,902.2 10,646.6 100.0 11.8% ▲ -1.4% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Global Debt Global Debt (B1)

Global Scorecard Jan 1 2013 - Mar 28 2013 Proceeds No. Deals $USm 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) 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)

Jan 1 2012 - Mar 31 2012 No. Proceeds Deals $USm

% Change in Proceeds

703,066.1 516,718.0 37,659.6 90,192.6 264,283.7 94,211.9 114,792.7 71,555.5 3,191.5 31,503.0

1,246 946 277 163 265 188 181 119 126 248

726,988.2 573,648.1 62,208.0 90,639.2 296,290.2 93,342.6 101,253.2 52,086.9 1,628.4 69,733.7

1,305 1,053 368 161 327 156 166 86 101 547

-3.3% -9.9% -39.5% -0.5% -10.8% +0.9% +13.4% +37.4% +96.0% -54.8%

▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼

1,473,096.0 1,243,445.5 131,971.8 686,430.3 39,448.5 359,808.7 138,816.5 90 834 0 90,834.0 52,509.2

3,143 2,730 240 1,467 289 675 207 206 443

1,676,687.9 1,483,106.5 108,236.6 861,310.5 65,750.8 436,239.5 121,704.8 71 876 7 71,876.7 92,686.6

3,553 3,167 191 1,778 386 773 188 198 734

-12.1% -16.2% +21.9% -20.3% -40.0% -17.5% +14.1% +26 4% +26.4% -43.3%

▼ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▼

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

Leading Underwriters for First Quarter 2013 Current Qtr Market Share (%)

Mkt. Share Chg. from Last Qtr (%)

Consecutive Quarters No. 1

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

No. 1 Manager JP Morgan

8.2

-0.2



5

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

JP Morgan JP Morgan JP Morgan

9.2 12.4 12.3

+0.9 -0.6 +1.9

▲ ▼ ▲

1 4 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 JP Morgan JP Morgan Citi

8.3 12.4 7.9 10.7

-0.2 +3.3 -0.7 +2.1

▼ ▲ ▼ ▲

4 1 3 1

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 JP Morgan Barclays Barclays Deutsche Bank Citi

12.8 13 16.3 15.2 13.6 18.7 12.6 13.2

-0.5 -0.5 -0.3 +5.8 +6.6 +5.5 -2.0 +1.5

▼ ▼ ▼ ▲ ▲ ▲ ▼ ▲

4 4 11 1 1 1 1 1

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

JP Morgan Deutsche Bank JP Morgan

9.2 7.6 19.8

+0.1 -0.4 +19.8

▲ ▼ ▲

3 1 3

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

HSBC Holdings PLC CITIC

15.1 7.6

+0.4 -3.3

▲ ▼

2 4

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

Westpac Banking Westpac Banking

22.8 38.6

+9.1 +2.9

▲ ▲

1 1

Jan 1 - Mar 28 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 126,698.8 8.3 +0.7 ▲ +0.2 ▲ 2 2 7.2 109,020.6 3 3 102,410.3 6.7 0 4 4 89,103.7 5.9 +0.4 ▲ 5 5 87,534.7 5.8 +0.9 ▲ 83,761.5 5.5 9 6 +1.4 ▲ 73,836.3 +0.5 ▲ 7 4.9 7 6 +0.1 ▲ 4.7 71,461.1 8 8 55,536.5 9 -0.5 ▼ 3.7 3.6 -0.4 ▼ 10 10 54,716.5 11 45,087.1 3.0 +0.7 ▲ 13 2.9 12 11 44,150.7 -0.4 ▼ 13 15 34,497.4 +0.3 ▲ 2.3 14 17 33,303.2 +0.3 ▲ 2.2 15 12 2.0 -1.2 ▼ 30,123.0 16 16 25,539.5 1.7 -0.2 ▼ 17 14 24,189.0 1.6 -0.4 ▼ 18 18 22,441.1 1.5 -0.3 ▼ 19 25 17,205.3 1.1 +0.4 ▲ 20 19 16,609.9 1.1 -0.4 ▼ 15 856 9 10 21 20 15,856.9 1.0 0 22 23 0.9 +0.1 ▲ 13,323.3 0.8 23 29 11,764.9 +0.2 ▲ 22 0.7 -0.2 ▼ 24 10,761.5 24 0.7 10,260.2 0 25 854,080.0 +3.3 ▲ 56.3 100.0 1,518,602.0

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

-13.8% ▼ 12.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 468 ▼ 13.0 -24 439 ▼ 12.2 -19 355 ▼ 9.9 -34 342 9.5 -28 ▼ 367 10.2 +9 ▲ ▲ 239 6.7 +25 301 8.4 -29 ▼ 355 9.9 +16 ▲ ▼ 220 6.1 -51 6.6 -29 238 ▼ 205 5.7 +11 ▲ ▼ 185 5.2 -53 ▼ 177 4.9 -11 ▲ 2.8 +1 101 175 4.9 -110 ▼ ▲ 109 3.0 +3 2.8 -39 ▼ 102 2.6 +8 ▲ 92 ▲ 104 2.9 +30 ▼ 70 1.9 -23 3 5 -11 125 3.5 ▼ 135 ▼ 3.8 -2 ▲ 53 1.5 +6 54 -4 ▼ 1.5 43 1.2 -4 ▼ 3,590

-697

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 575.2 +0.6 ▲ 9.0 404.9 6.4 +0.5 ▲ 326.7 5.1 -0.2 ▼ 428.0 6.7 +0.6 ▲ 7.8 +0.8 ▲ 493.9 356.0 5.6 +1.4 ▲ 5.4 +0.6 ▲ 345.1 3.7 -0.2 ▼ 233.1 2.7 -0.3 ▼ 169.9 265.0 4.2 -1.2 ▼ 151.2 2.4 -0.3 ▼ 157.7 -0.7 ▼ 2.5 254.6 4.0 +0.6 ▲ 80.0 1.3 0 190.0 3.0 -0.4 ▼ 1.3 82.2 -0.1 ▼ 85.9 1.4 +0.3 ▲ 0.8 49.2 0 1.0 0 61.4 52.2 0.8 0 62 2 10 -0 1 ▼ 62.2 1.0 -0.1 53.2 0.8 -0.1 ▼ 0 23.6 0.4 -0.1 ▼ 44.7 0.7 29.1 0.5 -0.2 ▼ 3,597.8 56.6 +2.6 ▲ 6,363.0 100.0 0.8% ▲ 8.4% ▲

-16.3% ▼ -0.4% ▼

Global Debt Capital Markets % Change by Asset Class 30%

2013 vs. 2012 26.4%

22.6% 20%

14.1% 10%

0.3% 0%

Investment Grade Agency, Corporate Supranational, Sovereign -10%

-20%

-20.3%

MBS

High Yield Corporate

ABS

Emerging Market Corporate

Federal Credit Agency

-17.5%

-30%

-40%

-40.0% -50%

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Global Debt

1,888

1,891

2,101 1,625

$2,500

1,467

1,274 $2,000

Bookrunner Malayan Banking Bhd HSBC Holdings PLC Standard Chartered PLC Deutsche Bank Emirates NBD PJSC Dubai Islamic Bank Ltd CIMB Group Sdn Bhd AMMB Holdings Bhd National Bank of Abu Dhabi Citi Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 2 2,364.2 20.4 -8.5 ▼ 2 1 1,862.7 16.1 +2.0 ▲ 3 7 1,094.5 9.4 -2.4 ▼ 4 3 1,000.0 8.6 +3.2 ▲ 5 17* 744.7 6.4 -5.3 ▼ 6 5.9 -3.2 ▼ 11 682.2 7 4 665.8 5.7 +3.4 ▲ 8 6 5.1 +2.2 ▲ 587.1 9 10 579.2 5.0 -2.2 ▼ 10 8 532.2 4.6 -0.4 ▼ 10,112.6 87.2 -11.2 ▼ 11,598.5 100.0

$1,500

1,000

2,068.4

2,412.2

2,333.5

2,581.1

3,128.2

2,788.5

$500

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

$0

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

56.6% ▲ 37.1% ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 10 41.7 +6 ▲ 9 37.5 +4 ▲ 9 37.5 +4 ▲ 1 4.2 0 5 20.8 +4 ▲ 4 16.7 +2 ▲ 8 33.3 +4 ▲ 8 ▲ 33.3 +4 4 16.7 +2 ▲ 3 12.5 0 24

+10

71.4% ▲ -4.0% ▼

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

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank +3.8 ▲ 9,681.5 10.7 5 1 1 10.2 -1.8 ▼ 9,249.3 2 9.9 +0.3 ▲ 3 2 9,016.8 3 9.5 8,641.3 4 -0.1 ▼ 8.9 9 5 +4.6 ▲ 8,059.2 5.0 +3.0 ▲ 6 14 4,557.3 6 3,991.0 -2.0 ▼ 4.4 7 8 11 4.3 +0.7 ▲ 3,884.3 4.2 -1.5 ▼ 3,818.9 9 7 4.1 +2.6 ▲ 18 10 3,691.8 71.2 +9.6 ▲ 64,591.4 90,834.0 100.0

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

26.4% ▲ -8.4% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. -4.3 ▼ 5.7 14.5 8.7 21.8 +21.8 ▲ +6.6 ▲ 2.6 6.6 6.8 17.1 +17.1 ▲ +4.7 ▲ 1.9 4.7 1.5 3.6 +3.6 ▲ +5.7 ▲ 2.3 5.7 +4.5 ▲ 1.8 4.5 3.4 +3.4 ▲ 1.4 +4.7 ▲ 1.9 4.7 86.6 +67.8 ▲ 34.6 39.7 100.0

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

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 24 11.7 +9 ▲ 0 26 12.6 13.6 +6 ▲ 28 25 12.1 0 ▲ 12.1 +11 25 5.3 +5 ▲ 11 15 7.3 -6 ▼ 6.3 +1 13 ▲ 6.3 0 13 6.8 +10 14 ▲ 206 4.0% ▲ -22.6% ▼

+8

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 11.2 +3.5 ▲ 1 6 15,546.8 2 1 14,997.5 10.8 -1.3 ▼ 3 9 12,898.2 9.3 +3.2 ▲ 4 2 12,691.8 9.1 -2.1 ▼ 5 3 8.4 -0.1 ▼ 11,631.0 6 5 9,949.8 7.2 -0.5 ▼ 7 7 9,814.8 7.1 -0.3 ▼ 8 8 9,105.4 6.6 -0.5 ▼ 9 4 8,752.5 6.3 -2.0 ▼ -1.8 ▼ 10 10 5,755.3 4.2 111,143.1 80.2 -1.9 ▼ 138,816.5 100.0

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

Jan 1 - Mar 28

Number of Offerings

Jan 1 - Mar 28

14.1% ▲ 20.7% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 24 11.6 +8 ▲ 20 9.7 0 ▲ 24 11.6 +10 23 11.1 +2 ▲ 22 10.6 +12 ▲ 20 9.7 +6 ▲ ▲ 24 11.6 +8 17 8.2 +4 ▲ 17 8.2 -3 ▼ 12 5.8 +1 ▲ 207

+19

10.1% ▲ 6.7% ▲

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

66.4% ▲ -6.7% ▼

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 9,249.3 1 13.4 1 +0.4 ▲ 9 8,059.2 2 11.7 +7.0 ▲ 3 2 7,692.4 11.1 +0.9 ▲ 4 3 5,932.2 8.6 +0.1 ▲ 5 5 4,805.5 7.0 -0.1 ▼ 6 5.0 -1.2 ▼ 7 3,416.7 -3.0 ▼ 7 6 2,789.0 4.0 8 8 2,717.8 3.9 -1.4 ▼ 9 3.7 +1.5 ▲ 14 2,575.0 4 10 2,559.9 3.7 -3.5 ▼ 49,797.0 72.1 +0.7 ▲ 69,046.1 100.0

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

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3.6% ▲ -13.7% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 39.8 12.7 +7.7 ▲ 27.9 8.9 -2.6 ▼ 30.5 9.8 +3.0 ▲ 24.3 7.8 -1.9 ▼ 27.1 8.6 -0.8 ▼ -0.2 ▼ 21.1 6.7 22.6 7.2 -2.1 ▼ 19.0 6.1 -1.8 ▼ 14.1 4.5 -3.7 ▼ 9.8 3.1 -0.2 ▼ -2.6 ▼ 236.2 75.4 100.0 313.3 22.2% ▲ 17.0% ▲

Global Asset-Backed Securities ex-CDOs (B13)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 15.3 +10.0 ▲ 61.1 -5.3 ▼ 16.5 4.1 10.9 -0.7 ▼ 43.4 24.8 6.2 -0.6 ▼ 15.2 3.8 +1.3 ▲ 8.0 +6.1 ▲ 31.9 20.6 5.2 -0.5 ▼ 30.0 7.5 +3.2 ▲ 12.6 3.2 -1.0 ▼ 23.0 5.8 +4.2 ▲ 279.1 70.0 +16.7 ▲ 398.5 100.0

500

0

Global Mortgage-Backed Securities (B10)

111.2% ▲ 83.8% ▲

Global Asset-Backed Securities (B11)

1,500

1,066

Global Investment Grade Fees (US$m)

Global Debt and Syndicated Loans Islamic Finance (DL2)

2,000

1,778

1,731

$1,000

-10.9% ▼ 7.8% ▲

-17.5% ▼ -5.6% ▼

2,500 2,012

Number of Offerings

$3,000

2,701.8

-311

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 207.9 7.5 -0.3 ▼ +1.3 ▲ 7.4 207.5 -0.4 ▼ 141.3 5.1 +0.1 ▲ 4.2 117.8 123.6 4.4 +1.1 ▲ 4.3 118.5 -0.1 ▼ 4.5 126.0 +0.4 ▲ +0.6 ▲ 5.3 148.7 86.6 3.1 -0.3 ▼ 78.0 2.8 -0.3 ▼ 1,355.9 48.6 +2.1 ▲ 2,788.5 100.0

2,368.2

-20.3% ▼ 4.7% ▲

1,467

First Quarter

$3,500

1,677.7

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

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 171 11.7 -57 ▼ 0 10.6 156 151 10.3 -21 ▼ ▼ 156 10.6 -35 88 6.0 -5 ▼ 148 10.1 -46 ▼ -7 ▼ 12.9 189 ▼ 108 7.4 -30 ▼ 106 7.2 -30 ▼ 94 6.4 -27

Global Imputed Fees

1,778.5

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

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 53,891.2 7.9 +0.1 ▲ 2 3 44,397.2 6.5 +1.2 ▲ 3 4 37,041.4 5.4 +0.2 ▲ 4 2 36,014.1 5.3 -0.2 ▼ 5 9 4.9 +1.4 ▲ 33,426.6 6 5 4.9 33,301.0 -0.2 ▼ 6 32,803.6 4.8 7 0 30,273.4 8 8 4.4 +0.4 ▲ +0.1 ▲ 28,545.2 4.2 9 7 10 10 18,607.6 2.7 -0.4 ▼ 348,301.3 51.0 +2.6 ▲ 100.0 686,430.3

Jan 1 - Mar 28

Fees (US$m)

Global Investment Grade Corporate Debt (B7)

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 16.0 0 26 ▲ 25 15.4 +11 14.2 +1 ▲ 23 ▲ 14.2 +4 23 14 8.6 0 -1 ▼ 12 7.4 12 7.4 -9 ▼ 32.1 0 52 7 4.3 +1 ▲ 15 9.3 -2 ▼ 162

-2

-1.2% ▼ -28.6% ▼

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. -1.9 ▼ 16.5 11.0 +6.7 ▲ 10.1 15.2 -0.1 ▼ 8.7 13.1 12.2 8.1 +0.3 ▲ 10.3 +0.4 ▲ 6.9 7.7 5.2 -0.6 ▼ 6.5 4.3 -3.5 ▼ 10.3 6.8 +0.1 ▲ 5.5 3.7 +1.0 ▲ 5.7 3.8 -2.5 ▼ -0.1 ▼ 103.0 68.6 150.0 100.0 -14.0% ▼ -17.0% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

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

Jan 1 - Mar 28 2013

100%

5.1%

5.7%

4.6%

5.0%

6.1%

6.6%

0.3%

5.7%

0.0%

6.2%

90%

80%

46.8%

37.0% 41.7% 44.6%

34.9% 51.1%

39.9% 44.8%

46.1%

70%

54.9%

% Total Proceeds

60%

50%

17.6%

7.9% 12.4%

24.8%

16.8%

1.1%

10.2%

15.2%

17.5% 40%

1.8% 4.5%

2.3%

16.3%

7.0%

0.4% 1.1%

4.3%

4.4%

2.2% 3.1%

1.6%

4.6%

2.5%

30%

7.4%

5.6%

18.9%

2.6%

28.1%

20%

28.8%

4.7%

19.5%

20.6%

34.3%

32.9%

1.3%

31.1%

5.3%

23.8%

19.5%

6.3%

10%

6.6%

5.0%

7.1%

5.8%

2.5%

0%

JP Morgan ABS

Deutsche Bank

Barclays

Agency, Supranational, Sovereign

Citi

Bank of America Merrill Lynch

Emerging Market Corporate

2.8%

3.0%

3.0%

2.0%

Goldman Sachs & Co

Morgan Stanley

HSBC Holdings PLC

BNP Paribas SA

Federal Credit Agency

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High Yield Corporate

Investment Grade Corporate

4.6% Credit Suisse MBS

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First Quarter 2013 | 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

Goldman Sachs & Co

7

7

Morgan Stanley

8

8

HSBC Holdings PLC

9

9

BNP Paribas SA

10

Credit Suisse

Rank

1

10

2004

2005

2006

2007

*Global Debt League g Table ((B1)) p positions reflect consolidation within the banking g sector.

2008

2009

2010

2011

2012

2013

Rankings g shown are as of the current q quarter end in each calendar y year.

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

US Debt US Debt Volume Down 3% Overall, Fees Up 4% l US Investment Grade Debt Down 11% l US ABS Up 37% US Deals Intelligence

US Investment Grade Corporate Debt (F9)

US Investment Grade debt decreased 10.8% compared to the first quarter of 2012, which was the largest first quarter volume on record. Despite the decline, the quarterly total volume of US$264.3 billion ranked within the top ten quarters on record (seventh), as issuers continued to take advantage of historically low interest rates.

Bookrunner JP Morgan Bank of America Merrill Lynch Citi Goldman Sachs & Co Morgan Stanley Barclays Wells Fargo & Co Deutsche Bank RBC Capital Markets HSBC Holdings PLC BNP Paribas SA RBS Credit Suisse UBS Mitsubishi UFJ Financial Group Mizuho Financial Group US Bancorp Nomura Societe Generale Standard Chartered PLC Jefferies & Co Inc Scotiabank ING Intesa SanPaolo SunTrust Banks BBVA Sumitomo Mitsui Finl Grp Inc Bank of New York Mellon Corp ANZ Banking Group National Australia Bank Top Thirty Total Industry Total

US ABS totaled US$71.6 billion from 119 transactions, representing the largest opening quarter since 2007 and surpassing first quarter 2012 volume by 37.4%. ABS strength was largely attributed to the revival of the CDO market, which accounted for 28% of first quarter ABS volume and an increase of 458.6% over CDO volume in the same period a year ago. US High Yield debt decreased slightly (0.5%) compared to the first quarter of 2012 but still represented the fourth largest quarterly volume on record, exceeded only by the three record quarters in 2012. Fueled by increased demand from investors seeking a larger yield compared to the record-breaking coupons in the Investment Grade market, US High Yield proceeds registered US$90.2 billion from 163 transactions. According to Thomson Reuters/Freeman Consulting, total estimated fees for US Debt increased slightly over first quarter 2012 (0.6%) reaching US$3.8 billion.

US Debt (F1)

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

Jan 1 - Mar 28 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 91,602.5 13.0 +0.6 ▲ 2 3 72,023.1 10.2 +0.8 ▲ 3 4 66,088.2 9.4 +0.3 ▲ 4 6 62,446.2 8.9 +2.3 ▲ 5 2 62,081.5 8.8 -0.9 ▼ 6 5 56,394.7 8.0 -0.9 ▼ 7 8 50,224.6 7.1 +1.1 ▲ 8 9 33,801.3 4.8 +0.1 ▲ 9 7 31,571.5 4.5 -1.6 ▼ 10 14 26,576.5 3.8 +1.7 ▲ 552,810.1 78.5 +3.5 ▲ 703,066.1 100.0

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

­3.3% ▼ 8.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 300 24.1 -9 ▼ 279 22.4 +12 ▲ 233 18.7 +2 ▲ 13.7 +39 ▲ 171 190 15.2 -20 ▼ 193 15.5 -15 ▼ 168 13.5 +8 ▲ 165 13.2 +3 ▲ 121 9.7 -36 ▼ 108 8.7 +34 ▲ 1,246

-59

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

Jan 1 - Mar 28

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 13,672.3 15.2 +1.9 ▲ 2 2 8,583.2 9.5 -2.3 ▼ 3 4 7,807.7 8.7 -0.8 ▼ 4 5 7,581.7 8.4 +0.2 ▲ 5 7 6,994.6 7.8 +0.2 ▲ 6 6 6,853.9 7.6 -0.2 ▼ 7 8 6,705.0 7.4 +0.5 ▲ 8 9 6,157.2 6.8 +0.9 ▲ 9 3 6,146.5 6.8 -3.7 ▼ 10 11 2,492.5 2.8 -0.1 ▼ 81.0 -3.4 ▼ 72,994.6 90,192.6 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 79 48.5 +1 ▲ 78 47.9 +5 ▲ 48 29.4 -13 ▼ 55 33.7 -2 ▼ 54 ▲ 33.1 +7 57 35.0 +12 ▲ 45 27.6 +6 ▲ 38 23.3 +3 ▲ 44 27.0 -17 ▼ 27 16.6 +2 ▲ 163

­10.8% ▼ ­1.9% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 118 44.5 -13 ▼ 42.3 +1 ▲ 112 91 34.3 -7 ▼ 60 22.6 +1 ▲ 59 22.3 -10 ▼ 60 22.6 -13 ▼ 52 19.6 -2 ▼ 46 17.4 -19 ▼ 29 10.9 +6 ▲ 25 9.4 -9 ▼ ▼ -4 22 8.3 ▼ 30 11.3 -15 ▼ 26 9.8 -10 ▼ 27 10.2 -14 -7 ▼ 5.3 14 ▲ 4.9 +2 13 5.3 +5 14 ▲ 3 1.1 +1 ▲ -4 5 ▼ 1.9 -1 5 19 1.9 1 ▼ 5 -3 ▼ 1.9 6 0 2.3 4 1.5 +3 ▲ 1 0.4 +1 ▲ 7 2.6 0 ▼ 0.8 -3 2 ▲ 1.1 +1 3 1.5 0 4 ▲ 3 1.1 +2 0 0.4 1 -62

265 ­19.0% ▼ ­12.0% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 173.8 13.1 +0.5 ▲ 168.1 12.6 +1.2 ▲ 108.2 8.1 -0.7 ▼ 100.9 7.6 +2.2 ▲ 113.0 8.5 +1.3 ▲ 71.2 5.3 -0.1 ▼ 83.3 6.3 +1.1 ▲ 51.9 3.9 -0.5 ▼ 26.7 2.0 -0.1 ▼ 43.3 3.3 +0.1 ▲ 32.0 2.4 +0.1 ▲ 41.1 3.1 -0.4 ▼ 33.1 2.5 -0.6 ▼ 40.9 3.1 -1.0 ▼ 25.1 -0.2 ▼ 1.9 22.4 +0.4 ▲ 1.7 1.3 17.3 -0.1 ▼ +0.5 ▲ 9.2 0.7 7.2 0.5 -0.3 ▼ -0.1 64 6.4 05 0.5 01 ▼ 7.5 0.6 0 15.9 +0.5 ▲ 1.2 5.7 0.4 +0.1 ▲ 0.3 3.4 +0.1 ▲ 7.8 0.6 -0.1 ▼ 2.3 0.2 -0.3 ▼ 10.0 0.8 +0.4 ▲ 4.6 0.3 -0.1 ▼ 0.4 5.4 +0.2 ▲ 1.5 -0.1 ▼ 0.1 1,215.4 +3.9 ▲ 91.5 1,331.3 100.0 ­8.8% ▼ ­2.6% ▼

3.9% ▲ ­2.9% ▼

­4.5% ▼ ­6.5% ▼

US High Yield Corporate Debt (F8)

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

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 449.0 11.8 +0.3 ▲ 419.0 11.0 +0.1 ▲ 353.1 9.3 +0.9 ▲ 279.0 7.4 +1.6 ▲ 240.9 6.4 -0.3 ▼ 250.3 6.6 +0.3 ▲ 273.6 7.2 +1.1 ▲ 250.1 6.6 +0.7 ▲ 164.9 4.3 -3.1 ▼ 2.5 93.0 0 2,772.9 73.1 +1.6 ▲ 3,797.1 100.0

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 43,197.0 16.3 +2.0 ▲ 12.9 +1.1 ▲ 2 2 33,956.8 3 3 26,793.9 10.1 +0.2 ▲ 4 5 25,291.1 9.6 +2.6 ▲ 7.9 +1.4 ▲ 5 6 20,953.2 6 4 18,511.9 7.0 -0.3 ▼ 7 8 4.6 -0.1 ▼ 12,178.3 11,753.5 4.5 -1.6 ▼ 7 8 9 15 7,610.8 2.9 +1.3 ▲ 10 9 7,538.8 2.9 -1.5 ▼ 11 13 7,472.8 2.8 +0.6 ▲ 12 6,934.2 2.6 -1.3 ▼ 10 5,637.8 2.1 -1.8 ▼ 13 11 5,141.1 2.0 -0.3 ▼ 14 12 4,271.9 14 1.6 -0.1 ▼ 15 16 18 3,182.9 1.2 +0.3 ▲ 19 0.8 2,133.6 17 0 2,093.1 0.8 18 35 +0.6 ▲ 0.5 1,429.0 16 -0.5 ▼ 19 20 28 1 361 6 1,361.6 05 0.5 +0 2 ▲ +0.2 21 25 0.5 1,306.8 +0.1 ▲ 22 1,109.9 24 0 0.4 23 37 939.0 +0.2 ▲ 0.4 24 874.3 0.3 +0.3 ▲ 25 27 804.0 0 0.3 26 797.9 -0.2 ▼ 22 0.3 27 33 727.7 0.3 +0.1 ▲ 28 29 721.7 0.3 +0.1 ▲ 46 715.7 0.3 +0.2 ▲ 29 0.2 624.3 0 30 30 256,064.6 95.5 +3.4 ▲ 264,283.7 100.0

Jan 1 - Mar 28

+2

All Federal Credit Agency Debt (H1)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 186.8 13.3 +1.8 ▲ 140.8 10.1 -1.3 ▼ 113.3 8.1 -0.3 ▼ 109.3 7.8 +1.2 ▲ 104.5 7.5 +0.6 ▲ 104.8 7.5 +0.7 ▲ 102.4 7.3 +1.2 ▲ 87.4 6.2 +0.6 ▲ 89.7 6.4 -4.8 ▼ 35.8 2.6 -0.6 ▼ 76.8 -0.9 ▼ 1,074.8 1,400.8 100.0

Bookrunner Barclays Morgan Stanley Deutsche Bank JP Morgan BNP Paribas SA Credit Suisse Citi TD Securities Inc Bank of America Merrill Lynch HSBC Holdings PLC Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 3 13,296.2 13.6 +5.3 ▲ 2 4 12,523.5 12.8 +5.3 ▲ 3 1 11,449.9 11.7 +2.8 ▲ 4 2 6,972.5 7.1 -1.3 ▼ 5 6 6,909.6 7.1 0 6 8 5,562.1 5.7 0 7 5 5,474.3 5.6 -1.8 ▼ 8 3,572.8 3.7 +3.7 ▲ 3,337.6 3.4 -1.5 ▼ 9 9 10 15 2,947.1 3.0 +0.7 ▲ 72,045.6 73.7 +13.2 ▲ 97,610.8 100.0

Industry % Change from Same Period Last Year

­0.5% ▼

1.2% ▲

­4.2% ▼

Industry % Change from Same Period Last Year

Industry % Change from Last Quarter

­3.9% ▼

­11.9% ▼

­6.9% ▼

Industry % Change from Last Quarter

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6

Jan 1 - Mar 28

­47.6% ▼ ­30.3% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 27 3.2 -25 ▼ 93 11.0 -28 ▼ 7.6 -26 64 ▼ 49 5.8 -34 ▼ 48 5.7 -24 ▼ 41 4.9 -53 ▼ 3.3 -42 ▼ 28 29 3.4 +29 ▲ 37 4.4 -50 ▼ 32 3.8 +11 ▲ 843

-835

­49.8% ▼ ­21.9% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 5.0 8.8 +4.6 ▲ 4.0 7.0 +2.7 ▲ 4.1 7.3 +3.6 ▲ 3.5 6.2 +0.1 ▲ 2.5 4.5 +0.2 ▲ 2.0 3.4 -2.6 ▼ 2.6 4.5 -0.3 ▼ 2.5 4.3 +4.3 ▲ 4.6 8.1 +3.9 ▲ 1.3 2.3 +0.9 ▲ 32.1 56.4 +17.4 ▲ 56.7 100.0 ­68.0% ▼ ­46.9% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

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

$6.9 7%

Jan 1 - Mar 28 2013

US Asset-Backed Securities (F14)

$23.3 25%

$4.6 5%

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

$32.4 35% $25.6 28%

CDO

Credit Card

Student Loan

Auto

Quarterly Residential ABS, MBS & CDO Volume

37.4% ▲ 4.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▲ 23 19.3 +8 0 17.6 21 23 19.3 +3 ▲ 18.5 0 22 ▲ 22 18.5 +12 10 8.4 +7 ▲ 13 10.9 +1 ▲ 12 10.1 +8 ▲ 15 12.6 -2 ▼ 11 9.2 -1 ▼ 119

+33

900

Proceeds (US$b)

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

800

# of Issues $500

700

600

$400

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

400

# of Issues

500 $300

13.4% ▲ 14.8% ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 18 9.9 +1 ▲ 23 12.7 +4 ▲ 23 12.7 +9 ▲ ▲ 22 12.2 +13 24 13.3 +8 ▲ 20 11.0 +5 ▲ 14 7.7 +4 ▲ 18 9.9 +4 ▲ 15 8.3 -4 ▼ 16 8.8 +6 ▲ +15

181

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

200 $100 100

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 2 11,963.0 14.3 +1.9 ▲ 11.4 -1.4 ▼ 2 1 9,548.2 6 3 9,340.1 11.1 +3.3 ▲ 4 4 8,266.2 9.9 +0.1 ▲ -0.9 ▼ 5 3 8,187.4 9.8 6 7 6,918.2 8.2 +1.0 ▲ 7 9 6,007.2 7.2 +0.7 ▲ 8 8 5,595.9 6.7 -0.1 ▼ 9 5,105.2 6.1 -3.1 ▼ 5 5.6 10 10 4,660.3 +0.7 ▲ 75,591.7 90.3 +2.2 ▲ 83,956.0 100.0

1.3% ▲

Jan 1 - Mar 28

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals -2 ▼ 9 6.9 -2 14 10.7 ▼ 12 9.2 0 14 10.7 -3 ▼ 12 9.2 +4 ▲ 11 8.4 0 8 6.1 -1 ▼ 7.6 10 -2 ▼ 9 6.9 -5 ▼ 8.4 +1 11 ▲ 131

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 26.3 11.4 -1.9 ▼ 24.2 10.5 -0.4 ▼ 27.8 12.1 +4.0 ▲ 26.2 11.4 +0.5 ▲ 22.6 9.8 -2.0 ▼ 18.7 8.1 +3.8 ▲ 16.1 7.0 +1.1 ▲ 18.2 7.9 +0.4 ▲ 5.0 11.5 -4.5 ▼ 4.5 10.3 +0.5 ▲ 87.7 201.9 +1.5 ▲ 229.9 100.0 13.8% ▲

9.0% ▲ 2.8% ▲

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

300

$200

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 14,492.5 12.6 -0.7 ▼ 2 12,691.8 11.1 -1.3 ▼ 2 12,460.7 10.9 +3.6 ▲ 3 8 4 3 11,631.0 10.1 0 -0.2 ▼ 5 5 9,814.8 8.6 7.8 +0.5 ▲ 6 7 8,921.2 7.7 8,780.1 +1.8 ▲ 7 9 7.4 -0.7 ▼ 6 8,499.2 8 9 4 -2.4 ▼ 7.3 8,405.7 11 5,295.7 10 +0.9 ▲ 4.6 88.1 +1.5 ▲ 100,992.7 114,792.7 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 60.6 17.2 +9.3 ▲ 14.9 4.2 -5.4 ▼ 41.8 11.9 -4.9 ▼ 24.0 6.8 -2.7 ▼ 13.9 4.0 +1.0 ▲ +6.9 ▲ 31.5 8.9 30.0 8.5 +2.1 ▲ 22.1 6.3 +4.0 ▲ 15.3 4.3 -6.2 ▼ 7.4 2.1 -3.8 ▼ 261.5 74.2 +0.3 ▲ 352.9 100.0 118.2% ▲ 0.5% ▲

38.4% ▲ ­10.5% ▼

US Mortgage-Backed Securities (F11)

$600

Proceeds (US$b)

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 5 9,469.1 13.2 +3.7 ▲ 1 8,353.6 11.7 2 -1.8 ▼ 3 8,244.4 11.5 -1.3 ▼ 3 2 8,090.9 11.3 4 -1.8 ▼ 5 10.5 +5.5 ▲ 8 7,513.9 4,458.3 6.2 +4.2 ▲ 6 14 3,884.3 5.4 +0.4 ▲ 7 9 8 13 3,205.2 4.5 +2.4 ▲ 4 3,074.9 4.3 -5.2 ▼ 9 10 6 3,073.2 4.3 -3.2 ▼ 59,367.8 82.9 +2.9 ▲ 71,555.5 100.0

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

Other

Jan 1 - Mar 28

-20

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 22.0 14.7 +2.4 ▲ 15.4 10.3 -1.8 ▼ 18.7 12.5 +3.4 ▲ 10.6 7.1 -1.6 ▼ 16.6 11.1 -1.4 ▼ 12.6 8.4 +1.0 ▲ 8.8 5.9 -0.8 ▼ 11.4 7.6 +3.9 ▲ 10.0 6.7 -3.8 ▼ 7.0 4.7 +1.8 ▲ 133.1 89.0 +3.1 ▲ 149.8 100.0

0

$0

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 2004

2005

2006

2007

2008

2009

2010

2011

2012

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

13

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7

­7.3% ▼ 11.1% ▲

­13.2% ▼ 1.6% ▲

­12.1% ▼ ­1.3% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

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

Jan 1 - Mar 28 2013

DCM Bookrunner Industry Composition (Ex Financials) (F1)

100%

100%

1.6%

90%

8.2% 90%

35.8%

36.7% 41.3%

43.2%

39.3%

41.2%

40.0%

37.1%

0.7% 1.0% 0.7% 2.4% 1.0%

47.1%

2.0% 1.2%

70%

11.4%

8.2%

5.2% 7.0%

4.0%

3.4%

30%

6.3%

13.9%

4.9%

5.9%

4.2%

4.7%

7.3%

4.2%

3.8% 4.5%

5.6%

4.8%

5.9% 5.0%

3.2% 4.9%

5.7%

5.9%

6.1%

4.1%

6.7% 22.5%

26.1%

2.4% 0.0% 0.2% 0.8% 0.7% 0.6% 0.0% 0.7% 0.0% 0.2% 0.0% 1.4% 0.6% 1.6% 1.3% 0.7% 1.3% 0.0% 1.2% 2.7% 0.7% 1.0%

6.8%

0.9% 1.3% 1.1% 2.8% 0.7% 2.5%

2.5% 2.1% 0.0% 1.3% 0.7% 0.4% 1.3%

4.0%

6.6%

3.3%

70%

4.2% 7.9%

BoA

Citi

Barclays

5.9%

6.1%

5.9%

5.0%

5.2%

GS

DB

6.1%

9.8%

5.0%

6.7%

3.8%

1.0%

7.3%

4.2% 4.5%

50%

5.7%

22.5% 3 4% 3.4%

5 9% 5.9%

0.4% 2.1% 1.3% 0.0%

6.3% 5.2%

2.8% 4.1% 40%

4.0%

5.6%

30%

5.7%

3.0%

24.9%

14.3%

13.9%

26.1%

12.1%

11.4% 16.5%

10%

20.6%

WF

RBC

1.0%

14.4%

11.9%

7.4% 6.6% 5.2%

5.0% 1.5% 1.9% 1.6% 2.5%

0.5% 1.4% 1.0%

CS

8.9%

7.4%

1.6% 5.4%

MS

1.3%

4.7%

6.7%

14.4%

11.9%

7.4%

0.0% 0.2% 1.4% 0.7% 2.7% 0.0% 0.0%

8.6%

0%

JPM

4.4%

6.3%

16.5%

5.0%

1.9%

4.8%

20%

20.6%

8.9%

5.2%

1.7%

14.0%

8.6% 7.4%

1.3% 0.0% 0.8%

3.4%

60%

9.6%

0.8% 2.4% 0.0% 0.2% 0.6%

14.0%

12.1%

11.4% 10%

4.9%

3.0%

3.4%

5.2% 3.0%

24.9%

14.3%

5.7%

4.4%

6.1%

3.3%

5.0%

4.0%

20%

9.6% 8.0%

6.3%

2.8%

3.0% 2.8% 0.9% 1.1%

6.8%

7.9%

1.0% 9.8%

5.2%

4.1%

5.3% 40%

3.7%

8.2%

6 6% 6.6% 50%

6.7%

2.4% 2.0% 2.3% 1.0%

3.6%

5.4%

% of Industry Proceeds

% of Industry P Proceeds

60%

3.2%

4.1%

6.6%

0.7% 0.8%

8.0%

3.7% 4.9%

5.3%

5.7%

11.4%

7.0% 5.2%

80%

5.7%

8.2%

0.6% 35.0%

3.6%

5.4%

2.3%

80%

Jan 1 - Mar 28 2013

1.4% 1.6% 0.5%

5.4%

0%

JPM

BoA

Citi

Barclays

GS

DB

MS

WF

CS

RBC

1.7% 1.5% 2.5% 1.6%

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

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

International Debt European Borrowing Down By 27% l Core Currency Issuance In Decline l European High Yield Sector Booming EMEA Deals Intelligence

All International Bonds (J1)

International bond issuance from European borrowers registered a significant decrease in year-on-year activity in the first quarter of 2013 - with overall proceeds down 26.9%. Examining the underlying sectors, investment grade corporate issuance from European borrowers was down by 23.6%, investment grade financials fell by 41.3% and SSA declined 22.5%.

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

All the core currencies experienced varying levels of decline in international bond issuance year on year. Issuance in US Dollars was down by 5.1%, Euros 21.6%, Sterling 37.3%, Japanese Yen 75.3% and Swiss Francs 48.6%. Notably, the Swiss market saw its slowest start since 1992. Conversely, European High Yield Issuance boomed in the first quarter of 2013, with total proceeds of US$42.2 billion and 61 deals priced, representing the busiest quarter on record and a 68.2% increase on first quarter 2012. According to Thomson Reuters/Freeman Consulting, total estimated fees for EMEA Debt decreased 5.2% compared to the same period a year ago, driven largely by decreases in fees paid by issuers in the Financial sector.

ABS & MBS

€ 900

Proceeds (€b)

€ 800

Bookrunner JP Morgan Barclays Goldman Sachs & Co Deutsche Bank Citi Morgan Stanley

Emerging Market Corporate

€ 700 € 600

Federal Credit Agency

€ 500 € 400

1,543

-279

€ 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 Q1 2010

2011

2012

European Financial and Corporate Inv Grade By Domicile Nation

6 10 14 9

2,087.4 1,901.9 1,813.1 1,576.0 34,049.0 49,603.4

Investment Grade Corporate

Industry % Change from Same Period Last Year

28.6% ▲ -7.9% ▼

13

Industry % Change from Last Quarter

First Quarter

Jan 1 - Mar 28

4.2 3.8 3.7 3.2 68.7 100.0

-2.4 +0.8 +1.8 -0.1 +11.5

▼ ▲ ▲ ▼ ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 25.3 +12 20 ▲ 17 21.5 +3 ▲ 10 12.7 +8 ▲ 19.0 +5 15 ▲ 12 15.2 +7 ▲ 4 5.1 +2 ▲ 9 8 11 6

11.4 10.1 13.9 7.6

-2 +5 +6 -1

▼ ▲ ▲ ▼

+21

79 36.2% ▲ -33.1% ▼

€120

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

€100 €80 €60 €40 €20 €0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 27.5 21.0 +12.0 ▲ 7.2 9.4 -5.0 ▼ 9.2 7.1 +6.7 ▲ 5.1 3.9 -4.7 ▼ 7.7 5.8 +0.8 ▲ 5.4 4.1 +3.6 ▲ 3.2 4.1 6.0 2.7 80.3 131.1

2.5 3.2 4.5 2.1 61.4 100.0

-6.7 -2.3 +2.8 +0.6 +7.8

▼ ▼ ▲ ▲ ▲

27.0% ▲ 5.0% ▲

All Bonds in Euros (N1)

€140

2012

7 8 9 10

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 465.4 9.8 +0.5 ▲ 347.1 7.3 +0.5 ▲ 259.3 5.5 -0.4 ▼ 342.2 7.2 +0.8 ▲ 282.9 6.0 +1.6 ▲ 210.9 4.5 -0.2 ▼ 366.9 7.7 +0.3 ▲ 156.0 -0.4 ▼ 3.3 233.2 4.9 +0.6 ▲ 224.4 4.7 -1.5 ▼ +1.8 ▲ 2,888.3 60.9 4,744.3 100.0 2.5% ▲ 20.9% ▲

-15.3% ▼ 14.4% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 19.8 +7.6 ▲ 2 1 9,832.6 10.3 -2.3 ▼ 2 1 5,129.6 3 7.0 21 3,449.0 +6.1 ▲ -2.8 ▼ 6.1 4 4 3,014.2 6.0 5 5 2,979.2 -1.2 ▼ 4.6 6 24 2,266.0 +4.0 ▲

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

High Yield Corporate

€ 300

Proceeds (€b)

­14.8% ▼ 32.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 343 22.2 -21 ▼ 341 22.1 -24 ▼ 259 16.8 -6 ▼ 244 15.8 -13 ▼ 179 11.6 +22 ▲ 0 261 16.9 15.0 0 231 173 11.2 -44 ▼ -8 ▼ 9.8 151 -6 ▼ 167 10.8

All International Securitizations (J10c)

€ 1,000

2009

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 1 95,622.4 9.2 +1.0 ▲ 2 81,656.8 2 7.9 0 3 3 76,411.6 7.4 0 4 5 66,725.1 6.4 +0.6 ▲ 8 5 6.2 +2.0 ▲ 64,526.7 5.9 0 6 4 61,414.3 7 7 57,192.8 5.5 +0.3 ▲ 8 4.7 -0.6 ▼ 6 49,246.0 9 11 +1.0 ▲ 47,828.6 4.6 10 9 3.6 36,852.6 -0.3 ▼ 61.4 +4.0 ▲ 637,476.9 1,039,191.7 100.0

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

All International Bonds by Issue Type

2008

Jan 1 - Mar 28

Jan 1 - Mar 28 Proceeds per Bookrunner (€m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 2 22,667.2 7.6 +1.3 ▲ 2 6 21,883.2 7.3 +1.7 ▲ 3 9 21,250.7 7.1 +2.4 ▲ 20,589.1 6.9 4 1 -0.6 ▼ 5 4 20,235.9 6.8 +0.8 ▲ 16,653.9 5.6 -0.3 ▼ 6 5 7 3 16,136.1 5.4 -0.8 ▼ 8 8 15,884.3 5.3 +0.3 ▲ 9 7 12,218.0 4.1 -1.0 ▼ 10 11 11,891.0 4.0 +0.6 ▲ 179,409.4 60.1 +4.4 ▲ 299,251.5 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 93 20.0 +2 ▲ 83 17.8 +5 ▲ ▲ 78 16.8 +9 ▼ 88 18.9 -17 73 15.7 ▼ -8 17.0 -5 79 ▼ 84 18.1 +1 ▲ 51 11.0 -28 ▼ 68 14.6 -20 ▼ 46 9.9 -8 ▼ -154

465

Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch. 63.9 7.8 +0.7 ▲ 47.0 5.7 +0.7 ▲ 41.8 5.1 +0.6 ▲ 63.1 7.7 +0.5 ▲ 39.8 4.9 -0.2 ▼ 43.5 5.3 0 34.7 4.2 -0.3 ▼ 48.9 6.0 +0.7 ▲ 31.8 3.9 -0.4 ▼ 29.3 3.6 -0.7 ▼ 443.8 54.2 +1.6 ▲ 819.7 100.0

Industry % Change from Same Period Last Year

-22.1% ▼

-24.9% ▼

3.8% ▲

Industry % Change from Last Quarter

50.9% ▲

12.3% ▲

65.9% ▲

2013

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

High Yield Debt Global High Yield Volume Up 22% l Largest Quarterly Volume On Record l Non-USD-Denominated High Yield Up 125% Global High Yield Deals Intelligence

Global High Yield Debt (B4)

With issuers continuing to take advantage of historically low interest rates, Global High Yield debt set an all-time quarterly record in the first quarter of 2013 for both proceeds and number of issues, totaling US$132 billion from 240 transactions. First quarter volume increased 21.9% over the proceeds raised in same period of 2012 and 16.7% over the previous quarterly record set in the third quarter of last year. The last three recorded quarterly volumes ranked as the three largest volumes on record.

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

Proceeds for Non-US Dollar denominated High Yield debt increased 125.4% over the proceeds raised in the same period a year ago, to US$33.3 billion on 59 issues. According to Thomson Reuters/Freeman Consulting, estimated fees for Global High Yield Debt rose 12% compared to the same period in 2012, to US$2 billion on 49 more transactions priced compared to first quarter last year.

Jan 1 - Mar 28

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 16,367.2 12.4 +0.5 ▲ 2 5 12,022.9 9.1 +0.4 ▲ 3 2 10,311.5 7.8 -2.6 ▼ 4 4 10,256.1 7.8 -0.9 ▼ 5 7 9,484.2 7.2 +0.6 ▲ 6 3 8,704.3 6.6 -2.7 ▼ 7 6 8,510.9 6.5 -0.5 ▼ 8 9 7,234.8 5.5 0 9 8 6,951.5 5.3 -1.2 ▼ 10 10 4,377.8 -0.3 ▼ 3.3 94,221.2 71.5 -6.7 ▼ 131,971.8 100.0

First quarter 2013 average spread to benchmark tightened by 133.7 basis points compared to the levels in the first quarter of 2012, to 400.9 basis points, the lowest quarterly average since the second quarter of 2007. Average quarterly spreads to benchmark have steadily tightened for three consecutive quarters.

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

Average Quarterly Spread to Benchmark*

Global High Yield Debt - US Dollar Denominated (B5)

1,400 1,200 Bookrunner JP Morgan Bank of America Merrill Lynch Citi Deutsche Bank Goldman Sachs & Co Barclays Wells Fargo & Co Morgan Stanley Credit Suisse UBS Top Ten Total Industry Total

Basis Points

1,000 800 600 400 200 0

Q1

Q2

Q3

Q4

Q1

2008

Q2

Q3

Q4

2009

Q1

Q2

Q3

Q4

Q1

2010

Q2

Q3

Q4

Q1

2011

Q2

Q3

Q4

2012

Q1 2013

Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark)

Monthly High Yield Volume 120

# of Issues

80

$30

60

$20

# of Issues

Proceeds (US$b)

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

100

Proceeds (US$)

40

$10

20

$0

0

J FMAM J J A S OND J FMAM J J A SOND J FMAM J J A SOND J FMAM J J A SOND J FM 2009

5.6% ▲ 0.5% ▲

240

+49

25.7% ▲ 8.1% ▲

2010

2011

2012

2013

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Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 3,963.7 11.9 +1.5 ▲ 2 4 2,789.8 8.4 +3.1 ▲ 3 14 2,246.2 6.7 +3.2 ▲ 6.2 +0.6 ▲ 4 2 2,051.5 5 7 1,964.1 5.9 +0.8 ▲ 5.3 +0.7 ▲ 6 10 1,759.0 5.0 -0.1 ▼ 7 6 1,657.8 8 5 1,596.6 4.8 -0.4 ▼ 9 12 1,516.2 4.6 +0.8 ▲ 4.1 +1.1 ▲ 10 16 1,376.4 20,921.3 62.9 +11.3 ▲ 33,306.6 100.0

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

10

125.4% ▲ 126.9% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 229.6 11.8 +0.8 ▲ 164.4 8.4 +1.0 ▲ 164.1 8.4 -1.6 ▼ 142.3 7.3 -0.6 ▼ 142.2 7.3 +1.4 ▲ 130.2 6.7 -3.4 ▼ 122.3 6.3 -0.2 ▼ 103.2 5.3 0 -0.3 ▼ 106.2 5.4 +0.1 ▲ 61.3 3.1 1,365.8 70.0 -2.8 ▼ 1,952.8 100.0 12.0% ▲ 10.7% ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 87 46.5 +8 ▲ 84 44.9 +10 ▲ 57 30.5 -4 ▼ 64 34.2 +3 ▲ 53 28.3 +13 ▲ 54 28.9 +6 ▲ 30.5 +12 ▲ 57 45 24.1 +10 ▲ 25.1 -14 ▼ 47 ▲ 37 19.8 +9 187

+20

12.0% ▲ -4.6% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 197.5 13.0 +1.7 ▲ 148.6 9.8 -1.4 ▼ 124.0 8.2 0 117.4 7.7 +0.9 ▲ 110.8 7.3 +1.4 ▲ 104.5 6.9 0 104.8 6.9 +0.3 ▲ 94.9 6.3 +0.8 ▲ -4.8 ▼ 94.5 6.2 53.2 3.5 +0.6 ▲ 1,150.2 75.8 -0.5 ▼ 1,519.3 100.0 1.3% ▲ -2.4% ▼

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

$50 $40

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 14.6 +1.7 ▲ 1 1 14,403.1 9.2 -2.3 ▼ 2 2 9,087.1 3 4 8,598.3 8.7 -0.6 ▼ 8,059.2 8.2 -0.2 ▼ 4 5 5 8 7,432.7 7.5 +0.8 ▲ 6 7 6,994.6 7.1 -0.4 ▼ 7 6 6,853.9 7.0 -0.5 ▼ 8 9 6,725.5 6.8 +1.0 ▲ 9 3 6,458.1 6.6 -3.6 ▼ 10 10 3,463.2 3.5 +0.2 ▲ 78,075.7 79.2 -3.9 ▼ 98,665.3 100.0

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

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

21.9% ▲ 17.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 103 42.9 +20 ▲ 88 36.7 +18 ▲ 92 38.3 +14 ▲ 66 27.5 -2 ▼ 69 28.8 +23 ▲ 61 25.4 -5 ▼ 26.7 +13 ▲ 64 50 20.8 +10 ▲ 24.2 +13 58 ▲ 43 17.9 +12 ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 28 47.5 +14 ▲ 20 33.9 +14 ▲ 17 28.8 +11 ▲ 17 28.8 +10 ▲ 17 28.8 +10 ▲ 17 28.8 +10 ▲ 11 18.6 +3 ▲ 10 16.9 +3 ▲ 14 23.7 +8 ▲ 8 13.6 +5 ▲ 59

+30

103.4% ▲ 73.5% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 47.0 10.8 -0.2 ▼ 36.2 8.3 +3.6 ▲ 35.7 8.2 +3.1 ▲ 31.5 7.3 +1.7 ▲ 32.1 7.4 -1.9 ▼ 22.1 5.1 +0.2 ▲ 18.3 4.2 -2.0 ▼ 17.0 3.9 -1.2 ▼ 17.8 4.1 -0.4 ▼ 12.3 2.8 +1.2 ▲ 270.0 62.1 +4.1 ▲ 433.5 100.0 78.0% ▲ 108.9% ▲

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Emerging Markets All International Emerging Market Debt Down 3% l EMEA Emerging Market Debt Up 20% l Asia-Pacific Emerging Market Debt Up 6% All International Emerging Market Bonds (L1)

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

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank -1.7 ▼ 1 1 13,761.2 10.6 +1.4 ▲ 2 3 13,421.0 10.3 3 4 12,302.4 9.5 +1.1 ▲ 4 2 12,043.9 9.3 -2.4 ▼ 5 5 7,779.0 6.0 -0.5 ▼ 6 6 7,047.7 5.4 +0.3 ▲ 7 9 6,766.8 5.2 +1.4 ▲ 8 7 4,827.9 3.7 -1.2 ▼ 9 10 4,745.2 3.7 +0.5 ▲ 10 12 4,580.5 3.5 +0.7 ▲ 87,275.6 -0.4 ▼ 67.2 129,870.2 100.0

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

­3.4% ▼ 6.4% ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 91 35.4 +16 ▲ 68 26.5 +5 ▲ 68 26.5 +15 ▲ 71 27.6 +13 ▲ 36 14.0 +2 ▲ 52 20.2 +4 ▲ 48 18.7 +22 ▲ 23 8.9 -2 ▼ 22 8.6 -1 ▼ ▲ 16.0 +18 41 257

+6

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. +3.9 ▲ 1 2 4,848.4 16.0 2 1 3,491.3 -4.2 ▼ 11.5 3 7 2,553.7 8.4 +3.1 ▲ 4 4 -0.2 ▼ 2,551.8 8.4 +3.3 ▲ 5 10 2,167.2 7.1 6 3 1,990.2 6.6 -3.8 ▼ 7 12 1,861.7 6.1 +3.4 ▲ 8 14 1,337.4 4.4 +2.3 ▲ 9 15 987.2 3.3 +1.4 ▲ 10 16 896.2 3.0 +1.1 ▲ 22,685.1 74.8 +10.3 ▲ 30,370.6 100.0

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

-27.4% ▼ 13.9% ▲

23.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 18 -1 ▼ 29.5 18 29.5 -4 ▼ 14 23.0 +3 ▲ 12 19.7 -6 ▼ 9 14.8 0 -3 ▼ 13 21.3 7 11.5 +1 ▲ 10 16.4 +4 ▲ 4 6.6 0 ▼ 3 4.9 -4 61

­6

Bookrunner HSBC Holdings PLC Citi Standard Chartered PLC Deutsche Bank National Bank of Abu Dhabi Emirates NBD PJSC JP Morgan Barclays Goldman Sachs & Co RBS Top Ten Total Industry Total

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

10.6% ▲ -11.3% ▼

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

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 21.7 9.5 -0.6 ▼ 24.5 -4.0 ▼ 10.7 19.1 8.3 +4.0 ▲ +1.3 ▲ 18.8 8.2 17.3 +2.0 ▲ 7.6 -1.6 ▼ 15.6 6.8 5.6 12.8 +1.6 ▲ 17.6 7.7 +4.0 ▲ 4.8 2.1 +0.1 ▲ 4.8 2.1 0 157.0 68.6 +6.8 ▲ 228.3 100.0

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

24 -4.0% ▼ -7.7% ▼

­1

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 16.5 11.4 -2.5 ▼ 23.8 16.5 +11.6 ▲ 10.3 7.2 -0.1 ▼ 12.3 8.5 -0.4 ▼ 7.1 4.9 -0.2 ▼ 6.8 4.7 +3.4 ▲ 6.0 4.2 +2.4 ▲ +4.0 ▲ 5.8 4.0 4.6 3.2 +3.2 ▲ 7.5 5.2 +1.0 ▲ 100.7 69.8 +22.4 ▲ 144.4 100.0 59.6% ▲ -32.9% ▼

Jan 1 - Mar 28

6.0% ▲ 36.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 47.8 +16 65 ▲ 40 29.4 +4 ▲ 37 27.2 +21 ▲ 31 22.8 +11 ▲ ▲ 38 27.9 +14 25 18.4 -14 ▼ 26 19.1 +10 ▲ 10 7.4 -2 ▼ 18 13.2 +5 ▲ 16 11.8 0 +1

136 0.7% ▲ 56.3% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 49.0 13.8 -2.4 ▼ 30.7 8.6 -2.4 ▼ 38.5 10.8 +3.9 ▲ 27.1 7.6 +3.0 ▲ 31.6 8.9 +2.6 ▲ 26.0 7.3 -4.5 ▼ 25.1 7.1 +1.8 ▲ 13.8 3.9 -0.9 ▼ 11.1 3.1 -1.3 ▼ 18.0 +1.6 ▲ 5.1 270.9 76.2 +1.4 ▲ 355.9 100.0 62.7% ▲ 74.5% ▲

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

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 8.0 14.7 +6.1 ▲ 5.5 10.1 +6.8 ▲ 2.9 5.4 +0.8 ▲ 7.6 14.0 +3.9 ▲ 3.0 5.5 +4.2 ▲ 4.1 +3.4 ▲ 2.2 3.0 5.5 +0.1 ▲ 2.8 -10.0 ▼ 1.5 4.8 8.8 +7.4 ▲ -2.0 ▼ 3.5 6.4 42.0 77.3 +20.7 ▲ 54.3 100.0

Jan 1 - Mar 28 2013 $26.8 21%

$55.1 43%

$12.7 10% $0.1 0% $3.7 $1.4 3% 1% $1.0 1% $0.6 0% Financials Real Estate Industrials Retail

31.8% ▲ 22.3% ▲

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+19

55 52.8% ▲ -9.8% ▼

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 7,653.0 15.7 -2.7 ▼ 1 1 2 2 5,302.5 10.9 -0.4 ▼ 3 8 7.8 3,803.4 +3.2 ▲ 4 4 3,548.9 7.3 +0.5 ▲ 5 5 3,484.2 7.2 +0.5 ▲ 6 3 3,159.8 6.5 -4.0 ▼ 7 7 3,034.6 6.2 +0.6 ▲ 8 6 2,289.5 4.7 -0.9 ▼ 9 9 2,024.5 4.2 -0.1 ▼ 10 10 1,498.1 3.1 -0.9 ▼ 35,798.5 73.6 -4.2 ▼ 48,717.0 100.0

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

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 11 45.8 0 10 41.7 +5 ▲ 11 45.8 +3 ▲ 4 16.7 0 7 29.2 +3 ▲ 7 29.2 +4 ▲ 6 25.0 +1 ▲ 2 8.3 -4 ▼ 2 8.3 +1 ▲ 5 20.8 +1 ▲

19.7% ▲ -6.7% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 29.1 +7 16 ▲ 23 ▲ 41.8 +17 20.0 +1 ▲ 11 25.5 +2 ▲ 14 10 18.2 +4 ▲ ▲ 11 20.0 +6 ▲ 8 14.5 +5 5 9.1 +5 ▲ 4 ▲ 7.3 +4 8 14.5 +3 ▲

Asia-Pacific Emerging Market Bonds (L4)

13.4% ▲ 64.8% ▲

-9.0% ▼ 41.9% ▲

Jan 1 - Mar 28

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 3 5,258.2 12.5 +2.5 ▲ 2 7 5,011.5 12.0 +6.9 ▲ 3 2 3,359.2 8.0 -4.5 ▼ 4 1 3,342.7 8.0 -7.6 ▼ 5 4 3,268.5 7.8 -1.3 ▼ 7.6 8 3,200.6 +2.6 ▲ 6 15 2,173.4 5.2 7 +3.8 ▲ 1,717.8 4.1 +4.1 ▲ 8 4.0 +4.0 ▲ 9 1,674.6 5 1,572.9 3.8 -2.2 ▼ 10 73.0 +8.3 ▲ 30,579.4 41,926.5 100.0

Bookrunner Deutsche Bank JP Morgan Barclays Citi BNP Paribas SA HSBC Holdings PLC Goldman Sachs & Co Gazprombank ING VTB Capital Top Ten Total Industry Total

Jan 1 - Mar 28

Middle East Emerging Market Bonds (L5) Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 2,069.1 13.1 -3.6 ▼ 2 9 1,860.6 11.8 +7.6 ▲ 3 6 1,572.8 9.9 +3.9 ▲ 4 3 1,315.0 8.3 -0.9 ▼ 5 10 1,072.4 6.8 +2.6 ▲ 6 14 1,054.8 6.7 +4.4 ▲ 7 5 959.0 6.1 -0.1 ▼ 8 2 908.5 5.7 -3.8 ▼ 9 11 885.1 5.6 +2.1 ▲ 10 13 826.2 5.2 +1.9 ▲ 12,523.5 79.2 +14.1 ▲ 15,833.0 100.0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 73.1 9.7 -0.5 ▼ 72.0 9.6 +0.3 ▲ 73.6 9.8 +1.8 ▲ 69.0 9.2 +0.2 ▲ 33.2 4.4 -1.0 ▼ 4.8 35.7 -1.2 ▼ 53.4 7.1 +3.5 ▲ 13.5 1.8 -2.1 ▼ 3.4 25.5 +0.3 ▲ +1.5 ▲ 5.2 39.5 +2.8 ▲ 488.5 65.0 752.2 100.0 38.7% ▲ 27.6% ▲

2.4% ▲

Latin America Emerging Market Bonds (L3)

Bookrunner JP Morgan Citi Bank of America Merrill Lynch Deutsche Bank Credit Suisse HSBC Holdings PLC Barclays Banco BTG Pactual SA BBVA Goldman Sachs & Co Top Ten Total Industry Total

EMEA Emerging Market Bonds (L2)

11

$4.7 3%

$4.7 4%

$7.3 6%

Government and Agencies Telecommunications Consumer Staples Consumer Products and Services

$10.4 8%

Energy and Power Materials High Technology Media and Entertainment

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Emerging Markets - Latin America All Brazilian Debt Volume Down 57% l Fees for All Brazilian Debt Down 38% l Domestic Brazilian Debt Down 29% l Domestic Mexican Debt Down 37%

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 3 2,262.0 22.3 +12.5 ▲ 2 9 1,248.6 12.3 +7.5 ▲ 3 13 971.8 9.6 +7.1 ▲ 4 2 966.5 9.5 -1.0 ▼ 5 11 956.2 9.4 +5.8 ▲ 6 8 683.5 6.7 +1.4 ▲ 7 5 564.2 5.6 -2.6 ▼ 8 1 481.0 4.7 -8.7 ▼ 9 7 4.3 440.8 -1.4 ▼ 10 6 407.3 -3.5 ▼ 4.0 8,981.9 88.4 +17.1 ▲ 10,167.9 100.0

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

-57.3% ▼ 14.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 8 38.1 0 9 42.9 +2 ▲ 2 9.5 -2 ▼ 3 14.3 -4 ▼ 8 38.1 +2 ▲ 4 19.0 -4 ▼ 2 9.5 -7 ▼ 5 23.8 -7 ▼ 4 19.0 +1 ▲ ▼ 4 19.0 -2 21

­16

-43.2% ▼ -8.7% ▼

All Brazilian Debt Volume by Industry $25

Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. 12.5 15.1 +10.5 ▲ 14.4 17.4 +6.5 ▲ 5.0 6.0 +8.8 ▲ 3.3 4.0 -1.5 ▼ 11.0 13.3 -1.5 ▼ 6.4 7.7 +1.7 ▲ 6.4 7.7 +2.8 ▲ 7.3 8.8 -0.4 ▼ 3.3 4.0 +1.1 ▲ 4.6 5.5 -3.2 ▼ 74.2 89.5 +24.8 ▲ 82.7 100.0

$20

Top Ten Total Industry Total

9,879.1 9,879.1

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

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 8 30.8 +4 ▲ 4 15.4 -9 ▼ 5 19.2 -9 ▼ 3 11.5 -2 ▼ 2 7.7 -2 ▼ 2 7.7 -1 ▼ 2 7.7 +2 ▲

+14.7 ▲

-28.7% ▼ -62.6% ▼

26

­20

19

-43.5% ▼ -59.4% ▼

$10

Bookrunner Citi BBVA HSBC Holdings PLC Deutsche Bank Scotiabank Credit Suisse Santander Grupo Financiero Banorte-Ixe Bank of America Merrill Lynch Morgan Stanley Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 24.1 -7.0 ▼ 1 1 953.4 2 3 672.5 17.0 -2.0 ▼ 2 560.8 14.2 -11.6 ▼ 3 4 325.3 8.2 +8.2 ▲ 6.1 5 10 243.0 +4.8 ▲ 6 239.5 6.0 +6.0 ▲ 4 209.6 5.3 7 -2.5 ▼ 5.0 +5.0 ▲ 8 197.0 9 7* 117.4 3.0 +0.2 ▲ 2.6 +2.6 ▲ 10 102.7 3,621.2 91.5 +3.7 ▲ 3,964.6 100.0

13

10

5

0

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

12.6% ▲ -38.0% ▼

100.0 100.0

29 61.1% ▲ -14.7% ▼

+11

+14.8 ▲

2006

2007

2008

2009

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 1,817.7 22.7 -4.3 ▼ 2 10 1,520.2 19.0 +17.9 ▲ 3 3 1,299.7 16.2 +5.9 ▲ 4 822.1 10.3 +10.3 ▲ 5 2 467.3 5.8 -14.7 ▼ 6 7 408.7 5.1 -0.6 ▼ 7 8 406.1 5.1 0 8 17 329.7 4.1 +3.7 ▲ 3.4 9 5 269.4 -4.5 ▼ 10 6 267.4 3.3 -3.0 ▼ 7,608.3 95.0 +10.7 ▲ 8,008.8 100.0

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

2010

2011

2012

-36.7% ▼ -13.7% ▼

Bookrunner Citi BBVA HSBC Holdings PLC Scotiabank Santander Grupo Financiero Banorte-Ixe Deutsche Bank Credit Suisse Bank of America Merrill Lynch GBM Grupo Bursatil Mexicano Top Ten Total Industry Total

15.6% ▲ -21.8% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 10 55.6 -4 ▼ 2 11.1 +1 ▲ 7 38.9 -3 ▼ 1 5.6 +1 ▲ 5 27.8 -3 ▼ 4 22.2 -1 ▼ 3 16.7 0 11.1 +1 ▲ 2 ▲ 2 11.1 +1 2 11.1 0 ­7

18

12

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 10.4 26.3 +0.2 ▲ 3.4 8.7 +2.8 ▲ 4.8 12.1 +4.1 ▲ 1.6 4.2 +2.3 ▲ 3.2 8.2 -5.7 ▼ 4.0 10.1 -1.8 ▼ 3.0 7.6 -2.9 ▼ 1.8 4.6 +4.5 ▲ 2.6 6.6 +2.0 ▲ 3.5 9.0 +5.2 ▲ 38.3 97.4 +10.7 ▲ 39.3 100.0 -27.9% ▼ 34.1% ▲

-28.0% ▼ -40.0% ▼

Jan 1 - Mar 28

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 850.7 29.6 +0.2 ▲ 2 3 569.7 19.8 -0.3 ▼ 3 2 372.1 12.9 -14.4 ▼ 4 +7.1 ▲ 9 243.0 8.5 5 4 209.6 7.3 -0.9 ▼ 197.0 6.9 +6.9 ▲ 6 7* 136.8 4.8 +4.8 ▲ 7* 136.8 4.8 +4.8 ▲ 9 7* 117.4 4.1 +1.1 ▲ 10 0.8 +0.8 ▲ 23.8 2,856.9 99.5 +10.1 ▲ 2,876.9 100.0

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

2013

Jan 1 - Mar 28

Domestic Mexican Debt (MX3)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 2.0 18.1 -17.7 ▼ 1.4 12.4 +1.0 ▲ 1.5 13.5 -18.9 ▼ 1.2 10.8 +10.8 ▲ .5 4.4 +3.8 ▲ .6 +5.7 ▲ 5.7 .6 5.8 -0.6 ▼ .5 4.7 +4.7 ▲ .2 1.3 0 .2 2.2 +2.2 ▲ 11.1 78.9 -9.0 ▼ 11.1 100.0

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2005

Bookrunner Citi JP Morgan BBVA Barclays HSBC Holdings PLC Santander Credit Suisse Scotiabank Morgan Stanley Bank of America Merrill Lynch Top Ten Total Industry Total

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 9 31.0 0 ▼ 6 20.7 -1 9 31.0 +2 ▲ 5 17.2 +5 ▲ 1 3.4 0 2 6.9 +2 ▲ 2 6.9 -1 ▼ 3 10.3 +3 ▲ 1 3.4 0 ▲ 1 3.4 +1

20

14

Global Debt by Mexican Issuers (MX1)

-30.5% ▼ -60.4% ▼

Global Debt in Mexican Pesos (MX2)

19

$0

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 8.0 58.0 +48.2 ▲ 1.5 11.0 -18.2 ▼ 1.9 13.7 -13.5 ▼ 1.7 12.2 -1.0 ▼ .5 3.6 +0.3 ▲ .1 0.5 -2.0 ▼ .1 1.0 +1.0 ▲

13.7 13.7

30

26

$5

Jan 1 - Mar 28

Proceeds per Bookrunner (R$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 5 5,388.0 54.5 +45.0 ▲ 2 2 1,364.0 13.8 -12.1 ▼ 3 1 1,315.0 13.3 -19.9 ▼ 4 3 1,181.1 12.0 +0.2 ▲ 5 7 370.0 3.8 +1.4 ▲ 6 6 136.0 1.4 -1.2 ▼ 7 125.0 1.3 +1.3 ▲

31

22

$15

2004

Bookrunner Banco do Brasil SA Itau Unibanco Banco Bradesco SA Banco BTG Pactual SA Santander Banco Votorantim Arab Banking Corporation

40

37

21

-38.1% ▼ 117.6% ▲

Brazilian Domestic Debt (BR2)

First Quarter

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

# of Issues

Bookrunner Banco do Brasil SA Banco BTG Pactual SA Credit Suisse JP Morgan Banco Bradesco SA Bank of America Merrill Lynch HSBC Holdings PLC Itau Unibanco Santander Morgan Stanley Top Ten Total Industry Total

Jan 1 - Mar 28

Proceeds (US$b)

All Brazilian Debt (BR1)

-13.6% ▼ -43.4% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 8 57.1 0 5 35.7 -2 ▼ 4 28.6 -3 ▼ 7.1 0 1 14.3 -1 2 ▼ 3 21.4 +3 ▲ 1 7.1 +1 ▲ 1 7.1 +1 ▲ 1 7.1 0 1 7.1 +1 ▲ 0

14 0.0% -46.2% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 1.8 27.4 -8.8 ▼ 1.1 17.5 +5.5 ▲ -19.7 ▼ .9 14.3 .5 7.5 +6.9 ▲ .6 9.9 +3.2 ▲ .5 8.0 +8.0 ▲ .4 6.1 +6.1 ▲ .4 6.1 +6.1 ▲ 2.3 .2 +1.0 ▲ .1 0.7 +0.7 ▲ 99.8 +9.0 ▲ 6.5 6.5 100.0 -29.3% ▼ -38.1% ▼

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Asia Debt Asian G3 High Yield Corporate Bond Issuance - Record High l Dimsum Volume Picks Up l Malaysian Ringgit & Thai Baht Bonds - Record High Q1 Volume 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 to date registered another record high volume of US$44.6 billion from 97 deals, a 5.8% increase from the last record high total of US$42.1 billion raised in the first quarter of 2012. Issues in the Financials sector accounted for 41.1% of the market this year, followed by the Real Estate sector, with its largestever quarterly proceeds of US$9.7 billion from 26 deals. Hong Kong, China and India were the top issuers of Asian G3 debt, each raising all time high bond proceeds this year.

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

Asian currency bond offerings in the first quarter of 2013 totaled US$110.5 billion from 735 deals, a 5.9% decline in value from the same period last year. Debt in Chinese Yuan, Korean Won and Indian Rupee continued to lead the Asian local currency market, capturing 81% of total proceeds. Dimsum Bond volume to date increased by 15.8% over first quarter 2012, to CNY53.1 billion from 114 issues. According to estimates from Thomson Reuters/Freeman Consulting, investment banking fees in the Asian G3 currency bond market to date reached US$324.7 million, a 67.7% increase from the total fees paid in the first quarter of 2012. Underwriting fees on Asian local currency bonds (ex. Japan, Australia) in the first quarter registered a 7.4% decline compared to the same period last year, to US$338.3 million.

Asia Pacific Currency Bonds Imputed Fees

2013 2012 Rank Rank 1 1 2 3 3 6 4 10 2 5 6 5 7 8 8 4 9 9 10 7

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

Proceeds Sh (%) Share Ch. 15.2 6,756.4 -1.2 ▼ 4,653.3 +1.6 ▲ 10.4 9.4 +2.1 ▲ 4,172.9 8.3 3,702.1 +4.1 ▲ 3,091.0 -6.7 ▼ 6.9 2,946.3 6.6 -1.0 ▼ 6.4 2,854.2 +0.8 ▲ 2,622.5 -1.9 ▼ 5.9 1,810.1 4.1 -0.5 ▼ 1,694.3 3.8 -3.3 ▼ 34,303.1 77.0 -6.0 ▼ 44,563.5 100.0 5.8% ▲ 60.2% ▲

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 51 52.6 +17 ▲ 32 33.0 +10 ▲ 32 33.0 +16 ▲ 36 37.1 +24 ▲ 24 24.7 -7 ▼ 32 33.0 +12 ▲ 24 24.7 +10 ▲ 11 11.3 -1 ▼ 14 14.4 +5 ▲ 15 15.5 -1 ▼ 97

+19

24.4% ▲

Fees Sh (%) Share Ch. 13.0 42.1 -2.4 ▼ 29.4 9.1 -2.3 ▼ 27.7 8.5 +3.8 ▲ 38.1 11.7 +4.8 ▲ 25.7 7.9 -5.5 ▼ 26.9 8.3 +1.2 ▲ 21.8 6.7 +0.9 ▲ 14.3 4.4 -1.4 ▼ 10.3 3.2 -1.8 ▼ 15.2 4.7 +0.3 ▲ -2.4 ▼ 251.5 77.5 324.7 100.0 67.7% ▲ 84.4% ▲

83.0% ▲

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

First Quarter

Imputed Fees (US$m) Manager Market Market

Jan 1 - Mar 28

100% 90% Bookrunner CITIC HSBC Holdings PLC Standard Chartered PLC Agricultural Bank of China Industrial & Comm Bank China China International Capital Co Huatai United Securities Co Bank of China Ltd Axis Bank Ltd China Securities Co Ltd Top Ten Total Industry Total

% of Industry fees

80% 70% 60% 50% 40% 30% 20% 10% 0%

2004

2005

Chinese Yuan Thai Baht Philippine Peso

2006

2007

Australian Dollar Singapore Dollar Vietnamese Dong

2008

2009

Indian Rupee Hong Kong Dollar Pakistani Rupee

2010

2011

Korean Won Taiwanese Dollar

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

Bookrunner HSBC Holdings PLC Standard Chartered PLC BNP Paribas SA Industrial & Comm Bank China Barclays National Australia Bank Bank of China Ltd Agricultural Bank of China CITIC Credit Agricole CIB Top Ten Total Industry Total

Proceeds per Bookrunner (CNYm) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank +1.2 ▲ 31.8 1 1 16,886.7 2 2 8,862.5 16.7 +0.5 ▲ 3 5 7,800.8 14.7 +8.6 ▲ 4 2,151.7 4.1 +4.1 ▲ 5 4 2,086.5 3.9 -4.1 ▼ 6 2,000.0 3.8 +3.8 ▲ 7 3 1,876.7 3.5 -9.7 ▼ 8 1,476.7 2.8 +2.8 ▲ 2.3 9 16 1,194.4 +1.9 ▲ 10 1,000.0 1.9 +1.9 ▲ 45,336.0 85.5 +11.0 ▲ 53,083.6 100.0

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

15.8% ▲ 85.1% ▲

2012

2013

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

Malaysian Ringgit Indonesian Rupiah

t

114 8.6% ▲ 56.2% -

+9

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 4.5 29.5 -4.4 ▼ 2.3 15.4 +8.1 ▲ 1.9 12.5 +10.4 ▲ .5 3.6 +3.6 ▲ .8 5.2 +2.4 ▲ .6 4.3 +4.3 ▲ .7 -31.6 ▼ 4.7 +2.4 ▲ .4 2.4 .6 4.1 +3.3 ▲ +1.6 ▲ .2 1.6 83.3 +0.1 ▲ 12.5 15.1 100.0

735

-43

­5.5% ▼ 14.7% ▲

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 37.5 11.1 +6.7 ▲ 11.6 3.4 -1.6 ▼ 8.7 2.6 -1.3 ▼ 23.0 6.8 +5.8 ▲ 9.4 2.8 +1.8 ▲ 12.0 3.6 -0.1 ▼ 1.4 4.7 +1.1 ▲ 9.8 2.9 -2.8 ▼ 6.1 1.8 +0.3 ▲ 8.1 2.4 +1.8 ▲ 130.9 38.8 +11.7 ▲ 338.3 100.0 ­7.4% ▼ 7.9% ▲

Includes CDs and CPs

Bookrunner HSBC Holdings PLC Standard Chartered PLC Axis Bank Ltd KB Financial Group Inc Korea Investment Holdings Co Malayan Banking Bhd Woori Invest & Sec Co Ltd KTB Securities Co Ltd CIMB Group Sdn Bhd Kyobo Life Insurance Co Top Ten Total Industry Total

­43.2% ▼ 11.9% ▲

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­5.9% ▼ ­4.6% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 25 3.4 +15 ▲ 131 17.8 +7 ▲ 98 13.3 -15 ▼ 14 1.9 +9 ▲ ▲ 14 1.9 +9 7 1.0 +1 ▲ 2 0.3 +2 ▲ 12 1.6 +2 ▲ 56 ▲ 7.6 +11 5 0.7 +4 ▲

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

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 48 42.1 0 25 21.9 +3 ▲ 27 23.7 +16 ▲ 6 5.3 +6 ▲ 6 5.3 0 3 2.6 +3 ▲ 2 1.8 -2 ▼ 3 2.6 +3 ▲ 5 4.4 +4 ▲ ▲ 1 0.9 +1

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 6 +3.6 ▲ 1 8,389.7 7.6 1 2 6.2 6,863.9 -0.1 ▼ 3 2 5,032.7 4.6 -1.3 ▼ 37 4,279.3 4 3.9 +3.1 ▲ 7 5 3,308.9 3.0 +0.4 ▲ 6 4 2,724.6 2.5 -2.1 ▼ 7 2,653.5 2.4 +2.4 ▲ 8 8 -0.1 ▼ 2,605.7 2.4 14 9 2,601.8 2.4 +0.6 ▲ 2,484.3 +2.2 ▲ 10 111* 2.3 37.3 40,944.4 +8.7 ▲ 110,517.0 100.0

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 7.8 -0.3 ▼ 1 2 4,149.1 1 3,608.1 6.8 -1.9 ▼ 2 2,601.8 4.9 +1.5 ▲ 3 7 4.6 +2.6 ▲ 15 2,433.7 4 5 9 2,132.9 4.0 +1.1 ▲ 6 19 2,074.6 3.9 +2.4 ▲ 8 1,987.3 +0.7 ▲ 7 3.7 8 11 1,437.0 2.7 +0.4 ▲ 9 12 1,391.6 2.6 +0.4 ▲ 10 35 1,349.6 2.5 +1.6 ▲ +8.5 ▲ 23,165.7 43.5 53,145.4 100.0

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

­16.9% ▼ 5.9% ▲

Jan 1 - Mar 28

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 83 16.6 +7 ▲ 73 14.6 -17 ▼ 56 11.2 +11 ▲ 2.4 +4 ▲ 12 2.2 0 11 11 2.2 +5 ▲ 8 -5 ▼ 1.6 11 2.2 +1 ▲ 17 ▲ 3.4 +1 ▲ 12 2.4 +8 -122

499 ­19.6% ▼ ­2.9% ▼

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 7.2 +0.5 ▲ 6.4 6.4 5.7 -1.4 ▼ 6.1 5.4 +1.8 ▲ 3.9 3.4 +1.4 ▲ 3.3 +0.6 ▲ 2.9 4.8 5.3 +2.4 ▲ 3.2 2.8 +0.4 ▲ +0.6 ▲ 1.4 1.5 3.9 3.5 +0.4 ▲ 1.9 1.7 +0.8 ▲ 42.7 +7.5 ▲ 38.0 111.9 100.0 ­27.6% ▼ 5.2% ▲

t

13

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Australia Debt Australian Securitization Q1 Proceeds - Highest Since 2007 | Bank Borrowings Capture 81% of the Australian International Bond Market Australia Deals Intelligence

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

Australian international debt proceeds in the first quarter of 2013 reached US$22 billion from 52 deals, a 42.3% drop from the total issuance in the same period of 2012 but an 82.7% increase from last quarter's total of US$12 billion. Bond offerings in US Dollars totaled US$13.3 billion, capturing 60.4% of the Australian international debt market - a 7.4% decrease compared to the same period in 2012 but an increase of 95.2% compared to last quarter's total.

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

Australian dollar bond (excluding self-funded transactions) offerings to date totaled AU$27.7 billion from 58 deals, a 14.5% decline from the total in the first quarter of 2012 and a 19.9% increase from last quarter's total of AU$23.1 billion. Financials remained the top sector, accounting for 56% of the market, followed by Government & Agencies, with a 39.5% market share. According to Thomson Reuters/Freeman Consulting, estimated investment banking fees earned from Australian dollar (excluding self-funded) bonds this year reached AU$73.8 million, a 42.1% drop from total fees of AU$127.4 million earned in the first quarter of 2012. Estimated fees from Australian international bond offerings to date registered a 31.3% decline, to US$64.4 million from US$93.8 million earned in the same period last year.

All Australian Debt (ex self-funded) Proceeds by Issue Type (AU$b)

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

First Quarter

36

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

Proceeds (AU$b)

32 28 24 20 16 12 8 4 0 2005

2006

Investment Grade Corporate

2007

2008

2009

Agency, Supranational, Sovereign

2010 MBS

2011 ABS

All Australian International Bonds (AJ7)

Bookrunner Bank of America Merrill Lynch Deutsche Bank Barclays RBC Capital Markets National Australia Bank Citi Goldman Sachs & Co HSBC Holdings PLC JP Morgan Credit Agricole CIB Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 9 2,049.7 9.3 +5.2 ▲ 2 2 1,703.2 7.7 +1.1 ▲ 3 11 1,650.8 7.5 +3.5 ▲ +5.4 ▲ 4 22 1,477.0 6.7 5 12 1,441.3 6.6 +2.8 ▲ 6 3 1,415.6 6.4 -0.2 ▼ 6.1 7 18 1,334.6 +4.0 ▲ 8 5 5.5 1,214.4 -0.4 ▼ 9 1 1,181.7 5.4 -3.8 ▼ 1,123.4 5.1 +5.1 ▲ 10 14,591.7 66.3 +22.7 ▲ 22,010.4 100.0

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

­42.3% ▼ 82.7% ▲

2012

52 ­17.5% ▼ 100.0% ▲

-11

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 1 1 3,696.4 18.2 -1.5 ▼ 2 3 3,440.5 17.0 +6.4 ▲ 3 2 2,545.8 12.6 -6.0 ▼ 4 7 1,698.7 8.4 +2.3 ▲ 5 6 1,482.3 7.3 +0.4 ▲ 6 4 1,238.2 6.1 -4.0 ▼ 7 11 1,103.6 5.5 +3.6 ▲ 8 5 980.4 4.8 -2.7 ▼ 9 8 715.3 3.5 -1.1 ▼ 10 12 640.7 3.2 +1.3 ▲ 17,541.9 86.6 -1.3 ▼ 20,259.9 100.0

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

2013

58

+2

3.6% ▲ 9.4% ▲

­36.0% ▼ 6.4% ▲

Imputed Fees (AU$m) Market Manager Market Fees Sh (%) Share Ch. 16.9 22.8 +12.0 ▲ 9.9 -0.8 ▼ 13.5 8.9 12.0 -3.3 ▼ 5.4 +1.7 ▲ 7.3 3.1 4.2 -0.5 ▼ 9.3 12.6 -1.3 ▼ 1.8 2.4 -2.0 ▼ 1.8 2.4 -3.2 ▼ 1.1 1.4 -1.1 ▼ 2.0 +1.5 ▲ 2.7 81.3 +3.0 ▲ 60.2 73.8 100.0 ­42.1% ▼ ­3.3% ▼

Jan 1 - Mar 28

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 19 38.0 -9 ▼ 15 30.0 -1 ▼ 11 22.0 -2 ▼ 15 30.0 +5 ▲ 10 20.0 -5 ▼ 10 20.0 +2 ▲ 4 8.0 +1 ▲ 5 10.0 -8 ▼ 4 8.0 0 8.0 4 -2 ▼ 50

+49

­9.1% ▼ 8.7% ▲

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 9.7 16.5 +2.5 ▲ 11.9 20.3 +9.4 ▲ 6.6 11.1 -4.4 ▼ 2.0 3.4 -1.3 ▼ 1.8 3.0 -1.5 ▼ 14.3 +0.6 ▲ 8.4 4.4 -1.3 ▼ 2.6 1.8 3.0 -2.7 ▼ .9 1.5 -1.0 ▼ 7.0 4.1 +0.3 ▲ 49.8 84.5 +0.6 ▲ 58.9 100.0 ­53.2% ▼ ­13.6% ▼

Federal Credit Agency

Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 0 5 9.6 5 9.6 -3 ▼ 7 13.5 0 9.6 +2 ▲ 5 5 9.6 -1 ▼ 3 5.8 -3 ▼ 4 7.7 +3 ▲ 9 17.3 +1 ▲ 5 9.6 -6 ▼ 5 9.6 +5 ▲

­14.5% ▼ 19.9% ▲

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20 34.5 +4 ▲ 34.5 20 -9 ▼ 12 20.7 -1 ▼ 6 10.3 +3 ▲ 27.6 +6 ▲ 16 ▲ 22.4 +4 13 10 17.2 -5 ▼ 8.6 5 ▼ -8 5 8.6 +1 ▲ 5.2 0 3

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

40

2004

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Proceeds Sh (%) Share Ch. Rank Rank 1 4 5,967.3 21.5 +11.2 ▲ 2 1 3,817.9 13.8 -6.2 ▼ 3 2 3,711.5 13.4 -4.7 ▼ 12 9.1 4 2,506.8 +7.2 ▲ +1.8 ▲ 2,123.9 5 7 7.7 1,749.0 6 3 6.3 -4.3 ▼ -1.3 ▼ 5.4 7 6 1,482.3 8 5 980.4 3.5 -3.8 ▼ 9 8 867.0 3.1 -1.4 ▼ 10 11 705.6 2.6 +0.4 ▲ 23,911.7 86.4 -1.1 ▼ 27,708.0 100.0

Jan 1 - Mar 28

All Australian Securitization (ex-CDOs) (AJ4)

Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. 6.4 9.9 +4.2 ▲ 6.8 10.5 +2.2 ▲ 4.5 7.0 +3.7 ▲ 2.5 3.8 +3.2 ▲ 3.5 5.4 +1.9 ▲ 3.1 4.9 -2.6 ▼ 2.6 4.1 +2.6 ▲ 4.3 6.7 +1.6 ▲ -5.4 ▼ 2.8 4.3 1.6 2.5 +2.5 ▲ 38.1 59.1 +13.9 ▲ 64.4 100.0

Bookrunner Westpac Banking Citi Commonwealth Bank of Australia Macquarie Group National Australia Bank Deutsche Bank JP Morgan RBS ING Credit Suisse ANZ Banking Group Top Ten Total Industry Total

­31.3% ▼ 23.4% ▲

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Sh (%) Share Ch. 2,624.0 32.0 +32.0 ▲ 1 2 1,403.2 17.1 +17.1 ▲ 3 1,165.7 14.2 +14.2 ▲ 4 1* 820.4 10.0 -23.3 ▼ 5 1* 608.0 7.4 -25.9 ▼ 6 425.2 5.2 +5.2 ▲ 7 406.5 5.0 +5.0 ▲ 8 279.2 3.4 +3.4 ▲ 9 237.5 2.9 +2.9 ▲ +1.5 ▲ 10* 121.5 1.5 1.5 -31.8 ▼ 10* 1* 121.5 8,091.2 98.7 +32.1 ▲ 8,212.6 100.0

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

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Jan 1 - Mar 28 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 5 55.6 +5 ▲ 2 22.2 +2 ▲ 1 11.1 +1 ▲ 3 33.3 +2 ▲ 3 33.3 +2 ▲ 1 11.1 +1 ▲ 2 22.2 +2 ▲ 2 22.2 +2 ▲ 1 11.1 +1 ▲ 1 11.1 +1 ▲ 0 1 11.1 9

+8

Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch. 5.1 30.7 +30.7 ▲ 2.8 17.1 +17.1 ▲ 2.3 14.2 +14.2 ▲ 1.9 11.6 -21.7 ▼ 1.0 6.2 -27.1 ▼ 1.1 6.7 +6.7 ▲ .6 3.9 +3.9 ▲ .6 3.5 +3.5 ▲ .5 2.9 +2.9 ▲ .2 1.5 +1.5 ▲ .3 1.9 -31.4 ▼ 16.1 98.3 +31.7 ▲ 16.5 100.0

1,003.8% ▲

800.0% ▲

1,000.0% ▲

50 0% ▲ 50.0%

0 0% ▲ 0.0%

50 0% ▲ 50.0%

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Japan Debt Japanese Debt Activity Down 27% l Samurai Bonds Proceeds Lowest Since 2004 l Asia-Pacific Issuers Dominate Samurai Bonds Market Japan Deals Intelligence

All Bonds in Yen (AP5)

Yen-denominated bond volume during the first three months of 2013 reached JP¥3.5 trillion from 204 deals, down 27.3% and 20% in terms of proceeds and number of deals, respectively, marking the lowest first quarter proceeds in the last ten years.

Bookrunner Mizuho Financial Group Nomura Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Barclays Sumitomo Mitsui Trust Holdings Citi Goldman Sachs & Co Tokai Tokyo Financial Holdings Top Ten Total Industry Total

According to Thomson Reuters/Freeman Consulting, estimated fees from Japanese debt issuance totaled JP¥14.5 billion during the first quarter of 2013, down 7.0% from the first quarter of 2012. Samurai bond volume during the first three months of 2013 reached JP¥60 billion, a 90.9% decline in proceeds and the lowest quarterly Samurai bond total since 2004. On a deal count basis, the five Samurai issues in the quarter represented the smallest quarterly total since 2007, and the only quarter on record with no European or American issuers in the market.

Jan 1 - Mar 28 Proceeds per Bookrunner (¥m) Market Proceeds Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 27.8 +10.3 ▲ 1 3 982,277.2 2 1 835,500.0 23.7 -2.9 ▼ 598,823.3 3 5 17.0 +7.2 ▲ 2 534,950.0 15.1 -7.0 ▼ 4 4 336,161.7 9.5 -2.4 ▼ 5 20 34,833.3 1.0 +0.9 ▲ 6 10 28,061.8 0.8 0 7 8 11 22,500.0 0.6 0 9 9 21,700.0 0.6 -0.5 ▼ 10 7 18,333.3 0.5 -0.7 ▼ 96.6 +4.9 ▲ 3,413,140.6 3,532,569.2 100.0

Japanese corporate debt totaled JP¥1.9 trillion from 81 deals, a decline of 13.9% in proceeds and 10% in number of deals compared to the first quarter of 2012. The Financials sector continued to lead the Japanese corporate debt market, capturing about 30% of total market activity.

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

Samurai Bonds Issuer Domicile Analysis

Samurai Bonds (AP1)

First Quarter 25

700

21

20 14

20

¥ Billion

500

14 15

400 300 200

9 6

5

6

Bookrunner Nomura Daiwa Securities Group Inc Citi Mizuho Financial Group Barclays Sumitomo Mitsui Finl Grp Inc

10

4

# of Issues

600

-27.3% ▼ -28.7% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 86 42.2 -10 ▼ 43 21.1 -21 ▼ ▼ 29 14.2 -3 46 22.5 -15 ▼ 30 14.7 -1 ▼ 2.5 +3 ▲ 5 2 1.0 0 ▲ 4 2.0 +1 2 1.0 -4 ▼ 4 2.0 -6 ▼ -51

204 -20.0% ▼ -29.7% ▼

Imputed Fees (¥m) Manager Market Market Fees ¥mil Sh (%) Share Ch. 18.7 -0.2 ▼ 2,710.6 4,838.2 33.3 +15.1 ▲ 1,699.0 11.7 0 1,746.5 -8.6 ▼ 12.0 2,019.6 13.9 +0.7 ▲ 137.8 1.0 +0.3 ▲ 0.7 102.4 -0.3 ▼ -0.3 ▼ 86.2 0.6 195.8 -1.2 ▼ 1.4 101.6 0.7 -0.8 ▼ 13,637.7 +4.7 ▲ 94.0 14,509.9 100.0 -7.0% ▼ -3.2% ▼

Jan 1 - Mar 28 Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 Rank Rank ¥mil Sh (%) Share Ch. 1 2 29.2 17,500.0 +8.3 ▲ +0.9 ▲ 2* 3 16.7 10,000.0 2* 10,000.0 16.7 +16.7 ▲ 12.5 4* 4 -3.2 ▼ 7,500.0 7,500.0 12.5 +12.5 ▲ 4* +1.1 ▲ 4* 5 12.5 7,500.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals -3 5 100.0 ▼ 3 60.0 ▼ -2 60.0 +3 ▲ 3 -6 ▼ 40.0 2 2 40.0 +2 ▲ 2 40.0 -4 ▼

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 28.9 +10.9 ▲ 65.0 35.0 15.6 +3.3 ▲ 15.6 +15.6 ▲ 35.0 30.0 13.3 -2.4 ▼ 30.0 13.3 +13.3 ▲ 30.0 13.3 +2.3 ▲

5 5

100 0

Top Ten Total Industry Total

0

2004

2005

Americas

Europe

2006

2007

2008

2009

Africa/Middle East/Central Asia

2010

2011

2012

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

Jan 1 - Mar 28

Japanese Securitizations (AP2)

Financials

¥430 22%

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

Telecommunications Industrials ¥411 21%

¥100 5%

# of Issues

Asia-Pacific (ex Central Asia)

Japanese Corporate Debt Volume by Industry (¥ Billion)

¥570 30%

2013

¥132 7%

¥195 10%

Energy and Power Real Estate Consumer Products and Services High Technology Media and Entertainment Healthcare

¥10.0 0.52% ¥40.0 ¥40 0 ¥10.0 ¥10 0 2.06%0.52%

60,000.0 60,000.0

Consumer Staples

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15

+36.3 ▲

-90.9% ▼ -91.5% ▼

5

-9

225.0 225.0

100.0 100.0

+43.0 ▲

-87.3% ▼ -87.2% ▼

-64.3% ▼ -76.2% ▼

Jan 1 - Mar 28

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 386,627.6 1 1 49.5 +23.1 ▲ 187,900.0 24.1 +24.1 ▲ 2 -9.5 ▼ 13.1 3 102,500.0 3 5 28,061.8 -0.3 ▼ 3.6 4 5 2.4 2 18,950.0 -22.3 ▼ 1.5 6* 11 11,500.0 +1.2 ▲ -0.5 ▼ 11,500.0 6* 6 1.5 +1.2 ▲ 8 1.2 9,200.0 1.1 +1.1 ▲ 9 8,261.8 10 +0.4 ▲ 10 0.9 7,320.0 771,821.2 98.9 +18.5 ▲ 780,721.2 100.0

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

¥40.0 ¥40 0 2.06%

100.0 100.0

-21.1% ▼ -7.3% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 53 80.3 0 ▲ 2 3.0 +2 1.5 1 0 2 3.0 0 4.5 -2 ▼ 3 1 0 1.5 1 1.5 0 1.5 +1 ▲ 1 1 1.5 +1 ▲ 3 4.5 +1 ▲ 66

-5

-7.0% ▼ 1.5% ▲

Imputed Fees (¥mil) Market Manager Market Fees ¥mil Sh (%) Share Ch. 42.2 +9.5 ▲ 1,037.0 201.3 +3.4 ▲ 8.2 256.9 10.5 +1.9 ▲ 102.4 4.2 -0.5 ▼ -16.0 ▼ 190.6 7.8 1.6 +1.3 ▲ 40.3 -0.8 ▼ 47.3 1.9 114.0 4.6 +0.6 ▲ 33.1 1.4 +1.4 ▲ +0.5 ▲ 25.6 1.0 +1.3 ▲ 2,048.5 83.4 2,456.8 100.0 -23.2% ▼ -8.8% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

Japan Debt Japanese Corporate Debt (AP3)

Bookrunner Nomura Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Bank of America Merrill Lynch Citi Goldman Sachs & Co

Jan 1 - Mar 28

Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 Rank Rank ¥mil Sh (%) Share Ch. 1 1 627,500.0 32.4 -1.7 ▼ 450,833.3 23.3 3 +7.4 ▲ 2 5 335,333.3 17.3 +5.7 ▲ 3 303,500.0 15.7 -6.6 ▼ 4 2 180,833.3 -3.0 ▼ 5 4 9.3 +0.6 ▲ 6 9 15,000.0 0.8 7* 8 12,500.0 0.6 +0.1 ▲ 0.6 -1.1 ▼ 7* 6 12,500.0

Top Ten Total Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie

1,938,000.0 1,938,000.0 -13.9% ▼ -11.7% ▼

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 29.6 -13 24 ▼ 20 24.7 +3 ▲ ▲ 15 18.5 +3 ▼ 22 27.2 -1 15 18.5 -3 ▼ 1.2 0 1 1.2 1 -1 ▼ 1 1.2 -2 ▼

+1.4 ▲ 81 -10.0% ▼ -36.7% ▼

-9

Bonds Targeted in Japan (AP4)

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 43.4 +20.5 ▲ 4,199.4 1,342.5 13.9 -2.7 ▼ -0.6 ▼ 1,227.8 12.7 -10.6 ▼ 973.6 10.1 16.5 1,597.7 -1.7 ▼ 18.8 0.2 -0.3 ▼ 37.4 0.4 -0.7 ▼ 50.7 -1.5 ▼ 0.5

9,447.9 9,667.3

97.7 100.0

Bookrunner Mizuho Financial Group Nomura Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Sumitomo Mitsui Trust Holdings Citi Goldman Sachs & Co Barclays Tokai Tokyo Financial Holdings Top Ten Total Industry Total

+2.4 ▲

21.1% ▲ 40.0% ▲

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Proceeds per Bookrunner (¥mil) Proceeds Market Market 2013 2012 ¥mil Sh (%) Share Ch. Rank Rank 968,277.2 1 28.2 +10.3 ▲ 3 24.4 -2.7 ▼ 835,500.0 2 1 3 5 573,233.3 16.7 +6.5 ▲ 2 534,950.0 15.6 -7.4 ▼ 4 4 336,161.7 9.8 -2.6 ▼ 5 6 9 28,061.8 0.8 0 13 22,500.0 0.7 +0.5 ▲ 7 8 21,700.0 -0.6 ▼ 8 0.6 0.6 +0.6 ▲ 9 22 20,833.3 18,333.3 -0.8 ▼ 0.5 10 7 97.9 +3.8 ▲ 3,359,550.6 3,428,699.2 100.0

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

16

Jan 1 - Mar 28

-26.5% ▼ -28.3% ▼

# of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 44.3 -9 ▼ 85 43 22.4 -18 ▼ 27 14.1 ▼ -5 46 24.0 -15 ▼ 30 15.6 -1 ▼ 2 1.0 0 4 2.1 +2 ▲ 2 -4 1.0 ▼ 2.1 +3 4 ▲ 4 -6 ▼ 2.1 -49

192 -20.3% ▼ -31.9% ▼

Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch. 2,682.7 -0.5 ▼ 18.7 4,838.2 33.8 +15.3 ▲ 11.5 -0.6 ▼ 1,639.9 12.2 1,746.5 -8.9 ▼ 2,019.6 14.1 +0.5 ▲ 102.4 0.7 -0.3 ▼ 86.2 0.6 0 1.4 -1.3 ▼ 195.8 119.5 0.8 +0.1 ▲ -0.8 ▼ 101.6 0.7 13,532.4 94.5 +3.5 ▲ 14,322.6 100.0 -5.7% ▼ -1.4% ▼

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First Quarter 2013 | Debt Capital Markets | Managing Underwriters

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 EDT on March 28,

2013. - 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. © 2013 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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