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GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2013

Full Year 2013 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets Review Table of Contents Global Equity

EMEA Equity

Japan Equity

Global Deals Intelligence

1

EMEA Deals Intelligence

8

Japan Equity & Equity-Related (C1e)

13

Leading Underwriters for Full Year 2013

2

EMEA Equity & Equity-related (C1d)

8

Japan Common Stock (C4d)

13

Global Scorecard

2

EMEA Common Stock (C4c)

9

Japan IPOs (C7d)

14

Global Debt, Equity & Equity Related (A1)

2

EMEA IPOs (C7c)

9

Japan Secondary Offerings (C8d)

14

Global Equity & Equity-Related (C1)

2

EMEA Rights Offerings (C8fr)

9

Japan Convertible Offerings (C9e)

14

Global Common Stock (C2)

3

EMEA Convertibles (C9d)

9

Global Convertibles (C9)

3

Global IPOs (C5)

3

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

10

Global Equity Rankings - Last Ten Years

4

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

10

Asia Common Stock, inc Chinese A-shares (C4a)

11

US Equity

Asia Equity

US Deals Intelligence

5

Asia IPOs, inc Chinese A-shares (C7a)

11

US Equity & Equity-Related (C1a)

5

Asia Secondary Offerings, inc Chinese A-shares (C8c)

11

US IPOs (C6)

5

Asia Convertibles, inc Chinese A-shares (C9b)

11

US Secondary Offerings (C8a)

6

Australia & New Zealand Equity

US Common Stock (C3)

6

Australian Equity & Equity-related (AK1)

12

US Block Trades

6

Australian Common Stock (AK2)

12

US Convertibles (C9a)

6

New Zealand Common Stock (Custom)

12

Banking Composite of Top US Equity Bookrunners

7

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

Criteria Summary Equity Capital Markets Criteria Summary

15

Regional Contacts

15

Thomson Reuters Solutions for the Deal Making Community

16

https://www.thomsonone.com

Full Year 2013

EQUITY CAPITAL MARKETS REVIEW Global Equity Capital Markets Up 27% Over 2012, Best Year Since 2010 l IPO Activity Up 40% I Goldman Sachs Tops All Major Global ECM Rankings l ECM Fes Climb 31% Global IPOs and Emerging Markets

60

$100,000

50

$80,000

40 $60,000

30

$40,000

20 10

$0

0 1

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2007

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2012

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2013

Global Equity & Equity-Related Volume $400

Proceeds (US$b)

GOLDMAN SACHS TOPS ALL GLOBAL ECM RANKINGS - Goldman Sachs led all equity capital markets underwriters during full year 2013 with US$90.5 billion in proceeds from 411 issues, an increase of 2.3 market share points compared full year 2012. Goldman Sachs registered strong market share gains to take the top spot in each equity asset class this year -- global IPOs, global common stock offerings and global convertible offerings.

70

$20,000

UNITED STATES ISSUERS ACCOUNT FOR 34% - Issuers from the United States raised US$272.9 billion in the global equity capital markets during full year 2013, up 13% compared to last year at this time. Issuers from and accounted and of o overall capital o China C a a d the t e United U ted Kingdom gdo accou ted for o 10% 0% a d 6%, respectively, espect e y, o e a equity equ ty cap ta markets activity during 2013. FOUR SECTORS ACCOUNT FOR 57% OF ACTIVITY - Led by financial issuers (20%), the overall volume of equity capital markets activity remained highly concentrated among four main sectors including real estate (13%), energy and power (13%) and industrials (11%).

80

% of Emerging Markets IPOs

% of Proceeds from Emerging Markets

IPOs UP 40% FROM 2012; EMERGING MARKETS ACCOUNT FOR 34% - Initial public offering activity during full year 2013 totaled US$164.9 billion, an increase of 40% from last year at this time and the strongest annual period for global IPOs since 2010. IPO activity during the fourth quarter of 2013 totaled US$72.5 billion, nearly triple the levels seen during the third quarter of the year. Issuers from the emerging markets raised US$56.9 billion during full year 2013, accounting for 34% of IPO volume during the period, down from 43% during full year 2012.

Global IPOs (US$bil)

$120,000

Proceeds (US$b)

1,600

# of Issues

$350

1,400 ,

$300

1,200

$250

1,000

$200

800

$150

600

$100

400

$50

200

$0

# of Issues

FOLLOW-ONS UP 17% FROM 2012 - Global follow-on offerings totaled US$526.0 billion during full year 2013, an increase of 17% compared to a year ago. Follow-on common stock sales from the financial sector raised $100.8 billion during full year 2013, accounting for 19% of overall activity. Offerings from the United States accounted for one-third of global follow-on issuance, while China and the United Kingdom comprised 9% and 7%, respectively.

$140,000

Proceeds (US$b)

Global Deals Intelligence GLOBAL ECM ACTIVITY UP 27% - Equity capital markets activity totaled US$796.8 billion during full year 2013, a 27% increase from full year 2012 and the strongest annual period for global equity capital markets issuance since 2010. Fourth quarter equity capital markets issuance totaled US$257.2 billion, a 73% increase compared to the third quarter of this year and strongest quarter for equity capital raising since fourth quarter 2010.

0 1

ECM FEES UP 34% - According to estimates from Freeman Consulting, fees from equity capital markets transactions during full year 2013 totaled US$17.9 billion, a 34% increase from this time last year.

2

3

4

1

2007

2

3

4

2008

1

2

3

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2009

1

2

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2010

1

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2011

1

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2012

1

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2013

Global Equity & Equity-Related Volume by Domicile Region 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2000

2001

2002 Africa/Middle East/Central Asia

2003

2004

2005

2006

2007

Japan


Asia-Pacific

1

2008

2009

2010 Europe

2011

2012

2013

Americas



Global Equity Capital Markets Leading Underwriters for the Fourth Quarter of 2013

Jul 1 - Dec 31

Current Qtr Market Share (%)

Mkt. Share Chg. from Last Qtr (%)

Consecutive Quarters No. 1

Market Sector Global Global Debt, Equity & Equity-Related (A1) Global Disclosed Fees (A2) Global Equity & Equity-related (C1) Global Common Stock (C2) Global IPOs (C5) Global Convertibles (C9)

JP Morgan JP Morgan Goldman Sachs & Co Goldman Sachs & Co Goldman Sachs & Co Goldman Sachs & Co

7.7 9.9 12.1 10.7 10.2 19.5

-0.2 -1.2 2.2 0.1 1.4 15.5

▼ ▼ ▲ ▲ ▲ ▲

11 11 1 1 1 1

US US Equity & Equity-Related (C1a) US Common Stock (C3) US IPOs (C6) US Convertibles (C9a)

Goldman Sachs & Co Goldman Sachs & Co Bank of America Merrill Lynch Goldman Sachs & Co

16.7 13.4 15.5 30.6

5.1 0.9 3.0 26.2

▲ ▲ ▲ ▲

1 1 2 1

Europe, Middle East & Africa (EMEA) EMEA Equity & Equity-Related (C1d) EMEA Common Stock (C4c) EMEA IPOs (C7c) EMEA Convertibles (C9d)

Goldman Sachs & Co Goldman Sachs & Co Goldman Sachs & Co Morgan Stanley

12.0 12.3 11.3 12.2

1.3 1.0 7.6 6.0

▲ ▲ ▲ ▲

1 1 1 1

Asia-Pacific ex. Japan ex. Australia Asia-Pacific Common Stock (C4a) Asia-Pacific Convertibles (C9b)

Goldman Sachs & Co JP Morgan

6.4 24.5

-6.3 20.6

▼ ▲

2 1

Japan Equity Related (C1e) Japan Equity & Equity-Related Japan Common Stock (C4d) Japan IPOs (C7d) Japan Convertibles (C9e)

Nomura Nomura Nomura Daiwa Securities Group Inc

23 1 23.1 26.2 49.1 19.1

44 -4.4 -2.4 23.2

▼ ▼ ▲

3 3 1 2

No. 1 Manager

Global Debt, Equity & Equity-Related (A1)

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

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 7.7 1 1 490,765.6 -0.4 ▼ -0.1 ▼ 2 2 422,830.2 6.7 3 3 385,854.5 6.1 -0.3 ▼ 4 4 385,021.5 6.1 0.0 5 7 374,374.5 5.9 +1.0 ▲ 5.6 +0.1 ▲ 6 5 357,618.8 5.5 7 6 348,175.4 +0.2 ▲ 8 8 254,024.3 4.0 -0.2 ▼ 9 9 251,013.3 4.0 +0.1 ▲ +0.1 ▲ 3.3 10 11 207,836.3 11 12 156,324.2 2.5 -0.3 ▼ 12 13 148,551.2 2.3 0.0 14 2.3 +0.1 ▲ 13 146,634.0 14 10 135,645.3 2.1 -1.4 ▼ 15 119,632.7 1.9 -0.1 ▼ 15 16 17 105,026.9 1.7 +0.3 ▲ 1.6 16 99,584.4 +0.1 ▲ 17 1.4 0.0 18 18 86,346.4 73,797.6 1.2 -0.2 ▼ 19 19 72,116.4 +0.3 ▲ 1.1 20 21 73.0 4,621,173.5 100.0 6,359,105.6

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

0.4% ▲ 5.3% ▲

Global Scorecard

Global Equity & Equity-Related (C1) United States (C1a) Asia Pacific ex Australia (C1b) Australia (C1c) EMEA - Europe, Middle East & Africa (C1d) Japan (C1e) Latin America (C1f) Global Common Stock (C2) United States (C3) Asia Pacific ex Australia (C4a) Australia (C4b) EMEA - Europe, Middle East & Africa (C4c) Japan (C4d) Latin America (C4e) Global IPOs (C5) United States (C6) Asia Pacific ex Australia (C7a) Australia (C7b) EMEA - Europe, Middle East & Africa (C7c) Japan (C7d) Latin America (C7e) Global Secondary Offerings (C8) United States (C8a) Asia Pacific ex Australia (C8c) Australia (C8b) EMEA - Europe Europe, Middle East & Africa (C8f) Japan (C8d) Latin America (C8e) Global Convertible Offerings (C9) United States (C9a) Asia Pacific ex Australia (C9b) Australia (C9c) EMEA - Europe, Middle East & Africa (C9d) Japan (C9e)

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 2,058 10.7 -36 ▼ 9.8 +12 ▲ 1,882 ▼ 7.8 -30 1,497 8.8 ▼ -4 1,702 1,362 7.1 +294 ▲ 9.3 +108 ▲ 1,795 1,683 8.7 +127 ▲ 1,228 ▲ 6.4 +1 1,357 7.0 +64 ▲ 4.4 +6 ▲ 853 3.8 -68 ▼ 731 910 4.7 +43 ▲ 866 4.5 -3 ▼ 847 4.4 -387 ▼ ▲ 696 3.6 +99 391 2.0 +39 ▲ 424 ▲ 2.2 +60 341 1.8 +58 ▲ 650 3.4 +33 ▲ 486 2.5 +134 ▲ 19,264 0.4% ▲ -0.1% ▼

+69

1/1/2012 - 12/31/2012 Proceeds No. US$m Deals 629,565.8 3,690 795 243,903.9 152,064.0 1,251 20,071.2 552 659 137,887.8 139 26,383.4 55 23,015.1 568,809.7 3,371 222,446.9 721 142,175.0 1,127 15,815.0 538 118,388.1 609 22,759.2 119 23,015.1 55 117,638.7 735 126 40,641.7 38,193.4 407 846.1 14 17,469.4 114 12,720.0 54 7,155.9 17 2,636 451,171.0 595 181,805.2 103,981.6 720 524 14,968.9 100 918 7 100,918.7 495 10,039.3 65 15,859.2 38 60,756.1 319 21,457.0 74 9,889.1 124 14 4,256.2 19,499.7 50 3,624.2 20

Global Equity & Equity-Related (C1)

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 8.4 +0.2 ▲ 3,325.2 2,128.1 5.4 -0.1 ▼ 4.6 1,812.9 0.0 6.0 -0.1 ▼ 2,374.5 2,714.0 +1.3 ▲ 6.8 7.2 2,874.2 +0.3 ▲ 6.7 +0.7 ▲ 2,665.5 +0.2 ▲ 4.8 1,920.3 2.2 -0.4 ▼ 879.8 1.6 -0.1 ▼ 643.2 628.8 1.6 -0.3 ▼ 897.6 2.3 -0.3 ▼ 1,230.1 +0.1 ▲ 3.1 1,141.2 2.9 -0.8 ▼ +0.4 ▲ 2.0 809.2 297.7 0.8 0.0 350.7 0.9 +0.1 ▲ 238.0 0.0 0.6 -0.1 ▼ 451.1 1.1 -0.1 ▼ 302.1 0.8 27,684.2 69.8 100.0 39,739.3

Bookrunner Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Citi UBS Deutsche Bank Credit Suisse Barclays Nomura Wells Fargo & Co RBC Capital Markets Jefferies LLC HSBC Holdings PLC Daiwa Securities Group Inc Macquarie Group Sumitomo Mitsui Finl Grp Inc BNP Paribas SA Mizuho Financial Group Societe Generale Top Twenty Total Industry Total

11.1% ▲ 23.0% ▲


1/1/2013 - 12/31/2013 Proceeds No. US$m Deals 796,771.6 4,358 1,056 278,466.4 152,696.9 1,329 465 21,527.0 233,794.7 949 49,301.2 270 32,866.6 70 690,886.5 3,999 235,915.6 926 130,003.4 1,266 454 21,054.0 867 203,299.9 42,334.4 233 70 32,866.6 843 164,914.4 57,114.0 201 348 36,323.4 5,930.6 37 38,499.2 168 9,759.2 62 19 13,161.6 525,972.1 3,156 178,801.6 725 93,680.0 918 417 15,123.5 164 800 8 164,800.8 699 171 32,575.2 51 19,704.9 359 105,885.1 42,550.8 130 22,693.5 63 473.0 11 82 30,494.8 37 6,966.8

2

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 +2.3 ▲ 1 90,486.5 11.4 8.3 4 2 66,001.3 +0.3 ▲ 3 -0.6 ▼ 7.7 2 60,914.2 5 7.2 4 56,944.3 +0.1 ▲ 3 -1.8 ▼ 5 50,878.5 6.4 6.0 7 48,123.0 +0.2 ▲ 6 5.5 43,821.0 7 6 -0.7 ▼ 8 40,213.8 -0.6 ▼ 8 5.1 36,858.3 4.6 -0.4 ▼ 9 9 15,306.3 10 11 1.9 +0.3 ▲ 14,375.6 1.8 11 10 +0.1 ▲ 11,538.1 1.5 -0.1 ▼ 12 12 9,002.2 1.1 13 18 +0.4 ▲ 14 13 -0.4 ▼ 8,154.1 1.0 22 7,830.2 1.0 +0.4 ▲ 15 6,560.7 0.8 +0.2 ▲ 20 16 6,422.0 17 15 0.8 0.0 16 6,332.7 0.8 18 0.0 19 24 5,646.0 0.7 +0.2 ▲ 20 19 4,994.1 0.6 -0.1 ▼ 590,402.9 74.2 100.0 796,771.6

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

% Change in Proceeds 26.6% 14.2% 0.4% 7.3% 69.6% 86.9% 42.8% 21.5% 6.1% -8.6% 33.1% 71.7% 86.0% 42.8% 40.2% 40.5% -4.9% 600.9% 120.4% -23.3% 83.9% 16.6% -1.7% -9.9% 1.0% 63 3% 63.3% 224.5% 24.2% 74.3% 98.3% 129.5% -88.9% 56.4% 92.2%

26.6% ▲ 73.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 411 9.4 +149 ▲ 452 10.4 +133 ▲ 425 9.8 +156 ▲ 9.5 +119 ▲ 414 8.5 +77 371 ▲ 308 ▲ 7.1 +39 ▲ 347 8.0 +86 340 7.8 +85 ▲ ▲ 6.2 +73 271 ▲ 119 2.7 +40 187 4.3 +58 ▲ ▲ 160 3.7 +32 ▲ 126 2.9 +51 ▲ 73 1.7 +21 69 1.6 +28 ▲ 64 1.5 +15 ▲ 63 ▲ 1.4 +40 1.3 +25 55 ▲ ▲ 53 1.2 +35 33 0.8 +6 ▲ 4,358 18.1% ▲ 27.5% ▲

+668

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 1,546.4 8.6 +2.2 ▲ 8.3 1,484.8 +1.0 ▲ +1.1 ▲ 1,396.5 7.8 1,226.1 6.9 +0.5 ▲ +0.3 ▲ 5.4 960.3 -0.5 ▼ 3.7 658.3 814.3 4.6 -0.2 ▼ 5.2 930.0 +0.9 ▲ 4.1 733.7 +0.4 ▲ 519.1 +0.7 ▲ 2.9 404.1 2.3 +0.3 ▲ 2.0 351.0 -0.4 ▼ +0.3 ▲ 1.5 274.6 -0.2 ▼ 1.0 174.8 1.2 206.0 +0.2 ▲ +0.1 ▲ 162.5 0.9 +0.3 ▲ 1.4 246.8 111.4 0.6 -0.1 ▼ +0.1 ▲ 173.2 1.0 50.1 0.3 -0.1 ▼ 69.7 12,424.0 17,906.6 100.0 33.7% ▲ 64.7% ▲



Global Equity Capital Markets

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share Share Ch. 1 1 76,486.2 11.1 +2.1 ▲ 2 4 8.0 54,898.5 +0.1 ▲ 3 3 51,832.8 7.5 -0.7 ▼ 5 48,385.6 7.0 4 -0.2 ▼ 6.5 5 2 44,772.6 -1.9 ▼ 6 7 +0.1 ▲ 6.0 41,141.5 7 6 5.3 36,638.2 -0.7 ▼ 5.0 -0.7 ▼ 8 8 34,385.9 -0.4 ▼ 9 9 31,750.3 4.6 2.0 12 10 +0.5 ▲ 13,651.6 10 1.8 +0.1 ▲ 12,361.0 11 1.5 -0.1 ▼ 12 11 10,525.8 13 1.2 8,039.0 16 +0.5 ▲ 13 7,217.3 1.0 -0.4 ▼ 14 15 17 6,502.4 +0.2 ▲ 0.9 16 6,201.0 0.9 +0.3 ▲ 19 17 15 5,753.8 0.8 0.0 18 23 +0.1 ▲ 4,574.2 0.7 19 0.6 -0.4 ▼ 14 4,258.9 20 3,971.3 0.6 0.0 21 503,347.9 73.0 690,886.5 100.0


21 5% ▲ 21.5% 63.8% ▲

# of Deals per Bookrunner # of Market Change in Deals Share # of Deals 8.8 +111 ▲ 351 ▲ 9.4 +94 376 9.1 +123 ▲ 365 ▲ 352 8.8 +87 318 8.0 +56 ▲ ▲ 282 7.1 +31 ▲ 303 7.6 +74 ▲ 7.5 +68 300 5.7 +51 229 ▲ 104 2.6 +38 ▲ 4.2 +49 166 ▲ 144 3.6 +31 ▲ 112 2.8 +41 ▲ 63 1.6 +18 ▲ 1.6 +18 ▲ 63 ▲ 1.4 +18 54 1.4 +36 ▲ 57 44 1.1 +27 ▲ 41 -4 1.0 ▼ 0.6 +4 ▲ 25 3,999

+628

18 6% ▲ 18.6% 28.3% ▲

Imputed Fees (US$m) Market Manager Market Fees Share Share Ch. 1,325.0 8.3 +2.0 ▲ 1,269.3 +0.9 ▲ 7.9 1,239.1 7.7 +1.0 ▲ 1,068.8 6.7 +0.3 ▲ +0.2 ▲ 844.6 5.3 3.6 -0.7 ▼ 573.0 4.5 714.9 0.0 +1.0 ▲ 5.2 836.2 +0.4 ▲ 4.0 635.9 +0.7 ▲ 2.9 465.1 2.3 370.8 +0.3 ▲ 328.9 -0.3 ▼ 2.1 +0.4 ▲ 1.6 251.0 1.0 -0.2 ▼ 156.1 158.8 +0.1 ▲ 1.0 1.0 0.0 165.8 233.9 +0.3 ▲ 1.5 150.8 0.9 0.0 -0.7 ▼ 79.9 0.5 36.0 0.2 -0.2 ▼ 10,903.9 68.2 16,003.9 100.0


40.2% ▲ 196.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 113 13.4 +64 106 12.6 +41 ▲ 100 ▲ 11.9 +41 106 12.6 +49 ▲ 93 11.0 +29 ▲ ▲ 102 12.1 +48 10.3 +32 ▲ 87 68 8.1 +29 ▲ 69 8.2 +35 ▲ 42 5.0 +17 ▲ 30 3.6 +16 ▲ 20 2.4 +16 ▲ 3.9 +15 33 ▲ 24 2.8 +12 ▲ 19 2.3 +14 ▲ 12 1.4 +2 ▲ ▲ 17 2.0 +2 1 0.1 +1 ▲ 10 1.2 +4 ▲ 8 0.9 +7 ▲ 843 14.7% ▲ 79.1% ▲

+108

359

+40

12 5% ▲ 12.5% 19.4% ▲

Imputed Fees (US$m) Manager Market Market Fees Share Share Ch. 11.6 221.4 +4.5 ▲ +0.7 ▲ 215.5 11.3 +0.9 ▲ 8.3 157.4 157.3 8.3 +1.5 ▲ 99.4 5.2 -2.1 ▼ +1.6 ▲ 85.3 4.5 115.7 +1.1 ▲ 6.1 93.9 -0.5 ▼ 4.9 +0.7 ▲ 97.7 5.1 16.7 0.9 +0.6 ▲ 37.3 2.0 -1.4 ▼ 1.8 33.3 +0.2 ▲ 54.0 2.8 +0.1 ▲ 40.2 2.1 +1.1 ▲ 20.2 1.1 +0.9 ▲ 22.5 1.2 +0.8 ▲ 0.7 -0.2 ▼ 14.2 22.2 1.2 -1.1 ▼ 1.2 23.6 -0.4 ▼ 18.6 1.0 -0.6 ▼ 1,546.4 81.3 1,902.7 100.0 68 0% ▲ 68.0% 128.9% ▲

Global Equity & Equity-Related Fees $10

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 9.5 541.9 +4.1 ▲ +2.6 ▲ 497.9 8.7 8.4 -0.4 ▼ 478.2 +2.5 ▲ 7.6 431.5 282.7 5.0 +0.9 ▲ 338.7 5.9 +1.6 ▲ 320.6 5.6 +1.0 ▲ 3.3 185.5 +0.6 ▲ 4.6 +2.0 ▲ 260.8 186.0 3.3 +0.8 ▲ 112.2 2.0 +0.6 ▲ 74.8 1.3 +1.0 ▲ 90.8 1.6 +0.5 ▲ 62.6 1.1 +0.2 ▲ 55.8 1.0 -0.2 ▼ 26.5 0.5 +0.1 ▲ 26.1 0.5 -0.4 ▼ 4.2 0.1 +0.1 ▲ +0.2 ▲ 57.8 1.0 21.5 0.4 +0.3 ▲ 71.4 4,056.1 100.0 5,703.2

Fees (US$bn)

2,000

# of Issues

$9

1,800

$8

1,600

$7

1,400

$6

1,200

$5

1,000

$4

800

$3

600

$2

400

$1

200 0

$0 1

41.1% ▲ 123.6% ▲


# of Deals per Bookrunner # of Market Change in Deals Share # of Deals 60 16.7 +38 ▲ 76 21.2 +39 ▲ 60 16.7 +33 ▲ ▲ 17.3 +32 62 44 12.3 +12 ▲ 26 7.2 +8 ▲ 53 ▲ 14.8 +21 ▲ 11.1 +17 40 11.7 +22 42 ▲ 0.3 +1 ▲ 1 23 6.4 +10 ▲ 21 5.8 +9 ▲ 15 4.2 +2 ▲ 15 4.2 +10 ▲ 9 2.5 +7 ▲ 9 ▲ 2.5 +8 8 2.2 +2 ▲ 16 ▲ 4.5 +1 3.9 +10 ▲ 14 ▲ 10 2.8 +3

74 3% ▲ 74.3% 146.5% ▲


Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank +4.4 ▲ 7 1 15,795.8 9.6 7.6 +0.5 ▲ 2 2 12,585.3 11,931.2 1 3 7.2 -1.6 ▼ 4 6.9 +0.8 ▲ 11,446.7 4 3 10,574.1 6.4 +0.3 ▲ 5 6 6.0 +0.2 ▲ 6 9,912.6 7 5 9,403.0 5.7 -0.2 ▼ 8 8 7,348.4 4.5 +0.8 ▲ 9 9 6,766.1 4.1 +0.6 ▲ 10 17 5,385.8 3.3 +1.7 ▲ 11 23 3,383.7 2.1 +1.4 ▲ 12 57 3,316.9 2.0 +1.8 ▲ 13 21 3,054.4 1.9 +1.0 ▲ 14 18 2,747.4 1.7 +0.3 ▲ 15 37 1,582.9 1.0 +0.6 ▲ 16 25 1,339.8 0.8 +0.1 ▲ -1.1 ▼ 0.8 17 13 1,279.5 +0.8 ▲ 18 1,277.2 0.8 -1.0 ▼ 19 14 1,240.5 0.8 20 189* 1,185.5 0.7 +0.7 ▲ 121,556.8 73.9 164,914.4 100.0

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share Share Ch. 1 14,000.3 13.2 +3.3 ▲ 1 10.5 2 11,102.9 +1.2 ▲ 2 9,081.4 8.6 3 3 -0.3 ▼ 8,558.7 8.1 +1.2 ▲ 5 4 7,182.8 6.8 -1.5 ▼ 5 4 6,981.5 +2.4 ▲ 6.6 6 9 6,105.9 5.8 -0.7 ▼ 7 6 7 5.5 +0.1 ▲ 5,827.8 8 5,108.1 4.8 8 -0.3 ▼ 9 10 3,213.0 3.0 +3.0 ▲ 10 2.8 -0.5 ▼ 11 2,941.6 12 16 2,014.6 1.9 +0.6 ▲ 13 1,654.6 1.6 11 -0.7 ▼ 14 1,629.2 25 +0.8 ▲ 1.5 38 15 +0.8 ▲ 1.2 1,289.8 16 60 1.0 1,071.8 +0.9 ▲ 17 17 1,022.8 1.0 -0.2 ▼ 13 18 1,012.4 1.0 -0.6 ▼ 963.2 0.9 19 26 +0.2 ▲ 15 936.8 0.9 -0.7 ▼ 20 91,699.2 86.7 105,885.1 100.0

Bookrunner Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Deutsche Bank UBS Citi Credit Suisse Barclays Haitong Securities Co Ltd BNP Paribas SA Wells Fargo & Co Nomura Daiwa Securities Group Inc Credit Agricole CIB Mizuho Financial Group Societe Generale RBC Capital Markets Jefferies LLC HSBC Holdings PLC Top Twenty Total Industry Total

30 5% ▲ 30.5% 58.3% ▲

Global IPOs (C5)

Bookrunner Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Deutsche Bank Credit Suisse Citi UBS Barclays Nomura Wells Fargo & Co Macquarie Group Jefferies LLC HSBC Holdings PLC RBC Capital Markets DBS Group Holdings CIMB Group Sdn Bhd Rabee Securities Co Sumitomo Mitsui Finl Grp Inc Itau Unibanco Top Twenty Total Industry Total

Global Convertibles (C9)

US$Bil

Bookrunner Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Citi UBS Deutsche Bank Credit Suisse Barclays Nomura Wells Fargo & Co RBC Capital Markets Jefferies LLC HSBC Holdings PLC Macquarie Group Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group CITIC Group Corp Societe Generale Top Twenty Total Industry Total

Jan 1 - Dec 31

2

3

2007

3

# of Issues

Global Common Stock (C2)

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

4

2013



Global Equity Capital Markets: Ten Years of Rankings

Goldman Sachs & Co

2

JP Morgan

3

Morgan Stanley

4

Bank of America Merrill Lynch

5

Citi

6

UBS

7

Deutsche Bank

8

Credit Suisse

9

Barclays

Rank

1

10

Nomura 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Note: League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter-end in each calendar year.


4


nc


US Equity Capital Markets 14% increase in Volume, 49% increase in Fees | Highest US IPO Volume since 2000 | Highest US Convert Volume since 2008 US Deals Intelligence US Equity & Equity-Related proceeds totaled US$278.5 billion from 1,056 deals in 2013, a 14.2% increase in volume and 32.8% increase in the number of deals compared to 2012. Fees totaled $8.8 billion, a 48.9% increase from 2012, as estimated by Thomson Reuters/Freeman Consulting.

US Equity & Equity-Related (C1a)

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 15.2 +4.5 ▲ 3 1 42,309.6 12.2 +1.8 ▲ 5 33,878.9 2 -1.5 ▼ 30,307.1 10.9 3 1 4 2 29,357.5 10.5 -0.7 ▼ 4 26,814.6 9.6 -1.0 ▼ 5 6 6 26,394.2 9.5 -0.9 ▼ 7 7 18,286.8 6.6 -1.3 ▼ 15,925.5 5.7 -1.9 ▼ 8 8 9 10 14,090.2 5.1 +0.9 ▲ 10 9 7,005.1 2.5 -1.8 ▼ 2.2 +0.8 ▲ 11 12 6,027.6 12 11 5,455.6 2.0 +0.1 ▲ 13 15 1,946.8 0.7 +0.1 ▲ 1 920 0 07 01 ▼ 14 14 1,920.0 0.7 -0.1 15 20 1,551.6 0.6 +0.3 ▲ 16 35 1,401.0 0.5 +0.4 ▲ 0.4 17 18 1,221.0 -0.1 ▼ 18 22 1,218.0 0.4 +0.2 ▲ 21 19 881.7 0.3 +0.1 ▲ 0.3 +0.2 ▲ 20 28 839.9 95.9 266,832.7 100.0 278,466.4


14.2% ▲ 57.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 226 21.4 +78 ▲ 286 27.1 +97 ▲ 246 23.3 +48 ▲ 281 26.6 +79 ▲ 211 20.0 +52 ▲ 232 22.0 +77 ▲ 194 18.4 +45 ▲ 178 16.9 +34 ▲ 181 17.1 +56 ▲ -7 ▼ 99 9.4 ▲ 88 8.3 +27 ▲ 93 8.8 +31 59 5.6 +19 ▲ 4 2 +10 44 4.2 ▲ 34 3.2 +14 ▲ 26 2.5 +22 ▲ ▲ 33 3.1 +2 ▲ 29 2.7 +10 29 ▲ 2.7 +4 ▲ 1.0 +6 11 1,056

+261

32.8% ▲ 16.0% ▲

Imputed Fees (US$m) Market Manager Market FeesShare (%) Share Ch. 1,033.0 11.8 +2.2 ▲ 11.6 +1.2 ▲ 1,020.9 7.4 650.0 -0.8 ▼ 911.3 10.4 +0.7 ▲ 592.6 6.7 -0.1 ▼ 9.1 801.1 -1.1 ▼ 518.3 5.9 +0.1 ▲ 422.3 4.8 -1.1 ▼ 392.5 4.5 +0.1 ▲ -0.9 ▼ 236.2 2.7 197.3 2.3 -0.1 ▼ -0.7 ▼ 185.6 2.1 -0.2 ▼ 1.6 144.4 107 2 12 07 ▼ 107.2 1.2 -0.7 92.7 1.1 +0.1 ▲ 0.8 +0.4 ▲ 67.8 95.5 -0.2 ▼ 1.1 0.8 65.7 +0.2 ▲ -0.1 ▼ 0.7 61.8 48.2 +0.4 ▲ 0.6 7,644.4 87.2 8,788.8 100.0

Energy and Power


40.5% ▲ 100.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 36.8 +37 ▲ 74 64 31.8 +28 ▲ ▲ 64 31.8 +27 ▲ 57 28.4 +23 ▲ 51 25.4 +15 27.9 +29 56 ▲ 57 28.4 +19 ▲ 45 22.4 +6 ▲ 30 14.9 +17 ▲ ▲ 26 12.9 +10 20 10.0 +6 ▲ 14 7.0 +9 ▲ 19 9.5 +9 ▲ 12 6.0 +7 ▲ ▲ 7 3.5 +4 10 ▲ 5.0 +3 4 2.0 +4 ▲ 9 4.5 0 7 3.5 +1 ▲ ▲ 8 4.0 +7 201 59.5% ▲ 7.1% ▲

$36.3 13%

$46.3 17%

$22.6 8%

$50.5 18%

$21.3 8% $55.7 20%

$42.6 15%

Real Estate $26.8 9%

$18 8 $18.8 7%

$1.5 1%

$57.1 20%

High Technology Healthcare Industrials Financials

$178.8 64%

Consumer Products and Services Others

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. +2.9 ▲ 1 5 7,376.3 12.9 6,765.7 2 4 11.9 +1.3 ▲ 3 2 6,415.3 11.2 +0.5 ▲ -1.0 ▼ 4 6 8.6 4,930.5 5 3 8.5 4,853.1 -2.2 ▼ 6 8 8.0 -0.9 ▼ 4,588.5 4,243.7 7.4 7 -4.0 ▼ 1 8 7 4,216.3 7.4 -1.9 ▼ 9 11 3,383.7 5.9 +4.0 ▲ 10 10 1,986.4 3.5 +1.0 ▲ 2.6 1,501.2 +1.0 ▲ 11 12 +0.6 ▲ 12 1,035.1 14 1.8 +0.3 ▲ 1.2 13 15 695.8 14 0.9 19 502.0 +0.6 ▲ 0.8 15 18 473.7 +0.4 ▲ 17 402.2 16 0.7 -0.1 ▼ 366.7 +0.6 ▲ 17 0.6 18 0.6 -0.3 ▼ 16 317.5 19 310.0 -1.1 ▼ 13 0.5 290.9 0.5 20 33 +0.5 ▲ 54,654.6 95.5 57,114.0 100.0

Jan 1 - Dec 31 2013

IPO

Follow-On

Converts

Withdrawn

48.9% ▲ 40.2% ▲

US IPOs (C6)

Bookrunner Bank of America Merrill Lynch Goldman Sachs & Co JP Morgan Citi Morgan Stanley Barclays Credit Suisse Deutsche Bank Wells Fargo & Co UBS Jefferies LLC RBC Capital Markets Stifel/KBW Leerink Swann & Co FBR Capital Markets Corp Robert W Baird & Co Inc Guggenheim Securities LLC Piper Jaffray Cos Raymond James Financial Inc BMO Capital Markets Top Twenty Total Industry Total

US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)

+75

US IPO, Convertible and Block Trade Issuance

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 348.2 11.3 +3.5 ▲ 12.4 +1.8 ▲ 380.9 10.9 +0.7 ▲ 335.7 7.5 +0.5 ▲ 231.5 8.9 274.3 -5.7 ▼ 7.5 230.0 +2.1 ▲ 6.5 197.9 -1.3 ▼ 151.8 4.9 -0.9 ▼ 111.1 3.6 +0.4 ▲ 2.4 72.6 -0.6 ▼ 1.8 -0.2 ▼ 56.2 1.4 43.9 -1.3 ▼ 59.4 1.9 -0.1 ▼ 29.1 1.0 +0.5 ▲ 26.5 0.9 +0.3 ▲ 37.8 1.2 -0.2 ▼ 10.9 0.4 +0.4 ▲ 1.0 -0.2 ▼ 30.2 34.0 1.1 -1.2 ▼ +0.3 ▲ 23.7 0.8 2,685.7 87.4 3,070.8 100.0

$57

$40

$40

$41

$37 $34

$30

$54

$49

$50

$43

$33 $35

$27

$27 $21 $24

$20 $17 $10 $4

$3

2008

2009

$8

$0

86.4% ▲ 64.9% ▲


Jan 1 - Dec 31

$60

Proceeds US$ Billions

Bookrunner Goldman Sachs & Co JP Morgan Citi Bank of America Merrill Lynch Barclays Morgan Stanley Credit Suisse Deutsche Bank Wells Fargo & Co UBS Jefferies LLC RBC Capital Markets Stifel/KBW Raymond James Financial Inc Robert W Baird & Co Inc BMO Capital Markets Piper Jaffray Cos Leerink Swann & Co Cowen & Co FBR Capital Markets Corp Top Twenty Total Industry Total

2013 also saw the highest US convertible bond volume since 2008, with 130 deals totaling US$42.6 billion in proceeds, nearly doubling 2012 volume. Three of the top ten U.S. deals in the fourth quarter of 2013 were convertibles (SanDisk, NIVIDIA and Yahoo!).

Full-year 2013 saw the highest volume of US IPOs since 2008, with 201 deals totaling US$57.1 billion in proceeds, an increase of 40.5% in volume and 59.5% in the number of deals from 2012. Bank of America Merrill Lynch led the US IPO rankings, followed by Goldman Sachs and JP Morgan.

IPOs

5

2010

2011 Block Trades

2012

2013

Convertible



US Equity Capital Markets US Secondary Offerings (C8a)

Bookrunner Goldman Sachs & Co Citi JP Morgan Barclays Bank of America Merrill Lynch Morgan Stanley Credit Suisse Deutsche Bank Wells Fargo & Co UBS RBC Capital Markets Jefferies LLC Raymond James Financial Inc Stifel/KBW Robert W Baird & Co Inc BMO Capital Markets Piper Jaffray Cos Leerink Swann & Co KeyBanc Capital Markets Inc Cowen & Co Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 5 26,403.6 +5.0 ▲ 14.8 2 1 21,931.3 12.3 -1.3 ▼ 3 6 21,675.6 12.1 +2.3 ▲ 2 4 10.5 -1.0 ▼ 18,684.8 5 3 16,531.3 9.3 -1.7 ▼ 9.1 -1.2 ▼ 6 4 16,344.0 7 8 12,059.1 6.7 -0.5 ▼ 8 9,465.9 7 5.3 -2.5 ▼ 9 9 8,691.9 4.9 +0.1 ▲ 10 10 4,674.7 2.6 -2.1 ▼ 11 11 3,875.5 2.2 +0.1 ▲ 12 12 3,714.5 2.1 +0.8 ▲ 13 17 1,374.3 0.8 +0.3 ▲ 14 15 1,210.9 0.7 +0.1 ▲ 15 19 1,149.3 0.6 +0.3 ▲ 16 35 975.8 0.6 +0.5 ▲ 17 18 858.5 0.5 0.0 18 21 677.6 0.4 +0.2 ▲ 19 16 642.9 0.4 -0.1 ▼ 636.0 0.4 +0.1 ▲ 20 20 95.9 170,941.5 178,801.6 100.0


# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 124 17.1 +26 ▲ 21.4 +7 ▲ 155 174 24.0 +48 ▲ 123 17.0 +2 ▲ 164 22.6 +20 ▲ 142 19.6 +37 ▲ 114 15.7 +16 ▲ 113 15.6 +16 ▲ 130 17.9 +30 ▲ 70 9.7 -13 ▼ 74 10.2 +21 ▲ ▲ 7.7 +13 56 34 4.7 +8 ▲ ▲ 39 5.4 +10 24 3.3 +11 ▲ 15 2.1 +13 ▲ 3.2 +2 ▲ 23 16 2.2 +2 ▲ 1.8 +2 13 ▲ 22 3.0 +2 ▲ 725

+130

21 8% ▲ 21.8% 9.1% ▲

-1 7% ▼ -1.7% 24.3% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 492.8 10.3 +1.2 ▲ 345.0 -1.9 ▼ 7.2 552.3 11.5 +1.7 ▲ -1.6 ▼ 6.0 285.4 -0.9 ▼ 9.3 445.2 417.2 8.7 +0.4 ▲ 5.9 +1.0 ▲ 282.7 4.9 -1.2 ▼ 231.9 5.2 +0.2 ▲ 248.1 -0.9 ▼ 147.4 3.1 128.6 2.7 -0.1 ▼ +0.1 ▲ 2.5 121.1 67.1 -0.4 ▼ 1.4 1.7 -0.2 ▼ 79.4 54.2 +0.2 ▲ 1.1 +0.4 ▲ 39.2 0.8 1.3 -0.2 ▼ 61.9 35.3 0.7 +0.1 ▲ 34.4 0.7 -0.4 ▼ 38.7 0.8 -0.1 ▼ 4,069.2 85.0 4,784.7 100.0

Bookrunner Goldman Sachs & Co JP Morgan Citi Bank of America Merrill Lynch Barclays Morgan Stanley Credit Suisse Deutsche Bank Wells Fargo & Co UBS Jefferies LLC RBC Capital Markets Stifel/KBW Raymond James Financial Inc Robert W Baird & Co Inc BMO Capital Markets Leerink Swann & Co Piper Jaffray Cos FBR Capital Markets Corp Cowen & Co Top Twenty Total Industry Total

26 5% ▲ 26.5% 8.4% ▲

US Block Trades

Bookrunner Citi Goldman Sachs & Co Barclays Bank of America Merrill Lynch Morgan Stanley Credit Suisse JP Morgan Deutsche Bank UBS Wells Fargo & Co Jefferies LLC KeyBanc Capital Markets Inc Canaccord Genuity RBC Capital Markets

US Common Stock (C3)

Top Twenty Total Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter *ties

55,946.2 55,946.2 15.0% ▲ -3.7% ▼

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 44 32.8 +2 ▲ 16.4 +5 ▲ 22 20.9 +3 ▲ 28 -2 ▼ 27 20.1 22 16.4 +1 ▲ 22 16.4 -10 ▼ 17 12.7 +5 ▲ 19 14.2 -7 ▼ 9.0 12 -1 ▼ ▲ 6.0 +2 8 4 3.0 +1 ▲ ▲ 1 0.7 +1 1 0.7 0 1 0.7 0 -

134 -2.9% ▼ 5.7% ▲

-4

Bookrunner Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Morgan Stanley Barclays Citi Deutsche Bank Wells Fargo & Co Credit Suisse Jefferies LLC RBC Capital Markets RBS BNP Paribas SA UBS Credit Agricole CIB Raymond James Financial Inc JMP Securities LLC BMO Capital Markets SunTrust Banks William Blair & Co Top Twenty Total Industry Total

98.8 100.0

5.2% ▲ -25.1% ▼

926

-721

28 4% ▲ 28.4% 8.6% ▲

6

Imputed Fees (US$m) Market Manager Market FeesShare (%) Share Ch. 873.7 11.1 +1.5 ▲ 11.3 +1.4 ▲ 888.0 576.5 7.3 -1.1 ▼ 10.1 +0.6 ▲ 793.3 515.4 6.6 -0.3 ▼ -1.4 ▼ 691.5 8.8 480.6 6.1 +0.4 ▲ 383.8 4.9 -1.1 ▼ 359.2 4.6 +0.1 ▲ 2.8 -0.9 ▼ 219.9 177.3 2.3 +0.1 ▲ 2.2 -0.6 ▼ 172.5 138.8 1.8 -0.1 ▼ 101.1 1.3 -0.6 ▼ 1.2 92.0 +0.2 ▲ +0.4 ▲ 62.9 0.8 +0.2 ▲ 64.3 0.8 -0.2 ▼ 92.0 1.2 44.9 0.6 +0.3 ▲ 58.0 0.7 -0.1 ▼ 6,785.7 86.5 7,855.5 100.0 44 7% ▲ 44.7% 30.9% ▲

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 1 21.5 +2.9 ▲ 9,140.3 1 2 13.6 -1.9 ▼ 2 5,788.0 12.8 3 5,449.9 -2.2 ▼ 3 4 5,197.0 12.2 +2.2 ▲ 4 7 5 3,541.4 8.3 +2.0 ▲ 6 6 3,445.4 8.1 +1.1 ▲ 2,243.3 5.3 +2.4 ▲ 7 10 9 2,014.6 4.7 +1.0 ▲ 8 9 5 1,984.0 4.7 -2.4 ▼ 11 811.9 1.9 0.0 10 11 12 545.0 1.3 -0.3 ▼ 14 394.7 0.9 -0.3 ▼ 12 13 13 355.0 0.8 -0.7 ▼ 14 8 344.0 0.8 -3.3 ▼ 15 263.3 0.6 +0.6 ▲ 16 15 235.7 0.6 -0.5 ▼ 17 22* 171.9 0.4 +0.4 ▲ 18 19 134.3 0.3 +0.1 ▲ 19 +0.3 ▲ 121.9 0.3 0.2 +0.2 ▲ 20 77.4 42,258.7 99.2 100.0 42,550.8



6 1% ▲ 6.1% 42.7% ▲

# of Deals per Bookrunner # of Market Change in DealsShare (%) # of Deals 188 20.3 +54 ▲ ▲ 238 25.7 +75 212 22.9 +30 ▲ 238 25.7 +57 ▲ 179 19.3 +31 ▲ 193 20.8 +52 ▲ 171 18.5 +35 ▲ 158 17.1 +22 ▲ 160 17.3 +47 ▲ 96 10.4 -3 ▼ 76 8.2 +19 ▲ 9.5 +30 88 ▲ 58 6.3 +19 ▲ 41 4.4 +9 ▲ 34 3.7 +14 ▲ 2.5 +20 ▲ 23 28 3.0 +9 ▲ 32 3.5 +2 ▲ 11 1.2 +6 ▲ 28 3.0 +4 ▲

US Convertibles (C9a)

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 84.2 15.8 -0.9 ▼ 83.6 +7.5 ▲ 15.7 67.1 12.6 -1.8 ▼ 58.7 11.0 -2.9 ▼ 59.3 11.2 +3.2 ▲ 10.4 55.4 +2.8 ▲ 31.1 5.8 +0.8 ▲ 42.0 7.9 -3.7 ▼ 20.4 3.8 +0.6 ▲ 10.6 -1.5 ▼ 2.0 8.0 1.5 +1.1 ▲ 1.2 0.2 +0.1 ▲ 0.8 +0.6 ▲ 4.0 0.1 -0.3 ▼ .7 526.3 532.1

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 6 33,169.3 14.1 +4.1 ▲ 5 28,090.9 11.9 +1.9 ▲ 2 26,861.7 -1.5 ▼ 11.4 3 1 3 23,907.6 10.1 -0.7 ▼ 4 5 2 23,273.3 9.9 -1.1 ▼ -1.4 ▼ 21,197.2 9.0 6 4 16,302.8 6.9 -1.1 ▼ 7 8 8 7 13,682.2 5.8 -2.3 ▼ 9 10 12,075.6 5.1 +0.8 ▲ -1.5 ▼ 10 9 6,661.1 2.8 5,215.7 2.2 +0.8 ▲ 11 12 4,910.6 +0.2 ▲ 12 11 2.1 0.8 +0.1 ▲ 13 15 1,906.8 0.7 0.0 14 14 1,684.3 0.7 +0.3 ▲ 1,551.6 15 20 38 1,266.7 0.5 +0.4 ▲ 16 22 1,179.6 0.5 +0.3 ▲ 17 0.0 18 18 1,176.0 0.5 19 26 839.9 0.4 +0.3 ▲ 21 835.0 0.4 +0.1 ▲ 20 95.8 225,787.9 235,915.6 100.0


Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 1 12,899.9 23.1 +1.8 ▲ 2 7 11,789.1 21.1 +12.9 ▲ 17.9 -2.4 ▼ 2 10,027.5 3 4 3 4,205.3 7.5 -4.6 ▼ -1.9 ▼ 7.5 5 4 4,202.4 6.9 -1.4 ▼ 6 6 3,831.7 3,207.8 5.7 +0.1 ▲ 8 7 5 2,687.1 4.8 -4.2 ▼ 8 1,095.8 2.0 -0.9 ▼ 9 9 10 10 933.9 1.7 +0.3 ▲ +1.3 ▲ 12 870.1 1.6 11 88.4 +0.2 ▲ 12 0.2 +0.2 ▲ 13 19 85.1 0.2 13 22.2 0.0 -0.1 ▼ 14

Jan 1 - Dec 31

98.3% ▲ 172.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 38 29.2 +24 ▲ 48 36.9 +22 ▲ 43 33.1 +22 ▲ 39 30.0 +25 ▲ 32 24.6 +21 ▲ ▲ 34 26.2 +18 15.4 +12 20 ▲ 16.2 +9 ▲ 21 ▲ 23 17.7 +10 9.2 +8 ▲ 12 5 3.8 +1 ▲ 3.8 +2 ▲ 5 4 3.1 +2 ▲ 3 2.3 -4 ▼ 3 2.3 +3 ▲ 3 2.3 +1 ▲ 2 1.5 +1 ▲ 3 ▲ 2.3 +2 2 ▲ 1.5 +2 2 1.5 +2 ▲ 130 75.7% ▲ 84.0% ▲

+56

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 17.1 159.4 +7.4 ▲ 132.9 14.2 -1.9 ▼ 118.0 12.6 -0.3 ▼ 109.6 11.8 +1.7 ▲ 77.2 8.3 +3.3 ▲ 73.5 7.9 +2.7 ▲ 4.1 +0.2 ▲ 38.6 33.3 3.6 -0.3 ▼ 4.0 -2.1 ▼ 37.6 2.2 -1.5 ▼ 20.1 13.1 1.4 -1.4 ▼ 9.1 1.0 -0.2 ▼ 10.8 1.2 +0.1 ▲ 16.2 1.7 -0.7 ▼ 4.6 0.5 +0.5 ▲ 6.1 0.7 -0.4 ▼ 11.3 1.2 +0.6 ▲ 0.0 4.9 0.5 5.6 0.6 -0.6 ▼ 0.3 2.4 +0.1 ▲ 884.3 94.9 933.3 100.0 96.6% ▲ 165.8% ▲



US Equity Capital Markets Top Ten US Equity & Equity-Related Deals (US$bil)

Fourth Quarter 2013

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Facebook Inc

$3.9

Crown Castle International

$1.8

Antero Resources Corp

$1.8

SanDisk Corp

$1.5

NVIDIA Corp

$1.5

Yahoo! Inc

FO

JP Morgan | Bank of America Merrill Lynch | Morgan Stanley | Barclays

$3.1

FO

Morgan Stanley | Bank of America Merrill Lynch | JP Morgan | Barclays

11/6/2013

$2.1

T-Mobile US Inc

Issue Type

$3.9

12/11/2013

$2.7

Twitter Inc

US$bil

Facebook Inc High Technology Crown Castle Telecommunications Plains GP Holdings Energy and Power Hilton Worldwide Media and Entertainment Twitter Inc High Technology T-Mobile US Inc Telecommunications Antero Resources Corp Energy and Power SanDisk Corp High Technology NVIDIA Corp High Technology Yahoo! Inc High Technology

10/15/2013

$2.9

Hilton Worldwide Holdings Inc

Issuer/Sector

12/20/2013 10/22/2013

$3.1

Plains GP Holdings LP

Issue Date

11/14/2013 10/9/2013 10/23/2013 11/25/2013 11/20/2013

$1.4

$2.9

IPO

Barclays | Goldman Sachs | JP Morgan | Bank of America Merrill Lynch | Citigroup | UBS | Wells Fargo

$2.7

IPO

Deutsche Bank | Goldman Sachs | Bank of America Merrill Lynch | Morgan Stanley | JP Morgan | Wells Fargo

$2.1

IPO

Goldman Sachs | Morgan Stanley | JP Morgan | Bank of America Merrill Lynch | Deutsche Bank

$1.8

FO

Morgan Stanley | Goldman Sachs | JP Morgan | Credit Suisse | Deutsche Bank

$1.8

IPO

Barclays | Citi | JP Morgan | Credit Suisse | Jefferies | Wells Fargo

$1.5

CVT

Goldman Sachs

$1.5

CVT

Goldman Sachs

$1.4

CVT

JP Morgan | Goldman Sachs | Morgan Stanley | Citigroup | Bank of America Merrill Lynch

US Equity & Equity-Related Industry Composition for Top Bookrunners 100%

90%

2 3% 2.3% 3.5% 8.4%

5.2%

2 7% 2.7%

2.6% 3.0%

4.4% 3.5%

Jan 1 - Dec 31 2013 5.1% 3.1%

20.8% 80%

13.2%

15.6%

19.5%

5.4% 4.6%

% Total Proceeds

60%

6.8%

6.0%

6.8%

3.3% 9.4%

9.8%

2.9% 2.5%

4.9% 7.3%

5.7%

3.8%

8.8%

40%

13.8%

7.8% 9.0%

30%

3.6%

2 1% 2.1% 2.0%

Consumer Staples 23.9%

13.1%

26.7%

Retail

7.0%

6.3%

8.6%

Real Estate

8.3%

6.2% 4.0% 5.3%

4.3% 2.4%

6.3%

7.6%

11.4%

9.6%

Media and Entertainment 8.3%

3.6%

4.4%

5.6%

3.1%

8.8%

8.3% 4.9%

7.4%

13.0%

4.3%

4.8%

7.2%

High Technology

8.9%

Healthcare 7.2%

34.5% 45.3%

29.8%

12.3%

18.0%

9.4%

7.7%

6.8%

5.9%

Goldman Sachs & Co

JP Morgan

Citi

Bank of America Merrill Lynch

Industrials

5.4%

7.5% 29.7%

Materials

8.1% 10.8%

20%

T l i ti Telecommunications

16.4%

17.8% 6.3%

2.6%

6.5%

50% 15.6%

3 6% 3.6%

3.8% 7.8%

6.3% 4.8% 17.6%

3 5% 3.5%

17.5%

4.7% 70%

14.0%

6.7%

17.9%

20.2%

17.5%

7.0%

6.5%

6.3%

7.7%

9.6%

Barclays

Morgan Stanley

Credit Suisse

Deutsche Bank

Wells Fargo & Co

18.1%

Government and Agencies Financials

10% Energy and Power

0%


7

UBS

Consumer Products and Services



EMEA Equity Capital Markets EMEA Fees Reach US$3.1 billion l IPO Issuance Volume up 120% Year-on-Year l Barclays’ Rights Issue - Largest EMEA Deal of the Year 2013 EMEA Deals Intelligence EMEA Equity & Equity-Related volume totaled US$233.8 billion in 2013 – a 69.6% year-on-year increase, with straight equity issuance accounting for 87% of total volume. Estimated regional fees totalled US$3.1 billion – up 44.2% from 2012, according to estimates by Thomson Reuters/Freeman Consulting.

EMEA IPO volume reached US$38.5 billion from 168 offerings – with deal count up 47.4% year-on-year and proceeds up 120.4%. Fees earned on EMEA IPO issuance totaled $857.6 million, with the top 20 bookrunners claiming 67.8% of the total wallet share.

EMEA Equity & Equity-Related (C1d)

Bookrunner Goldman Sachs & Co Bank of America Merrill Lynch Deutsche Bank Morgan Stanley JP Morgan UBS Citi Credit Suisse Barclays Societe Generale BNP Paribas SA UniCredit Credit Agricole CIB HSBC Holdings PLC Jefferies LLC Mediobanca Carnegie ING Nomura SEB Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 11.1 1 1 25,892.1 0.0 +3.2 ▲ 2 7 20,575.0 8.8 4 19,645.8 8.4 +0.2 ▲ 3 3 +0.1 ▲ 4 8.3 19,494.4 5 2 18,267.2 7.8 -0.6 ▼ 6 6 17,647.9 7.6 +1.6 ▲ 8 11,062.6 4.7 7 +0.5 ▲ 8 5 9,459.5 -2.2 ▼ 4.1 9 11 7,380.0 3.2 +0.5 ▲ 10 9 4,967.4 2.1 -0.9 ▼ 10 4,922.5 -0.8 ▼ 11 2.1 +0.7 ▲ 20 1.7 12 4,079.3 3,686.9 1.6 +1.1 ▲ 13 29 14 12 3 541 3 1 5 09 ▼ 3,541.3 1.5 -0.9 +0.6 ▲ 15 28 1.1 2,492.9 2,356.6 1.0 16 13 -0.4 ▼ 17 34 +0.5 ▲ 1.0 2,251.5 0.9 18 2,130.7 +0.6 ▲ 52 19 0.8 14 -0.6 ▼ 1,845.3 0.8 +0.3 ▲ 20 33 1,833.6 183,532.5 78.6 100.0 233,794.7


# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 9.1 +14 86 ▲ 69 7.3 +5 90 9.5 +15 ▲ 7.7 +10 ▲ 73 ▲ 87 9.2 +13 76 ▲ 8.0 +12 5.6 +19 53 ▲ ▲ 5.5 +3 52 ▲ 39 4.1 +17 32 3.4 +6 ▲ -6 ▼ 38 4.0 21 2.2 +4 ▲ 19 2.0 +7 ▲ 26 2 7 +6 ▲ 2.7 32 3.4 +8 ▲ 12 1.3 +6 ▲ 3.5 ▼ 33 -5 1.5 14 -2 12 1.3 ▼ 1.9 +1 18 ▲ 949

+290

44.0% ▲ 70.4% ▲

69.6% ▲ 111.6% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 256.9 8.3 +2.6 ▲ 195.5 6.3 -0.1 ▼ 8.4 +1.7 ▲ 259.1 +1.2 ▲ 6.1 189.2 217.6 -0.2 ▼ 7.1 -1.7 ▼ 3.8 117.3 139.7 4.5 +1.5 ▲ 5.4 -0.4 ▼ 165.8 92.4 3.0 -0.2 ▼ 1.5 44.9 -1.1 ▼ -1.3 ▼ 73.3 2.4 1.5 45.8 -0.2 ▼ +1.0 ▲ 48.2 1.6 73 0 2 4 08 ▼ 73.0 2.4 -0.8 2.2 67.9 +1.2 ▲ 1.1 34.7 -1.1 ▼ 0.9 +0.5 ▲ 27.2 1.0 +0.5 ▲ 32.0 27.3 -0.8 ▼ 0.9 -0.2 ▼ 17.7 0.6 2,125.5 69.0 3,087.2 100.0

$16,425.3

$14,000

Industrials

$17.2 7% $11.6 5% *tie

$1,863.6

$1,816.0

$1,485.5

$1,393.7

$1,368.2

$1,277.2

France

Russian Federation

Poland

Italy

Belgium

Iraq

$0

Proceeds (US$m)

Media and Entertainment

Consumer Staples Healthcare

Top 10 EMEA Equity and Equity-Related Deals (US$Mil)

Lloyds Banking Group PLC

09/17/13

Koninklijke KPN NV

05/14/13

$3,957.3

Deutsche Bank AG

04/30/13

$3,898.6

Nordea Bank AB

09/25/13

20

Bank VTB

05/24/13

$3,272.1

10

Commerzbank AG

05/28/13

$3,213.8

# of Issues

# of Issues


Real Estate

Consumer Products and Services

$6.3 $4.4 3% 2%

0 United States of America

High Technology

Telecommunications

$4.1 2%

70

30

$6,000

Germany

$14.5 6%

10/02/13

$8,000

United Kingdom

$11.8 5%

$16.9 7%

Barclays PLC

40

$2,000

$18.1 8%

80

$10,000

$2,729.9

Materials

$18.4 8%

$80.5 34%

Retail

50

$3,368.0

Energy and Power

$29.7 13%

60

$12,000

$4,000

Jan 1 - Dec 31 2013 Financials

Jan 1 - Dec 31 2013

$16,000

Proceeds (US$m)

EMEA ECM Proceeds Raised by Industry (US$Bil)

44.2% ▲ 164.1% ▲

EMEA IPOs by Nation of Primary Listing (US$m) $18,000

EMEA Equity-Related volume totaled US$30.5 billion - up 56.4% year-onyear, with the top 20 bookrunners capturing 92.9% of the market. Barclays’ US$9.9 billion rights offering was the largest EMEA deal in 2013.

8

Jan 1 - Dec 31 2013 $9,886.5 $5,108.9

$3,364.4

Royal Mail Plc

10/11/13

Nordea Bank AB

06/19/13

$3,020.1

EADS

04/09/13

$2,986.9

$3,158.3



EMEA Equity Capital Markets EMEA Common Stock (C4c)

Bookrunner Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley JP Morgan Deutsche Bank UBS Citi Credit Suisse Barclays Societe Generale UniCredit HSBC Holdings PLC Credit Agricole CIB BNP Paribas SA Jefferies LLC Carnegie ING SEB RBC Capital Markets Nomura Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 1 23,592.6 1 11.6 -0.4 ▼ 7 18,217.0 9.0 2 +3.1 ▲ +0.2 ▲ 8.2 3 3 16,748.5 4 2 16,200.6 8.0 -1.0 ▼ 5 4 15,650.8 +1.2 ▲ 7.7 6 7.6 +1.4 ▲ 6 15,362.8 8 +1.2 ▲ 4.7 7 9,579.1 8 5 8,243.0 -2.2 ▼ 4.1 6,264.6 +1.2 ▲ 9 12 3.1 10 3,944.6 -0.9 ▼ 9 1.9 21 +0.7 ▲ 11 3,303.4 1.6 12 1.5 10 -0.9 ▼ 2,960.1 41 2,660.4 13 +0.9 ▲ 1.3 14 2,409.2 11 1.2 -0.9 ▼ 15 27 2,341.6 1.2 +0.6 ▲ 2,251.5 1.1 +0.6 ▲ 16 30 50 2,068.7 +0.7 ▲ 17 1.0 18 0.9 +0.5 ▲ 38 1,833.6 52 0.9 +0.6 ▲ 19 1,815.2 -0.7 ▼ 20 14 1,736.0 0.9 157,183.3 77.5 203,299.9 100.0


71 7% ▲ 71.7% 99.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 74 8.5 +42 6.3 +29 55 ▲ 7.0 +28 61 ▲ ▲ 71 8.2 +24 8.4 +34 ▲ 73 7.2 +20 ▲ 62 44 ▲ 5.1 +29 5.2 +6 ▲ 45 ▲ 31 3.6 +11 24 2.8 +3 ▲ 2.1 +9 ▲ 18 20 ▲ 2.3 +10 13 1.5 +9 ▲ ▲ 2.3 +7 20 ▲ 30 3.5 +17 33 3.8 +17 ▲ 12 ▲ 1.4 +4 2.1 +5 18 ▲ 1.8 +7 16 ▲ 10 -6 1.2 ▼ 867

+258

42 4% ▲ 42.4% 74.2% ▲

Bookrunner Goldman Sachs & Co Deutsche Bank JP Morgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Credit Suisse Rabee Securities Co Jefferies LLC Citi Nomura HSBC Holdings PLC RBC Capital Markets Renaissance Capital Group Cenkos Securities PLC Investec Nordea Numis Caixa Geral de Depositos Top Twenty Total Industry Total

1.8% ▲ 226.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share # of Deals ▲ 7 7.3 +2 7 7.3 -1 ▼ ▲ 10.4 +1 10 4 4.2 +2 ▲ 5 5.2 +2 ▲ 4.2 +2 4 ▲ 10 10.4 +4 ▲ 5.2 -1 5 ▼ 5.2 -6 5 ▼ 2.1 +1 ▲ 2 4 4.2 -1 ▼ 2.1 +2 ▲ 2 2 2.1 +1 ▲ 1 1.0 -4 ▼ 1 1.0 0 1 1.0 +1 ▲ 1.0 +1 1 ▲ ▲ 5 5.2 +3 3 3.1 0 1.0 -3 ▼ 1 96 -22.6% ▼ 21.7% ▼

-28

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 7 11.9 +8.2 ▲ 1 4,563.3 +2.3 ▲ 2 4 3,678.4 9.6 3 2 3,314.7 8.6 -0.9 ▼ 3 2,614.8 4 -1.4 ▼ 6.8 +2.7 ▲ 2,427.9 8 6.3 5 5.4 +3.7 ▲ 2,071.4 6 18 -6.5 ▼ 4.4 1,693.2 7 1 8 5 1,451.7 3.8 -2.5 ▼ 1,277.2 9 3.3 +3.3 ▲ 3.1 1,182.1 10 12 +0.6 ▲ 2.4 -3.3 ▼ 936.7 11 6 893.1 2.3 12 +2.3 ▲ 11 825.7 -0.6 ▼ 13 2.1 547.8 +1.4 ▲ 14 1.4 17 15 1.4 -0.3 ▼ 531.9 25 +0.2 ▲ 450.3 1.2 16 449.0 1.2 +1.2 ▲ 17 +1.1 ▲ 432.5 1.1 18 19 31 384.7 1.0 +0.4 ▲ 0.9 20 358.2 +0.9 ▲ 30,084.6 78.2 38,499.2 100.0 120 4% ▲ 120.4% 479.2% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 20 11.9 +16 ▲ ▲ 22 13.1 +13 ▲ 23 13.7 +12 ▲ 16 9.5 +10 13 7.7 +8 ▲ 6.0 +6 10 ▲ 13 7.7 +4 ▲ 12 7.1 +4 ▲ 0.6 +1 1 ▲ 11 6.5 +7 ▲ 9 5.4 +4 ▲ ▲ 5 3.0 +5 7 4.2 +5 ▲ 3.0 +5 ▲ 5 1.8 3 0 6 3.6 +2 ▲ ▲ 4 2.4 +4 2 ▲ 1.2 +2 2 0 1.2 1 0.6 +1 ▲ 168

+54

47 4% ▲ 47.4% 148.3% ▲

Bookrunner Deutsche Bank Morgan Stanley BNP Paribas SA Bank of America Merrill Lynch Goldman Sachs & Co UBS JP Morgan Citi Credit Suisse Barclays Credit Agricole CIB Societe Generale Mediobanca UniCredit Lazard-Natixis HSBC Holdings PLC RBS Commerzbank AG Santander Standard Bank Group Ltd Top Twenty Total Industry Total

-13.1% ▼ 161.8% ▲

9

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 1 -5.1 ▼ 3,995.0 13.1 1 2 9.0 -0.4 ▼ 2 2,745.9 2,513.3 8.2 +0.2 ▲ 3 4 7.7 11 2,358.0 +4.3 ▲ 4 5 +1.4 ▲ 6 2,299.6 7.5 8 +2.7 ▲ 6 2,285.1 7.5 7 9 2,066.6 6.8 +2.6 ▲ 4.9 8 3 1,483.5 -3.8 ▼ 9 7 1,216.5 4.0 -1.9 ▼ 10 3.7 5 1,115.4 -3.7 ▼ 11 19 1,026.5 3.4 +2.3 ▲ 12 10 1,022.8 3.4 -0.5 ▼ 15 841.7 2.8 +1.1 ▲ 13 775.9 2.5 16 +1.0 ▲ 14 615.1 2.0 +1.6 ▲ 23 15 16 12 581.2 1.9 -0.7 ▼ 17 497.5 -0.2 ▼ 14 1.6 17 357.3 1.2 18 -0.1 ▼ 263.9 0.9 +0.9 ▲ 19 20 0.8 18 253.1 -0.4 ▼ 28,313.9 92.9 30,494.8 100.0


Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 76.0 +6.1 ▲ 8.9 70.0 8.2 +2.1 ▲ 81.2 9.5 +2.5 ▲ 51.4 +1.7 ▲ 6.0 5.2 0.0 44.4 +0.5 ▲ 26.3 3.1 3.1 26.4 -4.3 ▼ -0.2 ▼ 40.9 4.8 0.5 4.2 +0.5 ▲ 3.2 +0.5 ▲ 27.8 17.5 2.0 -3.0 ▼ 21.1 2.5 +2.0 ▲ 2.3 19.8 -0.8 ▼ 11.9 1.4 +0.6 ▲ 1.1 -1.3 ▼ 9.6 13.7 1.6 +0.4 ▲ 13.1 1.5 +1.3 ▲ 5.9 0.7 +0.7 ▲ 1.9 +0.3 ▲ 16.2 2.4 +0.3 ▲ 0.3 579.8 67.8 100.0 857.6 93 8% ▲ 93.8% 338.5% ▲

EMEA Convertibles (C9d)

Imputed Fees (US$m) Manager Market Market Fees Share Share Ch. 9.1 57.5 +7.0 ▲ 66.0 10.4 +6.2 ▲ 45.6 -1.9 ▼ 7.2 21.8 3.4 +2.7 ▲ 19.7 3.1 +1.8 ▲ 31.9 5.0 +3.9 ▲ 4.3 27.5 -0.1 ▼ 40.1 -3.9 ▼ 6.3 +0.2 ▲ 40.1 6.3 13.3 2.1 +2.0 ▲ 4.3 -1.6 ▼ 27.2 12.6 +2.0 ▲ 2.0 9.8 1.5 +0.1 ▲ 11.7 -2.1 ▼ 1.9 7.7 1.2 -0.7 ▼ 0.6 3.9 +0.6 ▲ 0.9 +0.9 ▲ 5.5 12.8 2.0 +1.3 ▲ -1.9 ▼ 3.0 0.5 0.3 -0.7 ▼ 1.7 459.4 72.4 100.0 634.8


Jan 1 - Dec 31


Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share Share Ch. 10.3 +8.0 ▲ 15 3,400.1 1 2,842.5 2 8 8.6 +4.1 ▲ 3 1 2,577.6 7.8 -3.6 ▼ 4 52 1,508.4 4.6 +4.4 ▲ 5 18 1,434.4 4.3 +2.7 ▲ 6 +3.4 ▲ 28 1,387.4 4.2 7 1,338.9 7 4.1 -0.5 ▼ 1,146.7 -1.3 ▼ 8 6 3.5 2 1,114.4 3.4 9 -2.7 ▼ 10 43 1,091.6 3.3 +3.1 ▲ 5 911.2 2.8 -2.2 ▼ 11 12 732.6 2.2 +2.2 ▲ 13 29 671.0 2.0 +1.2 ▲ -1.4 ▼ 14* 12 653.2 2.0 14* 46* 653.2 2.0 +1.8 ▲ 14* 653.2 2.0 +2.0 ▲ 641.1 +1.9 ▲ 17 1.9 513.1 18 33 1.6 +1.0 ▲ 19 20 431.0 1.3 -0.2 ▼ 20 1.2 24 379.0 +0.2 ▲ 73.1 24,080.6 33,069.7 100.0


Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. +2.8 ▲ 233.5 8.7 6.1 164.1 -0.7 ▼ +1.7 ▲ 6.1 164.9 7.1 -0.6 ▼ 192.8 214.6 8.0 +3.0 ▲ 91.0 -2.3 ▼ 3.4 +2.1 ▲ 118.5 4.4 -0.3 ▼ 145.5 5.4 3.1 +0.4 ▲ 82.6 1.1 -1.3 ▼ 30.7 29.1 -0.6 ▼ 1.1 64.0 2.4 -0.9 ▼ 1.2 32.6 +0.7 ▲ 1.7 47.0 -0.8 ▼ 2.4 +1.2 ▲ 64.3 27.2 1.0 +0.5 ▲ 31.0 1.2 +0.7 ▲ 17.7 0.7 -0.1 ▼ +0.1 ▲ 37.6 1.4 25.6 -0.9 ▼ 1.0 67.5 1,814.3 2,699.7 100.0 45 4% ▲ 45.4% 158.3% ▲

EMEA Rights Offerings (C8fr)

Bookrunner Citi Deutsche Bank JP Morgan ING Morgan Stanley Goldman Sachs & Co BNP Paribas SA Bank of America Merrill Lynch Credit Suisse RBS HSBC Holdings PLC Rabobank NV Santander Mediobanca RBC Capital Markets Sumitomo Mitsui Finl Grp Inc National Bank of Abu Dhabi Credit Agricole CIB Nordea Handelsbanken Capital Markets Top Twenty Total Industry Total

EMEA IPOs (C7c)

56.4% ▲ 230.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 17 20.7 0 12 14.6 +3 ▲ 22.0 +8 18 ▲ 14 17.1 +9 ▲ 12 14.6 +9 ▲ 17.1 +9 14 ▲ 16 19.5 +14 ▲ ▲ 9 11.0 +2 8.5 +3 ▲ 7 8 9.8 +3 ▲ ▲ 7.3 +4 6 ▲ 9.8 +2 8 6 ▲ 7.3 +5 3.7 +1 ▲ 3 7.3 +5 6 ▲ 6 ▲ 7.3 +2 7.3 +4 ▲ 6 3.7 0 3 ▲ 2 2.4 +2 1 -1 ▼ 1.2 82 64.0% ▲ 38.1% ▲

+32

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 44.5 11.5 -6.5 ▼ 6.3 24.3 -1.6 ▼ 26.2 6.8 -4.1 ▼ 31.4 8.1 +4.3 ▲ 23.4 6.0 +1.4 ▲ 26.3 6.8 +2.4 ▲ 24.9 +1.6 ▲ 6.4 21.2 5.5 -2.3 ▼ 20.3 -0.6 ▼ 5.2 9.8 2.5 -4.3 ▼ 15.6 4.0 +3.2 ▲ 3.7 0.0 14.2 10.1 2.6 +0.8 ▲ 16.7 4.3 +3.0 ▲ 9.4 2.4 +1.9 ▲ 9.0 2.3 -0.5 ▼ 8.4 2.2 +0.6 ▲ -0.1 ▼ 4.3 1.1 3.7 0.9 +0.7 ▲ 4.3 1.1 +0.1 ▲ 89.7 348.0 387.5 100.0 36.2% ▲ 208.4% ▲



Asia (ex-Japan, ex-Australia) Equity Capital Markets Slight Rise in Asian Equity & Equity-related Proceeds l China-Based Issuers #2 Globally l Hong Kong Listed IPO Volume More Than Doubles Asia Deal Intelligence Estimated fees for Asian Equity & Equity-Related deals reached US$2.4 billion in 2013 from 1,329 offerings, a 3.3% drop from total fees earned in 2012, according to Thomson Reuters/Freeman Consulting.

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

Bookrunner Goldman Sachs & Co UBS JP Morgan Credit Suisse Morgan Stanley Citi Haitong Securities Co Ltd Deutsche Bank China International Capital Co CITIC Group Corp Bank of America Merrill Lynch HSBC Holdings PLC Guotai Junan Securities China Securities Co Ltd CIMB Group Sdn Bhd Standard Chartered PLC Woori Invest & Sec Co Ltd DBS Group Holdings Bank of China Ltd Malayan Banking Bhd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. +0.5 ▲ 1 8.8 1 13,468.1 8.8 +0.9 ▲ 2 2 13,370.7 5.2 -0.7 ▼ 3 4 7,860.4 7,169.2 4.7 +0.7 ▲ 4 8 -1.4 ▼ 5 5 6,708.2 4.4 3.3 -4.3 ▼ 3 4,974.9 6 3.2 +1.9 ▲ 7 15 4,945.0 -1.3 ▼ 3.2 4,906.1 8 6 14 3.0 9 4,510.7 +1.2 ▲ 2.9 -0.9 ▼ 4,394.2 9 10 -1.6 ▼ 4,019.7 7 2.6 11 -0.2 ▼ 2.6 4,014.4 12 11 13 +1.2 ▲ 17 2.4 3,704.0 3 119 5 20 +1 3 ▲ 14 28 3,119.5 2.0 +1.3 2.0 15 12 2,984.4 -0.5 ▼ 2,697.6 16 1.8 +1.0 ▲ 25 17 1.7 +1.3 ▲ 2,572.0 42 18 1.5 +0.5 ▲ 2,350.7 21 2,295.3 16 19 1.5 +0.2 ▲ 0.0 20 1.0 20 1,523.9 101,589.0 66.6 152,696.9 100.0


0.4% ▲ 83.3% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 56 4.2 +3 5.4 0 72 3.5 ▼ 46 -6 55 4.1 +14 ▲ 60 4.5 +18 ▲ 48 3.6 ▼ -6 25 1.9 +7 ▲ 54 4.1 +14 ▲ 20 ▲ 1.5 +6 41 3.1 -4 ▼ 36 -4 2.7 ▼ 41 3.1 +10 ▲ 22 1.7 +3 ▲ 1 1 +5 14 1.1 ▲ ▲ 30 2.3 +2 37 2.8 +17 ▲ 16 ▲ 1.2 +3 29 2.2 +5 ▲ 25 ▲ 1.9 +9 17 1.3 -1 ▼ 1,329

+78

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

Bookrunner Goldman Sachs & Co UBS JP Morgan Morgan Stanley Credit Suisse Citi Deutsche Bank Bank of America Merrill Lynch HSBC Holdings PLC CIMB Group Sdn Bhd Standard Chartered PLC Woori Invest & Sec Co Ltd DBS Group Holdings CITIC Group Corp Bank of China Ltd Malayan Banking Bhd China International Capital Co Macquarie Group Kotak Mahindra Bank Ltd Bank of Communications Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. -0.9 ▼ 10,965.8 1 9.7 1 9.0 2 -0.5 ▼ 3 10,157.7 6,828.1 6.0 -1.4 ▼ 3 5 6,708.2 5.9 4 -1.6 ▼ 4 5.5 +0.5 ▲ 5 8 6,166.9 -5.4 ▼ 4.4 2 4,939.2 6 3.8 -1.7 ▼ 7 6 4,282.6 3.6 7 -1.8 ▼ 8 4,019.7 4,014.4 9 9 0.0 3.6 2,984.4 -0.6 ▼ 10 10 2.6 +1.4 ▲ 2.4 11 18 2,697.6 2,572.0 2.3 12 27 +1.7 ▲ 2,350.7 +0.8 ▲ 15 13 2.1 14 2,292.6 2.0 11 +0.2 ▲ 1.7 14 1,877.9 +0.4 ▲ 15 1,523.9 1.4 +0.1 ▲ 16 13 +0.5 ▲ 1,506.2 19 1.3 17 18 26 1,506.1 1.3 +0.7 ▲ 19 24 1,059.6 0.9 +0.3 ▲ 20 40* 921.6 0.8 +0.5 ▲ 70.3 79,375.2 100.0 113,028.6


-4.0% ▼ 102.9% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 126.5 5.2 +1.6 ▲ +1.1 ▲ 142.8 5.9 +1.4 ▲ 113.9 4.7 +2.6 ▲ 127.2 5.2 +2.4 ▲ 118.2 4.8 +0.5 ▲ 70.1 2.9 +0.1 ▲ 2.3 57.2 -0.4 ▼ 3.4 81.8 +0.2 ▲ 53.3 2.2 3.4 -2.6 ▼ 82.5 2.0 -0.3 ▼ 49.7 +0.4 ▲ 2.6 63.1 +0.4 ▲ 47.2 1.9 60 6 25 +1 1 ▲ 60.6 2.5 +1.1 0.0 48.2 2.0 2.1 50.2 +1.2 ▲ 17.5 0.7 +0.5 ▲ 1.9 46.0 +0.8 ▲ 46.0 1.9 +0.3 ▲ 0.0 1.3 32.8 58.9 1,434.8 100.0 2,440.3

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 4.6 +2 54 ▲ 71 6.1 +4 ▲ -7 ▼ 44 3.8 ▲ 60 5.1 +18 53 4.5 +13 ▲ 4.0 -7 ▼ 47 4.3 +13 50 ▲ 36 -4 3.1 ▼ 41 ▲ 3.5 +10 ▲ 30 2.6 +2 3.2 +17 ▲ 37 16 1.4 +3 ▲ 2.5 +5 ▲ 29 34 2.9 +9 ▲ 2.0 +9 ▲ 23 1.5 ▼ 17 -1 ▲ 1.4 +8 16 ▲ 1.7 +11 20 ▲ 1.3 +2 15 ▲ 15 1.3 +10 1,168 14.0% ▲ 18.8% ▲

+143

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 6.1 110.9 -0.4 ▼ 126.1 6.9 -0.9 ▼ -0.8 ▼ 5.2 94.1 118.2 +2.1 ▲ 6.5 113.7 +2.1 ▲ 6.3 -0.6 ▼ 69.1 3.8 -2.2 ▼ 4.1 75.2 49.7 -1.5 ▼ 2.7 3.5 -0.6 ▼ 63.1 -1.1 ▼ 48.2 2.7 2.8 +1.1 ▲ 50.2 1.0 +0.7 ▲ 17.5 46.0 +0.4 ▲ 2.5 2.9 +1.1 ▲ 52.0 2.0 35.8 -0.1 ▼ -0.7 ▼ 1.8 32.8 1.5 26.5 +0.1 ▲ 36.9 2.0 +0.9 ▲ 3.0 -0.3 ▼ 0.2 1.1 +0.4 ▲ 19.7 1,188.7 65.6 100.0 1,816.5

Jan 1 - Dec 31 2013

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2004

-3.3% ▼ 141.0% ▲

6.2% ▲ 15.5% ▲

Asian Follow-on and IPO volume totaled US$93.7 billion and US$36.3 billion, respectively, in 2013, a 9.9% and 4.9% decline from total proceeds raised in 2012. Convertible issuance in Asia raised US$22.7 billion from 63 deals in 2013, an 129.5% increase over last year's volume.

Asia Equity & Equity-Related Imputed Fees by Domicile Nation

% of Imputed Fees

In the full year 2013, 97 Hong Kong listed IPOs by Asian issuers raised US$17.2 billion, more than double 2012 proceeds of US$7 billion. Combined initial public offerings from Financials, Industrials and Consumer Staples sectors captured 62.4% of all Hong Kong listings.

China

2005

Hong Kong

2006

Singapore

Thailand

2007

2008

South Korea

2009

Malaysia

2010

Philippines

2011

India

Top 10 Asia Equity & Equity-Related Deals (US$m) China Merchants Bank Co Ltd Ping An Insurance(Group)Co China Minsheng Banking Corp Sinopec Corp China Everbright Bank Co Ltd China Cinda Asset Mgmt Co Ltd

Indonesia

2012 Taiwan

$5,522 $4,268

11/19/2013

$3,218

3/12/2013

$3,101

2/4/2013

$2,999

12/13/2013

$2,824

12/5/2013

NTPC Ltd

2/6/2013

$2,137

BTS Rail Mass Transit Growth

4/4/2013

$2,134

2/27/2013

Sinopec Engineering(Group)Co

5/16/2013

Rest of Asia

Jan 1 - Dec 31 2013

9/3/2013

Mapletree Greater China

2013

$2,062 $1,796

33.4% ▲ 161.6% ▲


10



Asia (ex-Japan, ex-Australia) Equity Capital Markets Asia Common Stock, inc Chinese A-shares (C4a)

Bookrunner Goldman Sachs & Co UBS Morgan Stanley Credit Suisse JP Morgan Citi CITIC Group Corp Deutsche Bank HSBC Holdings PLC China International Capital Co Bank of America Merrill Lynch Guotai Junan Securities China Securities Co Ltd CIMB Group Sdn Bhd Standard Chartered PLC Woori Invest & Sec Co Ltd Bank of China Ltd DBS Group Holdings Haitong Securities Co Ltd Malayan Banking Bhd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 1 11,391.4 8.8 +0.1 ▲ -1.0 ▼ 2 9,482.2 7.3 2 3 6,230.3 -1.4 ▼ 4.8 4 4,942.6 3.8 9 0.0 4 5 5 4,741.5 3.7 -2.0 ▼ 3.3 6 -4.3 ▼ 3 4,261.0 8 4,239.3 3.3 7 -0.8 ▼ 6 3.2 -1.4 ▼ 4,167.0 8 10 2.8 0.0 9 3,658.8 19 3,657.2 2.8 +1.8 ▲ 10 3,268.9 2.5 7 11 -1.8 ▼ 2,850.5 2.2 12 15 +0.9 ▲ 2,694.6 28 2.1 +1.5 ▲ 13 2.0 2,657.5 14 11 -0.5 ▼ 29 15 1.8 +1.2 ▲ 2,374.1 +1.3 ▲ 43 2,302.3 1.8 16 +0.6 ▲ 1.8 16 2,295.3 17 1.7 26 +0.9 ▲ 2,184.0 18 19 14 1,732.0 1.3 -0.1 ▼ 20 18 1.2 1,523.9 +0.1 ▲ 62.2 80,654.4 130,003.4 100.0


-8 6% ▼ -8.6% 74.7% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 49 3.9 -2 ▼ 5.3 ▼ 67 -3 4.4 +15 ▲ 56 3.8 +12 ▲ 48 ▼ 35 2.8 -11 41 3.2 -5 ▼ 40 ▼ 3.2 -4 ▲ 48 3.8 +12 2.9 +7 ▲ 37 19 ▲ 1.5 +6 -6 31 ▼ 2.4 1.7 +2 21 ▲ 13 1.0 +5 ▲ 2.1 +1 ▲ 27 34 2.7 +18 ▲ 15 1.2 +3 ▲ 25 2.0 +10 ▲ 27 ▲ 2.1 +8 24 1.9 +6 ▲ 1.3 17 0 1,266

+139

12 3% ▲ 12.3% 17.6% ▲

-10 3% ▼ -10.3% 136.5% ▲

Asia Secondary Offerings, inc Chinese A-shares (C8c)

Bookrunner Goldman Sachs & Co UBS Morgan Stanley JP Morgan CITIC Group Corp Citi Credit Suisse China International Capital Co Guotai Junan Securities China Securities Co Ltd Deutsche Bank Woori Invest & Sec Co Ltd HSBC Holdings PLC Bank of America Merrill Lynch Standard Chartered PLC CIMB Group Sdn Bhd Huatai Securities Co Ltd Bank of China Ltd Haitong Securities Co Ltd Minsheng Securities Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 10.1 -1.0 ▼ 1 1 9,476.5 2 7,188.5 7.7 -2.6 ▼ 2 4,761.3 3 -2.3 ▼ 4 5.1 -2.2 ▼ 4.2 4 5 3,908.7 9 3.7 +0.4 ▲ 5 3,464.8 3.2 -6.7 ▼ 3 6 2,952.4 -1.2 ▼ 8 2,950.4 3.2 7 8 22 2,863.8 3.1 +2.3 ▲ 9 12 2,636.2 2.8 +1.5 ▲ 10 45 2.7 +2.4 ▲ 2,543.8 11 7 2.7 2,533.8 -1.8 ▼ 12 38 +1.9 ▲ 2,116.0 2.3 13 10 2,115.0 2.3 -0.7 ▼ 14 1,945.9 2.1 -2.9 ▼ 6 15 31 1,635.3 +1.3 ▲ 1.8 16 13 +0.3 ▲ 1.5 1,377.9 120* 1,296.1 17 +1.4 ▲ 1.4 +0.1 ▲ 18 14 1,259.8 1.3 19 1,242.4 1.3 +0.1 ▲ 15 +1.1 ▲ 1.3 20 54 1,221.6 59,490.2 63.8 93,680.0 100.0


-9.9% ▼ 29.9% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. +0.8 ▲ 95.7 4.5 +0.2 ▲ 110.8 5.2 +2.7 ▲ 5.2 110.2 98.8 4.6 +2.5 ▲ 58.7 -0.3 ▼ 2.8 2.8 +0.6 ▲ 59.1 -2.6 ▼ 3.7 79.6 -0.5 ▼ 3.3 71.3 +0.4 ▲ 56.6 2.7 43.1 2.0 +0.4 ▲ -0.2 ▼ 42.0 2.0 36.9 1.7 +0.1 ▲ +1.2 ▲ 55.5 2.6 45.5 2.1 +0.1 ▲ 46.2 +1.4 ▲ 2.2 12.4 0.6 +0.4 ▲ 46.0 2.2 +0.7 ▲ 42.9 2.0 +1.1 ▲ 1.9 -0.3 ▼ 40.5 1.5 +0.1 ▲ 32.8 1,184.6 55.6 2,135.2 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 3.6 -12 ▼ 33 5.2 -12 48 ▼ 39 4.2 +6 ▲ -9 26 2.8 ▼ ▲ 30 3.3 +1 3.1 -8 ▼ 28 ▼ 27 -3 2.9 8 0.9 +1 ▲ 16 1.7 +10 ▲ 1.3 +9 ▲ 12 3.1 +5 28 ▲ 0.8 ▼ -1 7 22 2.4 +1 ▲ 1.9 -11 ▼ 17 25 2.7 +14 ▲ 1.1 10 -1 ▼ 0.9 +6 8 ▲ 10 -1 1.1 ▼ 1.2 +5 11 ▲ ▲ 0.5 +3 5 918 27.5% ▲ -6.2% ▼

+198

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 3.8 -2.9 ▼ 47.7 59.4 -4.6 ▼ 4.8 +1.0 ▲ 4.6 57.0 -1.9 ▼ 2.8 34.9 62.6 5.0 -0.1 ▼ 32.3 2.6 -1.0 ▼ 3.5 +0.3 ▲ 43.7 +0.6 ▲ 25.9 2.1 2.5 +0.6 ▲ 31.4 4.1 51.3 +3.5 ▲ 2.3 -2.9 ▼ 29.0 +0.5 ▲ 8.5 0.7 28.1 2.3 -1.0 ▼ 17.2 1.4 -1.5 ▼ 2.0 +1.0 ▲ 24.6 +0.4 ▲ 1.6 19.5 17.2 1.4 +1.3 ▲ 0.0 22.4 1.8 +0.9 ▲ 28.9 2.3 42.9 +3.0 ▲ 3.5 55.1 684.5 1,242.6 100.0 18.6% ▲ 77.4% ▲


Asia IPOs, inc Chinese A-shares (C7a)

Bookrunner UBS Credit Suisse Goldman Sachs & Co Deutsche Bank HSBC Holdings PLC Morgan Stanley DBS Group Holdings Bank of America Merrill Lynch Citi CIMB Group Sdn Bhd Bank of China Ltd Malayan Banking Bhd JP Morgan Siam Commercial Bank PLC Bank of Communications Co Ltd China International Capital Co CITIC Group Corp Standard Chartered PLC Macquarie Group Phatra Securities Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 2,293.7 +3.3 ▲ 6.3 1 7 1,992.3 5.5 +3.2 ▲ 2 13 1,914.9 5.3 +3.4 ▲ 17 3 1,633.2 4.5 -0.2 ▼ 4 4 +2.0 ▲ 1,543.8 4.3 12 5 9 1,469.1 +1.3 ▲ 4.0 6 +1.6 ▲ 3.7 7 1,339.8 15 +1.1 ▲ 8 11 1,323.0 3.6 23 1,308.7 +2.3 ▲ 3.6 9 3.5 -2.4 ▼ 10 1,279.5 3 2.9 +1.6 ▲ 1,035.5 11 24 2.4 -1.0 ▼ 12 6 855.9 2.3 832.9 -1.3 ▼ 13 5 2.3 +2.0 ▲ 70 14 821.8 2.3 +1.9 ▲ 51 819.4 15 2.2 +0.6 ▲ 793.3 16 18 -4.1 ▼ 2.1 2 774.5 17 2.0 +1.2 ▲ 738.8 18 30 1.8 +1.4 ▲ 54 19 653.0 1.7 +1.4 ▲ 62* 609.3 20 24,032.4 66.3 36,323.4 100.0


-4 9% ▼ -4.9% 202.1% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 5.5 +9 ▲ 19 ▲ 6.0 +15 21 4.6 +10 16 ▲ 20 5.7 +7 ▲ ▲ 15 4.3 +6 4.9 +9 ▲ 17 ▲ 12 3.4 +2 ▲ 4.0 +5 14 3.7 +3 13 ▲ 4.9 +2 17 ▲ 15 4.3 +11 ▲ 10 2.9 +1 ▲ 9 2.6 -2 ▼ 7 ▲ 2.0 +4 3.7 +10 ▲ 13 11 ▲ 3.2 +5 ▼ 10 -5 2.9 ▲ 2.6 +4 9 7 2.0 +6 ▲ ▲ 2 0.6 +1 348

-59

-14 5% ▼ -14.5% 84.0% ▲

-33 0% ▼ -33.0% 218.2% ▲

Asia Convertibles, inc Chinese A-shares (C9b)

Bookrunner UBS Haitong Securities Co Ltd JP Morgan Credit Suisse Goldman Sachs & Co China International Capital Co Guotai Junan Securities Bank of America Merrill Lynch Deutsche Bank Citi Morgan Stanley China Securities Co Ltd HSBC Holdings PLC CIMB Group Sdn Bhd Standard Chartered PLC Woori Invest & Sec Co Ltd China Renaissance Sec(HK)Ltd DBS Group Holdings Nomura CITIC Group Corp Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 1 17 3,888.6 17.1 +15.1 ▲ 2 14.2 +14.2 ▲ 3,213.0 3 3,118.9 +4.8 ▲ 13.7 3 4 9.8 +4.1 ▲ 2,226.5 5 12 2,076.6 9.2 +6.9 ▲ 5 -9.0 ▼ 6* 1 853.5 3.8 6* +3.8 ▲ 3.8 853.5 8 +1.0 ▲ 13 750.8 3.3 9 739.1 3.3 -0.8 ▼ 7 10 4 713.9 3.2 -3.8 ▼ 11 31 +1.4 ▲ 477.8 2.1 12 -0.1 ▼ 1.9 15 424.9 1.6 18 355.6 13 -0.1 ▼ 1.4 14 326.9 14 -0.8 ▼ 8 323.5 15 1.4 -1.4 ▼ 269.7 1.2 16 56 +1.1 ▲ +0.9 ▲ 200.0 17 0.9 18 6 166.8 0.7 -3.7 ▼ 19 24 163.9 0.7 -0.6 ▼ 20 33* 154.8 0.7 +0.2 ▲ 21,298.3 94.0 22,693.5 100.0


11

129.5% ▲ 140.7% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 5.8 51.5 +4.2 ▲ 6.2 55.2 +4.9 ▲ 5.4 +4.1 ▲ 48.0 +2.0 ▲ 4.7 42.4 28.5 3.2 +1.7 ▲ 53.1 6.0 +4.4 ▲ +1.9 ▲ 26.5 3.0 24.8 2.8 +1.1 ▲ +1.9 ▲ 3.0 26.8 +0.2 ▲ 26.1 2.9 23.6 +1.3 ▲ 2.7 +0.4 ▲ 2.3 20.8 23.8 2.7 +0.9 ▲ 16.4 1.8 +1.6 ▲ 18.3 +1.7 ▲ 2.1 17.2 1.9 +0.2 ▲ 17.0 1.9 -5.3 ▼ 21.6 2.4 +1.8 ▲ 23.4 +2.6 ▲ 2.6 4.3 +0.5 ▲ 0.5 569.3 63.9 892.7 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 7.9 +3 ▲ 5 ▲ 1 1.6 +1 17.5 +5 ▲ 11 11.1 +2 ▲ 7 11.1 +5 ▲ 7 1 1.6 0 1.6 +1 ▲ 1 7.9 +2 ▲ 5 9.5 +2 ▲ 6 -1 ▼ 7 11.1 6.3 +3 ▲ 4 1 1.6 0 4 ▲ 6.3 +3 ▲ 3 4.8 +1 -1 4.8 3 ▼ 1.6 1 0 1 1.6 +1 ▲ 3.2 2 -3 ▼ 2 3.2 +1 ▲ 1 1.6 0 63 -49.2% ▼ -14.3% ▼

-61

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 31.9 10.5 +9.7 ▲ 16.7 +3.1 ▲ 5.5 55.2 18.1 +10.5 ▲ 9.3 -1.7 ▼ 28.4 30.8 10.1 +7.0 ▲ 10.2 3.4 -4.5 ▼ 3.4 +3.4 ▲ 10.2 7.8 2.5 0.0 10.5 +0.2 ▲ 3.4 -2.1 ▼ 11.0 3.6 +1.7 ▲ 8.1 2.6 -0.4 ▼ 5.1 1.7 2.2 +1.6 ▲ 6.6 0.9 2.6 -1.0 ▼ 4.1 1.3 -1.6 ▼ 5.1 1.7 +1.6 ▲ 2.2 +2.2 ▲ 6.6 3.0 1.0 -2.9 ▼ +0.7 ▲ 4.3 1.4 1.0 2.9 +0.3 ▲ 261.1 85.8 305.1 100.0 114.1% ▲ 173.0% ▲



Australia & New Zealand Equity Capital Markets Australian Common Stock Up 45% l Australian IPO Proceeds Highest Since 2010 l New Zealand Equity at Record High Volume Australia Deal Intelligence Australian Equity & Equity-Related proceeds for the full year 2013 reached AU$23.1 billion from 522 deals, a 17% year-on-year increase. Issuance from the Real Estate, Materials and Industrials sectors captured 23.5%, 15.5% and 15.3% of the market, respectively.

Total fees earned in Australian ECM this year totaled AU$539.7 million, a 4.5% increase from the same period last year, according to estimates by Thomson Reuters/Freeman Consulting. UBS, the top bookrunner of Australian offerings, captured 18.1% of the total fees for the year.

Australian Equity & Equity-Related (AK1)

Bookrunner UBS Macquarie Group Goldman Sachs & Co Credit Suisse Bank of America Merrill Lynch Morgan Stanley Citi JP Morgan CIMB Group Sdn Bhd Morgans Financial Ltd Moelis & Co Bell Financial Group Ltd Canaccord Genuity Petra Capital Pty Ltd Baillieu Holst Ltd Deutsche Bank Commonwealth Bank of Australia Patersons Securities Ltd Hartleys Ltd Taylor Collison Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 1 33.2 +16.5 ▲ 1 7,667.7 +5.6 ▲ 3,401.7 2 14.7 4 3 1,610.1 5 7.0 +0.2 ▲ 4 12 1,556.0 6.7 +4.7 ▲ 9 827.3 3.6 +0.8 ▲ 5 3.5 809.2 6 -6.8 ▼ 2 7 3.3 -6.9 ▼ 3 751.3 3.2 8 8 -1.3 ▼ 734.0 9 521.7 2.3 +2.3 ▲ 10 462.9 6 2.0 -2.7 ▼ 11 427.3 1.9 36 +1.6 ▲ 340.1 13 1.5 -0.1 ▼ 12 13 332.3 17 1.4 +0.3 ▲ 309 5 13 +0 3 ▲ 14 18 309.5 1.3 +0.3 15 298.7 1.3 +1.1 ▲ 43 16 7 297.3 1.3 -3.2 ▼ 1.3 17 16 289.6 +0.2 ▲ 18 264.5 1.2 -0.9 ▼ 11 14 207.0 0.9 -0.5 ▼ 19 20 48 205.2 0.9 +0.7 ▲ 21,313.4 92.5 100.0 23,082.5


17.0% ▲ 88.2% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 6.7 +5 ▲ 35 5.4 +3 ▲ 28 2.1 -4 ▼ 11 11 2.1 +1 ▲ ▲ 5 1.0 +1 1.7 9 -1 ▼ 1.0 -5 5 ▼ ▼ -3 7 1.3 ▲ 2 0.4 +2 5.9 +4 ▲ 31 1.9 +6 ▲ 10 ▼ 22 4.2 -11 ▼ 17 -3 3.3 2 3 +3 12 2.3 ▲ 6 0 1.1 7 ▲ 1.3 +1 5 ▼ 1.0 -3 10.2 -34 53 ▼ -7 17 3.3 ▼ 4.4 +2 23 ▲ 522

-93

Jan 1 - Dec 31

Proceeds per Bookrunner (AU$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 33.7 +16.0 ▲ 1 7,614.7 1 2 3,401.7 15.0 3 +4.7 ▲ 4 3 1,489.5 6.6 -1.2 ▼ 11 4 1,364.5 6.0 +3.8 ▲ 3.7 5 +0.6 ▲ 9 827.3 3.6 5 809.2 6 -2.5 ▼ 751.3 7 2 -9.3 ▼ 3.3 3.3 8 6 734.0 -1.5 ▼ 9 521.7 2.3 +2.3 ▲ 462.9 10 8 2.1 -1.2 ▼ 427.3 +1.5 ▲ 1.9 11 31 1.5 340.1 12 12 -0.5 ▼ 13 332.3 15 1.5 +0.1 ▲ 14 16 309.5 1.4 +0.1 ▲ 1.3 36 +1.0 ▲ 15 298.7 16 1.3 -2.9 ▼ 7 297.3 +0.4 ▲ 17 18 289.6 1.3 10 264.5 18 1.2 -1.5 ▼ 207.0 13 19 0.9 -0.8 ▼ +0.6 ▲ 43 20 205.2 0.9 20,948.3 92.8 22,617.0 100.0


44.7% ▲ 92.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 34 6.7 +8 ▲ 28 ▲ 5.5 +6 2.0 10 -3 ▼ 10 2.0 +1 ▲ 5 1.0 +2 ▲ 1.8 +1 ▲ 9 5 1.0 -4 ▼ 1.4 7 -1 ▼ ▲ 0.4 +2 2 31 ▲ 6.1 +7 ▲ 10 2.0 +6 ▼ 4.3 -11 22 ▼ 3.3 -3 17 ▲ 2.4 +3 12 0 6 1.2 7 ▲ 1.4 +2 -2 ▼ 5 1.0 53 10.4 -33 ▼ 3.3 17 ▼ -7 23 4.5 +2 ▲ 510 -14.9% ▼ 3.9% ▲

New Zealand Common Stock

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Bookrunner Rank Rank ProceedsShare (%) Share Ch. Goldman Sachs & Co 1 5 1,769.3 28.6 +25.5 ▲ Deutsche Bank/Craigs Invest. Partners 2 3 1,576.6 25.5 +16.3 ▲ Macquarie Group 3 6 1,058.9 17.1 +15.2 ▲ UBS 4 1 516.6 8.4 -60.4 ▼ Credit Suisse/First NZ Capital 5 2 472.5 7.7 -6.2 ▼ First NZ Capital 6 414.2 6.7 +6.7 ▲ Forsyth Barr 7 4 331.4 5.4 +2.3 ▲ Bell Financial Group Ltd 8 20.9 0.3 +0.3 ▲ RBC Capital Markets 9 7.4 0.1 +0.1 ▲ Patersons Securities Ltd 10* 4.4 0.1 +0.1 ▲ Morgans Financial Ltd 10* 4.4 0.1 +0.1 ▲ Top Ten Total 6,176.6 99.9 Industry Total 6,176.6 100.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter

379.0% ▲ 109.0% ▲

# of Deals per Bookrunner # of Market Change in DealsShare (%) # of Deals 9 34.6 +8 ▲ 26.9 +2 ▲ 7 4 15.4 +3 ▲ 5 19.2 +2 ▲ 1 3.8 0 5 19.2 +5 ▲ 7 26.9 +3 ▲ 1 3.8 +1 ▲ 1 3.8 +1 ▲ 1 3.8 +1 ▲ 1 3.8 +1 ▲ 26

+12

85.7% ▲ 0.0% -

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 12.7 27.9 +26.1 ▲ 9.1 20.0 -4.7 ▼ 5.0 10.9 +6.6 ▲ 4.7 10.4 -40.0 ▼ 1.7 3.6 -7.1 ▼ 5.7 12.5 +12.5 ▲ 4.4 9.7 +2.1 ▲ .6 1.4 +1.4 ▲ .1 0.3 +0.3 ▲ .2 0.5 +0.5 ▲ .4 0.8 +0.8 ▲ 44.6 98.0 100.0 45.5 220.4% ▲ 22.6% ▲

4.5% ▲ 77.4% ▲

-15.1% ▼ 0.0% ▲

Australian Common Stock (AK2)

Bookrunner UBS Macquarie Group Goldman Sachs & Co Credit Suisse Bank of America Merrill Lynch Morgan Stanley Citi JP Morgan CIMB Group Sdn Bhd Morgans Financial Ltd Moelis & Co Bell Financial Group Ltd Canaccord Genuity Petra Capital Pty Ltd Baillieu Holst Ltd Deutsche Bank Commonwealth Bank of Australia Patersons Securities Ltd Hartleys Ltd Taylor Collison Ltd Top Twenty Total Industry Total

Imputed Fees (AU$m) Manager Market Market Fees Share (%) Share Ch. 97.9 +7.8 ▲ 18.1 +6.8 ▲ 85.7 15.9 +1.0 ▲ 33.1 6.1 40.9 7.6 +5.7 ▲ 13.1 +0.5 ▲ 2.4 3.4 18.1 +0.3 ▲ -5.5 ▼ 11.1 2.1 15.0 -2.7 ▼ 2.8 4.9 0.9 +0.9 ▲ 19.0 -2.1 ▼ 3.5 1.4 -1.2 ▼ 7.5 3.9 +0.4 ▲ 21.1 15.3 2.8 +1.4 ▲ 12 9 24 +0 5 ▲ 12.9 2.4 +0.5 11.5 2.1 +1.6 ▲ -1.7 ▼ 8.0 1.5 2.1 +0.7 ▲ 11.4 13.5 2.5 -1.4 ▼ 2.3 -0.1 ▼ 12.3 +0.6 ▲ 5.4 1.0 84.8 457.7 539.7 100.0

Australian IPO volume totaled AU$6.5 billion from 41 deals in 2013 - the highest annual proceeds since 2010. Follow-on offerings this year reached AU$16.1 billion from 469 deals, registering a 9.7% increase from 2012 volume.

-89

Top 10 Australian Equity & Equity-Related Deals (AU$m)

Imputed Fees (AU$m) Manager Market Market Fees Share (%) Share Ch. 18.2 +8.1 ▲ 96.2 +6.9 ▲ 16.2 85.7 +0.8 ▲ 31.5 6.0 36.6 +4.9 ▲ 6.9 2.5 13.1 +0.7 ▲ 18.1 3.4 +0.6 ▲ 11.1 2.1 -6.2 ▼ -2.8 ▼ 2.8 15.0 4.9 0.9 +0.9 ▲ 19.0 3.6 -1.1 ▼ 7.5 1.4 -1.6 ▼ 4.0 +0.4 ▲ 21.1 15.3 2.9 +1.4 ▲ +0.3 ▲ 12.9 2.4 11.5 2.2 +1.7 ▲ 8.0 1.5 -1.3 ▼ 11.4 2.2 +1.1 ▲ 2.6 -1.7 ▼ 13.5 12.3 2.3 -0.4 ▼ 1.0 +0.6 ▲ 5.4 450.1 85.1 529.6 100.0

Aurizon Holdings Ltd

3/16/2013

Westfield Retail Trust

2/28/2013

Pact Group Holdings Ltd Nine Entertainment Co Holdings GDI Property Group Ltd

Jan 1 - Dec 31 2013 $806 $664 $649

11/27/2013

$636

12/4/2013 11/25/2013

$568

Transpacific Inds Grp Ltd

11/4/2013

$562

ASX Ltd

6/12/2013

Cover-More Group Ltd

12/16/2013

Fortescue Metals Group Ltd

11/7/2013

Transurban Group

7/30/2013

$553 $520 $503 $477

15.8% ▲ 81.2% ▲


12



Japan Equity Capital Markets Japanese ECM Highest in Three Years | Follow-on Proceeds Triple 2012 Levels | IPO Deal Count Up 15% Japan Deals Intelligence

Proceeds per Bookrunner (US$m) Market Market 2013 2012 ProceedsShare(%) Share Ch. Rank Rank 12,572.9 -0.3 ▼ 1 1 25.5 14.9 +1.3 ▲ 2 4 7,329.9 11.8 3 3 5,810.8 -2.4 ▼ 11.7 -7.0 ▼ 4 5,768.8 2 11.0 5,431.4 5 -1.8 ▼ 5 8 4,229.4 8.6 +5.9 ▲ 6 2,346.2 4.8 +1.5 ▲ 7 7 1,408.1 2.9 +1.3 ▲ 10 8 +1.9 ▲ 1,115.6 2.3 11 9 +2.0 ▲ 2.0 10 971.1 792.7 1.6 -0.2 ▼ 11 9 12 6 -2.8 ▼ 1.0 481.4 200.7 13 +0.4 ▲ 0.4 90 0 02 00 14 16 90.0 0.2 0.0 0.1 15 +0.1 ▲ 60.5 16 17 46.4 0.1 0.0 17 18 10.5 0.0 0.0 18* 0.0 5.2 0.0 0.0 18* 5.2 0.0 20 0.0 5.1 0.0 98.8 48,681.9 100.0 49,301.2


86.9% ▲ -19.4% ▼

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 93 34.4 +46 ▲ ▲ 24.1 +27 65 14.1 +24 ▲ 38 62 ▲ 23.0 +39 49 18.1 +32 ▲ 10 ▲ 3.7 +7 10 3.7 +6 ▲ 14 5.2 +8 ▲ 5 ▲ 1.9 +4 5 ▲ 1.9 +5 4 ▼ 1.5 -1 ▲ 6 2.2 +2 2 0.7 +2 ▲ 1 9 +4 5 1.9 ▲ 1.5 +4 4 ▲ ▲ 6 2.2 +1 0.4 -1 1 ▼ ▲ 1 0.4 +1 0.4 +1 1 ▲ 1 0.4 +1 ▲ 270

+131

94.2% ▲ 26.3% ▲

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 1 11,191.4 1 26.4 +2.1 ▲ 2 5,875.5 5 -0.4 ▼ 13.9 3 12.2 5,150.2 3 -3.1 ▼ 5,100.6 12.1 -7.3 ▼ 4 2 10.3 -4.2 ▼ 4,359.6 5 4 9.1 +8.1 ▲ 3,870.6 6 10 +3.7 ▲ 2,346.2 7 8 5.5 2.7 1,149.6 8 7 +0.8 ▲ 1.9 +1.5 ▲ 9 785.0 11 594.8 1.4 +1.4 ▲ 10 1.4 587.3 11 9 +0.2 ▲ 481.4 1.1 12 6 -3.3 ▼ 90.0 13 16 0.2 0.0 0.1 14 60.5 +0.1 ▲ 15 17 46.4 0.1 0.0 10.5 0.0 0.0 16 18 17* 5.2 0.0 0.0 17* 5.2 0.0 0.0 5.1 0.0 19 0.0 41,715.1 98.4 100.0 42,334.4

Industry % Change from Same Period Last Year 86.0% ▲ Industry % Change from Last Quarter -30.5% ▼ *tie **Bank Bank credit excludes self led deals per standard criteria

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 82 35.2 +45 52 22.3 +18 ▲ 14.2 +20 33 ▲ 56 ▲ 24.0 +35 40 17.2 +24 ▲ ▲ 8 3.4 +6 10 ▲ 4.3 +7 12 ▲ 5.2 +6 3 ▲ 1.3 +2 4 1.7 +4 ▲ 0 3 1.3 ▲ 2.6 +2 6 5 +4 2.1 ▲ ▲ 4 1.7 +4 ▲ 2.6 +1 6 1 0.4 -1 ▼ 1 0.4 +1 ▲ 1 0.4 +1 ▲ 1 ▲ 0.4 +1 233

80

Imputed Fees (US$m) Manager Market Market FeesShare (%) Share Ch. 468.4 +2.2 ▲ 29.9 12.6 198.1 -2.2 ▼ +4.1 ▲ 230.7 14.7 234.1 14.9 -2.2 ▼ 158.6 10.1 -2.7 ▼ 57.8 3.7 +0.6 ▲ 3.9 +0.3 ▲ 60.9 41.5 2.6 +1.2 ▲ 27.9 1.8 +1.2 ▲ 13.4 +0.8 ▲ 0.9 15.7 -0.2 ▼ 1.0 16.3 1.0 -2.0 ▼ 2.5 0.2 +0.2 ▲ 81 05 02 ▼ 8.1 0.5 -0.2 8.2 0.5 +0.2 ▲ 7.0 0.0 0.4 1.0 0.1 0.0 .1 0.0 0.0 0.0 .7 0.0 0.0 .4 0.0 1,551.4 98.3 1,569.1 100.0

Jan 1 - Dec 31

95.8% ▲ 34.4% ▲

Jan 1 - Dec 31 600

583 70

500 428

60

414 400

50 40

270

262

30

200

139 20

117

107 90

92

300

100

10 0

0 2004

2005

2006

IPO

2007

2008

2009

Follow-On

2010

Convertible

2011

2012

2013

# of Issues

83.0% ▲ -16.2% ▼

Japan Common Stock (C4d)

Bookrunner Nomura Daiwa Securities Group Inc Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Goldman Sachs & Co JP Morgan UBS Citi Barclays Deutsche Bank Bank of America Merrill Lynch Tokai Tokyo Financial Holdings Ichiyoshi Securities Co Ltd SBI Holdings Inc Toyo Securities Co Ltd Benchmark Co LLC Maxim Group LLC M&A International Top Twenty Total** Industry Total

Japan Equity & Equity-Related Volume by Issue Type

# of Issues

Japan Equity & Equity-Related (C1e)

Bookrunner Nomura Daiwa Securities Group Inc Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Goldman Sachs & Co JP Morgan UBS Citi Barclays Deutsche Bank Bank of America Merrill Lynch Credit Suisse Tokai Tokyo Financial Holdings Ichiyoshi Securities Co Ltd SBI Holdings Inc Toyo Securities Co Ltd Benchmark Co LLC Maxim Group LLC M&A International Top Twenty Total** Industry Total

2013 IPOs reached US$9.8 billion from 62 deals, a 23.3% decrease in proceeds but a 14.8% increase in deal count from 2012. This year saw the highest number of IPOs issued since 2008. The Suntory (US$4bn) and Nomura Real Estate (US$1.8bn) deals were the third and ninth largest Japanese IPOs in the last ten years.

Japanese follow-on proceeds tripled from 2012, reaching US$32.6 billion from 171 deals, the highest volume since 2010. Real Estate led follow-on activity in 2013, with US$8.6 billion in proceeds, a 173% increase from 2012; nearly 70% of this sector was REIT issues.

Proceeds (US$b)

Japanese ECM volume in 2013 continued its upward trend, reaching US$49.3 billion from 270 deals, an 86.9% increase from 2012 and nearly double the deal count. Estimated fees totaled US$1.6 billion, an 83% increase over 2012, according to Thomson Reuters/Freeman Consulting.

+114

Top 10 Japan Equity & Equity-Related Deals (US$m)

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. +3.0 ▲ 30.2 421.3 11.6 -3.8 ▼ 161.8 +4.7 ▲ 15.4 215.3 221.5 15.9 -2.7 ▼ 136.6 -4.0 ▼ 9.8 +2.1 ▲ 51.6 3.7 4.4 60.7 +2.5 ▲ +1.0 ▲ 34.6 2.5 21.3 1.5 +0.9 ▲ 0.3 4.0 +0.3 ▲ -0.1 ▼ 0.7 9.9 1.2 -2.2 ▼ 16.1 7.9 0.6 -0.2 ▼ +0.3 ▲ 0.6 8.2 0.5 +0.1 ▲ 7.0 1.0 0.1 0.0 .1 0.0 0.0 .7 0.1 +0.1 ▲ .4 0.0 0.0 1,380.0 99.1 1,394.9 100.0

Japan Tabacco

03/11/13

Suntory Beverage & Food Ltd

06/24/13

Nomura Real Estate Master Fund

06/03/13

Aozora Bank Ltd

01/16/13

Daiwa House Industry Co Ltd

07/23/13

Sharp Corp

10/07/13

$1,300

Dentsu Inc

07/22/13

$1,282

Olympus Corp

07/18/13

$1,177

02/04/13

$1,143

Nippon Prologis REIT Inc Aeon Reit Investment Corp

Jan 1 - Dec 31 2013 $7,753 $3,972

$1,761 $1,651 $1,450

11/11/13 $1,000

81.9% ▲ -22.8% ▼


13



Japan Equity Capital Markets Japan IPOs (C7d)

Bookrunner Nomura Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Daiwa Securities Group Inc JP Morgan Goldman Sachs & Co Citi SBI Holdings Inc Ichiyoshi Securities Co Ltd Top Ten Total Industry Total

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2013 2012 Rank Rank Proceeds Share (%) Share Ch. 5 4,359.0 1 44.7 +32.2 ▲ -6.8 ▼ 2 1 1,591.7 16.3 3 3 -3.6 ▼ 12.7 1,240.5 4 783.3 -7.1 ▼ 4 8.0 5 2 552.6 5.7 -15.3 ▼ +4.5 ▲ 498.1 5.1 6 10 7 3.9 +3.2 ▲ 8* 378.5 8 +2.1 ▲ 8* 2.8 269.6 9 15 0.5 +0.3 ▲ 46.4 10 +0.4 ▲ 0.4 34.3 99.9 9,753.9 100.0 9,759.2


-23.3% ▼ 133.2% ▲

# of Deals per Bookrunner # of Market Change in DealsShare (%) # of Deals 31 ▲ 50.0 +11 -1 ▼ 4 6.5 ▲ 10 16.1 +4 14.5 +5 ▲ 9 8 12.9 -8 ▼ ▲ 3 4.8 +2 2 ▲ 3.2 +1 1 0 1.6 6 9.7 +1 ▲ 2 3.2 +2 ▲ 62

+8

224.5% ▲ -42.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 29 8 +34 51 29.8 ▲ 25.7 +26 ▲ 44 26.9 +31 ▲ 46 18.1 +19 ▲ 31 29 17.0 +21 ▲ 3.5 +5 6 ▲ 4.1 +5 ▲ 7 12 ▲ 7.0 +9 ▲ 4 2.3 +4 0 1.8 3 171

+106

163.1% ▲ 14.0% ▲

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 263 3 26 9 31 ▼ -3.1 263.3 26.9 130.7 +6.5 ▲ 13.4 166.2 -10.9 ▼ 17.0 10.2 99.8 -7.1 ▼ 147.9 15.1 +9.3 ▲ 44.4 4.5 +2.7 ▲ 28.4 2.9 -0.4 ▼ 33.5 +1.5 ▲ 3.4 4.0 0.4 +0.4 ▲ 1.0 9.9 -0.5 ▼ 928.1 94.8 979.2 100.0

Jan 1 - Dec 31 2013

Real Estate Consumer Staples $12,502 26%

Industrials

$13,639 28%

Financials $5,550 11%

High Technology Media and Entertainment Consumer Products and Services

$4,899 10%

39.4 132.1 0% 0%

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 6 832 4 21 0 18 3 ▼ 1 1 6,832.4 21.0 -18.3 4 5,322.9 2 16.3 +10.5 ▲ -11.5 ▼ 3 3,860.1 2 11.9 11.0 3,576.2 3 4 -2.8 ▼ +5.4 ▲ 3,558.5 5 5 10.9 +9.3 ▲ 10.7 6 10 3,492.2 7 1,848.1 6 5.7 +2.4 ▲ 3.5 1,149.6 8 +1.0 ▲ 8 9 +1.8 ▲ 594.8 1.8 -1.0 ▼ 10 1.8 7 587.3 30,822.1 94.6 32,575.2 100.0


Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 158.1 38.0 +13.8 ▲ 67.4 16.2 +0.2 ▲ 13.3 +4.7 ▲ 55.3 8.9 36.8 -1.0 ▼ 7.5 31.1 -17.2 ▼ 32.3 7.8 +7.4 ▲ 7.2 1.7 +0.3 ▲ 0.8 3.2 -0.5 ▼ 1.5 6.1 +0.7 ▲ 5.4 1.3 +0.9 ▲ 402.9 97.0 415.7 100.0 13.4% ▲ 158.6% ▲

14.8% ▲ 127.3% ▲

Japan Secondary Offerings (C8d)

Bookrunner Nomura Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Goldman Sachs & Co JP Morgan UBS Barclays Deutsche Bank Top Ten Total** Industry Total

Japan Equity & Equity-Related Proceeds by Industry (US$Mil)

$1,633 3% $1,870 4%

$1,889 4%

Healthcare

$4,039 8%

$2,505 5%

Retail Materials

$604 1%

Energy and Power Government and Agencies

Japan IPO Quarterly Volume and Numbers (US$Mil) 20

250

18

144.6% ▲ -38.6% ▼

16

179

200

198 170

92.2% ▲ Industry % Change from Same Period Last Year Industry % Change from Last Quarter 28.2% ▲ **Bank credit excludes self led deals per standard criteria *tie

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 13 35.1 +9 ▲ 11 29.7 +1 ▲ 24.3 +8 ▲ 9 6 16.2 +4 ▲ 5 13.5 +4 ▲ 1 2.7 +1 ▲ 2 5.4 +1 ▲ 2 5.4 +2 ▲ 2 5.4 +2 ▲ 1 2.7 -1 ▼ 37 85.0% ▲ -6.7% ▼

+17

Proceeds (US$b)

Bookrunner Daiwa Securities Group Inc Nomura Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Barclays Goldman Sachs & Co Citi UBS Deutsche Bank Top Ten Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2013 2012 Proceeds Share (%) Share Ch. Rank Rank 20.9 +11.4 ▲ 1 5 1,454.4 1 1,381.5 19.8 2 -15.4 ▼ 3 8 1,071.8 15.4 +13.3 ▲ 9.6 4 2 668.2 -4.9 ▼ 660.6 5 6 9.5 +2.5 ▲ 6 376.3 5.4 +5.4 ▲ 5.2 3* 7 358.8 -8.0 ▼ 330.7 8 4.8 +4.8 ▲ 9 258.5 3.7 +3.7 ▲ 7 10 205.5 3.0 -2.3 ▼ 97.2 6,766.2 6,966.8 100.0

Jan 1 - Dec 31 Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 36.3 20.8 +10.8 ▲ 47.1 27.0 -4.4 ▼ 22.0 12.7 +7.6 ▲ 7.3 12.7 +3.3 ▲ 15.4 8.8 -0.8 ▼ 9.4 5.4 +4.9 ▲ 6.2 3.5 -12.4 ▼ 3.8 6.6 +3.3 ▲ 6.8 3.9 +3.9 ▲ 5.8 3.3 -1.1 ▼ 168.3 96.5 174.2 100.0

150

10

121

8

100

6

62 54

4

49

50

22

20

36

2 -

2004

92.3% ▲ 28.2% ▲


12

# of Issues

14

Japan Convertible Offerings (C9e)

2005

2006

2007 1Q

14

2008 2Q

2009 3Q

2010 4Q

2011

2012

2013

# of Issues



Ranking Criteria Summary - All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters

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: Americas Ranie Guo Tel: +1 646.223.8416 E-mail: [email protected] EMEA Mark Moss Tel: +44.207.542.4631 E-mail: [email protected] Asia-Pacific Michelle Abuzo Tel: +632.858.7201 E-mail: [email protected]

databases as of 9:00am EST on December 31, 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. -

Transactions must be received within 5 business days of pricing. (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.

-

Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated bookbuilds and block trades (with certain restrictions) and convertible bonds.

-

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

-

Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.

-

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.

-

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.

Japan Aki Sato Tel: +813.6441.1120 E-mail: [email protected]

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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