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GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS Full Year 2012

Full Year 2012 | 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 Third Quarter 2010

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 Block Trades and Accelerated Bookbuilds (C3a)

6

US Common Stock (C3)

6

Australian Equity & Equity-related (AK1)

12

US Convertibles (C9a)

6

Australian Common Stock (AK2)

12

Banking Composite of Top US Equity Bookrunners

7

Criteria Summary Equity Capital Markets Criteria Summary

15

Regional Contacts

15

Thomson Reuters Solutions for the Deal Making Community

16

Australia Equity

https://www.thomsonone.com

Full Year 2012

EQUITY CAPITAL MARKETS REVIEW Follow-Ons Push Global Equity Capital Markets Up 1.5% I IPO Activity Falls 29% from 2011 I Emerging Markets Account for 39% of Global IPOs I Goldman Sachs Tops ECM Ranking Global IPOs and Emerging Markets Global IPOs (US$bil)

80

% of Emerging Markets IPOs

70

IPOs DOWN 29% FROM 2011; EMERGING MARKETS ACCOUNT FOR 39% - Initial public offering activity during full year 2012 totaled US$117.4 billion, a decline of 29% from last year at this time. IPO activity during the fourth quarter of 2012 totaled US$34.6 billion, up 54% compared to the third quarter of this year. Issuers from the emerging markets have raised US$46.1 billion during full year 2012, accounting for 39% of IPO volume during the period. High technology, financials and industrials accounted for 52% of IPO activity so far this year.

Proceeds (US$b)

$120,000

FOLLOW-ONS UP 15% FROM 2011 - Global follow-on offerings totaled US$448.8 billion during full year 2012, an increase of 15% compared to full year 2011. With $45.8 billion in common stock sales from insurance giant AIG, issuers from the United States accounted for 40% of all follow-on activity during full year 2012, compared to 32% last year. Offerings from China accounted for 7.5%, while Hong Kong and Canada comprised 6.5% and 4.9%, respectively.

60

$100,000

50 $80,000 40 $60,000 30 $40,000

20

$20,000

10

$0

0 1

2

3

4

1

2006

FOUR SECTORS ACCOUNT FOR TWO-THIRDS OF ACTIVITY - Led by financial issuers (30%), the overall volume of equity capital markets activity remained highly concentrated among four main sectors including energy & power (15%), real estate (11%) and industrials (10%). GOLDMAN SACHS TOPS OVERALL ECM RANKING; JP MORGAN LEADS FEES - Goldman Sachs led all equity capital markets underwriters during full year 2012 with US$57.3 billion in proceeds from 264 issues, an increase of 0.3 market share points compared to 2011. JP Morgan, which ranked fourth by proceeds raised for full year 2012, led all underwriters by fees with US$976.3 million or 7.3% of the equity capital markets fee pool this year. ECM FEES DOWN 18% - According to estimates from Freeman Consulting, fees from equity capital markets transactions during the full year 2012 totaled US$13.5 billion, an 18% decrease from this time last year, and the slowest period for global equity capital markets fees since 2003.

3

4

1

2007

2

3

4

1

2

2008

3

4

1

2

2009

3

4

1

2

2010

3

4

1

2

2011

3

4

2012

Global Equity & Equity-Related Volume $400

1 600 1,600 Proceeds (US$b)

$350

Proceeds (US$b)

UNITED STATES ISSUERS ACCOUNT FOR 38%; CHINA ECM DOWN 42% - Issuers from the United States raised US$244.5 billion in the global equity capital markets during full year 2012, up 33% compared to last year at this time. Issuers from China and Hong Kong accounted for 9% and 5%, respectively, of overall equity capital markets activity during full year 2012 2012.

2

% of Proceeds from Emerging Markets

$140,000

# of Issues

1,400

$300

1,200

$250

1,000

$200

800

$150

600

$100

400

$50

200

$0

0 1

2

3

4

1

2

2006

3

2007

4

1

2

3

4

1

2008

2

3

2009

4

1

2

3

2010

4

1

2

3

4

2011

1

2

3

4

2012

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

Japan

2007 Asia-Pacific

2008

2009 Europe

2010

2011

2012

Americas


1

# of Issues

GLOBAL ECM ACTIVITY UP 1.5% - Equity capital markets activity totaled US$630.4 billion during full year 2012, a 1.5% increase from the comparable period in 2011. Bolstered by increased follow-on activity, global ECM issuance totaled US$175.3 billion during the fourth quarter of 2012, an increase of 3% compared to the third quarter of 2012.


Global Equity Capital Markets Leading Underwriters for the Fourth Quarter 2012 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)

No. 1 Manager

Jan 1 - Dec 31 Current Qtr Mkt. Share Chg. from Market Share (%) Last Qtr (%)

Consecutive Quarters No. 1

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

7.8 10.6 9.4 9.3 8.9 11.1

1.2 1.1 -0.3 -0.9 6.8 8.3

▲ ▲ ▼ ▼ ▲ ▲

7 7 2 2 1 1

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

Barclays Barclays Credit Suisse Goldman Sachs & Co

14.1 15.6 15.5 23.5

3.9 5.9 6.7 10.6

▲ ▲ ▲ ▲

1 1 1 1

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

Morgan Stanley Morgan Stanley UBS Deutsche Bank

10.8 11.1 12.0 24.9

2.5 2.9 12.0 15.3

▲ ▲ ▲ ▲

1 1 1 1

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

UBS Guosen Securities Co Ltd

10.3 56.9

3.2 56.9

▲ ▲

1 1

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

Nomura Nomura Nomura Sumitomo Mitsui Finl Grp Inc

26.8 28.9 41.6 23.0

7.5 10.3 41.0

▲ ▲ ▲

1 1 1 2

Global Debt, Equity & Equity-Related (A1)

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

2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Proceeds per Bookrunner (US$m) Market Market 2011 Rank Proceeds Share (%) Share Ch. 7.8 1 364,840.2 +0.9 ▲ 2 308,538.9 6.6 -0.3 ▼ 3 293,281.2 6.3 -0.1 ▼ 5 280,889.8 6.0 +0.5 ▲ 7 248,161.0 5.3 +0.4 ▲ 5.3 -0.7 ▼ 4 246,771.7 6 212,441.5 4.6 -0.5 ▼ 9 202,665.4 +0.1 ▲ 4.3 11 188,850.3 4.1 +0.4 ▲ 8 167,733.0 3.6 -0.6 ▼ 10 159,859.4 3.4 -0.5 ▼ 12 137,544.3 3.0 -0.3 ▼ 105,709.0 13 2.3 +0.3 ▲ 17 101,490.9 2.2 +0.8 ▲ 14 93,224.9 2.0 +0.1 ▲ 16 70,971.5 1.5 +0.1 ▲ 15 68,041.3 1.5 0.0 1.4 +0.4 ▲ 20 64,990.2 64,361.5 18 1.4 +0.2 ▲ -0.2 ▼ 45,567.6 1.0 19 3,425,933.6 73.6 4,664,752.1 100.0

Industry % Change from Same Period Last Year y % Change g from Last Q Quarter Industry *tie

2.1% ▲ 11.4% ▲

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, 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) Latin America (C9f)

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 11.1 +376 ▲ 1,546 9.5 +93 1,323 ▲ 7.9 +178 ▲ 1,090 8.8 +333 ▲ 1,217 1,105 8.0 +194 ▲ 8.4 +125 ▲ 1,168 730 5.3 +86 ▲ 6.3 +110 ▲ 869 947 6.8 +249 ▲ 925 6.7 +140 ▲ ▲ 643 4.6 +17 ▲ 623 4.5 +5 613 4.4 +105 ▲ 4.6 +179 ▲ 635 3.0 +71 411 ▲ ▲ 269 1.9 +60 ▲ 237 1.7 +34 460 3.3 +88 ▲ 216 1.6 +30 ▲ -3 ▼ 179 1.3 13,869 -3.1% ▼ -8.4% ▼

-437

1/1/2012 - 12/31/2012 Proceeds No. US$m Deals 630,367.2 3,651 244,470.6 795 151,359.0 1,242 20,153.7 550 139,891.9 630 26,384.3 140 22,200.1 53 566,195.6 3,331 721 222,899.8 141,469.7 1,118 15,648.7 536 117,339.1 580 22,759.2 119 22,200.1 53 732 117,378.1 126 40,915.7 404 37,823.3 14 846.1 17,412.5 113 12,720.0 54 7,047.8 17 2,599 448,817.5 595 181,984.2 103 646 4 103,646.4 714 522 14,802.6 99,926.6 467 10,039.3 65 36 15,152.3 320 64,171.6 74 21,570.7 124 9,889.3 4,504.9 14 50 22,552.8 21 3,625.1 -

1/1/2011 - 12/31/2011 Proceeds No. US$m Deals 621,241.6 3,856 655 184,202.0 1,486 178,109.7 24,195.3 552 157,540.0 697 22,583.8 117 27,940.9 61 3,553 553,784.1 160,387.4 579 159,282.2 1,360 22,303.4 540 143,565.9 659 18,289.2 110 26,273.4 60 164,952.5 990 34,668.9 115 79,458.3 641 725.4 28 38,259.0 145 2,102.0 36 20 7,646.2 388,831.6 2,563 125,718.5 464 79 823 9 79,823.9 719 512 21,578.1 105,306.8 514 74 16,187.2 18,627.2 40 67,457.6 303 23,814.7 76 126 18,827.5 1,891.9 12 13,974.1 38 7 4,294.6 1,667.5 1

Global Equity & Equity-Related (C1)

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 8.3 +0.8 ▲ 2,102.7 1,397.9 5.5 -0.2 ▼ 4.4 1,121.0 0.0 6.0 +1.0 ▲ 1,525.0 1,523.5 +0.1 ▲ 6.0 -0.3 ▼ 1,722.3 6.8 1,365.3 +0.1 ▲ 5.4 1,117.5 -0.9 ▼ 4.4 +0.6 ▲ 2.6 649.9 3.7 +0.1 ▲ 932.0 -0.1 ▼ 437.7 1.7 2.1 -0.1 ▼ 522.4 +0.6 ▲ 669.0 2.6 764.2 3.0 +1.1 ▲ +0.1 ▲ 1.5 391.3 215.8 0.9 +0.2 ▲ +0.1 ▲ 192.7 0.8 311.4 0.0 1.2 0.7 +0.1 ▲ 187.5 102.1 0.4 0.0 17,251.2 68.0 100.0 25,493.8

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

-7.3% ▼ 20.4% ▲

2

▲ ▲ ▼ ▼ ▼ ▲ ▼ ▲ ▲ ▼ ▼ ▼ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ -

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Proceeds Share (%) Share Ch. Rank Rank 1 57,328.6 +0.3 ▲ 1 9.1 2 8.3 2 52,189.0 +0.7 ▲ 3 7 51,498.8 8.2 +2.8 ▲ 4 7.9 4 50,051.0 +1.2 ▲ 7.3 5 +0.6 ▲ 3 46,055.1 6 40,003.1 6.4 +0.6 ▲ 6 5.8 0.0 7 5 36,687.7 5.8 8 8 +0.8 ▲ 36,290.3 5.0 9 9 31,755.4 +1.4 ▲ 10 1.7 +0.3 ▲ 11 10,466.1 -0.2 ▼ 1.6 10 11 10,034.0 +0.6 ▲ 15 9,881.8 12 1.6 12 13 8,759.1 1.4 +0.1 ▲ 55 14 +0.6 ▲ 4,941.8 0.8 -0.1 ▼ 0.8 18 15 4,728.9 17 0.8 4,722.0 16 -0.1 ▼ -0.4 ▼ 4,205.1 17 13 0.7 +0.1 ▲ 4,115.2 0.7 18 28 0.7 +0.3 ▲ 38 4,103.8 19 19 4,041.3 20 -0.3 ▼ 0.6 75.2 471,858.1 630,367.2 100.0

Industry % Change from Same Period Last Year y % Change g from Last Q Quarter Industry *tie

% Change in Proceeds 1.5% 32.7% -15.0% -16.7% -11.2% 16.8% -20.5% 2.2% 39.0% -11.2% -29.8% -18.3% 24.4% -15.5% -28.8% 18.0% -52.4% 16.6% -54.5% 505.1% -7.8% 15.4% 44.8% 29 8% 29.8% -31.4% -5.1% -38.0% -18.7% -4.9% -9.4% -47.5% 138.1% 61.4% -15.6% N/A

1.5% ▲ 2.9% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 7.2 +63 264 7.4 +9 ▲ 269 294 8.1 +81 ▲ ▲ 316 8.7 +58 297 ▲ 8.1 +55 7.2 +58 ▲ 262 ▲ 7.0 +71 255 ▲ 269 7.4 +82 ▲ 199 5.5 +47 ▲ 3.6 +31 130 ▲ 72 2.0 +9 ▲ 127 3.5 +28 ▲ 1.4 +12 52 23 0.6 +6 ▲ 30 0.8 0 27 ▲ 0.7 +13 ▼ 28 0.8 -12 2.0 +18 74 ▲ ▲ 0.7 +9 27 1.3 49 0 3,651 -5.3% ▼ 14.7% ▲

-205

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 6.6 +1.0 ▲ 886.8 6.7 +0.1 ▲ 906.2 +0.9 ▲ 686.2 5.1 +0.9 ▲ 976.3 7.3 882.3 +0.5 ▲ 6.6 +0.5 ▲ 657.9 4.9 602.8 4.5 -0.4 ▼ 4.2 +0.6 ▲ 564.5 3.7 +0.2 ▲ 502.1 +0.3 ▲ 271.7 2.0 2.2 +0.5 ▲ 295.7 309.9 2.3 +0.6 ▲ +0.1 ▲ 1.2 163.6 +0.5 ▲ 1.1 151.6 94.8 +0.1 ▲ 0.7 +0.3 ▲ 135.9 1.0 148.3 1.1 -0.3 ▼ 155.8 1.2 +0.3 ▲ 59.0 +0.1 ▲ 0.4 0.9 122.0 0.0 63.7 8,573.4 13,462.6 100.0 -18.2% ▼ 11.7% ▲



Global Equity Capital Markets

Proceeds per Bookrunner (US$m) Market Market 2011 Rank Share Ch. Proceeds Share 9.1 1 51,315.0 +0.5 ▲ 7 47,644.8 8.4 +3.3 ▲ +0.9 ▲ 8.3 2 46,807.7 4 44,419.3 7.9 +1.5 ▲ 7.2 +0.4 ▲ 3 40,809.7 5 33,931.5 6.0 -0.1 ▼ 8 33,744.3 6.0 +1.0 ▲ 6 32,326.8 5.7 -0.2 ▼ 9 5.1 +1.5 ▲ 28,639.1 9,683.8 1.7 +0.2 ▲ 11 14 8,885.3 1.6 +0.6 ▲ 1.5 -0.2 ▼ 8,694.6 10 +0.2 ▲ 13 7,808.5 1.4 4,669.9 0.8 17 -0.1 ▼ 4,417.3 52 0.8 +0.5 ▲ 3,790.3 0.7 16 -0.2 ▼ +0.1 ▲ 25 3,718.6 0.7 28 3,695.6 0.7 +0.1 ▲ 0.6 21 3,533.0 -0.1 ▼ 0.6 +0.2 ▲ 40 3,410.0 421,945.1 74.8 566,195.6 100.0

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

2.2% ▲ 0.2% ▲

# of Deals per Bookrunner # of Market Change in # of Deals Deals Share 7.3 +68 ▲ 242 263 7.9 +74 ▲ 242 ▲ 7.3 +5 279 8.4 +64 ▲ 266 8.0 +47 ▲ 6.9 +46 ▲ 229 251 7.5 +82 ▲ 6.9 +68 ▲ 231 ▲ 5.4 +43 179 ▲ 3.5 +24 118 112 ▲ 3.4 +30 64 ▲ 1.9 +10 45 1.4 +12 ▲ 26 0.8 +13 ▲ ▲ 21 0.6 +4 1.4 45 -2 ▼ 70 2.1 +17 ▲ 32 1.0 0 ▲ 1.1 +1 36 ▲ 0.8 +1 25 3,331

-222

-6.2% ▼ 19.5% ▲

Imputed Fees (US$m) Market Manager Market Fees Share Share Ch. +1.1 ▲ 807.2 6.6 630.0 5.1 +1.0 ▲ 6.7 +0.1 ▲ 824.2 7.0 +0.9 ▲ 856.3 783.9 6.4 +0.4 ▲ 4.5 555.6 +0.2 ▲ 532.1 4.3 +0.7 ▲ 520.2 4.2 -0.7 ▼ 452.7 3.7 +0.2 ▲ 253.2 +0.4 ▲ 2.1 284.2 2.3 +0.6 ▲ +0.6 ▲ 2.2 267.6 1.2 +0.1 ▲ 145.3 1.1 +0.4 ▲ 135.0 1.2 147.1 +0.6 ▲ 114.3 0.9 0.0 138.7 1.1 +0.2 ▲ +0.3 ▲ 116.1 1.0 124.6 1.0 +0.1 ▲ 47.8 0.4 +0.1 ▲ 7,736.1 63.0 12,273.2 100.0

Proceeds per Bookrunner (US$m) Market Market 2011 Proceeds Share (%) Share Ch. Rank 2 10,343.5 +2.4 ▲ 8.8 7.1 +3.1 ▲ 7 8,350.5 7,129.9 6.1 +1.4 ▲ 6 3 7,117.9 6.1 +0.3 ▲ 4 7,012.3 6.0 +1.0 ▲ 5 6,796.4 5.8 +0.9 ▲ 1 6,186.8 5.3 -1.9 ▼ 9 4,343.1 3.7 +0.9 ▲ 8 4,215.5 3.6 +0.1 ▲ 61 2,954.2 2.5 +2.2 ▲ 11 2,797.5 2.4 0.0 12 2,373.0 2.0 0.0 33 2,125.6 1.8 +1.2 ▲ 106 2,067.1 1.8 +1.7 ▲ 174 1,961.7 1.7 +1.7 ▲ 75* 1,932.4 1.7 +1.5 ▲ +1.0 ▲ 1.6 31 1,878.2 15 1,655.5 1.4 0.0 59 1,319.7 1.1 +0.8 ▲ 22 1,134.6 1.0 +0.1 ▲ 83,695.4 71.5 117,378.1 100.0

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 59 8.1 -10 ▼ 66 9.0 +12 ▲ 7.9 +12 58 ▲ 8.7 +9 64 ▲ 7.7 +5 ▲ 56 ▲ 54 7.4 +3 -3 ▼ 51 7.0 40 5.5 +6 ▲ 35 4.8 +2 ▲ 18 2.5 +4 ▲ 23 3.1 -6 ▼ 15 2.0 +5 ▲ 1.9 +5 14 ▲ 6 0.8 +1 ▲ 2 0.3 +1 ▲ 5 0.7 -3 ▼ 24 ▲ 3.3 +10 12 1.6 -2 ▼ 10 1.4 +5 ▲ 11 1.5 -2 ▼

-28.8% ▼ 53.9% ▲

732 -26.1% ▼ 22.7% ▲

-258

+17

1.0% ▲ 51.0% ▲

Jan 1 2007 - Dec 31 2012

Fees (US$bn)

$10

# of Issues

1,600

$9

1,400

$8 1,200 $7 1,000

$6 $5

800

$4

600

$3 400 $2 200

$1 $0

0 1


320 5.6% ▲ -25.5% ▼

Global Equity & Equity-Related Fees

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 354.4 8.7 +1.6 ▲ 249.3 6.2 +1.8 ▲ 207.5 5.1 +1.3 ▲ -0.4 ▼ 167.3 4.1 185.2 4.6 +0.7 ▲ +0.2 ▲ 4.3 172.7 5.5 +0.1 ▲ 221.2 113.9 +0.7 ▲ 2.8 107.4 2.7 -0.6 ▼ 2.4 97.0 +1.9 ▲ 132.4 3.3 +0.2 ▲ 96.3 2.4 +0.9 ▲ 35.4 0.9 +0.5 ▲ 32.0 0.8 +0.4 ▲ 13.0 0.3 0.0 36.8 0.9 +0.4 ▲ 100.4 2.5 +1.8 ▲ 37.0 0.0 0.9 +0.3 ▲ 25.9 0.6 63.4 1.6 +0.6 ▲ 2,448.5 60.6 100.0 4,053.9

Imputed Fees (US$m) Manager Market Market Share Ch. Fees Share 102.3 8.6 +4.1 ▲ 79.6 -0.5 ▼ 6.7 120.0 -0.4 ▼ 10.1 82.0 6.9 -0.2 ▼ 98.4 +1.5 ▲ 8.3 82.5 6.9 +2.4 ▲ 56.3 -1.2 ▼ 4.7 49.5 +0.7 ▲ 4.2 32.5 2.7 -1.6 ▼ 3.2 37.8 +2.0 ▲ 28.1 2.4 -0.3 ▼ 1.0 11.4 +0.3 ▲ 18.0 1.5 -0.2 ▼ 25.7 2.2 +0.2 ▲ 5.0 +0.4 ▲ 0.4 18.3 1.5 +0.2 ▲ 1.6 +0.6 ▲ 18.5 10.5 0.9 0.0 0.4 4.6 +0.2 ▲ 7.4 0.6 +0.5 ▲ 888.4 74.8 100.0 1,189.4

# of Deals per Bookrunner # of Market Change in # of Deals Deals Share 33 10.3 +12 ▲ ▼ 22 6.9 -5 11.6 ▼ 37 -6 27 8.4 +4 ▲ 31 9.7 +8 ▲ 7.5 +3 ▲ 24 31 ▲ 9.7 +7 20 6.3 +4 ▲ 0 18 5.6 13 4.1 +2 ▲ -1 ▼ 8 2.5 1 0.3 -2 ▼ 2.5 8 -4 ▼ 15 4.7 -2 ▼ 1 0.3 +1 ▲ 7 2.2 0 12 ▲ 3.8 +7 6 1.9 0 ▲ 2 0.6 +2 4 ▲ 1.3 +3

-4.9% ▼ 29.2% ▲


Jan 1 - Dec 31 2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Share Ch. Proceeds Share Rank Rank 9.5 1 9 6,071.6 +5.8 ▲ 2 6,013.7 -1.4 ▼ 1 9.4 3 5,631.8 2 8.8 -0.4 ▼ 4 3 -0.3 ▼ 5,381.3 8.4 5,245.4 +2.4 ▲ 5 5 8.2 6.8 7 4,360.9 +1.7 ▲ 6 6.0 -1.9 ▼ 4 3,854.1 7 +1.8 ▲ 11 4.9 8 3,116.3 6 2,546.0 9 -1.2 ▼ 4.0 13 3.1 +1.0 ▲ 1,982.9 10 12 1,339.4 2.1 -0.2 ▼ 11 1,264.1 2.0 15 12 +0.3 ▲ 1,038.9 13 14 1.6 -0.3 ▼ 1.6 +0.2 ▲ 14 17 996.6 +1.5 ▲ 1.5 15 955.9 16 950.5 1.5 0.0 16 782.3 1.2 28 +0.6 ▲ 17 751.5 1.2 +0.3 ▲ 23 18 0.8 +0.8 ▲ 19 524.5 20 84 0.8 +0.8 ▲ 522.7 83.4 53,330.4 64,171.6 100.0

Bookrunner Deutsche Bank Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Credit Suisse Citi Barclays UBS BNP Paribas SA Nomura China International Capital Co RBS RBC Capital Markets Guosen Securities Co Ltd HSBC Holdings PLC Wells Fargo & Co Societe Generale Sumitomo Mitsui Finl Grp Inc National Australia Bank Top Twenty Total Industry Total

-19.7% ▼ 8.2% ▲

Global IPOs (C5)

Bookrunner Morgan Stanley JP Morgan Bank of America Merrill Lynch Deutsche Bank Citi Credit Suisse Goldman Sachs & Co UBS Barclays Daiwa Securities Group Inc Guosen Securities Co Ltd CITIC CIMB Group Sdn Bhd Sumitomo Mitsui Finl Grp Inc Allen & Co Inc Mizuho Financial Group Nomura HSBC Holdings PLC Malayan Banking Bhd GF Securities Top Twenty Total Industry Total

Global Convertibles (C9)

US$Bil

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

2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Jan 1 - Dec 31

# of Issues

Global Common Stock (C2)

35.1% ▼ 35.6% ▲

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

4

2012


3


Global Equity Capital Markets: Ten Years of Rankings

1

Goldman Sachs & Co

2

2

Morgan Stanley

3

3

Citi

4

4

JP Morgan

5

5

Bank of America Merrill Lynch

6

6

Deutsche Bank

7

7

Credit Suisse

8

8

UBS

9

9

Barclays

10

Wells Fargo & Co

Rank

1

10 2003

2004

2005

2006

2007

2008

2009

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

2010

2011

2012


4

nc


US Equity Capital Markets US Equity & Equity Related Issuance Up 32.7% l High Block Trade Volume of US$44.5 billion l Treasury Sells Remaining 15.9% stake in AIG US Deals Intelligence US IPO proceeds totalled $40.9 billion in 2012, an 18% increase from last year. US IPO issuance fell to the the lowest issuance levels since 2008 in November and December after Hurricane Sandy.

US Equity & Equity-Related (C1a)

Bookrunner Citi Bank of America Merrill Lynch Goldman Sachs & Co Barclays JP Morgan Morgan Stanley Credit Suisse Deutsche Bank UBS Wells Fargo & Co RBC Capital Markets Jefferies & Co Inc Allen & Co Inc Raymond James Financial Inc Macquarie Group Kohlberg Kravis Roberts & Co Stifel Financial Corp Piper Jaffray Cos KeyBanc Capital Markets Inc Robert W Baird & Co Inc Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 5 30,363.1 +2.2 ▲ 1 12.4 2 3 27,332.6 11.2 +0.1 ▲ 26,116.9 10.7 3 2 -0.8 ▼ 4 6 25,902.3 10.6 +2.1 ▲ 5 1 25,585.0 10.5 -2.2 ▼ 6 4 25,358.2 10.4 -0.4 ▼ 7 7 19,169.8 7.8 -0.4 ▼ 8 8 18,632.3 7.6 +1.2 ▲ 10,590.1 4.3 -1.0 ▼ 9 9 10 10 10,308.6 4.2 -0.4 ▼ 11 12 4,673.1 1.9 +0.7 ▲ 12 11 3,287.5 1.3 -0.2 ▼ 1 961 7 08 +0 8 ▲ 13 46 1,961.7 0.8 +0.8 14 13 1,789.9 0.7 -0.1 ▼ 15 15 1,310.5 0.5 0.0 22 0.5 16 1,296.9 +0.3 ▲ 0.0 0.5 17 16 1,212.0 0.5 -0.1 ▼ 14 18 1,188.0 19 +0.1 ▲ 0.4 1,056.5 19 0.3 20 +0.1 ▲ 21 771.8 237,906.8 97.1 100.0 244,470.6


32.7% ▲ -22.7% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 201 25.3 +63 203 25.5 +40 ▲ 148 18.6 +38 ▲ 20.1 +49 ▲ 160 ▲ 191 24.0 +32 ▲ 156 19.6 +16 18.9 +70 ▲ 150 144 18.1 +47 ▲ 107 13.5 +45 ▲ 126 15.8 +29 ▲ 62 7.8 +24 ▲ 60 7.5 +15 ▲ 0 3 +1 2 0.3 ▲ 34 4.3 +10 ▲ 8 ▲ 1.0 +3 ▲ 0.4 +1 3 33 4.2 +13 ▲ 31 3.9 +12 ▲ 1.5 +1 ▲ 12 2.5 +10 20 ▲ 795

+140

21.4% ▲ 2.9% ▲

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

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 487.9 8.2 +0.8 ▲ -0.4 ▼ 578.6 9.8 +1.0 ▲ 9.5 564.2 404.6 6.8 +0.2 ▲ -1.4 ▼ 619.7 10.5 +0.1 ▲ 603.3 10.2 341.1 5.8 -0.9 ▼ 5.8 +0.5 ▲ 343.2 211.8 3.6 -0.2 ▼ 264.4 4.5 0.0 165.6 2.8 +0.4 ▲ 134.4 2.3 +0.3 ▲ 17 4 03 02 ▼ 17.4 0.3 -0.2 -0.1 ▼ 109.4 1.9 25.2 0.4 +0.1 ▲ +0.2 ▲ 30.7 0.5 +0.4 ▲ 87.4 1.5 +0.2 ▲ 78.8 1.3 -0.1 ▼ 0.7 43.6 1.0 +0.1 ▲ 56.8 5,168.1 87.4 5,920.8 100.0

Jan 1 - Dec 31

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

18.0% ▲ 127.0% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 38 30.2 +19 ▲ ▲ 38 30.2 +6 36 28.6 -2 ▼ 36 28.6 +3 ▲ 38 ▲ 30.2 +8 35 27.8 +8 ▲ 39 31.0 +15 ▲ 28 22.2 +3 ▲ 2 1.6 +1 ▲ ▲ 13.5 +8 17 14 11.1 -5 ▼ 6 4.8 ▼ -4 ▲ 13 10.3 +9 5 4.0 -5 ▼ 9 7.1 +4 ▲ 9 7.1 +5 ▲ 5.6 +5 7 ▲ 3 2.4 +1 ▲ 4.0 +4 ▲ 5 3.2 +3 4 ▲ 126 9.6% ▲ 33.3% ▲

Jan 1 - Dec 31 2012 $2.8 1%

$45.7 19%

$21.6 9%

$40.9 16%

$40.1 16% $68.9 28%

$31.8 13% $19.3 8%

Financials High Technology Industrials

$10.8 4%

$182.0 74%

$14.5 $13.3 6% 6%

Energy and Power Healthcare Others

Real Estate Retail

IPO

Follow-On

Converts

Withdrawn

-0.6% ▼ 8.2% ▲

US IPOs (C6) Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 4,613.6 11.3 +4.6 ▲ 1 8 10.8 +0.5 ▲ 2 4 4,406.2 2 -2.7 ▼ 4,343.6 3 10.6 4,323.0 -4.4 ▼ 1 4 10.6 5 5 +0.3 ▲ 10.1 4,134.0 +1.7 ▲ 9.7 6 6 3,953.3 7 3,779.3 7 9.2 +2.2 ▲ 8 3 3,702.6 9.1 -3.1 ▼ 9 23 1,961.7 4.8 +4.6 ▲ 10 12 1,094.3 2.7 +1.4 ▲ 2.1 9 846.6 -3.7 ▼ 11 1.6 10 640.1 -0.7 ▼ 12 540.6 13 14 1.3 +0.7 ▲ 1.2 14 11 498.7 -0.8 ▼ 15 +0.3 ▲ 0.9 349.5 15 16 +0.4 ▲ 17 0.8 335.3 0.8 +0.5 ▲ 19 17 315.5 0.4 -0.6 ▼ 13 157.8 18 19 0.3 +0.2 ▲ 29 137.4 20 0.3 38* 100.6 +0.2 ▲ 40,233.7 98.6 40,915.7 100.0

The US Treasury Department sold its final stake in AIG (15.9%) in the fourth quarter of 2012 for $7.6 billion, four years after its initial capital infusion. Five of the top ten US deals in 2012 were AIG stake sales by the Government - yielding a total profit of $22.7 billion to US taxpayers, according to Treasury estimates.

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

+96

US IPO Monthly Issuance

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 127.3 7.6 +1.8 ▲ 10.3 +0.3 ▲ 171.4 14.4 +1.4 ▲ 240.8 10.5 175.1 -0.6 ▼ 132.3 7.9 -0.6 ▼ 118.7 7.1 0.0 95.0 5.7 0.0 93.0 5.6 -1.9 ▼ -0.4 ▼ 12.1 0.7 52.3 3.1 +1.4 ▲ 56.0 3.4 -1.6 ▼ 2.3 -1.1 ▼ 38.3 29.8 1.8 +0.7 ▲ 2.8 -0.2 ▼ 46.6 +0.1 ▲ 1.2 20.1 29.1 +0.6 ▲ 1.8 24.7 1.5 +0.3 ▲ 9.4 +0.1 ▲ 0.6 8.3 +0.2 ▲ 0.5 8.9 +0.1 ▲ 0.5 1,489.2 89.3 1,667.5 100.0

Jan 1 - Dec 31 2012

$20

20 18

19

$18.5

$18

18 17

16 $16

16

$14 Proceeds US$ Billions

For the full year 2012, US Equity & Equity-Related proceeds totaled US$244.5 billion from 795 deals, a 32.7% increase compared to the full year 2011. Total estimated fees were $5.9 billion, a 0.6% decrease from the same period in 2011, according to Thomson Reuters/Freeman Consulting.

14

$12

12

12

$10

10

10

$8 7 $6 $4

6 $3.8

4

$5.6

6

$4.0

$0.7

$0.5

6 4

4

$1.5

$2

$1.4

$0.8

$0

$1.4

$1.1

$1.6

2 0

Proceeds (mil$)

-10.3% ▼ 85.9% ▲

8

8

# of Issues


5

*tie


US Equity Capital Markets

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

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 14,897.3 15.9 +8.4 ▲ 1 7 1 10,181.4 -6.8 ▼ 2 10.9 10.7 +2.3 ▲ 3 10,050.4 6 4 5 9,757.9 10.4 +1.2 ▲ 10.3 -1.4 ▼ 2 5 9,683.8 7,407.8 7.9 +1.5 ▲ 8 6 7 3 6,654.1 7.1 -4.5 ▼ 8 4 6,527.1 7.0 -2.8 ▼ 9 10 6,245.2 6.7 +1.9 ▲ 10 9 5,653.4 6.0 +1.0 ▲ 11 12 +2.2 ▲ 2.7 2,525.3 +1.1 ▲ 1.1 1,045.5 12 13 727.0 0.8 +0.8 ▲ +0.1 ▲ 0.4 14 13 369.7 +0.3 ▲ 262.9 0.3 15 +0.2 ▲ 179.6 0.2 16 17 140.4 0.2 +0.2 ▲ 18 123.4 +0.1 ▲ 0.1 19 120.7 0.1 +0.1 ▲ 0.1 0.0 20 16* 114.3 92,667.2 98.9 93,612.8 100.0


354.1% ▲ 124.2% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 78 37.0 +68 ▲ ▲ 58 27.5 +39 49 23.2 +39 ▲ 66 ▲ 31.3 +55 22.3 +35 ▲ 47 48 22.7 +43 ▲ 46 21.8 +37 ▲ 33 15.6 +26 ▲ ▲ 46 21.8 +41 49 23.2 +40 ▲ 20 9.5 +18 ▲ 0.9 +2 ▲ 2 6.6 +14 ▲ 14 5.2 +10 ▲ 11 8 3.8 +8 ▲ 2.4 +5 5 ▲ 2.4 +5 ▲ 5 2 0.9 +2 ▲ 3 1.4 +3 ▲ 4 ▲ 1.9 +3 211

+160

313.7% ▲ 18.3% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 11.9 165.9 +4.7 ▲ 108.9 7.8 -8.3 ▼ 120.5 8.7 +1.4 ▲ 157.0 11.3 +0.9 ▲ 78.6 5.7 -9.5 ▼ 134.8 9.7 +5.4 ▲ 96.1 6.9 -3.6 ▼ 84.7 6.1 +0.7 ▲ +1.2 ▲ 78.6 5.7 83.7 6.0 +0.5 ▲ +0.5 ▲ 40.3 2.9 4.3 0.3 +0.3 ▲ 26.8 1.9 +1.3 ▲ 2.2 31.2 +0.6 ▲ 15.3 +0.3 ▲ 1.1 13.5 1.0 +0.8 ▲ 0.8 11.2 +0.2 ▲ 6.3 0.5 +0.3 ▲ 6.7 0.5 +0.5 ▲ 0.5 7.1 +0.2 ▲ 1,271.5 91.5 1,390.6 100.0

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 6 28,794.6 12.9 +3.8 ▲ 24,560.3 11.0 +1.8 ▲ 2 5 -0.6 ▼ 10.8 3 2 24,123.5 3 23,220.7 4 10.4 -0.1 ▼ 5 1 10.0 -1.9 ▼ 22,193.4 9.9 -0.4 ▼ 6 4 22,127.7 8.1 +1.5 ▲ 7 8 18,011.1 8 7 17,655.1 7.9 -1.2 ▼ 9 9 9,706.8 4.4 -0.9 ▼ 10 10 9,526.3 4.3 -0.7 ▼ 11 12 4,326.6 1.9 +0.7 ▲ 12 11 2,890.8 1.3 -0.3 ▼ 13 42 1,961.7 0.9 +0.8 ▲ -0.2 ▼ 14 13 1,557.9 0.7 15 15 1,310.5 0.6 0.0 16 22 1,296.9 0.6 +0.3 ▲ 17 14 1,165.5 0.5 -0.2 ▼ 18 17 1,157.0 0.5 +0.1 ▲ 19 18 1,056.5 0.5 +0.2 ▲ 20 20 771.8 0.4 +0.1 ▲ 97.6 217,414.7 222,899.8 100.0


39.0% ▲ -27.0% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 184 25.5 +63 ▲ 149 ▲ 20.7 +45 182 25.2 +35 ▲ 142 19.7 +16 ▲ ▲ 164 22.7 +36 134 18.6 +42 ▲ 136 18.9 +52 ▲ 137 19.0 +62 ▲ 100 13.9 +46 ▲ 15.8 +22 114 ▲ 58 8.0 +23 ▲ 56 7.8 +14 ▲ 2 0.3 +1 ▲ 4.4 +9 ▲ 32 8 1.1 +3 ▲ 3 0.4 +1 ▲ 30 4.2 +12 ▲ 32 4.4 +15 ▲ 12 1.7 +1 ▲ 20 2.8 +10 ▲ 721 24.5% ▲ 3.3% ▲

Jan 1 - Dec 31

150

$50 $44.5 $45

132

129

-453

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 462.7 8.5 +1.5 ▲ 381.0 7.0 +0.2 ▲ 517.3 -0.7 ▼ 9.5 557.0 10.2 +0.1 ▲ 10.0 -1.3 ▼ 542.6 519.0 9.5 +1.2 ▲ +0.7 ▲ 325.4 6.0 312.3 5.7 -1.3 ▼ 3.7 0.0 200.4 245.9 4.5 -0.3 ▼ 153.1 2.8 +0.3 ▲ 117.2 +0.1 ▲ 2.2 17.4 0.3 -0.2 ▼ 1.9 104.1 -0.3 ▼ 24.7 0.5 +0.2 ▲ 30.6 0.6 +0.3 ▲ +0.2 ▲ 76.1 1.4 85.7 1.6 +0.4 ▲ 43.3 0.8 0.0 56.4 +0.1 ▲ 1.0 87.7 4,772.2 5,452.4 100.0 0.2% ▲ 6.4% ▲

135 120

$40 110

$35 $30

105 90

89 82

$25

$15

$22.3

70 $18.5

$20

$16.6

75 60

$17.2

$13.9

51

$13.7 28

$10 $5

20

$4.3

$3.4

2008

2009

45

23

30

$5.4

15 0

$0 2003

2004

2005

361.4% ▲ 38.4% ▲

US Common Stock (C3)

Bookrunner Citi Barclays Bank of America Merrill Lynch Morgan Stanley JP Morgan Goldman Sachs & Co Deutsche Bank Credit Suisse UBS Wells Fargo & Co RBC Capital Markets Jefferies & Co Inc Allen & Co Inc Raymond James Financial Inc Macquarie Group Kohlberg Kravis Roberts & Co Piper Jaffray Cos Stifel Financial Corp KeyBanc Capital Markets Inc Robert W Baird & Co Inc Top Twenty Total Industry Total

US Block Trade Issuance

Proceeds US$ Billions

US Block Trades and Accelerated Bookbuilds (C3a)

2006

2007

Proceeds (US$mil)

2010

2011

# of Issues

US Convertibles (C9a)

Bookrunner Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Morgan Stanley Citi Credit Suisse Barclays UBS Wells Fargo & Co Deutsche Bank Jefferies & Co Inc RBC Capital Markets BNP Paribas SA RBS Raymond James Financial Inc HSBC Holdings PLC TD Securities Inc Stifel Financial Corp

2012

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 3,989.2 18.5 -0.5 ▼ 1 2 3,391.6 15.7 -2.8 ▼ 2 3,209.2 14.9 +6.0 ▲ 3 5 4 4 2,137.5 9.9 -2.7 ▼ 5 3 1,568.5 7.3 -10.7 ▼ 9 1,514.8 7.0 +4.9 ▲ 6 7 8 1,342.0 6.2 +2.6 ▲ 6 883.2 4.1 -1.1 ▼ 8 9 10 782.3 3.6 +1.9 ▲ 7 621.1 2.9 -1.7 ▼ 10 11 14 396.7 1.8 +1.2 ▲ 11 346.5 1.6 +0.7 ▲ 12 13 20* 331.3 1.5 +1.3 ▲ 14 247.0 1.1 +1.1 ▲ 15 24 232.0 1.1 +1.0 ▲ 16 220.0 1.0 +1.0 ▲ 17 180.3 0.8 +0.8 ▲ 18 12* 55.0 0.3 -0.5 ▼

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

21,570.7 21,570.7 -9.4% ▼ 37.6% ▲

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 18.9 14 -4 ▼ 27 36.5 -4 ▼ ▲ 21 28.4 +5 14 18.9 0 17 23.0 0 13 17.6 +8 ▲ 11 14.9 +4 ▲ 7 9.5 -1 ▼ 12 16.2 +7 ▲ 8 10.8 -5 ▼ 4 5.4 +1 ▲ 4 5.4 +1 ▲ 2 2.7 +1 ▲ 4.1 +3 3 ▲ 2 2.7 +1 ▲ 1.4 +1 ▲ 1 2 2.7 +2 ▲ 1.4 1 -2 ▼

74 -2.6% ▼ 0.0% ▲

-76

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. -1.7 ▼ 9.7 45.2 16.4 -1.8 ▼ 77.0 +2.4 ▲ 61.3 13.1 46.4 9.9 -0.5 ▼ 25.3 5.4 -6.3 ▼ 28.8 6.1 +2.9 ▲ 23.5 5.0 +0.3 ▲ 11.5 2.5 -2.8 ▼ 18.5 4.0 +1.8 ▲ 17.8 3.8 -1.9 ▼ 17.2 3.7 +2.8 ▲ 12.5 2.7 +1.4 ▲ 5.2 1.1 +0.7 ▲ 5.1 1.1 +0.7 ▲ 5.3 1.1 +0.8 ▲ 7.7 1.7 +1.2 ▲ 3.0 0.6urities Inc ▲ 1.7 0.4 -0.4 ▼

413.0 468.3

88.3 100.0

-9.1% ▼ 29.5% ▲


6


US Equity Capital Markets Top Ten US Equity Deals 2012 (US$Bil)

Jan 1 - Dec 31 2012

AIG

$20.7

Facebook

$16.0

AIG

$7.6

AIG

$6.0

AIG

$5.8

AIG

$5.8

BlackRock

$3.1

Capital One

$3.0

Kinder Morgan

$2.4

Kinder Morgan

$2.3

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

Issuer AIG (Financials) Facebook Inc (High Tech) AIG (Financials) AIG (Financials) AIG (Financials) AIG (Financials) BlackRock Inc (Financials) Capital One (Financials) Kinder Morgan Inc (Energy & Power) Kinder Morgan Inc (Energy & Power)

Issue Date Proceeds Issue Type 9/10/2012 $20.7 Follow-On 5/17/2012

$16.0

IPO

Bookrunners Citi | Deutsche Bank | Goldman Sachs | JP Morgan | BofA Merrill | Barclays | Morgan Stanley | RBC | UBS | Wells Fargo Credit Suisse Morgan Stanley | JP Morgan | Goldman Sachs | BofA Merrill | Barclays | Allen & Co | Citi | Credit Suisse | Deutsche Bank BofA Merrill | Citi | Deutsche Bank | Goldman Sachs | JP Morgan

12/10/2012

$7.6

Follow-On

3/8/2012

$6.0

Follow-On

Citi | Credit Suisse | Morgan Stanley

8/3/2012

$5.8

Follow-On

5/6/2012

$5.8

Follow-On

5/22/2012

$3.1

Follow-On

BofA Merrill | Barclays | Citi | Credit Suisse | Deutsche Bank | Goldman Sachs | JP Morgan | Macquarie | Morgan Stanley UBS | Wells Fargo BofA Merrill | Credit Suisse | Macquarie | Deutsche | Morgan Stanley | Barclays | Goldman Sachs | UBS | Citi Wells Fargo | JP Morgan Morgan Stanley | BofA Merrill

9/4/2012

$3.0

Follow-On

BofA Merrill | Morgan Stanley | Citi

10/12/2012

$2.4

Follow-On

Barclays

8/10/2012

$2.3

Follow-On

Barclays | Deutsche Bank

US Equity & Equity-Related Industry Composition for Top Bookrunners

Jan 1 - Dec 31 2012

Telecommunications 100% 4.5%

4.1% 5.2%

7.0% 90%

11.9%

80%

3.2%

9.7%

11.0%

9.1%

10.1%

18.9%

15.7%

17.1%

15.5%

17.5%

3.3%

Consumer Staples

Retail

3.6% 70%

17.6%

15.8%

3.5%

20.7%

22.6%

14.6% % Total Proceeds

Real Estate 21.6%

20.2%

18.7%

60%

Materials 49.4%

50%

51.8% Industrials

35.5% 40%

41.4% 43.9%

40.3%

High Technology

44.1%

40.8%

30%

44.8%

35.3%

Healthcare 20% 26.8% 10%

18.6%

15.7%

12.2%

10.0%

14.6%

11.4%

27.5%

24.9%

UBS

Wells Fargo & Co

Financials

8.6% Energy and Power

0% Citi

Bank of America Merrill Lynch

Goldman Sachs & Co

Barclays

JP Morgan

Morgan Stanley

Credit Suisse

Deutsche Bank


7


EMEA Equity Capital Markets Regional Fees Reach US$2.2 Billion l Equity-related Issuance Volume up 61.4% Year-on-Year l UniCredit Rights Issue - Largest EMEA Deal of 2012 EMEA Deals Intelligence EMEA Equity and Equity-Related issuance totalled US$139.9 billion for 2012, marking an 11.2% decrease from 2011. Estimated regional fees reached US$2.2 billion, a 23.4% decrease from 2011, according to estimates by Thomson Reuters/Freeman Consulting.

EMEA common stock issuance volume reached US$117.3 billion for 2012, an 18.3% contraction compared to 2011 but a 40.6% sequential quarterly increase. Fees earned on EMEA common stock issuance totalled $1.8 billion, with the top 20 bookrunners claiming 65.3% of the total wallet share.

EMEA Equity & Equity-Related (C1d)

Bookrunner Goldman Sachs & Co Deutsche Bank Morgan Stanley JP Morgan Credit Suisse Bank of America Merrill Lynch UBS Citi Societe Generale BNP Paribas SA Barclays HSBC Holdings PLC Mediobanca Qatar National Bank Nomura Saudi Fransi Capital Investec Finansbank AS UniCredit Commerzbank AG Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 15,341.5 11.0 1 +0.3 ▲ 2 2 12,307.9 8.8 -1.2 ▼ 3 11,169.3 8.0 +0.1 ▲ 3 11,162.6 8.0 +2.8 ▲ 4 6 5 5 9,703.9 +0.2 ▲ 6.9 8,715.4 -0.5 ▼ 4 6 6.2 +1.2 ▲ 6.0 7 7 8,323.1 4.1 8 8 5,718.6 -0.2 ▼ +1.4 ▲ 9 16 4,103.8 2.9 10 10 4,001.5 2.9 +0.2 ▲ 11 9 3,669.3 -0.2 ▼ 2.6 12 11 3,323.0 2.4 0.0 1 945 0 14 +0 5 ▲ 13 21 1,945.0 1.4 +0.5 14 1,885.6 1.4 +1.4 ▲ 1,866.9 1.3 -0.4 ▼ 15 13 16 1,694.3 +1.1 ▲ 66 1.2 1,521.7 +0.7 ▲ 1.1 17 32 1,506.6 1.1 18 +1.1 ▲ -1.4 ▼ 19 1.0 1,340.3 12 0.9 +0.2 ▲ 23 20 1,267.5 79.2 110,567.8 139,891.9 100.0


-11.2% ▼ 40.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 5.6 +9 ▲ 35 57 9.0 +4 ▲ -3 ▼ 41 6.5 ▲ 7.0 +1 44 7.0 +2 44 ▲ ▲ 5.1 +1 32 7.5 +5 ▲ 47 ▲ 21 3.3 +3 4.3 +1 27 ▲ ▲ 23 3.7 +1 ▼ 25 4.0 -10 ▲ 2.2 +4 14 1 4 +8 9 1.4 ▲ 0 1 0.2 ▲ 15 2.4 +2 0.6 +2 ▲ 4 -6 10 1.6 ▼ 1 0.2 11 1.7 ▼ -1 1.6 10 -5 ▼ -67

630 -9.6% ▼ 34.8% ▲

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

Financials Energy and Power $15.6 11% $49.5 36%

$5.2 4% *tie

$5,000

$1,223.2

$1,000 $0

Proceeds (US$m)

Saudi Arabia

Consumer Staples

$1.9 1% $4.3 3%

Media and Entertainment

Top 10 EMEA Equity and Equity-Related Deals (US$Mil) 01/27/12

Sberbank Rossii

09/18/12

30

Credit Suisse Group(Guernsey)V

07/18/12

25

Banco Popular Espanol SA

11/28/12

$3,238.3

Volkswagen Intl Finance NV

11/06/12

$3,203.1

15

Siemens NV

02/09/12

10

Turkiye Halk Bankasi AS

11/19/12

5

EADS

12/06/12

$2,158.1

0

Il

12/07/12

$2,143.7

Continental AG

09/25/12

$2,078.2

20

United States of America

Consumer Products and Services

$7.6 5%

$6.4 5%

UniCredit SpA

$2,683.9

Germany

$6.1 4%

Real Estate

Retail

$4,000

United Kingdom

$5.4 4%

High Technology

Healthcare

35

$1,420.3

Telecommunications

$12.6 9%

Jan 1 - Dec 31 2012

$1,512.7

Industrials

$12.6 9%

40

$2,000

Materials $12.7 9%

92.8% ▲

$6,472.0

$3,000

Jan 1 - Dec 31 2012

-23.4% ▼

$6,000

Proceeds (US$m)

EMEA ECM Proceeds Raised by Industry (US$Bil)

# of Issues

$7,000

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 121.7 5.6 -1.4 ▼ 7.7 0.0 167.1 103.2 4.7 -3.2 ▼ 149.1 6.9 +2.5 ▲ 6.6 +0.6 ▲ 144.1 +2.8 ▲ 158.4 7.3 117.9 +1.2 ▲ 5.4 -0.9 ▼ 63.0 2.9 +0.7 ▲ 2.5 55.1 3.6 +1.1 ▲ 78.0 -0.8 ▼ 3.1 67.8 +0.1 ▲ 68.9 3.2 47 0 22 +1 4 ▲ 47.0 2.2 +1.4 +0.7 ▲ 0.7 16.0 +0.9 ▲ 35.3 1.6 0.9 +0.8 ▲ 20.1 1.0 +0.5 ▲ 21.6 0.6 +0.6 ▲ 13.1 35.3 1.6 -0.8 ▼ 17.3 0.8 -1.1 ▼ 1,500.0 68.9 2,177.2 100.0

EMEA Equity-Related issuance totalled US$22.6 billion for 2012, marking a 61.4% increase from 2011, with the top 20 bookrunners capturing 94.9% of the market. The United Kingdom was the leading exchange nation with listed IPO issuance volume totalling US$6.5 billion.

Jan 1 - Dec 31 2012 $9,915.7 $5,154.9

$3,895.5

$3,000.0 $2,510.9

Netherlands

# of Issues


8


EMEA Equity Capital Markets EMEA Common Stock (C4c)

Bookrunner Goldman Sachs & Co JP Morgan Morgan Stanley Deutsche Bank Credit Suisse UBS Bank of America Merrill Lynch Citi Societe Generale HSBC Holdings PLC BNP Paribas SA Barclays Qatar National Bank Nomura Saudi Fransi Capital Mediobanca Investec Finansbank AS UniCredit Commerzbank AG Top Twenty Total Industry Total

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 1 14,152.4 12.1 +0.6 ▲ +3.4 ▲ 2 6 10,412.6 8.9 3 3 +0.6 ▲ 9,337.6 8.0 4 2 7,697.7 -3.6 ▼ 6.6 5 7,480.1 5 6.4 -0.2 ▼ 6 7 7,387.7 6.3 +1.1 ▲ 7 4 6,980.8 6.0 -0.7 ▼ 8 8 4,098.1 3.5 -0.7 ▼ 9 15 3,352.3 2.9 +1.7 ▲ 10 10 2,821.7 2.4 0.0 11 11 2,449.8 2.1 -0.1 ▼ 12 9 2,237.0 1.9 -1.0 ▼ 13 1,885.6 1.6 +1.6 ▲ 14 13 1,866.9 1.6 -0.2 ▼ 15 64 1,694.3 1.4 +1.3 ▲ 1,612.3 16 19 1.4 +0.4 ▲ 17 31 1,521.7 1.3 +0.9 ▲ 18 1,506.6 1.3 +1.3 ▲ 19 12 1,058.4 0.9 -1.0 ▼ 20 21 1,015.6 0.9 +0.1 ▲ 90,569.2 77.5 117,339.1 100.0


-18.3% ▼ 40.6% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals -3 ▼ 32 5.5 43 7.4 +5 ▲ 5.5 ▼ 32 -4 6.7 -5 ▼ 39 6.7 +4 ▲ 39 7.2 +9 ▲ 42 26 ▼ 4.5 -2 -5 ▼ 15 2.6 21 3.6 +9 ▲ 10 1.7 -1 ▼ 13 ▲ 2.2 +2 3.4 ▼ 20 -5 1 0.2 +1 ▲ 2.6 +8 ▲ 15 0.7 +3 ▲ 4 ▲ 1.4 +1 8 ▲ 1.7 +1 10 0.2 +1 ▲ 1 1.6 -7 ▼ 9 1.2 +1 7 ▲ 580

-79

-12.0% ▼ 41.9% ▲

-31.6% ▼ 96.6% ▲

EMEA Rights Offerings (C8fr)

Bookrunner JP Morgan Credit Suisse Qatar National Bank UBS HSBC Holdings PLC Bank of America Merrill Lynch BNP Paribas SA Deutsche Bank Societe Generale Investec Saudi Fransi Capital Mediobanca Al Rajhi Capital Intesa SanPaolo Citi Tekstil Yatirim Menkul UniCredit Morgan Stanley Nomura Nordea Top Twenty Total Industry Total

Bookrunner UBS JP Morgan Morgan Stanley Deutsche Bank Credit Suisse Citi Goldman Sachs & Co Bank of America Merrill Lynch Saudi Fransi Capital Sambacapital HSBC Holdings PLC Jefferies & Co Inc Berenberg Bank Sberbank CIB VTB Capital BNP Paribas SA Barclays Renaissance Capital Group Riyadh Bank Ltd Canaccord Genuity Top Twenty Total Industry Total

-17.5% ▼ 12.5% ▲

# of Deals per Bookrunner # of Market Change in Deals Share # of Deals 9 -1 7.6 ▼ 11 9.3 0 1 0.8 +1 ▲ 10 8.5 +3 ▲ 5 -2 ▼ 4.2 6 ▲ 5.1 +1 6 5.1 +1 ▲ -6 ▼ 8 6.8 7 5.9 +1 ▲ 3 2.5 +1 ▲ 2 1.7 +1 ▲ 5 4.2 -1 ▼ 1 0.8 +1 ▲ 1 0.8 0 5 4.2 +2 ▲ 0.8 +1 ▲ 1 5 -1 4.2 ▼ -7 ▼ 3 2.5 5.1 +5 ▲ 6 3 ▼ 2.5 -2 118 -24.8% ▼ -3.6% ▼

-39

Imputed Fees (US$m) Market Manager Market Share Ch. Fees Share +4.3 ▲ 9.1 65.9 -0.1 ▼ 6.1 44.3 2.2 +2.2 ▲ 16.0 5.1 +2.4 ▲ 36.7 5.9 +0.8 ▲ 42.6 74.2 +6.1 ▲ 10.3 +0.6 ▲ 31.7 4.4 4.3 30.9 -5.0 ▼ 3.9 +2.1 ▲ 28.0 14.4 2.0 +1.7 ▲ 4.4 0.6 +0.3 ▲ 29.0 4.0 +1.5 ▲ 0.2 +0.2 ▲ 1.2 16.1 +0.1 ▲ 2.2 14.9 2.1 -1.0 ▼ 12.0 1.7 +1.7 ▲ 17.5 2.4 -0.9 ▼ 9.5 1.3 -4.7 ▼ 16.5 2.3 +1.4 ▲ 17.5 2.4 +1.6 ▲ 523.3 72.5 722.6 100.0 -3.2% ▼ 116.8% ▲

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 1,895.8 10.9 10 +8.7 ▲ 9.5 +6.2 ▲ 2 1,650.8 8 8.3 3 1 1,438.7 -1.2 ▼ 7 4 7.4 1,282.9 +2.6 ▲ -1.8 ▼ 2 1,093.4 6.3 5 -1.4 ▼ 5.7 3 1,000.0 6 -2.2 ▼ 642.6 3.7 7 6 627.2 3.6 -3.4 ▼ 8 4 580.9 3.3 +3.3 ▲ 9 2.9 +2.9 ▲ 508.7 10 477.5 11 2.7 15 +1.2 ▲ 2.5 +2.0 ▲ 34 443.0 12 2.5 +2.1 ▲ 37 435.0 13 28 365.9 14* 2.1 +1.4 ▲ 14 365.9 2.1 14* +0.6 ▲ 2.1 5 363.8 -4.5 ▼ 16 22 303.9 +1.0 ▲ 17 1.8 13 299.4 1.7 +0.1 ▲ 18 19 252.3 +1.5 ▲ 1.5 232.2 +1.2 ▲ 65 1.3 20 14,259.9 81.9 17,412.5 100.0


Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Share Ch. Proceeds Share Rank Rank 1 11.5 +5.3 ▲ 6 3,710.6 6.2 -2.8 ▼ 2 3 1,980.9 3 +5.9 ▲ 1,885.6 5.9 11 5.4 4 +2.5 ▲ 1,728.4 5 7 1,619.2 5.0 +1.6 ▲ 6 -1.4 ▼ 5 1,542.2 4.8 16 1,478.6 7 4.6 +3.5 ▲ 1,453.5 -9.5 ▼ 8 1 4.5 9 18 1,379.1 4.3 +3.3 ▲ 10 36 1,198.2 3.7 +3.4 ▲ 11 25 1,113.4 3.5 +3.0 ▲ 12 8 1,108.5 3.5 +0.5 ▲ 13 800.0 2.5 +2.5 ▲ 2.4 +1.9 ▲ 14 24 771.4 15 9 748.4 2.3 -0.7 ▼ 16 535.3 1.7 +1.7 ▲ 532.6 1.7 17 15 +0.5 ▲ 18 4 525.2 1.6 -4.9 ▼ 1.6 +1.2 ▲ 19 33 509.9 20 41 471.3 +1.3 ▲ 1.5 25,092.3 78.2 32,174.0 100.0


Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 108.7 5.9 -1.3 ▼ 136.5 +3.2 ▲ 7.5 -3.3 ▼ 80.7 4.4 95.0 5.2 -2.3 ▼ 106.8 5.8 0.0 105.6 5.8 +1.5 ▲ +2.6 ▲ 6.9 126.5 -1.6 ▼ 42.1 2.3 +0.9 ▲ 44.6 2.4 60.6 +0.2 ▲ 3.3 47.0 2.6 +0.2 ▲ 48.2 2.6 -1.4 ▼ 16.0 +0.9 ▲ 0.9 +1.2 ▲ 35.3 1.9 1.1 20.1 +1.0 ▲ 42.0 2.3 +1.5 ▲ 21.6 1.2 +0.7 ▲ 13.1 +0.7 ▲ 0.7 1.7 -0.4 ▼ 31.7 13.9 -1.2 ▼ 0.8 1,196.0 65.3 1,832.1 100.0

EMEA IPOs (C7c)

-54.5% ▼ 1001.8% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 8.0 +1 ▲ 9 11 9.7 +4 ▲ ▼ 6 5.3 -4 ▲ 9 8.0 +1 7.1 ▼ 8 -1 -1 ▼ 4.4 5 -3 4 3.5 ▼ 5 4.4 0 ▲ 2 1.8 +2 2 1.8 +2 ▲ ▼ 2 1.8 -1 ▲ 4 3.5 +2 3 2.7 +2 ▲ ▼ 0.9 1 -1 ▼ 1 0.9 -2 ▼ 2 1.8 -2 4 3.5 +2 ▲ 3 2.7 -2 ▼ 1 0.9 +1 ▲ 3 2.7 +1 ▲ 113

-32

-22.1% ▼ 166.7% ▲

-52.6% ▼ 578.7% ▲

EMEA Convertibles (C9d)

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

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 5 1 4,610.3 20.4 +13.2 ▲ 2 4 9.9 +2.6 ▲ 2,223.9 3 2 1,831.8 8.1 -5.1 ▼ 4 6 1,734.6 7.7 +0.9 ▲ 5 8 1,620.5 7.2 +2.3 ▲ 3 1,551.7 6.9 -0.8 ▼ 6 7 13 1,432.3 6.4 +3.7 ▲ 8 15 1,189.1 5.3 +3.1 ▲ +2.7 ▲ 9 17 935.3 4.2 9 751.5 -1.3 ▼ 10 3.3 11 12 750.0 3.3 +0.6 ▲ 12 14 501.4 2.2 -0.2 ▼ 19 433.3 1.9 +1.0 ▲ 13 14 10 349.3 1.6 -1.8 ▼ 15 1.5 +1.5 ▲ 332.6 16 7 281.9 -5.4 ▼ 1.3 17 251.9 1.1 +1.1 ▲ +1.0 ▲ 18 234.6 1.0 19 1.0 -1.0 ▼ 16 217.5 20 141.0 0.6 +0.6 ▲ 21,374.5 94.9 22,552.8 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie **Excludes self led deals per standard criteria

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 32.9 7.5 +3.7 ▲ 30.3 6.9 +4.2 ▲ 19.1 4.3 -6.2 ▼ 28.9 6.6 +1.0 ▲ 22.2 5.0 -1.4 ▼ 21.2 4.8 -0.7 ▼ 12.3 2.8 -1.6 ▼ 22.8 5.2 +1.6 ▲ 15.7 3.6 +3.6 ▲ 10.0 2.3 +2.3 ▲ 13.3 +0.3 ▲ 3.0 11.8 2.7 +2.0 ▲ 2.0 +1.5 ▲ 9.0 5.0 1.1 0.0 0.6 -0.7 ▼ 2.7 8.7 2.0 -1.1 ▼ 10.2 2.3 +0.3 ▲ 10.4 2.4 +0.8 ▲ 7.2 1.6 +1.6 ▲ 2.4 +2.2 ▲ 10.7 304.4 69.1 440.7 100.0

61.4% ▲ 39.1% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 18 36.0 +15 ▲ 5 10.0 +1 ▲ ▲ 9 18.0 +6 6 12.0 +3 ▲ 6 12.0 +2 ▲ 20.0 +2 ▲ 10 10.0 +2 5 ▲ 3 ▲ 6.0 +1 5 10.0 +3 ▲ 6 12.0 0 1 2.0 -3 ▼ 4 8.0 +2 ▲ 4.0 +1 ▲ 2 2 -2 4.0 ▼ 1 ▲ 2.0 +1 2 -3 ▼ 4.0 3 6.0 +3 ▲ 2 4.0 +2 ▲ -2 4.0 2 ▼ 1 2.0 +1 ▲ 50 31.6% ▲ -20.0% ▼

+12

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. -2.3 ▼ 72.1 20.9 37.3 10.8 0.0 22.5 6.5 -3.3 ▼ 32.0 9.3 +2.6 ▲ 21.0 6.1 -1.6 ▼ 9.0 +0.2 ▲ 31.0 5.7 -1.4 ▼ 19.5 3.8 13.0 -1.3 ▼ 12.3 3.6 +1.5 ▲ 10.5 3.0 +0.9 ▲ 12.5 3.6 +3.2 ▲ 8.3 +0.2 ▲ 2.4 +0.2 ▲ 7.6 2.2 1.3 -1.3 ▼ 4.6 +1.5 ▲ 5.0 1.5 3.6 1.0 -0.4 ▼ 3.4 1.0 -1.2 ▼ 2.8 0.8 +0.2 ▲ 0.7 -0.7 ▼ 2.4 0.7 -0.1 ▼ 2.4 93.9 323.8 345.2 100.0 110.7% ▲ 78.7% ▲


9


Asia (ex-Japan, ex-Australia) Equity Capital Markets Asian Equity & Equity-Related Excluding Chinese A-Shares Volume Up 8.2% l China ECM Issuance Drops 41.7% l Asian Stake Sell-Down Reached Record High Volume Asia Deals Intelligence Total estimated fees for Asian Equity and Equity-Related deals for the full year Asian stake sell-downs through block trades this year reached an all time high of Proceeds from Asian Follow-On offerings reached US$103.6 billion from 714 deals 2012 reached US$2.5 billion from 1,242 issues, a 41.2% decline from total US$47.9 billion from 136 deals, a 157.1% increase from 2011. The US$6.4 billion in 2012, a 29.8% increase from 2011. Asian IPO and Convertible transactions this fees earned last year, according to Thomson Reuters/Freeman Consulting. sale of a stake in HK's American Intl Assurance Group in December was the largest year registered a volume decline of 52.4% and 47.5%, respectively. Asian block trade on record.

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

Bookrunner Goldman Sachs & Co UBS Citi JP Morgan Morgan Stanley Deutsche Bank Bank of America Merrill Lynch Credit Suisse CITIC HSBC Holdings PLC Guosen Securities Co Ltd CIMB Group Sdn Bhd GF Securities China International Capital Co Haitong Securities Co Ltd Bank of China Ltd Guotai Junan Securities Barclays China Merchants Securities Co Malayan Banking Bhd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 1 12,613.0 8.3 +0.6 ▲ 2 4 12,018.3 7.9 +3.8 ▲ 3 7.5 +4.7 ▲ 12 11,412.1 8,979.8 +3.0 ▲ 4 11 5.9 +0.2 ▲ 5.8 5 2 8,812.7 6,875.5 4.5 +0.4 ▲ 6 3 4.2 +1.0 ▲ 7 8 6,325.7 6,008.1 +0.7 ▲ 8 4.0 6 9 0.0 4,654.6 3.1 9 10 16 2.8 +0.9 ▲ 4,205.8 11 -1.1 ▼ 5 4,205.1 2.8 24 12 3,629.3 2.4 +1.3 ▲ 2 800 1 19 +0 3 ▲ 13 18 2,800.1 1.9 +0.3 1.8 -1.4 ▼ 14 7 2,719.2 +0.1 ▲ 1.3 15 1,998.4 22 16 19 1,899.1 -0.3 ▼ 1.3 14 17 1,870.5 1.2 -0.9 ▼ +0.5 ▲ 18 1.1 1,616.8 33 19 1,578.9 1.0 13 -1.1 ▼ 46 1.0 +0.6 ▲ 1,544.1 20 69.8 105,767.1 151,359.0 100.0


-15.0% ▼ 36.4% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 55 4.4 +18 ▲ ▲ 5.8 +22 72 53 4.3 +16 ▲ 52 ▲ 4.2 +19 -5 42 3.4 ▼ 40 -1 3.2 ▼ 40 ▲ 3.2 +18 3.3 +4 41 ▲ 2.1 +12 26 ▲ ▲ 31 2.5 +8 2.3 -12 ▼ 28 ▲ 27 2.2 +3 14 2 18 1.4 -2 ▼ -8 ▼ 1.1 14 -4 1.4 ▼ 18 -2 1.3 16 ▼ 19 1.5 ▼ -7 10 0.8 0 0.8 -15 10 ▼ 1.4 +4 17 ▲ 1,242

-244

-16.4% ▼ 2.5% ▲

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 10.7 -1.4 1 12,507.1 ▼ 2 11,412.1 +5.1 ▲ 9.7 7 3 +6.0 ▲ 11,202.8 9.6 8 4 2 -1.7 ▼ 7.5 8,812.7 5 8,751.7 7.5 +2.8 ▲ 5 6 3 -0.3 ▼ 6,468.0 5.5 7 4 6,325.7 5.4 +0.2 ▲ 5,833.3 5.0 +0.3 ▲ 8 6 +0.4 ▲ 9 4,205.8 3.6 9 3,629.3 10 +1.3 ▲ 3.1 14 +0.3 ▲ 11 21 1,616.8 1.4 12 27 1,544.1 1.3 +0.6 ▲ 1.3 1,529.2 13 15 -0.2 ▼ -1.6 ▼ 14 10 1,515.9 1.3 0.0 1,398.9 15 17 1.2 1.2 16 1,377.0 114 +1.1 ▲ 17 1,201.8 1.0 19 -0.1 ▼ 18 13 1,164.4 1.0 -0.8 ▼ -0.3 ▼ 919.5 0.8 18 19 -1.1 ▼ 12 901.3 20 0.8 92,317.4 78.9 100.0 117,345.3

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

8.2% ▲ 59.1% ▲

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 93.8 3.7 +0.5 ▲ +2.0 ▲ 122.1 4.8 +0.7 ▲ 59.4 2.4 3.4 +1.2 ▲ 85.9 65.3 2.6 0.0 +0.4 ▲ 95.4 3.8 +0.5 ▲ 2.2 56.0 -0.2 ▼ 66.5 2.6 134.5 +2.8 ▲ 5.3 +0.9 ▲ 57.2 2.3 148.3 5.9 +0.7 ▲ 50.2 2.0 +1.1 ▲ 91 3 36 +1 6 ▲ 91.3 3.6 +1.6 50.0 2.0 0.0 56.4 -0.8 ▼ 2.2 +0.6 ▲ 39.7 1.6 1.5 37.8 0.0 -0.5 ▼ 11.5 0.5 -1.6 ▼ 43.7 1.7 33.0 1.3 +0.8 ▲ 1,398.0 55.4 2,522.9 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 5.3 +18 54 ▲ 53 ▲ 5.2 +16 67 ▲ 6.6 +25 42 -5 4.1 ▼ 5.0 +18 51 ▲ 37 3.6 0 3.9 +18 ▲ 40 40 ▲ 3.9 +5 3.0 +8 ▲ 31 27 ▲ 2.6 +3 10 1.0 0 17 1.7 +4 ▲ ▼ 14 1.4 -2 ▲ 2.4 +8 24 ▲ 11 1.1 +3 ▲ 12 1.2 +9 ▲ 2.0 +8 20 ▲ 2.0 +2 20 6 0.6 +3 ▲ -6 0.8 ▼ 8 1,020 -6.0% ▼ 16.9% ▲

$7.3 5%

$6.7 4%

$5.7 4%

Jan 1 - Dec 31 2012

$3.4 $2.6 2% 2%

Financials Industrials Energy and Power

$49.6 33%

$8.0 5%

Materials $8.3 6%

High Technology Real Estate

$8.7 6%

Media and Entertainment

$13 3 $13.3 9%

$20.3 13%

$17.0 11%

Consumer Staples Healthcare Telecommunications Retail Consumer Products and Services

-41.2% ▼ -9.0% ▼

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

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

Asia Equity & Equity-Related Proceeds by Industry (US$Bil)

-65

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

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 90.5 6.6 -0.4 ▼ 59.4 4.3 +0.4 ▲ 107.0 7.8 +3.8 ▲ 65.3 -1.2 ▼ 4.8 83.1 6.1 +1.2 ▲ 86.8 -0.1 ▼ 6.3 56.0 4.1 +0.4 ▲ 57.6 4.2 -1.8 ▼ 57.2 4.2 +1.1 ▲ 50.2 3.7 +1.7 ▲ -1.4 ▼ 11.5 0.8 2.4 33.0 +1.2 ▲ 28.9 +0.8 ▲ 2.1 27.9 2.0 -0.8 ▼ 18.4 +0.5 ▲ 1.4 1.3 +0.9 ▲ 17.1 17.5 +0.3 ▲ 1.3 22.7 -0.5 ▼ 1.7 8.0 0.0 0.6 -0.5 ▼ 1.4 19.1 67.1 917.2 1,369.4 100.0

American Intl Assurance Group

12/17/2012

American Intl Assurance Group

3/6/2012

PICC Felda Global Ventures Hldgs PTT Exploration & Prodn PCL

Jan 1 - Dec 31 2012 $6,447 $6,016 $3,562

11/30/2012

$3,273

6/14/2012

$3,008

11/30/2012

Oil & Natural Gas Corp Ltd

2/29/2012

$2,531

ICBC

4/16/2012

$2,512

IHH Healthcare Bhd

7/12/2012

American Intl Assurance Group HDFC

9/6/2012

2/24/2012

$2,112 $2,022 $1,949

-28.1% ▼ 58.3% ▲


10


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

Bookrunner Goldman Sachs & Co UBS Citi Morgan Stanley JP Morgan Deutsche Bank Bank of America Merrill Lynch Credit Suisse CITIC HSBC Holdings PLC CIMB Group Sdn Bhd Guosen Securities Co Ltd GF Securities Haitong Securities Co Ltd Guotai Junan Securities Bank of China Ltd China Merchants Securities Co Malayan Banking Bhd China International Capital Co Hongyuan Securities Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 1 8.8 12,389.0 +1.6 ▲ 5 11,825.9 8.4 +4.9 ▲ 2 10,799.4 7.6 9 +4.6 ▲ 3 +0.5 ▲ 4 6.2 2 8,748.3 5 11 8,100.9 +3.2 ▲ 5.7 6 3 6,474.3 4.6 +0.1 ▲ 7 6,103.0 7 4.3 +1.2 ▲ 12 5,448.3 3.9 +1.5 ▲ 8 9 8 4,602.5 3.3 +0.2 ▲ 10 4,039.2 16 2.9 +1.1 ▲ 11 23 3,410.0 +1.2 ▲ 2.4 12 4 3,249.2 -2.1 ▼ 2.3 +0.3 ▲ 13 2,800.1 18 2.0 21 1,998.4 14 +0.1 ▲ 1.4 17 1,870.5 1.3 -0.5 ▼ 15 1,757.3 1.2 -0.4 ▼ 19 16 1,578.9 -1.0 ▼ 1.1 14 17 40 +0.6 ▲ 1,523.0 1.1 18 19 10 1.0 -1.9 ▼ 1,455.1 1.0 +0.6 ▲ 49 1,410.7 20 99,584.0 70.5 100.0 141,469.7


-11.2% ▼ 44.0% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 53 4.7 +22 70 ▲ 6.3 +26 46 4.1 +11 ▲ 41 3.7 -2 ▼ 46 4.1 +19 ▲ 3.2 -2 36 ▼ 3.3 +17 37 ▲ 36 3.2 +11 ▲ 25 2.2 +12 ▲ 30 2.7 +11 ▲ ▲ 2.2 +1 25 ▼ 27 2.4 -13 -2 1.6 18 ▼ 1.6 -4 18 ▼ -5 1.7 ▼ 19 15 1.3 ▼ -2 10 0.9 -13 ▼ 16 ▲ 1.4 +3 13 1.2 ▼ -6 7 0.6 +1 ▲ -242 1,118 -17.8% ▼ 9.0% ▲

-41.6% ▼ -6.3% ▼

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

Bookrunner Goldman Sachs & Co UBS Citi Morgan Stanley JP Morgan Bank of America Merrill Lynch Deutsche Bank Credit Suisse HSBC Holdings PLC CITIC GF Securities Guotai Junan Securities CIMB Group Sdn Bhd Bank of China Ltd Haitong Securities Co Ltd Barclays Hongyuan Securities Co Ltd Central China Securities CLSA Southwest Securities Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 11.2 11,585.8 +1.7 ▲ 1 1 10,694.3 2 10.3 7 +6.9 ▲ 3 4 10,311.5 10.0 +6.0 ▲ 2 4 7,726.8 7.5 -1.9 ▼ 5 6,712.6 6 6.5 +2.9 ▲ 5.0 6 3 5,195.3 -0.3 ▼ 7 11 4,688.8 4.5 +2.0 ▲ 9 4,585.5 4.4 +1.6 ▲ 8 9 17 3,159.0 3.1 +1.6 ▲ 10 13 2.2 +0.2 ▲ 2,296.9 11 15 1.6 1,665.5 0.0 12 1,392.7 -1.4 ▼ 10 1.3 13 19 1,284.4 1.2 -0.1 ▼ 33 14 1,267.5 1.2 +0.6 ▲ 1,253.5 +0.4 ▲ 15 28 1.2 16 66 1,227.9 1.2 +1.0 ▲ 17 54 1,152.0 1.1 +0.8 ▲ 18 1,122.2 1.1 +1.1 ▲ 20 19 1,111.4 1.1 0.0 1,043.3 20 31 1.0 +0.3 ▲ 79,476.9 76.7 103,646.4 100.0


29.8% ▲ 53.0% ▲

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 3.8 89.4 +1.0 ▲ +2.5 ▲ 120.9 5.1 +0.4 ▲ 51.3 2.2 64.0 2.7 0.0 75.2 3.2 +1.3 ▲ 3.8 +0.3 ▲ 91.0 2.2 52.4 +0.7 ▲ 50.9 -0.3 ▼ 2.1 5.6 133.6 +3.1 ▲ +1.1 ▲ 56.3 2.4 47.5 2.0 +1.1 ▲ 6.0 +0.5 ▲ 143.2 3.8 91.3 +1.7 ▲ 53.0 2.2 -0.9 ▼ 1.6 +0.2 ▲ 37.8 36.6 1.5 +0.5 ▲ 43.7 1.8 -1.6 ▼ 1.3 31.7 +0.7 ▲ 38.7 1.6 -0.3 ▼ 50.1 2.1 +1.5 ▲ 1,358.6 57.0 2,381.4 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 6.3 +25 45 ▲ ▲ 60 8.4 +31 36 5.0 +15 ▲ 33 4.6 +6 ▲ 4.9 +18 35 ▲ 28 3.9 +15 ▲ 23 3.2 +5 ▲ 30 4.2 +16 ▲ 21 2.9 +13 ▲ 11 1.5 +8 ▲ 0 7 1.0 6 ▼ -7 0.8 ▼ 11 1.5 -4 11 ▲ 1.5 +5 0.8 +1 6 ▲ 5 0.7 +4 ▲ ▲ 4 0.6 +2 3 0.4 +3 ▲ 18 ▲ 2.5 +8 ▼ 3 0.4 -1 714 -0.7% ▼ 24.6% ▲

-5

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. +3.0 ▲ 6.7 70.4 99.5 9.5 +5.4 ▲ 3.7 +0.4 ▲ 38.9 +0.2 ▲ 42.7 4.1 4.9 +0.8 ▲ 51.8 2.9 30.1 -1.7 ▼ 55.1 5.2 +2.4 ▲ 33.6 3.2 -0.9 ▼ +1.3 ▲ 3.4 36.1 +2.8 ▲ 3.7 38.8 +1.0 ▲ 2.7 28.0 1.9 -0.6 ▼ 20.2 12.3 1.2 -0.2 ▼ 18.5 1.8 +1.3 ▲ 1.5 15.3 -0.1 ▼ 5.1 -0.2 ▼ 0.5 3.4 +2.9 ▲ 35.8 0.7 7.8 +0.7 ▲ 15.8 1.5 +0.3 ▲ -0.3 ▼ 1.1 11.7 667.5 63.6 1,053.8 100.0 -3.6% ▼ 21.9% ▲

Asia IPOs, inc Chinese A-shares (C7a)

Bookrunner Guosen Securities Co Ltd CITIC CIMB Group Sdn Bhd Deutsche Bank JP Morgan Malayan Banking Bhd GF Securities UBS Morgan Stanley Ping An Securities Ltd Bank of America Merrill Lynch HSBC Holdings PLC Credit Suisse Goldman Sachs & Co Huatai United Securities Co DBS Group Holdings Haitong Securities Co Ltd China International Capital Co China Merchants Securities Co China Securities Co Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 3 7.4 2,797.5 +2.4 ▲ +1.9 ▲ 5 2 2,305.6 6.1 3 2,125.6 24 5.6 +4.5 ▲ 4.7 1,785.5 -1.7 ▼ 4 1 20 1,388.3 3.7 +2.2 ▲ 5 1,287.5 +2.7 ▲ 6 3.4 44 +1.1 ▲ 17 1,134.6 7 3.0 8 3.0 -0.6 ▼ 6 1,131.7 2.7 +0.6 ▲ 1,021.4 9 14 2.6 -3.0 ▼ 10 2 973.3 2.4 +1.5 ▲ 11 907.7 27 12 13 2.3 +0.1 ▲ 880.2 2.3 +0.3 ▲ 13 15 862.8 803.2 2.1 -2.8 ▼ 4 14 800.3 23 +0.9 ▲ 15 2.1 16 7 2.1 -0.9 ▼ 785.8 18 2.0 744.9 +0.2 ▲ 17 617.9 9 1.6 -0.9 ▼ 18 10 1.6 -0.8 ▼ 588.2 19 20 563.8 12 -0.7 ▼ 1.5 23,505.8 62.2 37,823.3 100.0


-52.4% ▼ 19.1% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals -6 ▼ 23 5.7 3.5 +4 14 ▲ 3.5 +5 14 ▲ -7 3.2 ▼ 13 11 2.7 +1 ▲ 2.2 +4 9 ▲ 2.7 -2 11 ▼ 10 -5 ▼ 2.5 8 2.0 -8 ▼ 15 3.7 -18 ▼ 9 2.2 +2 ▲ ▼ 9 2.2 -2 6 1.5 ▼ -5 ▼ 8 2.0 -3 ▲ 9 2.2 +1 10 ▲ 2.5 +5 12 3.0 ▼ -5 -2 1.5 ▼ 6 6 ▼ 1.5 -12 1.2 ▼ 5 -2 404

-237

-55.6% ▼ -28.9% ▼

-37.0% ▼ -19.0% ▼

Asia Convertibles, inc Chinese A-shares (C9b)

Bookrunner China International Capital Co Guosen Securities Co Ltd JP Morgan Citi Credit Suisse DBS Group Holdings Deutsche Bank Standard Chartered PLC Sinopac Holdings Barclays Goldman Sachs & Co Bank of America Merrill Lynch CIMB Group Sdn Bhd China Securities Co Ltd Yuanta Financial Hldg Co Ltd UBS HSBC Holdings PLC Grand Cathay Securities Corp Eugene Invest & Sec Co Ltd Bank of China Ltd Top Twenty Total Industry Total

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. +6.7 ▲ 12.8 1 4 1,264.1 +9.7 ▲ 955.9 2 9.7 5 3 8.9 878.9 +3.3 ▲ +5.2 ▲ 21 612.7 6.2 4 5.7 2 -4.7 ▼ 5 559.8 4.4 +4.4 ▲ 434.5 6 +3.1 ▲ 4.1 7 22 401.2 -0.1 ▼ 2.8 13 277.7 8 +2.5 ▲ 9 2.7 44 269.4 250.7 2.5 -1.0 ▼ 11 10 2.3 1 -9.4 ▼ 11 224.0 10 222.7 2.3 -1.3 ▼ 12 219.3 2.2 +2.2 ▲ 13 +0.4 ▲ 193.5 17 2.0 14 192.9 +1.3 ▲ 26 2.0 15 16 3 192.4 2.0 -7.2 ▼ 14 166.7 1.7 -0.9 ▼ 17 20 164.5 +0.5 ▲ 1.7 18 19 148.2 1.5 +1.4 ▲ 56 20 1.4 +0.1 ▲ 19 141.8 7,770.9 78.9 9,889.3 100.0


-47.5% ▼ -43.1% ▼

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 132.4 10.0 +3.5 ▲ 94.8 +4.0 ▲ 7.1 35.2 2.7 +2.0 ▲ 35.9 2.7 -1.1 ▼ 23.3 1.8 +0.7 ▲ 1.9 +1.3 ▲ 25.1 4.8 63.3 +2.6 ▲ 21.3 1.6 -0.4 ▼ 21.4 -0.6 ▼ 1.6 68.5 5.2 -2.5 ▼ 22.4 +1.3 ▲ 1.7 20.2 1.5 +0.5 ▲ -0.5 ▼ 17.3 1.3 19.0 -1.1 ▼ 1.4 45.7 3.4 +1.8 ▲ 15.2 -0.1 ▼ 1.2 37.8 -0.7 ▼ 2.9 -0.1 ▼ 1.7 23.0 27.8 -1.8 ▼ 2.1 +0.4 ▲ 2.0 26.8 776.4 58.6 1,327.5 100.0

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 0.8 -2 ▼ 1 0.8 +1 ▲ 1 0 6 4.8 5.6 +5 7 ▲ -7 ▼ 4.0 5 5 4.0 +5 ▲ ▲ 4 3.2 +1 3.2 +1 ▲ 4 4 ▲ 3.2 +3 -2 3 2.4 ▼ ▼ 2 1.6 -4 3 ▲ 2.4 +1 2 ▲ 1.6 +2 0 1 0.8 4.0 +3 5 ▲ -4 ▼ 2 1.6 1 0.8 -3 ▼ 0 7 5.6 1 0.8 -1 ▼ 0.8 1 0 124 -1.6% ▼ -43.6% ▼

-2

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 11.3 8.0 +4.4 ▲ 3.6 +3.6 ▲ 5.0 10.8 0.0 7.6 5.8 8.1 +5.4 ▲ 15.6 11.1 +0.2 ▲ +3.9 ▲ 5.6 4.0 +2.3 ▲ 4.5 3.2 +0.6 ▲ 4.1 2.9 +0.5 ▲ 0.8 1.1 -1.5 ▼ 4.2 3.0 3.1 -6.5 ▼ 4.4 3.6 2.5 -1.4 ▼ 2.8 +1.9 ▲ 1.9 +0.7 ▲ 2.7 1.9 1.5 +0.5 ▲ 2.1 1.2 0.9 -6.0 ▼ -1.7 ▼ .9 0.7 1.2 1.7 -0.7 ▼ 2.8 +1.9 ▲ 2.0 +1.2 ▲ 3.1 2.2 95.6 67.9 141.6 100.0 -33.2% ▼ -48.4% ▼


11


Australia Equity Capital Markets Australian ECM Volume Lowest Since 2001 l Goldman Sachs - Top Fee Earner l Australian Follow On Proceeds Drop 32% Australia Deal Intelligence Proceeds from Australian Equity and Equity-Related offerings reached AU$19.8 billion from 614 deals, a 17.9% decline from 2011. Issuers from the Financials, Materials and Energy & Power sectors led the market, capturing a collective 64.3% market share.

Total fees earned in Australia this year saw a 19.7% decline from 2011, according to estimates by Thomson Reuters/Freeman Consulting. UBS, the top bookrunner of Australian offerings, captured 8.7% of the total fees this year, behind Goldman Sachs, with a 9.7% share.

Australian Equity & Equity-Related (AK1)

Bookrunner UBS Morgan Stanley Citi Macquarie Group Goldman Sachs & Co RBS Deutsche Bank JP Morgan Bank of America Merrill Lynch National Australia Bank Patersons Securities Ltd Credit Suisse Bell Financial Group Ltd Hartleys Ltd Euroz Securities Ltd Commonwealth Bank of Australia Canaccord Genuity Petra Capital Pty Ltd Westpac Banking RBC Capital Markets Top Twenty Total Industry Total

Proceeds per Bookrunner (AU$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 3,185.4 16.1 -6.6 ▼ 1 1 6 2,022.5 +4.2 ▲ 2 10.2 2,003.9 3 +8.5 ▲ 13 10.1 4 -1.3 ▼ 2 1,795.6 9.1 1,337.8 +3.1 ▲ 6.8 8 5 937.1 6 4.7 -1.6 ▼ 4 10 7 4.5 +2.1 ▲ 898.3 878.2 4.4 -3.5 ▼ 8 3 555.6 2.8 -3.3 ▼ 9 5 500.4 10 66 2.5 +2.4 ▲ 11 11 2.1 -0.2 ▼ 420.5 399.9 2.0 12 -3.8 ▼ 7 316 4 16 04 ▼ 13 12 316.4 1.6 -0.4 22 259.7 +0.6 ▲ 14 1.3 15 17 +0.5 ▲ 257.1 1.3 1.1 16 9 215.2 -1.3 ▼ 210.8 +0.5 ▲ 17 27 1.1 18 198.3 1.0 31 +0.6 ▲ 1.0 +1.0 ▲ 19 187.5 158.0 20 -0.1 ▼ 16 0.8 84.5 16,738.2 19,810.4 100.0


-17.9% ▼ 46.9% ▲

Jan 1 - Dec 31 # of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 29 4.7 -6 ▼ 0 10 1.6 10 1.6 +6 ▲ ▲ 4.1 +2 25 2.4 +8 ▲ 15 ▼ 28 4.6 -11 1.0 -1 ▼ 6 ▼ 10 1.6 -1 ▼ 0.7 -7 4 0.7 +3 4 ▲ ▼ 87 14.2 -4 ▲ 10 1.6 +3 54 5 33 5.4 -5 ▼ ▲ 24 3.9 +7 1.6 10 -1 ▼ 8 1.3 +2 ▲ 3.3 +3 ▲ 20 9 1.5 +4 ▲ ▲ 2 0.3 +2 5 ▼ 0.8 -2 614

-14

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

Imputed Fees (AU$m) Manager Market Market Fees Share (%) Share Ch. 47.6 8.7 -7.8 ▼ 16.0 3.0 +1.4 ▲ 39.2 7.2 +5.5 ▲ 49.2 -0.4 ▼ 9.0 52.9 9.7 +7.3 ▲ 5.5 29.9 -1.3 ▼ +1.0 ▲ 3.2 17.3 -0.8 ▼ 28.2 5.2 9.8 1.8 -3.6 ▼ 1.6 8.6 +1.4 ▲ 3.7 -0.2 ▼ 19.9 9.9 1.8 -3.0 ▼ 20 2 37 +0 7 ▲ 20.2 3.7 +0.7 2.2 +0.6 ▲ 12.1 11.0 2.0 +0.1 ▲ -1.0 ▼ 1.3 7.1 1.3 +0.3 ▲ 7.0 1.8 +1.0 ▲ 9.8 1.2 +1.2 ▲ 6.5 4.2 0.8 -0.3 ▼ 406.4 74.7 544.2 100.0

Jan 1 - Dec 31

Proceeds per Bookrunner (AU$m) Market Market 2012 2011 Proceeds Share (%) Share Ch. Rank Rank 1 -5.9 ▼ 1 17.3 2,671.5 1,953.9 2 12 12.6 +10.9 ▲ 2 10.4 1,602.9 +0.1 ▲ 3 1,212.3 7.8 4 8 +4.8 ▲ 5 5 955.3 6.2 -0.3 ▼ 6 3 751.6 4.9 -2.9 ▼ 7 11 4.3 660.4 +2.4 ▲ 8 7 512.2 -2.6 ▼ 3.3 480.6 3.1 9 4 -3.4 ▼ 10 +0.3 ▲ 414.0 9 2.7 340.5 2.2 -4.1 ▼ 11 6 2.1 12 10 316.4 0.0 13 21 259.7 1.7 +1.0 ▲ 257.1 16 14 1.7 +0.8 ▲ 210.8 1.4 +0.8 ▲ 15 26 16 1.3 +0.9 ▲ 30 198.3 +0.3 ▲ 17 25 155.6 1.0 18 13 140.2 0.9 -0.7 ▼ 31 133.8 19 0.9 +0.5 ▲ +0.1 ▲ 20 23 122.0 0.8 86.6 13,349.1 100.0 15,467.2 -30.8% ▼ 61.3% ▲

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 25 4.2 -8 ▼ 9 1.5 +5 ▲ 3.7 0 22 2.2 +7 ▲ 13 ▼ 8 -2 1.3 1.3 -2 8 ▼ ▼ 5 0.8 -1 4.2 -12 25 ▼ ▼ 3 -7 0.5 86 14.4 -4 ▼ 9 1.5 +2 ▲ -5 ▼ 33 5.5 ▲ 24 4.0 +7 ▼ 10 1.7 -1 3.3 +4 20 ▲ 9 ▲ 1.5 +4 12 2.0 ▼ -1 7 ▲ 1.2 +2 5 0.8 -3 ▼ 1.8 11 0 598 -2.6% ▼ 18.9% ▲

Australian Equity & Equity-Related Proceeds by Industry (AU$Bil)

$0.8 4%

$0.6 3%

$0.3 $0.2 1% $0.21% $0.1 1% 1%

-16

Jan 1 - Dec 31 2012

Financials Materials $5.1 26%

$1.2 6%

Energy and Power

$1.6 8%

Real Estate Industrials Media and Entertainment

$2.1 11%

$4.0 20%

Consumer Products and Services Consumer Staples Retail

$3.7 18%

High Technology Healthcare Telecommunications

-19.7% ▼ 103.9% ▲

-2.2% ▼ 19.2% ▲

Australian Common Stock (AK2)

Bookrunner UBS Citi Macquarie Group Goldman Sachs & Co Morgan Stanley JP Morgan Deutsche Bank RBS Bank of America Merrill Lynch Patersons Securities Ltd Credit Suisse Bell Financial Group Ltd Hartleys Ltd Euroz Securities Ltd Canaccord Genuity Petra Capital Pty Ltd Azure Capital Commonwealth Bank of Australia Ord Minnett Ltd Argonaut Ltd Top Twenty Total Industry Total

Australian Follow-On and IPO proceeds in the full year 2012 saw a 31.9% and 5.1% decline, to AU$14.6 billion from 565 deals and AU$909.7 million from 33 deals, respectively, compared to the full year 2011.

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

Imputed Fees (AU$m) Manager Market Market Fees Share (%) Share Ch. -8.0 ▼ 8.5 40.7 37.9 7.9 +6.2 ▲ -0.1 ▼ 44.5 9.3 10.5 50.4 +8.3 ▲ 13.0 2.7 +1.1 ▲ -0.6 ▼ 5.3 25.4 13.5 2.8 +1.0 ▲ -2.0 ▼ 22.0 4.6 1.7 -3.8 ▼ 8.3 4.1 19.8 0.0 9.2 1.9 -3.1 ▼ +0.8 ▲ 18.8 3.9 12.1 +0.8 ▲ 2.5 11.0 2.3 +0.3 ▲ 1.5 7.0 +0.5 ▲ 9.8 2.0 +1.1 ▲ 6.9 1.4 +0.4 ▲ 1.0 -1.1 ▼ 4.9 6.3 1.3 +0.5 ▲ +0.1 ▲ 5.9 1.2 76.4 367.4 100.0 481.2

Commonwealth Bank of Australia

3/23/2012

AGL Energy Ltd

6/19/2012

Transurban Group

3/20/2012

QBE Insurance Group Ltd

2/29/2012

Suncorp Group Ltd

10/2/2012

Goodman Group QR National Ltd QBE Insurance Group Ltd

-25.9% ▼ 91.4% ▲

$2,000.0

9/3/2012

Westpac Banking Corp

APA Group

Jan 1 - Dec 31 2012

5/2/2012 12/12/2012

$1,189.4 $943.9 $631.3 $600.0 $560.0 $539.8 $519.2

10/8/2012

$500.0

12/10/2012

$500.0


12


Japan Equity Capital Markets Japanese ECM Market Up 16.8% | IPO Deals drive Japanese Equity Activities | Follow-on Activities Decreased by 38% Japan Deals Intelligence Japanese equity activity was primarily driven by IPO deals, with proceeds reaching US$12.7 billion from 54 deals, a five-fold increase compared to 2011. IPO activity represented 48.2% of the entire Japanese market in 2012, marking the first time since 1998 that Japanese IPO deals captured the largest market share.

Japan Equity & Equity-Related (C1e)

Bookrunner Nomura Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Mizuho Financial Group Bank of America Merrill Lynch JP Morgan Goldman Sachs & Co Deutsche Bank UBS Citi Shenyin & Wanguo Securities Pi J ff C Piper Jaffray Cos CITIC Hana Financial Group Inc Tokai Tokyo Financial Holdings SBI Holdings Inc Toyo Securities Co Ltd Japan Asia Securities Co Ltd HS Securities Co Ltd Top Twenty Total Industry Total

2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12* 12* 12* 15 16 17 18 19 20

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2011 Rank Proceeds Share(%) Share Ch. 1 6,736.9 -4.8 ▼ 25.5 5 4,941.8 18.7 +12.1 ▲ 4 3,740.3 +7.3 ▲ 14.2 2 -15.2 ▼ 13.6 3,597.2 3 12.8 +3.2 ▲ 3,378.5 7 992.0 3.8 -2.0 ▼ 15 +3.0 ▲ 881.9 3.3 6 715.6 -3.6 ▼ 2.7 466.5 1.8 +0.9 ▲ 9 8 429.5 1.6 +0.1 ▲ 14 93.0 0.4 0.0 +0.3 ▲ 0.3 67.4 67 4 03 03 ▲ 67.4 0.3 +0.3 +0.3 ▲ 0.3 67.4 0.2 +0.2 ▲ 61.6 0.2 17 +0.1 ▲ 41.8 26.5 0.1 +0.1 ▲ 0.0 0.0 4.6 0.0 2.8 0.0 0.0 0.0 1.1 26,384.3 100.0 100.0 26,384.3


16.8% ▲ -57.1% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 44 31.4 +2 ▲ ▲ 23 16.4 +7 14 10.0 -2 ▼ 38 27.1 +5 ▲ ▲ 17 12.1 +1 ▲ 2.9 +2 4 2.9 +3 ▲ 4 0 3 2.1 3.6 +2 5 ▲ ▲ 6 4.3 +2 0.7 1 0 1 0.7 +1 ▲ 0 7 +1 1 1 0.7 ▲ ▲ 1 0.7 +1 ▲ 2 1.4 +2 0 0.7 1 3.6 +5 ▲ 5 2 ▲ 1.4 +2 ▲ 0.7 +1 1 0.7 +1 1 ▲ 140

+23

19.7% ▲ 48.5% ▲

2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12* 12* 12* 15 16 17 18 19 20

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 235.6 27.5 +0.9 ▲ 17.1 +7.9 ▲ 146.5 10.6 +0.5 ▲ 90.6 127.1 14.8 -5.9 ▼ 110.1 12.8 +1.2 ▲ 25.8 3.0 -7.9 ▼ 31.1 3.6 +3.1 ▲ -0.2 ▼ 26.8 3.1 10.0 1.2 +0.3 ▲ 11.7 1.4 +0.1 ▲ 5.1 0.6 -0.1 ▼ 1.6 0.2 +0.2 ▲ 16 02 02 ▲ 1.6 0.2 +0.2 1.5 0.2 +0.2 ▲ 0.3 +0.3 ▲ 2.9 +0.4 ▲ 6.0 0.7 3.2 0.4 +0.2 ▲ 1.0 0.1 +0.1 ▲ +0.1 ▲ .5 0.1 0.1 +0.1 ▲ .4 839.1 98.0 857.6 100.0

Jan 1 - Dec 31 Proceeds per Bookrunner (US$m) Market Market 2011 Rank Proceeds Share (%) Share Ch. 5,527.5 24.3 -10.2 ▼ 1 4,417.3 19.4 +11.2 ▲ 4 3,486.6 15.3 +8.1 ▲ 6 3,303.6 14.5 +6.1 ▲ 3 14.3 2 3,253.0 -5.9 ▼ 992.0 -2.8 ▼ 7 4.4 1.9 8 0.0 429.5 15 +1.5 ▲ 1.8 402.8 1.2 +0.5 ▲ 11 276.3 -6.8 ▼ 1.0 5 236.6 -0.1 ▼ 0.4 14 93.0 0.3 67.4 +0.3 ▲ 0.3 67.4 +0.3 ▲ 0.3 +0.3 ▲ 67.4 61.6 0.3 +0.3 ▲ 17 41.8 0.2 +0.1 ▲ 0.1 26.5 +0.1 ▲ 0.0 4.6 0.0 0.0 2.8 0.0 0.0 0.0 1.1 100.0 22,758.8 22,759.2 100.0

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

% ▲ 24.4% -71.7% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 37 31.1 ▼ -3 21 ▲ 17.6 +5 13 -1 10.9 ▼ 16 ▲ 13.4 +1 34 28.6 +3 ▲ 4 3.4 +2 ▲ 6 ▲ 5.0 +2 3 2.5 +2 ▲ 3 2.5 +1 ▲ 1.7 -1 2 ▼ 1 0.8 0 0.8 +1 1 ▲ 0.8 +1 1 ▲ 0.8 +1 1 ▲ 2 1.7 +2 ▲ 0 1 0.8 5 ▲ 4.2 +5 2 1.7 +2 ▲ 1 ▲ 0.8 +1 1 ▲ 0.8 +1 119 8.2% % ▲ 64.3% ▲

Jan 1 - Dec 31 800

80

700

70 583

60

600

50

500

429 414

400

40 334

300

30 262

283 20

200 92

10

90

107

117

140 100

0

0 2002

2003

2004

IPO

2005

2006

2007

Follow-On

2008 Convertible

2009

2010

2011

2012

# of Issues

-3.3% ▼ -46.5% ▼

Japan Common Stock (C4d)

Bookrunner Nomura Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Mizuho Financial Group Daiwa Securities Group Inc Bank of America Merrill Lynch UBS JP Morgan Deutsche Bank Goldman Sachs & Co Citi Shenyin & Wanguo Securities Piper Jaffray Cos CITIC Hana Financial Group Inc Tokai Tokyo Financial Holdings SBI Holdings Inc Toyo Securities Co Ltd Japan Asia Securities Co Ltd HS Securities Co Ltd Top Twenty Total Industry Total

Proceeds from follow-on offerings decreased by 38% from 2011, to US$10 billion - the lowest follow-on volume since 2008 and 38% of 2012’s equity market activity. All Nippon Airways’ US$2.3 billion offering was the largest Japanese follow-on deal for the year.

Japan Equity & Equity-Related Volume by Issue Type

Proceeds (US$b)

Japanese equity and equity related proceeds for 2012 increased by 16.8% to US$26.4 billion from 140 deals, the highest number of deals since 2008. Total fees earned reached a total of US$857.6 million, a 3.3% decline from the same period last year according to Thomson Reuters/Freeman consulting.

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

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 208.8 27.2 -0.8 ▼ 18.6 142.9 +8.4 ▲ +0.1 ▲ 81.8 10.7 +3.4 ▲ 105.5 13.8 118.0 15.4 -0.9 ▼ 25.8 3.4 -9.0 ▼ 11.7 1.5 0.0 14.3 1.9 +1.3 ▲ 6.1 0.0 0.8 1.6 12.4 -2.2 ▼ -0.2 ▼ 0.6 4.7 1.6 +0.2 ▲ 0.2 0.2 1.6 +0.2 ▲ +0.2 ▲ 1.5 0.2 2.9 +0.4 ▲ 0.4 6.0 +0.5 ▲ 0.8 3.2 +0.2 ▲ 0.4 1.0 +0.1 ▲ 0.1 +0.1 ▲ .5 0.1 0.1 .4 +0.1 ▲ 98.0 750.7 766.9 100.0

Jan 1 - Dec 31 2012

Japan Airlines Co Ltd 09/10/2012 $8,474 All Nippon Airways Co Ltd

$2,335

07/18/2012

Sony Corp 11/14/2012 Mazda Motor Corp

03/05/2012

GLP Toshi Hojin 12/12/2012 Activia Properties Inc Daiwa House REIT Investment Japan Real Estate Investment

06/1012012

$664 $505

Japan Real Estate Investment

$421

Hulic Co Ltd

$358

$1,916 $1,854 $1,334 $1,265 11/19/2012 02/21/2012 10/22/2012 12/05/2012

% ▼ -1.6% -58.9% ▼


*tie

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Japan Equity Capital Markets Japan IPOs (C7d)

Bookrunner Mitsubishi UFJ Morgan Stanley Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Nomura Bank of America Merrill Lynch UBS Citi Goldman Sachs & Co JP Morgan Shenyin & Wanguo Securities Piper Jaffray Cos CITIC Hana Financial Group Inc SBI Holdings Inc Japan Asia Securities Co Ltd HS Securities Co Ltd Phillip Securities

Jan 1 - Dec 31 2012 Rank 1 2 3 4 5 6 7 8* 8* 10 11* 11* 11* 14 15 16 17 18

Proceeds per Bookrunner (US$m) Market Market 2011 Proceeds Share (%) Share Ch. Rank 3 23.1 2,939.3 +9.1 ▲ +4.1 ▲ 21.0 2 2,674.3 5 +7.8 ▲ 16.3 2,067.1 7 1,921.0 15.1 +12.9 ▲ 1 1,586.1 12.5 -27.7 ▼ 794.4 6.3 +6.3 ▲ 183.4 1.4 +1.4 ▲ +0.7 ▲ 93.0 0.7 -9.5 ▼ 93.0 0.7 4 73.8 +0.6 ▲ 0.6 0.5 67.4 +0.5 ▲ 0.5 +0.5 ▲ 67.4 0.5 +0.5 ▲ 67.4 0.5 +0.5 ▲ 61.6 0.2 +0.2 ▲ 26.5 2.8 0.0 0.0 0.0 1.1 0.0 .5 0.0 0.0 -

12,720.0 12,720.0


100.0 100.0

505.1% ▲ -73.5% ▼

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals ▲ 9.3 +1 5 ▲ 29.6 +5 16 6 ▲ 11.1 +2 7.4 -1 ▼ 4 37.0 +8 ▲ 20 2 3.7 +2 ▲ 5.6 +3 ▲ 3 1.9 +1 ▲ 1 1.9 0 1 1.9 +1 ▲ 1 ▲ 1.9 +1 1 ▲ 1.9 +1 1 1.9 +1 ▲ 1 3.7 +2 ▲ 2 9.3 +5 ▲ 5 1.9 +1 ▲ 1 1.9 +1 ▲ 1 1 1.9 +1 ▲

54

+18

50.0% ▲ 166.7% ▲

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 58.8 16.0 -4.1 ▼ 90.5 +7.8 ▲ 24.7 -5.7 ▼ 31.3 8.6 +5.3 ▲ 9.9 36.4 24.2 -6.4 ▼ 88.5 16.6 4.5 +4.5 ▲ 4.1 +1.1 ▲ 1.1 4.7 1.3 +1.3 ▲ 1.4 -5.3 ▼ 5.1 +0.3 ▲ 1.3 0.4 1.6 0.4 +0.4 ▲ 0.4 +0.4 ▲ 1.6 0.4 +0.4 ▲ 1.5 2.9 0.8 +0.8 ▲ 3.0 -0.3 ▼ 0.8 .5 0.2 +0.2 ▲ .4 0.1 0.0 .0 0.0 0.0 -

348.8 366.5

Bookrunner Nomura Sumitomo Mitsui Finl Grp Inc Mizuho Financial Group Daiwa Securities Group Inc Mitsubishi UFJ Morgan Stanley JP Morgan Deutsche Bank UBS Bank of America Merrill Lynch Goldman Sachs & Co Tokai Tokyo Financial Holdings Toyo Securities Co Ltd

Proceeds per Bookrunner (US$m) Market Market 2011 Proceeds Share (%) Share Ch. Rank 39.3 1 3,941.4 +5.5 ▲ 4 2,350.1 23.4 +15.3 ▲ 1,382.6 +4.6 ▲ 3 13.8 2 578.8 -14.8 ▼ 5.8 5.5 -0.8 ▼ 547.4 7 14 329.0 3.3 +2.9 ▲ 10 2.8 +2.0 ▲ 276.3 +0.4 ▲ 2.5 8 246.1 5 -6.1 ▼ 197.6 2.0 143.6 1.4 -6.1 ▼ 6 0.4 41.8 +0.4 ▲ 4.6 0.1 +0.1 ▲


10,039.3 10,039.3 -38.0% ▼ -68.0% ▼

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 26.2 -11 ▼ 17 23.1 +3 15 ▲ 12 18.5 +2 ▲ 18 ▼ 27.7 -2 12.3 ▼ 8 -2 2 3.1 +1 ▲ 3 4.6 +1 ▲ 4.6 3 -1 ▼ 2 3.1 0 1 1.5 -1 ▼ 1 1.5 +1 ▲ 2 3.1 +2 ▲

65 -12.2% ▼ 15.8% ▲

-9

397.9 400.4 -39.6% ▼ -66.8% ▼

99.5 100.0

High Technology Retail Financials Healthcare

$6.2 24%

Consumer Products and Services $0.7 2%

$0.8 3%

Energy and Power

$2.8 11%

Media and Entertainment Consumer Staples

80.9, 0% 479.5 0, 0%

Imputed Fees (US$m) Manager Market Market Fees Share (%) Share Ch. 30.0 +2.5 ▲ 120.2 27.9 +18.4 ▲ 111.5 69.1 17.3 +5.9 ▲ 27.6 6.9 -9.3 ▼ -3.1 ▼ 5.8 23.1 +2.7 ▲ 3.3 13.0 +0.6 ▲ 6.0 1.5 1.9 +0.2 ▲ 7.6 9.2 2.3 -12.3 ▼ 1.8 7.4 -1.5 ▼ 0.7 2.9 +0.5 ▲ +0.1 ▲ 0.1 .3

Real Estate

$13.9 53%

95.2 100.0

Jan 1 - Dec 31

Jan 1 - Dec 31 2012

Industrials

214.6% ▲ -52.0% ▼

Japan Secondary Offerings (C8d) 2012 Rank 1 2 3 4 5 6 7 8 9 10 11 12

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

83.9, 0%

Materials 238.2, 1%

Japan Convertible Offerings (C9e)

Bookrunner Nomura Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co JP Morgan Daiwa Securities Group Inc Mitsubishi UFJ Morgan Stanley Deutsche Bank Mizuho Financial Group

Jan 1 - Dec 31

Proceeds per Bookrunner (US$m) Market Market 2012 2011 Rank Rank Proceeds Share (%) Share Ch. 1 1,209.4 3 33.4 +21.1 ▲ 524.5 2 14.5 +14.5 ▲ 3* 479.1 13.2 +13.2 ▲ 3* 479.1 13.2 +13.2 ▲ 344.2 -56.2 ▼ 5 1 9.5 6 7.0 +1.4 ▲ 4 253.7 7 5.3 +3.7 ▲ 5 190.2 8 2.1 -12.7 ▼ 2 74.9


3,625.1 3,625.1 -15.6% ▼ 412.1% ▲

100.0 100.0

# of Deals per Bookrunner # of Market Change in Deals Share (%) # of Deals 33.3 +5 7 ▲ 2 9.5 +2 ▲ 1 4.8 +1 ▲ 1 4.8 +1 ▲ ▲ 4 19.0 +2 1 4.8 -1 ▼ 2 9.5 +1 ▲ 1 4.8 0 -

21 200.0% ▲ -40.0% ▼

+14

Imputed Fees (US$m) Market Manager Market Fees Share (%) Share Ch. 26.9 29.6 +13.0 ▲ 3.6 4.0 +1.7 ▲ 14.4 15.9 +15.9 ▲ 16.8 18.5 +18.5 ▲ 9.0 10.0 -42.4 ▼ 8.7 9.6 +2.8 ▲ 4.0 4.4 +2.8 ▲ 4.6 5.1 -15.2 ▼

88.0 90.6

97.1 100.0

-15.6% ▼ 409.8% ▲


14


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, 2012. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. -

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 Akemi Mamiya Tel: +813.6441.1158 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. © 2012 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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