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1st Half 2012 League ­ 1st Half 2012 League Tables ­ 1st Half 2012 League

GLOBAL FIXED INCOME

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Bloomberg

Table of Contents

1 . Introduction 2 . Corporate Bonds (All) 3 . International Bonds 4 . Global Bonds 5 . High Yield (All) 6 . Euro Bonds 7 . Yen Bonds 8 . U.S. Bonds 9 . U.S. Agencies 10 . Euromarket Bonds 11 . Asia ex-Japan G3 Currency Bonds 12 . Japanese Corporates 13 . Asian Local Currency Bonds

06/30/2012

Bloomberg 2012 1st Half Global Fixed Income League Tables

From Government bonds to High Yield Corporate debt, Bloomberg's Fixed Income league tables are your one-stop shop for constant and timely access to the most comprehensive information available on capital markets representation. Just type LEAG <GO> for underwriter rankings or LALT <GO> for legal adviser rankings and then click on the red 'Select a Market' button in the top left of your screen to view a complete range of rankings available for fixed income, equity, equity-linked and syndicated loans. Alternatively, press the green <Help> key on your BLOOMBERG PROFESSIONAL(R) for further instructions.

VISIT {NI LEAG CRL <GO>} TO DOWNLOAD COPIES OF THE FULL RELEASE AND A FULL RANGE OF MARKET SPECIFIC LEAGUE TABLE RESULTS.

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

For data submissions or queries, please contact: Contact Americas EMEA Asia-Pac (HK) Asia-Pac (SG) Daniel Covello Jorge Fernandez Vivian Lee Piyanut Ruangrailak Phone +1-212-617-7715 +44-20-3216-4345 +852-2977-2125 +65-6499-2629 Fax +1-917-369-7306 +44-20-77392-6161 +852-2977-2175 +65-6499-2729 Email [email protected] [email protected] [email protected] [email protected]

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or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

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Bloomberg

Regional Deal Market Activity Corporate Bond issuance volume decreased 2.86% in the first half of 2012 as compared to the first half of 2011, with an aggregate of USD 1,932 billion of bonds issued. JP Morgan retains their top spot among underwriters, capturing a 6.2% market share for the first half of 2012. Citigroup finished second with 5.2% and Barclays, Bank of America and Deutsche Bank rounded out the rest of the top five each capturing a 4.7% market share. Euro MTN was the largest market of issue accounting for 27% of total issuance volume followed by domestic and private placement issues accounting for 16% and 14% respectively. Sector Deal Activity Financials remained dominant in terms of issuance numbers and amount raised, accounting for 52% of total issuance volume amassing USD 1,021 billion raised. The energy sector accounted for 8% of total issuance, followed by the consumer non-cyclical and industrial sectors tallying 7% each. The financial sector also saw the largest deal during the first half of 2012 with KFW's EUR 5 billion dollar offering orchestrated by BNP Paribas, HSBC, and JP Morgan. This note due May of 2015 priced at -35 basis points vs mid swaps and pays a .625% coupon.

Global Fixed Income Review

Total Volume by Industry (2012 H1)

Utilities, 5% Technology, 1% Industrial, 7% Government, 3% Consumer, Noncyclical, 7% Basic Materials, 4% Communications, 5% Consumer, Cyclical, 6%

Diversified, 2%

Energy, 8%

Financial, 52%

Heat Map: 2012 H1 Volume by Region

Western Europe (42%) North America ( 31%) Asia Pacific (18%) Latin America & Caribbean (6%) Eastern Europe (2%) Middle East & Africa (1%)

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Notable Highlights

Global Fixed Income Review

Total issuance volume decreased 25% in the second quarter of 2012 compared to the second quarter 2011 . The greatest decline was experienced in the EMEA region which

saw a 62% decrease in total issuance volume year over year. The Asia-Pac region and Global Bonds posted the only increases in issuance volume at 7% and 11% respectively. Deal count followed the same trend seen in issuance volume, with the EMEA region experiencing a 36% decrease in the number of deals. Global Bonds and the Asia-Pac region also saw the only increases in total deals with Asia-Pac seeing a 10% increase, and Global Bond deals tallying a 36% increase.

Global Bond Quarterly Volume

$450 300

US Corporate Bond Quarterly Volume

$500 3,000

Volume

$400

Volume

$450

250

Deal Count

$350

Deal Count

$400 $350

2,500

Volume in USD (Billions)

$300

200

2,000

Volume USD (Billions)

$300 $250 $200 $150 1,000 1,500

150 $200

$150

100

$100 50 $50

$100 $50

500

$0 2007Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2

0

$0 2007Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2

0

EMEA Corporate Bond Quarterly Volume

$900

APAC Corporate Bond Quarterly Volume

3500

Volume Deal Count

$350

1800

Volume

3000

$800

$300

Deal Count

1600

$700 2500 $600

1400 $250 1200

Volume in USD (Billions)

Volume USD (Billions)

Issuance

$400

1500

$150

800

$300 1000 $200 500

600 $100 400 $50

$100

200

$0 2007Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2

0

$0 2007Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2

0

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$500

2000

$200

1000

Issuance

Issuance

$250

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US Corporates 2012 H1 Notable Highlights

Summary Number of Deals Volume (Million) Avg Deal Size (Mln) Top Underwriter Underwriter Number of Deals Volume (Million) JP Morgan 524 $89,576.24 3711 $729,234.00 $196.51

Announcement Date 2/7/2012 1/5/2012 1/19/2012 4/17/2012 5/24/2012 3/5/2012 2/1/2012 1/19/2012 1/13/2012 2/1/2012 Issuer KFW KFW GOLDMAN SACHS GROUP INC KFW UNITED TECHNOLOGIES CORP TORONTO-DOMINION BANK RABOBANK NEDERLAND KFW JPMORGAN CHASE & CO PETROBRAS INTL FIN CO Underwriter CS,HSBCL,MS BARCS,GS,JPM GS BARCS,MS,UBS BAML,BNPPAR,CITI,DB,GS,HSBCL,JPM,RBS BARCS,BNPPAR,RBCCM,TDSECS BAML,CS,GS CITI,DB,GS JPM BCOBRA,BSSA,CITI,ITABBA,JPM,MS

Global Fixed Income Review

Amount (Mln) $5,000 $4,500 $4,250 $4,000 $3,500 $3,000 $3,000 $3,000 $3,000 $2,750 Coupon 1.250% 1.000% 5.750% 0.625% 4.500% 1.500% 3.875% 2.625% 4.500% 5.375% Maturity 2/15/2017 1/12/2015 1/24/2022 4/24/2015 6/1/2042 3/13/2017 2/8/2022 1/25/2022 1/24/2022 1/27/2021

INDUSTRY

Financial Energy Communications Consumer, Non-cyclical Consmer, Cyclical Industrial Basic Materials Untilities Technology Diversified 0 100,000 200,000 300,000 400,000 2012 H1 2011 H1

% Market Share

MARKET SHARE

16 14 12 10 8 6 4 2 0 JP Morgan BoAML Citi Goldman Sachs Morgan Stanley

1H 2012 1H 2011 1H 2010

Total Volume (USD Million)

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Euromarket Bonds 2012 H1 Notable Highlights

Summary Number of Deals Volume USD (mln) Average Deal Size USD (mln) Top Underwriter Underwriter Number of Deals Volume USD (mln) Average Deal Size (mln)

Announc e me nt Da te Issue r BUONI POLIENNALI DEL TESORO UK TSY 3 3/4% 2052 UK TSY 3 3/4% 2052 KFW EUROPEAN INVESTMENT BANK KFW TSY 0 3/8% 2062 I/L GILT TSY 0 3/8% 2062 I/L GILT BELGIUM KINGDOM BELGIUM KINGDOM Unde rwrite r INTES,UNICRD BSSA,DB,NOMURA,RBS BARCS,CS,HSBCL,MS BARC,COBA,RBCCM BNPPAR,DB,HSBCL,JPM BNPPAR,HSBCL,JPM BARCS,CS,HSBCL,UBS DB,GS,RBS,UBS BARCS,BNPPAR,MS,SG CACIB,ING,RBS,UBS

Global Fixed Income Review

Amount (million) $9,653 $7,669 $7,422 $6,567 $6,353 $6,342 $6,256 $5,917 $5,700 $5,325 Coupon 2.45% 3.75% 3.75% 1.375% 1.625% 0.625% 0..375% 0..375% 4.25% 3% Ma turity 03/26/2016 07/22/2052 07/22/2052 02/21/2017 01/15/2015 05/29/2015 03/22/2062 03/22/2062 09/28/2022 09/28/2019

5,702 1,461,635 256.34

03/19/2012 04/24/2012 01/24/2012 02/14/2012 01/11/2012 05/22/2012 05/29/2012 02/21/2012 01/16/2012 03/27/2012

Barclays 452 90,349.46 199.89

INDUSTRY

Financial

MARKET SHARE

Euromarket

2009 H1 2010 H1 2011 H1 2012 H1 1

Government

Other

2 2012 H1 3 Rank 4 5

Industrial

2011 H1

Consumer, Cyclical

6

Consumer, Non-cyclical

$$200,000 $400,000 $600,000 $800,000 Total Volume (USD Mln)

Barclays

HSBC

Deutsche Bank

7

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Asia ex-Japan G3 Currency Bonds 2012 H1 Notable Highlights

Summary Number of Deals Volume (Mln) Avg Deal Size (Mln) Top Underwriter Underwriter Number of Deals Volume (Mln) HSBC 59 $10,898.93 126 $70,139 $556.66

Announcement Date 4/17/2012 1/9/2012 5/21/2012 5/30/2012 4/25/2012 1/4/2012 4/26/2012 4/26/2012 1/4/2012 Issuer REPUBLIC OF INDONESIA REPUBLIC OF INDONESIA 1MDB ENERGY LTD HUTCHISON WHAMPOA CNOOC FINANCE 2012 LTD REPUBLIC OF PHILIPPINES PERTAMINA PT PERTAMINA PT EXPORT-IMPORT BK KOREA Underwriter SCB,JPM HSBCL,JPM,SCB GS BARCS,DB,JPM BARCS,BOC,CITI CITI,CS,DB,GS,HSBCL,JPM,SCB,UBS BARCS,CITI,HSBCL BARCS,CITI,HSBCL BAML,BNPPAR,CITI,DB,HSBCL,RBS

Global Fixed Income Review

Amount (Mln) $2,000 $1,750 $1,750 $1,546 $1,500 $1,500 $1,250 $1,250 $1,250 Coupon 3.75% 5.250% 5.990% 2.500% 3.875% 5.000% 6.000% 4.875% 4.000% Maturity 4/25/2022 1/17/2042 5/11/2022 6/6/2017 5/2/2022 1/13/1937 5/3/1942 5/3/2022 1/11/2017

INDUSTRY

Financial Energy Diversified Government Utilities Consumer, Non-cyclical Basic Materials Communications Technology Consumer, Cyclical Industrial 0 5,000 10,000 15,000 20,000 25,000 30,000

MARKET SHARE

18% 16% 14% H1 2012 H1 2011

H1 2010

2012 H1 2011 H1

Market Share

12% 10%

8% 6% 4% 2% 0% HSBC JP Morgan Citi Standard Goldman Sachs Chartered Bank

Total Volume (USD Million)

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Underwriter League Tables

Corporate Bonds (All)

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

JP Morgan Citi Barclays Bank of America Merrill Lynch Deutsche Bank AG HSBC Bank PLC Goldman Sachs & Co Morgan Stanley UBS Credit Suisse BNP Paribas Group RBS Wells Fargo & Co RBC Capital Markets Credit Agricole CIB UniCredit Societe Generale Mizuho Financial Group Inc Nomura Holdings Inc DZ Bank AG

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

TOTAL

6.2 5.2 4.7 4.7 4.7 4.6 4.2 3.9 3.1 2.9 2.8 2.8 2.3 2.0 1.9 1.6 1.4 1.1 1.0 1.0 100%

119,200 101,355 90,622 90,388 90,367 89,142 80,876 75,757 59,653 55,804 54,938 53,839 44,143 38,126 36,989 30,233 27,253 21,825 19,852 19,491 1,931,990

0.54 0.57 0.46 0.65 0.46 0.33 0.47 0.49 0.54 0.53 0.34 0.47 0.81 0.71 0.32 0.30 0.27 0.33 0.33 0.12 0.49

716 638 652 1230 583 580 377 1103 564 347 324 348 941 272 155 138 139 177 223

1 5 4 3 2 8 6 7 12 10 9 11 17 15 16 13 18 26 22

6.6 4.8 4.8 5.6 5.7 3.9 4.4 4.3 3.0 3.2 3.5 3.0 1.4 1.7 1.5 2.1 1.3 0.7 0.8 0.6

100%

(0.4) 0.4 (0.1) (0.9) (1.0) 0.7 (0.2) (0.4) 0.1 (0.3) (0.7) (0.2) 0.9 0.3 0.4 (0.5) 0.1 0.4 0.2 0.4

1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

4.36% 13.61% 54.24% 2.52% 6.65% 12.95% 5.67% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

6000 5800 5600 5400 5200 5000 4800 4600 4400 4200

29 180 9,965 1,987,210

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value Volume in USD millions.

Includes all eligible corporate bonds worldwide.

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Underwriter League Tables

International Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

Barclays Deutsche Bank AG JP Morgan HSBC Bank PLC Citi BNP Paribas Group UBS Goldman Sachs & Co Bank of America Merrill Lynch Credit Suisse Credit Agricole CIB RBS UniCredit Morgan Stanley Societe Generale Natixis RBC Capital Markets DZ Bank AG Commerzbank AG Landesbank Baden-Wuerttemberg

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

TOTAL

7.1 6.5 6.4 5.8 5.3 4.8 4.0 3.8 3.7 3.4 3.2 3.1 3.1 2.9 2.4 1.9 1.6 1.6 1.2 1.2 100%

146,795 135,109 133,703 120,788 110,010 99,469 82,365 79,859 76,498 70,061 67,318 65,288 64,079 61,183 49,040 38,931 33,939 33,061 25,826 25,731 2,077,830

0.25 0.25 0.37 0.27 0.34 0.20 0.21 0.36 0.47 0.26 0.17 0.35 0.16 0.35 0.20 0.24 0.32 0.15 0.21 0.04 0.30

610 648 642 581 497 440 381 296 392 317 209 340 251 287 188 155 197 279 132

2 1 3 4 6 5 8 7 9 11 14 10 12 13 15 16 18 20 22

6.9 7.1 5.8 5.8 4.3 5.2 4.2 4.2 3.8 3.1 2.5 3.3 3.1 2.5 2.4 2.0 1.8 1.3 1.3 1.5

100%

0.2 (0.6) 0.6 1.0 (0.4) (0.2) (0.4) (0.1) 0.3 0.7 (0.2) 0.4 (0.1) (0.2) 0.3 (0.1) (0.3)

1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000 600,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

2.69% 7.00% 47.74% 29.80% 3.43% 5.96% 3.39% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

4000 3800 3600 3400 3200 3000 2800 2600 2400 2200

19 212 6,416 2,255,590

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

Includes all eligible international bonds; bonds that can be sold outside their domestic market. Volume in USD millions.

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Underwriter League Tables

Global Bonds

1/1/12

FIRM

6/30/12

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2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

JP Morgan Citi Barclays Deutsche Bank AG Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley UBS HSBC Bank PLC BNP Paribas Group Credit Suisse Wells Fargo & Co RBC Capital Markets RBS CIBC TD Securities National Bank Financial Inc US Bancorp BMO Capital Markets Scotiabank

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

TOTAL

12.3 10.3 10.0 8.8 7.6 6.9 6.0 5.6 5.5 5.0 4.6 3.9 2.6 2.2 1.2 1.0 0.9 0.6 0.6 0.5 100%

57,343 47,855 46,733 41,207 35,235 32,171 27,893 25,903 25,579 23,271 21,235 17,981 12,014 10,115 5,501 4,467 4,251 2,982 2,644 2,288 465,931

0.40 0.35 0.26 0.25 0.49 0.39 0.34 0.22 0.27 0.21 0.28 0.56 0.25 0.49 0.08 0.08 0.04 0.50 0.21 0.15 0.33

220 157 114 124 149 97 114 72 85 81 66 73 41 64 11 13 8 20 6

2 6 1 7 5 3 8 4 9 11 13 14 10 12 16 15 18 27 17

12.0 7.1 14.3 6.7 8.1 9.2 5.7 8.7 4.2 3.7 3.1 1.9 4.1 3.5 1.3 1.6 0.8 0.1 1.0 0.1

100%

0.3 3.2 (4.3) 2.1 (0.5) (2.3) 0.3 (3.1) 1.3 1.3 1.5 2.0 (1.5) (1.3) (0.1) (0.6) 0.1 0.5 (0.4) 0.4

440,000 400,000 360,000 320,000 280,000 240,000 200,000 160,000 120,000 80,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

5.05% 9.55% 23.45% 42.98% 4.45% 8.27% 6.23% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

280

240

26 8 513 406,844

200

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

160

Includes all eligible bonds where Market of Issue is Global. Volume in USD millions.

120

80

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Underwriter League Tables

High Yield (All)

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Citi Barclays Goldman Sachs & Co Morgan Stanley Wells Fargo & Co UBS RBC Capital Markets RBS HSBC Bank PLC BNP Paribas Group Credit Agricole CIB Jefferies Group Inc BMO Capital Markets Scotiabank SunTrust Robinson Humphrey Standard Chartered PLC

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

TOTAL

10.4 9.4 8.7 8.5 8.0 6.7 6.3 6.0 5.6 3.6 3.3 2.6 2.1 1.5 1.5 1.3 1.1 0.8 0.7 0.7 100%

18,395 16,636 15,403 15,088 14,198 11,910 11,160 10,737 10,021 6,428 5,802 4,603 3,683 2,660 2,613 2,283 1,923 1,417 1,320 1,290 177,488

1.45 1.42 1.20 1.35 1.34 1.34 1.28 1.22 1.55 1.16 1.34 1.61 0.54 0.67 0.96 3.15 1.53 1.17 1.32 n/a 1.31

153 140 127 116 117 99 87 86 85 58 51 43 33 29 28 19 19 11 12

1 2 3 4 6 7 5 8 11 10 14 9 13 12 16 15 20 41 29

10.9 9.9 9.8 8.3 8.0 6.4 8.2 6.2 2.8 3.2 2.0 3.4 2.2 2.4 1.5 1.7 0.7 0.2 0.3 0.8

100%

(0.5) (0.5) (1.1) 0.2 0.3 (1.9) (0.2) 2.8 0.4 1.3 (0.8) (0.1) (0.9) (0.4) 0.4 0.6 0.4 (0.1)

140,000 120,000 100,000 80,000 160 60,000 120 40,000 20,000 0

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:

10.28% 29.10% 16.62% 8.79% 18.97% 16.25% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

320 280 240 200

19 10 425 240,209

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

80 40 0

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Underwriter League Tables

Euro Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME EUR (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

Credit Agricole CIB UniCredit BNP Paribas Group Barclays Deutsche Bank AG Societe Generale HSBC Bank PLC Natixis JP Morgan DZ Bank AG RBS Citi UBS Landesbank Baden-Wuerttemberg Commerzbank AG Intesa Sanpaolo SpA Goldman Sachs & Co BayernLB Credit Suisse Landesbank Hessen-Thuringen Girozentrale

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

TOTAL

6.5 6.2 5.6 5.1 4.9 4.5 4.5 4.0 3.6 3.1 2.7 2.7 2.7 2.6 2.5 2.4 2.4 1.8 1.7 1.7 100%

48,006 46,208 41,329 38,137 36,585 33,319 33,143 29,573 26,394 23,186 20,247 20,157 19,900 19,594 18,772 18,194 17,597 13,691 12,934 12,644 743,104

0.16 0.16 0.15 0.16 0.19 0.17 0.16 0.24 0.15 0.15 0.19 0.19 0.21 0.04 0.19 0.95 0.22 0.10 0.18 0.10 0.18

174 208 191 175 196 143 167 149 127 256 96 119 96 207 108 60 80 127 61

6 3 2 5 1 7 4 8 13 14 16 10 12 11 15 9 17 23 21

4.2 5.7 6.8 4.7 6.9 4.1 5.3 3.6 2.5 2.4 2.2 3.0 2.7 2.8 2.3 3.4 2.2 1.5 1.7 0.8

100%

2.3 0.5 (1.2) 0.4 (2.0) 0.4 (0.8) 0.4 1.1 0.7 0.5 (0.3) (0.2) 0.2 (1.0) 0.2 0.3 0.9

600,000 550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

1.46% 4.94% 57.01% 28.28% 2.95% 3.49% 1.86% 100.00%

QUARTERLY VOLUME

EUR (Mln) / #Deals

2000

1800

30 89 2,877 859,815

1600

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

1400

Includes all eligible bonds denominated in euros. Volume in EUR millions.

1200

1000

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Underwriter League Tables

Yen Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME JPY (Bln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

Morgan Stanley Mizuho Financial Group Inc Nomura Holdings Inc Daiwa Securities Group Inc Sumitomo Mitsui Financial Group Inc Goldman Sachs & Co JP Morgan Barclays Bank of America Merrill Lynch Citi BNP Paribas Group Tokai Tokyo Securities Co Ltd Deutsche Bank AG Shinkin Central Bank Mitsubishi UFJ Financial RBS ANZ Banking Group HSBC Bank PLC Wells Fargo & Co UBS

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

TOTAL

21.4 17.8 16.8 13.8 10.5 3.9 3.3 3.0 2.5 1.5 1.3 0.9 0.9 0.7 0.5 0.2 0.2 0.1 0.1 0.1 100%

1,608 1,339 1,261 1,036 787 295 249 226 189 114 97 67 64 52 40 15 13 11 10 6 7,515

0.35 0.32 0.33 0.33 0.35 0.30 0.33 0.36 0.26 0.31 0.32 0.36 0.36 0.31 n/a 0.21 n/a n/a n/a n/a 0.33

148 153 179 116 85 31 21 13 33 19 16 14 12 12 2 6 2 2 1 8 479 7,140

1 2 3 4 5 6 9 11 7 8 13 18 22 17 16 10 12 20

19.9 18.3 15.7 14.6 14.5 3.1 1.9 1.3 2.6 2.4 0.9 0.2 0.1 0.2 0.2 1.5 1.2 0.2

100%

1.5 (0.5) 1.1 (0.8) (4.0) 0.8 1.4 1.7 (0.1) (0.9) 0.4 0.7 0.8 0.5 0.3 (1.3) (1.1) (0.1)

5,600 5,200 4,800 4,400 220 4,000 3,600 3,200 2,800

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

3.22% 15.45% 47.49% 24.14% 5.69% 2.44% 1.56% 100.00%

QUARTERLY VOLUME

JPY (Bln) / #Deals

280

260

240

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

200

Includes all eligible bonds denominated in JPY.

180

160

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

7

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

U.S. Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

JP Morgan Citi Barclays Bank of America Merrill Lynch Deutsche Bank AG Goldman Sachs & Co Morgan Stanley Credit Suisse HSBC Bank PLC UBS Wells Fargo & Co BNP Paribas Group RBS RBC Capital Markets Mitsubishi UFJ Financial Mizuho Financial Group Inc Nomura Holdings Inc US Bancorp Jefferies Group Inc Scotiabank

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

TOTAL

12.0 9.8 8.8 8.6 7.6 6.7 6.2 4.9 4.7 4.7 4.6 3.8 2.6 2.2 0.7 0.6 0.5 0.5 0.5 0.5 100%

122,060 100,080 89,983 87,688 77,587 68,083 63,421 50,248 47,883 47,858 47,012 38,203 26,840 22,578 6,681 6,328 5,548 5,504 5,466 5,419 1,016,960

0.44 0.42 0.33 0.60 0.32 0.40 0.45 0.33 0.25 0.36 0.72 0.22 0.55 0.48 0.62 0.25 0.15 0.54 0.18 0.79 0.42

635 510 452 1247 357 308 1004 275 228 450 1019 190 191 151 52 48 33 37 77

1 4 3 2 7 5 6 9 10 8 13 11 12 14 25 35 21 28 15 18

13.0 8.5 10.4 10.6 6.9 7.7 7.0 4.5 3.6 6.6 3.0 3.6 3.4 2.0 0.3 0.1 0.3 0.2 0.7 0.4

100%

(1.0) 1.3 (1.6) (2.0) 0.7 (1.0) (0.8) 0.4 1.1 (1.9) 1.6 0.2 (0.8) 0.2 0.4 0.5 0.2 0.3 (0.2) 0.1

700,000 650,000 600,000 550,000 500,000 450,000 400,000 350,000 300,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

4.29% 13.37% 31.17% 28.02% 4.43% 11.96% 6.75% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

3200

3000

2800

39 4,937 995,304

2600

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

2400

Includes U.S. Domestic, Yankee, Domestic Medium Term Notes and Global Bonds denominated in USD. Volume in USD millions.

2200

2000

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

8

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

U.S. Agencies

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

Agency Breakdown

Barclays UBS Citi JP Morgan BNP Paribas Group Deutsche Bank AG Credit Suisse Bank of America Merrill Lynch FTN Financial Morgan Stanley Goldman Sachs & Co Incapital LLC Jefferies Group Inc HSBC Bank PLC Wells Fargo & Co Raymond James Morgan Keegan Vining Sparks Stifel Nicolaus Weisel SunTrust Robinson Humphrey RBS

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

TOTAL

10.9 9.1 8.8 7.4 6.9 6.3 6.0 4.2 4.2 3.8 2.5 2.4 2.3 2.3 2.2 1.9 1.8 1.7 1.6 1.1 100%

45,301 37,722 36,466 30,889 28,527 26,200 24,830 17,493 17,260 15,708 10,304 9,780 9,624 9,389 9,252 8,041 7,537 7,002 6,806 4,557 414,791

0.10 0.08 0.10 0.09 0.08 0.08 0.08 0.14 0.22 0.16 0.10 0.30 0.10 0.07 0.11 0.22 0.28 0.28 0.21 0.05 0.13

156 398 219 240 179 160 263 272 503 241 104 316 242 90 248 318 309 264 253

2 1 3 4 5 6 7 10 8 11 9 15 12 22 13 17 18 19

12.2 13.6 9.3 7.8 6.3 5.4 5.1 2.9 4.7 2.7 4.3 2.2 2.6 0.8 2.4 1.8 1.5 1.1 2.3

100%

(1.3) (4.5) (0.5) (0.4) 0.6 0.9 0.9 1.3 (0.5) 1.1 (1.8) 0.2 (0.3) 1.5 (0.2) 0.2 0.5 (1.2)

360,000 340,000 320,000 300,000 280,000 2000 260,000 240,000 220,000 200,000 180,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Fannie Mae Federal Farm Credit Banks Federal Home Loan Banks Federal Home Loan Mortgage Corp Total:

31.11% 12.99% 35.48% 20.42% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

2800 2600 2400 2200

14 46 3,813 386,313

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

1800 1600 1400 1200

Includes Sovereign Agency issues. These issues are exempt from the 18-month call rule. Volume in USD millions.

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

9

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

Euromarket Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

Barclays HSBC Bank PLC Deutsche Bank AG BNP Paribas Group Credit Agricole CIB UniCredit JP Morgan UBS RBS Societe Generale Citi Credit Suisse Goldman Sachs & Co Natixis DZ Bank AG Bank of America Merrill Lynch Morgan Stanley Landesbank Baden-Wuerttemberg Commerzbank AG Intesa Sanpaolo SpA

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

TOTAL

6.2 5.8 5.8 4.8 4.5 4.4 3.9 3.6 3.6 3.3 3.2 3.0 2.7 2.7 2.3 2.1 1.9 1.8 1.7 1.6 100%

90,350 84,934 84,096 70,797 65,994 63,795 57,248 52,616 52,370 47,986 47,454 44,493 39,566 38,931 33,061 30,864 27,483 25,731 25,492 24,078 1,461,640

0.20 0.27 0.23 0.18 0.16 0.16 0.26 0.21 0.22 0.18 0.28 0.20 0.20 0.24 0.15 0.31 0.40 0.04 0.20 0.96 0.24

452 445 470 335 197 248 340 293 260 179 268 224 161 155 279 194 165 212 129

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

5.2 6.1 7.3 5.9 3.2 4.1 3.6 3.3 3.2 3.1 3.2 3.2 3.0 2.6 1.8 2.3 1.6 2.0 1.7 2.4

100%

1.0 (0.3) (1.5) (1.1) 1.3 0.3 0.3 0.3 0.4 0.2 (0.2) (0.3) 0.1 0.5 (0.2) 0.3 (0.2) (0.8)

700,000 600,000 1,000,000 900,000

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

1.50% 6.60% 55.76% 26.62% 3.15% 3.87% 2.50% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

3600 3400 3200 800,000 3000 2800 2600 2400 500,000 2200 2000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 20 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

15 65 5,702 1,698,580

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

Includes all eligible Euromarket bonds. Volume in USD millions.

400,000

20 09

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

10

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

Asia ex-Japan G3 Currency Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

HSBC Bank PLC JP Morgan Citi Standard Chartered PLC Goldman Sachs & Co Barclays Deutsche Bank AG Bank of America Merrill Lynch UBS Morgan Stanley Credit Suisse BNP Paribas Group Bank of China DBS Group Holdings Ltd Mizuho Financial Group Inc RBS ING Groep NV Maybank Mitsubishi UFJ Financial Daiwa Securities Group Inc

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

TOTAL

15.5 10.6 8.8 8.8 8.2 7.5 7.3 5.2 4.6 4.2 2.4 2.3 2.2 1.8 1.6 1.4 1.0 0.8 0.8 0.8

100%

10,899 7,422 6,197 6,148 5,767 5,229 5,142 3,679 3,202 2,918 1,679 1,625 1,539 1,232 1,088 992 720 575 558 532

70,139

0.24 0.23 0.24 0.14 0.05 0.30 0.26 0.32 0.14 0.45 0.05 0.32 n/a 0.30 0.37 0.30 n/a n/a n/a 0.35 0.26

59 40 38 32 22 23 34 23 22 22 11 13 10 9 9 8 6 3 4 4

126 48,011

1 5 2 6 8 9 3 7 4 11 13 15 12 22 16 10 24 17 14

15.5 6.7 10.7 6.3 5.7 5.4 8.5 5.8 8.1 3.7 3.4 1.8 3.5 0.5 1.3 5.1 0.4 1.0 2.1

100%

3.9 (1.9) 2.5 2.5 2.1 (1.2) (0.6) (3.5) 0.5 (1.0) 0.5 (1.3) 1.3 0.3 (3.7) 0.6 (0.2) (1.3)

36,000 32,000 28,000 24,000 40 20,000 30 16,000 12,000 8,000 4,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Oil/Gas/Elect Tech/Comm Total:

2.02% 4.57% 52.97% 9.84% 27.07% 3.53% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

70 60 50

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

Includes all eligible bonds from Asia Pacific issuers in JPY, EUR and USD excluding Japan, Australia and New Zealand. Excludes Supranational issues. Minimum issue size is USD100 million. Volume in USD millions.

20 10 0

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

11

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

Japanese Corporates

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME JPY (Bln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

Mitsubishi UFJ Morgan Stanley Securities Nomura Holdings Inc Mizuho Financial Group Inc Daiwa Securities Group Inc Sumitomo Mitsui Financial Group Inc Goldman Sachs & Co Citi Bank of America Merrill Lynch Tokai Tokyo Securities Co Ltd Deutsche Bank AG BNP Paribas Group Shinkin Central Bank Barclays Fukuoka Financial Group Inc Joyo Bank Ltd JP Morgan RBS

1 2 3 4 5 6 7 8 9 10 11 12 13 14 14 16 17

TOTAL

26.3 21.3 19.5 14.9 10.8 2.0 1.5 1.1 0.8 0.5 0.3 0.3 0.2 0.1 0.1 0.1 0.1 100%

1,033 836 766 587 426 79 60 45 32 19 13 11 8 5 5 5 3 3,932

0.39 0.34 0.36 0.36 0.39 0.28 0.34 0.31 0.39 0.34 0.28 0.36 n/a 0.45 0.50 0.21 0.21 0.37

85 84 70 71 44 9 8 9 7 4 4 4 2 1 1 1

1 3 2 5 4 6 7 8 13 16 15 12 11 10

23.2 17.9 18.8 13.9 17.3 4.6 1.3 1.2 0.2 0.1 0.2 0.2 0.2 0.5 100%

3.1 3.4 0.7 1.0 (6.5) (2.6) 0.2 (0.1) 0.6 0.4 0.1 0.1 (0.4) 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Industrial Oil/Gas/Elect Tech/Comm Total:

5.44% 27.33% 50.09% 9.99% 4.16% 3.00% 100.00%

QUARTERLY VOLUME

JPY (Bln) / #Deals

140 130 120 110 100 90 80 70 60

1 188 3,922

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

Includes all eligible domestic bonds issued from Japanese corporates and banks. Volume in JPY billions.

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

12

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg

Underwriter League Tables

Asian Local Currency Bonds

1/1/12

FIRM

6/30/12

RANK MKT SHARE

2012

VOLUME USD (Mln) DISCL FEES (%)* DEAL COUNT

2011

RANK MKT SHARE

MKT SHARE CHG (%)

INDUSTRY BREAKDOWN

HSBC Bank PLC Standard Chartered PLC DBS Group Holdings Ltd KB Investment & Securities Co Ltd Woori Investment & Securities Co Ltd Maybank Axis Bank Ltd TongYang Securities Inc CIMB Korea Investment & Securities Co ICICI Barclays Shinhan Investment Corp Kasikornbank PCL Bangkok Bank PCL Deutsche Bank AG Siam Commercial Bank PCL SK Securities Oversea-Chinese Banking Corp ICICI Securities Primary Dealership Ltd

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

TOTAL

8.2 6.9 4.6 3.2 3.1 3.1 3.1 2.7 2.6 2.6 2.2 1.9 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.3 100%

9,489 7,955 5,373 3,686 3,575 3,556 3,535 3,168 3,064 2,973 2,600 2,192 2,169 2,086 1,910 1,860 1,764 1,589 1,508 1,500 115,743

0.08 0.25 0.16 0.29 0.28 0.25 n/a 0.29 0.17 0.29 n/a n/a 0.27 n/a 0.09 n/a n/a 0.28 n/a n/a 0.28

215 159 50 71 49 94 117 76 110 71 110 77 31 28 27 48 23 20 50

1 2 10 3 4 7 6 8 5 13 11 18 25 38 33 27 34 20 28

7.9 6.3 2.3 4.0 3.9 2.8 3.1 2.8 3.7 2.0 2.2 1.6 1.3 0.8 0.9 1.3 0.9 1.6 1.1 2.1

100%

0.3 0.6 2.3 (0.8) (0.8) 0.3 (0.1) (1.1) 0.6 0.3 0.6 1.0 0.8 0.3 0.6 (0.2) 0.2 (0.8)

65,000 60,000 55,000 50,000 700 45,000 650 40,000 35,000 30,000

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 09 09 09 09 10 10 10 10 11 11 11 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 20 12 Q 2

Basic Materials Consumer Prod/Svcs Financial Government Industrial Oil/Gas/Elect Tech/Comm Total:

5.41% 10.66% 52.00% 3.69% 8.91% 14.94% 4.37% 100.00%

QUARTERLY VOLUME

USD (Mln) / #Deals

900 850 800 750

12 80 1,614 89,390

*

Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

Includes all eligible bonds denominated in SGD, MYR, HKD, KRW, TWD, INR, THB, IDR, VND and PHP. Excludes issues that are callable or puttable and mature in less than 12 months. Volume in USD millions.

600 550 500

LEAG <GO>

LREP <GO>

LMX <GO>

LALT <GO>

LEAG <GO>

LREP <GO>

13

©2012Bloomberg Finance L.P. All rights reserved.

Bloomberg Fixed Income - League Criteria

General Guidelines

Credit is based on the total amount of the offering. Full credit is awarded to sole book-running manager or split equally among joint book-running managers. Issues are credited based on principal value in all instances except for deep discount bonds (priced 80% or lower). Deep discounted issues are credited based on the proceeds amount. The proceeds are equal to the face amount multiplied by the issue price. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk. To view criteria settings for a particular table - change View option on LEAG <GO> to 'Criteria'. All transaction must have a maturity or a call/put option of minimum 18 month. Make-whole calls, provisional calls/puts are exempt from this rule. Increases and fungible securities are also subject to the 18 month minimum period. Note: criteria may vary for some local and/or regional tables. U.S. dollar denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-U.S. dollar denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. New money portions of exchange offers will be eligible for credit. Investment grade and high yield transactions are based on official, expected, and provisional ratings. Investment grade includes deals rated Baa3 or above by Moody's and BBB- or above by S&P. High yield includes deals rated lower than Baa3 by Moody's and lower than BBB- by S&P. Note: Criteria may vary for some local and/or regional table. When rating is split, transaction will appear in investment grade table.

Exclusions

Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under US$50 million. Note: criteria may vary for some local and/or regional tables.

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

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

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