global Equity Capital Markets Review - Reutersshare.thomsonreuters.com/general/PR/ECM_2Q_2016_E.pdf · GLOBAL EQUITY CAPITAL MARKETS REVIEW . MANAGING UNDERWRITERS . ... - JP Morgan

GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Half 2016

REUTERS / Stefano Rellandini

17

12

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

Asia IPOs, inc Chinese A-shares (C7a)

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

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

12

12

Banking Composite of Top US Equity Bookrunners 7

Latin America Year-on-Year % Change in ECM Volume 8

10EMEA Convertibles (C9d)

Asia Equity

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

Global Equity & Equity-Related (C1) 2

First Half 2016 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets Review

Global Equity

Global Common Stock (C2) 3

Australia & New Zealand Equity

Global Deals Intelligence

Table of Contents

Latin America Equity

1 Latin America Equity & Equity Related (C1f) 8 Australian Equity & Equity-related (AK1) 13

Leading Underwriters for First Half 2016 2 Latin America Proceeds by Domicile Nation & Sector 8 Australian Common Stock (AK2) 13

Australian ECM Proceeds by Industry 13

Global Debt, Equity & Equity Related (A1) 2 Japan Equity

Global Scorecard 2

EMEA Equity

EMEA Deals Intelligence 9 Japan Equity & Equity-Related (C1e) 14

9 Japan Common Stock (C4d) 14EMEA Equity & Equity-related (C1d)

Global Convertibles (C9) 3 EMEA Common Stock (C4c) 10 Japan IPOs (C7d) 15

Global IPOs (C5) 3 EMEA IPOs (C7c) 10 Japan Secondary Offerings (C8d) 15

10 Japan Convertible Offerings (C9e) 15

US Equity Criteria Summary

EMEA Rights Offerings (C8fr)Global Equity Rankings - Last Ten Years 4

US Deals Intelligence 5 Equity Capital Markets Criteria Summary 16

16

US IPOs (C6) 5 11

US Equity & Equity-Related (C1a) 5 11 Regional Contacts

Thomson Reuters Solutions for the Deal Making Community

Asia Convertibles, inc Chinese A-shares (C9b)

US Common Stock (C3) 6

US Secondary Offerings (C8a) 6 12

US Year-on-Year % Change in ECM Volume 7

US Block Trades 6

Top US Equity and Equity-Related Deals 7

US Convertibles (C9a) 6

nc

Global Equity & Equity-Related Volume

Global Equity & Equity-Related Volume by Domicile Region

GLOBAL ECM ACTIVITY FALLS 46% TO FOUR-YEAR LOW - Equity capital markets activity totaled US$289.0billion during the first half of 2016, a 46% decrease compared to a year ago and the slowest first half for globalequity capital markets issuance since 2012. By number of issues, 2,050 ECM offerings were brought to marketduring the first half of 2016, a 25% decrease compared to a year ago and the slowest opening six month period fornew offerings since the first half of 2012 when just over 2,000 deals priced.

FOLLOW-ON OFFERINGS DOWN 45%, ACCOUNT FOR 72% OF ECM - Global follow-on offerings totaledUS$206.8 billion during the first six months of 2016, a decrease of 46% compared to a year ago and the slowestfirst half for follow-on offerings since 2012. Follow-on offerings from companies in the oil & gas sector accountedfor 16% of capital raising during first half 2016, up significantly from 7% of overall follow-on offerings during the firsthalf of last year.

US LISTINGS DOWN 67%, LOWEST FIRST HALF SINCE 2009 - Global initial public offering activity during thefirst six months of 2016 totaled US$45.7 billion, a decrease of 55% from last year and the slowest period for globalIPOs since 2009. Proceeds from US IPO listings fell by 67% compared to a year ago, while activity in Asia Pacificand Europe declined 49% and 57%, respectively. Global IPO activity during the second quarter of 2016 totaledUS$32.6 billion, more than double proceeds raised during the first quarter of the year, while the number of newlistings increased 34% compared to the previous quarter.

CHINA ISSUERS ACCOUNT FOR RECORD 20% OF GLOBAL ECM - Issuers from China raised US$58.4 billionin the global equity capital markets during the first half of 2016, down 40% compared to a year ago but the highestpercentage first half 2016 ECM activity since records began in 1980. Issuers from the United States, whichaccounted for 28% of first half 2016 ECM activity, fell 50% compared to a year ago.

FOUR SECTORS ACCOUNT FOR OVER 60% OF ACTIVITY - Led by Energy & Power issuers (20%), the overallvolume of equity capital markets activity remained highly concentrated among four main sectors includingFinancials (17%), Real Estate (13%), and Industrials (12%).

JP MORGAN TOPS GLOBAL ECM RANKINGS - JP Morgan led all equity capital markets underwriters during thefirst half of 2016, with US$24.4 billion in proceeds from 151 issues and an increase of 0.5 market share pointscompared to a year ago. Morgan Stanley moved into second place with a market share increase of 0.2 points,while Goldman Sachs fell to third place with a market share decline of 2.1 points.

ECM FEES DECLINE 47% - According to estimates from Thomson Reuters/Freeman Consulting, fees from equitycapital markets transactions during the first half of 2016 totaled US$6.1 billion, down 47% compared to levels seenduring the first six months of 2015.

First Half 2016

EQUITY CAPITAL MARKETS REVIEWGlobal Equity Capital Markets Down 46% From 2015 | China ECM: Record 20% Share | Global IPO Activity Falls 55% | Follow-On Offerings Fall to Four-Year Low | ECM Fees Down 47%

Global Initial Public OfferingsGlobal Deals Intelligence

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▲▼

4,178.6 15 3,766.4 19 10.9% ▲

▼EMEA - Europe, Middle East & Africa (C9d) 11,197.1 24 8,075.7 23 38.7% ▲Australia (C9c) 191.5

▼Asia Pacific ex Australia (C9b) 12,085.1 62 11,429.3 38 5.7% ▲

▼Global Convertible Offerings (C9) 36,547.9 140 54,404.1 148 -32.8% ▼Latin America (C8e) 1,387.2

▼Japan (C8d) 3,833.4 39 11,952.4 67 -67.9% ▼

591 -51.8% ▼Australia (C8b) 5,620.6 277 17,025.5 251 -67.0% ▼

206,785.7 1,480 376,980.7 1,904 -45.1% ▼597.5 3 958.5 4 -37.7% ▼

2,448.4 44 1,599.6 50 53.1% ▲17,027.1 92 41,329.1 148 -58.8% ▼

1,824.0 19 2,574.6 34 -29.2% ▼17,615.5 229 36,088.8 339 -51.2% ▼

5,954.7 37 18,466.2 88 -67.8% ▼45,704.3 430 101,474.8 672 -55.0% ▼

1,984.7 10 7,337.8 11 -73.0% ▼6,281.8 83 13,552.0 117 -53.6% ▼

74,106.3 480 146,946.5 606 -49.6% ▼7,444.6 296 19,600.0 285 -62.0% ▼

66,568.5 613 137,711.6 930 -51.7% ▼74,598.3 280 134,003.2 501 -44.3% ▼

252,490.0 1,910 478,455.6 2,576 -47.2% ▼1,984.7 10 10,665.2 12 -81.4% ▼

10,460.4 98 17,318.4 136 -39.6% ▼87,804.2 510 157,362.0 636 -44.2% ▼

7,636.1 297 20,153.7 291 -62.1% ▼78,653.7 675 149,140.9 968 -47.3% ▼

▼United States (C1a) 80,623.8 305 157,823.4 546 -48.9% ▼

Deals US$m Deals in ProceedsGlobal Equity & Equity-Related (C1) 289,037.8 2,050 532,859.6 2,724 -45.8%

Global Scorecard1/1/2016 - 6/30/2016 1/1/2015 - 6/30/2015

Proceeds No. Proceeds No. % Change

1 553.7 6 -65.4%

United States (C9a) 6,025.5 25 23,820.3 45 -74.7%

7 6,379.3 7 -78.3%

EMEA - Europe, Middle East & Africa (C8f) 57,079.2 388 458 -46.0%

Asia Pacific ex Australia (C8c) 48,953.1 384 101,622.8United States (C8a) 68,643.6 243 115,537.0

US$m

Daiwa Securities Group Inc 26.9 22.8 ▲ 1

▼ 2Sumitomo Mitsui Finl Grp Inc 24.3 14.9 ▲ 2

10.3 6.7 ▲ 1Morgan Stanley 41.1 37.7 ▲ 1

1

JP Morgan 8.6 1.0 ▲ 110.6 -2.4 ▼ 2

9.2 -1.0 ▼ 1

19.2 9.2 ▲ 1

JP Morgan 24.3 -4.2 ▼ 1

13.4 -5.3 ▼ 2

Morgan Stanley 20.4 7.8 ▲ 1

8.8 2.7 ▲ 1JP Morgan 7.6 -0.5 ▼ 1

3JP Morgan 10.5 4.8 ▲ 2

Mkt. Share Chg. from Last Qtr (%)

Consecutive Quarters No. 1No. 1 Manager

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

Southwest Securities Co Ltd 17 37

Nomura 22.6 -24.7

Japan (C9e)

▼43.4% ▲ 48.0% 39.1% ▲

-45.8% ▼ -24.7% -47.1% ▼

Industry Total 289,037.8 100.0 2,050 -674 6,145.73,599.2 58.6

100.0

0.9 +0.4 ▲Top Twenty Total 190,894.5 66.0

▲ 23 1.1 +2 ▲ 51.9Guotai Junan Securities 20 38 3,072.5 1.1 +0.72.0 -55 ▼ 1.5 -0.2 ▼

1.8 +0.7 ▲Jefferies LLC 19 16 3,129.5 1.1 0.0 -

1.2 +0.8 ▲BMO Capital Markets 18 20 3,553.4 1.2 +0.5 ▲

▲ 14 0.7 +2 ▲ 70.73,592.2 1.2 +0.8

33 ▲ ▲25 1.23,598.1 1.2

▲16 11 ▼ ▼ ▼2.1 -40 94.6 1.5

Industry % Change from Last Quarter 27.4% ▲ 10.0% -8.7% ▼▲

100.0

Industry % Change from Same Period Last Year -13.9% ▼ -17.3% -37.4% ▼

4,641.2 63.1Industry Total 1,713,010.3 100.0 -1,036

19 19 ▲ ▼ ▲20 17 ▼ ▼ ▼51.6 0.7 -0.5

4,941 7,359.8Top Twenty Total 1,129,790.4 66.0

0.7 +0.1RBS 18,840.4 1.1 -0.4 65 1.3 -83

1.3 +0.2 2.0 -42.9 -56 ▼▼ 2.2 -0.5 ▼

1.0 -0.1 ▼UBS 18 12 24,529.3 1.4 -1.1

▼ 124 2.5 -41 ▼ 75.0Credit Agricole CIB 17 14 28,598.4 1.7 -0.4

▼ ▼ ▼16 20 ▲ ▲ ▲

158 3.2

42 92.1UniCredit 22,092.2 99 48.047 113.12.3 +8 ▲

-0.3

141 161.5

+4 100.8 1.6 +0.93,643.7 1.3 +0.9-0.4 44

2.4 -0.2 CIBC World Markets Inc2.2 +0.6 Wells Fargo & Co

15-127 174.3182 3.7 +5 163.3

RBC Capital Markets 29,328.0 1.7 -0.6Mizuho Financial Group 28,979.2 1.7 +0.6

15 13-9 ▼ 71.0 1.2 +0.4 ▲4,101.9 1.4 +0.4 ▲ 29 1.41.7 -0.1 ▼ BNP Paribas SA 14 18▼ 165 3.3 -26 ▼ 127.7Nomura 14 15 30,431.8 1.8 -0.1

+11 ▲ 103.7 1.7 +0.9 ▲4,330.8 1.5 +1.2 ▲ 25 1.21.6 +0.5 ▲ TD Securities Inc 13 44▲ 131 2.7 -26 ▼ 117.7TD Securities Inc 13 18 33,907.9 2.0 +0.8-19 ▼ 127.8 2.1 +0.3 ▲4,403.3 1.5 +0.1 ▲ 44 2.11.2 +0.3 ▲ Nomura 12 13▲ 117 2.4 -13 ▼ 86.3Societe Generale 12 16 36,450.6 2.1 +0.2-18 ▼ 78.3 1.3 +0.1 ▲5,725.8 2.0 +0.6 ▲ 22 1.13.0 -1.2 ▼ CITIC 11 14▼ 170 3.4 -160 ▼ 218.6Credit Suisse 11 9 37,465.9 2.2 -1.8-32 ▼ 143.3 2.3 0.0 -6,722.8 2.3 +0.5 ▲ 65 3.23.2 -0.1 ▼ RBC Capital Markets 10 10- 230 4.7 -105 ▼ 235.0Wells Fargo & Co 10 10 50,682.6 3.0 0.0-58 ▼ 161.5 2.6 -0.6 ▼10,118.8 3.5 -0.3 ▼ 65 3.22.2 +0.3 ▲ Barclays 9 9▲ 186 3.8 -59 ▼ 159.4BNP Paribas SA 9 11 57,510.3 3.4 +0.6-73 ▼ 181.0 3.0 -0.5 ▼10,493.6 3.6 -2.7 ▼ 75 3.75.6 -0.7 ▼ UBS 8 5▼ 278 5.6 -161 ▼ 411.7Morgan Stanley 8 6 68,005.6 4.0 -1.0-70 ▼ 230.6 3.8 -0.2 ▼13,422.1 4.6 -0.6 ▼ 98 4.82.3 -0.1 ▼ Credit Suisse 7 6▲ 294 6.0 -96 ▼ 171.6HSBC Holdings PLC 7 8 75,147.6 4.4 +0.3-68 ▼ 167.1 2.7 -1.1 ▼13,795.5 4.8 -0.1 ▼ 78 3.83.6 -1.1 ▼ Deutsche Bank 6 8▼ 281 5.7 -193 ▼ 265.3Deutsche Bank 6 4 75,302.1 4.4 -1.3

-105 ▼ 314.9 5.1 -0.5 ▼15,102.7 5.2 -1.3 ▼ 100 4.95.7 -0.3 ▼ Bank of America Merrill Lynch 5 4▲ 254 5.1 -80 ▼ 422.3Goldman Sachs & Co 5 7 85,781.8 5.0 +0.1-73 ▼ 238.9 3.9 -0.4 ▼15,583.7 5.4 +0.4 ▲ 100 4.97.2 +1.0 ▲ Citi 4 7▲ 360 7.3 -79 ▼ 528.0Bank of America Merrill Lynch 4 5 99,874.7 5.8 +0.2-86 ▼ 365.7 6.0 -1.5 ▼19,944.3 6.9 -2.1 ▼ 117 5.75.0 -0.7 ▼ Goldman Sachs & Co 3 1▼ 372 7.5 -134 ▼ 367.7Citi 3 3 100,964.8 5.9 -0.4

-117 ▼ 408.4 6.7 -0.1 ▼22,141.2 7.7 +0.2 ▲ 121 5.93.9 -0.6 ▼ Morgan Stanley 2 3▼ 301 6.1 -142 ▼ 286.1Barclays 2 2 101,508.4 5.9 -0.4-102 ▼ 483.8 7.9 +0.9 ▲24,418.6 8.5 +0.5 ▲ 151 7.47.8 -0.1 ▼ JP Morgan 1 2▼ 430 8.7 -159 ▼ 570.1JP Morgan 1 1 124,388.8 7.3 -0.1

Fees Sh. (%)# of Deals Share Ch.Proceeds Sh. (%) Deals Sh. (%)Share Ch.BookrunnerShare Ch.2016 Rank

2015 RankDeals Sh. (%) Fees

Market MarketBookrunner Proceeds Sh. (%)

2016 Rank

2015 Rank

Market Market # of MarketMarketShare Ch. # of Deals

# of MarketSh. (%)

Proceeds per Bookrunner (US$m)Imputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per BookrunnerManager MarketChange in

# of Deals per Bookrunner Imputed Fees (US$m)Market

Japan Common Stock (C4d)Japan IPOs (C7d)

ManagerChange in Market

413 -40.6% ▼Global Secondary Offerings (C8)Morgan Stanley

Global Equity & Equity-Related (C1) Jan 1 - Jun 30Jan 1 - Jun 30Global Debt, Equity & Equity-Related (A1)

105,617.4

Latin America (C7e)Japan (C7d)EMEA - Europe, Middle East & Africa (C7c)Australia (C7b)JP Morgan

BNP Paribas SA 19.1 5.6 ▲

Asia Pacific ex Australia (C7a)United States (C6)JP MorganGlobal IPOs (C5)Latin America (C4e)Japan (C4d)EMEA - Europe, Middle East & Africa (C4c)Deutsche BankAustralia (C4b)Asia Pacific ex Australia (C4a)JP Morgan

Citi 12.6 5.7 ▲

United States (C3)Global Common Stock (C2)Latin America (C1f)Japan (C1e)JP Morgan 7.8 3.4 ▲ 1EMEA - Europe, Middle East & Africa (C1d)Australia (C1c)Morgan StanleyAsia Pacific ex Australia (C1b)


Global Equity Capital Markets

Market Sector

JP Morgan

Current Qtr Market Sh. (%)

7.3 0.3 ▲

US Convertibles (C9a)

EMEA Equity & Equity-Related (C1d)

US

Global Equity & Equity-related (C1)Global Common Stock (C2)Global IPOs (C5)

Europe, Middle East & Africa (EMEA)

GlobalGlobal Debt, Equity & Equity-Related (A1)Global Disclosed Fees (A2)

Japan Equity & Equity-Related (C1e)

Asia-Pacific ex. Japan ex. Australia

Japan

Global Convertibles (C9)

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


Leading Underwriters for the First Half of 2016

EMEA Common Stock (C4c)EMEA IPOs (C7c)EMEA Convertibles (C9d)

Asia-Pacific Common Stock (C4a)Asia-Pacific Convertibles (C9b)

2





*tie

▲▼ ▼

▲▼ Industry % Change from Same Period Last Year -32.8% ▼

Global Equity & Equity-Related Quarterly Imputed Fees (US$Bil)

Industry % Change from Last Quarter 149.1% ▲ 33.7% 159.0% ▲▼-55.0% ▼ -36.0% -55.8%

50.7430 -242 1,523.8 100.0

772.5Top Twenty Total 25,033.2 54.8Industry Total 45,704.3 100.0

2.0 +0.6 ▲▲ 11 2.6 -9 ▼ 30.7Nomura 20 30 562.7 1.2 +0.30.7 +0.1 ▲▲ 9 2.1 -2 ▼ 11.2Societe Generale 19 25 585.6 1.3 +0.31.7 +1.4 ▲▲ 12 2.8 +5 ▲ 26.6Mizuho Financial Group 18 131 613.2 1.3 +1.21.3 -0.3 ▼▼ 4 0.9 -4 ▼ 19.1Huatai Securities Co Ltd 17 14 667.4 1.5 -0.31.9 -0.3 ▼▼ 7 1.6 -6 ▼ 29.5CITIC 16 10 669.7 1.5 -0.91.8 +1.4 ▲▲ 4 0.9 0 - 27.3Essence Securities Co Ltd 15 81 702.5 1.5 +1.30.7 -0.6 ▼▲ 11 2.6 -4 ▼ 11.2Haitong Securities Co Ltd 14 33 715.8 1.6 +0.81.9 +1.4 ▲▲ 10 2.3 0 - 29.4Carnegie 13 35 775.0 1.7 +1.00.6 +0.4 ▲▲ 5 1.2 +1 ▲ 8.9Nordea 12 75 796.1 1.7 +1.51.0 +0.6 ▲▲ 5 1.2 -4 ▼ 15.0Macquarie Group 11 32 802.5 1.8 +0.91.8 +1.3 ▲▲ 4 0.9 -1 ▼ 27.2Bank of China Ltd 10 37 930.3 2.0 +1.31.6 -0.8 ▼- 13 3.0 -10 ▼ 24.4Barclays 9 11 972.2 2.1 0.01.6 -1.5 ▼▼ 11 2.6 -17 ▼ 24.3UBS 8 3 1,092.0 2.4 -2.82.4 0.0 -▼ 18 4.2 -16 ▼ 37.2Credit Suisse 7 9 1,114.2 2.4 -0.22.8 -1.4 ▼▼ 16 3.7 -25 ▼ 42.4Bank of America Merrill Lynch 6 5 1,289.5 2.8 -1.63.1 -0.6 ▼- 20 4.7 -14 ▼ 47.6Deutsche Bank 5 6 1,772.8 3.9 0.06.0 +0.5 ▲▼ 24 5.6 -23 ▼ 91.0Goldman Sachs & Co 4 4 2,112.8 4.6 -0.23.9 -0.4 ▼▲ 24 5.6 -17 ▼ 59.7Citi 3 7 2,616.1 5.7 +1.87.0 +2.8 ▲▲ 27 6.3 -19 ▼ 105.9JP Morgan 2 2 3,111.9 6.8 +1.56.8 +2.0 ▲▲ 26 6.0 -17 ▼ 103.9Morgan Stanley 1 1 3,130.9 6.9 +0.4

Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)2016 Rank

2015 Rank

Market Market Change in Manager Market Market# of Deals Fees Sh. (%) Share Ch.

Market # ofProceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

18.8%▲ Industry % Change from Last Quarter 37.4% ▲ 6.7% ▲

Global IPOs (C5) Jan 1 - Jun 30

▼Industry % Change from Last Quarter 44.3% ▲ 50.5% 43.3%

-5.4% -42.1%

-8 601.5 100.0

Industry % Change from Same Period Last Year -47.2% ▼ -25.9% -47.6%

502.9 83.632,409.6 88.736,547.9 100.0 140

57.5 Top Twenty Total100.0 Industry Total

3,185.81,910 -666 5,544.2

Top Twenty Total 163,744.9 64.9Industry Total 252,490.0 100.0

-61.40.8 +0.6 ▲ ▼ 5.3 0.9 -3.5 ▼230.7 0.6 -4.2 ▼ 2Wells Fargo & Co 20 8▲ 10 0.5 +3 ▲ 42.4Essence Securities Co Ltd 20 113 2,635.8 1.0 +0.9+2 ▲ 11.4 1.9 +0.7 ▲315.1 0.9 +0.8 ▲ 3 2.10.9 +0.4 ▲ Sumitomo Mitsui Finl Grp Inc 19 61▲ 22 1.2 +1 ▲ 49.1Guotai Junan Securities 19 34 2,882.8 1.1 +0.7+2 ▲ 2.8 0.5 -0.2 ▼377.2 1.0 -0.2 ▼ 3 2.11.6 +0.8 ▲ China International Capital Co 18 18*▲ 25 1.3 +12 ▲ 90.8Scotiabank 18 29 2,985.3 1.2 +0.7-9 ▼ 7.4 1.2 -3.2 ▼393.8 1.1 -6.1 ▼ 2 1.41.6 -0.1 ▼ Barclays 17 4▲ 41 2.1 -47 ▼ 88.9Jefferies LLC 17 16 3,014.5 1.2 +0.1-2 ▼ 5.2 0.9 -2.1 ▼463.6 1.3 -0.9 ▼ 5 3.61.6 0.0 - RBC Capital Markets 16 16▲ 42 2.2 -34 ▼ 89.3Wells Fargo & Co 16 13 3,367.4 1.3 +0.10 - 6.2 1.0 -0.9 ▼466.3 1.3 -1.1 ▼ 6 4.32.0 +0.9 ▲ Societe Generale 15 14▲ 44 2.3 +10 ▲ 111.3BMO Capital Markets 15 21 3,476.8 1.4 +0.8-6 ▼ 5.2 0.9 -2.9 ▼480.4 1.3 -4.3 ▼ 4 2.91.8 +1.1 ▲ Credit Suisse 14 5▲ 22 1.2 +5 ▲ 99.2CIBC World Markets Inc 14 32 3,587.5 1.4 +1.00 - 4.1 0.7 0.0 -536.3 1.5 +0.3 ▲ 1 0.71.3 +0.8 ▲ China Galaxy Securities Co 13 18*▲ 14 0.7 +2 ▲ 70.7Southwest Securities Co Ltd 13 31 3,592.2 1.4 +0.9-4 ▼ 6.9 1.2 -1.7 ▼588.2 1.6 -1.6 ▼ 6 4.31.8 +1.1 ▲ UBS 12 11▲ 23 1.2 +11 ▲ 98.4TD Securities Inc 12 47 4,261.1 1.7 +1.4

+2 ▲ 10.3 1.7 +1.1 ▲617.9 1.7 +0.8 ▲ 5 3.61.4 +0.1 ▲ Credit Agricole CIB 11 22▲ 21 1.1 -18 ▼ 75.7CITIC 11 11 5,601.0 2.2 +0.7-7 ▼ 10.3 1.7 -0.6 ▼640.7 1.8 -0.6 ▼ 4 2.92.5 +0.3 ▲ HSBC Holdings PLC 10 15▲ 60 3.1 -30 ▼ 138.1RBC Capital Markets 10 10 6,259.2 2.5 +0.8-2 ▼ 32.8 5.5 +1.7 ▲880.9 2.4 -0.2 ▼ 5 3.62.4 -1.4 ▼ Mizuho Financial Group 9 13▼ 70 3.7 -69 ▼ 135.0Deutsche Bank 9 8 9,476.5 3.8 -1.0-12 ▼ 27.2 4.5 -3.9 ▼1,565.0 4.3 -4.3 ▼ 9 6.42.8 -0.3 ▼ Bank of America Merrill Lynch 8 2▲ 63 3.3 -49 ▼ 154.1Barclays 8 9 9,725.0 3.9 +0.4+4 ▲ 41.8 7.0 +3.4 ▲1,895.1 5.2 +0.3 ▲ 13 9.33.1 -0.5 ▼ Citi 7 7▼ 69 3.6 -69 ▼ 174.1UBS 7 4 9,905.4 3.9 -2.8+3 ▲ 35.5 5.9 +3.2 ▲2,295.8 6.3 +3.1 ▲ 14 10.04.1 +0.1 ▲ BNP Paribas SA 6 10- 94 4.9 -64 ▼ 225.4Credit Suisse 6 6 12,941.7 5.1 0.00 - 50.7 8.4 +4.8 ▲2,621.3 7.2 +4.3 ▲ 15 10.75.2 -0.1 ▼ Goldman Sachs & Co 5 12▼ 91 4.8 -93 ▼ 287.7Bank of America Merrill Lynch 5 5 13,537.7 5.4 -0.8-4 ▼ 59.0 9.8 +5.3 ▲2,645.7 7.2 +3.6 ▲ 8 5.73.6 -0.8 ▼ Nomura 4 9▲ 87 4.6 -77 ▼ 197.1Citi 4 7 13,688.6 5.4 +0.4

+1 ▲ 32.2 5.3 +1.9 ▲4,319.1 11.8 +6.7 ▲ 8 5.76.2 -0.6 ▼ Deutsche Bank 3 6▼ 109 5.7 -107 ▼ 343.5Morgan Stanley 3 2 15,882.9 6.3 -1.2-3 ▼ 83.7 13.9 -1.7 ▼4,818.2 13.2 -0.4 ▼ 25 17.95.7 -2.1 ▼ JP Morgan 2 1▼ 102 5.3 -86 ▼ 315.0

64.9 10.8 +4.1 ▲Goldman Sachs & Co 2 1 17,323.1 6.9 -2.8

+9.8 ▲ 12 8.6 -10 ▼▲ Morgan Stanley 1 3 6,258.3 17.16.6 -99 ▼ 400.0 7.2 +1.0Sh. (%) Share Ch.

JP Morgan 1 3 19,600.4 7.8 +0.4 ▲ 126Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees

Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees

Market Market # of Market Change in ManagerManager Market Market 2016 Rank

2015 RankSh. (%) Share Ch. Bookrunner Proceeds

Market Market # of Market Change in

Jan 1 - Jun 30 Global Convertibles (C9) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Global Equity Capital Markets

Imputed Fees (US$m)2016 Rank

2015 Rank

Global Common Stock (C2)



▼▲

Industry % Change from Same Period Last Year0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

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

2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues

3





Global Equity Capital Markets: Ten Years of Rankings

Note: League Table positions reflect consolidation within the banking sector.


Rankings shown are as of the current quarter-end in each calendar year.


1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Ran

k

JP Morgan

Morgan Stanley

Goldman Sachs & Co

Citi

Bank of America Merrill Lynch

Deutsche Bank

Credit Suisse

UBS

Barclays

RBC Capital Markets

4


nc

13.5

▲

21.6

-17 ▼

Market Market # of

▼ 5

2016 Rank

1

371

2015 Rank

2016 Rank

32

19.7 -65

▼▼

2.5 -0.5 30

26.4

31.231.4

0.91.5

-5+4

719.2

-0.5

*tie

US Equity Capital MarketsFirst Half 2016 | Equity Capital Markets | Managing Underwriters

Imputed Fees (US$m)

Share Ch.Market

Sh. (%)Market

FeesManager

Sh. (%)

US Deals Intelligence

The Energy and Power sector dominated issuance in the first half of 2016, with fivedeals in the top ten ECM deallist. The sector took a 32% share of the market, withUS$26 billion in proceeds. The largest issue of the opening half was the US$2.6billion offering by the Molson Coors Brewing Company.

US equity & equity-related proceeds for the first half of 2016 totaled US$80.6billion from 305 deals, a 48.9% decrease from the same period last year.According to Thomson Reuters/Freeman Consulting, fees declined by 56.9%, toUS$2 billion, with the top 20 banks taking 85% of the wallet.

The first half of 2016 saw a 67.8% decline in IPO proceeds to US$6 billion. Thetop ten IPOs issued raised US$4.3 billion, with the largest two issues in the firsthalf being US$1.2 billion MGM Growth Properties and US$1 billion US FoodsHoldings.

US Equity and Equity-related Volume (US$Bil) by Sector and Issue Type First Half 2016Jan 1 - Jun 30US Equity & Equity-Related (C1a)

# of Deals

ECM Volume Down 49% | IPOs At Historic Low | Energy & Power Sector Dominates Issuance

▲+1.813.8281.2

▼▼-▲▼

▲▲

▲▲▲▼▲▼

31.422.721.915.917.4

▼

1.51.32.72.9

85.8163.1

▼▲+1.410.2206.5

-▼▼108.7

140.7207.7117.6

2,031.71,727.2

55.759.043.959.0

100.085.0

1.51.11.10.8

2.22.94.28.05.46.9

10.25.8

+1.5-0.8-1.70.0

-1.4

+1.0+1.3-0.9

-0.2

-0.1+0.7+0.5+0.4-0.3

-0.6-0.50.0

23.0%-56.9%

Change in

+0.4

▲▼

MarketDeals

# of# of Deals per Bookrunner

▼▼▼▲▲▲▲▲▼▼▼▼▼▼▼▼▼▼▼▼-6726.982

5158

16.719.0

305

181717

43

1619172717

5060

2542 13.8

15.113.416.4

65.2%-44.1%

▲▼

4641

8.95.69.88.2

-241

-26-17

5.95.6

+1+3+3+5

5.61.31.05.26.25.6

-41-15-33-41-37-66-45-40

-56-42

Proceeds per Bookrunner (US$m)

Share Ch.Market

Sh. (%)Market

Proceeds2015 Rank

2019181716

1098

1514131211

7654

132021-

15181916121110894652

80,623.876,249.0

505.8577.7622.8706.2

6,715.86,801.38,070.1

779.41,109.91,193.31,522.31,948.11,982.5

8,099.410,975.012,717.1

▲▼

22.0%-48.9%

2,562.23,510.15,130.8

100.094.6

0.60.70.80.90.91.01.41.51.92.4

3.24.46.48.38.4

10.010.113.615.8

-0.40.0

+0.2+0.9-0.1+0.3+0.7+0.7-0.4+0.1

-2.1-0.9-3.1-0.2-0.6-0.20.0

+5.5+1.9

▼-▲▲▼▲▲▲▼▲▼▼▼

▼▼-▲▲

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

Industry TotalTop Twenty TotalCowen & Co

Wells Fargo & Co

Stifel/KBWRaymond James Financial IncMitsubishi UFJ Financial GroupMizuho Financial GroupKeyBanc Capital Markets IncSunTrust Banks

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

Morgan StanleyBarclaysCredit Suisse

BMO Capital MarketsJefferies LLCUBSRBC Capital Markets

JP MorganBookrunner

Jan 1 - Jun 30US IPOs (US$Bil)US IPOs (C6) Jan 1 - Jun 30

Bank of America Merrill LynchCitiGoldman Sachs & Co

Deutsche Bank

Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.JP Morgan 1 3 546.3 9.2 ▼ 9 24.3 -17 ▼ 39.8 11.3 +2.9 ▲Citi 2 5 522.6 8.8 +0.1 ▲ 9 24.3 -11 ▼ 18.8 5.3 -3.4 ▼Deutsche Bank 3 7 509.5 8.6 +1.9 ▲ 7 18.9 -9 ▼ 21.3 6.0 +0.4 ▲Bank of America Merrill Lynch 4 1 497.0 8.4 -1.8 ▼ 7 18.9 27.5 7.8 -1.7 ▼Goldman Sachs & Co 5 2 452.5 7.6 -2.6 ▼ 10 27.0 -16 ▼ 39.6 11.2 -0.4 ▼Morgan Stanley 6 4 448.9 7.5 -1.2 ▼ 7 18.9 -10 ▼ 35.1 9.9 +2.1 ▲Barclays 7 6 394.1 6.6 -0.4 ▼ 8 -9 ▼ 17.5 4.9 -1.4 ▼Credit Suisse 8 8 370.9 6.2 -0.2 ▼ 8 21.6 -13 ▼ 16.8 4.7 +0.4 ▲Wells Fargo & Co 9 9 297.0 5.0 -0.3 ▼ 5 13.5 -11 ▼ 9.3 2.6 -1.1 ▼Jefferies LLC 10 11 183.7 3.1 -0.5 ▼ 5 13.5 -9 ▼ 9.9 2.8 -0.8 ▼Cowen & Co 11 15 181.1 3.0 +1.5 ▲ 6 16.2 -1 ▼ 9.1 2.6 +0.9 ▲Evercore Partners 12 16 172.5 2.9 +1.4 ▲ 1 2.7 -4 ▼ 8.0 2.3 +1.2 ▲KKR & Co LP 13 - 130.6 2.2 +2.2 ▲ 1 2.7 +1 ▲ 5.6 1.6 +1.4 ▲RBC Capital Markets 14 10 118.6 2.0 -3.1 ▼ 5 -8 ▼ 6.4 1.8 -1.5 ▼UBS 15 12 105.7 1.8 -0.4 13.5 -2 ▼ 7.0 2.0 +0.5 ▲Stifel/KBW 16 17 88.7 1.5 0.0 - 3 8.1 -7 ▼ 5.1 1.4 -0.7 ▼Sandler O'Neill Partners 17 22 85.0 1.4 +0.9 3 8.1 +1 ▲ 4.4 1.3 +0.8 ▲Macquarie Group 18 28 82.8 1.4 +1.1 ▲ 1 2.7 -1 ▼ .7 0.2 +0.1 ▲William Blair & Co 19 24 75.2 1.3 +0.8 ▲ 3 8.1 +1 ▲ 3.1 0.9 -0.8 ▼Leerink Partners LLC 20 14 66.4 1.1 -0.4 ▼ 2 5.4 -4 ▼ 4.5 1.3 -0.2 ▼Top Twenty Total 5,329.1 89.5 289.5 81.8

100.0Industry Total 5,954.7 100.0 37 -51 353.8

Industry % Change from Same Period Last Year -67.8% ▼ -58.0% -68.0% ▼▼Industry % Change from Last Quarter 1264.2% ▲ 416.7% ▲▲ 1114.9%


$26.0 32%

$15.0 19%

$14.0 17%

$4.1 5%

$4.1 5%

$3.9 5%

$3.3 4%

$10.3 13%

Energy and Power Real Estate Healthcare

Consumer Staples Retail High Technology

Materials Others

$6.0 7%

$68.6 85%

$6.0 8%

IPO Follow-On Convertible

$25.3 $25.5 $2.5 $8.5 $23.2 $28.5 $21.8 $27.5 $18.5 $6.0

104

25

13

58 64

69

86

125

88

37

0

20

40

60

80

100

120

140

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Proceeds # of Issues

Pro

ceed

s U

S$

Bill

ions

# of

Issu

es

5

http://banker.thomsonib.com/

*tie** Rankings exclude self-funded proceeds, per Standard Criteria

▼ 2 8.0 -6 ▼▲ 1 4.0 -1

7.8 5.6 +1.6 ▲Wells Fargo & Co 8 3 230.7 3.8 -7.3

3.0 2.2 -2.4 ▼10 300.0 5.0 +1.5 ▲ 1

3 12.0 -2Mizuho Financial Group 7

▼4.0 0 -

5.3 -3.2 ▼RBC Capital Markets 6 7 360.7 6.0 +1.6 ▲

▼ 3 12.0 -10 ▼ 7.4Morgan Stanley 5 4 447.4 7.4 -3.1-9 ▼ 12.6 9.0 -1.9 ▼

▲Bank of America Merrill Lynch 4 2 588.3 9.8 -4.7 ▼ 4 16.0

20.0 -2 ▼ 15.5 11.0 +6.0+13.3 ▲

Citi 3 5 650.3 10.8 +1.5 ▲ 56 24.0 -2 ▼ 24.4 17.4

21.8 +1.0 ▲Goldman Sachs & Co 2 9 1,037.9 17.2 +13.0 ▲

▲ 12 48.0 -5 ▼ 30.6JP Morgan 1 1 1,563.2 25.9 +6.3

Change in Manager Market MarketBookrunner Sh. (%) # of Deals Fees Sh. (%) Share Ch.

2015 Rank

Market Market # of MarketProceeds Sh. (%) Share Ch. Deals

Industry % Change from Last Quarter 45.5% ▲ 59.0%

US Convertibles (C9a) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)2016 Rank

Industry % Change from Same Period Last Year 8.8% ▲ 21.7% 104.8% ▲▲

94.4Industry Total 35,835.1 100.0 100.0

520.4101 +18 551.5

0.5 +0.3 ▲Top Twenty Total 35,607.0 99.4

▲ 1.2 0.2 +0.2 ▲SunTrust Banks 20 - 105.3 0.3

0.7 +0.5 ▲Evercore Partners 19 112.3 0.3 +0.3 ▲ 3

▲ 4.0 0.7 0.0 -4 4.0 +4 ▲ 4.0

▲Jefferies LLC 17 13 182.6 0.0 - 3 3.0 +1

5.0 +5 ▲ 7.6 1.4 +1.2+0.4 ▲

KeyBanc Capital Markets Inc 16 - 245.5 0.7 +0.7 ▲ 52 2.0 +2 ▲ 5.3 1.0

1.0 +1.0 ▲Scotiabank 15 - 269.2 0.8 +0.8 ▲

▲ 1 1.0 +1 ▲ 5.37.2 1.3 +1.3 ▲

Mizuho Financial Group 14 - 298.6 0.8 +0.8

+1.3 ▲BMO Capital Markets 13 - 328.2 0.9 +0.9 ▲ ▲

▼Raymond James Financial Inc 12 ▲ 6 5.9 +5 ▲ 10.5 1.9

5.0 +4 ▲ 7.2 1.3 -0.4RBC Capital Markets 11 12 409.5 1.1 +0.5+3 ▲ 11.1 2.0 0.0 -

▼Deutsche Bank 10 9 460.5 1.3 -1.7 ▼ 5 5.0

4.0 -1 ▼ 12.8 2.3 -1.6UBS 9 8 578.0 1.6 -1.9+9 ▲ 18.2 3.3 +1.7 ▲

10.9 -4.5 ▼10 1,054.2 2.9 +1.6 ▲ 13 12.9

-6.7 ▼Morgan Stanley 7 ▼ 12 11.9 +2 ▲ 59.9

17 16.8 +3 ▲ 43.6 7.910.4 +4.2 ▲

Barclays 6 2 3,644.0 10.2 -5.9 ▼19 18.8 +11 ▲ 57.5

-3 ▼ 29.084.4

11.3 +0.8 ▲Bank of America Merrill Lynch 5 5 4,031.6 11.3 +2.6 ▲

▲ 24 23.8 +5 ▲ 62.3JP Morgan 4 4 4,643.7 13.0 +0.65.3 -3.6 ▼

▼Citi 3 3 4,866.6 13.6 -1.5 ▼ 16 15.8

24.8 +9 ▲▼ 25 15.3 -10.2+10.6 ▲

Credit Suisse 2 1 5,265.2 14.7 -6.8▲ 19 18.8 +10 ▲

Bookrunner Sh. (%) # of DealsDealsGoldman Sachs & Co

Sh. (%) Share Ch.Market Market # of

Proceeds Sh. (%) Share Ch.

Industry % Change from Last Quarter 19.7% ▲ 61.7% 21.9% ▲▲Industry % Change from Same Period Last Year -44.3% ▼ -44.1% -54.4% ▼▼

Industry Total 74,598.3 100.0 2801,618.2 85.6

-221 1,891.5 100.0

▼Top Twenty Total 70,267.3 94.2

3.9 -20 ▼ 24.3 1.3 -0.8-0.8 ▼

Leerink Partners LLC 20 14 444.0 0.6 -0.6 ▼ 1115 5.4 -18 ▼ 19.8 1.0

1.6 -0.8 ▼Stifel/KBW 19 16 473.9 0.6 -0.2 ▼

▼ 18 6.4 -24 ▼ 30.8Cowen & Co 18 13 505.8 0.7 -0.5+3 ▲ 12.6 0.7 +0.4 ▲

-Mitsubishi UFJ Financial Group 17 - 525.4 0.7 +0.7 ▲ 3 1.1

6.1 -5 ▼ 21.9 1.2 0.0+0.8 ▲

Raymond James Financial Inc 16 19 622.8 0.8 +0.1 ▲ 1716 5.7 +4 ▲ 30.8 1.6

1.5 +0.5 ▲KeyBanc Capital Markets Inc 15 17 779.4 1.0 +0.2 ▲

▲ 18 6.4 +3 ▲ 29.226.4 1.4 +0.5 ▲

SunTrust Banks 14 15 1,022.4 1.4 +0.6

-0.3 ▼1,193.3 1.6 +0.9 ▲ 17 6.1 +7 ▲

40.9 2.2 -0.6 ▼26 9.3 -36 ▼ 52.6 2.8

13 20

1,621.8 2.2 -0.6 ▼1,407.3 1.9 -0.4 ▼

▼ 59.0 3.1 +1.6 ▲10 27 9.6 -31 ▼

▼ 56.1 3.0 -2.0 ▼2.5 0.0 - 16 5.7

24 8.6 -40

Imputed Fees (US$m)Manager Market Market

-15

12 12

11 1,868.111

3.2 -3.0 ▼▲

Deutsche BankUBSRBC Capital MarketsJefferies LLCBMO Capital Markets

9 8 2,381.410

14.3 -31 ▼ 80.6 4.3 +0.6-1.3 ▼

Wells Fargo & Co 8 9 3,279.4 4.4 +0.1 ▲ 4043 15.4 -56 ▼ 155.7 8.2

-0.1 ▼Morgan Stanley 7 5 4,683.4 6.3 -3.0 ▼

41 14.6 -40 ▼ 107.1 5.77.4 +1.3 ▲

Barclays 6 6 6,715.8 9.0 -0.1 ▼▼ 49 17.5 -36 ▼ 140.5

102.1 5.4 -1.6 ▼Credit Suisse 5 3 6,721.3 9.0 -0.9

-0.3 ▼ 46 16.4 -54 ▼▼ 195.0 10.3 +1.7 ▲

Citi 4 2 7,449.1 10.0+0.6 ▲ 56 20.0 -56


▼ 182.2 9.6 +0.2 ▲Bank of America Merrill Lynch 3 4 7,481.8 10.0

▲+4.5 52 18.6 -40Goldman Sachs & Co 2 7 9,937.0 13.3-62 ▼ 250.6 13.3 +2.5 ▲11,153.9 15.0 +2.1 ▲ 70 25.0JP Morgan 1 1

US Common Stock (C3)

FeesMarket Market

Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.Market Change in Manager

Bookrunner Proceeds Sh. (%) Share Ch.

Jan 1 - Jun 30


2015 Rank

Market Market # of

US Block Trades Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

5 5.0 +5

2016 Rank

2015 Rank Fees

▲▼▲▼

Market Change in

86.3 15.7

▼▼▲▲▲▲

▲▼▲

▲▲▼

MarketShare Ch.

▲▲▲▼

Industry % Change from Last Quarter 4.6% ▲ 40.6% -13.7% ▼Industry % Change from Same Period Last Year -40.6% ▼ -41.2% -49.4% ▼

85.8-170 1,537.7 100.0100.0

1,319.0243

1.0 -0.6Top Twenty Total 65,498.8 95.4Industry Total 68,643.6

▼ 12 4.9 -11 ▼ 14.7

0.8 +10.7 +0.3

Stifel/KBW 20 17 385.2 0.6 -0.1▲ 10.6▲ 4 1.6 +3

- 2Scotiabank 19 28 411.2 0.6 +0.4

▲ 9.6▲ 12.6 0.8 +0.5

0.6 -0.1Mizuho Financial Group 18 20 419.2 0.6 0.0▲ 3 1.2 +3

6.6 -4▲ 16Mitsubishi UFJ Financial Group 17 - 525.4 0.8 +0.8

▼ 20.2 1.3 +0.21.9 +0.9

Raymond James Financial Inc 16 19 610.3 0.9 +0.3▲ 15 6.2 +5 ▲ 29.8KeyBanc Capital Markets Inc 15 15 758.0 1.1 +0.3

6.6 +6 ▲ 25.1 1.6 +0.71.5 +0.5

SunTrust Banks 14 21 960.7 1.4 +0.8 ▲ 16▲ 16 6.6 +9

21 8.6 -27▼ 2.8 -0.2BMO Capital Markets 13 16 1,175.0 1.7 +1.0 ▲ 22.9

▼ 42.734.5 2.2 -0.4

-13 ▼ 52.0 3.4

Jefferies LLC 12 12 1,223.6 1.8 -0.3-0.2 ▼ 22 9.1 -23 ▼

+1.9RBC Capital Markets 11 11 1,503.2 2.2UBS 10 10 1,762.5 2.6 0.0 - 11 4.5

7.0 -31 ▼ 34.7 2.3 -2.54.6 +0.9

Deutsche Bank 9 8 1,872.0 2.7 -3.4 ▼ 17▲ 35 14.4 -20

7.8 -2.3▼ 71.3Wells Fargo & Co 8 9 2,982.3 4.3 +0.2

▼ 36 14.8 -46 ▼ 120.6Morgan Stanley 7 5 4,234.5 6.2 -3.2▼ 33 13.6 -31 ▼ 89.6

▼ 123.8 8.1 +1.4Barclays 6 4 6,321.7 9.2 -0.3

▼ 83.3 5.4 -1.09.3 -1.1 ▼ 41 16.9 -23Credit Suisse 5 3 6,350.4

-43▼ 37Citi 4

1 6 6,979.4 19.5 +11.2

Bank of America Merrill Lynch 3 6 6,984.8 10.2 +0.9142.6

Sh. (%) # of Deals

2 6,926.5 10.1 -0.4 15.2

42 17.3 -24 ▼-45 ▼ 210.8

Goldman Sachs & Co 2 7 9,484.6 13.813.7 +2.0

+5.2 ▲25.1

▲ 49 20.2 -39

7 1,620.4 4.5 -3.4

▼ 4

▲ 5

Wells Fargo & Co 8

▲ 61

14 369.8 1.0 +0.8

+2.1

0.5

3.0 +33.0 +3

142.4 0.4 +0.4 ▲

+0.3 ▲ 3 ▲ 3.0

JP Morgan 1 1 10,607.7 15.5DealsBookrunner

9.3 +0.6

5.3 3.8 -4.1

Sh. (%)

10.9 +2.6

5.8 +0.1

▼ 167.6

Stifel/KBW 18 --

33.4%

# of Market Change in Manager Market2016 Rank

2015 Rank

Market MarketProceeds Sh. (%) Share Ch.

US Secondary Offerings (C8a)


Jan 1 - Jun 30

▼Deutsche Bank 9* 19 180.7 3.0 +2.5 ▼ 3.0 2.1 +0.7 ▲Mitsubishi UFJ Financial Group 9* - 180.7 3.0 +3.0 ▲ 1 4.0 +1 ▲ 3.4 2.4 +1.1 ▲Jefferies LLC 11 12 115.0 1.9 0.0 - 1 4.0 -5 ▼ 3.2 2.3 0.0 -Stifel/KBW 12 28* 103.8 1.7 +1.6 ▲ 2 8.0 +1 ▲ 2.9 2.1 +1.6 ▲SunTrust Banks 13 25 87.5 1.5 +1.3 ▲ 1 4.0 0 - 2.2 1.6 +1.0 ▲UBS 14* 14* 80.0 1.3 +0.1 ▲ 1 4.0 0 - .0 0.0 -0.9 ▼Credit Suisse 14* 8 80.0 1.3 -3.0 ▼ 1 4.0 -4 ▼ .2 0.1 -4.5 ▼Ladenburg Thalmann & Co 16 - 8.0 0.1 +0.1 ▲ 1 4.0 +1 ▲ .5 0.3 +0.3 ▲FBR Capital Markets Corp 17 - 5.0 0.1 +0.1 ▲ 1 4.0 +1 ▲ .1 0.1 +0.1 ▲Sandler O'Neill Partners 18 - 3.8 0.1 +0.1 ▲ 1 4.0 +1 ▲ .3 0.2 +0.2

+0.2 ▲▲

Aegis Group PLC 19 - 2.5 0.0 0.0 - +1 ▲ .3 0.21 4.0

-2025Industry Total 6,025.5 100.0Top Nineteen Total 6,025.5 100.0 87.5

140.2 100.0

112.5% 39.7% ▲▲

122.7

▼Industry % Change from Same Period Last Year -74.7% ▼ -44.4% -75.6% ▼▲ Industry % Change from Last Quarter 54.7%▲ ▲


▼▲

6


First Half 2016US Equity & Equity-Related Industry Composition for Top Bookrunners First Half 2016

US Year-on-Year % Change in ECM Volume (US$Bil) Jan 1 - Jun 30


Top 10 US Equity & Equity-Related Deals (US$Bil)


$2.6

$2.4

$2.3

$1.6

$1.5

$1.5

$1.3

$1.2

$1.2

$1.2

01/28/16

03/16/16

05/19/16

01/05/16

02/17/16

01/27/16

02/29/16

04/19/16

05/06/16

05/17/16

Molson Coors Brewing Co

Baxalta Inc

Tesla Motors Inc

Pioneer Natural Resources Co

Devon Energy Corp

Baxalta Inc

Marathon Oil Corp

MGM Growth Properties LLC

Walgreens Boots Alliance Inc

Digital Realty Trust Inc

-16.3% -10.2% -21.5%

68.4%

-15.0%

21.6% 3.7%

11.1%

-48.9%

-1,000

-800

-600

-400

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$B)

% C

hang

e YO

Y in

Pro

ceed

s

Pro

ceed

s U

S$

Bill

ions

17.1%

28.8% 24.8%

11.9%

31.9%

18.2%

18.8%

31.1% 23.4% 21.8%

40.4% 42.6%

28.3%

38.6%

23.4%

23.7%

10.8%

9.3% 2.1%

2.9%

2.3%

31.6%

23.7%

11.1%

15.5%

7.7%

8.3%

15.5%

23.7%

6.6% 10.3%

6.8%

8.6%

9.0%

2.1% 5.6%

2.6%

10.3%

23.7%

4.7%

11.3% 5.9%

2.8%

2.9% 4.5%

6.3% 1.4% 11.3%

23.7%

3.1%

3.9% 2.9% 2.7%

1.1%

2.0% 2.0%

3.9%

23.7%

4.6%

1.3% 2.7%

0.9%

4.9%

2.2% 2.3%

1.3%

23.7%

4.2% 3.1% 1.6% 2.5%

9.0%

3.4% 2.3% 3.1%

23.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

JP Morgan GoldmanSachs & Co

Bank ofAmerica

Merrill Lynch

Citi CreditSuisse

Barclays MorganStanley

Wells Fargo DeutscheBank

RBC CapitalMarkets

% T

otal

Pro

ceed

s

Real Estate Energy and Power Consumer Staples Industrials Retail High Technology Media and Entertainment Financials Materials

7


*tie

-75.2% ▼Industry % Change from Last Quarter 583.8% ▲ 133.3% 428.6% ▲

10Industry Total 1,984.7 100.0 -2 44.0 100.043.4 98.6Top Fourteen Total 1,984.6 100.0

+1.0 ▲1 10.0 +1 ▲ .6 1.310.0 3.6 +3.6 ▲

14 - 16.8 0.8 +0.8

2.4 5.5 +3.3 ▲- 52.6 2.7 +2.7 1

3.7 -3.8 ▼3.0 +2.2 2 20.0 0 -

0.0 -3.4 -7.7 2 20.0 -4 ▼ 1.6

1 10.0 +1 ▲ .0 0.05.9 +5.9 ▲

GBM Grupo Bursatil Mexicano 10 - 97.3 4.9 +4.91 10.0 +1 ▲ 2.6Banco do Brasil SA 5* - 117.5 5.9 +5.9

0 - 2.6 5.9 +3.3 ▲2.6 5.9 -4.2 ▼

HSBC Holdings PLC 5* 10* 117.5 1 10.010.0 -2 ▼

5.9 +3.5 ▲7 117.5 5.9 -0.1 ▼ 1

5.9 +2.3 ▲+5.4 ▲ 1 10.0 0 - 2.6

15.8 +5.2 ▲+0.4 ▲ 1 10.0 -1 ▼ 2.6

-3.6 ▼+4.3 ▲ 2 20.0 0 - 7.0

3 30.0 -1 ▼ 1.5 3.3

5.9Banco Bradesco SA 5* 9 117.510.3Morgan Stanley 4 8 204.7

5*5.9Citi 5* 16* 117.5

+4.9 ▲

Industry % Change from Same Period Last Year -81.4% ▼ -16.7%

5.9 +0.7Itau Unibanco

▲ 9.2 21.0 +12.3 ▲Credit Suisse 3 5 233.4 11.8

+9.5 ▲ 5 50.0 +2▲

Santander 2 6 312.8 15.830.0 +2 ▲ 6.5 14.9 +4.5

Sh. (%) Share Ch.Bank of America Merrill Lynch 1 10* 352.5 17.8 +12.6 ▲ 3

Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees

Market Market # of Market Change in Manager

First Half 2016Latin America ECM Volume (US$Bil) by Domicile Nation and SectorJan 1 - Jun 30Latin America Year-on-Year % Change in ECM Volume (US$Bil)


2015 Rank

ECM Volume Down 81% to Lowest Volume Since 2009

Latin America Equity and Equity-related Volume (US$Bil) Jan 1 - Jun 30Jan 1 - Jun 30Latin America Equity & Equity Related (C1f)

Latin America Equity Capital MarketsFirst Half 2016 | Equity Capital Markets | Managing Underwriters

Grupo Financiero Banorte-IxeBanco VotorantimEvercore Casa de Bolsa SA

11 3

+1 ▲ 1.6

66.812 14 60.213

Banco BTG Pactual SA

▼▲


$17.2 $11.7 $6.3 $18.4 $21.4 $9.5 $20.7 $12.1 $10.7 $2.0

17

10 6

17

28

17

29

12 8

7

36

8

1

10

18

10

12

3

4 3

-2

2

6

10

14

18

22

26

30

34

38

$0

$5

$10

$15

$20

$25

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds Non-IPOs IPOs

Pro

ceed

s U

S$

Bill

ions

# of

Issu

es

$0.9 57%

$0.7 43%

Brazil Mexico

$0.8 55%

$0.6 45%

Industrials Financials

-37.8% -45.8%

190.8% 16.3%

-55.4%

117.5%

-41.8%

19.4%

-81.4%

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

20

22

24

-100%

-50%

0%

50%

100%

150%

200%

250%2008 2009 2010 2011 2012 2013 2014 2015 2016

Proceeds (US$bil)

% C

hang

e YO

Y in

Pro

ceed

s

Pro

ceed

s U

S$

Bill

ions

8


nc

EMEA IPOs by Nation of Primary Listing (US$Bil) First Half 2016 Top 10 EMEA Equity & Equity-Related Deals (US$Bil) First Half 2016


Industry % Change from Last Quarter 89.3% ▲ 50.2% 99.4% ▲▲Industry % Change from Same Period Last Year -44.2% ▼ -19.8% -40.9% ▼▼

71.0-126 1,416.1 100.0

1,005.4510


-1 ▼ 16.6 1.2 +0.3 ▲▼

SEB 20 29 756.3 0.9 +0.3 ▲ 12 2.41.6 -3 ▼ 10.6 0.8 -0.2

+0.5 ▲UniCredit 19 16 907.3 1.0 -0.1 ▼ 8

7 1.4 +2 ▲ 18.7 1.32.5 +1.6 ▲

Mediobanca 18 17 1,243.8 1.4 +0.5 ▲▲ 21 4.1 +1 ▲ 34.8Carnegie 17 23 1,349.7 1.5 +0.7

+2 ▲ 29.6 2.1 +1.2 ▲▲

Credit Agricole CIB 16 26 1,358.2 1.6 +0.9 ▲ 12 2.42.4 -13 ▼ 28.2 2.0 +0.1

-0.5 ▼Jefferies LLC 15 15 1,473.1 1.7 +0.4 ▲ 12

11 2.2 -14 ▼ 26.8 1.91.6 +0.9 ▲

HSBC Holdings PLC 14 11 1,740.4 2.0 -0.6 ▼▲ 18 3.5 +6 ▲ 22.0Nordea 13 24 1,965.4 2.2 +1.4

-3 ▼ 36.0 2.5 -0.3 ▼▲

Societe Generale 12 8 2,221.6 2.5 -0.9 ▼ 27 5.34.1 +5 ▲ 22.6 1.6 +0.3

+0.3 ▲Numis 11 20 2,293.0 2.6 +1.7 ▲ 21

22 4.3 -3 ▼ 44.4 3.13.9 +1.5 ▲

Barclays 10 9 3,227.7 3.7 +0.9 ▲▲ 23 4.5 -6 ▼ 54.7BNP Paribas SA 9 10 3,613.9 4.1 +1.4

-14 ▼ 37.7 2.7 -0.4 ▼▼

Credit Suisse 8 12 3,616.8 4.1 +1.5 ▲ 18 3.55.5 -9 ▼ 58.2 4.1 -0.5

-1.3 ▼Citi 7 7 4,524.3 5.2 +1.2 ▲ 28

34 6.7 -17 ▼ 63.1 4.55.5 -0.5 ▼

Deutsche Bank 6 6 5,609.8 6.4 -1.1 ▼▼ 29 5.7 -26 ▼ 77.2Bank of America Merrill Lynch 5 3 5,803.5 6.6 -2.2

-21 ▼ 74.6 5.3 -1.4 ▼▲

UBS 4 2 5,809.8 6.6 -2.9 ▼ 29 5.75.7 -29 ▼ 92.8 6.6 +1.3

-1.0 ▼Morgan Stanley 3 5 6,376.8 7.3 -0.2 ▼ 29

42 8.2 -10 ▼ 126.6 8.99.2 +3.4 ▲

Goldman Sachs & Co 2 1 6,743.1 7.7 -2.4 ▼▲ 48 9.4 -18 ▼ 130.2

# of Deals Fees Sh. (%) Share Ch.JP Morgan 1 4 8,361.5 9.5 +1.6Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

# of Market Change in Manager Market Market

First Half 2016


EMEA Equity & Equity-Related (C1d)

2016 Rank

2015 Rank

Market Market


EMEA Equity Capital MarketsFinancials Lead the Market | Denmark Leads IPO Activity | Vodafone's Mandatory Convertible - Largest ECM Deal

EMEA Deals Intelligence

EMEA equity & equity-related volumes totaled US$87.8 billion in the first half of2016. Financials led new issue activity with 27% of the market while Energy andPower activity from Q1 waned. According to Thomson Reuters/FreemanConsulting, ECM fee estimates were down 40.9% year-on-year.

First half EMEA IPO volumes reached US$17 billion. By Issuer Nation, IPOvolume was led by Denmark, with DONG Energy A/S raising US$3 billion (thelargest IPO in the first half of 2016). IPO related fees were down 48.9% year-on-year, according to Thomson Reuters/Freeman Consulting.

Follow-On volumes represented 67.1% of market activity in the second quarter.Overall deal activity was down year-on-year, with Vodafone Group PLC's US$4.1billion mandatory convertible bond being the largest equity & equity-related dealoverall in the first half of 2016.

Jan 1 - Jun 30 EMEA ECM Proceeds Raised by Industry (US$Bil)

$23.3 27%

$13.0 15%

$11.7 13%

$8.3 9%

$7.5 8%

$4.9 6% $4.5

5% $4.3 5%

$2.8 3%

$2.6 3%

Financials

Industrials

Energy and Power

Materials

Real Estate

High Technology

Telecommunications

Consumer Staples

Healthcare

Media and Entertainment

Retail

Consumer Products and Services

$3.5 $3.4

$2.7

$1.7

$0.9 $0.8 $0.8 $0.8 $0.6

0

5

10

15

20

25

30

35

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Denmark U.K. Netherlands Sweden Spain CzechRepublic

France Switzerland Italy

# of

Issu

es

Pro

ceed

s (U

S$B

il)

Proceeds (US$m) # of Issues

$4.1

$4.0

$3.1

$3.0

$2.8

$1.6

$1.5

$1.4

$1.4

$1.3

02/19/16

02/11/16

03/30/16

06/09/16

05/26/16

04/14/16

04/26/16

04/05/16

02/04/16

04/22/16

Vodafone Group PLC

Saipem SpA

ArcelorMittal SA

DONG Energy A/S

Banco Popular Espanol SA

NN Group NV

SABMiller PLC

Schaeffler AG

LafargeHolcim Ltd

Airbus Group SE

9





*tie** Rankings exclude self-funded proceeds, per Standard Criteria


14.3% -13.7% ▼▲

Industry % Change from Last Quarter 97.0% ▲ 115.8% 197.2% ▲ Industry % Change from Last Quarter 5.1% ▲▼ Industry % Change from Same Period Last Year 31.5% ▲ 0.0% 40.1%

0 221.3 100.0

-Industry % Change from Same Period Last Year -30.0% ▼ -9.1% -25.9%

215.2 97.213,452.3 98.213,697.9 100.0 30


270.760 -6 340.1


+26.70.7 -1.3 ▼ ▲ .2 0.1 +0.7 ▲11.0 0.1 +0.1 ▲ 2Panmure Gordon & Co Ltd 20 -▲ 2 3.3 +1 ▲ 2.4UniCredit 19* 30* 272.6 1.9 +1.4+1 ▲ .6 0.3 +0.7 ▲35.5 0.3 +0.3 ▲ 1 3.30.7 +0.2 ▲ ABN AMRO Bank 18* -▲ 2 3.3 +2 ▲ 2.4Banca IMI (Intesa Sanpaolo) 19* - 272.6 1.9 +1.9+1 ▲ .6 0.3 +0.3 ▲35.5 0.3 +0.3 ▲ 1 3.32.6 +1.1 ▲ ING 18* -▲ 1 1.7 0 - 8.9BBVA 18 18* 341.3 2.3 +1.0+1 ▲ 2.5 1.1 +2.4 ▲140.0 1.0 +1.0 ▲ 1 3.32.4 +2.3 ▲ ABG Sundal Collier 17 -▲ 4 6.7 +3 ▲ 8.1Swedbank 17 58* 343.5 2.3 +2.20 - 3.0 1.3 +0.7 ▲165.3 1.2 +0.7 ▲ 1 3.32.8 +2.6 ▲ Berenberg Bank 16 23▲ 1 1.7 +1 ▲ 9.5Jefferies LLC 16 - 350.0 2.4 +2.40 - 4.1 1.8 -1.3 ▼190.5 1.4 -2.1 ▼ 1 3.31.8 +2.0 ▲ UniCredit 15 12▲ 4 6.7 +4 ▲ 6.3Handelsbanken Capital Markets 15 - 371.9 2.5 +2.5-4 ▼ 4.4 2.0 -4.1 ▼200.8 1.5 -5.2 ▼ 2 6.73.1 +0.1 ▲ UBS 14 5▼ 4 6.7 -4 ▼ 10.6BNP Paribas SA 14 9 404.8 2.8 -1.7-2 ▼ 3.8 1.7 -2.1 ▼204.5 1.5 -1.7 ▼ 2 6.71.3 +1.6 ▲ Natixis 13 13▲ 2 3.3 +2 ▲ 4.4Emirates NBD PJSC 13 - 412.2 2.8 +2.80 - 3.8 1.7 -2.3 ▼275.6 2.0 -2.4 ▼ 2 6.73.5 -1.0 ▼ Credit Suisse 12 9▼ 5 8.3 -1 ▼ 12.0Societe Generale 12 5 414.9 2.8 -3.4-2 ▼ 5.8 2.6 -5.0 ▼393.8 2.9 -6.1 ▼ 2 6.73.1 -0.6 ▼ Barclays 11 3▼ 4 6.7 0 - 10.4Morgan Stanley 11 8 467.3 3.2 -2.10 - 6.2 2.8 -9.3 ▼466.3 3.4 -9.3 ▼ 6 20.07.9 +0.3 ▲ Societe Generale 10 1▼ 4 6.7 -2 ▼ 26.7UBS 10 3 471.4 3.2 -4.5-3 ▼ 8.6 3.9 -1.2 ▼555.0 4.1 -1.4 ▼ 3 10.04.4 +2.7 ▲ HSBC Holdings PLC 9 7▲ 3 5.0 +1 ▲ 14.8Santander 9 15 504.5 3.4 +1.6

+2 ▲ 10.2 4.6 +1.9 ▲617.9 4.5 -0.1 ▼ 5 16.74.4 +2.8 ▲ Credit Agricole CIB 8 8▲ 4 6.7 +2 ▲ 14.8Credit Agricole CIB 8 37 511.8 3.5 +3.2+3 ▲ 10.3 4.7 +0.7 ▲752.7 5.5 +1.1 ▲ 5 16.73.4 -3.6 ▼ Deutsche Bank 7 10▼ 5 8.3 -1 ▼ 11.6JP Morgan 7 1 718.0 4.9 -6.7+3 ▲ 14.9 6.7 +2.8 ▲826.3 6.0 +1.9 ▲ 5 16.74.0 -3.4 ▼ Citi 6 11▼ 4 6.7 -2 ▼ 13.6Deutsche Bank 6 4 791.2 5.4 -1.7-1 ▼ 14.0 6.3 -1.4 ▼891.0 6.5 -2.1 ▼ 4 13.33.4 +0.3 ▲ Bank of America Merrill Lynch 5 4▲ 2 3.3 0 - 11.6Mediobanca 5 12* 814.8 5.6 +3.3

+5 ▲ 21.1 9.5 +7.2 ▲1,458.5 10.7 +8.0 ▲ 8 26.73.6 +0.2 ▲ Goldman Sachs & Co 4 15▲ 4 6.7 +2 ▲ 12.2Citi 4 11 845.2 5.8 +2.7-1 ▼ 29.5 13.3 +9.5 ▲1,788.7 13.1 +9.9 ▲ 3 10.05.2 +0.2 ▲ Morgan Stanley 3 14▲ 4 6.7 +1 ▲ 17.7Barclays 3 6 931.1 6.4 +0.4

+4 ▲ 37.4 16.9 +11.0 ▲2,202.6 16.1 +10.5 ▲ 8 26.713.4 +2.7 ▲ JP Morgan 2 6▼ 7 11.7 +2 ▲ 45.4Goldman Sachs & Co 2 2 1,326.0 9.0 -0.8+4 ▲ 34.2 15.4 +3.7 ▲2,240.8 16.4 +4.0 ▲ 13 43.38.0 +3.2 ▲ BNP Paribas SA 1 2▲ 4 6.7 -1 ▼ 27.3

# of Deals Fees Sh. (%) Share Ch.Bank of America Merrill Lynch 1 7 1,393.6 9.5 +3.7


Market Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

# of MarketMarket Change in Manager Market Market 2016 Rank# of Deals Fees Sh. (%) Share Ch.

2016 Rank

2015 Rank

Market Market # of

EMEA Rights Offerings (C8fr) Jan 1 - Jun 30 EMEA Convertibles (C9d) Jan 1 - Jun 30

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)

Industry % Change from Same Period Last Year -58.8% ▼ -37.8% -48.9% ▼▼Industry % Change from Last Quarter 113.1% ▲ 52.9% 137.3% ▲Industry % Change from Same Period Last Year -49.6% ▼ -20.8% -46.6% ▼

279.5 72.313,307.3 78.267.7100.0

809.1480 -126 1,194.8


-5 ▼ 2.8 0.7 -1.7 ▼239.7 1.4 -1.5 ▼ 2 2.21.6 +0.8 ▲ BNP Paribas SA 20 10▲ 7 1.5 0 - 19.4Credit Agricole CIB 20 37 740.3 1.0 +0.6-5 ▼ 9.2 2.4 -0.1 ▼247.0 1.5 -0.5 ▼ 4 4.31.2 +0.8 ▲ SEB 19 17▲ 10 2.1 +4 ▲ 14.6Stifel/KBW 19 70 751.0 1.0 +0.9-1 ▼ 6.4 1.6 +0.2 ▲277.9 1.6 +0.7 ▲ 4 4.31.4 +0.4 ▲ Peel Hunt LLP 18 27▲ 12 2.5 -1 ▼ 16.6SEB 18 28 756.3 1.0 +0.4

+2 ▲ 10.0 2.6 +2.1 ▲313.7 1.8 +1.2 ▲ 4 4.31.5 -0.7 ▼ Liberum Capital 17 38▼ 8 1.7 -11 ▼ 18.3HSBC Holdings PLC 17 10 1,185.4 1.6 -0.8-8 ▼ 6.4 1.7 -2.5 ▼317.9 1.9 -3.4 ▼ 4 4.31.6 +0.7 ▲ Bank of America Merrill Lynch 16 5▲ 7 1.5 +2 ▲ 18.7Mediobanca 16 16 1,243.8 1.7 +0.7

+2 ▲ 3.0 0.8 +0.6 ▲416.0 2.4 +2.3 ▲ 3 3.32.9 +1.9 ▲ ING 15 76▲ 21 4.4 +1 ▲ 34.8Carnegie 15 23 1,349.7 1.8 +0.90 - 15.4 4.0 +2.4 ▲420.7 2.5 +1.1 ▲ 6 6.51.7 0.0 - ABG Sundal Collier 14 19▼ 10 2.1 -10 ▼ 20.5BNP Paribas SA 14 12 1,373.1 1.9 -0.2-2 ▼ 10.3 2.7 +0.5 ▲427.0 2.5 +0.4 ▲ 3 3.32.4 +0.6 ▲ Credit Suisse 13 15▲ 12 2.5 -10 ▼ 28.2Jefferies LLC 13 15 1,473.1 2.0 +0.7

+2 ▲ 8.2 2.1 +1.1 ▲444.6 2.6 +1.8 ▲ 5 5.42.5 +0.3 ▲ Numis 12 32▼ 21 4.4 -3 ▼ 29.7Societe Generale 12 8 1,755.3 2.4 -0.3-3 ▼ 10.1 2.6 0.0 -461.9 2.7 +0.3 ▲ 8 8.71.8 +1.0 ▲ Societe Generale 11 13▲ 18 3.8 +6 ▲ 22.0Nordea 11 24 1,965.4 2.7 +1.8-3 ▼ 1.6 0.4 -1.1 ▼498.0 2.9 +1.7 ▲ 1 1.11.9 +0.5 ▲ Danske Bank 10 23▲ 21 4.4 +5 ▲ 22.6Numis 10 18 2,293.0 3.1 +2.1-1 ▼ 6.9 1.8 +0.1 ▲578.1 3.4 +1.3 ▲ 5 5.43.2 +0.7 ▲ Barclays 9 16▲ 20 4.2 -1 ▼ 38.6Barclays 9 11 2,833.8 3.8 +1.5-6 ▼ 7.5 1.9 -2.5 ▼712.1 4.2 +0.1 ▲ 2 2.22.8 -0.3 ▼ UBS 8 7▲ 16 3.3 -14 ▼ 33.9Credit Suisse 8 9 3,341.2 4.5 +2.00 - 29.4 7.6 +5.3 ▲775.0 4.6 +2.9 ▲ 10 10.93.6 -1.1 ▼ Carnegie 7 18▲ 23 4.8 -12 ▼ 43.3Citi 7 7 3,698.0 5.0 +1.1

+1 ▲ 8.9 2.3 +1.3 ▲796.1 4.7 +4.1 ▲ 5 5.45.3 -0.1 ▼ Nordea 6 37▼ 26 5.4 -28 ▼ 63.3Morgan Stanley 6 5 4,588.2 6.2 -1.6-3 ▼ 16.9 4.4 -1.7 ▼874.3 5.1 -0.5 ▼ 8 8.74.4 -1.5 ▼ Deutsche Bank 5 4▼ 29 6.0 -20 ▼ 52.8Deutsche Bank 5 6 4,857.1 6.6 -1.1-4 ▼ 34.0 8.8 +3.3 ▲939.8 5.5 +0.6 ▲ 8 8.75.3 -0.6 ▼ Goldman Sachs & Co 4 6▼ 25 5.2 -25 ▼ 63.2Bank of America Merrill Lynch 4 3 4,912.5 6.6 -2.2-4 ▼ 26.1 6.8 +1.2 ▲1,312.4 7.7 -0.4 ▼ 8 8.78.8 -1.6 ▼ Morgan Stanley 3 1▼ 34 7.1 -15 ▼ 105.5Goldman Sachs & Co 3 1 5,284.6 7.1 -3.5-1 ▼ 21.3 5.5 +2.2 ▲1,359.7 8.0 +4.3 ▲ 9 9.85.9 -0.9 ▼ Citi 2 9▼ 27 5.6 -17 ▼ 70.2UBS 2 2 5,609.0 7.6 -2.1-3 ▼ 45.1 11.7 +6.3 ▲1,895.4 11.1 +3.5 ▲ 12 13.07.8 +2.0 ▲ JP Morgan 1 2▲ 40 8.3 -22 ▼ 92.9

# of Deals Fees Sh. (%) Share Ch.JP Morgan 1 4 6,158.9 8.3 +0.3


Market Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

# of MarketMarket Change in Manager Market Market 2016 Rank# of Deals Fees Sh. (%) Share Ch.

2016 Rank

2015 Rank

Market Market # of

EMEA Common Stock (C4c) Jan 1 - Jun 30 EMEA IPOs (C7c) Jan 1 - Jun 30



EMEA Equity Capital Markets

▲ ▲

▼▲

▼

17,027.1 100.0

Industry % Change from Last Quarter 248.6% ▲

Industry TotalTop Twenty Total

-5692

221.9% ▲▲106.7%

386.8 100.0

10





nc


Asia (ex-Japan, ex-Australia) Equity Capital MarketsAsian ECM Declines 47% | Hong Kong Leads IPO Exchanges | Financials Top Sector

Asia Deals Intelligence

Asian equity and equity-related proceeds during the first half of 2016 totaledUS$78.7 billion, down 47.3% from the first half of 2015 and the slowest openinghalf since 2012. Issuers from the Financials, High Technology and Industrialssectors represented 24.7%, 16% and 14.8% of the market, respectively.

Asian IPO for the first half of 2016 totaled US$17.6 billion, a 51.2% decreasefrom the same period last year. Asia follow-on offerings and convertiblescaptured 62.2% and 15.4% market share, respectively.

According to estimates by Thomson Reuters/Freeman Consulting, Asian Equity andEquity-Related fees in the first half of 2016 decreased 46.9% to US$1.4 billion ascompared to the same period last year, which totaled US$ 2.4billion.

Asia Equity & Equity-Related, inc Chinese A-shares (C1b) Jan 1 - Jun 30 Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$Mil) Jan 1 - Jun 30


2015 Rank

Market Market # of Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.Morgan Stanley 1 3 8,598.5 10.9 +5.8 ▲ 28 4.1 -13 ▼ 100.8 7.4 +4.0 ▲CITIC 2 4 5,725.8 7.3 +2.4 ▲ 22 3.3 -18 ▼ 78.3 5.8 +0.2 ▲Deutsche Bank 3 16 5,103.7 6.5 +4.8 ▲ 15 2.2 -3 ▼ 35.0 2.6 +1.1 ▲Southwest Securities Co Ltd 4 19 3,592.2 4.6 +3.2 ▲ 14 2.1 +2 ▲ 70.7 5.2 +3.3 ▲Guotai Junan Securities 5 20 3,072.5 3.9 +2.5 ▲ 23 3.4 +2 ▲ 51.9 3.8 +1.6 ▲Essence Securities Co Ltd 6 56 2,635.8 3.4 +3.1 ▲ 10 1.5 +3 ▲ 42.4 3.1 +2.4 ▲GF Securities 7 24 2,549.7 3.2 +2.0 ▲ 17 2.5 -4 ▼ 64.3 4.7 +1.9 ▲China International Capital Co 8 7 2,424.4 3.1 0.0 - 10 1.5 -16 ▼ 23.1 1.7 -1.2 ▼Citi 9 11 2,344.7 3.0 +0.9 ▲ 16 2.4 -6 ▼ 41.4 3.0 +1.5 ▲Huatai Securities Co Ltd 10 13 2,067.4 2.6 +0.8 ▲ 9 1.3 -5 ▼ 40.7 3.0 +0.3 ▲Haitong Securities Co Ltd 11 12 2,005.9 2.6 +0.7 ▲ 18 2.7 -19 ▼ 27.2 2.0 -1.1 ▼Goldman Sachs & Co 12 1 1,949.1 2.5 -6.1 ▼ 13 1.9 -22 ▼ 25.1 1.8 -1.0 ▼JP Morgan 13 6 1,735.0 2.2 -2.3 ▼ 14 2.1 -13 ▼ 34.0 2.5 -0.2 ▼China Securities Co Ltd 14 15 1,572.7 2.0 +0.3 ▲ 12 1.8 -5 ▼ 45.3 3.3 +1.2 ▲Bank of China Ltd 15 30 1,559.4 2.0 +1.2 ▲ 6 0.9 -2 ▼ 33.4 2.5 +1.6 ▲Guosen Securities Co Ltd 16 9 1,498.3 1.9 -0.3 ▼ 9 1.3 -17 ▼ 38.3 2.8 -1.8 ▼Credit Suisse 17 5 1,415.1 1.8 -3.0 ▼ 16 2.4 -16 ▼ 18.3 1.4 -0.9 ▼Great Wall Securities Co Ltd 18 70 1,360.9 1.7 +1.5 ▲ 6 0.9 +4 ▲ 24.0 1.8 +1.4 ▲NH Investment & Securities Co 19 25 1,358.5 1.7 +0.6 ▲ 11 1.6 +2 ▲ 11.3 0.8 +0.3 ▲UBS 20 2 1,045.5 1.3 -6.2 ▼ 10 1.5 -29 ▼ 15.2 1.1 -3.1 ▼Top Twenty Total 53,615.1 68.2 820.7 60.3

-293 1,360.9 100.0Industry Total 78,653.7 100.0 675

Industry % Change from Same Period Last Year -47.3% ▼ -30.3% -46.9% ▼▼Industry % Change from Last Quarter 38.6% ▲ 20.1% 48.0% ▲▲

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) Jan 1 - Jun 30 Top 10 Asia Equity & Equity-Related Deals (US$Bil) First Half 2016


2015 Rank

Market Market # of Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) # of Deals Fees Sh. (%) Share Ch.Morgan Stanley 1 4 8,001.1 20.2 +13.1 ▲ 23 4.6 -14 ▼ 87.4 15.0 +8.6 ▲Deutsche Bank 2 9 4,029.4 10.2 +7.8 ▲ 10 2.0 -3 ▼ 28.7 4.9 +3.1 ▲JP Morgan 3 3 1,699.3 4.3 -3.0 ▼ 13 2.6 -13 ▼ 27.2 4.7 -1.5 ▼Goldman Sachs & Co 4 1 1,675.9 4.2 -5.5 ▼ 11 2.2 -20 ▼ 22.6 3.9 -1.9 ▼Citi 5 7 1,673.2 4.2 +1.3 ▲ 13 2.6 -5 ▼ 24.5 4.2 +2.2 ▲NH Investment & Securities Co 6 14 1,358.5 3.4 +1.6 ▲ 11 2.2 +2 ▲ 11.3 1.9 +0.8 ▲Haitong Securities Co Ltd 7 12 1,236.0 3.1 +1.0 ▲ 17 3.4 -6 ▼ 24.1 4.1 +1.3 ▲Credit Suisse 8 5 1,177.0 3.0 -3.4 ▼ 14 2.8 -16 ▼ 14.6 2.5 -2.5 ▼UBS 9 2 788.5 2.0 -5.4 ▼ 8 1.6 -25 ▼ 9.3 1.6 -4.2 ▼Korea Investment Holdings Co 10 51 771.7 2.0 +1.8 ▲ 10 2.0 +3 ▲ 7.1 1.2 +0.8 ▲Guotai Junan Securities 11 34 732.7 1.9 +1.4 ▲ 11 2.2 -2 ▼ 12.1 2.1 +1.1 ▲GF Securities 12 35 616.7 1.6 +1.1 ▲ 2 0.4 -2 ▼ 3.5 0.6 -0.3 ▼China International Capital Co 13 6 605.9 1.5 -1.5 ▼ 5 1.0 -12 ▼ 8.8 1.5 -0.8 ▼ICICI Bank Ltd 14 48 600.8 1.5 +1.3 ▲ 9 1.8 +2 ▲ 6.1 1.0 +0.6 ▲HSBC Holdings PLC 15 8 597.4 1.5 -1.2 ▼ 6 1.2 -12 ▼ 9.8 1.7 -0.7 ▼China Construction Bank 16 11 562.8 1.4 -0.7 ▼ 6 1.2 -7 ▼ 8.4 1.4 -0.2 ▼CITIC 17 10 558.0 1.4 -1.0 ▼ 6 1.2 -11 ▼ 9.2 1.6 -1.6 ▼Bank of America Merrill Lynch 18 13 543.9 1.4 -0.6 ▼ 5 1.0 -9 ▼ 8.4 1.4 -0.9 ▼Kingston Securities Limited 19 16 495.2 1.3 -0.2 ▼ 26 5.3 -15 ▼ 12.7 2.2 -0.9 ▼China Merchants Bank 20 17 487.4 1.2 -0.2 ▼ 5 1.0 -2 ▼ 5.8 1.0 +0.1 ▲Top Twenty Total 28,211.4 71.3 341.6 58.6

-167 583.0 100.0Industry Total 39,539.9 100.0 495

Industry % Change from Same Period Last Year -56.2% ▼ -25.2% -45.4% ▼▼Industry % Change from Last Quarter 62.9% ▲ 20.3% 69.7% ▲▲*tie


$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

China Hong Kong Malaysia Singapore Taiwan Rest of Asia

$6.6

$1.9

$1.9

$1.4

$1.3

$1.2

$1.1

$1.1

$1.1

$1.1

06/01/16

03/21/16

01/05/16

06/14/16

05/17/16

04/30/16

05/19/16

06/27/16

02/12/16

01/15/16

Softbank Group Corp METS

China Zheshang Bank Co Ltd

Ind Sec Co Ltd

Poly Real Estate Group Co Ltd

Orient Group Inc

PICC Property & Casualty Co

BOC Aviation Ltd

Bank of Jiangsu Co Ltd

Samsung Engineering Co Ltd

China Fortune Land Co Ltd

11





*tie

▼

▼▲

▼▼

▲▼

▼ Industry % Change from Same Period Last Year -51.2%


Asia (ex-Japan, ex-Australia) Equity Capital Markets

Asia Common stock, inc Chinese A-shares (C4a) Jan 1 - Jun 30 Asia IPOs, inc Chinese A-shares (C7a) Jan 1 - Jun 30


Sh. (%) Share Ch.2016 Rank

2015 Rank

Market Market # of # of MarketMarket Change in Manager Market Market 2016 Rank# of Deals Fees

Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015 Rank

Market Market# of Deals Fees Sh. (%) Share Ch.

CITIC 1 3 5,601.0 8.4 +3.4 ▲ 21 3.4 -18 ▼ 75.7 6.1 +0.4 ▲ Bank of China Ltd 1 16 930.3 5.3 +3.5 ▲ 4 1.7 -1 ▼ 27.2 4.7 +3.4 ▲Morgan Stanley 2 4 4,894.8 7.4 +2.6 ▲ 24 3.9 -14 ▼ 76.5 6.2 +3.1 ▲ Haitong Securities Co Ltd 2 14 708.4 4.0 +1.7 ▲ 10 4.4 -5 ▼ 11.1 1.9 -1.5 ▼Southwest Securities Co Ltd 3 16 3,592.2 5.4 +3.8 ▲ 14 2.3 +2 ▲ 70.7 5.7 +3.7 ▲ Essence Securities Co Ltd 3 37 702.5 4.0 +3.4 ▲ 4 1.7 0 - 27.3 4.7 +3.6 ▲Guotai Junan Securities 4 17 2,882.8 4.3 +2.8 ▲ 22 3.6 +1 ▲ 49.1 4.0 +1.7 ▲ CITIC 4 2 669.7 3.8 -2.8 ▼ 7 3.1 -6 ▼ 29.5 5.1 -0.3 ▼Essence Securities Co Ltd 5 54 2,635.8 4.0 +3.7 ▲ 10 1.6 +3 ▲ 42.4 3.4 +2.6 ▲ Huatai Securities Co Ltd 5 5 667.4 3.8 -1.1 ▼ 4 1.7 -4 ▼ 19.1 3.3 -0.7 ▼GF Securities 6 21 2,549.7 3.8 +2.5 ▲ 17 2.8 -4 ▼ 64.3 5.2 +2.3 ▲ Citi 6 20 624.3 3.5 +2.0 ▲ 5 2.2 -3 ▼ 16.7 2.9 +1.5 ▲Citi 7 9 2,244.8 3.4 +1.1 ▲ 15 2.4 -7 ▼ 39.5 3.2 +1.6 ▲ Morgan Stanley 7 6 575.9 3.3 -0.7 ▼ 7 3.1 -1 ▼ 18.0 3.1 +1.1 ▲Huatai Securities Co Ltd 8 13 2,067.4 3.1 +1.1 ▲ 9 1.5 -5 ▼ 40.7 3.3 +0.5 ▲ China Securities Co Ltd 8 35 548.4 3.1 +2.4 ▲ 5 2.2 +1 ▲ 26.3 4.5 +2.9 ▲China International Capital Co 9 7 2,047.2 3.1 +0.2 ▲ 7 1.1 -18 ▼ 20.3 1.6 -1.2 ▼ Guotai Junan Securities 9 19 512.0 2.9 +1.4 ▲ 7 3.1 +1 ▲ 22.3 3.8 +1.4 ▲Haitong Securities Co Ltd 10 12 2,005.9 3.0 +1.0 ▲ 18 2.9 -17 ▼ 27.2 2.2 -1.1 ▼ Goldman Sachs & Co 10 18 505.9 2.9 +1.2 ▲ 4 1.7 0 - 12.2 2.1 +1.3 ▲Goldman Sachs & Co 11 1 1,824.2 2.7 -6.5 ▼ 12 2.0 -22 ▼ 19.8 1.6 -1.3 ▼ GF Securities 11 17 483.6 2.8 +1.1 ▲ 8 3.5 -4 ▼ 29.6 5.1 +1.7 ▲Deutsche Bank 12 14 1,718.0 2.6 +0.8 ▲ 13 2.1 -5 ▼ 16.4 1.3 -0.3 ▼ China Construction Bank 12 36 483.2 2.7 +2.0 ▲ 4 1.7 0 - 6.7 1.2 +0.8 ▲Bank of China Ltd 13 30 1,559.4 2.3 +1.4 ▲ 6 1.0 -2 ▼ 33.4 2.7 +1.8 ▲ China Merchants Securities Co 13 8 413.4 2.4 -1.3 ▼ 5 2.2 -8 ▼ 18.9 3.3 -1.1 ▼China Securities Co Ltd 14 15 1,403.4 2.1 +0.5 ▲ 11 1.8 -5 ▼ 42.1 3.4 +1.2 ▲ China Merchants Bank 14 23 400.6 2.3 +1.0 ▲ 3 1.3 -1 ▼ 5.3 0.9 +0.3 ▲Guosen Securities Co Ltd 15 11 1,384.2 2.1 -0.1 ▼ 8 1.3 -17 ▼ 36.8 3.0 -1.7 ▼ China International Capital Co 15 10 353.5 2.0 -1.2 ▼ 3 1.3 -7 ▼ 7.2 1.2 -2.5 ▼Great Wall Securities Co Ltd 16 68 1,360.9 2.0 +1.8 ▲ 6 1.0 +4 ▲ 24.0 1.9 +1.5 ▲ Agricultural Bank of China 16 57 339.1 1.9 +1.6 ▲ 2 0.9 +1 ▲ 5.5 0.9 +0.6 ▲NH Investment & Securities Co 17 24 1,358.5 2.0 +0.8 ▲ 11 1.8 +2 ▲ 11.3 0.9 +0.4 ▲ JP Morgan 17 34 314.5 1.8 +1.1 ▲ 5 2.2 +3 ▲ 14.9 2.6 +2.4 ▲Credit Suisse 18 5 1,290.3 1.9 -2.1 ▼ 15 2.4 -14 ▼ 17.1 1.4 -0.8 ▼ HSBC Holdings PLC 18 24 299.1 1.7 +0.6 ▲ 3 1.3 -1 ▼ 6.4 1.1 +0.7 ▲Sinolink Securities Co Ltd 19 33 1,020.8 1.5 +0.7 ▲ 4 0.7 -9 ▼ 15.2 1.2 -1.4 ▼ Deutsche Bank 19 25 283.8 1.6 +0.5 ▲ 4 1.7 -3 ▼ 7.0 1.2 -0.2 ▼Dongxing Securities 20 100 924.0 1.4 +1.3 ▲ 4 0.7 +3 ▲ 9.4 0.8 +0.6 ▲ BNP Paribas SA 20 43 274.9 1.6 +1.2 ▲ 2 0.9 -2 ▼ 4.6 0.8 +0.4 ▲Top Twenty Total 44,365.3 66.6Industry Total 66,568.5 100.0

731.9613 -317 1,243.4

58.9 Top Nineteen Total100.0 Industry Total

10,090.5 57.317,615.5 100.0 229

315.8 54.2-110 582.6 100.0

Industry % Change from Same Period Last Year -51.7% ▼ -34.1% -48.9% ▼ -32.4% -57.2% ▼Industry % Change from Last Quarter 24.9% ▲ 23.1% 43.5% ▲ Industry % Change from Last Quarter 36.9% ▲ -0.9% 42.6% ▲

Asia Secondary Offerings, inc Chinese A-shares (C8c) Jan 1 - Jun 30 Asia Convertibles, inc Chinese A-shares (C9b) Jan 1 - Jun 30

▲


Sh. (%) Share Ch.2016 Rank

2015 Rank

Market Market # of # ofMarket Change in Manager Market Market 2016 Rank# of Deals Fees Bookrunner

Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%) Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2015 Rank

Market Market Market# of Deals Fees Sh. (%) Share Ch.

CITIC 1 5 4,931.3 10.1 +5.6 ▲ 14 3.6 -12 ▼ 46.2 7.0 +0.9 ▲ Morgan Stanley 1 3 3,703.7 30.7 +22.0 ▲ 4 6.5 +1 ▼ 24.4 20.7 +12.3 ▲Morgan Stanley 2 4 4,318.9 8.8 +3.8 ▲ 17 4.4 -13 ▼ 58.4 8.9 +4.4 ▲ Deutsche Bank 2 - 3,385.7 28.0 +28.0 ▲ 2 3.2 +2 ▲ 18.6 15.8 +15.8 ▲Southwest Securities Co Ltd 3 29 3,445.3 7.0 +6.0 ▲ 12 3.1 +5 ▲ 60.3 9.1 +7.3 ▲ JP Morgan 3 1 1,052.4 8.7 -8.6 ▼ 5 8.1 0 - 15.6 13.3 -10.1 ▼Guotai Junan Securities 4 17 2,370.8 4.8 +3.3 ▲ 15 3.9 0 - 26.8 4.1 +1.8 ▲ China Galaxy Securities Co 4 5* 536.3 4.4 -1.2 ▼ 1 1.6 0 - 4.1 3.5 -2.5 ▼GF Securities 5 22 2,066.1 4.2 +3.1 ▲ 9 2.3 0 - 34.7 5.3 +2.9 ▲ China International Capital Co 5 5* 377.2 3.1 -2.5 ▼ 3 4.8 +2 ▲ 2.8 2.4 -3.6 ▼Essence Securities Co Ltd 6 70 1,933.3 4.0 +3.8 ▲ 6 1.6 +3 ▲ 15.1 2.3 +1.9 ▲ UBS 6 4 307.4 2.5 -4.0 ▼ 3 4.8 0 - 2.5 2.2 -4.9 ▼China International Capital Co 7 7 1,693.7 3.5 +0.7 ▲ 4 1.0 -11 ▼ 13.1 2.0 +0.4 ▲ China Investment Sec Co Ltd 7 - 195.0 1.6 +1.6 ▲ 2 3.2 +2 ▲ 3.9 3.4 +3.4 ▲Citi 8 8 1,620.5 3.3 +0.8 ▲ 10 2.6 -4 ▼ 22.8 3.5 +1.5 ▲ Industrial Securities Co Ltd 8 9* 194.1 1.6 -2.1 ▼ 2 3.2 +1 ▲ 5.1 4.4 +2.5 ▲Deutsche Bank 9 9 1,434.2 2.9 +0.8 ▲ 9 2.3 -2 ▼ 9.4 1.4 -0.4 ▼ Guotai Junan Securities 9 - 189.7 1.6 +1.6 ▲ 1 1.6 +1 ▲ 2.9 2.4 +2.4 ▲Huatai Securities Co Ltd 10 30 1,400.1 2.9 +1.9 ▲ 5 1.3 -1 ▼ 21.6 3.3 +1.9 ▲ Dongbu Securities 10 - 173.0 1.4 +1.4 ▲ 1 1.6 +1 ▲ 3.3 2.8 +2.8 ▲Goldman Sachs & Co 11 1 1,318.3 2.7 -9.2 ▼ 8 2.1 -22 ▼ 7.7 1.2 -4.3 ▼ China Securities Co Ltd 11 13 169.3 1.4 -2.0 ▼ 1 1.6 0 - 3.2 2.7 +1.5 ▲Haitong Securities Co Ltd 12 10 1,297.5 2.7 +0.8 ▲ 8 2.1 -12 ▼ 16.1 2.4 -0.7 ▼ KGI Financial Services Group 12 26 136.9 1.1 +0.7 ▲ 5 8.1 +4 ▲ 1.1 1.0 +0.9 ▲NH Investment & Securities Co 13 18 1,257.9 2.6 +1.1 ▲ 8 2.1 +1 ▲ 9.3 1.4 +0.4 ▲ Guangzhou Securities Co Ltd 13* - 124.8 1.0 +1.0 ▲ 1 1.6 +1 ▲ 1.3 1.1 +1.1 ▲Guosen Securities Co Ltd 14 14 1,168.7 2.4 +0.8 ▲ 6 1.6 -2 ▼ 25.8 3.9 +0.7 ▲ Goldman Sachs & Co 13* 23 124.8 1.0 +0.4 ▲ 1 1.6 0 - 5.2 4.5 +3.6 ▲Great Wall Securities Co Ltd 15 58 1,133.6 2.3 +2.0 ▲ 4 1.0 +2 ▲ 14.8 2.2 +1.7 ▲ CITIC 13* 9* 124.8 1.0 -2.7 ▼ 1 1.6 0 - 2.6 2.2 +0.3 ▲Credit Suisse 16 3 1,091.4 2.2 -2.9 ▼ 11 2.9 -14 ▼ 10.8 1.6 -2.5 ▼ Credit Suisse 13* 2 124.8 1.0 -12.8 ▼ 1 1.6 -2 ▼ 1.3 1.1 -3.4 ▼Sinolink Securities Co Ltd 17 39* 957.0 2.0 +1.5 ▲ 3 0.8 -1 ▼ 10.9 1.7 +0.5 ▲ Guosen Securities Co Ltd 17 14 114.1 0.9 -0.8 ▼ 1 1.6 0 - 1.5 1.3 -0.9 ▼Dongxing Securities 18 79 885.0 1.8 +1.7 ▲ 3 0.8 +2 ▲ 6.2 0.9 +0.6 ▲ Citi 18 - 99.9 0.8 +0.8 ▲ 1 1.6 +1 ▲ 1.9 1.6 +1.6 ▲China Securities Co Ltd 19 11 855.0 1.8 -0.1 ▼ 6 1.6 -6 ▼ 15.8 2.4 -0.5 ▼ China Merchants Bank 19* - 85.7 0.7 +0.7 ▲ 1 1.6 +1 ▲ .5 0.4 +0.4 ▲Soochow Securities Co Ltd 20 48 761.1 1.6 +1.2 ▲ 4 1.0 +2 ▲ 17.2 2.6 +2.0 ▲ Bank of America Merrill Lynch 19* 15 85.7 0.7 -0.9 ▼ 1 1.6 -1 ▼ .5 0.4 -2.1 ▼Top Twenty Total 35,939.7 73.4Industry Total 48,953.1 100.0

443.0384 -207 660.7


11,305.3 93.512,085.1 100.0 62

102.3 87.1+24 117.5 100.0

Industry % Change from Same Period Last Year -51.8% ▼ -35.0% -38.3% ▼ Industry % Change from Same Period Last Year 5.7% ▲ 63.2% -9.5% ▼Industry % Change from Last Quarter 20.9% ▲ 40.1% 44.3% ▲ Industry % Change from Last Quarter 159.9% ▲ -6.3% 109.2% ▲

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MarketProceeds per Bookrunner (AU$m) # of Deals per Bookrunner

Australia Equity Capital Markets

▲▲

Market Market # of Market Change in Manager MarketBookrunner Proceeds Sh. (%) Sh. (%) Share Ch.Deals Sh. (%) FeesMacquarie Group 1 2 1,797.6 17.6 0.0 - 15 5.0 -5 ▼ 36.0 12.9 +0.5 ▲UBS 2 3 1,767.7 17.3 +1.8 ▲ 14 4.7 -6 ▼ 36.6 13.1 +0.9 ▲Credit Suisse 3 7 1,323.2 12.9 +10.0 ▲ 9 3.0 +4 ▲ 19.8 7.1 +4.0 ▲JP Morgan 4 9 1,065.1 10.4 +8.4 ▲ 4 1.3 -1 ▼ 16.4 5.9 +4.0 ▲Deutsche Bank 5 8 440.6 4.3 +1.6 ▲ 1 0.3 -3 ▼ 4.1 1.5 -2.0 ▼Morgans Financial Ltd 6 12 419.9 4.1 +2.9 ▲ 16 5.4 -3 ▼ 18.5 6.6 +3.1 ▲Bell Financial Group Ltd 7 14 378.8 3.7 +2.8 ▲ 27 9.1 +12 ▲ 18.5 6.6 +3.7 ▲Canaccord Genuity 8 11 375.2 3.7 +2.5 ▲ 15 5.0 +2 ▲ 17.1 6.1 +3.4 ▲Morgan Stanley 9 4 279.8 2.7 -8.2 ▼ 5 1.7 -3 ▼ 5.6 2.0 -4.0 ▼Taylor Collison Ltd 10 10 260.1 2.5 +1.1 ▲ 17 5.7 +1 ▲ 10.1 3.6 +1.4 ▲Goldman Sachs & Co 11 1 171.9 1.7 -20.6 ▼ 2 0.7 -7 ▼ 5.4 1.9 -22.1 ▼Hartleys Ltd 12 30 151.2 1.5 +1.4 ▲ 19 6.4 +8 ▲ 8.3 3.0 +2.6 ▲Citi 13 6 146.9 1.4 -1.9 ▼ 1 0.3 -3 ▼ 3.9 1.4 -1.4 ▼ANZ Banking Group 14* 37 125.0 1.2 +1.1 ▲ 1 0.3 0 - 1.6 0.6 +0.5 ▲Forsyth Barr 14* - 125.0 1.2 +1.2 ▲ 1 0.3 +1 ▲ 1.6 0.6 +0.6 ▲Ord Minnett Ltd 16 25 122.6 1.2 +0.9 ▲ 5 1.7 +3 ▲ 8.9 3.2 +2.3 ▲Patersons Securities Ltd 17 20 119.4 1.2 +0.8 ▲ 30 10.1 -6 ▼ 7.2 2.6 +1.7 ▲

0.3 +1 ▲ 3.5 ▲Ocean Equities Ltd 18 - 100.0 1.0 +1.0Euroz Securities Ltd 19 23 92.8 0.9 +0.6 ▲

▲ 1+5 ▲ 5.3 1.9

1.3 +1.3▲

Wilson HTM 81.0 0.8 +0.420 19 ▼▲8 2.7

Top Twenty Total 9,343.8 91.46 2.0

+1.4

Industry % Change from Same Period Last Year -60.5% ▼ 1.4% -43.6% ▼

-3 3.8

# of MarketFees

Change in Manager

▲1.4 +0.5232.2

Market MarketBookrunner Proceeds Sh. (%)

MarketSh. (%) Share Ch.

Market

Macquarie Group 1 2 1,797.6 18.0 -0.1 ▼Deals Sh. (%)

15 5.1 -5 ▼ 35.6 13.0 +0.2 ▲UBS 2 3 1,767.7 17.7 +1.8 ▲ 14 4.7 -6 ▼ 36.6 13.3 +0.7 ▲Credit Suisse 3 7 1,323.2 13.3 +10.3 ▲ 9 3.0 +4 ▲ 19.8 7.2 +4.0 ▲JP Morgan 4 14 1,065.1 10.7 +9.7 ▲ 4 1.4 +1 ▲ 16.4 6.0 +4.8 ▲Deutsche Bank 5 8 440.6 4.4 +1.7 ▲ 1 0.3 -3 ▼ 3.7 1.4 -2.2 ▼Morgans Financial Ltd 6 11 419.9 4.2 +3.0 ▲ 16 5.4 -3 ▼ 18.5 6.7 +3.1 ▲Bell Financial Group Ltd 7 13 378.8 3.8 +2.8 ▲ 27 9.1 +13 ▲ 18.5 6.7 +3.7 ▲Canaccord Genuity 8 10 375.2 3.8 +2.5 ▲ 15 5.1 +2 ▲ 17.1 6.2 +3.4 ▲Morgan Stanley 9 4 279.8 2.8 -8.4 ▼ 5 1.7 -3 ▼ 5.6 2.1 -4.1 ▼Taylor Collison Ltd 10 9 260.1 2.6 +1.2 ▲ 17 5.7 +1 ▲ 10.1 3.7 +1.4 ▲

5.4Goldman Sachs & Co 11 1 171.9 1.7 -21.0 -22.3 ▼Hartleys Ltd 12 29 151.2 1.5 +1.3 ▲

▼

Citi 13 6 146.9 1.5

2.02 0.7 -6 ▼

3.9 1.43.0 +2.619 6.4 +8 ▲ 8.3 ▲

+0.9 ▲ 51 0.3 -3▼

8.9 3.2 +2.3-1.5 ▼

Ord Minnett Ltd 14 23 122.6 1.2-1.9 ▼

▲ 30 10.11.7 +3 ▲

-4 ▼Patersons Securities Ltd 15 19 119.4 1.2 +0.8 7.2 2.6 +1.6 ▲Ocean Equities Ltd 16 - 100.0 1.0 +1.0 ▲ 1 0.3 +1 ▲ 3.5Euroz Securities Ltd 17 22 92.8 0.9 +0.6 ▲ 5.3 1.9

1.3 +1.3 ▲8 2.7 +5▲

2.0 -3 1.4 +0.5+1.4 ▲

Wilson HTM 18 18 81.0 0.8 +0.4Petra Capital Pty Ltd 19 37 80.6 0.8 +0.7 ▲ 7 2.4

2.3

▼+5 ▲

3.8▲ 63.2 1.2 +1.0 ▲

▲

-43.0% ▼▲

233.7Moelis & Co 71.0 0.7 +0.420 21Top Twenty Total 9,245.4 92.7

5 1.7▲

Australian ECM Down 61% | Financials Top Sector | Follow On Proceeds Captures 74% of Australian ECM Market Share

Australia Deal Intelligence

Proceeds raised from Australian Equity and Equity-Related offerings totaledAU$10.2 billion from 298 deals, a 60.5% decline from the AU$25.9 billion raised inthe first half of 2015. Issuance from firms in the Financials, Industrials andMaterials sectors captured 24.1%, 17% and 16% of the market, respectively.

According to estimates by Thomson Reuters/Freeman Consulting, total fees inthe region registered a 43.6% drop from the comparable fees total in the first halfof 2015. The top fee earning book runner, UBS, captured 13.1% of total walletshare.

Follow-on offerings raised AU$7.6 billion in proceeds from 277 deals, down 65.5%from the total proceeds of AU$21.9 billion in the second quarter last year. Proceedsfrom IPOs reached AU$2.4 billion while Convertible proceeds totaled AU$250.1million, a 64.8% decrease from the same period last year.

Australian Equity & Equity-Related (AK1) Jan 1 - Jun 30 Australian ECM Proceeds by Industry (AU$Mil) First Half 2016

Imputed Fees (AU$m)2016 Rank

2015 Rank Share Ch. # of Deals

Industry Total 10,226.8 100.0 298 +483.2

Australian Common Stock (AK2) Jan 1 - Jun 30

279.1 100.0

Industry Total

Top 10 Australian Equity & Equity-Related Deals (AU$Mil) First Half 2016

Industry % Change from Last Quarter 239.8% ▲ 92.6% 228.1% ▲

-60.4%

▲

▲

100.0 296

▲0.8+1

9,976.7

Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner

+0.5

90.7% 221.2% ▲

85.1

Industry % Change from Same Period Last Year

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

Imputed Fees (AU$m)2016 Rank

2015 Rank Share Ch. # of Deals

▼ 3.9%

https://www.thomsonone.com

*tie

+11 274.6 100.0

Industry % Change from Last Quarter 229.0% ▲

$918.8

$440.6

$394.2

$363.9

$347.0

$323.7

$293.8

$252.4

$250.0

$245.6

04/26/16

05/30/16

05/17/16

03/31/16

06/29/16

04/11/16

06/21/16

06/06/16

05/02/16

03/31/16

Reliance Worldwide Corp

DUET Group

WAM Leaders Ltd

Woodside Petroleum Ltd

Mayne Pharma Group Ltd

Link Administration Hldg Ltd

Scottish Pacific Group Ltd

Spark Infrastructure Group

Insurance Australia GroupLtd

DUET Group

$2,466.4 24%

$1,665.8 17%

$1,632.8 16%

$1,005.1 10%

$712.1 7%

$671.0 7%

$633.5 6%

$610.8 6%

Financials Industrials MaterialsHealthcare Media and Entertainment Real EstateEnergy and Power High Technology TelecommunicationsRetail Consumer Products and Services

13





nc

Industry % Change from Last Quarter -26.7% ▼ ▼-23.4% -17.8%*tie


▼ ▼

-34 241.2 100.0

▼

Top Thirteen Total 6,281.8 100.0

Industry % Change from Same Period Last Year -29.1% -53.1%▼

Industry Total 6,281.8 100.0 83

-53.6%

237.7 98.5

+2 ▲ 2.6 1.1 +0.7 ▲▼

Tokai Tokyo Financial Holdings 13 13 33.1 0.5 +0.3 ▲ 4 4.81.2 -1 ▼ .7 0.3 -3.5

-1.4 ▼Goldman Sachs & Co 12 6 43.2 0.7 -4.4 ▼ 1

2 2.4 0 - .9 0.41.7 +1.6 ▲

JP Morgan 11 7 45.7 0.7 -4.1 ▼▲ 2 2.4 +1 ▲ 4.0Ichiyoshi Securities Co Ltd 10 15 56.0 0.9 +0.9

+1 ▲ 1.0 0.4 +0.4 ▲▲

Citi 9 - 69.8 1.1 +1.1 ▲ 1 1.28.4 +3 ▲ 6.2 2.6 +1.5

-0.8 ▼SBI Holdings Inc 8 10 77.4 1.2 +0.8 ▲ 7

3 3.6 -1 ▼ 2.0 0.82.2 -0.1 ▼

UBS 7 8 129.7 2.1 -1.4 ▼▲ 3 3.6 -2 ▼ 5.2Bank of America Merrill Lynch 6 9 332.8 5.3 +2.6

-7 ▼ 33.3 13.8 -0.6 ▼▼

Daiwa Securities Group Inc 5 4 670.0 10.7 -4.5 ▼ 19 22.925.3 -17 ▼ 38.7 16.1 -4.7

+7.1 ▲Sumitomo Mitsui Finl Grp Inc 4 3 986.7 15.7 -2.7 ▼ 21

22 26.5 +1 ▲ 50.4 20.914.2 -1.6 ▼

Mizuho Financial Group 3 5 1,195.1 19.0 +11.2 ▲▲ 9 10.8 -5 ▼ 34.2Mitsubishi UFJ Morgan Stanley 2 2 1,303.4 20.8 +0.8

-5 ▼ 58.5 24.2 +1.4 ▲Sh. (%) Share Ch.

Nomura 1 1 1,339.0 21.3 +0.2 ▲ 27Bookrunner Proceeds Sh. (%) Share Ch. Deals Sh. (%)

2016 Rank

2015 Rank

Market Market # of

Japan Common Stock (C4d) Jan 1 - Jun 30 Top 10 Japan Equity & Equity-Related Deals (US$Mil) First Half 2016


Industry % Change from Last Quarter -40.6% ▼ -25.0% -32.1% ▼▼Industry % Change from Same Period Last Year -39.6% ▼ -27.9% -43.2% ▼▼

341.7 98.9345.6 100.098

Top Thirteen Total 10,460.4 100.0Industry Total 10,460.4 100.0 -38

Market Change in # of Deals

32.5

Manager Market MarketFees

+2 ▲ 2.8 0.8 +0.5 ▲▼

Tokai Tokyo Financial Holdings 13 14 33.1 0.3 +0.1 ▲ 4 4.11.0 -3 ▼ .7 0.2 -4.4

-1.2 ▼Goldman Sachs & Co 12 6 43.2 0.4 -4.8 ▼ 1

2 2.0 0 - .9 0.31.2 +1.1 ▲

JP Morgan 11 7 45.7 0.4 -3.4 ▼▲ 2 2.0 +1 ▲ 4.0Ichiyoshi Securities Co Ltd 10 16 56.0 0.5 +0.5

+3 ▲ 6.2 1.8 +0.9 ▲▼

SBI Holdings Inc 9 11 77.4 0.7 +0.4 ▲ 7 7.13.1 -1 ▼ 2.0 0.6 -0.7

-0.6 ▼UBS 8 9 129.7 1.2 -1.6 ▼ 3

3 3.1 -2 ▼ 5.2 1.53.1 +3.0 ▲

Bank of America Merrill Lynch 7 10 332.8 3.2 +1.1 ▲▲ 3 3.1 +3 ▲ 10.6Citi 6 - 388.3 3.7 +3.7

-11 ▼ 33.7 9.8 -3.2 ▼▼

Daiwa Securities Group Inc 5 4 670.0 6.4 -7.7 ▼ 19 19.424.5 -15 ▼ 49.0 14.2 -4.1

-2.9 ▼Sumitomo Mitsui Finl Grp Inc 4 3 1,301.8 12.5 -2.1 ▼ 24

11 11.2 -5 ▼ 37.8 11.020.7 +6.3 ▲

Mitsubishi UFJ Morgan Stanley 3 2 1,621.9 15.5 -1.0 ▼▲ 26 26.5 -1 ▼ 71.4

117.4 34.0 +7.8 ▲Mizuho Financial Group 2 5 1,775.9 17.0 +7.5

+10.7 ▲ 35 35.7 -6 ▼Sh. (%) # of Deals Fees Sh. (%) Share Ch.

Nomura 1 1 3,984.7 38.1

Market Change in Manager Market MarketBookrunner Proceeds Sh. (%) Share Ch. Deals

2016 Rank

2015 Rank

Market Market # of

Jan 1 - Jun 30 Japan Equity & Equity-Related Volume (US$Bil) by Issue Type Jan 1 - Jun 30



Japan Equity Capital MarketsJapanese ECM Down 40% | IPO Proceeds Up 53% | Follow-on Lowest Since 2008

Japan Deals Intelligence

Japanese Equity and Equity-Related volume totaled US$10.5 billion from 98 dealsduring the first half of 2016, a 39.6% decline compared to the same period lastyear. According to Thomson Reuters/Freeman Consulting, estimated fees totaledUS$345.6 million.

Japanese IPO activity totaled US$2.4 billion from 44 deals, a 53.1% increase inproceeds compared to the first half of 2015. The second quarter of 2016recorded 18 IPO deals. KOMEDA Holdings' US$579 million IPO was the largestJapanese IPO during the second quarter.

First half proceeds for Japanese follow-on offerings declined by 67.9% to US$3.8billion, the lowest first half volume since 2008. Real estate deals continued to drivethe follow-on market despite registering a nearly 44% decline in proceeds compared to the same period in 2015.

Japan Equity & Equity-Related (C1e)

168

54

20

61 63 57

98 113

136

98

0

30

60

90

120

150

180

0

5

10

15

20

25

30

35

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

illio

ns)

IPO Follow-On Convertible # of Issues

$939.9

$908.7

$904.3

$579.0

$564.5

$452.8

$391.0

$348.8

$329.9

$284.8

02/04/16

03/07/16

03/07/16

06/20/16

06/01/16

03/16/16

06/01/16

03/23/16

06/07/16

03/22/16

LaSalle Logiport Reit

Suzuki Motor Corp

Suzuki Motor Corp

KOMEDA Holdings Co Ltd

Kansai Paint Co Ltd

Seibu Holdings Inc

Kansai Paint Co Ltd

Invincible Investment Corp

United Urban Investment Corp

Hulic Reit Inc

14





*tie

Japan IPO Quarterly Volume (US$Bil) and Deal Count

104.5 100.0103.5 99.0

+5.0 ▲▲

-0.3 ▼

Share Ch.

-5.2 ▼

Top Five Total 4,178.6 100.0Industry Total 4,178.6 100.0

+2 ▲

-415

10.3 9.99.2 +8.6+2 ▲ 9.6

Sumitomo Mitsui Finl Grp Inc 5 7 315.1 7.5 +6.67.6 +7.6 ▲ 13.32

3 20.0▲

▲20.9Mitsubishi UFJ Morgan Stanley 3* 6 318.5 7.6 +3.7 ▲ 13.3

-1.6 -22

▼ 20.1 +2.50 - 3.53.7

▼ 4 26.71 1 ▲2 2 580.9 13.9

▲+0.3 ▲+1.3

Market Market

0.7 +0.6

0 -

▲Sh. (%)

56.5 +11.459.0

Jan 1 - Jun 30Japan Convertibles (C9e)

▼

▼ 10 25.6

7 9 +0.6 ▲

Daiwa Securities Group Inc 5 4 307.0 8.0 -7.219.9

-9 ▼ 12.2 10.0▲+4.8

-4.5 ▼Mizuho Financial Group 4 5 581.9 15.2 +7.0 ▲ 10

7 17.9 -5 ▼ 17.425.6 -4 ▼ 24.2

14.320.0 -0.4 ▼

Mitsubishi UFJ Morgan Stanley 3 1 734.4 19.2 -3.4Sumitomo Mitsui Finl Grp Inc 2 3 793.5 20.7

▼▲ 24.4

28.4 23.4 +5.1 ▲14 35.9 -9 ▼

Share Ch.Nomura 1 2 805.5 21.0 +2.2 ▲ 18

Sh. (%)2016 Rank

2015 Rank

MarketFees

Manager# of Market Change in # of DealsBookrunner Proceeds Sh. (%) Share Ch. Deals

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

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

+20.2 ▲

First Half 2016

Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m)Manager Market Market# of MarketMarket

63.3 +13.2Deals Sh. (%)

▼Sh. (%) Share Ch.

53.3

# of

-1

Japan Secondary Offerings (C8d) Jan 1 - Jun 30

5

2016 Rank

2015 Rank

Nomura 2,645.7 8

Market

+2.9

Change in Market

Citi 3* - 318.5

Bookrunner Proceeds

Mizuho Financial Group

Imputed Fees (US$m)Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Fees# of DealsMarket ManagerMarket

-14.3% -31.0%Industry % Change from Last Quarter -35.3% ▼▼-41.8% -71.1%Industry % Change from Same Period Last Year -67.9% ▼

100.039 -28 121.798.8

3,833.4 100.0120.2Top Thirteen Total 3,833.4 100.0

Industry Total

▲▲ 1 2.6 0 - .9Tokai Tokyo Financial Holdings 13 11 9.0 0.2 +0.11.3 +1.2 ▲▲ 1 2.6 0 - 1.6Ichiyoshi Securities Co Ltd 12 12 19.7 0.5 +0.51.2 +1.1 ▲▲ 2 5.1 +2 ▲ 1.5SBI Holdings Inc 11 - 22.0 0.6 +0.60.6 -4.0 ▼▼ 1 2.6 -1 ▼ .7Goldman Sachs & Co 10 6 43.2 1.1 -4.60.7 -1.5 ▼▼ 2 5.1 0 - .9JP Morgan 9 7 45.7 1.2 -4.20.8 +0.8 ▲▲ 1 2.6 +1 ▲ 1.0Citi 8 - 69.8 1.8 +1.8

UBS 129.7 3.4 3 7.75.1Bank of America Merrill Lynch 6 8 +4.1 4.1

2.0 1.6272.2 7.1 2▲ -3 5.0▼

Market

0 -

▼-30.8% -2.2%

Imputed Fees (US$m)

Sh. (%)46.2

Market

Industry % Change from Last Quarter -11.3% ▼▲-12.0% 28.7%Industry % Change from Same Period Last Year 53.1% ▲

100.044 -6 119.498.4

Industry Total 2,448.4 100.0117.5Top Nine Total 2,448.4 100.0

1.4 -0.1 ▼- 3 6.8 +2 ▲ 1.7Tokai Tokyo Financial Holdings 9 9 24.2 1.0 0.02.0 +1.7 ▲▲ 1 2.3 +1 ▲ 2.4Ichiyoshi Securities Co Ltd 8 - 36.3 1.5 +1.53.9 -1.8 ▼▼ 5 11.4 +1 ▲ 4.7SBI Holdings Inc 7 6 55.4 2.3 -1.20.2 +0.2 ▲▲ 1 2.3 +1 ▲ .2Bank of America Merrill Lynch 6 - 60.6 2.5 +2.5

12.0 -10.6 ▼▼ 7 15.9 -8 ▼ 14.4▲ 21.1

Sumitomo Mitsui Finl Grp Inc 5 2 193.3 7.9 -15.4Daiwa Securities Group Inc 4Nomura 3 1

17.7 +6.9 ▲▼ 9 20.5 +23 363.1 14.8 -1.2

Mitsubishi UFJ Morgan Stanley 2 8533.5 21.8 -16.6 -18.1 ▼▼ 9 20.5 -5

114.1569.0 23.2 +22.0

▼ 30.0 25.1+12.3 ▲▲ 2 4.5 0 - 16.8

Share Ch.26.2 22.0▲ +14.2

Fees Sh. (%)# of Deals▲+5Mizuho Financial Group 613.2 25.0 12 27.3

2016 Rank

2015 Rank

MarketBookrunner Sh. (%)Proceeds Sh. (%) Share Ch. Deals

Japan IPOs (C7d)

Change in

Jan 1 - Jun 30


Japan Equity Capital Markets

▲Industry % Change from Last Quarter -57.8% ▼ -33.3% ▼ -57.8% ▼Industry % Change from Same Period Last Year 10.9% ▲ -21.1% ▼ 11.3%

▼▼

▼▼


$3.8 37%

$3.0 29%

$1.3 12%

$1.0 10%

$0.4 4%

$0.3 3%

Real Estate

Industrials

Materials

Retail

Healthcare

High Technology

Consumer Products and Services

Consumer Staples

Financials

Media and Entertainment

Energy and Power

Telecommunications

121

49

20 22

36

54 62

83

98

44

-

20

40

60

80

100

120

140

160

-

2

4

6

8

10

12

14

16

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

# of

Issu

es

Pro

ceed

s (U

S$b

illio

ns)

1Q 2Q 3Q 4Q # of Issues

15





-

-

-

-

EMEA

-

-Asia-Pacific

-

Japan

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.

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 databases as of 9:00am EST on June 30, 2016. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.

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

https://www.thomsonone.com

Ranking Criteria Summary

E-mail: [email protected]

Aki Sato

Antoinette Reyes


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".

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.

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.

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.

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:

Evgeniya KolesovaAmericas

E-mail: [email protected]: +632.459.1647

Tel: +813.6441.1120

E-mail: [email protected]

Ewelina Jarecka

Tel: +1.646.223.8457E-mail: [email protected]

Tel: +44.207.542.2246

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. © 2016 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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Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information,news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events.

Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company

and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

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Documents

global Equity Capital Markets Review - Reutersshare.thomsonreuters.com/general/PR/ECM_2Q_2016_E.pdf · GLOBAL EQUITY CAPITAL MARKETS REVIEW . MANAGING UNDERWRITERS . ... - JP Morgan