global equity capital markets review - Thomson Reuters Deal

GLOBAL EQUITY CAPITAL MARKETS REVIEWMANAGING UNDERWRITERS

First Half 2013

14

3

EMEA Convertibles (C9d)

2

2

EMEA Rights Offerings (C8fr)

Japan Equity & Equity-Related (C1e)

Regional Contacts

13

9

15

8

9

Japan Common Stock (C4d)

9 14

3

3

Global Deals Intelligence

Leading Underwriters for Second Qtr '13

Global Scorecard

Global Debt, Equity & Equity Related (A1)

1

2

2

Global Equity

Global Common Stock (C2)

Global Convertibles (C9)

15

13

Asia Equity

9

Global IPOs (C5)

8

Japan IPOs (C7d)

Criteria Summary

EMEA Equity

EMEA Equity & Equity-related (C1d)

EMEA Common Stock (C4c)

EMEA Deals Intelligence

EMEA IPOs (C7c)

Global Equity & Equity-Related (C1)

Equity Capital Markets Criteria Summary

10

Japan Convertible Offerings (C9e)

First Half 2013 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets ReviewTable of Contents

14

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

Japan Secondary Offerings (C8d)

Japan Equity

New Zealand Common Stock (Custom) 12

4

7

6

6

6

5

US Convertibles (C9a)

US Common Stock (C3)

US Equity

US Deals Intelligence

12

5

11

11

Asia Convertibles, inc Chinese A-shares (C9b)

Asia IPOs, inc Chinese A-shares (C7a)

US IPOs (C6)

5

Banking Composite of Top US Equity Bookrunners

Asia Common Stock, inc Chinese A-shares (C4a) 11

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

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

10

11

Australian Equity & Equity-related (AK1)

Australia & New Zealand Equity

Australian Common Stock (AK2) 12

Thomson Reuters Solutions for the Deal Making Community

16

US Block Trades and Accelerated Bookbuilds (C3a)

US Equity & Equity-Related (C1a)

Global Equity Rankings - Last Ten Years

https://www.thomsonone.com

Global Deals Intelligence

Global Equity & Equity-Related Volume

Global Equity Capital Markets Up 36% Over 2012 I Follow-On Activity Up 39% I Emerging Markets IPOs Account for 32% I Goldman Sachs Tops ECM Ranking

EQUITY CAPITAL MARKETS REVIEWFirst Half 2013

Global IPOs and Emerging Markets

GLOBAL ECM ACTIVITY UP 36% - Equity capital markets activity totaled US$387.2 billion during the first half of2013, a 36% increase from the comparable period in 2012 and the strongest annual start for global equity capitalmarkets issuance in two years. Second quarter equity capital markets issuance totaled US$195.4 billion, a 2%increase compared to the first quarter of this year.

FOLLOW-ONS UP 39% FROM 2012 - Global follow-on offerings totaled US$273.3 billion during first half 2013, anincrease of 39% compared to the first half of 2012. Follow-on common stock sales from the real estate sectorraised $46.8 billion during the first half of 2013, accounting for 17% of overall activity. Offerings from the UnitedStates accounted for 34% of global follow-on issuance, while China and Japan comprised 9% and 7%,respectively.

IPOs UP 8% FROM 2012; EMERGING MARKETS ACCOUNT FOR 32% - Initial public offering activity during thefirst half of 2013 totaled US$64.4 billion, an increase of 8% from last year at this time. IPO activity during thesecond quarter of 2013 increased 70% compared to the first quarter of this year. Issuers from the emergingmarkets raised US$20.4 billion during the first half of 2013, accounting for 32% of IPO volume during the period.

UNITED STATES ISSUERS ACCOUNT FOR 35% - Issuers from the United States raised US$135.6 billion in theglobal equity capital markets during the first half of 2013, up 20% compared to last year at this time. Issuers from

1,600$400Proceeds (US$b) # of Issues

0

10

20

30

40

50

60

70

80

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

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

2007 2008 2009 2010 2011 2012 2013

% o

f Pro

ceed

s fro

m E

mer

ging

Mar

kets

Pro

ceed

s (U

S$b

)

Global IPOs (US$bil) % of Emerging Markets IPOs

Global Equity & Equity-Related Volume by Domicile Region

global equity capital markets during the first half of 2013, up 20% compared to last year at this time. Issuers fromChina and Japan accounted for 9% and 7%, respectively, of overall equity capital markets activity during the firsthalf of 2013.

FOUR SECTORS ACCOUNT FOR 60% OF ACTIVITY - Led by financial issuers (19%), the overall volume ofequity capital markets activity remained highly concentrated among four main sectors including real estate (16%),energy and power (14%) and industrials (12%).

GOLDMAN SACHS TOPS OVERALL ECM RANKING - Goldman Sachs led all equity capital marketsunderwriters during the first half of 2013 with US$44.9 billion in proceeds from 190 issues, an increase of 3.0market share points compared to the first half of 2012. Goldman Sachs registered strong market share gains totake the top spot for global IPOs and global common stock offerings. JP Morgan topped the list of globalconvertible underwriters, with 13.6% market share.

ECM FEES UP 26% - According to estimates from Freeman Consulting, fees from equity capital marketstransactions during the first half of 2013 totaled US$8.3 billion, a 26% increase from this time last year.

0

200

400

600

800

1,000

1,200

1,400

$0

$50

$100

$150

$200

$250

$300

$350

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

2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

Proceeds (US$b) # of Issues

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 H12013Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas

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Global ScorecardLeading Underwriters for the Second Quarter 2013 Jan 1 - Jun 28

▼

10,669.5

36.2%113,081.1

4.9%617

26

1

337,640.9115,925.4

65,480.1

4Global Equity & Equity-related (C1)

25,903.6

135,596.5

10.6-3.15.7

9

2

27,756.4

-2.010.0 1.8JP Morgan

Goldman Sachs & Co

JP Morgan

Market Sector

10.8Global IPOs (C5)

Latin America (C4e)

Japan (C7d)

1

▲

34.9

Global Global Equity & Equity-Related (C1)

Asia Pacific ex Australia (C1b)United States (C1a)

Global Disclosed Fees (A2)Australia (C1c)


Global Debt, Equity & Equity-Related (A1)▲▼

Goldman Sachs & Co

1.6

8 494 954,857.6

▼▲▲

1160

186

Latin America (C7e)

▼23 0%

▲▲

1,260

▲

594

482

7,631.3

270

26

46,289.4

197,043.3

Asia Pacific ex Australia (C7a)Australia (C7b)

Australia (C8b)

Global Secondary Offerings (C8)United States (C8a)

317 18.5%

5,910.1 58

202.7%3,064.438.7% ▲

▲▲

8 ▲

26.9%280

389

21 359.7%

▼

▲224 ▼

7.7%

127.9%

-46.4%69 -25.8%

393.0%7

Latin America (C1f)

52,846.45,965.58,895.935

▲

1977,251.2 -16.1%

103,226.0 12.3%349

277▼

443

119.8%

8,639.3

45315

256,785.3

-1.0%54166,125.8

334.2%78.4%

Japan (C1e)EMEA - Europe, Middle East & Africa (C1d)

97389109,806.2

1,791

4118.9

US


16.0US Common Stock (C3) Goldman Sachs & Co

19.1

US Equity & Equity-Related (C1a) Goldman Sachs & Co

-0.2US IPOs (C6) JP MorganUS Convertibles (C9a)

EMEA Convertibles (C9d) ▲

5.4

▲

▲

9.7

14.39.9

3.2

▼12.8

15.1112

11

309

19,836.328,527.6

144.4

3571,482

59,742.1

74,698.4

86

1,660.0

▲

▲19.9%

20672,876.7

50271,383.0

284,326.6387,240.3

11,188.1

1,937

285

1,805

33957

▲▲

% Changein Proceeds

▲

290.7%

2.1%

1/1/2013 - 6/28/2013

Deals

1/1/2012 - 6/30/2012

US$mNo. No.

US$mProceeds

DealsProceeds

▲

79.9%

▲604

▲119.8%26

▲

31.5%19,549.9

379

7,104.08,895.9

▲35

1,649

61,049.1

Global Common Stock (C2)United States (C3)Asia Pacific ex Australia (C4a)0.4

2▲

Australia (C4b)0.394,284.9 358

89Japan (C4d)

164,367.619,549.9

21,163.7Global IPOs (C5)

EMEA - Europe, Middle East & Africa (C4c)

10,622.5United States (C6)

1273,273.2

94,761.6

711.91 EMEA - Europe, Middle East & Africa (C7c)

1

13,469.9

Asia-Pacific ex. Japan ex. Australia 9,276.7

JP Morgan

Asia-Pacific Common Stock (C4a)18.6

UBS 10.114.7

Europe, Middle East & Africa (EMEA)

Morgan Stanley

Bank of America Merrill LynchBank of America Merrill Lynch

EMEA IPOs (C7c)

EMEA Equity & Equity-Related (C1d)

6 539 3Asia Pacific ex Australia (C8c)

3.4

▲

▼

15.4

18.9JP Morgan

Current Qtr Market Share (%)

Morgan Stanley10.2

No. 1 Manager

Goldman Sachs & Co

11

▲

▲

Consecutive Quarters No. 1

9-0.27.8

Mkt. Share Chg. from Last Qtr (%)


Asia-Pacific Convertibles (C9b) Bank of America Merrill Lynch

Japan

31.3

▲▲

Global Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

▲

Latin America (C8e)

16.8%1.9% ▲▲36.2%

100.0100.0 1,937

1.8% ▲

+132

26.4%

100.0 Industry Total

▲

387,240.3

2013 Rank

2012 Rank Proceeds

7.8

Change in Market

1,069 # of DealsBookrunner

+0.3+0.2

1.4

+0.2

1,709.9Share (%) Share Ch.

Proceeds per Bookrunner (US$m)

33.8

8,261.7

-0.324.9

0.80.4

68.9

▼▲

▼

+6

▲

0.4

▲ 116.2

▲ 32.7▲

0.70.5▲ 10

2,547.7

75.0-1+0.2

138 ▲

▲

1.019

+100.4

▲+130.7

+0.60.7▲▲+0.4

+0.6

0.0

1,315.4

▼1.0 3.0▼

58

24-0.2 1.7

3▲

-1 ▼

-0.0

▼ 938.1

896 -

Market

222,765.4 6.7JP Morgan 1 1 261,685.6Deutsche Bank 2

3 ▼204,546.0 0.0205,732.32 -0.76.2

6.1

Bank of America Merrill LynchGoldman Sachs & Co 5

795

▲Citi 4 4

6

Barclays

5 186,288.3+0.4

7 198,590.8 5.9+0.5

5.3▲5.6

+1.4

8.6▲ 861 +73 ▲

Morgan Stanley 7 +1316 177,684.3HSBC Holdings PLC 9 4.0 -0.2 ▼134,714.88 493.2Credit Suisse 8 6.5 ▲-0.6

3.13.7122,615.7

BNP Paribas SA 10 10 102,308.99 +86

-0.6 4.4▼ -33654

RBS 11 -2512 83,848.0 2.5 393 -0.6 3.9▼RBC Capital Markets 12 14 79,684.7 +0.2 ▲2.4

+14

4.5 +33

+47-1534.7

4.6

16 58,019.715 66,086.4 -0.1

1.7 +0.12.0

-1.3

27,541.3

4,305.5

451 652.7

0.0

+0.2

▼

7.2

▲

2.5

6.8

6.5

▲

Manager MarketShare (%)Fees

0.0▼ 321

+34+0.1 182 1.8

2.1209 3.2

9.0

- 321

462 -

▲

469

637 6.4

▼

1.5 ▲+38217 2.2

438

-0.1 ▼

▼

▲

Market

1,226.7

2013 Rank

0.8

8

22

5

13

14

12

3,203.9

-▲

6.1

5.4

18,272.3 63

Asia Pacific ex Australia (C9b)

15,521.3

49,599.5

0.9

+15

+152.6+3

298

▲

33

80,815.08,494.9

▼1.0

24

▲▲

8.2

7

46,936.2186 ▼-23.0%

8.5

9,855.1United States (C9a)

5,831.5

MarketShare (%)Share Ch.

+44

+0.2

270

8

Australia (C8b)

Global Convertible Offerings (C9) 146

4.3

4.6

+0.3

+0.7

4.1

▲ 4.5375.5

▲

203.2

9.8

+45

356.2

252.8

Change in

10.1▲▲

+7224,098.2

+0.5

-0.1

487.6▲

+0.8 ▲

5.5+1.2+1.4

1.7

335.6453.9 ▲

▲▲

1.1

0.369.7

▲▲

+0.4

▼-0.3

▲

+1.7

1.12.5

▼

▲+0.2

▼44.4 -0.1

▲

139.191.893.9 +0.8

0.0-0.3

0.5

▲

▲▲

▲

▲ -

4.5

+56

+9

+56▲

3.1

▲

6.7

8.1▲

Jan 1 - Jun 28

6.8

1,138.589.2%

Share Ch.

324.4%18

Imputed Fees (US$m)

▲

▲

72.2%25724

76.2%▲▲

1,080.310.7

51.143.3

7.3

# of

▲

+71+152

42.7

▲

-

24.1

+42992

+13+83

Jan 1 - Jun 28

Deals

8.0

0.0 -

1011

▲

13-0.3

Societe Generale

Daiwa Securities Group Inc

+0.3

▼

▲+167

207.5

0.6

▼-0.1

▼

1,437.7

▲ 2.2

0.8

▲

-0.30.7

354.91.7

0.9

631.6 3.1

175.2430.8

332.5

3.3

1716

445.6

-

▲ RBC Capital Markets2.1 +0.5

▼

0.0

3,949.015

48

▼

0.0

▲

▲

+34 ▲

▼

1.0 -0.1

▲-6.3%

37,696.8

▼

9,998

▲1.1

72.6

▲ 0.8% 16.6%▲2.7%

+82 20,110.5100.0

Mizuho Financial GroupTD Securities Inc

Industry Total

Industry % Change from Last Quarter*tie

Top Twenty Total34,343.3 2.3

▲3.20.0 +37228 ▲

▼8.7

6.99 9

73

▲ 13317,219.020,410.3

▼

50

1.0

+0.1

-1.4

▲

Mizuho Financial GroupJefferies LLC

HSBC Holdings PLC

22,415.0

5.02.1 +0.7

96

3,752.051

1.8

4,106.7

▲18

-0.4

▲

8,136.8

289,119.7

5.3

4,441.2

0.72,654.4

2,502.0

7,011.4

9.6-0.2

Wells Fargo & Co

+0.8

▼ +55

185

▼

Nomura

Deutsche Bank

Barclays10

▲

14 -0.2

▲▲

1.1+1.0

7 6

1.211

▼

7.3%

▼

+0.1

0.719

15▲

1142,828.7

Itau Unibanco

Industry % Change from Last Quarter

-

20Top Twenty Total

29Haitong Securities Co Ltd107

Industry % Change from Same Period Last Year

Credit Agricole CIB 18

70.5

+18

▲

714.8

Share (%)

30 99.6%

▲

12

▲80.1%

Fees

5.9

40.7%

+0.7+2.38.6

665.8

Share Ch.

+7410.4

▼

156

▲

# of

202

2,030.2

207

196

158

5,756.1

+86

+71

Manager# of Deals

# of Deals per Bookrunner

Share (%)

168

1.2

2.6

219

552.5+0.6

▲93.9%

+1.4

63

▲

Nomura 28.4

Wells Fargo & Co 14 13 74,682.5 2.2UBS 13 76,758.9 2.311

928.8


+0.3

Imputed Fees (US$m)

9.9

Share (%)

+0.8731

▲▲

UniCredit

9.4 ▲5.8

Societe Generale 16

6.2▲

-0.3

Nomura

11.3

7.43

1-0.6

5 -0.7

4.7

-0.1

▼1.8

1,360.9

14,152.2148.5

-5.8%

112.2169.7

62.7%8

Market

+77Deals

▲

Market

▲

Citi

8.7

10.7

59

31

23

24

5,257.3

8,202.89 8

712.5

MarketBookrunner

+3.01 44,853.5 190Goldman Sachs & Co

2012 Rank

311.6

7.68.0

4 29,370.7

3,937.0Australia (C9c)

-0.2 ▼2

6,539.3

MarketProceeds

EMEA - Europe, Middle East & Africa (C9d)

Japan (C8d)1

Global Equity & Equity-Related (C1)

19,671.17,396.6

1,852.8

▲28.6

31

2

EMEA - Europe, Middle East & Africa (C8f)

10,273.2

4

2 30,806.8

28,522.5


Japan (C9e)

JP MorganMorgan Stanley

1.5

NomuraNomura 35.4

935

18 51,330.8

Japan Convertibles (C9e)

Japan

NomuraJapan Common Stock (C4d)Japan Equity & Equity-Related (C1e)

15

Market

▲

Japan IPOs (C7d)

Global Debt, Equity & Equity-Related (A1)

-14.0%

2,430,109.8

1750,726.6

2019 20


Credit Agricole CIB 18 17

21

3,340,584.4

26,289.9

+0.2 +51

6

Credit Suisse

+0.6 UBSBank of America Merrill Lynch

▲+1.5

-0.2

▼

▲

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2

-10 879.2 100.0

▲ 4.1 0.5 -0.2 ▼

Industry Total 49,599.5 100.0

20 296.2 0.6 1.4 +1

146

RBS Morgans Ltd 20*

Change in

1FeesDeals

Market# of Deals per Bookrunner

MarketShare Ch.Share

▲

▲+5.54,122.3

Market

13.6

▲

Haitong Securities Co Ltd

1Deutsche Bank

3.26.3

+21

▲

+43

▲

3.8

▲

▲

▲

▲

41

+0.5


8.3

10.89.3

ManagerShare Share Ch.

Market

+5.34,608.4

+0.9

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

31

47.821

Market

▲

▲

Morgan StanleyUBS

Barclays

4.9

▲

2.6

▲

▼

Credit Agricole CIB+0.1

52.66

1,608.8

63.6+10 ▲

15

BNP Paribas SA

# of# of Deals

Jan 1 - Jun 28

Change in FeesProceeds Deals Share

Market

+1.6

▲

+0.4

▲

▼

▲+0.8

+1.9

+1.1


4

Goldman Sachs & Co 5,336.32

Proceeds

8.8▲

Bookrunner2012 Rank

2013 Rank

Market # of

JP Morgan +2.9


6,765.22

3

Citi

Bank of America Merrill Lynch3

10Credit Suisse

75

9

4

67

2,641.2

-0.4 ▼▼

5

▲

▲

▲

Share

5.46.5

▲

▲7.2+4.2

-

▲

▼

21.2-1.1

19.9

-0.5 100.1▼

-1.329

# of Deals+25

Market

0.0

28.1 ▲

▲ 57.0▲

+4.0

+1.3

-1.5

6.09.1

▲

-0.4

+1.2

▲79.7

14.1

▲7.2

+21+926

Imputed Fees (US$m)

+14

11.4

-

Jan 1 - Jun 28

▼

Share

14

19

14

18

-

42

Market

11

17

10

9.9

▲▼ 1.3

14

▲

175

14

▼

141▲

177

▲-

+2

0

+43

▲

▲

▼▲

2.5

▲

▲+357.9

7.9

8.9 +56

+46

▲

+64

0.917

54▲▼

0.8

278.6

188.5235.9

▲+3

▲

▲

Macquarie Group

Societe Generale 16

Guotai Junan Securities 19

1517

14

12HSBC Holdings PLC 13

12Daiwa Securities Group Inc

14RBC Capital Markets

11112

Nomura 10+0.611Wells Fargo & Co

Barclays 99

▲Wells Fargo & Co

1.120

▲▲

▼

1.9+0.9

1.113

1.8▲▲ 84.7

1.7-0.13.0

▲

+8

48

1.21.2

▲

88

30

0.8

2114.4 +13

17 11.6 +914.4

-0.24.2

303.6 +0.4

+6

133.785.2

312.3

+10

+122.7

+15

111.6

Share Ch.Manager

3 1 25,881.32

24,041.7

UBS 6

Market

4

Goldman Sachs & Co

JP MorganCiti

7.1 -0.87.7

6.54

Credit Suisse

Bank of America Merrill Lynch

3

2012 Rank

2

77

Morgan Stanley

5

39,517.225,909.4

Share Share Ch.

7.7

Bookrunner1 +3.4

2013 Rank

159

▼-1.3

▲11.7▼

5

61428

18,250.4

▼21,931.6+0.3-0.8 178

+47 ▲▲

590.8

602.2

▲

439.8

416.0

9.99.9 472.8 6.4

169 9.44.15.6

178

8.3+1.4+0.7+0.28.0

6.0

+2.0612.48.2

44

-0.4

▲+58

+47+75

-0.6 9.8

7,541.4-0.1

17,806.6▼

5.9

5.35.4

19,975.9

▼▼

-0.2

3,017.1 0.9Jefferies LLC 15

-0.2

+1.11.2

Deutsche Bank 8

0.920

7313

14,127.8 4.22.2

4,109.53,783.2

6,331.1

0.8

1.13,715.93,031.8

+0.70.8

+0.2-0.2

-0.1

+0.5Itau Unibanco 18 99 2,547.7Mizuho Financial Group 48 2,671.8

0.613

20 2242

0.72,169.5 +0.3

232,049.6

+0.316

+11▲ 32.7

-0.133.21.5

0.90.5

+0.367.1

+0.145.120.9

0.4 +0.3

-0.20.30.6+1

5,067.1▲

68.8

▲

73.6+142100.0

-0.10.6Top Twenty TotalIndustry Total

248,410.5▼

337,640.9

▼


▲-1.4

20*▲

Nomura

Commonwealth Bank of Australia

Top Twenty Total

Societe Generale

Mediobanca

124.1▲▲ 63.217.8

3,461.4

+2.4

7.0

17.1

2.4- 1,202.3

8

+0.73,091.1 6.2

2,159.9

11

25

3.2 +3.2 1▼ 16-0.3▼8

4.338.011.00.7 +1-

5.3+11 ▲

▲

0.4▲▲

1.2▲

-0.3▼▼▲ 3.9

7.5▲ 2.2 +1.711 19.4+1112 ▲

▲

32.7▲

4

27-

595.4▲ 1.7+2

+0.810.4+1.6

5.58

2.1+0.81.3

+34 +3

14.8

▲ +1.211.2▲

4.1 -3 1.9

7.1

▼▲

+32.12.7 +4

-1.4 ▼6.5

-0.0

+0.81.1

▲4.9 0.617.0

▲▲

+0.6

9.2

-0.8

▲

▼

+0.8▲

▼-1.1

+0.54.1 0.50

0.832.7

4,358.3

0.6

587.1

+0.63

4.4

1.4

+1.0

1.6

1.2

798.9

1.0331.7 0.7500.0

1.41.5

680.4

+3

+2

734.9

296.2

1.26

+1.2

+0.1 ▲

▼ 2

▲+0.5-1.0

2▲

4▼HSBC Holdings PLC

▲2.10.7

89.244,203.3

323.5

-0.3738.7

▲- 0.7

84.11,791 7,382.5

Evans and Partners -12

Global Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

100.0

▲Industry % Change from Last Quarter ▼

0.2 +0.2 ▲▲ 1 0.3 +1 ▲ 4.1Plural Capital 20* - 636.9 1.0 +1.0

80.1%-24.1% ▼ -14.0%

69.1%▼-6.4%-29.9% ▼

6.0

▲

Share Ch.9.1 ▲

Share (%)

+2.49.1

▲

▲

*tie

+2.0▲▼

Credit Suisse

JP Morgan

5Deutsche BankCiti +9

Morgan Stanley▲

2 1 5,584.5Goldman Sachs & Co 1

▲3

▲

+3.3

-1.1

Market

▲

+0.438

Change in

42

6

34

Global Equity & Equity-Related Fees

Share (%)Market # ofMarket Market

Share Ch.2013 Rank

8.6%Industry % Change from Same Period Last Year

Bookrunner2012 Rank

▲

40▲

Deals

Imputed Fees (US$m)

# of DealsMarketManager

+1147

Fees

+8

+2415.2 206.713.6

+1.5

▲123.2146.8

146.7

5.4

6.5

3.6

+2.9

98.5 4.3 ▲+2.3

+3.7


42

135.6

6.5

+1.0

▲

206.6239.8

▲

10.6

4.6

▲

80.7

▲+12 ▲

▲+8

+26

▲

+1.9

12.312.913.6

105.4

21.2%22.7%

5 6,194.2

4.2%

8.7+3.6

31.5% ▲

Proceeds

Jan 1 - Jun 28

Share (%)

4,792.64 4,635.3

7.5+0.77.2

+0.4

6 4,012.2

7.6%▲

▲

▲6.2



Global IPOs (C5)

2 6.9 ▼

9.6

4,430.2

-0.4

+0.5

33 10.7▼

16.26.1

505.8 +4.6 ▲ 19

Bank of America Merrill Lynch 8 7 2,924.07 17 3,753.8

+74.5 -1.2Nomura

▲▲4.1 9.7 +17

3.6 ▲ 29 9.4 +12▼ 30

UBS 10 11 2,307.3-0.1Barclays 9 8 2,638.9+0.6

1,277.2 2.02.0 +1.1HSBC Holdings PLC 11 1.2 +0.720 1,293.5 ▲ 10 ▲ 26.33.2 +6

+0.2 ▲1 0.3 +1 ▲ 4.2 0.2

Banco BTG Pactual SA 14 37 837.6Itau Unibanco

+2.0

1.3

Rabee Securities Co 12 - ▲13.113 1.6 +4130* 909.5 1.4 +1.3 ▲

▲ 40.6 +0.5

0.05 ▲

0.71.3 +2 ▲ 14.99 +0.12.9 +3 1.3

+0.9▲

Jefferies LLC 16 23 779.1 1.2▲ 28.6Wells Fargo & Co 15

+0.5 ▲24 792.0 1.2 +0.5 ▲

+13.2 +0.110 ▲ 23.4 1.0

+0.13+0.7 ▲ 0.5 +0.1

+1 9.4▲ 11.4

+1.0 1.4+41.6 31.3

1.2▲

5▲

+2+0.7

Banco Bradesco SA 17* 33 778.4 1.0Banco do Brasil SA 17*

31.030 778.4 1.2

Sumitomo Mitsui Finl Grp Inc 19 73 752.4 1.2Banco Votorantim 20* 130* 636.9 ▲1.0

77.8

+0.21 0.3 0 - 0.24.1+0.9

-80

▲

64,367.6

Industry % Change from Last Quarter 70.4% ▲

100.0

25.5%

309 2,272.1

0.4▲▲

▼ 8.6% ▲

100.01,656.7

▲

▲▲

-

▲

▲▲▲

▲

+1.1

▲ ▲▲

Industry % Change from Same Period Last Year▲

▲59.8%Industry % Change from Same Period Last Year 7.7% ▲ -20.6%

Industry Total73.250,108.0Top Twenty Total 0

200

400

600

800

1,000

1,200

1,400

1,600

$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

2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

US

$Bil

Fees (US$bn) # of Issues


Global Equity Capital Markets: Ten Years of RankingsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

1

2

3

4

Goldman Sachs & Co

JP Morgan

Morgan Stanley

Citi

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

5

6

7

8

9

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Ran

k


UBS

Deutsche Bank

Credit Suisse

Barclays

Nomura

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


nc

Real Estate, Energy & Power, and Healthcare led the market in the first half of2013, with 49.8% of total volume. $26.9 billion out of the $29.4 billion of RealEstate proceeds were from REITs issuance, which saw its highest first halfvolume on record.

US Equity & Equity-Related proceeds totaled US$135.6 billion from 502 deals in thefirst half of 2013, a 19.9% increase in volume and 32.5% increase in deal countcompared to the first half of 2012. Total estimated fees were $4.2 billion, a 41.8%increase year over year, according to Thomson Reuters/Freeman Consulting.

US Deals Intelligence

US Equity & Equity Related Fees Up 42% l Highest First Half REITs Volume on Record l Convertibles Making a Comeback

1 3 ▲+0 60 7 19

1.6 +0.6 ▲ 37-0.7

+12 ▲7.422

▲▼0.8 -0.1▼

4.414 29 989 0 3 8 +14+0 6 52 2

+7▲Robert W Baird & Co Inc

▼ ▲ 60.0

3.494.480.9 2.0

2.3

Raymond James Financial Inc 13 14 1,026.4 1.4

2,643.9RBC Capital Markets 12 13 2,183.1

143.211 ▲ 40 8.0 +9

▼ 58 11.6 +1412

18.5

2.0 +0.6UBS 10 9 4,095.3 3.0 -0.3Jefferies LLC

▲-

6,843.0 +43 ▲5.1 +1.9 ▲ 93 4.7

-0.2

195.9▼ 86 +2117.1196.79 10

7,355.6 5.4 -0.9▼ 277.7▲

Deutsche Bank7.1

▲

-1.28 8 ▲

Wells Fargo & Co

Credit Suisse 7 7 9,604.1- 106

109Barclays 6 6 12,313.2 9.1 0.0

2 13,278.6 ▼ 1129.8 -2.66.5+41

22.321.121.7 +45

▲ 395.5 9.5

+0.5 ▲

▼

4.76.7

Bank of America Merrill Lynch 4 4 13,378.5 9.5 +0.328.1 +49 ▲ 396.1▲

▲ 271.1

-0.7

+34

0.0

▼▲

-2.1

▲ 328.628.5 +48

9.9 -1.4 ▼ 141492.4▲+0.5

21.315.812.2 -1.9

+5.626.7▼

143

▲5Share (%)

107 +43134 +292

MarketFees Share (%) Share Ch.

Manager Market

▲1 16,546.8

457.7 11.0▼-1.2

+1.3

▲

▲

11.87.9

+1.6

-0.2

▼

+1.0 ▲

+0.7

▲

# of Market Change in Deals

MarketShare Ch.

Market# of Deals

2013 Rank

2012 RankBookrunner Proceeds

3 3

21,444.2

JP MorganCiti

Morgan Stanley 5

1Goldman Sachs & Co

16,006.4 11.8

Share (%)

Jan 1 - Jun 28

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

US Eq & Eq Related Sector and Issue Type Breakdown (US$Bil)US Equity & Equity-Related (C1a) Jan 1 - Jun 28 2013

US Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

2013 saw the highest first half block trade volume on record, a total of US$26.3billion and a 38.4% increase from the same period in 2012, making up 27.8% ofall follow-on volume this half. The convertibles market continued its rebound; thisquarter saw the highest quarterly volume of the past 9 quarters.

$21.2 16%

$19.7 14%

$29.4 22%

$22.5 17% $15.6

11%

$12.1 9%

$12.0 9%

$11.3 8%

Real Estate

Energy and Power

Healthcare

Consumer Products and Services

Financials

*tie

+1.0

Market

Kohlberg Kravis Roberts & Co 16

Robert W Baird & Co Inc

Morgan Stanley

583.6

Bookrunner

Citi

6 8

21.9

27

17 32 504.1

US IPOs (C6)

Needham & Co LLC

Industry Total

11 2.2

170.40.4

Change in

+416 1.2

-1 ▼

20

2.3

Fees

26.7

▲

-1.0

6.0

Share (%)

48-

+1+2 5.40.4

-0.5

0.129.6

▲

+0.1

▲

0.7+0.3▲

▲-0.1 ▼ 0.2+0.3

▲

2.6

Deutsche Bank 7 1,871.9

Market

0.3

▼8.9

3

18

Goldman Sachs & Co

William Blair & Co

Stifel/KBW

9

1,884.2 23

13

Leerink Swann & Co

-0.8

Market

+0.4 ▲+0.1 ▲

▼▼

-0.7

Imputed Fees (US$m)

63.5 1.51.3

26.9 ▼

▲

-0.1

▲+0.6

0.1Stifel/KBW 15 15 695.8 ▲0.5 -0.3 24 4.8 +1▼

0.7 19▲14 29 989.0 3.8 +14+0.6 52.2▲Robert W Baird & Co Inc

Raymond James Financial Inc

Jefferies LLC

8.9

Top Twenty Total

0.5+10 ▲

Guggenheim Securities LLC455.1BMO Capital Markets 0.3

31.4 +9 ▲ 136.8 11.6

▲

1,030.6 87.421,163.7Industry Total

Barclays

9.3 +1.98.1

▲▲ ▼

▲

11.0

+0.7▼

Share Ch.

▼-3

4.8▼


2,429.2

9.3%

+0.2

▲

10.6

100.0

▲-0.5 ▼


▲

Deals+0.6

Market# of DealsShare Ch.

50286.33,595.7

2

# of

▲+0.1

2.4%32.5%

-1.229.125

19


96.5

0.3433.6

3 6

▲

Market

Jan 1 - Jun 28

Manager

2 2


1Proceeds

2,238.3

2013 Rank

2012 Rank

▲

JP Morgan

Share (%)

26.729

2,068.7 23-0.9

11.5Share (%)

33.7Credit Suisse 5


54

9.69.8

10.3

2,030.44

2,175.6 ▲

+9

26 30.2

▼

▲▼

+0.3 110.1130.5

▲

+7

+12 ▲

+1

-1 95.2▲95.2

7.184.38.1

+3.1 ▲+0.9

8 1 1,734.3 8.2 -3.4 ▼7

1823.3 0 -0.6- 56.7

9.9 -8.020.9

-0.115.1 +6 ▲ 40.9 3.510.5

UBS 9 10 821.3 3.9 +2.4 ▲ +1.4▼

▲Wells Fargo & Co 10 12 792.0 3.7 +2.3 ▲ 28.6+3

20,378.0 96.686

+0.60.9

3

50.918

115.7

100.0

20 99.2 0.5 2

14

2321*

-

113.3

+17 1,181.1 100.0

44.2% ▲ 45.7% 47.5% ▲▲Industry % Change from Same Period Last Year -25.8% ▼ 24.6%


13 17

2.91.8

270.8

▲

-0.6 -

Zelman Partners LLCSandler O'Neill Partners

FBR Capital Markets CorpGuggenheim Securities LLC

19

▼

1

+1.5 7388.2

181.1

▲

▲604.6

1.3

181.3257.4 +1.2

+0.9

+0.40.6

113▲

▲

▲▲

+0.8

1.2

15

▲+0.6 1.2

12.8

5.85.8+0.6

8.1

+3

+1+3-2 ▼

1.23.5

▲

+1▲▼

15.7 ▼

0.3 +1.3

-0.5+0.31.213.7

▼▲

▲

▲

-0.8+0.1+0.7

▲

1.30.90.6 +1.1

▲+0.5+0.3

0+1+2

▲▲

0.5 +0.3▼

3.50.6

-0.8

0.8

1.3

1.6

26.1

9.1

▲

12

▲

1114

15 19-

16

13

Cowen & Co 20 22 431.2

19.9%

130,811.5Top Twenty Total135,596.5

120.51718

11

+123

+0.313

100.0

0.7

▲ 41.8% ▲

4,159.4

2.2

16.2

6.9

25.2%

3

+2

▲

3.5

18.63.9

10.4▲▲

▲▲

▲

16.7%

▲+1

▲

1.4

▲

15.3

116.4

2.4

US REITs Jan 1 - Jun 28

$94.8 70%

IPO Follow-On Converts

$10.8 8%

$21.9 16%

Industrials

High Technology

Others

$8.7 $7.2

$8.4

$17.0

$8.1

$16.2

$12.1

$23.9

$18.0

$26.9

61

36 38 48

32

53

55

77 59

84

-

10

20

30

40

50

60

70

80

90

$0

$5

$10

$15

$20

$25

$30

# of

Issu

es

Proceeds (US$bil) # of Issues

Pro

ceed

sU

S$

Billi

ons

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables

5

Industry Total 45,697.4 100.0 128819.1

3.9 +4 1.3

93.3

▼

+2.2 ▲

▲ 11.46.8

-6 ▼ 4.3

▼

-13

4.44.7 ▲

+0.9

100.0876.8

9.4 ▲

+0.4

0.7+0.5+0.3

3

▲

0.1 -0.145,669.7 100.0

▲

-0.5

+0.1

0.1 ▼60.2

+0.112

8▲5

▲

+0.2

+2.0 ▲ 41.3+1.3 ▲ 38.8

21 16.4 +9 ▲

▲Deutsche Bank 10 7 1,556.5 37.93.4 -3.2 ▼UBSCredit Suisse

-2.849.1 5.6

24

3.9 -1.828 21.9 +19 8 1,785.8 3.9 -1.8

8 3 2,039.7+0.5

65.7 7.5 +1.3

▼▼

▲

28.1-10

▲4.5 -6.7

+7 ▲▼21 34.0 ▼16.4

10 2,592.8 5.7 +0.9 ▲ 36

-0.223.4 -1 ▼ 85.3 ▼-0.28.5 +1.0 ▲ 30 9.7

87.7 10.0+0.3 ▲ 47▲

36.7 +6 ▲▲+3

▼101.0 11.5 +4.1

9.1

▼4 4 5,047.3 11.1 0.0

11.3 -1.0

5

-3.0

- 356.8 -1.829.7 -1 ▼ 59.9

27.3

Market

-7 ▼

Change in

7.1

Manager

61.990.6

Imputed Fees (US$m)

Share (%)

10.336.7 -2.9 ▼

Market

+1.7Proceeds # of Deals

7,981.0 +12.117.5 ▲ 21 16.4 +2 ▲

0.4

1,043.8

7,889.7

Deals FeesShare Ch.

▼ 3847▼

0.2

17.3

Market

1,295.3

# of

3,887.5

2.82.3

0.6184.5

21

BookrunnerGoldman Sachs & Co

2013 Rank


1

Market2012 Rank


9Citi

5

159.3

JP Morgan

12RBC Capital Markets 13

Top Twenty Total

Morgan StanleyBarclays

Cowen & Co 15 2216

Share (%)

15

-

3

12

5,180.1

4,141.26

20

6

11

18

2

27 257.3

16 51.8

85.119

7

14

Jan 1 - Jun 28US Block Trades and Accelerated Bookbuilds (C3a)

Share (%)

Wells Fargo & Co

US Convertibles Last Ten Quarters

▲

▼

Jefferies LLC

Leerink Swann & Co

KeyBanc Capital Markets Inc

+2-1.0

+2.0

Share Ch.

Raymond James Financial Inc 13 14 335.9

▼3 2.3 0 -▲

-0.1

9.3 +0.60.830.8

▲ +0.6▲

7.2 ▲Robert W Baird & Co Inc 17 23* 94.9 0.2BMO Capital Markets ▲0.4

▲1 0.7-▲

0.8 -3 2.9

0.8 0 5.8

1 ▼ -0.5 ▼

▲▼

Market

28Canaccord Genuity

+3

6.3 -1

18.8

2.3 +12.3

+0.5

0.33 2.3 -3Stifel/KBW -0.8

▼ 16.1 1.8


0.7

1.1

6.4 ▼


US Equity Capital Markets

$12.0

$5.6

$3.3 $2.9

$3.3

$6.6

$4.9

$6.7

$8.5

$11.1

32

2113

9 10

20 22 2227

32

0

15

30

45

60

75

90

105

120

135

150

$0

$2

$4

$6

$8

$10

$12

1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013

# of

Issu

es

Pro

ceed

sU

S$

Billi

ons

-9.2%

US Common Stock (C3) Jan 1 - Jun 28

Change in Proceeds per Bookrunner (US$m) Imputed Fees (US$m)

▼


▼ -49.0% ▼▼ -3.3%

295.7 8.0

2.2

+20 ▲

-2.411.2

▲

6.9

416.4

▲Share Ch.Share (%)

10.2 +0.4JP Morgan

379.2

0.0

Market

9.4-0.4

9.1

Market

-

-1.2 ▼26.6

# of Deals+28 ▲

*tie

Bookrunner87 19.6

Deals

+13

3 3 12,794.7

2013 Rank

Manager

Industry % Change from Last Quarter -47.5% ▼ -43.9%

# of MarketMarketMarket

Industry % Change from Same Period Last Year -8.3%

2012 Rank Share Ch. Share (%)

▼

FeesProceeds

1JP Morgan

2

10,664.6

Credit Suisse 7 7 8,567.9

Share (%)Goldman Sachs & Co 1 6

4

17,676.3Citi 12.8 -1.7 ▼ 118

15.3 +5.8 ▲

9.5 -3.1

14,847.2▼116 26.2 +32 ▲+0.4 ▲

▼+41 ▲

11.097 21.9 +26 ▲Morgan Stanley 2 10,979.3 348.4

122▼ 27.5 338.4-1.09.2▼

Bank of America Merrill Lynch 5 48.8 -0.9Barclays 6 5 10,250.2 90 20.3 +28 229.6▲

+0.9 ▲▲6.2 +0.6

7.4 -1.6 ▼ +1.4 ▲98 22.1 +35 ▲ 254.9Deutsche Bank 8 8 6,272.9 5.4 -1.2 ▼ 76 4.7 -0.717.2 +14 ▲ 174.6Wells Fargo & Co 9 10 6,162.7 ▲ +0.94.9UBS 10 9 3,760.3 3.2 -0.2 12.4 +14 ▲ 129.3

5.3 +2.2

▲ 0.0

182.0▼ 55 3.5

85 19.2 +41 ▲

Jefferies LLC 11 12 2,471.8 2.1 +0.6 -37 8.4 +6 ▲ 89.9 2.4RBC Capital Markets 12 13 2,183.1 1.9 +0.9 ▲ 80.38.4

ProceedsGoldman Sachs & CoBookrunner


US Convertibles (C9a)

2013 Rank

1

Credit Suisse

Citi


Barclays

Deutsche Bank

Morgan Stanley

7

10

Jefferies LLC 12

8

2012 Rank

3 1 2,714.02 3,211.83

1.422 5.0 +9 ▲

2

UBS+0.5 ▲▲

Jan 1 - Jun 28

Change in Manager# of Deals

+0.7 ▲

Share (%)Deals

4 4

16.3

▲8 2,063.0

▲ 26.9%▲

Industry % Change from Same Period Last Year 12.3%

3,175.7

Industry % Change from Last Quarter 6.1% ▲ 0.5% ▲ 16.0%

Top Twenty Total

▲ 36.6% ▲

443 100.0+94

0.796.3

Industry Total 115,925.4 100.0111,690.3 85.7

3,707.3

▲▼

Leerink Swann & Co 20 19 395.6 0.3 0.0 - -226.5 0.7 -0.1

11 2.52.9 +2

+0.1▼ 25.7

▲Cowen & Co 19 21 431.2 0.4 +0.2 ▲ 13 ▲

+0.22 0.5 +2 ▲ +0.25.4 0.2

0.6+4 ▲ 21.8 ▲Guggenheim Securities LLC 18 - 433.6 0.4 +0.4 ▲

▲ 6▼

0.4 +0.3-1 ▼ 6.0 0.2 -0.5

Needham & Co LLC 17 31 504.1 1.4▼ 1 0.2Kohlberg Kravis Roberts & Co 16 17 583.6 0.5 -0.1

-0.859.50.6 -0.3 ▼ 5.4 ▲ 1.6 ▼52.2

695.8 2419 4.3 +14 ▲14 28 989.0 0.9

+1+0.8 ▲

15 14

▼1.6

Share Ch.

Robert W Baird & Co Inc

▼▲+16

Raymond James Financial Inc 13 15 +0.21,026.4

Stifel/KBW

0.9 -0.5▲

13.8 -8.7

59.937

▼

▼5

Market# of Deals per Bookrunner

MarketFees

17.4 ▲▼ 27 16.8 +0.345.8

78.5▲ 76.0-2.1

12.825.4 +8

+8 ▲▼ 19 -8.610.4

57.7+1.6 ▲2,299.3 11.7 +1.1 ▲ 47.1

10.5 +7.5 ▲ +5.3 ▲16 27.1 +13 ▲ 41.5 9.227.1 33.08.6 -0.6

▲▼ 16 7.3 0.0

7 1,082.7 5.5 +2.06 5

12 1,036.3 5.3 +3.410

-+9 ▲

▲ 11▲

5.1▲

1,699.6

+4.721.3 4.7

18.6 +10 ▲ 22.8+0.2+716.9

▲Wells Fargo & Co 9 6 680.4 3.5 ▼ -0.6 ▼

10 335.014.8

1.7 -0.6 ▼13.6 3.3

5.1 0 - 13.9 3.1+2 ▲

+1.7 ▲RBS 11 - 196.9 1.0 +1.0 ▲ +0.1

- 172.1▲3 5.1 +3 ▲

0.9 +0.94.3 0.9

5.1 +3 ▲ 4.5 1.0 -0.1 ▼BNP Paribas SA 13 - 141.7 0.7 +0.2 ▲1 1.7 +1 ▲ 4.5 1.0

2.7Credit Agricole CIB 14 - 100.0 0.5 +0.5 ▲ 1 +1 0.6 +0.6 ▲

2.6- 1BMO Capital Markets 15 - 72.3 0.4Piper Jaffray Cos 16 15 45.0 0.2 0.0

+0.1 ▲2 3.4 +2 ▲ 2.3 0.50.6 -0.6 ▼

Lazard 17 - 38.0 0.2 ▲

William Blair & Co 19

+0.3 ▲1 1.7 +1 ▲

-

1.4 0.3RA Capital Advisors 18 - 9.9 0.1 +0.1

+0.20.0

5.5 0.0▲▲ 1 +1

+1 ▲1-

-0.3.3 ▼.2

# of

0.0-

▲Industry % Change from Last Quarter

99.6% ▲

100.0Industry Total

1.7

30.6% ▲Industry % Change from Same Period Last Year

▲18.5%

+15

106.2%

Market

95.1Top Twenty Total 19,671.1

▲

Market

3,767.9

Imputed Fees (US$m)

+1.119.2 +8.9Share Ch.Share (%)

▲Share (%)

20

15

+0.7 ▲▲ 3

38-0.1

0

Market

1.7

1.7

32.2

1.7

▲

-

429.4

0.1

452.1

▲22.9%96.7%

100.059

▲

19,671.1

▲ 33.9

100.0

+0.4

0.0

+29

Proceeds (US$bil) # of Issues

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com6

Issuer Issue Date Proceeds Issue TypeThermo Fisher 6/6/2013 $2.5 FO JP Morgan

Valeant Pharmaceuticals 6/18/2013 $2.3 FO Goldman Sachs | Goldman Sachs Canada

Realogy Holdings 4/11/2013 $1.8 FO Goldman Sachs | JP Morgan | Barclays | Citigroup | Credit Suisse

GM 6/6/2013 $1.7 FO Citi | JP Morgan | Morgan Stanley

Health Care REIT 5/8/2013 $1.7 FO UBS Investment Bank | Deutsche Bank | Wells Fargo | Barclays | Citi | JP Morgan | RBC Capital Markets

Prologis 4/25/2013 $1.5 FO Morgan Stanley | JP Morgan | Goldman Sachs | Wells Fargo

ING US 5/1/2013 $1.5 IPO Morgan Stanley | Goldman Sachs | Citi | Bank of America Merrill Lynch | Credit Suisse | Deutsche Bank | JP Morgan

Nielsen 5/13/2013 $1.4 FO JP Morgan | Citi | Deutsche Bank | Goldman Sachs | Morgan Stanley | Credit Suisse | Guggenheim | Wells Fargo

Cobalt 5/7/2013 $1.3 FO Citi

Hertz 5/6/2013 $1.2 FO Goldman Sachs | JP Morgan

US Equity & Equity-Related Industry Composition for Top Bookrunners

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

US Equity Capital Markets

Jan 1 - Jun 28 2013

April 1 - Jun 28 2013


$1.2

$1.3

$1.4

$1.5

$1.5

$1.7

$1.7

$1.8

$2.3

$2.5

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0

Hertz

Cobalt

Nielsen

ING US

Prologis

Health Care REIT

GM

Realogy Holdings

Valeant …

Thermo Fisher

14.1% 10.6% 11.5%7.5%

11.7% 10.9% 9.2%14.5% 14.7%

8.5%22.5%

15.8%19.2%

18.2%24.7%

15.6%

17.9%25.5%

38.2%

10.0%

9.0%

7.3% 9.2%10.6%

3.6%

11.7%

7.6%

4.5% 5.9%11.2%

8.2%

11.0% 8.3%8.2% 12.3%

9.0%7.9%

11.0%5.8%

9.1%7.5%

10.7% 5.9%11.0%

12.1%

8.2% 8.4%

6.1%7.9% 12.0%

7.6%

6.7% 9.2%4.7%

7.6%5.7%7.0%

5.3%

5.9%

6.3% 4.6%

3.4%

7.8%

3.3%

3.2%

3.2%

4.5%

3.8%

2.3%

6.3%

18.4%

23.2% 18.5% 26.8% 19.2% 19.4%

25.7%

21.2%

33.0%34.6%

7.1%

3.1%3.9%

3.5%4.4% 3.5% 4.9% 3.0% 3.2% 3.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Morgan Stanley Barclays Credit Suisse Deutsche Bank Wells Fargo & Co UBS

% T

otal

Pro

ceed

s

Telecommunications

Consumer Staples

Retail

Real Estate

Media and Entertainment

Materials

Industrials

High Technology

Healthcare

Government and Agencies

Financials

Energy and Power



EMEA Equity Capital MarketsEMEA Fees Reach US$1.4 billion l IPO Issuance Volume up 128% Year-on-Year l Koninklijke KPN NV - Largest EMEA Capital Raising of the First Half of 2013


EMEA Equity & Equity-Related (C1d) Jan 1 - Jun 28

EMEA Equity & Equity-Related volume totalled US$109.8 billion for the First Half of2013 – marking a 79.9% year-on-year increase. Estimated regional fees totalledUS$1.4 billion – up 33.3% from the comparable period of 2012, according toestimates by Thomson Reuters/Freeman Consulting.

EMEA IPO volume reached US$13.5 billion from 60 offerings – with deal countup 3.4% year-on-year, but proceeds up 127.9%. Fees earned on EMEA IPOissuance totalled $346.9 million, with the top 20 bookrunners claiming 73.3% ofthe total wallet share.

▼

76UBS

▲

13▼

Credit Suisse 8 4

Societe Generale 8 3,725.4 3.4Barclays 9 3,977.3 3.6

-2.1 ▼

7,386.5 ▲+2.1

295,363.5

6.7 359 6,376.66

285.8

333 ▼

33

5 7,581.6 -1.5+2.7 ▲

416.97


JP Morgan

Deutsche Bank

Morgan Stanley

11.1439.7 0.08.58.3

+2▲ 130.0 +3.8

Citi

2 1 10,622.45 9,141.7

9.5 ▲10.4

▼

9.4+118.4 +1.4116.4▲

10.5▲+11

7.5

▲+4 6.9

62.2

-1.9▲▲ 95.5

65.0

90.5

▲

+1.1

▲

8.4 ▲

5.0 ▼▲+2.3

1.4 ▼

+1

-2+31.5

2 6

42.3▲

▲

46.6

6

40 4▼▲

+3+1 ▲

-4.7

+4.2 ▲6.5116.1 +0.5

0.0

0 3

4.57.2

8.5

+1.3-0.6

+4

9.0

3.4

+5

-0.6

68.9

-0.8▲▲ 3.0

11 +120.1

1 6+0.71.8

106UniCredit

1312

HSBC Holdings PLC

Credit Agricole CIB

0 9

2.3

1 801 81,924.2

1110

+2.01941 2,498.4

Goldman Sachs & Co

1817 4.4

4.9+1.5

MarketShare (%)

▼

Share (%)

▲▼-1.6


▲+0.9

# ofMarket2013 Rank

2012 Rank


# of Deals

▲

37DealsBookrunner

Market

▲+1

Change in

-

▲

1.5

4.6

▲

+0.6

2 9

1Share Ch.

2 11,462.0

9,090.0+1.4

Proceeds

8.334

Imputed Fees (US$m)

Share Ch.MarketMarket

Share (%)Manager

Fees

24.0 1.7

EMEA Deals Intelligence

EMEA ECM Proceeds Raised by Industry (US$Bil) Jan 1 - Jun 28 2013

EMEA Equity-Related volume totalled US$15.5 billion - up 89.2% year-on-year,with the top 20 bookrunners capturing 96% of the market. The United Kingdomwas the leading exchange nation, with listed IPO issuance totalling US$4.6billion from 19 new listings.

$33.4 30%

$17.5 16%

$11.5 11%

$8.4 8%

$8.1 7%

Financials

Industrials

Energy and Power

Telecommunications

Materials

Real Estate


Rabee Securities Co

18

-0.5

▲

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

1819 0.9

1,020.9 0.9+0.41,016.4

▲1.1 1.8▼ 7- 6 1.5

0.6 -0.581.0

6

100.0 389

0.0

4.2+4

0.0+0.1+1

0.3

+1 ▲9

109,806.289,038.9

1,251.8

2.11.5

▲-1.3

1.11.2

+0.3

▼BNP Paribas SA 14 12 1,527.8 1.4 -1.0 ▼

8 0.011.5 0.8-1.3

▼

0.7

0.6

▼-0.7

Jan 1 - Jun 28 2013

+50

43.4%

1,021.4

Jan 1 - Jun 28 2013Top 10 EMEA Equity and Equity-Related Deals (US$Mil)


Industry Total

Industry % Change from Same Period Last Year▲31.2% ▲ 12.0%

▲

1,389.2 100.0

▲

73.6

▲

-▲

0.3 +7

8.8+1 ▲

--2-

▼15.4

▲

▼-

16.8

33.3%

4.1 37.5▲

2.6

9.2

40.4▲ -0.3

1.2

11 +11.6 10

2.3

13

-39SEB Enskilda

HSBC Holdings PLC

1.2

20

+0.81,339.5

-0.91,801.8

+1.2 ▲Mediobanca

151,277.2

17

Top Twenty TotalNomura

14NordeaING 34

14.7%▲

79.9%

21

1

▼

▼

▲16

2.7

653.9

162.9

*tie

%$6.8 6%$6.5

6%$4.9 4%

$4.0 4%

$3.9 4%

$3.3 3%

$1.5 1%

High Technology

Retail

Consumer Staples


Healthcare

$3,957.3

$3,898.6

$3,272.1

$3,213.8

$3,020.1

$2,986.9

$2,946.9

$2,250.0

$1,902.5

$1,750.0

05/14/13

04/30/13

05/24/13

05/28/13

06/19/13

04/09/13

04/17/13

01/09/13

05/09/13

01/09/13

Koninklijke KPN NV

Deutsche Bank AG

Bank VTB

Commerzbank AG

Nordea Bank AB

EADS

EADS

ArcelorMittal SA

Snam SpA

ArcelorMittal SA

$4,601.8

$2,592.0

$1,586.5$1,277.2

$1,073.8

$498.4 $471.4 $427.6 $379.2

0

2

4

6

8

10

12

14

16

18

20

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

United Kingdom

Germany United States of America

Iraq Belgium Russian Federation

Turkey Denmark Saudi Arabia

# of

Issu

es

Pro

ceed

s (U

S$m

)

Proceeds (US$m) # of Issues


EMEA Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

21*+0.4

+0.5 ▲

▲ 1

-0.8

+1.514▲

184.0

1.5 +1+2

1.41.4

346.9

▼▲ 2.3

254.2-

6088.1 73.3

1718

100.0Top Seventeen Total 11,841.3

-0.119

13,469.91,187.6 +2Industry Total 100.0

▲+0.71 1.7 0.7+115 171.1 1.3 5

1.2163.1 +1.2 ▲8.3 +4 ▲ 6.9 2.0

2.2 +2.2 ▲1.4 +1.0

-0.6 ▼3

4.8▲▲ 7.7

195.3

5.0 +3+2+1.4

▲

-

- 174.5 1.3- 181.9

- 185.0

▲

▲

1.45.0

1.0

2 3.3 ▲

+0.3

3.3 +1 +0.4

1.7▼

▲▲

1.0▲3.3

+2 -0.2

▲1.422+1.4

1.5 +1.5 ▲

1.7 +1.70.3

3.42 3.3▲

+1 ▲▲ ▲1.7▲

1 +11 1.7

▲0.0 0.0 -1.6

.0+1.6

358

0.9

100.0

16

Jefferies LLC

BNP Paribas SA

20 37

▲

▼+1.6

75,193.3100.0

+1

1.0

595.7

+0.5

Handelsbanken Capital Markets 0.6

Industry Total79.7Top Twenty Total

0

1.7

3

+0.2-0.6 5 -1

4▲17

+0.1

664.719

1.1634.7

171.1

0.718

8.5

16 19

6.6

▼32 974.0

-1.2

1.4

-0.7

7

Morgan Stanley8.6

▼

+0.7

+2.5

56+1.4

▲1.41,339.5

+21.8

1,799.5

+1.2+1

2.0

▲

▼

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

▲

7.5▲ 2728

6

+0.7

9.2▲

▲

7.8

+5

▲

9▲

▲5.9

▲ -0.1

1

+1.5 ▲

2.5 +43.2

▲

7.8

+14

5.2

-1.054.8

-0.6

▲

+1

+2

1.5

+2.6

▲

-0.4

+3.1 ▲ 28+1.0 33

+16

80.2

4.6

-1.2

49.8 4.2

+0.1

6.8

40.531.1

▲8.9

-0.2

+93.9

25+11

▼7.0

2.03.6

94

▲ 1.4-2.2

2.5

+1.21.1

+18

Goldman Sachs & Co

Barclays 3.57.3

+11

+17

9

6.2-2.6

1

Deutsche Bank

Proceeds10,616.5

Share Ch.+2.61 ▲

# of

EMEA IPOs (C7c)

2012 RankDeals Share Ch.Deals

Jan 1 - Jun 28

Imputed Fees (US$m)Market


32Share (%)

Manager MarketMarket2013 RankBookrunner

2012 Rank

Market Market


Share (%)

2 7 8,131.8 8.611.3 ▲

Bookrunner8.9 +12.710.1

Share (%)+5.1119.6

FeesMarketMarketChange in

Share (%)Market

Share Ch.# of Deals+17

# of DealsProceeds Fees11▲15.42,075.9 +8

Change in Market

+7.8 ▲


▲ 44.2

Manager2013 Rank

MarketImputed Fees (US$m)

8.74

Deutsche Bank91.7

# ofShare (%)

18.3Share Ch.

14.59.5

Share (%)

Jan 1 - Jun 28

212.71Goldman Sachs & Co

9.3

101.7

▼1

1,175.9

1,956.2▲

-2.8

+4.5▲ 78.1 10

+0.9 ▲1,277.2 +1▲+9.5

+516.7

16.7

Credit Suisse 68 -1.7 61.4

10 3.2

4,699.1

-112▲

37.7 Rabee Securities Co

Societe Generale14

8 2,990.43,325.5 +2.8

▼

5.65,299.5

8,123.2

2

3

▲

8,048.2

+1026▼

▲▼

6,173.2

5.032 ▲

▲

▲▲

7.285.7 Bank of America Merrill Lynch▼

Morgan Stanley

-0.4

▲

+2.0▼▼

5.4

UBS

7.9

3.4

▲

+2.6JP Morgan 4

719

56

10

6+2.6

6.6

0.7

38.5▲

0.8

▼1.0

9.24.2

1.4

-

▲

+43

16.3

+1

▼0.7

▲

1.4

0.3

8.60.8

HSBC Holdings PLC 13 12 1,703.9

NordeaRabee Securities CoSEB Enskilda

15 -14

1,020.9

Mediobanca

12

ING

Credit Agricole CIB

1,277.2

1.9

94,284.9

13Nomura

+0.5835.6

10.9

▼

MainFirst Holding AG

-1.80.0

▲

Investec

Citi

RBC Capital Markets

+0.3

-

-1.4

▼

▲▲

14.5

11.911.2

▲ 0.4

20Nplus1 Singer Advisory LLP

1.20.9

70.4

▼+1.3

197.8

2.5

-

240.0336.4

12Nordea13

▲+1.2 ▲

▲▲

+0.61.2

32.34.2

35.7▲

+1

13.310.3+6

▲13.7+4.4

310.0

▼

+0.3

-1.8

213.8

▲

1.6+1.8

7 395.1▼

8▲

85.0

13.3

+4

+4.2 ▲▲+4.57.7

+1.8

▲4.6 +2.37▲

▲+1.12.33 ▲

16.1+5+511.7

-1.7▲ 5.5 +0.319.03.6

▼ 11.6▲▲

3.4▲

4.06▲ +6

▲26.8

▲5

Citi

4

9

4 35

Bank of America Merrill LynchUBS

JP Morgan 76 5,878.1

3811 22 1,897.7UniCredit

26

17.4 ▼ ANB Invest Co5 --113 2.6

11HSBC Holdings PLC

443.7 -7.5▲

1,061.3

8 2

Barclays

3.3481.7731.4

▲+2.5

2.9 -1.8Credit Suisse 9▼ 10 - +35.0

5.68.0

Nomura

15

▲

▲127.9% 3.4%51.6%

▲ ▲ 28.6% ▲▲ 59.0%

13.7%▲Industry % Change from Last Quarter

Industry % Change from Same Period Last Year▼ 115.8%-2.6%▲

104.3%▲

Market Change in Manager Market

35.7% ▲▲

▲+1

29.0▲+2.6

3.2 ▼

▼

▲+1Share Ch.

Market

Jan 1 - Jun 28

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

Share (%)# of Deals

79.0

4.3

7.6

▲

+2.6

▲+0.9

1.4 +0.7

+3.3

2.2

▼▲

▲▲

3.9 +3.8

-1.1

3.2

Market

1.2

Market

7*


▼


ShareChange in Market


4

▲


Market2013 Rank

2012 Rank

1-2.3

Share Ch.Market

▼Citi

▲

JP Morgan

Proceeds

2 1

78.4%Industry % Change from Last Quarter

12 2,606.9

EMEA Rights Offerings (C8fr)

Deals

Jan 1 - Jun 28

18.9%

# of Deals

Mitsubishi UFJ Financial Group

# of

▲

8.0

▲

▼▼

16.6 5+13.7Share Share Ch.

-0.3

10.2

4.2

0.9

▲

2.7 -2.7

-45.2%-36.4%

100.0

+2.62.6

▼

*tie

1.0 ▲ +2Top Twenty TotalIndustry Total

Industry % Change from Last Quarter36.8% 395.8%

+7.9

▲

▲

7.9

469.3%

235.5

HSBC Holdings PLC6.7

4.112.1Santander

Industry Total

20

2013 RankBookrunner

EMEA Convertibles (C9d)

Bookrunner

1,596.5Deutsche Bank

Top Twenty Total

13

▼

8

7.1 +6.17.8 +6.5

2012 Rank

+0.1

4.3

▲6

+6.4▲

JP Morgan

10

1,213.2

- 987.31,093.5

Imputed Fees (US$m)Manager

3

Deutsche Bank

+3.8


▲

2.1

30.4

▲

2.7▲

3.3

Credit SuisseBarclays

Citi12.711.6

-7.6

▲

-7.5+4.6

11.1

▲

96.0 184.3

70.3%

- +0.70.7 +0.7 1-

1▲

0.83.2

- 124.9 ▲▲

0.7101.0100.9

201.6

▲-20.6% ▼

100.0

Share Fees+1

-22.7

0 22.727.4▲+1

19

▲+12

1 2.24.4

02.2 ▲

- 5.5

748.238.1 ▲

▼2

1,268.2

9.5

7

4.8

▼▲7.6 +2.7

9.2

4.4 0

10.23 5 +2.4

15.6

+4.2-

4.42-0.5

+1Goldman Sachs & Co

▲31 438.4ING +3.5

715.2 4.6 ▲65 33*

+1.21.9

3.7

6.5▲+0.9+1.2

+1Rabobank NV

▲42 561.0 3.6+2.4

438.47* -

6.7

7*+2.8

RBS 2.8

Nordea 9 13 424.7 2.7 +0.4 ▲ 22.8 ▲ 1

04.4 3.3 -0.3-1 ▼ 13.2 4.4 -1.6

9.9Credit Suisse 10 3 403.8 2.6 3-4.7 ▼

-

▼ 8.5-1Sberbank CIB 12* 2.2

2.4Handelsbanken Capital Markets ▲11 24 379.0- 363.1

1 2.2+1.82.3 +2.3 ▲2.3 +2.3 ▲2.2

1+1

284.8

6.4▲+1

▲1.8

VTB Capital 12* - 363.1 ▲ 1

+1.8Bank of America Merrill Lynch 14 9 353.5Barclays 15 -

▲2.2 +1▲1.4

6.7 +1+24.4

2.3

211.7 -3

▲

2

32 ▲

-2.3 ▼

1Masraf Al Rayan 16 - 260.9 1.7 +1.7

Investec 18 2517 4

19 7*

UBS191.7 -

▼-5.3

▼165.11.2 +0.7

+1▲ 1 2.2

3

4.40

▼

4.4BNP Paribas SAJefferies LLC 20

6.71.1- 161.2

100.076.3


15,668.4

-16.6% ▼

11,935.4

Banca IMI (Intesa Sanpaolo)

Standard Bank Group Ltd

9.9

2.9 +2.4+2.1

+1.0 2-4.2

+2.3 4BNP Paribas SA 5

7

1

17

2

1

▲

14.74

▲

22.6▲▼

2▲ 7

2,499.2 16.1

142,282.2

Market # of

32.310Proceeds

MarketShare (%)Share (%)

▼

Share Ch. Deals Fees12.3

-0.4▲24.7

9

-2.87.6+5 15.3▲▲ 15.2

+7+6

15.1

▲ 14.7

7.530.4

6 19.49 +929.0

11.210.3

▲ 12.4+26.4

Goldman Sachs & CoMorgan Stanley 6 16.1▲958.2 6.2

▼ 5 16.15

+2 ▲

▲

+5.1

+0.7▼

3.8

5.15.6

7.7

▼

▲6.17.3 -1.0

+4.5 ▲

-1.2845.6 5.5

8-9.0+2.5

9 - 4.511* 734.9 4.7

698.9▲

4.2 +2.6▲ +0.13.7

-7.47.4

▼

▲+3+26.5

▲▲ 2

12.9▲ 4

3 +29.7-4.8 ▼+4.5

▲ 44 12.911 3 651.8

12 - 587.1

664.5

3.8

5

▲4.9

9.7 +2.6+112.9 +4

▲+2-1.8 ▼

3.06.1▲

4.3

2.4▲7 498.6

253.1

3.7-0.6 ▼10 263.6

7.4-0.4 ▼ 3- 3.11.7 6.5

3.2

-1.3 2.1

▲

1.63.2

03.2

1▼

-+2.1-0.41.5

▲1.1

▼12

-1 ▼▼2.5

136.4 ▲1716 15* 175.0 +0.1 ▲ -0.11.2

3.2 +1+1.3

1.9 0.9 -0.3▲+3▲ 9.7+0.8 3

0+0.9

▲

▼▲2.6 1.3

0.9 -0.60.2 +0.2.4+1▲

1.8

15,521.3 100.0 +73114,869.9 91.3

-45.0% ▼29.2%

▼▲▲89.2%

▼

-

▼

18


298.0

-34.8%

45


-24

15

UBS ▼

Credit Agricole CIB

Commerzbank AG

Societe Generale

ABG Sundal CollierLazard-Natixis

Mediobanca

14

0.9 1

-1.0


Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

24.08.8▼

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

1.0

▼-2

-1

4.528

Jan 1 - Jun 28

6

14

6▼

2.92.3

10

18

▲

▲

+8

▼+13

4.141.9

-10+2

10 1.6 -1

▲

3.13.7 +10

+2

▲

▲

▲+5

4.7

50.5

47.3

3.1

3.433.9

31.336.7 3.6

2.5

15.418.9

20.9

24.9

2.424.1

▼0.9

+0.4

2.42.1

-5.71.91.5

+1.1

+0.6

+0.6+0.9

▲

+1.4▲+0.9

-0.8

▲

▲

▼

▲

▼▲

▲

+2.9

▲+2.4

▲

+1.7

75.3 7.5 +3.1 ▲

▲

-0.1

5.0-0.2

3.5

23

▼

▲

3.0 ▲+1.919

25

+0.1

0.0

▼

▲▲

▼

-3.0

-3.0

3.1

▼

▲

4.1

-2.03.2

+3.7

-

▼

+0.3

-0.3

▲

2013 Rank

10.8UBS 2Bookrunner Proceeds

Market2012 Rank

Proceeds per Bookrunner (US$m)Market


+13

7,885.81Share (%)

21

6.5

+4

▲4.4

▲

▲▲▲

40

3.4+6+7

30

MarketShare (%) # of Deals

27

4.9 ▲

HSBC Holdings PLC

CITIC1,656.4

CIMB Group Sdn Bhd5

1.0

1.61,294.8

2.31,503.0

14 1.8

4.1

13 1,789.7 2.5

8+1.63.4+0.52,320.3

101112Woori Invest & Sec Co Ltd

5

Haitong Securities Co LtdDeutsche Bank

76

Guotai Junan SecuritiesBank of America Merrill LynchCredit Suisse

9

JP Morgan

Citi

5.0

2.1+1.7

2,982.04Morgan Stanley

74

2,502.0

216 2,224.1

3,646.0

2,169.5

2,546.2

3,651.9

14

Goldman Sachs & Co

Deals

8

37

5.0

Fees

6,564.6 9.0 +0.4

Share Ch.ManagerChange in # of

2 13

13

3

1215

Share (%) Share Ch.

Asian Equity & Equity-related Volume Marginally Increases l Southeast Asian ECM - Record High First Half Total Proceeds

Asian IPO proceeds in the second quarter of 2013 more than doubled - to US$7.3billion from the first quarter’s total of US$3.3 billion and included the fourth and thesixth largest IPOs globally - Thailand’s BTS Rail Mass Transit GIF US$2.1 billionIPO in April and China’s Sinopec Engineering US$1.8 billion IPO in May.

MarketMarket

In the first half of 2013, total estimated fees for Asian Equity & Equity-Relateddeals totaled US$1 billion from 617 deals, a 27.5% decline from total feesearned in the same period last year, according to Thomson Reuters/FreemanConsulting.

Follow-on volume in Asia totaled US$54.9 billion from 482 deals in the first halfof 2013 - a record-high first six months proceeds. China and Southeast Asianissuers captured two-thirds of the follow-on market, raising all-time-high firsthalf volumes of US$25.1 and US$12.4 billion, respectively.

Imputed Fees (US$m)

Jan 1 - Jun 28Asia Equity & Equity-Related Imputed Fees by Domicile Nation

Asia Deal Intelligence

30%

40%

50%

60%

70%

80%

90%

100%

% o

f Im

pute

d Fe

es

617


27.2

0.8

-27.5%

18.3 1.8

2.717 2.8

▼

8.2

▲

8.8▼

▲

▲

1,010.7

Jan 1 - Jun 28 2013

18.3

25.8

27.2

1.224.0

+0.3

1.0

+0.1

22.0%

0.41.39.7

+5

▲

4.2

▲

-3

0.5 ▲

▲+7 +2.1

1.2

22.7

11.92.020.1

+1.6

-1.3+0.2

2.3 ▲

▲▼▲

Market

▼

-0.7

6.9 ▲9.8

▼Share (%)

6.5

+2.0+1.8

-1.5

-1.4

71.4

-0.3+1.6

-4.3

36.7

3.6

24.1

0.6 ▲

Share Ch.

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

Imputed Fees (US$m)

+2.0

5.03.9

+0.6 ▲

Jan 1 - Jun 28

▲

▲

▲2.5

+0.6

+0.6

▲

▲+1.0

28.7

47.3

▲

▲10.3%▼

1.0

9.9%

8

▲


+51.31.7

+11-10.4

486.6

2.4

1.4

7

▲

3.0

2.3122

▲▲

▲

+1.1

▲

75.8

▼-0.51.3 ▲

▲

100.0

1.8

+0.4

779.4+0.6

1.1

CIMB Group Sdn Bhd

CLSA

Phatra Securities Co Ltd1.1

Standard Chartered PLC

▼

167

17 +0.5

3,473.1 20

3.6

22

2.2+0.7

15

▲4.1

▼ 50.5

3.322

# of

3.828

▲

5.7

5.3

55.9562.3

▲+13+10

+46.4

19

▼

+11

▲

+7

Market

13.0%

4.0

11.6

2,982.0

4.2-23.6▼

-4.7

+9

▼

+0.12,171.6

3.3 +8

▲▼

+5

22

-3.2

18▲

5.5

3.4

3,646.0

MarketShare (%)

Market Market

5.139

6.7

Share Ch.▼

22

▲

30-0.8+2.8

2.2%

▼

-24.1%

3

Change in

5.6%▲

+13

+2▲ 3.6

▼▲

+615

-2

▲+10

2.4

1,068.6+0.5

12.1Share (%)

886.567.6

▲

6,564.6

100.0

▲

▲

1.7

+1.0

+0.7

3

+0.5

20Top Twenty Total

27

1,089.7

0.50.61,080.1 ▲ 4

▲

▲15 1,205.7

171.51.51.5

Industry Total

Proceeds

68992.7

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

2.1%

49,059.6


Bookrunner1

2012 Rank # of Deals

▲27

Deals2013 Rank

▲Goldman Sachs & Co

24

UBS1

3

Deutsche Bank

Morgan Stanley

5

JP Morgan4

7

CitiBank of America Merrill LynchCredit Suisse

6

6,277.1

8

5

97

3

8

6

1,965.1

2,224.1

DBS Group Holdings

9

Malayan Banking Bhd

State Bank of India

10 22

16Kotak Mahindra Bank Ltd

11

3319

25617.8China International Capital Co

1817

15992.7

101,205.71,294.8

12 181613

+4

-2

-11.1

1.3

10

17

97

27 567.2

+2.2

1214

1,656.4

2.0

+1.1

20

1,089.7

+0.4

▲21.4%

+67

14.5% ▲

-0.17.04.6

-0.466.6

100.0

▼▼

▲

▼▲

▲

-0.2

▲

5.3

2.0

▼

3.7

19

China Securities Co Ltd18

▲Woori Invest & Sec Co LtdHSBC Holdings PLC 1,789.7

2

3.3

▲+0.6

Sealand Securities Co LtdStandard Chartered PLC


6▼

38.6

72,876.7


7.4

-0.62.8

▲

▲

16

Huatai United Securities Co2326CLSA

28

DBS Group Holdings+0.6+0.9

606.6

686.2

3.1

1.2

-0.1

29

41,193.8

26

528

▲

0.6


Bank of China Ltd

Industry TotalTop Twenty Total

54,345.6

-17.2%

-0.9 ▼

▲

▼

▲

FeesManager

▼4.2

+6+21.9

+7

1.1604.0

+10

+0.1

1.4

4.5

▼

-0.1

▲+0.7

3.2

▼3.1

100.0

2.6

14.8

▼▲

1.5

+0.6

22.7

-1.2

+2.2

18.9

▲

728.3

$3,218

$3,101

$2,137

$2,134

$2,062

$1,796

$1,484

$1,424

$1,296

$1,250

China Minsheng Banking Corp

Sinopec Corp

NTPC Ltd

BTS Rail Mass Transit Growth

Mapletree Greater China

Sinopec Engineering(Group)Co

Matahari Department Store

Hankook Tire Worldwide Co Ltd

Gansu Jiu Grp Hongxing Iron

Global Logistic Properties Ltd

3/12/2013

2/4/2013

2/6/2013

4/4/2013

2/27/2013

5/16/2013

3/22/2013

6/3/2013

1/23/2013

2/25/2013

0%

10%

20%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

China Hong Kong India South Korea Singapore Taiwan Malaysia Indonesia Thailand Philippines Rest of Asia


1.6 +1.6 ▲▲ 3 2.7 +2 ▲ 3.5+1 1.8 +1.8 ▲

BNP Paribas SA 20 88 140.7 1.3 +1.2

Asia (ex-Japan, ex-Australia) Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

65.9100.0 100.0

73.5222.7

161.1 1.5 +1.3 ▲

696.12

217.6

522.2

-7.2

+2.6

1.6 -2.0

▼-1.9

2.1

3

+1.8

146.1

▼

▼

+0.2 ▼-7

▲ 3.9

▲

3.23.3

+1.9

3

112

31.9

32.2 3

▲

▲2.8

+2.8

+1.2+2.12.6

2.3

565.8

▲3+6.3

8.06.8

▲+5.8

662.3

31

-1.3

BookrunnerShare Ch.▲


850.4Proceeds

Imputed Fees (US$m)

2.8

17299.0

240.3

296.8

19270.9

-

341.4

42

60*

-112

1.92.7

3

▲+1.0

1.7▲

+0.7

1.1

▲▼

+1.4

10.11.8

0▲

1.7+3

3.71.8

3.7+2

▲+3.1

+0.8+4.5

▲2.7

▲

64Top Twenty TotalSealand Securities Co LtdHaitong Securities Co Ltd

China Securities Co Ltd

CITIC

Woori Invest & Sec Co Ltd

2535Standard Chartered PLC

CLSA

12 5

Huatai United Securities Co

Credit Suisse

2013 RankBookrunner

1

CIMB Group Sdn Bhd

JP Morgan

Deutsche Bank

11

33

2Morgan StanleyCiti

Goldman Sachs & Co

4UBS 2

4

2012 Rank Share (%)

# ofProceeds per Bookrunner (US$m)

Bank of China Ltd

Malayan Banking Bhd

2▲

1

4

5

▲

▲

▲

4

46

4.53.6 +15.4

3.6 +2

+2 3.1▲▲

+1 ▲

+5▲

3.16.9

2.7

3.6

2.7 -2 ▼

4.12.7 -

▲

-0.21.52.7 3.1

3.33

-2.0+0.1

▼

2.72.7 2.4

▼-4-1 4.2

+0.8

1.4

7.04.5

2.6

5.9

Share Ch.▲

18.510.4▲

Jan 1 - Jun 28

+4.0

MarketShare (%)

+3.2

-

Market

UBS▲

1

Market

5.4

Change in Market

3,646.0

Proceeds

+3.1

23

1.210.2

▲ 4.59.9

-

Market

6,223.0

5.6

Share Ch.9.5

6,051.50.0

9.21

Guotai Junan Securities


20

9

12

DBS Group Holdings

HSBC Holdings PLC

Deals

▲+0.2

+5

Share (%)2013 Rank

+2621.34.5

+2.203.9

Citi

2012 Rank

Asia IPOs, inc Chinese A-shares (C7a)

+1.0 ▲6.2


Share (%)# ofMarket

Deals


Share (%)

6.3

Share Ch.

40 5.48

720.3+4.7 6

Share (%)10+2

Fees

▲18

64.4

Manager

42.2

+33.0

+13

616

100.0

▼

▼

54.3

Bank of Communications Co Ltd

10

-0.12.32.0

1,068.6

19

Siam Commercial Bank PLC12

JP Morgan

132.0

▼


CITIC

8.8

4.2▲2.8

▼0.9-

▲ 25.8

1.9 0.0+11

▲ 20.9 2.3

235.2

+0.6

7

-

DBS Group Holdings

2

169.5

+3.4

▲

Deutsche Bank 8

17

10

15

Credit Suisse

▲

▲▼

11

18

16

14

China Construction Bank

HSBC Holdings PLC

▲Phatra Securities Co Ltd

9China International Capital Co

▲

Market# of Deals

5.1

ManagerImputed Fees (US$m)

Fees+8.0

8.3

9.6+4.7

▲11.4

▲7 +6.74.2

▲+1.5

# of Deals

-0.2

▲

38.8-1.2

17.4

6

+1.9

20.9 ▲▲

Market

+0.7

+0.7

-7.6 ▼▼▲

4 3.6 +3

0.9▲

0▲

4.7

4.6▲

▲▲

▲+4.2+4.2

+1.0

74 638.5

512.5 +4.233*345.7

+3+3

5.3

▲6.0

+4.7

6.2 +5.0 5.4▲

4

▲

▼20.4▲▲

-0.2

Morgan Stanley 6.6

2.26

▲

▼

6.9

4.8

18

4

+1.2 6Goldman Sachs & Co

30-2.5

-24

4.1

5.1

52,743.1

533.6

37

1.7

▼ 2.5+0.8

-3.2

3.2

▼3.3

-0.8

3.7

1.0

3.7

14

▼

▲ 22

▼

+9

-10

0-3

-3-2

+6

+2+12

20.1

0.98.221.0

2.6▲Haitong Securities Co Ltd

Top Twenty Total

+1.9

Industry Total7,791.1

196.7

230.3

10,622.5

-1.3+1.4

5+0.3

19

15

662.3

1.3

▼

▼11.9

▲▲ 18.3

7

+3 ▲▲

▲

+0.8

2.0+13

18.9▲21.5

+6

▲

14

22

992.71716

4

-2

2.4

24.3

0.7

-5.9▲

15.42.31.7

2.32.2

▼

2.4

2.5 ▲2.6

▲3.3

+1.915

1.0

226

2,061.17 ▼

+2.1

8-0.2

19 2,169.58

MarketMarket

2.7

5.450.5▲

Change in

0.5

▲

+0.4

+0.7

+1.4 14

2.70.0 -

▲

34

▼

1.5

3.716

1.71.6

223

▲

1,564.1

1.4

1.713

26

Industry Total

18

886.564.9

1.4 +1.29

▼14

1,294.8

1,080.1

1.51.4

▼

+0.615

2,153.5

1,503.0

52

11

13

▲893.3 -0.6

2.4

-2.5

42,411.3

1,656.4

+0.9▲

▲10

3

930.1503.3

594

▲+20.5

65,480.1 100.0 +53

2,676.94.0 +8

▲▲

934.9

▲

1,673.4

3.6 +2.17

6

1,138.9

Jan 1 - Jun 28Asia Common Stock, inc Chinese A-shares (C4a)

-407,396.6

▲

94.3-

76.0100.0

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter -68.0% ▼

4.3+0.6▲

0.6

▲

2 +2.7+0.7

-35.7% ▼ -45.0%-63.5%

.9+10.8

▲▲.6▲

+0.7

-4.3%

1.1

▼▼

▲+1

+2 ▲+1.4 ▲▲ 1.4

1.5 ▲+1▼

▲ 2.2

1.2-3.7+1.5

1.5

2.7+1

▲+1

4.4

▲4.34.3

1

1.1

▼▲1

1

▼

4.3

14.3

▲

4.34.3

▲

3

+1

4.3

24.8

-8.0 ▼

+2.5

17.43.5

13.0

Share Ch.


1▲

+4.6

Deals▲

4

▲

+24.3+21.821.8

7.55.3

+3.3

Fees# of

15*-

-

2.2

66.866.857.6

1.0

1.8

- 0.9

117.673.3

- 132.5

4.6

-

2

-

163.9

3.2

▲+4+1

+1.6

+0.9

+1.0

+1

+3.1

▲

-6.0

-1

▲

▲

8.7 +2

▼17.4

4.3

550.8

-

2-

2.1

341.6

3.1+2.2

7

1

1▲ 1▲

2

▲4.3 +1

+1.8+2.1

▲

3

4

34 ▲

16.86.7

MarketShare (%)

10.9▲13.0

13.0

+2

MarketChange in Market

▲Share Ch.

▼

13.5

98.1%7.4%-72.2%-50.0% ▼

1259.2238.9

▲

▲

▲

▼

+8.5

392.7

-2.2

5


1

Morgan Stanley 3

2012 Rank

52

4

2013 Rank


Manager# of DealsShare (%)

3.9

▲

5.4 6.7 ▲5.1

4.8

+4.48.3

▲▲

▲

0.01

Haitong Securities Co Ltd

Market


6

+2

567

20

Bookrunner

2

1.4

▲3.91.5

2.1 +3

6

▲

46.4

-10.3

+0.8

▲

3.9▲

+6.4

+13.2

17.4+1

8Citi7Credit Suisse6

▼Goldman Sachs & CoDeutsche Bank

Bookrunner

▼-4.0

Nomura


▼2


+3

▲

237,377.4

40.7% ▼

99.980.6 100.0

54.4707.4

39.2%

+0.7

▲

0.8

DBS Group Holdings-1.6▲+1.8

Industry Total

▲Minsheng Securities Co Ltd 17▲

12▲

▼BNP Paribas SA

CIMB Securities (Singapore) Pt

13Daewoo Securities Co Ltd

+0.7

100.0

2.2

2.0

HSBC Holdings PLC▲

▲+1.9+1.7

▼+0.8

154.8CLSA-1.8

▲

▼Daiwa Securities Group Inc

14

- 225.6

+4.4

0.9

▲▲

+1.6

910

▲

+111

Emperor International Holdings+1.1

-315*

3.6+2.4

▲1.6

+0.33

1.90.32.4

1.2.3

18 - 50.5

▲

+0.8

+23.7

-4.4

6.5

3.1 ▼

+6.33.8

-3 ▼3.1

3.8

2.9 +3.7

+3.8

▼

▲▲

+4.0+13.0

Imputed Fees (US$m)

13.6▲

Jan 1 - Jun 28

▲ 5.23.1

8.7

-1,834.4

122.4%

Asia Convertibles, inc Chinese A-shares (C9b)

975.0 13.2

Share (%)Proceeds

1,608.8

18.9

6.1+1.2 ▲-3.4

4.52.4

43.1

-3.8

1.1▲

-

1.9

-4.22.70.0

1.7

+2.0

2.3

0.6

2.9▲+0.4

+93.222.3

▼▲

+519.1 2.7 +2.117.0

13

1 28

-1.1▲

JP Morgan

UBS

4Bank of America Merrill Lynch3

▲

2012 Rank

2013 Rank

MarketMarket

-46.4% ▼

Market

-17.2%

Goldman Sachs & Co


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

▼-1.0%

Share Ch.10.2

1811

UBS

6Guotai Junan Securities

Credit Suisse

5,201.1

JP Morgan

▲ 3.5 +11

▲+2

3

3

17

3 ▼

+2.0 ▲

CLSA

825.3

1.6Standard Chartered PLC 25 859.718

1.6

▲

0.6

0.6+11

▲

3

1.57

-3 ▼

2,446.5

-

759.0

901.8

2,022.82,079.521

3.0

1.6

50

-0.72,949.8 5.4

4.5

▼

9.5

ProceedsMarket

9.8%

Share (%)

20.2%


Jan 1 - Jun 28

Market Change in # of Deals

▲7.7%▲

Manager

▲

Imputed Fees (US$m)# of

4.6▼3.9 32.3

-29.0%

6.45,584.5

2331

-1.0

-3.0 19

15▲

▼+104.8

-1

▲

▼

▼3.1

1,762.19 1,807.8

-

▲3.8-5.7 ▼+2.8

3.73CitiDeutsche Bank

16+2.5-0.2

9 38 1,616.5Woori Invest & Sec Co Ltd

+0.2

Bank of America Merrill Lynch 10 4 2.6 2.5▲

3.383.3

-1.6

▼

1,433.011 7

1,156.81,285.5

2.1

8 3.2

CITIC15

-4.3 ▼

CIMB Group Sdn Bhd▼2.3▲+0.812

China Securities Co Ltd 13 35 1,080.1 0.8

16 18

0.64

2.0Huatai United Securities Co 14HSBC Holdings PLC 15 10

1,068.6

19

Sealand Securities Co Ltd 17

Guosen Securities Co Ltd KB Financial Group Inc0.7

47 886.5+0.7 ▲

+2.1+2.0

45.7▲▲

114.4

-41 4.3RBC Capital Markets

Top Twenty Total▲+0.220.9 1 0

12

▲

0.32019

▲

19

▲

8.7

MarketShare Ch.Deals Fees

▼

Share (%) Share (%)

+6

13.7

+5

▼

3.7 +6

31.9▲

▲

-1

+3

-3

▲ 28.7

2.2

4.17.8

12.315.5

2.8+1.5

1.6

1014

1.2+1.3

-1.3

▲

2.0

▲

+1.4

15.3+1.4

▼

0.6

23.1+6

+3383.8

20.1

2.517.7

8.2 1.2

11.91.5

▲

3.3

36,620.0

10.51.7

▲

66.9

▲

▲+5

+165

3

893.1

-

▲

482

▲▲

100.0

52.1%7.7% ▲

*tieIndustry % Change from Last Quarter 3.5%

Guangzhou Securities Co Ltd

▲

Industry Total 54,857.6Top Twenty Total

-31.4% ▼Industry % Change from Same Period Last Year 18.5%


Australia & New Zealand Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

100.0

▲Industry % Change from Last Quarter 61.8% ▲ 75.0% ▲ 245%Industry % Change from Same Period Last Year 1265% ▲ 175% ▲ 1095%

100.0 11 22.7+790.020.4

3 27.3 ▼2.3 10.318.7▲ 4.2▼ 45.5 +4

+2 -6.5▼

Forsyth Barr 6 2 73.5 2.7 -10.0 ▼ ▲

+7.39.1UBS 5 1 432.7 15.8 -65.2 -40.15

▲▲

Credit Suisse/First NZ Capital 3* - 472.5 17.3 +17.3 ▲ 1 +1 ▲7.3

-7.6

+7.3+29.6

+1 ▲1.7 7.3

Macquarie Group 3* - 472.5 17.3Goldman Sachs & Co 2 - 577.4 21.1

1.727.3▲ 3+21.1

9.1+17.3 ▲ 1

Share Ch.3

▲ 6.7 29.6+3 ▲+1Deutsche Bank/Craigs Invest. Partners 1 3 706.5 25.8 +19.4

Manager Market Market# of Deals

▲ 3.8 16.8Fees Share (%)

▼Proceeds Share (%) Share Ch. Deals Share (%)

▲ 27.3

Imputed Fees (US$m)2013 Rank

2012 Rank

Market Market # of Market Change in Proceeds per Bookrunner (US$m) # of Deals per Bookrunner

Total fees earned in Australia in the first six months of 2013 were AU$236.7million, an 8.6% decline from the same period last year, according to estimates byThomson Reuters/Freeman Consulting. UBS, the top bookrunner of Australianofferings, captured 19.9% of the total fees in the first half.

2.24.5

2.4 0.95

▼1.8 -41.3

▲ 8.8▲

▲+2.8 3-1.8

3.3 -0.72.8

▼

3 +4.2620.1

11 6.1

482.9

-2.25.6

6-3.4 ▼+4.7

8.0-0.7 18▼

55

▼

17

4

2013 Rank Proceeds

+2.49

1

Market

Australian Equity & Equity-Related (AK1)

12

RBS Morgans Ltd 6▲

580.1

1011

270.2

4.8

3.57 4.3

2.8314.3

Baillieu Holst Ltd

310.3ANZ Banking Group

Deutsche Bank

1,166.4

Proceeds per Bookrunner (AU$m)

+2.3+1.8▲677.2

▲

4

29.3 +11.6

▲+4▲

▼

6+2

Australian Equity & Equity-Related proceeds totaled AU$11.1 billion from 224deals in the first half of 2013, a 6.1% increase from the same period in 2012.Issuance from the Financials, Real Estate and Industrials sectors captured40.3%, 19.7% and 12.7% of the market, respectively.

1.8

+3

2.2

-41.8


▲

+3 ▲1.7

+2.22.2

+3+2

▼

+1.73.7

Top Ten Total 2,735.2 100.0Industry Total 2,735.2

▲

▼

▲

4.5

▼

Share (%)

-23.27.5

4.01.3

Deals

4 5.3

-9▲+1.4

▼

1.8 ▲

▲

▲

-1.1▲

4.3

▼

+2

+2

5.5

▲

10.011.1

11.1 4.7

4.7

+0.8

-4.3

4.1

12.5

5.3

Imputed Fees (AU$m)Manager Market

-1.63.99.3

+4.0

0 -

Australian Equity & Equity-related Proceeds Up 6.1% l IPO Volume - Highest Since 2008 l New Zealand Equity - A Record Start

# ofShare (%) Bookrunner

Jan 1 - Jun 28

Australian follow-on and IPO proceeds in the first two quarters of 2013 registereda 21.6% decline and 265% increase, respectively, compared to the same periodlast year. Convertible issuance to date saw a 97.2% increase in volume from thefirst half of 2012.

▲

4.2

19.9

2

-0.4

▲+2.4

10▲+0.213

13 1.71.737

185.4

▲+1.7+4.6

+3.2

▲

▼

26.647.0

+2.7 ▲11.2

+11.3

Goldman Sachs & Co 361.8

5Morgan Stanley389.5Credit Suisse

5.4

2.74

Commonwealth Bank of Australia 533.05.2

3,261.4▲

Share Ch.Bookrunner Share (%)

-

2012 Rank

7-

3 10.5

▲


Share Ch.

Macquarie Group

Jan 1 - Jun 28

MarketChange in

10

43

Market

2.2

▼

+1

10.1▲

12

14

JP MorganEvans and Partners

UBS

8

186.6Bell Financial Group Ltd

# of Deals Fees

13.0

Market

▲8

▲

12

48

Australia Deal Intelligence

5

New Zealand Common Stock

Hartleys Ltd 199

▲90.4

104.2145

2

33-4

21.0

0.5

▼-2.00.91.0

+0.1

110.0▼

-0.656.8

▼

1.31.41.6 ▲

Industry % Change from Last Quarter 13.1% ▲ -1.8%

-94

Industry % Change from Same Period Last Year -14.6% ▼

Industry Total 7,300.8

▼

100.093.7

-30.4%

215

▼ 50.5Citi 19Euroz Securities Ltd 37.9Top Twenty Total

38.839.8

6,846.320

-13.10.518

▼▲0.7

0.7

+0.4

▼0.6 ▲+0.5

0.917 4425

▲52.9

0.6

3178.0 +2.2

+0.1

2.1

1556.8

104.2150.7

0.81.4

Canaccord Genuity-0.4

▲

2.4

13

15

-0.4

53.5+0.3

▼▼ 28-1.0

1.411 36*12 9

8

2.512186.6 2.6

▲

+2.2 ▲+0.7

5

-4.0

9 33

291.3 4.0-5.5-0.5

+2.1

-0.1Deutsche BankGoldman Sachs & Co

526

RBS Morgans Ltd

198.0

285.24

36

+22.0 ▲

+6.93 677.2

1

9.3+4.1

3.32.8

3

7.416▼3.9

-3+3

4.2

34

+21.9

Bookrunner

11,129.2


Share (%)

Industry % Change from Same Period Last Year ▲

224

Market

-2.5%▼

Australian Common Stock (AK2)

▲+15.4

12.810

# of Deals

▲

22.9

+4.04

+1

Industry Total

-8.6%

Top Twenty Total

6.1%

100.0 -94

0.9

-1

-1.2 ▼

8

-400.9

0.8

2.1-17

+1.4

3.6

12.5283

-10.5 0.9

2.7

▼

▼ 6.3- 5.2 2.2

Credit Suisse 8

Patersons Securities Ltd

Petra Capital Pty LtdRBC Capital Markets

46.50.5

2

2013 Rank

Proceeds per Bookrunner (AU$m)

UBS

29

7

1 2,847.4


5

78 241.2

10

2

Moelis & Co

46*

11

Hartleys Ltd 13

Wilson HTM

16

178.0

Canaccord Genuity10,050.2

-30.1%

18

20

National Australia Bank

10.1+3.7

-16▼

2.03.513.0

0.7

4.2

▼

5.2

7.73.6

+1.7

1.1

▲

100.0

2.3 -1

+2

236.7

+0.22.287.7

-3

+0.4

-1.0%

Imputed Fees (AU$m)

2.0

▲

▲

▼

8.8

177.4

7

1.9

3.7

1

100.0

+1.5+1

4.3

155.90.8

1.71.0

3.1

0.71.5

4.7

0.5 ▼ -8.5

-

12.3

▲-2

1.21.73.3

▼

▲

10

1.7 -0.6

6.3 +0.5

-4+4

1.3

-4

-0.1

Jan 1 - Jun 28

-29.6% ▼

▲

9

▲

▲+3

Market

5.7


4

Change in

5

▼

▼

0▼

-9

▼

207.2

▲

▼ 2.0

▼3.3

▼

3.5 1.57.7

+2 ▲

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

▼▼

-2.587.8

+0.8

-1.4

▲

▲

▲

-0.6▲

▲

▼

Morgan Stanley

Deals# of

10

▼

10.4▲

▲ 1.4

Share (%)

0.9

1.9

-23.8%58.2%

▼

*tie

2.7

-1.7

185.4

16

▼

14

Baillieu Holst LtdBell Financial Group Ltd

5.1

▼

2.3

Commonwealth Bank of Australia

206.1

40*15

Market

13.3

9.14

Proceeds

-0

▼

1.9

Manager

▼ ▲+1

Share (%)

▲

-3

+1

4.7

1.4

▲

7.5

-

4

2012 Rank

Macquarie Group

Share Ch.

968.82

Market

39.0

3.34.61.92.9

+4.18.25.0

Share Ch.

-0.7

▲

-1.9

+4.4

+0.9

▼

▼-2.6

5.9 +1.6

▲

▲

▼▼

▼

▲▼

▲▲

▼▲

▲

Fees40.622.7

+1.2

▼

0.0

Market

-7.9+0.8

Patersons Securities Ltd 150.7Moelis & Co

p

10111.317 2

Jan 1 - Jun 28 2013

Citi

$1,514.3

$1,383.6

$806.0

$663.7

$580.0

$403.8

$400.0

$351.5

$338.7

$264.2

National Australia Bank Ltd

Westpac Banking Corp

Aurizon Holdings Ltd

Westfield Retail Trust

Macquarie Group Ltd

Mirvac Group Ltd

Stockland Corp Ltd

Bank of Queensland Ltd

Virtus Health Pty Ltd

Echo Entertainment Group Ltd

3/20/2013

2/6/2013

3/16/2013

2/28/2013

5/14/2013

5/10/2013

5/22/2013

4/30/2013

5/16/2013

5/23/2013


Japanese ECM Market Highest Since 2011 | Follow-on Offerings Up 324% | Suntory - Largest Japanese IPO Deal

Jan 1 - Jun 28 Jan 1 - Jun 28

+13

1+1

3.13.1 ▲

0 0 1 0▼▼

▲▼

3 43

+12.6

1.38.9

0 5

-1.1

+0 2-0.1

+2▲

▼

▲

▲ -1.61.5

▲

11.70.3

▲1.5 +1.3▲

1.2

11.89.7 ▼-0.4

▼

▼+2

2

▼

▲21.6

-1

+2.62.21.6

3 +32.6▲ 19.8

82.1▲

Share (%)

+12

21

11

▼ 10.7

11.35

▲

▲

▼30.5

14.0▼-3.5

+5.6

▲

▲

6.9

▲

-0.5234.1

▲ 107.38.5

11.7

64.9

▲+6.0

2.1-1.6

-1.3

▼

▼2-4.1

5.25

+4.8

-17.351.4 6.7 +3.8

▲

+4+14

18▼▼▲

2

-2.5

-14.9+4.8

3

214.29

7.32,031.6

253.6

2.7

8

-

10.22,509.0

7.4

597.8

2,063.4

▲

-0.19.0

+2.7+2.2

0 0

0.9

751.3

0.10.8

-

67 443.8

3.1

Mitsubishi UFJ Morgan Stanley 5

CitiSumitomo Mitsui Finl Grp Inc

Barclays

7

9

6JP Morgan

8

UBS

2.1

14 9 611 15.6

Bank of America Merrill LynchDeutsche Bank

12

Tokai Tokyo Financial Holdings

Nomura

Mizuho Financial Group

Daiwa Securities Group Inc7,111.0

Goldman Sachs & Co -4

2 5

4+77

1011

2,823.34,032.1 ▲

22.7 +87.23

4,266.3

Japan Equity & Equity-Related (C1e)

2012 Rank

Imputed Fees (US$m)Manager


Japan Deals Intelligence

Fees

Japan Equity & Equity-Related Volume by Issue Type

Proceeds per Bookrunner (US$m)2013 Rank Share(%) Share Ch. Share Ch.Share (%) # of Deals

Market MarketBookrunner

Change in

1 1 +15▼

Market

5.2

18.6+5

SBI Holdings Inc 13

▲-11.7+10.4

14.5

-0.1

# ofDeals

22

Proceeds25.615.4

MarketMarket

+14.5 53.090.0

Japan Equity Capital Markets

▲36▲

37.1

Japan follow-on offerings more than quadrupled - to US$18.2 billion in the first halfof 2013 compared to US$4.3 billion of proceeds in the same period last year. As inthe U.S., real estate investment fund transactions led follow-on activities, recordinga total of US$4.1 billion in proceeds from 18 deals.

Japanese Equity & Equity-Related proceeds totaled US$27.8 billion from 97 deals,the highest first half volume in the last three years. Total estimated fees wereUS$766.5 million, a 190.7% increase from the same period in 2012, according toThomson Reuters/Freeman Consulting.


IPO activity continued with its upward trend, recording total proceeds ofUS$7.6 billion from 26 deals; a 359.7% increase compared to the sameperiod in 2012. The US$3.9 billion Suntory deal was the largest JapaneseIPO and the second largest IPO globally in the first half of 2013.

266

189

228

168

61 63

97100

150

200

250

300

10

15

20

25

30

35

# of

Issu

es

Pro

ceed

s (U

S$b

)

**Bank credit excludes self led deals per standard criteria

1.0

▲20

2.2

3▼

▲

▲+1▲+1

-1

+0.5.7

0.0

0.0

2.9

1.1

2

1

1.1

0.0

4.1 0.6

766.5

0.0Maxim Group LLC 15*Ichiyoshi Securities Co Ltd 17 - 4.2 0.0 -

▲

5.2 0.0 0.0 - 1.1

3

12.4

0.8

15.6

4.1 0.5

70.2%

▲

▲ 190.7%

97.9

0.0 +0.4 ▲

Benchmark Co LLC 15* - 5.2 0.0

▲

5

15* - 5.2 0.0 0.0Ichiyoshi Securities Co Ltd 17 - 4.2 0.0

-

Industry Total

.7

27,756.4

Maxim Group LLC 0.1 +0.1 ▲

1 1.1

▼1.1

1-0.0

1

11

214.2- ▲

+4.92,063.42

221.5 0.9

▼6

8.0+0.3

1.1

169.7

10.3 -2.0▲

4

5

2013 Rank

3,775.84,109.52

Proceeds6,698.61

-

-17.0%

3320

Market

▼▲

Share Ch. Deals

Jan 1 - Jun 28

.1

+40+4097.7

97

1 1.0 +1

11.0

- 1

0.0 -0.0

1.0▲▲

+1

▲- 1 +1

3.4+1-

0.50.0 0.0

+0.2 ▲0.00.0

2,666.414.6

27,127.8

25.9


Share (%)1

-35.9% ▼Industry % Change from Same Period Last Year


Tokai Tokyo Financial Holdings 14

8

-

6JP Morgan

Deutsche Bank 1211

89

Citi

Barclays 10UBS

25,903.6

48.19

751.3

▲

-2.3

2,509.0

1,898.7Sumitomo Mitsui Finl Grp Inc 77

5Mitsubishi UFJ Morgan Stanley

SBI Holdings Inc-2.6

89

13

100.0

334.2%Industry % Change from Last Quarter*tie

Industry Total

11

3.4

0.09.6

▼0.1 -0.1

25,269.5 97.7

▲

287.82.2

▼

-18.4%

+6

-

▲

▼

Top Twenty Total**100.0

24.6%

706.9

▲▲206.1%

98.2

+1▲

97.8%

+1

+44 720.2

.10.1

▲

▲▲

+1

▲+1

▲- 0.5

▲ 79.5+13▲

+2

2.6

+2+1

0

5.92 2.8

4.54▲

0.3-1.9

▲

-3.6

Market

▼

+5.863.4

+6 ▲▲

+19Share (%)

Goldman Sachs & Co 3

Nomura22.5

2012 Rank

▲Share Ch.

+7

Share (%)

▲+4.9

30.9Fees

+2.8

1.6▲

▲▼

2.4 +0.3

5.2

+0.9-2.0

Jan 1 - Jun 28 2013

Imputed Fees (US$m)

+1.7# of Deals

-1.10.8

+3.8

▲+10

19.8

+8.2

-20.3+4 7.1

▲

# of

84.7

Japan Common Stock (C4d)

37.1

▲

# of Deals per BookrunnerMarket

6.718.0

Bookrunner


100.0


-14 9.6-15*

Manager

23.5%23.5%

Benchmark Co LLC

Top Twenty Total**

-33.6%

Change in

▼

▲

14.9

750.8

Market

222.6

49.2

100.0

11.86.8

51.4106.9

-

▲0.5

▼

11.0▲

-0.10.4

8.8▲▼

22.55.6

3.43.4

3.4 ▼

▼

11.7

+14.63

+11.0

+2.9


4

7.3

15.9

6

Mizuho Financial Group

Tokai Tokyo Financial Holdings

290.7%

▲

+0.1

-0.4▼

+0.1

▲

-

-19.1

0.2

-7.9

▼

Market

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

$7,753

$3,972

$1,761

$1,651

$1,143

$929

$796

$775

$619

$555

03/11/13

06/24/13

06/03/13

01/16/13

02/04/13

05/29/13

01/16/13

06/03/13

03/12/13

06/12/13

Japan Tabacco

Suntory Beverage & Food Ltd

Nomura Real Estate Master Fund

Aozora Bank Ltd

Nippon Prologis REIT Inc

Sumitomo Mitsui Trust Holdings

Nippon Building Fund Inc

Nippon Prologis REIT Inc

Nomura Real Estate Holdings

Aeon Mall Co Ltd

54

20

61 63 57

0

50

0

5

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013IPO Follow-On Convertible # of Issues

https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 13

-0.8▼-7.0

97.1

345.3%

Market

▼23.8%

# of

17

# of Deals per BookrunnerMarket

Share (%)+11.7

Share (%)+11# of Deals

Change in Share Ch.

▲

Jan 1 - Jun 28

-37.5%

+5

+117.6

2.5-4

▲

26

+1.6

▲

▲▼

7.1

182.7%

100.0305.5

3.83

+0.91 +1 ▲ 3.05.81.0

2 7.7▲ ▲2

+2+9.4

▼+3 ▲+2 29.1

8.4▲

+9.8-4.638.4117.2

7.7

▲+0.9

23.19.5 ▲

19.2

FeesShare (%)

▲

46.263.4

▲11.5

▲

100.0

9 15.6

359.7%Industry % Change from Last Quarter

-0.5

7,631.3

378.5

210.49

23,463.1

2012 Rank

12

Proceeds per Bookrunner (US$m)# of

3

JP Morgan518.7

Market Market

1 45.4# of Deals

Japan IPOs (C7d)

3

Bookrunner

Mitsubishi UFJ Morgan Stanley +1.41,581.6 20.7+4.6

3.5

5* 752.4 9.9

269.6- +5.0

+5.8- 5.8

2.8-

441.45.0

+3.5

Share (%) Deals

Mizuho Financial Group 4

2013 Rank

1Proceeds

2 6.8 -13.2

Nomura

Citi

Sumitomo Mitsui Finl Grp Inc

8Daiwa Securities Group Inc 4

5


0.2

Market

100.0

Japan Secondary Offerings (C8d)

▲

SBI Holdings Inc

220.2%


6

Top Ten Total

67

▲Share (%)

Market2013 Rank

▲27.0

Market

16.2Fees

Manager

67.1▲+17.521.33,899.2

296.1

▼0.8

2012 Rank

Industry Total

Bookrunner Share Ch. Deals

Share Ch.

+1 ▲

▲

Imputed Fees (US$m)

25.5 -3.8

▲2.3▲

+10.7

▲▲

5

▲

▲▼

3

Change in

▼▼

11.511.5-5.0

3

20.8

Market

10.1+4

Share (%)+6

▲30.7

Share Ch.▼

ManagerImputed Fees (US$m)

Jan 1 - Jun 28

MarketMarket

61Daiwa Securities Group Inc

Goldman Sachs & Co

Proceeds

7,631.3

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


Jan 1 - Jun 28 2013

Japan Equity Capital MarketsFirst Half 2013 | Equity Capital Markets | Managing Underwriters

$11,97143% $8,460

30%

$3,09311%$1,400

5%

$1,2695%

$6372%

$5082%$212

1%

$1621%

$460%

Consumer Staples

Real Estate

Financials

High Technology

Industrials

Retail


Materials

Healthcare


**Bank credit excludes self led deals per standard criteria

▲

*tie

8

6.8% ▲62.7%

1,852.8

▼

46.3 100.0


93.7

Barclays

UBS -

▲62.5%

-443.3

▲▲

- 6.7%0.0%-33.3%

100.0100.0

1,852.8

8 ▲ 12.5+8.4

1 5.5+1 ▲ 3.7 8.1

8.5▲

+3.1 5.31 12.52 25.0 +1 ▲ 11.5

+1 2.6▲▲

+5.4 ▲

+4.8+8.1

7.2 +7.2

3.3▲ 1.55.6

8.5 +8.511.1 ▼

▲▼

8.33.8 ▲

25.02 +2 ▼-5.4

▲

1 -1

1 12.5+8.3

12.0 -1.9

9.411.4 24.73 37.5

20.3

12.5

▲

▼Fees

1▲ ▲+112.5

-4 ▼

3

-21.0

Manager MarketShare (%) Share Ch.Deals

▲ +18.6+1

132.8-

Japan Convertible Offerings (C9e)


1

47

2


100.017,366.518,272.3



+39


Proceeds per Bookrunner (US$m)Market

-9.1%Industry % Change from Last Quarter -69.2%

414.7391.0

100.094.4

▼

63

-27.7%▲ ▲148.8%▼

2.4

▲+2

▲ 0.6

10.5

4.8+1

▲+2

▲+5

-1.216.8

1.2

11.8+9

8.4

5*Mizuho Financial Group

-

Nomura

-

156.0

4156.8

+13.8205.5

120.3

▼

-32.9▲▼

256.33

156.8

-5.6

412.3

MarketChange in Imputed Fees (US$m)

▲

+20.3

+0.6

+4.043.5

# of Deals


42.1

3

6.3

48.8

2012 Rank

15.9

Jan 1 - Jun 28

+2 ▲

33.3+7

105.4▲▲

9.125.4

+4

+0.8▼▲ 37.8 -3.4

5.4

+1.9

22.323.815

▼

JP Morgan

2

556.3

3,235.52

4

▲

12.7

4

+4.6-28.3

1

▼4.8

-15.8+18.6

21

5*

+2.6 ▲

95.1

▲+2.5

1,146.4

Share Ch.

▲

▲▲

+9.0+13

4 ▲

10

Share (%)

-28.7▲

Goldman Sachs & CoDeutsche Bank

▼

376.3-

5*

Bookrunner

10.2

+1.2

▼

▼

Proceeds

▲

▲

2.6

324.4%

221.5

84

1.6

Market# of

26.3

8

162.5%

1.6

11.8

1.2287.8

17.718.6

8.9

▲

Citi+5.6

4.05.1 -0.5

UBS3.2

▲-

Industry Total

Industry TotalTop Ten Total


2013 Rank

▼

Share (%)Market

16

481.7

-Barclays

Mizuho Financial Group1,621.92,147.7

3,397.43Nomura

-

Mitsubishi UFJ Morgan Stanley

Top Ten Total**

7

10


Goldman Sachs & Co

3

9

927.4

8 -1.6

▼

3

256.3 13.8

22.3

Japan IPO Quarterly Volume and Numbers (US$Mil)

179

170 198

121

49 20 22

36

54

26

-

50

100

150

200

250

-

2

4

6

8

10

12

14

16

18

20

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Issu

es

Pro

ceed

s (U

S$b

)

1Q 2Q 3Q 4Q # of Issues


-

-

-

-

-

-

-

Mark Moss


Ranking Criteria Summary

Tel: +1 646.223.8416Ranie GuoAmericas

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:

E-mail: [email protected]

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 EDT on June 28, 2013. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.

Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables for the current calendar year.

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

Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor isallocated 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.

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.

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

Tel: +44.207.542.4631

EMEA

E-mail: [email protected]: +813.6441.1120


Aki Sato

Michelle Abuzo

Japan

Tel: +632.858.7201

Asia-Pacific


h // h

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 orcompleteness 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 provideany 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 hasnot undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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