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DEBT CAPITAL MARKETS REVIEW

MANAGING UNDERWRITERS
Full Year 2011

Full Year 2011 | Debt Capital Markets | Managing Underwriters

Debt Capital Markets Review
Table of Contents
International Debt

Global Debt

Asia Debt

Global Deals Intelligence

1

EMEA Deals Intelligence

9

Asia Deals Intelligence

13

Global Debt, Equity & Equity Related (A1)

1

All International Bonds (J1)

9

All Asian Securitized Bonds (ex-Japan, ex-Australia) (AZ2)

13

Global Debt and Syndicated Loans

1

All International Securitizations (J10c)

9

Asian G3 Currency Bonds (ex-Japan, ex-Australia) (AR2)

13

Global Scorecard

2

All Bonds in Euros (N1)

9

All Asian Currencies (ex-Japan, ex-Australia) (AS1)

13

Leading Underwriters for Fourth Quarter 2011

2

All Asian Currencies (ex-Japan, ex-Australia, ex-China) (AS1a)

13

Global Debt (B1)

2

Global High Yield Deals Intelligence

10

Global Investment Grade Corporate Debt (B7)

3

Global High Yield Debt (B4)

10

Australia Deals Intelligence

14

Global Debt and Syndicated Loans Islamic Finance

3

Global High Yield Debt - US Dollar Denominated (B5)

10

All Australian International Bonds (AJ7)

14

Global Mortgage-Backed Securities (B10)

3

Global High Yield Debt - Non-US Dollar Denominated (B6)

10

All Australian Debt (ex self-funded) (AJ3a)

14

Global Asset-Backed Securities (B11) & (B13)

3

All Australian Securitizations (ex CDOs) (AJ4)

14

Banking Composite of Top Global Debt Bookrunners

4

All International Emerging Market Bonds (L1)

11

Australian Dollar Non-Securitized Bonds (ex self-funded)(AJ6)

14

Global Debt Rankings - Last Ten Years

5

EMEA Emerging Market Bonds (L2)

11

Latin America Emerging Market Bonds (L3)

11

Japan Deals Intelligence

15

US Debt

High Yield Debt

Emerging Market Debt

Australian Debt

Japan Debt

US Debt (F1)

6

Asia-Pacific Emerging Market Bonds (L4)

11

All Bonds in Yen (AP5)

15

US High Yield Corporate Debt (F8)

6

Middle East Emerging Market Bonds (L5)

11

Samurai Bonds (AP1)

15

US Investment Grade Corporate Debt (F9)

6

Japanese Securitizations (AP2)

15

All Federal Credit Agency Debt (H1)

6

All Brazilian Debt (BR1)

12

Japanese Corporate Debt (AP3)

16

US Asset-Backed Securities (F14)

7

Global Debt by Mexican Issuers (MX1)

12

Bonds Targeted in Japan (AP4)

16

US Mortgage-Backed Securities (F11)

7

Global Debt in Mexican Pesos (MX2)

12

US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

7

Domestic Mexican Debt (MX3)

12

Banking Composite of Top US Debt Bookrunners

8

Emerging Market Debt - Latin America

Criteria Summary
Debt Capital Markets Criteria Summary

Thomson Reuters Solutions for the Deal Making
Community

17

18

https://www.thomsonone.com

2 $1. respectively.6 ▼ 3. 2.8 ▲ 8.5 ▲ 1.0 0 1.1 billion during full year 2011.4 ▼ 10 3.6 -0. accounting for 53% of all new issues this year.3 +0.5 1.4 4.873.8 +0.895.2 ▼ 1.6 +362 ▲ 1304 ▲ 4.6 -0.625.4 billion.4 ▼ 8 6 224.4 -186 ▼ 5.4 +1.6 $0.5 1083 4.1 2.1 +143 ▲ 1207 4.com .2 billion in activity.9 -0.3 6 260.300 underwriting assignments during full year 2011.722.643.7 -0.8 32.9 billion raised. Industry % Change from Same Period Last Year Industry % Change from Last Quarter ­9.7 0. Bookrunner JP Morgan Deutsche Bank AG Barclays Capital Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co Credit Suisse UBS BNP Paribas SA Top Ten Total Industry Total Number of Offerings $20 FINANCIALS ACCOUNT FOR 53% OF 2011 DCM ACTIVITY – Debt capital markets activity in the financials sector totaled $2.8 3.441.0 -0.1 9 9 222.5 1.556.4 -0. 2.3 ▲ 0 1.9 ▼ 5 7 305.5 ▲ 5 5 +1.5 2.8 ▲ 7 12 242.6 2.5 7.6 4. Germany and Italy.5% ▲ -5.2 +1.676.9 +1.607.1 1.370 +4.0 43. a slight decline from the third quarter of this year and the slowest quarter for debt capital markets activity since the fourth quarter of 2008. European issuers.3 ▼ 51.8 $0.2 -213 ▼ 1119 6.2% ▼ 4Q 3Q 2Q 1Q 4Q 3Q 2010 2011 Agency.158.151.644.5% ▼ 5.0 Jan 1 .094. Issuers in North America accounted for 70% of overall volume. while new issues in the consumer products and media & entertainment sectors saw year-over-year declines of 28% and 19%. Sovereign High Yield Corporate Global Debt and Syndicated Loans (DL1) Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch.6 trillion during full year 2011.851 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $2.0 ▲ 12 2.7 -0. JP Morgan Tops Fees Global High Yield Corporate Debt.4 ▲ 2.840.1 6.7 5.311.0 ▼ 3 1 365. with each sector registering a 15% increase over full year 2010. a decrease of 14% compared to full year 2010.0 100.Overall global debt capital markets activity totaled US$5 trillion during full year 2011.450.4 $2.8 2.9 3.0 Proceeds (US$t) $1. Rank Rank 1 2 384.154. High technology and healthcare debt capital markets activity saw the strongest year-over-year growth.898.thomsonone.4 $1.8% ▼ 0.129.4 +10.8 ▲ 4 295. JP Morgan topped all other underwriters with an estimated $1. Barclays Capital retained the top spot for full year 2011 with total proceeds of $344. # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1444 8.9 +1.1 ▲ 16.867.9 6 5 4.4 554.Full Year 2011 DEBT CAPITAL MARKETS REVIEW Global Debt Underwriting Down 7% l High Yield Debt Activity Falls 70% in Second Half l Barclays Capital Tops Underwriting Rankings. up from 20% last year at this time.5 +57 ▲ 150 $60 2001 BARCLAYS CAPITAL TOPS GLOBAL DEBT LEAGUE TABLES . Issuance was led by issuers from India.772.6 +103 ▲ 1147 4. despite a loss of 1.9 -0.1 ▼ 5.368.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 1406 5.0 6.6 -103 ▼ 992 795 4.0 3.5 +0. Supranational.256.8 6.6 ▲ 2 371.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 1 43.9 4.752. comprised 22% of new issuance.777.8 -0.088.7 51.030.502.6 2.9 ▲ 9 9 8 208.3 ▼ 6 8 8 -0.2 ▲ 10 2. led by the United Kingdom.7 0 +0.7% ▲ 2.4 ▼ 1.6 -0.5 +0.6 5.8 4.394.4 -213 ▼ 1291 7. with nearly 1.739.4 $0.700.9 +0.5 -175 ▼ 965 5.0 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q 4Q 3Q 2Q 1Q $0. Average deal size in the healthcare sector led all industries during full year 2011.608.9 3 4.5 ▼ 15.9% ▼ ­3. down 6% over 2010 levels.Bolstered by strength in agency and sovereign debt underwriting.3 +70 1142 1082 4.6 $1.8 212.3 -117 ▼ 1178 6.5 8. totaled US$314 billion during full year 2011.785.5 222.0 $0. the second half of 2011 marked the lowest six-month period for global high yield new issues since the first half of 2009.0 1. which account for nearly 50% of all emerging markets corporate debt this year.5 billion. By proceeds. Global Debt.0 +0.463.859.0 4.1 -259 ▼ 1474 8.1 ▲ 1. Fees from investment grade debt underwriting totaled US$6.7 ▼ 227.613.6% ▲ -17. Energy & power companies led issuance during 2011. Rank Rank 1 1 380.According to Thomson Reuters/Freeman Consulting.3 ▼ 930.3 +1. for an increase of 1% compared to 2010.9 7 2.2 4 3 325. down from 74% during 2010.4 ▼ 267.8 billion.0 200 $80 $0 EMERGING MARKETS CORPORATE DEBT DOWN 6% .1 +1.3 9. or 43% of the overall total.6 100.757. down 16% from 2010.9 -0.0 707.4 ▼ 7. a 7% decrease from the comparable period in 2010.6 ▼ 1.248.7 ▲ -0. and a decline of 70% from the first half of 2011.3 6.4 market share points.0% ▲ Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch. by number of deals.4 30.4 ▲ 275. estimated fees from debt capital markets transactions totaled US$16 billion during full year 2011.4% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.691.824.7 +136 ▲ 1506 ▲ 4.1 100.6 4.4 billion.4 billion.256. Mexico and Russia.0 100. Based on full year 2011 underwriting fees.3 -3.1 5.7 ▼ 2 4 371.3 -118 ▼ 1151 6. Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.4 1.5 32.3 5.4 7 4. or 28% of overall DCM fees.4 ▲ 3 2 359.0 -0.0 ▼ 53.681 21.0 +0. Equity & Equity-related (A1) 250 Global High Yield Debt ($bil) Number of Offerings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS DOWN 7% FROM 2010 . with 17% of overall activity.875.1 0 1.980.673.6 -1.3 ▲ 2.1 ▼ 5. Fourth quarter global debt activity totaled US$948.958. Jan 1 .Dec 30 -16.Quarterly $120 Proceeds ($bil) $100 GLOBAL HIGH YIELD DEBT TUMBLES 70% IN SECOND HALF .1 4.634.0 -1.2 5.609.7 ▲ 4 306.9 +86 -8 ▼ 663 2.2 2003 2004 2005 Investment Grade Corporate ABS Emerging Market Corporate 2006 2007 2008 2009 MBS Federal Credit Agency Bookrunner JP Morgan Deutsche Bank AG Barclays Capital Citi Bank of America Merrill Lynch Morgan Stanley BNP Paribas SA UBS Goldman Sachs & Co Credit Suisse Top Ten Total Industry Total -19.The volume of global corporate high yield debt reached US$278.1% ▲ 100 $40 Global Debt Capital Markets by Asset Class 16% DECREASE FOR DEBT UNDERWRITING FEES .2 $2.569.5 +0. the top three underwriters each account for 7% of global debt capital markets activity.1 -0.0% ▲ https://www.New issuance of corporate debt from emerging markets issuers. with the average deal totaling $820 million.3 -0.5 +0. Brazil.0 5. which saw US$213.414.8 $1.3 +181 ▲ 5.3 ▲ 3. Deutsche Bank led all bookrunners.9 5. while fees from high yield debt underwriting totaled $4.4 -0.1 +209 ▲ 26.6 -160 ▼ 807 4. including both international and domestic issuance.7 ▼ 1.3 +195 ▲ 958 3.3 4. With US$64.1% ▼ 17.5 +0.

7 -148 ▼ ▲ 130 0.8 2.3 ▼ 11 190.1 -230 ▼ 1000 1184 8.0 ▼ 16.0 100. Debt inc MBS.079. LT Federal Credit Agency Debt (H3) U.0 9 3.2 -0.993.7 ▼ 3.5 -0.0% -25.198.1 5.7 +0.0 9.371.7 521.1 116.071.6 22 22 0.306.7 15. Mortgage-backed Securities (F11) U.2 2.960.0% ▼ 3.8% ▼ -16.7 Industry % Change from Same Period Last Year Industry % Change from Last Quarter -6.8 -1.692.1 1.8 +2.7% -7.258.9% -5.6% -3.197 1.1 ▲ 106.3 ▲ 4.7 12.0 +0.S.6 +115 ▲ 512 ▲ 213 1. Federal Credit Agency (H1) U.6 3.998.4 ▲ 228.7 -26 806 ▼ 778 5.3 380.340.4 ▼ 7 4.2 ▼ 237 1.0 4.2 ▲ 16 16 17 18 67.2 +0.5 6.5 -100 ▼ 4.9 1.6 212.642.0 0.4 +0.4 282.com .4 0.543.5 ▼ 52.3 +5.0% ▼ ▼ ▼ ▲ ▼ ▼ ▼ ▲ ▼ Bookrunner Barclays Capital JP Morgan Deutsche Bank AG Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co BNP Paribas SA HSBC Holdings PLC UBS Credit Suisse RBS RBC Capital Markets Nomura Societe Generale Credit Agricole CIB Wells Fargo & Co Mizuho Financial Group Natixis UniCredit Daiwa Securities Group Inc TD Securities Inc Santander DZ Bank CIBC World Markets Inc Top Twenty Five Total Industry Total Leading Underwriters for Fourth Quarter 2011 Current Qtr Market Share (%) Mkt.7 +0.7 752.9 +1.1 1.371 9.746.783.952.2 58.6% +35 9% +35.5 ▲ ▲ 1 1 Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5) ANZ Banking Group Westpac Banking 19.1 ▲ 2.3 7 12 +1.9 +0.7 0.7 1.012 664 614 2.1 24 0.913. Equity & Equity-related (A1) No.2 ▲ 456.4 211.0 -0.5 +67 ▲ 844 6.6 -0.S.0 43.4 +3.0 +1.393.0 0.5 +0. ABS.937 1.9% 0.1 ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ 1 1 6 2 1 3 1 1 Jan 1 .8 -34 3.2% Investment Grade Agency.9 278.795.2 11.2 748.8 -225 ▼ 2.0 391.367.5 -169 ▼ 908 6.988.5 0.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.Dec 30 58.270.0 +55 ▲ 5.031 -2.6 35.451.132 738 535 2.0 -17.7 4.590.7 -1.3% +15. ABS (F16) 2.2 217.7 3.0 234.8 54.6 13.3 221.5 +0.077.6% 2.1 296.9 16.4 ▼ 7.2 14 14 97.2 8 0.7 +0.8 8 4.3 5.3 ▲ 20 62.485 -7.399 10.3 863. Corporate Supranational.907 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.1 -129 ▼ 1049 7.988.8 1.7 8.7 +0.257.4% -13.3 +1.2 -0.2 ▲ 20 17 57.8 6 -0.0% 20% 0% 15.4% MBS High Yield Corporate Federal Credit Agency ABS Emerging Market Corporate -20% -40% 2 https://www.2 +3.9 -1.4 ▲ 494.2 ▲ 2.4 ▼ -0.6 +15.9 12.0 165.1 ▼ 1. 1 Market Sector Stocks and Bonds Global Debt.3 ▲ 1 Global Disclosed Fees (A2) U.2 556.192 2.101. ABS & US Tax Munis (B1) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B11) Barclays Capital Bank of America Merrill Lynch JP Morgan Intesa SanPaolo 7.2 218.656 5.7% -15.2 11 196.732.745.690.0 23 23 38.5 -110 ▼ ▼ 695 5.3 1. LT Debt inc MBS.5 7.Full Year 2011 | Debt Capital Markets | Managing Underwriters Global Debt Global Debt (B1) Global Scorecard Jan 1 2011 .7 ▼ 6. 901.072 2.1 185.298.2 0 1.2 14.7 -1.9 178 795 1 178.2% -38.6 ▼ -3 ▼ 256 1.9 1.5 ▼ 1.S.3 ▲ 18 19 21 1.7 ▼ 3.1 ▲ 393.482.340.345.520.3 +1.7 15.9 +1.307.0 6 4.S.1 5.S.1 +0.374.637 2. Asset-backed Securities (F14) Barclays Capital Barclays Capital JP Morgan JP Morgan Barclays Capital Barclays Capital Deutsche Bank AG JP Morgan 11.1 ▼ -0.0 +0.0 ▲ 207.899. 1 Manager Barclays Capital 7.939.2% ▼ -1.534.6 +2.4 +5.0 1.7 2 3 3 335.020.7 -1.838.379.0 4.1 1.550.3 242 988 4 242.5 +27 181 ▼ 1.0 6.9 -0.492.4 ▲ ▲ ▼ 1 1 2 Global Bonds Global Debt inc MBS.7 +0.2 +22 ▲ 14.4 415.019.Dec 30 2011 Proceeds No.Dec 31 2010 No.8% -11.0 -24 533 3. Deals $USm Jan 1 2010 .4 +6.3 480.3 +0.231 2.6% ▲ Global Debt Capital Markets % Change by Asset Class Jan 1 .3% ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▼ All Global Debt (B1) Global Long-term Debt (B2) Global Long-term Debt ex MBS.4 +0.9 2 343.ABS &Tax Munis(F2) U.244.1 +13.3 -47 2 2 -22 315 2.6% -0.191.1 ▲ 89.5 2.245.217.4 ▼ 1.2% -20.715.4 ▲ ▲ 1 1 26.S. Sovereign & Supranational Debt (B9) Global Mortgage-backed Securities (B10) Global Asset-backed Securities (B11) Global Short-term Debt (B14) 4. 1 1 344.0 -0.697. Sovereign -26.8 -0.5 13.0% -0.6 0.805.750.9 ▲ ▲ ▲ ▲ 1 1 1 1 US Bonds U.9% ▼ -2.7 321.9 1.2 ▲ 1.4 12.3 +0.1 ▲ -0.6 5.1 +4 171 1.744. Share Chg.3 -137 ▼ 604 765 5.0 239.1 7.016.5 6.001.6 +0.108.2 +13.0 -2.3 246.5 8.4 2.7 34.7 +3.7 -0.6 -0.484.033.8 +0. ABS & Munis (B3) Global High Yield Corporate Debt (B4) Global Investment Grade Corporate Debt (B7) US Federal Credit Agency Debt (B8) Global Agency.7 3.5 +0.1 ▲ 820.9 +4 ▲ 158 1.110.9% -0.5 1.404.860.5 -97 ▼ 918 6.318 640 6.637 1.4 +11. Sovereign & Supranational Debt (F10) US Mortgage-backed Securities (F11) US Asset-backed Securities (F14) US Taxable Municipal Debt (F15) US Short-term Debt .2 ▼ 49 101 1 10 00 21 19 49.2 -0. Equity & Equity-related (E1) U.0 15 15 84.3% -82.2 ▲ 78.S.037.4 +0.1 ▲ 44.779.4 134.825.333.229 541 911 156 631 259 2.686.5 11.592.7 +0.1 ▲ 25 25 32.1 -0.2 8.616.917 -16.4 -169 ▼ 1271 9.5 13 13 107.9 10 9 191.7 ▲ 104.500.522.8 0.3 0 0.7 106.2 1.068.6 1.6% +0.144 441 779 164 566 259 730 2.2 +9.8 +2.8 3.2 ▲ 24 34.2 5.073.8% 60% 40% International Bonds All International Bonds (J1) All Bonds in Euro (N1) All International Securitizations (J10c) Barclays Capital Societe Generale Societe Generale 11.4 ▲ ▲ ▲ 1 1 1 Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS1) Standard Chartered PLC China International Capital Co 15. Disclosed Fees (E2) Morgan Stanley Barclays Capital Bank of America Merrill Lynch 8.9 +3.0 +4.9 0. Debt.3 ▼ 6.2 128.4 ▼ 835.012.810 1.6 +0.1 ▲ 2.6% -37.547 1. ABS & Munis (F3) US Federal Credit Agency Debt (F7) US High Yield Corporate Debt (F8) US Investment Grade (F9) Agency.496.8 +0.2 656.3% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 7.S.363 537 5.2 ▲ 2.2 ▼ 4 4 284.4 390.0% -4.565.069.8 389 0 223 1.S.2 ▼ 5 5 273. Investment Grade Corporate Debt (F9) U.162 2.thomsonone.259.including MBS.1 173.2 5.429.277. & Tax Munis (F1) U.S.8 12.1 123 6 08 -0 1 ▼ 123.5 -46 ▼ 488 3.0 +0.9 ▼ 12 10 173.3 1. High Yield Corporate Debt (F8) U.7 22. from Last Qtr (%) Consecutive Quarters No.2 -0.340.0 263.2 ▲ 198.1 ▼ 0.8 -0.6 256.5 ▼ 522.2 11.9 100.041.751. Proceeds Deals $USm % Change in Proceeds All US Debt (F1) US Long-term Debt (F2) US Long-term Straight ex MBS.

000 2.000 6.038.6 2.4 -2.249.3 7.8 5.8 ▲ 438.9 ▲ 3.5 4.1 -1.2 ▼ 10 8 23.9 -1.349 6.4 10 10 77.6 ▲ 10 7.5 247.6 -3.6 +3 ▲ 51 7.9 ▲ 3.4 100.6 +0.5 .2 ▼ 38.557.3 7 9 979.049.1 -1.000 $0 5.8 7.6 -4.4 100.8 +3.2 ▼ 95.6 3.9 100.6 +1.569.1 6 6.4 8.0 ▼ 922.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 28 37.000 Jan 1 .3 ▼ 6.0 -7 ▲ 61 10.3 ▼ 3.6% ▲ 10.2 3.1 ▲ 7 10 35.512.543.9 4.7 -1.4 1 2 1 17.0 -0.0 +89 ▲ 1 0.522.6% ▼ Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.8 18. Rank Rank 11.000 3.8 ▼ 3 6.7 ▼ 27.8 4.7 8.6 0 96.9 ▼ +3.3% ▼ 5.8 5.8 ▼ -0.5 -5.2 ▲ 9.7 16.8% ▲ 7.9 ▼ ▼ 8.8 6.3% ▲ -12.3 -2.6% ▲ 131.1 +0.3 ▲ 12.0 33.2 ▼ 227.000 Global Investment Grade Fees (US$m) Global Debt and Syndicated Loans Islamic Finance 7.7 +1.0% ▼ -18.3 ▼ 40.9 -5.3 -17 ▼ ▼ 316 5.4 -4 9.1 ▼ 5.370 6.6 ▼ 6.403 5.8 ▼ -2.4 6.8 4 -1.1 ▼ 4.5 4.5 ▼ 8.0 2.7 49.3 -1.2 -14 ▼ 664 -74 Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch.Dec 30 Fees (US$m) Global Investment Grade Corporate Debt (B7) # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 80 12.1% ▲ 88.8 +2.215.7 64.338.247.1 ▲ 2.8 5.3 100.7 +0.3 8 7 3.942.3 5 6.437.3 1.6 4.908.1 +2 3 4.0 49 -7 55 9.7 9.6 58.9 +0.5 5.3 -1. 1 1 5.444.2 6.9 +13 73 10.9 ▼ 2 2 20.1 50. 535.6 +0.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 3 35.9 6.7 +9.2 29 139.3 -3.7 -0.0 110. 148.795.000 $7.4 ▼ 4 5 43.4 29.0 -0.2 ▼ 16.056.903 5.3 ▼ 6 3 14.777.8 +5 ▲ 14 18.5 8.6 4.000 6.7 -3.2 2.143.7 20.2% ▼ https://www.7 6.9 5 8 4.3 ▼ 3 5 16.1 ▼ 100.5 7.1 8.3 +8 ▼ 408 7.0 6.000 Number of Offerings Bookrunner JP Morgan Bank of America Merrill Lynch Barclays Capital Deutsche Bank AG Citi Morgan Stanley HSBC Holdings PLC BNP Paribas SA Goldman Sachs & Co RBS Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.5 399.9 ▼ 32.3 29 7.0 -2.6% ▼ -10.2 ▼ 40.2 +8 ▲ 15 20.7 3 4 16.2 57.1 ▲ 17 7.0 ▲ +0.5 7.5 -1.5 3.4 6.9% ▲ -10.0 -0.4 ▼ ▲ 12.8 -0.3 Jan 1 .4 ▼ 3 3 44.5% ▼ 7.6 -6 421 ▼ 7.0 +12 ▲ 20 12 16.1 ▲ 124.8 +1.2 -22.1% ▲ 10.8 +4.4 4.744.0 6.3 9.7 -1.3 -15 ▼ 57 8.3 +0.3 ▼ 100.7 0.7 12.3 ▼ 609.1 +2 44 6.8 +2 ▲ 3 ▲ 4.2 3.0 -2 ▼ 62 9.8 -1.2 ▼ 8 7 95. Rank Rank -1.9 100.5 7.9 +0.7 ▼ 8 24 3.212.752.1 -14 ▼ 62 7 1.212.5 6 7 39.1 ▼ 7.8 +17.2 +2.6 72.612.547 -650 Global Investment Grade Estimated Fees Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.9% ▲ Jan 1 .0 -0.9 +0.7 .0 9 15* 760.5 ▼ 9 3.3 ▼ 5.2 ▼ 305.3 -9 ▼ 37 164 28.7 -2.0 ▼ 2 2 52.6 -2.9 ▼ 242.8 8.710.656.4 ▼ 20.4 +4 7 1.317.7 ▼ 231.9 11.2 8.4 9.886.4 -0.000 $1.1 ▼ -0.1 +2.192.016.0 +26 ▲ 497 ▼ 361 6.8 -113 ▼ 435 ▼ 493 8.9 ▲ 28.935.2 +1.7 ▼ 5 5 1.9 -1.5 2.7 -10 ▼ 28 4.675 Bookrunner CIMB Group Sdn Bhd HSBC Holdings PLC Malayan Banking Bhd Standard Chartered PLC AMMB Holdings Bhd Citi RHB Bank Islam Malaysia Deutsche Bank AG BNP Paribas SA Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.7 -4 5.6% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 447 8.com .324.5 -43 236 4.4 ▲ 20.774.018.1 -10 ▼ 7. 10.9 18.3 Industry % Change from Same Period Last Year Industry % Change from Last Quarter -20.0 +0.2 6.1 -1.9 10 3.0 0.3 ▲ 10.3 ▼ 262.7 ▼ 30.6 +1 ▲ ▲ 47 7.8 -1.0 5.6 7.0 0.2 ▲ 222.3 12.2 100.5 ▲ 3 4 3.4% ▲ Jan 1 .0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 79.355.633.2 +1.4 5.185.810.7 ▼ 943.7 4.8 ▼ 6.7 -10 ▼ 42 6.557.Full Year 2011 | Debt Capital Markets | Managing Underwriters Global Debt Industry % Change from Same Period Last Year Industry % Change from Last Quarter 0.5 -0.9% ▲ 12.5 -1.2 ▼ 12. 1 1 148.385 4.1 ▼ 22.7 6.0 6 5.4 ▼ 322.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 35.6 ▼ 13 1.1 -2.1 7.2 351.Dec 30 Global Mortgage-Backed Securities (B10) Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. -3.8 ▲ 135.0 8.1 7.458.322.3 -0.7 ▼ 10 687.506 6.000 $4.2 ▼ 18.338.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Bookrunner Bank of America Merrill Lynch Barclays Capital JP Morgan Deutsche Bank AG Goldman Sachs & Co Credit Suisse Citi Morgan Stanley RBS Nomura Top Ten Total Industry Total 70.6 +2.754.000 -6.3 ▼ -5.635.2 +1 ▲ 6.917 $8.7 -24.000 $2.9% ▲ Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.6% ▲ +79 Global Asset-Backed Securities ex-CDOs (B13) Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.9 ▼ -1 67 10.9 +6 ▲ 27.000 1.7 -3.6% ▼ -14.214.7 ▼ 29.4 5.065.4 278.1% ▼ Jan 1 .6 -0.440.7 ▼ 371.8% ▲ 74 +25 51.8 3.2 9 18 3.000 6.821.778.3 484.3 11 9 87.5 ▼ 29.2 ▼ 1 -1 586 +106 22.2 3.347.4 5.3 -16 ▼ ▼ 67 10.7 3.0 5.2% ▼ 0 Number of Offerings Jan 1 .198 $3.458.8 6 6 +0.7 -1.0 -10.282.4 ▼ 28.3 6.1 +1 ▲ 38 ▼ 6.753.1 ▲ 5 102.000 4.713.3 -0.3 -2.6 ▼ 64.0 76.6 -0.1 +2.354.5 +14 73 ▼ 47 8.988.6 -5 ▼ -6 55 9.3 -1.3 3.8 38.5 +0.5% ▲ Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch.5 -0.7 -0.3 6.1 ▲ 8 9 32.2 ▲ 5 4 7.7 4.1 -1.1 ▲ 6.6 6.5 ▲ 9 6 27.4 +5 ▲ 68 11.976.2 5.0 -6 ▼ ▲ 11.8 54.5 47.6 ▼ 4 3 113.731.9 ▲ 7.20.0 5.1 6.0 +89 ▲ 0.2% ▼ -9.0 1.8 2.1 +2 ▲ 3 4.872.7% ▲ 10.4 ▼ 1.0 -0.6 ▲ .9 ▲ 64.6 ▼ 1.9 3.8 ▲ 5.8 322.508.6 -0.630.6 +1.4 30.943.3 +7 ▲ 6 8.3 ▲ .9 -1.2% ▼ *tie Global Asset-Backed Securities (B11) Bookrunner Bank of America Merrill Lynch JP Morgan Citi Barclays Capital RBS Deutsche Bank AG Societe Generale Credit Suisse Mizuho Financial Group Intesa SanPaolo Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.156.4 ▼ 7 -0.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 67 11.5 1 1 8.1 -2 58 8.4 100.9 -1.6 86.1 -0.3 4.4 +2.9 ▼ 3.0 Bookrunner JP Morgan Bank of America Merrill Lynch Barclays Capital RBS Citi Deutsche Bank AG Societe Generale Credit Suisse Mizuho Financial Group Intesa SanPaolo Top Ten Total Industry Total 28.6 6.3 ▼ 4 6 16.0 73.6 -0.8 ▼ 7.1 7 20 10.thomsonone.2 -1.0% ▲ -5.081.6 100.7 1 1 60.1 3. 12.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals -5 73 11.3 ▲ 3 2 115.3% ▲ -5.0 521.9 ▼ 113.7 100.4 +3.4 ▲ 109.3 ▼ 7 18 +3.9 -20 407 ▲ 7.1 -3.299.4 ▼ 32.1 -0. 7.4 -5.2 ▼ 43.2 -1.5 -0.8 -3.2 ▲ 2 4 121.1 6.9 ▲ 75.1 ▲ 4.4 +0.258.049.8 -0.2 ▼ -1 614 14.9 ▼ 5 5 16.7 -1.2 2 -4.3 7.585.590.6 ▼ 12 7.9 ▼ 99.4 ▲ 3.000 $5.777.5 8 7 8.2 35.4 ▼ 6 4 14.5% ▼ -9.4 4.2 ▲ 60.9 +4.1 - 5.2 -11 166 27.9 -4.8 +2.7 11.Dec 30 $9.0 +1.8 10.1 +4 ▲ 5 6.5 ▼ 9.3 ▼ 2 2 3.4 ▲ 6.083.4 -0.1 7.0 4 -5.547 $6.6 9.

1% 16.7% 7.Dec 2011 100% 0.4% 21.com .8% 8.1% 5.5% 5.9% 14.2% 2.8% 43.9% 48.0% 4.6% 2.1% % Total Proceeds 60% 50% 3.3% 40% 12.7% 42.4% 2.8% 30% 3.1% 21.5% 0% Barclays Capital ABS JP Morgan Deutsche Bank AG Agency.1% 4.7% 70% 44.4% 10.8% 45.6% 3.8% 3.0% 22.3% 4.5% 9.4% 15.3% 47.7% 13.6% 7.8% 7.5% 1.9% 51.5% 11.0% 5.4% 9.7% 9.7% 20% 35.4% 2.3% 15.2% Credit Suisse Goldman Sachs & Co 10% 4.5% 20.6% 3.2% 90% 80% 50.1% 13.9% 52.6% 8.thomsonone.7% 6.0% 0.8% 41. Supranational.Full Year 2011 | Debt Capital Markets | Managing Underwriters Banking Composite: Global Debt Issue Type Composition of the Top Global Debt Bookrunners Jan 1 .2% 3.8% 15.0% 6.9% 10.8% 16.6% 2.0% 2.5% Morgan Stanley UBS Investment Grade Corporate RBS MBS https://www.7% 28.9% 1.8% 10.2% 5.9% 6.8% 1.9% 21.3% 1. Sovereign Bank of America Merrill Lynch Emerging Market Corporate Citi Federal Credit Agency 4 High Yield Corporate 3.2% 3.4% 6.

2006 2007 2008 5 2009 2010 2011 https://www.Last Ten Years 1 Barclays Capital 2 2 JP Morgan 3 3 Deutsche Bank AG 4 4 Bank of America Merrill Lynch 5 5 Citi 6 6 Morgan Stanley 7 7 Goldman Sachs & Co 8 8 BNP Paribas SA 9 9 HSBC Holdings PLC 10 UBS Rank 1 10 2002 2003 2004 2005 *Global Debt League Table (B1) positions reflect consolidation within the banking sector Rankings shown are as of the current quarter end in each calendar year.thomsonone.Full Year 2011 | Debt Capital Markets | Managing Underwriters Global Debt Rankings* .com .

0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter ­29.2 14.1 ▼ 77.3 -0.9 +5 ▲ 181 23.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Industry % Change from Same Period Last Year Industry % Change from Last Quarter # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 162 36.8% ▼ ­0.6 3.6 -66 ▼ 317 7.4 ▼ 10 9 85.3 -0.9 ▼ 3 6 20.6 4.2 ▼ 838.3 +0.7 6.1 -209 ▼ 282 3.2 ▲ 240.4% increase over the prior record set in the second half of 2010.3 ▲ 4.7 2.2 billion of high-yield debt raised in the first half of 2011 ranked as the largest semi-annual volume on record.7 8.2 +0.2 1.3 -0.0 16 -0.5 0.4 -122 ▼ 814 19.3 -0.5 +0.0 +0.2 78.6 100.134.8 05 0.0 ▲ 94.7 -0.591.thomsonone.7 25 +0.8 ▼ 44.7 7.2 +0.2 23 0.8 7.7 0.7 70.5% ▲ 31.6% ▼ 0.1 ▼ +0.0 +12 31 ▲ 14 1.5 -1.000 ­11.7 27 2 27.1 +0.639.041.8% ▼ 0.4 100.7 -0.5 0. total estimated fees for US Debt declined 20.0 11.7 ▲ 5 5 155.999.5 +1.740.0 3. 1 3 255.0 0.9% ▼ ­29.455.7 ▼ 224.5 100.8 ▲ 9.924.6 5.6% compared to a year ago.150.1 9.4 272.5 0.8 7.192 -2.0 -2.482.773.630.908.6 ▼ 0. second half issuance fell to the lowest volume since the second half of 2008.Dec 30 -100 All Federal Credit Agency Debt (H1) Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.2 -1.2 12.7 +0.3 ▲ 40.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter ­16.0 ▲ 8 7 15. respectively.2 ▲ 652.7 6.8% compared to a year ago.569.9% decline. 1 1 28.3 0 +0.3 +1.1 3.5 ▼ 3 1 227.642.0 +165 ▲ 375 383 5. the US Mortgage-Backed market declined 24.2% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.8 +0.1 ▲ 8 10 41.3 -153 ▼ 553 13.0 -0.3 ▲ 17.6 +6.2 100.7 +0.999.186. which partly contributed to a 55.5 -110 ▼ 390 9.8 ▼ 9 9 10 7 25.9 -3 ▼ -4 ▼ 4 0.565.5 25.4 +0.2 7.9 -1.0 6.7 3.0 ▼ 138.0 Bookrunner UBS Barclays Capital BNP Paribas SA Deutsche Bank AG JP Morgan Citi Morgan Stanley First Horizon National Corp Credit Suisse Goldman Sachs & Co Top Ten Total Industry Total ­21.8% ▼ 11.941.1 ▲ 10 11 7.5 -0.7 5.4 +3 ▲ 7 0. a 5.6 -11 ▼ 99 22.4 1.8 -138 ▼ 7.633.2 ▼ 21 30 726.142.0 ▼ 534.4 0.4 ▼ 9 10 93. taking total 2011 issuance to US$221.9 +0.9% sequential decline in the second half volume .1 2.3 -28 ▼ 91 20.2 8.8 ▲ 14 20 14 0. 1.6 +0.4 23 30 1.4 -2.2 -0.7 -48 ▼ 124 15.1 ▼ 26 28 1.6 4.7 2.715. which were down 24.6 -0.626.8 -18 ▼ 302 241 30.445 Jan 1 .6% l Autos Top Sector For US Asset-Backed Debt US Deals Intelligence US Investment Grade Corporate Debt (F9) The US$164.2 +14 ▲ 4.2 -96 ▼ 294 4.6 ▼ 41.402.1 6. 442.9 +1.2 ▼ 9.6 ▲ 2.229.7 ▼ 6.843.151.8 20.697.540.844.161.7 8.5 ▲ 6 5 16.374.7 -23 ▼ 175 22.5 ▼ 67.1 ▲ 158.7 0.1 ▲ 0.8 01 ▼ -0.4 ▲ 32.2 8.8 +9 ▲ 11 1.5 82.2 -17 ▲ 33 4.8 8.4 0 0.2 ▲ 8 8 113.035.8% l JP Morgan Top Bank for US Debt l US Investment Grade Debt Down 0.960.852.4 +0.6 13.2 ▼ 0.4 0 3 -132 779 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.234.9 -36 ▼ 114 25.448.1 ▲ 15 16 22 5.5 -0.3 ▼ 53.9 7.8 3.3 0.3 42.9 +0.4 +16 ▼ 87 11.8% ▲ US High Yield Corporate Debt (F8) Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Citi Goldman Sachs & Co Morgan Stanley Barclays Capital Wells Fargo & Co RBS Top Ten Total Industry Total Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.0 ▼ 241.5% ▼ ­4.8 7.6 -0.4 billion.6 ▼ 4 4 183.265.5 100.4 92.4 +1 0.318.7 -10 7 0.6 ▼ 2.2 ▲ 17 18 4.5 +0.2 8.5% ▼ 47.1 -0.8 5.7 0.7% ▲ ­0.2 +0.9 +3 ▲ 11 1.311.7 +0.6 +28 ▲ ▼ 91 11.8 +0.2 2.2% compared to proceeds raised a year ago.8 ▲ 13 2.402.2 ▲ 49.3 +0.646.4 1.4 ▲ 103.659.1 ▲ 643.4 -155 ▼ 515 12.2 ▼ 181.4 -0.4 +6 34 ▲ 4.9% ▼ ­20.1 ▲ 41 25 24 1.4 -1.7 ▼ 93.5 ▲ 19 ▲ 2.2 +0.820.2 -0.3 12.3 11.9 10.7 +0.4 0 0.2 +1.1 +0.1 6.4 ▼ 2 2 26.7% ▼ ­29.1 ▼ 836.2 -0.2 7.6 -0.7 -54 ▼ 178 40.0 22.1 ▲ 39 1.9 +0.4 +1 ▲ 27 3 5 +3 3.5 -1. a 15.9 100.8% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 755 10.8 6.5 +0.0 ▲ 4 3 66.9 6.895.3 ▼ 265.009.6 ▼ 88.5 0 21 3.0 -2.6 +1.5 ▼ 2 1 87.4 -11 ▼ 49 11.2 ▼ 8.5 ▲ 1.2 ▼ 13 10 1.0 +0.515.1 -1.3 ▲ 10 12 29.7% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 772 18.2 34.3 15.5 0.9 +14 ▲ 71 9.0 -1.3 +0.8 -0.6 +0.4% ▲ Jan 1 .970.1 ▲ 11 8 3.9 -23 ▼ ▼ 100 22.2 -129 ▼ 481 11.1 ▲ 625.7 +0.1 ▼ 1.4 10.1 6.2 -2.7 ▼ 3 12 71.1 +6 ▲ 145 18.4 ▲ 62.9 4.1 ▼ 303.2 4.3 ▲ 19 0.to the lowest semi-annual level since the second half of 2008.4 +5 13 ▼ 1.1 ▲ 691.1 ▲ 22 3.1 -216 ▼ 385 5.0 +0.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.4 11.0 7.3 2.5 -0.8 8.1 ▼ 221.2 -1.5 -0.1 ▲ 154.8 -43 ▼ 5.2 28 27 1.8 4.8 100.3 0.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.9 ▼ 439.2 -0.1 ▼ 5.5 -1.5 ▼ 23.2 ▼ 9 8 9 11 30.1 ▲ 9 10 10.2 100.3 ▼ 305.7 9.7 +1.0 ­26.7 +0.0 7 7 133.0 Jan 1 .073.7 352.497.7 5.9 +0.9 +1.6 +0.4 -135 ▼ 442 10. Despite favorable interest rates in the US market.8 6 4 56.9 -1.1 32.0 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 ▲ 2 2 12.2 ▼ 0.2 ▼ 588.1 ▼ 48.1 0.2 29 0.0 -79 ▼ 4.3% ▲ ­14.1 ▼ 262.2% ▼ 47.1 -1.5 -0.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.440 -1.6 9.9 +0.3 -54 ▼ 276 6.5 -1.5 -140 ▼ 351 8.4 0.0 12.3 ▲ 23.2 55.7 7.6 +0.5 ▼ 963.9 -53 ▼ 368 1000 13.2 -0.7 +0.899.6 -3.4 7.5 -6 4 ▲ 3 0.4 4.9 ▼ 7 7 5.2 +0.038.4 ▼ 7 8 16.0 -1.1 ▼ 5 4 66.8 7.9% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 319 40.9 +0.2 8.7 ▼ 6 6 141.2 -13 ▼ 146 18.2 -0.132.7 -1. US Debt (F1) Bookrunner JP Morgan Bank of America Merrill Lynch Barclays Capital Citi Deutsche Bank AG Goldman Sachs & Co Morgan Stanley Credit Suisse UBS RBS Top Ten Total Industry Total Jan 1 .2 ▼ 4.197.3 24 1.1 5.615.2 ▼ 0.5 ▲ 0 19.096.1 +64 132 1.6 -0.8 1.817.073.5 7.6 -13 ▼ 4.1 ▼ 87.2 1.4 -31 ▼ 90 20.0 -0.5 5.0 -2.145.929.2 -0.1 +3.3 -0.1 ▲ 8.4 ▲ 4 5 61.125.7 11.395.1 0.4 -2 ▼ 452 ▲ 6.2 ▼ 9.3 6.0% ▼ 6.263.1 96.4 12.0 +16 31 4.7 +0.9 +0.3 7.9% ▼ ­18. However.525.0 ▼ 328.758.6 8.3 ▼ 27 18 1.8 7.2 08 0.2 ▲ 277.9 -1.4 ▲ 5 6 61. Driven by the decreased issuance from the Federal Credit Agency CMO market.1 ▲ 10.0% ▲ ­36.4 ▼ 2.5 -4.825.8 -0.5 ▲ 381. 1 2 87.2 ▲ 1.9 -1.2 ▼ 5 4 19.8% ▼ ­25.7 6.8 3.4 +2.9 -14 ▼ 38.043.3 ▲ 4 3 19.492. 1 1 115.8 -0.8 ▲ 28.5 -23 ▼ 146 18.5 ▼ 7.2 +0.4 -0.5 -0. 469.9% ▼ 6 https://www.5 8.3 0 108.4 12.5 -1. driven largely by the decreases in fees paid by issuers in the US MBS and US Investment grade markets.2 -1.844. Bookrunner JP Morgan Bank of America Merrill Lynch Citi Morgan Stanley Goldman Sachs & Co Barclays Capital Deutsche Bank AG RBS HSBC Holdings PLC Wells Fargo & Co Credit Suisse BNP Paribas SA UBS RBC Capital Markets Mitsubishi UFJ Financial Group SunTrust Banks US Bancorp Societe Generale Santander Scotiabank Bank of Nova Scotia Scotiabank-Bank Mizuho Financial Group Credit Agricole CIB BBVA Bank of New York Mellon Corp Standard Chartered PLC ING Jefferies & Co Inc Itau Unibanco National Australia Bank Nomura Top Thirty Total Industry Total US Investment Grade volume decreased 0.3 3.3 -0.8 3. According to Thomson Reuters/Freeman Consulting.2 ▲ 7 6 47.7 -30 ▲ 73 9.8 0.4 73.3 -0.6 ▼ 657.880.9 -1.1 -7 ▼ 441 ­15.524.0 ­11.9 4.3 ▲ 19 20 17 3 924 8 3.6 4. 74.3 ▼ 60.9 ▲ 2 2 236.5 17.9 ▼ 12 3.630.7 -31 94 21.7 -1.2 ▲ 30.5 4.3 ▼ 6 5 64.6 26 +0.2% and 11%.5 ▲ 748.703. after three consecutive recordsetting semi-annual periods of issuance.6 4.6 3.0 3 3 73.4 -80 ▼ 110 24.6 +0.6 ▼ 3.784.645.3 +0.6 -0.4 -0.7 -3.Full Year 2011 | Debt Capital Markets | Managing Underwriters US Debt US Debt Down 16.com .8 11.5 ▼ 154.4 ▲ 210.159. cost of capital concerns in Europe created substantial market volatility.9 4.5 -4 ▼ 5 0.4 ▲ 114.7 0.662.033.7 3.

969.3 ▼ 351.8 +2.9 8.010.741.7% ▼ ­26.0 9.9 9.9 51% $13.3 11% Credit Card $30.3% ▲ 7.5 23% $5.800.2 -9.6 ▼ 6 3 35.3 -3.1 100.3 ▼ 7 7 8 12 5.2 -1.8 -3.8 100.6 84.7 116.2 10.5 ▼ 77.210.3 8.1 ▲ 7 4 5 37.8 -0.1 ▲ 9 10 20 3.044.2 4.0 Jan 1 .0 100.8 9.491.7 ▲ 58.9 4.3 ▼ 2 18.4 11.2 +0.5 3 36.6 4.1 ▼ 85.1 ▼ 5 9.3 +0.6 +1.7 -1 ▼ 6.7% ▼ ­16.9 7.472.584.6 +15 ▲ 16 6.4 9 4 3.004.0 -0.6 +11 51 19.1 ▲ 3 4 2 33.6 +2 -1 ▼ 36 6.295.8 -0.541.5 +4.5 ▼ 9 4 16.9 ▲ 74.5 ▼ 43.6 10.497.4 ▼ 109.0 +1 ▲ 59 10.1 8.7 846.8 +2.5 ▼ 24.1 4.3% ▼ ­17.7 -3 ▼ 38 14.8 +6 ▲ 45 9.732.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Other Jan 1 .9 -17 ▼ 39 ▲ 43 7.9 11% CDO $14.Dec 30 US Mortgage-Backed Securities .Dec 30 US Asset-Backed Securities (F14) Bookrunner Bank of America Merrill Lynch JP Morgan Citi Barclays Capital RBS Deutsche Bank AG Credit Suisse Morgan Stanley Wells Fargo & Co RBC Capital Markets Top Ten Total Industry Total $65.5 -0.1 -1.8 14.5 ▼ 82.3 8.3 +2.9 ▲ 6 36.046.8 -1.5% ▲ US Mortgage-Backed Securities (F11) Quarterly Residential ABS.5 74.5 ▲ 82. 1 1 56.3 ▲ 4.2% ▼ ­11.2 +2.8 ▼ 346.7 8.4 +2.059.2 ▼ 10 10 13.3 7.2 ▼ 80.2 -0.9 -7 ▼ 32 6.7 ▼ 121.9 -0.4 -1.3 8.7 +2. 1 1 60.4 ▲ 55.4 ▼ 134.7 8.196.415. MBS & CDO Volume Jan 1 .9 -0.com .4 ▼ 23.9 12.306.6 ▲ 83.895.6 6.3 ▼ 2 50.0 -5 55 9.8 -0.2 ▲ 114.3 ▲ 30.093.2 ▼ 5 5 32.1 -10 ▼ ▼ 34 6.7 +1.1 ▼ 78.9% ▼ ­9.679.7 -2.7 ▲ 7 8 5.9 15.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter ­25.3 4% Student Loan Auto 15.7 -1.6 -1.3 4.8 ▲ 15.7 10.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 79 14.9 415.750.0 17.7 +0.6 11.Full Year 2011 | Debt Capital Markets | Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) Jan 1 .4 6.1 7.5 -10 ▼ 5. 0 131.1 -2 ▼ 29 5.3 ▼ 21.5 -1.689.065.4 100.4 8.5 +1.2% ▼ 2011 7 https://www.1 33.4 6.2 9. 64.5 -0.7 -10 ▼ 16 6.6 ▼ 38.4 -1.4 -11 566 -65 ­10.4 4.1 +5.8 ▼ 2 3 39.3 +0.7 100.4 23.3 -0.3 2.2 9.3% ▼ ­13.4 -0.4% ▼ ­18.5% ▼ 500 $300 400 # of Issues Proceeds (US$b) Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 ▼ 2.6 13.4 5.3 22.4 ▲ 87.965.6 ▼ -3.9 ▼ 3 5 13.1 8.189.7% ▼ ­19.4 ▼ 37.4 +0.824. 1 1 20.8 85.0 32.3 100.2 +7 ▲ 30 11.1 +0.1 1.9 -15 ▼ 36 7.3 ▲ 895.9 -3.1 +1 ▲ 35 7.2 5.4 7.1 -1.3 10.6 +0.thomsonone.2 ▼ 27.0 0 $0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 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 3 4 2003 2004 2005 2006 2007 2008 2009 2010 ­29.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 62 12.0 28.5 5.6 -4.903.167.6% ▲ ­24.8 ▲ 5 +0.9 ▼ -6 49 ▲ 56 21.5 ▲ 275.6 +5 ▲ 48 9.3 +2.5 3.3% ▼ 0.2 -3.2 ▼ 10.9 8.4 ▼ 6 4 9.6 ▼ 16.062.2 ▼ 298.1 16.1 6.1 -0.1 -0.Federal Credit Agencies (F13a) Bookrunner Bank of America Merrill Lynch Credit Suisse Barclays Capital Goldman Sachs & Co Deutsche Bank AG Citi JP Morgan Morgan Stanley RBS Nomura Top Ten Total Industry Total 300 $200 200 $100 100 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.1 5.8 +3.946.5% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.3 4 -1.5 ▲ 6 12.5 ▼ 36.0 ­24.327.3 -1.5 ▼ 28.4 -8 ▼ 18.8 -2.5 ▲ 8 4.8 +3.336.2 3.6 3.7 +5 ▲ ▼ 45 8.3 -4.0% 31.6 -1.1 -2.3 -3 35 7.4 +0.0 2 +0.8 81.1 14.1 +0.3 10.1 -11 ▼ 25 492 -53 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.4 -9 ▼ 55 9.1% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.774. 142.6 -1.0 ▲ 6 8 7 7 24.8 84.0 9.2 +13 ▲ 259 0 900 $600 Proceeds (US$b) Bookrunner Bank of America Merrill Lynch Barclays Capital Credit Suisse Deutsche Bank AG JP Morgan Goldman Sachs & Co Citi Morgan Stanley RBS Nomura Top Ten Total Industry Total 800 # of Issues $500 700 600 $400 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.8 -1.839.9 +6 ▲ 62 40 15.4 ▲ 8 9 22.6 2.5 ▼ 10 10 13.9 13.969.7 ▼ 8 9 17.4 -0.0 -1.4 -10 ▼ 42 ▼ 25 4.8 ▲ 9.7 14.1 ▼ 371.1 ▲ 2 6 37.3 ▲ 3 14.1% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals -2 ▼ 71 27.4 7.7 ▼ 730.5 ▼ 51.

thomsonone.com .Dec 30 2011 DCM Bookrunner Industry Composition (Ex Financials) (F1) 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% % of Industry Proceeds P % of Industry Proceeds P DCM Bookrunner Industry Composition (F1) 50% Jan 1 .Dec 30 2011 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% JPM BoA Barc Citi MS GS DB CS RBS JPM UBS BoA Barc Citi MS GS DB CS RBS UBS Consumer Products and Services Energy and Power Government and Agencies Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Retail Consumer Staples Telecommunications Financials 8 https://www.Full Year 2011 | Debt Capital Markets | Managing Underwriters Banking Composite: US DCM Jan 1 .

7% ▼ The leading international non core currencies in 2011 were Australian Dollars.5 ▼ 379.5 -6.000 € 900 ABS & MBS Bookrunner JP Morgan Barclays Capital RBS Lloyds Banking Group Societe Generale Deutsche Bank AG Proceeds (€b) € 800 € 700 Emerging Market Corporate € 600 € 500 Federal Credit Agency € 400 € 300 € 200 € 100 Agency. Industry % Change from Same Period Last Year Industry % Change from Last Quarter All International Bonds by Issue Type All International Securitizations (J10c) € 1.7% ▼ -10.2% ▼ 2.067.7 -30 ▼ -1 ▼ 568 11.8 100.7 -9.3 -179 ▼ 589 424 8.1 ▲ 1.9% ▼ All Bonds in Euros (N1) Financials $1.9 +0.2 0 +9 +10 -2 ▲ ▲ ▼ +36 196 22.1 3.5 60. the annual banking volume was the lowest since 1999.9 6.2 +0.4 100. 2011 represented the lowest volume for Euro denominated International Sovereign debt since 2003.5 -39 ▼ 116 8.3 ▼ Intesa SanPaolo Santander BNP Paribas SA Citi Top Ten Total Industry Total High Yield Corporate # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 627 13.5 0 742.4 ▼ 3.8 7.Dec 30 Proceeds per Bookrunner (€m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.1 100.6 -0.6 +1.9 -0.418 -158 Imputed Fees (€m) Manager Market Market Fees Sh (%) Share Ch.8 ▼ 25.8 62.4 ▲ 878.5 7% Materials Telecommunications Healthcare Media and Entertainment 55.6 -0.7 -1.986.5 ▼ 2.4 8.7% in Telecoms and Industrials.5 5.3 13.3 ▲ 18.3 ▼ 2 2 71.698.9 6.3 52. 128.4 +0.162.828.0 -17.8 5.5 +26 ▲ 121 8. 1 1 72.8 -25 ▼ 190 13.5 3% 41.0% ▼ -18.1 24.0 6.010.746.6 +0.1 178.1 ▲ 53.4 ▼ 8 7 139.Macro Industry Volume Analysis (US$b) 22 13 16 8 8.9 4.796.8 ▲ 878.8 -2.1 -0.5% ▲ 40.2 ▼ 62.4 59.4 ▼ 7 4 164.1 6.2 ▲ 822.972.650.2 -0.7 3.1 -0.8 6% $207.2% of the market.9 -49 ▼ 737 15.9 3.0 ▼ 10. Jan 1 .9 2.0 ▼ 7.4 ▲ 75.3 -4 ▼ ▲ 39 19.1% and 11.3 94.Full Year 2011 | Debt Capital Markets | Managing Underwriters International Debt Eurozone Crisis Impacts Bank Borrowing l Euro Sovereign Market Down 48% l BNP Paribas and Deutsche Bank Dominate Strong Euro Performers EMEA Deals Intelligence All International Bonds (J1) The fourth quarter represented the lowest on record for issuance by Financial Institutions in Euros.8 5 10 11.3 ▼ 412. 10.763.9558 2% 2% 2% -517 Consumer Staples Jan 1 .4 ▼ 53. Sovereign €- Q1 Q2 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Q3 2010 Q4 Q1 Q2 Q3 Q4 Investment Grade Corporate 2011 All International Bonds Proceeds .8 +0.375.6% ▼ 44.6 112.5 18.4 -151 ▼ 515 10.6 ▲ 6.8 4.454.3 ▼ 7. which made up 24.662.6 ▲ 505.5 +2.9 32.879. 677.4 ▼ 1 19.6% ▼ Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.0 -33 ▼ 181 12.1 5.8 +14 ▲ 10 5.8 ▼ 2 3 242.9 +10 25 12. Supranational.3 +0.1 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 26.4 5.896.7 4.3% ▼ ­15.7 5.3 ▼ 24.5 3. Deutsche Bank claimed second place in the league table driven by their presence in International Corporate bonds in Euros.900. Canadian Dollars which constituted 18.6 +0.1 -154 ▼ 903 18.6 -70 ▼ 270 19.998.0 8.1 -0.1 ▼ -0.Dec 30 2011 Bookrunner BNP Paribas SA Deutsche Bank AG HSBC Holdings PLC Societe Generale Barclays Capital Credit Agricole CIB UniCredit Natixis JP Morgan Citi Top Ten Total Industry Total Government and Agencies Energy and Power Industrials $878.8 100.6 4. respectively.9 ▼ 3.7 -6.7 3.2 -1.0 -1.1 299.8 -0.3 +6 ▲ 2 16 20 18 1.1 4.7 4.667.0% ▼ -25.3999 47.com .7 -1.790.876.6 4.2 +16 ▲ 1.7 ▼ 8.9 1.5 56.9% market share in the Media and Entertainment sector.Dec 30 4.3 5.4 31% $72.7 +0.844.0 +0.988.2 4.1844 1% 1% $178.628.4 7 6 40.6 45% 7 8 9 10 4.255.3 -0.9% ▼ -3.7 6 6 11.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter High Technology Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch.026.1 +3 ▲ 34 17.9 4.217.3 8.0 3 4 14.9 7.7 ▼ 71.2 8.2 -0.1 ▼ 4 5 +0.084.5% compared with 2010.9% year on year. BNP Paribas finished top of the rankings in International Euro denominated issuance.0 -4.9 ▲ 537. Bookrunner Barclays Capital Deutsche Bank AG JP Morgan BNP Paribas SA Citi HSBC Holdings PLC Bank of America Merrill Lynch UBS Goldman Sachs & Co Morgan Stanley Top Ten Total Industry Total The well publicised sentiment of uncertainty surrounding Eurozone Sovereigns led to international proceeds declining by 47.2 ▲ 69.4 ▲ 898. They were especially strong in Financials and Covered Bonds.0 +3.8 -42 ▼ 511 10.1 ▲ 85.4 100.2 ▲ 3 2 232.6 -43 ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 264 18.2 -0.8 8. They had a leading 18.1782 66.980.7 5.3% ▲ Jan 1 .5%.5 +0.4 -0. 10.7 8.002.7 -1.5% ▲ 54.694.0 ­6.8 ▼ 3.2 ▲ 3 4 55.0 -0.765. Rank Rank 1 1 248.5 ▲ 49.5 ▼ 14.7 1 2 3 8.1 -10 ▼ 413 8.3595 42.374.0 5 3 6.4 6.1 -0.6 +0.8 9.5 ▲ 6 5 168.3 605. at 11.1 -0.8% ▲ -12.4 ▲ 9 8 34.7% ▼ -10.3 182.6 -33 ▼ 205 14. and Swedish Krona.1 4.6 ▼ 10 15 33.1 -1.0 -0. plus 17.454.4 -9 ▼ 13.211.2 ▲ 10 12 119.9 +1.4% ▼ 9 https://www.0 +0.0 ▲ 5 6 169.4 -1.5 +0.072.8 +1.7 8.3 6.3 +0.0 +0.4 -0.7 -1.2 -35 187 ▼ 178 12.3 ▲ ▲ ▲ ▲ ▼ -3.6 +0.027.5 -1.4 4.6 +2.8 4.5% ▲ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.2 ▲ 5.164.8 ▼ 360.3 -1.9 ▼ 8.8 -37 ▼ 181 12.0 +3.6 3.9 8.9 -1 30 15.6 3.299.3 +0.788 -9.2 9.2 ▼ 6.7 ▼ 8.8% of the market.6 12.8 -0.7 100. Total proceeds were down by 18.3%.7 +0.5 0.9 12. In particular.0 4 2 13.2 6 7 5.4 ▼ 137.0 +0.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.1 0 81.2 9 11 135.4 59.036. Of this reduced borrowing Italian and French banks constituted 48.2 ▲ ▲ ▲ ▼ ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 35 ▼ 17.5 ▼ 71.0 6.9 3.7 10.4 +3.0 ▼ 8 9 39.1 7.6 -0.2 10.390.4 -1.282.5% ▲ Jan 1 .2 -0.9 -60 ▼ 388 8.0 6.7 4 9 169.072.4 ▼ 1.thomsonone.

6 -1.2 12.0 ▼ 396.8 +2 ▲ 25 24.0 11.4 ▼ 9 9 2.397.8 -1 ▼ 13 12.9 1 5.0 -3.4 4. Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Citi Goldman Sachs & Co Barclays Capital Morgan Stanley Wells Fargo & Co RBS Top Ten Total Industry Total Despite second half market volitility.7 8.8 -7 ▼ 22 21.7 -0.7 -0.759.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 38 37.740.3 77.8 -0.2 5.1 ▼ 6 2 2.7 213.2 7. with 313 fewer issues priced compared to the first half.5 -1.3 ▼ 35.8 3.0 +1.6 -80 ▼ 110 24. According to Thomson Reuters/Freeman Consulting.6% ▲ 2010 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.4 9 -0.9 0.0 -0.965.8% ▲ Jan 1 .2 ▼ 798.4 ▼ 36.8 points in August the widest levels since August of 2010 .0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 2011 -5.9 ▲ 3 7 4.7% ▼ 45.9 +0.5 6.2 8.8 7.6 +1. The proceeds raised in the first half of 2011 were the largest semi-annual volume on record.1 ▼ 269.8 4.4 +0.678.2 7.3 ▼ 7 8 16.9 ▼ 2 2 29.0 10 11 2.0 0.1 billion raised in 2011 ranked as the second largest annual volume on record.6 5.528.3 ▲ 4 6 4.0 ▲ 4 3 23.1 -36 50 449 -96 -17.6% ▲ Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch. HCA Inc's US$5 billion July offering and Sprint Nextel Corp's US$4 billion November offering ranked as the sixth and eight largest deals on record.0 ▼ 223.3 -0.303.1 ▼ 3.3 ▲ 511.7 9. to 476.4% ▼ -57.8 -1.2 -3.9 ▲ -0.2 -65 ▼ 189 35.5 billion.7 +0.7 10.4 10.6 ▲ 11 3.6 ▼ 2 2 26.6 ▲ 38.0% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.8 8.6 ▲ 6 5 17.Non-US Dollar Denominated (B6) $50 $40 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.2 10.9 +0.3 ▲ 7 7 18.243.7 -2.1 ▼ 183.8 ▲ 402.7 +2. with 103 fewer transactions priced compared to 2010. peaking at 630.0 -11 ▼ ▼ 11.568. Semi-annual volume declined 69.1% ▼ 19.3 ▲ 276.9 -28 ▼ 96 21.970.4 -27 ▼ 20.1 ▼ 154. 92.8 100.305.2 ▼ 5 4 19.before tightening again for four sequential months.6 -22 ▼ 103 22.1 ▼ 54.8 -12 90 ▼ 69 12.9 -13 ▼ 16 15.2 ▼ 267.7 ▼ 3 4 26. Average spreads widened considerably in the in the third quarter.645.9 billion raised a year ago.5 7.0 Full Year 2011 average spread to benchmark tightened by 142.918.5 +0.3 3.0 2 8 4.9 64. 10.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 +0.6 +0.536.0 -20.8 -1.736.5 +0.3 ▼ 10 10 10.2 +1.2 7.8 0.3 ▼ 343.6 100.9 7.7 77.5 +0.9 ▲ 64.0 -1.038.2% ▼ 27. trailing only the record setting US$321.2% compared to a year ago.thomsonone.6 7.0 -17.569.3 3.3 4.5 -1.2 ▼ 439.735.5 -0.8 -8 ▼ 14 13.0 -17 ▼ 120 22.2 +2.497.5 -1.854.4 -1.5 8.4 6.3 +1.3 8.583.5 100.1 ▲ 4.5 -37 ▼ 115 25.8 -36 ▼ 134 25.4% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.7 8 3 2.9 100.272.867.434.8 3.2 ▲ 330.7 ▼ 5 5 23.8 -4 ▼ 21 20.8 ▼ 5.3 8.4 7.0 -31 ▼ 90 20.0 100.5 +2.1 3.3% ▼ -30.0 -20.Full Year 2011 | Debt Capital Markets | Managing Underwriters High Yield Debt Global High Yield Volume Down 13.9 11.3 -1.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Spread to Benchmark 2-Month Moving Average (Spread to Benchmark) -13.110.2 8.132.1 -2.868.9% ▼ -49.6 -0.1 ▼ 303.9 -5 ▼ 101 -8 -7.6 +1.2 ▲ 10 9 7.677.6 9.6% Over 2010 l Second Largest Annual Volume On Record l Average Spreads Begin to Tighten Global High Yield Deals Intelligence Global High Yield Debt (B4) The US$278.007.9 7.5 ▲ 3.2 ▼ 475.4 -20 ▼ 20.0 7.0 10.0 9 10 10.9 ▼ 278.9 ▼ 3 6 20.3 -30 ▼ 115 21.8 129.9% ▲ 537 -103 -16.2 -0.3 ▼ 7 4 2.2 ▼ 8 8 18.882.0 -0.6 -0.0 -2.476.1 8.1 ▼ 154.5% ▼ 10 https://www.7 4.6 6.1 5.8 ▲ 7.2 -0.2 +0.0 ▲ 60.5 ▼ 30.4 12.9 -1.1 ▲ 8 7 15.com .1% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 173 32.5% ▲ Global High Yield Debt .8 -1.0 basis points compared to the levels in 2010.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 162 36.2 ▼ 291.6 -3. Industry % Change from Same Period Last Year Industry % Change from Last Quarter Average Monthly Spread to Benchmark* Global High Yield Debt .3 ▼ 147.0 12.5 +1.9 100.1 7.497. respectively.1 5 5 3.7 ▲ 329.1 3.8 -12 ▼ Jan 1 .2 -81 ▼ 144 26.3 ▲ 240.0 82.8 ▲ 6 6 21.921.0 -0.7 ▼ 44.4 -10 ▼ 16.7 -41 ▼ 111 104 19. estimated fees for Global High Yield Debt fell 20.7 1 0.826.6 64.5 -0. but global uncertainty and market volitility contributed to low second half volume.1 5.4 +1.6 -4 ▼ 21 20.0 -1.2 ▲ 4 3 19.1 -56 ▼ 178 39.1 9.8 +5 ▲ 23 22. 442.4% ▼ 45.500.8 -15 ▼ 19 18.880. 1 1 31.4 3. to US$4.3 ▼ 36.4 9.5 9.191.8 +1.032.4 12.6 ▼ 2.4 4.8 +0.US Dollar Denominated (B5) 700 600 Bookrunner JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Citi Goldman Sachs & Co Morgan Stanley Barclays Capital Wells Fargo & Co UBS Top Ten Total Industry Total Basis Points 500 400 300 200 100 0 J A S O N D J F M 2010 A M J J A S O N D 2011 *Spreads based on fixed rate issues where spread information is available Monthly High Yield Volume 100 Proceeds (US$) 80 # of Issues 70 60 $30 50 40 $20 Bookrunner Deutsche Bank AG Goldman Sachs & Co Credit Suisse Citi RBS BNP Paribas SA Barclays Capital JP Morgan Credit Agricole CIB Bank of America Merrill Lynch Top Ten Total Industry Total # of Issues Proceeds (US$b) 90 30 $10 20 $0 0 10 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 2009 -15.5 -1.9 -9 ▼ 94 99 22.0 4.9 ▼ 4.1 6.2 points.6%. two of the largest high yield transactions on record priced.1 ▼ 278.6 -0.6% ▼ 27.5 34.7 +0.6% ▼ 28. Jan 1 .0 -0.127.6 74.8 6.2 ▲ 73.784.1 -1. 486.0 -1. 1 1 28.7 +0.

7 ▼ 4.5 8.8 5.6 6 2.0 3.2 -1 ▼ 8 24.4 -2 309 ­90 -22.9 -2.3 ▲ 966.0 7.2 100.4 +3.0 +2.9 74 -7 ▼ 70 -1 22.5 -0.844.0 -1.0 ▼ 10 7 1.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 26.8 5% Energy and Power Materials $40.255.5 +1.9 78.3% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 25 ▼ -1 30.2 100.0 ▼ 2.6 +1.649.0 +2.7 5.8 +1.1 ▼ 9 10 3.0% ▲ ­11 ­57 82 -41.939.4 +1.3 +5.1 8.0 $9. 1 1 13.6 +5.6 +1.2 3.5 5.2 5.342.4 +7.4 100.5 -1.321.9 +1.1 -0.401.8 +8 22 ▲ 24 29.473.753.9 -0.3 ▼ 196.486.5 -0.3% ▲ % Change from Last Quarter Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.7 6.0 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 38 26.5 2 6 5.6 +2.1 ▲ 54.541.9 15.052.5 ▼ 8 11 3.2 ▲ 5 7 11.7 9 14 6.604.8 ▲ 3 5 4.5 ▲ 9 10 1.2 30.225.5 100.5 9.6 ▲ +0.2 9.2 1.4 5.1 9.240.0 +1.9 8.1 6.1 18.8 2.7 +0.492.8 +0.4 +2 9 18.3 77.7 ▼ 42.8% ▼ -6.2 ▲ 6.0 -1.3 100.6 3% Financials Government and Agencies Jan 1 .6 ▲ 19.3 ▲ 10 7 2.0 EMEA Emerging Market Bonds (L2) # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20 ▲ 40.4 -4.6 5.1 ▲ +1.6 36.0% ▼ 160.8 9.3 +4.2 0 3 9.5 -0.4 ▲ 20.4 +4 ▲ 14 28.5 25. 24.5 647.3 100.7% ▼ 30.772.243.2 9.362.3 ▲ 5 18 2.7 ▲ 264.6 -2 12 ▼ 13 ▼ 15.6 ▼ 5 8 1.429.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.896.5 -2.3 -1.2 11.7 ▼ +1.8 ▼ 10 8 2.9 -11 ▼ 83 23.9 -2.5 ▼ 9 4 1.4 -2 ▼ ▲ 11 22.3 ▼ 514.0 ▲ +1.2 ▼ 20.6 14.2 ▲ 56.832.0 63.513.698.4% ▼ 458.5 ▲ 5 6 8.4 6.5 -2.3 ▲ 7 4 5.2 ▼ 46.6 +5.0 36.5 ▼ 14.8 100.7 -9.1 ▲ 19.7 ▼ 4.9 -8 ▼ 11.9 8.8 +0.1 6.7 -0.3 5.1 3.6 3.1 +1 ▲ Jan 1 .5 100.1% ▼ 10.2 7.6 +0.1 100.057.1 87.7 -2.0 ▲ 3.5 ▲ 130.004.0 ▲ 3.2 -1 ▼ 14 9.9 ▲ 71.0 9.3 ▲ 3 10 2.6 9 8 2.6 -3. Rank Rank 1 1 23.3 +11 ▲ 17 20.5 ▼ 4 1 4.6 +6.6 +4. 1 1 4.2 ▼ 3.Full Year 2011 | Debt Capital Markets | Managing Underwriters Emerging Markets All International Emerging Market Debt Down 10.3 3.6 +4.056.9 +5 ▲ 36 24.5 ▼ 4 5 9.7 14.7 +0.6% ▼ -3.1 7.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.3 ▲ 4.725.2 ▼ 71.5 +1.0 -12 ▼ 9 Asia-Pacific Emerging Market Bonds (L4) -11.275.2 ▼ 26.8 +1 21 42.9 11 2.6 6.8 ▲ 30.3 ▼ 401.7 -0.0 5.1 10.177.1 +4.1 -5 ▼ 6 18.9 ▲ 7.8 70.4 5.0 3.5 ▼ 12.787. 50.9 7.8 5. 3.4 2.345.9 ▲ 9.0 -11 ▼ 29 19.2 ▲ 1.0 +2.0 +1.2 9.7 ▼ 83 26.7 5.3 ▲ 49.0 Bookrunner Citi HSBC Holdings PLC Deutsche Bank AG Barclays Capital UBS JP Morgan RBS Goldman Sachs & Co Standard Chartered PLC Credit Suisse Top Ten Total Industry Total % Change from Same Period Last Year % Change from Last Quarter Jan 1 .1 3.9 +2.1 +14.7 ▲ 7.2 77.2 +0.6 ▲ 8 5 7.6 +0.587.8 14.0 $6.1 4.8 5.4 +1.7 5.389.4 -3 ▼ 8 24.3 ▲ 6.154.1 16.988.260.2 ▲ 2 2 20.8 +3.9 ▼ 8 3 5.4 132.611.4 11.8 ▲ 57.7 8.5 +4 ▲ 5 10.0 Bookrunner JP Morgan Deutsche Bank AG VTB Capital Barclays Capital Morgan Stanley Goldman Sachs & Co BNP Paribas SA Citi HSBC Holdings PLC RBS Top Ten Total Industry Total Jan 1 .2 +0.6 ▲ 6.6 ▼ 10 20* 920.9% ▲ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.1% ▼ 57.7 ▼ 101.7 -62 ▼ 9 11.6 ▲ 6 6 10.0 93.6 22% Telecommunications Industrials Consumer Staples 11 https://www.2 8.5 0 2.0 19.2 -2.0 +1.9 ▲ 10 6 844.6 36.5 -6. 10.9 +3 ▲ 50 16.7 -8 14 9.411.1 ▲ 1 2 2 3 3.3 4.957.5 ▲ 7.8 -0.5 ▲ 3.6% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 18 54.0 1.1 10.6% l EMEA Emerging Market Debt Down 23.2 -4.2 +7.6 11.0 +1.1 3.8 10.710.188.2 5.5% ▼ All International Emerging Market Bond Volume by Industry (US$b) Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.2 ▲ 10 11 6.0% ▼ -9.6 +6 ▲ 7 14.0 % Change from Same Period Last Year % Change from Last Quarter -1.6% ▲ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.6 -10 ▼ ▼ 7 4.3 +0.5 14.8 +0.045.6 ▼ 13.3 15.5 +1.795.6% ▲ -7.9 +10 14.133.2 +0. 8.8 ▲ -0.2 -3.767.3 ▼ -3.1 1.2 +4.6 ▲ 8 7 1.0 5.6% ▲ Bookrunner HSBC Holdings PLC Standard Chartered PLC Citi Deutsche Bank AG Mitsubishi UFJ Financial Group JP Morgan BNP Paribas SA Goldman Sachs & Co Barclays Capital Societe Generale Top Ten Total Industry Total % Change from Same Period Last Year % Change from Last Quarter *tie *ti -18.7% ▼ -7.0 % Change from Same Period Last Year % Change from Last Quarter ­10.0 -3.7% l Latin America Emerging Market Debt Down 1.3 ▲ 3 1 2.8 ▼ 6.6% ▼ 55.7 ▲ 7 7 1.thomsonone.1 2.2 -3 ▼ ­4 49 5.3 +5 ▲ 13 26.1 9.9 ▲ 5.8 ▲ 1 2 7.5 +4.2 67.8 4.8% ▼ Jan 1 .2 +1.6 38% -60.8 -7 ▼ 29 ▼ 9.2% ▲ 125.5 4.7 7.0 -3 ▼ 36 24.0 ▼ 7 10 8.8 ▼ 4.1 +13.2 ▼ 101.1 -8 ▼ 2 6.6 -18 ▼ 12 8.2 +1.6 ▲ 4 3 18.3 +7. Rank Rank +2.7 +10 ▲ 29 9.4 ▲ 8 18 1.1 -2 ▼ 3 9.5 26.9 10.0 9.593.9 11.5 ▲ 5 17 1.008.7 5.1% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.6 ▼ 2 2 3.8 7.0 +4 ▲ ▲ 13 15.4 2.1 86.5 ▲ 59.0 6.9 -0.6 -8 ▼ 11 22.4 -4.4 ▲ 6 6 1.5 2.5 14.8 +0.1 7.0 -25.873.Dec 30 33 -23.2 ▲ 4 5 2.4% ▲ Jan 1 .4 +0.2 6 9 6.5 5.5 ▲ 58.7 -7 ▼ 38 26.347.8 ▼ 6.339.6 143.com .1 ▼ 2 3 10.7 ▲ 3 2 9.5 +2. 82.Dec 30 Middle East Emerging Market Bonds (L5) Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 ▲ 13.7 8.7 +5.3 3.943.1% All International Emerging Market Bonds (L1) Bookrunner Deutsche Bank AG JP Morgan Citi HSBC Holdings PLC Bank of America Merrill Lynch Barclays Capital Goldman Sachs & Co Credit Suisse Santander BNP Paribas SA Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.0 ▼ 185.6 +0.0 ▲ 21.2 -5 ▼ 43 13.074.4 +4.3 +1.1 +0.3 ▲ 5.2 ▼ 5.7% ▼ -18.9 +3 ▲ 15 30.698.2 28% $71.3 ▲ 21.0 -25.8 -3 146 ­21 -12.6 -3.555.5% ▼ -16.1 +1 ▲ 4 12.4 -5.5 -3 ▼ 14 42.1 ▲ 24.2 -0.4 ▼ 9.5 ▲ 7 11 1.7 3.6 ▼ 4 4 2.6 70.5 +3.1 -0.5 3 4 19.0 +3.Dec 30 2011 $52.0 +3.6% ▼ 15.7 +3 ▲ ▼ 20 13.4 14.5 ▲ 24.4% ▼ 177.3 -0.8% ▼ % Change from Same Period Last Year 37.8 3.6 -0.3 ▼ 4.2 -2.3 10.0 ▲ 38.7 ▲ 20.6 100.3 6.2 ▼ 26.4 ▲ 67.6 ▲ 6 13 1.8 -3.1 ▲ +7.468.2 +4.9 -70 ▼ 30 9.1% ▼ -61.5 -3.6 -0.2% ▲ Latin America Emerging Market Bonds (L3) Bookrunner Deutsche Bank AG Citi JP Morgan Bank of America Merrill Lynch HSBC Holdings PLC Santander Credit Suisse Barclays Capital Itau Unibanco Goldman Sachs & Co Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.455.5 -4.6 3.9 -0.2 -2 ▼ 3 9.6 ▼ 24.5 73.9 -3.4 -33 ▼ 21 6.4 +1.0 -1 9 11.341.1 2.

7% ▼ -28.1 4.443.9 -0.0 18.4 11.7 11.8 +7 ▲ 13 20.8 23.8 +6 ▲ ▲ 5 7.7% l Domestic Mexican Debt Up 34.6 -2 ▼ 23 16.7 ▲ 1 1 4.2 ▼ 57.8 20.0 % Change from Same Period Last Year % Change from Last Quarter Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.0 -15.7 +0.4 -2.5 -5.1 18. Rank Rank 1 3 4.7 ▲ 26.6 +1.1 ▼ 18.7 ▲ 14.4 +6 ▲ 2 1.517.9 1.6 ▼ 9 10 337.3 -12.0 1.0 10 1.5 ▲ 1.4 -0.9 -7.9% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.6 +1.0 ▼ 4 2 1.6 16.1 ▼ 10 7 1.7 +2.2 -0.8 ▲ 5 1 5.2 24.902.172.5 +13.2 0 -4.8 4.1 ▲ 1.7 ▲ 3.9 +0.5 -2.221.1 -0.2 6.6 -2 ▼ 17 18.0 20.011.4 +8 ▲ 23 16.1 5.1 ▼ .6 ▲ 248.8 ▲ 2.3 -7 ▼ 15 10.8 +1.2 11.2 ▲ .1% ▲ -42.0 +11.0% ▲ Brazilian Domestic Debt (BR2) Jan 1 . 14.8 ▲ 9 1.1 ▲ 5.0 +0.7 ▲ 3 1 2.8 11.1 -5.7 ▼ 8 8 2.0 ▲ 6.6 14.0 ▼ 32.9 ▼ 156.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 26 ▲ 33.4 8.2 0.6 1.2% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20 27.0 4.0 +4. Supranational.5 +1 ▲ 6 6.984.1 ▲ 12 273.Dec 30 Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.5 12.3 +3.0% ▼ -38.4 -0.8 -1.7 -1 ▼ 4 4.9 ▼ 105.thomsonone.6 7.2 ▲ 23.9 100.7% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20 30.8 -1.205.4 7.478.0 -0.4 +0.6 9.772.6 11.8 -1 ▼ 23 35.0 ▲ 5.933.2 5.1 ▼ 10.8 10.7 +7.355.9 100.8 +8 ▲ 15 16.5 3.4 ▲ 10 7 2.2 6.206.1 1.3 6.4 +6.2 ▼ 10.8 6.5 -1 ▼ 7 10.2 -1.6 -12 ▼ 12 16.9 79.0 100.1 -17 ▼ 14 19.7 11.0 +2.1 2 2 4.7 +4. 1 1 5.5 5.3 ▲ 2 8 6.548.1 -3.5 ▲ 4 3 2.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 22 24.1 80.2 ▲ 33.278.4 +10.0 13.2 2.5 3.873.3 +1 1 ▲ 72 78 69 $10 -11.063.1 ▼ 10.9 +0.0 % Change from Same Period Last Year % Change from Last Quarter -27.4 ▼ 12.8 9.0 11.1 6.5 .8 -3.Latin America All Brazilian Debt Volume Down 27.5 -5.7 8.1 ▲ 8.5 ▲ 9.454.5 3 1 3.7 ▲ .3 ▼ 5 13 2.9 +6.9% ▲ Jan 1 .4 ▼ 6 9 2.656.9 ▼ 6.7 +4.7 13.2 ▼ 201.0 ▼ 13.5 15.3 +6.6% ▼ -3.2% ▼ Global Debt in Mexican Pesos (MX2) 92 79 $50 91 $20 Jan 1 .9% ▼ 12 https://www.5 1.7% ▲ 77 4.9 7.4 -3 ▼ 4 4.3 -1.2 ▼ 7 4 2.2 ▲ 3 2 6.2 -2.0 +13.1 ▲ 9 10 2.2 ▼ 3.5 +2 ▲ 2 2.6 4.3 -1.7 -3.971.8 ▲ .0 0.8 +14 19.990.0 100. +0.2 -20 ▼ 19 13.2 2.0% ▼ All Brazilian Debt Volume by Industry Imputed Fees (US$m) Market Manager Market Fees Sh (%) Share Ch.0 11.6 -1 ▼ 12 7 9.8 100.6 +4.7 +1.6 3.2 -0.4 ▲ 6 5 2.8 +2.3 -4. 6.6 3 2 4.1 -1. 7.6 ▼ 4 6 2.4 ▲ 38.0 ▲ 7.7 ▼ 28.8 13.1% ▼ +3 90 67 60 $40 60 $30 38 30 0 $0 2003 2004 2005 2006 2007 2008 2009 2010 Global Debt by Mexican Issuers (MX1) Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.6% ▼ 63.6 5 8. 25.8 ▼ 140.321.876.5 +11.7 +8.0 0.5 +1.7 -2 ▼ +6 65 10.0 ▼ .2 -1.9 -7. 1 3 9.6 +4.4 15.9 +1.8 ▲ 6 16 732.4 +4 ▲ 3 4.0 2.4 100.9 97.7 ▲ 59.3 6.2 12.2 ▼ 11.1 +3.4 4.7 ▲ 19.0 ▼ 37.0 15.4 -7 ▼ ­3 91 Bookrunner Citi BBVA ING HSBC Holdings PLC Santander Grupo Financiero Banorte-Ixe Corporacion Actinver Sab de CV Bank of America Merrill Lynch Inversora Bursatil SA de CV Scotiabank-Bank of Nova Scotia Top Ten Total Industry Total -9.8 ▲ 1.3 -9.4 1.7 6.1 ▼ 41.1 13.4 95.8 +15.945.4 3.9 +3.7 +1.1 96.9 5.2 -5.562.7 1.1 +4.2 ▲ 2 4 2.2 6.2 ▼ 23.1 ▲ 7 2.1 -7.6 +3 ▲ 22 33.4 ▼ +4.8 +3.3 ▲ 8 6 2.0% ▼ -46.008.2 2.0 % Change from Same Period Last Year % Change from Last Quarter 19.5 11.4 100.1 ▼ 16.7% ▲ 6.8 +1.9 ▼ 2.3 -2.6 -0.3 ▼ 8 8 273.0 ▲ 8 7 493.7 ▼ 10.9% ▼ -20.3 ▲ 2 5 4.6 5.8 ▲ 7 15 732.1 ▲ 7 838.891.6 11.4 -0.5 10.9 13.4 0.5 1.7 -1.7 9.1 +12.6 ▼ .9 -3.0 100.3 ▲ 8.3 +6.7 -2.Dec 30 Proceeds per Bookrunner (R$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 6.1 -8.3 5.6 ▼ 4.9% ▼ Jan 1 .5 -1.622.0 13.2 100.0 2. Sovereign 2002 Bookrunner Itau Unibanco HSBC Holdings PLC Banco do Brasil SA Santander Banco Bradesco SA Banco BTG Pactual SA Rabobank NV Banco Votorantim Banco do Nordeste do Brasil SA Banco Safra SA Top Ten Total Industry Total 150 Investment Grade Corporate $70 -26.8 -3.9 ▲ 3 2.8 ▼ 6 1.2 -3 ▼ ▲ 23 25.888.493.7 7.9 14.7 -5 ▼ 11 15.0 120 Agency.3 +8.8 13.886.7 +2.4 -2.622.4 ▲ 43.6 1.1% ▲ -72.3 +4.9% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 36 25.7 97.2 ▲ 381.9 +2.468.2% ▼ -30.0% ▼ 61.8 78.1 ▼ 8 289.7 +0.7 ▼ 4.3 +3 ▲ 7 7.6 +4 ▲ 15.2% ▲ -38.5 ▲ 5.3 +3.7 +2 2 3.3 +2.7 -3 ▼ 142 ­10 -6.6 -1 2 ▼ 1.355.1 +6 ▲ 5 6.2 ▼ 4 8 3.324.096.9 76.2% ▼ Bookrunner HSBC Holdings PLC Santander Citi BBVA Grupo Financiero Banorte-Ixe Corporacion Actinver Sab de CV Bank of America Merrill Lynch ING Inversora Bursatil SA de CV Morgan Stanley Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.6 -0.6 +1.1 -2.3 +2.1% ▼ 113.6 -1.3 +3 28 30.1 ▼ 10 16 300.641.8 5.2 ▲ 3.3 0. Rank Rank 1 3 3.5 8.5 75.527.820.5 +9 15 ▲ 20 26.9 20.087.0 -1.Dec 30 141 # of Issues Bookrunner HSBC Holdings PLC Santander Itau Unibanco JP Morgan Citi Banco Bradesco SA Banco do Brasil SA Bank of America Merrill Lynch Banco BTG Pactual SA Deutsche Bank AG Top Ten Total Industry Total Jan 1 .3 ▲ +0.9 12.0 Bookrunner Citi BBVA HSBC Holdings PLC Bank of America Merrill Lynch Deutsche Bank AG Santander ING JP Morgan Goldman Sachs & Co Credit Suisse Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.9 -10.613.6 +14.Full Year 2011 | Debt Capital Markets | Managing Underwriters Emerging Markets .5 100.2 6.0 +6 ▲ 12 18.Dec 30 Proceeds (US$b) All Brazilian Debt (BR1) 4.8 -2.9 -7 ▼ 8 11.3 ▲ 15.0 2011 34.6 +2 ▲ 2.3 -2.3 0 12 16.7 -13 ▼ 12 16.7 ▲ 2 2 3.0 +2 ▲ 22 28.9 ▼ 9 3 1.0 ▼ 11.com .2 ▲ 41.4 -2.2 ▲ 5 4 3.4% ▼ -3.590.1 ▼ 4 4 6.1% Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.9 7.7 -5 ▼ 72 ­69 -48.8 +13.1 +1 ▲ 17 23.7 +2.4 +2 ▲ 4 2.0 $90 Securitized Debt $80 Junk Rated Debt # of Issues $60 % Change from Same Period Last Year % Change from Last Quarter -17.1 77.8 -8 ▼ 13 18.4 ▲ 5.7 ▲ 13.841.9 ▼ 8.4 ▲ 12.946.8 13.5 12.7 1.2 ▲ 6 6 1.6 ▼ 4.8 +1.0 ▲ 7 9 381.7 +8 ▲ 3 3.1% l Fees for All Brazilian Debt Down 26% l Peso Denominated Debt Up 19.4% ▼ Domestic Mexican Debt (MX3) Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.2 +15 ▲ 16 11.8 +0.4 -1.7 21.188.3 ▼ 12.9 36.3 3.6 ▲ 1.171.506.1 ▼ 9 11 10 7 218.7% ▲ -55.7 ▲ 1.5 +1.8 -1 ▼ 2 1.5 5.1% ▲ -57.1 ▼ -1 5 7.4 -3 ▼ 1 0.4 ▼ 6 6 4.0 % Change from Same Period Last Year % Change from Last Quarter Jan 1 .4 -23 ▼ 10 13.3 21.5 +4.1 ▼ 5 4 2. 18.9 +3.

4 ▲ 8.9 ▼ 2 +0.5 +0.2 3% Philippine Peso British Pound 1.898 deals.7 ▲ 19.0 13.5 ▲ 83.2 +1 ▲ 66 2.0% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 31.322.794. a significant increase from total raisings of US$40.9% ▼ 32.9 5. capturing 49.3 ▼ 13.7 -2.0% ▲ -7.0 -0.074.2 4.0 +1.5 ▲ 8.6 ▲ 13 7 24 6.5 ▲ 7.221.0% ▼ -21.6 32.8 4 -0.2 ▼ 5.8 ▲ 4 3 225. a 9.1 1.9 +55.2% ▼ -58.4 2.8 ▼ 5 1 17.7 9.7 ▲ 6* 215.9 85.3 ▲ 6 2 12.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 41 1.6 +0.0% ▲ -11.6 ▲ 6.5 -32 ▼ 34 1.0 All Asian Currencies (ex-Japan ex-Australia) (AS1t) Jan 1 .9 ▼ 8.775.3 +3.3 ▼ 18.6 4 21. Investment banking fees in the Asian G3 currency bond market reached US$442.762.809.637.2 2.898 -234 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.2 138.3 4.3 4.4 ▲ 7 5.243.8 +2 137 ▲ 2.5 +4.0 -8 ▼ 27 14.7 8.9 ▲ 21.1 55.466.2 8.1 ▲ 2.2 -5 ▼ 30 1.0 4.0 ▲ .684.198.9% l Asian Local Currency Bond Volume .0 ▼ 28.1 ▲ 29. Chinese Yuan issued and settled bonds targeted offshore.8 5.1% at US$917.8 +1.9 11. Yen) volume for the full year 2011 totaled US$76.9 billion this year from 217 deals.2 8 +1.9 -1.4 ▼ 328.0 ▲ 46.208.1 2.9 +4.4 1% 1.7 0 - -9.1 +20 ▲ 307 10.2 8.0 2 3 3 4.5 +4.6 +1.6 100.9 ▼ 5 20 218.5 +57.8 +9 ▲ 30 16.5 ▼ 10 41.5 -5 ▼ 25 13.2 ▼ 10.7 ▲ .9 ▲ 3.6 +1 ▲ 34 18.4 6.9 ▲ 7.2 ▲ 13.792.7% ▼ 1365.831.925.4 ▼ 2.0 +1.7 2.9 ▼ 8 2 96.0 5.0 +3.8% ▲ Jan 1 .163.1 -8 ▼ 1 3. Chinese Yuan-denominated bond offerings continue to dominate the Asian currency bond market.8 ▲ 47.1 ▲ 216.8 million.0% ▲ 1900.1% ▲ 42.765.5 -0.0 +1.7 +0.2 5.3 ▲ 14.7 ▼ 21.6% Asian Local Currency Market Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2†) Asia Deals Intelligence Proceeds per Bookrunner (US$m) Market Market Asian G3 currency bonds (US$.1 -32 ▼ 73 ▼ 66 2.1%.5 28.S.8 6.5 2.363.thomsonone.175.3 2. or Dimsum Bonds.Record High l Dimsum Bonds Account for 5.7 -1.6 +0. Bookrunner HSBC Holdings PLC Citi Deutsche Bank AG Standard Chartered PLC UBS Goldman Sachs & Co Bank of America Merrill Lynch JP Morgan Barclays Capital RBS Top Ten Total Industry Total Asian-currency-denominated debt this year reached a record volume of US$430.412.9 15% $5.0 100.2 ▼ 5.2 5% $2. while total fees on Asian local currency bond issuance were up 19.2% ▲ 59. 53.815.9 ▲ 6* 4.7% ▲ Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.6 -0.0 5.6 ▲ 442.2 2.7 -11 ▼ 42 23.8 -20 81 3.4 0 61 2.1 +3 ▲ 2 7.5 2.434.4 31.0 +2.6 8.4 ▼ 5.1 8 4. Dollar Bookrunner CITIC Bank of China Ltd HSBC Holdings PLC China International Capital Co Standard Chartered PLC Industrial & Comm Bank China Agricultural Bank of China China Construction Bank KB Financial Group Inc UBS Top Ten Total Industry Total Chinese Yuan Japanese Yen $15.8% of the full year 2011 proceeds and bringing in 62.669. according to estimates from Thomson Reuters and Freeman Consulting.2 +19 ▲ 2.4 3.2 ▲ 51.6 3.7 +19.2 100.1 +1.4 -3 ▼ 145 6.2 ▲ 11 9 26 +0.0 ▲ +4.6 6.0 +4 ▲ 73 2.2 ▼ +0. 38.0 158.7 3.8 -1.9 -0.1 +0.9 6. 2.231.3 +11.2 +1.9 37.5 38.9 ▲ 9 9 6.2 -6 ▼ 1 3. Combined proceeds from transactions issued by firms from the Financials.7 0 1 3.7 ▲ 6 6.3 4.2 billion from 182 deals.1 ▲ .5 ▲ 30.1 ▲ 1 23.746.847.5% and 14.8 -19 ▼ ▲ 84 3.8 ▲ 38.2 ▲ 22 11.1 +4.9 +4.167.3 -3.6 +16 86 3.314.1 +4.6 ▼ 38.4 billion from 2.4 +1.8 -1.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 232 9.7 72.8 -1.8 3.1% ▼ 700.6 -0.3 ▲ 9* 26 85.7% ▲ -13.8% ▲ 27 -32 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.1 -0.0 ▲ 5.3 -0.6 +10 ▲ 182 -29 15.2 ▲ 917.8 4.919.0 +0.5 ▼ .0 1.8 2.8 74.3 +10 57 ▲ 43 23.7 +1 ▲ 3.2 +0.4 ▼ 7 +1.7 -0.3% ▲ -12.353 -322 -12.3 3.6 billion in 2010.9% year-on-year increase).891.Full Year 2011 | Debt Capital Markets | Managing Underwriters Asia Debt Asian G3 Debt Proceeds Drop 9. respectively.0 5.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes CDs and CPs $3.5 ▼ 17.9% ▲ 68.7 8 7.9 ▲ 215.6 ▲ 19. 23.5 -0.6 19.4 5.0 35. Asian International Bond Proceeds by Currency (US$m) Industry % Change from Same Period Last Year Industry % Change from Last Quarter t Includes ADB issuance U.3 +1.486. a 15.3 ▲ .1 3 5 3 8.7 +9 ▲ 35 1.2 +0.0 88.5 3.4 1% All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2) Bookrunner Standard Chartered PLC HI Investment & Securities Co BNP Paribas SA Daewoo Securities Co Ltd Hong Leong Financial Group Bhd DBS Group Holdings HSBC Holdings PLC KB Financial Group Inc Hana Financial Group Inc SK Securities Co Ltd Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.7 65% 2011 2010 Rank Rank 1 1 2 4 3 2 4 10 5 3 6 7 7 6 8 8 9 9 10 12 Jan 1 .2%.8 9.8 17.2 1.1 4.5 -1 ▼ 32 17.5 -2.0 4.7 -30 ▼ 5.7 4.4 3.6 ▲ 76.0 100.0 19.6 +0.9 +1.2 million (a 1.1 7 15.7% ▼ 14.9 100.8 +13.9% drop from record-high proceeds of USS$84.7 1 14.8 4.2% increase from US$373.0 -0.983.6 6.3 1.0 2.6 8 8.8 0.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie -56.239.1 12.9 billion last year.358.048.2 +1.905.552.8 8.2 -2.3 5.1 ▲ .8 ▲ 1 1 1.9% ▲ Bookrunner HSBC Holdings PLC Standard Chartered PLC KB Financial Group Inc Hana Financial Group Inc Woori Invest & Sec Co Ltd ICICI Bank Ltd CIMB Group Sdn Bhd Dongbu Securities Korea Investment Holdings Co Axis Bank Ltd Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.0 +0.1 6.5% ▼ -18.7 3.2 3% $2.5 ▲ 6.251.1 +7 ▲ 3 11. 12.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Includes CDs and CPs 9.0 +6 ▲ 331 11.2 27.2 10.4% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.1 ▼ 4.5 ▲ 36. Euro.Dec 30 2011 $70.8% of the record high quarterly volume of the last three months of this year.9 +17.808.9 -90 279 ▼ 3.0 4.9 2.0 0.2 -6.7 -3 ▼ 30 16.3 +0.com .1 ▼ 296.4 -0.446.7 ▼ 5.7 +1 ▲ 1 3 11.241.2 +1.4 5. reached proceeds of US$147.4 ▼ 2 1 14.7 -1.3 3.8 2.1 +10 ▲ 31 17.4 -1.4 +2 ▲ 6 22.9 -0.2 5.6 ▲ 3. Rank Rank -0.2 100.9 -26 ▼ 11.8 ▼ 19.4 -0.0 +5.1 ▼ 5 10 8.239.5 +4.998.0 5.393. 5 +2.5 ▼ 23.1 +5.447.2 +0.8 6.5% ▼ Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch. Government & Agencies and Energy & Power sectors accounted for 43.3 ▲ 5.6 +1.4 ▼ 3.Dec 30 Jan 1 .3 ▼ .9 ▲ 3 600.5 billion raised in 2010.3 3.9 +0.7 7. 17.9% ▼ All Asian Currencies (ex-Japan ex-Australia ex-China) (AS1at) Jan 1 .7 1.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 13 48.2 ▲ 10.6 +0.1 5.4 -51 ▼ 48 1.3 +20.4 ▲ 3.5 +2.0 -54.9% ▼ t 13 https://www.2 ▲ 15.8 ▲ 10 8.7 2.0 -1.2 100.5 ▲ 1.6 -6.8 100.5 ▲ 388.5 4.0 2 782.7 -1 ▼ 1 3.6 +39 ▲ 28 1. Rank Rank +17.8 +3.0 9* 22 85.831.1 3% Singapore Dollar Australian Dollar Swiss Franc Hong Kong Dollar $2.7 ▲ 430.795.6 +1.5 2.9 4 -0.1 ▲ .2 2% Proceeds Sh (%) Share Ch.

545.7 ▲ 13.2 ▲ 16.Dec 30 # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 51 37.3 +8.7% ▼ Jan 1 .9 ▼ 6.2 27.2 6.0 100.3 ▲ 2 2 9.389.2 3.4 +5.779. EURO and Japanese Yen.6 ▲ 1 27.0 Imputed Fees (US$m) Manager Market Market Fees Sh (%) Share Ch.314.4 -10.Dec 30 2011 $2.4 2.2 ▼ 3.9 ▲ 3 4 7.8 9.313.6 0 15 10.2 ▲ 7.1 6.9 +3 ▲ 20 13.2 ▲ .7 +2.2 0 39 28.459.8 ▼ 9 10 807. 20.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Australian International Bond Proceeds by Currency (US$m) Jan 1 .7 -0.3 5 -0.567.3 ▲ 10 9 2.2 3.1 -8.2 -2. 1 6 5.6 ▲ 8 5 2.7 ▼ 9 9 2.8 +0.7% ▲ Proceeds per Bookrunner (AU$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.4 2.539.3 4.418.7 -1.474.2 -11.1 ▼ 3.4 6.7 3.9 ▼ 3.Dec 30 Swiss Franc Japanese Yen British Pound $7.369.7 4.1 -1.896.4% ▼ 119.6 ▼ 3.255.9% ▲ 19.5 +5. According to Thomson Reuters and Freeman Consulting.7 ▲ 95.451.3 -11 ▼ 32 18.7% increase. totaling US$56. 1 7.5 ▼ 10 15 2.1 ▼ 10.5 +0.1 ▲ 10.7% | Australian International Bonds Drop 9.9 -0.thomsonone.5 ▼ 64.2% ▼ 6.7 ▼ 4 2 3.0 8.246.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 20 13.8% of the market.5 ▲ 3.1 -1.902.3 4.0 Bookrunner ANZ Banking Group Westpac Banking UBS Commonwealth Bank of Australia RBC Capital Markets National Australia Bank Deutsche Bank AG TD Securities Inc HSBC Holdings PLC JP Morgan Top Ten Total Industry Total -22.7 +1.1% of the Australian debt market.0 ▲ 2 4 5.6 +1.5 ▼ 9 11 2.6 6 5.1 -1.8 ▼ 11.7 ▼ 4.2 -5 ▼ All Australian Securitization (ex-CDOs) (AJ4) U.5 ▲ 2.6 12% -14 174 -7.0 8.5 +8.0 20.5% ▼ 0.7 ▼ 2.2 2.520.7 11 2. Bookrunner Westpac Banking ANZ Banking Group Commonwealth Bank of Australia National Australia Bank UBS Deutsche Bank AG RBC Capital Markets TD Securities Inc JP Morgan Macquarie Group Top Ten Total Industry Total Domestic issuance accounted for 73.165.3 ▼ 7 11 2. to U$25.0 -6 ▼ 6 4.1 14% # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals ▼ 55 31.3% ▼ 14 https://www.9 2 2 15.7 ▲ 24.1 -12 21 ▼ -5 10 5.5 2 2 4.4% ▼ -28.8 +1.942.1 4.6 3.5 -2. Dollar $33.4 24.5 ▲ 35.216.2 ▲ 15.2 ▼ 5.1 100.1 +1.5 +8 ▲ 13 9.9 6.0 2.2 +3.9 ▼ 87.4 +2.5 3.1 ▲ 25.8 ▲ 4.5 ▲ 6 7 2. with total proceeds of AU$46. mainly denominated in G3 currencies .145.9 11.0 3 3 10.2 -4.8 -4 ▼ 137 +102 Imputed Fees (AU$m) Market Manager Market Fees Sh (%) Share Ch. Proceeds per Bookrunner (AU$m) Market Market 2011 2010 Proceeds Sh (%) Share Ch.9 ▼ 7 7 6.0 +2 ▲ 12 30.6 +3.5 -5 ▼ ▼ 28 20.1 ▼ -9 17.862.628. Issuance from firms in the Financial sector captured 81.7 ▲ 10 691.9 16.8 100.6 -11 30 21. Australian securitizations registered a 25.8 1.4 ▲ 30.1% ▲ Jan 1 .1% ▲ -25.6 90.4 0 8 20.3 0 3 7.1 -0.9 -9 ▼ 20 14.com .022.6 100.387.0 Jan 1 .9 15.2% ▼ Industry % Change from Last Quarter -66.3 20.638. 14.4 -1.4 7.4 -1.1 ▼ 158.3 17.4 ▲ 8 7 3.0 -2.9 ▼ 9 9 2.5 3.1 -14 ▼ 28 -6 21 12.4 -5 ▼ 5 12.3 0 10.7 16.2% ▼ -41.362.6 18.1 ▲ 7.1 ▼ 56.2 -0.7 ▲ 3 7 3.6 -1.0 ▼ 7 5 1.6 -15. +6.8 -1 ▼ 6 15.9 ▼ 5 16 3.5 60.1 ▲ 99.7 -1.4 15.9 +1.1 -5 ▼ 15 10.8 +3.1 -1.6 ▲ 4 4 9.5 23.9 4.216.2 3.4% ▼ -11.7% ▲ 21.6 8.4 -14 ▼ 31 22.3 9.8 -1.8 +0.188.4 5.7 +0.3 +6 ▲ 8 5.460.6 ▲ 4.9 +1.8 billion from 144 deals.638.6 11.590.546.0 +1.5 10.8 -0.0 3.063.4% decline in total proceeds compared to last year.9 7.1 4.6 ▲ 49.6 5.9 1 1 18.4 ▲ 14.242. +4.4 +4.5 ▼ 8.5 88.3 ▼ 4 3 6.9 14.0 97.5 +0.5 -2.9% ▲ 25.3 5.5 2.7 -7.US Dollar.3 -1.9 ▼ 5 7.9 ▲ 12.3 billion from 86 deals.4 ▲ 11.5 +6 ▲ 144 -9.2 3.5 97.826.1 ▼ 3.7 15.7 +6.5 +1 60 37 21.2 5.1 ▼ 2.2 9. Issuers from the Financials sector led the market to date.0 2.0% ▼ -37.4% ▲ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 16 41.5 +1.6 +3.725.5 8.670.3 -12 ▼ 10 7.5 5.664.3 10.4 ▲ 3 1 4.5 -1.1 ▲ 6 3 1.988.5 ▼ 1.8 -6.8 +1.233.860.149.0 4.9 +1 ▲ 16 11.1 6.0% ▼ -22.7 ▼ 58.3 -8 ▼ 7 4.2 ▼ 10 76.9 ▼ 87.6 ▼ 6. capturing 29.4 -0.3 ▼ 3.6 -3 ▲ 34.6 +1 ▲ Canadian Dollar Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 .4 100.4% ▼ -22.4 -0.7 126.4% Australia Deals Intelligence All Australian Debt (ex self-funded) (AJ3a) Australian dollar bond (excluding self-funded) offerings in the four quarters of 2011 reached AU$87.9 ▲ 13.7 +2.3 -0.5 18.9 1.7 -3.738.3 ▼ 8 3.6 11.0 4.0% ▼ -41 -12.Dec 30 Australian Dollar Non-Securitized Bonds (ex-self-funded) (AJ6) Australian Dollar $1.5 +6.895.1 4.4 -1 ▼ 16.9 +1 ▲ 18 12.2 +1.8 0 4 10.8 ▼ 5 5 5.4 87.0 Industry % Change from Same Period Last Year -18. 11.6 100.2 ▼ 7 8 4.6 9.2 2.7 ▼ 9 5.4 ▲ 145.7 5% 5% All Australian International Bonds (AJ7) Bookrunner Bank of America Merrill Lynch Citi JP Morgan Deutsche Bank AG Nomura Barclays Capital National Australia Bank RBS Goldman Sachs & Co Credit Suisse Top Ten Total Industry Total Proceeds per Bookrunner (US$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.7 +1 ▲ 1 2.0 Imputed Fees (AU$m) Market Manager Market Fees Sh (%) Share Ch.2 -4.0 7. estimated investment banking fees earned from Australian domestic offerings to date reached AU$99 million.4% ▼ -21.8 +2.1 -2.0 -0.3 6 6.2 +3.4% ▲ 0.2 -0.0% ▲ Imputed Fees (AU$m) Manager Market Market Fees Sh (%) Share Ch.9 +3.9 ▼ 5 6 1.9 61.1 ▲ 6.7 billion from 174 deals.4 100.7 60% -11.0 +1.1 +1 ▲ 6 15.6 ▲ 51.591.9 ▼ 6 6 5.8 ▲ 7.2 5.8 -2.8 ▲ 10.4 2% Proceeds per Bookrunner (AU$m) Market Market 2011 2010 Rank Rank Proceeds Sh (%) Share Ch.0 22.0 +0.4 8.8 10.1 10.4 -5 ▼ 18 12. Rank Rank 1 1 +4.4 +2.5 -1 ▼ 9 23.S.989.6 ▼ 4.Dec 30 39 +4 11.1 +1.7 5.9 +0.7 ▲ 4 4 2.0 100.6 -0.5 billion from 39 deals this year. Australian international debt in the full year of 2011 registered a 9.5 87.454.1 ▲ 19.186.6 +2.7% of the Australian dollar bond market in the full year 2011.2 0 1.9 -1 ▼ 21 15.255.8 ▼ 6.8 $2.5 7.7 3.9 +1.462.1 ▲ 2.9 -1.7 8 -1.6 18.2 +5.2 -2 ▼ 9 6.2 ▼ 30 12.8 -7.Full Year 2011 | Debt Capital Markets | Managing Underwriters Australia Debt Australian Debt Proceeds Decline l Australian Securitizations Up 25. an 11% decline from last year.2% ▼ Bookrunner Westpac Banking National Australia Bank Commonwealth Bank of Australia Macquarie Group ANZ Banking Group Deutsche Bank AG RBS JP Morgan Lloyds Banking Group Citi Top Ten Total Industry Total EURO $7.7 ▼ 8 8 920.4 -0.

299. .396.2 1.3 3.701.8 +2.0995.3 19.200.2 268.000 1.9 -1.1 4.2 ▼ 1.7 +0.008.8 -20 ▼ 151 14.2 50.0 4.1 trillion from 1.4 70. According to Thomson Reuters/Freeman Consulting.4 ▲ 7 315.0% ▲ 11.0 13.794.33 4% ¥0.300.2 ▼ 1.2 ▲ 2.085.4 20.Dec 30 2011 ¥2.5 +6.766.7 ▲ 2 2 395.6 ▼ 56.032.3 ▼ 2 3 740.23 3% 0.9 322.2 +7.9 -0.2 ▲ 1.5 218 20.9 -4.2 0.9 +1. representing an increase of 12.4 100.3% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 169 62.Full Year 2011 | Debt Capital Markets | Managing Underwriters Japan Debt All Bonds in Yen Slightly Up l Korean Issuers Drive Samurai Market l Energy and Power Sector Down Japan Deals Intelligence All Bonds in Yen (AP5) Yen-denominated bond issuance reached ¥19.3 +14.7 4 3 14.166. with a total of 24 deals with proceeds totaling ¥376.1 63.5 ▲ 162.0 137. Offerings from European issuers decreased due to the European debt crisis.998.0 +1.3 +0.4 ▼ 4.3%.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter *tie Samurai Bonds Issuer Domicile Analysis Jan 1 .1 1.0 97.1 768.5% ▲ -2.Dec 30 2.0 -0.2 89.0 -1.217.6 100. 1. with proceeds totaling ¥8.3 5.100.921.004.936. The decline was due to the Energy and Power sector’s decrease in offerings throughout the year.0 .089.3 ▼ 2.0 86.6% ▲ -27. compared to full-year 2010.5 0 4 6 2.6 0 3.5 ▲ +1.17.1 1.74 9% 12. Japanese corporate debt decreased by 7. a slight increase compared to 2010.9 14.411.4 11.3% ▲ -29. a 4.8 9 +1.7 +6. Rank Rank 1 4 416.5% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 245 23.6 11.9 -17 ▼ 387 37.9 ▲ 14.7 7.1 ▼ 4.0 +18 ▲ 36.8 4.7 ▼ 924.415.8 -1.4 0 -1 26 2.329.373.077.8 +21 23 ▲ 6 7.0% ▲ -14.9 0.1% ▼ # of Issues Jan 1 .9 357.5 5.9 ▲ 15.6 ▲ .7 trillion compared to ¥9.4 11.000.0 +3.280.097.8 +3.5 +6 28.7 0.042 deals in 2011.5 +2.0 6.  1% ¥0.09.3 ▲ 12.59 7% ¥0.796.0 0.0 +17.9 ▼ -3 4 1.6 +1 ▲ 5 1.0% ▲ -9.2 +1 6 ▲ 7 2.131.866.2% ▲ -8.7 ▲ 548.2 +3.8 +0.3 +14 ▲ 37 16 20.146.850.2 +7.6 12.9 250.9 46.9 5 7 . Jan 1 .7% ▼ Samurai Bonds (AP1) 90 2.9 -0.8 7.0 2.thomsonone.2 ▼ 10 27* 135.0 6.500 39 34 39 1.4 3 1 19.0 ▼ 3.0 -1.6 123.5 90.2 ▼ 1.3 -0.8 1 826.0 100.7 19.541.3 -1.4 100.0 1.5 +3. while issuance from Asia Pacific reached ¥870.6 -5.9% ▲ -25. Rank Rank 21.0% ▼ Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch.7 ▼ 913.0 -2 ▼ 9 0.132.9 -4.2 6.063.7 15.0 4 8 +7.0 5 5 8.8 ▲ 8 7 250.1% in 2011.Dec 30 Proceeds per Bookrunner (¥m) Proceeds Market Market 2011 2010 ¥mil Sh (%) Share Ch.7 -1.0 16.3 29 46.7 3 316.0 ▼ 719.6 -4.9 7.3 1.8 ▲ 6 7 19 373.3 +5.5% ▼ 27.2 7 13 6.4 21.1 ▼ 8.8 -0.625. with the proceeds and deal count down by 82.500 80 75 65 63 60 47 1.902.9 +3 +131 269 94.0 ▼ 1.7 0.4 .62 7% Materials Consumer Products and Services Real Estate Consumer Staples Energy and Power Retail 0.5 ▼ 21 2.7 billion.5 ▼ 9 12 10 -1.700.2 94.5 -1.9 +5.0 3 7 -11.1 ▼ 5 6 627.8 +84 ▲ 7 2.8 17.4 ▲ 958.762.9 ▼ 4 5 2. 3.0 86.3 457.8 8.306.1 +58 ▲ 196 18.0 Jan 1 .01 34% 1.9 ▲ 867.126.918.6 ▲ 19.893.3 -0.0 104.184.6 ▲ 93.2 17.9 ▲ 406. 1% Proceeds per Bookrunner (¥mil) Market Proceeds Market 2011 2010 ¥mil Sh (%) Share Ch.9 3.7 ▲ 6 7.0 0.5 ▲ 5.7 2.2 +0.8 -3.0 6 8 -1.058.8 11.000 Bookrunner Daiwa Securities Group Inc Mizuho Financial Group Mitsubishi UFJ Morgan Stanley Nomura Citi JP Morgan Sumitomo Mitsui Finl Grp Inc HSBC Holdings PLC UBS Bank of America Merrill Lynch Top Ten Total Industry Total 45 29 23 # of Issues ¥ Billion 58 30 21 500 15 0 0 2001 2002 Americas Europe 2003 2004 2005 2006 2007 Asia-Pacific (ex Central Asia) 2008 2009 2010 Africa/Middle East/Central Asia Japanese Corporate Debt Volume by Industry (¥ Trillion) 2011 Bookrunner Mizuho Financial Group Nomura Mitsubishi UFJ Morgan Stanley Shinsei Bank Goldman Sachs & Co Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Sumitomo Mitsui Trust Holdings Standard Chartered PLC ORIX Corp Top Ten Total Industry Total High Technology Telecommunications ¥0.113.4 ▼ 116.0 ▲ 8.8 -2 ▼ +17 80 Imputed Fees (¥mil) Market Manager Market Fees ¥mil Sh (%) Share Ch. estimated fees for Japanese bonds reached a total of ¥63.2 +5.43  5% ¥0.8 -2 ▼ 3 3.600.4 trillion in 2010.0 1.174.1 100.9% ▲ -5.6 .2 +0.1 ▲ 3.5 +5 ▲ ▼ 3. respectively.073.3 14.1 18.5% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 46 57.9 ▲ 20.423. South Korean issuers launched the most Samurai bond deals in 2011.949.399. 1% 0 09 1% 0.171.100.901.248.696.993.8 2 2 3.4 ▼ 1.1 ▼ 1.5 ▲ 2.5%.5 +6 ▲ 7 8.9 9.266.4 ▲ 3.0 -2.5 +4 ▲ ▲ 5 1.6 .7 6.com .6 ▼ 7.2 -0. the largest Samurai bonds proceeds on record.681.16 25% +99 Imputed Fees (¥m) Manager Market Market Fees ¥mil Sh (%) Share Ch.2 +0.4 ▼ 4 2.1.8 ▲ 1.6 23.1 11 10 +0.1 billion.1 121.1 -1.5 12.Dec 30 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Financials ¥3.806.3 100.0 -0.916.9 -4. 2 -0.9 ▲ 10.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Healthcare Media and Entertainment Jan 1 .5 +6.8 ▼ 2.0 11 20.3% and 73.042 10. Bookrunner Mitsubishi UFJ Morgan Stanley Nomura Mizuho Financial Group Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co Shinsei Bank Citi Bank of America Merrill Lynch JP Morgan Top Ten Total Industry Total Samurai bonds proceeds totaled ¥2 trillion from 80 deals in 2011.9 +8 ▲ Proceeds per Bookrunner (¥mil) Proceeds Market Market 2011 2010 Rank Rank ¥mil Sh (%) Share Ch.8% ▲ Japanese Securitizations (AP2) Industrials ¥0.327.2 +4 ▲ 2.1% ▼ 15 https://www.1 ▼ 24.320.305.500.3 9 1.0 6.8 .400.Dec 30 76.023.2% increase in value and a 27% increase in terms of number of deals.5 +22 ▲ 48 60. 3% 0.1 ▼ 9 10 164.331.8 ▼ 1 917.0 1.0 361.0 +0.6 ▲ 20.395.4 28.088.5 -7 36 4 0.708.5 ▲ 6.0 +4 ▲ ▲ 6 7.8 billion in 2011.358.

6% ▲ -43.7 457.2 +1 ▲ 413 -9.0 ▼ 34.3 ▲ 22.8 ▼ 55.1 -0.5 ▲ 2.9 +8 9 ▲ ▼ -3 5 0.8 ▲ 6 9 89.329.673.0 +1.5% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 116 28.8 22.7 -1.161.9 ▲ 2 3 3.2 ▼ 10 8.7 ▲ 548.5% ▼ # of Deals per Bookrunner # of Market Change in Deals Sh (%) # of Deals 245 25. .0 -1.0 27.9 -14 ▼ 91 22.7 14.4 62.3% ▼ -41 Bonds Targeted in Japan (AP4) Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch.3 ▲ 362.845.266.5 962 +83 9.7 ▲ 7 7 1.5 100.7 +4.4 -0.0% ▼ -15. 6.1% ▼ -17.088.1 +1.182.4 3.184.0 8 10 36.2 +60 ▲ 193 20.6 +0.1 6.043.4 20.796.0 0.4 ▲ 0.000.7 +3 ▲ 5 1.6% ▲ -30.7% ▼ Imputed Fees (¥mil) Manager Market Market Fees ¥mil Sh (%) Share Ch.0 +0.6% ▼ 16 https://www.0 85.1 4.300.7 +6.126.0 ▼ 14.8 5 5 2.7 ▲ 7 8 10 230.0 13.664.979.1 ▲ 10 13 17.8 315.1 0 89.815.235.4 ▼ 279.7 +5 ▲ 6 1.705.2% ▲ -12.2 2 1.18.0 +0.3 ▲ 0.7 -6.Full Year 2011 | Debt Capital Markets | Managing Underwriters Japan Debt Japanese Corporate Debt (AP3) Bookrunner Mitsubishi UFJ Morgan Stanley Nomura Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Goldman Sachs & Co Citi Bank of America Merrill Lynch Credit Suisse Tokai Tokyo Financial Holdings Top Ten Total Industry Total Jan 1 .2 ▲ +0.970.4 6 31.3 1.1 -18 ▼ 140 14.1 99.0 11.780.9 -3.Dec 30 Proceeds per Bookrunner (¥mil) Market Proceeds Market 2011 2010 ¥mil Sh (%) Share Ch.474.100.0 ▼ +0.6 -5 ▼ 33 3.4 20.9 0.8 2.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 2.740.856.2 15.9 +1.9 0.4 +0.4 -7 109 28.8 12.8 100.0 1.0 96.8 -0.5 209 21.0 12.2 -0.496.2 3 -1.9 +4.3 3.7 ▲ 1.6 -0.4 +0.5 +0.656.1 2.9 93.9 ▼ 8.010.5 +8 ▲ 0.8 ▲ 1.com . Rank Rank .0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter -7.9 -1.851.8 ▲ 6 17 373.1 ▼ 13.331.937.8 ▼ 4 5 -5.1 -2.6 5.thomsonone.027.0 +0.898.4 -9 ▼ 4 0.5 .3 1.3 -2.8.9 .7 -13 ▼ 387 40.0 ▲ 4.0 0.3 ▼ 1 1.077.698.4% ▲ -5.849.7 13.266.000.3 ▲ 9 33.9 1.7 0.214.8 -0.7 ▼ 6 612.399.4 100.1 0.1 32.4 127.6 +0.562. 11.0 ▲ 24.4 ▲ 135.6 12.0 +2 ▲ 3 0.7 0.5 +4 ▲ 4 1.642.8 2.1 ▼ 26.8 -14 119 ▼ 78 18.821.1 ▼ 5 3 1.318.1 765.8 11.0 0.0 -23 ▼ 7 1.0 2.4 -5.5 ▼ 4.6 ▲ 9 22 116.6 15.3 4 22.2 +0.486.2 +0.374.8 ▼ 18.500.7 +0.9 -2.8 23.7 747.936.Dec 30 Proceeds per Bookrunner (¥mil) Proceeds Market Market 2011 2010 Rank Rank ¥mil Sh (%) Share Ch.283.3 +0.540.450.4 ▼ 9.313.1 ▼ 4 4 2.000.6 -3.4 0 24 2.2 0.423.2 100.5 ▼ 1 3 3.0 Bookrunner Mitsubishi UFJ Morgan Stanley Nomura Mizuho Financial Group Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Goldman Sachs & Co Shinsei Bank Citi JP Morgan Sumitomo Mitsui Trust Holdings Top Ten Total Industry Total 7.030.8% ▼ Jan 1 .8 17.9 ▼ 8.

Transactions must be received within 5 business days of pricing for league table accreditation. equal if joint books. Global and Euro/144a bond and preferred stock transactions.All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated. disclosed Deal fees are on a gross basis before all expenses. ABS & Taxable Munis. Thomson Reuters disclaims all warranties. Credit for the newly established joint ventures rolls up to Morgan Stanley.5 years (or 18 months).abuzo@thomsonreuters. nor make any recommendations or solicitations regarding particular financial instruments. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. 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.Full credit is given to the bookrunner. neither Thomson Reuters nor its third party content providers shall be liable for any errors. credit is given to the surviving/parent firm. . which require a minimum life of more than 360 days.Full Year 2011 | Debt Capital Markets | Managing Underwriters Ranking Criteria Summary .com Japan Chisato Kawada Tel: +813 5218 6554 E-mail: chisato chisato. Euromarket and Euro/144a bond and preferred stock transactions issued in any currency. Consulting proprietary algorithm for transactions for which spreads or fees are not disclosed. Yankee. expenses Each underwriter or advisor is allocated its share of deal fees using Freeman Consulting. (Rule 144a transactions sold exclusively in the US market.) 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. . and current data and previous year's data is as of 9:00am EST on December 30. Minimum life is defined as the difference between the settlement date and the earliest maturity date or first call/put option. express or implied. including the buying or selling of securities. Euro/144a transactions. 17 https://www. . allocation methodology. Any third party name or mark herein belongs to the relevant third party. MBS. 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. or have questions about our full league table criteria please contact: United States Salvatore Reres Tel: +1 646 223 8455 E-mail: salvatore.Long-term league tables exclude deals with a minimum life of less than 1. No fees are allocated to syndicate members. Yankee Bonds. investments or products.com Europe Ian Willmott Tel: +44 207 542 4376 E-mail: ian. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement. 2011. nor for any actions taken in reliance thereon. nor does it endorse any views or opinions of any third party content provider. or as to the fitness of the content for any purpose to the extent permitted by law." 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. In cases of underwriter consolidation.thomsonone. except for Asian local currency denominated bonds and all securitized tranches.reres@thomsonreuters.willmott@thomsonreuters. Foreign Bonds If you would like to participate in the submission process. based on the number of underwriters or advisors on the deal and their role. legal) amounting to investment advice. inaccuracies or delays in the information. receive quarterly press releases. Eurobonds. - League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley. For Japanese involvement league tables Morgan Stanley will be represented as "Mitsubishi UFJ Morgan Stanley. included herein. foreign. 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.kawada@thomsonreuters. - US marketplace league tables include US dollar denominated domestic. . All rights reserved. Global. ABS transactions in all markets and all Federal Credit Agency transactions must be received within 5 business days of settlement. as to the accuracy or completeness of any of the content provided.com . - Imputed fees are calculated using Freeman Consulting. Euro public and Rule 144a fee-eligible global debt transactions (including Global bonds.com Asia-Pacific Michelle Abuzo Tel: +632 858 7201 E-mail: michelle. Global bond league tables include domestic.com kawada@thomsonreuters com and preferred stock) as well as MBS.Database coverage includes all US public. © 2011 Thomson Reuters.

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