GLOBAL FIXED INCOME LEAGUE TABLES. Q Preliminary As of 26 March 2018

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1 GLOBAL FIXED INCOME LEAGUE TABLES Q1 218 Preliminary As of 26 March 218

2 Q1 218 PRELIMINARY AS OF 26 MARCH 218 MANAGER RANKINGS GLOBAL FIXED INCOME CONTENTS 1. Global market review 2. US market review 3. Canada market review 4. Latin America market review 5. EMEA market review 6. Asia market review 7. Table criteria Bloomberg s corporate bond database consists of more than 1.9 million active securities--including convertible bonds and preferred securities--along with more than 4.1 million matured, called or retired bonds, covering over 24, unique issuers across more than 13 countries and 1 different currencies. LEAG<GO> for a full range of league tables NIM<GO> for Bloomberg s new issue monitor Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES North America EMEA Asia-Pacific Contact Phone Dean Psomaras newissues@bloomberg.net Dimitris Gogos emeacapmkts@bloomberg.net Jennifer Passos nimap@bloomberg.net 218 Bloomberg Finance L.P. All rights reserved.

3 Global Fixed Income Review Q1 218 credited Corporate & Financial Bonds volume decreased 8.86% to USD 1.1 Trln while deal count decreased 12.54% to 3,676 offerings year-on-year. Corporate Bonds volume decreased 13.36% year-on-year to USD Bln while the deal count decreased 11.35% to 1,429. Financial Bonds volume decreased 4.95% year-on-year to USD Bln over 2,247 deals. Bank of America Merrill Lynch ranked as the top Corporate & Financial Bonds underwriter for Q1 218 with 5.54% market share. The bank underwrote 335 deals over the period. JP Morgan and Goldman Sachs ranked second and third with 5.45% and 4.79% market share, respectively. Corporate & Financial Bonds: Highlights of Q1 218 Global Corporate Leveraged Finance: Quarterly Volume USD Bln Q1 Q Q1 Q Q1 Q Quarters Corporate High Yield Bonds Global Sponsor-Led Loans Q1 Q Q1 Q Q1 Q Top Underwriter Bank of America Merrill Lynch Number of deals 335 Volume (USD Mln) 6,942 Avg Deal size (USD Mln) Market Summary Number of deals 3,676 Volume (USD Mln) 1,99,84 Avg Deal size (USD Mln) 299. Issuer Industry Volume (USD Mln) Date CVS Health Corp Health Care 9, 3/6/218 CVS Health Corp Health Care 8, 3/6/218 CVS Health Corp Health Care 6, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 BF Argentina SA Financials 3,431 1/24/218 Morgan Stanley Financials 3, 1/18/218 CVS Health Corp Health Care 3, 3/6/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Corporate & Financial Bonds: Industry Breakdown 23% 6% 57% 7% 7% Financials 57% Industrials 7% Consumer Discretionary 7% Health Care 6% Others 23% Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield Investment Grade 1,4 1,2 6,5 6, Corporate & Financial Bonds: Spread to Benchmark USD Bln 1, , 4, 3, 2, 1, Deal Count Basis points High Yield Investment Grade Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Bloomberg League Table Reports Page 1

4 Corporate Bonds Financial Bonds JP Morgan , Bank of America Merrill Lynch , Goldman Sachs , Barclays , Citi , Wells Fargo , Deutsche Bank , BNP Paribas , Morgan Stanley , HSBC , Mizuho Financial , RBC Capital Markets , Credit Suisse , Mitsubishi UFJ Financial Group Inc , Societe Generale , Sumitomo Mitsui Financial , Credit Agricole CIB , UniCredit , Bank of China , Banco Santander , TOTAL 1% 486,318 1,429 1% Syndicated Government Bonds Citi , Barclays , JP Morgan , HSBC , Bank of America Merrill Lynch , Deutsche Bank , Toronto Dominion Bank , Goldman Sachs , Nomura , BNP Paribas , NatWest Markets , Societe Generale , Credit Agricole CIB , RBC Capital Markets , UniCredit , Morgan Stanley , BMO Capital Markets , Commerzbank , Wells Fargo , Banco Bilbao Vizcaya Argentaria , TOTAL 1% 495,85 1,719 1% Bank of America Merrill Lynch , Citi , Goldman Sachs , HSBC , Deutsche Bank , Morgan Stanley , JP Morgan , Barclays , UBS , BNP Paribas , Credit Suisse , Credit Agricole CIB , Natixis , Societe Generale , Wells Fargo , UniCredit , NatWest Markets , Landesbank Hessen-Thuringen Girozentrale , CITIC Securities Co Ltd , Banco Santander , TOTAL 1% 612,765 2,247 1% International Bonds JP Morgan , Citi , Barclays , HSBC , Bank of America Merrill Lynch , Goldman Sachs , Deutsche Bank , BNP Paribas , Morgan Stanley , Societe Generale , Credit Agricole CIB , Credit Suisse , UniCredit , NatWest Markets , Wells Fargo , RBC Capital Markets , UBS , Toronto Dominion Bank , Natixis , Banco Santander , TOTAL 1% 1,194,64 2,786 1% Bloomberg League Table Reports Page 2

5 Global Bonds Corporate High Yield Bonds Bank of America Merrill Lynch , JP Morgan , Goldman Sachs , Citi , Barclays , Morgan Stanley , HSBC , Wells Fargo , Deutsche Bank , Toronto Dominion Bank , BNP Paribas , RBC Capital Markets , Mizuho Financial , Credit Suisse , BMO Capital Markets , Mitsubishi UFJ Financial Group Inc , Sumitomo Mitsui Financial , Nomura , Societe Generale , US Bancorp , TOTAL 1% 33, % Global Green Bonds - Corporate & Government JP Morgan , BNP Paribas , ING Groep , Credit Agricole CIB , Barclays , SEB , HSBC , Deutsche Bank UniCredit Bank of America Merrill Lynch RBC Capital Markets Toronto Dominion Bank Citi Danske Bank Morgan Stanley Natixis Societe Generale Mitsubishi UFJ Financial Group Inc Commerzbank Swedbank TOTAL 1% 24, % Credit Suisse , JP Morgan , Morgan Stanley , Bank of America Merrill Lynch , Deutsche Bank , Barclays , Citi , Goldman Sachs , Wells Fargo , BNP Paribas , HSBC , RBC Capital Markets , UBS , Societe Generale , Mizuho Financial , ING Groep , Credit Agricole CIB , Mitsubishi UFJ Financial Group Inc , Banco Santander , Natixis , TOTAL 1% 116, % Global Sukuk CIMB , HSBC , Dubai Islamic Bank , RHB Citi Standard Chartered Bank Maybank Abu Dhabi Islamic Bank AmInvestment Bank Bhd Sharjah Islamic Bank JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Kenanga Investment Bank Bhd Kuwait Finance House Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis Gulf International Bank BSC TOTAL 1% 12, % Bloomberg League Table Reports Page 3

6 International Sukuk HSBC , Dubai Islamic Bank , Citi CIMB Standard Chartered Bank Abu Dhabi Islamic Bank Sharjah Islamic Bank JP Morgan Emirates NBD PJSC First Abu Dhabi Bank PJSC Kuwait Finance House Bank ABC Noor Bank Sumitomo Mitsui Financial Natixis Gulf International Bank BSC National Commercial Bank Alkhair International Islamic Bank Bhd Goldman Sachs Deutsche Bank TOTAL 1% 8, % Bloomberg League Table Reports Page 4

7 US Fixed Income Review Q1 218 credited US Corporate Bonds volume decreased 19.17% to USD 417. Bln while deal count decreased 16.9% to 659 offerings year-on-year. US Investment Grade Corporate Bonds volume decreased 16.95% year-on-year to USD Bln while the deal count decreased 19.22% to 479. US High Yield Corporate Bonds volume decreased 33.8% year-on-year to USD 6.6 Bln over 11 deals. Bank of America Merrill Lynch ranked as the top US Corporate Bonds underwriter for Q1 218 with 11.53% market share. The bank underwrote 251 deals over the period. JP Morgan and Goldman Sachs ranked second and third with 11.3% and 8.74% market share, respectively. US Corporate Bonds: Highlights of Q1 218 USD Bln US Leveraged Finance: Quarterly Volume Q1 Q Q1 Q Q1 Q Quarters US Leveraged Loans US High Yield Corporate Bonds Q1 Q Q1 Q Q1 Q Top Underwriter Bank of America Merrill Lynch Number of deals 251 Volume (USD Mln) 48,97 Avg Deal size (USD Mln) Market Summary Number of deals 659 Volume (USD Mln) 416,965 Avg Deal size (USD Mln) US Domestic Bonds: Quarterly Volume Issuer Industry Volume (USD Mln) Date CVS Health Corp Health Care 9, 3/6/218 CVS Health Corp Health Care 8, 3/6/218 CVS Health Corp Health Care 6, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 CVS Health Corp Health Care 5, 3/6/218 Morgan Stanley Financials 3, 1/18/218 CVS Health Corp Health Care 3, 3/6/218 Morgan Stanley Financials 2,5 1/18/218 Wells Fargo Bank NA Financials 2,5 1/16/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 6% 6% 7% 5% 5% 1% 6% US Corporate Bonds: Industry Breakdown 13% 41% Financials 41% Health Care 13% Energy 1% Consumer Discretionary 7% Communications 6% Consumer Staples 6% Utilities 5% Industrials 5% Others 6% Deal Count Other High Yield Investment Grade 8 2, US Domestic Bonds: Spread to Benchmark 6 1,5 High Yield Investment Grade USD Bln 4 2 1, 5 Deal Count Basis points Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Bloomberg League Table Reports Page 5

8 US Domestic Bonds US Agency Bonds Bank of America Merrill Lynch , JP Morgan , Citi , Barclays , Goldman Sachs , Morgan Stanley , Wells Fargo , Deutsche Bank , HSBC , BNP Paribas , Credit Suisse , Toronto Dominion Bank , RBC Capital Markets , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , Sumitomo Mitsui Financial , Nomura , BMO Capital Markets , US Bancorp , Societe Generale , TOTAL 1% 596,415 1,285 1% US Corporate Bonds Bank of America Merrill Lynch , JP Morgan , Goldman Sachs , Citi , Morgan Stanley , Barclays , Wells Fargo , Deutsche Bank , Credit Suisse , BNP Paribas , HSBC , Mizuho Financial , Mitsubishi UFJ Financial Group Inc , RBC Capital Markets , Sumitomo Mitsui Financial , US Bancorp , UBS , Societe Generale , Credit Agricole CIB , Toronto Dominion Bank , TOTAL 1% 416, % Wells Fargo , Barclays , Nomura , Citi , Toronto Dominion Bank , Bank of America Merrill Lynch , Jefferies , HSBC , FTN Financial , Morgan Stanley , Mizuho Financial , Daiwa Securities , JP Morgan , Deutsche Bank , Loop Capital Markets LLC , Raymond James & Associates , INTL FCStone Inc , Incapital , Bank of New York Mellon Vining Sparks TOTAL 1% 69, % US Dollar Foreign Issuer Bonds Citi , HSBC , Bank of America Merrill Lynch , JP Morgan , Deutsche Bank , Barclays , Goldman Sachs , BNP Paribas , Morgan Stanley , Standard Chartered Bank , Credit Suisse , Toronto Dominion Bank , RBC Capital Markets , BMO Capital Markets , Sumitomo Mitsui Financial , Credit Agricole CIB , UBS , Mizuho Financial , Nomura , VTB Capital , TOTAL 1% 372, % Bloomberg League Table Reports Page 6

9 US Investment Grade Corporate Bonds US High Yield Corporate Bonds Bank of America Merrill Lynch , JP Morgan , Goldman Sachs , Citi , Morgan Stanley , Barclays , Wells Fargo , Deutsche Bank , HSBC , BNP Paribas , Mizuho Financial , Credit Suisse , Mitsubishi UFJ Financial Group Inc , Sumitomo Mitsui Financial , RBC Capital Markets , US Bancorp , UBS , Toronto Dominion Bank , Credit Agricole CIB , Societe Generale , TOTAL 1% 342, % JP Morgan , Credit Suisse , Barclays , Bank of America Merrill Lynch , Citi , Deutsche Bank , Morgan Stanley , Wells Fargo , Goldman Sachs , RBC Capital Markets , BNP Paribas , Societe Generale , Mizuho Financial Mitsubishi UFJ Financial Group Inc BMO Capital Markets ING Groep HSBC Credit Agricole CIB Sumitomo Mitsui Financial SunTrust Robinson Humphrey TOTAL 1% 6, % US Dollar Preferreds Morgan Stanley Bank of America Merrill Lynch UBS Wells Fargo Stifel RBC Capital Markets JP Morgan Citi B Riley & Co Sandler O'Neill & Partners Raymond James & Associates Janney Montgomery Scott LLC BMO Capital Markets Ladenburg Thalmann & Co Credit Suisse Oppenheimer & Co Boenning & Scattergood Inc DA Davidson BB&T William Blair & Co LLC TOTAL 1% 2, % Bloomberg League Table Reports Page 7

10 Canada Fixed Income Review Q1 218 credited Canada Corporate Bonds volume increased 15.99% to CAD 29. Bln while deal count increased 12.73% to 62 offerings year-on-year. Canada Corporate Bonds - Bonus volume increased 15.99% year-on-year to CAD 29. Bln while the deal count increased 12.73% to 62. Canada Government Bonds volume decreased 2.68% year-on-year to CAD 2.7 Bln over 76 deals. BMO Capital Markets ranked as the top Canada Corporate Bonds underwriter for Q1 218 with 24.1% market share. The bank underwrote 27 deals over the period. Toronto Dominion Bank and Scotiabank ranked second and third with 21.55% and 15.6% market share, respectively. USD Bln Canada Corporate Bonds: Quarterly Volume Q1 Q Q1 Q Q1 Q Q1 Q Deal Count Q1 Q Amount Q1 Q Deal Count Quarters Canada Corporate Bonds Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BMO Capital Markets , Toronto Dominion Bank , Scotiabank , RBC Capital Markets , CIBC , National Bank Financial Inc , HSBC Laurentian Bank of Canada Morgan Stanley Bank of America Merrill Lynch TOTAL 1% 29,5 62 1% 5% 12% Canada Corporate Bonds: Industry Breakdown 16% 66% Financials 66% Consumer Discretionary 12% Industrials 5% Others 16% Canada Government Bonds Canada Corporate Bonds: Manager Rankings History Firm Rank Mkt Share(%) Volume (CAD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Toronto Dominion Bank , National Bank Financial Inc , BMO Capital Markets , RBC Capital Markets , Scotiabank , CIBC , HSBC Bank of America Merrill Lynch Desjardins Capital Markets Casgrain & Co TOTAL 1% 2, % Market Share (%) BMO Capital Markets Toronto Dominion Bank Scotiabank RBC Capital Markets CIBC National Bank Financial Inc Bloomberg League Table Reports Page 8

11 Latin America Fixed Income Review 8 Latin American Bonds: Quarterly Volume Deal Count Amount 6 Q1 218 credited Latin American Bonds volume decreased 2.46% to USD 49.4 Bln while deal count decreased 23.84% to 115 offerings year-on-year. Latin American Local Currency Bonds volume increased 47.45% year-on-year to USD 15.3 Bln while the deal count decreased 13.57% to 172. Brazilian Domestic Bonds volume increased 9.9% year-on-year to BRL 18.7 Bln over 43 deals. Citi ranked as the top Latin American Bonds underwriter for Q1 218 with 18.2% market share. The bank underwrote 29 deals over the period. HSBC and JP Morgan ranked second and third with 11.26% and 1.2% market share, respectively. USD Bln Deal Count Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Latin American Bonds Citi , HSBC , JP Morgan , Deutsche Bank , Bank of America Merrill Lynch , Banco Itau BBA , Banco Santander , Banco do Brasil SA , Bradesco BBI SA , BNP Paribas , TOTAL 1% 49, % 8% 7% 13% Latin American Bonds: Industry Breakdown 11% 44% 17% Government 44% Financials 17% Energy 13% Utilities 8% Consumer Staples 7% Others 11% Latin American Local Currency Bonds Latin American Bonds: Manager Rankings History JP Morgan , Banco Itau BBA , Citi , Banco do Brasil SA , Banco Santander , Bradesco BBI SA Banco Bilbao Vizcaya Argentaria HSBC Toronto Dominion Bank Brasil Plural TOTAL 1% 15, % Market Share (%) 1 Citi HSBC JP Morgan Deutsche Bank Bank of America Merrill Lynch Banco Itau BBA Bloomberg League Table Reports Page 9

12 EMEA Fixed Income Review Q1 218 credited European Corporate & Financial Bonds volume decreased 16.55% to EUR Bln while deal count decreased 14.52% to 1,425 offerings year-on-year. EMEA Corporate Investment Grade Bonds (inc EM) volume decreased 36.2% year-on-year to EUR 73. Bln while the deal count decreased 31.58% to 156. Deutsche Bank ranked as the top European Corporate & Financial Bonds underwriter for Q1 218 with 6.24% market share. The bank underwrote 126 deals over the period. HSBC and Barclays ranked second and third with 5.54% and 5.52% market share, respectively. European Corporate & Financial Bonds: Highlights of Q1 218 Top Underwriter Deutsche Bank Number of deals 126 Volume (EUR Mln) 21,52 Avg Deal size (EUR Mln) Market Summary Number of deals 1,425 Volume (EUR Mln) 337,61 Avg Deal size (EUR Mln) Issuer Industry Volume (EUR Mln) Date Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Anheuser-Busch InBev Worldwide Inc Consumer Staples 2,5 3/2/218 Sanofi Health Care 2,475 3/14/218 AXA SA Financials 2,456 3/21/218 UBS AG/London Financials 2,415 1/4/218 ABN AMRO Bank NV Financials 2,45 1/3/218 Anheuser-Busch InBev SA/NV Consumer Staples 2,384 1/9/218 Dexia Credit Local SA Financials 2,384 1/9/218 HSBC Holdings PLC Financials 2,25 3/19/218 Sanofi Health Care 2,166 3/14/218 European Corporate & Financial Bonds: Industry Breakdown 18% 6% 8% 68% Financials 68% Consumer Discretionary 8% Consumer Staples 6% Others 18% European Corporate & Financial Bonds: Quarterly Volume Deal Count Other High Yield 5 Investment Grade 2, 4 1,5 European Corporate & Financial Bonds: Spread to Benchmark EUR Bln 3 2 1, Deal Count 7 6 High Yield Investment Grade 1 Q1 Q Q1 Q Q1 Q Quarters Q1 Q Q1 Q Q1 Q Basis points 4 2 Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Q1 Q Quarters Bloomberg League Table Reports Page 1

13 European Bonds Western European Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , HSBC , Deutsche Bank , BNP Paribas , JP Morgan , Citi , Societe Generale , Goldman Sachs , Credit Agricole CIB , UniCredit , NatWest Markets , Bank of America Merrill Lynch , UBS , Natixis , Banco Santander , Credit Suisse , ING Groep , Morgan Stanley , Danske Bank , Commerzbank , TOTAL 1% 515,96 1,893 1% Eastern European Bonds VTB Capital , Gazprombank , Sberbank CIB CJSC , Citi , JP Morgan , Deutsche Bank , Societe Generale , UBS UniCredit Barclays ING Groep HSBC Erste Group Bank PKO Bank Polski SA Alfa Bank Raiffeisen Bank International Group Goldman Sachs Renaissance Capital Pty Ltd Commerzbank REGION Investment Co TOTAL 1% 27,29 7 1% Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , HSBC , BNP Paribas , Deutsche Bank , JP Morgan , Citi , Societe Generale , Goldman Sachs , Credit Agricole CIB , NatWest Markets , Bank of America Merrill Lynch , UniCredit , UBS , Natixis , Banco Santander , Intesa Sanpaolo , Credit Suisse , ING Groep , Morgan Stanley , Danske Bank , TOTAL 1% 53,72 1,826 1% Western European Corporate High Yield Bonds - Risk Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Credit Suisse , BNP Paribas Goldman Sachs ING Groep Deutsche Bank JP Morgan Barclays HSBC Credit Agricole CIB Natixis Morgan Stanley Citi DNB ASA Danske Bank Nordea Lloyds Bank Societe Generale UniCredit NatWest Markets Commerzbank TOTAL 1% 15, % Bloomberg League Table Reports Page 11

14 EMEA Corporate Investment Grade Bonds (inc EM) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) BNP Paribas , Goldman Sachs , Societe Generale , UniCredit , HSBC , JP Morgan , Credit Agricole CIB , Barclays , Deutsche Bank , Citi , ING Groep , Mitsubishi UFJ Financial Group Inc , Banco Santander , RBC Capital Markets , NatWest Markets , Bank of America Merrill Lynch , Natixis , Gazprombank , Morgan Stanley , Mizuho Financial , TOTAL 1% 72, % Euro Currency Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Barclays , BNP Paribas , Societe Generale , HSBC , Deutsche Bank , UniCredit , Credit Agricole CIB , JP Morgan , Citi , Goldman Sachs , Natixis , NatWest Markets , Commerzbank , Banco Santander , ING Groep , Bank of America Merrill Lynch , UBS , Landesbank Baden-Wuerttemberg , Landesbank Hessen-Thuringen Girozentrale , Morgan Stanley , TOTAL 1% 42,696 1,76 1% EMEA Corporate High Yield Bonds (inc EM) - Risk Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Credit Suisse , BNP Paribas , JP Morgan , HSBC , Citi , Barclays , Goldman Sachs , ING Groep Deutsche Bank Morgan Stanley Societe Generale UniCredit NatWest Markets Natixis Mizuho Financial Credit Agricole CIB Bank of America Merrill Lynch RBC Capital Markets DNB ASA Danske Bank TOTAL 1% 26, % Euro & Sterling Corporate & Financial Bonds Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Deutsche Bank , HSBC , BNP Paribas , Barclays , Societe Generale , Goldman Sachs , UniCredit , Credit Agricole CIB , UBS , Natixis , Intesa Sanpaolo , NatWest Markets , Citi , JP Morgan , Banco Santander , Landesbank Hessen-Thuringen Girozentrale , ING Groep , Bank of America Merrill Lynch , Credit Suisse , Morgan Stanley , TOTAL 1% 283, % Bloomberg League Table Reports Page 12

15 Sterling Bonds Swiss Franc Bonds Firm Rank Mkt Share(%) Volume (GBP Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC , NatWest Markets , Barclays , RBC Capital Markets , Lloyds Bank , Nomura , Bank of America Merrill Lynch , JP Morgan , Toronto Dominion Bank , Banco Santander , FMS Wertmanagement , Deutsche Bank , UBS , Credit Suisse , Citi Goldman Sachs BNP Paribas Scotiabank Mitsubishi UFJ Financial Group Inc Societe Generale TOTAL 1% 36, % Swedish Krona Bonds Firm Rank Mkt Share(%) Volume (SEK Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Danske Bank , SEB , Nordea , Swedbank , Svenska Handelsbanken , DNB ASA , Toronto Dominion Bank , JP Morgan , Credit Agricole CIB HSBC ABG Sundal Collier Asa Deutsche Bank BNP Paribas Citi Nomura Daiwa Securities Goldman Sachs JOOL Markets AS ING Groep Mizuho Financial TOTAL 1% 111, % Firm Rank Mkt Share(%) Volume (CHF Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Credit Suisse , UBS , Schweizerische Kantonalbanken , Zuercher Kantonalbank , Raiffeisen Switzerland , Deutsche Bank BNP Paribas Basellandchafliche Kantonalbank Luzerner Kantonalbank Basler Kantonalbank Commerzbank Thurgauer Kantonalbank Aargauische Kantonalbank Banque Cantonale de Fribourg Graubundner Kantonalbank VTB Capital Gazprombank Renaissance Capital Pty Ltd HSBC Zuger Kantonalbank TOTAL 1% 17, % Sub-Sahara Africa Currency Bonds Standard Bank of South Africa FirstRand Ltd Nedbank Ltd Barclays Fidelity Bank Ltd Databank Financial Services Ltd IC Securities Ghana Ltd Investec RHO Capital Pty Ltd Barclays Africa Group Ltd Toronto Dominion Bank Goldman Sachs JP Morgan BNP Paribas Daiwa Securities Credit Agricole CIB SBG Securities Ghana Ltd TOTAL 1% 2, % Bloomberg League Table Reports Page 13

16 CEEMEA Bonds MENA Bonds & Sukuk Citi , Standard Chartered Bank , VTB Capital , HSBC , JP Morgan , Deutsche Bank , Bank of America Merrill Lynch , Societe Generale , Gazprombank , BNP Paribas , Sumitomo Mitsui Financial , Sberbank CIB CJSC , Barclays , First Abu Dhabi Bank PJSC , Morgan Stanley , Credit Suisse , Goldman Sachs , UniCredit , Standard Bank of South Africa , ING Groep , TOTAL 1% 83, % Standard Chartered Bank , HSBC , Bank of America Merrill Lynch , JP Morgan , Citi , First Abu Dhabi Bank PJSC , Sumitomo Mitsui Financial , Morgan Stanley ANZ Banking Group SinoPac Financial Holdings Co Ltd Credit Suisse Dubai Islamic Bank Sharjah Islamic Bank Nomura Mizuho Financial Kuwait Finance House Emirates NBD PJSC Credit Agricole CIB BNP Paribas Barclays TOTAL 1% 25, % Africa Bonds Citi , Standard Chartered Bank , JP Morgan , Standard Bank of South Africa , BNP Paribas , Societe Generale , Deutsche Bank Morgan Stanley HSBC First Abu Dhabi Bank PJSC Natixis FirstRand Ltd Credit Agricole CIB ING Groep Barclays Africa Group Ltd Nedbank Ltd Credit Suisse Barclays IC Securities Ghana Ltd Fidelity Bank Ltd TOTAL 1% 18, % Bloomberg League Table Reports Page 14

17 Spain Bonds Spain Corporates Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander , Banco Bilbao Vizcaya Argentaria , HSBC , Barclays , Citi , NatWest Markets , Societe Generale , La Caixa , BNP Paribas , Natixis UBS Deutsche Bank UniCredit Goldman Sachs Bank of America Merrill Lynch ING Groep Morgan Stanley Credit Suisse Commerzbank Mizuho Financial TOTAL 1% 38, % Spain Financials Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Santander , UBS Natixis Barclays La Caixa Morgan Stanley Societe Generale HSBC UniCredit BNP Paribas Deutsche Bank Citi Goldman Sachs Credit Suisse Commerzbank Bank of America Merrill Lynch Mediobanca Nomura ING Groep Banco Bilbao Vizcaya Argentaria TOTAL 1% 1, % Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Citi BNP Paribas Barclays Banco Bilbao Vizcaya Argentaria HSBC La Caixa Mizuho Financial Bank of America Merrill Lynch Intesa Sanpaolo Deutsche Bank Goldman Sachs NatWest Markets Mitsubishi UFJ Financial Group Inc Sumitomo Mitsui Financial UniCredit Societe Generale Banco Santander Lloyds Bank Credit Agricole CIB ING Groep TOTAL 1% 8, % Spain Government & Agencies Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Banco Bilbao Vizcaya Argentaria , HSBC , Banco Santander , Citi , Barclays , NatWest Markets , Societe Generale , ING Groep Banco Cooperativo Natixis TOTAL 1% 19, % Bloomberg League Table Reports Page 15

18 Asia ex-japan Fixed Income Review Asia ex-japan G3 Currency Bonds: Quarterly Volume Deal Count Other Q1 218 credited Asia ex-japan G3 Currency Bonds volume decreased 13.44% to USD 72.3 Bln while deal count increased 4.43% to 165 offerings year-on-year. Asia ex-japan G3 Investment Grade Bonds volume decreased 6.13% year-on-year to USD 53.5 Bln while the deal count increased 15.38% to 15. Asia ex-japan G3 Corporate High Yield Bonds volume decreased 17.39% year-on-year to USD 11.3 Bln over 38 deals. HSBC ranked as the top Asia ex-japan G3 Currency Bonds underwriter for Q1 218 with 7.3% market share. The bank underwrote 68 deals over the period. Bank of China and Citi ranked second and third with 5.75% and 5.46% market share, respectively. USD Bln 1 5 Q1 Q Q1 Q Q1 Q Q1 Q High Yield Investment Grade Q1 Q Q1 Q Deal Count Quarters Asia ex-japan G3 Currency Bonds: Highlights of Q1 218 Issuer Industry Volume (USD Mln) Date Tencent Holdings Ltd Technology 2,5 1/11/218 Philippine Government International Bond Government 2, 1/18/218 Perusahaan Penerbit SBSN Indonesia III Government 1,75 2/22/218 CNAC HK Finbridge Co Ltd Materials 1,75 3/7/218 CNAC HK Finbridge Co Ltd Materials 1,488 3/7/218 CNAC HK Finbridge Co Ltd Materials 1,3 3/7/218 Perusahaan Penerbit SBSN Indonesia III Government 1,25 2/22/218 China Cinda Finance 217 I Ltd Financials 1,2 2/1/218 Baidu Inc Communications 1, 3/22/218 ABJA Investment Co Pte Ltd Materials 1, 1/18/218 Asia ex-japan G3 Currency Bonds: Industry Breakdown 15% 11% 5% 12% 13% Financials 5% Technology 13% Materials 12% Government 11% Others 15% Asia ex-japan G3 Currency Bonds: Largest Deals by Country Issuer Volume (USD Mln) Date Country Tencent Holdings Ltd 2,5 1/11/218 China China Cinda Finance 217 I Ltd 1,2 2/1/218 Hong Kong ABJA Investment Co Pte Ltd 1, 1/18/218 India Perusahaan Penerbit SBSN Indonesia III 1,75 2/22/218 Indonesia Malayan Banking Bhd 15 3/8/218 Malaysia Philippine Government International Bond 2, 1/18/218 Philippines Puma International Financing SA 75 1/9/218 Singapore Korea Development Bank/The 5 3/5/218 South Korea Mega International Commercial Bank Co Ltd 33 2/8/218 Taiwan Kasikornbank PCL/Hong Kong 4 1/9/218 Thailand Asia ex-japan G3 Currency Bonds: Manager Rankings History Market Share (%) HSBC Bank of China Citi Standard Chartered Bank BNP Paribas Credit Suisse Bloomberg League Table Reports Page 16

19 Asia ex-japan Issuer G3 Currency Bonds APAC ex-japan Issuer G3 Currency Bonds HSBC , Bank of China , Citi , Standard Chartered Bank , BNP Paribas , Credit Suisse , Bank of America Merrill Lynch , Deutsche Bank , Morgan Stanley , UBS , Mitsubishi UFJ Financial Group Inc , JP Morgan , China Citic Bank , Industrial & Comm Bank of China , Goldman Sachs , Credit Agricole CIB , Barclays , Bank of Communications , Mizuho Financial , DBS Group , TOTAL 1% 72, % Asia ex-japan G3 Investment Grade Bonds HSBC , Citi , Bank of China , BNP Paribas , Standard Chartered Bank , Bank of America Merrill Lynch , Deutsche Bank , JP Morgan , Mitsubishi UFJ Financial Group Inc , Industrial & Comm Bank of China , Morgan Stanley , Credit Agricole CIB , Bank of Communications , Goldman Sachs , Credit Suisse , UBS , Barclays , Mizuho Financial , China Citic Bank , Societe Generale TOTAL 1% 53, % HSBC , Citi , Goldman Sachs , Bank of China , Credit Suisse , JP Morgan , Bank of America Merrill Lynch , Standard Chartered Bank , BNP Paribas , Morgan Stanley , Deutsche Bank , UBS , Barclays , Commonwealth Bank Australia , Mitsubishi UFJ Financial Group Inc , China Citic Bank , ANZ Banking Group , Industrial & Comm Bank of China , Credit Agricole CIB , Westpac Banking , TOTAL 1% 93, % Asia ex-japan G3 Corporate High Yield Bonds Haitong Securities Co Ltd Guotai Junan Securities Bank of China Morgan Stanley UBS China Citic Bank Credit Suisse HSBC Bank of America Merrill Lynch VTB Capital CITIC Securities Co Ltd Deutsche Bank Standard Chartered Bank Citi DBS Group Orient Securities Co Ltd BNP Paribas Mandiri Sekuritas PT ING Groep Societe Generale TOTAL 1% 11, % Bloomberg League Table Reports Page 17