GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS. REUTERS / Ilya Naymushin

Transcription

1 GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS REUTERS / Ilya Naymushin Full Year 017

2 GLOBAL CAPITAL MARKETS REVIEW Table of Contents Global Capital Markets Canada Capital Markets Global Deals Intelligence 1 Canada All Debt (CAL1) - Issuer 6 Australia International Bonds (BW1) - Issuer Global Debt, Equity & Equity-related Excluding FCA (G01) - Issuer 1 Canada All Debt (CAL1) - Manager 6 Australia International Bonds (BW) - Manager Global Debt, Equity & Equity-related Excluding FCA (G01) - Manager 1 Canada Equity & Equity-related (CAL) - Issuer 6 Japan Capital Markets Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart 1 Canada Equity & Equity-related (CAL) - Manager 6 Japan Common Stock (JL1) - Issuer 11 Global Straight Debt Including ABS & MBS (G0) - Issuer EMEA Capital Markets Japan Common Stock (JL) - Manager 11 Global Straight Debt Including ABS & MBS (G0) - Manager All International Bonds (AV1) - Issuer 7 Samurai Bonds (JL5) - Issuer 11 Global Straight Debt Excluding ABS & MBS (G0) - Issuer All International a Bonds (AV) - Manager age 7 Samurai a Bonds (JL6) - Manager age 11 Global Straight Debt Excluding ABS & MBS (G0) - Manager EMEA Equity & Equity-related (AX1) - Issuer 7 Global Equity & Equity-related (G0) - Issuer EMEA Equity & Equity-related (AX) - Manager 7 Criteria Summary Global Equity & Equity-related (G0) - Manager Ranking Criteria Summary 1 US Capital Markets Asia Pacific (Ex Japan) Capital Markets Asia Equity & Equity-related (BX1) - Issuer Thomson Reuters Contact 1 US Debt, Equity & Equity Related (AB1) - Issuer US Debt, Equity & Equity Related (AB1) - Manager Asia Equity & Equity-related (BX) - Manager Asia Pacific G Bonds (BV1) - Issuer Thomson Reuters Solutions For the Deal Making Community 1 US Equity & Equity Related (AB) - Issuer Asia Pacific G Bonds (BV) - Manager US Equity & Equity Related (AB) - Manager US Straight Debt Including ABS & MBS (AB6) - Issuer 5 Asia Pac G Bonds ex Australasia, Central Asia (BV) - Issuer Asia Pac G Bonds ex Australasia, Central Asia (BV) - Manager 9 9 US Straight Debt Including ABS & MBS (AB6) - Manager 5 Australia Equity & Equity-related (BY1) - Issuer US Straight Debt Excluding ABS & MBS (AB7) - Issuer 5 Australia Equity & Equity-related (BY) - Manager US Straight Debt Excluding ABS & MBS (AB7) - Manager 5

3 GLOBAL CAPITAL MARKETS REVIEW Global Debt & Equity Proceeds Up 7% Equity Proceeds Up 1% Straight Debt Proceeds Up % Total combined debt and equity capital markets activity totaled US$7.9 trillion for full year 017, an increase of.% in comparison to the capital raised last year. was the top overall advisor to issuers across debt and equity in 017; advising issuers on 6 deals totaling US$05.1 billion. was also the top overall advisor to managers across debt and equity in 017; advising managers on 975 transactions totaling US$59.5 billion. Global Straight Debt excluding securitizations totaled US$6.1 trillion in full year 017, representing a 1.5% decrease compared to 016. The total number of deals executed in 017 (19,17) increased by % relative to 016. Global equity capital markets activity totaled US$791.5 billion in full year 017, representing a 19.5% increase from last year. The total number of deals executed in 017 (5,769) increased by 1.% relative to 016. Grandall Law Firm took first place among issuer advisors in global equity capital markets during full year 017, with 95 issues totaling US$1. billion. was the leading global equity and equity-related legal advisor to managers, having advised on a total of 1 transactions with a total value of US$.9 billion in proceeds raised. Global Debt, Equity & Equity-related Ex FCA (G01) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch , , , , , , , * , Cleary Gottlieb Steen & Hamilton , , * , Simpson Thacher & Bartlett , Anderson Mori & Tomotsune 1* , * , Grandall Law Firm , Global follow-on offerings totaled US$509.9 billion during full year 017, an increase of 1% compared Morgan Lewis & Bockius , Freshfields Bruckhaus Deringer 17 16* , to a year ago and the strongest anunal period for follow-on offerings since 015. Follow-on offerings Kirkland & Ellis 1 16* , from companies in the Financial sector accounted for % of capital raising during 017, up significantly from 1% of overall follow-on on offerings a year ago. Financials, Media and Telecom Conyers Dill & Pearman Baker & McKenzie 19 0 * ,6.9, offerings increased a combined 95% compared to full year , ,79 7,900, The volume of global high yield corporate debt reached US$. billion during full year 017, an increase of 0% compared to the same time last year and the strongest annual period for global high yield issuance in three years. United States high yield issuers accounted for 5% of total issuance, down from 60% a year ago. The United Kingdom, Canada and China each accounted 6% of this year s issuance. Quarterly Global Legal-Advisor Debt, Equity and Equity-related 6.9% -.% Global Debt, Equity & Equity-related Ex FCA (G01).% -15.0% Proceeds (US$b),500,000 1,500 1, Q1 Proceeds (US$b) # of Issues Q Q Q 1Q1 Q Q Q 1Q1 Q Q Q 1Q15 Q Q Q 1Q16 Q Q Q 1Q17 Q Q Q,000 7,000 6,000 5,000,000,000,000 1,000 0 # of Issues Manager Legal Advisor Rank Rank Deals hare # of Deals Proceeds Rank Sh (%) Share Ch , , , , Simpson Thacher & Bartlett , , , , , Cahill Gordon & Reindel * , * , Shearman & Sterling LLP , , Cravath, Swaine & Moore , Cleary Gottlieb Steen & Hamilton 15 17* , Morgan Lewis & Bockius , , Hunton & Williams , Freshfields Bruckhaus Deringer 19 17* , Baker & McKenzie 0 0* , , ,79 7,900, %.% -.% -15.0% Excludes Federal Credit Agency Issuance 1

4 GLOBAL DEBT CAPITAL MARKETS Global Straight Debt Including ABS & MBS (G0) Global Straight Debt Including ABS & MBS (G0) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch , , , , , , , , , , * , , * , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton , , , Cahill Gordon & Reindel , , , Anderson Mori & Tomotsune 11* , Shearman & Sterling LLP , * , Morgan Lewis & Bockius 1* , Kirkland & Ellis 1 1* , * , * , Cleary Gottlieb Steen & Hamilton , Freshfields Bruckhaus Deringer , Cravath, Swaine & Moore 15 1* , Simpson Thacher & Bartlett , * , Morgan Lewis & Bockius , Hunton & Williams 17 * , Shearman & Sterling LLP , , Hunton & Williams 19 * , Milbank Tweed Hadley & McCloy 19 0* , Cravath, Swaine & Moore , Hogan Lovells , , ,01, , ,01, % 1.1% -16.9% -17.%.% 1.1% -16.9% -17.% Global Straight Debt Excluding ABS & MBS (G0) Global Straight Debt Excluding ABS & MBS (G0) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch , , , , , , , , , , * , Cahill Gordon & Reindel , , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton 11* , * , * , * , Anderson Mori & Tomotsune * , , * , Shearman & Sterling LLP , , , Freshfields Bruckhaus Deringer 1 11* , Cravath, Swaine & Moore , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton , Shearman & Sterling LLP , , Kirkland & Ellis , Hunton & Williams 16 1* , Cravath, Swaine & Moore , Milbank Tweed Hadley & McCloy , Gibson Dunn & Crutcher 1* * , Freshfields Bruckhaus Deringer , * 6* , Hogan Lovells 19* , Allen & Gledhill , * , , ,057, , ,057, % -1.5% -19.6% -.%.0% -19.6% -1.5% -.% Excludes Federal Credit Agency Issuance

5 GLOBAL EQUITY CAPITAL MARKETS Global Equity & Equity-related (G0) Global Equity & Equity-related (G0) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Manager Legal Advisor Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch. Grandall Law Firm , , Conyers Dill & Pearman , , , , Cooley LLP 15* , Goodwin Procter LLP , , Cooley LLP , Zhong Lun Law Firm , Simpson Thacher & Bartlett , AllBright Law Offices 7 17* , * , Handsome Attorneys at Law , , Grandway Law Offices 9 11* , Baker & McKenzie 9* , Appleby , * , Baker & McKenzie 11* , Freshfields Bruckhaus Deringer 11 1* , * 11* , * , Goodwin Procter LLP , Herbert Smith Freehills , Simpson Thacher & Bartlett , Blake Cassels & Graydon 1* , Vinson & Elkins LLP 15 15* , Covington & Burling 1* 7* , Norton Rose Fulbright 16 17* , * 7* , * 5* , Norton Rose Fulbright 17* 16* , * * , Stikeman Elliott 17* 16* , Wilson Sonsini Goodrich & Rosati 17* * , Mintz Levin Cohn Ferris Glovsky & Popeo , DLA Piper LLP 0 11* , * , , , , , , , % 19.5% 1.% 19.5% 7.0% -0.% 7.0% -0.%

6 US CAPITAL MARKETS REVIEW US Debt, Equity & Equity Related (AB1) US Debt, Equity & Equity Related (AB1) Manager Legal Advisor , , , , , Simpson Thacher & Bartlett , , , , Cahill Gordon & Reindel , Cleary Gottlieb Steen & Hamilton , Cravath, Swaine & Moore , , , Simpson Thacher & Bartlett 0. -6, Shearman & Sterling LLP * * , Kirkland & Ellis , * , Morgan Lewis & Bockius * * , Cleary Gottlieb Steen & Hamilton , Vinson & Elkins LLP * , , Cooley LLP , Hunton & Williams , Gibson Dunn & Crutcher , , Hunton & Williams 1 1* , * , Shearman & Sterling LLP 15 * , Morgan Lewis & Bockius , Cravath, Swaine & Moore 16* , , * , Goodwin Procter LLP , Goodwin Procter LLP , Cooley LLP 1 * , Hogan Lovells 19 17* , Milbank Tweed Hadley & McCloy , * , Freshfields Bruckhaus Deringer 0 9* , , ,, , ,, % 9.5% 1.9% -1.9%.9% 1.9% 9.5% -1.9% US Equity & Equity Related (AB) US Equity & Equity Related (AB) Manager Legal Advisor Cooley LLP , , , , Goodwin Procter LLP. +, Goodwin Procter LLP , Vinson & Elkins LLP , Cooley LLP , * , Simpson Thacher & Bartlett , Wilson Sonsini Goodrich & Rosati 5* , , Venable LLP , Covington & Burling , Simpson Thacher & Bartlett , Mintz Levin Cohn Ferris Glovsky & Popeo , Morgan Lewis & Bockius , Ellenoff Grossman Schole & Cyruli 9* 9* * 6* , Freshfields Bruckhaus Deringer 9* 6* , WilmerHale * , Cravath, Swaine & Moore 11* 9* , Fenwick & West LLP 1 1* , * , Gibson Dunn & Crutcher 1 6* , Vinson & Elkins LLP 11* , Ropes & Gray , Ropes & Gray 1 16* , Fried Frank Harris Shriver & Jacobson 15 0* , Shearman & Sterling LLP 15 16* , * 6* , Cahill Gordon & Reindel 16 9* , * 0* , Wilson Sonsini Goodrich & Rosati 17 0* , Morrison & Foerster 1 15* , * , Maples & Calder 19 50* , Proskauer Rose LLP 19 0* Hunton & Williams 0* 0* , * , Mintz Levin Cohn Ferris Glovsky & Popeo 0* 66* , , %.7%.0% 1.%.7% -9.% 1.% -9.% Excludes U.S. Federal Credit Agency Issuance

7 US CAPITAL MARKETS REVIEW US Straight Debt Including ABS & MBS (AB6) US Straight Debt Including ABS & MBS (AB6) , , , Cleary Gottlieb Steen & Hamilton , , , Kirkland & Ellis , , Simpson Thacher & Bartlett , , Shearman & Sterling LLP 11* , Hunton & Williams Cravath, Swaine & Moore 11* 1* 7* ,56.1 5, Morgan Lewis & Bockius Gibson Dunn & Crutcher 1* * ,5. 66, Willkie Farr & Gallagher ,56.1 1, Hogan Lovells , McGuireWoods LLP 19 15* , Vinson & Elkins LLP 0 15* , , ,909, Manager Legal Advisor , , , Cahill Gordon & Reindel , Simpson Thacher & Bartlett , , Cravath, Swaine & Moore 7 7* , , Cleary Gottlieb Steen & Hamilton 9* , Shearman & Sterling LLP 9* , Hunton & Williams , , * , * , Morgan Lewis & Bockius 15 1* , , Milbank Tweed Hadley & McCloy , , Dechert , Fried Frank Harris Shriver & Jacobson , , ,909, % 7.1% 15.% -1.%.7% 7.1% 15.% -1.% US Straight Debt Excluding ABS & MBS (AB7) US Straight Debt Excluding ABS & MBS (AB7) Manager Legal Advisor , , , , , Cahill Gordon & Reindel , Cleary Gottlieb Steen & Hamilton , Simpson Thacher & Bartlett 6.0 +, , , Simpson Thacher & Bartlett , , , Shearman & Sterling LLP , Kirkland & Ellis 9* , Cravath, Swaine & Moore 7* , Shearman & Sterling LLP , , , Cleary Gottlieb Steen & Hamilton , Cravath, Swaine & Moore 11 9* , * , Gibson Dunn & Crutcher , , * , , Willkie Farr & Gallagher 1* , Hunton & Williams , Hunton & Williams 1* , Milbank Tweed Hadley & McCloy , * , * , Hogan Lovells 16* , , McGuireWoods LLP 1 1* , Fried Frank Harris Shriver & Jacobson , Vinson & Elkins LLP 19 1* , Gibson Dunn & Crutcher 19* , , Freshfields Bruckhaus Deringer 19* , , ,91, Vinson & Elkins LLP 19* 1* , , ,9, %.1% -1.1% -1.6% 1.%.% -0.9% -1.5% Excludes Federal Credit Agency Issuance 5

8 CANADA CAPITAL MARKETS REVIEW Canada All Debt (CAL1) Canada All Debt (CAL1) Proceeds per Advisor (C$m) Proceeds per Advisor (C$m) Manager Legal Advisor Blake Cassels & Graydon 1 * , McCarthy Tetrault , Torys * * , Osler Hoskin & Harcourt LLP , Osler Hoskin & Harcourt LLP * , Torys 9.0 -, McCarthy Tetrault , Davies Ward Phillips & Vineberg LLP 5* 1. +, Borden Ladner Gervais LLP , Norton Rose Fulbright 5 5* , Norton Rose Fulbright 6 6*. +5, Blake Cassels & Graydon 6* , Davies Ward Phillips & Vineberg LLP 7* 6* , Stikeman Elliott 6* 1* , * , * , Burnet Duckworth & Palmer 9* Goodmans 9 7* McGuireWoods LLP 9* Gibson Dunn & Crutcher * 7* , Shearman & Sterling LLP 9* * * 7* , Stikeman Elliott 9* * , * * , * Bennett Jones 1* 1* Freshfields Bruckhaus Deringer 1* * Cravath, Swaine & Moore 1* Hogan Lovells 1* , Cassels Brock & Blackwell LLP 1* * * Burnet Duckworth & Palmer 1* 1* , * , Fasken Martineau DuMoulin LLP 1* Milbank Tweed Hadley & McCloy 1* * Lavery de Billy 1* * * 1* Goodmans 1* * Simpson Thacher & Bartlett 1* , * , * , Willkie Farr & Gallagher 1* %.% , % -6.% -.7% -17.1%.% -6.% Canada Equity & Equity-related (CAL) Canada Equity & Equity-related (CAL) Proceeds per Advisor (C$m) Proceeds per Advisor (C$m) Manager Legal Advisor Dorsey & Whitney LLP , Stikeman Elliott , Blake Cassels & Graydon , Blake Cassels & Graydon , Stikeman Elliott 6* 6.6 +, Cassels Brock & Blackwell LLP 1* McCarthy Tetrault , Borden Ladner Gervais LLP 9* Cassels Brock & Blackwell LLP 5 1* Baker & McKenzie 5* 9* Troutman Sanders LLP Osler Hoskin & Harcourt LLP 5* 9* 1. +6, Norton Rose Fulbright 7* , Fasken Martineau DuMoulin LLP Osler Hoskin & Harcourt LLP 7* , Torys , Torys 9 6* , Goodmans 9 1* , Dentons Canada LLP 7* Dorsey & Whitney LLP * 15* Burnet Duckworth & Palmer 11* McCarthy Tetrault * , Paul, Weiss 11* , * 7* Bennett Jones 1* 0* Troutman Sanders LLP 1* Davies Ward Phillips & Vineberg LLP 1* 17* Burnet Duckworth & Palmer 1* Borden Ladner Gervais LLP 15* 1* Davies Ward Phillips & Vineberg LLP 1* Fasken Martineau DuMoulin LLP 15* 15* Bennett Jones 16* Gowling WLG 15* Dentons Canada LLP 16* 15* Miller Thomson 15* Gowling WLG 16* 1* * 15* , Paul, Weiss 16* 1* 1.1-1, , Wildeboer Dellelce LLP 16* , % -.7% 1.% 5.% 5.% -.7% 1.% 5.% 6

9 INTERNATIONAL DCM AND EMEA ECM All International Bonds All International Bonds 017 Rank 016 Rank # of Deals Market Sh (%) Change in # of Deals Proceeds Rank Market Sh (%) Market Share Ch. Manager Legal Advisor 017 Rank 016 Rank # of Deals Market Sh (%) Change in # of Deals Proceeds Rank Market Sh (%) Market Share Ch , , , , Cleary Gottlieb Steen & Hamilton , , , , , , , , , Simpson Thacher & Bartlett , , Cahill Gordon & Reindel , , , , , Freshfields Bruckhaus Deringer , Shearman & Sterling LLP , Anderson Mori & Tomotsune , , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton , , Cravath, Swaine & Moore , Shearman & Sterling LLP , , Kirkland & Ellis , , , Hunton & Williams , Cravath, Swaine & Moore , Milbank Tweed Hadley & McCloy , Gibson Dunn & Crutcher 19* * , Hogan Lovells , Hunton & Williams 19* 51* , Freshfields Bruckhaus Deringer , , ,59, , ,59, % 9.9% -0.5% -.5%.0% 9.9% -0.5% -.5% EMEA Equity & Equity-related (AX1) EMEA Equity & Equity-related (AX) Manager Legal Advisor , , * , , * , * , * , Freshfields Bruckhaus Deringer * * , * , * , Baker & McKenzie 6* , Ashurst 6* , Freshfields Bruckhaus Deringer 6* , Baker & McKenzie 6* 9* , * , * 7* , Advokatfirman Vinge 9 * , CMS 9* 1* Norton Rose Fulbright * 1* , * * , Setterwalls * 1* Hogan Lovells , Slaughter and May 1 17* , Covington & Burling 1* 16* * , Travers Smith 1* 7* Advokatfirmaet Schjodt ANS 1* 91* Cooley LLP 1* 0* , Hogan Lovells 1* * , Norton Rose Fulbright 1* 0* , Jones Day 1* 6* * , * 57* , Shearman & Sterling LLP 17 9* , NCTM 1* 91* * 1* , Advokatfirmaet Thommessen AS 1* * NautaDutilh 1* 50* , , , , , %.% 1.1% -1.% 19.1%.% 1.1% -1.% Excludes Federal Credit Agency Issuance 7

10 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Equity & Equity-related (BX1) Asia Equity & Equity-related (BX) Manager Legal Advisor Grandall Law Firm , , Conyers Dill & Pearman.0 +, * , Zhong Lun Law Firm , Jingtian & Gongcheng , AllBright Law Offices , Norton Rose Fulbright 9* Handsome Attorneys at Law 5* , , * , Commerce & Finance Law Offices 6* , Grandway Law Offices 7 7* , Shardul Amarchand Mangaldas & Co 6* * , Appleby 7* Paul Hastings LLP * 5* , Deheng Law Offices , Squire Patton Boggs LLP * , M.V. Kini & Co 1* * , Far East United Law Firm 11* 11* * 11* , Beijing Kangda Law Firm 11* 17* , Luthra & Luthra Law Offices 11* * , Cyril Amarchand Mangaldas 1* 11* , Khaitan & Co 1* * , Khaitan & Co 1* 0* , * 0* , Shu Jin Law Firm 1* 5* , * Maples & Calder 16 0* , Grandall Law Firm 1* 9* , JunHe LLP 17* 17* , Herbert Smith Freehills , Tian Yuan Law Firm Jia Yuan Law Offices 17* 17* 6 * ,1. 7, Howse Williams Bowers Loeb & Loeb 1* 1* 69* 0* Kanga & Company 0* * S&R Associates 1* 16* 0. +, LLinks Law Offices 0* , , ,. 0.0, , % 0.% 1.% 0.% 6.6%.9% 6.6%.9% Asia Pacific G Bonds (BV1) Asia Pacific G Bonds (BV) Manager Legal Advisor , , ,17.9 1, ,069.7, , * 5.9-9, , * , , Shearman & Sterling LLP , Allen & Gledhill , , Cleary Gottlieb Steen & Hamilton , Cleary Gottlieb Steen & Hamilton 6* , * , * , Shearman & Sterling LLP * 1* , JunHe LLP 1* , * 15* , Haiwen & Partners 11 1* 1. +6, * , Simpson Thacher & Bartlett 1 6* 1.1-5, JunHe LLP 1* * , , Milbank Tweed Hadley & McCloy 1* 1* 1.1 +, Anderson Mori & Tomotsune 1* 1* , * 15* 1.1 +, Fangda Partners 1* , Commerce & Finance Law Offices 16* * , Milbank Tweed Hadley & McCloy 1* 11* , Freshfields Bruckhaus Deringer 16* , * 15* , Anderson Mori & Tomotsune 1* * , * 15* , Shimazaki Law Firm 1* * , , % 9.% 6.9% 9.%.0% 9.6%.0% 9.6%

11 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Pac G Bonds ex Australasia, Central Asia (BV) Asia Pac G Bonds ex Australasia, Central Asia (BV) Manager Legal Advisor , , , , , , , , , Shearman & Sterling LLP , Allen & Gledhill , Cleary Gottlieb Steen & Hamilton 6* , Cleary Gottlieb Steen & Hamilton , * 17. +, Shearman & Sterling LLP * * 1* * ,5. 7, JunHe LLP * * 0* 9* ,17., * , Haiwen & Partners 11* , JunHe LLP 11* * 1. +7, Simpson Thacher & Bartlett , Milbank Tweed Hadley & McCloy 11* * 1. +, Milbank Tweed Hadley & McCloy 1 11* , Commerce & Finance Law Offices 1* , Fangda Partners 1* , Freshfields Bruckhaus Deringer 1* 15 19* ,7.9, Anderson Mori & Tomotsune 1* 15* 1* 0* , Herbert Smith Freehills 16* * , Deheng Law Offices 15* Jingtian & Gongcheng 16* , Jia Yuan Law Offices 15* 0* , * * 0.7 +, Jingtian & Gongcheng 15* 0* 0.5 +, J Sagar Associates 16* 1* , * 1* , Paul Hastings LLP 16* 19* , Allen & Gledhill 0* 17* , Cahill Gordon & Reindel 0* AZB & Partners 0* % 5.1% Freshfields Bruckhaus Deringer 0* % 11.% 0* 9* Paul Hastings LLP 0* Zhong Lun Law Firm 0* 0* * , , % 5.1% 1.% 11.% 9

12 AUSTRALIA CAPITAL MARKETS REVIEW Australia Equity & Equity-related (BY1) Australia Equity & Equity-related (BY) Proceeds per Advisor (AU$m) Gilbert + Tobin , DLA Piper LLP Baker & McKenzie Herbert Smith Freehills , Bellanhouse Legal 5 7* Steinepreis Paganin 6 7* HWL Ebsworth Lawyers 7 * Ashurst * Clayton Utz * McCullough Robertson * 1* * 1* , * 1* , Minter Ellison 1* 1* , HopgoodGanim 1* K&L Gates 1* * Talbot Sayer Lawyers 1* 1* GRT Lawyers 17 1* , Proceeds per Advisor (AU$m) Manager Legal Advisor Herbert Smith Freehills , Gilbert + Tobin , Baker & McKenzie , * * Clayton Utz * * , , Ashurst 7 6* Borden Ladner Gervais LLP * Blake Cassels & Graydon * Hogan Lovells * HopgoodGanim * Loeb & Loeb * Thomson Geer * , , %.6% 55.6% 66.% 5.7%.6% 55.6% 66.% Australia International Bonds (BW1) Australia International Bonds (BW) , , * , Anderson Mori & Tomotsune 6* , * *.7 0-1, Shimazaki Law Firm 5* Debevoise & Plimpton 5* 6* , Baker & McKenzie * * , * , * * * Herbert Smith Freehills 11* * * * Simmons & Simmons 11* TMI Associates 11* Zhong Lun Law Firm 11* * , Manager Legal Advisor , , *.7 0, * 7*.7 +, , Baker & McKenzie 6* Anderson Mori & Tomotsune 6* * * 5* * Hogan Lovells 9* 5* Herbert Smith Freehills 9* 7* Fangda Partners 9* Simpson Thacher & Bartlett 9* 7* , , % -.5% -1.6% -5.% -1.% -1.6% -.5% -5.%

13 JAPAN CAPITAL MARKETS REVIEW Japan Common Stock (JL1) Japan Common Stock (JL) Manager Legal Advisor Nishimura & Asahi , Anderson Mori & Tomotsune , Mori Hamada & Matsumoto , Nagashima Ohno & Tsunematsu 6* , Anderson Mori & Tomotsune , Mori Hamada & Matsumoto * , Nagashima Ohno & Tsunematsu , * * , Simpson Thacher & Bartlett 5 5* , Simpson Thacher & Bartlett * , * , * * , Morrison & Foerster 7 7* * Baker & McKenzie * Morrison & Foerster 7* * Nishimura & Asahi 7* * 1. +, Morgan Lewis & Bockius * 7* Morgan Lewis & Bockius 6* * * * H M chan & Co * Soga Law Office 11* * , Norton Rose Fulbright 11* * , % 1.% 66.7% -5.% 9.% 1.% 66.7% -5.% Samurai Bonds (JL5) Samurai Bonds (JL6) Manager Legal Advisor Anderson Mori & Tomotsune , Anderson Mori & Tomotsune , Nagashima Ohno & Tsunematsu 5* , Nagashima Ohno & Tsunematsu. +5, * Nishimura & Asahi , , Baker & McKenzie * Shimazaki Law Firm 5 * * * , Baker & McKenzie 6* Cleary Gottlieb Steen & Hamilton 9* %.9% Uryu & Itoga 9* % 01.% , %.9% 00.0% 01.% 11

14 Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about our full league table criteria please contact: United States Salvatore Reres Tel: Europe Ian Willmott Tel: + (0) ian.willmott@thomsonreuters.com Asia-Pacific Carina Causon-Israel Tel: carina.causon@thomsonreuters.com Japan Aki Sato Tel: aki.sato@thomsonreuters.com Canada Gavin Penny Tel: gavin.penny@thomsonreuters.com - All current data and previous year's data is as of 9:00am EST on January 1, 01. Full credit is given to the issuer s legal counsel and manager s legal counsel. All rankings exclude General Counsel. Rankings are accumulated based on number of transactions per advisor. Rankings based on proceeds are available on product. - Time periods for league tables will be based upon pricing/launch date. - Where applicable, all league tables include Rule 1a transactions. All league tables exclude pure private placements. Medium Term Notes programs are excluded but Medium Term Note takedowns are included. MTN takedowns from continuously offered retail programs are tracked but are not eligible for league table credit. - Initial Public Offering league tables include only transactions where the common stock has never before traded publicly in any market. - Standard league table exclusions: best efforts offerings, non-underwritten transactions and direct placements, rights offerings, transactions that mature or are callable/putable less than 60 days after settlement, CD's, Deposit Notes & Bank Notes, Federal Credit Agency transactions (US Only), exchange offers, and offerings by closed-end funds/trusts. - High Yield is defined as securities with an S&P rating equal to or less than BB+ and a Moody s rating equal to or less than Ba1. Securities not rated by both agencies are assumed high yield with the exception of certain issuers (e.g., Federal Credit Agencies). Certificates of Deposit, General Term Notes, and Split-junk rated securities (i.e., securities with an investment grade rating from one agency and a high yield rating from the other) are excluded. Non-convertible preferred stock transactions are included. - Mortgage and asset-backed securities collateralizing first lien mortgages, home improvement loans, manufactured housing contracts, home equity lines of credit and second liens are subject to the classification rules detailed in the Rules for Categorizing Mortgage and Assetbacked Securities letter dated January 1, Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retail structured products, self-funded issuance. League Tables are denominated in Canadian dollars. - Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, maples and self-funded issuance. League tables are denominated in Canadian dollars. - Federal Credit Agency issuance is excluded in all regional and global league table rankings. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 01 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 1

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