GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS. REUTERS / Tony Gentile

Transcription

1 GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS REUTERS / Tony Gentile First Half 05

2 US CAPITAL MARKETS REVIEW Table of Contents Global Capital Markets Canada Capital Markets Global Deals Intelligence Canada All Debt (CAL) - Issuer 6 Australia International Bonds (BW) - Issuer 0 Global Debt, Equity & Equity-related Excluding FCA (G0) - Issuer Canada All Debt (CAL) - Manager 6 Australia International Bonds (BW) - Manager 0 Global Debt, Equity & Equity-related Excluding FCA (G0) - Manager Canada Equity & Equity-related (CAL) - Issuer 6 Japan Capital Markets Quarterly Global Legal Advisor Debt, Equity and Equity-related Chart Canada Equity & Equity-related (CAL) - Manager 6 Japan Common Stock (JL) - Issuer Global Straight Debt Including ABS & MBS (G0) - Issuer EMEA Capital Markets Japan Common Stock (JL) - Manager Global Straight Debt Including ABS & MBS (G0) - Manager All International Bonds (AV) - Issuer Samurai Bonds (JL5) - Issuer Global Straight Debt Excluding ABS & MBS (G03) - Issuer All International Bonds (AV) - Manager Samurai Bonds (JL6) - Manager Global Straight Debt Excluding ABS & MBS (G03) - Manager EMEA Equity & Equity-related (AX) - Issuer Global Equity & Equity-related (G08) - Issuer 3 EMEA Equity & Equity-related (AX) - Manager Criteria Summary Global Equity & Equity-related (G08) - Manager 3 Ranking Criteria Summary US Capital Markets Asia Pacific (Ex Japan) Capital Markets Asia Equity & Equity-related (BX) - Issuer 8 Thomson Reuters Contact US Debt, Equity & Equity Related (AB) - Issuer US Debt, Equity & Equity Related (AB) - Manager Asia Equity & Equity-related (BX) - Manager Asia Pacific G3 Bonds (BV) - Issuer 8 8 Thomson Reuters Solutions For the Deal Making Community 3 US Equity & Equity Related (AB) - Issuer Asia Pacific G3 Bonds (BV) - Manager 8 US Equity & Equity Related (AB) - Manager US Straight Debt Including ABS & MBS (AB6) - Issuer 5 Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) - Issuer Asia Pac G3 Bonds ex Australasia, Central Asia (BV) - Manager 9 9 US Straight Debt Including ABS & MBS (AB6) - Manager 5 Australia Equity & Equity-related (BY) - Issuer 0 US Straight Debt Excluding ABS & MBS (AB) - Issuer 5 Australia Equity & Equity-related (BY) - Manager 0 US Straight Debt Excluding ABS & MBS (AB) - Manager 5

3 GLOBAL CAPITAL MARKETS REVIEW Global Debt & Equity Proceeds Down 9.8% from 0 Equity Proceeds up 9.5% Top Advisor Total combined debt and equity capital markets activity totaled over US$3.5 trillion for the first half of 05, a decrease of 9.8% in comparison to the capital raised during the same period last year. Global Debt, Equity & Equity-related Ex FCA (G0) was the top overall advisor to issuers across debt and equity in the first half of 05; advising issuers on deals totaling US$85.9 billion. was also the top overall advisor to managers across debt and equity in the first half of 05; advising managers on 355 transactions totaling US$0. billion. Global Straight Debt excluding securitizations totaled US$.5 trillion in the first half of 05, representing a.% decrease compared to the same period in 0. The total number of deals executed in the first half of 05 (5,933) decreased by 9.6% relative to 0's total. Global equity capital markets activity totaled US$55. billion in the first half of 05, representing a 9.5% increase from last year. The total number of deals executed in the first half of 05 (,68) increased by 8.3% relative to 0 s first half total. took first place amoung issuer advisors in global equity capital markets in the first half of 05, with 53 issues totaling over US$. billion. was also the leading global equity and equity-related legal advisor to managers, having advised on a total of 0 transactions with a total value of almost US$33. billion in proceeds raised. Global High Yield corporate debt volume reached US$.6 billion during the first half of 05, a % decrease compared to the first half of 0 and the slowest first half for global high yield issuance in two years. Second quarter 05 highh yield issuance decreasedd % compared to the record-breaking second quarter of last year (US$63.0 billion). Initial public offering activity during the first half of 05 totaled US$00. billion, a decrease of 6% from last year and the slowest first half for global IPOs in two years. Issuers in China, Spain, the U.S. and U.K. accounted for 6% of all activity during the first half of 05. Quarterly Global Legal-Advisor Debt, Equity and Equity-related Proceeds (US$b),500,000,500, Proceeds (US$b) # of Issues,000 6,000 5,000,000 3,000,000,000 # of Issues Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch , , Sidley Austin LLP , , Cleary Gottlieb Steen & Hamilton , , , Linklaters 8* , Simpson Thacher & Bartlett 8* , White & Case LLP , Mayer Brown LLP , King & Wood Mallesons , Sullivan & Cromwell , Anderson Mori & Tomotsune , Grandall Law Firm 5* , Kirkland & Ellis 5* , Zhong Lun Law Firm 8* , Conyers Dill & Pearman , * , Freshfields Bruckhaus Deringer 9* , Vinson & Elkins LLP 9* 0* , , ,85 3,5, % -3.% Global Debt, Equity & Equity-related Ex FCA (G0) -9.8% -.3% Manager Legal Advisor Rank Rank Deals hare # of Deals Proceeds Rank Sh (%) Share Ch , Linklaters , , , Sidley Austin LLP , , Cahill Gordon & Reindel , Simpson Thacher & Bartlett , White & Case LLP 9 * , Cleary Gottlieb Steen & Hamilton , Shearman & Sterling LLP , , Mayer Brown LLP , , Stikeman Elliott 5* 5* , Sullivan & Cromwell 5* , Morgan Lewis & Bockius , Goodwin Procter LLP 8 5* , McCarthy Tetrault 9* , Morrison & Foerster 9* 9* , , ,85 3,5, Q Q 3Q Q Q Q 3Q Q Q3 Q 3Q Q Q Q 3Q Q Q5 Q 0 -.6% -3.% Excludes Federal Credit Agency Issuance -9.8% -.3%

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. 3* , , Sidley Austin LLP , Linklaters , Cleary Gottlieb Steen & Hamilton , , * , Sidley Austin LLP 6* , Linklaters * 3* , , Mayer Brown LLP , Cahill Gordon & Reindel , Anderson Mori & Tomotsune * , * , White & Case LLP * , Cleary Gottlieb Steen & Hamilton , * , Simpson Thacher & Bartlett , , Mayer Brown LLP , * , Shearman & Sterling LLP , Kirkland & Ellis , , Sullivan & Cromwell , White & Case LLP , Simpson Thacher & Bartlett , Morgan Lewis & Bockius , , , Shearman & Sterling LLP , Sullivan & Cromwell , King & Wood Mallesons , Morrison & Foerster 3* , Freshfields Bruckhaus Deringer 8* , Allen & Gledhill 8 5* 0.3 +, Osler Hoskin & Harcourt LLP 8* * , King & Wood Mallesons , , ,5,95, McCarthy Tetrault 0 * 9 6, ,5,68.8,95, % -.% -.8% -.0% -.6% -.% -.8% -.0% Global Straight Debt Excluding ABS & MBS (G03) Global Straight Debt Excluding ABS & MBS (G03) 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 , , Linklaters , Linklaters , Anderson Mori & Tomotsune , , * , , Cleary Gottlieb Steen & Hamilton , Cahill Gordon & Reindel , , , * , Simpson Thacher & Bartlett , , Shearman & Sterling LLP , Sullivan & Cromwell , , White & Case LLP 0 * , Sidley Austin LLP , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton , Kirkland & Ellis , White & Case LLP , Sidley Austin LLP , , , Sullivan & Cromwell , Mayer Brown LLP 5* , Morrison & Foerster , King & Wood Mallesons 5* * , Allen & Gledhill 6 * 0. +, Shearman & Sterling LLP , King & Wood Mallesons , Freshfields Bruckhaus Deringer , Mayer Brown LLP 8 9* , McGuireWoods LLP 9* 8* , Milbank Tweed Hadley & McCloy , Willkie Farr & Gallagher 9* * , McCarthy Tetrault 0 * , , ,9,53, , ,9,53, % -.% -9.6% -.% -.% -5.5% -.% -5.5% Excludes Federal Credit Agency Issuance

5 GLOBAL EQUITY CAPITAL MARKETS Global Equity & Equity-related (G08) Global Equity & Equity-related (G08) Rank Rank * Deals 53 Share.0 # of Deals +8 Proceeds,8. Rank Sh (%). Share Ch. +0. Manager Legal Advisor Rank Rank Deals 0 Share.0 # of Deals - Proceeds 33,38. Rank Sh (%) 6. Share Ch. -. Zhong Lun Law Firm * , , Conyers Dill & Pearman 3* , Goodwin Procter LLP , Grandall Law Firm 3* , Linklaters , Cooley LLP 5* , White & Case LLP , King & Wood Mallesons 5* 8* , Cooley LLP 6* 8.0 +, Simpson Thacher & Bartlett , Simpson Thacher & Bartlett 6*.0-0, Venable LLP 8 6* 8.0-9, , * * , Cahill Gordon & Reindel 9* , * * , Norton Rose Fulbright 9* 6* 0.9 +, Goodwin Procter LLP * * , Shearman & Sterling LLP , Vinson & Elkins LLP * , Stikeman Elliott * , * 6* , , DLA Piper LLP 3* * , Freshfields Bruckhaus Deringer * , Baker & McKenzie 5* 8* , * 3* , Ropes & Gray 5* * , Sidley Austin LLP 5* , WilmerHale * 0.6 +, Blake Cassels & Graydon * 3* , Grandway Law Offices 8* 5* , Mintz Levin Cohn Ferris Glovsky & Pope * 3* , Jun He Law Offices 8* 66* , Ropes & Gray * 3* , Appleby 0* * Vinson & Elkins LLP * * , Burnet Duckworth & Palmer 0* * , , , Jingtian & Gongcheng 0* 35* , Paul, Weiss 0* , % 9.5%, , % 0.0% 8.3% 9.5% 9.3% 0.0% 3

6 US CAPITAL MARKETS REVIEW US Debt, Equity & Equity Related (AB) US Debt, Equity & Equity Related (AB) Manager Legal Advisor , , Sidley Austin LLP , , Simpson Thacher & Bartlett , Sidley Austin LLP , , Cahill Gordon & Reindel , Mayer Brown LLP 5 6* , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton 6 0* , Cleary Gottlieb Steen & Hamilton 6* , Kirkland & Ellis , * , , Shearman & Sterling LLP 6* , Sullivan & Cromwell , Mayer Brown LLP , White & Case LLP 0 6*.0-0 8, , Vinson & Elkins LLP 0* , , * , Morgan Lewis & Bockius * , Cooley LLP * * 3.5-3, Goodwin Procter LLP * , Venable LLP Ropes & Gray Goodwin Procter LLP Morgan Lewis & Bockius Hogan Lovells Maples & Calder 6* 3.5-9, * , * , , , * 8*. +3, * , , ,60, Sullivan & Cromwell , Linklaters , Cooley LLP 6 *.3 +, Morrison & Foerster * 9* , White & Case LLP * 6* 5. -3, Hunton & Williams , , , ,60, %.3% -9.6%.3% -6.% -0.5% -6.% -0.5% US Equity & Equity Related (AB) US Equity & Equity Related (AB) Manager Legal Advisor , , Cooley LLP * , , Venable LLP , Goodwin Procter LLP , Simpson Thacher & Bartlett , Cooley LLP.5 +, Goodwin Procter LLP 5 0* , Cahill Gordon & Reindel , Vinson & Elkins LLP , Simpson Thacher & Bartlett , * , , WilmerHale 8 0*.8 +, * 6* , Ropes & Gray , Mintz Levin Cohn Ferris Glovsky & Pope 8* 6* 5.5 +, Baker Botts LLP 0* * , Ropes & Gray 8* * , DLA Piper LLP 0* 8*.0 +, Baker Botts LLP * *.3 +, Wilson Sonsini Goodrich & Rosati 0* , Covington & Burling * 8*.3 +, Akin, Gump, Strauss, Hauer & Feld 3 *.8 + 3, Sidley Austin LLP * , * , Vinson & Elkins LLP * * , Debevoise & Plimpton 5* 33* , Shearman & Sterling LLP 5 *.0 0-8, Hogan Lovells 5* * 8.3 -, Andrews Kurth LLP 6 9* , Kirkland & Ellis 5* 8.3-3, Hunton & Williams * 0* 9.5 -, Sullivan & Cromwell 5* * , Sullivan & Cromwell * * , * 39*. + 8, Morrison & Foerster 9* 6* * *. -, Proskauer Rose LLP 9* 0* Dorsey & Whitney LLP 9* 0* , Gibson Dunn & Crutcher 9*. -6, Morgan Lewis & Bockius 9* 0*. -8, %.9% Mintz Levin Cohn Ferris Glovsky & Pope 9* 8* % -3.6% Morrison & Foerster 9* 33*. +, Paul Hastings LLP 9* 63*. +, , Excludes U.S. Federal Credit Agency Issuance -.6%.9% -6.% -3.6%

7 US CAPITAL MARKETS REVIEW US Straight Debt Including ABS & MBS (AB6) US Straight Debt Including ABS & MBS (AB6) Sidley Austin LLP , Mayer Brown LLP , Cleary Gottlieb Steen & Hamilton 3 9* , Kirkland & Ellis 8.9-8, * , * , * , Simpson Thacher & Bartlett 8* , Sullivan & Cromwell 8* , White & Case LLP , , , * , Shearman & Sterling LLP 3* , Maples & Calder 5* , McGuireWoods LLP 5* 59* , Morgan Lewis & Bockius , Paul, Weiss 8 5* , Gibson Dunn & Crutcher 9* *.0-5, Hogan Lovells 9* 30*.0 + 9, Willkie Farr & Gallagher 9*.0-3 0, , ,9, %.% -6.0% -0.% Manager Legal Advisor Sidley Austin LLP , , Cahill Gordon & Reindel , , Cleary Gottlieb Steen & Hamilton 5* , Simpson Thacher & Bartlett 5* , Mayer Brown LLP 9* , Shearman & Sterling LLP , , , Morgan Lewis & Bockius , Linklaters , * 8.9-5, Sullivan & Cromwell , White & Case LLP , * 9.3-3, Morrison & Foerster , Milbank Tweed Hadley & McCloy , Hunton & Williams , Andrews Kurth LLP 0 3* , , ,9, % -6.0%.% -0.% US Straight Debt Excluding ABS & MBS (AB) US Straight Debt Excluding ABS & MBS (AB) , * , Sullivan & Cromwell * * , * , Simpson Thacher & Bartlett * , Cleary Gottlieb Steen & Hamilton 6* 9* , Kirkland & Ellis 6* , , White & Case LLP , , McGuireWoods LLP * 56* , Mayer Brown LLP * 8. +, Shearman & Sterling LLP 3 *.6-3 3, Sidley Austin LLP 9* 6.5-8, Gibson Dunn & Crutcher 5* 3*.3-5, Hogan Lovells 5* 6*.3 + 9, Paul, Weiss 5* *.3 + 8, Willkie Farr & Gallagher 5* 8*.3-0, Ropes & Gray 9 3* 3. +5, * 8*. -3 9, Vinson & Elkins LLP 0* 3*. - 9, , ,06, % -.6%.5% -0.6% Manager Legal Advisor , Cahill Gordon & Reindel 8.9-3, , Simpson Thacher & Bartlett , Sidley Austin LLP 5* , Shearman & Sterling LLP 5* , , , Cleary Gottlieb Steen & Hamilton , Linklaters , Sullivan & Cromwell , , Morrison & Foerster , , Mayer Brown LLP , Milbank Tweed Hadley & McCloy , Hunton & Williams , White & Case LLP , Andrews Kurth LLP 9 9* , Paul Hastings LLP , , ,06, % -.6%.5% -0.6% Excludes Federal Credit Agency Issuance 5

8 CANADA CAPITAL MARKETS REVIEW Canada All Debt (CAL) Osler Hoskin & Harcourt LLP.3-5, Blake Cassels & Graydon 3.8 -, Torys , McCarthy Tetrault. -8 3, Borden Ladner Gervais LLP , Norton Rose Fulbright , Stikeman Elliott * Davies Ward Phillips & Vineberg LLP 8 9* Cleary Gottlieb Steen & Hamilton 9* * Goodmans 9* * Kramer Levin Naftalis & Frankel 9* * Morgan Lewis & Bockius 9* Burnet Duckworth & Palmer 9* * Paul, Weiss 9* * , Willkie Farr & Gallagher 9* * , % -9.8% -.3% -8.% Canada All Debt (CAL) Manager Legal Advisor McCarthy Tetrault , Osler Hoskin & Harcourt LLP 3.8-3, Stikeman Elliott 3 * 8.8 +, Torys 3*. -, Blake Cassels & Graydon 5 3* 6. -, * 3.0 +, Bennett Jones * Cleary Gottlieb Steen & Hamilton 8* * Fasken Martineau DuMoulin LLP 8* 5* Goodmans 8* 0* MacPherson Leslie & Tyerman 8* Gibson Dunn & Crutcher 8* Davies Ward Phillips & Vineberg LLP 8* 0* Morrison & Foerster 8* * * Wildeboer Dellelce LLP 8* * , % -9.8% -.3% -8.% Canada Equity & Equity-related (CAL) Canada Equity & Equity-related (CAL) Burnet Duckworth & Palmer 8.6-3, McCarthy Tetrault Blake Cassels & Graydon 3* 3* , Borden Ladner Gervais LLP 3* * Stikeman Elliott 5 3* , Osler Hoskin & Harcourt LLP 6* * 8.9-3, Torys 6* 3* , Paul, Weiss 8.3 -, Cassels Brock & Blackwell LLP 9* , Fasken Martineau DuMoulin LLP 9* * , Norton Rose Fulbright 9* , Bennett Jones * 5* , Goodmans * * Troutman Sanders LLP * Dentons 5* 3* McMillan LLP 5* 3*.5 +, Aird & Berlis * 8* Farris Vaughan Wills & Murphy * 8* , Dorsey & Whitney LLP * * LaBarge Weinstein * 3* Lavery de Billy * 3* , %.% 5.% -8.% Manager Legal Advisor Stikeman Elliott , Blake Cassels & Graydon * , McCarthy Tetrault 3. -0, Cassels Brock & Blackwell LLP Norton Rose Fulbright 5* 6* , Osler Hoskin & Harcourt LLP 5* , Torys 5* * , Bennett Jones , Troutman Sanders LLP 0 6* Burnet Duckworth & Palmer * Davies Ward Phillips & Vineberg LLP * 5* Goodmans * 9*.5 +, Gowling Lafleur Henderson LLP * * Goodwin Procter LLP * * Paul, Weiss * 5* 3.9-3, Borden Ladner Gervais LLP * 9* Baker & McKenzie 8* Dentons 8* 9* Fasken Martineau DuMoulin LLP 8* 6* Shearman & Sterling LLP 8* *. 0 -, Simpson Thacher & Bartlett 8* * Wildeboer Dellelce LLP 8* 9* , %.% 5.% -8.% 6

9 INTERNATIONAL DCM AND EMEA ECM All International Bonds All International Bonds Manager Legal Advisor , , Cleary Gottlieb Steen & Hamilton Linklaters Sidley Austin LLP * * 6* ,58. 5, , Linklaters ,355. 5,93.9 0, White & Case LLP , Cahill Gordon & Reindel , , , , Sidley Austin LLP , * , Cleary Gottlieb Steen & Hamilton 8* , * , Simpson Thacher & Bartlett 8* , Sullivan & Cromwell 0 8* , Shearman & Sterling LLP , Anderson Mori & Tomotsune * , , Kirkland & Ellis , White & Case LLP 3.3-5, Simpson Thacher & Bartlett 3 6* 3. -, Mayer Brown LLP 3 8* , Mayer Brown LLP , * , * 0.8-5, Sullivan & Cromwell * , Freshfields Bruckhaus Deringer 6 * , King & Wood Mallesons , Shearman & Sterling LLP , Milbank Tweed Hadley & McCloy * 8* , Maples & Calder 8 0* , Stikeman Elliott * * , , ,86, Morrison & Foerster 9 * , McCarthy Tetrault 0 30* , % -0.6% 3, ,86, % -6.% -.5% -0.6% -0.0% -6.% EMEA Equity & Equity-related (AX) EMEA Equity & Equity-related (AX) Manager Legal Advisor 6* , White & Case LLP , *.9 + 5, Linklaters , Freshfields Bruckhaus Deringer , * , Linklaters 9. -9, Freshfields Bruckhaus Deringer * 8* , * 3* 8.3 -, Travers Smith * 8*.8 +3, White & Case LLP 5* 8.3-6, , *. -5, * 8.3 -, Baker & McKenzie 8 * * 6* 6.0-3, Gernandt & Danielsson 9* 0* Hogan Lovells 8* * 6.0 +, Seward & Kissel 9* 0* Goodwin Procter LLP 8* 6* Advokatfirman Vinge * 0* 0.6 +, Cleary Gottlieb Steen & Hamilton * * , Berwin Leighton Paisner * 59* , Shearman & Sterling LLP * 6* , Dentons * * , Herbert Smith Freehills * 8* 0.6-3, Ashurst * * Jones Day * 0* Hammarskiold & Co * 6* Mayer Brown LLP * 5* , Simmons & Simmons * 8* NautaDutilh * 0* 0.6 +, Wragge & Co * , Paul, Weiss * * Cooley LLP * 6* Shearman & Sterling LLP * 8* 0.6-3, , Webber Wentzel * DLA Piper LLP * * % -6.0% , % -9.8%.0% -6.0%.5% -9.8% Excludes Federal Credit Agency Issuance

10 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Equity & Equity-related (BX) Asia Equity & Equity-related (BX) Zhong Lun Law Firm Grandall Law Firm Conyers Dill & Pearman King & Wood Mallesons Grandway Law Offices Jun He Law Offices Jingtian & Gongcheng AllBright Law Offices Appleby Handsome Attorneys at Law Hairun Law Firm Tian Yuan Law Firm Manager Legal Advisor 6* 39. +, Norton Rose Fulbright 3* , *. -, , Jingtian & Gongcheng 3 3* 0. -, , , * * 6. +, Commerce & Finance Law Offices 5 6* 0. -, * * 6. +9, AZB & Partners 6* 3* , * , Paul Hastings LLP 6* * , *.5 +8, Mayer Brown LLP 8 * * * Freshfields Bruckhaus Deringer 9* * 0. -, * 8* Herbert Smith Freehills 9* 0* * *.3 +, Haiwen & Partners 9* 8* 0. -, * * , Jun He Law Offices 9* 0* 0. -3, Far East United Law Firm 3* Deheng Law Offices 9* * Beijing Kangda Law Firm 3* 3*. +, Simpson Thacher & Bartlett 9* * , Jia Yuan Law Offices 3* 8*. + 9, Shearman & Sterling LLP 9* 0* , Deheng Law Offices 6* * 0. +3, Linklaters 9* * Shu Jin Law Firm 6* 58* , Amarchand Mangaldas 8 * 9.0 +, Maples & Calder , % 5.% Michael Li & Co 0 * %.% , %.6% 5.%.% Asia Pacific G3 Bonds (BV) Asia Pacific G3 Bonds (BV) Manager Legal Advisor Linklaters.6-6, , Sidley Austin LLP 6.3 -, Linklaters , , * , Sullivan & Cromwell 8* , * 6.3 -, Anderson Mori & Tomotsune 5 3* , Cleary Gottlieb Steen & Hamilton 5 *.9 +5, King & Wood Mallesons 6 6* , Sidley Austin LLP , * 8* , Shearman & Sterling LLP , Cleary Gottlieb Steen & Hamilton * 3* , * , * , Milbank Tweed Hadley & McCloy 9 * , Baker & McKenzie 0* 8*.8-3, J Sagar Associates 0* 5*.8 +3, Commerce & Finance Law Offices 0* 3*.8 +3, King & Wood Mallesons 0* 8*.8 +, J Sagar Associates 0* *.8 +, Simpson Thacher & Bartlett 0* 9*.8-3, * 6*.8 0 -, Jingtian & Gongcheng 3* * , AZB & Partners * 3* 3. +, * 8* , Herbert Smith Freehills * 9* , Paul Hastings LLP 3* 5* 3. +, Haiwen & Partners * * , , Kim & Chang * 9* Maples & Calder * 3* 3. -, % -3.% Paul Hastings LLP * * 3. +, % 5.3% , % -3.% -0.9% 5.3% 8

11 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) Asia Pac G3 Bonds ex Australasia, Central Asia (BV) Manager Legal Advisor Linklaters.8-3 3, , Sidley Austin LLP , Linklaters 9.5-6, * , , * 5* , , Cleary Gottlieb Steen & Hamilton * * , Cleary Gottlieb Steen & Hamilton , * 3* 5.8-3, Shearman & Sterling LLP , King & Wood Mallesons 6* * , Milbank Tweed Hadley & McCloy * * , Commerce & Finance Law Offices 8* 3*. +3, * 9* 5.8 +, J Sagar Associates 8* *. +, J Sagar Associates 9* *. +3, *. 0 -, King & Wood Mallesons 9* 5*. +, Baker & McKenzie * 8* 3. -3, Jingtian & Gongcheng * * , AZB & Partners * 3* 3. +, * , Haiwen & Partners * * , Paul Hastings LLP * * 3. +, Kim & Chang * 5* Simpson Thacher & Bartlett * * Maples & Calder * * 3. -, Allen & Gledhill 5* * Paul Hastings LLP * * 3. +, Baker & McKenzie 5* * Anderson Mori & Tomotsune * Fangda Partners 5* , Freshfields Bruckhaus Deringer * Haiwen & Partners 5* *. -, Herbert Smith Freehills * * , * 5* Mayer Brown LLP * * %.3% Morgan Lewis & Bockius * % 6.9% Norton Rose Fulbright * White & Case LLP * *. 0-3, , %.3% 8.3% 6.9% 9

12 AUSTRALIA CAPITAL MARKETS REVIEW Australia Equity & Equity-related (BY) Australia Equity & Equity-related (BY) Proceeds per Advisor (AU$m) Proceeds per Advisor (AU$m) Manager Legal Advisor Herbert Smith Freehills * , Baker & McKenzie * Steinepreis Paganin * 5* Gilbert + Tobin * 5. -, McCullough Robertson 3 8* Herbert Smith Freehills * Clayton Utz 6. +3, * * King & Wood Mallesons Linklaters * Baker & McKenzie 6. -8, Allens 6* Allens * * 3.0 +, Ashurst 6* * Corrs Chambers Westgarth * 6* Ellenoff Grossman Schole & Cyruli 6* GTP & Associates * * King & Wood Mallesons 6* * Gilbert + Tobin 0* Memery Crystal 6* HopgoodGanim 0* 8* Thomson Geer 6* Minter Ellison 0* 8* , Price Sierakowski 0* 6* Nova Legal 0* %.3% , %.6% 5.% 30.3%.3%.6% Australia International Bonds (BW) Australia International Bonds (BW) Manager Legal Advisor * 8. -3, Sidley Austin LLP 3.3 -, Sullivan & Cromwell * , * , Anderson Mori & Tomotsune 3 * 6. +, Linklaters 3.8-3, Linklaters * 8* , Hogan Lovells * , Sidley Austin LLP * * , * * Shimazaki Law Firm * * Sullivan & Cromwell * 5. -, King & Wood Mallesons * , Gilbert + Tobin * ,5.0 5* Baker & McKenzie 8* Mayer Brown LLP * 6* Herbert Smith Freehills 8* 3* Simpson Thacher & Bartlett * ,5.0 5* Debevoise & Plimpton 8* 8*. -, * 6*. -,5.0 5* Slaughter & May 8* 8*. -, , , % -9.% -.% -9.% -59.3% -9.% -59.3% -9.% 0

13 JAPAN CAPITAL MARKETS REVIEW Japan Common Stock (JL) Japan Common Stock (JL) Manager Legal Advisor Nagashima Ohno & Tsunematsu , Mori Hamada & Matsumoto * 3* 3. +, Nishimura & Asahi * , Nagashima Ohno & Tsunematsu * 3* Mori Hamada & Matsumoto 3* Linklaters 3 * Simpson Thacher & Bartlett 3* 3. -, Morgan Lewis & Bockius * Sullivan & Cromwell 5* * Sullivan & Cromwell * * Norton Rose Fulbright 5* Simpson Thacher & Bartlett * , Paul Hastings LLP * , % -5.5%.% 3.8%.5% -5.5%.% 3.8% Samurai Bonds (JL5) Samurai Bonds (JL6) Manager Legal Advisor Anderson Mori & Tomotsune , Nishimura & Asahi * , Law Office(Tokyo) 5* 3.3 +, Nagashima Ohno & Tsunematsu Shimazaki Law Firm 3* Linklaters 3 * Baker & McKenzie 3* , , % -9.% -.% -9.% 300.0% 3.% 300.0% 3.%

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 Monica Rahimi Tel: monica.rahimi@thomsonreuters.com Europe Ian Willmott Tel: + (0) ian.willmott@thomsonreuters.com Asia-Pacific Michelle Abuzo-Verma Tel: michelle.abuzo@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 :00pm EST on July 3, 05. 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 a 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 360 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 Ba. 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, 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. 05 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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