GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS. REUTERS / Russell Cheyne

Transcription

1 GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS REUTERS / Russell Cheyne First Nine Months 201

2 GLOBAL CAPITAL MARKETS REVIEW Table of Contents Global Capital Markets Canada Capital Markets Global Deals Intelligence 1 Canada All Debt (CAL1) Issuer Australia International Bonds (BW1) Issuer 10 Global Debt, Equity & Equityrelated Excluding FCA (G01) Issuer 1 Canada All Debt (CAL1) Manager Australia International Bonds (BW2) Manager 10 Global Debt, Equity & Equityrelated Excluding FCA (G01) Manager 1 Canada Equity & Equityrelated (CAL) Issuer Japan Capital Markets Quarterly Global Legal Advisor Debt, Equity and Equityrelated Chart 1 Canada Equity & Equityrelated (CAL) Manager Japan Equity & Equityrelated (JL1a) Issuer Global Straight Debt Including ABS & MBS (G02) Issuer 2 EMEA Capital Markets Japan Equity & Equityrelated (JL2a) Manager Global Straight Debt Including ABS & MBS (G02) Manager 2 All International Bonds (AV1) Issuer 7 Samurai Bonds (JL) Issuer Global Straight Debt Excluding ABS & MBS (G03) Issuer 2 All International a Bonds (AV2) Manager age 7 Samurai a Bonds (JL) Manager age Global Straight Debt Excluding ABS & MBS (G03) Manager 2 EMEA Equity & Equityrelated (AX1) Issuer 7 Global Equity & Equityrelated (G0) Issuer 3 EMEA Equity & Equityrelated (AX2) Manager 7 Criteria Summary Global Equity & Equityrelated (G0) Manager 3 Ranking Criteria Summary 12 US Capital Markets Asia Pacific (Ex Japan) Capital Markets Asia Equity & Equityrelated (BX1) Issuer Thomson Reuters Contact 12 US Debt, Equity & Equity Related (AB1) Issuer US Debt, Equity & Equity Related (AB1) Manager Asia Equity & Equityrelated (BX2) Manager Asia Pacific G3 Bonds (BV1) Issuer Thomson Reuters Solutions For the Deal Making Community 13 US Equity & Equity Related (AB2) Issuer Asia Pacific G3 Bonds (BV2) Manager US Equity & Equity Related (AB2) Manager US Straight Debt Including ABS & MBS (AB) Issuer 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 (AB) Manager Australia Equity & Equityrelated (BY1) Issuer 10 US Straight Debt Excluding ABS & MBS (AB7) Issuer Australia Equity & Equityrelated (BY2) Manager 10 US Straight Debt Excluding ABS & MBS (AB7) Manager

3 GLOBAL CAPITAL MARKETS REVIEW Global Debt & Equity Proceeds Down % Equity Proceeds Down % Straight Debt Proceeds Down 9% Total combined debt and equity capital markets activity totaled US$.9 trillion for the first nine months of 201, a decrease of.3% in comparison to the capital raised in the same period last year. Allen & Overy was the top overall advisor to issuers across debt and equity in the first nine months of 201; advising issuers on 197 deals totaling US$13.1 billion. was also the top overall advisor to managers across debt and equity in the first nine months of 201; advising managers on 1 transactions totaling US$1.1 billion. Global Straight Debt ex securitizations totaled US$. trillion in the first nine months of 201, representing a.% decrease compared to the same period of The total number of deals in the first three quarters of 201 (13,7) decreased by 12.7% relative to the same period in Global equity capital markets activity totaled US$3. billion in the first nine months of 201, representing a 7.1% decrease from the same period last year. The total number of deals executed in the first nine months of 201 (3,22) decreased by 7.1% relative to the same period of Conyers Dill & Pearman took first place among issuer advisors in global equity capital markets during the first nine months of 201, with 70 issues totaling US$9. billion. Latham & Watkins was the leading global equity and equityrelated legal advisor to managers, having advised on a total of 137 transactions with a total value of US$37.3 billion in proceeds raised. Global convertible offerings totaled US$79.1 billion during the first nine months of 201, accounting for 1% of global equity capital markets activity, the highest percentage for the asset class since 200. Convertible offerings from companies in the Technology sector accounted for 2% of overall issuance raising during the first nine months of 201, registering a 73% increase compared to the first nine months of High grade corporate debt offerings targeted to the US marketplace totaled US$92.7 billion during the first nine months of 201, a 13% decrease compared to Despite strong gains in the Retail, Industrials and Consumer Staples sectors, the first nine months of 201 marks the first yearoveryear decline for the asset class since 200. Quarterly Global LegalAdvisor Debt, Equity and Equityrelated Global Debt, Equity & Equityrelated Ex FCA (G01) Rank Rank Deals Share # of Deals Proceeds Rank Sh (%) Share Ch , Latham & Watkins , ,97., , , Anderson Mori & Tomotsune 7 * , * , , White & Case LLP , Sullivan & Cromwell , Conyers Dill & Pearman , Morgan Lewis & Bockius , Clifford Chance , Cleary Gottlieb Steen & Hamilton , Simpson Thacher & Bartlett , Cooley LLP , Kirkland & Ellis , McGuireWoods LLP 19 * , Appleby 20 37* , , ,273,93, % 19.1% Global Debt, Equity & Equityrelated Ex FCA (G01).3% 17.2% Proceeds (US$b) 2,00 2,000 1,00 1, Proceeds (US$b) # of Issues 1Q12 2Q 3Q Q 1Q13 2Q 3Q Q 1Q1 2Q 3Q Q 1Q1 2Q 3Q Q 1Q1 2Q 3Q Q 1Q17 2Q 3Q Q 1Q1 2Q 3Q,000 7,000,000,000,000 3,000 2,000 1,000 0 # of Issues Manager Legal Advisor Rank Rank Deals hare # of Deals Proceeds Rank Sh (%) Share Ch , , , Latham & Watkins , , White & Case LLP , Simpson Thacher & Bartlett , , Cahill Gordon & Reindel , Sullivan & Cromwell , Clifford Chance , Cleary Gottlieb Steen & Hamilton , Cravath, Swaine & Moore , , * , Morgan Lewis & Bockius , Hunton Andrews Kurth LLP Shearman & Sterling LLP * ,70., Cooley LLP 19* , Hogan Lovells 19* , , ,273,93, % 19.1%.3% 17.2% Excludes Federal Credit Agency Issuance 1

4 GLOBAL DEBT CAPITAL MARKETS Global Straight Debt Including ABS & MBS (G02) Global Straight Debt Including ABS & MBS (G02) 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 , , , , , , , , Latham & Watkins * , Latham & Watkins , , , Anderson Mori & Tomotsune , Cahill Gordon & Reindel , White & Case LLP * , Simpson Thacher & Bartlett * , , White & Case LLP * , Sullivan & Cromwell , Sullivan & Cromwell , Morgan Lewis & Bockius , Morgan Lewis & Bockius , Clifford Chance , Cleary Gottlieb Steen & Hamilton , , Cravath, Swaine & Moore , Cleary Gottlieb Steen & Hamilton 1* , Hunton Andrews Kurth LLP 1* , McGuireWoods LLP 1* , * 1 0., Kirkland & Ellis , Clifford Chance , Freshfields Bruckhaus Deringer 17* , Hogan Lovells 17* 20* , Cravath, Swaine & Moore 17* , * , Simpson Thacher & Bartlett , Shearman & Sterling LLP , Dechert 20* , McCarthy Tetrault , Gibson Dunn & Crutcher 20* 21* , , ,3,33, , ,3,33, %.0% 10.9%.0% 19.% 1.9% 19.% 1.9% 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 , , , , , , Latham & Watkins , Latham & Watkins , Anderson Mori & Tomotsune , , White & Case LLP , Cahill Gordon & Reindel , , Simpson Thacher & Bartlett , Sullivan & Cromwell 3 0., White & Case LLP , , Sullivan & Cromwell , Clifford Chance , , McGuireWoods LLP , Cravath, Swaine & Moore 13* 0. 7, , Clifford Chance , Cleary Gottlieb Steen & Hamilton , Shearman & Sterling LLP , Freshfields Bruckhaus Deringer 1* , Cleary Gottlieb Steen & Hamilton 1 13* , Kirkland & Ellis 1* , Hogan Lovells 1 19* , * , , Cravath, Swaine & Moore 17* 20* , Hunton Andrews Kurth LLP , Simpson Thacher & Bartlett 17* , McCarthy Tetrault , Gibson Dunn & Crutcher 19 1* , * , Shearman & Sterling LLP , Adnan Sundra and Low 20 2* , , ,017,93, , ,017,93, %.% 20.2% 1.0% 12.7% 20.2%.% 1.0% Excludes Federal Credit Agency Issuance 2

5 GLOBAL EQUITY CAPITAL MARKETS Global Equity & Equityrelated (G0) Global Equity & Equityrelated (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. Conyers Dill & Pearman 1* , Latham & Watkins , Latham & Watkins 1* 1* , , Cooley LLP , Cooley LLP 3 * , , Goodwin Procter LLP , Goodwin Procter LLP , , Appleby 10* * , Maples & Calder 7 33* , White & Case LLP , * * , Simpson Thacher & Bartlett * , Wilson Sonsini Goodrich & Rosati * 20* , Sullivan & Cromwell , Grandall Law Firm 10 1* , Baker Mckenzie , Baker Mckenzie * 10* , Stikeman Elliott , M.V. Kini & Co * 2* Clifford Chance , Simpson Thacher & Bartlett 13 1* , Mintz Levin Cohn Ferris Glovsky & Popeo 13 20* , DLA Piper LLP , Norton Rose Fulbright 1 13* , , , Handsome Attorneys at Law Borden Ladner Gervais LLP 1* 2* Anderson Mori & Tomotsune 17* 3* , Ropes & Gray 1* 1* , Hogan Lovells 17* 39* , * , Grandway Law Offices , Wilson Sonsini Goodrich & Rosati 1* 1* , * , Freshfields Bruckhaus Deringer , , , , , %.% 1.% 22.9% 7.1%.% 1.% 22.9% 3

6 US CAPITAL MARKETS REVIEW US Debt, Equity & Equity Related (AB1) US Debt, Equity & Equity Related (AB1) Manager Legal Advisor Latham & Watkins , , , , , Latham & Watkins , , Cahill Gordon & Reindel , , Simpson Thacher & Bartlett , Sullivan & Cromwell , * , Simpson Thacher & Bartlett , Cravath, Swaine & Moore 7 7* , Cooley LLP , Cleary Gottlieb Steen & Hamilton 7* , Cleary Gottlieb Steen & Hamilton 9* , Sullivan & Cromwell , Kirkland & Ellis 9* , Hunton Andrews Kurth LLP , Morgan Lewis & Bockius 13* , , Goodwin Procter LLP 12 20* , Cooley LLP , Gibson Dunn & Crutcher , , Vinson & Elkins LLP , Shearman & Sterling LLP 1 9* , Wilson Sonsini Goodrich & Rosati 1 23* , , McGuireWoods LLP , Goodwin Procter LLP , Cravath, Swaine & Moore , White & Case LLP , , Morgan Lewis & Bockius , White & Case LLP 19 13* , Dechert , Dechert 20* , Mintz Levin Cohn Ferris Glovsky & Popeo 20* 2* , Hunton Andrews Kurth LLP 20* , Pillsbury Winthrop Shaw Pitt LLP 20* 30* , Willkie Farr & Gallagher 20* , , ,31, , ,31, %.9% 2.%.9% 17.7% 17.7% 17.7% 17.7% US Equity & Equity Related (AB2) US Equity & Equity Related (AB2) Manager Legal Advisor Cooley LLP 1* , , Latham & Watkins 1* , Latham & Watkins , Goodwin Procter LLP 3 *.0 +21, Cooley LLP , , Goodwin Procter LLP , Wilson Sonsini Goodrich & Rosati , Simpson Thacher & Bartlett , Simpson Thacher & Bartlett , Mintz Levin Cohn Ferris Glovsky & Popeo , * , Ropes & Gray 7 1* , Vinson & Elkins LLP 7* , * , WilmerHale 9 13* , Cahill Gordon & Reindel 9* 1* , Maples & Calder 10* 23* , Covington & Burling 9* , Venable LLP 10* * , Ellenoff Grossman Schole & Cyruli 9* 9* Cleary Gottlieb Steen & Hamilton 12* 3* , , Fenwick & West LLP 12* , Wilson Sonsini Goodrich & Rosati 13* , Conyers Dill & Pearman 1 31* , Sullivan & Cromwell 13* 1* , DLA Piper LLP 1 21* , Cravath, Swaine & Moore 1* 12* , Gibson Dunn & Crutcher 1* 1* , Shearman & Sterling LLP 1* 1* , K&L Gates 1* 3* , Clifford Chance 17* 1* , Walkers 1* 9* , Kirkland & Ellis 17* 29* , Mintz Levin Cohn Ferris Glovsky & Popeo 19 23* Faegre Baker Daniels LLP 19* 22* Fried Frank Harris Shriver & Jacobson 20* 1* , Fried Frank Harris Shriver & Jacobson 19* 27* , Kirkland & Ellis 20* 3* , , Morgan Lewis & Bockius 20* * , Ropes & Gray 20* * , % 19.1% , % 1.% Excludes U.S. Federal Credit Agency Issuance 10.% 19.1% 10.2% 1.%

7 US CAPITAL MARKETS REVIEW US Straight Debt Including ABS & MBS (AB) US Straight Debt Including ABS & MBS (AB) Manager Legal Advisor , * , , , Latham & Watkins 3 2* , Cahill Gordon & Reindel 3 3* , , Simpson Thacher & Bartlett , Sullivan & Cromwell 2* , Latham & Watkins * , , * , Kirkland & Ellis , Cleary Gottlieb Steen & Hamilton , Morgan Lewis & Bockius , Cravath, Swaine & Moore , Cleary Gottlieb Steen & Hamilton , Hunton Andrews Kurth LLP , McGuireWoods LLP 10* , Sullivan & Cromwell , Simpson Thacher & Bartlett 10* , , * , , Cravath, Swaine & Moore 12* , , White & Case LLP 12* , Shearman & Sterling LLP , Gibson Dunn & Crutcher , Morgan Lewis & Bockius , Dechert , White & Case LLP , Hunton Andrews Kurth LLP , Dechert , Shearman & Sterling LLP , Milbank Tweed Hadley & McCloy , Vinson & Elkins LLP 19 21* , Pillsbury Winthrop Shaw Pitt LLP 19 0* , Willkie Farr & Gallagher , Kramer Levin Naftalis & Frankel 20 2* , , ,0, , ,0, %.9% 20.2% 1.1%.1% 20.2%.9% 1.1% US Straight Debt Excluding ABS & MBS (AB7) US Straight Debt Excluding ABS & MBS (AB7) Manager Legal Advisor Latham & Watkins , , * , Cahill Gordon & Reindel , Sullivan & Cromwell , Latham & Watkins , , Simpson Thacher & Bartlett , Cleary Gottlieb Steen & Hamilton 3* , Cravath, Swaine & Moore * , Kirkland & Ellis , Sullivan & Cromwell * , McGuireWoods LLP , , Simpson Thacher & Bartlett , , Gibson Dunn & Crutcher , Cleary Gottlieb Steen & Hamilton , Cravath, Swaine & Moore 10 12* , , White & Case LLP , Shearman & Sterling LLP , Shearman & Sterling LLP , Hunton Andrews Kurth LLP , * , , Willkie Farr & Gallagher 13* , White & Case LLP , Vinson & Elkins LLP 13* 1* 19* , , Milbank Tweed Hadley & McCloy ,092., * 19* , Pillsbury Winthrop Shaw Pitt LLP 17 33* , Paul, Weiss 1 19* , Vinson & Elkins LLP , Milbank Tweed Hadley & McCloy 19* , Gibson Dunn & Crutcher 19 21* , Hunton Andrews Kurth LLP 19* 12* , Troutman Sanders LLP 20 2* , , ,9, , ,9, % 23.2% 1.% 20.0% 17.% 23.2% 1.% 20.0% Excludes Federal Credit Agency Issuance

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 , McCarthy Tetrault , Torys , Osler Hoskin & Harcourt LLP , McCarthy Tetrault 3 * , Torys , Osler Hoskin & Harcourt LLP , * , Borden Ladner Gervais LLP * 1. 1, Davies Ward Phillips & Vineberg LLP * Norton Rose Fulbright * * , Blake Cassels & Graydon * 7* , Fasken Martineau DuMoulin LLP 7* Norton Rose Fulbright * , Freshfields Bruckhaus Deringer 7* Sullivan & Cromwell * 10* , Davies Ward Phillips & Vineberg LLP 9* * Stikeman Elliott Gibson Dunn & Crutcher 9* * 10* * * 0. 10* * 12* , * 13* Hunton Andrews Kurth LLP 9* * 0. Goodmans 10* 7* Shearman & Sterling LLP 9* 9* Simpson Thacher & Bartlett 10* 13* Paul, Weiss 9* * 0.1 Sullivan & Cromwell 9* , * * 12* %.% , % 31.7% 2.% 2.2%.% 31.7% Canada Equity & Equityrelated (CAL) Canada Equity & Equityrelated (CAL) Proceeds per Advisor (C$m) Cassels Brock & Blackwell LLP 1* * Stikeman Elliott 1* * , Blake Cassels & Graydon , Dorsey & Whitney LLP * McCarthy Tetrault * Torys , Borden Ladner Gervais LLP 7* 1* Goodmans 7* 1* Osler Hoskin & Harcourt LLP 7* 7* , Norton Rose Fulbright 10* 7* Troutman Sanders LLP 10* Fasken Martineau DuMoulin LLP 12 * Gowling WLG 13 1* Paul, Weiss 1* , McMillan LLP 1* 23* Bennett Jones 1 1* Burnet Duckworth & Palmer 17* * Bryan & Company 17* Davies Ward Phillips & Vineberg LLP 17* 1* DLA Piper LLP 17* 23* Cooley LLP 17* 23* Miller Thomson 17* 1* Ropes & Gray 17* 23* , Sangra Moller 17* 31* * 1* , Proceeds per Advisor (C$m) Manager Legal Advisor Stikeman Elliott , Blake Cassels & Graydon , Borden Ladner Gervais LLP Cassels Brock & Blackwell LLP * McCarthy Tetrault * 10* , Torys * , Osler Hoskin & Harcourt LLP , Baker Mckenzie * Troutman Sanders LLP * 10* Fasken Martineau DuMoulin LLP DLA Piper LLP Bennett Jones 12* 20* Dentons Canada LLP 12* 1* Davies Ward Phillips & Vineberg LLP 12* 13* , Miller Thomson 12* 20* Norton Rose Fulbright 12* 1* Paul, Weiss 12* Wildeboer Dellelce LLP 12* 20* , % 2.2% 2.7%.0% 0.% 2.7% 2.2%.0%

9 INTERNATIONAL DCM AND EMEA ECM All International Bonds All International Bonds Manager Legal Advisor , , , , , , Latham & Watkins , , , , White & Case LLP , Latham & Watkins , , White & Case LLP , , Simpson Thacher & Bartlett , Clifford Chance 9* , Cahill Gordon & Reindel , Sullivan & Cromwell 9* , Sullivan & Cromwell , Anderson Mori & Tomotsune Cleary Gottlieb Steen & Hamilton ,29.1, Clifford Chance Hogan Lovells * * ,7.2 33, * , Cleary Gottlieb Steen & Hamilton , Freshfields Bruckhaus Deringer 1* , Cravath, Swaine & Moore 1* , Kirkland & Ellis 1* , Shearman & Sterling LLP 1* , Simpson Thacher & Bartlett , , Cravath, Swaine & Moore 17* , * , Shearman & Sterling LLP 17* 1* , Hunton Andrews Kurth LLP 1 1* , Dechert 19* 3* , Milbank Tweed Hadley & McCloy , Gibson Dunn & Crutcher 19* , Morgan Lewis & Bockius , , ,0, , ,0, % 12.7% 1.% 20.% 9.7% 12.7% 1.% 20.% EMEA Equity & Equityrelated (AX1) EMEA Equity & Equityrelated (AX2) Manager Legal Advisor Baker Mckenzie , White & Case LLP , White & Case LLP , ##, CMS 3* * , Latham & Watkins 3 * ##, * * 1., Travers Smith ## 1, * , CMS * ## Freshfields Bruckhaus Deringer * * , * ## 3, Latham & Watkins * , * 9* ## 2, * , Baker Mckenzie * * ## Goodwin Procter LLP 9 2* , Simmons & Simmons * 19* ## 1, Clifford Chance 10* 1* , Covington & Burling 10* 12* ## Hogan Lovells 10* 1* Sullivan & Cromwell 10* 19* ##, Noerr LLP 10* * Cooley LLP 12* 1* 0. 1 ## Advokatfirman Vinge 13* 9* Herbert Smith Freehills 12* 2* ## 2, Bar & Karrer 13* * , Homburger 12* 0. ## 3, Cooley LLP 13* 2* Freshfields Bruckhaus Deringer ## 3, DLA Piper LLP 13* 2* Ashurst 1* 12* 0. ## 1, Slaughter and May Advokatfirmaet Thommessen AS 13* 13* 1* * ,33.3 1, Bowman Gilfillan Africa Group McDermott Will & Emery 1* 1* 19* * ## Advokatfirmaet Schjodt ANS 19* * Ropes & Gray 1* 0. 1, Setterwalls 19* * , Sullivan & Cromwell 19* 0.7, Travers Smith Vischer 19* 19* % 2.% 33.%.% , % 33.% 2.%.% Excludes Federal Credit Agency Issuance 7

10 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Equity & Equityrelated (BX1) Asia Equity & Equityrelated (BX2) Manager Legal Advisor Conyers Dill & Pearman , * , Appleby 2 * , Maples & Calder 3 1* , * , Grandall Law Firm , * 12* , M.V. Kini & Co * Norton Rose Fulbright 3* , * * , Commerce & Finance Law Offices * 7* , Handsome Attorneys at Law Squire Patton Boggs LLP * Grandway Law Offices * * , Clifford Chance * * , * 3* , Freshfields Bruckhaus Deringer * * , Jingtian & Gongcheng 10 7* , Jingtian & Gongcheng * , JunHe LLP 1* , Wilson Sonsini Goodrich & Rosati * Shu Jin Law Firm , Latham & Watkins 12 1* , Tian Yuan Law Firm 13 1* , * 7* , Zhong Lun Law Firm , Kirkland & Ellis 13* 37* , Commerce & Finance Law Offices 1* 2* , Baker Mckenzie 1* 23* , Cyril Amarchand Mangaldas 1* 1* , JunHe LLP 1* 2* , Walkers 1* 0* , Fangda Partners 17* 2* , Beijing Dentons Law Offices LLP 1* 2* , Han Kun Law Offices 17* * , Kanga & Company 1* 1* Luthra & Luthra Law Offices 17* 12* * 2* , Loeb & Loeb 17* 12* , , Paul Hastings LLP 17* , Tian Yuan Law Firm 17* * % 1.9% 1, , %.% 20.3% 1.9% 13.0%.% Asia Pacific G3 Bonds (BV1) Asia Pacific G3 Bonds (BV2) Manager Legal Advisor , , , , , , Clifford Chance , Clifford Chance , * , Latham & Watkins , Allen & Gledhill * , , Latham & Watkins * , Cleary Gottlieb Steen & Hamilton 7* , Anderson Mori & Tomotsune 17* , * * , Jingtian & Gongcheng 9* 21* 1. +, Shearman & Sterling LLP , * 10* , Simpson Thacher & Bartlett , Commerce & Finance Law Offices * 21* , Jingtian & Gongcheng 21* , Freshfields Bruckhaus Deringer * 13* , Anderson Mori & Tomotsune 12* 21* Sullivan & Cromwell * , Herbert Smith Freehills 12* 21* , * 10* , Commerce & Finance Law Offices 1* 0. 1, Shimazaki Law Firm 1* 21* , * 13* 0. 0, * , * 13* , Conyers Dill & Pearman 17* 1.0 1, Sullivan & Cromwell 1* 17* , Cleary Gottlieb Steen & Hamilton 17* 1.0 3, Baker Mckenzie 1* 17* , Nagashima Ohno & Tsunematsu 19* Freshfields Bruckhaus Deringer 1* 21* Paul Hastings LLP 19* , Jia Yuan Law Offices 1* 17* Shearman & Sterling LLP 19* 13* Milbank Tweed Hadley & McCloy 1* 13* , Paul Hastings LLP 1* 21* , % 1.% 7.3% 19.0%.7% 1.% 7.3% 19.0%

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 , , , , , , Clifford Chance , Clifford Chance 19.3, Allen & Gledhill * 2., Latham & Watkins , Latham & Watkins * , * , Jingtian & Gongcheng 7* 1* 1. +, Cleary Gottlieb Steen & Hamilton * , * 9* , Shearman & Sterling LLP , Commerce & Finance Law Offices 9* 1* , Simpson Thacher & Bartlett , * 1* , Jingtian & Gongcheng 10 17* , Shimazaki Law Firm 1. 1, Anderson Mori & Tomotsune * Conyers Dill & Pearman 12* 1.1 1, Herbert Smith Freehills * 2* , Cleary Gottlieb Steen & Hamilton 12* , * 17* , * * , Commerce & Finance Law Offices , * 1.1 7, * 12* , Freshfields Bruckhaus Deringer 1* 13* , * 17* , Nagashima Ohno & Tsunematsu 1* Baker Mckenzie 17* 2* , Paul Hastings LLP 1* , Freshfields Bruckhaus Deringer 17* 17* Shearman & Sterling LLP 1* * Jia Yuan Law Offices 17* 1* Anderson Mori & Tomotsune 20* , Milbank Tweed Hadley & McCloy 17* 12* Zhong Lun Law Firm 20* , Paul Hastings LLP 17* 17* White & Case LLP 20* , , % 13.% 0.7% 13.% 2.% 1.% 2.% 1.% 9

12 AUSTRALIA CAPITAL MARKETS REVIEW Australia Equity & Equityrelated (BY1) Australia Equity & Equityrelated (BY2) Proceeds per Advisor (AU$m) Steinepreis Paganin Gilbert + Tobin , Baker Mckenzie 3 2* DLA Piper LLP Herbert Smith Freehills 2* , Allens * 0.9 1, Bellanhouse Legal * * Minter Ellison * 12* * , Ashurst 10* 9* Corrs Chambers Westgarth 10* Clayton Utz 10* * Jackson McDonald 10* Price Sierakowski 10* 22* Nova Legal 10* , %.7% 12.7%.2% Proceeds per Advisor (AU$m) Manager Legal Advisor Gilbert + Tobin , Allens , Baker Mckenzie , * 0.9 1, HWL Ebsworth Lawyers Ashurst * * * Corrs Chambers Westgarth * Sullivan & Cromwell * , Clayton Utz 10* * Herbert Smith Freehills 10* Hogan Lovells 10* * ,30.1 *.9 Jones Day 10* * ,30.1 *.9 Norton Rose Fulbright 10* , %.7% 12.7%.2% Australia International Bonds (BW1) Australia International Bonds (BW2) Manager Legal Advisor Anderson Mori & Tomotsune 1* , , * , , , , Sullivan & Cromwell , Sullivan & Cromwell , * Hogan Lovells * TMI Associates * * * , Allen & Gledhill 7* Simpson Thacher & Bartlett * * Hogan Lovells 7* , Freshfields Bruckhaus Deringer 7* * * % 2.2% 7* * % 3.7% 7* * Debevoise & Plimpton 7* * , , % 23.% 2.2% 3.7% 10

13 JAPAN CAPITAL MARKETS REVIEW Japan Equity & Equityrelated (JL1a) Japan Equity & Equityrelated (JL2a) Manager Legal Advisor Anderson Mori & Tomotsune , Anderson Mori & Tomotsune , Nagashima Ohno & Tsunematsu , Mori Hamada & Matsumoto 2 *.2 + 3, Mori Hamada & Matsumoto 3 2* , Nagashima Ohno & Tsunematsu , Nishimura & Asahi 2* , * Simpson Thacher & Bartlett * * , Sullivan & Cromwell * * , Sullivan & Cromwell * * , * 9* , Simpson Thacher & Bartlett * , Morrison & Foerster Nishimura & Asahi * * , * * Clifford Chance 10 9* , , % 2.9% 0.0% 9.% 17.% 0.0% 2.9% 9.% Samurai Bonds (JL) Samurai Bonds (JL) Manager Legal Advisor Anderson Mori & Tomotsune , Nagashima Ohno & Tsunematsu , Shimazaki Law Firm 2* , Anderson Mori & Tomotsune 2 3* , Clifford Chance 2* , Nishimura & Asahi , Nagashima Ohno & Tsunematsu , Baker Mckenzie * * * * , , % 7.% 73.3% 7.% 17.%.2% 17.%.2%

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 AsiaPacific Carina CausonIsrael 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 October 12, 201. 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, nonunderwritten transactions and direct placements, rights offerings, transactions that mature or are callable/putable less than 30 days after settlement, CD's, Deposit Notes & Bank Notes, Federal Credit Agency transactions (US Only), exchange offers, and offerings by closedend 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 Splitjunk rated securities (i.e., securities with an investment grade rating from one agency and a high yield rating from the other) are excluded. Nonconvertible preferred stock transactions are included. Mortgage and assetbacked 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, 200. Canadian equity league tables include best efforts deals, private placements in public entities (PIPES), preferred shares and retail structured products, selffunded 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 selffunded 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. 201 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. 12

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