CANADA CAPITAL MARKETS LEAGUE TABLES Q1 2018 Preliminary As of 26 March 2018
Q1 2018 PRELIMINARY AS OF 26 MARCH 2018 MANAGER RANKINGS CANADA CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications 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 Contact Phone Email Equities Irina Arefyeva +1 646 324 4663 calendar@bloomberg.net Fixed Income Dean Psomaras +1 609 279 3449 newissues@bloomberg.net Loans Paul Bandong +1 609 279 5187 loansleag@bloomberg.net 2018 Bloomberg Finance L.P. All rights reserved.
Canadian Corporate Bonds: Industry Breakdown Canadian Corporate Bonds Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) BMO Capital Markets 1 24.006 6,963 27 4 16.560 7.446 Toronto Dominion Bank 2 21.548 6,250 29 3 20.809 0.739 Scotiabank 3 15.056 4,367 20 5 11.100 3.956 RBC Capital Markets 4 14.337 4,158 32 1 21.912-7.575 CIBC 5 11.692 3,391 23 2 21.200-9.508 National Bank Financial Inc 6 5.403 1,567 7 6 4.502 0.901 HSBC 7 1.982 575 6 10 0.798 1.184 Laurentian Bank of Canada 8 1.896 550 1 - - 1.896 Morgan Stanley 9 1.724 500 1 8 0.851 0.873 Bank of America Merrill Lynch 10 1.580 458 3 8 0.851 0.729 Goldman Sachs 11 0.517 150 1 - - 0.517 GMP Securities 12 0.259 75 1 - - 0.259 TOTAL 100% 29,005 62 100% This table consists of debt securities issued by corporate issuers, in CAD with market of issue "Canadian", "Domestic, "Domestic MTN", "Global", "Maple" or "Private Placement". This excludes mortgages, bonds with warrants, credit-linked securities, government issuers, and structured notes. There is a minimum threshold of 18 months for maturities, call or put periods, and CAD 50MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. 16% 5% 12% 66% Financials 66% Consumer Discretionary 12% Industrials 5% Others 16% Canadian Corporate Bonds: Manager ings History Market Share (%) 35 30 20 10 0 BMO Capital Markets 2018 2017 2016 Toronto Dominion Bank Scotiabank RBC Capital Markets CIBC National Bank Financial Inc Bloomberg League Table Reports Page 1
Canadian Corporate Bonds - Bonus Canadian Government Bonds BMO Capital Markets 1 21.409 6,210 39 4 12.130 9.279 Toronto Dominion Bank 2 18.935 5,492 43 2 18.247 0.688 Scotiabank 3 14.512 4,209 37 5 10.825 3.687 CIBC 4 10.820 3,138 39 1 21.894-11.074 RBC Capital Markets 5 10.818 3,138 44 3 16.403-5.585 National Bank Financial Inc 6 5.966 1,730 28 6 5.846 0.120 HSBC 7 2.718 788 16 10 1.289 1.429 Laurentian Bank of Canada 8 2.608 756 7 11 1.180 1.428 Desjardins Capital Markets 9 2.124 616 17 7 2.681-0.557 Morgan Stanley 10 1.856 538 2 15 0.567 1.289 Bank of America Merrill Lynch 11 1.805 524 9 9 1.708 0.097 Casgrain & Co 12 0.935 271 7 8 2.052-1.117 Goldman Sachs 13 0.779 226 3 19 0.290 0.489 Manulife Financial Corp 14 0.659 191 3 - - 0.659 Citi 15 0.655 190 4 16 0.532 0.123 Wells Fargo 16 0.517 150 4 23 0.099 0.418 JP Morgan 17 0.453 131 4 12 0.955-0.502 AltaCorp Capital 18 0.417 121 4 17 0.389 0.028 BNP Paribas 19 0.287 83 2 18 0.355-0.068 Societe Generale 20 0.259 75 1 - - 0.259 TOTAL 100% 29,005 62 100% Canadian Government Bonds - Bonus Toronto Dominion Bank 1 15.890 3,283 23 2 16.258-0.368 RBC Capital Markets 2 14.042 2,901 24 1 16.765-2.723 BMO Capital Markets 3 12.956 2,677 24 4 11.959 0.997 CIBC 4 12.907 2,667 55 5 11.828 1.079 National Bank Financial Inc 5 12.487 2,580 39 3 13.572-1.085 Scotiabank 6 11.699 2,417 26 6 11.113 0.586 Desjardins Capital Markets 7 7.258 1,499 19 7 6.217 1.041 Bank of America Merrill Lynch 8 4.165 860 5 8 3.914 0.251 HSBC 9 2.840 587 5 9 3.181-0.341 Laurentian Bank of Canada 10 2.558 529 8 10 2.492 0.066 Casgrain & Co 11 2.539 525 10 11 1.942 0.597 Credit Agricole CIB 12 0.220 45 1 12 0.229-0.009 SEB 12 0.220 45 1 12 0.229-0.009 BNP Paribas 12 0.220 45 1 12 0.229-0.009 TOTAL 100% 20,660 76 100% Toronto Dominion Bank 1 23.354 4,825 10 2 21.974 1.380 National Bank Financial Inc 2 19.014 3,928 19 1 25.174-6.160 BMO Capital Markets 3 16.215 3,350 9 4 11.560 4.655 RBC Capital Markets 4 14.642 3,025 10 3 20.267-5.625 Scotiabank 5 13.478 2,785 12 5 10.680 2.798 CIBC 6 9.785 2,022 37 6 7.701 2.084 HSBC 7 1.573 325 2 7 1.674-0.101 Bank of America Merrill Lynch 8 0.968 200 1 8 0.823 0.145 Desjardins Capital Markets 9 0.669 138 7 - - 0.669 Casgrain & Co 10 0.303 63 2 10 0.021 0.282 TOTAL 100% 20,660 76 100% Canadian Retail Structured Products RBC Capital Markets 1 35.575 110 8 2 30.320 5.255 CIBC 2 29.776 92 8 3 18.408 11.368 Scotiabank 3 13.978 43 6 1 36.211-22.233 National Bank Financial Inc 3 13.978 43 6 4 12.981 0.997 Canaccord Genuity 5 0.724 2 2 - - 0.724 Raymond James & Associates 5 0.724 2 2 - - 0.724 Mackie Research Capital Corp 5 0.724 2 2 - - 0.724 Industrial Alliance Insurance & Financial 5 0.724 2 2 - - 0.724 GMP Securities 5 0.724 2 2 - - 0.724 Desjardins Capital Markets 5 0.724 2 2 - - 0.724 BMO Capital Markets 5 0.724 2 2 5 2.080-1.356 Toronto Dominion Bank 5 0.724 2 2 - - 0.724 Echelon Wealth Management Inc 13 0.544 2 1 - - 0.544 Manulife Financial Corp 14 0.180 0.56 1 - - 0.180 Euro Pacific Capital Inc 14 0.180 0.56 1 - - 0.180 TOTAL 100% 310 9 100% Bloomberg League Table Reports Page 2
Canada Equity, Equity Linked & Preferred Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) Toronto Dominion Bank 1 15.103 1,080 18 2 16.286-1.183 Canaccord Genuity 2 10.654 762 29 7 3.352 7.302 Credit Suisse 3 9.457 676 3 27 0.373 9.084 RBC Capital Markets 4 9.142 654 12 1 18.504-9.362 GMP Securities 5 8.333 596 12 9 2.611 5.722 Morgan Stanley 6 7.521 538 2 27 0.373 7.148 BMO Capital Markets 7 7.202 515 12 3 16.189-8.987 National Bank Financial Inc 8 7.192 514 13 8 2.652 4.540 CIBC 9 3.987 285 9 5 5.000-1.013 Scotiabank 10 3.806 272 7 6 3.405 0.401 Eight Capital 11 3.658 262 9 23 0.493 3.165 UBS 12 2.232 160 1 18 0.982 1.250 Pacific International Securities Inc 13 1.332 95 11 46 0.119 1.213 Clarus Securities 14 1.226 88 5 12 1.639-0.413 Haywood Securities 15 1.131 81 16 39 0.166 0.965 Mackie Research Capital Corp 16 0.996 71 7 22 0.521 0.475 GMP FirstEnergy 17 0.839 60 1 - - 0.839 Paradigm Capital Inc 18 0.711 51 3 24 0.434 0.277 Cormark Securities Inc 19 0.627 45 3 15 1.211-0.584 Desjardins Capital Markets 20 0.619 44 2 - - 0.619 TOTAL 100% 7,149 120 100% Canada Equity, Equity Linked & Preferred: Industry Breakdown Health Care 25% Financials 23% Materials 19% Communications 13% Industrials 10% Others 11% Canada Equity, Equity Linked & Preferred: Manager ings History Market Share (%) 30 20 10 13% 10% 11% 19% 25% 23% 2018 2017 2016 This table consists of equity, equity-linked & preferred securities issued by Canadian issuers. This excludes AIM-listed securities, bonds with warrants, closed-end fund or investment trust issuers, credit linked notes, local market share sales, qualified investor placements (QIP), reverse convertibles, rights offerings, self-led transactions or synthetic convertibles. There is a minimum threshold of 12 month minimum call, put and maturity periods. Note: Issuer country is determined by country of incorporation. See {FIFW DOCS 2073227<GO>} for applicable generic criteria and market of syndication definition and waterfalls. 0 Toronto Dominion Bank Canaccord Genuity Credit Suisse RBC Capital Markets GMP Securities Morgan Stanley Bloomberg League Table Reports Page 3
Canada Equity & Equity Linked Canada Equity Offerings Toronto Dominion Bank 1 14.172 932 14 2 17.057-2.885 Canaccord Genuity 2 11.561 760 28 6 3.658 7.903 Credit Suisse 3 10.284 676 3 25 0.407 9.877 GMP Securities 4 9.036 594 11 7 2.850 6.186 Morgan Stanley 5 8.179 538 2 25 0.407 7.772 RBC Capital Markets 6 7.688 505 8 1 18.744-11.056 BMO Capital Markets 7 7.480 492 10 3 16.886-9.406 National Bank Financial Inc 8 7.217 475 10 13 1.554 5.663 Eight Capital 9 3.978 262 9 22 0.538 3.440 CIBC 10 3.732 245 6 5 3.853-0.121 UBS 11 2.428 160 1 18 1.071 1.357 Scotiabank 12 1.634 107 2 14 1.380 0.254 Pacific International Securities Inc 13 1.448 95 11 45 0.129 1.319 Clarus Securities 14 1.333 88 5 10 1.789-0.456 Haywood Securities 15 1.230 81 16 38 0.181 1.049 Mackie Research Capital Corp 16 1.058 70 6 21 0.569 0.489 GMP FirstEnergy 17 0.913 60 1 - - 0.913 Paradigm Capital Inc 18 0.774 51 3 23 0.474 0.300 Cormark Securities Inc 19 0.682 45 3 15 1.321-0.639 Desjardins Capital Markets 20 0.647 43 1 - - 0.647 TOTAL 100% 6,574 115 100% Canada Equity IPO CIBC 1 19.215 43 1 1 12.218 6.997 RBC Capital Markets 1 19.215 43 1 1 12.218 6.997 Scotiabank 1 19.215 43 1 14 1.839 17.376 BMO Capital Markets 1 19.215 43 1 3 7.240 11.975 Haywood Securities 5 6.563 15 9 21 0.553 6.010 Mackie Research Capital Corp 6 5.110 11 2 23 0.173 4.937 Canaccord Genuity 7 5.032 11 5 24 0.150 4.882 Eight Capital 8 4.320 10 1 - - 4.320 Pacific International Securities Inc 9 1.470 3 4 - - 1.470 GMP Securities 10 0.356 0.80 1 13 4.589-4.233 Jones Gable & Co Ltd 11 0.111 0.25 1 - - 0.111 Industrial Alliance Insurance & Financial 12 0.089 0.20 1 25 0.138-0.049 Chippingham Financial Group Ltd 12 0.089 0.20 1 - - 0.089 TOTAL 100% 224 23 100% Toronto Dominion Bank 1 13.912 782 11 1 17.597-3.685 Credit Suisse 2 12.025 676 3 24 0.426 11.599 GMP Securities 3 9.884 556 10 7 2.982 6.902 Morgan Stanley 4 9.563 538 2 24 0.426 9.137 Canaccord Genuity 5 9.279 522 26 6 3.609 5.670 BMO Capital Markets 6 7.348 413 8 3 16.954-9.606 National Bank Financial Inc 7 6.539 368 7 17 1.158 5.381 RBC Capital Markets 8 5.651 318 5 2 17.469-11.818 Eight Capital 9 4.652 262 9 21 0.563 4.089 CIBC 10 3.475 195 5 5 4.032-0.557 UBS 11 2.839 160 1 18 1.121 1.718 Pacific International Securities Inc 12 1.693 95 11 45 0.135 1.558 Clarus Securities 13 1.559 88 5 10 1.872-0.313 Haywood Securities 14 1.438 81 16 37 0.190 1.248 GMP FirstEnergy 15 1.067 60 1 - - 1.067 Paradigm Capital Inc 16 0.905 51 3 22 0.496 0.409 Cormark Securities Inc 17 0.798 45 3 14 1.382-0.584 Scotiabank 18 0.767 43 1 13 1.444-0.677 Desjardins Capital Markets 19 0.757 43 1 - - 0.757 INFOR Financial Group Inc 20 0.706 40 5 - - 0.706 TOTAL 100% 5,622 106 100% Canadian Retail Structured Products RBC Capital Markets 1 35.575 110 8 2 30.320 5.255 CIBC 2 29.776 92 8 3 18.408 11.368 Scotiabank 3 13.978 43 6 1 36.211-22.233 National Bank Financial Inc 3 13.978 43 6 4 12.981 0.997 Canaccord Genuity 5 0.724 2 2 - - 0.724 Raymond James & Associates 5 0.724 2 2 - - 0.724 Mackie Research Capital Corp 5 0.724 2 2 - - 0.724 Industrial Alliance Insurance & Financial 5 0.724 2 2 - - 0.724 GMP Securities 5 0.724 2 2 - - 0.724 Desjardins Capital Markets 5 0.724 2 2 - - 0.724 BMO Capital Markets 5 0.724 2 2 5 2.080-1.356 Toronto Dominion Bank 5 0.724 2 2 - - 0.724 Echelon Wealth Management Inc 13 0.544 2 1 - - 0.544 Manulife Financial Corp 14 0.180 0.56 1 - - 0.180 Euro Pacific Capital Inc 14 0.180 0.56 1 - - 0.180 TOTAL 100% 310 9 100% Bloomberg League Table Reports Page 4
Canada Loans (Bookrunner): Industry Breakdown Canada Loans (Bookrunner) Firm Mkt Volume (CAD Mln) Deal Count Prev Prev Mkt Mkt Share Chg(%) CIBC 1 22.864 9,753 16 2 21.255 1.609 Scotiabank 2 21.576 9,203 14 4 13.954 7.622 BMO Capital Markets 3 18.696 7,975 17 1 22.811-4.115 RBC Capital Markets 4 13.057 5,570 10 5 11.691 1.366 Toronto Dominion Bank 5 12.315 5,253 12 3 14.746-2.431 HSBC 6 3.729 1,591 4 7 3.524 0.205 JP Morgan 7 2.794 1,192 2 9 1.178 1.616 Citi 8 1.465 625 2 10 1.141 0.324 National Bank Financial Inc 9 1.314 561 5 6 4.248-2.934 Credit Agricole CIB 10 0.650 277 1 - - 0.650 BNP Paribas 10 0.650 277 1 - - 0.650 Morgan Stanley 12 0.646 275 1 21 0.049 0.597 Bank of America Merrill Lynch 13 0.066 28 2 13 0.590-0.524 Wells Fargo 14 0.059 25 1 14 0.439-0.380 SunTrust Robinson Humphrey 14 0.059 25 1 21 0.049 0.010 Antares Holdings LP 16 0.027 12 1 - - 0.027 Barings LLC 16 0.027 12 1 - - 0.027 Rabobank 18 0.007 3 1 - - 0.007 TOTAL 100% 42,655 50 100% This table consists of loans with a market of syndication as Canada. This excludes bilateral and institutional loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. Market Share (%) 12% 23% 14% 16% 20% 16% Energy 23% Industrials 20% Consumer Discretionary 16% Government 16% Financials 14% Materials 12% Others 0% Canada Loans: Bookrunner ings History 25 20 15 10 5 0 2018 2017 2016 CIBC Scotiabank BMO Capital Markets RBC Capital Markets Toronto Dominion Bank HSBC Bloomberg League Table Reports Page 5
Canada Loans (Mandated Lead Arranger) Canada Loans (Administrative Agent) BMO Capital Markets 1 19.572 8,349 21 1 22.227-2.655 Scotiabank 2 19.232 8,203 13 4 13.829 5.403 CIBC 3 18.841 8,037 17 2 17.127 1.714 RBC Capital Markets 4 17.126 7,305 14 5 13.364 3.762 Toronto Dominion Bank 5 11.846 5,053 12 3 14.920-3.074 HSBC 6 6.108 2,605 5 6 6.550-0.442 JP Morgan 7 2.794 1,192 2 19 0.120 2.674 Citi 8 1.465 625 2 9 1.136 0.329 National Bank Financial Inc 9 1.314 561 5 7 3.569-2.255 BNP Paribas 10 0.812 346 1 - - 0.812 Morgan Stanley 11 0.646 275 1 21 0.049 0.597 Bank of America Merrill Lynch 12 0.066 28 2 14 0.587-0.521 Wells Fargo 13 0.059 25 1 10 1.050-0.991 SunTrust Robinson Humphrey 13 0.059 25 1 21 0.049 0.010 Antares Holdings LP 15 0.027 12 1 - - 0.027 Barings LLC 15 0.027 12 1 - - 0.027 Rabobank 17 0.007 3 1 - - 0.007 TOTAL 100% 42,655 50 100% Canada Loans - New Money (Bookrunner) Scotiabank 1 26.638 2,985 11 3 12.171 14.467 BMO Capital Markets 2 25.413 2,847 14 1 30.979-5.566 CIBC 3 18.530 2,076 9 2 24.857-6.327 Toronto Dominion Bank 4 11.024 1,235 9 4 10.785 0.239 RBC Capital Markets 5 5.356 600 4 5 7.587-2.231 HSBC 6 3.187 357 2 10 0.965 2.222 National Bank Financial Inc 7 2.504 281 4 6 5.806-3.302 Credit Agricole CIB 8 2.473 277 1 - - 2.473 BNP Paribas 8 2.473 277 1 - - 2.473 Citi 10 1.644 184 2 12 0.333 1.311 Bank of America Merrill Lynch 11 0.184 21 2 8 1.629-1.445 Wells Fargo 12 0.156 18 1 12 0.333-0.177 JP Morgan 12 0.156 18 1 12 0.333-0.177 SunTrust Robinson Humphrey 12 0.156 18 1 15 0.070 0.086 Antares Holdings LP 15 0.039 4 1 - - 0.039 Barings LLC 15 0.039 4 1 - - 0.039 Rabobank 17 0.028 3 1 - - 0.028 TOTAL 100% 11,204 36 100% CIBC 1 30.812 13,143 11 1 35.591-4.779 RBC Capital Markets 2 23.059 9,836 6 5 4.818 18.241 Scotiabank 3 22.655 9,664 10 3 15.272 7.383 BMO Capital Markets 4 12.698 5,416 10 2 18.668-5.970 Toronto Dominion Bank 5 6.400 2,730 7 4 13.382-6.982 HSBC 6 3.904 1,665 2 8 2.067 1.837 Wells Fargo 7 0.293 125 1 14 0.298-0.005 National Bank Financial Inc 8 0.102 44 1 6 3.388-3.286 Antares Holdings LP 9 0.054 23 1 - - 0.054 Bank of America Merrill Lynch 10 0.022 9 1 10 1.056-1.034 TOTAL 100% 42,655 50 100% Canada Loans - New Money (Mandated Lead Arranger) BMO Capital Markets 1 31.223 3,498 17 1 23.132 8.091 CIBC 2 20.635 2,312 10 2 16.797 3.838 Scotiabank 3 17.713 1,985 10 4 12.079 5.634 Toronto Dominion Bank 4 11.024 1,235 9 5 10.861 0.163 RBC Capital Markets 5 7.959 892 6 3 15.335-7.376 HSBC 6 3.448 386 2 6 8.535-5.087 BNP Paribas 7 3.091 346 1 - - 3.091 National Bank Financial Inc 8 2.504 281 4 7 5.424-2.920 Citi 9 1.644 184 2 13 0.331 1.313 Bank of America Merrill Lynch 10 0.184 21 2 9 1.617-1.433 Wells Fargo 11 0.156 18 1 12 0.614-0.458 JP Morgan 11 0.156 18 1 13 0.331-0.175 SunTrust Robinson Humphrey 11 0.156 18 1 19 0.070 0.086 Antares Holdings LP 14 0.039 4 1 - - 0.039 Barings LLC 14 0.039 4 1 - - 0.039 Rabobank 16 0.028 3 1 - - 0.028 TOTAL 100% 11,204 36 100% Bloomberg League Table Reports Page 6
League Tables Criteria General Guidelines Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation. Fixed Income All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Selfled transactions are included. New money portions of exchange offers are eligible for credit. Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables. Equities-Linked Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-ipo convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner. Equities Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
League Tables Criteria Loans Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security. Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities. US Municipals Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner. Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. Tax-exempt is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified. Each table is provided in three formats. Economic Credit displays rankings based on true economic credit allocations of applicable deals. Left Lead assigns 100% credit to the bookrunner and 0% to all other syndicate participants. Deal Count displays rankings based on deal quantity rather than aggregate economic credit amounts. A deal refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one deal worth $30 million, and Bank 2 would have one deal worth $20 million. Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility. The full version of Bloomberg s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.