GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS Full Year 2012

Transcription

1 GLOBAL CAPITAL MARKETS REVIEW LEGAL ADVISORS Full Year 2012

2 GLOBAL CAPITAL MARKETS REVIEW Total combined debt and equity capital markets activity totalled US$6.8 trillion for 2012, an increase of 10.6% in comparison to the total level of capital raised in Global Debt, Equity & Equity-related Including US FCA** Global straight debt totalled US$5.8 trillion for 2012, representing a 11.3% increase compared to 2011, when total issuance reached US$5.2 trillion. The total number of deals executed in the full year of 2012 increased by 2.9% relative to 2011 s total of 16,098 deals. Linklaters was the top manager advisor for The firm advised on 524 transactions totaling US$394 billion. Sidley Austin was the top issuer advisor for 2012, advising on 86 more transactions than a year ago. Most of their issuance was made up of U.S. Federal Credit Agency transactions. Global equity capital markets activity totalled US$635 billion for the full year 2012, representing a 2.2% increase from 2011, when total issuance reached US$621.6 billion. The total number of deals executed in the fourth quarter of 2012 increased by 15.4% relative to the third quarter 2011 s third quarter total of 900 deals. Latham & Watkins and Skadden tied for first place amoung issuer advisors in global equity capital markets in 2012 with 52 issues each. was the leading global equity and equityrelated legal advisor to offering managers, having advised on a total of 100 offerings with a total value of US$27.3 billion in proceeds raised. Deals Share # of Deals Proceeds Sh (%) Share Ch , , Cleary Gottlieb Steen & Hamilton , Hunton & Williams Linklaters * , , Skadden ,906 98, , Latham & Watkins , , , * , Freshfields Bruckhaus Deringer 13 22* , Mayer Brown LLP , Matheson 15 22* , Vinson & Elkins LLP , Kirkland & Ellis 17 19* , Hogan Lovells 18 19* , Cadwalader, d Wickersham & Taft 19 25* , , ,597, % -1.0% 11.1% 2.8% Quarterly Global Legal Advisor Debt, Equity and Equity-related Global Debt, Equity & Equity-related Including US FCA** Proceeds (US$b) 2,500 2,000 1,500 1, Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 Proceeds (US$b) # of Issues 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 # of Issues Manager Legal Advisor Deals hare # of Deals Proceeds Sh (%) Share Ch. Linklaters , , , , Cahill Gordon & Reindel 5* , * , Latham & Watkins , Cleary Gottlieb Steen & Hamilton , , Shearman & Sterling LLP , Cravath, Swaine & Moore , Bingham McCutchen LLP , Skadden , * , Ashurst , Hengeler Mueller , Mayer Brown LLP , * , Stikeman Elliott 19 24* , Blake Cassels & Graydon , , ,766, % 10.6% -1.8% 1.8% ** U.S. Federal Credit Agency Issuance 1

3 GLOBAL DEBT CAPITAL MARKETS** Global Straight Debt Including ABS & MBS Global Straight Debt Including ABS & MBS Deals Share # of Deals Proceeds Sh (%) Share Ch. Manager Legal Advisor Deals Share # of Deals Proceeds Sh (%) Share Ch , Linklaters , Cleary Gottlieb Steen & Hamilton 2* , , * , , Hunton & Williams , Cahill Gordon & Reindel , Linklaters , , , , , Cleary Gottlieb Steen & Hamilton , Matheson , * , Skadden 9 9* , Shearman & Sterling LLP 9 12* , Freshfields Bruckhaus Deringer 10* , Bingham McCutchen LLP 10 8* , Mayer Brown LLP 10* , Latham & Watkins , , Cravath, Swaine & Moore 12* 12* , Latham & Watkins 13* 9* , Hengeler Mueller 12* , * , Ashurst , Kirkland & Ellis , , Cadwalader, Wickersham & Taft , Mayer Brown LLP , , Skadden 17 17* , Shearman & Sterling LLP , Cadwalader, Wickersham & Taft 18* , Hogan Lovells , * 17* , Paul, Weiss 20 39* , Hogan Lovells 20* , , ,655,211.0 Orrick Herrington & Sutcliffe LLP 20* , , ,824, % 11.9% -8.8% -3.3% 2.9% 11.3% -9.6% -4.3% Global Straight Debt Excluding ABS & MBS Global Straight Debt Excluding ABS & MBS Deals Share # of Deals Proceeds Sh (%) Share Ch. Manager Legal Advisor Deals Share # of Deals Proceeds Sh (%) Share Ch , Linklaters , , , Linklaters , , , Cahill Gordon & Reindel , , , Cleary Gottlieb Steen & Hamilton 6 9* , , , , Freshfields Bruckhaus Deringer , Shearman & Sterling LLP , Skadden , Latham & Watkins 9 8* , , Cleary Gottlieb Steen & Hamilton , Latham & Watkins , Hengeler Mueller , * , Cravath, Swaine & Moore , Shearman & Sterling LLP , Ashurst 13 8* , Kirkland & Ellis 14 18* , , Paul, Weiss 15 32* , Skadden , Hogan Lovells , , Vinson & Elkins LLP 17 15* , Hogan Lovells , Cravath, Swaine & Moore 18* 21* , CMS 18* 27* , Baker & McKenzie 18* , Mayer Brown LLP 18* , Arthur Cox 20* 21* , White & Case LLP , White & Case LLP 20* , , ,021, , ,851, % 12.1% 3.1% 12.1% -11.7% -5.5% -10.9% -4.4% ** Includes U.S. Federal Credit Agency Issuance 2

4 GLOBAL EQUITY CAPITAL MARKETS Global Equity & Equity-related Global Equity & Equity-related Latham & Watkins * # of Deals 52 Share 1.4 Change in # of Deals -6 Proceeds 14,834 9 Sh (%) 2.3 Share Ch Manager Legal Advisor # of Deals 100 Share 2.7 Change in # of Deals 14 Proceeds 27,259 5 Sh (%) 4.3 Share Ch Skadden 1* , Latham & Watkins , Venable LLP 3 5* , Linklaters , Conyers Dill & Pearman , Skadden , Vinson & Elkins LLP , , Cooley LLP 6 29* , , * , Goodwin Procter LLP 7* 10* , * , Torys 7* , , * , Grandall Law Firm , Cleary Gottlieb Steen & Hamilton , Burnet Duckworth & Palmer 11* , Fried Frank Harris Shriver & Jacobson , Handsome Attomeys at Law 11* 91* * , Far East United Law Firm 13* 25* Baker Botts LLP 13* , Wilson Sonsini Goodrich & Rosati 13* 19* , Blake Cassels & Graydon 13* 10* , DLA Piper 15* , * 20* , Jingtian & Gongcheng 15* , Cravath, Swaine & Moore , * 29* , Norton Rose 17* , * , Stikeman Elliott 17* , Goodwin Procter LLP 18* 36* , Shearman & Sterling LLP 17* , Linklaters 18* 36* , Cahill Gordon & Reindel 20* 32* , , ,015.7 Hunton & Williams 20* 41* , , , % 2.2% 15.4% 0.8% -5.1% 2.2% 15.4% 0.8% 3

5 US CAPITAL MARKETS REVIEW US Debt, Equity & Equity Related (AB1) US Debt, Equity & Equity Related (AB1) Manager Legal Advisor Skadden , , , Cahill Gordon & Reindel , Latham & Watkins , , , Latham & Watkins , Cleary Gottlieb Steen & Hamilton , , , Shearman & Sterling LLP , Kirkland & Ellis , Cravath, Swaine & Moore , Vinson & Elkins LLP , Cleary Gottlieb Steen & Hamilton , Mayer Brown LLP , * , , Skadden 9* , Shearman & Sterling LLP 11 12* , , Venable LLP , Linklaters , Gibson Dunn & Crutcher 13 14* , Mayer Brown LLP , Paul, Weiss 14 25* , Bingham McCutchen LLP , Cravath, Swaine & Moore 15* , Hunton & Williams , Hunton & Williams 15* 20* , Baker Botts LLP , , , Cadwalader, Wickersham & Taft , Fried Frank Harris Shriver & Jacobson , Hogan Lovells 19* 28* , Cadwalader, Wickersham & Taft , Cooley LLP 19* 37* , Vinson & Elkins LLP 20 20* , , ,330, , ,352, % 1.3% 30.8% 0.6% 20.2% 1.2% 29.9% 0.5% US Equity & Equity Related (AB2) US Equity & Equity Related (AB2) Manager Legal Advisor Venable LLP , Latham & Watkins , Latham & Watkins , , Vinson & Elkins LLP , Skadden , Cooley LLP , Goodwin Procter LLP , Skadden , , Wilson Sonsini Goodrich & Rosati , Fried Frank Harris Shriver & Jacobson 6 9* , , Baker Botts LLP , Hunton & Williams 8* 19* , Cravath, Swaine & Moore , Goodwin Procter LLP 8* 10* , Cahill Gordon & Reindel 9* 15* , Sutherland Asbill & Brennan 8* 19* , Hunton & Williams 9* , Wilmer Cutler Pickering Hale & Dorr LLP 11 25* , , Kirkland & Ellis 12 14* , , Gibson Dunn & Crutcher 13* 12* , Andrews Kurth LLP 13* , Ropes & Gray 13* 19* , Vinson & Elkins LLP 13* , * 14* , Cleary Gottlieb Steen & Hamilton 15 9* , Andrews Kurth LLP 16 10* , Cooley LLP 16* 18* , Hogan Lovells 17* 29* , Shearman & Sterling LLP 16* 9* , Proskauer Rose LLP 17* 34* , Proskauer Rose LLP 18* 15* , Ballard Spahr Andrews & Ingersoll 19* 25* , Wilson Sonsini Goodrich & Rosati 18* , * 7* , * , DLA Piper 19* 7* , ,293.2 Fenwick & West LLP 19* 64* , , % 27.2% 0.9% -30.2% 14.8% 27.2% 0.9% -30.2% Excludes U.S. Federal Credit Agency Issuance 4

6 US CAPITAL MARKETS REVIEW US Straight Debt Including ABS & MBS (AB6) US Straight Debt Including ABS & MBS (AB6) , Skadden , Cleary Gottlieb Steen & Hamilton , , , Mayer Brown LLP , Latham & Watkins , Kirkland & Ellis , , Shearman & Sterling LLP , Paul, Weiss 11 25* , Vinson & Elkins LLP , * , Cravath, Swaine & Moore 13* , Cadwalader, Wickersham & Taft 15 16* , Gibson Dunn & Crutcher , White & Case LLP , * , Debevoise & Plimpton 18* 25* , Linklaters 20* 16* , Morgan Lewis & Bockius 20* 23* , , ,073, % 31.3% 1.4% 5.6% Manager Legal Advisor Cahill Gordon & Reindel , , , , Shearman & Sterling LLP , Latham & Watkins , Cleary Gottlieb Steen & Hamilton , Cravath, Swaine & Moore , , Linklaters , Mayer Brown LLP , Bingham McCutchen LLP 12 12* , Skadden , , , Cadwalader, Wickersham & Taft , SNR Denton US LLP 17 19* , Hunton & Williams 18 39* , Baker Botts LLP 19 19* , Pillsbury Winthrop Shaw Pitt LLP 20* , White & Case LLP 20* , , ,095, % 30.2% 1.2% 5.4% US Straight Debt Excluding ABS & MBS (AB7) US Straight Debt Excluding ABS & MBS (AB7) # of Deals Sh (%) Change in # of Deals Proceeds Sh (%) Share Ch , , Skadden , , Cleary Gottlieb Steen & Hamilton , Latham & Watkins , Shearman & Sterling LLP , Kirkland & Ellis , Paul, Weiss 9 20* , Vinson & Elkins LLP 10 9* , Cravath, Swaine & Moore , Gibson Dunn & Crutcher 12 16* , , , Debevoise & Plimpton 15 20* , * , Linklaters 16* , White & Case LLP 16* 9* , Morgan Lewis & Bockius , Jones Day , , ,746,229.1 Manager Legal Advisor Cahill Gordon & Reindel , , , Shearman & Sterling LLP , , Cravath, Swaine & Moore 6* , Latham & Watkins 6* , Cleary Gottlieb Steen & Hamilton , , Linklaters , Skadden , , , Baker Botts LLP 14* , Hunton & Williams 14* 33* , Pillsbury Winthrop Shaw Pitt LLP , Fried Frank Harris Shriver & Jacobson , Mayer Brown LLP , White & Case LLP , Vinson & Elkins LLP , , ,768, % 28.6% -0.9% 4.6% 14.1% -1.0% 27.5% 4.4% Excludes U.S. Federal Credit Agency Issuance 5

7 CANADA CAPITAL MARKETS REVIEW Canada All Debt (CAL1) Canada All Debt (CAL1) Manager Legal Advisor Torys , Blake Cassels & Graydon 1* 1* , McCarthy Tetrault , Fraser Milner Casgrain 1* 10* , Borden Ladner Gervais LLP , Stikeman Elliott 1* 7* , Blake Cassels & Graydon , Goodmans 4* , Osler Hoskin & Harcourt LLP 5 8* , Torys 4* 1* , Davies Ward Phillips & Vineberg LLP 6* 6* , Davies Ward Phillips & Vineberg LLP 6* 3* , Goodmans 6* 6* McCarthy Tetrault 6* , Norton Rose 6* 10* , Osler Hoskin & Harcourt LLP 8 3* , Stikeman Elliott 6* 8* , Paul, Weiss 9 13* , Bennett Jones 10* 12* Borden Ladner Gervais LLP 10* , Burnet Duckworth & Palmer 10* 12* , Norton Rose 10* 7* Gowling Lafleur Henderson LLP Burnet Duckworth & Palmer 12* 13* Linklaters 13* , Fasken Martineau DuMoulin LLP 12* Paul, Weiss 13* Lavery de Billy 12* , , % 53.8% 1.5% 42.1% -10.7% 1.5% 53.8% 42.1% Canada Equity & Equity-related (CAL4) Canada Equity & Equity-related (CAL4) Manager Legal Advisor Stikeman Elliott 1 8* , Torys , Burnet Duckworth & Palmer , Blake Cassels & Graydon , Norton Rose 3 4* , Stikeman Elliott , Cassels Brock & Blackwell LLP , Cassels Brock & Blackwell LLP Osler Hoskin & Harcourt LLP , Fraser Milner Casgrain , Troutman Sanders LLP 6 6* McCarthy Tetrault , Blake Cassels & Graydon 7 4* , Borden Ladner Gervais LLP 7* 13* Goodmans 8 13* , Norton Rose 7* 16* , Bennett Jones , Troutman Sanders LLP 7* Dorsey & Whitney LLP 10* , Burnet Duckworth & Palmer , McCarthy Tetrault 10* 13* , Fasken Martineau DuMoulin LLP 11* 9* Borden Ladner Gervais LLP 12* 6* Gowling Lafleur Henderson LLP 11* 16* Paul, Weiss 12* 44* , Goodmans 11* Fasken Martineau DuMoulin LLP 14* Osler Hoskin & Harcourt LLP 14 9* Fraser Milner Casgrain 14* 8* Bennett Jones Gowling Lafleur Henderson LLP 16 13* Burstall Winger LLP 16* 16* McMillan Binch Mendelsohn LLP 17* 19* Skadden 16* 20* , Wilson & Partners LLP 17* 19* Wildeboer Dellelce LLP 16* Davies Ward Phillips & Vineberg LLP 19* 13* , Davies Ward Phillips & Vineberg LLP 19* 20* Davis LLP 19* 26* Miller Thomson 19* 13* ,907.9 Paul, Weiss 19* 24* , % -1.7% 34.1% 8.2% -29.3% -1.7% 34.1% 8.2% 6

8 INTERNATIONAL DCM AND EMEA ECM All International Bonds All International Bonds # of Deals Linklaters Matheson 5* Cleary Gottlieb Steen & Hamilton 5* 6* Freshfields Bruckhaus Deringer * Latham & Watkins Skadden Change in Sh (%) # of Deals Proceeds Sh (%) Share Ch. Manager Legal Advisor , Linklaters , , , , , , Cahill Gordon & Reindel , , , , , , Shearman & Sterling LLP , , Latham & Watkins , , Hengeler Mueller 9* , , Cleary Gottlieb Steen & Hamilton 9* , , Ashurst , , Cravath, Swaine & Moore , Kirkland & Ellis 13* , , Shearman & Sterling LLP 13* , , Paul, Weiss 15* 33* , , White & Case LLP 15* 13* , Mayer Brown LLP , Arthur Cox 17* , Hogan Lovells 17* , Ashurst 17* 17* , Skadden 17* , * , White & Case LLP , Mayer Brown LLP 19* , Freshfields Bruckhaus Deringer 20 26* , , ,252, , ,776, % -10.2% 15.6% -8.0% 15.7% 16.0% -10.9% -8.6% EMEA Equity & Equity-related (AX1) EMEA Equity & Equity-related (AX2) Manager Legal Advisor Linklaters 1 5* , Linklaters , Freshfields Bruckhaus Deringer , * , * , Norton Rose 2* 5* * , * 16* , Hogan Lovells 5 11* Latham & Watkins 4* 5* , Latham & Watkins 6* 5* , Freshfields Bruckhaus Deringer 6 5* , * 11* , Ashurst 7* CMS 8* 50* , * , Herbert Smith Freehills LLP 8* , Morgan Lewis & Bockius 7* White & Case LLP 8* 11* , Cleary Gottlieb Steen & Hamilton 10* 12* , Cleary Gottlieb Steen & Hamilton 8* 11* , Hogan Lovells 10* 16* Carey Olsen 12* 28* Herbert Smith Freehills LLP 12* 29* , Cassels Brock & Blackwell LLP 12* Homburger 12* 29* , Covington & Burling 12* Jingtian & Gongcheng 14* Cravath, Swaine & Moore 12* 28* , Shearman & Sterling LLP 14* 12* , Hengeler Mueller 12* 17* , Travers Smith 14* Slaughter & May 12* 7* , Skadden 14* 29* Skadden 12* 17* , Baker & McKenzie 18* 16* Weil Gotshal & Manges 12* 28* , Bird & Bird 18* , , % -8.7% 34.3% 25.5% -9.0% -8.7% 34.3% 25.5% 7

9 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Equity & Equity-related (BX1) Asia Equity & Equity-related (BX2) Manager Legal Advisor Conyers Dill & Pearman , Linklaters , Grandall Law Firm , , , * , Handsome Attomeys at Law 4 35* * 7* , Far East United Law Firm 5 9* Herbert Smith Freehills LLP 3* , Jingtian & Gongcheng , Amarchand Mangaldas 6* 17* , * , Commerce & Finance Law Offices 6* , Grandway Law Offices 8 7* , * , Zhong Lun Law Firm , Jingtian & Gongcheng 6* 5* , Appleby 10 20* Paul Hastings 6* 13* , Amarchand Mangaldas 11* 35* , * 5* , Deheng Law Offices 11* 24* , Freshfields Bruckhaus Deringer 12 11* , Baker & McKenzie 13* 11* , Jones Day 13 27* Commerce & Finance Law Offices 13* 7* , Fried Frank Harris Shriver & Jacobson 14* 11* , Jia Yuan Law Offices 15 24* , Grandall Law Firm 14* 27* , Tian Yin Law Firm 16 17* , Latham & Watkins 14* 7* , AllBright Law Offices 17* , , ,878.2 Chan Kang Jung Law Firm 17* 24* Hwecker Law Office 17* 20* % -14.8% Modern Law Firm 17* 11* % 36.9% Lee and Li 17* 13* , , % 4.4% -14.8% 36.9% Asia Pacific G3 Bonds (BV1) Asia Pacific G3 Bonds (BV2) Manager Legal Advisor Linklaters 1 16* , Linklaters , * , , Baker & McKenzie 3* , * , * 5* , * , , * 2* , * 5* , Cleary Gottlieb Steen & Hamilton 6 8* , Cleary Gottlieb Steen & Hamilton 6* 8* , , * , Shearman & Sterling LLP 8 10* , Mayer Brown LLP 8* 16* , Jingtian & Gongcheng 9* , Allen & Gledhill 10* 11* , * , Skadden 10* , Latham & Watkins 11 10* , * 13* , Skadden , Slaughter & May 12* 23* , Baker & McKenzie 13* 13* , WongPartnership LLP 12* , * 10* Amarchand Mangaldas 15* 11* , Nagashima Ohno & Tsunematsu 13* 8* , Maples & Calder 15* 13* ,395.8 Shearman & Sterling LLP 15* 23* , Debevoise & Plimpton 18* 23* , % 62.5% Lee & Ko 18* , % -40.0% Paul Hastings 18* 19* , , % 62.5% -28.7% -40.0% 8

10 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Asia Pac G3 Bonds ex Australasia, Central Asia (BV3) Asia Pac G3 Bonds ex Australasia, Central Asia (BV4) Manager Legal Advisor Linklaters 1 15* , Linklaters , * , * , * 3* , * , Cleary Gottlieb Steen & Hamilton 3* 3* , , Baker & McKenzie , Cleary Gottlieb Steen & Hamilton 5 5* , , * , Allen & Gledhill 7* 7* , Jingtian & Gongcheng , Mayer Brown LLP 7* 13* , Latham & Watkins 8* 7* , * 10* , Shearman & Sterling LLP 8* 7* , WongPartnership LLP 9* , * , Amarchand Mangaldas 11* 7* , Baker & McKenzie 11* , * 15* , Skadden 11* 5* , Maples & Calder 11* 10* Allen & Gledhill 13* , Shearman & Sterling LLP 11* 20* , Commerce & Finance Law Offices 13* , Lee & Ko 15* , Herbert Smith Freehills LLP 13* Paul Hastings 15* 15* , J Sagar Associates 13* , AZB & Partners 17* 20* , Jun He Law Offices 13* 15* Conyers Dill & Pearman 17* , * Freshfields Bruckhaus Deringer 17* 20* , White & Case LLP 13* 15* , Jingtian & Gongcheng 17* , Cravath, Swaine & Moore 20* 11* Shimazaki Law Firm 17* Haiwen & Partners 20* * 20* , Milbank Tweed Hadley & McCloy 20* Slaughter & May 17* 20* , Mayer Brown LLP 20* Skadden 17* 15* , Paul Hastings 20* White & Case LLP 17* 15* , Gibson Dunn & Crutcher 20* , , , % 73.5% -20.3% -8.0% 33.3% 73.5% -20.3% -8.0% 9

11 ASIA PACIFIC (EX JAPAN) CAPITAL MARKETS REVIEW Australia Equity & Equity-related (BY1) Australia Equity & Equity-related (BY2) Proceeds per Advisor (AU$m) Herbert Smith Freehills LLP , Gilbert + Tobin 2 7* HopgoodGanim Ashurst 4* 7* Steinepreis Paganin 4* 13* , Skadden , Minter Ellison 8 11* Allens 9* 11* , Corrs Chambers Westgarth 9* 13* Hardy Bowen Lawyers 9* 26* * 5* , Baker & McKenzie 13* McCullough Robertson 13* 18* Mills Oakley Lawyers Pty Ltd 13* 26* Thomsons Lawyers 13* 16* ,002.8 Proceeds per Advisor (AU$m) Manager Legal Advisor 1* , * , Ashurst 3 6* Herbert Smith Freehills LLP 4* , Gilbert + Tobin 4* 2* * , Baker & McKenzie 7 6* Burnet Duckworth & Palmer 8* Skadden 8* 12* , % -17.4% 19.0% 48.2% -1.7% -17.4% 19.0% 48.2% Australia International Bonds (BW1) Australia International Bonds (BW2) , , , * 4* Baker & McKenzie 4* 4* , * , Slaughter & May , Debevoise & Plimpton 8* 12* , Skadden 8* , Maples & Calder , % 75.8% -53.1% -64.5% Manager Legal Advisor , * , * , , Linklaters 5 4* , Nagashima Ohno & Tsunematsu 6 7* , * 4* Shearman & Sterling LLP 7* , % 75.8% -53.1% -64.5% 10

12 JAPAN CAPITAL MARKETS REVIEW Japan Common Stock (JL1) Japan Common Stock (JL2) Nagashima Ohno & Tsunematsu Mori Hamada & Matsumoto DLA Piper Deacon Graham & James Nishimura & Asahi Ropes & Gray Soga Uryu & Itoga , , * , * * * * * * * , * * * * ,759.2 Manager Legal Advisor Linklaters 1* * , * , Anderson Mori & Tomotsune 4* 3* Baker & McKenzie 4* Nagashima Ohno & Tsunematsu 4* 3* , % 24.4% 64.3% -71.7% 8.2% 24.4% 64.3% -71.7% Samurai Bonds (JL5) Samurai Bonds (JL6) Baker & McKenzie , * , Nagashima Ohno & Tsunematsu 2* , Shimazaki Law Firm 2* , Anderson Mori & Tomotsune , * 6* , * , ,152.0 Manager Legal Advisor Nagashima Ohno & Tsunematsu , Nishimura & Asahi , Baker & McKenzie 3 2* , % -5.3% 58.3% 136.7% -23.5% -5.3% 58.3% 136.7% 11

13 ing 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 Jey Tiourchi Tel: Europe Matthew Webber Tel: +44 (0) Asia-Pacific Michelle Abuzo Tel: Japan Catherina Guinto-Roldan Tel: Canada Gavin Penny Tel: Full credit is given to the issuer s legal counsel and manager s legal counsel. All rankings exclude General Counsel. ings are accumulated based on number of transactions per advisor. ings based on proceeds are available on product. All data for the periods shown are as reflected in Thomson Reuters databases as of 12:00pm EDT on January 15th, Time periods for league tables will be based upon pricing/launch date. - Where applicable, all league tables include Rule 144a 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 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 Asset-backed 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. League Tables are denominated in Canadian dollars. - Canadian debt league tables include government debt consisting of federal, provincial, and municipal issues, corporate bonds, and maples. League tables are denominated in Canadian dollars. - United States Federal Credit Agency issuance is included in the Global and International tables while being excluded in the US tables. 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 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

14 ing Criteria Summary High Yield League Tables Clarifications US HY Legal High yield rated debt transactions offered into the US market. Includes issues from emerging market nations, excludes preferred securities and globally registered bonds. International High Yield All debt capital markets distributions where the offering is placed only to international investors (excludes all placements made to domestic investors) Global High Yield All high yield rated debt securities. Includes issues from emerging market nations, excludes preferred securities. High Yield Corporate Debt is defined as long-term transactions with an S&P rating equal to or less than BB+ and a Moody rating equal to or less than Ba1. CDs, Preferred Securities, General Term Notes and split-junk rated transactions are excluded. 13

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