REUTERS/Paulo Whitaker GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS

Transcription

1 REUTERS/Paulo Whitaker GLOBAL EQUITY CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS First Nine Months 217

2 First Nine Months 217 Equity Capital s Managing Underwriters Equity Capital s Review Table of Contents Global Equity Latin America Equity Australia & New Zealand Equity Global Deals Intelligence 1 Latin America Equity & Equity Related (C1f) 8 Australian Equity & Equity-related (AK1) 14 Leading Underwriters for First Nine Months Latin America Proceeds by Domicile Nation & Sector 8 Australian Common Stock (AK2) 14 Global Scorecard 2 Latin America Year-on-Year % Change in ECM Volume 8 Australian ECM Proceeds by Industry 14 Global Debt, Equity & Equity Related (A1) 2 Canada Equity Japan Equity Global Equity & Equity-Related (C1) 2 Canada Equtiy & Equity Related (CA1a) 9 Japan Equity & Equity-Related (C1e) 15 Global Common Stock (C2) 3 Canada Initial Public Offering -Ex.Self-Led (CA3) 9 Japan Common Stock (C4d) 15 Global Convertibles (C9) 3 Canada Common Stock & Trusts - Ex.Self-Led (CA2a) 9 Japan IPOs (C7d) 16 Global IPOs (C5) 3 Canada Secondary Offerings - Ex.Self-Led (CA4a) 9 Japan Secondary Offerings (C8d) 16 Global Equity Rankings - Last Ten Years 4 EMEA Equity Japan Convertible Offerings (C9e) 16 US Equity EMEA Deals Intelligence 1 Criteria Summary US Deals Intelligence 5 EMEA Equity & Equity-related (C1d) 1 Equity Capital s Criteria Summary 17 US Equity & Equity-Related (C1a) 5 EMEA Common Stock (C4c) 11 Regional Contacts 17 US IPOs (C6) 5 EMEA IPOs (C7c) 11 US Secondary Offerings (C8a) 6 EMEA Rights Offerings (C8fr) 11 Thomson Reuters Solutions for the Deal Making Community 18 US Common Stock (C3) 6 US Block Trades 6 EMEA Convertibles (C9d) Asia Equity 11 US Convertibles (C9a) 6 Asia Equity & Equity-Related, inc Chinese A-shares (C1b) 12 Top US Equity and Equity-Related Deals 7 Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) 12 US Year-on-Year % Change in ECM Volume 7 Asia Common Stock, inc Chinese A-shares (C4a) 13 Banking Composite of Top US Equity Bookrunners 7 Asia IPOs, inc Chinese A-shares (C7a) 13 Asia Secondary Offerings, inc Chinese A-shares (C8c) 13 Asia Convertibles, inc Chinese A-shares (C9b) 13

3 nc First Nine Months 217 EQUITY CAPITAL MARKETS REVIEW Global Equity Capital s Activity Up 2% from 216 Europe Accounts for 31% of ECM, up 56% US IPO Activity Up Triple-Digit Percentages, Hits 3-Year High ECM Fees Up 46% Global Deals Intelligence Global Initial Public Offerings GLOBAL ECM ACTIVITY HITS TWO-YEAR HIGH, UP 2% - Equity capital markets activity totaled US$589. billion during the first nine months of 217, a 2% increase compared to a year ago and the strongest first nine $14 Global IPOs (US$bil) US Listed IPOs as % of Global IPOs 7 months for global equity capital markets issuance in two years. By number of issues, 4,23 ECM offerings were brought to market during the first nine months, also a 2% increase compared to a year ago and the strongest $12 6 period for number of new offerings since the first nine months of 1996, when 4,95 offerings priced. $1 5 FOLLOW-ON OFFERINGS UP 14%, LED BY MEDIA, FINANCIALS & TELECOM - Global follow-on offerings $8 4 totaled US$397.4 billion during the first nine months of 217, an increase of 14% compared to a year ago and the strongest first nine months for follow-on offerings in two years. Follow-on offerings from companies in the Financial $6 3 sector accounted for 24% of capital raising during the first nine months of 217, up significantly from 11% of overall follow-on offerings a year ago, while media and telecom offerings more than doubled compared to the first nine $4 2 months of 216. $2 1 TRIPLE-DIGIT PERCENTAGE INCREASE FOR US IPO LISTINGS - Global IPO activity during the first nine months of 217 totaled US$121. billion, a 48% increase compared to last year and the strongest opening ninemonth $ period for global IPOs since 214. Proceeds from listings on US exchanges surpassed US$26 billion for the first time since 214, while IPOs by EMEA issuers increased 42%. Asia Pacific (ex. Australia) IPO activity increased 32% from 216. EUROPEAN ISSUERS ACCOUNT FOR 31% OF GLOBAL ECM - Issuers from Europe raised US$181.4 billion in Global Equity & Equity-Related Volume the global equity capital markets during the first nine months of 217, an increase of 56% compared with levels $4 seen a year ago. Europe accounted for 31% of overall issuance during the first nine months, the highest Proceeds (US$b) # of Issues 1,6 percentage since 214, when European issuers accounted for 32% of issuance. Offerings by US issuers, which 1,4 accounted for 28% of ECM activity during the first nine months of 217, increased 18% compared to a year ago. $3 1,2 FOUR SECTORS ACCOUNT FOR 54% OF ACTIVITY - Led by Financial issuance (22%), the overall volume of equity capital markets activity remained highly concentrated among four main sectors including Industrials (12%) 1, Energy & Power (1%) and Technology (1%). $2 8 MORGAN STANLEY TOPS GLOBAL ECM RANKINGS - Morgan Stanley led all equity capital markets 6 underwriters during the first nine months of 217, with US$47.3 billion in proceeds from 292 issues, an increase of $1 4.9 market share points compared to a year ago. JP Morgan narrowly fell to second place with a market share decrease of.7 points, while Goldman Sachs maintained third place with a market share of 7.7%, up.7 points 2 from a year ago. $ ECM FEES INCREASE 46% - According to estimates, fees from equity capital markets transactions during the first nine months of 217 totaled US$15.1 billion, up 46% compared to levels seen a year ago Global Equity & Equity-Related Volume by Domicile Region 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% Proceeds (US$b) Proceeds (US$b) % of Proceeds from Asia Pacific # of Issues % Africa/Middle East/Central Asia Japan Asia-Pacific Europe Americas 1

4 First Nine Months 217 Equity Capital s Managing Underwriters Global Equity Capital s Leading Underwriters for the First Nine Months of 217 Sector Global Global Debt, Equity & Equity-Related (A1) Global Disclosed Fees (A2) Global Equity & Equity-related (C1) Global Common Stock (C2) Global IPOs (C5) Global Convertibles (C9) US US Equity & Equity-Related (C1a) US Common Stock (C3) US IPOs (C6) US Convertibles (C9a) Europe, Middle East & Africa (EMEA) EMEA Equity & Equity-Related (C1d) EMEA Common Stock (C4c) EMEA IPOs (C7c) EMEA Convertibles (C9d) Asia-Pacific ex. Japan ex. Australia Asia-Pacific Common Stock (C4a) Asia-Pacific Convertibles (C9b) Japan Japan Equity & Equity-Related (C1e) Japan Common Stock (C4d) Japan IPOs (C7d) No. 1 Manager Current Qtr Mkt. Share Chg. from Last Qtr (%) Consecutive Quarters No. 1 Citi Morgan Stanley Morgan Stanley Morgan Stanley JP Morgan JP Morgan Goldman Sachs & Co Goldman Sachs & Co Citi Bank of America Merrill Lynch JP Morgan Morgan Stanley JP Morgan JP Morgan Citi Deutsche Bank Nomura Daiwa Securities Group Inc Sumitomo Mitsui Finl Grp Inc Global Scorecard 1/1/217-9/29/217 1/1/216-9/3/216 Proceeds No. Proceeds No. % Change US$m Deals US$m Deals in Proceeds Global Equity & Equity-Related (C1) 588, ,23 492,62.1 3, % United States (C1a) 166, , % Asia Pacific ex Australia (C1b) 141, , , , % Australia (C1c) 11, , % EMEA - Europe, Middle East & Africa (C1d) 192, , % Japan (C1e) 37, , % Latin America (C1f) 13, , % Global Common Stock (C2) 518,42.2 3, ,65.6 3, % United States (C3) 137, , % Asia Pacific ex Australia (C4a) 128,49.4 1,397 14, ,99-8.8% Australia (C4b) 11, , % EMEA - Europe, Middle East & Africa (C4c) 172, , % Japan (C4d) 31, , % Latin America (C4e) 13, , % Global IPOs (C5) 121,13.4 1,136 81, % United States (C6) 23, , % Asia Pacific ex Australia (C7a) 5, , % Australia (C7b) 1, , % EMEA - Europe, Middle East & Africa (C7c) 33, , % Japan (C7d) 3, , % Latin America (C7e) 5, % Global Secondary Offerings (C8) 397,46.8 2, , , % United States (C8a) 114, , % Asia Pacific ex Australia (C8c) 78, , % Australia (C8b) 1, , % EMEA - Europe, Middle East & Africa (C8f) 139, , % Japan (C8d) 28, , % Latin America (C8e) 7, , % Global Convertible Offerings (C9) 7, , % United States (C9a) 29, , % Asia Pacific ex Australia (C9b) 13, , % Australia (C9c) % EMEA - Europe, Middle East & Africa (C9d) 2, , % Japan (C9e) 5, , % Global Debt, Equity & Equity-Related (A1) Jan 1 - Sep 29 Global Equity & Equity-Related (C1) Jan 1 - Sep 29 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals Fees Share Ch. Citi , , Morgan Stanley , , JP Morgan , , JP Morgan , , Bank of America Merrill Lynch , , Goldman Sachs & Co , Goldman Sachs & Co , , Citi , Morgan Stanley , , Bank of America Merrill Lynch , Barclays , , UBS , HSBC Holdings PLC , Barclays , Deutsche Bank , , Credit Suisse 8 7 2, Wells Fargo & Co , Deutsche Bank 9 6 2, Credit Suisse , , RBC Capital s , BNP Paribas SA , BNP Paribas SA , Nomura , Nomura , RBC Capital s , Wells Fargo & Co , Mizuho Financial Group , CITIC , UBS , Jefferies LLC , Societe Generale , HSBC Holdings PLC , Bank of China Ltd , Societe Generale , TD Securities Inc , Daiwa Securities Group Inc , Credit Agricole CIB , Mizuho Financial Group , China Construction Bank , BMO Capital s 2 2 5, Top Twenty Total 3,78, , Top Twenty Total 379, , Industry Total 6,124, , , Industry Total 588, , , Industry % Change from Same Period Last Year -2.9% 2.4% 21.8% Industry % Change from Last Quarter -9.9% -13.6% -8.% Industry % Change from Same Period Last Year Industry % Change from Last Quarter 19.6% 2.2% 46.% -8.7% -11.1% -11.1% 2

5 First Nine Months 217 Equity Capital s Managing Underwriters Global Equity Capital s Global Common Stock (C2) Jan 1 - Sep 29 Global Convertibles (C9) Jan 1 - Sep 29 Bookrunner 217 Rank 216 Rank Proceeds Share Ch. # of Deals Change in # of Deals Manager Fees Share Ch. Bookrunner 217 Rank 216 Rank Proceeds Share Ch. # of Deals Change in # of Deals Manager Fees Share Ch. Morgan Stanley , JP Morgan 1 3 1, Goldman Sachs & Co , Morgan Stanley 2 1 5, JP Morgan , Deutsche Bank 3 2 5, Citi , Goldman Sachs & Co 4 4 5, Bank of America Merrill Lynch 5 4 3, Bank of America Merrill Lynch 5 8 4, UBS , Barclays , Credit Suisse , Citi 7 6 2, Barclays , Nomura 8 5 2, Deutsche Bank , BNP Paribas SA 9 7 2, RBC Capital s , CITIC , BNP Paribas SA , UBS , Wells Fargo & Co , Wells Fargo & Co , Jefferies LLC , Credit Suisse , Nomura , RBC Capital s , HSBC Holdings PLC , BMO Capital s , CITIC , Societe Generale , Daiwa Securities Group Inc , China International Capital Co , Guotai Junan Securities , Jefferies LLC Societe Generale , Mizuho Financial Group Mizuho Financial Group , Credit Agricole CIB Top Twenty Total 323, , Top Twenty Total 57, , Industry Total 518, , , Industry Total 7, , Industry % Change from Same Period Last Year 2.3% 21.% 47.8% Industry % Change from Same Period Last Year 14.6% 8.7% 3.% % Industry % Change from Last Quarter -11.8% -11.1% -13.% Industry % Change from Last Quarter 23.2% -1.6% 11.8% Global IPOs (C5) Jan 1 - Sep 29 Global Equity & Equity-Related Quarterly Imputed Fees (US$Bil) JP Morgan 1 2 7, Morgan Stanley 2 1 6, Citi 3 3 6, Credit Suisse , Goldman Sachs & Co 5 4 4, UBS 6 8 3, Bank of America Merrill Lynch 7 7 3, Deutsche Bank 8 5 3, Barclays , RBC Capital s , GF Securities , CITIC , Haitong Securities Co Ltd , HSBC Holdings PLC , China International Capital Co , Jefferies LLC , China Securities Co Ltd , China Merchants Securities Co , Nomura , BNP Paribas SA , Top Twenty Total 62, , Industry Total 121, , , Industry % Change from Same Period Last Year Industry % Change from Last Quarter 48.% -12.5% 57.3% -2.8% 85.5% -21.5% US$Bil $9 $8 $7 $6 $5 $4 $3 $2 $1 $ Fees (US$bn) # of Issues ,6 1,4 1,2 1, # of Issues 3

6 First Nine Months 217 Equity Capital s Managing Underwriters Global Equity Capital s: Ten Years of Rankings 1 Morgan Stanley 2 JP Morgan 3 Goldman Sachs & Co 4 Citi 5 Bank of America Merrill Lynch Rank 6 UBS 7 Barclays 8 Credit Suisse 9 Deutsche Bank 1 RBC Capital s Note: League Table positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter-end in each calendar year. 4

7 nc ECM Volume Up 18% IPO Issuance Up Significantly Four Sectors Lead Issuance First Nine Months 217 Equity Capital s Managing Underwriters US Equity Capital s US Deals Intelligence US equity & equity-related proceeds for the first nine months of 217 totaled US$166.6 billion from 684 deals, leading issuance globally with a 28.3% market share. According to estimates, fees increased 44.8% to US$5.1 billion, with the top 2 banks taking 82.2% of the wallet share. US IPOs totaled $23.4 billion from 91 deals, a 121.8% increase from the same period last year. Proceeds from the top 1 IPOs accounted for 56.3% of the segment. According to estimates, fees almost doubled, reaching US$1.2 billion during the first nine months of 217. The Healthcare, Real Estate, Technology and Energy & Power sectors led issuance in the first nine months of 217, accounting for a combined 63% share of the market, with US$91.1 billion in proceeds. The two largest issues (both US$3.9 billion) were the offerings by Snap Inc and Crown Castle International. US Equity & Equity-Related (C1a) Jan 1 - Sep 29 US Equity and Equity-related Volume (US$Bil) by Sector and Issue Type First Nine Months 217 Bookrunner JP Morgan Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch Citi Barclays Credit Suisse Wells Fargo & Co RBC Capital s Deutsche Bank Jefferies LLC UBS BMO Capital s Stifel/KBW Cowen & Co SunTrust Banks BNP Paribas SA Leerink Partners LLC Raymond James Financial Inc KKR & Co LP Top Twenty Total Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Rank Rank Proceeds Share Ch. Deals # of Deals Fees Share Ch , , , , , , , , , , , , , , , , , , , , , , , , % -18.4% 34.9% -23.9% 44.8% -28.8% $13.8 1% $ % $11.7 8% $2.1 14% $11.2 $25.1 8% 17% $29.2 $ % 14% $ % Healthcare Real Estate High Technology Energy and Power Financials Media and Entertainment Industrials $ % $ % IPO Follow-On Convertible US IPOs (C6) Jan 1 - Sep 29 US IPOs (US$Bil) Jan 1 - Sep 29 JP Morgan 1 1 3, Goldman Sachs & Co 2 5 2, Morgan Stanley 3 2 2, Citi 4 4 2, Barclays 5 8 1, Credit Suisse 6 7 1, Bank of America Merrill Lynch 7 3 1, Deutsche Bank 8 6 1, RBC Capital s 9 1 1, Wells Fargo & Co 1 9 1, Allen & Co Inc UBS Cowen & Co 13* Jefferies LLC 13* Stifel/KBW KKR & Co LP BNP Paribas SA BMO Capital s Piper Jaffray Cos Sandler O'Neill Partners Top Twenty Total 22, , Industry Total 23, , Industry % Change from Same Period Last Year 121.8% 31.9% 95.% Industry % Change from Last Quarter -73.2% -52.2% -69.% Proceeds US$ Billions $36. $32. $28. $24. $2. $16. $12. $8. $4. $ $26.4 $7.3 $12.5 $26.1 $32.2 $33.3 $39.6 $23.2 $1.5 $ Proceeds # of Issues # of Issues 5

8 First Nine Months 217 Equity Capital s Managing Underwriters US Equity Capital s US Secondary Offerings (C8a) Jan 1 - Sep 29 US Common Stock (C3) Jan 1 - Sep 29 Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals Fees Share Ch. Goldman Sachs & Co , JP Morgan , Bank of America Merrill Lynch , Morgan Stanley , Citi 5 6 1, Barclays 6 4 9, Credit Suisse 7 5 5, Wells Fargo & Co 8 8 5, RBC Capital s 9 1 3, UBS , Deutsche Bank , Jefferies LLC , Stifel/KBW , Cowen & Co , Leerink Partners LLC , Raymond James Financial Inc , BMO Capital s , Robert W Baird & Co Inc 18 25* Piper Jaffray Cos SunTrust Banks Top Twenty Total 14, , Industry Total 114, , Industry % Change from Same Period Last Year 2.2% 2% 31.5% 26.9% Industry % Change from Last Quarter -1.9% -19.3% -7.% Goldman Sachs & Co , JP Morgan , Morgan Stanley , Bank of America Merrill Lynch , Citi , Barclays , Credit Suisse 7 5 7, Wells Fargo & Co 8 8 6, RBC Capital s 9 1 4, Deutsche Bank 1 9 3, UBS , Jefferies LLC , Stifel/KBW , Cowen & Co , BMO Capital s , Leerink Partners LLC , KKR & Co LP , Raymond James Financial Inc , Piper Jaffray Cos , Robert W Baird & Co Inc Top Twenty Total 125, , Industry Total 137, , Industry % Change from Same Period Last Year 12.6% 31.6% 4.3% Industry % Change from Last Quarter -17.5% -26.3% -28.7% US Block Trades Jan 1 - Sep 29 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Morgan Stanley 1 6 7, Goldman Sachs & Co 2 1 7, Bank of America Merrill Lynch 3 3 5, JP Morgan 4 2 5, Citi 5 7 4, Barclays 6 5 4, Wells Fargo & Co 7 8 2, Credit Suisse 8 4 2, Deutsche Bank UBS Scotiabank Jefferies LLC RBC Capital s Robert W Baird & Co Inc BMO Capital s Stifel/KBW Sandler O'Neill Partners DNB ASA Cantor Fitzgerald LP Fearnley Fonds A/S 2* Top Twenty Total 45, Industry Total 47, US Convertibles (C9a) Jan 1 - Sep 29 JP Morgan 1 3 4, Bank of America Merrill Lynch 2 5 4, Morgan Stanley 3 7 3, Goldman Sachs & Co 4 2 2, Barclays , Citi 6 6 1, Wells Fargo & Co 7 4 1, Deutsche Bank 8 1 1, Jefferies LLC Credit Suisse RBC Capital s BMO Capital s BNP Paribas SA 13 22* HSBC Holdings PLC SunTrust Banks US Bancorp Mitsubishi UFJ Financial Group UBS Mizuho Financial Group Cowen & Co Top Nineteen Total 28, Industry Total 29, Industry % Change from Same Period Last Year -26.3% -6.7% -17.4% Industry % Change from Same Period Last Year 53.2% 64.7% 84.1% Industry % Change from Last Quarter 3.7% 7.7% 37.1% Industry % Change from Last Quarter -22.8% -3.8% -29.3% ** Rankings exclude self-funded proceeds, per Standard Criteria 6

9 First Nine Months 217 Equity Capital s Managing Underwriters US Equity Capital s US Equity & Equity-Related Industry Composition for Top Bookrunners First Nine Months 217 Top 1 US Equity & Equity-Related Deals (US$Bil) First Nine Months 217 1% 9% 4.8% 8.8% 9.3% 6.% 6.2% 3.2% 5.% 6.1% 4.2% 1.2% 1.1% 3.% 4.8% Snap Inc Crown Castle International Becton Dickinson & Co 3/1/17 7/21/17 5/1/17 $2.5 $3.9 $3.9 8% 7% 7.2% 7.5% 9.7% 11.7% 9.6% 7.3% 9.3% 1.% 7.6% 8.2% 11.2% 7.7% 1.3% 2.1% 1.4% 14.4% 12.7% Becton Dickinson & Co Equinix Inc The Williams Cos Inc Altice USA Inc 5/1/17 3/9/17 1/9/17 6/21/17 $2.2 $2.2 $2.2 $2.5 6% 15.3% 7.8% 15.3% 12.3% 11.3% 1.9% 19.8% Microchip Technology Inc Invitation Homes Inc 2/1/17 1/31/17 $1.8 $1.8 % Total Proceeds 5% 4% 5.3% 9.4% 1.2% 9.1% 8.3% 9.% 11.% 14.% 7.8% 5.3% 1.1% 27.5% 9.4% 2.5% 3.3% 1.2% Thermo Fisher Scientific Inc 8/8/17 $1.7 US Year-on-Year % Change in ECM Volume (US$Bil) Jan 1 - Sep % $2. 3% 2% 1% 2.1% 15.7% 5.1% 15.9% 11.9% 14.6% 2.1% 14.5% 7.4% 12.9% 12.% 15.6% 15.1% 15.8% 9.4% 17.8% 17.%.9% 22.6% 11.5% 13.8% 17.5% 16.6% % Change YOY in Proceeds 4% 2% % -2% 3.6% -25.9% 38.5% 2.5% 4.1% 2.1% -1.7% 18.% $1.5 $1. Proceeds US$ Billions % JP Morgan Goldman Bank of Sachs & Co America Merrill Lynch Citi Credit Suisse Barclays Morgan Stanley Wells Fargo Deutsche Bank RBC Capital s -4% -27.3% $.5 Real Estate High Technology Energy and Power Proceeds (US$B) Industrials Healthcare Telecommunications Media and Entertainment Consumer Products and Services Retail -6% $. 7

10 First Nine Months 217 Equity Capital s Managing Underwriters Latin America Equity Capital s Latin America ECM Volume Up 25% Latin America Equity & Equity Related (C1f) Jan 1 - Sep 29 Latin America Equity and Equity-related Volume (US$Bil) Jan 1 - Sep 29 Itau Unibanco 1 7 1, Bank of America Merrill Lynch 2 2 1, Santander 3 3 1, JP Morgan , Banco Bradesco SA 5 5 1, Citi Banco BTG Pactual SA Credit Suisse Morgan Stanley Goldman Sachs & Co 1 9* Banco do Brasil SA 11 11* UBS BBVA GBM Grupo Bursatil Mexicano LarrainVial SA 15 9* BNP Paribas SA Deutsche Bank Banco J Safra SA Banco Modal Banco Galicia y Buenos Aires Top Twenty Total 12, Industry Total 13, Proceeds US$ Billions $5 $4 $3 $2 $1 $ $23.9 $15.1 $42.5 $25.1 $15.2 $26. $16.1 $12. $3.9 $ # of Issues Industry % Change from Same Period Last Year 248.8% 121.1% 317.% Industry % Change from Last Quarter 89.3% 69.2% 44.7% Proceeds # of Non-IPOs # of IPOs Top Ten Equity & Equity-Related Latin America Deals (US$Bil) Jan 1 - Sep 29 Latin America ECM Volume (US$Bil) by Domicile Nation and Sector First Nine Months 217 Atacadao SA $1,416 CCR SA $1,31 Becle SAB de CV Banco Macro SA $91 $697 $2.5 19% $.4 3% $1.1 8% $.5 4% $4.7 35% Banco Santander(Brasil)SA Vista Oil & Gas SAB de CV $688 $65 $2.6 19% $8.1 59% $2.2 17% Lojas Americanas SA $621 $3.9 29% IRB Brasil Resseguros SA Grupo Financiero Galicia SA BR Malls Participacoes SA $556 $55 $53 Brazil Argentina Mexico Chile Retail Financials Industrials Energy and Power Consumer Products and Services Real Estate Healthcare Materials 8

11 First Three Quarters 217 Equity Capital s Managing Underwriters First Nine Months 217 ECM Issuance Down 2% l Secondary Offerings Down 32% Fifteen Qualifying IPOs Up From One Last Year Canadian Equity Canada Equity & Equity-Related - Ex. Self-Led (CA1a) Jan 1 - Sep 3 Canada Common Stock & Trusts - Ex. Self-Led (CA2a) Jan 1 - Sep 3 Proceeds per Bookrunner (C$m) # of Deals per Bookrunner Proceeds per Bookrunner (C$m) # of Deals per Bookrunner # of Change in # of Change in Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals RBC Capital s 1 2 6, RBC Capital s 1 2 6, TD Securities Inc 2 1 4, TD Securities Inc 2 1 4, BMO Capital s 3 4 4, BMO Capital s 3 4 3, CIBC World s Inc 4 3 2, JP Morgan 4 7 2, JP Morgan 5 7 2, CIBC World s Inc 5 3 2, Scotiabank 6 5 1, Scotiabank 6 5 1, National Bank of Canada Fin'l 7 6 1, National Bank of Canada Fin'l 7 6 1, Canaccord Genuity Canaccord Genuity Morgan Stanley Morgan Stanley Credit Suisse Credit Suisse GMP Capital Corp GMP Capital Corp Raymond James Financial Inc Raymond James Financial Inc Bank of America Merrill Lynch Bank of America Merrill Lynch Cormark Securities Inc Cormark Securities Inc Citi Barclays Barclays Citi Clarus Securities Inc Clarus Securities Inc Haywood Securities Ltd Haywood Securities Ltd Cantor Fitzgerald LP Cantor Fitzgerald LP Leerink Partners LLC Leerink Partners LLC Top Twenty Total 29, Top Twenty Total 26, Industry Total 31, Industry Total 28, % Change from Last Year -19.7% 4.% % Change from Last Year -22.5% 3.9% % Change from Last Quarter -64.2% -58.2% % Change from Last Quarter -52.8% -12.9% Canada Initial Public Offerings - Ex. Self-Led (CA3) Jan 1 - Sep 3 Canada Secondary Offerings- Ex. Self-Led (CA4a) Jan 1 - Sep 3 Proceeds per Bookrunner (C$m) # of Deals per Bookrunner # of Change in Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals RBC Capital s 1-1, TD Securities Inc 2 1* CIBC World s Inc 3 1* Scotiabank BMO Capital s Morgan Stanley GMP Capital Corp Credit Suisse 8* Goldman Sachs & Co 8* Leerink Partners LLC Top Ten Total 3, Industry Total 3, % Change from Last Year 724.9% 14.% % Change from Last Quarter -73.8% -44.4% Secondary Proceeds by Industry Sector (C$M) 12% Jan 1 - Sep 3 8% 6% 13% Energy and Power Materials 48% Real Estate 13% Industrials Healthcare All Others Proceeds per Bookrunner (C$m) # of Deals per Bookrunner # of Change in Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals RBC Capital s 1 2 4, TD Securities Inc 2 1 3, BMO Capital s 3 4 3, JP Morgan 4 7 2, CIBC World s Inc 5 3 1, Scotiabank 6 5 1, National Bank of Canada Fin'l 7 6 1, Canaccord Genuity Credit Suisse Morgan Stanley Raymond James Financial Inc GMP Capital Corp Cormark Securities Inc Bank of America Merrill Lynch Barclays Clarus Securities Inc Haywood Securities Ltd Citi Cantor Fitzgerald LP HSBC Holdings PLC Top Twenty Total 23, Industry Total 25, % Change from Last Year % Change from Last Quarter -31.8% -46.7% -2.2% -9.2% 9

12 nc EMEA ECM Fees up 83% IPO Fees Increase by 64% Highest volume for Equity-Related since 214 First Nine Months 217 Equity Capital s Managing Underwriters EMEA Equity Capital s EMEA Deals Intelligence EMEA ECM issuance for the first nine months of 217 reached US$192.9 billion from 875 deals, a 54% increase compared to the same period last year. According to estimates, ECM fees totaled US$3.6 billion, an increase of 83.2% year-on-year; the highest fee total since the same period in 214. EMEA IPO proceeds totaled US$33.3 billion from 147 deals, an increase of 42.3% compared to the same period last year. EMEA IPO fees rose by 63.9% year-onyear to US$847.4 million. Listings on UK exchanges raised US$6.4 billion from 44 deals, while listings on Swiss exchanges raised US$4.6 billion from just 3 IPOs. Bolstered by two sizeable Mandatory Exchangeable Bonds issued by Volcan, EMEA Equity-Related issuance totaled US$2.2 billion in the first nine months, representing the highest EMEA proceeds since 214. Financials continued to dominate the EMEA ECM market, with the four largest deals of the period originating from the sector. EMEA Equity & Equity-Related (C1d) Jan 1 - Sept 29 EMEA ECM Proceeds Raised by Industry (US$Bil) First Nine Months 217 JP Morgan , Morgan Stanley , Citi , UBS , Goldman Sachs & Co , Deutsche Bank 6 6 1, Bank of America Merrill Lynch 7 4 9, BNP Paribas SA 8 1 7, Barclays 9 9 7, Credit Suisse 1 8 7, Societe Generale , HSBC Holdings PLC , Jefferies LLC , Numis , Berenberg Bank , Credit Agricole CIB , Mediobanca , Commerzbank AG , Natixis , UniCredit , Top Twenty Total 149, , Industry Total 192, , $4.7 2% $2.6 1% $11.9 6% $12.2 6% $15.1 8% $6.8 4% $15.1 8% $6.8 4% $6.2 3% $17.4 9% $ % $ % Financials Industrials Materials Real Estate Healthcare High Technology Energy and Power Consumer Staples Consumer Products and Services Retail Industry % Change from Same Period Last Year 53.9% 18.4% 83.2% Industry % Change from Last Quarter -31.2% -33.3% -34.3% Telecommunications EMEA IPOs by Nation of Primary Listing (US$Bil) First Nine Months 217 Top 1 EMEA Equity & Equity-Related Deals (US$Bil) First Nine Months 217 Proceeds (US$Bil) $6.4 $4.6 $4. $3.5 $2. $1.9 $1.9 $1.9 $1.1 U.K. Switzerland Italy Spain France Poland Germany Sweden South Africa Proceeds (US$b) # of Issues # of Issues UniCredit SpA Deutsche Bank AG Banco Santander SA Credit Suisse Group AG EDF SA Allied Irish Banks PLC Barclays Africa Group Ltd Pirelli & C SpA Volcan Holdings PLC Landis+Gyr Group AG 2/23/17 4/6/17 7/2/17 6/7/17 3/21/17 6/23/17 6/1/17 9/29/17 3/15/17 7/21/17 $4.4 $4.3 $3.8 $2.9 $2.7 $2.5 $2.4 $8.5 $8.2 $13.8 1

13 First Nine Months 217 Equity Capital s Managing Underwriters EMEA Equity Capital s EMEA Common Stock (C4c) Jan 1 - Sept 29 EMEA IPOs (C7c) Jan 1 - Sept 29 Morgan Stanley , JP Morgan 1 1 2, JP Morgan , UBS 2 4 2, Citi , Citi 3 3 2, UBS , Morgan Stanley 4 2 1, Goldman Sachs & Co , Credit Suisse , Bank of America Merrill Lynch 6 5 9, Goldman Sachs & Co 6 7 1, Deutsche Bank 7 6 7, Deutsche Bank 7 5 1, Barclays 8 9 7, HSBC Holdings PLC , Credit Suisse 9 8 7, Bank of America Merrill Lynch , BNP Paribas SA , Jefferies LLC Societe Generale , UniCredit HSBC Holdings PLC , BNP Paribas SA Jefferies LLC , Carnegie Numis , Numis Berenberg Bank , Santander Mediobanca , Barclays Commerzbank AG , Cenkos Securities PLC Banca IMI (Intesa Sanpaolo) , Global M&A Credit Agricole CIB , Berenberg Bank Carnegie , Danske Bank Top Twenty Total 13, , Top Twenty Total 23, Industry Total 172, , Industry Total 33, Industry % Change from Same Period Last Year 61.1% 19.7% 95.4% Industry % Change from Last Quarter -33.7% -33.7% -36.8% Industry % Change from Same Period Last Year 42.3% 25.6% 63.9% Industry % Change from Last Quarter -5.6% -24.2% -24.% EMEA Rights Offerings (C8fr) Jan 1 - Sept 29 EMEA Convertibles (C9d) Jan 1 - Sept 29 JP Morgan 1 2 2, JP Morgan 1 1 6, Goldman Sachs & Co 2 4 2, Deutsche Bank 2 8 2, Morgan Stanley , BNP Paribas SA 3 2 1, Credit Suisse , Morgan Stanley 4 3 1, BNP Paribas SA 5 7 2, Societe Generale 5 1 1, HSBC Holdings PLC , Goldman Sachs & Co Bank of America Merrill Lynch 7 1 2, Citi Deutsche Bank , Credit Agricole CIB Societe Generale 9 9 2, Barclays Barclays 1 3 2, UBS Citi , Credit Suisse Credit Agricole CIB , UniCredit Mediobanca , Natixis UBS , HSBC Holdings PLC BBVA 15* 24 1, Bank of America Merrill Lynch Banca IMI (Intesa Sanpaolo) 15* 12 1, Berenberg Bank Natixis , Nplus1 Singer Advisory LLP Santander , Stifel/KBW 18* 22* ING , Cenkos Securities PLC 18* Commerzbank AG , Mediobanca Top Twenty Total 41, Top Twenty Total 19, Industry Total 47, Industry Total 2, Industry % Change from Same Period Last Year 115.%.% % Industry % Change from Same Period Last Year 11.2% -2.2% 13.4% Industry % Change from Last Quarter -5.4% -36.1% -46.6% Industry % Change from Last Quarter -1.4% -25.% -1.% ** Rankings exclude self-funded proceeds, per Standard Criteria 11

14 nc First Nine Months 217 Equity Capital s Managing Underwriters Asia (ex-japan, ex-australia) Equity Capital s Asian Equity & Equity-Related Proceeds Down 11% Asian IPO Volume Up 32% High Technology Tops Asia IPO Industry Asia Deals Intelligence Asian equity and equity-related proceeds totaled US$141.8 billion during the first nine months of 217, a 1.6% decrease from the same period a year ago. Financials led all sectors, capturing 2.3% of the market. Industrials and Materials followed, capturing 18.4% and 12.3% market share, respectively. Asian IPO activity for the first nine months of 217 totaled US$5.1 billion, a 32.% increase from the same period last year. The Shanghai Stock Exchange led issuance volume in Asia, with total proceeds of US$13.5 billion from 162 issues. According to fee estimates, Asian ECM fees in the first nine months of 217 totaled US3.4 billion from 1,464 transactions, a 34.6% increase compared to the total fees earned during the first nine months of 216. Asia Equity & Equity-Related, inc Chinese A-shares (C1b) Jan 1 - Sep 29 Asia Equity & Equity-Related Imputed Fees by Domicile Nation (US$Mil) Jan 1 - Sep 29 Goldman Sachs & Co 1 8 8, CITIC 2 2 7, Morgan Stanley 3 1 6, Citi , Guotai Junan Securities 5 5 5, China International Capital Co 6 4 4, China Securities Co Ltd 7 7 4, UBS , Deutsche Bank 9 3 3, Haitong Securities Co Ltd 1 6 3, Essence Securities Co Ltd , GF Securities , Guosen Securities Co Ltd , Bank of America Merrill Lynch , NH Investment & Securities Co , China Merchants Securities Co , Credit Suisse , Huatai Securities Co Ltd , Industrial Securities Co Ltd , Kotak Mahindra Bank Ltd , Top Twenty Total 81, , Industry Total 141, , , Industry % Change from Same Period Last Year -1.6% 23.5% 34.6% Industry % Change from Last Quarter 2.9% 1.7% 19.7% $4, $3,5 $3, $2,5 $2, $1,5 $1, $5 $ China Hong Kong Singapore India Malaysia Rest of Asia Asia Equity & Equity-Related, ex Chinese A-shares (C1ba) Jan 1 - Sep 29 Top 1 Asia Equity & Equity-Related Deals (US$Bil) Jan 1 - Sep 29 Goldman Sachs & Co 1 5 5, Morgan Stanley 2 1 5, Citi 3 4 4, Deutsche Bank 4 2 3, Bank of America Merrill Lynch , NH Investment & Securities Co 6 9 2, Credit Suisse , UBS 8 8 2, Kotak Mahindra Bank Ltd , CITIC , JP Morgan , Korea Investment Holdings Co , HSBC Holdings PLC , DBS Group Holdings , JM Financial Group , IIFL Holdings Ltd , ICICI Bank Ltd , Haitong Securities Co Ltd , Axis Bank Ltd 19* 56 1, Mirae Asset Daewoo Co Ltd 19* 6 1, Top Twenty Total 45, Industry Total 77, , Industry % Change from Same Period Last Year 5.6% 24.7% 21.1% Industry % Change from Last Quarter 15.3% 9.% 3.6% China Everbright Bank Co Ltd China Molybdenum Co Ltd Netmarble Games Corp State Bank of India Guotai Junan Securities Co Ltd SAIC Motor Corp Ltd Power Constr Corp of China Ltd NetLink NBN Trust Air China Ltd Zhong An Online P&C Ins Co Ltd 3/14/17 7/12/17 4/21/17 6/6/17 3/28/17 1/12/17 4/18/17 7/1/17 3/2/17 9/21/17 $1.7 $1.7 $1.6 $1.5 $2.3 $2.3 $2.2 $2.2 $2.7 $4.3 12

15 First Nine Months 217 Equity Capital s Managing Underwriters Asia (ex-japan, ex-australia) Equity Capital s Asia Common stock, inc Chinese A-shares (C4a) Jan 1 - Sep 29 Asia IPOs, inc Chinese A-shares (C7a) Jan 1 - Sep 29 Goldman Sachs & Co 1 7 7, GF Securities , Citi , CITIC 2 4 2, CITIC 3 1 5, Haitong Securities Co Ltd 3 7 1, Morgan Stanley 4 2 5, Citi 4 6 1, Guotai Junan Securities 5 5 4, China International Capital Co 5 2 1, China Securities Co Ltd 6 3 4, China Securities Co Ltd 6 1 1, China International Capital Co 7 6 3, China Merchants Securities Co 7 8 1, Haitong Securities Co Ltd 8 4 3, Guosen Securities Co Ltd , GF Securities 9 1 3, Essence Securities Co Ltd 9 3 1, UBS , Sinolink Securities Co Ltd , Bank of America Merrill Lynch , Guotai Junan Securities , Essence Securities Co Ltd , JP Morgan , Guosen Securities Co Ltd , Morgan Stanley NH Investment & Securities Co , Credit Suisse Deutsche Bank , Korea Investment Holdings Co Credit Suisse , Bank of China Ltd Huatai Securities Co Ltd , Shenwan Hongyuan Securities Co China Merchants Securities Co , Huatai Securities Co Ltd Industrial Securities Co Ltd , UBS Kotak Mahindra Bank Ltd , Deutsche Bank Top Twenty Total 72, , Top Twenty Total 25, , Industry Total 128, , , Industry Total 5, , Industry % Change from Same Period Last Year -8.8% 8% 27.1% 4.3% Industry % Change from Same Period Last Year 32.% 73.6% 12.8% Industry % Change from Last Quarter 13.4% 12.% 16.% Industry % Change from Last Quarter 12.2% 11.5% 15.4% Asia Secondary Offerings, inc Chinese A-shares (C8c) Jan 1 - Sep 29 Asia Convertibles, inc Chinese A-shares (C9b) Jan 1 - Sep 29 Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals Fees Share Ch. Goldman Sachs & Co 1 7 6, CITIC , Morgan Stanley 2 2 4, Deutsche Bank 2 2 1, Citi , Goldman Sachs & Co 3 7 1, Guotai Junan Securities 4 3 3, China International Capital Co 4 4 1, CITIC 5 1 3, UBS China Securities Co Ltd , Everbright Securities Co Ltd 6* UBS , Morgan Stanley 6* Bank of America Merrill Lynch , Dongxing Securities 8* NH Investment & Securities Co , Essence Securities Co Ltd 8* Kotak Mahindra Bank Ltd , Bank of China Ltd Deutsche Bank , Fubon Financial Holding Co Ltd China International Capital Co , KGI Financial Services Group Industrial Securities Co Ltd , DBS Group Holdings Huatai Securities Co Ltd , Yuanta Financial Hldg Co Ltd Credit Suisse , China Merchants Securities Co 15* Essence Securities Co Ltd , China Securities Co Ltd 15* Guosen Securities Co Ltd , Guotai Junan Securities Haitong Securities Co Ltd , Tianfeng Securities Co Ltd Tianfeng Securities Co Ltd , Zheshang Securities Co Ltd GF Securities 2 8 1, Citi Top Twenty Total 49, Top Twenty Total 11, Industry Total 78, , Industry Total 13, Industry % Change from Same Period Last Year -23.8% -1.3% -11.9% Industry % Change from Same Period Last Year -25.2% -22.1% -34.9% Industry % Change from Last Quarter 14.2% 12.6% 17.3% Industry % Change from Last Quarter 163.9% -11.1% 155.9% 13

16 Australian ECM Down 2% Macquarie Top Bookrunner Financials Take 22% Share First Nine Months 217 Equity Capital s Managing Underwriters Australia Equity Capital s Australia Deal Intelligence Australian ECM issuance reached AU$15.4 billion from 444 deals, a 2.2% decrease from the same period last year. Issuers from the Financials, Materials and Industrials sectors captured 21.7%, 18% and 12.6% of the market, respectively. According to fee estimates, total fees earned in Australia for the first nine months of 217 totaled AU$411.4 million, a 2.9% decrease compared to the same period last year. Macquarie, the top fee earner in the region, captured 15.9% of total wallet share. Australian IPO and Follow-on proceeds during the first nine months of 217 decreased 6.7% and 1.5%, respectively, compared to the first nine months of 216. Yancoal Australia Ltd s, AU$3.1 billion (US$2.5 billion) follow-on was the largest Australian ECM offering during the period. Australian Equity & Equity-Related (AK1) Jan 1 - Sep 29 Australian ECM Proceeds by Industry (AU$Mil) Jan 1 - Sep 29 Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m) Bookrunner 217 Rank 216 Rank Proceeds Share Ch. # of Deals Change in # of Deals Manager Fees Share Ch. Macquarie Group 1 2 3, UBS 2 1 2, JP Morgan 3 4 1, Goldman Sachs & Co Morgan Stanley Bell Financial Group Ltd China International Capital Co Citi Morgans Financial Ltd Euroz Securities Ltd Canaccord Genuity Taylor Collison Ltd Hartleys Ltd Credit Suisse Ord Minnett Ltd Argonaut Ltd Moelis & Co Commonwealth Bank of Australia Patersons Securities Ltd Wilson HTM Top Twenty Total 13, Industry Total 15, Industry % Change from Same Period Last Year -2.2% -9.8% -2.9% Industry % Change from Last Quarter -2.9% -1.2% -15.9% Australian Common Stock (AK2) Jan 1 - Sep 29 $1, % $ % $ % $1, % $ % $1, % $2, % $2, % Financials Materials Industrials Real Estate Energy and Power Media and Entertainment High Technology Consumer Products and Services Healthcare Consumer Staples Retail Top 1 Australian Equity & Equity-Related Deals (AU$Mil) Jan 1 - Sep 29 Proceeds per Bookrunner (AU$m) # of Deals per Bookrunner Imputed Fees (AU$m) Bookrunner 217 Rank 216 Rank Proceeds Share Ch. # of Deals Change in # of Deals Manager Fees Share Ch. Macquarie Group 1 2 3, UBS 2 1 2, JP Morgan 3 4 1, Goldman Sachs & Co Morgan Stanley Bell Financial Group Ltd China International Capital Co Citi Morgans Financial Ltd Euroz Securities Ltd Canaccord Genuity Taylor Collison Ltd Hartleys Ltd Credit Suisse Ord Minnett Ltd Argonaut Ltd Moelis & Co Commonwealth Bank of Australia Patersons Securities Ltd Wilson HTM Top Twenty Total 13, Industry Total 15, Industry % Change from Same Period Last Year -18.6% -1.% -2.5% Industry % Change from Last Quarter -2.9% -1.8% -15.9% Yancoal Australia Ltd Downer EDI Ltd Link Administration Hldg Ltd BT Investment Management Ltd DEXUS Bingo Industries Ltd Seven Group Holdings Ltd Reliance Worldwide Corp Macquarie Atlas Roads Group MYOB Group Ltd 8/31/17 4/11/17 6/27/17 5/25/17 6/22/17 5/2/17 9/21/17 8/3/17 9/14/17 2/24/17 $1,11. $883.2 $645. $54.4 $439.6 $375. $373. $363.5 $355. $3,

17 nc Japanese ECM Doubles Follow-on Volume Up 229% IPO Volume Down 35% First Nine Months 217 Equity Capital s Managing Underwriters Japan Equity Capital s Japan Deals Intelligence Japanese Equity and Equity related activity totaled US$37.2 billion from 161 deals during the first nine months of 217, a 11.6% increase in volume compared to the same period in 216 and the third largest first nine months volume for Japanese Equity activity in the last ten years. Japanese follow-on volume reached US$28.5 billion from 86 deals, up 229.4% compared to a year ago, representing the highest first nine months volume since 211. Japan Post s US$11.7 billion follow-on offering was the second largest ECM deal globally this year, after Italy s US$13.8 billion Unicredit rights issuance. Japanese IPO activity totaled US$3.5 billion during the first nine months of 217, a decrease of 35.2% from a year ago. Deal count was down by 6.2% to 61 deals, declining for the second consecutive year after an upward trend between 21 to 215. Japan Equity & Equity-Related (C1e) Jan 1 - Sep 29 Japan Equity & Equity-Related Volume (US$Bil) by Issue Type Jan 1 - Sep 29 Nomura 1 1 8, Daiwa Securities Group Inc 2 5 5, Mitsubishi UFJ Morgan Stanley 3 4 4, Mizuho Financial Group 4 3 4, Sumitomo Mitsui Finl Grp Inc 5 2 4, Goldman Sachs & Co 6 6 3, Bank of America Merrill Lynch 7 7 1, JP Morgan 8 9 1, UBS Deutsche Bank SBI Holdings Inc Tokai Tokyo Financial Holdings Citi Crosby Securities Ichiyoshi Securities Co Ltd Top Fifteen Total 35, , Industry Total 37, , Proceeds (US$billions) P # of Issues Industry % Change from Same Period Last Year 11.6% 13.4% 72.7% Industry % Change from Last Quarter 185.8% 48.6% 344.% IPO Follow-On Convertible # of Issues Japan Common Stock (C4d) Jan 1 - Sep 29 Top 1 Japan Equity & Equity-Related Deals (US$Mil) First Nine Months 217 Nomura 1 1 5, Daiwa Securities Group Inc 2 5 5, Mitsubishi UFJ Morgan Stanley 3 3 4, Mizuho Financial Group 4 4 4, Sumitomo Mitsui Finl Grp Inc 5 2 3, Goldman Sachs & Co 6 6 3, Bank of America Merrill Lynch 7 7 1, UBS JP Morgan Deutsche Bank SBI Holdings Inc Tokai Tokyo Financial Holdings Citi Crosby Securities Ichiyoshi Securities Co Ltd Top Fifteen Total 3, Industry Total 31, , Industry % Change from Same Period Last Year 128.2% 16.7% 84.9% Industry % Change from Last Quarter 15.7% 28.6% 33.3% Japan Post Holdings Co Ltd Renesas Electronics Corp Sumitomo Mitsui Finl Grp Inc Idemitsu Kosan Co Ltd Fujitsu Ltd Sushiro Global Holdings Ltd Mitsubishi Chemical Holdings Mitsubishi Chemical Holdings Kyushu Electric Power Co Inc 9/25/17 6/12/17 3/13/17 $1, /12/17 $1,12.6 2/8/17 $ /21/17 $68.9 3/14/17 $ /14/17 $ /14/17 $666.8 $3,171.4 $11,716.1 Kyushu Electric Power Co Inc 3/14/17 $

18 First Nine Months 217 Equity Capital s Managing Underwriters Japan Equity Capital s Japan IPOs (C7d) Jan 1 - Sep 29 Japan Equity & Equity-Related Proceeds by Industry (US$Bil) Jan 1 - Sep 29 Nomura 1 1 1, Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Morgan Stanley Mizuho Financial Group Daiwa Securities Group Inc UBS Bank of America Merrill Lynch SBI Holdings Inc Crosby Securities Tokai Tokyo Financial Holdings Ichiyoshi Securities Co Ltd Okasan Securities Group Inc Toyo Securities Co Ltd Top Thirteen Total 3, Industry Total 3, Industry % Change from Same Period Last Year -35.2% -6.2% -27.8% Industry % Change from Last Quarter 87.8% 5.% 81.9% $3.3 9% $2.4 6% $3.4 9% $1.8 5% $1.7 4% $4. 11% $.7 2% $.6 2% $6.2 17% $13. 35% Consumer Products and Services High Technology Real Estate Industrials Financials Energy and Power Retail Materials Media and Entertainment Consumer Staples Healthcare Japan Secondary Offerings (C8d) Jan 1 - Sep 29 Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Daiwa Securities Group Inc 1 5 4, Nomura 2 2 4, Mitsubishi UFJ Morgan Stanley 3 4 3, Mizuho Financial Group 4 3 3, Goldman Sachs & Co 5 7 3, Sumitomo Mitsui Finl Grp Inc 6 1 3, Bank of America Merrill Lynch 7 6 1, JP Morgan UBS Deutsche Bank SBI Holdings Inc Citi Tokai Tokyo Financial Holdings Ichiyoshi Securities Co Ltd Okasan Securities Group Inc Top Fifteen Total 26, Industry Total 28, Industry % Change from Same Period Last Year 229.4% 41.% 177.2% Industry % Change from Last Quarter 156.3% 17.4% 361.4% Japan IPO Quarterly Volume (US$Bil) and Deal Count Proceeds (US$billions) # of Issues Japan Convertibles (C9e) Jan 1 - Sep Proceeds per Bookrunner (US$m) # of Deals per Bookrunner Imputed Fees (US$m) Bookrunner Rank Rank Proceeds Share Ch. Deals # of Deals Fees Share Ch. Nomura 1 1 2, Mizuho Financial Group Daiwa Securities Group Inc Mitsubishi UFJ Morgan Stanley 4* 3* Goldman Sachs & Co 4* JP Morgan 4* Sumitomo Mitsui Finl Grp Inc Top Seven Total 5, Industry Total 5, Q 2Q 3Q 4Q # of Issues 2 - Industry % Change from Same Period Last Year 18.4% -12.5% 12.5% Industry % Change from Last Quarter