1Q12 Thomson Reuters Equity Capital Markets Review

GLOBAL EQUITY CAPITAL MARKETS REVIEW
MANAGING UNDERWRITERS
First Quarter 2012
First Quarter 2012 | Equity Capital Markets | Managing Underwriters
Equity Capital Markets Review

Table of Contents
Global Equity
EMEA Equity
Japan Equity
Global Deals Intelligence
EMEA Deals Intelligence
Japan Equity & Equity-Related (C1e)
13
Leading Underwriters for Third Quarter 2010
EMEA Equity & Equity-related (C1d)
Japan Common Stock (C4d)
13
Global Scorecard
EMEA Common Stock (C4c)
Japan IPOs (C7d)
13
Global Debt, Equity & Equity Related (A1)
EMEA IPOs (C7c)
Japan Secondary Offerings (C8d)
13
Global Equity & Equity-Related (C1)
EMEA Rights Offerings (C8fr)
Japan Convertible Offerings (C9e)
13
EMEA Convertibles (C9d)
Global Convertibles (C9)
Global IPOs (C5)
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
10
Global Equity & Equity-Related inc. Warrants
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
10
Global Equity Rankings - Last Ten Years
Asia Common Stock, inc Chinese A-shares (C4a)
11
Asia IPOs, inc Chinese A-shares (C7a)
11
US Equity
Asia Equity
US Deals Intelligence
Asia Secondary Offerings, inc Chinese A-shares (C8c)
11
US Equity & Equity-Related (C1a)
Asia Convertibles, inc Chinese A-shares (C9b)
11
USCommon Stock (C3)
US IPOs (C6)
Australian Equity & Equity-related (AK1)
12
US Convertibles (C9a)
Australian Common Stock (AK2)
12
US Secondary Offerings (C8a)
US Equity & Equity-Related inc. Warrants
Banking Composite of Top US Equity Bookrunners
Criteria Summary
Equity Capital Markets Criteria Summary
14
Regional Contacts
14
Thomson Reuters Solutions for the Deal

Making Community
15
Australia Equity
https://www.thomsonone.com
First Quarter 2012
EQUITY CAPITAL MARKETS REVIEW

Global Equity Capital Markets Down 26% I Slowest Opening Quarter since 2009 I Emerging Markets Account for 36% of Global IPOs I Citi Tops ECM Ranking
Global IPOs (US$bil)
70
$120
60
$100
50
$80
40
$60
30
$40
20
$20
10
0
$0
2006
UNITED STATES ISSUERS ACCOUNT FOR 34%; CHINA ECM DOWN 56% - Issuers from the United States
raised US$50.7 billion in the global equity capital markets during the first quarter of 2012, down 28% compared
to last year at this time. Issuers from China and Hong Kong accounted for 9% and 7%, respectively, of overall
2012
equity capital markets activity during the first quarter of 2012.
2007
2009
2010
2011
1
2012
Global Equity & Equity-Related Volume

1,600
,
$400
Proceeds (US$b)
FOUR SECTORS ACCOUNT FOR TWO-THIRDS OF ACTIVITY - Led by financial issuers (29%), the overall
volume of equity capital markets activity remained highly concentrated among four main sectors including
energy & power (17%), industrials (11%) and real estate (11%).
ECM FEES DOWN 34% - According to estimates from Freeman Consulting, fees from equity capital markets
transactions during the first quarter of 2012 totaled US$3.5 billion, a 34% decrease from this time last year, but a
27% increase from the fourth quarter of 2011.
2008
Proceeds (US$b)
$350
CITI TOPS OVERALL ECM RANKING; JP MORGAN LEADS FEES - With an increase of 3.6 market share
points, Citi led all equity capital markets underwriters during the first quarter of 2012 with US$14.3 billion in
proceeds from 76 issues, up from sixth place last year. JP Morgan, which moved to third place by proceeds
raised this quarter, led all underwriters by fees with US$286.0 million, or 8.1% of the equity capital markets fee
pool this quarter.
80
% of Emerging Markets IPOs
% of Proceeds from Emerging Markets
IPOs DOWN 61% FROM 2011; EMERGING MARKETS ACCOUNT FOR 36% - Global IPO volume totaled
US$17.4 billion during the first quarter of 2012, a decrease of 61% compared to the same time last year when
issuance totaled US$44.4 billion. Issuers from the emerging markets have raised US$6.3 billion during 2011,
accounting for 36% of IPO volume during the period. High technology, industrials and media and entertainment
accounted for 55% of IPO activity during the quarter, up from 35% during the first quarter of 2011.
$140
# of Issues
1,400
$300
1,200
$250
1,000
$200
800
$150
600
$100
400
$50
200
0
$0
2006
2007
2008
2009
2010
2011
1
2012
Global Equity & Equity-Related Volume by Domicile Region

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2000
2001
2002
Africa/Middle East/Central Asia
2003
2004
2005
2006
Japan
2007
Asia-Pacific
2008
2009
Europe
2010
2011
Q12012
Americas
# of Issues
FOLLOW-ONS DOWN 11% - Global follow-on offerings totaled US$116.7 billion during the first quarter of 2012,
a 11% decrease compared to first quarter 2011. Issuers from the United States accounted for 36% of all followon activity during first quarter 2012, compared to 34% last year. Offerings from Hong Kong and Italy comprised
9% of activity during the quarter, followed by China (6.5%) and Canada (6.4%).
Global IPOs and Emerging Markets
Proceeds (US$b)
GLOBAL ECM ACTIVITY DOWN 26%; SLOWEST OPENING QUARTER SINCE 2009 - Equity capital markets
activity totaled US$150.2 billion during the first quarter of 2012, a 26% decline from the comparable period in
2011. Despite a 57% increase compared to the fourth quarter of 2011, this marks the slowest opening quarter
for global equity capital markets activity since the first quarter of 2009 when volume totaled US$71.8 billion.
Global Equity Capital Markets

Leading Underwriters for the First Quarter 2012
Market Sector
Global
Global Debt, Equity & Equity-Related (A1)
Global Disclosed Fees (A2)
Global Equity & Equity-related (C1)
Global Common Stock (C2)
Global IPOs (C5)
No. 1 Manager
Jan 1 - Mar 30
Current Qtr
Mkt. Share Chg. from
Market Share (%)
Last Qtr (%)
Consecutive
Quarters No. 1
JP Morgan
JP Morgan
Citi
Citi
Guosen Securities Co Ltd
Goldman Sachs & Co
7.9
10.9
9.5
9.9
8.3
14.3
1.0
5.2
4.6
5.6
5.8
6.4
4
4
1
1
1
1
US
US Common Stock (C3)
US IPOs (C6)
Citi
Citi
JP Morgan
Bank of America Merrill Lynch
16.1
16.5
12.5
32.5
4.3
6.3
2.5
32.5
1
1
1
1
Europe, Middle East & Africa (EMEA)

EMEA Equity & Equity-Related (C1d)
EMEA IPOs (C7c)
Goldman Sachs & Co

Goldman Sachs & Co
UBS
Deutsche Bank AG
14.3
13.7
16.7
22.5
1.4
1.5
16.7
22.5
1
1
1
1
Asia-Pacific ex. Japan ex. Australia

Asia-Pacific Common Stock (C4a)
Asia-Pacific Convertibles (C9b)
Citi
Citi
10.0
19.8
8.8
19.8
1
1
Japan
Japan IPOs (C7d)
Japan Convertibles (C9e)
Nomura
Nomura
Nomura
Mitsubishi UFJ Morgan Stanley
39.9
37.3
85.6
49.7
17.2
-12.6
42.3
49.7
1
2
2
3
Global Debt, Equity & Equity-Related (A1)
Bookrunner
JP Morgan
Deutsche Bank AG
Barclays
Citi
Morgan Stanley
Goldman Sachs & Co
HSBC Holdings PLC
Credit Suisse
BNP Paribas SA
UBS
RBS
RBC Capital Markets
Nomura
Wells Fargo & Co
Societe Generale
Credit Agricole CIB
UniCredit
Natixis
Mizuho Financial Group
Top Twenty Total
Industry Total
Proceeds per Bookrunner (US$m)

Market
Market
2012 2011
Rank Rank
Proceeds Share (%) Share Ch.
7.9
+1.0
1
3
142,879.0
2
2
127,947.5
7.0
-0.3
3
1
121,239.9
6.7
-0.8
4
4
109,649.5
6.0
+0.3
5
5
92,391.8
5.1
-0.5
6
7
86,793.1
4.8
0.0 6
86,269.2
4.7
7
-0.8
8
11
82,864.9
4.6
+0.8
9
10
76,244.1
4.2
+0.3
10
8
75,309.5
4.1
-0.2
11
9
62,899.0
3.5
-0.6
12
12
58,712.1
3.2
-0.3
13
13
41,338.2
2.3
+0.3
14
16
39,037.4
2.1
+0.4
15
1.9
19
35,305.6
+0.6
16
14
35,041.8
1.9
0.0 17
1.9
15
34,237.2
+0.2
32,129.9
18
17
1.8
+0.4
19
18
25,812.5
1.4
+0.1
0.9
+0.3
20
27
16,870.3
76.0
1,382,972.5
1,820,961.8
100.0
Industry % Change from Same Period Last Year

Industry
y % Change
g from Last Q
Quarter
*tie
-2.6%
68.1%
Global Scorecard

United States (C1a)
Asia Pacific ex Australia (C1b)
Australia (C1c)
EMEA - Europe, Middle East & Africa (C1d)
Japan (C1e)
Latin America (C1f)
United States (C3)
Asia Pacific ex Australia (C4a)
Australia (C4b)
EMEA - Europe, Middle East & Africa (C4c)
Japan (C4d)
Latin America (C4e)
Global IPOs (C5)
United States (C6)
Asia Pacific ex Australia (C7a)
Australia (C7b)
EMEA - Europe, Middle East & Africa (C7c)
Japan (C7d)
Latin America (C7e)
Global Secondary Offerings (C8)
United States (C8a)
Asia Pacific ex Australia (C8c)
Australia (C8b)
EMEA - Europe, Middle East & Africa (C8f)
Japan (C8d)
Latin America (C8e)
Global Convertible Offerings (C9)
United States (C9a)
Asia Pacific ex Australia (C9b)
Australia (C9c)
EMEA - Europe, Middle East & Africa (C9d)
Japan (C9e)
Latin America (C9f)
Jan 1 - Mar 30
# of Deals per Bookrunner
# of Market Change in
Deals Share (%) # of Deals
11.8 +80
547
501
10.8 -12
430
9.3 +43
9.1 +105
423
405
8.7 +22
385
8.3 +41
275
5.9 +17
339
7.3 +72
6.6
-1
305
274
5.9 +17
329
7.1 +56
242
5.2
-7
224
4.8 +8
161
3.5 +43
196
4.2 +39
106
2.3 +20
108
2.3 +18
88
1.9 +5
2.0 +13
93
135
2.9 +11
4,631
-9.4%
15.0%
-481
1/1/2012 - 3/30/2012
Proceeds
No.
US$m
Deals
919
150,239.5
51,109.5
207
35,812.0
277
4,963.0
151
159
41,774.5
5,509.2
37
2,451.2
13
134,036.1
848
196
47,690.5
33,536.2
252
3,252.4
147
34,748.2
147
4,375.1
28
2,451.2
13
17,367.6
173
39
5,911.3
6,746.5
94
22.8
3
3,818.1
25
8
221.9
68.5
3
675
116,668.4
41,779.2
157
26 789 6
26,789.6
158
3,229.6
144
30,930.2
122
4,153.2
20
10
2,382.7
71
16,203.4
11
3,419.0
2,275.9
25
1,710.6
4
7,026.3
12
1,134.1
9
-
1/1/2011 - 3/31/2011
Proceeds
No.
US$m
Deals
202,416.6
1,117
223
71,075.6
384
51,632.2
131
6,071.2
204
44,627.0
12,312.1
42
8,803.9
17
1,028
174,842.2
189
58,848.8
44,565.6
360
6,065.9
130
39,216.2
188
40
11,781.9
7,136.4
16
225
44,463.8
27
14,537.4
157
24,460.7
5
56.5
2,805.8
23
197.5
7
6
2,336.6
803
130,378.4
162
44,311.4
20 104 9
20,104.9
203
6,009.4
125
165
36,410.4
33
11,584.5
10
4,799.9
89
27,574.4
12,226.9
34
24
7,066.7
5.3
1
16
5,410.8
530.2
2
1
1,667.5
Imputed Fees (US$m)

Manager Market
Market
Fees Share (%) Share Ch.
8.8
+1.1
802.5
5.6
516.2
-0.7
405.3
4.4
-0.9
564.4
6.2
+1.3
-1.1
616.3
6.7
499.7
5.5
0.0 5.2
-1.2
476.1
+1.2
2.9
265.6
4.7
-0.6
434.7
2.0
184.8
+0.2
322.9
+0.2
3.5
193.6
2.1
0.0 +0.8
2.7
248.9
-0.3
159.8
1.7
265.7
2.9
+0.8
99.3
+0.5
1.1
96.1
1.1
+0.3
0.7
66.6
+0.2
52.9
0.6
+0.2
99.7
1.1
0.0 69.5
6,371.1
9,175.6
100.0
Bookrunner
Citi
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
UBS
Barclays
Nomura
HSBC Holdings PLC
RBC Capital Markets
Societe Generale
Wells Fargo & Co
BNP Paribas SA
Sumitomo Mitsui Finl Grp Inc
Jefferies & Co Inc
CITIC
BMO Capital Markets
Top Twenty Total
Industry Total
-13.9%
58.3%
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
9.5
14,273.3
+3.6
6
1
9.1
-3.6
2
1
13,605.0
8.4
12,673.4
3
5
+2.3
4
4
11,612.3
7.7
+1.1
7
6.8
+1.0
10,266.8
5
3
9,425.2
6
6.3
-0.7
7
2
6.0
9,060.8
-1.3
8
8,937.6
+1.5
6.0
8
9
9
-0.7
3.7
5,547.2
-1.8
3,052.7
10
10
2.0
+1.2
11
2,479.6
30
1.7
12
2,163.0
1.4
+0.6
16
+1.0
45
13
2,020.5
1.3
1,871.8
1.3
14
-0.1
11
21
1,496.8
1.0
+0.4
15
1.0
1,488.6
16
115
+0.9
1,437.1
-0.1
1.0
17
13
23
0.9
+0.3
18
1,368.1
18
0.0 1,131.1
0.8
19
0.7
+0.3
20
36
1,103.3
115,014.2
76.6
100.0
150,239.5

Industry
y % Change
g from Last Q
Quarter
*tie
% Change
in Proceeds
-25.8%
-28.1%
-30.6%
-18.3%
-6.4%
-55.3%
-72.2%
-23.3%
-19.0%
-24.7%
-46.4%
-11.4%
-62.9%
-65.7%
-60.9%
-59.3%
-72.4%
-59.6%
36.1%
12.4%
-97.1%
-10.5%
-5.7%
33 2%
33.2%
-46.3%
-15.1%
-64.1%
-50.4%
-41.2%
-72.0%
-67.8%
32175.5%
29.9%
113.9%
N/A
-25.8%
56.7%

76
8.3 +13
-5
66
7.2
9.2 +3
85
-1
7.7
71
-4
6.4
59
6.5
-9
60
8.1
-6
74
62
6.7 +6
48
5.2
-2
-6
20
2.2
1.1 +2
10
4.5 +11
41
1.0 +4
9
31
3.4
0
6
0.7
-3
6
0.7 +2
-5
1.2
11
25
2.7 +8
6
0.7 +2
11
1.2
-2
919
-17.7%
10.1%
-198
Imputed Fees (US$m)

Market
Manager Market
+1.1
176.1
5.0
222.9
6.3
-0.9
286.0
+1.6
8.1
204.3
0.0 5.8
4.3
151.7
+0.1
-0.3
163.5
4.6
-1.8
195.2
5.5
4.0
140.1
+0.5
-1.6
95.1
2.7
-0.6
88.6
2.5
45.3
1.3
+0.9
93.0
2.6
+1.0
0.8
+0.6
27.2
1.9
0.0 66.0
+0.5
0.8
26.6
+1.4
68.2
1.9
63.3
1.8
+0.1
1.7
58.7
+1.0
1.1
40.1
+0.6
1.1
38.7
+0.4
2,250.6
63.8
3,527.6
100.0
-34.1%
26.8%
Global Equity Capital Markets

Bookrunner
Citi
JP Morgan
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
UBS
Deutsche Bank AG
Barclays
Nomura
HSBC Holdings PLC
RBC Capital Markets
Societe Generale
Wells Fargo & Co
BNP Paribas SA
Jefferies & Co Inc
CITIC
BMO Capital Markets
Top Twenty Total
Industry Total
Jan 1 - Mar 30

Market
Market
2012 2011
Proceeds Share
Rank Rank
Share Ch.
7
9.9
1
13,219.4
+5.3
8.4
2
6
11,309.3
+2.7
11,294.4
-4.3
3
1
8.4
4
4
10,878.7
8.1
+1.6
5
+1.0
6.9
9,269.3
5
6
6.3
10
8,484.9
+2.2
7
2
7,689.8
5.7
-2.1
3
7,261.9
-2.1
8
5.4
8
9
4,353.8
3.3
-1.1
10
9
2,489.1
1.9
-2.2
29
11
2,235.0
1.7
+1.2
12
17
2,017.8
1.5
+0.7
13
1,838.3
+1.4
1.4
159
14
1.3
-0.1
1,764.5
12
1,496.8
+0.9
15
75
1.1
16
1,488.6
1.1
+1.0
108
13
1.1
-0.2
17
1,437.1
18
22
1,368.1
1.0
+0.4
19
0.8
26
1,131.1
+0.2
1,004.9
0.8
+0.4
20
37
102,032.8
76.1
134,036.1
100.0

Industry % Change from Last Quarter
*tie
-23.3%
54.2%

Deals Share
# of Deals
69
8.1 +20
9.1 +12
77
60
7.1 +1
66
7.8 +1
56
0
6.6
58
6.8 +11
7.7
-6
65
49
5.8 -10
43
5.1
0
16
1.9
-8
8
0.9 +1
37
4.4 +11
0.9 +7
8
3.4 +1
29
0.7 +3
6
0.7 +2
11
1.3
-5
25
2.9 +9
6
0.7 +3
-2
9
1.1
848
-180
-17.5%
6.8%
Imputed Fees (US$m)

Market
Manager Market
Fees Share
Share Ch.
162.4
+1.5
5.0
8.1
264.1
+2.1
195.6
6.0
-1.1
5.8
-0.1
186.6
139.1
4.3
0.0 135.4
4.2
+0.9
5.2
-2.2
168.4
136.8
4.2
-0.7
78.7
-1.7
2.4
77.0
2.4
-0.8
+0.9
1.3
41.9
2.7
87.3
+1.1
0.8
+0.7
24.6
0.0 1.9
60.9
0.8
25.5
+0.6
68.0
2.1
+1.5
63.3
2.0
+0.1
1.7
56.3
+0.9
40.1
1.2
+0.7
1.1
+0.4
35.4
2,047.4
63.2
3,242.6
100.0
Bookrunner
Goldman Sachs & Co
Deutsche Bank AG
JP Morgan
Barclays
Citi
Credit Suisse
Morgan Stanley
Nomura
UBS
National Australia Bank
RBS
HSBC Holdings PLC
UniCredit
Raymond James Financial Inc
Societe Generale
Macquarie Group
Standard Bank Group Ltd
DBS Group Holdings
Standard Chartered PLC
Top Twenty Total
Industry Total
-33.8%
24.7%
Global IPOs (C5)
Bookrunner
Morgan Stanley
Deutsche Bank AG
JP Morgan
UBS
Credit Suisse
CITIC
Goldman Sachs & Co
Citi
GF Securities
Minsheng Securities Co Ltd
Barclays
Jefferies & Co Inc
Nomura
Huatai Securities Co Ltd
Pingan Securities Co Ltd
Berenberg Bank
Oriel Securities Limited
Woori Invest & Sec Co Ltd
Top Twenty Total
Industry Total

*tie
-60.9%
-35.9%

11
6.4
-2
14
8.1 +2
7.5
-1
13
18
10.4 +8
8
4.6 +2
10
5.8 +2
4
2.3 +2
0
11
6.4
11
6.4
0
14
8.1 +3
4
2.3 +1
4
2.3
-1
4.0
0
7
7
4.0 +6
5
2.9
0
3
1.7
-2
4
-5
2.3
1
0.6 +1
1
0.6 +1
2
1.2
0
173
-23.1%
-29.4%
-52

Market
Market
2012 2011
Rank Rank
Proceeds Share
Share Ch.
2,310.6
2
14.3
+1.0
1
2
8
13.4
2,163.3
+9.4
3
9
1,371.0
8.5
+4.5
1,364.1
4
3
8.4
-0.6
7.4
+3.1
1,193.4
5
7
6.5
1,053.9
1
-7.5
6
7
6
997.5
+1.1
6.2
733.6
-2.8
8
4.5
5
9
3.5
+1.6
563.6
16
10
2.8
4
-4.7
452.7
11
323.0
2.0
+2.0
18
248.8
1.5
+0.5
12
+0.9
13
25*
244.7
1.5
14
12
217.2
1.3
-1.4
200.0
15
1.2
+1.1
45*
1.1
182.2
16
-1.0
15
175.5
1.1
+1.1
17
1.1
175.0
18
+1.1
19
1.0
+1.0
167.5
20
23
155.7
1.0
+0.3
14,293.3
88.3
16,203.4
100.0

*tie
Jan 1 - Mar 30
Market
Market
2012 2011
Rank Rank
+3.9
6
1,437.1
8.3
1
2
4
1,308.9
7.5
+2.8
2
1,262.1
7.3
3
-2.1
9
1,227.2
4
7.1
+3.6
5
+3.4
22
814.5
4.7
6
11
810.1
4.7
+1.8
7
30
702.5
4.0
+3.3
8
1
685.3
4.0
-7.1
9
5
661.3
3.8
-0.8
3.8
+0.1
10
8
651.0
11
24
410.4
2.4
+1.5
12
20
321.3
1.9
+0.5
13
3
315.1
1.8
-3.9
14
95*
312.1
1.8
+1.7
15
61
302.6
1.7
+1.4
16
21
254.6
1.5
+0.2
-1.6
1.4
17
10
249.2
18
247.8
1.4
+1.4
19
231.8
1.3
+1.3
20
81
205.7
1.2
+1.1
12,410.6
71.6
17,367.6
100.0
Jan 1 - Mar 30
-41.2%
81.3%

Deals Share
# of Deals
6
-6
8.5
15.5 +1
11
12.7
9
0
8
11.3
-9
5
7.0
-2
9.9
7
-7
3
4.2
-4
5
7.0
-2
5.6 +2
4
5.6
-5
4
2
2.8 +2
1
1.4
-1
2.8 +1
2
1
1.4
-3
1
1.4
0
1
1.4
-3
3
4.2 +3
1
1.4 +1
2
2.8 +2
2
2.8 +1
71
-18
-20.2%
73.2%
-37.5%
57.8%
Global Equity & Equity-Related inc. Warrants
Imputed Fees (US$m)

Market
Manager Market
7.7
+2.8
63.3
+1.0
46.2
5.6
3.7
-1.2
30.7
+2.1
7.0
57.6
+0.8
21.3
2.6
4.1
+1.2
34.0
33.1
4.0
+2.9
31.1
-2.3
3.8
33.7
4.1
-1.3
4.1
33.2
0.0 21.0
2.6
+1.5
21.2
2.6
+0.6
17.8
2.2
-2.0
13.4
1.6
+1.3
15.4
1.9
+1.5
14.9
1.8
0.0 19.8
2.4
-2.0
6.0
+0.7
0.7
+0.4
3.5
0.4
1.9
0.2
+0.1
519.1
63.1
820.2
100.0
Bookrunner
Citi
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
UBS
Barclays
Nomura
HSBC Holdings PLC
RBC Capital Markets
Societe Generale
Wells Fargo & Co
BNP Paribas SA
Jefferies & Co Inc
CITIC
BMO Capital Markets
Top Twenty Total
Industry Total
53.6%
-27.0%

Market
Market
2012 2011
Rank Rank
1
9.5
+3.6
6
14,273.3
13,605.0
9.1
-3.6
2
1
3
5
12,673.4
+2.3
8.4
+1.1
7.7
4
4
11,612.3
+1.0
5
7
10,266.8
6.8
6
3
9,425.2
6.3
-0.8
2
9,060.8
6.0
-1.3
7
+1.5
8,937.6
6.0
8
8
9
5,547.2
9
3.7
-0.6
10
10
3,052.7
2.0
-1.8
11
30
2,479.6
1.7
+1.2
12
16
2,163.0
1.4
+0.6
13
45
2,020.5
1.3
+1.0
14
11
1,871.8
1.3
-0.1
15
21
1,496.8
1.0
+0.4
16
115
1,488.6
1.0
+0.9
17
13
1,437.1
1.0
-0.1
18
23
1,368.1
0.9
+0.3
19
18
1,131.1
0.8
0.0 20
36
1,103.3
0.7
+0.3
115,014.2
76.6
100.0
150,239.5

*tie
-25.9%
56.7%
Imputed Fees (US$m)

Manager Market
Market
Fees Share
Share Ch.
27.3
+2.0
9.6
9.4
+3.8
26.7
26.8
+3.3
9.4
21.9
7.7
-4.0
5.8
-0.3
16.4
-3.5
4.8
13.7
+0.7
12.6
4.4
17.7
6.2
+0.5
11.5
4.1
+1.8
-4.6
4.8
1.7
3.3
1.2
+1.2
+0.1
1.6
4.6
3.5
1.2
+0.2
2.6
0.9
-1.3
4.4
+1.2
1.6
-1.1
2.7
0.9
3.2
1.1
+0.8
1.8
0.6
+0.2
3.5
1.2
+1.1
2.8
1.0
+0.1
211.8
74.4
284.9
100.0
Jan 1 - Mar 30
8.3 +13
76
66
7.2
-5
9.2 +3
85
-1
71
7.7
59
6.4
-4
60
6.5 -13
74
8.1
-6
62
6.7 +6
-2
48
5.2
20
2.2
-6
10
1.1 +2
4.5 +11
41
1.0 +4
9
3.4
0
31
6
0.7
-3
6
0.7 +2
11
1.2
-5
25
2.7 +8
6
0.7 +2
11
1.2
-2
919
-18.0%
9.9%
-202
Imputed Fees (US$m)

Market
Manager Market
+1.1
176.1
5.0
222.9
6.3
-0.9
+1.6
8.1
286.0
0.0 204.3
5.8
4.3
151.7
+0.1
163.5
4.6
-0.4
195.2
5.5
-1.8
4.0
+0.5
140.1
95.1
2.7
-1.6
2.5
88.6
-0.6
45.3
1.3
+0.9
93.0
2.6
+1.0
27.2
0.8
+0.6
0.0 66.0
1.9
26.6
0.8
+0.5
68.2
1.9
+1.4
63.3
1.8
+0.1
+1.0
40.1
+0.6
1.1
45.2
0.0
+0.4
2,198.4
61.0
3,527.6
100.0
-34.2%
26.8%
Global Equity Capital Markets: Ten Years of Rankings
Citi
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
UBS
Barclays
10
Nomura
Rank
10
2003
2004
2005
2006
2007
2008
2009
Note: League Table positions reflect consolidation within the banking sector.
Rankings shown are as of the current quarter-end in each calendar year.
2010
2011
2012
nc
US Equity Capital Markets

US Equity Down 28% l Citi Top Underwriter l AIG Follow-On Largest Deal
US Deals Intelligence
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
2
8,217.4
16.1
+4.7
1
7
6,160.4
12.1
+3.4
2
5,478.1
10.7
+1.4
3
4
4
5
5,399.7
10.6
+1.4
5
8
5,126.6
10.0
+1.5
6
1
4,471.5
8.8
-9.1
7
3
3,768.7
7.4
-2.2
8
6
3,141.8
6.2
-2.6
9
10
2,188.1
4.3
+1.0
10
9
1,871.8
3.7
-0.2
11
11
1,142.3
2.2
+1.0
12
12
739.9
1.5
+0.7
556 2
11
+0 8
13
19
556.2
1.1
+0.8
14
15
482.6
0.9
+0.5
15
260.2
0.5
+0.5
14
0.5
16
235.2
0.0 17
21
205.9
0.4
+0.2
182.7
+0.2
25
18
0.4
24
157.9
0.3
+0.1
19
0.3
20
32
150.2
+0.2
49,937.2
98.0
51,109.5
100.0

*tie
-28.1%
79.0%

26.6 +16
55
45
21.7 +6
53
25.6 +6
53
25.6 +5
38
18.4 +10
33
15.9 -11
20.3 +5
42
36
17.4 -10
27
13.0 +4
31
15.0
0
21
10.1 +7
17
8.2 +4
2 9 +1
6
2.9
13
6.3 +5
0.5 +1
1
6
2.9
-3
0
1.9
4
8
3.9 +4
2.9 +3
6
-1
2.4
5
207
-16
-7.2%
60.5%
Imputed Fees (US$m)

Manager Market
Market
131.9
9.1
+2.2
129.8
8.9
+0.4
11.9
173.1
+1.5
137.8
9.5
+0.1
92.4
6.4
+0.2
8.0
-2.6
116.2
76.9
5.3
-2.4
6.0
-2.0
87.4
43.5
3.0
-1.2
-0.3
63.9
4.4
48.8
3.4
+2.0
41.5
2.9
+0.8
30 2
21
+1 2
30.2
2.1
+1.2
34.9
2.4
+1.4
+0.4
5.7
0.4
18.3
1.3
+0.1
10.3
0.7
-0.4
0.9
12.8
+0.5
14.1
1.0
+0.5
0.8
+0.6
11.7
1,281.2
88.4
1,454.9
100.0

-19.0%
85.9%
44
$20
196
+7
45
43
40
39
39
40
35
27
$15
30
25
22
20
$10
15
12
10
$5
$0
2003
2004
2005
2006
2007
2008
2009
Proceeds (US$b)
2010
2011
Imputed Fees (US$m)

Manager Market
Market
125.8
9.1
+2.9
9.1
+0.6
125.1
12.0
+2.4
164.6
6.6
91.5
-0.1
117.6
8.5
-0.9
72.5
5.3
-2.6
108.3
7.9
-2.5
87.0
6.3
-1.8
-0.6
43.5
3.2
58.7
4.3
-0.6
3.4
+1.8
46.4
38.0
2.8
+0.6
34.9
2.5
+1.5
26.2
1.9
+0.9
0.4
+0.4
5.7
1.2
-0.1
16.8
0.7
-0.4
9.9
0.9
+0.4
12.1
1.0
+0.5
13.7
0.7
+0.5
10.2
1,208.5
87.8
1,377.3
100.0
2012
# of Issues
US Equity & Equity-Related by Issue Type by Proceeds
Jan 1 - Mar 30 2012
$45,000
$40,000
$37,896.3
$35,000
Proceeds (US$m)

53
27.0 +24
43
21.9 +9
49
25.0 +14
38
19.4 +12
47
24.0 +6
40
20.4 +6
32
16.3
-3
36
18.4
-2
27
13.8 +9
29
14.8 +1
10.7 +8
21
16
8.2 +4
13
6.6 +6
5
2.6 +1
0.5 +1
1
-3
3.1
6
0
2.0
4
4.1 +4
8
3.1 +3
6
2.6
-1
3.7%
63.3%
50
$25
Jan 1 - Mar 30
Market
Market
2012 2011
Rank Rank
1
7,883.6
16.5
7
+8.0
2
6
6,076.7
12.7
+3.9
+2.4
3
8
5,170.8
10.8
4
3
10.8
5,126.6
+0.6
5
4
9.0
4,287.7
-0.8
6
2
7.5
-3.3
3,552.0
1
7.3
-9.5
7
3,476.5
8
5
3,141.8
6.6
-2.9
9
10
2,188.1
4.6
+1.9
10
9
1,764.5
3.7
-0.4
+1.0
1,142.3
2.4
11
11
676.6
1.4
12
13
+0.7
13
482.6
15
1.0
+0.5
14
356.2
0.8
+0.5
19
15
260.2
0.6
+0.6
16
235.2
0.5
-0.1
14
205.9
0.4
17
+0.1
21
182.7
0.4
18
+0.2
24
157.9
19
0.3
0.0 23
150.2
0.3
20
30
+0.2
46,518.1
97.6
47,690.5
100.0
Jan 1 - Mar 30
-31.1%
34.5%
US Common Stock (C3)
Bookrunner
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Barclays
Goldman Sachs & Co
Deutsche Bank AG
UBS
Wells Fargo & Co
Jefferies & Co Inc
RBC Capital Markets
Stifel Financial Corp
Kohlberg Kravis Roberts & Co
Piper Jaffray Cos
KeyBanc Capital Markets Inc
Leerink Swann & Co
Cowen & Co
Roth Capital Partners Inc
Top Twenty Total
Industry Total
US IPO Volume
Proceeds (US$b)
Bookrunner
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Goldman Sachs & Co
Barclays
Deutsche Bank AG
UBS
Wells Fargo & Co
Jefferies & Co Inc
RBC Capital Markets
Piper Jaffray Cos
Leerink Swann & Co
Cowen & Co
Top Twenty Total
Industry Total
IPOs continued their fall-off this quarter, despite a few high profile offerings. More
than US$5.9 billion was raised from 39 IPOs, representing a 59.3% decrease in
proceeds, but a 44.4% increase in deal count compared to last year. Regardless,
the pace of IPO filings is at its strongest point since 1999.
Total estimated fees from equity offerings for this quarter were $1.5 billion,
representing a 31.1% decrease compared to the same period last year,
according to Thomson Reuters/Freeman Consulting.
# of Issues
US Equity and Equity-Related proceeds totaled over US$51.1 billion from 207
deals in the first quarter of 2012. This represents a 28.1% decrease in total
proceeds and a 7.2% decrease in the number of deals compared to the same
period last year.
$30,000
$25,000
$20,000
$15,000
$10,000
$4,718.3
$5,000
$0
$3,419.0
IPO
-26.6%
35.0%
Follow-On
Convertibles
*tie

US IPOs (C6)
Bookrunner
JP Morgan
Morgan Stanley
Credit Suisse
Goldman Sachs & Co
Citi
Deutsche Bank AG
Jefferies & Co Inc
Barclays
Wells Fargo & Co
RBC Capital Markets
Piper Jaffray Cos
FBR Capital Markets Corp
Oppenheimer Holdings Inc
UBS
Leerink Swann & Co
Robert W Baird & Co Inc
Stephens Inc
Top Twenty Total
Industry Total
Jan 1 - Mar 30
Market
Market
2012 2011
Rank Rank
1
737.9
12.5
+5.4
7
2
3
+0.9
12.2
722.4
3
9.1
+3.0
537.9
8
4
1
519.2
8.8
-12.6
8.3
+0.4
489.5
5
6
474.5
8.0
-2.6
6
4
7
5
470.4
8.0
-0.2
8
312.1
5.3
+5.3
9
2
290.7
4.9
-10.8
10
184.3
3.1
+3.1
+3.1
11
184.0
3.1
-2.1
9
12
179.7
3.0
+1.9
2.9
13
13
168.8
+0.8
14
10
122.4
2.1
+0.8
15
11
120.1
2.0
1.8
+1.8
16
103.7
17
12
88.3
1.5
+0.4
18
18
50.9
+0.6
0.9
19
14
46.9
0.8
+0.2
20
31.5
0.5
+0.5
5,835.2
98.8
5,911.3
100.0

*tie
-59.3%
-7.0%

13
33.3 +8
25.6 +2
10
8
20.5 +5
8
20.5
-2
28.2 +4
11
9
23.1
-2
9
23.1 +3
17.9 +7
7
6
15.4 +1
4
10.3 +4
1
2.6 +1
3
7.7
0
2
5.1
-1
7.7
-2
3
2
5.1 +1
2
5.1 +2
7.7
0
3
5.1 +1
2
1
2.6
0
1
2.6 +1
39
+12
44.4%
30.0%
Bookrunner
Goldman Sachs & Co
Citi
JP Morgan
Barclays
Wells Fargo & Co
Morgan Stanley
RBC Capital Markets
-5.7%
116.4%

42
26.8 +20
33
21.0 +7
30
19.1 +7
36
22.9 +6
38
24.2 +3
34
21.7 +5
24
15.3
-1
27
17.2
0
24
15.3 +9
26
16.6 +1
14
8.9 +1
14
8.9 +5
9
5.7 +2
0.6 +1
1
0
4
2.5
4
2.5
0
5
3.2
-1
5
3.2 +2
6
3.8 +3
2
1.3
-3
157
-3.1%
74.4%
-5
Jan 1 - Mar 30
Market
Market
2012 2011
Rank Rank
1
5
1,112.0
32.5 +26.1
2
2
995.0
29.1
+5.6
9.8
-15.5
3
1
333.8
4
3
307.3
9.0
-4.7
5
8
216.7
6.3
+2.6
6
18*
200.0
5.9
+5.7
7
9
107.3
3.1
+0.5
8
4
83.8
2.5
-5.5
+1.1
9
11
63.3
1.9
Top Twenty Total

Industry Total
3,419.0
3,419.0

*tie
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
1
7
7,394.2
17.7
+9.0
2
8
5,354.3
12.8
+4.8
3
2
4,588.7
11.0
-0.5
4
6
4,432.9
10.6
+1.8
-1.2
5
3
3,817.3
9.1
6
4
3,261.3
7.8
-1.4
7
1
2,957.3
7.1
-8.1
8
5
2,667.3
6.4
-2.7
9
10
2,099.7
5.0
+1.8
10
9
1,584.8
3.8
0.0 11
11
830.2
2.0
+0.1
12
13
507.8
1.2
+0.5
13
14
298.2
0.7
+0.1
14
260.2
0.6
+0.6
15
20
205.9
0.5
+0.1
17
172.2
0.4
-0.1
16
17
27
150.2
0.4
+0.2
18
21
138.5
0.3
-0.1
19
26
131.8
0.3
+0.1
20
12
113.2
0.3
-0.8
40,966.0
98.0
41,779.2
100.0

*tie
Imputed Fees (US$m)

Manager Market
Market
46.1
12.6
+3.1
9.7
+0.1
35.7
27.4
7.5
+2.5
22.4
6.1
-7.0
27.6
7.5
-0.8
22.5
6.1
-2.8
28.0
7.6
-2.8
13.4
3.7
+3.6
16.4
4.5
-2.8
13.8
3.8
+3.6
10.3
2.8
+2.4
10.7
2.9
-3.0
11.4
3.1
+0.3
7.5
2.0
0.0 8.0
2.2
+1.2
8.0
2.2
+2.1
7.5
2.0
+0.1
3.6
1.0
+0.5
4.9
1.3
+0.2
1.6
0.4
+0.4
326.8
89.0
367.4
100.0
-43.9%
0.2%
US Secondary Offerings (C8a)
Bookrunner
Citi
Morgan Stanley
Credit Suisse
JP Morgan
Barclays
Goldman Sachs & Co
Deutsche Bank AG
UBS
Wells Fargo & Co
Jefferies & Co Inc
RBC Capital Markets
Cowen & Co
Leerink Swann & Co
Keefe Bruyette & Woods Inc
Top Twenty Total
Industry Total
100.0
100.0
-72.0%
18.4%

6
54.5
-1
1
9.1
-8
2
18.2
-8
4
36.4
-8
2
18.2
-1
1
9.1
0
2
18.2
-1
2
18.2
-3
1
9.1
0
-
11
-23
-67.6%
22.2%
Bookrunner
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Goldman Sachs & Co
Barclays
Deutsche Bank AG
UBS
Wells Fargo & Co
Jefferies & Co Inc
RBC Capital Markets
Piper Jaffray Cos
Leerink Swann & Co
Cowen & Co
Top Twenty Total
Industry Total
-17.3%
54.6%

Market
Market
2012 2011
Rank Rank
8,217.4
16.1
+4.8
2
1
7
6,160.4
2
12.1
+3.5
3
5
5,478.1
10.7
+1.5
4
6
5,399.7
10.6
+1.5
5
8
5,126.6
10.0
+1.5
6
1
4,471.5
8.8
-9.0
7
3
3,768.7
7.4
-2.1
8
4
3,141.8
6.2
-3.1
9
10
2,188.1
4.3
+1.0
9
1,871.8
3.7
-0.2
10
11
11
1,142.3
2.2
+1.0
12
739.9
1.5
+0.7
12
13
19
556.2
1.1
+0.8
14
15
482.6
0.9
+0.5
15
260.2
0.5
+0.5
16
14
235.2
0.5
0.0 17
21
205.9
0.4
+0.2
18
25
182.7
0.4
+0.2
19
24
157.9
0.3
+0.1
20
32
150.2
0.3
+0.2
49,937.2
98.0
51,109.5
100.0

*tie
-28.4%
79.0%
64.5
77.5
83.1
100.0
-67.0%
25.6%
US Equity & Equity-Related inc. Warrants
Imputed Fees (US$m)

Manager Market
Market
98.2
9.7
+4.7
89.4
8.9
+0.9
64.1
6.4
-1.2
118.5
11.7
+2.0
+0.1
89.6
8.9
56.2
5.6
-2.7
8.5
85.9
-0.5
64.5
6.4
-1.3
36.0
3.6
-1.1
+0.4
48.0
4.8
33.0
3.3
+0.9
26.6
2.6
+0.7
+0.7
21.1
2.1
0.5
5.3
+0.5
0.9
9.4
-0.4
15.8
1.6
+0.3
10.2
1.0
+0.6
10.3
1.0
+0.4
8.5
0.9
+0.5
0.6
6.4
-0.5
897.0
89.0
100.0
1,010.0
Imputed Fees (US$m)

Market
Manager Market
20.2
26.0 +16.3
7.9
10.2
-2.0
6.2
7.9
-5.1
8.5
10.9
-5.6
4.4
5.7
-0.5
4.0
5.2
+4.6
5.1
6.6
+3.4
4.7
6.0
-2.3
3.5
4.6
+3.1
Jan 1 - Mar 30
55
26.6 +16
21.7 +6
45
53
25.6 +6
53
25.6 +5
38
18.4 +10
33
15.9 -11
42
20.3 +5
36
17.4 -14
27
13.0 +4
31
15.0
0
21
10.1 +7
17
8.2 +4
6
2.9 +1
13
6.3 +5
1
0.5 +1
6
2.9
-3
4
1.9
0
8
3.9 +4
6
2.9 +3
5
2.4
-1
207
-8.8%
59.2%
-20
Imputed Fees (US$m)

Manager Market
Market
131.9
9.1
+2.2
129.8
8.9
+0.4
173.1
11.9
+1.5
137.8
9.5
+0.1
92.4
6.4
+0.2
116.2
8.0
-2.6
76.9
5.3
-2.4
87.4
6.0
-2.0
43.5
3.0
-1.2
63.9
4.4
-0.3
48.8
+2.0
3.4
41.5
2.9
+0.8
+1.2
34.9
2.4
+1.4
5.7
0.4
+0.4
18.3
1.3
+0.1
10.3
0.7
-0.4
12.8
0.9
+0.5
14.1
1.0
+0.5
11.7
0.8
+0.6
1,251.0
86.3
1,454.9
100.0
-31.2%
34.5%

Top Ten US Equity & Equity-Related New Issues (US$m)
Issue Date
3/8/2012
3/7/2012
2/23/2012
3/27/2012
3/15/2012
3/8/2012
1/3/2012
2/21/2012
3/20/2012
3/6/2012
Issuer
AIG
American Capital Agency Corp
Cobalt Intl Energy Inc
Dollar General Corp
Capital One Financial Corp
Simon Property Grp Inc
Ventas Inc
Health Care REIT Inc
Nielsen Holdings NV
Priceline.com Inc
Jan 1 - Mar 30 2012
Issuer Industry
Financials
Real Estate
Energy and Power
Retail
Financials
Real Estate
Real Estate
Real Estate
High Technology
High Technology
Proceeds
6,000.0
2,088.3
1,674.4
1,300.9
1,262.5
1,251.8
1,130.4
1,107.5
1,043.6
995.0
Issue Type
Follow-On
Follow-On
Follow-On
Follow-On
Follow-On
Follow-On
Follow-On
Follow-On
Follow-On
Convertible
Ticker
AIG
AGNC
CIE
DG
COF
SPG
VTR
HCN
NLSN
PCLN
Primary Exchange
New York
Nasdaq
New York
New York
New York
New York
New York
New York
New York
Nasdaq
Managers
Citi / Crecdit Suisse / Morgan Stanley
Bank of America Merrill Lynch / Citi / Goldman Sachs / JP Morgan / UBS
Goldman Sachs / Morgan Stanley / Credit Suisse / Citi / JP Morgan
Citi / Goldman Sachs / KKR / JP Morgan / Barclays
Morgan Stanley / Barclays / Citi / Credit Suisse
JP Morgan / Bank of America Merrill Lynch / Goldman Sachs / Citi / Deutsche Bank / Morgan Stanley
Citi
Bank of America Merrill Lynch / Deutsche Bank / JP Morgan / UBS / Wells Fargo
JP Morgan / Morgan Stanley / Citi / Credit Suisse / Deutsche Bank / Goldman Sachs / Wells Fargo
Goldman Sachs
US Equity & Equity-Related Industry Composition for Top Bookrunners
Jan 1 - Mar 30 2012
100%
90%
80%
70%
% Total Proceeds
60%
50%
40%
30%
20%
10%
0%
Citi
Morgan Stanley
Telecommunications
Consumer Staples
JP Morgan
Retail
Real Estate
Bank of America Merrill

Lynch
Media and Entertainment
Materials
Credit Suisse
Industrials
Goldman Sachs & Co
High Technology
Healthcare
Barclays
Government and Agencies
Deutsche Bank AG
Financials
Energy and Power
UBS
Wells Fargo & Co
Consumer Products and Services
https://www thomsonone com

EMEA Equity Capital Markets

Regional Fees Reach US$693 Million l Quarterly Common Stock Issuance Up 153% l Unicredit's Rights Issue Largest Offering
EMEA Deals Intelligence
EMEA Equity and Equity-Related issuance totaled US$41.8 billion for the first
quarter of 2012, marking a 6.4% decline from the year prior. Regional fees
earned totaled US$692.9 million according to estimates from Thomson
Reuters/Freeman Consulting, a slight increase of 0.3% compared to last year.
Rights issue underwriting volume reached US$12.2 billion, marking a 278.6%

increase compared to fourth quarter 2011. Fees earned from EMEA rights
issues in the first quarter reached $324.8 million with the top twenty
bookrunners claiming 69.5% of the wallet.
EMEA Equity & Equity-Related (C1d)
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
1
5,954.2
14.3
1
-1.2
2
3
4,300.8
10.3
+0.4
7
3,836.6
9.2
+3.5
3
3,664.9
8.8
+1.9
4
5
5
4
2,733.0
-1.5
6.5
2,309.5
-0.6
6
6
5.5
+3.4
4.8
7
14
2,020.5
4.4
8
2
1,825.6
-6.8
+0.9
9
9
1,778.4
4.3
10
13
1,469.9
3.5
+1.6
11
44*
1,453.7
+3.3
3.5
12
10
1,084.3
2.6
-0.4
865 7
21
+0 8
13*
15
865.7
2.1
+0.8
13*
865.7
2.1
+2.1
575.3
1.4
-0.9
15
12
16
488.2
+0.7
24
1.2
423.1
+0.1
1.0
17
17
348.9
0.8
18
+0.8
+0.8
19
0.8
346.8
0.8
-4.5
8
20
321.2
87.9
36,666.3
41,774.5
100.0
Bookrunner
Goldman Sachs & Co
Deutsche Bank AG
JP Morgan
Credit Suisse
Morgan Stanley
UBS
Societe Generale
Citi
BNP Paribas SA
HSBC Holdings PLC
Barclays
Mediobanca
Intesa SanPaolo
UniCredit
Carnegie
Pareto Securities
BBVA
Nomura
Top Twenty Total
Industry Total

10.1
-2
16
13
8.2
-1
15
9.4 +3
7.5
12
-5
6.9
0
11
6.3 +2
10
5.7
-4
9
-2
10
6.3
-5
3.8
6
3.1 +3
4
2.5 +1
2.5
4
-3
1 3 +1
2
1.3
0
2
1.3
4
2.5 +1
5.7
0
9
4
2.5 +6
3
1.9
-3
1
0.6
1.3
2
-2
159
-45
The Financials sector remained the most dominant industry for Equity and EquityRelated issuance with US$5.9 billion in new capital raised followed by energy and
power where total proceeds rasied reached US$4.9 billion. The Netherlands was
the most popular listing location for IPOs undertaken by EMEA incorporated
EMEA ECM Proceeds Raised by Industry (US$B)
Imputed Fees (US$m)

Manager Market
Market
65.2
9.4
-2.4
6.7
-0.5
46.3
54.0
7.8
+1.8
43.4
6.3
-0.2
3.6
-3.5
25.1
+1.1
35.2
5.1
27.2
+2.1
3.9
-4.2
26.7
3.9
-0.9
2.5
17.5
3.6
+2.5
24.6
+3.8
4.3
29.6
-2.5
13.7
2.0
13 9
20
+0 7
13.9
2.0
+0.7
+1.9
2.0
13.9
+1.1
19.2
2.8
1.0
-0.2
6.6
0.5
-1.2
3.2
0.7
+0.7
4.6
9.2
1.3
+1.3
20.9
3.0
+1.7
500.0
72.4
692.9
100.0
Jan 1 - Mar 30 2012

Financials
Energy and Power
$5,997.4
14%
High Technology
$4,910.5
12%
$13,324.9
32%
Materials
Telecommunications
$4,868.8
12%

Industrials
Consumer Staples
$1,739.2
4%
*tie
$2,076.8
5%
$2,440.4
6%
$2,996.1
7%
Healthcare
Retail
Real Estate
-6.4%
182.9%

*tie
-22.1%
27.2%
0.3%
188.7%
EMEA IPOs by Nation of Primary Listing (US$m)
Jan 1 - Mar 30
$1,400
Top 10 EMEA Equity and Equity-Related Deals (US$m)
1 January 2011 - 31 March 2011

$1,223.2
1 January 2012 - 31 March 2012
$1,200
$991.1
Proceeds (US$m)
$1,000
$846.0
UniCredit SpA
01/27/12
Siemens NV
02/09/12
Repsol YPF SA
01/11/12
PSA Peugeot Citroen SA
03/21/12
Eutelsat SA
01/13/12
$1,243.8
Ziggo NV
03/20/12
$1,223.2
Banco de Sabadell SA
03/15/12
$1,194.7
SeaDrill Ltd
03/01/12
$1,003.6
DKSH Holding Ltd
03/20/12
$991.1
TDC A/S
02/14/12
$986.6
Jan 1 - Mar 30 2012

$9,915.7
$3,000.0
$1,734.0
$1,320.2
$800
$665.0
$611.5
$600
$530.3
$400
$240.9
$200
$56.6
$0.0
$0.0
$0
Netherlands
Switzerland
United Kingdom
United States of
America
France
EMEA Equity Capital Markets

Bookrunner
Goldman Sachs & Co
JP Morgan
Credit Suisse
Deutsche Bank AG
Morgan Stanley
UBS
Societe Generale
Citi
BNP Paribas SA
HSBC Holdings PLC
Mediobanca
Intesa SanPaolo
Carnegie
Pareto Securities
UniCredit
BBVA
Nomura
Santander
Top Twenty Total
Industry Total
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
1
1
4,765.1
13.7
-3.7
+3.0
2
8
3,086.6
8.9
3
6
+1.5
2,914.9
8.4
4
3
2,721.4
-2.4
7.8
4
2,336.8
6.7
-0.6
5
6
5
2,205.6
6.4
-0.6
7
42
1,838.3
5.3
+5.1
8
2
1,742.4
5.0
-7.4
9
10
1,561.2
4.5
+1.8
10
32
1,469.9
4.2
+3.9
3.7
11
40*
1,271.5
+3.5
12*
12
865.7
2.5
+1.0
12*
865.7
2.5
+2.5
14
21
488.2
1.4
+0.8
15
14
423.1
1.2
+0.1
358.2
16
18
1.0
+0.3
17
348.9
1.0
+1.0
18
346.8
1.0
+1.0
19
7
321.2
0.9
-5.2
20
315.2
0.9
+0.9
30,246.7
87.0
34,748.2
100.0

*tie
-11.4%
152.9%

-2
13
8.8
14
9.5
0
7.5
11
-3
4.8
-4
7
6.1
-2
9
6.1
-2
9
8
5.4 +7
-5
9
6.1
5
3.4
-1
5
3.4 +3
2.0 +2
1.4
2
0
2
1.4 +2
6.1
-2
9
2.7
-5
4
-1
2.0
3
2.0 +3
3
0.7 +1
1
1.4
-3
2
0.7 +1
1
147
-41
-21.8%
22.5%
Bookrunner
UBS
Deutsche Bank AG
JP Morgan
Morgan Stanley
Credit Suisse
Berenberg Bank
Goldman Sachs & Co
Societe Generale
Citi
Daniel Stewart
Renaissance Capital Group
Mirabaud Securities Limited
Charles Stanley Group PLC
Natl Comml Bank Saudi Arabia
Millennium Dom Maklerski SA
BNP Paribas SA
Lazard-Natixis
Dexia SA
Top Twenty Total
Industry Total
88.7%
278.6%

Deals Share
# of Deals
3
10.7
0
2
7.1 +2
2
7.1 +2
2
7.1 +1
2
7.1
-1
7.1
2
0
1
3.6
-1
1
3.6
0
1
3.6 +1
1
3.6
0
2
7.1 +1
1
3.6
0
1
3.6 +1
1
3.6 +1
1
3.6
0
2
7.1 +2
3.6 +1
0
1
3.6
1
3.6 +1
1
3.6 +1
28
-15.2%
-22.2%
-5
Jan 1 - Mar 30
Market
Market
2012 2011
Rank Rank
1
635.8
16.7 +16.7
2
14.5 +11.3
553.6
11*
11.9
3
7
455.1
+4.4
6
348.5
+1.6
4
9.1
+3.9
11*
272.2
7.1
5
+6.5
6.5
247.8
6
6.1
+6.1
231.8
7
124.9
3.3
+3.3
8
103.4
2.7
+2.7
9
2.2
-1.4
82.3
10
9*
78.7
+1.9
11
28
2.1
2.1
-2.2
8
78.2
12*
2.1
+2.1
78.2
12*
1
78.2
12*
2.1
-13.6
63.4
1.7
15
+1.7
1.6
62.4
+1.6
16
55.8
+1.5
17
1.5
52.2
1.4
+1.4
18*
+1.4
18*
52.2
1.4
33.2
+0.9
0.9
20
3,687.9
97.0
3,818.1
100.0

*tie
Jan 1 - Mar 30

Market
Market
2012 2011
Share Ch.
Proceeds Share
Rank Rank
1
14.0 +11.1
10
1,704.0
8.1
+8.1
2*
987.2
2*
+8.1
987.2
8.1
13*
8.1
2*
987.2
+7.0
-10.3
5*
1
983.8
8.1
3
983.8
8.1
5*
-4.5
7*
6.3
-2.8
4
771.4
771.4
+3.2
7*
9
6.3
7*
771.4
6.3
+6.3
-2.0
7*
5
771.4
6.3
11
7
387.3
3.2
-1.9
12
8
215.8
1.8
-2.5
13
212.4
1.7
+1.7
1.4
+1.4
14*
174.9
14*
12
174.9
1.4
+0.1
16
85.4
0.7
+0.7
83.7
0.7
17
+0.7
18*
35
71.3
0.6
+0.6
18*
71.3
0.6
+0.6
20
41.3
+0.3
0.3
11,237.1
92.1
12,206.1
100.0

*tie
Imputed Fees (US$m)

Market
Manager Market
46.8
7.9
-5.4
45.5
+1.7
7.6
-0.6
35.9
6.0
29.3
4.9
-2.0
18.5
3.1
-4.1
33.9
5.7
+1.1
+3.5
4.1
24.6
-4.9
23.5
3.9
-0.7
2.5
14.9
+3.6
23.5
4.0
4.5
27.0
+4.0
13.9
2.3
+0.8
13.9
+2.3
2.3
6.6
1.1
-0.3
0.5
3.2
-1.5
16.7
+2.5
2.8
0.8
4.6
+0.8
9.2
+1.5
1.5
3.5
+2.0
20.9
13.6
+1.9
2.3
426.0
71.3
596.4
100.0
-1.8%
157.6%
EMEA Rights Offerings (C8fr)
Bookrunner
JP Morgan
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Deutsche Bank AG
Credit Suisse
Mediobanca
UBS
Intesa SanPaolo
Citi
Morgan Stanley
Nomura
KBW Effectenbank NV
Credit Agricole CIB
Close Brothers Group PLC
Kempen and Co NV
Carnegie
Danske Markets
Westdeutsche Zentralbank EG
Top Twenty Total
Industry Total
EMEA IPOs (C7c)
36.1%
137.0%

12.0 +3
3
2
8.0 +1
4
16.0 +2
2
8.0
0
8.0 +1
4.0 +1
1
1
4.0 +1
2
8.0 +2
3
12.0 +3
1
4.0
0
1
4.0
0
1
4.0
0
1
4.0 +1
1
4.0
-2
1
4.0 +1
1
4.0 +1
1
4.0 +1
1
4.0 +1
1
4.0 +1
1
4.0 +1
25
+2
8.7%
56.3%
Imputed Fees (US$m)

Manager Market
Market
12.5
12.8 +12.8
2.4
2.4
+1.1
10.4
10.7
+2.1
5.4
5.5
-0.7
6.6
6.8
+1.2
6.2
+6.2
6.0
3.5
3.6
+3.6
5.6
5.7
+5.7
2.3
2.3
+2.3
3.6
3.7
-3.2
2.5
2.6
+2.4
1.8
1.9
-1.9
1.9
+1.9
1.8
2.4
2.5
-14.3
2.0
2.1
+2.1
1.2
1.3
+1.3
.0
0.0
0.0 1.7
1.7
+1.7
1.7
1.7
+1.7
.8
0.8
+0.8
74.2
76.2
97.5
100.0
13.5%
99.0%
Imputed Fees (US$m)

Market
Manager Market
Share Ch.
Fees Share
8.5
+5.0
27.6
+4.7
5.3
17.3
5.3
+3.7
17.3
6.7
+5.5
21.8
5.7
18.5
-6.4
18.5
5.7
-3.0
12.8
-2.1
4.0
4.0
12.8
+0.3
12.8
4.0
+4.0
12.8
4.0
+0.3
9.6
3.0
-0.9
4.5
1.4
-3.6
4.9
15.9
+4.9
3.9
+1.2
1.2
10.9
3.3
+1.0
1.9
0.6
+0.6
1.9
0.6
+0.6
1.6
0.5
+0.5
1.6
0.5
+0.5
0.3
+0.3
.9
224.9
69.5
324.8
100.0
Bookrunner
Deutsche Bank AG
Goldman Sachs & Co
Barclays
JP Morgan
Credit Suisse
Morgan Stanley
UniCredit
Citi
HSBC Holdings PLC
Societe Generale
Standard Bank Group Ltd
UBS
ABG Sundal Collier
Arctic Securities ASA
Commerzbank AG

Market
Market
2012 2011
Rank Rank
6
22.5 +14.7 1
1,579.3
14
16.9 +15.3
2
1,189.1
10
3
13.5
+9.9
951.0
4*
8
750.0
10.7
+6.3
+4.0
4*
7
750.0
10.7
6
3
396.2
5.6
-7.6
7*
2
217.2
3.1
-10.6
7*
5
217.2
3.1
-5.6
+2.6
9*
182.2
2.6
4
-7.9
9*
2.6
182.2
11
175.0
2.5
+2.5
12
103.9
1.5
+1.5
83.3
+1.2
1.2
13*
1.2
+1.2
13*
83.3
1.2
-1.8
83.2
12
15*
15*
83.2
1.2
+1.2
Top Twenty Total

Industry Total
118.1%
499.3%
Jan 1 - Mar 30

*tie
7,026.3
7,026.3
29.9%
582.5%
100.0
100.0

6
50.0 +4
3
25.0 +2
16.7 +1
-1
1
8.3
1
8.3
-1
2
16.7 +1
8.3
1
-3
1
-1
8.3
1
8.3 +1
1
8.3
-3
1
8.3 +1
1
8.3 +1
8.3 +1
1
1
8.3 +1
1
0
8.3
1
8.3 +1
12
-25.0%
140.0%
-4
Imputed Fees (US$m)

Manager Market
Market
-2.0
17.0
17.7
18.4
19.1
-5.4
11.1
11.5
-4.2
8.5
8.8
+1.7
7.5
7.8
-0.6
6.8
-4.1
6.5
2.6
+2.5
2.6
2.6
2.6
-0.7
2.7
2.8
+4.0
2.7
2.8
+3.5
1.8
1.8
-0.5
1.3
+1.1
1.3
1.4
+0.1
1.3
1.4
-0.7
1.3
-4.9
3.4
3.3
1.3
1.3
+0.1
89.9
96.5
93.1
100.0
15.6%
1035.3%
Asia (ex-Japan, ex-Australia) Equity Capital Markets

Asian Equity & Equity-Related Volume Dives l India Takes Top Spot on PE-Backed IPOs l Financials On Top
Asia Deals Intelligence
According to estimates by Thomson Reuters/Freeman Consulting, Asian
Equity and Equity-Related fees in the first 3 months of 2012 decreased 48.3%
to US$684.7 million with 277 deals as compared to the same period last year
with 384 deals.
Asian private equity-backed IPO proceeds reached US$5.3 billion from 31

deals, a 34.9% drop from the volume in the first quarter of 2011. Indian issuers
captured the top spot in PE-backed IPOs in the first quarter with US$2.7
billion, US$2.9 million more than Chinese issuers.
Asia Equity & Equity-Related, inc Chinese A-shares (C1b)
Bookrunner
Citi
UBS
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
CITIC
HSBC Holdings PLC
Haitong Securities Co Ltd
GF Securities
China Merchants Securities Co
Barclays
Bank of China Ltd
Nomura
Great Wall Securities Co Ltd
JM Financial Group
China International Capital Co
Top Twenty Total
Industry Total

Market
Market
2012 2011
Rank Rank
1
5
3,807.5
10.6
+6.8
+4.3
3,193.9
8.9
2
3
8.2
2,949.0
-0.8
3
1
2,576.1
+5.0
7.2
4
13
1,672.4
4.7
+1.7
5
11
4.4
+3.1
1,573.5
6
23
1,437.1
-0.3
4
4.0
7
9
1,358.9
3.8
+0.8
8
3.3
1,186.9
2
-2.8
9
+0.2
3.2
10
1,131.1
10
+1.2
11
963.4
19
2.7
12
2.6
+1.3
942.4
22
920 5
26
+0 8
13
16
920.5
2.6
+0.8
901.5
18
+0.8
14
2.5
+0.9
15
29
1.9
694.2
1.6
+1.4
80
563.0
16
79
1.5
534.6
17
+1.3
1.4
+1.4
496.6
18
447.0
19
103
1.3
+1.2
-1.1
418.5
1.2
20
12
77.6
27,768.1
35,812.0
100.0

*tie
-30.6%
1.6%
Jan 1 - Mar 30
11
-3
4.0
18
6.5 +3
4.3 +6
12
11
4.0 +3
-3
7
2.5
2.9 +2
8
11
4.0
-5
2.5
-1
7
-1
2.2
6
2.2 +2
6
0
1.8
5
0
2.2
6
2 2 +1
6
2.2
1.1
-3
3
2
0.7
-1
3
1.1 +1
2
0.7
0
0.7 +2
2
2
0.7
0
1.1
-1
3
277
-107

Market
Market
2012 2011
Rank Rank
+7.7
3
1
3,807.5
14.7
2
11.0
-3.5
1
2,843.1
3
6
2,598.1
10.0
+5.7
4
7
9.1
+5.0
2,348.1
5
6.4
5
1,672.4
+0.9
6
10
6.1
1,573.5
+3.8
7
8
+1.7
1,358.9
5.2
-4.2
1,186.9
4.6
8
2
+1.0
9
9
963.4
3.7
+3.1
10
790.5
3.1
694.2
11
14
2.7
+0.8
12
48
534.6
+1.8
2.1
1.7
+1.5
66
447.0
13
+0.4
14
355.2
1.4
20
1.2
15
49
298.4
+0.9
-1.2
16
12
268.3
1.0
4
267.6
17
1.0
-5.7
18
267.2
1.0
+1.0
33
19
258.8
1.0
+0.5
20
19
-0.2
236.6
0.9
22,770.3
87.9
25,955.9
100.0
y % Change
g from Same Period Last Year
Industry
*tie
-6.9%
17.1%
Imputed Fees (US$m)

Market
Manager Market
15.6
2.3
+0.2
42.9
6.3
+2.9
35.1
5.1
+1.4
32.9
4.8
+2.3
19.4
2.8
+1.0
+1.8
17.2
2.5
63.3
9.2
+2.3
11.8
1.7
+0.1
12.3
1.8
-1.1
40.1
5.9
+4.0
1.5
10.5
+0.8
25.8
3.8
+1.6
23 2
34
+1 4
23.2
3.4
+1.4
11.9
1.7
-1.4
2.8
0.4
-1.8
1.4
+1.2
9.4
6.6
+0.8
1.0
0.9
+0.9
6.3
2.5
0.4
+0.3
13.4
2.0
+1.1
58.9
403.0
684.7
100.0
Jan 1 - Mar 30
5.1
11
-3
5.1 +6
11
6.9 +3
15
4.6 +2
10
7
3.2
-3
8
3.7 +2
7
0
3.2
6
2.8
0
5
2.3
0
1.9 +4
4
2
0.9
-1
2
0
0.9
0
2
0.9
8
3.7 +4
0
2
0.9
4
1.9
-3
6
2.8 +3
2
0.9 +2
3
-3
1.4
2
0.9
0
216
-16.9%
-17.2%
Asia Equity & Equity-Related Proceeds by Industry (US$B)
-44
Jan 1 - Mar 30 2012

Financials
Industrials
$6,651.2
19%
Energy and Power

Consumer Staples
$11,980.1
33%
$5,021.6
14%
Materials
High Technology
Real Estate
$2 501 4
$2,501.4
7%

$999.0
3%
$1,658.5
5%
$2,255.5
6%
$2,130.0
6%
Telecommunications
Healthcare
Retail
-48.3%
-20.9%
-27.9%
-18.0%
Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)
Bookrunner
Citi
Goldman Sachs & Co
UBS
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
HSBC Holdings PLC
Barclays
Nomura
JM Financial Group
Bank of China Ltd
CIMB Group Sdn Bhd
DBS Group Holdings
Goldin Equities Ltd
Daewoo Securities Co Ltd
Top Twenty Total
Industry Total
Asian IPO volume reached US$6.7 billion from 94 deals in the first quarter, a
72.4% decline from a volume of US$24.5 billion during the same period in 2011.
Issuers in the Financials sector outpaced Industrial issuers this quarter with US$12
billion and US$6.6 billion, respectively.
Top 10 Asia Equity & Equity-Related Deals (US$m)
Imputed Fees (US$m)

Market
Manager Market
15.6
-0.4
4.6
+1.2
9.4
31.9
32.0
9.4
+3.1
30.1
8.8
+2.9
5.7
19.4
+1.6
5.1
+3.6
17.2
+0.1
11.8
3.5
-2.7
3.3
11.4
+1.5
10.5
3.1
3.8
13.0
+3.6
-4.3
2.8
0.8
6.6
+1.3
1.9
+0.4
2.5
0.7
2.2
7.6
+1.1
1.8
6.0
+1.3
-1.6
3.9
1.1
-2.3
1.8
6.0
4.2
1.2
+1.2
3.3
1.0
+0.5
1.4
4.9
+0.3
240.7
70.6
340.1
100.0
American Intl Assurance Group

Oil & Natural Gas Corp Ltd
HDFC
China Minsheng Banking Corp
CSR Corp Ltd
Michael Kors Holdings Ltd
China CNR Corp Ltd
China Commun Constr Co Ltd
Wintime Energy Co Ltd
Inner Mongolia Mengdian
Jan 1 - Mar 30 2012

$6,016.0
3/6/2012
$2,531.5
2/29/2012
$1,949.1
2/24/2012
$1,442.9
3/26/2012
$1,384.0
3/12/2012
3/22/2012
3/2/2012
$1,175.0
$1,097.0
2/17/2012
$793.8
3/6/2012
$776.8
3/14/2012
$735.4
-39.1%
-22.3%
10
Asia (ex-Japan, ex-Australia) Equity Capital Markets

Asia Common Stock, inc Chinese A-shares (C4a)
Bookrunner
Citi
UBS
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
CITIC
Deutsche Bank AG
HSBC Holdings PLC
GF Securities
Barclays
Nomura
JM Financial Group
Bank of China Ltd
Top Twenty Total
Industry Total

Market
Market
2012 2011
Rank Rank
3,356.8
1
6
10.0
+5.9
9
3,168.2
9.5
+7.1
2
3
1
2,949.0
8.8
0.0
17
+5.3
4
2,331.9
7.0
5
8
1,672.4
5.0
+2.3
4.3
6
3
-0.6
1,437.1
20
1,397.8
+2.7
4.2
7
8
3.5
23
1,173.9
+2.2
9
11
1,131.1
+1.2
3.4
1,041.9
3.1
10
2
-4.0
+1.2
11
15
963.4
2.9
12
19
942.4
2.8
+1.3
12
920.5
2.7
+0.7
13
901.5
+1.0
14
2.7
14
59*
+1.7
668.5
15
2.0
75
1.6
+1.4
534.6
16
496.6
17
1.5
+1.5
18
447.0
1.3
+1.2
100
1.3
421.2
+1.1
19
76
418.5
1.3
+0.5
20
33
26,374.3
78.9
100.0
33,536.2

*tie
-24.7%
0.2%
Jan 1 - Mar 30
-5
3.2
8
6.7 +6
17
12
4.8 +8
9
3.6 +3
7
-2
2.8
4.4
11
-5
6
0
2.4
6
2.4 +1
6
2.4 +3
1.6
4
-3
5
2.0
0
2.4
6
0
6
2.4 +1
-2
1.2
0
0.4
1
0.8
2
0
2
0.8 +2
0.8
0
2
2
0.8
0
1.2 +1
3
252
-108
-48.5%
-22.9%
-30.0%
-21.3%
Asia Secondary Offerings, inc Chinese A-shares (C8c)
Bookrunner
Citi
UBS
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Deutsche Bank AG
HSBC Holdings PLC
Barclays
GF Securities
JM Financial Group
CITIC
Nomura
Bank of China Ltd
Essence Securities Co Ltd
Hongyuan Securities Co Ltd
Top Twenty Total
Industry Total

Market
Market
2012 2011
Rank Rank
3,277.5
12.2
+5.1
1
2
5
2
3,077.8
11.5
+8.2
+0.4
3
1
2,907.9
10.9
4
9
2,297.7
8.6
+5.6
1,627.2
6.1
5
3
+1.1
7
1,285.1
4.8
+1.6
6
+1.4
7
1,173.9
4.4
11
8
3.7
1,000.7
8
+0.6
9
13
888.0
3.3
+0.8
884.1
10
39
3.3
+2.7
11
28
+1.8
775.6
2.9
12
668.5
2.5
+2.5
13
14
510.1
1.9
-0.6
14
68
447.0
1.7
+1.5
1.6
15
6
428.6
-1.7
16
421.9
1.6
+1.6
17
48
421.2
1.6
+1.2
18
4
373.2
1.4
-3.4
19
367.7
+1.4
1.4
1.2
+1.2 20
326.8
23,160.5
86.6
26,789.6
100.0

*tie
33.2%
62.1%
Imputed Fees (US$m)

Manager Market
Market
1.8
11.7
-0.4
42.5
6.6
+3.8
5.4
+1.9
35.1
4.5
+2.4
28.9
19.4
+1.2
3.0
63.3
9.8
+2.6
14.1
2.2
+1.5
8.5
1.3
+0.1
6.2
40.1
+4.4
10.1
1.6
-1.5
1.6
10.5
+0.9
+1.7
4.0
25.8
3.6
+1.5
23.2
-1.3
1.8
11.9
2.4
0.4
-1.3
+0.7
6.4
1.0
6.3
+1.0
1.0
0.4
2.5
+0.3
6.8
1.1
+0.9
13.4
2.1
+1.6
382.9
59.4
647.5
100.0
Jan 1 - Mar 30
3.8
6
-4
9.5 +7
15
11
7.0 +8
5.1 +3
8
6
3.8
-2
3.2
-1
5
6
3.8 +1
3
1.9
-2
4
2.5 +1
2
1.3 +1
3
1.9 +1
1
0.6 +1
2
1.3
0
1.3 +1
2
1.3 +1
1
0.6 +1
2
1.3
0
2
1.3
-2
0.6 +1
1
0.6 +1
1
158
-22.2%
4.6%
-45
Imputed Fees (US$m)

Manager Market
Market
9.7
-2.1
3.0
41.1
12.6
+7.5
9.9
+3.4
32.5
27.8
8.5
+4.3
18.5
5.7
+2.4
3.3
10.8
+0.7
2.6
-1.7
8.5
8.1
2.5
-0.9
9.6
2.9
+1.3
+2.7
11.6
3.5
12.6
3.9
+2.5
2.4
+0.7
0.7
0.7
-1.3
2.3
2.5
0.8
+0.4
+1.3
2.1
6.9
1.0
3.2
+1.0
5.8
1.8
+1.0
-4.7
1.7
5.6
0.5
+0.5
1.5
+6.0
19.6
6.0
73.7
240.6
100.0
327.1
-1.8%
41.4%
Asia IPOs, inc Chinese A-shares (C7a)
Bookrunner
CITIC
GF Securities
Minsheng Securities Co Ltd
Huatai Securities Co Ltd
Pingan Securities Co Ltd
Daewoo Securities Co Ltd
Donghai Securities Co Ltd
Nomura
Phatra Securities Co Ltd
Royal Bank of Scotland
Hengtai Securities Co Ltd
CIMB Group Sdn Bhd
Huaxi Securities Co Ltd
UBS
Top Twenty Total
Industry Total

Market
Market
2012 2011
Rank Rank
1
21.3 +13.4
2
1,437.1
10.4
+9.2
2
22
702.5
3
15
410.4
6.1
+4.4
12
321.3
4
4.8
+2.2
254.6
3.8
+1.5 5
13
3.7
6
-1.8
249.2
5
3.1
7
58
+2.9
205.7
8
+2.7
2.7
178.9
2.5
9
+0.6
166.8
14
137.7
+1.2
10
2.0
31*
2.0
11
+2.0
132.7
1.9
+1.9
12
128.9
13*
50
+1.3
1.7
112.7
112.7
1.7
+1.7
13*
1.7
+1.7
13*
112.7
1.7
+1.7
112.7
13*
1.6
+1.6
110.3
17
108.6
18
1.6
+1.6 104
107.0
1.6
+1.6
19
1.3
-0.3
90.4
20
17
5,192.9
77.2
6,746.5
100.0

*tie
-72.4%
-60.2%
Jan 1 - Mar 30
-2
11
11.7
4
4.3 +2
4.3 +1
4
4
4.3
-1
3
3.2
-2
-5
4
4.3
2.1
0
2
1
1.1 +1
3.2
3
-1
1
1.1
0
1
1.1 +1
1
1.1 +1
1
1.1
-1
1.1 +1
1
1.1 +1
1
1
1.1 +1
1.1 +1
1
0
1
1.1
1
1.1 +1
2
2.1
-1
94
-63
-40.1%
-44.4%
-65.3%
-47.3%
Asia Convertibles, inc Chinese A-shares (C9b)
Bookrunner
Citi
JP Morgan
Credit Suisse
DBS Group Holdings
Eugene Invest & Sec Co Ltd
Deutsche Bank AG
Bank of China Ltd
CIMB Group Sdn Bhd
China Investment Securities Co
KGI Financial Services Group
Fubon Securities Co Ltd
President Securities Corp
Samsung Securities
Barclays
UBS
First Financial Holding Co Ltd
Taishin Finl Hldg Co Ltd
Cheong Lee Securities Co Ltd
Top Twenty Total
Industry Total

Market
Market
2012 2011
Rank Rank
19.8 +18.0
450.7
1
11
244.3
10.7
+5.0
2
7
8.1
-5.5
3
2
185.0
7.7
+7.7
175.7
4
7.4
+7.4
5
167.5
+6.8
155.7
6
6.8
6.5
7
+6.5
148.2
6.4
+6.4
8
145.0
+6.2
9
141.8
6.2
+5.2
10
119.3
5.2
+3.1
11
71.2
3.1
2.7
-0.6
12
10
61.3
+1.8
1.8
40.2
13
1.2
14
+1.2
26.9
20
15
1.2
26.3
+0.8
25.7
1.1
16*
8
-4.3
1
25.7
-17.1
16*
1.1
+1.0
1.0
18
21.7
0.7
19
15.2
+0.7
20
+0.6
12.9
0.6
2,260.3
99.3
2,275.9
100.0

*tie
-67.8%
26.1%
Imputed Fees (US$m)

Manager Market
Market
63.3
19.8 +10.5
+8.1
10.3
33.1
21.0
6.5
+4.3
+2.8
21.2
6.6
14.9
4.7
+1.3
19.8
6.2
-2.3
1.9
0.6
+0.4
4.1
1.3
+1.2
4.1
+1.5
13.2
9.2
2.9
+2.4
9.9
3.1
+3.1
4.9
1.5
+1.5
3.3
1.0
+0.7
3.2
1.0
+1.0
3.2
+1.0
1.0
+1.0
3.2
1.0
5.7
+1.8
1.8
.0
0.0
-0.5
+1.8
1.8
5.8
1.4
0.4
-1.5
75.6
242.3
320.4
100.0
Jan 1 - Mar 30
12.0 +2
3
2
8.0
0
4.0
1
-2
2
8.0 +2
2
8.0 +2
8.0 +2
2
1
4.0 +1
8.0 +2
2
4.0 +1
1
4.0 +1
1
1
4.0 +1
8.0
2
-3
2
8.0 +2
2
8.0 +2
4.0
0
1
4.0
1
-1
4.0
-3
4.0 +1
1
8.0 +2
1
4.0 +1
25
4.2%
38.9%
+1
Imputed Fees (US$m)

Manager Market
Market
3.9
10.4 +10.2
4.0
10.8
+0.9
3.3
8.9
-1.4
3.1
8.4
+8.4
3.5
9.3
+8.9
+7.4
2.8
7.4
2.8
7.6
+7.5
5.9
2.2
+5.9
+6.9
2.6
6.9
4.8
1.8
+4.8
2.6
+2.6
1.0
1.0
-0.5
2.7
.7
+1.9
1.9
+5.0
5.0
1.9
1.3
.5
+0.6
-9.1
.4
1.1
.4
1.1
-13.0
+0.2
.1
0.2
.2
+0.7
0.7
.1
+0.3
0.3
97.3
36.3
100.0
37.3
-44.4%
43.5%
11
Australia Equity Capital Markets

Australian ECM Proceeds Drop 23% l Financials - Top Sector l Follow On Proceeds Captures 65% Australian ECM Market Share
Australia Deal Intelligence
Proceeds raised from Australian Equity and Equity-Related offerings totaled
AU$4.8 billion from 172 deals, a 22.9% decline from the AU$6.2 billion raised in
the first quarter of 2011. Issuance from firms in the Financials, Materials and
Industrials sectors captured 85.8% of the market.
According to estimates by Thomson Reuters/Freeman Consulting, total fees in

the region registered a 14.6% drop from the comparable fees total in the first
three months of 2011. Top Bookrunner of Australian Equity and Equity-Related
offerings, UBS, captured 7.5% of the total fees.
Australian Equity & Equity-Related (AK1)
Bookrunner
UBS
Macquarie Group
Citi
RBS
National Australia Bank
Morgan Stanley
Deutsche Bank AG
Goldman Sachs & Co
Patersons Securities Ltd
Credit Suisse
Bell Financial Group Ltd
Azure Capital
Euroz Securities Ltd
Hartleys Ltd
Westpac Banking
JP Morgan
Evercore Partners
Casimir Capital LP
HSBC Holdings PLC
RBC Capital Markets
Top Twenty Total
Industry Total
Proceeds per Bookrunner (AU$m)

Market
Market
2012 2011
Rank Rank
20.0
1
961.3
1
-2.1
9.9
4
472.5
+2.7
2
+9.4
450.0
9.4
3
4
383.0
6
8.0
+4.4
6.4
5
307.9
+6.4
5.5
3
265.7
6
-8.9
5.0
+3.5
12
7
237.9
4.6
+2.9
8
11
218.2
+0.6
3.1
9
8
150.6
10
+1.2
15
110.3
2.3
11
-1.1
2.3
7
108.5
88.7
12
16
+1.1
1.9
80 5
17
+1 2
13
23
80.5
1.7
+1.2
14
1.5
+1.1
73.1
29
+1.5
70.0
15
1.5
2
16
1.4
68.5
-15.0
17
1.4
67.7
+1.4
1.3
+1.3
18
61.4
59.4
+1.2
19
1.2
+0.6 53.7
20
22
1.1
4,288.9
89.5
4,797.3
100.0
Jan 1 - Mar 30
-2
4
2.3
9
5.2 +5
4
2.3 +4
8
4.7
0
2
1.2 +2
3
1.7 +1
1
0
0.6
5
2.9 +3
27
15.7 +6
1.2 +1
2
13
7.6
-1
4
2.3 +1
2 9 +4
5
2.9
7
4.1 +5
0.6 +1
1
2
1.2
-3
0.6 +1
1
4
2.3 +4
1
0.6 +1
3
1.7 +1
172
+26
Follow-on offerings for the first quarter totaled AU$3.1 billion from 159 deals, a
48.5% decrease from the total proceeds of AU$6.1 billion in the first quarter last
year. Proceeds from IPOs reached AU$43.7 million from 9 deals.
Australian Equity & Equity-Related Proceeds by Industry (AU$B)
Jan 1 - Mar 30 2012

Financials
Imputed Fees (AU$m)

Market
Manager Market
9.3
7.5
-5.3
14.4
11.6
+4.4
8.5
10.6
+8.5
7.8
6.3
+1.3
3.2
2.5
+2.5
7.4
9.2
+6.9
+0.6
3.0
2.4
3.5
2.8
+0.7
7.3
5.8
+0.4
1.4
1.7
-0.1
6.3
5.1
-1.0
3.1
3.9
+1.8
39
32
+3 0
3.9
3.2
+3.0
4.5
+2.6
3.6
2.4
+1.9
1.9
-11.7
- - 0.6
+0.6
.8
1.9
1.5
+0.6
75.2
93.7
100.0
124.2
Materials
$2,247.8
47%
Industrials
Energy and Power
$1,046.1
22%
Consumer Staples
Telecommunications
$820.6
17%
$472.1
10%
Healthcare
High Technology
Retail
Real Estate

*tie
-22.9%
10.4%
-14.6%
-15.6%
17.8%
-2.8%
Australian Common Stock (AK2)
Bookrunner
UBS
Citi
Macquarie Group
Morgan Stanley
Patersons Securities Ltd
RBS
Bell Financial Group Ltd
Goldman Sachs & Co
Azure Capital
Euroz Securities Ltd
Hartleys Ltd
Evercore Partners
Casimir Capital LP
RBC Capital Markets
Petra Capital Pty Ltd
Credit Suisse
Argonaut Ltd
Mirabaud Securities Limited
Gleneagle Securities(Aust)Pty
Foster Stockbroking Pty Ltd
Top Twenty Total
Industry Total
Jan 1 - Mar 30
Proceeds per Bookrunner (AU$m)

Market
Market
2012 2011
Rank Rank
20.6
1
-1.5
1
653.4
12.6 +12.6
2
400.0
11.1
3
4
352.5
+3.9
-6.0
4
265.7
3
8.4
4.8
5
8
150.6
+2.3
+1.0
6
6
145.2
4.6
7
108.5
0.0
7
3.4
98.2
8
11
+1.4
3.1
88.7
2.8
9
16
+2.0
80.5
10
23
2.5
+2.0
11
29
73.1
2.3
+1.9
12
67.7
2.1
+2.1
13
61.4
1.9
+1.9
14
22
53.7
1.7
+1.2
15
18
+0.9
51.8
1.6
16
15
50.9
1.6
+0.5
17
14
42.1
1.3
0.0
18
39.7
1.3
+1.3
38.3
1.2
+1.2
19
57
20
27.5
0.9
+0.8
2,849.5
89.8
3,167.8
100.0
Industry
y % Change
g from Same Period Last Year
*tie
-49.0%
-23.1%

1.2
-4
2
1.8 +3
7
4.2 +3
3
1.8 +1
16.1 +6
27
7
4.2
-1
-1
7.7
13
1.8 +1
3
4
2.4 +1
5
3.0 +4
7
4.2 +5
1
0.6 +1
4
2.4 +4
1.8 +1
-1
2
1.2
1
0.6
0
3
1.8
-3
2
1.2 +2
2
1.2 +2
2
1.2 +1
168
15.9%
-4.5%
+23
Top 10 Australian Equity & Equity-Related Deals (AU$m)
Imputed Fees (AU$m)

Manager Market
Market
6.3
6.1
-6.7
9.5
9.2
+9.2
12.9
12.4
+5.2
9.2
8.9
+8.4
7.3
7.0
+1.6
4.9
4.7
-0.3
-0.1
6.3
6.1
2.5
+0.4
2.6
3.9
+2.4
3.7
3.9
+3.6
3.8
4.5
4.3
+3.3
+3.9
4.1
3.9
2.3
2.3
+2.3
+0.9
1.9
1.8
+0.2
1.8
1.8
-0.6
+0.1
- 1.6
+1.6
1.6
1.6
1.5
+1.0
84.6
81.6
103.6
100.0
-28.7%
-27.3%
Transurban Group
3/20/2012
QBE Insurance Group Ltd
2/29/2012
Insurance Australia Group Ltd
3/19/2012
Bank of Queensland Ltd
3/27/2012
Lynas Corp Ltd
2/28/2012
Macquarie Bank Ltd
3/26/2012
Beach Energy Ltd
3/27/2012
Beach Energy Ltd
3/28/2012
Cardno Ltd
3/7/2012
Indophil Resources NL
2/6/2012
Jan 1 - Mar 30 2012

$631.3
$450.0
$350.0
$284.0
$256.6
$237.4
$150.0
$116.3
$111.6
$97.7
12
Japan Equity Capital Markets

Japanese ECM Market Down 55% | Convertible Proceeds Up 114% | Industrial Sector Led Activity
Japan Deals Intelligence
Proceeds from Japanese convertible offerings during the first quarter of 2012
reached US$1.1 billion from 9 deals, a 113.9% increase from the comparable
period in 2011. All deals were offered in the Euro market; there were no
convertible bonds offered in the Japanese domestic market.
Bookrunner
Nomura
Deutsche Bank AG
JP Morgan
Daiwa Securities Group Inc
UBS
SBI Holdings Inc
Top Twenty Total
Industry Total
2012
Rank
1
2
3
4
5
6
7
8
9
10
Jan 1 - Mar 30

Market
Market
2011
Rank
Proceeds Share(%) Share Ch.
1
39.9
-2.1
2,197.0
27.0 +25.8
1,488.6
7
6
432.0
+3.0
7.8
5
7.5
- 410.4
354.2
+6.4
6.4
185.4
3.4
+3.4
-17.8
151.6
2.8
136.7
2.5
+2.5
-9.2
1.4
79.2
3
9.3
0.2
+0.2
5,509.2
100.0
5,509.2
100.0

-55.3%
13.9%

-3
16
43.2
16.2 +2
6
-2
3
8.1
-3
4
10.8
3
8.1 +3
1
2.7 +1
7
18.9
-3
2
5.4 +2
1
2.7
-1
1
2.7 +1
37
-5
Imputed Fees (US$m)

Manager Market
Market
60.0
28.7
-1.0
32.0 +27.0
67.0
6.2
+6.2
13.0
11.4
23.9
-0.2
5.1
10.6
+5.0
7.7
3.7
+2.9
8.7
4.2
-11.1
3.9
1.9
+1.1
7.2
3.5
-15.3
.8
0.4
+0.4
202.8
97.1
209.0
100.0
Bookrunner
Nomura
JP Morgan
Deutsche Bank AG
UBS
SBI Holdings Inc
Top Ten Total
Industry Total
2012
Rank
1
2
3
4
5
6
7
8
9
10

Market
Market
2011
Rank
37.3
1
1,633.4
-2.1
7
1,488.6
34.0 +32.7
5
410.4
-0.8
9.4
4.2
+4.2
185.4
-0.9
6
4.1
178.3
163.9
3.8
+3.8
136.7
3.1
+3.1
89.7
2.1
-19.4
2
3
79.2
1.8
-9.3
0.2
+0.2
9.3
4,375.1
100.0
4,375.1
100.0


12
-5
42.9
6
21.4 +2
-3
14.3
4
3.6 +1
1
-3
2
7.1
1
3.6 +1
7.1 +2
2
21.4
-4
6
-1
1
3.6
1
3.6 +1
28
-12
-30.0%
-3.4%
-62.9%
99.0%
-63.7%
68.2%
Bookrunner
Nomura
SBI Holdings Inc
2012
Rank
1
2
3
4
Industry Total
221.9
12.4%
-86.5%
100.0

4
50.0 +1
25.0 +1
-1
1
12.5
12.5 +1
1
8
14.3%
-52.9%
20.0
+1
Imputed Fees (US$m)

Market
Manager Market
10.2
63.6 +38.1
1.4
8.5
-33.3
1.0
-4.8
6.4
+3.8
4.9
.8
16.1
23.8%
-80.8%
140
115
100.0
112
120
15.0
100
80
10.0
71
60
42
36
44
5.0
37
13
40
20
0
.0
2004
2005
2006
2007
Follow-On
2008
2009
2010
Convertible
2011
2012
# of Issues
Japan Secondary Offerings (C8d)
Bookrunner
Nomura
JP Morgan
Deutsche Bank AG
UBS
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
1
7
1,488.6
35.8 +34.5
1,443.5
2
34.8
1
-5.0
3
5
399.1
9.6
-0.6
4
+4.5
4.5
185.4
5
6
178.3
-0.5
4.3
+4.0
6
163.9
4.0
7
136.7
3.3
+3.3
-9.4
8
3
79.2
1.9
1.9
-18.9
9
2
78.4
Top Twenty Total

Industry Total
4,153.1
4,153.2

Jan 1 - Mar 30
Market
Market
2011
Rank
189.9
85.6 +73.0
3
1
5.1
-55.7
11.4
4
5.1
-5.3
11.3
4.2
+4.2
9.3
-
160
146
IPO
Imputed Fees (US$m)

Market
Manager Market
-1.5
48.6
26.9
66.8
37.0 +31.9
21.4
11.9
+0.6
7.7
4.2
+3.4
3.6
6.5
+3.6
6.6
3.7
+3.6
3.9
2.2
+1.4
-11.9
3.8
7.0
7.2
4.0
-15.3
0.4
.8
+0.4
97.7
176.5
180.7
100.0
Japan IPOs (C7d)
180
156
2003
Jan 1 - Mar 30
Jan 1 - Mar 30
25.0
-59.1%
20.5%
-11.9%
23.3%
The Industrial sector led Japans equity capital markets activity, driven largely by
Mazda Motors US$1.9 billion global offering. The deal was the only deal valued
over US$1 billion and the largest Japanese offering in the first three months of
2012.
Japan Equity & Equity-Related Volume by Issue Type
Proceeds (US$b)
Japan Equity and Equity-Related proceeds totaled US$5.5 billion from 37

deals for the first quarter of 2012, marking a 55.3% decline compared to the
same period last year. Regional fees totaled US$209 million, a 59.1%
decrease compared to 2011.
100.0
100.0
-64.1%
653.2%

30.0 +2
6
8
-6
40.0
3
15.0
-2
5.0 +1
10.0
-2
2
5.0 +1
1
2
10.0 +2
1
5.0
-1
4
20.0
-5
20
-13
-39.4%
66.7%
Imputed Fees (US$m)

Market
Manager Market
66.3
40.3 +35.1
38.3
-5.2
23.3
12.4
+1.1
20.4
7.7
4.7
+3.9
3.7
6.1
+3.7
6.6
4.0
+3.9
+1.6
3.9
2.4
4.4
-15.5
7.2
5.6
3.4
-11.6
162.1
164.6
-66.0%
594.5%
Japan Convertible Offerings (C9e)
Bookrunner
Nomura
Deutsche Bank AG
Jan 1 - Mar 30

Market
Market
2012 2011
Rank Rank
1
563.6
-50.3
49.7
1
253.7
2
22.4 +22.4
190.2
16.8 +16.8
3
61.9
4
5.5
+5.5
-
Industry Total
98.6
100.0
1,134.1
113.9%
-57.1%
100.0

44.4 +2
4
1
11.1 +1
22.2 +2
2
1
11.1 +1
9
350.0%
800.0%
+7
Imputed Fees (US$m)

Market
Manager Market
11.4
40.2
-38.4
6.5
23.0 +23.0
4.0
13.9 +13.9
6.1
+6.1
1.7
28.4
100.0
113.5%
-57.0%
13
Ranking Criteria Summary

- All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherwise stated. All data for the periods shown are as reflected in Thomson Reuters
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:
Americas
Jey Tiourchi
Tel: +1 646.223.5520
E-mail: jey.tiourchi@thomsonreuters.com
EMEA
Mark Moss
Tel: +44.207.542.4631
E-mail: mark.p.moss@thomsonreuters.com
Asia-Pacific
Michelle Abuzo
Tel: +632.858.7201
E-mail: michelle.abuzo@thomsonreuters.com
databases as of 9:00am EDT on March 30, 2012. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm.
-
Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS transactions in all markets and all Federal Credit Agency transactions
must be received within 5 business days of settlement.) Transactions not received by the applicable deadline are entered into the database but classified as rank ineligible and are not included in league tables
for the current calendar year.
Database coverage includes domestic and international placements of equity offerings in addition to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated
bookbuilds and block trades (with certain restrictions) and convertible bonds.
Imputed fees are calculated using the Freeman Consulting proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is
allocated its share of deal fees using the Freeman Consulting allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.
Convertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option.
Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein, reflect changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ
- Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Credit for the newly established joint ventures rolls up to Morgan Stanley. For Japanese involvement league tables Morgan Stanley will
be represented as "Mitsubishi UFJ Morgan Stanley.
Japan
Chisato Kawada
Tel: +813.5218.6554
E-mail: catherina.guinto@thomsonreuters.com
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.
2012 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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1Q12 Thomson Reuters Equity Capital Markets Review

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1Q12 Thomson Reuters Equity Capital Markets Review

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GLOBAL EQUITY CAPITAL MARKETS REVIEW

First Quarter 2012 | Equity Capital Markets | Managing Underwriters

Equity Capital Markets Review

Global Deals Intelligence

EMEA Deals Intelligence

Japan Equity & Equity-Related (C1e)

Leading Underwriters for Third Quarter 2010

EMEA Equity & Equity-related (C1d)

Japan Common Stock (C4d)

EMEA Common Stock (C4c)

Japan IPOs (C7d)

Global Debt, Equity & Equity Related (A1)

EMEA IPOs (C7c)

Japan Secondary Offerings (C8d)

Global Equity & Equity-Related (C1)

EMEA Rights Offerings (C8fr)

Japan Convertible Offerings (C9e)

Global Equity & Equity-Related (C2)

EMEA Convertibles (C9d)

Global Convertibles (C9)

Global IPOs (C5)

Asia Equity & Equity-Related, inc Chinese A-shares (C1b)

Global Equity & Equity-Related inc. Warrants

Asia Equity & Equity-Related, ex Chinese A-shares (C1ba)

Global Equity Rankings - Last Ten Years

Asia Common Stock, inc Chinese A-shares (C4a)

Asia IPOs, inc Chinese A-shares (C7a)

Asia Secondary Offerings, inc Chinese A-shares (C8c)

US Equity & Equity-Related (C1a)

Asia Convertibles, inc Chinese A-shares (C9b)

USCommon Stock (C3)

Australian Equity & Equity-related (AK1)

Australian Common Stock (AK2)

US Secondary Offerings (C8a)

US Equity & Equity-Related inc. Warrants

Banking Composite of Top US Equity Bookrunners

Thomson Reuters Solutions for the Deal

First Quarter 2012

EQUITY CAPITAL MARKETS REVIEW

Global IPOs (US$bil)

Global Equity & Equity-Related Volume

% of Emerging Markets IPOs

% of Proceeds from Emerging Markets

Global Equity & Equity-Related Volume by Domicile Region

Global IPOs and Emerging Markets

First Quarter 2012 | Equity Capital Markets | Managing Underwriters

Global Equity Capital Markets

Europe, Middle East & Africa (EMEA)

Goldman Sachs & Co

Asia-Pacific ex. Japan ex. Australia

Global Debt, Equity & Equity-Related (A1)

Proceeds per Bookrunner (US$m)

Industry % Change from Same Period Last Year

Global Equity & Equity-Related (C1)

Global Equity & Equity-Related (C1)

Imputed Fees (US$m)

Proceeds per Bookrunner (US$m)

Industry % Change from Same Period Last Year

# of Deals per Bookrunner

Imputed Fees (US$m)

First Quarter 2012 | Equity Capital Markets | Managing Underwriters

Global Equity Capital Markets

Proceeds per Bookrunner (US$m)