Quick Links: Global…4 I US…7 I International…11 I Emerging Markets…14 I Asia…15 I Japan…19

Fourth Quarter 2007

Managing Underwriters Media Contacts:
Americas: Matthew Toole I Tel: +1 646 822 7560 I E-mail: matthew.toole@thomson.com
Europe: Jennifer Coldwell I Tel: +44 20 7324 9665 I E-mail: jennifer.coldwell@thomson.com

Debt Capital Markets Review

Asia: Jerome Ongtiapco I Tel: +632 858 7220 I E-mail: jerome.ongtiapco@thomson.com
Japan: Haruko Shimosakoda I Tel: +813 5218 6640 I haruko.shimosakoda@thomson.com

Global Debt Volume Falls 7% - First Annual Decline since 2000 l Asset-Backed Securities Down 26% l Underwriting Fees Top US$19 billion

General concerns over the health of the global credit markets weighed heavily on the market for new issues during the second half of 2007 as market participants continued to hold
out for signs of improved market conditions. Debt underwriting activity during the second half of 2007 totaled US$2.3 trillion, a 47% decrease from the record-breaking US$4.3
trillion of new issues seen in the first half of the year. For full year 2007, global underwriting reached US$6.6 trillion, a 7% decrease over full year 2006 and the first year-over-year
decline since 2000. Deals in the emerging markets and supranational/sovereigns led the few advancing asset classes with double-digit gains, while the market for asset-backed
securities, including collateralized debt obligations, registered a 26% decline over last year at this time. High Yield and Investment Grade corporate bonds saw declines of 10% and
3%, respectively.

Citi ranked first for global debt underwriting during full year 2007 with US$546.5 billion largely due to gains in investment grade bond underwriting and asset-backed securitizations.
JP Morgan moved into second place with US$476.3 billion powered by high yield underwriting and strength in US underwriting. Deutsche Bank, the perennial leader in the euro-
denominated bond markets, took third in global underwriting with US$429.7 billion.

For full year 2007, corporate debt issuance comprised 46% of overall volume Global Debt Capital Markets by Asset Class
$2,200
compared to 44% during 2006. The volume of agency and sovereign debt
also saw a slight increase from year-ago levels. Securitizations comprised $2,000
36% of overall volume – down from 42% of total activity last year at this
$1,800
time. Issuers from the financial sector dominated global debt volume during
full year 2007 with 77% of overall proceeds, down from 81% last year at $1,600
this time. Deals from the healthcare and retail sectors registered the largest
$1,400
percentage gains over last year at this time, with volume for the year up 85%
Proceeds (US$b)

and 80%, respectively. Leading the decliners, Media and Entertainment deals $1,200
fell 41% compared to the year ago period.
$1,000

$800

Deal activity in the Americas accounted for nearly 58% of global debt volume $600

for full year 2007, compared to 59% last year. EMEA issuers saw the biggest $400
gains, accounting for 36% of global volume, up from 34% last year at this
time. New debt issues from Japanese companies saw a 5% increase in year- $200

over-year proceeds raised, the only region to register an increase this year. $0
1Q03 2Q 3Q 4Q 1Q04 2Q
Investment Grade Corporate
ABS
Emerging Market Corporate
3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q 1Q07 2Q 3Q 4Q
MBS Agency, Supranational, Sovereign
Federal Credit Agency High Yield Corporate

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Global Debt

Global Debt, Equity & Equity-related (A1)

Global Debt Capital Markets
1/1/2007-12/31/2007 1/1/2006-12/31/2006
% Change by Asset Class
Proceeds Mkt. No. Mkt. Chg. in January 1 - December 31
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share 30%
26%
Citi 617,602.9 1 8.2 1,740 1 8.7 -0.5
JP Morgan 554,141.2 2 7.4 1,606 2 6.6 0.8 20%
Deutsche Bank AG 481,909.9 3 6.4 1,411 3 6.5 -0.1 14% 9%
Merrill Lynch 431,472.7 4 5.8 1,429 4 6.0 -0.2
10%
Morgan Stanley 425,935.0 5 5.7 1,326 5 6.0 -0.3
Lehman Brothers 395,040.3 6 5.3 1,008 6 5.9 -0.6
Goldman Sachs & Co 357,146.0 7 4.8 905 7 5.1 -0.3 0%
Barclays Capital 352,845.8 8 4.7 960 8 4.9 -0.2 Emerging High Yield Supra-Sovereign Investment MBS Federal Credit ABS
UBS 325,982.9 9 4.3 1,270 10 4.3 0.0 Markets Grade
-10% -3%
Credit Suisse 319,494.9 10 4.3 1,065 9 4.8 -0.5 -10% -10%
Top Ten Total 4,261,571.6 - 56.9 12,720 4,600,888.3 58.8 -1.9
Industry Total 7,510,018.3 - 100.0 22,256 7,842,309.7 100.0 - -20%

% Change from 2006ytd

Global Debt, Equity & Equity-related (A1) - Imputed Fees -30% -26%

1/1/2007-12/30/2007 1/1/2006-12/30/2006 Global Debt, Equity & Equity-Related Imputed Fees by

Imputed Fees Mkt. No. Mkt. Chg. in
$12,000 Issue Type
Manager US$m Rank Share Deals Rank Share Mkt. Share
Citi 3,176.8 1 7.7 2,379 1 7.8 -0.1 January 1, 2007 - December 31, 2007
JP Morgan 3,088.1 2 7.4 2,020 4 6.1 1.3 $10,000 January 1, 2006 - December 31, 2006
Merrill Lynch 2,585.5 3 6.2 1,883 2 6.6 -0.4
Morgan Stanley 2,426.5 4 5.8 1,675 5 6.0 -0.2
Imputed Fees (US$m)
$8,000
UBS 2,391.5 5 5.8 1,728 7 5.5 0.3
Goldman Sachs & Co 2,315.8 6 5.6 1,205 3 6.1 -0.5
Deutsche Bank AG 2,177.3 7 5.2 1,831 6 5.7 -0.5 $6,000
Credit Suisse 2,041.5 8 4.9 1,419 8 5.4 -0.5
Lehman Brothers 1,801.9 9 4.3 1,289 9 4.6 -0.3 $4,000
Banc of America Securities LLC 1,180.9 10 2.8 1,202 10 3.3 -0.5
Top Ten Total 23,185.7 - 55.7 16,631 24,070.9 57.1 -1.4
$2,000
Industry Total 41,509.2 - 100.0 22,256 42,172.1 100.0 -
Source: Thomson Financial/Freeman & Co.
$0 Follow-On

Asset-backed

High Yield
IPO

Mortgage-

Supranational,
Investment

Convertible

Federal Credit

Corporate
Corporate

Emerging
Corporate

Market
backed

Sovereign
Grade

Agency,

Agency
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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Global Debt

Global Scorecard Leading Underwriters for the Fourth Quarter 2007

1/1/2007-12/31/2007 1/1/2006-12/31/2006
Current Qtr Mkt. Share
Proceeds Number Proceeds Number % Change Market Share Chg. from Last Consecutive
$US mils of Issues $US mils of Issues in Proceeds Market Sector No. 1 Manager (%) Qtr (%) Quarters No. 1
All US Debt (F1) Stocks and Bonds
US Long-term Debt (F2) 3,403,616.1 7,262 3,845,634.7 8,930 -11.5% Global Debt, Equity & Equity-related (A1) Citi 8.4 1.1 25
US Long-term Straight ex MBS, ABS & Munis (F3) 1,607,786.0 4,155 1,533,991.8 4,621 4.8% Global Disclosed Fees (A2) Goldman Sachs 9.5 2.3 1
US Federal Credit Agency Debt (F7) 391,989.0 2,317 355,066.3 2,494 10.4% U.S. Debt, Equity & Equity-related (E1) Citi 11.9 2.5 1
US High Yield Corporate Debt (F8) 135,901.2 246 146,371.1 275 -7.2% U.S. Disclosed Fees (E2) Merrill Lynch 12.2 1.6 1
US Investment Grade (F9) 978,098.2 1,471 935,191.7 1,728 4.6%
Agency, Sovereign & Supranational Debt (F10) 87,006.2 71 85,796.2 78 1.4% Global Bonds
US Mortgage-backed Securities (F11) 922,108.5 1,155 1,051,684.3 1,446 -12.3% Global Debt incl MBS, ABS & US Tax Munis (B1) Citi 8.4 1.2 25
US Asset-backed Securities (F14) 863,616.2 1,442 1,249,679.6 2,288 -30.9% Global High Yield Corporate Debt (B4) Goldman Sachs & Co 13.8 2.7 1
US Taxable Municipal Debt (F15) 10,105.4 510 10,279.0 576 -1.7% Global Investment Grade (B7) Citi 10 0.7 31
US Short-term Debt - including MBS, ABS (F16) 352,562.5 2,549 356,471.0 2,567 -1.1% Global ABS (B11) Citi 17.6 8.4 4

All Global Debt (B1) US Bonds

Global Long-term Debt (B2) 6,226,499.3 14,576 6,749,202.5 16,565 -7.7% U.S. Debt incl MBS, ABS, & Tax Munis (F1) Citi 11.5 2.3 1
Global Long-term Debt ex MBS, ABS & Munis (B3) 3,771,222.4 10,341 3,742,001.7 11,161 0.8% U.S. Long-term Debt incl MBS, ABS & Tax Munis (F2) Citi 12.7 3.8 3
Global High Yield Corporate Debt (B4) 165,608.0 299 184,674.4 335 -10.3% U.S. Investment Grade Corporate Debt (F9) Citi 17.3 3.4 31
Global Investment Grade Corporate Debt (B7) 2,562,240.1 6,325 2,640,547.4 6,900 -3.0% U.S. High Yield Corporate Debt (F8) Goldman Sachs & Co 13.9 2.3 1
US Federal Credit Agency Debt (B8) 392,895.2 2,321 358,888.7 2,500 9.5% U.S. Federal Credit Agency (H1) JP Morgan 12.4 0.8 1
Global Agency, Sovereign & Supranational Debt (B9 609,694.1 1,282 533,684.6 1,309 14.2% U.S. Long-term Federal Credit Agency Debt (H3) JP Morgan 14.6 4.3 1
Global Mortgage-backed Securities (B10) 1,300,354.1 1,474 1,452,229.7 1,804 -10.5% U.S. Mortgage-backed Securities (F11) Morgan Stanley 10.7 -1.2 1
Global Asset-backed Securities (B11) 1,144,817.4 2,273 1,544,692.0 3,053 -25.9% U.S. Asset-backed Securities (F14) Citi 20.7 7 9
Global Short-term Debt (B14) 426,594.1 3,347 399,839.7 3,116 6.7%
International Bonds
All International Bonds (J1) JP Morgan 8.8 2.5 1
All Bonds in Euro (N1) Barclays Capital 7.5 3 1
All International Securitizations (J10c) Royal Bank of Scotland 13.4 8.0 1

Asia-Pacific Bonds
Asian G3 Currency Bonds ex JP ex Australia (AR2) BNP Paribas SA 11.4 10.6 1
All Asian Currencies ex CDs (AS1) CITIC 13.6 8.2 1

Australia Bonds
Australian Dollar Bonds (AJ3) Deutsche Bank AG 21.3 13.3 1
Australian Dollar Securitizations (AJ5) Deutsche Bank AG 23.6 4.3 3

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Global Debt

Global Debt (B1) Global Mortgage-Backed Securities (B10)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Manager US$m Rank Share Deals Rank Share Mkt. Share
Citi 546,527.9 1 8.2 1431 1 8.7 -0.5 Lehman Brothers 115,884.1 1 8.9 131 2 8.9 0.0
JP Morgan 476,346.5 2 7.2 1294 3 6.6 0.6 Morgan Stanley 93,106.3 2 7.2 99 8 5.3 1.9
Deutsche Bank AG 429,713.1 3 6.5 1197 2 6.7 -0.2 Bear Stearns & Co Inc 86,517.0 3 6.7 105 3 7.6 -0.9
Merrill Lynch 370,830.5 4 5.6 1169 5 5.8 -0.2 Credit Suisse 84,151.0 4 6.5 117 5 6.8 -0.3
Lehman Brothers 365,600.1 5 5.5 855 4 6.2 -0.7 Royal Bank of Scotland Group 79,846.5 5 6.1 97 1 9.0 -2.9
Morgan Stanley 361,237.7 6 5.5 1055 6 5.8 -0.3 JP Morgan 77,934.6 6 6.0 96 7 5.6 0.4
Barclays Capital 349,429.4 7 5.3 946 7 5.3 0.0 Deutsche Bank AG 72,095.6 7 5.5 105 4 7.4 -1.9
Goldman Sachs & Co 286,517.3 8 4.3 672 9 4.6 -0.3 Citi 61,500.1 8 4.7 104 6 6.0 -1.3
Royal Bank of Scotland Group 282,167.6 9 4.3 787 10 4.6 -0.3 Merrill Lynch 60,765.9 9 4.7 89 13 4.0 0.7
Banc of America Securities LLC 276,524.0 10 4.2 726 11 4.4 -0.2 Banc of America Securities LLC 56,789.5 10 4.4 85 10 4.8 -0.4
Top Ten Total 3,744,894.1 - 56.6 10,132 4,173,879.3 58.7 -2.1 Top Ten Total 788,590.6 - 60.7 1,028 948,141.3 65.4 -4.7
Industry Total 6,633,649.9 - 100.0 17,865 7,122,613.3 100.0 - Industry Total 1,300,354.1 - 100.0 1,474 1,452,229.7 100.0 -

Global Debt (B1) - Imputed Fees Global Asset-Backed Securities (B11)

1/1/2007-12/30/2007 1/1/2006-12/30/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Manager US$m Rank Share Deals Rank Share Mkt. Share Manager US$m Rank Share Deals Rank Share Mkt. Share
Citi 1,657.1 1 8.7 1,788 1 8.1 0.6 Citi 116,077.8 1 10.1 194 1 8.8 1.3
JP Morgan 1,358.0 2 7.1 1,364 4 6.3 0.8 JP Morgan 82,720.9 2 7.2 148 6 5.9 1.3
Deutsche Bank AG 1,182.1 3 6.2 1,395 2 7.0 -0.8 Merrill Lynch 74,649.2 3 6.5 97 3 7.4 -0.9
Merrill Lynch 1,168.7 4 6.1 1,219 3 6.7 -0.6 Deutsche Bank AG 69,372.7 4 6.1 138 2 7.8 -1.7
Lehman Brothers 1,047.6 5 5.5 924 7 5.3 0.2 Lehman Brothers 67,676.9 5 5.9 124 5 6.2 -0.3
Morgan Stanley 1,045.0 6 5.5 1,177 5 5.8 -0.3 Royal Bank of Scotland Group 67,374.1 6 5.9 141 4 6.3 -0.4
Goldman Sachs & Co 939.9 7 4.9 869 8 5.2 -0.3 Banc of America Securities LLC 64,540.3 7 5.6 134 9 5.0 0.6
Banc of America Securities LLC 881.2 8 4.6 993 9 4.7 -0.1 Barclays Capital 58,762.7 8 5.1 85 10 4.7 0.4
Credit Suisse 814.9 9 4.3 1,002 6 5.4 -1.1 Morgan Stanley 52,182.0 9 4.6 144 7 5.6 -1.0
UBS 779.0 10 4.1 1,092 10 4.7 -0.6 Wachovia Corp 43,557.1 10 3.8 81 16 2.9 0.9
Top Ten Total 10,873.4 - 57.0 11,823 13,269.8 59.2 -2.2 Top Ten Total 696,913.7 - 60.8 1,286 935,621.3 60.6 0.2
Industry Total 19,045.0 - 100.0 14,576 22,375.8 100.0 - Industry Total 1,144,817.4 - 100.0 2,273 1,544,692.0 100.0 -
Source: Thomson Financial/Freeman & Co.

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Banking Composite: Global Debt

Top Bookrunners by Issue Type Percentage

100%

90%

80%

70%

60%
% Total Proceeds

50%

40%

30%

20%

10%

0%
Citi JP Morgan Deutsche Bank AG Merrill Lynch Lehman Brothers Morgan Stanley Barclays Capital Goldman Sachs & Co Royal Bank of Scotland Banc of America
Group Securities LLC

ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Global Securitizations

Global Collateralized Debt Obligations (B12) Global Asset-Backed Securities and CDOs
700
1/1/2007-12/31/2007 1/1/2006-12/31/2006 Global CDO ($bil) Non-CDO ABS ($bil)
Proceeds Mkt. No. Mkt. Chg. in 600
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Citi 41,425.5 1 9.9 59 2 8.6 1.3 500
Merrill Lynch 38,488.1 2 9.2 53 1 11.6 -2.4

Proceeds ($bil)
Deutsche Bank AG 23,897.7 3 5.7 40 3 8.5 -2.8
400
Wachovia Corp 22,247.2 4 5.3 44 9 5.1 0.2
JP Morgan 20,161.7 5 4.8 39 8 5.2 -0.4
300
Barclays Capital 19,011.8 6 4.5 20 15 3.2 1.3
Morgan Stanley 18,200.4 7 4.4 93 6 5.4 -1.0
Bear Stearns & Co Inc 16,895.1 8 4.0 27 4 5.5 -1.5 200
UBS 16,774.1 9 4.0 40 10 4.8 -0.8
Banc of America Securities LLC 16,075.0 10 3.8 22 7 5.3 -1.5 100
Top Ten Total 233,176.6 - 55.6 437 301,308.5 63.2 -7.6
Industry Total 418,708.2 - 100.0 1,061 477,429.0 100.0 - 0
1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q 1Q07 2Q 3Q 4Q

Global CDOs incl All Liabilities, Funded Assets (B12d) Global Asset-Backed Securities ex-CDOs (B13)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Citi 47,291.5 1 12.6 54 2 11.0 1.6 Citi 74,652.4 1 10.3 135 1 8.9 1.4
Merrill Lynch 37,647.5 2 10.0 45 1 12.9 -2.9 JP Morgan 62,559.2 2 8.6 109 6 6.2 2.4
Wachovia Corp 23,265.8 3 6.2 37 6 6.6 -0.4 Royal Bank of Scotland Group 56,619.4 3 7.8 117 3 7.6 0.2
UBS 23,041.9 4 6.1 30 5 7.1 -1.0 Lehman Brothers 51,892.7 4 7.2 92 2 7.8 -0.6
Deutsche Bank AG 21,875.8 5 5.8 33 3 7.7 -1.9 Banc of America Securities LLC 48,465.3 5 6.7 112 11 4.9 1.8
Lehman Brothers 17,534.5 6 4.7 25 14 3.1 1.6 Deutsche Bank AG 45,475.0 6 6.3 98 4 7.4 -1.1
Banc of America Securities LLC 16,956.9 7 4.5 20 9 5.3 -0.8 Barclays Capital 39,750.9 7 5.5 65 9 5.4 0.1
JP Morgan 16,559.4 8 4.4 28 10 4.5 -0.1 Merrill Lynch 36,161.1 8 5.0 44 8 5.5 -0.5
Bear Stearns & Co Inc 15,557.3 9 4.1 25 8 5.4 -1.3 Morgan Stanley 33,981.6 9 4.7 51 7 5.7 -1.0
Morgan Stanley 14,225.3 10 3.8 42 12 3.7 0.1 Credit Suisse 26,979.5 10 3.7 63 10 5.2 -1.5
Top Ten Total 233,955.9 - 62.2 339 266,403.2 67.3 -5.1 Top Ten Total 476,537.1 - 65.8 886 689,420.7 64.6 1.2
Industry Total 375,968.9 - 100.0 784 419,211.9 100.0 - Industry Total 726,109.2 - 100.0 1,213 1,067,263.1 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

US Debt
Investment Grade Issuance Reaches Record l Securitizations Continue to Suffer From Subprime Meltdown

Investment Grade Still Going Strong All Federal Credit Agency Debt (H1)
Investment Grade debt remained relatively unfazed by the credit crunch that has caused
1/1/2007-12/31/2007 1/1/2006-12/31/2006
such headache for other areas of the debt capital markets. Total issuance for 2007 was up
Proceeds Mkt. No. Mkt. Chg. in
5% in comparison to 2006. This was bolstered by US$558.3 billion brought to market in Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
the first six months of 2007, making it the largest first half on record. Despite all of the JP Morgan 84,010.6 1 10.3 342 1 9.7 0.6
turmoil experienced by other asset classes, Investment Grade debt eclipsed 2006 for a new UBS 66,130.9 2 8.1 532 7 6.5 1.6
Barclays Capital 65,055.8 3 7.9 216 10 6.0 1.9
record with US$978.1 billion pricing on 1,471 deals. Deutsche Bank AG 62,102.5 4 7.6 234 3 7.5 0.1
Merrill Lynch 58,242.2 5 7.1 525 2 7.9 -0.8
Goldman Sachs & Co 58,033.7 6 7.1 192 6 7.0 0.1
Investment Grade by Coupon Type Royal Bank of Scotland Group 48,003.0 7 5.9 238 15 1.9 4.0
Lehman Brothers 43,673.1 8 5.3 286 4 7.5 -2.2
$250,000 600 Citi 42,664.2 9 5.2 158 11 4.6 0.6
Morgan Stanley 40,718.5 10 5.0 333 9 6.4 -1.4
Top Ten Total 568,634.5 - 69.5 3,056 445,444.8 65.0 4.5
500 Industry Total 819,996.8 - 100.0 6,565 686,221.2 100.0 -
$200,000

400 US Investment Grade Corporate Debt (F9)

Proceeds (US$m)

$150,000

# of Issues
1/1/2007-12/31/2007 1/1/2006-12/31/2006
300
Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
$100,000
Citi 145,761.4 1 14.9 322 1 14.4 0.5
200 JP Morgan 115,649.1 2 11.8 302 2 10.9 0.9
Banc of America Securities LLC 92,212.5 3 9.4 237 3 10.0 -0.6
$50,000 Goldman Sachs & Co 88,619.1 4 9.1 199 6 9.0 0.1
100 Morgan Stanley 79,695.3 5 8.2 213 4 9.2 -1.0
Lehman Brothers 75,692.4 6 7.7 177 5 9.1 -1.4
Merrill Lynch 68,528.9 7 7.0 174 7 7.6 -0.6
$0 0 Wachovia Corp 65,309.8 8 6.7 173 8 5.6 1.1
1Q06 2Q 3Q 4Q 1Q07 2Q 3Q 4Q Deutsche Bank AG 62,065.3 9 6.4 150 11 3.6 2.8
Barclays Capital 41,339.5 10 4.2 150 10 3.9 0.3
Floating Volume (US$m) Fixed Volume (US$m) Top Ten Total 834,873.3 - 85.4 2,097 779,665.8 83.3 2.1
Floating - # of Issues Fixed - # of Issues Industry Total 978,098.2 - 100.0 1,471 935,191.7 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

US Securitizations

Securitizations Suffer from Subprime Meltdown and Credit Crunch US Mortgage-Backed Securities (F11)
Concerns over the subprime mortgage crisis continued to wreak havoc on real estate
1/1/2007-12/31/2007 1/1/2006-12/31/2006
securitizations. Total Residential Real Estate securitizations (with the exclusion of Agency
Proceeds Mkt. No. Mkt. Chg. in
CMOs), which includes all transactions with mortgage collateral, declined 25% for 2007 Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
versus proceeds raised in 2006. Total Asset-Backed Security issuance for 2007 also Lehman Brothers 95,765.0 1 10.4 111 1 10.3 0.1
declined 31% in comparison to total proceeds raised in 2006. Real Estate ABS issuance, Bear Stearns & Co Inc 83,020.9 2 9.0 100 2 10.1 -1.1
Morgan Stanley 73,703.0 3 8.0 83 9 5.6 2.4
which includes Home Equity and Non-Jumbo Mortgage collateral, declined by 50%. This JP Morgan 67,418.6 4 7.3 82 6 6.9 0.4
marked the first decline in the ABS market in over twenty years. Credit Suisse 66,952.9 5 7.3 97 4 7.6 -0.3
Banc of America Securities LLC 56,387.8 6 6.1 84 7 6.1 0.0
Royal Bank of Scotland Group 52,315.4 7 5.7 68 3 9.2 -3.5
The decline was due, in large part, to the collapse of the Collateralized Debt Obligations Merrill Lynch 44,224.4 8 4.8 71 14 4.0 0.8
Deutsche Bank AG 43,799.9 9 4.8 64 5 7.1 -2.3
(CDO) market. CDO issuance was on a pattern to set yet another record in proceeds
Citi 43,674.0 10 4.7 82 11 5.1 -0.4
raised, with US$303.7 billion brought to market, in the first half of 2007. However, CDO Top Ten Total 627,261.9 - 68.1 842 755,951.5 72.0 -3.9
issuance dropped 62% in the second half of the year. This also marked the first time since Industry Total 922,108.5 - 100.0 1,155 1,051,684.3 100.0 -
2002 that CDO issuance declined.

US Asset-Backed Securities (F14)

ABS Collateral Breakout
100% 1/1/2007-12/31/2007 1/1/2006-12/31/2006
Proceeds Mkt. No. Mkt. Chg. in
90%
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
80% Citi 107,114.5 1 12.4 168 1 9.7 2.7
% of Industry Proceeds

70% JP Morgan 76,333.7 2 8.8 132 7 6.1 2.7

Merrill Lynch 66,103.6 3 7.7 82 2 8.0 -0.3
60%
Lehman Brothers 62,174.5 4 7.2 110 4 7.2 0.0
50% Banc of America Securities LLC 61,835.9 5 7.2 127 8 5.8 1.4
40% Royal Bank of Scotland Group 58,018.4 6 6.7 117 5 6.7 0.0
Deutsche Bank AG 55,680.1 7 6.5 118 3 7.9 -1.4
30%
Morgan Stanley 46,915.8 8 5.4 121 9 5.8 -0.4
20% Wachovia Corp 42,103.5 9 4.9 76 15 3.6 1.3
10% Barclays Capital 38,887.0 10 4.5 70 13 4.7 -0.2
Top Ten Total 615,167.0 - 71.3 1,121 818,788.7 65.5 5.8
0%
Industry Total 863,616.2 - 100.0 1,442 1,249,679.6 100.0 -
2003 2004 2005 2006 2007

CDO Real Estate Credit Card Student Loan Auto Other

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

US Securitizations

US Asset-Backed Securities - Excluding Self-Funded (F14a) US Commercial Mortgage-Backed Securities (F12)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Citi 83,663.8 1 11.2 144 1 9.3 1.9 Morgan Stanley 34,982.5 1 15.1 34 2 12.9 2.2
Merrill Lynch 63,456.7 2 8.5 78 3 8.9 -0.4 Wachovia Corp 28,443.7 2 12.3 10 3 11.6 0.7
Royal Bank of Scotland Group 57,351.8 3 7.7 116 6 6.6 1.1 JP Morgan 24,018.6 3 10.4 14 1 13.4 -3.0
Lehman Brothers 54,702.8 4 7.4 91 5 6.8 0.6 Lehman Brothers 18,812.5 4 8.1 11 4 9.3 -1.2
Deutsche Bank AG 54,177.6 5 7.3 115 2 9.1 -1.8 Banc of America Securities LLC 18,780.6 5 8.1 13 7 7.8 0.3
JP Morgan 49,344.9 6 6.6 96 8 5.9 0.7 Bear Stearns & Co Inc 14,160.6 6 6.1 15 8 6.2 -0.1
Banc of America Securities LLC 43,191.0 7 5.8 103 11 5.1 0.7 Credit Suisse 12,892.9 7 5.6 10 5 9.2 -3.6
Morgan Stanley 42,463.1 8 5.7 116 10 5.3 0.4 Goldman Sachs & Co 12,217.2 8 5.3 7 12 3.5 1.8
Wachovia Corp 39,508.5 9 5.3 74 14 4.0 1.3 Royal Bank of Scotland Group 9,642.2 9 4.2 9 11 3.7 0.5
Barclays Capital 34,990.5 10 4.7 66 9 5.5 -0.8 Merrill Lynch 8,413.2 10 3.6 10 9 5.7 -2.1
Top Ten Total 522,850.7 - 70.2 999 694,710.4 66.5 3.7 Top Ten Total 182,364.0 - 78.8 133 174,023.0 83.3 -4.5
Industry Total 744,244.2 - 100.0 1,285 1,044,569.7 100.0 - Industry Total 232,112.8 - 100.0 131 197,702.5 100.0 -

US Mortgage-Backed Securities - Residential (F13b) US Mortgage-Backed Securities - Federal Credit Agencies (F13a)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Bear Stearns & Co Inc 43,641.0 1 9.6 54 1 11.7 -2.1 Lehman Brothers 33,793.5 1 14.3 41 4 9.1 5.2
Lehman Brothers 43,159.0 2 9.5 59 2 11.1 -1.6 Bear Stearns & Co Inc 25,219.3 2 10.7 31 3 9.3 1.4
Credit Suisse 36,340.2 3 8.0 54 8 6.5 1.5 Merrill Lynch 22,543.1 3 9.6 31 10 5.7 3.9
Washington Mutual Inc 34,430.5 4 7.6 28 7 6.8 0.8 Morgan Stanley 21,901.6 4 9.3 24 11 4.8 4.5
JP Morgan 28,163.0 5 6.2 39 10 5.2 1.0 Royal Bank of Scotland Group 20,670.8 5 8.8 25 1 12.7 -3.9
Deutsche Bank AG 25,677.7 6 5.7 33 6 7.1 -1.4 Credit Suisse 17,719.9 6 7.5 33 5 8.9 -1.4
Goldman Sachs & Co 25,505.2 7 5.6 31 4 7.5 -1.9 JP Morgan 15,237.0 7 6.5 29 9 5.7 0.8
Countrywide Securities Corp 25,415.5 8 5.6 48 5 7.5 -1.9 Citi 15,121.2 8 6.4 32 7 6.5 -0.1
Banc of America Securities LLC 22,520.5 9 5.0 44 11 4.7 0.3 Banc of America Securities LLC 15,086.6 9 6.4 27 6 7.9 -1.5
Royal Bank of Scotland Group 22,002.4 10 4.9 34 3 9.5 -4.6 UBS 13,709.6 10 5.8 25 2 10.0 -
Top Ten Total 306,855.0 - 67.7 424 459,593.3 77.6 -9.9 Top Ten Total 201,002.6 - 85.3 298 211,276.3 80.6 4.7
Industry Total 453,847.1 - 100.0 660 591,984.6 100.0 - Industry Total 236,148.7 - 100.0 364 261,997.2 100.0 -

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Banking Composite: US DCM

DCM Bookrunner Industry Composition DCM Bookrunner Industry Composition
(Excluding Financials)
100% 100%

90% 90%

80% 80%

70% 70%

% of Industry Proceeds
% of Industry Proceeds

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
Citi JP LEH MS ML BoA DB GS CS Barc Citi JP LEH MS ML BoA DB GS CS Barc

Consumer Products and Services Energy and Power Consumer Products and Services Energy and Power
Government and Agencies Healthcare Government and Agencies Healthcare
High Technology Industrials High Technology Industrials
Materials Media and Entertainment Materials Media and Entertainment
Real Estate Retail Real Estate Retail
Consumer Staples Telecommunications Consumer Staples Telecommunications
Financials

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

International Debt
International Issuance Steady | Bonds In Euros Down 12.1% l Deutsche Bank #1 - International Bonds l Barclays #1 - Securitizations

International Issuance Steady Despite Second Half Slow Down Top Five Currencies for International Bonds
In spite of the credit crunch, overall issuance for 2007 was only 1.6% behind the year end 2006 figures.
$2,000,000
This was despite the first half volume decline of 36% to US$1.2 trillion from the US$2 trillion volume for January 1, 2007 - December 31, 2007
$1,800,000
the second half of 2006. JPMorgan was the biggest issuer in the fourth quarter of 2007 with a deal January 1, 2006 - December 31, 2006
volume of US$52.2 billion. $1,600,000

$1,400,000

Proceeds (US$m)
Deals priced in 2007 had a coupon type breakdown of 60% fixed and 40% floating. However, for the $1,200,000

second half of 2007 this split changed to 68% and 32% respectively, indicating the uncertainty faced by $1,000,000
issuers and investors of the debt capital markets in the wake of the US sub-prime mortgage crisis. $800,000

$600,000

Bonds in Euros Down 12.1% Year on Year $400,000

Overall proceeds dropped year on year by 12.1%. This was obviously a result of the credit market fallout $200,000
and 2007 marked the first time that bond volume decreased since 2002. Citi encountered the largest drop $0

British Pound

Japanese Yen
Canadian Dollar
U.S. Dollar
EURO
of 2.7% market share and placed 5th from its 2nd place ranking in 2006.

The top three issuers in 2007 were KFW with proceeds of €29.8 billion, EIB at €27.8 billion and Hellenic
Republic with €24.7 billion. Issuers from Germany accounted for 16.1% of market share, with those from
Spain and the United Kingdom at 12.5% and 10%, respectively. International Bonds by Issue Type

Strong First Half Year Signals Only Slight Securitizations Decrease Investment Grade Corporate
Despite the securitization market experiencing a quiet second half in 2007 proceeds for the year were
Agency, Supranational, Sovereign
down by only 2.6% compared to proceeds in 2006. This was due, in part, to a strong finish to the first
half of 2007. Several first half transactions ranked in the top ten deals on record, including the US$12 ABS
billion Granite 2007-1 transaction, the third largest on record. ABS backed securities comprised 36.4% of
the industry total and MBS the remaining 63.6%. UK issuers accounted for 27.1% while Spanish issuers MBS
accounted for 18%.
Federal Credit Agency

Barclays maintained its first position from year end 2006, courtesy of working on some of the year's high
Emerging Market Corporate
profile transactions, including the US$11.9 billion Gracechurch Mortgage 2007-1 and the US$10.6 billion
Brunel Resi Mortgage deals. High Yield Corporate

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

International Debt

All International Securitizations by Nation All International Bonds (J1)

(incl-self-funded, ex-CDOs)
1/1/2007-12/31/2007 1/1/2006-12/31/2006
Proceeds Mkt. No. Mkt. Chg. in
Australia January 1, 2006 - December 30, 2006
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
January 1, 2007 - December 30, 2007 Deutsche Bank AG 296,894.6 1 7.8 728 2 7.5 0.3
Netherlands Citi 292,470.4 2 7.6 672 1 8.6 -1.0
Barclays Capital 270,568.1 3 7.1 610 3 7.2 -0.1
JP Morgan 251,013.0 4 6.6 571 5 6.0 0.6
United States of America
Merrill Lynch 232,816.2 5 6.1 453 4 6.2 -0.1
Morgan Stanley 195,566.1 6 5.1 453 6 5.4 -0.3
Spain Royal Bank of Scotland Group 171,896.0 7 4.5 470 10 4.1 0.4
Goldman Sachs & Co 160,289.5 8 4.2 314 12 3.8 0.4
UBS 151,455.9 9 4.0 459 9 4.1 -0.1
United Kingdom
Lehman Brothers 145,328.8 10 3.8 256 8 4.2 -0.4
Top Ten Total 2,168,298.6 - 56.8 4,986 2,225,699.3 57.1 -0.3
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000
Industry Total 3,830,746.4 - 100.0 6,878 3,891,351.5 100.0 -
Proceeds (US$m)

All Bonds in Euros (N1) All International Securitizations (J10c)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner Euro (m) Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Deutsche Bank AG 101,090.0 1 8.1 304 1 8.2 -0.1 Barclays Capital 50,836.5 1 8.7 32 1 9.8 -1.1
Barclays Capital 87,359.9 2 7.0 264 3 7.6 -0.6 Royal Bank of Scotland Group 47,739.7 2 8.2 63 2 9.3 -1.1
Societe Generale 66,413.9 3 5.3 199 5 5.8 -0.5 Deutsche Bank AG 45,942.7 3 7.9 53 4 8.6 -0.7
BNP Paribas SA 65,103.6 4 5.2 219 6 5.5 -0.3 Lehman Brothers 36,349.1 4 6.2 28 5 6.5 -0.3
Citi 63,698.7 5 5.1 176 2 7.8 -2.7 Morgan Stanley 34,748.3 5 5.9 29 6 4.9 1.0
ABN AMRO 60,883.2 6 4.9 152 4 5.9 -1.0 Citi 31,213.0 6 5.3 38 3 8.9 -3.6
Royal Bank of Scotland Group 55,997.3 7 4.5 205 8 4.0 0.5 ABN AMRO 28,447.0 7 4.9 41 7 4.7 0.2
JP Morgan 55,033.8 8 4.4 169 10 3.8 0.6 Merrill Lynch 26,567.0 8 4.5 30 8 4.4 0.1
Merrill Lynch 45,675.3 9 3.7 122 12 3.3 0.4 Credit Suisse 22,092.0 9 3.8 27 11 3.8 0.0
HSBC Holdings PLC 44,201.9 10 3.6 132 7 4.4 -0.8 JP Morgan 19,998.5 10 3.4 32 12 3.6 -0.2
Top Ten Total 645,457.6 - 51.8 1,942 797,376.3 56.3 -4.5 Top Ten Total 343,933.8 - 58.8 373 387,506.6 64.5 -5.7
Industry Total 1,245,536.1 - 100.0 2,432 1,417,844.3 100.0 - Industry Total 584,686.4 - 100.0 513 600,340.1 100.0 -

12
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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

High Yield Debt

Global High Yield Volume Declines by 10.3% l October's Energy Future/TXU Transaction Largest High Yield Offering on Record

High Yield Issuance Halts in Second Half Global High Yield Debt (B4)
Despite experiencing the largest semi annual total on record during the opening half of
1/1/2007-12/31/2007 1/1/2006-12/31/2006
2007, the high yield market finished 10.3% lower than last year’s total. Concerns over the
Proceeds Mkt. No. Mkt. Chg. in
health of the global credit markets led to the lowest second half total in over five years. Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
One bright spot of the second half was October’s US$7.5 billion Energy Future/TXU JP Morgan 19,986.3 1 12.1 71 1 13.7 -1.6
transaction, led by a syndicate of Goldman Sachs, Morgan Stanley, Citi, Credit Suisse, JP Credit Suisse 18,628.9 2 11.3 59 3 12.0 -0.7
Citi 16,607.9 3 10.0 58 2 12.2 -2.2
Morgan and Lehman Brothers. The deal ranked as the largest high yield offering on Deutsche Bank AG 14,151.2 4 8.6 58 4 11.0 -2.4
record. Goldman Sachs & Co 13,811.1 5 8.3 44 8 6.0 2.3
Merrill Lynch 12,923.0 6 7.8 45 5 9.3 -1.5
High Yield Proceeds by Quarter Banc of America Securities LLC 11,423.2 7 6.9 60 6 6.7 0.2
2007 Lehman Brothers 10,947.3 8 6.6 47 9 5.2 1.4
Morgan Stanley 7,462.2 9 4.5 29 7 6.5 -2.0
2006 Wachovia Corp 5,325.7 10 3.2 27 13 2.1 1.1
Top Ten Total 131,266.8 - 79.3 498 156,515.3 84.7 -5.4
2005 Industry Total 165,608.0 - 100.0 299 184,674.4 100.0 -

$0 $50 $100 $150 $200

1Q Volume (US$b) 2Q Volume (US$b) 3Q Volume (US$b) 4Q Volume (US$b)

Global High Yield Debt - US Dollar Denominated (B5) Global High Yield Debt - Non-US Dollar Denominated (B6)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner Euro (m) Rank Share Deals Rank Share Mkt. Share
JP Morgan 18,594.7 1 13.5 64 1 14.4 -0.9 Deutsche Bank AG 4,039.5 1 19.1 19 1 19.3 -0.2
Credit Suisse 15,138.9 2 11.0 53 3 11.1 -0.1 Credit Suisse 2,626.6 2 12.4 6 2 15.8 -3.4
Citi 14,575.5 3 10.6 49 2 13.1 -2.5 BNP Paribas SA 2,147.5 3 10.2 13 9 4.2 6.0
Goldman Sachs & Co 12,498.8 4 9.1 42 9 5.8 3.3 Barclays Capital 1,569.1 4 7.4 7 6 7.4 0.0
Merrill Lynch 11,765.6 5 8.6 42 4 10.1 -1.5 Citi 1,525.1 5 7.2 9 4 8.3 -1.1
Banc of America Securities LLC 11,245.6 6 8.2 59 6 8.2 0.0 Calyon 1,116.6 6 5.3 6 14 1.3 4.0
Lehman Brothers 10,424.2 7 7.6 45 8 6.0 1.6 JP Morgan 1,039.6 7 4.9 8 3 11.0 -6.1
Deutsche Bank AG 8,814.4 8 6.4 44 5 9.0 -2.6 Goldman Sachs & Co 969.0 8 4.6 6 7 7.0 -2.4
Morgan Stanley 7,116.6 9 5.2 27 7 6.2 -1.0 Merrill Lynch 872.6 9 4.1 5 8 5.8 -1.7
Wachovia Corp 5,325.7 10 3.9 27 12 2.6 1.3 ABN AMRO 832.0 10 3.9 4 13 1.3 2.6
Top Ten Total 115,500.0 - 84.1 452 128,864.4 86.5 -2.4 Top Ten Total 16,737.6 - 79.1 83 23,124 81.4 -2.3
Industry Total 137,395.3 - 100.0 254 148,807.6 100.0 - Industry Total 21,106.2 - 100.0 52 28,478 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Emerging Markets
International Emerging Market Debt Climbs 25.4% I Citi Takes Top Spot in All International Emerging Markets Bonds

All International Emerging Market Bonds (L1) EMEA Emerging Market Bonds (L2)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Citi 19,625.2 1 14.1 76 2 11.2 2.9 Citi 9,782.4 1 13.0 36 2 10.2 2.8
ABN AMRO 18,042.5 2 12.9 34 7 5.8 7.1 Deutsche Bank AG 6,988.1 2 9.3 27 1 11.6 -2.3
Deutsche Bank AG 14,904.5 3 10.7 59 1 11.8 -1.1 ABN AMRO 6,935.0 3 9.2 25 3 9.0 0.2
Credit Suisse 10,547.7 4 7.6 36 5 9.1 -1.5 UBS 6,456.8 4 8.6 26 6 7.8 0.8
JP Morgan 10,146.2 5 7.3 33 4 9.5 -2.2 Credit Suisse 6,321.2 5 8.4 17 4 8.7 -0.3
UBS 9,928.2 6 7.1 36 3 10.5 -3.4 JP Morgan 5,980.9 6 7.9 18 5 8.3 -0.4
Merrill Lynch 7,241.4 7 5.2 25 9 4.7 0.5 Barclays Capital 3,582.5 7 4.7 9 10 4.6 0.1
Barclays Capital 6,138.6 8 4.4 22 8 5.5 -1.1 Morgan Stanley 3,516.5 8 4.7 6 8 6.4 -1.7
HSBC Holdings PLC 5,828.2 9 4.2 28 12 2.7 1.5 HSBC Holdings PLC 2,796.2 9 3.7 13 12 3.0 0.7
Morgan Stanley 5,536.4 10 4.0 17 6 7.7 -3.7 Dresdner Kleinwort 2,498.8 10 3.3 10 7 6.9 -3.6
Top Ten Total 107,938.9 - 77.5 366 87,295.8 78.5 -1.0 Top Ten Total 54,858.4 - 72.8 187 38,688.6 76.5 -3.7
Industry Total 139,693.0 - 100.0 308 111,424.8 100.0 - Industry Total 75,501.5 - 100.0 157 50,651.9 100.0 -

Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market Bonds (L4)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
ABN AMRO 11,107.6 1 23.8 9 10 3.7 20.1 Deutsche Bank AG 4,078.8 1 23.3 15 2 16.9 6.4
Citi 6,733.5 2 14.4 24 2 11.2 3.2 Citi 3,109.3 2 17.7 16 3 13.7 4.0
Merrill Lynch 4,411.9 3 9.5 15 9 4.6 4.9 UBS 1,680.6 3 9.6 4 1 17.8 -8.2
Credit Suisse 3,851.5 4 8.3 17 6 9.7 -1.4 Merrill Lynch 1,498.3 4 8.6 3 7 5.0 3.6
Deutsche Bank AG 3,837.6 5 8.2 17 5 10.1 -1.9 Barclays Capital 1,306.1 5 7.5 9 5 8.9 -1.4
JP Morgan 3,464.3 6 7.4 10 3 10.9 -3.5 HSBC Holdings PLC 1,127.9 6 6.4 7 14 0.7 5.7
Morgan Stanley 2,019.9 7 4.3 11 1 11.5 -7.2 JP Morgan 701.0 7 4.0 5 4 9.5 -5.5
HSBC Holdings PLC 1,904.1 8 4.1 8 11 3.1 1.0 BNP Paribas SA 698.7 8 4.0 5 18* 0.4 3.6
UBS 1,790.9 9 3.8 6 4 10.4 -6.6 Goldman Sachs & Co 666.1 9 3.8 1 9 3.5 0.3
Barclays Capital 1,250.1 10 2.7 4 8 5.0 -2.3 Lehman Brothers 403.0 10 2.3 4 8 3.9 -1.6
Top Ten Total 40,371.4 - 86.5 121 33,956.1 80.2 6.3 Top Ten Total 15,269.8 - 87.2 69 15,001.9 80.3 6.9
Industry Total 46,667.2 - 100.0 106 42,326.8 100.0 - Industry Total 17,524.3 - 100.0 45 18,696.0 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Asia Debt
Asian Securitized Bond Market Volume Lowest in Four Years l Asian Currency denominated Bond Volume Posts Record High

Asian Securitized Bond Market Volume Lowest in Four Years Asian G3 & Local Currency Securitization
Volume in the Asian securitized bond market, including all Asian G3 and local currencies, declined 35.6% with (ex-Japan, ex-Australia) by Proceeds (US$m)*
only 76 issues launched in 2007 totaling US$8.5 billion. The 2007 volume represented the lowest volume in January 1 - December 31
four years, with all the issuance coming from the Financial sector. Deals denominated in US dollars $16,000 120
represented 30.4% of the market. Proceeds (US$m)
$14,000 No. Deals
100
$12,000

Asian Currency Denominated Bond Volume Posts Record 80

Proceeds (US$m)
$10,000

# of Issues
Unscathed by the US sub-prime crisis, Asian currency denominated issuance reached a record volume of
$8,000 60
US$141.7 billion from 1,854 transactions. Firms from the Financial sector were the main issuers of the Asian
bond market capturing 55.1% of all issuance. The Hong Kong Dollar was the most used currency for bond $6,000
40
issuance in the region with 697 issues. Meanwhile, Chinese firms were the most active issuers of Asian
$4,000
currency bonds, representing 34% of total regional activity. South Korean firms were second most active,
20
raising US$19.6 billion in bond proceeds from 237 issues. $2,000

$0 0
2003 2004 2005 2006 2007

Asian (ex-Japan, ex-Australia) Bonds by Currency * excludes Collateralized Debt Obligations

Philippine Peso Asian (ex-Japan, ex-Australia) G3 Currency

Indonesian Rupiah
January 1, 2006 - December 31, 2006 Volume by Nation*
January 1, 2007 - December 31, 2007
Taiwanese Dollar

Thai Baht Pakistan January 1, 2006 - December 31, 2006

Thailand January 1, 2007 - December 31, 2007

Singapore Dollar
Malaysia
Malaysian Ringgit
China

Korean Won Philippines

Singapore
Indian Rupee
Indonesia
Hong Kong Dollar Hong Kong

Chinese Yuan India

South Korea
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000
$0 $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $17,500 $20,000
Proceeds (US$m)
Proceeds (US$ m)

* excludes Collateralized Debt Obligations

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Asia Debt

Asian G3 Currency Volume Posts Mild Increase Asian G3 Currency Bonds (ex-Japan ex-Australia) (AR2)
Volume of Asian G3 currency issuance (US$, Euro, Yen) grew 5.2% totaling US$48.1 billion
1/1/2007-12/31/2007 1/1/2006-12/31/2006
from 131 issues. The previous year, total proceeds of US$45.7 billion was recorded from
Proceeds Mkt. No. Mkt. Chg. in
148 issues. South Korean companies were the most active issuers of G3 currency bonds in Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
2007 with US$19.1 billion in proceeds. Indian issuers were second most active with Deutsche Bank AG 6,233.6 1 13.0 26 2 10.7 2.3
US$8.3 billion, while Hong Kong companies contributed US$4.2 billion. Citi 5,738.1 2 11.9 35 1 11.1 0.8
UBS 4,149.3 3 8.6 21 3 10.4 -1.8
Merrill Lynch 3,680.2 4 7.7 15 10 4.9 2.8
JP Morgan 3,231.6 5 6.7 18 9 5.8 0.9
HSBC Holdings PLC 2,712.4 6 5.6 19 5 8.3 -2.7
ICICI Bank Largest G3 Bond Deal Standard Chartered PLC 2,222.1 7 4.6 6 8 6.0 -1.4
India's ICICI Bank priced the largest Asian G3 (ex-Japan, ex-Australia) deal in 2007 with BNP Paribas SA 2,052.0 8 4.3 15 14 1.6 2.7
Barclays Capital 1,958.5 9 4.1 15 6 7.2 -3.1
approximately US$2 billion in proceeds. The deal, priced in September 2007, was jointly
Morgan Stanley 1,669.4 10 3.5 7 4 10.0 -6.5
managed by Merrill Lynch, Deutsche Bank and Goldman Sachs. Top Ten Total 33,647.2 - 70.0 177 34,661.6 76.0 -6.0
Industry Total 48,058.8 - 100.0 131 45,702.8 100.0 -

All Asian Securitized Bonds (ex-Japan ex-Australia) (AZ2) All Asian Currencies including CDs, CPs (ex-Japan ex-Australia) (AS1)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Standard Chartered PLC 2,425.5 1 28.5 23 1 20.5 8.0 Standard Chartered PLC 13,071.3 1 9.2 328 2 8.5 0.7
Standard Bank Group Ltd 823.0 2 9.7 2 - - - HSBC Holdings PLC 12,636.7 2 8.9 276 1 11.2 -2.3
CIMB Investment Bank Bhd 659.0 3 7.7 3 - - - CITIC 11,329.9 3 8.0 19 4 4.3 3.7
Yes Bank Ltd 617.5 4 7.3 24 - - - Citi 8,364.0 4 5.9 192 3 7.2 -1.3
BNP Paribas SA 567.1 5 6.7 2 - - - Bank of China 6,098.9 5 4.3 20 8 3.1 1.2
China International Capital Co 545.1 6 6.4 1 2 10.6 -4.2 CIMB Investment Bank Bhd 4,347.9 6 3.1 42 10 2.3 0.8
HSBC Holdings PLC 505.2 7 5.9 4 5 6.8 -0.9 Industrial & Comm Bank China 3,897.4 7 2.8 11 53 0.4 2.4
AmInvestment Bank Group 360.2 8 4.2 2 - - - Deutsche Bank AG 3,513.5 8 2.5 77 15 1.7 0.8
Citi 310.9 9 3.7 8 4 7.7 -4.0 China Development Bank 3,386.3 9 2.4 11 - - -
ING 300.0 10 3.5 1 - - - Woori Invest & Sec Co Ltd 3,096.2 10 2.2 34 18 1.3 0.9
Top Ten Total 7,113.5 - 83.6 70 6,019.3 25.1 58.5 Top Ten Total 69,742.1 - 49.3 1,010 42,931.1 40.0 9.3
Industry Total 8,516.2 - 100.0 76 13,222.6 100.0 - Industry Total 141,682.0 - 100.0 1,854 107,258.1 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Australia Debt
All Australian Debt Volume Falls by 40% l Financial Sector Drives AU$ Bond Market

All Australian Debt (ex Self-Funded) by Industry

All Australian Debt Volume Falls by 40%
Australian debt issuance, excluding self-funded transactions, plummeted 39.9% from the same
period last year. A total of AU$65.7 billion was raised from 143 issues. This time last year,
volume reached AU$109.3 billion from 243 issues. Volume dropped 72.5% in the second of Financials
half of 2007 compared to the first half. This represented the lowest second half volume in five
years. Government and Agencies

Financial Sector Drives AU$ Bond Market Industrials

Issuers in the Financials sector remained the most active in the Australian dollar bond market,
raising AU$54.2 billion in proceeds from 101 issues, and capturing 82.6% of the market. Issuers Real Estate

in the Government and Agencies sector followed suit with AU$6.9 billion worth of proceeds
Consumer Products and
from 31 issues. Issuers in the Industrials sector were third most active, supplying the region with Services
just above AU$3 billion worth of domestic offerings from four issues. Notable deals in the
Media and Entertainment
respective sectors included the Series 2007 - 1G WST Trust US$5.8 billion deal where Westpac
was sole bookrunner, the European Investment Bank's US$411 million deal, and the Reliance
Rail Finance's US$1.5 billion deal.

Australian Domestic Securitizations by Proceeds (AU$)

January 1 - December 31 Australian International Bonds by Currency
Proceeds (AU$)
$30,000 40 January 1, 2006 - December 31, 2006
No. Deals Canadian Dollar
January 1, 2007 - December 31, 2007
$25,000 Swiss Franc
35
Japanese Yen
Proceeds (AU$m)

$20,000
# of Issues

Hong Kong Dollar

$15,000 30
British Pound
$10,000
25 Australian Dollar
$5,000
U.S. Dollar

$0 20
EURO
2003 2004 2005 2006 2007

$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000

Proceeds (US$m)

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Australia Debt

US vs Australian Securitizations
All Australian Debt (ex self-funded) (AJ3a)
$2,500 $25
1/1/2007-12/31/2007 1/1/2006-12/31/2006
Proceeds Mkt. No. Mkt. Chg. in
$2,000 $20 Bookrunner AU$m Rank Share Deals Rank Share Mkt. Share
Westpac Banking 9,116.2 1 13.9 30 1 13.2 0.7
Proceeds (US$b)

Proceeds (US$b)
$1,500 $15 Commonwealth Bank of Australia 7,988.6 2 12.2 24 4 7.8 4.4
Deutsche Bank AG 6,524.4 3 9.9 15 3 10.1 -0.2
Macquarie Bank 5,195.7 4 7.9 16 6 6.5 1.4
$1,000 $10 National Australia Bank 4,792.8 5 7.3 16 2 12.4 -5.1
ANZ Banking Group 4,584.0 6 7.0 18 5 7.0 0.0
$500 $5 ABN AMRO 4,092.1 7 6.2 11 7 6.5 -0.3
Citi 3,759.4 8 5.7 9 10 4.1 1.6
RBC Capital Markets 3,565.2 9 5.4 16 8 5.8 -0.4
$0 $0
Societe Generale 2,641.5 10 4.0 7 11 3.3 0.7
2002 2003 2004 2005 2006 2007
Top Ten Total 52,259.9 - 79.5 162 83,856.1 76.7 2.8
Proceeds US Securitizations (US$b) Proceeds AU Securitizations (US$b) Industry Total 65,651.9 - 100.0 143 109,321.3 100.0 -
* excludes Collateralized Debt Obligations

All Australian International Bonds Australian Domestic Securitisations (AJ5)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner AU$m Rank Share Deals Rank Share Mkt. Share
Deutsche Bank AG 9,605.5 1 12.9 29 1 15.3 -2.4 Macquarie Bank 4,433.7 1 24.1 12 3 13.8 10.3
HSBC Holdings PLC 9,385.8 2 12.6 50 6 9.2 3.4 Westpac Banking 2,324.8 2 12.7 9 1 16.0 -3.3
Barclays Capital 6,855.1 3 9.2 17 5 9.4 -0.2 Deutsche Bank AG 1,960.1 3 10.7 7 4 13.0 -2.3
Credit Suisse 6,265.9 4 8.4 10 4 9.5 -1.1 Societe Generale 1,714.3 4 9.3 5 6 6.1 3.2
UBS 5,241.0 5 7.1 18 9 3.4 3.7 Commonwealth Bank of Australia 1,448.4 5 7.9 5 10 3.2 4.7
JP Morgan 4,784.8 6 6.4 24 7 7.0 -0.6 National Australia Bank 1,195.0 6 6.5 5 5 12.5 -6.0
Royal Bank of Scotland Group 4,341.4 7 5.8 23 13 1.9 3.9 ANZ Banking Group 1,140.5 7 6.2 4 13 2.2 4.0
Citi 3,691.0 8 5.0 21 2 11.5 -6.5 Citi 1,000.0 8 5.4 1 7 5.0 0.4
Societe Generale 3,219.7 9 4.3 5 3 9.7 -5.4 Barclays Capital 934.3 9 5.1 5 8 4.3 0.8
ABN AMRO 2,551.5 10 3.4 8 8 3.9 -0.5 Royal Bank of Scotland Group 546.3 10 3.0 2 9 3.3 -0.3
Top Ten Total 55,941.7 - 75.1 205 71,065.9 80.8 -5.7 Top Ten Total 16,697.4 - 90.9 55 24,259.9 79.4 11.5
Industry Total 74,325.8 - 100.0 243 88,022.3 100.0 - Industry Total 18,369.0 - 100.0 42 30,603.6 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Japan Debt
Yen-denominated Bond Offerings Increase by 25.4% l Samurai Bond Issuance On The Rise l Daiwa Securities SMBC # 1 - All Yen Bonds

Yen Bond Offerings Increase by 25.4% Corporate Bond Industry Analysis

Yen-denominated offerings increased by 25.4% to US$211.6 billion in 2007 compared to proceeds
raised last year. Deal count also went up from 760 to 1,066 issues. At the end of third quarter, the Healthcare
January 1, 2006 - December 31, 2006
Japanese corporate bond market recovered following the US sub-prime crisis as issuers chose debt Consumer Products and Services
financing over equity capital raising. Issuers also took advantage of favorable interest rate conditions. January 1, 2007 - December 31, 2007
Telecommunications
As such, the corporate bond market volume in 2007 marked the highest volume in the last five years
with 443 deals worth US$76.8 billion. Overall, the Japanese debt capital markets, except Japanese Consumer Staples
Securitizations, experienced a surge in volume in 2007. High Technology

Materials

Samurai Bond Issuance On The Rise Real Estate

Samurai bond market volume tripled to US$16.9 billion in 2007 compared to volume raised last year. Industrials
Deal count also went up from 20 to 58 issues. The Japanese market recovery was largely due to US
Energy and Power
issuers coming back to the market since the concern of a tax imposition was eradicated last year. A
total of US$7.9 billion worth of proceeds or 46.9% of the Samurai bond market, was raised by nine Financials
US issuers compared to the US$1.7 billion raised by four issuers last year. Commonwealth Bank of
$0 $4,000 $8,000 $12,000 $16,000 $20,000 $24,000 $28,000
Australia tapped the Samurai market for the first time in the fourth quarter of 2007. The Barclays
Proceeds (US$m)
Bank PLC deal was the largest Samurai offering of 2007.

All Bonds in Yen (AP5) All Bonds in Yen (AP5) Imputed Fees

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/30/2007 1/1/2006-12/30/2006

Proceeds Mkt. No. Mkt. Chg. in Imputed Fees Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Daiwa Securities SMBC 34,450.5 1 16.3 201 2 16.4 -0.1 Daiwa Securities SMBC 90.7 1 14.6 435 3 15.0 -0.4
Mizuho Financial Group 30,189.9 2 14.3 212 1 16.6 -2.3 Mizuho Financial Group 82.0 2 13.2 423 1 16.3 -3.1
Nomura 26,600.6 3 12.6 193 5 12.4 0.2 Mitsubishi UFJ Financial Group 75.3 3 12.1 409 2 15.8 -3.7
Mitsubishi UFJ Financial Group 26,207.2 4 12.4 173 3 15.7 -3.3 Nomura 66.3 4 10.7 377 5 10.8 -0.1
NikkoCiti 25,138.3 5 11.9 172 4 14.6 -2.7 NikkoCiti 65.0 5 10.5 366 4 10.8 -0.3
Morgan Stanley 9,348.2 6 4.4 36 7 4.6 -0.2 Morgan Stanley 28.2 6 4.5 119 6 5.7 -1.2
Deutsche Bank AG 7,097.5 7 3.4 45 8 3.2 0.2 Goldman Sachs & Co 22.4 7 3.6 121 7 4.6 -1.0
Goldman Sachs & Co 6,615.5 8 3.1 41 6 4.9 -1.8 Deutsche Bank AG 20.4 8 3.3 85 9 3.1 0.2
Merrill Lynch 4,417.4 9 2.1 22 9 3.0 -0.9 Merrill Lynch 16.7 9 2.7 125 8 3.7 -1.0
UBS 3,945.8 10 1.9 18 13 1.1 0.8 UBS 16.4 10 2.6 62 13 1.5 1.1
Top Ten Total 174,010.9 - 82.4 1,113 155,964.9 92.5 -10.1 Top Ten Total 483.4 - 77.8 2,522 494.1 87.3 -9.5
Industry Total 211,623.1 - 100.0 1,066 168,755.5 100.0 - Industry Total 620.5 - 100.0 1,066 565.4 100.0 -

Source: Thomson Financial/Freeman & Co.

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 THOMSON FINANCIAL
Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Japan Debt

Samurai Bonds (AP1) Japanese Securitizations (AP2)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
NikkoCiti 3,535.9 1 21.0 17 2 16.8 4.2 Daiwa Securities SMBC 7,737.2 1 15.6 18 4 12.7 2.9
Mizuho Financial Group 2,250.9 2 13.4 22 3 13.1 0.3 Mitsubishi UFJ Financial Group 4,689.7 2 9.4 10 1 19.3 -9.9
JP Morgan 1,723.6 3 10.2 9 8 2.7 7.5 Mizuho Financial Group 4,067.0 3 8.2 18 2 15.1 -6.9
Daiwa Securities SMBC 1,705.9 4 10.1 19 1 33.7 -23.6 Nomura 3,428.0 4 6.9 3 5 9.2 -2.3
Deutsche Bank AG 1,606.0 5 9.5 4 - - - Morgan Stanley 3,369.2 5 6.8 5 6 8.3 -1.5
Nomura 1,546.7 6 9.2 15 4 11.3 -2.1 Goldman Sachs & Co 2,757.3 6 5.6 3 7 5.0 0.6
Mitsubishi UFJ Financial Group 1,204.5 7 7.1 10 5 10.5 -3.4 Credit Suisse 2,719.2 7 5.5 4 10 2.6 2.9
Barclays Capital 1,196.9 8 7.1 2 - - - Lehman Brothers 2,601.6 8 5.2 6 11 1.1 4.1
Banc of America Securities LLC 580.5 9 3.4 4 - - - Bear Stearns & Co Inc 2,082.2 9 4.2 3 - - -
Merrill Lynch 444.0 10 2.6 1 - - - Shinsei Bank 1,959.5 10 4.0 5 18 0.3 3.7
Top Ten Total 15,794.9 - 93.6 103 4,802.1 88.1 5.5 Top Ten Total 35,410.9 - 71.4 75 39,996.1 73.6 -2.2
Industry Total 16,866.7 - 100.0 58 5,460.4 100.0 - Industry Total 49,660.2 - 100.0 125 54,327.6 100.0 -

Japanese Corporate Debt (AP3) Bonds Targeted in Japan (AP4)

1/1/2007-12/31/2007 1/1/2006-12/31/2006 1/1/2007-12/31/2007 1/1/2006-12/31/2006

Proceeds Mkt. No. Mkt. Chg. in Proceeds Mkt. No. Mkt. Chg. in
Bookrunner US$m Rank Share Deals Rank Share Mkt. Share Bookrunner US$m Rank Share Deals Rank Share Mkt. Share
Mizuho Financial Group 19,792.1 1 25.8 129 1 25.8 0.0 Daiwa Securities SMBC 31,385.9 1 19.6 180 2 18.4 1.2
Daiwa Securities SMBC 18,339.9 2 23.9 112 2 19.6 4.3 Mizuho Financial Group 28,830.2 2 18.0 204 1 18.8 -0.8
Nomura 13,818.5 3 18.0 110 4 17.4 0.6 Mitsubishi UFJ Financial Group 24,238.1 3 15.1 164 3 18.1 -3.0
Mitsubishi UFJ Financial Group 12,947.0 4 16.9 95 3 17.8 -0.9 Nomura 23,918.4 4 14.9 178 4 13.4 1.5
NikkoCiti 5,031.3 5 6.6 39 5 9.9 -3.3 NikkoCiti 13,182.5 5 8.2 96 5 13.3 -5.1
Shinko Securities Co Ltd 1,079.6 6 1.4 12 7 2.1 -0.7 Goldman Sachs & Co 6,615.5 6 4.1 41 6 5.6 -1.5
UBS 1,072.0 7 1.4 5 12 0.4 1.0 Deutsche Bank AG 3,345.6 7 2.1 15 10 1.1 1.0
Credit Suisse 1,063.9 8 1.4 9 11 0.5 0.9 Morgan Stanley 3,139.3 8 2.0 13 7 4.1 -2.1
Goldman Sachs & Co 970.6 9 1.3 10 6 3.1 -1.8 Credit Suisse 2,659.3 9 1.7 13 11 1.0 0.7
Merrill Lynch 961.0 10 1.3 11 8 1.3 0.0 UBS 2,622.7 10 1.6 12 17 0.2 1.4
Top Ten Total 75,075.9 - 98.0 532 53,872.5 97.9 0.1 Top Ten Total 139,937.5 - 87.3 916 126,792.4 94.0 -6.7
Industry Total 76,840.4 - 100.0 443 55,020.2 100.0 - Industry Total 160,056.6 - 100.0 742 134,995.9 100.0 -

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

Ranking Criteria Summary

Database coverage includes all US public, Euro public and Rule 144a fee eligible global debt transactions (including Global bonds,
If you would like to participate in the Euro/144a transactions, Yankee Bonds, Eurobonds, Foreign Bonds and preferred stock) as well as MBS, ABS & Tax Munis.
submission process, receive quarterly
press releases, or have questions about
our full league table criteria please Transactions must be received within 5 business days of pricing. (Rule 144a transactions sold exclusively in the US market, MBS, ABS
contact: 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
United States in league tables for the current calendar year.
Salvatore Reres
Tel: +1 646 822 7312 All league tables are based on deal proceeds (total issue amount multiplied by the issue price) unless otherwise stated.
E-mail: salvatore.reres@thomson.com
Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent
Europe
firm.
Leon Saunders Calvert
Tel: +44 207 068 3008
E-mail: leon.saunderscalvert@thomson.com Long term league tables exclude deals with a minimum life of less than 1.5 years (or 18 months), except for Asian local currency
denominated bonds and all securitized tranches, which require a minimum life of more than 360 days. Minimum life defined as the
Asia-Pacific
Michelle Abuzo difference between the settlement date and the earliest maturity date or first call/put option.
Tel: +632 858 7201
E-mail: michelle.abuzo@thomson.com US marketplace league tables include US dollar denominated domestic, Yankee, Global and Euro/144a bond and preferred stock
transactions. Global bond league tables include domestic, foreign, Global, Euromarket and Euro/144a bond and preferred stock
Japan
Tomomi Terahara transactions issued in any currency.
Tel: +813 5218 6582
E-mail: tomomi.terahara@thomson.com Imputed fees are calculated using Freeman & Co. 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 Freeman & Co. allocation
methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

All current data and previous year's data is as of 9:00am EST on December 31, 2007.

Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

The content contained within does not constitute a recommendation or solicitation to buy or sell securities of any kind, and Thomson Financial has not
undertaken any liability or obligation relating to the purchase or sale of any securities for or by any person. The information presented in this report is
believed to have come from reliable and accurate sources. However, Thomson Financial is not responsible for any errors or omissions.

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Fourth Quarter 2007 | Debt Capital Markets | Managing Underwriters

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