Here’s how we crunched the numbers

Financings must have been completed by Dec. 31, 2016. ❚ The gross proceeds of a deal, including exercise of the greenshoe option, are included; discount notes are valued by gross proceeds. ❚ Financings in foreign currencies have been converted to C$ s using the exchange rate on the day of pricing. ❚ Financings by all units of a firm are rolled into the parent’s numbers. ❚ Equity or debt issued for which no underwriting fees have been paid are excluded. ❚ Underwriters are included as follows: for domestic & U. S. corporate deals the underwriting syndicate ( excludes banking group); for government debt deals: the management group; for Euro & Global debt deals: the bookrunners. ❚ For Canada Housing Trust deals, all lead underwriters are given exclusive and equal credit. ❚ Equity includes the following: private placements with a $ 1.5- million minimum; special warrants, irrespective of whether the issuer has received the total proceeds; preferred shares, preferred hybrids (e.g. COPrS); and convertible debt and debt to be settled by equity. Rights offerings and other derivatives are excluded. ❚ Corporate debt includes the following: a minimum 1.5- year term, unless part of a tranche offering; medium- term notes; assetand mortgage- backed securities, deposit notes and private placements, all with a $ 50- million minimum unless part of a tranche offering. Includes universities and school boards since the debt is not guaranteed by government. Bank- issued debt ( primarily deposit notes and ABS/ MBS deals) which are self- funded are excluded .( Deals are considered self-funded and are not eligible for league table credit if: ( i) the deal has a single dealer; and ( ii) the issuer and the dealer share the same ultimate parent.) Equity- linked debt and issues from “continuous issuance programs with posted rates” are excluded. Debt issued by wholly owned, foreign incorporated subsidiaries are not eligible. Debt issued pursuant to a government sponsored program, such as the Canadian Secured Lending Facility, are excluded. ❚ Government debt includes the following: a minimum 1.5- year term; and domestic and Euro medium term notes. Equity- linked debt and issues from “continuous issuance programs” have not been included. Munici- pal debt with a $ 20- million minimum are included. ❚ I POs i nclude only t he common equity portion of split share deals; junior capital pools ( JCPs) have not been included.

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