Reuters/Eduardo Munoz

GLOBAL INVESTMENT BANKING REVIEW FIRST NINE MONTHS 2013

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW

Global IB Fees Up 3%; Slowest Quarter for IB Fees since 2009 | JP Morgan Takes Top Spot | Fees from ECM Up 20%; M&A Fees Down 16%

Global Investment Banking Fees Total US$56.8 billion, up 3% from 2012; Slowest Quarter for IB Fees since Q1' 2009

JP Morgan Takes Top Spot for Global Investment Banking Fees; Top Five Banks Pick Up 3.2 WalletShare Points

Financials, Energy & Power and Industrials Account for 54% of Global Investment Banking Fee Pool

Debt Capital Markets Fees Account for 31% of Global Fees; M&A Fees Fall 16%; Equity Capital Markets Fees up 20%

Financial Sponsor-related up 7% from 2012; Blackstone Group Tops Financial Sponsor Rankings

Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$56.8 billion during the first nine months of 2013, a 3% increase over last year at this time. Third quarter investment banking fees totaled US$15.7 billion, a decline of 24% compared to the second quarter of 2013 and the slowest quarter for fees since the first quarter of 2009 (US$12.0 billion). Fees in the Americas totaled US$32.5 billion, a 7% increase from 2012 while fees in Europe increased 2% and Asia Pacific fees declined 8% Fees in Japan increased 4% compared to a year ago, while fees in Africa/Middle East climbed 9% compared to 2012 levels. JP Morgan topped the global investment banking league table for the first nine months of 2013 with US$4.4 billion in fees, or 7.8% of overall wallet-share. Bank of America Merrill Lynch booked US$4.0 billion in investment banking fees during the first nine months of 2013 for second place and an increase of 1.0 wallet-share point. The composition of the top five investment banks, all domiciled in the United States, was unchanged from the first nine months of 2012. Collectively, the top five investment banks picked up 3.2 wallet-share points compared to last year at this time. Investment banking activity in the financials, energy & power and industrials sectors accounted for 54% of the global fee pool during the first nine months of 2013. JP Morgan topped the fee rankings in eight sectors during the first nine months, with double-digit wallet-share in the healthcare and media & entertainment sectors. Bank of America Merrill Lynch registered an industry-leading position in three industry categories, including 10.3% wallet-share in the retail sector. Fees from deal making in the telecom, real estate and media & entertainment sectors saw strong double-digit percentage gains compared to the first nine months of 2012. Fees from debt capital markets underwriting totaled US$17.5 billion, up 1% compared to last year's tally and accounted for 31% of overall IB fees during the first nine months. M&A advisory fees totaled US$12.6 billion during the first nine months of 2013, a decrease of 16% over the same period last year, and accounted for 22% of the global fee pool. Equity capital markets underwriting fees totaled US$13.7 billion during the first nine months of 2013, registering a 20% increase from a year ago, while fees from syndicated loans increased 16% compared to the first half of 2012. Investment banking fees generated by financial sponsors and their portfolio companies reached $7.6 billion during the first nine months of 2013, an increase of 7% compared to the first nine monts of 2012. Fees generated from leveraged buyouts accounted for 29% of financial sponsor-related fees during the first nine months, while M&A exits accounted for 19% and IPO exits comprised 11% of overall fees. Blackstone Group and related entities generated $375 million in investment banking fees this year, more than double levels seen during first nine months of 2012, while Goldman Sachs collected an industry-leading 8.6% of financial sponsor-related fees this year.

MEDIA CONTACT:

CRITERIA SUMMARY:

Americas

Lauren Herman

[email protected]

Europe

Clare Arber

[email protected]

Asia-Pacific Thomas Lau

[email protected]

Japan

[email protected]

Yukiko Matsushima

All data is as of 9:00am EST on October 1, 2013 and sourced via Deals Business Intelligence Volumes based on Thomson Reuters' industry-leading Deals content (M&A, Equity, Bonds and Loans) and Freeman Consulting's algorithm for imputing investment banking fees Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans

Thomson Reuters Deals Intelligence, a part of Thomson Reuters' Investment Banking division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.

Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent

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Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking Fee Trend (US$b) 21.6% CAGR 2005-2007

Global IB Fees by Region: First Nine Months 2013 (US$m) Global $ 56,831.5 fees 3.3% ▲

2.5% CAGR 2008-2013 Ann

$103.9 $88.9 $79.1 $70.2

$78.3

$77.1

$77.1

$76.3

EMEA $ 14,383.2 fees 1.9% ▲

$70.6

$67.5

$61.9

$60.0 $53.9

$54.9

$53.6

$48.9

Americas $ 32,500.9 fees 6.7% ▲

$56.8

$47.1

$ $

Japan 3,277.0 fees 3.7% ▲

Asia-Pacific 6,670.4 fees -8.2% ▼

YTD 2005

2006

YOY % Δ 26.6%

2007

2008

2009

2010

2011

2012

2013 Ann

16.9%

-35.1%

4.6%

12.0%

-2.5%

-0.1%

-1.1%

Global Investment Banking Fees by Product (US$b)

Global Quarterly Investment Banking Fees by Region (US$b)

45%

$35

40%

$30

35% 30%

28%

30%

29%

25%

27% 23%

20% 15%

17%

15%

15%

27%

21% 17% 12%

10%

24% 21%

21%

$25

31%

Q3 '13 vs. Q2 '13: Global (-23.6%) Japan (+12.3%) Asia-Pacific (-21.8%) EMEA (-30.9%) Americas (-23.5%)

$20

23%

$15

15%

$10 $5

5%

$0

0%

2005

2006

2007

Bonds

2008

Equity

2009

2010

Loans

2011

2012

1234123412341234123412341234123412341234123

2013 YTD

2003

M&A -3-

2004

2005

2006

2007

2008

2009

2010

2011

2012

'13

Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global IB Fees by Nation: First Nine Months 2013 Fees (US$) / Year-over-Year Change (%)

Region North America South America Caribbean Central America Americas

Americas Fees ($m) $ 30,708 747 606 439 $ 32,501

YOY ∆ 6.5% ▲ -23.2% ▼ 71.2% ▲ 55.0% ▲ 6.7% ▲

Region France & Benelux UK & Ireland Germania Southern Europe Nordic

Europe, Middle East & Africa Fees ($m) Region YOY ∆ $ 3,735 15.3% ▲ Iberia 3,538 9.5% ▲ CIS 2,264 -15.4% ▼ Middle East 1,345 2.2% ▲ Africa 1,128 -11.0% ▼ CEE EMEA

Asia-Pacific & Japan Region Fees ($m) YOY ∆ North Asia $ 3,757 -2.5% ▼ Japan 3,277 3.7% ▲ Australasia 1,388 -22.9% ▼ Southeast Asia 1,110 -7.0% ▼ South Asia 416 -0.3% ▼ AsPac & Japan $ 9,947 -4.6% ▼

Fees ($m) YOY ∆ 703 -26.2% ▼ 633 37.0% ▲ 618 19.6% ▲ 242 -9.5% ▼ 178 -2.8% ▼ $ 14,383 1.9% ▲

Finland: $155m / -41.5% Sweden: $506m / -3.6% Norway: $310m / 0.4% Denmark: $154m / 3.6% Russia $559m / 36.6%

Neth: $1.04b / 23.2% UK: $3.09b / 5.4%

Canada $3.08b / -10.2%

United States $27.63b / 8.7%

Germany: $1.49b / -8.4% Lux: $657m / 44.5% France: $1.77b / 7.7% Spain: $612m / -26.2% Switzerland: $636m / -30.2% Italy: $771m / -19.6%

S. Korea: $427m / -16.3%

Japan: $3.28b / 3.7%

China $2.55b / -5.2%

Mexico $418m / 53.6%

Hong Kong: $625m / 29.9%

India $411m / 2.0%

Singapore: $373m / 24.3% Malaysia: $289m / -35.4%

Global IB Fees

Brazil $519m / -23.3%

2013 YTD

Australia $1.30b / -20.2%

$56.8b 3.3% YOY % ∆

South Africa $123m / -30.8%

-50%

-20%

-10%

-4-

-5%

0%

+5%

+10%

+20%

+50%

Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking: Top Banks - First Nine Months 2013 (US$m) Rank 2013 YOY ∆ -= 1 2 -= -= 3 4 -= -= 5 6 1▲ 1▲ 7 8 -2 ▼ 9 1▲ 10 -1 ▼ -= 11 -= 12 13 1▲ 14 2▲ 15 -= -3 ▼ 16 17 2▲ 18 -1 ▼ 19 -1 ▼ 20 1▲ 21 3▲ 22 4▲ 23 -3 ▼ 24 1▲ 25 -2 ▼

Bank Name JP Morgan Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley Citi Deutsche Bank Barclays Credit Suisse Wells Fargo & Co UBS RBC Capital Markets HSBC Holdings PLC BNP Paribas SA Nomura Mizuho Financial Group RBS Jefferies LLC Sumitomo Mitsui Finl Grp Inc Mitsubishi UFJ Financial Group BMO Capital Markets Scotiabank Credit Agricole CIB Lazard Societe Generale Rothschild Global Total

Fees (US$m) 2013 YOY ∆ 9.5% ▲ $ 4,428 4,046 19.3% ▲ 3,470 16.6% ▲ 3,245 14.9% ▲ 2,977 13.6% ▲ 7.2% ▲ 2,541 7.8% ▲ 2,515 2,412 -3.5% ▼ 1,637 17.1% ▲ 1,545 -6.4% ▼ 5.0% ▲ 1,445 1,016 -4.4% ▼ 949 10.4% ▲ 939 24.7% ▲ 776 -9.5% ▼ 739 -15.5% ▼ 734 16.9% ▲ 4.5% ▲ 686 625 -2.4% ▼ 559 -4.2% ▼ 7.6% ▲ 440 439 10.4% ▲ 435 -29.3% ▼ 7.8% ▲ 432 419 -6.3% ▼ $ 56,831 3.3% ▲

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Share 2013 YOY ∆ 7.8% 0.4 ▲ 7.1% 1.0 ▲ 6.1% 0.7 ▲ 5.7% 0.6 ▲ 5.2% 0.5 ▲ 4.5% 0.2 ▲ 4.4% 0.2 ▲ 4.2% -0.3 ▼ 2.9% 0.3 ▲ 2.7% -0.3 ▼ 2.5% 0.0 ▲ 1.8% -0.1 ▼ 1.7% 0.1 ▲ 1.7% 0.3 ▲ 1.4% -0.2 ▼ 1.3% -0.3 ▼ 1.3% 0.1 ▲ 1.2% 0.0 ▲ 1.1% -0.1 ▼ 1.0% -0.1 ▼ 0.8% 0.0 ▲ 0.8% 0.0 ▲ 0.8% -0.4 ▼ 0.8% 0.0 ▲ 0.7% -0.1 ▼

Product Mix - First Nine Months 2013 Bonds Equity M&A Loans

Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking: Top Banks by Product/Region/Sector - First Nine Months 2013 (US$m)

Global IB

2013 YTD $ 56,831.5

2012 YTD $ 54,989.9

YOY Δ 3.3% ▲

Top 5 32.0%

Bank #1 JPM (7.8%)

Bank #2 BOAML (7.1%)

By Region

Americas Europe Asia-Pacific Japan MEA

$ 32,500.9 13,489.1 6,670.4 3,277.0 894.1

$ 30,456.1 13,290.4 7,264.0 3,159.2 820.3

6.7% 1.5% -8.2% 3.7% 9.0%

▲ ▲ ▼ ▲ ▲

38.9% 27.6% 20.7% 67.6% 25.2%

BOAML (9.9%) JPM (7.2%) GS (5.0%)

JPM (9.4%) GS (6.1%) UBS (4.6%)

GS (6.6%) CITI (6.5%) MS (6.5%) DB (5.6%) BOAML (4.4%) MS (4.2%) HSBC (3.9%) JPM (3.9%) CITI (3.3%) NOMURA (18.9%) MIZUHO (15.8%) SMFG (13.8%) MS (10.8%) DAIWA (8.4%) CITI (6.3%) DB (5.2%) HSBC (4.9%) BARC (4.6%) GS (4.2%)

By Product

Top 5 Banks by Fees & Share - First Nine Months 2013

Bonds Equity Follow-On IPO Convertible Loans M&A

$ 17,491.9 13,719.6 8,160.7 4,328.8 1,230.1 13,061.8 12,558.3

$ 17,312.4 11,453.8 7,089.6 3,492.7 871.5 11,252.5 14,971.3

1.0% 19.8% 15.1% 23.9% 41.1% 16.1% -16.1%

▲ ▲ ▲ ▲ ▲ ▲ ▼

34.3% 35.3% 32.5% 39.0% 42.2% 29.8% 31.1%

JPM (8.7%) BOAML (7.7%) MS (7.9%) JPM (7.9%) JPM (7.6%) GS (7.2%) MS (10.5%) BOAML (7.6%) JPM (11.7%) GS (9.1%) BOAML (8.4%) JPM (8.1%) GS (8.3%) MS (6.5%)

By Sector

IB Fees (US$m)

Financials Energy & Power Industrials Real Estate Materials Healthcare High Tech Consumer Staples Telecom Media & Ent Consumer Products Govt & Agencies Retail

$ 18,113.0 6,851.2 5,461.5 3,990.3 3,532.3 2,809.0 2,801.6 2,623.4 2,551.0 2,339.6 2,211.2 2,079.5 1,467.7

$ 17,633.7 7,787.5 5,449.0 2,914.0 4,036.6 2,980.5 2,946.7 1,980.7 1,663.4 1,738.8 1,817.1 2,559.4 1,482.7

2.7% -12.0% 0.2% 36.9% -12.5% -5.8% -4.9% 32.4% 53.4% 34.5% 21.7% -18.7% -1.0%

▲ ▼ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼

34.3% 29.1% 27.5% 31.7% 28.6% 43.7% 38.4% 32.4% 38.1% 38.7% 31.1% 26.0% 35.7%

JPM (7.7%) JPM (6.5%) JPM (6.4%) BOAML (9.0%) JPM (6.8%) JPM (12.2%) GS (9.7%) JPM (9.1%) JPM (10.0%) JPM (11.5%) BOAML (9.0%) DB (6.3%) BOAML (10.3%)

GS (7.4%) CITI (6.4%) CITI (5.7%) JPM (6.8%) BOAML (6.4%) GS (9.6%) JPM (9.1%) BOAML (8.4%) BOAML (7.5%) BOAML (8.7%) JPM (8.1%) MS (5.6%) GS (8.8%)

Bank #3 GS (6.1%)

CITI (6.3%) GS (7.3%) MS (6.6%) JPM (7.3%) MS (8.0%) DB (4.7%) JPM (6.2%) BOAML (7.1%) BOAML (6.1%) BOAML (5.6%) MS (6.5%) CITI (5.6%) BOAML (8.2%) BOAML (7.0%) BARC (6.4%) GS (7.5%) DB (6.9%) DB (5.0%) HSBC (4.8%) JPM (6.8%)

Bank #4 MS (5.7%)

DB (5.9%) BOAML (6.7%) BOAML (6.2%) CITI (6.9%) BOAML (7.2%) BARC (4.5%) BOAML (5.5%)

Bank #5 CITI (5.2%)

MS (5.8%) CITI (5.6%) CITI (4.9%) GS (6.8%) BARC (6.2%) CS (4.1%) CITI (4.6%)

MS (6.4%) CITI (5.8%) RBC (5.2%) BARC (4.9%) MS (4.9%) GS (4.9%) NOMURA (4.5%) WF (4.9%) MS (5.0%) DB (4.8%) MS (7.7%) BARC (6.0%) MS (7.0%) CS (5.6%) MS (4.7%) CS (3.8%) MS (6.6%) DB (6.5%) MS (6.0%) GS (5.6%) GS (4.7%) MS (4.3%) JPM (4.8%) GS (4.6%) BARC (5.5%) CS (4.2%)

*IB fees based on the period from January 01 through September 30

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Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees - All Products (US$m) Company Name Avg Ann'l 2011 2012 2013* GE $ 292 $ 300 $ 282 $ 222 Porsche Automobil Holding SE 181 232 179 85 UniCredit SpA 154 67 324 33 Rabobank 150 202 133 79 Goldman Sachs Group Inc 150 113 183 116 ING Groep NV 147 86 160 159 Commerzbank AG 146 302 2 97 SoftBank Corp 145 95 59 244 JPMorgan Chase & Co 143 118 131 144 Health Care REIT Inc 142 130 187 75 Verizon Communications Inc 135 64 35 272 Glencore International Plc 135 234 80 56 Chesapeake Energy Corp 124 107 184 49 CNPC 123 53 203 82 HJ Heinz Co 120 13 5 313 Brookfield Asset Management 120 124 119 87 Credit Suisse Group AG 115 74 170 73 Resona Holdings Inc 115 302 13 0 Rank Group Ltd 114 163 147 3 Banco Santander SA 113 116 152 42 Hercules Holdings II LLC 113 241 63 6 Toyota Motor Corp 112 93 128 87 AIG 111 148 118 39 Pfizer Inc 111 82 58 165 GDF Suez SA 109 129 126 45 Top 25 Fee Payers 3,421 3,589 3,239 2,574 60,900 45,701 All Others 61,139 61,404 Global Total $ 64,560 $ 64,993 $ 64,139 $ 48,275

IB Fees By Product (2011-2013*) Bonds

Equity

Loans

M&A

Top 3 Banks & Share (2011-2013*) Top 3 Bank #1 Bank #2 Bank #3 35.6% JPM (13.1%) BOAML (11.4%) CITI (11.0%) 31.8% CS (11.9%) DB (11.6%) JPM (8.3%) 30.6% BOAML (15.9%) DB (8.5%) MEDIO (6.2%) 31.5% CS (11.1%) BOAML (10.9%) MS (9.5%) 23.9% CITI (9.2%) BARC (7.5%) DB (7.1%) 34.8% JPM (13.3%) GS (11.3%) CITI (10.2%) 34.8% DB (12.8%) CITI (11.2%) HSBC (10.8%) 51.7% MIZUHO (28.7%) NOMURA (12.3%) DB (10.7%) 25.2% BOAML (11.2%) CS (7.4%) WF (6.5%) 45.7% BOAML (20.1%) UBS (16.1%) JPM (9.5%) 40.8% BOAML (14.0%) JPM (14.0%) BARC (12.8%) 42.4% CITI (16.4%) MS (16.3%) CS (9.8%) 65.6% JEFF (29.9%) GS (28.3%) MS (7.4%) 27.4% ICBC (10.4%) CITIC (9.4%) CICC (7.6%) 42.1% JPM (15.5%) WF (13.9%) BARC (12.7%) 38.6% CIBC (19.5%) SCOTIA (9.9%) RBC (9.2%) 34.4% CITI (16.1%) BARC (10.6%) GS (7.7%) 72.8% NOMURA (29.3%) BOAML (28.7%) DAIWA (14.8%) 90.3% CS (64.0%) HSBC (22.7%) NOMURA (3.6%) 38.2% BOAML (15.6%) UBS (11.8%) JPM (10.8%) 42.3% CITI (14.5%) JPM (13.9%) BOAML (13.9%) 41.4% DAIWA (18.0%) SMFG (15.8%) NOMURA (7.6%) 43.4% GS (20.6%) DB (11.8%) CITI (11.0%) 50.9% MS (20.6%) JPM (19.3%) BOAML (11.0%) 28.0% ROTH (10.6%) NOMURA (9.2%) MS (8.2%) 23.3% BOAML (9.2%) JPM (7.2%) CITI (6.9%) 20.4% JPM (7.7%) BOAML (7.1%) MS (5.6%) 19.6% JPM (7.4%) BOAML (6.8%) MS (5.4%)

Notes: * 2013 volumes through September 30 - Excludes Governments & Agencies, Government Sponsored Enterprises and self funded/advisory fees

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Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Financial Sponsor Fee Trend (US$b)

Top Financial Sponsors by Fees - First Nine Months 2013 (US$m)

$16

16%

$14 $12 $10

14%

13%

11%

13%

13%

12%

11%

10%

10% 8%

$8

14%

8%

$14.0 $6

6% 5%

$10.1 $4

$9.8

$10.7

$7.7

$7.4

$7.6

4%

$5.7 $2

2%

$3.4

$0

0% 2005

2006

2007

2008

2009

Sponsor Fees (US$b)

2010

2011

2012

2013 Ann

Rank ('13/'12) (1/5) (2/2) (3/1) (4/3) (5/-) (6/13) (7/10) (8/4) (9/33) (10/8) (11/7) (12/25) (13/37) (14/38) (15/11) (16/24) (17/6) (18/31) (19/32) (20/20)

Sponsor Fees as % of IB

Fees (US$m) Sponsor Name 2013 YOY ∆ 103% ▲ Blackstone Group LP $ 375 33% ▲ 299 Apollo Global Management LLC -20% ▼ KKR & Co LP 244 22% ▲ The Carlyle Group LP 242 n/a ▲ 3G Capital Partners Ltd 227 109% ▲ Bain Capital LLC 221 48% ▲ Warburg Pincus LLC 185 -3% ▼ CVC Capital Partners Ltd 185 BC Partners Ltd 178 >200% ▲ 6% ▲ Advent International Corp 151 -10% ▼ Madison Dearborn Partners LLC 135 108% ▲ Cinven Ltd 126 157% ▲ Silver Lake Management LLC 119 162% ▲ Cerberus Capital Management LP 114 -18% ▼ TPG Capital LP 102 50% ▲ EQT Partners BV 92 -43% ▼ Riverstone Holdings LLC 91 63% ▲ Onex Corp 86 68% ▲ Clayton Dubilier & Rice LLC 84 12% ▲ Thomas H Lee Co 78 Sponsor Total $ 7,557 7% ▲

By Activity (First Nine Months 2013) Buyouts

Acq Fin.

Exits

Financial Sponsor Fees by Activity Type (US$b)

Financial Sponsors: Top Banks - First Nine Months 2013 (US$m)

70%

Rank ('13/'12) (1/1) (2/2) (3/6) (4/3) (5/4) (6/5) (7/7) (8/8) (9/10) (10/9) (11/12) (12/11) (13/14) (14/13) (15/20) (16/19) (17/15) (18/22) (19/25) (20/16)

60% 50%

56%

58%

58%

49%

40%

38%

30% 20% 10%

27% 20% 11%

15% 8%

29%

28%

40% 27%

37% 25%

29% 19%

18% 9%

8%

11%

10%

2010

2011

8%

11%

2%

0%

2005

2006 Buyouts*

2007

2008

2009

Exits (M&A & ECM)

M&A Exits

- Financial sponsor fees based on pro rata methodology - Buyouts* include fees from related acquisition financings - Portfolio company activity included if sponsor's holding is estimated at 20+% - Other includes fees from capital raisings by and/or acquisitions of financial sponsors

2012

2013 YTD ECM Exits -8-

Fees (US$m) Sponsor Name 2013 YOY ∆ 19% ▲ Goldman Sachs & Co $ 648 9% ▲ JP Morgan 559 42% ▲ Morgan Stanley 555 2% ▲ Credit Suisse 489 15% ▲ Bank of America Merrill Lynch 486 14% ▲ Barclays 461 20% ▲ Deutsche Bank 458 9% ▲ Citi 363 22% ▲ UBS 256 -6% ▼ RBC Capital Markets 237 23% ▲ Wells Fargo & Co 197 -6% ▼ Jefferies LLC 184 14% ▲ Nomura 112 -12% ▼ General Electric Co 111 52% ▲ BNP Paribas SA 109 43% ▲ Lazard 108 4% ▲ Rothschild 101 31% ▲ HSBC Holdings PLC 90 48% ▲ Macquarie Group 81 -13% ▼ BMO Capital Markets 76 Sponsor Total $ 7,557 7% ▲

Portfolio

Other

By Activity (First Nine Months 2013) Buyouts

Acq Fin.

Exits

Portfolio

Other

Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking: Top Banks by Product (US$m) Global Equity: Top Banks - First Nine Months 2013 (US$m)

Global M&A: Top Banks - First Nine Months 2013 (US$m) Rank 2013 YOY ∆ 1 - = 2 1 ▲ 3 -1 ▼ 4 1 ▲ 5 5 ▲ 6 - = 7 -3 ▼ 8 1 ▲ 9 -2 ▼ 10 -2 ▼ 11 3 ▲ 12 -1 ▼ 13 -1 ▼ 14 -1 ▼ 15 3 ▲ 16 -1 ▼ 17 4 ▲ 18 9 ▲ 19 5 ▲ 20 9 ▲

Bank Name Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Barclays Credit Suisse Rothschild Lazard Deutsche Bank Evercore Partners UBS RBC Capital Markets Jefferies LLC Nomura Houlihan Lokey BNP Paribas SA Greenhill & Co, LLC Centerview Partners LLC CIBC World Markets Inc M&A Total

Fees

2013 $ 1,039 818 774 693 583 533 484 419 405 338 327 299 295 242 170 169 143 140 132 131 $ 12,558

YOY ∆ -16% ▼ -4% ▼ -14% ▼ 10% ▲ 34% ▲ -15% ▼ -41% ▼ -6% ▼ -32% ▼ -28% ▼ 13% ▲ -29% ▼ -10% ▼ -18% ▼ -12% ▼ -30% ▼ -5% ▼ 41% ▲ 7% ▲ 43% ▲ -16% ▼

Share 2013 YOY ∆ 8.3% 0.0 ▲ 6.5% 0.8 ▲ 6.2% 0.1 ▲ 5.5% 1.3 ▲ 4.6% 1.7 ▲ 4.2% 0.1 ▲ 3.9% -1.6 ▼ 3.3% 0.3 ▲ 3.2% -0.7 ▼ 2.7% -0.4 ▼ 2.6% 0.7 ▲ 2.4% -0.4 ▼ 2.3% 0.2 ▲ 1.9% 0.0 ▼ 1.4% 0.1 ▲ 1.3% -0.3 ▼ 1.1% 0.1 ▲ 1.1% 0.4 ▲ 1.0% 0.2 ▲ 1.0% 0.4 ▲

Client Mix by Region

Americas

EMEA

Asia-Pacific

Japan

Global Bonds: Top Banks - First Nine Months 2013 (US$m) Rank 2013 YOY ∆ 1 - = 2 - = 3 - = 4 - = 5 - = 6 1 ▲ 7 -1 ▼ 8 - = 9 - = 10 - = 11 1 ▲ 12 1 ▲ 13 1 ▲ 14 -3 ▼ 15 - = 16 - = 17 - = 18 2 ▲ 19 2 ▲ 20 6 ▲

Bank Name JP Morgan Bank of America Merrill Lynch Citi Deutsche Bank Morgan Stanley Goldman Sachs & Co Barclays Credit Suisse Wells Fargo & Co HSBC Holdings PLC RBS RBC Capital Markets BNP Paribas SA UBS Nomura Mizuho Financial Group Credit Agricole CIB Societe Generale Mitsubishi UFJ Financial Group Jefferies LLC Bonds Total

Fees

2013 $ 1,515 1,341 1,106 1,024 1,011 982 857 728 621 536 444 442 437 409 281 234 197 182 173 171 $ 17,492

YOY ∆ 2% ▲ 11% ▲ 0% ▲ 2% ▲ 9% ▲ 18% ▲ 1% ▲ -9% ▼ -1% ▼ -11% ▼ -11% ▼ -6% ▼ 6% ▲ -31% ▼ 10% ▲ -8% ▼ -3% ▼ 9% ▲ 4% ▲ 44% ▲ 1% ▲

Share 2013 YOY ∆ 8.7% 0.1 ▲ 7.7% 0.7 ▲ 6.3% 0.0 ▼ 5.9% 0.1 ▲ 5.8% 0.4 ▲ 5.6% 0.8 ▲ 4.9% 0.0 ▲ 4.2% -0.4 ▼ 3.5% -0.1 ▼ 3.1% -0.4 ▼ 2.5% -0.3 ▼ 2.5% -0.2 ▼ 2.5% 0.1 ▲ 2.3% -1.1 ▼ 1.6% 0.1 ▲ 1.3% -0.1 ▼ 1.1% -0.1 ▼ 1.0% 0.1 ▲ 1.0% 0.0 ▲ 1.0% 0.3 ▲

Rank 2013 YOY ∆ 1 4 ▲ 2 -1 ▼ 3 4 ▲ 4 -2 ▼ 5 -2 ▼ 6 2 ▲ 7 4 ▲ 8 -4 ▼ 9 -3 ▼ 10 5 ▲ 11 -2 ▼ 12 1 ▲ 13 13 ▲ 14 8 ▲ 15 4 ▲ 16 9 ▲ 17 -7 ▼ 18 36 ▲ 19 33 ▲ 20 25 ▲

Bank Name Morgan Stanley JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Citi Credit Suisse UBS Deutsche Bank Barclays Nomura Wells Fargo & Co RBC Capital Markets Jefferies LLC Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc BMO Capital Markets HSBC Holdings PLC Stifel/KBW Raymond James Financial Inc Macquarie Group Equity Total

Fees

2013 $ 1,089 1,077 997 919 763 661 596 571 531 406 363 308 188 167 155 147 135 130 124 121 $ 13,720

YOY ∆ 43% ▲ 39% ▲ 62% ▲ 21% ▲ 41% ▲ 42% ▲ 29% ▲ 13% ▲ 26% ▲ 69% ▲ 58% ▲ -1% ▼ 66% ▲ 33% ▲ 54% ▲ 25% ▲ 3% ▲ 14% ▲ 3% ▲ 16% ▲ 20% ▲

Share 2013 YOY ∆ 7.9% 1.3 ▲ 7.9% 1.1 ▲ 7.3% 1.9 ▲ 6.7% 0.1 ▲ 5.6% 0.8 ▲ 4.8% 0.8 ▲ 4.3% 0.3 ▲ 4.2% -0.2 ▼ 3.9% 0.2 ▲ 3.0% 0.9 ▲ 2.6% 0.6 ▲ 2.2% -0.5 ▼ 1.4% 0.4 ▲ 1.2% 0.1 ▲ 1.1% 0.3 ▲ 1.1% 0.0 ▲ 1.0% -0.2 ▼ 0.9% 0.0 ▼ 0.9% -0.2 ▼ 0.9% 0.0 ▼

Client Mix by Region

Americas

EMEA

Asia-Pacific

Japan

Global Loans: Top Banks - First Nine Months 2013 (US$m) Client Mix by Region

Americas

EMEA

Asia-Pacific

Rank 2013 YOY ∆ 1 1 ▲ 2 -1 ▼ 3 6 ▲ 4 1 ▲ 5 2 ▲ 6 2 ▲ 7 -4 ▼ 8 3 ▲ 9 -5 ▼ 10 4 ▲ 11 -5 ▼ 12 1 ▲ 13 -3 ▼ 14 2 ▲ 15 - = 16 2 ▲ 17 -5 ▼ 18 -1 ▼ 19 2 ▲ 20 3 ▲

Japan

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Bank Name Bank of America Merrill Lynch JP Morgan Deutsche Bank Barclays Credit Suisse Wells Fargo & Co Citi Goldman Sachs & Co Mitsubishi UFJ Financial Group RBC Capital Markets Mizuho Financial Group Morgan Stanley Sumitomo Mitsui Finl Grp Inc BNP Paribas SA HSBC Holdings PLC UBS RBS General Electric Co BMO Capital Markets ING Loans Total

Fees

2013 $ 1,093 1,061 609 594 539 530 525 452 430 400 352 327 300 287 275 241 240 210 178 168 $ 13,062

YOY ∆ 37% ▲ 21% ▲ 53% ▲ 35% ▲ 29% ▲ 27% ▲ -3% ▼ 51% ▲ -7% ▼ 52% ▲ -17% ▼ 18% ▲ -6% ▼ 30% ▲ 23% ▲ 40% ▲ -13% ▼ 12% ▲ 31% ▲ 50% ▲ 16% ▲

Share 2013 YOY ∆ 8.4% 1.3 ▲ 8.1% 0.3 ▲ 4.7% 1.1 ▲ 4.5% 0.6 ▲ 4.1% 0.4 ▲ 4.1% 0.4 ▲ 4.0% -0.8 ▼ 3.5% 0.8 ▲ 3.3% -0.8 ▼ 3.1% 0.7 ▲ 2.7% -1.1 ▼ 2.5% 0.0 ▲ 2.3% -0.5 ▼ 2.2% 0.2 ▲ 2.1% 0.1 ▲ 1.8% 0.3 ▲ 1.8% -0.6 ▼ 1.6% -0.1 ▼ 1.4% 0.2 ▲ 1.3% 0.3 ▲

Client Mix by Region

Americas

EMEA

Asia-Pacific

Japan

Source: Thomson Reuters Deals Business Intelligence

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - First Nine Months 2013 (US$m)

EMEA Investment Banking: Top Banks - First Nine Months 2013 (US$m)

Rank 2013 YOY ∆ 1 1 ▲ 2 -1 ▼ 3 - = 4 - = 5 - = 6 1 ▲ 7 -1 ▼ 8 1 ▲ 9 -1 ▼ 10 - = 11 - = 12 1 ▲ 13 -1 ▼ 14 2 ▲ 15 -1 ▼ 16 2 ▲ 17 - = 18 4 ▲ 19 - = 20 3 ▲

Rank 2013 YOY ∆ 1 - = 2 1 ▲ 3 -1 ▼ 4 2 ▲ 5 5 ▲ 6 1 ▲ 7 -3 ▼ 8 -3 ▼ 9 2 ▲ 10 -2 ▼ 11 -2 ▼ 12 1 ▲ 13 2 ▲ 14 -2 ▼ 15 1 ▲ 16 -2 ▼ 17 5 ▲ 18 5 ▲ 19 -1 ▼ 20 -3 ▼

Bank Name Bank of America Merrill Lynch JP Morgan Goldman Sachs & Co Citi Morgan Stanley Barclays Credit Suisse Wells Fargo & Co Deutsche Bank RBC Capital Markets UBS Jefferies LLC BMO Capital Markets Scotiabank RBS CIBC World Markets Inc TD Securities Inc BNP Paribas SA HSBC Holdings PLC Evercore Partners Americas Total

Fees

2013 $ 3,218 3,050 2,160 2,103 2,098 1,801 1,680 1,564 1,484 1,233 823 608 521 400 391 327 323 294 289 276 $ 32,501

YOY ∆ 23% ▲ 6% ▲ 7% ▲ 13% ▲ 15% ▲ 12% ▲ -1% ▼ 16% ▲ 9% ▲ 10% ▲ 0% ▲ 12% ▲ -7% ▼ 7% ▲ -7% ▼ 1% ▲ -7% ▼ 26% ▲ 4% ▲ 20% ▲ 7% ▲

Share 2013 YOY ∆ 9.9% 1.3 ▲ 9.4% -0.1 ▼ 6.6% 0.0 ▲ 6.5% 0.4 ▲ 6.5% 0.5 ▲ 5.5% 0.3 ▲ 5.2% -0.4 ▼ 4.8% 0.4 ▲ 4.6% 0.1 ▲ 3.8% 0.1 ▲ 2.5% -0.2 ▼ 1.9% 0.1 ▲ 1.6% -0.2 ▼ 1.2% 0.0 ▲ 1.2% -0.2 ▼ 1.0% -0.1 ▼ 1.0% -0.1 ▼ 0.9% 0.1 ▲ 0.9% 0.0 ▼ 0.8% 0.1 ▲

Bonds

Product Mix Equity

Loans

M&A

Bank Name JP Morgan Goldman Sachs & Co Deutsche Bank Bank of America Merrill Lynch Citi Morgan Stanley Barclays BNP Paribas SA Credit Suisse HSBC Holdings PLC UBS Societe Generale UniCredit RBS Credit Agricole CIB Rothschild ING Natixis RBC Capital Markets Nomura EMEA Total

Fees 2013 YOY ∆ 18% ▲ $ 1,015 36% ▲ 864 6% ▲ 803 16% ▲ 623 24% ▲ 607 15% ▲ 593 -1% ▼ 577 0% ▲ 568 15% ▲ 543 -8% ▼ 460 -25% ▼ 372 9% ▲ 359 16% ▲ 306 -27% ▼ 292 11% ▲ 284 -3% ▼ 283 45% ▲ 225 28% ▲ 181 -14% ▼ 177 -28% ▼ 164 $ 14,383 2% ▲

Share 2013 YOY ∆ 7.1% 1.0 ▲ 6.0% 1.5 ▲ 5.6% 0.2 ▲ 4.3% 0.5 ▲ 4.2% 0.8 ▲ 4.1% 0.5 ▲ 4.0% -0.1 ▼ 4.0% -0.1 ▼ 3.8% 0.4 ▲ 3.2% -0.3 ▼ 2.6% -0.9 ▼ 2.5% 0.2 ▲ 2.1% 0.3 ▲ 2.0% -0.8 ▼ 2.0% 0.2 ▲ 2.0% -0.1 ▼ 1.6% 0.5 ▲ 1.3% 0.3 ▲ 1.2% -0.2 ▼ 1.1% -0.5 ▼

Bonds

Product Mix Equity

Asia-Pacific Investment Banking: Top Banks - First Nine Months 2013 (US$m)

Japan Investment Banking: Top Banks - First Nine Months 2013 (US$m)

Rank 2013 YOY ∆ 1 5 ▲ 2 1 ▲ 3 -1 ▼ 4 - = 5 3 ▲ 6 1 ▲ 7 2 ▲ 8 -3 ▼ 9 -8 ▼ 10 5 ▲ 11 -1 ▼ 12 -1 ▼ 13 1 ▲ 14 7 ▲ 15 9 ▲ 16 3 ▲ 17 24 ▲ 18 -5 ▼ 19 -3 ▼ 20 13 ▲

Rank 2013 YOY ∆ 1 2 ▲ 2 -1 ▼ 3 -1 ▼ 4 - = 5 - = 6 - = 7 - = 8 2 ▲ 9 -1 ▼ 10 -1 ▼ 11 - = 12 1 ▲ 13 -1 ▼ 14 3 ▲ 15 4 ▲ 16 -2 ▼ 17 -2 ▼ 18 22 ▲ 19 15 ▲ 20 -2 ▼

Bank Name Goldman Sachs & Co UBS HSBC Holdings PLC JP Morgan Citi Deutsche Bank Morgan Stanley CITIC Group Corp Credit Suisse Standard Chartered PLC Macquarie Group Bank of China Ltd Bank of America Merrill Lynch DBS Group Holdings State Bank of India Barclays China Securities Co Ltd ANZ Banking Group China International Capital Co Industrial & Comm Bank China Asia-Pacific Total

Fees

2013 $ 334 307 260 257 222 212 200 199 169 160 156 145 130 126 106 105 96 91 87 80 $ 6,670

YOY ∆ 51% ▲ 12% ▲ -7% ▼ 3% ▲ 12% ▲ -3% ▼ 3% ▲ -16% ▼ -45% ▼ 24% ▲ 11% ▲ 5% ▲ 0% ▲ 43% ▲ 31% ▲ 10% ▲ 97% ▲ -32% ▼ -15% ▼ 29% ▲ -8% ▼

Share 2013 YOY ∆ 5.0% 2.0 ▲ 4.6% 0.8 ▲ 3.9% 0.0 ▲ 3.9% 0.4 ▲ 3.3% 0.6 ▲ 3.2% 0.2 ▲ 3.0% 0.3 ▲ 3.0% -0.3 ▼ 2.5% -1.7 ▼ 2.4% 0.6 ▲ 2.3% 0.4 ▲ 2.2% 0.3 ▲ 1.9% 0.2 ▲ 1.9% 0.7 ▲ 1.6% 0.5 ▲ 1.6% 0.3 ▲ 1.4% 0.8 ▲ 1.4% -0.5 ▼ 1.3% -0.1 ▼ 1.2% 0.3 ▲

Bonds

Product Mix Equity

Loans

M&A

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Bank Name Nomura Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Morgan Stanley Daiwa Securities Group Inc Mitsubishi UFJ Financial Group Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Citi UBS Deutsche Bank Barclays Credit Suisse BNP Paribas SA Sumitomo Mitsui Trust Holdings Development Bank of Japan Inc Plutus Consulting Co Ltd Credit Agricole CIB Tokai Tokyo Financial Holdings Japan Total

Fees 2013 YOY ∆ 58% ▲ $ 619 -18% ▼ 518 1% ▲ 452 23% ▲ 354 18% ▲ 274 -12% ▼ 194 6% ▲ 112 81% ▲ 106 -23% ▼ 75 -41% ▼ 46 -25% ▼ 43 9% ▲ 42 -31% ▼ 32 6% ▲ 21 16% ▲ 21 -50% ▼ 17 -46% ▼ 16 15 268% ▲ 15 145% ▲ -25% ▼ 14 $ 3,277 4% ▲

Share 2013 YOY ∆ 18.9% 6.5 ▲ 15.8% -4.2 ▼ 13.8% -0.4 ▼ 10.8% 1.7 ▲ 8.4% 1.0 ▲ 5.9% -1.1 ▼ 3.4% 0.1 ▲ 3.2% 1.4 ▲ 2.3% -0.8 ▼ 1.4% -1.1 ▼ 1.3% -0.5 ▼ 1.3% 0.1 ▲ 1.0% -0.5 ▼ 0.6% 0.0 ▲ 0.6% 0.1 ▲ 0.5% -0.6 ▼ 0.5% -0.4 ▼ 0.5% 0.3 ▲ 0.4% 0.3 ▲ 0.4% -0.2 ▼

Bonds

Loans

Product Mix Equity

Loans

M&A

M&A

Source: Thomson Reuters Deals Business Intelligence

Thomson Reuters Solutions for the Deal Making Community

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SOLUTION FOR

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