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S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T o order your copy please contact K ris D eslagmeulder | kris . deslagmeulder @ structuredretailproducts . com |

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www.StructuredRetailProducts.com/Research

STRUCTURED PRODUCTS | EUROPE

Investment Banking Report

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M A S E L P AM AMPLE S LE LE SAM P M Report AInvestmentABanking E L P M S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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STRUCTURED PRODUCTS | EUROPE

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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Introduction

Structured Retail Products Limited (SRP), part of the Euromoney group of companies, is a research firm based in London, New York and Hong Kong, providing research and training services related to all aspects of structured products. The company was founded in 2001 and our clients include hundreds of blue chip companies from around the world including all of the major global financial services groups, financial regulators, stock exchanges, index providers and professional services firms.

SRP also owns and maintains the specialist industry website Structured RetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products industry. With over 3,500 registered users and more than 7.2 million product listings, the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment products globally. The service is used by financial regulators, index providers, investment banks, stock exchanges, retail banks, insurance companies, asset and wealth managers, consultants, lawyers and other firms involved in the market. C O P Y R I G H T I N F O R M AT I O N

This report is copyright © 2014 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited. FURTHERMORE

• It may not be sold for commercial gain, either in part or in its entirety.

• It may not be photocopied or printed for multiple use, with the exception of within the organisation for which it was purchased. • It may not be distributed electronically or otherwise in a manner other than that described above. INDEMNITY

The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy of such information. Use of this report is at your sole risk and SRP accepts no responsibility for any problems or incidents arising from its use. ACKNOWLE DG EME NTS

This report would not have been possible without the support of the structured products fraternity across Europe. SRP would like to thank the participants in the SRP survey of Aug/Sep/Oct 2013, whose data underpins this report.

© S R P 2014

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STRUCTURED PRODUCTS | EUROPE | INVESTMENT BANKING REPORT 3

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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Contents CONTENTS

1. 1

1. 2 1. 3

1. 4 1. 5

Introduction Scope Methodology Management Summary European Summary

3 5 7 9

20

B A N K A N A LY S I S

2. 1

2. 2 2. 3 2. 4 2. 5 2. 6 2. 7 2. 8 2. 9

2. 10 2. 11 2. 12 2. 13 2. 14 2. 15 2. 16

2. 17 2. 18

Bank of America Merrill Lynch Barclays BBVA BNP Paribas Citi Commerzbank Credit Suisse Deutsche Bank Goldman Sachs HSBC ING JPMorgan Morgan Stanley Natixis Santander Société Générale UBS UniCredit

30 34 39 43 49 54 60 65 70 74 79 84 89 94 99

102 108 114

APPENDICES

3. 1

3. 1

© S R P 2014

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Appendix 1 Appendix 2

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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Scope

This report is concerned with the manufacture of structured products in all product forms – including wrappers such as funds, notes, bonds, certificates, deposits, life assurance – and usually linked to equities, foreign exchange, commodities, interest rates and hybrid underlyings. This report presents detailed information on structured retail products markets across Europe. Although the term ‘structured product’ is widely used in the financial community, the term often means different things to different people.

For the purposes of this report, a structured product is an investment product providing a predefined return linked to the price of one or more underlying assets. These are usually financial prices, rates or indices, but in rare cases can be sporting or other events. The product can usually be broken down into a number of separate financial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use derivative-based investment strategy or computation to provide the return. Although we exclude simple warrants, listed options and futures, and delta one products such as tracker funds, exchange-traded funds and exchange-traded notes, reference to these products may be made, where relevant. The report is based on both quantitative and qualitative analysis. Structured RetailProducts.com (SRP) surveyed 620 structured products distributors across Europe between August and October 2013, collecting data on structured product manufacturers from the point of view of their distributor clients. The results from the survey form the basis of this report. Details of both the quantitative and qualitative analyses are available in the Methodology section of the report. T H E R E P O R T P R O V I D E S T H E F O L L O W I N G I N F O R M AT I O N :

• A scope, methodology and management summary of the report’s key findings • An introduction to the structured products market in Europe • Separate chapters on each bank with ο ο ο ο ο

A background to the bank Key structuring and sales personnel The bank’s credit rating How the bank ranked in terms of overall client service Whether client service was above the industry average in all key service categories

• The bank’s client breakdown:

ο Percentage of survey respondents using the bank to manufacture products ο Breakdown by business type

• The volume of business manufactured by the bank and breakdown by ο Retail/non-retail business ο Key countries ο Key asset classes

© S R P 2014

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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S CO P E

• Graph of the importance of the following key service categories for the bank’s respondents: ο ο ο ο

Price competitiveness Understanding client needs Innovation and structuring capability After sales service

• Graph of the importance of the following key service factors for the bank’s respondents: ο ο ο ο ο ο ο ο ο ο ο ο ο ο ο ο ο

Secondary market pricing and trading Credit rating Response time on pre-sales queries Knowledge of local product/markets Dedicated sales people Accuracy in contractual documentation Idea generation Good internal communication Regular communication with clients Structuring research/analysis capability Willingness to unwind small positions Ability to deal across asset classes Tax and regulatory knowledge Efficient back office processes Size and experience of sales team Good technology platforms Ability to handle complex structures

• Score and rank of the bank, with comparison to the industry average ο For overall client service with a geographic breakdown ο Across the key service categories with an asset class breakdown

• The universe of respondent targets for the survey has been provided as an appendix. Names of individual respondents have been withheld in line with Data Protection legislation

© S R P 2014

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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Methodology DESCRIPTION OF THE SURVEY

Between August and October 2013 StructuredRetailProducts.com (SRP) surveyed European structured products distributors, receiving 620 responses. The survey was composed of two parts: • PART 1 – Quantitative

We asked respondents to the survey to specify up to five investment banks that they use for hedging purposes, for each asset class in which the respondent was active, and specify the volume of business for that asset class and the percentage split by bank. • PART 2 – Qualitative

The respondents were then asked to rank the investment banks they dealt with for each asset class as 1, 2 or 3 (where 1 = below average, 2 = average and 3 = above average) according to four key service categories: ο ο ο ο

Price competitiveness Understanding client needs Innovation and structuring capability After sales service

• PART 3 – Data validation

Captive votes and those representing internal transaction flows were excluded from the results. This includes votes cast by distributors that are part of banking groups which use their parent group for 100% of their activity and internal structuring desks. Also votes were not included in the survey where: ο Providers vote for themselves ο We cannot confirm the identity of the respondent ο A respondent votes more than once and we can’t resolve the duplication

We received 620 responses and the survey results underpinned the 2014 European Structured Products Awards, which were handed out on 6th February 2014 during the 11th Annual European Structured Products Conference in London.

For the purpose of this report, the scores for each key service category for the individual banks are calculated by averaging. Service scores are therefore suggestive of the level of service that a client might expect to receive when working with an investment banking counterparty. Each bank chapter contains graphs of the banks score for each of the key service categories above as well a comparison to the industry average, an asset class breakdown and a geographic breakdown.

© S R P 2014

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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M E T H O D O LO G Y

Where a bank receives a low score, it may need to improve or update its messaging, at least among some sectors of its target client base, rather than to improve its service.

All of banks profiled in this report were asked to provide a fact sheet detailing strategy, key personnel, growth areas and main markets/asset classes. This information was supplemented with further research sources such as each bank’s website and SRP’s news and product databases. In order to help banks decide their tactical direction, we have sought candid feedback from their clients and use this to suggest areas that each bank excels in and where it might improve.

© S R P 2014

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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Bank XYZ K E Y FA C T S

• Background: Bank XYZ is headquartered in Germany. The bank established its structured products business in the 1990s, but had been active in derivatives before this • Organisation: The bank utilises a cross-asset solutions model and has structured products hubs in both London and Frankfurt

The Structured Equity team designs innovative and tailored products with equity and commodity underlyings. The Fixed Income division has product offerings across various asset classes, including rates and foreign exchange

• Team size: In excess of 100 people (sales, engineers and traders) with an increase of 10% compared to last year

• Main markets/asset classes: Bank XYZ offers securitised products across all core European markets including Germany, Switzerland, France and the UK

In terms of asset classes, equities remain key although an increase in rates and credit over the last few years has been seen, especially on the distribution side

• Growth areas:

ο Pricing and execution facilities on structured products on the primary market through an internet platform ο The structured products team offers bespoke training course for advisers looking to get under the bonnet of structured products

• Distribution: The Investment Bank provides a range of products to corporate and institutional clients, plus sovereigns, government bodies, financial intermediaries, alternative asset managers and wealth management clients

• Strategy: Bank XYZ caters to both retail and institutional clients with dedicated teams which cover a variety of geographic markets and that include individuals responsible for sales, structuring and marketing • Volumes: Nominal placed on the primary market through structured product notes increased by more than 15% y/y says the bank • Key personnel: ο ο ο ο

Anthony Newman, Newman, MD, Global Head of Sales John Slatter Slatter,, MD, Global Head of Engineering Gerald Souli, Souli, MD, Head of Structuring Group, UK Pierre Marque, Marque, MD Head of Cross-Asset Pricing Team Europe

• Credit ratings: S&P: A(Negative), Moodys: A2(Stable), Fitch: A(Stable) • Survey results:

ο Bank XYZ was ranked 1st for overall client service

ο Each key service category was scored above average

ο 32% of respondents said that they used the bank for structured products business

© S R P 2014

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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BANK XYZ

ο The top three business types using the bank were

– Asset or fund managers (15% of bank’s respondents) – Private banks (14%) – Retail banks (13%)

ο The bank captured 1.5bn EUR of the total manufacturing volume specified by survey respondents in EMEA: – – – –

57% of this was in manufacturing for the retail channel 15% of this was in France - of this 20% was for retail business 11% of this was in Germany - of this 81% was for retail business 65% of this was in equities - of this 59% was for retail business

A N A LY S I S O F C L I E N T N E E D S

S E R V I C E C AT E G O R Y I M P O R TA N C E

Bank XYZ’s clients ranked the importance of key service categories, when choosing a counterparty, in the graph below. The industry average graph shows how these categories were ranked by all survey respondents 1.1

I M P O R TA N C E

Pr P riicce e com co mp pe etit titii Price competitiveness

1. 2

Price competitiveness

Und U nde errssttaand ndiin ng g clie cl ien ntt ne n ee ed dss Understanding client needs

Understanding client needs

Inn In no ovvaati tio on n and and structur sstructuring tructuriin ng g ca ccapability ap paabi bilility ty Innovation

Innovation and structuring capability

Af A fter ft er sa ssales alle ess se sservice ervice rvice After

After sales service

0% 10% 0% 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 60% 70% 70% 80% 80% 90% 90%100 %100% 100%

I N D U S T R Y AV E R A G E

Most important

Most M Mo osstt important impo imp ort rtaant nt

2nd

2nd 2nd

3rd

3rd 3rd

Least important

LLeast Le eaasstt imp iimportant mpo ort rtaant nt

0% 10% 0% 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 60% 70% 70 80% 90%100% 100%

S E R V I C E C AT E G O R Y S C O R E

Bank XYZ Industry average

Bank XYZ’s clients then scored the bank’s performance in these categories 1. 3

SCORE

1. 4

3.0 3.0

SCORE (PREVIOUS REPORT)

ING Industry average

ING Industry aver

2.5 2.5

2.0 2.0

1.5 1.5

1.0 1.0

Price P Pr riicce e competitiveness com co mp pe etit titiivve en ne essss

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U Und Understanding nde errssttaand ndiin ng g clie cl client ien ntt Innovation and nd After Aft Af fter er sales salle sa ess se sservice ervice rvice needs sstructuring structur tructuriin ng g ca ccapability ap paabi billiity ty

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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BANK XYZ

O T H E R S E R V I C E FA C T O R S

The bank’s clients also specified whether they thought other factors were important when choosing a counterparty. The industry average graph shows how these factors were ranked across all survey respondents 1. 5

I M P O R TA N C E

SSecondary marke pr pricing and ttrading Se econ cond daarryy market mark ett pri icciin ng g and

Credit Cr Cre ed diitt rating ratiin rat ng g

1. 6

Secondary market pricing and trading

Credit rating

ess Respon Res ponsse e time time tim e on on pre-sales pre-ssaalle preess queries que qu erriie Response

Response time on pre-sales queries

Kno K now wlle ed dg ge e of of local loccaall product/markets lo product/m prod uct/maarrkke ets ts Knowledge

Knowledge of local product/markets

Ded De diiccaatted ed sa ssales alle ess people peo pe ople ple Dedicated

Dedicated sales people

Accuracyy in Accurac in contra contr actu ctuaall docum do cume en nttaati tio on n contractual documentation

Accuracy in contractual documentation

Idea Ideaa generation Ide gen ge ne erraati tio on n

Idea generation

Good communication Goo Go od d in iinternal ntte ern rnaall com co m

Good internal communication

g la larr com co mm mu unica nicattiio on n with witth wi h cli cl ie en nttss Regular communication clients

Regular communication with clients

SSt tructur ructuriin ng g re rresearch/analysis ese seaarch/ rch/aan naallyyssiiss capability cap ca paabi billiity ty Structuring

Structuring research/analysis capability

Willliin Wil ng gn ne ess ss to unwind unwiind unw nd smal ssmall malll positions posiiti pos tio ons ns Willingness

Willingness to unwind small positions

Ability deal classes Abil Abi liittyy to de d eaall acr aacross cro oss ss asset asse ass ett clas cla ssse ess

Ability to deal across asset classes

TTa axx and and re rregulatory eg gu ullaator toryy kno kknowledge now wlle ed dg ge e Tax

Tax and regulatory knowledge

Efficciie Effi en ntt back bacckk offi ba o fficce e proc proce ess sse ess Efficient office processes

Efficient back office processes

Size Si ze and and experience expe exp erriie en ncc off sales team Size

Size and experience of sales team

Good Go G oo od d technology tecch te hno nollo og gyy platforms plattfo pla forrm mss

Good technology platforms

Ability handle Abil Abi liittyy to ha h and ndlle e complex compl com ple exx structur sstructures tructure ess

I N D U S T R Y AV E R A G E

Very important

Very V Ve erryy important impo imp ort rtaant nt

Somewhat important

Somewhat So Some mew wh haatt imp iimportant mpo orrttaan ntt

Not important

Not important Not imp im port ortaan ntt

Ability to handle complex structures

0% 10% 0% 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 60% 70% 70% 80% 80% 90% 90%100 100% %

0% 10% 0% 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 60% 70% 70% 80% 80% 90% 90%100 100% %

• Bank XYZ has improved its scores since the last report by offering a total package that focuses on speed and flexibility

• The bank excels in price competitiveness as it provides prices quickly, can do so across a variety of underlyings and keeps the prices consistent throughout the enquiry

• When it comes to after sales service, Bank XYZ needs more flexibility when it comes to product registration, passporting and providing a secondary market, especially for small tickets

© S R P 2014

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STRUCTURED PRODUCTS | EUROPE | INVESTMENT BANKING REPORT 1 11 1

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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BANK XYZ

SERVICE SCORE: ASSET CLASS BREAKDOWN

1. 7

SERVICE SCORE: ASSET CLASS BREAKDOWN

3.0 3.0

Bank XYZ Industry average

2.5 2.5

Bank XYZ are proactive, very Goldman Sachs and cover innovative Industry average a lot of different underlyings R E TA I L B A N K , F R A N C E

2.0 2.0

1.5 1.5

1.0 1.0

EEq qu uiity ty Equity

Co C om mm mo od diity ty Commodity

Hy H ybr briid d Hybrid

Int In te erres estt ra rrates atte ess Interest

• The bank was most active manufacturing for equities in which it scored below average. The bank needs to ensure a high standard of research which reflects in their product offerings and their flexibility in investigating what solutions to propose A S S E T C L A S S B R E A K D O W N F O R S E R V I C E C AT E G O R I E S

1. 8

Bank XYZ Industry average

PRICE COMPETITIVENESS

1.10

I N N O VAT I O N A N D S T R U C T U R I N G C A PA B I L I T Y

3.0 3.0

3.0 Commerzbank 3.0 Industry average

2.5 2.5

2.5 2.5

2.0 2.0

2.0 2.0

1.5 1.5

1.5 1.5

1.0 1.0

Commerzban Industry avera

1.0 1.0

EEq qu uiity ty Equity

1. 9

Com Co mmod modiity ty Commodity

Hy H ybr briid d Hybrid

te Interest rate

EEquity Eq qu uiity ty

Cu C urr rre en nccyy Currency

U N D E R S TA N D I N G C L I E N T N E E D S

1.11

Hybrid Hybr Hy briid d

Interest Inte Int erres estt rates ratte ra ess

C Cu Currency urr rre en nccyy

AFTER SALES SERVICE

3.0 3.0

3.0 Commerzbank 3.0 Industry average

2.5 2.5

2.5 2.5

2.0 2.0

2.0 2.0

1.5 1.5

1.5 1.5

1.0 1.0

Commodity Com Co mmod modiity ty

Commerzban Industry avera

1.0 1.0

Equity EEq qu uiity ty

© S R P 2014

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Commodity Co C om mmod modiity ty

Hybrid Hy H ybr briid d

Interest Int In te erres estt ra rrates atte ess

Currency Cu C urr rre en nccyy

EEq qu uiity ty Equity

Co C om mmod modiity ty Commodity

Hy H ybr briid d Hybrid

Inte Int erres estt ra rrates atte ess Interest

Cu C urr rre en nccyy Currency

STRUCTURED PRODUCTS | EUROPE | INVESTMENT BANKING REPORT 1 12 2

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

0 2 0 7 7 7 9 8 2 01

BANK XYZ

SERVICE SCORE: GEOGR APHIC BREAKDOWN

1.12

SERVICE SCORE: GEOGR APHIC BREAKDOWN

3.0 3.0

Barclays Bank XYZ Industryaverage average Industry

2.5 2.5

2.0 2.0

1.5 1.5

UAE UAE

Turkey TTur urkke eyy

Switzerland SSw wiitz tze errllaand nd

Sweden SSw we ed de en n

Spain Spaaiin Sp n

Russia Russssiiaa Ru

Poland P Po ola lan nd d

LLuxembourg Lux uxe emb mbo ourg urg

Italy Itaa It

France FFr raa cce e

1.0 1.0

• While the bank’s overall client service was far above average in Russia, it was below average in the bank’s important manufacturing market, France While the bank provides innovative and creative solutions it can be let down by its after sales service and back office documentation, say clients

In Russia, the bank received its highest score for overall client service, due to the strength of its sales force

Bank XYZ has excellent sales people which understand our needs and are generally very service minded COMMERCIAL BANK, RUSSIA

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M A S E L P AM AMPLE S LE LE SAM P M A AMPLE S E L P PLE SAM M A S SAMPLE E L P PLE SAM M A S SAMPLE E L P A S LE S A M P L E C H A P T E R - C O N TA I N I N G O N LY F I C T I O N A L N A M E S A N D D ATA - N O T T O B E R E L I E D U P O N F O R A N Y P U R P O S E T O O R D E R Y O U R C O P Y P L E A S E C O N TA C T K R I S D E S L A G M E U L D E R | K R I S . D E S L A G M E U L D E R @ S T R U C T U R E D R E TA I L P R O D U C T S . C O M |

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BANK XYZ

E U R O P E A N S T R U C T U R E D R E TA I L P R O D U C T S A W A R D S 2 014

We are pleased to announce that Bank XYZ won the following Manufacturing Awards: Best House, House, Europe

Best in Price Competitiveness, Competitiveness, Europe

Best House, House, Europe – Hybrids

Best House, House, Benelux

Best House, House, Europe – Interest Rates

Best House, House, Luxembourg

Best in Client Service, Service, Europe

Best House, House, DACH region

Best in After Sales Service, Service, Europe

Best House, House, Germany

Best in Innovation and Structuring Structuring, Europe

Best House, House, France

Best in Understanding Client Needs, Europe Needs,

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Best House, House, Italy Best House, House, UK

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