Reuters/Pauline Askin GLOBAL INVESTMENT BANKING REVIEW

Transcription

1 Reuters/Pauline Askin FIRST NINE MONTHS 2015

2 Global IB Fees Fall 10%; Capital Markets Declines Pull Quarterly IB Fees to 4-Year Low Healthcare Fees Rise 50% l JP Morgan Takes Top Spot Global Investment Banking Fees Total US$64.5 billion; Slowest Quarter for IB Fees since 2011; America Fees Down 1%; Europe Falls 25% JP Morgan Takes Top Spot for Global Investment Banking Fees; Within Top 25, All US Banks See Positive Wallet Share Gains Healthcare IB Fees Register 50% Increase; Strong Double-digit Percentage Declines for Government & Agencies, Consumer Staples and Energy Financial Sponsor-related Fees Down 26%; Blackstone Group Tops Financial Sponsor Fee Rankings, Goldman Sachs Tops Sponsor-Related Fee Rankings IPOs Pull Equity Capital Markets Fees Down 13%; Debt Capital Markets Fees Fall 15%, while M&A Fees Register 8% Uptick Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$64.5 billion during the first nine months of 2015, a 10% decrease over last year at this time and the slowest first nine months for fees since Fee during the third quarter of 2015 totaled US$17.4 billion, a 30% decline compared to the second quarter of this year, marking the slowest quarter for Investment Banking fees since the fourth quarter of Fees from equity capital markets fell 55% compared to the previous quarter, while debt capital markets fees declined 32%. JP Morgan topped the global investment banking league table during the first nine months of 2015 with US$4.66 billion in fees, or 7.2% of overall wallet-share. Goldman Sachs booked US$6.65 billion in fees during the first nine months of 2015 for second place and an increase of 1.3 wallet-share points. The composition of the top ten banks remained nearly unchanged, with RBC Capital Markets moving into the top ten. Within the top 25 firms, not one US-based investment bank saw a decline in wallet share during the first nine months of 2015, while 13 non-us banks saw a combined loss of 2.1 wallet share points. Investment banking activity in the financials, healthcare and energy & power accounted for 51% of the global fee pool during the first nine months of Bank of America Merrill Lynch topped the fee rankings in five sectors during the first nine months, with 8.7% share in the media and entertainment sector. Fees from deal making in the healthcare sector increased 50% compared to a year ago with JP Morgan commanding 11.7% of all fees booked in the sector during the first nine months. Fees from governments and agencies and consumer staples and energy companies posted strong double-digit digit percentage declines during the first nine months. Investment banking fees generated by financial sponsors and their portfolio companies reached $8.7 billion during the first nine months of 2015, a decrease of 26% compared to Fees generated from leveraged buyouts accounted for 33% of financial sponsor-related fees during the period, while ECM exits accounted for 18% and M&A exits comprised 17% of overall fees. Blackstone Group and related entities generated $379 million in investment banking fees this year, down 47% compared to the first nine months of 2014, while Goldman Sachs collected an industry-leading 8.1% of sponsor-related fees during the period. Dragged down by an 30% decrease in fees from IPOs, equity capital markets underwriting fees totaled US$16.0 billion during the first nine months of 2014, down 13% from a year ago. Fees from debt capital markets underwriting totaled US$16.8 billion, down 15% compared to last year's tally and accounted for 26% of overall IB fees during the first nine months of M&A advisory fees totaled US$18.6 billion during the period, up 8% compared to the same period last year, and accounted for 29% of the global fee pool, while fees from syndicated loans decreased 19% compared to the first nine months of MEDIA CONTACT: CRITERIA SUMMARY: Americas Ilya Hemlin ilya.hemlin@thomsonreuters.com All data is as of 9:00am EST on October 1, 2015 and sourced via Deals Business Intelligence Europe Asia-Pacific Clare Arber Julie Evans clare.arber@thomsonreuters.com julie.evans@thomsonreuters.com 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 Japan Yukiko Matsushima yukiko.matsushima@thomsonreuters.com 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. 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 Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent Source: Thomson Reuters Deals Business Intelligence

3 Global Investment Banking Fee Trend (US$b) Global IB Fees by Region: First Nine Months 2015 (US$m) $103.1 $66.4 $ % CAGR Ann $84.5 $78.6 $76.4 $77.1 $94.2 $86.5 Americas $ 37,068.5 fees -1.4% Global $ 64,478.2 fees -9.8% EMEA Japan $ 15,437.1 fees $ 2,579.0 fees -24.0% -13.2% Asia-Pacific $ 9,393.6 fees -11.5% YTD Ann YOY % -35.5% 5.2% 12.4% -2.8% 1.0% 9.6% 11.4% -8.2% Global Investment Banking Fees by Product (US$b) 45% 40% 35% 30% 31% 27% 27% 25% 24% 24% 22% 20% 21% 20% 15% 15% 15% 14% 10% 11% 5% 27% 27% 26% 24% 23% 20% Global Quarterly Investment Banking Fees by Region (US$b) $35 Q3 '15 vs. Q2 '15: Global (-29.8%) $30 Japan (+1.3%) Asia-Pacific (-49.0%) $25 EMEA (-34.9%) Americas (-23.8%) $20 $15 $10 $5 0% YTD $ Bonds Equity Loans M&A Source: Thomson Reuters Deals Business Intelligence

4 Global IB Fees by Nation: First Nine Months 2015 Fees (US$) / Year-over-Year Change (%) Americas Europe, Middle East & Africa Asia-Pacific & Japan Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY North America $ 35, % UK & Ireland $ 4, % Southern Europe 1, % North Asia $ 6, % South America % France & Benelux 4, % Middle East % Japan 2, % Caribbean % Germania 2, % Africa % Australasia 1, % Central America % Iberia 1, % CIS % Southeast Asia % Americas $ 37, % Nordic 1, % CEE % South Asia % EMEA $ 15, % AsPac & Japan $ 11, % Canada $3.45b / -15.4% United States $32.34b / 2.4% Mexico $278m / -10.4% Finland: $307m / -3.8% Sweden: $414m / -31.2% Norway: $177m / -43.8% Denmark: $174m / -44.7% Neth: $1.08b / -14.7% UK: $3.60b / -21.2% Germany: $1.55b / -16.8% Lux: $775m / -10.0% France: $1.84b / -29.2% Spain: $1.07b / -25.2% Switzerland: $773m / -22.2% Italy: $802m / -42.3% India $368m / -17.6% Russia $121m / -60.6% 6% China $4.87b / -8.4% S. Korea: $467m / -4.6% Japan: $2.58b / -13.2% Hong Kong: $924m / -7.4% Singapore: $305m / -36.1% Malaysia: $236m / -25.0% Global IB Fees First 9M 2015 $64.5b -9.8% YOY % Brazil $401m / -33.7% South Africa $216m / 15.4% Australia $1.61b / -12.6% -50% -20% -10% -5% 0% +5% +10% +20% +50% Source: Thomson Reuters Deals Business Intelligence

5 Global Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank Fees (US$m) Share 2015 YOY Bank Name 2015 YOY 2015 YOY 1 - = JP Morgan $ 4, % 7.2% = Goldman Sachs & Co 4, % 7.2% = Bank of America Merrill Lynch 4, % 6.2% = Morgan Stanley 3, % 5.8% = Citi 3, % 4.9% = Deutsche Bank 2, % 4.3% Barclays 2, % 3.9% Credit Suisse , % 37% 3.7% = Wells Fargo & Co 1, % 2.5% RBC Capital Markets 1, % 2.3% UBS 1, % 2.2% = HSBC Holdings PLC 1, % 1.9% = BNP Paribas SA 1, % 1.6% = Jefferies LLC % 1.5% Mizuho Financial Group % 1.3% Nomura % 1.2% Lazard % 1.1% Mitsubishi UFJ Financial Group % 1.0% Sumitomo Mitsui Finl Grp Inc % 1.0% BMO Capital Markets % 0.9% = Credit Agricole CIB % 0.8% = Societe Generale % 0.8% Rothschild % 0.8% TD Securities Inc % 0.8% Centerview Partners LLC % 0.7% 0.4 Global Total $ 64, % Product Mix - First Nine Months 2015 Bonds Equity Loans M&A Source: Thomson Reuters Deals Business Intelligence

6 Global Investment Banking: Top Banks by Product/Region/Sector - First Nine Months 2015 (US$m) By Sector By Product By Region IB Fees (US$m) Top 5 Banks by Fees & Share - First Nine Months YOY Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 64,478.2 $ 71, % 31.3% JPM (7.2%) GS (7.2%) BOAML (6.2%) MS (5.8%) CITI (4.9%) Americas $ 37,068.5 $ 37, % 39.0% JPM (9.3%) BOAML (8.5%) GS (8.4%) MS (6.8%) CITI (6.0%) Europe 14, , % 27.0% GS (6.9%) JPM (5.8%) DB (5.5%) MS (4.6%) BARC (4.2%) Asia-Pacific 9, , % 17.0% UBS (3.8%) GS (3.8%) CITIC (3.4%) DB (3.0%) MS (3.0%) Japan 2, , % 63.4% MIZUHO (15.5%) NOMURA (14.9%) SMFG (14.5%) MS (9.9%) DAIWA (8.6%) MEA 1, , % 26.2% HSBC (7.5%) CITI (5.3%) BARC (4.7%) DB (4.7%) GS (3.9%) M&A $ 18,571.2 $ 17, % 35.6% GS (11.5%) MS (7.6%) JPM (7.1%) BOAML (5.4%) CITI (4.1%) Bonds 16, , % 34.2% JPM (8.7%) BOAML (7.4%) CITI (6.6%) 6%) MS (5.8%) GS (5.7%) Equity 15, , % 29.0% JPM (6.6%) GS (6.5%) MS (6.4%) BOAML (4.9%) CITI (4.4%) Follow-On 10, , % 30.1% GS (7.5%) MS (7.1%) JPM (6.6%) BOAML (4.7%) CS (4.2%) IPO 4, , % 24.0% CITI (5.3%) GS (5.0%) MS (5.0%) BOAML (4.5%) JPM (4.2%) Convertible 1, , % 38.7% JPM (14.8%) BOAML (8.3%) MS (6.3%) NOMURA (5.1%) CS (4.3%) Loans 13, , % 26.9% BOAML (7.3%) JPM (6.3%) DB (4.7%) CITI (4.4%) BARC (4.3%) Financials $ 19,099.4 $ 23, % 29.9% GS (7.0%) JPM (6.3%) MS (6.1%) CITI (5.4%) BOAML (5.0%) Healthcare 6, , % 41.5% JPM (11.7%) GS (10.5%) MS (7.5%) BOAML (7.2%) CITI (4.7%) Energy & Power 6, , % 26.9% BOAML (6.0%) GS (5.9%) CITI (5.3%) JPM (5.3%) BARC (4.4%) Industrials 5, , % 29.5% GS (6.6%) JPM (6.6%) CITI (6.0%) MS (5.8%) BOAML (4.4%) High Tech 4, , % 39.1% GS (9.8%) MS (8.7%) JPM (7.8%) BOAML (7.3%) QATALYST (5.4%) Materials 3, , % 27.6% BOAML (6.1%) GS (5.9%) DB (5.8%) JPM (5.4%) CITI (4.4%) Real Estate 3, , % 31.3% MS (8.6%) BOAML (7.2%) JPM (5.9%) GS (5.0%) CITI (4.6%) Consumer Products 2, , % 29.5% BOAML (7.9%) JPM (6.9%) GS (5.3%) CITI (4.8%) MS (4.7%) Retail 2, , % 35.2% JPM (9.5%) GS (7.9%) BOAML (7.3%) BARC (5.8%) MS (4.6%) Media & Ent 2, , % 39.4% BOAML (8.7%) GS (8.6%) JPM (8.5%) CS (7.0%) DB (6.6%) Telecom 2, , % 42.6% JPM (13.1%) GS (9.3%) BOAML (8.3%) CITI (6.1%) MS (5.8%) Consumer Staples 2, , % 27.7% BOAML (7.9%) CTRVIEW (5.3%) JPM (5.1%) BARC (5.0%) GS (4.4%) Govt & Agencies 1, , % 24.3% HSBC (5.8%) CITI (4.8%) BARC (4.7%) BOAML (4.5%) JPM (4.5%) *IB fees based on the period from January 01 through September Source: Thomson Reuters Deals Business Intelligence

7 Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees - All Products (US$m) IB Fees By Product ( *) Top 3 Banks & Share ( *) Company Name Avg Ann'l * Bonds Equity Loans M&A Top 3 Bank #1 Bank #2 Bank #3 GE $ 324 $ 294 $ 268 $ % JPM (13.1%) CITI (12.0%) CS (9.8%) SoftBank Corp % MIZUHO (19.1%) NOMURA (15.6%) DAIWA (12.4%) Actavis PLC % JPM (27.1%) MIZUHO (16.2%) WF (10.5%) Verizon Communications Inc % JPM (19.9%) MS (15.8%) BOAML (12.7%) Dell Inc % BOAML (19.4%) BARC (19.0%) CS (18.6%) JPMorgan Chase & Co % WF (11.6%) MS (11.0%) BOAML (8.2%) Alibaba Group Holding Ltd % MS (13.8%) GS (13.4%) DB (13.4%) Banco Santander SA % GS (15.7%) UBS (12.0%) CITI (9.5%) Altice SA % JPM (17.6%) MS (15.5%) 5%) GS (10.9%) Charter Communications Inc % GS (21.2%) BOAML (20.7%) CS (16.8%) Citigroup Inc % GS (7.7%) JPM (6.2%) BOAML (6.2%) Goldman Sachs Group Inc % MS (12.4%) BOAML (8.8%) CITI (6.8%) Monte dei Paschi di Siena % UBS (12.7%) MEDIO (11.1%) GS (10.7%) Telefonica SA % GS (9.3%) UBS (8.0%) MS (7.4%) Valeant Pharmaceuticals Intl % GS (15.2%) DB (13.3%) MS (10.5%) ING Groep NV % JPM (14.9%) MS (12.0%) CITI (11.4%) HFSF % CITI (12.4%) BOAML (10.6%) UBS (9.2%) Ally Financial Inc % LAZ (11.5%) CITI (11.3%) JPM (9.5%) Cheniere Energy Inc % MS (8.9%) CS (6.7%) GS (6.3%) Frontier Communications Corp % JPM (43.3%) CITI (18.0%) BOAML (15.7%) AT&T Inc % JPM (16.5%) LAZ (14.1%) CITI (5.9%) Deutsche Bank AG % UCG (8.6%) RBS (8.0%) ING (7.4%) SunEdison Inc % GS (17.8%) BARC (14.3%) MS (14.1%) HJ Heinz Co % WF (16.0%) JPM (14.6%) CTRVIEW (11.3%) Morgan Stanley % MUFJ (12.5%) BOAML (11.6%) UBS (7.2%) Top 25 Fee Payers 4,096 3,988 3,923 3, % JPM (10.8%) BOAML (7.6%) GS (7.1%) All Others 71,152 67,312 75,546 52, % JPM (7.6%) BOAML (6.7%) GS (6.4%) Global Total $ 75,247 $ 71,300 $ 79,469 $ 55, % JPM (7.2%) BOAML (6.4%) GS (6.2%) Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises and self funded/advisory fees * 2015 volumes through September Source: Thomson Reuters Deals Business Intelligence

8 Financial Sponsor Fee Trend (US$b) Top Financial Sponsors by Fees - First Nine Months 2015 (US$m) $16 18% Rank Fees (US$m) By Activity (First Nine Months 2015) ('15/'14) Sponsor Name 2015 YOY Buyouts Acq Fin. Exits Portfolio Other $14 16% 16% 16% (1/1) Blackstone Group LP $ % (2/2) The Carlyle Group LP % $12 $10 15% (3/5) CVC Capital Partners Ltd % 14% 14% (4/4) KKR & Co LP % 13% (5/25) Canada Pension Plan Investment % 13% 12% (6/6) Bain Capital LLC % (7/10) Warburg Pincus LLC % 10% 10% (8/8) TPG Capital LP % $8 (9/15) Onex Corp % $15.0 (10/3) Apollo Global Management LLC % $13.2 8% $13.6 8% (11/23) Apax Partners Worldwide LLP % $6 $11.2 (12/46) Cerberus Capital Management LP % 6% 5% $9.8 (13/7) Clayton Dubilier & Rice LLC % $8.7 (14/37) BC Partners Ltd % $4 $7.9 4% (15/9) Silver Lake Management LLC % $2 $5.1 (16/18) Cinven Ltd % $3.7 2% (17/19) Advent International Corp % (18/34) Madison Dearborn Partners LLC 95 30% (19/14) Permira Advisers LLP 94-33% $0 0% (20/57) Caisse de Depot et Placement % Ann Sponsor Total $ 8,747-26% Sponsor Fees (US$b) Sponsor Fees as % of IB Financial Sponsor Fees by Activity Type (US$b) 70% 60% 50% 40% 30% 20% 10% 0% 55% 12% 61% 33% 35% 31% 22% 17% 16% 17% 17% 17% 14% 4% - 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 28% 29% 16% 11% YTD Buyouts* Exits (M&A & ECM) M&A Exits ECM Exits 22% 15% 33% 18% Financial Sponsors: Top Banks - First Nine Months 2015 (US$m) Rank Fees (US$m) By Activity (First Nine Months 2015) ('15/'14) Sponsor Name 2015 YOY Buyouts Acq Fin. Exits Portfolio Other (1/1) Goldman Sachs & Co $ % (2/3) Credit Suisse % (3/4) Morgan Stanley % (4/2) JP Morgan % (5/5) Bank of America Merrill Lynch % (6/6) Deutsche Bank % (7/7) Barclays % (8/8) Citi % (9/11) Jefferies LLC % (10/10) RBC Capital Markets % (11/9) UBS % (12/12) Wells Fargo & Co % (13/17) HSBC Holdings PLC 125-1% (14/13) Nomura % (15/14) BNP Paribas SA % (16/16) Lazard % (17/18) Macquarie Group % (18/25) Rothschild % (19/30) Houlihan Lokey 84 19% (20/29) SunTrust Banks 84 19% Sponsor Total $ 8,747-26% Source: Thomson Reuters Deals Business Intelligence

9 Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - First Nine Months 2015 (US$m) Global Equity: Top Banks - First Nine Months 2015 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2015 YOY Bank Name 2015 YOY 2015 YOY Americas EMEA Asia-Pacific Japan 2015 YOY Bank Name 2015 YOY 2015 YOY Americas EMEA Asia-Pacific Japan 1 - = Goldman Sachs & Co $ 2,129 44% 11.5% = JP Morgan $ 1,060-13% 6.6% Morgan Stanley 1,405 33% 7.6% Goldman Sachs & Co 1,046-17% 6.5% JP Morgan 1,323 17% 7.1% Morgan Stanley 1,030-26% 6.4% = Bank of America Merrill Lynch 1,000 23% 5.4% Bank of America Merrill Lynch % 4.9% Citi % 4.1% Citi % 4.4% = Lazard 724 9% 3.9% Deutsche Bank % 3.7% Barclays % 3.4% = Credit Suisse % 3.7% Deutsche Bank 579 3% 3.1% UBS % 3.4% Credit Suisse % 3.0% Barclays % 2.8% = Rothschild % 2.7% RBC Capital Markets % 2.2% Centerview Partners LLC % 2.5% Nomura % 2.0% UBS 347 1% 1.9% Jefferies LLC 260 4% 1.6% Evercore Partners % 1.8% Wells Fargo & Co % 1.6% Jefferies LLC % 1.7% CITIC % 1.5% Qatalyst Partners % 1.4% Sumitomo Mitsui Finl Grp Inc 189 8% 1.2% = Houlihan Lokey % 1.4% Mizuho Financial Group % 1.2% RBC Capital Markets % 1.4% BMO Capital Markets % 1.1% Moelis & Co % 1.1% Guotai Junan Securities % 1.0% = Macquarie Group 198-4% 1.1% Cowen & Co % 1.0% Wells Fargo & Co % 1.0% China Merchants Securities Co % 1.0% 0.5 M&A Total $ 18,571 8% Equity Total $ 15,977-13% Global Bonds: Top Banks - First Nine Months 2015 (US$m) Global Loans: Top Banks - First Nine Months 2015 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2015 YOY Bank Name 2015 YOY 2015 YOY Americas EMEA Asia-Pacific Japan 2015 YOY Bank Name 2015 YOY 2015 YOY Americas EMEA Asia-Pacific Japan 1 - = JP Morgan $ 1,456-1% 8.7% = Bank of America Merrill Lynch $ % 7.3% = Bank of America Merrill Lynch 1,250 2% 7.4% = JP Morgan % 6.3% = Citi 1,112-5% 6.6% = Deutsche Bank % 4.7% Morgan Stanley % 5.8% Citi % 4.4% Goldman Sachs & Co 965-6% 5.7% Barclays % 4.3% Deutsche Bank % 5.7% Credit Suisse % 3.9% Barclays 897 2% 5.3% Goldman Sachs & Co 509 1% 3.9% Credit Suisse % 4.4% Wells Fargo & Co % 3.6% Wells Fargo & Co 708 9% 4.2% Mitsubishi UFJ Financial Group 407-6% 3.1% HSBC Holdings PLC % 3.3% RBC Capital Markets 393-8% 3.0% RBC Capital Markets 460-5% 2.7% HSBC Holdings PLC % 3.0% BNP Paribas SA % 2.6% Morgan Stanley % 2.7% UBS % 2.1% BNP Paribas SA % 2.4% Mizuho Financial Group % 1.7% Mizuho Financial Group % 2.1% = Credit Agricole CIB % 1.4% Sumitomo Mitsui Finl Grp Inc % 2.0% = Nomura % 1.3% Jefferies LLC 225 1% 1.7% Mitsubishi UFJ Financial Group 215-9% 1.3% = Credit Agricole CIB % 1.7% Societe Generale % 1.2% SunTrust Banks 218 8% 1.7% RBS % 1.2% = ING % 1.5% TD Securities Inc % 1.1% Societe Generale % 1.4% 0.1 Bonds Total $ 16,836-15% Loans Total $ 13,095-18% Source: Thomson Reuters Deals Business Intelligence

10 Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - First Nine Months 2015 (US$m) EMEA Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2015 YOY Bank Name 2015 YOY 2015 YOY Bonds Equity Loans M&A 2015 YOY Bank Name 2015 YOY 2015 YOY Bonds Equity Loans M&A 1 - = JP Morgan $ 3,443 7% 9.3% Goldman Sachs & Co $ 1,033 1% 6.7% = Bank of America Merrill Lynch 3,146 2% 8.5% JP Morgan % 5.7% = Goldman Sachs & Co 3,127 15% 8.4% Deutsche Bank % 5.5% = Morgan Stanley 2,536 3% 6.8% Morgan Stanley % 4.4% = Citi 2,220 3% 6.0% Barclays % 4.2% Barclays 1,785-4% 4.8% = Citi % 4.1% Credit Suisse 1,687-12% 4.6% BNP Paribas SA % 3.8% = Deutsche Bank 1,580-9% 4.3% Bank of America Merrill Lynch % 3.8% = Wells Fargo & Co 1,518-7% 4.1% HSBC Holdings PLC % 3.5% = RBC Capital Markets 1,250-13% 3.4% Credit Suisse % 3.2% = Jefferies LLC 751-7% 2.0% = UBS % 3.2% BMO Capital Markets % 1.5% = Societe Generale % 2.5% UBS % 1.5% = Credit Agricole CIB % 2.2% Centerview Partners LLC % 1.2% Rothschild 330-1% 2.1% = TD Securities Inc % 1.2% Lazard 281-4% 1.8% Lazard % 1.1% UniCredit % 1.6% = HSBC Holdings PLC 416 9% 1.1% Natixis % 1.4% SunTrust Banks % 1.1% RBS % 1.4% Scotiabank % 1.1% ING % 1.3% Mitsubishi UFJ Financial Group 379 8% 1.0% = Santander % 1.1% -0.2 Americas Total $ 37,069-1% EMEA Total $ 15,437-24% Asia-Pacific Investment Banking: Top Banks - First Nine Months 2015 (US$m) Japan Investment Banking: Top Banks - First Nine Months 2015 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2015 YOY Bank Name 2015 YOY 2015 YOY Bonds Equity Loans M&A 2015 YOY Bank Name 2015 YOY 2015 YOY Bonds Equity Loans M&A 1 1 UBS $ % 3.8% Mizuho Financial Group $ % 15.5% Goldman Sachs & Co % 3.8% Nomura % 14.9% CITIC 323-8% 3.4% Sumitomo Mitsui Finl Grp Inc % 14.5% Deutsche Bank % 3.0% = Morgan Stanley % 9.9% Morgan Stanley % 3.0% = Daiwa Securities Group Inc % 8.6% HSBC Holdings PLC % 3.0% Goldman Sachs & Co % 5.3% = JP Morgan % 2.9% Mitsubishi UFJ Financial Group % 5.1% Citi % 2.6% = Bank of America Merrill Lynch 70-28% 2.7% Credit Suisse % 2.3% = JP Morgan 69 44% 2.7% Bank of America Merrill Lynch % 2.1% = Citi 52 21% 2.0% Macquarie Group 199-3% 2.1% Deutsche Bank 39 31% 1.5% Bank of China Ltd % 2.0% Sumitomo Mitsui Trust Holdings 35 3% 1.3% Industrial & Comm Bank China % 1.9% Barclays 25 29% 1.0% Guotai Junan Securities % 1.9% Deloitte % 0.9% China Merchants Securities Co % 1.7% = UBS 22 24% 0.8% Guosen Securities Co Ltd % 1.6% Development Bank of Japan Inc % 0.7% Haitong Securities Co Ltd % 1.5% GCA Savvian Group Corp 16-41% 0.6% China Securities Co Ltd 140-2% 1.5% BNP Paribas SA 14-11% 0.5% China International Capital Co 138 7% 1.5% Lazard 11 2% 0.4% Standard Chartered PLC % 1.3% SBI Holdings Inc 10 34% 0.4% 0.1 Asia-Pacific Total $ 9,394-12% Japan Total $ 2,579-13% Source: Thomson Reuters Deals Business Intelligence

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