Reuters/Eduardo Munoz GLOBAL INVESTMENT BANKING REVIEW

Transcription

1 Reuters/Eduardo Munoz FIRST NINE MONTHS 2013

2 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 Wallet- Share 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 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 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 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 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 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 Europe Asia-Pacific Japan Lauren Herman Clare Arber Thomas Lau Yukiko Matsushima lauren.herman@thomsonreuters.com clare.arber@thomsonreuters.com thomas.lau@thomsonreuters.com 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. 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 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) 21.6% CAGR % CAGR Ann $103.9 Global IB Fees by Region: First Nine Months 2013 (US$m) Global $ 56,831.5 fees 3.3% $88.9 $70.2 $48.9 $61.9 $78.3 $67.5 $53.9 $70.6 $47.1 $79.1 $77.1 $77.1 $76.3 $60.0 $53.6 $54.9 $56.8 Americas $ 32,500.9 fees 6.7% EMEA $ 14,383.2 fees 1.9% $ Japan $ 3,277.0 fees Asia-Pacific 3.7% 6,670.4 fees -8.2% YTD Ann YOY % Δ 26.6% 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% 40% 35% 30% 25% 20% 15% 10% 28% 29% 23% 17% 15% 15% 21% 17% 27% 27% 12% 15% 30% 31% 24% 21% 21% 23% $35 $30 $25 $20 $15 $10 Q3 '13 vs. Q2 '13: Global (-23.6%) Japan (+12.3%) Asia-Pacific (-21.8%) EMEA (-30.9%) Americas (-23.5%) 5% $5 0% YTD $ Bonds Equity Loans M&A ' Source: Thomson Reuters Deals Business Intelligence

4 Global IB Fees by Nation: First Nine Months 2013 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 $ 30, % France & Benelux $ 3, % Iberia % North Asia $ 3, % South America % UK & Ireland 3, % CIS % Japan 3, % Caribbean % Germania 2, % Middle East % Australasia 1, % Central America % Southern Europe 1, % Africa % Southeast Asia 1, % Americas $ 32, % Nordic 1, % CEE % South Asia % EMEA $ 14, % AsPac & Japan $ 9, % Canada $3.08b / -10.2% United States $27.63b / 8.7% Mexico $418m / 53.6% Finland: $155m / -41.5% Sweden: $506m / -3.6% Norway: $310m / 0.4% Denmark: $154m / 3.6% Neth: $1.04b / 23.2% UK: $3.09b / 5.4% 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% India $411m / 2.0% Russia $559m / 36.6% China $2.55b / -5.2% S. Korea: $427m / -16.3% Japan: $3.28b / 3.7% Hong Kong: $625m / 29.9% Singapore: $373m / 24.3% Malaysia: $289m / -35.4% Global IB Fees Brazil $519m / -23.3% 2013 YTD $56.8b Australia $1.30b / -20.2% 3.3% YOY % South Africa $123m / -30.8% -50% -20% -10% -5% 0% +5% +10% +20% +50% Source: Thomson Reuters Deals Business Intelligence

5 Global Investment Banking: Top Banks - First Nine Months 2013 (US$m) Rank Fees (US$m) Share 2013 YOY Bank Name 2013 YOY 2013 YOY 1 - = JP Morgan $ 4, % 7.8% = Bank of America Merrill Lynch 4, % 7.1% = Goldman Sachs & Co 3, % 6.1% = Morgan Stanley 3, % 5.7% = Citi 2, % 5.2% Deutsche Bank 2, % 4.5% Barclays 2, % 4.4% Credit Suisse 2, % 4.2% Wells Fargo & Co 1, % 2.9% UBS 1, % 2.7% = RBC Capital Markets 1, % 2.5% = HSBC Holdings PLC 1, % 1.8% BNP Paribas SA % 1.7% Nomura % 1.7% = Mizuho Financial Group % 1.4% RBS % 1.3% Jefferies LLC % 1.3% Sumitomo Mitsui Finl Grp Inc % 1.2% Mitsubishi UFJ Financial Group % 1.1% BMO Capital Markets % 1.0% Scotiabank % 0.8% Credit Agricole CIB % 0.8% Lazard % 0.8% Societe Generale % 0.8% Rothschild % 0.7% -0.1 Global Total $ 56, % Product Mix - First Nine Months 2013 Bonds Equity Loans M&A Source: Thomson Reuters Deals Business Intelligence

6 Global Investment Banking: Top Banks by Product/Region/Sector - First Nine Months 2013 (US$m) IB Fees (US$m) Top 5 Banks by Fees & Share - First Nine Months YTD 2012 YTD YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 56,831.5 $ 54, % 32.0% JPM (7.8%) BOAML (7.1%) GS (6.1%) MS (5.7%) CITI (5.2%) By Region By Product By Sector Americas $ 32,500.9 $ 30, % 38.9% BOAML (9.9%) JPM (9.4%) GS (6.6%) CITI (6.5%) MS (6.5%) Europe 13, , % 27.6% JPM (7.2%) GS (6.1%) DB (5.6%) BOAML (4.4%) MS (4.2%) Asia-Pacific 6, , % 20.7% GS (5.0%) UBS (4.6%) HSBC (3.9%) JPM (3.9%) CITI (3.3%) Japan 3, , % 67.6% NOMURA (18.9%) MIZUHO (15.8%) SMFG (13.8%) MS (10.8%) DAIWA (8.4%) MEA % 25.2% CITI (6.3%) DB (5.2%) HSBC (4.9%) BARC (4.6%) GS (4.2%) Bonds $ 17,491.9 $ 17, % 34.3% JPM (8.7%) BOAML (7.7%) CITI (6.3%) DB (5.9%) MS (5.8%) Equity 13, , % 35.3% MS (7.9%) JPM (7.9%) GS (7.3%) BOAML (6.7%) CITI (5.6%) Follow-On 8, , % 32.5% JPM (7.6%) GS (7.2%) MS (6.6%) BOAML (6.2%) CITI (4.9%) IPO 4, , % 39.0% MS (10.5%) BOAML (7.6%) JPM (7.3%) CITI (6.9%) GS (6.8%) Convertible 1, % 42.2% JPM (11.7%) GS (9.1%) MS (8.0%) BOAML (7.2%) BARC (6.2%) Loans 13, , % 29.8% BOAML (8.4%) JPM (8.1%) DB (4.7%) BARC (4.5%) CS (4.1%) M&A 12, , % 31.1% GS (8.3%) MS (6.5%) JPM (6.2%) BOAML (5.5%) CITI (4.6%) Financials $ 18,113.0 $ 17, % 34.3% JPM (7.7%) GS (7.4%) BOAML (7.1%) MS (6.4%) CITI (5.8%) Energy & Power 6, , % 29.1% JPM (6.5%) CITI (6.4%) BOAML (6.1%) RBC (5.2%) BARC (4.9%) Industrials 5, , % 27.5% JPM (6.4%) CITI (5.7%) BOAML (5.6%) MS (4.9%) GS (4.9%) Real Estate 3, , % 31.7% BOAML (9.0%) JPM (6.8%) MS (6.5%) WF (4.9%) NOMURA (4.5%) Materials 3, , % 28.6% JPM (6.8%) BOAML (6.4%) CITI (5.6%) MS (5.0%) DB (4.8%) Healthcare 2, , % 43.7% JPM (12.2%) GS (9.6%) BOAML (8.2%) MS (7.7%) BARC (6.0%) High Tech 2, , % 38.4% GS (9.7%) JPM (9.1%) BOAML (7.0%) MS (7.0%) CS (5.6%) Consumer Staples 2, , % 32.4% JPM (9.1%) BOAML (8.4%) BARC (6.4%) MS (4.7%) CS (3.8%) Telecom 2, , % 38.1% JPM (10.0%) BOAML (7.5%) GS (7.5%) MS (6.6%) DB (6.5%) Media & Ent 2, , % 38.7% JPM (11.5%) BOAML (8.7%) DB (6.9%) MS (6.0%) GS (5.6%) Consumer Products 2, , % 31.1% BOAML (9.0%) JPM (8.1%) DB (5.0%) GS (4.7%) MS (4.3%) Govt & Agencies 2, , % 26.0% DB (6.3%) MS (5.6%) HSBC (4.8%) JPM (4.8%) GS (4.6%) Retail 1, , % 35.7% BOAML (10.3%) GS (8.8%) JPM (6.8%) BARC (5.5%) CS (4.2%) *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 $ 292 $ 300 $ 282 $ % JPM (13.1%) BOAML (11.4%) CITI (11.0%) Porsche Automobil Holding SE % CS (11.9%) DB (11.6%) JPM (8.3%) UniCredit SpA % BOAML (15.9%) DB (8.5%) MEDIO (6.2%) Rabobank % CS (11.1%) BOAML (10.9%) MS (9.5%) Goldman Sachs Group Inc % CITI (9.2%) BARC (7.5%) DB (7.1%) ING Groep NV % JPM (13.3%) GS (11.3%) CITI (10.2%) Commerzbank AG % DB (12.8%) CITI (11.2%) HSBC (10.8%) SoftBank Corp % MIZUHO (28.7%) NOMURA (12.3%) DB (10.7%) JPMorgan Chase & Co % BOAML (11.2%) CS (7.4%) WF (6.5%) Health Care REIT Inc % BOAML (20.1%) UBS (16.1%) JPM (9.5%) Verizon Communications Inc % BOAML (14.0%) JPM (14.0%) BARC (12.8%) Glencore International Plc % CITI (16.4%) MS (16.3%) CS (9.8%) Chesapeake Energy Corp % JEFF (29.9%) GS (28.3%) MS (7.4%) CNPC % ICBC (10.4%) CITIC (9.4%) CICC (7.6%) HJ Heinz Co % JPM (15.5%) WF (13.9%) BARC (12.7%) Brookfield Asset Management % CIBC (19.5%) SCOTIA (9.9%) RBC (9.2%) Credit Suisse Group AG % CITI (16.1%) BARC (10.6%) GS (7.7%) Resona Holdings Inc % NOMURA (29.3%) BOAML (28.7%) DAIWA (14.8%) Rank Group Ltd % CS (64.0%) HSBC (22.7%) NOMURA (3.6%) Banco Santander SA % BOAML (15.6%) UBS (11.8%) JPM (10.8%) Hercules Holdings II LLC % CITI (14.5%) JPM (13.9%) BOAML (13.9%) Toyota Motor Corp % DAIWA (18.0%) SMFG (15.8%) NOMURA (7.6%) AIG % GS (20.6%) DB (11.8%) CITI (11.0%) Pfizer Inc % MS (20.6%) JPM (19.3%) BOAML (11.0%) GDF Suez SA % ROTH (10.6%) NOMURA (9.2%) MS (8.2%) Top 25 Fee Payers 3,421 3,589 3,239 2, % BOAML (9.2%) JPM (7.2%) CITI (6.9%) All Others 61,139 61,404 60,900 45, % JPM (7.7%) BOAML (7.1%) MS (5.6%) Global Total $ 64,560 $ 64,993 $ 64,139 $ 48, % 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 Source: Thomson Reuters Deals Business Intelligence

8 Financial Sponsor Fee Trend (US$b) Top Financial Sponsors by Fees - First Nine Months 2013 (US$m) $16 $14 $12 $10 $8 $6 $4 $2 $0 13% 14% 13% 13% 11% 11% 10% 8% $14.0 $10.1 5% $9.8 $10.7 $7.4 $7.7 $7.6 $5.7 $ Ann Sponsor Fees (US$b) Sponsor Fees as % of IB 16% 14% 12% 10% 8% 6% 4% 2% 0% Rank Fees (US$m) By Activity (First Nine Months 2013) ('13/'12) Sponsor Name 2013 YOY Buyouts Acq Fin. Exits Portfolio Other (1/5) Blackstone Group LP $ % (2/2) Apollo Global Management LLC % (3/1) KKR & Co LP % (4/3) The Carlyle Group LP % (5/-) 3G Capital Partners Ltd 227 n/a (6/13) Bain Capital LLC % (7/10) Warburg Pincus LLC % (8/4) CVC Capital Partners Ltd 185-3% (9/33) BC Partners Ltd 178 >200% (10/8) Advent International Corp 151 6% (11/7) Madison Dearborn Partners LLC % (12/25) Cinven Ltd % (13/37) Silver Lake Management LLC % (14/38) Cerberus Capital Management LP % (15/11) TPG Capital LP % (16/24) EQT Partners BV 92 50% (17/6) Riverstone Holdings LLC 91-43% (18/31) Onex Corp 86 63% (19/32) Clayton Dubilier & Rice LLC 84 68% (20/20) Thomas H Lee Co 78 12% Sponsor Total $ 7,557 7% Financial Sponsor Fees by Activity Type (US$b) 70% 60% 50% 40% 30% 20% 10% 0% 49% 20% 11% 56% 58% 58% 15% 18% 8% 9% 27% 38% 29% 28% 27% - Financial sponsor fees based on pro rata methodology - Buyouts* include fees from related acquisition financings - Portfolio company activity included if sponsor's holding is estimated at 20+% - Other includes fees from capital raisings by and/or acquisitions of financial sponsors 2% 8% 40% 11% 10% YTD Buyouts* Exits (M&A & ECM) M&A Exits ECM Exits 37% 25% 8% 29% 19% 11% Financial Sponsors: Top Banks - First Nine Months 2013 (US$m) Rank Fees (US$m) By Activity (First Nine Months 2013) ('13/'12) Sponsor Name 2013 YOY Buyouts Acq Fin. Exits Portfolio Other (1/1) Goldman Sachs & Co $ % (2/2) JP Morgan 559 9% (3/6) Morgan Stanley % (4/3) Credit Suisse 489 2% (5/4) Bank of America Merrill Lynch % (6/5) Barclays % (7/7) Deutsche Bank % (8/8) Citi 363 9% (9/10) UBS % (10/9) RBC Capital Markets 237-6% (11/12) Wells Fargo & Co % (12/11) Jefferies LLC 184-6% (13/14) Nomura % (14/13) General Electric Co % (15/20) BNP Paribas SA % (16/19) Lazard % (17/15) Rothschild 101 4% (18/22) HSBC Holdings PLC 90 31% (19/25) Macquarie Group 81 48% (20/16) BMO Capital Markets 76-13% Sponsor Total $ 7,557 7% Source: Thomson Reuters Deals Business Intelligence

9 Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - First Nine Months 2013 (US$m) Global Equity: Top Banks - First Nine Months 2013 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share 2013 YOY Bank Name 2013 YOY 2013 YOY 2013 YOY Bank Name 2013 YOY 2013 YOY 1 - = Goldman Sachs & Co $ 1,039-16% 8.3% Morgan Stanley $ 1,089 43% 7.9% Morgan Stanley 818-4% 6.5% JP Morgan 1,077 39% 7.9% JP Morgan % 6.2% Goldman Sachs & Co % 7.3% Bank of America Merrill Lynch % 5.5% Bank of America Merrill Lynch % 6.7% Citi % 4.6% Citi % 5.6% = Barclays % 4.2% Credit Suisse % 4.8% Credit Suisse % 3.9% UBS % 4.3% Rothschild 419-6% 3.3% Deutsche Bank % 4.2% Lazard % 3.2% Barclays % 3.9% Deutsche Bank % 2.7% Nomura % 3.0% Evercore Partners % 2.6% Wells Fargo & Co % 2.6% UBS % 2.4% RBC Capital Markets 308-1% 2.2% RBC Capital Markets % 2.3% Jefferies LLC % 1.4% Jefferies LLC % 1.9% Sumitomo Mitsui Finl Grp Inc % 1.2% Nomura % 1.4% Daiwa Securities Group Inc % 1.1% Houlihan Lokey % 1.3% BMO Capital Markets % 1.1% BNP Paribas SA 143-5% 1.1% HSBC Holdings PLC 135 3% 1.0% Greenhill & Co, LLC % 1.1% Stifel/KBW % 0.9% Centerview Partners LLC 132 7% 1.0% Raymond James Financial Inc 124 3% 0.9% CIBC World Markets Inc % 1.0% Macquarie Group % 0.9% 0.0 M&A Total $ 12,558-16% Equity Total $ 13,720 20% Client Mix by Region Americas EMEA Asia-Pacific Japan Americas EMEA Asia-Pacific Japan Global Bonds: Top Banks - First Nine Months 2013 (US$m) Global Loans: Top Banks - First Nine Months 2013 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share 2013 YOY Bank Name 2013 YOY 2013 YOY 2013 YOY Bank Name 2013 YOY 2013 YOY 1 - = JP Morgan $ 1,515 2% 8.7% Bank of America Merrill Lynch $ 1,093 37% 8.4% = Bank of America Merrill Lynch 1,341 11% 7.7% JP Morgan 1,061 21% 8.1% = Citi 1,106 0% 6.3% Deutsche Bank % 4.7% = Deutsche Bank 1,024 2% 5.9% Barclays % 4.5% = Morgan Stanley 1,011 9% 5.8% Credit Suisse % 4.1% Goldman Sachs & Co % 5.6% Wells Fargo & Co % 4.1% Barclays 857 1% 4.9% Citi 525-3% 4.0% = Credit Suisse 728-9% 4.2% Goldman Sachs & Co % 3.5% = Wells Fargo & Co 621-1% 3.5% Mitsubishi UFJ Financial Group 430-7% 3.3% = HSBC Holdings PLC % 3.1% RBC Capital Markets % 3.1% RBS % 2.5% Mizuho Financial Group % 2.7% RBC Capital Markets 442-6% 2.5% Morgan Stanley % 2.5% BNP Paribas SA 437 6% 2.5% Sumitomo Mitsui Finl Grp Inc 300-6% 2.3% UBS % 2.3% BNP Paribas SA % 2.2% = Nomura % 1.6% = HSBC Holdings PLC % 2.1% = Mizuho Financial Group 234-8% 1.3% UBS % 1.8% = Credit Agricole CIB 197-3% 1.1% RBS % 1.8% Societe Generale 182 9% 1.0% General Electric Co % 1.6% Mitsubishi UFJ Financial Group 173 4% 1.0% BMO Capital Markets % 1.4% Jefferies LLC % 1.0% ING % 1.3% 0.3 Bonds Total $ 17,492 1% Loans Total $ 13,062 16% Client Mix by Region Americas EMEA Asia-Pacific Japan Americas EMEA Asia-Pacific Japan Source: Thomson Reuters Deals Business Intelligence

10 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 Fees Share Product Mix Rank Fees Share Product Mix 2013 YOY Bank Name 2013 YOY 2013 YOY Bonds Equity Loans M&A 2013 YOY Bank Name 2013 YOY 2013 YOY Bonds Equity Loans M&A 1 1 Bank of America Merrill Lynch $ 3,218 23% 9.9% = JP Morgan $ 1,015 18% 7.1% JP Morgan 3,050 6% 9.4% Goldman Sachs & Co % 6.0% = Goldman Sachs & Co 2,160 7% 6.6% Deutsche Bank 803 6% 5.6% = Citi 2,103 13% 6.5% Bank of America Merrill Lynch % 4.3% = Morgan Stanley 2,098 15% 6.5% Citi % 4.2% Barclays 1,801 12% 5.5% Morgan Stanley % 4.1% Credit Suisse 1,680-1% 5.2% Barclays 577-1% 4.0% Wells Fargo & Co 1,564 16% 4.8% BNP Paribas SA 568 0% 4.0% Deutsche Bank 1,484 9% 4.6% Credit Suisse % 3.8% = RBC Capital Markets 1,233 10% 3.8% HSBC Holdings PLC 460-8% 3.2% = UBS 823 0% 2.5% UBS % 2.6% Jefferies LLC % 1.9% Societe Generale 359 9% 2.5% BMO Capital Markets 521-7% 1.6% UniCredit % 2.1% Scotiabank 400 7% 1.2% RBS % 2.0% RBS 391-7% 1.2% Credit Agricole CIB % 2.0% CIBC World Markets Inc 327 1% 1.0% Rothschild 283-3% 2.0% = TD Securities Inc 323-7% 1.0% ING % 1.6% BNP Paribas SA % 0.9% Natixis % 1.3% = HSBC Holdings PLC 289 4% 0.9% RBC Capital Markets % 1.2% Evercore Partners % 0.8% Nomura % 1.1% -0.5 Americas Total $ 32,501 7% EMEA Total $ 14,383 2% Asia-Pacific Investment Banking: Top Banks - First Nine Months 2013 (US$m) Japan Investment Banking: Top Banks - First Nine Months 2013 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2013 YOY Bank Name 2013 YOY 2013 YOY Bonds Equity Loans M&A 2013 YOY Bank Name 2013 YOY 2013 YOY Bonds Equity Loans M&A 1 5 Goldman Sachs & Co $ % 5.0% Nomura $ % 18.9% UBS % 4.6% Mizuho Financial Group % 15.8% HSBC Holdings PLC 260-7% 3.9% Sumitomo Mitsui Finl Grp Inc 452 1% 13.8% = JP Morgan 257 3% 3.9% = Morgan Stanley % 10.8% Citi % 3.3% = Daiwa Securities Group Inc % 8.4% Deutsche Bank 212-3% 3.2% = Mitsubishi UFJ Financial Group % 5.9% Morgan Stanley 200 3% 3.0% = Goldman Sachs & Co 112 6% 3.4% CITIC Group Corp % 3.0% JP Morgan % 3.2% Credit Suisse % 2.5% Bank of America Merrill Lynch 75-23% 2.3% Standard Chartered PLC % 2.4% Citi 46-41% 1.4% Macquarie Group % 2.3% = UBS 43-25% 1.3% Bank of China Ltd 145 5% 2.2% Deutsche Bank 42 9% 1.3% Bank of America Merrill Lynch 130 0% 1.9% Barclays 32-31% 1.0% DBS Group Holdings % 1.9% Credit Suisse 21 6% 0.6% State Bank of India % 1.6% BNP Paribas SA 21 16% 0.6% Barclays % 1.6% Sumitomo Mitsui Trust Holdings 17-50% 0.5% China Securities Co Ltd 96 97% 1.4% Development Bank of Japan Inc 16-46% 0.5% ANZ Banking Group 91-32% 1.4% Plutus Consulting Co Ltd % 0.5% China International Capital Co 87-15% 1.3% Credit Agricole CIB % 0.4% Industrial & Comm Bank China 80 29% 1.2% Tokai Tokyo Financial Holdings 14-25% 0.4% -0.2 Asia-Pacific Total $ 6,670-8% Japan Total $ 3,277 4% Source: Thomson Reuters Deals Business Intelligence

11 Thomson Reuters Solutions for the Deal Making Community FOR INVESTMENT BANKERS ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions. SOLUTION FOR Managing Client Relationships Deal Origination New Issues Pre-Marketing / Roadshows FOR JUNIOR BANKERS Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office. You can also access our key content sets easily to support your analysis. SOLUTION FOR Financial Modeling Customized League Tables Simple Deals screening Valuation analysis and comparable deal screening Full integration into Microsoft Office for on-brand pitch book FOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH SDC Platinum is the world s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities all within a tool built into your workflow in Excel, saving you valuable time and giving you a competitive edge. SOLUTION FOR Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) Pitch Creation (Firm Credentials, Representative Acquirors) M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) Negotiation (T&C Benchmarking) SOLUTION FOR Conducting market analysis and identifying trends Benchmarking your performance and monitoring competitors Targeting clients by wallet size and banking relationship Allocating resources more effectively by evaluating and analyzing lost deals Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to online.thomsonreuters.com/dealsintelligence Copyright 2013 Thomson Reuters. All rights reserved