GLOBAL INVESTMENT BANKING REVIEW - Thomson Reuters Deal ...

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2 -. Source: Thomson Reuters Deals Business Intelligence ...... Thomson Reuters Advanced Analytics for deal making impro
Reuters/Kai Pfaffenbach

GLOBAL INVESTMENT BANKING REVIEW FULL YEAR 2012

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global IB Fees Down 3%; DCM Accounts for 30% | JP Morgan Retains Top Spot | Fees from ECM Down 17%; M&A Fees Down 12%

Global Investment Banking Fees Total US$74.8 billion, down 3% from 2011; Slowest Annual Period since 2009; Europe IB Fees Fall to 8-Year Low

Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$74.8 billion during full year 2012, a 3% decrease over last year at this time and the slowest period for investment banking fees since 2009. Fourth quarter investment banking fees totaled US$20.7 billion, an increase of 13% compared to the third quarter of 2012. Fees in Europe totaled US$17.1 billion, a 17% decrease from 2011 while fees in Asia Pacific decreased 18%. Fees in the Americas increased 6% compared full year 2011, while fees in Japan increased 18% over 2011 levels.

JP Morgan Retains Top Global Investment Banking Fees Ranking; RBC Capital Markets, Citi, Barclays & Wells Fargo Lead Wallet-share Gains

JP Morgan topped the global investment banking league table for full year 2012 with US$5.6 billion in fees, or 7.5% of overall walletshare. Bank of America Merrill Lynch booked US$4.9 billion in investment banking fees during 2012, a decrease of 6.5% over last year and a loss of 0.2 wallet-share points. Within the top 25, RBC Capital Markets saw the biggest year-over-year wallet-share gain of 0.8 points, followed by Citi, Barclays and Wells Fargo, each with gains of 0.6 wallet-share points over 2011.

Financials, Resources and Industrials Account for 63% of Global Investment Banking Fee Pool

Investment banking activity in the financials, energy & power, industrials and materials sectors accounted for 63% of the global fee pool during full year 2012. JP Morgan topped the fee rankings in eight sectors during full year 2012, with double-digit wallet-share in the healthcare sector. Deutsche Bank, bolstered by sovereign debt underwriting, registered a 6.3% share of government and agency underwriting activity, which fell 7% over full year 2011. Morgan Stanley, bolstered by strength in IPO underwriting, captured 10.7% of t h l iinvestment t t banking b ki ffees d i ffullll year 2012 technology during 2012.

Debt Capital Markets Fees Account for 30% of Global Fees; M&A Fees Fall 12%; Slowest Year for ECM fees since 2003

Fees from debt capital markets underwriting totaled US$22.5 billion, an increase of 26% compared to last year's tally and accounted for 30% of overall IB fees this year. M&A advisory fees totaled US$20.5 billion during full year 2012, a decrease of 12% over the same period last year, and accounted for 27% of the global fee pool. Equity capital markets underwriting fees totaled US$15.6 billion during full year 2012, registering a 17% decrease from the year ago period and the slowest annual period for ECM fees since 2003.

Financial Sponsor-related Fees Hit $10 billion, Down 1% from 2011; The Carlyle Group LP Tops Financial Sponsor Rankings

Investment banking fees generated by financial sponsors and their portfolio companies reached $10.0 billion during full year 2012, a decline of 1% compared to full year 2011. Fees generated from leveraged buyouts accounted for 37% of financial sponsor-related fees during 2012, on par with the composition of financial sponsor-related activity seen since the 2008 financial crisis. The Carlyle Group LP and related entities generated $396 million in investment banking fees this year, an increase of 43% compared to full year 2011, while Goldman Sachs collected an industry-leading 7.5% of financial sponsor-related fees during full year 2012.

MEDIA CONTACT:

Americas

Lauren Herman

Europe

Clare Arber

CRITERIA SUMMARY:

[email protected]

Asia-Pacific Thomas Lau

[email protected]

Japan

[email protected]

Yukiko Matsushima

All data is as of 9:00am EST on January 2, 2012 and sourced via Deals Business Intelligence

[email protected]

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

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW Global Investment Banking Fee Trend (US$b)

Global Investment Banking Fees by Region: Full Year 2012 (US$m) Global $ 74,757.8 fees -3.4% ▼

2.9% CAGR 2008-2012

19.8% CAGR 2004-2007 $102.7 $88.2

$79.1 $69.5

$66.7

$77.4

$70.5

Americas $ 42,909.3 fees 5.5% ▲

$59.7

2004

2005

YOY % Δ 16.4%

EMEA $ 18,200.0 fees -16.0% ▼

$74.8

2006

2007

2008

2009

2010

2011

2012

26.9%

16.4%

-35.1%

5.7%

12.2%

-2.1%

-3.4%

$ $

Asia-Pacific 9,467.2 fees -17.8% ▼

Global Investment Banking Fees by Product (US$b)

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

45%

$35

40%

$30

35% 30%

30%

28%

25%

27% 23%

20% 15%

15%

17%

16%

$25

30%

28%

15%

26%

Q4 '12 vs. Q3 '12: Global (+12.9%) Japan (-10.6%) Asia-Pacific (-8.0%) EMEA (+13.9%) Americas (+20.0%)

$20

23%

21%

Japan 4,181.3 fees 18.1% ▲

22% $15

17%

16% $10

12%

10%

$5

5%

$0

0%

2004

2005

2006

Bonds

2007

Equity

2008

2009

Loans

2010

2011

12341234123412341234123412341234123412341234

2012

2002

M&A

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2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking Fees by Nation: Full Year 2012 Fees (US$) / Year-over-Year Change (%)

Region North America South America Caribbean Central America Americas

Americas Fees ($m) YOY ∆ $ 40,457 5.8% ▲ 1,305 -14.9% ▼ 691 33.9% ▲ 456 20.2% ▲ 5.5% ▲ $ 42,909

Region UK & Ireland France & Benelux Germania Southern Europe Nordic

Europe, Middle East & Africa Fees ($m) YOY ∆ Region $ 4,216 -15.4% ▼ Iberia 4,037 -22.6% ▼ CIS 3,454 -7.6% ▼ Middle East 1,566 -5.5% ▼ Africa 1,471 -17.3% ▼ CEE EMEA

Fees ($m) 1,373 812 698 318 255 $ 18,200

Asia-Pacific & Japan Region Fees ($m) YOY ∆ North Asia $ 5,023 -25.3% ▼ Japan 4,181 18.1% ▲ Australasia 2,399 -11.1% ▼ Southeast Asia 1,470 8.7% ▲ South Asia 575 -22.2% ▼ -9.3% ▼ AsPac & Japan $ 13,648

YOY ∆ -18.1% ▼ -30.7% ▼ 8.9% ▲ -27.4% ▼ -31.5% ▼ -16.0% ▼

Finland: $302m / 55.7% Sweden: $600m / -29.4% Norway: $339m / -20.2% Denmark: $197m / -28.1% Russia $702m / -37.0%

Neth: N th $988 $988m / -27.2% 27 2% UK: $3.76b / -16.4% Canada $4.88b / 9.1%

United States $35.57b / 5.3%

Germany: $2.14b / -12.1% Lux: $633m / 4.1% France: $2.05b / -28.6% Spain: $1.19b / -23.6% Switzerland: $1.16b / 5.0% Italy: $1.12b / 1.7%

S. Korea: $623m / -24.2%

Japan: $4.18b / 18.1%

China $3.40b / -25.5%

Mexico $442m / 26.9%

Hong Kong: $756m / -29.2%

India $558m / -22.8%

Singapore: $333m / -11.1% Malaysia: $556m / 49.5%

Global IB Fees

Brazil $896m / -9.3%

Full Year 2012

Australia $2.14b / -11.6%

$74.8b South Africa $232m / -33.9%

-3.4% YOY % ∆

-50%

-20%

-10%

-4-

-5%

0%

+5%

+10%

+20%

+50%

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking: Top Banks - Full Year 2012 (US$m) Rank 2012 YOY ∆ 1 -= 2 -= 3 1▲ 4 -1 ▼ 5 1▲ 6 -1 ▼ 7 -= 8 -= 9 -= 10 -= 11 1▲ 12 1▲ 13 1▲ 14 -3 ▼ 15 -= 16 1▲ 17 -1 ▼ 18 6▲ 19 -= 20 3▲ 21 -3 ▼ 22 7▲ 23 -1 ▼ 24 2▲ 25 -5 ▼

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

Fees (US$m) 2012 YOY ∆ $ 5,598 -2.2% ▼ 4,858 -6.5% ▼ 4.4% ▲ 4,189 3,902 -6.3% ▼ 3,723 10.5% ▲ 3,553 -3.4% ▼ 0.0% ▲ 3,353 12 8% ▲ 3 318 12.8% 3,318 2,288 -6.5% ▼ 2,077 23.0% ▲ 2,024 34.6% ▲ 2.5% ▲ 1,389 1,171 -11.9% ▼ 1,098 -27.9% ▼ 1,056 10.1% ▲ 6.3% ▲ 950 924 -1.3% ▼ 905 50.8% ▲ 6.3% ▲ 804 783 18.1% ▲ 768 -2.7% ▼ 637 20.8% ▲ 591 -11.9% ▼ 1.4% ▲ 584 538 -26.9% ▼ $ 74,758 -3.4% ▼

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Share 2012 YOY ∆ 7.5% 0.1 ▲ 6.5% -0.2 ▼ 5.6% 0.4 ▲ 5.2% -0.2 ▼ 5.0% 0.6 ▲ 4.8% 0.0 ▼ 4.5% 0.2 ▲ 4 4% 4.4% 06 ▲ 0.6 3.1% -0.1 ▼ 2.8% 0.6 ▲ 2.7% 0.8 ▲ 1.9% 0.1 ▲ 1.6% -0.2 ▼ 1.5% -0.5 ▼ 1.4% 0.2 ▲ 1.3% 0.1 ▲ 1.2% 0.0 ▲ 1.2% 0.4 ▲ 1.1% 0.1 ▲ 1.0% 0.2 ▲ 1.0% 0.0 ▲ 0.9% 0.2 ▲ 0.8% -0.1 ▼ 0.8% 0.0 ▲ 0.7% -0.2 ▼

Product Mix - Full Year 2012 Bonds Equity Loans M&A

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking: Top Banks by Product/Region/Sector - Full Year 2012 (US$m) IB Fees (US$m)

Top 5 Banks by Fees & Share - Full Year 2012

5.5% -16.9% -17.8% 18.1% 0.1%

▲ ▼ ▼ ▲ ▲

37.2% 25.5% 20.2% 62.0% 23.5%

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

$ 17,942.6 23 259 0 23,259.0 17,502.9 18,697.3 10,395.6 7,029.9 1,271.8

25.5% 12 1% -12.1% -7.5% -16.5% -9.6% -29.7% -0.5%

▲ ▼ ▼ ▼ ▼ ▼ ▼

34.1% 30.0% 30 0% 29.6% 30.8% 30.3% 30.7% 38.8%

$ 22,119.7 11,147.9 7,590.1 7,403.6 4,504.5 4,731.3 3,727.6 3,341.2 2,755.6 2,565.1 2,786.7 2,405.2 2,323.2

5.5% -0.8% -1.2% -24.4% -8.4% -14.3% 6.3% -17.8% -3.6% 2.1% -7.2% -5.3% -4.0%

▲ ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼

30.5% 28.9% 27.7% 27.1% 44.2% 38.7% 31.1% 30.5% 35.6% 30.2% 26.4% 33.8% 34.2%

Global IB By Region

Bank #1 JPM (7.5%)

Americas Europe Asia-Pacific Japan MEA

$ 42,909.3 17,103.3 9,467.2 4,181.3 1,096.7

$ 40,676.3 20,575.0 11,515.4 3,539.8 1,095.3

By Productt

Top 5 29.8%

2011 $ 77,401.8

Bonds M&A Loans Equity Follow-On IPO Convertible

$ 22,513.6 20 455 5 20,455.5 16,184.4 15,604.4 9,400.5 4,939.0 1,264.9

By Sector

YOY Δ -3.4% ▼

2012 $ 74,757.8

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

$ 23,343.7 11,062.0 7,497.8 5,597.2 4,124.0 4,052.7 3,963.2 2,746.6 2,656.4 2,619.3 2,587.1 2,277.5 2,230.3

Bank #2 BOAML (6.5%)

Bank #3 GS (5.6%)

Bank #4 MS (5.2%)

BOAML (9.0%) GS (6.6%) CITI (6.2%) JPM (6.1%) GS (4.8%) BARC (4.4%) CS (4.5%) HSBC (3.8%) JPM (3.7%) MIZUHO (18.5%) SMFG (14.2%) NOMURA (12.6%) MS (9.4%) JPM (6.2%) BARC (5.1%) HSBC (4.5%) CITI (4.2%) JPM (8.7%) GS (8 (8.2%) 2%) JPM (8.5%) MS (6.8%) JPM (6.9%) MS (9.3%) JPM (9.5%)

BOAML (7.3%) CITI (6.7%) JPM (6.1%) (6 1%) MS (5 (5.8%) 8%) BOAML (7.9%) CITI (4.8%) BOAML (6.7%) JPM (6.5%) BOAML (6.5%) GS (6.4%) BOAML (6.7%) JPM (5.1%) DB (8.2%) BOAML (7.8%)

DB (5.8%) CS (5.5%) (5 5%) WF (4.4%) GS (5.8%) MS (5.5%) CITI (5.1%) CS (6.8%)

JPM (6.5%) BOAML (6.5%) GS (6.0%) MS (5.8%) JPM (6.9%) BARC (5.8%) BOAML (5.6%) CS (5.5%) JPM (6.2%) GS (5.7%) BOAML (5.6%) CITI (5.2%) JPM (7.4%) CITI (6.1%) BOAML (5.2%) CS (4.3%) JPM (13.0%) GS (9.7%) BOAML (9.0%) CS (6.3%) MS (10.7%) JPM (10.2%) GS (8.0%) BOAML (5.7%) BOAML (9.7%) JPM (5.8%) WF (5.7%) MS (4.9%) JPM (9.9%) BOAML (6.1%) MS (5.6%) GS (4.5%) JPM (9.5%) BOAML (8.7%) DB (7.4%) CITI (5.5%) BOAML (8.3%) JPM (7.7%) CS (4.9%) MS (4.8%) DB (6.3%) JPM (5.7%) MS (5.4%) HSBC (5.2%) JPM (9.0%) DB (6.9%) BOAML (6.3%) BARC (6.0%) BOAML (8.7%) GS (8.4%) JPM (8.1%) BARC (4.6%)

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Bank #5 CITI (5.0%) MS (6.1%) BNPP (4.1%) GS (3.7%) MUFJ (7.3%) GS (3.5%) MS (5.6%) BOAML (4 (4.4%) 4%) BARC (4.2%) CITI (5.0%) CITI (5.0%) GS (4.6%) MS (6.5%) CS (5.6%) CITI (5.1%) DB (4.9%) MS (4.1%) MS (6.1%) BARC (4.2%) CITI (4.9%) BARC (4.4%) UBS (4.6%) BARC (4.5%) RBC (3.8%) CITI (5.6%) WF (4.4%)

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking: Top Corporate Fee Payers (US$m)

Company Name GE AIG Porsche Automobil Holding SE

Chesapeake Energy Corp American Intl Assurance Group

PPL Corp Kinder Morgan Inc BHP Billiton Ltd CNPC Glencore International Plc Health Care REIT Inc The Williams Cos Inc Dai-ichi Mutual Life Insurance GDF Suez SA El Paso Corp INPEX Corp Ford Motor Co HCA Holdings Inc General Motors Co ING Groep NV Gazprom Linn Energy LLC VimpelCom Ltd Apollo Global Management LLC

Telefonica SA Top 25 Fee Payers All Others Global Total

IB Fees - All Products (US$m) Avg Ann'l 2010 2011 2012 $ 282 $ 295 $ 273 $ 278 211 248 168 218 180 141 226 173 155 151 114 201 152 359 2 95 149 224 207 14 131 38 116 238 128 209 107 67 127 122 56 203 123 289 80 119 55 129 174 118 114 69 171 115 344 113 81 139 119 112 75 64 198 112 225 2 108 111 138 92 103 110 257 73 109 274 9 46 107 95 83 143 106 115 163 41 101 98 67 140 100 141 118 41 99 5 95 196 96 107 84 96 3,266 3,655 2,929 3,213 51,173 51,822 52,593 49,104 $ 54,439 $ 55,477 $ 55,522 $ 52,317

IB Fees By Product (2010-2012) Bonds

Equity

Loans

M&A

Top 3 38.5% 38.1% 29.7% 55.4% 28.0% 58.3% 42.0% 28.4% 29.6% 37.2% 50.9% 56.4% 77.3% 23.1% 34.1% 55.0% 31.5% 45.3% 35.8% 43.6% 22.6% 45.8% 28.1% 37.9% 27.6% 22.5% 20.6% 19.7%

Top 3 Banks & Share (2010-2012) Bank #1 Bank #2 Bank #3 JPM (15.5%) CITI (13.3%) BOAML (9.7%) CITI (14.8%) MS (11.8%) BOAML (11.5%) DB (11.3%) CS (10.8%) BOAML (7.6%) JEFF (31.1%) GS (18.0%) MS (6.3%) DB (11.2%) GS (10.2%) MS (6.5%) BOAML (26.5%) CS (25.1%) WF (6.7%) BARC (27.6%) DB (7.5%) GS (6.9%) BARC (12.2%) UBS (9.6%) JPM (6.6%) ICBC (11.7%) CITIC (9.3%) BofCH (8.6%) CITI ((14.0%) C 0%) MS S ((13.1%) 3 %) CS ((10.0%) 0 0%) BOAML (20.8%) UBS (17.9%) JPM (12.3%) CITI (21.0%) BARC (20.7%) UBS (14.7%) NOMURA (36.8%) MIZUHO (29.3%) BOAML (11.3%)

BNPP (8.2%) NOMURA (8.2%) ROTH (6.7%) MS (14.0%) JPM (11.1%) CITI (9.0%) NOMURA (25.5%) MIZUHO (15.4%) GS (14.2%) DB (13.4%) JPM (9.6%) BARC (8.6%) JPM (15.7%) BOAML (15.7%) CITI (13.8%) JPM (14.1%) MS (12.2%) DB (9.6%) ING (18.0%) JPM (17.0%) DB (8.7%) CACIB (8.7%) JPM (7.0%) SG (6.9%) RBC (20.9%) BARC (12.9%) CITI (12.0%) CS (11.5%) UBS (9.6%) DB (7.1%) JPM (14.0%) CS (12.6%) GS (11.2%) HSBC (10.0%) UBS (9.4%) SANT (8.1%) JPM (7.9%) BOAML (7.6%) CITI (7.1%) JPM (8.0%) BOAML (6.9%) GS (5.6%) JPM (7.7%) BOAML (6.6%) GS (5.4%)

Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises, Financial Sponsors, Banks, Brokerages, Credit Institutions & Other Financials

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Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

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

Top Financial Sponsors by Fees - Full Year 2012 (US$m)

$16 13% $14

14% 12%

12%

$12 $10

13%

13%

10%

10%

10%

9%

8%

8%

$8 6%

$13.7 $6

5%

$10.4 $4 $2

$10.0

$10.0

4%

$7.6

$7.1 $5.5

$5.2

2%

$3.4

$0

0% 2004

2005

2006

2007

2008

Sponsor Fees (US$b)

2009

2010

2011

2012

Rank ('12/'11) (1/5) (2/1) (3/8) (4/3) (5/4) (6/2) (7/17) (8/31) (9/29) (10/20) (11/26) (12/7) (13/9) (14/92) ((15/6)) (16/12) (17/19) (18/16) (19/45) (20/23)

Fees (US$m) YOY ∆ 2012 43% ▲ $ 396 -45% ▼ 280 28% ▲ Apollo Global Management LLC 257 -21% ▼ Blackstone Group LP 255 -31% ▼ CVC Capital Partners Ltd 213 -37% ▼ TPG Capital LP 207 54% ▲ Advent International Corp 207 199% ▲ Riverstone Holdings LLC 201 179% ▲ GS Capital Partners LP 200 57% ▲ Hellman & Friedman LLC 191 121% ▲ Madison Dearborn Partners LLC 180 -29% ▼ Bain Capital LLC 157 -29% ▼ Warburg Pincus LLC 137 Avista Capital Holdings LP 136 >200% ▲ -47% ▼ BC Partners Ltd 134 -18% ▼ Clayton Dubilier & Rice LLC 126 -3% ▼ Thomas H Lee Co 125 -14% ▼ Onex Corp 117 177% ▲ Golden Gate Capital 113 25% ▲ Leonard Green & Partners LP 112 Sponsor Total $ 9,956 -1% ▼ Sponsor Name The Carlyle Group LP KKR & Co LP

By Activity (Full Year 2012) Buyouts

Financial Sponsors: Top Banks - Full Year 2012 (US$m)

70%

Rank ('12/'11) (1/2) (2/6) (3/5) (4/1) (5/4) (6/3) (7/7) (8/8) (9/10) (10/9) (11/13) (12/12) (13/15) (14/19) (15/21) (16/14) (17/16) (18/33) (19/20) (20/18)

50%

59% 51%

59%

59%

50%

40%

38%

30%

26% 20%

16%

20% 11%

10%

8%

8% 3%

0%

2004

2005 Buyouts*

32% 28%

28%

39% 26%

37% 25%

18%

14%

2006

2007

Exits

Portfolio

Other

Sponsor Fees as % of IB

Financial Sponsor Fees by Activity Type (US$b)

60%

Acq Fin.

2008

Exits (M&A & ECM)

11%

10%

2010

2011

6% 2009

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 sponsor s holding is estimated at 20+% - Other includes fees from capital raisings by and/or acquisitions of financial sponsors

8% 2012

ECM Exits

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Fees (US$m) 2012 YOY ∆ -8% ▼ $ 745 25% ▲ 657 5% ▲ 656 -25% ▼ 646 -13% ▼ 600 -24% ▼ Bank of America Merrill Lynch 595 18% ▲ Deutsche Bank 566 30% ▲ Citi 468 75% ▲ RBC Capital Markets 420 -1% ▼ UBS 322 62% ▲ Jefferies & Co Inc 306 9% ▲ Wells Fargo & Co 212 34% ▲ General Electric Co 191 61% ▲ Nomura 164 42% ▲ BMO Capital Markets 136 -30% ▼ Lazard 121 -18% ▼ Rothschild 112 111% ▲ SunTrust Banks 105 6% ▲ Houlihan Lokey 102 -14% ▼ HSBC Holdings PLC 97 Sponsor Total $ 9,956 -1% ▼ Sponsor Name Goldman Sachs & Co Barclays Credit Suisse JP Morgan Morgan Stanley

By Activity (Full Year 2012) Buyouts

Acq Fin.

Exits

Portfolio

Other

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - Full Year 2012 (US$m) Rank 2012 YOY ∆ 1 - = 2 1 ▲ 3 -1 ▼ 4 - = 5 - = 6 2 ▲ 7 - = 8 2 ▲ 9 - = 10 -4 ▼ 11 - = 12 1 ▲ 13 -1 ▼ 14 2 ▲ 15 -1 ▼ 16 10 ▲ 17 6 ▲ - = 18 19 -4 ▼ 20 8 ▲

Bank Name Goldman Sachs & Co JP Morgan Morgan Stanley Credit Suisse Bank of America Merrill Lynch Barclays Deutsche Bank Lazard Citi UBS Rothschild p Markets RBC Capital Jefferies & Co Inc Evercore Partners Nomura BMO Capital Markets Moelis & Co Houlihan Lokey Macquarie Group Wells Fargo & Co M&A Total

Fees YOY ∆ 2012 1,686 -6% ▼ 1,254 -22% ▼ 1,182 -29% ▼ 1,116 -7% ▼ 895 -21% ▼ 871 13% ▲ 738 -14% ▼ 736 1% ▲ 676 -11% ▼ 601 -41% ▼ 591 -12% ▼ 495 37% ▲ 428 -16% ▼ 396 22% ▲ 315 -11% ▼ 307 105% ▲ 306 63% ▲ 305 19% ▲ 268 -18% ▼ 207 52% ▲ $ 20,455 -12% ▼ $

Global Equity: Top Banks - Full Year 2012 (US$m) Share 2012 YOY ∆ 8.2% 0.5 ▲ 6.1% -0.8 ▼ 5.8% -1.4 ▼ 5.5% 0.3 ▲ 4.4% -0.5 ▼ 4.3% 0.9 ▲ 3.6% -0.1 ▼ 3.6% 0.5 ▲ 3.3% 0.1 ▲ 2.9% -1.5 ▼ 2.9% 0.0 ▲ 2.4% 0.9 ▲ 2.1% -0.1 ▼ 1.9% 0.5 ▲ 1.5% 0.0 ▲ 1.5% 0.9 ▲ 1.5% 0.7 ▲ 1.5% 0.4 ▲ 1.3% -0.1 ▼ 1.0% 0.4 ▲

EMEA

Asia-Pacific

Japan

Global Bonds: Top Banks - Full Year 2012 (US$m) Rank 2012 YOY ∆ 1 - = 2 - = 3 1 ▲ 4 -1 ▼ 5 1 ▲ 6 -1 ▼ 7 1 ▲ 8 -1 ▼ 9 5 ▲ 10 1 ▲ 11 -1 ▼ 12 -3 ▼ 13 - = 14 -2 ▼ 15 - = 16 2 ▲ 17 - = 18 -2 ▼ 19 2 ▲ 20 -1 ▼

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

Fees YOY ∆ 2012 1,950 34% ▲ 1,653 20% ▲ 1,503 44% ▲ 1,317 15% ▲ 1,258 35% ▲ 1,202 25% ▲ 1,163 32% ▲ 1,061 16% ▲ 828 103% ▲ 784 41% ▲ 34% ▲ 755 661 11% ▲ 629 49% ▲ 507 -4% ▼ 315 9% ▲ 269 39% ▲ 246 12% ▲ 233 6% ▲ 214 47% ▲ 212 11% ▲ $ 22,514 25% ▲ $

Rank 2012 YOY ∆ 1 5 ▲ 2 - = 3 -2 ▼ 4 4 ▲ 5 -1 ▼ 6 1 ▲ 7 -4 ▼ 8 2 ▲ 9 -4 ▼ 10 3 ▲ 11 3 ▲ 12 5 ▲ 13 33 ▲ 14 -3 ▼ 15 14 ▲ 16 4 ▲ 17 28 ▲ 18 208 ▲ 19 37 ▲ 20 3 ▲

Client Mix by Region Americas

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

Fees YOY ∆ 2012 1,061 -9% ▼ 1,039 -3% ▼ 1,020 -9% ▼ 905 -6% ▼ 774 1% ▲ 704 -25% ▼ 688 -13% ▼ 669 4% ▲ 572 -2% ▼ 451 21% ▲ 338 11% ▲ 311 7% ▲ 187 21% ▲ 184 -14% ▼ 176 1% ▲ 171 -3% ▼ 162 -17% ▼ 157 -33% ▼ 154 -12% ▼ 152 67% ▲ $ 15,604 -17% ▼ $

Share 2012 YOY ∆ 6.8% 0.6 ▲ 6.7% 0.9 ▲ 6.5% 0.5 ▲ 5.8% 0.7 ▲ 5.0% 0.9 ▲ 4.5% -0.5 ▼ 4.4% 0.2 ▲ 4.3% 0.9 ▲ 3.7% 0.5 ▲ 2.9% 0.9 ▲ 2.2% 0.5 ▲ 2.0% 0.4 ▲ 1.2% 0.4 ▲ 1.2% 0.0 ▲ 1.1% 0.2 ▲ 1.1% 0.2 ▲ 1.0% 0.0 ▼ 1.0% -0.3 ▼ 1.0% 0.0 ▲ 1.0% 0.5 ▲

Client Mix by Region Americas

EMEA

Asia-Pacific

Japan

Global Loans: Top Banks - Full Year 2012 (US$m) Share 2012 YOY ∆ 8.7% 0.6 ▲ 7.3% -0.4 ▼ 6.7% 0.9 ▲ 5.8% -0.6 ▼ 5.6% 0.4 ▲ 5.3% 0.0 ▼ 5.2% 0.3 ▲ 4.7% -0.4 ▼ 3.7% 1.4 ▲ 3.5% 0.4 ▲ 3.4% 0.2 ▲ 2.9% -0.4 ▼ 2.8% 0.4 ▲ 2.3% -0.7 ▼ 1.4% -0.2 ▼ 1.2% 0.1 ▲ 1.1% -0.1 ▼ 1.0% -0.2 ▼ 1.0% 0.1 ▲ 0.9% -0.1 ▼

Rank 2012 YOY ∆ 1 1 ▲ 2 -1 ▼ 3 1 ▲ 4 -1 ▼ 5 - = 6 - = 7 1 ▲ 8 1 ▲ 9 1 ▲ 10 6 ▲ 11 3 ▲ 12 -1 ▼ 13 -1 ▼ 14 -1 ▼ 15 3 ▲ 16 -9 ▼ 17 -2 ▼ 18 3 ▲ 19 7 ▲ 20 2 ▲

Client Mix by Region Americas

EMEA

Asia-Pacific

Japan

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

Fees YOY ∆ 2012 1,374 -11% ▼ 1,272 -21% ▼ 771 -5% ▼ 704 -16% ▼ 673 8% ▲ 673 8% ▲ 610 10% ▲ 586 10% ▲ 514 12% ▲ 449 30% ▲ 435 18% ▲ 423 -5% ▼ 401 -3% ▼ 365 -11% ▼ 310 12% ▲ 299 -48% ▼ 287 -21% ▼ 263 23% ▲ 240 44% ▲ 233 9% ▲ $ 16,184 -8% ▼ $

Share 2012 YOY ∆ 8.5% -0.3 ▼ 7.9% -1.3 ▼ 4.8% 0.1 ▲ 4.4% -0.4 ▼ 4.2% 0.6 ▲ 4.2% 0.6 ▲ 3.8% 0.6 ▲ 3.6% 0.6 ▲ 3.2% 0.6 ▲ 2.8% 0.8 ▲ 2.7% 0.6 ▲ 2.6% 0.1 ▲ 2.5% 0.1 ▲ 2.3% -0.1 ▼ 1.9% 0.3 ▲ 1.8% -1.4 ▼ 1.8% -0.3 ▼ 1.6% 0.4 ▲ 1.5% 0.5 ▲ 1.4% 0.2 ▲

Client Mix by Region Americas

EMEA

Asia-Pacific

Japan

Source: Thomson Reuters Deals Business Intelligence

FULL YEAR 2012

GLOBAL INVESTMENT BANKING REVIEW

Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - Full Year 2012 (US$m) Rank 2012 YOY ∆ 1 - = 2 - = 3 1 ▲ 4 1 ▲ 5 -2 ▼ 6 - = 7 - = 8 1 ▲ 9 -1 ▼ 10 - = 11 - = 12 1 ▲ 13 -1 ▼ 14 - = 15 - = 16 3 ▲ 17 1 ▲ 18 -1 ▼ 19 3 ▲ 20 1 ▲

Bank Name JP Morgan Bank of America Merrill Lynch Goldman Sachs & Co Citi Morgan Stanley Credit Suisse Barclays Wells Fargo & Co Deutsche Bank RBC Capital Markets UBS BMO Capital p Markets Jefferies & Co Inc RBS Scotiabank TD Securities Inc Lazard CIBC World Markets Inc SunTrust Banks HSBC Holdings PLC Americas Total

Fees YOY ∆ 2012 -1% ▼ 4,024 3,848 -5% ▼ 2,843 16% ▲ 2,649 14% ▲ 2,604 -3% ▼ 2,400 8% ▲ 2,339 19% ▲ 1,996 22% ▲ 1,883 14% ▲ 1,699 39% ▲ -1% ▼ 1,146 870 53% ▲ 808 -1% ▼ 8% ▲ 576 2% ▲ 531 525 28% ▲ 473 9% ▲ 417 -16% ▼ 389 19% ▲ 375 3% ▲ $ 42,909 5% ▲

$

Share 2012 YOY ∆ 9.4% -0.7 ▼ 9.0% -1.0 ▼ 6.6% 0.6 ▲ 6.2% 0.5 ▲ 6.1% -0.6 ▼ 5.6% 0.1 ▲ 5.5% 0.6 ▲ 4.7% 0.6 ▲ 4.4% 0.3 ▲ 4.0% 1.0 ▲ 2.7% -0.2 ▼ 2.0% 0.6 ▲ 1.9% -0.1 ▼ 1.3% 0.0 ▲ 1.2% 0.0 ▼ 1.2% 0.2 ▲ 1.1% 0.0 ▲ 1.0% -0.2 ▼ 0.9% 0.1 ▲ 0.9% 0.0 ▼

EMEA Investment Banking: Top Banks - Full Year 2012 (US$m) Product Mix

Bonds

Equity

Loans

M&A

Asia-Pacific Investment Banking: Top Banks - Full Year 2012 (US$m) Rank 2012 YOY ∆ 1 - = 2 1 ▲ 3 3 ▲ 4 - = 5 -3 ▼ 6 -1 ▼ 7 6 ▲ 8 -1 ▼ 9 -1 ▼ 10 1 ▲ 11 -1 ▼ 12 5 ▲ 13 1 ▲ 14 -2 ▼ 15 5 ▲ 16 -1 ▼ 17 8 ▲ 18 8 ▲ 19 4 ▲ 20 -1 ▼

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

Fees 2012 YOY ∆ 437 -19% ▼ -1% ▼ 423 361 21% ▲ 348 5% ▲ 346 -24% ▼ 0% ▼ 322 298 35% ▲ 285 3% ▲ 237 -11% ▼ 203 -17% ▼ 187 -26% ▼ 184 0% ▲ 166 -15% ▼ 158 -34% ▼ 153 6% ▲ 149 -21% ▼ 7% ▲ 123 118 6% ▲ 113 -15% ▼ 112 -28% ▼ $ 9,467 -18% ▼ $

Share 2012 YOY ∆ 4.6% -0.1 ▼ 4.5% 0.7 ▲ 3.8% 1.2 ▲ 3.7% 0.8 ▲ 3.7% -0.3 ▼ 3.4% 0.6 ▲ 3.2% 1.2 ▲ 3.0% 0.6 ▲ 2.5% 0.2 ▲ 2.1% 0.0 ▲ 2.0% -0.2 ▼ 1.9% 0.4 ▲ 1.7% 0.1 ▲ 1.7% -0.4 ▼ 1.6% 0.4 ▲ 1.6% -0.1 ▼ 1.3% 0.3 ▲ 1.2% 0.3 ▲ 1.2% 0.0 ▲ 1.2% -0.2 ▼

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

Fees YOY ∆ 2012 -11% ▼ $ 1,111 1,082 -17% ▼ -16% ▼ 855 2% ▲ 816 716 -22% ▼ 707 -30% ▼ -8% ▼ 688 -5% ▼ 685 666 -27% ▼ 644 -6% ▼ -7% ▼ 643 -19% ▼ 485 447 -28% ▼ -19% ▼ 382 -9% ▼ 382 328 -33% ▼ 267 10% ▲ 54% ▲ 251 -7% ▼ 251 218 -42% ▼ $ 18,200 -16% ▼

Share 2012 YOY ∆ 6.1% 0.3 ▲ 5.9% 0.0 ▼ 4.7% 0.0 ▼ 4.5% 0.8 ▲ 3.9% -0.3 ▼ 3.9% -0.8 ▼ 3.8% 0.3 ▲ 3.8% 0.4 ▲ 3.7% -0.6 ▼ 3.5% 0.4 ▲ 3.5% 0.4 ▲ 2.7% -0.1 ▼ 2.5% -0.4 ▼ 2.1% -0.1 ▼ 2.1% 0.2 ▲ 1.8% -0.4 ▼ 1.5% 0.3 ▲ 1.4% 0.6 ▲ 1.4% 0.1 ▲ 1.2% -0.5 ▼

Product Mix Bonds

Equity

Loans

M&A

Japan Investment Banking: Top Banks - Full Year 2012 (US$m) Product Mix

Bonds

Rank 2012 YOY ∆ 1 1 ▲ 2 -1 ▼ 3 - = 4 3 ▲ 5 - = 6 -2 ▼ 7 1 ▲ 8 1 ▲ 9 -3 ▼ 10 1 ▲ 11 -1 ▼ 12 1 ▲ 13 -1 ▼ 14 1 ▲ 15 1 ▲ 16 -2 ▼ 17 5 ▲ 18 7 ▲ 19 - = 20 -3 ▼

Equity

Loans

M&A

Rank 2012 YOY ∆ 1 - = 2 1 ▲ 3 -1 ▼ 4 1 ▲ 5 1 ▲ 6 -2 ▼ 7 1 ▲ 8 -1 ▼ 9 1 ▲ 10 2 ▲ 11 -2 ▼ 12 -1 ▼ 13 4 ▲ 14 -1 ▼ 15 19 ▲ 16 -2 ▼ 17 -2 ▼ 18 3 ▲ 19 24 ▲ 20 -2 ▼

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

Fees 2012 YOY ∆ 773 15% ▲ 21% ▲ 594 1% ▲ 526 395 35% ▲ 18% ▲ 304 -11% ▼ 297 145 69% ▲ 120 -22% ▼ 115 101% ▲ 104 103% ▲ 67 -22% ▼ 60 8% ▲ 51 170% ▲ 47% ▲ 40 36 409% ▲ 43% ▲ 31 10% ▲ 23 23 83% ▲ 21 403% ▲ 8% ▲ 19 $ 4,181 18% ▲ $

Share 2012 YOY ∆ 18.5% -0.4 ▼ 14.2% 0.4 ▲ 12.6% -2.2 ▼ 9.4% 1.2 ▲ 7.3% 0.0 ▼ 7.1% -2.3 ▼ 3.5% 1.0 ▲ 2.9% -1.5 ▼ 2.7% 1.1 ▲ 2.5% 1.0 ▲ 1.6% -0.8 ▼ 1.4% -0.1 ▼ 1.2% 0.7 ▲ 1.0% 0.2 ▲ 0.9% 0.7 ▲ 0.7% 0.1 ▲ 0.6% 0.0 ▼ 0.5% 0.2 ▲ 0.5% 0.4 ▲ 0.5% 0.0 ▼

Product Mix Bonds

Equity

Loans

M&A

Source: Thomson Reuters Deals Business Intelligence

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