GLOBAL INVESTMENT BANKING REVIEW - Thomson...

Reuters/Eduardo Munoz

FIRST NINE MONTHS 2013

GLOBAL INVESTMENT BANKING REVIEW

Europe

Americas

Asia-Pacific

Japan

[email protected]

[email protected] Matsushima

Clare Arber

Lauren Herman

Thomas Lau

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

JP Morgan topped the global investment banking league table for the first nine months of 2013 with US$4.4 billion in fees, or 7.8% of overall wallet-share. Bank of America Merrill Lynch booked US$4.0 billion in investment banking fees during the first nine months of 2013 for second place and an increase of 1.0 wallet-share point. The composition of the top five investment banks, all domiciled in the United States, was unchanged from the first nine months of 2012. Collectively, the top five investment banks picked up 3.2 wallet-share points compared to last year at this time.


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.

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

- 2 - Source: Thomson Reuters Deals Business Intelligence

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

Investment banking activity in the financials, energy & power and industrials sectors accounted for 54% of the global fee pool during the first nine months of 2013. JP Morgan topped the fee rankings in eight sectors during the first nine months, with double-digit wallet-share in the healthcare and media & entertainment sectors. Bank of America Merrill Lynch registered an industry-leading position in three industry categories, including 10.3% wallet-share in the retail sector. Fees from deal making in the telecom, real estate and media & entertainment sectors saw strong double-digit percentage gains compared to the first nine months of 2012. Fees from debt capital markets underwriting totaled US$17.5 billion, up 1% compared to last year's tally and accounted for 31% of overall IB fees during the first nine months. M&A advisory fees totaled US$12.6 billion during the first nine months of 2013, a decrease of 16% over the same period last year, and accounted for 22% of the global fee pool. Equity capital markets underwriting fees totaled US$13.7 billion during the first nine months of 2013, registering a 20% increase from a year ago, while fees from syndicated loans increased 16% compared to the first half of 2012.Investment banking fees generated by financial sponsors and their portfolio companies reached $7.6 billion during the first nine months of 2013, an increase of 7% compared to the first nine monts of 2012. Fees generated from leveraged buyouts accounted for 29% of financial sponsor-related fees during the first nine months, while M&A exits accounted for 19% and IPO exits comprised 11% of overall fees. Blackstone Group and related entities generated $375 million in investment banking fees this year, more than double levels seen during first nine months of 2012, while Goldman Sachs collected an industry-leading 8.6% of financial sponsor-related fees this year.

MEDIA CONTACT: CRITERIA SUMMARY:

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

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.

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

Global IB Fees by Region: First Nine Months 2013 (US$m)Global Investment Banking Fee Trend (US$b)

Global Investment Banking Fees by Product (US$b)


28% 29%

23% 21%

27% 27% 24%

30% 31%

17% 15% 15% 17%

12% 15%

21% 21% 23%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Bonds Equity Loans M&A

$48.9

$61.9

$78.3

$53.9 $47.1

$53.6 $60.0

$54.9 $56.8

$70.2

$88.9

$103.9

$67.5 $70.6 $79.1 $77.1 $77.1 $76.3

2005 2006 2007 2008 2009 2010 2011 2012 2013 Ann

$0

$5

$10

$15

$20

$25

$30

$35

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 '13

Japan (+12.3%) Asia-Pacific (-21.8%) EMEA (-30.9%) Americas (-23.5%)

YTD

32,500.9$ fees6.7% ▲

Americas 1.9% ▲14,383.2$ fees

EMEA

Asia-Pacificfees6,670.4$

-8.2% ▼

3,277.0$ feesJapan

3.7% ▲

Global56,831.5$ fees

3.3% ▲

YOY % Δ 26.6% 16.9% -35.1% 4.6% 12.0% -2.5% -0.1% -1.1%

Q3 '13 vs. Q2 '13:Global (-23.6%)

21.6% CAGR 2005-2007 2.5% CAGR 2008-2013 Ann



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


United States$27.63b / 8.7%

Canada$3.08b / -10.2%

China$2.55b / -5.2%

Japan: $3.28b / 3.7%

Australia$1.30b / -20.2%

Russia$559m / 36.6%

Brazil$519m / -23.3%

Hong Kong: $625m / 29.9%

S. Korea: $427m / -16.3%

India$411m / 2.0%

Mexico$418m / 53.6%

Singapore: $373m / 24.3%

South Africa$123m / -30.8%

Malaysia: $289m / -35.4%

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%

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

Finland: $155m / -41.5%Sweden: $506m / -3.6%Norway: $310m / 0.4%

Denmark: $154m / 3.6%

-50% -20% -10% -5% 0% +5% +10% +20% +50%

Region Fees ($m) Region Fees ($m) Region Fees ($m) Region Fees ($m)North America 30,708$ 6.5% ▲ France & Benelux 3,735$ 15.3% ▲ Iberia 703 -26.2% ▼ North Asia 3,757$ -2.5% ▼South America 747 -23.2% ▼ UK & Ireland 3,538 9.5% ▲ CIS 633 37.0% ▲ Japan 3,277 3.7% ▲Caribbean 606 71.2% ▲ Germania 2,264 -15.4% ▼ Middle East 618 19.6% ▲ Australasia 1,388 -22.9% ▼Central America 439 55.0% ▲ Southern Europe 1,345 2.2% ▲ Africa 242 -9.5% ▼ Southeast Asia 1,110 -7.0% ▼Americas 32,501$ 6.7% ▲ Nordic 1,128 -11.0% ▼ CEE 178 -2.8% ▼ South Asia 416 -0.3% ▼

EMEA 14,383$ 1.9% ▲ AsPac & Japan 9,947$ -4.6% ▼

Americas Europe, Middle East & Africa Asia-Pacific & JapanYOY ∆ YOY ∆ YOY ∆ YOY ∆

Global IB Fees

2013 YTD

$56.8b

3.3%

YOY % ∆


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

Source: Thomson Reuters Deals Business Intelligence


- 5 -

Product Mix - First Nine Months 20132013 Bank Name 2013 2013

1 - = JP Morgan 4,428$ 9.5% ▲ 7.8% 0.4 ▲2 - = Bank of America Merrill Lynch 4,046 19.3% ▲ 7.1% 1.0 ▲3 - = Goldman Sachs & Co 3,470 16.6% ▲ 6.1% 0.7 ▲4 - = Morgan Stanley 3,245 14.9% ▲ 5.7% 0.6 ▲5 - = Citi 2,977 13.6% ▲ 5.2% 0.5 ▲6 1 ▲ Deutsche Bank 2,541 7.2% ▲ 4.5% 0.2 ▲7 1 ▲ Barclays 2,515 7.8% ▲ 4.4% 0.2 ▲8 -2 ▼ Credit Suisse 2,412 -3.5% ▼ 4.2% -0.3 ▼9 1 ▲ Wells Fargo & Co 1,637 17.1% ▲ 2.9% 0.3 ▲10 -1 ▼ UBS 1,545 -6.4% ▼ 2.7% -0.3 ▼11 - = RBC Capital Markets 1,445 5.0% ▲ 2.5% 0.0 ▲12 - = HSBC Holdings PLC 1,016 -4.4% ▼ 1.8% -0.1 ▼13 1 ▲ BNP Paribas SA 949 10.4% ▲ 1.7% 0.1 ▲14 2 ▲ Nomura 939 24.7% ▲ 1.7% 0.3 ▲15 - = Mizuho Financial Group 776 -9.5% ▼ 1.4% -0.2 ▼16 -3 ▼ RBS 739 -15.5% ▼ 1.3% -0.3 ▼17 2 ▲ Jefferies LLC 734 16.9% ▲ 1.3% 0.1 ▲18 -1 ▼ Sumitomo Mitsui Finl Grp Inc 686 4.5% ▲ 1.2% 0.0 ▲19 -1 ▼ Mitsubishi UFJ Financial Group 625 -2.4% ▼ 1.1% -0.1 ▼20 1 ▲ BMO Capital Markets 559 -4.2% ▼ 1.0% -0.1 ▼21 3 ▲ Scotiabank 440 7.6% ▲ 0.8% 0.0 ▲22 4 ▲ Credit Agricole CIB 439 10.4% ▲ 0.8% 0.0 ▲23 -3 ▼ Lazard 435 -29.3% ▼ 0.8% -0.4 ▼24 1 ▲ Societe Generale 432 7.8% ▲ 0.8% 0.0 ▲25 -2 ▼ Rothschild 419 -6.3% ▼ 0.7% -0.1 ▼

Global Total 56,831$ 3.3% ▲

YOY ∆ YOY ∆YOY ∆Rank Fees (US$m) Share




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


2013 YTD 2012 YTD Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5Global IB 56,831.5$ 54,989.9$ 3.3% ▲ 32.0% JPM (7.8%) BOAML (7.1%) GS (6.1%) MS (5.7%) CITI (5.2%)

Americas 32,500.9$ 30,456.1$ 6.7% ▲ 38.9% BOAML (9.9%) JPM (9.4%) GS (6.6%) CITI (6.5%) MS (6.5%)Europe 13,489.1 13,290.4 1.5% ▲ 27.6% JPM (7.2%) GS (6.1%) DB (5.6%) BOAML (4.4%) MS (4.2%)Asia-Pacific 6,670.4 7,264.0 -8.2% ▼ 20.7% GS (5.0%) UBS (4.6%) HSBC (3.9%) JPM (3.9%) CITI (3.3%)Japan 3,277.0 3,159.2 3.7% ▲ 67.6% NOMURA (18.9%) MIZUHO (15.8%) SMFG (13.8%) MS (10.8%) DAIWA (8.4%)MEA 894.1 820.3 9.0% ▲ 25.2% CITI (6.3%) DB (5.2%) HSBC (4.9%) BARC (4.6%) GS (4.2%)

Bonds 17,491.9$ 17,312.4$ 1.0% ▲ 34.3% JPM (8.7%) BOAML (7.7%) CITI (6.3%) DB (5.9%) MS (5.8%)Equity 13,719.6 11,453.8 19.8% ▲ 35.3% MS (7.9%) JPM (7.9%) GS (7.3%) BOAML (6.7%) CITI (5.6%) Follow-On 8,160.7 7,089.6 15.1% ▲ 32.5% JPM (7.6%) GS (7.2%) MS (6.6%) BOAML (6.2%) CITI (4.9%) IPO 4,328.8 3,492.7 23.9% ▲ 39.0% MS (10.5%) BOAML (7.6%) JPM (7.3%) CITI (6.9%) GS (6.8%) Convertible 1,230.1 871.5 41.1% ▲ 42.2% JPM (11.7%) GS (9.1%) MS (8.0%) BOAML (7.2%) BARC (6.2%)Loans 13,061.8 11,252.5 16.1% ▲ 29.8% BOAML (8.4%) JPM (8.1%) DB (4.7%) BARC (4.5%) CS (4.1%)M&A 12,558.3 14,971.3 -16.1% ▼ 31.1% GS (8.3%) MS (6.5%) JPM (6.2%) BOAML (5.5%) CITI (4.6%)

Financials 18,113.0$ 17,633.7$ 2.7% ▲ 34.3% JPM (7.7%) GS (7.4%) BOAML (7.1%) MS (6.4%) CITI (5.8%)Energy & Power 6,851.2 7,787.5 -12.0% ▼ 29.1% JPM (6.5%) CITI (6.4%) BOAML (6.1%) RBC (5.2%) BARC (4.9%)Industrials 5,461.5 5,449.0 0.2% ▲ 27.5% JPM (6.4%) CITI (5.7%) BOAML (5.6%) MS (4.9%) GS (4.9%)Real Estate 3,990.3 2,914.0 36.9% ▲ 31.7% BOAML (9.0%) JPM (6.8%) MS (6.5%) WF (4.9%) NOMURA (4.5%)Materials 3,532.3 4,036.6 -12.5% ▼ 28.6% JPM (6.8%) BOAML (6.4%) CITI (5.6%) MS (5.0%) DB (4.8%)Healthcare 2,809.0 2,980.5 -5.8% ▼ 43.7% JPM (12.2%) GS (9.6%) BOAML (8.2%) MS (7.7%) BARC (6.0%)High Tech 2,801.6 2,946.7 -4.9% ▼ 38.4% GS (9.7%) JPM (9.1%) BOAML (7.0%) MS (7.0%) CS (5.6%)Consumer Staples 2,623.4 1,980.7 32.4% ▲ 32.4% JPM (9.1%) BOAML (8.4%) BARC (6.4%) MS (4.7%) CS (3.8%)Telecom 2,551.0 1,663.4 53.4% ▲ 38.1% JPM (10.0%) BOAML (7.5%) GS (7.5%) MS (6.6%) DB (6.5%)Media & Ent 2,339.6 1,738.8 34.5% ▲ 38.7% JPM (11.5%) BOAML (8.7%) DB (6.9%) MS (6.0%) GS (5.6%)Consumer Products 2,211.2 1,817.1 21.7% ▲ 31.1% BOAML (9.0%) JPM (8.1%) DB (5.0%) GS (4.7%) MS (4.3%)Govt & Agencies 2,079.5 2,559.4 -18.7% ▼ 26.0% DB (6.3%) MS (5.6%) HSBC (4.8%) JPM (4.8%) GS (4.6%)Retail 1,467.7 1,482.7 -1.0% ▼ 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 30

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

IB Fees (US$m)

By

Reg

ion

By

Prod

uct

By

Sect

or

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




IB Fees By Product (2011-2013*)Company Name Avg Ann'l 2011 2012 2013* Top 3 Bank #1 Bank #2 Bank #3GE 292$ 300$ 282$ 222$ 35.6% JPM (13.1%) BOAML (11.4%) CITI (11.0%)Porsche Automobil Holding SE 181 232 179 85 31.8% CS (11.9%) DB (11.6%) JPM (8.3%)UniCredit SpA 154 67 324 33 30.6% BOAML (15.9%) DB (8.5%) MEDIO (6.2%)Rabobank 150 202 133 79 31.5% CS (11.1%) BOAML (10.9%) MS (9.5%)Goldman Sachs Group Inc 150 113 183 116 23.9% CITI (9.2%) BARC (7.5%) DB (7.1%)ING Groep NV 147 86 160 159 34.8% JPM (13.3%) GS (11.3%) CITI (10.2%)Commerzbank AG 146 302 2 97 34.8% DB (12.8%) CITI (11.2%) HSBC (10.8%)SoftBank Corp 145 95 59 244 51.7% MIZUHO (28.7%) NOMURA (12.3%) DB (10.7%)JPMorgan Chase & Co 143 118 131 144 25.2% BOAML (11.2%) CS (7.4%) WF (6.5%)Health Care REIT Inc 142 130 187 75 45.7% BOAML (20.1%) UBS (16.1%) JPM (9.5%)Verizon Communications Inc 135 64 35 272 40.8% BOAML (14.0%) JPM (14.0%) BARC (12.8%)Glencore International Plc 135 234 80 56 42.4% CITI (16.4%) MS (16.3%) CS (9.8%)Chesapeake Energy Corp 124 107 184 49 65.6% JEFF (29.9%) GS (28.3%) MS (7.4%)CNPC 123 53 203 82 27.4% ICBC (10.4%) CITIC (9.4%) CICC (7.6%)HJ Heinz Co 120 13 5 313 42.1% JPM (15.5%) WF (13.9%) BARC (12.7%)Brookfield Asset Management 120 124 119 87 38.6% CIBC (19.5%) SCOTIA (9.9%) RBC (9.2%)Credit Suisse Group AG 115 74 170 73 34.4% CITI (16.1%) BARC (10.6%) GS (7.7%)Resona Holdings Inc 115 302 13 0 72.8% NOMURA (29.3%) BOAML (28.7%) DAIWA (14.8%)Rank Group Ltd 114 163 147 3 90.3% CS (64.0%) HSBC (22.7%) NOMURA (3.6%)

Banco Santander SA 113 116 152 42 38.2% BOAML (15.6%) UBS (11.8%) JPM (10.8%)Hercules Holdings II LLC 113 241 63 6 42.3% CITI (14.5%) JPM (13.9%) BOAML (13.9%)

Toyota Motor Corp 112 93 128 87 41.4% DAIWA (18.0%) SMFG (15.8%) NOMURA (7.6%)

AIG 111 148 118 39 43.4% GS (20.6%) DB (11.8%) CITI (11.0%)Pfizer Inc 111 82 58 165 50.9% MS (20.6%) JPM (19.3%) BOAML (11.0%)

GDF Suez SA 109 129 126 45 28.0% ROTH (10.6%) NOMURA (9.2%) MS (8.2%)Top 25 Fee Payers 3,421 3,589 3,239 2,574 23.3% BOAML (9.2%) JPM (7.2%) CITI (6.9%)All Others 61,139 61,404 60,900 45,701 20.4% JPM (7.7%) BOAML (7.1%) MS (5.6%)

Global Total 64,560$ 64,993$ 64,139$ 48,275$ 19.6% JPM (7.4%) BOAML (6.8%) MS (5.4%)

Notes: * 2013 volumes through September 30

IB Fees - All Products (US$m) Top 3 Banks & Share (2011-2013*)

- Excludes Governments & Agencies, Government Sponsored Enterprises and self funded/advisory fees





Financial Sponsor Fee Trend (US$b) Top Financial Sponsors by Fees - First Nine Months 2013 (US$m)

Financial Sponsor Fees by Activity Type (US$b) Financial Sponsors: Top Banks - First Nine Months 2013 (US$m)

- 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

$7.4

$10.1

$14.0

$5.7 $3.4

$7.7 $9.8 $10.7

$7.6

11% 11%

13%

8%

5%

10%

13% 14%

13%

0%

2%

4%

6%

8%

10%

12%

14%

16%

$0

$2

$4

$6

$8

$10

$12

$14

$16

2005 2006 2007 2008 2009 2010 2011 2012 2013 Ann Sponsor Fees (US$b) Sponsor Fees as % of IB

49%

56% 58% 58%

29%

38% 40% 37%

29%

20% 15%

18%

27% 29% 28% 27% 25% 19%

11% 8% 9%

2% 8%

11% 10% 8% 11%

0%

10%

20%

30%

40%

50%

60%

70%

2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Buyouts* Exits (M&A & ECM) M&A Exits ECM Exits

Rank By Activity (First Nine Months 2013)('13/'12) Sponsor Name 2013

(1/5) Blackstone Group LP 375$ 103% ▲(2/2) Apollo Global Management LLC 299 33% ▲(3/1) KKR & Co LP 244 -20% ▼(4/3) The Carlyle Group LP 242 22% ▲(5/-) 3G Capital Partners Ltd 227 n/a ▲

(6/13) Bain Capital LLC 221 109% ▲(7/10) Warburg Pincus LLC 185 48% ▲(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 135 -10% ▼(12/25) Cinven Ltd 126 108% ▲(13/37) Silver Lake Management LLC 119 157% ▲(14/38) Cerberus Capital Management LP 114 162% ▲(15/11) TPG Capital LP 102 -18% ▼(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% ▲

Fees (US$m)YOY ∆ Buyouts Acq Fin. Exits Portfolio Other

Rank By Activity (First Nine Months 2013)('13/'12) Sponsor Name 2013

(1/1) Goldman Sachs & Co 648$ 19% ▲(2/2) JP Morgan 559 9% ▲(3/6) Morgan Stanley 555 42% ▲(4/3) Credit Suisse 489 2% ▲(5/4) Bank of America Merrill Lynch 486 15% ▲(6/5) Barclays 461 14% ▲(7/7) Deutsche Bank 458 20% ▲(8/8) Citi 363 9% ▲

(9/10) UBS 256 22% ▲(10/9) RBC Capital Markets 237 -6% ▼(11/12) Wells Fargo & Co 197 23% ▲(12/11) Jefferies LLC 184 -6% ▼(13/14) Nomura 112 14% ▲(14/13) General Electric Co 111 -12% ▼(15/20) BNP Paribas SA 109 52% ▲(16/19) Lazard 108 43% ▲(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% ▲

Fees (US$m)YOY ∆ Buyouts Acq Fin. Exits Portfolio Other



Global Investment Banking: Top Banks by Product (US$m)


Client Mix by Region Client Mix by Region2013 Bank Name 2013 2013 2013 Bank Name 2013 2013

1 - = Goldman Sachs & Co 1,039$ -16% ▼ 8.3% 0.0 ▲ 1 4 ▲ Morgan Stanley 1,089$ 43% ▲ 7.9% 1.3 ▲2 1 ▲ Morgan Stanley 818 -4% ▼ 6.5% 0.8 ▲ 2 -1 ▼ JP Morgan 1,077 39% ▲ 7.9% 1.1 ▲3 -1 ▼ JP Morgan 774 -14% ▼ 6.2% 0.1 ▲ 3 4 ▲ Goldman Sachs & Co 997 62% ▲ 7.3% 1.9 ▲4 1 ▲ Bank of America Merrill Lynch 693 10% ▲ 5.5% 1.3 ▲ 4 -2 ▼ Bank of America Merrill Lynch 919 21% ▲ 6.7% 0.1 ▲5 5 ▲ Citi 583 34% ▲ 4.6% 1.7 ▲ 5 -2 ▼ Citi 763 41% ▲ 5.6% 0.8 ▲6 - = Barclays 533 -15% ▼ 4.2% 0.1 ▲ 6 2 ▲ Credit Suisse 661 42% ▲ 4.8% 0.8 ▲7 -3 ▼ Credit Suisse 484 -41% ▼ 3.9% -1.6 ▼ 7 4 ▲ UBS 596 29% ▲ 4.3% 0.3 ▲8 1 ▲ Rothschild 419 -6% ▼ 3.3% 0.3 ▲ 8 -4 ▼ Deutsche Bank 571 13% ▲ 4.2% -0.2 ▼9 -2 ▼ Lazard 405 -32% ▼ 3.2% -0.7 ▼ 9 -3 ▼ Barclays 531 26% ▲ 3.9% 0.2 ▲10 -2 ▼ Deutsche Bank 338 -28% ▼ 2.7% -0.4 ▼ 10 5 ▲ Nomura 406 69% ▲ 3.0% 0.9 ▲11 3 ▲ Evercore Partners 327 13% ▲ 2.6% 0.7 ▲ 11 -2 ▼ Wells Fargo & Co 363 58% ▲ 2.6% 0.6 ▲12 -1 ▼ UBS 299 -29% ▼ 2.4% -0.4 ▼ 12 1 ▲ RBC Capital Markets 308 -1% ▼ 2.2% -0.5 ▼13 -1 ▼ RBC Capital Markets 295 -10% ▼ 2.3% 0.2 ▲ 13 13 ▲ Jefferies LLC 188 66% ▲ 1.4% 0.4 ▲14 -1 ▼ Jefferies LLC 242 -18% ▼ 1.9% 0.0 ▼ 14 8 ▲ Sumitomo Mitsui Finl Grp Inc 167 33% ▲ 1.2% 0.1 ▲15 3 ▲ Nomura 170 -12% ▼ 1.4% 0.1 ▲ 15 4 ▲ Daiwa Securities Group Inc 155 54% ▲ 1.1% 0.3 ▲16 -1 ▼ Houlihan Lokey 169 -30% ▼ 1.3% -0.3 ▼ 16 9 ▲ BMO Capital Markets 147 25% ▲ 1.1% 0.0 ▲17 4 ▲ BNP Paribas SA 143 -5% ▼ 1.1% 0.1 ▲ 17 -7 ▼ HSBC Holdings PLC 135 3% ▲ 1.0% -0.2 ▼18 9 ▲ Greenhill & Co, LLC 140 41% ▲ 1.1% 0.4 ▲ 18 36 ▲ Stifel/KBW 130 14% ▲ 0.9% 0.0 ▼19 5 ▲ Centerview Partners LLC 132 7% ▲ 1.0% 0.2 ▲ 19 33 ▲ Raymond James Financial Inc 124 3% ▲ 0.9% -0.2 ▼20 9 ▲ CIBC World Markets Inc 131 43% ▲ 1.0% 0.4 ▲ 20 25 ▲ Macquarie Group 121 16% ▲ 0.9% 0.0 ▼

M&A Total 12,558$ -16% ▼ Equity Total 13,720$ 20% ▲

Client Mix by Region Client Mix by Region2013 Bank Name 2013 2013 2013 Bank Name 2013 2013

1 - = JP Morgan 1,515$ 2% ▲ 8.7% 0.1 ▲ 1 1 ▲ Bank of America Merrill Lynch 1,093$ 37% ▲ 8.4% 1.3 ▲2 - = Bank of America Merrill Lynch 1,341 11% ▲ 7.7% 0.7 ▲ 2 -1 ▼ JP Morgan 1,061 21% ▲ 8.1% 0.3 ▲3 - = Citi 1,106 0% ▲ 6.3% 0.0 ▼ 3 6 ▲ Deutsche Bank 609 53% ▲ 4.7% 1.1 ▲4 - = Deutsche Bank 1,024 2% ▲ 5.9% 0.1 ▲ 4 1 ▲ Barclays 594 35% ▲ 4.5% 0.6 ▲5 - = Morgan Stanley 1,011 9% ▲ 5.8% 0.4 ▲ 5 2 ▲ Credit Suisse 539 29% ▲ 4.1% 0.4 ▲6 1 ▲ Goldman Sachs & Co 982 18% ▲ 5.6% 0.8 ▲ 6 2 ▲ Wells Fargo & Co 530 27% ▲ 4.1% 0.4 ▲7 -1 ▼ Barclays 857 1% ▲ 4.9% 0.0 ▲ 7 -4 ▼ Citi 525 -3% ▼ 4.0% -0.8 ▼8 - = Credit Suisse 728 -9% ▼ 4.2% -0.4 ▼ 8 3 ▲ Goldman Sachs & Co 452 51% ▲ 3.5% 0.8 ▲9 - = Wells Fargo & Co 621 -1% ▼ 3.5% -0.1 ▼ 9 -5 ▼ Mitsubishi UFJ Financial Group 430 -7% ▼ 3.3% -0.8 ▼10 - = HSBC Holdings PLC 536 -11% ▼ 3.1% -0.4 ▼ 10 4 ▲ RBC Capital Markets 400 52% ▲ 3.1% 0.7 ▲11 1 ▲ RBS 444 -11% ▼ 2.5% -0.3 ▼ 11 -5 ▼ Mizuho Financial Group 352 -17% ▼ 2.7% -1.1 ▼12 1 ▲ RBC Capital Markets 442 -6% ▼ 2.5% -0.2 ▼ 12 1 ▲ Morgan Stanley 327 18% ▲ 2.5% 0.0 ▲13 1 ▲ BNP Paribas SA 437 6% ▲ 2.5% 0.1 ▲ 13 -3 ▼ Sumitomo Mitsui Finl Grp Inc 300 -6% ▼ 2.3% -0.5 ▼14 -3 ▼ UBS 409 -31% ▼ 2.3% -1.1 ▼ 14 2 ▲ BNP Paribas SA 287 30% ▲ 2.2% 0.2 ▲15 - = Nomura 281 10% ▲ 1.6% 0.1 ▲ 15 - = HSBC Holdings PLC 275 23% ▲ 2.1% 0.1 ▲16 - = Mizuho Financial Group 234 -8% ▼ 1.3% -0.1 ▼ 16 2 ▲ UBS 241 40% ▲ 1.8% 0.3 ▲17 - = Credit Agricole CIB 197 -3% ▼ 1.1% -0.1 ▼ 17 -5 ▼ RBS 240 -13% ▼ 1.8% -0.6 ▼18 2 ▲ Societe Generale 182 9% ▲ 1.0% 0.1 ▲ 18 -1 ▼ General Electric Co 210 12% ▲ 1.6% -0.1 ▼19 2 ▲ Mitsubishi UFJ Financial Group 173 4% ▲ 1.0% 0.0 ▲ 19 2 ▲ BMO Capital Markets 178 31% ▲ 1.4% 0.2 ▲20 6 ▲ Jefferies LLC 171 44% ▲ 1.0% 0.3 ▲ 20 3 ▲ ING 168 50% ▲ 1.3% 0.3 ▲

Bonds Total 17,492$ 1% ▲ Loans Total 13,062$ 16% ▲

YOY ∆Rank Fees Share Rank Fees Share

YOY ∆ YOY ∆ YOY ∆ YOY ∆ YOY ∆

Global M&A: Top Banks - First Nine Months 2013 (US$m) Global Equity: Top Banks - First Nine Months 2013 (US$m)



Global Bonds: Top Banks - First Nine Months 2013 (US$m) Global Loans: Top Banks - First Nine Months 2013 (US$m)

Americas EMEA Asia-Pacific Japan Americas EMEA Asia-Pacific Japan

Americas EMEA Asia-Pacific Japan Americas EMEA Asia-Pacific Japan


Global Investment Banking: Top Banks by Region (US$m)



Product Mix Product Mix2013 Bank Name 2013 2013 2013 Bank Name 2013 2013

1 1 ▲ Bank of America Merrill Lynch 3,218$ 23% ▲ 9.9% 1.3 ▲ 1 - = JP Morgan 1,015$ 18% ▲ 7.1% 1.0 ▲2 -1 ▼ JP Morgan 3,050 6% ▲ 9.4% -0.1 ▼ 2 1 ▲ Goldman Sachs & Co 864 36% ▲ 6.0% 1.5 ▲3 - = Goldman Sachs & Co 2,160 7% ▲ 6.6% 0.0 ▲ 3 -1 ▼ Deutsche Bank 803 6% ▲ 5.6% 0.2 ▲4 - = Citi 2,103 13% ▲ 6.5% 0.4 ▲ 4 2 ▲ Bank of America Merrill Lynch 623 16% ▲ 4.3% 0.5 ▲5 - = Morgan Stanley 2,098 15% ▲ 6.5% 0.5 ▲ 5 5 ▲ Citi 607 24% ▲ 4.2% 0.8 ▲6 1 ▲ Barclays 1,801 12% ▲ 5.5% 0.3 ▲ 6 1 ▲ Morgan Stanley 593 15% ▲ 4.1% 0.5 ▲7 -1 ▼ Credit Suisse 1,680 -1% ▼ 5.2% -0.4 ▼ 7 -3 ▼ Barclays 577 -1% ▼ 4.0% -0.1 ▼8 1 ▲ Wells Fargo & Co 1,564 16% ▲ 4.8% 0.4 ▲ 8 -3 ▼ BNP Paribas SA 568 0% ▲ 4.0% -0.1 ▼9 -1 ▼ Deutsche Bank 1,484 9% ▲ 4.6% 0.1 ▲ 9 2 ▲ Credit Suisse 543 15% ▲ 3.8% 0.4 ▲10 - = RBC Capital Markets 1,233 10% ▲ 3.8% 0.1 ▲ 10 -2 ▼ HSBC Holdings PLC 460 -8% ▼ 3.2% -0.3 ▼11 - = UBS 823 0% ▲ 2.5% -0.2 ▼ 11 -2 ▼ UBS 372 -25% ▼ 2.6% -0.9 ▼12 1 ▲ Jefferies LLC 608 12% ▲ 1.9% 0.1 ▲ 12 1 ▲ Societe Generale 359 9% ▲ 2.5% 0.2 ▲13 -1 ▼ BMO Capital Markets 521 -7% ▼ 1.6% -0.2 ▼ 13 2 ▲ UniCredit 306 16% ▲ 2.1% 0.3 ▲14 2 ▲ Scotiabank 400 7% ▲ 1.2% 0.0 ▲ 14 -2 ▼ RBS 292 -27% ▼ 2.0% -0.8 ▼15 -1 ▼ RBS 391 -7% ▼ 1.2% -0.2 ▼ 15 1 ▲ Credit Agricole CIB 284 11% ▲ 2.0% 0.2 ▲16 2 ▲ CIBC World Markets Inc 327 1% ▲ 1.0% -0.1 ▼ 16 -2 ▼ Rothschild 283 -3% ▼ 2.0% -0.1 ▼17 - = TD Securities Inc 323 -7% ▼ 1.0% -0.1 ▼ 17 5 ▲ ING 225 45% ▲ 1.6% 0.5 ▲18 4 ▲ BNP Paribas SA 294 26% ▲ 0.9% 0.1 ▲ 18 5 ▲ Natixis 181 28% ▲ 1.3% 0.3 ▲19 - = HSBC Holdings PLC 289 4% ▲ 0.9% 0.0 ▼ 19 -1 ▼ RBC Capital Markets 177 -14% ▼ 1.2% -0.2 ▼20 3 ▲ Evercore Partners 276 20% ▲ 0.8% 0.1 ▲ 20 -3 ▼ Nomura 164 -28% ▼ 1.1% -0.5 ▼

Americas Total 32,501$ 7% ▲ EMEA Total 14,383$ 2% ▲

Product Mix Product Mix2013 Bank Name 2013 2013 2013 Bank Name 2013 2013

1 5 ▲ Goldman Sachs & Co 334$ 51% ▲ 5.0% 2.0 ▲ 1 2 ▲ Nomura 619$ 58% ▲ 18.9% 6.5 ▲2 1 ▲ UBS 307 12% ▲ 4.6% 0.8 ▲ 2 -1 ▼ Mizuho Financial Group 518 -18% ▼ 15.8% -4.2 ▼3 -1 ▼ HSBC Holdings PLC 260 -7% ▼ 3.9% 0.0 ▲ 3 -1 ▼ Sumitomo Mitsui Finl Grp Inc 452 1% ▲ 13.8% -0.4 ▼4 - = JP Morgan 257 3% ▲ 3.9% 0.4 ▲ 4 - = Morgan Stanley 354 23% ▲ 10.8% 1.7 ▲5 3 ▲ Citi 222 12% ▲ 3.3% 0.6 ▲ 5 - = Daiwa Securities Group Inc 274 18% ▲ 8.4% 1.0 ▲6 1 ▲ Deutsche Bank 212 -3% ▼ 3.2% 0.2 ▲ 6 - = Mitsubishi UFJ Financial Group 194 -12% ▼ 5.9% -1.1 ▼7 2 ▲ Morgan Stanley 200 3% ▲ 3.0% 0.3 ▲ 7 - = Goldman Sachs & Co 112 6% ▲ 3.4% 0.1 ▲8 -3 ▼ CITIC Group Corp 199 -16% ▼ 3.0% -0.3 ▼ 8 2 ▲ JP Morgan 106 81% ▲ 3.2% 1.4 ▲9 -8 ▼ Credit Suisse 169 -45% ▼ 2.5% -1.7 ▼ 9 -1 ▼ Bank of America Merrill Lynch 75 -23% ▼ 2.3% -0.8 ▼10 5 ▲ Standard Chartered PLC 160 24% ▲ 2.4% 0.6 ▲ 10 -1 ▼ Citi 46 -41% ▼ 1.4% -1.1 ▼11 -1 ▼ Macquarie Group 156 11% ▲ 2.3% 0.4 ▲ 11 - = UBS 43 -25% ▼ 1.3% -0.5 ▼12 -1 ▼ Bank of China Ltd 145 5% ▲ 2.2% 0.3 ▲ 12 1 ▲ Deutsche Bank 42 9% ▲ 1.3% 0.1 ▲13 1 ▲ Bank of America Merrill Lynch 130 0% ▲ 1.9% 0.2 ▲ 13 -1 ▼ Barclays 32 -31% ▼ 1.0% -0.5 ▼14 7 ▲ DBS Group Holdings 126 43% ▲ 1.9% 0.7 ▲ 14 3 ▲ Credit Suisse 21 6% ▲ 0.6% 0.0 ▲15 9 ▲ State Bank of India 106 31% ▲ 1.6% 0.5 ▲ 15 4 ▲ BNP Paribas SA 21 16% ▲ 0.6% 0.1 ▲16 3 ▲ Barclays 105 10% ▲ 1.6% 0.3 ▲ 16 -2 ▼ Sumitomo Mitsui Trust Holdings 17 -50% ▼ 0.5% -0.6 ▼17 24 ▲ China Securities Co Ltd 96 97% ▲ 1.4% 0.8 ▲ 17 -2 ▼ Development Bank of Japan Inc 16 -46% ▼ 0.5% -0.4 ▼18 -5 ▼ ANZ Banking Group 91 -32% ▼ 1.4% -0.5 ▼ 18 22 ▲ Plutus Consulting Co Ltd 15 268% ▲ 0.5% 0.3 ▲19 -3 ▼ China International Capital Co 87 -15% ▼ 1.3% -0.1 ▼ 19 15 ▲ Credit Agricole CIB 15 145% ▲ 0.4% 0.3 ▲20 13 ▲ Industrial & Comm Bank China 80 29% ▲ 1.2% 0.3 ▲ 20 -2 ▼ Tokai Tokyo Financial Holdings 14 -25% ▼ 0.4% -0.2 ▼

Asia-Pacific Total 6,670$ -8% ▼ Japan Total 3,277$ 4% ▲



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

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


YOY ∆ YOY ∆ YOY ∆ YOY ∆ YOY ∆Bonds Equity Loans M&A Bonds Equity Loans M&A

Bonds Equity Loans M&A Bonds Equity Loans M&A

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