INVESTMENT BANKING SCORECARD

Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type

Europe M&A activity totals $128.7 billion, down 2% compared to YTD 2014

Asia Pacific DCM hits $130.5 billion so far in 2015, down 18% compared to last year

Goldman Sachs leads Global ECM underwriting for YTD 2015, with 8.9% market share

Fast Facts

Non-US investment banks see big rankings moves for M&A advice compared to a year ago

Global ECM activity increases 23% compared to year ago levels

JP Morgan leads global DCM ranking with 7.8% market share this year

Debt Capital Markets by Issue Type

DEALS INTELLIGENCE I MARCH 12 2015

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

J14 F M A M J J A S O N D J15 F M

Vo

lum

e ($

b)

LOANS ECM DCM M&A

$0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200

2013ytd

2014ytd

Volume ($b)

Follow-On IPO Convertible

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600

2013ytd

2014ytd

Volume ($b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate MBS

ABS Emerging Market Corporate Federal Credit Agency

1

56.5 185,024.4

100.01,250,829.3 100.0

46.8

396,109.9

Top Ten Total 678,782.4 54.3 Top Ten Total

Industry Total 100.0 Industry Total

▼

2.3

Source: Thomson Reuters LPC

44.1 ▲

823

(2.2)

(0.5)

▼

▼

9

109,585.2

2.7

50 4

2.0

▲

48 4.1

▲

41 0.1

100.0

▼(1.5) 2.5

2.2

2.7

14

12

9,802.4HSBC Holdings PLC

10,024.8RBS

(0.2) ▲0.32.5

▲0.58

3.3

2.4

4.2

15

49

13

7

45

96

Mkt.

Deals

140

Rank

9.0

Mitsubishi UFJ Financial Group 4

516,520.2

4.4

5.0

6

4.2

5.3

Mkt. Proceeds

109

3

17.0

2

Mkt.Chg. in

94

40,320.0

Wells Fargo & Co

0.8

2.3612,979.9

JP Morgan

9

0.9

▼

1.0

(0.8)

(1.4)

1.2 ▲

0.0

0.9 ▲3.3

▼

9.5

Global Syndicated Loans (R1)

100.0863

▲

▲1

Chg. in No.

Share

37,684.3 2

Bank of America Merrill Lynch

Bookrunner Mkt. Share

210.2

Year-to-Date

110 9.5

1.4

▼

26 14 1.3 1.1 ▲

0.5

7.2 (2.6)

▲

6 5.1 (0.4) ▼

9

▲

8.4 (1.0)78

0.8

▼

▲7.1

2

4

(1.0) ▼

4.1 ▲

1.4 ▲

46 7

3.4

US$m Rank

51 8 4.5

41

YTD Last Yr

Rank Share

1

8.8

8.9

6.7

9.9

4.7

83 5

291

0.0

▲

Global Equity and Equity-related (C1)

Year-to-Date YTD Last Yr

Mkt. Share

Chg. in

Share

16,774.9

Share

2.4

62.6

100.0

20,817.4

Industry Total

ShareShare

2

3.8

9

5.8

10 3.4

5.8

9

7Barclays

2,796

78,771.6 4

66,659.8 235 Citi

10,515.3

BNP Paribas SA

8

10

6.0

0.4

182

▲

158

(0.5) ▼

3.9

7

6

5

Mizuho Financial Group

(1.4) ▼

▲

▲

0.4

6.9

6.6

6.3

BNP Paribas SA 42,313.2

4.38

5

6

57,476.0 7

44,983.9 3.6

Morgan Stanley

Citi 87,289.3

Bank of America Merrill Lynch

90,172.9

3

337 7.8

US$mBookrunner Deals

Proceeds No.

JP Morgan

Rank

7.0

4.6

YTD Last Yr

250

246

5.3

Mkt.

1

4.8

4.3 ▲

Wells Fargo & Co0.4

173,118.9

58.3108,285.8

Global Debt (B1)

7

7,969.9 4.69

Credit Suisse

Top Ten Total

Deutsche Bank2.3

43 8,161.8

10

3

13,637.1 7.9 76

4.8

4.78

15,191.1

3JP Morgan

43

Barclays

5Morgan Stanley 12,852.2 7.4

6

6

18.6

160,651.9

DealsRank

8.1

Bank of America Merrill Lynch

(8.3) 2UBS

US$m

4

3

1

18.2

78,132.8

5

11.8

Share

32 Citi

Advisor

(5.4)

(1.0)

▼

53

46

6

7

69,320.9Lazard

Bank of America Merrill Lynch

10.4

13.1

10.5

Global Announced Mergers and Acquisitions (AD1)

Mkt.

Rank Share

2

▲

Volume

32.2

6.3

60,157.2

663,976.7

Year-to-Date

298

7.2

100.0

197,823.1

6,514

8.9

Somerley

Goldman Sachs & Co 53,135.4

Barclays

Deutsche Bank 69,938.9

JP Morgan

Industry Total

UBS

Credit Suisse

Deutsche Bank

HSBC Holdings PLC

Mkt.

Deals

No.Mkt. Proceeds Mkt.

US$m

No.

15,360.4

8

4,164.5

0.6

23.9

9

8.0

▲

10

Goldman Sachs & Co

Rank

1

56,060.2 8

59,322.7

86,974.2

121,120.4

8,621.0

19.2

38.1

59

38

3

4

181

12

5 22.4 1.8

61

13

Mkt. ShareRank

100.0

▼13.0

4.4

6.6

12.5

(0.4)

▲

(19.5)

(2.5)

▼

8,321.7

0.3

▼

▲

▼

10.8 ▼

▲

17.2

YTD Last Yr

33

8.4

299

Goldman Sachs & Co

123,331.4

158,949.9

Morgan Stanley

HSBC Holdings PLC

Credit Suisse

10

25

57

19

7

14,006.1

4

5.0

DEALS INTELLIGENCE I MARCH 12 2015

LEAGUE TABLES

Mkt. Share

Chg. in

1

Year-to-Date

24.2 71

48 2

Bookrunner

2

35%

▼-37%

-35%

Deals

▼

581.3 82.7

49.7 458

-22%

▲

278.4

▼

1,092

215%0.5 13

-52%410

49.2

-79%0.1 13

▼

▲

▲

▼

▲

128% 12

▼1%

▲

33

-100%

1.4▲

409

0.6

19.0

65

3.2

0.2

10.3

▲

88

3.5

▲

160 ▲60%

-45%

101%

-27%

-57%

51%1,096

-34% -59%

226 ▼

▼0.6

▲

25▼

12.3

DCM

ALL DEBT CAPITAL MARKETS

Brazil

Japan

France

1.1

Issuer Region/Nation

470.5

67.1

Spain

Africa 4.6

86.5

14212.5

15

30.0

0.6

20

48

154

18.2 ▲

756.0

1,453 ▲

90%

France

Germany

China

Russia

Asia (ex. Japan)

6.4

Australia

1,862

2.5

2.7

9.9

67.2

2.2

664.0

302%

-23%

86

2.2 116%

324

20%1,624

6.6

▲

▲ ▲

▲

▲

2.4

PRIVATE EQUITY M&A

20%

481

79

REGIONAL DEALS MATRIX

YTD Volume

(US$b)

▼

11

34%280

2,304

0.3

-38%

26%304.4

39%5,422 ▼

14% -76%

% Change

YoY

DEALS INTELLIGENCE I MARCH 12 2015

Deals

% Change

YoY

STRATEGIC M&ACROSS-BORDER M&A

(by Target Nation)

Deals

6,514

ALL M&A

Target Region/Nation

Americas

Italy

327.6

Middle East

United States

Africa

354.0

Brazil

Worldwide

7.7

M&A

BRIC

India

1.8

3.9

Worldwide

Italy

Germany

20.7

81.0

YTD Proceeds

(US$b)

▲

▼-29%

YTD Volume

(US$b)

2.0

▲16%

▲

-2%

208%

8.0

76% ▲

▲

▲

-41%

1.7

7

United States

▼-7%

% Change

YoYIssues

Americas 1,234 10%

2,796

140

359

167.4

734

399

391

1,603

717

148

8.1

▼

15%

▼

42.9

Europe

Middle East 5.6

9.4

26.7

-21% ▼ 22.1

▼

172

▼ 17.1

4.5

71

▼

▼

672.3

1372.2

▲

15.5

1,846

80

58

17.6

-63%

365

▲

5.7

109.7

▼

8799

1,46134.1

402%

▲

31%

205

133

45.8

▼

68

47.9

▼

▼

▼ 154.8

92

244

1.5

50

▼-42%88

46

129%

166

336

101%

-35%

127 59%21%

7.2

57.0

2.5

652

YTD Proceeds

(US$b)

984

▼

69.0

Issues

1,309

INVESTMENT GRADE CORPORATE DEBT

YTD Proceeds

(US$b)

% Change

YoY

168%

105

46%

36

196

109.4

6.8

1.3

▲

60

United Kingdom ▲51.8

▲

▼

73

2,034128.7Europe ▼

Spain ▼

-56%

▲

62 -5%

4.1

-48%

-10%

4.3

1.2

42%

34

-12%

-20%

69

-

-

1

-1%

▲

▲

-

-22%55

29%112▲

Issues

47%

▲

-

51.2

6%

13%

-

0%

188

▲

▼

▲9%

120%

55%

▲

▼

36%

▲

259.7

▼

▲287.8

360

-

557.4

227.3

% Change YoY

YTD Volume

(US$b) Deals

% Change

YoY

1,250.8

71.5

YTD Volume

(US$b)

50.0

11.1

-

53-19%

▼-21%

2.7

▼

-

34%246

46.7▲

33

17

178

0

-19%

1,043 ▲

▼-95%

88.0

▲

14%

-43%

0

▲

6.1

5%

6-18%

-23% ▼

0.0

79

-28%

82

175

-9%

▼

▼-26%

9 20%

12

United Kingdom

494.4

5.6

0.6-

▲

38.0

-

0

▼-

- -

-97%

-

▲

42.4

-20%

44.6

21

20%9

23.3

88

▲

▲

▼

▲ 85%

▼

0.2

214%

3

7.8

▲

2

10

▲

6.8

-90%

40

▲

0

-31%

Russia 8.2

▼-30%

57 ▼

▼35%

0.8

2.7

70.8

35

23

8

▼

14.1

15.21 ▼

30.9

0.6

▼

▼-76%

4.0

▲

2 ▼

-23%-18% 8.5

0.0

1 ▼

- 8.2

-30%

0.1 1184%

-

-16%

23.7

2

-100%

▼

0.0

10.0

-

▲

▲

▼

2%

12%

-

31.7

-41%

12

-4%

▼

31%

2.9

5

▲

3%

China 26.6 93 -40%

75India 10.8

Japan

▼

Australia 33.9 55

Asia (ex. Japan) 130.5 628

1.7

41

▼

▲

-26%

56

12

17 2

5

-

-84%

-71%

1.0

-

6

-22%

-

-

-

▼75.9 436

0% ▲

9

-

BRIC

-22% 43.0 99▲57.6 180

-42%46.6

35%

▼

74%

▼

70

▲

22%

-38% 2.9

▼

43

-

0.1 0%▼183 -42%▼-96%

YTD Proceeds

(US$b)

167

91.4

128.8

▼

261

▼-18%

▼

▲

-7%

23%

19%218.8 ▲

61.1

1,775

11%

3.2

-15%

SECURITIZATIONS

7.3 68

81%

442%

817

25

% Change YoYIssues

▼

-84%

-41%

▲

▼

▼

▼

-14%

-85%

10%

▼

▼

▼

▲47%

60% ▲

0%

-27%

136

▼

▲

86.9

12.0

% Change

YoY

HIGH YIELD CORPORATE DEBT

0.9

120%

-

74

-

6%

--

▲5

6

3

863

Germany 4.6

173.1

LOAN

Africa 5.6

Worldwide

5.2

Africa

Issuer Region/Nation

Europe

United States

5.3

ECM

17

0.5

2

Italy

Americas

4.0

Brazil

France

-

57%

-

13

57%

-

FOLLOW-ONS

% Change YoYYTD Proceeds

(US$b)

DEALS INTELLIGENCE I MARCH 12 2015

4.5

191

24 ▼

44%

170

-

% Change YoY

58614

IssuesYTD Proceeds

(US$b)

217

Issues

54%13.6

19.8

54.2 21

122.8▲

YTD Proceeds (US$b)

YTD Proceeds (US$b)

▲30.523%

ALL EQUITY CAPITAL MARKETS

Issues

▼

REGIONAL DEALS MATRIX

-47%40%72.3 262

IPOs

▲

% Change YoY

2321263.4

0.0

-16%

Issues

- -

-45%

-

-1

11

45.5

5

2

305%

0.3

-

39%

-45%

35.5

225%

510.7

▼

▼

1.2

0.2

▲

-33%

▼

1

0.2

28.4

0.1

4

-

▲

6519.3

86%

15

3.2

▼-

-48%

-

▼

-

7.0

-81%

83.4

120

50

1.0

1.2 14

1.71%8.6

14.7

0.2

Middle East

52.1

40% 4.4

39

7 2-66% 0.2

▲171

▼

4

32

1

-9%

16.3

0.1

Australia 3.6 80

9

233.2United States

4Brazil

United Kingdom

13

8

Russia

955

Spain

0.1

Americas

5

94.0

3.4

18

10.3351

1

▲ -63%

2

5.0

-67%

1.0

0.8

1

---

76

Issues

276

1.8

▼

-64%

% Change YoY

-63%

0.5

▼

61

-85%

8

107.7▼

0.6

0.6

80%

▼

Asia (ex. Japan) 40.1

▼

China

14

4%21.0 7.6

6.4

1.3

70▼

▲

-28%

-

-84%

▼-95%

229111

235

6.4

12.4

3.2

▲

-

3

About Thomson ReutersThomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.

About Thomson Reuters Deals Intelligence Thomson Reuters Deals Intelligence, a part of Thomson Reuters Advisory & Investment Management division, brings up to the minute market intelligence to the deal making community 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.

Contact Information:

AMERICASMatt Toole I +646 223 7212 I matthew.toole@thomsonreuters.com

EUROPELucille Quilter l +44 207 542 4372 l lucille.quilter@thomsonreuters.com

ASIAElaine Tan l +632 858 4387 l elaine.tan@thomsonreuters.com

6

2

85.0

▼

▼

% Change YoY

0.1

-36%

-69%

226

88.4

1.7

27.8

-34%

7.0

0.0

Borrower Region/Nation Issues

145

Worldwide

ALL SYNDICATED LOANS

BRIC

YTD Proceeds (US$b)

58

0.5

455.9

YTD Proceeds (US$b)

261.9

3.8

15.51%

-10%

India

Middle East

Japan

395

Europe

United Kingdom

122.1 158

▼

-44%

-33%

▼

399%

Australia

Asia (ex. Japan) 43.4

Russia

Spain

Germany

4.5

17.2

41

208

21.6

1.6 5

38

-

-42%

15.0

115

54%

-49%

Japan

Source: Thomson Reuters LPC

▼

-37%

12

25

-43%

24.4

21.1

▲

France

5.7

18

72%

13.9

▲

86%

Italy

China

▲

865%

▲

▲

354%

-81%

668%

30 -24%

▼13

23

1

▲

▼

▼

▼

▲

10

454

124

▲

19%

-54%

▲1035%

▲

▲6%

% Change YoY

CONVERTIBLES

-- --

▲ 13.4 58%19

-

-

-55%

▲

-

0.0

▲

▲

12

▼

-

▼

-

-100%

40% ▲

-

1.9

- 0

▲

▲

0.3

31%

-

4

-

-

1327%

-

-▼-37%

▼

-40% ▼

- -

-72%

▲9367%

1 -

3

-

▲

11

▼

▼

0.6

-

-61%

-

54%-9%

1-

▼

▲6 13%

▲

632%

1002%2

▲

90% ▲

415%

0.3

▲

48%47

-

▼

-52%-

▼

LEVERAGED LOANS

11

-63% ▼

-52% ▼1

143.030 ▲

-

▲ 1.0

-65%

-

-27%

-35%

-50%

-

-44%

▼

▼

▼

-

▼

▼

▼

-

▼

▼-68%

-36%

▼

1.9

15.0

▲

-

-

India 2.1 6 -80%

19.2BRIC

▼

-

0.1

▼

2

▼

▲

-

5

5

0

-76%

88%

▲

4

2

▼

-

30%

▼

▲

21%

1

-

-90%

1.8

0.9

4

21.4

Financials

Materials

Healthcare

32.4

United States

Retail

Media and Entertainment -69%

Government and Agencies

Real Estate

M&A

7,644.2

Salix Pharmaceuticals Ltd

12.186.9

▲

▼▼ 3.0 8

YTD Volume (US$b)

Industrials 18.6

470

106

High Technology

Energy and Power

YTD Volume (US$b)

68.0

370

81.8

51.3

891

Consumer Prod/Svcs

43.9

▲

79%

56.7

28.8 494

15.2

-25%

-55%

58%

3/9/15

-

45298.2

13.5

2%

1% ▲

▼ 4.9

99

152%

3.5 32

▲

11.4

-59%

▲

▲

40▲

69%

13,571.9

▼

33% ▲19.6▲

-24%

38.2

21%

United States

23

-52%-

United States

22

Top Deals - Last Seven Days

Target Nation

Australia

Target Name

ITR Concession Co LLC

Endo International PLC

▼

Follow-On

Investment Grade Corporate

Emerging Market CorporateInvestment Grade Corporate

Investment Grade Corporate

Issue Type

-34%

Industry Funds Mgmt Pty Ltd

IPO

Acquiror Name Acquiror Nation

Issue Type

120

36

101%

-33% ▼

282.8

5,725.0

5412.9 35.98.4 35

Simon Property Group Inc

-

17.3

30

▼-6%

75

113

▼

19.1

23

37%

-28%

19.7

23.7

▼ 55.3

34.1

-25%

-24%

43%

35.488

14.2

20.9

41.5 133

31

22.3 78%23 ▲

▼

25 ▲104%

▲

43

144

▼

▼

Syndicated Loans

▼

-10%

-55%

▼

▼-25%

▼

▼

% Change YoY

-62%

33

179

55.0

United States

Issuer Name

Issue Date

Zimmer Holdings Inc

3/11/15

Issuer NationIssuer Name

United States3/10/15

United States

Follow-On

Close Date Proceeds ($mil)

3/11/15 519.7 Zayo Group Holdings Inc United States

Issuer Nation

3/11/15

350.0

3/12/15 627.4 Canadian National Railway Co

Endeavour Mining Corp

Canada

EQT Midstream Partners LP

1,045.0 Hanson Bldg Prod North America

Issuer Name

Canada

3/9/15LOAN

3/11/15

Issue Date

3/11/15

Ann. Date

ECM

DCM

3/10/15

Orient Sec Co Ltd3/9/15

3/9/15 Credit Agricole SA

Petronas Capital Ltd

69

45

118

14.0

113.9

63.3

56

148

▼

▲

▼

-75%

-58%

▼

-43%

-30%

▲

▼

Deals

-16% 20.6

DCM

17.1

YTD Volume (US$b)

▼

41%

560

Deals

1,065

79.0 729

636

% Change YoY

5.1 -42%

INDUSTRY ANALYSIS AND TOP DEALS

71

YTD Volume (US$b)

% Change YoY

31%

Industry

M&A

Deals

ECM

5%

▲

26.6 ▲

▼

31.5 1,562 -7%

21%

55

% Change YoY

41

89%

94% ▲

▲

317

27%

24.1

83

149

-34%19% ▲ 94

-10%

United States

415

118% ▲

1,601.3

Proceeds ($mil)Issuer Nation

China

627.0

▼

3,662.0 France

▲

18%

-

2% ▲

Ireland-Rep

Proceeds ($mil)

27.9

574

5,062.6

Deal Value ($mil)

19,277.0

Malaysia

▼

29

2127%

▲

▲

13.4

Macerich Co

Telecommunications

Consumer Staples

575.9▲

107.1

DEALS INTELLIGENCE I MARCH 12 2015

Deals

90

5