Global IB Strategy Review | First Nine Months 2012

Global IB Revenue Down 14% Year-on-Year to $47.5bn Americas Share of IB Revenue Increased to 55% in First Nine Months of 2012 JPMorgan Leads the Global IB Revenue Ranking

Global IB Revenue Global IB revenue totaled $47.5bn in the first nine months of 2012, down 14% on the same period of 2011 ($55.4bn) but up from $46.5bn recorded in the first nine months of 2010 IB revenue reached $15.5bn in 3Q 2012, up 9% from 3Q 2011 ($14.2bn). This was led by a 108% increase in DCM revenue compared with 3Q 2011 DCM accounted for a 33% share of total IB revenue in the first nine months of 2012, up from 23% in the same 2011 period and the highest share since the first nine months of 2003. Over the same period syndicated loans share dropped to 19% from 25% as revenue decreased to $8.9bn M&A revenue dropped to $13.1bn in the first nine months of 2012, down 15% year-on-year but up from $12.3bn in the first nine months 2010 ECM revenue was $9.9bn in the first nine months of 2012, down 25% on the same 2011 period. ECM accounted for just 21% of total IB revenue, the lowest first nine month share on record

Revenue by Region US IB revenue totaled $21.5bn in the first nine months of 2012, down 11% from the same 2011 period ($24.2bn). Despite this, US clients accounted for 45% of global IB revenue, the highest share since 2004 Revenue by Sector Financial Institutions continued to be the lead revenue generating industry in the first nine months 2012 with $10.7bn. Energy & Natural Resources, with $9.4bn, ranked second Financial Sponsors Financial sponsor IB revenue totaled $7.8bn in the first nine months of 2012, down 28% compared with $10.8bn in the first nine months of 2011 and the lowest total since the same 2010 period ($7.2bn) Revenue Ranking JPMorgan topped the global IB revenue ranking in the first nine months of 2012 with 7.7% wallet share, followed by Bank of America Merrill Lynch with 6.4% and Goldman Sachs with 5.7%.
Bank JPM BAML GS MS CS DB CITI BAR UBS RBC

IB Revenue ($bn) - The First Nine Months 2007 to 2012

100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 Total LOAN % IB DCM % IB 40% 30% 20% 10% 0%

Top-10 Banks IB Wallet Share % (First Nine Months) 2012 7.7 6.4 5.7 5.4 5.3 5.1 5.1 4.3 3.2 2.5 2011 8.3 7.4 5.7 5.7 5.2 5.2 4.4 3.9 3.4 1.8 2010 7.5 7.1 5.7 5.5 5.0 5.4 4.3 3.7 3.7 1.6 2009 9.7 6.4 6.5 6.1 4.9 4.8 5.5 3.4 4.8 1.4 2008 8.4 8.8 6.6 5.0 4.6 4.2 5.6 4.2 5.0 1.2

Dealogic IB Strategy Review

Dealogic IB Strategy Review | First Nine Months 2012

Press Release | Final Results October 2, 2012

Contents
Global IB Net Revenue Ranking IB Revenue By Product IB Revenue by Region 3 4 5 IB Revenue by Industry Financial Sponsor Revenue Trends Global Product Net Revenue Rankings 6 7 8 Regional Net Revenue Rankings Notes to Editors 9 10

Media Contacts
New York Edward Jones +1 212 577 4511 edward.jones@dealogic.com London Nandeep Roopray +44 207 440 6163 nandeep.roopray@dealogic.com Hong Kong Shireen Farhana +852 3698 4707 shireen.farhana@dealogic.com

IB Strategy Contacts
New York Richard Harrison +1 212 577 4414 richard.harrison@dealogic.com London Bahareh Khezr +44 207 440 6463 bahareh.khezr@dealogic.com Hong Kong Nisha Bharadwa +852 3698 4736 nisha.bharadwa@dealogic.com

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Dealogic IB Strategy Review

Global IB Net Revenue Ranking Top 15 Banks

Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Bank JPMorgan Bank of America Merrill Lynch Goldman Sachs Morgan Stanley Credit Suisse Deutsche Bank Citi Barclays UBS RBC Capital Markets Wells Fargo Securities HSBC BNP Paribas RBS Nomura Total First Nine Months 2012 (Rev $m) 3,635 3,036 2,724 2,580 2,501 2,419 2,414 2,048 1,509 1,187 1,165 943 698 693 623 47,490 Wallet Share % 7.7 6.4 5.7 5.4 5.3 5.1 5.1 4.3 3.2 2.5 2.5 2.0 1.5 1.5 1.3 100.0 First Nine Months 2011 Rank 1 2 4 3 6 5 7 8 9 12 10 13 11 14 15 Y-o-Y % Change
DCM ECM LOAN M&A

-21% -26% -13% -19% -14% -17% -1% -5% -19% 18% -4% -3% -36% -27% -9% -14%
0% 20% 40% 60% 80% 100%

JPMorgan led the global IB revenue ranking for the third successive first nine month period in 2012 with 7.7% wallet share, although this was down from an 8.3% share during the comparable 2011 period. JPMorgan led the Global ECM, DCM and Loans revenue rankings and topped the US IB ranking RBC Capital was the only bank in the top 15 to record a year-on-year increase in revenue as the bank moved up two places to tenth compared with the same 2011 period The majority of the top 15 banks increased revenue in 3Q 2012 compared to 3Q 2011. RBC Capital had the largest increase with 65%, followed by Goldman Sachs with 34%

% Share 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

Top Five Banks by IB Revenue Wallet Share First Nine Months 2012
JPM BAML GS MS CS

United States

Europe

Asia Pacific

Japan

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Dealogic IB Strategy Review

IB Revenue By Product
Global IB revenue totaled $47.5bn in the first nine months of 2012, down 14% on the first nine months of 2011 ($55.4bn) but was up from the $46.5 recorded in the first nine months 2010 IB revenue reached $15.5bn in 3Q 2012, up 9% from 3Q 2011 ($14.2bn). This was led by a 108% increase in DCM revenue compared with 3Q 2011 o Sub IG bond revenue of $2.0bn was nearly four times the $521m generated in 3Q 2011 while IG bond revenue doubled to $2.3bn in 3Q 2012 over the same period
Revenue Ranking by Deal Type First Nine Months of 2011 to 2012 Rank 1 2 3 4 5 6 7 8 9 10 M&A Lev Loan ECM-FO IG Bond Sub IG Bond IPO IG Loan PREF Convertible SOV Bond Total Deal Type 9-mth 12 Rev ($m) 13,060 6,789 6,429 6,395 4,981 2,756 2,071 829 747 745 47,490 9-mth 12 %share 27.5 14.3 13.5 13.5 10.5 5.8 4.4 1.7 1.6 1.6 100.0 9-mth 11 Rev ($m) 15,420 9,051 7,497 4,635 4,633 4,754 4,721 356 1,011 598 55,432 9-mth 11 %share 27.8 16.3 13.5 8.4 8.4 8.6 8.5 0.6 1.8 1.1 100.0

Syndicated loans revenue fell to $2.6bn in 3Q 2012, the lowest quarterly revenue since 1Q 2010 ($2.0bn) and down 40% from 3Q 2011 o IG loan revenue fell 68% to $543m in 3Q 2012 from $1.7bn in 3Q 2011. Leveraged loans revenue was also down, by 21%, to $2.0bn from $2.6bn in 3Q 2011

M&A revenue dropped to $13.1bn in the first nine months of 2012, down 15% year-on-year but up from $12.3bn in the first nine months 2010. The US accounted for 47% of global M&A revenue, the largest share since the comparable period of 2000 (47%) DCM accounted for a 33% share of total IB revenue in the first nine months of 2012, up from 23% in the same 2011 period and the highest share since the first nine months of 2003. Over the same period syndicate loans share dropped to 19% from 25% as revenue decreased to $8.9bn ECM revenue was $9.9bn in the first nine months of 2012, down 25% on the same 2011 period. ECM accounted for just 21% of total IB revenue, the lowest first nine month share on record. However, 3Q 2012 revenue of $3.4bn was up 41% on 3Q 2011 o Follow on revenue of $2.3bn in 3Q 2012 was up 72% on $1.3bn in 3Q 2011 although this didnt prevent the overall first nine month revenue dropping 14% to $6.4bn compared to $7.5bn during the same 2011 period. IPO revenue of $2.8bn in the first nine months of 2012 was 42% down from $4.8bn generated in the first nine months of 2011

$bn 30.0 25.0 20.0 15.0 10.0 5.0 0.0

IB Revenue Product Breakdown by Quarter 2000 - 2012

LOANS M&A Top 10 Banks' Share of Wallet DCM ECM

% 100 80 60 40 20 0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2007 2008 2009 2010 2011 2012

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Dealogic IB Strategy Review

IB Revenue by Region
US IB revenue totaled $21.5bn in the first nine months of 2012, down 11% from the same 2011 period ($24.2bn). Despite this, US clients accounted for 45% of global IB revenue, the highest share since 2004. US DCM revenue was $6.6bn in the first nine months of 2012, and recorded the highest share (31%) of US revenue since 2003 EMEA revenue totaled $12.2bn in the first nine months of 2012 and accounted for just 26% of global revenue, down from 28% in the first nine months of 2011 and the lowest share on record o The UK continued to generate the most revenue in EMEA with $2.4bn in the first nine months of 2012 although this was down 13% on the same 2011 period
Latin America & Caribbean $1.3bn -16% Middle East & Africa $768m -13% India Subcontinent $414m -48% SE Asia $1.2bn -12% Australia Pacific $1.5bn -26%

IB Revenue % Change from First Nine Months 2011

North America $24.7bn -11% Europe $11.4bn -24% North Asia $4.1m -7% Japan $2.2 -1%

EMEA M&A revenue in the first nine months of 2012 ($3.7bn) was down 32% on the comparable 2011 period and accounted for 30% of total EMEA revenue, the lowest first nine month share since 2009. EMEA ECM revenue recorded the largest year-on-year decline, down 33% to just $1.8bn Asia Pacific IB revenue totaled $9.4bn in the first nine months 2012, down 11% from $10.4bn earned in the comparable 2011 period despite a 35% increase in Asia Pacific DCM fees from the first nine months 2011
IB Revenue by Region
100% 80% 60% 40% 20% 0% 9mth 2008 North America 9mth 2009 Europe 9mth 2010 China 9mth 2011 Japan 9mth 2012 Others

Global IB Revenue by Nationality First Nine Months 2012 Rank 1 2 3 4 5 6 7 8 9 10 Nationality United States Canada China United Kingdom Japan Germany Australia France Italy Spain Total Revenue ($m) 21,512 3,079 3,047 2,390 2,180 1,701 1,387 1,324 862 746 47,490 % Share 45.3 6.5 6.4 5.0 4.6 3.6 2.9 2.8 1.8 1.6 100.0 % Change on First Nine Months 2011 -11% -9% -3% -13% -1% -22% -22% -39% -26% -30%

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Dealogic IB Strategy Review

IB Revenue by Industry
Financial Institutions continued to be the lead revenue generating industry in the first nine months 2012 with $10.7bn. While market share increased to 23%,, revenue for the sector was down 7% on the $11.5bn generated in the first nine months of 2011 Energy & Natural Resources, with $9.4bn, was the second biggest sector in the first nine months of 2012. IB Revenue for the industry in South East Asia was up 17% year-on-year Communications, Media & Entertainment ($2.8bn) and Industrials ($6.9bn) revenues fell 26% and 22% respectively, compared with the first nine months of 2011, the largest decreases amongst all industry sectors in the first nine months of 2012 Business Services had the smallest drop in revenue with $1.5bn generated in the first nine months of 2012, down 1% year-on-year and helped by an increase in sub-IG DCM revenue of 238%
Global IB Revenue By Industry Industry Financial Institutions Energy & Natural Resources Industrials Consumer & Retail Healthcare Technology Real Estate
Comms, Media & Entertainment

9-mth 2012 Rev ($m) 10,733 9,371 6,912 5,059 3,303 3,268 2,856 2,770 1,673 1,546

% change on 9-mth 2011 -7% -13% -22% -16% -16% -18% -12% -26% -18% -1%

Share of Total Revenue 23% 20% 14% 10% 7% 7% 6% 6% 4% 3%

Breakdown by Product DCM ECM M&A LOAN

Transportation Business Services

$bn 25.0 20.0 15.0 10.0 5.0 0.0 Communications, Media & Entertainment

IB Revenue ($bn) Industry Breakdown by Quarter 2009 - 2012

Consumer & Retail Industrials Energy & Natural Resources Other Industries (*Includes FIG)

1Q

2Q 2009

3Q

1Q

2Q 2010

3Q

1Q

2Q 2011

3Q

1Q

2Q 2012

3Q

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Dealogic IB Strategy Review

Financial Sponsor Revenue Trends

Financial sponsor IB revenue totaled $7.8bn in the first nine months of 2012, down 28% compared with $10.8bn in the first nine months of 2011 and the lowest total since the same 2010 period ($7.2bn). Revenue generated from DCM ($1.6bn) in the first nine months of 2012 accounted for 20% of financial sponsor IB revenue, the highest share since the same 1998 period (22%) Financial sponsors accounted for 16% of total IB revenue in the first nine months 2012, down from 19% in the first nine months of 2011 The US was the top fee generating nation in the first nine months of 2012 with $5.4bn and a 70% share of global financial sponsor revenue, up from a 57% share in the comparable 2011 period. However, total US financial sponsor revenue was down 13% on the same 2011 period while EMEA dropped 49% and Asia-Pacific revenue fell 46% from the first nine months of 2011 KKR led the financial sponsor revenue ranking in the first nine months of 2012, with fees totaling $365m and a 4.7% wallet share Credit Suisse was the top bank for financial sponsor IB revenue in the first nine months of 2012, receiving $709m in fees. Goldman Sachs and Bank of America Merrill Lynch followed with $654m and $617m respectively
Financial Sponsor IB Revenue Ranking First Nine Months 2012
Rank 1 2 3 4 5 6 7 8 9 10 KKR & Co Carlyle Group Apollo Global Management Goldman Sachs Capital CVC Capital Partners TPG Capital Warburg Pincus Thomas H Lee Partners Bain Capital Partners Golden Gate Capital Total Financial Sponsor Net Revenue ($m) 365 317 312 284 261 234 188 170 170 162 7,763 % Share 4.7 4.1 4.0 3.7 3.4 3.0 2.4 2.2 2.2 2.1 100.0 Rank 9-mth 2011 1 3 11 10 6 4 7 12 2 32

$bn 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 9-mth 2000 9-mth 2001 9-mth 2002 9-mth 2003

First Nine Months - Financial Sponsor Revenue Product Breakdown

% 50 40 30 20 10 0

9-mth 2004
DCM

9-mth 2005
ECM

9-mth 2006
Loans

9-mth 2007
M&A

9-mth 2008
% Sponsor

9-mth 2009

9-mth 2010

9-mth 2011

9-mth 2012

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Global Product Net Revenue Rankings

First Nine Months 2012 Final Rankings
Global DCM Net Revenue Ranking First Nine Months 2012 Rank 1 2 3 4 5 6 7 8 9 10 JPMorgan Bank of America Merrill Lynch Citi Deutsche Bank Morgan Stanley Barclays Credit Suisse Goldman Sachs HSBC Wells Fargo Securities Total Bank Net Rev ($m) 1,303 1,091 1,000 872 811 780 729 728 565 550 15,638 % Share 8.3 7.0 6.4 5.6 5.2 5.0 4.7 4.7 3.6 3.5 100.0 9-mth 2011 1 2 4 3 7 6 5 8 11 14 Global ECM Net Revenue Ranking First Nine Months 2012

AMER

EMEA

APAC

Rank 1 2 3 4 5 6 7 8 9 10 JPMorgan

Bank

Net Rev ($m) 732 687 606 600 506 490 471 405 356 263 9,932

% Share 7.4 6.9 6.1 6.0 5.1 4.9 4.7 4.1 3.6 2.7 100.0

9-mth 2011 2 1 4 3 7 6 5 8 9 10

AMER

EMEA

APAC

Morgan Stanley Goldman Sachs Bank of America Merrill Lynch Citi Deutsche Bank Credit Suisse UBS Barclays RBC Capital Markets Total

Global Loans Net Revenue Ranking First Nine Months 2012 Rank 1 2 3 4 5 6 7 8 9 10 JPMorgan Bank of America Merrill Lynch Credit Suisse Citi Deutsche Bank Wells Fargo Securities Barclays Morgan Stanley Goldman Sachs RBC Capital Markets Total Bank Net Rev ($m) 748 692 471 450 427 361 330 268 233 226 8,860 % Share 8.5 7.8 5.3 5.1 4.8 4.1 3.7 3.0 2.6 2.6 100.0 9-mth 2011 2 1 5 4 6 3 7 8 10 14

Global M&A Net Revenue Ranking First Nine Months 2012

AMER

EMEA

APAC

Rank 1 2 3 4 5 6 7 8 9 10

Bank Goldman Sachs JPMorgan Credit Suisse Morgan Stanley Bank of America Merrill Lynch Deutsche Bank Barclays Lazard Citi UBS Total

Net Rev ($m) 1,157 852 830 815 653 630 583 523 458 440 13,060

% Share 8.9 6.5 6.4 6.2 5.0 4.8 4.5 4.0 3.5 3.4 100.0

9-mth 2011 1 2 4 3 5 6 9 8 10 7

AMER

EMEA

APAC

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Regional Revenue Rankings

First Nine Months 2012 Final Rankings
Europe Net Revenue Ranking First Nine Months 2012 Rank 1 2 3 4 5 6 7 8 9 10 Bank Deutsche Bank JPMorgan Goldman Sachs Bank of America Merrill Lynch Credit Suisse Barclays Morgan Stanley UBS BNP Paribas HSBC Total Net Rev ($m) 787 721 577 549 532 516 473 460 458 426 11,427 % Share 6.9 6.3 5.1 4.8 4.7 4.5 4.1 4.0 4.0 3.7 100.0 9-mth 2011 1 2 3 7 4 9 5 10 6 11 US Net Revenue Ranking First Nine Months 2012

DCM

ECM

LOANS

M&A

Rank 1 2 3 4 5 6 7 8 9 10 JPMorgan

Bank

Net Rev ($m) 2,347 2,080 1,737 1,586 1,479 1,457 1,296 1,222 1,107 642 21,512

% Share 10.9 9.7 8.1 7.4 6.9 6.8 6.0 5.7 5.1 3.0 100.0

9-mth 2011 1 2 4 3 6 5 7 8 9 10

DCM

ECM

LOANS

M&A

Bank of America Merrill Lynch Goldman Sachs Morgan Stanley Citi Credit Suisse Barclays Deutsche Bank Wells Fargo Securities UBS Total

Asia Pacific ( ex Japan ) Net Revenue Ranking First Nine Months 2012 Rank 1 2 3 4 5 6 7 8 9 10 Bank Credit Suisse UBS JPMorgan HSBC Citi Deutsche Bank Goldman Sachs CITIC Securities Morgan Stanley Bank of America Merrill Lynch Total Net Rev ($m) 361 298 265 257 248 237 224 200 158 142 7,181 % Share 5.0 4.1 3.7 3.6 3.5 3.3 3.1 2.8 2.2 2.0 100.0 9-mth 2011 1 2 5 9 8 4 3 16 7 6

Japan Net Revenue Ranking* First Nine Months 2012

DCM

ECM

LOANS

M&A

Rank 1 2 3 4 5 6 7 8 9 10 Mizuho Nomura

Bank

Net Rev ($m) 381 379 261 251 199 74 71 65 59 53 2,180

% Share 17.5 17.4 12.0 11.5 9.1 3.4 3.3 3.0 2.7 2.4 100.0

9-mth 2011 2 1 3 4 5 6 7 9 10 16

DCM

ECM

LOANS

M&A

Sumitomo Mitsui Financial Morgan Stanley Daiwa Securities Bank of America Merrill Lynch Mitsubishi UFJ Financial Group Goldman Sachs JPMorgan Barclays Total

*League table credit for the joint venture, comprising Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd., is reflected in the ranking of Morgan Stanley

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Notes to Editors
About Dealogic Dealogic is the platform utilized by investment banks worldwide to optimize performance and improve competitiveness. Implemented across strategy, capital markets, sales, coverage banking and compliance, firms rely on Dealogic to interconnect their professionals to more effectively identify opportunities, cover the right clients, evaluate investor appetite, execute deals reliably and to ultimately win more business. Dealogic is the only firm in the world providing the technology, content and consulting used by investment banks to manage and align their core operating units, leading to increased profitability and productivity. More than 25 years experience and a deep knowledge of the capital markets has put Dealogic in a unique position to foster numerous long standing relationships and to work in close partnership with investment banks globally. Dealogic Publishing The Dealogic IB Strategy Review is a quarterly compilation of IB revenue trends and Wallet Share analysis. Data, research and rankings used within this report are produced via Strategy Manager, part of Dealogics Investment Banking Management Platform. Dealogic Strategy Manager Strategy Manager provides top-level IB Wallet Share by industry, region and product and facilitates share of wallet, share of market, competitive benchmarking, and client coverage planning. Dealogic Revenue Analytics Dealogic Revenue Analytics creates a single, objective set of standards that allows for direct comparison of trending across products, regions and industries for all investment banks. In instances where fees are not disclosed, Dealogic projects estimates based on historical disclosed precedent across dozens of statistically tested variables and thousands of individual fee scenarios. Dealogic Revenue Analytics rules are applied to recognition, booking, and classification of deal revenue to provide a standard metric for competitive analysis and benchmarking of investment banks. Note: Varying banks (both universal and pure-play investment banks) apply varying reporting structures and classification in the execution of quarterly investment banking revenue numbers.

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