Fast Facts

China Equity Capital Markets activity totals $138.6 billion, up 13% from a year ago

INVESTMENT BANKING SCORECARD

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

United States M&A activity hits $2.2 trillion up 60% compared to a year ago

Americas DCM totals $2.5 trillion, up 1% compared to last year

Consumer Staples M&A hits $314.6 billion this year, up 74% compared to a year-ago

Financials ECM totals $214.1 billion for YTD 2015, up 23% from 2014

Technology DCM up 39% with $150.4 billion raised during YTD 2015

Debt Capital Markets by Issue Type

DEALS INTELLIGENCE I DECEMBER 10 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 A M J J A S O N D

Vo

lum

e (

$b

)

LOANS ECM DCM M&A

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

2014 YTD

2015 YTD

Volume ($b)

Follow-On IPO Convertible

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000

2014 YTD

2015 YTD

Volume ($b)

Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate ABS MBS Emerging Market Corporate Federal Credit Agency

1

100.0100.0 Industry Total

Source: Thomson Reuters LPC

Top Ten Total 2,810,131.6 54.3 Top Ten Total

13,9245,194,550.0Industry Total 100.0

▲3.550.8 ▼

7,929

(2.9)48.41,645,846.2 45.5

3,619,797.2

9

1091,120.4

94,028.1

▼103,642.2 3.8

2.5

427

HSBC Holdings PLC

100.0

▲

387 3.4

371 0.32.212

2.6 2.9

3.3

8

2.8

▼(0.3)

(0.9)

▼

0.7

2.9

5.1

375

(0.1)

▲125,865.6 9

7

8

120,091.7 7

3

4.2

5

1,087

Rank

8.9

1 9.5

6.1

3.76

3.56

170,729.4 4

Proceeds

Bookrunner

7.7

218,965.5

673

936

4.7

6.1

291,041.6Bank of America Merrill Lynch 8.0

JP Morgan 277,182.8 2

Mizuho Financial Group

796

3

Mitsubishi UFJ Financial Group

542

Wells Fargo & Co 4

5153,178.9

Citi

(0.4) ▼

▲

▲

▼

0.0

0.5

▼(0.9)2

▼

(1.8)

▼

219

▼

Mkt. Share

Mkt.

Deals

11

(3.6)

4.0

Chg. in No.

100.04,382

123 ▲

▲

4

281 5

271

7

1.9

6

236

0.1

(1.6)

(0.1)

Mkt.

8

9

5.0

3.9

YTD Last Yr

0.2

(0.8)

▲

▼6.9

6.1 (1.6) ▼

5.2 0.9

6.9

Mkt.

Deals

60.9

7.8

8.9

8.2

367 3

373 2

8.4 (0.5) ▼

(0.1) ▼

1

(0.1) ▼

Share

Nomura

Global Equity and Equity-related (C1)

Year-to-Date YTD Last Yr

Mkt. Share

Chg. in

Share

Year-to-Date

908

Share

1

US$m Rank

▲

1.0

6.0

▼(0.6)

1

0.4

0.47.1

▲

6.1

1,173

5285,071.8 5.5

6.4

3.6 987

Goldman Sachs & Co

9

1,243

1,190

3.8

4

9

241,727.7

Barclays▲

▼ BNP Paribas SA781

799 Deutsche Bank▲

4.6

4.0

▲

US$m

3

Bookrunner

1

1,181 5.8

5.5

Share

JP Morgan

4.78

1,401

4,414,819.2

Proceeds

1,268

38,378

Deutsche Bank

341,980.6

334,553.6

Barclays

4.8

2

HSBC Holdings PLC

834,705.1

YTD Last Yr

Global Debt (B1) Global Syndicated Loans (R1)

100.0

476,480.2

9 206

Industry Total

2.1

57.3

Deutsche Bank

Top Ten Total

Barclays(1.2)

106.3

▼

17,420.4

308

5.1

4.58

7

37,139.6

42,656.8

6.1

644,463.0Citi

32,130.1

50,958.7 6.1

Rank

7.7

Bank of America Merrill Lynch

13.2 2Morgan Stanley 67,215.7

3

23.2

8.1

721,998.6

5

16.4

▲

Goldman Sachs & Co▲

235 2

0.0

323

1,615,506.1 1 29.3

JP Morgan

1 7.3

19.7

1,455,954.2

▲

3

Deutsche Bank

Bank of America Merrill Lynch

13.9

18.1

13.97

4

8

1,022,903.2

6

Centerview Partners LLC

3

36.6

Global Announced Mergers and Acquisitions (AD1)

Mkt.

Rank Share

2

US$m

9

10 10.3

100.0

6 4.9

7.5

6.5

7

Mkt.

5

Mkt. Share

Year-to-Date

6.6

No.

386,964.6

Deals

Wells Fargo & Co

Rank

247,836.1

196,328.8

186,847.0 10

Morgan Stanley

Bank of America Merrill Lynch 335,820.0

Barclays 613,468.2

Industry Total

Lazard

Credit Suisse

Citi

253,001.4

454,740.8 44

31.2

Deals

5

ShareRankMkt. Share

Chg. in

UBS 50,912.4

No.Mkt. Proceeds Mkt.

US$mShare

568,618.9

800,177.1

9

181

238 12.9

612,707.9

5

211

208

Share

271

19.8

6

11.0

18.1

0.2

1.1

(0.2)

1,132

2.5

7

11

0.2

▲

4.5

0.2

▼

8

4.0

8

4.7

14.1

▲

1.3

▲

12.6

2.0 ▲

▲

Rank

▲

Chg. in

(0.3)

Mkt.

▲

3

2

100.0

0.8

14.2

4

Credit Suisse

▲

13

7

6

No.

Year-to-Date

390

376

Goldman Sachs & Co

Advisor

YTD Last Yr

Credit Suisse 5.4

1,378,961.0 4

Volume

69,733.6

JP Morgan

Citi

Morgan Stanley

11.5

21.2

33.0

63,849.9

4

5.3

DEALS INTELLIGENCE I DECEMBER 10 2015

324

Rank

1

LEAGUE TABLES

Bookrunner

2

Deals

▲

▲

1,829.7 57%9,231

41%

2,687 46%

41%

2,539

▼

3,731.3 683.5

393.3 ▲

77%375.4

265

-34%

▲

115.9

▲

481

5.6

203%

▼

31

6,573

-46%1.8 64

-23%2,654

-62%

800

1889.0

927144.2

91

41596.3

20%

▲

28%

▲ 26%

1623.3

1%

5.3

▼

4.5

39.6▲

19.4

▼

▼ ▼

-59%

11.8

-9%

484

▼

144106%

13.7

▲

643

756

746.5

1,405

▼-10%

▲

256.5

7%

0.0

59

563.1

▼

ALL DEBT CAPITAL MARKETS

▼-14%

71%

2,345

▲

Issues

19.4

2,033

1.2

▲

3,377 ▼ 113.4

-13%

5,195 ▲ 534.2

-34%

DCM

62%

72%53%7,418

59%Japan

2,140.2

Issuer Region/Nation

▲

▲25.2

▲

132▲ 95%

Africa 20.2

360.8

36

360

BRIC

16.4

India 25.1

▲

16.4

▲

49%

130.0 ▲

Asia (ex. Japan)

54.9

Australia

33.8

113.8

France

Spain

United Kingdom

38.2

▼

21.6

626

21%

1,819

17%

37.3

61%

▲ 10,705

336

20%

▲ ▼

PRIVATE EQUITY M&A

67%1,529

413.4 2,300

147%

701 ▲

266

564

5,090

11,751

491

38,378

CROSS-BORDER M&A(by Target Nation)

ALL M&A

0.8 75

-7%

2,186

REGIONAL DEALS MATRIX

YTD Volume

(US$b)

-6%

▲

98393▼

7,045

▲

YTD Volume

(US$b)

▲

▼

1,969.8

Deals

27.7

40%31,805 ▲▲

% Change

YoY

DEALS INTELLIGENCE I DECEMBER 10 2015

STRATEGIC M&A

DealsTarget Region/Nation

United States

Africa

2,363.1

Brazil

Europe

4,414.8

Americas

Germany

2,205.1

Middle East

Brazil

Worldwide

33.2

Italy

M&A

23.4

YTD Volume

(US$b)

Italy

Germany

81.1

676.3

YTD Proceeds

(US$b)

United States

Middle East 30.5

China

Russia

▲60%

▲

% Change

YoY

320

-30%

573▲

9%

11%

14%

48%

40.5

% Change

YoY

85.9

YTD Proceeds

(US$b)

SECURITIZATIONS

-31%

10.3

13.7 ▲

Americas 6,108 1%

13,924Worldwide 5,194.6

10,086

4,578

1,045

94.1

1,028.2

83.3

944

598.5

114.3Spain

304.5

202.9

Russia 17.8

Australia 131.2

-49%

545

-11%

1,597

911

-48%

▼ 2

37.9

170

65

-14%

-36%

-17%

75

4,163

9,159

6,686

▲

▲

10

66.6

2,717.3

16.1

1,37414.1

954

502.2

930

97.4

63.8

373.9

1,070

81%

512

17.4

▲

9,212▲

60%

37%

1,520.5

451.4

10,720

179

364.0

681.8

524.0

▲

67.5

▼

98%

656

47.215%

95% ▲

883.9

15%

▲

19% 750.6

50.4

▲266%

-13%

866.5 ▲

-25%

1,335

30.5

1,545466 -43% ▼

168%

-15%

560.0

Issues

6,783

INVESTMENT GRADE CORPORATE DEBT

▲

YTD Proceeds

(US$b)

59%

47%

▲

-35%

400

▼

-13%

44.1 91%

-27%

67%

13,359

805

% Change

YoY

20.3

67%

274

54%59.3

▲

368

▲

0.9

-45% 53.0

▼

1,721 33%

314

-

▼

12.5

87%732

Issues

% Change

YoY

-

8

▼

▼

-

-

-

218.4

-22%

-16%

-

205.0

590

▲

▼

▼

15.1

20.7

-37%

999.5

▼

▲1,114.4

1,897

5.7

878.5

10.4

-16%

-

24%

-81%

▲

63

306.4

-6%

2,476.8

China

% Change YoY

YTD Volume

(US$b) Deals

% Change

YoY

-

-8%

1,086

▲

248.9

▲21%847

18%1,094

30% ▲

% Change YoY

▲

▼

▼

0.0

19.1 37

25.8

92.4

▼-5%

-9%

-6%

-37%

▼

147

0▼-83%

▼

▼

97

France

97.4

-36%

-19%

-21%

416

728

United Kingdom

1,753.2Europe

0▼

104.2

▼

-

▼

147.9

76%

-

-6%

▲

▼

▼

10

▼

3

▼

0.4

▼

▼

-14%

▼-11%

0.0

-37%136.4

64

95

302

0

▼

27.0

7.5

▲

13

▼

▼11.7

-69%

3230.1

3.5

40%

-

▼

54.9

46.15

137.8

▼

14

15

-46%

44.8▼

▼-65%

18.4

▼

6%▼

-

235.7

15

15.5

-33%

-43%

7

-94%

▼57

-14%

1.3

▼

▼

-56%

▼

▼

-100%

▼

▼

▼

▼

-37%

69

▼

▼858

India 47.5 -14%

Japan

▼

200.6

252

462

381.5

Asia (ex. Japan) 708.0 3,365

BRIC

9%

444.1 2,242

223

0.5

▼

▼

-28%

281

52

-11%

▼-20%

▲

61

96%

31-52% 11.0

-7% 2.9

▲ -2

▲187

4,540.1

-9%

112.2 -21%

-50%▼ 1,513 8% ▲31

41.8 226

1.8▼

976

528

▼

-93%

▼

-42%

2,247

279%

1,371

1,596

▼-9%

▼-11%

1,141

▲

▲

▲

▲

▼

Issues

▼

44%

319

347

-68%

▲94%

55% ▲

85%

253%

784% ▲

▲

▲

▲

347.0

116.2

27.4

YTD Proceeds

(US$b)

HIGH YIELD CORPORATE DEBT

211%312

▼

-59%

2

337

-

-14%

186

2

11.0

-

-

25

4.3 17

8%

7.5

39

-

▲

-34%

-8%

-34%

66

3

Africa

Issuer Region/Nation

Spain

Middle East

225.5

53.7

240.5

20.3

6.6

LOAN

Africa

Italy

Americas

Australia 39.1

39.9

Worldwide

France

ECM

15.0

2,426.1

166.0

YTD Proceeds (US$b)

1.2

267.3

256.5

Europe

United States

33.0

24.1

Russia

Asia (ex. Japan)

Germany 29.5

United Kingdom

Brazil

13.5

19.6

-13%

-18%

-8%

2,173.3

43

38

331

90

9%

8.1

6.4

6.1

▲

614

FOLLOW-ONS

DEALS INTELLIGENCE I DECEMBER 10 2015

▼

8%

-20%1% 36.9

▼183.0

-42% 196.4 783

Issues

▲

8

% Change YoY

REGIONAL DEALS MATRIX

IssuesYTD Proceeds

(US$b)

CONVERTIBLES

564.2▼

YTD Proceeds (US$b)

ALL EQUITY CAPITAL MARKETS

YTD Proceeds (US$b)

3,040834.7

YTD Proceeds (US$b)

4,382

% Change YoY Issues % Change YoY

1,025

IPOs

-23%

Issues

▼

34.0

1,085

158

1

1410.6

-9%

-3%

74

29.2

▼-11%

▲

68.0930

1.4

▼

-8% ▼

57%

38 ▼

53

164.1

▲

2%

-29%

155.4

-80%

▼

▼

134 -46%

-

12%

-26%

▼ 25

61

-

59

680

34.8

▲

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

▼ -

28% ▲

-39%

3.5

3.9

1,366

0.3

15.1

10%

34%

▼50%

1%

▲

▲

-

10.5

-

36%

72%

202

11

20

54

15.3

1.9

15 ▲

17

273

▼

9 192.6

817

▼

91

6

570

-9%

359

1

2,201

43.5

326

1,806

1,836

848.5

1.5

Brazil

Americas

22.5

▼

▲

271.7 54.9

857.1

90%

1.3

▼

▼

16%

6%

5.8

-47%

▲

7.2

▲1.8▲122

62.62,064

▲

61

9.4

▲

▲

▲24 16%

609

411

▲

68%

▲

-30%

-57%

11

Issues

6

-

370

46.3

40

7.8

9%

▼

-5%

▲

0.4

88

5.4▲ -64%478

522%

26113%

11%

78%

▲

1,071.4▼

China

91

-23%138.6

34%

707 ▲

-5%

45.9

18%

▼-1%

▼

-23%

% Change YoY

-24%

15.1

0%

% Change YoY

ALL SYNDICATED LOANS

9,276

United Kingdom

994.7 1,605

4,225

Borrower Region/Nation

-17%

Australia

Asia (ex. Japan) 457.3

Russia

Spain

Europe

France

-81%

▲

15%

250

198.2-9%

-1%

Issues

32.2Germany

65.6

6.9

66.6

1,396

1.6

▼

13

1,897

147

415

▲

-50%

-36%

17.7

10659

-64% ▼

185 -37%

1%

▼

99.7

371

63.8 25%

16

China

▲

-

India 45.5

187.5

120.2

206.8

-11% ▼

47%

-41%

-30%

Italy

197

22%

111.5

122

94

211

India

Middle East

Japan

3,634

113.7

198

United States

Worldwide 4,231.9

BRIC

7

-37%

-5%

59%

105%

104%

52%

2

4

87.5 257

84

-15%

% Change YoY

▼

32.2 -27%69

--18% --

▼

▲

48

▲

▲

-▼

▼

48%

▲

71% 1

▼

▲

-1%

456%

1.2

-7%

-39%

-36%

2▲

-26%

50%

2.9

▼ 17.0

5.6

-3%

-24%

▼12

342%

5 ▼

27%

18.8 ▼

▲

-8%

▼

-81% ▼

- -▼

▼ 178.9

▲

▲ 10.6

22.8

89

17.9

33.3

2

14.4

2.5▼

0.8

▲29

3

13

0.8

4

▼

-

-77%

-21%

19.5

-

▼

58%298

60

84.6▼

▼

▲ 10.5

▲

-19%▼

▼

LEVERAGED LOANS

100

-23%

18%

109.6

-22% ▼

▼11

3311.7126 ▲

- -

-17%

▼

▼

▲

▲

▼

▼

▼

▼

▼

-

7

8%

-81%

545.8

-

▼

2.0

4

▼

▼

-24%

Japan

Source: Thomson Reuters LPC

▼

BRIC ▼-23%

35

0.2 -94%

13.0

3.0

2

25%

-27%

35

35

58

52

-15%

▲

▼

▼

▲

62

YTD Proceeds (US$b)

▼

21

▲

▲

4

20%

Government and Agencies

Financials

Materials

Healthcare

Retail

Media and Entertainment 266.2

High Technology

379.8

Industrials

314.6

15,970.9

Postal Savings Bank of China

379.2

▲

-

Singapore

2,823

▼▼ 31.5 101

675

M&A

212.9

12/7/15

Real Estate

▲

589.9 2,588

Consumer Prod/Svcs

417.8

YTD Volume (US$b)

Energy and Power 5%

74%

6%

3,166

579.7

20%

25%

5,750

169.2 40%

-

2,592653.9

46.5

51%

275.3

5,198 88.2

70%

111%

200.1▼

▼

▼

83.4 -12%125

4,308

2,905

▲

▲ 29.6

514

538

41.6

-3%

95.3▲

941-33%

206.4

68.4

35.3 -16%

▼

110.7

119

-11%

150.4 39%135

709

322

Keurig Green Mountain Inc

Telecommunications

-26%

-13%

68%

22.5 192

7,029.1

-33%124

▲

-19%

Top Deals - Last Seven Days

Target Nation Acquiror Name

United States

191 521▼

Neptune Orient Lines Ltd

Investor Group

JAB Beech Inc

-

Follow-On

Investment Grade Corporate

Investment Grade Corporate

Investment Grade Corporate

Issue Type

CMA CGM SA

Convertible

Issue Type

France

156

▼

1,010.1

49569.8

▼

259.5433

6% ▲

322.8

223.7

▼-14%

77.5

291.2

155.1

31%

▲

▼

136

▼

558.3

▼

8,063 -14%

-40%

-23%

▲30%

692 ▼

183.5

▼

▼

-7%

-9%

▲

▼

▲

% Change YoY

Syndicated Loans

689

YTD Volume (US$b)

423

1,428

314.9 449

281.5

Malaysia

Kuwait

Issuer Name

Issue Date

Visa Inc

Issuer NationIssuer Name

United States

PICC Property & Casualty Co

12/9/15

Belk Inc

Commercial Bank of Qatar QSC

United States

Follow-On

Close Date Proceeds ($mil)

12/8/15 550.8 RHB Capital Bhd

Issuer Nation

6,000.0 Equate Petrochemical Co KSCC

Issuer Name

Qatar

12/9/15

China 751.8

1,000.0

12/7/15 3,000.0 LOAN

12/8/15

Issue Date

12/7/15

Ann. Date

ECM

DCM

12/9/15

China Overseas Fin Invest12/9/15

12/7/15 Toronto-Dominion Bank

Credit Suisse Grp Fdg Guensey

12/7/15

2%

1,243770.9

615.6

-5%

▼

▼

▲

5%

-2%

532

1,542

757

-11%

10%

-19%

▲ -13% 224.3

DCM

3,864

% Change YoY

175.7 259

362

% Change YoY

INDUSTRY ANALYSIS AND TOP DEALS

DealsYTD Volume

(US$b)

263

% Change YoY

DEALS INTELLIGENCE I DECEMBER 10 2015

Deals

350.3 -21%

ECM

Deals

▼

YTD Volume (US$b)DealsIndustry

M&A

2,613.7▲

2,018

23%

88.0

507

615

77%

▲

163

▲

90.2 ▼

▼

▲

74.9

1,500.0

Proceeds ($mil)Issuer Nation

China

▲

▲

2,445

42% ▲

1,996.2 Canada

▼

-8%

-

Switzerland

▲

China

55%

▲ ▼

Acquiror Nation

Proceeds ($mil)

116.9

2,360

1,996.2

5,093.9

99

Consumer Staples

Switzerland

-1%

12/9/15

United States

Target Name Deal Value ($mil)

14,159.0

▼

▼

67.3

▼

▼

-10%

386

-36%549

-3%

191

214.1

37.4 -13%

-25%

5