INVESTMENT BANKING SCORECARD

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Neil Miller
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AVERAGE DEAL SIZE FOR US CORPORATE BONDS TOPS $1 BILLION This week's $17 billion USdollar denominated investment grade corporate debt offering from Medtronic ranked as the largest USdollar offering

1 AVERAGE DEAL SIZE FOR US CORPORATE BONDS TOPS $1 BILLION This week's $17 billion USdollar denominated investment grade corporate debt offering from Medtronic ranked as the largest USdollar offering this year and pushed volume to a record $1.11 trillion for yeartodate 201, a 7% increase compared to yeartodate 201. For first time since records began in 1980, the average deal size for USdollar investment grade offerings has surpassed $1.0 billion for yeartodate 201. Healthcare corporate bond offerings in the total $82.9 billion so far this year, a 66% increase compared to a year ago $,000 $2,500 $2,000 $1,500 $1,000 $500 $ US Dollar Corporate IG ($bil) NonUS Dollar Corporate IG ($bil) US Dollar as % of Total 5% 0% 5% 0% 25% 20% 15% 10% 5% 0% WEEKLY HIGHLIGHTS DEALS INTELLIGENCE I DECEMBER 201 INVESTMENT BANKING SCORECARD Deutsche Annington Immobilien's $10.5 billion offer (including debt) for Luxembourg's Gagfah SA brings the volume of crossborder M&A involving a European target to $585.6 billion for yeartodate 201, more than doubling last year's total and accounting for 7% of all European target M&A during yeartodate 201. Over the last decade, crossborder activity has accounted for 55% of total European target M&A. The deal, which ranks as the fourth largest German outbound acquisition this year, also pushed German outbound crossborder deal making to $106. billion during 201, the strongest yeartodate period for German buyers of foreign assets since Deutsche Bank has advised five German buyers on foreign acquisitions valued at $1.5 billion this year, while JP Morgan has advised on $0. billion from three deals A $.8 billion stake sale from Ping An Insurance Group and a $.2 billion initial public offering for CGN Power lifted equity capital markets volume to $118.2 billion for yeartodate 201, a 69% increase compared to last year at this time and the strongest yeartodate period for Chinese issuers since Morgan Stanley, the sole bookrunner for Ping An's offering, leads yeartodate 201 ECM underwriting with 11.2% market share, up from 2.8% a year ago. Goldman Sachs, which commanded a marketleading 1.8% of ECM issuance during yeartodate 201, falls to second place this year with 7.6% market share. Technology, financials and industrials account for 57% of proceeds raised from Chinese issuers this year TOP INVESTMENT GRADE CORPORATE DEBT OFFERINGS 201 CHINA EQUITY CAPITAL MARKETS $160 YTD ECM (bil) $10 Number of $120 $100 $80 $60 $0 $ $

2 Volume ($b) DEALS INTELLIGENCE I DECEMBER 201 INVESTMENT BANKING SCORECARD Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type $1,750 LOANS ECM DCM M&A 201ytd $1,00 201ytd $0 $100 $200 $00 $00 $500 $600 $700 $800 $900 Volume ($b) $1,050 FollowOn IPO Convertible Debt Capital Markets by Issue Type $ ytd $50 201ytd $0 $1,000 $2,000 $,000 $,000 $5,000 $6,000 $7,000 Volume ($b) $0 D J1 F M A M J J A S O N D Investment Grade Corporate Agency, Supranational, Sovereign MBS High Yield Corporate ABS Emerging Market Corporate Federal Credit Agency Fast Facts M&A activity totals $.2 trillion, up 8% compared to YTD 201 Investment Grade DCM activity decreases 5% compared to year ago levels U.S. ECM hits $20.8 billion so far in 201, down 6% compared to last year Real Estate M&A totals $7. billion during YTD 201, up 15% from a year ago Energy & Power ECM totals $118.0 billion during YTD 201, up 2% from a year ago Technology DCM totals $98.2 billion this year, down 6% compared to 201 2

3 DEALS INTELLIGENCE I DECEMBER 201 LEAGUE TABLES Global Announced Mergers and Acquisitions (AD1) Global Equity and Equityrelated (C1) YeartoDate YeartoDate Volume Mkt. No. Proceeds Mkt. No. Advisor Bookrunner Goldman Sachs & Co 919, Goldman Sachs & Co 7, (2.6) JP Morgan 697, (2.2) Morgan Stanley 68, Bank of America Merrill Lynch 667, (1.8) JP Morgan 6, (0.6) Morgan Stanley 657, (2.) Bank of America Merrill Lynch 57, (0.2) Citi 655, Citi 56, , Deutsche Bank 8, (0.) Lazard 6, UBS 2, (1.0) Deutsche Bank 96, Credit Suisse 2, Credit Suisse 86, , (0.8) UBS 258, (5.) HSBC Holdings PLC 17, Industry Total,187, , Top Ten Total 50, (.5) Industry Total 80, , Global Debt (B1) Global Syndicated Loans (R1) YeartoDate YeartoDate Proceeds Mkt. No. Proceeds Mkt. No. Bookrunner Bookrunner JP Morgan 11, , (0.2) JP Morgan 1, , (1.6) Deutsche Bank 5, , (0.5) Bank of America Merrill Lynch 2, , (0.5) Citi 8, , ,05 1, (0.2) Citi Wells Fargo & Co 22, , (0.6) Bank of America Merrill Lynch 15, , Deutsche Bank 15, Morgan Stanley 27, , (0.) Mitsubishi UFJ Financial Group 128, (0.2) Goldman Sachs & Co 267, (0.) 12, (0.5) HSBC Holdings PLC 267, , Mizuho Financial Group 10, (0.5) Credit Suisse 226, BNP Paribas SA 102, BNP Paribas SA 182, (0.) Credit Suisse 8, Top Ten Total 2,987, (0.9) Top Ten Total 1,79, (2.5) Industry Total 5,555, , Industry Total,1, , Source: Thomson Reuters LPC

4 DEALS INTELLIGENCE I DECEMBER 201 REGIONAL DEALS MATRIX M&A Target Region/Nation Americas Africa Middle East Europe Russia Asia (ex. ) Australia India ALL M&A CROSSBORDER M&A (by Target Nation) STRATEGIC M&A PRIVATE EQUITY M&A Deals Deals Deals Deals, ,85 8% 1,270. 9,992 9% 2, ,19 8% ,651 5% 1, ,88 51% ,8 15% 1,86.0 9,1 57% , 29% 1,8.0 8,86 58% 59. 1,99 217% 1, ,85 67% ,001 22% % % % % % % % % % % % % ,890 5% 585.2,87 100% ,729 56% ,161 6% ,10 65% % ,715 8% % ,288 22% % ,058 22% % % % % % , % 288% % 81% , % 22% % 71% ,58 68% % 16. 1,57 69% % ,09 5% ,08 8% ,655 6% % ,09 % % ,015 2% % 2.,8 77% % 276.2,566 6% % % % % % ,926 19% % 50. 1,665 27% % ,661 7% ,67 0% 9.8 6,10 26% % ALL DEBT CAPITAL MARKETS SECURITIZATIONS INVESTMENT GRADE CORPORATE DEBT HIGH YIELD CORPORATE DEBT DCM Issuer Region/Nation 5, ,98 2% ,612 % 2, ,076 5% % Americas 2,9. 5,57 1% ,112 8% ,108 7% % 1,908.5,9 1% ,06 % % % % % Africa % % % % Middle East % % 1.2 5% Europe 2,121.7,77 % % 1, ,98 1% % % % % % % % % % % % % % % % % % % % % % Russia % % Asia (ex. ) 797.0,81 5% % ,285 8% % Australia % % % % % % % % India % % % ,051 10% % % ,66 10% % 28. 1,0 22% %

5 DEALS INTELLIGENCE I DECEMBER 201 REGIONAL DEALS MATRIX ALL EQUITY CAPITAL MARKETS IPOs FOLLOWONS CONVERTIBLES ECM Issuer Region/Nation 81.0,26 12% ,05 55% Americas ,21 7% % % % % Africa % %.6 Middle East % % 2. Europe % % % % % % % % % 5.0 Russia 2. 7% 1.0 Asia (ex. ) 21. 1,99 1% 86.7 Australia % % 55.8 India % % % % % 1 6% % 57 19% % 6 % 61 12% 20 17% ,021 % % 852 8% % 616 1% % 10 9% % % 21 59% % 6 10% % 257 1% 2.8 5% 61 0%.2 8 2% % % 2 159%. 5 1% 7 9% % 81% 1,72 22% % 2 2% 0. % % % 66 1% % 116 1% % 29 11% % LOAN ALL SYNDICATED LOANS Borrower Region/Nation, ,68 2% Americas 2,200.5,05 5% 1,962.8,560 8% % Africa % Middle East % Europe 1, ,57 1% % % % % % Russia % Asia (ex. ) 9. 1,11 11% Australia % % India % ,782 20% % Source: Thomson Reuters LPC LEVERAGED LOANS 1, ,81 15% 1, ,08 15% ,9 15% % % % % % % % % % % % % % % % About Thomson Reuters Thomson 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 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 industryleading quarterly reviews highlighting trends in M&A and Capital Markets. Contact Information: AMERICAS Matt Toole I I matthew.toole@thomsonreuters.com EUROPE Lucille Quilter l l lucille.quilter@thomsonreuters.com ASIA Elaine Tan l l elaine.tan@thomsonreuters.com 5

DEALS INTELLIGENCE I DECEMBER 201 INDUSTRY ANALYSIS AND TOP DEALS M&A ECM DCM Syndicated Loans Industry Deals Deals Deals Deals Consumer Prod/Svcs Energy and Power 101. 57.,68 2,78 51% 70% 0.7 118.

6 DEALS INTELLIGENCE I DECEMBER 201 INDUSTRY ANALYSIS AND TOP DEALS M&A ECM DCM Syndicated Loans Industry Deals Deals Deals Deals Consumer Prod/Svcs Energy and Power ,68 2,78 51% 70% % 2% % 9% ,178 Financials Healthcare ,99 2,272 5% 98% % 52% 2, , % 61% ,10 91 High Technology ,221 50% % % Industrials 271.,887 9% % % ,0 Materials 28.,62 66% % % Media and Entertainment ,59 175% % % Real Estate 7. 2,68 15% % % Retail ,750 1% % % Consumer Staples ,22 51% % % Telecommunications % % % Government and Agencies 1, ,789 2% % 0% % 0% 17% 7% 0% 1% 9% % 6% 51% 0% Top Deals Last Seven Days M&A Ann. Date 12/1/1 12/1/1 12//1 Target Name Gagfah SA IndCor Properties Inc Hawaiian Electric Industries Target Nation Luxembourg Deal Value ($mil) 10,515. 8,100.0,7.8 Acquiror Name Deutsche Annington Immobilien GIC Pte Ltd NextEra Energy Inc Acquiror Nation Singapore DCM Issue Date Issuer Name 12/1/1 Medtronic Inc 12/2/1 Amazon.com Inc 12//1 SoftBank Corp Issuer Nation Proceeds ($mil) 16,918. 5,95.0,8.8 Issue Type Investment Grade Corporate Investment Grade Corporate Investment Grade Corporate ECM LOAN Issue Date Issuer Name Issuer Nation Proceeds ($mil) 11/0/1 Ping An Insurance (Grp) Co of, //1 CGN Power, /0/1 Dubai Parks & Resorts PJSC Utd Arab Em 695. Close Date Issuer Name Issuer Nation Proceeds ($mil) 12/1/1 Egyptian Gen Petro Corp Egypt 1, /1/1 Hitachi Metals Ltd 1, /2/1 Tesoro Logistics LP Issue Type FollowOn IPO IPO 6

INVESTMENT BANKING SCORECARD

Volume ($b) DEALS INTELLIGENCE I DECEMBER 6, 01 INVESTMENT BANKING SCORECARD Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type $1,00 $1,00 LOAN 01ytd 011ytd $1,000 $0 $100 $00