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RBC Capital Markets February 28, 2013 RBC Capital Markets February 28, 2013 Kurt Hallead (Co-Head of Global Energy Research) (512) 708-6356 [email protected] February 28, 2013 This report is priced as of market close February 22, 2013 ET. All values in U.S. dollars unless otherwise noted. For Required Conflicts Disclosures, please see page 53. Royal Bank of Canada: Overview and Global Rankings 5th Largest Bank by Market Capitalization in North America Market Cap Market Cap Assets Asset Senior Debt Rating US$bn (1) Ranking US$bn (2) Ranking Moody’s (3) S&P (3) $187 1 $2,359 1 A2 A $185 2 $1,423 4 A2 A+ $134 3 $1,865 3 Baa2 A- $131 4 $2,210 2 Baa2 A- $91 5 $825 6 Aa3 AA- $76 6 $811 7 Aa1 AA- $76 7 $939 5 A3 A- $70 8 $668 9 Aa2 A+ $47 9 $782 8 Baa1 A- $41 10 $526 10 Aa3 A+ (1) Market cap as of February 14, 2013 (2) Assets for US Banks as at Q4 2012. Assets for CDN Banks as at Q4 2012, converted into US$ using period-end exchange rate (3) Issuer Rating (which would generally correspond to a senior debt rating). Source: Bloomberg Kurt Hallead (512) 708-6356 [email protected] 2 Comprehensive Product and Service Offering Focused Set of Products and Services Targeting a Variety of Global Clients Global Fixed Income Global Equities & Currencies Global Investment Banking Global Research •Convertibles • Agencies & Agency MBS • Convertible Debt • 250+ analysts covering over 1,300 • Electronic Trading • Commodities • Corporate Finance equities & corporate credits • Equity Sales & Trading • Credit – High Yield & • Equity Capital Markets •Credit • ETF Trading Investment Grade • Infrastructure Finance • Economics • Institutional Sales & • Debt Capital Markets • Loan & High Yield Capital Markets • Emerging Markets Service • Interest Rate Derivatives • Mergers & Acquisitions •Equity • Institutional Trading • Emerging Markets • Municipal Finance • Fixed Income & Currencies • Options • Financial Products • Private Placements •FX • Program & Options • FX – across 50 currencies • Restructuring • High Yield Trading • Global Sovereign Debt • Syndicated & Leveraged Finance •Rates • Municipal Bonds •Rates • Structured Finance RBC Capital Markets We provide a range of fixed Our investment banking group RBC Capital Markets’ global consistently ranks as a income & currencies helps clients finance their ongoing research team delivers in-depth leading distributor of North products as well as debt operations, strategic acquisitions, market intelligence and keen insight American equities to capital markets capabilities expansions, and other critical across asset classes, industry institutional investors projects. sectors, operating disciplines, and worldwide We also have a dedicated geographies to support and help full-service commodities We provide capital raising, M&A guide our clients’ investment We have an integrated team and are a significant and underwriting capabilities with strategies team of global equity market maker with the specific product expertise professionals who manage ability to provide clients with With more than 140 publishing and advise on all aspects of liquidity and risk We are a leading North American analysts worldwide, our proprietary the client trading strategy management services M&A advisor with comprehensive research covers 1,300 equities and cross-border capabilities in corporate credits corporate finance Kurt Hallead (512) 708-6356 [email protected] 3 Global Research: Overview RBC Capital Markets Global Research leverages a team of collective expertise to provide deep information and insight across asset classes, industry sectors, disciplines and geographies. Coverage Highlights RBC Capital Markets Global Research Staff1 . Approximately 300 Research professionals across the Global Equity Research (265 Staff) globe with North American core . More than 1,540 stocks under coverage, including U.S. Equity (125 Staff) Global Mining (26 Staff)2 approximately 815 U.S. stocks Canadian Equity (85 Staff) Global Energy (53 Staff)2 . Economic and Strategy commentary published daily Europe/Australia/Israel/South . Technical and quantitative research with customized Global Financials (32 Staff)2 portfolio analysis Africa Equity (55 Staff) . Daily FX insight with forecasts on 17 currencies Strategy – Quantitative and Technical (10 Staff)2 . Credit and Emerging Markets published strategies Fixed Income, Currencies, Emerging Markets, Credit and Economics (58 Staff) Fixed Income (14 Staff) U.K. Credit (2 Staff) Economics (14 Staff) Canadian Credit (4 Staff) Municipals (2 Staff) High Yield (12 Staff) U.S. Investment Grade Credit (3 Global FX Strategy (7 Staff) Staff) (1) Includes analysts, associates and all support staff as of 2/7/2013. (2) Individuals are included in U.S., Canadian or European/Australian Equity Staff Count based on office location Kurt Hallead (512) 708-6356 [email protected] 4 RBC Capital Markets Global Equity Research RBC Capital Markets provides comprehensive coverage in every sector around the globe Coverage by Market Cap RBC Global Equity Coverage Small Cap # Companies % of Global Equity Sector 28.0% Covered Coverage Large Cap Consumer Discretionary 137 8.9% 38.8% Consumer Staples 55 3.6% Energy 293 19.0% Financials 312 20.2% Mid Cap Health Care 107 6.9% 33.2% Industrials 193 12.5% Information Technology 170 11.1% Coverage by Sector Materials 201 13.0% Utilities Telecom Consumer Telecom Services 20 1.3% Services Discretionary Consumer Materials Utilities 53 3.4% Staples Multi-Industry 1 0.1% Energy Info Tech OVERALL 1,542 100% Industrials Large Cap: > $5 Billion USD; Mid Cap: Between $1 Billion and $5 Billion USD; Small Cap: < $1 Billion USD Financials Source: Starmine Thomson Reuters Competitor Coverage – Global. As of 01/31/2013 Healthcare Kurt Hallead (512) 708-6356 [email protected] 5 Sector Expertise: Global Energy A global team of professionals providing diverse and in-depth coverage Experienced . Global Energy includes 26 analysts around the globe and Diverse Select Companies Under Coverage Team of . Nearly 50 Energy research professionals based in major global Analysts energy hubs in North America and Europe . More than 300 energy stocks under coverage across 9 sub- sectors, including Integrated Oils/Refiners, E&P, Oilfield Services, Utilities, Extensive MLPs and Oil Sands Global . The team provides perspectives on all major energy producing Coverage regions around the world . Companies under coverage represents nearly 25% of RBC’s total equity coverage E&P 43% Other 4% Coal 2% Sub Sector Oil Sands 2% Coverage Integrated Oils 5% Pipelines & Infrastructure Oilfield Services 7% 16% Utilities & Power MLPs 13% Generation 8% Kurt Hallead (512) 708-6356 [email protected] 6 RBC Global Energy Research Team Vancouver Minneapolis Toronto POWER & PIPELINES, Robert Kwan US E&P Scott Hanold INTEGRATED OIL, Greg Pardy MIDSTREAM Danny Hung JB Jouve SENIOR E&P Carson Tong IPPs Nelson Ng Cory Markling Dillon Culhane Kelsey Roste INVEST. GRADE CREDIT Matt Kolodzie Edinburgh Calgary INTERNATIONAL E&P Al Stanton CANADIAN E&P Michael Harvey James Hosie Eric Gallie Nathan Piper Shailender Randhawa Victoria McCulloch OIL SANDS Mark Friesen Sam Roach London OIL SERVICES Dan MacDonald INTEGRATED OILS Peter Hutton Matt Vines Kristine Beese OIL SERVICES Katherine Tonks Austin New York EUROPEAN UTILITIES John Musk OIL SERVICES Kurt Hallead MLPs, MIDSTREAM Elvira Scotto Maurice Choy Justin Sander Ankit Sharma Robbie Pinkard POWER & UTILITIES Shelby Tucker MLPs, MIDSTREAM TJ Schultz Ellen Ngai Melbourne David Askew Insoo Kim OIL & GAS Andy Williams MLPS, UPSTREAM John Ragozzino SP. CHEMICALS Chris Nocella Josh Waudby Peter Knerr Ripapa Ray US E&P Leo Mariani HIGH YIELD Adam Leight INFRASTRUCTURE Paul Johnston Brad Heffern Bob Szuhany Kyle Rhodes Justin Schleifer Kurt Hallead (512) 708-6356 [email protected] 7 RBC Capital Markets Research Distribution RBC RESEARCH iPAD APP PUBLICATIONS RBC Capital Markets Global Portfolio Manager’s Summary. A weekly summary of RBC Capital Research is now available on Markets Global Research’s most impactful ideas across all of the product lines. your iPad. Global Directions. The comprehensive, monthly global outlet for Available on the iPad App RBC Capital Markets’ Rates Strategy and Economic Research. GD Store. RBC Insight username consolidates content previously contained in regional weekly reports to offer a macro global outlook as well as regional perspectives. and password required. Total FX. A weekly publication of comprehensive and insightful FX coverage and analysis inclusive of strategy and trade recommendations. Macro Monday Memo. A succinct, weekly publication that highlights RBC INSIGHT the most pressing Macro issues across all products and regions. RBC Insight is RBC Global Research’s premier online destination for in-depth coverage of Equities, Credit, Rates & Currencies, Foreign Exchange, Economics, Emerging Markets and High Yield Research – comprehensive global research through a single website. www.rbcinsight.com Kurt Hallead (512) 708-6356 [email protected] 8 Global Commodities Coverage Experienced Teams in Key Commodities Centers Throughout North America and Europe Calgary - Sales & trading presence Toronto focused on E&P & - Commodities sales team consumer clients focused on consumer clients - Key location for the - Center for Canadian power Canadian energy and trading London utilities sector - Portal to European and Asian energy markets - European markets focused on energy, precious and base metals and futures markets Cincinnati Houston - Close proximity to the largest utilities
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