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$571M M 466 Deals $2.1Bn $16.3Bn

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$571M M 466 Deals $2.1Bn $16.3Bn UK Investment Banking Review First Quarter 2016 UK investment banking revenue in 1Q 2016 totaled $1.0bn, down 21% year-on-year. Deal volume from UK targeted M&A dropped 34% year-on-year to $49.3bn. The same trend was seen across fixed income, with DCM volume down 17% year-on-year to $77.1bn and loan volume down 53% to $41.8bn. ECM volume dropped 46% year-on year to $9.5bn, the slowest start to a year since 1Q 2013 Key highlights from 1Q 2016 were: Goldman Sachs $571m 466 deals $2.1bn $16.3bn Led the UK IB revenue UK M&Am revenue of UK domestic M&A UK IPOs account for 51% UK was the leading ranking in 1Q 2016 with $571m was the highest activity increased 9% of EMEA IPO volume in nationality for Finance a 12.3% wallet share quarterly total since 2Q from 1Q 2015 1Q 2016 targeted M&A globally in 2008 ($678m) 1Q 2016 UK Markets – Revenue Trends Goldman Sachs led the 1Q 2016 UK investment banking (IB) revenue ranking with a 12.3% wallet share, ranking top for the second consecutive 1Q period. UK First Quarter IB Revenue By Product $m Perella Weinberg Partners ranked within the top 10 for the first 1Q on record 1,400 60% UK IB revenue totaled $1.0bn in 1Q 2016, down 21% year-on-year and the lowest 1Q total since 2012 ($895m), although the UK continued to be the top 1,200 50% fee paying nation for European IB revenue ($3.8bn) in 1Q 2016, with a 27% 1,000 40% wallet share, compared to a 22% quarterly average in 2015 800 M&A ($571m) led IB, generating 56% of UK revenue, the highest quarterly 30% share since 2Q 2000 (61%) and highest quarterly revenue since 2Q 2008 600 20% ($678m). M&A revenue was led by Royal Dutch Shell’s $66.0bn acquisition of 400 BG Group, and BT Group’s $20.7bn acquisition of EE ($20.7bn), both 200 10% completing in 1Q 2016 0 0% ECM revenue totaled $110m, down 66% from 1Q 2015 ($329m) and the 2011 2012 2013 2014 2015 2016 lowest first quarter total since 1Q 2008 ($102m) M&A DCM ECM Loans % M&A of Total Fees from DCM stood at $181m, the lowest first quarter total since 1Q 2008 ($156m). Similarly, syndicated loan revenue of $140m dropped to the lowest 1Q level since 2012 ($110m) UK Investment Banking Revenue Ranking: 1Q 2016 1Q 2016 Ranking 1Q 2015 1Q 2014 1Q 2013 1Q 2012 Rank Bank % Share Rank % Share Rank % Share Rank % Share Rank % Share 1 Goldman Sachs 12.3 1 8.0 2 7.6 7 5.7 12 3.0 2 JPMorgan 10.4 2 6.7 1 9.2 2 8.1 1 7.6 3 Barclays 6.9 6 4.8 4 6.1 5 7.0 2 7.5 4 Bank of America Merrill Lynch 5.1 4 5.2 3 6.3 1 8.9 6 4.7 5 Morgan Stanley 5.1 7 4.6 7 4.3 8 5.2 9 3.3 6 HSBC 5.0 9 4.0 6 5.2 9 4.3 3 6.1 7 Robey Warshaw 4.0 - - - - - - - - 8 Deutsche Bank 3.8 3 5.4 10 2.5 4 7.4 4 5.6 9 Perella Weinberg Partners 3.6 - - - - - - - - 10 Evercore Partners 3.5 16 1.7 26 1.1 18 1.1 31 0.5 Dealogic UK IB Markets Review | First Quarter 2016 Final Results | April 2016 Page | 2 UK Markets Review – Volume Trends UK inbound M&A volume totaled $36.73bn via 191 deals in 1Q 2016, the lowest UK M&A First Quarter Comparison first quarter volume since 2014 ($10.1bn via 168 deals) $bn Deals 60 600 o For the first 1Q on record, UK, with $16.3bn via 32 deals, was the leading target nationality for global Finance targeted M&A 50 500 o This was primarily due to Deutsche Borse’s $14.3bn pending bid for London Stock Exchange Group, the largest M&A deal on record globally for Securities 40 400 and Commodity Exchanges 30 300 UK domestic M&A activity was up 13% (482 deals) from 1Q 2015 (427 deals), marking the highest 1Q activity recorded since 2012 (528 deals) 20 200 o The largest of the UK domestic M&A deals was J Sainsbury’s $1.9bn bid for 10 100 Home Retail Group, the largest acquisition by J Sainsbury on record UK ECM volume of $9.5bn (90 deals) was down 46% from 1Q 2015 ($17.4bn via 0 0 114 deals), marking the slowest start to a year since 1Q 2013 ($8.2bn via 72 deals) 2011 2012 2013 2014 2015 2016 Outbound Inbound Domestic o The largest UK ECM deal in 1Q 2016 was Vodafone Group’s two tranche Outbound Deals Inbound Deals Domestic Deals convertible bond, pricing for $4.1bn on February 19. The deal was also the biggest ECM transaction globally in 1Q 2016 o UK IPO volume dropped 56% from 1Q 2015 to $2.1bn via 14 IPOs. UK issuance, however, accounting for 51% of EMEA IPO volume ($4.1bn), the UK ECM First Quarter Comparison $bn highest first quarter share on record 25 UK DCM volume dropped 17% year-on-year to $77.1bn, however overall DCM volume was up 50% from 4Q 2015 ($51.58bn) 20 o HSBC priced a $7.0bn bond on March 1, the largest HSBC bond issued on record and the joint second largest European FIG bond on record alongside 15 two $7.0bn bonds issued by Royal Bank of Scotland in 2009 o UK corporate DCM volume decreasd 42% year-on-year to $21.1bn via 23 10 deals, down from $36.4bn (52 deals) in 1Q 2015, which was the second highest quarterly total on record behind 1Q 2012 ($36.8bn) 5 UK syndicated loan volume totaled $41.8bn, down from 1Q 2015 ($86.5bn) and the lowest 1Q volume since 2013 ($41.4bn) 0 o On January 11, Healthcare company Shire signed a $18.0bn USD- 2011 2012 2013 2014 2015 2016 denominated facility for acquisition purposes, the largest UK Healthcare loan Total ABB Conv IPO Other on record, and in the top 10 largest Healthcare loans on record globally Dealogic UK IB Markets Review | First Quarter 2016 Final Results | April 2016 Page | 3 Top UK Deals – First Quarter 2016 Top Five UK Targeted M&A Deals – 1Q 2016 Value Announced Status Target Target Sector Acquiror Acq Nat. Advisors $m JPMorgan, UBS, Robey Warshaw, Goldman Sachs, RBC London Stock Exchange 23-Feb-16 14,311 Pending Finance Deutsche Boerse AG Germany Capital Markets, Barclays, SG CIB, Deutsche Bank, HSBC, Group Perella Weinberg Partners, Bank of America Merrill Lynch JPMorgan, Goldman Sachs, Bank of America Merrill Lynch, 21-Mar-16 6,243 Pending Markit Technology IHS United States M Klein & Co, Deutsche Bank Food & Goldman Sachs, Lazard, Barclays, Bank of America Merrill 22-Feb-16 3,168 Pending Brake Bros SYSCO United States Beverage Lynch, Deutsche Bank, HSBC Alberta Investment Management Corp, Ontario Teachers Pension Plan, Kuwait Credit Suisse, RBC Capital Markets, Bank of America Merrill 26-Feb-16 2,788 Completed London City Airport Transportation Canada Investment Authority, Ontario Municipal Lynch Employees Retirement System - OMERS Professional Rothschild, Barclays, Bank of America Merrill Lynch, 04-Jan-16 2,096 Completed Priory Group Acadia Healthcare Co United States Services Jefferies , JPMorgan Top UK DCM Deals – 1Q 2016 Pricing Date Value $m Issuer Currency Deal Type Industry Bookrunner 01-Mar-16 7,000 HSBC Holdings USD Corporate Bond-Investment-Grade Finance HSBC 22-Feb-16 6,678 Vodafone Group EUR Corporate Bond-Investment-Grade Telecoms Deutsche Bank, ING, Commerzbank Group, Bank of America Merrill Lynch Mizuho, Sumitomo Mitsui Financial Group, Goldman Sachs, BNP Paribas, HSBC, 03-Mar-16 4,240 British Telecoms EUR Corporate Bond-Investment-Grade Telecoms RBS, Barclays, SG CIB, Mitsubishi UFJ Financial Group, Citi, Santander, Lloyds Banking Group 05-Jan-16 4,000 Barclays USD Corporate Bond-Investment-Grade Finance Barclays 23-Feb-16 3,907 United Kingdom GBP Sovereign, Local Authority Government Goldman Sachs, RBS, Barclays, Citi Top Five UK ECM Deals – 1Q 2016 Pricing Date Value $m Issuer Deal Type Exchange Industry Bookrunner 19-Feb-16 4,146 Vodafone Group CONV London Telecoms JPMorgan, Morgan Stanley 24-Feb-16 1,228 Auto Trader Group FO London Technology Deutsche Bank, Bank of America Merrill Lynch 03-Feb-16 566 CYBG IPO London Finance Morgan Stanley, Bank of America Merrill Lynch, Macquarie Group, JPMorgan 05-Feb-16 517 Micro Focus International FO London Technology Credit Suisse, Numis Securities, Jefferies, UBS 12-Feb-16 506 Countryside Properties IPO London Real Estate JPMorgan, Barclays, Numis Securities, Peel Hunt Top Five UK Syndicated Loans – 1Q 2016 Credit Date Value $m Borrower Deal Type Use of Proceeds Industry Bookrunner Investment 11-Jan-16 18,000 Shire Acquisitions Healthcare Barclays, Morgan Stanley Grade BNP Paribas, Bank of America Merrill Lynch, Bank of China, Mitsubishi UFJ Financial Group, 01-Mar-16 2,359 AMEC Foster Wheeler Leveraged Refinancing, Acquisitions Construction Barclays, Citi, Credit Agricole CIB, Intesa Sanpaolo SpA, Lloyds Banking Group, RBS ED&F Man Treasury Investment Refinancing, Working Consumer ABN AMRO Bank, ANZ, BNP Paribas, HSBC, ING, Lloyds Banking Group, Natixis, Rabobank, 22-Mar-16 1,880 Management Grade Capital, General Corporate Products SG Corporate & Investment Banking, Standard Chartered Bank Investment Refinancing, General BNP Paribas, Bank of China, Mitsubishi UFJ Financial Group, HSBC, Lloyds Banking Group, 16-Mar-16 1,564 Marks & Spencer Group Retail Grade Corporate RBS, Sumitomo Mitsui Financial Group Financial Services Investment Refinancing, General Bank of China, Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, RBS, 25-Feb-16 1,535 Finance Compensation Scheme Grade Corporate Santander, Svenska Handelsbanken AB Dealogic UK IB Markets Review | First Quarter 2016 Final Results | April 2016 Page | 4 UK Rankings – First Quarter 2016 Final Results UK DCM Bookrunner Ranking – 1Q 2016 UK Corporate DCM Bookrunner Ranking – 1Q 2016 UK SSA Bookrunner Ranking – 1Q 2016 Rank Bookrunner Value $m No.
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