Merger and Acquisition Scenario

Includes accounting, advertising, consulting, legal, and printing services.

The Domestic banking sector includes banks operating in the United States.

The International subsector includes large US and non-US banks operating outside the United States. International banks compete in the global banking market principally by offering: global trade and commodity services, corporate lending, industry financing, and loan syndication. They may also conduct retail operations through a branch network.

The Asset Management and Financial Advisory branch profiles services and companies involved in directly managing personal and institutional portfolios and investment instruments, as well as advisory services like retirement and financial planning, asset allocation, and risk assessment. Banks are generally not attached to the Asset Management and Financial Advisory branch unless their asset management or financial advisory subsidiaries clearly operate with a significant level of independence from the company's core banking operations. Asset Management targeted specifically at Retail customers are considered part of Retail Brokerage and Financial Management in the Securities Sales and Trading section.

The Investment Banking subsector includes financial institutions that assist corporations and governments (municipalities) in raising capital by underwriting and acting as the agent in the issuance (syndication) of securities and bonds. Investment Banks also assist companies involved in mergers and acquisitions (M&A), derivatives (securitization, issuance, and trading) and may provide ancillary services such as market making which may include facilitating transactions (equities and fixed income), and the trading of derivatives, fixed income instruments, foeign exchange, commodity, and equity products. Investment Banks do offer advisory services to investors. Investment Banks do not take deposits.

Companies in this space make investments in a portfolio of holdings ranging from securities, capital structure vehicles, and public and private companies. Placement of companies in this branch represents a direct exposure to the underlying value of their holdings. This branch also includes diversified companies that source internal treasury funds for trading simple equities and fixed income products, a practice that differs from proprietary trading. Proprietary Trading can be found in the Securities, Sales, and Trading branch.

The Securities Sales and Trading subsector consists primarily of services provided by investment firms acting as agents between a buyer and seller of securities, usually charging a commission, and are registered with the exchange where the securities are traded. Securities exchanges and ECNs are also included.

The Commercial subsector is comprised of independent finance companies, or financing subsidiaries of major industrial corporations. These lenders offer financial products and services to businesses that include small ticket and large ticket equipment leasing, commercial loans, and real estate loans.

Consumer loans are made for the purpose of financing automobiles, educational expenses, credit card purchases, and other consumer goods.

Mortgage banking encompasses mortgage financing, as well as home equity loans, commercial construction, and other real estate financing options.

Software that has functionality specific to a vertical industry.

Includes companies engaged in the electronic payment transaction processing activities such as credit, debit, gift and loyalty card and other payment processing services, along with related information services. Electronic Funds Transfer (EFT) and Automated Clearing House (ACH) activities are also included.

Commercial banks that conduct their operations in the state of Illinois.

Commercial banks that conduct their operations in the state of Indiana.

Commercial banks that conduct their operations in the state of Michigan.

Commercial banks that conduct their operations in the state of Iowa.

Commercial banks that conduct their operations in the state of Kansas.

Commercial banks that conduct their operations in the state of Minnesota.

Commercial banks that conduct their operations in the state of Missouri.

Commercial banks that conduct their operations in the state of Delaware.

Commercial banks that conduct their operations in the District of Columbia.

Commercial banks that conduct their operations in the state of Maryland.

Commercial banks that conduct their operations in the state of New Jersey.

Commercial banks that conduct their operations in the state of New York.

Commercial banks that conduct their operations in the commonwealth of Pennsylvania.

Commercial banks that conduct their operations in the state of Connecticut.

Commercial banks that conduct their operations in the state of Maine.

Commercial banks that conduct their operations in the commonwealth of Massachusetts.

Commercial banks that conduct their operations in the state of New Hampshire.

Commercial banks that conduct their operations in the state of Rhode Island.

Commercial banks that conduct their operations in the commonwealth of Kentucky.

Commercial banks that conduct their operations in the state of Tennessee.

Commercial banks that conduct their operations in the state of Florida.

Commercial banks that conduct their operations in the state of Georgia.

Commercial banks that conduct their operations in the state of North Carolina.

Commercial banks that conduct their operations in the state of South Carolina.

Commercial banks that conduct their operations in the commonwealth of Virginia.

Commercial banks that conduct their operations in the state of Arkansas.

Commercial banks that conduct their operations in the state of Oklahoma.

Commercial banks that conduct their operations in the state of Texas.

Commercial banks that conduct their operations in the state of Arizona.

Commercial banks that conduct their operations in the state of Colorado.

Commercial banks that conduct their operations in the state of Idaho.

Commercial banks that conduct their operations in the state of Nevada.

Commercial banks that conduct their operations in the state of New Mexico.

Commercial banks that conduct their operations in the state of Utah.

Commercial banks that conduct their operations in the state of California.

Commercial banks that conduct their operations in the state of Oregon.

Commercial banks that conduct their operations in the state of Washington.

International institutions that conduct corporate financial operations in Canada. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International banks that conduct corporate banking operations in Latin America. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International institutions that conduct corporate financial operations in Australia/New Zealand. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International institutions that conduct corporate financial operations in Asia/Pacific. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International institutions that conduct corporate financial operations in Africa. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International banks that conduct corporate banking operations in Europe. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

International banks that conduct corporate banking operations in the Middle East. Corporate banking operations are primarily targeted at corporations, government entities, and other financial institutions.

Companies placed at this level create and manage multi-strategy credit-oriented investment funds as well as funds that make investments in collateralized instruments such as CDOs and CLOs.

Companies placed at this level create and manage a fund of private equity funds, which consists of a fund that invests in a portfolio of different private equity funds to provide broader exposure and to diversify risk. Funds of private equity funds generally charge a fee for their services which is in addition to the private equity fund's management and performance fees.

Companies placed here manage funds related to real estate that consist of investments in commercial and residential property as well as investments in real estate securities and strategies. These investments are made on behalf of institutional and high net worth clients and can be pooled together as co-investments with the fund manager.

Financial advisory and/or asset management services for institutions, corporations, governments, financial intermediaries, unions, endowments, foundations and pension funds. Includes alternative investment placement agents (or fund placement agents) who raise money for and direct money towards private equity funds, venture capital funds and hedge funds. Also includes separately managed accounts.

Financial advisory and/or asset managements services for high net worth individuals.

Companies placed at this level develop, manage, market and support equity mutual funds. Mutual funds are funds invested in domestic and international equities. Blended funds consisting of both equity and debt components are also included. Mutual funds generally have clearly stated investment objectives, including benchmark indexing, a growth or value bias, or an industry focus.

Companies placed at this level develop, manage, market and support fixed income funds. Fixed income funds are funds invested in short-, intermediate-, and long-term government and/or corporate bonds and other debt instruments. Funds invested solely in very short-term, high-quality issues are classified under money market funds.

Companies placed at this level develop, manage, market and support money market funds. Money market funds are funds invested in high-quality, short-term investments such as T-bills, high-grade commercial paper from various corporations, and CDs from the major money center banks.

Investment banking and corporate finance services offered in Canada.

Investment banking and corporate finance services offered in Mexico, the Caribbean, Central America, and/or South America.

Investment banking and corporate finance services offered in the United States.

Investment banking and corporate finance services offered in China.

Investment banking and corporate finance services offered in Asia/Pacific excluding China.

Companies included in the Bulge Bracket sector are capable of participating in the largest, most high-profile deals in more than one of the primary world economic regions. These global investment banks are also active in asset management, trading, and securities services.

Investment banking and corporate finance services offered in Europe.

Private Equity refers to investments made in non-public companies or assets through transactions possibly structured using common and preferred equity, convertible securities, subordinated debt and warrants or other derivatives. Venture Capital generally refers to investments made in new and emerging companies. Companies placed here make direct private equity or venture capital investments to enhance strategic growth opportunities and generate returns to create long-term value. Often the investing company will also partner with management in transactions to initiate strategic and operational changes in businesses or engage in leveraged buyouts. Also included is mezzanine financing, which is a hybrid financial instrument often employed in buyouts and other private equity transactions. Mezzanine financing is subordinated to senior debt. It carries a higher rate of interest than senior debt, and it may be bundled with an equity participation (warrants or common stock).

Brokerages that hold an inventory of shares or contracts of a security, commodity, currency, futures and options and facilitate the trading of that security, commodity, currency, futures and options by quoting a buy and sell price with the goal of profiting off the bid/offer spread. The NYSE and AMEX have Designated Market Makers, formerly known as "specialists", who act as the official market maker for a given security. The market makers provide a required amount of liquidity to the security's market, and take the other side of trades when there are short-term buy and sell side imbalances in customer orders. The NASDAQ employes several competing official market makers in a security. These market makers are required to maintain two-sided markets during exchange hours and are obligated to buy and sell at their displayed bids and offers.

Brokerages that execute the buying and selling of securities, commodities, currencies, futures and options on behalf of institutional clients in futures and options and currency markets.

Retail Advisory services includes a range of wealth management, retirement planning, trust, and financial advisory services targeted primarily at individuals and families. Companies and service offerings placed at this level may include some high net worth clients, but the services are generally accessible to investors with more moderate levels of wealth and income.

Brokerage services targeted primarily at retail and active traders. Online brokerages are included. Also includes brokerage and other support services offered to registered investment advisors (RIAs).

Custody, Clearing, and Settlement includes a range of support services offered to financial institutions. Custody is the holding and administering of securities on behalf of third parties. A Clearing House is a financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions that may be executed on a futures or securities exchange. Clearing Houses act as intermediaries and reconciles orders between transacting parties (a.k.a. "member firms or "clearing participants"). Settlement services refer to the accounting of securities that are transferred against payment, typically when parties are not members of the same clearing firm. Mutual funds, investment advisors, banks, and insurance companies often outsource these operations to companies placed here. Companies that offer prime brokerage services are included here.

Issuance refers to the origination and offering of structured products, primarily derivatives. Securitization refers to the process through which an issuer creates a financial instrument, primarily asset-backed securities (ABS), by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. Companies within this sector originate and issue derivatives and/or ABS. Derivatives are products in which the risk-return objectives have been adjusted to match the performance of one or more underlying assets. ABS are securities which are collateralized by a pool of underlying, often illiquid, assets. Companies which originate derivatives earn a commission at the time of issuance while originators of ABS earn a commission at the time of issuance and management fees for the life of the product. Also included are the issuance of collateralized debt obligations (CDO), credit default swaps (CDS), and products in compliance with Islamic law, such as sukuks.

Services provided by investment firms that involve the gathering of statistical data and study of general trends in the economy.

Services provided by investment firms that involve the analysis of particular securities, commodities and industries.

Alternative Trading Systems are SEC approved non exchange trading venues for allowing alternative means of accessing liquidity. Rule 300 (a) of the SEC's Regulation ATS defines it this way: Any organization, association, person, group of persons, or system that constitutes, maintains, or provides a market place or facilities for brining together purchasers and sellers of securities or for otherwise prerforming with respect to securities the functions commonly performed by a stock exchange with the meaning of Rule 3b-16 and that does not set rules governing the conduct of subscribers other than the conduct of such subscribers' trading on such organization, association, person, group of persons, or system; or discipline subscribers other than by exclusion from trading. ECN's (Electronic Communication Networks), Call markets, matching systems, crossing networks and Dark pools are included here.

A loan offered to businesses for general purposes, including debt consolidation. Loan repayment is on an installment basis and are typically made on an unsecured basis.

An informal loan arrangement between a bank and a customer allowing the customer to borrow up to a pre-specified amount.

A loan offered to small businesses for general purposes, as well as the administration of the business. Loan repayment is on an installment basis. Small Business Administration (SBA) loans are typically made on an unsecured basis.

Term loans are loans wherein the debtor does not repay the principal until the loan is due.

Companies engaged in aircraft leasing, engine leasing. Also includes leasing for equipment related to the manufacture of commercial aircraft, 50-seat regional jets, small commuter aircraft, business aircraft and parts.

Includes leases offered for commercial vehicles or automobiles.

Leases for general equipment.

Leases for types of industrial equipment including manufacturing equipment, material-handling machinery, food-processing systems, mining, woodworking and construction equipment, machine tools, printing presses and packaging machinery.

Includes leases for valuable and specialized healthcare equipment including Magnetic Resonance Imaging systems (MRIs), Computerized Tomography scanners (CT Scanners), Ultrasound equipment, Radiation Therapy equipment and Gamma Knives. Also Includes leases for all types of specialized healthcare equipment used by dental and physicians' groups, including lab equipment, examination tables and diagnostic equipment.

Includes leases offered for office equipment excluding technology equipment.

Covers leases for high-value, high-technology equipment such as communications technology, industrial technology, information technology and office automation equipment.

Unsecured lines of credit accessible through the use of a card. Consumer Credit Cards are issued by lenders for consumer use, and give cardholders the right to charge purchases and pay for them later.

Bridge loans are used in corporate finance for several purposes some of which may be: To carry distressed companies while searching for an acquirer or larger investor (in which case the lender often obtains a substantial equity position in connection with the loan) As a final debt financing to carry the company through the immediate period before an initial public offering

Financing provided for the construction of commercial property or any other commercial structure not to be used for residential purposes.

Mezzanine Financing is provided prior to a financial institution being willing to offer a mortgage.

Real estate loans consist of loans secured by commercial real property and loans for the construction of commercial property.

Loan servicing includes the collecting of principal and interest and remitting the same to the holders of the mortgage loans or mortgage-backed securities to which such mortgage loan relates. The service may include holding escrow funds for the payment of real estate taxes and insurance premiums, contacting delinquent borrowers, supervising foreclosures in the event of un-remedied defaults, and generally administering the loans. Sector may also include advisory services offered to mortgage loan issuers and/or investors.

A loan or a line of credit that allows a homeowner to use the equity in the property. When a loan is made, the lender places a lien against the house. In the case of default, the First Mortgage has a priority of claim over the lien that secures a Home Equity Loan.

Residential Mortgage Origination is the process of underwriting, closing and funding mortgage loans in-house. The originator obtains a pricing premium compared to wholesale mortgage pricing, because they have the financial backing to accept the risk associated with non-performing loans. Non-REIT companies engaged in investing in residential mortgage securities are also included.

Valuation is the service of determining the value of an asset. An appraisal is a professional opinion, usually written, of the market value of a property, such as a home, business, or other asset whose market price is not easily determined. Usually required when a property is sold, taxed, insured, or financed.

Software designed to facilitate securities trading in capital markets.

Software that manages organizational accounting information specifically for the healthcare provider industry, including claims management, EDI, and general ledger software.