2q2014_global_manda_financial_advisory_review

MERGERS & ACQUISITIONS REVIEWREUTERS / Carlo Allegri

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Half 2014

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Half 2014 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

Any Asia (ex-Japan) Involvement Completed (AF32)

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

Any Asia (ex-Japan) Involvement Announced (AD25)

20

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

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First Half 2014 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWW M&A Up 73%; Strongest First Half Since '07 l Hostile / Unsolicited M&A Accounts for 8% l Healthcare M&A Breaks Full Year Record l Goldman Sachs Top Advisor

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 73%; STRONGEST FIRST HALF PERCENTAGE GAIN SINCE 1998 - Powered by aresurgence of deals over $5 billion, the value of worldwide M&A totalled US$1.8 trillion during the first half of 2014, a73% increase from comparable 2013 levels and the strongest first half for worldwide deal making since 2007. The73% year-over-year gain marks the strongest first half percentage gain since the first half of 1998, when dealactivity more than doubled. Just over 18,300 worldwide deals were announced during the first half of 2014, a slightincrease compared to the first half of last year. Second quarter 2014 M&A totalled US$1.1 trillion, a 60% increasefrom the first quarter of this year and the first quarter to top US$1 trillion since the second quarter of 2007.

EUROPEAN M&A DOUBLES; BEST START FOR ASIA PACIFIC M&A ON RECORD - M&A activity for Europeantargets totalled US$508.8 billion during the first half of 2014, more than double the level of activity seen during firsthalf 2013. With US$337.8 billion in announced deals during the first half of 2014, Asia Pacific M&A registered thestrongest first half for deal making in the region since records began in 1980.

HOSTILE & UNSOLICITED M&A ACCOUNTS FOR 8% OF WORLDWIDE M&A - Hostile and unsolicited bidstotalled US$145.1 billion during the first half of 2014, accounting for 8% of worldwide merger activity, the highestpercentage since the first half of 2007 when hostile and unsolicited deal making accounted for 9% of announcedactivity.

CROSS BORDER M&A MORE THAN DOUBLES – Cross Border M&A activity totalled US$689.1 billion during the

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA

Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

y gfirst half of 2014, accounting for 39% of overall M&A volume and more than double first half 2013 levels.

TRIPLE-DIGIT PERCENTAGE GAINS IN HEALTHCARE & MEDIA DRIVE M&A - Driven by pharmaceutical dealmaking, the healthcare sector was most active during the first half of 2014, commanding 18% of announced M&Aand already besting the full-year record for M&A in the sector set in 2007 (US$274.8 billion). The media &entertainment sectors accounted for 13% and 12%, respectively.

COMPLETED ADVISORY FEES UP 10% - According to estimates from Thomson Reuters/Freeman Consulting,M&A advisory fees from completed transactions totalled US$12.1 billion during the first half of 2014, a 10%increase from the comparable period in 2013.

$73.5$154.3

$204.1

$78.3$16.4 $31.5 $65.7 $61.3

$114.5 $152.0

$109.9

$192.0

$322.1

$82.8

$24.8$60.1

$86.9 $68.5

$79.6

$125.0$73.4

$160.6

$162.5

$55.9

$36.2

$73.9

$69.7 $92.8

$79.7

$97.4

$281.2

$100.9

$35.7

$51.7

$86.2

$106.2 $92.0

$111.5

13.2%

21.8% 19.1%

8.8%

6.5%

10.3%

13.0%12.4%

16.2%

15.6%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

$146.6$281.0

$406.1$258.3

$113.4 $175.1 $234.2 $171.6 $132.7$244.7

$241.3

$273.8

$645.8

$364.1

$112.5$202.9

$246.5$269.4

$166.4

$444.4$262.8

$254.4

$371.9

$326.3

$148.5

$269.9$204.5 $203.1

$189.7

$249.5

$406.1

$430.8

$154.4

$168.2

$263.0 $200.5 $252.7

$240.1

33.7%

33.6%

44.9%

38.3%

27.2%37.3%

35.2%

35.3% 30.7%

38.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

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2005 2006 2007 2008 2009 2010 2011 2012 2013 20142005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1

Western Europe

69.2-19.5-30.5

1,047

743

▼

▲544

▼

Worldwide Announced M&A Target Industry by ValueScorecard: Worldwide Announced M&A

697

1/1/2013 - 6/30/2013

507,304.0 ▲▲

▲▼

% Change in Rank Value

▼▼

▲

-82.79.5

-21.3

-24.5

60.6

▼

13.7

▲

▲▲

11,501.442721,149.3

15.2

3.41,517.2

224

United States 445,272.4

473.1

▼3,586

▲

50.3▼▲

35

62,031.6

No. Deals

4,847.73,293.7

4,744.4 27,487.1

506,469.9

161

590

1,021,567.0

Rank Val US$m

% Change in Rank Value

South America

3,776

307

-57.955

Target Region/Nation

North America

27,864.04,365.4

-48.9 Mexico555,308.8

7365.6 4,366

▼4,283

37597,414.3▲

68Central America▼

4,778▲

Americas1,249.1

1,025,102.9

Rank Val US$m

465,717

18,2816.6

-82.69632

-9.84,838

73.3

14,20213,073

Caribbean455.0

▲

69.9

63.772.8

560,682.6

▲

74

4,9854,135

▲33.015.7

▲

▲

551850

7,651.0273

14.1 Canada 48,838.9▲33,964.2

Brazil 13,247.8▲

9,513.5

7,216.0565

Argentina-21.5 ▼ 27,332.1-43.5

Africa/Middle East15,574.9

▲Sub-Saharan AfricaNorth Africa

-53.7

158 5,524.4

169▼ 156375

210,098.2 -41.429,724.0

31

4,493.5

26,429.4

42

372

6,754.1 37128

53,354.4

1,364

72.2

151 730 0

180,374.2

2 260

▼-70.0

▲

3,866

358,361.3

178.4

5,004▼

5,566

16,313.98,452.8

▲

1,138259,351.6 4,202

2 709

888

1 7

99,009.8

Asia Pacific 154 273 1France 890

Eastern Europe

42,967.2505

23,532.227,602.4Germany▲

▲▲

2,197.6

▼

▲United Kingdom602.6

▼-52.4

-46.3Europe

▲

▲

263

156.9

54.7

1,683

49

803

218

4,857

16,124.95,040.4

15,487.48,317.4

Middle East

118.56,137

1,130

Eastern Europe

61

6,540

18,877.94,529.1

77,641.7 40,801.7

4,73442,764.6

35,246.5217

Europe

64

Africa/Middle East

3,258.1284

27,672.5 593

232,905.4

90.3185 225 2 4 429 82 4

204

1,403

404

47

799,140.9

54,231.8

4,615

18,3191,771,748.8Americas

6,932.4

4 569

100

5,439

508,795.2

Worldwide

Asia Pacific

104,062.0

Central America

South America

756,086.043,054.9

France

Middle East

Sub-Saharan Africa

20,362.7

North Africa

United States

24,528.7

North America

488,432.5

Republic of Irelan

Chile 9,491.9Brazil

Canada

Western Europe

8,200.6

United Kingdom 1,03583

No. Deals

Rank Val US$m

1,132,244.4

Caribbean

5,383.0135

866,210.3

14,024.6

529,279.4

No. Deals

79

Rank Val US$m

37,733.9

964

Target Region/Nation

Mexico

190,140.8132,626.9

40

9,116.5

Worldwide5,990

No. Deals

1/1/2014 -6/30/2014 1/1/2013 - 6/30/2013

1015,905.3

10,534.4482,711.0

1/1/2014 -6/30/2014

444,977.1

31,294.718,442.2

824

337 811 2

Jan 1 - June 30 Scorecard: Worldwide Completed M&A Jan 1 - June 30

First Half 2014 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

18.0%

12.9%

12.1%

10.5%8.9%

8.2%

7.5%

7.1%

4.5%

4.1%3.2%3.1%

South East Asia

14,200.013,350.0

Healthcare / PharmaceuticalsHealthcare / Healthcare Equipment & Supplies

5/6/20144/24/2014

PendingPending

Merck & Co-Consumer Care Bus (100%)

2,216.2New Zealand

Biomet Inc (100%)

Target Macro / Mid Industry

▲

▼▲▲

▼

Media and Entertainment / CableMedia and Entertainment / Cable

Healthcare / Pharmaceuticals

High Technology / Internet Software & ServicesIndustrials / Machinery



Jan 1 - Jun 30 2014

AbbVie Inc

Pending

6/19/2014

1/13/2014


Consumer Staples / Food and BeverageSwitzerland / United Kingdom

Healthcare / Healthcare Equipment & Supplies

Comcast Corp

▼

▼

44.6534597

151,730.033,097.9

2,260

3,244.5

-30.1

238,287.2 563

116.0

134

▲49.3

-45.7

2,709 1.7

▼

▲-24.346,859.0

15,458.4

322

1887,961.5

705

-53.97.670,167.7

78.6

3,671.5109

24,637.5ChinaSouth Korea

1,170

10,807.9

75,525.1

13,798.2562

123

-7.4

331

359.9

1,072

296

35,041.038

-16.03795,198.2

656

▲

-26.4

▲82.293.8 ▲2,339

1,282.1

32,102.4

67,186.3

Central Asia32,449.4

19

Rank Value (US$m)

Japan

Acquiror

Australia▲

Asia-Pacific

30,574.4

154,273.145549,412.3

43743,879.6

39044,205.4

20,786.4▲ Papua New Guin

▲Australasia▲

South East Asia

85.1

3,190.8

185,225.2 4,429

646

45.4

54.8

72582.4

29.4

Malaysia

836.7

35,491.3

3,848.431,259.5Japan

35Central Asia 28

North AsiaChina 159,386.6

224,804.6 North Asia

▲1,030

115,997.8

821

2272,619

▲▲5,053.4

249Singapore

76

Acquiror / Target Nation

717

South Asia 8,549.3

356.2

10,177.2▲

13,141.5

23,053.6▲

7229,807.8

23,983.5

84.4

181836

4,639.3

560

▲

Australasia

1,570477

87,482.8

477

1,712.4

Target (% Sought/Acquired)

Alstom SA-Energy Businesses (100%)

136.816,224.3530

42,446.5 ▼

Shire PLC (100%) United States / Ireland-RepCovidien PLC (100%)

Lafarge SA (100%)

Bayer AG

Switzerland / FranceFrance / FranceNumericable Group SA

Holcim Ltd

United States / United States

Top Fifteen Worldwide Announced Deals

▼

47,568.94/16/2014

2/18/2014

DirecTV Inc (100%)

SFR (100%)Forest Laboratories Inc (100%)

Pending CITIC Ltd (100%)

70,677.1AT&T Inc United States / United States

Time Warner Cable Inc (100%)

47,922.1


Medtronic Inc United States / Ireland-RepAllergan Inc (91%)

CITIC Pacific Ltd

23,306.8

Financials / Asset Management44,543.5

Ireland-Rep / United States

16,000.0

Zimmer Holdings IncGermany / United States

WhatsApp Inc (100%)

Materials / Construction Materials39,544.6Telecommunications / Telecommunications Services

19,467.7

Suntory Holdings LtdNovartis AG

4/30/2014

General Electric-Energy Assets

Beam Inc (100%)Pending4/22/2014

23,286.3

GlaxoSmithKline PLC-Oncology (100%)17,124.24/30/2014

United States / United StatesFacebook IncUnited States / France

Actavis PLC2/19/2014

4/7/2014Pending

Pending

3/11/2014

Pending

5/18/2014

6/15/2014Intended

4/22/2014

Pending

38,418.5

Pending

25.3529

1,712

4,569

198

54,978.2

16,462.7South Asia

Asia-Pacific

37,121.3

Malaysia

59,422.6

Date Effective

Singapore

Pending

Australia

South Korea

1,030

Rank Date

United States / United StatesValeant Pharmaceuticals Intl 56,297.8

Hong Kong / China

15,687.5Japan / United States

376.1 ▲

Pending

2/13/2014

337,811.2

Pending

652 Healthcare Media and Entertainment

Energy and Power Financials

Real Estate Industrials

Materials High Technology

Consumer Staples Telecommunications

Consumer Products and Services Retail

Government and Agencies

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Centerview Partners LLC Citi

18

18

RBC Capital Markets

▼2.9Moelis & Co30,055.630,035.2

1.8

4.5

0.05.9

3.1

1.0

959.9 0.48.0

MarketSh (%)

▲Share Ch.

Worldwide Rankings

134 667.6

Change in

1.4# of Deals

Market AdvisorDeals

-16 ▼

▼

0.81.0

-20+14

Fees

10+45 6

11510+10

+6 Deutsche Bank

7Guggenheim Securities LLC

▲

67Nomura

3.4

+14

8.7

6.5151

70

16

6.6 0.7124

0.1

▲

12-22

746

▼0.4

0.4

0.8

111

146

0.7111

128,013.4▲0.60.6 130,298.3-

10

0.4

7.4

0.2

0.210224,579.29

131,022.5 2.7Rothschild

19

-0.9

-4.1

JP Morgan4

7

5

Bank of America Merrill Lynch2Morgan Stanley

Financial Advisor

Imputed Fees (US$m)

+22210

Change in

1# of Deals

▲

Jan 1 - Jun 30Worldwide Completed (AF1)

MarketSh (%)

▲

28.0

35.0

Market

+4325.7

178

4.7

Goldman Sachs & Co

▲30.5

154

# of

▼-1.4

134

28

53

Goldman Sachs & Co4

620,167.21 9.4

LazardBarclays

Citi

6

3

131.8

▲

395,840.9

5.6

▲

▼127

0.2

▲

5.5

26Perella Weinberg Partners LP90,037.3

-

Evercore Partners

Societe Generale

21

1888,962.6

Market2013 Rank

Rank Value per Advisor (US$m)

234,426.87

▲

▼

153,636.5

114,460.4

Market

12.7 0.7

128-0.1

1

20.8 -1.3

+241

US$m178

Morgan Stanley

2013 Rank Financial Advisor

231.9

Rank Value

0.7

0.812.2

13.2

369,284.5

Market

0.8

1.1539,751.4

Sh ($)2014 RankUS$m DealsShare Ch.

# of Deals per Advisor

29.5

# ofSh (%)

Jan 1 - Jun 30



▼326,146.2Sh (%)

Rank Value MarketShare Ch.

21.0▲

713.1-0.2300,902.9

▲ ▲0.1

▼-1.8 -31.0

▼7.7

5.5 -

103539.0

1.099

0.8

3 296,292.1 ▼

-2.6▲285,590.9

23.7241,877.44

29.0

5▲▲ Barclays 4

6▲ 3

▼▲▲134,080.3▼ 0.0

10.113.1

UBS▲

212.70.40.1

▲5

530.2

0.0 +112.8 -

▼19.4

0.0

-41▲ 497.4

0.4197,906.34.1▼ +14 ▲

+21-8

12.5 80▲ Paul J Taubman 8

26.298▲▲ 1

▲12.9

▼12.8

+1

▲▼1.0 0.0

344.7 0.80.6▼

-5 2.9375.9

911.9121,260.8

8 -4.195 0.796

▼-8.8 ▼

-3.0

0.9

Lazard 7.4 -14 381.8+2Credit Suisse-13

▼

0.7108

▼▼

+2097 10.2

0.8401.9

▼103,923.1 -6.6

75,810.42.1

▲3.33.2 ▲

-41.10.4 ▼

0.20.3

-80.4

▲

126.2▼

0.5 ▼

51221.9251.60.7 ▼

1.8-3998

▼0.1

223.1

0.64.444,434.7

▲ ▲58▼

-2.4

11

0.336,999.4

-5.1

▲▲0.0

Rothschild 13+6 13-3.114

+16+3

15Evercore Partners 3.6

35,369.6 3.514

▲BNP Paribas SA

2.916

▼+6 ▼

-3.11734,804.5 61

▼ 5535

▼0.20.9

0.5

0.0▼▼0.4

-8▼▼ 1.9

1.0 -0.3

10

▲1.8

105.5+4 ▲

0.4

+7

-20.3

-33

19+5

-1.50.0 ▲▲

+4114.1-11▲ 12

Jefferies LLC 220.7

▼ SEB▼0.7

10686.827,552.1

20 590 20.3150 329

200 2

+77 0.021

Centerview Partners LLC53

▲57 0 0 5▲▲

▼

0 2

▼

22

0.3+40.117

28,317.1 2.82.7 ▼

▲-3.31 92 0

163.437

4▲▲

▲

▲▲

4.572,320.9

5.1

4.5

3 968 706 9

3.2

1 6

80,077.14.14.1

0.3

4.630


Worldwide Announced (AD1)

15.6

9 Bank of America Merrill LynchJP Morgan+41

▲13.6

2303,756.6 17.1275,776.5

8

22.37.43 455,359.4

▲

▲▲

5

14

99,544.8▲3.9

▲

1.4

12

17

102,581.1

15 ▲97,648.7

5.85.4 ▲

24

2014 Rank

BNP Paribas SA 13

Deutsche Bank 8Credit Suisse

6

1111

14

Paul J Taubman 19

17

RBC Capital MarketsAllen & Co Inc

5.0

106*

HSBC Holdings PLC

UBS

16

81,368.9-

Zaoui & Co 2022

†Note: Industry Totals include multiple competing bids for the same target.

* tie

1.9178

▼

213,500.710

97,476.2

21

39.62 42.7

Bank of America Merrill LynchHaitong Securities Co Ltd

15

9

Industry % Change from Last Quarter -6.4%

30

7.1

2,078

33 26.224.2

2

54.622 73.7

1

34 18.53

14 46.2

11,139.3 3Morgan Stanley

1,430

1

Financials

Healthcare

Industry % Change from Last Quarter

235,089.9

51,344.8

90,399.0

48,719.6

186,159.739,460.5

49,498.0

228,168.2

Real Estate

11,618.0

46.6

13 7 12,776.2

Rank Val US$m

2345,080.4

1,306 8.17.42

28

Industry % Change from Same Period Last Year

26.6

157,969.8

1

Citi

Energy and Power

Media and Entertainment

Bank of America Merrill LynchGoldman Sachs & Co

21 -10 +7▼ SEB 106 20,590.2 0.30.1

29 0.2 21117.4 ▲

▲57.0 0.5+1 1.0

▲0.2

1.61.9

2.0 ▲34500.9

0.252.6+14 ▲

220.4

-150.3▲

▲

▲0.40.21.4 ▼ 28.8

10.0%

12,054.80.2

▲

100.01,021,567.00.2

100.0

▲▼-7.9%

13,073+7

-1,12924

-▲0.4

0.01.6 1.4 ▲

0.751.0▲

19,500.2

▲1.92.0348033

15,909.489

20,414.6

0.2 +20 PricewaterhouseCoopers0.1

19,147.425

Industry Total

22Macquarie Group

▼▲


Credit Agricole CIB 23-

Sandler O'Neill Partners

ShareMkt.

▲0.2%

Jan 1 - June 30

2.6% ▲

3

100.0

Rank

147,482.1

Top WW Announced M&A Advisors by Target Industry

72.8%

319,197.8

174,384.8

▲

1,372

-9.8%

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

-3.9%▼

No. Deals

▼

13

1,140

▼

733751,050.2

▲▲

-23.3%60.1%▲

+38

24

2.5▲

11Credit Agricole CIB

-91617

-16

22CITIC Group Corp 3.123

2.394

1,771,748.846,912.9

2.62.92425

54,853.73.968,706.9 1.6

▼0.1

60 3.1▲

0.1▲1.3 054,443.5

18,319

13

2.7

Somerley Ltd

Industry Total†

HSBC Holdings PLC

25

Morgan Stanley

China Securities Co Ltd

22

2

106,339.4

47,879.8

3Bank of America Merrill Lynch

22.4Goldman Sachs & Co24.1

Somerley LtdGoldman Sachs & Co

Morgan Stanley

23

JP Morgan

JP Morgan

Barclays

Jan 1 - Jun 30 2014

285.7212.6 192.7 181.6 190.2

153.5112.6 146.4 115.6

50.1 74.4

115.5

152.6

91.3 96.0 60.8

23.3 96.0 40.4 109.0

32.8 56.7

70.7

70.7 70.7

70.7

70.7

67.2

67.2

67.2

56.3 56.3

56.3

56.3

47.6 47.6

47.6 47.6

47.6

47.9

47.9

$0

$100

$200

$300

$400

$500

$600

$700

Goldman Sachs & Co

Morgan Stanley

Bank of America

Merrill Lynch

Citi JP Morgan Barclays Lazard Deutsche Bank

Credit Suisse Centerview Partners LLC

Rothschild

Ran

k Va

lue

(US

$bil)

Covidien/Medtronic

CITIC Ltd/CITIC Pacific Ltd

Shire/AbbVie

Allergan/Valeant

DirecTV/AT&T

Time Warner Cable/Comcast Corp

Other Top 15 Deals

All Other Transactions

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com 3

11.8x

Consumer Products and Services

19.8x

18.6x

Consumer Staples

Energy and Power

13.3x

-

9.0x

Materials

11.3x

8.4x

19.8x

10.0x 19.4x

15.2x15.2x11.3x

26.6x12.0x

11.8x

13.6x

9.1x 10.3x-11.8x 6.1x

Retail

11.4x

12.8x 14.8x

28.7x18.9x

10.9x9.3x

-12.6x

11.9x 11.2x

11.0x

10.7x


Healthcare

High Technology

10.8x

19.6x

12.0x

9.5x

9.5x

14.0x

13.6x

12.7x12.5x 6.6x

17.6x

10.6x14.4x 8.3x

12.0x

10.9x

9.0x

10.1x

13.0x

10.6x

8.8x15.8x

13.7x 8.8x

14.7x

11.8x

12.1x

13.6x14.4x19.0x

14.6x13.0x

4.1x

6.9x

13.1x 11.3x -

16.0x

11.3x

8.3x

11.5x 6.3x

9.0x

11.5x10.3x

22.4x-

6.9x14.4x

6.9x

10.9x8.9x

13.5x 14.3x7.7x

12.4x16.6x 23.8x

-

14.0x

13.5x 9.9x

12.7x

-11.7x3.1x 10.3x8.2x21.1x

12.0x8.9x

14.6x10.4x 12.0x11.0x

9.5x

5.7x 14.0x19.0x

8.8x

10.9x 14.0x

20.0x

13.1x

13.4x

24.6x

8.9x

13.8x11.9x

9.2x7.9x11.9x

9.5x6.9x 6.9x

7.1x

-

13.4x13.4x 12.9x13.8x9.8x

11.6x 15.2x

12.6x

11.4x

17.3x

4.6x

17.3x

14.3x

11.8x11.4x-

6.7x16.5x

12.0x10.8x-27.1x 9.3x19.4x 14.3x

6.6x

- 6.0x 14.2x12.6x-

16.8x10.3x

10.2x

6.3x

24.3x7.7x

5.5x

15.6x

UK

15.6x

13.8x

Industrials

12.8x

World

-

8.2x

-

8.9x

6.7x

8.4x

11.8x

Telecommunications

Real Estate

12.5x

14.3x

USA

10.1x

17.7x

8.4x

11.1x

Exit Multiple Matrix - Average Rank Value / EBITDA

13.8x

10.2x

9.5x12.1x

11.9x

17.1x 22.4x

Japan

15.9x

Asia ex. JapanEurope

10.8x

-

Canada EMEAAmericas

Worldwide M&A MatrixFirst Half 2014 | Mergers & Acquisitions | Financial Advisors

2014 UP 2014 DOWN 2013

Jan 1 - June 30

2013

15.1x

Real Estate

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 6/30/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

36.3

19.0

34.5

35.6

Average Industry Total 13.3x 12.5x 9.5x 8.4x 12.6x 13.8x

23.6-

13.6x14.5x 13.6x

23.2

34.852.4

Japan

-

UK

28.2 14-

23.2

34

25.321.7

Asia ex. Japan

28.8

7.3x

-

23.3

33.855.9

27.7

21.1

27.2

28.8

26.216.1 26.8

25.4

15.2

26.5

30.0

42.2

14.8

28.6

6.9

32.0

20.5

28.6

41.6 28.8

41.9

28.4

32.236.3

-

-

33.5 72.6

36.0

25.6

37.4

- -

-

18.029.5

17.0

19.0

56.1

30.122.7

Europe

11.5x

-20.4

30.4

33.6

26.039.1

14.2

43.1

21.3

48.1

44.7 44.731.0

-

-

19.4 28.8

33.9 18.6

11.1x

42.9

30.3

45.2

21.0

45.2

18.0

31.622.225.6

11.9x

0.3

52.4

EMEA

27.2

28.0 23.7

22

23.7

7.2

0.3

28.7

11.2x

23.8

47.7

30.1

53.3

16.455.127.4 32.0

35.4 27.6

Energy and Power

31.0

13.1x

35.8

Americas

33.3

28.2

26.6

12.0x

39.1

33.9

29.2

31.822.2

USA

34.4

28.9

35.3

33.5

32.6

27.2

33.9

37.4

26.624.9

Healthcare

Consumer Products and Services

48.2

25.5

18.8

26.9

Average Industry Total

30.4

25.5

High Technology

Industrials

24.8 26.5

28.8 32.6


31.1

Telecommunications 29.4

Materials

24.6

39.0

35.0

24.3

36.127.922.329.6

22.3

28.422.8

22.9Retail

31.7

29.3

18.241.4 25.8

27.6

25.9

39.9

16.5

Financials

2014 UP 2014 DOWN

22.8

11.6x

Consumer Staples

37.3- 29.0

26.7

29.6

38.8

23.5

4.3

21.816.037.337.0

38.4

38.927.3 21.6

-19.312.1

16.8 33.0x - -

28

16.826.3

28.316.9

26.2

23.1

26.2

19.4

43.127.9

10.022.6

33.933.9

28.1

27.427.710.1 23.8 22.9

42.2 30.2

7.6 23.4

23.946.9 20.1

22.7 55.5

26.3 14.2 16.8

27.2

23.3

29.1

27.6

26.6

38.430.820.4

37.1

15.1

Canada

26.027.4

36.6

World

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - June 30



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

Bank of America Merrill Lynch

Citi

Rankings shown are as of the current quarter end in each calendar year*League Table positions reflect consolidation within the banking sector

5

6

7

8

9

102005 2006 2007 2008 2009 2010 2011 2012 2013 2014

5

6

7

8

9

10

Ran

k

JP Morgan

Barclays

Lazard

Deutsche Bank

Credit Suisse

Centerview Partners LLC

g q y


* tie

FinancialsGoldman Sachs & Co 24,950.3 1

Morgan Stanley 14,073.1 3

Morgan Stanley

US Announced Advisors by Target Industry Jan 1 - Jun 30 2014Americas Deals Intelligence


Healthcare

Energy and Power

High Technology

JP Morgan

Allen & Co IncGoldman Sachs & Co

Rank Val (US$m)178,088.2

93,181.484,453.1Morgan Stanley


LazardCiti

Bank of America Merrill LynchGoldman Sachs & CoMorgan Stanley

Barclays

80,077.1165,890.6 121,062.7105,061.499,108.2

103,550.7

77,233.2 23,395.5 1

46,948.526,793.2

47,749.1 26,501.5

12

1

Rank

123*

Mkt.

369

No. Deals

47.45 7

13

386 59.73

2

6

549

30.31

17

25.2

866 12

Share

52.3

25.6325.9

45.0

11

431 73.0

19,467.715,314.6

23

8

17

Americas M&AFirst Half 2014 | Mergers & Acquisitions | Financial Advisors

Americas M&A Increase 82% From First Half 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 38%

11 63.3

Driven by deal making over $5 billion, Americas volume increased 81.6% over totals reached through the first half of lastyear, accruing US$1.1 trillion in activity, from 7,265 announced deals. Estimated fees generated from completed deals inthe Americas totaled US$8.4 billion, an 18.4% increase from fees earned during the first half of last year.

US Targeted M&A also posted significant gains, rising 69.9% over announced M&A during the first half of 2013. US-targeted volume accrued a total of US$756.1 billion during the first half of 2014, driven by 4,616 deals.

The Media & Entertainment sector led the US market for the first half of 2014, with deal volume totaling US$178.1 billion,a 23.6% market share. Healthcare placed a close second, accruing US$165.9 billion for a 22% share. Energy and Powerrounded out the top 3 industries, with US$103.6 billion and a 13.7% share of the market.

Accumulating US$89.9 billion in transaction value, announced Canadian Involvement activity rose by 37.8% over the totals reached in the same period last year. Completed Canadian Involvement however, fell to US$76.5 billion from 899 deals, a6.3% decrease from completed activity during the first half of 2013.

US targets enjoyed the highest average exit multiples worldwide during the first half of 2014 (15.1x), followed by Asia ex.Japan (14.5x). Most industries saw modest increases in multiples compared to the same period last year, with thebiggest increases coming in Industrials, which stood at 13x through June 30.

45.3

15 19.8

29.5 5

52.3 11 JP Morgan 22,237.3 2 46.6 11

US Target Announced M&A Target Industry by Value (US$ bil)

Acquiror / Target Nation

Jan 1 – Jun 30 2014

Target Macro / Mid IndustryRank Value (US$m)

Consumer Staples / Food and BeverageUnited States / United States

15,687.519,467.7


Top Ten US-Target Announced Deals Jan 1 – Jun 30 2014

Pending56,297.8

High Technology / Internet Software & Services

Media and Entertainment / CableUnited States / United States

Target (% Sought/Acquired) Acquiror


4/30/2014 Energy and Power / Power

WhatsApp Inc (100%)

Zimmer Holdings Inc

AT&T IncPending

2/19/2014

Merck & Co-Consumer Care Bus (100%)

DirecTV Inc (100%)

Forest Laboratories Inc (100%)

Pending

5/6/2014

Date Effective

4/22/2014 Allergan Inc (91%)

Pending Time Warner Cable Inc (100%)2/13/2014Rank Date

5/18/2014

Actavis PLC

Pending Pepco Holdings Inc (100%)Healthcare / Healthcare Equipment & Supplies

2/18/2014Pending

Pending

Facebook IncIreland-Rep / United States

Beam Inc (100%)

Comcast Corp

Bayer AGSuntory Holdings Ltd

70,677.1

Japan / United States

23,286.3Valeant Pharmaceuticals Intl


United States / United States 67,186.3

13,350.0United States / United StatesHealthcare / Pharmaceuticals14,200.0

Exelon Corp 12,198.5

Germany / United States4/30/2014

Biomet Inc (100%)

US Buyside Financial Sponsor Activity

4/24/2014

1/13/2014

Media and Entertainment / CableUnited States / United States

3/6/2014 Pending Safeway Inc (100%) AB Acquisition LLC United States / United States 9,199.4 Retail / Food & Beverage Retailing

Pending

23.6%

21.9%

13.7%

10.2%

6.3%

4.6%

4.2%4.2%

3.0%

Media and Entertainment Healthcare Energy and PowerHigh Technology Financials Consumer StaplesReal Estate Industrials MaterialsRetail Consumer Products and Services TelecommunicationsGovernment and Agencies

35.0 60.6

112.8

17.6 6.4 26.9 26.6 75.3 83.1

40.8

110.4

192.5

28.7 9.4

33.5 33.5 35.0

32.8 52.6

31.5

85.9

90.3

18.5

13.6

28.0 26.9

53.0

43.8 43.4

170.8

20.4

24.5

39.3 64.1

55.3

61.3

42.6%

54.3% 52.7%

27.6% 41.8%

44.2%

46.1%

54.0%55.4%

49.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Rnk

Val

US$

bil

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of WW FS Volume YTD


Credit Suisse Credit Suisse



MarketMarket Change in Deals

Any Americas Involvement Completed (AF55)

# of Deals per Advisor Rank Value per Advisor (US$m)Market Market

Imputed Fees (US$m)

Americas Rankings

Rank Value per Advisor (US$m)2013 Rank

-0.3-0.0

Sh (%)AdvisorRank Value# of

Financial Advisor Sh (%) Share Ch. DealsUS$mRank Value Market

Jan 1 – Jun 30Any Americas Involvement Announced (AD49) Jan 1 – Jun 30

Share Ch.121

Sh (%)Sh (%) # of Deals Fees770.6 9.1+8457,153.9

Share Ch.2.1

# ofFinancial Advisor

Market

+3510.5 ▲

2014 Rank

Market# of Deals

2014 Rank

2013 Rank

Change in

2.1 ▲

MarketSh (%)US$m

Morgan Stanley 2 4 402,007.3 ▲41.836.7 19.9

Goldman Sachs & Co 1 1 ▲39.8Goldman Sachs & Co▲1541.6

3.12 274,331.7+24 ▲ 1 252,791.7

1JP Morgan

456.336.7

▲ 785Bank of America Merrill Lynch 3 3 369,138.72

98 1.3114

+31 ▲▲597.8 2.0▼ 95 1.7 +32 ▲ 7.1

Bank of America Merrill Lynch 235,556.3 34.23-1.6 ▼ 99JP Morgan 4 2 280,194.8 4+33 ▲ ▲0.5

+133.2 2.7

11.3 ▼▲ 5.41.4

▲

7.025.6 1.4

▲33.7

▲Citi 5 10 265,638.9

0.6

24.3 13.5

3Morgan Stanley 80Barclays 5 ▲ 76

5.81.4 -1 ▼ 486.9228,849.30.94 214,288.1 31.1 7.4 1.3 +22 ▲

▲

Barclays 6 8 255,117.7 23.393

9.7 ▲ 99 1.4395.0 ▲1.3 +30 4.7

+52 ▲ ▲18.9UBS 6 17 0.1▼ 125.065 134,080.3 ▲ 26.2▲

163,461.57Lazard 7 9 154,846.7

▼26 0.5 -20 1.5

▼1.0 ▲14.1

23.7-11 ▼71 1.0 Guggenheim Securities LLC ▲

Centerview Partners LLC 8 6 153,531.5 14.0 0.0 0.0▲-0.5 1.019.5 19.2 0.3 0.10.1 +15

- 130,298.3 18.9 18.9 0.0 +1▼0.9

▲ 127 0.4 +9 ▲ Paul J Taubman 8

10 5 136,898.0 12.5

-Deutsche Bank 9 7 151,059.0 13.8

-2.2 ▼ 7765

10+21 ▲Citi-0.2 ▼ 9

1.1+11 ▲ ▼ 278.9

7 63,896.16 75,536.8 1.0 -5

9.3 -4.8▼ 5911.0 -4.9 3.3 1.6▼ 65 ▲

Allen & Co Inc 11 264* 99,544.8 9.1 Lazard 113.5 0.31.1 +14 ▲ 297.4

▼ 70 3.5 0.18 58,184.4 8.5 -5.1 1.2 -16 ▼ 293.0 ▲RBC Capital Markets 12 16 93,393.0 8.5

6 0.1 +4 ▲2.3 ▲ 68 0.99.1 ▲

Deutsche Bank 12+15 ▲ 10 58,127.3 2.2 0.0▼ 186.9▲ 43 0.7 -8 -Evercore Partners 13 12 81,836.8 7.5

8.4 0.8+7 ▲57 0.8 11 32,391.9RBC Capital Markets 13 ▼

Paul J Taubman 14 - 80,077.1 7.3 7.3 ▲-0.5 ▼ 4.7 -2.6 2.5 0.61.0 -4 ▼ 208.6▼ 58

0.8 -1 2.4 0.8▼ 199.5Jefferies LLC 15Evercore Partners 14

▼ 454.1 -2.913 30,009.24 0.1 +4 ▲ ▼ 484.4 -2.2 ▼

Perella Weinberg Partners LP 15 51 54,142.1 4.9 4.3 ▲ ▲208.849 0.710 0.1

Rothschild 16 20 40,531.90.8 -2

3.6 -6.83.7▼

1.4 ▲+1 ▲+15 ▲ Centerview Partners LLC 16

2.5 0.59 24,982.112 28,012.9

▼UBS 17 14 39,615.3 3.6 -3.8 ▼

▼ 16Moelis & Co 17

1.0 0.60.3 +3 ▲ 86.5▼ 28 1.1 0.115 20,129.2 2.9 -2.9 0.5 -1 ▼ 96.1 ▼

Greenhill & Co, LLC 18 17 39,398.0 3.629 0.4 -22 ▼

0.0 ▲ 14 0.2 Sandler O'Neill Partners 18+1 ▲ 57 15,909.4 0.6 0.2▲ 51.0▲ 24 0.4 +7 ▲Jefferies LLC 19 19 25,269.4 2.3

2.3 2.0+5 ▲56 0.8 18 15,298.8BMO Capital Markets 19 ▼

Wells Fargo & Co 20 15 23,878.6 2.2 -4.8 ▼-0.9 ▼ 2.2 -1.6 1.0 0.20.4 -1 ▼ 83.9▼ 23

0.6 +13 1.6 0.4▲ 138.2Scotiabank 21Wells Fargo & Co 20

▲ 131.7 0.314 15,255.340 0.6 +12 ▲ ▼ 342.2 -3.8 ▲

Mizuho Financial Group 21 182* 23,542.5 2.2 2.2 ▲ ▲71.728 0.45 0.1

BMO Capital Markets 22 30 22,228.50.2 +2

1.7 1.72.0▲

0.7 ▲-1 ▼0 - RCS Capital Corp 22

0.9 0.2- 11,551.9

25 11,962.4▲

Moelis & Co 23 11 21,354.9 2.0 -8.0 ▼▲ 2

Rothschild 230.2 0.20.0 +2 ▲ 13.1

▼ 35 1.1 0.621 11,409.3 1.7 -1.0 0.6 -7 ▼ 91.1 ▼Santander 24 40 18,172.7 1.7

40 0.6 -1 ▼0.8 ▲ 17 0.2 Blackstone Group LP 24+6 ▲ 49 11,235.6 0.6 0.1▼ 50.1▲ 14 0.2 -11 ▲

HSBC Holdings PLC 25 41 17,957.0 1.61.6 1.2

-7 ▼ ▲0.8 ▲ 4 0.1 70 11,190.4Deloitte 25 251.6 1.4 0.1 0.10.4 +6 ▲ 6.0▲

†Note: Industry Totals include multiple competing bids for the same Target.

Credit Suisse Citi

†Note: Industry Totals include multiple competing bids for the same Target.

22

4.2 ▲

45

▲

17-8 16

4,616


23

+23

Sandler O'Neill Partners

Blackstone Group LP

-18

▼+4-5

Houlihan Lokey

4

+16

▼

8,543.5 1.3+41.1

+480

▼

-0.213.2

43

0.1

▲

▼-6.4

▼ 0.40.1

2204,762.3

0.1

Moelis & Co

▲

132,667.2

▲

Wells Fargo & Co0.8

17,692.6

Wells Fargo & Co

4 4

▲18

-10.2

15 -4.6

1.6

3.118


13 23,166.5

1.4 0.5

37

5

▲18

16

29

15,048.1+10

RCS Capital Corp

506,469.9

-132

1.1

▲0.3

Goldman Sachs & Co 1

Market # ofFinancial Advisor US$m Sh (%) Share Ch.

Bank of America Merrill Lynch 3

UBS 16

33

6671

-3.1

Morgan Stanley 2 8 291,833.5

Barclays

Mizuho Financial Group3.5 -4.7

g , ,Industry Total100.0 +2737,265 100.0Industry Total† -142688,621.1 5,7421,095,082.0

▲ -0.4%Industry % Change from Same Period Last Year 81.6% ▲ 3.9% ▲

Rank Value per Advisor (US$m) # of Deals per Advisor

▼ -13.4%

Rank Value per Advisor (US$m) # of Deals per Advisor

Industry % Change from Last Quarter 74.4%▲

100.0

-7.3% ▼▼

Imputed Fees (US$m)

▼

8,426.4

Industry % Change from Same Period Last Year 6.3%

US Target Completed (AF2) Jan 1 – Jun 30

-2.4% ▼ 18.4% ▲Industry % Change from Last Quarter -39.1%

Sh (%)2013 Rank

Market

US Target Announced (AD2) Jan 1 – Jun 30

MarketRank Value Market2014 Rank Fees

# of Change in 2014 Rank

2013 Rank

Rank Value Market Change in Market# of Deals

Market

41.0 7.0 ▲US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

556.62.0 +23 ▲ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of DealsFinancial Advisor

2 309,684.4 1.29.371 1.91 294 ▼38.6 22.4

+5 ▲234,264.2 46.3 4.7 ▲▲

3JP Morgan+15▲

+243 275,534.6 36.4 3.01.4

6.0▲ 536.23▲457.6 7.7▼

2.00.2358.1

1.743.8 641 -0.8 ▼221,679.4 ▲

4 5 230,834.1

+2740.4

▲▲ 1.5

▲1.4 +3 ▲Morgan Stanley

13.0 ▲ 1.6 +3672 1.5 +17 ▲30.5 Barclays 203,587.6 40.2 12.1 5517.240.1JP Morgan 5 1 208,431.7 202,951.55 5 51 1.4 +5

▲5.5 0.85.4 1.3 ▼

327.7

8.027.6 -8.0 323.7▼ 1.5 Bank of America Merrill Lynch+2169 ▲

61 UBS 6▲

1.3Citi 6 10 165,868.0 21.9 0.316 159,207.6 31.4 27.1 ▼ 108.1▲ 0.5 ▲Centerview Partners LLC 7 4 128,686.0 17.0 -2.6 ▼

▲ 1.80.5 +4 Guggenheim Securities LLC 0.2

-1+16 ▲ 1938▲ 0.10.1 -126.2 25.8 ▲ 12.23 ▼

Lazard 8 9 118,123.1 15.6▼7

25.7 25.7 -0.0▲ 1 ▲ 1.00.0 +1 0.0Allen & Co Inc 9 150* 99,544.8

105

▼

130,298.310.4

▲1.213.2 Credit Suisse+3

10 869

Paul J Taubman 8 -▼▲

44 1.0▲

▼52,554.9 +16 ▲1.244

1.09.4 ▼-7.2 ▼ ▼229.8 3.8

▲1.63.6216.2 ▼0.2

-2.6 ▼ 0.143 1.1 -16 214.6 3.6▼47,355.16 -6-5.3 ▼ 3798,930.7 13.1 -3.8 56

11 - 80,077.1 +4 ▲ Lazard▲ 9.32.212 17

10.6 10.6 4 46,978.90.9

1176,852.8 +12 -38,488.7 7.6 3.8 ▲ 0.7272.816 10.2

41

Paul J Taubman0.0▲ Deutsche BankRBC Capital Markets 12

9

Deutsche Bank 13 7 47,809.7 38 ▲0.8 +2▼▲ 42

0.2+36.3 5.8Evercore Partners+3

14▼

▲▲

-0.5 ▼+323,606.8

131.6188.0

▼7 0.9▼ 14 713 29,309.7

Evercore Partners 15 14 31,378.5

3.21.4

1.1▲4.7Centerview Partners LLC

▼

▼Greenhill & Co, LLC 14 17 35,875.7 4.7 -10.3 ▼

0.9

2.434 ▼-5.1-0.2

-4.3 ▼Jefferies LLC 150.913

2.615,909.4

86.3150.9 -2 145.10.4

▼243.1 17

▲0.111 22,098.1 4.4▼▲23,542.5▲0.5-5.8 ▼ ▲

▲ 0.90.63.127,563.7 3.7

2.23.051.0

10 32 132.9+7▲+4

0.6 -3 ▼▲

0.484.3 1.40.432

Moelis & Co 20 11 19,713.4

0.8 +1219 19 14,316.3 2.8 ▲0.7▲19 19 118.5▲19,874.0 2.6 RBC Capital MarketsJefferies LLC ▲ 38 1.0-0.8 0.4▼ 1.0 +5 2.020▼ ▼0.72.6 -10.3 -4 - 11,551.9 2.3 2.3 0.1 +2 ▲

▼ 0.1 ▼38.713.1▲

0.70.2 0.2

▲9,183.6 1.8▲ +22 0.0 21▲Loop Capital Markets 21 - 12,260.5 1.687.7

101.231 10,876.5 1.5

1.4 -8.50.6 ▲

2222

Houlihan Lokey 23▲

LionTree Advisors LLC 23 12 10,621.0+6Guggenheim Securities LLC 22 Stifel/KBW0.1 0 0.5

0.7-1.16,433.30.26,190.9 1.2

8-0.6

▲60 1.6 +12 ▲ 0.3 ▲2.2

1.0132.9-0.2 ▼

- 396,737.7 1.3▲

251.3


24Qatalyst Partners61▼ +7 ▲▼ 0.3

0.4 ▼0.5 ▲ 39.63 0.1 025 -▲ 0.0 0.0.2

5,976.1-

100.0+1▲1.1

+190

13.7% ▲

0.0

Industry % Change from Same Period Last Year▼

5,432.2 1

5.3%

100.0

▼▲30.7%▲

-10.7%-7.6%

3,776

-45.6%

Industry Total

Industry % Change from Last Quarter47.5% -3.1%11.6%

100.0756,086.0

24 23

▲

8,380.6

69.9%

25 22 ▲

+4

-0.8

▼

▲

Industry TotalRothschild


* tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables7

Credit Suisse Credit Suisse

Industry TotalHoulihan Lokey

+113100 0603 061 8 4 841▼ 66 1.9 1.9 ▲

7 447 7 100 025 22 7,932.8 1.3 -0.2

0.91.4 +11 ▲ 141.4

▲23 0.5 -11 ▼ 64.4 0.90.9 0.9 ▲

Rothschild 24 20 9,043.3 1.5 -1.0 ▼▲ 63.11.6 0.7 ▲ 16BMO Capital Markets 23 28 9,329.3 0.3 +1

▲34 0.7 +9 ▲ 7.9 0.10.7 ▲

PricewaterhouseCoopers 22 63 9,690.4 1.6 1.4 ▲ 0.1▼ 50.11.4 ▲ 14 0.7

RCS Capital Corp 20Blackstone Group LP 21

0.211,551.9 1.91.9

1.9 ▲40 11,235.6

▲ 131.442 0.9 +9-

0.3 -11

1.80.2 ▲2 0.0 +2 ▲ 13.11.8 ▲

1.9 1.9 ▲RBC Capital Markets 19 19 15,095.1 2.5 -0.4 ▼

2.2 ▲0.7 +13 ▲ 138.2-4.7 ▼ 34

0.7 ▲24 0.5 +7 ▲ 51.0 0.71.3 ▲27 0.6 -2 ▼

▲Moelis & Co 16 12 20,048.0 3.3 -3.6 ▼ 94.8 1.3

2.610 26,287.8 4.4 -3.1 2.6191.5▼1.2 1.20.3 +2 ▲ 86.3

2.7 ▲14 29,904.9 1.0 +1 ▲ 197.75.0 -1.8 ▼ 462.4

▲42 0.9 -2 ▼2.7

▲40 0.8 -1 ▼ 2.4175.63.7 3.7 ▲

Deutsche Bank 12 16 49,195.1 8.2 3.4 ▲▼ 275.09.2 -3.7 ▼ 668 55,626.6

273.3 3.755,672.1 9.2 -7.0 ▼1.4 -13

3.7 ▲55 1.1 +16 ▲268.7 3.6 3.6 ▲54 1.1 -7 ▼

0.0 0.0 -Citi 9 7 66,227.3 11.0 -4.8 ▼

0.3 0.3 ▲21.6 ▲ 1 0.0 +1 ▲ 1.0

- 22.222.2 21.9 ▲ 426.5 21.0

133,701.2 0.152 0▲ ▲22 0.5 -16 ▼ 114.3 1.5 1.5

▲400.6 ▲

71+2

Barclays 5 4 211,015.5 35.0 5.05.4

10.2 1.5 +19▲

6.1+44 5 215,804.6 70 1.412.8 ▲

7.5+27 ▲74 1.5 ▲

Sh (%)Market

Share Ch.Market# of

9.7107

+477+2

MarketDeals Sh (%) # of Deals Fees

720.82.2Goldman Sachs & Co 1 2 262,717.5


Change in Advisor

1.3 ▲ 84 1.75.9 ▲

0.1

Industry Total 994 907 10.01.212,260.5 1.2Loop Capital Markets

5 939

6.035.8

Guggenheim Securities LLCUBS 6

▲4 +21.81.82

100 0

17,957.0Moelis & Co 22

4 0.11.8 ▲1.3

Jefferies LLCMizuho Financial Group 20

19

HSBC Holdings PLC 23 49▼

-1.3-9.2

21

2123,542.521,972.2

2.1

1772.2

11 21,204.9

2.423,878.6

8.1

▲Rothschild-5.5 ▼19 13

32,869.3 3.3

8.1Paul J Taubman - 80,077.1

18

Perella Weinberg Partners LP 15

17

54,142.1

27,780.615

▼

▲

12 85,323.516

17

0.3

3.941

14

24.625.0

6

▲2.3

244,348.19

-1.2

▼▲

Evercore Partners 13 14 81,782.0 8.2 ▲

89 1.5 +29

RBC Capital Markets11 220*

8.699,544.8

4910.0

274,775.35

2

60.7 ▲

▲

15.5

2 27.6

5.4

0.8-4.5

2.8

-0.216UBS

40Wells Fargo & Co2.4

Greenhill & Co, LLC 39,061.7 0.210

▼▲

2.4 ▲0.9

4.7

▼

5.0

89 455.3

▲

▲6.1

558.0

▲ 5.4▲

371.385

+7 9.7▲

12.8▲9.3

▲▲6.0

70▲ 15

-6+4490 1.5


+8

+25 ▲159,979.7

+4

5

37

0.8

0.5 +11

+1

32

137Deals


1

# of

1.7

13

+15

-3

7


▼1.2

+1▲

Jan 1 – Jun 30Any US Involvement Announced (AD41)

Rank Value

-3.04

21.6 ▲

MarketFinancial AdvisorGoldman Sachs & Co 1

39.2

2013 Rank

35.9Morgan StanleyBank of America Merrill Lynch 3 3 356,771.7

US$m2014 Rank

1 431,685.04 389,729.6


43.4

JP Morgan

100 40.9▲

7.5JP Morgan

Rank Value MarketImputed Fees (US$m)

Market

2.3Sh (%)

1.4

# of DealsChange in

▲▲

+19+29

0.7 +120.1

▲ ▲-

24

9 23,606.8 3.9

17

▼

Sandler O'Neill Partners0.5

▲

-17

15

Allen & Co Inc8

18

612.0

Deutsche Bank 910

59 1.07119,631.9132,042.8 13.3

-3.2

Citi

Lazard 7

248,396.5

58

10

154,598.2Barclays

Centerview Partners LLC 26

10.066

▼-2.0

Lazard

Paul J Taubman▲+7

0.4

1.1

15,909.4 2.62.5

45

+4Centerview Partners LLC

11 15,255.3▲▼-

Wells Fargo & Co

▼-8.6

27

▼

▼

▲

▲

0.6-4

53

▲

0.1

+21

Americas Rankings

4+10 Evercore Partners

14

Share Ch.2013 Rank

▲

▼

Jan 1 – Jun 30

15.3152,156.2

Any US Involvement Completed (AF48)

▲

US$m▲

Share Ch.11.1

MarketFinancial Advisor

Market

8

6

130,298.3

11

221,085.23

21.6

Sh (%)

+4

0

13▲

36.7


10

2

▲▲ Jefferies LLC

15

▲

▲ 246,499.23

43.6

1.5 Morgan Stanley

2014 Rank

+34


Sh (%)

-▲

56 0.9

0.1

0.2

220* 17,495.4

JP Morgan Goldman Sachs & Co

▼

31.28

1.8▼

▲+1

1

Jefferies LLCEvercore Partners0.2

-

Industry Total

1

13

5,400.0 6.0 6.0

▼

▲

-1.03

4.1

-6.3%

1,291

▲

0.3+117

+611.8

899

▲

Industry Total89,879.9

2.4

+1 ▲

▲ 12.1

GMP Capital Corp- 1.010

0.0 +10.01.7

▲ 0.00.0

.3▼ .9 0.1

12.1%

1

-9.1%▲

-90 1,220.2

▼ -3.1%18.7%


2.0 0.11

5.6%

-

100.0

2 -1-0.0

9.1%▼▲

▲1.81,375.325▲ ▲

Ernst & Young LLP

▼2.6▼

0.12.80 -▲ 0.20.1

4

14 2,168.32,112.4

▼0.3

3.4-2.6

20 ▼0.1 13

5 0.4 1,381.9

Rothschild

24

22 ▲4

+1 3.421

2,625.16

-1-10.8-3.0

▼22.40.0 ▼

1.41.9-20.0

▲

23.30.4▲

19 ▲ 6.51 0.50.50.0▲Grant Samuel

21 - 3,190.1 3.6 ▼+3▲

▲0.0 -13 0.9▼ 11.0 0.5-

Evercore Partners 18 9 4,545.14.8

5.1- 3,692.2

55Credit Suisse 19 18 4,105.3 4.6 ▲0.42.2 +2 4.0

▼ 18▲

UBS4.0

17▲ Maxit Capital LP

3,044.8

0.0 1.0 ▲0.1 2.1

▲+10

2.3 0.6 ▲0.9

▲

1.011.6▼- 11.5

6

US$mAdvisor# of

▲Fees58.5▼0.1

0.0 +1

+113

▼

11,962.4

▲


-42.0%

Share Ch.

-22.5

▲

100.0

▼23.8% ▲

-6.7% -15.0%

603,061.8

▼

4,841

Industry % Change from Same Period Last Year 11.5% 2.4%

7,447.7 100.0

Industry % Change from Same Period Last Year 87.3% ▲

+477Industry Total 994,907.1 5,939

-0.1% ▼

100.0

8.7% ▲

20.6

8

-2.1

12

17

Maxit Capital LP

65

4.1

22.0

3.6

▲18

12.2

1.33.8

# of

1.4

7

2,110.1

37.8% ▲

-

20 - 3,692.2


* tie

▲

1.3%

▲2.2

GMP Capital CorpSantander

1,800.0 2.01,923.2

▲Industry % Change from Same Period Last Year

-

Industry % Change from Last Quarter▲


65.2%

23+5 59

0.1

100.0 100.0

28.416 4,206.2Canaccord Genuity

▲

16▲ 10 5.0

1.8

Sh (%)

15.6

▼

▼

4.1 4.0

▼

▲

1.8

▲

2.8

Deutsche Bank

76,537.9

-3.7

0.0

Market

Citi

2,594.8

4.4+3

4.8+3 8

3,132.4

Rank Value

3,842.8

0.316,832.8

4

▼

▲

CIBC World Markets Inc

-1

09.8

▼11.5 29

11▲

8 12,956.1Deutsche BankRBC Capital Markets

2

4Morgan Stanley

10

Bank of America Merrill Lynch 67BMO Capital Markets

TD Securities Inc

5

Goldman Sachs & Co+3

11 13,888.4 15.518.7

18,540.73 18.8 0.9

1.916,911.6

31

MarketFinancial Advisor

1 24.4Barclays 21,919.4Sh (%)

2014 Rank

0.9

Rank Value

17Financial Advisor Deals

Market

+9

Market# of Deals

73.32▲

17.4▲RBC Capital Markets

-6-16 97.0

2014 Rank

▲ Industry % Change from Last Quarter

2013 Rank


Any Canadian Involvement Announced (AD42)

Rank Value per Advisor (US$m)Market

Any Canadian Involvement Completed (AF49)

81.0%

2013 Rank

Jan 1 – Jun 30

Share Ch.


US$m

+2

Sh (%) Share Ch.

▼

Market# of Deals

Change in MarketImputed Fees (US$m)

▲

0.64.88.0

1.8▼▲

5.9▲ 71.7

9 20,420.923.7

▲▲

DealsMarket

220.1▲8 134.60.2

Sh (%)

Jan 1 – Jun 30

-12.2

26.7

+4 15.2


34

▲1

BMO Capital Markets5

3

+11Scotiabank

1.44.655.511.6 ▲

▼

4.7-6 ▼

1511

0.1 -53.0+6 50.6 4.1▲0.1

▼-3

18Barclays 0.10.1

7 7,253.0 9.5▼

818

714.4

Canaccord Genuity

12,753.4 14.211,094.5 7,003.5▲ 11Morgan Stanley

11

-2.5-2.9 24

+2+1

National Bank of Canada Fin'l1.9

224.21.0

10

11▼

Credit Suisse

▲

0.511.9▼69

8 2.99

35.95,557.8

National Bank of Canada Fin'l 16 29

8

6 9,255.6

9Scotiabank 510


9,823.011.89,062.06TD Securities Inc

- JP Morgan▼

12.8260.2

▲▲▲

57.24.9

▼

-0.5

▲▲0.0

3.71019

0.8+4

▼0.2

▲▼

5.69.2

7.4

0.1

▲

▼

59.8▲

7

18,167.1

11,592.4

▲-23.97.3

▲ ▼

+4▼7.25,543.0▼

2 11

▼

48.00.1

0.60 - 21.54,796.54.60.118 3.97.15

1.8

1

51.4+2

5,450.3 -14.7 ▼20

-4

-12.4

▲

▼0.3+4 ▲5.8Macquarie Group

12

05.5 -21.84

▲ 3

4,232.81.9 ▲

10

5.5

6.3

1.70.1 1.7

▼ 4 0.0 - 16.9 1.4+2 ▲13 4,457.323 ▲4.3 20.80.9

6,378.3

▲

5,557.82

+40.5+2

2.1

5.4 ▲

6.2

0.26.2 0.6

64.61.4▼ 15

110.8

9

14

2,797.1 1.03.122

-2

-3.9

0

Industry Total25Milliman Inc

+16

12

BNP Paribas SA 24-


23 50*

Macquarie GroupHoulihan Lokey

410,973.3

127,571.6

23

8,530.8Citi

▲

▲

▲10.311.5

▼

Sh (%)

0.9

-53.6

10,298.3

12.3

0.7+5

Change in

2.2▲

-4

12

0.5

0.5▲

▼

8.4

6.9 -12.3

-1.3

▲

▲

▲

▲

XMS Capital Partners LLC 17

▲

0.6

2

6.1

9.7

15

9.5

CIBC World Markets Inc14

19137.1

14

10

▲

6,195.116


EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

7

CitiGoldman Sachs & Co

Energy and Power 64,446.3

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 -Jun 30 2014

9,665.9

315,038.6 Morgan Stanley14,277.8

Goldman Sachs & Co 12,345.6

Real EstateGoldman Sachs & Co

79,871.4

5 49.3

248,429.8

21,013.3 68.9

427

3

Deutsche Bank

UBS

1

46.8

14,964.5

56,920.9

3Industrials


Deutsche Bank

Credit Suisse

Morgan StanleyMaterials

6

EMEA Deals Intelligence

Morgan Stanley

Healthcare

Rothschild

88,159.2


EMEA M&AEMEA Announced M&A Increases 98% | Healthcare Highest Valued Sector | Financial Sponsor Activity Rises

7

8

10

484

40.331,411.3

Goldman Sachs & Co

69.3

1

44.0

39.3

1,187

17

3

JP Morgan

78.5

32,158.8

46.0

35,100.7

Mkt.ShareRank Val US$m

150,346.2

Rank No. Deals

2

191,476.2

50.396,354.2

1

1

23

21

7

70,035.3 48,500.9

640

69.2

4

3566

15.0

47,302.7

1

19.22

67.5

23.2

9

7

6 2

7

Jan 1 - Jun 30 2014EMEA Involvement Announced Advisors by Target Industry

Announced M&A activity with EMEA involvement totaled US$697.2 billion in the first half of 2014, up 97.9% compared to the US$352.3billion reached for the same period last year. The largest deals between Covidien/Medtronic, Shire/Abbvie and Lafarge/Holcim account fornearly one-fifth of this first half total.

EMEA fees accumulated on deals completed in the first half of 2014 increased modestly, reaching only US$4.8 billion, a 2.5% increasecompared to the US$4.6 billion total for the same period last year, according to estimates from Thomson Reuters/Freeman Consulting.

The Healthcare sector led the EMEA marketplace, with 427 deals grossing a combined US$191.5 billion, including the Covidien/Medtronicand Shire/AbbVie deals worth US$47.9bn and US47.6bn, respectively. Industrials accrued US$79.9 billion, and Materials totaled US$70.0billion worth of activity.

Financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside financial sponsor activity reachedUS$89.6 billion in the first half 2014, up from the US$59.3 billion reported in the first half 2013. This marked the highest first half total sincethe pre-crisis levels in 2007. The largest FS-backed deal was the US$3.1 billion offer for Danish electronic payments provider NetHoldings by Advent and ATP in March.

Acquirors listed on the Swiss stock exchange were EMEA's most acquisitive companies this year, with a combined total of US$44.0billion in offers.

g p ( y p y)

47,568.9 Healthcare / Pharmaceuticals

1/27/2014

Pending4/30/2014

5/6/20144/22/2014

Switzerland / France

Ireland-Rep / United States

14,200.0United Kingdom / Netherlands

Spain / SpainPending

GlaxoSmithKline PLC-Oncology (100%) Switzerland / United KingdomGermany / United States

Ziggo NV (71.6*)

Pending

Bayer AG

Alstom SA-Energy BusinessesNovartis AG

Pending

Acquiror / Target NationAcquirorPending

United States / Ireland-RepUnited States / Ireland-Rep

SFR (100%)

Top Ten EMEA Involvement Announced Deals

y g q p p ( $ )

Actavis PLC

6/19/2014Materials / Construction Materials

Rank Date6/15/2014 Medtronic Inc

AbbVie IncCovidien PLC (100%)

Date Effective Target (% Sought/Acquired) Rank Value (US$m)

Jan 1 – Jun 30 2014Target Macro / Mid Industry

47,922.1

Numericable Group SAHolcim LtdLafarge SA (100%)

16,000.0

Pending

Forest Laboratories Inc (100%)

Shire PLC4/7/2014

Pending3/11/2014

Intended

2/18/2014

Pending Merck & Co-Consumer Care Bus (100%)

Healthcare / Healthcare Equipment & Supplies

23,306.839,544.6

Healthcare / PharmaceuticalsFrance / France

* Undisclosed

10,854.2 Media and Entertainment / Cable

Telecommunications / Telecommunications Services

17,124.2

Healthcare / PharmaceuticalsHealthcare / Pharmaceuticals

United States / FranceGeneral Electric-Energy Assets

Liberty Global PLC

Industrials / Machinery23,286.3

3/17/2014 Pending Grupo Corporativo ONO SA (100*) Vodafone Holdings Europe SLU 10,025.1 Telecommunications / Telecommunications Services

$33.4

$76.7 $74.7

$27.1 $15.5 $21.9 $18.4 $25.2$51.0

$61.2

$45.5

$89.0

$44.4

$9.1$16.3

$37.9$20.1

$34.1

$38.6

$37.1

$60.3

$54.2

$27.9

$14.6

$37.1

$23.3

$18.8

$22.1

$46.0

$91.1$56.2

$24.9

$18.7

$25.1$22.3

$24.0

$33.9

17.6%

19.7% 16.5%

10.2%

7.5%

13.1%14.1%

9.6%

18.1%

16.7%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A

$44.0

$39.8

$39.6$39.4

$34.9

$18.8

$15.1$11.2

Swiss Stock Exchange

Frankfurt

London

Euronext Paris

New York

Zurich

Nasdaq

Madrid

Euronext Brussels

OMX Stockholm


BNP Paribas SA Citi

▼


Any EMEA Involvement Announced (AD47)

2013Rank US$m Sh (%)FeesDealsShare Ch.Financial Advisor

Jan 1 – Jun 30

35.81Goldman Sachs & Co

3249,272.0 14.5 ▲


114,329.2111,397.9

5

▲12.3

6318.9

11.879

59

Greenhill & Co, LLC

Zaoui & Co 13

Credit Suisse 9

15

11

18Evercore Partners

Societe Generale

Barclays

12

14

Credit Agricole CIB

UBS16HSBC Holdings PLC

87,742.6100,286.3

192,163.2JP MorganBank of America Merrill Lynch

3

10Rothschild

7

8

Rank Value Market

292,066.2 15.2 5

10

203,921.9+11

5

7

-14.2BNP Paribas SACredit Suisse+7▲

Change in

220,852.3

Market

26,721.9

▲

15Perella Weinberg Partners LP

2

8

Deutsche Bank 6Lazard

CitiMorgan Stanley

14

-8.0

▼1

2

6

17

4

16.0

4

-13

▼-5

5.7

0.9

▲-8.0

▼

3.6

▲▼

4.1

0.5▲1.4

21

▲

▲▲

36

SEB 64

1718

16

2.411,207.8

15

2.8

27

14Rothschild

0.4▲▼ -5.5

10,348.4 2.2Moelis & Co

-11

0.20.2

Nomura

0.063

+10+6

▼

27

9,870.7

Deloitte 19▲

5.00.2

12 -3Societe Generale

PricewaterhouseCoopers

▲

▲0.3

+20

+374.8

▲ 37

0.0

0.1

0.113

3.5 ▲

▲

0.5

Credit Agricole CIB▼

▲

6.9

3.9

1.2

3.4

5.06.6

3.4

2.12.7

Industry Total

Centerview Partners LLC205*

Ernst & Young LLP 2221Mizuho Financial Group20

16

24SEBSantander

23

0.7▲▲

0.29.1

10.4

5.6

7.8

▲

▲

23

▲

+50.3

35 0.2+6-14

0.310.3

▲ 124 +1916.4

▲10.4

8.6

6.2

490.0

14.4 49

72,029.4

11.77

2981,209.1▲▲

1.9

-17.9

27.6

72,320.90.2 -3

1112.6

8

Lazard

▲

-9

0.0

42

▲43

1

▼

+1

37

0.70.0

62

-4

0.4

67

41

0.7

-2-16

18.3

15.2

1.0▲

0.6▼▼

292.3

18.0▲

+2

0.3

-14▲ 0.4 46.7

▲▲▲

1

2014 Rank

MarketSh (%)Sh (%) Deals

41.9Financial Advisor# of Deals

7276 +140.4

Goldman Sachs & Co▼

JP MorganMorgan Stanley 1

64

159,420.0

32 200,730.2

▲+2360

6

180,440.1195,332.3

Bank of America Merrill Lynch257 147.5▼

-315.6 ▲

0.8

▲ 1.0

▲ 154.0

42.441.3

7.3 55 0.9▲ ▼5.5263.42.20.8

8.9429.6 ▲

# of Deals per AdvisorMarket

Imputed Fees (US$m)Rank Value per Advisor (US$m)2013Rank

MarketMarket

Jan 1 – Jun 30

Market# of

▼

# ofShare Ch.

Rank ValueUS$m

79

Market

16.9 ▲ -41.3


# of DealsSh (%)

Any EMEA Involvement Completed (AF53)

Sh (%) Share Ch.2014 Rank

EMEA Rankings

Advisor

▲

Change in

▲

▼

0.4▼38

94.6

6.1

+7

0.8

76

14

1.50.31.8

-6.68,291.6 ▲

▼

8,352.7

8,249.8100 0

2916

1311

25

2617

5.2

4.14.420,590.2

24,365.9

1419,500.213,390.5

50 34

2.3

2.8

▲

473 000 9191.7

1.8

6 132 4 815 1

0.2+14

0.4

▼

+8

-20123

22

▼

-311.4

-160.955

10,775.6

2.1

13,262.6

0.3 -13

0.6

55

2.0

86

1110

-2+7

0.4

▲

▼14.4-44

0.9 0.1

▼0.9

▲

▲▲

▼

-

0.7

0.7

0.0▲

-

100 0

0

665

0.03

1.1

0.2

▼

▲

▼

0.7

162.4176.1

-6+12

57.052.6

50.6

198.9

1.2 -32

▼

▲4.1 ▲▲

120.02.6

0.7

3.7 ▲

0.2

0.1

0.8

0.1

1.2

0.43.41.3

-

▼

3.1

2.00.9

0.0

0.2▲

0.4 ▲▲-3110 ▲▲ 23

27.9

▼

238

3.2

151,079.7 21.7UBS 149,957.1

▲

27.9 0.4+18+9

0.3 38.233.731.7

▲0.3

▲ Guggenheim Securities LLC

18.129.9

177,148.427.629.3

25.4

208,633.8▲

55

Paul J Taubman

11

7

▲Deutsche Bank 9

10▼

27.6-8131,711.5130,298.3

9.6 0.3

0.4

+5 Barclays

57,373.815.1

-11.213 7.3

34,673.5

12.134,714.4

43

12 ▼ 47

-16.8

7.3-4.2

71,358.3 ▼▼

9

1.4▼▼

-7▼

0.60.81.1

0.32.5

▲

186.7

0.1

1.1

3.9

0.720.3 0.4

▲

▲

124.4

0.5

0.3

▼

▼▼

0.2

44.5

0.2

7.4

-0.9

▼

0.6

▲

33.6

25.9

9.0 0.10.0

▼

63

Industry Total25

20KPMG

Evercore Partners▼

2324

Perella Weinberg Partners LP22

Ernst & Young LLP

42

0.0

0.120

9

11▼

3947 732

▼

-2

-4

0.1 -10.1

0.1

-37

▲▼▲

-2

▲

▲

+7

9

51,050.2 7.3

8.865,642.961,091.213

9.4

8.0

19,067.1

34

-1.3

19

17 37

33,099.816147

5434,772.6

55,669.5

▲

▼50

23,498.5

100 0▼-2.2

14,283.61.711,707.8

697 191 4142 0.8PricewaterhouseCoopers 25 18 11,521.1 1.7

BNP Paribas SA Citi

Jan 1 – Jun 30

▲1.811


Industry Total

29 8,291.623 2.114,283.6

2.8

25

0.24934 0.3

-2.1Mediobanca24 11,707.8 1.7

11,501.0 ▼ 24240.2 ▼▲

7,185


* tie

Industry % Change from Last Quarter ▲65.6%

Market

▼ 9.1

▼

5.5-9 257.9

Fees Sh (%)# of Deals

-2129.4

-32

-20

-20

- 289.80

-3▼

▼152.3

84.6

198.7

18.0

57.0

174.9

182.7▼▲▲

1.0

-18

▲

▼

▼

▼

156.1

19.5

-31516

6324,246.9

0.818-8.4

4.3

2.8

14

13,390.5

20,590.2811

5.3-8.5

14

4.2-14.7

4.5

13 33,849.424,365.9

7.6

▲

▼

3.750

▼5.3

8

54,570.5▲ 39

▲▲

34,673.594

Rothschild

-3

37.0

28.5

16.7

BNP Paribas SA

Any European Involvement Announced (AD21)

▲0.1▲0.1

+20

30.3

8.6

▲

▲

▲

10.846 +5

▲

41▲1.7▲ 121

▲▲

0.1

47

7

+2

▲22910

71,199.7-▲

Deutsche Bank

7Paul J Taubman 130,298.3

11.5 +11

Bank of America Merrill Lynch▲0.8

0.8Barclays

55▲ ▲

18.2 59

+7

1.176

+2256▲

17.2

19.7

6

326.3

77177,148.4150,616.3 22.4

191,636.9▲

9.5

Industry Total

Bank of America Merrill Lynch5

US$m

249,272.0

203,921.932

Citi


▲Morgan Stanley

1

31.0

MarketShare Ch.

▲▲2

Lazard

1

97.9%

54

Rank Value

▲

2013RankFinancial Advisor

Perella Weinberg Partners LP13

6

15

8


291,821.8

4JP Morgan

208,416.4

Deutsche Bank

Goldman Sachs & Co


2014 Rank

Rothschild

7

1112

10Credit Suisse

7

9

Societe Generale

10

Zaoui & Co


Credit Agricole CIBEvercore Partners

Mizuho Financial Group

Greenhill & Co, LLC

BarclaysUBSHSBC Holdings PLC

Ernst & Young LLP

1933,099.8

21 191* 23,498.51822 19,039.6

150

0.353

Credit Suisse


Credit Agricole CIB

2.0 0.6▲SEB

11,207.8

9,870.71.5

2.5

8,352.7

35

10,320.9-5.6

12,637.1251.5

2.9

19

25

-8.7%

2.22.326

10,775.627

▼

100.0455,962.0

2.4

62Societe Generale 0.2

8,249.8

17.8


100.0

US$m

146,692.9

174,460.1

▼

48.4Sh (%)

32.2

▼-9.5%

-41.0%

KPMGDeloitte

159,420.05

198,255.26

-399Industry Total

4.7%

Nomura

Evercore Partners

23

▲17

37

4.812.2 ▲

0.7

9.1

-

8

3.5

473,000.9

Advisor

-12.7%

6,132


▼

Any European Involvement Completed (AF3)

▼

Market

4,815.1

-9.8%

2014 Rank

0.9

-0.7%

# of MarketImputed Fees (US$m)

▼

0.1

▲

▲

▲

-

9.0

33.6

▲

0.7

▲

14.3

52.6

▲

0.1

0.4 -

0.6

2.54.3

3.8 1.43.3

1.1

2.6

0.6

1.8

0.8

6.2

▲

3.9

3.3

0.0

▼0.7

1.6

Market

0.7

2.5

0.6

▲

▲▼

▼

1.0

0.2

▲

0.4

▲

▼

0.3

Share Ch.

100.0

-41.0% -1.5%

-

▼

▼

▲▼

▼

5,782

-10.3%▼

-120.3-663

▲

85

827 018

▼

+10.9 -33

+5 ▲Perella Weinberg Partners LP0.5

▼

▲

17

14

55

0.2

1.02.1

-19.2

7436

1.3▲

22

+14

Share Ch.

▼

▲15.6

-10-11.8

54

▼

-4.6

18.2

▼

▲3

▲35.0

220,652.943.542.8

▲

Rank Value

▲

14.661

1.3

195,142.3 1.1

78Deals

Market

0.1

0.70.742

1

1.1

0.0

4666

0.8

0.6

-6.9 ▼

▼▲

119

▲

▲0.70.5

131,711.5

2

15.938.3

0.96

7

28.9

0.6

12.0

28.6

0.6

1.8

1.5

28.9 ▲

0.7

0.4▲

52

▲21

8.7▲

▼7.4

40

28.6

40

-17.7

0.1

1.8

▼

▼

▼

-34

-2

+7+14

Jan 1 – Jun 30

2.5%

0.2

-665

Sh (%)

0.4 ▼▲+2

▼-5

+1

426.5

118.3

122.3

Change in


12

315

Moelis & Co

Financial Advisor

Guggenheim Securities LLC

Industry Total

Goldman Sachs & Co

2013Rank


1

0.5

UBS

▲-12

+19

2▲

+18+9

Morgan Stanley

0.3

0.8

+3

+3

0.1

1.1

0.6

-12

0.2

+19

JP Morgan

Lazard

10

▼

▲

▼

▼

Ernst & Young LLP20

▼▼

34

60▼

-380.87

58

-4.8% ▼

Deals# of

+5

▼Sh (%)

-2

-3

-5.3%▲

5.5% ▲

# of Deals

+7

-3

0.5

299

-3947,732

70


▲

1.0

Change in

+8

▲

+6

0.4

0.8

▲

▲

▼▲

-11.6%

0.91.150.6

0.1-41+9 ▲

42.5

0.80.125.9

0.2▲

2.8

0.3

0.2

0.2

7.1

1.1

0.00.4

1.2

0.9

▼

▼0.1

0.0

▲

▲0.7

▼

0.2

▲

▲

3.2%

0.3

4,669.2 100.00.7

34

4

13

11

19,500.2

34

2221

▲


16

▼

SEB

672,959.3

Santander1.7

-1+820

110.2%

100.0

▼

16.5

7.1

9.7 0.1

10.810.6

14.913.012.1 7.8

112,033.1

81,209.187,742.6

71,633.5

55,669.5

100,172.2

60,981.265,492.9

1672,320.9

14

51,050.2 6.8

111,207.9

40

9

9.17.7

14 11

16

5.13.9

7.617

4.9

3.5

▲

45

1.1 12

MarketMarket

15.0

0.3

▲

15

20

11

▲

▲

34,023.0

19

▲

8.3

100.0

43.4Sh (%)

13

66.3%

697,191.4

18

3.5-1.4

▲

9

22▲

115.1

t e

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tableshttps://www.thomsonone.com

10

Barclays BNP Paribas SA


JP Morgan

Rank Value

2,827.815

US$mGoldman Sachs & Co 1

11

Citi

Morgan StanleyBank of America Merrill Lynch 4

Lazard 76

9

Deutsche Bank

71.4


▲

-18.6

1.3

21128

19

2 8 141,951.4

-2.7

Financial AdvisorMarket

Financial AdvisorMarket

Any UK Involvement Completed (AF39)

2014 Rank

CBRE Holding SAS

Standard Chartered PLC

2.4 Leonardo & Co

25

RBC Capital Markets5,054.2

12

+3+7

0.1

0.4

Ernst & Young LLP

21

Deals

-+2

▲▼

+4 ▲

+3

0.4

0.1-11 ▼

▲7

0.2▼2.2

+3 ▲ Piper Jaffray Cos

3,059.742

Centerview Partners LLCMacquarie Group

-3 ▼1.9

▲+2

Imputed Fees (US$m)Market

▲

▲

▲

▲

▲

Market

▼

▼

▼

▼

0.8

1.0

▲

▲

0.5

0.6

2.8

0.8

1.0

2.215.7

1,592.757

17

19

2,066.259

1,675.8

25

66.3

1

8

1.4155*

134,681.862.0

9

66.44141,720.7 66.9

-

3

-7

Market

28.6

151,427.5

▼

▲

0.2Sh (%)

262.0

29.3 0.1-8

▼

1.0

Sh (%)

0.1 ▼12

# of Deals

▲

Jan 1 – Jun 30

1.8▲

67.0

DealsShare Ch.Market


▲53.4

# ofMarket

1922


0.5 ▲

14

31.61315

▲

0.2

1.9 1

1 764100 0

▲0.21.9

0.80.1 ▲

-7

▲

14

▲+11

+1

1.4

0.1

140,516.963.5

0.2

34.6 11▲

131,332.461.5

140,725.1

2.3

41.2

0.10.10.0

1 0.0

0.10.0

+1

0.10.0

0.1

-4

+6

-1

+1

0

-12

▼

0.1-13

▲▲

-12

+2

▼

+2

-

▼▲

-▲

0

210

-33.81

5+1

0.0

0.0

▼0.8

▲+4

Lazard

QInvest LLCSEB

▲

RBC Capital Markets

1.30

+5▲▲


7

Sh (%) # of Deals

▲

28

▲

5

0.58

▲100 0

0.1

0.6 0.3

0.7

1.10.2

0.3

▼

0.3

▲

▲

40.5

14.8

▲ 11.21.1

11.2

0.5

9.0

▲

1.7

▲

0.40.1

0.1

0.3

▲

▲

▼

2.5

▲▼0.1

▲1.61.9

3.10.1

0.4

0.7

2.3

0.2

0.9

3.91.5

2.1

▲0.2

5.4▲

0.1

0.81.0

▼3.3

6.9

Sh (%)

98.8

Advisor

112.2

51.2

Fees

▲

7.8

▲▼

14.0

▼62.4

Change in

47.9

77.6-113.6

21.5▼

32.9

-1.0

44.4

4.3

Share Ch.

6.656.5

27.5

12.7

-14

-3 ▼

▲

▼

-7

+1

+116.2

+25.0

1 442 7

▲

0.9

0.7▲

0.8▲

0.90.80.5

▲

1.00.91,945.5

1,817.1

0.7

0.8

16

20

53-

22*22*

-18

45

Goldman Sachs & Co

7.3

1,390.6

100 0

24BMO Capital Markets

3

-30.061.5

▲

▲

1

Change in

-

EMEA RankingsAny UK Involvement Announced (AD32) Jan 1 – Jun 30

US$m# of

13

2013Rank

1.3

2013Rank Share Ch.

Rank Value

0.1▼

6.9

6.0

2.5-0.5

39

▲

▲▼

▲18

139*

-3

204

93*

22Mediobanca

164 806 7▲1.8

3,087.7Evercore PartnersNikko Citi

Industry Total

2510,676.9

26

82

13139*

10,759.7

11,159.0

16,733.412

Societe GeneraleABN AMRO Bank

UBS -15.7Perella Weinberg Partners LP

6.5

20

6.6-0.2

10,854.2

11,299.4

6.6

45

6.110,025.1

15

1314

Greenhill & Co, LLC▲

6.44.3

6.8▲

6.5BBVA

17

5,432.518*18*

BNP Paribas SA 16

-

2.3

6.13.3

10,025.1

232.5

99

24


6.1

4,119.6-0.63.1 ▼

3,844.3

Robertson Robey Associates LLP

MarketSh (%)

2014 Rank


34

23,101.6

10

1130,434.0

1217

Rothschild

JP Morgan1

2 54

44,137.058,718.9

326.8

1.4▲

16

333,026.8

14.125.241,920.8

725.4 4.8

1.62324

35.610.7

▲2.6

▲1.341,587.1

5+1323

BarclaysMorgan Stanley

UBS+7

▲

▲+6

5

6▲ 2

+1

318.5 ▲

▼▲ 20 1.1

1.120

8 -

11.9-3.35 34,701.3 21.1

20.012.7

14.0Zaoui & Co19,686.3 12.0

▲7

Paul J TaubmanGuggenheim Securities LLC

47▲

180.21.0 ▲

15,456.419,087.0 6.2

▲4.4+9

14.0Deutsche Bank

▲17,760.2

130,298.3▲ 4+19

1.0

2.7

1751.221 23

13▲4,764.5

Citi10

1.9▼-6

-13 -46.60.7

▼9Evercore Partners

11 4,036.5

Rothschild▼ ▼▼

1.7

-1Credit Suisse

14 2,873.2

3,607.8

5-5.6 ▼

1 2,843.60

0.30.3

Mediobanca

1312 0.1

-20.0

1.3

7

216▼

▲

-19.9▼

1011

1.3

2,977.7

030.4

0.00.0▲ 4

0.6 ▲-4

25

1▲ 0.0

+3

0.0

0.147

▲

212 000 2

▼-0.910528

0.31,524.9 0.7

2

1,524.9

1,280.20.70.6

1

Industry Total 1 411

10.2▲

11.69.210.8

0.0

▼ 12

0.0

* tie

Zaoui & Co Goldman Sachs & Co

3,597.7

-9,188.18

10,061.7

4,074.6

12,265.4

47,066.56,324.8

90*

11,796.4

5,781.8- +15,658.9

0.54

+2

+1

18

▼

▲

+1

+3

3

▲

+1▲

2.4

+2-9

▲

▼-3

0.2

+107

0.1 0-5

116

BNP Paribas SA

Sh (%)Financial Advisor

2

▲

Any French Involvement Announced (AD33)

28.6%▲

Jan 1 – Jun 30

-42

US$m1 11

2014 Rank

6.0

▼

4.41.8

▼▼

45.6 5.3▲

▲▲

83.9

▲15.9

▲

▲▲-

51.838.3

▲

8.9

3.5

0.0

36.730.3

4.23.5

866.5

1.2

2.1

-

1.0.3

30.6

▲

15.3▲

▲

41.3%

▼ 4.0

5.25.5

0.411.3▲

1.0

▼

10.5+3

-2 ▼

▲ 18.20.5

▲Perella Weinberg Partners LPLeonardo & Co

-0.7

Rothschild 2,163.3

0.2▲

27

▲

0.6

▲

100.0

2.21.3

73.8%

▲

21 1,934.01,564.3

▲

1.2841.023

1.471 ▲

30

1,112

0.50.2

0.2▲+2

0+1

0.2-50.5

0.5 ▼+1 -▲ Sycomore Corporate Finance SAS 17

Citi

11.8

-3

Macquarie Group▼

▲+4

ATTIJARIWAFA BANK (MIDDLE EAST13 17

0.3▲

2,803.4

10.6▲

▲▼

0.41.6

4

Rank Value

0.30.4

2

0.710.8

1

12

0.1

2,454.0

2014 Rank

▲28.2

65.953.029.0

25,791.3

58.5 14,068.0

▲

18

0.2

3.6

32

Share Ch.

▲+144

1.5

100.0 1,264

▲8.6% ▲

0.924

3 0.2-1 ▼

3 ▲

22LF Rothschild & Co

Nomura1.8

23*

0.4 ▲

-2.42,426.71.2

▲

24 2,169.237*


1844

294.4%4.4%

100.0

Industry % Change from Same Period Last Year ▲Industry % Change from Last Quarter

10.6%78.8%

53,452.6

31,526.2

25,058.9

21*90*

+2

16UBS23,752.0

1.8

1.6

▲21.2

49,219.3

42,405.8

65.4%▲

30,680.8

0.8

▲

0.3

12

19

▲▲

26.3371,184.0

25.2

▲

47.8


# of Deals

38.6

37.1Citi

59.587,114.6

Rank Value

85,601.8

98,274.8

-2.3%

1,764100.0

57.4

Share Ch.

▲

▼▲

9

Market

+15

-210

-3Fees


-13.0%

# of

0.6

▲

-2

-11.5%

Advisor

542.8+3

0.7

2.01.4

▲

0.90.4

+215,068.2

0.5

10

9

2.1

0.6 5

917.2

6

3

33.032.9

39.3

26.9

44.429.6

28.5▲

18.2

15.9

20.6

-0.2

-12.72.4

16.8 13.4

2,680.8 1.83,639.3

17,229.2

2,666.32,666.3

11.6

Deutsche Bank

Leonardo & Co 23

Perella Weinberg Partners LP

Industry Total

Sycomore Corporate Finance SAS

14


21*


43

1313JP Morgan

82

1516

Centerview Partners LLC -

UBS

Mediobanca 122019Natixis 6

25 1,124.3Santander

149,041.8

* tie

- ▲

86.7%

11

12.9%

157Rothschild

10HSBC Holdings PLC

Barclays

Societe Generale

83,901.950.4

5 56.36 75,083.4

42,761.1

58,600.45Goldman Sachs & Co

11

18

Credit Agricole CIB

17

98

- ▲

66,094.7

9

33.0

28.7

14

48,966.41715.7

▲

7.0

15.5▲

▼

11.6

▲

▼

2

▲

▼2

▼▼

-6.6

1.8

▲

-9.1


45

6

26

+1

6

6

8

2

4

6

11

+2

+4

-1

+3

+7+1

+8

# of

▲

10

Deutsche Bank

12

JP Morgan

11


Sh (%)Change in

10 0.8+7

▲

▲2.1

▲+1

▲

+4 -Industry Total

1.8

38

2.7

Forus Group LLC

-22.13.64.1

1.61.4721.7

+8+4

▲

+2

1.5 +10.60.5▲

-4.6▲

▼6

+70.7

0

▲ 1.5

▼

▲8

▲

23.0

▼

22.1

32.8

▼

-4.1

-2.1

18.8

Market

0.8

18.3

Share Ch.

Imputed Fees (US$m)

3.1

Deals26

6.015.1

# of Deals9.7

Sh (%)2.3

15.2

▼1.213

▲▲

100.0

3.8

1.751.9

1.4

1.659.4 6.9

▲Sh (%)

1,442.7

▲

▲▲0.7

3.1 ▲

▲

▼

▲

0.34.4

▲0.1

▼

-0.0

3.6

▲

▲

1.3

1.8

▼1.3

▲

0.7

0.7

▲▲

0.60.6

▲0.80.3

0.90.4

▼▼59.8

14.76.9 3.4

8.2

0.3 ▼

-0.01.7

0.3

▲

23 -

0.4

0.0

-2.63.7

-1.6

6.7

10.67.6

5.5

4.3

13.2

5.0

2.4

-9.4

10.8

26.3

1716.918.8

11,697.8 21.9

48.36

100.0

BNP Paribas SA

▲

▲


▲8

Credit Suisse

▲Barclays

▲▲

NomuraSociete Generale 14

Moelis & Co

27

49

7

18

HSBC Holdings PLC 15

+14

2.9

▲

+5

+1

33

97

4 7 25

▲

18.6%

4▲

66.5%

8▲

88,705.254.4 26

MarketMarket


2013Rank


164,806.7

Credit SuisseMorgan Stanley 3

Industry Total

LazardDeals

▲

0.62.6 +17

0.7

2013Rank

25

5 4.1

+11

M&A International

2,191.6

Sh (%)

-12.2

Financial Advisor US$m

14Bank of America Merrill Lynch

Morgan Stanley

0.9

212,000.2

▲

Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

1,411

17.0%-77.5% 13.1%

Market Change in Market

▲

Jan 1 – Jun 30

Market

-25.0%


Any French Involvement Completed (AF40)

▼

1

15

18Lazard

2

6

▼▲

7

▲

5.0

▼

1920 2

5.2

12

▼

4.6 ▲6

0.41.3

16

692.8

8

1

1.64

▲

2,947.0

2,666.3

1

▼

7

2.9

Market

.0 0.0▲0.1 +1


Ernst & Young LLP JP Morgan

-0.4▲

21

1.2402.6

0.40.4Banco Fator SA - 134.1Banco do Brasil SA 0 4

1 0.2

▼0.2

▲+1▼

-11 ▼

0.2 +1


0.311.2

Advisor

1.0


Imputed Fees (US$m)Change in

▼

MarketSh (%)

▼▲

2013Rank

▼

▼26

▼▲

▼

-90.7

22.8 ▲

3.4 0.91.6

53.01.3

▲1.7

▲

12.4

▲

0.5

Share Ch.

EMEA Rankings

Fees

4.916.4

Market

Jan 1 – Jun 30

1.0

15.9

3.7

1.13.53.3

▼

0

▲

2.1▲

▼4.2 ▲

▼▲

0.66.15.8

-

▼1.2

5.19.6

1.6

4.0 2.1

▼

▲

1.7

0.12.0

▲1.71.8

▲

▲

-0.9 ▼0.0

2.00.60.6

0.00.6

0.6

4.92.9

3.1

-2

▲ .0

2.06.71.9

16.2

+1-2

3,530.3

27.1

7.8 -2.4

5.1

0.5

5.4

▲

3-5

4

18

1.0 ▼-4+1

4.3

6,992.46,138.2


19

13.0

37.6

Rank Value

4

# of

427.4

25.49,116.6

Deals9

▲

Sh (%) # of Deals

▲▼

▲ -1

10,135.5

4

21.2

3

1356

8

▲

▲

▲

12▲ 11BBVA

-

▼

0+1

0.4

-4

Blackstone Group LP2,169.021.2

7

10

▲+3

Credit Suisse1.367,892.9 16.7

14▼ Mediobanca

BNP Paribas SA15

6,010.713▲

8

2,438.6 ▼

4.37.0

▲

5.2

11.3Citi

323,472.0165,317.4 -3

PricewaterhouseCoopers 17Lazard

15

789.11419 852.0

7--3

+7

3.2 -6

0.64.0

+4

22

10,025.121.5

Itau Unibanco

▲


-9

Santander

33

10,025.113

Nomura 14Rothschild

BBVA 91011*11*Societe Generale

87Santander

Morgan Stanley

27

16


-

10,537.910,977.3

24.8

11,569.911,402.1

23.3

30.4

Deals5

▼

Change in

22.3

24.1

Sh (%)

-434.8

-

4

1

Sh (%)

1.5

# of

2.2Goldman Sachs & CoFinancial Advisor

Market# of Deals

3 37.0 ▲

Rank Value2013Rank

-2.6

▲

7▼56

38.7

27.5

18,271.9

5

2

12 14,375.812,999.6

17 17,452.5

BNP Paribas SA20.16

624.5

JP Morgan- 27.5

18.121.2

▲

▲▲

4

68

10.1

1915

2.12

24

14.5

5.1-2.2

10-1.9

1 0.2 ▲

▼

+40

+40

-▲

1353

1.3

0.2

Deloitte

-1Ernst & Young LLP

475

2

4

0.4

30.8

2.2▲

-10

+3

12

+8

+2


▼Societe GeneraleKPMG

▲

▲

▲0

0.8

1.7

1.7

▲

▲

+1

1.1UBS

1.133.6

Market

Deutsche Bank

1Financial Advisor US$m

11 19,207.9

Any Spanish Involvement Announced (AD34)

2014 Rank

14.3

100 047 223 7

Jan 1 – Jun 30

2


1.5

0.6

500.01.2

1

21-2.2

106

20

206.1

134 1

23 1,020.1

Industry Total

2.2

KPMGDeloitte

1,840.2

1

▲

6.8

Robertson Robey Associates LLP

51,458.5

HSBC Holdings PLC

-26.8193.0

3.9

7.4

3.192

12.7

▲

▲ 613

18

▲

▼

▲19.9

5,089.2


4Nomura

2.7

Share Ch.

9

+4

7.7

9,037.2

▼0.4

1.3

3,532.0

4

18

▼

1.3

8

Morgan Stanley 92,855.6

902.4

4,928.4

1,562.82

10.7

▼

10.6

3.3

▲

MarketSh (%)

4.4

4

▲6.5

▲0.5

-21.0

17.021.0

4.917

2.73.0

-

11

Share Ch.

▲

▲▲

15.8

2.41.7

18.4

Market

15.3

8.8

13.39.914.8

US$m

CitiGoldman Sachs & Co12,533.5+2

Market

40.7

-

202,590.5

-

7

10

1,630.2

25 560.6

21*

▼

▼

▲

▲

▲1.5

▼

▼ 0

1 5 0 5

11

▲

+1

0.2+5

2.7▲

0.2

+4

0.2

1

-

1

1

10.6

▲

▲

1

17

▲

2014 Rank

15

2

2

▲

4.7-1.34.1

8.6

4.8

6.872

▲8

1,613.53.6

Market

Any Spanish Involvement Completed (AF41)

▲

4.8

Deutsche Bank

0.2

Banco Espirito Santo SA

22

16

Centerview Partners LLCWilliam Blair & Co

UBS

Lazard

25*26

▲

▼

6.3▲

▲▲

+1

-22

+421

+11.7

-1

-1-5

1.9

0.5

0.5

1.0

▲2.9▲

0.2

2.69.7 4.9

▲▲2.2

1.9▲

5.6

10.6▼

32.1

7.318.5

0.4

1.7

5.0

6.33.2 2.7

0.82.71.6

0.1

-6▼2.40.9

3▲ 1.0

0.70 -

▼2.7

1,371.9

1817

2.6

1,014.0▲

2.6-5.4

Mediobanca 22 1,147.7

20

2.42.8Itau Unibanco

1,396.5Barclays

35▲

2.02.821

-10.0 ▼1,342.7-

-24

+10.42

23▼

1.125*

1.5AZ Capital

1.7

Banca IMI (Intesa Sanpaolo)2425

3625

693.3530.8

1.2-0.3

▲▼

13

0.20.6

-10

▼-

0 4 ▲ 1 0 2 +1 ▲ 0 5 ▲

Barclays Perella Weinberg Partners LP


21*

goetzpartners Corp Finance

+3

-

2,807.7

9

▼

-10.8

-1▲

0.1 ▼

0.2

-8

8

+3

0.1

▼

+36

36

5-1 Rothschild

+1

▼

14*Barclays 13

▲

▲+2

-6 Acxit Capital Management GmbH

12+5

22.7

7

611,660.0

Morgan Stanley 4

8

28.9

SEB

1020,991.61617,017.3 31.1

38.3

# ofMarketDeals

27.6Sh (%)Market

Share Ch.Sh (%)Rank Value2013

Rank

▼-39.3%

100.0Industry TotalBanco do Brasil SA - 0.4

Jan 1 – Jun 30

Market


25*

46.4%31.0%

Share Ch.

▲

▲3.5

MarketImputed Fees (US$m)

14.0

1.62.50.7

1.2

▲5.7

Sh (%)

▲

4.4

6.74.5

3.8 ▲

▼▲0.8

0.3

▲

3.044.6

1.4

12.2

5.5

1.8 ▲▼

▼

100.0

▲

332.1

8.4%▲ -52.1%

30.6%▲

3,959.8

Ernst & Young LLP

10

3

9

3,959.8

5,819.23,966.8

18

Sumitomo Mitsui Finl Grp Inc

9▼▼

270.4

-2 14*0.2 14*

314*

Mediobanca 2,582.4

+3

▲20

22

Development Bank of Japan Inc

02,508.1

+3

+1▼

▼

Gleacher & Co Inc▲

-1

Moelis & Co

-2

▲

-0.4

21*0.5▲

Jefferies LLC+40

24

▼

0.1

-10.2%▲

Industry TotalNomura0.3 ▲ +1

4.23.0

▲

▲

0.0

0.0

-▲

▼1.10.10.6

-▲0.7

▼

▲7.4

▲0.40.5

670.4

0.5

▲▼

1.11.1

2.0

3

▲

0.3+9


0.3

-1

10.7

▲

996

70.1

3

# of

16.1 8

Sh (%)

▲

MarketShare Ch.

12

6

17

2

6

▼-2.5

13

0.6

▲

2.742

▼

▼

▲

▲9.2%

+40

Market

▲

475

-15.2-4.04.0

-11.5

24.1%

1.2

7

2.92,582.4

3,304.14.0

3.23.4

Jan 1 – Jun 30

2,374.5

668.2612.3

-3,288.8

-

2,781.1

Deloitte 21

494.7

Industry Total

▼▼

101.0

0.6- -2.5

▲Industry % Change from Last Quarter

▼

81,736.4

-4.030

0.658*

612.3561.1

-15.223 -

58*FIH Partners AS 526.524

Leonardo & CoABN AMRO Bank


220.7ABN AMRO Bank

4.0

-3.7

+9

-1

20

5

0.9%-5.1%

0.8

1920

0.8

▼KPMGSociete Generale 984.633

17 845.5

14

UniCredit 18VICTORIAPARTNERS GmbH 17

20-

16

13.822.4

1,212.9

Greenhill & Co, LLC

UBS 1615Mediobanca

Credit SuissePricewaterhouseCoopers

-6 ▼▼ 0.7▼

0 ▲1.8

3.3 ▼

0.12.1 ▼

2.1

-1

Credit Suisse

0.61.7

0.9 Bank of America Merrill Lynch

BNP Paribas SA8

56

-4.8

2.22210

19.5 ▲▼

Lazard 11

SEB8 11,181.47

Ernst & Young LLP 1047

Citi

910

1214

5,484.18.76.7124.0

13

3

18 7,125.3

3.6 ▲1.0

▼-3.5

1.511.0


JP Morgan

-3.5

3.6

+10▼0.8

▲

Sh (%)▲18.7

▼1.0

Change in

+21.2

Market

1.3▼▲+6

# of DealsDeals

100.047,223.7

69*

2,887.3

69*

-


10.67.2

33,301.6

▼

32,699.2US$m

134.1

-10.6%

▲ 0.7749

-12.3%

4.6

1

0.4

0.40.3

▼

0.10.1

-

100.0

▲02,150.525

▲

3.8%

7.2

▲

5.3

▲2.5

▲

11.510.9

13.121.3

11-

5,971.36

7,113.16,274.5

24.9▲

▲

3.5

13.0

▼ 712,454.7

1▼

9,056.29.0 -3.7

22,306.1

11.013.7

7,318.3

27.3

-1.911.1

34,764.532.8

23,963.643 29.3

131

28.0

26,792.5

1120,351.7

22,843.4Bank of America Merrill Lynch

Goldman Sachs & Co2

JP Morgan

2Deutsche Bank

5

2014 Rank

1Financial AdvisorMorgan Stanley

Rothschild

Rank Value

▲

Any German Involvement Announced (AD35)

▲Industry % Change from Last Quarter


Industry % Change from Same Period Last Year6.3%

42.5

2013Rank US$m

97.8%

4

Industry Total

-▲

Market

0.0

5.1 4.7

▲

5.3

7.2 ▲▲

7.2

0.3

0

-23.2%

-

-20.6▲

▲

▼+1

▲7.1

0+1

-2

0.0

0.00.0

8.9

0.0

4.16.7 1.0

0.6

1.0

15.5

0.4

▼ 1.6

1.30.7

▲▲

▲

.0

94.1

37.1

0.0.34.9

-

2.4▼

▲2.3

Advisor

-.3

10.6.3-

▼25.2

Fees▲

20.0

29.7

19.7

-2

-63.8

38.0+1 ▲

2.9▲+4

+1+4

▲

1.5 0.5

Change in

-

-4

0


9.1%

414

9

▼

+1

▲

+2

+1

-6

# of Deals

+32

▲

▼

2014 Rank

Any German Involvement Completed (AF42)

1▲1

-7.2

- 7.2

3,959.8

3

44UBS8

DNB ASA3

32

2,570.0 1

2

32

3.9

23

▲

▲

0.5

Goldman Sachs & Co

Citi

15,326.2

Deutsche Bank

-24.3%

Financial Advisor

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter


28.01.30.7

420.8

59.721 1

310

21.2 ▲

7,149.4

2

▲

1510.5

▼

▲15,860.6

5

20.6

10.1

-6.6

153

0.7

▼

-7.3

▲

▲-2.4

▼▲

8

4

-5.27.2

▲-1.9

55

3-

3,959.87.2

▲1

0.511.5

0.4

5

0.11

7.2

-8.4

2,297.14

▼▲

4.7

3.5 0.3▲▼ 1

4.6

1819

-9.6

▲4.7

▼2,570.0 4.7

524.2

100.0

4.7▲

54,802.7 -89

▲

49.0%▼

25

1.41,148.0

4.5

10

51.22.015

+1

0.10.1

0.4

1.1

0.7

2.0

+2

0.1

0.7

0.4

1.3

+1

▼

0.4 ▲ 1 0.2 +1 ▲ 0.5 ▲

Pareto Securities 25* - 494.7 0.6 -25.7 ▼ 3 +3 ▲

* tie


▼

Leonardo & Co Mediobanca

1.3

Barclays1

# of Deals

-

2013Rank

2

2,444.5

2,862.2

6,347.47.1US$m

Change in

▲


4.5 +2Financial AdvisorDeutsche Bank

2

▼-18.9

Any Italian Involvement Completed (AF43)

1.4

# of

56

20 ▲

11

4

0

▲24.5

▲ 14

4,677.8▼3

-0.5

2

-6

-4.3

915

Market

3

Share Ch.

1.7

0.7

16.2-5

-11.9

-1.9 ▼26.2

Market

-55.5

-1▼▼5.5

5.9

4,885.8▲

25.6

24.0

Market

4,998.3

3.7 +3

22+1

▲▼

▼

Market

3.513

-82.911

+3+5

0.83

-3+2

1 +1

-5.3

5.3-21.9

4.01

▼0.3

12

-2

21

100 022 739 11.31.31.2

0.3▲

▲7.1

▼

1▲

▲

3

5.61.66

▲ 3

4,332.3▼

22.7

24.5

##

▲

#N/A##

▲▲

▲+2

13.6

0.13.9 1.84.5▲

▼+4

#N/A##

#N/A▲▲▲

-2

2.2

0.6#N/A #N/A

▼

+4

#N/A

+2

13.5▲

+2

▲2.2

3.9

#N/A7.7

#N/A▲

3.9

#N/A

289

4

131

10

13

16

161

7

902.0▲

-1,225.6

18 38* ▲957.6

Vitale & Associati SpA

5.2

11.111

13

3.8

▼

11 3.5

Jefferies LLC

872.24.7

3.2

4

10.8

▲

5.0

9.0

▲4.7

▲

0.3▲

2 -3 ▼375

1.7

Industry Total

288.0Blackstone Group LP

21HSBC Holdings PLCKPMG

▲

+34

-2+2

+1

▲▼

-1

▼-10.5

▼▲0.3

+1-30.3

0.80.8

▼▼

▼

+3

3.2

▼

0.3▲▼

1

# of

1

16.0

▼▼

14-7.4-11.9

▲5

1.6

-4

Sh (%)Market

▼▲

15▲

8

▼15

6

1

35

KPMG 2,414.0

-16.7

15.8

1,212.9

352.0 1.6

-10.67.0

Citi

1323

41*Vitale & Associati SpA-24

7

2.5


Callisto

▲

▲▼

▲

907.2

1.3

4.0-15.0

1.9Blackstone Group LP

14.7

-30.5

-15.4

21

12.6

290.8

17.6

Industry Total

HSBC Holdings PLC 22

25288.0287.7

1.31.3

19*19*

-21

5.35.3VICTORIAPARTNERS GmbH -

2,140.818UBS 1,727.8

1,212.9

14*27

17

12.6

Credit Suisse

Barclays

10.6

12.6

9.8

12 10.8

7.69.4

3,412.6

11

2,862.2

17 2,238.316

12*

3,333.0

Morgan Stanley

12*

Rothschild

-

14JP Morgan

UniCredit

9 1110

57

Evercore Partners

3,460.1

83

8 10

3,118.3

Banca IMI (Intesa Sanpaolo)BNP Paribas SA

Deutsche Bank

Rank Value

6 -Credit Agricole CIB

2Goldman Sachs & Co

3,646.9


Market2013Rank Share Ch.

▲Sh (%)


Financial Advisor

▲28.0Lazard 1

4

2014 Rank

-Mediobanca

4,006.5

27.66,365.12

33.428.0

9

20.34,622.5

7,584.7

43

3,592.1

5

▼▲▼

6,284.5

2

0.5

0.572

0.5

Jan 1 – Jun 30

21614.3

9.0

-19.3

1920

18.0

24.0

▲

▼

2

2.4

4.5

+2

3.1

+6

Rank Value

15


4,587.1

1.5

4.6

33.3

▼

Sh (%)

11.4

9.8

5.0

-2.120.8

1.01.6

DealsMarket

▲ 2▼

7.4

1.4 ▼ ▲

343 5

4.1

0.6

1.2

+1

+1

100 0

#N/A

+8

0.2▼

1.0

▼3.04.5

#N/A

EMEA Rankings

▲

#N/A

4.8▲

0.81.0

##

Share Ch.

▲

12.910.3

15.3

Advisor

15.6

4.7

▼

0.79.0▲ 2.6

0.12.3▲2.2

▲3.4

0.61.9

4.6

2.7▼

1.2

1.711.5

5.9

3.8

3.4

2.26.6 ▼

▲

15.81.0

▼0.8 ▲

100 0

US$m Sh (%)

Imputed Fees (US$m)

# of Deals Fees


Any Italian Involvement Announced (AD36)


Sh (%)

3

Goldman Sachs & Co0.8 65

5.3

▼-

4

17

145

2014 Rank

Market

16.0

-3.8

15.215.0

13.7

108

7

Rothschild

3

10BNP Paribas SABanca IMI (Intesa Sanpaolo)

1.4

1.4

-91,719.5

12

▲4

92,115.0

-

-64.5

▲

Perella Weinberg Partners LP 1,724.90 -

+4+1

▼

0.7▲

+2

0.3 ▲

-3+2

▼

1.4

0.7

4

24*24*

-

19 087 6

22UniCreditVICTORIAPARTNERS GmbH 16

2223

▼-10.9

1,212.9

-4.91.5

-

-20.89.0

6.4

12.1-4.9

6.46.4

1,878.52,068.2

4

7Lazard

0.8-4

3

2,172.7

1

Deals17

+4▼

6

Leonardo & Co

▲

JP Morgan+10▼

-

Jan 1 – Jun 30

▼

-22.1-17.7

▲ 2,307.03,964.4

Change in

Evercore PartnersBank of America Merrill Lynch

FieldstoneBanco BTG Pactual SASantanderItau Unibanco

▲

▲

Citi

+6

-9--

250.7248.5246.5246.5

1.31.31.31.3

1.3-17.7

1.31.3

▲▼▲▲

1111 1.3

0.30.30.30.3

+1-6

+1+1

1.10.40.4

▲▼▲▲

2.72.41.3

▲▼▲▲

0.80.70.40.4

0.8

Infima AS Nordea

1520

-19.4%

1,724.9 3.2 -2+1

0

3.5-1

2

▲

4.1

▼

4.1 ▲

10.50.2

0.20.5

-1+1

5

20.7 ▲

0

01.2

18.6

0.810.4

▲

7.16.514.2

▲▲

05

-1-

▼

7

1

1.1

23▲

3.8

0.5

DNB ASA

▼

BNP Paribas SA

ICECAPITAL Securities Ltd

▼

Credit Suisse-2

Industry Total

+1

-9

▲0.1

▲-

▼


25652100.0

▲

-259

-28.4%

▲ Catella AB▲PKO BP

23

31.7

▼885.1

2.1- 1.7

-2.8596.3

▲- 1,100.0

1.1

▲

0.5 ▲

2.32.1

3

0

+30.3 +2

2.965*65*

30.51,232.1 2.3

2.59 3.8

+22.5▲▲

+1▲ 0.5 8.8▼

1.517 1,650.9 9.86▲

0.9 +1▼-0.219ABG Sundal CollierPerella Weinberg Partners LP

0.20.0 0.8▲

3.1

Evercore Partners 0.31.9 ▼1.7

6.7

11.0

▼0.64.7 1.5

1.0

12.8▼

4.7

▲▲

-+2

0.50.3

Barclays

-1

▲

▼

Global M&A 2,170.7

3.2

3.7

Lazard

▲0.2

▼▲ +1

▼

11 +4

▲

1.2

1

2,570.029

3.9 1,868.116▲2

11*2,490.6

12▲+2

0.0 ▼▲ 0.6

34

-4

1.1

1233.9

0.80.6

▲

25.2

5

3.1

3.2 2

25

1,724.9

-5.721


▲1.5

1,520.9

3.2

1,335.7

15

1,724.9

▼-18.3%

Market

100.022,739.1

▼-29.8%

Jan 1 – Jun 30

289

Market

2.8%


4.9%

Change in 2013Rank

Market

Any Nordic Involvement Completed (AF44)

375 Industry Total

FeesDealsChange in 2014

RankMarket


Share Ch.

+34

38.1▲

▲▲

Rank Value per Advisor (US$m)Rank Value

▼

# of Deals

SEB

0.4

0.8▲

20

9

13

Deutsche Bank 3+2

-

8

4.7

16* -16*

65*

2316*

14

34.8

6.06.6

17.9

▲

▼

19

▲10 4

4865*

2111

Morgan StanleyRothschild

▼

0.1

0.20.5

+4

-3

+1+1

1.10.1

0.7

11,167.8PricewaterhouseCoopers

▲

0.2▲

+3

+1

▲▼

0.12.1

-21.3% ▼-6.9%

0.1

▼▲

1.7

-53.3%58.5% 24.1%

53,429.4

58.6%▲27.4%▲


6*

24

917

Any Nordic Involvement Announced (AD37)

-100.0

RMK Maritime LLC 980.0Industry Total

15,895.8 28.3

Market

▲

1,620.7

291.8


Industry Total

Financial Advisor


US$m2014 Rank Share Ch. Sh (%)

# of

10.0%

16.1

1120.5

▲

7Deals

19.9

25.1

Sh (%)25.1

10,822.1-7.28.1

▼

14,132.011,525.3

19.2

▲5.416.5

1.9

980.0

5 8

2.1

18.016

2.9

10,114.9

8

4

▼

0.47 0.82.9

▼

1.7

▲1.80.6

0.3

+10

0

-3

24.1

50.3

▲▼-1

+14

6

▼

7

Sh (%)47.1

4.0%Industry % Change from Same Period Last Year

Goldman Sachs & Co


Financial Advisor

▼

12,570.0 4.8 4.8

1.0 4

3,185.83,506.65,591.7

▲

-1

▲

1.8

0.8

1.2 -4+4

4

JP Morgan

0.0

0.1

-2.9

3.9

1

1.1

-

31.7

1,058.7


-248

▼

0.74.9

▲

4.40.7

1.00 6.5100.0660.3

-

▲

0.9

0.7

▼

-

▼

▲0.20.5

▲

0.7

.3

1.4

0.6

32.1▲17.8

-4.9

8

3

38.3

▲

1.6

▲

1.4

19.5

11.1

5.8

▲

40.89,584.6

▼-▲

01

0.9+5

▲

6

▲

Danske Bank

-1

Centerview Partners LLC▲

10.5

12,899.06

2

1.3

27.7

7

21.0▼

5

▲

24.124.0

2US$m

▼

20,375.1

-32.0%

Rank Value

1

10.9%

# ofRank Value per Advisor (US$m) Imputed Fees (US$m)

Market

Jan 1 – Jun 30

# of Deals

343.5

Sh (%)89.6

Advisor Market

13.6

▼

100.0

▲

Market

+8

-8.8%

-1.3

▲

6.7

▼0.2

▼

1.7

▲

0.7

0.7

▲

0.0

0.7

▲

2.60.7

0.2

0.2

▲0.13.2

2.1

3.0

▼

1.1

0.1

0.41.66.2

0.1

0.1

4.2 ▲

1.0

▲

Share Ch.▲

5.0

▲

▲

7.6

4.1

▲30.9%

100.0

0.3

▲+7

+5

25,170.813

▲20▲

18,565.8 7

22

13,854.6

11*

25.9

▲11,031.8

10

1.0

4.8

▲

▲3

▲

+3 PNC Financial Services Group

0.1

0.324

+1

RBC Capital Markets

DNB ASA

PricewaterhouseCoopers1,275.6

56,241.524*24*

Arma Partners LLP

William Blair & Co20Bank of America Merrill Lynch

15Scotiabank 16Credit Suisse

Global M&A

Ernst & Young LLP17

10*10* -

1,608.41914

2,100.0

13

-

1.5

72*5

67

5.02,785.9

4.42,488.1 4.42,780.1

5.63,151.3

10.0

5.6

1,723.7

4,341.7 7.7

3.7

12

2013Rank

26

13

1 19

6

Deutsche Bank

7Citi

3.1 -9.3

2SEB

Nordea

MHS Corporate


3,151.3

9

Handelsbanken Capital MarketsAccess Partners

ABG Sundal Collier

2,170.7

31*1,025.9-

2221

23

1118

12

14

-

18

Morgan Stanley

JP MorganGoldman Sachs & Co

9,056.25,639.43

Rothschild

42

UBS9

1.0

8.2

3.6

+5 ▲

-11,216.8

▲

53.9

-3.0

▼

-12.6%

1

38

5.6

▲-8.0

-4

Sh (%)

Citi

▼

-3

3.7

4.9

2.3

▲

-6.5

▼▲

5.6

19,087.6

110

14.1▼

▲

▲

1

3

-3.7

13.2 ▲

▲

210

▲

1

▲

* tie


Rothschild KPMG

0.633

2.3

0.5

9.2

3.5▲

▲

3,030.5

▲

5.1

1.7

9

1.68

0.8

7

▲

3.8

8.9

# of

-12.8

▼

1.051.8

▲▲

+10

12

-2

-11

3

1

1.8

1.2

-6

+1

-9.5

-3

▼

95.1

▲

8

▼7.4

10.0

15.2

-6.519.3

Deals

▲

▼-1.9

▲10 2.0

▲

Share Ch.

60.6

Rabobank NV

▼

ING

Jan 1 – Jun 30

# of Deals per AdvisorChange in

DealsGoldman Sachs & Co13

2014 Rank

1

▲


▲8

▲+1

4

▼

Morgan Stanley

0.2BMO Capital Markets

1.1

Citi8

▲

BNP Paribas SACredit Suisse-10

0.2

9.8

5.3

9.5

24.15 13,322.5

29

5,241.1

14.6

12

4,034.6

-5.5

20.4

2.5 4.2

0.2

▲

3.1100 0

-

1,964.4

11.8▼▼▲

405515 669 9 100 01,712.8- 0

▲ 2

5063

121,930.4

6.9▲3.6

55 377 0-4.2

▲ 0 -6.1

▼1.8 1.1

0.9 ▲0.0

0.90.3

0.01 0.23.6

2.40.4

3.5 3.0

180.3

▼ 9.2 -

0.6

+21.0

-8 1.9

▲

-

3.6

-2

-10.22.6

1 -2

22.7▲

4

17.7▼

19.3

Market

20,960.8 37.9 6.2

5,532.1

28.8

-14.0-4.8

10,687.9

68.8

12 31.9

US$m2.0▲

9 1.830.7

Market

▼

10Sh (%)

2013Rank

1.8916,984.2 -317,671.9

Financial AdvisorRank Value Market

Sh (%)4

Change in

▼

Market# of Deals per Advisor

Any Benelux Involvement Completed (AF47)


▲

6.5▼▼

▼

62.743.7

▼9.3

48.4

HSBC Holdings PLC1.7

Share Ch.Market # of

Bank of America Merrill Lynch▲

Rank Value2014 Rank

Jan 1 – Jun 30


Citi

37,596.621

37

23,547.2

2013Rank

13.42

16,932.9

Sh (%)US$m

Any Benelux Involvement Announced (AD40)

Financial Advisor

16,127.2

19,942.9 ▼30.3

▲23.9 1.221.8

31.2

-6.2 7

20.77

18,556.0

5

Market

▲

35

+163

Lazard

▲18.9

11

Societe Generale

▼-20.715.3

25.74.3

1.1 0 -

4,119.09

7.4

13

RothschildCredit Agricole CIB

75*1312 36

14

Itau Unibanco 32*Mediobanca

18-

100 010

3.6

1.118 ▲

1,964.4

0.6

1321 2,409.4

9

2.0

4.42,794.3 5.12,930.3

▼

17

22*-

2019

15Jefferies LLC 25

Banco BTG Pactual SA

16

3.9

2524 39

21

2,412.4

Industry Total

RBC Capital Markets2,173.0


2,346.82327

22*

0.6

▼+3

0.80.9

▲

▼

+1

+1

-2

▲

0.6

1

3+1-10.5

▲0.2

1▲

+10.3▼

0

▲-6

65077 752 4

835.1 ▼▲ 11

-7.00.6766.2

5

-2.5▲

5▲

1

▲▲

4

▼

▼

2

▼▲

1

+30.8▲

4.4

0.5

2.7

▲

▼

▲

▼▼

3.6

▲2.7

29.7

2.05.1

11.2

▼7.35.5

▲

▲

-10

Morgan Stanley

▲

▼4.0

4.3

3.2

JP Morgan 35.0

4.0▼

9.4 1.8

AdvisorFees


2.9

40.718.1

+7▼▲ 0.4

Sh (%)# of Deals

▲

EMEA Rankings

4.45.8

MarketShare Ch.

1.4

▼

▲

Imputed Fees (US$m)

53.138.6

▲

-4-2

▲

0.8▲

▼

.515.1 2.3

0.10.3

0.1

▼

3.517.8▼

1.23.4

8.2

0.0.2-

0.1

1.1

-3

+3▲

0.8▲

0.5+2

▼

▲

▲▼

▲

22.70.6

0.5

0.3

0.72.5

23.4

1.7

2.6

▼6.1 ▲

0.1

0.4▼

7.95.2

Market

88,092.6

3

8,417.0

12,595.1620.2 7

5,432.2

9

▲10

▼▲

8

1.1

2

5

15,957.9

-+3

-0.9 1.2

70

▲

4

8

▲

+2

3

-7

UBS0.5

+1

Deloitte

▼

Sh (%)

1.1

-4JP Morgan

Deutsche Bank

-1

# of Deals2.0 +2

0.2

1.8

-0

▲

▲

+71.8

+10.2

-6.5▲

1.7 ▲

14.4 1212

Deutsche Bank5

528 6

89

118

10

6

6.4

▼

15,854.2LazardPerella Weinberg Partners LP

14,669.0

4

11 17

12* 5,000.0

ABN AMRO Bank

Goldman Sachs & Co

-4.2

6,103.1Centerview Partners LLC

14

8,118.747

7

5,000.0Deloitte

12

17

Gresham Partners

1516Mediobanca

1112*

22*

18

HSBC Holdings PLC

Industry Total

-

20

RMK Maritime LLC

19

24

BDT & Co LLC-

BNP Paribas SAUBS

Societe Generale55*

4413

22*

4,765.4

25

15

3,422.1-

19

41

980.0

1.7

3.42,660.6

4,630.1

3,473.9

1.3

6.0

7.9

6.4

980.0

Jefferies LLC

6.1

3.12,389.0

16

-21

-

3,830.6

4.4

ING

-5.2

Barclays

Natixis

1.0

1.31.1

DNB ASA

4.81.6

10.4

3.4

1.3

+6

1.7

+1

1.3

6.4

14.7

4.9

0.30.2

1.61.8

2.4

1.4 +2

1,314.7

11,415.3

4.44.5

6▼ 1▲ 1

▼

3▲ 7

12.9% ▼

Quarterly EMEA Cross Border Volume

-23.0%

100.0

▼▲ -6.9% ▼

-405-515

-3.9%

669.9


Jan 1 – Jun 30 2014

▲

100.0

Industry % Change from Same Period Last Year ▼▲ Industry % Change from Last Quarter

-22.6%-35.0%

506

▼

55,377.0

-9.0% 2.5%-11.0%

* tie

Industry % Change from Last Quarter4.7%

▼

100.0Industry Total

▼

65077,752.4Industry Total

EMEA Inv. Announced M&A Target Sector by Value ($bil)

$191.5

$79.9

$70.0$64.4

$56.9

$54.6

$49.5

$35.5$29.1

$25.2 $23.1 $17.6

Healthcare Industrials Materials

Energy and Power Real Estate Financials

Telecommunications Media and Entertainment Consumer Staples

Consumer Products and Services High Technology Retail


`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Inbound (US$b) Outbound (US$b) Number of deals


262.0

13.6Bank of America Merrill Lynch

4,165.5

Citi

Energy and Power

Jan 1 - Jun 30 2014

4

3

12.6

Goldman Sachs & Co

2

55.8

3High Technology

11,618.0

24

19.1

8.5

2

4

11

7,721.4

4,465.3 14.6

22.6

22.7

1

2

344

Haitong Securities Co Ltd

Grant Samuel

350

669

Announced M&A activity with Asian involvement in the first half of 2014 grossed US$334 billion in value, a 67.1%increase over the US$199.9 billion recorded in the same period last year. China remained the most targeted nation inthe region, with a 48% share from 1,712 deals. Companies in the Financials sector were the most targeted, withUS$79.9 billion accumulated from 521 deals. Activity in Financials was largely driven by the US$44.5 billion CITICPacific acquisition of CITIC Ltd. The Real Estate and Materials sectors followed, with US$51.4 billion and US$35.3billion, respectively.

Imputed Fees earned for the region were estimated at US$1.2 billion, an 11% decrease from the imputed totals in thesame period last year, according to Thomson Reuters/Freeman Consulting. The top earner was Morgan Stanley withUS$106.8 million, followed by Goldman Sachs & Co with US$86.9 million and Deutsche Bank with US$58.6 million.

China cross-border activity accrued US$51.5 billion, a 5% increase from the US$49.1 billion accumulated in the sameperiod last year. Outbound investment volume reached US$27.7 billion, a 13% decrease from the US$31.8 billion in thefirst half of 2013.

Australian announced M&A activity increased by 109%, reaching US$72.1 billion compared to the US$34.6 billionaccumulated in the first half of 2013. Australia cross border activity doubled, reaching US$41.1 billion; outbound activityamounted to US$12.1 billion.

55.8

6,742.4

Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced Advisors by Target Industry

12.4

Goldman Sachs & Co

2

DBS Group Holdings

35,303.8 Materials36,484.3 Standard Chartered PLC

526

415.03

3

251,435.4 44,543.5 44,548.8 China Securities Co Ltd

Somerley LtdFinancials 521

No. DealsRank Val US$m79,886.8

ShareMkt.

Rank

2

Real Estate3CITIC Group Corp

49,498.0 1

30,471.2 China Renaissance Partners

19.16,745.9

32,592.7

30,586.3

2

CITIC Group Corp 1

Goldman Sachs & Co

1

33,789.1 5

Citi

Asian M&A Rises 67% I Imputed Fees Down 11% I Australian M&A Doubles

8,017.3


Asia Pacific (ex-Japan) M&A

1 34,789.1

13,871.0

15.712.7

Pending Wing Hang Bank Ltd (100%) Financials / BanksSingapore / Singapore

India / India

Jan 1 - Jun 30 2014

5,850.0

Acquiror / Target NationFinancials / Asset Management


Retail / Other Retailing

Materials / Metals & Mining

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

Greenland Holding Group Co Ltd (100%)

Acquiror

Pending

Asian Completed M&A by Region - Imputed Fees

4,000.0

Consumer Staples / Food and Beverage

4,398.8

5,671.7Singapore / Hong KongOCBC Pearl Ltd

Belgium / South Korea 5,800.0

4,954.5

Ranbaxy Laboratories Ltd (100%) Sun Pharmaceutical Inds Ltd

1/9/2014 Frasers Centrepoint Ltd (100%)

4/7/2014

1/9/2014

Pending

1/20/2014 4/1/2014Pending

Shanghai Jinfeng Investment Co

4/2/2014 Pending

4/13/2014Anheuser-Busch InbevOriental Brewery Co Ltd (100%)

4/1/2014

China Cross Border Announced M&A

3/21/2014 AS Watson Holdings Ltd (25%)

Xstrata Peru SA (100%) Hong Kong / Peru

Pending CITIC Pacific Ltd

PendingChina / China

CITIC Ltd (100%)10,307.1

4/16/2014 Hong Kong / China 44,543.53/18/2014

Rank Date Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)

Real Estate / Other Real Estate

Noble Agri Ltd (51%)Real Estate / Other Real EstateShareholders

3,976.2Investor Group

Mayon Investments Pte Ltd Singapore / Hong Kong

MMG South America Management

China / Singapore Consumer Staples / Food and Beverage

Energy and Power / Oil & Gas5/8/2014 Pending Envestra Ltd (82.5%) Investor Group Hong Kong / Australia 3,789.1

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)Inbound (US$b)% of Cross Border is Outbound

$0.0

$0.1

$0.1

$0.2

$0.2

$0.3

$0.3

$0.4

$0.4

$0.5

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


Credit Suisse UBS


17.1 -0.1

Asia (ex-Japan) Rankings

United Overseas Bank Ltd

Jan 1 - Jun 30Any Asia (ex-Japan) Involvement Announced (AD25)

25 87 5,618.4 1.7 China Securities Co Ltd 66 ▲2,228.9 ▲0.1 0.1171.4▼

0.82 444100 0

▼ 13 -4 ▼CIMB Group Sdn Bhd+825

0.61.91.6 1.4▲1.3

151.5

▼5

-2.41.7 0.3- CITIC Group Corp

1390.0

-2.824-4Macquarie Group5,850.0

24 12 5,748.2

0.9Ernst & Young LLP 22 18 6,553.8▼0.2+1BMO Capital Markets 23 153 0.6▲ 2.80.1

2.0 ▼-19 ▼ 3.5 0.33,443.1 2.5 20.715.6

23 ▲2.20 3,102.6 0.4▼

2.90.1

▲24.61.5 ▲▲ 12 0.6 -3

▲0.51.31.5 ▲

▼ Nomura▲Somerley Ltd

22▼4,026.8

2.1 1.212▼ 6▲ 0.6

0.3 ▼+2PricewaterhouseCoopers 20 24 6,690.4 2.0

0.5Rothschild 6,853.4 ▲2.11.01.2

1.0-819 237,287.6 China Renaissance Partners2.2 1.2 +22 3.24,398.7 3.1

HSBC Holdings PLC 3+2 3.041

▼12.2 2.0▲0.70.9 123

-12.1▲

Nomura 1713.7+218KPMG

7,581.7 2.3 1.527

0.5+8▲▲ 15

17 -44,425.3▲ 18

3.5 ▲

▼▲3.53.2 1.5

0.7▼ 20.2 0.31.711

7.9-10.3 152

140.3 -0.9▲ 1.2 1.1

HSBC Holdings PLC 16 5 7,615.7 2.3 316 ▼ 0.10.2

0.4 ▲ 0.06.4-61.9 0.5 -3913.8+1

0.3 ▲4

▼▲

▼Standard Chartered PLC 15 17 9,525.6 0.2 ▲2.9UBS 14

0.6 ▲12 59 6,359.3 4.6 4.2

1.0Haitong Securities Co Ltd

▲ 13 0.3 3 0.10.4 +13 ▲ Deloitte 0.3

-133 10,151.7

▲15 12,358.3

3.0 -4.7

3.8

▼

12 69 12,639.2 0.2-1.2 ▼ -1 ▼13 ▼ 11.8

▲3.9

0.8▲ 9 0.4 0

5,446.0▲-3 ▼ 3.9

-4.716

1.1 ▲22.1▼1.8▼ 21.6

0.3DBS Group Holdings 11 3.73667 1.95

Standard Chartered PLC5.0 ▲10 6 17,890.5 5.4 -1.0

2.8 0.90.4 0 -▼ 0.4▲

2.29 -104.2

7,199.7▼ 10 5.2 -7.06.2

Deutsche Bank 8JP Morgan 9 7

-11

21 24,721.817,897.1

0.432.75.4 22 26Barclays 90.5 -18 8,573.6 9

JP Morgan24▼-0.6

6.99,592.6▼

▼-4.7 ▼ 12 4.2 1.7▲

0.6 -11 ▼ 50.1▲-4 ▼ 29.0 0.62.410,518.3Lazard 7

60.4

80.5 +7 ▲5.7 ▲

10 0.50.377.6

▼▲1.3 36.746.817 ▼▲2.1

+5

▲0.8 -53.1 1.43.9 0.6

▼-9Bank of America Merrill Lynch 13 27,686.1 8.3

10,539.527

6+429 0.77

27 0.67.6

5 12,472.0 9.0Bank of America Merrill Lynch 10

9Goldman Sachs & Co 5 4 35,145.9 10.5017 0.815 13,414.9

▲-2.0 ▼

42.8 -12

Deutsche BankCredit Suisse▼

▲ 4.958.6-▲114.1 ▲

4012.1

6.9 0.9 +223

▲5.8 2.9▲ 9.7▼▼-21 2.4▼1.51.0 0 - 48.5 4.1

12.018,440.4

1.1 7.32316,590.8 -16.4▼

86.9▼22

1.4▲47.3

13.5 0.4172

9.00 - 2Citi 13.3 -5.3

US$mSomerley Ltd 1 16 54,853.7 2922.230,664.21

2014 Rank

▲

MarketChange in Advisor

▲9.0 4.9106.8+8Share Ch.


Deals Sh (%)Market

Financial AdvisorChange in # of Deals

# of 2013 Rank Sh (%) Deals

# ofRank ValueShare Ch. Sh (%)

MarketUS$m

MarketMarket Market# of Deals FeesSh (%)

Market

16.3

Financial Advisor Sh (%)16.4

Rank Value per Advisor (US$m)Market

Share Ch.

CITIC Group Corp

3.7

▼3.514

22

0.2 14Evercore PartnersPricewaterhouseCoopers

4,906.1

China Securities Co Ltd 3 19 46,912.9

▲ -90.4

Morgan Stanley

Imputed Fees (US$m)

▲

11.0

Morgan Stanley 6

36,791.4

Rank Value per Advisor (US$m)2014 Rank

2013 Rank

Rank Value

10

16

Deloitte

Lazard -13.7▼

2 2 54,443.5

3.50.7

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 - Jun 30


1

Citi 4

27,712.3 8.34.3 18

4.7 ▲16,551.2

▲

6,589.70.7 1.2

0.5

12-4.90.315

0.80.8

30

3.0-2

▼ -0.421

4,096.1

-20 ▼

-8

138 446 6

2,675.7

18

4,889.0

▼25

▲

-16 ▼ Goldman Sachs & Co11

4,136.4

11+412 6,569.1

▼

0.3

52

▲

16

▼

+234100 0

▲

34

21 49

19

0.1 +2 ▲

1.8 1

▲

7.4

▲

▲5.8

▼

10

2.0-0.3

▲1.8

+3

-2

15

United Overseas Bank Ltd

22China International Capital Co

Industry Total

DBS Group Holdings

12

▲

▼2021

29

30

Macquarie Group▲

19

5,116.013

16

4 397 100 02 103 1 191 3Industry Total 333 953 9

Rothschild Macquarie Group

▲Sh (%)

Rank Value

▲67.1%

+629,549.0

0

1


7

Goldman Sachs & Co 1 4US$m

▲4

28.4

Rank Value per Advisor (US$m)Rank Value

Financial Advisor

▲


US$m

2028

Morgan Stanley

3

6

Citi5

UBS4

Credit Suisse

5.30.8

2

Macquarie Group 2

-

2

35

3

6

10

31.2

14.025.3

18.2

4.0 60.3

▲▲

10 1 24.6

5.9

-2.714,459.56

11.2▲

10.67.9

▲14.4

9.4

12.5▲

▼

11

Bank of America Merrill Lynch 89

-8.57.9

32.317,845.9

7

Lazard

# of

17

4

46

0.8

3.3

1.2

9

9

Change in MarketShare Ch.

▲Fees# of Deals Sh (%)60.0

Advisor

+9

▲


-1.4%

Share Ch.

Imputed Fees (US$m)

DealsMarketSh (%)

2014 Rank

MarketMarket2013 Rank

-15.5% ▼

Jan 1 - Jun 30

3.1%▼

Any Australian Involvement Completed (AF31)

▲▼


-52.22.1

0 33.21.7▲+1

▼0.5▲4.69.2

Market

5.1

▼-10.9%-14.0%

-2,444100.0

0.91,067.0 1.5

0.8

▲

1.80.9 ▼

1.5

25

108.5%Industry % Change from Last Quarter

Industry Total

186.4% ▲

6,775.2

150.1

BMO Capital Markets 12

Nomura

14Fort Street AdvisersCITIC Group Corp

Credit Agricole CIB


RBC Capital MarketsJP Morgan


72,147.5

24 676.2-

576.0

2.723

1,919.1

100.0

Davy Corp plc

10.1%

138,446.6


0.5 ▲2.33.1

5.6%

22.641.0 ▲

# of

+234

8.0%

100.0

18

MarketDeals

Change in

▲

Any Australian Involvement Announced (AD24)

2014 Rank

2013 Rank

MarketSh (%)

Jan 1 - Jun 30

53.8% ▲

1.824

# of Deals


14+4 ▲

9

Share Ch.23.7

MarketSh (%)

Gresham Partners 11


613

6.88.1-

5

10Deutsche Bank

10,409.2 -12.6

21.0

11,121.57

19Lazard 18

10,093.5

11,069.4

▲

15,803.1

13,734.215,176.9

14.0

▲▼

16,333.9

15.3

15.9▲ 0.8

5

19.01.0

0.8

0.9

6

21.9

15.410

8,089.7

▲▲

-1.64.0

18.6

2.3

UBS

▲+3▲

Citi

Financial Advisor

Morgan Stanley+7

Industry Total

2.9

-

▼9.7

▲

▲

▲

2.1▲

▼

▲0.2

4

725

3.3

1.0

+2

0.8▲

▼

0.0

14.5

-3

0.8▲▲

▲

8.0

3.9

17

▲

▲▲ 26.8▲

1.3▲

-2+3

2.2+2+1

11.3

▲4.5

2.68.2

▲17.1

▲

57.6

0.51.7

0.6

▼

4.1

1.3

4.8

0.8

1.3

8.3

1.7

2.94.1

▲

2.6

+1

25.1▼ 63.5

8.816.8

▲

653.4

3.5%▼

.81.0

-20.9%▲

+1

1.9

+5

▲+2

2.6

▲

0.8

-6 ▼

3.133.7

+6 ▲20.0

+1 ▲▲

5.2-1

▲

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

▲

0.8 ▲

29.5%

▼

525.6

494.7437.7

0.8 ▲

-0.3

0.9▲

▲

4Deutsche BankRothschild

67 16,242.8

14,840.7 25.9 22.8

-

34

30.15

29

2

18,514.0 32.323

Credit Suisse 2 23,669.9 41.3320,719.6 15.3

32.1

1 26,113.0 45.64

19,293.836.233.7 +2 ▲ 18.6

4,397

21.3 ▲28.4

JP Morgan

8

▲▲2.1

-+3

+2+13

▲

8

1.3▲

07

▲6 +5

+1

▲

+4

0.1BSP Holdings Ltd

+5

1

34

11

19 3.7

-14

100.0

2.0

160.7

1

1.0

Goldman Sachs & Co

2

670.8

12

21*

26

Scotiabank -

4,137.75

1,711.1

Grant Samuel▲

3.04.1▲

4,548.0

17

1.0

0.9

14,077.3

0.9

6.15.12,919.7

574.9

7.2

529.2

0.90.9

0.9

-2.2

21*0.90.8

0.2

▲BarclaysRabobank NV

▼▲

0.9▼

▲17

▼Pareto Securities

18

0.8

-

▲

1.227

-

30

5,850.0 130.1

4.2

8.8 ▲

0.54,895.8

+1▲3.5

3,512.1

2,325.2RBC Capital Markets

10 3.2▲ 15+2

14

Grant Samuel 5.35.42315

16 -3,883.63,840.0

17

Scotiabank- +2

1918

3.2 217

52* 2,878.4 4.052*

-

2,756.22,325.22,296.1

3.83.8 43.2 1

1,919.1 2.7

▲

Mediobanca21*

20- 190.1

-21*

Standard Bank Group Ltd 20

2.7

3.2▲1.3

▲▲▲

2.7

▲0.3

1+2

-6.6% ▼

2▼-54

CIMB Group Sdn Bhd

BNP Paribas SA▲

24

525.6▲

0.3

0.5

+10.3▲

+1

+1

+3▲

+8

+2 ▲ 16

6,343.3 8.8

Standard Chartered PLC▲8.1

+1

Gresham Partners0.3

0.8 ▲

2 +2

-

4.1

-0.0

1.0▲▼

0.5

3▲

0.8

▲

▲▲

0.30.60.5

▼4.5

▲2.2

▲

▲

0.20.8

1.7

1.2

-

▲0.6

100.0

6

23.6%

▲

19.7%

0.10.4

▲0.4

3

14▼25

0.0+3

0.0▲0.6

3

1 +1 .02.8

23

▲

-1

0.20.2

▲ +10.2+1

0.4

0.54.1

▲ .03.5▲

100.0

0.7

0.6

05.4

▼ 0.6▼-1

▼

2,103 1,191.3

▲

Fort Street Advisers

20-1.4

1534.7

▲1

64.5%▲

0.4

0.0

0.2519 -137

0.2

44.0%

0.21428.9Ernst & Young LLP

250.2

▲

▲ 23

21*

769GreenwoodsIndustry Total


57,260.0

▲

Industry Total


333,953.9

--

0.4

* tie


▲

23.3

244.6PricewaterhouseCoopers1

▲

▼

Deutsche Bank

23.3

▲

-

33.2

45.20.5

795.1

5

Asia (ex-Japan) Buyside Financial Sponsor Activity

-1

889.1 1

# of

332.040.1

37.1▲

▲

MarketMarket

Change in Market

# of Deals

11.0 ▲

-1

+5

74

14

1.0

14.0

▲

3.9 ▲

72 3%

45.2

5

Share Ch.Market

US$mRank Value

1.1

▼

▲


3*

▼

Industry Total

Financial Advisor

6.0

Fees

1 - ▲40.1

40.2

Industry Total

Goldman Sachs & Co 3*13.9

MarketShare Ch.Sh (%)

Jan 1 - Jun 30


Deals2013 Rank US$m


15.5

7.0

▲ 5.5

12.1

15.5409.4

4

Macquarie Group 3*1.4

Deals

1

2013 Rank

2014 Rank

1*▲

15.0% ▲

938.2

889.1

Credit Suisse

1.0

Sh (%)


▼

1

▲

Any New Zealand Involvement Completed (AF46)

▼

2,396.6

+1- 795.1

▲6.1795.1 -

1

Share Ch.▲

Sh (%)# ofMarket

Jan 1 - Jun 30

6.0

100.0

▼409.4

+313

▲-24.4%

+4

▼-25.6%

35.51.417.6

▲

1* 8HSBC Holdings PLC -

2 5.5

17.3

▲

+10

+3

Change in

Imputed Fees (US$m)

▲


+1

3.0

Asia (ex-Japan) Rankings

▼

37.1 18.7

15.50

Market

1.4

MarketAdvisor

961.9

33.2

39.1

▼6.4

Sh (%)

▲-1

100

+1

1.4

1# of Deals

32.6%


0 0%55 2%

Industry % Change from Same Period Last Year -17.2%

1.4

▲

2.1

100.0


Industry % Change from Last Quarter11.1%

5*

2

Macquarie Group

Financial Advisor

Sh (%)45.2 ▲

Any New Zealand Inv Announced (AD39)

6PricewaterhouseCoopers

Deutsche Bank

100.0

HSBC Holdings PLC 5* - 795.1

37.13*

Rank Value

5.7%

▲2.51,760.4

2014 Rank

Nomura

▲33.2 33.2 ▲ 1 1.0 +1

$6.5 $8.4$3.8

$13.9

$1.5$7.8

$14.7$9.9 $7.5

$26.1$3.4 $9.6

$5.5

$10.0

$10.3

$8.3

$9.1$19.7

$26.0

$2.6

$10.2$4.5

$5.7

$9.1

$12.8$14.7

$18.5

$5.5

$11.7$4.4

$5.9

$18.0

$11.3

$5.3

$14.1

5.0%

2.9%

4.5% 11.2%

17.9%18.0%

14.4%

12.4%

15.5% 18.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$10

$20

$30

$40

$50

$60

$70

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

▲72.3%* tieIndustry % Change from Last Quarter

Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)

▲

Australian Cross Border Announced M&A

-0.0%55.2%

24%

15%

11% 9%9%

9%

7%

4%4%

3%3%2%

Financials Real Estate Materials

High Technology Energy and Power Industrials

Consumer Staples Media and Entertainment Retail

Healthcare Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


Tokyo Kyodo Accounting OfficeSumitomo Mitsui Finl Grp Inc

HealthcareErnst & Young LLP

* tie

ICICI Bank LtdGoldman Sachs & Co

Any Japanese involvement announced M&A volume during the first half of 2014 totaled US$70.6 billion, a 20.8%increase from the comparable period in 2013. Twelve Japanese involvement deals worth US$1 billion or more, withaccumulated value of US$37.4 billion, were announced during the first six months of the year. The value for Japaneseany involvement billion-dollar deals increased more than twice compared to the US$15.8 billion accumulated valuefrom the eight deals over US$1 billion, during the same period last year. Despite the increase in value, deal countdeclined 2.8% year-over-year to 1,341 deals, the slowest first half by number of deals since 2005.

The Consumer Staples sector was most active during the first half of 2014, with deal volume totaling US$18.9 billionfrom 95 deals, a 26.7% share of the Japanese M&A activity during the first half of 2014 and a marked increasecompared to the US$1.3 billion in deal value recorded during the same period last year.

Japanese outbound activity for the first half of 2014 recorded a total of US$33.6 billion in deal value, the highest first half deal value for outbound deals in the last three years and more than twice the US$15.2 billion in deal value recordedduring the same period in 2013.

Any Japanese involvement completed M&A volume reached US$68.6 billion from 878 deals. Total estimated advisoryfees, according to Thomson Reuters/Freeman Consulting, reached US$760 million.

3 34.7

1*

10 2,922.8 2

72.7

3,976.2

3,976.2 1 1* 72.7

1* 72.7 1 3,976.2 1*

1

12.5 3*

72.7 1

12.5

1

3,976.2

55.3

14.8

95

5,467.0

11,718.1 Real Estate

72.71*Evercore Partners3,976.2

5

3.0

1 1

60

49.7

125

.1 2

88

9 12

3

3

1

1

95 3 1

5

Japan Deals Intelligence

15,687.6 15,687.6

18,873.7 1

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Jun 30 2014Mkt.

Credit Suisse83.183.1

No. DealsRank

17,842.2 2*2*

Share

Goldman Sachs & Co

Consumer Staples

Financials

Nomura


15.452.555.4

.1

6,474.9 3



Japan M&AJapanese M&A Value Up 21% | Deals Over US$1 Billion Up 137% | Consumer Staples Market Leads Activity

1,906.3

6,835.7 1

94.5

Rank Val US$m

Mitsubishi UFJ Morgan Stanley 2Sumitomo Mitsui Finl Grp Inc

2,043.0

352.6

12,342.9

Sumitomo Mitsui Finl Grp IncNomura

1

Mitsubishi UFJ Morgan Stanley

Materials 5,886.6

3*

1,737.8

JP Morgan

2

3,255.5

Citi

* tie

Nintendo Co LtdH2O Retailing CorpIzumiya Co Ltd (100%) 1,101.5

Japan / United StatesRanbaxy Laboratories Ltd (100%)Conopco Inc-N America Pasta (100%)Nakano Ekimae Kaihatsu- (100%)Tokyo Prime Stage-Otemachi (30%)Nintendo Co Ltd (7.43%)

Suntory Holdings LtdDai-ichi Life Insurance Co LtdSun Pharmaceutical Inds LtdMizkan Holdings Co LtdInvestor GroupMizuho Bank Ltd

Mitsubishi Chemical Holdings Japan / Japan

1,737.8

Materials / Chemicals1,048.2

Financials / Insurance

Any Japanese Involvement by Market

Taiyo Nippon Sanso Corp (24%)

1,118.6

Financials / Other Financials

Japan / JapanJapan / Japan

1,086.6Accordia Golf Co Ltd

Real Estate / Non ResidentialConsumer Products and Services / Other Consumer Products

Undisclosed Singapore Company (25%)

Protective Life Corp (100%) 5,708.1

Retail / Food & Beverage Retailing

Real Estate / Non Residential

Consumer Staples / Food and Beverage

1,805.3

1/31/2014

Intended

2/4/2014

3/28/2014

1/29/2014

India / India

3/26/2014

6/1/2014

Japan / JapanJapan / Japan

Healthcare / PharmaceuticalsConsumer Staples / Food and Beverage

15,687.5

Jan 1 - Jun 30 2014

3,976.2

Japan / United StatesAcquiror / Target Nation Rank Value (US$m)

2,150.0

Japan / United StatesBeam Inc (100%)

Any Japanese Involvement Announced M&A

AcquirorTarget (% Sought/Acquired)Rank Date Date EffectiveTop Ten Japanese Involvement Announced Deals

4/7/2014

4/30/20146/3/2014

3/27/2014

Pending

PendingPending

5/22/2014

1/13/2014

5/13/2014Pending Japan / Singapore

2/12/20143/27/2014

Target Macro / Mid Industry

$71.3

$26.9$50.5

$34.0 $23.5$35.1 $38.8 $37.0

$25.6$41.9

$38.3

$51.8$31.1

$37.2

$21.6$19.2

$46.0 $40.1

$32.8

$28.7

$31.5

$22.5$28.7 $47.6

$42.4$50.3

$50.1$42.4

$39.3

$42.3

$48.5$51.9 $28.6

$38.8$30.2

$50.5$59.2

$38.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals 1H

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Domestic Inbound Outbound Outbound Inbound Domestic

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18

Imputed Fees (US$m)

Financial Advisor

Ernst & Young LLP

0.1

Jan 1 - Jun 30

# of Deals# of 2014

RankMarket

22.2 1

37.4+2

Sh (%)Change in

20.415,687.6

522.627

▲▲23.6

5

Market2013 Rank

▲

26,409.516,650.2

US$m

14,416.1

Rank ValueSh (%)

▲▼

▲

22.2

2

-11.77.5

10.8

19.2

-

32

13

Citi

Goldman Sachs & Co

Sumitomo Mitsui Finl Grp Inc 6 7

Evercore Partners

7

-

1.7

6

104

5.6

5.7

17

15

86,281.1

23

9,280.47,623.3

12

1,224.216

3


14Daiwa Securities Group IncICICI Bank LtdKPMG

Deutsche Bank

3,991.5

0.2Moelis & Co ▼Macquarie Group

▲9

6.4-5.9

Mizuho Financial Group568.4 ▼ -47

7

Any Japanese Involvement Announced (AD19)

2014 Rank DealsFinancial Advisor Share Ch.


Japan Rankings

Rank Value per Advisor (US$m)Rank Value per Advisor (US$m)

Share Ch.Market MarketAdvisor

Sh (%) Sh (%)MarketMarketMarket2013

RankChange in # of Deals

# ofSh (%) Share Ch.


US$mRank Value

DealsMarket

Fees

18 20,779.4 30.329,540.8

45.9▲

0.4-5 ▼

+1 ▲▲ Credit Suisse


2.0

▼

0.718.4

1▲▲ 0.122.9

26-

3.3

+2

-18

▼

▼

+3

-25-12

-5

▲

59.0

▲

7.8

23.6

6.5

▼

5.6

0.8

1.2

7 9

2.015.4

3.6

8.9

5.9

▲

▲

32.7

42.62.0

▲

-

▼

1.3

4.3

3.1

7.5

0.1

6.4

0.4

56.8

48.5

.2

0.1

0.0

0

-7▼

0.3-

▲

▼4.6

0.7

▲-0.1 2.4

▲

14

▲4

0.1

▼18

2,728.6

0.0-▲

6

0.1

23▲

2.024

13 ▼ 4▲1.9

▲

12.7▲

-51,599.5

▲1.80.5 ▼

+11.8+2

▲0.8▲▼

0 2

0.7 +4

110.5

▼

19 16

1 0

▼

17

2

39

▲3.5

81.4 10.7

▲▲6.0

0.1

31.0 4.1 4.13.5

0.2

1.3

▼

1.3

▲3.2

▲▲

▲49.4

▼

0.2

▼1.8

0.2

▼

14.9

6.2

▲

0.7

2.7

0.71.7

19.4

▲▲

▲▼

▲

▲

0.5

1 0

2.6

0.0

1.7

0.4

+121

+12-7

6.5

1.17.9

-2.0

9.09.112

▼-8.4 ▼

▼▲

104,427.86,187.0

50.2

3,976.23,961.6

5.6

8.86,244.0

3

4,490.45,898.3

20

22

1,469.5

275.6 ▲ 1

13.1

2.1

▲8.9

5.3

Nomura

JP Morgan

34.0

6.34,426.2 6.211

5▼

40

12

45

14,777.81

22.9-3

14,108.7 20.6


9

25

4

58*

17

▲

29

Mitsubishi UFJ Morgan Stanley6

Mitsubishi UFJ Morgan Stanley

Centerview Partners LLC0

1.8+1

Credit Suisse15,687.6

2▲

-73.0 ▼

+34

1

2.5

43.11

8

16

▲7 7

7.75

12,991.6▲

21.60.83

27.5

▲

▲

Goldman Sachs & Co▲

6 19.0Nomura

+3▼

Sumitomo Mitsui Finl Grp Inc810.4 +3

12 0.951

+20

+1217

-73.8

▲▲ Bank of America Merrill Lynch

4.2

75612,116.8

19

6.0

1.311

2.2

+17

14 ▲ 5

8.517.7 -38.4

▲0.6

-11.1

5.77

▲

64 7.3

30.8

0.1

2.24.1 +3

▲9.26,281.7

▲▲+1+4 12

13 6.04,088.6▲

GCA Savvian Group Corp4,335.430BNP Paribas SA2.0

2.4▲

35.43

6.3

1.3 +10.3

40 3,959.8

+55.8

153,972.0

▲Ernst & Young LLP

1.5

1.4.31.2 0.4 +2.40.315*

-0.7-0.8

▲5.8

▲Citi- 3.5

3,959.8

3.01.6

18 21 642.3 0.9+1

4 0.3 +2 4.356 1,094.6

ING 20 -Deloitte 19 19 614.1

450.00.9 2.20.6

303.9

-2▼

154

223▼

▲ 0.1 +11.1 ▲

423.7GCA Savvian Group CorpHSBC Holdings PLC

210.6

▲Macquarie GroupLazard 2.5

0.6

Plutus Consulting Co Ltd 23 10 372.6 0.5▲0.6

-6.022 -

▼ ▼-12

9 428.7 0.6 ▼-61 0.1

0.2▲0 3Rothschild 25 52 0 4

-1 258 9▲ Banco BTG Pactual SA0 3 1 81 8+1 25 ▲1,260.0

Acxit Capital Management GmbH

56*2,010.0

2.3

20

41

-12.4 ▼ 14

-7.2

Any Japanese Involvement Completed (AF23)

6,226.9

1

241,379.214 1.0

▼ -4 The Raine Group LLC357.1 ▼0.5

15*5.8

JP Morgan

6▲▲

5.8▲

KPMG▲

0.3+1 Rothschild

▲

▲

4.1▲

0.5

Deutsche Bank

290 03-8.5Bank of America Merrill Lynch4

8 0.8-4.5

0.11

▼4.0

21 0.5

9.41.81.2▲

1.3

Jan 1 - Jun 30

Moelis & CoDaiwa Securities Group Inc

2,812.51.5

+12.913.6

2120

▼

1

0.5-1

▲▲

1.61.5

5.729


Development Bank of Japan Inc

+1

-7 622.2▼

3PricewaterhouseCoopers 22

5.2▲ 0 3,585.62,937.0

Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼

▲

7.9

▼-20.1%

878

-30.8%▼

-89▲

17.0%

Industry Total

Japanese Target Completed M&A Fees

Vi it htt //d i th t t i hi d d t L T bl

-9.2%

+20.2 1.02 ▲

htt // th

760.7 100.01.0▲

100.0 1,34170,623.20.3

Industry Total -39Rothschild 25 52 0.4

* tie

-31.5%20.8%

▼

1,258.9▲ -

21.9%▼

▲▲ -2.8%-22.6%

▼▼-25.1%

Banco BTG Pactual SA0.3 1.81.8+1 25100.0

▲68,557.4

Japanese Involvement Announced M&A Target Industry by Value

290.0 4

26.7%

17.5%

16.6%

8.3%

7.7%

5.9%

5.8%3.6%

3.5%3.2%

1.0%0.1%

Consumer Staples FinancialsReal Estate MaterialsHealthcare IndustrialsHigh Technology Consumer Products and ServicesMedia and Entertainment RetailEnergy and Power Telecommunications

$149.0

$290.2$207.7 $239.4

$110.7

$251.5 $222.3 $191.0 $228.2 $231.0

$168.5

$291.1

$278.6 $201.9

$161.4

$269.8

$150.9 $213.9 $126.8$66.7

$266.4

$204.9

$248.5

$186.5

$151.9

$154.3

$124.1

$235.8

$186.8

$305.2

$227.7 $281.9

$186.4

$268.1

$223.6

$168.8

$244.5

$229.5

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

4Q 3Q 2Q 1Q YTD Number of Deals

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19

Industry Total

Industry Total

Industry % Change from Same Period Last Year ▲ ▲Industry % Change from Last Quarter ▲ ▼ 655 5 0 2Macquarie Group 17* 21* 2 1 4 0

Minsheng Securities Co Ltd 16* 44* 7 1.6 +6

+2 ▲▼

286.5Raymond James Financial Inc

710.7 0.2PricewaterhouseCoopers 17* - 2 1.4Credit Suisse 17* 15* 2 1.4 -1 17,929.4 6.2

0.8

9.0

1,007.4 0.423,326.5

Any Americas Inv Announced Fairness Opinion

Market

1.4 0.1

193.3 0.1

22,454.4 7.82,163.2

Sh (%)

+9

30,936.2 10.725,788.3


3,136.2 1.11,936.2 0.7

# of Deals

1,936.2 0.4

12,565.6

US$m37,030.7

▲

1,258.8 0.3

Stout Risius Ross Inc

2.419*

00

▲+3

--

2,232.8

0.0

4

596.8

9 2.1

3,136.2

3,727.4▼

▲4.2


4.7

1,353.5 0.3

-

193.3

0.7

0.3

1.9 -17 ▼

4 53 2

-3 ▼18 +1

3.515

▲5*

1414 3.3 -1

5*

+4

910* 10

36* 3.3 +7

9*2.111*

10*

9,368.2

9* 10* 10 2.45*5* 79* 3.3

▲ 1,231.5

14 ▲+1014 3.3

6*2.9

7.0

6.7 ▼2,163.2

2.1

3.70.7

79,273.9

8.910.2

0.1Morgan Stanley

Barclays

79,630.92,163.2

18.1

25,954.4 5.9Goldman Sachs & Co

100.0321,173.6

6


JP Morgan

Houlihan LokeyBank of America Merrill LynchEvercore Partners

8

5*3* 8 -34.3

0.50.5

▲+13

▲▼

Houlihan LokeyBank of America Merrill Lynch

+33

1.98

1.6

81.9

-313*

16* 44*

13* 22*

7▲ 680.3 0.2▼

▲ 667.4 0.2

337.079*

1.6 -131.67


16*

-3

8*

+4

▼

-17

Industry % Change from Same Period Last Year0.10.1

Huatai Securities Co Ltd

Barclays

16*

13*

7

29,289.7

CITIC Group Corp

11*

24.7-3

1


8* ▼

6*Haitong Securities Co LtdMorgan Stanley

+3

Southwest Securities Co LtdGreat Wall Securities Co Ltd

11*Citi

7Houlihan LokeyBarclays

0.8

8

1,936.2

-▲▼

5.4 193.322,454.44.3

28,557.90.6

▲3 9 12 6.4 +5

32,603.9

Rank Value

3,136.2

Morgan Stanley

1.02 1 18 9.6

US$m Sh (%)1 2 20 10.7 +1 ▲JP Morgan

# ofSh (%)

2013 Rank

8.4

Rank Value 2014 Rank

# of Market Change in

21 7 21

Fairness Opinion Provider2013 Rank Deals

04.9

2014 Rank

▲11

MarketDeals Sh (%)

Stifel/KBWDuff and Phelps -2 ▼

# of Deals

10JP Morgan +2

5 5*8

5.94 70

▼

-1

-

92,923.13.4

4+20

▼

▲-10.8%

26.59* 4*▼

+2

76,130.5Sandler O'Neill Partners

-5

▼

-3 ▼13,946.2 4.879,273.9 27.5

▼9*

412*

821*21*

9*

12*45

8.1

540.0 0.22.7

3.4

▲32.3

4,975.5

+1

1.7▲

1.076.5

▲

9 6.2

8 ▼4.1

262.8

▲

▲-33

10* +4

5.55.5

-

6*

5

6*6*

10

8

96

3

8

Duff and Phelps13.712.3

+1

-3

1

+412*0

-220

Any US Inv Announced Fairness Opinion

4*

2014 Rank

2013 Rank

Stifel/KBWFairness Opinion Provider

1 2

-6.99

▼

6.20

▲

CitiCenterview Partners LLC 12*

2

3.45

4* 6*

184*

12*12*Lazard

Stephens Inc

Sterne Agee & Leach Inc

Wells Fargo & Co

0.7%

16

2.7

5.5%▲65.3%

▲

Sheshunoff & Co Inc17* 10* 2

▲3

15* 4 2.72.7

0.0

-3

17* 37* 2 ▲

Duff and Phelps

Fairness Opinion Rankings †

Rank Value (US$m)


Rank Value (US$m)MarketRank ValueChange in


Jan 1 – Jun 30

Based on Number of Transactions

Change in # of Market# of Deals per Advisor # of Deals per Advisor

Deals Sh (%) # of DealsMarket

Jan 1 – Jun 30

Rank Value (US$m)

Stifel/KBW

Fairness Opinion Provider US$m Sh (%)

Based on Number of TransactionsBased on Number of Transactions

20

Jan 1 – Jun 30

Platinum Securities Co LtdKPMG

Industry % Change from Last Quarter +2

15*

2,787.8Guosen Securities Co Ltd 1.4+1+1

187

37* 2 1.417*

316.2 0.1Cain Brothers Co. 17* - 2

2.1 +11.4

21*

▲ 0.1

-8.3%

60.0%21 9% 1 4%

3*1011*8

28*

Goldman Sachs & CoEvercore PartnersRaymond James Financial IncSandler O'Neill PartnersCenterview Partners LLC

3.22.72.72.72.7

910*10*10*10*

▼▲

5555

24.14.30.40.2

29.4

-5-10-3

+3

439,202.0 100.0

77,441.913,946.2

1,266.9540.0

94,298.4

▼▼-

+3426

Industry % Change from Last Quarter ▲ ▼

0.31,197.1 1.3

Qilu Securities Co Ltd 20* - 3 1.3 +3 ▲ 271.0

▲ 781.3 0.8Soochow Securities Co Ltd 20* 28* 3 1.3 +2 ▲

+4 ▲ 216.4 0.2Central China Securities 20* - 3 1.3 +3

1.8 +4 ▲ 561.1 0.616* - 4 1.8

0.1Huaxi Securities Co Ltd 16* - 4Essence Securities Co Ltd

Raymond James Financial Inc 10* - 1 2.1 +1PricewaterhouseCoopers 10* 2 1 2.1 -5

- 655.5 0.2

Erik Penser 10* - 1 2.1 +1

Macquarie Group 17* 21* 2 1.4 0

- 1 2.1 +1

+1

100.0-26

-15.1% ▼

146

▲

▲Centerview Partners LLC 4*Credit Suisse 4* - 1 5.3 +1

1 62.6

267.1 1.15,708.1 22.8

15,687.65.3 ▲

62.6

2,609.7 10.4

Jan 1 – Jun 30

†Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate

Any EMEA Inv Announced Fairness Opinion

10*

▲

+2 10,301.8

Market

79,312.5

Any Asia Pacific Inv Announced Fairness Opinion

13.0

+1 ▲ 9,296.9

10*

6

2*

Jan 1 – Jun 30

+2

NomuraJP Morgan

Any Japan Inv Announced Fairness Opinion

6.312*

-55.7%1.10.7

19 25,076.4 100.0

▲

Industry Total

8*

4

7

8*

▲

6.3

70.6%▲

+49

▲

Deloitte 10*

Industry % Change from Same Period Last Year 26.7% ▲

0.6

4*Morgan Stanley

169.9%

+4

8* 1 5.3 -1 ▼

15,687.6-

7 2 10.5▲

US$m

2 10.5 +1-1 ▼

▲670.7 2.7

Rank Value

- 9 47.4 +9Deals

2013 Rank

# of Market# of Deals

Industry % Change from Last Quarter -27.3% ▼

Sh (%)

2*

Change in Market

▼

2014 Rank

1,021.7+6

92,043.6

▲

▲+3

667.4+4

337.0

8*

Industry % Change from Last Quarter 48.9% ▲ 122.8%

224

Industry % Change from Same Period Last Year 28.0%

JP Morgan

14*

8*

28* 7 3.1

3.112*

▲12* 7 3.1

0.40.7680.3

▲

▲

7 3.128* 7

+3

+6+4

3.6891

4.9

1,258.8

3▲

▼4.04.5

21*

2.4▲ 1.4

-17 2,232.8

Market

12,565.6

Sh (%)Sh (%)

+1311

15 -16.7+7

1.3

1.5▲

10 -03,181.4

Rank Value

4.03,727.4▼

+9 3.513.7

# of Deals

Industry % Change from Last Quarter -43.3% ▼ -52.8%Industry % Change from Same Period Last Year

Industry Total

▼

14

1,231.5

Southwest Securities Co Ltd

-36.5%

100.0-2747

1,708.6-

2,628.3

14*▲ 9.6 0.00.0

▲ 44.4 2.91.8 +2371.9.0

▼79.8% ▲

28*16*

Industry Total 100.0

▼

+1▲

0.4Guotai Junan Securities 16* 21* 4

2.1

▲ 438.4 0.55 2.2

12* 21*2.2▲

▲▲

+1

6.0 0.0+2

0.81,398.8 1.8

14* +1

▲ 134.1 0.2

664.3+1 ▲ 192.4

5* -14*

16* 4.3▲10*

-

2.1

4.32

6,558.5 8.3▼ 9,168.4 11.6

4.322

4.3

4*4* 33

216*

316*

2

US$mRank Value

1▲

2014 Rank

5*5

10.6 +210.6

1*

Market2013 Rank

Change in Deals Sh (%) Fairness Opinion Provider

Industry Total 287,819.4


Fairness Opinion Provider

Rank Value (US$m)

▼-17.7%

Sh (%)



# of Deals per Advisor Rank Value (US$m)

Deutsche Bank

56.3%

Jan 1 – Jun 30

▼

336.1

▲14

11.7

Sh (%)

34.3▼

0.06.4

-927,205.3

4.3

# of Deals

5

1

Changjiang Securities Co Ltd

Citi28*

2

7*

Huatai Securities Co Ltd

Haitong Securities Co LtdGreat Wall Securities Co Ltd


1

CITIC Group Corp

Deals

5* ▲

Change in

* tie

12* 5 2.2 +2▲

Sinolink Securities Co Ltd4 1.8GF Securities

10*+4 ▲ 567.5

10* - 2.1 0.2Somerley Ltd 12*Banco Fator SA

RS Platou Securities AS

24*

-

Fairness Opinion ProviderKPMGJP Morgan

Ernst & Young LLP

1

Northland Capital Partners Ltd4*

Somerley Ltd

UBS

Barclays

2014 Rank

1*

Guosen Securities Co LtdPlatinum Securities Co Ltd


Morgan StanleyMinsheng Securities Co Ltd

5

-

# of2013 Rank

# of


-

Hongyuan Securities Co Ltd

Rank Value (US$m)

0.4

1,261.6 1.61 2.1 +1 ▲

-3 6.34.3

28*

-5.3% ▼

US$mMarket

1,297.22.7

▼ 46,587.0 50.6


# of Deals per AdvisorBased on Number of Transactions

1,353.5

1.46

4 6 2.7 -3

+4

21.9% -1.4%

2*

InvestecPiraeus Bank SA


as well as fairness opinions provided as part of a broader advisory mandate.

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 20

-

-

-

-

-


Ranking Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2013 and June 30, 2014 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2014.

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

Tel: +852 3761 1852

E-mail: [email protected]


Asia-PacificKelvin Bian

Kaori Motohashi

EMEA

Tel: +44 (0) 20 7542 3558


Japan

Redina Doda

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

-

-

-

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

E-mail: [email protected]: +813 6441 1338Kaori Motohashi

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2014 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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© 2014 Thomson Reuters. 1006243 03/14.Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.

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