global m&a market review · 7/24/2015 top adviser: cigna corp anthem inc-$50,382.3: kraft foods...

GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS 1st 3Q 2015

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables5. Americas M&A Regional Review6. Americas M&A League Tables8. EMEA M&A Regional Review9. EMEA M&A League Tables

12. APAC M&A Regional Review13. APAC M&A League Tables16. Disclaimer

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Rachel Campanelli +1-646-324-4657 [email protected]

EMEA Madeeha Ahmad +44-20-3525-3754 [email protected]

Asia Pacific Parker Leung +852-2977-6108 [email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

1st 3Q 2015

GLOBAL M&A FINANCIAL ADVISORY RANKINGS

©2015 Bloomberg Finance L.P. All rights reserved.

mailto:[email protected]



http://www.bloomberg.com/professional/solutions/investment-banking/

Scale in USD Bln. 0 - 57

58 - 9596 - 190

191 - 380381 - 570571 - 950

951 - 1,4251,426 - 1,7101,711 - 1,900

1,901 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q2015.

North America USD 1.9T 1. JP Morgan Chase & Co 29.5%2. Goldman Sachs & Co 28.6% 3. Morgan Stanley 28.5%

Western Europe USD 776.2B 1. Goldman Sachs & Co 33.2%2. Morgan Stanley 31.9% 3. JP Morgan Chase & Co 30.8%

Latin America & Caribbean USD 94.7B 1. Rothschild Ltd 17.0% 2. Bank of America Merrill Lynch 15.2%3. Goldman Sachs & Co 15.1%

Middle East & Africa USD 118.0B 1. JP Morgan Chase & Co 45.9% 2. Barclays PLC 39.7% 3. Greenhill & Co 34.3%

Asia Pacific USD 947.6B 1. Goldman Sachs & Co 16.7% 2. Morgan Stanley 16.3% 3. Bank of America Merrill Lynch 13.1%

Eastern Europe USD 47.2B 1. VTB Capital 21.4% 2. JP Morgan Chase & Co 20.8%3. Lazard Ltd 12.8%

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DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 27,737 Consumer Non-cyclical $654.3 22.1% 25.5%

Volume (Bln.) $2,935 Financial $571.4 19.3% 21.7%

Avg Deal Size (Mln.) $106 Energy $361.6 12.2% 17.1%

Communications $358.9 12.1% -0.9%

Industrial $317.5 10.7% 34.0%

Goldman Sachs & Co Consumer Cyclical $215.5 7.3% -16.6%

Number of deals 275 Technology $204.5 6.9% 80.4%

Volume (Bln.) $807.4 Basic Materials $114.0 3.9% -8.5%

Avg Deal Size (Bln.) $2.9 Utilities $83.6 2.8% 6.8%

Diversified $76.4 2.6% 292.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,947.3 12.0% 41.6%

Cross Border $1,144.7 22.3% 9.1%

Private Equity $577.1 25.5% 8.5%

Asset Sale $489.1 4.2% -0.9%

Tender Offer $228.9 -7.9% 4.6%

Venture Capital $88.8 30.6% 63.2%

Spin-off $43.9 -3.8% -75.2%

Minority Purchase $269.2 25.9% 18.9%

Majority Purchase $145.6 11.7% -23.4%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Deal Type

Global M&A: Deal Type Breakdown

Kraft Heinz Foods Co

-

4/8/2015 $79,308.5

5/26/2015 $79,249.7Time Warner Cable IncCharter Communications

Inc-

7/24/2015

Top Adviser

$50,382.3Cigna Corp Anthem Inc -

-Kraft Foods Group Inc

9/28/2015 $58,093.3

3/25/2015 $55,422.9

Williams Cos Inc/The Energy Transfer Equity LP

Global M&A: Industry Breakdown

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Global M&A: Highlights of 1st 3Q 2015

Summary IndustryAcquirerTarget Seller

BG Group PLC Royal Dutch Shell PLC -

Global M&A: Quarterly Volume

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3

Volume (Bln.) Deal Count

20%

32%

39%

8%

0% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global deal volume is on target to reach a record high this year, showing a similar trend to deal volume in2007 which attained over $4.0T at year end. Volume reached $2.9T in the first 3Q2015 with deal count up14.1% compared to the same period last year.

• Venture capital investments increased significantly with deal count YTD equating to 93.4% of all venturecapital investments for full year 2014. A competitor to Uber Technologies Inc, Didi Kuaidi, completed thelargest round of financing on record at $3.0B.

• Goldman Sachs & Co was the top adviser for the first 3Q2015 with $807.4B in volume. Morgan Stanleyand JP Morgan Chase & Co rounded out the top three with $767.1B and $734.5B respectively. GoldmanSachs has been the top financial adviser for the same period for the past five years.

3

Global Announced Deals 01/01/2015 - 09/30/2015 Cross Border Announced Deals 01/01/2015 - 09/30/2015

Goldman Sachs & Co 1 27.5 807,431 275 1 29.1 -1.6 JPMorgan Chase & Co 1 34.5 394,656 126 5 19.7 14.8Morgan Stanley 2 26.1 767,054 270 2 19.8 6.3 Bank of America Merrill Lynch 2 26.9 307,461 107 7 17.7 9.2JPMorgan Chase & Co 3 25.0 734,515 221 6 15.5 9.6 Goldman Sachs & Co 3 26.7 305,617 160 1 33.1 -6.4Bank of America Merrill Lynch 4 20.7 606,347 183 3 19.2 1.4 Morgan Stanley 4 25.1 287,827 137 2 29.2 -4.0Credit Suisse Group AG 5 18.7 547,578 152 9 10.8 7.8 Credit Suisse Group AG 5 15.4 175,866 80 8 14.1 1.3Citigroup Inc 6 18.1 532,078 201 4 18.6 -0.4 Citigroup Inc 6 14.3 163,125 111 6 18.7 -4.4Lazard Ltd 7 12.3 359,631 164 5 17.6 -5.3 Deutsche Bank AG 7 13.8 158,296 73 4 22.2 -8.4Barclays PLC 8 11.4 334,421 139 7 13.7 -2.3 Barclays PLC 8 13.1 149,860 78 10 9.9 3.2Deutsche Bank AG 9 10.7 315,101 126 8 12.9 -2.1 Rothschild Ltd 9 10.5 120,276 134 9 12.4 -1.9Centerview Partners LLC 10 9.3 271,862 33 11 6.1 3.1 Lazard Ltd 10 9.3 105,945 98 3 23.4 -14.2UBS AG 11 8.5 250,610 94 12 6.1 2.4 Robey Warshaw LLP 11 7.0 79,851 2 36 1.2 5.8Guggenheim Capital LLC 12 5.4 159,223 16 40 0.8 4.6 UBS AG 12 6.2 71,329 50 13 7.7 -1.5HSBC Bank PLC 13 5.2 153,454 52 18 3.0 2.2 HSBC Bank PLC 13 6.1 69,441 39 14 6.6 -0.5Rothschild Ltd 14 5.1 150,190 190 10 6.4 -1.3 Evercore Partners Inc 14 5.2 59,241 37 23 2.5 2.7RBC Capital Markets 15 4.2 123,386 90 17 3.1 1.1 Greenhill & Co Inc 15 4.9 55,474 17 39 1.1 3.8Evercore Partners Inc 16 3.6 104,695 91 20 2.5 1.1 BNP Paribas SA 16 4.1 47,032 47 12 7.8 -3.7LionTree Advisors LLC 17 3.3 96,062 6 132 0.1 3.2 Moelis & Co 17 4.0 45,216 31 54 0.5 3.4Allen & Co Inc 18 3.2 94,877 13 43 0.8 2.5 Macquarie Group Ltd 18 3.1 35,872 43 20 2.9 0.3Greenhill & Co Inc 19 2.9 83,711 28 21 2.2 0.7 Ernst & Young 19 2.4 27,796 124 19 3.5 -1.1Robey Warshaw LLP 20 2.7 79,851 2 52 0.5 2.2 RBC Capital Markets 20 2.3 26,059 30 18 4.0 -1.7

TOTAL 2,934,042 27,740 TOTAL 1,144,802 10,241

Global Private Equity Announced Deals 01/01/2015 - 09/30/2015

JPMorgan Chase & Co 1 20.5 118,136 69 4 18.5 2.0Goldman Sachs & Co 2 19.7 113,952 98 1 31.1 -11.4Morgan Stanley 3 17.1 98,900 87 3 21.0 -3.9Bank of America Merrill Lynch 4 16.9 97,782 67 5 18.0 -1.0Citigroup Inc 5 15.2 87,479 59 7 13.9 1.3Deutsche Bank AG 6 13.9 79,983 49 2 21.4 -7.5Credit Suisse Group AG 7 12.4 71,320 58 9 11.5 0.9Barclays PLC 8 11.2 64,460 60 8 12.5 -1.3Centerview Partners LLC 9 6.7 38,689 12 12 6.0 0.7Macquarie Group Ltd 10 6.6 37,888 34 23 2.4 4.1UBS AG 11 6.5 37,203 30 10 11.0 -4.6Rothschild Ltd 12 6.4 36,659 84 16 4.0 2.3RBC Capital Markets 13 5.1 29,529 28 11 7.8 -2.7Wells Fargo & Co 14 4.6 26,327 23 14 4.8 -0.2Jefferies LLC 15 4.3 24,719 58 19 3.6 0.7Lazard Ltd 16 4.0 23,106 67 6 14.3 -10.3Moelis & Co 17 3.6 21,016 32 28 1.9 1.7HSBC Bank PLC 18 3.6 20,933 20 36 1.1 2.6Houlihan Lokey Inc 19 3.0 17,347 36 35 1.1 1.9PricewaterhouseCoopers LLP 20 2.8 16,144 88 40 0.9 1.9

TOTAL 577,155 7,768

1,049,678

FIRM

2015 2014MKT SHR CHANGE

FIRM

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

2,483,154

2014MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2015 2014MKT SHR CHANGE FIRM

2015MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

531,874

4

Country

United States $1,502.9 93.2% 23.8%

Canada $47.8 3.0% -44.8%

Brazil $22.7 1.4% -51.1%

Bermuda $8.1 0.5% 70.6%

Mexico $7.9 0.5% -53.1%

British Virgin Islands $7.3 0.5% 60.7%

Chile $5.1 0.3% -52.0%

Colombia $0.3 0.0% -91.2%

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 12,238 Consumer Non-cyclical $488.4 30.2% 35.5%

Volume (Bln.) $1,613.0 Financial $269.8 16.7% 44.0%

Avg Deal Size (Mln.) $131.8 Communications $200.8 12.4% -8.7%

Energy $194.2 12.0% -13.4%

Technology $145.2 9.0% 81.0%

Morgan Stanley Industrial $141.3 8.8% 75.0%

Number of deals 151 Consumer Cyclical $81.0 5.0% -36.4%

Volume (Bln.) $511.8 Utilities $45.9 2.8% -12.4%

Avg Deal Size (Bln.) $3.4 Basic Materials $43.9 2.7% -35.6%

Diversified $4.5 0.3% -45.8%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,171.7 6.7% 36.7%

Cross Border $415.1 19.4% 5.1%

Private Equity $319.3 20.3% 11.8%

Asset Sale $290.1 -4.3% 7.0%

Tender Offer $123.8 0.0% 92.8%


Spin-off $19.5 -12.5% -87.5%


Majority Purchase $17.9 16.4% -42.9%


Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

7/27/2015 Generic drug businessTeva Pharmaceutical

Industries LtdAllergan plc $40,500.0

7/24/2015 Cigna Corp Anthem Inc - $50,382.3

Amount (Bln.) % of Total

% YoY Change

Top Adviser3/25/2015 Kraft Foods Group Inc Kraft Heinz Foods Co - $55,422.9

9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3

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15

5/26/2015 Time Warner Cable IncCharter Communications

Inc- $79,249.7

Americas M&A Regional Review Americas M&A: Country Breakdown

Americas M&A: Highlights of 1st 3Q 2015

Summary Target Acquirer Seller Industry

Americas M&A: Industry Breakdown

0

1,000

2,000

3,000

4,000

5,000

6,000

$0

$200

$400

$600

$800

$1,000

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3


• The Americas continued to be the most targeted region, accounting for 55.0% of volume YTD. The USwas responsible for 93.2% of deals for the region, up 23.8% in volume from the same period last year.

• US deals within the technology sector experienced the largest percentage change with an increase of96.8%, bolstered by the sale of SunGard Data Systems Inc to Fidelity National Information Services Incfor $9.1 billion announced in the third quarter.

• Anthem Inc’s $50.4 billion announced acquisition of Cigna Corp and Aetna Inc’s announced acquisitionof Humana Inc for $28.9 billion dominated the high activity represented in the consumer, non-cyclicalsector. Once completed, the health insurers consolidation will increase the companies’ scale andsignificance amid regulatory changes in the health-care industry.

5

US Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 US Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015

JPMorgan Chase & Co 1 30.7 549,133 143 6 19.3 11.4 Morgan Stanley 1 31.9 506,421 139 4 20.6 11.3Goldman Sachs & Co 2 29.7 531,049 189 1 33.9 -4.2 JPMorgan Chase & Co 2 31.2 495,041 118 7 19.4 11.7Morgan Stanley 3 29.5 527,457 162 4 20.4 9.0 Goldman Sachs & Co 3 29.9 475,485 149 1 36.2 -6.3Credit Suisse Group AG 4 25.9 463,351 102 9 10.2 15.7 Credit Suisse Group AG 4 27.1 430,270 86 10 9.6 17.5Citigroup Inc 5 24.3 435,502 117 3 21.4 2.9 Citigroup Inc 5 26.6 422,745 106 3 22.1 4.6Bank of America Merrill Lynch 6 23.4 418,079 125 2 23.7 -0.3 Bank of America Merrill Lynch 6 24.1 383,654 105 2 24.8 -0.6Barclays PLC 7 17.1 305,396 101 7 18.6 -1.5 Barclays PLC 7 18.0 285,738 81 5 20.1 -2.2Lazard Ltd 8 16.6 296,501 92 5 19.8 -3.2 Lazard Ltd 8 17.2 273,568 72 6 19.5 -2.3Centerview Partners LLC 9 14.9 266,617 31 10 10.1 4.8 Centerview Partners LLC 9 16.5 262,867 29 9 9.9 6.7Deutsche Bank AG 10 10.9 195,306 76 8 12.4 -1.5 UBS AG 10 11.1 176,481 38 12 5.9 5.2UBS AG 11 10.3 184,810 46 12 5.8 4.5 Deutsche Bank AG 11 10.6 167,678 61 8 11.8 -1.2Guggenheim Capital LLC 12 8.9 159,223 16 24 1.3 7.6 Guggenheim Capital LLC 12 10.0 158,824 14 21 1.5 8.5RBC Capital Markets 13 6.0 107,130 62 14 3.9 2.1 RBC Capital Markets 13 6.7 107,130 61 16 2.9 3.8LionTree Advisors LLC 14 5.4 96,062 6 105 0.1 5.3 LionTree Advisors LLC 14 6.0 96,062 6 93 0.1 6.0Allen & Co Inc 15 5.3 94,638 12 26 1.3 4.0 Allen & Co Inc 15 5.8 91,638 11 22 1.4 4.3Evercore Partners Inc 16 5.1 91,237 73 15 3.5 1.6 Evercore Partners Inc 16 5.5 87,136 66 14 3.8 1.7Rothschild Ltd 17 4.6 83,159 59 18 2.4 2.2 Greenhill & Co Inc 17 4.4 69,716 13 15 3.5 0.9Greenhill & Co Inc 18 4.6 82,121 19 17 3.3 1.3 Intrepid Partners LLC 18 3.7 58,093 1 - - 3.7Intrepid Partners LLC 19 3.2 58,093 1 - - 3.2 Jefferies LLC 19 3.3 53,063 82 11 6.6 -3.3Jefferies LLC 20 3.1 55,190 92 11 6.2 -3.2 Wells Fargo & Co 20 2.8 44,444 39 17 2.9 -0.1

TOTAL 1,790,628 13,039 TOTAL 1,589,185 10,592

Canada Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Canada Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015

JPMorgan Chase & Co 1 26.5 46,661 18 4 19.5 7.0 BMO Capital Markets Corp 1 25.4 15,126 24 5 16.6 8.8Morgan Stanley 2 17.5 30,811 16 5 15.8 1.7 RBC Capital Markets 2 16.2 9,670 23 1 32.0 -15.8BMO Capital Markets Corp 3 17.5 30,727 27 8 13.4 4.1 TD Securities Inc 3 14.8 8,811 20 12 9.7 5.1Citigroup Inc 4 16.9 29,797 10 6 14.9 2.0 CIBC 4 14.2 8,469 25 14 7.4 6.8Goldman Sachs & Co 5 16.6 29,235 17 3 20.3 -3.7 Goldman Sachs & Co 5 10.4 6,170 5 6 13.9 -3.5Deutsche Bank AG 6 15.3 26,880 13 12 8.1 7.1 Bank of Nova Scotia/The 6 10.2 6,075 9 7 13.8 -3.6RBC Capital Markets 7 13.9 24,367 34 1 25.4 -11.6 Jefferies LLC 7 6.2 3,710 6 24 1.4 4.9Credit Suisse Group AG 8 13.7 24,050 11 19 5.0 8.7 Bank of America Merrill Lynch 8 6.0 3,580 5 11 10.8 -4.8Bank of America Merrill Lynch 9 12.4 21,739 12 9 10.8 1.5 Macquarie Group Ltd 9 5.0 2,971 10 19 2.3 2.7Bank of Nova Scotia/The 10 10.1 17,751 14 7 14.4 -4.3 National Bank Financial Inc 10 4.9 2,894 17 13 9.4 -4.5Barclays PLC 11 9.8 17,300 12 2 22.0 -12.1 PricewaterhouseCoopers LLP 11 4.5 2,694 11 52 0.1 4.4CIBC 12 9.4 16,612 28 15 7.1 2.3 GMP Securities LP 12 4.2 2,500 13 26 0.9 3.3Moelis & Co 13 8.9 15,606 5 64 0.1 8.8 Canaccord Genuity Corp 13 3.2 1,915 6 18 3.9 -0.7Macquarie Group Ltd 14 7.8 13,665 18 18 5.7 2.0 Citigroup Inc 14 3.1 1,855 3 3 18.9 -15.8HSBC Bank PLC 15 6.7 11,814 4 - - 6.7 Credit Suisse Group AG 15 3.0 1,758 5 21 1.8 1.2TD Securities Inc 16 5.0 8,811 22 13 8.1 -3.0 Raymond James & Associates Inc 16 2.7 1,610 10 27 0.8 1.9Jefferies LLC 17 4.4 7,742 9 30 1.0 3.4 FirstEnergy Capital Corp 17 2.4 1,455 8 23 1.7 0.8INFOR Financial Group Inc 18 3.9 6,900 1 - - 3.9 Deutsche Bank AG 18 2.4 1,450 4 15 5.2 -2.8Rothschild Ltd 19 3.7 6,573 13 35 0.6 3.1 Barclays PLC 19 2.4 1,448 5 8 12.9 -10.4Sandler O'Neill & Partners LP 20 3.1 5,484 3 - - 3.1 Somerley Group Ltd 20 2.4 1,415 1 - - 2.4

TOTAL 175,888 2,192 TOTAL 59,575 1,526

FIRM


2015 2014MKT SHR CHANGERANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)DEAL

COUNT RANKMKT SHR

(%)FIRM


2015 2014VOLUME USD

(Mln)MKT SHR CHANGE

1,496,385 1,342,485

155,182 104,986

6

Latin America Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Brazil Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Rothschild Ltd 1 26.8 15,358 14 6 20.5 6.3 Rothschild Ltd 1 34.7 10,685 10 2 39.8 -5.2Deutsche Bank AG 2 23.0 13,180 9 5 21.6 1.4 Deutsche Bank AG 2 33.1 10,186 4 10 21.1 12.0Bank of America Merrill Lynch 3 20.7 11,886 18 7 19.0 1.7 HSBC Bank PLC 3 30.7 9,466 2 26 0.7 30.0Goldman Sachs & Co 4 19.1 10,927 14 3 24.6 -5.5 Bank of America Merrill Lynch 4 27.3 8,394 10 11 20.1 7.2HSBC Bank PLC 5 18.3 10,476 6 21 3.1 15.2 Banco BTG Pactual SA 5 25.8 7,952 17 5 29.2 -3.4JPMorgan Chase & Co 6 15.3 8,772 9 11 14.0 1.3 Banco Bradesco BBI SA 6 25.7 7,928 4 12 13.7 12.0Banco BTG Pactual SA 7 15.0 8,603 21 10 15.3 -0.3 Goldman Sachs & Co 7 24.6 7,577 8 4 31.8 -7.2Credit Suisse Group AG 8 14.5 8,330 11 1 28.6 -14.0 Credit Suisse Group AG 8 24.0 7,398 9 3 38.4 -14.4Banco Bradesco BBI SA 9 13.8 7,928 4 13 6.8 7.0 JPMorgan Chase & Co 9 21.5 6,627 4 9 23.8 -2.3Banco Santander SA 10 12.5 7,139 10 9 16.3 -3.8 Banco Itau BBA SA 10 20.5 6,299 25 1 47.3 -26.8Banco Itau BBA SA 11 11.4 6,508 30 2 26.2 -14.8 Banco Santander SA 11 18.0 5,543 8 8 24.2 -6.2Morgan Stanley 12 9.9 5,672 10 4 24.4 -14.5 Morgan Stanley 12 14.9 4,593 4 6 25.5 -10.6Citigroup Inc 13 8.7 4,994 15 8 18.8 -10.1 Moelis & Co 13 13.9 4,280 1 29 0.5 13.4Moelis & Co 14 7.5 4,280 1 26 1.5 6.0 UBS AG 14 12.6 3,873 3 16 6.3 6.2UBS AG 15 6.8 3,873 3 19 3.8 3.0 BR Partners 15 3.4 1,058 7 18 3.3 0.1PricewaterhouseCoopers LLP 16 4.6 2,647 7 58 0.1 4.6 Citigroup Inc 16 3.3 1,012 4 13 9.7 -6.4Ernst & Young 17 3.8 2,186 2 23 1.8 2.0 Bank of Nova Scotia/The 17 2.9 900 1 - - 2.9Alfaro Davila y Rios SC 18 3.8 2,150 1 - - 3.8 Caixa Banco de Investimento SA 18 2.8 876 1 38 0.2 2.7Industrial & Commercial Bank of China Ltd 19 3.7 2,098 1 - - 3.7 Banco do Brasil SA 19 2.7 845 4 31 0.4 2.3Banco Bilbao Vizcaya Argentaria SA 20 1.9 1,105 5 31 0.8 1.1 Credit Agricole Corporate & Investment Bank SA 20 2.7 839 1 47 - 2.7

TOTAL 57,318 666 TOTAL 30,805 350

Latin America Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015 Brazil Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015

Rothschild Ltd 1 32.7 15,358 14 5 24.2 8.4 Rothschild Ltd 1 44.0 10,685 10 2 43.7 0.3Goldman Sachs & Co 2 22.3 10,470 13 3 27.6 -5.3 Banco Bradesco BBI SA 2 32.7 7,928 4 12 15.1 17.6JPMorgan Chase & Co 3 18.7 8,772 9 12 14.4 4.2 Banco BTG Pactual SA 3 31.8 7,709 15 5 27.4 4.3Banco BTG Pactual SA 4 18.3 8,603 21 9 15.6 2.8 Goldman Sachs & Co 4 31.2 7,577 8 4 32.3 -1.1Credit Suisse Group AG 5 17.7 8,330 11 1 31.6 -13.9 Credit Suisse Group AG 5 30.5 7,398 9 3 39.6 -9.1Banco Bradesco BBI SA 6 16.9 7,928 4 13 8.1 8.8 JPMorgan Chase & Co 6 27.3 6,627 4 10 22.8 4.5Deutsche Bank AG 7 15.5 7,272 5 4 25.5 -10.0 Banco Itau BBA SA 7 25.0 6,067 23 1 51.9 -26.9Banco Santander SA 8 15.2 7,139 9 8 19.1 -4.0 Banco Santander SA 8 22.8 5,543 7 7 26.4 -3.6Banco Itau BBA SA 9 13.8 6,508 29 2 30.9 -17.0 HSBC Bank PLC 9 21.4 5,186 1 23 0.8 20.6HSBC Bank PLC 10 13.2 6,196 5 21 3.7 9.5 Deutsche Bank AG 10 18.4 4,456 2 9 23.1 -4.7Bank of America Merrill Lynch 11 11.1 5,195 12 6 21.1 -10.0 UBS AG 11 15.0 3,641 2 16 7.0 8.1UBS AG 12 8.2 3,873 3 19 4.5 3.8 Bank of America Merrill Lynch 12 10.6 2,574 7 11 19.5 -8.9Citigroup Inc 13 7.7 3,621 11 10 15.0 -7.3 BR Partners 13 4.4 1,058 7 18 3.6 0.7PricewaterhouseCoopers LLP 14 5.6 2,647 6 52 0.1 5.6 Citigroup Inc 14 4.2 1,012 4 13 10.7 -6.5Ernst & Young 15 4.7 2,186 2 64 - 4.7 Bank of Nova Scotia/The 15 3.7 900 1 - - 3.7Alfaro Davila y Rios SC 16 4.6 2,150 1 - - 4.6 Caixa Banco de Investimento SA 16 3.6 876 1 36 0.2 3.4Industrial & Commercial Bank of China Ltd 17 4.5 2,098 1 - - 4.5 Banco do Brasil SA 17 3.5 845 4 28 0.5 3.0Morgan Stanley 18 3.0 1,392 9 7 19.7 -16.7 Credit Agricole Corporate & Investment Bank SA 18 3.5 839 1 45 - 3.5Banco Bilbao Vizcaya Argentaria SA 19 2.4 1,105 5 31 0.6 1.7 Daiwa Securities Group Inc 18 3.5 839 1 - - 3.5Bank of Nova Scotia/The 20 2.3 1,064 3 36 0.3 2.0 PricewaterhouseCoopers LLP 20 2.3 549 4 37 0.1 2.1

TOTAL 47,019 586 TOTAL 24,283 315

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

110,300 54,899

93,498 50,048

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

7

Country

United Kingdom $251.7 40.0% 74.2%

Germany $70.3 11.2% 2.7%

France $49.8 7.9% -58.4%

Italy $37.4 5.9% 33.1%

Netherlands $33.1 5.3% 7.9%

Spain $32.7 5.2% -18.1%

Switzerland $20.6 3.3% -26.6%

Finland $11.4 1.8% -2.4%

DateTotal Value (USD Mln.)


% YoY Change

Number of deals 7,273 Financial $141.0 22.1% 3.7%

Volume (Bln.) $630 Energy $106.6 16.7% 196.0%

Avg Deal Size (Mln.) $86.6 Consumer Non-cyclical $91.6 14.4% 2.0%

Industrial $80.5 12.6% -20.0%

Communications $78.8 12.4% -22.8%

Goldman Sachs & Co Consumer Cyclical $66.9 10.5% -22.3%

Number of deals 101 Basic Materials $23.9 3.8% 8.6%

Volume (Bln.) $245.8 Technology $19.7 3.1% 20.4%

Avg Deal Size (Bln.) $2.4 Utilities $14.9 2.3% 15.4%

Diversified $13.2 2.1% 161.9%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $402.8 19.7% 32.3%

Cross Border $520.5 21.2% 11.8%


Asset Sale $126.8 21.1% -15.3%

Tender Offer $76.1 -29.3% -33.7%


Spin-off $2.9 -35.0% -57.2%

Minority Purchase $44.4 8.0% -12.1%

$41.7 -4.3% -55.2%

EMEA M&A: Industry Breakdown


% YoY Change

Coca-Cola Enterprises Inc

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

6/24/2015 Delhaize Group Koninklijke Ahold NV - $11,473.4

$79,308.5

- $11,494.6

Top Adviser4/15/2015 Alcatel-Lucent Nokia OYJ - $11,669.9

3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd Telefonica SA $15,125.1

8/6/2015Coca-Cola Erfrischungsgetraenke AG,Coca Cola Iberian Partners SA


Glob

al M

&A

Revi

ew |

1st

3Q

2015

Majority Purchase

EMEA M&A Review EMEA M&A: Country Breakdown

EMEA M&A Highlights of 1st 3Q 2015

Summary Target Acquirer Seller Industry

4/8/2015 BG Group PLC Royal Dutch Shell PLC -

0

1,000

2,000

3,000

4,000

$0

$100

$200

$300

$400

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3


• At $629.8B, or a 3.9% increase from the first 3Q2014, EMEA maintained only marginal growth over the previous year, compared to 13.5% growth from the same period 2013 to 2014.

• 3Q2015 saw the third largest joint venture in EMEA’s history with the formation of Hutchison 3G Italy Investments Sarl created between VimpelCom Ltd and CK Hutchison Holdings Ltd.

• Historically low energy prices helped contribute to the 80.5% increase in energy asset sales for the first 3Q2015.

• The average premium for EMEA targets in deals over $1.0B in 3Q2015 was 7.5%, the lowest quarterly premium in five years.

• Cross border transactions represented 82.6% of the total volume, against 77.0% in 3Q2014 and 62.1% in 2013.

8

Europe Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Europe Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015

Goldman Sachs & Co 1 31.9 257,722 115 1 31.5 0.5 Goldman Sachs & Co 1 37.6 241,938 97 1 32.5 5.1Morgan Stanley 2 30.8 248,531 104 2 29.4 1.4 JPMorgan Chase & Co 2 32.9 211,807 79 8 17.3 15.6JPMorgan Chase & Co 3 30.4 245,272 93 5 20.1 10.4 Morgan Stanley 3 30.0 193,381 86 2 29.3 0.7Bank of America Merrill Lynch 4 27.7 223,088 79 7 18.1 9.5 Bank of America Merrill Lynch 4 29.2 187,702 65 7 18.7 10.5Rothschild Ltd 5 14.9 119,969 161 9 15.0 -0.1 Rothschild Ltd 5 17.4 111,799 153 6 18.9 -1.6Deutsche Bank AG 6 14.7 118,588 55 4 25.9 -11.2 Deutsche Bank AG 6 16.6 106,744 45 4 27.1 -10.6Credit Suisse Group AG 7 14.4 115,942 52 8 15.0 -0.6 Lazard Ltd 7 13.2 84,979 89 3 28.2 -15.0Lazard Ltd 8 13.2 106,385 107 3 27.1 -14.0 Robey Warshaw LLP 8 12.4 79,851 2 30 1.5 10.9Citigroup Inc 9 12.0 96,751 84 6 19.9 -7.9 Citigroup Inc 9 10.4 66,698 70 5 19.0 -8.6Robey Warshaw LLP 10 9.9 79,851 2 26 1.5 8.5 Credit Suisse Group AG 10 10.0 64,351 38 9 17.1 -7.1Barclays PLC 11 9.0 72,932 66 11 11.3 -2.3 HSBC Bank PLC 11 9.9 63,559 25 15 8.7 1.2HSBC Bank PLC 12 8.0 64,414 27 16 7.0 0.9 UBS AG 12 8.8 56,501 38 14 10.5 -1.7UBS AG 13 7.5 60,309 43 12 10.6 -3.1 Barclays PLC 13 7.7 49,465 54 12 11.6 -3.9BNP Paribas SA 14 6.8 54,486 59 10 12.4 -5.6 BNP Paribas SA 14 4.9 31,534 52 10 16.4 -11.5Ernst & Young 15 3.6 28,936 133 19 3.4 0.2 Ernst & Young 15 4.4 28,349 123 19 4.4 0.0Societe Generale SA 16 3.4 27,289 33 15 8.4 -5.0 Societe Generale SA 16 4.2 26,764 30 13 11.1 -6.9Moelis & Co 17 3.0 24,560 19 45 0.5 2.6 Zaoui & Co LLP 17 3.3 21,457 3 17 5.2 -1.9Zaoui & Co LLP 18 2.7 21,457 3 17 4.8 -2.2 Moelis & Co 18 2.8 18,202 12 46 0.4 2.4Evercore Partners Inc 19 2.5 20,144 26 25 1.6 0.9 Evercore Partners Inc 19 2.8 17,988 24 31 1.3 1.5Guggenheim Capital LLC 20 2.4 19,240 3 23 1.9 0.5 RBC Capital Markets 20 2.4 15,264 16 38 1.0 1.4

TOTAL 806,885 8,578 TOTAL 643,820 6,913

UK Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Germany Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Goldman Sachs & Co 1 42.6 153,997 67 1 29.8 12.9 Deutsche Bank AG 1 30.7 34,393 11 1 43.3 -12.6JPMorgan Chase & Co 2 36.6 132,312 46 3 22.8 13.8 Rothschild Ltd 2 25.0 28,006 20 9 12.9 12.1Bank of America Merrill Lynch 3 33.5 121,106 30 6 18.5 15.0 Credit Suisse Group AG 3 20.3 22,660 7 17 2.8 17.5Morgan Stanley 4 33.4 120,556 38 5 19.7 13.7 Morgan Stanley 4 19.4 21,669 14 2 41.2 -21.8Robey Warshaw LLP 5 22.1 79,851 2 14 3.9 18.2 JPMorgan Chase & Co 5 17.3 19,340 14 4 27.9 -10.6Rothschild Ltd 6 17.5 63,216 80 11 7.4 10.1 Ernst & Young 6 16.5 18,500 43 14 4.7 11.8Barclays PLC 7 11.2 40,589 38 7 14.4 -3.1 Lazard Ltd 7 16.0 17,933 13 5 22.0 -6.0Deutsche Bank AG 8 10.1 36,464 22 4 19.9 -9.8 Goldman Sachs & Co 8 15.2 17,014 10 3 29.9 -14.7UBS AG 9 9.7 35,049 20 10 10.8 -1.1 Citigroup Inc 9 11.7 13,037 11 7 18.2 -6.6HSBC Bank PLC 10 9.0 32,383 13 24 1.8 7.2 Bank of America Merrill Lynch 10 9.8 10,994 8 6 21.1 -11.3Credit Suisse Group AG 11 8.9 32,284 22 12 5.1 3.8 HSBC Bank PLC 11 8.2 9,141 2 - - 8.2Citigroup Inc 12 7.0 25,235 26 9 10.9 -3.9 UBS AG 12 8.1 9,057 4 10 9.9 -1.9Moelis & Co 13 4.9 17,655 10 39 0.5 4.4 Societe Generale SA 13 7.6 8,451 2 24 0.6 7.0Lazard Ltd 14 4.9 17,511 32 2 25.4 -20.5 Moelis & Co 14 5.7 6,337 2 62 - 5.7Evercore Partners Inc 15 4.2 15,041 16 27 1.2 2.9 Qatalyst Partners LLC 15 3.9 4,329 1 - - 3.9Macquarie Group Ltd 16 3.7 13,414 20 38 0.5 3.2 Evercore Partners Inc 16 2.9 3,196 2 - - 2.9Greenhill & Co Inc 17 3.7 13,325 6 22 2.9 0.8 UniCredit SpA 17 2.8 3,183 4 21 1.2 1.6RBC Capital Markets 18 3.6 12,890 13 23 2.2 1.4 Perella Weinberg Partners LP 18 2.4 2,665 1 - - 2.4PricewaterhouseCoopers LLP 19 3.4 12,217 72 29 1.0 2.3 Centerview Partners LLC 19 2.2 2,451 1 38 0.1 2.1Nomura Holdings Inc 20 2.8 10,234 13 46 0.3 2.5 KPMG Corporate Finance LLC 20 2.2 2,418 22 19 1.3 0.8

TOTAL 361,133 3,455 TOTAL 111,904 1,383

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

878,417 664,306

322,593 174,089

9

France Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Italy Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

BNP Paribas SA 1 30.3 31,713 35 6 42.4 -12.1 Morgan Stanley 1 54.9 29,714 11 1 38.5 16.4Morgan Stanley 2 29.2 30,484 17 2 51.4 -22.2 Goldman Sachs & Co 2 48.8 26,413 14 4 32.9 15.9JPMorgan Chase & Co 3 27.9 29,166 15 14 16.8 11.1 Bank of America Merrill Lynch 3 35.1 19,008 11 3 35.0 0.2Bank of America Merrill Lynch 4 27.8 29,040 11 12 25.1 2.7 Lazard Ltd 4 32.2 17,431 12 2 35.5 -3.3Credit Suisse Group AG 5 25.3 26,476 11 4 46.8 -21.5 Rothschild Ltd 5 26.0 14,057 11 8 15.3 10.7Citigroup Inc 6 25.1 26,263 13 10 29.8 -4.7 JPMorgan Chase & Co 6 22.5 12,148 5 7 20.3 2.2Goldman Sachs & Co 7 24.9 26,022 13 3 46.8 -21.9 HSBC Bank PLC 7 22.1 11,949 5 26 0.7 21.4Rothschild Ltd 8 24.2 25,296 56 5 44.9 -20.7 Citigroup Inc 8 21.5 11,611 15 9 14.9 6.6Lazard Ltd 9 19.2 20,032 35 1 59.7 -40.5 Credit Suisse Group AG 9 20.7 11,212 6 10 14.5 6.2Deutsche Bank AG 10 15.7 16,412 7 8 34.1 -18.4 Deutsche Bank AG 10 19.9 10,777 5 6 30.0 -10.1Societe Generale SA 11 15.1 15,732 26 9 33.8 -18.7 BDT & Co LLC 11 11.2 6,066 1 - - 11.2Zaoui & Co LLP 12 13.5 14,057 2 13 18.5 -5.1 UBS AG 12 10.1 5,472 8 21 3.6 6.6UBS AG 13 10.1 10,527 5 16 14.5 -4.4 Barclays PLC 13 6.6 3,568 5 5 32.0 -25.5Barclays PLC 14 10.0 10,429 14 15 14.9 -5.0 Credit Agricole Corporate & Investment Bank SA 14 5.0 2,686 4 41 - 5.0HSBC Bank PLC 15 9.3 9,725 5 11 28.2 -18.9 Vitale & Associati SpA 15 4.5 2,439 3 31 0.3 4.2Davy Corporate Finance 16 7.0 7,337 1 - - 7.0 Intesa Sanpaolo SpA 16 3.7 2,004 6 22 3.5 0.3Goodbody Corporate Finance Ltd 16 7.0 7,337 1 - - 7.0 Piper Jaffray & Co 17 2.6 1,397 1 - - 2.6Credit Agricole Corporate & Investment Bank SA 18 4.1 4,326 14 7 41.6 -37.4 Banco Santander SA 18 1.9 1,006 1 41 - 1.9Daiwa Securities Group Inc 19 3.2 3,372 26 29 0.6 2.6 Equita SIM SpA 19 1.7 916 2 - - 1.7Ondra Partners 20 3.0 3,107 2 - - 3.0 Mediobanca SpA 19 1.7 916 5 - - 1.7

TOTAL 104,553 1,187 TOTAL 54,124 478

Benelux Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Iberia Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

JPMorgan Chase & Co 1 63.1 136,940 21 10 22.2 40.9 Lazard Ltd 1 30.6 20,892 11 17 8.1 22.5Morgan Stanley 2 58.8 127,475 20 1 52.3 6.5 UBS AG 2 28.4 19,365 4 5 27.7 0.7Goldman Sachs & Co 3 56.5 122,570 15 4 36.5 20.0 Rothschild Ltd 3 26.1 17,813 10 16 9.9 16.2Bank of America Merrill Lynch 4 54.7 118,750 9 3 36.7 18.0 HSBC Bank PLC 4 23.5 16,062 4 26 1.6 21.9Robey Warshaw LLP 5 36.6 79,308 1 - - 36.6 Moelis & Co 5 22.2 15,125 1 - - 22.2Credit Suisse Group AG 6 11.8 25,639 9 12 18.9 -7.1 Deutsche Bank AG 6 21.0 14,344 4 6 23.6 -2.6BNP Paribas SA 7 10.4 22,640 14 8 27.6 -17.2 Ernst & Young 7 20.2 13,781 28 9 19.5 0.7Lazard Ltd 8 10.1 21,838 21 2 39.7 -29.7 Credit Suisse Group AG 8 16.8 11,495 1 23 3.1 13.7Barclays PLC 9 9.7 21,005 7 13 18.7 -9.0 Morgan Stanley 9 15.8 10,773 14 7 23.5 -7.7Guggenheim Capital LLC 10 8.2 17,835 1 - - 8.2 Citigroup Inc 10 13.9 9,470 11 25 1.7 12.2PJT Capital LP 10 8.2 17,835 2 - - 8.2 Goldman Sachs & Co 11 12.8 8,762 10 2 37.2 -24.4Deutsche Bank AG 12 7.1 15,376 6 5 33.6 -26.5 KPMG Corporate Finance LLC 12 7.8 5,299 35 14 14.3 -6.5HSBC Bank PLC 13 5.0 10,820 4 24 0.9 4.1 Bank of America Merrill Lynch 13 7.7 5,261 9 4 33.3 -25.6Zaoui & Co LLP 14 3.4 7,400 1 - - 3.4 RBC Capital Markets 14 3.7 2,545 1 34 0.4 3.3Rothschild Ltd 15 2.5 5,393 20 18 4.6 -2.2 PricewaterhouseCoopers LLP 15 2.6 1,801 20 28 1.1 1.5Jefferies LLC 16 1.2 2,525 8 19 2.8 -1.6 JPMorgan Chase & Co 16 2.2 1,509 3 3 35.0 -32.8Societe Generale SA 17 1.0 2,245 3 14 18.0 -16.9 Caixa Banco de Investimento SA 17 2.2 1,465 5 22 3.6 -1.5Cooperatieve Centrale Raiffeisen-Boerenleenban 18 1.0 2,098 13 26 0.6 0.4 Houlihan Lokey Inc 18 2.1 1,449 1 46 - 2.1RBC Capital Markets 19 0.9 1,956 3 - - 0.9 Barclays PLC 19 2.0 1,359 6 19 5.1 -3.1Somerley Group Ltd 20 0.9 1,838 3 - - 0.9 BNP Paribas SA 20 1.7 1,135 5 8 20.4 -18.8

TOTAL 216,966 995 TOTAL 68,256 508

RANKMKT SHR

(%)

FIRM

2015 2014

RANK

FIRM RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


2015VOLUME USD

(Mln)DEAL

COUNT

187,969 52,514

108,428 61,257

MKT SHR CHANGE

2014MKT SHR CHANGE

10

Nordic Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Eastern Europe Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Citigroup Inc 1 29.4 18,903 5 8 14.0 15.4 VTB Capital ZAO 1 21.4 10,100 10 17 1.0 20.4Deutsche Bank AG 2 29.3 18,888 5 1 26.5 2.9 JPMorgan Chase & Co 2 20.8 9,835 9 10 2.5 18.4JPMorgan Chase & Co 3 28.6 18,402 7 3 22.2 6.4 Lazard Ltd 3 12.8 6,039 3 32 0.1 12.7Goldman Sachs & Co 4 28.1 18,096 8 2 23.9 4.2 Societe Generale SA 4 6.2 2,947 6 27 0.5 5.7Credit Suisse Group AG 5 24.7 15,908 2 37 0.4 24.3 Citigroup Inc 5 5.4 2,533 11 6 7.0 -1.6Morgan Stanley 6 24.3 15,633 7 7 14.1 10.2 Morgan Stanley 6 4.9 2,320 4 3 20.3 -15.4Bank of America Merrill Lynch 7 18.3 11,760 3 25 1.5 16.8 Barclays PLC 7 4.3 2,049 3 8 4.3 0.0Zaoui & Co LLP 8 18.1 11,670 1 - - 18.1 Bank of America Merrill Lynch 8 3.7 1,762 6 14 1.5 2.3Skandinaviska Enskilda Banken AB 9 6.7 4,296 14 5 19.0 -12.3 UBS AG 9 3.7 1,743 1 15 1.5 2.2Perella Weinberg Partners LP 10 6.6 4,239 1 - - 6.6 Blackstone Group LP/The 10 3.2 1,525 1 21 0.6 2.6Rothschild Ltd 11 6.5 4,171 10 6 14.7 -8.2 BNP Paribas SA 11 2.3 1,108 4 5 9.2 -6.8Evercore Partners Inc 12 5.1 3,287 4 44 0.3 4.8 Turk Ekonomi Bankasi AS 12 1.5 686 1 - - 1.5ABG Sundal Collier Holding ASA 13 4.3 2,770 3 18 2.4 1.9 Cooperatieve Centrale Raiffeisen-Boerenleenban 13 1.4 680 1 22 0.6 0.9Lazard Ltd 14 4.3 2,745 8 21 1.9 2.4 Rothschild Ltd 14 1.1 524 5 4 18.3 -17.2Danske Bank A/S 15 4.1 2,630 6 34 0.4 3.6 UniCredit SpA 14 1.1 524 2 41 - 1.1Deloitte Touche Tohmatsu ILA Group Ltd 16 3.7 2,357 4 34 0.4 3.2 ING Groep NV 16 1.0 451 4 20 0.6 0.3Nordea Bank AB 17 1.8 1,140 11 4 19.7 -17.9 Ernst & Young 17 0.8 393 11 28 0.4 0.4PricewaterhouseCoopers LLP 18 1.6 1,044 42 11 4.0 -2.4 HSBC Bank PLC 18 0.7 330 2 13 1.8 -1.1RBC Capital Markets 19 1.1 727 3 27 1.2 -0.1 Goldman Sachs & Co 19 0.3 150 4 2 24.0 -23.7Pohjola Bank Oyj 20 1.0 669 1 - - 1.0 Skandinaviska Enskilda Banken AB 20 0.2 115 1 - - 0.2

TOTAL 64,414 1,177 TOTAL 47,240 773

Africa/ME Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

JPMorgan Chase & Co 1 46.7 54,210 9 13 4.4 42.3Barclays PLC 2 40.3 46,848 10 12 5.4 35.0Greenhill & Co Inc 3 34.9 40,500 1 42 0.4 34.5Bank of America Merrill Lynch 4 10.8 12,563 12 10 6.4 4.4Goldman Sachs & Co 5 10.5 12,231 8 6 10.9 -0.3Morgan Stanley 6 9.9 11,466 14 3 14.1 -4.2Citigroup Inc 7 5.6 6,447 13 7 8.9 -3.4HSBC Bank PLC 8 5.5 6,337 11 40 0.4 5.1Deutsche Bank AG 9 5.2 6,023 6 9 6.6 -1.4Nomura Holdings Inc 10 4.9 5,651 2 - - 4.9Rothschild Ltd 11 4.5 5,173 8 8 7.1 -2.7Moelis & Co 12 3.7 4,280 2 33 0.5 3.2PricewaterhouseCoopers LLP 13 2.9 3,334 12 57 0.1 2.8Davy Corporate Finance 14 2.5 2,840 1 - - 2.5FirstRand Ltd 15 2.4 2,810 1 - - 2.4Ernst & Young 16 2.3 2,627 11 19 2.2 0.0Credit Suisse Group AG 17 2.3 2,609 5 11 5.9 -3.6Jefferies LLC 18 2.2 2,577 5 18 2.5 -0.3Centerview Partners LLC 19 2.1 2,451 1 - - 2.1Lazard Ltd 20 2.0 2,263 9 5 12.2 -10.2

TOTAL 116,135 1,117

FIRMDEAL

COUNT RANKMKT SHR

(%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNTRANK

MKT SHR CHANGE


MKT SHR (%)

VOLUME USD (Mln)

RANKMKT SHR

(%)FIRM


2015 2014

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT

87,101 46,597

63,596

11

DateTotal Value (USD Mln.)

Number of deals 8,004

Volume (Bln.) $702.8

Avg Deal Size (Mln.) $87.8

Goldman Sachs & Co

Number of deals 47

Volume (Bln.) $105.1

Avg Deal Size (Bln.) $2.2

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $388.3 14.8% 80.2%

Cross Border $222.3 28.6% 17.4%


Asset Sale $71.8 6.6% -0.7%

Tender Offer $29.0 5.4% -27.5%


Spin-off $21.6 41.2% 45.1%


Majority Purchase $84.8 20.6% 29.8%

Graphs represent any regional involvement (target, seller, or acquirer).

SK Holdings Co Ltd/Old

Japan M&A: Quarterly Volume

$10,938.25/26/2015 Samsung C&T Corp/Old Samsung C&T Corp -

-

-

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

9/8/2015 Oil Search Ltd Woodside Petroleum Ltd - $10,957.1

Top Adviser3/24/2015

China Overseas Land & Investment Ltd

China State Construction Engineering Corp Ltd

- $11,199.8

4/20/2015

$41,705.3

SK Holdings Co Ltd $26,731.5

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2015APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q 2015

Summary Target Acquirer Seller

1/9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd

24%

13%

11% 11% 10%

8%

8%

7% 5% 3%

APAC Industry Breakdown Financial

Industrial

Communications

Consumer Non-cyclical

Consumer Cyclical

Energy

Diversified

Basic Materials

Technology

Utilities

01,0002,0003,0004,000

$0$100$200$300$400


0

200

400

600

$0

$20

$40

$60

$80


0

500

1,000

1,500

2,000

$0

$50

$100

$150

$200


0

200

400

600

800

$0

$50

$100


• M&A activity targeting the APAC region for the first 3Q2015 increased 48.2% to $702.8B compared to the same period last year.

• The Greater China region witnessed the highest deal volume in terms of any party involvement in APAC YTD, accounting for 54.9% of the APAC deal volume, up from 49.7% YoY.

• The top deal in APAC in the third quarter, Oil Search Ltd’s announced takeover by Woodside Petroleum Ltd for $11.0B, was also the largest merger in the Australian oil and gas industry on record.

• Outbound APAC activity saw a 101.8% increase to $232.1B from last year, with 52.5% of the investment made to North America.

12

APAC Ex-Japan Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/2015 - 09/30/2015

Goldman Sachs & Co 1 15.9 134,730 61 1 16.2 -0.3 Goldman Sachs & Co 1 15.5 104,784 44 1 16.0 -0.5Morgan Stanley 2 14.5 122,475 64 2 11.5 3.0 Morgan Stanley 2 12.1 81,484 47 2 11.1 1.0Bank of America Merrill Lynch 3 13.7 115,714 32 3 10.5 3.2 Somerley Group Ltd 3 11.2 75,717 37 9 5.8 5.5Citigroup Inc 4 13.0 109,685 54 4 9.4 3.6 HSBC Bank PLC 4 11.0 74,140 13 21 3.0 8.0JPMorgan Chase & Co 5 12.6 106,425 45 8 7.1 5.5 Credit Suisse Group AG 5 10.0 67,540 29 11 5.3 4.8HSBC Bank PLC 6 12.5 105,430 18 22 2.6 9.8 Bank of America Merrill Lynch 6 8.9 59,915 22 3 9.4 -0.6Credit Suisse Group AG 7 11.9 100,491 38 7 7.5 4.4 Citigroup Inc 7 8.6 58,310 35 4 8.6 0.1Deutsche Bank AG 8 11.4 96,824 32 5 8.9 2.5 CITIC Securities Co Ltd 8 7.8 52,652 38 6 8.2 -0.4Somerley Group Ltd 9 9.3 78,831 42 13 4.9 4.4 Deutsche Bank AG 9 7.7 51,910 25 5 8.4 -0.7Macquarie Group Ltd 10 6.6 55,954 41 11 5.1 1.5 JPMorgan Chase & Co 10 7.1 47,694 32 8 5.8 1.3CITIC Securities Co Ltd 11 6.2 52,652 38 6 8.4 -2.1 Anglo Chinese Corporate Finance 11 7.0 47,051 2 190 - 7.0UBS AG 12 6.1 51,393 33 10 5.1 1.0 Macquarie Group Ltd 12 6.5 43,819 29 12 5.2 1.3Anglo Chinese Corporate Finance 13 5.7 48,466 3 208 - 5.7 PricewaterhouseCoopers LLP 13 5.4 36,581 72 15 4.2 1.2Barclays PLC 14 5.6 47,552 16 34 1.1 4.6 NH Investment & Securities Co Ltd 14 4.3 29,306 8 - - 4.3PricewaterhouseCoopers LLP 15 4.8 40,334 83 18 3.6 1.2 Gresham Partners Ltd 15 4.0 27,282 10 24 2.4 1.6Evercore Partners Inc 16 3.9 33,253 9 36 0.9 3.0 China International Capital Corp Ltd 16 3.5 23,847 18 7 6.1 -2.6Moelis & Co 17 3.9 32,894 10 65 0.3 3.6 JM Financial Ltd 17 3.5 23,554 10 35 0.9 2.6NH Investment & Securities Co Ltd 18 3.5 29,306 8 - - 3.5 UBS AG 18 3.1 21,193 24 10 5.5 -2.3Gresham Partners Ltd 19 3.5 29,182 11 25 2.1 1.4 Axis Bank Ltd 19 2.9 19,258 7 122 0.1 2.8Rothschild Ltd 20 3.3 28,055 29 14 3.8 -0.5 Haitong Securities Co Ltd 20 2.8 18,812 14 19 3.2 -0.4

TOTAL 846,790 8,137 TOTAL 674,934 6,908

APAC Private Equity (Any Involvement) 01/01/2015 - 09/30/2015

Morgan Stanley 1 21.4 35,317 25 2 22.1 -0.7Citigroup Inc 2 20.2 33,233 21 8 11.4 8.7JPMorgan Chase & Co 3 19.6 32,329 14 11 9.4 10.2Bank of America Merrill Lynch 4 18.9 31,178 13 3 22.1 -3.1Macquarie Group Ltd 5 13.4 22,089 15 14 6.9 6.5Goldman Sachs & Co 6 12.2 20,123 19 1 32.7 -20.5Deutsche Bank AG 7 11.8 19,406 12 4 21.4 -9.7Moelis & Co 8 10.0 16,542 5 43 0.4 9.7UBS AG 9 9.6 15,900 9 12 8.6 1.0Credit Suisse Group AG 10 8.7 14,256 9 7 12.6 -4.0Gresham Partners Ltd 11 7.1 11,768 4 45 0.3 6.8HSBC Bank PLC 12 7.0 11,581 5 20 4.5 2.5Rothschild Ltd 13 6.8 11,184 11 13 7.4 -0.6CITIC Securities Co Ltd 14 5.1 8,430 1 6 14.0 -8.9Barclays PLC 15 4.8 7,962 9 24 1.8 3.1PricewaterhouseCoopers LLP 16 3.6 5,980 10 26 1.3 2.3Wells Fargo & Co 17 3.0 4,911 4 - - 3.0China Renaissance Partners 18 2.9 4,824 8 22 2.0 0.9Centerview Partners LLC 19 2.6 4,200 2 36 0.7 1.9Kimberlite Group LLC 19 2.6 4,200 1 - - 2.6

TOTAL 164,869 1,685

2014MKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM

2015 2014MKT SHR CHANGE

535,539

FIRM


2015

RANK

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

454,557

124,854

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

13

AU & NZ Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Japan Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Macquarie Group Ltd 1 30.5 32,835 32 2 21.8 8.7 Nomura Holdings Inc 1 26.6 35,312 90 4 14.2 12.5Bank of America Merrill Lynch 2 30.3 32,539 9 7 13.0 17.2 Morgan Stanley 2 24.5 32,440 35 1 40.4 -15.9Gresham Partners Ltd 3 27.1 29,182 11 9 11.1 16.0 Mizuho Financial Group Inc 3 21.3 28,289 74 11 3.9 17.5UBS AG 4 19.6 21,109 19 4 16.4 3.3 Goldman Sachs & Co 4 18.9 25,105 14 6 12.8 6.1Morgan Stanley 5 18.6 19,954 10 11 10.8 7.8 JPMorgan Chase & Co 5 16.9 22,359 13 7 11.0 5.9Goldman Sachs & Co 6 17.4 18,703 21 1 36.0 -18.6 Bank of America Merrill Lynch 6 14.4 19,024 15 16 1.9 12.5Citigroup Inc 7 17.3 18,556 11 8 13.0 4.3 Lazard Ltd 7 12.4 16,394 10 27 0.5 11.9Grant Samuel Securities Pty Ltd 8 13.3 14,294 5 3 17.8 -4.5 Citigroup Inc 8 11.5 15,172 18 9 5.9 5.6Deutsche Bank AG 9 13.1 14,116 9 6 13.1 - Evercore Partners Inc 9 11.0 14,549 6 19 1.3 9.7Moelis & Co 10 12.4 13,386 7 36 0.3 12.1 Sumitomo Mitsui Financial Group Inc 10 9.6 12,689 98 5 13.3 -3.8JPMorgan Chase & Co 11 11.0 11,873 5 14 7.0 4.1 CITIC Securities Co Ltd 11 8.0 10,556 3 - - 8.0Luminis Partners 12 10.3 11,125 2 - - 10.3 Somerley Group Ltd 12 7.8 10,356 2 - - 7.8Credit Suisse Group AG 13 9.8 10,489 8 5 14.0 -4.2 Credit Suisse Group AG 13 7.2 9,598 5 2 20.0 -12.8CIBC 14 7.4 7,926 2 - - 7.4 Rothschild Ltd 14 6.4 8,505 7 24 0.8 5.6BMO Capital Markets Corp 15 6.4 6,900 1 12 7.6 -1.2 Deutsche Bank AG 15 5.0 6,682 5 14 2.2 2.9Barclays PLC 15 6.4 6,900 3 42 0.2 6.2 Gresham Partners Ltd 16 4.7 6,271 1 - - 4.7INFOR Financial Group Inc 15 6.4 6,900 1 - - 6.4 Grant Samuel Securities Pty Ltd 16 4.7 6,271 1 - - 4.7Lazard Ltd 18 5.9 6,309 3 10 11.1 -5.3 Daiwa Securities Group Inc 18 3.2 4,208 31 8 6.0 -2.8Mizuho Financial Group Inc 19 5.8 6,271 2 - - 5.8 Deloitte Touche Tohmatsu ILA Group Ltd 19 2.7 3,631 31 22 1.0 1.8Centerview Partners LLC 20 3.9 4,200 1 - - 3.9 KPMG Corporate Finance LLC 20 2.4 3,232 21 10 5.1 -2.6

TOTAL 107,579 1,321 TOTAL 132,556 1,995

South Korea Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 China Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Goldman Sachs & Co 1 45.5 39,038 5 12 2.4 43.2 CITIC Securities Co Ltd 1 13.2 52,652 38 1 18.8 -5.6Morgan Stanley 2 45.0 38,603 7 3 12.0 33.0 JPMorgan Chase & Co 2 10.0 39,716 15 9 8.0 2.0Credit Suisse Group AG 3 43.9 37,670 2 8 4.4 39.6 Somerley Group Ltd 3 8.6 34,061 23 7 8.8 -0.2Citigroup Inc 4 39.4 33,772 6 2 13.3 26.0 Morgan Stanley 4 7.8 31,028 29 3 14.4 -6.6Deutsche Bank AG 5 39.2 33,594 5 5 9.5 29.6 Bank of America Merrill Lynch 5 7.6 30,207 11 4 13.2 -5.6PricewaterhouseCoopers LLP 6 36.8 31,562 37 7 7.3 29.5 China International Capital Corp Ltd 6 6.0 23,882 20 6 12.5 -6.5NH Investment & Securities Co Ltd 7 34.2 29,306 8 - - 34.2 HSBC Bank PLC 7 5.4 21,295 7 33 0.9 4.5KPMG Corporate Finance LLC 8 14.0 11,998 10 4 9.9 4.1 Haitong Securities Co Ltd 8 4.7 18,812 14 11 6.2 -1.4Samsung Securities Co Ltd 9 13.9 11,884 5 1 17.9 -4.0 Huatai Securities Co Ltd 9 4.7 18,556 26 14 4.0 0.7HSBC Bank PLC 10 7.1 6,120 1 - - 7.1 Goldman Sachs & Co 10 4.6 18,342 16 2 15.3 -10.7Barclays PLC 10 7.1 6,120 1 - - 7.1 Rothschild Ltd 11 4.4 17,325 9 24 1.5 2.8JPMorgan Chase & Co 12 3.0 2,590 6 13 2.3 0.7 Credit Suisse Group AG 12 4.1 16,221 12 12 6.0 -1.9Hana Financial Group Inc 13 2.3 1,936 2 28 0.1 2.2 Southwest Securities Co Ltd 13 3.6 14,432 29 21 2.0 1.7Ernst & Young 14 1.6 1,403 11 17 0.6 1.0 GF Securities Co Ltd 14 3.6 14,233 21 34 0.8 2.8CBRE Capital Advisors Inc 15 1.4 1,200 1 - - 1.4 Deutsche Bank AG 15 3.6 14,153 14 5 12.7 -9.2Mitsubishi UFJ Financial Group Inc 16 1.2 1,000 1 - - 1.2 Citigroup Inc 16 2.9 11,429 18 10 6.2 -3.3Standard Chartered Bank 17 0.9 756 2 23 0.1 0.8 Lazard Ltd 17 2.9 11,378 5 16 3.8 -0.9Bank of America Merrill Lynch 18 0.9 755 1 11 2.7 -1.8 Nomura Holdings Inc 18 2.8 11,018 9 27 1.1 1.7Korea Development Bank/The 19 0.7 582 2 - - 0.7 Mizuho Financial Group Inc 19 2.8 10,980 5 - - 2.8Nomura Holdings Inc 20 0.6 506 3 16 0.7 -0.1 Guotai Junan Securities Co Ltd 20 2.5 9,769 17 17 3.8 -1.3

TOTAL 85,774 945 TOTAL 397,692 2,85973,670 238,249

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

99,716 82,283

FIRM



MKT SHR (%)

VOLUME USD (Mln)

14

Hong Kong Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 Taiwan Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

HSBC Bank PLC 1 47.6 76,760 8 10 8.4 39.1 Morgan Stanley 1 25.9 3,980 7 2 23.1 2.8Goldman Sachs & Co 2 34.5 55,724 10 1 43.0 -8.5 Credit Suisse Group AG 2 12.1 1,852 3 11 3.2 8.9Anglo Chinese Corporate Finance 3 30.0 48,466 3 79 0.0 30.0 PricewaterhouseCoopers LLP 3 10.0 1,539 6 9 5.4 4.6Somerley Group Ltd 4 29.3 47,266 32 12 7.2 22.1 JPMorgan Chase & Co 4 9.3 1,422 3 - - 9.3Morgan Stanley 5 14.7 23,648 13 8 15.4 -0.8 Citigroup Inc 5 8.3 1,279 3 5 8.7 -0.3Moelis & Co 6 12.0 19,405 2 99 - 12.0 KGI Securities Co Ltd 6 8.2 1,255 7 4 10.8 -2.6UBS AG 7 10.4 16,766 4 16 5.5 4.9 CBRE Capital Advisors Inc 7 5.9 903 1 - - 5.9JPMorgan Chase & Co 8 8.4 13,554 9 7 17.3 -8.9 Yuanta Securities Co Ltd 8 4.2 648 4 1 23.9 -19.7CITIC Securities Co Ltd 9 6.7 10,851 7 5 23.4 -16.7 Goldman Sachs & Co 9 4.2 640 2 6 6.2 -2.0Bank of America Merrill Lynch 10 4.7 7,601 3 2 36.2 -31.4 Stifel Financial Corp 10 3.3 512 1 16 0.6 2.7Deutsche Bank AG 11 3.2 5,183 4 3 30.6 -27.4 Rothschild Ltd 11 2.7 411 1 25 - 2.7Rothschild Ltd 12 2.6 4,199 3 34 0.6 2.1 Ernst & Young 12 1.3 200 1 - - 1.3Macquarie Group Ltd 13 2.4 3,941 2 48 0.2 2.2 KPMG Corporate Finance LLC 13 0.7 113 2 8 5.5 -4.8RBC Capital Markets 14 2.4 3,788 1 37 0.5 1.9 Lazard Ltd 14 0.7 100 1 - - 0.7Citigroup Inc 14 2.4 3,788 4 4 25.0 -22.7 Optima Capital Ltd 15 0.5 77 1 - - 0.5Credit Suisse Group AG 16 2.2 3,501 4 9 11.4 -9.2 Asia Capital PLC/Sri Lanka 15 0.5 77 1 - - 0.5Standard Chartered Bank 17 1.4 2,209 4 32 0.6 0.8 Somerley Group Ltd 15 0.5 77 1 22 0.2 0.4Perella Weinberg Partners LP 18 1.0 1,605 2 - - 1.0 CTBC Financial Holding Co Ltd 18 0.2 31 1 20 0.3 -0.1Barclays PLC 19 0.9 1,458 1 50 0.2 0.7 Kingston Financial Group Ltd 19 0.1 20 2 - - 0.1Gram Capital Ltd 20 0.7 1,110 14 20 3.4 -2.7 REORIENT Financial Markets Ltd 19 0.1 20 2 - - 0.1

TOTAL 161,365 1,085 TOTAL 15,350 177

SE Asia Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015 India Announced Deals (Any Involvement) 01/01/2015 - 09/30/2015

Bank of America Merrill Lynch 1 44.6 60,648 10 4 14.2 30.4 JM Financial Ltd 1 41.9 23,554 10 4 13.9 28.0JPMorgan Chase & Co 2 41.2 56,066 14 5 13.1 28.2 Axis Bank Ltd 2 34.2 19,258 7 29 0.9 33.3Citigroup Inc 3 29.9 40,676 7 6 12.7 17.2 Macquarie Group Ltd 3 32.9 18,488 2 10 7.6 25.3Deutsche Bank AG 4 29.6 40,206 3 7 9.6 20.0 Citigroup Inc 4 11.9 6,687 9 1 27.9 -16.0Credit Suisse Group AG 5 29.4 40,028 15 1 18.2 11.2 Bank of America Merrill Lynch 5 8.1 4,535 3 3 16.0 -7.9Barclays PLC 6 27.9 37,927 9 41 0.6 27.3 Morgan Stanley 6 6.3 3,535 4 17 3.0 3.3Evercore Partners Inc 7 23.2 31,607 6 38 0.7 22.5 JPMorgan Chase & Co 7 5.9 3,295 4 18 2.7 3.2Morgan Stanley 8 11.8 16,060 9 11 7.8 4.0 VTB Capital ZAO 8 5.7 3,200 1 26 1.1 4.6HSBC Bank PLC 9 8.9 12,041 8 15 6.1 2.8 Walker Chandiok & Co 9 4.5 2,524 2 - - 4.5Nomura Holdings Inc 10 8.6 11,739 6 13 6.8 1.9 PricewaterhouseCoopers LLP 10 4.3 2,410 5 38 0.2 4.1Mizuho Financial Group Inc 11 7.6 10,356 4 74 0.1 7.6 Lazard Ltd 11 4.1 2,325 4 56 - 4.1Somerley Group Ltd 11 7.6 10,356 2 16 4.7 2.9 Tudor Pickering Holt & Co 12 3.8 2,150 1 - - 3.8CITIC Securities Co Ltd 11 7.6 10,356 2 59 0.2 7.4 KPMG Corporate Finance LLC 13 3.7 2,080 17 20 2.3 1.4UBS AG 14 6.4 8,635 4 19 2.7 3.7 Arpwood Capital Pvt Ltd 14 3.4 1,903 2 - - 3.4Goldman Sachs & Co 15 4.9 6,709 10 2 17.5 -12.5 Credit Suisse Group AG 15 2.9 1,650 3 22 1.7 1.2Rothschild Ltd 16 3.7 5,025 6 9 8.6 -4.9 Standard Chartered Bank 16 2.9 1,641 2 14 4.9 -2.0Moelis & Co 17 3.2 4,280 2 43 0.6 2.6 Shardul Amarchand Mangaldas & Co 17 2.9 1,610 12 - - 2.9DBS Group Holdings Ltd 18 3.0 4,017 8 3 16.5 -13.5 Goldman Sachs & Co 18 2.8 1,589 8 5 13.7 -10.9China Renaissance Partners 19 2.9 3,974 4 - - 2.9 Ernst & Young 19 2.7 1,529 23 13 5.8 -3.1KPMG Corporate Finance LLC 20 2.6 3,546 7 10 8.2 -5.6 Deutsche Bank AG 20 2.2 1,258 2 31 0.6 1.6

TOTAL 136,005 1,521 TOTAL 56,240 1,255

RANKMKT SHR

(%)FIRM


2015 2014

RANKMKT SHR

(%)VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)VOLUME USD

(Mln)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

104,780 11,583

105,953 30,135

MKT SHR CHANGE

DEAL COUNT

15

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{LPHP MA:0:1 2841628<GO>}.

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

16

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